Reinsurance Grp Stock Price, News & Analysis

Reinsurance Group of America (NYSE: RGA) has appointed Tony Cheng as President effective January 4, 2023. Cheng will replace Anna Manning, who will retire as CEO on December 31, 2023, with Cheng set to take over as CEO on January 1, 2024. The board expressed confidence in Cheng's vision and experience, highlighting his leadership in the Asia region which has seen significant growth. Manning, who has led RGA since 2017, will remain with the company until her retirement.

Reinsurance Group of America (NYSE: RGA) has completed a US$ 1.7 billion longevity reinsurance transaction with Western & Southern Financial Group. The transaction encompasses approximately 11,000 single premium immediate annuity contracts and is set to be effective as of March 31, 2022. RGA aims to meet the increasing demand for longevity risk management tools. This partnership highlights the strong relationship between RGA and Western & Southern, allowing both parties to enhance their risk management strategies and offer competitive retirement solutions.

Everest Re Group has appointed Hazel McNeilage as an independent, non-executive member of its Board of Directors, effective immediately. McNeilage brings over four decades of global financial services experience, emphasizing investment management and corporate growth strategies across multiple regions. She has served in executive roles for renowned financial institutions and holds board positions at companies like Reinsurance Group of America (RGA). The appointment aims to enhance Everest's leadership and align with its strategy for stakeholder value creation.

Reinsurance Group of America (NYSE: RGA) is collaborating with The University of Leicester to research how various rating factors and comorbidities affect health outcomes. This project aims to understand lifestyle choices and their predictive value on health conditions like cancer and diabetes. Utilizing data from the UK Biobank, the study expects to enhance underwriting and pricing strategies in the insurance industry, providing insights into consumer health improvements. Early results are anticipated in the second half of 2023.

Reinsurance Group of America, Incorporated (NYSE: RGA) announced the redemption of its outstanding 6.20% Fixed-to-Floating Rate Subordinated Debentures due 2042, totaling approximately $249 million. The full redemption will occur on December 15, 2022, at 100% of the principal plus accrued interest. This follows a previous tender offer where RGA purchased about $151 million of these debentures. The announcement is a step towards optimizing RGA's capital structure.

Reinsurance Group of America (RGA) reported a strong third quarter with net income of $284 million, or $4.19 per diluted share, a significant improvement from a $22 million loss a year ago. Adjusted operating income reached $352 million, or $5.20 per diluted share. Premium growth was 4.9% year-over-year, with a robust 10.1% growth on a constant currency basis. The company returned $79 million to shareholders through dividends and share repurchases. Despite an estimated $89 million COVID-19 impact, the balance sheet remains strong with $1.3 billion in excess capital.

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of RGA Reinsurance Company and its subsidiaries, with a stable outlook. RGA's balance sheet strength is assessed as very strong, maintained by a robust capital structure despite COVID-19 impacts. The company experienced a 7% increase in overall net premiums in 2021, supported by its international operations. However, earnings volatility persists in certain segments due to pandemic-related mortality increases, although recent trends indicate improvement.

Reinsurance Group of America (RGA) is revising its dial-in details for the third quarter earnings conference call, scheduled for 10 a.m. ET on November 4, 2022. Participants can join by calling 1-877-270-2148 or 412-902-6510 internationally, approximately 15 minutes early. A live audio webcast will be available via RGA's Investors page, with a replay available for 90 days post-call. RGA specializes in life and health reinsurance, managing risks effectively, with approximately $3.4 trillion in reinsurance in force and $84.6 billion in assets as of June 30, 2022.