XML 47 R32.htm IDEA: XBRL DOCUMENT v3.22.0.1
Condensed Financial Information of The Registrant
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of The Registrant
REINSURANCE GROUP OF AMERICA, INCORPORATED
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
December 31,
(in millions)
 
202120202019
CONDENSED BALANCE SHEETS
Assets:
Fixed maturity securities available-for-sale, at fair value$523 $642 
Short-term and other investments7 172 
Cash and cash equivalents92 494 
Investment in subsidiaries15,737 16,937 
Loans to subsidiaries1,020 1,010 
Other assets382 326 
Total assets$17,761 $19,581 
Liabilities and stockholders’ equity:
Long-term debt – unaffiliated(1)
$3,172 $3,569 
Long-term debt – affiliated(2)
600 500 
Other liabilities975 1,160 
Stockholders’ equity13,014 14,352 
Total liabilities and stockholders’ equity$17,761 $19,581 
CONDENSED STATEMENTS OF INCOME
Interest / dividend income(3)
$399 $472 $308 
Investment related gains (losses), net5 14 4 
Operating expenses(66)(59)(55)
Interest expense(152)(202)(206)
Income (loss) before income tax and undistributed earnings of subsidiaries186 225 51 
Income tax expense (benefit)(21)(21)(33)
Net income (loss) before undistributed earnings of subsidiaries207 246 84 
Equity in undistributed earnings of subsidiaries410 169 786 
Net income617 415 870 
Other comprehensive income (loss)14 (29)(33)
Total comprehensive income$631 $386 $837 
The condensed financial information of RGA (the “Parent Company”) should be read in conjunction with the consolidated financial statements of RGA and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). These condensed unconsolidated financial statements reflect the results of operations, financial position and cash flows for RGA. Investments in subsidiaries are accounted for using the equity method of accounting.
(1)Long-term debt – unaffiliated consists of the following:
20212020
$400 million 5.00% Senior Notes due 2021
$— $400 
$400 million 4.70% Senior Notes due 2023
400 399 
$400 million 3.95% Senior Notes due 2026
400 400 
$600 million 3.90% Senior Notes due 2029
599 599 
$600 million 3.15% Senior Notes due 2030
597 598 
$400 million 6.20% Subordinated Debentures due 2042
400 400 
$400 million 5.75% Subordinated Debentures due 2056
400 400 
$400 million Variable Rate Junior Subordinated Debentures due 2065
399 398 
Subtotal3,195 3,594 
Unamortized debt issuance costs(23)(25)
Total$3,172 $3,569 
(2)Long-term debt includes $600 million and $500 million of affiliated subordinated debt in 2021 and 2020, respectively. The affiliated subordinated debt was issued to various operating subsidiaries.
(3)Interest/dividend income includes $270 million and $340 million of cash dividends received from consolidated subsidiaries in 2021 and 2020, respectively.
REINSURANCE GROUP OF AMERICA, INCORPORATED
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT (continued)
December 31,
(in millions)
 
202120202019
CONDENSED STATEMENTS OF CASH FLOWS
Operating activities:
Net income$617 $415 $870 
Equity in earnings of subsidiaries(410)(169)(786)
Other, net(227)(170)72 
Net cash provided by (used in) operating activities(20)76 156 
Investing activities:
Sales of fixed maturity securities available-for-sale268 358 576 
Purchases of fixed maturity securities available-for-sale(150)(400)(494)
Repayments/issuances of loans to subsidiaries(10)— — 
Change in short-term investments165 (165)— 
Change in other invested assets(1)(26)— 
Capital contributions to subsidiaries(43)(78)(96)
Net cash provided by (used in) investing activities229 (311)(14)
Financing activities:
Dividends to stockholders(194)(182)(163)
Proceeds from issuance of common stock, net— 481 — 
Purchases of treasury stock(99)(163)(101)
Exercise of stock options, net— 1 6 
Change in cash collateral for derivative positions and other arrangements(19)(11)(92)
Principal payments on debt(399)— (397)
Principal payments on affiliated debt(500)— — 
Proceeds from unaffiliated long-term debt issuance— 598 599 
Proceeds from affiliated long-term debt issuance600 — — 
Debt issuance costs— (5)(5)
Net cash provided by (used in) financing activities(611)719 (153)
Change in cash and cash equivalents(402)484 (11)
Cash and cash equivalents, beginning of period494 10 21 
Cash and cash equivalents, end of period$92 $494 $10 
Supplementary information:
Interest paid$173 $187 $192 
Income taxes paid, net of refunds$323 $23 $9