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Condensed Financial Information of The Registrant
 12 Months Ended
Dec. 31, 2022
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)
 
202220212020
CONDENSED BALANCE SHEETS
Assets:
Fixed maturity securities available-for-sale, at fair value$598 $523 
Short-term and other investments7 7 
Cash and cash equivalents298 92 
Investment in subsidiaries7,082 15,737 
Loans to subsidiaries1,060 1,020 
Other assets386 382 
Total assets$9,431 $17,761 
Liabilities and stockholders’ equity:
Long-term debt – unaffiliated(1)
$3,468 $3,172 
Long-term debt – affiliated(2)
600 600 
Other liabilities1,218 975 
Stockholders’ equity4,145 13,014 
Total liabilities and stockholders’ equity$9,431 $17,761 
CONDENSED STATEMENTS OF INCOME
Interest / dividend income(3)
$325 $399 $472 
Investment related gains (losses), net2 5 14 
Operating expenses(53)(66)(59)
Interest expense(183)(152)(202)
Income (loss) before income tax and undistributed earnings of subsidiaries91 186 225 
Income tax expense (benefit)(22)(21)(21)
Net income (loss) before undistributed earnings of subsidiaries113 207 246 
Equity in undistributed earnings of subsidiaries510 410 169 
Net income623 617 415 
Other comprehensive income (loss)19 14 (29)
Total comprehensive income$642 $631 $386 
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:
20222021
$400 million 4.70% Senior Notes due 2023
$400 $400 
$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
598 597 
$400 million 6.20% Subordinated Debentures due 2042
— 400 
$700 million 7.12% Subordinated Debentures due 2052700 — 
$400 million 5.75% Subordinated Debentures due 2056
400 400 
$400 million Variable Rate Junior Subordinated Debentures due 2065
399 399 
Subtotal3,496 3,195 
Unamortized debt issuance costs(28)(23)
Total$3,468 $3,172 
(2)Long-term debt includes $600 million of affiliated subordinated debt in 2022 and 2021, respectively. The affiliated subordinated debt was issued to various operating subsidiaries.
(3)Interest/dividend income includes $188 million and $270 million of cash dividends received from consolidated subsidiaries in 2022 and 2021, respectively.
REINSURANCE GROUP OF AMERICA, INCORPORATED
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT (continued)
December 31,
(in millions)
 
202220212020
CONDENSED STATEMENTS OF CASH FLOWS
Operating activities:
Net income$623 $617 $415 
Equity in earnings of subsidiaries(510)(410)(169)
Other, net316 (227)(170)
Net cash provided by (used in) operating activities429 (20)76 
Investing activities:
Sales of fixed maturity securities available-for-sale177 268 358 
Purchases of fixed maturity securities available-for-sale(315)(150)(400)
Repayments/issuances of loans to subsidiaries(40)(10)— 
Change in short-term investments— 165 (165)
Change in other invested assets(1)(1)(26)
Capital contributions to subsidiaries(53)(43)(78)
Net cash provided by (used in) investing activities(232)229 (311)
Financing activities:
Dividends to stockholders(205)(194)(182)
Proceeds from issuance of common stock, net— — 481 
Purchases of treasury stock(81)(99)(163)
Exercise of stock options, net— — 1 
Change in cash collateral for derivative positions and other arrangements5 (19)(11)
Principal payments on debt(400)(399)— 
Principal payments on affiliated debt— (500)— 
Proceeds from unaffiliated long-term debt issuance700 — 598 
Proceeds from affiliated long-term debt issuance— 600 — 
Debt issuance costs(10)— (5)
Net cash provided by (used in) financing activities9 (611)719 
Change in cash and cash equivalents206 (402)484 
Cash and cash equivalents, beginning of period92 494 10 
Cash and cash equivalents, end of period$298 $92 $494 
Supplementary information:
Interest paid$156 $173 $187 
Income taxes paid, net of refunds$— $323 $23