-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OgdTsjQrsHSuHF03k/a/Gk5OEQxNZ9b1XPj76cXsSYGF0fOlgkawAtayZ4JaC1Qu dYKC4UxKpefsbDpn7E4KcQ== 0001068800-04-000052.txt : 20040129 0001068800-04-000052.hdr.sgml : 20040129 20040129170710 ACCESSION NUMBER: 0001068800-04-000052 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040129 ITEM INFORMATION: ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REINSURANCE GROUP OF AMERICA INC CENTRAL INDEX KEY: 0000898174 STANDARD INDUSTRIAL CLASSIFICATION: ACCIDENT & HEALTH INSURANCE [6321] IRS NUMBER: 431627032 STATE OF INCORPORATION: MO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11848 FILM NUMBER: 04553320 BUSINESS ADDRESS: STREET 1: 1370 TIMBERLAKE MANOR PARKWAY CITY: CHESTERFIELD STATE: MO ZIP: 63017-6039 BUSINESS PHONE: 6367367000 MAIL ADDRESS: STREET 1: 1370 TIMBERLAKE MANOR PARKWAY CITY: CHESTERFIELD STATE: MO ZIP: 63017-6039 8-K 1 rga8k.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ----------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: January 29, 2004 REINSURANCE GROUP OF AMERICA, INCORPORATED (Exact Name of Registrant as Specified in its Charter) MISSOURI 1-11848 43-1627032 (State or Other Jurisdiction of (Commission (IRS Employer Incorporation) File Number) Identification Number) 1370 Timberlake Manor Parkway, Chesterfield, Missouri 63017 (Address of Principal Executive Office) Registrant's telephone number, including area code: (636) 736-7000 ITEM 9. REGULATION FD DISCLOSURES On January 29, 2004, RGA issued a press release announcing its earnings for the three months ended December 31, 2003 and providing certain additional information. In addition, RGA announced in the press release that a conference call would be held on January 30, 2004 to discuss its financial and operating results for the three months ended December 31, 2003. A copy of this press release is furnished with this report as Exhibit 99.1 and incorporated by reference herein. The information in Item 9 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of such section, nor shall such information or exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On January 29, 2004, RGA issued a press release announcing its earnings for the three months ended December 31, 2003 and providing certain additional information. In addition, RGA announced in the press release that a conference call would be held on January 30, 2004 to discuss its financial and operating results for the three months ended December 31, 2003. A copy of this press release is furnished with this report as Exhibit 99.1 and incorporated by reference herein. The information in Item 12 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such section, nor shall such information or exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. REINSURANCE GROUP OF AMERICA, INCORPORATED Date: January 29, 2004 By: /s/ Jack B. Lay ---------------------------------- Jack B. Lay Executive Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit No. Exhibit 99.1 Press release of Reinsurance Group of America, Incorporated dated January 29, 2004 announcing fourth quarter results. EX-99.1 3 exh99p1.txt Exhibit 99.1 [RGA logo] - ---------------------------------------------------------------------------- NEWS - ---------------------------------------------------------------------------- For further information, contact Jack B. Lay Executive Vice President and Chief Financial Officer (636) 736-7439 FOR IMMEDIATE RELEASE - --------------------- REINSURANCE GROUP OF AMERICA REPORTS INCREASES ---------------------------------------------- IN FOURTH-QUARTER REVENUES AND EARNINGS --------------------------------------- ST. LOUIS, January 29, 2004 - Reinsurance Group of America, Incorporated (NYSE:RGA), one of North America's leading providers of life reinsurance, reported net income for the fourth quarter of $56.1 million, or $0.99 per diluted share, compared with net income of $33.4 million, or $0.67 per diluted share in the prior-year quarter, a 48 percent increase on a per-share basis. Net income in the current quarter includes an after-tax gain of approximately $9.0 million related to the newly adopted accounting standard on embedded derivatives in certain reinsurance contracts. Fourth-quarter net premiums increased 60 percent, to $942.4 million from $590.6 million in 2002. Net premiums in the quarter include $246.1 million associated with the recently completed transaction with Allianz Life. RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA's management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company's continuing operations because that measure excludes the effect of net realized capital gains and losses, changes in the fair value of embedded derivatives and related deferred acquisition costs. These items tend to be highly variable primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of our underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations, which management believes is not indicative of the company's ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. Reconciliations of GAAP net income to operating income are provided in the tables immediately following the text of this press release. - more - Add One Operating income for the quarter increased 12 percent on a per-share basis and totaled $48.2 million, or $0.85 per diluted share compared to $37.8 million, or $0.76 per diluted share in the year-ago quarter. "Our results reflect strong premium and earnings growth across all operating segments of our business," said A. Greig Woodring, president and chief executive officer. "Pre-tax net income in the U.S. for the quarter totaled $72.4 million compared with $43.5 million in the prior-year quarter. Pre-tax operating income for the quarter totaled $58.0 million compared with $48.5 million in the prior-year quarter. Pre-tax operating income for the U.S. Traditional operations in the current quarter includes approximately $10.5 million from the recently acquired Allianz business. Mortality experience was within our range of expectations. Strong year-over-year results in the traditional operations were offset somewhat by a decrease in income from our asset-intensive operations, primarily due to credit losses within the funds withheld portfolios and several large transactions recorded in the prior-period quarter. Premiums in the U.S. increased $277.2 million, or 68 percent over the prior-year quarter. Approximately $246.1 million of that increase is from the Allianz business. For the year premiums increased 28 percent. "Canada reported a good quarter, with pre-tax net income of $16.0 million compared with $11.2 million in the prior-year quarter. Pre-tax operating income totaled $14.7 million, up 30 percent from $11.3 million in the prior-year quarter. Mortality experience was consistent with expectations. Net premiums increased 25 percent for the quarter and 18 percent for the year. Results for the quarter and year benefited from an increase in the strength of the Canadian dollar. On an original currency basis, premiums for the quarter and year increased approximately 5 percent and pre-tax operating income increased approximately 11 percent and 7 percent, respectively. "Other International operations, which exclude Canada, continued their strong growth, with net premiums increasing 46 percent to $197.5 million in the fourth quarter. On an original currency basis, premiums increased 28 percent. Pre-tax net income totaled $17.7 million compared with $1.0 million in the prior-year quarter. Pre-tax operating income for the quarter totaled $15.7 million, a significant increase over the breakeven result in the prior-year period. Approximately $1.5 million of that total was the result of favorable currency fluctuations. For the year, pre-tax operating income totaled $36.3 million compared to $9.1 million in the prior year. Approximately $3.3 million of the current-year amount was due to favorable currency - more - Add Two fluctuations. Segment-wide mortality experience for the quarter was consistent with expectations. We continue to see good profit expansion from these operations as reinsurance in force increases; however, results may continue to be more volatile than our more established operations in North America due to the smaller relative size of this segment's base of business." For 2003, net income totaled $173.1 million, or $3.36 per diluted share, compared with $122.8 million, or $2.47 per diluted share, in 2002. Operating income increased to $166.2 million, or $3.22 per diluted share, from $139.2 million, or $2.80 per diluted share, the year before, a 15 percent increase on a per share basis. Consolidated premiums were up 33 percent, to $2,643.2 million from $1,980.7 million. Woodring continued, "We completed a successful common equity offering during the quarter, issuing 12,075,000 new shares with net proceeds to the company totaling $427 million. The proceeds will be used to support our growth, both domestically and abroad, although we do not expect to open any new international offices in 2004. Additionally, we closed our transaction with Allianz as planned, and the transition of the treaty information to our systems is on schedule. These significant events capped off a very successful 2003 for RGA. As we look to 2004, we expect operating earnings per share to be within a range of $3.40 to $3.65, reflecting premium growth of between 15 to 18 percent and stable investment yields." The company announced that its board of directors declared a regular quarterly dividend of $0.06 per share, payable February 27 to shareholders of record as of February 6. A conference call to discuss the company's fourth-quarter results will begin at 9 a.m. Eastern Time on Friday, January 30. Interested parties may access the call by dialing 800-262-1292 (domestic) or 719-457-2680 (international). The access code is 676286. A live audio webcast of the conference call will be available on the company's investor relations web page at www.rgare.com. A replay of the conference call will be available at the same address for three months following the conference call. A replay of the conference call will also be available via telephone through February 6 at 888-203-1112 (domestic) or 719-457-0820, access code 676286. Reinsurance Group of America, Incorporated, through its subsidiaries, RGA Reinsurance Company and RGA Life Reinsurance Company of Canada, is among the largest providers of life reinsurance in North America. In addition to its North American operations, Reinsurance Group of America, Incorporated has subsidiary companies or offices in Australia, Barbados, Hong - more - Add Three Kong, India, Ireland, Japan, Mexico, South Africa, South Korea, Spain, Taiwan, and the United Kingdom. Worldwide, the company has approximately $1.3 trillion of life reinsurance in force, and assets of $12.1 billion. MetLife, Inc. is the beneficial owner of approximately 52 percent of RGA's outstanding shares. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS - --------------------------------------------------------- This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements relating to projections of the earnings, revenues, income or loss, future financial performance and growth potential of Reinsurance Group of America, Incorporated and its subsidiaries (which we refer to in the following paragraphs as "we," "us" or "our"). The words "intend," "expect," "project," "estimate," "predict," "anticipate," "should," "believe," and other similar expressions also are intended to identify forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements. Numerous important factors could cause actual results and events to differ materially from those expressed or implied by forward-looking statements including, without limitation, (1) adverse changes in mortality, morbidity or claims experience, (2) changes in our financial strength and credit ratings or those of MetLife, Inc. ("MetLife"), the beneficial owner of a majority of our common shares, or its subsidiaries, and the effect of such changes on our future results of operations and financial condition, (3) general economic conditions affecting the demand for insurance and reinsurance in our current and planned markets, (4) market or economic conditions that adversely affect our ability to make timely sales of investment securities, (5) changes in investment portfolio yields due to interest rate or credit quality changes, (6) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (7) adverse litigation or arbitration results, (8) the stability of governments and economies in the markets in which we operate, (9) competitive factors and competitors' responses to our initiatives, (10) the success of our clients, (11) successful execution of our entry into new markets, (12) successful development and introduction of new products, (13) our ability to successfully integrate and operate reinsurance business that we acquire, including without limitation, the traditional life reinsurance business of Allianz Life, (14) regulatory action that may be taken by state Departments of Insurance with respect to us, MetLife, or its subsidiaries, - more - Add Four (15) changes in laws, regulations, and accounting standards applicable to us, our subsidiaries, or our business, and (16) other risks and uncertainties described in this document and in our other filings with the Securities and Exchange Commission. Forward-looking statements should be evaluated together with the many risks and uncertainties that affect our business, including those mentioned in this document and described in the periodic reports we file with the Securities and Exchange Commission. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made. We do not undertake any obligations to update these forward-looking statements, even though our situation may change in the future. We qualify all of our forward-looking statements by these cautionary statements. - tables attached - Add Five REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Reconciliation of Income From Continuing Operations to Operating Income (Dollars in thousands, except per share data)
Three Months Ended ------------------ December 31, 2003 2002 ---- ---- Income from continuing operations $59,349 $35,780 After-tax effect of: - -------------------- Realized investment (gains)/losses, net (2,930) 1,977 Change in value of embedded derivatives (8,405)(1) -- DAC offset for realized investment gains/(losses), net 152 40 ------------------- Operating income $48,166 $37,797 =================== (1) Net of DAC offset of $19,932, after tax Twelve Months Ended ------------------- December 31, 2003 2002 ---- ---- Income from continuing operations $178,319 $128,463 After-tax effect of: - --------------------- Realized investment (gains)/losses, net (3,786) 10,496 Change in value of embedded derivatives (8,405)(1) -- Goodwill write-off -- 751 DAC offset for realized investment gains/(losses), net 65 (490) -------------------- Operating income $166,193 $139,220 ==================== (1) Net of DAC offset of $19,932, after tax
- more - Add Six REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Reconciliation of Income From Continuing Operations Before Income Taxes to Pre-tax Operating Income (Dollars in thousands, except per share data)
Three Months Ended December 31, 2003 Income Realized Change in before investment value of Pre-tax income (gains)/ embedded operating taxes losses, net derivative income ----- ----------- ---------- ------ U.S. Operations: Traditional $ 54,324 $(1,302) $ -- $ 53,022 Asset Intensive 14,631 (173)(1) (12,931) 1,527 Financial Reinsurance 3,431 -- -- 3,431 ------------------------------------------ Total U.S. Operations 72,386 (1,475) (12,931) 57,980 Canada Operations 15,979 (1,265) -- 14,714 Other International Operations: Asia Pacific Operations 6,838 139 -- 6,977 Europe & South Africa 10,863 (2,111) -- 8,752 ------------------------------------------ Other Intl Operations 17,701 (1,972) -- 15,729 Corporate & Other (14,325) 361 -- (13,964) ------------------------------------------ Consolidated $ 91,741 $(4,351) $(12,931) $ 74,459 ========================================== (1)Net of DAC offset of $233 Three Months Ended December 31, 2002 Income Realized before investment Pre-tax income (gains)/ operating taxes losses, net income ----- ----------- ------ U.S. Operations: Traditional $32,253 $ 5,043 $37,296 Asset Intensive 7,434 (58)(1) 7,376 Financial Reinsurance 3,858 -- 3,858 -------------------------------- Total U.S. Operations 43,545 4,985 48,530 Canada Operations 11,203 141 11,344 Other International Operations: Asia Pacific Operations 836 143 979 Europe & South Africa 161 (1,182) (1,021) --------------------------------- Other Intl Operations 997 (1,039) (42) Corporate & Other (6,053) (325) (6,378) -------------------------------- Consolidated $49,692 $ 3,762 $53,454 ================================ (1)Net of DAC offset of $62
- more - Add Seven REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Reconciliation of Income From Continuing Operations Before Income Taxes to Pre-tax Operating Income (Dollars in thousands, except per share data)
Twelve Months Ended December 31, 2003 Income Realized Change in before investment value of Pre-tax income (gains)/ embedded operating taxes losses, net derivative income ----- ----------- ---------- ------ U.S. operations: Traditional $178,314 $ 5,715 $ -- $184,029 Asset Intensive 25,395 1,774 (1) (12,931) 14,238 Financial Reinsurance 12,379 -- -- 12,379 --------------------------------------------- Total U.S. Operations 216,088 7,489 (12,931) 210,646 Canada Operations 59,564 (13,423) -- 46,141 Other International Operations: Asia Pacific 19,262 761 -- 20,023 Europe & South Africa 20,272 (3,999) -- 16,273 --------------------------------------------- Other Intl Operations 39,534 (3,238) -- 36,296 Corporate & Other (43,576) 3,912 -- (39,664) --------------------------------------------- Consolidated $271,610 $(5,260) $(12,931) $253,419 ============================================= (1)Net of DAC offset of $100 Twelve Months Ended December 31, 2002 Income Realized before investment Pre-tax income (gains)/ Goodwill operating taxes losses, net write-off income ----- ----------- --------- ------ U.S. Operations: Traditional $152,250 $ 6,194 $ -- $158,444 Asset Intensive 14,265 3,382 (1) -- 17,647 Financial Reinsurance 9,286 -- -- 9,286 --------------------------------------------- Total U.S. Operations 175,801 9,576 -- 185,377 Canada Operations 38,631 163 -- 38,794 Other International Operations: Asia Pacific Operations 6,316 268 -- 6,584 Europe & South Africa 3,409 (894) -- 2,515 --------------------------------------------- Other Intl Operations 9,725 (626) -- 9,099 Corporate & Other (30,179) 4,785 751 (24,643) --------------------------------------------- Consolidated $193,978 $13,898 $ 751 $208,627 ============================================= (1)Net of DAC offset of ($753)
- more - Add Eight REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Consolidated Statements of Income (Dollars in thousands, except per share data)
Three Months Ended Twelve Months Ended ----------------------------------------------- (Unaudited) December 31, December 31, - -------------------------------------------------------------------------- 2003 2002 2003 2002 ---- ---- ---- ---- Revenues: Net premiums $ 942,417 $590,553 $2,643,163 $1,980,666 Investment income, net of related expenses 120,345 113,733 465,579 374,512 Realized investment gains/(losses), net 4,584 (3,700) 5,360 (14,651) Change in value of embedded derivatives 12,931 -- 12,931 -- Other revenues 13,630 13,702 47,300 41,436 --------------------- ----------------------- Total revenues 1,093,907 714,288 3,174,333 2,381,963 Benefits and expenses: Claims and other policy benefits 774,350 442,667 2,108,431 1,539,464 Interest credited 48,788 46,938 179,702 126,715 Policy acquisition costs and other insurance expenses 127,262 138,898 458,165 391,504 Other operating expenses 42,361 27,052 119,636 94,786 Interest expense 9,405 9,041 36,789 35,516 --------------------- ----------------------- Total benefits and expenses 1,002,166 664,596 2,902,723 2,187,985 --------------------- ----------------------- Income from continuing operations before income taxes 91,741 49,692 271,610 193,978 Provision for income taxes 32,392 13,912 93,291 65,515 --------------------- ----------------------- Income from continuing operations 59,349 35,780 178,319 128,463 Discontinued operations: Loss from discontinued accident and health operations, net of income taxes (3,805) (2,393) (5,723) (5,657) Cumulative effect of change in accounting principle 545 -- 545 -- --------------------- ----------------------- Net income $ 56,089 $ 33,387 $ 173,141 $ 122,806 ===================== =======================
- more - Add Nine REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Consolidated Statements of Income (Dollars in thousands, except per share data)
Three Months Ended Twelve Months Ended ------------------ ------------------- (Unaudited) December 31, December 31, - ---------------------------------------------------------------------- 2003 2002 2003 2002 ---- ---- ---- ---- Earnings per share from continuing operations: Basic earnings per share $1.06 $0.72 $3.47 $2.60 Diluted earnings per share $1.05 $0.72 $3.46 $2.59 Diluted earnings before realized investment gains/ (losses), change in value of embedded derivatives, related deferred acquisition costs, and goodwill write-off in 2002 $0.85 $0.76 $3.22 $2.80 Earnings per share from net income: Basic earnings per share $1.00 $0.68 $3.37 $2.49 Diluted earnings per share $0.99 $0.67 $3.36 $2.47 Weighted average number of common and common equivalent shares outstanding (in thousands) 56,516 49,626 51,598 49,648
- more - Add Ten REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES Consolidated Business Summary
At or For the Twelve Months Ended (Unaudited) December 31, - ----------------------------------------------------------------- 2003 2002 ---- ---- Gross life reinsurance in force (in billions) North American business $ 976.1 $ 604.4 International business 276.1 154.5 Gross life reinsurance written (in billions) North American business 434.3 158.2 International business 110.1 71.8 Consolidated cash and invested assets (in millions) 8,968.0 6,738.3 Invested Asset book yield - trailing three months excluding funds withheld 6.06% 6.51% Investment portfolio mix Cash and short-term investments 1.27% 1.37% Fixed maturity securities 51.02% 51.98% Mortgage loans 5.34% 3.38% Policy loans 10.07% 12.48% Funds withheld at interest 30.30% 29.31% Other invested assets 2.00% 1.48% Book value per share outstanding $ 31.33 $ 24.72 Book value per share outstanding, before impact of FAS 115 28.59 22.64 Treasury stock 967,927 1,596,629
- more - Add Eleven REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES U.S. OPERATIONS (Dollars in thousands)
Three Months Ended December 31, 2003 Non-traditional Asset- Financial Total Traditional Intensive Reinsurance U.S. ----------- --------- ----------- -------- Revenues: Net premiums $682,118 $ 1,118 $ -- $683,236 Investment income, net of related expenses 46,651 41,204 8 87,863 Realized investment gains, net 1,302 406 -- 1,708 Change in value of embedded derivatives -- 12,931 -- 12,931 Other revenues 734 1,489 7,123 9,346 -------- ------- ------- -------- Total revenues 730,805 57,148 7,131 795,084 Benefits and expenses: Claims and other policy benefits 568,981 (1,190) -- 567,791 Interest credited 13,148 35,197 -- 48,345 Policy acquisition costs and other insurance expenses 77,620 7,530 2,453 87,603 Other operating expenses 16,732 980 1,247 18,959 -------- ------- ------- -------- Total benefits and expenses 676,481 42,517 3,700 722,698 Income before income taxes $ 54,324 $14,631 $ 3,431 $ 72,386 ======== ======= ======= ======== Three Months Ended December 31, 2002 Non-traditional Asset- Financial Total Traditional Intensive Reinsurance U.S. ----------- --------- ----------- -------- Revenues: Net premiums $405,010 $ 990 $ -- $406,000 Investment income, net of related expenses 41,830 46,076 36 87,942 Realized investment gains/(losses), net (5,043) 120 -- (4,923) Other revenues 1,256 1,593 8,791 11,640 -------- -------- ------- -------- Total revenues 443,053 48,779 8,827 500,659 Benefits and expenses: Claims and other policy benefits 312,242 362 -- 312,604 Interest credited 15,158 30,051 -- 45,209 Policy acquisition costs and other insurance expenses 75,040 10,434 2,679 88,153 Other operating expenses 8,360 498 2,290 11,148 -------- -------- -------- -------- Total benefits and expenses 410,800 41,345 4,969 457,114 Income before income taxes $ 32,253 $ 7,434 $ 3,858 $ 43,545 ======== ======== ======== ========
- more - Add Twelve REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES U.S. OPERATIONS (Dollars in thousands)
Twelve Months Ended December 31, 2003 Non-traditional Asset- Financial Total Traditional Intensive Reinsurance U.S. ----------- --------- ----------- ---------- Revenues: Net premiums $1,797,478 $ 4,315 $ -- $1,801,793 Investment income, net of related expenses 181,897 164,127 105 346,129 Realized investment losses, net (5,715) (1,674) -- (7,389) Change in value of embedded derivatives -- 12,931 -- 12,931 Other revenues 3,920 6,524 27,302 37,746 ---------- -------- ------- ---------- Total revenues 1,977,580 186,223 27,407 2,191,210 Benefits and expenses: Claims and other policy benefits 1,457,886 2,976 -- 1,460,862 Interest credited 58,317 119,621 -- 177,938 Policy acquisition costs and other insurance expenses 241,877 34,422 9,900 286,199 Other operating expenses 41,186 3,809 5,128 50,123 ---------- -------- ------- ---------- Total benefits and expenses 1,799,266 160,828 15,028 1,975,122 Income before income taxes $ 178,314 $ 25,395 $12,379 $ 216,088 ========== ======== ======= ========== Twelve Months Ended December 31, 2002 Non-traditional Asset- Financial Total Traditional Intensive Reinsurance U.S. ----------- --------- ----------- ---------- Revenues: Net premiums $1,407,751 $ 3,786 $ -- $1,411,537 Investment income, net of related expenses 161,869 110,019 191 272,079 Realized investment losses, net (6,194) (4,135) -- (10,329) Other revenues 2,802 7,277 26,586 36,665 ---------- -------- ------- ---------- Total revenues 1,566,228 116,947 26,777 1,709,952 Benefits and expenses: Claims and other policy benefits 1,097,998 17,376 -- 1,115,374 Interest credited 56,675 65,504 -- 122,179 Policy acquisition costs and other insurance expenses 228,800 18,560 8,196 255,556 Other operating expenses 30,505 1,242 9,295 41,042 ---------- -------- ------- ---------- Total benefits and expenses 1,413,978 102,682 17,491 1,534,151 Income before income taxes $ 152,250 $ 14,265 $ 9,286 $ 175,801 ========== ======== ======= ==========
- more - Add Thirteen REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES CANADIAN OPERATIONS (Dollars in thousands)
Three Months Ended December 31, 2003 2002 ---- ---- Revenues: Net premiums $ 60,991 $ 48,653 Investment income, net of related expenses 23,693 18,385 Realized investment gains/(losses),net 1,265 (141) Other revenues (21) 96 -------- -------- Total revenues 85,928 66,993 Benefits and expenses: Claims and other policy benefits 61,964 49,294 Interest credited 399 337 Policy acquisition costs and other insurance expenses 4,579 3,994 Other operating expenses 3,007 2,165 -------- -------- Total benefits and expenses 69,949 55,790 Income before income taxes $ 15,979 $ 11,203 ======== ======== Twelve Months Ended December 31, 2003 2002 ---- ---- Revenues: Net premiums $214,738 $181,224 Investment income, net of related expenses 87,212 70,518 Realized investment gains/(losses), net 13,423 (163) Other revenues (212) 136 -------- -------- Total revenues 315,161 251,715 Benefits and expenses: Claims and other policy benefits 223,375 186,398 Interest credited 1,488 1,070 Policy acquisition costs and other insurance expenses 20,293 16,136 Other operating expenses 10,441 9,480 -------- -------- Total benefits and expenses 255,597 213,084 Income before income taxes $ 59,564 $ 38,631 ======== ========
- more - Add Fourteen REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES OTHER INTERNATIONAL (Dollars in thousands)
Three Months Ended December 31, 2003 Europe Total Asia & South Inter- Pacific Africa national ------- -------- -------- Revenues: Net premiums $93,174 $104,374 $197,548 Investment income, net of related expenses 2,494 1,061 3,555 Realized investment gains / (losses), net (139) 2,111 1,972 Other revenues 295 1,049 1,344 ------- -------- -------- Total revenues 95,824 108,595 204,419 Benefits and expenses: Claims and other policy benefits 69,803 69,227 139,030 Policy acquisition costs and other insurance expenses 14,112 23,546 37,658 Other operating expenses 4,817 4,638 9,455 Interest expense 254 321 575 ------- -------- -------- Total benefits and expenses 88,986 97,732 186,718 Income before income taxes $ 6,838 $ 10,863 $ 17,701 ======= ======== ======== Three Months Ended December 31, 2002 Europe Total Asia & South Inter- Pacific Africa national ------- ------- -------- Revenues: Net premiums $62,366 $72,519 $134,885 Investment income, net of related expenses 2,183 418 2,601 Realized investment gains/ (losses), net (143) 1,182 1,039 Other revenues 657 1,288 1,945 ------- ------- -------- Total revenues 65,063 75,407 140,470 Benefits and expenses: Claims and other policy benefits 46,957 35,692 82,649 Policy acquisition costs and other insurance expenses 12,400 34,207 46,607 Other operating expenses 4,641 5,166 9,807 Interest expense 229 181 410 ------- ------- -------- Total benefits and expenses 64,227 75,246 139,473 Income before income taxes $ 836 $ 161 $ 997 ======= ======= ========
- more - Add Fifteen REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES OTHER INTERNATIONAL (Dollars in thousands)
Twelve Months Ended December 31, 2003 Europe Total Asia & South Inter- Pacific Africa national -------- -------- -------- Revenues: Net premiums $259,010 $364,203 $623,213 Investment income, net of related expenses 10,692 3,869 14,561 Realized investment gains / (losses), net (761) 3,999 3,238 Other revenues 1,191 1,067 2,258 -------- -------- -------- Total revenues 270,132 373,138 643,270 Benefits and expenses: Claims and other policy benefits 185,358 230,895 416,253 Policy acquisition costs and other insurance expenses 47,513 105,062 152,575 Other operating expenses 16,903 15,866 32,769 Interest expense 1,096 1,043 2,139 -------- -------- -------- Total benefits and expenses 250,870 352,866 603,736 Income before income taxes $ 19,262 $ 20,272 $ 39,534 ======== ======== ======== Twelve Months Ended December 31, 2002 Europe Total Asia & South Inter- Pacific Africa national -------- -------- -------- Revenues: Net premiums $160,197 $226,846 $387,043 Investment income, net of related expenses 7,059 1,009 8,068 Realized investment gains/ (losses),net (268) 894 626 Other revenues 2,363 2,064 4,427 -------- -------- -------- Total revenues 169,351 230,813 400,164 Benefits and expenses: Claims and other policy benefits 110,806 130,975 241,781 Policy acquisition costs and other insurance expenses 36,660 82,700 119,360 Other operating expenses 14,727 13,049 27,776 Interest expense 842 680 1,522 -------- -------- -------- Total benefits and expenses 163,035 227,404 390,439 Income before income taxes $ 6,316 $ 3,409 $ 9,725 ======== ======== ========
- more - Add Sixteen REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES CORPORATE AND OTHER (Dollars in thousands)
Three Months Ended December 31, -------------------- 2003 2002 -------- -------- Revenues: Net premiums $ 642 $ 1,015 Investment income, net of related expenses 5,234 4,805 Realized investment gains/(losses), net (361) 325 Other revenues 2,961 21 -------- -------- Total revenues 8,476 6,166 Benefits and expenses: Claims and other policy benefits 5,565 (1,880) Interest credited 44 1,392 Policy acquisition costs and other insurance expenses (2,578) 144 Other operating expenses 10,940 3,932 Interest expense 8,830 8,631 -------- -------- Total benefits and expenses 22,801 12,219 Loss before income taxes $(14,325) $(6,053) ======== ======= Twelve Months Ended December 31, -------------------- 2003 2002 -------- -------- Revenues: Net premiums $ 3,419 $ 862 Investment income, net of related expenses 17,677 23,847 Realized investment losses, net (3,912) (4,785) Other revenues 7,508 208 -------- -------- Total revenues 24,692 20,132 Benefits and expenses: Claims and other policy benefits 7,941 (4,089) Interest credited 276 3,466 Policy acquisition costs and other insurance expenses (902) 452 Other operating expenses 26,303 16,488 Interest expense 34,650 33,994 -------- -------- Total benefits and expenses 68,268 50,311 Loss before income taxes $(43,576) $(30,179) ======== ========
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