← REINSURANCE GROUP OF AMERICA INC
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net Income From Continuing Operations | — | — | — | — | — | — | $517.0m | $902.0m | $717.0m | $1.2b | |
| Net Income (Loss) Attributable to Parent | $701.4m | $1.8b | $715.8m | $870.0m | $415.0m | $617.0m | $623.0m | $902.0m | $717.0m | $1.2b | |
| Net Income (Loss) Attributable to Noncontrolling Interest | — | — | — | — | — | — | $4.0m | $7.0m | $7.0m | $7.0m | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | — | — | — | — | — | — | $627.0m | $909.0m | $724.0m | $1.2b | |
| Amortization Of Securities | — | — | — | — | — | — | ($71.0m) | ($127.0m) | ($214.0m) | ($271.0m) | |
| Amortization of net investment premiums, discounts and other | ($94.0m) | ($105.4m) | ($57.4m) | ($55.0m) | ($46.0m) | ($54.0m) | ($71.0m) | ($127.0m) | ($214.0m) | ($271.0m) | |
| Capitalized Computer Software, Amortization | $10.3m | $35.7m | $26.9m | $31.0m | $32.0m | $27.0m | $24.0m | — | — | — | |
| Deferred Policy Acquisition Costs, Amortization Expense | ($341.1m) | $432.5m | $437.7m | $315.0m | $405.0m | $496.0m | $547.0m | — | $1.6b | $1.8b | |
| Depreciation | $16.6m | $17.2m | $18.3m | $18.0m | $17.0m | $16.0m | $15.0m | $41.0m | $46.0m | $43.0m | |
| Depreciation and amortization expense | $26.9m | $52.9m | $45.1m | $49.0m | $49.0m | $43.0m | $38.0m | $41.0m | $46.0m | $43.0m | |
| Depreciation, Depletion and Amortization | $26.9m | $52.9m | $45.1m | $49.0m | $49.0m | $43.0m | $38.0m | $41.0m | $46.0m | $43.0m | |
| Deferred Income Tax Expense (Benefit) | $293.8m | ($847.3m) | $76.5m | $211.0m | ($16.0m) | ($89.0m) | $75.0m | $211.0m | ($61.0m) | $340.0m | |
| Deferred Income Taxes and Tax Credits | — | — | — | — | — | — | — | $211.0m | ($61.0m) | — | |
| Asset Impairment Charge | — | — | — | — | — | — | $0 | $0 | $23.0m | $41.0m | |
| Impairment of Intangible Assets (Excluding Goodwill) | — | — | — | — | — | $4.0m | $4.0m | — | — | — | |
| Share-based Payment Arrangement, Expense | $33.1m | $22.3m | $30.1m | $39.0m | ($12.0m) | $55.0m | $45.0m | $46.0m | $60.0m | $42.0m | |
| Earnings (Loss)es From Equity Investments | — | — | — | — | — | — | ($331.0m) | ($181.0m) | ($96.0m) | ($193.0m) | |
| Gain (Loss) on Disposition of Business | — | — | — | — | — | $11.0m | $2.0m | $0 | $0 | — | |
| Income Tax Expense (Benefit) | $342.5m | ($679.4m) | $130.0m | $262.0m | $138.0m | $74.0m | $204.0m | $251.0m | $256.0m | $351.0m | |
| Right-of-use assets acquired through operating leases | — | — | — | $1.0m | $23.0m | $0 | $0 | $0 | $1.0m | $10.0m | |
| Additional Financial Items | |||||||||||
| Accrued investment income | ($18.8m) | ($43.1m) | $7.2m | ($4.0m) | ($11.0m) | ($15.0m) | ($111.0m) | ($99.0m) | ($132.0m) | ($123.0m) | |
| Beginning Cash Position | — | — | — | — | — | — | $2.9b | $2.9b | $3.0b | $3.3b | |
| Cash Flow From Continuing Financing Activities | — | — | — | — | — | — | $4.4b | $78.0m | $3.7b | $8.8b | |
| Cash Flow From Continuing Investing Activities | — | — | — | — | — | — | ($5.7b) | ($4.1b) | ($12.5b) | ($12.1b) | |
| Change In Other Working Capital | — | — | — | — | — | — | $322.0m | $279.0m | $196.0m | ($37.0m) | |
| Change In Payable | — | — | — | — | — | — | ($63.0m) | $49.0m | ($123.0m) | ($228.0m) | |
| Change In Payables And Accrued Expense | — | — | — | — | — | — | ($63.0m) | $49.0m | ($123.0m) | ($228.0m) | |
| Change In Receivables | — | — | — | — | — | — | ($188.0m) | ($746.0m) | ($166.0m) | ($355.0m) | |
| Change In Working Capital | — | — | — | — | — | — | $442.0m | $3.1b | $8.3b | $3.2b | |
| Change in cash collateral for derivatives and repurchase/reverse repurchase agreements | — | — | $44.0m | ($163.0m) | ($32.0m) | $31.0m | $230.0m | $603.0m | $187.0m | $911.0m | |
| Changes In Account Receivables | — | — | — | — | — | — | ($188.0m) | ($746.0m) | ($166.0m) | ($355.0m) | |
| Changes In Cash | — | — | — | — | — | — | $91.0m | $56.0m | $486.0m | $795.0m | |
| Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | — | — | — | — | — | — | — | — | $56.0m | $96.0m | |
| Decrease In Funds Withheld Net Of Reinsurance Recoverable And Deposit Receivable | — | — | — | — | — | — | ($63.0m) | $49.0m | ($123.0m) | ($228.0m) | |
| Decrease In Reinsurance Deposits Financing Activities | — | — | — | — | $0 | $91.0m | ($44.0m) | $227.0m | $268.0m | $181.0m | |
| Deferred policy acquisition costs and other | $31.0m | $154.2m | ($107.3m) | ($198.0m) | ($95.0m) | ($71.0m) | ($156.0m) | ($490.0m) | ($322.0m) | ($441.0m) | |
| Deposits on investment-type policies and contracts | $1.0b | $1.0b | $864.2m | $1.3b | $1.6b | $1.7b | $5.7b | $2.9b | $7.6b | $12.1b | |
| End Cash Position | — | — | — | — | — | — | $2.9b | $3.0b | $3.3b | $4.2b | |
| Equity Securities, FV-NI, Gain (Loss) | — | — | — | — | — | $25.0m | ($21.0m) | ($1.0m) | $1.0m | $8.0m | |
| Financing Cash Flow | — | — | — | — | — | — | $4.4b | $78.0m | $3.7b | $8.8b | |
| Free Cash Flow | — | — | — | — | — | — | $1.3b | $4.0b | $9.4b | $4.1b | |
| Future policy benefits, other policy claims and benefits and other reinsurance balances | — | — | — | $1.5b | $2.8b | $5.1b | $1.1b | $4.1b | $8.8b | $4.3b | |
| Gain (Loss) on Sale of Derivatives | — | — | — | — | — | — | ($301.0m) | ($163.0m) | $116.0m | ($14.0m) | |
| Gain Loss On Investment Securities | — | — | — | — | — | — | $200.0m | $189.0m | $609.0m | $247.0m | |
| Gain Loss On Sale Of Business | — | — | — | — | — | ($11.0m) | ($2.0m) | $0 | $0 | — | |
| Goodwill | $7.0m | $7.0m | $7.0m | $7.0m | $7.0m | $7.0m | $7.0m | — | — | — | |
| Income from limited partnerships and real estate joint ventures | — | — | — | — | ($50.0m) | ($419.0m) | ($331.0m) | ($181.0m) | ($96.0m) | ($193.0m) | |
| Increase (Decrease) in Future Policy Benefit Reserves | — | — | — | — | — | $567.0m | $291.0m | ($62.0m) | ($32.0m) | $0 | |
| Increase Decrease In Funds Withheld Net Of Reinsurance Recoverable And Deposit Receivable | — | — | — | — | — | $82.0m | ($63.0m) | $49.0m | ($123.0m) | — | |
| Investing Cash Flow | — | — | — | — | — | — | ($5.7b) | ($4.1b) | ($12.5b) | ($12.1b) | |
| Investment related losses, net | ($94.2m) | ($167.9m) | $170.1m | ($91.0m) | $33.0m | ($560.0m) | $506.0m | $481.0m | $745.0m | $245.0m | |
| Issuance Of Capital Stock | — | — | — | — | — | — | $0 | $0 | $0 | $4.0m | |
| Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | — | — | $10.2b | $10.5b | $11.3b | $12.8b | $10.9b | $1.4b | $1.4b | $1.9b | |
| Market Risk Benefit, Change in Fair Value, Gain (Loss) | — | — | — | — | — | — | — | $10.0m | $44.0m | ($8.0m) | |
| Market Risk Benefit, Increase (Decrease) from Equity Market Change | — | — | — | — | — | ($58.0m) | $10.0m | ($10.0m) | ($44.0m) | $8.0m | |
| Net Business Purchase And Sale | — | — | — | — | — | — | $17.0m | ($77.0m) | ($320.0m) | ($527.0m) | |
| Net PPE Purchase And Sale | — | — | — | — | — | ($19.0m) | ($25.0m) | — | — | — | |
| Net deposits in funds withheld at interest | — | — | — | — | — | ($67.0m) | ($36.0m) | $352.0m | $274.0m | $529.0m | |
| Non-cash deposits on reinsurance | — | — | — | $0 | $0 | $1.6b | $0 | $2.8b | $637.0m | $1.9b | |
| Operating Gains Losses | — | — | — | — | — | — | ($133.0m) | $8.0m | $513.0m | $54.0m | |
| Other Non Cash Items | — | — | — | — | — | — | $211.0m | ($207.0m) | ($92.0m) | ($78.0m) | |
| Other assets and other liabilities, net | ($98.7m) | $242.5m | ($162.8m) | $113.0m | $225.0m | ($97.0m) | ($2.0m) | $68.0m | $257.0m | ($388.0m) | |
| Other, net | $117.9m | $24.2m | ($1.3m) | ($57.0m) | ($98.0m) | ($436.0m) | ($217.0m) | ($135.0m) | ($16.0m) | ($86.0m) | |
| Payments for (Proceeds from) Productive Assets | — | — | — | — | — | $547.0m | ($140.0m) | $102.0m | ($28.0m) | ($276.0m) | |
| Payments to Acquire Available-for-sale Securities | ($7.4b) | ($8.9b) | ($9.7b) | ($15.7b) | ($9.6b) | ($18.1b) | ($16.5b) | ($12.6b) | ($40.7b) | ($37.7b) | |
| Payments to Acquire Available-for-sale Securities, Equity | ($584.5m) | ($81.3m) | ($13.4m) | ($312.0m) | ($22.0m) | ($22.0m) | ($15.0m) | ($5.0m) | ($6.0m) | ($150.0m) | |
| Payments to Acquire Mortgage Notes Receivable | ($1.1b) | ($964.4m) | ($1.0b) | ($1.2b) | ($780.0m) | ($1.2b) | ($1.3b) | ($1.3b) | ($1.9b) | ($3.2b) | |
| Payments to Acquire Notes Receivable | — | — | — | — | — | — | — | $0 | $0 | ($1.0b) | |
| Payments to Acquire Real Estate and Real Estate Joint Ventures | — | — | — | — | ($315.0m) | ($648.0m) | ($700.0m) | ($551.0m) | ($578.0m) | ($1.1b) | |
| Premiums receivable and other reinsurance balances | ($156.8m) | ($346.7m) | ($764.2m) | $110.0m | $162.0m | ($100.0m) | ($233.0m) | ($537.0m) | ($397.0m) | ($422.0m) | |
| Proceeds From Stock Option Exercised | — | — | — | — | — | $0 | $0 | — | — | — | |
| Proceeds from Issuance or Sale of Equity | — | — | — | — | — | — | — | $0 | $0 | $4.0m | |
| Proceeds from Real Estate and Real Estate Joint Ventures | — | — | — | — | $142.0m | $498.0m | $710.0m | $474.0m | $258.0m | $546.0m | |
| Proceeds from Sale and Collection of Mortgage Notes Receivable | $442.8m | $339.9m | $445.4m | $490.0m | $661.0m | $991.0m | $963.0m | $436.0m | $640.0m | $930.0m | |
| Proceeds from Sale and Collection of Notes Receivable | — | — | — | — | — | — | — | $0 | $0 | $3.0m | |
| Proceeds from Sale of Available-for-sale Securities, Equity | $434.5m | $207.3m | $45.9m | $98.0m | $181.0m | $30.0m | $7.0m | $1.0m | $7.0m | $59.0m | |
| Proceeds from Stock Options Exercised | $15.3m | $7.3m | $3.5m | $6.0m | $1.0m | $0 | $0 | — | — | — | |
| Provision for income taxes | — | — | — | — | — | — | — | $251.0m | $256.0m | $351.0m | |
| Purchase Of Business | — | — | — | — | — | — | ($700.0m) | ($551.0m) | ($578.0m) | ($1.1b) | |
| Purchase Of PPE | — | — | — | — | — | ($19.0m) | ($25.0m) | — | — | — | |
| Purchases of treasury stock | ($122.9m) | ($43.5m) | ($299.7m) | ($101.0m) | ($163.0m) | ($99.0m) | ($81.0m) | ($227.0m) | ($27.0m) | ($174.0m) | |
| Realized Investment Gains (Losses) | $94.2m | $167.9m | ($170.1m) | $91.0m | ($33.0m) | $560.0m | ($506.0m) | ($481.0m) | ($745.0m) | ($245.0m) | |
| Reinsurance ceded receivables and other | ($53.2m) | ($124.1m) | $66.3m | ($178.0m) | ($115.0m) | ($107.0m) | $91.0m | ($209.0m) | $231.0m | $67.0m | |
| Repurchase Of Capital Stock | — | — | — | — | — | — | ($81.0m) | ($227.0m) | ($27.0m) | ($174.0m) | |
| Sale Of Business | — | — | — | — | — | — | $717.0m | $474.0m | $258.0m | $546.0m | |
| Sales of fixed maturity securities available-for-sale | $4.6b | $7.3b | $9.3b | $13.2b | $6.5b | $12.1b | $10.6b | $8.2b | $28.2b | $27.7b | |
| Transfer of invested assets | $120.5m | $3.3b | $4.6b | $6.3b | $93.0m | $1.8b | $618.0m | $2.0b | $9.6b | $16.9b | |
| Withdrawals on investment-type policies and contracts | ($529.0m) | ($752.4m) | ($694.4m) | ($1.1b) | ($803.0m) | ($1.4b) | ($1.4b) | ($3.6b) | ($4.7b) | ($4.6b) | |
| Gain (Loss) on Investments | $94.2m | $167.9m | ($170.1m) | $91.0m | ($33.0m) | $560.0m | ($506.0m) | ($481.0m) | ($745.0m) | ($245.0m) | |
| Net Cash Provided by (Used in) Operating Activities | $1.5b | $2.0b | $1.6b | $2.3b | $3.3b | $4.2b | $1.3b | $4.0b | $9.4b | $4.1b | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | $44.6m | $44.2m | $28.9m | $34.0m | $28.0m | $19.0m | $25.0m | — | — | — | |
| Payments to Acquire Businesses, Net of Cash Acquired | $0 | $0 | $31.4m | ($4.0m) | $0 | $156.0m | $0 | $0 | — | — | |
| Net Investment Purchase And Sale | — | — | — | — | — | — | ($5.2b) | ($3.4b) | ($11.2b) | ($8.7b) | |
| Payments to Acquire Short-Term Investments | — | — | — | — | — | ($185.0m) | ($528.0m) | ($601.0m) | ($1.0b) | ($1.5b) | |
| Purchase Of Investment | — | — | — | — | — | — | ($17.1b) | ($13.3b) | ($41.7b) | ($39.4b) | |
| Gains (Losses) on Sales of Investment Real Estate | — | — | — | — | — | — | — | ($16.0m) | ($26.0m) | ($24.0m) | |
| Proceeds from Maturities, Prepayments and Calls of Short-Term Investments | — | — | — | — | — | $146.0m | $131.0m | $187.0m | $343.0m | $714.0m | |
| Proceeds from Sale of Short-Term Investments | — | — | — | — | — | $410.0m | $317.0m | $353.0m | $772.0m | $1.0b | |
| Sale Of Investment | — | — | — | — | — | — | $11.9b | $9.8b | $30.5b | $30.7b | |
| Net Other Investing Changes | — | — | — | — | — | — | ($199.0m) | $303.0m | $232.0m | ($613.0m) | |
| Payment for (Proceeds from) Other Investing Activity | ($97.8m) | ($121.2m) | ($365.2m) | ($304.0m) | ($335.0m) | $397.0m | ($140.0m) | ($49.0m) | ($14.0m) | $143.0m | |
| Payments for (Proceeds from) Other Investing Activities | $97.8m | $121.2m | $365.2m | $304.0m | $335.0m | ($397.0m) | $140.0m | $49.0m | $14.0m | ($143.0m) | |
| Net Cash Provided by (Used in) Investing Activities | ($2.8b) | ($1.6b) | ($636.6m) | ($2.6b) | ($2.7b) | ($4.6b) | ($5.7b) | ($4.1b) | ($12.5b) | ($12.1b) | |
| Cash flows from financing activities: | |||||||||||
| Issuance Of Debt | — | — | — | — | — | — | $690.0m | $890.0m | $640.0m | $691.0m | |
| Long Term Debt Issuance | — | — | — | — | — | — | $690.0m | $890.0m | $640.0m | $691.0m | |
| Net Issuance Payments Of Debt | — | — | — | — | — | — | $106.0m | $462.0m | $612.0m | $662.0m | |
| Net Long Term Debt Issuance | — | — | — | — | — | — | $106.0m | $462.0m | $612.0m | $662.0m | |
| Proceeds from Issuance of Long-term Debt | $800.0m | $0 | $0 | $599.0m | $598.0m | $500.0m | $700.0m | $890.0m | $640.0m | $691.0m | |
| Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | $472.4m | $589.2m | $626.6m | $907.0m | $973.0m | $887.0m | $906.0m | $967.0m | $1.2b | $1.2b | |
| Proceeds from long-term debt issuance, net | $800.0m | $0 | $0 | $599.0m | $598.0m | $500.0m | $700.0m | $890.0m | $640.0m | $691.0m | |
| Long Term Debt Payments | — | — | — | — | — | — | ($584.0m) | ($428.0m) | ($28.0m) | ($29.0m) | |
| Principal payments of long-term debt | ($2.5m) | ($302.6m) | ($2.7m) | ($403.0m) | ($3.0m) | ($403.0m) | ($403.0m) | ($428.0m) | ($28.0m) | ($29.0m) | |
| Repayment Of Debt | — | — | — | — | — | — | ($584.0m) | ($428.0m) | ($28.0m) | ($29.0m) | |
| Common Stock Issuance | — | — | — | — | — | — | $0 | $0 | $0 | $4.0m | |
| Net Common Stock Issuance | — | — | — | — | — | — | ($81.0m) | ($227.0m) | ($27.0m) | ($170.0m) | |
| Proceeds from Issuance of Common Stock | — | — | — | — | $481.0m | $0 | $0 | — | — | — | |
| Common Stock Payments | — | — | — | — | — | — | ($81.0m) | ($227.0m) | ($27.0m) | ($174.0m) | |
| Proceeds from Noncontrolling Interests | — | — | — | — | — | — | $90.0m | $0 | $0 | — | |
| Cash Dividends Paid | — | — | — | — | — | — | ($205.0m) | ($219.0m) | ($229.0m) | ($240.0m) | |
| Common Stock Dividend Paid | — | — | — | — | — | — | ($205.0m) | ($219.0m) | ($229.0m) | ($240.0m) | |
| Dividends paid | $100.4m | $117.3m | $140.1m | $163.0m | $182.0m | $194.0m | $205.0m | $219.0m | $229.0m | $240.0m | |
| Dividends to shareholders | ($100) | ($117) | ($140) | ($163) | ($182) | ($194) | ($205) | ($219) | ($229) | ($240) | |
| Net Other Financing Charges | — | — | — | — | — | — | $4.4b | ($541.0m) | $3.1b | $7.6b | |
| Net Cash Provided by (Used in) Financing Activities | $1.1b | ($324.6m) | ($322.0m) | ($121.0m) | $1.3b | $20.0m | $4.4b | $78.0m | $3.7b | $8.8b | |
| Effect Of Exchange Rate Changes | — | — | — | — | — | — | ($112.0m) | ($13.0m) | ($130.0m) | $47.0m | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | — | — | — | ($112.0m) | ($13.0m) | ($130.0m) | $47.0m | |
| Effect of exchange rate changes on cash | ($19.9m) | $52.7m | ($36.4m) | $11.0m | $63.0m | ($34.0m) | ($112.0m) | ($13.0m) | ($130.0m) | $47.0m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | — | — | — | $2.0b | ($460.0m) | ($21.0m) | $43.0m | $356.0m | $842.0m | |
| Cash and cash equivalents, beginning of period | $1.2b | $1.3b | $1.9b | $1.4b | $3.4b | $2.9b | $2.9b | $3.0b | $3.3b | $4.2b | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | — | — | — | $2.9b | $3.0b | $3.3b | $4.2b | |
| Change in cash and cash equivalents | ($324.6m) | $102.8m | $586.2m | ($441.0m) | $2.0b | ($460.0m) | $2.9b | $3.0b | $3.3b | $4.2b | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Change In Cash Supplemental As Reported | — | — | — | — | — | — | ($21.0m) | $43.0m | $356.0m | $842.0m | |
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $156.7m | $173.5m | $170.2m | $180.0m | $166.0m | $160.0m | $163.0m | $217.0m | $213.0m | $255.0m | |
| Income Taxes Paid, Net | $61.1m | $37.1m | $141.7m | $44.0m | $108.0m | $368.0m | $129.0m | $298.0m | $78.0m | $252.0m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.