Reinsurance Group of America, Incorporated - RGA STOCK NEWS

Reinsurance Group of America (RGA) reported solid fourth quarter results with a net income of $204 million, equating to $3.02 per diluted share, a significant increase from $156 million or $2.30 per diluted share in the prior year. Adjusted operating income rose to $202 million or $2.99 per diluted share from an adjusted operating loss of $38 million. Premium growth was 1.1% year-over-year, with 6.0% on a constant currency basis. Total capital returns to shareholders amounted to $78 million. However, the company faced a pre-tax impact of approximately $70 million from COVID-19 claims in the fourth quarter. For the full year, net income was $623 million, or $9.21 per diluted share.

Reinsurance Group of America, Incorporated (NYSE:RGA) will release its fourth quarter earnings on February 2 at approximately 4:15 p.m. Eastern Time. A conference call will follow on February 3 at 10 a.m. Eastern Time to discuss the results. RGA is a leader in life and health reinsurance, managing approximately $3.3 trillion in life reinsurance and holding assets of $82.7 billion as of September 30, 2022. Further details will be available on RGA's website.

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.