Reinsurance Group of America, Incorporated - RGA STOCK NEWS

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.

Reinsurance Group of America (RGA) reported a strong third quarter with net income of $284 million, or $4.19 per diluted share, a significant improvement from a $22 million loss a year ago. Adjusted operating income reached $352 million, or $5.20 per diluted share. Premium growth was 4.9% year-over-year, with a robust 10.1% growth on a constant currency basis. The company returned $79 million to shareholders through dividends and share repurchases. Despite an estimated $89 million COVID-19 impact, the balance sheet remains strong with $1.3 billion in excess capital.

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of RGA Reinsurance Company and its subsidiaries, with a stable outlook. RGA's balance sheet strength is assessed as very strong, maintained by a robust capital structure despite COVID-19 impacts. The company experienced a 7% increase in overall net premiums in 2021, supported by its international operations. However, earnings volatility persists in certain segments due to pandemic-related mortality increases, although recent trends indicate improvement.

Reinsurance Group of America (RGA) is revising its dial-in details for the third quarter earnings conference call, scheduled for 10 a.m. ET on November 4, 2022. Participants can join by calling 1-877-270-2148 or 412-902-6510 internationally, approximately 15 minutes early. A live audio webcast will be available via RGA's Investors page, with a replay available for 90 days post-call. RGA specializes in life and health reinsurance, managing risks effectively, with approximately $3.4 trillion in reinsurance in force and $84.6 billion in assets as of June 30, 2022.

Reinsurance Group of America (RGA) will release its third quarter earnings on November 3 at 4:15 p.m. Eastern Time. A conference call to discuss the results is scheduled for November 4 at 10 a.m. Eastern Time. Dial-in details include 1-888-204-4368 (international 323-994-2093) with an access code of 9502707. RGA is a global leader in life and health reinsurance with approximately $3.4 trillion in life reinsurance in force and assets of $84.6 billion as of June 30, 2022.

Reinsurance Group of America, Incorporated (NYSE: RGA) announced that its cash tender offer for all outstanding 6.20% Fixed-to-Floating Rate Subordinated Debentures due 2042 expired on September 22, 2022. A total of $151,048,375, or 37.76%, of the $400 million principal amount was validly tendered. The company plans to make payments on September 23, 2022, and September 27, 2022, for Debentures tendered through guaranteed delivery. The Offer will be funded from the proceeds of the upcoming sale of 7.125% Fixed-Rate Reset Subordinated Debentures due 2052.

Reinsurance Group of America (NYSE: RGA) has priced $700 million in 7.125% fixed-rate reset subordinated debentures due in 2052. The offering, managed by major banks, has an issue price of $25 per debenture and features a quarterly interest payment starting September 23, 2022. Proceeds will be used to repurchase $400 million of its 6.20% subordinated debentures due 2042, along with related expenses. The offering is contingent on the completion of a cash tender offer and is conducted under a previously filed SEC registration statement.