Welcome to our dedicated page for Reinsurance Group of America, Incorporated news (Ticker: RGA), a resource for investors and traders seeking the latest updates and insights on Reinsurance Group of America, Incorporated stock.
Reinsurance Group of America, Incorporated (NYSE: RGA) is a leading global life and health reinsurance company, with approximately $3.7 trillion of life reinsurance in force and assets of $97.6 billion as of December 31, 2023. Founded in 1973, RGA provides specialized solutions and expertise to help insurance companies manage risk and optimize capital. With operations in 27 countries including the United States, Canada, Europe, Asia, and Australia, RGA supports clients with a diverse range of products and services.
Business Lines: The company’s core business lines include individual life reinsurance, health reinsurance, long-term care reinsurance, group reinsurance, and financial solutions. RGA is a global leader in facultative underwriting, having processed nearly 5 million facultative cases since 1979. Additionally, RGA offers product development, risk management, e-underwriting solutions, and client training opportunities.
Recent Achievements and Partnerships: Recently, RGA announced a groundbreaking collaboration with LIBRA Insurance Partners and DigitalOwl. This partnership leverages DigitalOwl's AI technology to enhance RGA’s facultative underwriting program, significantly improving the efficiency of the life insurance case submission process. Another major milestone is a $5.8 billion reinsurance deal with Manulife Financial Corporation, marking the largest Universal Life reinsurance transaction in Canada's insurance industry.
Financial Condition: RGA remains financially robust with a substantial asset base and a significant volume of life reinsurance in force. The company’s solid financial foundation enables it to engage in large-scale transactions and forge strategic partnerships.
Global Reach and Impact: With operations spanning across continents, RGA is dedicated to making financial protection accessible globally. The company’s relentless pursuit of innovation and client-focused approach positions it as a trusted partner in the reinsurance industry.
To learn more about Reinsurance Group of America, Incorporated, visit www.rgare.com or follow RGA on LinkedIn and Facebook.
Reinsurance Group of America (NYSE: RGA) has launched a cash tender offer for its outstanding 6.20% Fixed-to-Floating Rate Subordinated Debentures due 2042, amounting to $400 million. The offer, which expires on September 22, 2022, provides a tender consideration of $25.20 per $25 principal amount. The company plans to make payments on September 23, 2022, and holders can also utilize a Notice of Guaranteed Delivery until September 26, 2022. Importantly, the offer is contingent upon RGA's successful completion of a new subordinated debenture offering, without any minimum tender requirement.
Reinsurance Group of America, Incorporated (NYSE: RGA) announced the retirement of Board Chair J. Cliff Eason, effective December 31, 2022. Stephen T. O’Hearn, a current board member, will take over as Chair starting January 1, 2023. Eason has served on the board since RGA's IPO in May 1993 and has been Chair since 2008. O’Hearn, who joined the board in 2020, brings extensive experience from PwC where he was the Global Leader of the Insurance Practice. The transition aims to maintain strong leadership as RGA continues to grow in the reinsurance market.
Reinsurance Group of America reported a second quarter net income of $198 million, or $2.92 per diluted share, down from $344 million or $5.02 last year. Adjusted operating income increased to $391 million, or $5.78 per diluted share. Net premiums grew 4.3% year-over-year to $3.2 billion. The company deployed $121 million in transactions and raised its dividend by 9.6% to $0.80 per share. The estimated COVID-19 impact was approximately $11 million, reducing earnings by $0.12 per share. The effective tax rate for the quarter was 22.1%.
Reinsurance Group of America, Incorporated (NYSE:RGA) will release its second quarter earnings on August 4 at 4:15 p.m. Eastern Time. A conference call to discuss the results is scheduled for August 5 at 10 a.m. Eastern Time. RGA, a leader in life reinsurance with approximately $3.5 trillion in force and $89.8 billion in assets as of March 31, 2022, emphasizes its expertise in risk management and innovative financial solutions. More details can be found on RGA's website.
Reinsurance Group of America (NYSE: RGA) has elected Khanh T. Tran to its Board of Directors, effective July 1, 2022. RGA's President and CEO, Anna Manning, highlighted Tran's extensive knowledge in financial markets and corporate growth as key assets. Tran, a veteran in the insurance industry, previously served as CEO of Aviation Capital Group and held various executive roles at Pacific Life over 25 years. His appointment aims to bolster RGA's strategic initiatives, aligning with the company's five-year growth strategy and enhancing board expertise.
Reinsurance Group of America (RGA) reported a net loss of $63 million, or $0.93 per diluted share, in Q1 2022, a significant drop from $139 million net income last year. However, adjusted operating income improved to $32 million or $0.47 per diluted share. Premiums grew by 8.3% to approximately $3.2 billion, despite COVID-19 claims impacting results. The company deployed $130 million in operations and repurchased $25 million in shares. RGA maintains strong capital with $1 billion excess and ranks first in global capabilities for 11 years.
Reinsurance Group of America (RGA) will release its first quarter earnings on May 5 at approximately 4:15 p.m. Eastern Time. A conference call to discuss these results is scheduled for May 6 at 10 a.m. Eastern Time. RGA is a leading global provider of life reinsurance with around $3.5 trillion of life reinsurance in force and $92.2 billion in assets as of December 31, 2021. The call will be accessible at RGA’s website and will be available for replay for 90 days.
Reinsurance Group of America (NYSE: RGA) announced a strategic minority investment in Velocity Capital Advisors through a wholly-owned subsidiary, aiming to enhance returns and optimize investment management. With assets nearing $1.5 billion, Velocity specializes in non-dilutive financing solutions for various alternative asset managers. This marks RGA's first investment in this sector, aligning with its strategy to access attractive private assets. RBC Capital Markets acted as the exclusive financial advisor for RGA in this transaction.
Reinsurance Group of America (NYSE: RGA) has finalized a longevity reinsurance agreement with NN Life, covering about €4 billion in reserves. The transaction, effective December 31, 2021, underscores RGA's commitment to providing tailored solutions for the Dutch market. RGA, a Fortune 500 company, manages approximately $3.5 trillion in life reinsurance in force and holds assets of $92.2 billion as of December 31, 2021. This collaboration reflects RGA's strategy to enhance its value proposition through innovative financial solutions.
FAQ
What is the current stock price of Reinsurance Group of America, Incorporated (RGA)?
What is the market cap of Reinsurance Group of America, Incorporated (RGA)?
What does Reinsurance Group of America, Incorporated do?
Which are the main business lines of RGA?
What are some notable recent achievements of RGA?
How financially strong is RGA?
In how many countries does RGA operate?
What is RGA's expertise in facultative underwriting?
What types of solutions does RGA offer beyond reinsurance?
Where can I learn more about RGA?
Who are some of RGA's recent partners?
What purpose drives RGA's operations?
