RGA FY 2023 Earnings Report — Reinsurance Group of America, Incorporated Revenue & Financial Results | Market Cap Arena

Reinsurance Group of America, IncorporatedRGA

FY 2023 Earnings

Reported February 26, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$18.4B	—	$15.9B	—	15.8%
Op. Income	$1.2B	—	$718M	—	61.6%
Gross Margin	12.7%	—	9.9%	—	2.8pp
Net Margin	4.9%	—	3.3%	—	1.6pp
EPS (Diluted)	$13.44	—	$7.64	—	75.9%
Free Cash Flow	$4.0B	—	$1.3B	—	206.8%

Revenue Flow

Item	Amount
REVENUE	$18.4B
Cost of Revenue	$16.1B
GROSS PROFIT	$2.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$1.2B
Operating Expenses	$1.2B
Cost & Expenses	$17.2B
OPERATING INCOME	$1.2B
Interest Income	$317M
Interest Expense	$257M
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.2B
Income Tax Expense	$251M
Net Income from Continuing Ops	$909M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$902M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$902M
D&A	$41M
EBIT	$1.4B
EBITDA	$1.5B
EPS	$14
EPS Diluted	$13

Income Statement

Item	Amount
REVENUE	$18.4B
Cost of Revenue	$16.1B
GROSS PROFIT	$2.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$1.2B
Operating Expenses	$1.2B
Cost & Expenses	$17.2B
OPERATING INCOME	$1.2B
Interest Income	$317M
Interest Expense	$257M
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.2B
Income Tax Expense	$251M
Net Income from Continuing Ops	$909M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$902M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$902M
D&A	$41M
EBIT	$1.4B
EBITDA	$1.5B
EPS	$14
EPS Diluted	$13

Cash Flow Statement

Item	Amount
Net Income	$902M
Depreciation & Amortization	$41M
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$34M
Change in Working Capital	$3.1B
OPERATING CASH FLOW	$4.0B
Capital Expenditure	$0
Acquisitions (Net)	-$77M
Purchases of Investments	-$13.2B
Sales/Maturities of Investments	$8.5B
Other Investing Activities	$711M
NET CASH FROM INVESTING	-$4.1B
Net Debt Issuance	$462M
Common Stock Repurchased	-$227M
Common Dividends Paid	-$219M
Other Financing Activities	$62M
NET CASH FROM FINANCING	$78M
FREE CASH FLOW	$4.0B
Net Change in Cash	$43M

Balance Sheet

Item	Amount
Cash & Equivalents	$3.0B
Short-Term Investments	$0
Net Receivables	$3.5B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$6.5B
PP&E (Net)	$416M
Goodwill	$0
Intangible Assets	$11M
Long-Term Investments	$78.9B
Tax Assets	$0
Other Non-Current Assets	$11.8B
TOTAL NON-CURRENT ASSETS	$91.1B
TOTAL ASSETS	$97.6B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$4.4B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$1.9B
Other Non-Current Liabilities	$82.2B
TOTAL NON-CURRENT LIABILITIES	$88.5B
TOTAL LIABILITIES	$88.5B
Common Stock	$1M
Additional Paid-In Capital	$2.5B
Retained Earnings	$8.8B
Treasury Stock	-$1.9B
Accum. Other Comp. Income	-$369M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$9.1B
Minority Interest	$90M
TOTAL EQUITY	$9.2B
TOTAL LIABILITIES & EQUITY	$97.6B
Total Debt	$4.4B
Net Debt	$1.5B