RGA Q2 2018 Earnings Report — Reinsurance Group of America, Incorporated Revenue & Financial Results | Market Cap Arena

Reinsurance Group of America, IncorporatedRGA

Q2 2018 Earnings

Reported August 3, 2018

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q2 2018	Q1 2018	Q2 2017	QoQ Change	YoY Change
Revenue	$3.2B	$3.2B	$3.1B	0.7%	2.1%
Op. Income	$247M	$138M	$339M	79.3%	-27.1%
Gross Margin	15.2%	11.8%	16.9%	3.4pp	-1.7pp
Net Margin	6.4%	3.2%	7.4%	3.2pp	-1.0pp
EPS (Diluted)	$3.13	$1.52	$3.54	105.9%	-11.6%
Free Cash Flow	$351M	$218M	$256M	60.5%	37.2%

Revenue Flow

Item	Amount
REVENUE	$3.2B
Cost of Revenue	$2.7B
GROSS PROFIT	$487M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$239M
Operating Expenses	$239M
Cost & Expenses	$2.9B
OPERATING INCOME	$247M
Interest Income	$0
Interest Expense	$37M
Other Income/Expenses	$0
INCOME BEFORE TAX	$247M
Income Tax Expense	$43M
Net Income from Continuing Ops	$204M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$204M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$204M
D&A	$11M
EBIT	$284M
EBITDA	$296M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$3.2B
Cost of Revenue	$2.7B
GROSS PROFIT	$487M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$239M
Operating Expenses	$239M
Cost & Expenses	$2.9B
OPERATING INCOME	$247M
Interest Income	$0
Interest Expense	$37M
Other Income/Expenses	$0
INCOME BEFORE TAX	$247M
Income Tax Expense	$43M
Net Income from Continuing Ops	$204M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$204M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$204M
D&A	$11M
EBIT	$284M
EBITDA	$296M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$204M
Depreciation & Amortization	$11M
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	$66M
Change in Working Capital	$78M
OPERATING CASH FLOW	$360M
Capital Expenditure	-$9M
Acquisitions (Net)	-$4M
Purchases of Investments	-$2.2B
Sales/Maturities of Investments	$2.2B
Other Investing Activities	-$186M
NET CASH FROM INVESTING	-$177M
Net Debt Issuance	-$27M
Common Stock Repurchased	-$162M
Common Dividends Paid	-$32M
Other Financing Activities	-$32M
NET CASH FROM FINANCING	-$254M
FREE CASH FLOW	$351M
Net Change in Cash	-$113M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.4B
Short-Term Investments	$0
Net Receivables	$2.6B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$4.0B
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$50.5B
Tax Assets	$2.0B
Other Non-Current Assets	$5.3B
TOTAL NON-CURRENT ASSETS	$55.8B
TOTAL ASSETS	$59.8B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$3.5B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$2.0B
Other Non-Current Liabilities	$45.6B
TOTAL NON-CURRENT LIABILITIES	$51.2B
TOTAL LIABILITIES	$51.2B
Common Stock	$791.0K
Additional Paid-In Capital	$1.9B
Retained Earnings	$7.0B
Treasury Stock	-$1.2B
Accum. Other Comp. Income	$1.0B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$8.6B
Minority Interest	$0
TOTAL EQUITY	$8.6B
TOTAL LIABILITIES & EQUITY	$59.8B
Total Debt	$3.5B
Net Debt	$2.1B