RZB FY 2008 Earnings Report — Reinsurance Group of America, Incorporated Revenue & Financial Results | Market Cap Arena

Reinsurance Group of America, IncorporatedRZB

FY 2008 Earnings

Reported March 2, 2009

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2008	Prior Q	FY 2007	QoQ Change	YoY Change
Revenue	$5.7B	—	$5.7B	—	-0.6%
Op. Income	$188M	—	$308M	—	-39.1%
Gross Margin	95.7%	—	95.9%	—	-0.1pp
Net Margin	3.1%	—	5.1%	—	-2.0pp
EPS (Diluted)	$2.88	—	$4.80	—	-40.0%
Free Cash Flow	$727M	—	$957M	—	-24.1%

Revenue Flow

Item	Amount
REVENUE	$5.7B
Cost of Revenue	$243M
GROSS PROFIT	$5.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$0
Operating Expenses	$5.3B
Cost & Expenses	$5.5B
OPERATING INCOME	$188M
Interest Income	$0
Interest Expense	$76M
Other Income/Expenses	$93M
INCOME BEFORE TAX	$280M
Income Tax Expense	$93M
Net Income from Continuing Ops	$188M
Net Income from Discontinued Ops	$0
Other Adjustments	-$11M
NET INCOME	$177M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$177M
D&A	$0
EBIT	$385M
EBITDA	$188M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$5.7B
Cost of Revenue	$243M
GROSS PROFIT	$5.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$0
Operating Expenses	$5.3B
Cost & Expenses	$5.5B
OPERATING INCOME	$188M
Interest Income	$0
Interest Expense	$76M
Other Income/Expenses	$93M
INCOME BEFORE TAX	$280M
Income Tax Expense	$93M
Net Income from Continuing Ops	$188M
Net Income from Discontinued Ops	$0
Other Adjustments	-$11M
NET INCOME	$177M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$177M
D&A	$0
EBIT	$385M
EBITDA	$188M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$177M
Depreciation & Amortization	-$90M
Stock-Based Compensation	$0
Deferred Income Tax	$48M
Other Non-Cash Items	$593M
Change in Working Capital	$0
OPERATING CASH FLOW	$727M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$2.7B
Sales/Maturities of Investments	$1.8B
Other Investing Activities	-$118M
NET CASH FROM INVESTING	-$1.1B
Net Debt Issuance	$0
Common Stock Repurchased	-$3M
Common Dividends Paid	-$23M
Other Financing Activities	$529M
NET CASH FROM FINANCING	$841M
FREE CASH FLOW	$727M
Net Change in Cash	$471M

Balance Sheet

Item	Amount
Cash & Equivalents	$875M
Short-Term Investments	$8.5B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$9.4B
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$7.1B
Tax Assets	$310M
Other Non-Current Assets	-$7.1B
TOTAL NON-CURRENT ASSETS	$310M
TOTAL ASSETS	$21.7B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$20M
Long-Term Debt	$918M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$18.1B
TOTAL NON-CURRENT LIABILITIES	$19.0B
TOTAL LIABILITIES	$19.0B
Common Stock	$734.0K
Additional Paid-In Capital	$1.5B
Retained Earnings	$1.7B
Treasury Stock	-$35M
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.6B
Minority Interest	$0
TOTAL EQUITY	$2.6B
TOTAL LIABILITIES & EQUITY	$21.7B
Total Debt	$918M
Net Debt	$43M