RZB FY 2011 Earnings Report — Reinsurance Group of America, Incorporated Revenue & Financial Results | Market Cap Arena

Reinsurance Group of America, IncorporatedRZB

FY 2011 Earnings

Reported February 28, 2012

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$8.8B	—	—	—	—
Op. Income	$834M	—	—	—	—
Gross Margin	95.3%	—	—	—	—
Net Margin	6.8%	—	—	—	—
EPS (Diluted)	$8.09	—	—	—	—
Free Cash Flow	$1.3B	—	—	—	—

Revenue Flow

Item	Amount
REVENUE	$8.8B
Cost of Revenue	$419M
GROSS PROFIT	$8.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	-$7.6B
Operating Expenses	-$7.6B
Cost & Expenses	$419M
OPERATING INCOME	$834M
Interest Income	$0
Interest Expense	$103M
Other Income/Expenses	-$71M
INCOME BEFORE TAX	$834M
Income Tax Expense	$235M
Net Income from Continuing Ops	$546M
Net Income from Discontinued Ops	$0
Other Adjustments	$54M
NET INCOME	$600M
Net Income Deductions	$54M
BOTTOM LINE NET INCOME	$546M
D&A	$0
EBIT	$879M
EBITDA	$834M
EPS	$8
EPS Diluted	$8

Income Statement

Item	Amount
REVENUE	$8.8B
Cost of Revenue	$419M
GROSS PROFIT	$8.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	-$7.6B
Operating Expenses	-$7.6B
Cost & Expenses	$419M
OPERATING INCOME	$834M
Interest Income	$0
Interest Expense	$103M
Other Income/Expenses	-$71M
INCOME BEFORE TAX	$834M
Income Tax Expense	$235M
Net Income from Continuing Ops	$546M
Net Income from Discontinued Ops	$0
Other Adjustments	$54M
NET INCOME	$600M
Net Income Deductions	$54M
BOTTOM LINE NET INCOME	$546M
D&A	$0
EBIT	$879M
EBITDA	$834M
EPS	$8
EPS Diluted	$8

Cash Flow Statement

Item	Amount
Net Income	$600M
Depreciation & Amortization	-$173M
Stock-Based Compensation	-$5M
Deferred Income Tax	$186M
Other Non-Cash Items	$701M
Change in Working Capital	$0
OPERATING CASH FLOW	$1.3B
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$4.0B
Sales/Maturities of Investments	$3.2B
Other Investing Activities	-$59M
NET CASH FROM INVESTING	-$906M
Net Debt Issuance	$64M
Common Stock Repurchased	-$380M
Common Dividends Paid	-$44M
Other Financing Activities	$457M
NET CASH FROM FINANCING	$102M
FREE CASH FLOW	$1.3B
Net Change in Cash	$499M

Balance Sheet

Item	Amount
Cash & Equivalents	$963M
Short-Term Investments	$89M
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.1B
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$24.9B
Tax Assets	$0
Other Non-Current Assets	$6.2B
TOTAL NON-CURRENT ASSETS	$31.1B
TOTAL ASSETS	$32.1B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$1.8B
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$1.8B
Long-Term Debt	$1.4B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$22.7B
TOTAL NON-CURRENT LIABILITIES	$24.1B
TOTAL LIABILITIES	$26.0B
Common Stock	$791.0K
Additional Paid-In Capital	$0
Retained Earnings	$3.1B
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$3.0B
TOTAL STOCKHOLDERS' EQUITY	$6.1B
Minority Interest	$0
TOTAL EQUITY	$6.1B
TOTAL LIABILITIES & EQUITY	$32.1B
Total Debt	$1.4B
Net Debt	$452M