RZB FY 2013 Earnings Report — Reinsurance Group of America, Incorporated Revenue & Financial Results | Market Cap Arena

Reinsurance Group of America, IncorporatedRZB

FY 2013 Earnings

Reported February 27, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$10.3B	—	$9.8B	—	4.5%
Op. Income	$724M	—	$1.0B	—	-29.4%
Gross Margin	100.0%	—	100.0%	—	0.0pp
Net Margin	4.1%	—	6.4%	—	-2.4pp
EPS (Diluted)	$5.78	—	$8.52	—	-32.2%
Free Cash Flow	$1.7B	—	$2.0B	—	-12.5%

Revenue Flow

Item	Amount
REVENUE	$10.3B
Cost of Revenue	$466.7K
GROSS PROFIT	$10.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$20M
Other Expenses	-$9M
Operating Expenses	$9.5B
Cost & Expenses	$9.5B
OPERATING INCOME	$724M
Interest Income	$0
Interest Expense	$124.3K
Other Income/Expenses	-$9.8B
INCOME BEFORE TAX	$635M
Income Tax Expense	$216M
Net Income from Continuing Ops	$419M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$419M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$419M
D&A	-$724M
EBIT	$770M
EBITDA	$0
EPS	$6
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$10.3B
Cost of Revenue	$466.7K
GROSS PROFIT	$10.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$20M
Other Expenses	-$9M
Operating Expenses	$9.5B
Cost & Expenses	$9.5B
OPERATING INCOME	$724M
Interest Income	$0
Interest Expense	$124.3K
Other Income/Expenses	-$9.8B
INCOME BEFORE TAX	$635M
Income Tax Expense	$216M
Net Income from Continuing Ops	$419M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$419M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$419M
D&A	-$724M
EBIT	$770M
EBITDA	$0
EPS	$6
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$419M
Depreciation & Amortization	$168M
Stock-Based Compensation	$20M
Deferred Income Tax	$231M
Other Non-Cash Items	-$67M
Change in Working Capital	$1.2B
OPERATING CASH FLOW	$1.7B
Capital Expenditure	$0
Acquisitions (Net)	-$3M
Purchases of Investments	-$47M
Sales/Maturities of Investments	$3.6B
Other Investing Activities	-$1.3B
NET CASH FROM INVESTING	-$1.3B
Net Debt Issuance	$276M
Common Stock Repurchased	-$269M
Common Dividends Paid	-$78M
Other Financing Activities	-$610M
NET CASH FROM FINANCING	-$681M
FREE CASH FLOW	$1.7B
Net Change in Cash	-$336M

Balance Sheet

Item	Amount
Cash & Equivalents	$924M
Short-Term Investments	$0
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$924M
PP&E (Net)	$75M
Goodwill	$7M
Intangible Assets	$3.7B
Long-Term Investments	$32.3B
Tax Assets	$1.8B
Other Non-Current Assets	$871M
TOTAL NON-CURRENT ASSETS	$38.8B
TOTAL ASSETS	$39.7B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$2.7B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$2.7B
TOTAL LIABILITIES	$2.7B
Common Stock	$791.0K
Additional Paid-In Capital	$1.8B
Retained Earnings	$3.7B
Treasury Stock	-$509M
Accum. Other Comp. Income	$1.0B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.9B
Minority Interest	$0
TOTAL EQUITY	$5.9B
TOTAL LIABILITIES & EQUITY	$8.6B
Total Debt	$2.7B
Net Debt	$1.8B