RZB FY 2019 Earnings Report — Reinsurance Group of America, Incorporated Revenue & Financial Results | Market Cap Arena

Reinsurance Group of America, IncorporatedRZB

FY 2019 Earnings

Reported February 27, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2019	Prior Q	FY 2018	QoQ Change	YoY Change
Revenue	$14.3B	—	$12.9B	—	11.1%
Op. Income	$1.3B	—	$1.0B	—	30.4%
Gross Margin	93.9%	—	100.0%	—	-6.1pp
Net Margin	6.1%	—	5.6%	—	0.5pp
EPS (Diluted)	$13.88	—	$11.00	—	26.2%
Free Cash Flow	$2.3B	—	$1.6B	—	46.4%

Revenue Flow

Item	Amount
REVENUE	$14.3B
Cost of Revenue	$868M
GROSS PROFIT	$13.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$39M
Other Expenses	-$2.1B
Operating Expenses	$2.1B
Cost & Expenses	-$13.0B
OPERATING INCOME	$1.3B
Interest Income	$173M
Interest Expense	$203M
Other Income/Expenses	-$10.2B
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$262M
Net Income from Continuing Ops	$870M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$870M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$870M
D&A	$49M
EBIT	-$1.6B
EBITDA	$1.4B
EPS	$14
EPS Diluted	$14

Income Statement

Item	Amount
REVENUE	$14.3B
Cost of Revenue	$868M
GROSS PROFIT	$13.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$39M
Other Expenses	-$2.1B
Operating Expenses	$2.1B
Cost & Expenses	-$13.0B
OPERATING INCOME	$1.3B
Interest Income	$173M
Interest Expense	$203M
Other Income/Expenses	-$10.2B
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$262M
Net Income from Continuing Ops	$870M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$870M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$870M
D&A	$49M
EBIT	-$1.6B
EBITDA	$1.4B
EPS	$14
EPS Diluted	$14

Cash Flow Statement

Item	Amount
Net Income	$870M
Depreciation & Amortization	$605M
Stock-Based Compensation	$39M
Deferred Income Tax	$0
Other Non-Cash Items	-$587M
Change in Working Capital	$1.4B
OPERATING CASH FLOW	$2.3B
Capital Expenditure	-$34M
Acquisitions (Net)	$4M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$2.6B
NET CASH FROM INVESTING	-$2.6B
Net Debt Issuance	$105M
Common Stock Repurchased	-$101M
Common Dividends Paid	-$163M
Other Financing Activities	$38M
NET CASH FROM FINANCING	-$121M
FREE CASH FLOW	$2.3B
Net Change in Cash	-$441M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.4B
Short-Term Investments	$0
Net Receivables	$0
Inventory	$0
Other Current Assets	$6.2B
TOTAL CURRENT ASSETS	$6.2B
PP&E (Net)	$296M
Goodwill	$7M
Intangible Assets	$3.7B
Long-Term Investments	$7.0B
Tax Assets	$2.7B
Other Non-Current Assets	$55.9B
TOTAL NON-CURRENT ASSETS	$69.6B
TOTAL ASSETS	$75.8B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$557M
TOTAL CURRENT LIABILITIES	-$347M
Long-Term Debt	$3.6B
Deferred Revenue NC	$56.5B
Deferred Tax Liabilities	$2.7B
Other Non-Current Liabilities	$58.3B
TOTAL NON-CURRENT LIABILITIES	$64.6B
TOTAL LIABILITIES	$64.2B
Common Stock	$1M
Additional Paid-In Capital	$1.9B
Retained Earnings	$8.0B
Treasury Stock	-$1.4B
Accum. Other Comp. Income	$3.1B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$11.6B
Minority Interest	$0
TOTAL EQUITY	$11.6B
TOTAL LIABILITIES & EQUITY	$75.8B
Total Debt	$3.6B
Net Debt	$2.1B