Reinsurance Group of America (RGA) Investor Day 2024 summary

Strategic direction and growth areas

• Maintains leadership as a global life and health reinsurer, operating in 25 markets with clients in over 110 countries.

• Focused exclusively on life and health reinsurance, leveraging innovation, client-centric solutions, and exclusive partnerships to drive growth and profitability.

• Four notable growth areas: U.S. traditional, longevity/pension risk transfer (PRT), Asia asset-intensive, and Asia traditional businesses, representing about 75% of new business value and PTAOI.

• Proactive resource redeployment from lower-growth to higher-growth regions, particularly in Asia, to capitalize on regulatory and demographic trends.

• Recognized for excellence, including Fortune 500 ranking, World's Most Admired Companies, and multiple industry awards.

Financial performance and guidance

• Achieved record adjusted operating EPS of $19.88 and ROE of 14.8% in 2023, with strong Q1 2024 results.

• Intermediate-term financial targets: 8%-10% adjusted operating EPS growth and 12%-14% adjusted operating ROE, with expectations to be at the upper end of the ROE range.

• Total premiums grew 15.3% and operating revenue increased 13.6% in 2023, driven by robust growth in Global Financial Solutions and traditional reinsurance.

• Value of in-force business estimated at $33 billion pre-tax, up $4 billion from 2022, with $9.6B shareholders' equity (ex-AOCI) and $106B total assets.

• Maintains a strong balance sheet, ample liquidity, and capital flexibility, with $600 million excess capital at Q1 2024 and recent $650 million senior debt issuance.

Investment strategy and capital management

• Manages a $90B+ high-quality, diversified investment portfolio, with 95% in investment-grade fixed maturity securities.

• Expands private asset capabilities, targeting higher yields and resilience through disciplined asset-liability management.

• New money yields have become a tailwind since 2022, supporting higher portfolio yields and future earnings.

• Employs alternative capital strategies, including Ruby Re, to enhance financial flexibility and support growth.

• Deployed $2.8B into in-force and other transactions and returned $1.4B to shareholders from 2020 to Q1 2024.