Reinsurance Group of America (RGA) Investor Day 2024 summary

Strategic positioning and business model

• Operates as the only global reinsurer exclusively focused on life and health risk, with a unique platform reinsuring both biometric and asset-intensive risks worldwide, and a presence in 25 markets serving clients in over 110 countries.

• Maintains a global network of empowered local offices unified by a collaborative culture, enabling consistent client service and innovation.

• Recognized for innovation and technical expertise, ranked number one globally in business capability for 13 consecutive years by NMG, and honored with Fortune 500 and other industry awards.

• Diversified business across regions and products, with profits well-dispersed and a strong presence in 25 markets.

• Strategic advantages include deep client relationships, ability to reinsure both sides of the balance sheet, and a disciplined approach to risk selection.

Growth areas and innovation

• Four notable growth areas: U.S. Traditional, Longevity/PRT, Asia Asset Intensive, and Asia Traditional, representing about 75% of new business value and leveraging regulatory and demographic trends.

• Innovation cycle drives new product development, client engagement, and market share gains, with successful case studies in China, Japan, and the U.S.

• Asset-intensive reinsurance now accounts for about one-third of total profits, with expertise exported across regions.

• Technology and medical advances, including AI and new drugs, are expected to benefit mortality and longevity trends.

• Proactive resource redeployment from lower-growth to higher-growth areas sharpens focus and enhances returns.

Financial performance and guidance

• Achieved record adjusted operating earnings per share of $19.88 and adjusted ROE of up to 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 range.

• Total premiums grew 15.3% and operating revenue increased up to 14.5% in 2023, with double-digit growth in U.S. and Latin America Financial Solutions.

• Value of in-force business estimated at $33 billion pre-tax, up $4 billion from 2022, reflecting profitable new business.

• Maintains a strong balance sheet with $9.6B shareholders' equity (ex-AOCI), $106B total assets, and diversified earnings power.