Year in Review

Todd Larson
Todd Larson
Senior Executive Vice President and Chief Financial Officer
“Our global operations, strategically diversified by geography, product line, and risk, again demonstrated resilience to market volatility.”

Proven Strategy Produces Positive Financial Results

RGA delivered a solid year financially in 2019 as robust top-line performance produced strong earnings overall. Record highs in net premiums of $11.3 billion and total revenues of $14.3 billion drove an increase in net income of 22% over 2018 to reach $870 million, or $13.62 per diluted share.

Our global operations, strategically diversified by geography, product line, and risk, again demonstrated resilience to market volatility. Broad-based earnings – highlighted by excellent results in Global Financial Solutions across all regions and strong overall results in Asia, EMEA, and Canada, as well as U.S. group business – offset underperformance in some areas.

Organic growth of approximately 8% reflected successful execution of our strategy within core business lines. RGA also deployed $465 million into in-force and other transactions in 2019, making it one of our most active years. We ended the year with an excess capital position of approximately $900 million.

Amid an evolving industry environment, RGA serves clients as a trusted partner, and we remain firmly grounded in sound business fundamentals.

Net Premiums

(in billions USD)

RGA 2019 Year in Review Net Premiums Bar Chart

Total Revenues

(in billions USD)

RGA 2019 Year in Review Total Revenues Bar Chart

Total Assets

(in billions USD)

RGA 2019 Year in Review Total Assets Bar Chart

Assumed Ordinary Life Reinsurance in Force

(in billions USD)

RGA 2019 Year in Review Life Reinsurance in Force Bar Chart

Net Income

(in millions USD)

RGA 2019 Year in Review Net Income Bar Chart

Total Stockholders' Equity

(in billions USD)

RGA 2019 Year in Review Total Equity Bar Chart

Diluted Earnings Per Share

(USD)

RGA 2019 Year in Review Diluted Earnings Per Share Bar Chart

*The estimated impact of the U.S. Tax Cuts and Jobs Act of 2017 was recognized in the fourth quarter of 2017, increasing net income and total stockholders’ equity by approximately $1.0 billion, or $15.72 per diluted share.

Industry Recognition

RGA was recognized by clients and industry associations for superior performance in 2019.

#1 in Business Capability

For the ninth consecutive year, RGA was ranked #1 on NMG Consulting’s Global All Respondent Business Capability Index (BCI), based on feedback from insurance executives worldwide.

Life Reinsurer of the Year​

RGA was named “Life Reinsurer of the Year” at the 2019 Reactions North America Awards for helping raise industry standards in the region through continual innovation, deep subject matter expertise, and superior client service.

Life Reinsurer of the Year

RGA was recognized as “Life Reinsurer of the Year” at the 2019 Asia Insurance Industry Awards for demonstrating leadership through innovation and thought leadership, and enhancing the stability, security, and image of the industry.

Innovator of the Year

RGA received the silver award for “Innovator of the Year” at the 2019 Efma-Accenture North America Innovation in Insurance Awards for embracing solutions that enable a new level of personalization and convenience for insurance consumers.

Business Transformation

APEXA, a subsidiary of RGA’s transformation engine RGAX, received the gold award for Business & Operating Model Transformation at the 2019 Efma-Accenture North America Innovation in Insurance Awards for transforming life advisor screening, contracting, and compliance across the Canadian life insurance industry.

Financial Strength Ratings

RGA Reinsurance Company, RGA’s U.S.-based operating subsidiary, receives high ratings for its claims-paying ability based on the company’s financial condition and earnings. Its ratings as of December 31, 2019:

S&P Global Ratings

Very Strong

AA–

A.M. Best Company

Superior

A+

Moody's Investors Service

Good

A1

RGA Americas Reinsurance Company, Ltd.; RGA Life Reinsurance Company of Canada; RGA Global Reinsurance Company, Ltd.; RGA International Reinsurance Company dac; RGA Reinsurance Company of Australia Limited; and RGA Reinsurance Company (Barbados) Ltd. each have a financial strength rating of AA- from S&P Global Ratings. Omnilife Insurance Company, Limited has a financial strength rating of A+ from S&P Global Ratings.

RGA Americas Reinsurance Company, Ltd.; RGA Life Reinsurance Company of Canada, and RGA Atlantic Reinsurance Company Ltd.; each have a financial strength rating of A+ from A.M. Best Company.