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REINSURANCE GROUP OF AMERICA INC (RGA)
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| Income Statement |
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Annual | Quarterly | TTM |
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| In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 |
| | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
| Revenues: |
| Americas | 7,629.0 | 8,690.0 | 1,220.0 | 7,779.0 | 907.0 | 1,151.0 | 840.4 | 6,108.9 |
| EMEA | 623.0 | 1,827.0 | 471.0 | 1,520.0 | 350.0 | 1,362.0 | 1,535.7 | 1,477.4 |
| Canada | 1,465.0 | 1,549.0 | 92.0 | 1,286.0 | 1,273.0 | 49.0 | 1,164.9 | 1,068.0 |
| Corporate & Other | 207.0 | 781.0 | 245.0 | 257.0 | 84.0 | 156.0 | 181.0 | 68.9 |
| Other | 6,334.0 | 3,811.0 | 12,568.0 | 3,458.0 | 10,262.0 | 9,798.0 | 7,799.5 | 1,694.9 |
| Total revenues | 16,258.0 | 16,658.0 | 14,596.0 | 14,300.0 | 12,876.0 | 12,516.0 | 11,521.5 | 10,418.2 |
| Revenue growth | -2.4% | 14.1% | 2.1% | 11.1% | 2.9% | 8.6% | 10.6% | -4.5% |
| Loss and loss adjustment expenses | 12,046.0 | 12,776.0 | 11,075.0 | 10,197.0 | 9,319.0 | 8,519.0 | 7,993.4 | 7,489.4 |
| Policy acquisition costs | 547.0 | 496.0 | 405.0 | 315.0 | 438.0 | 433.0 | 341.1 | 288.6 |
| Investment expenses | 127.0 | 108.0 | 92.0 | 96.0 | 90.0 | 81.0 | 72.1 | 68.0 |
| Other operating expenses | 2,523.0 | 2,460.0 | 2,301.0 | 2,387.0 | 2,036.0 | 2,194.0 | 1,933.4 | 1,684.5 |
| Equity in earnings | | | | | | | | |
| EBITDA | 1,053.0 | 861.0 | 772.0 | 1,354.0 | 1,038.0 | 1,342.0 | 1,208.4 | 918.8 |
| EBITDA margin | 6.5% | 5.2% | 5.3% | 9.5% | 8.1% | 10.7% | 10.5% | 8.8% |
| Depreciation | 38.0 | 43.0 | 49.0 | 49.0 | 45.0 | 53.0 | 26.9 | 31.1 |
| EBIT | 1,015.0 | 818.0 | 723.0 | 1,305.0 | 993.0 | 1,289.0 | 1,181.6 | 887.7 |
| EBIT margin | 6.2% | 4.9% | 5.0% | 9.1% | 7.7% | 10.3% | 10.3% | 8.5% |
| Interest expense | 184.0 | 127.0 | 170.0 | 173.0 | 147.0 | 146.0 | 137.6 | 142.9 |
| Interest expense | 184.0 | 127.0 | 170.0 | 173.0 | 147.0 | 146.0 | 137.6 | 142.9 |
| Pre-tax income | 831.0 | 691.0 | 553.0 | 1,132.0 | 846.0 | 1,143.0 | 1,043.9 | 744.8 |
| Income taxes | 204.0 | 74.0 | 138.0 | 262.0 | 130.0 | -679.0 | 342.5 | 242.6 |
| Tax rate | 24.5% | 10.7% | 25.0% | 23.1% | 15.4% | | 32.8% | 32.6% |
| Minority interest | 4.0 | | | | | | | |
| Net income | 623.0 | 617.0 | 415.0 | 870.0 | 716.0 | 1,822.0 | 701.4 | 502.2 |
| Net margin | 3.8% | 3.7% | 2.8% | 6.1% | 5.6% | 14.6% | 6.1% | 4.8% |
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| Basic EPS | $9.31 | $9.10 | $6.35 | $13.88 | $11.24 | $28.28 | $10.91 | $7.55 |
| Diluted EPS | $9.20 | $9.03 | $6.31 | $13.62 | $11.00 | $27.71 | $10.79 | $7.46 |
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| Shares outstanding (basic) | 66.9 | 67.8 | 65.4 | 62.7 | 63.7 | 64.4 | 64.3 | 66.6 |
| Shares outstanding (diluted) | 67.7 | 68.3 | 65.8 | 63.9 | 65.1 | 65.8 | 65.0 | 67.3 |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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