Products & Liabilities
· Source: curated SEC 10-K filing analysis· 10 of 34 tables shown
Confidence:HighMediumLow
| Metric | Amount | YoY Change |
|---|---|---|
| Life reinsurance in force (assumed) | $3,878.6 billion | +4.7% |
| Net premiums earned | $17,843 million | +18.3% |
| Net investment income | $4,416 million | +23.0% |
| Total revenues | $22,107 million | +19.1% |
| Adjusted operating income (pre-tax) | $1,752 million | +3.1% |
| Net income (GAAP) | $717 million | -20.5% |
| Total assets | $118,675 million | +21.6% |
| New life business production (face amount) | $505.4 billion | +39.2% |
| Financial reinsurance provided | $32.2 billion | +13.8% |
| Business Line | 2024 Revenues | % of Total | 2023 Revenues | YoY Growth |
|---|---|---|---|---|
| Traditional Reinsurance | $15,408M | 67.6% | $14,206M | +8.5% |
| Financial Solutions | $6,793M | 29.8% | $4,428M | +53.4% |
| Corporate and Other | $587M | 2.6% | $441M | +33.1% |
| Total segment revenues | $22,788M | 100.0% | $19,075M | +19.5% |
| Source | 2024 | 2023 | 2022 |
|---|---|---|---|
| Reinsurance assumed (core business) | $15,573M | $14,281M | $13,830M |
| Direct insurance (PRT transactions) | $2,919M | $1,477M | $26M |
| Reinsurance ceded (retrocession) | ($649M) | ($673M) | ($778M) |
| Net premiums | $17,843M | $15,085M | $13,078M |
| Treaty Type | Risk Transfer Scope | Asset Retention | Typical Use |
|---|---|---|---|
| Yearly Renewable Term (YRT) | Mortality/morbidity only | N/A (premium flow only) | Individual life, group life; reinsurer assumes biometric risk only |
| Coinsurance | Full: mortality, morbidity, lapse, investment | Assets transfer to reinsurer | Full risk share; reinsurer takes proportional share of all policy risks |
| Modified Coinsurance (Modco) | Full: same as coinsurance | Cedant retains assets | Same economics as coinsurance but cedant keeps assets on its balance sheet; interest credited to reinsurer per treaty |
| Coinsurance with Funds Withheld | Full: same as coinsurance | Cedant retains assets | Functionally identical to modco; assets stay with cedant, RGA records "funds withheld at interest" |
| Metric | 2024 | 2023 | 2022 | YoY Change |
|---|---|---|---|---|
| Segment revenues | $8,429M | $7,818M | $7,517M | +7.8% |
| Net premiums | $7,500M | $7,023M | $6,590M | +6.8% |
| Adj. operating income (pre-tax) | $525M | $313M | $147M | +67.7% |
| Life reinsurance in force | $1,837.1B | $1,703.6B | $1,672.2B | +7.8% |
| Segment assets | $27,190M | $24,320M | $22,612M | +11.8% |
| Metric | 2024 | 2023 | 2022 | YoY Change |
|---|---|---|---|---|
| Segment revenues | $1,557M | $1,472M | $1,479M | +5.8% |
| Net premiums | $1,291M | $1,215M | $1,219M | +6.3% |
| Adj. operating income (pre-tax) | $134M | $91M | $108M | +47.3% |
| Life reinsurance in force | $474.2B | $493.5B | $463.6B | -3.9% |
| Segment assets | $5,069M | $5,111M | $4,826M | -0.8% |
| Metric | 2024 | 2023 | 2022 | YoY Change |
|---|---|---|---|---|
| Segment revenues | $2,125M | $1,866M | $1,818M | +13.9% |
| Net premiums | $2,002M | $1,775M | $1,736M | +12.8% |
| Adj. operating income (pre-tax) | $30M | ($20M) | $46M | NM |
| Life reinsurance in force | $970.4B | $960.1B | $735.4B | +1.1% |
| Segment assets | $5,029M | $4,334M | $3,652M | +16.0% |
| Metric | 2024 | 2023 | 2022 | YoY Change |
|---|---|---|---|---|
| Segment revenues | $3,297M | $3,050M | $2,882M | +8.1% |
| Net premiums | $3,014M | $2,785M | $2,650M | +8.2% |
| Adj. operating income (pre-tax) | $282M | $373M | $194M | -24.4% |
| Life reinsurance in force | $567.6B | $528.6B | $518.6B | +7.4% |
| Segment assets | $10,488M | $9,925M | $9,254M | +5.7% |
| Metric | 2024 | 2023 | 2022 | YoY Change |
|---|---|---|---|---|
| Total FS segment revenues | $6,793M | $4,428M | $2,804M | +53.4% |
| Total FS adj. operating income | $952M | $1,070M | $884M | -11.0% |
| Total FS segment assets | $64,018M | $48,940M | $42,618M | +30.8% |
| Structure | How It Works | RGA Balance Sheet Impact |
|---|---|---|
| Coinsurance | Assets transfer to RGA; RGA holds reserves | Assets and liabilities both increase |
| Modco (Modified Coinsurance) | Cedant retains assets; RGA earns interest on "funds withheld" | RGA records "funds withheld at interest" (asset) and reserves (liability) |
| Coinsurance with Funds Withheld | Same as modco; assets stay with cedant | Same as modco |