Q2 2024 Reinsurance Group of America Inc Earnings Call Transcript
Key Points
- Reinsurance Group of America Inc (RGA) reported adjusted operating earnings of $5.48 per share, continuing a trend of strong bottom-line results.
- The company achieved an adjusted operating return on equity of 15.3% for the past 12 months, exceeding intermediate-term targets.
- RGA has experienced five straight quarters of positive underwriting results, indicating consistent performance.
- The company deployed $307 million into in-force transactions, demonstrating effective capital redeployment.
- RGA's new business embedded value exceeded goals for both the quarter and year-to-date, driven by a high number of transactions and expected returns.
- The effective tax rate for the quarter was 25.5%, above the expected range, primarily due to income earned in foreign jurisdictions.
- The US Financial Solutions segment underperformed due to the timing of recent new business not yet at a full earnings rate and some one-time items.
- Canada's traditional results reflected modestly unfavorable mortality experience.
- The Europe, Middle East, and Africa segment experienced unfavorable results in the traditional business, primarily in the UK.
- The Corporate and Other segment reported a pretax adjusted operating loss of $44 million, slightly worse than the expected quarterly average run rate due to higher incentive compensation accruals.
Good day, and welcome to the Reinsurance Group of America, Incorporated Second Quarter 2024 Conference Call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Jeff Hopson, Head of Investor Relations. Please go ahead.
Thank you. Welcome to RGA's Second Quarter 2024 Conference Call. I'm joined on the call this morning by Tony Cheng, RGA's Chief Executive Officer; Todd Larson, Chief Financial Officer; Leslie Barbi, Chief Investment Officer; and Jonathan Porter, Chief Risk Officer.
A quick reminder before we get started regarding forward-looking information and non-GAAP financial measures. Some of our comments or answers to your questions may contain forward-looking statements. Actual results could differ materially from expected results. Please refer to the earnings release we issued yesterday for a list of important factors that could cause actual results to differ from the expected results.
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
