Q3 2024 Reinsurance Group of America Inc Earnings Call Transcript
Key Points
- Reinsurance Group of America Inc (RGA) reported record adjusted operating earnings of $6.13 per share, exceeding intermediate-term targets.
- The company achieved a 15.5% adjusted operating return on equity, surpassing expectations.
- RGA deployed $1.4 billion of capital into transactions in 2024, marking a 50% increase from 2023.
- Strong business momentum was demonstrated through exclusive transactions and significant wins in Asia, the US, and the UK.
- The company successfully initiated a transaction to recapture retroceded business, expected to generate $1.5 billion in long-term value.
- The completion of the annual actuarial assumption review resulted in an unfavorable $58 million impact on current period pretax adjusted operating income.
- The decision to recapture retroceded business led to a $136 million unfavorable impact on pretax adjusted operating income for the third quarter.
- US financial solutions segment results were below expectations due to lower contributions from new business.
- Canada's financial solutions segment experienced a negative impact from a modest one-time item.
- The effective tax rate for the quarter was 23%, which was below the expected range, primarily due to income earned in non-US jurisdictions.
Good morning, and welcome to the Reinsurance Group of America third-quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Jeff Hopson, Investor Relations. Please go ahead.
Thank you. Welcome to RGA's third-quarter 2024 conference call. I'm joined on the call this morning with Tony Cheng, RGA's President and Chief Executive Officer; Axel Andre, 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 expected results.
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