$RGA
REINSURANCE GROUP OF AMERICA INC

2010 Form 10-K Financial Statement

#000095012311019862 Filed on February 28, 2011

View on sec.gov

Income Statement

Concept 2010 2009 Q4 2009
Revenue $8.262B $1.981B $7.067B
YoY Change 16.91% 44.77% 24.39%
Cost Of Revenue $5.547B $4.819B
YoY Change 15.1% 8.01%
Gross Profit $2.715B $2.247B
YoY Change 20.79% 84.32%
Gross Profit Margin 32.86% 31.8%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $7.357B $1.759B $6.396B
YoY Change 15.03% 33.36% 20.77%
Operating Profit -$4.642B -$4.149B
YoY Change 11.9% 1.76%
Interest Expense $91.00M -$24.90M $69.94M
YoY Change 30.11% -14.14% -8.17%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $500.9M $160.2M $295.1M
YoY Change 69.75% 693.07% 5.39%
Income Tax $270.4M $47.80M $167.6M
% Of Pretax Income 53.99% 29.84% 56.78%
Net Earnings $535.7M $112.4M $373.0M
YoY Change 43.63% 1095.74% 110.98%
Net Earnings / Revenue 6.48% 5.68% 5.28%
Basic Earnings Per Share $7.32 $5.12
Diluted Earnings Per Share $7.17 $1.515M $5.09
COMMON SHARES
Basic Shares Outstanding 73.16M shares 72.79M shares
Diluted Shares Outstanding 74.69M shares 73.33M shares

Balance Sheet

Concept 2010 2009 Q4 2009
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $464.0M $512.0M $512.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $21.78B $19.22B $18.43B
YoY Change 18.17% 23.14% 24.24%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $29.08B $25.25B $25.25B
YoY Change 15.18% 16.58% 16.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0M $0.00
YoY Change
Total Short-Term Liabilities $200.0M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $2.026B $2.225B $2.225B
YoY Change -8.94% 15.46% 15.46%
Other Long-Term Liabilities $8.412B $8.459B $8.459B
YoY Change -0.56% 2.21% 2.21%
Total Long-Term Liabilities $10.44B $10.68B $10.68B
YoY Change -2.3% 4.71% 4.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $200.0M
Total Long-Term Liabilities $10.44B $10.68B $10.68B
Total Liabilities $24.04B $21.38B $21.38B
YoY Change 12.44% 12.29% 12.29%
SHAREHOLDERS EQUITY
Retained Earnings $2.056B
YoY Change
Common Stock $1.464B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $17.58M
YoY Change
Treasury Stock Shares
Shareholders Equity $5.041B $3.640B $3.868B
YoY Change
Total Liabilities & Shareholders Equity $29.08B $25.25B $25.25B
YoY Change 15.18% 16.58% 16.58%

Cashflow Statement

Concept 2010 2009 Q4 2009
OPERATING ACTIVITIES
Net Income $535.7M $112.4M $373.0M
YoY Change 43.63% 1095.74% 110.98%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $1.843B $461.3M $1.364B
YoY Change 35.07% 76.14% 87.66%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $37.40M -$1.014B $114.5M
YoY Change -67.33% 345.02% -35.58%
Cash From Investing Activities -$1.720B -$1.014B -$1.939B
YoY Change -11.27% 345.02% 80.69%
FINANCING ACTIVITIES
Cash Dividend Paid $35.17M $26.21M
YoY Change 34.18% 12.36%
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $0.00 $39.96M
YoY Change -100.0%
Cash From Financing Activities -$193.4M 518.4M $195.0M
YoY Change -199.19% 17.23% -76.82%
NET CHANGE
Cash From Operating Activities $1.843B 461.3M $1.364B
Cash From Investing Activities -$1.720B -1.014B -$1.939B
Cash From Financing Activities -$193.4M 518.4M $195.0M
Net Change In Cash -$71.17M -34.50M -$379.8M
YoY Change -81.26% -107.24% -176.73%
FREE CASH FLOW
Cash From Operating Activities $1.843B $461.3M $1.364B
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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USD
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1000 USD
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-1607000 USD
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19929000 USD
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25920000 USD
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16652000 USD
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CY2008 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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CY2009 us-gaap Increase Decrease In Deferred Policy Acquisition Costs
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CY2008 us-gaap Increase Decrease In Deferred Policy Acquisition Costs
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648525000 USD
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12842000 USD
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1580458000 USD
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907732000 USD
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715521000 USD
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444150000 USD
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-81195000 USD
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47617000 USD
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144334000 USD
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0 USD
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0 USD
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2605000 USD
CY2008 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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3815000 USD
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30359000 USD
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70480000 USD
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-24073000 USD
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66791000 USD
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130370000 USD
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67039000 USD
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66077000 USD
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103578000 USD
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76594000 USD
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89743000 USD
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29422000 USD
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50278000 USD
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3309000 USD
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27188000 USD
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23329000 USD
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0 USD
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396344000 USD
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0 USD
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39960000 USD
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331878000 USD
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2605000 USD
CY2008 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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3815000 USD
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CY2008 us-gaap Proceeds From Issuance Of Financial Services Obligations
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841163000 USD
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CY2010 rga Statutorybasisreportingtextblock
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<p style='margin-top:0pt; margin-bottom:6pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Note 13 FINANCIAL CONDITION AND NET INCOME ON A STATUTORY BASIS &#8211; SIGNIFICANT SUBSIDIARIES</font><font style="font-family:Times New Roman;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Times New Roman;font-size:10pt;">(UNAUDITED)</font></p><p style='margin-top:0pt; margin-bottom:6pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The domestic and foreign insurance subsidiaries of the Company prepare their statutory financial statements in conformity with statutory accounting practices prescribed or permitted by the applicable state insurance department or local regulatory authority, which vary materially from under U.S. generally accepted accounting principles (&#8220;GAAP&#8221;). Prescribed statutory accounting practices include publications of the NAIC, as well as state laws, local regulations and general administrative rules. The differences between statutory financial statements and financial statements prepared in accordance with GAAP vary between domestic and foreign jurisdictions. The principal differences are that statutory financial statements do not reflect deferred policy acquisition costs and limit deferred income taxes, life benefit reserves predominately use</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">interest rate and mortality assumptions prescribed by the NAIC and local regulatory agencies, bonds are generally carried at amortized cost and reinsurance assets and liabilities are presented net of reinsurance.</font></p><p style='margin-top:0pt; margin-bottom:6pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">The statutory net income amounts for the years ended December 31, 2009 and 2008, and the statutory capital and surplus amounts as of December 31, 2009 in the table below are based on actual statutory filings with the applicable regulatory authorities. The statutory net income amounts for the year ended December 31, 2010 </font><font style="font-family:Times New Roman;font-size:10pt;">and </font><font style="font-family:Times New Roman;font-size:10pt;">the statutory capital and surplus amounts as of December 31, 2010 are estimates, as the respective 2010 statutory filings have not yet been made.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 15px"><td colspan="2" style="width: 190px; text-align:left;border-color:#000000;min-width:190px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: left;">(dollars in thousands)</font></td><td colspan="5" style="width: 158px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:158px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Statutory Capital &amp; Surplus</font></td><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="8" style="width: 230px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:230px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">Statutory Net Income (Loss)</font></td></tr><tr style="height: 15px"><td style="width: 10px; text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td style="width: 180px; text-align:left;border-color:#000000;min-width:180px;">&#160;</td><td colspan="2" style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">2010</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 74px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:74px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">2009</font></td><td style="width: 10px; text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">2010</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">2009</font></td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:10px;">&#160;</td><td colspan="2" style="width: 70px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:70px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">2008</font></td></tr><tr style="height: 15px"><td colspan="2" style="width: 190px; text-align:left;border-color:#000000;min-width:190px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: left;">RCM</font></td><td style="width: 12px; border-top-style:solid;border-top-width:1px;text-align:center;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 62px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:62px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 8pt;COLOR: #000000;"> 1,486,928</font></td><td style="width: 10px; 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RCM and RGA Reinsurance are subject to Missouri statutory provisions that restrict the payment of dividends. They may not pay dividends in any 12-month period in excess of the greater of the prior year's statutory operating income or 10% of capital and surplus at the preceding year-end, without regulatory approval. The applicable statutory provisions only permit an insurer to pay a shareholder dividend from unassigned surplus. Any dividends paid by RGA Reinsurance would be paid to RCM, its parent company, which in turn has restrictions related to its ability to pay dividends to RGA. The assets of RCM consist primarily of its investment in RGA Reinsurance. As of January 1, 201</font><font style="font-family:Times New Roman;font-size:10pt;">1</font><font style="font-family:Times New Roman;font-size:10pt;">, RCM and RGA Reinsurance could pay maximum dividends, without prior approval, of approximately $</font><font style="font-family:Times New Roman;font-size:10pt;">148.7 </font><font style="font-family:Times New Roman;font-size:10pt;">million and $</font><font style="font-family:Times New Roman;font-size:10pt;">152.9</font><font style="font-family:Times New Roman;font-size:10pt;"> million, respectively. The Missouri Department of Insurance, Financial Institution and Professional Registration, allows RCM to pay a dividend to RGA to the extent RCM received the dividend from RGA Reinsurance, without limitation related to the level of unassigned surplus. Dividend payments by other subsidiaries are subject to regulations i</font><font style="font-family:Times New Roman;font-size:10pt;">n the jurisdiction of domicile.</font></p>
CY2010 rga Collateralfinancingarrangementstextblock
Collateralfinancingarrangementstextblock
<p style='margin-top:0pt; margin-bottom:6pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">Note 16 COLLATERAL FINANCE FACILITY</font></p><p style='margin-top:0pt; margin-bottom:6pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"> In June 2006, RGA's subsidiary, Timberlake Financial, issued $850.0 million of Series A Floating Rate Insured Notes due June 2036 in a private placement. The notes were issued to fund the collateral requirements for statutory reserves required by the U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation XXX) on specified term life insurance policies reinsured by RGA Reinsurance. Proceeds from the notes, along with a $112.8 million direct investment by the Company, were deposited into a series of accounts that collateralize the notes and are not available to satisfy the general obligations of the Company. As of </font><font style="font-family:Times New Roman;font-size:10pt;">December 31, 2010 and 2009</font><font style="font-family:Times New Roman;font-size:10pt;">, respectively, the Company held assets in trust and in custody of $</font><font style="font-family:Times New Roman;font-size:10pt;">885.3</font><font style="font-family:Times New Roman;font-size:10pt;"> million and $</font><font style="font-family:Times New Roman;font-size:10pt;">876.7</font><font style="font-family:Times New Roman;font-size:10pt;"> million for this purpose. Interest on the notes will accrue at an annual rate of 1-month LIBOR plus a base rate margin, payable monthly and totaled $</font><font style="font-family:Times New Roman;font-size:10pt;">7.9</font><font style="font-family:Times New Roman;font-size:10pt;"> million</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> $</font><font style="font-family:Times New Roman;font-size:10pt;">8.3</font><font style="font-family:Times New Roman;font-size:10pt;"> million</font><font style="font-family:Times New Roman;font-size:10pt;"> and $28.7 million</font><font style="font-family:Times New Roman;font-size:10pt;"> in </font><font style="font-family:Times New Roman;font-size:10pt;">2010</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">2009</font><font style="font-family:Times New Roman;font-size:10pt;"> and 2008</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> respectively. The payment of interest and principal on the notes is insured by a monoline insurance company through a financial guaranty insurance policy. The notes represent senior, secured indebtedness of Timberlake Financial without legal recourse to RGA or its other subsidiaries. Timberlake Financial will rely primarily upon the receipt of interest and principal payments on a surplus note and dividend payments from its wholly-owned subsidiary, Timberlake Re, a South Carolina captive insurance company, to make payments of interest and principal on the notes. The ability of Timberlake Re to make interest and principal payments on the surplus note and dividend payments to Timberlake Financial is contingent upon South Carolina regulatory approval, the return on Timberlake Re's investment assets and the performance of specified term life insurance policies with guaranteed level premiums retroceded by RGA's subsidiary, RGA Reinsurance, to Timberlake Re.</font></p><p style='margin-top:0pt; margin-bottom:6pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">In accordance with the general accounting principles for </font><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;">Consolidation</font><font style="font-family:Times New Roman;font-size:10pt;">, Timberlake Financial is considered to be a variable interest entity and the Company is deemed to hold the primary beneficial interest. As a result, Timberlake Financial has been consolidated in the Company's financial statements. The Company's consolidated balance sheets include the assets of Timberlake Financial recorded as fixed maturity investments and other invested assets, which consists of restricted cash and cash equivalents, with the liability for the notes recorded as collateral finance facility. The Company's consolidated statements of income include the investment return of Timberlake Financial as investment income and the cost of the facility is reflected in collateral finance facility expense.</font></p>

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