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Condensed Financial Information of The Registrant
 12 Months Ended
Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information of The Registrant
REINSURANCE GROUP OF AMERICA, INCORPORATED
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
December 31,
(dollars in thousands)
 
 
 
2015
 
2014(1)
 
2013
CONDENSED BALANCE SHEETS
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
Fixed maturity securities available-for-sale, at fair value
 
$
426,218

 
$
486,813

 
 
Short-term and other investments
 
254,398

 
87,726

 
 
Cash and cash equivalents
 
39,452

 
48,819

 
 
Investment in subsidiaries
 
8,110,687

 
8,649,084

 
 
Loans to subsidiaries
 
1,070,000

 
1,060,000

 
 
Other assets
 
309,340

 
342,487

 
 
Total assets
 
$
10,210,095

 
$
10,674,929

 
 
Liabilities and stockholders’ equity:
 
 
 
 
 
 
Long-term debt - unaffiliated(2)
 
$
2,279,663

 
$
2,277,421

 
 
Long-term debt - affiliated(3)
 
500,000

 
500,000

 
 
Other liabilities
 
1,295,051

 
874,056

 
 
Stockholders’ equity
 
6,135,381

 
7,023,452

 
 
Total liabilities and stockholders’ equity
 
$
10,210,095

 
$
10,674,929

 
 
CONDENSED STATEMENTS OF INCOME
 
 
 
 
 
 
Interest / dividend income(4)
 
$
321,645

 
$
521,623

 
$
275,215

Investment related gains (losses), net
 
(324
)
 
4,936

 
1,714

Operating expenses
 
(13,652
)
 
(10,751
)
 
(21,164
)
Interest expense
 
(176,364
)
 
(131,852
)
 
(162,212
)
Income (loss) before income tax and undistributed earnings of subsidiaries
 
131,305

 
383,956

 
93,553

Income tax expense (benefit)
 
(19,465
)
 
(22,008
)
 
33,850

Net income (loss) before undistributed earnings of subsidiaries
 
150,770

 
405,964

 
59,703

Equity in undistributed earnings of subsidiaries
 
351,396

 
278,083

 
359,134

Net income
 
502,166

 
684,047

 
418,837

Other comprehensive income
 
44,073

 
36,876

 
21,033

Total comprehensive income
 
$
546,239

 
$
720,923

 
$
439,870


The condensed financial information of RGA (the “Parent Company”) should be read in conjunction with the consolidated financial statements of RGA and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). These condensed unconsolidated financial statements reflect the results of operations, financial position and cash flows for RGA. Investments in subsidiaries are accounted for using the equity method of accounting.
(1)
To conform with new presentation, debt issuance costs of $16.6 million previously reported by RGA as other assets in the condensed balance sheet as of December 31, 2014, is now reported by RGA with long-term debt - unaffiliated in accordance with the adoption of the accounting standard update "Simplifying the Presentation of Debt Issuance Costs"
(2)
Long-term debt - unaffiliated consists of the following:
 
 
2015
 
2014
$400 million Variable Rate Junior Subordinated Debentures due 2065
 
$
398,663

 
$
398,660

$400 million 6.20% Subordinated Debentures due 2042
 
400,000

 
400,000

$400 million 4.70% Senior Notes due 2023
 
398,835

 
398,684

$400 million 5.00% Senior Notes due 2021
 
398,803

 
398,583

$400 million 6.45% Senior Notes due 2019
 
399,737

 
399,669

$300 million 5.625% Senior Notes due 2017
 
299,671

 
299,397

Subtotal
 
2,295,709

 
2,294,993

Unamortized debt issue costs
 
(16,046
)
 
(17,572
)
Total
 
$
2,279,663

 
$
2,277,421

Repayments of long-term debt—unaffiliated due over the next five years total $300,000 in 2017 and $400,000 in 2019.
(3)
Long-term debt—affiliated in 2015 and 2014 and consists of $500,000 of subordinated debt issued to various operating subsidiaries.
(4)
Interest/Dividend income includes $196,445, $423,323 and $175,000 of cash dividends received from consolidated subsidiaries in 2015, 2014 and 2013, respectively.
REINSURANCE GROUP OF AMERICA, INCORPORATED
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT (continued)
December 31,
(dollars in thousands)
 
 
 
2015
 
2014
 
2013
CONDENSED STATEMENTS OF CASH FLOWS
 
 
 
 
 
 
Operating activities:
 
 
Net income
 
$
502,166

 
$
684,047

 
$
418,837

Equity in earnings of subsidiaries
 
(351,396
)
 
(278,083
)
 
(359,134
)
Other, net
 
486,159

 
(171,299
)
 
162,586

Net cash provided by operating activities
 
$
636,929

 
$
234,665

 
$
222,289

Investing activities:
 
 
 
 
 
 
Sales of fixed maturity securities available-for-sale
 
$
100,734

 
$
132,732

 
$
176,062

Purchases of fixed maturity securities available-for-sale
 
(52,698
)
 
(105,535
)
 
(103,566
)
Repayments/issuances of loans to subsidiaries
 
(10,000
)
 
41,751

 
(76,751
)
Purchase of a business, net of cash acquired of $529, $0 and $9,709
 
(3,701
)
 
—

 
(2,805
)
Change in short-term investments
 
(102,508
)
 
96,967

 
(96,967
)
Change in other invested assets
 
(7,542
)
 
126,397

 
(79,023
)
Capital contributions to subsidiaries
 
(103,832
)
 
(222,760
)
 
(144,459
)
Net cash (used in) provided by investing activities
 
(179,547
)
 
69,552

 
(327,509
)
Financing activities:
 
 
 
 
 
 
Dividends to stockholders
 
(93,381
)
 
(87,256
)
 
(77,642
)
Purchases of treasury stock
 
(384,519
)
 
(201,525
)
 
(269,204
)
Exercise of stock options, net
 
11,151

 
9,246

 
28,390

Proceeds from unaffiliated long-term debt issuance
 
—

 
—

 
398,533

Debt issuance costs
 
—

 
—

 
(3,400
)
Net cash (used in) provided by financing activities
 
(466,749
)
 
(279,535
)
 
76,677

Net change in cash and cash equivalents
 
(9,367
)
 
24,682

 
(28,543
)
Cash and cash equivalents at beginning of year
 
48,819

 
24,137

 
52,680

Cash and cash equivalents at end of year
 
$
39,452

 
$
48,819

 
$
24,137

Supplementary information:
 
 
 
 
 
 
Cash paid for interest
 
$
165,775

 
$
161,499

 
$
141,615

Cash paid for income taxes, net of refunds
 
$
(120,680
)
 
$
87

 
$
82,000