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Condensed Financial Information of The Registrant
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of The Registrant
REINSURANCE GROUP OF AMERICA, INCORPORATED
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
December 31,
(in millions)
 
 
 
2019
 
2018
 
2017
CONDENSED BALANCE SHEETS
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
Fixed maturity securities available-for-sale, at fair value
 
$
525

 
$
595

 
 
Short-term and other investments
 
19

 
43

 
 
Cash and cash equivalents
 
10

 
21

 
 
Investment in subsidiaries
 
14,486

 
11,033

 
 
Loans to subsidiaries
 
1,010

 
1,010

 
 
Other assets
 
270

 
240

 
 
Total assets
 
$
16,320

 
$
12,942

 
 
Liabilities and stockholders’ equity:
 
 
 
 
 
 
Long-term debt - unaffiliated(1)
 
$
2,974

 
$
2,778

 
 
Long-term debt - affiliated(2)
 
500

 
500

 
 
Other liabilities
 
1,244

 
1,213

 
 
Stockholders’ equity
 
11,602

 
8,451

 
 
Total liabilities and stockholders’ equity
 
$
16,320

 
$
12,942

 
 
CONDENSED STATEMENTS OF INCOME
 
 
 
 
 
 
Interest / dividend income(3)
 
$
308

 
$
576

 
$
131

Investment related gains (losses), net
 
4

 
(5
)
 
(5
)
Operating expenses
 
(55
)
 
(36
)
 
(21
)
Interest expense
 
(206
)
 
(181
)
 
(177
)
Income (loss) before income tax and undistributed earnings of subsidiaries
 
51

 
354

 
(72
)
Income tax expense (benefit)
 
(33
)
 
(37
)
 
66

Net income (loss) before undistributed earnings of subsidiaries
 
84

 
391

 
(138
)
Equity in undistributed earnings of subsidiaries
 
786

 
325

 
1,960

Net income
 
870

 
716

 
1,822

Other comprehensive income (loss)
 
(33
)
 
21

 
(8
)
Total comprehensive income
 
$
837

 
$
737

 
$
1,814


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)
Long-term debt - unaffiliated consists of the following:
 
 
2019
 
2018
$400 million 6.45% Senior Notes due 2019
 
$
—

 
$
400

$400 million 5.00% Senior Notes due 2021
 
400

 
399

$400 million 4.70% Senior Notes due 2023
 
399

 
399

$400 million 3.95% Senior Notes due 2026
 
400

 
400

$600 million 3.90% Senior Notes due 2029
 
599

 
—

$400 million 6.20% Subordinated Debentures due 2042
 
400

 
400

$400 million 5.75% Subordinated Debentures due 2056
 
400

 
400

$400 million Variable Rate Junior Subordinated Debentures due 2065
 
398

 
399

Subtotal
 
2,996

 
2,797

Unamortized debt issue costs
 
(22
)
 
(19
)
Total
 
$
2,974

 
$
2,778


(2)
Long-term debt—affiliated in 2019 and 2018 consists of $500 million of subordinated debt issued to various operating subsidiaries.
(3)
Interest/dividend income includes $175 million and $450 million of cash dividends received from consolidated subsidiaries in 2019 and 2018, respectively.
REINSURANCE GROUP OF AMERICA, INCORPORATED
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT (continued)
December 31,
(in millions)
 
 
 
2019
 
2018
 
2017
CONDENSED STATEMENTS OF CASH FLOWS
 
 
 
 
 
 
Operating activities:
 
 
Net income
 
$
870

 
$
716

 
$
1,822

Equity in earnings of subsidiaries
 
(786
)
 
(325
)
 
(1,960
)
Other, net
 
72

 
37

 
58

Net cash (used in) provided by operating activities
 
156

 
428

 
(80
)
Investing activities:
 
 
 
 
 
 
Sales of fixed maturity securities available-for-sale
 
576

 
482

 
515

Purchases of fixed maturity securities available-for-sale
 
(494
)
 
(383
)
 
(75
)
Repayments/issuances of loans to subsidiaries
 
—

 
—

 
40

Change in short-term investments
 
—

 
—

 
—

Change in other invested assets
 
—

 
—

 
125

Capital contributions to subsidiaries
 
(96
)
 
(82
)
 
(63
)
Net cash (used in) provided by investing activities
 
(14
)
 
17

 
542

Financing activities:
 
 
 
 
 
 
Dividends to stockholders
 
(163
)
 
(140
)
 
(117
)
Purchases of treasury stock
 
(101
)
 
(300
)
 
(44
)
Exercise of stock options, net
 
6

 
3

 
7

Net change in cash collateral for loaned securities
 
(92
)
 
(2
)
 
(37
)
Principal payments on debt
 
(397
)
 
—

 
(300
)
Proceeds from unaffiliated long-term debt issuance
 
599

 
—

 
—

Debt issuance costs
 
(5
)
 
—

 
—

Net cash (used in) provided by financing activities
 
(153
)
 
(439
)
 
(491
)
Net change in cash and cash equivalents
 
(11
)
 
6

 
(29
)
Cash and cash equivalents at beginning of year
 
21

 
15

 
44

Cash and cash equivalents at end of year
 
$
10

 
$
21

 
$
15

Supplementary information:
 
 
 
 
 
 
Cash paid for interest
 
$
192

 
$
176

 
$
186

Cash paid for income taxes, net of refunds
 
$
9

 
$
93

 
$
8