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Condensed Financial Information of The Registrant
 12 Months Ended
Dec. 31, 2020
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)
 
202020192018
CONDENSED BALANCE SHEETS
Assets:
Fixed maturity securities available-for-sale, at fair value$642 $525 
Short-term and other investments172 19 
Cash and cash equivalents494 10 
Investment in subsidiaries16,937 14,486 
Loans to subsidiaries1,010 1,010 
Other assets326 270 
Total assets$19,581 $16,320 
Liabilities and stockholders’ equity:
Long-term debt – unaffiliated(1)
$3,569 $2,974 
Long-term debt – affiliated(2)
500 500 
Other liabilities1,160 1,244 
Stockholders’ equity14,352 11,602 
Total liabilities and stockholders’ equity$19,581 $16,320 
CONDENSED STATEMENTS OF INCOME
Interest / dividend income(3)
$472 $308 $576 
Investment related gains (losses), net14 4 (5)
Operating expenses(59)(55)(36)
Interest expense(202)(206)(181)
Income (loss) before income tax and undistributed earnings of subsidiaries225 51 354 
Income tax expense (benefit)(21)(33)(37)
Net income (loss) before undistributed earnings of subsidiaries246 84 391 
Equity in undistributed earnings of subsidiaries169 786 325 
Net income415 870 716 
Other comprehensive income (loss)(29)(33)21 
Total comprehensive income$386 $837 $737 
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:
20202019
$400 million 5.00% Senior Notes due 2021
$400 $400 
$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
599 599 
$600 million 3.15% Senior Notes due 2030
598 — 
$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
398 398 
Subtotal3,594 2,996 
Unamortized debt issuance costs(25)(22)
Total$3,569 $2,974 
(2)Long-term debt – affiliated in 2020 and 2019 consists of $500 million of subordinated debt issued to various operating subsidiaries.
(3)Interest/dividend income includes $340 million and $175 million of cash dividends received from consolidated subsidiaries in 2020 and 2019, respectively.
REINSURANCE GROUP OF AMERICA, INCORPORATED
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT (continued)
December 31,
(in millions)
 
202020192018
CONDENSED STATEMENTS OF CASH FLOWS
Operating activities:
Net income$415 $870 $716 
Equity in earnings of subsidiaries(169)(786)(325)
Other, net(170)72 37 
Net cash provided by operating activities76 156 428 
Investing activities:
Sales of fixed maturity securities available-for-sale358 576 482 
Purchases of fixed maturity securities available-for-sale(400)(494)(383)
Change in short-term investments(165)— — 
Change in other invested assets(26)— — 
Capital contributions to subsidiaries(78)(96)(82)
Net cash (used in) provided by investing activities(311)(14)17 
Financing activities:
Dividends to stockholders(182)(163)(140)
Proceeds from issuance of common stock, net481 — — 
Purchases of treasury stock(163)(101)(300)
Exercise of stock options, net1 6 3 
Change in cash collateral for derivative positions and other arrangements(11)(92)(2)
Principal payments on debt— (397)— 
Proceeds from unaffiliated long-term debt issuance598 599 — 
Debt issuance costs(5)(5)— 
Net cash provided by (used in) financing activities719 (153)(439)
Change in cash and cash equivalents484 (11)6 
Cash and cash equivalents, beginning of period10 21 15 
Cash and cash equivalents, end of period$494 $10 $21 
Supplementary information:
Interest paid$187 $192 $176 
Income taxes paid, net of refunds$23 $9 $93