Collateral Finance and Securitization Notes

12 Months Ended

Dec. 31, 2022

Collateralized Financings [Abstract]

Collateral Finance and Securitization Notes

COLLATERAL FINANCE AND SECURITIZATION NOTES

Collateral Finance Notes

In 2006, RGA’s subsidiary, Timberlake Financial L.L.C. (“Timberlake Financial”), issued $850 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 Regulation XXX on specified term life insurance policies reinsured by RGA Reinsurance and retroceded to Timberlake Re. Proceeds from the notes, along with a $113 million direct investment by RGA, 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 December 31, 2022 and 2021, respectively, the Company held assets in trust and in custody of $0 million and $465 million, of which $0 million and $39 million were held in a Debt Service Coverage account to cover interest payments on the notes. Interest on the notes accrued at an annual rate of 1-month LIBOR plus a base rate margin, payable monthly, and totaled $2 million, $1 million and $3 million in 2022, 2021 and 2020, respectively. The notes were called and fully redeemed on August 29, 2022.

Securitization Notes

The Company’s collateral finance and securitization notes consist of the following as of December 31, 2022 and 2021 (dollars in millions):

	2022		2021
Timberlake Financial	$	—	$	181
Unamortized issuance costs	—		(1)
Total	$	—	$	180