Equity

9 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Common stock

The changes in number of common stock shares issued, held in treasury and outstanding are as follows for the periods indicated:

	Issued	Held In Treasury	Outstanding
Balance, December 31, 2022	85,310,598	18,634,390	66,676,208
Common stock acquired	—	1,069,113	(1,069,113)
Stock-based compensation (1)	—	(265,118)	265,118
Balance, September 30, 2023	85,310,598	19,438,385	65,872,213

	Issued	Held In Treasury	Outstanding
Balance, December 31, 2021	85,310,598	18,139,868	67,170,730
Common Stock acquired	—	414,350	(414,350)
Stock-based compensation (1)	—	(70,498)	70,498
Balance, September 30, 2022	85,310,598	18,483,720	66,826,878

(1)Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs.

Common Stock Held in Treasury

Common stock held in treasury is accounted for at average cost. Gains resulting from the reissuance of common stock held in treasury are credited to additional paid-in capital. Losses resulting from the reissuance of common stock held in treasury are charged first to additional paid-in capital to the extent the Company has previously recorded gains on treasury share transactions, then to retained earnings.

On February 25, 2022, RGA’s board of directors authorized a share repurchase program for up to $400 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. During the nine months ended September 30, 2023, RGA repurchased 1,069,113 shares of common stock under this program.

Noncontrolling Interest

In 2022, Papara Financing LLC (“Papara”), a subsidiary of RGA Reinsurance Company, issued nonconvertible preferred interests to an unaffiliated third party. The membership interests in Papara consist of (1) common interests, which are held by RGA Reinsurance Company and (2) preferred interests. The preferred interests total $90 million. The preferred interests are included in noncontrolling interest, and net income attributable to noncontrolling interest was $5 million for the nine months ended September 30, 2023.

Accumulated Other Comprehensive Income (Loss)

The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the nine months ended September 30, 2023 and 2022 are as follows (dollars in millions):

	Accumulated Other Comprehensive Income (Loss), Net of Income Tax
	Foreign Currency Translation Adjustments		Net Unrealized Investment Gains (Losses)(1)		Pension and Postretirement Benefits		Effect of Updating Discount Rates on Future Policy Benefits		Instrument-Specific Credit Risk for Market Risk Benefits		Total
Balance, December 31, 2022	$	(116)	$	(5,496)	$	(27)	$	3,755	$	13	$	(1,871)
Other comprehensive income (loss) before reclassifications	116		(1,652)		16		2,050		(8)		522
Amounts reclassified to (from) AOCI	—		140		1		—		—		141
Deferred income tax benefit (expense)	(33)		349		(4)		(439)		2		(125)
Balance, September 30, 2023	$	(33)	$	(6,659)	$	(14)	$	5,366	$	7	$	(1,333)

	Accumulated Other Comprehensive Income (Loss), Net of Income Tax
	Foreign Currency Translation Adjustments		Net Unrealized Investment Gains (Losses)(1)		Pension and Postretirement Benefits		Effect of Updating Discount Rates on Future Policy Benefits		Instrument-Specific Credit Risk for Market Risk Benefits		Total
Balance, December 31, 2021	$	(13)	$	3,779	$	(50)	$	(4,209)	$	(7)	$	(500)
Other comprehensive income (loss) before reclassifications	(78)		(12,398)		(3)		10,487		33		(1,959)
Amounts reclassified to (from) AOCI	—		202		2		—		—		204
Deferred income tax benefit (expense)	(56)		2,629		—		(2,289)		(7)		277
Balance, September 30, 2022	$	(147)	$	(5,788)	$	(51)	$	3,989	$	19	$	(1,978)

(1)Includes cash flow hedges of $(351) and $(205) as of September 30, 2023 and December 31, 2022, respectively, and $(230) and $(22) as of September 30, 2022 and December 31, 2021, respectively. See Note 12 – “Derivative Instruments” for additional information on cash flow hedges.

The following table presents the amounts of AOCI reclassifications for the three and nine months ended September 30, 2023 and 2022 (dollars in millions):

	Amount Reclassified from AOCI
	Three months ended September 30,				Nine months ended September 30,				Affected Line Item in  Statements of Income
Details about AOCI Components	2023		2022		2023		2022
Net unrealized investment gains (losses):
Net unrealized gains (losses) on available-for-sale securities	$	(36)	$	(92)	$	(132)	$	(195)	Investment related gains (losses), net
Cash flow hedges – Interest rate	3		—		7		(2)		(1)
Cash flow hedges – Currency/Interest rate	(8)		(3)		(15)		(5)		(1)
Total	(41)		(95)		(140)		(202)
Provision for income taxes	13		20		36		42
Net unrealized gains (losses), net of tax	$	(28)	$	(75)	$	(104)	$	(160)
Amortization of defined benefit plan items:
Prior service cost (credit)	$	—	$	—	$	1	$	1	(2)
Actuarial gains (losses)	(1)		—		(2)		(3)		(2)
Total	(1)		—		(1)		(2)
Provision for income taxes	—		—		—		—
Amortization of defined benefit plans, net of tax	$	(1)	$	—	$	(1)	$	(2)
Total reclassifications for the period	$	(29)	$	(75)	$	(105)	$	(162)

(1)See Note 12 – “Derivative Instruments” for additional information on cash flow hedges.

(2)This AOCI component is included in the computation of the net periodic pension cost. See Note 15 – “Employee Benefit Plans” for additional details.