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Condensed Financial Information of The Registrant (Tables)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Statements [Table Text Block]
REINSURANCE GROUP OF AMERICA, INCORPORATED
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
December 31,
(in millions)
 
202320222021
CONDENSED BALANCE SHEETS
Assets:
Fixed maturity securities available-for-sale, at fair value$579 $598 
Short-term and other investments31 7 
Cash and cash equivalents102 298 
Investment in subsidiaries12,031 10,018 
Loans to subsidiaries1,010 1,060 
Other assets698 386 
Total assets$14,451 $12,367 
Liabilities and stockholders’ equity:
Long-term debt – unaffiliated (1)
$3,468 $3,468 
Long-term debt – affiliated (2)
600 600 
Other liabilities1,302 1,218 
Stockholders’ equity9,081 7,081 
Total liabilities and stockholders’ equity$14,451 $12,367 
CONDENSED STATEMENTS OF INCOME
Interest / dividend income (3)
$654 $325 $399 
Investment related gains (losses), net(1)2 5 
Operating expenses(67)(53)(66)
Interest expense(202)(183)(152)
Income (loss) before income tax and undistributed earnings of subsidiaries384 91 186 
Income tax expense (benefit)(35)(22)(21)
Net income (loss) before undistributed earnings of subsidiaries419 113 207 
Equity in undistributed earnings of subsidiaries483 404 963 
Net income902 517 1,170 
Other comprehensive income (loss)3 19 14 
Total comprehensive income$905 $536 $1,184 
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:
20232022
$400 million 4.70% Senior Notes due 2023
$— $400 
$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
598 598 
$400 million 6.00% Senior Notes due 2033399 — 
$700 million 7.12% Subordinated Debentures due 2052700 700 
$400 million 5.75% Subordinated Debentures due 2056
400 400 
$400 million Variable Rate Junior Subordinated Debentures due 2065
399 399 
Subtotal3,495 3,496 
Unamortized debt issuance costs(27)(28)
Total$3,468 $3,468 
(2)Long-term debt includes $600 million of affiliated subordinated debt in 2023 and 2022, respectively. The affiliated subordinated debt was issued to various operating subsidiaries.
(3)Interest/dividend income includes $520 million and $188 million of cash dividends received from consolidated subsidiaries in 2023 and 2022, respectively.
Condensed Cash Flow Statement
REINSURANCE GROUP OF AMERICA, INCORPORATED
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT (continued)
December 31,
(in millions)
 
202320222021
CONDENSED STATEMENTS OF CASH FLOWS
Operating activities:
Net income$902 $517 $1,170 
Equity in earnings of subsidiaries(483)(404)(963)
Other, net(190)316 (227)
Net cash provided by (used in) operating activities229 429 (20)
Investing activities:
Sales of fixed maturity securities available-for-sale265 177 236 
Purchases of fixed maturity securities available-for-sale(273)(315)(150)
Maturities of fixed maturity securities available-for-sale42 — 32 
Repayments (issuances) of loans to subsidiaries50 (40)(10)
Change in short-term investments(15)— 165 
Change in other invested assets(4)(1)(1)
Capital contributions to subsidiaries(51)(53)(43)
Net cash provided by (used in) investing activities14 (232)229 
Financing activities:
Dividends to stockholders(219)(205)(194)
Purchases of treasury stock(227)(81)(99)
Change in cash collateral for derivative positions and other arrangements11 5 (19)
Principal payments of long-term debt(400)(400)(399)
Principal payments of affiliated long-term debt— — (500)
Proceeds from unaffiliated long-term debt issuance, net396 690 — 
Proceeds from affiliated long-term debt issuance— — 600 
Net cash provided by (used in) financing activities(439)9 (611)
Change in cash and cash equivalents(196)206 (402)
Cash and cash equivalents, beginning of period298 92 494 
Cash and cash equivalents, end of period$102 $298 $92 
Supplementary information:
Interest paid$186 $156 $173 
Income taxes paid, net of refunds$169 $— $323