Condensed Financial Information of The Registrant (Tables)

12 Months Ended

Dec. 31, 2024

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)

	2024		2023		2022
CONDENSED BALANCE SHEETS
Assets:
Fixed maturity securities available-for-sale, at fair value	$	526	$	579
Short-term and other investments	12		31
Cash and cash equivalents	125		102
Investment in subsidiaries	14,226		12,031
Loans to subsidiaries	1,010		1,010
Other assets	504		698
Total assets	$	16,403	$	14,451
Liabilities and stockholders’ equity:
Long-term debt – unaffiliated (1)	$	4,111	$	3,468
Long-term debt – affiliated	600		600
Other liabilities	876		1,302
Stockholders’ equity	10,816		9,081
Total liabilities and stockholders’ equity	$	16,403	$	14,451
CONDENSED STATEMENTS OF INCOME
Interest / dividend income (2)	$	137	$	654	$	325
Investment related gains (losses), net	(4)		(1)		2
Operating expenses	(66)		(67)		(53)
Interest expense	(224)		(202)		(183)
Income before income tax and undistributed earnings of subsidiaries	(157)		384		91
Income tax expense (benefit)	(17)		(35)		(22)
Net income before undistributed earnings of subsidiaries	(140)		419		113
Equity in undistributed earnings of subsidiaries	857		483		404
Net income	717		902		517
Other comprehensive income	12		3		19
Total comprehensive income	$	729	$	905	$	536

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:

	2024		2023
$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 2033	399		399
$650 million 5.75% Senior Notes due 2034	646		—
$700 million 7.125% Fixed-Rate Reset Subordinated Debentures due 2052	700		700
$400 million 5.75% Fixed-to-Floating Subordinated Debentures due 2056	400		400
$400 million Variable Rate Junior Subordinated Debentures due 2065	399		399
Subtotal	4,141		3,495
Unamortized debt issuance costs	(30)		(27)
Total	$	4,111	$	3,468

(2)Interest/dividend income includes $0, $520 million and $188 million of cash dividends received from consolidated subsidiaries in 2024, 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)

	2024		2023		2022
CONDENSED STATEMENTS OF CASH FLOWS
Operating activities:
Net income	$	717	$	902	$	517
Equity in earnings of subsidiaries	(857)		(483)		(404)
Other, net	(194)		(190)		316
Net cash provided by (used in) operating activities	(334)		229		429
Investing activities:
Sales of fixed maturity securities available-for-sale	289		265		177
Purchases of fixed maturity securities available-for-sale	(249)		(273)		(315)
Maturities of fixed maturity securities available-for-sale	13		42		—
Change in short-term investments	15		(15)		—
Change in other invested assets	15		(4)		(1)
Repayments (issuances) of loans to subsidiaries	—		50		(40)
Return of capital from subsidiaries	214		—		—
Capital contributions to subsidiaries	(320)		(51)		(53)
Net cash provided by (used in) investing activities	(23)		14		(232)
Financing activities:
Dividends to stockholders	(229)		(219)		(205)
Purchases of treasury stock	(27)		(227)		(81)
Change in cash collateral for derivative positions	(4)		11		5
Principal payments of long-term debt	—		(400)		(400)
Proceeds from unaffiliated long-term debt issuance, net	640		396		690
Net cash provided by (used in) financing activities	380		(439)		9
Change in cash and cash equivalents	23		(196)		206
Cash and cash equivalents, beginning of period	102		298		92
Cash and cash equivalents, end of period	$	125	$	102	$	298
Supplementary information:
Interest paid	$	197	$	186	$	156
Income taxes paid, net of refunds	$	—	$	169	$	—