Reinsurance Group of America (RGA) FY2012 results: revenue $9.8 billion, up 11.5% on the year
Reinsurance Group of America Inc. (RGA) reported revenue of $9.8 billion for fiscal 2012, the year ended 31 December 2012, up 11.5% on the year before. Net income was $632 million, up 15.7%, and diluted earnings per share $8.52. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2013.
Revenue
$9.8 billion
+11.5% on the year
FY2008FY2012
Operating margin
9.3%
8.6% a year earlier
FY2008FY2012
Net income
$632 million
+15.7% on the year
FY2008FY2012
Diluted EPS
$8.52
+15.6% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
9,841
8,830
8,262
+11.5%
Operating income
919
764
806
+20.4%
Operating margin
9.3%
8.6%
9.8%
Interest expense
105
103
91.0
+2.6%
Pre-tax income
919
764
806
+20.4%
Income tax
287
218
270
+32.1%
Effective tax rate
31.3%
28.5%
33.5%
Net income
632
546
536
+15.7%
Net margin
6.4%
6.2%
6.5%
Diluted EPS
$8.52
$7.37
$7.17
+15.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
1,975
1,310
1,843
+50.8%
Capital expenditure
0.0
n/a
n/a
Free cash flow
1,975
n/a
n/a
Free cash flow margin
20.1%
n/a
n/a
Cash from investing
-1,968
-906
-1,720
Cash from financing
282
102
-193
+176.4%
Depreciation and amortisation
1,193
896
1,127
+33.1%
Share-based compensation
28.5
23.1
18.1
+23.4%
Dividends paid
61.9
44.2
35.2
+40.1%
Dividend per share
$0.84
$0.60
$0.48
+40.0%
Diluted shares, weighted
74m
74m
75m
+0.1%
Shares outstanding at period end
74m
73m
73m
+0.8%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
6,910
5,819
4,765
+18.8%
Short-term borrowings
0.0
n/a
n/a
Debt
1,815
1,415
1,016
+28.3%
Other liabilities
31,635
24,401
22,888
+29.6%
Total liabilities and equity
40,360
31,634
28,670
+27.6%
Goodwill
7.0
7.0
7.0
0.0%
Securities held for sale or to maturity
22,292
16,201
14,305
+37.6%
Cash and equivalents
1,260
963
464
+30.8%
Other assets
16,802
14,463
13,895
+16.2%
Total assets
40,360
31,634
28,670
+27.6%
10-K for the year ended 31 December 2012, filed 1 March 2013: the filing.