Reinsurance Group of America (RGA) FY2013 results: revenue $10.3 billion, up 4.9% on the year
Reinsurance Group of America Inc. (RGA) reported revenue of $10.3 billion for fiscal 2013, the year ended 31 December 2013, up 4.9% on the year before. Net income was $419 million, down 33.7%, and diluted earnings per share $5.78. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2014.
Revenue
$10.3 billion
+4.9% on the year
FY2008FY2013
Operating margin
6.2%
9.3% a year earlier
FY2008FY2013
Net income
$419 million
-33.7% on the year
FY2008FY2013
Diluted EPS
$5.78
-32.2% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
10,318
9,841
8,830
+4.9%
Operating income
635
919
764
-30.9%
Operating margin
6.2%
9.3%
8.6%
Interest expense
124
105
103
+18.0%
Pre-tax income
635
919
764
-30.9%
Income tax
216
287
218
-24.7%
Effective tax rate
34.1%
31.3%
28.5%
Net income
419
632
546
-33.7%
Net margin
4.1%
6.4%
6.2%
Diluted EPS
$5.78
$8.52
$7.37
-32.2%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,727
1,975
1,310
-12.5%
Capital expenditure
0.0
0.0
n/a
Free cash flow
1,727
1,975
n/a
-12.5%
Free cash flow margin
16.7%
20.1%
n/a
Cash from investing
-1,335
-1,968
-906
Cash from financing
-681
282
102
Depreciation and amortisation
1,088
1,193
896
-8.8%
Share-based compensation
20.3
28.5
23.1
-28.8%
Dividends paid
77.6
61.9
44.2
+25.3%
Dividend per share
$1.08
$0.84
$0.60
+28.6%
Diluted shares, weighted
72m
74m
74m
-2.3%
Shares outstanding at period end
71m
74m
73m
-4.3%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
5,936
6,910
5,819
-14.1%
Short-term borrowings
0.0
0.0
n/a
Debt
2,214
1,815
1,415
+22.0%
Other liabilities
31,525
31,635
24,401
-0.3%
Total liabilities and equity
39,674
40,360
31,634
-1.7%
Goodwill
7.0
7.0
7.0
0.0%
Securities held for sale or to maturity
21,474
22,292
16,201
-3.7%
Cash and equivalents
924
1,260
963
-26.7%
Other assets
17,270
16,802
14,463
+2.8%
Total assets
39,674
40,360
31,634
-1.7%
10-K for the year ended 31 December 2013, filed 27 February 2014: the filing.