Reinsurance Group of America (RGA) FY2014 results: revenue $10.9 billion, up 5.7% on the year
Reinsurance Group of America Inc. (RGA) reported revenue of $10.9 billion for fiscal 2014, the year ended 31 December 2014, up 5.7% on the year before. Net income was $684 million, up 63.3%, and diluted earnings per share $9.78. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$10.9 billion
+5.7% on the year
FY2008FY2014
Operating margin
9.2%
6.2% a year earlier
FY2008FY2014
Net income
$684 million
+63.3% on the year
FY2008FY2014
Diluted EPS
$9.78
+69.2% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
10,904
10,318
9,841
+5.7%
Operating income
1,009
635
919
+58.8%
Operating margin
9.2%
6.2%
9.3%
Interest expense
96.7
124
105
-22.2%
Pre-tax income
1,009
635
919
+58.8%
Income tax
324
216
287
+49.9%
Effective tax rate
32.2%
34.1%
31.3%
Net income
684
419
632
+63.3%
Net margin
6.3%
4.1%
6.4%
Diluted EPS
$9.78
$5.78
$8.52
+69.2%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
2,336
1,727
1,975
+35.3%
Capital expenditure
88.4
0.0
0.0
Free cash flow
2,248
1,727
1,975
+30.1%
Free cash flow margin
20.6%
16.7%
20.1%
Cash from investing
-1,311
-1,335
-1,968
Cash from financing
-256
-681
282
Depreciation and amortisation
15.3
1,088
1,193
-98.6%
Share-based compensation
24.4
20.3
28.5
+20.2%
Dividends paid
87.3
77.6
61.9
+12.4%
Dividend per share
$1.26
$1.08
$0.84
+16.7%
Diluted shares, weighted
70m
72m
74m
-3.4%
Shares outstanding at period end
69m
71m
74m
-2.8%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
7,023
5,936
6,910
+18.3%
Short-term borrowings
n/a
0.0
0.0
Debt
2,298
2,214
1,815
+3.8%
Other liabilities
35,358
31,525
31,635
+12.2%
Total liabilities and equity
44,680
39,674
40,360
+12.6%
Goodwill
7.0
7.0
7.0
0.0%
Securities held for sale or to maturity
25,481
21,474
22,292
+18.7%
Cash and equivalents
1,646
924
1,260
+78.2%
Other assets
17,546
17,270
16,802
+1.6%
Total assets
44,680
39,674
40,360
+12.6%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.