Reinsurance Group of America (RGA) FY2015 results: revenue $10.4 billion, down 4.5% on the year
Reinsurance Group of America Inc. (RGA) reported revenue of $10.4 billion for fiscal 2015, the year ended 31 December 2015, down 4.5% on the year before. Net income was $502 million, down 26.6%, and diluted earnings per share $7.46. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2016.
Revenue
$10.4 billion
-4.5% on the year
FY2008FY2015
Operating margin
7.1%
9.2% a year earlier
FY2008FY2015
Net income
$502 million
-26.6% on the year
FY2008FY2015
Diluted EPS
$7.46
-23.7% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
10,418
10,904
10,318
-4.5%
Operating income
745
1,009
635
-26.2%
Operating margin
7.1%
9.2%
6.2%
Interest expense
143
96.7
124
+47.7%
Pre-tax income
745
1,009
635
-26.2%
Income tax
243
324
216
-25.2%
Effective tax rate
32.6%
32.2%
34.1%
Net income
502
684
419
-26.6%
Net margin
4.8%
6.3%
4.1%
Diluted EPS
$7.46
$9.78
$5.78
-23.7%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
2,089
2,336
1,727
-10.6%
Capital expenditure
23.6
88.4
0.0
-73.3%
Free cash flow
2,065
2,248
1,727
-8.1%
Free cash flow margin
19.8%
20.6%
16.7%
Cash from investing
-1,432
-1,311
-1,335
Cash from financing
-708
-256
-681
Depreciation and amortisation
31.1
15.3
1,088
+103.2%
Share-based compensation
16.0
24.4
20.3
-34.4%
Dividends paid
93.4
87.3
77.6
+7.0%
Dividend per share
$1.40
$1.26
$1.08
+11.1%
Diluted shares, weighted
67m
70m
72m
-3.8%
Shares outstanding at period end
65m
69m
71m
-5.2%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
6,135
7,023
5,936
-12.6%
Short-term borrowings
0.0
n/a
0.0
Debt
2,298
2,298
2,214
-0.0%
Other liabilities
41,950
35,358
31,525
+18.6%
Total liabilities and equity
50,383
44,680
39,674
+12.8%
Goodwill
7.0
7.0
7.0
0.0%
Securities held for sale or to maturity
29,643
25,481
21,474
+16.3%
Cash and equivalents
1,525
1,646
924
-7.3%
Other assets
19,208
17,546
17,270
+9.5%
Total assets
50,383
44,680
39,674
+12.8%
10-K for the year ended 31 December 2015, filed 29 February 2016: the filing.