Reinsurance Group of America (RGA) FY2016 results: revenue $11.5 billion, up 10.6% on the year
Reinsurance Group of America Inc. (RGA) reported revenue of $11.5 billion for fiscal 2016, the year ended 31 December 2016, up 10.6% on the year before. Net income was $701 million, up 39.7%, and diluted earnings per share $10.79. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2017.
Revenue
$11.5 billion
+10.6% on the year
FY2009FY2016
Operating margin
9.1%
7.1% a year earlier
FY2009FY2016
Net income
$701 million
+39.7% on the year
FY2009FY2016
Diluted EPS
$10.79
+44.6% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
11,522
10,418
10,904
+10.6%
Operating income
1,044
745
1,009
+40.2%
Operating margin
9.1%
7.1%
9.2%
Interest expense
138
143
96.7
-3.7%
Pre-tax income
1,044
745
1,009
+40.2%
Income tax
343
243
324
+41.2%
Effective tax rate
32.8%
32.6%
32.2%
Net income
701
502
684
+39.7%
Net margin
6.1%
4.8%
6.3%
Diluted EPS
$10.79
$7.46
$9.78
+44.6%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
1,466
2,089
2,336
-29.8%
Capital expenditure
44.6
23.6
88.4
+89.5%
Free cash flow
1,421
2,065
2,248
-31.2%
Free cash flow margin
12.3%
19.8%
20.6%
Cash from investing
-2,826
-1,432
-1,311
Cash from financing
1,055
-708
-256
Depreciation and amortisation
26.9
31.1
15.3
-13.7%
Share-based compensation
33.1
16.0
24.4
+106.9%
Dividends paid
100
93.4
87.3
+7.5%
Dividend per share
$1.56
$1.40
$1.26
+11.4%
Diluted shares, weighted
65m
67m
70m
-3.4%
Shares outstanding at period end
64m
65m
69m
-1.4%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
7,093
6,135
7,023
+15.6%
Short-term borrowings
n/a
0.0
n/a
Debt
3,089
2,298
2,298
+34.4%
Other liabilities
42,916
41,950
35,358
+2.3%
Total liabilities and equity
53,098
50,383
44,680
+5.4%
Goodwill
7.0
7.0
7.0
0.0%
Securities held for sale or to maturity
32,094
29,643
25,481
+8.3%
Cash and equivalents
1,201
1,525
1,646
-21.3%
Other assets
19,797
19,208
17,546
+3.1%
Total assets
53,098
50,383
44,680
+5.4%
10-K for the year ended 31 December 2016, filed 28 February 2017: the filing.