Reinsurance Group of America (RGA) FY2017 results: revenue $12.5 billion, up 8.6% on the year
Reinsurance Group of America Inc. (RGA) reported revenue of $12.5 billion for fiscal 2017, the year ended 31 December 2017, up 8.6% on the year before. Net income was $1.8 billion, up 159.8%, and diluted earnings per share $27.71. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2018.
Revenue
$12.5 billion
+8.6% on the year
FY2010FY2017
Operating margin
9.1%
9.1% a year earlier
FY2010FY2017
Net income
$1.8 billion
+159.8% on the year
FY2010FY2017
Diluted EPS
$27.71
+156.8% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
12,516
11,522
10,418
+8.6%
Operating income
1,143
1,044
745
+9.5%
Operating margin
9.1%
9.1%
7.1%
Interest expense
146
138
143
+6.1%
Pre-tax income
1,143
1,044
745
+9.5%
Income tax
-679
343
243
Effective tax rate
-59.4%
32.8%
32.6%
Net income
1,822
701
502
+159.8%
Net margin
14.6%
6.1%
4.8%
Diluted EPS
$27.71
$10.79
$7.46
+156.8%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
1,982
1,466
2,089
+35.2%
Capital expenditure
44.0
44.6
23.6
-1.4%
Free cash flow
1,938
1,421
2,065
+36.4%
Free cash flow margin
15.5%
12.3%
19.8%
Cash from investing
-1,608
-2,826
-1,432
Cash from financing
-325
1,055
-708
Depreciation and amortisation
52.9
26.9
31.1
+97.0%
Share-based compensation
22.0
33.1
16.0
-33.5%
Dividends paid
117
100
93.4
+16.6%
Dividend per share
$1.82
$1.56
$1.40
+16.7%
Diluted shares, weighted
66m
65m
67m
+1.2%
Shares outstanding at period end
64m
64m
65m
+0.2%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
9,570
7,093
6,135
+34.9%
Short-term borrowings
n/a
n/a
0.0
Debt
2,788
3,089
2,298
-9.7%
Other liabilities
48,157
42,916
41,950
+12.2%
Total liabilities and equity
60,515
53,098
50,383
+14.0%
Goodwill
7.0
7.0
7.0
0.0%
Securities held for sale or to maturity
38,151
32,094
29,643
+18.9%
Cash and equivalents
1,304
1,201
1,525
+8.6%
Other assets
21,053
19,797
19,208
+6.3%
Total assets
60,515
53,098
50,383
+14.0%
10-K for the year ended 31 December 2017, filed 27 February 2018: the filing.