Reinsurance Group of America (RGA) FY2018 results: revenue $12.9 billion, up 2.9% on the year
Reinsurance Group of America Inc. (RGA) reported revenue of $12.9 billion for fiscal 2018, the year ended 31 December 2018, up 2.9% on the year before. Net income was $716 million, down 60.7%, and diluted earnings per share $11.00. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$12.9 billion
+2.9% on the year
FY2011FY2018
Operating margin
6.6%
9.1% a year earlier
FY2011FY2018
Net income
$716 million
-60.7% on the year
FY2011FY2018
Diluted EPS
$11.00
-60.3% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
12,876
12,516
11,522
+2.9%
Operating income
846
1,143
1,044
-26.0%
Operating margin
6.6%
9.1%
9.1%
Interest expense
147
146
138
+0.7%
Pre-tax income
846
1,143
1,044
-26.0%
Income tax
130
-679
343
Effective tax rate
15.4%
-59.4%
32.8%
Net income
716
1,822
701
-60.7%
Net margin
5.6%
14.6%
6.1%
Diluted EPS
$11.00
$27.71
$10.79
-60.3%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,581
1,982
1,466
-20.2%
Capital expenditure
29.0
44.0
44.6
-34.1%
Free cash flow
1,552
1,938
1,421
-19.9%
Free cash flow margin
12.1%
15.5%
12.3%
Cash from investing
-637
-1,608
-2,826
Cash from financing
-322
-325
1,055
Depreciation and amortisation
45.0
52.9
26.9
-14.9%
Share-based compensation
30.0
22.0
33.1
+36.4%
Dividends paid
140
117
100
+19.8%
Dividend per share
$2.20
$1.82
$1.56
+20.9%
Diluted shares, weighted
65m
66m
65m
-1.0%
Shares outstanding at period end
63m
64m
64m
-2.5%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
8,451
9,570
7,093
-11.7%
Debt
2,788
2,788
3,089
-0.0%
Other liabilities
53,297
48,157
42,916
+10.7%
Total liabilities and equity
64,535
60,515
53,098
+6.6%
Goodwill
7.0
7.0
7.0
0.0%
Securities held for sale or to maturity
39,992
38,151
32,094
+4.8%
Cash and equivalents
1,449
1,304
1,201
+11.2%
Other assets
23,087
21,053
19,797
+9.7%
Total assets
64,535
60,515
53,098
+6.6%
10-K for the year ended 31 December 2018, filed 27 February 2019: the filing.