Reinsurance Group of America (RGA) FY2019 results: revenue $14.3 billion, up 11.1% on the year
Reinsurance Group of America Inc. (RGA) reported revenue of $14.3 billion for fiscal 2019, the year ended 31 December 2019, up 11.1% on the year before. Net income was $870 million, up 21.5%, and diluted earnings per share $13.62. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$14.3 billion
+11.1% on the year
FY2012FY2019
Operating margin
7.9%
6.6% a year earlier
FY2012FY2019
Net income
$870 million
+21.5% on the year
FY2012FY2019
Diluted EPS
$13.62
+23.8% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
14,300
12,876
12,516
+11.1%
Operating income
1,132
846
1,143
+33.8%
Operating margin
7.9%
6.6%
9.1%
Interest expense
173
147
146
+17.7%
Pre-tax income
1,132
846
1,143
+33.8%
Income tax
262
130
-679
+101.6%
Effective tax rate
23.1%
15.4%
-59.4%
Net income
870
716
1,822
+21.5%
Net margin
6.1%
5.6%
14.6%
Diluted EPS
$13.62
$11.00
$27.71
+23.8%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,307
1,581
1,982
+45.9%
Capital expenditure
34.0
29.0
44.0
+17.2%
Free cash flow
2,273
1,552
1,938
+46.4%
Free cash flow margin
15.9%
12.1%
15.5%
Cash from investing
-2,638
-637
-1,608
Cash from financing
-121
-322
-325
Depreciation and amortisation
49.0
45.0
52.9
+8.9%
Share-based compensation
39.0
30.0
22.0
+30.0%
Dividends paid
163
140
117
+16.3%
Dividend per share
$2.60
$2.20
$1.82
+18.2%
Diluted shares, weighted
64m
65m
66m
-1.9%
Shares outstanding at period end
63m
63m
64m
-0.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
11,601
8,451
9,570
+37.3%
Non-controlling interest
0.0
n/a
n/a
Debt
2,981
2,788
2,788
+6.9%
Other liabilities
62,149
53,297
48,157
+16.6%
Total liabilities and equity
76,731
64,535
60,515
+18.9%
Goodwill
7.0
7.0
7.0
0.0%
Securities held for sale or to maturity
51,121
39,992
38,151
+27.8%
Cash and equivalents
3,408
1,449
1,304
+135.2%
Other assets
22,195
23,087
21,053
-3.9%
Total assets
76,731
64,535
60,515
+18.9%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.