Reinsurance Group of America (RGA) FY2020 results: revenue $14.6 billion, up 2.1% on the year
Reinsurance Group of America Inc. (RGA) reported revenue of $14.6 billion for fiscal 2020, the year ended 31 December 2020, up 2.1% on the year before. Net income was $415 million, down 52.3%, and diluted earnings per share $6.31. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$14.6 billion
+2.1% on the year
FY2013FY2020
Operating margin
3.8%
7.9% a year earlier
FY2013FY2020
Net income
$415 million
-52.3% on the year
FY2013FY2020
Diluted EPS
$6.31
-53.7% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
14,596
14,300
12,876
+2.1%
Operating income
553
1,132
846
-51.1%
Operating margin
3.8%
7.9%
6.6%
Interest expense
170
173
147
-1.7%
Pre-tax income
553
1,132
846
-51.1%
Income tax
138
262
130
-47.3%
Effective tax rate
25.0%
23.1%
15.4%
Net income
415
870
716
-52.3%
Net margin
2.8%
6.1%
5.6%
Diluted EPS
$6.31
$13.62
$11.00
-53.7%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,322
2,307
1,581
+44.0%
Capital expenditure
28.0
34.0
29.0
-17.6%
Free cash flow
3,294
2,273
1,552
+44.9%
Free cash flow margin
22.6%
15.9%
12.1%
Cash from investing
-2,680
-2,638
-637
Cash from financing
1,254
-121
-322
Depreciation and amortisation
49.0
49.0
45.0
0.0%
Share-based compensation
-12.0
39.0
30.0
Dividends paid
182
163
140
+11.7%
Dividend per share
$2.80
$2.60
$2.20
+7.7%
Diluted shares, weighted
66m
64m
65m
+3.0%
Shares outstanding at period end
n/a
63m
63m
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
14,352
11,601
8,451
+23.7%
Non-controlling interest
0.0
0.0
n/a
Debt
3,573
2,981
2,788
+19.9%
Other liabilities
66,731
62,149
53,297
+7.4%
Total liabilities and equity
84,656
76,731
64,535
+10.3%
Goodwill
7.0
7.0
7.0
0.0%
Securities held for sale or to maturity
56,735
51,121
39,992
+11.0%
Cash and equivalents
2,948
3,408
1,449
-13.5%
Other assets
24,966
22,195
23,087
+12.5%
Total assets
84,656
76,731
64,535
+10.3%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.