Reinsurance Group of America (RGA) Q4 FY2023 earnings: revenue $5.0 billion, up 14.9% on the year

Reinsurance Group of America Inc. (RGA) reported revenue of $5.0 billion for Q4 FY2023, the quarter ended 31 December 2023, up 14.9% on the same quarter a year earlier. Net income was $158 million, down 46.1% on the year, and diluted earnings per share $2.37. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.

Revenue$5.0 billionup 14.9%

Net income$158 milliondown 46.1%

Diluted EPS$2.37

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	5,007	5,153	n/a	n/a
Operating income	164	380	n/a	n/a
Operating margin	3.3%	7.4%	n/a
Interest expense	69.0	72.0	n/a	n/a
Pre-tax income	164	380	n/a	n/a
Income tax	4.0	91.0	n/a	n/a
Effective tax rate	2.4%	23.9%	n/a
Net income	158	287	n/a	n/a
Net margin	3.2%	5.6%	n/a
Diluted EPS	$2.37	$4.29	n/a	n/a

$ million except per share.

Free 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	6,862	-1,000	n/a	n/a
Capital expenditure	n/a	8.0	n/a	n/a
Free cash flow	n/a	-1,008	n/a	n/a
Free cash flow margin	n/a	-19.6%	n/a
Cash from investing	-1,474	-104	n/a	n/a
Cash from financing	349	-639	n/a	n/a
Share-based compensation	11.0	13.0	n/a	n/a
Dividends paid	56.0	56.0	n/a	n/a
Dividend per share	n/a	$0.85	n/a	n/a
Diluted shares, weighted	n/a	67m	n/a	n/a
Shares outstanding at period end	66m	66m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	9,081	8,063	n/a	n/a
Non-controlling interest	90.0	90.0	n/a	n/a
Debt	4,427	4,450	n/a	n/a
Other liabilities	84,025	74,819	n/a	n/a
Total liabilities and equity	97,623	87,422	n/a	n/a
Securities held for sale or to maturity	60,467	54,171	n/a	n/a
Cash and equivalents	2,970	2,820	n/a	n/a
Other assets	34,186	30,431	n/a	n/a
Total assets	97,623	87,422	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	5,153	5,007	6,337	4,878	5,651	5,241	5,260	5,599	6,204	6,635	6,494	6,637
Operating income	380	164	272	269	214	225	369	341	320	510	441	605
Operating margin	7%	3%	4%	6%	4%	4%	7%	6%	5%	8%	7%	9%
Interest expense	72.0	69.0	68.0	72.0	78.0	86.0	80.0	90.0	98.0	98.0	99.0	101
Pre-tax income	380	164	272	269	214	225	369	341	320	510	441	605
Tax rate	24%	2%	22%	24%	26%	33%	22%	47%	20%	9%	25%	23%
Net income	287	158	210	203	156	148	286	180	253	465	330	462
Net margin	6%	3%	3%	4%	3%	3%	5%	3%	4%	7%	5%	7%
Diluted EPS	$4.29	$2.37	$3.16	$3.03	$2.33	$2.22	$4.27	$2.70	$3.81	$6.97	$4.98	$7.01
Operating cash flow	-1,000	6,862	-5,736	-967	-1,067	17,140	-1,429	-820	-990	7,330	-2,873	-484
Capital expenditure	8.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	192	n/a	84.0	n/a
Free cash flow	-1,008	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-1,182	n/a	-2,957	n/a
Dividends paid	56.0	56.0	56.0	56.0	59.0	58.0	59.0	59.0	61.0	61.0	61.0	61.0
Shares outstanding	66m	66m	66m	66m	66m	66m	66m	66m	66m	66m	66m	65m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 26 February 2024, accession 0000898174-24-000048: the filing on EDGAR. All of Reinsurance Group of America Inc.'s filings: EDGAR company page.

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