Reinsurance Group of America (RGA) FY2023 results: revenue $18.6 billion, up 14.2% on the year
Reinsurance Group of America Inc. (RGA) reported revenue of $18.6 billion for fiscal 2023, the year ended 31 December 2023, up 14.2% on the year before. Net income was $902 million, up 74.5%, and diluted earnings per share $13.44. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.
Revenue
$18.6 billion
+14.2% on the year
FY2016FY2023
Operating margin
6.2%
4.6% a year earlier
FY2016FY2023
Net income
$902 million
+74.5% on the year
FY2016FY2023
Diluted EPS
$13.44
+75.9% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
4,044
1,343
4,182
+201.1%
Capital expenditure
n/a
25.0
19.0
Free cash flow
n/a
1,318
4,163
Free cash flow margin
n/a
8.1%
25.0%
Cash from investing
-4,066
-5,688
-4,628
Cash from financing
78.0
4,436
20.0
-98.2%
Depreciation and amortisation
41.0
38.0
43.0
+7.9%
Share-based compensation
46.0
45.0
55.0
+2.2%
Dividends paid
219
205
194
+6.8%
Dividend per share
$3.30
$3.06
$2.86
+7.8%
Diluted shares, weighted
67m
68m
68m
-0.9%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
9,081
7,081
8,180
+28.2%
Non-controlling interest
90.0
90.0
0.0
0.0%
Debt
4,427
3,961
3,667
+11.8%
Other liabilities
84,025
73,772
81,094
+13.9%
Total liabilities and equity
97,623
84,904
92,941
+15.0%
Goodwill
n/a
7.0
7.0
Securities held for sale or to maturity
60,467
52,901
60,749
+14.3%
Cash and equivalents
2,970
2,927
2,927
+1.5%
Other assets
34,186
29,069
29,258
+17.6%
Total assets
97,623
84,904
92,941
+15.0%
10-K for the year ended 31 December 2023, filed 26 February 2024: the filing.