Reinsurance Group of America Inc. (RGA) 2012年年度报告「NYSE」.pdf

1、Reinsurance Group of America,Incorporated2012Annual ReportI To Our Shareholders:RGA experienced another strong year in 2012.Operating income surpassed$500 million1 and revenues approached$10 billion,both establishing new records for the company.Most of the RGA businesses produced good results and cr

2、eated substantial future value through their new initiatives.Although RGA posted a strong overall performance in 2012,the year presented some challenges.Experience in many markets showed volatility,producing uneven quarterly results.We expect this to happen at times,but prefer when positive and nega

3、tive fluctuations in various geographies and businesses balance out more evenly on a quarterly basis.RGAs Asia Pacific segment,excluding Australia,enjoyed success in all markets and across all product lines.Outside Australia,pre-tax operating income for the remainder of the segment increased by 48%2

4、 over 2011,although revenues increased by only 4%.Revenue decreased in Japan and South Korea but surged in Hong Kong and Southeast Asian countries.RGAs Asia Pacific operations exemplify our commitment to innovation,customer service and the ability to deliver solutions.We expect our operations in thi

5、s region will continue to be strong contributors to RGAs future growth.Though Asia Pacific operations overall posted solid performances,experience in Australia was again weak in 2012.While adverse effects in 2011 came predominately from disability reserve increases,most difficulties in 2012 arose fr

6、om the group business.As experience deteriorated,we increased reserves on several group treaties.Since these treaties tend to be large and our overall reserves are of a corresponding size,reserve changes can have a significant impact on performance.Group treaties generally include price guarantees f