Reinsurance Group of America Inc. (RGA) 2003年年度报告「NYSE」.pdf

1、REINSURANCE GROUP OF AMERICA,INCORPORATED2003 ANNUAL REPORTrgargaTHIS IS RGA.3THIS IS RGA.2003 ANNUAL REPORTFOR THE YEARS ENDED DECEMBER 31,Net premiums(in millions)(1)Income from continuing operationsDiluted earnings per share(1)(2)Operating data(in billions)Assumed ordinary life insurance in force

2、Assumed new business production(1)Reflects results from continuing operations(2)Per share information is adjusted for the three-for-two stock split paid on February 26,199920032002200120001999$2,643.21,980.71,661.81,404.11,315.6$178.3128.539.9105.853.0$3.462.590.802.121.15$1,252.2758.9616.0 545.9 44

3、6.9$544.4230.0171.1161.1164.9F I N A N C I A L H I G H L I G H T SNET PREMIUMS(in millions)9900010203$2,643.2INCOME FROM CONTINUING OPERATIONS(in millions)9900010203$178.3ASSUMED ORDINARY LIFEINSURANCE IN FORCE(in millions)9900010203$1,252.2Financial Highlights(inside front cover)1Letter to the Shar

4、eholders8Operational Review:North America and International16Board of Directors,Executive Officers and Executive Committee Members17Selected Consolidated Financial and Operating Data19Managements Discussion and Analysis47 Consolidated Financial Statements52 Notes to Consolidated Financial Statements

5、80Independent Auditors Report81Report of Management Responsibility for Financial Statements82Quarterly Data84Shareholder Information85Worldwide Operations87Glossary of TermsC O N T E N T Srga1THIS IS RGA.2003 ANNUAL REPORTT O S H A R E H O L D E R SOn top of solid performance by our existing busines

6、ses in 2003,RGA assumed the life reinsurance business of Allianz Lifethrough a coinsurance transaction.This transaction consists of a relatively large,well-managed block of mortality risk businessthat significantly overlaps with RGAs existing client baseinother words,it tucks neatly into our existin