Reinsurance Group of America Inc. (RGA) 2013年年度报告「NYSE」.pdf

1、2013 Annual ReportReinsurance Group of America,IncorporatedI To Our Shareholders:With revenue exceeding$10 billion in 2013,RGA added significant value through new business activity.RGAs results for 2013 are best described as mixed,however,with operating income of$4.95 per share1 falling well short o

2、f expectations.The shortfall was mainly related to results from our operations in Australia,as all other geographic operations performed well.RGAs operations in Australia have experienced difficult claims patterns over the past four years.In the second quarter,on the heels of freshly updated claims

3、information,we strengthened liabilities by A$300 million related to our Australia operations.Most of the reserve increase involved lump-sum total permanent disability(TPD)benefits reinsured on a group basis.At that time,we suspended quoting on new TPD accounts until market outlooks improve.With this

4、 significant action,we believe future claims to be fully reserved,although the liability runoff is anticipated to extend for many years.We believe we have taken the appropriate measures to put these problems behind us.RGA views the Australian market as large,dynamic and important to our future.Our c

5、apable team has been working tirelessly to remediate existing business,and they look forward to working with our clients in developing a framework to move ahead on a sustainable basis.The Global Financial Solutions(GFS)business unit at RGA,which focuses on financial reinsurance,asset-intensive reins

6、urance and longevity risk acceptance,enjoyed another standout year in 2013.Over the past five years,this collection of globally operating GFS teams has significantly increased its contribution to our worldwide operations.Financial reinsurance excelled in 2013,with notable transactions in Asia,Europe