Reinsurance Group of America Inc. (RGA) 2016年年度报告「NYSE」.pdf

1、2016 ANNUALREPORTITo Our Shareholders:RGA enjoyed a successful 2016,surpassing$11 billion in revenue and$1.0 billion in pre-tax income.RGAs enterprise strategy and global operating platform continued to deliver innovative and effective client solutions across geographies and product lines.The years

2、success was driven by solid top-line performance and robust earnings,underscoring the benefits of RGAs diversified business model.Earnings per share of$10.79,a 45%increase over 2015,reflected strong performance in most key business segments.Return on equity was 10%and RGAs balance sheet remained str

3、ong.We achieved these results despite ongoing macroeconomic headwinds from lower interest rates and weaker foreign currencies.Net premiums increased 8%over 2015 based primarily upon solid organic growth and modest contributions from in-force transactions.Once again,balance and diversity of product o

4、fferings across a global operating model allowed RGA to overcome the challenges and generate substantial long-term value.In the U.S.,our traditional reinsurance business recovered from a difficult 2015 and delivered results in line with expectations.Net premiums increased 9%over 2015 totals to reach

5、$5.2 billion,marking the first time RGAs largest segment has surpassed$5 billion in annual premiums.Pre-tax income for U.S.traditional business totaled$371 million,a 57%increase over 2015.Results in 2016 benefited from higher variable investment income and an improvement in individual mortality expe

6、rience.We expect volatility in mortality claims over the short term as a natural part of our business,while longer-term mortality results can be expected to smooth out over time.RGA ended the year with$3.1 trillion of assumed mortality risk,with over half of that in our U.S.business.The U.S.Group bu