Reinsurance Group of America Inc. (RGA) 2014年年度报告「NYSE」.pdf

1、2014 Annual ReportReinsurance Group of America,IncorporatedI To Our Shareholders:RGA enjoyed a remarkable year in 2014,with operating earnings1 of$638 million,net income of$684 million,and revenues reaching$10.9 billion.These strong results were broad-based,with significant contributions from severa

2、l large transactions,from our asset-intensive businesses and from many of our geographic operations.Book value per share increased 12%to$78.03,ex-AOCI1,and GAAP equity increased 18%to$7.0 billion at the close of 2014.While a few of RGAs businesses had worse experience than in other years,as is gener

3、ally to be expected in risk businesses,the wide diversity and overall strength of RGAs operations led to an outstanding performance.We announced several large transactions during 2014:Reinsurance of a substantial annuity block from Royal Londons CIS subsidiary in the U.K.;a longevity transaction wit

4、h Delta Lloyd in the Netherlands;reinsurance of a large in-force U.S.mortality block from Voya Financial;and an agreement to purchase run-off U.S.insurer Aurora National Life Assurance Company.RGA also executed many smaller transactions which were not announced.These transactions contributed to the

5、outsized 2014 results,but are expected to contribute much more in future years.The timing of in-force transactions is hard to predict,but we foresee a good number of opportunities in the intermediate term,in the light of continuing consolidation and realignment in the primary industry and the advent

6、 of new capital rules globally.RGAs Global Financial Solutions(“GFS”)unit reported another strong year.GFS consists of three businesses,asset-intensive reinsurance,financial reinsurance and longevity risk transfer,all three of which outperformed.The U.S.asset-intensive business posted pre-tax operat