Exhibit 99.1

rgaprlogoaa01a13.jpg

 PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS SECOND-QUARTER RESULTS
 
Earnings per diluted share: $3.13 from net income, $3.10 from adjusted operating income*
ROE 20.2 percent and adjusted operating ROE* 9.9 percent for the trailing twelve months
Reported net premiums increased 5 percent in the second quarter
Quarterly shareholder dividend raised 20 percent to $0.60 per quarter

ST. LOUIS, July 26, 2018 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported second-quarter net income of $204.4 million, or $3.13 per diluted share, compared with $232.2 million, or $3.54 per diluted share, in the prior-year quarter. Adjusted operating income* totaled $202.1 million, or $3.10 per diluted share, compared with $193.7 million, or $2.95 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.08 per diluted share on net income and $0.07 per diluted share on adjusted operating income.

 
 
Quarterly Results
 
Year-to-Date Results
($ in thousands, except per share data)
 
2018
 
2017
 
2018
 
2017
Net premiums
 
$
2,594,460

 
$
2,480,451

 
$
5,177,011

 
$
4,846,147

Net income
 
204,374

 
232,190

 
304,604

 
377,702

Net income per diluted share
 
3.13

 
3.54

 
4.65

 
5.76

Adjusted operating income*
 
202,054

 
193,674

 
307,800

 
315,739

Adjusted operating income per diluted share*
 
3.10

 
2.95

 
4.70

 
4.81

Book value per share
 
135.09

 
123.60

 
 
 
 
Book value per share, excluding accumulated other comprehensive income (AOCI)*
 
119.31

 
97.68

 
 
 
 
Total assets
 
59,766,497

 
58,138,072

 
 
 
 
*
See ‘Use of Non-GAAP Financial Measures’ below
  
In the second quarter, consolidated net premiums totaled $2.6 billion, up 5 percent from last year’s second quarter of $2.5 billion, with favorable net foreign currency effects of $40.9 million. Excluding spread-based businesses and the value of associated derivatives, investment income increased slightly over year-ago levels. The average investment yield, excluding spread businesses, was down 28 basis points from the second quarter of 2017 to 4.32 percent, attributable to a lower level of variable investment income. The average investment yield was 14 basis points lower than the first-quarter yield due primarily to a lower level of variable investment income in the second quarter.

The effective tax rate this quarter was 17.4 percent on pre-tax income and 19.2 percent on pre-tax adjusted operating income, lower than the expected range of 21 to 24 percent largely due to the effective settlement of an uncertain tax position during the quarter, and a lower-than-expected provision for Global Intangible Low-Taxed Income.

- more -



The following information was filed by Reinsurance Group Of America Inc (RGA) on Thursday, July 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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