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Organization and Basis of Presentation | 6 Months Ended
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Jun. 30, 2012
Organization And Basis Of Presentation [Abstract] |
Organization and Basis of Presentation | 1. O rganization and Basis of Presentation Reinsurance Group of America, Incorporated ("RGA") is an insurance holding company that was formed on December 31, 1992. The accompanying unaudited condensed consolidated financial statements of RGA and its subsidiaries (collectively, the "Company") have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. R esults for the three and six month s ended June 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. T here were no subsequent events, other than as disclosed in Note 13 – “Subsequent Event,” that would require disclosure or adjustments to the accompanying condensed consolidated financial statements through the date the financial statements were issued. These unaudited condensed consolidated financial statements include the accounts of RGA and its subsidiaries, a ll intercompany accounts and transactions have been eliminated. They should be read in conjunction with the Company's 2011 Annual Report on Form 10-K (“2011 Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on February 29, 2012 and the consolidated financial statements and notes thereto included in the Company's 2012 C urrent Report on Form 8-K (“DAC Current Report”) filed with the SEC on July 13, 2012. In October 2010, the Financial Accounting Standards Board (“FASB”) amended the general accounting principles for Financial Services – Insurance as it relates to accounting for costs associated with acquiring or renewing insurance contracts. This amendment clarified that only those costs that result directly from and are essential to the contract transaction and that would not have been incurred had the contract transaction not occurred can be capitalized. It also defined acquisitions costs as costs that are related directly to the successful acquisitions of new or renewal insurance contracts. The Company filed the DAC Current Report in response to its adoption of the amendment described above on January 1, 2012 on a retrospective basis. The DAC Current Report reflects the impact of the adoption of this amendment on the Company's previously filed financial statements and other disclosures included in the 2011 Annual Report, including that (i) only cost related directly to the successful acquisition of new or renewal contracts can be capitalized as deferred acquisition costs and (ii) all other acquisition-related costs must be expensed as incurred. In connection therewith, the Company adjusted the presentation of certain prior-period information to conform to the new accounting principles. The Company believes retrospective adoption provides the most comparable and useful financial information for financial statement users. Likewise, the financial statements and notes thereto presented in this Quarterly Report on Form 10-Q have been adjusted to reflect the retrospective adoption of these accounting principles. The following tables present the effects of the retrospective adoption of the new accounting principles to the Company's previously reported condensed consolidated statement of i ncome and condensed consolidated statement of cash flows for the three and six months ended June 30, 2011 (in thousands, except share amounts):
|  |  |  |  | Three months ended June 30, 2011
|  |  |  |  |  | As Reported |  |  | Adjustments |  |  | As Amended
Benefits and Expenses: |  |  |  |  |  |  |  |  |
Policy acquisition costs and other insurance expenses |  | $ | 261,282 |  | $ | 13,237 |  | $ | 274,519
Income before income taxes |  |  | 200,406 |  |  | (13,237) |  |  | 187,169
Provision for income taxes |  |  | 67,518 |  |  | (4,293) |  |  | 63,225
Net income |  | $ | 132,888 |  | $ | (8,944) |  | $ | 123,944
Earnings per share: |  |  |  |  |  |  |  |  |
Basic earnings per share |  | $ | 1.80 |  | $ | (0.12) |  | $ | 1.68
Diluted earnings per share |  | $ | 1.78 |  | $ | (0.12) |  | $ | 1.66
|  |  |  |  | Six months ended June 30, 2011
|  |  |  |  |  | As Reported |  |  | Adjustments |  |  | As Amended
Benefits and Expenses: |  |  |  |  |  |  |  |  |
Policy acquisition costs and other insurance expenses |  | $ | 592,435 |  | $ | 28,331 |  | $ | 620,766
Income before income taxes |  |  | 442,255 |  |  | (28,331) |  |  | 413,924
Provision for income taxes |  |  | 148,551 |  |  | (7,491) |  |  | 141,060
Net income |  | $ | 293,704 |  | $ | (20,840) |  | $ | 272,864
Earnings per share: |  |  |  |  |  |  |  |  |
Basic earnings per share |  | $ | 3.99 |  | $ | (0.28) |  | $ | 3.71
Diluted earnings per share |  | $ | 3.96 |  | $ | (0.28) |  | $ | 3.68
|  |  |  |  |  | Six months ended June 30, 2011
|  |  |  |  |  | As Reported |  |  | Adjustments |  |  | As Amended
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |
Net Income |  | $ | 293,704 |  | $ | (20,840) |  | $ | 272,864
| Change in operating assets and liabilities |  |  |  |  |  |  |  |  |
|  | Deferred policy acquisition costs |  |  | 33,008 |  |  | 28,331 |  |  | 61,339
|  | Deferred income taxes |  |  | (34,698) |  |  | (7,491) |  |  | (42,189)

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