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Schedule II Condensed Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2012
CONSOLIDATED BALANCE SHEETS |
Supplementary Information Disclosure Statement Of Financial Position [Table Text Block] |
REINSURANCE GROUP OF AMERICA, INCORPORATED
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
December 31,
(dollars in thousands)
|  |  |  |  | 2012 |  | 2011 |  | 2010
CONDENSED BALANCE SHEETS |  |  |  |  |  |  |  |  |
| Assets: |  |  |  |  |  |  |  |  |
|  | Fixed maturity securities available-for-sale, at fair value |  | $ | 604,896 |  | $ | 467,306 |  |  |
|  | Short-term and other investments |  |  | 64,681 |  |  | 44,825 |  |  |
|  | Cash and cash equivalents |  |  | 52,680 |  |  | 71,506 |  |  |
|  | Investment in subsidiaries |  |  | 8,148,532 |  |  | 6,879,608 |  |  |
|  | Loans to subsidiaries |  |  | 1,025,000 |  |  | 775,000 |  |  |
|  | Other assets |  |  | 155,190 |  |  | 132,841 |  |  |
|  |  | Total assets |  | $ | 10,050,979 |  | $ | 8,371,086 |  |  |
| Liabilities and stockholders' equity: |  |  |  |  |  |  |  |  |
|  | Long-term debt - unaffiliated(1) |  | $ | 1,895,181 |  | $ | 1,494,615 |  |  |
|  | Long-term debt - affiliated(2) |  |  | 500,000 |  |  | 500,000 |  |  |
|  | Other liabilities |  |  | 745,611 |  |  | 557,773 |  |  |
|  | Stockholders' equity |  |  | 6,910,187 |  |  | 5,818,698 |  |  |
|  |  | Total liabilities and stockholders' equity |  | $ | 10,050,979 |  | $ | 8,371,086 |  |  |
CONDENSED STATEMENTS OF INCOME |  |  |  |  |  |  |  |  |
| Interest / dividend income(3) |  | $ | 86,396 |  | $ | 245,631 |  | $ | 128,448
| Investment related gains (losses), net |  |  | 4,515 |  |  | 1,723 |  |  | 2,944
| Operating expenses |  |  | (26,431) |  |  | (32,550) |  |  | (19,442)
| Interest expense |  |  | (143,260) |  |  | (111,600) |  |  | (96,556)
|  | Income (loss) before income tax and undistributed earnings of subsidiaries |  |  | (78,780) |  |  | 103,204 |  |  | 15,394
| Income tax expense (benefit) |  |  | (9,566) |  |  | 8,935 |  |  | 6,707
|  | Net income (loss) before undistributed earnings of subsidiaries |  |  | (69,214) |  |  | 94,269 |  |  | 8,687
| Equity in undistributed earnings of subsidiaries |  |  | 701,107 |  |  | 451,776 |  |  | 527,055
|  | Net income |  |  | 631,893 |  |  | 546,045 |  |  | 535,742
| Other comprehensive income |  |  | 9,984 |  |  | (12,265) |  |  | 20,144
|  | Total comprehensive income |  | $ | 641,877 |  | $ | 533,780 |  | $ | 555,886
The condensed financial information of RGA (the “Parent Company”) should be read in conjunction with the consolidated financial statements of RGA and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). These condensed unconsolidated financial statements reflect the results of operations, financial position and cash flows for RGA. Investments in subsidiaries are accounted for using the equity method of accounting.
(1) | Long-term debt - unaffiliated consists of the following:
|  |  |  |  | 2012 |  | 2011 |  |  |
|  | $400 million 6.75% Junior Subordinated Debentures due 2065 |  | $ | 398,727 |  | $ | 398,652 |  |  |
|  | $400 million 6.20% Subordinated Debentures due 2042 |  |  | 400,000 |  |  | -- |  |  |
|  | $400 million 5.00% Senior Notes due 2021 |  |  | 398,141 |  |  | 397,920 |  |  |
|  | $400 million 6.45% Senior Notes due 2019 |  |  | 399,534 |  |  | 399,466 |  |  |
|  | $300 million 5.625% Senior Notes due 2017 |  |  | 298,851 |  |  | 298,577 |  |  |
|  |  | Total |  | $ | 1,895,253 |  | $ | 1,494,615 |  |  |
|  | Repayments of long-term debt - unaffiliated due over the next five years total $300,000, due 2017.
(2) | Long-term debt - affiliated consists of subordinated debt issued to various operating subsidiaries, none of which is due over the next five years.
(3) | Interest/Dividend income includes $190,000 and $80,000 of cash dividends received from consolidated subsidiaries in 2011 and 2010, respectively. Cash dividends received from consolidated subsidiaries in 2012 were not material.
REINSURANCE GROUP OF AMERICA, INCORPORATED
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT (continued)
December 31,
(dollars in thousands)
|  |  |  |  | 2012 |  | 2011 |  | 2010
CONDENSED STATEMENTS OF CASH FLOWS |  |  |  |  |  |  |  |  |
| Operating activities: |  |  |  |  |  |  |  |  |
|  | Net income |  | $ | 631,893 |  | $ | 546,045 |  | $ | 535,742
|  | Equity in earnings of subsidiaries |  |  | (701,107) |  |  | (453,806) |  |  | (528,228)
|  | Loss on retirement of trust preferred securities |  |  | -- |  |  | 4,391 |  |  | --
|  | Other, net |  |  | 134,232 |  |  | 143,716 |  |  | 12,205
|  |  | Net cash provided by operating activities |  | $ | 65,018 |  | $ | 240,346 |  | $ | 19,719
| Investing activities: |  |  |  |  |  |  |  |  |
|  | Sales of fixed maturity securities available-for-sale |  | $ | 122,212 |  | $ | 171,791 |  | $ | 169,910
|  | Purchases of fixed maturity securities available-for-sale |  |  | (213,548) |  |  | (116,010) |  |  | (214,025)
|  | Purchases of subsidiary debt securities |  |  | (250,000) |  |  | (475,000) |  |  | (100,000)
|  | Maturities of subsidiary debt securities |  |  | -- |  |  | 50,000 |  |  | 226,550
|  | Change in short-term and other invested assets |  |  | 5,718 |  |  | (2,055) |  |  | 7,688
|  | Capital contributions to subsidiaries |  |  | (70,431) |  |  | (105,575) |  |  | (73,950)
|  |  | Net cash provided by (used in) investing activities |  |  | (406,049) |  |  | (476,849) |  |  | 16,173
| Financing activities: |  |  |  |  |  |  |  |  |
|  | Dividends to stockholders |  |  | (61,945) |  |  | (44,229) |  |  | (35,170)
|  | Purchases of treasury stock |  |  | (6,924) |  |  | (380,345) |  |  | (718)
|  | Excess tax benefits from share-based payment arrangement |  |  | 416 |  |  | 4,933 |  |  | (2,255)
|  | Exercise of stock options, net |  |  | (3,087) |  |  | 6,449 |  |  | 2,277
|  | Change in cash collateral for derivative positions |  |  | -- |  |  | -- |  |  | 6,759
|  | Principal payments on debt |  |  | -- |  |  | (200,000) |  |  | --
|  | Maturity of trust preferred securities |  |  | -- |  |  | (159,473) |  |  | --
|  | Proceeds from unaffiliated long-term debt issuance |  |  | 400,000 |  |  | 397,788 |  |  | --
|  | Debt issuance costs |  |  | (6,255) |  |  | (3,400) |  |  | --
|  | Proceeds from affiliated long-term debt issuance |  |  | -- |  |  | 500,000 |  |  | --
|  | Proceeds from redemption and remarketing of trust preferred securities |  |  | -- |  |  | 154,588 |  |  | --
|  |  | Net cash (used in) provided by financing activities |  |  | 322,205 |  |  | 276,311 |  |  | (29,107)
|  |  | Net change in cash and cash equivalents |  |  | (18,826) |  |  | 39,808 |  |  | 6,785
| Cash and cash equivalents at beginning of year |  |  | 71,506 |  |  | 31,698 |  |  | 24,913
| Cash and cash equivalents at end of year |  | $ | 52,680 |  | $ | 71,506 |  | $ | 31,698
| Supplementary information: |  |  |  |  |  |  |  |  |
|  | Cash paid for interest |  | $ | 130,047 |  | $ | 98,809 |  | $ | 96,760
|  | Cash paid for income taxes, net of refunds |  | $ | 30,500 |  | $ | -- |  | $ | (37,200)

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