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Condensed Financial Information of The Registrant | 12 Months Ended
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Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Financial Information of The Registrant | REINSURANCE GROUP OF AMERICA, INCORPORATED SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT December 31, (dollars in thousands)
|  | 2015 |  | 2014(1) |  | 2013
CONDENSED BALANCE SHEETS |  |  |  |  |  |
Assets: |  |  |  |  |  |
Fixed maturity securities available-for-sale, at fair value |  | $ | 426,218 |  |  | $ | 486,813 |  |  |
Short-term and other investments |  | 254,398 |  |  | 87,726 |  |  |
Cash and cash equivalents |  | 39,452 |  |  | 48,819 |  |  |
Investment in subsidiaries |  | 8,110,687 |  |  | 8,649,084 |  |  |
Loans to subsidiaries |  | 1,070,000 |  |  | 1,060,000 |  |  |
Other assets |  | 309,340 |  |  | 342,487 |  |  |
Total assets |  | $ | 10,210,095 |  |  | $ | 10,674,929 |  |  |
Liabilities and stockholders’ equity: |  |  |  |  |  |
Long-term debt - unaffiliated(2) |  | $ | 2,279,663 |  |  | $ | 2,277,421 |  |  |
Long-term debt - affiliated(3) |  | 500,000 |  |  | 500,000 |  |  |
Other liabilities |  | 1,295,051 |  |  | 874,056 |  |  |
Stockholders’ equity |  | 6,135,381 |  |  | 7,023,452 |  |  |
Total liabilities and stockholders’ equity |  | $ | 10,210,095 |  |  | $ | 10,674,929 |  |  |
CONDENSED STATEMENTS OF INCOME |  |  |  |  |  |
Interest / dividend income(4) |  | $ | 321,645 |  |  | $ | 521,623 |  |  | $ | 275,215 |
Investment related gains (losses), net |  | (324 | ) |  | 4,936 |  |  | 1,714 |
Operating expenses |  | (13,652 | ) |  | (10,751 | ) |  | (21,164 | )
Interest expense |  | (176,364 | ) |  | (131,852 | ) |  | (162,212 | )
Income (loss) before income tax and undistributed earnings of subsidiaries |  | 131,305 |  |  | 383,956 |  |  | 93,553 |
Income tax expense (benefit) |  | (19,465 | ) |  | (22,008 | ) |  | 33,850 |
Net income (loss) before undistributed earnings of subsidiaries |  | 150,770 |  |  | 405,964 |  |  | 59,703 |
Equity in undistributed earnings of subsidiaries |  | 351,396 |  |  | 278,083 |  |  | 359,134 |
Net income |  | 502,166 |  |  | 684,047 |  |  | 418,837 |
Other comprehensive income |  | 44,073 |  |  | 36,876 |  |  | 21,033 |
Total comprehensive income |  | $ | 546,239 |  |  | $ | 720,923 |  |  | $ | 439,870 |
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) | To conform with new presentation, debt issuance costs of $16.6 million previously reported by RGA as other assets in the condensed balance sheet as of December 31, 2014, is now reported by RGA with long-term debt - unaffiliated in accordance with the adoption of the accounting standard update "Simplifying the Presentation of Debt Issuance Costs"
(2) | Long-term debt - unaffiliated consists of the following:
|  | 2015 |  | 2014
$400 million Variable Rate Junior Subordinated Debentures due 2065 |  | $ | 398,663 |  |  | $ | 398,660 |
$400 million 6.20% Subordinated Debentures due 2042 |  | 400,000 |  |  | 400,000 |
$400 million 4.70% Senior Notes due 2023 |  | 398,835 |  |  | 398,684 |
$400 million 5.00% Senior Notes due 2021 |  | 398,803 |  |  | 398,583 |
$400 million 6.45% Senior Notes due 2019 |  | 399,737 |  |  | 399,669 |
$300 million 5.625% Senior Notes due 2017 |  | 299,671 |  |  | 299,397 |
Subtotal |  | 2,295,709 |  |  | 2,294,993 |
Unamortized debt issue costs |  | (16,046 | ) |  | (17,572 | )
Total |  | $ | 2,279,663 |  |  | $ | 2,277,421 |
Repayments of long-term debt—unaffiliated due over the next five years total $300,000 in 2017 and $400,000 in 2019.
(3) | Long-term debt—affiliated in 2015 and 2014 and consists of $500,000 of subordinated debt issued to various operating subsidiaries.
(4) | Interest/Dividend income includes $196,445, $423,323 and $175,000 of cash dividends received from consolidated subsidiaries in 2015, 2014 and 2013, respectively.
REINSURANCE GROUP OF AMERICA, INCORPORATED SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT (continued) December 31, (dollars in thousands)
|  | 2015 |  | 2014 |  | 2013
CONDENSED STATEMENTS OF CASH FLOWS |  |  |  |  |  |
Operating activities: |  |
Net income |  | $ | 502,166 |  |  | $ | 684,047 |  |  | $ | 418,837 |
Equity in earnings of subsidiaries |  | (351,396 | ) |  | (278,083 | ) |  | (359,134 | )
Other, net |  | 486,159 |  |  | (171,299 | ) |  | 162,586 |
Net cash provided by operating activities |  | $ | 636,929 |  |  | $ | 234,665 |  |  | $ | 222,289 |
Investing activities: |  |  |  |  |  |
Sales of fixed maturity securities available-for-sale |  | $ | 100,734 |  |  | $ | 132,732 |  |  | $ | 176,062 |
Purchases of fixed maturity securities available-for-sale |  | (52,698 | ) |  | (105,535 | ) |  | (103,566 | )
Repayments/issuances of loans to subsidiaries |  | (10,000 | ) |  | 41,751 |  |  | (76,751 | )
Purchase of a business, net of cash acquired of $529, $0 and $9,709 |  | (3,701 | ) |  | — |  |  | (2,805 | )
Change in short-term investments |  | (102,508 | ) |  | 96,967 |  |  | (96,967 | )
Change in other invested assets |  | (7,542 | ) |  | 126,397 |  |  | (79,023 | )
Capital contributions to subsidiaries |  | (103,832 | ) |  | (222,760 | ) |  | (144,459 | )
Net cash (used in) provided by investing activities |  | (179,547 | ) |  | 69,552 |  |  | (327,509 | )
Financing activities: |  |  |  |  |  |
Dividends to stockholders |  | (93,381 | ) |  | (87,256 | ) |  | (77,642 | )
Purchases of treasury stock |  | (384,519 | ) |  | (201,525 | ) |  | (269,204 | )
Exercise of stock options, net |  | 11,151 |  |  | 9,246 |  |  | 28,390 |
Proceeds from unaffiliated long-term debt issuance |  | — |  |  | — |  |  | 398,533 |
Debt issuance costs |  | — |  |  | — |  |  | (3,400 | )
Net cash (used in) provided by financing activities |  | (466,749 | ) |  | (279,535 | ) |  | 76,677 |
Net change in cash and cash equivalents |  | (9,367 | ) |  | 24,682 |  |  | (28,543 | )
Cash and cash equivalents at beginning of year |  | 48,819 |  |  | 24,137 |  |  | 52,680 |
Cash and cash equivalents at end of year |  | $ | 39,452 |  |  | $ | 48,819 |  |  | $ | 24,137 |
Supplementary information: |  |  |  |  |  |
Cash paid for interest |  | $ | 165,775 |  |  | $ | 161,499 |  |  | $ | 141,615 |
Cash paid for income taxes, net of refunds |  | $ | (120,680 | ) |  | $ | 87 |  |  | $ | 82,000 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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