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Equity | 12 Months Ended
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Dec. 31, 2016
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
Comprehensive Income | EQUITY Common stock The changes in number of common stock shares, issued, held in treasury and outstanding are as follows for the periods indicated:
|  | Issued |  | Held In Treasury |  | Outstanding
Balance, December 31, 2013 |  | 79,137,758 |  |  | 8,369,540 |  |  | 70,768,218 |
Common Stock acquired |  | — |  |  | 2,530,608 |  |  | (2,530,608 | )
Stock-based compensation (1) |  | — |  |  | (535,351 | ) |  | 535,351 |
Balance, December 31, 2014 |  | 79,137,758 |  |  | 10,364,797 |  |  | 68,772,961 |
Common Stock acquired |  | — |  |  | 4,145,440 |  |  | (4,145,440 | )
Stock-based compensation (1) |  | — |  |  | (577,005 | ) |  | 577,005 |
Balance, December 31, 2015 |  | 79,137,758 |  |  | 13,933,232 |  |  | 65,204,526 |
Common Stock acquired |  | — |  |  | 1,356,892 |  |  | (1,356,892 | )
Stock-based compensation (1) |  | — |  |  | (454,868 | ) |  | 454,868 |
Balance, December 31, 2016 |  | 79,137,758 |  |  | 14,835,256 |  |  | 64,302,502 |
(1) | Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs.
Common stock held in treasury Common stock held in treasury is accounted for at average cost. Gains resulting from the reissuance of “Common stock held in treasury” are credited to “Additional paid-in capital.” Losses resulting from the reissuance of “Common stock held in treasury” are charged first to “Additional paid-in capital” to the extent the Company has previously recorded gains on treasury share transactions, then to “Retained earnings.” During 2014, RGA’s board of directors authorized a share repurchase program, with no expiration date, to repurchase up to $300.0 million of RGA’s outstanding common stock. In connection with this authorization, the board of directors terminated the stock repurchase authority granted in 2013. During 2014, RGA repurchased 2,530,608 shares of common stock under this program for $197.7 million. The common shares repurchased have been placed into treasury to be used for general corporate purposes. During 2015, RGA’s board of directors authorized and amended a share repurchase program, with no expiration date, to repurchase up to $450.0 million of RGA’s outstanding common stock. In connection with this authorization, the board of directors terminated the stock repurchase authority granted in 2014. During 2015, RGA repurchased 4,145,440 shares of common stock under this program for $375.3 million. During 2016, RGA’s board of directors authorized and amended a share repurchase program, with no expiration date, to repurchase up to $400.0 million of RGA’s outstanding common stock. In connection with this authorization, the board of directors terminated the stock repurchase authority granted in 2015. During 2016, RGA repurchased 1,356,892 shares of common stock under this program for $116.5 million. On January 26, 2017, RGA’s board of directors authorized a share repurchase program for up to $400.0 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. In connection with this new authorization, the board of directors terminated the stock repurchase authority granted in 2016. Accumulated other comprehensive income (loss) The following table presents the components of the Company’s other comprehensive income (loss) for the years ended December 31, 2016, 2015 and 2014 (dollars in thousands): For the year ended December 31, 2016:
|  | Before-Tax Amount |  | Tax (Expense) Benefit |  | After-Tax Amount
Foreign currency translation adjustments: |  |  |  |  |  |
Change arising during year |  | $ | 39,925 |  |  | $ | (24,663 | ) |  | $ | 15,262 |
Foreign currency swap |  | (10,234 | ) |  | 3,582 |  |  | (6,652 | )
Net foreign currency translation adjustments |  | 29,691 |  |  | (21,081 | ) |  | 8,610 |
Unrealized gains on investments:(1) |  |  |  |  |  |
Unrealized net holding gains arising during the year |  | 641,606 |  |  | (180,448 | ) |  | 461,158 |
Less: Reclassification adjustment for net gains realized in net income |  | 65,798 |  |  | (23,029 | ) |  | 42,769 |
Net unrealized gains |  | 575,808 |  |  | (157,419 | ) |  | 418,389 |
Change in unrealized OTTI on fixed maturity securities |  | 1,457 |  |  | (510 | ) |  | 947 |
Unrealized pension and postretirement benefits: |  |  |  |  |  |
Net prior service cost arising during the year |  | 444 |  |  | (149 | ) |  | 295 |
Net gain arising during the period |  | 4,427 |  |  | (1,623 | ) |  | 2,804 |
Unrealized pension and postretirement benefits, net |  | 4,871 |  |  | (1,772 | ) |  | 3,099 |
Other comprehensive income (loss) |  | $ | 611,827 |  |  | $ | (180,782 | ) |  | $ | 431,045 |
For the year ended December 31, 2015:
|  | Before-Tax Amount |  | Tax (Expense) Benefit |  | After-Tax Amount
Foreign currency translation adjustments: |  |  |  |  |  |
Change arising during year |  | $ | (342,539 | ) |  | $ | 17,129 |  |  | $ | (325,410 | )
Foreign currency swap |  | 96,019 |  |  | (33,607 | ) |  | 62,412 |
Net foreign currency translation adjustments |  | (246,520 | ) |  | (16,478 | ) |  | (262,998 | )
Unrealized losses on investments:(1) |  |  |  |  |  |
Unrealized net holding losses arising during the year |  | (1,084,732 | ) |  | 359,407 |  |  | (725,325 | )
Less: Reclassification adjustment for net losses realized in net income |  | (55,767 | ) |  | 19,518 |  |  | (36,249 | )
Net unrealized losses |  | (1,028,965 | ) |  | 339,889 |  |  | (689,076 | )
Unrealized pension and postretirement benefits: |  |  |  |  |  |
Net prior service cost arising during the year |  | 337 |  |  | (107 | ) |  | 230 |
Net gain arising during the period |  | 4,618 |  |  | (1,619 | ) |  | 2,999 |
Unrealized pension and postretirement benefits, net |  | 4,955 |  |  | (1,726 | ) |  | 3,229 |
Other comprehensive income |  | $ | (1,270,530 | ) |  | $ | 321,685 |  |  | $ | (948,845 | )
For the year ended December 31, 2014: |  |  |  |  |  |
|  | Before-Tax Amount |  | Tax (Expense) Benefit |  | After-Tax Amount
Foreign currency translation adjustments: |  |  |  |  |  |
Change arising during year |  | $ | (154,132 | ) |  | $ | (4,835 | ) |  | $ | (158,967 | )
Foreign currency swap |  | 51,894 |  |  | (18,163 | ) |  | 33,731 |
Net foreign currency translation adjustments |  | (102,238 | ) |  | (22,998 | ) |  | (125,236 | )
Unrealized gains on investments:(1) |  |  |  |  |  |
Unrealized net holding gains arising during the year |  | 1,177,017 |  |  | (357,024 | ) |  | 819,993 |
Less: Reclassification adjustment for net gains realized in net income |  | 26,405 |  |  | (9,242 | ) |  | 17,163 |
Net unrealized gains |  | 1,150,612 |  |  | (347,782 | ) |  | 802,830 |
Change in unrealized OTTI on fixed maturity securities |  | 2,612 |  |  | (914 | ) |  | 1,698 |
Unrealized pension and postretirement benefits: |  |  |  |  |  |
Net prior service cost arising during the year |  | 485 |  |  | (159 | ) |  | 326 |
Net loss arising during the period |  | (43,025 | ) |  | 14,929 |  |  | (28,096 | )
Unrealized pension and postretirement benefits, net |  | (42,540 | ) |  | 14,770 |  |  | (27,770 | )
Other comprehensive income (loss) |  | $ | 1,008,446 |  |  | $ | (356,924 | ) |  | $ | 651,522 |
(1) | Includes cash flow hedges. See Note 5 for additional information on cash flow hedges.
A summary of the components of net unrealized appreciation (depreciation) of balances carried at fair value is as follows (dollars in thousands):
For the years ended December 31, |  | 2016 |  | 2015 |  | 2014
Change in net unrealized appreciation (depreciation) on: |  |  |  |  |  |
Fixed maturity securities available-for-sale |  | $ | 561,906 |  |  | $ | (1,055,458 | ) |  | $ | 1,171,996 |
Other investments(1) |  | 18,900 |  |  | 8,983 |  |  | (14,292 | )
Effect on unrealized appreciation on: |  |  |  |  |  |
Deferred policy acquisition costs |  | (3,541 | ) |  | 17,510 |  |  | (4,480 | )
Net unrealized appreciation (depreciation) |  | $ | 577,265 |  |  | $ | (1,028,965 | ) |  | $ | 1,153,224 |
(1) | Includes cash flow hedges. See Note 5 for additional information on cash flow hedges.
The balance of and changes in each component of AOCI were as follows (dollars in thousands):
|  | Accumulated Currency Translation Adjustments |  | Unrealized Appreciation (Depreciation) of Investments (1) |  | Pension and Postretirement Benefits |  | Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2013 |  | $ | 207,083 |  |  | $ | 820,245 |  |  | $ | (21,721 | ) |  | $ | 1,005,607 |
OCI before reclassifications |  | (102,238 | ) |  | 1,185,321 |  |  | (45,688 | ) |  | 1,037,395 |
Amounts reclassified from AOCI |  | — |  |  | (32,097 | ) |  | 3,148 |  |  | (28,949 | )
Deferred income tax benefit (expense) |  | (22,998 | ) |  | (348,696 | ) |  | 14,770 |  |  | (356,924 | )
Balance, December 31, 2014 |  | 81,847 |  |  | 1,624,773 |  |  | (49,491 | ) |  | 1,657,129 |
OCI before reclassifications |  | (246,520 | ) |  | (1,101,760 | ) |  | (1,248 | ) |  | (1,349,528 | )
Amounts reclassified from AOCI |  | — |  |  | 72,795 |  |  | 6,203 |  |  | 78,998 |
Deferred income tax benefit (expense) |  | (16,478 | ) |  | 339,889 |  |  | (1,726 | ) |  | 321,685 |
Balance, December 31, 2015 |  | (181,151 | ) |  | 935,697 |  |  | (46,262 | ) |  | 708,284 |
OCI before reclassifications |  | 29,691 |  |  | 646,887 |  |  | (951 | ) |  | 675,627 |
Amounts reclassified from AOCI |  | — |  |  | (69,622 | ) |  | 5,822 |  |  | (63,800 | )
Deferred income tax benefit (expense) |  | (21,081 | ) |  | (157,929 | ) |  | (1,772 | ) |  | (180,782 | )
Balance, December 31, 2016 |  | $ | (172,541 | ) |  | $ | 1,355,033 |  |  | $ | (43,163 | ) |  | $ | 1,139,329 |
(1) | Includes cash flow hedges of $(2,496), $(29,397) and $(31,591) as of December 31, 2016, 2015 and 2014, respectively. See Note 5 for additional information on cash flow hedges.
The following table presents the amounts of AOCI reclassifications for the years ended December 31, 2016 and 2015 (dollars in thousands):
|  | Amount Reclassified from AOCI |  |
Details about AOCI Components |  | 2016 |  | 2015 |  | Affected Line Item in Statement of Income
Net unrealized investment gains (losses): |  |  |  |  |  |
Net unrealized gains and losses on available-for-sale securities |  | $ | 65,798 |  |  | $ | (55,767 | ) |  | Investment related gains (losses), net
OTTI on fixed maturity securities |  | 74 |  |  | — |  |  | Investment related gains (losses), net
Cash flow hedges - Currency/Interest rate |  | 510 |  |  | 569 |  |  | (1)
Cash flow hedges - Forward bond purchase commitments |  | (301 | ) |  | (87 | ) |  | (1)
Deferred policy acquisition costs attributed to unrealized gains and losses |  | 3,541 |  |  | (17,510 | ) |  | (2)
Total |  | 69,622 |  |  | (72,795 | ) |  |
Provision for income taxes |  | (17,672 | ) |  | 28,109 |  |  |
Net unrealized gains (losses), net of tax |  | $ | 51,950 |  |  | $ | (44,686 | ) |  |
Amortization of defined benefit plan items: |  |  |  |  |  |
Prior service cost (credit) |  | $ | 328 |  |  | $ | (309 | ) |  | (3)
Actuarial gains/(losses) |  | (6,150 | ) |  | (5,894 | ) |  | (3)
Total |  | (5,822 | ) |  | (6,203 | ) |  |
Provision for income taxes |  | 2,038 |  |  | 2,171 |  |  |
Amortization of defined benefit plans, net of tax |  | $ | (3,784 | ) |  | $ | (4,032 | ) |  |
Total reclassifications for the period |  | $ | 48,166 |  |  | $ | (48,718 | ) |  |
(1) | See Note 5 for information on cash flow hedges.
(2) | See Note 8 for information on deferred policy acquisition costs.
(3) | See Note 10 for information on employee benefit plans.

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