XML 42 R31.htm IDEA: XBRL DOCUMENT v3.21.2

Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule Of Fair Value Assets and Liabilities Measured on Recurring Basis Table Text Block

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 are summarized below (dollars in millions):

September 30, 2021:												Fair Value Measurements Using:
						Total						Level 1						Level 2						Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate						$	37,329					$	—					$	33,772					$	3,557
Canadian government						4,724						—						4,724						—
RMBS						1,209						—						1,208						1
ABS						3,779						—						2,986						793
CMBS						1,877						—						1,805						72
U.S. government						1,460						1,347						100						13
State and political subdivisions						1,331						—						1,323						8
Other foreign government						7,580						—						7,541						39
Total fixed maturity securities – available-for-sale						59,289						1,347						53,459						4,483
Equity securities						160						103						—						57
Funds withheld at interest – embedded derivatives and other						267						—						39						228
Cash equivalents						1,306						1,306						—						—
Short-term investments						64						1						37						26
Other invested assets:
Derivatives						168						—						168						—
FVO contractholder-directed unit-linked investments						50						—						50						—
Other						7						—						5						2
Total other invested assets (1)						225						—						223						2
Total						$	61,311					$	2,757					$	53,758					$	4,796
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives						$	918					$	—					$	—					$	918
Other liabilities:
Funds withheld at interest – embedded derivatives and other						39						—						39						—
Derivatives						43						—						43						—
Total						$	1,000					$	—					$	82					$	918

(1)Other invested assets included in the fair value hierarchy exclude limited partnership interests that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of September 30, 2021, the fair value of such investments was $526 million.

December 31, 2020:												Fair Value Measurements Using:
						Total						Level 1						Level 2						Level 3
Assets:
Fixed maturity securities – available-for-sale:
Corporate						$	36,208					$	—					$	33,179					$	3,029
Canadian government						5,140						—						5,140						—
RMBS						1,817						—						1,814						3
ABS						3,092						—						2,896						196
CMBS						1,868						—						1,813						55
U.S. government						1,437						1,312						111						14
State and political subdivisions						1,390						—						1,381						9
Other foreign government						5,783						—						5,766						17
Total fixed maturity securities – available-for-sale						56,735						1,312						52,100						3,323
Equity securities						132						79						—						53
Funds withheld at interest – embedded derivatives and other						114						—						—						114
Cash equivalents						1,478						1,478						—						—
Short-term investments						197						32						150						15
Other invested assets:
Derivatives						140						—						140						—
FVO contractholder-directed unit-linked investments						289						224						65						—
Total other invested assets						429						224						205						—
Total						$	59,085					$	3,125					$	52,455					$	3,505
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives						$	907					$	—					$	—					$	907
Other liabilities:
Derivatives						49						—						49						—
Total						$	956					$	—					$	49					$	907

Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block]

The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of September 30, 2021 and December 31, 2020 (dollars in millions):

			Estimated Fair Value												Valuation Technique						Unobservable Inputs						Range (Weighted Average)
			September 30, 2021						December 31, 2020																		September 30, 2021						December 31, 2020
Assets:
Corporate			$	41					$	37					Market comparable securities						Liquidity premium						1%						0-1% (1%)
																					EBITDA Multiple						5.2x-7.0x (5.8x)						5.2x-11.2x (7.1x)
ABS			198						87						Market comparable securities						Liquidity premium						0-18% (3%)						1-18% (1%)
U.S. government			13						14						Market comparable securities						Liquidity premium						0-1% (1%)						0-1% (1%)
Equity securities			9						10						Market comparable securities						EBITDA Multiple						5.6x-10.6x (7.1x)						6.9x-10.6x (7.9x)
Funds withheld at interest – embedded derivatives			145						58						Total return swap						Mortality						0-100% (3%)						0-100%  (3%)
																					Lapse						0-35% (18%)						0-35%  (13%)
																					Withdrawal						0-5% (3%)						0-5%  (3%)
																					CVA						0-5% (0%)						0-5%  (1%)
																					Crediting rate						1-4% (2%)						2-4%  (2%)
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives – indexed annuities			727						752						Discounted cash flow						Mortality						0-100% (2%)						0-100% (3%)
																					Lapse						0-35% (16%)						0-35% (13%)
																					Withdrawal						0-5% (3%)						0-5% (3%)
																					Option budget projection						1-4% (2%)						2-4% (2%)
Interest-sensitive contract liabilities – embedded derivatives – variable annuities			191						155						Discounted cash flow						Mortality						0-100% (2%)						0-100% (2%)
																					Lapse						0-25% (4%)						0-25% (4%)
																					Withdrawal						0-7% (5%)						0-7% (5%)
																					CVA						0-5% (1%)						0-5% (1%)
																					Long-term volatility						0-27% (14%)						0-27% (13%)

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (dollars in millions):

For the three months ended September 30, 2021:						Fixed maturity securities – available-for-sale																														Short-term inv						Funds  withheld at interest – embedded derivatives and other												Other invested assets – Other						Interest-sensitive contract  liabilities – embedded derivatives
						Corporate						Foreign govt						Structured securities						U.S. and local govt						Equity securities
Fair value, beginning of period						$	3,208					$	41					$	653					$	21					$	63					$	—					$	206											$	—					$	(880)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses						1						—						—						—						—						—						2												—						—
Investment related gains (losses), net						1						—						—						—						8						—						20												—						(37)
Interest credited						—						—						—						—						—						—						—												—						(14)
Included in other comprehensive income						(1)						(2)						1						—						—						—						(2)												—						—
Other revenues						—						—						—						—						—						—						—												—						—
Purchases(1)						436						—						245						—						8						26						3												2						(8)
Sales(1)						(5)						—						(3)						—						(22)						—						—												—						—
Settlements(1)						(75)						—						(51)						—						—						—						(1)												—						21
Transfers into Level 3						—						—						21						—						—						—						—												—						—
Transfers out of Level 3						(8)						—						—						—						—						—						—												—						—
Fair value, end of period						$	3,557					$	39					$	866					$	21					$	57					$	26					$	228											$	2					$	(918)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses						$	1					$	—					$	—					$	—					$	—					$	—					$	2											$	—					$	—
Investment related gains (losses), net						1						—						—						—						4						—						21												—						(39)
Other revenues						—						—						—						—						—						—						—												—						—
Interest credited						—						—						—						—						—						—						—												—						(35)
Included in other comprehensive income						(1)						(2)						1						—						—						—						(2)												—						—

For the nine months ended September 30, 2021:						Fixed maturity securities – available-for-sale																																				Funds  withheld at interest – embedded derivatives and other						Other invested assets – Other						Interest-sensitive contract  liabilities – embedded derivatives
						Corporate						Foreign govt						Structured securities						U.S. and local govt						Equity securities						Short-term inv
Fair value, beginning of period						$	3,029					$	17					$	254					$	23					$	53					$	15					$	114					$	—					$	(907)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses						4						—						—						—						—						—						(4)						—						—
Investment related gains (losses), net						2						—						—						—						19						—						87						—						(36)
Interest credited						—						—						—						—						—						—						—						—						(13)
Included in other comprehensive income						(34)						(3)						5						—						—						—						(1)						—						—
Other revenues						—						—						—						—						—						—						—						—						—
Purchases(1)						976						25						673						—						8						26						35						2						(25)
Sales(1)						(25)						—						(5)						—						(23)						—						—						—						—
Settlements(1)						(416)						—						(136)						(2)						—						(10)						(3)						—						63
Transfers into Level 3						29						—						75						—						—						—						—						—						—
Transfers out of Level 3						(8)						—						—						—						—						(5)						—						—						—
Fair value, end of period						$	3,557					$	39					$	866					$	21					$	57					$	26					$	228					$	2					$	(918)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses						$	3					$	—					$	—					$	—					$	—					$	—					$	(4)					$	—					$	—
Investment related gains (losses), net						—						—						—						—						14						—						87						—						(42)
Other revenues						—						—						—						—						—						—						—						—						—
Interest credited						—						—						—						—						—						—						—						—						(76)
Included in other comprehensive income						(32)						(3)						5						—						—						—						(1)						—						—

For the three months ended September 30, 2020:						Fixed maturity securities – available-for-sale																																				Funds  withheld at interest – embedded derivatives												Interest-sensitive contract  liabilities – embedded derivatives
						Corporate						Foreign govt						Structured securities						U.S. and local govt						Equity securities						Short-term investments
Fair value, beginning of period						$	2,308					$	17					$	153					$	24					$	62					$	5					$	(109)											$	(930)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses						—						—						—						—						—						—						—												—
Investment related gains (losses), net						3						—						—						—						(2)						—						116												(28)
Interest credited						—						—						—						—						—						—						—												(29)
Included in other comprehensive income						(9)						—						(2)						—						—						—						—												—
Other revenues						—						—						—						—						—						—						—												—
Purchases(1)						341						—						63						—						—						1						—												(9)
Sales(1)						(70)						—						(1)						—						—						—						—												—
Settlements(1)						(53)						—						(8)						—						—						—						—												16
Transfers into Level 3						7						—						7						—						—						—						—												—
Transfers out of Level 3						—						—						(6)						—						—						—						—												—
Fair value, end of period						$	2,527					$	17					$	206					$	24					$	60					$	6					$	7											$	(980)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses						$	—					$	—					$	—					$	—					$	—					$	—					$	—											$	—
Investment related gains (losses), net						3						—						—						—						(2)						—						116												(31)
Other revenues						—						—						—						—						—						—						—												—
Interest credited						—						—						—						—						—						—						—												(46)
Included in other comprehensive income						(8)						—						(2)						—						—						—						—												—

For the nine months ended September 30, 2020:						Fixed maturity securities – available-for-sale																																				Funds  withheld at interest – embedded derivatives												Interest-sensitive contract  liabilities – embedded derivatives
						Corporate						Foreign govt						Structured securities						U.S. and local govt						Equity securities						Short-term investments
Fair value, beginning of period						$	2,186					$	720					$	208					$	25					$	77					$	2					$	121											$	(930)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Investment income, net of related expenses						1						—						—						—						—						—						—												—
Investment related gains (losses), net						(22)						—						—						—						(6)						—						(114)												(50)
Interest credited						—						—						—						—						—						—						—												(30)
Included in other comprehensive income						(12)						1						(12)						1						—						—						—												—
Other revenues						—						—						—						—						—						—						—												—
Purchases(1)						651						—						87						—						3						6						—												(28)
Sales(1)						(132)						—						(5)						—						—						—						—												—
Settlements(1)						(149)						—						(39)						(2)						—						(1)						—												58
Transfers into Level 3						8						—						28						—						—						—						—												—
Transfers out of Level 3						(4)						(704)						(61)						—						(14)						(1)						—												—
Fair value, end of period						$	2,527					$	17					$	206					$	24					$	60					$	6					$	7											$	(980)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Investment income, net of related expenses						$	—					$	—					$	—					$	—					$	—					$	—					$	—											$	—
Investment related gains (losses), net						(23)						—						—						—						(6)						—						(114)												58
Other revenues						—						—						—						—						—						—						—												—
Interest credited						—						—						—						—						—						—						—												(89)
Included in other comprehensive income						(37)						1						(13)						1						—						—						—												—

(1)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.

Financial Instruments Carrying Amounts And Estimated Fair Value [Table Text Block]

The following table presents the carrying values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of September 30, 2021 and December 31, 2020 (dollars in millions). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2020 Annual Report. This table excludes any payables or receivables for collateral under repurchase or reverse repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid.

September 30, 2021:						Carrying Value (1)						Estimated  Fair Value						Fair Value Measurement Using:
																		Level 1						Level 2						Level 3						NAV
Assets:
Mortgage loans on real estate						$	6,366					$	6,656					$	—					$	—					$	6,656					$	—
Policy loans						1,234						1,234						—						1,234						—						—
Funds withheld at interest						6,744						7,210						—						1,690						5,520						—
Cash and cash equivalents						1,721						1,721						1,721						—						—						—
Short-term investments						18						18						18						—						—						—
Other invested assets						1,315						1,307						6						77						1,224						—
Accrued investment income						574						574						—						574						—						—
Liabilities:
Interest-sensitive contract liabilities						$	19,580					$	20,940					$	—					$	—					$	20,940					$	—
Other liabilities						1,588						1,683						—						1,683						—						—
Long-term debt						3,173						3,412						—						—						3,412						—
Collateral finance and securitization notes						314						284						—						—						284						—
December 31, 2020:						Carrying Value (1)						Estimated Fair Value						Fair Value Measurement Using:
																		Level 1						Level 2						Level 3						NAV
Assets:
Mortgage loans on real estate						$	5,787					$	6,167					$	—					$	—					$	6,167					$	—
Policy loans						1,258						1,258						—						1,258						—						—
Funds withheld at interest						5,292						5,676						—						—						5,676						—
Cash and cash equivalents						1,930						1,930						1,930						—						—						—
Short-term investments						30						30						30						—						—						—
Other invested assets						1,482						1,601						5						89						1,018						489
Accrued investment income						511						511						—						511						—						—
Liabilities:
Interest-sensitive contract liabilities						$	18,106					$	19,683					$	—					$	—					$	19,683					$	—
Long-term debt						3,573						3,901						—						—						3,901						—
Collateral finance and securitization notes						388						351						—						—						351						—

(1)Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis.

X

- Definition

Carrying amounts and estimated fair value of financial instruments.

+ References

No definition available.

+ Details

Name:	rga_FinancialInstrumentsCarryingAmountsAndEstimatedFairValueTableTextBlock
Namespace Prefix:	rga_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration