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Equity | 12 Months Ended
--- | ---
Dec. 31, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
Comprehensive Income | EQUITY On June 5, 2020, the Company completed a public offering of 6,172,840 shares of common stock, $0.01 par value per share, at a public offering price of $81.00 per share. The Company received net proceeds of approximately $481 million. The Company granted the underwriters an option to purchase from the Company, within 30 days after the Underwriting Agreement dated June 2, 2020, up to an additional 925,926 shares of common stock at the offering price of $81.00 per share. The underwriters’ option was not exercised and expired on July 2, 2020. The Company used the net proceeds of the offering for general corporate purposes. 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, 2018 |  | 79,137,758 |  |  | 16,323,390 |  |  | 62,814,368 |
Common Stock acquired |  | — |  |  | 546,614 |  |  | (546,614) |
Stock-based compensation (1) |  | — |  |  | (388,348) |  |  | 388,348 |
Balance, December 31, 2019 |  | 79,137,758 |  |  | 16,481,656 |  |  | 62,656,102 |
Equity offering |  | 6,172,840 |  |  | — |  |  | 6,172,840 |
Common Stock acquired |  | — |  |  | 1,074,413 |  |  | (1,074,413) |
Stock-based compensation (1) |  | — |  |  | (202,372) |  |  | 202,372 |
Balance, December 31, 2020 |  | 85,310,598 |  |  | 17,353,697 |  |  | 67,956,901 |
Common Stock acquired |  | — |  |  | 852,037 |  |  | (852,037) |
Stock-based compensation (1) |  | — |  |  | (65,866) |  |  | 65,866 |
Balance, December 31, 2021 |  | 85,310,598 |  |  | 18,139,868 |  |  | 67,170,730 |
(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.” On January 24, 2019, RGA’s board of directors authorized a share repurchase program for up to $400 million of RGA’s outstanding common stock. As of December 31, 2021, $72 million of RGA’s common stock may still be purchased under the 2019 share repurchase program. On February 25, 2022, RGA’s board of directors authorized a share repurchase program for up to $400 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. In connection with this authorization, the board of directors terminated the stock repurchase authority granted in 2019. The pace of repurchase activity depends on various factors such as the level of available cash, the impact of the ongoing COVID-19 pandemic, an evaluation of the costs and benefits associated with alternative uses of excess capital, such as acquisitions and in force reinsurance transactions, and RGA’s stock price. The following table summarizes the Company’s current share repurchase program activity under the 2019 share repurchase program for the years ended December 31, 2021 and 2020 (dollar amounts in millions, except for the number of shares and per share amounts):
Year of Repurchase |  | Shares Repurchased |  | Amount Paid |  | Average Per Share
2021 |  | 852,037 |  |  | $ | 96 |  |  | $ | 112.64 |
2020 |  | 1,074,413 |  |  | $ | 153 |  |  | $ | 142.05 |
Other Comprehensive Income (Loss) The following table presents the components of the Company’s other comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019 (dollars in millions): For the year ended December 31, 2021:
|  | Before-Tax Amount |  | Tax (Expense) Benefit |  | After-Tax Amount
Foreign currency translation adjustments: |  |  |  |  |  |
Change arising during year |  | $ | 85 |  |  | $ | (24) |  |  | $ | 61 |
Foreign currency swap |  | (2) |  |  | 1 |  |  | (1) |
Net foreign currency translation adjustments |  | 83 |  |  | (23) |  |  | 60 |
Unrealized gains on investments:(1) |  |  |  |  |  |
Unrealized net holding losses arising during the year |  | (2,093) |  |  | 471 |  |  | (1,622) |
Less: Reclassification adjustment for net gains realized in net income |  | 226 |  |  | (49) |  |  | 177 |
Net unrealized gains |  | (2,319) |  |  | 520 |  |  | (1,799) |
Change in impairments on fixed maturity securities |  | — |  |  | — |  |  | — |
Unrealized pension and postretirement benefits: |  |  |  |  |  |
Net prior service cost arising during the year |  | 2 |  |  | — |  |  | 2 |
Net gain (loss) arising during the period |  | 27 |  |  | (7) |  |  | 20 |
Unrealized pension and postretirement benefits, net |  | 29 |  |  | (7) |  |  | 22 |
Other comprehensive income (loss) |  | $ | (2,207) |  |  | $ | 490 |  |  | $ | (1,717) |
For the year ended December 31, 2020:
|  | Before-Tax Amount |  | Tax (Expense) Benefit |  | After-Tax Amount
Foreign currency translation adjustments: |  |  |  |  |  |
Change arising during year |  | $ | 43 |  |  | $ | 3 |  |  | $ | 46 |
Foreign currency swap |  | (29) |  |  | 6 |  |  | (23) |
Net foreign currency translation adjustments |  | 14 |  |  | 9 |  |  | 23 |
Unrealized gains on investments:(1) |  |  |  |  |  |
Unrealized net holding gains arising during the year |  | 2,812 |  |  | (614) |  |  | 2,198 |
Less: Reclassification adjustment for net gains realized in net income |  | (8) |  |  | (1) |  |  | (9) |
Net unrealized gains |  | 2,820 |  |  | (613) |  |  | 2,207 |
Change in impairments on fixed maturity securities |  | (8) |  |  | 2 |  |  | (6) |
Unrealized pension and postretirement benefits: |  |  |  |  |  |
Net prior service cost arising during the year |  | (1) |  |  | — |  |  | (1) |
Net gain (loss) arising during the period |  | (2) |  |  | 1 |  |  | (1) |
Unrealized pension and postretirement benefits, net |  | (3) |  |  | 1 |  |  | (2) |
Other comprehensive income (loss) |  | $ | 2,823 |  |  | $ | (601) |  |  | $ | 2,222 |
For the year ended December 31, 2019:
|  | Before-Tax Amount |  | Tax (Expense) Benefit |  | After-Tax Amount
Foreign currency translation adjustments: |  |  |  |  |  |
Change arising during year |  | $ | 113 |  |  | $ | (10) |  |  | $ | 103 |
Foreign currency swap |  | (33) |  |  | 7 |  |  | (26) |
Net foreign currency translation adjustments |  | 80 |  |  | (3) |  |  | 77 |
Unrealized gains on investments:(1) |  |  |  |  |  |
Unrealized net holding gains arising during the year |  | 3,208 |  |  | (698) |  |  | 2,510 |
Less: Reclassification adjustment for net gains realized in net income |  | 84 |  |  | (17) |  |  | 67 |
Net unrealized gains |  | 3,124 |  |  | (681) |  |  | 2,443 |
Change in impairments on fixed maturity securities |  | — |  |  | — |  |  | — |
Unrealized pension and postretirement benefits: |  |  |  |  |  |
Net prior service cost arising during the year |  | (1) |  |  | — |  |  | (1) |
Net gain arising during the period |  | (23) |  |  | 5 |  |  | (18) |
Unrealized pension and postretirement benefits, net |  | (24) |  |  | 5 |  |  | (19) |
Other comprehensive income (loss) |  | $ | 3,180 |  |  | $ | (679) |  |  | $ | 2,501 |
(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 millions):
For the years ended December 31, |  | 2021 |  | 2020 |  | 2019
Change in net unrealized appreciation (depreciation) on: |  |  |  |  |  |
Fixed maturity securities available-for-sale |  | $ | (2,299) |  |  | $ | 2,837 |  |  | $ | 3,258 |
Other investments(1) |  | (64) |  |  | 29 |  |  | (37) |
Effect on unrealized appreciation on: |  |  |  |  |  |
Deferred policy acquisition costs |  | 44 |  |  | (54) |  |  | (98) |
Net unrealized appreciation (depreciation) |  | $ | (2,319) |  |  | $ | 2,812 |  |  | $ | 3,123 |
(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 millions):
|  | Accumulated Currency Translation Adjustments |  | Unrealized Appreciation (Depreciation) of Investments (1) |  | Pension and Postretirement Benefits |  | Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2018 |  | (169) |  |  | 856 |  |  | (51) |  |  | 636 |
OCI before reclassifications |  | 80 |  |  | 3,306 |  |  | (28) |  |  | 3,358 |
Amounts reclassified from AOCI |  | — |  |  | (182) |  |  | 4 |  |  | (178) |
Deferred income tax benefit (expense) |  | (3) |  |  | (681) |  |  | 5 |  |  | (679) |
Balance, December 31, 2019 |  | (92) |  |  | 3,299 |  |  | (70) |  |  | 3,137 |
OCI before reclassifications |  | 14 |  |  | 2,854 |  |  | (9) |  |  | 2,859 |
Amounts reclassified from AOCI |  | — |  |  | (42) |  |  | 6 |  |  | (36) |
Deferred income tax benefit (expense) |  | 9 |  |  | (611) |  |  | 1 |  |  | (601) |
Balance, December 31, 2020 |  | $ | (69) |  |  | $ | 5,500 |  |  | $ | (72) |  |  | $ | 5,359 |
OCI before reclassifications |  | 83 |  |  | (2,144) |  |  | 22 |  |  | (2,039) |
Amounts reclassified from AOCI |  | — |  |  | (175) |  |  | 7 |  |  | (168) |
Deferred income tax benefit (expense) |  | (23) |  |  | 520 |  |  | (7) |  |  | 490 |
Balance, December 31, 2021 |  | $ | (9) |  |  | $ | 3,701 |  |  | $ | (50) |  |  | $ | 3,642 |
(1)Includes cash flow hedges of $(22), $(49) and $(26) as of December 31, 2021, 2020 and 2019, 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, 2021 and 2020 (dollars in millions):
|  | Amount Reclassified from AOCI |  |
Details about AOCI Components |  | 2021 |  | 2020 |  | Affected Line Item in Statement of Income
Net unrealized investment gains (losses): |  |  |  |  |  |
Net unrealized gains and losses on available-for-sale securities |  | $ | 226 |  |  | $ | (8) |  |  | Investment related gains (losses), net
Cash flow hedges – Interest rate |  | (7) |  |  | (4) |  |  | (1)
Cash flow hedges – Currency/Interest rate |  | — |  |  | — |  |  | (1)
Cash flow hedges – Forward bond purchase commitments |  | — |  |  | — |  |  | (1)
Deferred policy acquisition costs attributed to unrealized gains and losses |  | (44) |  |  | 54 |  |  | (2)
Total |  | 175 |  |  | 42 |  |  |
Provision for income taxes |  | (38) |  |  | (12) |  |  |
Net unrealized gains (losses), net of tax |  | $ | 137 |  |  | $ | 30 |  |  |
Amortization of defined benefit plan items: |  |  |  |  |  |
Prior service cost (credit) |  | $ | 1 |  |  | $ | 1 |  |  | (3)
Actuarial gains (losses) |  | (8) |  |  | (7) |  |  | (3)
Total |  | (7) |  |  | (6) |  |  |
Provision for income taxes |  | 1 |  |  | 1 |  |  |
Amortization of defined benefit plans, net of tax |  | $ | (6) |  |  | $ | (5) |  |  |
Total reclassifications for the period |  | $ | 131 |  |  | $ | 25 |  |  |
(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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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263 + Details
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