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Equity

12 Months Ended

Dec. 31, 2023

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, 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
Common Stock acquired						—						599,254						(599,254)
Stock-based compensation (1)						—						(104,732)						104,732
Balance, December 31, 2022						85,310,598						18,634,390						66,676,208
Common Stock acquired						—						1,372,131						(1,372,131)
Stock-based compensation (1)						—						(316,636)						316,636
Balance, December 31, 2023						85,310,598						19,689,885						65,620,713

(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.

The following table summarizes the Company’s share repurchase activity under the share repurchase programs for the years ended December 31, 2023 and 2022 (dollar amounts in millions, except for the number of shares and per share amounts):

Year of Repurchase						Shares Repurchased						Amount Paid						Average Per Share
2023						1,372,131						$	200					$	145.76
2022						599,254						$	75					$	125.15

On January 23, 2024, RGA’s board of directors authorized a share repurchase program for up to $500 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date.

Noncontrolling Interest

In 2022, Papara Financing LLC (“Papara”), a subsidiary of RGA Reinsurance, issued nonconvertible preferred interests to an unaffiliated third party. The membership interests in Papara consist of (1) common interests, which are held by RGA Reinsurance and (2) preferred interests. The preferred interests total $90 million. The preferred interests are included in noncontrolling interest, and net income attributable to noncontrolling interest was $7 million for the year ended December 31, 2023.

Other Comprehensive Income (Loss)

The following table presents the components of the Company’s other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 (dollars in millions):

For the year ended December 31, 2023:

						Before-Tax Amount						Tax (Expense) Benefit						After-Tax Amount
Foreign currency translation adjustments:
Change arising during year						$	224					$	(26)					$	198
Foreign currency swap						(18)						4						(14)
Net foreign currency translation adjustments						206						(22)						184
Unrealized gains on investments: (1)
Unrealized net holding gains arising during the year						2,050						(401)						1,649
Less: Reclassification adjustment for net gains realized in net income						(228)						48						(180)
Net unrealized gains						2,278						(449)						1,829
Change in impairments on fixed maturity securities						—						—						—
Effect of updating discount rates on future policy benefits						(660)						161						(499)
Change in instrument-specific credit risk for market risk benefits						(13)						3						(10)
Unrealized gains (losses) related to pension and postretirement benefits:
Net prior service cost arising during the year						(1)						1						—
Net gain (loss) arising during the year						(3)						1						(2)
Net unrealized gains (losses) related to pension and postretirement benefits						(4)						2						(2)
Other comprehensive income (loss)						$	1,807					$	(305)					$	1,502

For the year ended December 31, 2022:

						Before-Tax Amount						Tax (Expense) Benefit						After-Tax Amount
Foreign currency translation adjustments:
Change arising during year						$	(131)					$	(22)					$	(153)
Foreign currency swap						64						(13)						51
Net foreign currency translation adjustments						(67)						(35)						(102)
Unrealized losses on investments: (1)
Unrealized net holding gains arising during the year						(12,036)						2,582						(9,454)
Less: Reclassification adjustment for net gains realized in net income						(218)						40						(178)
Net unrealized losses						(11,818)						2,542						(9,276)
Change in impairments on fixed maturity securities						—						—						—
Effect of updating discount rates on future policy benefits						10,188						(2,224)						7,964
Change in instrument-specific credit risk for market risk benefits						25						(5)						20
Unrealized gains (losses) related to pension and postretirement benefits:
Net prior service cost arising during the year						(3)						1						(2)
Net gain (loss) arising during the year						33						(8)						25
Net unrealized gains (losses) related to pension and postretirement benefits						30						(7)						23
Other comprehensive income (loss)						$	(1,642)					$	271					$	(1,371)

For the year ended December 31, 2021:

						Before-Tax Amount						Tax (Expense) Benefit						After-Tax Amount
Foreign currency translation adjustments:
Change arising during year						$	81					$	(23)					$	58
Foreign currency swap						(2)						—						(2)
Net foreign currency translation adjustments						79						(23)						56
Unrealized losses on investments: (1)
Unrealized net holding losses arising during the year						(2,137)						481						(1,656)
Less: Reclassification adjustment for net losses realized in net income						226						(49)						177
Net unrealized losses						(2,363)						530						(1,833)
Change in impairments on fixed maturity securities						—						—						—
Effect of updating discount rates on future policy benefits						2,787						(580)						2,207
Change in instrument-specific credit risk for market risk benefits						(54)						11						(43)
Unrealized gains (losses) related to pension and postretirement benefits:
Net prior service cost arising during the year						2						—						2
Net gain arising during the year						27						(7)						20
Net unrealized gains (losses) related to pension and postretirement benefits						29						(7)						22
Other comprehensive income (loss)						$	478					$	(69)					$	409

(1)Includes cash flow hedges. See Note 12 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,						2023						2022						2021
Change in net unrealized appreciation (depreciation) on:
Fixed maturity securities available-for-sale						$	2,289					$	(11,632)					$	(2,299)
Other investments (1)						(11)						(186)						(64)
Net unrealized appreciation (depreciation)						$	2,278					$	(11,818)					$	(2,363)

(1)Includes cash flow hedges. See Note 12 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						Effect of Updating Discount Rates on Future Policy Benefits						Instrument-Specific Credit Risk for Market Risk Benefits						Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2020						$	(69)					$	5,612					$	(72)					$	(6,416)					$	36					(909)
OCI before reclassifications						79						(2,144)						22						2,787						(54)						690
Amounts reclassified from AOCI						—						(219)						7						—						—						(212)
Deferred income tax benefit (expense)						(23)						530						(7)						(580)						11						(69)
Balance, December 31, 2021						(13)						3,779						(50)						(4,209)						(7)						(500)
OCI before reclassifications						(67)						(12,045)						28						10,188						25						(1,871)
Amounts reclassified from AOCI						—						227						2						—						—						229
Deferred income tax benefit (expense)						(35)						2,542						(7)						(2,224)						(5)						271
Balance, December 31, 2022						(115)						(5,497)						(27)						3,755						13						(1,871)
OCI before reclassifications						206						2,037						(4)						(660)						(13)						1,566
Amounts reclassified from AOCI						—						241						—						—						—						241
Deferred income tax benefit (expense)						(22)						(449)						2						161						3						(305)
Balance, December 31, 2023						$	69					$	(3,668)					$	(29)					$	3,256					$	3					$	(369)

(1)Includes cash flow hedges of $(218), $(205) and $(22) as of December 31, 2023, 2022 and 2021, respectively. See Note 12 for additional information on cash flow hedges.

The following table presents the amounts of AOCI reclassifications for the years ended December 31, 2023 and 2022 (dollars in millions):

						Amount Reclassified from AOCI
Details about AOCI Components						2023						2022						Affected Line Item in  Statement of Income
Net unrealized investment gains (losses):
Net unrealized gains and losses on available-for-sale securities						$	(228)					$	(218)					Investment related gains (losses), net
Cash flow hedges – Interest rate						10						(1)						(1)
Cash flow hedges – Currency/Interest rate						(23)						(8)						(1)
Total						(241)						(227)
Provision for income taxes						52						42
Net unrealized gains (losses), net of tax						$	(189)					$	(185)
Amortization of defined benefit plan items:
Prior service (cost) credit						$	2					$	2					(2)
Actuarial gains (losses)						(2)						(4)						(2)
Total						—						(2)
Provision for income taxes						—						—
Amortization of defined benefit plans, net of tax						$	—					$	(2)
Total reclassifications for the period						$	(189)					$	(187)

(1)See Note 12 for information on cash flow hedges.

(2)See Note 15 for information on employee benefit plans.

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- References

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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://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SX 210.5-03(21))
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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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