Reinsurance Group Of America, Incorporated · NYSE:RGA
Reinsurance Group Of America — Merger or Acquisition (February 2025)
12 slides from Reinsurance Group Of America's merger presentation, Feb 24, 2025
Slide 1: Reinsurance Transaction with Equitable Holdings, Inc.
Reinsurance Transaction with Equitable Holdings, Inc. Tony Cheng President and Chief Executive Officer Axel André Executive Vice President and Chief Financial Officer February 24, 2025 1
Slide 2: Safe Harbor
Safe Harbor This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or los
Slide 3: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures The Company discloses certain financial measures that are not determined in accordance with U.S. GAAP. The Company principally uses such non-GAAP financial measures in evaluating performance because the Company believes that such measures, when reviewed in conjunct
Slide 4: Reinsurance Transaction Overview
Reinsurance Transaction Overview 4
Slide 5: Transaction Overview
Transaction Overview Compelling Transaction Highlights Robust Momentum Across Global Platform RGA to reinsure $32 billion1 of a diversified mix of life insurance products – Underscores RGA’s biometric expertise – Deploying approximately $1.5 billion of capital into this transaction Highlights RGA’
Slide 6: Risk Profile of Transaction
Risk Profile of Transaction Well Suited for RGA’s Biometric Expertise Diversified mix of life products with balanced source of earnings Exposure to secondary guarantees is modest and within our risk tolerance Product and Earnings Mix Transaction is weighted more towards insurance risks, with lower p
Slide 7: In-Force Block Business Mix is Complementary
In-Force Block Business Mix is Complementary Liability Mix & Investment Strategy Aligned with RGA’s Existing Asset and Liability Profile Biometric Risk Distribution Investment Portfolio Policyholder Behavior Risk 14% 4% 3% 7% Investment Grade 19% 9% 4% 7% 14% Bonds 9% 23% 3% Other Investments¹ None²
Slide 8: Transaction Summary
Transaction Summary Highly Strategic Transaction for RGA Reinsurance RGA to reinsure a 75% quota share of in-force life insurance liabilities Transaction – $18 billion1 general account reserves and $14 billion1 separate account reserves RGA to deploy approximately $1.5 billion of capital to supp
Slide 9: Deployable Capital
Deployable Capital Pre-Transaction Deployable Capital Deployable capital is management’s $ in billions estimate of capital that can be deployed Estimated excess capital 1, 4Q24 ~$1.3 Considers RGA’s multiple capital frameworks (internal, regulatory, rating agency) into transactions or returned to
Slide 10: Transaction Financing
Transaction Financing Combination of Deployable Capital and Potential Debt Financing $ in billions Efficient Deployable capital, 4Q24 $1.7 financing structure Reinsurance transaction (1.5) supports strong returns Potential debt financing1 0.6 Potential debt Proforma 2025 deployable capital $0.8
Slide 11: Well-Positioned for the Future
Well-Positioned for the Future Strong foundation for long-term value expectations Solid overall Robust Ongoing Uniquely operating new business balance sheet positioned performance momentum optimization in the industry based upon ability to offer reflected in EPS and across all geographies efforts, i
Slide 12: ©2025 RGA. All rights reserved.
©2025 RGA. All rights reserved. No part of this publication may be reproduced in any form without the prior permission of RGA. The information in this publication is for the exclusive, internal use of the recipient and may not be relied upon by any other party other than the recipient and its affili
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