Reinsurance Group of America Inc. (RGA) 2015年年度报告「NYSE」.pdf

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1、2015 Annual ReportI To Our Shareholders:RGA completed another solid year in 2015,generating strong new business development across its range of businesses and achieving operating income of$8.43 per share1.This testifies to the strength and diversity of the RGA franchise,considering that it was a dif

2、ficult year for U.S.mortality,the largest business under the RGA banner.Since 2012,we have provided intermediate-term operating income per share growth guidance of 5-8%;while some years have finished above or below that guidance,2015 landed squarely in the center of the projected range.We believe RG

3、A will continue to deliver strong results given the heightened levels of long-term value added to our existing businesses in recent years.In addition to sustaining organic growth,RGA added several in-force blocks.These covered a wide variety of risks,from mortality to payout annuities,and originated

4、 from diverse geographies.We will continue to face the headwinds of low interest rates,increased regulation and a strong U.S.currency,but are confident in our ability to build upon our past successes.RGA ended the year with$3 trillion of assumed mortality risk,which represents the companys largest s

5、ource of earnings.We expect volatility in mortality results and,in 2015,the U.S.experienced substantial adverse mortality.Most of the adverse result,we believe,was due to normal volatility and will even out over time.We identified that a portion of the excess claims came from policies with older iss

6、ue ages.This adverse mortality,combined with poor U.S.group long-term disability experience,resulted in a challenging year for U.S.traditional business.Our U.S.mortality experience proved to be the exception,as our mortality business in other markets generated very good results.Our Canadian mortalit