Reinsurance Group of America Inc. (RGA) 2008年年度报告「NYSE」.pdf

1、2008 Annual ReportITo Our Shareholders:In the midst of the turbulent financial markets of 2008,a watershed transaction for RGA took place,when MetLife split off its majority ownership of RGA to its shareholders.The transaction included a recapitalization of RGA shares into two classes of securities,

2、low vote and high vote,making RGA a widely held,publicly traded company with no majority owner.RGA traded with two classes of shares for a short period following this transaction,after which the Board of Directors recommended,and the shareholders of each class approved,a consolidation back into a si

3、ngle class of stock,which occurred late in the year.While RGA flourished under the eight years of MetLifes ownership,we look forward to this next phase of RGA history,standing on our own as one of the leading global life reinsurers.The major ratings agencies Moodys,Standard&Poors,and A.M.Best reaffi

4、rmed RGAs ratings after the split-off.Another important event for RGA occurred late in 2008,when we raised almost$332 million of equity capital despite an extremely difficult market.RGA raised this capital to take advantage of the numerous opportunities we currently identify to increase our reinsura

5、nce business.We believe we will have opportunities to deploy this capital over time at returns that will be accretive to RGAs shareholders;however,we will be selective in deploying this capital given the evolving financial landscape.In the meantime,until the capital has been deployed,RGA enjoys an e

6、ven stronger balance sheet.The preservation and bolstering of capital levels have become primary concerns for our customers,the direct writing insurers.At the end of 2008,many of our clients experienced severely restricted access to capital,whether equity,debt or bank credit more so than at any time