Reinsurance Group of America Inc. (RGA) 2009年年度报告「NYSE」.pdf

1、2009 Annual ReportI To Our Shareholders:While there was a great deal of economic uncertainty in 2009,especially during the early months,for RGA it was,for the most part,a business-as-usual year.RGA weathered the economic storm and made progress on many operational fronts,posting solid annual results

2、.In particular,investment values rebounded from depressed levels at the end of 2008 and book value per share increased by a remarkable 47%.RGA pursued a record number of new business opportunities,and those we were able to close produced gratifying results.One of the brightest highlights for RGA in

3、2009 was the negotiation and execution of the acquisition of the ReliaStar group reinsurance business formerly owned by ING.We have admired the achievements of this group for many years and are delighted to have made them part of the RGA family.We did not previously have a presence in the U.S.group

4、insurance markets,so the addition of the former ING team will be completely accretive to RGA.The new team shares RGAs strong customer focus and sense of professionalism and we believe that the benefits of this union will be seen immediately.RGAs operating income for 2009 was$4381 million,or$5.981 pe

5、r share,in the middle of the guidance range we forecast at the beginning of the year.Revenues increased by 24%.While overall results came in near expectations,as usual,there was some variation among the results from our operating units.In the U.S.,elevated claim levels weakened the results of our la

6、rge block of mortality business.Mortality results for 2009 and 2008 have been consistent,with claims higher than the levels of 2007 and 2006,which both had better-than-anticipated results.The effects of lower investment yields on our portfolio of assets had a noticeable,negative impact on results fo