RZB - Reinsurance Group of America Incorporated (RGA) Q1 2024 Earnings Call Transcript
2024-05-03 15:54:09 ET
Reinsurance Group of America, Incorporated (RGA)
Q1 2024 Earnings Conference Call
May 3, 2024 10:00 ET
Company Participants
Todd Larson - Senior Executive Vice President and Chief Financial Officer
Tony Cheng - President and Chief Executive Officer
Leslie Barbi - Chief Investment Officer
Jonathan Porter - Chief Risk Officer
Conference Call Participants
John Barnidge - Piper Sandler
Bob Huang - Morgan Stanley
Jimmy Bhullar - JPMorgan
Joel Hurwitz - Dowling & Partners
Wes Carmichael - Autonomous Research
Suneet Kamath - Jefferies
Ryan Krueger - KBW
Nick Annitto - Wells Fargo
Tom Gallagher - Evercore
Mike Ward - Citi
Presentation
Operator
Good day and welcome to the Reinsurance Group of America Q1 Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Todd Larson, Senior Executive Vice President and Chief Financial Officer. Please go ahead.
Todd Larson
Thank you. Welcome to RGA’s first quarter 2024 conference call. I am joined on the call this morning with Tony Cheng, RGA’s President and Chief Executive Officer; Leslie Barbi, Chief Investment Officer; and Jonathan Porter, Chief Risk Officer.
A quick reminder before we get started regarding forward-looking information and non-GAAP financial measures. Some of our comments or answers to your questions may contain forward-looking statements. Actual results could differ materially from expected results. Please refer to the earnings release we issued yesterday for a list of important factors that could cause actual results to differ materially from expected results. Additionally, during the course of this call, the information we provide may include non-GAAP financial measures. Please see our earnings release, earnings presentation and quarterly financial supplement, all of which are posted on our website for a discussion of these terms and reconciliations to GAAP measures. Throughout the call, we will be referencing slides from the earnings presentation which, again, is posted on our website.
And now I’ll turn the call over to Tony for his comments.
Tony Cheng
Good morning, everyone, and thank you for joining our call. Last night, we reported adjusted operating earnings of $6.02 per share, which is our highest ever quarterly result. Our adjusted operating return on equity for the past 12 months was 14.8%, exceeding the intermediate targets we previously shared. The record earnings and attractive ROE is not solely from one or two areas of the company. All four geographic regions and both the Traditional and GFS businesses met or exceeded our run rates. In particular, our Traditional results stood out driven by strong underlying experience notably in the U.S.
It was a quarter where many things came together and follows an excellent 2023 for RGA. I am very pleased that we just learned that RGA was rated number one for the 13th consecutive year on NMG Consulting’s Global all respondents Business Capability Index. This is based on 2023 feedback from the life and health insurance companies around the world....
Reinsurance Group of America, Incorporated (RGA) Q1 2024 Earnings Call Transcript