Reinsurance Group of America, Incorporated (NYSE:RGA) Q2 2023 Earnings Conference Call August 4, 2023 10:00 AM ET

Company Participants

Todd Larson - Senior Executive Vice President and Chief Financial Officer

Anna Manning - Chief Executive Officer

Tony Cheng - President

Leslie Barbi - Chief Investment Officer

Jonathan Porter - Chief Risk Officer

Conference Call Participants

Jimmy Bhullar - JPMorgan

John Barnidge - Piper Sandler

Wes Carmichael - Wells Fargo

Tracy Benguigui - Barclays

Erik Bass - Autonomous Research

Suneet Kamath - Jefferies

Ryan Krueger - KBW

Tom Gallagher - Evercore

Alex Scott - Goldman Sachs

Mike Ward - Citi

Operator

Good day and welcome to the Reinsurance Group of America Inc. Second Quarter 2023 Earnings 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 second quarter 2023 conference call. I am joined on the call this morning with Anna Manning, RGA’s Chief Executive Officer; Tony Cheng, President; Leslie Barbi, Chief Investment Officer; and Jonathan Porter, Chief Risk Officer.

As 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 further discussion of these terms and reconciliations to GAAP measures.

And now, I will turn the call over to Anna for her comments.

Anna Manning

Thank you, Todd. Good morning and thank you for joining our call today. Last night, we reported second quarter adjusted operating earnings of $4.40 per share. This was a strong quarter with many regions and business lines performing very well. There’s also another quarter demonstrating the power of the underlying earnings engine in our business as well as the ongoing success of our growth strategy that is adding meaningful long-term value to that engine.

Let me turn to a few of the highlights in the quarter, which include favorable mortality experience in our U.S. individual business as well as favorable performance in our U.S. group and individual health businesses. Our Asia traditional business also benefited from favorable claims experience as well as higher yields. Our Global Financial Solutions business had another strong quarter with contributions from both spreads and favorable longevity experience, continuing the trend of excellent performance over a number of years. Investment performance in the quarter was good as new money rates remained attractive and impairments were minimal.