Reinsurance Group of America, Incorporated (NYSE:RGA) Q1 2023 Earnings Conference Call May 5, 2023 10:00 AM ET

Company Participants

Todd Larson – Senior Executive Vice President and Chief Financial Officer

Anna Manning – Chief Executive Officer

Leslie Barbi – Chief Investment Officer

Jonathan Porter – Chief Risk Officer

Tony Cheng – President

Conference Call Participants

Jimmy Bhullar – J.P. Morgan

John Barnidge – Piper Sandler

Ryan Krueger – KBW

Andrew Kligerman – Credit Suisse

Dan Bergman – Jefferies

Tracy Benguigui – Barclays

Tom Gallagher – Evercore

Alex Scott – Goldman Sachs

Erik Bass – Autonomous Research

Mark Dwelle – RBC

Mike Ward – Citi

Operator

Good day. And welcome to the Reinsurance Group of America, Inc. First Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [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 2023 conference call.

I'm 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 discussion of these terms and reconciliations to GAAP measures.

And now I'll turn the call over to Anna for her comments.

Anna Manning

Thank you, Todd. Good morning. And thank you for joining our call this morning. Last night, we reported first quarter adjusted operating earnings of $5.16 per share, a strong quarter that included very good performance in many regions and product lines, some nice in-force [indiscernible] and good momentum on organic new business across our markets. I am very pleased with this quarter and with the start to the year.

On the capital management front, we had another active and successful quarter, deploying $194 million into in-force and other transactions, and that success was across many of our geographies and products. To provide a little more perspective on the breadth of our wins, we completed deals in Canada, the UK, Europe, Asia and our first U.S. PRT transaction.