Reinsurance Group of America, Incorporated (NYSE:RGA) Q3 2022 Earnings Conference Call November 4, 2022 10:00 AM ET

Company Participants

Todd Larson - Senior Executive Vice President and CFO

Anna Manning - President and CEO

Leslie Barbi - Chief Investment Officer

Jonathan Porter - Chief Risk Officer

Jeff Hopson - Head, Investor Relations

Conference Call Participants

Erik Bass - Autonomous Research

Dan Bergman - Jefferies

Ryan Krueger - KBW

John Barnidge - Sandler O’Neill

Jimmy Bhullar - JPMorgan

Alex Scott - Goldman Sachs

Operator

Welcome to the Reinsurance Group of America’s Third Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s prepared remarks, there will be an opportunity to ask questions. [Operator Instructions]

Please note that this event is being recorded today. 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. Good morning. And welcome to RGA’s third quarter 2022 conference call. I am joined on the call this morning with Anna Manning, RGA’s President and Chief Executive Officer; Leslie Barbi, Chief Investment Officer; Jonathan Porter, Chief Risk Officer; and Jeff Hopson, Head of Investor Relations.

A quick reminder about 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, information we provide may include non-GAAP financial measures. Please see our earnings release, earnings presentation, 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’d like to turn the call over to Anna for her comments.

Anna Manning

Thank you, Tom. Good morning and thank you for joining our call. Last night, we reported adjusted operating earnings per share of $5.20, another very strong quarter following the record level of earnings in the second quarter.

The results this quarter include favorable performance across many of our segments and businesses. As well, new business activity and production levels were robust and encouraging, and we have started to see some tangible benefits from higher investment yields.

The COVID-19 claim costs were comfortably absorbed and our underlying non-COVID-19 mortality experience was favorable in many of our markets. Segments of particular strength this quarter include U.S. and Latin America Traditional, Asia Traditional and U.S. asset-intensive.