EXHIBIT 99.1
[RGA REINSURANCE GROUP OF AMERICA, INCORPORATED LOGO]
NEWS
FOR IMMEDIATE RELEASE
ALLIANZ LIFE AND REINSURANCE GROUP OF AMERICA COMPLETE REINSURANCE TRANSACTION
MINNEAPOLIS & ST. LOUIS, December 4, 2003 -- Allianz Life Insurance
Company of North America (Allianz Life) and Reinsurance Group of America,
Incorporated (NYSE:RGA) announced today that RGA has completed its acquisition
of the traditional U.S. life reinsurance business of Allianz Life. On September
22, the companies announced the agreement whereby RGA would acquire this
business through a coinsurance transaction and pay Allianz a ceding commission
of $310 million.
"The completion of this transaction further strengthens our position in
the U.S. marketplace, adding approximately $240 billion of life reinsurance in
force to our book of business. We expect the transaction to be accretive to
earnings immediately," said A. Greig Woodring, President and Chief Executive
Officer of RGA.
The transaction has an effective date of July 1, 2003. The two
companies are working to transition the underlying policy information to RGA's
systems. Additionally, they have agreed to pursue novation of the individual
reinsurance agreements to RGA.
About Allianz Life Insurance Company of North America
Allianz Life Insurance Company of North America (Allianz Life(R)) is a
leading provider of fixed and variable annuities, as well as a provider of long
term care products through independent distribution networks and financial
institutions in the U.S. Allianz Life is also a major provider of health excess
of loss services. Allianz Life headquarters are based in Minneapolis. Allianz
Life is a company of the Allianz Group, one of the world's leading financial
services providers. Allianz Group is represented in over 70 countries, with more
than 60 million customers around the globe, and employs 180,000 people
worldwide.
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About Reinsurance Group of America, Incorporated
Reinsurance Group of America, Incorporated, through its subsidiaries, RGA
Reinsurance Company and RGA Life Reinsurance Company of Canada, is among the
largest providers of life reinsurance in North America. In addition to its North
American operations, Reinsurance Group of America, Incorporated has subsidiary
companies or offices in Australia, Barbados, Hong Kong, India, Ireland, Japan,
Mexico, South Africa, South Korea, Spain, Taiwan, and the United Kingdom.
Worldwide, the company has approximately $1.1 trillion of life reinsurance in
force, and assets of $10.5 billion. MetLife, Inc. is the beneficial owner of
approximately 52 percent of RGA's outstanding shares.
"Safe Harbor" Statement of Reinsurance Group of America, Incorporated
under the Private Securities Litigation Reform Act of 1995.
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including, among others,
statements relating to projections of the earnings, revenues, income or loss,
future financial performance and growth potential of Reinsurance Group of
America, Incorporated and its subsidiaries (which we refer to in the following
paragraphs as "we," "us" or "our"). The words "intend," "expect," "project,"
"estimate," "predict," "anticipate," "should," "believe," and other similar
expressions also are intended to identify forward-looking statements.
Forward-looking statements are inherently subject to risks and uncertainties,
some of which cannot be predicted or quantified. Future events and actual
results, performance and achievements could differ materially from those set
forth in, contemplated by or underlying the forward-looking statements.
Numerous important factors could cause actual results and events to differ
materially from those expressed or implied by forward-looking statements
including, without limitation, (1) adverse changes in mortality, morbidity or
claims experience, (2) changes in our financial strength and credit ratings or
those of MetLife, Inc. ("MetLife"), the beneficial owner of a majority of our
common shares, or its subsidiaries, and the effect of such changes on our future
results of operations and financial condition, (3) general economic conditions
affecting the demand for insurance and reinsurance in our current and planned
markets, (4) market or economic conditions that adversely affect our ability to
make timely sales of investment securities, (5) changes in investment portfolio
yields due to interest rate or credit quality changes, (6) fluctuations in U.S.
or foreign currency exchange rates, interest rates, or securities and real
estate markets, (7) adverse litigation or arbitration results, (8) the stability
of governments and economies in the markets in which we
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operate, (9) competitive factors and competitors' responses to our initiatives,
(10) the success of our clients, (11) successful execution of our entry into new
markets, (12) successful development and introduction of new products, (13) our
ability to successfully integrate and operate reinsurance business that we
acquire, including without limitation, the traditional U.S. life reinsurance
business of Allianz Life, (14) regulatory action that may be taken by state
Departments of Insurance with respect to us, MetLife, or its subsidiaries, (15)
changes in laws, regulations, and accounting standards applicable to us, our
subsidiaries, or our business, and (16) other risks and uncertainties described
in this document and in our other filings with the Securities and Exchange
Commission.
Forward-looking statements should be evaluated together with the many
risks and uncertainties that affect our business, including those mentioned in
this document and described in the periodic reports we file with the Securities
and Exchange Commission. You are cautioned not to place undue reliance on the
forward-looking statements, which speak only as of the date on which they are
made. We do not undertake any obligations to update these forward-looking
statements, even though our situation may change in the future. We qualify all
of our forward- looking statements by these cautionary statements.
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CONTACT:
Reinsurance Group of America, Incorporated
Jack B. Lay, 636-736-7439
or
Allianz Life Insurance Company
Gabrielle (Gabby) M. Matzdorff, 763-765-6163