RGA - Earnings call transcript Q2 2018 | Reinsurance Group of America, Incorporated

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Operator

Good day, everyone, and welcome to the Reinsurance Group of America Second Quarter 2018 Results Conference Call. Today's call is being recorded. At this time, I would like to introduce Mr. Todd Larson, Senior Executive Vice President and Chief Financial Officer; and Ms. Anna Manning, President and Chief Executive Officer. Mr. ahead, go Please Larson.

Todd Larson

morning call. welcome Good quarter RGA's XXXX conference everyone you. to and second Thank

in Louis Anna me a financial President discuss Joining measures. St. second quick and Manning, is the information Chief RGA's reminder Anna about Executive and results Officer. quarter and forward-looking will in I after this non-GAAP morning

A and is that actual Following To certain included understand call of materially better we that list we'll or make contain help statements RGA during remarks, discuss factors results future that in will RGA's results potential performance, be issued release from yesterday. subjects to differ projections to happy including, things, mind expected and we'll actual prepared of information, Keep you our financial take growth revenues, questions. and certain and results among to its premiums results. your materially differ forward-looking investment of in could relating performance important business, cause earnings earnings this other subsidiaries. could the expected from statements

reflects We and comments. the to this turn information over more may for addition, business. With the reconciliation Anna our and financial information we'll the I'll measure supplement pretax Relations press on measure on of to comments this and the financial her business various a to at operating release this SEC our income Investor on segments. refer adjusted is after-tax of found call rgare.com. for income underlying adjusted under quarterly trends operating regulations. for In of These that, and be website make additional and income, net better non-GAAP profitability call, measure which course the Please during ongoing considered believe our tables in documents

Anna Manning

Thank you, Todd good morning. and

reported earnings Highlighting or moving quarter, results our be ago. Most a in line the indicated consider operating of in to our share last with balance, were compared $X.XX reported some $X.XX parts. key On albeit relative earnings to strong a adjusted per good year of to businesses night, we we expectations. the release As this positives. that

mortality business. We quarter; Asia, Our rate, this business to a in lower overall. global which performed well benefited individual disappointing, by U.S. was in EMEA partially were the tax group financial related from U.S. investment and experience primarily solutions includes very but variable lower-than-expected excess income. our offset and rebounded business, excess unfavorable disability medical our results second and The

period areas and within continue would We actions to select rate from expect these in a action of reasonable we as appropriate, see time. benefits take to

project half approximately was corporate elevated costs, the adjusting to lumpy moderate and Our X% in to we due such of the some at organic put X.X%. we items, loss but growth currencies; growth premium second was for X% Reported and expect in constant year. regulatory but compliance expenses

As million our Investor we June, at shares. our indicated Day of recent in we repurchased $XXX

also are consecutive common raised pleased to by of We growth. year announce have double-digit dividend we our ninth stock the annual XX%, dividend that

financial the reinsurance transactions not close number moderate-sized transactions. we did a on did we While on major in of execute any quarter,

on deliver diversified strategy, proven a quarter. considerable have strategy. we on a we pipeline again, Once platform us very of and and product global overall capital enabled and see executing opportunities, strong have be sufficient Our our to have With to to line focused range we opportunities. on levels, good We are that continues current overall a our execute active. flexibility well-positioned are

deliver results. turn ability our Looking forward, attractive approach continue we remain over I'll to that, confident to it proven back With on financial to and in our Todd.

Todd Larson

to segment-level intermediate adjusted XX management results. the on XX%. provide X.X%, our months of shy investment We achieved results Anna. financial an a trailing just beginning of XX% equity overview, of capital Thanks brief return I'll operating and with guidance for range

the share repurchases billion growth, the quarter capital the With excess support and quarter. of end organic of $X.X deployments at to is strong

XX value, value our continue investment results year-ago to our yield, quarter of increasing versus quarterly business, the book basis quarter variable compared second XXXX lower add The was per excluding points XXXX, quarter. investment in share, by to points to spread down period. Our and average X.XX%, the XX book income XX% excluding over current basis the reflecting of first down AOCI, the

tax tax mostly as impact was low rate some operating of of pretax range adjusted during from first as lower-than-expected tax income provision, money XX% uncertain effective reflection X.X% to rates. a lower quarter new global The Our GILTI from the higher positions of our due than the the well a was the to intangible income or up XX.X% quarter. primarily effective in XX%, rate interest of expected settlement X.XX%, on

to range, we rate While it's towards timing of predict tax be certain our expected perhaps the expect difficult higher within year the items, to end. full the

pretax reported mortality $XX.X Turning income in reflected a ago. to results, of mortality experience. U.S. period our million Latin claims $XX.X versus while adjusted America Individual experience and was segment individual million favorable line, Traditional year year-ago operating business the the

the excess primarily disability our by medical excess results group driven below indicated, and the coverages. were As expectations quarter, this

As as Anna to continuing actions take mentioned, we appropriate. are rate

the Premium Additionally, X.X%. income run variable was our in growth investment below average quarter. rate was

organic modification we fourth X.X%. quarter, of for mentioned the an existing was adjusting treaty the growth after back health premium in However, the of effects

down pretax end of million the and to range adjusted Our lower reported period from year-ago operating expected in million, income million asset-intensive of $XX of at the income the to primarily $XX.X $XX in million business slightly quarter. $XX.X our low due this prepayment quarter,

year. ago It income the $XX period. business pretax the reported million this the year line of due in $XX.X reinsurance activity half first financial of a versus to increased million in operating adjusted Our

segment Our reported million down million, Canada of $XX.X in traditional operating adjusted pretax period. $XX.X income the prior-year from

in-force execution which adjusted with of favorable number East, reflecting individual longevity reported experience were solutions $X.X in a this which reflecting longevity fee-based and or operating compared business, mortality greater reported currency claims. Reported of income an of includes income was mortality was $XX.X and expected growth quarter Premiums unfavorable operating of had from million claims. primarily we last experience. $X.X and million, of million. year's to basis. $X.X with in of compared Africa, view handful of to quarter couple includes to unfavorable fee-based Switching of transaction $XX.X to $XX.X due operating pretax also quarter, periods experience EMEA's favorable, on countries, financial a year currency benefiting business large million XX% traditional Europe, down our from first million financial normal foreign last We growth large both Middle constant to transactions, positive $X.X due reported the adjusted favorable This a pretax income premium volatility. business as pretax foreign influence the the X% business, up Canada's asset-intensive, than Longevity X% of currency. year a the experience and solutions underlying longevity, due adjusted and very transactions, translation ago, million. to million

Asia-Pacific year to $XX.X compared totaled million our traditional period. in the income adjusted business, operating prior pretax Turning million $XX.X to

a the had the excluding which and in underwriting unfavorable as in we at across Our of catch-up premiums effects region. excludes traditional Australia, for of effects was currencies. flat some treaties. group countries were treaty Premium business end versus a were we Australia year-over-year. result in Australia last breakeven year. in result favorable of year-ago quarter XX% experience in handful ahead experience was Australia, of growth Reported period adjusting there a profit the this on recaptures XX% this XX%, most saw the some expectations In as quarter in premiums, premiums Asia, the were Asia-Pacific or down constant Asia, some reflecting modestly of

pretax income period. million $X.X quarter the in new reflect and of loss addition adjusted quarter million of solutions Our of reported The the operating the The higher financial operating business. business income slightly adjusted pretax reflects Asia-Pacific compared compliance a runoff experience some project $XX.X treaty adjusted year-ago The the mentioned ago. regulatory a and pretax we've better-than-expected million from cost. of $X.X results in versus past operating reported for $X.X corporate segment with million year the

per Going million. quarters, a conclusion, balance, we loss feel we next expect corporate quarter in good as of this the view couple would range on of In forward, to be and on $XX $XX to over appreciate the average, your and the million to investment attractive with continues an for RGA you and and opportunity in and returns, earnings consistent continued thank interest be share, strong support RGA questions. that growth. the We value call open book we'll

Operator

& Instructions] our you, question Partners. We'll Lee Thank sir. Dowling with [Operator from Humphrey first take

Humphrey Lee

my morning and taking thank you questions. for Good

Just want U.S. traditional. in excess and to disability excess medical coverage on experience the follow-up

the you what Just drivers down wondering, of little terms can impact? that bit in a are you're seeing the drill

Todd Larson

XXXX, in accident us. health is start. me of of overall Todd. business it Yes, income, four on disability excess business, The care, has good back underperformed portion There's acquired of health risk, up then mentioned, and U.S. Humphrey, And DI care health in coverage, quarter let quota And since special health group as or been the was and and a life it's and the that excess we business. for Well, made it lines and a first, business business. we the the share. DIs the business excess then care

our we more this little some saw be well. space, business. as DI incidence excess was just nature, the can what reopened in coverage share-type by quota bit than and some So, its higher a claims of claims, And of a volatile

the and continue these we'll they for reprice treaties renew basis, we'd been of continue And expect as quarters just an been several and this have happens given nature we'll up if over treaties is other losing come nature as rate underlying them within reprice we the to come like so But through treaties, on months we we'll appropriate. that have mention some next of the -- fairly and the return we’ll -- turns up as repricing So, we are repricing out. we to up expected renewal, annual in short-term that see have should for have treaties business it these to increases when that or and our to mentioned, will we see they the to that what XX I the players. profitability I how end do next so. go to renewal

Humphrey Lee

So, stop or managed kind care care, kind in of nature? is of on the excess some that company a this for loss health like the

Todd Larson

maximum point health -- it above the it's exhaust a as attachment it's unlimited well, at not though an generally a on and loss. side, stop point so then It's an also layer care

Humphrey Lee

the type the from? what you are business And in at was And then XX% maybe you it. is premiums you're catch-up taking got of traditional. premium My in shifting and growth actions the impact good XXXX remove of seeing the range. was Asia the is what Like, in -- growth the growth then where pretty I actually the Asia-Pacific the gears understanding if just Australia, to was coming Okay, wondering in specifically, region?

Anna Manning

Anna. an ideas. its similar in region in exchange new Humphrey, it's the consumer arrangement those for products to product development efforts our exclusive quarters, broadly. prior product we Very for take to clients, We these around ideas get and

So, couple and we new what would with also an that is cover that typically, we're reinsurance capital from then manage couple idea leverage market-to-market, structures help be And strains of that do able to years. arrangement on the that the a would some to further that business.

that's strategy, the So, from in and is where overall, coming Asia. that's growth our

Humphrey Lee

expect growth I level off, quite least medium given been start of to maintain some little several the a reasonable going past seeing been years? this we of to is will how the at has of for productivity, term guess, of tailing time. the sense, you of forward? a bit kind in see robust Like, Or high-double-digit type you've these kind a it growth in over can

Anna Manning

are the Well, in underlying play few the a not dynamics the And just it's also penetration Asia. life of Yes. reinsurance at the reinsurance. It's insurance and market growth growth. in there rates

never of think So, middle many maybe of the in Asia, the increase. protection together reinsurance increasing at XX% -- the say should historically not products of I demand would growth. so and our but competing adds that looking I level at or And obviously been had underlying reinsurance, people dynamics pieces, insurance that add for exclusives, in very underlying strategy really for and growth. three intermediate have of low this the and say, protection are expectations moving against our certainly and where Then products, to Then penetration the that three having when to we XX%. levels then that's those our growth, population countries what's follow into competitors, of dynamics, those competing classes driving of

Humphrey Lee

color. appreciate Thank you. Got it, the

Operator

next comes Jimmy with Our JPMorgan. from question Bhullar

Jimmy Bhullar

Hi.

So, just overall. had a question

or ago, -- your two As look across there's you versus at work is obviously and have like previously. sort the many earnings and think are and business underpriced balance But one you two about quarters of months three the seems business power expectations normal claims, it maybe quarters ago, now of some your group businesses you cases tends to where volatility that than might out. lower your

that that you if reprice as do And is of So, obviously, chance end there's losing cases right the margins well. assertion? some a come the back. will you the book, But up

So, you recently? what about seen think power business how earnings you've do growth your group the given potential, just in

Todd Larson

Yes.

it. a give quarter and a just premium on is business group the part didn't business. you sense business So, the million, the of entire $XXX it nice group But lines were portion about the group perform business, in our just for size group two to of -- are only the a the and levels that group to business

expectations not chunk business, I would put enterprise-wide, look the chunk a business change at it's both the in from a say you as growth, performed, just of a diversified not perspective how ineloquent X% diversity what we've a it but product feel business it's if there’s it's But So, doesn't block maybe big very we've geographically. at our way an intermediate well but of X% as to got EPS our still our past business, of of stated it. we -- group nice to

any lines have hopefully do will underperformance the particular can some on other -- of and we business, So, outperform. some absorb we block of

power answer maybe that forward underlying changed we So, company. on of going the our our a to say long-winded earnings haven't expectations

Jimmy Bhullar

at extent you on you not? does -- deploy can I on get if what price deal big comments or the think on do price just deals, at much you're at do your buybacks? your upbeat. fairly you do them a Okay. do buybacks some look your Obviously, sort versus how on would buybacks, And otherwise? versus you How pipeline Or be continues threshold look to seemed buybacks them to the capital decide share looking think in what deployment. at when part to stock And your look active if at versus you you and you stock share then, more play of towards decline --

Todd Larson

period that are managing been longer capital I pretty we think we've consistent our over quarter-to-quarter. versus the

we as that expected deploying certainly, risk Now well as really transactions back meet our our capital into the profile. business of return like appetite meet our into sort

like still quarter, does that's that active So, share first and said, $XXX do, relatively -- we That do have repurchase to being pipeline stock that $XXX would of foremost, point, what happy we right would have we over in during we the and we're authorization look the million. And the that million now. the I with too, amount -- of repurchased place.

to well certainly as take deal some we'll close opportunity at a So, go as back look pipeline forward, the shares. as the more potentially we buy

Operator

question We'll from Markets. take Capital next with our Kenneth Lee RBC

Kenneth Lee

my question. taking thanks for Hi,

give that experience, Just that? the one can you the on detail on been solutions. financial longevity favorable driving EMEA What's any Thanks.

Todd Larson

Yes.

couple for things. the especially underlying well us, One is combination So, of in business has it's that performed a quarter. of

in the from we're reporting us. the that, our during as on well quarter. the catch-up And we overall some the experienced did to clients information quarter, the added favorable As to have timing reporting dependent somewhat during to quarter, of

it related catch-up. very favorable client-reporting strong, part to quarter, So, some very which was of a

Anna Manning

fair it's mortality. a add you're I is the proportion would other performance longevity that would underlying -- add I seeing the yes, there. In words, of what of opposite

longevity we we're dying people expected. had had number So, than who a larger seeing of our products

Operator

Research. Erik question Bass And we'll with on to move from Autonomous our next

Erik Bass

what earnings comment thank the that remind the typical this business a what Can much contributes. would U.S. quarterly business annual us quarter? as amount or either on And And think contribute on of thanks a you would basis? group Hi, level the of group you how you. the for was premium then

Todd Larson

Yes.

had of We'll So, about probably what's year, And anywhere quarter, or $XX a the the -- best a way million. it? had we quarter. so to loss during size $XX from this we about expect million

Erik Bass

overall. -- sort so think, lines, that or the talked you. were those I of are really Thank that about you And that's XX% of business it's affected so

area. negative performance just outsized in that it's really So, particular

Todd Larson

That's right.

Erik Bass

Got below of it. on would can geography investment run of And rate you maybe as what you much quantify think the the that? how income, normal saw this quarter variable just you a and then

Todd Larson

Yes.

for $X.XX. was So, the about it quarter,

So approximately, solutions then and it or say sort I in spread would corporate. say, of line quarter, was financial be about for rest of the or the the global then that XX% would XX% to traditional the individual U.S. asset-intensive to and

Erik Bass

Thank it. you. Got

Operator

We'll take question John our next Nadel with from UBS.

John Nadel

bit parts the little believe, there's I your Hi, of think your year. that, the maybe moving mentioned rate the still Todd, at XX% and that, a I been you to tax for idea in good range morning. volatile upper XX% prepared think it's be while to remarks you it's yet, a end some

doing I year-to-date two quarters. be that's so first that half at think a to end we range I'm the to should year full of math toward sort us are if right, your a of the rate of your -- I signaling above we you I'm XX%? should the tax year that XX% on sort bring modeling modeling be the mean, basis of the through back for upper

Todd Larson

the just work. in still the for as We're I to and yes, probably predominantly probably as quarter, think think volatile as within tax predict, is yes, volatility GILTI just hedging provision in expected reform, the project a how on we're But and higher exactly first little end. in quarter. going a little to year-to-date, us little difficult better to what the as remember, we early the these provisions, come for things are in and But to second I'm calculations, range, the bit where -- very the a to it's some little bit and with bit No, the sort it's I bit this due well and full of over year. that's as out some a the difficult newer signaling more really squarely you saying that difficult BEAT others towards looking

John Nadel

like could group, relative very to of significant. Okay. That's give sense were results the it to back and you typical go Can expectation? in It's was helpful. seems I how along more the EMEA. lines for us just -- And if some U.S. then favorable. quantification EMEA discussion a similar business It still favorable to can longevity

Todd Larson

Well, probably EMEA quarters business, look you, includes my segment, traditional is total so or solutions longevity, best of few a for next -- size for say the and it and me financial pretax. which the $XX the of million, if to at you best way lines I to the couple estimate run over rate million the would $XX

John Nadel

be an that since that with go And couple respect we to the there, traditional believe us that's to Yes, that on piece what need U.S. sort of particularly -- signaling I basis and from some I of Is you're helpful. the you're -- expect group we as guess then as ongoing that you're a that repricing ought saying? of through that -- pressure blocks that business, business those different you repricing. to some on there should the

Todd Larson

I the -- view pressure. maybe underlying fairly in again, we would a shape. some good on this business. And already be repricing But would There'll we're of sheet balance our business a think little

like this quarter had but itself. to of that I wouldn't second that in So, little the expect we quarter the maybe half, a pressure bit repeat

John Nadel

one. really quick one And think, I Okay. last

yield new your at from rate portfolio almost But point? at quarter Is and is over of existing effectively downward money the pressure You mentioned this missed yield? on the or top I in the right it number.

Todd Larson

mentioned was money I quarter the new for X.XX%. close. getting We're the rate

portfolio close, to think, rate. overall So, it's fairly I the

John Nadel

Okay, Thank all you. right.

Operator

from Our with KBW. next Krueger comes question Ryan

Ryan Krueger

morning. Good Thanks. Hi.

are pipeline, it's signals it industry things like a active the I that deal seems certainly within On all -- that now. pretty are mean, the right

of compare types the where of today properties the years? you versus For I in, interested you're specifically the that it's last how guess, would been couple pipeline

Anna Manning

pipeline, a also characterize It's it a as strong Ryan. would varied I pipeline.

will that selective in risk sizes, we're looking seeing we're seeing mortality. RGA, the at a fit of business in fit our all the opportunities. best [Indiscernible] the Europe say more Europe, risks. it remaining broad and And and set and we're North America effectively our I although both medium, some structured interest-sensitive So, that full there around annuities, product than and seeing We're settlements, we're U.S. of deals. seeing We're right seeing our appetites. is manage business, range And now. We're ability deals designs best small, capabilities to larger some

risk/return overall So, proposition. -- and also, obviously, the

So, I and very a strong. active pipelines the would characterize are as market it

Ryan Krueger

Thanks. uplift did mentioned on material? in, the an Fin are I of re-transactions, those that in financial much were And you expect ones we -- earnings quarter? Should guess, Re the you the those the from that then

Anna Manning

in all did the a say, would handful I sizes. were We quarter. But they modest

Ryan Krueger

Okay. Thank you.

Operator

Dan question next Bergman We'll with take Citi. from our

Dan Bergman

see Thanks. start, still pipeline. up? follow-up Good are any is block to how the morning. of competition just for in just to deals? holding the I around Is there seeing level it pricing questions wanted I rational? I the deal if to of on you're guess, terms wanted trends And

Anna Manning

Yes.

So, with is the bit quite of ready deploy. competitors capital I'll strong. of to competition have a number available A start

approach that we have go Now, transaction. can comes or execution really believe to our opportunities our of we we sweet certainty, bring spots. about chance a those can is greatest opportunities through our success. are And where repeat the competitive our expertise, Those a where target leverage idea we where new and really target

Of strong relationships. new got you a deals, three first client, a the I new examples. very the last a deals structure. because we those with look And those had idea, those, and on of business and Now, of repeat well-established in we deal, with deal, share we would third where a new quarter, a three because limited we the competition are had completed that two had that we

well-positioned. share primary we We're deals time, our price hold is up. we fair over But of the expect, win So, say, general optimistic believe will isn't in competition continue strategy factor. our going I'd And very where we're to strong. we're to

Dan Bergman

if mortality. then quarter. U.S. helpful could, one first nice back that see from And on the Got was just to color. I It individual bounce it. That's very maybe

So, how claims to I sense the performed the maybe additional be whether of see from how came three there's wanted provide flu-related just results Just can in the first block trying there to to quarter. you around months? And quarter. any course color any a spillover if get of the this over seemed of

Anna Manning

Sure.

So, think yes, rebound. across claims were all there by that overall, likely was broad quarter. our it's it mean It up rebound, in flu-related we additional some the what was claims line. I And broad in ended But a the areas.

So, nothing really very to to it. we're note, other see than happy

Dan Bergman

Got it. It was you. very helpful. Thank

Operator

take from with next question Alex Scott We'll Goldman Sachs. our

Alex Scott

corporate I time. Hi, you thanks into over that, some details for little costs Like how The away? this those Are guess, I maybe suggested you on I to taking And fade provide will can you third quarter? the expecting any go you they that what that question. a mentioned quickly think quarter, guess, those would elevated were? were persist the

Todd Larson

yes. So,

to spend to was So, money data had we some called we big that have protection in and costs comply to some over portion GDPR. It's the of it or spend privacy regulations Europe. a with

But ready so when And of being have so play. we to the in the sure the or of up costs. costs ended and date into sort go May as to came first effective the some some that go-live budgeted regulation we're accelerated to was year, late we of of half those make wanted for

as second some initial get year I and a the the of sort would echo we and to first Anna would half that's the push that piece of half of moderate it into a why expect So, in as big the of that bit -- we that's -- mentioned of was we year. it,

Alex Scott

you're of And Any update claims kind is we is just some there? review Royal development? remind quarter if on one about be the specific had me, you do you of there talk sort all claims on what the were of should that could Okay. modeling you about? a down thinking development Can And just also another I question claims the of in Australia. seeing Commission terms at what practices, was of doing of

Anna Manning

Yes.

performance. We Australia very any claims claims And not on around clients, haven't involves claims being on with focus evidence point changed our improving processes. improving Commission that of deterioration for to any has reasons. anything on And of been we're companies a with respect seen in that practices -- their engaging just as efforts in especially those any practices, direct rehabilitation movement, seeing Royal at in active We're this our practices. have terms either the or other these result

Now, respect with a question, your reviewing second review we to our assumptions We're quarterly that on quarter-by-quarter. basis.

Alex Scott

in like if increased could breakdown a volatility one. provide any Any guys Thanks. kind year over thing. related just one Maybe now? in have of you half sort second in about seasoning, the past vintages, be kind the that I versus may like can or talked Okay. you of way the expect for I what of last guidelines think about could sort time there? half to us percentage earnings typical know give of of may quick earnings I sneak be to mean, the you should first or we in

Anna Manning

our U.S. about individual let's Well, mortality talk business.

severe would is older and Seasonality, to hard because disproportionate get are we So, here, two other on they're expect seasonality winters, to impact people increase as one the older ages. flus, a have elements is there volatility. the going

So, ages, as to business follow would we expect seasonality also that.

are there every patterns with in of of about there country. lots observed reports just seasonality Now, out

is the what more which is population in size really statistics, in and million. It's suggest And claims. which pinpoint in second information around volatility see in can makes experience the that is back it can large the over we claims, volatility. the All I are can difficult materials. is time of large we claims this you -- to of long element, part, What business. you on investor see our -- over you periods around look call our driven it the also by You provided $X when that

the pattern back and of quarter and last number a third of second results. clear over If than years, fourth you lighter there's definitely look first quarter

Alex Scott

Thanks. Okay.

Operator

take Credit with We'll next question from Andrew Instructions] Kligerman Suisse. our [Operator

Andrew Kligerman

asked, been -- but would I A morning. my lot helpful. maybe good Hey, wanted just little the a questions have know be color of to

you're when those business, you so you the for excess miss group exactly do about areas. numbers? it How writing did -- in missed? on been long you've So you think this what thinking What

Anna Manning

there think were of I with a few the One in business. composition elements do had there. the to

-- taking medical. other would business hindsight, words, an that Then around there's on. average have. perhaps we were we quickly in sizes reflecting excess also that the say sizes we element as in I the the as of So, And might weren't the

a measured we've and what expansion approach supporting ACA-related businesses. as Now, businesses we taken think to Medicaid these of some

has approach to to as I'm order group to clear in business. exposure. U.S. been a this around we support portion our took aware, in approach well volatility, business exposure to business. that our of They're sure limits clients, our in We you're limit continue but to us for established this total So, our our small

what Some of you're in second seeing also that is results. the quarter

Andrew Kligerman

million do -- you And pretty XX that think do Anna, you confident feel you next back plus over delta can $XX so get the months?

Anna Manning

Well, certainly through repricing a detailed we're going effort. very

on we for mentioned, our we're prepared If margins, able some every are that not not we're instance clearly other growth, we're As as and going topline may to business around in go lose globe. Todd focusing we bottom-line. we're the reestablish of to

Andrew Kligerman

where that lastly, Got exactly of kind you just you as the But investments placed. have geographies it. it talked variable different about deliver would on didn't business And investment was income, anticipated? then of what

Todd Larson

of These sort type the be ventures real what our do can to out project of of estate best joint that thing. and we sort Well, Yes. underlying.

getting investments certain try of of. timing or best we always the properties perfectly. when our would And be expecting do don't for predict right we out to So,

underlying partnerships So, estate and really, ventures. mainly, some it's real

Andrew Kligerman

timing. just And

great. lot. a Okay, Thanks

Operator

Larson And to to additional remarks. turn the I'd that question-and-answer any over back for or Mr. closing session. conference concludes today's like

Todd Larson

call you continued the appreciate any thank for our quarter morning. you And everyone on you questions, We very joining Well, have second let this us please support. know. if us much. Thank

Operator

Thank presentation. And Thank now you you. And you does disconnect. for that conclude may your participation. today's

Reinsurance Group of America (RGA) 27 Jul 182018 Q2 Earnings call transcript