RGA - Earnings call transcript Q3 2018 | Reinsurance Group of America, Incorporated

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Operator

Good day and welcome to the Reinsurance Group of America Third 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

and morning a call. welcome in With morning and third measures. RGA's in Good I financial Anna quarter discuss non-GAAP reminder will St. RGA's about XXXX this the President Manning, Anna conference me results is Executive everyone you. Officer. to and after and quarter third Louis Chief quick Thank this information morning forward-looking

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

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

Anna Manning

good and morning Todd you Thank everyone.

first a share night. to this of include, in indicated year. per some a very reported earnings half operating the $X.XX the year $X.XX was As We ago. strong Highlights offsetting adjusted of compared our X% press This in the in quarter segments, release last quarter our and for claims in was was in and Reported growth and business, growth experience lumpy in favorable items favorable currency our X% strong individual Asia strong premium adjusting a constant X%. organic EMEA U.S. segment. softness performance mortality

quarter million $XXX in large in total the approximately longevity into The our transactions. $X.X of to the market We a several We in continue capital share very intensive closed see of considerable overall block in closed be a quarter competition. in successful those and We we the on despite terms of momentum organic demonstrating of in on deployed transactions continue had to quarter source U.S. good repurchases. active and capital deployment business. transactions in assets, one transactions billion that deal include both asset

second XXXX. a deployment respects. quarter average and We million year repurchased us year-to-date period deployment strong in the our above a most pace on This dividend source the in this To shareholder quarter. our to million, active very $XXX five putting capital share repurchases on was well many annual summarize, for and also $XXX in for since transactions, brings capital

volatility over the to our out periods in even volatility and continue results the both time. The some we While see directions to of short-term. in tends longer goes of

good shape. in is business Our

continue overtime. business profitable on markets capital disciplined the We managing and growing positioned focus in and are effectively we well our

our share to more be detail win overtime. active our Our Todd we of about that, transaction hand me and provide back optimistic pipeline our results. continues to to let And ability with on very transactions it remain to

Todd Larson

a provide Thanks brief I financial will overview. Anna.

intermediate on return equity our guidance the was to lower XX%, months XX which operating is end at XX%. of for adjusted Our trailing of the XX%

we quarter, fourth the within for results actual expected that for feel we confident full-year. our the perform will on range dependant While

to to organic excluding $X.X ability shareholders position supports generation excess in through of The our XX% excess investment of share billion strong points Our spread capital and repurchases. average with X.XX%, dividends growth, fund combined to and our source business execute the third yield, to compared transactions capital was continue XXXX. return basis capital on attractive down quarter

reflecting variable points strong investment level average XX the in year versus the variable investment both income of of income investment in especially up the current As period. the quarter. was second but above basis was The periods, average yield in quarter ago XXXX higher

expect reflection some than of Our within expected rate to be income. new higher mix operating was quarter items, money of to rate of On difficult range geographic perhaps the year-to-date rate pre-tax was on our range adjusted and the operating year primarily It's on end. interest The in towards a our of second earnings. the annual XX.X% rate higher the tax XX% adjusted tax predict investments. pre-tax of income due this full-year our we mix XX% tax X.XX% was basis, our slightly to rate higher XX.X% X.XX% the timing of certain effective but expected of up from effective to

million and our results. The year ago U.S. particularly was operating a was year strong, income experience was business investment segment and adjusted variable above pre-tax to mortality Latin $XXX.X quarter versus of this business million reported turning period average. ago. favorable the America Now traditional individual $XXX The

lead we business organic improvement our effects health individual this the quarter strong Premium underperforming Group investment very However, the adjusting an sequential actions that was to growth reported very in group U.S. that Variable was the was modification we our future. year late was quarter. a business favorable. the growth have for was In treaty will mentioned expect last in of but X%, we corrective after to year, the mortality in premium ago of that X%. was and profitable. experience and continue existing second the income U.S. business Group quarter, discussed lines again There the improvement loss

of quarter adjusted $XX.X million and in a above result year impact, of Our spread of ago favorable on strong reflected equity market a terms the reported down investment income. to asset pre-tax intensive and were variable average results annuities favorable period business The operating results payout current from prior overall this million. experience year $XX.X income while experience attributable

adjusted line quarter financial of flat Our compared reported $XX.X a income million reinsurance to this operating pre-tax million relatively ago. year $XX

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

longevity mortality relatively first pre-tax reported in Canada's to large quarter. income favorable the operating volatility. which reflecting experience that $X.X transaction and financial up prior year an includes to fee year Switching and East had execution which Europe, X% period the of greater This number results and in of unexpected Africa. reflecting normal quarter $X.X solutions a force of transactions due Premiums we based of unfavorable longevity experience. business current view claims, we as and new individual a the we the in-line mentioned with business million Middle ago adjusted compared million to were

business based business, $XX.X adjusted as for region experience. premium including adjusted $XX.X growth traditional longevity the strong view operating compared up of foreign which $XX.X and last and asset fee reported year's strong result, been to the operating have transactions intensive EMEA this in financial of reflecting includes X%. income last million. the longevity effects quarter pre-tax currency, solutions We million some would ingredients income million year favorable business. the single of Our EMEA’s $XX.X favorable Adjusting the the compared reflecting new segment, year period business with The were underwriting prior modestly premium pre-tax to business across down across reflecting million recorded year’s markets. X% single reported prior premium premiums most

to compared Our $XX Asia-Pacific traditional prior million business period. the - adjusted operating pre-tax million year $XX.X income operating in totaled

Our for excludes the treaties XX% growth quarter Australia a group premiums rate reflecting Asia, which premiums countries unfavorable in and results in this the disability Reported cash constant of Australia, traditional were the year. quarter margins experience reflecting XX% most X%, of premiums XX% effects favorable experience in in up which in the the and last across individual up was effects Asia loss lines. excludes were Australia recaptured some premium region. Asia-Pacific, experienced currencies. underwriting adjusting in down the Australia,

Asia-Pacific Both for $XX.X period. pre-tax confident and Results reflect negative overtime, income you maintaining extend loss compared million very lesser questions. RGA. and in variable pre-tax goals a was RGA effects corporate business ago. higher support we investment $X.X versus but loss runoff, We will treaty our for we the we call adjusted opportunity. in investment $XX.X quarter a And reported segment of continue of us in of as reported of $X.X that the from a income. The adjusted million a periods for the current Our adjusted to operating to and and will this an the the benefited objectives your are quarter. strong attractive thank with and ago operating solutions financial open operating appreciate conclusion, financial million year pre-tax In interest quarter a achieve year

Operator

you. And Thank take our go we Kenneth first Please Lee RBC Markets. [Operator from Capital from Instructions] ahead. question will

Kenneth Lee

Hi thanks taking for my questions.

on one Just business. U.S. traditional the LATAM

investment detail frequency. favorable mortality. severity you give you and to terms anyway Thanks. quantify mainly be driven the Would the variable could In of bit favorable little the quarter. able impact individual income was terms a in more of And by the in also

Anna Manning

Asia. was claims large areas favorable number We also from And it's experience average large lower Anna. lower Ken had most size. and both of experience in favorable claims the across

based broad volatility no would I normal with So outliers, call in period, positive this just direction. a significant a

Todd Larson

then Ken and investment take income. variable I Yes, will the

variable for to by attribute a the I that we half our traditional share million If the run rate line. million about look of for the $XX is income above $X.XX about were which you run U.S. $XX investment at by probably about to rate company total the and would

Kenneth Lee

Okay. more Great. just follow-up. And one

block. whether you Thanks. us I a initiatives year a or of just timeframe think would wondering change? give last and could half there just on on gave and terms so you underperforming group time In progress repricing just wondering like the about the that the an just update Maybe -

Todd Larson

U.S. the business? On group

Kenneth Lee

Yes that the LATAM business. U.S., group

Todd Larson

that unfavorably. that and DI in the about business. the or Yes the actively group the business line And we yes performed quarter medical excess of have healthcare for are we excess talked repricing process yes last line

Xst. are then of through about renewals repricing and a the January the of that way up We business probably come amount quarter large the

into those as year. So actively and we will turn with next at now of business blocks looking our repriced we and be clients those actually working are right

Kenneth Lee

Great Okay. much. very you thank

Operator

take Autonomous our And will from next Research. from Erik ahead. question Please we go Bass

Erik Bass

the acquisition front. thank on A couple you. things Hi block of just

of First then starting the could to transactions on attractive additional product deal intensive pick sense the and for are deals. you getting terms outside of talked seeing U.S. the industry. you that color up geography still about across the in a more you or pipelines any asset Are levels in provide activity large broadly

Anna Manning

it's Eric Anna again.

U.S. the was annuities and was in we did deferred fixed a deals. an strong was both One two asset block. So the material and other Competition intensive deals annuity on payouts and individual strong is those

few in We quarter. also this deals the a and in smaller Europe both U.S. reinsurance did financial

In would strong terms of the pipeline, characterize is and the very as market active. I it

Europe. We over in of again with say are feel seeing both North up, deal into And but that this good rest rates in and of not I up America moving continue, year we would continuation and only pick XXXX. the that flow of the flow course a will may interest fact that

Erik Bass

for just a much strong you expectation those very about typical results would provide better EMEA think both the you your and Can power how you. It’s how than a businesses. of quarter sense were and run-rate Asia. Thank earnings for

Todd Larson

EMEA, as start business. longevity The the a had results in traditional favorable on comments, attributable a side to Sure. and no the favorable with the mentioned solution mainly result side very traditional I on my let’s financial

little a of of rate client and million the to best et still is our you from $XX there again we view average the to $XX I Asia, financial those on near-term. there would right in solutions we run-rate about is the $XX think Australia, the million And now estimate businesses, as then if noise $XX reporting cetera there for excluding time million bit average mentioned income pre-tax. traditional two in combine to about run for turning on and but pre-tax have both

Erik Bass

Thank you. Great.

Operator

question our Krueger Please take Ryan next ahead. from KBW. will go we And with

Ryan Krueger

deals good a time provide Hi, the little import quarter ramp and the did the expected up. you the morning. it during you may detail more period on earnings Could from contribution

Anna Manning

making to specific us details would our We overtime heard have but XX%. in don't that you provide little, deals you up down a financial very some know pricing on those specific in are maybe returns. returns, you indicate know targets We but confident that general our a some overall little, are earn we expect a deal,

some repositioning of rest into are of parts year next and continue up ramping this year. terms In the will assets through expect we that and that of

Ryan Krueger

competition then able could there And actually perspective those you intensive little on find is I for the that to mean give given winning how of Okay, drivers U.S. significant asset just a yields related you the in thanks. were deals?

Anna Manning

that reasons feel we is few client the we relationships to strength win, also and one relationships the the regulators. factors, strength I Yes, would of point of our with

are We strong a well-known and counterparty.

structuring risk expertise. demonstrated have We

track sellers cases for is that some record proven and look in a last that important a have deals. We us some execution of is and providing with on certainty

aiding those would I us know are are So in wining deals. say factors some you the that

Ryan Krueger

you. Thank

Operator

we Partners. ahead. from Please and go question with take will Dowling And the next our Lee Humphrey

Humphrey Lee

Good for morning and thank you our question. taking

in for but two specific about allocation of U.S. question about asset how just the asset consumer Just of intensive understand on think capital the intensive. U.S. terms, you deal a two these did deployment. fully follow-up in like transactions terms to much XXX I these transaction that the million capital share don't of maybe Ryan's

Anna Manning

vast It the a of XXX was million majority deployed quarter. in

Humphrey Lee

this Okay, it it. questions. is if housekeeping was interesting looks looking something I a very of more in interest took that just corporate And quarter. quarter, in some there got kind then place at wondering the Like dynamic kind of your expense low. of

Todd Larson

And for some to accounting XX some returns we I a of out Yes, on closed which tax the for the uncertain was the some there for close tax of positions. Humphrey, is tax tax tax ways Fin works we are quarter that some comes mind the When have release that positions. some we reserves tax were one thing interest release on in think a interest the our the of third accrual position years some some out. that of

Humphrey Lee

Okay.

So quarter. roughly kind you to a XX should go million of back

Todd Larson

Yes.

Humphrey Lee

alright, Okay, thank you.

Operator

question next Please move our Nadel will with onto we John go UBS. And from ahead.

John Nadel

morning. Good

just the it right you How that when earnings? quarter, about we were it, sort can premium deployment? of think, think that other a was around or free level, about some how is when that shifts - are of you I about into free foreign flow year-over-year. X% And we to question and First indicating caught think do cash maintain get in how about before if you cash currency removed of noise the think, you percentage forms flow at as think your capital of I growth I you if

Todd Larson

Yes John.

I that think are characterize we to way but still of feel can still million still transactions, on, point. into basis is, overtime, sort to million business we again, It’s it $XXX this at is in-force - of annual we dividends. and still at bit after the little back on a $XXX the range. going best right it’s range estimate that to you mix and be the before is around it know fluctuates are appreciate and that And normal but best fluctuating our deploying you as just capital given still so the the

John Nadel

is Alright, a then And Anna. Okay. question maybe for helpful. that

one take conservative? current care motivated with market maybe been reserves, some place there pretty and changing towards of some competitors supporting a all who of the transactions trying assumptions get Is willingly deals. seen openly and have attitude see changing financial being has more of charges at the the your Is taking Obviously, one more that? underlying all? bit attitude Do getting have sizable long-term changing to of thought players, taken at on a in your you about and block. your other some that we into to Just sort

Anna Manning

There in John position. no, no. change little our is a

blocks. buyers so the at for in and blocks we that market We our are remain on are not don’t the LTC best just Look, we low list. legacy the think priority looking they legacy actively

John Nadel

feel Fine Langhorne to answer. And Any there? any just then update getting and about line? last activity one or you is think to that the closer opportunities finish are

Anna Manning

for a those certainly are Well, we good seeing are pipeline pursuing we and deals is the active. Langhorne larger deals. larger

earlier with rates that continue that not if will potentially I we up As feel mentioned improve. moving

spend they amount we on Langhorne we appropriate deals larger the level and liquidity. And do time Now time due and the and generally those RGA need doing our an expect on same to both are of complex deals investors the that assets time diligence as do diligence more and of on can on take analyzing deals.

to to means lumpy. right hard that then fees working in finding opportunity going The So not so transaction. win they Langhorne here the quarter, that Remember are is be it only we the - the and here first is goal. goal

John Nadel

where demarcation of I those And us definitely understand appreciate be. one way help comments. might maybe to line the to

about the was block deals think mentioned you the mentioned? was did of million of you you one annuity think I I size $X.X this that

Anna Manning

Yes.

John Nadel

to Is How as reasonable high that? too where for to that the us, that need in think maybe facilitator Langhorne big say probably be a would we think using for about size RGA but would that. way about

Anna Manning

there is only not Well reasonable a way.

to constitutes There would give and very to Double And Langhorne other sheet because established capacity have an well, north conflicts say RGA's more us. sense what and greatest that deal deal address anything A is wanted between comfortably that's X.X in within be I than We it the better of the RGA what potential can to et indicate size. constitutes that you push cetera. I that deal. fit for would a RGA guidelines of would Langhorne be starting Langhorne factor any we our factors would deal. as Langhorne that is balance advance. as

John Nadel

much Thanks helpful. so very Anna. That's

Operator

Suisse. to And go Kligerman Credit ahead. our Andrew move we Please on will from from next question

Andrew Kligerman

quarter. Nice

my so that on I thought. up today. stocked only is You screen

Anna Manning

that noticed didn't Andrew. We

Andrew Kligerman

And up significantly.

$XXX in thinking with about now activity last of compares this share going? just period. million How million you that repurchases that million on discussed So scope Where a share year see ago extensively deal $XX John? that you as do you the topic repurchase $XXX did are buybacks quarter and

Todd Larson

as appropriate Andrew transactions. as were last activity. like the mentioned that also we comment year $XXX I to an million know repurchase you if attractive see above for opportunities, continually well year bit at circumstances on as even will we that keep transaction we that although capital generation little will into light and or we the you dip and before look to we our million $XXX

at active a into So certainly on, on the more been. hoping we the generation off our come repurchase know commented repurchased. trade the really stock little half quite our of reflection you we did the to the of just which the in capital front, not we and with that we as look But pipeline active did are Anna have it’s we be a pleased it's have shares that second year transaction bit so year

Andrew Kligerman

Okay.

parts of can't give… So you really a lot moving and

Todd Larson

Yes, it's in our formulary.

Andrew Kligerman

that Okay. I kind your is of but its RGA see over several the you to and quarter. this upper to where global next about growth, what out digit like run-rate you continue would EMEA. single can currency premium think that think And some It go? a you Is backed with seems your as happens years X%

Todd Larson

term premiums, businesses the premium. over that our with the single to our And but solutions generate place nicely high is digits don't lot add we very and happy a would mid that. you lot add a know know our profitability, you of don't we Yes to should financial we necessarily be again, businesses the intermediate think of achieve be able

growth know single you business the to to mid So growth combined our financial at equates overall. solutions traditional know digits that some you nice the growing some with of high of business combination

Andrew Kligerman

much. so Thanks Excellent.

Operator

move ahead. Citi. [Operator next Dan Bergman on from our will instructions] question Please from go We to

Dan Bergman

I stepping you provide I were sense your And some in see then country. back quarter. could see is unfavorable out wanted on disability commission there guess process of or on in the outlook guess of the expectations. result. how the wanted Thanks. to Australia Good the update royal general the I if any your there morning. results And any more weakness is saw in to some color Australia what just you if in

Todd Larson

the and we group Yes so experience unstable DI see the did portfolios. both some individual modestly in

Australia that claims look about had is to of to the would see, and be pre-tax correctly it maybe profitable underlying were see thing. which I’m We we emerging claims. if the and now activity we with of see reopen type a like continue Right monitor And we segment. loss To trend if did on Commission, that We for plan of there the some would thinking how about on scheduled by don't yes, going quarter end we to but reopen and and continue clients year. then size Royal any for we to some closely any adjudicating it, there about say this impact direct million the on see on what don't $X be to claims. the is to I are is Royal claims managing overall Commission completed

going on clearly could very and beginning it a to again a Although we be give be too part able will it's more, to year get we there But early are to as eye we into you settle but keep bit that. of a impact. definitive close information on indirect some

Dan Bergman

could we it, kind cost how spillover provide kind just project that million hoping variable investment picture of the The first the of of corporate are if that you year XX segment. is the I great. quarterly us and quarter. was just loss. wanted or that color on big more going the I benefit some in pieces of see any XX segment saw Go forward some onetime there much half you in for if range to in the any regulatory to the little in the of for still hit then a moving And

Todd Larson

year. so the cost, of on of had first a little significant we project as the the nothing but as saw the we for half in bit of quarter the Yes, spillover

plans, this know was multi-year of we in the our year. payout of of time you and we that some dynamics true long-term for do some up this cost incentive compensation as accruals quarter and normally the accruals about of Some sort

about we the for As in - be far for million would XX or say that that would investment over segment. as I of run run the normal quarter about rate variable are mentioned half to income, I and the rate corporate XX think the compared I

no dramatically sort of run we as XX don't For segment. the that But closely will moving as fourth next our would loss corporate corporate there are expected into Dan XX guidance some in million quarter, there some the looking we are million the late in newer as at parts we when I in of things January, to of think year go be mentioned change segment. we because provide of the our it initiatives the you rate -

Dan Bergman

you. it. helpful. Got Very Thank

Operator

And ahead. take our Goldman we Sachs. will go next question from Alex Scott Please from

Alex Scott

Hey good morning.

First any opportunities question was accounting. business. for any I the changes provide guess just you just that U.S. also do have it on GAAP FASB on will to pipeline And can deploy impact high capital? guess on will think level commentary on just the you I then impact the have any your

Todd Larson

we targeted so Yes, have improvement. a

at standard. days, the the think of early to in and - adoption look project was a its underway the certainly August. issued know statement resources have You I back it back We was

to on, a definitive quite Given will that the But that have still a that better of anything look part will information certainly something we will at. early to again will look you of resources like. time as goes starting to it’s and - too days bit standard a large have have a it's we subject give of what our business be but impact an

Anna Manning

really which All and do really capital clients to probably first at our impact would to to say are I And RGA cetera. stages foremost early to with understand similar what that earnings respect is again, on is et also and to profiles tell. pipelines, those will changes potential that too

this. too early but So are tell, to I certainly would focused say we on very

Alex Scott

some quick update would could I done a to follow-up X the can guess that any any any you have investment anticipation developments you great. expand provide there kind on RGA Maybe be if of on I just of to platform

Anna Manning

Yes.

So in way clients a entrepreneurs very closely solutions. working we we underway this co-develop to approaching our with is, of markets. number several and are we are active projects jointly have The

digital approach customer lot with good from learn, Still and following we four our are engagement. quiet pillars looking been interest technology, happy distribution, around particularly and agile, early, it’s move structure, solutions the anyway, a in we are we data we forward quickly, four quite but developments pillars, are our so a because and time. So and adjust the of clients

Alex Scott

Alright. Thanks.

Operator

our next go Jimmy question We Please will take from ahead. with Morgan. Bhullar JP

Jimmy Bhullar

Hi, good morning.

of Some a were questions more. couple I had my answered, but

high your the is last the of to the couple To in just normal sustainable it extent quarters. of business Asia On what number. direction the pretty a in been volatility as going business, earnings sort appose have favorable

Todd Larson

Yes.

So of part this relating just client volatility reporting.

is been look at it back the business. business. go of you But for if on the experience underlying some And to I excluding Asia good Australia

You know run-rate $XX our to for million million be best estimate right $XX would that now the average pre-tax.

Jimmy Bhullar

the maybe quarter to as share your the did stock like sense were Okay. decline capital is a the before what buybacks trying just price year. third get And beginning well. To into as then question lot of by having extra this on - in there versus on coming well. you I'm and extent you motivated a of a just stock low

for would more this that you have year? you point buyback So should we assume active that severe also exhausted have or been at

Todd Larson

At take our capital we generation in been years $XXX No, as couple quarter, have the about has the of of our I mentioned authorization earlier, into been fairly we existing still some life the did have we million of of given, previous third place. good. end shares want in out to fairly,

a price we are the share repurchases. looking when has the it’s but factor So certainly at only the not factor,

Jimmy Bhullar

or this additional is still out lately? rule year that you share would buybacks So to

Todd Larson

will that's forward something we go Jimmy we evaluating as here. be

Jimmy Bhullar

XXX some like returns on typical of to at - the you the financial then capital What And you get that next that targeting sort whatever And there get year. or how are generate that? will looking you to that deals. put that. you should assume from to we on you work block metrics that Like are initial looking are or the to would get the buildup soon are is at ROE

Todd Larson

average. on Again

deployment I capital. think we overall on overtime target that the pretty we return the about of been XX% consistent have

as well can peak the Now that the accounting the get up several just it work as the does certainly return. ramp to quarters to and way work, take overtime, that deals

Jimmy Bhullar

Thank you. guys. Okay

Operator

Instructions] Please [Operator next from Gallagher to move Tom our Evercore. will We go on ahead. question from

Thomas Gallagher

out Good primary companies broader moving of do much that recapturing, trend? having paying broadly been have Have And morning. that some business think doing on are the you A on prices. this? rates increased are any that calling of or being higher thoughts reinsurance push what section impact the rates been is number or down you through, are some

Anna Manning

Yes.

competitors and situations we increases aware also isn’t they We quite where recapture clients. closely. monitor having ended to business are up been we that some base So strategy rate some that are to they have pursuing. and their the This broad make have the about payments public

in our are We back we not updated performance a at the seeing XXXX. deterioration tail expectations of last end since

way know about enforce we the really is management think relationships. consistent we think about with how our You that client

take view So balance. to client that that lens sit see ways look the and overall balance can each not to to discussions at see long-term with imbalance going those that of have we is conversations, to it's find reestablish approach clients a and down do we is our we that relationship the then are with with if if

activity we would aware approach. following I say are are the that described, we but So you, not to of that yes you

Thomas Gallagher

is and you competitors the holding at know it obviously to different to in and points and Anna able When back triangulate different the pricing you book better. look your are and market. or trace be try you you different performance that based the up performance. you decisions made And would why that on understand say Are experience seeing seeing were must

your XXs share different it know or back was to market late You does to back like then. a go pricing the very mid-XXXXs

Anna Manning

things. those of all Yes,

at take during and market losing our than the our losing prices market era, - you generally share higher if we look were were a So were we market prices our that because share competition. share

also as We business opposed our have grown to acquisitions. organically

So competitors that some you active again if know during blocks in you look period. they at were acquiring

say underlying of a would distribution of So I the combination business. the it's

price share and block then era. block weren't remember, subsequent three discipline. back the in nice a have that of nice kept market that top before We pretty to era, we in reinsurers I'm can't I sure we terms a

Thomas Gallagher

being far flu was question. And that was of Is heavy guys saw season, far leading it. like correlation connection or if it's flu we favorable. something year one And paid quite and season it just think you last the that seen or definitely benign. this then about which decent U.S. attention more leading extrapolate It's kind Got Australian you severe. to indicator the good At more looks have least obviously year that you it's last year, there a last a not correlation. have indicator of

Anna Manning

No. Yes.

Australia in attention to that strain really is which strain. pay the flu is we a So benign and HXNX nice generally it's more see

in is So that isn’t view no a to guarantee really that across And America. good a North be that correlation. is There strain our sign. will it the comes that also direct

But So were thing that coming if certainty be it winter. no the absolute in good would what strain. there we will be a is is that the facing

Thomas Gallagher

thanks. Okay

Operator

closing are any remarks. for back further this questions there additional the time. conference or to speakers And I to like our at no would turn

Todd Larson

and third thank Well morning quarter look talking joining everyone on you our you. for forward. call going to forward this Thank we us

Operator

for presentation. concludes your This participation. you thank today's We

now disconnect. may You

Reinsurance Group of America (RGA) 26 Oct 182018 Q3 Earnings call transcript