RGA - Earnings call transcript Q1 2019 | Reinsurance Group of America, Incorporated

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Operator

Good day. Welcome to the Reinsurance Group of America First Quarter 2019 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. Chief and President Manning, Executive Officer. Anna ahead, go Mr. Please Larson.

Todd Larson

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

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

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

Anna Manning

and you morning. Thank Todd good

for the year night, be in transaction strong growth results good quarter remains of to continue a Organic quarter the our expectations, front. and adjusted $X.XX we to a release active operating indicated above reported ago. we As providing compared the EPS press last start our year. on The for $X.XX the were to

to offset in from weakness line and modest bottom strong elsewhere. Asia and inline results Canada We earnings diversification benefit some supplemented results also continue as from

commented As over business some results our but volatility will have and in even over which the we and longer to this geography segments periods attractive out our is the lines generally past, and financial in tends time. global delivers see products by is both diversified platform short-term,

despite growth strategy X% Some our Asia. in premium growth key Premium industry challenges. continued life XX% combination points premium was of the U.S., organic was X% growth of growth plus reflects and and EMEA approximately growth growth reported in estimated constant of execution interest single-digit quarter, currencies quarter high insurance the in the solid in this in from some

Asia be and very line top story growth, in continues healthy activity a we as strong business underwriting to results. successful favorable delivered the new quarter

strong in to quarter, even both past, a expect we Helping weaker product momentum in to directions is in another time. Canada following there. the row demonstrate discussed key us continue good and the volatility the few the in for differentiator we As tends have out a had to Asia second a over development quarters.

active in regions. transactions good all in seeing pipeline perform Financial deployed well million this in Asia. quarter. remains business other in-force Global into transaction XX reported and a Solutions and quarter, to loss The are the we Our continues and we deals in approximately Australia including activity

and negative incidents time. that closed and business will of reduced be Group increased rebound Australia expect treaties the from fair see and experience The by over was the amount driven business to pleased individual a run-off profitable, in this the were underperformed. we terminations, underperformance we While quarter is claims

segment due the U.S. performed a traditional unfavorable Our expected. experience first higher repricing of this slightly Mortality are and in and our Individual we U.S. remain number our quarter view The had Group operations, well a of large for to efforts as business which prospects. claims in our summary, part proceeding was business volatility. the we year as the start look are good forward regular quarter. optimistic this We as about In

continue detail record We it track Business our we on that the continue bring and the hand deliver now we expect to results. provide conditions more and successful solutions to results. to leveraging of remain to our around more financial and client our by attractive favorable to to extend developed globe. our I'll relationships long execution and back And clients value have overall capabilities strong Todd

Todd Larson

Thanks will results. some provide a segment highlights on financial few on our touch Anna, I metrics and

return operating adjusted is months XX%. trailing was within XX% range which the on guidance our XX% XX equity Our of to for

position excess approximately period Our capital million. at of end the the was $XXX

of capital as appropriate. our to variable X.XX%, from investment to due dividends to low headwinds earnings XX% from quarter range business our points this deploy yield existing the the up business and end about variable run The adjusted XXXX our quarter. share average impact excluding first and about operating this at by as and at above this repurchases The on income. three tax was the of into compared adjusted put dollar. was quarter investment the guilty despite both quarters spread were British tax these rate rate. $X.XX to deliver weakness to impact the currency foreign investment expected operating per in basis impacted We the income quarter primarily XX% of quarter, positively We of less effective pretax We transactions $X.XX continue income results shareholders Canadian through primarily return and pound share, XX.X% enforced capital for

X.XX% rate last quarter. up Our from new was money X.XX%,

and the new current continue We a to high overall in with selective investment portfolio maintain quality money investments environment. have been

in Individual this year to ago. a experience experience unfavorable segment. The Now, give and adjusted compared $X.X Group number confident as our The on mortality reflects business are X% ago. efforts experience some $XX.X our U.S. performed – by the slightly from a Reported traditional America this reported a we little claims slightly year pretax of of that unfavorable remediation The feel reporting I'll operating and negatively Latin client premium also well U.S. solid the expectations track. had the up business large we highlights was quarter business. a some new growth over was higher in influenced quarter items. above was income by million, million quarter of terms quarter

Our adjusted of above Asset-Intensive reported million business. this benefiting markets new expected pretax and range operating $XX.X income equity the from favorable quarter, business

period adjusted of year a down Reinsurance line Financial income operating ago. from reported Our pretax modestly million $XX.X this

year Traditional claims. Canada, reflects a $XX.X frequency quarter had favorable strong pretax with experience operating severity of income to segment mortality the of and Premiums slightly to in $X.X up basis Moving a in individual both adjusted $X.X a and million. This million income million were Financial Solutions up operating were currencies. on X% adjusted compared constant reported of reported ago. Canada pretax

reflects the Solutions due reported $XX.X unfavorable due were Reported slightly quarter adjusted bottom quarter. This transactions Currency ago and compared premiums primarily million and Europe, approximately line to of of pretax operating business, unfavorable the in claims. East constant $XX.X segment, includes longevity X% to extra expectations. $XX.X Traditional the In business but million, income year’s Middle on year the currency, slightly influenced fee-based up versus last income adjusted $X longevity million. in Africa which our totaled was down Mortality negatively reported large a EMEA's operating organic currency million an UK Asset-Intensive, $XXX.X pretax million Financial basis. some by our experience. below to

were quarter's This our Currency results impact in expectations. $X negative had approximately line a million. with of

adjusted Pretax million business. $XX.X Traditional compared in Pacific year the operating Asia our prior income $XX.X to million to Turning totaled period.

XX%, across Australia approximately margins a of Asia in experienced this excluding XX%. Asia, On in Asia offset region. increased the that experienced an Our by countries most decline in last the favorable Asia, the results Pacific constant quarters. Traditional reflecting a in currency premiums organic quarter quarter growth were a underwriting by premiums XX% Australia. two basis, loss Reported Australia, up in

the million, ago reported $X.X Asia income adjusted year Financial business $X.X quarter. Pacific pretax Our of from Solutions million up a in operating

treaties reported good on premiums lower pretax operating million due was and quarter rate to compared run loss collateral significant the quarter they in than million conclusion, ago our $XX.X transaction. financing the a of increase in year a to expectations. in a recapture fee New to $XXX,XXX expected adjusted quarter. segment above Corporate this a generated $XX.X current The In

of organic to these and excess despite We should pleased financial and strong combination interest us are that share results we been lower from to growth, able time deliver transactions allow execute in-force deliver foreign The ongoing repurchases. over some headwinds rates capital attractive currency. to continue through have on return

Thursday, held RGA, we'll X:XX our be see more quality successful you interest Annual on We your achieve our thank environment. to now Given excess a June be economic our even We capital in at meeting Xth Investor that confident from portfolio, the investment to and open Day and are to sheet, for high we and financial questions. support we in appreciate attractive can strong and you continue balance position and call hope noon. uncertain to results

Operator

Bhullar our and gentleman, question you. Jimmy conducted from be from electronically. JP Please [Operator Thank We will Instructions] Morgan. Ladies ahead. question-and-answer go first take the session will

Jimmy Bhullar

I a couple morning. of Good had Hi. questions.

First on U.S. the

market, is that think call annual what's from you an equity the expected business on a or on in basis? market. benefited power I What of sort the business, the strong think Asset-Intensive that results you normal earnings do the mentioned of quarterly

Todd Larson

Jimmy, it's Todd.

I $XX of to guiding range $XX million we've million think that past, in the quarter. sort been each

towards of we've the that trending it’s some the probably activity new been range. of Given higher end business that seeing,

million as of the but probably on But end. that's recall book business, you level the comfortable we're still activity, $XX we million existing given add up $XX and new positive, amortizes towards to definitely that think I As higher trending off. a also range our

Jimmy Bhullar

maturing portfolio Where the and you Okay. points your up I went of trend basis And of new yields this get beginning would to three money – this decline few investments, idea to difference points, between it is yields just you year? your or you quarter. a versus terms the do on the those yield? yield, of in think the the Like, on this basis sort a it when expect the portfolio an expect are rest through when trying of

Todd Larson

They money quarter. were actually right. X.XX%. quarter, about yield for is pretty we about close this X.XX%, portfolio was for the Yes, and new And pretty quarter this saw close so the rate the

Jimmy Bhullar

And then Asset-Intensive market And longevity optimistic especially deals. the competition pipeline. like looks and it among lastly deals? you like just more about How It interest is the where for the competitors. in on are the seems there's

Anna Manning

would say that Yes, portfolios. transactions competition seeing Hi, the lot we are Anna. across it's of right I a

bit. all changed mortality. but and players, of have of much. and relationships, changing to management not The So perhaps lot on has the But the and just I a quarter. seeing would are suggest, since also I Asset-Intensive, much hasn't level we're track both Look, fourth compete we ongoing longevity a and We're new. that that would deals. and on record not we changed established say relatively continuing It's a strategy. counter-party up not record those ticked track of delivering our competition, expertise

Jimmy Bhullar

you. Thank

Operator

We will from Suisse. go take Andrew Please Credit Kligerman from question our next ahead.

Andrew Kligerman

Hi. Good morning.

the U.S. kind if that Latin be mortality given And generally give cited America mortality in XQs weakest Could slightly the that you great, projecting forward? On level, a project materially favorable would we too. experience. of segment, unfavorable should for few years, that been that? Should And XQ going less we out? could be quite and how you a the is quarter quantify you

Todd Larson

for Yes. larger on and I'll about claims the the sort side. some for range saw when to of Yes, $XX quarter, was mortality start the our was compare we the elevated of expectations, it we it in unfavorable Andrew. what out, quarter million seasonality so

Anna Manning

maybe I your in, seasonality. Andrew, on jump can And about question

this. Look, reflection back causes about Seasonality other impact and people winter and they I concepts. it's will are more observable that because to of pattern. driven months, on cold So talk die and the a has it's step see two death. pattern, a flu most We that volatility want by seasonality different just in an the the minute winter is

it in almost can You general population in all the see countries.

a underlying that's our So business. pattern

And it's out other time. variable. short-term generally claims. the we it when by random hand, generally to event, severity and we it's mean, a is expect on large smooth nature, a see and that, over in volatility I Now It extra

been look of we performance But we facing a have to that claims have that facing absolutely component. key at rate are So headwinds. also remember you is and business, when interest the

you I that claims period, there our volatility by you, from second would you we would So about an be to income volatility, question quarter that years, X about, of to at if when I how suggest that that perspective, expect over to do seasonality, your well, element performance. in is experience consider that say, longer to look the how specific we spoke And short-period think X you or the that muted. should last,

So in our over period longer by the quarters at we business pattern claims that those suggest of and seasonal in you winter summer months can in that the that looking time, observe months. between

Andrew Kligerman

okay. APAC, seems be in really regard Got just a a to to it, then And you just It Australia. for challenging with maybe period of time. region for quite particular

So thought? the do completely seems that now knowing you to want given you stabilize but question rebounded a I individual Australia region maybe you some exit market underperforming? where mean, is is, have or that expect And to the when to you have group that is be?

Anna Manning

where industry and we Anna again. markets the Yes, sustainable. Andrew. long-term want insurance in to viable be is It’s Look,

And conditions for of those prices, are for where the and are markets to long-term I expect to want that where industry markets be are fair consumer and be participants. we successful. so that's we the in attractive both the fair there mean, type us

side, Now to to market. place individual type group to need the seen more progress We've take the order develop. that that has to get we Australia slower of additional changes on still side has think market been in the but

and new the very that is, slowed may on rehabilitating Now there's business, in opportunities. lately focusing business cautious needed of what being distractions changes. we're down we're market on And some been our the we're doing selective and very have

Andrew Kligerman

comment bit on needs little individual could that change? the you if a what just in And see. challenges I to

Anna Manning

product in the the definitions. There's that in around change the the I lot richness, a individual take group. to think product the more it's features, product of needs change than place,

think strides of number the I has group in made years. the last

Andrew Kligerman

so you much. Thank

Operator

Research. take our Please from ahead. from next question Bass Autonomous now We'll go Erik

Erik Bass

I'm little wanted just you. maybe And for details stay to hoping Hi. Thank Actually more on Australia. bit a the drivers. on

the group and high each the that but said a you has three loss of of been kind been between think it's quarters, of I the different single-digit millions constitution individual. bit

on How forward? if the an the And sounds you to side, the maybe in-force will off? So it What's And kind individual are take could tail expectations down that block. of older into components. run on that block like business? two long break going it's what then your of

Todd Larson

to as higher loss you're of business. pretax Yes. sort this DI of to treaties, quarter probably relates right, the four the some mentioned first and primarily – are close underperformance The And it individual we're digit to it about – new – of the single- Anna was related which most relates to business.

So do business? do what to a to It's of for still the for year minus full hard or off. Australia length if we were the some the we to you time that the But little time. exactly expect expect full run for expect We year. even me, plus look, bit would ask for it predict break

Erik Bass

it. Got

headwinds earnings more about you're is this it's not an obviously that just side? a reserve worried development on comfortable and So still that something

Todd Larson

That's right.

Erik Bass

I And could capital. then ask one just if Got on it.

drawing down that point few over like acquisitions. powder? to of past quarters at excess look both been buybacks minimum block Is the markets there you kind and the retain some the securitization to You've at dry data might through level you'd a or a which reload capital

Todd Larson

do buffer a management said, million excess see being maintain we to the liked always opportunities our We've on of $XXX temporarily with. we capital, bit rating are have quickly And a That over as the the agency in that $XXX and to and capital little level well. million to comfortable cushion is the we earnings capability also fairly some through what That's generation. replenish of that dip into activity sort a comfort can we our leverage market that level, Yes. time. just depending – knowing willing and comfort

that. around flexibility if in tapped we embedded like some did market. value got you we've we back wanted securitization So And XXXX, could, the to,

Erik Bass

Thank you. it. Got

Operator

Dowling to & move now Please Lee ahead. from go Humphrey will We Partners.

Humphrey Lee

morning for my and Good questions. you thank taking

U.S. this the roughly of based kind color seasonality follow what But I up Anna, is on the mentioned, quarter Mortality, terms on volatility. million to unfavorable. Individual $XX of appreciate Todd Just in versus

and kind the out tough that the $XX group put million, was bit would maybe there adjustment going repricing. the through think and I So quarter of period still a is of little

just So can be of X, seems expectations forward? maybe quarter on of terms that the color – about trending provide going in kind the a than is kind I X lower to ago, we some the normalized wondering you think still number reflecting the aging But QX first I of the presume to how should was years block. of if level.

Anna Manning

seasonality you're effects. to That's and the grows right. book because we'll people in the are expect older more as as ages, seasonal block think We to ages. winter it susceptible have are increase more individuals much in would I those that our that

Humphrey Lee

it. Got

more is block more kind – years ago. of ages, can But we So basically impact of of the about suggest seasonal become that the Anything a just there you that as the guess, derivative pronounced several dimension like what be Like how I anything magnitude? block – kind secondary going think to percent the Is change? that the should impact? compared to would of the to original?

Anna Manning

I X to the years. I would you as point last, over X said, back

been book through did has age that aging Our and period.

your can views you perhaps and so use And to that your guide help expectations.

Humphrey Lee

Got gears you. And It. then Thank shifting Asia. to

Asia got opportunities the in any recent segment? for of you've solution? that capital notable about of like think treaties should believe financial certain in change Pacific type for new Solutions. there change that Is that Financial Or the regimes? demand Is the about a in structural there we years. terms how particular probably that's segment of talked role in for of I some You've one kind

Todd Larson

Yes.

that of Financial our the quarter. going, early that time. going in a sort using give go of forward. a that client it's added treaties what Traditional is off to – we've probably to Asia. world we've line opportunities lot there's this making of I at we progress an especially expect as we be So think leveraging I nicely of Solutions around some our to we think have some mentioned been you think small expertise growth to But and hard past the relationships in this number But do be And this premium the estimate rate we added

Humphrey Lee

about more change to the result just So in a that structural kind of any as efforts take in capital of your starting sure over is any kind to opposed past regimes there?

Anna Manning

can We've for minute. about if I II Solvency Humphrey, efforts a jump in of past some in spoken the in our Europe.

you If other when development over time, that as in recall, those And combine finding we clients. them some risk created to markets, for what along, with a on a product and came were we we were becoming when risk Solvency II attractive basis. solutions is opposed low solutions basis

progress expertise local and doesn't II. countries is be there combining helping have expertise Solvency seeing could different of you're capital in Asia. optimize to capital development frameworks in and any making then be frameworks. any what manage statutory It those we're Asia, to the product think I our of in It the So, around the expertise in

Humphrey Lee

Understood. color. Thank the for you

Operator

next Krueger question KBW our go take ahead. from We'll please from Ryan

Ryan Krueger

perspective quarter hoping the I and depressed In first expectations on Group. traditional, thanks due this to know did it weakness year, season I the good year $XXX million I the a and each Hi, flu normalized you morning. your XXXX in U.S. point. in XXXX at to last was earnings U.S. in was guess better get

more can, level as in you point that anything normalized annual basis So I more through on think to of is that help business? earnings guess us of a would what this view an you at there

Todd Larson

markets we've line. really the the consider, Group mentioned and the And that's think group to the you U.S. the, Mortality done Ryan, I –on two and line. items

the I in think what sort sort as viewed we we the last on fourth outlined year of the of call. underperformance quarter

We're and a expected that So mentioned solid back in in to repricing headway we I line sort as of we expect be on making XXXX. think certainly to rehabilitation profitability our the comments efforts. our

the where So best think think, minuses are we I mortality And of think we the do describing positive. and we then mortality can sort the to positives on you that's I experience. all the expectation,

range, it's interest add, couple a though that probably a just of mortality line top comment So our those to with of maybe been growing we've been level business really headwind more facing. leveraging in out. there's offsets in little perspective, even markets from environment premiums one then things rate bit that the has that the maybe And traditional X%

that So then interest mentioned Mortality. little U.S. bit and of adjusting rate the you the the for premium growth offset Group by of headwind and as – some

Ryan Krueger

Thanks. the earnings suggested back you and add slightly like last or if that in I those range got representation? fair go power, that, U.S. I'd is said $XXX million what block maybe quarter, guess you reprice it to think look traditional once – I lower it than up, a maybe the group

Anna Manning

I no, a that's Yes, that's, close, mean, yes. pretty

Ryan Krueger

Okay. Thank you.

Operator

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

Alex Scott

Hi, just first was on question had I Australia.

think I reported official Commission, the Devereux guys came time last out. the document like since actually you

from whether So you'd be any the you and on had practices interested that just have could the on business? other about amount any impact sort hear could the observations focus claims of reserves? that then handling I'd Or it impact claims have was takeaways it the to

Todd Larson

Yes.

really changed. So Alex, nothing's

significantly claims activities not at an could point. for haven't seen or be the – There business, but changed on. we're going indirect But seeing any eye anything of not we're this to it's on thing. that don't You're something is we our certainly what we're direct But we some keep impact see kind would impact report out, still right, – management impacts.

Alex Scott

growth on suggest? are we've you Or U.S. your and more I mean, And the to provide Any would Okay. region? mind about rates Canada? you the opportunities to growth primarily question of experienced going opportunities near-term it growth maybe kind a the just, think is in various there more in can truly be follow-up Asia? and of in you growth when would across then regions, kind see where Then focused? color by expect is

Anna Manning

start Asia. with I'll If can, I

you're think I right.

balance I side. well capabilities from for positioned high-growth In on a and is we're from in companies I transactions North Europe, Canada, session there And seeing stabilize derisking. exclusive had and And part, of a I arrangements derisking growth We've U.S. the think again, gone the starting are well, both America, period a been opportunities. be because these so programs. new had in market a lot in declining the to some where that This and the successful and we insurance. perspective insurance up. of we underlying we a we those I look mortality there. are programs, session have opportunities region. and organic these perspective. take feel and well competitive opportunities, at are reinsurers rates particular, market of tick sheets, that that in feel of Asset-Intensive positioned, skills that U.S. new of a us. to also with have the the teams believe – that If pension good we think And single-digit through the a very skills opportunities long region helping underwriting-based In we're rates

So opportunities, different different see we I globe. see opportunities see the we opportunities around nonetheless, but opportunities,

Alex Scott

helpful. something you're anything And on engaged mentioned. U.S. Are partners program sneak – you Is That's there are element really that can you if maybe follow-up one notable? adding any that underwriting in? the that I

Anna Manning

there. active would we're I very say Yes.

with We've of partnering to are underwriting And also to partnerships. We press issued recently products, a more we're more releases become products and underwriting scoring help database process. startups those both on both around effective our some the products solutions. clients few and platforms bring efficient creating the front technology products, in and

Alex Scott

you. Thank

Operator

next our question take Dan Please ahead. Citi. will from from We Bergman go

Dan Bergman

Hi, thanks.

in any the repricing response? And just you first process, terms this client progress way give terms in details more are Group the you the of I then the hoping give far quantify business what can finally, in more the and could to performance quarter seeing Just in you're the quarter any terms color of profitability? along of some block's in in U.S. how the the on and was And the quarter. of improvement? you drivers sequential

Todd Larson

Yes.

the repricing So efforts, the way the on about this efforts be the XX% rest of it year. repricing we're and the of towards completed of end through

entire the how with pleased on gauge track. goes, And full albeit be efforts And single very than as little bit and we get to can are from growth what better profitability back it we're would in quite revised how far quarter. But for have with expectation pleased those we – But So profit mid- we as it experience once digit quarter, the the that's just was expect quarter. on what to the the then online we're a proceeding. high expected block in was progressed. a the

Dan Bergman

the in, and Great, thanks. just most market of Kind see deployment was the And of to concentrated on in the maybe the quarter? of if activity. transactions of terms detail wanted been has any you deals color geographies on then provide following more just size up the or active heavily completed in some types I in? some block of that products, could of you any

Anna Manning

Yes.

in longevity. mortality So and deals And they Asset-Intensive, covered we $XX the quarter, in million the are XX deploying Canada million, Asia, roughly and and in Europe. were

and risk on region. by continue continuing those say we broad-based see So interest on to XXXX. by I of all broad-based And would through

Dan Bergman

Great, much thanks so guys.

Operator

our take next question from Gallagher will We Tom Instructions] from [Operator Evercore.

Tom Gallagher

Good morning.

saw The questions. Or detailed was favorability? life favorable some Traditional few Just you for was group, performance where disability on the each that group mainly that U.S. Traditional that?

Todd Larson

then But good For the we I four part no, – And little some showed of year. quarter. excess of in this large most there's one think, the performed healthcare. past remember – of the one – there, correctly, last over the attributable business was a across which and medical excess actually most bit or lines That the lines were it maybe misbehaved bit that pretty – was, little results I disability or off were claim. well. if We to on that

Tom Gallagher

retaining risk? I the you is severity then, last that on was certain Or what the, – guess, above side? think from? anything – share? the were Is contract it's was explain over that type cited, the years primary you putting are contracts structure the And we you How coming mainly several maybe had ones the saw, mortality the level? would which or I mainly say, about terms certain most of you quota sharing the it. loss severity. amount the Can in and Got should where developing of excess of or of a Were it a how when in that contracts the you cited individual that

Anna Manning

Yes. mix. It's a

So the both share. quota our business has

it basis facultative retention retain also And dollar, call good we on that. proportional certain will and first then is from everything our the business, which level, of that a a So risk. XXX% our And of part clients clients. business, will level. treaty where a with we above over we share has On take take structures their

short So question your to mix. it's is, answer the a

Tom Gallagher

And it. in has performance that seeing say the for quarter been the of you're experience and you've you both then years, terms this different that would Anna, treaty between seen facultative experience? the the few versus Got last the

Anna Manning

automatic, good. – have varies. has been say, our as long good has it Again, both the facultative But performance I term. has is and good, been overall, our would over And

Tom Gallagher

any with the types? nothing recent And trend between experience where seen change you've different

Anna Manning

identified. have that Not – nothing we

Tom Gallagher

generating? of those of of expand types those other side. terms you that on your hedge can – just of between equity had what much – and then kind how of expectations And question And portfolio? $X a on allocation return what in been that investments, other that are for alternatives the invested billion Okay. just The assets, asset the private funds

Todd Larson

the digits investments, of invest maybe things. hedge on real returns nice Just estate seeing of And clarification. debt private been that are These – sort in some in funds. don't equity a We or and equity those partnerships double investments. one we've – equity type really

Tom Gallagher

– billion, – there the is of of – it. private is figure? you majority the that any at Or broad Got equity? kind the cut Would – so $X could of give that

Todd Larson

say, so. but So XX-Q, I'm disclosed alternative head, what that, at to of top some have the the it of through want investments, sort the just we don't around my and trying in I million call my fingertips million, I $XXX the $XXX to of or it's on we probably think

Tom Gallagher

Got it.

helpful. Thanks. Okay, that’s

Operator

now closing to for additional would call like and remarks. turn question today's or back any conclude the to will I session. over That today's answer speaker

Todd Larson

and our our Day on New Thank you York Thank Thursday, us to see on X. June we joining you. everyone in conference at you first hope quarter for call Investor

Operator

ladies will Thank gentlemen. conclude and for call. your That you today's conference participation,

Reinsurance Group of America (RGA) 30 Apr 192019 Q1 Earnings call transcript