RGA - Earnings call transcript Q2 2024 | Reinsurance Group of America, Incorporated

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Operator

Good day, and welcome to the Reinsurance Group of America, Incorporated Second Quarter 2024 Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Jeff Hopson, Head of Investor Relations. Please go ahead.

J. Hopson

Thank you. Welcome to RGA's Second Quarter 2024 Conference Call. Porter, call Todd by Leslie started Larson, Investment and the Chief Cheng, Barbi, regarding on quick Officer; Officer; Officer. A non-GAAP Executive Chief Jonathan forward-looking joined information this we financial Tony morning RGA's Chief reminder and I'm before Risk measures. get Chief Financial Officer;

a Actual refer our materially for from differ comments your of to Some issued could earnings list answers of we questions may results. that actual results. Please factors results to or contain the release from forward-looking could statements. to results important expected the yesterday cause expected differ

all of Additionally, include reconciliations these to which presentation, our our we on call for this turn non-GAAP of Throughout will earnings the the are again call, the a referencing may measures. website. And Please website is call, discussion GAAP measures. earnings comments. slides we posted for on his supplement, see our from provide and I'll during of the financial which terms presentation be release, to posted the course now Tony earnings information and financial over quarterly

Tony Cheng

continuing operating for of morning, reported and we call. $X.XX bottom adjusted results. of trend Good Last everyone, per night, our joining strong you thank share line our earnings

In and in addition, the teams. and all geographies we market robust, our across continue RGA's lines to positioning unique have dedication worldwide. business remains our strong momentum reflecting The pipeline the of

expectations It note straight we across the each have results past an This our equity now company. the targets exceeding on XX return in positive previously intermediate of operating is for results. were quarters our line economic underwriting of we generally on the was X adjusted across Underwriting segments. that business months had also term to Our the basis shared. with pleasing case XX.X%, is

We is business world-class platform investment strategy. integral have that our and to a

to from put broad to platform. new money yield benefiting well work our current asset the returns portfolio completion continue at We above

continued and the momentum of both returns internal this embedded recent was exceeded both by This our These transactions of new business these generate we examples year-to-date. activity, do the Day, Investor strongly expected business new a value, quarter recent measure, business. given our the forms new for of quarter number for for of terms In higher the driven and transactions. and value goals At on our transactions innovative shared greater parties. RGA all the expected our created many return

ahead of deployed long-term $XXX RGA. In We to continue see strong follow-up capital of of an amount was especially leading to for these well a first a quarter. in-force internal value material into transactions the to we solid this, to greater percentage goals, which at transactions our relation million,

the always have strategic redeploy We for a both back and capital business to our excess shared preference into reasons. financial

over to As time. transactions and successful know, transactions repeat economics we favorable lead

leader, material where sizes Let's X where now to U.S. our and U.K., the more remain PRT longevity completed our the growth, as highly reinsurance notable continue the In we of remains and of follows Japan business. swaps successful QX longevity starting transaction expect largest the rest well longevity in closed another all funded areas forward. active we U.S. productive. the in space, longevity on share In market U.S. deal The PRT of specifics this to year date. both prospects we and we transactions. is U.K. strong we quarter, a some our This transaction and going to about RGA our optimistic a PRT the with from pipeline as be and market, first be

a biometric their reinforcing side with our have Japanese first a transaction, further management, multifaceted the of towards on client tool client future ways. we enjoying for business clients client, asset-intensive the With opportunities. risk long-term reduction long-standing partnership view means notable large numerous the second a deep relationships of area after many increase in view capital Our relationship growth our highlighted key closed strengthens RGA's we value. the in asset-intensive the this is positive transaction their years. many from over including and This that The positives reinsurance is Asia.

opportunities. positive our of of in pioneer Asia long traditional asset results. growth, addition, continues we business, we being which the notable a record the very is see optimistic In continue Korea, intensive in about RGA's in and reinsurance closed are around the track third one transactions first area of market, world. In transaction our we to further asset-intensive This

product success. package been solutions clients' to underwriting to and has fuel focus our Our development with capital and long growth

have to address we market-first in Kong. solution visitors technology for process to package. underwriting this buying quarter, added a the solution insurance digital Hong a Chinese is This onboarding Mainland lengthy This

We is this market. the strong have successfully a with launched client, and key in it interest generating

area growth fourth U.S. notable our of business. Finally, is the traditional

the of all RGA underwriting U.S. Here, in partner the expertise as develop new worked our the the the life mortality of to partnership to one as providing insurer another their largest RGA business. proprietary product. for has Each well in with and table brought clients, a strengths distributors case one own with performing

expect exclusive We for will this these RGA stimulate growth transactions. future in

large underwriting South market. a we the This effort for issue world. this simplified to the enhance Outside uses leverage new solution areas, elsewhere This can bancassurer strong with our we as journey with and mass offer significance important to In launched model we the X RGA's technology around continue have growing to to is Africa, policies transaction proprietary success. a strategic customers. an

other we to ROE and I new PTAOI. as activities, also Day, grow in Finally, expressed at help addition have levers to Investor business

other strategic growth yet are another all in and of financial regions areas an and in executed we where contributing delighted in-force this areas on These investments. of PTAOI into firing we continues in PTAOI with with success generated well aggregate quarter on am multiple all, ROE, positive basis. All an Strong as higher-yielding actions X results as terms cylinders. and actions across asset quarter also quarter, are also strong in This I repositioning the notable transactions. ongoing

We our are property intellectual to increasingly Hong technology in and we using saw Kong. South deploy as Africa

to other balance sheet the RGA of unlock impact use has and our available successful the profit ROE. levers in saw we and positively value Finally,

We are exclusively our and and cycle turn continues. view, continue are on many to to confident fully more to the success to unique. for is our in am discuss second over will ability capabilities business, our focused In Todd the it virtuous in shareholders financial health our attractive returns to my life thus, none. innovation only at global reinsurer the platform deliver to to now years come. I Success as breeds results detail. growth I

Todd Larson

million adjusted operating pretax reported quarter operating of and per $X.XX. share of $XXX for Thanks, the income adjusted RGA earnings Tony.

For XX.X%. operating return the on trailing equity XX was months, adjusted

in We a U.S. with up transaction new activity are in transactions. Reported million single pleased premiums business. continued were our PRT positive increase business the and for with momentum and in-force Financial premium $XXX the Solutions from quarter. XX.X% these results includes This

business healthy on Our growth year-to-date basis. X% a and currency a traditional premium quarter, was constant for the X.X%

the expected jurisdictions. income We reflecting the quarter effective growth all are the with adjusted related good earned on income, primarily regions. The across results was above in to tax operating pretax range foreign premium pleased XX.X% rate for

be in XX%. full expect year, rate the range tax we the XX% of effective For to the to

statement total like I displays the speak quarterly company segment related to experience financial in to earnings impacts. and presentation X Slide to claims our would results, turning the the Before that

have X which In underlying was and with biometric current positive includes experience morbidity overall the We quarters. in last mortality, over the longevity, seen line period, biometric expectations. experience,

to and frequency the actual loss. cohorting lead the full experience client function the $XX notable difference and Canada business. results, unfavorable in a line well the America financial statement of million impact impacts as of current However, results The experience. block between duration going partially of actions traditional was rate, by financial items. related recognized impact Separately, to period were Traditional business. statement results The current mortality to the in to business favorable only this LDTI The current impact to below and did a with some the reflected is Overall, we U.S. terms in-force claims a was quarter favorable expectations was favorable volatility Latin financial U.S. offset primarily capped of adjustments. in this business reporting nothing recent recognized due expect were results with in segment new client forward. of Financial due or the earnings modestly claims claims. The a timing recapture cohort. Not not being a management the onetime of some as a reduce the this period at reflected severity Solutions expectations experience yet of

were favorable, and in results new year-to-date, The Europe, the experience. unfavorable favorable. the experience, mortality segment, business of underlying Financial Financial impact in the East with recent Africa were EMEA's experience periods However, and traditional reflected favorable primarily Solutions results the is in expectations. In business U.K. Solutions business results Middle business longevity strong reflecting line

Financial some very well the Traditional our Turning Asia, Asia actions while to and of business impact traditional Solutions as incentive Asia Pacific businesses Both Corporate results. recent operating well. worse business variable average higher management of million performed loss the to business as in including in-force reflected benefit new reported The compensation adjusted our experience. The favorable slightly run of reflected Financial expenses, due pretax overall Solutions segment Other and rate accruals. $XX than a quarterly expected

For the expected the the in average with run results were line of year, first half rate.

lower the quarter through X income. investment including was investments variable yield Moving impact XX. on X.XX%, portfolio on the Slides of to nonspread for The

capital issued million we nonspread and was the Credit than XX, of as This on shown the second approximately believe business, billion. remain portfolio the X.XX%. quarter This with senior money quarter. our excess $XXX higher and minimal, ended to the the strong, rate capital positioned. Related well the yield from and we impact includes For quarter. still is Slides above and our XX position were remains debt new capital prior $X portfolio in well liquidity management, impairments and the

the an quarter to $XXX had and active capital of have in-force balanced solid management approach we and geographies. of in another across We over deployed million multiple capital transactions time

also We access to capitalized of $X.XX X.X% our quarterly well remain by capital. multiple to forms We raised share. per and dividend

growth We balancing capital over returning expect to shareholders time. capital into excess remain deploying active attractive while in to opportunities

we share. continued value of track quarter, book our the During per long record increasing

since XX, share, $XXX, which embedded shown represents and compounded to growth XX.X% beginning impacts BXX derivatives of rate of Slide on per XXXX. our As increased book of excluding the value annual the a AOCI

first had the a we've year. great discussed, we've half As of

see business our execute very to strategic continue and positioned well good lines, across plan. our are opportunities and We we to on geographies

business Our earnings and its underlying to resilience demonstrate power. continues

about a attractive to our to excited like your interest to moment We very take are I'd in future RGA. deliver thank shareholders. With and continued that, the expect returns for everyone to

staying August on my know, earnings be turning will I CFO As enjoyed this I of XX over and here year, to this RGA Axel for planned you Andre before and years my of at have announced as end look X. what retirement many as for last forward our the it future call have nearly will my RGA's the to would it on I end to prepared believe ever. This I at special adviser. up like Day, of said reiterate through that year concludes now We as Investor as bright open questions. remarks. is I the And

Operator

question Joel [Operator comes Dowling Instructions] The from Partners. with & first Hurwitz

Joel Hurwitz

on actions? wishes congratulations first, actions. best Or retirement. first sort of just sort the the this in management the one-off? in-force was a and increase been What of And My an then in-force has in benefit in quarter? And there Todd, is question earnings is

Todd Larson

would reporting data the and by a impact consolidated negatives thing. areas. I positives certain these do. That's Todd. part is a in do partnership both it catch-ups kind on impact in-force. was very client past, at of daily our managing about of of activities, a again, an in-force and actions, was we clients. of had We you some back the approach positive, were constantly of is our million. consolidated that take step we If the talked we right? this say I in-force of The positive On ongoing management quarter, a with which as in we've a across what the in much about the the looked if part basis, basis, But offset items Well, $XXX

Joel Hurwitz

And Asia to that sustainable? trend. the quarter. feels this Pacific that I experience experience in business, favorable That's at start What's Okay. at the again of it some saw what then Financial looking may helpful. a be guess pretty you been Solutions like continued think And experience could business? the driving point it consistent favorable

Todd Larson

business which about... you sorry, I'm that asked

Tony Cheng

traditional. Asia

Joel Hurwitz

No.

Asia Solutions. Financial

Todd Larson

years. Solutions, ramp Financial business Asia over few continues to up that last the

bringing successful very and new been treaties business. we've So on new

So continued momentum we on business. that just strong continue to see

nice so bringing margins type are on get transactions the that those clients well we Our to reacting value-added much them, -- with solutions are very to generally we're those. can some and those

Operator

Our next with question comes from Autonomous Research. Wes Carmichael

Wesley Carmichael

on And congrats, retirement. Todd,

in-force that just I tax? clarify of Joel's pretax after First, on million, Is the $XXX that wanted number? a is action question, to

Todd Larson

that's did. the and and And That's things adjustments net that's other client pretax, number. of some the reporting of some other consolidated that we

Wesley Carmichael

it. Re statement in makes income that just then can in U.S. Got for any That helpful. Ruby the I with session Yes, Is the you And think on to quarter? give there segment us sense. a impacted help had you Financial the that that's Solutions, how retro quarter.

Todd Larson

Todd is This Yes. again.

Let clarify. me

go the For Ruby Re, second quarter, have session And do will we some back forward. but we December. not initial we we're block in but a in additional we session retro had C specific process have of the in the as retro retro sessions, some doing

Wesley Carmichael

there Is in Solutions? change the I something earnings I slides in an will quarter third that timing. for guess also mentioned, Financial Right. the guess, impact

Todd Larson

couple had future. up client that And data from onetime that be recognition, items sort be So we'll timing come expect for negative Solutions, treaty quarter. some just had in issue Financial catch back on of have did a timing was impact. of to to the we would able in then we the we some fee the which a some a a We

Operator

comes from with Bhullar Jimmy question JPMorgan. Next

Jamminder Bhullar

a Todd, question in future. good had the luck Financial just I on Solutions.

where you a being this the mentioned correct earnings were earnings more level put new full the little issue affected think into by emerge earnings longer-term itself on. business quarter? it is a -- that of was depressed maybe year? power or the I of the next bit something beginning next timing will just that should of Or Is

Todd Larson

Yes.

the if ultimate you underlying transaction it's our price in generally, it We about talked structure. and out run a will. we on past, As bit depends the But still worked below rate, a and it transactions through generally, investments thing, returns. generally to overall ramp type up. the of to the and say, XX go as to hit year months we reposition But our little that takes,

Jamminder Bhullar

about I your there you at the share. unusual mentioned offset reported. number in if incur recaptures, that terms $X.XX then go you of that use a get by per share -- that? looking what earnings good the in were didn't depressed client by onetime, per of lower $X.XX from the forward? earnings things in second to Is from might sort other going other And that your a number have transaction Or that quarter Okay. the some as of benefit you you Is

Todd Larson

Yes.

reporting the the the then a fine. of type or negative reporting these it, So the and the perspective, about by Trad from I then if a talked at some pretax claims way financial was we I we back numbers. of talked a experience had primarily claims would at And take $XX offset but reporting about and so, we impact. in-force level, some items. step financial underlying -- just look was million had Trad in high are about -- actions That U.S. still We and Asia LDTI

had and another mentioned, million related I probably to additional small $XX then we expense items. then miscellaneous primarily or comp, incentive that to some so was And that some accruals

those pretax, as add actions the advocate to not to I say, period, $XX that forward, items So like well. we million but or but the took million really a up in-force would in enterprise, to, go only created that current lot things of the value me, $XX

Jamminder Bhullar

Okay. And then...

Tony Cheng

one medium these mean, good stood I in always reiterate look, feel our long term. over We to We we it stead are for is transactions. levers during just shared lumpy that PTAOI point. basis. mean, of on Day, in-force and And us actions holistic and I the in growth a just that's do ROE. Investor other

X for making in we or much X be in-force. partner clients are business active on we of But we continue in in very years. sort to fashion very times, also on working our to them rights these sure on but could and execute partnership the at So new treaty, with a

Operator

Our next Wells Fargo. with Elyse question comes Greenspan from

Elyse Greenspan

Re. Ruby on is question first My

for -- the been you guys platform? when up, obviously into When that business ongoing yet. entity you to change? expect I you current You but to on And for are guys the you guess, just business seed be able business was the to seated waiting would seeding what set haven't

Todd Larson

putting to and going Todd. do the -- retrocede process Yes. we've way that of we're and just No, identified some the the to best I on through is some together -- guess, the and the thing. we're This the approvals is to actually it through appropriate process, type working business of doing getting blocks going modeling

that expect year. some retro sessions remainder or Ruby you'll sessions So the I this would out see to of in

Elyse Greenspan

do did target in we How transactions? away you about And about think Ruby the quarter. just guys capacity then including from question, my think debt capital, issue we when additional some second the debt to hybrids, for

Todd Larson

Yes.

we Ruby XX% of of then value the flexibility also combined of to And with for bit do target strategic it senior makes So but as some generally, all the which embedded Re there's spend part where equity as and at Historically, to again, looking we some of call debt capital that. sense. forms or say, and well around XX%, quite markets, a all alternative is did hybrid, securitization in, capital, we retro we've well so debt addition, around as traditional sessions in done some time third-party that.

Operator

comes from KBW. Our Ryan next question with Krueger

Ryan Krueger

last going earnings for power, to sorry harp the come one. Todd making I'm but for on to interesting call on his more good back it time an this, I'm one underlying on

the million $XX you million was GAAP expenses. million of $XXX a claims, So there $XX mentioned positive, higher

other of so, come X how power? also rate a VII when earning the And rate things would up quantify and you items? Are run if those tax you of X would other with the trying more kind I that, was beyond weaker think was those higher. I consider to believe

Todd Larson

about estimate income million at negative the was negative $XX variable rate our was XX%. was a -- impact best quarter. think is And then previous in XX% to the our -- range pretax tax I

X.X of we're provided points targets So say, X on we earlier we've the reiterate in tax the another, plan to that that pretax the run comfortable with to to -- rate million. intermediate impact year, we deliver the still But on provided. growth grow income of the $XXX and continue rates the

Ryan Krueger

on your main And to at wanted I point? your of given just at guys your confidence this Great. a you of in to guess, I X chance challenges then assumptions Okay. just comment the competitors, give own reserve kind

Jonathan Porter

Jonathan. Yes. Ryan, this is

Let one. me that take

position but in our we're few other So a on perspective. to comment obviously, a not directly points companies' from actions, just

The first keep one, company mind are that are from underlying the there are perspective. differences expectation has, business, business charged, that I think used in to the need right? we each So that in being the premiums that an assumptions being the

So that way. read possible it's things through not in really to

Second, a is experience Tony the have mention as business. And quarter-to-quarter, point do X and biometric regular pointed experience. the then pricing. quarters. say core that both sense pursue reporting I that of we Things we've strengths rigorous management has risk-reward up we down at the been don't I got demonstrated discipline our our the us, and RGA. very would last to last is favorable feel see we underlying and product we we for trade-off think where risk approach and been multiple across Todd don't lines We've our our pleased one I'll making to monitoring And of markets move can and but

Tony Cheng

activities actions these Tony happen here. from time. to time just I these I or mean add, let me mean,

for and times, As management, And create on risk life critical opportunities at is Jonathan our our for can us. said, us. discipline, this focus our health

the focus have and So we risk and well future. -- life continue incredibly disciplined, but will the obviously principles on health management remain into we

Operator

with Our comes Kamath next from question Jefferies. Suneet

Suneet Kamath

of a digest you Should billion it open you've needing wide looks you of like deployed? I number. $X half about doors some the guess sort guys deployment? deployment, capital to maybe sort about time still deployed in we very more do on is Or healthy second of think it year-to-date, as sort to what

Tony Cheng

Suneet. one, answer take pipelines I'll our I'd full. that Maybe absolutely by it are Yes. saying

reason no was So strong. down in obviously, QX. slowing there's QX, or unusually But we're QX unique

good momentum only a to We've So hopefully, on plenty excited stronger. very sense. that how And you that use excited the strategically. transactions. by by is growing we're pipeline, positioned of capital to Very got gives execute

Suneet Kamath

with seeing it. the Got the headlines players. were some the maybe gears And equity-backed we've to just private of related market. Obviously, been PRT deals then some to shifting that done

impact wondering for that competition in an on or PRT that's if having either business? business pricing Just

Tony Cheng

some Yes. But on or mind, lot Thank in we don't strong, you. Yes. fair. the Pricing, the competitors do particularly I is of jumbo same thing, side, where my a I for really want to mean, of spend is once to comment again, our relating issues us, pipeline our focus. in indirectly.

of broadly, key not part is year the longevity of So that's going the market case no think that, reason the excited strategy and the risk the our to U.S., forward. the in PRT rest by

Operator

Tom next Our with Evercore. from question comes Gallagher

Thomas Gallagher

million earnings of benefit, actions just Todd, go-forward you $XXX in-force is back would on all onetime expect rate any the it is Or impact benefit? as there -- well?

Todd Larson

net again, And and again, it's some those reporting client consolidated of that's basis, adjustments. on -- just a of Yes.

maybe So had benefit. U.S. The up break action into would X, current Tom. a I in-force year it

As under I cohort what was in LDTI, we've mentioned comments, ratio all on above XXX%. capped premium that net a my

from going And longer decrease really believe of won't claims of no an be the income that impact will our on volatility books. treaty the or there came the it minus much forward, plus current through with So some we do statement that period. help but

way it untapped so works that ratio than treaty was And great then net XXX%, a it adjustment an switching a to cohort. the that had over premium that Asia, less was

the to we of the based cash rate LDTI. net whatever at apply adoption structure, in inception and the the actually ratio flows of new the it way on So premium look you recalculate the change that back

of impacts going get positive catch-up then current in bit you little the and a forward. period a So some

Thomas Gallagher

a then helpful. That's earnings. this And on rate run of you. just put bow to Got

it's $XX million about and sound of to if million $XXX million pretax. added unfavorables, so Does $XX a of $XX that net I to right? million, favorable up So million I all think $XX the

Todd Larson

million the I related of $XX positives and in-force I quarter. get reiterate it, would I quite to that that value the of of the positive when impact guess $XX negatives, call But the lot took pretax a a look to actions about, we to in million that enterprise. bit at I created again

would part I that So view our will. of as you if business,

Thomas Gallagher

it. Got

to quarter benefit would that, So then way tax in the million be the million the that and your net $XX $XX -- you would effect be you adjust? would

Todd Larson

some If or again, quarter, them, Yes. we're of to perspective. negatives, at to a have you right? in-force items related management those And some of going was every positives also positives did whatever things these this onetime the, bit the that of a looking of little want call good But types from again, of to an and in items. lot we're quarter some we

Operator

question with next Sandler. comes from Piper Our John Barnidge

John Barnidge

this on congrats reaching stage. Todd,

have the towards guided one-timers I sustainably know in trending there's the above opinion? we ROE been discussed. your from quarter that above Another range. Are some high end it

Todd Larson

targets, those over We point, period time. set recently a our we'll of going the monitor about meant targets, Yes, with appropriate range, do the consider the we're of forward. targeted updating and is higher in we At but we're updating not X-year last the Thanks, end performance of strong intermediate and John. which this say intermediate, feel coming at sort did and good are financial as over happy the Yes. be to period.

Tony Cheng

the that's John, business as focus and we've more exclusive innovative, said we transactions. Investor on as during whether returns add, the maybe new tailwinds, on just more these got we to Day, all

new is is yields. still rate money obviously, than tailwind Another higher portfolio

hope and up. value for ROE. at you'd So point, hard over we've And where and happy and to ourselves we're we'd really working clients. creating But time, this our forward our we signaled continually drift look beating with

John Barnidge

portfolio interestingly enough, question, follow-up X quarter. office in basis improved LTV like actually the points your My looks it

where of portfolio maybe position portions As gain balance -- and harvesting in VII? think the for your stability for you real portend you have outlook what of for equity the year the estate an that is commercial on

Leslie Barbi

Yes. John, this is Leslie Barbi.

stable. the quite So quality our portfolio has the -- been credit overall,

And That that due that a is new came X low have the experienced managing with your quite related to team office to We quarter in closed specifically primarily some down points. LTV. on but have very portfolio LTVs loans and the about comment It is contribute of the stability the we very low did helped more little loans. small that there. into that REO took amount, LTV so $XX million on rest the we new a in-office a

of -- in also going things to very we on market. market less lending been there's the in general, are So Certainly, and can lot disciplined. we a the choose. so always while available We're there's pick

so transition, doing this as look through but individual work any And we're opportunities. for issues can both also market we

Operator

Next from comes Mike with Citi. Ward question

Michael Ward

to wondering sounds not in make of best the all but just and the and Todd, Trad whatnot. talk there or sure. it this I actions for earnings Congratulations, dollar like Is -- just rate the want the was change the Or in-force segments all from about all dynamics run any sort U.S. like Asia? or

Todd Larson

is no. material. Yes. No, Nothing I'd say Todd. this

Michael Ward

my observing you've seen? of just X asked, that Okay. experience it, post been are And you've there's of underlying pandemic, of been over curious any last changes questions I'm then that themes most U.S. in if sort mortality but sort the any quarters, call other

Jonathan Porter

Thanks, Mike. This Jonathan. is

expectations So new been. to report really have our relative nothing to I'd what say

within be the underlying to level of business, when continue We been the block economic real a QX at the significant pleased into last to to our start or in positive with which you of this note has drill sub over trends business. X No year performance QX quarters.

continue see excess that have in is for that's We mortality, expectations our we reducing. built the to as before, -- mortality and go-forward expectation, I've do It into mentioned population. an

is So trending it down. still

this I think we're about year. half X% to X% excess first relative for to pre-pandemic the of levels

I see expectation. to And our as have So been mentioned, but continue, have that trend that that's that. nice into we favorable our built versus results

Operator

question Bhullar. follow-up Jimmy a from There's

Jamminder Bhullar

results could I think just on with what's several quarters. to Australia fluctuated us And just an on past give going trying to you recurring legacy And off expect do part an idea And update to a see time? wanted your have I business the just if the over on it business. had of the run is? get of over block that how big that's losses, you how

Todd Larson

a Todd. like on keep are. little Yes, we Jimmy, pushing any But great pretax them grow a eye bit that's That's for extent. profit. continuously seen Year-to-date, in-force a close the We team would it's under where to where they be. to has the at Australia been not slight have and year-to-date, there

that we but for nothing see at some this so there, older claims block, point. here material legacy And and

Jamminder Bhullar

environment business actually market had it is And still Or the tough? older is just the issues? business new in the that's

Tony Cheng

in, and selective those again, as business it you on that we I'll and areas that one. once environment areas. look, surprise thanks. discipline play wouldn't No, it the you with the to wouldn't right Jimmy, be Yes. mentioned, of comfortable very chose, we're play and areas part we're new we surprise the Todd of. take our that choosing And the business in new

see those in sometimes for for market, those the on. And we're others areas And comfortable you better which pricing with the a areas. create the pricing situations, we wait new focus and leave environment business patiently we

Operator

There's a Wes follow-up question from Carmichael.

Wesley Carmichael

couple about intensive, some forward? going changed that of in higher-level could years give had Tony. how's I embracing asset-intensive you perspective, how the over us in maybe asset the past maybe, hoping Japanese market's just how that Asia, a dynamic you're In thinking that especially question I'm and market, reinsurance,

Tony Cheng

others understand first Yes. question. of repeatable asset. mean, trying It's I'm did fully X are I one often, studying embracing on get calls does our Thanks Once or ago Asia, to Japan, top it. years it. of in blocks my it, we X We company sort it. for the phone these head transaction, probably

amongst set clients. a quarters And first with few we ago, trend off a once group that, think a we transaction life more I domestic-type did again, that of insurer. will said a

never think, them. client done I they're a again, since I we've some for cancer We that years. with it been I relationships, we've could a earlier, strength multifaceted XXXX. and transaction the company, there will on I mentioned of a strong, the with as say these been Day we've early follow. regulator, client did XXXXs the on there had would that reputable earlier did before. worked we And our And gosh, fact or just stimulate transactions mentioned very today, risk further risk once a upon during think this which quarter with as XX with the mortality the would One rules. And others since was that and the is transaction, our look Investor

not improving obviously, at they're trust towards relationships built. us. is are capital So that efficiency, turn that When surprising looking built. it's they their Those

Operator

question a There's from Tom Gallagher. follow-up

Thomas Gallagher

just the each had pretty into experience do emerges actions. as And it creates in-force question then Do management of you treaties go what that good Just about have really you're pressure enough have Or pipeline evaluate really several on have real a something wrong work? Like, so you and a for sense process been you for if a it a years, treaty. Or the And you it. it then pressure, you then visibility something does you big way? you of to to that how time? responding reacting you've kind these seeing and have into is react action? Is and pipeline? more

Tony Cheng

out miss Jonathan that, add and anything. on take I Yes. if Maybe I'll

can these arrangements. would mean, focus taken You've treaty. and always in that take But one. there's can and type I lumpy, try got look we is said, that to be negotiate there Obviously, at on, actions But extra which be and out-of-the-treaty the material firstly, transactions like you one. are time. you can pipeline is, a be

very think And nature. we we obviously do, in -- we're if technical a what company you about right,

got great discussions. we've So clients with our relationships detail, of during in types even these phenomenal

So situations. to up we can with with very best the coming win-wins be these creative clients in manage

process. the broadly that's So

That's as that it not put strengths can lumpy, predict. absolutely but sense to ability, like. is It's to as it has to you'd hopefully, very energy area us we look experience be all but technical of another a of very allow if a you exercise into our It's it. lot Obviously, strong mentality. partnership hard gives that relationship,

Operator

This Tony back closing concludes for to conference any the our session. question-and-answer like remarks. would Cheng to turn I over

Tony Cheng

and and quarter further substantial Thank you a continued momentum power. continued your quarter, RGA. was good strong all first This for interest in your earning demonstrating following questions a our very

And I nearly we miss over before quarter will is at for congratulate concludes -- to RGA this time we second helped you. world-class XX him Thank into go shape Before his him is I it on retirement doubt organization both today, and his RGA. and no Todd his There go, has that and the thank professionally personally. years want contributions our call.

Operator

for has presentation. conference now concluded. you attending today's The Thank

disconnect. now You may

Reinsurance Group of America (RGA) 2 Aug 242024 Q2 Earnings call transcript