UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): June 1, 2016
REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
| Missouri (State or Other Jurisdiction of Incorporation) |
1-11848 (Commission File Number) |
43-1627032 (IRS Employer Identification Number) |
16600 Swingley Ridge Road, Chesterfield, Missouri 63017
(Address of Principal Executive Office)
Registrant’s telephone number, including area code: (636) 736-7000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits.
| Exhibit No. |
Exhibit | |
| 12.1 | Computation of ratio of earnings to fixed charges and ratio of earnings to fixed charges excluding interest credited under reinsurance contracts | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| REINSURANCE GROUP OF AMERICA, INCORPORATED | ||||||
| Date: June 1, 2016 | By: | /s/ Todd C. Larson | ||||
| Todd C. Larson Senior Executive Vice President and Chief Financial Officer | ||||||
EXHIBIT INDEX
| Exhibit Number | Description | |
| 12.1 | Computation of ratio of earnings to fixed charges and ratio of earnings to fixed charges excluding interest credited under reinsurance contracts | |
Exhibit 12.1
Ratio of Earnings to Fixed Charges
(dollars in millions)
| Years Ended December 31, | Three Months Ended March 31, 2016 |
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| 2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||||||||||
| Income before income taxes |
$ | 763.6 | $ | 919.2 | $ | 635.3 | $ | 1,008.5 | $ | 744.8 | $ | 107.6 | ||||||||||||
| Less: |
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| Undistributed income of investees accounted for under the equity method |
3.1 | 3.3 | 4.3 | 3.0 | 7.0 | 1.8 | ||||||||||||||||||
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| Adjusted earnings before fixed charges |
760.5 | 915.9 | 631.0 | 1,005.5 | 737.8 | 105.8 | ||||||||||||||||||
| Add fixed charges: |
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| Interest expense |
115.0 | 117.5 | 134.8 | 108.1 | 165.5 | 39.1 | ||||||||||||||||||
| Interest credited on reinsurance contracts |
316.4 | 379.9 | 476.5 | 451.0 | 337.0 | 87.9 | ||||||||||||||||||
| One-third of rentals |
6.3 | 6.5 | 6.2 | 6.4 | 4.0 | 1.0 | ||||||||||||||||||
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| Total fixed charges |
437.7 | 503.9 | 617.5 | 565.5 | 506.5 | 128.0 | ||||||||||||||||||
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| Total earnings plus fixed charges |
$ | 1,198.2 | $ | 1,419.8 | $ | 1,248.5 | $ | 1,571.0 | $ | 1,244.3 | $ | 233.8 | ||||||||||||
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| Ratio of earnings to fixed charges |
2.7 | 2.8 | 2.0 | 2.8 | 2.5 | 1.8 | ||||||||||||||||||
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| Total fixed charges |
$ | 437.7 | $ | 503.9 | $ | 617.5 | $ | 565.5 | $ | 506.5 | $ | 128.0 | ||||||||||||
| Less interest credited on reinsurance contracts |
316.4 | 379.9 | 476.5 | 451.0 | 337.0 | 87.9 | ||||||||||||||||||
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| Total fixed charges excluding interest credited(1) |
121.3 | 124.0 | 141.0 | 114.5 | 169.5 | 40.1 | ||||||||||||||||||
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| Total earnings plus fixed charges excluding interest credited under reinsurance contracts(1) |
$ | 881.8 | $ | 1,039.9 | $ | 772.0 | $ | 1,120.0 | $ | 907.3 | $ | 145.9 | ||||||||||||
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| Ratio of earnings to fixed charges excluding interest credited under reinsurance contracts(1) |
7.3 | 8.4 | 5.5 | 9.8 | 5.4 | 3.6 | ||||||||||||||||||
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| (1) | This information is not required, but the Company believes it provides additional useful information on the coverage of fixed charges that are not related to its products. |