Reinsurance Group of America, Incorporated

Good day and welcome to the Reinsurance Group of America Second Quarter 2022 Results Conference Call. Today's call is being recorded. At this time, I'd like to introduce Mr. Ted Larson, Senior Executive Vice President and Chief Financial Officer, and Ms. Anna Manning, President and Chief Executive Officer. Please go ahead, Mr. Larson.

Thank you. Good morning and welcome to RGA's Second Quarter 2022 Conference Call. I'm joined on the call this morning with Anna Manning, RGA President and Chief Executive Officer, Leslie Barbee, Chief Investment Officer, Jonathan Porter, Chief Risk Officer, and Jeff Hobson, Head of Investor Relations. Now a quick reminder about forward-looking information and gap financial measures. Some of our comments or answers to your questions may contain forward-looking statements. Actual results could differ materially from expected results. Please refer to the earnings release we issued yesterday for important factors that could cause actual results to differ materially from expected results. Additionally, during the course of this call, information we provide may include non-GAAP financial measures. Please see our earnings release, earnings presentation, quarterly financial supplement and website for discussion of these terms and recommendations to GAAP measures. And now I'll turn the call over to Anne for her comments.

Good morning, and thank you for joining our call this morning. Last night, we reported adjusted operating earnings per share of $5.78. This was a record level of earnings for us, and importantly, it included strong contributions from many of our business segments. Growth in organic new business was good and we had another active quarter for capital deployment into Inforce and other transactions. We also saw COVID claims come down substantially and our underlying non-COVID mortality was favorable in most markets. And while uncertainty remains, we expect future COVID impacts to continue to be more limited given the protection provided by vaccinations and prior infections and by the continued development of new vaccines and treatments. I think this quarter points to many positive signs of the strength of our underlying business, the momentum on new business, and the continuing attractive pipeline of growth opportunities. Turning to some further highlights in the quarter, the U.S. and Latin America traditional business had an excellent quarter, as individual mortality experience was very favorable with both claim frequency and severity better than expected, and premium growth reflected solid underlying demand. The Asia traditional business also had an excellent quarter, with favorable underwriting experience across the region, and I'm very pleased with the range of new business activities, notably product development and other client partnership initiatives that will allow us to continue to deliver profitable growth into the future. Our global financial solutions business also delivered another strong quarter across all their business segments and geographies. The Asia business saw measurable GFS earnings growth, reflecting our success over the past couple of years in deploying meaningful amounts of capital into in-force block transactions. Further, our capital deployment of 121 million into in-force and other transactions puts us roughly on pace to match last year's record capital deployment levels. Our pipelines remain active and broad-based across risks and geographies, and momentum is good as we stand here halfway through the year. Our reported premium growth was 4.3% and 8.1% on a constant FX basis. And we continue to see favorable dynamics for insurance products in many of our traditional markets and strong demand from clients for our insurance risk and capital reinsurance solutions. Our investment results were favorable overall, reflecting the benefit of higher new money yields, and if sustained, higher yields would become a meaningful benefit going forward. I'm also pleased to report that we increased our quarterly dividend by nearly 10%, reflecting our confidence in the strength and sustainability of RGA's underlying earnings. We have a great franchise and are very well positioned around the world. We've demonstrated that we can successfully manage through periods of elevated uncertainty and change, which makes me confident in our ability to continue to create substantial long-term value for our investors. Thank you for your interest in RGA. and I'll hand it over to Todd to review the financial results.