UPDATE 1-Manulife agrees to reinsure $4.3 bln of Canadian Universal Life reserves [Yahoo! Finance]
Reinsurance Group of America, Incorporated (RGA)
Last reinsurance group of america, incorporated earnings: 1/28 04:15 pm
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Source: Yahoo! Finance
billion ($4.27 billion) of reserves of Canadian Universal Life block with RGA Life Reinsurance Company of Canada. The insurer expects the deal to generate C$800 million of capital that it intends to use for share buybacks. "With this transaction, we will have released C$11 billion of capital since 2018 and improved core return on equity (ROE) by about 5% since 2017," Manulife CEO Roy Gori said in a statement. Manulife has been seeking to cut risk in its insurance portfolio and improve shareholder returns in recent months. It had inked a C$13 billion deal in December to reinsure its long-term care business reserves. A contract between a reinsurer and an insurer typically reduces the risk for the latter, allowing it to remain solvent by recovering a part of the payout. The transaction is expected to close early in the second quarter of 2024. ($1 = 1.3582 Canadian dollars) (Reporting by Manya Saini in Bengaluru; Editing by Shilpi Majumdar)
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News
- Reinsurance Group of America, Incorporated (NYSE: RGA) had its price target raised by analysts at Morgan Stanley from $178.00 to $185.00. They now have an "equal weight" rating on the stock.MarketBeat
- Global Property and Casualty Reinsurance Market Poised for Strong Growth, Reaching USD 718.8 Billion by 2028, Driven by Increased Catastrophic Events and Regulatory Evolutions [Yahoo! Finance]Yahoo! Finance
- Reinsurance Group of America, Incorporated (NYSE: RGA) had its "outperform" rating re-affirmed by analysts at Royal Bank of Canada. They now have a $212.00 price target on the stock.MarketBeat
- Reinsurance Group of America, Incorporated (NYSE: RGA) had its price target raised by analysts at Wells Fargo & Company from $193.00 to $210.00. They now have an "overweight" rating on the stock.MarketBeat
- Reinsurance Group of America, Incorporated (NYSE: RGA) had its price target raised by analysts at Evercore ISI from $200.00 to $215.00. They now have an "outperform" rating on the stock.MarketBeat
RGA
Earnings
- 2/1/24 - Beat
RGA
Sec Filings
- 4/11/24 - Form ARS
- 4/11/24 - Form DEF
- 4/8/24 - Form 3
- RGA's page on the SEC website