ST. LOUIS - Reinsurance Group (NYSE:RGA) of America, Incorporated (NYSE: RGA), a leader in life and health reinsurance, has announced that Axel André will take on the role of Executive Vice President starting June 24, 2024. After a transition period, André is expected to become Chief Financial Officer (CFO) on August 5, succeeding Todd Larson, who will become Special Advisor to the CEO until his retirement at the end of the year.
Larson, who has been with RGA for nearly three decades, has been praised for his contributions to the company's financial and capital management. Tony Cheng, President and CEO of RGA, acknowledged Larson's significant influence on the company's growth and financial strength.
André brings extensive experience from the life insurance industry, having served as Executive Vice President and CFO at American Equity Investment Life (NYSE:AEL) Insurance Company since 2021. His previous roles include Executive Vice President and CFO at Jackson National Life Insurance and several years at American International Group (NYSE:AIG), Inc., where he was CFO for their Individual Retirement business.
Cheng expressed confidence in André's ability to lead RGA's strategic initiatives, citing his strong track record and deep knowledge of the insurance sector as assets that align with the company's commitment to excellence and growth.
RGA, established in 1973, is one of the world's largest life reinsurance companies, with approximately $3.7 trillion of life reinsurance in force and assets of $106.0 billion as of March 31, 2024. The company continues to focus on innovation, execution, and client service to create sustainable long-term value.
This executive transition is part of RGA's ongoing efforts to strengthen its leadership team and ensure continued success in the reinsurance industry. The information in this article is based on a press release statement.
In other recent news, Reinsurance Group of America (RGA) has been making significant strides in the industry. The company reported record adjusted earnings of $6.02 per share for the first quarter of 2024, with a return on equity of 14.8% for the past 12 months. These strong financial results were attributed to disciplined capital deployment strategies and strength across global businesses.
In addition, RGA secured a JPY 100 billion reinsurance deal with Anshin Life, demonstrating the company's strategic focus on the Japanese market. The terms of this agreement remain confidential, but it represents a significant partnership in the insurance landscape.
Investment firms Evercore ISI and Piper Sandler have both raised their price targets for RGA based on its robust performance. Evercore ISI raised its target to $225 from $215, while Piper Sandler increased its target to $220 from $195, both maintaining positive ratings.
Furthermore, RGA announced the addition of Alison Rand, former CFO of Primerica (NYSE:PRI), to its board of directors. Rand's extensive experience in corporate finance and risk management is expected to contribute to the company's growth and strategic execution.
InvestingPro Insights
As Reinsurance Group of America (RGA) welcomes Axel André as its new Executive Vice President, the company's financial health and market performance remain key areas of interest for investors and industry analysts. According to InvestingPro data, RGA boasts a strong market capitalization of $13.67 billion USD, reflecting its significant presence in the insurance industry. The company's P/E ratio stands at 15.94, which aligns with its adjusted P/E ratio for the last twelve months as of Q1 2024, at 15.88, indicating a consistent valuation relative to its earnings.
Investors may find RGA's robust revenue growth particularly noteworthy, with a 24.71% increase in the last twelve months as of Q1 2024 and an impressive 49.07% quarterly revenue growth in Q1 2024. Such figures underscore the company's strong performance and potential for continued growth, which could be further bolstered by André's strategic leadership.
Among the key InvestingPro Tips, RGA is highlighted for raising its dividend for 14 consecutive years and maintaining dividend payments for 32 consecutive years, demonstrating a commitment to shareholder returns. Additionally, the company is trading at a low P/E ratio relative to near-term earnings growth, which may signal an attractive investment opportunity for those seeking value. For more insights and to explore the full range of InvestingPro Tips, interested readers can visit https://www.investing.com/pro/RGA, where over ten additional tips are available. By using the special coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering a deeper dive into RGA's financial metrics and industry position.
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