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Cammack Lecture at University of Illinois

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Title: Cammack Lecture at University of Illinois


1
Cammack Lecture at University of Illinois Greig
Woodring October 7, 2005
2
Individual Life In-Force 2004
Source National Underwriter Life Health
August 15, 2005
3
Quarterly Mortality Volatility5 Yr Average
80.7
4
Observed Claims Volatility
Monthly Claims Variance for Selected US Business
Quarterly Claims Variance for Selected US Business
40
40
20
20
0
0
-20
-20
-40
-40
1
2
3
4
1
2
3
4
Variation by Count
Variation by Average Size
Total Variation
Variation by Count
Variation by Average Size
Total Variation
Annual Claims Variance for Selected US Business
40
20
0
-20
-40
1
2
3
4
Variation by Count
Variation by Average Size
Total Variation
5
Life Reinsurance Inforce North AmericaMarket
Continues to Grow
( in billions)
5 year CAGR 15
5 year CAGR 29
13
16
8
16
15
76
22
30
13
20
Source Munich American / Society of Actuaries
Reinsurance Surveys
6
Life Reinsurance Penetration New Ordinary
Business Production
( in billions)
(C in billions)
78
70
71
74
61
60
59
62
59
59
Source Munich American / Society of Actuaries
Reinsurance Surveys, ACLI, CLHIA Estimate
7
Financial Snapshot
  • December 31, 1993
  • Share Price 12.28
  • Market Cap 480M
  • Assets 1.2B
  • Net Income 34.1M
  • Premiums 380M
  • Employees 198
  • Split-adjusted
  • December 31, 2004
  • Share Price 48.45
  • Market Cap 3.0B
  • Assets 14.0B
  • Net Income 221.9M
  • Premiums 3.3B
  • Employees 778

8
Shareholder Book Value Per Share5 Year Trend
5 year CAGR 13
9
Top 10 North American Life Reinsurers in 2004
( in billions) Reinsurer In
Force Market Share Swiss Re
2,129.3 28.7 RGA 1,097.5
14.8 Munich American Re 1,020.7
13.8 Scottish Re 1,020.1
13.8 Transamerica Re 600.8 8.1 ERC
491.5 6.6 Generali 230.9
3.1 Revios (Gerling) 147.5 2.0 General
Re Life 135.8 1.8 Canada Life
132.9 1.8
Top 5 79.2
Next 5 15.3
Source Source 2004 Munich American / Society
of Actuaries Reinsurance Survey
10
Top 10 Life Reinsurance Groups
11
Life Reinsurance Consolidation
North American
Market Share Based on Inforce
Source Munich American / Society of Actuaries
Reinsurance Surveys
12
Expanding Geographic Presence
YTD Premiums by Operating Segment - June 30, 2005
  • Operating segments segregated by geographic
    region
  • U.S.
  • Canada
  • Europe South Africa
  • Asia Pacific

Asia Pacific 14
Europe South Africa 15
U.S. 63
Canada 8
YTD 2005 Total Premiums - 1.8 Billion
13
RGA Highly Regarded by Clients
  • 2005 Flaspöhler Research Group Survey
  • RGA earned the highest scores overall
  • RGA was named by 61.4 of cedants as a reinsurer
    that they work with that they believe is best
    overall placing the company 1st of the 19
    reinsurers tested
  • RGA, overall, is in the top quartile of all 9
    factors
  • 1 of only 2 companies ranked top quartile in all
    9 factors
  • Factors include Underwriting Capabilities,
    Financial Value, Financial Security, Strong
    Client Orientation, Leading Expertise Market
    Knowledge, Timely Service, Technology, Quality
    Actuaries and Innovation/Creativity

Source 2005 Flaspöhler Research Group survey of
the major life reinsurance buyers (direct
insurance company executives) in the U.S. market.
Survey was based on /- 225 interviews.
14
International Markets - Challenges
  • Increasing competition
  • Market volatility
  • Foreign currency fluctuations
  • Unstable interest rate environments
  • Systems and communications
  • Infrastructure and regulation

15
Future Growth
  • Underwriting
  • Securitization
  • Payout annuities
  • International expansion

16
Cammack Lecture at University of Illinois Greig
Woodring October 7, 2005
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