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Text: Actual results could differ materially from expected results.
Last night we reported a loss of $1.11 in adjusted operating earnings per share which included pre-tax $500 million in COVID 19 impacts, or $5.59 per share.
Our 12 month trailing ROE was 2.1%, which included 9.8% in COVID 19 impacts.
Premium growth was strong at 9.5% and we ended the quarter with excess capital of $1 billion.
This quarter saw elevated COVID 19 claims in the US, India and South Africa, consistent with the levels of general population mortality.
In the US individual mortality business, COVID 19 claims were $235 million in the quarter, slightly above the high end of our rules of thumb range.
We also had a level of excess non COVID 19 claims reflecting the elevated levels of excess mortality reported in the general population by the CDC.
COVID 19 claims in India and South Africa were $161 million and $64 million respectively as those countries also experienced a material delta wave, and Jonathan will provide further insights on our claims shortly.
The performance this quarter ex COVID 19 was strong and featured many highlights again demonstrating the value of our diversified global business and the strength of our new business franchise.
The highlights this quarter include strong earnings across all lines and regions from our GFS business, deployment of $140 million of capital into in-force transactions, including our largest to date longevity transaction in the Netherlands.
This brings the year-to-date capital deployment into in-force transactions to a total of $440 million putting us on track for a very strong year as our pipelines remain very good with opportunities in all regions.
I am particularly pleased with the recent success in our GFS business in Asia.
That business has grown from a relatively small base a few years ago, the one that has produced $66 million of adjusted operating income through the first nine months of this year.
Our success is in large part the result of our high-caliber local teams working together with our global product and risk experts to bring new solutions that best fit the needs of the local markets and clients.
We are actively managing our capital position, balancing deployments into organic business and attractive in-force block opportunities with shareholder dividends, and in this quarter the resumption of share buybacks.
And we generated additional capital with the completion of a financially attractive asset intensive retrocession transaction, I believe clear evidence of an efficient and effective capital management approach.
Investment results were favorable in the quarter despite the continued challenges of below market yields, impairments were minimal, and we realized some nice gains in our limited partnerships in real estate joint ventures.
Both our US Group and US individual Health business performed above our expectations, continuing a recent trend.
As I think about this quarter and the last six quarters on the pandemic, I remain encouraged by the resilience of our global business and by the positive momentum in our new business opportunities and growth prospects.
Looking forward, we expect some continuing impact from COVID 19 claims but believe these will be manageable endpoint to increasing vaccination rates globally as a reason for optimism.
We operate from a position of strength with an outstanding workforce, valued client relationships, and healthy business fundamentals.
We have a strong balance sheet and a track record of successful execution against our strategy.
All this gives me confidence in our business and in our opportunities for growth.
Even though a lot of the focus this quarter is on COVID 19 claims, we are accomplishing a lot in terms of adding substantial new long-term value.
I'm proud of this team and all that we've achieved and I am excited about the future, and look forward to sharing more thoughts at our Investor Day on December 9.
RGA reported a pre-tax adjusted operating loss of $89 million for the quarter and adjusted operating earnings per share loss of $1.11 per share which includes a negative COVID 19 impact of $5.59 per share.
Our trailing 12 months adjusted ROE was 2.1% which is net of COVID impacts of 9.8%.
While we did experience a significant level of COVID 19 impacts, our underlying non-COVID 19 results were strong as demonstrated by the year-to-date growth in our book value per share excluding AOCI of 4% to $137.60.
I would highlight this growth in book value per share is after absorbing approximately $1 billion pre-tax of COVID 19 claim costs.
Consolidated reported premiums increased 9.5% in the quarter, or 7.7% on a constant currency basis.
Reported premiums did reflect a couple of one-off items where organic growth was very good and new business activity is encouraging across all regions.
The effective tax rate for the quarter was 15.2% on pre-tax adjusted operating loss below our expected range of 23% to 24% primarily due to adjusted operating income and higher tax jurisdictions and losses in tax jurisdictions, for which we did not receive a tax benefit.
This was partially offset by favorable adjustments from tax returns filed in the quarter.
We saw non COVID 19 excess claims of approximately $75 million, which is consistent with higher non-COVID 19 population mortality as per CDC reporting.
The US Group and individual Health business both performed better than our expectations due to favorable experience overall, even after reflecting $15 million of COVID 19 claims in our US Group lines of business.
Variable investment income was strong in the quarter as both limited partnership performance and real estate joint venture realizations were favorable.
The US Asset Intensive business reported very strong results.
The segment had favorable overall experience and higher variable investment income.
We continue to be pleased with the results in this segment.
The Canada Traditional segment results reflected favorable experience in the group and creditor lines of business, slightly offset by COVID 19 claim costs in individual life -- line of approximately $5 million.
The Canada Financial Solutions segment results reflected modestly unfavorable experience.
In the Europe, Middle East and Africa segment, the Traditional business results reflected COVID 19 claim cost of $80 million in total, of which $64 million was in South Africa, and $13 million in the U.K.
We also saw some excess mortality claims believed to be directly or indirectly COVID 19 related.
EMEA's Financial Solutions had a good quarter as business results reflected favorable longevity experience, $4 million attributable to COVID 19.
Turning to our Asia Pacific Traditional business, Asia results reflect COVID 19 claim cost of $169 million of which $161 million was in India.
This impact was higher than our expectation and Jonathan will provide further information in a few minutes.
Australia reported a small loss for the quarter.
We continue to take necessary actions to manage the business back to consistent profitability.
The Asia Financial Solutions business had a good quarter reflecting favorable experience and strong growth in new business.
As Anna mentioned, we continue to be pleased with the growth and contributions from this segment.
The Corporate and Other segment reported pre-tax adjusted operating loss of $27 million, which is in line with our quarterly average run rate.
Moving on to investments, the non-spread portfolio yield for the quarter was 4.95%, reflecting both our well-diversified portfolio allocation and strong variable investment income primarily due to realizations from limited partnerships and real estate joint ventures.
While hard to predict from a timing perspective, variable investment income is a core part of our investment earnings.
The investment portfolio average rating was unchanged in the quarter and investment credit impairments were again nominal.
Our new money rate increased to 3.7% with the majority of purchases in public investment grade assets and contributions from strong private asset production.
Regarding capital management, our excess capital position at the end of the quarter was approximately $1 billion.
Our capital position remains strong and we have ample liquidity.
We deployed $140 million into in-force transactions and repurchased $46 million of shares.
Additionally, we entered into an asset intensive retrocession transaction that generated $94 million of capital and enhanced our returns.
This quarter highlights our balanced approach to capital management and our ability to absorb the impacts of COVID 19, fund organic growth, deploy capital into transactions, and return capital through share repurchases and dividends.
I'm going to review our Q3 claims experience and then provide some views on our COVID claim cost expectations for Q4.
The global emergence of the delta variant has been a key driver of higher general population mortality in the quarter.
We were optimistic in our last earnings call that trends in the US would lead to an improvement in mortality over the remainder of the year.
However, Q3 saw increases in both COVID 19 and non-COVID 19 general population mortality.
There are three key takeaways.
COVID 19 reported deaths increased substantially in the quarter.
COVID 19 deaths under the age of 65, ages where there is more life insurance exposure were at their highest points over the past six quarters.
Non-COVID 19 excess deaths were at their highest relative and absolute level since the start of the pandemic.
Our individual mortality claims results --sorry, US individual mortality claims results are consistent with what was happening in the general population.
COVID 19 claim costs were $235 million in the quarter, slightly above the higher end of our rule of thumb.
Q3 results reflect higher mortality in ages under 65 and larger average claim sizes.
On a year-to-date basis, COVID 19 claims are at the midpoint of our range.
Our excess non-COVID 19 experience was also driven by higher claims frequency consistent with the elevated deaths in the general population.
Turning to markets other than US individual mortality COVID 19 claim costs of $161 million in India were higher than our prior estimates, reflecting the more adverse impact of the Q2 delta wave.
Similar to what we are observing in the US, the Delta Verint has resulted in higher general population deaths, a shift of deaths to younger more insured ages and a larger average claim size.
$30 million of this impact in the quarter relates to an increase in IBNR, resulting in a COVID specific IBNR balance for India of $75 million at the end of the quarter.
COVID 19 claim costs in South Africa are estimated at $64 million in the quarter, reflecting a change in the distribution of general population deaths by province, as well as some large claims volatility.
Q3 general population data indicates that provinces with higher socioeconomic levels and therefore more insurance penetration and larger sized policies were more adversely impacted this quarter.
Other markets including Canada and the U.K. accounted for $30 million of estimated COVID 19 claim costs.
As expected, our longevity offset was modest in the quarter given relatively low levels of general population deaths in the U.K. where our longevity business is concentrated.
Looking ahead to Q4, elevated levels of excess general population mortality are continuing in the US through October, although currently running at lower levels and experienced at their peak in September and trending downward.
We are maintaining our claim cost rule of thumb of $10 million to $20 million for every 10,000 general population deaths.
We are also maintaining our rule of thumb for the U.K. and Canada at this time.
General population COVID 19 deaths in India and South Africa have been relatively modest through October.
Predicting COVID 19 claim costs continues to be challenging in particular in India where comprehensive data is not available about.
Although India and South Africa vaccination levels are still below our other key markets, they have increased materially in both countries since the beginning of Q3, which will reduce the scenario of future COVID 19 impacts.
We remain confident that the impacts will be manageable.
Let me now hand it back to Todd.
We hope you can join us for our discussion.

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q3 adjusted operating loss per share $1.11.

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