Reinsurance Group of America Inc. Declares Quarterly Dividend, Payable on August 29, 2014
Jul 24 14
The board of directors of Reinsurance Group of America Inc. has increased the quarterly dividend 10%, to $0.33 from $0.30, payable August 29 to
shareholders of record as of August 8.
Reinsurance Group of America, Incorporated Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014
Jul 24 14
Reinsurance Group of America, Incorporated reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total revenues of $2,833,020,000 compared to $2,590,642,000 a year ago. Income before income taxes was $300,535,000 compared to loss before income taxes of $74,758,000 a year ago. Net income was $198,296,000 or $2.84 per diluted share compared to net loss of $49,612,000 or $0.69 per diluted share a year ago. Net premiums were $2,183,160,000 compared to $2,035,156,000 a year ago. Operating income was $155,131,000 or $2.23 per diluted share compared to operating loss of $71,797,000 or $0.99 per diluted share a year ago.
For the six months period, the company reported total revenues of $5,490,193,000 compared to $5,191,744,000 a year ago. Income before income taxes was $499,975,000 compared to $204,069,000 a year ago. Net income was $334,960,000 or $4.75 per diluted share compared to $135,923,000 or $1.85 per diluted share a year ago. Net premiums were $4,283,797,000 compared to $4,014,849,000 a year ago. Operating income was $269,938,000 or $3.83 per diluted share compared to $51,050,000 or $0.69 per diluted share a year ago. Book value per share as at June 30, 2014 was $97.21 compared to $82.97 a year ago.
Reinsurance Group of America, Incorporated Approves Amended and Restated Bylaws
Jul 18 14
On July 17, 2014, the board of directors of Reinsurance Group of America, Incorporated adopted and approved, effective immediately, the company amended and restated bylaws. The amended and restated bylaws supplement the advance notice requirements for shareholder proposals of business at shareholder meetings, including nominations for the board, in articles six and nine of the company’s restated articles of incorporation, as amended. Among other requirements, the supplements to the advance notice provisions: require shareholder proponents (as well as any beneficial owner, and their respective affiliates, associates and those with whom they are acting in concert) to disclose all ownership interests in the company, including, among other things, all direct and indirect ownership interests, derivative interests, short interests, other economic incentives and rights to vote any shares of any security of the company, and other material interests in the company, as well as information required to be disclosed in a proxy statement pursuant to the securities exchange act of 1934, as amended; require shareholders nominating directors to disclose the same information about a proposed director nominee that would be required if the director nominee were submitting a proposal; any other information that would be required to be disclosed in a proxy statement in a contested election pursuant to the exchange act; any material relationships between the shareholder proponent and their affiliates and associates and those with whom they are acting in concert, on the one hand, and the director nominees and their affiliates and associates and those with whom they are acting in concert, on the other hand; and, at the company’s request, any other information that would enable the Board to determine a nominee’s eligibility to serve as a director, including information relating to the proposed nominee’s independence, or lack thereof; require shareholders proposing business other than nominations to disclose any material interest of the shareholder proponent or beneficial owner (or their respective affiliates, associates and those with whom they are acting in concert) in the proposed business; the text of the proposal or business (including the text of any resolutions proposed); and a description of all agreements and arrangements between or among such shareholder, beneficial owner and their respective affiliates, associates and those with whom they are acting in concert, and any other person in connection with the proposal; require that the required disclosures be updated and supplemented, if necessary, so as to be accurate as of the record date for a meeting and as of ten business days prior to the meeting (or any adjournment or postponement thereof); clarify that the shareholder proposing business or making a nomination (or a qualified representative of the shareholder) must appear at the applicable meeting of shareholders to present such business or nomination in order for it to be considered; and clarify that an adjournment or postponement of a shareholders’ meeting shall not commence a new time period for the giving of a shareholder’s notice of a proposal or nomination. The amended and restated bylaws further require all director nominees (regardless of whether nominated by the board or by a shareholder) complete a written questionnaire with respect to the background and qualification of the nominee and provide a written representation and agreement with respect to the nominee’s entry into voting commitments and compensation or indemnification arrangements and compliance with corporate policies. The amended and restated bylaws provide for the designation of any state court located in St. Louis County, Missouri, or the United States District Court for the Eastern District of Missouri as the exclusive forum for certain shareholder litigation such as derivative claims, breach of fiduciary duty claims, claims pursuant to the general and business corporation law of Missouri, the articles of incorporation or the amended and restated bylaws, claims governed by the internal affairs doctrine and actions to interpret, enforce or determine the validity of the articles of incorporation or amended and restated bylaws, unless the company otherwise consents to another jurisdiction. In addition, the amended and restated bylaws also include other technical, procedural, clarifying and conforming changes, including with respect to the required vote for shareholder action.