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    Mike Ward • UBS

    Mike Ward's questions to Reinsurance Group of America Inc (RGA) leadership

    Mike Ward's questions to Reinsurance Group of America Inc (RGA) leadership • Q1 2025

    Question

    Mike Ward asked if the new business pipeline showed more opportunity in specific areas and if the Equitable deal would shift focus internationally. He also inquired about the third-party capital pipeline and confirmed the priority of capital sources.

    Answer

    CEO Tony Cheng reiterated that the new business pipeline is strong across all three major regions and that the Equitable deal has actually spurred more client inquiries in the U.S. without diminishing international focus. CFO Axel Andre stated RGA is focused on deploying its existing Ruby Re capital to build a track record for future initiatives and confirmed that issuing common equity remains a low priority with a high hurdle rate.

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    Mike Ward's questions to Prudential Financial Inc (PRU) leadership

    Mike Ward's questions to Prudential Financial Inc (PRU) leadership • Q4 2024

    Question

    Mike Ward asked about the product lines driving the significant jump in Individual Life sales and whether the increase in estate planning cases adds earnings volatility. He also requested more clarity on the capital impact of runoff business.

    Answer

    Caroline Feeney-Pfundstein, Head of U.S. Businesses, stated that record Q4 life sales were broad-based across nearly all products. She acknowledged a benefit from estate planning activity but does not believe it adds volatility. CFO Yanela Frias clarified that while runoff business releases capital, this capital is part of the pool being reinvested to fund strong new business growth.

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