RGA reports ‘exceptionally good’ Q3: CEO Anna Manning
Reinsurance Group of America (RGA) said on Oct. 26 that it reported third-quarter net income of $227.6 million, up from $198.7 million in the same period a year ago.
Consolidated net premiums totalled $2.5 billion, up 11 percent from last year’s third quarter, with favourable net foreign currency effects of approximately $18.3 million. The average investment yield, excluding spread businesses, was up 38 basis points from the third quarter of 2016 to 4.81 percent, reflecting the strong variable investment income, the provider of life reinsurance said.
“This was an exceptionally good quarter, as bottom-line results were particularly strong and our top line remained vibrant,” said CEO Anna Manning.
“Furthermore, diversity of earnings sources, inherent to our global model, continues to be an important contributor to our success.
“A highlight of the quarter was the strong performance of the US segment, driven primarily by very favourable individual mortality experience and above-average variable investment income. Earnings in our US Traditional business segment reached a record level," Manning noted.
The US and Latin America traditional segment reported pre-tax income of $160.5 million, compared with $77.1 million in the third quarter of 2016.
“We closed a number of smaller in-force and other transactions during the quarter, and we remain optimistic about the pipeline. We ended the quarter with an excess capital position of approximately $1.0 billion, after repurchasing approximately 209,000 shares for $26.9 million.
“Looking forward, we are well positioned in our markets, we have a proven strategy, and we are confident about our ability to continue to deliver attractive financial returns,” Manning noted.
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