Reinsurance Group of America, Incorporated (NYSE:RGA), a leading global provider of life reinsurance, reported fourth-quarter net income of $158.5 million, or $2.15 per diluted share, compared to $196.7 million, or $2.62 per diluted share in the prior-year quarter. Operating income* totaled $140.7 million, or $1.91 per diluted share, compared to $161.4 million, or $2.15 per diluted share in the year-ago quarter.
|Quarterly Results||Year-to-Date Results|
|($ in thousands, except per share data)||2011||2010||2011||2010|
|Net income per diluted share||2.15||2.62||8.09||7.69|
|Operating income per diluted share*||1.91||2.15||7.28||6.75|
|Book value per share||83.65||68.71|
|Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*||61.53||56.34|
|* See ‘Use of Non-GAAP Financial Measures’ below|
Net income for the year increased to $599.6 million, or $8.09 per diluted share, from $574.4 million, or $7.69 per diluted share, in 2010. Operating income* totaled $539.2 million, or $7.28 per diluted share, compared with $504.0 million, or $6.75 per diluted share, the year before. Both measures benefited from lower effective tax rates. Net foreign currency fluctuations increased 2011 operating income per diluted share by $0.13, including $0.05 in the Canadian segment. Net premiums increased $676.0 million, or 10 percent, including the effects of currency fluctuations and 8 percent without them.
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