Reinsurance Group Of America Reports Fourth-Quarter Results

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 premiums					$2,034,716					$1,801,899					$7,335,687					$6,659,680
Net income					158,531					196,712					599,620					574,402
Net income per diluted share					2.15					2.62					8.09					7.69
Operating income*					140,726					161,419					539,172					504,029
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
Total assets					32,104,032					29,081,908
* 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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