Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported fourth-quarter net income of $223.0 million, or $3.00 per diluted share, compared to $138.6 million, or $1.88 per diluted share in the prior-year quarter. Operating income* totaled $181.8 million, or $2.44 per diluted share, up from last year’s $120.8 million, or $1.64 per diluted share, an increase of 49 percent on a per-share basis. The current-period results reflect better-than-expected claims experience in the U.S. mortality business, and strong performance in both the U.S. Asset-Intensive line and Canada segment. Certain amounts for 2011 have been adjusted for the retrospective adoption of new accounting guidance for deferred acquisition costs.
|Quarterly Results||Year-to-Date Results|
|($ in thousands, except per share data)||2012||2011||2012||2011|
|Net income per diluted share||3.00||1.88||8.52||7.37|
|Operating income per diluted share*||2.44||1.64||6.96||6.55|
|Book value per share||93.47||79.31|
Book value per share (excl. Accumulated Other Comprehensive Income “AOCI”)*
* See ‘Use of Non-GAAP Financial Measures’ below
Net income for the year increased to $631.9 million, or $8.52 per diluted share, from $546.0 million, or $7.37 per diluted share, in 2011. Operating income* totaled $516.4 million, or $6.96 per diluted share, compared with $485.6 million, or $6.55 per diluted share, the year before. Net foreign currency fluctuations lowered 2012 operating income per diluted share by $0.06. Consolidated net premiums for 2012 rose $570.9 million, or approximately eight percent including the effects of currency fluctuations, and nine percent without them.
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