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Reinsurance Group Of America Reports Fourth-Quarter Results

Stocks in this article: RGA

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 premiums $2,179,707 $2,034,716 $7,906,596 $7,335,687
Net income 222,989 138,579 631,893 546,045
Net income per diluted share 3.00 1.88 8.52 7.37
Operating income* 181,830 120,772 516,382 485,596
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”)*



Total assets 40,360,438 31,633,973

* 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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