Reinsurance Group of America (RGA) Tops Q4 EPS by 13c

Reinsurance Group of America (NYSE: RGA) reported Q4 EPS of $1.19, $0.13 better than the analyst estimate of $1.06.

• Net income of $1.94 per diluted share
• Adjusted operating income* of $1.19 per diluted share
• Full-year net income of $6.31 per diluted share
• Full-year adjusted operating income* of $7.54 per diluted share
• ROE 3.4% and adjusted operating ROE* 5.7% for the full year
• Global estimated COVID-19 claim costs of approximately $300 million for the fourth quarter, $720 million for the full year

Anna Manning, President and Chief Executive Officer, commented, “Results benefited from our diversified global platform with a number of our segments performing very well this quarter; our overall premium growth was a solid 9%, and we were successful in closing a number of in-force transactions. Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.3 billion.

“Our fourth quarter and full-year results were negatively impacted by a significant level of COVID-19 mortality claim costs, resulting in earnings that were lower than would have been expected in a normal quarter and year. While we expect our results to continue to be affected by COVID-19 in the short term, the RGA franchise has shown resilience and produced very good results in many respects. We believe that our strong financial condition and global business platform position us to both successfully manage through the immediate challenges and create substantial long-term value.

“I am proud of how our organization has performed in this challenging environment. Our employees have demonstrated perseverance, dedication and flexibility, and have kept our operations running smoothly. Because of this, RGA has continued to deliver on our promises and supported our clients and their customers around the globe.”

For earnings history and earnings-related data on Reinsurance Group of America (RGA) click here.

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