Reinsurance Group of America (NYSE: RGA) reported Q2 EPS of $1.36, $2.25 better than the analyst estimate of ($0.89).

• Net income of $2.48 per diluted share
• Adjusted operating income* of $1.36 per diluted share
• ROE 5.1% and adjusted operating ROE* 7.8% for the trailing twelve months
• COVID-19 claims, including IBNR, were estimated to be $300 million on a global basis

Anna Manning, President and Chief Executive Officer, commented, “We would like to express our heartfelt sympathy to all who are suffering from the devastating effects of the pandemic. The health and safety of RGA's employees and their families continue to be a top priority.

“We did experience a material level of excess mortality claims in the U.S. that we believe to be COVID-19 related; however, COVID-19 claims from the rest of the world were relatively modest. While our operating results were negatively impacted by the various effects of COVID-19, most of our segments reported results that were in line with or better than expectations. Our morbidity experience in all key markets was favorable and our Global Financial Solutions results were very strong. We were pleased with the resilience of our business in this challenging environment.

“During the quarter we took measured and proactive action to raise additional capital to further strengthen our balance sheet, and we ended the quarter with excess capital of approximately $1.4 billion. With our strong balance sheet and diversified global platform, we believe that our global business is well positioned to successfully manage through this period of uncertainty.”

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