Reinsurance Group of America (NYSE: RGA) reported Q3 EPS of $3.51, $1.71 better than the analyst estimate of $1.80.

Anna Manning, President and Chief Executive Officer, commented, “We are very pleased with our third quarter results and we continue to be proud of the resilience of our business in this challenging environment. While we experienced a material level of COVID-19 claims, the impact was manageable, and many of our segments reported strong results. Excluding COVID-19 claim costs, our U.S. individual mortality performance was very favorable in the quarter driven by positive large claims volatility.

“Estimated COVID-19 individual mortality claim costs in the U.S. were $100 million, at the low end of our range, while COVID-19 claim costs elsewhere totaled $40 million. This was partially offset by an estimated $30 million of favorable longevity experience, which is believed to be COVID-19 related.

“Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.5 billion. While there remains uncertainty as to the ongoing and ultimate impact of COVID-19 on our business, we believe that our strong financial condition and global business platform position us to successfully manage through this period.”

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