Reinsurance Group of America (NYSE: RGA) reported Q1 EPS of ($1.24), $0.98 worse than the analyst estimate of ($0.26). Revenue for the quarter came in at $4.12 billion versus the consensus estimate of $3.64 billion.

• Net income of $2.03 per diluted share
• Adjusted operating loss* of $1.24 per diluted share
• ROE 5.2% and adjusted operating ROE* 3.7% for the trailing twelve months
• Global estimated COVID-19 claim costs of approximately $485 million for the first quarter
• Accounting correction for limited partnership investments had a favorable effect of approximately $1.87 per diluted share on net income and $1.07 per diluted share on adjusted operating loss

Anna Manning, President and Chief Executive Officer, commented, “Our first quarter was negatively impacted by a significant level of COVID-19 mortality claims in a range of geographies. Beyond the effect of COVID-19, our results were solid and continued to show resilience. Our underlying earnings power remains strong as a number of our segments performed well, and we deployed $100 million into in-force transactions.

“Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.2 billion. While we expect our results to continue to reflect additional COVID-19 claims, we expect that impact to diminish in the coming quarters, and believe that our strong financial condition and global business platform will deliver improved results as the year progresses.”

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