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Reinsurance Group of America Has Registered a Second-Quarter Net Income of $141.1m

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Core prompt: Reinsurance Group of America has registered a second-quarter net income of $141.1m, or $1.91 per diluted share, against a net income of $123.9m

Reinsurance Group of America has registered a second-quarter net income of $141.1m, or $1.91 per diluted share, against a net income of $123.9m, or $1.66 per diluted share in the prior-year quarter.

For the current quarter period, its operating income stood at $122.3m, or $1.65 per diluted share, with an increase of 3% over last year's $119.1m, or $1.60 per diluted share.

The underwriter posted consolidated net premiums of $1.9bn, up by 9% from $1.7bn during the corresponding quarter earlier year, including an adverse effect of $45.8m from changes in foreign currency exchange rates.

Reinsurance Group of America president and chief executive officer Greig Woodring said the company had a stable quarter in terms of operating results, with operating income rising to $122m, or $1.65 per diluted share from $1.60 per diluted share in the second quarter of 2011.

"The current-period result includes headwinds associated with foreign currency fluctuations and a slightly higher effective tax rate, each of which adversely affected operating income per share by approximately $0.03," Woodring added.

"Our annualized operating return on equity was 11 percent for the quarter and 12 percent over the last 12 months. Our balance sheet remains strong, including the invested asset portfolio. Our net unrealized investment gains totaled approximately $1.6 billion as of June 30, 2012. We continue to evaluate new global opportunities to provide financial and reinsurance solutions to our clients."

Reinsurance Group of America has nearly $2.8 trillion of life reinsurance in force, and assets of $38.3bn and stands as the largest global provider of life reinsurance.

 
 
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