Reinsurance Group Of America Q1 Profit Rises

Reinsurance Group America

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(RTTNews) - Reinsurance Group of America, Incorporated (RGA), Thursday reported first quarter net income available of $286 million, or $4.27 per share, compared with $210 million or $3.16 per share in the prior-year quarter.

Adjusted operating income for the first quarter totaled $378 million, or $5.66 per share, compared with $401 million, or $6.02 per share, the year before.

Tony Cheng, President and Chief Executive Officer, commented, "Our first quarter was very good, and we are off to a strong start for the year. Our Traditional business performed particularly well as our biometric claims experience was favorable in all geographic segments. We deployed $418 million into in-force transactions, not including the capital that we expect to deploy later this year for the transaction with subsidiaries of Equitable Holdings, Inc. ("Equitable") that we announced in February. Further, we believe that the capital deployed was into high quality transactions that we expect to deliver attractive returns over time. Recognizing the macro uncertainties, we continue to see an attractive pipeline for both organic new business and in-force transactions, with a good balance between each."

Net premiums for the quarter dropped to $4.019 billion from $5.376 billion last year.