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REINSURANCE GROUP OF AMERICA REPORTS FOURTH-QUARTER RESULTS
|||Earnings per diluted share: net income $2.03, operating income* $2.17|
|||Reported net premiums up 1.5 percent; four percent in original currencies|
|||Strong results in U.S. individual mortality and asset-intensive businesses|
|||2013 revenues exceeded $10 billion|
ST. LOUIS, January 30, 2014 Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported fourth-quarter net income of $145.0 million, or $2.03 per diluted share, compared with $223.0 million, or $3.00 per diluted share in the prior-year quarter. Operating income* totaled $154.5 million, or $2.17 per diluted share, a difficult comparison versus last years $181.8 million, or $2.44 per diluted share. Last years fourth-quarter results benefited from a lower effective tax rate and a reserve reduction in Canada. Both periods reflect favorable individual mortality experience in the U.S. and Canada, as well as a strong performance in the U.S. asset-intensive sub-segment. The current period also reflects a strong result in Asia Pacific.
|Quarterly Results||Year-to-Date Results|
|($ in thousands, except per share data)||2013||2012||2013||2012|
Net income per diluted share
Operating income per diluted share*
Book value per share
Book value per share (excl. Accumulated Other Comprehensive Income AOCI)*
|*||See Use of Non-GAAP Financial Measures below|
Full-year 2013 net income totaled $418.8 million, or $5.78 per diluted share, a decrease from $631.9 million, or $8.52 per diluted share, in 2012. Operating income* decreased to $358.4 million, or $4.95 per diluted share, from $516.4 million, or $6.96 per diluted share, the year before. Excluding the $184 million after-tax increase in Australian claim liabilities during the second quarter of 2013, operating income per diluted share increased eight percent over 2012. Net foreign currency fluctuations reduced 2013 operating income per share by $0.03. Reported net premiums rose more than four percent for the current year. In original currencies, net premiums increased six percent.
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The following information was filed by Reinsurance Group Of America Inc (RGA) on Thursday, January 30, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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