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Reinsurance Group of America Q1 net income drops

Reinsurance Group of America (RGA) has reported a net income of $123.32m, or $1.67 diluted earnings per share, for the first quarter of 2012, compared to $148.92m, or $2.02 diluted earnings per share, for the same period in 2011.

The total revenues for the first quarter of 2012 were $2.29bn, compared to $2.28bn for the same period a year ago.

Operating income increased 5% to $112.4m for the quarter, compared to $106.9m in the year-ago quarter.

The US traditional sub-segment reported a pre-tax net income of $49.8m for the quarter while the US asset-intensive business posted a pre-tax income of $36.6m.

Canadian operations reported a pre-tax net income of $55.1m for the quarter while Asia Pacific’s pre-tax net income increased 46% to $32.1m.

Europe & South Africa posted a pre-tax net income of $6.6m while the corporate and other segment reported a pre-tax net loss of $5.7m.

RGA president and CEO Greig Woodring said that global claims experience was slightly adverse with strong results in Canada offset by higher-than-expected claims in the US and UK.

"RGA’s balance sheet and capitalization remain strong, despite a $318.4m reduction to equity, as of January 1, 2012, from the accounting changes on certain deferred acquisition costs," Woodring said.