Reinsurance Group of America, Incorporated (NASDAQ:RGA) reported its results for the second quarter. Reinsurance Group of America is an insurance holding company, which is engaged in traditional individual and group life, asset-intensive, critical illness and financial reinsurance.
Reinsurance Group of America, Incorporated Earnings Cheat Sheet for the Second Quarter
Results: Net income for Reinsurance Group of America, Incorporated rose to $132.9 million ($1.78 per share) vs. $127 million ($1.70 per share) in the same quarter a year earlier. This marks a rise of 4.6% from the year earlier quarter.
Revenue: Revenue was $2.2 billion last quarter.
Actual vs. Wall St. Expectations: RGA fell short of the mean analyst estimate of $1.82 per share. It beat the average revenue estimate of $2.14 billion.
Quoting Management: A. Greig Woodring, president and chief executive officer, commented, “Consolidated results were generally in line with our expectations, with strong contributions from our Canadian operations and some unfavorable claims experience in our international operations. Consolidated premium growth of 8percent on an original currency basis was slightly below our expectations for the quarter. Capital, liquidity and investment positions remain strong and appropriately positioned. In May, we issued $400million of senior notes and expect to use $200million to fund the payment of senior notes that mature in December. We are committed to managing an efficient capital base. As with the past several quarters, investment impairments were not significant.”
The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 31.3% and in the fourth quarter of the last fiscal year, the figure rose 75%.
The company fell short of forecasts after beating estimates in the previous two quarters. In the first quarter, it topped the mark by 4 cents, and in the fourth quarter of the last fiscal year, it was ahead by 29 cents.
(Source: Xignite Financials)