Premium growth and investment income boost result
US life reinsurer Reinsurance Group of America (RGA) made a net profit of $377.7m for the first nine months of 2010, up 28% on the $294.7m profit it made in the same period last year.
Net premium income for the period increased 18% to $4.86bn from $4.13bn. Net premiums for the group reinsurance business acquired at the beginning of the year totaled $227.6m. Net Investment income rose 9% to $883.4m from $807.3m.
For the third quarter alone, net profit was up 8.5% to $128.2m from $118.2m. Net premiums increased 17% to $1.65bn from $1.41bn. Annualised return on equity for the quarter was 13%.
"We are pleased with our third-quarter operating results. Our overall claims experience approximated our expectations,” RGA CEO Greig Woodring said in a statement. “In addition, consolidated premiums continued to grow in line with expectations and our book value continued to benefit from consistent earnings contributions and a strengthening investment portfolio.”