Reinsurance Group of America (RGA), Incorporated, a provider of life and health reinsurance has posted its financial results for the third quarter of 2024, which includes net income available to RGA shareholders of $156 million, a decrease compared to last year’s $287 million.
RGA’s adjusted operating income for Q3 2024 sat at $242 million, compared with $372 million from the year before, while adjusted operating income, excluding notable items for the third quarter totaled $410 million, compared with $372 million from the prior year quarter.
Meanwhile, RGA’s net premiums saw a slight increase, climbing from $4.2 billion to $4.4 billion for Q3’24.
In terms of their results for the first nine months of 2024, RGA posted a net income available to RGA shareholders of $569 million, compared to $744 million from the same period last year.
In addition, RGA’s adjusted operating income for 9M 2024 sat at $1.0 billion, while net premiums climbed to $13.68 billion from $10.97 billion from the prior year period.
Tony Cheng, President and Chief Executive Officer, commented on RGA’s Q3’24 results: “The third quarter was an excellent one for us, as we produced record financial results and demonstrated our continued strong momentum in virtually all aspects of our business. Our Asia Traditional and Financial Solutions businesses produced very good results, and our U.S.
“Traditional business and EMEA region performed well. We had a strong quarter of in-force block transactions, with $382 million of capital deployed, and we continued to see good momentum in new business. While we are delighted with the excellent current results, we are also mindful of long-term value, and were proactive in pulling various levers in the quarter that we expect will add to returns and enhance value over the long-term.”
He concluded: “Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $0.7 billion. Based on favorable business conditions and RGA’s global leadership position, we are optimistic about the future and expect to continue to deliver attractive financial results over time.”
