Reinsurance Group of America (RGA) Misses Q1 EPS by 98c, Revenues Beat

Reinsurance Group of America (NYSE: RGA) reported Q1 EPS of ($1.24), $0.98 worse than the analyst estimate of ($0.26). Revenue for the quarter came in at $4.12 billion versus the consensus estimate of $3.64 billion.

• Net income of $2.03 per diluted share
• Adjusted operating loss* of $1.24 per diluted share
• ROE 5.2% and adjusted operating ROE* 3.7% for the trailing twelve months
• Global estimated COVID-19 claim costs of approximately $485 million for the first quarter
• Accounting correction for limited partnership investments had a favorable effect of approximately $1.87 per diluted share on net income and $1.07 per diluted share on adjusted operating loss

Anna Manning, President and Chief Executive Officer, commented, “Our first quarter was negatively impacted by a significant level of COVID-19 mortality claims in a range of geographies. Beyond the effect of COVID-19, our results were solid and continued to show resilience. Our underlying earnings power remains strong as a number of our segments performed well, and we deployed $100 million into in-force transactions.

“Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.2 billion. While we expect our results to continue to reflect additional COVID-19 claims, we expect that impact to diminish in the coming quarters, and believe that our strong financial condition and global business platform will deliver improved results as the year progresses.”

For earnings history and earnings-related data on Reinsurance Group of America (RGA) click here.

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