Life reinsurer Reinsurance Group of America (RGA) has reported a net income of $139 million for Q1 2021, compared to a net loss of $88 million for the prior-year quarter.
In the first quarter, consolidated net premiums totalled $2.9 billion, an increase of 3% over last year’s first quarter, with a favourable net foreign currency effect of $78 million.
Its first quarter results have reflected approximately $474 million of estimated COVID-19 impacts, which includes mortality and morbidity claims with offsetting impacts from longevity, which came to approximately $5.31 million.
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.”