Reinsurance Group of America (RGA) is reporting that its net premiums in Q3 2022 grew to $3,247m from $3,094m in the same quarter in the preceding year.
The firm said in a statement accompanying its latest figures that net income to its shareholders in Q3 reached $284m, up from a loss of $22m in the preceding quarter.
Compared with the year-ago period, excluding spread-based businesses, third quarter investment income decreased 7.7%, reflecting lower variable investment income in the quarter. Average investment yield decreased to 4.40% in the third quarter due to lower variable investment income compared with 4.95% in the prior year.
Anna Manning, president and chief executive officer, commented: “This was another strong quarter for us, following the record level of earnings in the second quarter. In the quarter, we had positive contributions from a range of segments and businesses. Premium growth on a constant currency basis was 10.1%, and we had another active and successful quarter for in-force transactions, deploying $100m of capital.
“COVID-19 claim costs were comfortably absorbed, and our underlying non-COVID-19 mortality was favourable in many markets. Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.3bn.”
She added: “The underlying protection markets are active, organic new business activity is healthy, our in-force transactions pipelines are very robust, and we are better positioned to deliver valuable solutions to our clients than ever before. This quarter provides further evidence of the substantial value added through client-centred, focused execution on our strategy even during the challenges of COVID-19, and we are in a great position to continue the momentum going forward.”
RGA reported similar growth in its net premiums in its previous release of results, back in August. Back then the firm said there had been a rise in premiums of 4.3% over last year’s second quarter despite a fall in its net income.