Reinsurance Group reports drop in Q4 profit
Reinsurance Group of America Inc. said its fourth-quarter net income fell 21 percent on losses from discontinued operations and changes in the value of embedded derivatives.RGA earned $63.6 million, or 99 cents a share, down from $81.7 million or $1.28 a share. Revenue was up about 2 percent to $1.5 million..For the year, earnings were flat. The Chesterfield-based company earned $293.8 million, or $4.57 a share, up from $288.2 million and the same amount per share. Revenue was $5.7 million, up 10 percent from $5.2 million in 2006.
Operating income was up 13 percent in the quarter, however, and up 18 percent for the year, said A. Greig Woodring, president and chief executive.
Woodring said its U.S. and Canada setments had strong gains in operating income and favorable claim levels.
Results in the Asia Pacific region were strong, too, but claim levels were high in Europe and South Africa.
The company is well positioned to weather turmoil in the economy and financial markets, Woodring said.
