Reinsurance Group Climbs as Profit Beats Estimates
Reinsurance Group rose 2.2 percent to $58.66 at 4:14 p.m. in New York. Net income increased 61 percent to $223 million from $138.6 million a year earlier, the company said late yesterday in a statement. Operating profit, which excludes some investment results, was $2.44 a share, beating by 65 cents the average estimate of 11 analysts in a Bloomberg survey.
Results in North America fueled the profit gain at the Chesterfield, Missouri-based company, which also operates in Europe and the Asia-Pacific region. The firm shoulders risk for primary life insurers and can benefit when there are fewer deaths than expected.
“The fourth quarter benefited primarily from favorable individual mortality and annuity results in the U.S. and strong results in Canada,” Chief Executive Officer Greig Woodring said in the statement.
To contact the reporter on this story: Elizabeth Bunn in New York at email@example.com
To contact the editor responsible for this story: Dan Kraut at firstname.lastname@example.org
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.