Feb. 1 (Bloomberg) -- Reinsurance Group of America Inc., the reinsurer formerly owned by MetLife Inc., advanced after fourth-quarter profit climbed, beating analysts’ 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.
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