Reinsurance Group of America, a global provider of life reinsurance, has reported third-quarter net income of $147.4m, or $1.98 per diluted share, compared to $128.2m, or $1.72 per diluted share in the prior-year quarter.
Total revenues for the quarter rose to $1.99bn from $1.96bn in the prior year quarter.
Operating income totaled $151.6m, or $2.04 per diluted share, compared to $127.7m, or $1.72 per diluted share in the year-ago quarter.
For the quarter, consolidated net premiums increased 8% to $1,776.2m from $1,647.3m in the prior-year period.
The US Traditional sub-segment reported pre-tax net income of $88.2m for the quarter, down from $114.1m last year.
Canadian operations reported pre-tax net income of $44.4m compared with $33.5m in the third quarter of 2010.
For the first nine months of 2011, net income increased to $441.1m, or $5.94 per diluted share, from $377.7m, or $5.06 per diluted share, in the year-ago period.
Reinsurance Group of America president and CEO Greig Woodring said the company generated an annualized operating return on equity of 14% this quarter, and 13% over the last 12 months.