Reinsurance Group of America, a provider of life reinsurance, has reported revenue of $1.94bn for the fourth quarter of 2009, compared to $1.37bn in the same period last year.

The company posted net income $112.4m, or $1.52 per diluted share for the fourth quarter of 2009, compared to $9.4m, or $0.14 per diluted share in the same period last year.

The previous year net income was affected by losses related to the decline in the fair value of certain embedded derivatives. The company reported net premiums of $1,598.8m, an increase 15 % compared to the same period last year. The foreign currency exchange rates were favorable, adding $81.8m.

The consolidated premiums has increased approximately 9 %. Net investment income has increased $118.6m to $315.2m from $196.6m in the same period last year. The investment income has increased from $50.6m to $287.0m, an increase of 21 %.

For the full year, the net income increased to $407.1mn, or $5.55 per diluted share, from $176.8 m, or $2.71 per diluted share, in 2008. The per diluted share was affected by $0.09 due to foreign currency fluctuations in addition to the dilutive effects of the company’s offering of 10,235,000 shares of common stock in November 2008.

The premiums has increased 7 % on a reported basis and 11 % on an original currency basis for 2009. The net investment income increased $251.2m to $1.12bn. The investment income increased $85m to $1.07bn.

Greig Woodring, president and chief executive officer of Reinsurance Group of America, said: “We are pleased with our results in 2009. We have delivered an average operating return on equity of 14 % for the last three years. Fourth-quarter premiums increased 15 % over the prior year, totaling nearly $1.6bn. While higher-than-expected claim levels in the U.S. hampered results somewhat, our other operating segments performed very well. The quarter also benefited from a lower effective tax rate.”