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![REINSURANCE GROUP OF AMERICA INC [RZC] reports quarterly net loss of $210 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FRZC.png&w=1200&q=75)
REINSURANCE GROUP OF AMERICA INC [RZC] has reported a net loss of $210 million for quarter ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $6.3 billion
Based in CHESTERFIELD, Missouri, REINSURANCE GROUP OF AMERICA INC operates in the FINANCE sector.
In the condensed consolidated statements of income for the quarter ended March 31, 2024, the revenues increased significantly compared to the same period in 2023. Net premiums rose to $5.376 billion from $3.385 billion, representing a substantial growth in this revenue stream. The net investment income also saw an uptick, reaching $961 million compared to $856 million in the previous year.
However, there were some losses in the investment-related gains, as the figure stood at ($149) million, reflecting an increase from ($77) million in the same period last year. Other revenues also experienced growth, with a total revenue of $6.337 billion in the current period, compared to $4.251 billion in the previous year.
Moving on to benefits and expenses, the costs also increased in line with the revenue growth. Claims and other policy benefits rose to $5.132 billion from $3.063 billion, indicating higher payouts in the current period. Total benefits and expenses amounted to $6.065 billion, up from $3.9 billion in the previous year.
The income before income taxes decreased slightly to $272 million from $351 million in the same period last year. The provision for income taxes also saw a decline, standing at $60 million compared to $98 million in the previous year. Consequently, the net income for the quarter was $210 million, down from $252 million in 2023.
In terms of earnings per share, the basic earnings per share for the current period were $3.20, a decrease from $3.77 in the previous year. Similarly, the diluted earnings per share also dropped to $3.16 from $3.72 in the same period last year.
The net income, including the portion attributable to noncontrolling interest, was reported at $212 million, lower than the $253 million recorded in 2023. The net income attributable to noncontrolling interest also increased slightly to $2 million from $1 million in the previous year.