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RGA® Reinsurance Group of America Reports First Quarter Results May 6 , 2021 • Net income of $ 2.03 per diluted share Adjusted operating loss * of $ 1.24 per diluted share • ROE 5.2 % and adjusted operating ROE * 3.7 % for the trailing twelve months • Global estimated COVID - 19 claim costs of approximately $ 485 million for the first quarter • Accounting correction for limited partnership investments had a favorable effect of approximately $ 1.87 per diluted share on net income and $ 1.07 per diluted share on adjusted operating loss ST . LOUIS -- ( BUSINESS WIRE ) -- May 6 , 2021-- Reinsurance Group of America , Incorporated ( NYSE : RGA ) , a leading global provider of life reinsurance , reported first quarter net income of $ 139 million , or $ 2.03 per diluted share , compared with a net loss of $ 88 million , or $ 1.41 per diluted share , in the prior - year quarter . Adjusted operating loss * totaled $ 84 million , or $ 1.24 per diluted share , compared with adjusted operating income of $ 89 million , or $ 1.41 per diluted share , the year before . Net foreign currency exchange rates had a favorable effect of $ 0.03 per diluted share on net income and $ 0.01 per diluted share on adjusted operating loss as compared with the prior year . ( $ in millions , except per share data ) Net premiums Net income ( loss ) Net income ( loss ) per diluted share Quarterly Results 2021 2020 $ 2,914 $ 2,819 139 ( 88 ) 2.03 ( 1.41 ) Adjusted operating income ( loss ) * ( 84 ) 89 Adjusted operating income ( loss ) per diluted share * ( 1.24 ) 1.41 Book value per share 177.83 150.88 Book value per share , excluding accumulated other comprehensive income ( AOCI ) * 133.67 132.55 Total assets * See ' Use of Non - GAAP Financial Measures ' below 84,810 75,654 First quarter results reflected approximately $ 474 million of estimated COVID - 19 impacts . On a per diluted share basis , the estimated COVID - 19 impacts , which includes mortality and morbidity claims with offsetting impacts from longevity , were approximately $ 5.31 . In the first quarter , consolidated net premiums totaled $ 2.9 billion , an increase of 3 % over last year's first quarter , with a favorable net foreign currency effect of $ 78 million . Compared with the year - ago period , excluding spread - based businesses and the value of associated derivatives , first quarter investment income increased significantly to $ 463 million and average investment yield increased to 5.67 % in the first quarter from 4.08 % in the prior year . This reflects higher variable investment income as a result of a correction of accounting for limited partnership investments of $ 92 million related to prior years ( see " Accounting Correction " for more details ) . Additionally , the first quarter reflects strong variable investment income from limited partnership investments . The effective tax rate on pre - tax income was 25.3 % for the first quarter . The effective tax rate benefit on pre - tax adjusted operating loss was 26.9 % for the first quarter . The effective rate was above expectations due to the geographical mix of earnings which resulted in a higher - than - expected quarterly tax rate . Anna Manning , President and Chief Executive Officer , commented , " Our first quarter was negatively impacted by a significant level of COVID - 19 mortality claims in a range of geographies . Beyond the effect of COVID - 19 , our results were solid and continued to show resilience . Our underlying earnings power remains strong as a number of our segments performed well , and we deployed $ 100 million into in - force transactions . " Our balance sheet remains strong , and we ended the quarter with excess capital of approximately $ 1.2 billion . While we expect our results to continue to reflect additional COVID - 19 claims , we expect that impact to diminish in the coming quarters , and believe that our strong financial condition and