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RGA® Reinsurance Group of America Reports Second Quarter Results August 3 , 2021 • Net income of $ 5.02 per diluted share Adjusted operating income * of $ 4.00 per diluted share • ROE 6.3 % and adjusted operating ROE * 5.7 % for the trailing twelve months • Quarterly shareholder dividend raised 4 % to $ 0.73 • Global estimated COVID - 19 impacts of approximately $ 130 million¹ for the second quarter ST . LOUIS -- ( BUSINESS WIRE ) -- Aug . 3 , 2021-- Reinsurance Group of America , Incorporated ( NYSE : RGA ) , a leading global provider of life reinsurance , reported second quarter net income of $ 344 million , or $ 5.02 per diluted share , compared with $ 158 million , or $ 2.48 per diluted share , in the prior - year quarter . Adjusted operating income * totaled $ 274 million , or $ 4.00 per diluted share , compared with $ 87 million , or $ 1.36 per diluted share , the year before . Net foreign currency fluctuations had a favorable effect of $ 0.16 per diluted share on net income and $ 0.12 per diluted share on adjusted operating income as compared with the prior year . ( $ in millions , except per share data ) Net premiums Net income Net income per diluted share Adjusted operating income * Quarterly Results Year - to - Date Results 2021 2020 2021 2020 $ 3,098 $ 2,790 $ 6,012 $ 5,609 344 158 483 70 5.02 2.48 7.06 1.11 274 87 190 176 Adjusted operating income per diluted share * Book value per share 4.00 1.36 2.78 2.78 197.72 184.78 Book value per share , excluding accumulated other comprehensive income ( AOCI ) * 138.29 128.82 Total assets * See ' Use of Non - GAAP Financial Measures ' below 88,944 80,729 1 COVID - 19 impact estimates include mortality and morbidity claims of approximately $ 168 million with offsetting impacts from longevity of approximately $ 38 million . In the second quarter , consolidated net premiums totaled $ 3.1 billion , an increase of 11 % over last year's second quarter , with a favorable net foreign currency effect of $ 124 million . Compared with the year - ago period , excluding spread - based businesses and the value of associated derivatives , second quarter investment income increased 26 % , reflecting a 10 % higher average asset balance and strong variable investment income . Average investment yield increased to 4.64 % in the second quarter from 4.07 % in the prior year , primarily due to higher variable investment income . The effective tax rate this quarter was 28.5 % on pre - tax income . The effective tax rate was 24.0 % on pre - tax adjusted operating income for the quarter , within the expected range of 23 % to 24 % . Anna Manning , President and Chief Executive Officer , commented , " We are very pleased with the Company's strong performance in the second quarter , as the earnings contribution was broad - based by geography and lines of business , the impact of COVID - 19 was significantly reduced , and our investment results were very favorable . Notably , our U.S. Traditional segment had a very good quarter , and our GFS business performed extremely well across all our regions and lines of business . Reported premium growth was very good , organic growth was solid , and new business momentum has picked up and is encouraging . We deployed approximately $ 200 million of capital into in - force transactions , and the pipeline is active . " Our balance sheet remains strong , and we ended the quarter with excess capital of approximately $ 1.2 billion . We expect our results to continue to reflect some additional COVID - 19 claims , but at manageable and decreasing levels . We expect our underlying earnings power to be sustained and to continue to deliver attractive financial results over time . "