Reinsurance Group of America (RGA) has reported a net profit of $US198.3 million ($210.1 million) for the second quarter, compared with a net loss of $US49.6 million ($52.6 million) in the corresponding period last year.

The life reinsurer posted an operating profit of $US155.1 million ($164.4 million), improving on an operating loss of $US71.8 million ($76.1 million) in the second quarter of last year.

Consolidated net premiums increased 7% to $US2.8 billion ($3 million).

The company says its result in Australia was “just above break-even”.

CEO Greig Woodring says a “diversified source of earnings by geography and product line continues to serve us well. Our international segments saw strength in both the top line and bottom line.”

Second-quarter underwriting results were in line globally, but claims in Canada remained elevated. 

“Like the first quarter, the claims in Canada were driven by large claims… exceeding $1 million, but the experience improved in June and we continue to believe that these results represent normal volatility as opposed to a systemic trend,” Mr Woodring said.

“We are encouraged by the results overall. Our new business activity is strong and we continue to be optimistic about the opportunities we see before us.”