The Australian operations of Reinsurance Group of America (RGA) broke even last calendar year, despite losing $US229.7 million ($256.5 million) in the three months to June 30.

The reinsurer says earlier losses were still affecting the bottom line in Australia in the last quarter.

The company recorded a $US235.2 million ($262.7 million) pre-tax loss in the Asia-Pacific region, which includes Australia, but made a $US23.6 million ($26.3 million) fourth-quarter profit.

RGA CEO Greig Woodring says the overall group’s annual results were strong, with revenues above $US10 billion ($11.1 billion).

The company recorded net premium of $US8.2 billion ($9.1 billion) for the year, up from $US7.9 billion ($8.8 billion) in 2012.

Net income was $US418.8 million ($467.8 million), down from $US631.8 million ($705.8 million) the previous year.

Claims were $US7.3 billion ($8.1 billion), up from $US6.6 billion ($7.3 billion), and policy acquisition costs were flat at $US1.3 billion ($1.4 billion).

In Asia-Pacific, pre-tax operating income grew to $US27 million ($30.1 million) in the fourth quarter from $US8.5 million ($9.4 million) in the corresponding period of 2012.

Net premium in the region grew 3% to $US372.7 million ($416.3 million) for the year.

RGA’s global investment income for the year was $US1.7 billion ($1.8 billion), up from $US1.4 billion ($1.5 billion) in 2012.