Reinsurance Group of America, Incorporated RGA reported third-quarter 2020 adjusted operating income of $3.51 per share that beat the Zacks Consensus Estimate by 77.3%. However, the bottom line declined 12.7% from the year-ago quarter’s figure.Net foreign currency fluctuations had a favorable effect of 8 cents on the bottom line.Reinsurance Group witnessed increased net premiums and solid results in Europe, Middle East and Africa (EMEA), Asia/Pacific, offset by soft performance at U.S. and Latin America and Canada segments.Reinsurance Group of America, Incorporated Price, Consensus and EPS Surprise Reinsurance Group of America, Incorporated price-consensus-eps-surprise-chart | Reinsurance Group of America, Incorporated QuoteOperational Update Reinsurance Group's operating revenues of $3.6 billion declined 0.05% year over year. Moreover, the top line missed the Zacks Consensus Estimate by 1.5%.Net premiums of $2.8 billion rose 0.6% year over year. Investment income (excluding spread-based businesses and the value of associated derivatives) decreased 16% from the prior-year quarter. Average investment yield decreased 117 basis points from the prior-year period to 3.66% due to lower variable investment income and an increase in cash and cash equivalents.Total benefits and expenses at Reinsurance Group increased 2.3% year over year to $3.3 billion. Higher claims and other policy benefits, policy acquisition costs and other insurance expenses and other operating expenses resulted in cost escalation.Quarterly Segment UpdateU.S. and Latin America: Total pre-tax adjusted operating income was $123 million in the quarter under discussion, down 40.6% from the year-ago quarter.The Traditional segment reported pre-tax adjusted operating income of $22 million, down 82.1% from the year-ago period, reflecting estimated individual mortality COVID-19 claim costs of $100 million and favorable large claims experience. It was partially offset by elevated frequency of non-large claims and lower variable investment income.Net premiums rose 1% from the year-ago quarter to $1.4 billion.Asset Intensive segment’s pre-tax adjusted operating income increased 18.5% to $77 million, indicating favorable investment spreads and equity markets. Capital Solutions business reported pre-tax adjusted operating income of $24 million, which increased 26.3% year over year, attributable to new business.Canada: Total pre-tax adjusted operating income declined 25.5% to $35 million.Traditional segment’s pre-tax adjusted operating income declined 34.1% to $29 million indicating modestly unfavorable claims experience, primarily due to the impact from COVID-19. However, forex had an immaterial effect on the metric. Net premiums decreased 6% to $254 million due to the non-recurrence of a one-time premium on an existing treaty in 2019. Foreign currency exchange rates adversely impacted net premiums by $2 million.Financial Solutions segment’s pre-tax adjusted operating income of $6 million increased by $3 million from a year ago due to a more favorable longevity experience and increased fees. Net foreign currency fluctuations had an immaterial effect on pre-tax income and pre-tax adjusted operating income.Europe, Middle East and Africa (EMEA): Total pre-tax adjusted operating income of $93 million increased 10.7% from the prior-year quarter’s figure. Pre-tax adjusted operating income of the traditional segment was $7 million, down 72% year over year. The results reflected unfavorable mortality experience, driven by COVID-19 claims.Net foreign currency fluctuations had a favorable effect of $2 million on pre-tax adjusted operating income. Premiums increased 3% year over year to $371 million. Foreign currency exchange rates favorably impacted net premiums by $6 million.Financial Solutions segment delivered pre-tax adjusted operating income of $86 million, up 45.8% from the year-ago quarter, indicating favorable longevity experience. Net foreign currency fluctuations had a favorable effect of $4 million.Asia/Pacific: Total pre-tax adjusted operating income of nearly $87 million increased 222% from the prior-year quarter. Traditional segment’s pre-tax adjusted operating income of $78 million was up 254%. Net foreign currency fluctuations had a favorable effect of $1 million on the metric. Premiums totaled $653 million, down slightly from the prior-year period. Foreign currency exchange rates had a favorable effect of $6 million on net premiums.Financial Solutions segment’s pre-tax adjusted operating income increased 80% to $9 million, attributable to growth of existing business in Asia. Net premiums increased 17% to $35 million due to the addition of new business over the last year. Foreign currency exchange rates had an immaterial effect on net premiums.Corporate and Other: Pre-tax adjusted operating loss was $37 million, wider than $30 million in the prior-year period.Financial UpdateAs of Sep 30, 2020, Reinsurance Group had assets worth $82.1 billion, up 8.4% from the level at 2019 end.As of Sep 30, 2020, Reinsurance Group’s book value per share, excluding accumulated other comprehensive income, decreased 0.5% year over year to $131.36.Adjusted return on equity was 7.4%, reflecting a contraction of 330 bps year over year.The company exited the quarter with $1.5 billion in excess capital.Capital DeploymentThe board of directors approved a dividend of 70 cents. The dividend will be paid out on Dec 3, 2020 to shareholders of record as of Nov 17.Zacks Rank Reinsurance Group currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other InsurersThird-quarter earnings of CNA Financial CNA, Assurant AIZ and Athene Holding ATH beat the respective Zacks Consensus Estimate.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CNA Financial Corporation (CNA): Free Stock Analysis Report Assurant, Inc. (AIZ): Free Stock Analysis Report Reinsurance Group of America, Incorporated (RGA): Free Stock Analysis Report Athene Holding Ltd. (ATH): Free Stock Analysis Report To read this article on Zacks.com click here.