Reinsurance Group of America Inc. reported fourth-quarter operating income of $171.3 million, or $2.63 per share, compared with $188.0 million, or $2.84 per share, in the prior-year quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $2.53.

Net income for the period was $190.1 million, or $2.92 per share, versus $163.1 million, or $2.46 per share, in the year-ago quarter.

Consolidated net premiums for the quarter totaled $2.49 billion, a 7% increase over the 2015 fourth quarter.

Excluding spread-based businesses and the value of associated derivatives, investment income rose 8% over year-ago levels. The company attributed the change to an increase in average invested assets of about 14% and strong variable investment income, partly offset by the impact of lower yield on new money and reinvested assets.

Reinsurance Group of America also announced that its board authorized a share repurchase program for up to $400 million of the company's outstanding common stock, replacing the previous authorization. The new authorization is effective immediately and does not have an expiration date.

Full-year 2016 net income was $701.4 million, or $10.79 per share, compared with $502.2 million, or $7.46 per share, in 2015.

Operating income for the full year was $632.6 million, or $9.73 per share, up from $567.1 million, or $8.43 per share, the year before.

The S&P Capital IQ consensus normalized EPS estimate for 2016 was $9.63.