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RGA Reports Higher Second Quarter Net Income

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NU Online News Service, July 27, 1:25 p.m. – Reinsurance Group of America Inc., St. Louis, is reporting $31 million in net income for the second quarter on $466 million in revenue, up from $19 million in net income on $419 million in revenue for the second quarter of 2000.

The reinsurance company says an unexpected increase in death rates that cropped up during the first quarter was not apparent in the second quarter.

Net U.S. premiums increased 12%, to $281 million.

Canadian premium revenue dropped when expressed in U.S. dollars, in part because of the weakness of the Canadian dollar, but revenue growth for operations in the United Kingdom, South Africa and Asia Pacific regions was strong, RGA says.

RGA is a publicly traded company. MetLife Inc., New York, controls 59% of its shares.