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RGA Reports Lower Net Income

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NU Online News Service, Oct. 26, 1:09 p.m. – Reinsurance Group of America Inc., St. Louis, is reporting $9 million in net income for the third quarter on $458 million in revenue, compared with $29 million in net income on $402 million in revenue for the third quarter of 2000.

The latest results for the life reinsurer include $18 million in losses on Argentine bonds sold during the quarter and $10 million in claims related to the Sept. 11 attacks.

RGA needs several more months to see how big the Sept. 11 claims will really be, the company says.

“Our net losses are not significant to our financial position, and we will be able to meet all our obligations and remain a financially strong company,” A. Greig Woodring, president of RGA, says. “We believe the life reinsurance industry, as a whole, will do the same.”


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