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RGA Reports Lower 2nd Quarter Net Income

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NU Online News Service, July 26, 12:04 p.m. – Reinsurance Group of America Inc., St. Louis, is reporting $28 million in net income for the second quarter on $557 million in revenue, compared with $31 million in net income on $466 million in revenue for the second quarter of 2001.

RGA, a reinsurer, is a publicly traded company partly owned by MetLife Inc., New York.

Operations were strong during the latest quarter, but year-to-year comparisons were difficult because the second quarter of 2001 was a particularly good quarter, RGA says.

RGA set aside $50 million in January for a stock repurchase program. The program spent $6.6 million to buy 225,500 shares of stock in the first quarter, but it spent nothing in the second quarter and still has about $43.4 million left, RGA says.