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.