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RGA Reports Higher 2nd Quarter Net Income

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NU Online News Service, July 25, 2003, 12:37 p.m. EDT – The Reinsurance Group of America Inc., St. Louis, is reporting $43 million in net income for the second quarter on $714 million in revenue, up from $28 million in net income on $557 million in revenue for the second quarter of 2002.

The amount of gross life reinsurance written in North America during the first half of the year fell to $71 billion, from $79 billion, but the amount written in other markets increased to $31 billion, from $29 billion.

The yield on invested assets fell to 6.67% during the first half, down slightly from 6.68% during the first half of 2002.

In some recent quarters, U.S. life insurers and reinsurers have complained about surprisingly high mortality rates.

During the second quarter, at RGA, “mortality experience was favorable when compared with expectations,” says RGA President A. Greig Woodring.