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RGA Reports 24% Increase In Net Income

By Staff Writer

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NU Online News Service, Oct. 23, 2003, 5:33 p.m. EDT – Reinsurance Group of America Inc., St. Louis, says strong premium growth helped it increase its third quarter net income 24%.

The life reinsurer is reporting $42 million in net income for the third quarter on $713 million in revenue, up from $34 million in net income on $550 million in revenue for the third quarter of 2002.

Premium was up in all market segments, but the U.S. mortality rate was somewhat higher than expected, RGA says.

RGA notes that it cut $3 million from the reserves it set aside for claims associated with the Sept. 11, 2001, terrorist attacks.

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