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Allianz Deal Increases RGA Revenue

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NU Online News Service, July 29, 2004, 4:23 p.m. EDT

An acquisition helped increase second-quarter profits at Reinsurance Group of America Inc., St. Louis.[@@]

The life reinsurer is reporting $65 million in net income for the latest quarter on $963 million in revenue, up from $43 million in net income on $714 million in revenue for the second quarter of 2003.

RGA completed the acquisition of the traditional U.S. life reinsurance business of Allianz A.G., Munich, in late 2003. The acquisition increased net premium revenue $120 million, and that helped make up for a series of big claims that came in during the second quarter, RGA says.