Reinsurance Group Q2 profit falls
Reinsurance Group of America Inc. saw its second-quarter profit fall 17 percent, despite a more than 6 percent revenue increase.
The life reinsurance provider said that for the quarter ended June 30, it reported just over $127 million in net income, compared to nearly $153.2 million in last year’s quarter.
Investment income in the second quarter increased just over 2 percent to $291.7 million from last year’s quarter, RGA said. The company said it posted an additional $5 million to its tax provision in the recent quarter since Congress hasn’t passed an extension of the existing active financing exception legislation.
RGA’s second-quarter operating income, excluding investment gains and losses, fell 6 payday loan.6 percent to $121.9 million, compared to $130.6 million in last year’s quarter.
RGA reported second-quarter revenue of $1.93 billion, up 6.5 percent from $1.81 billion in last year’s quarter. Net premiums in the recent period rose 15 percent to $1.58 billion.
Chesterfield, Mo.-based RGA (NYSE: RGA), led by President and Chief Executive A. Greig Woodring, has $2.4 trillion of life reinsurance in force worldwide, and is the largest life reinsurance company in the U.S.
Filed under: finance by Specialist