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Reinsurance Group of America Reports Q2 Results

Reported net income for the second quarter of $153.2 million

Reinsurance Group of America has reported net income of $153.2 million or $2.10 per diluted share for the second quarter, as compared to $110.7 million, or $1.73 per diluted share in the prior-year quarter.

The company’s operating income was $130.6 million, or $1.79 per diluted share, compared to $109.7 million, or $1.71 per diluted share in the year-ago quarter. This shows an increase of 19.1% and 4.7%, respectively.

For the first half of 2009, net income increased to $176.5 million, or $2.42 per diluted share, from $142.2 million, or $2.22 per diluted share, in the year-ago period. Operating income totalled $197.9 million, or $2.71 per diluted share, compared with $180.6 million, or $2.82 per diluted share, in the prior-year period.

Most of the $332 million of net proceeds from that offering have yet to be deployed in the business. Weaker foreign currencies negatively affected operating income by approximately $0.09 per share, after tax, for the 2009 quarter, said the company.

This quarter’s net income included a pre-tax gain of $38.9 million, or $0.35 per diluted share on an after-tax basis, associated with the repurchase of $80.2 million in face amount of its junior subordinated debentures.