Reinsurance Group of America Reports 2Q Earnings

Reinsurance Group of America Inc. reported operating earnings from continuing operations of $0.72 per diluted share for the second quarter, up 13 percent from $0.64 per diluted share reported in the prior year. Operating earnings from continuing operations totaled $35.8 million for the quarter, up 12 percent from the prior-year total of $32.0 million. Net income for the quarter, including capital gains and losses and discontinued operations, rose to $30.5 million, or $0.61 per diluted share, from $18.9 million, or $0.38 per diluted share, the year before.

Second quarter premiums increased 12 percent, to $387.3 million from $345.4 million in 2000. Consolidated revenues increased 11 percent, to $465.5 million from $419.3 million in 2000.

President and Chief Executive Officer A. Greig Woodring stated that the company is pleased with the quarter’s operating results adding that mortality experience during the quarter was generally as expected in all segments. In addition, Woodring noted that on a year-to-date basis, consolidated net premiums are up 17 percent.

For the first half of 2001, operating earnings from continuing operations were $59.2 million, or $1.19 per diluted share, compared with $58.9 million, or $1.18 per diluted share, in the year-ago period. Net income, including discontinued operations and capital gains and losses, increased to $52.2 million, or $1.04 per diluted share, from $39.3 million, or $0.79 per diluted share, the year before. Consolidated premiums were up 17 percent, to $791.9 million from $674.9 million.

The company announced that its board of directors declared a regular quarterly dividend of $0.06 per share. The dividend is payable Aug. 28 to shareholders of record as of Aug. 7.