Reinsurance Group of America has reported a net income of $110.7 million, or $1.73 per diluted share for the second quarter of 2008, representing a growth as against $77.5 million, or $1.20 per diluted share in the comparable period of 2007.
Operating income for the quarter increased to $109.7 million, or $1.71 per diluted share from $84.6 million, or $1.31 per diluted share in the year-ago quarter, a 31% rise on a per share basis.
Second-quarter net premiums rose 12%, to $1.36 billion, from $121 billion for the same period of 2007. Net investment income totaled $254.9 million versus $274.9 million in the second quarter of 2007.
For the first half of 2008, net income decreased to $142.2 million or $2.22 per diluted share, from $153.7 million, or $2.39 per diluted share, in the year-ago period.
Operating income totaled $180.6 million or $2.82 per diluted share, an increase as compared to $166.7 million, or $2.60 per diluted share in the corresponding period of 2007, an 8% increase on a per share basis. Consolidated net premiums for the six-month period in 2008 were up 14%, to $2.66 billion from $2.33 billion in the same period of 2007.
Greig Woodring, president and CEO of Reinsurance Group of America, said: Results were very strong during the quarter, offsetting in part the weaker first-quarter results. Our results so far this year reflect the short-term volatility that is a part of our business. However, we continue to successfully execute our business plan, with our book value per share growing in the 13% to 14% range on a compound basis since our initial public offering in 1993.