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RGA profits up 30 per cent

Reinsurer RGA has recorded a 30 per cent rise in profits during the second quarter of this year.

The firm’s trading statement reveals profits reached £55.2m in Q2 2008, compared to £38.7m during Q2 2007.

Europe and South Africa collectively saw pre-tax net income increase to £8.5m from £5.9m a year ago.

RGA president and chief executive A Greig Woodring says: “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 percent range on a compound basis since our initial public offering in 1993.”

RGA says its sub-prime mortgage book remains “modest” at £128m, while investment-related writedowns were less than £500,000.

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