Reinsurance Group of America Inc. announced Friday that second-quarter net income declined 67%, to $21.8 million.
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The St. Louis company said earnings fell two-thirds below analysts' forecasts, because of high claims levels and a charge to boost Argentine pension reserves.
Operating income declined 65%, to $20.1 million. Per share the drop was from 91 cents to 32 cents; the average of analysts' estimates had been $1.
Reinsurance Group said it suffered from high U.S. and British claims; U.S. claims rose $32 million from a year earlier.
