* Q2 oper profit per share $1.65 vs est $1.77
* Q2 net premiums increase 9 pct to $1.95 bln
* Q2 investment income falls 3 pct to $328.3 mln
* Raises dividend to $0.24/shr from $0.18/shr
July 26 (Reuters) - Reinsurance Group of America Inc reported a second-quarter operating profit below Wall Street estimates on lower investment income, but the reinsurer raised its quarterly dividend by a third.
The company increased the quarterly dividend to 24 cents from 18 cents, payable to shareholders of record as of Aug. 10.
The reinsurer's net profit rose to $141.1 million, or $1.91 per share for the second quarter, from $123.9 million, or $1.66 per share, a year earlier.
Operating profit -- a key metric of profitability for insurers as it excludes certain investment gains and losses -- rose to $1.65 per share, from $1.60 per share, a year earlier.
Analysts on average had expected the reinsurer, valued at $4.15 billion, to post an operating profit of $1.77 per share, according to Thomson Reuters I/B/E/S.
Net premiums for the period increased 9 percent to $1.95 billion.
Investment income fell 3 percent to $328.3 million.
Reinsurance Group's unit RGA Re earlier in the month agreed to reinsure 90 percent of a block of John Hancock Life Insurance Co's fixed deferred annuity business for an initial premium of $5.4 billion.
Reinsurance Group's shares, which have gained 12 percent in the last month, closed at $56.83 on Thursday on the New York Stock Exchange.