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Reinsurance Group of America (RGA) investor relations material
Reinsurance Group of America Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary1 Aug, 2025
Executive summary
Adjusted operating EPS was $4.72 and ROE 14.3%, but results were below expectations due to large claims volatility in U.S. Individual Life and Healthcare Excess business.
Net income for Q2 2025 was $181 million ($2.70 per share), down from $204 million in Q2 2024; six-month net income rose to $469 million.
Closed a major reinsurance transaction with Equitable Holdings, effective April 1, expected to add $11–$12 billion in assets and liabilities.
Deployable capital increased to $3.4 billion, with pro forma excess capital at $2.3 billion after the Equitable transaction.
Strong business momentum in APAC and EMEA, with notable wins in asset intensive transactions and robust new business growth.
Financial highlights
Pretax adjusted operating income was $421 million for Q2 2025, or $4.72 per share after tax; adjusted operating income before tax declined year-over-year.
Consolidated net premiums for Q2 2025 were $4.2 billion, up 5.9% year-over-year; traditional premium growth was 11% YTD on a constant currency basis.
Net investment income for Q2 2025 was $1.4 billion, a $326 million increase year-over-year; average investment yield rose to 5.31%.
Book value per share (excluding AOCI and B36) was $156.63 at Q2 end; book value per share at June 30, 2025 was $182.37.
Assets under management totaled approximately $115 billion; total assets reached $133.5 billion as of June 30, 2025.
Outlook and guidance
Forward-looking views remain positive, with sufficient liquidity and capital to support growth and shareholder returns via dividends and buybacks.
Equitable transaction expected to contribute $70 million pretax operating income in 2025, $160–$170 million in 2026, and ~$200 million per year by 2027.
Management expects reserves to be adequate and does not anticipate needing to augment capital even if interest rates remain stable.
Group business expected to be breakeven in H2 2025, with improvement anticipated in 2026.
The company is well positioned in its markets with a robust pipeline and proven strategy.
What conservatism is in value of in-force credit?
What deals did RGA avoid and why?
Can RGA limit volatility from capped cohorts?
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Next Reinsurance Group of America earnings date
Q3 202531 Oct, 2025
Next Reinsurance Group of America earnings date
Q3 202531 Oct, 2025
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Frequently asked questions
Reinsurance Group of America Inc operates as a diversified global provider of life reinsurance, retirement solutions, and other insurance products in the United States and internationally. The company operates through five segments: U.S. Life Reinsurance; Latin American Reinsurance; UK and European Reinsurance; Asia Pacific Reinsurance; and Corporate Operations. It offers individual and group risk products, including ordinary life, accident and health, critical illness, long-term care insurance (LTCI), fixed annuities, separate account investment contracts, Universal Life Insurance Products, Term Life Insurance Products, Bank-Owned UL/Universal Life Products, UL/WL, UL/Fixed Annuity, Universal Life Indexed Insurance Products, Term Life Indexed Insurance Products, Individual Variable Annuities (IVA) and Funding Agreement Variable Annuities (FAVA) to individuals and institutions.
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