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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.
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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.

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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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