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Reinsurance Group of America (RGA) investor relations material
Reinsurance Group of America Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Achieved record operating EPS of $6.37 (excluding notable items) and adjusted operating ROE of 14.2%, with strong performance in Asia Traditional, EMEA, and U.S. Financial Solutions; the Equitable transaction contributed positively to results.
Net income for Q3 2025 was $255 million ($3.81 per diluted share), up from $158 million ($2.33 per share) year-over-year; nine-month net income rose to $724 million from $574 million.
Approximately $1.7 billion of capital deployed into in-force block transactions, including $1.5 billion for the Equitable deal.
Repurchased $75 million of common shares, balancing capital deployment and shareholder returns; estimated deployable capital stands at $3.4 billion.
Increased Value of In-Force Business Margins by $6.1 billion (16.2%) to $43.7 billion in the first nine months of the year.
Financial highlights
Adjusted operating income per diluted share was $6.37 (quarter, excluding notable items); adjusted operating ROE was 14.2% for the trailing twelve months.
Net premiums for the quarter were $4.3 billion, down 2.5% year-over-year, mainly due to a prior-year single premium pension transfer.
Book value per share (excluding AOCI and B36 impacts) increased to $159.83, a 9.7% CAGR since 2021.
Net investment income for Q3 2025 was $1.48 billion, up from $1.19 billion in Q3 2024; investment yield (excluding spread business) was 4.73%.
Total assets reached $152.0 billion as of September 30, 2025, up from $118.7 billion at year-end 2024.
Outlook and guidance
New business pipeline remains strong across all regions, with selective opportunity pursuit based on returns and risk appetite; management expects to continue delivering attractive financial results.
Equitable transaction expected to contribute $70 million pre-tax in 2025, ramping to $160-$170 million in 2026 and $200 million by 2027.
Total shareholder return of capital through dividends and buybacks expected to average 20%-30% of after-tax operating earnings.
Management expects sufficient liquidity for the next 12 months, supported by strong cash flows, high-quality liquid assets, and access to credit facilities.
Expected annual organic capital generation of $1.0–$1.4 billion, with leverage potential up to $1.8 billion.
What is the strategic focus for deployable capital?
Reconcile assumption review's earnings vs cash flow impact.
What drove U.S. Traditional's underlying claims experience?
Equitable block earnings ramp-up details?
Ruby Re deployment timeline and scope?
RGA's stance on GLP-1 mortality impact?
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Next Reinsurance Group of America earnings date
Q4 20255 Feb, 2026
Next Reinsurance Group of America earnings date
Q4 20255 Feb, 2026
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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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