Reinsurance Group of America (RGA) investor relations material

Executive summary

• Achieved record adjusted operating income of $8.89 per diluted share in Q2 2026, with strong performance and growth across all regions and segments, supported by favorable claims, investment returns, and the Equitable Holdings transaction.

• Net income for Q2 2026 was $464 million, up from $181 million in Q2 2025; adjusted operating income reached $761 million before tax.

• ROE and adjusted operating ROE (excluding notable items) reached 18.4% for the trailing twelve months, reflecting robust profitability.

• Premium growth ex-PRT was 9.3% year-to-date on a constant currency basis, with business momentum from new and in-force transactions.

• $111 million was returned to shareholders through dividends and share repurchases, with a 5.4% dividend increase declared.

Financial highlights

• Adjusted operating income before taxes was $761 million in Q2 2026, up from $421 million in Q2 2025; adjusted EPS was $8.89 after tax.

• Net premiums for the quarter were $4.5 billion, up 7.7% year-over-year; investment income (excluding spread-based businesses) increased 10.3% year-over-year, with an average yield of 5.33%.

• Book value per share (excluding AOCI and B36) was $174.11, with total assets as of June 30, 2026, at $167.1 billion.

• Effective tax rate was 23.1% on adjusted operating income before taxes and 23.4% on pre-tax income.

• Investment portfolio remains high quality, with over 94% of fixed maturity securities rated investment grade and $145 billion in total invested assets.

Outlook and guidance

• Management remains confident in the outlook for 2026 and beyond, expecting to meet or exceed intermediate-term financial targets, supported by a healthy pipeline and disciplined capital allocation.

• Intermediate-term targets include 8%-10% EPS growth, 13%-15% ROE, and a 20%-30% payout ratio.

• No material impact from foreign currency fluctuations is anticipated; capital deployment will focus on share repurchases and dividends.