Reinsurance Group of America (RGA) Q3 2025 earnings summary

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.