Reinsurance Group of America (RGA) Q3 2026 earnings summary

Executive summary

• Strong Q3 results across regions, supported by robust investment performance, favorable economic claims, disciplined underwriting and prior in-force actions.

• Pre-tax adjusted operating income was $736M; after-tax adjusted operating income was $558M, or $8.49 per diluted share. Net income available to shareholders was $456M.

• YTD premiums excluding PRT grew 8.2% in constant currency; estimated excess capital was $1.8B. Management expects to meet or exceed intermediate-term targets.

Financial highlights

• Q3 pre-tax adjusted operating income was $736M versus $385M in Q3 2025; after-tax adjusted operating income was $558M versus $424M.

• Q3 net premiums rose 25.0% to $5.352B, including ~$800M of U.S. Financial Solutions single-premium PRT premiums versus none a year earlier.

• Economic claims were $67M better than expectations; financial claims impact was unfavorable by $9M. Claims, variable investment income and other items had a combined $117M favorable impact versus expectations.

• Q3 net investment income rose to $1.934B from $1.475B; 9M net investment income was $5.499B versus $4.115B.

• 9M adjusted operating income before taxes was $2.108B versus $1.291B; 9M net premiums were $14.419B versus $12.450B.

Outlook and guidance

• Management expects 8%-10% EPS growth through organic flow business, in-force transactions, investment returns, balance-sheet actions and buybacks.

• Full-year 2026 variable investment returns are expected within the 10%-12% long-term range; Q3's unusually high returns are not expected to repeat in Q4.

• U.S. PRT and U.K. longevity activity improved after a slow start; pipeline and outlook into Q4 and 2027 are encouraging.

• Intermediate-term shareholder payout target remains 20%-30%, with flexibility for opportunistic capital deployment.