Reinsurance Group of America (RGA) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and full-year operating EPS of $7.75 and $24.42, with strong performance across all regions and robust investment results.

• Adjusted operating ROE for the trailing 12 months was 15.7%, exceeding the 13%-15% target range.

• Value of in-force business margins increased by $6.6 billion, reflecting strong new business and management actions.

• Net income for Q4 was $463 million ($6.97 per share), and for the year $1,182 million ($17.69 per share).

• Deployed $2.5 billion into in-force transactions, reinstated share buybacks, and maintained $2.7 billion in excess capital.

Financial highlights

• Record pre-tax adjusted operating income of $515 million for Q4; adjusted operating EPS of $7.75.

• Premium growth of 7.4% year-to-date on a constant currency basis, driven by North America, EMEA, and APAC.

• Book value per share (excluding AOCI and B36) was $165.50 at year-end 2025.

• Investment income (excluding spread-based businesses) rose 30.2% in Q4 and 22.8% for the year.

• Estimated excess capital totaled $2.7 billion; deployable capital was $3.4 billion at year-end.

Outlook and guidance

• Reiterated intermediate-term targets of 8%-10% annual EPS growth and 13%-15% ROE.

• 2026 expectations include a 7% variable investment income return and $1.5 billion capital deployment into in-force transactions.

• Projected total shareholder return of capital to be 20%-30% of after-tax operating earnings over the intermediate term.

• U.S. Group business fully repriced, with significant improvement expected in 2026.

• Plan to allocate $400 million to reduce financial leverage in 2026.