Reinsurance Group Of America Stock Earnings Reports

RGA delivered a very strong Q3 2025 with record adjusted operating EPS (excluding notable items) of $6.37 and adjusted operating pretax income of $534 million. Performance was broad-based, led by Asia Traditional, EMEA and U.S. Financial Solutions, and benefited from the closed Equitable transaction (a full quarter of earnings recognized). Traditional premiums are up 8.5% YTD (constant currency). Management deployed $2.4 billion of capital YTD (including $1.5 billion for Equitable and ~$900 million across 20+ other transactions), repurchased $75 million of shares in the quarter, and continues a disciplined capital return framework (targeting 20–30% of after-tax operating earnings over time). Estimated excess capital was $2.3 billion and estimated deployable capital $3.4 billion. Key strategic priorities include continued new business originating through the Creation Re approach, in-force management actions (on track, ~ $45 million YTD), utilization and further deployment of the Ruby Re sidecar (expected fully deployed by mid-2026), and active portfolio repositioning for the Equitable block (≈75% complete). Notable actuarial/assumption updates under LDTI produced a $149 million current-period negative impact but a $600 million increase to long-term value (raising long‑term annual run-rate by ~$15 million next year, ramping to ~$25 million by 2040). Biometric claims were mixed: modest unfavorable experience in U.S. individual life and some group segments (group expected to be roughly breakeven H2), while APAC and EMEA were favorable. Management reiterated discipline on underwriting and capital deployment, emphasized selectivity (focusing on transactions that leverage biometric + asset expertise), and affirmed confidence in intermediate-term targets and continued shareholder returns.