Reinsurance Group Of America Stock Earnings Reports

RGA delivered a strong Q1 2026 with broad-based performance across regions and product lines. Adjusted operating pretax income for the quarter was $611 million (approximately $6.97 per share after tax). Key drivers included favorable biometric claims experience (economic claims favorable by $117 million in Q1 and $343 million cumulative since 2023), continued earnings emergence from business written in recent years, solid investment performance, and disciplined capital deployment ($338 million deployed into in-force transactions during the quarter). Regional highlights: Asia Pacific and EMEA showed strong Financial Solutions momentum and transaction activity (notably longevity deals in EMEA and coinsurance in Japan); U.S. individual life and group businesses showed favorable experience and strong underwriting-driven new business flows. Capital and balance sheet: estimated excess capital ended the quarter at $2.4 billion with estimated next-twelve-months deployable capital of $2.9 billion; RGA repurchased $50 million of shares in the quarter (total $175 million since buybacks resumed); management expects to allocate $400 million of excess capital to reduce leverage in 2026 and target returning 20%–30% of after-tax operating earnings to shareholders over the long term. Investment profile: private credit comprises ~9% of the portfolio and remains a measured allocation with most below-investment-grade private assets first-lien senior secured. Assumptions & outlook: management assumes 7% variable investment income for 2026 (below longer-term 10%–12% due to muted real estate sales), views pipeline as healthy, remains selective on transactions, and is confident in meeting intermediate-term financial targets. Notable items and sensitivities: run-rate EPS for Q1 estimated at ~$6.70; deferred favorable economic experience will be recognized over the life of the business (current annualized recognition impact is modest at roughly $20 million/year); management is monitoring GLP-1 developments but has not made material assumption changes; recent regulatory items (UK PRA counterparty charge, NAIC AG55) are not expected to materially impact RGA given business mix and structures. Overall message: disciplined underwriting, diversified global platform, selective capital deployment, and active in-force management underpin confidence in continuing to deliver attractive returns.