Core Insights - Reinsurance Group of America, Incorporated (RGA) is a global leader in the reinsurance industry, providing life and health-related reinsurance solutions and competing with major firms to maintain its market position through strategic growth and innovation [1] Financial Performance - Piper Sandler set a new price target of $263 for RGA, indicating a potential 15.5% increase from the current stock price of $227.70, reflecting confidence in RGA's future performance [2][6] - RGA's stock price recently showed a 10.20% increase, or $21, indicating positive market sentiment [2][6] - The company's Q4 2025 earnings call provided insights into financial health, revenue growth, and strategic plans, with discussions from C-suite executives on future outlook and market conditions [3][6] Market Activity - RGA's stock has shown volatility, with prices fluctuating between a low of $218.58 and a high of $229.17 on a recent trading day, and over the past year, the stock reached a high of $229.21 and a low of $159.25 [4] - The company's market capitalization is approximately $14.92 billion, with a trading volume of 662,902 shares on the NYSE [4] Strategic Focus - RGA's performance and market position are closely monitored by investors and analysts, with the company's ability to navigate market conditions and capitalize on growth opportunities being crucial for achieving the new price target set by Piper Sandler [5]

Financial Data and Key Metrics Changes - The company reported Q4 operating EPS of $7.75 per share, marking the second consecutive record quarter in earnings [6] - Adjusted operating return on equity (ROE) for the trailing 12 months was 15.7%, exceeding the intermediate-term target range of 13%-15% [6][17] - For the full year 2025, the company achieved record operating EPS and increased the value of Inforce business margins by 18% [6][10] Business Line Data and Key Metrics Changes - The U.S. market showed favorable results driven by management actions and variable investment income, with individual life mortality in line with expectations [8] - EMEA results reflected strong volume growth and favorable experience, with full-year pre-tax earnings up 35% [11] - APAC continued to see growth momentum, with pre-tax operating income up 18% for the year [10][11] Market Data and Key Metrics Changes - Premium growth was 7.4% year-to-date on a constant currency basis, benefiting from strong growth across North America, EMEA, and APAC [18] - The U.S. healthcare business has approximately $400 million of annual premium, generating about $25 million of pre-tax run rate earnings [39] Company Strategy and Development Direction - The company is focused on a proactive business approach, optimizing its balance sheet, operational scaling, and capital stewardship to generate long-term shareholder value [14][15] - A strategic review led to the decision to exit the group healthcare lines of business, with a focus on deploying capital in strategically aligned businesses [12][39] - The company aims to maintain a balanced approach to capital deployment, targeting a total payout ratio of 20%-30% for buybacks and dividends [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate attractive shareholder value going forward, supported by a strong pipeline of opportunities across various regions [16][77] - The company anticipates a more limited financial impact from Inforce management actions in 2026 compared to recent years [22][83] - Higher interest rates are viewed positively for overall earnings, with modest exposure to disintermediation risk from higher rates [89] Other Important Information - The company successfully repurchased $50 million of shares in Q4, totaling $125 million since reinstating buybacks [10][18] - The effective tax rate for Q4 was 23.8%, with expectations for 2026 in the range of 22%-23% [18] Q&A Session Summary Question: Capital allocation and payout ratio - Management confirmed the target of a 20%-30% total payout ratio while maintaining flexibility for capital deployment [32] Question: Group health rate actions and exit strategy - Significant rate actions were taken, including a 40% average increase, and the decision to exit the group healthcare business was driven by strategic alignment [38][39] Question: Performance of the Equitable block - The Equitable transaction is expected to generate earnings of $160-$170 million in 2026, with various drivers of economic upside identified [45][46] Question: Long-term care risk transfer deal performance - Management expressed satisfaction with the long-term care business performance, aligning with risk appetite and return expectations [57] Question: Exposure to software-related companies and AI disruption - The company has modest exposure to software lending and actively assesses the impact of AI on the investment portfolio [62] Question: Regulatory changes in Europe and competition - Management noted no significant competitive threats arising from regulatory changes in Europe, focusing on opportunities with both asset and biometric risks [72][73]

Reinsurance Group of America (NYSE:RGA) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Company ParticipantsAxel André - EVP and CFOJeff Hopson - SVP of Investor RelationsJonathan Porter - EVP and Global Chief Risk OfficerLeslie Barbi - EVP and Chief Investment OfficerThomas Gallagher - Senior Managing DirectorTony Cheng - President and CEOWes Carmichael - Executive DirectorConference Call ParticipantsAlex Scott - Insurance Research AnalystJimmy Bhullar - Equity Research AnalystJoel Hurwitz - AnalystJoh ...

Reinsurance Group of America (NYSE:RGA) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Speaker2Welcome to the Reinsurance Group of America fourth quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0. After today's prepared remarks, there will be an opportunity to ask questions. To ask a question, you may press star then 1 on your telephone keypad. To withdraw your que ...

4Q25 Earnings Presentation Reinsurance Group of America, Incorporated 02.05.2026 1 Safe Harbor This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance, and growth potential of Reinsurance Group of America, Incorporated (the "Company"). Forward-looking ...

Core Insights - Reinsurance Group (RGA) reported a revenue of $6.77 billion for Q4 2025, marking a year-over-year increase of 23.4% and exceeding the Zacks Consensus Estimate of $6.11 billion by 10.86% [1] - The company's EPS for the same quarter was $7.75, up from $4.99 a year ago, representing an EPS surprise of 32.16% against the consensus estimate of $5.86 [1] Financial Performance Metrics - Net premiums from U.S. and Latin America Financial Solutions reached $443 million, surpassing the average estimate of $218.7 million [4] - Net premiums from EMEA Financial Solutions were reported at $263 million, exceeding the average estimate of $217.71 million [4] - Other revenues from Asia Pacific Financial Solutions totaled $12 million, compared to the average estimate of $5.62 million [4] - Other revenues from Asia Pacific Traditional were $7 million, exceeding the average estimate of $3.67 million [4] - Other revenues from Canada Financial Solutions were $1 million, below the average estimate of $4.56 million [4] - Other revenues from Corporate and Other were $29 million, surpassing the average estimate of $18.92 million [4] - Other revenues from EMEA Financial Solutions were $14 million, slightly above the average estimate of $13.28 million [4] - Net investment income from Asia Pacific Financial Solutions was $288 million, exceeding the average estimate of $252.94 million [4] - Net investment income from Asia Pacific Traditional was $76 million, slightly above the average estimate of $74.41 million [4] - Total net investment income was reported at $1.69 billion, exceeding the average estimate of $1.49 billion and reflecting a year-over-year increase of 42.7% [4] - Total revenues from net premiums were $4.78 billion, surpassing the average estimate of $4.37 billion, with a year-over-year increase of 15% [4] - Total other revenues were $299 million, slightly below the average estimate of $322.79 million, but showing a significant year-over-year change of 103.4% [4] Stock Performance - Shares of Reinsurance Group have returned +2% over the past month, outperforming the Zacks S&P 500 composite's +0.5% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Reinsurance Group (RGA) came out with quarterly earnings of $7.75 per share, beating the Zacks Consensus Estimate of $5.86 per share. This compares to earnings of $4.99 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +32.16%. A quarter ago, it was expected that this reinsurance company would post earnings of $5.8 per share when it actually produced earnings of $6.37, delivering a surprise of +9.83%.Over the last four quarters, ...

Financial Performance - Net premiums for Q4 2025 were $4,156 million, a decrease of $624 million compared to Q4 2024[7] - Net income available to RGA's shareholders for Q4 2025 was $463 million, up from $253 million in Q4 2024, representing a 83% increase[7] - Adjusted operating income for Q4 2025 was $515 million, compared to $310 million in Q4 2024, reflecting a 66% increase[7] - Return on equity for Q4 2025 was 9.7%, up from 7.4% in Q4 2024[7] - Basic earnings per share for Q4 2025 were $7.07, compared to $3.85 in Q4 2024, marking an 83% increase[7] - Total revenues for the three months ended December 31, 2025, increased to $6,635 million, up 22.4% from $5,241 million in the prior year quarter[9] - Net investment income reached $1,691 million, reflecting a significant increase of 42.8% from $1,185 million year-over-year[9] - Adjusted operating income before income taxes was $676 million, up 29.0% from $431 million in the prior year quarter[11] - The year-to-date net income attributable to RGA was $1,182 million, an increase of 64.8% from $717 million in the previous year[11] - The company reported a year-to-date adjusted operating income of $2.116 billion, an increase of $170 million from $1.946 billion in the prior year[55] Shareholder Returns - Total returned to shareholders in Q4 2025 was $111 million, down from $136 million in Q4 2024[7] - Shareholders' dividends paid in Q4 2025 were $61 million, consistent with Q4 2024[7] - RGA, Inc. shareholders' equity as of December 31, 2025, was $13,461 million, an increase from $10,816 million as of December 31, 2024, reflecting a 24.4% growth[94] - Book value per share increased to $205.63 in Q4 2025 from $164.19 in Q4 2024, representing a 25.2% increase[95] Business Production - Assumed new business production for Q4 2025 was $149.9 billion, compared to $110.9 billion in Q4 2024, indicating a 35% increase[7] - Assumed life reinsurance in force reached $3,878.7 billion, an increase from $4,334.6 billion in the previous year[7] - Assumed life reinsurance in force reached $1,893.4 billion, an increase from $1,860.7 billion in the previous quarter[18] - Assumed New Business Production increased to $38.6 billion, up 52.3% from $26.5 billion in the prior year[39] Claims and Expenses - Total benefits and expenses increased to $6,125 million, up 21.8% from $5,016 million in the prior year quarter[9] - Adjusted claims and other policy benefits were $4,772 million, a 21.1% increase from $3,943 million year-over-year[9] - Adjusted claims and other policy benefits for the quarter were $1.95 billion, an increase from $1.77 billion in the previous quarter, reflecting higher claims activity[18] - Total benefits and expenses for the quarter were $602 million, an increase of 16.9% from $515 million in the prior year[35] Investment Performance - Net investment income rose to $561 million, up from $476 million in the prior quarter, contributing to a year-to-date total of $1,745 million, an increase of $465 million year-over-year[22] - The annualized investment yield for the three months ended December 31, 2025, was 5.23%, up 40 basis points from 4.83% in the prior year[61] - Realized gains on investment activity for the year-to-date ending December 31, 2025, were $210 million, an increase of $16 million compared to the previous year[79] Segment Performance - The U.S. and Latin America segment reported total adjusted operating income of $325 million, a 30% increase from $227 million in the prior year quarter[55] - The Asia Pacific segment saw a significant increase in adjusted operating income, reaching $204 million, up from $128 million year-over-year, a growth of 59%[55] - Income before income taxes for U.S. and Latin America Traditional increased to $201 million, up 48% from the prior quarter[82] - Asia Pacific Traditional income before income taxes for Q4 2025 was $118 million, up from $59 million in Q4 2024, representing a 100% increase year-over-year[90] Financial Position - Total assets increased to $156.59 billion as of December 31, 2025, up from $118.68 billion a year earlier, representing a growth of 32%[15] - The company reported a total of $4,815 million in securities rated BB, which accounted for 4.8% of the total in 2025, consistent with previous periods[69] - The total value of industrials fixed maturity securities rose to $39,381 million in 2025, representing 54.3% of the total, compared to 51.9% in 2024[66] Loss Ratios - The loss ratio improved to 89.2% for the quarter, compared to 91.5% in the previous quarter, indicating better claims management[18] - The loss ratio improved to 87.6% from 91.7% in the prior quarter, indicating a decrease of 4.1 percentage points[27] - The loss ratio improved to 91.3% from 93.6% in the prior year, reflecting better claims management[35] - The loss ratio improved to 84.0% from 89.0% in the prior year, indicating a 5.0% decrease[43]

Core Viewpoint - Reinsurance Group of America (RGA) is a leading global provider in the life and health reinsurance sector, with a positive outlook reflected in the increasing consensus price target from analysts [1][2][6] Price Target Trends - The average price target for RGA has risen from $219.63 a year ago to $237.50 last month, indicating a significant increase of $17.87 over the year and $9.25 over the last quarter [2][4][3] - Wells Fargo has set a price target of $238 for RGA, aligning with the positive sentiment from analysts regarding the stock's potential upside [2][6] Analyst Sentiment - Analysts have shown growing confidence in RGA's performance, as evidenced by the increase in the average price target and the positive Zacks Rank system, which highlights RGA as a promising stock despite some limitations [3][4] - The consensus price target increase reflects a strong upward trend in analyst expectations, suggesting optimism about RGA's growth potential [4][6] Earnings Expectations - RGA is expected to experience earnings growth, although it may not achieve an earnings beat in the upcoming fourth-quarter report scheduled for February 5 [5]

Reinsurance Group of America, Incorporated (NYSE:RGA) is expected to report a significant increase in earnings per share (EPS) and revenue for the quarter ending December 2025.The consensus EPS estimate has been revised upward by 0.6% over the past 30 days, indicating a positive outlook from analysts.RGA's financial metrics such as the price-to-earnings (P/E) ratio and debt-to-equity ratio provide insights into its market valuation and financial health.Reinsurance Group of America, Incorporated (NYSE:RGA) i ...