Reinsurance Group of America — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income available to RGA shareholders was $456 million ($6.92 per diluted share) for the quarter, compared to $253 million ($3.81 per diluted share) in the prior-year quarter.
• Adjusted operating income was $558 million ($8.49 per diluted share) for the quarter, compared to $310 million ($4.66 per diluted share) in the prior-year quarter.
• Adjusted operating income, excluding notable items, was $558 million ($8.49 per diluted share) for the quarter, compared to $424 million ($6.37 per diluted share) in the prior-year quarter.
• Net premiums totaled $5.352 billion for the quarter, a 25.0% increase compared to the prior-year quarter ($4.280 billion), excluding an adverse net foreign currency effect of $16 million.
• Total assets were $169.52 billion as of September 30, 2026, compared to $152.003 billion in the prior-year period.
• Return on equity (ROE) was 13.1% for the trailing twelve months; adjusted operating ROE was 19.2%, and adjusted operating ROE excluding notable items was 19.1%.
• Book value per share was $178.89 as of September 30, 2026, compared to $197.52 in the prior-year period.
• The effective tax rate was 26.8% on pre-tax income and 24.1% on adjusted operating income before taxes for the quarter, both above the expected range of 22% to 23% due to jurisdictional mix and an increase in the valuation allowance.
• Investment income, excluding spread-based businesses, increased 17.5% compared to the prior-year quarter, with an average investment yield of 5.26% versus 4.73% in the prior-year quarter.

Guidance and Future Outlook:

• Management expressed confidence in continuing to deliver strong financial results for the remainder of 2026 and beyond, supported by a healthy pipeline for both in-force and flow business.
• The company maintains a disciplined approach to capital deployment focusing on high-return, quality business and shareholder returns.
• The pipeline for in-force and flow business remains healthy.

Business Segments and Product Lines:

• U.S. and Latin America:
  • Traditional: Adjusted operating income before taxes was $176 million (2026) vs. $136 million (2025); excluding notable items, results were $163 million vs. $97 million, driven by favorable claims experience and prior in-force actions.
  • Financial Solutions: Adjusted operating income before taxes was $119 million (2026) vs. $100 million (2025); excluding notable items, results were $127 million vs. $100 million, driven by strong variable investment income.
• Canada:
  • Traditional: Net premiums were $346 million (2026) vs. $326 million (2025); adjusted operating income before taxes was $63 million (2026) vs. $43 million (2025); excluding notable items, results were $41 million vs. $34 million, driven by favorable claims experience.
  • Financial Solutions: Adjusted operating income before taxes was $17 million (2026) vs. $7 million (2025); excluding notable items, results were $17 million vs. $7 million, driven by strong variable investment income.
• Europe, Middle East and Africa (EMEA):
  • Traditional: Net premiums were $556 million (2026) vs. $562 million (2025); adjusted operating income before taxes was $21 million (2026) vs. $(192) million (2025); excluding notable items, results were $52 million vs. $30 million, driven by favorable claims experience.
  • Financial Solutions: Adjusted operating income before taxes was $151 million (2026) vs. $140 million (2025); excluding notable items, results were $151 million vs. $116 million, driven by new business contributions and higher investment income.
• Asia Pacific:
  • Traditional: Net premiums were $863 million (2026) vs. $880 million (2025); adjusted operating income before taxes was $119 million (2026) vs. $138 million (2025); excluding notable items, results were $111 million vs. $137 million, primarily due to less favorable claims experience.
  • Financial Solutions: Adjusted operating income before taxes was $92 million (2026) vs. $71 million (2025); excluding notable items, results were $96 million vs. $71 million, driven by new business growth and strong variable investment income.
• Corporate and Other: Adjusted operating loss before taxes was $(22) million for the quarter, compared to $(58) million in the prior-year quarter, due to strong variable investment income.
• Single premium pension risk transfer transactions contributed approximately $800 million to net premiums in the U.S. Financial Solutions segment for the quarter, compared to no contribution in the prior-year quarter.

Market and Competitive Landscape:

• RGA is a leading global provider of life and health reinsurance with approximately $4.4 trillion of life reinsurance in force as of September 30, 2026.
• Investment performance was robust, and claims experience was favorable to expectations, demonstrating strong fundamentals.
• The company highlighted its diversified platform and ability to generate attractive, risk-adjusted returns across a range of market environments.

Risks and Challenges:

• Net foreign currency fluctuations had an unfavorable effect of $0.11 per diluted share on net income and $0.15 per diluted share on adjusted operating income for the quarter.
• The effective tax rate was impacted by the jurisdictional mix of earnings and an increase in the valuation allowance.
• The 2026 annual actuarial assumption review resulted in notable items: $13 million favorable in U.S. Traditional, $8 million unfavorable in U.S. Financial Solutions, $22 million favorable in Canada Traditional, $31 million unfavorable in EMEA Traditional, $8 million favorable in Asia Pacific Traditional, and $4 million unfavorable in Asia Pacific Financial Solutions.

Management Commentary and Tone:

• Tony Cheng, President and CEO, stated the company delivered "excellent results" with strong performance across all regions.
• Management emphasized continued strong fundamentals underpinned by biometric expertise and superior investment capabilities.
• The tone was confident regarding the pipeline and the ability to deliver strong financial results for the remainder of 2026 and beyond.

Other Key Points:

• The company returned $139 million to shareholders in the quarter, including $75 million in share repurchases and $64 million in dividends paid.
• The Board of Directors declared a regular quarterly dividend of $0.98, payable December 1, 2026, to shareholders of record as of November 17, 2026.
• RGA completed its annual actuarial assumption review with no net impact to consolidated pre-tax adjusted operating income.
• A conference call to discuss results was scheduled for November 6, 2026, at 10 a.m. Eastern Time.