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Mar 31, 2025
RGA Q1 2025 Earnings Report
RGA reported strong earnings driven by favorable biometric claims experience across all regions.
Key Takeaways
Reinsurance Group of America posted a solid Q1 with net income of $286 million and adjusted EPS of $5.66, driven by favorable biometric claims and stable performance across its traditional segments, despite a significant decline in net premiums tied to prior-year pension risk transfer activity.
Net income rose to $286 million, up from $210 million in Q1 2024.
Adjusted operating income came in at $378 million, with EPS of $5.66.
Revenue dropped due to a significant decline in U.S. pension risk transfer premiums.
Favorable biometric claims experience supported strong performance across all geographic segments.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
RGA expects continued momentum in organic and in-force transactions, supported by strong capital and favorable underwriting trends, but remains cautious due to macroeconomic uncertainty.
Positive Outlook
- Favorable biometric claims experience across all geographies
- Strong capital position with $1.9B in excess capital
- Expected closing of Equitable Holdings transaction mid-year
- In-force transactions pipeline remains strong
- Traditional business showing consistent performance
Challenges Ahead
- Net premiums declined 25% YoY due to one-time prior year pension deal
- Lower variable investment income in some segments
- Foreign currency impact lowered revenues by $60 million
- Corporate and Other segment reported a $70 million loss
Historical Earnings Impact
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Avg. Return Before/After Earnings
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