RGA Q1 2025 Earnings Report
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.
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RGA Revenue by Segment
RGA 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
- Uncertainty remains due to macroeconomic conditions