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Mar 31
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.
RGA
RGA
RGA Revenue by Segment
RGA Revenue by Geographic Location
Revenue by Segment
US & Latin America Traditional Revenue
CapyFin.comCanada Traditional Revenue
CapyFin.comEMEA Traditional Revenue
CapyFin.comAsia Pacific Traditional Revenue
CapyFin.comAsia Pacific Financial Solutions Revenue
CapyFin.comRevenue by Geographic Location
US & Latin America Revenue
CapyFin.comCanada Revenue
CapyFin.comEMEA Revenue
CapyFin.comAsia Pacific Revenue
CapyFin.com 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