Reinsurance Group of America (RGA) reported a decrease in net income and adjusted operating income for the second quarter of 2025 compared to the prior year, primarily due to claims volatility in its U.S. Individual Life business. Despite this, the company maintained strong momentum overall, benefiting from its global platform and successful execution of its Creation Re strategy. RGA also significantly increased its estimated deployable capital and remains optimistic about future business prospects.
Net income available to RGA shareholders was $180 million, or $2.70 per diluted share, a decrease from $203 million, or $3.03 per diluted share, in the prior-year quarter.
Adjusted operating income totaled $315 million, or $4.72 per diluted share, down from $365 million, or $5.48 per diluted share, in the same period last year.
Consolidated net premiums increased by 5.9% to $4.2 billion, with favorable foreign currency effects.
The effective tax rate for the quarter was 47% on pre-tax income, significantly above the expected range, mainly due to valuation allowances on foreign tax credits and a legal entity restructuring.
RGA remains optimistic about its business prospects, expecting to continue delivering attractive financial results. The company is well-positioned in its markets with a proven strategy and a long track record of successful execution.