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Sep 30, 2025
RGA Q3 2025 Earnings Report
RGA reported strong third quarter results, exceeding expectations with record adjusted operating income excluding notable items, driven by strong performance in Asia Traditional, EMEA, and U.S. Financial Solutions.
Key Takeaways
Reinsurance Group of America (RGA) delivered strong third-quarter results, with net income available to shareholders increasing to $253 million, or $3.81 per diluted share, compared to $156 million, or $2.33 per diluted share, in the prior-year quarter. Adjusted operating income reached $310 million, or $4.66 per diluted share, and a record $424 million, or $6.37 per diluted share, excluding notable items. The company deployed $1.7 billion of capital into in-force block transactions, including $1.5 billion for the Equitable transaction, and repurchased $75 million of common shares.
Net income available to RGA shareholders increased to $253 million, or $3.81 per diluted share, up from $156 million, or $2.33 per diluted share, in the prior-year quarter.
Adjusted operating income, excluding notable items, reached a quarterly record of $424 million, or $6.37 per diluted share.
The company deployed approximately $1.7 billion of capital into in-force block transactions, including $1.5 billion for the Equitable transaction.
RGA maintained a strong balance sheet with estimated excess capital of $2.3 billion and estimated deployable capital of $3.4 billion.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
RGA remains optimistic about its business prospects, anticipating continued attractive financial results due to its strong market position, proven strategy, and diverse global platform. The company expects to fund growth and return capital to shareholders.
Positive Outlook
- Strong market positioning and a proven strategy are expected to drive future success.
- Continued attractive financial results are anticipated, building on a long track record of successful execution.
- The global platform provides earnings diversity, contributing to overall resilience.
- The company is well-positioned to fund future growth initiatives.
- RGA plans to continue returning capital to shareholders, as evidenced by recent share repurchases.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- The company did not provide specific quantitative negative outlooks.
- Potential for adverse impacts from changes in mortality, morbidity, and policyholder behavior.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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