Reinsurance Group of America Earnings Call Transcripts
Fiscal Year 2026
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Adjusted operating income was $736 million, with strong investment results and favorable economic claims driving a broad-based quarter. Premium growth excluding PRT and currency was 8.2%, and management expects to meet or exceed intermediate-term targets.
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Disciplined growth targets, enhanced investor communications, and third-party capital are top priorities. Favorable mortality trends, robust Asia Pacific growth, and selective transaction strategy support strong, sustainable earnings. Asset leverage and business mix are key focus areas for investor clarity.
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Record quarterly results driven by strong investment returns, favorable claims, and disciplined capital deployment across all regions. Adjusted operating income reached $761 million, with robust new business momentum and a strong capital position supporting confidence in meeting intermediate-term financial targets.
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Strong Q1 performance driven by broad-based growth, favorable claims, and disciplined capital deployment. Robust capital position supports continued shareholder returns and confidence in meeting financial targets for 2026 and beyond.
Fiscal Year 2025
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Record Q4 and full-year results featured strong EPS, ROE, and in-force value growth, with robust capital deployment and a positive outlook for 2026. Segment performance was strong across all regions, and the exit from U.S. group healthcare is expected to improve future results.
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Record operating EPS and strong premium growth were driven by robust performance in Asia, EMEA, and U.S. Financial Solutions, with the Equitable transaction and strategic capital deployment fueling future earnings. Capital position remains strong, supporting continued shareholder returns.
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Q2 2025 operating EPS was $4.72, with adjusted ROE at 14.3%. Results were impacted by large claims in U.S. individual life and healthcare excess, but capital and business momentum remain strong. The Equitable transaction closed, and premium growth was robust across regions.
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Adjusted operating earnings reached $5.66 per share with a 15% ROE, driven by favorable claims experience and strong new business growth across all regions. Capital deployment was robust, and the company remains confident in its outlook despite macroeconomic uncertainties.
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A landmark transaction with Equitable expands into product development and asset management, deploying $1.5 billion in capital and expected to deliver $200 million in annual pre-tax earnings. The deal aligns with 8%-10% growth targets and maintains a strong capital position for further selective opportunities.
Fiscal Year 2024
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Record operating earnings and capital deployment drove a 15.4% ROE in 2024, with strong growth across all regions and robust new business momentum. The company raised its ROE and growth targets, maintains $1.7B deployable capital, and expects continued expansion in 2025.
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Record adjusted operating earnings and ROE exceeded targets, driven by strong premium growth, capital deployment, and balance sheet optimization. Value of in-force business margins rose 13.9% YTD, with robust performance across all regions and continued focus on capital management.
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Adjusted operating earnings per share reached $5.48, with a 15.3% ROE and strong premium growth. Capital deployment remains robust, business pipelines are full, and underwriting results continue to meet or exceed expectations across all regions.
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Exclusive focus on life and health reinsurance, with innovation and disciplined risk management driving strong growth in four key areas. Record financial results in 2023, robust capital position, and a $33B value of in-force support confidence in meeting or exceeding intermediate-term targets.