RGA · Reinsurance Group of America, Incorporated

Reinsurance Group of America (RGA) reported strong first quarter 2026 results, with net income available to shareholders of $330 million ($4.98 per diluted share) compared to $286 million ($4.27 per diluted share) in the prior-year quarter. Adjusted operating income totaled $462 million ($6.97 per diluted share), up from $378 million ($5.66 per diluted share) a year ago. The results were driven by favorable economic claims experience across all regions, disciplined execution, and the benefits of a diversified global platform. Consolidated net premiums increased 14.3% to $4.6 billion, with a favorable net foreign currency effect of $103 million. Excluding spread-based businesses, investment income rose 19.3% due to a larger average invested asset base and higher yields. The effective tax rate on pre-tax income was 24.9%, above the expected range of 22%-23% due to jurisdictional mix and valuation allowance on tax credits. Segment performance was strong: U.S. and Latin America Traditional reported adjusted operating income before taxes of $138 million (flat year-over-year), while Financial Solutions in the region rose to $118 million from $67 million. Canada Traditional increased to $38 million from $32 million, and EMEA Traditional to $54 million from $50 million. Asia Pacific Traditional grew to $125 million from $106 million. Corporate and Other loss improved to $(65) million from $(70) million. The board declared a regular quarterly dividend of $0.93 per share, payable June 2, 2026, to shareholders of record May 19, 2026. RGA also repurchased $50 million of common shares during the quarter. Management expressed confidence in the remainder of 2026, citing strong fundamentals, a healthy pipeline, and competitive advantages.