Reinsurance Group of America (RGA) Q1 2026 earnings summary

Executive summary

• Adjusted operating income reached $6.97 per diluted share in Q1 2026, with a trailing 12-month adjusted operating ROE (excluding notable items) of 16.2%.

• Net income for Q1 2026 was $331 million ($4.98 per diluted share), up from $288 million ($4.27 per diluted share) in Q1 2025.

• Strong global performance across all regions, driven by favorable claims experience, disciplined execution, and robust business momentum.

• Premium growth was 14.3% year-over-year, with notable contributions from EMEA and APAC, and $338 million deployed into in-force transactions.

• $50 million of common shares were repurchased during the quarter, with estimated excess capital of $2.4 billion and deployable capital of $2.9 billion.

Financial highlights

• Adjusted operating income before taxes was $611 million, or $6.97 per share after tax, with net premiums up 14.3% year-over-year to $4.60 billion.

• Book value per share (excluding AOCI and DIG B36) increased to $167.92 at March 31, 2026.

• Average investment yield improved to 4.93%, and over 94% of fixed maturity securities were investment grade.

• Total assets reached $164.1 billion as of March 31, 2026.

• Economic claims experience was favorable by $117 million in the quarter, supporting profit emergence.

Outlook and guidance

• Management is confident in achieving intermediate-term financial targets and long-term value creation, supported by a strong business pipeline and disciplined capital deployment.

• Run rate EPS for Q1 is approximately $6.70 per share, with 2026 guidance assuming a 7% variable investment income return.

• Liquidity and capital resources are projected to be sufficient for the next twelve months and beyond.

• Focus remains on sustainable earnings growth and attractive shareholder returns.