Reinsurance Group of America (RGA) investor relations material

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 economic claims experience, robust business momentum, and disciplined execution.

• Premium growth was broad-based, with traditional premiums up 5% year-over-year and total company premiums rising 14.3%.

• $50 million of common shares were repurchased during the quarter.

Financial highlights

• Pre-tax adjusted operating income was $611 million for the quarter, or $6.97 per share after tax.

• Net premiums increased 14.3% year-over-year to $4.6 billion, with a favorable foreign currency effect of $103 million.

• Book value per share (excluding AOCI and DIG B36) rose to $167.92, a 9.9% CAGR since 2021.

• Average investment yield improved to 4.93% from 4.64% year-over-year.

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

Outlook and guidance

• Management expressed high confidence for the remainder of 2026 and beyond, citing strong fundamentals, a healthy business pipeline, and disciplined capital deployment.

• Run rate EPS for Q1 estimated at $6.70 per share.

• 2026 assumes a 7% variable investment income return, below long-term expectations of 10%-12%.

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

• Capital deployment and return to shareholders expected to drive financial targets.