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Reinsurance Group of America (RGA) investor relations material
Reinsurance Group of America Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record Q4 and full-year operating EPS of $7.75 and $24.42, with strong performance across all regions and robust investment results.
Adjusted operating ROE for the trailing 12 months was 15.7%, exceeding the 13%-15% target range.
Value of in-force business margins increased by $6.6 billion, reflecting strong new business and management actions.
Net income for Q4 was $463 million ($6.97 per share), and for the year $1,182 million ($17.69 per share).
Deployed $2.5 billion into in-force transactions, reinstated share buybacks, and maintained $2.7 billion in excess capital.
Financial highlights
Record pre-tax adjusted operating income of $515 million for Q4; adjusted operating EPS of $7.75.
Premium growth of 7.4% year-to-date on a constant currency basis, driven by North America, EMEA, and APAC.
Book value per share (excluding AOCI and B36) was $165.50 at year-end 2025.
Investment income (excluding spread-based businesses) rose 30.2% in Q4 and 22.8% for the year.
Estimated excess capital totaled $2.7 billion; deployable capital was $3.4 billion at year-end.
Outlook and guidance
Reiterated intermediate-term targets of 8%-10% annual EPS growth and 13%-15% ROE.
2026 expectations include a 7% variable investment income return and $1.5 billion capital deployment into in-force transactions.
Projected total shareholder return of capital to be 20%-30% of after-tax operating earnings over the intermediate term.
U.S. Group business fully repriced, with significant improvement expected in 2026.
Plan to allocate $400 million to reduce financial leverage in 2026.
- TimeTickerHeadlineOpen
- 6 FebISCTR
Net profit hit TL 67.4 billion in 2025, with strong NIM, fee growth, and solid 2026 outlook. - 6 FebSCW
73% revenue growth and record backlog driven by new space contracts and strategic investments. - 6 FebCDP
2025 FFO/share rose 5.8% with strong leasing and retention; 2026 guidance signals further growth. - 6 FebSCW
Revenue at 15.86 mln PLN, backlog 17.14 mln PLN, and major space contracts drive 2025 outlook. - 6 FebPENG
All proposals passed, with no questions raised during the Q&A session. - 6 FebSCW
Q2 2024 revenue up 115% y/y, backlog nearly doubled, Space segment leads growth. - 6 FebPECO
2026 FFO per share growth guided at 5.5% with record occupancy and strong acquisitions. - 6 FebSCW
Q2 2025 revenue surged 120% y/y, driven by a record Asian contract and a tripled backlog. - 6 FebSCW
Q1 2025 revenue jumped 97% year-over-year, with strong backlog and major new contracts secured. - 6 FebSCW
Q3 revenue up 39% y/y, backlog at 58.3 mln PLN, Space leads growth with global contracts.
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