Reinsurance Group of America Reports $1.18 Billion Net Income for 2025

**Reinsurance Group of America Reports Increased Net Income in 2025**

Reinsurance Group of America (RGA) reported a net income available to RGA, Inc. shareholders of $1.18 billion for the year ended December 31, 2025, compared to $717 million for the year ended December 31, 2024. The company's gross premiums and other revenues totaled $17.77 billion, while net premiums reached $17.23 billion. The aggregate market value of the stock held by non-affiliates of the registrant was approximately $13.1 billion as of June 30, 2025. As of January 30, 2026, 65,563,173 shares of the registrant’s common stock were outstanding.

The increase in net income was primarily attributed to the execution of reinsurance contracts with subsidiaries of Equitable Holdings, which contributed $68 million to income before income taxes. Strong growth in the company's Traditional business in Asia and Financial Solutions business in the U.K. also contributed to the increase. Net investment income increased due to a larger invested asset base and higher yields, while investment-related losses decreased due to lower realized losses from portfolio repositioning and freestanding derivatives. These positive factors were partially offset by adverse claim experience in the U.S. Traditional segment and lower future policy benefits remeasurement gains.

Strategic developments included the reinsurance transaction with Equitable Holdings, where RGA assumed a 75% quota share of their in-force individual life insurance liabilities, consisting of a diversified mix of life products and account value liabilities, with total liabilities of approximately $12 billion. This transaction increased income before income taxes by $68 million. In addition, pursuant to these agreements, Equitable Holdings recaptured risks previously assumed by the Company’s U.S. Traditional segment resulting in a gain of $21 million recognized in the current period. The company also repurchased 673,114 shares of common stock under its share repurchase program during the year.

RGA's global team comprised approximately 4,300 employees as of December 31, 2025. The company's five largest clients generated approximately $3.9 billion, or 21%, of the company's gross premiums and other revenues. The company's ability to write reinsurance partially depends on its financial condition and issuer financial strength ratings, which are based on its ability to pay policyholder obligations. The company expects the scope and extent of regulation outside of the U.S., as well as group regulatory oversight, to continue to increase.