Reinsurance Group of America, Incorporated (RGA) reported a significant increase in financial performance for the first quarter of 2026, with total revenues reaching $6.494 billion, up from $5.260 billion in the same period last year. This 23.4% increase was driven by a rise in net premiums, which grew to $4.595 billion from $4.019 billion, and a notable increase in net investment income, which rose to $1.701 billion from $1.232 billion. The company’s net income attributable to shareholders also saw an increase, reaching $330 million, or $5.04 per share, compared to $286 million, or $4.33 per share, in the prior year.
The company’s total assets increased to $164.064 billion as of March 31, 2026, compared to $156.590 billion at the end of 2025. This growth was attributed to a rise in fixed maturity securities available-for-sale, which increased to $107.328 billion from $101.769 billion, and an increase in cash and cash equivalents, which rose to $4.993 billion from $4.168 billion. RGA's total liabilities also increased, amounting to $150.680 billion, up from $143.039 billion, primarily due to an increase in future policy benefits, which rose to $72.308 billion from $66.425 billion.
Strategically, RGA executed a significant reinsurance transaction with subsidiaries of Equitable Holdings on July 31, 2025, which involved assuming a 75% quota share of Equitable's in-force individual life insurance liabilities. This transaction contributed an additional $39 million to income before taxes in the first quarter of 2026. The company also authorized a share repurchase program of up to $500 million, under which it repurchased 225,638 shares during the quarter, leaving approximately $450 million remaining under the authorization.
Operationally, RGA's customer base and product offerings expanded, with the company reporting a total of $4.3 trillion in life reinsurance in force as of March 31, 2026, an increase from $4.0 trillion a year earlier. The company’s investment strategy has also been adjusted to enhance yields, resulting in a higher average yield of 4.93% for the quarter, compared to 4.64% in the previous year. The company continues to monitor market conditions and adjust its investment portfolio accordingly to manage risks associated with interest rates and market volatility.
Looking ahead, RGA remains optimistic about its growth prospects, supported by a strong capital position and strategic initiatives aimed at expanding its market share in the reinsurance sector. The company anticipates that its current liquidity and capital resources will be sufficient to meet its operational needs and support future growth, despite potential market fluctuations and economic uncertainties.
About REINSURANCE GROUP OF AMERICA INC
Reinsurance Group of America, Inc. is a global provider of life and health reinsurance and financial solutions. It offers traditional reinsurance, including life, health, disability, and long-term care, as well as asset-intensive, longevity, and capital solutions. Serving major insurance companies worldwide, RGA enhances clients' financial strength, risk management, and regulatory compliance through its diverse business segments and extensive international operations.
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