Reinsurance Group of America, Incorporated (RGA) reported its financial results for the third quarter and the first nine months of 2025, revealing a total revenue of $6.204 billion for the quarter, a 9.7% increase from $5.651 billion in the same period last year. For the nine months ending September 30, 2025, total revenue reached $17.063 billion, up from $16.866 billion in 2024. The company’s net income for the third quarter was $255 million, or $3.85 per share, compared to $158 million, or $2.37 per share, in the prior year. For the nine-month period, net income increased to $724 million, or $10.89 per share, from $574 million, or $8.64 per share, in 2024.
RGA's financial performance was bolstered by a significant transaction with Equitable Holdings, Inc., which involved the assumption of a 75% quota share of Equitable’s in-force individual life insurance liabilities, amounting to approximately $12 billion. This transaction contributed an additional $58 million to adjusted operating income before taxes in the current quarter. However, the company also faced challenges, including a $149 million loss from its annual assumption review, primarily due to updated mortality assumptions in the U.K. The company’s total assets increased to $152 billion as of September 30, 2025, compared to $118.7 billion at the end of 2024.
Operationally, RGA's total investments rose to $127.604 billion, up from $98.040 billion at the end of 2024. The company reported a significant increase in net investment income, which reached $1.475 billion for the third quarter, compared to $1.188 billion in the same quarter of 2024. The increase in investment income was attributed to a larger asset base and higher new money rates. The company also noted a rise in its fixed maturity securities available-for-sale, which accounted for 75.3% of total cash and invested assets.
In terms of strategic developments, RGA has continued to expand its operations, particularly in the U.S. and Latin America, where it reported a total segment revenue of $6.250 billion for the quarter. The company’s traditional reinsurance segment saw a slight decline in net premiums, while the financial solutions segment experienced a notable increase in revenues due to new business growth. RGA's employee headcount remained stable, with no significant changes reported in staffing levels.
Looking ahead, RGA expressed confidence in its ability to manage liquidity and capital needs, projecting sufficient cash flows to meet obligations over the next twelve months. The company continues to monitor market conditions and adjust its strategies accordingly, particularly in light of fluctuating interest rates and investment performance. RGA's board of directors has authorized a share repurchase program of up to $500 million, with $425 million remaining as of September 30, 2025, indicating a commitment to returning value to shareholders while maintaining a strong capital position.
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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