Reinsurance Group Of America, Incorporated · NYSE:RGA
Reinsurance Group Of America — Q2 2025 Earnings Presentation
23 slides from Reinsurance Group Of America's earnings presentation, Aug 1, 2025
Slide 1: 2Q25 Earnings Presentation
2Q25 Earnings Presentation Reinsurance Group of America, Incorporated 07.31.2025 1
Slide 2: Safe Harbor
Safe Harbor This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, r
Slide 3: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures Reinsurance Group of America, Incorporated (the “Company”) discloses certain financial measures that are not determined in accordance with U.S. GAAP. The Company principally uses such non-GAAP financial measures in evaluating performance because the Company believe
Slide 4: Second Quarter Financial Highlights
Second Quarter Financial Highlights Below expectations, primarily due to claims experience in U.S. Traditional Operating performance Business momentum Balance sheet management Adjusted operating income, Closed strategic transaction with Estimated excess capital5 increased excluding notable ite
Slide 5: Consolidated Results
Consolidated Results Strong adjusted operating ROE relative to 13%-15% target Adjusted operating EPS, Trailing 12 month adjusted Results reflected excluding notable items1 operating ROE, excluding notable items1 Strong new business $6.02 $6.13 $5.66 14.4% 14.8% 15.3% 15.5% 15.4% 15.0% momentum $5.
Slide 6: Q2 Results by Segment
Q2 Results by Segment U.S. and Latin America: Traditional results reflected unfavorable individual life large Adjusted operating income (loss) before taxes1 2Q25 claims experience and group healthcare excess experience; Financial Solutions results reflected favorable variable investment income U.S
Slide 7: Premium Growth
Premium Growth Continued strong momentum Constant Traditional premium growth 2Q25 2Q24 % Premiums1 Currency YTD YTD Change % Change² U.S. and Latin America $3,940 $3,542 11.2% 11.5% 11.0% Traditional Canada Traditional $658 $644 2.2% 5.9% 10.6% 8.3% EMEA Traditional $1,113 $993 12.1% 10.0% 6.7% 7.9%
Slide 8: Total Company Biometric Experience
Total Company Biometric Experience Experience not reflected in income will be recognized over remaining life of the business Last 5 Quarters Cumulative since Q1 2023 Current quarter results driven primarily by U.S. Favorable economic experience since Q1 2023 Traditional business, both individual
Slide 9: Investment Portfolio ~$115B
Investment Portfolio Asset allocation2,3 High quality portfolio ~$115B >94% Assets under Fixed maturity securities management rated investment-grade1 $115.3B Disciplined approach ▪ Investment strategy balances risk and return to build a portfolio to weather economic cycles Fixed maturity securities
Slide 10: Non-Spread Investment Results
Non-Spread Investment Results Investment yield1 New money rate2 ▪ Yield excluding variable investment income (“VII”) ▪ Q2 new money rate of 6.53%, well above increased primarily due to higher new money portfolio yield rates ▪ Opportunistic mix shift vs. Q1 to align growing ▪ VII higher vs. prior qua
Slide 11: Commercial Mortgage Loans (CML)
Commercial Mortgage Loans (CML) Portfolio metrics | High quality Well diversified Commercial mortgage loan investments by property type1 60% >95% ▪ Geography ▪ Property type Loan to value CM1 & CM2 NAIC rating ▪ Maturity ladder $11M 1.75x – 2025: 2% – 2026: 9% Average loan size Debt service – 2027:
Slide 12: Variable Investment Income
Variable Investment Income Supported by alternative equity strategy Alternative equity exposure2 ▪ Strategic growth of diversified alternative equity portfolio supports income, business growth, and integrated client solutions ▪ Portfolio long-term annual return assumption1 of 10% to 12% ▪ 2025 targe
Slide 13: Capital and Liquidity
Capital and Liquidity Capital Leverage ratios Ample liquidity Strong capital position to support our Manageable leverage ratios, $548 million4 at the holding company growth and return of capital through expected to be within targeted range Temporary increase in cash5 balance due dividends an
Slide 14: Capital Deployed
Capital Deployed In force and other Shareholder dividends and transactions share repurchases A recognized leader in large and Continued success complex transactions Consistently paying shareholder dividends; steady growth over time in all geographic Long track record of credibility with clie
Slide 15: Estimated Excess and Deployable Capital
Estimated Excess and Deployable Capital Capital to support robust pipeline and return of capital to shareholders Estimated Excess and Deployable Capital $2.3B $3.4B ($ in billions) (After EQH reinsurance transaction) Estimated excess capital1 1Q25 $1.9 Recognition of value of in force 2.0 Pro forma
Slide 16: Long-Term Business, Long-Term Success
Long-Term Business, Long-Term Success Book value per share (ex-AOCI)1 A global leader, differentiated total return growth2 market position 15-Year 10.0% CAGR 9.7% CAGR3 Diversified platform, well-balanced risk profile $156.63 Disciplined underwriter, proactive $146.22 risk manager $113.04 Lo
Slide 17: Well-Positioned for the Future
Well-Positioned for the Future Significant strategic successes in Q2 Strong Benefit of Strong Existing capital new business earnings investments expected to be momentum diversification results and sufficient to across key by product and platform support growth geographies geography including variabl
Slide 18: Appendix
Appendix 18
Slide 19: Q2 Pre-Tax Income Reconciliation
Q2 Pre-Tax Income Reconciliation1 2Q25 2Q24 Income before taxes $341 $269 Change in credit allowance and investment impairments due to Investment-related market conditions Change in allowance for credit losses and impairments 66 18 Net losses on sale of fixed maturity Net losses on sale of fixed
Slide 20: Reconciliations of Non-GAAP Measures
Reconciliations of Non-GAAP Measures 20
Slide 21: Reconciliations of Non-GAAP Measures
Reconciliations of Non-GAAP Measures 21
Slide 22: Reconciliations of Non-GAAP Measures
Reconciliations of Non-GAAP Measures 22
Slide 23: ©2025 RGA. All rights reserved.
©2025 RGA. All rights reserved. No part of this publication may be reproduced in any form without the prior permission of RGA. The information in this publication is for the exclusive, internal use of the recipient and may not be relied upon by any other party other than the recipient and its affili
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