Reinsurance Group Of America, Incorporated · NYSE:RGA
Reinsurance Group Of America — Q4 2025 Earnings Presentation
28 slides from Reinsurance Group Of America's earnings presentation, Feb 6, 2026
Slide 1: 4Q25 Earnings Presentation
4Q25 Earnings Presentation Reinsurance Group of America, Incorporated 02.05.2026 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: Fourth Quarter Financial Highlights
Fourth Quarter Financial Highlights Record operating results Operating performance Business momentum Balance sheet management Adjusted operating income of $7.751 Traditional premium growth of 7.4% Estimated excess capital4 totaled per diluted share year-to-date on a constant currency2 $2.7 bil
Slide 5: 2025 Full Year Financial Highlights
2025 Full Year Financial Highlights Record operating results Very strong operating performance Favorable outlook Adjusted operating income, excluding notable items of Strong business momentum continuing across $24.421 per diluted share, a record result markets and product lines Value of in-for
Slide 6: Consolidated Results
Consolidated Results Record EPS results; strong adjusted operating ROE Adjusted operating EPS, Trailing 12 month adjusted Results reflected excluding notable items1 operating ROE, excluding notable items1 Strong new business $7.75 14.8% 15.3% 15.5% 15.4% 15.0% 15.7% momentum 14.3% 14.2% $6.37 $6.0
Slide 7: Q4 Results by Segment
Q4 Results by Segment U.S. and Latin America: Traditional results reflected favorable impacts from in-force management actions and strong variable investment income, partially offset by the expected unfavorable group claims experience Adjusted operating income (loss) before taxes1 4Q25 noted earli
Slide 8: 2025 Results by Segment
2025 Results by Segment U.S. and Latin America: Traditional results reflected the unfavorable financial impact from individual life claims experience, primarily in capped cohorts, and the expected unfavorable group claims Adjusted operating income (loss) before taxes, excluding experience noted ea
Slide 9: Key Earnings Considerations
Key Earnings Considerations Biometric claims experience: Unfavorable claims experience 4Q25 4Q25 primarily due to the U.S. Group results 4Q25 4Q25 noted earlier in the year, and U.S. YTD YTD PTAOI EPS1 Individual Life capped cohorts PTAOI EPS1 Adjusted Operating Income $676 $7.75 $1,967 $22.72
Slide 10: Premium Growth
Premium Growth Continued strong momentum Constant Traditional premium growth % Premiums1 2025 2024 Currency Change % Change² U.S. and Latin America $7,927 $7,500 5.7% 5.8% Traditional Canada Traditional $1,331 $1,291 3.1% 5.1% 8.3% 7.6% EMEA Traditional $2,258 $2,002 12.8% 9.6% 6.7% 7.9% 5.9% 7.4% A
Slide 11: Total Company Biometric Experience
Total Company Biometric Experience Experience not reflected in income will be recognized over remaining life of the business Quarterly results Cumulative since Q1 2023 Current quarter results reflected unfavorable Favorable economic experience driven primarily by U.S. experience primarily in U.S
Slide 12: Investment Portfolio ~$135B
Investment Portfolio Asset allocation2,3 High quality portfolio ~$135B >94% Assets under Fixed maturity securities management rated investment-grade1 $134.6B Disciplined approach ▪ Investment strategy balances risk and return to build a portfolio to weather economic cycles Fixed maturity securities
Slide 13: Non-Spread Investment Results
Non-Spread Investment Results Investment yield1 New money rate2 ▪ Yield excluding variable investment income (VII) ▪ Q4 new money rate of 5.72%, remained above increased slightly over the quarter portfolio yield ▪ Reported yield increased as VII improved vs. Q3 ▪ Lower compared to Q3 due to a combin
Slide 14: Commercial Mortgage Loans (CML)
Commercial Mortgage Loans (CML) Portfolio metrics | High quality Well diversified Commercial mortgage loan investments by property type1 61% ~96% ▪ Geography ▪ Property type Loan to value CM1 & CM2 NAIC rating ▪ Maturity ladder $12M 1.74x – 2026: 7% – 2027: 8% Average loan size Debt service – 2028:
Slide 15: Capital and Liquidity
Capital and Liquidity Capital Leverage ratios Ample liquidity Strong capital position to support our Manageable leverage ratios within $1.3 billion4 at the holding company growth and return of capital through our targeted ranges Temporary increase in cash5 balance dividends and share repurch
Slide 16: Capital Deployed
Capital Deployed In-force and other Shareholder dividends and Continued success transactions share repurchases in all geographic A recognized leader; long track Consistently paying shareholder record of credibility with clients and dividends; steady growth over time regions regulators Balanc
Slide 17: Estimated Excess and Deployable Capital
Estimated Excess and Deployable Capital Ample capital to support attractive pipeline $2.7B $3.4B Estimated Excess and Deployable Capital ($ in billions) Estimated excess capital1 3Q25 $2.3 Estimated excess capital1 Estimated deployable capital2 4Q25 activity Estimate of capital available in excess o
Slide 18: Value of In-force Business Margins
Value of In-force Business Margins1 Multiple levers leading to increase in Value of In-force Business Margins, generating consistent EPS growth and strong ROE Substantial expected margins exist in the in-force business across geographies and products Expected contribution from new business is
Slide 19: 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 10.0% CAGR Diversified platform, well-balanced risk profile $165.50 Disciplined underwriter, proactive $146.22 risk manager $113.04 Lo
Slide 20: Well-Positioned for the Future
Well-Positioned for the Future Strong Benefit of Integrated Flexible new business earnings asset capital sourcing momentum diversification management strategies across key by product and platform with portfolio to fuel disciplined geographies geography repositioning on growth and return schedule cap
Slide 21: Appendix
Appendix 21
Slide 22: Q4 Pre-Tax Income Reconciliation
Q4 Pre-Tax Income Reconciliation 4Q25 4Q24 Income before taxes1 $510 $225 Change in credit allowance and investment impairments due to Investment-related market conditions Change in allowance for credit losses and impairments 71 - Net losses on sale of fixed maturity Net losses on sale of fixed
Slide 23: 2025 Pre-Tax Income Reconciliation
2025 Pre-Tax Income Reconciliation 2025 2024 Income before taxes1 1,540 980 Change in credit allowance and investment impairments due to Investment-related market conditions Change in allowance for credit losses and impairments 181 78 Net losses on sale of fixed maturity Net losses on sale of fi
Slide 24: Value of In-force Business Margins Description
Value of In-force Expected underwriting margin1 is derived from the estimated cash Business flows used to determine LDTI reserves. This amount is calculated using the locked-in LDTI liability discount rates. Margins Expected investment margin, which (i) for LDTI products, values Description deri
Slide 25: Reconciliations of Non-GAAP Measures
Reconciliations of Non-GAAP Measures 25
Slide 26: Reconciliations of Non-GAAP Measures
Reconciliations of Non-GAAP Measures 26
Slide 27: Reconciliations of Non-GAAP Measures
Reconciliations of Non-GAAP Measures 27
Slide 28: ©2026 RGA. All rights reserved.
©2026 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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