Reinsurance Group Of America, Incorporated · NYSE:RGA
Reinsurance Group Of America — Q1 2026 Earnings Presentation
23 slides from Reinsurance Group Of America's earnings presentation, May 7, 2026
Slide 1: 1Q26 Earnings Presentation
1Q26 Earnings Presentation Reinsurance Group of America, Incorporated 05.07.2026 1
Slide 2: Safe Harbor
Safe Harbor This document and the documents incorporated by reference herein 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
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: First Quarter Financial Highlights
First Quarter Financial Highlights Another strong quarter; sustained earnings momentum Operating performance Business momentum Balance sheet management Adjusted operating income of $6.971 Traditional premium growth of 5.0% Estimated excess capital3 totaled per diluted share $2.4 billion Capi
Slide 5: Consolidated Results
Consolidated Results Strong EPS momentum; increased adjusted operating ROE Adjusted operating EPS, Trailing 12 month adjusted Results reflected excluding notable items1 operating ROE, excluding notable items1 Continued contribution from 15.7% 16.2% recent new business $7.75 15.3% 15.5% 15.4% 15.0%
Slide 6: Q1 Results by Segment
Q1 Results by Segment U.S. and Latin America: Traditional results reflected favorable individual life claims experience and individual health results; Financial Solutions results were in line with expectations Adjusted operating income (loss) before taxes1 1Q26 Canada: Traditional results reflec
Slide 7: Q1 Key Earnings Considerations
Q1 Key Earnings Considerations Biometric claims experience: 1Q26 1Q26 - Favorable claims experience PTAOI EPS1 primarily in U.S. Individual Life profitable cohorts, partially offset Adjusted Operating Income $611 $6.97 by unfavorable experience in EMEA Traditional capped cohorts Actuarial assumpti
Slide 8: Premium Growth
Premium Growth First quarter impacted by timing and prior year treaty recaptures in the U.S. Constant Traditional premium growth % Premiums1 1Q26 1Q25 Currency Change % Change² U.S. and Latin America $1,932 $1,921 0.6% 0.3% Traditional Canada Traditional $339 $319 6.3% 1.6% 8.3% 7.6% EMEA Traditiona
Slide 9: 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 favorable experience Favorable economic experience driven primarily by U.S. primarily in U.S.
Slide 10: Investment Portfolio ~$142B
Investment Portfolio Asset allocation2,3 High quality portfolio ~$142B >94% Total cash and Fixed maturity securities invested assets rated investment grade1 $142.0B Disciplined approach ▪ Investment strategy balances risk and return to build a portfolio to weather economic cycles Fixed maturity secu
Slide 11: Non-Spread Investment Results
Non-Spread Investment Results Investment yield1 New money rate2 ▪ Yield excluding variable investment income (VII) ▪ Q1 new money rate of 5.64% decreased slightly, however, new money rates ▪ Decreased compared to Q4, driven by tactical continue to be in excess of current book yield allocation toward
Slide 12: Commercial Mortgage Loans (CML)
Commercial Mortgage Loans (CML) Portfolio metrics High quality Well diversified Commercial mortgage loan investments by property type1 60% ~96% ▪ Geography ▪ Property type Loan to value CM1 & CM2 NAIC rating ▪ Maturity ladder $12M 1.72x – 2026: 5% – 2027: 8% Average loan size Debt service – 2028: 8%
Slide 13: Private Credit
Private Credit Diversified private credit strategy continues to perform Private credit allocation1 well Middle Market Loans - Predominantly first lien senior secured loans underwritten by RGA’s experienced 25-person internal team, which provides clear visibility into underwriting as well as robust
Slide 14: Q1 Capital and Liquidity
Q1 Capital and Liquidity $16.7B $2.4B $111M Liquidity (in billions) 1Q26 Cash and cash equivalents $ 5.0 Total capital1 Estimated excess Shareholder returns4 Syndicated revolving credit facility 0.9 capital2 P-Caps 1.0 15.9% $61M $2.9B Available liquidity $ 6.1 Debt to total capital1 Shareholder div
Slide 15: Capital Deployed
Capital Deployed In-force and other Shareholder dividends and Continued global transactions share repurchases success A recognized leader; long track Consistently paying shareholder record of credibility with clients and dividends; steady growth over time regulators Balance with share repurc
Slide 16: Long-Term Business, Long-Term Success
Long-Term Business, Long-Term Success A global leader, differentiated market Book value per share (ex-AOCI)1 growth position 15-Year 10.0% CAGR2 9.9% CAGR2 Diversified platform, well-balanced risk profile $167.92 Disciplined underwriter, proactive risk $146.22 manager $113.04 Long-term focus
Slide 17: Well-Positioned for the Future
Well-Positioned for the Future Solid 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 capi
Slide 18: Appendix
Appendix 18
Slide 19: Q1 Pre-Tax Income Reconciliation
Q1 Pre-Tax Income Reconciliation 1Q26 1Q25 Change in credit allowance and investment impairments Income before taxes1 $441 $369 due to market conditions Investment-related Net losses on sale of fixed Change in allowance for credit losses and impairments 43 8 maturity securities primarily Net los
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: ©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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