Reinsurance Group Of America, Incorporated · NYSE:RGA
Reinsurance Group Of America — Q3 2025 Earnings Presentation
26 slides from Reinsurance Group Of America's earnings presentation, Oct 30, 2025
Slide 1: 3Q25 Earnings Presentation
3Q25 Earnings Presentation Reinsurance Group of America, Incorporated 10.30.2025 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: Third Quarter Financial Highlights
Third Quarter Financial Highlights Record operating results, excluding notable items Operating performance Business momentum Balance sheet management Adjusted operating income, Traditional premium growth of 8.5% Estimated excess capital4 totaled excluding notable items, of $6.371 year-to-date
Slide 5: 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 momentum $6.37 $6.02 $6.13 15.5% 15.4% 15.3% 15.0% $5.66 14.4% 14.8% $5.4
Slide 6: Q3 Results by Segment
Q3 Results by Segment U.S. and Latin America: Traditional results reflected modestly unfavorable individual life Adjusted operating income (loss) before taxes, excluding claims experience, partially offset by favorable 3Q25 impacts from in-force management actions; notable items1 Group results wer
Slide 7: Notable Items
Notable Items Increase in long-term expected value; current period Expected $0.6 billion increase in Value of In-force Business unfavorable financial impact Margins recognized over the Adjusted operating remaining life of the treaties Annual assumption review income (loss) before Primarily drive
Slide 8: Premium Growth
Premium Growth Continued strong momentum Constant Traditional premium growth 3Q25 3Q24 % Premiums1 Currency YTD YTD Change % Change² U.S. and Latin America $5,823 $5,454 6.8% 6.9% Traditional Canada Traditional $984 $958 2.7% 5.5% 8.3% 8.5% EMEA Traditional $1,675 $1,514 10.6% 8.1% 6.7% 7.9% 8.4% 5.
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 economic results in line with Favorable economic experience since Q1 2023 expectations in total Current quarte
Slide 10: Investment Portfolio ~$132B
Investment Portfolio Asset allocation2,3 High quality portfolio ~$132B >94% Assets under Fixed maturity securities management rated investment-grade1 $132.2B Disciplined approach ▪ Investment strategy balances risk and return to build a portfolio to weather economic cycles Fixed maturity securities
Slide 11: Non-Spread Investment Results
Non-Spread Investment Results Investment yield1 New money rate2 ▪ Yield excluding variable investment income (VII) ▪ Q3 new money rate of 6.14%, well above slightly decreased primarily due to higher cash portfolio yield balances for part of the quarter ▪ Lower rate vs. Q2, primarily due to lower ave
Slide 12: 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: 1% – 2026: 8% Average loan size Debt service – 2027:
Slide 13: 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 14: Capital and Liquidity
Capital and Liquidity Capital Leverage ratios Ample liquidity Strong capital position to support our Manageable leverage ratios, $666 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 15: Capital Deployed
Capital Deployed In-force and other Shareholder dividends and transactions share repurchases Continued success A recognized leader; long track Consistently paying shareholder record of credibility with clients and dividends; steady growth over time in all geographic regulators Balance with s
Slide 16: Estimated Excess and Deployable Capital
Estimated Excess and Deployable Capital Ample capital to support attractive pipeline $2.3B $3.4B Estimated Excess and Deployable Capital ($ in billions) Estimated excess capital1 2Q25 $3.8 Estimated excess capital1 Estimated deployable capital2 3Q25 activity Estimate of capital available in excess o
Slide 17: 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 $159.83 Disciplined underwriter, proactive $146.22 risk manager $113.04 Lo
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 expected consistent EPS growth and strong ROE Substantial expected margins exist in the in-force business across geographies and products Expected contribution from new bus
Slide 19: Well-Positioned for the Future
Well-Positioned for the Future Strong Benefit of Strong asset Existing capital new business earnings management expected to be momentum diversification platform sufficient to across key by product and with portfolio support growth geographies geography repositioning on and return capital to schedule
Slide 20: Appendix
Appendix 20
Slide 21: Q3 Pre-Tax Income Reconciliation
Q3 Pre-Tax Income Reconciliation1 3Q25 3Q24 Income before taxes $320 $214 Change in credit allowance and investment impairments due to Investment-related market conditions Change in allowance for credit losses and impairments 35 20 Net gain on sale of fixed maturity Net gain on sale of fixed mat
Slide 22: 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 23: Reconciliations of Non-GAAP Measures
Reconciliations of Non-GAAP Measures 23
Slide 24: Reconciliations of Non-GAAP Measures
Reconciliations of Non-GAAP Measures 24
Slide 25: Reconciliations of Non-GAAP Measures
Reconciliations of Non-GAAP Measures 25
Slide 26: ©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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