Reinsurance Group Of America, Incorporated · NYSE:RGA
Reinsurance Group Of America — Q1 2025 Earnings Presentation
23 slides from Reinsurance Group Of America's earnings presentation, May 2, 2025
Slide 1: 1Q25 Earnings Presentation
1Q25 Earnings Presentation Reinsurance Group of America, Incorporated 05.01.2025 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: First Quarter Financial Highlights
First Quarter Financial Highlights Strong operating results Solid overall operating Strong business Balance sheet performance momentum management Adjusted operating income, Announced a strategic Robust balance sheet with excluding notable items of $5.661 transaction with subsidiaries of estima
Slide 5: Consolidated Results
Consolidated Results Consistent EPS growth and strong ROE relative to 13%-15% target Adjusted operating EPS, Trailing 12 month adjusted excluding notable items1 operating ROE, excluding Strong new notable items1 business momentum, $5.57 $6.02 $5.48 $6.13 $5.66 14.0% 14.4% 14.8% 15.3% 15.5% 15.4% 15.
Slide 6: Q1 Results by Segment
Q1 Results by Segment U.S. and Latin America: Traditional results reflected favorable Individual Life large claims Adjusted Operating Income (Loss) Before Taxes1 1Q251 experience; Financial Solutions results reflected lower variable investment income U.S. and Latin America Traditional $140 Canad
Slide 7: Premium Growth
Premium Growth Continued strong momentum Constant Traditional premium growth % Premiums1 1Q25 1Q24 Currency Change % Change² U.S. and Latin America 11.2% $1,921 $1,715 12.0% 12.4% Traditional Canada Traditional $319 $318 0.3% 6.6% 8.3% 9.6% EMEA Traditional $540 $496 8.9% 9.5% 6.7% 7.9% 5.9% APAC Tr
Slide 8: Biometric Experience
Biometric Experience Broad based Total Company favorable economic $ in millions biometric experience1 $250 $200 $196 Claims experience not $150 $138 reflected in income will be recognized over the remaining life $100 $79 $58 $58 $50 of the business $2 $0 $0 ($14) ($50) ($52) ($58) ($100) 1Q24 2Q24 3
Slide 9: Investment Portfolio ~$111B
Investment Portfolio Asset Allocation1,3 High Quality Portfolio ~$111B >94% Assets Under Fixed maturity Securities Management Rated Investment-Grade4 $110.7B Disciplined Approach ▪ Investment strategy balances risk and return to build a portfolio to weather cycles Fixed maturity securities ▪ Discipl
Slide 10: Non-Spread Investment Results
Non-Spread Investment Results Investment yield1 New money rate2 ▪ Yield excluding variable investment income (VII) is ▪ Q1 new money rate of 6.39%, well above portfolio higher reflecting higher new money rate and lower yield expenses3 ▪ Increase over prior quarter primarily reflects ▪ VII lower vs.
Slide 11: Commercial Mortgage Loans (CML)
Commercial Mortgage Loans (CML) Portfolio Metrics | High Quality Well Diversified Commercial Mortgage Loan Investments by Property Type1 59% >95% ▪ Geography ▪ Property type Loan to value CM1 & CM2 NAIC rating ▪ Maturity ladder $11M 1.76x – 2025: 4% – 2026: 9% Average loan size Debt Service – 2027:
Slide 12: Variable Investment Income
Variable Investment Income Alternative Equity Exposure1 Supported by alternative equity strategy ▪ Strategic growth of diversified alternative equity portfolio supports income, business growth, and integrated client solutions ▪ Portfolio long-term annual return assumption2 of 10% to 12% ▪ 2025 targe
Slide 13: Capital and Liquidity
Capital and Liquidity Capital Leverage ratios Ample liquidity Strong capital position Manageable leverage ratios, $505 million2 at the holding company expected to be within targeted range Temporary increase in cash3 balance due Estimated deployable capital of $1.3 over time billion1 to tim
Slide 14: Capital Deployed
Capital Deployed In-force and Other Shareholder Dividends and Transactions Share Repurchases Significant A recognized leader in large and complex transactions Consistently paying shareholder dividends; steady growth over time contribution from Long track record of credibility with Balance
Slide 15: Estimated Excess and Deployable Capital
Estimated Excess and Deployable Capital Ample capital to support robust pipeline $1.9B $1.3B Estimated Excess and Deployable Capital ($ in billions) Estimated Excess capital1 4Q24 $1.3 Debt financing 0.7 Estimated Excess Capital1 Estimated Deployable Capital2 Estimate of capital available in excess
Slide 16: Long-Term Business, Long-Term Success
Long-Term Business, Long-Term Success A global leader, differentiated Book value per share (ex-AOCI)1 market position total return growth2 15-Year 10.0% CAGR 9.8% CAGR Diversified platform, well-balanced risk profile $154.60 Disciplined underwriter, proactive $146.22 risk manager $113.04 Lon
Slide 17: Well-Positioned for the Future
Well-Positioned for the Future Q1 results provide solid start to the year Strong Favorable Strong Uniquely operating biometric claims new business positioned performance experience momentum in the industry based reflected in EPS and across all geographic across key upon ability to offer ROE regions
Slide 18: Appendix
Appendix 18
Slide 19: Q1 Pre-Tax Income Reconciliation
Q1 Pre-Tax Income Reconciliation 1Q25 1Q24 Income before taxes1 $369 $272 Change in credit allowance and investment impairments due to Investment-related market conditions Change in allowance for credit losses and impairments 8 40 Net losses on sale of fixed maturity Net (gains)/losses on sale o
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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