Reinsurance Group Of America, Incorporated · NYSE:RGA
Reinsurance Group Of America — Q2 2026 Earnings Presentation
24 slides from Reinsurance Group Of America's earnings presentation, Aug 7, 2026
Slide 1: 2Q26 Earnings Presentation
2Q26 Earnings Presentation Reinsurance Group of America, Incorporated 08.06.2026 1
Slide 2: Safe Harbor
Safe Harbor This document and the documents incorporated by reference herein contain forward - looking statements within the meaning of the Pr ivate Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operatio
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 ac cor dance with U.S. GAAP. The Company principally uses such non - GAAP financial measures in evaluating performance because the Compan y
Slide 4: Second Quarter Financial Highlights
Second Quarter Financial Highlights Record Operating Results Operating performance Business momentum Balance sheet management ▪ Adjusted operating income of $8.89 1 ▪ Premium ex PRT growth of 9.3% year - ▪ Estimated excess capital 2 totaled per diluted share to - date, constant currency $2.2 billion
Slide 5: Consolidated Results
Consolidated Results Strong EPS momentum; increased adjusted operating ROE Adjusted operating EPS, Trailing 12 month adjusted Results reflected excluding notable items 1 operating ROE, excluding notable items 1 ▪ Continued 18.4% contribution from $8.89 15.7% 16.2% new business and 15.5% 15.4% $7.75
Slide 6: Q2 Results by Segment
Q2 Results by Segment ▪ U.S. and Latin America : Traditional results reflected favorable individual life claims experience, and strong VII; Financial Solutions results reflected favorable VII, in - force action, Adjusted operating income (loss) before taxes 1 2Q26 and longevity experience U.S. and L
Slide 7: Q2 Key Earnings Considerations
Q2 Key Earnings Considerations ▪ Biometric claims experience: – Modestly favorable claims experience primarily in U.S. 2Q26 2Q26 PTAOI EPS 1 ▪ Variable investment income: Adjusted Operating Income $761 $8.89 – Q2 above expectations due to strong Actuarial assumption review - - limited partnership re
Slide 8: Premium Growth
Premium Growth Growth remained strong despite timing impacts and prior year U.S. treaty recaptures Premium growth ex PRT Premiums 1 2Q26 2Q25 % Constant Currency YTD YTD Change % Change² 13.4% U.S. and Latin America $3,893 $3,940 (1.2%) (1.4%) 13.1% Traditional 10.5% 10.1% 9.6% Canada Traditional $6
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. across most region
Slide 10: Investment Portfolio ~$145B
Investment Portfolio Asset allocation 2,3 High quality portfolio ~$145B >94% Total cash and Fixed maturity securities invested assets rated investment grade 1 $144.6B Disciplined approach ▪ Investment strategy balances risk and return to build a portfolio to weather economic cycles Fixed maturity se
Slide 11: Non-Spread Investment Results
Non - Spread Investment Results Investment yield 1 & new money rate 2 ▪ Q2 new money rate of 6.02% increased compared to Q1, driven by higher average market yields and higher private asset allocation ▪ Yield excluding VII increased due to accretive new money rates and continued improvement in underl
Slide 12: Variable Investment Income
Alternative equity exposure 1 Variable Investment Income Supported by alternative equity strategy Portfolio ▪ $4.1B alt equity portfolio (2.8% of invested assets) ▪ Highly diversified across over 230 LPs and joint ventures ▪ Long - term return target: 10- 12% ▪ 2026 annual return target: 7% Q2 perfo
Slide 13: Q2 Capital and Liquidity
Q2 Capital and Liquidity $17.1B $ 2.2 B $111M Liquidity (in billions) 2Q26 Cash and cash equivalents $ 5.3 Total capital 1 Estimated excess Shareholder returns 4 Syndicated revolving credit facility 0.9 capital 2 P- Caps 1.0 15.5% $61M $ 2.7 B Available liquidity $ 7.2 Debt to total capital 1 Shareh
Slide 14: Capital Deployed
Capital Deployed Shareholder dividends and In - force and other transactions share repurchases ▪ A recognized leader; long track record of ▪ Consistently paying shareholder dividends; credibility with clients and regulators steady growth over time including 5.4% ▪ Global platform leads to diversifie
Slide 15: Long-Term Business, Long-Term Success
Long - Term Business, Long - Term Success ▪ A global leader, differentiated market 1 growth Book value per share (ex - AOCI) position 15- Year 10.0% CAGR 2 10.1% CAGR 2 ▪ Diversified platform, well - balanced risk profile $174.11 ▪ Disciplined underwriter, proactive risk $146.22 manager $113.04 ▪ Lo
Slide 16: 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 leveraging to support new geographies geography premier internal and business and return external manag
Slide 17: Appendix
Appendix 17
Slide 18: Private Credit
Private Credit Private credit allocation 1 Diversified private credit strategy continues to perform well ▪ Middle Market Loans : Predominantly first lien senior secured loans underwritten by RGA’s experienced 2 0+ person internal team providing clear visibility into underwriting and robust covenant
Slide 19: Commercial Mortgage Loans (CML)
Commercial Mortgage Loans (CML) Portfolio metrics | High quality Well diversified Commercial mortgage loan investments by property type 1 60% ~96% ▪ Geography ▪ Property type Loan to value CM1 & CM2 NAIC rating ▪ Maturity ladder $12M 1.69x – 2026: 3% – 2027: 8% Average loan size Debt service – 2028:
Slide 20: Q2 Pre-Tax Income Reconciliation
Q2 Pre - Tax Income Reconciliation 2Q26 2Q25 ▪ Change in credit allowance and investment impairments Income before taxes 1 $605 $341 due to market conditions Investment - related ▪ Net losses on sale of fixed Change in allowance for credit losses and impairments 37 66 maturity securities primarily N
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: Reconciliations of Non-GAAP Measures
Reconciliations of Non - GAAP Measures 23
Slide 24: ©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 oth er party other than the recipient and its affil
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