Jun 2026 (Q2 FY26) — Aug 7, 2026
Reinsurance Group of America Q2 FY26 — Record Operating Quarter Driven by Strong Investment Returns and New Business
Read the full callReinsurance Group of America (RGA) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Reinsurance Group of America earnings: last reported Fri, 7 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 6,637 | +18.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 462 | +156.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
5 of 5 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Capital deployed into in-force transactions (2026) | around $1.5 billion | Dec 2025 | we do have several levers to achieve the 8% to 10% EPS growth target, which does provide flexibility. Those include things like the capital deployment and to the in-force transactions and organic flow business, positive contributions from our investment portfolio, effective in-force management and shareholder returns. | Diluted |
| Corporate and Other segment quarterly loss run rate (2026) | $50 million to $55 million per quarter | Dec 2025 | our Corporate and Other segment reported adjusted operating loss before tax of $35 million. This was better than our expectations due to, again, strong VII and lower financing costs. | On Track |
17 of REINSURANCE GROUP OF AMERICA INC's 22 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 20 more targets are in the full ledger.
Claimed
- Delivered a record operating quarter with pretax adjusted operating income of $761 million or $8.89 per share after tax.
- Achieved an adjusted operating return on equity of 18.4% over the trailing 12 months, excluding AOCI and notable items.
- Investment results were excellent with a new money rate of 6.2% and annualized Variable Investment Income (VII) returns of 15% for the quarter, well above the 7% target.
- Reduced exposure to U.S. capped cohorts by 25% since LDTI adoption, improving earnings profile and reducing volatility.
- Returned $111 million to shareholders this quarter, including $50 million in share repurchases and a 5.4% dividend increase.
Qualified
- Traditional premium growth was impacted by in-force management actions, resulting in 2.2% reported growth and 0.9% constant currency growth.
- One-time items across all segments contributed $71 million to earnings this quarter, which are not indicative of a trend and are expected to net closer to zero over time.
Price
$264.04 +1.15% · +$2.99
Performance +34.0% 1Y
1Y: $197 on 14 Oct 2025 → $264.04. High $264.04 (15 Oct 2026), low $181.54 (3 Nov 2025).
- Previous close
- $261.05
- 52-week range
- $181.54 – $264.04
- One year
- +37.26%
Overview
- Symbol
- RGA
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
5 of 5 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Capital deployed into in-force transactions (2026) | around $1.5 billion | Dec 2025 | we do have several levers to achieve the 8% to 10% EPS growth target, which does provide flexibility. Those include things like the capital deployment and to the in-force transactions and organic flow business, positive contributions from our investment portfolio, effective in-force management and shareholder returns. | Diluted |
| Corporate and Other segment quarterly loss run rate (2026) | $50 million to $55 million per quarter | Dec 2025 | our Corporate and Other segment reported adjusted operating loss before tax of $35 million. This was better than our expectations due to, again, strong VII and lower financing costs. | On Track |
Claimed
- Delivered a record operating quarter with pretax adjusted operating income of $761 million or $8.89 per share after tax.
- Achieved an adjusted operating return on equity of 18.4% over the trailing 12 months, excluding AOCI and notable items.
- Investment results were excellent with a new money rate of 6.2% and annualized Variable Investment Income (VII) returns of 15% for the quarter, well above the 7% target.
- Reduced exposure to U.S. capped cohorts by 25% since LDTI adoption, improving earnings profile and reducing volatility.
- Returned $111 million to shareholders this quarter, including $50 million in share repurchases and a 5.4% dividend increase.
Qualified
- Traditional premium growth was impacted by in-force management actions, resulting in 2.2% reported growth and 0.9% constant currency growth.
- One-time items across all segments contributed $71 million to earnings this quarter, which are not indicative of a trend and are expected to net closer to zero over time.
The full ledger
Open REINSURANCE GROUP OF AMERICA INC’s full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 8, 2026
Reinsurance Group of America Q1 FY26 — Strong Start with Broad-Based Performance and Disciplined Capital Deployment
Read the full callEvery analysed call
Reinsurance Group of America earnings calls (RGA)
Financials
What the filings say
Net profit, year on year: +157% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 5,651 | 5,241 | 5,260 | 5,599 | 6,204 | 6,635 | 6,494 | 6,637 |
| Interest | 78 | 86 | 80 | 90 | 98 | 98 | 99 | 101 |
| Profit before tax | 214 | 225 | 369 | 341 | 320 | 510 | 441 | 605 |
| Tax rate | 26.2% | 33.3% | 21.9% | 46.9% | 20.3% | 8.8% | 24.9% | 23.3% |
| Net profit | 156 | 148 | 286 | 180 | 253 | 463 | 330 | 462 |
| EPS ($ per share) | 2.37 | 2.26 | 4.33 | 2.72 | 3.85 | 7.07 | 5.04 | 7.07 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 7,285 | 7,952 | 8,148 | 8,563 | 8,169 | 8,805 | 9,255 | 10,151 |
| Total liabilities | 56,085 | 65,130 | 70,304 | 79,161 | 77,733 | 88,452 | 107,769 | 143,039 |
| Total assets | 64,535 | 76,731 | 84,656 | 92,941 | 84,904 | 97,623 | 118,675 | 156,590 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,581 | 2,307 | 3,322 | 4,182 | 1,343 | 4,044 | 9,370 | 4,091 |
| Cash from investing | -637 | -2,638 | -2,680 | -4,628 | -5,688 | -4,066 | -12,545 | -12,094 |
| Cash from financing | -322 | -121 | 1,254 | 20 | 4,436 | 78 | 3,661 | 8,798 |
| Net cash flow | 586 | -441 | 1,959 | -460 | -21 | 43 | 356 | 842 |
| Capital expenditure | -29 | -34 | -28 | -19 | -25 | — | — | — |
| Free cash flow | 1,552 | 2,273 | 3,294 | 4,163 | 1,318 | — | — | — |
RGA revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| US Traditional | — | — | — | — | — | — | 34% | 35% | — |
| US Financial Solutions | — | — | — | — | — | — | 18% | 17% | — |
| Asia Pacific Traditional | — | — | — | — | — | — | 15% | 14% | — |
| EMEA Traditional | — | — | — | — | — | — | 10% | 9% | — |
| Asia Pacific Financial Solutions | — | — | — | — | — | — | 8% | 9% | — |
| EMEA Financial Solutions | — | — | — | — | — | — | 8% | 8% | — |
| Canada Traditional | — | — | — | — | — | — | 6% | 6% | — |
| Corporate and Other | 3% | 7% | 3% | 3% | 3% | 3% | 3% | 3% | +18.7% |
| Canada Financial Solutions | — | — | — | — | — | — | 2% | 2% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q4 FY2025 · share of revenue
- Asia Pacific 21% ↓ 9 pt
- EMEA 16% ↓ 8 pt
- CA 8% ↓ 5 pt
As RGA cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
124 filings between Dec 1, 2025 and Aug 12, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$3.68M
4 sales by 3 insiders
Compensation
not trading decisions- 4
- Award — granted as compensation
- 58
- Option exercise — converted options into shares
- 56
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| PORTER JONATHAN | — | $2.12M | Aug 12, 2026 |
| HERRMANN RONALD | — | $1.47M | May 14, 2026 |
| Hayden John W. | — | $89.0K | May 20, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 12, 2026 | PORTER JONATHAN EVP, Global Chief Risk Officer | Sale | 8,589 | $2.12M |
| Aug 11, 2026 | PORTER JONATHAN EVP, Global Chief Risk Officer | Option exercise | 5,707 | $672.6K |
| Aug 11, 2026 | PORTER JONATHAN EVP, Global Chief Risk Officer | Option exercise | 4,332 | $461.5K |
| Aug 11, 2026 | PORTER JONATHAN EVP, Global Chief Risk Officer | Tax withheld | 1,286 | $314.6K |
| Aug 11, 2026 | PORTER JONATHAN EVP, Global Chief Risk Officer | Tax withheld | 1,345 | $329.1K |
| Aug 11, 2026 | HERRMANN RONALD Executive Vice President | Tax withheld | 1,889 | $462.1K |
| Aug 11, 2026 | PORTER JONATHAN EVP, Global Chief Risk Officer | Tax withheld | 2,750 | $672.8K |
| Aug 11, 2026 | PORTER JONATHAN EVP, Global Chief Risk Officer | Option exercise | 2,437 | $314.4K |
| Aug 11, 2026 | HERRMANN RONALD Executive Vice President | Option exercise | 1,816 | $350.5K |
| Aug 11, 2026 | PORTER JONATHAN EVP, Global Chief Risk Officer | Tax withheld | 1,887 | $461.7K |
| Aug 11, 2026 | HERRMANN RONALD Executive Vice President | Tax withheld | 2,857 | $699.0K |
| Aug 11, 2026 | HERRMANN RONALD Executive Vice President | Option exercise | 3,098 | $428.6K |
| Aug 11, 2026 | HERRMANN RONALD Executive Vice President | Option exercise | 3,311 | $613.5K |
| Aug 11, 2026 | HERRMANN RONALD Executive Vice President | Tax withheld | 2,337 | $571.7K |
| Aug 11, 2026 | HERRMANN RONALD Executive Vice President | Tax withheld | 1,600 | $391.4K |
| Aug 11, 2026 | PORTER JONATHAN EVP, Global Chief Risk Officer | Option exercise | 2,264 | $328.8K |
| Aug 11, 2026 | HERRMANN RONALD Executive Vice President | Option exercise | 2,577 | $332.5K |
| Aug 11, 2026 | PORTER JONATHAN EVP, Global Chief Risk Officer | Tax withheld | 1,454 | $355.7K |
| Aug 11, 2026 | PORTER JONATHAN EVP, Global Chief Risk Officer | Option exercise | 2,571 | $355.7K |
| Jul 1, 2026 | TULLOCH MAURICE Director | Award | 406 | $87.6K |
| Jul 1, 2026 | TULLOCH MAURICE Director | Tax withheld | 122 | $26.3K |
| Jun 25, 2026 | To My Chi EVP, Chief Legal Officer | Tax withheld | 2,515 | $522.6K |
| Jun 6, 2026 | To My Chi EVP, Chief Legal Officer | Option exercise | 5,661 | — |
| May 20, 2026 | Babej Peter Director | Award | 613 | $131.3K |
| May 20, 2026 | Hayden John W. EVP, Controller | Sale | 414 | $89.0K |
| May 20, 2026 | Hayden John W. EVP, Controller | Tax withheld | 1,453 | $312.3K |
| May 20, 2026 | Hayden John W. EVP, Controller | Option exercise | 1,867 | $242.3K |
| May 20, 2026 | Guinn Patricia Lynn Director | Award | 817 | $174.9K |
| May 14, 2026 | HERRMANN RONALD Executive Vice President | Sale | 170 | $35.9K |
| May 14, 2026 | HERRMANN RONALD Executive Vice President | Sale | 6,830 | $1.44M |
| Mar 12, 2026 | Kleeman Raymond EVP, Chief HR Officer | Option exercise | 4,553 | $933.4K |
| Mar 12, 2026 | Hayden John W. EVP, Controller | Tax withheld | 656 | $134.5K |
| Mar 12, 2026 | Cockrill Laura EVP & Chief Strategy Officer | Option exercise | 1,079 | $221.2K |
| Mar 12, 2026 | Ozeki Arthur EVP, Head of Asia Pacific | Option exercise | 2,689 | $551.2K |
| Mar 12, 2026 | Hayden John W. EVP, Controller | Option exercise | 2,252 | $461.7K |
| Mar 12, 2026 | PORTER JONATHAN EVP, Global Chief Risk Officer | Tax withheld | 2,921 | $598.8K |
| Mar 12, 2026 | CHENG TONY KIN SHUN President and CEO | Tax withheld | 6,715 | $1.38M |
| Mar 12, 2026 | CHENG TONY KIN SHUN President and CEO | Option exercise | 17,388 | $3.56M |
| Mar 12, 2026 | HERRMANN RONALD EVP | Tax withheld | 2,857 | $585.7K |
| Mar 12, 2026 | HERRMANN RONALD EVP | Option exercise | 6,576 | $1.35M |
| Mar 12, 2026 | BARBI LESLIE EVP, Chief Investment Officer | Tax withheld | 3,992 | $818.4K |
| Mar 12, 2026 | PORTER JONATHAN EVP, Global Chief Risk Officer | Option exercise | 5,456 | $1.12M |
| Mar 12, 2026 | BARBI LESLIE EVP, Chief Investment Officer | Option exercise | 8,430 | $1.73M |
| Mar 12, 2026 | Wainwright Simon Exec. Advisor to CEO | Tax withheld | 1,053 | $215.9K |
| Mar 12, 2026 | Wainwright Simon Exec. Advisor to CEO | Option exercise | 2,239 | $459.0K |
| Mar 12, 2026 | Cockrill Laura EVP & Chief Strategy Officer | Tax withheld | 314 | $64.4K |
| Mar 12, 2026 | Galvin Cormac EVP, Head of EMEA | Tax withheld | 704 | $144.3K |
| Mar 12, 2026 | Galvin Cormac EVP, Head of EMEA | Option exercise | 1,496 | $306.7K |
| Mar 12, 2026 | Kleeman Raymond EVP, Chief HR Officer | Tax withheld | 2,006 | $411.2K |
| Feb 11, 2026 | PORTER JONATHAN EVP, Global Chief Risk Officer | Option exercise | 602 | $90.8K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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