4Q25 Earnings Presentation Reinsurance Group of America, Incorporated 02.05.2026 1 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, ratios, financial performance, and growth potential of Reinsurance Group of America, Incorporated (the "Company"). Forward-looking ...

Core Insights - Reinsurance Group (RGA) reported a revenue of $6.77 billion for Q4 2025, marking a year-over-year increase of 23.4% and exceeding the Zacks Consensus Estimate of $6.11 billion by 10.86% [1] - The company's EPS for the same quarter was $7.75, up from $4.99 a year ago, representing an EPS surprise of 32.16% against the consensus estimate of $5.86 [1] Financial Performance Metrics - Net premiums from U.S. and Latin America Financial Solutions reached $443 million, surpassing the average estimate of $218.7 million [4] - Net premiums from EMEA Financial Solutions were reported at $263 million, exceeding the average estimate of $217.71 million [4] - Other revenues from Asia Pacific Financial Solutions totaled $12 million, compared to the average estimate of $5.62 million [4] - Other revenues from Asia Pacific Traditional were $7 million, exceeding the average estimate of $3.67 million [4] - Other revenues from Canada Financial Solutions were $1 million, below the average estimate of $4.56 million [4] - Other revenues from Corporate and Other were $29 million, surpassing the average estimate of $18.92 million [4] - Other revenues from EMEA Financial Solutions were $14 million, slightly above the average estimate of $13.28 million [4] - Net investment income from Asia Pacific Financial Solutions was $288 million, exceeding the average estimate of $252.94 million [4] - Net investment income from Asia Pacific Traditional was $76 million, slightly above the average estimate of $74.41 million [4] - Total net investment income was reported at $1.69 billion, exceeding the average estimate of $1.49 billion and reflecting a year-over-year increase of 42.7% [4] - Total revenues from net premiums were $4.78 billion, surpassing the average estimate of $4.37 billion, with a year-over-year increase of 15% [4] - Total other revenues were $299 million, slightly below the average estimate of $322.79 million, but showing a significant year-over-year change of 103.4% [4] Stock Performance - Shares of Reinsurance Group have returned +2% over the past month, outperforming the Zacks S&P 500 composite's +0.5% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Core Viewpoint - Reinsurance Group (RGA) reported strong quarterly earnings, significantly exceeding expectations, indicating robust financial performance and positive market sentiment towards the stock. Financial Performance - RGA's quarterly earnings were $7.75 per share, surpassing the Zacks Consensus Estimate of $5.86 per share, and up from $4.99 per share a year ago, representing an earnings surprise of +32.16% [1] - The company posted revenues of $6.77 billion for the quarter, exceeding the Zacks Consensus Estimate by 10.86%, and up from $5.49 billion year-over-year [2] - Over the last four quarters, RGA has surpassed consensus EPS estimates three times and topped revenue estimates two times [2] Stock Performance and Outlook - RGA shares have increased by approximately 0.8% since the beginning of the year, compared to the S&P 500's gain of 0.5% [3] - The company's earnings outlook is crucial for future stock performance, with current consensus EPS estimates at $5.94 for the coming quarter and $25.68 for the current fiscal year [7] Industry Context - The Insurance - Life Insurance industry, to which RGA belongs, is currently ranked in the top 12% of over 250 Zacks industries, indicating a favorable environment for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Performance - Net premiums for Q4 2025 were $4,156 million, a decrease of $624 million compared to Q4 2024[7] - Net income available to RGA's shareholders for Q4 2025 was $463 million, up from $253 million in Q4 2024, representing a 83% increase[7] - Adjusted operating income for Q4 2025 was $515 million, compared to $310 million in Q4 2024, reflecting a 66% increase[7] - Return on equity for Q4 2025 was 9.7%, up from 7.4% in Q4 2024[7] - Basic earnings per share for Q4 2025 were $7.07, compared to $3.85 in Q4 2024, marking an 83% increase[7] - Total revenues for the three months ended December 31, 2025, increased to $6,635 million, up 22.4% from $5,241 million in the prior year quarter[9] - Net investment income reached $1,691 million, reflecting a significant increase of 42.8% from $1,185 million year-over-year[9] - Adjusted operating income before income taxes was $676 million, up 29.0% from $431 million in the prior year quarter[11] - The year-to-date net income attributable to RGA was $1,182 million, an increase of 64.8% from $717 million in the previous year[11] - The company reported a year-to-date adjusted operating income of $2.116 billion, an increase of $170 million from $1.946 billion in the prior year[55] Shareholder Returns - Total returned to shareholders in Q4 2025 was $111 million, down from $136 million in Q4 2024[7] - Shareholders' dividends paid in Q4 2025 were $61 million, consistent with Q4 2024[7] - RGA, Inc. shareholders' equity as of December 31, 2025, was $13,461 million, an increase from $10,816 million as of December 31, 2024, reflecting a 24.4% growth[94] - Book value per share increased to $205.63 in Q4 2025 from $164.19 in Q4 2024, representing a 25.2% increase[95] Business Production - Assumed new business production for Q4 2025 was $149.9 billion, compared to $110.9 billion in Q4 2024, indicating a 35% increase[7] - Assumed life reinsurance in force reached $3,878.7 billion, an increase from $4,334.6 billion in the previous year[7] - Assumed life reinsurance in force reached $1,893.4 billion, an increase from $1,860.7 billion in the previous quarter[18] - Assumed New Business Production increased to $38.6 billion, up 52.3% from $26.5 billion in the prior year[39] Claims and Expenses - Total benefits and expenses increased to $6,125 million, up 21.8% from $5,016 million in the prior year quarter[9] - Adjusted claims and other policy benefits were $4,772 million, a 21.1% increase from $3,943 million year-over-year[9] - Adjusted claims and other policy benefits for the quarter were $1.95 billion, an increase from $1.77 billion in the previous quarter, reflecting higher claims activity[18] - Total benefits and expenses for the quarter were $602 million, an increase of 16.9% from $515 million in the prior year[35] Investment Performance - Net investment income rose to $561 million, up from $476 million in the prior quarter, contributing to a year-to-date total of $1,745 million, an increase of $465 million year-over-year[22] - The annualized investment yield for the three months ended December 31, 2025, was 5.23%, up 40 basis points from 4.83% in the prior year[61] - Realized gains on investment activity for the year-to-date ending December 31, 2025, were $210 million, an increase of $16 million compared to the previous year[79] Segment Performance - The U.S. and Latin America segment reported total adjusted operating income of $325 million, a 30% increase from $227 million in the prior year quarter[55] - The Asia Pacific segment saw a significant increase in adjusted operating income, reaching $204 million, up from $128 million year-over-year, a growth of 59%[55] - Income before income taxes for U.S. and Latin America Traditional increased to $201 million, up 48% from the prior quarter[82] - Asia Pacific Traditional income before income taxes for Q4 2025 was $118 million, up from $59 million in Q4 2024, representing a 100% increase year-over-year[90] Financial Position - Total assets increased to $156.59 billion as of December 31, 2025, up from $118.68 billion a year earlier, representing a growth of 32%[15] - The company reported a total of $4,815 million in securities rated BB, which accounted for 4.8% of the total in 2025, consistent with previous periods[69] - The total value of industrials fixed maturity securities rose to $39,381 million in 2025, representing 54.3% of the total, compared to 51.9% in 2024[66] Loss Ratios - The loss ratio improved to 89.2% for the quarter, compared to 91.5% in the previous quarter, indicating better claims management[18] - The loss ratio improved to 87.6% from 91.7% in the prior quarter, indicating a decrease of 4.1 percentage points[27] - The loss ratio improved to 91.3% from 93.6% in the prior year, reflecting better claims management[35] - The loss ratio improved to 84.0% from 89.0% in the prior year, indicating a 5.0% decrease[43]

Core Viewpoint - Reinsurance Group of America (RGA) is a leading global provider in the life and health reinsurance sector, with a positive outlook reflected in the increasing consensus price target from analysts [1][2][6] Price Target Trends - The average price target for RGA has risen from $219.63 a year ago to $237.50 last month, indicating a significant increase of $17.87 over the year and $9.25 over the last quarter [2][4][3] - Wells Fargo has set a price target of $238 for RGA, aligning with the positive sentiment from analysts regarding the stock's potential upside [2][6] Analyst Sentiment - Analysts have shown growing confidence in RGA's performance, as evidenced by the increase in the average price target and the positive Zacks Rank system, which highlights RGA as a promising stock despite some limitations [3][4] - The consensus price target increase reflects a strong upward trend in analyst expectations, suggesting optimism about RGA's growth potential [4][6] Earnings Expectations - RGA is expected to experience earnings growth, although it may not achieve an earnings beat in the upcoming fourth-quarter report scheduled for February 5 [5]

Core Viewpoint - Reinsurance Group of America (RGA) is a significant player in the reinsurance industry, with upcoming quarterly earnings expected to show positive growth in earnings per share (EPS) and revenue, reflecting a favorable outlook from analysts [1][5]. Financial Performance Expectations - RGA is set to release its quarterly earnings on February 5, 2026, with analysts estimating an EPS of $5.86 and projected revenue of approximately $6.25 billion [1]. - The consensus EPS estimate has been revised upward by 0.6% over the past 30 days, indicating a positive reassessment by analysts [1][5]. Market Valuation Metrics - RGA has a price-to-earnings (P/E) ratio of approximately 15.44 and a price-to-sales ratio of about 0.60, reflecting the market's valuation relative to its revenue [3]. - The enterprise value to sales ratio is around 0.65, and the enterprise value to operating cash flow ratio is approximately 2.98 [3]. - The earnings yield for RGA is about 6.48%, indicating the earnings generated per dollar invested in the company's stock [4]. Financial Health Indicators - RGA's debt-to-equity ratio is approximately 0.44, suggesting a moderate level of debt relative to equity [4].

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Reinsurance Group (RGA) due to higher revenues, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - RGA is expected to report quarterly earnings of $5.90 per share, reflecting an 18.2% increase year-over-year, and revenues of $6.01 billion, which is a 9.5% increase from the previous year [3]. Estimate Revisions - The consensus EPS estimate has been revised 0.64% higher in the last 30 days, indicating a reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that the Most Accurate Estimate for RGA is lower than the consensus estimate, resulting in an Earnings ESP of -2.85%, suggesting bearish sentiment among analysts [12]. Historical Performance - In the last reported quarter, RGA exceeded the expected earnings of $5.80 per share by delivering $6.37, achieving a surprise of +9.83% [13]. Over the last four quarters, RGA has beaten consensus EPS estimates twice [14]. Industry Comparison - In the broader insurance industry, Voya Financial is expected to post earnings of $2.11 per share, a 40.7% year-over-year increase, with revenues projected at $332.41 million, up 91% from the previous year [18]. However, Voya's consensus EPS estimate has been revised down by 1.3% in the last 30 days, resulting in an Earnings ESP of +0.10% [19].

Core Insights - The acquisition of Columbia River Collection by SKB highlights the company's confidence in Portland's long-term economic fundamentals and the importance of industrial real estate in the region's economy [1] - This transaction is part of a broader trend in Portland's investment landscape, where reduced institutional participation has opened up opportunities for local investors [2][3] Company Strategy - SKB has made three acquisitions in the Portland area within the last 60 days, focusing on well-located industrial assets that cater to various production, manufacturing, and distribution needs [1] - The company aims to create long-term value through its operations, aligning with its overall strategy across its West Coast portfolio [4] Market Dynamics - The pullback of institutional capital in Portland has created favorable conditions for disciplined local investors who are committed to the city's growth potential [3] - The Columbia River Collection is strategically located within a well-established industrial corridor, benefiting from access to regional transportation and Portland's employment base [3]

Group 1 - Reinsurance Group of America, Incorporated (NYSE:RGA) is recognized as one of the 14 Best Mid Cap Dividend Aristocrat Stocks to buy now [1] - Barclays has lowered its price target for RGA to $237 from $251 while maintaining an Overweight rating, expressing cautious optimism about the life insurance sector heading into 2026 [2] - RGA announced a strategic investment in FoxPath Capital Partners, enhancing access to high-quality private assets in the credit secondary market and improving portfolio flexibility [3] Group 2 - RGA is a global leader in life and health reinsurance, providing solutions that assist clients in managing risk and optimizing capital [4]

Core Insights - Reinsurance Group of America (RGA) shares are trading at a discount compared to the Zacks Life Insurance industry, with a forward price-to-book value of 1X, lower than the industry average of 2X and the Finance sector's 4.36X [1] - RGA has a market capitalization of $13.08 billion and an average trading volume of 0.4 million shares over the last three months [1] Group 1: Price Performance and Valuation - RGA shares have gained 2.9% over the last six months, while the industry has grown by 10.8% [3] - RGA closed at $197.93, trading above its 50-day and 200-day simple moving averages of $195.19 and $193.72, indicating solid upward momentum [4] - The average price target for RGA from nine analysts is $240.00 per share, suggesting an 18.74% upside from the last closing price [9] Group 2: Financial Performance and Growth Projections - The Zacks Consensus Estimate projects RGA's earnings per share and revenues to increase by 22.8% and 8.7%, respectively, in 2026 compared to 2025 estimates [8] - RGA's return on invested capital (ROIC) has consistently increased, reaching 5.52% in the trailing 12 months, significantly higher than the industry average of 0.6% [10] Group 3: Business Outlook and Strategy - RGA's outlook is supported by new business, stable in-force earnings, and favorable longevity trends, with growth anticipated from global protection demand and rising retirement needs [7] - The company is a leader in the U.S. and Latin American markets, with a diversified product line contributing to risk diversification and stable earnings [14] - RGA is well-capitalized, actively deploying capital into growth opportunities while also returning excess capital to shareholders through dividends and share repurchases [16][18] Group 4: Technological Integration and Market Position - RGA is ramping up technological inclusion in its products and is a global leader in biometric liability reinsurance, with favorable mortality, morbidity, and longevity experiences over the last five quarters [17] - The company has maintained a free cash flow conversion rate of over 85% in recent quarters, reflecting solid earnings [17] Group 5: Long-term Prospects - New business volumes, favorable longevity experience, and effective capital deployment are expected to favor RGA in the long term [19] - The stock has a VGM Score of A, indicating attractive value, growth, and momentum [19]