Key Points
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Record Q2 performance: RGA generated $761 million in pretax adjusted operating income, or $8.89 per share after tax, with an 18.4% trailing-12-month adjusted ROE. Strong investment income, new business and favorable claims experience drove results.
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Investment and claims results exceeded expectations: Core portfolio yield reached 4.96%, while variable investment income produced a 15% annualized return for the quarter. Economic claims were $31 million better than expected, contributing a $14 million earnings benefit.
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Capital deployment remained active: RGA invested $158 million in in-force transactions, returned $111 million to shareholders and raised its dividend 5.4%. Management maintained targets for 8%–10% EPS growth, 13%–15% ROE and a 20%–30% payout ratio.
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Reinsurance Group of America (NYSE:RGA) reported a record operating quarter in the second quarter of 2026, supported by investment income, recent new business, and modestly favorable claims experience across its global operations.
President and CEO Tony Cheng said results were strong across regions and business lines, with contributions from both biometric underwriting and asset management. The company deployed capital in in-force transactions and organic flow business across the U.S., Asia Pacific, and Europe, the Middle East and Africa, while maintaining its return standards.
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“We were selective, declining opportunities that did not fit our risk-return profile,” Cheng said. “For the new business closed both year-to-date and for the quarter, the expected returns met or exceeded our targets.”
Record operating income and investment performance
New CFO Laura Cockrill said RGA generated pretax adjusted operating income of $761 million, or $8.89 per share after tax. Its trailing-12-month adjusted operating return on equity was 18.4%, excluding accumulated other comprehensive income and notable items.
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Investment results were a major contributor. The yield on RGA’s core investment portfolio, excluding variable investment income, was 4.96% during the quarter. Its new-money rate increased to 6.02%, reflecting higher market yields and a greater allocation to investment-grade private assets.
