Financial Overview

In 2024, Reinsurance Group of America, Incorporated (NYSE: RGA) generated excellent financial results, reporting adjusted operating earnings per share excluding notable items of $22.57.* Strong performance across all geographies and business lines produced $1.75 billion in adjusted operating income before taxes* in 2024.

RGA combines deep risk management expertise with a distinctive entrepreneurial spirit to create innovative solutions and strengthen the underlying earnings power of the business. In 2024, this approach produced total revenues of $22.1 billion, compared to $18.6 billion in 2023. Strong momentum and record new business value drove attractive premium growth. Premiums totaled $17.8 billion, an increase of 18% over 2023, including $2.9 billion in premiums from US pension risk transfer transactions.

RGA’s capital and liquidity positions remain strong as we actively deploy capital into attractive growth opportunities in our organic flow and in-force block transactions. In 2024, RGA deployed $1.7 billion of capital into in-force block transactions, a record for RGA and an increase of approximately 80% over the previous record in 2023.

In November 2024, RGA announced a second round of funding for Ruby Reinsurance Company (Ruby Re), a Missouri-domiciled third-party life reinsurance company targeting US asset-intensive business. With a total of $480 million in capital raised, Ruby Re provides RGA with access to alternative capital, expanding the organization’s capacity to provide attractive solutions and to assume large in-force transactions that benefit RGA’s clients and Ruby Re investors alike.

As part of RGA’s long-term strategy to drive growth, the company welcomed Peter Manley as Executive Vice President, Corporate Development. In this new role, he collaborates with RGA leaders to originate, evaluate, and manage enterprise-level business opportunities globally, including, but not limited to, acquisitions, divestitures, joint ventures, and partnerships.

RGA’s financial strength, sound operating model, and diversified global platform drove extraordinary performance in 2024, a clear indicator of the organization’s strong momentum and earnings potential, and positions RGA for continued growth in the years to come.

*View “Use of Non-GAAP Financial Measures”