2025 was a record year for RGA, marked by disciplined capital deployment, strong operating performance, and continued progress toward a more exclusive, higher-return business mix. These results reflect both the strength of our global franchise and our focus on creating durable value for clients and shareholders.
Reinsurance Group of America, Incorporated (NYSE: RGA) delivered record operating results in 2025, reflecting strong execution across a diversified global platform, disciplined capital management, and solid investment results.
RGA generated record adjusted operating income, excluding notable items, per diluted share of $24.42, underscoring the earnings power of the company. RGA’s financial results, including $23.7 billion in total revenues and $2.1 billion in pre-tax adjusted operating income, excluding notable items, benefited from broad-based contributions across regions and product lines, supported by earnings diversification and continued execution of balance sheet optimization actions.
Adjusted operating return on equity, excluding notable items, was 15.7%, exceeding the high end of our intermediate-term target of 13%-15%, reflecting disciplined underwriting, prudent risk management, and effective capital deployment. Despite pockets of unfavorable biometric claims experience during the year, overall operating performance was solid, supported by pricing discipline and healthy investment performance.
Business momentum remained strong in 2025, with traditional premiums growing at a good pace, led by continued demand across North America, EMEA, and Asia Pacific. RGA also achieved a record level of embedded value, driven in part by large in-force transactions and continued success in sourcing attractive opportunities across markets.
A key contributor to profitability has been RGA’s sustained focus on exclusive transactions, which is built on our long-established biometric expertise and innovative mindset. This strategy toward deep, long-term client partnerships continues to enhance returns while reinforcing RGA’s position as a trusted, solutions-oriented reinsurer.
In 2025, we reinforced key institutional partnerships and built the strategic flexibility to pursue targeted investments that support long-term value creation.
2025 also marked a record year for capital deployment, reflecting RGA’s successful execution of transactions across our key products and regions at attractive risk-adjusted returns. Capital deployed into in-force transactions totaled $2.5 billion, including the strategic transaction with subsidiaries of Equitable Holdings, Inc., which performed in line with expectations and contributed meaningfully to earnings. RGA ended 2025 with a strong capital position, including $3.4 billion of deployable capital, providing ample capacity to fund organic growth, execute attractive transactions, and return capital to shareholders.
RGA’s investment portfolio remains high-quality and well-diversified, with a disciplined approach designed to weather economic cycles. Strong credit underwriting, expanded capabilities, and an integrated asset management platform continue to enhance our risk-adjusted returns and support new business.
RGA also returned capital to shareholders in 2025 through dividends and share repurchases, while maintaining flexibility to support a robust pipeline of future opportunities.
Looking ahead, RGA enters 2026 with positive momentum and a differentiated strategy to generate attractive risk-adjusted returns, deepen client relationships, and manage risk through cycles — positioning the company to deliver sustainable long-term value for clients and shareholders.