$RGA

REINSURANCE GROUP OF AMERICA INC

CIK:0000898174|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Net premiums	$ 4,472	$ 4,151	$ 9,067	$ 8,170
Net investment income	1,864	1,408	3,565	2,640
Investment related losses, net	(76)	(44)	(246)	(123)
Other revenues	377	84	745	172
Total revenues	6,637	5,599	13,131	10,859
Benefits and expenses
Claims and other policy benefits	4,478	4,045	9,099	7,867
Liability for Future Policy Benefit, Remeasurement Gain (Loss)	6	68	(1)	12
Market Risk Benefit, Change in Fair Value, Gain (Loss)	(26)	(17)	(4)	12
Interest credited	617	314	1,097	613
Policy acquisition costs and other insurance expenses	508	433	1,020	850
Other operating expenses	348	325	674	625
Interest expense	101	90	200	170
Total benefits and expenses	6,032	5,258	12,085	10,149
Income before income taxes	605	341	1,046	710
Provision for income taxes	141	160	251	241
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	464	181	795	469
Net Income (Loss) Attributable to Noncontrolling Interest	2	1	3	3
Net income	$ 462	$ 180	$ 792	$ 466
Earnings per share
Basic earnings per share	$ 7.07	$ 2.72	$ 12.11	$ 7.05
Diluted earnings per share	$ 7.01	$ 2.70	$ 11.99	$ 6.97

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation	$ 3,357	$ 2,249
Cash flows from investing activities
Sales of fixed maturity securities available-for-sale	16,937	11,104
Purchases of fixed maturity securities available-for-sale	(22,438)	(13,320)
Maturities of fixed maturity securities available-for-sale	614	621
Sales of equity securities	16	4
Principal payments on mortgage loans	641	349
Cash invested in mortgage loans	(1,504)	(1,511)
Net deposits in funds withheld at interest	262	215
Sales of limited partnerships and real estate joint ventures	396	271
Purchases of limited partnerships and real estate joint ventures	(612)	(475)
Sales of short-term investments	321	511
Purchases of short-term investments	(585)	(969)
Maturities of short-term investments	288	346
Change in other invested assets	(47)	(27)
Other, net	68	9
Net cash used in investing activities	(5,643)	(2,872)
Cash flows from financing activities
Dividends to shareholders	(122)	(118)
Proceeds from long-term debt issuance, net	395	691
Principal payments of long-term debt	402	2
Purchases of treasury stock	(146)	(38)
Proceeds from Issuance or Sale of Equity	5	0
Change in cash collateral for derivatives and repurchase/reverse repurchase agreements	(158)	130
Change in deposit asset on reinsurance	95	105
Deposits on investment-type policies and contracts	6,855	3,929
Withdrawals on investment-type policies and contracts	(3,083)	(2,090)
Net cash provided by financing activities	3,439	2,607
Effect of exchange rate changes on cash	(33)	106
Cash and Cash Equivalents, Period Increase (Decrease)	1,120	2,090
Cash and cash equivalents, beginning of period		3,326
Cash and cash equivalents	5,288
Cash and cash equivalents, end of period	5,288	5,416
Supplemental disclosures of cash flow information
Interest Paid, Excluding Capitalized Interest, Operating Activity	139	115
Income Tax Paid, after Refund Received	117	107
Transfer to Investments	5,187	4,707
Operating Lease, Right-of-Use Asset, Periodic Reduction	$ 0	$ 8

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Jun. 30, 2026

Dec. 31, 2025

Assets

Fixed maturity securities available-for-sale, at fair value (amortized cost of $116,308 and $107,264; allowance for credit losses of $246 and $210)

$ 109,270

^[1]

$ 101,769

^[2]

Available-for-sale Securities, Equity Securities

302

311

Mortgage loans (net of allowance for credit losses of $127 and $117)

11,927

11,104

Policy loans

3,635

3,541

Funds withheld at interest

8,140

8,149

Real Estate Investments, Joint Ventures

4,109

3,747

Short-term investments

378

346

Other invested assets

1,585

1,514

Total investments

139,346

130,481

Cash and cash equivalents

5,288

4,168

Accrued investment income

1,389

1,296

Premiums receivable and other reinsurance balances

4,735

4,475

Reinsurance Recoverables, Including Reinsurance Premium Paid

6,700

7,175

Deferred policy acquisition costs and other

6,383

6,079

Other assets

3,274

2,916

Total assets

167,115

156,590

Market Risk Benefit, Net Amount at Risk

232

234

Funds Held under Reinsurance Agreements, Liability

6,394

6,805

Liabilities and equity

Future policy benefits

73,032

66,425

Interest-sensitive contract liabilities

56,085

52,095

Other policy claims and benefits

3,018

3,011

Other reinsurance balances

1,645

1,888

Income taxes

3,207

2,998

Other liabilities

4,009

3,873

Long-term debt

5,709

5,710

Total liabilities

153,331

143,039

Commitments and contingent liabilities (See Note 14)

Equity

Preferred stock (par value $0.01 per share, 10,000,000 shares authorized, no shares issued or outstanding)

Common stock (par value $0.01 per share, 140,000,000 shares authorized, 85,310,598 shares issued at June 30, 2026 and December 31, 2025)

Additional paid-in-capital

2,678

2,640

Retained earnings

10,774

10,151

Treasury stock, at cost (20,018,604 and 19,846,934 shares at June 30, 2026 and December 31, 2025)

(2,107)

(2,013)

Accumulated other comprehensive income

2,348

2,682

Total RGA, Inc. shareholders’ equity

13,694

13,461

Stockholders' Equity Attributable to Noncontrolling Interest

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

13,784

13,551

Total liabilities and equity

$ 167,115

$ 156,590

[1]	Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of June 30, 2026, the fair value of such investments was $875 million.
[2]	Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2025, the fair value of such investments was $925 million