RGA (NYSE:RGA) Q4 Revenue +23.6% to $6.79B, EPS $7.75 Surpasses Estimates

Reinsurance Group of America (NYSE:RGA) reported Q4 CY2025 revenue of $6.79 billion, up 23.6% year-on-year, and non-GAAP earnings of $7.75 per share, 34.8% ahead of analyst expectations. Management attributed the outperformance to favorable in-force actions, strong variable investment income, and the integration of recently acquired businesses, including the Equitable transaction. The U.S. segment delivered aligned mortality, while EMEA and Asia-Pacific saw volume growth and product development. Looking ahead, RGA maintains an intermediate-term 8%–10% EPS growth target, emphasizing disciplined capital allocation, balance sheet optimization, and growth in Asia-Pacific and EMEA. The company trades at $226.64, up from $205.99, as improved group business and repricing are expected to drive further earnings momentum.