Reinsurance Group of America, Incorporated (RGA) announced full-year 2025 net income available to shareholders of $1.182 billion, up from $717 million in 2024, reflecting robust performance across its global operations.
Adjusted operating income also increased to $1.518 billion, compared with $1.342 billion in 2024, underscoring continued operational strength.
Net premiums for 2025 totaled $17.2 billion, a 3.4% decrease from 2024, partially influenced by lower single premium pension risk transfer transactions ($300 million in 2025 vs. $2.9 billion in 2024). A favourable net foreign currency effect of $56 million helped offset some of the decline.
By region, RGA’s U.S. and Latin America segment led contributions with $7.927 billion in net premiums, followed by Asia Pacific ($3.335 billion), EMEA ($2.258 billion), and Canada ($1.331 billion).
Investment income, excluding spread-based businesses, rose 22.8%, driven by a larger average invested asset base and higher yields, resulting in an average investment yield of 4.99%, up from 4.82% in 2024.
For Q4 2025, RGA delivered $463 million in net income, compared with $148 million in Q4 2024, alongside $4.8 billion in consolidated net premiums, up 15% year-over-year, with a favorable currency impact of $42 million.
Tony Cheng, President and CEO of RGA, commented:
“A very strong fourth quarter capped off another year of excellent financial results. This was another quarter with positive contributions from most of our business segments, demonstrating the strength and diversity of our global platform and local teams.
Taking a step back, it is important to view our results in the context of a longer-term journey and relative to our intermediate-term financial targets. Since the beginning of our most recent strategy cycle in 2023, our financial metrics are tracking at or ahead of our targets, giving us further confidence that we will meet or exceed the established goals.
Looking forward, there are plenty of reasons for optimism, and I believe that we are well-positioned for continued success. Our balance sheet is strong, business conditions are favourable, and we have a proven strategy that I expect to result in attractive financial results over time.”
