EarningsQ2 2026 Earnings Report
MX:RGA Q2 2026 EPS Results
Actual EPS$163.70
Consensus EPS$119.67
Beat/MissBeat by +$44.03
One Year Ago EPS$86.91
MX:RGA Q2 2026 Revenue Results
Actual Revenue$122.73B
Expected Revenue$122.90B
Beat/MissMissed by -$167.42M
YoY Revenue Growth+18.72%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeAfter Close
Conference CallThursday, August 6, 2026
MX:RGA Upcoming Earnings
Reinsurance Group's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:RGA Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized a record operating quarter driven by strong investment returns, favorable claims experience, healthy new business and disciplined capital deployment (nearly $500M deployed YTD, $2.2B excess capital, buybacks/dividend increase). Management highlighted durable strategic advantages, strong VII/alternative performance, and continued confidence in intermediate-term targets (8%-10% EPS growth, 13%-15% ROE). Lowlights were largely operational nuances and one-time benefits: measured traditional premium growth was modest due to deliberate in-force management, a $35M corporate segment loss, and a $71M one-time uplift. Additional concerns noted include rising asset-intensive activity (asset leverage), geopolitical uncertainty in Hong Kong/MCB, and the reliance on elevated investment/alternative returns to sustain outperformance. Overall, positives materially outweigh the challenges described.Company Guidance
Record Quarter and Key Financial Metrics
Pre-tax adjusted operating income of $761 million for the quarter; earnings of $8.89 per share after tax; adjusted operating return on equity of 18.4% (trailing 12 months, excluding AOCI and notable items).
Strong Investment Performance
Core portfolio yield (ex-VII) of 4.96% for the quarter and a new money rate of 6.02%; variable investment income strong. Annualized VII returns were ~15% for the quarter and ~11% year-to-date, well above the 7% planned return for 2026.
Premium and New Business Momentum
Total premiums (excluding PRT) year-to-date grew 10.5% (9.3% constant currency). Traditional premiums grew 2.2% (0.9% constant currency). U.S. total premium excluding PRT was ~8% for the quarter and year-to-date. Management emphasized healthy pipeline and high-quality new business across regions.
Regional Outperformance and Deal Activity
Asia Pacific, EMEA and U.S. all produced excellent results: Asia benefited from new business (notably Hong Kong and Japan) and additional investment income; EMEA outperformed expectations with higher investment income and completed several transactions; U.S. results strong with contributions from new business, underwriting initiatives and repricing in group business.
Capital Deployment and Shareholder Returns
Deployed nearly $500 million year-to-date into in-force transactions, $158 million this quarter. Returned $111 million to shareholders this quarter (including $50 million share repurchases and $61 million dividends); total buybacks of $225 million since restart. Announced 5.4% dividend increase. Excess capital of about $2.2 billion at quarter end.
In-Force Management and Risk Reduction
Actions reduced exposure to capped cohorts in the U.S. by 25% since adopting LDTI ~3.5 years ago, improving earnings volatility profile and business returns. Executed additional in-force actions that cut exposure to capped blocks without notable impact to consolidated earnings.
Book Value and Long-Term Growth
Book value per share (excluding AOCI and B36 effects) rose to $174.11 this quarter, representing a compound growth rate of 10.1% since the start of 2021.
Favorable Claims Experience
Economic claims were $31 million better than expectations this quarter (benefit to current period earnings of $14 million). Since 2023, economic claims have been favorable by $375 million, primarily from U.S. Individual Life, Asia Traditional and Financial Solutions.
MX:RGA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed