Reinsurance Group earnings date
Reinsurance Group (RGA) Q3 2026 Earnings Report
MX:RGA Q3 2026 EPS Results
- Actual EPS
- MXN 157.91
- Consensus EPS
- MXN 129.64
- Beat/Miss
- Beat by +MXN 28.27
- One Year Ago EPS
- MXN 86.68
MX:RGA Q3 2026 Revenue Results
- Actual Revenue
- MXN 140.93B
- Expected Revenue
- MXN 124.41B
- Beat/Miss
- Beat by +MXN 16.52B
- YoY Revenue Growth
- +22.15%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- After Close
- Conference Call
- Thursday, November 5, 2026
Reinsurance Group's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive, supported by $736 million of pretax adjusted operating income, a 19.1% trailing 12-month adjusted operating ROE, favorable claims experience, strong investment returns, premium growth of 8.9% year-to-date, healthy regional business momentum, capital deployment and shareholder returns. The main negatives were a $22 million Corporate and Other loss, a 24.1% effective tax rate above guidance, a modestly unfavorable APAC financial claims impact, lower excess capital after a $400 million senior security retirement, and management's expectation that third-quarter investment returns will not repeat at the same level. Highlights significantly outweighed the lowlights.
Management said confidence in 2026 and beyond remains high and that RGA is confident it will meet or exceed its intermediate-term financial targets, including 8% to 10% EPS growth. Total premium growth excluding PRT was 8.2% constant currency, in line with expectations, and the expected tax rate range is 22% to 23%; annualized variable investment income returns were approximately 15% for the quarter and approximately 12% year-to-date, at the high end of the longer-term expectations of 10% to 12%, with full 2026 returns expected to fall into the range of longer-term expectations, although RGA is not expecting to repeat the same high level of returns delivered in this quarter in Q4. RGA continues to target a 20% to 30% payout ratio over the intermediate term, but will remain opportunistic, while in-force actions are expected to remain active going forward despite timing and size being difficult to predict, with recent uncapped-cohort actions resulting in an increase of approximately $10 million to $15 million to the ongoing run rate.
- Strong Quarterly Earnings and Return on EquityRGA earned pretax adjusted operating income of $736 million for the quarter, or $8.49 per share after tax. Trailing 12-month adjusted operating return on equity was 19.1%, excluding AOCI and notable items.
- Favorable Overall Claims ExperienceEconomic claims were $67 million better than expectations, while the financial impact was a negative $9 million. Since 2023, economic claims have run favorable by over $400 million, primarily driven by U.S. Individual Life, Asia Traditional and longevity business within Financial Solutions.
- Positive Combined Earnings VarianceClaims experience, variable investment income, in-force management actions and other items had a combined net impact of $117 million favorable to expectations in the quarter.
- Annual Assumption Review Completed Without Net Earnings ImpactThe annual actuarial assumption review had no net impact on consolidated pretax adjusted operating income and is expected to have a de minimis impact on the go-forward earnings run rate. Management said the review reconfirmed long-term pricing and modeling assumptions across regions and products.
- Premium Growth Remained StrongTotal premiums excluding PRT grew 8.9% year-to-date, or 8.2% on a constant-currency basis. Management said the growth remained in line with expectations across multiple regions.
- Strong Investment Income and New Money RateThe core portfolio yield, excluding variable investment income, was 4.96%. The new money rate increased to 6.31% from the prior quarter due to higher market yields and remained above the portfolio yield.
- Variable Investment Income Outperformed ExpectationsAnnualized variable investment income returns were approximately 15% for the quarter and approximately 12% year-to-date, at the high end of the company's 10% to 12% long-term expectations and well above the 7% planned return for 2026. Performance was driven by real estate joint venture gains and broad-based alternative equity returns.
- Broad-Based Regional PerformanceManagement reported strong performance across all regions. The Americas benefited from strong investment income, sound underwriting experience and favorable impacts from prior in-force actions; EMEA benefited from favorable claims experience and higher investment income; and APAC benefited from recent new business and strong investment income.
- U.S. Pension Risk Transfer MomentumRGA completed four U.S. pension risk transfer transactions totaling more than $800 million in combined premium. Management said the regional pipeline was encouraging, with opportunities across underwriting, product development and asset-intensive transactions involving biometric risk.
- U.K. and European Longevity Market RecoveryThe U.S. PRT and U.K. longevity markets picked up after a slow start to the year. RGA completed several transactions in the U.K. and Continental Europe and said market and pipeline momentum was encouraging.
- APAC New Business and Market PositionRGA closed several flow deals, notably in Hong Kong and Japan. Management highlighted Japan's regulatory tailwinds and opportunity, as well as Hong Kong product development and electronic underwriting capabilities. The company said its strategy of combining product development, capital management and client partnerships has a long runway.
- Underwriting Platform ExpansionU.S. case volumes remained significantly above prior-year levels, and the strategic underwriting program represented almost half of the quarter's cases and was the largest source of growth in underwriting products. In Japan, RGA supported a simplified underwriting mortality product; in Hong Kong, digital underwriting accelerated medical underwriting decisions and improved the new business experience; and in India, its electronic underwriting system had one client live with another implementation progressing.
- In-Force Management Actions Added ValueIn-force actions contributed $57 million in the quarter across the U.S., EMEA and APAC. Recent actions in uncapped cohorts have increased the ongoing run rate by approximately $10 million to $15 million, and management said these actions will remain a key part of the strategy.
- Full Deployment of Ruby Re CapitalRGA fully deployed Ruby Re's capital, demonstrating continued execution of its third-party capital strategy. Management said the structure enables third-party investors to participate in business returns while generating incremental fee income and enhancing flexibility to fund growth and return capital.
- Capital Deployment and Shareholder ReturnsRGA deployed $119 million into in-force transactions and returned $139 million to shareholders, including $75 million of share repurchases and $64 million of dividends. Year-to-date share repurchases totaled $175 million.
- Strong Capital PositionRGA ended the quarter with approximately $1.8 billion of excess capital and remained well capitalized across its internal economic capital, regulatory and rating agency frameworks. The company continues to target an intermediate-term payout ratio of 20% to 30%, while remaining opportunistic.
- Book Value Per Share GrowthExcluding AOCI and B36 effects, book value per share rose to $178.59. Management reported a compound growth rate of 10.2% since the start of 2021.
- Medical Excess Business Performing as Expected During ExitThe medical excess business has performed in line with expectations following repricing activities. RGA took the strategic decision to exit the market in early 2026, and the business is expected to roll off starting in 2027.
- Group Disability Exposure Remained Limited and In LineAmericas group disability exposure, including the U.S. and Canada, represented approximately 2% of total traditional business premium. Experience was in line with expectations in both the quarter and year-to-date.
- Planned Reporting SimplificationBeginning in the fourth quarter, RGA plans to report four segments—Americas, EMEA, APAC and Corporate—instead of separately reporting Traditional and Financial Solutions. The company plans to provide recast historical financial results before the fourth-quarter earnings call.
- Risk Management Leadership TransitionJonathan Porter plans to retire in early 2027. Meyrick Douglas will join RGA in the fourth quarter and become Chief Risk Officer on January 1, 2027, with a transition period planned between the two executives.
- Potential Opportunities From Regulatory ChangeManagement said evolving regulatory frameworks, including ongoing NAIC discussions, may create opportunities as clients seek solutions to manage capital risk and changing requirements. RGA cited its strong rating, solid balance sheet and expertise as advantages.
MX:RGA Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 04, 2027 | 2026 (Q4) | 133.12- | 144.15 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 129.64157.91 | 86.68 | 82.19% (+71.24) | |
| Aug 06, 2026 | 2026 (Q2) | 120.88165.35 | 87.79 | 88.35% (+77.56) | |
| May 07, 2026 | 2026 (Q1) | 112.21129.64 | 105.27 | 23.14% (+24.37) | |
| Feb 05, 2026 | 2025 (Q4) | 107.53144.15 | 92.81 | 55.31% (+51.34) | |
| Oct 30, 2025 | 2025 (Q3) | 107.1986.68 | 67.33 | 28.73% (+19.34) | |
| Jul 31, 2025 | 2025 (Q2) | 103.1987.79 | 101.93 | -13.87% (-14.14) | |
| May 01, 2025 | 2025 (Q1) | 98.80105.27 | 111.97 | -5.98% (-6.70) | |
| Feb 06, 2025 | 2024 (Q4) | 98.2192.81 | 87.98 | 5.50% (+4.84) | |
| Oct 31, 2024 | 2024 (Q3) | 98.6967.33 | 103.6 | -35.01% (-36.27) |
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.
