Reinsurance Group of America, Incorporated · RGA · FY2025 Q1 · Calendar Q2 2025

RGA: Strong Q1 momentum, with claims and deployment risks

The supplied analysis supports a constructive but qualified view of RGA’s trajectory: favorable claims, Creation Re adoption, capital capacity and transaction opportunities support growth, while mortality volatility, investment income, execution and competitive pressures remain material checks.

Reported Before market openNYSEFinancial Services $17.42B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $5.42
EPS surprise — Reported versus consensus
Reported revenue — Consensus $5.69B
Revenue surprise — Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -0.2% Event window
SPY move +0.7% Same window
Abnormal move -0.9% Stock minus SPY
Volume 1.6× Versus trailing sessions
Subsequent drift +8.7% Up to 20 sessions
RGASPY benchmark

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Transcript intelligence

What changed

Compared with the supplied prior-quarter analysis, the current analysis emphasizes Q1 adjusted earnings and ROE, favorable claims across regions, Creation Re exceeding half of new business, and the planned Equitable mortality-block transaction. Guidance sentiment is maintained.

Guidance delta

Maintained; the supplied analysis does not identify a new guidance change.

Key takeaways

  • Management described favorable biometric claims experience across regions as a driver of Q1 profitability.
  • The Creation Re model accounted for more than half of new business in the supplied analysis.
  • The supplied analysis highlighted $1.3 billion of deployable capital and a pipeline spanning Asia, Japan, and the U.S.
  • The Equitable mortality-block transaction was presented as a way to improve ROE and diversify the mortality portfolio.

Management priorities

  • Close the Equitable transaction by mid-year 2025
  • Scale the Creation Re model across regions
  • Pursue block transactions in Japan and other Asian markets
  • Deploy excess capital into private assets and strategic retrocession structures
  • Advance in-force management actions to enhance ROE over time

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Earnings History

Estimate Beat Miss Match
RGA EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q4 '23 estimate $4.40 Q4 '23 actual $4.73, beat Q1 '24 estimate $4.54 Q1 '24 actual $6.02, beat Q2 '24 estimate $5.08 Q2 '24 actual $5.48, beat Q3 '24 estimate $5.15 Q3 '24 actual $6.13, beat Q2 '25 estimate $5.58 Q2 '25 actual $4.72, miss Q3 '25 estimate $5.76 Q3 '25 actual $6.37, beat Q4 '25 estimate $5.78 Q4 '25 actual $7.75, beat Q1 '26 estimate $6.03 Q1 '26 actual $6.97, beat Q2 '26 estimate $6.50 Q2 '26 actual $8.89, beat Q3 '26 estimate $6.96 Q4 '26 estimate $7.01 Q1 '27 estimate $7.29 Q2 '27 estimate $7.47
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Analyst Consensus ?

ConsensusHold23 ratings
Bullish1356.5%
Neutral834.8%
Bearish28.7%

Analyst 52W Price Targets

$266.75Current
$141Low
$225.33Average
$295High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 18, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
JP Morgan Overweight OverweightMaintainOct 15, 2026
Wells Fargo Overweight OverweightMaintainOct 12, 2026
Barclays Overweight OverweightMaintainOct 8, 2026
Morgan Stanley Equal Weight Equal WeightMaintainAug 24, 2026
TD Cowen Hold HoldMaintainJul 22, 2026
Show 18 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $266.75. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
BarclaysAnalyst unavailable$292$251.53 +9.5%Oct 8, 2026
BarclaysAnalyst unavailable$286$251.14 +7.2%Oct 7, 2026
Morgan StanleyAnalyst unavailable$295$252.84 +10.6%Sep 28, 2026
Morgan StanleyAnalyst unavailable$250$245.4 -6.3%Aug 24, 2026
Wells FargoAnalyst unavailable$291$244.42 +9.1%Aug 19, 2026
See 28 more

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Company context

Snapshot as of publication

Reinsurance Group of America, Inc. (RGA) primarily operates within the reinsurance sector. The company delivers a comprehensive portfolio of life and health reinsurance products, spanning both individual and group coverages. These include diverse life insurance options such as term, credit, universal, whole, and joint/last survivor policies, in addition to critical illness, disability, and longevity products. RGA also offers specialized asset-intensive and financial reinsurance, alongside other solutions focused on capital optimization.…

Historical context

All RGA earnings

Financial Services peers this season

Latest reports in the same sector

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2025-04-17T00:02:52.217204+00:00
  3. Polygon adjusted daily market bars · 2026-10-18T06:30:40.866222+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-18T06:30:40.863589+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-18. For educational purposes only; not investment advice.