Analyst Consensus ?
ConsensusHold23 ratings
Bullish1356.5%
Neutral834.8%
Bearish28.7%
Reinsurance Group of America, Incorporated · RGA · FY2025 Q3 · Calendar Q4 2025
RGA posts record Q3 as premiums and capital deployment advance
The current call supports a constructive operating thesis: premium growth across regions, the Equitable contribution, higher in-force margins and substantial capital provide multiple avenues for earnings growth. The thesis remains conditional because claims volatility, mortality assumptions, LDTI-related earnings variability, competitive pricing and the pace of capital deployment could limit the benefit.
Reported After market closeNYSEFinancial Services
$16.45B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$6.37
Consensus $5.76
EPS surprise
+10.6%
Reported versus consensus
Reported revenue
$6.23B
Consensus $6.08B
Revenue surprise
+2.4%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-3.5%
Event window
SPY move
+0.3%
Same window
Abnormal move
-3.8%
Stock minus SPY
Volume
3.1×
Versus trailing sessions
Subsequent drift
+5.6%
Up to 20 sessions
RGASPY benchmark
Ask FN2 about RGA FY2025 Q3
Transcript, numbers and history already loaded
Why did RGA fall 3.5% after beating EPS estimates in FY2025 Q3?What changed in RGA's guidance and outlook in FY2025 Q3?Give me the bull and bear case for RGA after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, the Equitable transaction moved from a closing and planned contribution to a full-quarter earnings contributor; the current analysis also highlighted record EPS, 8.5% Traditional-business premium growth, $75 million of share repurchases, $2.3 billion of excess capital and a 16% year-to-date increase in in-force margins.
Guidance delta
Management maintained its guidance sentiment; the call highlighted the Equitable transaction's earnings contribution and continued capital deployment plans.
Key takeaways
- Management described record operating EPS and 8.5% Traditional-business premium growth.
- The Equitable transaction closed and contributed a full quarter of earnings, including a $70 million pretax income contribution this year.
- RGA reported $2.3 billion of excess capital and $3.4 billion of deployable capital.
- In-force business margins increased 16% year to date.
- Product innovation and the Ruby Re sidecar remained central to the growth strategy.
Management priorities
- Deploy capital into high-quality transactions, with full Ruby Re deployment targeted by mid-2026
- Expand critical-illness and cancer-treatment product offerings
- Pursue additional sidecar partnerships to add capital capacity
- Maintain share repurchases and the dividend policy targeting 20%-30% of after-tax operating earnings
- Grow the Traditional-business pipeline across Asia, EMEA and North America
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$251.14Current
$141Low
$225.2Average
$295High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 7, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Aug 24, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Aug 19, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Aug 11, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 7, 2026 |
| TD Cowen | Hold | Hold | Maintain | Jul 22, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 13, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 8, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | May 11, 2026 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Nov 3, 2025 |
| Raymond James | Underperform | Market Perform | Downgrade | Oct 17, 2025 |
| RBC Capital | Outperform | Outperform | Maintain | Feb 10, 2025 |
| Citigroup | Buy | Buy | Maintain | Jul 23, 2024 |
| Jefferies | Buy | Buy | Maintain | Jul 10, 2024 |
| Credit Suisse | Neutral | Neutral | Maintain | May 24, 2023 |
| Goldman Sachs | Buy | Buy | Maintain | Jan 9, 2023 |
| Wolfe Research | Underperform | Underperform | Maintain | Jan 21, 2022 |
| Keefe Bruyette & Woods | Outperform | Market Perform | Upgrade | Jul 30, 2018 |
| Deutsche Bank | Hold | Buy | Downgrade | Oct 19, 2016 |
| Macquarie | Outperform | Outperform | Maintain | Nov 4, 2015 |
| PiperJaffray | Neutral | Neutral | Maintain | Oct 30, 2015 |
| Keefe, Bruyette& Woods | Market Perform | Market Perform | Maintain | Dec 30, 2014 |
| Sterne Agee | Neutral | Neutral | Maintain | Jul 17, 2014 |
| Evercore Partners | Overweight | Equal Weight | Upgrade | Dec 19, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $251.14. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Analyst unavailable | $295 | $252.84 | +17.5% | Sep 28, 2026 |
| Morgan Stanley | Analyst unavailable | $250 | $245.4 | -0.5% | Aug 24, 2026 |
| Wells Fargo | Analyst unavailable | $291 | $244.42 | +15.9% | Aug 19, 2026 |
| Barclays | Analyst unavailable | $290 | $236.31 | +15.5% | Aug 7, 2026 |
| UBS | Analyst unavailable | $236 | $232.3 | -6.0% | Jul 8, 2026 |
| Barclays | Analyst unavailable | $278 | $224.08 | +10.7% | Jul 7, 2026 |
| Evercore ISI | Analyst unavailable | $267 | $215.21 | +6.3% | May 18, 2026 |
| Piper Sandler | Analyst unavailable | $261 | $210.6 | +3.9% | May 11, 2026 |
| Barclays | Analyst unavailable | $268 | $212.81 | +6.7% | May 8, 2026 |
| UBS | Analyst unavailable | $220 | $208.8 | -12.4% | Apr 9, 2026 |
| Piper Sandler | Analyst unavailable | $263 | $227.7 | +4.7% | Feb 6, 2026 |
| Barclays | Analyst unavailable | $245 | $205.99 | -2.4% | Feb 6, 2026 |
| Wells Fargo | Analyst unavailable | $238 | $202.13 | -5.2% | Jan 13, 2026 |
| Barclays | Analyst unavailable | $237 | $201.04 | -5.6% | Jan 8, 2026 |
| Piper Sandler | John Barnidge | $230 | $207.02 | -8.4% | Dec 23, 2025 |
| Morgan Stanley | Bob Huang | $208 | $205.03 | -17.2% | Dec 15, 2025 |
| Morgan Stanley | Bob Huang | $195 | $187.14 | -22.4% | Aug 18, 2025 |
| Morgan Stanley | Bob Huang | $209 | $209.71 | -16.8% | May 19, 2025 |
| UBS | Michael Ward | $216 | $199.96 | -14.0% | Apr 2, 2025 |
| Morgan Stanley | Analyst unavailable | $224 | $202.69 | -10.8% | Feb 28, 2025 |
| Barclays | Alex Scott | $255 | $219.59 | +1.5% | Sep 4, 2024 |
| Piper Sandler | John Barnidge | $237 | $218.66 | -5.6% | Sep 4, 2024 |
| Morgan Stanley | Bob Huang | $236 | $209.36 | -6.0% | Aug 19, 2024 |
| Piper Sandler | John Barnidge | $228 | $204.37 | -9.2% | Jun 10, 2024 |
| Piper Sandler | John Barnidge | $220 | $191.35 | -12.4% | Apr 5, 2024 |
| Jefferies | Suneet Kamath | $189 | $163.64 | -24.7% | Dec 10, 2023 |
| Morgan Stanley | Analyst unavailable | $160 | $146.36 | -36.3% | Jan 10, 2023 |
| Goldman Sachs | Analyst unavailable | $162 | $146.61 | -35.5% | Jan 9, 2023 |
| J.P. Morgan | Analyst unavailable | $141 | $145.56 | -43.9% | Jan 6, 2023 |
| Evercore ISI | Thomas Gallagher | $167 | $145.11 | -33.5% | Jan 5, 2023 |
| RBC Capital | Analyst unavailable | $170 | $139.23 | -32.3% | Dec 6, 2022 |
Track every rating change on RGA the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationReinsurance 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 earningsFinancial Services peers this season
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|---|---|---|---|---|
| FDS FactSet Research Systems Inc. | FY2026 Q4 · Calendar Q3 2026 | +3.9% | +3.8% | FactSet reports record FY26 results as AI and MCP adoption accelerate |
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
Who reports nextBeat on EPS
- RPMFY2027 Q1 · October 6, 2026+1.5% EPS+3.2% move
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
Get the RGA recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-07T02:40:42.510937+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-07T02:40:42.507969+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 2026-10-07. For educational purposes only; not investment advice.