Reinsurance Group of America, Incorporated · RGA · FY2025 Q4 · Calendar Q1 2026

RGA emphasizes capital deployment, portfolio actions and targeted growth

The call supports a constructive but conditional view: management sees capital deployment, portfolio actions and product expertise as avenues for sustained performance, while claims, investment income and execution remain important constraints.

Reported After market closeNYSEFinancial Services $16.03B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $7.75 Consensus $5.78
EPS surprise +34.1% Reported versus consensus
Reported revenue $6.63B Consensus $6.31B
Revenue surprise +5.1% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +9.4% Event window
SPY move +1.9% Same window
Abnormal move +7.5% Stock minus SPY
Volume 3.5× Versus trailing sessions
Subsequent drift -8.4% Up to 20 sessions
RGASPY benchmark

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Transcript intelligence

What changed

Relative to the prior-quarter analysis, the latest call placed greater emphasis on exiting U.S. group health, reducing leverage, continued in-force deployment and maintaining intermediate-term guidance.

Guidance delta

Management maintained its intermediate-term earnings-growth and return-on-equity guidance.

Key takeaways

  • Management described record fourth-quarter and full-year performance.
  • In-force transactions and balance-sheet optimization remain central to the growth framework.
  • RGA is exiting U.S. group health while pursuing rate actions and product growth.
  • APAC, Europe and the U.S. remain important markets for biometric and longevity products.

Management priorities

  • Deploy capital into in-force transactions
  • Reduce leverage and manage shareholder distributions
  • Expand the APAC product pipeline
  • Continue external investment and sidecar partnerships

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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. 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 $6.93 Q4 '26 estimate $6.98 Q1 '27 estimate $7.23 Q2 '27 estimate $7.42
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Analyst Consensus ?

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

Analyst 52W Price Targets

$249.41Current
$141Low
$225.2Average
$295High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 3, 2026. Not an FN2 forecast.

Firm-level rating actions

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

FirmRatingPrior ratingActionDate
Morgan Stanley Equal Weight Equal WeightMaintainAug 24, 2026
Wells Fargo Overweight OverweightMaintainAug 19, 2026
JP Morgan Overweight OverweightMaintainAug 11, 2026
Barclays Overweight OverweightMaintainAug 7, 2026
TD Cowen Hold HoldMaintainJul 22, 2026
Evercore ISI Group Outperform OutperformMaintainJul 13, 2026
UBS Neutral NeutralMaintainJul 8, 2026
Piper Sandler Overweight OverweightMaintainMay 11, 2026
Keefe, Bruyette & Woods Outperform OutperformMaintainNov 3, 2025
Raymond James Underperform Market PerformDowngradeOct 17, 2025
RBC Capital Outperform OutperformMaintainFeb 10, 2025
Citigroup Buy BuyMaintainJul 23, 2024
Jefferies Buy BuyMaintainJul 10, 2024
Credit Suisse Neutral NeutralMaintainMay 24, 2023
Goldman Sachs Buy BuyMaintainJan 9, 2023
Wolfe Research Underperform UnderperformMaintainJan 21, 2022
Keefe Bruyette & Woods Outperform Market PerformUpgradeJul 30, 2018
Deutsche Bank Hold BuyDowngradeOct 19, 2016
Macquarie Outperform OutperformMaintainNov 4, 2015
PiperJaffray Neutral NeutralMaintainOct 30, 2015
Keefe, Bruyette& Woods Market Perform Market PerformMaintainDec 30, 2014
Sterne Agee Neutral NeutralMaintainJul 17, 2014
Evercore Partners Overweight Equal WeightUpgradeDec 19, 2012
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Named analyst price targets

Upside is calculated against the persisted current price $249.41. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Morgan StanleyAnalyst unavailable$295$252.84 +18.3%Sep 28, 2026
Morgan StanleyAnalyst unavailable$250$245.4 +0.2%Aug 24, 2026
Wells FargoAnalyst unavailable$291$244.42 +16.7%Aug 19, 2026
BarclaysAnalyst unavailable$290$236.31 +16.3%Aug 7, 2026
UBSAnalyst unavailable$236$232.3 -5.4%Jul 8, 2026
BarclaysAnalyst unavailable$278$224.08 +11.5%Jul 7, 2026
Evercore ISIAnalyst unavailable$267$215.21 +7.1%May 18, 2026
Piper SandlerAnalyst unavailable$261$210.6 +4.6%May 11, 2026
BarclaysAnalyst unavailable$268$212.81 +7.5%May 8, 2026
UBSAnalyst unavailable$220$208.8 -11.8%Apr 9, 2026
Piper SandlerAnalyst unavailable$263$227.7 +5.4%Feb 6, 2026
BarclaysAnalyst unavailable$245$205.99 -1.8%Feb 6, 2026
Wells FargoAnalyst unavailable$238$202.13 -4.6%Jan 13, 2026
BarclaysAnalyst unavailable$237$201.04 -5.0%Jan 8, 2026
Piper SandlerJohn Barnidge$230$207.02 -7.8%Dec 23, 2025
Morgan StanleyBob Huang$208$205.03 -16.6%Dec 15, 2025
Morgan StanleyBob Huang$195$187.14 -21.8%Aug 18, 2025
Morgan StanleyBob Huang$209$209.71 -16.2%May 19, 2025
UBSMichael Ward$216$199.96 -13.4%Apr 2, 2025
Morgan StanleyAnalyst unavailable$224$202.69 -10.2%Feb 28, 2025
BarclaysAlex Scott$255$219.59 +2.2%Sep 4, 2024
Piper SandlerJohn Barnidge$237$218.66 -5.0%Sep 4, 2024
Morgan StanleyBob Huang$236$209.36 -5.4%Aug 19, 2024
Piper SandlerJohn Barnidge$228$204.37 -8.6%Jun 10, 2024
Piper SandlerJohn Barnidge$220$191.35 -11.8%Apr 5, 2024
JefferiesSuneet Kamath$189$163.64 -24.2%Dec 10, 2023
Morgan StanleyAnalyst unavailable$160$146.36 -35.8%Jan 10, 2023
Goldman SachsAnalyst unavailable$162$146.61 -35.0%Jan 9, 2023
J.P. MorganAnalyst unavailable$141$145.56 -43.5%Jan 6, 2023
Evercore ISIThomas Gallagher$167$145.11 -33.0%Jan 5, 2023
RBC CapitalAnalyst unavailable$170$139.23 -31.8%Dec 6, 2022
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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 · 2026-07-26T00:36:15.940040+00:00
  3. Polygon adjusted daily market bars · 2026-10-03T00:26:06.597539+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-03T00:26:06.594750+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 2026-10-03. For educational purposes only; not investment advice.