Analyst Consensus ?
ConsensusHold23 ratings
Bullish1356.5%
Neutral834.8%
Bearish28.7%
Reinsurance Group of America, Incorporated · RGA · FY2026 Q3 · Calendar Q4 2026
RGA Q3: Premium growth and investment returns sustain strong results
RGA’s Q3 results show support from premium growth, biometric underwriting and strong investment performance, while future in-force deal timing, regulatory changes and claims assumptions remain important uncertainties. The quarter’s supplied analysis supports a constructive operating picture, not a guarantee that these drivers will persist.
Why did RGA rise 0.1% after beating EPS estimates in FY2026 Q3?
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Reported After market closeNYSEFinancial Services
$17.11B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$8.49
Consensus $6.97
EPS surprise
+21.8%
Reported versus consensus
Reported revenue
$7.55B
Consensus $6.69B
Revenue surprise
+12.9%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+0.1%
Event window
SPY move
+0.6%
Same window
Abnormal move
-0.5%
Stock minus SPY
Volume
1.1×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
RGASPY benchmark
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Why did RGA rise 0.1% after beating EPS estimates in FY2026 Q3?What changed in RGA's guidance and outlook in FY2026 Q3?Give me the bull and bear case for RGA after FY2026 Q3 earnings.
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Transcript intelligence
What changed
Q3 analysis highlights 8.2% constant-currency premium growth excluding PRT, strong investment returns, full deployment of Ruby Re capital, and a simplified four-segment reporting structure. The analysis also notes that the medical excess business exit begins in 2027. Compared with Q2, the current analysis continues to emphasize investment performance and disciplined capital deployment, while adding these structural changes.
Guidance delta
Guidance sentiment was maintained. The supplied Q3 analysis does not specify a revised numerical outlook.
Key takeaways
- Q3 pretax adjusted operating income was $736 million, with trailing-12-month ROE of 19.1%.
- Premium growth excluding PRT was 8.2% on a constant-currency basis, supported by new business and in-force actions.
- Variable investment income returns were ~15% for the quarter and ~12% year to date, above long-term targets, according to the supplied analysis.
- RGA deployed $119 million into in-force transactions and returned $139 million to shareholders; Ruby Re capital was fully deployed.
Management priorities
- Continue deploying capital into high-quality in-force and flow transactions.
- Launch simplified underwriting products in Japan and Hong Kong.
- Consider potential future sidecar or third-party capital vehicles.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$261.9Current
$141Low
$225.33Average
$295High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 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 |
|---|---|---|---|---|
| TD Cowen | Hold | Hold | Maintain | Oct 21, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 15, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Oct 12, 2026 |
| Barclays | Overweight | Overweight | Maintain | Oct 8, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Aug 24, 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 $261.9. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $292 | $251.53 | +11.5% | Oct 8, 2026 |
| Barclays | Analyst unavailable | $286 | $251.14 | +9.2% | Oct 7, 2026 |
| Morgan Stanley | Analyst unavailable | $295 | $252.84 | +12.6% | Sep 28, 2026 |
| Morgan Stanley | Analyst unavailable | $250 | $245.4 | -4.5% | Aug 24, 2026 |
| Wells Fargo | Analyst unavailable | $291 | $244.42 | +11.1% | Aug 19, 2026 |
| Barclays | Analyst unavailable | $290 | $236.31 | +10.7% | Aug 7, 2026 |
| UBS | Analyst unavailable | $236 | $232.3 | -9.9% | Jul 8, 2026 |
| Barclays | Analyst unavailable | $278 | $224.08 | +6.1% | Jul 7, 2026 |
| Evercore ISI | Analyst unavailable | $267 | $215.21 | +1.9% | May 18, 2026 |
| Piper Sandler | Analyst unavailable | $261 | $210.6 | -0.3% | May 11, 2026 |
| Barclays | Analyst unavailable | $268 | $212.81 | +2.3% | May 8, 2026 |
| UBS | Analyst unavailable | $220 | $208.8 | -16.0% | Apr 9, 2026 |
| Piper Sandler | Analyst unavailable | $263 | $227.7 | +0.4% | Feb 6, 2026 |
| Barclays | Analyst unavailable | $245 | $205.99 | -6.5% | Feb 6, 2026 |
| Wells Fargo | Analyst unavailable | $238 | $202.13 | -9.1% | Jan 13, 2026 |
| Barclays | Analyst unavailable | $237 | $201.04 | -9.5% | Jan 8, 2026 |
| Piper Sandler | John Barnidge | $230 | $207.02 | -12.2% | Dec 23, 2025 |
| Morgan Stanley | Bob Huang | $208 | $205.03 | -20.6% | Dec 15, 2025 |
| Morgan Stanley | Bob Huang | $195 | $187.14 | -25.5% | Aug 18, 2025 |
| Morgan Stanley | Bob Huang | $209 | $209.71 | -20.2% | May 19, 2025 |
| UBS | Michael Ward | $216 | $199.96 | -17.5% | Apr 2, 2025 |
| Morgan Stanley | Analyst unavailable | $224 | $202.69 | -14.5% | Feb 28, 2025 |
| Barclays | Alex Scott | $255 | $219.59 | -2.6% | Sep 4, 2024 |
| Piper Sandler | John Barnidge | $237 | $218.66 | -9.5% | Sep 4, 2024 |
| Morgan Stanley | Bob Huang | $236 | $209.36 | -9.9% | Aug 19, 2024 |
| Piper Sandler | John Barnidge | $228 | $204.37 | -12.9% | Jun 10, 2024 |
| Piper Sandler | John Barnidge | $220 | $191.35 | -16.0% | Apr 5, 2024 |
| Jefferies | Suneet Kamath | $189 | $163.64 | -27.8% | Dec 10, 2023 |
| Morgan Stanley | Analyst unavailable | $160 | $146.36 | -38.9% | Jan 10, 2023 |
| Goldman Sachs | Analyst unavailable | $162 | $146.61 | -38.1% | Jan 9, 2023 |
| J.P. Morgan | Analyst unavailable | $141 | $145.56 | -46.2% | Jan 6, 2023 |
| Evercore ISI | Thomas Gallagher | $167 | $145.11 | -36.2% | Jan 5, 2023 |
| RBC Capital | Analyst unavailable | $170 | $139.23 | -35.1% | 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
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| BEN Franklin Resources, Inc. | FY2026 Q4 · Calendar Q4 2026 | — | +4.7% | Franklin Resources reports FY2026 growth, raises long-term targets |
| RZC Reinsurance Group of America, Incorporated | FY2026 Q3 · Calendar Q4 2026 | — | +0.1% | RGA’s Q3 strength combined investment gains, favorable claims and new-business momentum |
| BAM Brookfield Asset Management Ltd. | FY2026 Q3 · Calendar Q4 2026 | — | -0.4% | Brookfield Q3: Record Fundraising, AI Projects and Early Carry |
| FNF Fidelity National Financial, Inc. | FY2026 Q3 · Calendar Q4 2026 | 0.0% | +6.6% | FNF posts strong title and commercial trends as revenue misses estimates |
| AFRM Affirm Holdings, Inc. | FY2027 Q1 · Calendar Q4 2026 | +23.8% | +1.9% | Affirm pairs strong growth outlook with underwriting and credit watchpoints |
| MET-PA MetLife, Inc. | FY2026 Q3 · Calendar Q4 2026 | +2.9% | — | Record quarter, with investment income and broad segment growth supporting results |
Latest beats and misses
Who reports nextBeat on EPS
- AEEFY2026 Q3 · November 5, 2026+5.7% EPS+0.0% move
- SUZFY2026 Q3 · November 5, 2026+94.1% EPS+1.7% move
- DVNFY2026 Q3 · November 5, 2026+6.8% EPS-1.6% move
- REGFY2026 Q3 · November 5, 2026+94.1% EPS-1.4% move
- EOGFY2026 Q3 · November 5, 2026+8.9% EPS+2.2% move
- PBAFY2026 Q3 · November 5, 2026+13.5% EPS+1.0% move
Missed on EPS
- REGCOFY2026 Q3 · November 5, 2026-32.6% EPS+2.0% move
- REGCPFY2026 Q3 · November 5, 2026-32.6% EPS+0.6% move
- DKNGFY2026 Q3 · November 5, 2026-29.2% EPS-23.4% move
- WPMFY2026 Q3 · November 5, 2026-1.1% EPS+2.2% move
- CPTFY2026 Q3 · November 5, 2026-27.2% EPS-3.1% move
- VMRKFY2026 Q3 · November 4, 2026-425.6% EPS+2.4% 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 · 2026-11-06T20:06:49.826420+00:00
- FN2 earnings calendar · 2026-11-06T01:23:16.275024+00:00
- Polygon adjusted daily market bars · 2026-11-06T21:00:47.605311+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-06T21:00:47.602602+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 2026-11-06. For educational purposes only; not investment advice.