Reinsurance Group of America, Incorporated · RZC · FY2024 Q4 · Calendar Q1 2025
RGA raises ROE target as capital deployment drives growth
The call supports a constructive operating thesis: record earnings, strong new-business value and a global transaction pipeline give RGA internal growth levers. The case remains dependent on sustained capital deployment, execution of balance-sheet actions and managing FX, runoff and litigation risks.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Relative to the prior-quarter analysis, management raised its intermediate-term ROE target to 13–15%, introduced deployable capital as its capital framework and highlighted record 2024 deployment of $1.7 billion. The growth pipeline remained broad, while risks around FX, annuity runoff, asset-repositioning timing and LTC litigation stayed relevant.
Guidance delta
Raised: management lifted its intermediate-term ROE target to 13–15% and reaffirmed 8–10% earnings-run-rate growth.
Key takeaways
- Management reported record fourth-quarter and full-year operating earnings, with adjusted operating EPS of $22.57, up 14% year over year.
- Capital deployment of $1.7 billion supported a 70% increase in new-business value and $2.1 billion of balance-sheet optimization value.
- Management cited a strong pipeline across Asia, the United States, Europe and Canada, including creation-redeal transactions.
- The new deployable-capital framework and limited near-term buybacks point to capital deployment as the primary priority.
Management priorities
- Continue global creation-redeal transactions.
- Expand pension-risk-transfer and longevity-swap offerings, especially in the United Kingdom and Canada.
- Deploy $1.7 billion of deployable capital during 2025.
- Use Ruby Re, PACT and other strategic capital partnerships.
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Try FN2 freeCompany context
Snapshot as of publicationReinsurance Group of America, Inc. functions as a holding company, concentrating on both conventional and cutting-edge life and health reinsurance offerings. Its operations are structured across five primary segments: the U.S. and Latin America, Canada, Europe, the Middle East and Africa (EMEA), Asia Pacific, and a distinct Corporate and Other division. The U.S. and Latin America segment is responsible for marketing individual and group life and health reinsurance to clients within its region, employing various agreement types such as yearly renewable term, coinsurance, and modified coinsurance.…
Historical context
All RZC earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| 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 |
Latest beats and misses
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-11T06:39:45.180704+00:00
- Polygon adjusted daily market bars · 2026-10-11T17:20:41.902839+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.
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 2026-10-11. For educational purposes only; not investment advice.