RGA Q1 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool Fri, May 8, 2026 at 11:14 PM GMT+7 29 min read RGA Image source: The Motley Fool. President and Chief Executive Officer — Tony Cheng Executive Vice President and Chief Financial Officer — Axel Philippe Andre Executive Vice President, Global Chief Risk and Insurance Officer — Jonathan William Porter Need a quote from a Motley Fool analyst? Email pr@fool.com Tony Cheng: Good morning, everyone, and thank you for joining us for today’s call. We appreciate your continued interest in Reinsurance Group of America, Incorporated. As you have seen from our first quarter results, we delivered a strong start to the year with excellent performance across many regions and businesses. The quarter reflects disciplined execution, strong underlying fundamentals, and the benefits of the diversified global platform we have built over time. Building on our strong 2025 performance, we believe our results this quarter further demonstrate that we are successfully executing on our strategy. Our focus remains on well-balanced earnings growth, capital allocation, and delivering attractive returns over the long term. Looking at the financial results, the strength in the quarter was broad-based across our regions and products. I will highlight a few specifics in the quarter. Asia Pacific had another strong quarter, driven by ongoing growth and strong execution. We closed a number of notable transactions in the region, particularly in Japan, spanning both in-force and flow deals that include both asset and biometric risk. EMEA’s earnings continue to reflect good new business, with results exceeding expectations. Performance was supported by favorable overall experience and continued momentum in longevity. We closed additional longevity transactions during the quarter by leveraging deep, long-standing client relationships, and we remain optimistic given our leadership position and differentiated competitive strengths. In the U.S., adjusted operating performance was strong, supported by favorable claims experience and the contribution from recent new business. Activity in U.S. individual life remains robust, demonstrating sustained momentum in large part driven by our strategic underwriting initiative. I am pleased with our U.S. group results, which are in line with our 2026 expectations. Moving to claims experience in the quarter, our economic claims experience was favorable across all regions. While one quarter of claims experience should not be overly emphasized, when considered as part of the cumulative experience since 2023, the favorable experience demonstrates the strength of our pricing, underwriting, and risk selection. Additionally, we continue to see profit emergence from business written and capital deployed over recent years. This profit emergence is tracking in line with expectations as asset portfolios are repositioned prudently over time and claims continue to be in line with expectations. This quarter was another demonstration of the strategic optionality in our global platform. Most of the deployment into in-force transactions was in Asia, where we saw the most attractive opportunities from a risk-reward perspective, primarily driven by our range of innovative solutions. Additionally, we continue to have very good momentum with our flow business in the U.S., where our value-added underwriting solutions and outsourcing efforts set us apart from competitors. Equally important to our flexibility is that we are comfortable not proceeding with transactions that do not meet our risk-return trade-off. That discipline continues to be a key feature of both our strategy and our culture. Now I want to take a brief step back from the details of the quarter and reinforce how we think about Reinsurance Group of America, Incorporated’s positioning and strategy. At its core, our approach is straightforward. We focus on life and health risk. We operate globally, and we deploy capital selectively where we believe we have competitive advantages and can earn attractive risk-adjusted returns. Specifically, Reinsurance Group of America, Incorporated has several unique strengths, including strong biometric expertise, asset management capabilities, a global platform, a market-leading brand, and flexibility to partner across the industry. What is critical is that these strengths do not operate in isolation. They reinforce one another, creating a competitive advantage that is difficult to replicate. When we combine this competitive advantage with a proactive business approach, we create win-win transactions, generating higher returns for Reinsurance Group of America, Incorporated and greater value for our clients. Let me share a few examples from this quarter. In North America, we extended a long-standing U.S. client relationship into Canada, where the client was seeking a reinsurer to partner on evolving product offerings. Our global platform enabled an exclusive relationship while our biometr

RGA Q1 2026 Earnings Transcript

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RGA Q1 2026 Earnings Transcript

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