RGA Extends 2026 Profit Run as Premium Growth Cools

The Tip Desk · August 6, 2026 · 3 min read

Second-quarter net income was $462 million, or $7.01 a share, as adjusted operating income reached $586 million, or $8.89 a share.

Reinsurance Group of America, Incorporated (RGA), a global provider of life and health reinsurance, reported second-quarter net income available to shareholders of $462 million, or $7.01 a share, compared with $180 million, or $2.70 a share, a year earlier. Adjusted operating income was $586 million, or $8.89 a share, versus $315 million, or $4.72 a share.

President and Chief Executive Officer Tony Cheng said the quarter extended momentum generated earlier in 2026, with claims experience modestly favorable to expectations and a trend the company said has held since 2023. He also cited strong investment returns from a larger asset base and a favorable market backdrop.

Consolidated net premiums were $4.5 billion, up 7.7% from the year-ago quarter, after a 14.3% year-over-year increase in the first quarter. Investment income excluding spread-based businesses rose 10.3% from the year-ago quarter, after a 19.3% increase in the first quarter. Average investment yield was 5.33%, compared with 5.31% a year earlier. Net foreign currency fluctuations were an unfavorable $0.05 a share on net income and $0.08 a share on adjusted operating income versus the year-ago quarter.

The effective tax rate on pre-tax income was 23.4%, above the expected 22% to 23% range. On adjusted operating income before taxes, the rate was 23.1%, generally in line with that range.

U.S. and Latin America Traditional adjusted operating income before taxes was $165 million, up from $4 million a year earlier, primarily due to more favorable individual life and group experience. U.S. and Latin America Financial Solutions adjusted operating income before taxes was $154 million, up from $97 million, primarily due to the 2025 Equitable Holdings transaction and strong variable investment income. Traditional net premiums in the region were $1.96 billion.

Canada Traditional adjusted operating income before taxes was $38 million, up from $28 million, primarily due to improved group experience. Canada Financial Solutions adjusted operating income before taxes was $18 million, up from $9 million, primarily due to strong variable investment income. Canada Traditional net premiums were $348 million.

Europe, Middle East and Africa Traditional adjusted operating income before taxes was $39 million, up from $18 million, primarily due to improved claims experience and favorable one-time items. EMEA Financial Solutions adjusted operating income before taxes was $133 million, up from $116 million, primarily due to contributions from new business, including associated higher investment income. EMEA Traditional net premiums were $568 million.

Asia Pacific Traditional adjusted operating income before taxes was $129 million, up from $104 million, primarily due to new business growth. Asia Pacific Financial Solutions adjusted operating income before taxes was $120 million, up from $77 million, primarily due to new business growth and strong variable investment income. Asia Pacific Traditional net premiums were $850 million.

Corporate and Other adjusted operating loss before taxes was $35 million.

Trailing-twelve-month return on equity was 11.5%, adjusted operating ROE was 17.4%, and adjusted operating ROE excluding notable items was 18.4%. Book value per share was $209.73 at June 30. Total assets were $167.1 billion.

The company returned $111 million to shareholders in the quarter, including $50 million of shares repurchased and $61 million in dividends paid. The board declared a regular quarterly dividend of $0.98, a 5.4% increase, payable September 1, 2026. Cheng said first-half results reflected durable fundamentals and a healthy pipeline, and that confidence in the outlook for 2026 and beyond remains high.