Reinsurance Group of America (RGA) has reported first-quarter results that extend its run of record performance, with the life and health reinsurance specialist posting sharp earnings growth alongside a rapidly expanding balance sheet driven by a record year of in-force transactions.
Net income available to shareholders came in at US$330 million, or US$4.98 per diluted share, up from US$286 million, or US$4.27 per diluted share, a year earlier. Adjusted operating income reached US$462 million, or US$6.97 per diluted share, against US$5.66 in Q1 2025. Foreign currency added US$0.21 per diluted share to net income.
Consolidated net premiums totaled US$4.6 billion, a 14.3% increase year on year, including a US$103 million favorable currency effect. Investment income, excluding spread-based businesses, rose 19.3%, with average investment yield climbing to 4.93% from 4.64%.
Total assets grew to US$164.06 billion, from US$128.21 billion a year earlier, an increase of nearly 28%. Book value per share rose to US$202.93 from US$172.53.
The expansion reflects a record year of capital deployment. RGA's 2025 Annual Review showed deployment into in-force transactions reached a record US$2.5 billion last year, including the Equitable Holdings transaction. That follows US$1.7 billion deployed in 2024, the company previously disclosed.
The Equitable deal, which closed April 1, 2025, is expected to add roughly US$160 million to US$170 million in pretax operating income in 2026 and US$200 million per year by 2027, RGA flagged earlier.
The balance sheet has also been bolstered by capital-raising activity disclosed previously, including US$480 million raised for Ruby Reinsurance Company in November 2024 and US$700 million in subordinated debentures issued in March 2025. RGA holds approximately US$4.3 trillion of life reinsurance in force as of December 31, 2025, the company says.
The Q1 print extends a streak that saw 2025 net income jump 65% to US$1.18 billion, with full-year adjusted operating ROE excluding notable items reaching 15.7%, exceeding the upper end of the 13% to 15% intermediate-term target.
RGA's results land amid mixed signals from larger global peers. Swiss Re's life and health reinsurance segment delivered Q1 2026 net income of US$491 million, up from US$439 million a year earlier, supported by favorable US mortality experience, the company said. Swiss Re is targeting full-year 2026 L&H Re net income of US$1.5 billion to US$1.7 billion.
Munich Re, in its December 2025 Ambition 2030 announcement, is guiding to a life and health reinsurance technical result of €1.9 billion in 2026, with group ROE of 18.3% in 2025.
Direct comparisons remain imperfect, as Munich Re and Swiss Re report blended group figures while RGA is exclusively focused on life and health reinsurance.
Chief executive Tony Cheng said RGA "delivered a strong start to 2026, with first quarter performance exceeding expectations across many regions and businesses," attributing the results to disciplined execution and the company's diversified global platform.
Cheng said management's confidence for 2026 and beyond remains high, citing business fundamentals, a healthy pipeline and competitive positioning, with RGA "exceptionally well positioned to continue delivering attractive financial results over time."
