Reinsurance Group of America, Incorporated (RGA) has disclosed full year 2025 net income available to its shareholders of $1.182 billion, up from $717 million in 2024.
Adjusted operating income was also up for the full year 2025, reaching $1.518 billion, compared with $1.342 billion in 2024.
Meanwhile, RGA’s net premiums in 2025 totalled $17.2 billion, a decrease of 3.4% from 2024, with a favourable net foreign currency effect of $56 million.
According to the firm, net premiums for the full year included a contribution of approximately $300 million from single premium pension risk transfer transactions, compared with approximately $2.9 billion in the prior year.
RGA’s largest segment, U.S. and Latin America, reported net premiums of $7.927 billion in 2025, up from $7.5 billion in 2024.
Other significant contributions came from Asia Pacific, which generated $3.335 billion in net premiums, followed by Europe, the Middle East and Africa (EMEA) at $2.258 billion, and Canada at $1.331 billion.
Excluding spread-based businesses, investment income increased 22.8% for the full year 2025 compared to 2024. RGA said this was due to a larger average invested asset base and higher earned yields.
Average investment yield was 4.99% for the full year, compared with 4.82% in 2024. The increases reportedly reflect higher new money rates relative to the existing portfolio yields and higher variable investment income.
For Q4 2025 alone, net income available to RGA shareholders was $463 million, up from $148 million in Q4 2024.
Consolidated net premiums in Q4 2025 were $4.8 billion, an increase of 15% over the same period of 2024, with a favourable net foreign currency effect of $42 million.
Tony Cheng, President and Chief Executive Officer, commented, “A very strong fourth quarter capped off another year of excellent financial results. This was another quarter with positive contributions from most of our business segments, demonstrating the strength and diversity of our global platform and local teams.
“I am gratified that the collective efforts of the global RGA team have produced results that we all can be proud of. Taking a step back, it is important to view our results in the context of a longer-term journey and relative to our intermediate-term financial targets.
“Since the beginning of our most recent strategy cycle in 2023, our financial metrics are tracking at or ahead of our targets, giving us further confidence that we will meet or exceed the established goals.
“Looking forward, there are plenty of reasons for optimism, and I believe that we are well-positioned for continued success. Our balance sheet is strong, business conditions are favourable, and we have a proven strategy that I expect to result in attractive financial results over time.”
