Reinsurance Group of America, Incorporated (RGA) SEC Filings & Earnings Calls

Credit loss exposure on fixed maturity securities

“Allowance for credit losses on fixed maturity securities increased to $246 million as of June 30, 2026 from $210 million as of December 31, 2025.”

Interest rate sensitivity on investment portfolio

“Net unrealized investment losses on fixed maturity securities increased to $6,097 million as of June 30, 2026 from $4,807 million as of December 31, 2025.”

Foreign currency fluctuations had unfavorable effect on earnings

“Net foreign currency fluctuations had an unfavorable effect of $0.05 per diluted share on net income available to RGA shareholders, and $0.08 per diluted share on adjusted operating income” · word for word

No material risk; board change is routine.

“Routine director appointment with no financial or operational impact.”

CFO departure could cause temporary uncertainty, but internal promotion mitigates disruption.

“Axel André... resignation... Laura Cockrill... named CFO effective immediately.”

Interest rate risk from fixed maturity securities

“Net unrealized investment losses of $1,659 million (after tax) in Q1 2026 vs a gain of $83 million in Q1 2025, driven by rising rates.”

Credit risk from corporate securities

“Allowance for credit losses on fixed maturity securities increased to $232 million from $210 million at year-end 2025.”

Concentration in Japanese government securities

“Japanese government securities represent 7.3% of fixed maturity portfolio with significant unrealized losses ($2,056 million).”

Effective tax rate above expected range due to jurisdictional mix and valuation allowance on tax credits.

“Effective tax rate of 24.9% on pre-tax income, above expected range of 22% to 23%, primarily due to jurisdictional mix of earnings and increase in valuation allowance on tax credits.”

Key person retention risk for CEO and other NEOs

“Mr. Cheng's ownership requirement increased in 2023 as a result of his promotion to President and CEO, and he does not currently meet the requirement.” · word for word

Compensation program complexity and metric changes

“Adjusted Revenue was removed as a performance metric from the ABP, as the Company no longer considers it appropriate for measuring performance due to changes in the Company's mix of business and income sources.” · word for word

Departure of CIO could disrupt IT strategy and operations, though no details on transition plan provided.

“Mark Brooks, Executive Vice President, Chief Information Officer... informed the Company of his resignation” · word for word

Increased leverage from subordinated debt issuance; coupon rate of 6.375% indicates moderate cost.

“6.375% Fixed-Rate Reset Subordinated Debenture due 2056” · word for word

Foreign currency fluctuations impact results.

“Net foreign currency had favorable effect of $0.11 per share on net income.”

Pension risk transfer premiums can be lumpy.

“PRT premiums $200M in Q4 vs $150M prior year; full year $300M vs $2.9B.”

Leadership transition in investment function.

“Retirement of key executive, succession plan not detailed.”

U.K. mortality assumption deterioration

“The completion of the Company's annual assumption review during the third quarter of 2025, which resulted in a loss of $149 million, primarily due to updated mortality assumptions in the U.K to reflect deterioration in mortality improvements and ongoing challenges within the healthcare system.” · word for word

Credit loss allowance increase

“Allowance for credit losses on fixed maturity securities increased to $161 million from $98 million at year-end 2024.” · word for word

Interest rate sensitivity

“Gross unrealized losses on fixed maturity securities available-for-sale increased from $6.4 billion at December 31, 2024, to $6.5 billion at September 30, 2025.”

Foreign exchange risk

“Foreign currency fluctuations can result in variances in the financial statement line items.” · word for word

Retrocession concentration risk

“Excluding amounts retroceded to Ruby Re, three major reinsurance companies account for 39.6% of reinsurance ceded receivables and other as of September 30, 2025.” · word for word

Annual actuarial assumption review resulted in unfavorable $149 million pre-tax impact to adjusted operating income, primarily in EMEA Traditional segment.

“RGA completed its annual actuarial assumption review. The impact to consolidated pre-tax adjusted operating income is an unfavorable $149 million” · word for word

Net premiums decreased 2.5% year-over-year, partly due to absence of large pension transfer transaction.

“Net premiums totaled $4.3 billion, a decrease of 2.5% over the prior-year quarter” · word for word