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- **Record Performance**: Q3 EPS of $6.37, driven by strong regional growth and new business deployment.
- **Equitable Transaction**: $70 million pretax contribution in Q3, scaling to $200 million annually by 2027.
- **Capital Deployment**: $75 million share buybacks and $3.4 billion deployable capital.
- **Strategic Initiatives**: Ruby Re sidecar on track for mid-2026 deployment, leveraging biometric expertise.
- **Competitive Edge**: Selective, exclusive transactions avoid tendered business risk.


**【CEO Summary Section】**
- Reported record operating EPS of $6.37 per share, excluding notable items, driven by strong performance in Asia Traditional and EMEA regions.
- New business momentum: $2.4 billion capital deployed year-to-date, including $1.5 billion in the Equitable transaction and $900 million in smaller, repeat transactions.
- Emphasis on disciplined capital deployment: $75 million share repurchases and $2.3 billion excess capital.
- Strategic initiatives: Ruby Re sidecar expected to be fully deployed by mid-2026, leveraging biometric and asset risk expertise.

**【CFO Financial Commentary】**
- Pretax adjusted operating income of $534 million, with trailing 12-month ROE of 14.2%.
- Equitable transaction contributed $70 million pretax income in Q3, expected to grow to $200 million annually by 2027.
- Traditional business premiums up 8.5% year-to-date on constant currency, driven by U.S., EMEA, and APAC growth.
- Claims experience: $50 million unfavorable impact in Q3, partially offset by $40 million in-force management gains.
- Capital position: $3.4 billion deployable capital, with excess capital of $2.3 billion.

**【Q&A Key Highlights】**
- **U.S. Claims Volatility**: $30 million unfavorable individual life claims, consistent with historical volatility.
- **GLP-1 Drug Impact**: Confident in mortality improvement assumptions, aligned with Swiss Re's central estimates.
- **Ruby Re Progress**: $233 million deployed in Q3, targeting mid-2026 deployment.
- **In-Force Actions**: $45 million year-to-date contributions, consistent with $50 million annual target.
- **Competitive Strategy**: Focused on exclusive, biometric-intensive transactions, avoiding tendered business.
- **Japan Economic Solvency**: Winning selective coinsurance blocks with long-term clients.


Reinsurance Group of America, Incorporated (RGA) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

RGA

RGA fundamentals

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