10-Q · May 8, 2026
Reinsurance Group of America (RGA) reported strong Q1 2026 results, with net revenues of $6.49 billion and EPS of $4.98, both exceeding consensus estimates. Positive performance was driven by improved investment income…
Earnings analysis · 10-Q
RGA earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
RGA delivered a strong second quarter, with revenue of $6.637 billion and diluted EPS of $8.89; revenue rose 2.3% sequentially and 18.5% year over year, while EPS increased 78.5% sequentially and 229.3% year over year.…
Read full summary
RGA delivered a strong second quarter, with revenue of $6.637 billion and diluted EPS of $8.89; revenue rose 2.3% sequentially and 18.5% year over year, while EPS increased 78.5% sequentially and 229.3% year over year. EPS exceeded the $6.53 consensus estimate by 36.1%. The filing does not provide current-quarter gross margin, operating margin, free cash flow, segment results or quantitative guidance, while capital returns continued through a $500 million repurchase authorization with approximately $400 million remaining.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $8.89
What stood out
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Revenue increased sequentially and year over year
Second-quarter revenue was $6.637 billion, up from $6.49 billion in Q1 2026 and $5.6 billion in Q2 2025, representing sequential growth of approximately 2.3% and year-over-year growth of approximately 18.5%.
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EPS materially exceeded consensus
Diluted EPS was $8.89, compared with $4.98 in Q1 2026 and $2.70 in Q2 2025. EPS increased approximately 78.5% sequentially and 229.3% year over year, and exceeded the $6.53 consensus estimate by $2.36, or 36.1%.
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Share repurchase program remains active
RGA repurchased 233,753 shares under its announced program during May 2026. The January 29, 2026 authorization permits up to $500 million of repurchases, with approximately $400 million remaining at June 30, 2026.
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Capital return continued in the first half
The company repurchased 459,391 shares under the program during the six months ended June 30, 2026, supporting ongoing capital return while retaining approximately $400 million of authorization.
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No reported control deficiencies
Management concluded that disclosure controls and procedures were effective as of June 30, 2026, and reported no change in internal control over financial reporting that materially affected, or was reasonably likely to materially affect, the company.
What to watch
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Unquantified legal and regulatory exposure
The filing states that pending legal, regulatory and governmental matters are not currently expected to have a material adverse effect, but an adverse outcome could be material to financial condition, results of operations or cash flows for a particular reporting period. The filing does not quantify potential damages.
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Market-risk exposure remains
The company states that there were no material changes in market-risk exposure or its Enterprise Risk Management function from December 31, 2025 through June 30, 2026. Exposure remains tied to changes in interest rates, foreign-currency exchange rates, equity prices and commodity prices.
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No new formal risk-factor changes
The company reports no material changes from the risk factors in its 2025 Annual Report, so no newly disclosed risk-factor change was identified as of June 30, 2026.
Management's outlook
The 10-Q does not provide explicit numeric revenue or EPS guidance; outlook was not provided in the extracted filing text.
Earlier filings 4
10-K · February 20, 2026
RGA reported revenue of $23,698 million and net income of $1,189 million in 2025, with diluted EPS of $17.69, reflecting year-over-year improvement in revenue and profitability. The company’s invested asset base and…
10-Q · October 31, 2025
RGA reported a stronger Q3: consolidated revenues of $6,204 million (up $553 million vs. Q3 2024) and diluted EPS of $3.81 (vs. $2.33 in Q3 2024). Investment income and segment-level results in U.S. & Latin America…
10-Q · August 1, 2025
RGA reported consolidated revenues of $5,599 million for the quarter ended June 30, 2025, up $721 million versus the prior year quarter, driven largely by higher net investment income and premium growth. Adjusted…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.