Reinsurance Group of America achieved Q4 revenue of $6.79 billion, a 23.6% increase year-on-year and 6.8% above consensus, while adjusted EPS reached $7.75, beating estimates by 34.8%. Adjusted operating income was $662 million, or a 9.8% margin, surpassing expectations by 8.7%.

Management attributed the outperformance to proactive in-force management actions—including liability optimization and repricing—which provided substantial short-term earnings uplift, and to robust variable investment income from alternative portfolios. The recently acquired Equitable block also delivered in line with expectations, benefiting from repricing and asset repositioning.

RGA reiterated its intermediate-term 8–10% EPS growth target, underpinned by improved U.S. group business after repricing, disciplined capital deployment of $1.5 billion into new in-force transactions, and continued expansion in Asia-Pacific and EMEA markets. Management plans balanced capital allocation between growth initiatives and shareholder returns.