| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 98 | 1.1x | 17.4x | Top tier | |
Growth | 81 | 19.4% | 7.1% | Top tier | |
Quality | 69 | — | — | Top tier | |
Safety | 13 | — | — | Bottom tier | |
Capital Return | 98 | 14.83% | 0.18% | Top tier | |
Momentum | 62 | -0.4% | 1.3% | Around median | |
Sentiment | — | — | 3 | N/A |
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Reinsurance Group of America, Incorporated operates in the reinsurance of life and health risks, combining biometric risk underwriting and asset management to provide solutions spanning traditional business, financial solutions, in-force portfolio transactions, and new flow agreements. The company generates income from reinsurance premiums, investment returns associated with liabilities, and third-party capital management fees; it also deploys its global platform across the United States and Latin America, Canada, Asia-Pacific, and Europe, the Middle East, and Africa.
In fiscal Q2 2026, the company reported revenue of $6.6 billion, net income of $462 million, and earnings per share of $7.01, equivalent to a calculated net income margin of approximately 7.0%. Adjusted pre-tax operating income was $761 million, or $8.89 per share after tax, while adjusted operating return on equity for the twelve months ended in the quarter reached 18.4% after excluding AOCI and notable items.
The results mix reflected geographically broad-based strength: Asia-Pacific benefited from new business and investment income, and earnings in Europe, the Middle East, and Africa exceeded expectations with support from investment income and one-time items, while the United States benefited from new business, investment income, and improved individual life claims. Traditional premiums grew 2.2%, or 0.9% in constant currencies, but total premiums excluding PRT increased 10.5% year to date in fiscal 2026, or 9.3% in constant currencies, reflecting the broader contribution of financial solutions compared with the traditional premium metric alone.
The provided market capitalization is $15.6 billion, while the company generated earnings per share of approximately $18.58 during the twelve months ended in fiscal Q2 2026, but the data does not include a valid price-to-earnings multiple for a direct comparison. The 52-week range is between $25.01 and $26.22, a difference of only $1.21, so the available valuation assessment centers on the sustainability of the 18.4% adjusted operating return and book value growth rather than relying on a broad price signal.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
The company reported adjusted pre-tax operating income of $761 million, or $8.89 per share after tax, in fiscal Q2 2026. The primary support came from higher new money yields, strong variable investment income, and the contribution of business underwritten in prior years. Economic claims were $31 million better than expected, but their impact on the period's earnings was limited to $14 million. One-time items also contributed $71 million, and management confirmed that they do not represent a recurring trend.
Strategic Underwriting Programs volumes are trending toward double the prior-year level, and the resulting opportunities are exclusive in reinsurance. Management explained that one client initially requested underwriting support and then expanded the relationship into a larger in-force portfolio transaction. Growth in total U.S. premiums excluding PRT was approximately 8% in fiscal Q2 and year to date in fiscal 2026. In contrast, in-force portfolio management actions affected traditional premium growth, which was 3% year to date after excluding nonrecurring items.
Automated analysis for informational purposes only — not investment advice.
The core portfolio yield excluding variable investment income was 4.96% in fiscal Q2 2026, compared with a 6.02% new money yield. Variable investment income generated an annualized return of 15% in the quarter and 11% year to date, compared with a 7% assumption for fiscal 2026. Management said the performance came from realized gains and broad outperformance in alternative equity investments. These results increased confidence in meeting or exceeding the 7% assumption, but did not prompt the company to change the official assumption.
The company deployed approximately $500 million year to date in fiscal 2026 into in-force portfolio transactions, including $158 million in fiscal Q2. It returned $111 million to shareholders during the quarter, split between $50 million in share repurchases and $61 million in dividends. Total repurchases reached $225 million since the program resumed in fiscal Q3 2025, and the company also announced a 5.4% dividend increase for fiscal Q3 2026. It retained $2.2 billion of excess capital at the end of Q2, with $400 million expected to be used to repay debt in September 2026.
Quarterly earnings included variable investment income with an annualized return of 15%, substantially above the 7% fiscal 2026 assumption. One-time items totaling $71 million, or $0.83 per share, also contributed to results across the various segments. Management confirmed that these items do not indicate an ongoing trend and that their impact should approach zero over time. In addition, traditional premium growth was only 0.9% in constant currencies, making continued growth in financial solutions and new business important to offset the slow pace of this metric.
The company introduced Laura Cockrill as its new Chief Financial Officer during the fiscal Q2 2026 earnings call dated August 7, 2026. She has spent 26 years at RGA, and her experience includes leading finance for the largest business unit and serving as Deputy Chief Financial Officer. Her most recent role before assuming the position was Chief Strategy Officer, where she helped refine the enterprise strategy and strengthen disciplined execution. During the call, she confirmed that she would continue working with Tony Cheng and the leadership team to execute the current strategy.
