RGA

Reinsurance Group of America delivered a quarter that exceeded Wall Street’s expectations, with management attributing the strong performance to robust investment returns and steady contributions from new business across all regions. CEO Tony Cheng noted that disciplined execution and strategic underwriting programs, particularly in the U.S. and Asia Pacific, were key drivers. The quarter also benefited from favorable claims experience and effective capital deployment, allowing the company to maintain growth momentum while actively managing risk. CFO Laura Cockrill highlighted that these results reflect the company’s focus on leveraging biometric expertise and diversified investment capabilities to generate attractive returns. Is now the time to buy RGA? Find out in our full research report (it’s free). Revenue: $6.83 billion vs analyst estimates of $6.63 billion (20.2% year-on-year growth, 2.9% beat) Adjusted EPS: $8.89 vs analyst estimates of $6.49 (37% beat) Market Capitalization: $16.07 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Wes Carmichael (Wells Fargo) asked about the modest decline in U.S. traditional premium growth. CEO Tony Cheng and CFO Laura Cockrill explained that in-force management actions improved earnings quality, and underlying premium growth remained solid after adjusting for these actions. Alex Scott (Barclays) inquired about favorable mortality trends and their sustainability post-pandemic. Chief Risk Officer Jonathan Porter confirmed claims experience was in line with expectations and consistent with industry trends, with no significant anomalies. Suneet Kamath (Jefferies) questioned capital deployment targets. Cockrill stated the pipeline remains healthy and that RGA has levers for achieving its 8%-10% EPS growth, including flexible capital allocation and opportunistic shareholder returns. Tom Gallagher (Evercore) asked about exposure in Hong Kong amid regulatory changes and the impact on asset leverage. Cheng said the Hong Kong business is primarily protection-oriented, and Cockrill noted that asset leverage is managed for risk-adjusted returns, with a focus on transactions involving biometric risk. Pablo Singzon (JPMorgan) sought an update on the Ruby Re sidecar and appetite for legacy liabilities. Cockrill confirmed Ruby Re is expected to be fully deployed this year, and Cheng reiterated a disciplined, narrow appetite for legacy blocks like GUL and LTC. Looking ahead, the StockStory team will track (1) the pace and quality of new reinsurance transactions, especially in Asia Pacific and EMEA; (2) sustainability of above-target investment income against changing market conditions; and (3) continued reduction of exposure to capped cohorts and effective in-force management. Progress on capital deployment and the next phase of Ruby Re will also be key milestones. Reinsurance Group of America currently trades at $246.01, up from $236.31 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members). ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren’t just high-quality businesses. Something is happening with them right now. Elite fundamentals meet near-term momentum — both boxes checked at the same time. Find out which stocks our AI platform is flagging this week. See this week’s Strong Momentum stocks — FREE. Get Our Strong Momentum Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,552% between June 2020 and June 2025). Find your next big winner with StockStory today.

Reinsurance Group of America, Incorporated recently reported past second-quarter 2026 results showing revenue of US$6,637 million and net income of US$462 million, alongside higher earnings per share from continuing operations versus a year earlier. Along with these stronger earnings, the company raised its regular quarterly dividend to US$0.98 and continued buybacks under its 2026 repurchase program, signaling ongoing capital returns to shareholders. With this combination of stronger quarterly earnings and a higher dividend, we’ll now examine how these updates influence RGA’s investment narrative. Find 49 companies with promising cash flow potential yet trading below their fair value. To own Reinsurance Group of America, you need to be comfortable with a life and health reinsurer whose appeal rests on disciplined risk selection, growing international demand, and careful capital management. The key short term catalyst is whether recent earnings strength proves repeatable without a spike in U.S. individual life or healthcare excess claims, which remain the biggest near term risk to earnings stability. This latest quarter does not eliminate that risk, but it does not appear to worsen it either. The most relevant update is RGA’s strong second quarter 2026 earnings, with revenue of US$6,637 million and net income of US$462 million, which came alongside sharply higher earnings per share from continuing operations versus a year earlier. This matters because it supports the near term catalyst of consistent profitability that can underpin ongoing capital returns, including the higher US$0.98 quarterly dividend and continued buybacks under the 2026 repurchase program. Yet investors should also be aware that persistent claims volatility could still unsettle earnings and capital plans if... Read the full narrative on Reinsurance Group of America (it's free!) Reinsurance Group of America's narrative projects $31.2 billion revenue and $2.0 billion earnings by 2029. This requires 7.7% yearly revenue growth and roughly a $0.8 billion earnings increase from $1.2 billion today. Uncover how Reinsurance Group of America's forecasts yield a $261.78 fair value, a 6% upside to its current price. Some of the most optimistic analysts were already assuming revenue could reach about US$33.9 billion and earnings US$2.3 billion by 2029, so this strong quarter may either reinforce that upbeat view or prompt a reset, depending on how you weigh it against concerns about persistent claims volatility and your own expectations for RGA’s earnings path. Explore 2 other fair value estimates on Reinsurance Group of America - why the stock might be worth over 3x more than the current price! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your Reinsurance Group of America research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision. Our free Reinsurance Group of America research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Reinsurance Group of America's overall financial health at a glance. Our daily scans reveal stocks with breakout potential. Don't miss this chance: The latest GPUs need a type of rare earth metal called Dysprosium and there are only 28 companies in the world exploring or producing it. Find the list for free. Uncover the next big thing with 19 elite penny stocks that balance risk and reward. We've uncovered the 9 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include RGA. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Reinsurance Group of America, Incorporated? Here are five stocks we like better. Record Q2 performance: RGA generated $761 million in pretax adjusted operating income, or $8.89 per share after tax, with an 18.4% trailing-12-month adjusted ROE. Strong investment income, new business and favorable claims experience drove results. Investment and claims results exceeded expectations: Core portfolio yield reached 4.96%, while variable investment income produced a 15% annualized return for the quarter. Economic claims were $31 million better than expected, contributing a $14 million earnings benefit. Capital deployment remained active: RGA invested $158 million in in-force transactions, returned $111 million to shareholders and raised its dividend 5.4%. Management maintained targets for 8%–10% EPS growth, 13%–15% ROE and a 20%–30% payout ratio. Despite Downturns, Analysts Say These 4 Financial Stocks Are Buys Reinsurance Group of America (NYSE:RGA) reported a record operating quarter in the second quarter of 2026, supported by investment income, recent new business, and modestly favorable claims experience across its global operations. President and CEO Tony Cheng said results were strong across regions and business lines, with contributions from both biometric underwriting and asset management. The company deployed capital in in-force transactions and organic flow business across the U.S., Asia Pacific, and Europe, the Middle East and Africa, while maintaining its return standards. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling 3 Stocks Generating a Ridiculous Amount of Cash “We were selective, declining opportunities that did not fit our risk-return profile,” Cheng said. “For the new business closed both year-to-date and for the quarter, the expected returns met or exceeded our targets.” New CFO Laura Cockrill said RGA generated pretax adjusted operating income of $761 million, or $8.89 per share after tax. Its trailing-12-month adjusted operating return on equity was 18.4%, excluding accumulated other comprehensive income and notable items. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Investment results were a major contributor. The yield on RGA’s core investment portfolio, excluding variable investment income, was 4.96% during the quarter. Its new-money rate increased to 6.02%, reflecting higher market yields and a greater allocation to investment-grade private assets. Annualized returns on variable investment income were 15% for the quarter and 11% year to date, above the company’s 7% planned return for 2026. Chief Investment Officer Jayson Bronchetti said the results were driven by realized gains and broad-based outperformance among alternative equity investments. → No Hangover: Revisiting Microsoft One Week After Earnings RGA maintained its 7% variable investment income target for the remainder of the year but said strong results through the first half increased its confidence that it could meet or potentially exceed that level. In the U.S. and Latin America, traditional business results benefited from favorable individual life claims experience and strong variable investment income. U.S. group claims were in line with the company’s updated expectations, while repricing actions were on track to produce solid results through 2026, Cockrill said. Financial Solutions results in the U.S. were favorable due to variable investment income, in-force actions, and longevity experience. Cockrill said the Equitable transaction remained on track with its expected financial results, with claims experience on the acquired block in line with expectations since the transaction closed. In Canada, traditional earnings met expectations and Financial Solutions benefited from strong variable investment income. EMEA traditional results were favorable due to one-time items, while its Financial Solutions results were aided by higher investment income. Asia Pacific delivered another healthy traditional quarter, driven by new business, while Financial Solutions benefited from favorable variable investment income and new-business contributions. On an economic basis, claims were $31 million better than expectations, producing a $14 million benefit to current-period earnings. Since 2023, economic claims experience has been favorable by $375 million, primarily reflecting U.S. individual life, Asia traditional business, and Financial Solutions. Jonathan Porter, executive vice president and global chief risk officer, said U.S. individual mortality experience was in line with expectations during the quarter, including large claims. Year-to-date U.S. individual claims experience was favorable by about $70 million, he said. Traditional premiums increased 2.2%, or 0.9% on a constant-currency basis, as in-force management actions affected reported growth. Total premiums excluding pension risk transfer business rose 10.5% year to date, or 9.3% in constant currency. Cockrill said that excluding nonrecurring in-force actions, U.S. traditional and total traditional premiums grew 3% year to date. Total U.S. premiums excluding pension risk transfer growth rose about 8% for both the quarter and year to date. Cheng highlighted growth in the company’s Strategic Underwriting Programs, saying volumes were on track to double from the prior year. He said the programs can create direct reinsurance opportunities and lead to broader client relationships, including in-force transactions. RGA also continued managing its exposure to “capped cohorts” in the U.S. The company said such exposure has declined 25% since it adopted long-duration targeted improvements accounting standards about three and a half years ago. Cockrill said the reduction resulted in part from in-force management initiatives, as well as natural runoff and growth in newer business. RGA deployed $158 million into in-force transactions during the quarter and nearly $500 million year to date. It returned $111 million to shareholders, including $50 million in share repurchases and $61 million in dividends. The company also announced a 5.4% dividend increase to be paid in the third quarter. Total buybacks reached $225 million since RGA resumed its repurchase program in the third quarter of the prior year. RGA ended the quarter with approximately $2.2 billion of excess capital and expects to use $400 million of excess capital to pay down debt in September. Book value per share, excluding AOCI and B36 effects, rose to $174.11. Cockrill said this represented a 10.1% compound growth rate since the start of 2021. Management reiterated its intermediate-term targets of 8% to 10% earnings-per-share growth, a 13% to 15% return on equity, and a 20% to 30% payout ratio. Cheng said the company’s pipeline remained healthy and diversified, though transaction timing can vary by quarter. Regarding legacy universal life secondary guarantee and long-term care liabilities, Cheng said RGA would remain “very selective and disciplined.” Those liabilities account for less than 10% of RGA’s balance sheet, and the company expects that proportion to remain at that level going forward. Reinsurance Group of America, Incorporated (NYSE: RGA) is a leading global provider of life and health reinsurance solutions. Headquartered in St. Louis, Missouri, RGA partners with primary insurance companies to help them manage risk, improve capital efficiency and develop innovative products. The company's offerings span traditional risk transfer, financial solutions and facultative underwriting services, enabling clients to address a wide range of mortality, longevity, morbidity and critical-illness exposures. RGA's product suite includes life reinsurance, living benefits reinsurance, structured reinsurance and financial solutions that support product innovation and capital management. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Reinsurance Group of America Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Reinsurance Group of America, Incorporated (RGA) reported second-quarter 2026 adjusted operating earnings of $8.89 per share, which beat the Zacks Consensus Estimate by 36.6%. The bottom line rose 88.3% from the year-ago quarter. RGA reported strong second-quarter results, driven by solid growth in Financial Solutions businesses across the United States, EMEA and the Asia/Pacific, along with higher investment income and premium growth. However, higher expenses and lower premiums in the United States and Latin America Traditional segment and foreign currency headwinds partially offset the strong performance. Reinsurance Group of America, Incorporated price-consensus-eps-surprise-chart | Reinsurance Group of America, Incorporated Quote RGA's operating revenues of $6.7 billion beat the Zacks Consensus Estimate by 1%. The top line improved 18.5% year over year on higher net investment income, net premiums and other revenues. Net premiums of $4.5 billion increased 7.7% year over year and missed the Zacks Consensus Estimates by 4.2%. Investment income improved 10.3% from the prior-year quarter to $1.8 billion and beat the Zacks Consensus Estimates by 13%. The increase was driven by a larger average invested asset base and higher earned yields. The average investment yield increased to 5.33% from 5.31% in the prior-year period, driven by higher variable investment income. Total benefits and expenses increased 14.7% year over year to $6 billion, driven by higher claims and other policy benefits, interest credited, policy acquisition costs and other insurance expenses, and other operating expenses. U.S. and Latin America: Total pre-tax adjusted operating income was $319 million, which increased 215.8% year over year. The Traditional segment reported pre-tax adjusted operating income of $165 million, which rose from $4 million in the prior-year quarter. Net premiums declined 2.9% from the year-ago quarter to $2 billion. The Financial Solutions segment’s pre-tax adjusted operating income increased 58.8% to $154 million. Canada: Total pre-tax adjusted operating income rose 51.4% year over year to $56 million. The Traditional segment delivered a 35.7% year-over-year increase in pre-tax adjusted operating income to $38 million. Net premiums grew 2.7% to $348 million. Foreign currency exchange rates had an immaterial effect on net premiums for the quarter. The Financial Solutions segment’s pre-tax adjusted operating income doubled year over year to $18 million, benefiting from strong variable investment income. EMEA: Total pre-tax adjusted operating income grew 28.4% to $172 million. Pre-tax adjusted operating profit of the Traditional segment was $39 million, higher than the year-ago quarter’s profit of $18 million, driven by improved claims experience and favorable one-time items. Net premiums decreased 0.9% year over year to $568 million. Foreign currency exchange rates had a favorable effect on net premiums of $10 million for the quarter. The Financial Solutions pre-tax adjusted operating income increased 14.7% year over year to $133 million, supported by new business and associated investment income. Asia/Pacific: Total pre-tax adjusted operating income rose nearly 37.6% from the year-ago quarter’s level to $249 million. The Traditional segment’s pre-tax adjusted operating income rose 24% year over year to $129 million, including a $2 million unfavorable impact from foreign currency exchange rates. Premiums increased 4.2% to $850 million, benefiting from new business growth. Foreign currency exchange rates had an unfavorable effect on net premiums of $4 million for the quarter. The Financial Solutions segment’s pre-tax adjusted operating income increased 55.8% to $120 million. Foreign currency exchange rates had an immaterial impact of $7 million on adjusted operating income before taxes. Corporate and Other: Pre-tax adjusted operating loss widened slightly to $35 million from a loss of $32 million in the year-ago quarter. As of June 30, 2026, total assets were $167 billion, up 6.7% from the 2025-end level. Book value per share, excluding accumulated other comprehensive income, increased 11.5% to $173.77 from the 2025-end level. Adjusted operating return on equity was 17.4%, representing a 470-basis-point year-over-year increase. Reinsurance Group returned $111 million to shareholders in the second quarter, including $50 million of share repurchases and $61 million in dividends. The company’s board of directors declared a quarterly dividend of 98 cents, to be paid out on Sept 1, 2026, to shareholders of record as of Aug 18, 2026. RGA currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Voya Financial, Inc. VOYA reported second-quarter 2026 adjusted operating earnings of $1.51 per share, missing the Zacks Consensus Estimate of $1.88 by 19.7%. The bottom line declined 38.6% year over year. Revenues of $269 million missed the consensus mark by 4.6%. After-tax adjusted operating earnings fell to $140 million from $240 million in the year-ago quarter. Results included about $40 million of pre-tax severance expenses and a $15 million pre-tax loss tied to alternative investment performance. Consolidated revenues declined 4.3% year over year to $1.90 billion. Fee income increased 7.5% to $620 million, but net investment income fell 8% to $537 million. Premiums remained nearly flat at $716 million. Total benefits and expenses rose 3.8% to $1.86 billion, including a 4.8% increase in operating expenses. Manulife Financial Corporation MFC reported second-quarter 2026 core earnings of 79 cents per share, which beat the Zacks Consensus Estimate by 1.3%. The bottom line increased 16% year over year. Revenues of $7.82 billion surpassed the consensus estimate of $7.42 billion by 5.4%. Core earnings were C$1.92 billion ($1.38 billion), up 12% year over year. APE sales advanced 21% year over year to C$2.70 billion ($1.95 billion). Asia remained the largest contributor, with sales rising to C$2.07 billion from C$1.71 billion. Canada APE sales increased 23% year over year to C$426 million ($307.69 million). Lincoln National Corporation LNC reported second-quarter 2026 adjusted earnings per share of $2.24, which surpassed the Zacks Consensus Estimate by 12%. The bottom line declined 5.1% year over year. Adjusted operating revenues grew 4.2% year over year to $4.93 billion, surpassing the Zacks Consensus Estimate by 1.4%. Management had earlier projected that the Annuities, Life Insurance, Group Protection and Retirement Plan Services units would account for 58-60%, 8-9%, 24-25% and 8-9%, respectively, of the company's total operating income in 2026. Management had earlier projected an RBC ratio of more than 420% in 2026 and over the long term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Reinsurance Group of America, Incorporated (RGA) : Free Stock Analysis Report Lincoln National Corporation (LNC) : Free Stock Analysis Report Manulife Financial Corp (MFC) : Free Stock Analysis Report Voya Financial, Inc. (VOYA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Pretax Adjusted Operating Income: $761 million for the quarter. Adjusted Operating Earnings Per Share (After Tax): $8.89 per share. Adjusted Operating Return on Equity (ROE): 18.4% over the trailing 12 months, excluding AOCI and notable items. Traditional Premiums Growth: Grew 2.2% (0.9% constant currency). Total Premiums Growth (Excluding PRT): Year-to-date premiums grew 10.5% (9.3% constant currency). Claims Experience: Economic claims came in $31 million better than expectations, with a $14 million benefit to current period earnings. Core Portfolio Yield (Excluding VII): 4.96% for the quarter. New Money Rate: 6.2%. Variable Investment Income (VII) Returns: Annualized returns of 15% for the quarter and 11% year-to-date. Effective Tax Rate: 23.1% on adjusted operating income before taxes. Capital Deployed to In-Force Transactions: $158 million in the quarter; nearly $500 million year-to-date. Capital Returned to Shareholders: $111 million in the quarter, including $50 million in share repurchases and $61 million in dividends. Excess Capital: $2.2 billion at the end of the quarter. Book Value Per Share (Excluding AOCI and B36 Effect): $174.11, reflecting a compound growth rate of 10.1% since the start of 2021. Dividend Increase: Announced a 5.4% increase in the dividend to be paid in the third quarter. Corporate and Other Segment: Reported an adjusted operating loss before tax of $35 million. Warning! GuruFocus has detected 5 Warning Sign with RGA. Is RGA fairly valued? Test your thesis with our free DCF calculator. Release Date: August 07, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record operating quarter with pretax adjusted operating income of $761 million and EPS of $8.89, driven by strong investment returns and favorable claims. New business momentum is healthy across all regions, with year-to-date capital deployment of nearly $500 million into in-force transactions that meet or exceed return targets. Investment portfolio performing well, with new money yield of 6.2% above portfolio yield of 4.96%, and variable investment income returns of 15% annualized for the quarter, well above the 7% target. Strong capital position with $2.2 billion in excess capital, a 5.4% dividend increase, and continued share repurchases, supporting a 20%-30% payout ratio target. Strategic underwriting programs in the US are on track to double volumes, driving exclusive reinsurance opportunities and enhancing long-term value. In-force management actions have reduced exposure to capped cohorts by 25% since LDTI adoption, lowering earnings volatility and improving business profile. Traditional premium growth was modest at 2.2% (0.9% constant currency), impacted by in-force management actions, which may signal slower organic growth. Earnings benefited from $71 million in onetime items, which are not indicative of trends and may not recur, potentially overstating the quarter's run rate. Excess capital remained flat quarter-over-quarter at $2.2 billion, with no significant increase despite strong earnings, due to capital deployment and shareholder returns. The company faces uncertainty from potential regulatory changes in Hong Kong (e.g., tax law changes affecting MCV business), which could impact future growth in the APAC region. Asset leverage has increased due to growth in asset-intensive business, which may raise concerns about balance sheet risk, though management notes a high percentage of deals have biometric liabilities. The company remains cautious on ULSG and LTC risks, with a narrow appetite and higher hurdle returns, limiting opportunities in these lines. Q: Given this is a relatively normal quarter for mortality, is this a good run rate in terms of EPS?A: Jonathan Porter (Global Chief Risk Officer) confirmed that the quarter was benign for claims experience, with about $31 million of economic favorability across the portfolio and a $14 million impact on the bottom line. Laura Cockrill (CFO) added that while the company does not provide annual EPS guidance, they feel good about results so far this year and remain confident in their 8% to 10% intermediate-term EPS growth target. Q: I wanted to get your take on mortality. We've seen a lot of favorable mortality across group life, I think now individual life more so. How are you viewing that dynamic?A: Jonathan Porter (Global Chief Risk Officer) stated that RGA is pleased with the overall experience this quarter and the continuation of good year-to-date and longer-term results, reflecting biometric and risk selection expertise consistent with favorable population trends. Specifically, US individual mortality claims were in line with expectations in total and for large claims, with capped cohorts modestly favorable and uncapped cohorts in line. On a year-to-date basis, US individual claims experience has been favorable by approximately $70 million. Q: I wanted to start with capital deployment. Year-to-date, it's about $500 million. Is that still a number that we should be thinking about? And you mentioned your pipeline, so maybe a little bit of color in terms of what that looks like.A: Tony Cheng (CEO) noted a very strong first half of the year with a healthy pipeline, and while transaction timing can vary quarter-to-quarter, return expectations remain unchanged with both quarterly and year-to-date returns meeting or exceeding targets. Laura Cockrill (CFO) added confidence in achieving intermediate-term targets of 8% to 10% EPS growth, 13% to 15% ROE, and a 20% to 30% payout ratio, highlighting several levers for growth including capital deployment, investment portfolio contributions, in-force management, and shareholder returns. Q: What percent of your APAC business is Hong Kong, and within Hong Kong, how much is MCV? Just asking because of what's come up lately with change in tax law and the potential that the MCV business could slow.A: Tony Cheng (CEO) stated that the company does not provide a country breakdown within Asia, but acknowledged Hong Kong is an important part of the region. He noted it is too early to comment on the impact of news from the Chinese government, but highlighted that RGA's business in Hong Kong is very much more protection-oriented with less investment income, and the company will continue to observe how this evolves. Q: Just a quick one on the capped cohort reduction. How much of that 25% reduction is due to management actions versus what's due to runoff and the new business growth you've put on?A: Laura Cockrill (CFO) explained that in-force management actions have contributed a good part of the 25% reduction in US exposure to capped cohorts since LDTI adoption 3.5 years ago, though not necessarily the majority. Additionally, the exposure naturally declines over time as profitable new business is added and older business runs off, with the overall goal being to continue reducing exposure to reduce earnings volatility and improve the overall profile and returns of the business. Q: Just on the onetime items in the quarter, it was pretty material at $0.83. Can you give us just any color on what segments benefited most from that in the period and how much maybe?A: Laura Cockrill (CFO) explained that every quarter there are small adjustments across the portfolio that can help or hurt earnings, but over time they expect them to net closer to zero. This quarter, almost all items benefited earnings across all segments, consisting of catch-ups on contract experience, client adjustments, and modeling and data updates that added up to $71 million. She noted none were indicative of a trend and are all truly onetime items. Q: On the reduction in the capped cohort blocks, I hadn't appreciated the decline 25%. Can you talk about further decline you expect there and some of the actions you're taking?A: Laura Cockrill (CFO) stated that RGA is pleased that in-force management efforts have led to a 25% decline in US exposure to capped cohorts, which is a priority since it reduces earnings volatility and improves the overall profile and returns of the business. The exposure naturally declines as profitable new business is added and older business runs off, and the goal is to continue reducing exposure over time. Q: Just on Ruby Re. Are you fully deployed against the capital that sits there? Would you need to reload? And more broadly, if you could speak about the business appreciations you see?A: Laura Cockrill (CFO) reminded that third-party capital remains a core element of RGA's capital management strategy, enhancing flexibility to fund growth and return capital to shareholders while generating incremental fee income. Specific to Ruby Re, the company expects to be fully deployed this year and is evaluating options and structures for the next sidecar vehicle, with more updates to be provided when appropriate. Q: On Altan DII, very favorable in the second quarter with a 15% return. You mentioned that you're on track to meet or exceed, but any color on how you're thinking about the third quarter or the balance of the year?A: Jason (Investment representative) noted that second quarter returns of approximately 15% on an annualized basis were strong, with year-to-date around 11%, clearly above the 2026 expectations of 7%. While not increasing or changing the target for the remainder of the year, the strong performance gives increased confidence in meeting and potentially exceeding that expectation, though it's too early for a 2027 prediction. Q: What is the appetite for another large block deal given Equitable has been integrated for about a year? And what are you seeing in the market?A: Tony Cheng (CEO) declined to speculate on future transactions but emphasized continued focus on executing the strategy of combining unique strengths to win exclusive transactions and replicate them around the globe. He expressed delight with sticking to the well-defined strategy and noted that results are starting to show over recent quarters. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Reinsurance Group (RGA) reported $6.71 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 19%. EPS of $8.89 for the same period compares to $4.72 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $6.65 billion, representing a surprise of +0.95%. The company delivered an EPS surprise of +36.56%, with the consensus EPS estimate being $6.51. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Reinsurance Group performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Loss ratio - U.S. and Latin America Traditional segment: 91.6% versus the three-analyst average estimate of 92.2%. Policy acquisition costs and other insurance expenses as a percentage of net premiums - U.S. and Latin America Traditional segment: 11.4% versus 11.1% estimated by three analysts on average. Policy acquisition costs and other insurance expenses as a percentage of net premiums - Canada Traditional segment: 11.2% versus the three-analyst average estimate of 13%. Loss ratio - Asia Pacific Traditional: 84.4% versus 84.7% estimated by three analysts on average. Other Revenues- Asia Pacific Financial Solutions: $11 million versus the three-analyst average estimate of $9.15 million. Other Revenues- Asia Pacific: $10 million compared to the $14.81 million average estimate based on three analysts. Other Revenues- Canada: $4 million compared to the $2.92 million average estimate based on three analysts. The reported number represents a change of -33.3% year over year. Other Revenues- Canada Financial Solutions: $4 million versus $3.33 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -20% change. Revenues- Investment related gains (losses), net: $-76 million compared to the $12.07 million average estimate based on four analysts. The reported number represents a change of +72.7% year over year. Revenues- Other revenues: $377 million versus the four-analyst average estimate of $332.23 million. The reported number represents a year-over-year change of +348.8%. Revenues- Net premiums: $4.47 billion compared to the $4.67 billion average estimate based on four analysts. The reported number represents a change of +7.7% year over year. Net investment income: $1.86 billion versus the four-analyst average estimate of $1.65 billion. The reported number represents a year-over-year change of +32.4%. View all Key Company Metrics for Reinsurance Group here>>> Shares of Reinsurance Group have returned +3.9% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Reinsurance Group of America, Incorporated (RGA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Record results were driven by the compounding earnings contribution of new business placed over the last several years across all regions. Management attributed the outperformance to a 'sweet spot' strategy that combines deep biometric risk expertise with diversified investment capabilities to solve complex client capital needs. The U.S. segment is successfully transitioning underwriting from a value-added service into a primary revenue driver, with Strategic Underwriting Program volumes on track to double year-over-year. Asia Pacific growth was fueled by high-quality flow co-insurance treaties in Hong Kong and Japan that address growing regional longevity and protection needs. Operational discipline was highlighted by the selective rejection of opportunities that did not meet strict risk-return profiles, ensuring new business meets or exceeds internal targets. The company is actively optimizing its balance sheet by reducing exposure to 'capped cohorts' under LDTI, which has decreased by 25% in the U.S. over the last three and a half years. Investment outperformance was driven by higher new money yields of 6.02% and strong variable investment income (VII) returns of 15% for the quarter. Management expressed high confidence in meeting or exceeding intermediate-term targets, including 8%-10% EPS growth and a 13%-15% ROE. The 2026 variable investment income target remains at 7%, though year-to-date outperformance provides a buffer to potentially exceed this figure for the full year. Capital deployment strategy assumes a $400 million debt repayment in September 2026, balanced against a healthy pipeline of in-force transactions. The company expects to be fully deployed within its Ruby Re sidecar vehicle by the end of the year and is currently evaluating structures for its next third-party capital vehicle. Future earnings stability is expected to improve as the natural runoff of legacy blocks is replaced by higher-margin, biometric-focused new business. A $71 million pre-tax benefit ($0.83 per share) was attributed to a collection of non-recurring items, including contract experience catch-ups and modeling updates. Management flagged that traditional premium growth is becoming a less informative metric as more biometric risk is captured through Financial Solutions structures. Exposure to ULSG and Long-Term Care (LTC) remains strictly capped at less than 10% of the balance sheet to limit volatility associated with these legacy lines. The effective tax rate is expected to remain stable within the 22% to 23% range for the remainder of the year. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that while headline traditional premiums appeared soft, total U.S. premiums (excluding PRT) grew by 8% when accounting for Financial Solutions. The 25% reduction in capped cohort exposure was a deliberate strategic choice to trade short-term premium volume for long-term earnings stability and improved return profiles. Current favorability is viewed as consistent with broader population trends and RGA's specific risk selection expertise. Management noted that while year-to-date experience is $70 million favorable, Management noted that the $71 million in one-time adjustments that benefited the quarter were not indicative of a trend and are expected to net closer to zero over time. Management stated it is too early to determine the impact of potential Chinese tax law changes on Mainland Chinese Visitor (MCB) business. They emphasized that RGA's Hong Kong portfolio is more heavily weighted toward protection products rather than the investment-heavy products most sensitive to these regulations. Management argued that asset leverage is an 'output' of their success in winning large-scale transactions rather than a targeted 'input'. They emphasized that almost all asset-intensive deals include a biometric component, distinguishing their risk profile from pure spread-based competitors.

Primerica (PRI) came out with quarterly earnings of $6.41 per share, beating the Zacks Consensus Estimate of $5.96 per share. This compares to earnings of $5.46 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +7.55%. A quarter ago, it was expected that this life insurance and financial products company would post earnings of $5.45 per share when it actually produced earnings of $5.96, delivering a surprise of +9.36%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Primerica, which belongs to the Zacks Insurance - Life Insurance industry, posted revenues of $863.38 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.05%. This compares to year-ago revenues of $796.02 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Primerica shares have added about 23.1% since the beginning of the year versus the S&P 500's gain of 13%. While Primerica has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Primerica was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $6.28 on $888.36 million in revenues for the coming quarter and $24.65 on $3.53 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Life Insurance is currently in the bottom 22% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Reinsurance Group (RGA), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This reinsurance company is expected to post quarterly earnings of $6.51 per share in its upcoming report, which represents a year-over-year change of +37.9%. The consensus EPS estimate for the quarter has been revised 0.1% higher over the last 30 days to the current level. Reinsurance Group's revenues are expected to be $6.65 billion, up 17.8% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Primerica, Inc. (PRI) : Free Stock Analysis Report Reinsurance Group of America, Incorporated (RGA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Reinsurance Group (RGA) came out with quarterly earnings of $8.89 per share, beating the Zacks Consensus Estimate of $6.51 per share. This compares to earnings of $4.72 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +36.56%. A quarter ago, it was expected that this reinsurance company would post earnings of $6.19 per share when it actually produced earnings of $6.97, delivering a surprise of +12.6%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Reinsurance Group, which belongs to the Zacks Insurance - Life Insurance industry, posted revenues of $6.71 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.95%. This compares to year-ago revenues of $5.64 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Reinsurance Group shares have added about 16.2% since the beginning of the year versus the S&P 500's gain of 12.8%. While Reinsurance Group has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Reinsurance Group was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $6.87 on $6.64 billion in revenues for the coming quarter and $26.84 on $26.83 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Life Insurance is currently in the bottom 22% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the broader Zacks Finance sector, Citizens & Northern (CZNC), is yet to report results for the quarter ended June 2026. This bank is expected to post quarterly earnings of $0.63 per share in its upcoming report, which represents a year-over-year change of +57.5%. The consensus EPS estimate for the quarter has been revised 3% higher over the last 30 days to the current level. Citizens & Northern's revenues are expected to be $38.6 million, up 30.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Reinsurance Group of America, Incorporated (RGA) : Free Stock Analysis Report Citizens & Northern Corp (CZNC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research