Reinsurance Group of America (RGA)

NYSEFinancialsInsurance - ReinsuranceSnapshot 2026-10-23

$263.94-2.98%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Reinsurance Group of America’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

+1.1%

+10% or more+5%0%−5%−10% or less

29.74 → 30.07 EPS · FY ending Dec 31, 2027 · 6 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 6 to 6; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	6.88B
EPS	—	7.016
Annual ending 2026-12-31
Revenue	—	26.99B
EPS	—	29.855
Annual ending 2027-12-31
Revenue	—	28.05B
EPS	—	30.071

Management figures unavailable.

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Adjusted operating income per diluted share increases	Adjusted income per share rose from $5.66 to $6.97 in one year.	Intact	EPS falls below $5.66 in any quarter after 2026-Q1	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Net income available to RGA shareholders grew from $330 million in 2026-Q1 to $462 million in 2026-Q2, while adjusted operating income per diluted share increased from $6.97 to $8.89. Management has consistently emphasized sustainable growth and disciplined capital allocation, and the financial results show delivering progress against this priority. Delivery assessment Oct 24, 2026
Quarterly dividend per share remains at or above $0.93	The company returns cash with dividends at $0.93 per share.	Intact	Dividend falls below $0.89 per share in any quarter after 2026-Q1	Dividend per share: $0.93 per share FY2026-Q2; GAAP. Published target: >= $0.93 per share dividend quarterly. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Aug 7, 20260.93 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 370a8837-cae3-4601-bb6a-b61a653946b2. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. The quarterly dividend increased from $0.93 in 2026-Q1 to $0.98 in 2026-Q2, reflecting management's commitment to returning capital to shareholders. The trajectory matches management's stated priority of increasing dividends. Delivery assessment Oct 24, 2026
Net income available to RGA shareholders grows sustainably	RGA grows earnings steadily with net income rising to $1.18 billion in 2025.	Intact	Net income falls below $286 million in any quarter after 2026-Q1	Net income: $462M FY2026-Q2; GAAP. Published target: >= $330 million net income in 2026-Q1. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Aug 7, 2026462,000,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 370a8837-cae3-4601-bb6a-b61a653946b2. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. Net income available to RGA shareholders grew from $330 million in 2026-Q1 to $462 million in 2026-Q2, while adjusted operating income per diluted share increased from $6.97 to $8.89. Management has consistently emphasized sustainable growth and disciplined capital allocation, and the financial results show delivering progress against this priority. Delivery assessment Oct 24, 2026
Share repurchase program continues with meaningful buybacks	A supporting condition in Reinsurance Group of America's published investment case. The stated target is Repurchase at least $125 million in shares annually.	Intact	Repurchases fall below $125 million annually after 2025	Required source inputs unavailable Cannot calculate Share repurchases from the available matching source inputs. Missing inputs are not treated as zero. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 3 quarters. The board authorized a $500 million share repurchase program in 2025-Q4, and management repurchased $50 million of shares in both 2026-Q1 and 2026-Q2. The repurchase activity demonstrates delivering on the authorization, though at a measured pace. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$30.07

$29.25 → $30.07 · observed estimates

FY2027 revenue$28.05B

$28.50B → $28.05B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$29.25	$28,495,410,040	10 / 6
2026-07-25	$29.25	$28,495,410,040	10 / 6
2026-07-26	$29.25	$28,495,410,040	10 / 6
2026-07-27	$29.25	$28,495,410,040	10 / 6
2026-07-28	$29.25	$28,495,410,040	10 / 6
2026-07-29	$29.25	$28,495,410,040	10 / 6
2026-07-30	$29.27	$28,241,425,793	6 / 5
2026-07-31	$29.27	$28,241,425,793	6 / 5
2026-08-01	$29.27	$28,241,425,793	6 / 5
2026-08-02	$29.25	$28,495,410,040	10 / 6
2026-08-03	$29.27	$28,241,425,793	6 / 5
2026-08-04	$29.25	$28,495,410,040	10 / 6
2026-08-05	$29.27	$28,241,425,793	6 / 5
2026-08-06	$29.27	$28,241,425,793	6 / 5
2026-08-08	$29.30	$28,495,410,040	10 / 6
2026-08-09	$29.30	$28,495,410,040	10 / 6
2026-08-10	$29.30	$28,495,410,040	10 / 6
2026-08-12	$29.57	$28,461,681,370	10 / 6
2026-08-13	$29.27	$28,241,425,793	6 / 5
2026-08-14	$29.27	$28,241,425,793	6 / 5
2026-08-15	$29.27	$28,241,425,793	6 / 5
2026-08-16	$29.27	$28,241,425,793	6 / 5
2026-08-17	$29.27	$28,241,425,793	6 / 5
2026-08-18	$29.27	$28,241,425,793	6 / 5
2026-08-19	$29.27	$28,241,425,793	6 / 5
2026-08-20	$29.58	$28,222,320,210	6 / 5
2026-08-21	$29.58	$28,222,320,210	6 / 5
2026-08-22	$29.58	$28,222,320,210	6 / 5
2026-08-23	$29.58	$28,222,320,210	6 / 5
2026-08-24	$29.58	$28,222,320,210	6 / 5
2026-08-25	$29.62	$28,121,395,750	6 / 5
2026-08-26	$29.62	$28,121,395,750	6 / 5
2026-08-27	$29.62	$28,121,395,750	6 / 5
2026-08-28	$29.62	$28,121,395,750	6 / 5
2026-08-29	$29.72	$28,142,020,750	6 / 5
2026-08-30	$29.72	$28,142,020,750	6 / 5
2026-08-31	$29.72	$28,142,020,750	6 / 5
2026-09-01	$29.72	$28,071,427,375	6 / 5
2026-09-02	$29.72	$28,071,427,375	6 / 5
2026-09-03	$29.72	$28,071,427,375	6 / 5
2026-09-04	$29.72	$28,071,427,375	6 / 5
2026-09-05	$29.72	$28,071,427,375	6 / 5
2026-09-06	$29.72	$28,071,427,375	6 / 5
2026-09-07	$29.72	$28,071,427,375	6 / 5
2026-09-08	$29.72	$28,071,427,375	6 / 5
2026-09-09	$29.74	$28,067,560,413	6 / 5
2026-09-10	$29.74	$28,067,560,413	6 / 5
2026-09-11	$29.74	$28,067,560,413	6 / 5
2026-09-12	$29.74	$28,067,560,413	6 / 5
2026-09-13	$29.74	$28,067,560,413	6 / 5
2026-09-14	$29.74	$28,067,560,413	6 / 5
2026-09-15	$29.74	$28,067,560,413	6 / 5
2026-09-16	$29.74	$28,067,560,413	6 / 5
2026-09-17	$29.74	$28,067,560,413	6 / 5
2026-09-18	$29.74	$28,067,560,413	6 / 5
2026-09-19	$29.74	$28,067,560,413	6 / 5
2026-09-20	$29.74	$28,067,560,413	6 / 5
2026-09-21	$29.74	$28,067,560,413	6 / 5
2026-09-22	$29.74	$28,067,560,413	6 / 5
2026-09-23	$29.74	$28,067,560,413	6 / 5
2026-09-24	$29.74	$28,067,560,413	6 / 5
2026-09-25	$29.74	$28,067,560,413	6 / 5
2026-09-26	$29.74	$28,067,560,413	6 / 5
2026-09-27	$29.74	$28,067,560,413	6 / 5
2026-09-28	$29.74	$28,067,560,413	6 / 5
2026-09-29	$29.74	$28,067,560,413	6 / 5
2026-09-30	$29.82	$28,064,823,188	6 / 5
2026-10-01	$29.82	$28,064,823,188	6 / 5
2026-10-02	$29.82	$28,064,823,188	6 / 5
2026-10-03	$29.82	$28,064,823,188	6 / 5
2026-10-04	$29.82	$28,064,823,188	6 / 5
2026-10-05	$29.82	$28,064,823,188	6 / 5
2026-10-06	$29.82	$28,064,823,188	6 / 5
2026-10-07	$29.81	$28,064,823,188	6 / 5
2026-10-08	$29.83	$28,064,823,188	6 / 5
2026-10-09	$29.83	$28,064,823,188	6 / 5
2026-10-10	$29.83	$28,064,823,188	6 / 5
2026-10-11	$29.83	$28,064,823,188	6 / 5
2026-10-12	$29.83	$28,064,823,188	6 / 5
2026-10-13	$29.94	$28,068,255,380	6 / 5
2026-10-14	$29.94	$28,068,255,380	6 / 5
2026-10-15	$29.94	$28,068,255,380	6 / 5
2026-10-16	$30.05	$28,051,289,735	6 / 5
2026-10-17	$30.05	$28,051,289,735	6 / 5
2026-10-18	$30.05	$28,051,289,735	6 / 5
2026-10-19	$30.05	$28,051,289,735	6 / 5
2026-10-20	$30.05	$28,051,289,735	6 / 5
2026-10-21	$30.05	$28,051,289,735	6 / 5
2026-10-22	$30.07	$28,050,450,292	6 / 5
2026-10-23	$30.07	$28,050,450,292	6 / 5
2026-10-24	$30.07	$28,050,450,292	6 / 5

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	6	3	1
2026-06-01	6	3	1
2026-07-01	6	3	1
2026-08-01	6	3	1
2026-09-01	7	3	1
2026-10-01	7	2	1

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 7 Buy / Strong Buy · 2 Hold · 1 Sell / Strong Sell

0 upgrades0 downgrades5 maintains

Recent actions · Sep 25–Oct 24 · 5 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

BarclaysOct 8 · prior Oct 7

$286.00 → $292.00+2.1%

Morgan StanleySep 28 · prior Aug 24

$250.00 → $295.00+18.0%

$0$162.25$324.50

2 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Adjusted operating income per diluted share increasesDirect metric needs a verified mapping
Quarterly dividend per share remains at or above $0.93Dividend per share: $0.93 per share
Net income available to RGA shareholders grows sustainablyNet income: $462M
Share repurchase program continues with meaningful buybacksRequired source inputs unavailable

Next proof point

Nov 5, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

0.8%Typical daily move · historical

Downside history

-13.1%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Reinsurance Group of America outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

RGA is an established financial business with a current thesis supported by strong recent financial performance, rather than a turnaround story. The thesis is intact this month, though earnings quality is fragile and management execution has been volatile.

What's priced into Reinsurance Group of America

Valuation is described as cheap versus peers, while the overall value assessment is neutral. The priced-in reading says expectations are justified, with low fragility and no evidence of a heavily stacked set of risks already reflected in expectations.

What the fundamentals likely do

Near term, recent results and management priorities point to continued progress: income and adjusted operating income per share rose from the first to the second quarter of 2026, and the dividend increased. Guidance cuts, a history of a deep earnings miss, and a trend of declining earnings surprises remain risks; the estimated near-term miss probability is low.

What Reinsurance Group of America hinges on

The multi-year view depends on management sustaining earnings growth and disciplined capital allocation while delivering reliable results. Near term, a guidance cut or rate cuts would be unfavorable, while continued earnings strength and higher guidance from sector peers could support the sector backdrop.