$RGA · REINSURANCE GROUP OF AMERICA INC
RGA filed its Q3 FY2026 10-Q. Total revenues rose 21.7% YoY to $7.55B, net income available to shareholders climbed to $456M from $253M, and diluted EPS reached $6.92 versus $3.81. Nine-month net income available to shareholders was $1,248M versus $719M. Comprehensive income swung negative on $4.9B of quarterly net unrealized investment losses, driving AOCI to -$40M from +$2,682M at year-end.
- Q3 net premiums rose to $5,352M from $4,280M YoY.
- Nine-month net income available to shareholders was $1,248M versus $719M.
- Quarterly net unrealized investment losses of $4,904M drove AOCI to -$40M from +$2,682M.
- Total shareholders' equity fell to $11,726M from $13,551M at year-end.
- Operating cash flow for nine months was $4,712M versus $3,239M.
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Earnings nearly doubled YoY on strong premium growth, but a large unrealized investment loss wiped out accumulated other comprehensive income, a key capital-quality signal for a reinsurer.
Strong premium growth and higher net investment income reflect favorable reinsurance pricing and rising rates, though the large unrealized fixed-income loss mirrors rate-driven AOCI pressure across life reinsurers.
Rising rates drove $4.9B in quarterly net unrealized investment losses, swinging AOCI negative and eroding shareholders' equity by roughly $1.8B from year-end.