美国再保险集团 2025年度报告

To Our Shareholders RGA delivered an excellent year in 2025, reflecting strong execution across our diversifiedglobal platform and continued progress against our long-term strategy. We produced recordadjusted operating earnings, exceeded our return targets, and meaningfully increased the futurevalue embedded in our in-force business. These results underscore the strength of RGA’sbusiness model, the breadth of our capabilities, and the exceptional performance of our teamsaround the world. In 2025, RGA generated $1.2 billion in net income, or $17.69 per diluted share. We increasedthe value of in-force business margins by 18% during the year, reflecting strong contributionsfrom new business, management actions, and investment performance. Over the past twoyears, the expected future value of our in-force business has increased by more than $11 billion,highlighting the durability and earnings power of our portfolio. Strategic capital stewardship remained a priority in 2025. We deployed a record $2.5 billion intoin-force transactions at attractive risk-adjusted returns, reinstated share repurchases, andended the year in a strong excess capital position. Our disciplined approach to capitalmanagement reflects a balanced commitment to investing capital into high-quality organicgrowth and in-force transactions while returning excess capital to shareholders. RGA’s diversified global platform delivered strong results in all regions: •Americas:In the U.S., a landmark $32 billion life reinsurance transaction with EquitableHoldings, Inc. highlighted a strategy focused on exclusive relationships and reinforcedRGA’s ability to execute with certainty. Organic new business built on sustainedmomentum in a market generally considered mature, driven by value-added underwritingsolutions. RGA Canada strengthened its leadership position with strong individual andgroup life production, intelligent financial solutions, and continued innovation infacultative underwriting and direct-to-consumer support. In Latin America, nimbleexecution and closer alignment with client priorities fueled growth well ahead of plan,deepening relationships across key markets. •Europe, Middle East, and Africa (EMEA):In EMEA, total revenues in 2025 increased22% over the previous year, reflecting strong new business momentum. Building on arefocused strategy launched in 2024, RGA combined scale with precision, led by strongperformance in the UK across longevity and asset-intensive solutions. ContinentalEurope advanced from opportunity to execution in developing capital-efficient solutionsin a highly insured but under-reinsured region. Focused execution in South Africa andthe Middle East maintained RGA’s leading position in those markets. •Asia Pacific:Celebrating 30 years in Asia Pacific, RGA delivered another successfulyear in 2025. Strong underlying growth, favorable underwriting experience, and productinnovation drove excellent bottom-line performance, with pretax adjusted operatingincome totaling $759 million. Strategic partnerships deepened RGA’s role as a long-termcollaborator across product development, underwriting, and capital management, withmulti-line, multi-year solutions delivered for leading insurers. Favorable market andregulatory dynamics led to new in-force opportunities, including market-firstasset-intensive and financial solutions transactions. These results demonstrate the strength of RGA’s integrated risk platform and our ability toexecute across multiple dimensions of value creation. We continued to optimize our balancesheet through in-force liability management, asset repositioning, and disciplined risk selection.Our investment platform delivered strong returns, supported by favorable variable investmentincome and continued portfolio optimization to enhance long-term risk-adjusted performance.We also made important strategic decisions to sharpen our focus and align our portfolio withareas offering the strongest long-term returns. RGA’s performance in 2025 was driven by the same principles that have guided the companyfor more than five decades: deep biometric expertise, disciplined risk management, strongasset-liability integration, and a collaborative approach to partnering with clients. Our globalteams continue to combine local market insight with enterprise-wide capabilities to create win-win solutions that generate durable value for both RGA and our partners. Looking ahead, we believe RGA is exceptionally well positioned for continued success. Weenter 2026 with strong momentum, a robust capital position, and a clear strategic focus. Ourdiversified pipeline of opportunities across regions, combined with our proven ability to deploy capital effectively and manage risk, gives us confidence in our ability to meet or exceed ourfinancial objectives and enterprise goals moving forward. I am proud of what our teams accomplished in 2025 and grateful for the trust our clients,partners, and shareholders place in RGA. As we build on t