1Q26 Earnings: Solid Beginning to 2026

研报英文原文证据摘录

1Q26 Earnings: Solid Beginning to 2026

C O M PA N Y N O T E

M a y 1 1 , 2 0 2 6

Reinsurance Group Of America (RGA) Overweight

CONCLUSION PRICE: US$210.60

Reported EPS: $6.97 | Consensus: $6.11 | PSC: $6.31 A beat versus PSC and consensus TARGET: US$261.00

driven by favorable claims across the segments. U.S. and Latin America being the main 9.0x '27E EPS

driver, reflecting favorable individual life claims and health results. RGA is more exposed to

life insurance mortality than its life insurance peer and that appears to be a relative benefit Paul Newsome, CFA, CPCU

Managing Director, Piper Sandler & Co.this quarter. Most regions increased net premiums. Corporate and Other was higher than 312 281-3445, paul.newsome@psc.com

expected due to timing of expenses and slightly unfavorable variable investment income.

Cam Bianchi

Research Analyst, Piper Sandler & Co.

• We remain Overweight on RGA: We believe RGA has the potential to continue the 612 456-9841, cam.bianchi@psc.com

results seen in 1Q26 making the strong underwriting results into a trend. There are Changes Previous Current

many growth opportunities on RGAs horizon. Including 3rd party sidecar, RubyRe, Rating — Overweight

anticipated to be fully deployed by mid-’26 after which we would expect the company to Price Tgt US$263.00 US$261.00

begin pursuing other future sidecars as well. Following repricing actions we anticipate FY26E EPS US$27.05 US$27.00

improvement in U.S. group health. We believe investors will continue to see RGA FY27E EPS US$29.20 US$29.00

representing strong underwriting results in the coming years. Market Cap. (mil) US$13,794.3

Book Value/Share US$202.93

• What we Heard: RGA experienced a profitable quarter, coming from growth in each Tang. Book/Share $202.16

region and favorable mortality.