Reinsurance Group of America 1Q26 Wrap: Not Assuming the Recurrence of Strong Risk Experience, No Change to Prospective EPS

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Reinsurance Group of America 1Q26 Wrap: Not Assuming the Recurrence of Strong Risk Experience, No Change to Prospective EPS

J P M O R G A N North America Equity Research

18 May 2026

Reinsurance Group of America Overweight

RGA, RGA US

1Q26 Wrap: Not Assuming the Recurrence of Strong Price (15 May 26):$210.15

Risk Experience, No Change to Prospective EPS Price Target (Dec-26):$270.00

Our EPS projections, $270 price target, and Overweight rating are Insurance - Life & Nonlife

ACunchanged. RGA reported 1Q26 EPS on 5/7/26 and held its call the next day. Pablo S. Singzon

(1-212) 622-2295

• Maintaining EPS projections. Our EPS estimates are unchanged (2Q26 at pablo.s.singzon@jpmorgan.com

$6.44 and 2027 at $27.82). The primary adjustments to our model include (1) Kevin Wijendra

better revenue growth and margins in Asia, EMEA, and US/LatAm financial (1-212) 622-7054

solutions, partly offset by (2) higher expenses in US/LatAm traditional and (3) kevin.wijendra@jpmorgan.com

slower revenue growth in Canada. We increased our assumption for share J.P. Morgan Securities LLC

repurchases from $25 million to $50 million per quarter, consistent with RGA’s

recent pace. By region, EPS projections are increasing for Asia, EMEA, and

Quarterly Forecasts (FYE Dec)

US/LatAm financial solutions and declining in US/LatAm traditional and

Adj. EPS ($)

Canada. We typically adjust for equity market, interest rate, and variable 2025A 2026E 2027E

investment income changes at the end of the quarter. Q1 5.66 6.97A

Q2 4.72 6.44

• 1Q26 summary: strong results overall. Earnings benefited from healthy Q3 4.66 6.62

premium growth, favorable claims experience, and higher than expected Q4 7.75 6.54

buybacks. Management also noted that risk experience in individual health FY 22.72 26.57 27.82