REINSURANCE GROUP OF AMERICA INC
For the period ended Sep 30, 2025. Filed Oct 31, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 31, 2025
RGA$261.90-0.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0000898174-25-000130
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-31.
0000898174-25-000137
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 245 previous paragraphs and 261 current paragraphs.
132 unchanged; 82 reworded; 44 added; 24 removed; 7 previous and 3 current paragraphs rearranged.
Tables are not compared: 25 previous and 25 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (44)
Current report
•The execution of reinsurance contracts with subsidiaries of Equitable Holdings, Inc. (“Equitable”) on July 31, 2025. Pursuant to these agreements, the Company’s U.S. Financial Solutions segment assumed a 75% quota share of Equitable’s in force individual life insurance liabilities on a coinsurance and modified coinsurance basis, consisting of a diversified mix of life products and account value liabilities, with total liabilities of approximately $12 billion. This transaction increased the U.S. Financial Solutions adjusted operating income before taxes by $37 million during the three-month period ended September 30, 2025. In addition, pursuant to these agreements, Equitable recaptured risks previously assumed by the Company’s U.S. Traditional segment resulting in a gain of $21 million recognized in the current period.
Current report
•Favorable results in the Company’s EMEA Financial Solutions and Asia Pacific Traditional Segments.
Current report
•A future policy benefit remeasurement loss of $136 million was recognized in the third quarter of 2024 as a result of the Company increasing its per life retention limit from $8 million to $30 million during the third quarter of 2024.
Current report
The increase in pre-tax income was offset by the following:
Current report
•The completion of the Company’s annual assumption review during the third quarter of 2025, which resulted in a loss of $149 million, primarily due to updated mortality assumptions in the U.K. The 2024 assumption update resulted in a loss of $58 million. See Note 4 – “Future Policy Benefits” for additional information.
Current report
•A decrease in variable investment income from limited partnerships and real estate joint ventures.
Current report
•The financial impact of the transaction with Equitable noted above.
Current report
Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations did not have a material impact on income before income taxes for the three and nine months ended September 30, 2025.
Current report
•The recently executed transaction with Equitable increased adjusted operating income by $58 million in the current period.
Current report
•A future policy benefit remeasurement loss of $136 million was recognized in the third quarter of 2024 as a result of the Company increasing its per life retention limit from $8 million to $30 million during the third quarter of 2024.
Current report
•The completion of the Company’s annual assumption review during the third quarter of 2025, which resulted in a loss of $149 million, primarily due to updated mortality assumptions in the U.K. The 2024 assumption update resulted in a loss of $58 million. See Note 4 – “Future Policy Benefits” for additional information.
Current report
•A decrease in variable investment income from limited partnerships and real estate joint venture.
Current report
•Favorable impacts of the transaction completed with Equitable during the third quarter as noted above.
Current report
On July 31, 2025, the Company executed reinsurance contracts with subsidiaries of Equitable Holdings, Inc. (“Equitable”). Pursuant to these agreements, the Company’s U.S. Financial Solutions segment assumed a 75% quota share of Equitable’s in force individual life insurance liabilities on a coinsurance and modified coinsurance basis, consisting of a diversified mix of life products and account value liabilities, with total liabilities of approximately $12 billion.
Current report
The increase in adjusted operating income before income taxes for the three months ended September 30, 2025, was due to the favorable impact from annual assumption updates and the contribution from the recently executed transaction with Equitable. The decrease for the nine months ended September 30, 2025, was primarily due to unfavorable claims experience in the Traditional segment in the current period compared to favorable impacts of in force management actions in the prior year.
Current report
•The increase in segment revenue was primarily due to new business growth from recently executed in force transactions, partially offset by the recapture of certain treaties in the current period.
Current report
•Pursuant to the recently executed transaction with Equitable, Equitable recaptured risk previously assumed by the Company’s U.S. Traditional segment resulting in a future policy benefits remeasurement gain of $21 million recognized in the current period.
Current report
•During the third quarter of 2025, the Company completed its annual assumptions review resulting in a net favorable assumption update totaling $39 million, primarily due to updated mortality assumptions. The 2024 annual assumption update resulted in a net loss of $53 million in the third quarter of 2024. The 2024 assumption update included the impact of increasing the Company’s per life retention limit from $8 million to $30 million which resulted in a remeasurement loss of $83 million. See Note 4 – “Future Policy Benefits” for additional information.
Current report
•The future policy benefits remeasurement gain is due to favorable impacts from assumption updates.
Current report
•The increases in adjusted interest credited and policy acquisition costs and other insurance expenses were due to new business growth from recently executed in force transactions.
Current report
The increase in adjusted operating income was primarily the result of the transaction with Equitable during the quarter. The U.S. Financial Solutions segment assumed a 75% quota share of Equitable’s in force individual life insurance liabilities on a coinsurance and modified coinsurance basis, consisting of a diversified mix of life products and account value liabilities, with total liabilities of approximately $12 billion. This transaction increased the U.S. Financial Solutions adjusted operating income before taxes by $37 million during the three-month period ended September 30, 2025.
Current report
•The increase in net investment income is primarily due to an increase in the invested asset base supporting asset-intensive transactions.
Current report
•The increase in other revenues was primarily due to policy charges on universal life-type policies associated with the Equitable transaction.
Current report
•The increase in adjusted interest credited was due to the Equitable transaction.
Current report
•The decrease in net premiums was primarily due to the single premium pension risk transfer (“PRT”) transactions executed in the prior year, partially offset by premiums related to the Equitable transaction in the current period.
Current report
•The increase in other revenues was primarily due to policy charges on universal life policies associated with the Equitable transaction.
Current report
•The increase in adjusted interest credited was due to the Equitable transaction.
Current report
The increase in adjusted operating income before income taxes for the three and nine months ended September 30, 2025, was primarily due to favorable longevity experience and higher future policy remeasurement gains.
Current report
•During the third quarter of 2025, the Company completed its annual assumptions review resulting in a gain of $9 million, primarily due to updated lapse assumptions. The 2024 annual assumptions update resulted in a gain of $2 million in the third quarter of 2024. See Note 4 – “Future Policy Benefits” for additional information.
Current report
•The decrease in the loss ratio for the three months ended September 30, 2025, was primarily due to favorable experience on individual life business and higher future policy remeasurement gains.
Current report
•The segment added new life business production, measured by face amount of life reinsurance in force, of $39.8 billion and $35.7 billion during the nine months ended September 30, 2025 and 2024, respectively.
Current report
The decreases in adjusted operating income before income taxes for the three and nine months ended September 30, 2025, were primarily due to the unfavorable impact of the Company’s annual assumption update which resulted in a future policy benefit remeasurement loss of $185 million.
Current report
Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations resulted in a decrease in adjusted operating income before income taxes of $2 million for the three months ended September 30, 2025, and an increase of $5 million for the nine months ended September 30, 2025. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
Current report
The decreases in adjusted operating income before income taxes for the three and nine months ended September 30, 2025, were primarily due to the unfavorable impacts of the Company’s annual assumption review discussed below.
Current report
•The segment added new life business production, measured by face amount of life reinsurance in force, of $133.2 billion and $89.0 billion during the nine months ended September 30, 2025 and 2024, respectively.
Current report
•During the third quarter of 2025, the Company completed its annual assumptions review resulting in a net unfavorable assumption update totaling $222 million, primarily due to updated mortality assumptions in the U.K to reflect deterioration in mortality improvements and ongoing challenges within the healthcare system. The 2024 annual assumptions update resulted in a loss of $5 million in the third quarter of 2024. See Note 4 – “Future Policy Benefits” for additional information.
Current report
•The increase in the loss ratios for the three and nine months ended September 30, 2025, was primarily due to unfavorable assumption updates attributable to updated long term mortality assumptions in the U.K.
Current report
•During the third quarter of 2025, the Company completed its annual assumptions review resulting in a net favorable assumption update totaling $24 million, primarily due to updated longevity based mortality in the U.K. The 2024 annual assumptions update resulted in a loss of $3 million in the third quarter of 2024. See Note 4 – “Future Policy Benefits” for additional information.
Current report
The increases in adjusted operating income before income taxes for the three and nine months ended September 30, 2025, were primarily due to increases in total revenue and increases in future policy benefits remeasurement gains.
Current report
•During the third quarter of 2025, the Company completed its annual assumptions review resulting in a net favorable assumption update totaling $1 million, primarily due to updated mortality assumptions. The 2024 annual assumptions update resulted in a loss of $109 million in the third quarter of 2024. See Note 4 – “Future Policy Benefits” for additional information.
Showing the first 40 of 44 passages. Open the source sections for the rest.
Removed paragraphs (24)
Previous report
•A decrease in investment related losses resulting from lower unfavorable impacts from portfolio repositioning, in addition to gains on freestanding derivatives, compared to the prior year.
Previous report
•An increase in variable investment income from limited partnerships and real estate joint ventures and an increase in investment income attributable to an increase in invested assets and higher new money rate.
Previous report
•The increase in variable investment income and decrease in investment related losses were partially offset by unfavorable claims in the U.S. traditional segment and favorable impacts of in force management actions recognized in the prior year.
Previous report
•An increase in investment income attributable to an increase in invested assets and higher new money rates.
Previous report
•An increase in variable investment income.
Previous report
•A decrease in other income due to a reduction in surrender charges related to a decline in lapses on a single premium block of business.
Previous report
•An increase in investment income attributable to an increase in invested assets and higher new money rates.
Previous report
•An increase in variable investment income.
Previous report
The decreases in adjusted operating income before income taxes for the three and six months ended June 30, 2025, were primarily due to unfavorable claims experience in the Traditional segment in the current period compared to favorable impacts of in force management actions in the prior year, partially offset by improved variable investment income performance.
Previous report
•The future policy benefits remeasurement loss is due to unfavorable individual life claims experience in the current period compared to favorable impacts of in force management actions in the prior year.
Previous report
•The increase in policy acquisition costs and other insurance expenses as a percentage of net premiums was primarily due to varying allowance levels within coinsurance type arrangements and the mix of new business between coinsurance versus yearly renewable term.
Previous report
•The increase in policy acquisition costs and other insurance expenses as a percentage of net premiums was primarily due to varying allowance levels within coinsurance type arrangements and the mix of new business between coinsurance versus yearly renewable term.
Previous report
The increase in adjusted operating income before income taxes for the U.S. and Latin America Financial Solutions segment was primarily due to an increase in variable investment income and higher investment yields.
Previous report
The increase in adjusted operating income before income taxes for the three months ended June 30, 2025, was primarily due to organic growth, partially offset by unfavorable experience in group business. The decrease in adjusted operating income before income taxes for the six months ended June 30, 2025, was primarily due to unfavorable experience in group and life business as compared to favorable experience in 2024, partially offset by organic growth.
Previous report
•The segment added new life business production, measured by face amount of life reinsurance in force, of $26.3 billion and $23.8 billion during the six months ended June 30, 2025 and 2024, respectively.
Previous report
The increases in adjusted operating income before income taxes for the three and six months ended June 30, 2025, were primarily due to increased net premiums and net investment income, partially offset by increased adjusted claims and other policy benefits and increased policy acquisition costs and other insurance expenses.
Previous report
The increases in adjusted operating income before income taxes for the three and six months ended June 30, 2025, were primarily due to increased net premiums and net investment income, partially offset by increased adjusted claims and other policy benefits. The increases in adjusted operating income before income taxes for the six months ended June 30, 2025, were primarily due to increased net premiums and net investment income, decreased future policy benefits remeasurement losses, decreased policy acquisition costs and other insurance expenses, partially offset by increased adjusted claims and other policy benefits.
Previous report
•The segment added new life business production, measured by face amount of life reinsurance in force, of $97.5 billion and $58.0 billion during the six months ended June 30, 2025 and 2024, respectively.
Previous report
•The decrease in the loss ratios for the three months ended June 30, 2025, was primarily due to improved mortality and morbidity claims experience. The increase for the six months ended June 30, 2025, was primarily due to adverse mortality and morbidity claims experience.
Previous report
The increases in adjusted operating income before income taxes for the three and six months ended June 30, 2025, were primarily due to increases in net premiums partially offset by decreases in future policy benefits remeasurement gains.
Previous report
Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations resulted in increases of $4 million and $1 million in adjusted operating income before income taxes for the three and six months ended June 30, 2025, respectively. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
Previous report
•The increase in the loss ratio for the three months ended June 30, 2025, was primarily due to the lower future policy benefits remeasurement gains in the quarter due to more favorable claims experience in the prior year.
Previous report
•The segment added new life business production, measured by face amount of life reinsurance in force, of $28.8 billion and $30.7 billion during the six months ended June 30, 2025 and 2024, respectively.
Previous report
•The increase in the loss ratio for the six months ended June 30, 2025, was primarily due to an increase in adjusted claims and other policy benefits and lower future policy benefits remeasurement gains.
Reworded paragraphs (82)
Previous wording
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance, and growth potential of the Company and future developments associated with the previously announced transaction relating to the master transaction agreement that a Company subsidiary entered into with subsidiaries of Equitable Holdings, Inc., pursuant to which on July 31, 2025, such Company subsidiary entered into coinsurance and modified coinsurance agreements with those counterparties (the “Reinsurance Transaction”). Forward-looking statements often contain words and phrases such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “pro forma,” “project,” “should,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. Forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.
Current wording
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance, and growth potential of the Company. Forward-looking statements often contain words and phrases such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “pro forma,” “project,” “should,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. Forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.
Previous wording
Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looking statements, include, among others: (1) adverse changes in mortality, morbidity, lapsation, or claims experience, (2) inadequate risk analysis and underwriting, (3) adverse capital, and credit market conditions and their impact on the Company’s liquidity, access to capital and cost of capital, (4) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) requirements to post collateral or make payments due to declines in the market value of assets subject to the Company’s collateral arrangements, (7) action by regulators that have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (8) the effect of the Company parent’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, (9) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (10) the impairment of other financial institutions and its effect on the Company’s business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (14) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers, and others, (18) financial performance of the Company’s clients, (19) the threat of natural disasters, catastrophes, terrorist attacks, pandemics, epidemics or other major public health issues anywhere in the world where the Company or its clients do business, (20) competitive factors and competitors’ responses to the Company’s initiatives, (21) development and introduction of new products and distr…
Excerpt shortened here; the source contains the full paragraph.
Current wording
Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looking statements, include, among others: (1) changes in mortality, morbidity, policyholder behavior, claims experience, investment returns, interest rates, expenses and other factors as compared to our pricing assumptions; (2) investment results, whether from changes in economic, capital- and credit-market conditions, asset selection, or otherwise, and their impact on the Company’s investment securities, liquidity, portfolio yields, credit quality, access to capital, cost of capital, and amount of capital required for regulatory and contractual proposes; (3) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company; (4) the availability, amount, cost, and market value of collateral necessary for regulatory reserves, capital, and client obligations; (5) changes in laws and regulations, tax policy and rates, accounting standards, and privacy and cybersecurity regulations applicable to the Company and actions by regulators with authority over the Company’s operations, including regulatory restrictions on the ability of Company subsidiaries to pay dividends to the Company; (6) the stability of and actions by governments, central banks, and economies in jurisdictions where the Company operates, affecting interest rates, markets generally, or the demand for insurance and reinsurance; (7) the stability and financial performance of clients, reinsurers, third-party investment managers and other institutions and the effects of the Company’s dependence on such third parties; (8) the effectiveness of the Company’s risk management strategy, policy, and procedures, whether relating to reinsurance, investment strategy, operations, or otherwise; (9) the impact of impairments of the value of the Company’s investment securities could have on the Company’s capital requirements and the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective; (10) the threat of pandemics, epidemics, other major health issues, natural disasters, catastrophes, and terrorist attacks; (11) competitive factors and competitors’ responses to the Company’s initiatives; (12) development and introduction of new products and distribution opportunities and entry into new lines of business and markets; (13) integration of acquired blocks of business and entities and the Company’s ability to achieve the expected benefits of such transactions, including the transaction entered into with subsidiaries of Equitable Holdings, Inc. on July 31, 2025; (14) interruption or failure of the Company’s telecommunication, information technology, or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data and intellectual property stored on such systems; (15) adverse developments with res…
Excerpt shortened here; the source contains the full paragraph.
Previous wording
Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future, except as required under applicable securities law. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as may be supplemented by Item 1A – “Risk
Current wording
Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future, except as required under applicable securities law. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as may be supplemented by Item 1A – “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q and in the Company’s other periodic and current reports filed with the SEC.
Previous wording
The Company is among the leading global providers of life reinsurance and financial solutions, with $4.1 trillion of life reinsurance in force and assets of $133.5 billion as of June 30, 2025. Traditional reinsurance includes individual and group life and health, disability, and critical illness reinsurance. Financial Solutions includes longevity reinsurance, asset-intensive reinsurance, capital solutions, including financial reinsurance and stable value products. The Company derives revenues primarily from renewal premiums from existing reinsurance treaties, new business premiums from existing or new reinsurance treaties, fee income from Financial Solutions business and income earned on invested assets.
Current wording
The Company is among the leading global providers of life reinsurance and financial solutions, with $4.3 trillion of life reinsurance in force and assets of $152.0 billion as of September 30, 2025. Traditional reinsurance includes individual and group life and health, disability, and critical illness reinsurance. Financial Solutions includes longevity reinsurance, asset-intensive reinsurance, capital solutions, including financial reinsurance and stable value products. The Company derives revenues primarily from renewal premiums from existing reinsurance treaties, new business premiums from existing or new reinsurance treaties, fee income from Financial Solutions business and income earned on invested assets.
Previous wording
A discussion of the Company’s financial condition and results of operations for the three and six months ended June 30, 2025 and 2024 is presented below.
Current wording
A discussion of the Company’s financial condition and results of operations for the three and nine months ended September 30, 2025 and 2024 is presented below.
Previous wording
The increase in pre-tax income for the six months ended June 30, 2025, was primarily due to the following:
Current wording
The increase in pre-tax income for the nine months ended September 30, 2025, was primarily due to the following:
Previous wording
•A decrease in investment related losses resulting from lower unfavorable impacts from portfolio repositioning and freestanding derivatives.
Current wording
•Decrease in investment related losses resulting from lower realized losses from portfolio repositioning and freestanding derivatives.
Previous wording
•During 2024, the Company recognized a non-economic loss at the inception of a single premium pension risk transfer (“PRT”) transaction. The non-economic loss at inception is the difference between the single premium received and the valuation of the initial reserve based on interest rates prescribed by U.S. GAAP.
Current wording
•The Company recognized a non-economic loss at the inception of a single premium pension risk transfer (“PRT”) transaction during 2024. The non-economic loss at inception is the difference between the single premium received and the valuation of the initial reserve based on interest rates prescribed by U.S. GAAP.
Previous wording
The decrease in investment related losses, net is attributable to the following:
Current wording
The change in investment related losses, net is due to the following:
Previous wording
•During the three and six months ended June 30, 2025, the Company repositioned its investment portfolio to generate higher yields which led to net capital losses of $35 million and $86 million, respectively, compared to net capital losses of $162 million and $264 million for the three and six months ended June 30, 2024, respectively.
Current wording
•During the three and nine months ended September 30, 2025, the Company repositioned its investment portfolio to generate higher yields which led to net capital gains of $31 million and net capital losses $55 million, respectively, compared to net capital losses of $41 million and $305 million for the three and nine months ended September 30, 2024, respectively.
Previous wording
•For the three and six months ended June 30, 2025, changes in the fair value of freestanding derivatives decreased investment related losses, net by $50 million and $48 million, respectively, compared to an increase in investment related losses, net of $119 million and $218 million for the three and six months ended June 30, 2024, respectively.
Current wording
•For the three and nine months ended September 30, 2025, changes in the fair value of freestanding derivatives increased by $32 million and $80 million, respectively, compared to an increase of $87 million and a decrease of $131 million for the three and nine months ended September 30, 2024, respectively.
Previous wording
•The Company incurred $68 million and $76 million of changes in allowance for credit losses and impairments during the three and six months ended June 30, 2025, respectively, compared to $18 million and $57 million during the three and six months ended June 30, 2024, respectively.
Current wording
•The Company incurred $35 million and $111 million of changes in allowance for credit losses and impairments during the three and nine months ended September 30, 2025, respectively, compared to $21 million and $78 million during the three and nine months ended September 30, 2024, respectively.
Previous wording
Market risk benefits represent the impact related to market risk benefits, which consist of guaranteed minimum benefits associated with the Company’s reinsurance of variable and indexed annuities. The change in fair value of the freestanding derivatives purchased by the Company to hedge the liability is reflected in investment related gains (losses), net. The change in fair value of market risk benefits for guaranteed minimum benefits, after allowing for changes in the associated freestanding derivatives, increased (decreased) income before income taxes by $1 million and $(2) million for the three and six months ended June 30, 2025, respectively. The change in fair value of market risk benefits for guaranteed minimum benefits, after allowing for changes in the associated freestanding derivatives, did not have any impact on the three months ended June 30, 2024, and resulted in a decrease to income before income taxes of $9 million for the six months ended June 30, 2024.
Current wording
Market risk benefits consist of guaranteed minimum benefits associated with the Company’s reinsurance of variable and indexed annuities. The change in fair value of the freestanding derivatives purchased by the Company to hedge the liability is reflected in investment related gains (losses), net. The change in fair value of market risk benefits for guaranteed minimum benefits, after allowing for changes in the associated freestanding derivatives, decreased income before income taxes by $7 million and $9 million for the three and nine months ended September 30, 2025, respectively. The change in fair value of market risk benefits for guaranteed minimum benefits, after allowing for changes in the associated freestanding derivatives, decreased income before income taxes by $8 million and $17 million for the three and nine months ended September 30, 2024, respectively.
Previous wording
Non-economic changes in insurance liabilities include the initial loss on PRT transactions, net of amortization and changes in the fair value of embedded derivatives associated with the Company’s reinsurance of indexed products. The initial loss at inception of a PRT transaction is the difference between the single premium received and the valuation of the initial reserve based on interest rates prescribed by U.S. GAAP. The Company incurred non-economic losses of $23 million and $29 million for the three and six months ended June 30, 2025, respectively, compared to gains (losses) of $9 million and $(127) million for the three and six months ended June 30, 2024, respectively.
Current wording
Non-economic changes in insurance liabilities include the initial loss on PRT transactions, net of amortization and changes in the fair value of embedded derivatives associated with the Company’s reinsurance of indexed products. The initial loss at inception of a PRT transaction is the difference between the single premium received and the valuation of the initial reserve based on interest rates prescribed by U.S. GAAP. The Company incurred non-economic losses of $12 million and $41 million for the three and nine months ended September 30, 2025, respectively, compared to losses of $9 million and $136 million for the three and nine months ended September 30, 2024, respectively.
Previous wording
The effective tax rate was 0.5% and 0.3% for the three and six months ended June 30, 2025, respectively, compared to 24.3% and 23.1% for the three and six months ended June 30, 2024. See Note 13 – “Income Tax” in the Notes to Condensed Consolidated Financial Statements for additional information on the Company’s consolidated effective tax rate.
Current wording
The effective tax rate was 20.3% and 29.7%, for the three and nine months ended September 30, 2025, respectively, compared to 26.7% and 24.2% for the three and nine months ended September 30, 2024. See Note 13 – “Income Tax” in the Notes to Condensed Consolidated Financial Statements for additional information on the Company’s consolidated effective tax rate.
Previous wording
Non-GAAP Measure – Adjusted operating income before income taxes is not determined in accordance with U.S. GAAP. The Company principally uses adjusted operating income before income taxes in evaluating performance because the Company believes that such measure, when reviewed in conjunction with relevant U.S. GAAP measure (i.e., income before income taxes), presents a clearer picture of its operating performance and assists the Company in the allocation of its resources. The Company believes that this non-GAAP financial measure provides investors and other third parties with a better understanding of the Company’s results of operations, financial statements and the underlying profitability drivers and trends of the Company’s businesses by excluding specified items which may not be indicative of the Company’s ongoing operating performance and may fluctuate significantly from period to period. This measure should be considered supplementary to the Company’s financial results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way the Company calculates such measures. Consequently, the Company’s non-GAAP financial measures may not be comparable to similar measures used by other companies.
Current wording
Non-GAAP Measure – Adjusted operating income before income taxes is not determined in accordance with U.S. GAAP. The Company principally uses adjusted operating income before income taxes in evaluating performance because the Company believes that such measure, when reviewed in conjunction with relevant U.S. GAAP measure (i.e., income before income taxes), presents a clearer picture of its operating performance and assists the Company in the allocation of its resources. The Company believes that this non-GAAP financial measure provides investors and other third parties with a better understanding of the Company’s results of operations, financial statements and the underlying profitability drivers and trends of the
Previous wording
The decrease in adjusted operating income before income taxes in 2025 was primarily the result of the following:
Current wording
The increase in adjusted operating income before income taxes in 2025 was primarily the result of the following:
Previous wording
The decrease in adjusted operating income before income taxes was partially offset by the following:
Current wording
The increase in adjusted operating income before income taxes was partially offset by the following:
Previous wording
•An increase in operating and financing costs to support new business growth.
Current wording
•An increase in operating and financing costs to support new business growth, compliance requirements and information technology security.
Previous wording
Six months ended June 30, 2025 compared to the six months ended June 30, 2024
Current wording
Nine months ended September 30, 2025 compared to the nine months ended September 30, 2024
Previous wording
•An increase in operating and financing costs to support new business growth.
Current wording
•An increase in operating and financing costs to support new business growth, compliance requirements and information technology security.
Previous wording
Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations increased adjusted operating income before income taxes by $9 million and $1 million for the three and six months ended June 30, 2025, respectively, primarily due to the strengthening of the British Pound and Japanese Yen compared to the U.S. dollar.
Current wording
Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations increased adjusted operating income before income taxes by $3 million and $4 million for the three and nine months ended September 30, 2025, respectively, primarily due to the strengthening of the British pound and Japanese yen compared to the U.S. dollar.
Previous wording
The increase in premiums for the three months ended June 30, 2025, was due to organic growth on existing treaties and new business production. The decrease in premiums for the six months ended June 30, 2025, was primarily due to single premium pension risk transfer (“PRT”) transactions completed during 2024. The PRT single premiums received were offset by increases in reserves. Organic growth and new business production, measured by the face amount of life reinsurance in force, were $242.6 billion and $198.7 billion during the six months ended June 30, 2025 and 2024, respectively. Consolidated assumed life reinsurance in force increased to $4,091.3 billion as of June 30, 2025, from $3,767.7 billion as of June 30, 2024, primarily due to new business production.
Current wording
The decrease in premiums for the three and nine months ended September 30, 2025, was due was primarily due to single premium pension risk transfer (“PRT”) transactions completed during 2024. The PRT single premiums received were offset by increases in reserves. The decrease in premiums for the three and nine months ended September 30, 2025, was partially offset by organic growth and new business production. Organic growth and new business production, measured by the face amount of life reinsurance in force, were $606.4 billion and $403.1 billion during the nine months ended September 30, 2025 and 2024, respectively. Consolidated assumed life reinsurance in force increased to $4,320.8 billion as of September 30, 2025, from $3,966.5 billion as of September 30, 2024, primarily due to new business production.
Previous wording
The increase in net investment income was primarily attributable to an increase in the average invested asset base, higher risk-free rates earned on new investments and an increase in variable investment income associated with joint venture and limited partnership investments. The following summarizes the primary drivers contributing to the increase in net investment income for the three and six months ended June 30, 2025 and 2024:
Current wording
The increase in net investment income was primarily due to an increase in the average invested asset base, higher risk-free rates earned on new investments partially offset by a decrease in variable investment income associated with joint venture and limited partnership investments. The following summarizes the primary drivers contributing to the increase in net investment income for the three and nine months ended September 30, 2025 and 2024:
Previous wording
•The average invested assets at amortized cost, excluding spread related business, totaled $45.7 billion and$38.1 billion in 2025 and 2024, respectively.
Current wording
•The average invested assets at amortized cost, excluding spread related business, totaled $45.1 billion and$38.3 billion in 2025 and 2024, respectively.
Previous wording
•The average yield earned on investments, excluding spread related business, was 5.31% and 4.65% for the three months ended June 30, 2025 and 2024, respectively and 4.98% and 4.67% for the six months ended June 30, 2025 and 2024, respectively. The increase in investment yield for the three and six months ended June 30, 2025, in comparison with the same period in the prior year, was primarily due to higher risk-free rates earned on new investments and an increase in variable investment income associated with joint venture and limited partnership investments.
Current wording
•The average yield earned on investments, excluding spread related business, was 4.73% and 5.08% for the three months ended September 30, 2025 and 2024, respectively and 4.91% and 4.81% for the nine months ended September 30, 2025 and 2024, respectively. The decrease in investment yield for the three ended September 30, 2025, in comparison with the same period in the prior year, was primarily due to a $35 million decrease in variable investment income partially offset by higher risk-free rates earned on new investments. The increase in investment yield for the nine months ended September 30, 2025, in comparison with the same period in the prior year, was primarily due to higher risk-free rates earned on new investments partially offset by a decrease in variable investment income associated with joint venture and limited partnership investments.
Previous wording
The U.S. and Latin America operations consist of two major segments: Traditional and Financial Solutions. The Traditional segment primarily specializes in the reinsurance of individual mortality-risk, health and long-term care, universal life products and, to a lesser extent, group reinsurance. The Financial Solutions segment consists of Asset-Intensive and Capital Solutions. Asset-Intensive within the Financial Solutions segment includes coinsurance of annuities, corporate-owned life insurance policies, pension risk transfer (“PRT”) group annuity contracts and, to a lesser extent, fee-based synthetic guaranteed investment contracts, which include investment-only, stable value contracts. Capital Solutions within the Financial Solutions segment primarily involves assisting ceding companies in meeting applicable regulatory requirements by enhancing the ceding companies’ financial strength and regulatory surplus position through relatively low risk reinsurance and other transactions. Typically, these transactions do not qualify as reinsurance under GAAP, due to the low-risk nature of the transactions, therefore only the related net fees are reflected in other revenues on the condensed consolidated statements of income.
Current wording
The U.S. and Latin America operations consist of two major segments: Traditional and Financial Solutions. The Traditional segment primarily specializes in the reinsurance of individual mortality-risk, health and long-term care, universal life products and, to a lesser extent, group reinsurance. The Financial Solutions segment consists of Asset-Intensive and Capital Solutions. Asset-Intensive within the Financial Solutions segment includes coinsurance of products which primarily exhibit interest rate and market risks such as annuities, corporate-owned life insurance policies, pension risk transfer (“PRT”) group annuity contracts and, to a lesser extent, fee-based synthetic guaranteed investment contracts, indexed and variable life insurance, investment-only, and stable value contracts. Capital Solutions within the Financial Solutions segment primarily involves assisting ceding companies in meeting applicable regulatory requirements by enhancing the ceding companies’ financial strength and regulatory surplus position through relatively low risk reinsurance and other transactions. Typically, these transactions do not qualify as reinsurance under GAAP, due to the low-risk nature of the transactions, therefore only the related net fees are reflected in other revenues on the condensed consolidated statements of income.
Previous wording
Adjusted operating income before income taxes for the U.S. and Latin America Traditional segment for the three months ended June 30, 2025, decreased compared to the three months ended June 30, 2024, due to unfavorable claims experience in the current period, compared to favorable impacts of in force management actions in the prior year.
Current wording
Adjusted operating income before income taxes for the U.S. and Latin America Traditional segment for the three months ended September 30, 2025, increased compared to the three months ended September 30, 2024, due to the recapture as a result of the execution of the recently executed transaction with Equitable and favorable assumption updates in the current period.
Previous wording
•The increase in adjusted claims and other policy benefits was primarily due to new business growth from recently executed in force transactions and unfavorable claims experience in individual life and group health reinsurance.
Current wording
•The increase in adjusted claims and other policy benefits was primarily due to new business growth from recently executed in force transactions and unfavorable claims experience in group health reinsurance.
Previous wording
•The segment added new life business, measured by face amount of life reinsurance in force, of $82.3 billion and $76.9 billion during the six months ended June 30, 2025 and 2024, respectively.
Current wording
•The segment added new life business, measured by face amount of life reinsurance in force, of $135.1 billion and $226.9 billion during the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
•The decrease in net premiums was primarily due to the single premium pension risk transfer (“PRT”) transactions executed in the prior year.
Current wording
•The decrease in net premiums was primarily due to single premium pension risk transfer (“PRT”) transactions executed in the prior year, partially offset by premiums related to the Equitable transaction in the current period.
Previous wording
•The book value of the invested asset base supporting asset-intensive transactions increased to $25.5 billion as of June 30, 2025, from $22.1 billion as of June 30, 2024, resulting in an increase in investment income. As of June 30, 2025 and June 30, 2024, $3.1 billion and $3.5 billion, respectively, of the invested assets were funds withheld at interest, of which more than 90% was associated with two clients.
Current wording
◦The book value of the invested asset base supporting asset-intensive transactions increased to $35.2 billion as of September 30, 2025, from $22.7 billion as of September 30, 2024, resulting in an increase in investment income. As of September 30, 2025 and September 30, 2024, $3.3 billion and $3.4 billion, respectively, of the invested assets were funds withheld at interest, of which more than 90% was associated with two clients.
Previous wording
•The increase in the asset base was primarily due to $4.9 billion from new transactions and growth from treaties open to new business, offset by $1.5 billion in run-off of existing in force transactions.
Current wording
◦The increase in the asset base was primarily due to $15.4 billion from new transactions and growth from treaties open to new business, offset by $1.9 billion in run-off of existing in force transactions.
Previous wording
•The decrease in adjusted claims and other policy benefits was primarily due to the PRT transactions executed in the prior year.
Current wording
•The decrease in adjusted claims and other policy benefits was primarily due to the PRT transactions executed in the prior year, partially offset by benefits related to the Equitable transaction in the current period.
Previous wording
•The decrease in adjusted claims and other policy benefits was primarily due to the single premium PRT transactions executed in the prior year.
Current wording
•The decrease in adjusted claims and other policy benefits was primarily due to the single premium PRT transactions executed in the prior year, partially offset by benefits related to the Equitable transaction in the current period.
Previous wording
Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations resulted in a decrease in adjusted operating income before income taxes of $4 million for the six months ended June 30, 2025. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
Current wording
Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations resulted in a decrease in adjusted operating income before income taxes of $4 million for the nine months ended September 30, 2025. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
Previous wording
The increase in adjusted operating income before income taxes for the three months ended June 30, 2025, was primarily due to organic growth and favorable experience in longevity business, partially offset by unfavorable experience in group business. The decrease in adjusted operating income before income taxes for the six months ended June 30, 2025, was primarily due to unfavorable experience in group business as compared to favorable experience in 2024, partially offset by favorable experience in longevity business and organic growth.
Current wording
The increase in adjusted operating income before income taxes for the three months ended September 30, 2025, was primarily due to favorable experience in individual life business and higher future policy remeasurement gains. The increase in adjusted operating income before income taxes for the nine months ended September 30, 2025, was primarily due to favorable experience in individual life business, and organic growth partially offset by unfavorable experience in group business in 2025 as compared to favorable experience in 2024 and lower policy remeasurement gains.
Previous wording
•The increase in net premiums was primarily due to organic growth in all lines of business, partially offset by unfavorable foreign currency fluctuations.
Current wording
•The increase in net premiums was primarily due to organic growth, partially offset by unfavorable foreign currency fluctuations.
Previous wording
•The increase in net premiums was primarily organic growth in all lines of business, partially offset by unfavorable foreign currency fluctuations.
Current wording
•The increase in net premiums was primarily due to organic growth, partially offset by unfavorable foreign currency fluctuations.
Previous wording
•The increase in the loss ratio for the six months ended June 30, 2025, was primarily due to unfavorable experience in group business in 2025 as compared to favorable experience in 2024 and future policy benefits remeasurement losses in 2025 as compared to future policy benefits remeasurement gains in 2024.
Current wording
•The increase in the loss ratio for the nine months ended September 30, 2025, was primarily due to unfavorable experience in group business in 2025 as compared to favorable experience in 2024 and lower future policy benefits remeasurement gains in 2025 as compared to 2024, partially offset by favorable experience in individual life business.
Showing the first 40 of 82 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Company’s businesses by excluding specified items which may not be indicative of the Company’s ongoing operating performance and may fluctuate significantly from period to period. This measure should be considered supplementary to the Company’s financial results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way the Company calculates such measures. Consequently, the Company’s non-GAAP financial measures may not be comparable to similar measures used by other companies.
Current report — wording carried from elsewhere
•The increase in adjusted claims and other policy benefits was primarily due to new business growth from recently executed in force transactions and unfavorable claims experience in group health reinsurance.
Current report — wording carried from elsewhere
•The increases in policy acquisition costs and other insurance expenses for the three and nine months ended September 30, 2025, were primarily due to decreases in charges to the segments for excess capital utilized above the allocated economic capital basis.
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q and in other periodic and current reports filed with the SEC.
Previous report — wording carried elsewhere
Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations increased income before income taxes by $10 million and $2 million for the three and six months ended June 30, 2025, respectively, primarily due to the strengthening of the British Pound and Japanese Yen compared to the U.S. dollar.
Previous report — wording carried elsewhere
•Unfavorable claims experience in the U.S Traditional segment in the current year and favorable impacts of in force management actions recognized in the prior year.
Previous report — wording carried elsewhere
•The increase in net premiums and net investment income was primarily due to new business growth from recently executed in force transactions.
Previous report — wording carried elsewhere
•The increase in adjusted claims and other policy benefits was primarily due to new business growth from recently executed in force transactions.
Previous report — wording carried elsewhere
•The decrease in net premiums was primarily due to the single premium pension risk transfer (“PRT”) transactions executed in the prior year.
Previous report — wording carried elsewhere
•The increase in the loss ratio for the three months ended June 30, 2025, was primarily due to unfavorable experience in group business in 2025.