REINSURANCE GROUP OF AMERICA INC
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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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, 2026 · Filed Nov 6, 2026
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 2026-06-30; filed 2026-08-07.
0000898174-26-000034
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0000898174-26-000040
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 253 previous paragraphs and 263 current paragraphs.
152 unchanged; 71 reworded; 39 added; 24 removed; 6 previous and 1 current paragraphs rearranged.
Tables are not compared: 25 previous and 26 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 (39)
Current report
Actuarial Assumptions Update
Current report
The Company’s annual assumptions review, completed in the third quarter of 2026, did not have a material impact on the Company’s pre-tax income. The 2025 pre-tax loss was primarily due to updated mortality assumptions in the U.K.
Current report
The following table summarizes the pre-tax impact, net of reinsurance, of assumptions updates for thenine months ended September 30, 2026 and 2025 for each segment’s long-duration and other insurance business (dollars in millions):
Current report
•The completion of the Company’s annual assumption review during the third quarter of 2026 did not have an impact on the results for the current period. The 2025 assumption update resulted in a loss of $149 million. See Note 4 – “Future Policy Benefits” for additional information.
Current report
•Unrealized gains due to changes in fair value of funds withheld embedded derivative associated with reinsurance agreements written on a modified coinsurance basis and certain agreements written on a coinsurance basis.
Current report
•Net losses on freestanding derivatives.
Current report
Income before income taxes increased by $640 million for the nine months ended September 30, 2026, compared with the same period in 2025. The increase was primarily attributable to:
Current report
Foreign currency exchange 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, 2026. Unless otherwise stated, all amounts discussed below are net of foreign currency exchange fluctuations.
Current report
•For the three and nine months ended September 30, 2026, changes in the fair value of funds withheld embedded derivative associated with reinsurance agreements written on a modified coinsurance basis and certain agreements written on a coinsurance basis increased by $104 million and $147 million, respectively, compared to a decrease of $33 million and $41 million for the three and nine months ended September 30, 2025, respectively.
Current report
•For the three months ended September 30, 2026, changes in the fair value of free standing derivatives decreased by $29 million compared to an increase of $32 million for the three months ended September 30, 2025, respectively. For the nine months ended September 30, 2026, changes in the fair value of free standing derivatives increased by $2 million compared to an increase of $80 million for the nine months ended September 30, 2025, respectively.
Current report
•The completion of the Company’s annual assumption review during the third quarter of 2026 did not have an impact on the consolidated results for the current period. The 2025 assumption update resulted in a loss of $149 million. See Note 4 – “Future Policy Benefits” for additional information.
Current report
•The completion of the Company’s annual assumption review during the third quarter of 2026 did not have an impact on the consolidated results for the current period. The 2025 assumption update resulted in a loss of $149 million. See Note 4 – “Future Policy Benefits” for additional information.
Current report
Foreign currency exchange 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, 2026. Unless otherwise stated, all amounts discussed below are net of foreign currency exchange fluctuations.
Current report
The increase in adjusted operating income before income taxes for the three months ended September 30, 2026, was primarily due to the favorable contributions from previously executed in-force actions in the Traditional segment and higher variable investment income in the current year, partially offset by less favorable impact of assumptions updates in the current year. The increase for the nine months ended September 30, 2026, was primarily due to favorable claims experience in the current year, higher variable investment income and the inclusion of a full nine months of the Equitable Holdings transaction, which was executed on July 31, 2025.
Current report
The increases in adjusted operating income before income taxes for the three and nine months ended September 30, 2026, were primarily due to favorable claims experience and variable investment income, partially offset by less favorable impact from the Company’s annual assumptions review in the current period.
Current report
•During the three months ended September 30, 2026 and 2025, the Company completed its annual assumptions review resulting in net favorable assumptions updates totaling $12 million and $39 million, respectively, primarily due to updated mortality assumptions. See Note 4 – “Future Policy Benefits” for additional information.
Current report
•The future policy benefits remeasurement gain was due to favorable claims experience in the current period partially offset by lower remeasurement gains from the Company’s annual assumptions review.
Current report
The increases in adjusted operating income before income taxes for the three and nine months ended September 30, 2026, were primarily due to favorable variable investment income.
Current report
•The increase in net premiums was primarily due to single-premium PRT transactions executed in the current quarter which is offset by an associated increase in reserves reflected in adjusted claims and other policy benefits.
Current report
•The increase in adjusted claims and other policy benefits and policy acquisition costs and other insurance expenses was primarily due to the execution of PRT transactions in the current quarter.
Current report
•The increase in policy acquisition costs and other insurance expenses was primarily due to retrocession transactions executed in the current quarter. Net investment income ceded on retrocessions is reported within policy acquisition costs and other insurance expenses.
Current report
•During the three months ended September 30, 2026, the Company completed its annual assumptions review resulting in net unfavorable assumptions updates totaling $8 million, primarily due to updated mortality assumptions. See Note 4 – “Future Policy Benefits” for additional information.
Current report
The increase in adjusted operating income before income taxes for the three months ended September 30, 2026, was primarily due to the favorable impact from the annual assumptions updates and favorable experience in individual life business. The increase in adjusted operating income before income taxes for the nine months ended September 30, 2026, was primarily due to the favorable impact from the annual assumptions updates and favorable experience across all lines of business.
Current report
•The decrease in the loss ratio was primarily due to favorable experience in individual life business.
Current report
•The segment added new life business production, measured by face amount of life reinsurance in force, of $40.4 billion and $39.8 billion during the nine months ended September 30, 2026 and 2025, respectively.
Current report
•The decrease in the loss ratio was primarily due to favorable experience across all lines of business.
Current report
•During the three months ended September 30, 2026 and 2025, the Company completed its annual assumptions review resulting in net favorable assumptions updates totaling $22 million and $9 million, respectively, primarily due to updated mortality assumptions. 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, 2026, were primarily due to unfavorable assumptions updates in the prior year and growth in the underlying business.
Current report
Foreign currency exchange fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations resulted in decreases of $3 million on adjusted operating income before income taxes for the three months ended September 30, 2026, and increases of $10 million for the nine months ended September 30, 2026. Unless otherwise stated, all amounts discussed below are net of foreign currency exchange fluctuations.
Current report
The increases in adjusted operating income before income taxes for the three and nine months ended September 30, 2026, were primarily due to unfavorable assumptions updates in the prior year.
Current report
•The segment added new life business production, measured by face amount of life reinsurance in force, of $102.8 billion and $133.2 billion during the nine months ended September 30, 2026 and 2025, respectively.
Current report
•During the three months ended September 30, 2026, the Company completed its annual assumptions review resulting in net unfavorable assumptions updates totaling $31 million, primarily due to updated mortality assumptions. The 2025 annual assumption update resulted in a loss of $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. See Note 4 – “Future Policy Benefits” for additional information.
Current report
•There were no changes to the segment actuarial assumptions as a result of the Company’s 2026 annual assumptions review completed in the third quarter. The 2025 annual assumptions update resulted in a gain of $24 million, primarily due to updated longevity based mortality in the U.K. See Note 4 – “Future Policy Benefits” for additional information.
Current report
•The increase in loss ratio was primarily due to unfavorable underwriting experience.
Current report
•The segment added new life business production, measured by face amount of life reinsurance in force, of $74.3 billion and $41.5 billion during the nine months ended September 30, 2026 and 2025, respectively.
Current report
•The increase in loss ratio was primarily due to unfavorable underwriting experience.
Current report
•During the three months ended September 30, 2026 and 2025, the Company completed its annual assumptions review resulting in net favorable assumptions updates totaling $16 million and $1 million, respectively, primarily due to updated mortality assumptions. See Note 4 – “Future Policy Benefits” for additional information.
Current report
•Other revenues increased for the nine months ended September 30, 2026, due to higher surrender charges.
Current report
The Company’s $400 million 3.95% Senior Debentures due 2026 matured and were paid in full on September 15, 2026.
Removed paragraphs (24)
Previous report
The following discussion presents the Company’s financial condition and results of operations for the three and six months ended June 30, 2026 and 2025.
Previous report
Income before income taxes increased by $336 million for the six months ended June 30, 2026, compared with the same period in 2025. The increase was primarily attributable to:
Previous report
•The financial impact of the Equitable Holdings transaction described above increased earnings from the U.S. Financial Solutions segment by $78 million, and an increase in other revenues due to policy charges on universal life-type policies
Previous report
Foreign currency exchange 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 six months ended June 30, 2026. Unless otherwise stated, all amounts discussed below are net of foreign currency exchange fluctuations.
Previous report
•For the three and six months ended June 30, 2026, changes in the fair value of freestanding derivatives increased by $88 million and $31 million, respectively, compared to an increase of $50 million and $48 million for the three and six months ended June 30, 2025, respectively.
Previous report
Foreign currency exchange 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 six months ended June 30, 2026. Unless otherwise stated, all amounts discussed below are net of foreign currency exchange fluctuations.
Previous report
The increases in adjusted operating income before income taxes for the three and six months ended June 30, 2026, were primarily due to favorable mortality claims experience and group results in the Traditional segment, the contribution from the Equitable Holdings transaction and an increase in variable investment income in the current year.
Previous report
The increases in adjusted operating income before income taxes for the three and six months ended June 30, 2026, were primarily due to favorable claims experience in the current period compared to unfavorable claims experience in the prior period and favorable group experience.
Previous report
•The increase in investment related gains (losses) was due to an increase in the fair value of equity options and was substantially offset by a corresponding increase in interest credited associated with equity-indexed life products.
Previous report
•The increase in future policy benefits remeasurement gains was due to favorable claims experience in the current period.
Previous report
•The decrease in net premiums was due to the impact of recaptured treaties.
Previous report
•The increase in future policy benefits remeasurement gains was due to favorable claims experience in the current period.
Previous report
The increases in adjusted operating income before income taxes for the three and six months ended June 30, 2026, were primarily due to the Equitable Holdings transaction and favorable variable investment income.
Previous report
The increases in adjusted operating income before income taxes for the three and six months ended June 30, 2026, were primarily due to favorable experience on group business in 2026 as compared to unfavorable experience in 2025. For the six months ended June 30, 2026, favorable foreign currency exchange fluctuations also contributed to the increase in adjusted operating income before income taxes.
Previous report
•The decrease in the loss ratio was primarily due to favorable experience on group business in 2026 as compared to unfavorable experience in 2025.
Previous report
•The segment added new life business production, measured by face amount of life reinsurance in force, of $27.0 billion and $26.3 billion during the six months ended June 30, 2026 and 2025, respectively.
Previous report
•The decrease in the loss ratio was primarily due to favorable experience on group business in 2026 as compared to unfavorable experience in 2025.
Previous report
The increases in adjusted operating income before income taxes for the three and six months ended June 30, 2026, were primarily due to higher net investment income resulting from business growth and favorable experience.
Previous report
Foreign currency exchange fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations did not have impact on adjusted operating income before income taxes for the three months ended June 30, 2026, and an increase of $13 million for the six months ended June 30, 2026. Unless otherwise stated, all amounts discussed below are net of foreign currency exchange fluctuations.
Previous report
The increase in adjusted operating income before income taxes for the three months ended June 30, 2026, was primarily due to a decrease in adjusted claims and other policy benefits and favorable client adjustments. The increase in adjusted operating income before income taxes for the six months ended June 30, 2026, was primarily due to increased net premiums, offset by an increase in policy acquisition costs and other insurance expenses.
Previous report
•The segment added new life business production, measured by face amount of life reinsurance in force, of $80.2 billion and $97.5 billion during the six months ended June 30, 2026 and 2025, respectively.
Previous report
•The loss ratio was generally in line with the prior year period, reflecting stable underwriting experience.
Previous report
•The segment added new life business production, measured by face amount of life reinsurance in force, of $48.1 billion and $28.8 billion during the six months ended June 30, 2026 and 2025, respectively.
Previous report
•The loss ratio was generally in line with the prior-year period, reflecting stable underwriting experience.
Reworded paragraphs (71)
Previous 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 $167.1 billion as of June 30, 2026. Traditional reinsurance includes individual and group life and health, disability, and critical illness reinsurance. Financial solutions includes longevity reinsurance, asset-intensive reinsurance, pension risk transfer, 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 $4.4 trillion of life reinsurance in force and assets of $169.5 billion as of September 30, 2026. Traditional reinsurance includes individual and group life and health, disability, and critical illness reinsurance. Financial solutions includes longevity reinsurance, asset-intensive reinsurance, pension risk transfer, 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
Income before income taxes increased by $264 million for the three months ended June 30, 2026, compared with the same period in 2025. The increase was primarily attributable to the following:
Current wording
Income before income taxes increased by $304 million for the three months ended September 30, 2026, compared with the same period in 2025. The increase was primarily attributable to the following:
Previous wording
•Higher variable investment income from limited partnerships and real estate joint ventures, which increased revenues and contributed to the improvement in income before income taxes.
Current wording
•Higher variable investment income primarily from limited partnerships and real estate joint venture sales, which increased revenues and contributed to the improvement in income before income taxes.
Previous wording
•The Company executed reinsurance contracts with subsidiaries of Equitable Holdings, Inc. (the “Equitable Holdings Transaction”) on July 31, 2025. Pursuant to these agreements, the Company’s U.S. Financial Solutions segment assumed a 75% quota share of Equitable Holdings’ 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 income before income taxes by $39 million.
Current wording
•The Company executed reinsurance contracts with subsidiaries of Equitable Holdings, Inc. (the “Equitable Holdings Transaction”) on July 31, 2025. Pursuant to these agreements, the Company’s U.S. Financial Solutions segment assumed a 75% quota share of Equitable Holdings’ 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 income taxes by $105 million during the nine month period ended September 30, 2026.
Previous wording
•Higher variable investment income from limited partnerships and real estate joint ventures, which increased revenues and contributed to the improvement in income before income taxes.
Current wording
•Higher variable investment income primarily from limited partnerships and real estate joint venture sales, which increased revenues and contributed to the improvement in income before income taxes.
Previous wording
•During the three and six months ended June 30, 2026, the Company repositioned its investment portfolio to generate higher yields, resulting in net realized losses of $88 million and $194 million, respectively, compared to net capital losses of $35 million and $86 million for the three and six months ended June 30, 2025, respectively.
Current wording
•During the three and nine months ended September 30, 2026, the Company repositioned its investment portfolio to generate higher yields, resulting in net realized losses of $102 million and $296 million, respectively, compared to net capital gains of $31 million and net capital losses of $55 million for the three and nine months ended September 30, 2025, respectively.
Previous wording
•During the three and six months ended June 30, 2026, the fair value of certain limited partnership investments decreased by $42 million and $36 million, respectively, compared to an increase of $6 million and a decrease of $1 million for the three and six months ended June 30, 2025, respectively.
Current wording
•During the three and nine months ended September 30, 2026, the fair value of certain limited partnership investments decreased by $42 million and $71 million, respectively, compared to a decrease of $1 million and $22 million for the three and nine months ended September 30, 2025, respectively.
Previous wording
•The Company incurred $36 million and $79 million of changes in allowance for credit losses and impairments during the three and six months ended June 30, 2026, respectively, compared to $68 million and $76 million during the three and six months ended June 30, 2025, respectively.
Current wording
•The Company incurred $71 million and $150 million of changes in allowance for credit losses and impairments during the three and nine months ended September 30, 2026, respectively, compared to $35 million and $111 million during the three and nine months ended September 30, 2025, respectively.
Previous 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, had no impact on income before income taxes for the three months ended June 30, 2026, and decreased income before income taxes by $13 million for the six months ended June 30, 2026. The change in fair value of market risk benefits for guaranteed minimum benefits, after allowing for changes in the associated freestanding derivatives, increased income before income taxes by $1 million for the three months ended June 30, 2025, and decreased income before income taxes by $2 million for the six months ended June 30, 2025.
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 $9 million and $22 million for the three and nine months ended September 30, 2026. 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.
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 equity-indexed annuity 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 non-economic losses were immaterial for the three and six months ended June 30, 2026, compared to losses of $23 million and $29 million for the three and six months ended June 30, 2025, respectively.
Current wording
Non-economic changes in insurance liabilities include the initial loss on Pension Risk Transfer (“PRT”) transactions, net of amortization, and changes in the fair value of embedded derivatives associated with the Company’s reinsurance of equity-indexed annuity 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 non-economic losses were $16 million for the three and nine months ended September 30, 2026, compared to losses of $12 million and $41 million for the three and nine months ended September 30, 2025, respectively.
Previous wording
The effective tax rate was 23.4% and 24.1%, for the three and six months ended June 30, 2026, respectively, compared to 47.0% and 34.1% for the three and six months ended June 30, 2025. 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 26.8% and 25.1%, for the three and nine months ended September 30, 2026, respectively, compared to 20.3% and 29.7% for the three and nine months ended September 30, 2025. 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
Adjusted operating income before income taxes increased by $340 million for the three months ended June 30, 2026, compared with the same period in 2025. The increase was primarily attributable to earnings from the Equitable Holdings transaction, growth in net investment income and favorable claims experience.
Current wording
Adjusted operating income before income taxes increased by $351 million for the three months ended September 30, 2026, compared with the same period in 2025. The increase was primarily attributable to earnings from new transactions, growth in net investment income and favorable claims experience.
Previous wording
•Variable investment income, excluding spread related business, was $89 million for the six months ended June 30, 2026, compared to $53 million in the prior year.
Current wording
•Variable investment income, excluding spread related business, was $144 million for the nine months ended September 30, 2026, compared to $53 million in the prior year.
Previous wording
The increases in net premiums for the three and six months ended June 30, 2026, were primarily due to organic growth and new business production. Organic growth and new business production, measured by the face amount of life reinsurance in force, were $280.3 billion and $242.6 billion during the six months ended June 30, 2026 and 2025, respectively. Consolidated assumed life reinsurance in force increased to $4,341.6 billion as of June 30, 2026, from $4,091.3 billion as of June 30, 2025, primarily due to new business production.
Current wording
The increases in net premiums for the three and nine months ended September 30, 2026, were primarily due to organic growth and new business production. Organic growth and new business production, measured by the face amount of life reinsurance in force, were $389.5 billion and $606.4 billion during the nine months ended September 30, 2026 and 2025, respectively. Consolidated assumed life reinsurance in force increased to $4,378.5 billion as of September 30, 2026, from $4,320.8 billion as of September 30, 2025, primarily due to new business production.
Previous wording
The increases in net investment income for the three and six months ended June 30, 2026, were primarily due to an increase in the average invested asset base and higher risk-free rates earned on new investments, and an increase in variable investment income from limited partnerships and real estate joint ventures. The following summarizes the primary drivers contributing to the increases in net investment income for the three and six months ended June 30, 2026:
Current wording
The increases in net investment income for the three and nine months ended September 30, 2026, were primarily due to an increase in the average invested asset base and higher risk-free rates earned on new investments, and an increase in variable investment income from limited partnerships and real estate joint ventures sales. The following summarizes the primary drivers contributing to the increases in net investment income for the three and nine months ended September 30, 2026:
Previous wording
•The average invested assets at amortized cost, excluding spread related business, totaled$49.6 billionand$44.6 billion, for the six months ended June 30, 2026 and 2025, respectively.
Current wording
•The average invested assets at amortized cost, excluding spread related business, totaled$49.4 billionand$45.1 billion, for thenine months ended September 30, 2026 and 2025, respectively.
Previous wording
•The average yield earned on investments, excluding spread related business, was 5.33% and 5.31% for the three months ended June 30, 2026 and 2025, respectively, and 5.13% and 4.98% for the six months ended June 30, 2026 and 2025, respectively. The increase in investment yield for the three months ended June 30, 2026, in comparison with the same period in the prior year, was primarily due to an increase in variable investment income. The increase in investment yield for the six months ended June 30, 2026, in comparison with the same period in the prior year, was primarily due to an increase in variable investment income from limited partnerships and real estate joint ventures.
Current wording
•The average yield earned on investments, excluding spread related business, was 5.26% and 4.73% for the three months ended September 30, 2026 and 2025, respectively, and 5.17% and 4.91% for the nine months ended September 30, 2026 and 2025, respectively. The increase in investment yield for the three months ended September 30, 2026, in comparison with the same period in the prior year, was primarily due to an increase in variable investment income. The increase in investment yield for the nine months ended September 30, 2026, in comparison with the same period in the prior year, was primarily due to an increase in variable investment income from limited partnerships and real estate joint venture sales.
Previous wording
The average yield will vary from year to year depending on several variables, including the prevailing risk-free interest rate and credit spread environment, prepayment fees and make-whole premiums, changes in the mix of the underlying investments and cash and cash equivalents balances. Variable investment income from limited partnerships and real estate joint ventures will also vary from year to year and is highly dependent on the timing of dividends and distributions on certain investments. Investment income is allocated to the operating segments based upon average assets and related capital levels deemed appropriate to support segment operations.
Current wording
The average yield will vary from year to year depending on several variables, including the prevailing risk-free interest rate and credit spread environment, prepayment fees and make-whole premiums, changes in the mix of the underlying investments and cash and cash equivalents balances. Variable investment income from limited partnerships and real estate joint ventures will also vary from year to year and is highly dependent on the timing of dividends and distributions on certain investments, in addition to the sale of the underlying property in the case of real estate joint ventures. Investment income is allocated to the operating segments based upon average assets and related capital levels deemed appropriate to support segment operations.
Previous wording
•The decrease in net premiums was due to the impact of recaptured treaties.
Current wording
•The increase in net premiums was due to organic growth.
Previous wording
•The increase in net investment income was primarily due to a higher asset base supporting the business and favorable investment yields.
Current wording
•The increase in net investment income was primarily due to favorable investment yields, an increase in variable investment income and a higher asset base supporting the business.
Previous wording
•The increase in adjusted interest credited was associated with the reinsurance of equity-indexed life products. The effect on interest credited related to equity markets was substantially offset by a corresponding increase in the fair value of equity options reported in investment related gains (losses), net.
Current wording
•Adjusted interest credited is primarily associated with the reinsurance of equity-indexed life products. The effect on interest credited related to equity markets is substantially offset by a corresponding increase in the fair value of equity options reported in investment related gains (losses), net.
Previous wording
•The increase in net investment income was primarily due to a higher asset base supporting the business and favorable investment yields.
Current wording
•The increase in net investment income was primarily due to favorable investment yields and a higher asset base supporting the business.
Previous wording
•The segment added new life business, measured by face amount of life reinsurance in force, of $109.5 billion and $82.3 billion during the six months ended June 30, 2026 and 2025, respectively.
Current wording
•The segment added new life business, measured by face amount of life reinsurance in force, of $155.3 billion and $135.1 billion during the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
◦The book value of the invested asset base supporting asset-intensive transactions increased to $38.4 billion as of June 30, 2026, from $25.5 billion as of June 30, 2025, resulting in higher net investment income. As of June 30, 2026 and June 30, 2025, $3.1 billion and $3.1 billion, respectively, of the invested assets were funds withheld at interest, of which 90% or more was associated with two clients.
Current wording
◦The book value of the invested asset base supporting asset-intensive transactions increased to $46.7 billion as of September 30, 2026, from $39.8 billion as of September 30, 2025, resulting in higher net investment income. As of September 30, 2026 and September 30, 2025, $3.0 billion and $3.3 billion, respectively, of the invested assets were funds withheld at interest, of which 90% or more was associated with two clients.
Previous wording
◦The increase in the asset base was primarily due to $15.8 billion from new transactions and growth from treaties open to new business, offset by $1.6 billion in run-off of existing in force transactions and $1.3 billion associated with a retrocession transaction.
Current wording
◦The increase in the asset base was primarily due to $8.7 billion from new transactions and growth from treaties open to new business, offset by $1.8 billion in run-off of existing in force transactions.
Previous wording
•The increase in other revenues was primarily due to policy charges on universal life-type policies associated with the Equitable Holdings transaction.
Current wording
•The decrease in other revenues was primarily due to a decrease in policy charges on universal life-type policies associated with the Equitable Holdings transaction.
Previous wording
•Certain of the Company’s reinsurance contracts, including the Equitable Holdings transaction, reinsure the ceding company’s separate account liabilities on a modified coinsurance basis. Under the terms of these arrangements, the ceding company retains the assets supporting the separate account liabilities. The Company receives a fee-based on the policyholder’s account value and is not directly exposed to the investment performance of the separate account assets. Periodic settlements between the Company and the ceding company are net settled. The Company, having the right of offset, has offset assumed separate account assets and liabilities in its consolidated balance sheet. As of June 30, 2026, and December 31, 2025, the Company assumed $16.4 billion and $16.7 billion of separate account liabilities.
Current wording
•Certain of the Company’s reinsurance contracts, including the Equitable Holdings transaction, reinsure the ceding company’s separate account liabilities on a modified coinsurance basis. Under the terms of these arrangements, the ceding company retains the assets supporting the separate account liabilities. The Company receives a fee based on the policyholder’s account value and is not directly exposed to the investment performance of the separate account assets. Periodic settlements between the Company and the ceding company are net settled. The Company, having the right of offset, has offset assumed separate account assets and liabilities in its consolidated balance sheet. As of September 30, 2026 and December 31, 2025, the Company assumed $15.3 billion, net of reinsurance of $1.0 billion, and $16.7 billion of separate account liabilities.
Previous wording
The increases in adjusted operating income before income taxes for the three and six months ended June 30, 2026, were primarily due to an increase in variable investment income and favorable experience on group business in 2026 as compared to unfavorable experience in 2025.
Current wording
The increases in adjusted operating income before income taxes for the three and nine months ended September 30, 2026, were primarily due to the favorable impact from annual assumptions updates, an increase in variable investment income and favorable experience in Traditional business.
Previous wording
Foreign currency exchange fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations resulted in an increase in adjusted operating income before income taxes of $2 million for the six months ended June 30, 2026. Unless otherwise stated, all amounts discussed below are net of foreign currency exchange fluctuations.
Current wording
Foreign currency exchange fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations resulted in an increase in adjusted operating income before income taxes of $1 million for the nine months ended September 30, 2026. Unless otherwise stated, all amounts discussed below are net of foreign currency exchange fluctuations.
Previous wording
The increase in adjusted operating income before income taxes for the three months ended June 30, 2026, was primarily due to higher variable investment income. The increase in adjusted operating income before income taxes for the six months ended June 30, 2026, was primarily due to higher variable investment income, partially offset by less favorable experience in longevity and asset-intensive business in 2026.
Current wording
The increase in adjusted operating income before income taxes for the three months ended September 30, 2026, was primarily due to higher variable investment income. The increase in adjusted operating income before income taxes for the nine months ended September 30, 2026, was primarily due to higher variable investment income, partially offset by less favorable experience in longevity business.
Previous wording
•The decreases in the loss ratios for the three and six months ended June 30, 2026, were primarily due to an improvement in mortality experience.
Current wording
•The decreases in the loss ratios for the three and nine months ended September 30, 2026, were primarily due to a decrease in unfavorable assumptions updates and an improvement in mortality experience.
Previous wording
The increases in adjusted operating income before income taxes for the three and six months ended June 30, 2026, were primarily due to increases in net premiums and net investment income, partially offset by an increase in adjusted claims and other policy benefits as a result of increased volumes of closed block longevity and asset-intensive business.
Current wording
The increases in adjusted operating income before income taxes for the three and nine months ended September 30, 2026, were primarily due to increases in net premiums and net investment income, partially offset by an increase in adjusted claims and other policy benefits as a result of increased volumes of closed block longevity and asset-intensive business.
Previous wording
•The increases in net premiums for the three and six months ended June 30, 2026, were primarily due to increased volumes on new and existing treaties.
Current wording
•The increases in net premiums for the three and nine months ended September 30, 2026, were primarily due to increased volumes on new and existing treaties.
Previous wording
•The increases in net investment income for the three and six months ended June 30, 2026, were primarily due to an increase in invested assets supporting the segment.
Current wording
•The increases in net investment income for the three and nine months ended September 30, 2026, were primarily due to an increase in yields and an increase in invested assets supporting the segment.
Previous wording
•The increases in adjusted claims and other policy benefits for the three and six months ended June 30, 2026, were the result of increased volumes of closed block longevity and asset-intensive transactions.
Current wording
•The increases in adjusted claims and other policy benefits for the three and nine months ended September 30, 2026, were the result of increased volumes of closed block longevity and asset-intensive transactions.
Previous wording
The increases in adjusted operating income before income taxes for the three and six months ended June 30, 2026, were primarily due to higher net investment income and business growth in both traditional reinsurance and financial solutions.
Current wording
The adjusted operating income before income taxes for the three months ended September 30, 2026, was in line with the prior year period. The increase in the adjusted operating income before income taxes for the nine months ended September 30, 2026, was primarily due to higher net investment income and business growth in both traditional reinsurance and financial solutions.
Previous wording
Foreign currency exchange fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations resulted in decreases of $9 million in adjusted operating income before income taxes for the three and six months ended June 30, 2026. Unless otherwise stated, all amounts discussed below are net of foreign currency exchange fluctuations.
Current wording
Foreign currency exchange fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations resulted in decreases of $9 million and $18 million in adjusted operating income before income taxes for the three and nine months ended September 30, 2026, respectively. Unless otherwise stated, all amounts discussed below are net of foreign currency exchange fluctuations.
Previous wording
The increases in adjusted operating income before income taxes for the three and six months ended June 30, 2026, were primarily due to growth in traditional reinsurance business.
Current wording
The decrease in adjusted operating income before income taxes for the three months ended September 30, 2026, was primarily due to a decrease in net premiums and a decrease in future policy benefits remeasurement gains, partially offset by an increase in net investment income. The increase in adjusted operating income before taxes for the nine months ended September 30, 2026, was primarily due to growth in traditional reinsurance business.
Previous wording
•The increase in segment revenues reflected growth in traditional reinsurance business through net premiums and net investment income.
Current wording
•The decrease in segment revenues reflected a decrease in net premiums substantially offset by an increase in net investment income.
Previous wording
The increases in adjusted operating income before income taxes for the three and six months ended June 30, 2026, were due to higher net investment income and new business growth.
Current wording
The increases in adjusted operating income before income taxes for the three and nine months ended September 30, 2026, were due to higher net investment income and new business growth.
Showing the first 40 of 71 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
•The increases in adjusted claims and other policy benefits for the three and nine months ended September 30, 2026, were due to the growth of asset-intensive business.
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
•An increase in other revenues primarily due to policy charges on universal life-type policies associated with the Equitable Holdings transaction.
Previous report — wording carried elsewhere
•Favorable impacts from the Equitable Holdings transaction completed in the third quarter of 2025.
Previous report — wording carried elsewhere
•The increase in adjusted interest credited was associated with the reinsurance of equity-indexed life products. The effect on interest credited related to equity markets was substantially offset by a corresponding increase in the fair value of equity options reported in investment related gains (losses), net.
Previous report — wording carried elsewhere
•The increase in net premiums was primarily due to premiums received on the Equitable Holdings transaction in the current quarter.
Previous report — wording carried elsewhere
•The increases in adjusted claims and other policy benefits, adjusted interest credited and policy acquisition costs and other insurance expenses were primarily due to the Equitable Holdings transaction.
Previous report — wording carried elsewhere
below. Gross unrealized gains on fixed maturity securities available-for-sale increased from $1.7 billion at December 31, 2025, to $1.4 billion at June 30, 2026, and gross unrealized losses increased from $7.0 billion at December 31, 2025, to $8.2 billion at June 30, 2026.