American Reinsurance Group (RGA) disclosed that shareholder net profit for the full year of 2025 was US$1.182 billion, up from US$717 million in 2024.
Full-year 2025 adjusted operating income also rose, reaching $1.518 billion, compared with $1.342 billion in 2024.
Meanwhile, RGA’s net premiums totaled $17.2 billion in 2025, down 3.4% from 2024, with a favorable net foreign exchange effect of $56 million.
Full-year net premiums included a contribution of approximately $300 million from single-premium pension risk transfer transactions, compared with approximately $2.9 billion in the prior year, according to the company.
RGA’s largest segment, the United States and Latin America, reported net premiums of $7.927 billion in 2025, up from $7.5 billion in 2024.
Other significant contributions came from the Asia-Pacific region with net premiums of US$3.335 billion, followed by Europe, the Middle East and Africa (EMEA) with US$2.258 billion and Canada with US$1.331 billion.
Excluding spread business, investment income for the full year of 2025 will increase by 22.8% compared with 2024. The RGA said this was due to a larger average investment asset base and higher yields earned.
The average investment yield for the year was 4.99%, compared with 4.82% in 2024. The increase reportedly reflects higher new currency rates relative to existing portfolio yields as well as higher variable investment income.
In the fourth quarter of 2025 alone, net profit available to RGA shareholders was $463 million, up from $148 million in the fourth quarter of 2024.
Consolidated net premiums written in the fourth quarter of 2025 were $4.8 billion, an increase of 15% compared to the same period in 2024, with favorable net foreign exchange effects of $42 million.
Kevin Cheng, President and Chief Executive Officer, commented: “A very strong fourth quarter capped off another year of excellent financial results. It was another quarter of positive contributions from most of our business units, demonstrating the strength and diversity of our global platforms and local teams.
“I am delighted that the collective efforts of the global RGA team have delivered results that we are all proud of. Taking a step back, it is important to look at our results in a long-term context and relative to our medium-term financial targets.
“Our financial metrics have been tracking or ahead of our targets since the start of our most recent strategic cycle in 2023, giving us further confidence that we will meet or exceed our targets.
“Looking ahead, we have many reasons to be optimistic and I believe we are well-positioned for continued success. Our balance sheet is strong, business conditions are good and we have a proven strategy that I expect will deliver attractive financial results over time.”