Reinsurer trims assets as in-force book holds steady
Reinsurance Group of America’s total assets fell to $156.6 billion at year-end 2025.
Reinsurance Group of America (RGA) reported a sequential decline in total assets at year-end 2025, even as its life reinsurance in-force book remained unchanged. The global life and health reinsurer’s assets stood at $156.6 billion as of December 31, down $7.5 billion from the prior quarter.
The quarter marked a contrast between balance-sheet contraction and stable underwriting exposure. While assets shrank, life reinsurance in force held at approximately $4.3 trillion, unchanged from both the prior quarter and the same period a year earlier. That stability followed a period of growth: in-force reinsurance had risen from $3.9 trillion in the third quarter of 2025, reflecting new business written in the intervening months.
Revenue and earnings figures were not disclosed in the latest filing, but prior quarters had highlighted a large transaction with Equitable Holdings. The $32 billion reinsurance deal, announced in the third quarter of 2025, was expected to deploy $1.5 billion of capital and contribute about $70 million of adjusted operating income before taxes in 2025. Contributions were projected to rise to $160–$170 million in 2026 and approximately $200 million annually thereafter.
The company did not update those projections in the latest filing, nor did it provide new guidance for 2026. Management had previously framed the Equitable transaction as a capital-efficient way to expand its U.S. retirement solutions business, though the anchor release did not revisit the deal’s financial impact.
Segment performance was similarly absent from the year-end disclosure. Earlier quarters had shown the Equitable transaction lifting the U.S. segment’s adjusted operating return on capital, but the latest filing did not break out results by region or product line.
Reinsurance Group of America did not announce any new capital actions alongside the asset decline. The company’s focus on maintaining in-force exposure while reducing balance-sheet size suggested a shift toward higher-return, lower-capital-intensive business, though the filing did not explicitly link the asset decline to the Equitable transaction.