- Adjusted compensation and related costs of $662 million essentially flat to Q1 2025; technology, occupancy, and facility costs up 7% from Q1 2025.
- Adjusted diluted earnings per share of $2.24 for Q2 2025 is in line with prior quarter's $2.23 and Q2 2024 EPS of $2.26.
- Adjusted net revenue of $1.76 billion is flat to Q2 2024 and down marginally from Q1 2025.
- Adjusted operating expenses of just over $1.1 billion, up 1% from Q1 2025 and 3.7% from Q2 2024.
- Average equity AUM down 5% and overall average AUM down 2% from Q1 2025; effective fee rate lowered to 39.6 basis points due to mix shift and flows into lower-priced products.
- Net outflows of $14.9 billion driven by U.S. equities, timing of client redemptions, and rebalancing activity coinciding with equity market snapback.
- Positive net flows in fixed income, multi-asset, alternatives, and $2.5 billion net flows into ETF products.
- Returned over $395 million to stockholders in first half of 2025, including $286 million in dividends and $109 million in share buybacks during Q2.
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- Book value per share increased to $156.63, representing a compounded annual growth rate of 9.7% since 2021.
- Consolidated net premiums increased 14% year-over-year, with traditional business premiums up 11% on a constant currency basis, driven by strong growth in the U.S., EMEA, and Asia.
- Excess capital increased to $3.8 billion at the end of Q2, or $2.3 billion pro forma for the Equitable transaction; deployable capital rose to $3.4 billion.
- Investment income was strong, with a nonspread portfolio yield of 4.98% (up 8 basis points from Q1) and total variable investment income of $105 million, driven by realizations in limited partnerships and real estate joint ventures.
- RGA reported operating EPS of $4.72 per share for Q2 2025, with an adjusted operating return on equity (ROE) of 14.3% for the trailing 12 months, in line with intermediate-term targets.
- The effective tax rate was 25.2% for the quarter, above the expected 23%-24%, due to valuation allowances on foreign tax credits, but full-year tax rate guidance remains unchanged.
- The quarter's results were below expectations due to large claims volatility in U.S. individual life and unfavorable claims in the healthcare excess business within U.S. Group.
- Advisory revenues up 60% year over year to $1.4 billion, leading global M&A advisor.
- Asset and Wealth Management revenues reached $4.4 billion, with record management fees of $2.9 billion.
- Debt underwriting revenues rose 30%, reflecting higher leveraged finance activity.
- Equity underwriting revenues increased 21% year over year, driven by IPO activity.
- FICC net revenues of $3.5 billion, up 17% year over year, with strong rates and mortgages.
- Global Banking & Markets revenues of $10.1 billion with a 17% ROE year to date.
- Net revenues of $15.2 billion and earnings per share of $12.25 in Q3 2025.
- Return on equity (ROE) of 14.2% for the quarter and 15.6% year to date.
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