Reinsurance Group of America, Incorporated

Good morning, and welcome to the Reinsurance Group of America third quarter 2025 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Jeff Hobson, Senior Vice President, Investor Relations. Please go ahead.

Thank you. Welcome to RGA's third quarter 2025 conference call. I'm joined on the call this morning by Tony Chang, RGA's President and CEO, Axel Andre, Chief Financial Officer, Leslie Barbee, Chief Investment Officer, and Jonathan Porter, Chief Risk Officer. A quick reminder before we get going regarding forward-looking information and non-GAAP financial measures. Some of our comments or answers may contain forward-looking statements. Actual results could differ materially from expected results. Please refer to the earnings release we issued yesterday for a list of important factors that could cause actual results to differ from expected results. Additionally, during the course of this call, the information we provide may include non-GAAP financial measures. Please see our earnings release, earnings presentation, and quarterly financial supplement all of which are posted on our website for discussion of these terms and reconciliations to gap measures. Throughout the call, we will be referencing slides from the earnings presentation, which again is posted on our website. And now I'll turn the call over to Tony for his comments.

Good morning, everyone, and thank you for joining us. I am delighted to share that we have had a very strong third quarter. as demonstrated by the continued successful execution of our strategy, as well as the record financial performance we delivered. Let me open with a few key highlights. Firstly, we reported record operating EPS excluding notable items of $6.37 per share. These results were strong and above expectations. We had excellent performance overall with particularly good results in Asia Traditional and EMEA and US Financial Solutions. Our diversified global platform continues to deliver significant long-term value. Secondly, we are seeing a positive contribution from the equitable transaction, which closed this quarter. Thirdly, new business momentum remains strong. As evidenced by our premium growth and capital deployment into in-force transactions, we are seeing good year-to-date contributions from across our geographies. Our competitive advantages continue to differentiate RJ, leading to good new business results, a robust pipeline, and the ability to be selective on the opportunities we pursue. Next, during the quarter, we repurchased $75 million of common shares. We will continue to balance investing our excess capital into the business and returning it to shareholders in a manner that allows us to execute our strategy and meet our financial targets over time. Finally, we continue to make progress on other strategic initiatives, including the utilization of RubyRee and the successful execution of enforced management actions. All of these position us for continued long-term success. Let me now provide a few more details on the quarter, including highlights from across our regions, starting with North America. We continue to exceed our new business targets for the traditional business, driven by our strong underwriting capabilities. we closed a significant number of new deals in the quarter and reached a record number of underwriting applications. One of these deals was an enhancement of our strategic underwriting program with a digital solution that enabled us to partner exclusively with a key client that has a strong brand and a large distribution footprint. These initiatives differentiate RGA and represent an increasing portion of our U.S. business. This is yet another example of what RJ has done for over 50 years and continues to do its best, which is to be innovative and the leader in underwriting. Also, as indicated, the equitable transaction closed in the quarter and we recorded a full quarter of earnings in this period. results were in line with our expectations. The asset portfolio repositioning is progressing as planned, and our previous guidance on the expected future earnings remains unchanged. Along with the financial gains, the partnership is yielding strategic benefits through increased underwriting services, product development, asset management, and participation in our Ruby Re sidecar. The depth and breadth of this partnership is one example of the win-win opportunities for the benefit of both RGA and our clients. Moving to Asia Pacific, the region continues to perform very well. Traditional results were particularly strong this quarter, continuing its trend of excellent growth and bottom line results. We continue to delight our clients by staying at the forefront of innovation and helping them navigate evolving strategic needs. Our strategy in Hong Kong is to deliver holistic solutions, combining product development, capital solutions, and technology-enabled underwriting capabilities. We recently won the prestigious Hong Kong Federation of Insurers Outstanding Reinsurance Scheme Award, recognizing one of these holistic solutions. We expect this to lead to repeat transactions of this nature in Hong Kong. In addition, we've been able to leverage these strengths across the region. This was best demonstrated in mainland China, where recent regulatory changes allow participating critical illness products like the ones in Hong Kong to be sold. RJ co-developed a first-of-its-kind critical illness combination product and early sales performance has been strong. In Korea, RJA remains the market leader in product innovation. Building on the success of last year's cancer treatment product, which launched with 19 clients, we introduced the second-generation version of this product, and our clients have already sold over 1 million policies, demonstrating the strong market demand. Finally, in the EMEA region, RGA remains a clear market leader, and Q3 results reflect that. We successfully closed multiple transactions across the region and across a range of product lines. The strong client satisfaction from RGA executing on our promises will lead to repeat opportunities. In addition, we closed a market-first transaction in Switzerland. This follows our success in Belgium last year in a similar market first and shows continental Europe is opening up to asset-intensive reinsurance. I firmly believe we are best positioned in this market and our innovation will continue to drive growth in the region. Reflecting on the activity from across the globe, I am very pleased with our traditional business results. traditional business premiums are up 8.5% year-to-date on a constant currency basis with good growth across regions. And we can rely on this business year in, year out, giving us a strong foundation for continued earnings growth. Now, with regards to transactions, we have deployed $2.4 billion of capital year-to-date. This comprised of $1.5 billion into the equitable transaction and $900 million of capital into over 20 other transactions spread around the globe. These are high-quality transactions that don't always make headlines due to their more modest size, but are equally important as they form a regular base of business that we can also rely on year in, year out. They leverage our long-standing client relationships, our strength in biometric risk, and often our repeat transactions that are well within our sweet spot. As you can see from these examples, the new business success in all three regions are the result of our now well-entrenched creationary business approach. This approach proactively provides holistic and innovative solutions. leveraging our competitive advantages and often leads to exclusive and repeat business. Over the past two years, this approach has driven expected lifetime returns of all new business across the company above our target range. Looking forward, our new business pipeline is strong across all three regions, and we will continue to select the best opportunities based on our expected returns risk appetite, and other strategic considerations. Another highlight is that the value of enforced business margins increased by 16% over the past three quarters. This is a measure of our efforts to create long-term value through new business and other management actions and indicates our success in building a sustainable and successful future. Finally, it is very gratifying that we can provide an attractive combination of organic growth and are in a strong capital position that enables us to fulfill our healthy pipeline and return a meaningful amount of capital to shareholders. So to sum up, we have had an excellent third quarter with many highlights. We are well positioned in the right markets with the right teams executing with the right strategies and have full confidence that the best is yet to come. I will now turn it over to our CFO, Axel Andre, to discuss the financial results in more detail.