Income Tax

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

INCOME TAX

The effective tax rate on pre-tax income for the three and six months ended June 30, 2025, was 47.0% and 34.1%, respectively. The tax rate was higher than the U.S. statutory rate primarily due to tax expense related to legal entity restructuring, the establishment of a valuation allowance on foreign tax credit carryforwards, and income earned in foreign jurisdictions with statutory tax rates higher than in the U.S. These increases were partially offset with benefits received from tax credits generated during the year. The effective tax rate on pre-tax income for the three and six months ended June 30, 2024, was 24.3% and 23.1%, respectively. The tax rate was higher than the U.S. statutory rate primarily due to income earned in foreign jurisdictions and adjustments to the valuation allowance. These increases were partially offset with benefits received in certain foreign jurisdictions.

The One Big Beautiful Bill Act (“OBBB”) was enacted on July 4, 2025 and is not expected to have a material impact on the Company’s financial statements.

The Organization for Economic Cooperation and Development developed Model Global Anti-Base Erosion (“GloBE”) rules under Pillar II establishing a Global Minimum Tax to ensure that multinational enterprises with consolidated revenue of more than EUR 750 million pay an effective tax rate of at least 15% on income arising in each jurisdiction in which they operate. As of June 30, 2025, many of the jurisdictions in which RGA operates enacted Pillar II legislation into domestic law with an effective date of January 1, 2024 or January 1, 2025. The tax impact of such Pillar II legislation was immaterial for the three months ended June 30, 2025.

Bermuda enacted the Corporate Income Tax Act of 2023 on December 27, 2023. The Bermuda corporate income tax regime establishes a statutory tax rate of 15% and is applicable to multinational companies with annual revenue of EUR 750 million or more. The corporate income tax regime is effective for fiscal years beginning on or after January 1, 2025. The tax impact for Bermuda was immaterial for the three months ended June 30, 2025.