Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-09-04

REINSURANCE GROUP OF AMERICA INC (RGA)

CEO Tony Cheng was paid $13,063,229 in fiscal year 2025, ↑ up 14.0% from fiscal year 2024, the 43rd percentile of its disclosed peer group (SEC filing 0000898174-26-000017 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$13,063,229 ↑
Tony Cheng total, FY2025
43rd
CEO pay percentile vs peers
78:1
CEO-to-median pay ratio
98.93%
Say-on-pay support, latest vote

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- Tony Cheng (President & CEO), FY2025 total compensation $13,063,229 (base salary $999,423) [exec_comp, SEC accession 0000898174-26-000017, filed 2026-04-09]

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RGA's next annual pay disclosure, estimated April 8, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Tony Cheng$999,423$0$5,624,985$1,875,016$2,500,000$352,131$1,711,674$13,063,229
President & CEO
My Chi To357,692340,0003,899,875399,974765,705036,1225,799,368
EVP, Chief Legal Officer & Corporate Secretary
Axel André750,00002,399,955599,9881,404,8440181,1155,335,902
EVP & CFO
Ronald Herrmann699,71201,539,947385,0102,173,5000223,3765,021,545
EVP, Head of RGA Americas
Leslie Barbi671,89401,210,496302,6091,833,9080303,1404,322,047
EVP & Chief Investment Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Tony Cheng$13,063,229$11,455,249$6,512,894↑ +1,607,980
My Chi To5,799,368———
Axel André5,335,9023,938,034—↑ +1,397,868
Ronald Herrmann5,021,5454,309,2553,101,005↑ +712,290
Leslie Barbi4,322,0474,672,8494,242,391↓ −350,802

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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$13,063,229 Tony Cheng total, FY2025

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Data as of September 4, 2026 · Source: 0000898174-26-000017 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

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Companies that benchmark against RGA
8 companies name RGA as a compensation peer

Each company listed discloses RGA in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named RGA in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

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01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Alison RandIndependent Director$291,538
George Nichols IIIFormer director (through FY2025)$120,747
Hazel M. McNeilageIndependent Director$391,538
John J. GauthierIndependent Director$326,538
Khanh T. TranIndependent Director$326,538
Michele BangIndependent Director$290,038
Patricia L. GuinnIndependent Director$336,538
Pina AlboIndependent Director$290,038
Shundrawn ThomasIndependent Director$315,038
Stephen O'HearnChair of the Board$511,546
Steven C. Van WykIndependent Director$315,038
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Ronald HerrmannExecutive Vice President2026-05-14D170$211$35,917CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-05-14D6,8302111,438,125CommonForm 4 ↗
Dividend-equivalent accruals2026-05-20—12,291——10 insiders, 10 accrual rows
Patricia L. GuinnDirector2026-05-20A817214174,944CommonForm 4 ↗
Peter BabejDirector2026-05-20A613214131,262CommonForm 4 ↗
John W. HaydenEVP, Controller2026-05-20A1,867130242,337CommonForm 4 ↗
John W. HaydenEVP, Controller2026-05-20D41421588,989CommonForm 4 ↗
John W. HaydenEVP, Controller2026-05-20D1,453215312,322CommonForm 4 ↗
My Chi ToEVP, Chief Legal Officer2026-06-06A5,661——CommonForm 4 ↗
My Chi ToEVP, Chief Legal Officer2026-06-06D5,66100Derivative, Class A CommonForm 4 ↗
My Chi ToEVP, Chief Legal Officer2026-06-25D2,515208522,592CommonForm 4 ↗
Maurice TullochDirector2026-07-01D12221626,309CommonForm 4 ↗
Maurice TullochDirector2026-07-01A40621687,554CommonForm 4 ↗
Maurice TullochDirector2026-07-01A40621687,554CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11A4,332107461,488CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11D2,857245698,965CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D4,33200Derivative, Class A CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D2,43700Derivative, Class A CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D5,70700Derivative, Class A CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D2,26400Derivative, Class A CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D1,887245461,655CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D1,286245314,620CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11A2,437129314,397CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D2,750245672,788CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D1,345245329,054CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11A2,264145328,846CommonForm 4 ↗
Dividend-equivalent accruals2026-08-11—1,816——1 insider, 1 accrual row
Ronald HerrmannExecutive Vice President2026-08-11D3,31100Derivative, Class A CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11D3,09800Derivative, Class A CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11D2,57700Derivative, Class A CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11A1,816193350,488CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11A3,311185613,462CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11D2,337245571,747CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11A3,098138428,577CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11A2,577129332,459CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D1,454245355,721CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11A2,571138355,672CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11D1,600245391,440CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11D1,889245462,144CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D2,57100Derivative, Class A CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11A5,707118672,570CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-12D8,5892462,115,460CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 51 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Ronald HerrmannExecutive Vice President2026-05-14D170$211$35,917CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-05-14D6,8302111,438,125CommonForm 4 ↗
Michele BangDirector2026-05-20A81700Derivative, Class A CommonForm 4 ↗
Pina AlboDirector2026-05-20A1,46900Derivative, Class A CommonForm 4 ↗
Patricia L. GuinnDirector2026-05-20A817214174,944CommonForm 4 ↗
Alison RandDirector2026-05-20A81700Derivative, Class A CommonForm 4 ↗
Peter BabejDirector2026-05-20A613214131,262CommonForm 4 ↗
Shundrawn ThomasDirector2026-05-20A81700Derivative, Class A CommonForm 4 ↗
John J. GauthierDirector2026-05-20A81700Derivative, Class A CommonForm 4 ↗
Hazel M. McNeilageDirector2026-05-20A81700Derivative, Class A CommonForm 4 ↗
John W. HaydenEVP, Controller2026-05-20D1,86700Derivative, Class A CommonForm 4 ↗
John W. HaydenEVP, Controller2026-05-20A1,867130242,337CommonForm 4 ↗
Steven C. Van WykDirector2026-05-20A1,51800Derivative, Class A CommonForm 4 ↗
Khanh T. TranDirector2026-05-20A1,49600Derivative, Class A CommonForm 4 ↗
Stephen O'HearnDirector2026-05-20A1,85600Derivative, Class A CommonForm 4 ↗
John W. HaydenEVP, Controller2026-05-20D41421588,989CommonForm 4 ↗
John W. HaydenEVP, Controller2026-05-20D1,453215312,322CommonForm 4 ↗
My Chi ToEVP, Chief Legal Officer2026-06-06A5,661——CommonForm 4 ↗
My Chi ToEVP, Chief Legal Officer2026-06-06D5,66100Derivative, Class A CommonForm 4 ↗
My Chi ToEVP, Chief Legal Officer2026-06-25D2,515208522,592CommonForm 4 ↗
Maurice TullochDirector2026-07-01D12221626,309CommonForm 4 ↗
Maurice TullochDirector2026-07-01A40621687,554CommonForm 4 ↗
Maurice TullochDirector2026-07-01A40621687,554CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11A4,332107461,488CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11D2,857245698,965CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D4,33200Derivative, Class A CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D2,43700Derivative, Class A CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D5,70700Derivative, Class A CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D2,26400Derivative, Class A CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D1,887245461,655CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D1,286245314,620CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11A2,437129314,397CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D2,750245672,788CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D1,345245329,054CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11A2,264145328,846CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11D1,81600Derivative, Class A CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11D3,31100Derivative, Class A CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11D3,09800Derivative, Class A CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11D2,57700Derivative, Class A CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11A1,816193350,488CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11A3,311185613,462CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11D2,337245571,747CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11A3,098138428,577CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11A2,577129332,459CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D1,454245355,721CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11A2,571138355,672CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11D1,600245391,440CommonForm 4 ↗
Ronald HerrmannExecutive Vice President2026-08-11D1,889245462,144CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11D2,57100Derivative, Class A CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-11A5,707118672,570CommonForm 4 ↗
Jonathan PorterEVP, Global Chief Risk Officer2026-08-12D8,5892462,115,460CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Leslie BarbiPSU2025-03-062,3524,704—9,408$907,872
Leslie BarbiRSU2025-03-06——193—302,609
Ronald HerrmannPSU2025-03-062,9925,984—11,9681,154,912
Axel AndréPSU2025-03-06—562,500—1,125,0002,250,000
Tony ChengPSU2025-03-06—1,000,000—2,000,0004,000,000
My Chi ToPSU2025-06-06—298,521—597,0411,194,082
Leslie BarbiRSU2025-03-06——193—302,624
Ronald HerrmannRSU2025-03-06——1,995—385,035
Ronald HerrmannRSU2025-03-06——5,448—385,010
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Leslie Barbi$605,233$907,872$060.0%
Ronald Herrmann770,0451,154,912060.0%
Axel André02,250,0000100.0%
Tony Cheng04,000,0000100.0%
My Chi To01,194,0820100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Ronald HerrmannPSU1,330—$270,602
Tony ChengOption2,731138.34—
Ronald HerrmannOption3,632193—
Ronald HerrmannRSU5,465—1,111,909
Ronald HerrmannPSU559—113,734
Ronald HerrmannOption2,577129.01—
Leslie BarbiRSU4,704—957,076
Axel AndréPSU2,073—421,773
Tony ChengPSU29,145—5,929,842
Tony ChengPSU24,996—5,085,686
My Chi ToPSU18,278—3,718,842
Axel AndréRSU9,326—1,897,468
Ronald HerrmannRSU5,984—1,217,505
Axel AndréPSU5,949—1,210,384
Leslie BarbiRSU4,736—963,587
Leslie BarbiPSU1,046—212,819
Leslie BarbiPSU484—98,475
Tony ChengOption4,15293.53—
Tony ChengOption3,280129.72—
Tony ChengOption3,384150.87—
Tony ChengOption3,882145.25—
Tony ChengOption8,127117.85—
Tony ChengOption3,491129.01—
Tony ChengOption6,306106.53—
Tony ChengOption7,573185.28—
Tony ChengOption17,688193—
My Chi ToOption3,433206.07—
Axel AndréOption3,665218.54—
Axel AndréOption5,660193—
Ronald HerrmannOption4,641106.53—
Ronald HerrmannOption1,033138.34—
Ronald HerrmannOption1,656185.28—
Leslie BarbiOption13,354117.85—
Leslie BarbiOption5,762129.01—
Leslie BarbiOption9,820106.53—
Leslie BarbiOption1,325138.34—
Leslie BarbiOption1,435185.28—
Leslie BarbiOption2,855193—
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is designed to attract, motivate and retain senior level employees who direct and lead our business and to appropriately reward these individuals for their contributions to the business.

CEO STI target (% of salary)200%
CEO LTI target (% of salary)—
Independent consultantMeridian Compensation Partners, LLC
Clawback policy—
Anti-hedging—
Anti-pledging—
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-2057,446,754623,07572,10898.93%Passed
20252025-05-2154,569,6213,235,99945,56394.4%Passed
20242024-05-2257,838,175448,94664,79199.23%Passed
20232023-05-2455,278,7262,904,25959,88595.01%Passed
20222022-05-2536,429,39022,047,2732,322,59662.3%Passed
20212021-05-1956,692,3242,750,902611,65795.37%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2098.93%a
20252025-05-2194.4%b
20242024-05-2299.23%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)78 : 1
CEO total compensation$13,063,229
Median employee compensation$167,596
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Stephen O'HearnIndependent · Board Chair$225,000$285,046——$1,500$511,546
Hazel M. McNeilageIndependent · Cybersecurity and Technology · Compensation (Chair) · Risk150,000165,038——76,500391,538
Patricia L. GuinnIndependent · Audit (Chair) · Investment · Nominating and Governance170,000165,038——1,500336,538
Khanh T. TranIndependent · Audit · Investment · Risk160,000165,038——1,500326,538
John J. GauthierIndependent · Compensation · Investment (Chair) · Risk160,000165,038——1,500326,538
Shundrawn ThomasIndependent · Compensation · Investment · Nominating and Governance (Chair)150,000165,038——0315,038
Steven C. Van WykIndependent · Audit · Cybersecurity and Technology (Chair) · Risk150,000165,038——0315,038
Alison RandIndependent · Audit · Cybersecurity and Technology · Risk125,000165,038——1,500291,538
Pina AlboIndependent · Compensation · Investment · Nominating and Governance125,000165,038——0290,038
Michele BangIndependent · Audit · Cybersecurity and Technology · Compensation · Investment · Risk125,000165,038——0290,038
George Nichols IIIIndependent · Compensation · Not standing for re-election · Departed during FY52,08368,664——0120,747
Tony ChengEmployee director—————0
Peter BabejIndependent · Partial-year service——————
09

Board fee structure and ownership guideline

Annual cash retainer$125,000
Annual equity retainer$165,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)35,000 / 25,000 / 25,000
Stock ownership guidelineRobust Stock Ownership Guidelines for Directors and Executive Officers Yes
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,592,083
Equity awards (grant-date value)$1,839,052
All other compensation$84,000
Total cost of the board$3,515,135

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies REINSURANCE GROUP OF AMERICA INC names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including REINSURANCE GROUP OF AMERICA INC.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Lincoln National Corp.2025Ellen Cooper$1,314,462$20,303,444$0$5,357,880$27,991,242
2Aflac, Incorporated2025Daniel Amos1,441,10011,340,78206,350,19325,033,687
3MetLife, Inc.2025Michel Khalaf1,500,00014,797,60104,600,00022,364,273
4Unum Group2025Richard McKenney1,128,2705,643,777011,587,99519,417,476
5Equitable Holdings, Inc.2025Mark Pearson1,249,86212,600,04903,431,32018,001,113
6Corebridge Financial, Inc.2025Marc Costantini88,4627,801,4722,499,996016,142,230
7Assurant, Inc.2025Keith Demmings1,200,0009,825,71203,576,00015,221,983
8Principal Financial Group, Inc.2025Deanna Strable-Soethout990,7698,870,70803,091,20013,827,887
9REINSURANCE GROUP OF AMERICA INC2025Tony Cheng999,4235,624,9851,875,0162,500,00013,063,229
10Voya Financial, Inc.2025Heather Lavallee991,6676,942,72704,456,00012,593,676
11Prudential Financial, Inc.2025Andrew Sullivan1,089,2054,618,26604,664,00011,408,423
12CNO Financial Group2025Gary Bhojwani1,065,0007,718,44002,411,07911,243,261
13The Hartford Insurance Group, Inc.2025John Roche1,138,4624,603,5571,400,0233,220,00010,486,571
14Brighthouse Financial, Inc.2025Eric Steigerwalt1,050,0006,562,47302,535,75010,461,127
15Globe Life, Inc.2025Frank Svoboda900,0003,996,5872,014,8021,724,3109,453,935
—Sun Life Financial, Inc.——————not in coverage universe
—iA Financial Corporation Inc.——————not in coverage universe
—Manulife Financial Corp.——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
REINSURANCE GROUP OF AMERICA INCnot disclosedPSU 60 · RSU 20 · Options 20NoMeridian Compensation Partners, LLC
Aflac, Incorporatednot disclosedPSU 100NoMercer (US) LLC
Assurant, Inc.149%PSU 75 · RSU 25Yes — TSR relative to the S&P 500 IndexPearl Meyer
Brighthouse Financial, Inc.115%PSU 70 · RSU 30NoSemler Brossy
CNO Financial Group125%PSU 55 · RSU 45NoWTW
Corebridge Financial, Inc.not disclosedPSU 50 · RSU 25 · Option 25Yes — Total Shareholder Return (TSR)Meridian Compensation Partners, LLC
Equitable Holdings, Inc.109%RSU 40 · MSU 30 · PSU 30Yes — Relative TSRMeridian Compensation Partners
Globe Life, Inc.not disclosedPSU 60 · Options 30 · RSU 10NoPay Governance
iA Financial Corporation Inc.not disclosednot disclosednot disclosednot disclosed
Lincoln National Corp.147.6%not disclosedYes — Relative Total Shareholder Return (Relative TSR)Pay Governance LLC
Manulife Financial Corp.not disclosednot disclosednot disclosednot disclosed
MetLife, Inc.100.5%PSU 70 · RSU 30Yes — TSR relative to TSR Peer GroupSemler Brossy Consulting Group
Principal Financial Group, Inc.104%PSU 70 · RSU 30NoCompensation Advisory Partners
Prudential Financial, Inc.106%PSU 75 · RSU 25NoFW Cook
Sun Life Financial, Inc.not disclosednot disclosednot disclosednot disclosed
The Hartford Insurance Group, Inc.140%PSU 50 · RSU 25 · Options 25NoCompensation Advisory Partners LLC
Unum Group76.4%RSU 50 · PSU 25 · CIU 25NoPay Governance LLC
Voya Financial, Inc.155%PSU 55 · RSU 45Yes — Relative Total Shareholder Return (TSR)Frederic W. Cook & Co., Inc. (FW Cook)

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at REINSURANCE GROUP OF AMERICA INC in fiscal 2025?
As disclosed, Tony Cheng (President & CEO) was the highest-paid executive at REINSURANCE GROUP OF AMERICA INC in fiscal 2025, with total compensation of $13,063,229.
How does REINSURANCE GROUP OF AMERICA INC's chief executive pay compare to its disclosed peer group?
As disclosed, Tony Cheng's total compensation ranked at the 43rd percentile of REINSURANCE GROUP OF AMERICA INC's disclosed peer group.
What is REINSURANCE GROUP OF AMERICA INC's CEO-to-median employee pay ratio?
As disclosed, REINSURANCE GROUP OF AMERICA INC's CEO-to-median employee pay ratio was 78:1.
How did shareholders vote on REINSURANCE GROUP OF AMERICA INC's executive compensation?
As disclosed, 98.93% of shareholders supported REINSURANCE GROUP OF AMERICA INC's executive compensation in the latest say-on-pay vote.
How much does REINSURANCE GROUP OF AMERICA INC spend in total on board compensation for fiscal 2025?
As disclosed, REINSURANCE GROUP OF AMERICA INC reported total board compensation of $3,515,135 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Tony ChengDEF 14A2026-04-090000898174-26-000017Section “Summary Compensation Table” · page 55. As printed: 13,063,229. Filing ↗
2Section 01, My Chi ToDEF 14A2026-04-090000898174-26-000017Section “Summary Compensation Table” · page 55. As printed: 5,799,368. Filing ↗machine: r7 · c27 · span 878486–878496
3Section 01, Axel AndréDEF 14A2026-04-090000898174-26-000017Section “Summary Compensation Table” · page 55. As printed: 5,335,902. Filing ↗machine: r5 · c27 · span 873286–873296
4Section 01, Ronald HerrmannDEF 14A2026-04-090000898174-26-000017Section “Summary Compensation Table” · page 55. As printed: 5,021,545. Filing ↗machine: r8 · c27 · span 881591–881601
5Section 01, Leslie BarbiDEF 14A2026-04-090000898174-26-000017Section “Summary Compensation Table” · page 55. As printed: 4,322,047. Filing ↗machine: r11 · c27 · span 889205–889215
6Section 03, Leslie Barbi PSUDEF 14A2026-04-090000898174-26-000017Section “Grants of Plan-Based Awards in 20” · grants of plan-based awards table. Filing ↗machine: t59 · r7 · c1 · span 752362–752367
7Section 03, Leslie Barbi RSUDEF 14A2026-04-090000898174-26-000017Section “Grants of Plan-Based Awards in 20” · grants of plan-based awards table. Filing ↗machine: t72 · r23 · c8 · span 983204–983207
8Section 03, Ronald Herrmann PSUDEF 14A2026-04-090000898174-26-000017Section “Grants of Plan-Based Awards in 20” · grants of plan-based awards table. Filing ↗machine: t72 · r17 · c3 · span 966026–966031
9Section 03, Axel André PSUDEF 14A2026-04-090000898174-26-000017Section “Grants of Plan-Based Awards in 20” · grants of plan-based awards table. Filing ↗machine: t72 · span 941069–941078
10Section 03, Tony Cheng PSUDEF 14A2026-04-090000898174-26-000017Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t72 · r4 · c4 · span 930630–930639
11Section 03, My Chi To PSUDEF 14A2026-04-090000898174-26-000017Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t72 · r12 · c4 · span 952520–952529
12Section 03, Leslie Barbi RSUDEF 14A2026-04-090000898174-26-000017Section “Grants of Plan-Based Awards in 20” · grants of plan-based awards table. Filing ↗machine: t72 · r23 · c8 · span 983204–983207
13Section 03, Ronald Herrmann RSUDEF 14A2026-04-090000898174-26-000017Section “Grants of Plan-Based Awards in 20” · grants of plan-based awards table. Filing ↗machine: t61 · r5 · c1 · span 766496–766501
14Section 03, Ronald Herrmann RSUDEF 14A2026-04-090000898174-26-000017Section “Grants of Plan-Based Awards in 20” · grants of plan-based awards table. Filing ↗machine: t60 · r5 · c1 · span 759990–759995
15Section 07, pay ratioDEF 14A2026-04-090000898174-26-000017Section “CEO Pay Ratio”. As printed: 78 : 1. Filing ↗machine: span 1236246–1236248
16Section 08, Stephen O'HearnDEF 14A2026-04-090000898174-26-000017Section “Director Compensation”. As printed: 511,546. Filing ↗machine: span 496134–496257
17Section 08, Hazel M. McNeilageDEF 14A2026-04-090000898174-26-000017Section “Director Compensation”. As printed: 391,538. Filing ↗machine: span 493351–493474
18Section 08, Patricia L. GuinnDEF 14A2026-04-090000898174-26-000017Section “Director Compensation”. As printed: 336,538. Filing ↗machine: span 492060–492183
19Section 08, Khanh T. TranDEF 14A2026-04-090000898174-26-000017Section “Director Compensation”. As printed: 326,538. Filing ↗machine: span 499992–500115
20Section 08, John J. GauthierDEF 14A2026-04-090000898174-26-000017Section “Director Compensation”. As printed: 326,538. Filing ↗machine: span 490771–490894
21Section 08, Shundrawn ThomasDEF 14A2026-04-090000898174-26-000017Section “Director Compensation”. As printed: 315,038. Filing ↗machine: span 498707–498830
22Section 08, Steven C. Van WykDEF 14A2026-04-090000898174-26-000017Section “Director Compensation”. As printed: 315,038. Filing ↗machine: span 501443–501566
23Section 08, Alison RandDEF 14A2026-04-090000898174-26-000017Section “Director Compensation”. As printed: 291,538. Filing ↗machine: span 497417–497540
24Section 08, Pina AlboDEF 14A2026-04-090000898174-26-000017Section “Director Compensation”. As printed: 290,038. Filing ↗machine: span 488197–488320
25Section 08, Michele BangDEF 14A2026-04-090000898174-26-000017Section “Director Compensation”. As printed: 290,038. Filing ↗machine: span 489483–489606
26Section 08, George Nichols IIIDEF 14A2026-04-090000898174-26-000017Section “Director Compensation”. As printed: 120,747. Filing ↗machine: span 494847–494970
27Section 08, Tony ChengDEF 14A2026-04-090000898174-26-000017Section “Director Compensation”. As printed: 0. Filing ↗
28Section 08, Peter BabejDEF 14A2026-04-090000898174-26-000017Section “Director Compensation”. As printed: —. Filing ↗
29Section 02, Ronald Herrmann 2026-05-14Form 42026-05-180001628280-26-036027Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Ronald Herrmann 2026-05-14Form 42026-05-180001628280-26-036027Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Michele Bang 2026-05-20Form 42026-05-220001628280-26-037854Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Pina Albo 2026-05-20Form 42026-05-220001628280-26-037860Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Patricia L. Guinn 2026-05-20Form 42026-05-220001628280-26-037861Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Alison Rand 2026-05-20Form 42026-05-220001628280-26-037864Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Peter Babej 2026-05-20Form 42026-05-220001628280-26-037857Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Shundrawn Thomas 2026-05-20Form 42026-05-220001628280-26-037859Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, John J. Gauthier 2026-05-20Form 42026-05-220001628280-26-037862Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Hazel M. McNeilage 2026-05-20Form 42026-05-220001628280-26-037863Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, John W. Hayden 2026-05-20Form 42026-05-220001628280-26-037865Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, John W. Hayden 2026-05-20Form 42026-05-220001628280-26-037865Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Steven C. Van Wyk 2026-05-20Form 42026-05-220001628280-26-037866Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Khanh T. Tran 2026-05-20Form 42026-05-220001628280-26-037855Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Stephen O'Hearn 2026-05-20Form 42026-05-220001628280-26-037856Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, John W. Hayden 2026-05-20Form 42026-05-220001628280-26-037865Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, John W. Hayden 2026-05-20Form 42026-05-220001628280-26-037865Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, My Chi To 2026-06-06Form 42026-06-290001628280-26-046075Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, My Chi To 2026-06-06Form 42026-06-290001628280-26-046075Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, My Chi To 2026-06-25Form 42026-06-290001628280-26-046075Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Maurice Tulloch 2026-07-01Form 42026-09-040001877426-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Maurice Tulloch 2026-07-01Form 42026-09-040001877426-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Maurice Tulloch 2026-07-01Form 42026-07-060001628280-26-047422Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Jonathan Porter 2026-08-11Form 42026-08-130001628280-26-056883Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Ronald Herrmann 2026-08-11Form 42026-08-130001628280-26-056884Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Jonathan Porter 2026-08-11Form 42026-08-130001628280-26-056883Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Jonathan Porter 2026-08-11Form 42026-08-130001628280-26-056883Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Jonathan Porter 2026-08-11Form 42026-08-130001628280-26-056883Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Jonathan Porter 2026-08-11Form 42026-08-130001628280-26-056883Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Jonathan Porter 2026-08-11Form 42026-08-130001628280-26-056883Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Jonathan Porter 2026-08-11Form 42026-08-130001628280-26-056883Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Jonathan Porter 2026-08-11Form 42026-08-130001628280-26-056883Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Jonathan Porter 2026-08-11Form 42026-08-130001628280-26-056883Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Jonathan Porter 2026-08-11Form 42026-08-130001628280-26-056883Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, Jonathan Porter 2026-08-11Form 42026-08-130001628280-26-056883Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Ronald Herrmann 2026-08-11Form 42026-08-130001628280-26-056884Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, Ronald Herrmann 2026-08-11Form 42026-08-130001628280-26-056884Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, Ronald Herrmann 2026-08-11Form 42026-08-130001628280-26-056884Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, Ronald Herrmann 2026-08-11Form 42026-08-130001628280-26-056884Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, Ronald Herrmann 2026-08-11Form 42026-08-130001628280-26-056884Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, Ronald Herrmann 2026-08-11Form 42026-08-130001628280-26-056884Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, Ronald Herrmann 2026-08-11Form 42026-08-130001628280-26-056884Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, Ronald Herrmann 2026-08-11Form 42026-08-130001628280-26-056884Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, Ronald Herrmann 2026-08-11Form 42026-08-130001628280-26-056884Insider equity transaction reported since the proxy statement. Filing ↗
73Section 02, Jonathan Porter 2026-08-11Form 42026-08-130001628280-26-056883Insider equity transaction reported since the proxy statement. Filing ↗
74Section 02, Jonathan Porter 2026-08-11Form 42026-08-130001628280-26-056883Insider equity transaction reported since the proxy statement. Filing ↗
75Section 02, Ronald Herrmann 2026-08-11Form 42026-08-130001628280-26-056884Insider equity transaction reported since the proxy statement. Filing ↗
76Section 02, Ronald Herrmann 2026-08-11Form 42026-08-130001628280-26-056884Insider equity transaction reported since the proxy statement. Filing ↗
77Section 02, Jonathan Porter 2026-08-11Form 42026-08-130001628280-26-056883Insider equity transaction reported since the proxy statement. Filing ↗
78Section 02, Jonathan Porter 2026-08-11Form 42026-08-130001628280-26-056883Insider equity transaction reported since the proxy statement. Filing ↗
79Section 02, Jonathan Porter 2026-08-12Form 42026-08-170001628280-26-057519Insider equity transaction reported since the proxy statement. Filing ↗
80Section 06, 2026 voteForm 8-K2026-05-210001193125-26-234445Item 5.07 · say-on-pay result. As reported: 98.93% (votes for as printed: 57,446,754). Filing ↗
81Section 06, 2025 voteForm 8-K2025-05-220001193125-25-125137Item 5.07 · say-on-pay result. As reported: 94.4% (votes for as printed: 54,569,621). Filing ↗
82Section 06, 2024 voteForm 8-K2024-05-230001193125-24-146075Item 5.07 · say-on-pay result. As reported: 99.23% (votes for as printed: 57,838,175). Filing ↗
83Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
84Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
85Section 09b board cost (computed)Computed——Cash 1,592,083 + equity 1,839,052 + all other 84,000 = 3,515,135, summed across the director compensation table rows.machine: formula: Σ = 3,515,135
86Lincoln National Corp., Section 10b CEO totalDEF 14A2026-04-160001193125-26-157983CEO total compensation as printed in Lincoln National Corp.'s own proxy. As printed: 27,991,242. Filing ↗machine: r6 · c33 · span 1209415–1209425
87Aflac, Incorporated, Section 10b CEO totalDEF 14A2026-03-190001628280-26-019621CEO total compensation as printed in Aflac, Incorporated's own proxy. As printed: 25,033,687. Filing ↗machine: r2 · c27 · span 1396373–1396383
88MetLife, Inc., Section 10b CEO totalDEF 14A2026-04-290001099219-26-000026CEO total compensation as printed in MetLife, Inc.'s own proxy. As printed: 22,364,273. Filing ↗machine: r2 · c8 · span 3558353–3558363
89Unum Group, Section 10b CEO totalDEF 14A2026-04-090000005513-26-000026CEO total compensation as printed in Unum Group's own proxy. As printed: 19,417,476. Filing ↗machine: t159 · r4 · c20 · span 1212953–1212963
90Equitable Holdings, Inc., Section 10b CEO totalDEF 14A2026-08-100001193125-26-341149CEO total compensation as printed in Equitable Holdings, Inc.'s own proxy. As printed: 18,001,113. Filing ↗machine: r4 · c39 · span 896584–896594
91Corebridge Financial, Inc., Section 10b CEO totalDEF 14A2026-08-050001140361-26-031413CEO total compensation as printed in Corebridge Financial, Inc.'s own proxy. As printed: 16,142,230. Filing ↗machine: r2 · c28 · span 1648397–1648407
92Assurant, Inc., Section 10b CEO totalDEF 14A2026-04-060001267238-26-000018CEO total compensation as printed in Assurant, Inc.'s own proxy. As printed: 15,221,983. Filing ↗machine: r4 · c30 · span 1098130–1098140
93Principal Financial Group, Inc., Section 10b CEO totalDEF 14A2026-04-060001104659-26-039920CEO total compensation as printed in Principal Financial Group, Inc.'s own proxy. As printed: 13,827,887. Filing ↗machine: r4 · c28 · span 1116181–1116192
94REINSURANCE GROUP OF AMERICA INC (subject), Section 10b CEO totalDEF 14A2026-04-090000898174-26-000017CEO total compensation as printed in REINSURANCE GROUP OF AMERICA INC's own proxy. As printed: 13,063,229. Filing ↗
95Voya Financial, Inc., Section 10b CEO totalDEF 14A2026-04-100001535929-26-000061CEO total compensation as printed in Voya Financial, Inc.'s own proxy. As printed: 12,593,676. Filing ↗machine: t112 · r4 · c18 · span 1622260–1622270
96Prudential Financial, Inc., Section 10b CEO totalDEF 14A2026-03-260001104659-26-035162CEO total compensation as printed in Prudential Financial, Inc.'s own proxy. As printed: 11,408,423. Filing ↗machine: r1 · c47 · span 1578749–1578759
97CNO Financial Group, Section 10b CEO totalDEF 14A2026-03-260001224608-26-000029CEO total compensation as printed in CNO Financial Group's own proxy. As printed: 11,243,261. Filing ↗machine: t130 · r3 · c10 · span 1023490–1023501
98The Hartford Insurance Group, Inc., Section 10b CEO totalDEF 14A2026-03-260001193125-26-125009CEO total compensation as printed in The Hartford Insurance Group, Inc.'s own proxy. As printed: 10,486,571. Filing ↗machine: t68 · r4 · c7 · span 1352246–1352256
99Brighthouse Financial, Inc., Section 10b CEO totalDEF 14A2026-04-140001193125-26-154952CEO total compensation as printed in Brighthouse Financial, Inc.'s own proxy. As printed: 10,461,127. Filing ↗machine: r4 · c14 · span 982799–982810
100Globe Life, Inc., Section 10b CEO totalDEF 14A2026-03-190000320335-26-000135CEO total compensation as printed in Globe Life, Inc.'s own proxy. As printed: 9,453,935. Filing ↗machine: r2 · c36 · span 1156928–1156937
101Section 10a, Aflac, Incorporated reciprocityDEF 14A—0001628280-26-019621Aflac, Incorporated's most recent proxy was read; its disclosed peer group does not include REINSURANCE GROUP OF AMERICA INC. Filing ↗
102Section 10a, Unum Group reciprocityDEF 14A—0000005513-26-000026Unum Group names REINSURANCE GROUP OF AMERICA INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
103Section 10a, Assurant, Inc. reciprocityDEF 14A—0001267238-26-000018Assurant, Inc.'s most recent proxy was read; its disclosed peer group does not include REINSURANCE GROUP OF AMERICA INC. Filing ↗
104Section 10a, Voya Financial, Inc. reciprocityDEF 14A—0001535929-26-000061Voya Financial, Inc.'s most recent proxy was read; its disclosed peer group does not include REINSURANCE GROUP OF AMERICA INC. Filing ↗
105Section 10a, Corebridge Financial, Inc. reciprocityDEF 14A—0001140361-26-031413Corebridge Financial, Inc.'s most recent proxy was read; its disclosed peer group does not include REINSURANCE GROUP OF AMERICA INC. Filing ↗
106Section 10a, Equitable Holdings, Inc. reciprocityDEF 14A—0001193125-26-341149Equitable Holdings, Inc. names REINSURANCE GROUP OF AMERICA INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
107Section 10a, Globe Life, Inc. reciprocityDEF 14A—0000320335-26-000135Globe Life, Inc. names REINSURANCE GROUP OF AMERICA INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
108Section 10a, Lincoln National Corp. reciprocityDEF 14A—0001193125-26-157983Lincoln National Corp.'s most recent proxy was read; its disclosed peer group does not include REINSURANCE GROUP OF AMERICA INC. Filing ↗
109Section 10a, Principal Financial Group, Inc. reciprocityDEF 14A—0001104659-26-039920Principal Financial Group, Inc.'s most recent proxy was read; its disclosed peer group does not include REINSURANCE GROUP OF AMERICA INC. Filing ↗
110Section 10a, Prudential Financial, Inc. reciprocityDEF 14A—0001104659-26-035162Prudential Financial, Inc.'s most recent proxy was read; its disclosed peer group does not include REINSURANCE GROUP OF AMERICA INC. Filing ↗
111Section 10a, The Hartford Insurance Group, Inc. reciprocityDEF 14A—0001193125-26-125009The Hartford Insurance Group, Inc.'s most recent proxy was read; its disclosed peer group does not include REINSURANCE GROUP OF AMERICA INC. Filing ↗
112Section 10a, Brighthouse Financial, Inc. reciprocityDEF 14A—0001193125-26-154952Brighthouse Financial, Inc. names REINSURANCE GROUP OF AMERICA INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
113Section 10a, CNO Financial Group reciprocityDEF 14A—0001224608-26-000029CNO Financial Group names REINSURANCE GROUP OF AMERICA INC in its own disclosed peer group (read from its most recent proxy). Filing ↗

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