V
Velarion™Intelligence
Sign InFree TrialBook a Walkthrough
Insurance

Reinsurance Group of America Executive Compensation (FY25)

RGA · Executive and director compensation, fiscal 2023 to 2025
Data as of September 7, 2026Latest filing (8-K): May 21, 2026
307 figures on this page: 296 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Tony Cheng was paid $13,063,229 in total compensation as President & CEO for fiscal 2025, and compared with the $11,455,249 reported for fiscal 2024, Cheng's total was 14.0% higher. The company reported a chief executive pay ratio of 78:1 for fiscal 2025, against median employee compensation of $167,596. For fiscal 2025, shareholders backed the say-on-pay proposal with 98.9% of votes cast for or against in favor at the meeting held May 20, 2026. The disclosed peer group includes Aflac, Incorporated, Assurant, Inc., Corebridge Financial, Inc., Equitable Holdings, Inc. and Globe Life, Inc., among others.
Chief executive, fiscal 2025
◇
Tony Cheng
Latest say-on-pay support
=
May 20, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Tony Cheng: $11,455,249 → $13,063,229 (14.0% higher)
Say-on-pay support: 94.4% → 98.9% (4.5 points higher)
CEO pay ratio: 76:1 → 78:1 (2.6% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Reinsurance Group of America's chief executive and what were they paid?
Tony Cheng was paid $13,063,229 in total compensation as President & CEO for fiscal 2025. Compared with the $11,455,249 reported for fiscal 2024, Cheng's total was 14.0% higher.
What was Reinsurance Group of America's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 98.9% of votes cast for or against in favor at the meeting held May 20, 2026.
Which companies are in Reinsurance Group of America's peer group?
The disclosed peer group includes Aflac, Incorporated, Assurant, Inc., Corebridge Financial, Inc., Equitable Holdings, Inc. and Globe Life, Inc., among others.
What is Reinsurance Group of America's chief executive pay ratio?
The company reported a chief executive pay ratio of 78:1 for fiscal 2025, against median employee compensation of $167,596.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Anna Manning
President and Chief Executive Officer until January 4, 2023, and Chief Executive Officer thereafter
◇—◇—◇◇◇◇
Tony Cheng
Executive Vice President, Head of EMEA, Asia and Australia until January 4, 2023, and President thereafter
◇—◇◇◇◇◇◇
Todd Larson
Senior Executive Vice President, Chief Financial Officer
◇—◇◇◇◇◇◇
Leslie Barbi
Executive Vice President, Chief Investment Officer
◇—◇◇◇—◇◇
Ronald Herrmann
Executive Vice President, Head of U.S. and Latin American Markets until July 18, 2023, and Executive Vice President, Head of RGA Americas thereafter
◇—◇◇◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Tony Cheng
President & CEO
◇—◇◇◇◇◇◇
Todd C. Larson
SEVP & CFO until 8/5/2024
◇—◇◇◇◇◇◇
Leslie Barbi
EVP & Chief Investment Officer
◇—◇◇◇—◇◇
Ronald Herrmann
EVP, Head of RGA Americas
◇—◇◇◇—◇◇
Axel André
EVP & CFO since 8/5/2024
◇——◇◇—◇◇
Mark Brooks
EVP, Chief Information Officer
◇◇◇◇◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Tony Cheng
President & CEO
◇—◇◇◇◇◇◇
My Chi To
EVP, Chief Legal Officer & Corporate Secretary
◇◇◇◇◇—◇◇
Axel André
EVP & CFO
◇—◇◇◇—◇◇
Ronald Herrmann
EVP, Head of RGA Americas
◇—◇◇◇—◇◇
Leslie Barbi
EVP & Chief Investment Officer
◇—◇◇◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Axel AndrPSU◇—◇—◇—◇
Leslie BarbiRSU◇——◇——◇
Leslie BarbiRSU◇——◇——◇
Leslie BarbiPSU◇—◇—◇—◇
My Chi ToPSU◇—◇—◇—◇
Ronald HerrmannRSU◇——◇——◇
Ronald HerrmannPSU◇—◇◇◇—◇
Ronald HerrmannRSU◇——◇——◇
Tony ChengPSU◇—◇—◇—◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Ronald HerrmannOption◇—◇3/11/2031
Option◇—◇3/22/2032
PSU◇◇——
RSU◇◇——
Option◇—◇3/6/2035
PSU◇◇——
RSU◇◇——
Option◇—◇3/15/2034
Option◇—◇3/9/2033
Tony ChengOption◇—◇3/3/2027
Option◇—◇3/1/2029
PSU◇◇——
Option◇—◇3/11/2031
Option◇—◇3/4/2026
Option◇—◇3/2/2028
Option◇—◇3/9/2033
PSU◇◇——
Option◇—◇3/6/2035
Option◇—◇3/15/2034
Option◇—◇3/6/2030
Option◇—◇3/22/2032
Axel AndréPSU◇◇——
RSU◇◇——
Option◇—◇3/6/2035
Option◇—◇7/24/2034
PSU◇◇——
Leslie BarbiRSU◇◇——
Option◇—◇3/11/2031
PSU◇◇——
Option◇—◇3/6/2030
Option◇—◇3/22/2032
RSU◇◇——
Option◇—◇3/9/2033
PSU◇◇——
Option◇—◇3/15/2034
Option◇—◇3/6/2035
My ToPSU◇◇——
Option◇—◇6/6/2035
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stephen O'Hearn
Board chair
◇◇———◇◇
Hazel M. McNeilage
◇◇———◇◇
Patricia L. Guinn
◇◇———◇◇
John J. Gauthier
◇◇———◇◇
Khanh T. Tran
◇◇———◇◇
Shundrawn Thomas
◇◇————◇
Steven C. Van Wyk
◇◇————◇
Alison Rand
◇◇———◇◇
Pina Albo
◇◇————◇
Michele Bang
◇◇————◇
George Nichols III
◇◇————◇
Tony Cheng and Peter Babej served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as Stock grants.
Stock ownership guideline: 5x annual cash retainer

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Aflac, Incorporated AFL
  • Assurant, Inc. AIZ
  • Corebridge Financial, Inc. CRBG
  • Equitable Holdings, Inc. EQH
  • Globe Life, Inc. GL
  • iA Financial Corporation Inc. IAG
  • Lincoln National Corp. LNC
  • Manulife Financial Corp. MFC
  • MetLife, Inc. MET
  • Principal Financial Group, Inc. PFG
  • Prudential Financial, Inc. PRU
  • Sun Life Financial, Inc. SLF
  • The Hartford Insurance Group, Inc. HIG
  • Unum Group UNM
  • Voya Financial, Inc. VOYA

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 20, 2026=◇◇◇
2024May 21, 2025=◇◇◇
2023May 22, 2024=◇◇◇
2022May 24, 2023=◇◇◇
2021May 25, 2022=◇◇◇
2020May 19, 2021=◇◇◇
2019May 20, 2020=◇◇◇
2018May 22, 2019=◇◇◇
2017May 23, 2018=◇◇◇
2016May 23, 2017=◇◇◇
2015May 19, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
Email me this page as a cited PDF
The same figures, the same citations, formatted to hand to a committee. Nothing is added that is not on this page.
Your address is used for this and nothing else. Unsubscribe in one click.
Tell me when Reinsurance Group of America files
You get a note when this company’s compensation data changes.
Your address is used for this and nothing else. Unsubscribe in one click.

What this page does not include

Everything above is a fact Reinsurance Group of America disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Reinsurance Group of America sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Enquire about access
Multiple companies at once
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion Intelligence
Join the list for a Velarion Pro seat
Full platform access for one person: every industry we cover, peer positioning, and the written analysis. We will email you when it opens.
Your address is used for this and nothing else. Unsubscribe in one click.
Join the list for Peer Group Review
Whether Reinsurance Group of America's disclosed peer group is defensible, who names Reinsurance Group of America back in their own benchmarking group, and how pay tracks performance across it. This is the analysis a compensation consultant delivers on the group above. We will email you when it opens.
Your address is used for this and nothing else. Unsubscribe in one click.

Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
307 figures on this page: 296 cited to the filing that reported them, 11 calculated from figures it prints.
296 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001193125-26-234445
  2. 0000898174-26-000017
    2025 Director Compensation · CEO Pay Ratio · Director Compensation · Grants of Plan-Based Awards in 20 · and 3 more sections
  3. 0001193125-25-125137
  4. 0000898174-25-000076
    Summary Compensation Table
  5. 0001193125-24-146075
  6. 0000898174-24-000090
    Summary Compensation Table
  7. 0001193125-23-154344
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001193125-22-161136
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001193125-21-167916
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001193125-20-150241
  11. 0001193125-19-156725
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001193125-18-173594
  13. 0001193125-17-180411
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0000898174-16-000058
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Reinsurance Group of America executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/RGA (accessed 2026).
Short form: data: Velarion
Embed this data
A small, cited view of this data for your own page or newsletter. Every embed carries a visible link back here, so the attribution travels with it.
The headline figures, each with its citation.
Connect an AI assistant
Ask your own assistant about Reinsurance Group of America and roughly 3,000 other US public companies, and get back the same figures on this page with the same citations. Free read access, no account. Add this to your assistant's connector settings.
Setup guide and the full list of questions it answers

Insurance rankings

Chief executive pay — InsuranceCEO pay ratio — InsuranceSay-on-pay support — Insurance

Peers Reinsurance Group of America discloses

The companies named in RGA's own disclosed peer group.

Aflac, IncorporatedCorebridge Financial, Inc.Equitable Holdings, Inc.Globe Life, Inc.Lincoln National Corp.MetLife, Inc.Principal Financial Group, Inc.Prudential Financial, Inc.The Hartford Insurance Group, Inc.Unum GroupVoya Financial, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy