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Reinsurance Group of America Executive Compensation (FY25)

RGA · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Tony Cheng
Latest say-on-pay support
=
May 20, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 22, 2026Latest filing (8-K): May 21, 2026
16 filings cited on this page
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Reinsurance Group of America brief$1,500Get the executive brief
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343 figures on this page: 332 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
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., Brighthouse Financial, Inc., CNO Financial Group and Corebridge Financial, 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 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Anna Manning
CEO
◇—◇◇◇◇◇◇
Todd Larson
EVP and CFO
◇—◇◇◇◇◇◇
Leslie Barbi
EVP and Chief Investment Officer
◇—◇◇◇—◇◇
Tony Cheng
President
◇—◇◇◇◇◇◇
Ronald Herrmann
EVP , Head of U.S. and Latin American Markets
◇—◇◇◇—◇◇
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 AndréPSU◇◇◇—◇—◇
Leslie BarbiPSU◇◇◇—◇—◇
Leslie BarbiOPTION◇——◇—◇◇
Leslie BarbiRSU◇——◇——◇
My Chi ToPSU◇—◇—◇—◇
Ronald HerrmannPSU◇◇◇—◇—◇
Ronald HerrmannRSU◇——◇——◇
Ronald HerrmannOPTION◇——◇—◇◇
Tony ChengPSU◇◇◇—◇—◇
Fiscal 2022, 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 HerrmannPSU◇◇——
Option◇—◇3/6/2035
RSU◇◇——
PSU◇◇——
Option◇—◇3/11/2031
RSU◇◇——
Option◇—◇3/22/2032
Option◇—◇3/9/2033
Option◇—◇3/15/2034
Tony ChengOption◇—◇3/9/2033
PSU◇◇——
PSU◇◇——
Option◇—◇3/4/2026
Option◇—◇3/3/2027
Option◇—◇3/2/2028
Option◇—◇3/1/2029
Option◇—◇3/6/2030
Option◇—◇3/11/2031
Option◇—◇3/22/2032
Option◇—◇3/15/2034
Option◇—◇3/6/2035
Leslie BarbiRSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
Option◇—◇3/6/2030
Option◇—◇3/11/2031
Option◇—◇3/22/2032
Option◇—◇3/9/2033
Option◇—◇3/15/2034
Option◇—◇3/6/2035
Axel AndréPSU◇◇——
RSU◇◇——
PSU◇◇——
Option◇—◇7/24/2034
Option◇—◇3/6/2035
My Chi 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.

Severance and change in control

The terms as written in the agreements.
Tony Cheng
President & CEO · Offer letter
Change-in-control trigger◇

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
◇◇———◇◇
Steven C. Van Wyk
◇◇————◇
Shundrawn Thomas
◇◇————◇
Alison Rand
◇◇———◇◇
Michele Bang
◇◇————◇
Pina Albo
◇◇————◇
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◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as Common Stock.
Stock ownership guideline: Robust Stock Ownership Guidelines for Directors and Executive Officers Yes

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
  • Brighthouse Financial, Inc. BHF
  • CNO Financial Group CNO
  • 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
  • Primarica, Inc. symbol not shown
  • Principal Financial Group, Inc. PFG
  • Prudential Financial, Inc. PRU
  • Sun Life Financial, Inc. SLF
  • The Hartford Insurance Group, Inc. THG
  • 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
◇

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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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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.
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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.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
343 figures on this page: 332 cited to the filing that reported them, 11 calculated from figures it prints.
332 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001193125-26-234445
  2. 0000898174-26-000017
    CEO Pay Ratio · Director Compensation · Grants of Plan-Based Awards in 20 · Grants of Plan-Based Awards in 2025 · and 2 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. 0000898174-23-000081
    Executive Compensation Tables
  9. 0001193125-23-001576
    Employment Agreement
  10. 0001193125-22-161136
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001193125-21-167916
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001193125-20-150241
  13. 0001193125-19-156725
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001193125-18-173594
  15. 0001193125-17-180411
    Item 5.07 Submission of Matters to a Vote of Security Holders
  16. 0000898174-16-000058
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Reinsurance Group of America executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/RGA (accessed 2026).
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16 filings cited on this page
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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, IncorporatedAssurant, Inc.Brighthouse Financial, Inc.CNO Financial GroupCorebridge 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

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

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}
}
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