Form 4: RGA CEO Exercises Stock Appreciation Rights

Reinsurance Group of America's President and CEO, Tony Kin Shun Cheng, exercised Stock Appreciation Rights, resulting in a net acquisition of 2,366 common shares.

Summary

• Tony Kin Shun Cheng, President and CEO of Reinsurance Group of America Inc. (RGA), exercised 4,152 Stock Appreciation Rights (SARs) on February 10, 2026.
• The SARs had an exercise price of $93.53 per share.
• Concurrently, 1,786 shares of common stock were disposed of at a price of $217.51 per share to cover the exercise price.
• This resulted in a net acquisition of 2,366 shares of RGA common stock.
• Following these transactions, Tony Kin Shun Cheng directly beneficially owns 32,735 shares of RGA common stock.
• The SARs were granted on March 4, 2016, and vested in 25% increments on December 31, 2016, 2017, 2018, and 2019.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, typical for executive compensation. It reflects the realization of value from long-term incentives without indicating a significant change in company prospects or insider sentiment beyond routine financial planning.

Positives

• The exercise of Stock Appreciation Rights indicates the executive is realizing value from previously granted equity compensation.
• The net acquisition of 2,366 shares increases the executive's direct ownership in the company, aligning interests with shareholders.

Negatives

• The disposition of 1,786 shares to cover the exercise price represents a reduction in the total shares that could have been acquired if the exercise price was paid out-of-pocket.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that this transaction is a routine insider filing, reflecting the exercise of previously granted equity compensation by a senior executive. It does not provide specific insights into broader industry trends within the reinsurance sector.

Stakeholder Impact

• Minimal direct impact on shareholders as this is a routine executive compensation event.
• Aligns executive interests with shareholders through increased direct share ownership.

Key Dates

Recommendation

This Form 4 filing details a routine exercise of Stock Appreciation Rights and a net share settlement by a key executive. Such transactions are common for executive compensation and do not typically signal a change in the company's fundamental outlook or warrant a shift in investment strategy. Therefore, a 'hold' recommendation is appropriate as this event is neutral to the investment thesis.

Keywords

Reinsurance Group of America, RGA, Tony Kin Shun Cheng, Insider Transaction, Form 4, Stock Appreciation Rights, SARs, Equity Compensation, CEO, Director, Share Ownership