Form 4: RGA Executive John W. Hayden Executes Stock Option Exercise
Statement of Changes in Beneficial Ownership
EVP and Controller John W. Hayden exercised stock appreciation rights and sold a portion of the resulting shares.
Summary
- John W. Hayden, EVP and Controller of Reinsurance Group of America (RGA), exercised 1,867 stock appreciation rights (SARs) on May 20, 2026.
- The exercise price for the SARs was $129.80 per share.
- Following the exercise, 1,453 shares were withheld to cover the base price and tax obligations.
- The remaining 414 shares were sold at a market price of $214.95 per share.
- The reporting person's total beneficial ownership in RGA common stock is now 20,949 shares.
Sentiment
Score: 5
Explanation: StockSavvy.ai views this as a neutral, routine administrative filing regarding executive compensation.
Positives
- The transaction reflects the exercise of long-term incentive compensation (SARs granted in 2017), indicating executive alignment with historical equity performance.
Negatives
- The executive sold a portion of the shares immediately upon exercise, which is a standard practice for covering tax liabilities but reduces total direct holdings.
Risks
- None identified; this is a routine disclosure of executive compensation and equity management.
Future Outlook
No forward-looking guidance or strategic outlook provided in this document.
Industry Context
StockSavvy.ai notes that routine insider transactions involving the exercise of long-dated equity awards are common in the insurance sector and generally do not signal a change in corporate strategy or outlook.
Comparison to Industry Standards
- The exercise and sale of equity awards to cover tax obligations is a standard practice among executives at major financial institutions like MetLife, Prudential, and Lincoln Financial.
Stakeholder Impact
- Minimal impact on shareholders as this is a routine exercise of vested equity compensation.
Next Steps
- None
Key Dates
| Date | Description |
|---|---|
| 03/03/2017 | Original grant date of the Stock Appreciation Rights. |
| 05/20/2026 | Date of the exercise and sale transaction. |
| 05/22/2026 | Date the Form 4 was filed with the SEC. |
Keywords
RGA, Reinsurance Group of America, Insider Trading, Form 4, Stock Appreciation Rights, Executive Compensation
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