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Income Tax
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block] INCOME TAX
The effective tax rate for the three months ended March 31, 2025 was 22.2% on pre-tax income. The tax rate was higher than the U.S. statutory rate of 21% primarily due to income earned in foreign jurisdictions with higher statutory tax rates than the U.S., partially offset with benefits due to adjustments to the valuation allowance and benefits received from taxes paid in foreign jurisdictions. The effective tax rate for the three months ending March 31, 2024 was 22.0% on pre-tax income. The tax rate was higher than the U.S. statutory rate primarily due to income earned in foreign jurisdictions and adjustments to the valuation allowance. These increases were partially offset with benefits in tax bases of foreign jurisdictions.
The Organization for Economic Cooperation and Development developed Model Global Anti-Base Erosion (“GloBE”) rules under Pillar II establishing a Global Minimum Tax to ensure multinational enterprises with consolidated revenue of more than EUR 750 million pay at least an effective tax rate of 15% on income arising in each jurisdiction in which they operate. As of March 31, 2025, many of the jurisdictions in which RGA operates enacted Pillar II legislation into domestic law with an effective date of either January 1, 2024 or January 1, 2025. The tax impact for Pillar II was immaterial for the quarter ended March 31, 2025.
The Inflation Reduction Act of 2022 (“the Act”) was enacted in 2022. For tax years ending after December 31, 2022, the Act imposes a 15% minimum tax on adjusted financial statement income for “applicable corporations” with average financial statement income over $1 billion for the previous 3-year period ending in 2022 or after. Based on the current guidance, RGA is not an applicable corporation for 2025. The Act also imposes a 1% excise tax on stock buybacks of a publicly traded corporation. The Act is not expected to have a material impact to the Company’s tax expense.
Bermuda enacted the Corporate Income Tax Act of 2023 on December 27, 2023. The Bermuda corporate income tax regime establishes a statutory tax rate of 15% and is applicable to multinational companies with annual revenue of EUR 750 million or more. The corporate income tax regime is effective for fiscal years beginning on or after January 1, 2025. The tax impact for Bermuda was immaterial for the quarter ended March 31, 2025.