Reinsurance Group of America Inc President and CEO Tony Kin Shun Cheng filed a Form 4 on November 13, 2026, reporting the exercise of stock appreciation rights and a related share withholding transaction dated November 10, 2026.

Key Highlights

  • SAR exercise: Cheng exercised 3,280 stock appreciation rights (transaction code M) in Reinsurance Group of America Inc common stock on November 10, 2026, at an exercise price of $129.72.
  • Shares withheld: 1,553 shares were withheld to cover the exercise price of the stock appreciation rights, resulting in a net settlement of 1,727 shares of common stock, according to the filing.
  • No tax withholding: The filing states "No shares were withheld for taxes."
  • Remaining beneficial ownership: Following the transactions, Cheng directly beneficially owns 45,135 shares of common stock.
  • SAR grant date: The exercised stock appreciation rights were originally granted on March 3, 2017, and are set to expire on March 3, 2027, per the filing.
  • Derivative position reduced to zero: Following the exercise, Cheng's reported holdings of the 2017 Stock Appreciation Rights (right to purchase) are listed as 0.

Details of Cheng's November 2026 SAR Exercise at Reinsurance Group of America

According to the Form 4 filed with the SEC on November 13, 2026, Tony Kin Shun Cheng, President and CEO of Reinsurance Group of America Inc (NYSE:RGA), reported two transactions in Table I and one in Table II, all dated November 10, 2026. The Table II entry records the exercise (code M) of 3,280 Stock Appreciation Rights that were originally granted on March 3, 2017, at a conversion or exercise price of $129.72, with an expiration date of March 3, 2027.

The corresponding Table I entries show that 3,280 shares were acquired (code M) at $129.72, bringing Cheng's direct holdings to 46,688 shares. Immediately following, 1,553 shares were disposed of (code F) at $274.06 per share to cover the exercise price, leaving a direct beneficial ownership of 45,135 shares. The filing clarifies that this withholding resulted in "a net settlement of 1,727 shares of Common Stock" and that no shares were withheld for taxes.

The filing was signed by My Chi To, acting by Power of Attorney, on November 13, 2026. The stock appreciation rights are described as settling in common stock and vesting "in 25% increments over four years, starting on December 31 of the year of the grant." Following the exercise, the remaining reported balance of these 2017 Stock Appreciation Rights is zero.

What Was Disclosed

Cheng reported the exercise of 3,280 stock appreciation rights granted in 2017, with 1,553 shares withheld for the exercise price at $274.06 per share, resulting in a net gain of 1,727 shares and a final direct ownership of 45,135 common shares.