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RGA logoReinsurance Group of America, Incorporated(RGA)Earnings, Financials & Key Ratios

RGA•NYSE•Insurance & Managed Care
$212.80
$13.95B mkt cap·12.0× P/E·Price updated May 7, 2026
SectorFinancial ServicesIndustryReinsuranceSub-IndustryLife and health reinsurers
AboutReinsurance Group of America, Incorporated engages in reinsurance business. It offers individual and group life and health insurance products, such as term life, credit life, universal life, whole life, group life and health, joint and last survivor insurance, critical illness, disability, and longevity products; asset-intensive and financial reinsurance products; and other capital motivated solutions. The company also provides reinsurance for mortality, morbidity, lapse, and investment-related risk associated with products; and reinsurance for investment-related risks. In addition, it develops and markets technology solutions; and provides consulting and outsourcing solutions for the insurance and reinsurance industries. The company serves life insurance companies in the United States, Latin America, Canada, Europe, the Middle East, Africa, Australia, and the Asia Pacific. Reinsurance Group of America, Incorporated was founded in 1973 and is headquartered in Chesterfield, Missouri.Show more
  • Revenue$22.79B+3.4%
  • Combined Ratio93.24%-2.4%
  • Net Income$1.18B+64.9%
  • Return on Equity9.67%+35.3%
  • Medical Cost Ratio74.6%-15.9%
  • Operating Margin6.76%+52.0%
  • Net Margin5.19%+59.4%
  • ROA0.86%+29.5%
  • Equity / Assets8.65%-5.8%
  • Book Value per Share203.07+24.6%
  • Tangible BV/Share202.98+24.6%
  • Debt/Equity0.42-8.9%
Analysis→Technical→

RGA Key Insights

Reinsurance Group of America, Incorporated (RGA) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Profitable underwriting: 93.2% combined ratio
  • ✓Strong 5Y profit CAGR of 23.3%
  • ✓Strong Piotroski F-Score: 7/9
  • ✓18 consecutive years of dividend growth
  • ✓Trading at only 1.0x book value

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

RGA Price & Volume

Reinsurance Group of America, Incorporated (RGA) stock price & volume — 10-year historical chart

Loading chart...

RGA Growth Metrics

Reinsurance Group of America, Incorporated (RGA) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years8.14%
5 Years9.34%
3 Years12.8%
TTM6.19%

Profit CAGR

10 Years8.94%
5 Years23.29%
3 Years31.74%
TTM64.85%

EPS CAGR

10 Years9.02%
5 Years22.9%
3 Years32.3%
TTM64.99%

Return on Capital

10 Years1.33%
5 Years1.13%
3 Years1.1%
Last Year1.12%

RGA Recent Earnings

Reinsurance Group of America, Incorporated (RGA) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 7/12 qtrs (58%)
Q1 2026Latest
Feb 5, 2026
EPS
$7.75
Est $5.78
+34.1%
Revenue
$6.6B
Est $6.3B
+5.1%
Q4 2025
Oct 30, 2025
EPS
$6.37
Est $5.76
+10.6%
Revenue
$6.2B
Est $6.1B
+2.4%
Q3 2025
Jul 31, 2025
EPS
$4.72
Est $5.58
-15.4%
Revenue
$5.6B
Est $6.0B
-6.7%
Q2 2025
May 1, 2025
EPS
$5.66
Est $5.31
+6.6%
Revenue
$5.3B
Est $5.6B
-5.8%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 5, 2026
$7.75vs $5.78+34.1%
$6.6Bvs $6.3B+5.1%
Q4 2025Oct 30, 2025
$6.37vs $5.76+10.6%
$6.2Bvs $6.1B+2.4%
Q3 2025Jul 31, 2025
$4.72vs $5.58-15.4%
$5.6Bvs $6.0B-6.7%
Q2 2025May 1, 2025
$5.66vs $5.31+6.6%
$5.3Bvs $5.6B-5.8%
Based on last 12 quarters of dataView full earnings history →

RGA Peer Comparison

Reinsurance Group of America, Incorporated (RGA) competitors in Life and health reinsurers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
EG logoEGEverest Re Group, Ltd.Direct Competitor14.17B351.659.291.42%11.86%13.31%0.23
RNR logoRNRRenaissanceRe Holdings Ltd.Direct Competitor12.98B300.765.319.45%26.93%16.59%0.12
TRV logoTRVThe Travelers Companies, Inc.Direct Competitor64.62B298.8610.905.17%12.88%19.12%0.28
GLRE logoGLREGreenlight Capital Re, Ltd.Direct Competitor590.36M17.808.207.47%11.46%11.68%0.01
PLMR logoPLMRPalomar Holdings, Inc.Direct Competitor3.01B113.5715.8458.16%22.56%22.79%0.01
MET logoMETMetLife, Inc.Product Competitor51.39B78.8116.4210.22%4.7%12.72%0.70
PRU logoPRUPrudential Financial, Inc.Product Competitor34.58B99.439.73-14.01%5.62%10.26%0.65
LNC logoLNCLincoln National CorporationProduct Competitor6.87B35.946.151.24%9.14%16.79%0.59

Compare RGA vs Peers

Reinsurance Group of America, Incorporated (RGA) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs EG

Most directly comparable listed peer for RGA.

Scale Benchmark

vs MMC

Larger-name benchmark to compare RGA against a more recognizable public peer.

Peer Set

Compare Top 5

vs EG, RNR, TRV, GLRE

RGA Income Statement

Reinsurance Group of America, Incorporated (RGA) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue12.52B12.88B14.2B14.58B16.06B15.88B18.39B22.04B22.79B
Revenue Growth %8.63%2.88%10.27%2.71%10.13%-1.13%15.82%19.85%3.39%
Medical Costs & Claims10.49B11.07B12.1B13.04B14.21B14.31B16.06B19.55B17B
Medical Cost Ratio %83.8%85.95%85.2%89.41%88.46%90.11%87.33%88.71%74.6%
Gross Profit
2.03B▲ 0%
1.81B▼ 10.8%
2.1B▲ 16.1%
1.54B▼ 26.5%
1.85B▲ 20.1%
1.57B▼ 15.3%
2.33B▲ 48.4%
2.49B▲ 6.7%
5.79B▲ 132.6%
Gross Margin %16.2%14.05%14.8%10.59%11.54%9.89%12.67%11.29%25.4%
Gross Profit Growth %9.45%-10.8%16.14%-26.51%20.08%-15.26%48.38%6.74%132.64%
Operating Expenses885M963M969M991M469M853M1.17B1.51B4.25B
OpEx / Revenue %7.07%7.48%6.82%6.8%2.92%5.37%6.37%6.84%18.64%
Depreciation & Amortization53M45M49M49M43M38M41M46M43M
Combined Ratio %90.87%93.43%92.03%96.21%91.38%95.48%93.69%95.55%93.24%
Operating Income
1.14B▲ 0%
846M▼ 26.0%
1.13B▲ 33.8%
553M▼ 51.1%
1.39B▲ 150.5%
718M▼ 48.2%
1.16B▲ 61.6%
980M▼ 15.5%
1.54B▲ 57.1%
Operating Margin %9.13%6.57%7.97%3.79%8.62%4.52%6.31%4.45%6.76%
Operating Income Growth %9.49%-25.98%33.81%-51.15%150.45%-48.16%61.56%-15.52%57.14%
EBITDA1.2B891M1.18B602M1.43B756M1.2B1.03B1.58B
EBITDA Margin %9.56%6.92%8.32%4.13%8.89%4.76%6.53%4.65%6.95%
Interest Expense146M147M173M170M139M191M257M304M366M
Non-Operating Income-146M-147M-173M-170M-139M-191M-257M-304M-366M
Pretax Income
1.14B▲ 0%
846M▼ 26.0%
1.13B▲ 33.8%
553M▼ 51.1%
1.39B▲ 150.5%
718M▼ 48.2%
1.16B▲ 61.6%
980M▼ 15.5%
1.54B▲ 57.1%
Pretax Margin %9.13%6.57%7.97%3.79%8.62%4.52%6.31%4.45%6.76%
Income Tax-679M130M262M138M215M197M251M256M351M
Effective Tax Rate %-59.41%15.37%23.14%24.95%15.52%27.44%21.64%26.12%22.79%
Net Income
1.82B▲ 0%
716M▼ 60.7%
870M▲ 21.5%
415M▼ 52.3%
1.17B▲ 181.9%
517M▼ 55.8%
902M▲ 74.5%
717M▼ 20.5%
1.18B▲ 64.9%
Net Margin %14.56%5.56%6.13%2.85%7.28%3.26%4.9%3.25%5.19%
Net Income Growth %159.75%-60.7%21.51%-52.3%181.93%-55.81%74.47%-20.51%64.85%
EPS (Diluted)
27.71▲ 0%
11.00▼ 60.3%
13.62▲ 23.8%
6.31▼ 53.7%
9.04▲ 43.3%
7.64▼ 15.5%
13.44▲ 75.9%
10.73▼ 20.2%
17.69▲ 64.9%
EPS Growth %156.81%-60.3%23.82%-53.67%43.26%-15.49%75.92%-20.16%64.86%
EPS (Basic)28.2811.2513.886.359.107.7313.6010.9017.94
Diluted Shares Outstanding65.75M65.09M63.88M65.8M68.3M67.7M67.1M66.9M66.73M

RGA Balance Sheet

Reinsurance Group of America, Incorporated (RGA) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets60.51B64.54B76.73B84.66B92.17B84.9B97.62B118.67B156.59B
Asset Growth %13.97%6.64%18.9%10.33%8.88%-7.89%14.98%21.56%31.95%
Total Investment Assets51.69B54.21B66.56B72.4B78.53B70.48B78.9B98.04B130.48B
Long-Term Investments51.69B54.21B66.56B72.4B78.53B70.48B78.9B98.04B130.48B
Short-Term Investments000000000
Total Current Assets3.64B4.91B4.39B6.25B5.84B5.94B6.5B7.22B8.64B
Cash & Equivalents1.3B1.89B1.45B3.41B2.95B2.93B2.97B3.33B4.17B
Receivables2.34B3.02B2.94B2.84B2.89B3.01B3.53B3.9B4.47B
Other Current Assets000000000
Goodwill & Intangibles204.8M40M33M25M12M14M11M8M6M
Goodwill7M7M7M7M7M0000
Intangible Assets197.8M33M26M18M5M14M11M8M6M
PP&E (Net)302.2M302.1M296M291M284M408M416M450M480M
Other Assets4.67B5.08B5.46B5.69B7.51B8.06B11.8B12.95B16.98B
Total Liabilities50.95B56.08B65.13B70.3B79.16B77.73B88.45B107.77B143.04B
Total Debt3.57B3.47B3.58B3.96B3.85B3.96B4.43B5.04B5.71B
Net Debt2.27B1.58B2.13B553M899M1.03B1.46B1.72B1.54B
Long-Term Debt3.57B3.47B3.58B3.96B3.85B3.96B4.43B5.04B5.71B
Short-Term Debt000000000
Total Current Liabilities000000000
Accounts Payable000000000
Deferred Revenue000000000
Other Current Liabilities000000000
Deferred Taxes1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Liabilities45.17B50.82B58.84B63.08B72.43B72.39B82.16B100.53B134.33B
Total Equity
9.57B▲ 0%
8.45B▼ 11.7%
11.6B▲ 37.3%
14.35B▲ 23.7%
13.01B▼ 9.3%
7.17B▼ 44.9%
9.17B▲ 27.9%
10.91B▲ 18.9%
13.55B▲ 24.3%
Equity Growth %34.91%-11.69%37.28%23.71%-9.32%-44.9%27.89%18.92%24.25%
Shareholders Equity9.57B8.45B11.6B14.35B13.01B7.08B9.08B10.82B13.46B
Minority Interest0000090M90M90M90M
Retained Earnings6.74B7.28B7.95B8.15B8.56B8.17B8.8B9.26B10.15B
Common Stock791K791K1M1M1M1M1M1M1M
Accumulated OCI2.06B636.76M3.14B5.36B3.64B-1.87B-369M849M2.68B
Return on Equity (ROE)21.87%7.95%8.68%3.2%8.55%5.12%11.04%7.14%9.67%
Return on Assets (ROA)3.21%1.15%1.23%0.51%1.32%0.58%0.99%0.66%0.86%
Equity / Assets15.81%13.09%15.12%16.95%14.12%8.45%9.39%9.19%8.65%
Debt / Equity0.37x0.41x0.31x0.28x0.30x0.55x0.48x0.46x0.42x
Book Value per Share145.54129.82181.60218.12190.54105.92136.68163.02203.07
Tangible BV per Share142.42129.21181.08217.74190.37105.72136.51162.90202.98

RGA Cash Flow Statement

Reinsurance Group of America, Incorporated (RGA) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations1.98B1.58B2.31B3.32B4.18B1.34B4.04B9.37B4.09B
Operating CF Growth %35.24%-20.24%45.91%44%25.89%-67.89%201.12%131.7%-56.34%
Operating CF / Revenue %15.84%12.28%16.25%22.78%26.04%8.46%21.99%42.51%17.95%
Net Income1.82B715.84M870M415M617M517M902M717M1.18B
Depreciation & Amortization53M45.13M49M3M-11M38M41M46M43M
Stock-Based Compensation0039M000000
Deferred Taxes076.51M0-16M00000
Other Non-Cash Items-249.14M5.38M-31M-62M-731M346M-34M343M-301M
Working Capital Changes356.27M738.26M1.38B2.98B4.31B442M3.13B8.26B3.17B
Cash from Investing-1.61B-636.55M-2.64B-2.68B-4.63B-5.69B-4.07B-12.54B-12.09B
Capital Expenditures-44.21M-28.89M-34M-28M-19M-25M000
Acquisitions0-31.44M4M-173M-287M17M-77M-320M0
Purchase of Investments-8.94B-10.1B-16.28B-10.26B-18.28B-17.07B-13.25B-41.69B-43.67B
Sale/Maturity of Investments8.04B10.14B14.11B7.67B13.83B11.47B8.55B30.49B32.19B
Other Investing-657.07M-615.69M-442M115M129M-77M711M-1.03B-613M
Cash from Financing-324.62M-321.97M-121M1.25B20M4.44B78M3.66B8.8B
Dividends Paid-117.29M-140.11M-163M-182M-194M-205M-219M-229M-240M
Share Repurchases-44M-299.68M-101M-163M-99M-81M-227M-27M-174M
Stock Issued000481M00004M
Debt Issuance (Net)-1000K-1000K1000K1000K-1000K1000K1000K1000K1000K
Other Financing207.67M217.14M38M737M430M4.62B62M3.31B8.55B
Net Change in Cash
102.81M▲ 0%
586.21M▲ 470.2%
-441M▼ 175.2%
1.96B▲ 544.2%
-460M▼ 123.5%
-21M▲ 95.4%
43M▲ 304.8%
356M▲ 727.9%
842M▲ 136.5%
Exchange Rate Effect52.69M-36.39M11M63M-34M-112M-13M-130M47M
Cash at Beginning1.2B1.3B1.89B1.45B3.41B2.95B2.93B2.97B3.33B
Cash at End1.3B1.89B1.45B3.41B2.95B2.93B2.97B3.33B4.17B
Free Cash Flow
1.94B▲ 0%
1.55B▼ 19.9%
2.27B▲ 46.4%
3.29B▲ 44.9%
4.16B▲ 26.4%
1.32B▼ 68.3%
4.04B▲ 206.8%
9.37B▲ 131.7%
4.09B▼ 56.3%
FCF Growth %36.38%-19.91%46.43%44.92%26.38%-68.34%206.83%131.7%-56.34%
FCF Margin %15.48%12.06%16.01%22.59%25.92%8.3%21.99%42.51%17.95%
FCF per Share29.4823.8535.5850.0660.9519.4760.27140.0661.31

RGA Key Ratios

Reinsurance Group of America, Incorporated (RGA) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Combined Ratio90.94%90.87%93.43%92.03%96.21%91.38%95.48%93.69%95.55%93.24%
Medical Cost Ratio83.92%83.8%85.95%85.2%89.41%88.46%90.11%87.33%88.71%74.6%
Return on Equity (ROE)10.61%21.87%7.95%8.68%3.2%8.55%5.12%11.04%7.14%9.67%
Return on Assets (ROA)1.36%3.21%1.15%1.23%0.51%1.32%0.58%0.99%0.66%0.86%
Equity / Assets13.36%15.81%13.09%15.12%16.95%14.12%8.45%9.39%9.19%8.65%
Book Value / Share109.14145.54129.82181.6218.12190.54105.92136.68163.02203.07
Debt / Equity0.55x0.37x0.41x0.31x0.28x0.30x0.55x0.48x0.46x0.42x
Revenue Growth10.59%8.63%2.88%10.27%2.71%10.13%-1.13%15.82%19.85%3.39%

RGA SEC Filings & Documents

Reinsurance Group of America, Incorporated (RGA) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 7, 2026·SEC

Material company update

May 1, 2026·SEC

Material company update

Mar 20, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 20, 2026·SEC

FY 2025

Feb 21, 2025·SEC

FY 2024

Feb 26, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Oct 31, 2025·SEC

FY 2025

Aug 1, 2025·SEC

FY 2025

May 2, 2025·SEC

RGA Frequently Asked Questions

Reinsurance Group of America, Incorporated (RGA) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Reinsurance Group of America, Incorporated (RGA) grew revenue by 3.4% over the past year. Growth has been modest.

Yes, Reinsurance Group of America, Incorporated (RGA) is profitable, generating $1.18B in net income for fiscal year 2025 (5.2% net margin).

Dividend & Returns

Yes, Reinsurance Group of America, Incorporated (RGA) pays a dividend with a yield of 1.69%. This makes it attractive for income-focused investors.

Reinsurance Group of America, Incorporated (RGA) has a return on equity (ROE) of 9.7%. This is below average, suggesting room for improvement.

Industry Metrics

Reinsurance Group of America, Incorporated (RGA) has a combined ratio of 93.2%. A ratio below 100% indicates underwriting profitability.

Explore More RGA

Reinsurance Group of America, Incorporated (RGA) financial analysis — history, returns, DCA and operating performance tools

Full RGA Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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