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

RGA•NYSE•Insurance & Managed Care
$214.59
$14.05B mkt cap·20.0× P/E·Price updated May 6, 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$22.04B+19.9%
  • Combined Ratio95.55%+2.0%
  • Net Income$717M-20.5%
  • Return on Equity7.14%-35.3%
  • Medical Cost Ratio88.71%+1.6%
  • Operating Margin4.45%-29.5%
  • Net Margin3.25%-33.7%
  • ROA0.66%-32.9%
  • Equity / Assets9.19%-2.2%
  • Book Value per Share163.02+19.3%
  • Tangible BV/Share161.03+19.8%
  • Debt/Equity0.46-4.2%
Analysis→Technical→

RGA Key Insights

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

✓Strengths

  • ✓17 consecutive years of dividend growth
  • ✓Trading at only 1.3x book value

✗Weaknesses

  • ✗High loss ratio of 88.7%

* 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

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RGA Growth Metrics

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

Revenue CAGR

10 Years7.29%
5 Years9.19%
3 Years11.13%
TTM2.28%

Profit CAGR

10 Years0.47%
5 Years-3.79%
3 Years-15.06%
TTM19.26%

EPS CAGR

10 Years0.93%
5 Years-4.66%
3 Years5.88%
TTM19.1%

Return on Capital

10 Years1.39%
5 Years1.05%
3 Years1%
Last Year0.91%

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 Competitor14.18B351.909.291.42%11.86%13.31%0.23
RNR logoRNRRenaissanceRe Holdings Ltd.Direct Competitor13.06B302.635.349.45%26.93%16.59%0.12
TRV logoTRVThe Travelers Companies, Inc.Direct Competitor65.22B301.5910.995.17%12.88%19.12%0.28
GLRE logoGLREGreenlight Capital Re, Ltd.Direct Competitor606.27M17.848.227.47%11.46%11.68%0.01
PLMR logoPLMRPalomar Holdings, Inc.Direct Competitor2.94B110.7515.4558.16%22.56%22.79%0.01
MET logoMETMetLife, Inc.Product Competitor52.27B80.1616.7010.22%4.44%11.88%0.70
PRU logoPRUPrudential Financial, Inc.Product Competitor34.86B100.169.80-14.01%5.62%10.26%0.65
LNC logoLNCLincoln National CorporationProduct Competitor6.41B37.622.0453.61%11.43%20.18%0.77

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'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Revenue11.52B12.52B12.88B14.2B14.58B16.06B15.88B18.39B22.04B22.27B
Revenue Growth %10.59%8.63%2.88%10.27%2.71%10.13%-1.13%15.82%19.85%2.28%
Medical Costs & Claims9.67B10.49B11.07B12.1B13.04B14.21B14.31B16.06B19.55B19.36B
Medical Cost Ratio %83.92%83.8%85.95%85.2%89.41%88.46%90.11%87.33%88.71%86.92%
Gross Profit
1.85B▲ 0%
2.03B▲ 9.4%
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%
2.91B▲ 0%
Gross Margin %16.08%16.2%14.05%14.8%10.59%11.54%9.89%12.67%11.29%13.08%
Gross Profit Growth %26.53%9.45%-10.8%16.14%-26.51%20.08%-15.26%48.38%6.74%-
Operating Expenses808.96M885M963M969M991M469M853M1.17B1.51B1.66B
OpEx / Revenue %7.02%7.07%7.48%6.82%6.8%2.92%5.37%6.37%6.84%7.44%
Depreciation & Amortization26.85M53M45M49M49M43M38M41M46M0
Combined Ratio %90.94%90.87%93.43%92.03%96.21%91.38%95.48%93.69%95.55%94.36%
Operating Income
1.04B▲ 0%
1.14B▲ 9.5%
846M▼ 26.0%
1.13B▲ 33.8%
553M▼ 51.1%
1.39B▲ 150.5%
718M▼ 48.2%
1.16B▲ 61.6%
980M▼ 15.5%
1.25B▲ 0%
Operating Margin %9.06%9.13%6.57%7.97%3.79%8.62%4.52%6.31%4.45%5.64%
Operating Income Growth %40.17%9.49%-25.98%33.81%-51.15%150.45%-48.16%61.56%-15.52%-
EBITDA1.07B1.2B891M1.18B602M1.43B756M1.2B1.03B1.61B
EBITDA Margin %9.29%9.56%6.92%8.32%4.13%8.89%4.76%6.53%4.65%7.22%
Interest Expense137.62M146M147M173M170M139M191M257M304M354M
Non-Operating Income-137.62M-146M-147M-173M-170M-139M-191M-257M-304M-354M
Pretax Income
1.04B▲ 0%
1.14B▲ 9.5%
846M▼ 26.0%
1.13B▲ 33.8%
553M▼ 51.1%
1.39B▲ 150.5%
718M▼ 48.2%
1.16B▲ 61.6%
980M▼ 15.5%
1.25B▲ 0%
Pretax Margin %9.06%9.13%6.57%7.97%3.79%8.62%4.52%6.31%4.45%5.64%
Income Tax342.5M-679M130M262M138M215M197M251M256M381M
Effective Tax Rate %32.81%-59.41%15.37%23.14%24.95%15.52%27.44%21.64%26.12%30.36%
Net Income
701.44M▲ 0%
1.82B▲ 159.8%
716M▼ 60.7%
870M▲ 21.5%
415M▼ 52.3%
1.17B▲ 181.9%
517M▼ 55.8%
902M▲ 74.5%
717M▼ 20.5%
867M▲ 0%
Net Margin %6.09%14.56%5.56%6.13%2.85%7.28%3.26%4.9%3.25%3.89%
Net Income Growth %39.68%159.75%-60.7%21.51%-52.3%181.93%-55.81%74.47%-20.51%19.26%
EPS (Diluted)
10.79▲ 0%
27.71▲ 156.8%
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%
12.99▲ 0%
EPS Growth %44.64%156.81%-60.3%23.82%-53.67%43.26%-15.49%75.92%-20.16%19.1%
EPS (Basic)10.9128.2811.2513.886.359.107.7313.6010.90-
Diluted Shares Outstanding64.99M65.75M65.09M63.88M65.8M68.3M67.7M67.1M66.9M66.73M

RGA Balance Sheet

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

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Total Assets53.1B60.51B64.53B76.73B84.66B92.17B84.9B97.62B118.67B152B
Asset Growth %5.39%13.97%6.64%18.9%10.33%8.88%-7.89%14.98%21.56%90.38%
Total Investment Assets44.84B51.69B54.28B60.63B66.68B121.82B64.48B2.73B98.04B4M
Long-Term Investments12.67B13.45B14.14B52.64B58.46B60.99B55.52B-57.96B95.86B392.48B
Short-Term Investments32.17B38.24B40.13B8.62B8.37B60.84B7.82B60.69B2.18B12.95B
Total Current Assets34.06B1.3B42.78B0066.36B6.72B2.97B11.04B104.2B
Cash & Equivalents1.2B1.3B1.89B1.45B3.41B2.95B2.93B2.97B3.33B4.63B
Receivables683.97M782.03M758M904M983M2.58B2.67B5.45B5.53B22.09B
Other Current Assets000-10.97B-12.76B0-6.69B-66.14B080.87B
Goodwill & Intangibles71.3M59.3M85.2M230M213M193M164M154M133M11.61B
Goodwill7M7M7M7M7M7M0000
Intangible Assets64.3M52.3M78.2M223M206M186M164M154M133M0
PP&E (Net)000244M260M284M270M279M325M0
Other Assets39.15B45.7B48.42B-53.11B-58.93B270M-55.95B140.63B11.32B-103.76B
Total Liabilities46B50.95B56.09B65.13B70.3B79.16B77.73B88.45B107.77B138.94B
Total Debt3.93B3.57B3.47B3.98B4.36B3.85B4.36B4.43B5.04B5.73B
Net Debt2.73B2.27B1.58B2.53B953M899M1.43B1.46B1.72B1.11B
Long-Term Debt3.93B3.57B3.47B3.58B3.96B3.85B3.96B4.43B5.04B5.73B
Short-Term Debt000400M400M0400M000
Total Current Liabilities688.93M488.74M487M0000000
Accounts Payable388.99M488.74M487M557M598M613M756M000
Deferred Revenue00000213M0000
Other Current Liabilities299.94M-488.74M-487M-957M-998M-826M-1.89B-4.48B-5.02B-5.28B
Deferred Taxes1000K1000K01000K1000K1000K1000K1000K1000K9.49B
Other Liabilities38.62B45.17B52.62B-6.29B-7.22B72.43B74.17B82.16B100.53B-8.32B
Total Equity
7.09B▲ 0%
9.57B▲ 34.9%
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%
13.07B▲ 0%
Equity Growth %15.61%34.91%-11.69%37.28%23.71%-9.32%-44.9%27.89%18.92%79.25%
Shareholders Equity7.09B9.57B8.45B11.6B14.35B13.01B7.08B9.08B10.82B12.98B
Minority Interest00000090M90M90M90M
Retained Earnings5.2B6.74B7.28B7.95B8.15B8.56B8.17B8.8B9.26B9.76B
Common Stock791K791K791K1M1M1M1M1M1M1M
Accumulated OCI1.14B2.06B636.76M3.14B5.36B3.64B-1.87B-369M849M2.55B
Return on Equity (ROE)10.61%21.87%7.95%8.68%3.2%8.55%5.12%11.04%7.14%6.63%
Return on Assets (ROA)1.36%3.21%1.15%1.23%0.51%1.32%0.58%0.99%0.66%0.57%
Equity / Assets13.36%15.81%13.09%15.12%16.95%14.12%8.45%9.39%9.19%8.6%
Debt / Equity0.55x0.37x0.41x0.34x0.30x0.30x0.61x0.48x0.46x0.46x
Book Value per Share109.14145.54129.82181.60218.12190.54105.92136.68163.02195.83
Tangible BV per Share108.05144.64128.51178.00214.88187.72103.50134.38161.03195.83

RGA Cash Flow Statement

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

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash from Operations1.47B1.98B1.58B2.31B3.32B4.18B1.34B4.04B9.37B9.37B
Operating CF Growth %-29.82%35.24%-20.24%45.91%44%25.89%-67.89%201.12%131.7%-67%
Operating CF / Revenue %12.72%15.84%12.28%16.25%22.78%26.04%8.46%21.99%42.51%42.07%
Net Income701.44M1.82B715.84M870M415M617M517M902M717M867M
Depreciation & Amortization26.85M53M45.13M49M3M-11M38M41M46M0
Stock-Based Compensation00039M000000
Deferred Taxes0076.51M0-16M00000
Other Non-Cash Items136.49M-249.14M5.38M-31M-62M-731M346M-116M343M-3.7B
Working Capital Changes600.93M356.27M738.26M1.38B2.98B4.31B442M3.22B8.26B8.25B
Cash from Investing-2.83B-1.61B-636.55M-2.64B-2.68B-4.63B-5.69B-4.07B-12.54B-12.99B
Capital Expenditures-44.64M-44.21M-28.89M-34M-28M-19M-25M000
Acquisitions00-31.44M4M-173M-287M17M-77M-320M-3M
Purchase of Investments-8.1B-8.94B-10.1B-16.28B-10.26B-18.28B-17.07B-13.25B-41.69B-39.75B
Sale/Maturity of Investments1000K1000K1000K1000K1000K1000K1000K1000K1000K4M
Other Investing-641.52M-657.07M-615.69M-442M115M129M-77M711M-1.03B-2.77B
Cash from Financing1.06B-324.62M-321.97M-121M1.25B20M4.44B78M3.66B7.61B
Dividends Paid-100.37M-117.29M-140.11M-163M-182M-194M-205M-219M-229M-237M
Share Repurchases-122.92M-44M-299.68M-101M-163M-99M-81M-227M-27M-76M
Stock Issued0000481M00004M
Debt Issuance (Net)1000K-1000K-1000K1000K1000K-1000K1000K1000K1000K-2M
Other Financing545.74M207.67M217.14M38M737M430M4.62B62M3.31B7.29B
Net Change in Cash
-324.56M▲ 0%
102.81M▲ 131.7%
586.21M▲ 470.2%
-441M▼ 175.2%
1.96B▲ 544.2%
-460M▼ 123.5%
-21M▲ 95.4%
43M▲ 304.8%
356M▲ 727.9%
-570M▲ 0%
Exchange Rate Effect-1000K1000K-1000K1000K1000K-1000K-1000K-1000K-1000K0
Cash at Beginning1.53B1.2B1.3B1.89B1.45B3.41B2.95B2.93B2.97B5.42B
Cash at End1.2B1.3B1.89B1.45B3.41B2.95B2.93B2.97B3.33B4.63B
Free Cash Flow
1.42B▲ 0%
1.94B▲ 36.4%
1.55B▼ 19.9%
2.27B▲ 46.4%
3.29B▲ 44.9%
4.16B▲ 26.4%
1.34B▼ 67.7%
4.04B▲ 201.1%
9.37B▲ 131.7%
4.84B▲ 0%
FCF Growth %-31.18%36.38%-19.91%46.43%44.92%26.38%-67.74%201.12%131.7%-46.33%
FCF Margin %12.33%15.48%12.06%16.01%22.59%25.92%8.46%21.99%42.51%21.73%
FCF per Share21.8729.4823.8535.5850.0660.9519.8460.27140.06140.06

RGA Key Ratios

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

Metric201620172018201920202021202220232024TTM
Combined Ratio90.94%90.87%93.43%92.03%96.21%91.38%95.48%93.69%95.55%94.36%
Medical Cost Ratio83.92%83.8%85.95%85.2%89.41%88.46%90.11%87.33%88.71%86.92%
Return on Equity (ROE)10.61%21.87%7.95%8.68%3.2%8.55%5.12%11.04%7.14%6.63%
Return on Assets (ROA)1.36%3.21%1.15%1.23%0.51%1.32%0.58%0.99%0.66%0.57%
Equity / Assets13.36%15.81%13.09%15.12%16.95%14.12%8.45%9.39%9.19%8.6%
Book Value / Share109.14145.54129.82181.6218.12190.54105.92136.68163.02195.83
Debt / Equity0.55x0.37x0.41x0.34x0.30x0.30x0.61x0.48x0.46x0.46x
Revenue Growth10.59%8.63%2.88%10.27%2.71%10.13%-1.13%15.82%19.85%2.28%

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

Mar 20, 2026·SEC

Material company update

Mar 19, 2026·SEC

Material company update

Mar 3, 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 19.9% over the past year. This is strong growth.

Yes, Reinsurance Group of America, Incorporated (RGA) is profitable, generating $867.0M in net income for fiscal year 2024 (3.3% net margin).

Dividend & Returns

Yes, Reinsurance Group of America, Incorporated (RGA) pays a dividend with a yield of 1.60%. This makes it attractive for income-focused investors.

Reinsurance Group of America, Incorporated (RGA) has a return on equity (ROE) of 7.1%. This is below average, suggesting room for improvement.

Industry Metrics

Reinsurance Group of America, Incorporated (RGA) has a combined ratio of 95.6%. 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

→

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

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Valuation

DCF intrinsic value, peer multiples & estimates

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