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RGAReinsurance Group of America, Incorporated
$261.90$17.2B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
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P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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RGA logo

Reinsurance Group of America, Incorporated

RGA
NYSE · Reinsurers
$261.90
At close - Nov 6, 4:00 PM EST - USD
Market Cap$17.16B
P/E10.1x
52W High$272.44
Volume728.01K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Mortality Normalization Drives Record Earnings Inflection

RGA is experiencing a pronounced profitability inflection, with 2026Q2 EPS of $7.01 up 159.6% year-over-year and a combined ratio improving to 90.9% from 94.9% a year earlier, signaling a return to pre-pandemic underwriting discipline.

GrowthAccelerating
ProfitabilityStrong
ValuationExpensive
TechnicalsHealthy
Explore valuation models
MARKET ACTION

RGA price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

10/12 Beats

EPS beat 10 of last 12 quarters

02

Valuation risk

-18% Peers

P/E is 18% below peer median

03

Market leadership

RS 84 · Leader

High momentum (Outperforming 84% of market)

04

Healthy Uptrend

Uptrend

Price > 50DMA > 200DMA

Next CatalystEstimated earnings · Feb 5
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth accelerated to 19.5% year-over-year in 2026Q2, while the combined ratio improved to 90.9% from 94.9% a year earlier, driving EPS up 159.6% to $7.01.

Analyst Consensus+4.5% target
Buy(23 analysts)
13 Buy8 Hold2 Sell

The Bull Case

Upside Catalysts

Strong Financial Performance

RGA has demonstrated robust financial performance, with revenue increasing by 7.20% in 2025 to $23.70 billion and earnings growing by 64.85% to $1.18 billion. The company reported record fourth-quarter and full-year results in 2025, with management reiterating its targets of 8% to 10% annual EPS growth.

Expansion in Emerging Markets

RGA is strategically expanding in Asia and other emerging markets, where demand for life and health coverage is growing. This expansion contributes to a more diversified revenue base, positioning RGA to capitalize on new opportunities.

Analysts Project Continued Earnings Growth

Analysts project earnings growth of 8.26% for RGA in the coming year, with EPS expected to rise from $26.27 to $28.44 per share. This positive outlook reflects confidence in the company's growth trajectory.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
RGA+30.13%
S&P 500 (^GSPC)+7.63%
1-Year Return
RGA+38.96%
S&P 500 (^GSPC)+9.69%
3-Year Return
RGA+77.25%
S&P 500 (^GSPC)+68.73%
5-Year Return
RGA+146.14%
S&P 500 (^GSPC)+56.77%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
10.1x
Forward P/EExpansion
8.8x
EV/EBITDA20th %ile
7.3x
FCF YieldCash Flow
32.4%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
10.1x
12.1x
0th· Low
EV/EBITDA
7.3x
10.3x
20th· Low
Price/FCF
3.1x
2.7x
60th· Fair
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$133.63-49.0%
Base (Fair)$287.54+9.8%
Bull$509.43+94.5%
$133.63 Bear$287.54 Base$509.43 Bull
Current Market Price: $261.90
Trades at a 8.9% discount to Base DCF ($287.54)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$22.79B+3.4% YoY
Net income FY25
$1.18B+64.9% YoY
Free cash flow FY25
$4.09B-56.3% YoY
Operating margin FY25
6.8%+2.3 pts YoY
ROIC (FY25)8.3%
Avg ROIC 5Y7.2%
ROE (TTM)13.1%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate10/12 (83%)
Revenue Beat Rate7/12 (58%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Nov 5, 2026
$8.49+21.8%
vs $6.97
$7.5B+12.9%
vs $6.7B
Q3 2026
Aug 6, 2026
$8.89+36.8%
vs $6.50
$6.6B-0.6%
vs $6.7B
Q2 2026
May 7, 2026
$6.97+15.6%
vs $6.03
$6.5B+0.4%
vs $6.5B
Q1 2026
Feb 5, 2026
$7.75+34.1%
vs $5.78
$6.6B+5.1%
vs $6.3B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
Seeking Alpha·1d ago
Reinsurance Group of America, Incorporated (RGA) Q3 2026 Earnings Call Transcript

Reinsurance Group of America, Incorporated ( RGA ) Q3 2026 Earnings Call November 6, 2026 10:00 AM EST Company Participants Tony Cheng - President, CEO & Director Laura Cockrill - Executive VP & CFO Jonathan Porter - Executive VP & Global Chief Risk Officer Jayson Bronchetti - Executive VP & Chief Investment Officer Conference Call Participants Taylor Scott - Barclays Bank PLC, Research Division Joel Hurwitz - Dowling & Partners Securities, LLC Thomas Gallagher - Evercore ISI Institutional Equities, Research Division Wilma Jackson Burdis - Raymond James & Associates, Inc., Research Division Suneet Kamath - Jefferies LLC, Research Division Wesley Carmichael - Wells Fargo Securities, LLC, Research Division Michael Ward - UBS Investment Bank, Research Division Presentation Operator Welcome to RGA's Third Quarter 2026 Earnings Call. [Operator Instructions] Today's call is being recorded.

Zacks Investment Research·2d ago
Reinsurance Group (RGA) Reports Q3 Earnings: What Key Metrics Have to Say

Although the revenue and EPS for Reinsurance Group (RGA) give a sense of how its business performed in the quarter ended September 2026, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

Zacks Investment Research·2d ago
Reinsurance Group (RGA) Tops Q3 Earnings and Revenue Estimates

Reinsurance Group (RGA) came out with quarterly earnings of $8.49 per share, beating the Zacks Consensus Estimate of $6.98 per share. This compares to earnings of $6.37 per share a year ago.

Business Wire·2d ago
Reinsurance Group of America Announces Third Quarter Results

ST. LOUIS--(BUSINESS WIRE)--Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported third quarter net income available to RGA shareholders of $456 million, or $6.92 per diluted share, compared with $253 million, or $3.81 per diluted share, in the prior-year quarter. Adjusted operating income for the third quarter totaled $558 million, or $8.49 per diluted share, compared with $310 million, or $4.66 per diluted share, in the prio.

Filtered for Reinsurance Group of America, IncorporatedMore Headlines
04

Compare before deciding

Benchmark RGA against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Reinsurance Group of America, Incorporated (RGA)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
RGA logoRGAReinsurance Group of America, IncorporatedCurrent
$261.90$17.16B10.063.39%6.34%13.06%1.37%
EG logoEGEverest Group, Ltd.
$411.11$15.46B8.171.42%11.7%12.52%1.97%
RNR logoRNRRenaissanceRe Holdings Ltd.
$347.35$14.43B8.949.45%17.07%8.26%0.48%
TRV logoTRVThe Travelers Companies, Inc.
$395.20$82.43B9.995.17%17.03%26.24%1.09%
GLRE logoGLREGreenlight Capital Re, Ltd.
$16.08$533.32M7.637.47%14.02%9.86%—
PLMR logoPLMRPalomar Holdings, Inc.
$155.71$4.13B19.3758.16%17.6%22.45%—

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 MRSH

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

Peer Set

Compare Top 5

vs EG, RNR, TRV, GLRE

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

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

Aug 6, 2026·SEC

Material company update

Jul 9, 2026·SEC

Material company update

Jul 1, 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 2026

Aug 7, 2026·SEC

FY 2026

May 8, 2026·SEC

FY 2025

Oct 31, 2025·SEC

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RGA Frequently Asked Questions

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

Growth & Financials
How fast is Reinsurance Group of America, Incorporated growing?

Reinsurance Group of America, Incorporated (RGA) grew revenue by 21.2% over the trailing twelve months, compared with the twelve months before.

Is RGA profitable?

Yes. Reinsurance Group of America, Incorporated (RGA) earned $1.71B in net income over the trailing twelve months (a 6.3% net margin).

Dividend & Returns
Does RGA pay dividends?

Yes. Reinsurance Group of America, Incorporated (RGA) pays a dividend that yields 1.37% at the current price, a moderate yield.

What is RGA's return on equity?

Reinsurance Group of America, Incorporated (RGA) had a return on equity (ROE) of 13.1% over the trailing twelve months. That is in line with the market's typical 10-15%.

Industry Metrics
What is Reinsurance Group of America, Incorporated's combined ratio?

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

What if you invested $1,000 in RGA back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →