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RGAReinsurance Group of America, Incorporated
$210.54$13.8B
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RGA logoReinsurance Group of America, Incorporated(RGA)Earnings, Financials & Key Ratios

RGA•NYSE•Insurance & Managed Care
11.9× P/E·Price updated Jun 19, 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%

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.

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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 Years8.14%
5 Years9.34%
3 Years12.8%
TTM17.29%

Profit CAGR

10 Years8.94%
5 Years23.29%
3 Years31.74%
TTM54.6%

EPS CAGR

10 Years9.02%
5 Years22.9%
3 Years32.3%
TTM55.7%

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%)
Q2 2026Latest
May 7, 2026
Metric
Actual
Est
EPS
$6.97+15.6%
$6.03
Rev
$6.5B+0.4%
$6.5B
Q1 2026
Feb 5, 2026
Metric
Actual
Est
EPS
$7.75+34.1%
$5.78
Rev
$6.6B+5.1%
$6.3B
Q4 2025
Oct 30, 2025
Metric
Actual
Est
EPS
$6.37+10.6%
$5.76
Rev
$6.2B+2.4%
$6.1B
Q3 2025
Jul 31, 2025
Metric
Actual
Est
EPS
$4.72-15.4%
$5.58
Rev
$5.6B-6.7%
$6.0B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 7, 2026
$6.97vs $6.03+15.6%
$6.5Bvs $6.5B+0.4%
Q1 2026Feb 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%
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
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
EG logoEGEverest Re Group, Ltd.Direct Competitor13.52B335.638.871.42%11.86%13.31%0.23
RNR logoRNRRenaissanceRe Holdings Ltd.Direct Competitor12.91B299.175.289.45%26.93%16.59%0.12
TRV logoTRVThe Travelers Companies, Inc.Direct Competitor66.56B307.8111.225.17%12.88%19.12%0.28
GLRE logoGLREGreenlight Capital Re, Ltd.Direct Competitor532.98M16.077.417.47%11.46%11.68%0.01
PLMR logoPLMRPalomar Holdings, Inc.Direct Competitor2.96B111.7015.5858.16%20.15%21.74%0.01
MET logoMETMetLife, Inc.Product Competitor55.8B85.5817.8310.22%4.7%12.72%0.70
PRU logoPRUPrudential Financial, Inc.Product Competitor37.05B106.5310.42-14.01%5.62%10.26%0.65
LNC logoLNCLincoln National CorporationProduct Competitor7.11B37.176.361.24%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
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
12.52B12.88B14.2B14.58B16.06B15.88B18.39B22.04B22.79B24.59B
Revenue Growth %
8.63%2.88%10.27%2.71%10.13%-1.13%15.82%19.85%3.39%17.29%
Medical Costs & Claims
10.49B11.07B12.1B13.04B14.21B14.31B16.06B19.55B17B19.59B
Medical Cost Ratio %
83.8%85.95%85.2%89.41%88.46%90.11%87.33%88.71%74.6%79.67%
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%
5B▲ 0%
Gross Margin %
16.2%14.05%14.8%10.59%11.54%9.89%12.67%11.29%25.4%20.33%
Gross Profit Growth %
9.45%-10.8%16.14%-26.51%20.08%-15.26%48.38%6.74%132.64%-
Operating Expenses
885M963M969M991M469M853M1.17B1.51B4.25B3.39B
OpEx / Revenue %
7.07%7.48%6.82%6.8%2.92%5.37%6.37%6.84%18.64%13.78%
Depreciation & Amortization
53M45M49M49M43M38M41M46M43M0
Combined Ratio %
90.87%93.43%92.03%96.21%91.38%95.48%93.69%95.55%93.24%93.45%
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%
1.61B▲ 0%
Operating Margin %
9.13%6.57%7.97%3.79%8.62%4.52%6.31%4.45%6.76%6.55%
Operating Income Growth %
9.49%-25.98%33.81%-51.15%150.45%-48.16%61.56%-15.52%57.14%-
EBITDA
1.2B891M1.18B602M1.43B756M1.2B1.03B1.58B2B
EBITDA Margin %
9.56%6.92%8.32%4.13%8.89%4.76%6.53%4.65%6.95%8.12%
Interest Expense
146M147M173M170M139M191M257M304M366M386M
Non-Operating Income
-146M-147M-173M-170M-139M-191M-257M-304M-366M-386M
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%
1.61B▲ 0%
Pretax Margin %
9.13%6.57%7.97%3.79%8.62%4.52%6.31%4.45%6.76%6.55%
Income Tax
-679M130M262M138M215M197M251M256M351M380M
Effective Tax Rate %
-59.41%15.37%23.14%24.95%15.52%27.44%21.64%26.12%22.79%23.57%
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%
1.23B▲ 0%
Net Margin %
14.56%5.56%6.13%2.85%7.28%3.26%4.9%3.25%5.19%4.98%
Net Income Growth %
159.75%-60.7%21.51%-52.3%181.93%-55.81%74.47%-20.51%64.85%54.6%
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%
18.37▲ 0%
EPS Growth %
156.81%-60.3%23.82%-53.67%43.26%-15.49%75.92%-20.16%64.86%55.7%
EPS (Basic)
28.2811.2513.886.359.107.7313.6010.9017.94-
Diluted Shares Outstanding
65.75M65.09M63.88M65.8M68.3M67.7M67.1M66.9M66.73M66.73M

RGA Balance Sheet

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

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
60.51B64.54B76.73B84.66B92.17B84.9B97.62B118.67B156.59B164.06B
Asset Growth %
13.97%6.64%18.9%10.33%8.88%-7.89%14.98%21.56%31.95%107.78%
Total Investment Assets
51.69B54.21B66.56B72.4B78.53B70.48B78.9B98.04B130.48B4M
Long-Term Investments
51.69B54.21B66.56B72.4B78.53B70.48B78.9B98.04B130.48B505B
Short-Term Investments
0000000000
Total Current Assets
3.64B4.91B4.39B6.25B5.84B5.94B6.5B7.22B8.64B9.25B
Cash & Equivalents
1.3B1.89B1.45B3.41B2.95B2.93B2.97B3.33B4.17B4.99B
Receivables
2.34B3.02B2.94B2.84B2.89B3.01B3.53B3.9B4.47B16.97B
Other Current Assets
0000000000
Goodwill & Intangibles
204.8M40M33M25M12M14M11M8M6M6M
Goodwill
7M7M7M7M7M00000
Intangible Assets
197.8M33M26M18M5M14M11M8M6M0
PP&E (Net)
302.2M302.1M296M291M284M408M416M450M480M0
Other Assets
4.67B5.08B5.46B5.69B7.51B8.06B11.8B12.95B16.98B17.8B
Total Liabilities
50.95B56.08B65.13B70.3B79.16B77.73B88.45B107.77B143.04B150.68B
Total Debt
3.57B3.47B3.58B3.96B3.85B3.96B4.43B5.04B5.71B6.11B
Net Debt
2.27B1.58B2.13B553M899M1.03B1.46B1.72B1.54B1.11B
Long-Term Debt
3.57B3.47B3.58B3.96B3.85B3.96B4.43B5.04B5.71B6.11B
Short-Term Debt
0000000000
Total Current Liabilities
0000000000
Accounts Payable
0000000000
Deferred Revenue
0000000000
Other Current Liabilities
0000000000
Deferred Taxes
1000K1000K1000K1000K1000K1000K1000K1000K1000K11.22B
Other Liabilities
45.17B50.82B58.84B63.08B72.43B72.39B82.16B100.53B134.33B141.39B
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%
13.38B▲ 0%
Equity Growth %
34.91%-11.69%37.28%23.71%-9.32%-44.9%27.89%18.92%24.25%80.81%
Shareholders Equity
9.57B8.45B11.6B14.35B13.01B7.08B9.08B10.82B13.46B13.29B
Minority Interest
0000090M90M90M90M90M
Retained Earnings
6.74B7.28B7.95B8.15B8.56B8.17B8.8B9.26B10.15B10.38B
Common Stock
791K791K1M1M1M1M1M1M1M1M
Accumulated OCI
2.06B636.76M3.14B5.36B3.64B-1.87B-369M849M2.68B2.31B
Return on Equity (ROE)
21.87%7.95%8.68%3.2%8.55%5.12%11.04%7.14%9.67%9.4%
Return on Assets (ROA)
3.21%1.15%1.23%0.51%1.32%0.58%0.99%0.66%0.86%0.81%
Equity / Assets
15.81%13.09%15.12%16.95%14.12%8.45%9.39%9.19%8.65%8.16%
Debt / Equity
0.37x0.41x0.31x0.28x0.30x0.55x0.48x0.46x0.42x0.46x
Book Value per Share
145.54129.82181.60218.12190.54105.92136.68163.02203.07200.57
Tangible BV per Share
142.42129.21181.08217.74190.37105.72136.51162.90202.98200.57

RGA Cash Flow Statement

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

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
1.98B1.58B2.31B3.32B4.18B1.34B4.04B9.37B4.09B5.54B
Operating CF Growth %
35.24%-20.24%45.91%44%25.89%-67.89%201.12%131.7%-56.34%31.88%
Operating CF / Revenue %
15.84%12.28%16.25%22.78%26.04%8.46%21.99%42.51%17.95%22.51%
Net Income
1.82B715.84M870M415M617M517M902M717M1.18B1.23B
Depreciation & Amortization
53M45.13M49M3M-11M38M41M46M43M0
Stock-Based Compensation
0039M0000000
Deferred Taxes
076.51M0-16M000000
Other Non-Cash Items
-249.14M5.38M-31M-62M-731M346M-34M343M-301M4.31B
Working Capital Changes
356.27M738.26M1.38B2.98B4.31B442M3.13B8.26B3.17B0
Cash from Investing
-1.61B-636.55M-2.64B-2.68B-4.63B-5.69B-4.07B-12.54B-12.09B-14.1B
Capital Expenditures
-44.21M-28.89M-34M-28M-19M-25M0000
Acquisitions
0-31.44M4M-173M-287M17M-77M-320M00
Purchase of Investments
-8.94B-10.1B-16.28B-10.26B-18.28B-17.07B-13.25B-41.69B-43.67B-48.52B
Sale/Maturity of Investments
8.04B10.14B14.11B7.67B13.83B11.47B8.55B30.49B32.19B35.05B
Other Investing
-657.07M-615.69M-442M115M129M-77M711M-1.03B-613M-628M
Cash from Financing
-324.62M-321.97M-121M1.25B20M4.44B78M3.66B8.8B8.4B
Dividends Paid
-117.29M-140.11M-163M-182M-194M-205M-219M-229M-240M-242M
Share Repurchases
-44M-299.68M-101M-163M-99M-81M-227M-27M-174M-230M
Stock Issued
000481M00004M9M
Debt Issuance (Net)
-1000K-1000K1000K1000K-1000K1000K1000K1000K1000K-2M
Other Financing
207.67M217.14M38M737M430M4.62B62M3.31B8.55B8.49B
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%
-158M▲ 0%
Exchange Rate Effect
52.69M-36.39M11M63M-34M-112M-13M-130M47M6M
Cash at Beginning
1.2B1.3B1.89B1.45B3.41B2.95B2.93B2.97B3.33B4.17B
Cash at End
1.3B1.89B1.45B3.41B2.95B2.93B2.97B3.33B4.17B4.99B
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%
5.54B▲ 0%
FCF Growth %
36.38%-19.91%46.43%44.92%26.38%-68.34%206.83%131.7%-56.34%9.32%
FCF Margin %
15.48%12.06%16.01%22.59%25.92%8.3%21.99%42.51%17.95%22.51%
FCF per Share
29.4823.8535.5850.0660.9519.4760.27140.0661.3182.94

RGA Key Ratios

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

Metric201720182019202020212022202320242025TTM
Combined Ratio
90.87%93.43%92.03%96.21%91.38%95.48%93.69%95.55%93.24%93.45%
Medical Cost Ratio
83.8%85.95%85.2%89.41%88.46%90.11%87.33%88.71%74.6%79.67%
Return on Equity (ROE)
21.87%7.95%8.68%3.2%8.55%5.12%11.04%7.14%9.67%9.4%
Return on Assets (ROA)
3.21%1.15%1.23%0.51%1.32%0.58%0.99%0.66%0.86%0.81%
Equity / Assets
15.81%13.09%15.12%16.95%14.12%8.45%9.39%9.19%8.65%8.16%
Book Value / Share
145.54129.82181.6218.12190.54105.92136.68163.02203.07200.57
Debt / Equity
0.37x0.41x0.31x0.28x0.30x0.55x0.48x0.46x0.42x0.46x
Revenue Growth
8.63%2.88%10.27%2.71%10.13%-1.13%15.82%19.85%3.39%17.29%
Related:RGA Dividend History·RGA Revenue History·RGA Price History·RGA P/E History·RGA Financial Ratios·RGA Institutional Holders

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 2026

May 8, 2026·SEC

FY 2025

Oct 31, 2025·SEC

FY 2025

Aug 1, 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 $1.23B 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 1.71%. 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.

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

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

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