Upside case
Bull case
$392+86.1%
RGA would need investors to value it at roughly 15x earnings — about 7x more generous than today's 8x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated Jun 18, 2026
Reinsurance Group of America, Incorporated (RGA) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
22
analysts
13 bullish · 2 bearish · 22 covering RGA
Strong Buy
0
Buy
13
Hold
7
Sell
2
Strong Sell
0
Consensus Target
$251
+19.1% vs today
Scenario Range
$187 – $392
Model bear to bull value window
Coverage
22
Published analyst ratings
Valuation Context
7.8x
Forward P/E · Market cap $13.8B
RGA price targets
Three scenarios for where RGA stock could go
Current
~$211
Confidence
57 / 100
Updated
Jun 18, 2026
Where we are now
Current · $211
Bear
$187
Base
$297
Bull
$392
Market caseClosest to today
Base case
$297+41.3%
At 11x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$187-11.0%
If investor confidence fades or macro conditions deteriorate, a 1x multiple contraction could push RGA down roughly 11% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Reinsurance Group of America, Incorporated
RGA · NYSEFinancial ServicesInsurance - ReinsuranceDecember year-end
Reinsurance Group of America is a global life and health reinsurer that assumes insurance risk from primary insurers. It generates revenue primarily through reinsurance premiums — with contributions from mortality, morbidity, and longevity risk products — supplemented by asset management fees and consulting services. The company's competitive advantage lies in its global scale, sophisticated risk modeling capabilities, and long-standing relationships with primary insurers across multiple continents.
Market Cap
$13.8B
Revenue TTM
$24.6B
Net Income TTM
$1.2B
Net Margin
5.0%
RGA Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
83%Exceptional
12 quarters tracked
Revenue Beat Rate
58%Exceptional
vs consensus estimates
Avg EPS Surprise
+12.3%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 3 of 4Q3 2025
EPS
$4.72/$5.58
Revenue
$5.6B/$6.0B
Q4 2025
EPS
$6.37/$5.76
Revenue
$6.2B/$6.1B
Q1 2026
EPS
$7.75/$5.78
Revenue
$6.6B/$6.3B
Q2 2026
EPS
$6.97/$6.03
Revenue
$6.5B/$6.5B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $4.72/$5.58 | -15.4% | $5.6B/$6.0B | -6.7% |
| Q4 2025 | $6.37/$5.76 | +10.6% | $6.2B/$6.1B | +2.4% |
| Q1 2026 | $7.75/$5.78 | +34.1% | $6.6B/$6.3B | +5.1% |
| Q2 2026 | $6.97/$6.03 | +15.6% | $6.5B/$6.5B | +0.4% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$27.0B
+9.6% YoY
FY2
$29.3B
+8.7% YoY
EPS Outlook
FY1
$21.65
+17.8% YoY
FY2
$25.00
+15.5% YoY
Trailing FCF (TTM)$5.5B
FCF Margin: 22.5%
Next Earnings
July 30, 2026
Expected EPS
$6.52
Expected Revenue
$6.6B
RGA beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
RGA Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $14.9B
Product Mix
Latest annual revenue by segment or product family
Segment breakdown not available for this company.
Geographic Mix
Latest annual revenue by reported region
Americas
53.4%
+5.7% YoY
Tap, hover, or focus a slice to inspect segment detail.
Americas is the largest reported region at 53.4%, up 5.7% YoY.
RGA Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Slightly expensive versus peers
Fair value est. $180 — implies -14.7% from today's price.
Premium to Fair Value
14.7%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
RGA
11.9x
vs
S&P 500
24.4x
51% discount
vs Financial Services Trailing P/E
RGA
11.9x
vs
Financial Services
13.6x
12% discount
vs RGA 5Y Avg P/E
Today
11.9x
vs
5Y Average
14.8x
20% discount
Forward PE
7.8x
S&P 500
18.8x
-58%
Financial Services
10.7x
-27%
5Y Avg
—
—
Trailing PE
11.9x
S&P 500
24.4x
-51%
Financial Services
13.6x
-12%
5Y Avg
14.8x
-20%
PEG Ratio
0.52x
S&P 500
1.66x
-69%
Financial Services
0.95x
-46%
5Y Avg
—
—
EV/EBITDA
9.7x
S&P 500
15.2x
-36%
Financial Services
11.4x
-15%
5Y Avg
11.1x
-13%
Price/FCF
3.4x
S&P 500
20.7x
-84%
Financial Services
11.1x
-70%
5Y Avg
3.3x
+1%
Price/Sales
0.6x
S&P 500
3.1x
-80%
Financial Services
2.3x
-74%
5Y Avg
0.6x
+4%
Dividend Yield
1.71%
S&P 500
1.91%
-11%
Financial Services
2.63%
-35%
5Y Avg
2.02%
-16%
| Metric | RGA | S&P 500 | Financial Services | 5Y Avg RGA |
|---|---|---|---|---|
| Forward PE | 7.8x | 18.8x-58% | 10.7x-27% | — |
| Trailing PE | 11.9x | 24.4x-51% | 13.6x-12% | 14.8x-20% |
| PEG Ratio | 0.52x | 1.66x-69% | 0.95x-46% | — |
| EV/EBITDA | 9.7x | 15.2x-36% | 11.4x-15% | 11.1x-13% |
| Price/FCF | 3.4x | 20.7x-84% | 11.1x-70% | 3.3x |
| Price/Sales | 0.6x | 3.1x-80% | 2.3x-74% | 0.6x |
| Dividend Yield | 1.71% | 1.91% | 2.63% | 2.02% |
RGA trades above S&P 500 benchmarks on 0 of 6 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolRGA Financial Health
Verdict
Adequate
RGA posts 5.0% net margin with 9.4% ROE — the core signals of underwriting discipline and capital efficiency.
Underwriting & Earnings
Premium revenue, margins, and returns
Revenue (TTM)
Trailing-twelve-month sales base
$24.6B
Revenue Growth
TTM vs prior year
+17.3%
Operating Margin
Operating income divided by revenue
6.6%
Net Margin
Net income divided by revenue
5.0%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$18.37
ROE
Return on equity — measures underwriting and investment efficiency
9.4%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
8.3%
ROA
Return on assets, trailing twelve months
0.8%
Cash & Equivalents
Liquid assets on the balance sheet
$4.2B
Net Debt
Total debt minus cash
$1.5B
FCF Analysis
Traditional FCF and debt/FCF ratios are not meaningful for financial companies. Focus on ROE and ROA above.
ROE
Return on equity, trailing twelve months
9.4%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
3.0%
Dividend
1.7%
Buyback
1.3%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$174M
Dividend / Share
Annualized trailing dividend per share
$3.60
Payout Ratio
Share of earnings distributed as dividends
20.3%
Shares Outstanding
Declining as buybacks retire shares
66M
All figures from the trailing twelve months. For financial companies, ROE and ROA are the primary health signals — FCF-based metrics are not applicable.
Open full ratios pageRGA Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Interest Rate Sensitivity
RGA's profitability is significantly affected by fluctuations in interest rates due to its large investment portfolio. A rapid increase in rates can devalue older, lower-yielding bonds, potentially leading to realized losses if policyholders cash out.
High Risk
Mortality Trends
Unexpected increases in global mortality rates, such as those seen during pandemics, can lead to higher claims and negatively impact RGA's stock price. Additionally, trends like an aging population and chronic diseases are critical factors in the life and health reinsurance market.
Medium
Market Volatility
Financial market volatility can adversely affect the profitability of RGA's variable annuities with guaranteed living benefits. This exposure to market fluctuations can lead to unpredictable revenue streams.
Medium
Integration Challenges
RGA faces significant challenges in integrating acquired assets and liabilities following recent reinsurance transactions. This process demands substantial management resources and may divert focus from other critical operations, potentially impacting future business prospects.
Medium
Reliance on Investment Income
A considerable portion of RGA's revenue is derived from investment income, making the company vulnerable to market downturns and fluctuations in investment performance. This reliance can lead to significant revenue volatility.
Lower
Competitive Landscape
RGA operates in a competitive market with high barriers to entry, facing competition from larger, diversified peers. This competitive pressure can impact market share and profitability.
Lower
Regulatory Environment
The company is subject to extensive global regulations, including U.S. state insurance laws and international solvency standards. Compliance with emerging regulations related to privacy, cybersecurity, and ESG can impose additional operational burdens.
Lower
Business Segment Performance
Challenges in specific geographic regions, such as ongoing headwinds in the Asia Pacific business, and strategic decisions like exiting the U.S. group healthcare segment due to unfavorable claims can negatively affect RGA's future outlook.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why RGA Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
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.
Strong Capital Position and Dividends
RGA has a solid capital position and a history of increasing its dividend for 16 years, currently offering a dividend yield of 1.78%. This disciplined approach supports growth investments and enhances shareholder returns.
Leading Global Reinsurer
RGA ranks among the top five global life and health reinsurers, providing innovative financial solutions to help clients manage risk. This strong market position underpins its ability to drive future growth.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
RGA Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$210.54
52W Range Position
71%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$165.52
+27.2% from the low
52-Week High
$229.21
-8.1% from the high
1 Month
-2.08%
3 Month
+3.72%
YTD
+3.5%
1 Year
+7.7%
3Y CAGR
+13.4%
5Y CAGR
+13.3%
10Y CAGR
+8.3%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
RGA vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
7.8x
vs 8.9x median
-12% below peer median
Revenue Growth
+9.6%
vs +10.4% median
-8% below peer median
Net Margin
5.0%
vs 12.9% median
-61% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
RGA RGA Reinsurance Group of America, Incorporated | $13.8B | 7.8x | +9.6% | 5.0% | Buy | +19.1% |
EG EG Everest Re Group, Ltd. | $13.5B | 6.4x | +6.6% | 11.9% | Hold | +6.3% |
RNR RNR RenaissanceRe Holdings Ltd. | $12.9B | 7.3x | +10.4% | 26.9% | Hold | +3.9% |
TRV TRV The Travelers Companies, Inc. | $66.6B | 11.0x | +3.5% | 12.9% | Hold | +0.8% |
GLR GLRE Greenlight Capital Re, Ltd. | $533M | 8.9x | +11.3% | 11.5% | Buy | — |
PLM PLMR Palomar Holdings, Inc. | $3.0B | 11.4x | +12.0% | 20.2% | Buy | -1.3% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
RGA Dividend and Capital Return
RGA returns 3.0% total yield, led by a 1.71% dividend, raised 18 consecutive years. Buybacks add another 1.3%.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
3.0%
Dividend + buyback return per year
Buyback Yield
1.3%
Dividend Yield
1.71%
Payout Ratio
20.3%
How RGA Splits Its Return
Div 1.71%
Buyback 1.3%
Dividend 1.71%Buybacks 1.3%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$3.60
Growth Streak
Consecutive years of dividend increases
18Y
3Y Div CAGR
6.0%
5Y Div CAGR
5.4%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$174M
Estimated Shares Retired
826.4K
Approx. Share Reduction
1.3%
Shares Outstanding
Current diluted share count from the screening snapshot
66M
At 1.3%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $1.86 | — | — | — |
| 2025 | $3.64 | +4.6% | 1.3% | 3.0% |
| 2024 | $3.48 | +5.5% | 0.2% | 1.8% |
| 2023 | $3.30 | +7.8% | 2.1% | 4.1% |
| 2022 | $3.06 | +7.0% | 0.8% | 3.0% |
FAQ
7 questionsRGA Investor Questions
Common questions answered from live analyst data and company financials.
01Is Reinsurance Group of America, Incorporated (RGA) stock a buy or sell in 2026?
Reinsurance Group of America, Incorporated (RGA) is rated Buy by Wall Street analysts as of 2026. Of 22 analysts covering the stock, 13 rate it Buy or Strong Buy, 7 rate it Hold, and 2 rate it Sell or Strong Sell. The consensus 12-month price target is $251, implying +19.1% from the current price of $211. The bear case scenario is $187 and the bull case is $392.
02What is the RGA stock price target for 2026?
The Wall Street consensus price target for RGA is $251 based on 22 analyst estimates. The high-end target is $268 (+27.3% from today), and the low-end target is $220 (+4.5%). The base case model target is $297.
03Is Reinsurance Group of America, Incorporated (RGA) stock overvalued in 2026?
RGA trades at 7.8x times forward earnings. The stock currently trades at a discount to the broader market. Based on current multiples versus the peer group, the relative model signals slightly expensive versus peers. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Reinsurance Group of America, Incorporated (RGA) stock in 2026?
The primary risks for RGA in 2026 are: (1) Interest Rate Sensitivity — RGA's profitability is significantly affected by fluctuations in interest rates due to its large investment portfolio. (2) Mortality Trends — Unexpected increases in global mortality rates, such as those seen during pandemics, can lead to higher claims and negatively impact RGA's stock price. (3) Market Volatility — Financial market volatility can adversely affect the profitability of RGA's variable annuities with guaranteed living benefits. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Reinsurance Group of America, Incorporated's revenue and earnings forecast?
Analyst consensus estimates RGA will report consensus revenue of $27.0B (+9.6% year-over-year) and EPS of $21.65 (+17.8% year-over-year) for the upcoming fiscal year. The following year, analysts project $29.3B in revenue.
06When does Reinsurance Group of America, Incorporated (RGA) report its next earnings?
Reinsurance Group of America, Incorporated is expected to report its next earnings on approximately 2026-07-30. Consensus expects EPS of $6.52 and revenue of $6.6B. Over recent quarters, RGA has beaten EPS estimates 83% of the time.
07How much free cash flow does Reinsurance Group of America, Incorporated generate?
Reinsurance Group of America, Incorporated (RGA) generated $5.5B in free cash flow over the trailing twelve months — a free cash flow margin of 22.5%. RGA returns capital to shareholders through dividends (1.7% yield) and share repurchases ($174M TTM).