The company demonstrates significant cash-generating capacity, with 2026Q1 operating cash flow of $2.9 billion vastly exceeding the $4.6 billion in claims paid, maintaining a resilient float.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 5.54B | 4.09B | 9.37B | 4.04B | 1.34B | 4.18B | 3.32B | 2.31B | 1.58B | 1.98B | 1.47B | 2.09B | 2.34B | 1.73B | 1.97B | 1.31B | 1.84B | 1.36B | 726.98M | 957.41M | 846.23M | 599.35M | 714.48M | 571.57M | 161.85M | 243.93M | 192.8M | 277.7M | 349.15M | 433.4M | 257M |
| Operating CF Growth % | 31.88% | -56.34% | 131.7% | 201.12% | -67.89% | 25.89% | 44% | 45.91% | -20.24% | 35.24% | -29.82% | -10.6% | 35.26% | -12.53% | 50.78% | -28.94% | 35.07% | 87.66% | -24.07% | 13.14% | 41.19% | -16.11% | 25% | 253.14% | -33.65% | 26.52% | -30.57% | -20.46% | -19.44% | 68.64% | 50.29% |
| Operating CF / Revenue % | 22.51% | 17.95% | 42.51% | 21.99% | 8.46% | 26.04% | 22.78% | 16.25% | 12.28% | 15.84% | 12.72% | 20.05% | 21.42% | 16.74% | 20.06% | 14.83% | 22.3% | 19.3% | 12.8% | 16.74% | 16.29% | 13.07% | 17.69% | 17.83% | 6.79% | 12.39% | 11.17% | 17.28% | 25.97% | 44.31% | 33.32% |
| Net Income | 1.23B | 1.18B | 717M | 902M | 517M | 617M | 415M | 870M | 715.84M | 1.82B | 701.44M | 502.17M | 684.05M | 418.84M | 631.89M | 546.04M | 574.4M | 407.09M | 176.8M | 293.83M | 288.21M | 224.18M | 221.89M | 173.14M | 122.81M | 33.05M | 105.79M | 40.86M | 62.08M | 54.6M | 57.8M |
| Depreciation & Amortization | 0 | 43M | 46M | 41M | 38M | -11M | 3M | 49M | 45.13M | 53M | 26.85M | 31.1M | -102.46M | 0 | 0 | -172.69M | 0 | 0 | 0 | -75.66M | -53.34M | -40.29M | -32.58M | -40.23M | -35.9M | -38.98M | -35.88M | -26.7M | -19.1M | -14.1M | -7.9M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 39M | 0 | 0 | 0 | 0 | 0 | 20.3M | 0 | 0 | 2.25M | 0 | 0 | 0 | 23.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -16M | 0 | 76.51M | 0 | 0 | 149M | 0 | 0 | 198.11M | 186.23M | 444.15M | 0 | 47.62M | 101.76M | 189.58M | 41.39M | 92.64M | 63.9M | 73.79M | -32.9M | 57.21M | 48.01M | 26.79M | 15.57M | 13.7M |
| Other Non-Cash Items | 4.31B | -301M | 343M | -34M | 346M | -731M | -62M | -31M | 5.38M | -249.14M | 136.49M | -13.25M | 142.98M | 106.13M | -403.39M | -32.26M | -770.15M | -139.67M | 481.76M | 53.41M | -6.19M | -9.37M | -124.04M | -595.15M | -275.99M | -202.55M | -139.86M | -87.05M | 400.46M | -523.38M | -228.7M |
| Working Capital Changes | 0 | 3.17B | 8.26B | 3.13B | 442M | 4.31B | 2.98B | 1.38B | 738.26M | 356.27M | 600.93M | 1.42B | 1.61B | 1.18B | 1.55B | 782.21M | 1.59B | 1.1B | 20.81M | 584.06M | 404.27M | 383.43M | 556.57M | 969.91M | 277.15M | 485.32M | 205.55M | 302.58M | -121.08M | 900.7M | 422.1M |
| Cash from Investing | -14.1B | -12.09B | -12.54B | -4.07B | -5.69B | -4.63B | -2.68B | -2.64B | -636.55M | -1.61B | -2.83B | -1.43B | -1.31B | -1.34B | -1.97B | -905.78M | -1.72B | -1.94B | -1.07B | -976.87M | -1.63B | -893.11M | -771.62M | -1.29B | -582.5M | -576.38M | -712.48M | 1.34B | -1.6B | -1.26B | -817.7M |
| Capital Expenditures | 0 | 0 | 0 | 0 | -25M | -19M | -28M | -34M | -28.89M | -44.21M | -44.64M | -23.55M | -88.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | -320M | -77M | 17M | -287M | -173M | 4M | -31.44M | 0 | 0 | -145.24M | 0 | -2.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.66M | 0 | 0 | 0 | -3.21M |
| Purchase of Investments | -48.52B | -43.67B | -41.69B | -13.25B | -17.07B | -18.28B | -10.26B | -16.28B | -10.1B | -8.94B | -8.1B | -6.21B | -6.21B | -4.77B | -7.24B | -4.1B | -4.89B | -4.81B | -2.99B | -2.96B | -3.73B | -2.57B | -2.2B | -2.87B | -2.94B | -1.36B | -1.35B | -1.37B | -2.11B | -947.87M | -917.7M |
| Sale/Maturity of Investments | 35.05B | 32.19B | 30.49B | 8.55B | 11.47B | 13.83B | 7.67B | 14.11B | 10.14B | 8.04B | 5.96B | 6.07B | 5.17B | 3.63B | 5.61B | 3.29B | 3.47B | 3.02B | 1.9B | 2.04B | 2.09B | 1.68B | 1.4B | 2.64B | 2.36B | 12.41M | 182.9M | 70.85M | 109.58M | 548.5M | 892.65M |
| Other Investing | -628M | -613M | -1.03B | 711M | -77M | 129M | 115M | -442M | -615.69M | -657.07M | -641.52M | -1.12B | -191.96M | -195.4M | -335.28M | -94.21M | -298.81M | -150.27M | 18.84M | -57.21M | 0 | 0 | 29.15M | -1.05B | 0 | 768.71M | 452.61M | 2.64B | 397.16M | -856.43M | -789.44M |
| Cash from Financing | 8.4B | 8.8B | 3.66B | 78M | 4.44B | 20M | 1.25B | -121M | -321.97M | -324.62M | 1.06B | -708.28M | -255.56M | -681.21M | 281.94M | 102M | -193.43M | 195M | 841.16M | 258.5M | 817.88M | 274.35M | 120.86M | 704.05M | 285.55M | 487.87M | 565.49M | -1.61B | 1.23B | 846.7M | 555.5M |
| Dividends Paid | -242M | -240M | -229M | -219M | -205M | -194M | -182M | -163M | -140.11M | -117.29M | -100.37M | -93.38M | -87.26M | -77.64M | -61.95M | -44.23M | -35.17M | -26.21M | -23.33M | -22.26M | -22.04M | -22.54M | -16.82M | -11.94M | -11.85M | -11.86M | -11.9M | -9.98M | -7.25M | -5.8M | -5.1M |
| Share Repurchases | -230M | -174M | -27M | -227M | -81M | -99M | -163M | -101M | -299.68M | -44M | -122.92M | -384.52M | -201.53M | -269.2M | -6.92M | -380.35M | -718K | -1.61M | -3.1M | -4.5M | -194K | -75.89M | 0 | 0 | -6.59M | 0 | -20M | 0 | 0 | -12.9M | 0 |
| Stock Issued | 9M | 4M | 0 | 0 | 0 | 0 | 481M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 331.88M | 0 | 8.98M | 6.05M | 7.16M | 441.17M | 1.62M | 4.68M | 827K | 125.81M | 222.82M | 2.1M | 4M |
| Debt Issuance (Net) | -2M | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K |
| Other Financing | 8.49B | 8.55B | 3.31B | 62M | 4.62B | 430M | 737M | 38M | 217.14M | 207.67M | 545.74M | -372.49M | -366.01M | -613.6M | -49.19M | 464.46M | -157.54M | -111.03M | 535.72M | 68.81M | 740.32M | 0 | 125.92M | 0 | 300.76M | 446.01M | 0 | -657K | 0 | 861.4M | 450.2M |
| Net Change in Cash | -158M | 842M | 356M | 43M | -21M | -460M | 1.96B | -441M | 586.21M | 102.81M | -324.56M | -120.39M | 722.02M | -336.25M | 297.02M | 499.21M | -48.37M | -363.38M | 471.05M | 243.92M | 31.74M | -23.4M | 67.51M | -3.52M | -138.57M | 155.87M | 46.48M | 8.35M | -21.43M | 24.25M | -5.2M |
| Exchange Rate Effect | 6M | 47M | -130M | -13M | -112M | -34M | 63M | 11M | -36.39M | 52.69M | -19.94M | -68.99M | -47.63M | -47.09M | 8.55M | -6.54M | 22.8M | 16.45M | -23.93M | 4.89M | 1.99M | -3.99M | 3.79M | 6.09M | -3.47M | 454K | 677K | 259K | -31K | -48K | 135K |
| Cash at Beginning | 4.17B | 3.33B | 2.97B | 2.93B | 2.95B | 3.41B | 1.45B | 1.89B | 1.3B | 1.2B | 1.53B | 1.65B | 923.65M | 1.26B | 962.87M | 463.66M | 512.03M | 875.4M | 404.35M | 160.43M | 128.69M | 152.09M | 84.59M | 88.1M | 226.67M | 70.8M | 24.32M | 15.97M | 37.4M | 13.14M | 18.26M |
| Cash at End | 4.99B | 4.17B | 3.33B | 2.97B | 2.93B | 2.95B | 3.41B | 1.45B | 1.89B | 1.3B | 1.2B | 1.53B | 1.65B | 923.65M | 1.26B | 962.87M | 463.66M | 512.03M | 875.4M | 404.35M | 160.43M | 128.69M | 152.09M | 84.59M | 88.1M | 226.67M | 70.8M | 24.32M | 15.97M | 37.4M | 13.14M |
| Free Cash Flow | 5.54B | 4.09B | 9.37B | 4.04B | 1.32B | 4.16B | 3.29B | 2.27B | 1.55B | 1.94B | 1.42B | 2.07B | 2.25B | 1.73B | 1.97B | 1.31B | 1.84B | 1.36B | 726.98M | 957.41M | 846.23M | 599.35M | 714.48M | 572.27M | 161.85M | 243.93M | 192.8M | 277.7M | 349.15M | 432.73M | 256.68M |
| FCF Growth % | 9.32% | -56.34% | 131.7% | 206.83% | -68.34% | 26.38% | 44.92% | 46.43% | -19.91% | 36.38% | -31.18% | -8.13% | 30.14% | -12.53% | 50.78% | -28.94% | 35.07% | 87.66% | -24.07% | 13.14% | 41.19% | -16.11% | 24.85% | 253.58% | -33.65% | 26.52% | -30.57% | -20.46% | -19.31% | 68.59% | 50.1% |
| FCF Margin % | 22.51% | 17.95% | 42.51% | 21.99% | 8.3% | 25.92% | 22.59% | 16.01% | 12.06% | 15.48% | 12.33% | 19.82% | 20.61% | 16.74% | 20.06% | 14.83% | 22.3% | 19.3% | 12.8% | 16.74% | 16.29% | 13.07% | 17.69% | 17.86% | 6.79% | 12.39% | 11.17% | 17.28% | 25.97% | 44.24% | 33.28% |
| FCF per Share | 82.94 | 61.31 | 140.06 | 60.27 | 19.47 | 60.95 | 50.06 | 35.58 | 23.85 | 29.48 | 21.87 | 30.69 | 32.13 | 23.84 | 26.63 | 17.67 | 24.67 | 18.6 | 11.14 | 14.91 | 13.42 | 9.41 | 11.33 | 11.11 | 3.26 | 4.88 | 3.87 | 6 | 8.2 | 11.25 | 6.71 |
Longevity and mortality volatility
According to quarterly financial data, RGA consistently generates substantial operating cash flow, with the 2026Q1 figure reaching $2.9 billion, significantly outpacing the $4.6 billion in claims paid during the same period, which underscores the company's ability to maintain a positive float despite ongoing mortality and morbidity fluctuations.
The wide variance between operating cash flow and net income suggests that RGA's cash generation is heavily influenced by the timing of premium inflows and the settlement of long-duration liabilities. Investors should monitor the sustainability of this float as the company expands its footprint in the capital-intensive Pension Risk Transfer market.
As reported in recent filings, RGA maintains an active investment strategy, evidenced by the 2026Q1 period where the company deployed $14.6 billion into new investments while liquidating $10.9 billion in assets, reflecting a strategic effort to optimize yield in a shifting interest rate environment.
The high volume of asset turnover suggests that management is actively managing the duration of the portfolio to match long-term insurance obligations. This aggressive reinvestment cycle appears to be a primary driver of the company's ability to generate investment income that supports overall profitability.
Based on the provided financial statements, the ratio of operating cash flow to net income has remained consistently elevated, peaking at 27.31 in 2024Q1, which indicates that GAAP net income may significantly understate the actual cash-generating capacity of the underlying reinsurance business model.
This persistent divergence suggests that non-cash accounting adjustments, such as those required by LDTI, are creating substantial noise in the reported earnings figures. Analysts should prioritize cash flow metrics over net income to better gauge the true economic performance of the firm's underwriting activities.
Data from recent quarterly reports indicates that RGA maintains a disciplined approach to capital return, with dividend payments remaining stable at approximately $61 million per quarter, while share buybacks fluctuate based on available excess capital and the company's broader strategic investment requirements.
The consistency of dividend payments suggests a commitment to shareholder returns, even during periods of elevated claim activity. However, the variability in buyback activity warrants further investigation into how management prioritizes internal capital deployment versus returning cash to investors in the current interest rate cycle.
Quick answers to the most common questions about buying RGA stock.
Reinsurance Group of America, Incorporated (RGA) generated $4.09B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Reinsurance Group of America, Incorporated (RGA) generated $4.09B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Reinsurance Group of America, Incorporated (RGA) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Reinsurance Group of America, Incorporated (RGA) returned $240.0M to shareholders via cash dividends and spent $174.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.