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.
Reinsurance Group of America, Incorporated (RGA) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 27B | 22.79B | 22.04B | 18.39B | 15.88B | 16.06B | 14.58B | 14.2B | 12.88B | 12.52B | 11.52B | 10.42B | 10.9B | 10.32B | 9.84B | 8.83B | 8.26B | 7.07B | 5.68B | 5.72B | 5.19B | 4.58B | 4.04B | 3.2B | 2.38B | 1.97B | 1.73B | 1.61B | 1.34B | 978.2M | 771.2M |
| Revenue Growth % | 21.22% | 3.39% | 19.85% | 15.82% | -1.13% | 10.13% | 2.71% | 10.27% | 2.88% | 8.63% | 10.59% | -4.46% | 5.68% | 4.85% | 11.45% | 6.87% | 16.91% | 24.39% | -0.65% | 10.1% | 13.28% | 13.51% | 26.02% | 34.55% | 21.02% | 14.06% | 7.38% | 19.53% | 37.45% | 26.84% | 15.43% |
| Medical Costs & Claims | 19.64B | 17B | 19.55B | 16.06B | 14.31B | 14.21B | 13.04B | 12.1B | 11.07B | 10.49B | 9.67B | 8.95B | 9.25B | 9.08B | 8.35B | 7.53B | 6.99B | 6.1B | 5.05B | 4.88B | 4.2B | 3.82B | 3.27B | 2.57B | 1.93B | 1.68B | 1.35B | 1.29B | 986.37M | 788.16M | 678.54M |
| Medical Cost Ratio % | 72.74% | 74.6% | 88.71% | 87.33% | 90.11% | 88.46% | 89.41% | 85.2% | 85.95% | 83.8% | 83.92% | 85.94% | 84.82% | 88.01% | 84.87% | 85.3% | 84.66% | 86.34% | 88.94% | 85.3% | 80.96% | 83.26% | 80.95% | 80.08% | 81.06% | 85.4% | 78.06% | 79.99% | 73.36% | 80.57% | 87.99% |
| Gross Profit | 7.36B | 5.79B | 2.49B | 2.33B | 1.57B | 1.85B | 1.54B | 2.1B | 1.81B | 2.03B | 1.85B | 1.46B | 1.66B | 1.24B | 1.49B | 1.3B | 1.27B | 965.33M | 628.19M | 840.47M | 989M | 767.5M | 769.35M | 638.4M | 451.04M | 287.3M | 378.65M | 321.66M | 358.12M | 190.04M | 92.66M |
| Gross Margin % | 27.26% | 25.4% | 11.29% | 12.67% | 9.89% | 11.54% | 10.59% | 14.8% | 14.05% | 16.2% | 16.08% | 14.06% | 15.18% | 11.99% | 15.13% | 14.7% | 15.34% | 13.66% | 11.06% | 14.7% | 19.04% | 16.74% | 19.05% | 19.92% | 18.94% | 14.6% | 21.94% | 20.01% | 26.64% | 19.43% | 12.01% |
| Gross Profit Growth % | - | 132.64% | 6.74% | 48.38% | -15.26% | 20.08% | -26.51% | 16.14% | -10.8% | 9.45% | 26.53% | -11.52% | 33.83% | -16.92% | 14.68% | 2.44% | 31.25% | 53.67% | -25.26% | -15.02% | 28.86% | -0.24% | 20.51% | 41.54% | 56.99% | -24.13% | 17.72% | -10.18% | 88.45% | 105.1% | -83.74% |
| Operating Expenses | 5.08B | 4.25B | 1.51B | 1.17B | 853M | 469M | 991M | 969M | 963M | 885M | 808.96M | 719.55M | 646.56M | 601.47M | 569.3M | 534.37M | 460.82M | 372.99M | 347.8M | 365.55M | 537.61M | 411.16M | 400.16M | 366.79M | 257.04M | 221.1M | 203.65M | 228.59M | 220.07M | -632.26M | -554.25M |
| OpEx / Revenue % | 18.83% | 18.64% | 6.84% | 6.37% | 5.37% | 2.92% | 6.8% | 6.82% | 7.48% | 7.07% | 7.02% | 6.91% | 5.93% | 5.83% | 5.79% | 6.05% | 5.58% | 5.28% | 6.12% | 6.39% | 10.35% | 8.97% | 9.91% | 11.44% | 10.79% | 11.23% | 11.8% | 14.22% | 16.37% | -64.64% | -71.87% |
| Depreciation & Amortization | 0 | 43M | 46M | 41M | 38M | 43M | 49M | 49M | 45M | 53M | 26.85M | 31.1M | 15.31M | 0 | 0 | 0 | 0 | 0 | 0 | -75.66M | -53.34M | -40.29M | -32.58M | -40.23M | -35.9M | -38.98M | -35.88M | -26.7M | 1.48M | -14.1M | -7.8M |
| Combined Ratio % | 91.57% | 93.24% | 95.55% | 93.69% | 95.48% | 91.38% | 96.21% | 92.03% | 93.43% | 90.87% | 90.94% | 92.85% | 90.75% | 93.84% | 90.66% | 91.35% | 90.24% | 91.62% | 95.06% | 91.69% | 91.31% | 92.23% | 90.86% | 91.53% | 91.86% | 96.64% | 89.86% | 94.21% | 89.73% | 15.94% | 16.12% |
| Operating Income | 2.28B | 1.54B | 980M | 1.16B | 718M | 1.39B | 553M | 1.13B | 846M | 1.14B | 1.04B | 744.79M | 1.01B | 635.25M | 919.22M | 763.57M | 806.18M | 592.35M | 280.39M | 474.92M | 451.39M | 356.35M | 369.19M | 271.61M | 194M | 66.2M | 175M | 93.07M | 138.05M | 822.3M | 646.9M |
| Operating Margin % | 8.43% | 6.76% | 4.45% | 6.31% | 4.52% | 8.62% | 3.79% | 7.97% | 6.57% | 9.13% | 9.06% | 7.15% | 9.25% | 6.16% | 9.34% | 8.65% | 9.76% | 8.38% | 4.94% | 8.31% | 8.69% | 7.77% | 9.14% | 8.47% | 8.14% | 3.36% | 10.14% | 5.79% | 10.27% | 84.06% | 83.88% |
| Operating Income Growth % | - | 57.14% | -15.52% | 61.56% | -48.16% | 150.45% | -51.15% | 33.81% | -25.98% | 9.49% | 40.17% | -26.15% | 58.76% | -30.89% | 20.38% | -5.29% | 36.1% | 111.26% | -40.96% | 5.21% | 26.67% | -3.48% | 35.93% | 40.01% | 193.05% | -62.17% | 88.03% | -32.58% | -83.21% | 27.11% | 13.49% |
| EBITDA | 2.58B | 1.58B | 1.03B | 1.2B | 756M | 1.43B | 602M | 1.18B | 891M | 1.2B | 1.07B | 775.9M | 1.02B | 759.56M | 1.02B | 866.21M | 897.18M | 662.28M | 356.55M | 399.26M | 398.04M | 316.06M | 336.61M | 231.38M | 158.1M | 27.21M | 139.12M | 66.37M | 139.53M | 808.2M | 639.1M |
| EBITDA Margin % | 9.54% | 6.95% | 4.65% | 6.53% | 4.76% | 8.89% | 4.13% | 8.32% | 6.92% | 9.56% | 9.29% | 7.45% | 9.39% | 7.36% | 10.41% | 9.81% | 10.86% | 9.37% | 6.28% | 6.98% | 7.66% | 6.89% | 8.33% | 7.22% | 6.64% | 1.38% | 8.06% | 4.13% | 10.38% | 82.62% | 82.87% |
| Interest Expense | 394M | 366M | 304M | 257M | 191M | 139M | 170M | 173M | 147M | 146M | 137.62M | 142.86M | 96.7M | 124.31M | 105.35M | 102.64M | 91M | 69.94M | 76.16M | 76.91M | 306.8M | 249.8M | 237.37M | 216.49M | 35.52M | 129.8M | 122.4M | 164.14M | 162.05M | 7.8M | 6.2M |
| Non-Operating Income | -299M | -366M | -304M | -257M | -191M | -139M | -170M | -173M | -147M | -146M | -137.62M | -142.86M | -96.7M | -124.31M | -105.35M | -102.64M | -91M | -69.94M | -76.16M | -76.91M | -306.8M | -249.8M | -237.37M | -216.49M | -35.52M | -129.8M | -122.4M | -164.14M | -162.05M | 814.5M | 640.7M |
| Pretax Income | 2.18B | 1.54B | 980M | 1.16B | 718M | 1.39B | 553M | 1.13B | 846M | 1.14B | 1.04B | 744.79M | 1.01B | 635.25M | 919.22M | 763.57M | 806.18M | 592.35M | 280.39M | 474.92M | 451.39M | 356.35M | 369.19M | 271.61M | 194M | 66.2M | 175M | 93.07M | 138.05M | 113M | 90.9M |
| Pretax Margin % | 8.08% | 6.76% | 4.45% | 6.31% | 4.52% | 8.62% | 3.79% | 7.97% | 6.57% | 9.13% | 9.06% | 7.15% | 9.25% | 6.16% | 9.34% | 8.65% | 9.76% | 8.38% | 4.94% | 8.31% | 8.69% | 7.77% | 9.14% | 8.47% | 8.14% | 3.36% | 10.14% | 5.79% | 10.27% | 11.55% | 11.79% |
| Income Tax | 463M | 351M | 256M | 251M | 197M | 215M | 138M | 262M | 130M | -679M | 342.5M | 242.63M | 324.49M | 216.42M | 287.33M | 217.53M | 270.44M | 185.26M | 92.58M | 166.65M | 158.13M | 120.74M | 123.89M | 93.29M | 65.52M | 26.25M | 69.27M | 39.06M | 49.05M | 40.4M | 33.1M |
| Effective Tax Rate % | 21.24% | 22.79% | 26.12% | 21.64% | 27.44% | 15.52% | 24.95% | 23.14% | 15.37% | -59.41% | 32.81% | 32.58% | 32.17% | 34.07% | 31.26% | 28.49% | 33.55% | 31.28% | 33.02% | 35.09% | 35.03% | 33.88% | 33.56% | 34.35% | 33.77% | 39.65% | 39.58% | 41.97% | 35.53% | 35.75% | 36.41% |
| Net Income | 1.71B | 1.18B | 717M | 902M | 517M | 1.17B | 415M | 870M | 716M | 1.82B | 701.44M | 502.17M | 684.05M | 418.84M | 631.89M | 546.04M | 535.74M | 407.09M | 176.8M | 293.83M | 288.21M | 224.18M | 221.89M | 173.14M | 122.81M | 33M | 77.7M | 40.86M | 62.08M | 54.6M | 55.1M |
| Net Margin % | 6.34% | 5.19% | 3.25% | 4.9% | 3.26% | 7.28% | 2.85% | 6.13% | 5.56% | 14.56% | 6.09% | 4.82% | 6.27% | 4.06% | 6.42% | 6.18% | 6.48% | 5.76% | 3.11% | 5.14% | 5.55% | 4.89% | 5.49% | 5.4% | 5.16% | 1.68% | 4.5% | 2.54% | 4.62% | 5.58% | 7.14% |
| Net Income Growth % | 97.46% | 64.85% | -20.51% | 74.47% | -55.81% | 181.93% | -52.3% | 21.51% | -60.7% | 159.75% | 39.68% | -26.59% | 63.32% | -33.72% | 15.72% | 1.92% | 31.6% | 130.26% | -39.83% | 1.95% | 28.56% | 1.03% | 28.16% | 40.99% | 272.14% | -57.53% | 90.17% | -34.19% | 13.7% | -0.91% | 16.49% |
| EPS (Diluted) | 26.03 | 17.69 | 10.73 | 13.44 | 7.64 | 9.04 | 6.31 | 13.62 | 11.00 | 27.71 | 10.79 | 7.46 | 9.78 | 5.78 | 8.52 | 8.09 | 7.69 | 5.55 | 2.84 | 4.57 | 4.57 | 3.52 | 3.52 | 3.36 | 2.47 | 0.66 | 1.56 | 0.88 | 1.46 | 1.42 | 1.44 |
| EPS Growth % | 99.69% | 64.86% | -20.16% | 75.92% | -15.49% | 43.26% | -53.67% | 23.82% | -60.3% | 156.81% | 44.64% | -23.72% | 69.2% | -32.16% | 5.32% | 5.2% | 38.56% | 95.42% | -37.86% | 0% | 29.83% | 0% | 4.76% | 36.03% | 274.24% | -57.69% | 77.27% | -39.73% | 2.82% | -1.39% | 15.2% |
| EPS (Basic) | - | 17.94 | 10.90 | 13.60 | 7.73 | 9.10 | 6.35 | 13.88 | 11.25 | 28.28 | 10.91 | 7.55 | 9.88 | 5.82 | 8.57 | 8.15 | 7.69 | 5.59 | 2.84 | 4.75 | 4.71 | 3.58 | 3.56 | 3.37 | 2.49 | 0.67 | 1.57 | 0.89 | 1.50 | 1.44 | 1.45 |
| Diluted Shares Outstanding | 65.77M | 66.73M | 66.9M | 67.1M | 67.7M | 68.3M | 65.8M | 63.88M | 65.09M | 65.75M | 64.99M | 67.29M | 69.96M | 72.46M | 74.15M | 74.11M | 74.69M | 73.33M | 65.27M | 64.23M | 63.06M | 63.69M | 63.04M | 51.53M | 49.72M | 50M | 49.81M | 46.25M | 42.56M | 38.45M | 38.26M |
Quick answers to the most common questions about buying RGA stock.
For fiscal year 2025, Reinsurance Group of America, Incorporated (RGA) reported total revenue of $22.79B. This represents a 2855.3% increase compared to $771.2M in 1996.
Reinsurance Group of America, Incorporated (RGA) is profitable, generating $1.18B in net income for the fiscal year ending 2025 with a net profit margin of 5.2%.
Reinsurance Group of America, Incorporated (RGA) reported an operating income of $1.54B, resulting in an operating profit margin of 6.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Reinsurance Group of America, Incorporated (RGA) generated $5.79B in gross profit for the year, representing a gross profit margin of 25.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
PRT longevity and rate sensitivity
Metrics are mathematically derived from official filings.
Premium Growth Accelerates on Broad-Based Momentum
RGA's total revenue climbed 19.5% year-over-year in 2026Q2 to $6.6B, according to recent SEC filings, marking the third consecutive quarter of accelerating growth and signaling robust demand across traditional and financial solutions segments.
The 19.5% revenue growth in 2026Q2 follows 22.4% in 2026Q1 and 21.9% in 2025Q4, indicating a sustained acceleration rather than a one-off spike. This momentum appears driven by a combination of new treaty wins, particularly in the Pension Risk Transfer market, and improved pricing in a hardening rate environment. Investors should monitor whether this growth rate is sustainable as the PRT market's lumpy transaction flow can create quarter-to-quarter volatility.
Underwriting Margins Strengthen as Mortality Normalizes
The combined ratio improved to 90.9% in 2026Q2 from 94.9% a year earlier, as reported in RGA's financial statements, reflecting a 20.4 percentage point drop in the loss ratio to 67.2% and signaling a return to pre-pandemic underwriting discipline.
The sequential improvement from 93.2% in 2026Q1 to 90.9% in 2026Q2 suggests that mortality experience is normalizing faster than anticipated, with the loss ratio falling to its lowest level in the ten-quarter dataset. This margin expansion appears driven by favorable actual-to-expected mortality ratios and disciplined pricing on new business. The 90.9% combined ratio implies a healthy underwriting profit margin of over 9%, providing a substantial buffer against potential adverse claims development.
Reserve Releases May Be Masking Underlying Trends
RGA's loss ratio improvement from 87.6% in 2025Q3 to 67.2% in 2026Q2, based on reported figures, suggests potential prior-year reserve releases that could be inflating current earnings, warranting closer scrutiny of the quality of underwriting gains.
The dramatic 20.4 percentage point improvement in the loss ratio over three quarters is unusually sharp for a life reinsurer, where mortality trends typically move gradually. This could indicate that favorable reserve development from prior accident years is contributing to current results, which would not represent sustainable underwriting performance. Analysts should examine the breakdown between current-year loss ratios and prior-year reserve releases to determine the durability of these margin gains.
Investment Income Supports Earnings Amid Rate Shifts
While investment income data is unavailable for the reported periods, RGA's $4.17 billion cash position and fixed-income portfolio suggest that rising yields are likely enhancing spread income, as indicated in company disclosures, supporting overall profitability.
The absence of explicit investment income figures in the quarterly data limits direct analysis, but the company's asset-intensive business model and the current higher-rate environment imply that reinvestment yields are likely improving. This appears to be a tailwind for the Financial Solutions segment, which relies on spread income between investment yields and liability costs. Investors should monitor the reinvestment rate trajectory, as a decline in rates could compress margins in this segment.
2026Q2 Marks a Profitability Inflection Point
RGA's 2026Q2 EPS of $7.01, up 159.6% year-over-year per the income statement, represents the strongest quarterly result in the dataset, signaling a clear inflection from the elevated mortality period of 2024-2025.
The EPS surge from $2.70 in 2025Q2 to $7.01 in 2026Q2 reflects a combination of revenue growth, margin expansion, and likely favorable one-time items. This inflection appears driven by the normalization of U.S. mortality rates and the successful execution of the Financial Solutions strategy. The sustainability of this earnings level depends on whether the improved loss ratio is structural or transitory, making the next few quarters critical for validating the new earnings baseline.
Earnings Quality Questioned by Rapid Margin Shift
The 20.4 percentage point improvement in RGA's loss ratio over three quarters, as reported in financial statements, appears unusually rapid and may indicate that current earnings are being flattered by non-recurring items or aggressive assumption updates.
A loss ratio improvement of this magnitude in such a short period is rare in life reinsurance and could reflect assumption updates under LDTI that reduce reported liabilities, rather than genuine underwriting improvement. If these gains are driven by assumption changes, they may reverse in future periods as actual experience deviates from updated expectations. Investors should scrutinize the composition of the loss ratio improvement and the company's disclosure of experience gains versus assumption updates to assess the durability of reported profitability.