Revenue growth accelerated to 22.4% in 2026Q1, supported by a combined ratio improvement to 93.2% as mortality experience normalizes from 2024 peaks.
| 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 | 24.59B | 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 % | 17.29% | 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 | 19.59B | 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 % | 79.67% | 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 | 5B | 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 % | 20.33% | 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 | 3.39B | 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 % | 13.78% | 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 % | 93.45% | 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 | 1.61B | 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 % | 6.55% | 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 | 2B | 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 % | 8.12% | 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 | 386M | 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 | -386M | -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 | 1.61B | 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 % | 6.55% | 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 | 380M | 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 % | 23.57% | 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 | 1.23B | 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 % | 4.98% | 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 % | 54.6% | 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) | 18.37 | 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 % | 55.7% | 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 | 66.73M | 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 |
Mortality and morbidity volatility
As indicated by the most recent quarterly data, RGA achieved a 22.4% revenue growth rate in 2026Q1, signaling a robust expansion in premium volume that contrasts with the more volatile growth patterns observed throughout the 2024 fiscal year, where quarterly growth fluctuated significantly between 5.5% and 50.2%.
The recent acceleration in top-line growth suggests that RGA is successfully capturing market share in its core life and health reinsurance segments. Investors should monitor whether this expansion is driven by sustainable long-term treaty acquisitions or if it reflects a temporary surge in capital-intensive financial solutions business.
Based on reported financial statements, the combined ratio improved to 93.2% in 2026Q1, reflecting a meaningful recovery from the elevated loss ratios observed in 2024, where the combined ratio peaked at 96.7% during the 2023Q4 period, suggesting a normalization of mortality experience across the portfolio.
The reduction in the loss ratio from the 90% range seen in mid-2024 to 71.4% in the most recent quarter implies that the company is effectively managing its mortality and morbidity risk. This trend warrants further investigation to determine if the improvement is sustainable or merely a result of favorable seasonal claim patterns.
According to the provided income statement data, RGA's operating income reached $441.0 million in 2026Q1, marking a significant inflection point from the depressed earnings levels of 2024, when operating income frequently struggled to exceed the $250 million threshold due to persistent mortality headwinds and elevated claim costs.
This earnings recovery appears to validate the thesis that the company has moved past the peak mortality volatility associated with the 2020-2022 period. The shift suggests that the underlying actuarial assumptions are now better aligned with current mortality trends, potentially providing a more stable foundation for future profitability.
While recent performance appears strong, the company's increasing exposure to the Pension Risk Transfer market, as noted in industry filings, may introduce long-term longevity risks that are not fully captured in current quarterly earnings, potentially masking future liabilities related to extended life expectancy trends.
Investors should remain cautious regarding the long-term impact of these asset-intensive transactions on the company's capital requirements. The reliance on these large, lumpy deals may create future earnings volatility if interest rate assumptions or longevity projections deviate from the company's current internal models.
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.