The company has significantly increased its financial footprint, with total liabilities rising to $150.7 billion in 2026Q1, supported by an equity base that grew to $13.3 billion over the same period.
| 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 |
|---|
| Total Assets | 164.06B | 156.59B | 118.67B | 97.62B | 84.9B | 89.59B | 83.67B | 75.83B | 63.78B | 59.73B | 52.41B | 50.38B | 44.65B | 39.67B | 40.36B | 32.1B | 29.08B | 25.25B | 21.66B | 21.6B | 19.04B |
| Asset Growth % | 107.78% | 31.95% | 21.56% | 14.98% | -5.24% | 7.08% | 10.35% | 18.89% | 6.77% | 13.96% | 4.03% | 12.83% | 12.55% | -1.7% | 25.72% | 10.39% | 15.18% | 16.58% | 0.28% | 13.45% | - |
| Total Investment Assets | 4M | 130.48B | 98.04B | 7.76B | 7.94B | 9.21B | 7.04B | 6.99B | 8.34B | 7.37B | 7B | 41.42B | 36.6B | 32.3B | 32.62B | 24.96B | 22.67B | 19.22B | 15.61B | 16.4B | 14.61B |
| Long-Term Investments | 367.99B | 130.48B | 20.42B | 7.76B | 7.94B | 9.21B | 7.04B | 6.99B | 7B | 7.37B | 7B | 41.42B | 36.6B | 32.3B | 32.62B | 24.88B | 22.55B | 19.1B | 7.08B | 7B | 6.24B |
| Short-Term Investments | 107.33B | 0 | 77.62B | 0 | 0 | 0 | 0 | 0 | 1.33B | 0 | 0 | 0 | 0 | 0 | 0 | 88.57M | 118.39M | 121.06M | 8.53B | 9.4B | 8.37B |
| Total Current Assets | 112.32B | 8.64B | 80.94B | 2.97B | 5.94B | 8.11B | 8.35B | 6.23B | 6.67B | 5B | 4.36B | 1.53B | 1.65B | 923.65M | 1.26B | 1.05B | 582.05M | 633.09M | 9.41B | 9.8B | 8.53B |
| Cash & Equivalents | 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 |
| Receivables | 12.71B | 4.47B | 0 | 3.53B | 3.01B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 0 | 0 | 0 | -3.53B | 0 | 5.16B | 4.94B | 6.23B | 6.67B | 5B | 4.36B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 17.86B | 6.08B | 8M | 4.77B | 4.29B | 3.88B | 3.83B | 3.74B | 3.64B | 3.45B | 3.55B | 3.57B | 3.51B | 3.67B | 3.77B | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 7M | 7M | 7M | 7M | 7M | 7M | 7M | 7M | 7M | 7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 6.08B | 8M | 4.77B | 4.29B | 3.88B | 3.82B | 3.73B | 3.63B | 3.44B | 3.54B | 3.57B | 3.5B | 3.66B | 3.76B | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 416M | 408M | 284M | 291M | 296M | 302.1M | 302.2M | 300.7M | 170.6M | 184.2M | 75M | -30.98B | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 0 | 11.39B | -8M | 68.3B | 65.59B | 65.22B | 60.9B | 55.86B | 44.37B | 41.42B | 34.44B | 1.47B | 352.26M | 870.84M | -3.77B | 6.18B | -22.55B | -19.1B | -7.08B | -7B | -6.24B |
| Total Liabilities | 150.68B | 143.04B | 107.77B | 88.45B | 77.73B | 76.58B | 69.32B | 64.23B | 55.33B | 50.16B | 45.32B | 3.2B | 3.07B | 2.7B | 2.47B | 25.97B | 24.04B | 21.38B | 19.04B | 18.41B | 16.22B |
| Total Debt | 6.11B | 5.71B | 5.04B | 4.42B | 3.96B | 3.85B | 3.96B | 3.58B | 3.47B | 3.57B | 3.93B | 3.2B | 3.07B | 2.7B | 1.82B | 1.41B | 1.22B | 1.22B | 918.25M | 925.84M | 705.55M |
| Net Debt | 1.11B | 1.54B | 1.72B | 1.45B | 1.03B | 899M | 553M | 2.13B | 1.58B | 2.27B | 2.73B | 1.67B | 1.43B | 1.78B | 555.36M | 451.82M | 752.75M | 704.02M | 42.84M | 521.49M | 545.12M |
| Long-Term Debt | 6.11B | 5.71B | 5.04B | 4.42B | 3.96B | 3.85B | 3.96B | 3.58B | 3.47B | 3.57B | 3.93B | 3.2B | 3.07B | 2.7B | 2.47B | 1.41B | 1.02B | 1.22B | 918.25M | 896.07M | 676.16M |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 199.99M | 0 | 0 | 29.77M | 29.38M |
| Total Current Liabilities | 3.18B | 0 | 0 | -4.34B | -1.71B | -1.97B | -385M | -347M | -270.39M | -293.29M | -294.98M | 0 | 0 | 0 | 0 | 1.83B | 199.99M | 210.88M | 19.79M | 251.76M | 138.45M |
| Accounts Payable | 0 | 0 | 0 | 1.1B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 736M | 2.89B | 3.26B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.83B | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 3.18B | 0 | 0 | -5.45B | -2.44B | -4.85B | -3.65B | -557M | -487.18M | -488.74M | -388.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 221.99M | 109.07M |
| Deferred Taxes | 8.04B | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 141.39B | 134.33B | 102.73B | 82.16B | 73.04B | 71.81B | 0 | 58.28B | 50.33B | 44.69B | 38.92B | 0 | 0 | 0 | -2.47B | 22.72B | 22.82B | 19.95B | 18.1B | 17.26B | 15.41B |
| Total Equity | 13.38B | 13.55B | 10.91B | 9.17B | 7.17B | 13.01B | 14.35B | 11.6B | 8.45B | 9.57B | 7.09B | 6.14B | 7.02B | 5.94B | 6.91B | 6.14B | 5.04B | 3.87B | 2.62B | 3.19B | 2.82B |
| Equity Growth % | 80.81% | 24.25% | 18.92% | 27.89% | -44.9% | -9.32% | 23.71% | 37.28% | -11.69% | 34.91% | 15.61% | -12.64% | 18.33% | -14.1% | 12.6% | 21.75% | 30.32% | 47.81% | -17.96% | 13.3% | - |
| Shareholders Equity | 13.29B | 13.46B | 10.82B | 9.08B | 7.08B | 13.01B | 14.35B | 11.6B | 8.45B | 9.57B | 7.09B | 6.14B | 7.02B | 5.94B | 6.91B | 6.14B | 5.04B | 3.87B | 2.62B | 3.19B | 2.82B |
| Minority Interest | 90M | 90M | 90M | 90M | 90M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 10.38B | 10.15B | 9.26B | 8.8B | 8.17B | 8.56B | 8.15B | 7.95B | 7.28B | 6.74B | 5.2B | 4.62B | 4.24B | 3.66B | 3.36B | 3.13B | 2.59B | 2.06B | 1.68B | 1.54B | 1.31B |
| Common Stock | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 791K | 791K | 791K | 791K | 791K | 791K | 791K | 791K | 734K | 734K | 734K | 631K | 631K |
| Accumulated OCI | 2.31B | -4.69B | 849M | -369M | -1.87B | 3.64B | 5.36B | 3.14B | 636.76M | 2.06B | 1.14B | 708.28M | 1.66B | 1.01B | 2.11B | 0 | 907.41M | 0 | 0 | 0 | 0 |
| Return on Equity (ROE) | 6.88% | 9.67% | 7.14% | 11.04% | 5.12% | 4.51% | 3.2% | 8.68% | 7.94% | 21.87% | 10.61% | 7.63% | 10.56% | 6.52% | 9.69% | 10.73% | 0.01% | 5.45% | 6.09% | 9.79% | 10.24% |
| Return on Assets (ROA) | 0.59% | 0.86% | 0.66% | 0.99% | 0.59% | 0.71% | 0.52% | 1.25% | 1.16% | 3.25% | 1.36% | 1.06% | 1.62% | 1.05% | 1.74% | 1.96% | 0% | 0.75% | 0.82% | 1.45% | 1.51% |
| Equity / Assets | 8.16% | 8.65% | 9.19% | 9.39% | 8.45% | 14.53% | 17.15% | 15.3% | 13.25% | 16.02% | 13.53% | 12.18% | 15.73% | 14.96% | 17.12% | 19.12% | 17.33% | 15.32% | 12.08% | 14.77% | 14.79% |
| Debt / Equity | 0.46x | 0.42x | 0.46x | 0.48x | 0.55x | 0.30x | 0.28x | 0.31x | 0.41x | 0.37x | 0.55x | 0.52x | 0.44x | 0.45x | 0.26x | 0.23x | 0.24x | 0.31x | 0.35x | 0.29x | 0.25x |
| Book Value per Share | - | 202.25 | 162.78 | 136.68 | 105.92 | 190.54 | 218.12 | 181.60 | 129.82 | 145.54 | 109.14 | 91.18 | 100.39 | 81.91 | 93.19 | 83.65 | 67.48 | - | - | - | - |
| Tangible BV per Share | - | 111.52 | 162.66 | 65.57 | 42.53 | 133.69 | 159.92 | 123.02 | 73.93 | 93.11 | 54.52 | 38.06 | 50.25 | 31.32 | 42.40 | - | 67.48 | - | - | - | - |
Long-duration liability volatility
As reported in recent financial statements, RZB has grown its total assets from $97.6 billion in 2023Q4 to $164.1 billion by 2026Q1, indicating a significant expansion in the company's balance sheet scale that appears to be driven by aggressive acquisition of long-duration life insurance blocks.
The consistent growth in total assets relative to liabilities suggests that RZB is successfully scaling its reinsurance footprint. Investors should monitor whether this rapid asset accumulation is matched by commensurate growth in high-quality capital, as the current trajectory implies a reliance on leverage to support new business volume.
Based on the company's reported figures, total liabilities have climbed to $150.7 billion in 2026Q1, a substantial increase from $88.5 billion in 2023Q4, which reflects the growing volume of policyholder reserves required to support the company's expanding portfolio of life and health reinsurance treaties.
The steady rise in liabilities is a natural consequence of the company's business model, yet the magnitude of this increase warrants scrutiny regarding the underlying actuarial assumptions. If these reserves are not supported by adequate pricing discipline, the company may face future earnings volatility should mortality or morbidity trends deviate from current projections.
According to quarterly filings, RZB's equity has grown from $9.1 billion in 2023Q4 to $13.3 billion in 2026Q1, providing a necessary capital buffer that appears to support the company's increased asset base and overall risk-taking capacity within the competitive global life reinsurance market.
While the absolute growth in equity is positive, the ratio of equity to total assets has remained relatively tight, suggesting that the company is operating with a lean capital structure. This approach may enhance return on equity during favorable periods but leaves the balance sheet sensitive to significant market-driven or biometric shocks.
As evidenced by the divergence between asset and liability growth, RZB's balance sheet is heavily exposed to long-duration risks, where even minor shifts in interest rates or mortality assumptions could lead to material non-cash adjustments under the recently implemented LDTI accounting standards.
The reliance on complex actuarial modeling for long-tail liabilities creates a structural risk that is not always captured by traditional solvency metrics. Investors should be cautious, as the company's reported equity position may be subject to significant volatility if management is forced to recalibrate its long-term liability assumptions.
Quick answers to the most common questions about buying RZB stock.
As of 2025, Reinsurance Group of America, Incorporated (RZB) had total assets of $156.59B including $8.64B in current assets.
Reinsurance Group of America, Incorporated (RZB) carries total debt of $5.71B, offset by $4.17B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Reinsurance Group of America, Incorporated (RZB) has total shareholders' equity (book value) of $13.46B ($202.25 book value per share). Book value represents the net worth of the company belonging to common stock holders.