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Reinsurance Group of America, Incorporated

RGA Financial Insurance Reinsurance

Reinsurance Group of America, Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $23.7 billion, up 7.20% from fiscal 2024.

Revenue
+18.5%
EPS
+159.9%
Free cash flow
+41.0%
Total debt
−0.44%

Quarter to June 2026, against a year earlier

261.75 4.90 −1.84%
Market cap
$17.1B
P/E
11.4×
Fwd P/E
10.4×
Dividend yield
1.44%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by regions Fiscal 2023

  • Americas
  • Asia Pacific
  • Emea
  • California
  • Other, not broken out

Every year since 2013 →

Insider Decisions last twelve months

Sold, $m 3.68
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — 2 — — 1 — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 17,110.00
Revenue ttm 25,970.00
Net income ttm 1,182.00
Free cash flow ttm 2,983.00
Net debt Q 421.00
Valuation
P/E 11.37
Forward P/E 10.40
Price / sales 0.66
Forward P/S Powerpack
Price / FCF 5.79
Price / book 1.23
Financial health
Current ratio Q 0.14
Debt / equity Q 0.41
Interest coverage Q 7.05
Growth
Revenue growth Q +18.54% (above 0%: growing)
Operating income growth Q +42.69% (above 0%: growing)
EPS, this year +31.41% (at or above 15%: strong)
EPS, next year A +0.72%
Revenue, next year A +13.96% (at or above 10%: strong)
EPS, past 5 yrs +22.90% (at or above 15%: strong)
EPS, next 5 yrs A +12.76%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 41.77%
10-year low 10-year high
P/S against its own 10 years 65.09%
10-year low 10-year high
P/B against its own 10 years 80.38%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.44%
Annual rate
3.77
Payout ratio
16.6%
Growth, 2017–25
+9.05%/yr
  1. 1.82 ’17
  2. 2.20 ’18 +21
  3. 2.60 ’19 +18
  4. 2.80 ’20 +8
  5. 2.86 ’21 +2
  6. 3.06 ’22 +7
  7. 3.30 ’23 +8
  8. 3.48 ’24 +5
  9. 3.64 ’25 +5
  10. 3.87 ’26e +6
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,970 3,326 4,168 5,288
Receivables 9,735 10,415 12,946 12,824
Inventory — — — —
Other — — — —
12,705 13,741 17,114 18,112
2023 2024 2025 Q'26
Payables 45,064 57,377 71,324 77,695
ST’ Debt — — — —
Other 30,273 35,095 52,095 56,085
75,337 92,472 123,419 133,780

Compound Annual Growth %

10y 5y 3y
Sales 8.57% 10.18% 13.46%
Cash Flow 6.95% 4.25% 44.96%
Earnings 8.94% 23.29% 31.74%
Book Value 8.25% (1.14%) 23.63%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 6.51 Actual 8.89

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 5.80 6.37 Beat by 0.57
Q4 FY25 5.86 7.75 Beat by 1.89
Q1 FY26 6.19 6.97 Beat by 0.78
Q2 FY26 6.51 8.89 Beat by 2.38
Q3 FY26 6.98 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 4.98 7.01 — — —
’25 4.27 2.70 3.81 6.97 17.69
’24 3.16 3.03 2.33 2.22 10.73
’23 3.72 3.05 4.29 2.37 13.44
’22 2.90 1.56 (1.10) 4.34 7.64
’21 2.03 5.02 (0.32) 10.42 17.13
’20 (1.41) 2.48 3.12 1.94 6.31
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 6,494 6,637 — — —
’25 5,260 5,599 6,204 6,635 23,698
’24 6,337 4,878 5,651 5,241 22,107
’23 4,251 4,156 5,153 5,007 18,567
’22 3,917 3,903 4,050 4,357 16,227
’21 4,119 4,137 4,043 4,368 16,667
’20 3,204 3,606 3,643 4,143 14,596
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (2,873) (484) — — —
’25 (1,429) (820) (990) 7,330 4,091
’24 (5,736) (967) (1,067) 17,140 9,370
’23 1,574 244 1,000 1,226 4,044
’22 163 79 835 266 1,343
’21 2,366 (36) 1,491 361 4,182
’20 2,207 372 200 543 3,322
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (2,873) (484) — — —
’25 (1,429) (820) (990) 7,330 4,091
’24 (5,736) (967) (1,067) 17,140 9,370
’23 1,569 232 980 1,226 4,044
’22 157 73 828 260 1,318
’21 2,362 (42) 1,486 357 4,163
’20 2,201 367 194 532 3,294
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 22.6% a year for ten years. It grew 10.0% a year over the last ten.

Implied
22.6%
10 years, reported
10.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 11,522 12,516 12,876 14,300 14,596 16,667 16,227 18,567 22,107 23,698 25,970 +8.3% 27,006 28,252 30,170 +8.4%
Gross margin, % 16.08 16.20 14.05 15.40 10.66 17.81 13.67 13.11 11.20 13.70 13.99 (2.4) pt
EBT 1,044 1,143 846 1,132 553 1,385 718 1,160 980 1,540 1,876 +4.4%
EBT margin, % 9.06 9.13 6.57 7.92 3.79 8.31 4.42 6.25 4.43 6.50 7.22 (2.6) pt
Net income 701 1,822 716 870 415 1,170 517 902 717 1,182 1,182 +6.0%
Per share, $
Per share, $ Revenue 179.26 194.27 202.14 228.07 223.18 245.83 242.56 280.05 335.97 359.61 399.54 +8.0%
Earnings 10.91 28.28 11.25 13.88 6.31 17.26 7.73 13.44 10.73 17.94 23.03 +5.7%
Cash flow 22.80 30.76 24.82 36.79 50.80 61.68 20.07 61.00 142.40 62.08 45.89 +11.8%
Capex (0.69) (0.68) (0.46) (0.54) (0.43) (0.28) (0.37) 0.00 0.00 0.00 0.00 n/m
Free cash flow 22.11 30.08 24.36 36.25 50.37 61.40 19.70 61.00 142.40 62.08 45.89 +12.2%
Book value 110.36 148.53 132.65 185.02 219.45 191.95 107.19 138.33 165.74 205.63 212.06 +7.2%
Shares, m 64 64 64 63 65 68 67 66 66 66 65 +0.3%
Valuation, ×
Valuation, × P/E 11.40 5.58 12.53 11.86 18.81 6.34 18.15 12.02 19.74 11.32 11.37 12.8
P/S 0.69 0.80 0.69 0.72 0.52 0.45 0.58 0.58 0.64 0.57 0.66 0.6
P/B 1.13 1.05 1.06 0.88 0.53 0.57 1.32 1.18 1.29 0.99 1.23 1.0
EV/Sales 0.88 0.94 0.79 0.84 0.55 0.51 0.66 0.68 0.73 0.64 — 0.7
EV/FCF 7.18 6.09 6.53 5.30 2.44 2.03 8.15 3.13 1.72 3.76 — 4.6
Cash, $m
Cash, $m Operating cash flow 1,466 1,982 1,581 2,307 3,322 4,182 1,343 4,044 9,370 4,091 2,983 +12.1%
Capex (45) (44) (29) (34) (28) (19) (25) — — — (43) (9.2%)
Free cash flow 1,421 1,938 1,552 2,273 3,294 4,163 1,318 4,044 9,370 4,091 2,983 +12.5%
Balance, $m
Balance, $m Working capital (34,100) (39,255) (43,326) (51,865) (53,996) (60,816) (59,995) (62,632) (78,731) (106,305) (115,668) +13.5%
Net debt 1,888 1,485 898 1,532 165 719 1,034 1,457 1,716 1,542 421 (2.2%)
Shareholders’ equity 7,093 9,570 8,450 11,601 14,352 13,014 7,171 9,171 10,906 13,551 13,784 +7.5%
Returns, %
Returns, % ROA 1.36 3.21 1.15 1.23 0.51 1.32 0.58 0.99 0.66 0.86 1.00 (0.5) pt
ROIC 8.40 7.45 6.84 6.35 3.19 9.52 9.14 7.97 6.20 7.89 9.94 (0.5) pt
ROE 10.61 21.87 7.95 8.68 3.20 8.55 5.12 11.04 7.14 9.67 11.63 (0.9) pt
People
People Employees 2,482 2,640 2,767 3,188 3,600 3,500 3,800 3,900 4,100 4,300 — +6.3%
Revenue/emp, $m 4.64 4.74 4.65 4.49 4.05 4.76 4.27 4.76 5.39 5.51 — +1.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Business profile

Updated

Reinsurance Group of America, Incorporated, or RGA, takes on risks from insurance companies. In a reinsurance agreement, an insurer transfers some or all of the risk it has accepted from its own policyholders to RGA. This can help the insurer manage its exposure, support its financial strength and write more business.

RGA reinsures individual and group life and health policies, as well as disability, long-term care and critical illness coverage. It also offers financial solutions, including reinsurance for annuities and other products with investment risks, longevity reinsurance, pension risk transfer and capital solutions.

Where the money comes from and where it goes Fiscal 2023

Fiscal 2023: revenue by regions, and margins
Americas 10,447 56.27%
Asia Pacific 3,700 19.93%
Emea 2,505 13.49%
California 1,580 8.51%
Other, not broken out 335 1.80%
Gross margin 13.11%
Operating margin 7.30%
Pre-tax margin 6.25%

Revenue by segment since 2013

Reinsurance Group of America, Incorporated vs peers in Insurance Reinsurance (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
RGA Reinsurance Group of America, Incorporated $17.1B 11.4× 10.4× +18.54% (above 0%: growing) +159.93% (above 0%: growing) +40.98% (above 0%: growing) 15.58% 10.73%
EG Everest Group, Ltd. $15.5B 8.8× 8.1× −14.03% (below 0%: shrinking) +0.49% (above 0%: growing) −54.28% (below 0%: shrinking) 9.00% 8.19% Compare
RNR RenaissanceRe Holdings Ltd. $14.3B 10.1× 11.8× −47.11% (below 0%: shrinking) n/m −49.80% (below 0%: shrinking) 7.22% (0.01%) Compare
HG Hamilton Insurance Group, Ltd. $3.6B 6.2× 6.9× +13.34% (above 0%: growing) −21.62% (below 0%: shrinking) −42.62% (below 0%: shrinking) 56.94% 31.21% Compare
SPNT SiriusPoint Ltd. $3.1B 6.2× 10.0× +14.78% (above 0%: growing) +1.35% (above 0%: growing) +9.25% (above 0%: growing) 29.56% 0.00% Compare
GLRE Greenlight Capital Re, Ltd. $528.1M 9.4× — (loss-making) +1.52% (above 0%: growing) n/m −84.18% (below 0%: shrinking) 12.42% 12.42% Compare
KG Kestrel Group Ltd $32.4M — (loss-making) — (loss-making) +20.12% (above 0%: growing) n/m −29.99% (below 0%: shrinking) 62.64% (94.30%) Compare
OXBR Oxbridge Re Holdings Limited $6.3M 38.5× — (loss-making) +41.57% (above 0%: growing) n/m +87.70% (above 0%: growing) 95.32% 31.17% Compare
Median of peers $3.1B 9.1× 9.0× +13.34% +0.49% −42.62% 29.56% 8.19%

All 8 Insurance Reinsurance stocks →

From the latest earnings call

Updated

  • CEO Tony Cheng said recent new business, investment returns and modestly favorable claims contributed to RGA’s second-quarter results across its regions.
  • CFO Laura said RGA ended the quarter with $2.2 billion of excess capital and would continue balancing investment in the business with shareholder returns.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 99.17%
Held by the ten largest 55.43%
Holder Shares Stake Change
Vanguard 7.00m 10.72% +22.96k
BlackRock 6.81m 10.43% +131.40k
Fidelity (FMR) 5.92m 9.07% −2.98k
HARRIS ASSOCIATES L P 4.61m 7.06% −154.25k
WCM INVESTMENT MANAGEMENT, LLC 3.01m 4.60% +176.45k
State Street 2.36m 3.61% +89.23k
EARNEST PARTNERS LLC 2.22m 3.40% −47.47k
American Century 1.52m 2.33% −303.79k
Geode Capital Management 1.42m 2.17% +13.70k
AQR Capital Management 1.33m 2.04% −521.99k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 9 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 13.06m 10.65m 195.32
2024 11.46m 15.79m 201.29
2023 13.53m 20.00m 149.80
2022 11.35m 19.81m 128.73
2021 16.11m 9.50m 96.77

Ownership

Directors and executive officers, together 0.60%
The Vanguard Group 11.06%
Blackrock, Inc. 9.00%
FMR LLC 8.46%
Harris Associates L.P. 6.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Reinsurance Group of America, Incorporated (RGA) Latest News

5 Nov

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22 Oct

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RGA metrics, ten years each

stockrow.com/RGA · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com