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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
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Reinsurance Group of America, Incorporated (RGA) valuation and DCF model

What the price implies · reverse DCF

At $261.75 the price implies 22.6% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 10.0% a year over the last ten years, 5.4% over the last five. The price asks for about twice its ten-year rate. Return on equity averaged 9.4% over ten years; the price implies 10.5% for good.

In December 2017 the price assumed 26.0% a year; Reinsurance Group of America, Incorporated went on to grow the dividend a share 9.8% a year to FY2025.

Price implies
22.6%
Last 5 years, reported
5.4%
Last 10 years, reported
10.0%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
22.6% a year for ten years
$261.75
today’s price
Its base case
10.0% a year for five years, then 6.0%
$89.16
65.9% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Reinsurance Group of America, Incorporated’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to June 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 22.6% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Reinsurance Group of America, Incorporated’s own cost of capital: risk-free 4.3% + beta 0.40 × equity premium 4.5% = 6.1% cost of equity; weighted, 6.1%.

Use 6.1%
Base case value per share $89.16 ten years discounted, and what follows
Current price $261.75 market price per share
Below today’s price 65.9% downside at the base case’s assumptions

How we got there$36.53 10 years of dividends+$52.64 terminal value=$89.16 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Insurance Reinsurance).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 11.37× 14.52× 12.77× 11% below 9.37× 21% above
P/FCF 5.79× 4.10× 4.00× 45% above 5.79× 0% above
P/B 1.23× 1.20× 1.01× 22% above 1.17× 6% above
EV/EBITDA — 8.60× 9.14× — 3.38× —
EV/Sales — 0.64× 0.72× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
2.15×3.69×5.23×6.76×10Y avg 4.00×2017201820192020202120222023202420252026

RGA trades at 5.79× P/FCF, against a 10-year average of 4.00× (range 1.51×–7.17×). That is dearer than 89% of the last 9 year-end readings; re-rating to the average implies $180.86 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.