Saturday 17 October 2026 Export RGA’s income statement to Excel — free account

Reinsurance Group of America, Incorporated

Reinsurance Group of America, Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $23.7 billion, up 7.20% from fiscal 2024. In the quarter to June 2026, revenue grew 18.5%, EPS grew 159.9%, free cash flow fell 41.0% and total debt was flat, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years, revenue growth for three.

265.97 1.93 +0.73%

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Market cap: $17.2B
P/E: 11.5×
Fwd P/E: 8.4×
Dividend yield: 1.42%
F-score: 6/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 3.68

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	2	—	—	1	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 17,240.00

Revenue 25,970.00

Net Income 1,182.00

Free Cash Flow 5,199.00

Net Debt 421.00

Current Ratio 0.14

Debt/Equity 0.41

P/E ratio 11.55

Fwd P/E 8.38

P/S ratio 0.67

P/B ratio 1.25

Past 5Y EPS Growth 22.90%

This Y EPS Growth 31.32%

Next Y EPS Growth 0.70%

Next Y revenue growth 13.98%

Next 5Y EPS Growth 12.92%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 45.15%

10-year low 10-year high

P/S against its own 10 years 67.67%

10-year low 10-year high

P/B against its own 10 years 82.97%

10-year low 10-year high

Dividends

Payout Ratio 0.17

Annual Dividend Rate 3.77

Annual Dividend Yield 1.42%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	3.87	0.93 0.93 0.98
2025	3.64	0.89 0.89 0.93 0.93
2024	3.48	0.85 0.85 0.89 0.89
2023	3.30	0.80 0.80 0.85 0.85
2022	3.06	0.73 0.73 0.80 0.80
2021	2.86	0.70 0.70 0.73 0.73
2020	2.80	0.70 0.70 0.70 0.70
2019	2.60	0.60 0.60 0.70 0.70
2018	2.20	0.50 0.50 0.60 0.60
2017	1.82	0.41 0.41 0.50 0.50
2016	1.56	0.37 0.37 0.41 0.41

predictions special payouts not included in total or ratios

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%

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	—	—	—	—	—
’25	—	—	—	852	4,091
’24	5,736	967	—	1,600	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.

value withheld pending a data check

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	2,873	484	—	—	—
’25	1,429	820	990	852	4,091
’24	5,736	967	1,067	1,600	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.

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	9.21
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	76.96	121.93	127.84	136.50	55.39	94.32	97.61	120.99	162.00	159.25	Analyst estimates 2026–2028 Powerpack
	High	129.28	165.12	164.86	169.26	164.68	134.93	148.75	170.62	233.81	232.97
People
People	Employees	2,482	2,640	2,767	3,188	3,600	3,500	3,800	3,900	4,100	4,300
	Revenue/emp, $m	4.64	4.74	4.65	4.49	4.05	4.76	4.27	4.76	5.39	5.51
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
	Gross margin, %	16.08	16.20	14.05	15.40	10.66	17.81	13.67	13.11	11.20	13.70
	EBT	1,044	1,143	846	1,132	553	1,385	718	1,160	980	1,540
	EBT margin, %	9.06	9.13	6.57	7.92	3.79	8.31	4.42	6.25	4.43	6.50
	Net income	701	1,822	716	870	415	1,170	517	902	717	1,182
	Depreciation	(67)	(52)	(12)	(6)	3	(11)	(33)	(86)	(168)	(228)
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
	Earnings	10.91	28.28	11.25	13.88	6.31	17.26	9.21	13.44	10.73	17.94
	Cash flow	22.80	30.76	24.82	36.79	50.80	61.68	20.07	61.00	142.40	62.08
	Capex	(0.69)	(0.68)	(0.46)	(0.54)	(0.43)	(0.28)	(0.37)	0.00	0.00	0.00
	Free cash flow	22.11	30.08	24.36	36.25	50.37	61.40	19.70	61.00	142.40	62.08
	Book value	110.36	148.53	132.65	185.02	219.45	191.95	107.19	138.33	165.74	205.63
	Shares, m	64	64	64	63	65	68	67	66	66	66
Valuation, ×
Valuation, ×	P/E	11.40	5.58	12.53	11.86	18.81	6.34	18.15	12.02	19.74	11.32
	P/S	0.69	0.80	0.69	0.72	0.52	0.45	0.58	0.58	0.64	0.57
	P/B	1.13	1.05	1.06	0.88	0.53	0.57	1.32	1.18	1.29	0.99
	EV/Sales	0.88	0.94	0.79	0.84	0.55	0.51	0.66	0.68	0.73	0.64
	EV/FCF	7.18	6.09	6.53	5.30	2.44	2.03	8.15	3.13	1.72	3.76
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
	Capex	(45)	(44)	(29)	(34)	(28)	(19)	(25)	—	—	—
	Free cash flow	1,421	1,938	1,552	2,273	3,294	4,163	1,318	4,044	9,370	4,091
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)
	Total debt	3,089	2,788	2,788	2,981	3,573	3,667	3,961	4,427	5,042	5,710
	Net debt	1,888	1,485	898	1,532	165	719	1,034	1,457	1,716	1,542
	Shareholders’ equity	7,093	9,570	8,450	11,601	14,352	13,014	7,171	9,171	10,906	13,551
Returns, %
Returns, %	ROA	1.36	3.21	1.15	1.23	0.51	1.32	0.58	0.99	0.66	0.86
	ROIC	8.40	7.45	6.84	6.35	3.19	9.52	9.14	7.97	6.20	7.89
	ROE	10.61	21.87	7.95	8.68	3.20	8.55	5.12	11.04	7.14	9.67

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	$17.2B	11.5×	8.4×	+18.54% (above 0%: growing)	+159.93% (above 0%: growing)	−40.98% (below 0%: shrinking)	15.58%	10.73%
EG Everest Group, Ltd.	$14.6B	8.2×	6.4×	−11.80% (below 0%: shrinking)	−11.68% (below 0%: shrinking)	−73.12% (below 0%: shrinking)	18.99%	18.15%	Compare
RNR RenaissanceRe Holdings Ltd.	$14.3B	6.0×	9.0×	−13.66% (below 0%: shrinking)	−9.91% (below 0%: shrinking)	−42.00% (below 0%: shrinking)	45.62%	41.52%	Compare
HG Hamilton Insurance Group, Ltd.	$3.5B	6.1×	7.1×	+13.34% (above 0%: growing)	−21.62% (below 0%: shrinking)	−42.62% (below 0%: shrinking)	56.94%	31.21%	Compare
SPNT SiriusPoint Ltd.	$2.9B	5.9×	8.3×	−0.55% (below 0%: shrinking)	+15.69% (above 0%: growing)	−108.37% (below 0%: shrinking)	30.79%	30.47%	Compare
GLRE Greenlight Capital Re, Ltd.	$481.1M	9.8×	— (loss-making)	−14.15% (below 0%: shrinking)	n/m	−54.17% (below 0%: shrinking)	(13.58%)	(13.58%)	Compare
KG Kestrel Group Ltd	$36.2M	— (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	$7.5M	50.0×	— (loss-making)	+41.57% (above 0%: growing)	n/m	+87.70% (above 0%: growing)	95.32%	31.17%	Compare
Median of peers	$2.9B	7.2×	7.7×	−0.55%	−10.79%	−42.62%	45.62%	30.47%

All 8 Insurance Reinsurance stocks →