Reinsurance Group of America (RGA) Financials

$197.44 +3.57 (+1.84%)

Closing price 10/3/2025 03:59 PM Eastern

Extended Trading

$197.32 -0.12 (-0.06%)

As of 10/3/2025 04:35 PM Eastern

Annual Income Statements for Reinsurance Group of America

This table shows Reinsurance Group of America's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	502	701	1,822	716	870	415	1,170	517	902	717
Consolidated Net Income / (Loss)	502	701	1,822	716	870	415	1,170	521	909	724
Net Income / (Loss) Continuing Operations	502	701	1,822	716	870	415	1,170	521	909	724
Total Pre-Tax Income	745	1,044	1,143	846	1,132	553	1,385	718	1,160	980
Total Revenue	10,275	11,384	12,370	12,729	14,127	14,426	16,528	16,036	18,310	21,803
Net Interest Income / (Expense)	-143	-138	-146	-147	-173	-170	-139	-191	-257	-304
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	143	138	146	147	173	170	139	191	257	304
Long-Term Debt Interest Expense	143	138	146	147	173	170	139	191	257	304
Total Non-Interest Income	10,418	11,522	12,516	12,876	14,300	14,596	16,667	16,227	18,567	22,107
Other Service Charges	278	267	352	363	392	360	449	527	372	593
Net Realized & Unrealized Capital Gains on Investments	1,570	2,045	2,366	1,997	2,611	2,542	3,705	2,622	3,110	3,671
Premiums Earned	8,571	9,249	9,841	10,544	11,297	11,694	12,513	13,078	15,085	17,843
Total Non-Interest Expense	9,531	10,340	11,227	11,883	12,995	13,873	14,576	15,027	17,212	20,855
Property & Liability Insurance Claims	7,826	8,358	9,021	9,744	10,894	11,779	12,373	12,664	14,736	17,990
Amortization of Deferred Policy Acquisition Costs	1,127	1,311	1,467	1,323	1,204	1,261	1,325	-	1,397	1,641
Other Operating Expenses	554	646	710	786	868	816	936	1,009	1,089	1,268
Other Special Charges	23	26	29	30	29	17	-58	10	-10	-44
Nonoperating Income / (Expense), net	-	-	-	-	-	-	-567	-291	62	32
Income Tax Expense	243	343	-679	130	262	138	215	197	251	256
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	0.00	0.00	4.00	7.00	7.00
Basic Earnings per Share	-	-	-	-	-	-	$17.26	$7.73	$13.60	$10.90
Weighted Average Basic Shares Outstanding	66.55M	64.27M	64.43M	63.66M	62.58M	67.97M	67.19M	66.86M	65.76M	66.02M
Diluted Earnings per Share	-	-	-	-	-	-	$17.13	$7.64	$13.44	$10.73
Weighted Average Diluted Shares Outstanding	66.55M	64.27M	64.43M	63.66M	62.58M	67.97M	67.19M	66.86M	65.76M	66.02M
Weighted Average Basic & Diluted Shares Outstanding	66.55M	64.27M	64.43M	63.66M	62.58M	67.97M	67.19M	66.86M	65.76M	66.02M
Cash Dividends to Common per Share	$1.40	$1,560.00	$1.82	$2,200.00	$2.60	$2.80	$2.86	$3.06	$3.30	$3.48

This table shows Reinsurance Group of America's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-76	291	252	205	287	158	210	203	156	148	286
Consolidated Net Income / (Loss)	-75	293	253	207	289	160	212	204	158	150	288
Net Income / (Loss) Continuing Operations	-75	293	253	207	289	160	212	204	158	150	288
Total Pre-Tax Income	-77	381	351	265	380	164	272	269	214	225	369
Total Revenue	4,001	4,301	4,198	4,093	5,081	4,938	6,269	4,806	5,573	5,155	5,180
Net Interest Income / (Expense)	-49	-56	-53	-63	-72	-69	-68	-72	-78	-86	-80
Total Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	49	56	53	63	72	69	68	72	78	86	80
Long-Term Debt Interest Expense	49	56	53	63	72	69	68	72	78	86	80
Total Non-Interest Income	4,050	4,357	4,251	4,156	5,153	5,007	6,337	4,878	5,651	5,241	5,260
Other Service Charges	188	89	87	85	102	98	149	147	150	147	88
Net Realized & Unrealized Capital Gains on Investments	615	822	779	734	796	801	812	811	1,110	938	1,153
Premiums Earned	3,247	3,446	3,385	3,337	4,255	4,108	5,376	3,920	4,391	4,156	4,019
Total Non-Interest Expense	3,852	3,873	3,873	3,815	4,783	4,741	6,021	4,627	5,208	4,999	4,867
Property & Liability Insurance Claims	3,237	3,281	3,278	3,222	4,182	4,054	5,386	3,943	4,426	4,235	4,121
Amortization of Deferred Policy Acquisition Costs	341	-	331	349	348	369	387	391	452	411	417
Other Operating Expenses	251	289	250	275	274	290	283	301	299	385	300
Other Special Charges	23	-20	14	-31	-21	28	-35	-8.00	31	-32	29
Nonoperating Income / (Expense), net	-226	-	26	-13	82	-33	24	90	-151	69	56
Income Tax Expense	-2.00	88	98	58	91	4.00	60	65	56	75	81
Net Income / (Loss) Attributable to Noncontrolling Interest	1.00	2.00	1.00	2.00	2.00	2.00	2.00	1.00	2.00	2.00	2.00
Basic Earnings per Share	($1.13)	$4.36	$3.77	$3.09	$4.34	$2.40	$3.20	$3.07	$2.37	$2.26	$4.33
Weighted Average Basic Shares Outstanding	66.84M	66.86M	66.54M	66.21M	65.91M	65.76M	65.79M	65.86M	65.86M	66.02M	66.09M
Diluted Earnings per Share	($1.13)	$4.31	$3.72	$3.05	$4.29	$2.38	$3.16	$3.03	$2.33	$2.21	$4.27
Weighted Average Diluted Shares Outstanding	66.84M	66.86M	66.54M	66.21M	65.91M	65.76M	65.79M	65.86M	65.86M	66.02M	66.09M
Weighted Average Basic & Diluted Shares Outstanding	66.84M	66.86M	66.54M	66.21M	65.91M	65.76M	65.79M	65.86M	65.86M	66.02M	66.09M
Cash Dividends to Common per Share	$0.80	-	$0.80	$0.80	$0.85	-	$0.85	$0.85	$0.89	-	$0.89

This table details how cash moves in and out of Reinsurance Group of America's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-120	-325	103	586	-441	1,959	-460	-21	43	356
Net Cash From Operating Activities	2,089	1,466	1,982	1,581	2,307	3,322	4,182	1,343	4,044	9,370
Net Cash From Continuing Operating Activities	2,089	1,466	1,982	1,581	2,307	3,322	3,012	1,210	3,103	8,820
Net Income / (Loss) Continuing Operations	502	701	1,822	716	870	415	0.00	0.00	0.00	0.00
Depreciation Expense	31	27	53	45	49	49	43	38	41	46
Amortization Expense	-77	-94	-105	-57	-55	-46	-54	-71	-127	-214
Non-Cash Adjustments to Reconcile Net Income	261	317	-991	175	63	-81	-1,047	154	557	572
Changes in Operating Assets and Liabilities, net	1,371	514	1,203	702	1,380	2,985	4,070	1,089	2,632	8,416
Net Cash From Investing Activities	-1,432	-2,826	-1,608	-637	-2,638	-2,680	-4,628	-5,688	-4,066	-12,545
Net Cash From Continuing Investing Activities	-1,432	-2,826	-1,608	-637	-2,638	-2,680	-4,628	-5,652	-1,809	-12,545
Purchase of Investment Securities	-7,395	-9,190	-10,108	-11,153	-17,492	-10,898	-19,684	-19,111	-15,031	-44,211
Divestitures	-	-	-	-	0.00	0.00	19	14	0.00	0.00
Sale and/or Maturity of Investments	6,480	6,489	8,612	10,644	14,990	8,377	15,104	13,585	12,619	31,392
Other Investing Activities, net	-492	-80	-68	-99	-102	-131	-67	-	603	274
Net Cash From Financing Activities	-708	1,055	-324	-322	-121	1,254	20	4,436	78	3,661
Net Cash From Continuing Financing Activities	-708	1,055	-324	-322	-121	1,254	20	4,609	-525	3,661
Net Change in Deposits	-	-	-	-	0.00	0.00	91	-44	227	268
Issuance of Debt	164	800	0.00	0.00	599	598	494	690	890	640
Repayment of Debt	-738	-605	-1,123	-793	-1,608	-1,025	-2,032	-1,546	-4,056	-4,759
Repurchase of Common Equity	-385	-123	-109	-300	-101	-163	-99	-81	-227	-27
Payment of Dividends	-93	-100	-117	-140	-163	-182	-194	-205	-219	-229
Other Financing Activities, Net	291	1,057	1,025	911	1,152	1,545	1,760	5,795	2,860	7,768
Effect of Exchange Rate Changes	-69	-20	53	-36	11	63	-34	-112	-13	-130
Cash Interest Paid	148	157	173	170	180	166	160	163	217	213
Cash Income Taxes Paid	42	61	37	142	44	108	368	129	298	78

This table details how cash moves in and out of Reinsurance Group of America's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	121	492	-1,207	-940	-778	2,968	-2,771	-2,306	-468	5,901	396
Net Cash From Operating Activities	-835	2,420	-1,574	-244	-1,000	6,862	-5,736	-967	-1,067	17,140	-1,429
Net Cash From Continuing Operating Activities	-	1,210	0.00	-	-	3,103	0.00	-	-	8,820	0.00
Net Income / (Loss) Continuing Operations	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Investing Activities	-1,584	-893	-1,705	-783	-104	-1,474	-3,720	-3,456	-1,207	-4,162	-1,695
Net Cash From Continuing Investing Activities	-1,584	-857	-1,705	-783	-104	783	-3,720	-3,456	-1,207	-4,162	-1,695
Purchase of Investment Securities	-4,197	-4,194	-4,253	-2,985	-3,234	-4,559	-10,043	-13,548	-8,964	-11,656	-9,772
Sale and/or Maturity of Investments	2,624	3,443	2,467	2,088	3,042	5,022	6,226	10,014	7,675	7,477	7,957
Other Investing Activities, net	-4.00	-	81	114	88	320	97	78	82	17	120
Net Cash From Financing Activities	1,776	-25	497	-129	-639	349	1,005	1,220	639	797	2,067
Net Cash From Continuing Financing Activities	1,776	148	497	-129	-639	-254	1,005	1,220	639	797	2,067
Net Change in Deposits	-	-12	11	13	17	186	89	62	70	47	50
Issuance of Debt	700	-10	494	396	-	-	0.00	640	-	-	691
Repayment of Debt	-606	-126	-881	-864	-1,309	-1,002	-1,413	-1,175	-1,307	-864	-1,128
Repurchase of Common Equity	-27	-27	-67	-52	-50	-58	-16	-3.00	-7.00	-1.00	-38
Payment of Dividends	-54	-53	-53	-54	-56	-56	-56	-56	-59	-58	-59
Other Financing Activities, Net	1,763	376	993	432	759	676	2,401	1,752	1,942	1,673	2,551
Effect of Exchange Rate Changes	-71	67	1.00	-28	-35	49	-56	-70	100	-104	24
Cash Interest Paid	34	57	43	54	49	71	49	54	56	54	61
Cash Income Taxes Paid	-11	21	29	132	79	58	16	25	9.00	28	63

This table presents Reinsurance Group of America's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	50,383	53,098	60,515	64,535	76,731	84,656	92,175	84,904	97,623	118,675
Cash and Due from Banks	1,525	1,201	1,304	1,890	1,449	3,408	2,948	2,927	2,970	3,326
Trading Account Securities	29,643	32,094	38,251	40,074	51,441	56,867	60,900	53,035	60,606	77,772
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	339	347	393	428	493	511	533	630	759	986
Mortgage Servicing Rights	3,130	3,776	4,401	4,966	5,706	5,787	6,283	6,590	7,377	8,839
Unearned Premiums Asset	1,798	1,931	2,338	3,018	2,940	2,842	2,888	3,013	3,528	3,898
Deferred Acquisition Cost	3,392	3,339	3,240	3,398	3,512	3,616	3,690	4,128	4,617	5,543
Other Assets	10,556	10,411	10,589	10,761	11,190	11,625	14,933	14,581	17,766	18,311
Total Liabilities & Shareholders' Equity	50,383	53,098	60,515	64,535	76,731	84,656	92,175	84,904	97,623	118,675
Total Liabilities	44,248	46,005	50,945	56,085	65,130	70,304	79,161	77,733	88,452	107,769
Long-Term Debt	3,197	3,929	3,572	3,470	3,579	3,961	3,847	3,961	4,427	5,042
Claims and Claim Expense	4,095	4,263	4,992	5,643	5,711	6,413	6,993	2,480	2,730	2,693
Future Policy Benefits	19,612	19,582	22,363	25,285	28,672	31,453	35,782	35,689	41,231	53,368
Other Long-Term Liabilities	17,344	18,231	20,018	21,687	27,168	28,477	32,539	35,603	40,064	46,666
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,135	7,093	9,570	8,450	11,601	14,352	13,014	7,171	9,171	10,906
Total Preferred & Common Equity	6,135	7,093	9,570	8,450	11,601	14,352	13,014	7,081	9,081	10,816
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	6,135	7,093	9,570	8,450	11,601	14,352	13,014	7,081	9,081	10,816
Common Stock	1,817	1,849	1,872	1,900	1,938	2,407	2,462	2,503	2,545	2,601
Retained Earnings	4,620	5,199	6,736	7,285	7,952	8,148	8,563	8,169	8,805	9,255
Treasury Stock	-1,010	-1,095	-1,102	-1,371	-1,426	-1,562	-1,653	-1,720	-1,900	-1,889
Accumulated Other Comprehensive Income / (Loss)	708	1,139	2,064	636	3,137	5,359	3,642	-1,871	-369	849
Noncontrolling Interest	-	-	-	-	-	-	0.00	90	90	90

This table presents Reinsurance Group of America's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	82,705	89,120	89,040	87,422	106,000	109,888	120,258	128,210
Cash and Due from Banks	3,512	3,294	2,598	2,820	5,935	4,596	5,195	5,151
Trading Account Securities	50,632	56,223	56,372	54,304	65,971	70,635	78,304	84,660
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	628	672	702	744	808	881	995	1,059
Mortgage Servicing Rights	6,558	6,833	7,038	7,231	7,539	7,984	8,388	9,331
Unearned Premiums Asset	2,820	3,114	3,321	3,279	3,342	3,635	3,738	3,749
Deferred Acquisition Cost	3,887	4,257	4,286	4,289	4,673	4,720	5,477	5,649
Other Assets	14,668	12,322	12,250	12,195	17,732	17,437	18,161	18,611
Total Liabilities & Shareholders' Equity	82,705	89,120	89,040	87,422	106,000	109,888	120,258	128,210
Total Liabilities	78,962	81,404	81,145	79,269	96,442	100,063	109,041	116,718
Long-Term Debt	4,207	4,455	4,850	4,450	4,427	5,067	5,067	5,734
Claims and Claim Expense	6,249	2,558	2,579	2,654	2,753	2,769	2,875	2,870
Future Policy Benefits	33,715	38,222	38,239	36,474	47,067	50,779	55,933	59,836
Other Long-Term Liabilities	34,791	35,908	35,242	35,467	42,195	41,448	45,166	48,278
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,743	7,716	7,895	8,153	9,558	9,825	11,217	11,492
Total Preferred & Common Equity	3,653	7,626	7,805	8,063	9,468	9,735	11,127	11,402
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,653	7,626	7,805	8,063	9,468	9,735	11,127	11,402
Common Stock	2,494	2,507	2,523	2,535	2,550	2,568	2,578	2,609
Retained Earnings	8,820	8,336	8,483	8,713	8,934	9,076	9,166	9,443
Treasury Stock	-1,697	-1,756	-1,803	-1,852	-1,891	-1,889	-1,889	-1,888
Accumulated Other Comprehensive Income / (Loss)	-5,964	-1,461	-1,398	-1,333	-125	-20	1,272	1,238
Noncontrolling Interest	90	90	90	90	90	90	90	90

This table displays calculated financial ratios and metrics derived from Reinsurance Group of America's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.92%	10.79%	8.66%	2.90%	10.98%	2.12%	14.57%	-2.98%	14.18%	19.08%
EBITDA Growth	-24.18%	39.83%	11.69%	-23.56%	35.01%	-50.62%	249.10%	-49.72%	3.69%	-22.92%
EBIT Growth	-26.15%	40.17%	9.49%	-25.98%	33.81%	-51.15%	252.98%	-48.31%	8.82%	-13.66%
NOPAT Growth	-26.59%	39.68%	159.75%	-60.70%	21.51%	-52.30%	297.35%	-55.60%	17.52%	-18.60%
Net Income Growth	-26.59%	39.68%	159.75%	-60.70%	21.51%	-52.30%	181.93%	-55.47%	74.47%	-20.35%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-55.40%	75.92%	-20.16%
Operating Cash Flow Growth	-10.60%	-29.82%	35.22%	-20.23%	45.92%	44.00%	25.89%	-67.89%	201.12%	131.70%
Free Cash Flow Firm Growth	262.95%	-178.16%	69.92%	751.55%	-223.33%	-13.72%	214.09%	108.36%	-124.85%	-2.74%
Invested Capital Growth	-7.56%	18.11%	19.23%	-9.30%	27.35%	20.64%	-7.93%	-33.98%	22.15%	17.28%
Revenue Q/Q Growth	0.84%	2.11%	1.37%	0.35%	3.68%	3.28%	0.97%	-0.35%	3.60%	1.01%
EBITDA Q/Q Growth	-4.41%	10.55%	1.17%	-13.34%	17.03%	120.53%	-53.82%	-48.60%	-23.85%	-21.13%
EBIT Q/Q Growth	-8.59%	9.30%	-3.37%	-12.20%	17.66%	120.42%	-53.56%	-46.87%	-17.38%	-4.15%
NOPAT Q/Q Growth	-5.27%	4.01%	129.06%	-60.71%	16.75%	-8.19%	150.22%	-21.86%	-17.43%	-11.34%
Net Income Q/Q Growth	-5.27%	4.01%	129.06%	-60.71%	16.75%	-19.88%	97.30%	-44.40%	-12.76%	-1.36%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-44.36%	-12.56%	-1.56%
Operating Cash Flow Q/Q Growth	5.68%	-34.27%	27.84%	-20.06%	2.77%	0.00%	-4.17%	287.57%	1,116.08%	1,131.94%
Free Cash Flow Firm Q/Q Growth	135.01%	44.65%	-128.53%	35.81%	11.22%	-121.41%	109.24%	-30.96%	55.54%	42.94%
Invested Capital Q/Q Growth	-1.44%	-7.60%	12.49%	-1.31%	-2.16%	6.50%	2.99%	40.03%	7.89%	-2.06%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	6.80%	8.58%	8.82%	6.55%	7.97%	3.85%	11.74%	6.09%	5.53%	3.58%
EBIT Margin	7.25%	9.17%	9.24%	6.65%	8.01%	3.83%	11.81%	6.29%	6.00%	4.35%
Profit (Net Income) Margin	4.89%	6.16%	14.73%	5.63%	6.16%	2.88%	7.08%	3.25%	4.96%	3.32%
Tax Burden Percent	67.42%	67.19%	159.41%	84.63%	76.86%	75.05%	84.48%	72.56%	78.36%	73.88%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	70.95%	71.16%	105.65%	103.38%
Effective Tax Rate	32.58%	32.81%	-59.41%	15.37%	23.14%	24.95%	15.52%	27.44%	21.64%	26.12%
Return on Invested Capital (ROIC)	5.17%	6.89%	15.08%	5.71%	6.42%	2.48%	9.38%	5.23%	6.96%	4.74%
ROIC Less NNEP Spread (ROIC-NNEP)	5.17%	6.89%	15.08%	5.71%	6.42%	2.48%	-2.89%	-0.18%	8.12%	5.24%
Return on Net Nonoperating Assets (RNNOA)	2.46%	3.71%	6.79%	2.23%	2.26%	0.72%	-0.83%	-0.07%	4.17%	2.47%
Return on Equity (ROE)	7.63%	10.61%	21.87%	7.95%	8.68%	3.20%	8.55%	5.16%	11.12%	7.21%
Cash Return on Invested Capital (CROIC)	13.03%	-9.72%	-2.46%	15.46%	-17.64%	-16.23%	17.63%	46.16%	-12.98%	-11.17%
Operating Return on Assets (OROA)	1.57%	2.02%	2.01%	1.35%	1.60%	0.69%	2.21%	1.14%	1.20%	0.88%
Return on Assets (ROA)	1.06%	1.36%	3.21%	1.15%	1.23%	0.51%	1.32%	0.59%	1.00%	0.67%
Return on Common Equity (ROCE)	7.63%	10.61%	21.87%	7.95%	8.68%	3.20%	8.55%	5.14%	11.00%	7.15%
Return on Equity Simple (ROE_SIMPLE)	8.18%	9.89%	19.04%	8.47%	7.50%	2.89%	8.99%	7.36%	10.01%	6.69%
Net Operating Profit after Tax (NOPAT)	502	701	1,822	716	870	415	1,649	732	860	700
NOPAT Margin	4.89%	6.16%	14.73%	5.63%	6.16%	2.88%	9.98%	4.57%	4.70%	3.21%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	12.27%	5.41%	-1.16%	-0.50%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	92.75%	90.83%	90.76%	93.35%	91.99%	96.17%	88.19%	93.71%	94.00%	95.65%
Earnings before Interest and Taxes (EBIT)	745	1,044	1,143	846	1,132	553	1,952	1,009	1,098	948
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	699	977	1,091	834	1,126	556	1,941	976	1,012	780
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.77	0.97	0.91	0.92	0.79	0.50	0.54	1.28	1.15	1.30
Price to Tangible Book Value (P/TBV)	0.77	0.97	0.91	0.92	0.79	0.50	0.54	1.28	1.15	1.30
Price to Revenue (P/Rev)	0.46	0.61	0.70	0.61	0.65	0.50	0.42	0.57	0.57	0.64
Price to Earnings (P/E)	9.42	9.85	4.78	10.82	10.50	17.43	5.96	17.58	11.56	19.54
Dividend Yield	1.95%	1.45%	1.35%	1.78%	1.78%	2.63%	2.77%	2.25%	2.09%	1.64%
Earnings Yield	10.61%	10.15%	20.94%	9.25%	9.52%	5.74%	16.79%	5.69%	8.65%	5.12%
Enterprise Value to Invested Capital (EV/IC)	0.69	0.87	0.83	0.78	0.74	0.43	0.47	0.92	0.88	0.99
Enterprise Value to Revenue (EV/Rev)	0.62	0.85	0.89	0.73	0.80	0.54	0.48	0.64	0.65	0.73
Enterprise Value to EBITDA (EV/EBITDA)	9.17	9.87	10.06	11.18	10.01	14.01	4.05	10.46	11.84	20.27
Enterprise Value to EBIT (EV/EBIT)	8.60	9.23	9.60	11.02	9.95	14.08	4.03	10.12	10.91	16.68
Enterprise Value to NOPAT (EV/NOPAT)	12.75	13.74	6.02	13.02	12.95	18.77	4.77	13.95	13.92	22.58
Enterprise Value to Operating Cash Flow (EV/OCF)	3.07	6.58	5.54	5.90	4.88	2.34	1.88	7.60	2.96	1.69
Enterprise Value to Free Cash Flow (EV/FCFF)	5.06	0.00	0.00	4.81	0.00	0.00	2.54	1.58	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.52	0.55	0.37	0.41	0.31	0.28	0.30	0.55	0.48	0.46
Long-Term Debt to Equity	0.52	0.55	0.37	0.41	0.31	0.28	0.30	0.55	0.48	0.46
Financial Leverage	0.48	0.54	0.45	0.39	0.35	0.29	0.29	0.39	0.51	0.47
Leverage Ratio	7.22	7.82	6.82	6.94	7.05	6.22	6.46	8.77	11.17	10.77
Compound Leverage Factor	7.22	7.82	6.82	6.94	7.05	6.22	4.58	6.24	11.80	11.14
Debt to Total Capital	34.26%	35.65%	27.18%	29.11%	23.58%	21.63%	22.82%	35.58%	32.56%	31.62%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	34.26%	35.65%	27.18%	29.11%	23.58%	21.63%	22.82%	35.58%	32.56%	31.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.81%	0.66%	0.56%
Common Equity to Total Capital	65.75%	64.35%	72.82%	70.89%	76.42%	78.37%	77.18%	63.61%	66.78%	67.82%
Debt to EBITDA	4.58	4.02	3.27	4.16	3.18	7.12	1.98	4.06	4.37	6.46
Net Debt to EBITDA	2.39	2.79	2.08	1.89	1.89	0.99	0.46	1.06	1.44	2.20
Long-Term Debt to EBITDA	4.58	4.02	3.27	4.16	3.18	7.12	1.98	4.06	4.37	6.46
Debt to NOPAT	6.37	5.60	1.96	4.85	4.11	9.54	2.33	5.41	5.15	7.20
Net Debt to NOPAT	3.33	3.89	1.25	2.21	2.45	1.33	0.55	1.41	1.69	2.45
Long-Term Debt to NOPAT	6.37	5.60	1.96	4.85	4.11	9.54	2.33	5.41	5.15	7.20
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.45%	1.10%	0.90%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,265	-989	-297	1,938	-2,390	-2,718	3,101	6,461	-1,606	-1,650
Operating Cash Flow to CapEx	8,867.72%	3,283.27%	4,504.55%	5,451.72%	6,785.29%	11,864.29%	0.00%	959.29%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	8.86	-7.19	-2.04	13.18	-13.82	-15.99	22.31	33.83	-6.25	-5.43
Operating Cash Flow to Interest Expense	14.62	10.65	13.58	10.76	13.34	19.54	30.09	7.03	15.74	30.82
Operating Cash Flow Less CapEx to Interest Expense	14.45	10.33	13.27	10.56	13.14	19.38	30.09	6.30	15.74	30.82
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.22	0.22	0.22	0.20	0.20	0.18	0.19	0.18	0.20	0.20
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,332	11,022	13,142	11,920	15,180	18,313	16,861	11,132	13,598	15,948
Invested Capital Turnover	1.06	1.12	1.02	1.02	1.04	0.86	0.94	1.15	1.48	1.48
Increase / (Decrease) in Invested Capital	-763	1,690	2,119	-1,222	3,260	3,133	-1,452	-5,729	2,466	2,350
Enterprise Value (EV)	6,404	9,637	10,972	9,324	11,266	7,788	7,867	10,213	11,978	15,814
Market Capitalization	4,733	6,909	8,703	7,744	9,136	7,235	6,968	9,089	10,431	14,008
Book Value per Share	$93.31	$110.47	$148.59	$134.61	$185.29	$211.25	$192.51	$105.95	$137.79	$164.22
Tangible Book Value per Share	$93.31	$110.47	$148.59	$134.61	$185.29	$211.25	$192.51	$105.95	$137.79	$164.22
Total Capital	9,332	11,022	13,142	11,920	15,180	18,313	16,861	11,132	13,598	15,948
Total Debt	3,197	3,929	3,572	3,470	3,579	3,961	3,847	3,961	4,427	5,042
Total Long-Term Debt	3,197	3,929	3,572	3,470	3,579	3,961	3,847	3,961	4,427	5,042
Net Debt	1,671	2,729	2,269	1,580	2,130	553	899	1,034	1,457	1,716
Capital Expenditures (CapEx)	24	45	44	29	34	28	0.00	140	0.00	0.00
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	479	211	-49	-24
Net Nonoperating Obligations (NNO)	3,197	3,929	3,572	3,470	3,579	3,961	3,847	3,961	4,427	5,042
Total Depreciation and Amortization (D&A)	-46	-67	-52	-12	-6.00	3.00	-11	-33	-86	-168
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.60	$10.90
Adjusted Weighted Average Basic Shares Outstanding	65.21M	64.33M	64.48M	62.84M	62.58M	67.97M	67.19M	66.86M	65.76M	66.02M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.44	$10.73
Adjusted Weighted Average Diluted Shares Outstanding	65.21M	64.33M	64.48M	62.84M	62.58M	67.97M	67.19M	66.86M	65.76M	66.02M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	65.21M	64.33M	64.48M	62.84M	62.58M	67.97M	67.19M	66.86M	65.76M	66.02M
Normalized Net Operating Profit after Tax (NOPAT)	517	719	820	741	892	428	1,600	739	853	668
Normalized NOPAT Margin	5.04%	6.31%	6.63%	5.82%	6.32%	2.97%	9.68%	4.61%	4.66%	3.06%
Pre Tax Income Margin	7.25%	9.17%	9.24%	6.65%	8.01%	3.83%	8.38%	4.48%	6.34%	4.49%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.21	7.59	7.83	5.76	6.54	3.25	14.04	5.28	4.27	3.12
NOPAT to Interest Expense	3.52	5.10	12.48	4.87	5.03	2.44	11.86	3.83	3.35	2.30
EBIT Less CapEx to Interest Expense	5.05	7.26	7.53	5.56	6.35	3.09	14.04	4.55	4.27	3.12
NOPAT Less CapEx to Interest Expense	3.35	4.77	12.18	4.67	4.83	2.28	11.86	3.10	3.35	2.30
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	18.60%	14.31%	6.42%	19.55%	18.74%	43.86%	16.58%	39.35%	24.09%	31.63%
Augmented Payout Ratio	95.17%	31.83%	12.40%	61.45%	30.34%	83.13%	25.04%	54.89%	49.06%	35.36%

This table displays calculated financial ratios and metrics derived from Reinsurance Group of America's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.03%	-1.31%	8.34%	6.06%	26.99%	14.81%	49.33%	17.42%	9.68%	4.39%	-17.37%
EBITDA Growth	538.24%	-67.53%	21.72%	68.48%	100.00%	-53.97%	-23.69%	-35.61%	22.48%	-20.81%	26.21%
EBIT Growth	538.24%	-67.53%	21.72%	68.48%	100.00%	-53.97%	-23.69%	-35.61%	22.48%	-20.81%	26.21%
NOPAT Growth	538.24%	-58.67%	18.91%	82.51%	117.29%	-34.40%	-17.49%	-37.49%	18.91%	-45.89%	26.38%
Net Income Growth	-240.91%	-58.67%	28.43%	95.28%	485.33%	-45.39%	-16.21%	-1.45%	-45.33%	-6.25%	35.85%
EPS Growth	-253.13%	-58.56%	27.84%	96.77%	479.65%	-44.78%	-15.05%	-0.66%	-45.69%	-7.14%	35.13%
Operating Cash Flow Growth	-156.00%	570.36%	-865.64%	-208.86%	-19.76%	183.55%	-264.42%	-296.31%	-6.70%	149.78%	75.09%
Free Cash Flow Firm Growth	966.85%	178.67%	-62.33%	-138.02%	-151.91%	-137.76%	-238.73%	27.65%	22.93%	1.22%	-84.90%
Invested Capital Growth	-51.44%	-33.98%	-7.13%	30.74%	58.53%	22.15%	14.90%	16.85%	29.21%	17.28%	23.17%
Revenue Q/Q Growth	3.68%	7.50%	-2.39%	-2.50%	24.14%	-2.81%	26.95%	-23.34%	15.96%	-7.50%	0.49%
EBITDA Q/Q Growth	-9.70%	187.25%	-24.07%	-14.46%	7.19%	-33.89%	25.89%	-27.82%	103.91%	-57.26%	100.64%
EBIT Q/Q Growth	-9.70%	187.25%	-24.07%	-14.46%	7.19%	-33.89%	25.89%	-27.82%	103.91%	-57.26%	100.64%
NOPAT Q/Q Growth	-12.34%	180.92%	-20.05%	-7.30%	4.37%	-15.20%	0.57%	-29.77%	98.52%	-61.41%	134.90%
Net Income Q/Q Growth	-170.75%	490.67%	-13.65%	-18.18%	39.61%	-44.64%	32.50%	-3.77%	-22.55%	-5.06%	92.00%
EPS Q/Q Growth	-172.90%	481.42%	-13.69%	-18.01%	40.66%	-44.52%	32.77%	-4.11%	-23.10%	-5.15%	93.21%
Operating Cash Flow Q/Q Growth	-956.96%	389.82%	-165.04%	84.50%	-309.84%	786.20%	-183.59%	83.14%	-10.34%	1,706.37%	-108.34%
Free Cash Flow Firm Q/Q Growth	16.62%	-29.37%	-80.60%	-337.95%	-59.23%	48.63%	28.72%	-24.10%	-69.62%	34.16%	-33.42%
Invested Capital Q/Q Growth	-18.44%	40.03%	9.33%	4.72%	-1.11%	7.89%	2.85%	6.49%	9.35%	-2.06%	8.01%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	3.72%	9.95%	7.74%	6.79%	5.87%	3.99%	3.96%	3.72%	6.55%	3.03%	6.04%
EBIT Margin	3.72%	9.95%	7.74%	6.79%	5.87%	3.99%	3.96%	3.72%	6.55%	3.03%	6.04%
Profit (Net Income) Margin	-1.87%	6.81%	6.03%	5.06%	5.69%	3.24%	3.38%	4.24%	2.84%	2.91%	5.56%
Tax Burden Percent	97.40%	76.90%	72.08%	78.11%	76.05%	97.56%	77.94%	75.84%	73.83%	66.67%	78.05%
Interest Burden Percent	-51.68%	89.02%	108.00%	95.32%	127.52%	83.25%	109.68%	150.28%	58.63%	144.23%	117.89%
Effective Tax Rate	0.00%	23.10%	27.92%	21.89%	23.95%	2.44%	22.06%	24.16%	26.17%	33.33%	21.95%
Return on Invested Capital (ROIC)	3.45%	7.81%	7.22%	7.83%	7.67%	5.76%	4.81%	4.31%	7.23%	2.98%	6.26%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.21%	7.81%	7.68%	7.59%	9.11%	5.00%	5.23%	5.69%	4.88%	3.95%	7.12%
Return on Net Nonoperating Assets (RNNOA)	-0.56%	3.02%	3.74%	4.76%	6.63%	2.56%	2.69%	3.18%	2.40%	1.86%	3.44%
Return on Equity (ROE)	2.89%	10.82%	10.97%	12.59%	14.30%	8.33%	7.49%	7.50%	9.63%	4.84%	9.70%
Cash Return on Invested Capital (CROIC)	76.96%	46.16%	11.96%	-20.62%	-35.14%	-12.98%	-7.60%	-10.22%	-20.02%	-11.17%	-15.95%
Operating Return on Assets (OROA)	0.69%	1.80%	1.42%	1.30%	1.22%	0.80%	0.83%	0.79%	1.36%	0.61%	1.07%
Return on Assets (ROA)	-0.35%	1.23%	1.10%	0.97%	1.18%	0.65%	0.71%	0.90%	0.59%	0.59%	0.98%
Return on Common Equity (ROCE)	2.87%	10.78%	10.85%	12.43%	14.09%	8.24%	7.41%	7.42%	9.54%	4.80%	9.61%
Return on Equity Simple (ROE_SIMPLE)	25.65%	0.00%	7.57%	8.69%	12.92%	0.00%	9.17%	8.89%	6.60%	0.00%	7.02%
Net Operating Profit after Tax (NOPAT)	104	293	234	217	227	192	193	136	269	104	244
NOPAT Margin	2.61%	6.81%	5.58%	5.31%	4.46%	3.89%	3.08%	2.82%	4.84%	2.02%	4.72%
Net Nonoperating Expense Percent (NNEP)	4.66%	0.00%	-0.45%	0.23%	-1.44%	0.77%	-0.42%	-1.38%	2.34%	-0.97%	-0.86%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	96.28%	90.05%	92.26%	93.21%	94.14%	96.01%	96.04%	96.28%	93.45%	96.97%	93.96%
Earnings before Interest and Taxes (EBIT)	149	428	325	278	298	197	248	179	365	156	313
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	149	428	325	278	298	197	248	179	365	156	313
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.21	1.28	1.13	1.15	1.17	1.15	1.33	1.38	1.29	1.30	1.14
Price to Tangible Book Value (P/TBV)	2.21	1.28	1.13	1.15	1.17	1.15	1.33	1.38	1.29	1.30	1.14
Price to Revenue (P/Rev)	0.50	0.57	0.53	0.54	0.53	0.57	0.62	0.64	0.66	0.64	0.63
Price to Earnings (P/E)	8.65	17.58	15.06	13.40	9.12	11.56	14.66	15.67	19.74	19.54	16.39
Dividend Yield	2.48%	2.25%	2.43%	2.37%	2.28%	2.09%	1.75%	1.66%	1.58%	1.64%	1.79%
Earnings Yield	11.56%	5.69%	6.64%	7.46%	10.97%	8.65%	6.82%	6.38%	5.07%	5.12%	6.10%
Enterprise Value to Invested Capital (EV/IC)	1.12	0.92	0.81	0.89	0.89	0.88	0.80	0.94	0.88	0.99	0.79
Enterprise Value to Revenue (EV/Rev)	0.55	0.64	0.60	0.68	0.63	0.65	0.55	0.66	0.66	0.73	0.66
Enterprise Value to EBITDA (EV/EBITDA)	4.67	10.46	9.24	9.61	8.39	11.84	10.96	15.19	14.47	20.27	13.50
Enterprise Value to EBIT (EV/EBIT)	4.67	10.12	9.24	9.61	8.39	10.91	10.96	15.19	14.47	16.68	13.50
Enterprise Value to NOPAT (EV/NOPAT)	9.47	13.95	17.09	16.73	10.70	13.92	13.65	19.06	18.12	22.58	18.17
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	7.60	0.00	0.00	0.00	2.96	0.00	0.00	0.00	1.69	1.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.95	1.58	6.53	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.12	0.55	0.58	0.61	0.55	0.48	0.46	0.52	0.45	0.46	0.50
Long-Term Debt to Equity	1.12	0.55	0.58	0.61	0.55	0.48	0.46	0.52	0.45	0.46	0.50
Financial Leverage	0.46	0.39	0.49	0.63	0.73	0.51	0.51	0.56	0.49	0.47	0.48
Leverage Ratio	10.47	8.77	10.53	12.56	14.30	11.17	11.30	11.23	10.72	10.77	11.13
Compound Leverage Factor	-5.41	7.81	11.37	11.97	18.24	9.30	12.39	16.87	6.29	15.54	13.12
Debt to Total Capital	52.92%	35.58%	36.60%	38.05%	35.31%	32.56%	31.66%	34.03%	31.12%	31.62%	33.29%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	52.92%	35.58%	36.60%	38.05%	35.31%	32.56%	31.66%	34.03%	31.12%	31.62%	33.29%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.13%	0.81%	0.74%	0.71%	0.71%	0.66%	0.64%	0.60%	0.55%	0.56%	0.52%
Common Equity to Total Capital	45.95%	63.61%	62.66%	61.24%	63.98%	66.78%	67.70%	65.37%	68.33%	67.82%	66.19%
Debt to EBITDA	2.22	4.06	4.18	4.11	3.35	4.37	4.34	5.50	5.12	6.46	5.66
Net Debt to EBITDA	0.37	1.06	1.09	1.91	1.23	1.44	-1.48	0.51	-0.13	2.20	0.58
Long-Term Debt to EBITDA	2.22	4.06	4.18	4.11	3.35	4.37	4.34	5.50	5.12	6.46	5.66
Debt to NOPAT	4.49	5.41	7.72	7.15	4.27	5.15	5.40	6.89	6.41	7.20	7.62
Net Debt to NOPAT	0.74	1.41	2.01	3.32	1.56	1.69	-1.84	0.64	-0.16	2.45	0.77
Long-Term Debt to NOPAT	4.49	5.41	7.72	7.15	4.27	5.15	5.40	6.89	6.41	7.20	7.62
Noncontrolling Interest Sharing Ratio	0.54%	0.45%	1.06%	1.30%	1.51%	1.10%	1.04%	1.02%	0.93%	0.90%	0.86%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	8,526	6,022	1,168	-2,780	-4,426	-2,274	-1,621	-2,011	-3,412	-2,246	-2,997
Operating Cash Flow to CapEx	-11,928.57%	2,000.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	174.01	107.54	22.04	-44.12	-61.48	-32.95	-23.83	-27.93	-43.74	-26.12	-37.46
Operating Cash Flow to Interest Expense	-17.04	43.21	-29.70	-3.87	-13.89	99.45	-84.35	-13.43	-13.68	199.30	-17.86
Operating Cash Flow Less CapEx to Interest Expense	-17.18	41.05	-29.70	-3.87	-13.89	99.45	-84.35	-13.43	-13.68	199.30	-17.86
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.18	0.18	0.18	0.19	0.21	0.20	0.21	0.21	0.21	0.20	0.18
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,950	11,132	12,171	12,745	12,603	13,598	13,985	14,892	16,284	15,948	17,226
Invested Capital Turnover	1.32	1.15	1.29	1.48	1.72	1.48	1.56	1.53	1.49	1.48	1.33
Increase / (Decrease) in Invested Capital	-8,422	-5,729	-934	2,997	4,653	2,466	1,814	2,147	3,681	2,350	3,241
Enterprise Value (EV)	8,872	10,213	9,863	11,344	11,154	11,978	11,187	14,007	14,310	15,814	13,673
Market Capitalization	8,087	9,089	8,612	9,002	9,434	10,431	12,605	13,446	14,348	14,008	13,000
Book Value per Share	$54.52	$105.95	$114.06	$117.29	$121.78	$137.79	$143.91	$147.97	$168.96	$164.22	$172.69
Tangible Book Value per Share	$54.52	$105.95	$114.06	$117.29	$121.78	$137.79	$143.91	$147.97	$168.96	$164.22	$172.69
Total Capital	7,950	11,132	12,171	12,745	12,603	13,598	13,985	14,892	16,284	15,948	17,226
Total Debt	4,207	3,961	4,455	4,850	4,450	4,427	4,427	5,067	5,067	5,042	5,734
Total Long-Term Debt	4,207	3,961	4,455	4,850	4,450	4,427	4,427	5,067	5,067	5,042	5,734
Net Debt	695	1,034	1,161	2,252	1,630	1,457	-1,508	471	-128	1,716	583
Capital Expenditures (CapEx)	7.00	121	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	179	0.00	-19	10	-62	32	-19	-68	111	-46	-44
Net Nonoperating Obligations (NNO)	4,207	3,961	4,455	4,850	4,450	4,427	4,427	5,067	5,067	5,042	5,734
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.24	$4.36	$3.77	$3.09	$4.34	$2.40	$3.20	$3.07	$2.37	$2.26	$4.33
Adjusted Weighted Average Basic Shares Outstanding	66.84M	66.86M	66.54M	66.21M	65.91M	65.76M	65.79M	65.86M	65.86M	66.02M	66.09M
Adjusted Diluted Earnings per Share	$4.19	$4.31	$3.72	$3.05	$4.29	$2.38	$3.16	$3.03	$2.33	$2.21	$4.27
Adjusted Weighted Average Diluted Shares Outstanding	66.84M	66.86M	66.54M	66.21M	65.91M	65.76M	65.79M	65.86M	65.86M	66.02M	66.09M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	66.84M	66.86M	66.54M	66.21M	65.91M	65.76M	65.79M	65.86M	65.86M	66.02M	66.09M
Normalized Net Operating Profit after Tax (NOPAT)	120	278	244	193	211	220	166	130	292	83	267
Normalized NOPAT Margin	3.01%	6.45%	5.82%	4.71%	4.15%	4.45%	2.65%	2.70%	5.25%	1.60%	5.15%
Pre Tax Income Margin	-1.92%	8.86%	8.36%	6.47%	7.48%	3.32%	4.34%	5.60%	3.84%	4.36%	7.12%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.04	7.64	6.13	4.41	4.14	2.86	3.65	2.49	4.68	1.81	3.91
NOPAT to Interest Expense	2.13	5.23	4.42	3.45	3.15	2.79	2.84	1.89	3.45	1.21	3.05
EBIT Less CapEx to Interest Expense	2.90	5.48	6.13	4.41	4.14	2.86	3.65	2.49	4.68	1.81	3.91
NOPAT Less CapEx to Interest Expense	1.99	3.07	4.42	3.45	3.15	2.79	2.84	1.89	3.45	1.21	3.05
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	21.45%	39.35%	36.22%	31.56%	20.73%	24.09%	25.58%	25.90%	30.93%	31.63%	29.00%
Augmented Payout Ratio	32.66%	54.89%	57.19%	57.08%	39.54%	49.06%	45.85%	40.58%	42.37%	35.36%	35.13%

Financials Breakdown Chart

Key Financial Trends

The recent financial data for Reinsurance Group of America (NYSE: RGA) shows a mixed but generally positive trend over the last four years through Q1 2025. Here are the key insights:

Net Income Growth: The company posted a consolidated net income of $288 million in Q1 2025, which is a significant improvement from $253 million in Q1 2024 and marks solid profitability.
Capital Gains Boost Revenue: Net realized and unrealized capital gains on investments surged to $1.153 billion in Q1 2025, up from around $812 million in Q1 2024, contributing substantially to total revenue of $5.18 billion.
Premiums Earned Remain Strong: Premiums earned for Q1 2025 were $4.02 billion, showing stable underwriting activity despite some quarterly fluctuations.
Equity Base Expansion: Total common equity increased from about $9.47 billion in Q1 2024 to $11.4 billion in Q1 2025, reflecting retained earnings growth and capital retention.
Cash Position Strengthened: Cash and due from banks rose notably to $5.15 billion in Q1 2025 compared to prior quarters, improving liquidity.
Operating Cash Flow Volatility: Net cash from operating activities swung from a positive $8.82 billion in Q4 2024 to a negative $1.43 billion in Q1 2025, signaling uneven quarterly cash generation.
Stable Debt Levels: Long-term debt remained around $5.73 billion in Q1 2025, showing manageable leverage with interest expense around $80 million, slightly down from $86 million in Q4 2024.
Dividend Consistency: Dividend payments per share remained steady at $0.89 in Q1 2025, consistent with prior quarters, indicating commitment to shareholder returns.
Non-Interest Expenses High: Total non-interest expenses remain high at nearly $4.87 billion in Q1 2025, driven largely by substantial property and liability insurance claims ($4.12 billion), which have remained elevated compared to prior years.
Negative Net Interest Income: The company continues to report negative net interest income (expense) of -$80 million in Q1 2025, although this is a slight improvement from previous quarters.

Summary: Reinsurance Group of America has displayed robust profitability driven by strong investment returns and premium income, alongside solid growth in equity and liquidity. However, the company faces challenges including volatile operating cash flows, high claims expenses, and ongoing net interest expense pressure. Retail investors should monitor future claims trends and cash flow stability, but the overall financial trajectory through early 2025 is positive.

10/06/25 03:26 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Reinsurance Group of America's Financials

When does Reinsurance Group of America's fiscal year end?

According to the most recent income statement we have on file, Reinsurance Group of America's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Reinsurance Group of America's net income changed over the last 9 years?

Reinsurance Group of America's net income were at $724 million at the end of 2024, a 20.4% decrease from 2023, and a 44.2% increase since 2015. See Reinsurance Group of America's forecast for analyst expectations on what’s next for the company.

How has Reinsurance Group of America's revenue changed over the last 9 years?

Over the last 9 years, Reinsurance Group of America's total revenue changed from $10.28 billion in 2015 to $21.80 billion in 2024, a change of 112.2%.

How much debt does Reinsurance Group of America have?

Reinsurance Group of America's total liabilities were at $107.77 billion at the end of 2024, a 21.8% increase from 2023, and a 143.6% increase since 2015.

How much cash does Reinsurance Group of America have?

In the past 9 years, Reinsurance Group of America's cash and equivalents has ranged from $1.20 billion in 2016 to $3.41 billion in 2020, and is currently $3.33 billion as of their latest financial filing in 2024.

How has Reinsurance Group of America's book value per share changed over the last 9 years?

Over the last 9 years, Reinsurance Group of America's book value per share changed from 93.31 in 2015 to 164.22 in 2024, a change of 76.0%.

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This page (NYSE:RGA) was last updated on 10/6/2025 by MarketBeat.com Staff

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Reinsurance Group of America (RGA) Financials

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Reinsurance Group of America (RGA) Financials

Annual Income Statements for Reinsurance Group of America

Quarterly Income Statements for Reinsurance Group of America

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Quarterly Balance Sheets for Reinsurance Group of America

Annual Metrics And Ratios for Reinsurance Group of America

Quarterly Metrics And Ratios for Reinsurance Group of America

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