Reinsurance Group of America (RGA) Financials

$248.74 +1.29 (+0.52%)

Closing price 09/11/2026 03:58 PM Eastern

Extended Trading

$248.76 +0.02 (+0.01%)

As of 09/11/2026 07:30 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	502	701	1,822	716	870	415	1,170	517	902	717	1,182
Consolidated Net Income / (Loss)	502	701	1,822	716	870	415	1,170	521	909	724	1,189
Net Income / (Loss) Continuing Operations	502	701	1,822	716	870	415	1,170	521	909	724	1,189
Total Pre-Tax Income	745	1,044	1,143	846	1,132	553	1,385	718	1,160	980	1,540
Total Revenue	10,275	11,384	12,370	12,729	14,127	14,426	16,528	16,036	18,310	21,803	23,332
Net Interest Income / (Expense)	-143	-138	-146	-147	-173	-170	-139	-191	-257	-304	-366
Total Interest Income	0.00	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	366
Long-Term Debt Interest Expense	143	138	146	147	173	170	139	191	257	304	366
Total Non-Interest Income	10,418	11,522	12,516	12,876	14,300	14,596	16,667	16,227	18,567	22,107	23,698
Other Service Charges	278	267	352	363	392	360	449	527	372	593	907
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	5,561
Premiums Earned	8,571	9,249	9,841	10,544	11,297	11,694	12,513	13,078	15,085	17,843	17,230
Total Non-Interest Expense	9,531	10,340	11,227	11,883	12,995	13,873	14,576	15,027	17,212	20,855	21,792
Property & Liability Insurance Claims	7,826	8,358	9,021	9,744	10,894	11,779	12,373	12,664	14,736	17,990	18,630
Amortization of Deferred Policy Acquisition Costs	1,127	1,311	1,467	1,323	1,204	1,261	1,325	-	1,397	1,641	1,821
Other Operating Expenses	554	646	710	786	868	816	936	1,009	1,089	1,268	1,333
Other Special Charges	23	26	29	30	29	17	-58	10	-10	-44	8.00
Nonoperating Income / (Expense), net	-	-	-	-	-	-	-567	-291	62	32	0.00
Income Tax Expense	243	343	-679	130	262	138	215	197	251	256	351
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	0.00	0.00	4.00	7.00	7.00	7.00
Basic Earnings per Share	-	-	-	-	-	-	$17.26	$7.73	$13.60	$10.90	$17.94
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	65.56M
Diluted Earnings per Share	-	-	-	-	-	-	$17.13	$7.64	$13.44	$10.73	$17.69
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	65.56M
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	65.56M
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	$3.64

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	158	210	203	156	148	286	180	253	463	330	462
Consolidated Net Income / (Loss)	160	212	204	158	150	288	181	255	465	331	464
Net Income / (Loss) Continuing Operations	160	212	204	158	150	288	181	255	465	331	464
Total Pre-Tax Income	164	272	269	214	225	369	341	320	510	441	605
Total Revenue	4,938	6,269	4,806	5,573	5,155	5,180	5,509	6,106	6,537	6,395	6,536
Net Interest Income / (Expense)	-69	-68	-72	-78	-86	-80	-90	-98	-98	-99	-101
Total Interest Income	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Interest Expense	69	68	72	78	86	80	90	98	98	99	101
Long-Term Debt Interest Expense	69	68	72	78	86	80	90	98	98	99	101
Total Non-Interest Income	5,007	6,337	4,878	5,651	5,241	5,260	5,599	6,204	6,635	6,494	6,637
Other Service Charges	98	149	147	150	147	88	84	436	299	368	377
Net Realized & Unrealized Capital Gains on Investments	801	812	811	1,110	938	1,153	1,364	1,488	1,556	1,531	1,788
Premiums Earned	4,108	5,376	3,920	4,391	4,156	4,019	4,151	4,280	4,780	4,595	4,472
Total Non-Interest Expense	4,741	6,021	4,627	5,208	4,999	4,867	5,100	5,701	6,124	5,961	5,925
Property & Liability Insurance Claims	4,054	5,386	3,943	4,426	4,235	4,121	4,359	4,903	5,247	5,101	5,095
Amortization of Deferred Policy Acquisition Costs	369	387	391	452	411	417	433	471	500	512	508
Other Operating Expenses	290	283	301	299	385	300	325	328	380	326	348
Other Special Charges	28	-35	-8.00	31	-32	29	-17	-1.00	-3.00	22	-26
Nonoperating Income / (Expense), net	-33	24	90	-151	69	56	-68	-85	97	7.00	-6.00
Income Tax Expense	4.00	60	65	56	75	81	160	65	45	110	141
Net Income / (Loss) Attributable to Noncontrolling Interest	2.00	2.00	1.00	2.00	2.00	2.00	1.00	2.00	2.00	1.00	2.00
Basic Earnings per Share	$2.40	$3.20	$3.07	$2.37	$2.26	$4.33	$2.72	$3.85	$7.04	$5.04	$7.07
Weighted Average Basic Shares Outstanding	65.76M	65.79M	65.86M	65.86M	66.02M	66.09M	66.09M	65.71M	65.56M	65.51M	65.30M
Diluted Earnings per Share	$2.38	$3.16	$3.03	$2.33	$2.21	$4.27	$2.70	$3.81	$6.91	$4.98	$7.01
Weighted Average Diluted Shares Outstanding	65.76M	65.79M	65.86M	65.86M	66.02M	66.09M	66.09M	65.71M	65.56M	65.51M	65.30M
Weighted Average Basic & Diluted Shares Outstanding	65.76M	65.79M	65.86M	65.86M	66.02M	66.09M	66.09M	65.71M	65.56M	65.51M	65.30M

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-120	-325	103	586	-441	1,959	-460	-21	43	356	842
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	4,091
Net Cash From Continuing Operating Activities	2,089	1,466	1,982	1,581	2,307	3,322	3,012	1,210	3,393	8,909	2,909
Net Income / (Loss) Continuing Operations	502	701	1,822	716	870	415	0.00	0.00	0.00	0.00	0.00
Depreciation Expense	31	27	53	45	49	49	43	38	41	46	43
Amortization Expense	-77	-94	-105	-57	-55	-46	-54	-71	-127	-214	-271
Non-Cash Adjustments to Reconcile Net Income	261	317	-991	175	63	-81	-1,047	154	798	880	325
Changes in Operating Assets and Liabilities, net	1,371	514	1,203	702	1,380	2,985	4,070	1,089	2,681	8,197	2,812
Net Cash From Investing Activities	-1,432	-2,826	-1,608	-637	-2,638	-2,680	-4,628	-5,688	-4,066	-12,545	-12,094
Net Cash From Continuing Investing Activities	-1,432	-2,826	-1,608	-637	-2,638	-2,680	-4,628	-5,652	-4,066	-12,545	-12,094
Purchase of Investment Securities	-7,395	-9,190	-10,108	-11,153	-17,492	-10,898	-19,684	-19,111	-15,031	-44,211	-44,961
Sale and/or Maturity of Investments	6,480	6,489	8,612	10,644	14,990	8,377	15,104	13,585	10,613	31,392	32,338
Other Investing Activities, net	-492	-80	-68	-99	-102	-131	-67	-	352	274	529
Net Cash From Financing Activities	-708	1,055	-324	-322	-121	1,254	20	4,436	78	3,661	8,798
Net Cash From Continuing Financing Activities	-708	1,055	-324	-322	-121	1,254	20	4,609	78	3,661	8,798
Net Change in Deposits	-	-	-	-	0.00	0.00	91	-44	227	268	181
Issuance of Debt	164	800	0.00	0.00	599	598	494	690	890	640	691
Issuance of Common Equity	52	26	-	0.00	0.00	481	-	-	0.00	0.00	4.00
Repayment of Debt	-738	-605	-1,123	-793	-1,608	-1,025	-2,032	-1,546	-4,056	-4,759	-4,672
Repurchase of Common Equity	-385	-123	-109	-300	-101	-163	-99	-81	-227	-27	-174
Payment of Dividends	-93	-100	-117	-140	-163	-182	-194	-205	-219	-229	-240
Other Financing Activities, Net	291	1,057	1,025	911	1,152	1,545	1,760	5,795	3,463	7,768	13,008
Effect of Exchange Rate Changes	-69	-20	53	-36	11	63	-34	-112	-13	-130	47
Cash Interest Paid	148	157	173	170	180	166	160	163	217	213	255
Cash Income Taxes Paid	42	61	37	142	44	108	368	129	298	78	252

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	2,968	-2,771	-2,306	-468	5,901	396	-555	-1,781	2,782	-2,048	-189
Net Cash From Operating Activities	6,862	-5,736	-967	-1,067	17,140	-1,429	-820	-990	7,330	-2,873	-484
Net Cash From Investing Activities	-1,474	-3,720	-3,456	-1,207	-4,162	-1,695	-1,177	-5,952	-3,270	-3,697	-1,946
Net Cash From Continuing Investing Activities	783	-3,720	-3,456	-1,207	-4,162	-1,695	-1,177	-5,952	-3,270	-3,697	-1,946
Purchase of Investment Securities	-4,559	-10,046	-13,548	-8,964	-11,656	-9,772	-6,530	-17,059	-11,600	-14,630	-10,556
Sale and/or Maturity of Investments	5,022	6,229	10,014	7,675	7,477	7,957	5,258	11,017	8,106	10,851	8,430
Other Investing Activities, net	320	97	78	82	17	120	95	90	224	82	180
Net Cash From Financing Activities	349	1,005	1,220	639	797	2,067	540	4,206	1,985	1,666	1,773
Net Cash From Continuing Financing Activities	-254	1,005	1,220	639	797	2,067	540	4,206	1,985	1,666	1,773
Net Change in Deposits	186	89	62	70	47	50	55	39	37	43	52
Repayment of Debt	-1,002	-1,413	-1,175	-1,307	-864	-1,128	-964	-1,231	-1,349	-1,413	-2,072
Repurchase of Common Equity	-58	-16	-3.00	-7.00	-1.00	-38	-	-75	-61	-94	-52
Payment of Dividends	-56	-56	-56	-59	-58	-59	-59	-61	-61	-61	-61
Other Financing Activities, Net	676	2,401	1,752	1,942	1,673	2,551	1,508	5,530	3,419	2,791	3,906
Effect of Exchange Rate Changes	49	-56	-70	100	-104	24	82	-35	-24	-17	-16
Cash Interest Paid	71	49	54	56	54	61	54	85	55	87	52
Cash Income Taxes Paid	58	16	25	9.00	28	63	44	77	68	37	80

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	2025
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	12/31/2025
Total Assets	50,383	53,098	60,515	64,535	76,731	84,656	92,175	84,904	97,623	118,675	156,590
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	4,168
Trading Account Securities	29,643	32,094	38,251	40,074	51,441	56,867	60,900	53,035	60,606	77,772	102,080
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	0.00
Accrued Investment Income	339	347	393	428	493	511	533	630	759	986	1,296
Mortgage Servicing Rights	3,130	3,776	4,401	4,966	5,706	5,787	6,283	6,590	7,377	8,839	11,104
Unearned Premiums Asset	1,798	1,931	2,338	3,018	2,940	2,842	2,888	3,013	3,528	3,898	4,475
Deferred Acquisition Cost	3,392	3,339	3,240	3,398	3,512	3,616	3,690	4,128	4,617	5,543	6,079
Other Assets	10,556	10,411	10,589	10,761	11,190	11,625	14,933	14,581	17,766	18,311	27,388
Total Liabilities & Shareholders' Equity	50,383	53,098	60,515	64,535	76,731	84,656	92,175	84,904	97,623	118,675	156,590
Total Liabilities	44,248	46,005	50,945	56,085	65,130	70,304	79,161	77,733	88,452	107,769	143,039
Long-Term Debt	3,197	3,929	3,572	3,470	3,579	3,961	3,847	3,961	4,427	5,042	5,710
Claims and Claim Expense	4,095	4,263	4,992	5,643	5,711	6,413	6,993	2,480	2,730	2,693	3,011
Future Policy Benefits	19,612	19,582	22,363	25,285	28,672	31,453	35,782	35,689	41,231	53,368	66,425
Other Long-Term Liabilities	17,344	18,231	20,018	21,687	27,168	28,477	32,539	35,603	40,064	46,666	67,893
Commitments & Contingencies	0.00	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	13,551
Total Preferred & Common Equity	6,135	7,093	9,570	8,450	11,601	14,352	13,014	7,081	9,081	10,816	13,461
Preferred Stock	0.00	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	13,461
Common Stock	1,817	1,849	1,872	1,900	1,938	2,407	2,462	2,503	2,545	2,601	2,641
Retained Earnings	4,620	5,199	6,736	7,285	7,952	8,148	8,563	8,169	8,805	9,255	10,151
Treasury Stock	-1,010	-1,095	-1,102	-1,371	-1,426	-1,562	-1,653	-1,720	-1,900	-1,889	-2,013
Accumulated Other Comprehensive Income / (Loss)	708	1,139	2,064	636	3,137	5,359	3,642	-1,871	-369	849	2,682
Noncontrolling Interest	-	-	-	-	-	-	0.00	90	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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	89,120	89,040	87,422	106,000	109,888	120,258	128,210	133,479	152,003	164,064	167,115
Cash and Due from Banks	3,294	2,598	2,820	5,935	4,596	5,195	5,151	5,416	4,625	4,993	5,288
Trading Account Securities	56,223	56,372	54,304	65,971	70,635	78,304	84,660	86,198	99,734	107,628	109,572
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	0.00
Accrued Investment Income	672	702	744	808	881	995	1,059	1,089	1,275	1,361	1,389
Mortgage Servicing Rights	6,833	7,038	7,231	7,539	7,984	8,388	9,331	10,057	10,507	11,318	11,927
Unearned Premiums Asset	3,114	3,321	3,279	3,342	3,635	3,738	3,749	4,202	4,035	4,259	4,735
Deferred Acquisition Cost	4,257	4,286	4,289	4,673	4,720	5,477	5,649	5,823	5,954	6,191	6,383
Other Assets	12,322	12,250	12,195	17,732	17,437	18,161	18,611	20,694	25,873	28,314	27,821
Total Liabilities & Shareholders' Equity	89,120	89,040	87,422	106,000	109,888	120,258	128,210	133,479	152,003	164,064	167,115
Total Liabilities	81,404	81,145	79,269	96,442	100,063	109,041	116,718	121,336	138,935	150,680	153,331
Long-Term Debt	4,455	4,850	4,450	4,427	5,067	5,067	5,734	5,734	5,734	6,105	5,709
Claims and Claim Expense	2,558	2,579	2,654	2,753	2,769	2,875	2,870	3,016	3,032	3,051	3,018
Future Policy Benefits	38,222	38,239	36,474	47,067	50,779	55,933	59,836	63,531	66,389	72,308	73,032
Other Long-Term Liabilities	35,908	35,242	35,467	42,195	41,448	45,166	48,278	49,055	63,780	69,216	71,572
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,716	7,895	8,153	9,558	9,825	11,217	11,492	12,143	13,068	13,384	13,784
Total Preferred & Common Equity	7,626	7,805	8,063	9,468	9,735	11,127	11,402	12,053	12,978	13,294	13,694
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	7,626	7,805	8,063	9,468	9,735	11,127	11,402	12,053	12,978	13,294	13,694
Common Stock	2,507	2,523	2,535	2,550	2,568	2,578	2,609	2,625	2,629	2,662	2,679
Retained Earnings	8,336	8,483	8,713	8,934	9,076	9,166	9,443	9,563	9,757	10,375	10,774
Treasury Stock	-1,756	-1,803	-1,852	-1,891	-1,889	-1,889	-1,888	-1,887	-1,960	-2,057	-2,107
Accumulated Other Comprehensive Income / (Loss)	-1,461	-1,398	-1,333	-125	-20	1,272	1,238	1,752	2,552	2,314	2,348
Noncontrolling Interest	90	90	90	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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
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	$17.94
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	65.56M
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	$17.69
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	65.56M
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	65.21M	64.33M	64.48M	62.84M	62.58M	67.97M	67.19M	66.86M	65.76M	66.02M	65.56M
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	65,563,173.00	65,513,163.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	65,563,173.00	65,513,163.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	5.05	7.08
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.81%	49.33%	17.42%	9.68%	4.39%	-17.37%	14.63%	9.56%	-	23.46%	18.64%
EBITDA Growth	-53.97%	-23.69%	-35.61%	22.48%	-20.81%	26.21%	128.49%	10.96%	-	38.66%	49.39%
EBIT Growth	-53.97%	-23.69%	-35.61%	22.48%	-20.81%	26.21%	128.49%	10.96%	-	38.66%	49.39%
NOPAT Growth	-34.40%	-17.49%	-37.49%	18.91%	-45.89%	26.38%	59.93%	19.76%	-	33.34%	115.85%
Net Income Growth	-45.39%	-16.21%	-1.45%	-45.33%	-6.25%	35.85%	-11.27%	61.39%	-	14.93%	156.35%
EPS Growth	-44.78%	-15.05%	-0.66%	-45.69%	-7.14%	35.13%	-10.89%	63.52%	-	16.63%	159.63%
Operating Cash Flow Growth	183.55%	-264.42%	-296.31%	-6.70%	149.78%	75.09%	15.20%	7.22%	-	-101.05%	40.98%
Free Cash Flow Firm Growth	-137.76%	-238.73%	27.65%	22.93%	1.22%	-84.90%	-37.62%	35.65%	-	35.35%	58.55%
Invested Capital Growth	22.15%	14.90%	16.85%	29.21%	17.28%	23.17%	20.04%	15.46%	-	13.14%	9.04%
Revenue Q/Q Growth	-2.81%	26.95%	-23.34%	15.96%	-7.50%	0.49%	6.35%	10.84%	-	-2.17%	2.20%
EBITDA Q/Q Growth	-33.89%	25.89%	-27.82%	103.91%	-57.26%	100.64%	30.67%	-0.98%	-	5.08%	40.78%
EBIT Q/Q Growth	-33.89%	25.89%	-27.82%	103.91%	-57.26%	100.64%	30.67%	-0.98%	-	5.08%	40.78%
NOPAT Q/Q Growth	-15.20%	0.57%	-29.77%	98.52%	-61.41%	134.90%	-11.13%	48.66%	-	-13.49%	43.85%
Net Income Q/Q Growth	-44.64%	32.50%	-3.77%	-22.55%	-5.06%	92.00%	-37.15%	40.88%	-	-28.82%	40.18%
EPS Q/Q Growth	-44.52%	32.77%	-4.11%	-23.10%	-5.15%	93.21%	-36.77%	41.11%	-	-27.93%	40.76%
Operating Cash Flow Q/Q Growth	786.20%	-183.59%	83.14%	-10.34%	1,706.37%	-108.34%	42.62%	-20.73%	-	-139.20%	83.15%
Free Cash Flow Firm Q/Q Growth	48.63%	28.72%	-24.10%	-69.62%	34.16%	-33.42%	7.64%	20.69%	-	34.03%	40.77%
Invested Capital Q/Q Growth	7.89%	2.85%	6.49%	9.35%	-2.06%	8.01%	3.78%	5.17%	-	1.18%	0.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	3.99%	3.96%	3.72%	6.55%	3.03%	6.04%	7.42%	6.63%	-	6.79%	9.35%
EBIT Margin	3.99%	3.96%	3.72%	6.55%	3.03%	6.04%	7.42%	6.63%	-	6.79%	9.35%
Profit (Net Income) Margin	3.24%	3.38%	4.24%	2.84%	2.91%	5.56%	3.29%	4.18%	-	5.18%	7.10%
Tax Burden Percent	97.56%	77.94%	75.84%	73.83%	66.67%	78.05%	53.08%	79.69%	-	75.06%	76.69%
Interest Burden Percent	83.25%	109.68%	150.28%	58.63%	144.23%	117.89%	83.37%	79.01%	-	101.61%	99.02%
Effective Tax Rate	2.44%	22.06%	24.16%	26.17%	33.33%	21.95%	46.92%	20.31%	-	24.94%	23.31%
Return on Invested Capital (ROIC)	5.76%	4.81%	4.31%	7.23%	2.98%	6.26%	5.15%	6.61%	-	6.81%	9.81%
ROIC Less NNEP Spread (ROIC-NNEP)	5.00%	5.23%	5.69%	4.88%	3.95%	7.12%	4.48%	5.36%	-	6.90%	9.73%
Return on Net Nonoperating Assets (RNNOA)	2.56%	2.69%	3.18%	2.40%	1.86%	3.44%	2.20%	2.38%	-	3.28%	4.30%
Return on Equity (ROE)	8.33%	7.49%	7.50%	9.63%	4.84%	9.70%	7.36%	9.00%	-	10.10%	14.11%
Cash Return on Invested Capital (CROIC)	-12.98%	-7.60%	-10.22%	-20.02%	-11.17%	-15.95%	-13.09%	-9.26%	-	-5.41%	-0.60%
Operating Return on Assets (OROA)	0.80%	0.83%	0.79%	1.36%	0.61%	1.07%	1.31%	1.07%	-	1.14%	1.59%
Return on Assets (ROA)	0.65%	0.71%	0.90%	0.59%	0.59%	0.98%	0.58%	0.67%	-	0.87%	1.21%
Return on Common Equity (ROCE)	8.24%	7.41%	7.42%	9.54%	4.80%	9.61%	7.29%	8.93%	-	10.02%	14.01%
Return on Equity Simple (ROE_SIMPLE)	0.00%	9.17%	8.89%	6.60%	0.00%	7.02%	6.45%	6.73%	-	9.27%	11.06%
Net Operating Profit after Tax (NOPAT)	192	193	136	269	104	244	217	323	-	326	469
NOPAT Margin	3.89%	3.08%	2.82%	4.84%	2.02%	4.72%	3.94%	5.29%	-	5.09%	7.17%
Net Nonoperating Expense Percent (NNEP)	0.77%	-0.42%	-1.38%	2.34%	-0.97%	-0.86%	0.67%	1.25%	-	-0.09%	0.08%
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	96.01%	96.04%	96.28%	93.45%	96.97%	93.96%	92.58%	93.37%	-	93.21%	90.65%
Earnings before Interest and Taxes (EBIT)	197	248	179	365	156	313	409	405	-	434	611
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	197	248	179	365	156	313	409	405	-	434	611
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.15	1.33	1.38	1.29	1.30	1.14	1.09	0.98	-	1.01	1.02
Price to Tangible Book Value (P/TBV)	1.15	1.33	1.38	1.29	1.30	1.14	1.09	0.98	-	1.01	1.02
Price to Revenue (P/Rev)	0.57	0.62	0.64	0.66	0.64	0.63	0.61	0.58	-	0.55	0.54
Price to Earnings (P/E)	11.56	14.66	15.67	19.74	19.54	16.39	17.02	14.65	-	10.92	9.24
Dividend Yield	2.09%	1.75%	1.66%	1.58%	1.64%	1.79%	1.79%	1.87%	-	1.80%	1.75%
Earnings Yield	8.65%	6.82%	6.38%	5.07%	5.12%	6.10%	5.87%	6.83%	-	9.16%	10.82%
Enterprise Value to Invested Capital (EV/IC)	0.88	0.80	0.94	0.88	0.99	0.79	0.76	0.74	-	0.75	0.74
Enterprise Value to Revenue (EV/Rev)	0.65	0.55	0.66	0.66	0.73	0.66	0.63	0.63	-	0.59	0.56
Enterprise Value to EBITDA (EV/EBITDA)	11.84	10.96	15.19	14.47	20.27	13.50	10.87	10.83	-	8.78	7.75
Enterprise Value to EBIT (EV/EBIT)	10.91	10.96	15.19	14.47	16.68	13.50	10.87	10.83	-	8.78	7.75
Enterprise Value to NOPAT (EV/NOPAT)	13.92	13.65	19.06	18.12	22.58	18.17	16.08	15.55	-	11.49	9.60
Enterprise Value to Operating Cash Flow (EV/OCF)	2.96	0.00	0.00	0.00	1.69	1.00	0.98	1.00	-	5.51	4.84
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.48	0.46	0.52	0.45	0.46	0.50	0.47	0.44	-	0.46	0.41
Long-Term Debt to Equity	0.48	0.46	0.52	0.45	0.46	0.50	0.47	0.44	-	0.46	0.41
Financial Leverage	0.51	0.51	0.56	0.49	0.47	0.48	0.49	0.44	-	0.48	0.44
Leverage Ratio	11.17	11.30	11.23	10.72	10.77	11.13	11.08	11.21	-	11.75	11.59
Compound Leverage Factor	9.30	12.39	16.87	6.29	15.54	13.12	9.24	8.86	-	11.94	11.48
Debt to Total Capital	32.56%	31.66%	34.03%	31.12%	31.62%	33.29%	32.07%	30.50%	-	31.33%	29.29%
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%
Long-Term Debt to Total Capital	32.56%	31.66%	34.03%	31.12%	31.62%	33.29%	32.07%	30.50%	-	31.33%	29.29%
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%
Noncontrolling Interests to Total Capital	0.66%	0.64%	0.60%	0.55%	0.56%	0.52%	0.50%	0.48%	-	0.46%	0.46%
Common Equity to Total Capital	66.78%	67.70%	65.37%	68.33%	67.82%	66.19%	67.42%	69.02%	-	68.21%	70.25%
Debt to EBITDA	4.37	4.34	5.50	5.12	6.46	5.66	4.61	4.47	-	3.68	3.06
Net Debt to EBITDA	1.44	-1.48	0.51	-0.13	2.20	0.58	0.26	0.86	-	0.67	0.23
Long-Term Debt to EBITDA	4.37	4.34	5.50	5.12	6.46	5.66	4.61	4.47	-	3.68	3.06
Debt to NOPAT	5.15	5.40	6.89	6.41	7.20	7.62	6.82	6.42	-	4.81	3.79
Net Debt to NOPAT	1.69	-1.84	0.64	-0.16	2.45	0.77	0.38	1.24	-	0.88	0.28
Long-Term Debt to NOPAT	5.15	5.40	6.89	6.41	7.20	7.62	6.82	6.42	-	4.81	3.79
Noncontrolling Interest Sharing Ratio	1.10%	1.04%	1.02%	0.93%	0.90%	0.86%	0.82%	0.74%	-	0.72%	0.69%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,274	-1,621	-2,011	-3,412	-2,246	-2,997	-2,768	-2,195	-	-1,937	-1,147
Operating Cash Flow to CapEx	0.00%	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	-32.95	-23.83	-27.93	-43.74	-26.12	-37.46	-30.75	-22.40	-	-19.57	-11.36
Operating Cash Flow to Interest Expense	99.45	-84.35	-13.43	-13.68	199.30	-17.86	-9.11	-10.10	-	-29.02	-4.79
Operating Cash Flow Less CapEx to Interest Expense	99.45	-84.35	-13.43	-13.68	199.30	-17.86	-9.11	-10.10	-	-29.02	-4.79
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.21	0.21	0.21	0.20	0.18	0.18	0.16	-	0.17	0.17
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	13,598	13,985	14,892	16,284	15,948	17,226	17,877	18,802	-	19,489	19,493
Invested Capital Turnover	1.48	1.56	1.53	1.49	1.48	1.33	1.31	1.25	-	1.34	1.37
Increase / (Decrease) in Invested Capital	2,466	1,814	2,147	3,681	2,350	3,241	2,985	2,518	-	2,263	1,616
Enterprise Value (EV)	11,978	11,187	14,007	14,310	15,814	13,673	13,517	13,898	-	14,587	14,442
Market Capitalization	10,431	12,605	13,446	14,348	14,008	13,000	13,109	12,699	-	13,385	13,931
Book Value per Share	$137.79	$143.91	$147.97	$168.96	$164.22	$172.69	$182.38	$196.36	-	$202.77	$209.03
Tangible Book Value per Share	$137.79	$143.91	$147.97	$168.96	$164.22	$172.69	$182.38	$196.36	-	$202.77	$209.03
Total Capital	13,598	13,985	14,892	16,284	15,948	17,226	17,877	18,802	-	19,489	19,493
Total Debt	4,427	4,427	5,067	5,067	5,042	5,734	5,734	5,734	-	6,105	5,709
Total Long-Term Debt	4,427	4,427	5,067	5,067	5,042	5,734	5,734	5,734	-	6,105	5,709
Net Debt	1,457	-1,508	471	-128	1,716	583	318	1,109	-	1,112	421
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Net Nonoperating Expense (NNE)	32	-19	-68	111	-46	-44	36	68	-	-5.25	4.60
Net Nonoperating Obligations (NNO)	4,427	4,427	5,067	5,067	5,042	5,734	5,734	5,734	-	6,105	5,709
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
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.40	$3.20	$3.07	$2.37	$2.26	$4.33	$2.72	$3.85	$7.04	$5.04	$7.07
Adjusted Weighted Average Basic Shares Outstanding	65.76M	65.79M	65.86M	65.86M	66.02M	66.09M	66.09M	65.71M	65.56M	65.51M	65.30M
Adjusted Diluted Earnings per Share	$2.38	$3.16	$3.03	$2.33	$2.21	$4.27	$2.70	$3.81	$6.91	$4.98	$7.01
Adjusted Weighted Average Diluted Shares Outstanding	65.76M	65.79M	65.86M	65.86M	66.02M	66.09M	66.09M	65.71M	65.56M	65.51M	65.30M
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	65.76M	65.79M	65.86M	65.86M	66.02M	66.09M	66.09M	65.71M	65.56M	65.51M	65.30M
Normalized Net Operating Profit after Tax (NOPAT)	220	166	130	292	83	267	208	322	-	342	449
Normalized NOPAT Margin	4.45%	2.65%	2.70%	5.25%	1.60%	5.15%	3.78%	5.27%	-	5.35%	6.86%
Pre Tax Income Margin	3.32%	4.34%	5.60%	3.84%	4.36%	7.12%	6.19%	5.24%	-	6.90%	9.26%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.86	3.65	2.49	4.68	1.81	3.91	4.54	4.13	-	4.38	6.05
NOPAT to Interest Expense	2.79	2.84	1.89	3.45	1.21	3.05	2.41	3.29	-	3.29	4.64
EBIT Less CapEx to Interest Expense	2.86	3.65	2.49	4.68	1.81	3.91	4.54	4.13	-	4.38	6.05
NOPAT Less CapEx to Interest Expense	2.79	2.84	1.89	3.45	1.21	3.05	2.41	3.29	-	3.29	4.64
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	24.09%	25.58%	25.90%	30.93%	31.63%	29.00%	30.24%	27.12%	-	19.64%	16.11%
Augmented Payout Ratio	49.06%	45.85%	40.58%	42.37%	35.36%	35.13%	36.16%	40.16%	-	38.31%	34.72%

Financials Breakdown Chart

Key Financial Trends

Reinsurance Group of America (NYSE: RGA) showed strong earnings momentum in the second quarter of 2026, although cash flow and balance-sheet leverage remain important areas for investors to monitor. Revenue increased to $6.54 billion from $5.51 billion in the restated second quarter of 2025, while net income attributable to common shareholders rose to $462 million from $180 million. Diluted earnings per share more than doubled to $7.01 from $3.03.

The longer-term trend is generally positive. Compared with the third quarter of 2022, the latest quarter reflects significant growth in assets, premiums, investment holdings and shareholders’ equity. However, the company’s results remain heavily influenced by investment gains, and operating cash flow has been negative in every recent quarter provided except the fourth quarters of 2024 and 2025.

Strong earnings recovery: Common-shareholder net income increased from $148 million in Q4 2024 and $253 million in Q3 2025 to $462 million in Q2 2026. Diluted EPS also reached a period high of $7.01.
Premium growth continues: Premiums earned rose 7.7% year over year to $4.47 billion in Q2 2026 and were approximately 34% above Q2 2023 levels.
Revenue has expanded steadily: Quarterly revenue increased from $4.00 billion in Q3 2022 to $6.54 billion in Q2 2026, supported by higher premiums, service charges and investment gains.
Investment portfolio growth: Trading account securities reached $109.6 billion in Q2 2026, up from $70.6 billion in Q2 2024 and $56.4 billion in Q2 2023. This expands the asset base and potential investment-income opportunity.
Equity has strengthened: Total equity and noncontrolling interests increased to $13.78 billion in Q2 2026 from $9.83 billion in Q2 2024 and $3.74 billion in Q3 2022.
Share count is gradually declining: Weighted average diluted shares fell to approximately 65.3 million in Q2 2026 from 66.1 million in Q2 2025 and 66.9 million in Q4 2022, providing a modest benefit to per-share results.
Capital returns remain consistent: RGA repurchased $52 million of common stock and paid $61 million in dividends during Q2 2026. The quarterly dividend per share was $0.93 in Q1 2026, up from $0.80 in 2023.

Results are partly investment-driven: Net realized and unrealized investment gains were $1.79 billion in Q2 2026, representing a substantial portion of non-interest income. Future earnings could therefore vary with market conditions and asset valuations.
Balance-sheet growth has been rapid: Total assets rose to $167.1 billion in Q2 2026 from $109.9 billion in Q2 2024. This indicates expansion, but investors should assess whether premium growth and recurring earnings are keeping pace with asset growth.

Operating cash flow remains negative: Net cash from operating activities was negative $484 million in Q2 2026 after negative $2.87 billion in Q1 2026, negative $990 million in Q3 2025 and negative $820 million in Q2 2025. This contrasts with positive operating cash flow in Q4 2025 and Q4 2024.
Cash balances have weakened from earlier highs: Cash and due from banks stood at $5.29 billion in Q2 2026, below $5.42 billion in Q2 2025 and $5.94 billion in Q1 2024, despite the company’s larger overall balance sheet.
Liabilities are growing faster than equity: Total liabilities increased 26.4% year over year to $153.3 billion in Q2 2026, compared with 13.5% growth in total equity. As a result, equity represented approximately 8.3% of total assets, down from about 9.1% in Q2 2025.
Claims are rising faster than premiums: Property and liability insurance claims increased 16.9% year over year to $5.10 billion in Q2 2026, while premiums earned grew 7.7%. This trend could pressure underwriting profitability if it persists.
Debt costs are moving higher: Long-term debt interest expense rose to $101 million in Q2 2026 from $90 million in Q2 2025 and $68 million in Q1 2024. Although long-term debt declined modestly year over year to $5.71 billion, financing costs continue to increase.
Investment cash needs remain substantial: RGA purchased $10.56 billion of investment securities in Q2 2026 while selling or receiving maturities of $8.43 billion, contributing to negative investing cash flow of $1.95 billion.

Overall, RGA’s income statement shows considerable improvement, with strong premium growth and an especially powerful rebound in net income and EPS. The primary caution is that the company is expanding its asset and liability base while generating negative operating cash flow and facing claims growth that exceeds premium growth. Investors may want to focus on the sustainability of underwriting results and recurring earnings rather than relying solely on quarterly investment gains.

09/12/26 08:42 AM ETAI Generated. May Contain Errors.

Reinsurance Group of America Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Reinsurance Group of America's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Over the last 10 years, Reinsurance Group of America's net income changed from $502.17 million in 2015 to $1.19 billion in 2025, a change of 136.8%. See where experts think Reinsurance Group of America is headed by visiting Reinsurance Group of America's forecast page.

Over the last 10 years, Reinsurance Group of America's total revenue changed from $10.28 billion in 2015 to $23.33 billion in 2025, a change of 127.1%.

Reinsurance Group of America's total liabilities were at $143.04 billion at the end of 2025, a 32.7% increase from 2024, and a 223.3% increase since 2015.

In the past 10 years, Reinsurance Group of America's cash and equivalents has ranged from $1.20 billion in 2016 to $4.17 billion in 2025, and is currently $4.17 billion as of their latest financial filing in 2025.

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Financial statements for NYSE:RGA last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Reinsurance Group of America (RGA) Financials

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