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Reinsurance Group of America (RGA) Financials

Reinsurance Group of America logo
$243.17 +0.62 (+0.26%)
As of 08/21/2026 03:58 PM Eastern
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Annual Income Statements for Reinsurance Group of America

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

Quarterly Income Statements for Reinsurance Group of America

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

Annual Cash Flow Statements for Reinsurance Group of America

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

Quarterly Cash Flow Statements for Reinsurance Group of America

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

Annual Balance Sheets for Reinsurance Group of America

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

Quarterly Balance Sheets for Reinsurance Group of America

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

Annual Metrics And Ratios for Reinsurance Group of America

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		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Reinsurance Group of America

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 a solid top-line and earnings rebound in Q1 2026, but cash flow was notably weak. Revenue rose to $6.40 billion, up from $5.18 billion in Q1 2025, and diluted EPS improved to $4.98 from $4.27 a year ago. However, operating cash flow was negative $2.87 billion in the quarter, and net cash and equivalents declined by $2.05 billion, which is a meaningful short-term concern for investors.

  • Revenue growth accelerated year over year: Q1 2026 total revenue reached $6.40 billion versus $5.18 billion in Q1 2025, showing stronger business volume.
  • Profits improved meaningfully: Net income attributable to common shareholders was $330 million, up from $286 million in Q1 2025.
  • EPS trended higher: Basic EPS increased to $5.04 from $4.33, while diluted EPS rose to $4.98 from $4.27.
  • Premiums earned increased: Premium revenue rose to $4.60 billion from $4.02 billion a year earlier, indicating healthy underlying insurance activity.
  • Balance sheet equity expanded: Total common equity climbed to $13.29 billion from $11.40 billion at Q1 2025.
  • Book value components strengthened: Retained earnings increased to $10.38 billion from $9.44 billion, helping support capital generation.
  • Investment gains remain a major earnings driver: Q1 2026 included $1.53 billion in realized and unrealized capital gains, which boosted profitability but can be volatile quarter to quarter.
  • Debt remained manageable relative to assets: Long-term debt was $6.11 billion against $164.06 billion in total assets, though debt increased from $5.73 billion in Q3/Q4 2025.
  • Dividend appears sustainable for now: Cash dividends to common were $0.93 per share, in line with recent quarters.
  • Operating cash flow was deeply negative: Net cash from operating activities was negative $2.87 billion in Q1 2026, a sharp deterioration from positive $7.33 billion in Q4 2025.
  • Net cash declined significantly: Cash and equivalents fell by $2.05 billion in the quarter, from $4.99 billion to $2.95 billion.
  • Investing cash outflows were large: RGA purchased $14.63 billion of investment securities while selling/maturing $10.85 billion, producing net investing outflow of $3.70 billion.
  • Quarterly profitability remains below late-2025 levels: Q1 2026 net income of $330 million was lower than Q4 2025’s $463 million, suggesting earnings can swing materially.

Longer-term trend: Over the last four years, RGA has generally grown assets, equity, and premiums, but its results remain highly influenced by investment gains and large balance-sheet movements typical of a reinsurer. The most important takeaway from this quarter is that earnings improved year over year, but cash generation weakened sharply, so investors should watch whether operating cash flow normalizes in coming quarters.

08/23/26 04:54 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 financial year ends in December. Their financial 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%. View Reinsurance Group of America's forecast to see where analysts expect Reinsurance Group of America to go next.

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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