REINSURANCE GROUP OF AMERICA INC RGA
Reinsurance Group of America, Incorporated ("RGA") is an insurance holding company that was formed on December 31, 1992. The consolidated financial statements herein include the assets, liabilities, and results of operations of RGA and its subsidiaries, all of which are wholly owned. The terms "Company", "we", "us" and "our" in this Annual Report on Form 10-K refer to RGA and its subsidiaries.
The Company is a leading global provider of traditional life and health, and asset-intensive reinsurance, with operations in the U.S., Latin America, Canada, Europe, the Middle East, Africa, Asia and Australia. Reinsurance is an arrangement under which an insurance company, the "reinsurer," agrees to indemnify another insurance company, the "ceding company," for all or a portion of the insurance and/or investment risks underwritten by the ceding company. Reinsurance is designed to:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.70B | $22.11B | $18.57B | $16.23B | $16.67B | $14.60B | $14.30B | $12.88B | $12.52B | $11.52B |
| Interest expense | $366.0M | $304.0M | $257.0M | $191.0M | $139.0M | $170.0M | $173.0M | $147.0M | $146.0M | $137.6M |
| Pre-tax income | $1.54B | $980.0M | $1.16B | $718.0M | $1.39B | $553.0M | $1.13B | $846.0M | $1.14B | $1.04B |
| Income tax | $351.0M | $256.0M | $251.0M | $197.0M | $215.0M | $138.0M | $262.0M | $130.0M | $679.0M | $342.5M |
| Net income | $1.18B | $717.0M | $902.0M | $623.0M | $617.0M | $415.0M | $870.0M | $716.0M | $1.82B | $701.4M |
| EPS, basic | 17.94 | 10.90 | 13.60 | 7.73 | 17.26 | 6.35 | 13.88 | 11.25 | 28.28 | 10.91 |
| EPS, diluted | 17.69 | 10.73 | 13.44 | 7.64 | 17.13 | 6.31 | 13.62 | 11.00 | 27.71 | 10.79 |
| Shares, diluted (wtd. avg.) | $66.8M | $66.9M | $67.1M | $67.7M | $68.3M | $65.8M | $63.9M | $65.1M | $65.8M | $65.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.17B | $3.33B | $2.97B | $2.93B | $2.93B | $2.95B | $3.41B | $1.45B | $1.30B | $1.20B |
| Goodwill | — | — | — | $7.0M | $7.0M | $7.0M | $7.0M | $7.0M | $7.0M | $7.0M |
| Total assets | $156.59B | $118.67B | $97.62B | $84.90B | $92.94B | $84.66B | $76.73B | $64.53B | $60.51B | $53.10B |
| Long-term debt | $5.71B | $5.04B | $4.43B | $3.96B | $3.67B | $3.57B | $2.98B | $2.79B | $2.79B | $3.09B |
| Total liabilities | $143.04B | $107.77B | $88.45B | $77.73B | $79.16B | $70.30B | $65.13B | $56.09B | $50.95B | $46.00B |
| Retained earnings | $10.15B | $9.26B | $8.80B | $8.17B | $8.56B | $8.15B | $7.95B | $7.29B | $6.74B | $5.20B |
| Total equity | $13.46B | $10.82B | $9.08B | $7.08B | $8.18B | $14.35B | $11.60B | $8.45B | $9.57B | $7.09B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.09B | $9.37B | $4.04B | $1.34B | $4.18B | $3.32B | $2.31B | $1.58B | $1.98B | $1.47B |
| Depreciation and amortisation | $43.0M | $46.0M | $41.0M | $38.0M | $43.0M | $49.0M | $49.0M | $45.0M | $53.0M | $26.9M |
| Capital expenditure | — | — | — | $25.0M | $19.0M | $28.0M | $34.0M | $29.0M | $44.0M | $44.6M |
| Investing cash flow | -$12.09B | -$12.54B | -$4.07B | -$5.69B | -$4.63B | -$2.68B | -$2.64B | -$637.0M | -$1.61B | -$2.83B |
| Financing cash flow | $8.80B | $3.66B | $78.0M | $4.44B | $20.0M | $1.25B | -$121.0M | -$322.0M | -$324.0M | $1.06B |
| Dividends paid | $240.0M | $229.0M | $219.0M | $205.0M | $194.0M | $182.0M | $163.0M | $140.0M | $117.0M | $100.4M |
| Buybacks | $125.0M | $0 | $200.0M | $81.0M | $99.0M | $163.0M | $101.0M | $300.0M | $43.0M | $122.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000898174-26-000017.
Others in SIC 6311
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MET | METLIFE INC | $62.04B | 20.7x | 8.5% |
| PRU | PRUDENTIAL FINANCIAL INC | $42.10B | 12.2x | -13.7% |
| CRBG | Corebridge Financial, Inc. | $15.37B | — | -1.2% |
| GL | GLOBE LIFE INC. | $13.39B | 12.4x | 3.7% |
| JXN | Jackson Financial Inc. | $9.52B | — | 104.3% |
| VOYA | Voya Financial, Inc. | $9.43B | 16.5x | 4.9% |
| PRI | Primerica, Inc. | $9.10B | 12.9x | 6.6% |
| LNC | LINCOLN NATIONAL CORP | $8.71B | 7.8x | -1.2% |