REINSURANCE GROUP OF AMERICA INC RGA

Financials SIC 6311 - Life Insurance NAICS Finance and Insurance › Insurance Carriers and Related Activities › Insurance Carriers › Direct Life, Health, and Medical Insurance Carriers › Direct Life Insurance Carriers derived NYSE

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:

Last close 263.94 2026-10-23
Market cap $17.24B 2026-06-30 share count
52-week range 178.21 - 272.44

Valuation FY2025 figures against the last close

P/S0.7x
P/E14.9x
P/FCF4.2x
EV/EBITDA—
Dividend yield1.4%
Diluted EPS17.69

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 17.9410.9013.607.7317.266.3513.8811.2528.2810.91
EPS, diluted 17.6910.7313.447.6417.136.3113.6211.0027.7110.79
Shares, diluted (wtd. avg.) 66.8M66.9M67.1M67.7M68.3M65.8M63.9M65.1M65.8M65.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 10B 20B 30B Revenue, FY2016: 11.5B Net income, FY2016: 701.4M Revenue, FY2017: 12.5B Net income, FY2017: 1.8B Revenue, FY2018: 12.9B Net income, FY2018: 716M Revenue, FY2019: 14.3B Net income, FY2019: 870M Revenue, FY2020: 14.6B Net income, FY2020: 415M Revenue, FY2021: 16.7B Net income, FY2021: 617M Revenue, FY2022: 16.2B Net income, FY2022: 623M Revenue, FY2023: 18.6B Net income, FY2023: 902M Revenue, FY2024: 22.1B Net income, FY2024: 717M Revenue, FY2025: 23.7B Net income, FY2025: 1.2B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $11.52B $12.52B $12.88B $14.30B $14.60B $16.67B $16.23B $18.57B $22.11B $23.70B
Gross profit — — — — — — — — — —
Net income $701.4M $1.82B $716.0M $870.0M $415.0M $617.0M $623.0M $902.0M $717.0M $1.18B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Officer or director change Item 5.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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