NYSE : RGA
Reinsurance Group of America, Incorporated — Financial statements
Financials · Insurance - Reinsurance · United States
Last price 263.45 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 17.20B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 18.13B | 17.23B | 17.84B | 15.09B | 13.08B | 12.51B |
| Total Interest & Dividend Income | 6.42B | 5.61B | 4.32B | 3.41B | 2.83B | 2.72B |
| Gain (Loss) on Sale of Investments | -368.00M | -245.00M | -745.00M | -481.00M | -539.00M | 567.00M |
| Other Revenue | 1.79B | 1.10B | 689.00M | 553.00M | 858.00M | 868.00M |
| Total Revenue | 25.97B | 23.70B | 22.11B | 18.57B | 16.23B | 16.67B |
| Policy Benefits | 20.32B | 18.64B | 17.91B | 14.66B | 12.96B | 12.88B |
| Policy Acquisition & Underwriting Costs | 1.99B | 1.82B | 1.64B | 1.40B | 1.34B | 1.32B |
| Other Operating Expenses | 1.34B | 1.29B | 1.21B | 1.04B | 964.00M | 881.00M |
| Total Operating Expenses | 23.70B | 21.79B | 20.82B | 17.15B | 15.32B | 15.14B |
| Operating Income | 2.27B | 1.91B | 1.28B | 1.42B | 909.00M | 1.52B |
| Interest Expense | -396.00M | -366.00M | -304.00M | -257.00M | -191.00M | -139.00M |
| Pretax Income | 1.88B | 1.54B | 980.00M | 1.16B | 718.00M | 1.39B |
| Income Tax Expense | 361.00M | 351.00M | 256.00M | 251.00M | 197.00M | 215.00M |
| Earnings From Continuing Ops. | 1.51B | 1.19B | 724.00M | 909.00M | 521.00M | 1.17B |
| Minority Interest in Earnings | -7.00M | -7.00M | -7.00M | -7.00M | -4.00M | |
| Net Income | 1.51B | 1.18B | 717.00M | 902.00M | 517.00M | 1.17B |
| Net Income to Common | 1.51B | 1.18B | 717.00M | 902.00M | 517.00M | 1.17B |
| Shares Outstanding (Basic) | 65.40M | 65.90M | 65.80M | 66.30M | 66.90M | 67.80M |
| Shares Outstanding (Diluted) | 66.30M | 66.80M | 66.90M | 67.10M | 67.70M | 68.30M |
| EPS (Basic) | 23.06 | 17.94 | 10.90 | 13.60 | 7.73 | 17.26 |
| EPS (Diluted) | 22.72 | 17.69 | 10.73 | 13.44 | 7.64 | 17.13 |
| Free Cash Flow | 5.20B | 4.09B | 9.37B | 4.04B | 1.34B | 4.18B |
| Free Cash Flow Per Share | 78.42 | 61.24 | 140.06 | 60.27 | 19.84 | 61.23 |
| Dividend Per Share | 3.72 | 3.64 | 3.48 | 3.30 | 3.06 | 2.86 |
| Operating Margin | 8.75% | 8.04% | 5.81% | 7.63% | 5.60% | 9.14% |
| Profit Margin | 5.81% | 4.99% | 3.24% | 4.86% | 3.19% | 7.02% |
| Free Cash Flow Margin | 20.02% | 17.26% | 42.38% | 21.78% | 8.28% | 25.09% |
| EBITDA | 2.31B | 1.95B | 1.33B | 1.46B | 947.00M | 1.57B |
| EBITDA Margin | 8.91% | 8.22% | 6.02% | 7.85% | 5.84% | 9.40% |
| D&A For EBITDA | 41.50M | 43.00M | 46.00M | 41.00M | 38.00M | 43.00M |
| EBIT | 2.27B | 1.91B | 1.28B | 1.42B | 909.00M | 1.52B |
| EBIT Margin | 8.75% | 8.04% | 5.81% | 7.63% | 5.60% | 9.14% |
| Effective Tax Rate | 19.24% | 22.79% | 26.12% | 21.64% | 27.44% | 15.52% |
| Revenue as Reported | 25.97B | 23.70B | 22.11B | 18.57B | 16.23B | 16.67B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 107.65B | 100.24B | 76.57B | 59.95B | 52.61B | 60.65B |
| Investments in Equity & Preferred Securities | 4.41B | 4.06B | 3.22B | 2.77B | 2.46B | 2.15B |
| Policy Loans | 3.63B | 3.54B | 1.32B | 1.21B | 1.23B | 1.23B |
| Other Investments | 437.00M | 410.00M | 429.00M | 289.00M | 256.00M | 228.00M |
| Total Investments | 129.31B | 120.55B | 91.37B | 72.54B | 64.02B | 71.30B |
| Cash & Equivalents | 5.29B | 4.17B | 3.33B | 2.97B | 2.93B | 2.95B |
| Reinsurance Recoverable | 6.70B | 7.17B | 5.53B | 5.45B | 2.67B | 2.58B |
| Other Receivables | 6.12B | 5.77B | 4.88B | 4.29B | 3.64B | 3.42B |
| Deferred Policy Acquisition Cost | 6.38B | 6.08B | 5.54B | 4.62B | 4.13B | 3.69B |
| Property, Plant & Equipment | 350.00M | 325.00M | 279.00M | 139.00M | ||
| Goodwill | 7.00M | |||||
| Other Intangible Assets | 136.00M | 133.00M | 148.00M | 152.00M | 167.00M | |
| Other Current Assets | 211.00M | 185.00M | 121.00M | 97.00M | 170.00M | 175.00M |
| Long-Term Deferred Tax Assets | 50.00M | 78.00M | 112.00M | 116.00M | 41.00M | |
| Other Long-Term Assets | 13.10B | 12.12B | 7.37B | 7.12B | 7.08B | 7.71B |
| Total Assets | 167.12B | 156.59B | 118.67B | 97.62B | 84.90B | 92.17B |
| Insurance & Annuity Liabilities | 127.91B | 117.25B | 87.12B | 70.60B | 65.50B | 61.30B |
| Unpaid Claims | 3.02B | 3.01B | 2.69B | 2.73B | 2.48B | 6.99B |
| Unearned Premiums | 778.00M | 802.00M | 907.00M | 488.00M | ||
| Reinsurance Payable | 1.65B | 1.89B | 1.32B | 1.10B | 725.00M | 613.00M |
| Current Portion of Long-Term Debt | 404.00M | 400.00M | ||||
| Current Portion of Leases | 41.00M | |||||
| Current Income Taxes Payable | 3.21B | 28.00M | ||||
| Long-Term Debt | 5.71B | 5.31B | 5.04B | 4.43B | 3.56B | 3.85B |
| Long-Term Leases | 68.00M | |||||
| Long-Term Deferred Tax Liabilities | 2.97B | 2.20B | 1.86B | 1.38B | 2.89B | |
| Other Current Liabilities | 7.39B | 7.82B | 5.78B | 4.89B | 1.82B | 833.00M |
| Other Long-Term Liabilities | 3.68B | 3.19B | 2.45B | 2.05B | 1.73B | 2.35B |
| Total Liabilities | 153.33B | 143.04B | 107.77B | 88.45B | 77.73B | 79.16B |
| Common Stock | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
| Additional Paid-In Capital | 2.68B | 2.64B | 2.60B | 2.54B | 2.50B | 2.46B |
| Retained Earnings | 10.77B | 10.15B | 9.26B | 8.80B | 8.17B | 8.56B |
| Treasury Stock | -2.11B | -2.01B | -1.89B | -1.90B | -1.72B | -1.65B |
| Comprehensive Income & Other | 2.35B | 2.68B | 849.00M | -369.00M | -1.87B | 3.64B |
| Total Common Equity | 13.69B | 13.46B | 10.82B | 9.08B | 7.08B | 13.01B |
| Minority Interest | 90.00M | 90.00M | 90.00M | 90.00M | 90.00M | |
| Shareholders' Equity | 13.78B | 13.55B | 10.91B | 9.17B | 7.17B | 13.01B |
| Total Liabilities & Equity | 167.12B | 156.59B | 118.67B | 97.62B | 84.90B | 92.17B |
| Filing Date Shares Outstanding | 65.30M | 65.56M | 66.02M | 65.76M | 66.86M | 67.19M |
| Total Common Shares Outstanding | 65.29M | 65.46M | 65.87M | 65.62M | 66.68M | 67.17M |
| Total Debt | 5.71B | 5.82B | 5.04B | 4.43B | 3.96B | 3.85B |
| Net Cash (Debt) | -421.00M | -1.65B | -1.72B | -1.46B | -1.03B | -899.00M |
| Net Cash Per Share | -6.35 | -24.72 | -25.65 | -21.71 | -15.27 | -13.16 |
| Book Value Per Share | 209.73 | 205.63 | 164.20 | 138.39 | 106.20 | 193.75 |
| Tangible Book Value | 13.69B | 13.32B | 10.68B | 8.93B | 6.93B | 12.84B |
| Tangible Book Value Per Share | 209.73 | 203.55 | 162.18 | 136.13 | 103.92 | 191.15 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.51B | 1.18B | 717.00M | 902.00M | 517.00M | 1.17B |
| Depreciation & Amortization | 43.00M | 43.00M | 46.00M | 41.00M | 38.00M | 43.00M |
| Other Amortization | 481.00M | 481.00M | 391.00M | 348.00M | 337.00M | 287.00M |
| Gain (Loss) on Sale of Assets | -2.00M | -11.00M | ||||
| Gain (Loss) on Sale of Investments | -26.00M | -26.00M | 531.00M | 354.00M | 468.00M | -621.00M |
| Change in Accounts Receivable | -422.00M | -422.00M | -397.00M | -537.00M | -249.00M | -117.00M |
| Reinsurance Recoverable | 67.00M | 67.00M | 231.00M | -209.00M | 61.00M | 131.00M |
| Change in Income Taxes | 351.00M | 351.00M | -61.00M | 211.00M | ||
| Change in Deferred Taxes | 67.00M | 53.00M | ||||
| Change in Insurance Reserves / Liabilities | 4.36B | 4.36B | 8.73B | 4.07B | 1.09B | 4.23B |
| Change in Other Net Operating Assets | -739.00M | -739.00M | 2.00M | 18.00M | 81.00M | -71.00M |
| Other Operating Activities | 215.00M | -567.00M | -407.00M | -483.00M | -427.00M | -332.00M |
| Operating Cash Flow | 5.20B | 4.09B | 9.37B | 4.04B | 1.34B | 4.18B |
| Cash Acquisitions | -156.00M | |||||
| Investment in Securities | -12.69B | -9.51B | -11.54B | -3.52B | -5.29B | -4.27B |
| Other Investing Activities | -231.00M | -337.00M | 260.00M | 303.00M | -59.00M | -61.00M |
| Investing Cash Flow | -14.87B | -12.09B | -12.54B | -4.07B | -5.69B | -4.63B |
| Long-Term Debt Issued | 691.00M | 640.00M | 890.00M | 690.00M | 494.00M | |
| Total Debt Repaid | -429.00M | -29.00M | -28.00M | -428.00M | -584.00M | -611.00M |
| Net Debt Issued (Repaid) | -34.00M | 662.00M | 612.00M | 462.00M | 106.00M | -117.00M |
| Issuance of Common Stock | 9.00M | 4.00M | ||||
| Repurchases of Common Stock | -282.00M | -174.00M | -27.00M | -227.00M | -81.00M | -99.00M |
| Common Dividends Paid | -244.00M | -240.00M | -229.00M | -219.00M | -205.00M | -194.00M |
| Other Financing Activities | 623.00M | 911.00M | 187.00M | 603.00M | 320.00M | 31.00M |
| Financing Cash Flow | 9.63B | 8.80B | 3.66B | 78.00M | 4.44B | 20.00M |
| Foreign Exchange Rate Adjustments | -92.00M | 47.00M | -130.00M | -13.00M | -112.00M | -34.00M |
| Net Cash Flow | -128.00M | 842.00M | 356.00M | 43.00M | -21.00M | -460.00M |
| Free Cash Flow | 5.20B | 4.09B | 9.37B | 4.04B | 1.34B | 4.18B |
| Free Cash Flow Margin | 20.02% | 17.26% | 42.38% | 21.78% | 8.28% | 25.09% |
| Free Cash Flow Per Share | 78.42 | 61.24 | 140.06 | 60.27 | 19.84 | 61.23 |
| Levered Free Cash Flow | 9.84B | 1.80B | 1.75B | 1.93B | -2.92B | 162.62M |
| Unlevered Free Cash Flow | 10.08B | 2.03B | 1.94B | 2.09B | -2.80B | 249.50M |
| Cash Interest Paid | 279.00M | 255.00M | 213.00M | 217.00M | 163.00M | 160.00M |
| Cash Income Tax Paid | 262.00M | 252.00M | 78.00M | 298.00M | 129.00M | 368.00M |
| Change in Working Capital | 3.17B | 3.17B | 8.19B | 3.06B | 743.00M | 4.07B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 17.29B | 13.37B | 14.07B | 10.66B | 9.50B | 7.40B |
| Enterprise Value | 17.71B | 14.57B | 14.03B | 12.38B | 10.28B | 7.86B |
| PE Ratio | 11.65 | 11.31 | 19.62 | 11.82 | 18.37 | 6.33 |
| PS Ratio | 0.67 | 0.56 | 0.64 | 0.57 | 0.58 | 0.44 |
| PB Ratio | 1.26 | 0.99 | 1.29 | 1.16 | 1.32 | 0.57 |
| P/FCF Ratio | 3.33 | 3.27 | 1.50 | 2.64 | 7.07 | 1.77 |
| P/OCF Ratio | 3.33 | 3.27 | 1.50 | 2.64 | 7.07 | 1.77 |
| EV/Sales Ratio | 0.68 | 0.61 | 0.64 | 0.67 | 0.63 | 0.47 |
| EV/EBITDA Ratio | 7.65 | 7.47 | 10.55 | 8.49 | 10.86 | 5.02 |
| EV/EBIT Ratio | 7.79 | 7.64 | 10.93 | 8.74 | 11.31 | 5.16 |
| EV/FCF Ratio | 3.41 | 3.56 | 1.50 | 3.06 | 7.66 | 1.88 |
| Debt / Equity Ratio | 0.41 | 0.43 | 0.46 | 0.48 | 0.55 | 0.30 |
| Debt / EBITDA Ratio | 2.47 | 2.99 | 3.79 | 3.04 | 4.18 | 2.46 |
| Debt / FCF Ratio | 1.10 | 1.42 | 0.54 | 1.09 | 2.95 | 0.92 |
| Net Debt / Equity Ratio | 0.03 | 0.12 | 0.16 | 0.16 | 0.14 | 0.07 |
| Net Debt / EBITDA Ratio | 0.18 | 0.85 | 1.29 | 1.00 | 1.09 | 0.57 |
| Net Debt / FCF Ratio | 0.08 | 0.40 | 0.18 | 0.36 | 0.77 | 0.21 |
| Quick Ratio | 0.65 | 0.64 | 0.71 | 0.73 | 1.12 | 0.70 |
| Current Ratio | 1.17 | 1.26 | 1.33 | 1.41 | 1.76 | 1.09 |
| Asset Turnover | 0.17 | 0.17 | 0.20 | 0.20 | 0.18 | 0.19 |
| Return on Equity (ROE) | 11.69% | 9.72% | 7.21% | 11.12% | 5.16% | 8.55% |
| Return on Assets (ROA) | 0.95% | 0.87% | 0.74% | 0.97% | 0.64% | 1.08% |
| Return on Invested Capital (ROIC) | 9.41% | 8.33% | 6.42% | 8.98% | 4.71% | 7.32% |
| Earnings Yield | 8.58% | 8.84% | 5.10% | 8.46% | 5.44% | 15.81% |
| FCF Yield | 30.07% | 30.60% | 66.59% | 37.93% | 14.14% | 56.50% |
| Dividend Yield | 1.48% | 1.78% | 1.63% | 2.03% | 2.15% | 2.60% |
| Payout Ratio | 17.26% | 20.30% | 31.94% | 24.28% | 39.65% | 16.58% |
| Buyback Yield / Dilution | 0.90% | 0.15% | 0.30% | 0.89% | 0.88% | -3.80% |
| Total Shareholder Return | 2.38% | 1.93% | 1.93% | 2.92% | 3.03% | -1.20% |