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RGA

Reinsurance Group of America, Incorporated

RGA

Reinsurance Group of America, Incorporated • NYSE
$189.87 ▼ -0.47% (-0.89)
Market Cap $12.49 B
52w High $232.97
52w Low $159.25
Dividend Yield 3.64%
P/E 14.62
Volume 161.17K
Outstanding Shares 65.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $6.229B ▲ $451M ▲ $253M ▲ 4.062% ▲ $-7.1 ▼ $418M ▼
Q2-2025 $5.556B ▲ $372M ▼ $180M ▼ 3.24% ▼ $2.72 ▼ $431M ▼
Q1-2025 $5.289B ▲ $409M ▼ $286M ▲ 5.407% ▲ $4.33 ▲ $449M ▲
Q4-2024 $5.196B ▼ $426M ▲ $148M ▼ 2.848% ▲ $2.26 ▼ $311M ▲
Q3-2024 $5.609B $335M $156M 2.781% $2.37 $292M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $17.573B ▲ $152.003B ▲ $138.935B ▲ $12.978B ▲
Q2-2025 $17.487B ▲ $133.479B ▲ $121.336B ▲ $12.053B ▲
Q1-2025 $7.913B ▲ $128.21B ▲ $116.718B ▲ $11.402B ▲
Q4-2024 $5.505B ▼ $118.675B ▼ $107.769B ▼ $10.816B ▼
Q3-2024 $7.549B $120.258B $109.041B $11.127B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-148M ▼ $990M ▲ $-5.952B ▼ $4.206B ▲ $-791M ▼ $990M ▲
Q2-2025 $0 ▼ $820M ▼ $-1.177B ▲ $540M ▼ $265M ▼ $820M ▼
Q1-2025 $286M ▲ $1.429B ▼ $-1.695B ▲ $2.067B ▲ $1.825B ▲ $1.429B ▼
Q4-2024 $148M ▼ $1.6B ▲ $-4.162B ▼ $797M ▲ $-1.869B ▼ $1.6B ▲
Q3-2024 $156M $1.067B $-1.207B $639M $599M $1.067B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Other Operating Segment
Other Operating Segment
 $1.15Bn ▲$2.19Bn ▲$2.32Bn ▲$2.19Bn ▼

Five-Year Company Overview

Income Statement

Income Statement RGA’s income statement shows a business that has grown meaningfully over the last five years, with revenue rising steadily and operating profits generally trending upward. Profitability improved compared with the early years in the period, indicating better scale and risk management. However, the most recent year shows a slight step back in bottom-line profit per share compared with the prior year, even though revenue continued to grow. That suggests some pressure from claims, pricing, or mix of business, rather than a structural demand problem. Overall, this looks like a mature, expanding reinsurance franchise with some normal volatility in yearly profit, which is to be expected in this industry.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, with total assets rising over the period, reflecting growth in the underlying reinsurance book and invested assets. Cash levels have stayed fairly steady, suggesting consistent liquidity rather than large swings. Debt has increased but not explosively, and shareholder equity has recovered from earlier dips and is now higher than it was at the start of the period. This points to a company that is using leverage in a controlled way, rebuilding capital, and maintaining a solid base to support long-term insurance obligations.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has improved markedly in the most recent years compared with earlier in the period, and because capital spending is minimal for this kind of business, most of that operating cash effectively flows through as free cash flow. This pattern indicates that the accounting profits are supported by real cash coming in the door, giving RGA flexibility to strengthen its balance sheet, absorb volatility, and fund growth or capital returns when appropriate.

Competitive Edge

Competitive Edge RGA occupies a strong niche as a specialist in life and health reinsurance, with deep technical expertise and long-standing relationships with primary insurers around the world. Its edge comes from decades of mortality and morbidity data, strong underwriting capabilities, and a reputation for being a collaborative partner instead of just a capital provider. Industry surveys repeatedly rank RGA near the top for capability and service, and its financial strength is a key selling point in a business built on long-term promises. These factors together form a meaningful competitive moat that is not easy for new entrants to replicate.

Innovation and R&D

Innovation and R&D RGA stands out in an otherwise traditional industry by leaning heavily into technology and data. Its digital underwriting platform, partnerships that use artificial intelligence to interpret medical records, and its RGAx innovation arm all show a commitment to modernizing how life and health risk is assessed and sold. The company is also pushing into new product areas such as longevity solutions, capital-efficient structures, and emerging niches like fertility-related coverage. This forward-looking, experiment-friendly approach positions RGA to benefit as insurance distribution becomes more digital and as new types of protection needs emerge globally.

Summary

Overall, RGA looks like a scaled, cash-generative life and health reinsurer with a solid financial foundation and a clear specialty focus. Revenue and operating profits have grown over time, even though yearly earnings can move around due to the nature of the business. The balance sheet appears robust enough to support its obligations, and cash flow has strengthened meaningfully, which adds resilience. Competitively, RGA benefits from deep expertise, rich data, and strong client relationships, while its investments in digital underwriting, AI, and new product concepts suggest it is not standing still. The main ongoing watch points are the usual reinsurance risks: managing mortality and morbidity shocks, pricing adequately for long-duration risks, and continuing to deploy capital prudently as the company expands, especially in faster-growing regions like Asia-Pacific.

NEWS

November 11, 2025 · 9:00 AM UTC

New Research from RGA: GLP-1s Expected to Reduce US Mortality by 3.5% Over the Next 20 Years

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November 4, 2025 · 4:15 PM UTC

RGA Announces Opening of First New York City Office at Park Avenue Tower

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October 30, 2025 · 4:15 PM UTC

Reinsurance Group of America Reports Third Quarter Results

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October 15, 2025 · 9:11 AM UTC

FoxPath Capital Partners Announces Strategic Partnership with Reinsurance Group of America

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October 15, 2025 · 9:00 AM UTC

Reinsurance Group of America Announces Investment in FoxPath Capital Partners

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