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RZB

Reinsurance Group of America, Incorporated

RZB

Reinsurance Group of America, Incorporated • NYSE
$25.06 ▼ -0.16% (-0.04)
Market Cap $12.64 B
52w High $26.00
52w Low $24.11
Dividend Yield 1.08%
P/E 4.11
Volume 2.15K
Outstanding Shares 504.45M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $5.768B ▲ $0 $253M ▲ 4.386% ▲ $-7.11 ▼ $-18M ▼
Q2-2025 $5.599B ▲ $0 $180M ▼ 3.215% ▼ $2.72 ▼ $0
Q1-2025 $5.26B ▼ $0 ▼ $286M ▲ 5.437% ▲ $4.33 ▲ $0 ▼
Q4-2024 $5.275B ▼ $5.759B ▲ $150K ▼ 0.003% ▼ $2.25 ▼ $313M ▲
Q3-2024 $5.602B $5.008B $156M 2.785% $2.36 $295M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $104.198B ▲ $152.003B ▲ $138.935B ▲ $12.978B ▲
Q2-2025 $91.459B ▲ $133.479B ▲ $121.336B ▲ $12.053B ▲
Q1-2025 $89.658B ▲ $128.21B ▲ $116.718B ▲ $11.402B ▲
Q4-2024 $80.943B ▼ $118.675B ▼ $107.769B ▼ $10.816B ▼
Q3-2024 $83.344B $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 $44M ▼ $820M ▼ $-1.177B ▲ $540M ▼ $265M ▼ $820M ▼
Q1-2025 $63M ▼ $1.429B ▼ $-1.695B ▲ $2.067B ▲ $1.825B ▲ $1.429B ▼
Q4-2024 $148M ▲ $1.6B ▼ $-4.162B ▲ $797M ▼ $-1.869B ▼ $1.6B ▼
Q3-2024 $50M $7.77B $-8.942B $2.918B $1.72B $7.77B

Revenue by Products

Product Q1-2024Q2-2024Q1-2025Q2-2025
Other Operating Segment
Other Operating Segment
 $4.22Bn ▲$2.71Bn ▼$110.00M ▼$2.32Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing a business that is expanding its reinsurance footprint. Profitability is positive and has generally improved, although earnings have been somewhat uneven year to year, which is typical for an insurance and reinsurance firm exposed to mortality and morbidity swings. Recent results suggest healthy underwriting performance and better scale, but also highlight that earnings can be volatile when claim patterns, investment markets, or large one‑off items move against the company. Overall, the income statement points to a mature, growing franchise with solid but not perfectly smooth profit trends.

Balance Sheet

Balance Sheet The balance sheet has become meaningfully larger over time, with total assets and equity both rising, reflecting growth in the in‑force book and retained earnings. Debt has increased but still appears measured relative to the size of the overall balance sheet, which is important for a risk‑bearing business. Cash levels have stayed fairly stable, suggesting the company is maintaining prudent liquidity rather than aggressively running lean. There has been some fluctuation in equity in the middle years, likely influenced by market movements and actuarial assumptions, but the direction over the period is constructive and consistent with a financially resilient reinsurer.

Cash Flow

Cash Flow Cash generation has strengthened considerably, with operating cash flow in the most recent year standing out as particularly strong. Free cash flow has been consistently positive, helped by very modest capital spending needs, which is typical for a data‑ and people‑intensive financial services firm rather than a heavy manufacturer. This cash profile gives the company flexibility to absorb shocks, support growth, and return capital when appropriate. The main caveat is that insurance cash flows can be lumpy as claim payments and premium inflows do not always line up smoothly, so investors should view any single year’s surge or dip in the context of the broader multi‑year pattern, which here looks robust.

Competitive Edge

Competitive Edge Reinsurance Group of America operates as a specialist in life and health reinsurance, which gives it a focused identity versus diversified peers that span property and casualty. Its edge rests on long experience, a very deep pool of biometric and claims data, and strong relationships with primary insurers around the world. The company combines global reach with local teams, enabling tailored solutions in each market and reinforcing customer stickiness. It also positions itself as a strategic partner, helping clients with product design, capital management, and entry into new segments, rather than only providing capacity. Key risks to its position include intense competition from other global reinsurers, potential pressure on pricing if capital remains abundant, regulatory changes, and exposure to unexpected mortality or morbidity events such as pandemics. Even so, the firm’s scale, data, and specialization create a meaningful moat that is not easily replicated.

Innovation and R&D

Innovation and R&D Innovation for this company is less about laboratory research and more about data, analytics, and digital platforms. Its automated underwriting system, AURA NEXT, and partnership with DigitalOwl show a clear push to use artificial intelligence and advanced analytics to speed up underwriting, reduce manual review of medical records, and improve risk assessment. The RGAx innovation arm invests in and partners with insurtech and fintech startups, allowing the firm to experiment with new business models, digital distribution, and emerging technologies like blockchain and generative AI without disrupting its core franchise. RGA is also active in designing new insurance and reinsurance structures, such as tailored capital solutions and pension risk transfer deals, which require ongoing product and financial engineering. The opportunity is to translate these innovations into faster, more accurate underwriting, better service for insurers, and entry into underserved markets; the main execution risk is ensuring that complex new tools and models are trusted by clients, work reliably at scale, and remain ahead of what competitors can offer.

Summary

Overall, Reinsurance Group of America looks like a growing, specialized life and health reinsurer with a solid financial footing and a clear technological and data‑driven strategy. Revenues and profits have trended upward over several years, though with the natural earnings volatility of an insurance business. The balance sheet is larger and stronger, with manageable leverage and steady liquidity, while cash flow has become a notable strength, giving the firm room to navigate shocks and fund growth. Competitively, its scale, proprietary data, global footprint, and collaborative client approach provide a durable edge, reinforced by meaningful investments in AI‑enabled underwriting and insurtech partnerships. Key watchpoints include the inherent sensitivity to mortality and morbidity outcomes, competitive pricing pressure, regulatory developments, and the need to keep turning innovation efforts into sustainable, profitable business at scale.