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Reinsurance Group of America Inc. (RGA)

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Reinsurance Group of America Inc. (RGA) reported revenue of $6.6 billion for Q2 FY2026, the quarter ended 30 June 2026, up 18.5% on the same quarter a year earlier. Net income was $462 million, up 156.7% on the year, and diluted earnings per share $7.01. The figures are the company's own, from the 10-Q it filed with the SEC on 7 August 2026.

Revenue$6.6 billionup 18.5%
Net income$462 millionup 156.7%
Diluted EPS$7.01
QuarterQ2 FY2026ended 30 June 2026

Reinsurance Group of America (RGA) in brief

Reinsurance Group of America (RGA) reported revenue of $23.7 billion for fiscal 2025, the year ended 31 December 2025, up 7.2% on the year before.
Read moreNet income was $1.2 billion and diluted earnings per share $17.69. Revenue was $22.1 billion in fiscal 2024, $18.6 billion in fiscal 2023, $16.3 billion in fiscal 2022 and $16.7 billion in fiscal 2021. Net income in the same years was $717 million, $902 million, $517 million and $1.2 billion. Over the twelve months to 30 June 2026, Reinsurance Group of America reported revenue of $26.0 billion and net income of $1.5 billion. Revenue grew 10.2% a year, compounded, over the five years to fiscal 2025. Reinsurance Group of America declared $3.64 a share in dividends over the last four quarters and had 65 million shares outstanding at the latest filed count. At the close of 8 October 2026 the market cap of Reinsurance Group of America was $16.7 billion, 11.2 times its earnings over the last twelve months.

Ratios

From the filings

ROE11.0%
ROCE9.7%
Operating margin7.2%
Net margin5.8%
FCF marginn/a
Interest cover4.74
Debt to equity0.42
Cash conversion1.98
Share count, 1 year-1.2%
Sales CAGR, 3 years13.4%
Profit CAGR, 3 years31.7%
EPS, TTM$22.77

At the close of 8 October 2026

Price$255.93
Market cap$16.7 billion
Stock P/E11.24
Price to book1.22
EV / EBITDAn/a
Dividend yield1.4%
Market cap / sales0.64
52-week high$255.93
52-week low$181.54
Price, 1 year29.8%
Price CAGR, 3 years20.7%
Price CAGR, 5 years16.4%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. Debt to equity here stands on long-term debt as Reinsurance Group of America Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
RGAgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on RGA

Filings22 in twelve months: 13 current reports (8-K), about 7 regulation fd disclosure; 7 officer or director change; 4 results of operations; 2 other events; 1 shareholder vote
Planned insider sales4 Form 144 notices in twelve months, $3.8 million; latest 12 August 2026
Options tapeput/call 1.04 by open interest at the 8 October 2026 close; the straddle prices a 2.6% move to 16 October 2026
13F holders9 of the followed funds hold it; largest FMR LLC; 5 Schedule 13D or 13G filings in twelve months
Insider trading4 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest969,568 shares short, 3.07 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 †Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025Q1 FY2026Q2 FY2026
Revenue5,1535,0076,3374,8785,6515,2415,2605,5996,2046,6356,4946,637
Operating income380164272269214225369341320510441605
Operating margin7%3%4%6%4%4%7%6%5%8%7%9%
Interest expense72.069.068.072.078.086.080.090.098.098.099.0101
Pre-tax income380164272269214225369341320510441605
Tax rate24%2%22%24%26%33%22%47%20%9%25%23%
Net income287158210203156148286180253465330462
Net margin6%3%3%4%3%3%5%3%4%7%5%7%
Diluted EPS$4.29$2.37$3.16$3.03$2.33$2.22$4.27$2.70$3.81$6.97$4.98$7.01
Operating cash flow-1,0006,862-5,736-967-1,06717,140-1,429-820-9907,330-2,873-484
Capital expenditure8.0n/an/an/an/an/an/an/a192n/a84.0n/a
Free cash flow-1,008n/an/an/an/an/an/an/a-1,182n/a-2,957n/a
Dividends paid56.056.056.056.059.058.059.059.061.061.061.061.0
Shares outstanding66m66m66m66m66m66m66m66m66m66m66m65m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read moreA quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014 †FY2015FY2016FY2017 †FY2018 †FY2019 †FY2020 †FY2021 †FY2022 †FY2023FY2024FY2025TTM
Revenue10,90410,41811,52212,51612,87614,30014,59616,65816,25818,56722,10723,69825,970
Operating income1,0097451,0441,1438461,1325531,3767491,1609801,5401,876
Operating margin9.2%7.1%9.1%9.1%6.6%7.9%3.8%8.3%4.6%6.2%4.4%6.5%7.2%
Interest expense96.7143138146147173170139191257304366396
Pre-tax income1,0097451,0441,1438461,1325531,3857181,1609801,5401,876
Income tax324243343-679130262138215197251256351361
Effective tax rate32.2%32.6%32.8%-59.4%15.4%23.1%25.0%15.5%27.4%21.6%26.1%22.8%19.2%
Net income6845027011,8227168704151,1705179027171,1821,510
Net margin6.3%4.8%6.1%14.6%5.6%6.1%2.8%7.0%3.2%4.9%3.2%5.0%5.8%
Diluted EPS$9.78$7.46$10.79$27.71$11.00$13.62$6.31$17.13$7.64$13.44$10.73$17.69$22.77
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Follow the cashA discounted cash flow: five years of free cash flow, added up in today's moneyNot for Reinsurance Group of America: an insurer's operating cash flow includes premiums it holds to pay claims later, so it is not cash the owners can take out. Book value and return on equity, in the ratios above, are the usual measures for it.

FY2014 †FY2015FY2016FY2017 †FY2018 †FY2019 †FY2020 †FY2021 †FY2022 †FY2023FY2024FY2025TTM
Operating cash flow2,3362,0891,4661,9821,5812,3073,3224,1821,3434,0449,3704,0912,983
Capital expenditure88.423.644.644.029.034.028.019.025.0n/a28.0276n/a
Free cash flow2,2482,0651,4211,9381,5522,2733,2944,1631,318n/a9,3423,815n/a
Free cash flow margin20.6%19.8%12.3%15.5%12.1%15.9%22.6%25.0%8.1%n/a42.3%16.1%n/a
Cash from investing-1,311-1,432-2,826-1,608-637-2,638-2,680-4,628-5,688-4,066-12,545-12,094-14,865
Cash from financing-256-7081,055-325-322-1211,25420.04,43678.03,6618,7989,630
Depreciation and amortisation15.331.126.952.945.049.049.043.038.041.046.043.0n/a
Share-based compensation24.416.033.122.030.039.0-12.055.045.046.060.042.058.0
Dividends paid87.393.4100117140163182194205219229240244
Dividend per share$1.26$1.40$1.56$1.82$2.20$2.60$2.80$2.86$3.06$3.30$3.48$3.64n/a
Diluted shares, weighted70m67m65m66m65m64m66m68m68m67m67m67m66m
Shares outstanding at period end69m65m64m64m63m63mn/an/an/an/an/an/a65m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 †FY2015FY2016FY2017 †FY2018 †FY2019 †FY2020 †FY2021 †FY2022 †FY2023FY2024FY2025TTM
Funded by
Shareholders' equity7,0236,1357,0939,5708,45111,60114,3528,1807,0819,08110,81613,46113,694
Non-controlling interestn/an/an/an/an/a0.00.00.090.090.090.090.090.0
Short-term borrowingsn/a0.0n/an/an/an/an/an/an/an/an/an/an/a
Debt2,2982,2983,0892,7882,7882,9813,5733,6673,9614,4275,0425,7105,709
Other liabilities35,35841,95042,91648,15753,29762,14966,73181,09473,77284,025102,727137,329147,622
Total liabilities and equity44,68050,38353,09860,51564,53576,73184,65692,94184,90497,623118,675156,590167,115
Owned
Goodwill7.07.07.07.07.07.07.07.07.0n/an/an/an/a
Securities held for sale or to maturity25,48129,64332,09438,15139,99251,12156,73560,74952,90160,46777,617101,769109,270
Cash and equivalents1,6461,5251,2011,3041,4493,4082,9482,9272,9272,9703,3264,1685,288
Other assets17,54619,20819,79721,05323,08722,19524,96629,25829,06934,18637,73250,65352,557
Total assets44,68050,38353,09860,51564,53576,73184,65692,94184,90497,623118,675156,590167,115
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded8.6%10.2%13.4%19.4%
Profit growth, compounded8.9%23.3%31.7%96.1%
Return on equity, average9.5%9.4%8.4%8.8%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Insurance

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Manulife Financial Corporation MFC *$69.9 billion19.3511.1%n/an/a0.153.4%
Metlife Inc. MET$62.8 billion18.8313.2%8.3%8.7%0.522.3%
Sun Life Financial Inc. SLF *$42.0 billion17.5714.5%n/a8.0%0.333.5%
Prudential Financial Inc. PRU$39.2 billion10.2912.4%7.6%9.4%0.624.8%
Reinsurance Group of America Inc. RGA$16.7 billion11.2411.0%7.2%19.4%0.421.4%
Corebridge Financial, Inc. CRBG$15.3 billion20.128.5%5.4%29.1%0.832.8%
Globe Life Inc. GL$15.3 billion11.0319.7%24.2%5.2%0.480.7%
Unum Group UNM$14.7 billion21.596.5%6.8%3.4%0.351.9%
Equitable Holdings, Inc. EQH$14.6 billionn/an/a-5.7%-22.1%n/a2.0%
Voya Financial, Inc. VOYA$8.8 billion16.3013.0%9.1%3.2%0.451.9%
Primerica, Inc. PRI$8.5 billion11.0731.5%29.9%8.6%0.241.5%
Brighthouse Financial, Inc. BHF$2.8 billion3.9412.7%14.7%2.6%0.48n/a
All 52 in Insurance
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Berkshire Hathaway Inc. BRK.B$1.09 trillion12.7311.5%15.0%3.9%n/an/a
UnitedHealth Group Inc. UNH$335.7 billion23.8713.5%4.8%6.5%0.672.4%
Chubb Ltd. CB$132.6 billion12.1614.8%23.1%8.0%0.231.1%
Progressive Corp. PGR$127.2 billion10.9734.1%16.2%10.5%0.246.4%
Elevance Health, Inc. ELV$86.9 billion17.8211.1%2.7%6.3%0.691.7%
Marsh & Mclennan Companies, Inc. MRSH$83.0 billion21.2325.8%21.6%8.3%1.272.0%
Travelers Companies, Inc. TRV$77.2 billion9.8725.1%21.1%2.4%0.270.8%
Cigna Group CI$74.3 billion11.6315.1%3.5%7.8%0.682.1%
Manulife Financial Corporation MFC *$69.9 billion19.3511.1%n/an/a0.153.4%
Metlife Inc. MET$62.8 billion18.8313.2%8.3%8.7%0.522.3%
Arthur J. Gallagher & Co. AJG$60.0 billion38.816.6%12.6%26.3%0.571.1%
Aon plc AON$58.8 billion15.2840.8%26.5%4.9%1.351.1%
Allstate Corp. ALL$58.6 billion4.6139.4%23.2%5.9%0.221.7%
Aflac Inc. AFL$57.7 billion12.4016.0%32.0%13.6%0.282.0%
Humana Inc. HUM$46.5 billion36.626.7%1.9%18.3%0.620.9%
Sun Life Financial Inc. SLF *$42.0 billion17.5714.5%n/a8.0%0.333.5%
American International Group, Inc. AIG$40.4 billion14.097.3%13.6%-4.2%0.222.3%
Prudential Financial Inc. PRU$39.2 billion10.2912.4%7.6%9.4%0.624.8%
Hartford Insurance Group, Inc. HIG$35.1 billion8.3722.2%17.3%7.0%0.221.7%
Arch Capital Group Ltd. ACGL$32.8 billion7.5119.5%26.9%0.4%0.185.2%
Centene Corp. CNC$31.9 billionn/a-22.6%-2.8%13.9%0.71n/a
Everest Group, Ltd. EG$27.8 billion7.8912.4%13.4%-5.1%0.032.1%
Willis Towers Watson plc WTW$27.7 billion18.3220.4%22.2%3.0%0.751.2%
W. R. Berkley Corp. WRB$26.7 billion14.7919.6%n/a4.3%n/a2.6%
Cincinnati Financial Corp. CINF$25.4 billion7.7920.0%29.8%19.6%0.052.1%
Principal Financial Group Inc. PFG$23.6 billion15.6412.8%11.9%3.7%0.362.8%
Loews Corp. L$22.0 billion13.208.8%12.3%3.5%0.470.2%
Brown & Brown, Inc. BRO$21.0 billion20.119.6%n/a34.2%0.621.0%
Reinsurance Group of America Inc. RGA$16.7 billion11.2411.0%7.2%19.4%0.421.4%
Corebridge Financial, Inc. CRBG$15.3 billion20.128.5%5.4%29.1%0.832.8%
Globe Life Inc. GL$15.3 billion11.0319.7%24.2%5.2%0.480.7%
Unum Group UNM$14.7 billion21.596.5%6.8%3.4%0.351.9%
Equitable Holdings, Inc. EQH$14.6 billionn/an/a-5.7%-22.1%n/a2.0%
Renaissancere Holdings Ltd. RNR$13.9 billion5.6522.3%39.6%-14.0%0.200.5%
Assurant, Inc. AIZ$13.5 billion13.0317.4%9.9%9.4%0.351.2%
Erie Indemnity Co. ERIE$11.8 billion20.5223.4%17.9%3.7%0.00n/a
American Financial Group Inc. AFG$11.8 billion12.4119.8%14.5%-0.2%0.385.1%
Fidelity National Financial, Inc. FNF$10.7 billion13.8610.4%11.3%13.0%0.595.1%
Molina Healthcare, Inc. MOH$10.2 billionn/a-0.2%0.5%2.6%0.90n/a
OLD Republic International Corp. ORI$9.3 billion8.4518.7%14.8%12.1%n/a9.5%
Voya Financial, Inc. VOYA$8.8 billion16.3013.0%9.1%3.2%0.451.9%
Primerica, Inc. PRI$8.5 billion11.0731.5%29.9%8.6%0.241.5%
Kinsale Capital Group, Inc. KNSL$7.7 billion13.7627.9%35.7%15.8%0.110.2%
Hanover Insurance Group, Inc. THG$7.7 billion10.5920.6%15.4%5.6%0.23n/a
First American Financial Corp. FAF$6.4 billion8.7013.3%12.3%22.6%n/a3.5%
Mgic Investment Corp. MTG$5.8 billion8.7114.1%74.0%-1.9%0.132.2%
Essent Group Ltd. ESNT$5.7 billion8.8712.0%62.0%4.3%0.082.1%
RLI Corp. RLI$5.2 billion11.8325.0%28.0%8.7%0.174.7%
Selective Insurance Group Inc. SIGI$5.1 billion10.5613.6%11.5%7.0%0.251.8%
CNO Financial Group, Inc. CNO$5.0 billion18.4010.8%13.3%6.0%0.521.3%
Brighthouse Financial, Inc. BHF$2.8 billion3.9412.7%14.7%2.6%0.48n/a
Ryan Specialty Holdings, Inc. RYANn/an/a19.4%14.8%14.4%7.13n/a
9 companies share its SEC industry code (Life Insurance); the rest are the names nearest in size in its wider industry, Insurance, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20267 August 2026EDGAR
10-Q31 March 20268 May 2026EDGAR
10-K31 December 202520 February 2026EDGAR
10-Q30 September 202531 October 2025EDGAR
10-Q30 June 20251 August 2025EDGAR
10-Q31 March 20252 May 2025EDGAR
10-K31 December 202421 February 2025EDGAR
10-Q30 September 20241 November 2024EDGAR
10-Q30 June 20242 August 2024EDGAR
10-Q31 March 20243 May 2024EDGAR

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