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Reinsurance Group of America (RGA) FY2025 results: revenue $23.7 billion, up 7.2% on the year

Reinsurance Group of America Inc. (RGA) reported revenue of $23.7 billion for fiscal 2025, the year ended 31 December 2025, up 7.2% on the year before. Net income was $1.2 billion, up 64.9%, and diluted earnings per share $17.69. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue
$23.7 billion
+7.2% on the year
FY2018FY2025
Operating margin
6.5%
4.4% a year earlier
FY2018FY2025
Net income
$1.2 billion
+64.9% on the year
FY2018FY2025
Diluted EPS
$17.69
+64.9% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 new, 3 kept.

  • Fourth quarter net income rose: Net income available to RGA shareholders was $463 million, or $6.97 per diluted share, against $148 million, or $2.22, in the prior-year quarter.
  • Quarter adjusted operating income rose: Adjusted operating income was $515 million, or $7.75 per diluted share, against $334 million, or $4.99, a year earlier.
  • U.S. and Latin America traditional income higher: Adjusted operating income before taxes was $222 million in the quarter, against $151 million. The year was $502 million, against $525 million, or $463 million against $578 million excluding notable items.
  • EMEA full-year loss from assumption review: EMEA Traditional adjusted operating loss was $106 million for the year, including the $222 million assumption review impact. Excluding notable items, the year was $116 million. The quarter was $18 million.
  • Pension risk transfer lifted quarter premiums: About $200 million of fourth-quarter net premiums came from single premium pension risk transfer, against about $150 million a year earlier, all in U.S. Financial Solutions.
Read the Q4 FY2025 earnings call summary

From this 10-K

Reinsurance Group of America is an insurance holding company, formed on December 31, 1992, whose subsidiaries provide traditional life and health reinsurance and asset-intensive reinsurance. In reinsurance, the company agrees to cover all or part of the insurance or investment risks that another insurer, the ceding company, has underwritten. It operates in the U.S., Latin America, Canada, Europe, the Middle East, Africa, Asia and Australia, and it reports by region, U.S. and Latin America, Canada, Europe, Middle East and Africa, and Asia Pacific, plus Corporate and Other. Its clients are mainly the largest life insurance companies in the world.

Reinsurance Group of America Inc., the 10-K for 2025

Reinsurance Group of America is an insurance holding company, formed on December 31, 1992, whose subsidiaries provide traditional life and health reinsurance and asset-intensive reinsurance. In reinsurance, the company agrees to cover all or part of the insurance or investment risks that another insurer, the ceding company, has underwritten. It operates in the U.S., Latin America, Canada, Europe, the Middle East, Africa, Asia and Australia, and it reports by region, U.S. and Latin America, Canada, Europe, Middle East and Africa, and Asia Pacific, plus Corporate and Other. Its clients are mainly the largest life insurance companies in the world.

Traditional reinsurance

Its traditional business covers individual and group life and health, disability, long-term care and critical illness. It writes this business either facultatively, underwriting each policy individually, or under automatic treaties that cover whole blocks of policies meeting the ceding company's own underwriting criteria. Contracts take forms such as yearly renewable term, where it mainly takes on mortality or morbidity risk, coinsurance and modified coinsurance. Many agreements let the ceding company take back the risk after an agreed period, which the filing calls recapture. In Asia Pacific its products also include cover tied to superannuation, Australia's compulsory retirement savings program.

Financial solutions

Its financial solutions business includes asset-intensive reinsurance of products such as fixed deferred annuities, indexed products, universal life and corporate-owned and bank-owned life insurance. It also takes on the longevity risk of pension plans and annuities, provides stable value wrap contracts to retirement plans, issues annuity contracts to U.S. pension plan sponsors in pension risk transfer deals, and offers capital solutions that help ceding companies meet regulatory requirements. On July 31, 2025, its U.S. and Latin America Financial Solutions segment assumed a 75% quota share of Equitable Holdings' in force individual life insurance liabilities on a coinsurance and modified coinsurance basis.

Structure

RGA itself is a holding company, separate and distinct from the subsidiaries that carry out its business. Its main operating subsidiaries include RGA Reinsurance Company in Missouri, RGA Life Reinsurance Company of Canada, RGA Americas Reinsurance Company in Bermuda, RGA Reinsurance Company of Australia Limited and RGA International Reinsurance Company dac in Ireland, and in the United Kingdom it owns Omnilife Insurance Company Limited and Hodge Life Assurance Company Limited. A regional team in Hong Kong supports its offices in Asia.

People

It had approximately 4,300 employees as of December 31, 2025.

From Reinsurance Group of America's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 20 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue23,69822,10718,567+7.2%
Operating income1,5409801,160+57.1%
Operating margin6.5%4.4%6.2%
Interest expense366304257+20.4%
Pre-tax income1,5409801,160+57.1%
Income tax351256251+37.1%
Effective tax rate22.8%26.1%21.6%
Net income1,182717902+64.9%
Net margin5.0%3.2%4.9%
Diluted EPS$17.69$10.73$13.44+64.9%
$ million except per share.
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.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow4,0919,3704,044-56.3%
Capital expenditure27628.0n/a+885.7%
Free cash flow3,8159,342n/a-59.2%
Free cash flow margin16.1%42.3%n/a
Cash from investing-12,094-12,545-4,066
Cash from financing8,7983,66178.0+140.3%
Depreciation and amortisation43.046.041.0-6.5%
Share-based compensation42.060.046.0-30.0%
Dividends paid240229219+4.8%
Dividend per share$3.64$3.48$3.30+4.6%
Diluted shares, weighted67m67m67m-0.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity13,46110,8169,081+24.5%
Non-controlling interest90.090.090.00.0%
Debt5,7105,0424,427+13.2%
Other liabilities137,329102,72784,025+33.7%
Total liabilities and equity156,590118,67597,623+31.9%
Securities held for sale or to maturity101,76977,61760,467+31.1%
Cash and equivalents4,1683,3262,970+25.3%
Other assets50,65337,73234,186+34.2%
Total assets156,590118,67597,623+31.9%

10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.