RGA on NYSE

Reinsurance Group of America

Logo: Reinsurance Group of America, Public domain, via Wikimedia Commons⁵

Global reinsurance company

$265.06 up 4.01 (1.54%)Price as of Oct 15, 2026 at 19:45 UTC

Last updated Oct 16, 2026.

Overview

1973Founded¹

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TickerRGA on NYSE¹
Industryinsurance industry¹
HeadquartersSt. Louis¹
Websitewww.rgare.com
Incorporated inMO⁶
Business address16600 Swingley Ridge Road, Chesterfield, Mo 63017⁶
Filer categoryLarge accelerated filer⁶

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Reinsurance Group of America, Incorporated (NYSE: RGA) is a holding company for a global life and health reinsurance entity based in Greater St. Louis within the western suburb of Chesterfield, Missouri, United States. With approximately $4.3 trillion of life reinsurance in force and total assets of $156.6 billion as of December 31, 2025, RGA has grown to become the only international company to focus primarily on life and health-related reinsurance.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

5.0%Net margin⁸

7.2%Revenue growth, 2025⁸

8.8%Return on equity⁸

0.42×Debt to equity⁸

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costs

Other costs92¢$21.8B
Interest2¢$366.0M
Income tax1¢$351.0M
Profit5¢$1.2B

Out of $23.7B in revenue.⁸

Where each dollar of operating cash went, fiscal 2025

Kept or used elsewhere

Dividends paid6¢$240.0M
Kept or used elsewhere94¢$3.9B

Out of $4.1B of cash from operations.⁸

Financial statements

Revenue⁹¹⁰¹¹¹²⁸$23.7B in 2025+66% since 2019

Net income⁹¹⁰¹¹¹²⁸$1.2B in 2025+36% since 2019

Every line of the income statement in the latest annual report, as filed.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Net premiums	$17.2B	$17.8B	$15.1B
Net investment income	$5.8B	$4.4B	$3.6B
Investment related (losses), net	-$245.0M	-$745.0M	-$481.0M
Other revenues	$907.0M	$593.0M	$372.0M
Total revenues	$23.7B	$22.1B	$18.6B
Claims and other policy benefits	$17.0B	$16.9B	$13.9B
Liability for Future Policy Benefit, Remeasurement Gain (Loss)	$0	-$32.0M	-$62.0M
Market Risk Benefit, Change in Fair Value, Gain (Loss)	$8.0M	-$44.0M	-$10.0M
Interest credited	$1.6B	$1.1B	$864.0M
Other operating expenses	$1.3B	$1.3B	$1.1B
Interest expense	$366.0M	$304.0M	$257.0M
Total benefits and expenses	$22.2B	$21.1B	$17.4B
Income before income taxes	$1.5B	$980.0M	$1.2B
Provision for income taxes	$351.0M	$256.0M	$251.0M
Net income	$1.2B	$724.0M	$909.0M
Net income attributable to noncontrolling interest	$7.0M	$7.0M	$7.0M
Net income available to RGA, Inc. shareholders	$1.2B	$717.0M	$902.0M
Basic earnings per share	$17.94	$10.90	$13.60
Diluted earnings per share	$17.69	$10.73	$13.44
Deferred Policy Acquisition Costs, Amortization Expense	$1.8B	$1.6B	$1.4B

Total assets¹⁵⁹¹¹¹²⁸$156.6B in 2025+104% since 2019

Total liabilities¹⁵⁹¹⁰¹¹¹²⁸$143.0B in 2025+120% since 2019

Shareholders’ equity¹⁰¹²⁸$13.5B in 2025+16% since 2019

Cash¹¹¹²⁸$4.2B in 2025+22% since 2019

Long-term debt¹⁵⁹¹⁰¹¹¹²⁸$5.7B in 2025+92% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Fixed maturity securities available-for-sale at fair value (amortized cost of $107,264 and $82,907; allowance for credit losses of $210 and $98)	$101.8B	$77.6B
Equity Securities, FV-NI	$311.0M	$155.0M
Mortgage loans (net of allowance for credit losses of $117 and $93)	$11.1B	$8.8B
Policy loans	$3.5B	$1.3B
Funds withheld at interest	$8.1B	$5.4B
Real Estate Investments, Joint Ventures	$3.7B	$3.1B
Short-term investments	$346.0M	$363.0M
Other invested assets	$1.5B	$1.2B
Total investments	$130.5B	$98.0B
Cash and cash equivalents	$4.2B	$3.3B	$3.0B
Accrued investment income	$1.3B	$986.0M
Premiums receivable and other reinsurance balances	$4.5B	$3.9B
Reinsurance ceded receivables and other	$7.2B	$5.5B
Deferred policy acquisition costs and other	$6.1B	$5.5B
Other assets	$2.9B	$1.4B
Total assets	$156.6B	$118.7B
Interest-sensitive contract liabilities	$52.1B	$35.1B
Income taxes	$3.0B	$2.2B
Funds Held under Reinsurance Agreements, Liability	$6.8B	$5.0B
Other liabilities	$3.9B	$2.8B
Total liabilities	$143.0B	$107.8B
Preferred stock (par value $$0.01 per share; 10,000,000 shares authorized; no shares issued or outstanding)	$0	$0
Common stock (par value $0.01 per share; 140,000,000 shares authorized; shares issued: 85,310,598 at both December 31, 2025 and December 31, 2024)	$1.0M	$1.0M
Additional paid-in-capital	$2.6B	$2.6B
Retained earnings	$10.2B	$9.3B
Treasury stock, at cost 19,846,934 and 19,438,336 shares at December 31, 2025 and December 31, 2024	-$2.0B	-$1.9B
Accumulated other comprehensive income (loss)	$2.7B	$849.0M	-$369.0M
Total Reinsurance Group of America, Inc. shareholders equity	$13.5B	$10.8B	$9.1B
Total liabilities and equity	$156.6B	$118.7B
Stockholders' Equity Attributable to Noncontrolling Interest	$90.0M	$90.0M	$90.0M
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$13.6B	$10.9B	$9.2B
Market Risk Benefit, Net Amount at Risk	$234.0M	$223.0M
Available for Sale at Fair value - Amortized cost	$107.3B	$82.9B
Preferred stock par value	$0.01
Preferred stock shares authorized	10.0M shares
Common stock par value	$0.01
Common stock shares authorized	140.0M shares
Common Stock, Shares, Issued	85.3M shares	85.3M shares
Allowances for Loan and Lease Losses, Real Estate	$117.0M	$93.0M	$67.0M
Financing Receivable, Allowance for Credit Loss	$210.0M	$98.0M
Treasury Stock, Common, Shares	19.8M shares	19.4M shares
Future policy benefits	$66.4B	$53.4B
Other policy claims and benefits	$3.0B	$2.7B
Other reinsurance balances	$1.9B	$1.3B
Long-term debt	$5.7B	$5.0B

Cash from operations⁹¹⁰¹¹¹²⁸$4.1B in 2025+77% since 2019

Capital spending⁹¹⁰$25.0M in 2022−26% since 2019

Free cash flow⁹¹⁰¹¹¹²$1.3B in 2022−42% since 2019

Dividends paid⁹¹⁰¹¹¹²⁸$240.0M in 2025+47% since 2019

Every line of the cash flow in the latest annual report, as filed.⁸

Period ending	2025-12-31	2024-12-31	2023-12-31
Accrued investment income	-$123.0M	-$132.0M	-$99.0M
Premiums receivable and other reinsurance balances	-$422.0M	-$397.0M	-$537.0M
Deferred policy acquisition costs and other	-$441.0M	-$322.0M	-$490.0M
Reinsurance ceded receivables and other	$67.0M	$231.0M	-$209.0M
Future policy benefits, other policy claims and benefits and other reinsurance balances	$4.3B	$8.8B	$4.1B
Deferred Income Taxes and Tax Credits		-$61.0M	$211.0M
Increase Decrease In Funds Withheld Net Of Reinsurance Recoverable And Deposit Receivable			$49.0M
Decrease In Funds Withheld Net Of Reinsurance Recoverable And Deposit Receivable	-$228.0M	-$123.0M
Other assets and other liabilities, net	-$388.0M	$257.0M	$68.0M
Amortization of net investment premiums, discounts and other	-$271.0M	-$214.0M	-$127.0M
Income from limited partnerships and real estate joint ventures	-$193.0M	-$96.0M	-$181.0M
Investment related losses, net	$245.0M	$745.0M	$481.0M
Increase (Decrease) in Future Policy Benefit Reserves	$0	-$32.0M	-$62.0M
Provision for income taxes	$351.0M	$256.0M	$251.0M
Market Risk Benefit, Increase (Decrease) from Equity Market Change	$8.0M	-$44.0M	-$10.0M
Depreciation and amortization expense	$43.0M	$46.0M	$41.0M
Other, net	-$86.0M	-$16.0M	-$135.0M
Net cash provided by operating activities	$4.1B	$9.4B	$4.0B
Sales of fixed maturity securities available-for-sale	$27.7B	$28.2B	$8.2B
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale	$1.2B	$1.2B	$967.0M
Proceeds from Sale of Available-for-sale Securities, Equity	$59.0M	$7.0M	$1.0M
Proceeds from Sale and Collection of Mortgage Notes Receivable	$930.0M	$640.0M	$436.0M
Payments to Acquire Available-for-sale Securities	-$37.7B	-$40.7B	-$12.6B
Payments to Acquire Available-for-sale Securities, Equity	-$150.0M	-$6.0M	-$5.0M
Payments to Acquire Mortgage Notes Receivable	-$3.2B	-$1.9B	-$1.3B
Net deposits in funds withheld at interest	$529.0M	$274.0M	$352.0M
Proceeds from Real Estate and Real Estate Joint Ventures	$546.0M	$258.0M	$474.0M
Payments to Acquire Real Estate and Real Estate Joint Ventures	-$1.1B	-$578.0M	-$551.0M
Proceeds from Sale of Short-Term Investments	$1.0B	$772.0M	$353.0M
Payments to Acquire Short-Term Investments	-$1.5B	-$1.0B	-$601.0M
Proceeds from Maturities, Prepayments and Calls of Short-Term Investments	$714.0M	$343.0M	$187.0M
Payments for (Proceeds from) Productive Assets	-$276.0M	-$28.0M	$102.0M
Payments to Acquire Notes Receivable	-$1.0B	$0	$0
Proceeds from Sale and Collection of Notes Receivable	$3.0M	$0	$0
Payment for (Proceeds from) Other Investing Activity	$143.0M	-$14.0M	-$49.0M
Net cash used in investing activities	-$12.1B	-$12.5B	-$4.1B
Dividends to shareholders	-$240.0M	-$229.0M	-$219.0M
Proceeds from long-term debt issuance, net	$691.0M	$640.0M	$890.0M
Principal payments of long-term debt	-$29.0M	-$28.0M	-$428.0M
Purchases of treasury stock	-$174.0M	-$27.0M	-$227.0M
Proceeds from Issuance or Sale of Equity	$4.0M	$0	$0
Change in cash collateral for derivatives and repurchase/reverse repurchase agreements	$911.0M	$187.0M	$603.0M
Decrease In Reinsurance Deposits Financing Activities	$181.0M	$268.0M	$227.0M
Deposits on investment-type policies and contracts	$12.1B	$7.6B	$2.9B
Withdrawals on investment-type policies and contracts	-$4.6B	-$4.7B	-$3.6B
Net cash provided by financing activities	$8.8B	$3.7B	$78.0M
Effect of exchange rate changes on cash	$47.0M	-$130.0M	-$13.0M
Change in cash and cash equivalents	$842.0M	$356.0M	$43.0M
Interest paid	$255.0M	$213.0M	$217.0M
Income taxes paid, net of refunds	$252.0M	$78.0M	$298.0M
Transfer of invested assets	$16.9B	$9.6B	$2.0B
Non-cash deposits on reinsurance	$1.9B	$637.0M	$2.8B
Right-of-use assets acquired through operating leases	$10.0M	$1.0M	$0

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The story

General American Reinsurance, a reinsurance division formed in 1973 by General American Life Insurance Company (GA), was the forerunner to RGA. By 1993, GA's reinsurance division had grown its life reinsurance in force to $114.7 billion. General American acquired the life reinsurance business of National Reinsurance of Canada, later renamed General American Life Reinsurance Company of Canada, thereby establishing its first international office; the Canadian business became RGA Life Reinsurance Company of Canada after RGA's initial public offering (IPO).

Incorporated in 1992 in the state of Missouri, Reinsurance Group of America, Incorporated (RGA) was formed as a holding company for RGA's U.S. and Canadian reinsurance businesses. RGA was taken public by IPO in 1993 on the New York Stock Exchange (NYSE: RGA), with General American retaining a 65% share.

MetLife acquired General American in 2000, including its interest in RGA, and after 8 years of ownership, MetLife spun RGA off to become a fully independent company.

From Wikipedia’s article on Reinsurance Group of America, shared under CC BY-SA 4.0.⁷

Products and brands

RGA's products and services include life reinsurance, living benefits reinsurance, group reinsurance, health reinsurance, financial solutions, facultative underwriting, and product development. "CBInsights".

From Wikipedia’s article on Reinsurance Group of America, shared under CC BY-SA 4.0.⁷

Timeline

1973Founded Founded¹

Recent filings

Sep 4, 20264/A
Aug 17, 20264
Aug 13, 20264
Aug 13, 20264
Aug 12, 2026144
Aug 7, 202610-Q
Aug 6, 20268-K
Jul 10, 20263
Jul 9, 20268-K
Jul 6, 20264
Jul 2, 20263
Jul 1, 20268-K
Jun 29, 20264
Jun 22, 20268-K
Jun 16, 2026S-8

Every filing from the last three years, summarized. The full record is on SEC EDGAR.²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataReinsurance Group of America on Wikidata
2
SEC EDGARReinsurance Group of America filings on SEC EDGAR
3
WikipediaReinsurance Group of America on Wikipedia
4
Yahoo FinanceRGA quote
5
Wikimedia CommonsReinsurance Group of America logo by Reinsurance Group of America, Public domain
6
SEC EDGARReinsurance Group of America filings on SEC EDGAR
7
WikipediaReinsurance Group of America on Wikipedia (revision used)
8
SEC EDGARReinsurance Group of America 10-K for fiscal 2025
9
SEC EDGARReinsurance Group of America 10-K for fiscal 2019
10
SEC EDGARReinsurance Group of America 10-K for fiscal 2020
11
SEC EDGARReinsurance Group of America 10-K for fiscal 2021
12
SEC EDGARReinsurance Group of America 10-K for fiscal 2022
13
SEC EDGARReinsurance Group of America 10-Q for fiscal 2026
14
SEC EDGARReinsurance Group of America 10-Q for fiscal 2026
15
SEC EDGARReinsurance Group of America 10-K for fiscal 2019