Reinsurance Group of America
RGA · NYSELife Insurance · Fiscal year ends Dec 31
Reinsurance Group of America reported revenue of $23.7B in the fiscal year ended Dec 2025, up 7.2% from the year before. Net income was $1.2B. Net debt was $1.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $16.7B | $16.2B | $18.6B | $22.1B | $23.7B |
| Interest expense | $139M | $191M | $257M | $304M | $366M |
| Pre-tax income | $1.4B | $718M | $1.2B | $980M | $1.5B |
| Income tax | $215M | $197M | $251M | $256M | $351M |
| Net income | $1.2B | $517M | $902M | $717M | $1.2B |
| Diluted EPS | 17.13 | 7.64 | 13.44 | 10.73 | 17.69 |
| Diluted shares | 68M | 68M | 67M | 67M | 67M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.9B | $2.9B | $3B | $3.3B | $4.2B |
| Goodwill | $7M | $7M | – | – | – |
| Total assets | $92.9B | $84.9B | $97.6B | $119B | $157B |
| Long-term debt | $3.7B | $4B | $4.4B | $5B | $5.7B |
| Total liabilities | $79.2B | $77.7B | $88.5B | $108B | $143B |
| Shareholders' equity | $8.2B | $7.1B | $9.1B | $10.8B | $13.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $4.2B | $1.3B | $4B | $9.4B | $4.1B |
| Capital expenditure | $19M | $25M | – | – | – |
| Free cash flow | $4.2B | $1.3B | – | – | – |
| Depreciation & amortisation | $43M | $38M | $41M | $46M | $43M |
| Stock-based compensation | $55M | $45M | $46M | $60M | $42M |
| Acquisitions | $156M | $0 | $0 | – | – |
| Dividends paid | $194M | $205M | $219M | $229M | $240M |
| Dividend per share | 2.86 | 3.06 | 3.30 | 3.48 | 3.64 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −2.6% | 14.4% | 19.1% | 7.2% |
| EPS growth (YoY) | – | −55.4% | 75.9% | −20.2% | 64.9% |
| Net margin | 7.0% | 3.2% | 4.9% | 3.2% | 5.0% |
| Return on equityBlank when equity is negative | 14.3% | 7.3% | 9.9% | 6.6% | 8.8% |
| Free cash flow margin | 25.0% | 8.1% | – | – | – |
| Cash conversion (CFO ÷ net income) | 3.57x | 2.60x | 4.48x | 13.1x | 3.46x |
| Debt ÷ equity | 0.45x | 0.56x | 0.49x | 0.47x | 0.42x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $740M | $1B | $1.5B | $1.7B | $1.5B |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.