RGA

MKT CAP:$14B

Reinsurance Group of America, Incorporated

Market Cap

$14B

Financial Services·Insurance - Reinsurance·🇺🇸 United States·NYSE

Financials·Insurance·🇺🇸·NYSE

Stock Price

$209.07+$5.63 (+2.77%)

Apr 24, 2026

Company Details

Reinsurance Group of America, Incorporated engages in reinsurance business. It offers individual and group life and health insurance products, such as term life, credit life, universal life, whole life, group life and health, joint and last...

CEO

Tony Cheng

IPO Date

Sep 12, 2008

Website

www.rgare.com

Key Metrics TTM

Revenue

$23.4B

+6.2% YoY

Net Income

$1.2B

EPS (Diluted)

$17.72

Free Cash Flow

$4.1B

Revenue / Share

$350.81

Gross Margin

16.8%

Operating Margin

6.6%

Net Margin

5.0%

FCF Margin

17.5%

P/S

0.6x

P/E

11.6x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 20, 2026

$22.8B+3.4%EPS $17.69

Q4 2025

Feb 20, 2026

$6.3B+21.9%EPS $6.97

Q3 2025

Oct 31, 2025

$6.2B+11.1%EPS $3.78

Q2 2025

Aug 1, 2025

$5.6B+14.0%EPS $2.70

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$4.1B	$697M	$482M
Q3 21	$3.9B	$113M	-$34M
Q4 21	$3.8B	-$289M	$57M
Q1 22	$3.8B	$370M	$267M
Q2 22	$3.8B	$360M	$147M
Q2 23	$4.1B	$579M	$265M
Q3 23	$5.1B	$670M	$380M
Q4 23	$4.9B	$440M	$164M
Q1 24	$6.4B	$653M	$272M
Q2 24	$4.9B	$638M	$269M
Q3 24	$5.6B	$549M	$214M
Q4 24	$5.2B	$651M	$225M
Q1 25	$5.3B	$778M	$369M
Q2 25	$5.6B	$713M	$341M
Q3 25	$6.2B	$771M	$320M
Q4 25	$6.3B	$1.7B	$510M

Valuation

Quarter	P/S	P/E
Q2 21	0.9x	16.6x
Q3 21	0.9x	23.2x
Q4 21	0.9x	22.3x
Q1 22	0.9x	20.3x
Q2 22	0.9x	31.5x
Q2 23	0.9x	20.7x
Q3 23	0.8x	17.3x
Q4 23	0.8x	18.2x
Q1 24	0.7x	16.0x
Q2 24	0.6x	16.0x
Q3 24	0.6x	18.9x
Q4 24	0.6x	19.2x
Q1 25	0.7x	17.3x
Q2 25	0.6x	17.8x
Q3 25	0.6x	15.8x
Q4 25	0.6x	11.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	-$36M	-$42M
Q3 21	$1.5B	$1.5B
Q4 21	$361M	$357M
Q1 22	$163M	$157M
Q2 22	$79M	$73M
Q2 23	$244M	$237M
Q3 23	$1.0B	$992M
Q4 23	$1.2B	$1.2B
Q1 24	$5.7B	$5.7B
Q2 24	$967M	$967M
Q3 24	$1.1B	$1.1B
Q4 24	$1.6B	$1.6B
Q1 25	$1.4B	$1.4B
Q2 25	$820M	$820M
Q3 25	$990M	$990M
Q4 25	$852M	$852M

Capital Expenditures

Quarter	CapEx
Q2 21	$6M
Q3 21	$5M
Q4 21	$4M
Q1 22	$6M
Q2 22	$6M
Q2 23	$7M
Q3 23	$8M
Q4 23	$20M
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+12.3%	+4.7%
Q3 21	+7.5%	+17.7%
Q4 21	-7.6%	-5.1%
Q1 22	-5.3%	-7.7%
Q2 22	-5.8%	+2.7%
Q2 23	+5.5%	-2.1%
Q3 23	+35.6%	+27.5%
Q4 23	+31.3%	+36.7%
Q1 24	+66.2%	+65.5%
Q2 24	+18.0%	+19.1%
Q3 24	+10.0%	+14.4%
Q4 24	+5.5%	+4.4%
Q1 25	-16.9%	-19.3%
Q2 25	+14.0%	+13.2%
Q3 25	+11.1%	+9.5%
Q4 25	+21.9%	+17.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q2 23	$18M	0.4%
Q3 23	$13M	0.3%
Q4 23	-$35M	-0.7%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

Revenue by Geography

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.7B	$0	$2.7B
Q2 22	$2.6B	$0	$2.6B
Q3 22	$3.5B	$0	$3.5B
Q4 22	$2.9B	$0	$2.9B
Q1 23	$3.3B	$0	$3.3B
Q2 23	$2.6B	$0	$2.6B
Q3 23	$2.8B	$0	$2.8B
Q4 23	$3.0B	$0	$3.0B
Q1 24	$5.9B	$0	$5.9B
Q2 24	$4.6B	$0	$4.6B
Q3 24	$5.2B	$0	$5.2B
Q4 24	$3.3B	$0	$3.3B
Q1 25	$5.2B	$0	$5.2B
Q2 25	$5.4B	$0	$5.4B
Q3 25	$4.6B	$0	$4.6B
Q4 25	$4.2B	$0	$4.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	69M	+1.5%	+7.8%
Q3 21	68M	-1.4%	0.0%
Q4 21	68M	-0.1%	-0.7%
Q1 22	67M	-1.4%	-1.5%
Q2 22	68M	+1.5%	-1.4%
Q2 23	68M	0.0%	0.0%
Q3 23	67M	-1.5%	-1.4%
Q4 23	67M	-0.4%	-0.4%
Q1 24	67M	-0.2%	-2.1%
Q2 24	67M	+0.3%	-1.9%
Q3 24	67M	+0.1%	-0.3%
Q4 24	67M	+0.3%	+0.4%
Q1 25	67M	-0.2%	+0.5%
Q2 25	67M	-0.2%	-0.0%
Q3 25	67M	0.0%	-0.1%
Q4 25	67M	0.0%	-0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$1M	4K
Q3 21	$1M	4K
Q4 21	$1M	4K
Q1 22	$1M	4K
Q2 22	$1M	4K
Q2 23	$1M	4K
Q3 23	$1M	4K
Q4 23	$1M	4K
Q1 24	$2M	4K
Q2 24	$1M	4K
Q3 24	$1M	4K
Q4 24	$1M	4K
Q1 25	$1M	4K
Q2 25	$1M	4K
Q3 25	$2M	4K
Q4 25	$1M	4K

Revenue / Employee