Reinsurance Group of America, Incorporated RGA

FinancialsInsuranceUnited States of America

Last close 264.73 USD on Nov 1, 2026, +31.8% year to date

Quant rating

Quant rating A Rank 83 of 799 in Financials

Growth B 316 of 799
Valuation C 370 of 799
Quality B 309 of 799
Revisions B 121 of 799
Momentum A 68 of 799

Wall Street consensus Buy (2.36)Average target 266.62 USD +0.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 17.3B
Enterprise value: 17.8B
52-week range: 178.63 – 272.44
3-year range: 148.49 – 272.44
Dividend yield: 1.48%
Beta (5 years): 0.44
Shares outstanding: 65.3M
Next earnings: Nov 5, 2026

About the company

Reinsurance Group of America, Incorporated is an insurance holding company. The Company is a provider of traditional life and health reinsurance and financial solutions. The U.S. and Latin America Traditional segment provides individual and group life and health reinsurance, including long-term care, to domestic clients for a variety of products. The Canada Traditional segment is primarily engaged in individual life reinsurance, and to a lesser extent creditor, group life and health, critical illness and disability reinsurance. The Europe, Middle East and Africa Traditional segment provides individual and group life and health products through yearly renewable term and coinsurance agreements, and reinsurance of critical illness coverage. The Asia Pacific Traditional segment provides individual and group life and health reinsurance, critical illness coverage, disability and superannuation through yearly renewable term and coinsurance agreements.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	18,137	18,436	15,457	13,605	12,962	–
Revenue growth	−1.6%	19.3%	13.6%	5.0%	7.5%	8.5%
EPS (basic, normalized)	22.72	20.06	19.88	14.43	1.13	–
EPS growth	13.3%	0.9%	37.8%	1,177.0%	–	–
Gross margin	–	–	–	–	–	–
Net margin	4.9%	3.2%	4.9%	3.2%	7.1%	4.7%
ROE	13.4%	15.2%	10.9%	6.9%	0.6%	9.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	5,709
Net debt (mil)	–
Total equity (mil)	13,694
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	18,137	−1.6%	1.0x	205.63	+27.6%	1.3x	22.72	+13.3%	11.7x
2026	27,019	+49.0%	0.7x	209.69	+2.0%	1.3x	29.56	+30.1%	9.0x
2027	28,082	+3.9%	0.6x	233.90	+11.5%	1.1x	29.88	+1.1%	8.9x
2028	29,742	+5.9%	0.6x	257.99	+10.3%	1.0x	32.39	+8.4%	8.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	27,019	0.0%	+0.6%	+3.4%	29.56	+0.2%	+9.6%	+12.9%
2027	28,082	+0.1%	−0.6%	+1.3%	29.88	+0.4%	+2.2%	+3.5%
2028	29,742	+0.2%	−0.9%	−3.0%	32.39	0.0%	+2.3%	+1.4%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	6,337	4,878	5,651	5,203	5,260	5,599	6,204	6,635	6,494	6,637
Sales mean (mil)	4,558	4,998	5,126	5,422	5,683	5,678	5,917	6,336	6,429	6,676
Surprise	+39.0%	−2.4%	+10.2%	−4.0%	−7.5%	−1.4%	+4.8%	+4.7%	+1.0%	−0.6%
EPS reported	6.02	5.48	6.13	4.99	5.66	4.72	6.37	7.75	6.97	8.89
EPS mean	4.55	5.09	5.31	5.26	5.32	5.57	5.79	5.75	6.04	6.52
Surprise	+32.2%	+7.8%	+15.5%	−5.2%	+6.5%	−15.3%	+10.0%	+34.8%	+15.3%	+36.4%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
RGA Reinsurance Group of America, Incorporated	17.3B	13.4%	4.9%	1.26x	9.0x	8.9x	1.3x	1.1x
CB Chubb Limited	139.1B	14.4%	17.4%	1.90x	12.5x	12.3x	1.8x	1.6x
PGR The Progressive Corporation	134.0B	38.2%	12.9%	3.91x	12.6x	14.3x	3.9x	3.4x
MFC Manulife Financial Corporation	73.8B	16.5%	13.6%	1.95x	13.9x	12.3x	1.8x	2.0x
MRSH Marsh & McLennan Companies, Inc.	95.4B	33.4%	15.4%	6.50x	19.1x	17.5x	6.4x	5.5x
TRV The Travelers Companies, Inc.	81.2B	20.8%	12.8%	2.80x	10.8x	12.7x	2.5x	2.3x
Mean		22.8%	12.8%	3.05x	13.0x	13.0x	2.9x	2.6x
Median		18.7%	13.2%	2.37x	12.5x	12.5x	2.2x	2.1x

Technical analysis

1M+4.6%
3M+9.5%
1Y+44.2%
3Y+92.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Reinsurance Group of America, Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	18,137	18,436	15,457	13,605	12,962	12,054
Other revenue	5,742	3,708	3,119	2,623	3,519	2,619
Total revenue	23,879	22,144	18,576	16,228	16,481	14,673
Losses, benefits and adjustments	17,003	16,827	13,800	12,283	12,182	11,075
Amortization of policy acquisition costs	1,821	1,641	1,397	1,344	1,325	1,261
Selling, general & administrative expenses	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	3,149	2,431	2,010	1,730	1,619	1,597
Operating income	1,906	1,245	1,369	871	1,355	740
Net interest income (expense)	−366	−265	−209	−153	30.0	−187
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	1,540	980	1,160	718	1,385	553
Provision for taxes	351	256	251	197	215	138
Minority interest	−7.0	−7.0	−7.0	−4.0	0	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,182	717	902	517	1,170	415
Extraordinary items	–	–	–	–	–	0
Net income	1,182	717	902	517	1,170	415
Basic weighted average shares (mil)	65.9	65.8	66.3	66.9	67.8	65.8
Diluted weighted average shares (mil)	66.8	66.9	67.1	67.7	68.3	65.8
Basic EPS, normalized	22.72	20.06	19.88	14.43	1.13	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Reinsurance Group of America, Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	480	450	416	408	284	291
Goodwill	–	–	–	–	7.0	7.0
Intangibles	6.0	8.0	17.0	26.0	41.0	55.0
Insurance receivables	4,475	3,898	3,528	3,013	2,888	2,842
Long-term investments	130,293	97,917	78,803	70,310	78,353	72,260
Note receivable	–	–	–	–	–	–
Other long-term assets	–	–	–	–	–	–
Deferred policy acquisition costs	6,079	5,543	4,617	4,128	3,690	3,616
Other assets	11,089	7,533	7,272	4,092	3,964	2,177
Total assets	156,590	118,675	97,623	84,904	92,175	84,656
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Policy liabilities	130,224	97,489	79,820	69,236	69,765	61,740
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	5,710	5,042	4,427	3,961	3,847	3,961
Minority interest	90.0	90.0	90.0	90.0	–	–
Other liabilities	7,105	5,238	4,205	4,536	5,549	4,603
Total liabilities	143,129	107,859	88,542	77,823	79,161	70,304
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.0	1.0	1.0	1.0	1.0	1.0
Additional paid-in capital	2,640	2,600	2,544	2,502	2,461	2,406
Retained earnings (accumulated deficit)	10,151	9,255	8,805	8,169	8,563	8,148
Treasury stock	−2,013	−1,889	−1,900	−1,720	−1,653	−1,562
Other equity	2,682	849	−369	−1,871	3,642	5,359
Total equity	13,461	10,816	9,081	7,081	13,014	14,352
Total liabilities & shareholders' equity	156,590	118,675	97,623	84,904	92,175	84,656

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Reinsurance Group of America, Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,182	717	902	627	617	415
Depreciation, depletion & amortization	43.0	46.0	41.0	38.0	43.0	49.0
Deferred taxes	351	−61.0	211	75.0	−89.0	−16.0
Non-cash items	−550	−326	−443	−621	−501	−144
Changes in working capital	3,065	8,994	3,333	1,224	4,112	3,018
Cash from operations	4,091	9,370	4,044	1,343	4,182	3,322
Investing activities
Capital expenditures	–	–	–	−25.0	−19.0	−28.0
Other investing cash flows	−12,094	−12,545	−4,066	−5,663	−4,609	−2,652
Cash from investing	−12,094	−12,545	−4,066	−5,688	−4,628	−2,680
Financing activities
Financing cash flow items	8,546	3,305	62.0	4,606	424	736
Cash dividends paid	−240	−229	−219	−205	−194	−182
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	492	585	235	35.0	−210	700
Cash from financing	8,798	3,661	78.0	4,436	20.0	1,254
Foreign exchange effects	47.0	−130	−13.0	−112	−34.0	63.0
Net change in cash	842	356	43.0	−21.0	−460	1,959
Free cash flow	4,091	9,370	4,044	1,318	4,163	3,294

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.