A Business at a Glance
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REINSURANCE GROUP OF AMERICA INC
RGA
$16.0B
Mkt Cap
$238.92
+1.98%
REINSURANCE GROUP OF AMERICA INC (RGA) has a current P/E ratio of 13.5, compared to its historical median P/E of 11.1. The stock is currently considered Fair based on its historical valuation range.
REINSURANCE GROUP OF AMERICA INC (RGA) has a 5-year average return on invested capital (ROIC) of 6.3%. This is below average and may indicate limited pricing power.
REINSURANCE GROUP OF AMERICA INC (RGA) has a market capitalization of $16.0B. It is classified as a large-cap stock.
Yes, REINSURANCE GROUP OF AMERICA INC (RGA) pays a dividend with a trailing twelve-month yield of 1.50%. The company also returns capital through share buybacks, with a buyback yield of 1.09%.
Based on historical P/E analysis, REINSURANCE GROUP OF AMERICA INC (RGA) appears fair. The current P/E of 13.5 is 21% above its historical median of 11.1. The estimated fair value CAGR (P/E method) is 4.8%.
REINSURANCE GROUP OF AMERICA INC (RGA) operates in the Life Insurance industry, within the Financials sector.
Reinsurance Group of America is a leading global provider of traditional life and health reinsurance and asset-intensive reinsurance, operating across the U.S., Latin America, Canada, Europe, the Middle East, Africa, Asia, and Australia. The company earns revenue by indemnifying ceding insurance companies for all or a portion of insurance and investment risks they underwrite, enabling those companies to increase underwriting volume, enhance financial strength, stabilize operating results, and meet regulatory requirements. RGA's traditional reinsurance business includes individual and group life and health, disability, long-term care, and critical illness reinsurance, written on both facultative (individually underwritten) and automatic treaty (binding limit) bases, with pricing and terms negotiated in advance or specified in advance respectively. The company also operates financial solutions businesses that are asset-intensive, including longevity and other structured reinsurance products. RGA's business model combines underwriting expertise with active asset management and in-force management actions to generate returns, supported by a diversified global platform with strong biometric expertise and market-leading brand recognition that enables it to compete across multiple geographies and product lines.
【Strong execution on strategic targets】 Management remains confident in delivering intermediate-term financial targets of 8%-10% annual EPS growth and 13%-15% return on equity, supported by strong fundamentals across all business segments and geographies. The company expects continued momentum in new business generation, particularly in EMEA and Asia Pacific, with disciplined capital deployment into in-force transactions at attractive risk-adjusted returns and opportunistic share repurchases. Management anticipates favorable biometric claims experience to continue, with remedial actions taken in the group business expected to generate solid results in 2026, and expects to maintain a strong balance sheet while allocating $400 million of excess capital to reduce financial leverage during 2026.
| Metric | Target | Period |
|---|---|---|
| Equitable transaction earnings | $160 million–$170 million | FY2026 |
| Equitable transaction earnings | approximately $200 million per year | FY2027 |
| Capital deployed into in-force transactions | around $1.5 billion | FY2026 |
| Excess capital allocation to reduce financial leverage | $400 million | FY2026 |
| Corporate and Other segment loss | approximately $50 million–$55 million per quarter | FY2026 |
| Tax rate | 22%-23% | FY2026 |
| Variable investment income return | 7% | FY2026 |
Equitable transaction earnings (FY2026): “we continue to expect $160 million -$170 million of earnings from the transaction in 2026”
Equitable transaction earnings (FY2027): “approximately $200 million per year by 2027”
Capital deployed into in-force transactions (FY2026): “Our base case expectation for capital deployed into in-force transactions is around $1.5 billion in 2026”
Excess capital allocation to reduce financial leverage (FY2026): “we also expect to allocate $400 million of excess capital to reduce financial leverage during 2026”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 23.7B | 23.7B | 22.1B | 18.6B | 16.2B | 16.7B |
| Net Income | 1.2B | 1.2B | 717M | 902M | 517M | 1.2B |
| EPS | $17.69 | $17.69 | $10.73 | $13.44 | $7.64 | $17.13 |
| Free Cash Flow | 3.8B | 3.8B | 9.3B | 3.9B | 1.3B | 4.2B |
| ROIC | 7.9% | 6.7% | 4.9% | 7.3% | 4.5% | 7.9% |
| Gross Margin | 6.5% | 6.5% | 4.4% | 6.2% | 4.4% | 8.3% |
| Debt/Equity | 0.43 | 0.43 | 0.47 | 0.49 | 0.56 | 0.45 |
| Dividends/Share | $3.59 | $3.64 | $3.48 | $3.30 | $3.06 | $2.86 |
| Operating Income | 1.5B | 1.5B | 980M | 1.2B | 718M | 1.4B |
| Operating Margin | 6.5% | 6.5% | 4.4% | 6.2% | 4.4% | 8.3% |
| ROE | 8.8% | 9.7% | 7.2% | 11.2% | 6.8% | 10.4% |
| Shares Outstanding | 67M | 67M | 67M | 67M | 68M | 68M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 10.9B | 10.4B | 11.5B | 12.5B | 12.9B | 14.3B | 14.6B | 16.7B | 16.2B | 18.6B | 22.1B | 23.7B | 23.7B |
| Gross Margin | 9.2% | 7.1% | 9.1% | 9.1% | 6.6% | 7.9% | 3.8% | 8.3% | 4.4% | 6.2% | 4.4% | 6.5% | 6.5% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 769M | 493M | 758M | 871M | 626M | 1.1B | 553M | 1.4B | 718M | 1.2B | 980M | 1.5B | 1.5B |
| Op. Margin | 7.1% | 4.7% | 6.6% | 7.0% | 4.9% | 7.9% | 3.8% | 8.3% | 4.4% | 6.2% | 4.4% | 6.5% | 6.5% |
| Net Income | 684M | 502M | 701M | 1.8B | 716M | 870M | 415M | 1.2B | 517M | 902M | 717M | 1.2B | 1.2B |
| Net Margin | 6.3% | 4.8% | 6.1% | 14.6% | 5.6% | 6.1% | 2.8% | 7.0% | 3.2% | 4.9% | 3.2% | 5.0% | 5.0% |
| Non-Recurring | 0 | 6.0M | 39M | 25M | 28M | 31M | 21M | 16M | 6.0M | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 7.8% | 5.7% | 7.5% | 16.2% | 6.1% | 6.7% | 2.6% | 7.9% | 4.5% | 7.3% | 4.9% | 6.7% | 7.9% |
| ROE | 10.6% | 7.6% | 10.6% | 21.9% | 7.9% | 8.7% | 3.2% | 10.4% | 6.8% | 11.2% | 7.2% | 9.7% | 8.8% |
| ROA | 1.6% | 1.1% | 1.4% | 3.2% | 1.1% | 1.2% | 0.5% | 1.3% | 0.6% | 1.0% | 0.7% | 0.9% | 0.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.3B | 2.1B | 1.5B | 2.0B | 1.6B | 2.3B | 3.3B | 4.2B | 1.3B | 4.0B | 9.4B | 4.1B | 4.1B |
| Free Cash Flow | 2.2B | 2.1B | 1.4B | 1.9B | 1.6B | 2.3B | 3.3B | 4.2B | 1.3B | 3.9B | 9.3B | 3.8B | 3.8B |
| Owner Earnings | 2.3B | 2.0B | 1.4B | 1.9B | 1.5B | 2.2B | 3.3B | 4.1B | 1.3B | 4.0B | 9.3B | 4.0B | 4.0B |
| CapEx | 88M | 24M | 45M | 44M | 29M | 34M | 28M | 19M | 25M | 102M | 28M | 276M | 276M |
| Maint. CapEx | 15M | 31M | 27M | 53M | 45M | 49M | 49M | 43M | 38M | 41M | 46M | 43M | 43M |
| Growth CapEx | 73M | 0 | 18M | 0 | 0 | 0 | 0 | 0 | 0 | 61M | 0 | 233M | 233M |
| D&A | 15M | 31M | 27M | 53M | 45M | 49M | 49M | 43M | 38M | 41M | 46M | 43M | 43M |
| CapEx/OCF | 3.8% | 1.1% | 3.0% | 2.2% | 1.8% | 1.5% | 0.8% | 13.1% | 10.4% | 2.5% | 0.3% | 6.7% | 6.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 87M | 93M | 100M | 117M | 140M | 163M | 182M | 194M | 205M | 219M | 229M | 240M | 240M |
| Dividend Yield | 2.0% | 1.9% | 1.9% | 1.6% | 1.7% | 1.9% | 3.0% | 2.7% | 2.7% | 2.4% | 1.8% | 1.9% | 1.5% |
| Share Buybacks | 202M | 385M | 123M | 44M | 300M | 101M | 163M | 99M | 81M | 227M | 27M | 174M | 174M |
| Buyback Yield | 4.1% | 8.0% | 1.8% | 0.5% | 3.9% | 1.1% | 2.4% | 1.4% | 0.9% | 2.2% | 0.2% | 1.3% | 1.1% |
| Stock-Based Comp | 24M | 16M | 33M | 22M | 30M | 39M | 12M | 55M | 45M | 46M | 60M | 42M | 42M |
| Debt Repayment | 4.3M | 4.7M | 8.8M | 0 | 0 | 5.0M | 5.0M | 6.0M | 10M | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -24.8B | -28.9B | -30.2B | -36.7B | -38.6B | -51.5B | -56.1B | -60.0B | -51.9B | -59.0B | -75.9B | -100.2B | 1.6B |
| Cash & Equiv. | 1.6B | 1.5B | 1.2B | 1.3B | 1.4B | 3.4B | 2.9B | 2.9B | 2.9B | 3.0B | 3.3B | 4.2B | 4.2B |
| Long-Term Debt | 2.3B | 2.3B | 3.1B | 2.8B | 2.8B | 3.0B | 3.6B | 3.7B | 4.0B | 4.4B | 5.0B | 5.7B | 5.7B |
| Debt/Equity | 0.33 | 0.38 | 0.44 | 0.29 | 0.33 | 0.26 | 0.25 | 0.45 | 0.56 | 0.49 | 0.47 | 0.43 | 0.43 |
| Interest Coverage | 8.0 | 3.5 | 5.5 | 6.0 | 4.3 | 6.5 | 3.3 | 10.0 | 3.8 | 4.5 | 3.2 | 4.2 | 4.2 |
| Equity | 7.0B | 6.1B | 7.1B | 9.6B | 8.4B | 11.6B | 14.4B | 8.2B | 7.1B | 9.1B | 10.8B | 13.5B | 13.5B |
| Total Assets | 44.7B | 50.4B | 53.1B | 60.5B | 64.5B | 76.7B | 84.7B | 92.9B | 84.9B | 97.6B | 118.7B | 156.6B | 156.6B |
| Total Liabilities | 37.6B | 44.2B | 46.0B | 50.9B | 56.1B | 65.1B | 70.3B | 79.2B | 77.7B | 88.5B | 107.8B | 143.0B | 143.0B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 4.2B | 4.6B | 5.2B | 6.7B | 7.3B | 8.0B | 8.1B | 8.6B | 8.2B | 8.8B | 9.3B | 10.2B | 10.2B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 9.78 | 7.46 | 10.79 | 27.71 | 11.00 | 13.62 | 6.31 | 17.13 | 7.64 | 13.44 | 10.73 | 17.69 | 17.69 |
| Owner EPS | 32.83 | 30.33 | 21.62 | 29.00 | 23.14 | 34.74 | 49.58 | 59.79 | 18.62 | 58.96 | 138.64 | 59.95 | 59.95 |
| Book Value | 100.42 | 91.15 | 109.11 | 145.55 | 129.82 | 181.62 | 218.22 | 119.76 | 104.64 | 135.31 | 161.86 | 201.46 | 201.46 |
| Cash Flow/Share | 33.40 | 31.03 | 22.55 | 30.14 | 24.29 | 36.12 | 50.51 | 61.23 | 19.85 | 60.26 | 140.22 | 61.23 | 18.33 |
| Dividends/Share | 1.26 | 1.40 | 1.54 | 1.82 | 2.20 | 2.60 | 2.86 | 2.86 | 3.06 | 3.30 | 3.48 | 3.64 | 3.59 |
| Shares Out. | 69.9M | 67.3M | 65.0M | 65.8M | 65.1M | 63.9M | 65.8M | 68.3M | 67.7M | 67.1M | 66.8M | 66.8M | 66.8M |
| Valuation | |||||||||||||
| P/E Ratio | 7.2 | 9.5 | 9.7 | 4.8 | 10.7 | 10.4 | 16.3 | 5.9 | 17.3 | 11.6 | 19.3 | 11.6 | 13.5 |
| P/FCF | 2.2 | 2.3 | 4.8 | 4.5 | 4.9 | 4.0 | 2.1 | 1.7 | 6.8 | 2.7 | 1.5 | 3.6 | 4.2 |
| EV/EBIT | 5.0 | 5.6 | 7.3 | 7.8 | 8.5 | 10.1 | 9.3 | 3.1 | 10.8 | 8.3 | 14.8 | 10.7 | 11.4 |
| Price/Book | 0.7 | 0.8 | 1.0 | 0.9 | 0.9 | 0.8 | 0.5 | N/A | 1.3 | 1.2 | 1.3 | 1.0 | 1.2 |
| Price/Sales | 0.4 | 0.5 | 0.5 | 0.6 | 0.6 | 0.6 | 0.4 | 0.4 | 0.5 | 0.5 | 0.6 | 0.5 | 0.7 |
| FCF Yield | 45.4% | 43.2% | 20.8% | 22.3% | 20.2% | 25.2% | 48.6% | 60.5% | 14.7% | 37.7% | 67.7% | 27.9% | 23.9% |
| Market Cap | 5.0B | 4.8B | 6.8B | 8.7B | 7.7B | 9.0B | 6.8B | 6.9B | 8.9B | 10.5B | 13.8B | 13.7B | 16.0B |
| Avg. Price | 63.77 | 74.65 | 83.12 | 113.04 | 125.25 | 131.82 | 93.74 | 106.30 | 113.33 | 137.97 | 195.21 | 194.01 | 238.92 |
| Year-End Price | 70.86 | 70.98 | 105.07 | 132.17 | 117.91 | 141.14 | 103.16 | 100.82 | 132.09 | 155.74 | 206.62 | 204.72 | 238.92 |
REINSURANCE GROUP OF AMERICA INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
REINSURANCE GROUP OF AMERICA INC trades at 13.5x trailing earnings, compared to its 15-year median P/E of 11.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 4.1x vs a median of 3.8x. The company's 5-year average ROIC is 6.3% with a gross margin of 6.0%. Total shareholder yield (dividends + buybacks) is 2.6%. At current prices, the estimated annualized return to fair value is +18.4%.
REINSURANCE GROUP OF AMERICA INC (RGA) reported annual revenue of $23.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
REINSURANCE GROUP OF AMERICA INC (RGA) has a net profit margin of 5.0%. This is a modest margin.
REINSURANCE GROUP OF AMERICA INC (RGA) generated $3.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
REINSURANCE GROUP OF AMERICA INC (RGA) has a debt-to-equity ratio of 0.43. This indicates a conservatively financed balance sheet.
REINSURANCE GROUP OF AMERICA INC (RGA) reported earnings per share (EPS) of $17.69 in its most recent fiscal year.
REINSURANCE GROUP OF AMERICA INC (RGA) has a return on equity (ROE) of 9.7%. This indicates moderate shareholder returns.
REINSURANCE GROUP OF AMERICA INC (RGA) has a 5-year average gross margin of 6.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for REINSURANCE GROUP OF AMERICA INC (RGA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
REINSURANCE GROUP OF AMERICA INC (RGA) has a book value per share of $201.46, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management remains confident in delivering intermediate-term financial targets of 8%-10% annual EPS growth and 13%-15% return on equity, supported by strong fundamentals across all business segments and geographies. The company expects continued momentum in new business generation, particularly in EMEA and Asia Pacific, with disciplined capital deployment into in-force transactions at attractive risk-adjusted returns and opportunistic share repurchases. Management anticipates favorable biometric claims experience to continue, with remedial actions taken in the group business expected to generate solid results in 2026, and expects to maintain a strong balance sheet while allocating $400 million of excess capital to reduce financial leverage during 2026.
Based on recent SEC filings and earnings calls, REINSURANCE GROUP OF AMERICA INC (RGA) has provided the following forward guidance: Equitable transaction earnings: $160 million–$170 million (FY2026); Equitable transaction earnings: approximately $200 million per year (FY2027); Capital deployed into in-force transactions: around $1.5 billion (FY2026); Excess capital allocation to reduce financial leverage: $400 million (FY2026); Corporate and Other segment loss: approximately $50 million–$55 million per quarter (FY2026), plus 2 additional metrics.
Corporate and Other segment loss (FY2026): “For 2026, we expect a Corporate and Other loss of approximately $50 million -$55 million per quarter”
Tax rate (FY2026): “Looking ahead to 2026, we expect a tax rate in the range of 22%-23%”
Variable investment income return (FY2026): “For 2026 specifically, we are assuming a 7% variable investment income return”