RGA financial statements

The full income statement, balance sheet, and cash-flow statement for Reinsurance Group of America Incorporated (RGA), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 65.9M2024-09 65.9M2024-12 66.0M2025-03 66.1M2025-06 66.1M2025-09 65.7M2025-12 65.6M2026-03 65.5M2026-06 65.3M-0.8% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	23.7B YoY+7.2%	22.1B YoY+19.1%	18.6B YoY+14.4%	16.2B YoY-2.6%	16.7B YoY+14.2%
Provision for credit losses	—	—	16.0M YoY+0.0%	16.0M YoY-44.8%	29.0M YoY-23.7%
Interest expense	366M YoY+20.4%	304M YoY+18.3%	257M YoY+34.6%	191M YoY+37.4%	139M YoY-18.2%
Gain (loss) on equity securities	8.00M YoY+700.0%	1.00M YoY+200.0%	-1.00M YoY+95.2%	-21.0M YoY-184.0%	25.0M YoY+266.7%
Pre-tax income	1.54B YoY+57.1%	980M YoY-15.5%	1.16B YoY+61.6%	718M YoY-48.2%	1.39B YoY+150.5%
Income tax	351M YoY+37.1%	256M YoY+2.0%	251M YoY+27.4%	197M YoY-8.4%	215M YoY+55.8%
	1.18B YoY+64.9%	717M YoY-20.5%	902M YoY+74.5%	517M YoY-55.8%	1.17B YoY+181.9%
Net income to non-controlling interest	7.00M YoY+0.0%	7.00M YoY+0.0%	7.00M YoY+75.0%	4.00M	0.00
	$17.69 YoY+64.9%	$10.73 YoY-20.2%	$13.44 YoY+75.9%	$7.64 YoY-55.4%	$17.13 YoY+171.5%
EPS (basic)	$17.94 YoY+64.6%	$10.90 YoY-19.9%	$13.60 YoY+75.9%	$7.73 YoY-55.2%	$17.26 YoY+171.8%
	65.9M YoY+0.2%	65.8M YoY-0.8%	66.3M YoY-0.9%	66.9M YoY-1.3%	67.8M YoY+3.7%
	66.8M YoY-0.1%	66.9M YoY-0.3%	67.1M YoY-0.9%	67.7M YoY-0.9%	68.3M YoY+3.8%
Dividends per share	$3.64 YoY+4.6%	$3.48 YoY+5.5%	$3.30 YoY+7.8%	$3.06 YoY+7.0%	$2.86 YoY+0.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	4.17B YoY+25.3%	3.33B YoY+12.0%	2.97B YoY+1.5%	2.93B YoY+0.0%	2.93B YoY-0.7%
	157B YoY+31.9%	119B YoY+21.6%	97.6B YoY+15.0%	84.9B YoY-8.6%	92.9B YoY+9.8%
Goodwill	—	—	—	7.00M YoY+0.0%	7.00M YoY+0.0%
	143B YoY+32.7%	108B YoY+21.8%	88.5B YoY+13.8%	77.7B YoY-1.8%	79.2B YoY+12.6%
Long-term debt	5.71B YoY+13.2%	5.04B YoY+13.9%	4.43B YoY+11.8%	3.96B YoY+8.0%	3.67B YoY+2.6%
	13.5B YoY+24.5%	10.8B YoY+19.1%	9.08B YoY+28.2%	7.08B YoY-13.4%	8.18B YoY-43.0%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	1.00M YoY+0.0%	1.00M YoY+0.0%	1.00M YoY+0.0%	1.00M YoY+0.0%	1.00M YoY+0.0%
Additional paid-in capital	2.64B YoY+1.5%	2.60B YoY+2.2%	2.54B YoY+1.7%	2.50B YoY+1.7%	2.46B YoY+2.3%
Retained earnings	10.2B YoY+9.7%	9.26B YoY+5.1%	8.80B YoY+7.8%	8.17B YoY-4.6%	8.56B YoY+5.1%
Treasury stock	2.01B YoY+6.6%	1.89B YoY-0.6%	1.90B YoY+10.5%	1.72B YoY+4.1%	1.65B YoY+5.8%
Accumulated other comprehensive income	2.68B YoY+215.9%	849M YoY+330.1%	-369M YoY+80.3%	-1.87B YoY-274.2%	-500M YoY+45.0%
Non-controlling interest	90.0M YoY+0.0%	90.0M YoY+0.0%	90.0M YoY+0.0%	90.0M	0.00
Total equity incl. non-controlling	13.6B YoY+24.3%	10.9B YoY+18.9%	9.17B YoY+27.9%	7.17B YoY-12.3%	8.18B YoY-43.0%
Total liabilities & equity	157B YoY+31.9%	119B YoY+21.6%	97.6B YoY+15.0%	84.9B YoY-7.9%	92.2B YoY+8.9%
	85.3M YoY+0.0%	85.3M YoY+0.0%	85.3M YoY+0.0%	85.3M YoY+0.0%	85.3M YoY+0.0%
	65.6M YoY-0.7%	66.0M YoY+0.4%	65.8M YoY-1.7%	66.9M YoY-0.5%	67.2M YoY-1.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	4.09B YoY-56.3%	9.37B YoY+131.7%	4.04B YoY+201.1%	1.34B YoY-67.9%	4.18B YoY+25.9%
Depreciation & amortization	43.0M YoY-6.5%	46.0M YoY+12.2%	41.0M YoY+7.9%	38.0M YoY-11.6%	43.0M YoY-12.2%
Deferred income taxes	340M YoY+657.4%	-61.0M YoY-128.9%	211M YoY+214.9%	67.0M YoY+26.4%	53.0M YoY+431.3%
	-12.1B YoY+3.6%	-12.5B YoY-208.5%	-4.07B YoY+28.5%	-5.69B YoY-22.9%	-4.63B YoY-72.7%
Capital expenditure	—	—	—	25.0M YoY+31.6%	19.0M YoY-32.1%
Free cash flow	—	—	—	1.32B YoY-68.3%	4.16B YoY+26.4%
Acquisitions	0.00	0.00	0.00	0.00 YoY-100.0%	156M
Sales/maturities of investments	1.24B YoY+1.6%	1.22B YoY+26.1%	967M YoY+6.7%	906M YoY+2.1%	887M YoY-8.8%
Other investing activities	-143M YoY-1121.4%	14.0M YoY-71.4%	49.0M YoY+113.0%	23.0M YoY+483.3%	-6.00M YoY-103.7%
	8.80B YoY+140.3%	3.66B YoY+4593.6%	78.0M YoY-98.2%	4.44B YoY+22080.0%	20.0M YoY-98.4%
Long-term debt issued	691M YoY+8.0%	640M YoY-28.1%	890M YoY+29.0%	690M YoY+39.7%	494M YoY-17.4%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	240M YoY+4.8%	229M YoY+4.6%	219M YoY+6.8%	205M YoY+5.7%	194M YoY+6.6%
FX effect on cash	47.0M YoY+136.2%	-130M YoY-900.0%	-13.0M YoY+88.4%	-112M YoY-229.4%	-34.0M YoY-154.0%
Net change in cash	842M YoY+136.5%	356M YoY+727.9%	43.0M YoY+304.8%	-21.0M YoY+95.4%	-460M YoY-123.5%
Interest paid	255M YoY+19.7%	213M YoY-1.8%	217M YoY+33.1%	163M YoY+1.9%	160M YoY-3.6%
Income taxes paid	252M YoY+223.1%	78.0M YoY-73.8%	298M YoY+131.0%	129M YoY-64.9%	368M YoY+240.7%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	13.3B YoY-5.4%	14.1B YoY+32.3%	10.7B YoY+12.3%	9.50B YoY+29.1%	7.36B YoY-6.6%
P/E	11.3× YoY-42.6%	19.7× YoY+91.0%	10.3× YoY-58.6%	24.9× YoY+295.4%	6.3× YoY-66.9%
P/S	0.6× YoY-11.8%	0.6× YoY+7.2%	0.6× YoY+1.7%	0.6× YoY+32.6%	0.4× YoY-18.2%
P/B	1.0× YoY-24.0%	1.3× YoY-1.4%	1.3× YoY-5.9%	1.4× YoY+56.3%	0.9× YoY+63.8%
P/FCF	—	—	—	—	1.8× YoY-26.1%
	8.9% YoY+74.3%	5.1% YoY-47.6%	9.7% YoY+141.3%	4.0% YoY-74.7%	15.9% YoY+201.9%
	—	—	—	—	56.6% YoY+35.3%
	1.8% YoY+9.8%	1.6% YoY-20.1%	2.0% YoY-5.3%	2.2% YoY-17.6%	2.6% YoY+5.9%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: RGA's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all RGA filings on SEC EDGAR → Not investment advice.