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)
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.
| Line item | Trend | 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+7.2% | 22.1B+19.1% | 18.6B+14.4% | 16.2B-2.6% | 16.7B+14.2% | |
| Provision for credit losses | — | — | 16.0M+0.0% | 16.0M-44.8% | 29.0M-23.7% | |
| Interest expense | 366M+20.4% | 304M+18.3% | 257M+34.6% | 191M+37.4% | 139M-18.2% | |
| Gain (loss) on equity securities | 8.00M+700.0% | 1.00M+200.0% | -1.00M+95.2% | -21.0M-184.0% | 25.0M+266.7% | |
| Pre-tax income | 1.54B+57.1% | 980M-15.5% | 1.16B+61.6% | 718M-48.2% | 1.39B+150.5% | |
| Income tax | 351M+37.1% | 256M+2.0% | 251M+27.4% | 197M-8.4% | 215M+55.8% | |
| 1.18B+64.9% | 717M-20.5% | 902M+74.5% | 517M-55.8% | 1.17B+181.9% | ||
| Net income to non-controlling interest | 7.00M+0.0% | 7.00M+0.0% | 7.00M+75.0% | 4.00M | 0.00 | |
| $17.69+64.9% | $10.73-20.2% | $13.44+75.9% | $7.64-55.4% | $17.13+171.5% | ||
| EPS (basic) | $17.94+64.6% | $10.90-19.9% | $13.60+75.9% | $7.73-55.2% | $17.26+171.8% | |
| Weighted-avg shares (basic) | 65.9M+0.2% | 65.8M-0.8% | 66.3M-0.9% | 66.9M-1.3% | 67.8M+3.7% | |
| Weighted-avg shares (diluted) | 66.8M-0.1% | 66.9M-0.3% | 67.1M-0.9% | 67.7M-0.9% | 68.3M+3.8% | |
| Dividends per share | $3.64+4.6% | $3.48+5.5% | $3.30+7.8% | $3.06+7.0% | $2.86+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+25.3% | 3.33B+12.0% | 2.97B+1.5% | 2.93B+0.0% | 2.93B-0.7% | |
| 157B+31.9% | 119B+21.6% | 97.6B+15.0% | 84.9B-8.6% | 92.9B+9.8% | ||
| Goodwill | — | — | — | 7.00M+0.0% | 7.00M+0.0% | |
| 143B+32.7% | 108B+21.8% | 88.5B+13.8% | 77.7B-1.8% | 79.2B+12.6% | ||
| Long-term debt | 5.71B+13.2% | 5.04B+13.9% | 4.43B+11.8% | 3.96B+8.0% | 3.67B+2.6% | |
| 13.5B+24.5% | 10.8B+19.1% | 9.08B+28.2% | 7.08B-13.4% | 8.18B-43.0% | ||
| Preferred stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock | 1.00M+0.0% | 1.00M+0.0% | 1.00M+0.0% | 1.00M+0.0% | 1.00M+0.0% | |
| Additional paid-in capital | 2.64B+1.5% | 2.60B+2.2% | 2.54B+1.7% | 2.50B+1.7% | 2.46B+2.3% | |
| Retained earnings | 10.2B+9.7% | 9.26B+5.1% | 8.80B+7.8% | 8.17B-4.6% | 8.56B+5.1% | |
| Treasury stock | 2.01B+6.6% | 1.89B-0.6% | 1.90B+10.5% | 1.72B+4.1% | 1.65B+5.8% | |
| Accumulated other comprehensive income | 2.68B+215.9% | 849M+330.1% | -369M+80.3% | -1.87B-274.2% | -500M+45.0% | |
| Non-controlling interest | 90.0M+0.0% | 90.0M+0.0% | 90.0M+0.0% | 90.0M | 0.00 | |
| Total equity incl. non-controlling | 13.6B+24.3% | 10.9B+18.9% | 9.17B+27.9% | 7.17B-12.3% | 8.18B-43.0% | |
| Total liabilities & equity | 157B+31.9% | 119B+21.6% | 97.6B+15.0% | 84.9B-7.9% | 92.2B+8.9% | |
| Common shares issued | 85.3M+0.0% | 85.3M+0.0% | 85.3M+0.0% | 85.3M+0.0% | 85.3M+0.0% | |
| Shares outstanding (cover) | 65.6M-0.7% | 66.0M+0.4% | 65.8M-1.7% | 66.9M-0.5% | 67.2M-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-56.3% | 9.37B+131.7% | 4.04B+201.1% | 1.34B-67.9% | 4.18B+25.9% | ||
| Depreciation & amortization | 43.0M-6.5% | 46.0M+12.2% | 41.0M+7.9% | 38.0M-11.6% | 43.0M-12.2% | |
| Deferred income taxes | 340M+657.4% | -61.0M-128.9% | 211M+214.9% | 67.0M+26.4% | 53.0M+431.3% | |
| -12.1B+3.6% | -12.5B-208.5% | -4.07B+28.5% | -5.69B-22.9% | -4.63B-72.7% | ||
| Capital expenditure | — | — | — | 25.0M+31.6% | 19.0M-32.1% | |
| Free cash flow | — | — | — | 1.32B-68.3% | 4.16B+26.4% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00-100.0% | 156M | |
| Sales/maturities of investments | 1.24B+1.6% | 1.22B+26.1% | 967M+6.7% | 906M+2.1% | 887M-8.8% | |
| Other investing activities | -143M-1121.4% | 14.0M-71.4% | 49.0M+113.0% | 23.0M+483.3% | -6.00M-103.7% | |
| 8.80B+140.3% | 3.66B+4593.6% | 78.0M-98.2% | 4.44B+22080.0% | 20.0M-98.4% | ||
| Long-term debt issued | 691M+8.0% | 640M-28.1% | 890M+29.0% | 690M+39.7% | 494M-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 | 0.00-100.0% | |
| Common stock repurchased | 174M+544.4% | 27.0M-88.1% | 227M+180.2% | 81.0M-18.2% | 99.0M-39.3% | |
| Dividends paid | 240M+4.8% | 229M+4.6% | 219M+6.8% | 205M+5.7% | 194M+6.6% | |
| FX effect on cash | 47.0M+136.2% | -130M-900.0% | -13.0M+88.4% | -112M-229.4% | -34.0M-154.0% | |
| Net change in cash | 842M+136.5% | 356M+727.9% | 43.0M+304.8% | -21.0M+95.4% | -460M-123.5% | |
| Interest paid | 255M+19.7% | 213M-1.8% | 217M+33.1% | 163M+1.9% | 160M-3.6% | |
| Income taxes paid | 252M+223.1% | 78.0M-73.8% | 298M+131.0% | 129M-64.9% | 368M+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-5.4% | 14.1B+32.3% | 10.7B+12.3% | 9.50B+29.1% | 7.36B-6.6% | |
| P/E | 11.3×-42.6% | 19.7×+91.0% | 10.3×-58.6% | 24.9×+295.4% | 6.3×-66.9% | |
| P/S | 0.6×-11.8% | 0.6×+7.2% | 0.6×+1.7% | 0.6×+32.6% | 0.4×-18.2% | |
| P/B | 1.0×-24.0% | 1.3×-1.4% | 1.3×-5.9% | 1.4×+56.3% | 0.9×+63.8% | |
| P/FCF | — | — | — | — | 1.8×-26.1% | |
| Earnings yield | 8.9%+74.3% | 5.1%-47.6% | 9.7%+141.3% | 4.0%-74.7% | 15.9%+201.9% | |
| FCF yield | — | — | — | — | 56.6%+35.3% | |
| Dividend yield | 1.8%+9.8% | 1.6%-20.1% | 2.0%-5.3% | 2.2%-17.6% | 2.6%+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.