Fundies.
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REINSURANCE GROUP OF AMERICA, INCORPORATED

EDGAR
RGA Quarterly report (10-Q) · filed 2026-08-07

Annual consolidated revenue for 2025: about USD 23.7B, using the latest reported figures. The previous period, 2024, was about USD 22.11B.

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Watchlist

Latest quarter

Revenue

6.64 billion USD

2026 Q2 · USD

Exact inputs and evidence
  • Revenue: 6637000000 USD Source

Net margin

6.96%

2026 Q2 · %

Exact inputs and evidence
  • Net Income: 462000000 USD Source
  • Revenue: 6637000000 USD Source

Operating cash flow

-484 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: -3357000000 USD Source
  • Operating Cash Flow: -2873000000 USD Source
Cash and cash equivalents
5.29 billion USD Source
Exact value

5288000000 USD

Long-term debt including current maturities
5.71 billion USD Source
Exact value

5709000000 USD

Shares outstanding
67.9 million shares Source
Exact value

67935859 shares

Reported share-count change

8.51% · 5.33 million shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 62609201 shares · 2019-09-30· Source
  • 67935859 shares · 2020-09-30· Source

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

26 billion USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Revenue: 6204000000 USD · 2025-07-01 – 2025-09-30 Source
  • Revenue: 6635000000 USD · 2025-10-01 – 2025-12-31 Source
  • Revenue: 6494000000 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 6637000000 USD · 2026-04-01 – 2026-06-30 Source

Net income

1.51 billion USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Net income: 253000000 USD · 2025-07-01 – 2025-09-30 Source
  • Net income: 1182000000 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: 719000000 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: 330000000 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: 462000000 USD · 2026-04-01 – 2026-06-30 Source

Operating cash flow

2.98 billion USD

2025-07-01 – 2026-06-30

Exact inputs and evidence
  • Operating cash flow: -3239000000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -2249000000 USD · 2025-01-01 – 2025-06-30 Source
  • Operating cash flow: 4091000000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: -3239000000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -2873000000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: -3357000000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: -2873000000 USD · 2026-01-01 – 2026-03-31 Source

Capital expenditure

26 million USD

2022-10-01 – 2023-09-30

Exact inputs and evidence
  • Capital expenditure: 25000000 USD · 2022-01-01 – 2022-12-31 Source
  • Capital expenditure: 19000000 USD · 2022-01-01 – 2022-09-30 Source
  • Capital expenditure: 5000000 USD · 2023-01-01 – 2023-03-31 Source
  • Capital expenditure: 12000000 USD · 2023-01-01 – 2023-06-30 Source
  • Capital expenditure: 5000000 USD · 2023-01-01 – 2023-03-31 Source
  • Capital expenditure: 20000000 USD · 2023-01-01 – 2023-09-30 Source
  • Capital expenditure: 12000000 USD · 2023-01-01 – 2023-06-30 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-08-07.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 11 of 11 periods available· newest 2025-12-31
  • operating income: No compatible figures in this window
  • Net income: 11 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 11 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 8 of 11 periods available· newest 2022-12-31
  • Total assets: 11 of 11 periods available· newest 2025-12-31
  • Total liabilities: 11 of 11 periods available· newest 2025-12-31
  • current assets: No compatible figures in this window
  • current liabilities: No compatible figures in this window
  • Cash and cash equivalents: 11 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 11 of 11 periods available· newest 2025-12-31
  • Shares outstanding: 5 of 11 periods available· newest 2019-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +7.2%

    Prior period

    USD 22.11 billion

    –

    Current period

    USD 23.7 billion

    –

    Exact inputs and evidence

    23698000000 − 22107000000 = 1591000000 USD

    22107000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    23698000000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Net income

    +64.9%

    Prior period

    USD 717 million

    –

    Current period

    USD 1.18 billion

    –

    Exact inputs and evidence

    1182000000 − 717000000 = 465000000 USD

    717000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    1182000000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Operating cash flow

    -56.3%

    Prior period

    USD 9.37 billion

    –

    Current period

    USD 4.09 billion

    –

    Exact inputs and evidence

    4091000000 − 9370000000 = -5279000000 USD

    9370000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    4091000000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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Comparable inputs unavailable for: Capital expenditure.

Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 23.7 billion 100% of revenue
  • Operating costs Derived Unavailable An input is unavailable.
  • Operating income Unavailable An input is unavailable.
  • Tax, interest and other Derived Unavailable An input is unavailable.
  • Net income USD 1.18 billion 5% of revenue

Cash

  • Operating cash flow USD 4.09 billion 17% of revenue
  • Capital expenditure Unavailable An input is unavailable.
  • Free cash flow Derived Unavailable An input is unavailable.

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2016 Not shown: operating income or net income is not reported.
  • 2017 Not shown: operating income or net income is not reported.
  • 2018 Not shown: operating income or net income is not reported.
  • 2019 Not shown: operating income or net income is not reported.
  • 2020 Not shown: operating income or net income is not reported.
  • 2021 Not shown: operating income or net income is not reported.
  • 2022 Not shown: operating income or net income is not reported.
  • 2023 Not shown: operating income or net income is not reported.
  • 2024 Not shown: operating income or net income is not reported.
  • 2025 Not shown: operating income or net income is not reported.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2016 2016-01-01 – 2016-12-3111521511000 UnavailableUnavailableUnavailable701443000 1421076000 Derived
Source
2017 2017-01-01 – 2017-12-3112516000000 UnavailableUnavailableUnavailable1822000000 1938000000 Derived
Source
2018 2018-01-01 – 2018-12-3112876000000 UnavailableUnavailableUnavailable716000000 1552000000 Derived
Source
2019 2019-01-01 – 2019-12-3114300000000 UnavailableUnavailableUnavailable870000000 2273000000 Derived
Source
2020 2020-01-01 – 2020-12-3114596000000 UnavailableUnavailableUnavailable415000000 3294000000 Derived
Source
2021 2021-01-01 – 2021-12-3116667000000 UnavailableUnavailableUnavailable1170000000 4163000000 Derived
Source
2022 2022-01-01 – 2022-12-3116227000000 UnavailableUnavailableUnavailable517000000 1318000000 Derived
Source
2023 2023-01-01 – 2023-12-3118567000000 UnavailableUnavailableUnavailable902000000 Unavailable
Source
2024 2024-01-01 – 2024-12-3122107000000 UnavailableUnavailableUnavailable717000000 Unavailable
Source
2025 2025-01-01 – 2025-12-3123698000000 UnavailableUnavailableUnavailable1182000000 Unavailable
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 23.7B 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.25.6B19.2B12.8B6.4B0.0201620212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Revenue11521511000
2017Revenue12516000000
2018Revenue12876000000
2019Revenue14300000000
2020Revenue14596000000
2021Revenue16667000000
2022Revenue16227000000
2023Revenue18567000000
2024Revenue22107000000
2025Revenue23698000000

Revenue growth

Change in revenue from the same financial period one year earlier.

7.2% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.20.8%14.5%8.2%1.9%-4.4%201620212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2016Year over year10.6%
2017Year over year8.6%
2018Year over year2.9%
2019Year over year11.1%
2020Year over year2.1%
2021Year over year14.2%
2022Year over year-2.6%
2023Year over year14.4%
2024Year over year19.1%
2025Year over year7.2%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Net margin 5% 2025
Free cash flow margin 8.1% 2022
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.27.0%20.2%13.5%6.7%0.0%2016-12-312021-12-312025-12-31
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2016-12-31Operating marginNot reported
2017-12-31Operating marginNot reported
2018-12-31Operating marginNot reported
2019-12-31Operating marginNot reported
2020-12-31Operating marginNot reported
2021-12-31Operating marginNot reported
2022-12-31Operating marginNot reported
2023-12-31Operating marginNot reported
2024-12-31Operating marginNot reported
2025-12-31Operating marginNot reported
2016Net margin6.1%
2017Net margin14.6%
2018Net margin5.6%
2019Net margin6.1%
2020Net margin2.8%
2021Net margin7%
2022Net margin3.2%
2023Net margin4.9%
2024Net margin3.2%
2025Net margin5%
2016Free cash flow margin12.3%
2017Free cash flow margin15.5%
2018Free cash flow margin12.1%
2019Free cash flow margin15.9%
2020Free cash flow margin22.6%
2021Free cash flow margin25%
2022Free cash flow margin8.1%
2023Free cash flow marginNot reported
2024Free cash flow marginNot reported
2025Free cash flow marginNot reported

Operating cash flow

Cash generated by the company’s normal business operations.

USD 4.1B 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.10.1B7.6B5.1B2.5B0.0201620212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Operating cash flow1465718000
2017Operating cash flow1982000000
2018Operating cash flow1581000000
2019Operating cash flow2307000000
2020Operating cash flow3322000000
2021Operating cash flow4182000000
2022Operating cash flow1343000000
2023Operating cash flow4044000000
2024Operating cash flow9370000000
2025Operating cash flow4091000000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 1.3B 2022
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.4.5B3.4B2.2B1.1B0.0201620212025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Free cash flow1421076000
2017Free cash flow1938000000
2018Free cash flow1552000000
2019Free cash flow2273000000
2020Free cash flow3294000000
2021Free cash flow4163000000
2022Free cash flow1318000000
2023Free cash flowUnavailable
2024Free cash flowUnavailable
2025Free cash flowUnavailable

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

91.3% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.99%74%49%25%0%201620212025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2016Liabilities / assets86.6%
2017Liabilities / assets84.2%
2018Liabilities / assets86.9%
2019Liabilities / assets84.9%
2020Liabilities / assets83%
2021Liabilities / assets85.2%
2022Liabilities / assets91.6%
2023Liabilities / assets90.6%
2024Liabilities / assets90.8%
2025Liabilities / assets91.3%

Current assets to current liabilities

Current assets divided by current liabilities.

Not enough comparable data to show this history.
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2016-12-31Current assets / current liabilitiesNot reportedNo source recorded
2017-12-31Current assets / current liabilitiesNot reportedNo source recorded
2018-12-31Current assets / current liabilitiesNot reportedNo source recorded
2019-12-31Current assets / current liabilitiesNot reportedNo source recorded
2020-12-31Current assets / current liabilitiesNot reportedNo source recorded
2021-12-31Current assets / current liabilitiesNot reportedNo source recorded
2022-12-31Current assets / current liabilitiesNot reportedNo source recorded
2023-12-31Current assets / current liabilitiesNot reportedNo source recorded
2024-12-31Current assets / current liabilitiesNot reportedNo source recorded
2025-12-31Current assets / current liabilitiesNot reportedNo source recorded

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
USD 701.44 million
Exact value

Exact value: 701443000 USD

2016-01-01 – 2016-12-31: 701443000 USD Inspect Net Income Open source
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USD 1.47 billion
Exact value

Exact value: 1465718000 USD

2016-01-01 – 2016-12-31: 1465718000 USD Inspect Operating Cash Flow Open source
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USD 44.64 million
Exact value

Exact value: 44642000 USD

2016-01-01 – 2016-12-31: 44642000 USD Inspect Capital Expenditure Open source
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USD 1.42 billion
Calculation and evidence

1465718000 − 44642000 USD

Exact free cash flow: 1421076000 USD

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2017 2017-01-01 – 2017-12-31
USD 1.82 billion
Exact value

Exact value: 1822000000 USD

2017-01-01 – 2017-12-31: 1822000000 USD Inspect Net Income Open source
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USD 1.98 billion
Exact value

Exact value: 1982000000 USD

2017-01-01 – 2017-12-31: 1982000000 USD Inspect Operating Cash Flow Open source
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USD 44 million
Exact value

Exact value: 44000000 USD

2017-01-01 – 2017-12-31: 44000000 USD Inspect Capital Expenditure Open source
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USD 1.94 billion
Calculation and evidence

1982000000 − 44000000 USD

Exact free cash flow: 1938000000 USD

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2018 2018-01-01 – 2018-12-31
USD 716 million
Exact value

Exact value: 716000000 USD

2018-01-01 – 2018-12-31: 716000000 USD Inspect Net Income Open source
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USD 1.58 billion
Exact value

Exact value: 1581000000 USD

2018-01-01 – 2018-12-31: 1581000000 USD Inspect Operating Cash Flow Open source
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USD 29 million
Exact value

Exact value: 29000000 USD

2018-01-01 – 2018-12-31: 29000000 USD Inspect Capital Expenditure Open source
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USD 1.55 billion
Calculation and evidence

1581000000 − 29000000 USD

Exact free cash flow: 1552000000 USD

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2019 2019-01-01 – 2019-12-31
USD 870 million
Exact value

Exact value: 870000000 USD

2019-01-01 – 2019-12-31: 870000000 USD Inspect Net Income Open source
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USD 2.31 billion
Exact value

Exact value: 2307000000 USD

2019-01-01 – 2019-12-31: 2307000000 USD Inspect Operating Cash Flow Open source
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USD 34 million
Exact value

Exact value: 34000000 USD

2019-01-01 – 2019-12-31: 34000000 USD Inspect Capital Expenditure Open source
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USD 2.27 billion
Calculation and evidence

2307000000 − 34000000 USD

Exact free cash flow: 2273000000 USD

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2020 2020-01-01 – 2020-12-31
USD 415 million
Exact value

Exact value: 415000000 USD

2020-01-01 – 2020-12-31: 415000000 USD Inspect Net Income Open source
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USD 3.32 billion
Exact value

Exact value: 3322000000 USD

2020-01-01 – 2020-12-31: 3322000000 USD Inspect Operating Cash Flow Open source
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USD 28 million
Exact value

Exact value: 28000000 USD

2020-01-01 – 2020-12-31: 28000000 USD Inspect Capital Expenditure Open source
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USD 3.29 billion
Calculation and evidence

3322000000 − 28000000 USD

Exact free cash flow: 3294000000 USD

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2021 2021-01-01 – 2021-12-31
USD 1.17 billion
Exact value

Exact value: 1170000000 USD

2021-01-01 – 2021-12-31: 1170000000 USD Inspect Net Income Open source
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USD 4.18 billion
Exact value

Exact value: 4182000000 USD

2021-01-01 – 2021-12-31: 4182000000 USD Inspect Operating Cash Flow Open source
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USD 19 million
Exact value

Exact value: 19000000 USD

2021-01-01 – 2021-12-31: 19000000 USD Inspect Capital Expenditure Open source
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USD 4.16 billion
Calculation and evidence

4182000000 − 19000000 USD

Exact free cash flow: 4163000000 USD

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2022 2022-01-01 – 2022-12-31
USD 517 million
Exact value

Exact value: 517000000 USD

2022-01-01 – 2022-12-31: 517000000 USD Inspect Net Income Open source
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USD 1.34 billion
Exact value

Exact value: 1343000000 USD

2022-01-01 – 2022-12-31: 1343000000 USD Inspect Operating Cash Flow Open source
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USD 25 million
Exact value

Exact value: 25000000 USD

2022-01-01 – 2022-12-31: 25000000 USD Inspect Capital Expenditure Open source
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USD 1.32 billion
Calculation and evidence

1343000000 − 25000000 USD

Exact free cash flow: 1318000000 USD

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2023 2023-01-01 – 2023-12-31
USD 902 million
Exact value

Exact value: 902000000 USD

2023-01-01 – 2023-12-31: 902000000 USD Inspect Net Income Open source
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USD 4.04 billion
Exact value

Exact value: 4044000000 USD

2023-01-01 – 2023-12-31: 4044000000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2024 2024-01-01 – 2024-12-31
USD 717 million
Exact value

Exact value: 717000000 USD

2024-01-01 – 2024-12-31: 717000000 USD Inspect Net Income Open source
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USD 9.37 billion
Exact value

Exact value: 9370000000 USD

2024-01-01 – 2024-12-31: 9370000000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2025 2025-01-01 – 2025-12-31
USD 1.18 billion
Exact value

Exact value: 1182000000 USD

2025-01-01 – 2025-12-31: 1182000000 USD Inspect Net Income Open source
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USD 4.09 billion
Exact value

Exact value: 4091000000 USD

2025-01-01 – 2025-12-31: 4091000000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

171 filings · 9,906 latest values · 9,906 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0000898174, 898174, RGA, RZC, edgar:898174

Also known as REINSURANCE GROUP OF AMERICA INC, REINSURANCE GROUP OF AMERICA, INCORPORATED