REINSURANCE GROUP OF AMERICA INC's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), REINSURANCE GROUP OF AMERICA INC reported revenue of $23.7B (+7.2% year on year) and net income of $1.2B (+64.2% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net premiums | $17.2B | $17.8B | $15.1B | $13.1B |
| Net investment income | $5.8B | $4.4B | $3.6B | $3.2B |
| Investment related (losses), net | ($245.0M) | ($745.0M) | ($481.0M) | ($506.0M) |
| Other revenues | $907.0M | $593.0M | $372.0M | $525.0M |
| Total revenues | $23.7B | $22.1B | $18.6B | $16.3B |
| Claims and other policy benefits | $17.0B | $16.9B | $13.9B | $12.0B |
| Liability for Future Policy Benefit, Remeasurement Gain (Loss) | $0 | ($32.0M) | ($62.0M) | — |
| Market Risk Benefit, Change in Fair Value, Gain (Loss) | $8.0M | ($44.0M) | ($10.0M) | — |
| Interest credited | $1.6B | $1.1B | $864.0M | $682.0M |
| Other operating expenses | $1.3B | $1.3B | $1.1B | $1.0B |
| Interest expense | $366.0M | $304.0M | $257.0M | $184.0M |
| Total benefits and expenses | $22.2B | $21.1B | $17.4B | $15.4B |
| Income before income taxes | $1.5B | $980.0M | $1.2B | $831.0M |
| Provision for income taxes | $351.0M | $256.0M | $251.0M | $204.0M |
| Net income | $1.2B | $724.0M | $909.0M | $627.0M |
| Net income attributable to noncontrolling interest | $7.0M | $7.0M | $7.0M | $4.0M |
| Net income available to RGA, Inc. shareholders | $1.2B | $717.0M | $902.0M | $623.0M |
| Basic earnings per share | $17.94 | $10.90 | $13.60 | — |
| Diluted earnings per share | $17.69 | $10.73 | $13.44 | — |
| Deferred Policy Acquisition Costs, Amortization Expense | $1.8B | $1.6B | — | — |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Net premiums | $4.5B | $4.6B | $4.3B | $4.2B |
| Net investment income | $1.9B | $1.7B | $1.5B | $1.4B |
| Investment related losses, net | ($76.0M) | ($170.0M) | $13.0M | ($44.0M) |
| Other revenues | $377.0M | $368.0M | $436.0M | $84.0M |
| Total revenues | $6.6B | $6.5B | $6.2B | $5.6B |
| Claims and other policy benefits | $4.5B | $4.6B | $4.4B | $4.0B |
| Liability for Future Policy Benefit, Remeasurement Gain (Loss) | $6.0M | ($7.0M) | $85.0M | $68.0M |
| Market Risk Benefit, Change in Fair Value, Gain (Loss) | ($26.0M) | $22.0M | ($1.0M) | ($17.0M) |
| Interest credited | $617.0M | $480.0M | $547.0M | $314.0M |
| Policy acquisition costs and other insurance expenses | $508.0M | $512.0M | $471.0M | $433.0M |
| Other operating expenses | $348.0M | $326.0M | $328.0M | $325.0M |
| Interest expense | $101.0M | $99.0M | $98.0M | $90.0M |
| Total benefits and expenses | $6.0B | $6.1B | $5.9B | $5.3B |
| Income before income taxes | $605.0M | $441.0M | $320.0M | $341.0M |
| Provision for income taxes | $141.0M | $110.0M | $65.0M | $160.0M |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $464.0M | $331.0M | $255.0M | $181.0M |
| Net Income (Loss) Attributable to Noncontrolling Interest | $2.0M | $1.0M | $2.0M | $1.0M |
| Net income | $462.0M | $330.0M | $253.0M | $180.0M |
| Basic earnings per share | $7.07 | $5.04 | $3.85 | $2.72 |
| Diluted earnings per share | $7.01 | $4.98 | $3.81 | $2.70 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Fixed maturity securities available-for-sale at fair value (amortized cost of $107,264 and $82,907; allowance for credit losses of $210 and $98) | $101.8B | $77.6B | $60.5B | $52.9B |
| Equity Securities, FV-NI | $311.0M | $155.0M | $139.0M | $134.0M |
| Mortgage loans (net of allowance for credit losses of $117 and $93) | $11.1B | $8.8B | $7.4B | $6.6B |
| Policy loans | $3.5B | $1.3B | $1.2B | $1.2B |
| Funds withheld at interest | $8.1B | $5.4B | $5.7B | $6.0B |
| Real Estate Investments, Joint Ventures | $3.7B | $3.1B | $2.6B | $2.3B |
| Short-term investments | $346.0M | $363.0M | $222.0M | $154.0M |
| Other invested assets | $1.5B | $1.2B | $1.2B | $1.1B |
| Total investments | $130.5B | $98.0B | $78.9B | $70.5B |
| Cash and cash equivalents | $4.2B | $3.3B | $3.0B | $2.9B |
| Accrued investment income | $1.3B | $986.0M | $759.0M | $630.0M |
| Premiums receivable and other reinsurance balances | $4.5B | $3.9B | $3.5B | $3.0B |
| Reinsurance ceded receivables and other | $7.2B | $5.5B | $5.4B | $2.5B |
| Deferred policy acquisition costs and other | $6.1B | $5.5B | $4.6B | $4.0B |
| Other assets | $2.9B | $1.4B | $1.4B | $1.2B |
| Total assets | $156.6B | $118.7B | $97.6B | $84.7B |
| Future policy benefits | $66.4B | $53.4B | $41.2B | $35.2B |
| Interest-sensitive contract liabilities | $52.1B | $35.1B | $30.3B | $30.6B |
| Other policy claims and benefits | $3.0B | $2.7B | $2.7B | $6.6B |
| Other reinsurance balances | $1.9B | $1.3B | $1.1B | $756.0M |
| Income taxes | $3.0B | $2.2B | $1.9B | $736.0M |
| Funds Held under Reinsurance Agreements, Liability | $6.8B | $5.0B | $4.5B | — |
| Other liabilities | $3.9B | $2.8B | $2.1B | $2.7B |
| Long-term debt | $5.7B | $5.0B | $4.4B | $4.0B |
| Market Risk Benefit, Net Amount at Risk | $234.0M | $223.0M | $258.0M | — |
| Total liabilities | $143.0B | $107.8B | $88.5B | $80.5B |
| Preferred stock (par value $$0.01 per share; 10,000,000 shares authorized; no shares issued or outstanding) | $0.00 | $0.00 | $0.00 | $0.00 |
| Common stock (par value $0.01 per share; 140,000,000 shares authorized; shares issued: 85,310,598 at both December 31, 2025 and December 31, 2024) | $1000000.00 | $1000000.00 | $1000000.00 | $1000000.00 |
| Additional paid-in-capital | $2.6B | $2.6B | $2.5B | $2.5B |
| Retained earnings | $10.2B | $9.3B | $8.8B | $9.0B |
| Treasury stock, at cost – 19,846,934 and 19,438,336 shares at December 31, 2025 and December 31, 2024 | -2.0B | -1.9B | -1.9B | -1.7B |
| Accumulated other comprehensive income (loss) | $2.7B | $849.0M | ($369.0M) | ($5.6B) |
| Total Reinsurance Group of America, Inc. shareholders’ equity | $13.5B | $10.8B | $9.1B | $4.1B |
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $13.6B | $10.9B | $9.2B | $4.2B |
| Total liabilities and equity | $156.6B | $118.7B | $97.6B | $84.7B |
| Stockholders' Equity Attributable to Noncontrolling Interest | $90.0M | $90.0M | $90.0M | $90.0M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Fixed maturity securities available-for-sale, at fair value (amortized cost of $116,308 and $107,264; allowance for credit losses of $246 and $210) | $109.3B | $107.3B | $99.6B | $86.0B |
| Available-for-sale Securities, Equity Securities | $302.0M | $300.0M | $161.0M | $155.0M |
| Mortgage loans (net of allowance for credit losses of $127 and $117) | $11.9B | $11.3B | $10.5B | $10.1B |
| Policy loans | $3.6B | $3.7B | $3.6B | $1.3B |
| Funds withheld at interest | $8.1B | $8.4B | $8.3B | $7.1B |
| Real Estate Investments, Joint Ventures | $4.1B | $4.1B | $3.6B | $3.3B |
| Short-term investments | $378.0M | $357.0M | $381.0M | $502.0M |
| Other invested assets | $1.6B | $1.5B | $1.5B | $1.4B |
| Total investments | $139.3B | $137.0B | $127.6B | $109.9B |
| Cash and cash equivalents | $5.3B | $5.0B | $4.6B | $5.4B |
| Accrued investment income | $1.4B | $1.4B | $1.3B | $1.1B |
| Premiums receivable and other reinsurance balances | $4.7B | $4.3B | $4.0B | $4.2B |
| Reinsurance Recoverables, Including Reinsurance Premium Paid | $6.7B | $6.7B | $5.8B | $5.4B |
| Deferred policy acquisition costs and other | $6.4B | $6.2B | $6.0B | $5.8B |
| Other assets | $3.3B | $3.5B | $2.8B | $1.7B |
| Total assets | $167.1B | $164.1B | $152.0B | $133.5B |
| Market Risk Benefit, Net Amount at Risk | $232.0M | $249.0M | $238.0M | $233.0M |
| Funds Held under Reinsurance Agreements, Liability | $6.4B | $6.5B | $5.3B | $4.8B |
| Future policy benefits | $73.0B | $72.3B | $66.4B | $63.5B |
| Interest-sensitive contract liabilities | $56.1B | $53.5B | $49.6B | $37.2B |
| Other policy claims and benefits | $3.0B | $3.1B | $3.0B | $3.0B |
| Other reinsurance balances | $1.6B | $1.5B | $1.6B | $1.4B |
| Income taxes | $3.2B | $3.2B | $2.6B | $2.5B |
| Other liabilities | $4.0B | $4.3B | $4.4B | $3.0B |
| Long-term debt | $5.7B | $6.1B | $5.7B | $5.7B |
| Total liabilities | $153.3B | $150.7B | $138.9B | $121.3B |
| Preferred stock (par value $0.01 per share, 10,000,000 shares authorized, no shares issued or outstanding) | $0.00 | $0.00 | $0.00 | $0.00 |
| Common stock (par value $0.01 per share, 140,000,000 shares authorized, 85,310,598 shares issued at June 30, 2026 and December 31, 2025) | $1000000.00 | $1000000.00 | $1000000.00 | $1000000.00 |
| Additional paid-in-capital | $2.7B | $2.7B | $2.6B | $2.6B |
| Retained earnings | $10.8B | $10.4B | $9.8B | $9.6B |
| Treasury stock, at cost (20,018,604 and 19,846,934 shares at June 30, 2026 and December 31, 2025) | -2.1B | -2.1B | -2.0B | -1.9B |
| Accumulated other comprehensive income | $2.3B | $2.3B | $2.6B | $1.8B |
| Total RGA, Inc. shareholders’ equity | $13.7B | $13.3B | $13.0B | $12.1B |
| Stockholders' Equity Attributable to Noncontrolling Interest | $90.0M | $90.0M | $90.0M | $90.0M |
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $13.8B | $13.4B | $13.1B | $12.1B |
| Total liabilities and equity | $167.1B | $164.1B | $152.0B | $133.5B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Accrued investment income | ($123.0M) | ($132.0M) | ($99.0M) | ($111.0M) |
| Premiums receivable and other reinsurance balances | ($422.0M) | ($397.0M) | ($537.0M) | ($233.0M) |
| Deferred policy acquisition costs and other | ($441.0M) | ($322.0M) | ($490.0M) | ($156.0M) |
| Reinsurance ceded receivables and other | $67.0M | $231.0M | ($209.0M) | $91.0M |
| Future policy benefits, other policy claims and benefits and other reinsurance balances | $4.3B | $8.8B | $4.1B | $1.1B |
| Decrease In Funds Withheld Net Of Reinsurance Recoverable And Deposit Receivable | ($228.0M) | — | — | — |
| Other assets and other liabilities, net | ($388.0M) | $257.0M | $68.0M | ($2.0M) |
| Amortization of net investment premiums, discounts and other | ($271.0M) | ($214.0M) | ($127.0M) | ($71.0M) |
| Income from limited partnerships and real estate joint ventures | ($193.0M) | ($96.0M) | ($181.0M) | ($331.0M) |
| Investment related losses, net | $245.0M | $745.0M | $481.0M | $506.0M |
| Increase (Decrease) in Future Policy Benefit Reserves | $0 | ($32.0M) | ($62.0M) | — |
| Provision for income taxes | $351.0M | — | — | — |
| Market Risk Benefit, Increase (Decrease) from Equity Market Change | $8.0M | ($44.0M) | ($10.0M) | — |
| Depreciation and amortization expense | $43.0M | $46.0M | $41.0M | $38.0M |
| Other, net | ($86.0M) | ($16.0M) | ($135.0M) | ($217.0M) |
| Net cash provided by operating activities | $4.1B | $9.4B | $4.0B | $1.3B |
| Sales of fixed maturity securities available-for-sale | $27.7B | $28.2B | $8.2B | $10.6B |
| Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale | $1.2B | $1.2B | $967.0M | $906.0M |
| Proceeds from Sale of Available-for-sale Securities, Equity | $59.0M | $7.0M | $1.0M | $7.0M |
| Proceeds from Sale and Collection of Mortgage Notes Receivable | $930.0M | $640.0M | $436.0M | $963.0M |
| Payments to Acquire Available-for-sale Securities | ($37.7B) | ($40.7B) | ($12.6B) | ($16.5B) |
| Payments to Acquire Available-for-sale Securities, Equity | ($150.0M) | ($6.0M) | ($5.0M) | ($15.0M) |
| Payments to Acquire Mortgage Notes Receivable | ($3.2B) | ($1.9B) | ($1.3B) | ($1.3B) |
| Net deposits in funds withheld at interest | $529.0M | $274.0M | $352.0M | — |
| Proceeds from Real Estate and Real Estate Joint Ventures | $546.0M | $258.0M | $474.0M | $710.0M |
| Payments to Acquire Real Estate and Real Estate Joint Ventures | ($1.1B) | ($578.0M) | ($551.0M) | ($700.0M) |
| Proceeds from Sale of Short-Term Investments | $1.0B | $772.0M | $353.0M | — |
| Payments to Acquire Short-Term Investments | ($1.5B) | ($1.0B) | ($601.0M) | — |
| Proceeds from Maturities, Prepayments and Calls of Short-Term Investments | $714.0M | $343.0M | $187.0M | — |
| Payments for (Proceeds from) Productive Assets | ($276.0M) | ($28.0M) | $102.0M | — |
| Payments to Acquire Notes Receivable | ($1.0B) | — | — | — |
| Proceeds from Sale and Collection of Notes Receivable | $3.0M | — | — | — |
| Payment for (Proceeds from) Other Investing Activity | $143.0M | ($14.0M) | ($49.0M) | ($140.0M) |
| Net cash used in investing activities | ($12.1B) | ($12.5B) | ($4.1B) | ($5.7B) |
| Dividends to shareholders | ($240.0M) | ($229.0M) | ($219.0M) | ($205.0M) |
| Proceeds from long-term debt issuance, net | $691.0M | $640.0M | $890.0M | $700.0M |
| Principal payments of long-term debt | ($29.0M) | ($28.0M) | ($428.0M) | ($403.0M) |
| Purchases of treasury stock | ($174.0M) | ($27.0M) | ($227.0M) | ($81.0M) |
| Proceeds from Issuance or Sale of Equity | $4.0M | — | — | — |
| Change in cash collateral for derivatives and repurchase/reverse repurchase agreements | $911.0M | $187.0M | $603.0M | $230.0M |
| Decrease In Reinsurance Deposits Financing Activities | $181.0M | $268.0M | $227.0M | ($44.0M) |
| Deposits on investment-type policies and contracts | $12.1B | $7.6B | $2.9B | $5.7B |
| Withdrawals on investment-type policies and contracts | ($4.6B) | ($4.7B) | ($3.6B) | ($1.4B) |
| Net cash provided by financing activities | $8.8B | $3.7B | $78.0M | $4.4B |
| Effect of exchange rate changes on cash | $47.0M | ($130.0M) | ($13.0M) | ($112.0M) |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Cash Provided by (Used in) Operating Activity, Including Discontinued Operation | $3.4B | $2.9B | $3.2B | $2.2B |
| Sales of fixed maturity securities available-for-sale | $16.9B | $9.6B | $20.8B | $11.1B |
| Purchases of fixed maturity securities available-for-sale | ($22.4B) | ($13.1B) | ($27.8B) | ($13.3B) |
| Maturities of fixed maturity securities available-for-sale | $614.0M | $326.0M | $929.0M | $621.0M |
| Sales of equity securities | $16.0M | $16.0M | $59.0M | $4.0M |
| Principal payments on mortgage loans | $641.0M | $373.0M | $611.0M | $349.0M |
| Cash invested in mortgage loans | ($1.5B) | ($603.0M) | ($2.2B) | ($1.5B) |
| Net deposits in funds withheld at interest | $262.0M | $82.0M | $305.0M | $215.0M |
| Sales of limited partnerships and real estate joint ventures | $396.0M | $136.0M | $336.0M | $271.0M |
| Purchases of limited partnerships and real estate joint ventures | ($612.0M) | ($436.0M) | ($841.0M) | ($475.0M) |
| Sales of short-term investments | $321.0M | $251.0M | $859.0M | $511.0M |
| Purchases of short-term investments | ($585.0M) | ($358.0M) | ($1.2B) | ($969.0M) |
| Maturities of short-term investments | $288.0M | $140.0M | $503.0M | $346.0M |
| Change in other invested assets | ($47.0M) | $84.0M | ($219.0M) | ($27.0M) |
| Other, net | $68.0M | $13.0M | $125.0M | $9.0M |
| Net cash used in investing activities | ($5.6B) | ($3.7B) | ($8.8B) | ($2.9B) |
| Dividends to shareholders | ($122.0M) | ($61.0M) | ($179.0M) | ($118.0M) |
| Proceeds from long-term debt issuance, net | $395.0M | $395.0M | $691.0M | $691.0M |
| Principal payments of long-term debt | $402.0M | $1.0M | $3.0M | $2.0M |
| Purchases of treasury stock | ($146.0M) | ($94.0M) | ($113.0M) | ($38.0M) |
| Proceeds from Issuance or Sale of Equity | $5.0M | $5.0M | $4.0M | — |
| Change in cash collateral for derivatives and repurchase/reverse repurchase agreements | ($158.0M) | ($199.0M) | $1.2B | $130.0M |
| Change in deposit asset on reinsurance | $95.0M | $43.0M | $144.0M | $105.0M |
| Deposits on investment-type policies and contracts | $6.9B | $3.0B | $8.4B | $3.9B |
| Withdrawals on investment-type policies and contracts | ($3.1B) | ($1.4B) | ($3.3B) | ($2.1B) |
| Net cash provided by financing activities | $3.4B | $1.7B | $6.8B | $2.6B |
| Effect of exchange rate changes on cash | ($33.0M) | ($17.0M) | $71.0M | $106.0M |
| Cash and Cash Equivalents, Period Increase (Decrease) | $1.1B | $825.0M | $1.3B | $2.1B |
| Cash and cash equivalents | $5.3B | $5.0B | $4.6B | $5.4B |
| Cash and cash equivalents, end of period | $5.3B | $5.0B | $4.6B | $5.4B |
| Interest Paid, Excluding Capitalized Interest, Operating Activity | $139.0M | $87.0M | $200.0M | $115.0M |
| Income Tax Paid, after Refund Received | $117.0M | $37.0M | $184.0M | $107.0M |
| Transfer to Investments | $5.2B | $4.6B | $16.0B | $4.7B |
| Operating Lease, Right-of-Use Asset, Periodic Reduction | $0 | — | $10.0M | $8.0M |
REINSURANCE GROUP OF AMERICA INC score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.