Logo: Reinsurance Group of America, Public domain, via Wikimedia Commons6
Global reinsurance company
Reinsurance Group of America, Incorporated (NYSE: RGA) is a holding company for a global life and health reinsurance entity based in Greater St. Louis within the western suburb of Chesterfield, Missouri, United States. With approximately $4.3 trillion of life reinsurance in force and total assets of $156.6 billion as of December 31, 2025, RGA has grown to become the only international company to focus primarily on life and health-related reinsurance.3Wikipedia text CC BY-SA 4.0
$268.41up 1.02 (0.38%)Price as of Oct 21, 2026 at 18:59 UTC
Reinsurance Group of America, Incorporated (NYSE: RGA) is a holding company for a global life and health reinsurance entity based in Greater St. Louis within the western suburb of Chesterfield, Missouri, United States. With approximately $4.3 trillion of life reinsurance in force and total assets of $156.6 billion as of December 31, 2025, RGA has grown to become the only international company to focus primarily on life and health-related reinsurance.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Total assets1711131410$156.6B in 2025+104% since 2019Total liabilities171112131410$143.0B in 2025+120% since 2019Shareholders’ equity121410$13.5B in 2025+16% since 2019Cash131410$4.2B in 2025+22% since 2019Long-term debt171112131410$5.7B in 2025+92% since 2019
Total assets1516$167.1B in Q2 FY2026+7% since Q1 FY2025Total liabilities1516$153.3B in Q2 FY2026+7% since Q1 FY2025Shareholders’ equity1516$13.7B in Q2 FY2026+2% since Q1 FY2025Cash1516$5.3B in Q2 FY2026+27% since Q1 FY2025Long-term debt1516$5.7B in Q2 FY2026−0% since Q1 FY2025
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
2021-12-31
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
Equity Securities, FV-NI
$311.0M
$155.0M
Mortgage loans (net of allowance for credit losses of $117 and $93)
$11.1B
$8.8B
Policy loans
$3.5B
$1.3B
Funds withheld at interest
$8.1B
$5.4B
Real Estate Investments, Joint Ventures
$3.7B
$3.1B
Short-term investments
$346.0M
$363.0M
Other invested assets
$1.5B
$1.2B
Total investments
$130.5B
$98.0B
Cash and cash equivalents
$4.2B
$3.3B
$3.0B
$2.9B
Accrued investment income
$1.3B
$986.0M
Premiums receivable and other reinsurance balances
$4.5B
$3.9B
Reinsurance ceded receivables and other
$7.2B
$5.5B
Deferred policy acquisition costs and other
$6.1B
$5.5B
Other assets
$2.9B
$1.4B
Total assets
$156.6B
$118.7B
Interest-sensitive contract liabilities
$52.1B
$35.1B
Income taxes
$3.0B
$2.2B
Funds Held under Reinsurance Agreements, Liability
$6.8B
$5.0B
Other liabilities
$3.9B
$2.8B
Total liabilities
$143.0B
$107.8B
Preferred stock (par value $$0.01 per share; 10,000,000 shares authorized; no shares issued or outstanding)
$0
$0
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)
$1.0M
$1.0M
Additional paid-in-capital
$2.6B
$2.6B
Retained earnings
$10.2B
$9.3B
Treasury stock, at cost 19,846,934 and 19,438,336 shares at December 31, 2025 and December 31, 2024
-$2.0B
-$1.9B
Accumulated other comprehensive income (loss)
$2.7B
$849.0M
-$369.0M
-$1.9B
Total Reinsurance Group of America, Inc. shareholders equity
$13.5B
$10.8B
$9.1B
$7.1B
Total liabilities and equity
$156.6B
$118.7B
Stockholders' Equity Attributable to Noncontrolling Interest
$90.0M
$90.0M
$90.0M
$90.0M
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
$13.6B
$10.9B
$9.2B
$7.2B
Market Risk Benefit, Net Amount at Risk
$234.0M
$223.0M
Available for Sale at Fair value - Amortized cost
$107.3B
$82.9B
Preferred stock par value
$0.01
Preferred stock shares authorized
10.0M shares
Common stock par value
$0.01
Common stock shares authorized
140.0M shares
Common Stock, Shares, Issued
85.3M shares
85.3M shares
Allowances for Loan and Lease Losses, Real Estate
$117.0M
$93.0M
$67.0M
$51.0M
Financing Receivable, Allowance for Credit Loss
$210.0M
$98.0M
Treasury Stock, Common, Shares
19.8M shares
19.4M shares
Future policy benefits
$66.4B
$53.4B
Other policy claims and benefits
$3.0B
$2.7B
Other reinsurance balances
$1.9B
$1.3B
Long-term debt
$5.7B
$5.0B
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
2021-12-31
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
Equity Securities, FV-NI
$311.0M
$155.0M
Mortgage loans (net of allowance for credit losses of $117 and $93)
$11.1B
$8.8B
Policy loans
$3.5B
$1.3B
Funds withheld at interest
$8.1B
$5.4B
Real Estate Investments, Joint Ventures
$3.7B
$3.1B
Short-term investments
$346.0M
$363.0M
Other invested assets
$1.5B
$1.2B
Total investments
$130.5B
$98.0B
Cash and cash equivalents
$4.2B
$3.3B
$3.0B
$2.9B
Accrued investment income
$1.3B
$986.0M
Premiums receivable and other reinsurance balances
$4.5B
$3.9B
Reinsurance ceded receivables and other
$7.2B
$5.5B
Deferred policy acquisition costs and other
$6.1B
$5.5B
Other assets
$2.9B
$1.4B
Total assets
$156.6B
$118.7B
Interest-sensitive contract liabilities
$52.1B
$35.1B
Income taxes
$3.0B
$2.2B
Funds Held under Reinsurance Agreements, Liability
$6.8B
$5.0B
Other liabilities
$3.9B
$2.8B
Total liabilities
$143.0B
$107.8B
Preferred stock (par value $$0.01 per share; 10,000,000 shares authorized; no shares issued or outstanding)
$0
$0
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)
$1.0M
$1.0M
Additional paid-in-capital
$2.6B
$2.6B
Retained earnings
$10.2B
$9.3B
Treasury stock, at cost 19,846,934 and 19,438,336 shares at December 31, 2025 and December 31, 2024
-$2.0B
-$1.9B
Accumulated other comprehensive income (loss)
$2.7B
$849.0M
-$369.0M
-$1.9B
Total Reinsurance Group of America, Inc. shareholders equity
$13.5B
$10.8B
$9.1B
$7.1B
Total liabilities and equity
$156.6B
$118.7B
Stockholders' Equity Attributable to Noncontrolling Interest
$90.0M
$90.0M
$90.0M
$90.0M
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
$13.6B
$10.9B
$9.2B
$7.2B
Market Risk Benefit, Net Amount at Risk
$234.0M
$223.0M
Available for Sale at Fair value - Amortized cost
$107.3B
$82.9B
Preferred stock par value
$0.01
Preferred stock shares authorized
10.0M shares
Common stock par value
$0.01
Common stock shares authorized
140.0M shares
Common Stock, Shares, Issued
85.3M shares
85.3M shares
Allowances for Loan and Lease Losses, Real Estate
$117.0M
$93.0M
$67.0M
$51.0M
Financing Receivable, Allowance for Credit Loss
$210.0M
$98.0M
Treasury Stock, Common, Shares
19.8M shares
19.4M shares
Future policy benefits
$66.4B
$53.4B
Other policy claims and benefits
$3.0B
$2.7B
Other reinsurance balances
$1.9B
$1.3B
Long-term debt
$5.7B
$5.0B
Cash from operations1112131410$4.1B in 2025+77% since 2019Capital spending1112$25.0M in 2022−26% since 2019Free cash flow11121314$1.3B in 2022−42% since 2019Dividends paid1112131410$240.0M in 2025+47% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Accrued investment income
-$123.0M
-$132.0M
-$99.0M
Premiums receivable and other reinsurance balances
-$422.0M
-$397.0M
-$537.0M
Deferred policy acquisition costs and other
-$441.0M
-$322.0M
-$490.0M
Reinsurance ceded receivables and other
$67.0M
$231.0M
-$209.0M
Future policy benefits, other policy claims and benefits and other reinsurance balances
$4.3B
$8.8B
$4.1B
Deferred Income Taxes and Tax Credits
-$61.0M
$211.0M
Increase Decrease In Funds Withheld Net Of Reinsurance Recoverable And Deposit Receivable
$49.0M
Decrease In Funds Withheld Net Of Reinsurance Recoverable And Deposit Receivable
-$228.0M
-$123.0M
Other assets and other liabilities, net
-$388.0M
$257.0M
$68.0M
Amortization of net investment premiums, discounts and other
-$271.0M
-$214.0M
-$127.0M
Income from limited partnerships and real estate joint ventures
-$193.0M
-$96.0M
-$181.0M
Investment related losses, net
$245.0M
$745.0M
$481.0M
Increase (Decrease) in Future Policy Benefit Reserves
$0
-$32.0M
-$62.0M
Provision for income taxes
$351.0M
$256.0M
$251.0M
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
Other, net
-$86.0M
-$16.0M
-$135.0M
Net cash provided by operating activities
$4.1B
$9.4B
$4.0B
Sales of fixed maturity securities available-for-sale
$27.7B
$28.2B
$8.2B
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale
$1.2B
$1.2B
$967.0M
Proceeds from Sale of Available-for-sale Securities, Equity
$59.0M
$7.0M
$1.0M
Proceeds from Sale and Collection of Mortgage Notes Receivable
$930.0M
$640.0M
$436.0M
Payments to Acquire Available-for-sale Securities
-$37.7B
-$40.7B
-$12.6B
Payments to Acquire Available-for-sale Securities, Equity
-$150.0M
-$6.0M
-$5.0M
Payments to Acquire Mortgage Notes Receivable
-$3.2B
-$1.9B
-$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
Payments to Acquire Real Estate and Real Estate Joint Ventures
-$1.1B
-$578.0M
-$551.0M
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
$0
$0
Proceeds from Sale and Collection of Notes Receivable
$3.0M
$0
$0
Payment for (Proceeds from) Other Investing Activity
$143.0M
-$14.0M
-$49.0M
Net cash used in investing activities
-$12.1B
-$12.5B
-$4.1B
Dividends to shareholders
-$240.0M
-$229.0M
-$219.0M
Proceeds from long-term debt issuance, net
$691.0M
$640.0M
$890.0M
Principal payments of long-term debt
-$29.0M
-$28.0M
-$428.0M
Purchases of treasury stock
-$174.0M
-$27.0M
-$227.0M
Proceeds from Issuance or Sale of Equity
$4.0M
$0
$0
Change in cash collateral for derivatives and repurchase/reverse repurchase agreements
$911.0M
$187.0M
$603.0M
Decrease In Reinsurance Deposits Financing Activities
$181.0M
$268.0M
$227.0M
Deposits on investment-type policies and contracts
$12.1B
$7.6B
$2.9B
Withdrawals on investment-type policies and contracts
-$4.6B
-$4.7B
-$3.6B
Net cash provided by financing activities
$8.8B
$3.7B
$78.0M
Effect of exchange rate changes on cash
$47.0M
-$130.0M
-$13.0M
Change in cash and cash equivalents
$842.0M
$356.0M
$43.0M
Interest paid
$255.0M
$213.0M
$217.0M
Income taxes paid, net of refunds
$252.0M
$78.0M
$298.0M
Transfer of invested assets
$16.9B
$9.6B
$2.0B
Non-cash deposits on reinsurance
$1.9B
$637.0M
$2.8B
Right-of-use assets acquired through operating leases
Reinsurance Group of America sits at the top of its group. 87 entities, 14 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
OMNILIFE INSURANCE COMPANY LIMITED Subsidiary · London, United Kingdom
RGA AMERICAS REAL ESTATE INVESTMENTS LLC Subsidiary · Chesterfield, Missouri, United States
RGA INTERNATIONAL REINSURANCE COMPANY DESIGNATED ACTIVITY COMPANY Subsidiary · Dublin, Ireland
RGA Life Reinsurance Company of Canada (RGA COMPAGNIE DE RÉASSURANCE-VIE DU CANADA) Subsidiary · Toronto, Ontario, Canada
RGA Australian Holdings Pty Limited Subsidiary · Australia
RGA Barbados Investments LLC Subsidiary · Missouri, United States
and 50 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Reinsurance Group of America reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
The Company’s corporate headquarters is located at an owned site in Chesterfield, Missouri. In addition, the Company leases office space in various locations throughout the world. The Company believes that its existing facilities, including both owned and leased, are in good operating condition and suitable for the conduct of its business.
General American Reinsurance, a reinsurance division formed in 1973 by General American Life Insurance Company (GA), was the forerunner to RGA. By 1993, GA's reinsurance division had grown its life reinsurance in force to $114.7 billion. General American acquired the life reinsurance business of National Reinsurance of Canada, later renamed General American Life Reinsurance Company of Canada, thereby establishing its first international office; the Canadian business became RGA Life Reinsurance Company of Canada after RGA's initial public offering (IPO).
Incorporated in 1992 in the state of Missouri, Reinsurance Group of America, Incorporated (RGA) was formed as a holding company for RGA's U.S. and Canadian reinsurance businesses. RGA was taken public by IPO in 1993 on the New York Stock Exchange (NYSE: RGA), with General American retaining a 65% share.
MetLife acquired General American in 2000, including its interest in RGA, and after 8 years of ownership, MetLife spun RGA off to become a fully independent company.
RGA's products and services include life reinsurance, living benefits reinsurance, group reinsurance, health reinsurance, financial solutions, facultative underwriting, and product development. "CBInsights".
Oct 30, 2025Reported quarterly or annual results101
Jul 31, 2025Reported quarterly or annual results102
May 1, 2025Reported quarterly or annual results103
Feb 6, 2025Reported quarterly or annual results104
Oct 31, 2024Reported quarterly or annual results105
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
424 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 78 major events, 255 insider forms, 20 large holders, 51 other. The latest 20:
19 open-market trades by officers, directors and large owners since October 2021: 1 buys and 18 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How Reinsurance Group of America is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056
RZB
New York Stock Exchange
7.125% Fixed Rate Reset Subordinated Debentures due 2052
RZC
New York Stock Exchange
From the cover page of the 10-K filed Feb 20, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks Reinsurance Group of America names in Item 1A of its 10-K filed Feb 20, 2026: 37 risks under these headings, as written.18
Risks Related to Our Business
We make assumptions when pricing our business relating to mortality, morbidity, lapsation, investment returns, expenses and other factors, and significant deviations in experience compared to our initial expectations could negatively affect our financial condition and results of operations.
Our business, results of operations and financial condition have been, and may continue to be, adversely affected by epidemics and pandemics and responses thereto.
Acquisitions and significant transactions involve varying degrees of risk that could affect our profitability.
Our insurance subsidiaries are highly regulated, and changes in these regulations could negatively affect our business.
A downgrade in our ratings or in the ratings of our insurance subsidiaries could adversely affect our ability to compete.
The availability and cost of collateral, including letters of credit, asset trusts and other credit facilities, as well as regulatory changes relating to the use of captive insurance companies, could adversely affect our business, financial condition or results of operations.
Changes in equity markets, interest rates and volatility affect the profitability of variable annuities with guaranteed living benefits that we reinsure, which may have a material adverse effect on our business and profitability.
RGA is an insurance holding company, and our ability to pay principal, interest and dividends on securities is limited.
Our international operations involve inherent risks.
We rely significantly on third parties for various services, and we may be held responsible for obligations that arise from the acts or omissions of third parties.
We operate in a highly competitive and dynamic industry and competition and other factors could adversely affect our business.
The other 26 risks
Weak conditions in global capital markets and the economy, as well as inflation, may materially adversely affect our business and results of operations.
We could be subject to additional income tax liabilities.
Changes in accounting standards may adversely affect our reported results of operations and financial condition.
Our risk management policies and procedures could leave us exposed to unidentified or unanticipated risk, which could negatively affect our business, financial condition or results of operations.
The failure in cyber or other information security systems, including a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such systems, as well as the occurrence of unanticipated events affecting our disaster recovery systems and business continuity planning, could impair our ability to conduct business effectively.
The development and adoption of artificial intelligence and its use and anticipated use by us or by third parties on whom we rely, may increase the operational risks discussed above or create new operational risks that we are not currently anticipating, which may otherwise adversely impact us.
Restrictions on the use of personal data and “big data” techniques could adversely affect our reputation and have a material adverse effect on our business, financial condition and results of operations.
Managing key employee attraction, retention and succession is critical to our success.
Catastrophic events could adversely affect our business, financial condition and operations.
Litigation and regulatory investigations and actions may result in financial losses or harm our reputation.
Risks Related to Our Investments
Adverse capital and credit market conditions and access to credit facilities may significantly affect our ability to meet liquidity needs, access to capital and cost of capital.
Difficult conditions in the global capital markets and the economy generally may materially adversely affect our business, financial condition and results of operations.
If our investment strategy is unsuccessful, we could suffer losses.
Interest rate fluctuations and economic disruptions could negatively affect the income we derive from the difference between the interest rates we earn on our investments and interest we pay under our reinsurance contracts.
The liquidity and value of some of our investments may become significantly diminished.
We could be forced to sell investments at a loss to cover policyholder withdrawals, recaptures of reinsurance treaties or other events.
Defaults, downgrades or other events impairing the value of our fixed maturity securities portfolio may reduce our earnings.
The defaults or deteriorating credit of other financial institutions could adversely affect us.
Defaults on our mortgage loans or the mortgage loans underlying our investments in mortgage-backed securities and volatility in performance of our investments in real estate related assets may adversely affect our profitability.
Our valuation of fixed maturity and equity securities and derivatives include methodologies, estimations and assumptions that are subject to differing interpretations and could result in changes to investment valuations that may have a material adverse effect on our financial condition or results of operations.
The determination of the amount of allowances and impairments taken on our investments is highly subjective and could materially affect our financial condition or results of operations.
Our investments are reflected within the consolidated financial statements utilizing different accounting bases and accordingly we may not have recognized differences, which may be significant, between cost and fair value in our consolidated financial statements.
Risks Related to Ownership of Our Common Stock
We may not pay dividends on our common stock.
Certain provisions in our articles of incorporation and bylaws, in Missouri law and in applicable insurance laws, may delay or prevent a change in control, which could adversely affect the price of our common stock.
Issuing additional shares may dilute the value or affect the price of our common stock.
The occurrence of various events may adversely affect the ability of RGA and its subsidiaries to fully utilize any net operating losses (“NOLs”) and other tax attributes.
Legal proceedings
The Company is subject to litigation in the normal course of its business. The Company currently has no material litigation. A legal reserve is established when the Company is notified of an arbitration demand or litigation or is notified that an arbitration demand or litigation is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated.
