Reinsurance Group of America (RGA) financial statements
Reinsurance Group of America reported revenue of $23.7B in fiscal 2025, up 8.3% a year over 9 years.
Net income was $1.2B and the operating margin 6.5%, against 9.1% in 2016.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Reinsurance Group of America's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.5B | $12.5B | $12.9B | $14.3B | $14.6B | $16.7B | $16.2B | $18.6B | $22.1B | $23.7B |
| Operating income | $1.0B | $1.1B | $846M | $1.1B | $553M | $1.4B | $718M | $1.2B | $980M | $1.5B |
| Interest expense | $138M | $146M | $147M | $173M | $170M | $139M | $191M | $257M | $304M | $366M |
| Pre-tax income | $1.0B | $1.1B | $846M | $1.1B | $553M | $1.4B | $718M | $1.2B | $980M | $1.5B |
| Income tax | $343M | -$679M | $130M | $262M | $138M | $215M | $197M | $251M | $256M | $351M |
| Net income | $701M | $1.8B | $716M | $870M | $415M | $1.2B | $517M | $902M | $717M | $1.2B |
| EPS (diluted) | $10.79 | $27.71 | $11.00 | $13.62 | $6.31 | $17.13 | $7.64 | $13.44 | $10.73 | $17.69 |
| Diluted shares | 65M | 66M | 65M | 64M | 66M | 68M | 68M | 67M | 67M | 67M |
| Operating margin | 9.1% | 9.1% | 6.6% | 7.9% | 3.8% | 8.3% | 4.4% | 6.2% | 4.4% | 6.5% |
| Net margin | 6.1% | 14.6% | 5.6% | 6.1% | 2.8% | 7.0% | 3.2% | 4.9% | 3.2% | 5.0% |
Balance sheet
Fiscal years, from Reinsurance Group of America's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.2B | $1.3B | $1.4B | $3.4B | $2.9B | $2.9B | $2.9B | $3.0B | $3.3B | $4.2B |
| Goodwill | $7M | $7M | $7M | $7M | $7M | $7M | $7M | — | — | — |
| Total assets | $53.1B | $60.5B | $64.5B | $76.7B | $84.7B | $92.9B | $84.9B | $97.6B | $118.7B | $156.6B |
| Total liabilities | $46.0B | $50.9B | $56.1B | $65.1B | $70.3B | $79.2B | $77.7B | $88.5B | $107.8B | $143.0B |
| Shareholders' equity | $7.1B | $9.6B | $8.4B | $11.6B | $14.4B | $8.2B | $7.1B | $9.1B | $10.8B | $13.5B |
| Net debt | -$1.2B | -$1.3B | -$1.4B | -$3.4B | -$2.9B | -$2.9B | -$2.9B | -$3.0B | -$3.3B | -$4.2B |
Cash flow
Fiscal years, from Reinsurance Group of America's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.5B | $2.0B | $1.6B | $2.3B | $3.3B | $4.2B | $1.3B | $4.0B | $9.4B | $4.1B |
| Capital spending | $45M | $44M | $29M | $34M | $28M | $19M | $25M | — | — | — |
| Free cash flow | $1.4B | $1.9B | $1.6B | $2.3B | $3.3B | $4.2B | $1.3B | — | — | — |
| Stock-based compensation | $33M | $22M | $30M | $39M | -$12M | $55M | $45M | $46M | $60M | $42M |
| Dividends paid | $100M | $117M | $140M | $163M | $182M | $194M | $205M | $219M | $229M | $240M |
| Net borrowing | $800M | $0 | $0 | $599M | $598M | $494M | $690M | $890M | $640M | $691M |
| Free cash flow margin | 12.3% | 15.5% | 12.1% | 15.9% | 22.6% | 25.0% | 8.1% | — | — | — |
| Dividends per share | $1.54 | $1.78 | $2.15 | $2.55 | $2.77 | $2.84 | $3.03 | $3.26 | $3.42 | $3.59 |
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What was Reinsurance Group of America's revenue in 2025?
$23.7B in fiscal 2025, from its 10-K filing.
From Reinsurance Group of America's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.