Reinsurance Group of America, Incorporated
- Open
- 248.61
- Day high
- 253.34
- Day low
- 248.00
- Prev close
- 247.72
- Volume
- 322K
- Mkt cap
- $16.5B
- P/E (TTM)
- 11.0
- EPS (TTM)
- $23.02
- P/B
- 1.2
- P/S
- 0.6
- Yield
- 1.49%
- Per share
- $3.77
- ▼Insiders net selling -$2.1M over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Reinsurance Group of America, Incorporated (RGA) is a Financial Services company listed on NYSE. The stock is up 28% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 2 published research articles covering RGA.
Reinsurance Group of America, Incorporated (RGA) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RGA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 7, 2026 | $6.48 | $8.89 | +37.2% | $6.6B | -0.5% |
| May 8, 2026 | $6.03 | $6.97 | +15.6% | $6.5B | +1.0% |
| Feb 5, 2026 | $5.84 | $7.75 | +32.7% | $6.3B | +3.1% |
| Oct 30, 2025 | $5.77 | $6.37 | +10.5% | $6.2B | +2.8% |
| Jul 31, 2025 | $5.59 | $4.72 | -15.5% | $5.6B | -5.8% |
| May 1, 2025 | $5.34 | $5.66 | +6.0% | $5.3B | -7.3% |
| Feb 6, 2025 | $5.25 | $4.99 | -5.0% | $5.1B | -8.7% |
| Oct 31, 2024 | $5.34 | $6.13 | +14.8% | $5.6B | +4.6% |
| Aug 1, 2024 | $5.07 | $5.48 | +8.0% | $4.9B | -4.4% |
| May 2, 2024 | $4.59 | $6.02 | +31.1% | $6.3B | +38.6% |
| Feb 1, 2024 | $4.40 | $4.73 | +7.5% | $5.0B | +11.4% |
| Nov 2, 2023 | $4.27 | $5.57 | +30.4% | $5.2B | +18.4% |
RGA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 17, 2026 | PORTER JONATHANofficer: EVP, Global Chief Risk Officer | Sell | 8,589 | $246.30 |
| Aug 13, 2026 | HERRMANN RONALDofficer: Executive Vice President | Option | 1,816 | $193.00 |
| Aug 13, 2026 | HERRMANN RONALDofficer: Executive Vice President | Tax | 1,889 | $244.65 |
| Aug 13, 2026 | PORTER JONATHANofficer: EVP, Global Chief Risk Officer | Option | 2,571 | $138.34 |
| Aug 13, 2026 | PORTER JONATHANofficer: EVP, Global Chief Risk Officer | Option | 2,437 | $129.01 |
| Aug 13, 2026 | PORTER JONATHANofficer: EVP, Global Chief Risk Officer | Tax | 1,286 | $244.65 |
| Aug 13, 2026 | PORTER JONATHANofficer: EVP, Global Chief Risk Officer | Option | 5,707 | $117.85 |
| Aug 13, 2026 | PORTER JONATHANofficer: EVP, Global Chief Risk Officer | Tax | 1,345 | $244.65 |
| Aug 13, 2026 | HERRMANN RONALDofficer: Executive Vice President | Option | 2,577 | $129.01 |
| Aug 13, 2026 | PORTER JONATHANofficer: EVP, Global Chief Risk Officer | Option | 4,332 | $106.53 |
| Aug 13, 2026 | HERRMANN RONALDofficer: Executive Vice President | Option | 3,311 | $185.28 |
| Aug 13, 2026 | HERRMANN RONALDofficer: Executive Vice President | Tax | 2,857 | $244.65 |
| Aug 13, 2026 | PORTER JONATHANofficer: EVP, Global Chief Risk Officer | Tax | 2,750 | $244.65 |
| Aug 13, 2026 | PORTER JONATHANofficer: EVP, Global Chief Risk Officer | Option | 2,264 | $145.25 |
| Aug 13, 2026 | HERRMANN RONALDofficer: Executive Vice President | Tax | 2,337 | $244.65 |
Source: RGA SEC Form 4 filings, latest Aug 17, 2026. For informational purposes only — not investment advice.
See the full RGA insider & 13F page →RGA research & analysis
[RGA] Reinsurance Group of America Thesis 2026: Record Earnings and ROE Validate Life Reinsurance Cycle
Reinsurance Group of America (RGA) FY25 (Dec) revenue $22.79B (+3.4%); op income $1.54B (+57%); NI $1.18B (+65%); EPS $17.69 (+65% from $10.73). Adj op ROE 15.7% — above 13-15% intermediate target. Q4 operating EPS $7.75 (second consecutive record quarter). $2.5B capital deployed FY25 into in-force transactions; $2.7B excess capital year-end. Value of in-force business margins +18% FY25. In-force management actions $95M favorable Q4 impact. Equitable transaction closed Q3 2025: ~$70M pretax H2 2025; guided $160-170M pretax 2026; ~$200M by 2027. Creation Re: >50% of new business from proprietary product development over 2 years. EMEA Financial Solutions: favorable longevity + strong growth; UK PRT market leader. APAC Traditional: favorable multi-quarter; Hong Kong + simplified issue CI (Creation Re). US group healthcare excess claims repricing by 2026. Buybacks reinstated $174M FY25 (+544%). Total debt $5.71B (+13%). FY26 framework: 8-10% annual EPS growth; ROE 13-15%; Equitable $160-170M; variable investment income 7%; capital deployed ~$1.5B; $400M to reduce leverage; shareholder return 20-30% of after-tax earnings. Risks: mortality volatility, variable investment income dependence, in-force action timing, Equitable execution, FX, group repricing lag, competition, interest rate sensitivity, regulatory changes.
Life Insurance Underwriting Shifts From Medical Exams to Prescription and Claims Data
US life carriers now underwrite from prescription and medical-claims data: Aegon says a decision takes under 12 minutes and new life sales rose 54% in H1 2026.
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Reinsurance Group of America, Incorporated company profile
Overview
Reinsurance Group of America, Incorporated (NYSE:RGA) is a leading global life and health reinsurance company founded in 1973 and headquartered in Chesterfield, Missouri. Originally established as a subsidiary of General American Life Insurance Company, RGA became an independent publicly traded entity and has grown to become one of the world's largest traditional life reinsurers. The company operates across multiple continents, serving life insurance companies in the United States, Latin America, Canada, Europe, the Middle East, Africa, Australia, and the Asia Pacific region. Under the leadership of CEO Tony Cheng, who succeeded Anna Manning in January 2024, RGA has positioned itself as a strategic partner to insurance companies worldwide, offering both traditional reinsurance products and innovative capital solutions.
Business
RGA operates in the reinsurance industry, which serves as "insurance for insurance companies." When life insurance companies sell policies to consumers, they face the risk of having to pay out large claims that could strain their financial resources. Reinsurance companies like RGA step in to assume a portion of these risks in exchange for a share of the premiums, allowing primary insurers to write more business while maintaining financial stability. The company operates through several key business segments: Traditional Reinsurance represents the core business, accounting for the majority of revenues. This includes individual and group life insurance products such as term life, universal life, whole life, critical illness, disability, and longevity products. RGA assumes mortality, morbidity, and lapse risks from primary insurers across its global markets. Financial Solutions focuses on asset-intensive and capital-motivated transactions. This segment includes annuity reinsurance, pension risk transfer (PRT), and longevity business where RGA takes on investment-related risks. The company helps insurers optimize their balance sheets through innovative capital structures and risk transfer mechanisms. Asset Management and Investment Services leverages RGA's investment expertise to manage assets for both internal purposes and third-party clients. The company has developed a sophisticated investment platform with capabilities across public and private markets. Technology and Consulting Services provides digital solutions, underwriting technology, and consulting services to the insurance industry. This includes proprietary systems like MedScreen+ for digital underwriting and various data analytics platforms. The company's geographic footprint spans North America (US and Canada), Europe/Middle East/Africa (EMEA), Asia-Pacific, and Latin America, with traditional reinsurance generating the largest portion of revenues across all regions.
Revenue model
RGA generates revenue primarily through reinsurance premiums and investment income. In traditional reinsurance, primary insurers pay RGA a portion of the premiums they collect from policyholders, and in return, RGA agrees to pay a corresponding portion of claims. The company profits when premiums collected, plus investment returns on reserves, exceed claims paid and operating expenses. The company's customers are life insurance companies rather than individual consumers. These insurers seek reinsurance to manage their capital requirements, reduce earnings volatility, access RGA's underwriting expertise, and expand their capacity to write new business. RGA has built long-term partnerships with major insurers globally, often entering into exclusive arrangements that provide competitive advantages. Investment income represents a significant revenue source, as RGA invests the reserves it holds against future claims. The company maintains both spread-based portfolios (where it earns the difference between investment yields and crediting rates) and non-spread portfolios. With new money rates currently around 6.4% and portfolio yields near 4.9%, rising interest rates have become a tailwind for profitability. Several factors influence RGA's margins and profitability. Mortality experience is crucial - favorable claims experience directly improves underwriting margins, while adverse mortality can pressure results. Interest rate movements significantly impact investment returns and the present value of future liabilities. Lapse rates on underlying policies affect cash flows and reserve releases. Competition in the reinsurance market can pressure pricing, though RGA's focus on exclusive partnerships and innovative products helps maintain margins. Regulatory changes in key markets can affect capital requirements and product structures. Finally, currency fluctuations impact results given RGA's global operations, though the company employs hedging strategies to manage this exposure.
Competitive moat
RGA possesses a moderately strong competitive moat built on several key advantages, though the reinsurance industry faces inherent competitive pressures. The company's primary moat stems from its specialized expertise and long-term client relationships. RGA has developed deep underwriting knowledge, actuarial capabilities, and risk management systems that are difficult for competitors to replicate quickly. These capabilities enable the company to price risks more accurately and develop innovative products that create value for clients. The company's global scale and diversification provide significant advantages. RGA's presence across multiple geographic markets allows it to spread risks and capitalize on growth opportunities worldwide. This diversification also provides natural hedging against regional economic cycles and regulatory changes. The scale enables RGA to invest in technology platforms and analytical capabilities that smaller competitors cannot match. Regulatory barriers and capital requirements create some protection, as new entrants must meet substantial capital adequacy requirements and navigate complex regulatory frameworks across multiple jurisdictions. RGA's established relationships with regulators and proven track record provide advantages when expanding into new markets or products. However, the moat faces several challenges. The reinsurance industry is cyclical, with pricing power fluctuating based on industry capacity and claims experience. Capital markets alternatives such as insurance-linked securities and catastrophe bonds provide alternative risk transfer mechanisms that can compete with traditional reinsurance. Large, well-capitalized competitors including Munich Re, Swiss Re, and Hannover Re possess similar capabilities and global reach. Additionally, technological disruption in underwriting and risk assessment could potentially level the playing field over time. The strength of RGA's moat ultimately depends on its ability to maintain its expertise advantage and client relationships while adapting to evolving market conditions and technological changes.
Risks & safety
RGA demonstrates a reasonable margin of safety with solid financial fundamentals, though typical insurance industry leverage creates some risk considerations. Liquidity and Solvency: - Cash and short-term investments of $5.15 billion as of Q1 2025 - Strong operating cash flow generation of $1.43 billion in Q1 2025 - Debt-to-equity ratio of 0.50, manageable for an insurance company - $1.9 billion in excess capital above regulatory requirements - No immediate solvency concerns given strong capital position Valuation Metrics: - Price-to-earnings ratio of 11.4x (Q1 2025), reasonable for the sector - Price-to-book ratio of 1.14x, close to book value - EV/EBITDA of 9.2x, moderate valuation - Adjusted operating ROE of 15%, above management's 13-15% target range Other Considerations: - Cyclical industry subject to mortality and morbidity volatility - Interest rate sensitivity creates both opportunities and risks - Geographic diversification provides some protection against regional downturns - Strong competitive position but faces well-capitalized competitors - Regulatory capital requirements provide buffer but limit financial flexibility
Recent development
Over the past few years, RGA has executed several strategic initiatives under its "Creation Re" strategy, focusing on exclusive partnerships and innovative product development. The company has significantly expanded its capital deployment capabilities, deploying a record $1.7 billion in transactions during 2024, an 80% increase from 2023. This included completing the first, third, and fourth largest transactions in company history. Geographic expansion has been a key focus, particularly in Asia where RGA has launched innovative products across multiple markets. In China, the company completed four transactions and developed unique balance sheet risk solutions. In Korea, RGA introduced new cancer treatment products covering 2 million policies and completed early asset-intensive transactions. The company also launched digital underwriting solutions like MedScreen+ in Hong Kong and expanded its Japanese asset-intensive business. Product innovation has centered on pension risk transfer (PRT) and longevity business, where RGA has become a significant player in both US and UK markets. The company completed its first funded reinsurance PRT transaction in Canada and has built a strong pipeline across these markets. In the US, RGA has developed proprietary life products with key distributors, leveraging its mortality expertise. Technology and digital transformation initiatives include developing proprietary underwriting systems and data analytics platforms. The company has invested in digital solutions that can be deployed across its global platform, creating additional revenue streams beyond traditional reinsurance. Capital optimization efforts have included balance sheet management actions that raised the expected value of in-force business margins by $2 billion. RGA also launched Ruby Re, a capital vehicle designed to diversify funding sources and provide additional deployment capacity. The company raised its intermediate-term operating ROE targets to 13-15% from the previous 12-14% range, reflecting confidence in these strategic initiatives.
RGA company profile · for informational purposes only — not investment advice.
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