At a glance
Reinsurance Group of America is worth $17.04B, about 15 times its fiscal 2025 earnings. Revenue grew 7.2% to $23.70B in fiscal 2025, with 5.0% kept as profit; over 5 years it has grown 10.2% a year. It pays a 1.62% dividend yield, raised every year for at least 4 years, and returned $1.70B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +42.4% over the past year with dividends reinvested and +19.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 62.6% in the 2020 crash (S&P 500: 33.7%) and 16.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 31 months and 1 month after the lows.
The business in plain English
Reinsurance Group of America (RGA) is an insurer for insurance companies. A life or health insurer that sells policies to the public, called the ceding company, passes part of that risk to RGA, along with part of the premiums. This lets the insurer take on more business, smooth out its results and meet capital rules. RGA is a Missouri-based holding company formed in 1992. It works with clients in the U.S., Latin America, Canada, Europe, the Middle East, Africa, Asia and Australia.
RGA has two main lines. Traditional reinsurance covers individual and group life, health, disability, long-term care and critical illness policies. Financial solutions includes reinsuring annuities and other investment-heavy products, longevity reinsurance (the risk that pensioners live longer than expected) and stable value contracts for retirement plans. It also covers U.S. pension risk transfer, where RGA takes on a company's pension obligations for one upfront premium, and capital solutions. RGA earns premiums and fees. It also earns the gap between what its investments return and what it pays under its contracts.
RGA reports five segments: U.S. and Latin America; Canada; Europe, Middle East and Africa; Asia Pacific; and Corporate and Other. Each regional segment is split into traditional and financial solutions business. Revenue for fiscal 2025, which ended December 31, 2025, was $23.7 billion, up 7.2%. Net income was $1.18 billion.
Price history
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RGA +42.4% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $6.64B, up 18.5% from a year earlier, and net income was $462.0M (+156.7%).
- For fiscal 2025, revenue was $23.70B (+7.2% year over year; +10.2% a year from FY2020 to FY2025) with a 5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.2% good |
|---|---|
| Return on equity (FY2025) | 8.8% watch |
| Return on assets (FY2025) | 0.8% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $14.60B | $415.0M | $3.29B |
| FY2021 | $16.67B | $1.17B | $4.16B |
| FY2022 | $16.23B | $517.0M | $1.32B |
| FY2023 | $18.57B | $902.0M | — |
| FY2024 | $22.11B | $717.0M | — |
| FY2025 | $23.70B | $1.18B | — |
Valuation snapshot
| Market value | $17.04B |
|---|---|
| P/E ratio | 14.8 |
| Dividend yield | 1.62% |
Rank among 1514 US companies
Market value at each year end
Reinsurance Group of America’s market value went from $8.06B at the end of 2016 to $17.04B on Oct 28, 2026, about 2.1 times as much; since the end of 2025 it is up 27%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $17.04B | +27.5% |
| 2025 | $13.37B | -5.0% |
| 2024 | $14.07B | +32.0% |
| 2023 | $10.66B | +12.3% |
| 2022 | $9.50B | +28.3% |
| 2021 | $7.40B | -6.0% |
| 2020 | $7.87B | -22.9% |
| 2019 | $10.21B | +16.0% |
| 2018 | $8.80B | -12.3% |
| 2017 | $10.04B | +24.6% |
| 2016 | $8.06B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| RGA price data to Oct 28, 2026 | +30.2% | +42.4% | +23.9% | +19.2% | +11.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +30.2% |
| 2025 | -3.0% |
| 2024 | +34.4% |
| 2023 | +16.4% |
| 2022 | +33.0% |
| 2021 | -3.2% |
| 2020 | -27.1% |
| 2019 | +18.3% |
| 2018 | -8.7% |
| 2017 | +25.6% |
| 2016 | +49.5% |
| 2015 | -0.9% |
| 2014 | +15.0% |
| 2013 | +47.0% |
| 2012 | +4.0% |
| 2011 | -1.7% |
| 2010 | +14.1% |
| 2009 | +12.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 62.3% over that stretch · deepest drop along the way 62.6%, back to its old high 31.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 17.9% over that stretch · deepest drop along the way 16.1%, back to its old high 1.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 4 sales ($3.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 12, 2026 | Jonathan Porter EVP, Global Chief Risk Officer | sell | $2.1M |
| May 14, 2026 | Ronald Herrmann Executive Vice President | sell | $1.4M |
| May 20, 2026 | John W. Hayden EVP, Controller | sell | $89K |
| May 14, 2026 | Ronald Herrmann Executive Vice President | sell | $36K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9% | Mar 31, 2025 |
| HARRIS ASSOCIATES L P | 6.5% | Dec 31, 2025 |
| Vanguard Portfolio Management | 5.37% | Mar 31, 2026 |
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
ETFs with the most weight in RGA
| USSE Segall Bryant & Hamill Select Equity ETF | 4.56% |
| RGEF Rockefeller Global Equity ETF | 3.3% |
| DVLU First Trust Dorsey Wright Momentum & Value ETF | 2.83% |
| RSMC Rockefeller U.S. Small-Mid Cap ETF | 2.16% |
| SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF | 1.96% |
| FLV American Century Focused Large Cap Value ETF | 1.96% |
| IPDP Dividend Performers ETF | 1.9% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 1.85% |
What could go wrong
- Claims could exceed what RGA priced in. RGA sets prices using assumptions about deaths, illness, policy lapses and investment returns. If real experience is worse, premiums may not cover claims, and RGA may have to raise reserves and take charges.
- Pandemics push up death and illness claims. Epidemics have hurt RGA's results before. They raise mortality and illness claims and can also shake financial markets, cutting the value of the investments that back RGA's obligations.
- A ratings downgrade could cost business. Clients weigh a reinsurer's financial strength ratings. A downgrade could make RGA less competitive, and some treaties let clients take back business they had passed on if RGA's ratings or finances weaken.
- Collateral costs and rules on captive reinsurers. RGA uses letters of credit, asset trusts and captive insurers (affiliated reinsurers it owns) to back its obligations. Higher costs, less availability or tighter rules on captives could hurt results.
- Investment losses and interest-rate swings. RGA earns a spread between what its investments return and what it pays on contracts. Bond defaults, mortgage loan losses, weak real estate or sharp rate moves can shrink that spread and cut earnings.
- Dividends depend on subsidiaries and regulators. RGA itself has no major operations. It pays dividends and buys back stock with cash from its insurance subsidiaries, and regulators limit how much those subsidiaries can send up without approval.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Executive or board change; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Executive or board change
- Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
RGA paid dividends of $3.64 a share for fiscal 2025, up from $2.86 for fiscal 2020, which works out to growth of about 4.9% a year. It has raised the dividend four years in a row, after holding it flat in fiscal 2021. Dividends took about 20% of fiscal 2025 earnings, and the yield was 1.62% as of October 28, 2026. From fiscal 2021 to 2025, RGA paid $1.09 billion in dividends and spent $608 million on buybacks. Its share count fell about 4% between July 2021 and July 2026.
The stock can fall hard in a crisis. In the 2020 COVID crash it dropped 62.6% from February 20 to March 23, 2020. It took about 31 months, until October 2022, to regain its prior peak. In the 2022 bear market it rose 17.9% while the broad market fell, with a worst dip of 16.1%. As a single company, RGA carries more risk than a diversified fund.
Questions investors ask
How does Reinsurance Group of America make money?
RGA makes money by insuring other insurance companies. Life and health insurers pass part of their policy risk to RGA and share the premiums. RGA also takes on annuity and pension business, longevity risk and stable value contracts for retirement plans. It earns the gap between what its investments return and what it pays under those contracts. It works across the U.S. and Latin America, Canada, Europe, the Middle East, Africa and Asia Pacific. Revenue was $23.7 billion for fiscal 2025.
Does RGA raise its dividend every year?
No, not every year, but it has raised its regular dividend four years in a row. Dividends per share were $2.86 in both fiscal 2020 and 2021. They then rose to $3.06, $3.30, $3.48 and $3.64 by fiscal 2025, growth of about 4.9% a year. The dividend used about 20% of fiscal 2025 earnings, and the yield was 1.62% as of October 28, 2026. RGA's annual report warns that dividends are not guaranteed.
What is RGA's P/E ratio?
RGA's P/E ratio (share price divided by earnings per share) was about 14.8 as of October 28, 2026. That is based on fiscal 2025 diluted earnings of $17.69 a share. Its market value was about $17.0 billion on that date. Insurance earnings can swing a lot from year to year. Diluted earnings per share were $17.13 in fiscal 2021, $7.64 in fiscal 2022 and $10.73 in fiscal 2024, so the ratio depends heavily on which year is used.
How did RGA stock do in the COVID crash?
It fell sharply. RGA's share price dropped 62.6% between February 20 and March 23, 2020. It took about 31 months, until October 2022, to regain its prior peak. The company's annual report notes that pandemics raise death and illness claims and can hurt investment values. In the 2022 bear market the stock held up much better. It rose 17.9% while the broad market fell, and it recovered from its worst dip of 16.1% in about six weeks.
How has RGA stock performed over the long term?
Based on its share price, RGA returned about 11.4% a year over the 10 years to October 28, 2026, or 193% in total. Over five years it returned about 19.2% a year. The path was uneven. Calendar-year results ranged from a 27.1% loss in 2020 to a 49.5% gain in 2016. Its deepest drop across roughly 18 years of price history was 65.8%. Over the one year to October 28, 2026, the stock was up 42.4%.