Reinsurance Group of America, IncorporatedRGA
NYSE•Financial Services•Insurance - Reinsurance
Reinsurance Group of America, Incorporated provides life and health, and asset-intensive reinsurance in the United States, Latin America, Canada, Europe, the Middle East, Africa, Asia, and Australia. It offers individual and group life and health, disability, long-term care, and critical illness reinsurance; and financial solutions, such as asset-intensive reinsurance, longevity reinsurance, stable value products, pension risk transfer transactions, and capital solutions. The company also provides reinsurance for mortality, morbidity, lapse, and investment-related risks; coinsurance of payout annuities; underwritten annuities; funding agreement backed note program and other capital motivated solutions; and superannuation. Reinsurance Group of America, Incorporated was founded in 1973 and is headquartered in Chesterfield, Missouri.
Reinsurance Group of America, I (RGA) reported trailing twelve months revenue of $24.93B as of March 2026, a 18.6% increase year-over-year. Quarterly revenue reached $6.49B, reflecting continued top-line momentum.
Reinsurance Group of America, I generated $1.23B in TTM net income, with quarterly EBITDA of $441.00M. The operating margin contracted from 7.0% to 6.8%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (6.8%) and net margin (5.1%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 5.4% a year ago, reflecting increased costs or interest expense.
RGA trades at a P/E of 10.6x (below the broader market average) and a P/S of 0.5x. The price-to-book ratio of 1.0x suggests the stock trades below its book value.
The company reported negative free cash flow of $-2.96B, indicating cash consumption over the period. The balance sheet shows $164.06B in total assets with $6.11B in long-term debt against $13.29B in stockholders equity for a debt-to-equity ratio of 0.5, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~5.8% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~7.5% on average, adequate but below the threshold typically associated with wide moats.
Only 2 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (6 of 7 quarters up), with ~16.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~6.4% — no sign of cost or pricing stress.
Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
6 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Share count is stable — no significant dilution or buyback activity.