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.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation