Start here if you're new
what it is
RGA takes life and health risk off other insurers’ books, so one bad year does not wreck their balance sheets.
how it gets paid
Last year Reinsurance made $23.7B in revenue. U.S. & Latin America was the main engine at $13.4B, or 57% of sales.
why it's growing
Revenue grew 257.2% last year. Quarterly revenue reached $6.6B, up 27% vs. prior year, according to EDGAR.
what just happened
Latest quarter EPS came in at $7.67 versus a $5.75 estimate, a 33.39% beat.
At a glance
A balance sheet — strong enough to weather a downturn
35/100 earnings predictability — expect surprises
9.1x trailing p/e — the market's not buying it — or you found a deal
1.9% dividend yield — cash in your pocket every quarter
4.5% return on capital — nothing to write home about
xvary composite: 65/100 — average
What they do
RGA takes life and health risk off other insurers’ books, so one bad year does not wreck their balance sheets.
Reinsurance means insurance for insurers, which means clients care less about logos and more about whether your check clears 20 years from now. RGA has an A balance sheet grade and 16% return on equity, a rare combo of trust and profit. In 2024, 43.4% of premium income came from outside U.S. & Latin America, so you are buying global reach, not one local franchise.
How they make money
$23.7B
annual revenue · their business grew +257.2% last year
U.S. & Latin America
$13.4B
Asia Pacific
$4.7B
Europe, Middle East & Africa
$3.5B
Canada
$2.1B
The products that matter
assuming life and health insurance risk
Life and Health Reinsurance
$23.7B revenue · +7.2% growth
it's the entire $23.7B business, and it grew 7.2% last year. if you own RGA, you are owning one thing: management's ability to price mortality, morbidity, and longevity risk better than the other side.
100% of revenue
Key numbers
$25.50
2026 EPS est
That is the current FY2026 profit estimate per share. At $204.96, you are paying about 8.0x that number, so your upside depends on those earnings holding up.
$5.7B
long-term debt
Debt equals 30% of capital. Plain English: for every $10 in permanent funding, about $3 comes from borrowing, which is fine until credit stress shows up.
16%
return on equity
Return on equity means profit generated from shareholder capital. Plain English: RGA turned each $100 of equity into $16 of profit, which is solid for an insurer.
1.9%
dividend yield
You are not buying this for income alone. The yield is 1.9%, so most of your return needs to come from earnings and rerating.
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 3 — safer than 50% of stocks
- price stability 75 / 100
- long-term debt $5.7B (30% of capital)
- return on equity 16% — $0.16 profit for every $1 investors have put in
A — among the top-rated companies for balance sheet quality.
Total return vs. market
You invested $10,000 in RGA 3 years ago → it's now worth $15,230.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
Latest quarter EPS came in at $7.67 versus a $5.75 estimate, a 33.39% beat.
Quarterly revenue reached $6.6B, up 27% vs. prior year, according to EDGAR. The funny part is the stock still trades like the market does not trust the earnings to stick.
$6.6B
revenue
$7.67
eps
n/a
n/a
the number that mattered
The 33.39% EPS beat matters because it shows recent execution was far better than the market expected, even as the stock still sits at a single-digit earnings multiple.
-
reinsurance group of america’s top line is under stress, but should recover this year.
-
premiums have decreased due to lower premium pension risk transfer (prt) transaction activity.
-
nevertheless, this has been partially offset by organic growth and new business production.net investment income, a separate revenue line item, has advanced, thanks to higher risk-free rates earned on new investments and a spike in the average invested asset base.
-
the top line likely dropped 6%, to $16.8 billion, in 2025.
-
we forecast premiums will rebound 1%, to $16.9 billion, this year, assuming overall demand improves.reinsurance group has announced a strategic investment in, and multifund anchor commitment to, foxpath capital partners.
source: company earnings report, 2026
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What could go wrong
the #1 risk is pension risk transfer volume staying weak.
high
pension risk transfer volume does not recover
RGA already tied weaker premiums to lower pension risk transfer activity. If the forecast move from $16.8B in 2025 premiums to $16.9B this year does not happen, the rebound case gets thinner fast.
this risk sits directly on the premium recovery embedded in the current setup
med
large treaties create headline volatility
This page references a major Manulife-related reinsurance transaction. In a business built on large treaties, one deal can make a quarter look great or noisy, and RGA's 35/100 earnings predictability says those swings are not hypothetical.
results can look uneven even when the franchise is intact
med
investment income stops doing extra work
Net investment income improved because new investments earned higher risk-free rates and the asset base increased. If that support cools, a quarter running at a 5.0% margin has less cushion.
earnings pressure shows up even if underwriting holds steady
med
the market keeps treating RGA as correctly cheap
RGA trades at 9.1x earnings, but institutions have been net sellers for two straight quarters and the technical score sits in the bottom 5%. Cheap is a valuation fact. Re-rating is a separate event.
the multiple stays compressed until earnings look cleaner
If pension risk transfer stays weak, higher investment yields stop helping, and EPS stays near $22.50 instead of moving toward the $25.50 estimate, the low multiple will keep looking rational.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next report: does EPS move off the floor
Full-year EPS was $22.50 and the current estimate is $25.50. You want evidence the gap is closing, not another quarter that looks better than the year underneath it.
metric
premium rebound from $16.8B to $16.9B
That 1% recovery is modest. That's why it matters. If RGA misses even a low bar, the bear case gets easier to explain.
trend
investment income versus underwriting
Net investment income has been helping. You need to know whether earnings strength is coming from better underwriting, better rates, or a mix of both.
risk
institutional selling and the weak chart
253 buyers versus 324 sellers is not a disaster, but it is a vote of caution. Bottom-5% technicals tell you sentiment still has work to do.
Analyst rankings
short-term outlook
average
momentum score 3 — in human-speak, analysts do not see a strong near-term signal either way.
risk profile
average
stability score 3 — this is not a bunker stock, but it is not a chaos machine either.
chart momentum
bottom 5%
technical score 5 is the weakest rating. The market is treating this as a value stock without a catalyst.
earnings predictability
35 / 100
earnings are harder to model here than the low p/e suggests. Cheap and predictable are not the same thing.
source: institutional data
Institutional activity
institutions have been net selling for 2 consecutive quarters — 253 buyers vs. 324 sellers in 3q2025. total institutional holdings: 63.6M shares. net selling for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$168
$339
$205
current price
$254
target midpoint · +24% from current · 3-5yr high: $450 (+120% · 23% ann'l return)
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