Reinsurance Group (RGA) AI Stock Analysis

• Market Cap: $13.95B
• Dividend Yield: 1.76%
• Average Volume (3M): 433.40K
• Price to Earnings (P/E): 12.0
• Beta (1Y): 0.73
• Revenue Growth: 2.10%
• EPS Growth: 19.23%
• Country: US
• Employees: 4,100
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Reinsurance
• EPS (TTM): 7.75
• Shares Outstanding: 65,563,170
• 10 Day Avg. Volume: 402,229
• 30 Day Avg. Volume: 433,400
• PEG Ratio: 0.18
• Price to Book (P/B): 1.00
• Price to Sales (P/S): 0.59
• P/FCF Ratio: 3.29
• Enterprise Value/Market Cap: 1.10
• Enterprise Value/Revenue: 0.66
• Enterprise Value/Gross Profit: 3.93
• Enterprise Value/Ebitda: 8.09
• 1Y Price Target: $238.00
• Price Target Upside: 11.82% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 26.22
• Revenue Forecast (FY): $26.18B

• Rating: 76 Outperform
• Price Target: $245.00 ▲(15.11% Upside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is driven primarily by solid fundamentals (growth, improved profitability, and a strengthening balance sheet) and a favorable earnings-call outlook (ROE above target and reiterated EPS growth targets). Supportive valuation and a constructive technical setup help, while cash-flow volatility and near-term underwriting/in-force action uncertainty temper the upside.

Positive Factors

Revenue & In‑Force Growth

Multi-year top-line growth and expanding in‑force value support durable franchise scale. Growing premiums and a rising value of in‑force business increase recurring earnings potential, diversify risk across products/regions, and provide a platform for sustained underwriting and fee income over the medium term.

Capital & Balance Sheet Strength

A materially strengthened equity base and improved leverage provide financial flexibility. Robust excess and deployable capital enable disciplined in‑force transactions, debt reduction, buybacks and absorb claim volatility, reducing refinancing and solvency risk across business cycles.

High ROE and Profitability

ROE above target and record EPS reflect effective underwriting, capital deployment and investment mix. Sustained above‑target returns signal management ability to generate shareholder returns from core operations and in‑force transactions, supporting long‑term cash generation and capital returns.

Negative Factors

Cash Flow Volatility

Material year‑to‑year swings in operating and free cash flow complicate capital planning and make deployment timing uncertain. Volatility reduces predictability of buybacks/dividends and can force opportunistic asset sales or deferred transactions in weaker cash years, stressing medium‑term execution.

Execution & In‑Force Action Risk

Guidance and growth targets assume continued deployment (~$1.5B p.a.) and in‑force gains; unpredictability of these actions creates execution risk. Reliance on sizeable, timely transactions means missed windows or slower rollouts can materially affect EPS and ROE trajectories.

U.S. Group Health Exposure

Adverse biometric experience and the decision to stop U.S. group health reduce a premium stream (~$400M) and highlight concentration/claims risk. While exit may lower volatility long term, it trims diversification and creates near‑term earnings drag and repricing/transition costs.

Reinsurance Group Business Overview & Revenue Model

Company Description

Reinsurance Group of America, Incorporated engages in reinsurance business. It offers individual and group life and health insurance products, such as term life, credit life, universal life, whole life, group life and health, joint and last survivor insurance, critical illness, disability, and longevity products; asset-intensive and financial reinsurance products; and other capital motivated solutions. The company also provides reinsurance for mortality, morbidity, lapse, and investment-related risk associated with products; and reinsurance for investment-related risks. In addition, it develops and markets technology solutions; and provides consulting and outsourcing solutions for the insurance and reinsurance industries. The company serves life insurance companies in the United States, Latin America, Canada, Europe, the Middle East, Africa, Australia, and the Asia Pacific. Reinsurance Group of America, Incorporated was founded in 1973 and is headquartered in Chesterfield, Missouri.

How the Company Makes Money

RGA generates revenue primarily through its reinsurance contracts, where it assumes risk from primary insurers in exchange for premiums. The company earns money by collecting these premiums and investing the funds in various financial instruments to generate investment income. Key revenue streams include traditional life and health reinsurance, which involves underwriting risks associated with mortality and morbidity, as well as specialized products such as financial reinsurance. RGA also benefits from strategic partnerships with insurance companies, which help expand its market reach and diversify its risk portfolio. Additionally, the company engages in data analytics and product development, further enhancing its value proposition and driving revenue growth.

Reinsurance Group Financial Statement Overview

Summary

Strong multi-year revenue growth and improved 2025 profitability, supported by a strengthening equity base and improving debt-to-equity (~0.42). Offsetting factors include typical reinsurance earnings/margin lumpiness and notably volatile cash flow (large 2024 spike followed by a 2025 pullback).

Income Statement

Revenue has grown meaningfully over the last several years (from ~$14.6B in 2020 to ~$22.8B in 2025), with a sharp acceleration in the latest year (2025 revenue growth of 2.339). Profitability also improved in 2025, with net income rising to ~$1.18B and net margin improving to ~5.2% (vs. ~3.3% in 2024). Offsetting this, margins have been volatile across the period (net margin ranging from ~2.8% to ~7.3%), and the 2025 growth rate appears unusually high versus prior years, suggesting results may be less predictable year-to-year.

Balance Sheet

The balance sheet shows moderate leverage for the sector, with debt-to-equity improving to ~0.42 in 2025 from higher levels in 2022–2024 (~0.47–0.62). Equity has strengthened materially (to ~$13.5B in 2025 from ~$7.1B in 2022), supporting balance-sheet resilience as assets expanded significantly. Return on equity is solid but not consistently rising (about ~8.8% in 2025 vs. ~9.9% in 2023), indicating profitability is adequate but still somewhat uneven.

Cash Flow

Cash generation is generally strong, with operating cash flow positive each year and free cash flow matching operating cash flow in the provided data (e.g., ~$4.09B in 2025). However, cash flow is notably volatile: operating/free cash flow fell in 2025 versus 2024 (free cash flow growth of -15.458) after an unusually high 2024 level (~$9.37B). Also, the provided operating cash flow coverage ratio is 0.0 throughout, limiting what can be concluded about cash coverage from the dataset.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	22.79B	22.04B	18.39B	15.88B	16.06B
Gross Profit	5.79B	2.49B	2.33B	1.57B	1.85B
EBITDA	1.95B	1.33B	1.46B	947.00M	1.57B
Net Income	1.18B	717.00M	902.00M	517.00M	1.17B
Balance Sheet
Total Assets	156.59B	118.67B	97.62B	84.90B	92.17B
Cash, Cash Equivalents and Short-Term Investments	4.17B	3.33B	2.97B	2.93B	2.95B
Total Debt	5.71B	5.04B	4.43B	3.96B	3.85B
Total Liabilities	143.04B	107.77B	88.45B	77.73B	79.16B
Stockholders Equity	13.46B	10.82B	9.08B	7.08B	13.01B
Cash Flow
Free Cash Flow	4.09B	9.37B	4.04B	1.32B	4.16B
Operating Cash Flow	4.09B	9.37B	4.04B	1.34B	4.18B
Investing Cash Flow	-12.09B	-12.54B	-4.07B	-5.69B	-4.63B
Financing Cash Flow	8.80B	3.66B	78.00M	4.44B	20.00M

Reinsurance Group Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 212.84
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RGA, the sentiment is Neutral. The current price of 212.84 is below the 20-day moving average (MA) of 217.23, above the 50-day MA of 207.03, and above the 200-day MA of 195.34, indicating a neutral trend. The MACD of 3.42 indicates Positive momentum. The RSI at 49.20 is Neutral, neither overbought nor oversold. The STOCH value of 28.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for RGA.

Reinsurance Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HG	82 Outperform	$3.08B	5.37	22.39%	―	22.79%	-5.17%
RNR	80 Outperform	$13.12B	5.38	23.79%	0.57%	-3.96%	-48.08%
RGA	76 Outperform	$13.95B	12.03	9.74%	1.76%	2.10%	19.23%
EG	75 Outperform	$13.54B	8.86	10.85%	2.37%	8.62%	-78.92%
SPNT	72 Outperform	$2.46B	5.71	20.86%	―	7.87%	-4.68%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
GLRE	63 Neutral	$485.23M	-300.85	-0.28%	―	5.83%	-101.38%

Reinsurance Group Corporate Events

Reinsurance Group Completes $400 Million Subordinated Debt Offering

On March 3, 2026, Reinsurance Group of America completed a $400 million public offering of 6.375% Fixed-Rate Reset Subordinated Debentures due 2056, issued at par under its existing shelf registration and indenture structure. The unsecured notes, which are subordinated to senior and secured debt and rank pari passu with several of its other hybrid capital instruments, will pay semi-annual interest and may be redeemed at par during specified reset-related windows, at a make-whole price otherwise, or upon defined tax, regulatory capital, or rating agency events.

The transaction generated approximately $396 million in net proceeds before expenses, which the company plans to use for general corporate purposes, including potential refinancing of existing obligations. By adding a new long-dated subordinated layer that is effectively junior to subsidiary liabilities yet senior to certain junior securities, RGA further diversifies and extends its capital structure, reinforcing financial flexibility and maintaining established banking and underwriting relationships with major dealers involved in its credit facilities and capital markets activities.

The most recent analyst rating on (RGA) stock is a Hold with a $223.00 price target. To see the full list of analyst forecasts on Reinsurance Group stock, see the RGA Stock Forecast page.

Reinsurance Group posts strong Q4 2025 earnings results

On February 5, 2026, Reinsurance Group of America reported strong fourth-quarter and full-year 2025 results, with quarterly net income available to shareholders rising to $463 million, or $6.97 per diluted share, from $148 million, or $2.22 per diluted share, a year earlier, and adjusted operating income climbing to $515 million, or $7.75 per diluted share. For full-year 2025, net income increased to $1.18 billion, or $17.69 per diluted share, while adjusted operating income reached $1.52 billion, or $22.72 per diluted share, supported by robust investment performance, favorable foreign currency effects, and capital deployment that included $2.5 billion into in-force block transactions and $125 million of share repurchases; the board also declared a regular quarterly dividend of $0.93 per share effective February 3, 2026, underscoring confidence in the company’s capital position and reinforcing its trajectory toward intermediate-term financial targets and continued strong returns for shareholders.

The most recent analyst rating on (RGA) stock is a Hold with a $205.00 price target. To see the full list of analyst forecasts on Reinsurance Group stock, see the RGA Stock Forecast page.