REINSURANCE GROUP OF AMERICA INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data REINSURANCE GROUP OF AMERICA INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	11,522	12,516	12,876	14,300	14,596	16,667	16,227	18,567	22,107	23,698
Interest expense	138	146	147	173	170	139	191	257	304	366
Pre-tax income	1,044	1,143	846	1,132	553	1,385	718	1,160	980	1,540
Income tax	343	-679	130	262	138	215	197	251	256	351
Net income to minority interests					0	0	4	7	7	7
Net income	701	1,822	716	870	415	1,170	517	902	717	1,182
EPS, basic	20.67	53.59	21.32	26.30	12.03	17.26	7.73	13.60	10.90	17.94
EPS, diluted	20.45	52.51	20.84	25.81	11.96	17.13	7.64	13.44	10.73	17.69
Shares, basic (weighted)	33.9	34	33.6	33.1	34.5	67.8	66.9	66.3	65.8	65.9
Shares, diluted (weighted)	34.3	34.7	34.4	33.7	34.7	68.3	67.7	67.1	66.9	66.8
Dividend per share	2,956.00	3.45	4.17	4.93	5.42	2.86	3.06	3.30	3.48	3.64

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,201	1,304	1,449	3,408	2,948	2,927	2,927	2,970	3,326	4,168
Goodwill	7	7	7	7	7	7	7
Total assets	53,098	60,515	64,535	76,731	84,656	92,941	84,904	97,623	118,675	156,590
Total liabilities	46,005	50,945	56,085	65,130	70,304	79,161	77,733	88,452	107,769	143,039
Total debt	3,089	2,788	2,788	2,981	3,573	3,667	3,961	4,427	5,042	5,710
Paid-in capital	1,849	1,871	1,899	1,937	2,406	2,461	2,502	2,544	2,600	2,640
Retained earnings	5,199	6,736	7,285	7,952	8,148	8,563	8,169	8,805	9,255	10,151
Treasury stock	-1,095	-1,102	-1,371	-1,426	-1,562	-1,653	-1,720	-1,900	-1,889	-2,013
Other comprehensive income	1,139	2,064	636	3,137	-909	-500	-1,871	-369	849	2,682
Shareholders' equity	7,093	9,570	8,450	11,601	14,352	8,180	7,081	9,081	10,816	13,461
Minority interests				0	0	0	90	90	90	90
Total equity	7,093	9,570	8,450	11,601	14,352	8,180	7,171	9,171	10,906	13,551
Total liabilities and equity	53,098	60,515	64,535	76,731	84,656	92,175	84,904	97,623	118,675	156,590
Shares outstanding	33.9	34	33.1	33.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	701	1,822	716	870	415	1,170	521	909	724	1,189
Depreciation and amortization	26.9	53	45	49	49	43	38	41	46	43
Stock-based compensation	33.1	22	30	39	-12	55	45	46	60	42
Deferred income tax	294	-847	77	211	-16	53	67	211	-61	340
Cash from operations	1,466	1,982	1,581	2,307	3,322	4,182	1,343	4,044	9,370	4,091
Capital expenditures	-44.6	-44	-29	-34	-28	-19	-25
Acquisitions	0	0	-32	4	0	-156	0	0
Purchases of investments				-15,664	-9,619	-18,071	-16,531	-12,647	-40,662	-37,745
Sales and maturities of investments	472	589	627	907	973	887	906	967	1,219	1,239
Cash from investing	-2,826	-1,608	-637	-2,638	-2,680	-4,628	-5,688	-4,066	-12,545	-12,094
Debt issued	800	0	0	599	598	494	690	890	640	691
Stock issued	15.3	7	0	0	481	0	0
Share buybacks	-123	-44	-300	-101	-163	-99	-81	-227	-27	-174
Dividends paid	-100	-117	-140	-163	-182	-194	-205	-219	-229	-240
Cash from financing	1,055	-324	-322	-121	1,254	20	4,436	78	3,661	8,798
Exchange rate effect	-19.9	53	-36	11	63	-34	-112	-13	-130	47
Net change in cash	-325	103	586	-441	1,959	-460	-21	43	356	842
Free cash flow	1,421	1,938	1,552	2,273	3,294	4,163	1,318
Interest paid	157	173	170	180	166	160	163	217	213	255
Income taxes paid	61.1	37	142	44	108	368	129	298	78	252

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $248.65 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	7.2%	Pre-tax income / revenue.
Net margin	5.8%	Net income / revenue.
Operating cash flow margin	11.5%	Cash from operations / revenue.
Effective tax rate	19.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.9%	Net income / average total assets.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	64.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	31.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	23.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	64.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	32.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-56.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	45.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-7.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	24.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	23.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-1.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	31.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	22.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	14.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.42x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	3.4%	Total debt / total assets.
Liabilities / assets	91.8%	Total liabilities / total assets.
Net debt	$421.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$13.69B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.16x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$22.77	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$393.49	Revenue / diluted weighted shares.
Operating cash flow per share	$45.20	Cash from operations / diluted weighted shares.
Book value per share	$207.49	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$207.49	Tangible book value / shares outstanding.
Cash per share	$80.12	(Cash + short-term investments) / shares outstanding.
Payout ratio	16.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$16.24B	Share price x shares outstanding.
Enterprise value	$16.66B	Market cap + total debt - cash - short-term investments.
P/E	10.8x	Market cap / net income. Only when net income is positive.
P/S	0.63x	Market cap / revenue.
P/B	1.19x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.19x	Market cap / tangible book value, when positive.
P/OCF	5.44x	Market cap / cash from operations, when positive.
EV/Sales	0.64x	Enterprise value / revenue.
Earnings yield	9.3%	Net income / market cap (the inverse of P/E).
Dividend yield	1.5%	Dividends paid over the period / market cap.
Shareholder yield	3.2%	(Dividends paid + share buybacks) / market cap.
PEG	0.33x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was REINSURANCE GROUP OF AMERICA INC's revenue in fiscal 2025?

REINSURANCE GROUP OF AMERICA INC reported revenue of $23.70B for fiscal 2025, 7.2% higher than the year before.

Was REINSURANCE GROUP OF AMERICA INC profitable in fiscal 2025?

Yes. Net income was $1.18B, a net margin of 5%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to REINSURANCE GROUP OF AMERICA INC