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Athene vs Reinsurance Group of America: revenue, profit, margins and growth compared

Athene brought in $25.7B of revenue in fiscal 2025, Reinsurance Group of America $23.7B in fiscal 2025. Revenue changed by +24.1% at Athene and +7.2% at Reinsurance Group of America on the year before, so Athene grew faster. Athene kept 10.6% of its revenue as net profit, Reinsurance Group of America 5.0%.

Side by side, latest fiscal year

ATHSRGA
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$25.7B$23.7B
Revenue growth+24.1%+7.2%
Net income$2.7B$1.2B
Net margin10.6%5.0%
Free cash flown/an/a
Free cash flow marginn/an/a
Earnings per share (diluted)n/a$17.69
Cash$16.9B$4.2B
Debt$7.8B$5.7B
Price to earningsn/a14.1
Market value$5B$16.2B
Dividend yieldn/a1.46%
Rank by revenue in sector#23 of 444 · Finance#27 of 444 · Finance

Over the years

Revenue
ATHS FY2018: $6.6BATHS FY2019: $16.3BATHS FY2020: $14.8BATHS FY2021: $26.3BATHS FY2022: $7.6BATHS FY2023: $28.2BATHS FY2024: $20.7BATHS FY2025: $25.7BRGA FY2018: $12.9BRGA FY2019: $14.3BRGA FY2020: $14.6BRGA FY2021: $16.7BRGA FY2022: $16.2BRGA FY2023: $18.6BRGA FY2024: $22.1BRGA FY2025: $23.7BFY18FY19FY20FY21FY22FY23FY24FY25
ATHS $25.7BRGA $23.7B
Net income
ATHS FY2018: $1.1BATHS FY2019: $2.2BATHS FY2020: $1.5BATHS FY2021: $3.9BATHS FY2022: -$2.9BATHS FY2023: $4.7BATHS FY2024: $3.5BATHS FY2025: $2.7BRGA FY2018: $716MRGA FY2019: $870MRGA FY2020: $415MRGA FY2021: $1.2BRGA FY2022: $517MRGA FY2023: $902MRGA FY2024: $717MRGA FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
ATHS $2.7BRGA $1.2B
Net margin
ATHS FY2018: 15.9%ATHS FY2019: 13.4%ATHS FY2020: 10.4%ATHS FY2021: 14.7%ATHS FY2022: -38.2%ATHS FY2023: 16.5%ATHS FY2024: 16.7%ATHS FY2025: 10.6%RGA FY2018: 5.6%RGA FY2019: 6.1%RGA FY2020: 2.8%RGA FY2021: 7.0%RGA FY2022: 3.2%RGA FY2023: 4.9%RGA FY2024: 3.2%RGA FY2025: 5.0%FY18FY19FY20FY21FY22FY23FY24FY25
ATHS 10.6%RGA 5.0%
Revenue growth
ATHS FY2019: +145.0%ATHS FY2020: -9.2%ATHS FY2021: +78.3%ATHS FY2022: -71.0%ATHS FY2023: +269.9%ATHS FY2024: -26.6%ATHS FY2025: +24.1%RGA FY2019: +11.1%RGA FY2020: +2.1%RGA FY2021: +14.2%RGA FY2022: -2.6%RGA FY2023: +14.4%RGA FY2024: +19.1%RGA FY2025: +7.2%FY19FY20FY21FY22FY23FY24FY25
ATHS +24.1%RGA +7.2%
Free cash flow
RGA FY2018: $1.6BRGA FY2019: $2.3BRGA FY2020: $3.3BRGA FY2021: $4.2BRGA FY2022: $1.3BFY18FY19FY20FY21FY22
ATHSRGA $1.3B

Fiscal years as each company reports them; the two may end in different months.

Questions about Athene and Reinsurance Group of America

Which is bigger by revenue, Athene or Reinsurance Group of America?

Athene is bigger by revenue: $25.7B in fiscal 2025, against $23.7B for Reinsurance Group of America in fiscal 2025.

Which keeps more of its revenue as profit, Athene or Reinsurance Group of America?

Athene had a net margin of 10.6% in fiscal 2025; Reinsurance Group of America had 5.0% in fiscal 2025.

Which grew revenue faster, Athene or Reinsurance Group of America?

In their latest fiscal years revenue changed by +24.1% at Athene and +7.2% at Reinsurance Group of America.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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