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

Reinsurance Group of America brought in $23.7B of revenue in fiscal 2025, Voya Financial $8.2B in fiscal 2025. Revenue changed by +7.2% at Reinsurance Group of America and +1.7% at Voya Financial on the year before, so Reinsurance Group of America grew faster. Reinsurance Group of America kept 5.0% of its revenue as net profit, Voya Financial 8.0%.

Side by side, latest fiscal year

RGAVOYA
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$23.7B$8.2B
Revenue growth+7.2%+1.7%
Net income$1.2B$654M
Net margin5.0%8.0%
Free cash flown/an/a
Free cash flow marginn/an/a
Earnings per share (diluted)$17.69$6.29
Cash$4.2B$1.3B
Debt$5.7B$2.1B
Price to earnings14.115.5
Market value$16.2B$8.8B
Dividend yield1.46%1.87%
Rank by revenue in sector#27 of 444 · Finance#67 of 444 · Finance

Over the years

Revenue
RGA FY2018: $12.9BRGA FY2019: $14.3BRGA FY2020: $14.6BRGA FY2021: $16.7BRGA FY2022: $16.2BRGA FY2023: $18.6BRGA FY2024: $22.1BRGA FY2025: $23.7BVOYA FY2018: $7.2BVOYA FY2019: $7.5BVOYA FY2020: $7.6BVOYA FY2021: $4.2BVOYA FY2022: $5.9BVOYA FY2023: $7.3BVOYA FY2024: $8.1BVOYA FY2025: $8.2BFY18FY19FY20FY21FY22FY23FY24FY25
RGA $23.7BVOYA $8.2B
Net income
RGA FY2018: $716MRGA FY2019: $870MRGA FY2020: $415MRGA FY2021: $1.2BRGA FY2022: $517MRGA FY2023: $902MRGA FY2024: $717MRGA FY2025: $1.2BVOYA FY2018: $762MVOYA FY2019: -$360MVOYA FY2020: -$206MVOYA FY2021: $2.4BVOYA FY2022: $510MVOYA FY2023: $625MVOYA FY2024: $667MVOYA FY2025: $654MFY18FY19FY20FY21FY22FY23FY24FY25
RGA $1.2BVOYA $654M
Net margin
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%VOYA FY2018: 10.6%VOYA FY2019: -4.8%VOYA FY2020: -2.7%VOYA FY2021: 56.8%VOYA FY2022: 8.6%VOYA FY2023: 8.5%VOYA FY2024: 8.3%VOYA FY2025: 8.0%FY18FY19FY20FY21FY22FY23FY24FY25
RGA 5.0%VOYA 8.0%
Revenue growth
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%VOYA FY2019: +4.4%VOYA FY2020: +2.3%VOYA FY2021: -45.4%VOYA FY2022: +42.1%VOYA FY2023: +23.9%VOYA FY2024: +9.6%VOYA FY2025: +1.7%FY19FY20FY21FY22FY23FY24FY25
RGA +7.2%VOYA +1.7%
Free cash flow
RGA FY2018: $1.6BRGA FY2019: $2.3BRGA FY2020: $3.3BRGA FY2021: $4.2BRGA FY2022: $1.3BFY18FY19FY20FY21FY22
RGA $1.3BVOYA

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

Questions about Reinsurance Group of America and Voya Financial

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

Reinsurance Group of America is bigger by revenue: $23.7B in fiscal 2025, against $8.2B for Voya Financial in fiscal 2025.

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

Reinsurance Group of America had a net margin of 5.0% in fiscal 2025; Voya Financial had 8.0% in fiscal 2025.

Which grew revenue faster, Reinsurance Group of America or Voya Financial?

In their latest fiscal years revenue changed by +7.2% at Reinsurance Group of America and +1.7% at Voya Financial.

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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