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Global life and health reinsurer, taking on mortality/morbidity risk transferred from primary insurance companies.
Global life and health reinsurer, taking on mortality/morbidity risk transferred from primary insurance companies.
Takes on the mortality and health risk that life insurers pass to it, earning a share of their premiums and investing the money until claims arise; it also provides financial reinsurance, which lets insurers free up capital. It began in 1973 as a unit of General American and was fully separated from MetLife in 2008.
Moat: narrow (scale, process know-how, brand). Actuarial/underwriting expertise and scale in life reinsurance are hard for smaller players to replicate.
Headquarters: Chesterfield, Missouri, US · Founded: 1973 · Employees: 4,300
Size Reinsurance Group of America (RGA) is a United States Financials company (Life/Health Insurance) with a market value of $17.1B, the 549th largest of 3,117 United States companies the cockpit tracks. Shares closed at $261.90 on 6 Nov 2026.
Performance Over six months the shares gained 24.4%, against +15.5% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 19.5% over the last twelve months (peer median +11.2%); the operating margin is 8.8% (peer median 9.5%).
Valuation It trades at 1.25× book value against a peer median of 2.34× (6th cheapest of 20).
Price implies The share price implies a return on equity of about 8.0%; Reinsurance Group of America delivers 11.7%, so the price asks less than the business earns today.
Credit Reinsurance Group of America has 6 bonds outstanding ($3.35B), rated A by the agencies and trading like BBB at a weighted spread of 94 bp.
Short interest Short interest is 1.6% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $26.0B | $23.7B | $22.2B | $18.6B | $16.2B |
| Revenue growth | — | +7% | +19% | +15% | — |
| Net income | $1.51B | $1.18B | $717M | $902M | $517M |
| Free cash flow | $5.20B | $4.09B | $9.37B | $4.04B | $1.34B |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Total debt | $5.71B | $5.71B | $5.04B | $4.43B | $3.96B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Reinsurance Group of America RGA | $17.1B | +24% | +20% | 12% | 1.25× | 8.0% |
| Swiss Re SREN.SW | $50.6B | +27% | -12% | 20% | 2.27× | 6.1% |
| Munchener Ruckversicherungs-Gesellschaft MUV2.DE | $80.3B | +22% | 0% | 21% | 2.13× | 9.0% |
| Hannover Rueck HNR1.DE | $39.6B | +24% | -2% | 22% | 2.66× | 8.3% |
| Scor SCR.PA | $6.96B | +10% | -4% | 19% | 1.44× | 9.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RGA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.3% | +2.9% | 10th lowest of 21 |
| 6-month return | +24.4% | +15.5% | 5th highest of 21 |
| Return on equity | 11.7% | 13.4% | 10th lowest of 21 |
| Price / book | 1.25× | 2.34× | 6th cheapest of 20 |
| Trailing P/E | 11.5× | 12.9× | 8th cheapest of 20 |
| ROE the price implies | 8.0% | 13.9% | 7th least demanding of 19 |
| ROE delivered | 11.7% | 13.6% | 9th lowest of 20 |
| Bond spread | 94 bp | 105 bp | 3rd tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Reinsurance Group of America RGA | United States | $17.1B | +24% | +20% | 12% | 1.25× | 8.0% | 11.7% |
| Kgi Financial 2883.TW | Taiwan | $17.3B | +60% | +32% | 14% | 1.33× | 7.1% | 14.4% |
| SBI Life Insurance SBILIFE.NS | India | $18.9B | -5% | +18% | 14% | 8.72× | 105.4% | 13.7% |
| Corebridge Financial CRBG | United States | $14.9B | +25% | +10% | 22% | 2.41× | 19.3% | 21.7% |
| Equitable EQH | United States | $14.1B | +24% | +6% | -183% | n/a | n/a | n/a |
| T&d 8795.T | Japan | $14.0B | +21% | +6% | 9% | 1.32× | 5.6% | 9.3% |
| NN Group N.V. NN.AS | Netherlands | $22.4B | +4% | +39% | 9% | 1.08× | 6.9% | 9.2% |
| HDFC Life Insurance HDFCLIFE.NS | India | $13.0B | -10% | +19% | 11% | 6.31× | 72.0% | 11.2% |
| Standard Life SDLF.L | United Kingdom | $12.5B | +25% | +135% | -179% | 38.09× | n/a | -179.3% |
| JAPAN POST INSURANCE 7181.T | Japan | $11.2B | +8% | -6% | 4% | 0.38× | 2.9% | 4.2% |
| Medibank Private MPL.AX | Australia | $9.94B | +14% | +9% | 27% | 5.90× | 23.8% | 26.8% |
| Samsung Life 032830.KS | South Korea | $31.0B | -6% | +13% | 3% | 0.29× | 4.5% | 3.2% |
| Bajaj Finserv BAJAJFINSV.NS | India | $31.6B | +2% | +17% | 13% | 3.55× | 54.3% | 13.3% |
| Primerica PRI | United States | $8.94B | +6% | +8% | 33% | 3.56× | 24.9% | 32.9% |
| Voya Financial VOYA | United States | $8.91B | +21% | -3% | 14% | 2.34× | 17.2% | 14.3% |
| Swiss Life SLHN.SW | Switzerland | $33.0B | +14% | 0% | 20% | 4.25× | 15.4% | 20.0% |
| Jackson Financial Incorporation JXN | United States | $8.70B | +17% | +34% | 9% | 1.10× | 12.5% | 9.5% |
| Talanx TLX.DE | Germany | $37.6B | +24% | +2% | 20% | 2.33× | 10.2% | 19.8% |
| Daiichi Life 8750.T | Japan | $39.0B | +18% | +17% | 14% | 1.34× | 8.1% | 13.6% |
| Japan Post Hldgs 6178.T | Japan | $39.0B | +24% | 0% | 5% | 0.62× | 4.4% | 4.5% |
| St. James's Place STJ.L | United Kingdom | $7.48B | -3% | +164% | 38% | 3.64× | 43.3% | 38.4% |
Reinsurance Group of America has 6 bonds outstanding with $3.35B face value. The agencies rate it A; its bonds trade like BBB. Weighted yield 5.56%, a spread of 94 bp over government bonds.