# Reinsurance Group of America, Incorporated (RGA)

> Source: Nexqual · https://nexqual.com/RGA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Reinsurance Group of America, Incorporated (RGA), nexqual.com/RGA" · informational, not investment advice.

**Price:** USD 272.05 (+1.07% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 269.18 · day 267.39–272.44 · 52w 178.21–272.44 · market cap $17.8B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $26.0B, net income $1.51B (5.8% margin) (SEC filings).
- Valuation: P/E 11.8x (avg 14.5x at the last 3 fiscal year-ends), net debt $421M.
- 2 of 80 tracked superinvestors hold RGA (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 2.10 on a 1–5 scale) (10 analysts), mean target USD 279.78 (range 236–302).
- Total return with dividends: 1Y +45.9% vs S&P 500 +14.9%; 5Y +154.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 6.95, revenue estimate $6.67B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $16.7B | $16.2B | $18.6B | $22.1B | $23.7B | $26.0B |
| Net income | $1.17B | $517M | $902M | $717M | $1.18B | $1.51B |
| EPS (diluted) | $17.13 | $7.64 | $13.44 | $10.73 | $17.69 | — |
| Free cash flow | $4.16B | $1.32B | — | — | — | — |
| Net margin | 7.0% | 3.2% | 4.9% | 3.2% | 5.0% | 5.8% |
| Revenue growth | +14.2% | -2.6% | +14.4% | +19.1% | +7.2% | — |
| Cash + short-term investments | $2.93B | $2.93B | $2.97B | $3.33B | $4.17B | — |
| Total debt | $3.67B | $3.96B | $4.43B | $5.04B | $5.71B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 11.8x · P/S 0.7x · EV/Sales 0.7x · P/B 1.3x · Earnings yield 8.50% · Dividend yield (paid, TTM) 1.37% · Net debt $421M · EV $18.2B
P/E at fiscal year-ends: Dec 2025 11.5x, Dec 2024 19.9x, Dec 2023 12.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold RGA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Nygren | Oakmark Funds | 1.33% | $996M | Reduced -3.4% |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $19K | Added +368.4% |

## Analysts
Consensus Buy (mean 2.10 on a 1–5 scale), 10 analysts; mean target USD 279.78 (low 236, high 302).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | TD Cowen | Target raised | Hold | $235 → $250 |
| 2026-10-15 | JP Morgan | Target raised | Overweight | $293 → $297 |
| 2026-10-12 | Wells Fargo | Target raised | Overweight | $291 → $292 |
| 2026-10-08 | Barclays | Target raised | Overweight | $286 → $292 |
| 2026-10-07 | Barclays | Target lowered | Overweight | $290 → $286 |
| 2026-08-24 | Morgan Stanley | Target raised | Equal-Weight | $223 → $250 |
| 2026-08-19 | Wells Fargo | Target raised | Overweight | $269 → $291 |
| 2026-08-11 | JP Morgan | Target raised | Overweight | $286 → $293 |
| 2026-08-07 | Barclays | Target raised | Overweight | $278 → $290 |
| 2026-07-22 | TD Cowen | Target raised | Hold | $212 → $235 |
| 2026-07-21 | JP Morgan | Target raised | Overweight | $270 → $286 |
| 2026-07-13 | Evercore ISI Group | Target raised | Outperform | $267 → $280 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +45.9% | +154.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +46.1% | +20.4% |
| Volatility (annualized) | 22.2% | 25.2% |
| Max drawdown | -12.7% (Feb 2026→Jun 2026) | -25.3% (Nov 2024→Mar 2025) |

## Peers (Insurance - Reinsurance)
EG (Everest Group, Ltd.) USD 407.56 +3.24% · RNR (RenaissanceRe Holdings Ltd.) USD 362.59 +2.12% · HG (Hamilton Insurance Group, Ltd.) USD 37.11 +1.62% · SPNT (SiriusPoint Ltd.) USD 25.96 +1.09% · GLRE (Greenlight Reinsurance, Ltd.) USD 15.3 +2.41%

## More
Full page: https://nexqual.com/RGA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name RGA in their own reports (relationship from RGA's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | ALLIANCEBERNSTEIN HOLDING L.P. (AB) | 10-K 2026-02-12 | "During the fourth quarter of 2024, we entered into a non-exclusive partnership with Reinsurance Group of America, Incorporated ("RGA") under which we committed to invest $100.0 million in a reinsuranc…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Life Insurance Product Line | $2.32B | 35.0% | +0.0% |
| Insurance, Other | $1.13B | 17.0% | +169.0% |
| Total revenue | $6.64B | 100% | — |
The lines above cover 52% of total revenue.

## Company outlook (8-K filed 2026-08-06)

- "Claims experience was modestly favorable to expectations, reinforcing a trend since 2023 that validates our pricing and risk selection discipline."
- "The effective tax rate for the quarter was 23.4% on pre-tax income, above the expected range of 22% to 23%."
- "The effective tax rate for the quarter was 23.1% on adjusted operating income before taxes, generally in line with the expected range of 22% to 23%."
- "(14) the effect of acquisitions and other significant transactions, including risks related to the integration of acquired blocks of business and entities and the Company's ability to achieve the expected benefits of such transactions, including the transaction entered into with subsidiaries of Equitable Holdings, Inc. on July 31, 2025;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $6.95 | $6.79 | +2.3% | $6.67B | 10 |
| Next quarter (ends 2026-12-31) | $7.01 | $6.68 | +4.9% | $6.89B | 8 |
| Current fiscal year (ends 2026-12-31) | $29.87 | $26.96 | +10.8% | $27.01B | 9 |
| Next fiscal year (ends 2027-12-31) | $30.00 | $29.25 | +2.6% | $28.25B | 10 |