# Reinsurance Group of America (RGA.US)

Canonical: https://gigainvestors.com/s/RGA

Analysis as of: 2026-10-16T07:31:33.094Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $264.04 per share; close as of 2026-10-15.

Estimated value: low $43.79 per share, central $50.08 per share, high $58.48 per share. Buy at or below the central value $50.08 per share. Valuation as of 2026-10-16T07:31:33.094Z; scenarios are not confidence intervals.

Expected annual return: 4.4% at the stated quote. About 4.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.56×

Chart: Net income; fiscal year observations.

- FY2016: $701M

- FY2017: $1.8B

- FY2018: $716M

- FY2019: $870M

- FY2020: $415M

- FY2021: $617M

- FY2022: $623M

- FY2023: $902M

- FY2024: $717M

- FY2025: $1.2B

### moat: fail

- Common book per share

- Underwriting economics assessed through return on tangible common equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 8.0%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 2.9%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 10.0%

- FY2017: 19.5%

- FY2018: 8.6%

- FY2019: 7.5%

- FY2020: 2.9%

- FY2021: 0.7%

- FY2022: 8.8%

- FY2023: 6.5%

- FY2024: 6.6%

- FY2025: 8.8%

### economics: pass

- Common book per share

- Book value per share + reinvested dividends, annualized return: 10.0%

- Book return interval: 10 years

- Starting book value per share: $91.18

- Ending book value per share: $201.51

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 21.4%

- FY2017: 35.0%

- FY2018: -9.3%

- FY2019: 41.8%

- FY2020: 21.7%

- FY2021: 474.8%

- FY2022: -91.4%

- FY2023: 32.5%

- FY2024: 22.0%

- FY2025: 26.9%

### management: pass

- Common book per share

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: 0.3%

- Share growth excluding flagged crisis recapitalisations: -0.1%

- Five-year share growth excluding flagged crisis recapitalisations: 0.3%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.34×

- Book value created per share: $110.34

- Earnings retained per share after dividends and buybacks: $82.31

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 97

- FY2017: 98

- FY2018: 97

- FY2019: 95

- FY2020: 98

- FY2021: 101

- FY2022: 101

- FY2023: 100

- FY2024: 99

- FY2025: 99

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 8.7% a year forever · "RGA targets 8%-10% EPS growth as it plans $400M debt paydown in September" (seekingalpha.com, Aug 2026) · net income +64.9%

Story as of 2026-10-16T09:59:29.746Z; price observation 2026-10-15.

The price assumes profits grow 8.7% a year forever

- 2025-11-03: RGA Q3 Deep Dive: Strong Revenue Growth Offset by Profit Miss and Claims Volatility ([finance.yahoo.com](https://finance.yahoo.com/news/rga-q3-deep-dive-strong-133126611.html))

- 2026-02-09: RGA Q4 Earnings and Revenues Beat Estimates, Premiums Up Y/Y ([finance.yahoo.com](https://finance.yahoo.com/news/rga-q4-earnings-revenues-beat-154100115.html))

- 2026-08-07: RGA Q2 Earnings Beat Estimates on Higher Premiums, Investment Income ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/rga-q2-earnings-beat-estimates-181500088.html))

### Net income · FY2025

net income +64.9%; source https://www.sec.gov/Archives/edgar/data/898174/000089817426000006/rga-20251231.htm; observed 2026-02-20.

- FY2016: $701M 

- FY2017: $1.8B 

- FY2018: $716M 

- FY2019: $870M 

- FY2020: $415M 

- FY2021: $617M 

- FY2022: $623M 

- FY2023: $902M 

- FY2024: $717M 

- FY2025: $1.2B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance reinsurance; annual sales are USD 23.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/898174/000089817426000006/rga-20251231.htm#000089817426000006 (filed 2026-02-20); FY2025: revenue 23698000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RGA.US: Reinsurance Group of America, Incorporated provides life and health, and asset-intensive reinsurance in the United States, Latin America, Canada, Europe, the Middle East, Africa, Asia, and Australia. It offers individual and group life and health, disability, long-term care, and critical illness reinsurance; and financial solutions, such as asset-intensive reinsurance, longevity reinsurance, stable value products, pension risk transfer transactions, and capital solutions. The company also provides reinsurance for mortality, morbidity, lapse, and investment-related risks; coinsurance of payout annuities; underwritten annuities; funding agreement backed note program and other capital motivated solutions; and superannuation. Reinsurance Group of America, Incorporated was founded in 1973 and is headquartered in Chesterfield, Missouri.

### Why customers stay

It earns 8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 10-year return on tangible equity observations [[2016,0.09989646381930302],[2017,0.1945500363046171],[2018,0.08559678653404744],[2019,0.07520746887966805],[2020,0.029351439281420186],[2021,0.007237621555678073],[2022,0.08824362606232294],[2023,0.06522053506869126],[2024,0.06633974833456699],[2025,0.08784838350055742]]; median 0.08040212770685774. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 174 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2016,100371000],[2017,117291000],[2018,140110000],[2019,163000000],[2020,182000000],[2021,194000000],[2022,205000000],[2023,219000000],[2024,229000000],[2025,240000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/898174/000089817426000006/rga-20251231.htm (filed 2026-02-20); FY2025: cash repurchases 174000000 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RGA.US SharesStats.PercentInsiders = 0.234 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 8.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Price 264.04; FX 1; original perpetual distributable cash 3.487523396952279; discount 0.1; growth 0.0867916853622471. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $107.86 per share

- 2016-11: $122.05 per share

- 2016-12: $125.83 per share

- 2017-01: $125.47 per share

- 2017-02: $130.06 per share

- 2017-03: $126.98 per share

- 2017-04: $125.04 per share

- 2017-05: $124.51 per share

- 2017-06: $128.39 per share

- 2017-07: $140.20 per share

- 2017-08: $134.45 per share

- 2017-09: $139.53 per share

- 2017-10: $149.38 per share

- 2017-11: $162.05 per share

- 2017-12: $155.93 per share

- 2018-01: $156.65 per share

- 2018-02: $153.79 per share

- 2018-03: $154.00 per share

- 2018-04: $149.40 per share

- 2018-05: $149.44 per share

- 2018-06: $133.48 per share

- 2018-07: $141.50 per share

- 2018-08: $142.85 per share

- 2018-09: $144.56 per share

- 2018-10: $142.37 per share

- 2018-11: $149.38 per share

- 2018-12: $140.23 per share

- 2019-01: $144.45 per share

- 2019-02: $144.49 per share

- 2019-03: $141.98 per share

- 2019-04: $151.51 per share

- 2019-05: $148.06 per share

- 2019-06: $156.03 per share

- 2019-07: $155.92 per share

- 2019-08: $153.97 per share

- 2019-09: $159.88 per share

- 2019-10: $162.47 per share

- 2019-11: $165.46 per share

- 2019-12: $163.06 per share

- 2020-01: $144.05 per share

- 2020-02: $122.03 per share

- 2020-03: $84.14 per share

- 2020-04: $104.68 per share

- 2020-05: $90.75 per share

- 2020-06: $78.44 per share

- 2020-07: $85.25 per share

- 2020-08: $91.68 per share

- 2020-09: $95.19 per share

- 2020-10: $101.02 per share

- 2020-11: $115.28 per share

- 2020-12: $115.90 per share

- 2021-01: $105.05 per share

- 2021-02: $122.23 per share

- 2021-03: $126.05 per share

- 2021-04: $130.53 per share

- 2021-05: $126.03 per share

- 2021-06: $114.00 per share

- 2021-07: $110.18 per share

- 2021-08: $115.82 per share

- 2021-09: $111.26 per share

- 2021-10: $118.08 per share

- 2021-11: $94.91 per share

- 2021-12: $109.49 per share

- 2022-01: $114.83 per share

- 2022-02: $110.86 per share

- 2022-03: $109.46 per share

- 2022-04: $107.32 per share

- 2022-05: $125.85 per share

- 2022-06: $117.29 per share

- 2022-07: $115.78 per share

- 2022-08: $125.36 per share

- 2022-09: $125.81 per share

- 2022-10: $147.17 per share

- 2022-11: $144.40 per share

- 2022-12: $142.09 per share

- 2023-01: $151.77 per share

- 2023-02: $144.47 per share

- 2023-03: $132.76 per share

- 2023-04: $142.32 per share

- 2023-05: $140.00 per share

- 2023-06: $138.69 per share

- 2023-07: $140.35 per share

- 2023-08: $138.62 per share

- 2023-09: $145.19 per share

- 2023-10: $149.47 per share

- 2023-11: $163.06 per share

- 2023-12: $161.78 per share

- 2024-01: $173.89 per share

- 2024-02: $176.85 per share

- 2024-03: $192.88 per share

- 2024-04: $186.99 per share

- 2024-05: $209.80 per share

- 2024-06: $205.27 per share

- 2024-07: $225.43 per share

- 2024-08: $220.76 per share

- 2024-09: $217.87 per share

- 2024-10: $211.08 per share

- 2024-11: $228.40 per share

- 2024-12: $213.63 per share

- 2025-01: $227.86 per share

- 2025-02: $202.69 per share

- 2025-03: $196.90 per share

- 2025-04: $187.31 per share

- 2025-05: $203.29 per share

- 2025-06: $198.36 per share

- 2025-07: $192.45 per share

- 2025-08: $194.79 per share

- 2025-09: $192.13 per share

- 2025-10: $182.46 per share

- 2025-11: $189.87 per share

- 2025-12: $203.46 per share

- 2026-01: $202.75 per share

- 2026-02: $215.73 per share

- 2026-03: $204.16 per share

- 2026-04: $211.46 per share

- 2026-05: $200.74 per share

- 2026-06: $212.65 per share

- 2026-07: $236.85 per share

- 2026-08: $246.04 per share

- 2026-09: $246.24 per share

- 2026-10: $264.04 per share

## Annual estimated value (USD per share)

- FY2016: low $0.11 per share, central $0.12 per share, high $0.13 per share

- FY2017: low $0.15 per share, central $0.16 per share, high $0.18 per share

- FY2018: low $0.12 per share, central $0.13 per share, high $0.14 per share

- FY2019: low $0.16 per share, central $0.18 per share, high $0.20 per share

- FY2020: low $0.19 per share, central $0.21 per share, high $0.24 per share

- FY2021: low $1.13 per share, central $1.24 per share, high $1.38 per share

- FY2022: low $0.14 per share, central $0.15 per share, high $0.17 per share

- FY2023: low $5.06 per share, central $5.57 per share, high $6.19 per share

- FY2024: low $12.42 per share, central $13.81 per share, high $15.55 per share

- FY2025: low $42.81 per share, central $48.96 per share, high $57.16 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/898174/000089817426000006/rga-20251231.htm); period 2025-12-31, filed 2026-02-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.