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Reinsurance Group of America (RGA) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Reinsurance Group of America (RGA) Q3 2026 earnings results →

Q3 2026 Revenue up 22% year over year to $7.5B · 6¢ of every $1 of revenue kept as net profit · operating margin 8.3%

Reinsurance Group of America made $7.5B in Q3 2026 (+22% Y/Y). Operating margin 8.3%, net earnings $457M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.

Revenue$7.5B
Year over year+22%
Operating margin8.3%
Net earnings$457M
Operating cash flow−$1.4B

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Reinsurance Group of America Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Reinsurance Group of America Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $7.5B in Q3 2026, up 22% year over year and up 14% from the previous quarter.

Operating profit was $0.62B, a 8.3% margin (up 3.1 points year over year). Of the extra revenue versus Q3 2025, 23% reached operating profit, above the 5% margin then. Total costs grew 18% against revenue growth of 22%. Net earnings were $0.46B, up 80% year over year. The effective tax rate was 26.8%.

Operating cash flow was −$1.4B. Non-cash charges added back $0.02B of share-based compensation. Working capital and other items used $1.8B.

Quarterly history

Reinsurance Group of America revenue by quarterReinsurance Group of America revenue by quarter$5.3BQ1 2025$5.6BQ2 2025$6.2BQ3 2025$6.6BQ4 2025$6.5BQ1 2026$6.6BQ2 2026$7.5BQ3 2026
Reinsurance Group of America net earnings by quarterReinsurance Group of America net earnings by quarter$288MQ1 2025$181MQ2 2025$255MQ3 2025$465MQ4 2025$331MQ1 2026$464MQ2 2026$457MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 6, 2026$7.5B+22%8.3%$457M−$1.4B
Q2 202610-QAug 7, 2026$6.6B+18%9.1%$464M−$484M
Q1 202610-QMay 8, 2026$6.5B+24%6.8%$331M−$2.9B
Q4 202510-KFeb 20, 2026$6.6B+27%7.7%$465M$7.3B
Q3 202510-QOct 31, 2025$6.2B+10%5.2%$255M−$990M
Q2 202510-QAug 1, 2025$5.6B+15%6.1%$181M−$820M
Q1 202510-QMay 2, 2025$5.3B-17%7.0%$288M−$1.4B

Charts

Reinsurance Group of America: revenue growth, year over year and quarter over quarterReinsurance Group of America: revenue growth, year over year and quarter over quarterY/YQ/Q-17%Q1 2025+15%+6%Q2 2025+10%+11%Q3 2025+27%+7%Q4 2025+24%-2%Q1 2026+18%+2%Q2 2026+22%+14%Q3 2026
Latest (Q3 2026): Y/Y +22%, Q/Q +14%.
Reinsurance Group of America: where the cash came from (+) and went (−), TTM to Q3 2026Reinsurance Group of America: where the cash came from (+) and went (−), TTM to Q3 2026Other investing−$13.0BOther financing$7.7BNot reconciled$2.9BOperating cash flow$2.6BNet borrowing (+) / repaid (−)$395MBuybacks−$289MDividends−$247MExchange rates−$34.0MCash drawn (+) / kept (−)−$23.0MShares issued$10.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Reinsurance Group of America: profit against cash, quarter by quarterReinsurance Group of America: profit against cash, quarter by quarterNet incomeOperating cash flow$150M$17.1BQ4 2024$288M−$1.4BQ1 2025$181M−$820MQ2 2025$255M−$990MQ3 2025$465M$7.3BQ4 2025$331M−$2.9BQ1 2026$464M−$484MQ2 2026$457M−$1.4BQ3 2026
Latest (Q3 2026): Net income $457M, Operating cash flow −$1.4B.
Reinsurance Group of America: diluted shares by fiscal yearReinsurance Group of America: diluted shares by fiscal year66MFY202068MFY202168MFY202267MFY202367MFY202467MFY2025
+1.5% since FY2020: more shares outstanding (issuance, stock pay).
Reinsurance Group of America: long-term debt falling due (FY2025)Reinsurance Group of America: long-term debt falling due (FY2025)$404M2026$4.0M2027$4.0M2028$604M2029$604M2030$4.1BLater
Cash $4.2B, short-term investments —, long-term debt $5.7B at 2025-12-31.
Reinsurance Group of America in its industry: growth against margin (24 companies, SIC 6311)Reinsurance Group of America in its industry: growth against margin (24 companies, SIC 6311)revenue growth, year over year →↑ operating marginmedian +5%median 16%METPRUMetropolitan Life Insurance CoCRBGLNCLincoln National Life Insurance CoATH-PAVOYAGNWANG-PDGLJXNBrighthouse Life Insurance CoFGPRIBHFVoya Retirement Insurance & Annuity CoCIAAAMEFirst Trinity Financial CorpUTGNUS Alliance CorpTexas Republic Capital CorpRGA (+22%, 8%)
Life Insurance; dot size is quarterly revenue; dashed lines are the industry's medians.

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Reinsurance Group of America

Reinsurance Group of America, Incorporated (“RGA”) is an insurance holding company that was formed on December 31, 1992. The consolidated financial statements herein include the assets, liabilities, and results of operations of RGA and its subsidiaries, all of which are wholly owned. The terms “Company”, “we”, “us” and “our” in this Annual Report on Form 10-K refer to RGA and its subsidiaries. The Company is a leading global provider of traditional life and health, and asset-intensive reinsurance, with operations in the U.S., Latin America, Canada, Europe, the Middle East, Africa, Asia and Australia. Reinsurance is an arrangement under which an insurance company, the “reinsurer,” agrees to indemnify another insurance company, the “ceding company,” for all or a portion of the insurance and/or investment risks underwritten by the ceding company. Reinsurance is designed to:

In its own words, from its 10-K, filed Feb 20, 2026.

Reinsurance Group of America against its Life Insurance peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +22% against the peers' median +8%. Operating margin: 8.3% against the peers' median 11.4%.

CompanyQuarterRevenueY/YOp. margin
RGA Reinsurance Group of AmericaQ3 2026$7.5B+22%8.3%
MET MetlifeQ3 2026$20.5B+18%8.9%
PRU Prudential FinancialQ3 2026$14.4B-19%11.4%
Metropolitan Life InsuranceQ2 2026$9.6B+2%6.0%
CRBG Corebridge FinancialQ3 2026$6.2B+14%37.7%
LNC Lincoln NationalQ3 2026$5.5B+20%31.7%
Lincoln National Life InsuranceQ2 2026$4.3B+8%25.2%
ATH-PA Athene HoldingQ3 2026$3.1B-62%-56.7%
VOYA Voya FinancialQ3 2026$2.0B-5%14.2%

Source: Reinsurance Group of America 10-Q on SEC EDGAR · CIK 898174 · Life Insurance

Guidance and outlook

Reinsurance Group of America Tax rate: guidance against what was reportedReinsurance Group of America Tax rate: guidance against what was reportedguided rangereported (above / within / below)FY202426.1%
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Reinsurance Group of America: what its forward-looking statements are about (10-Q filed 2026-11-06)Reinsurance Group of America: what its forward-looking statements are about (10-Q filed 2026-11-06)Financing3Other2Supply chain2The economy2Costs2Tax1Margins1
13 statements; tone -0.08 (−1 all cautious, +1 all confident); 2 hedged.
Reinsurance Group of America: outlook statements against the filing beforeReinsurance Group of America: outlook statements against the filing beforeConfident2Cautious3

13F: who owns RGA and who is buying

Largest holders of RGA (13F)Largest holders of RGA (13F)BlackRock$1.4BVanguard Group$1.4BFMR LLC$1.3BHarris Associates L P$996MVanguard Portfolio Management LLC$743MWCM Investment Management, LLC$646MVanguard Capital Management LLC$630MState Street$502MEarnest Partners LLC$472MAmerican Century Companies$324M
Funds' net buying of RGA by quarter (13F)Funds' net buying of RGA by quarter (13F)$348M2024-09$159K2024-12$164M2025-03$25.9M2025-06−$166M2025-09−$75.5M2025-12$192M2026-03$39.0M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on RGA

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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