Filing Flows › Reinsurance Group of America (RGA) › Q4 2025
Reinsurance Group of America (RGA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
Reinsurance Group of America (RGA) reported revenue of $6.6B for the fourth quarter 2025 (Q4 2025), +27% from a year earlier and +7% from the quarter before. Operating margin was 7.7%, net earnings $465M (7.0% of revenue).
Reinsurance Group of America, Q4 2025: revenue $6.6B (+27% year over year), operating margin 7.7%, net earnings $465M, operating cash flow $7.3B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.6B | +7% | +27% |
| Operating profit | $510M | +59% | +127% |
| Net earnings | $465M | +82% | +210% |
| Operating cash flow | $7.3B | — | -57% |
What changed
Revenue was $6.6B in Q4 2025, up 27% year over year and up 7% from the previous quarter.
Operating profit was $0.51B, a 7.7% margin (up 3.4 points year over year). Of the extra revenue versus a year earlier, 20% reached operating profit, above the 4% margin then. Total costs grew 22% against revenue growth of 27%. Net earnings were $0.46B, up 213% year over year. The effective tax rate was 8.8%.
Operating cash flow was $7.3B (down 57% year over year), 1576% of net earnings. Non-cash charges added back $0.01B of share-based compensation. Working capital and other items added $6.9B.
Questions
What was Reinsurance Group of America's revenue in the fourth quarter 2025?
Reinsurance Group of America (RGA) reported revenue of $6.6B for the fourth quarter 2025 (Q4 2025), +27% from a year earlier and +7% from the quarter before.
Was Reinsurance Group of America profitable in the fourth quarter 2025?
Operating profit was $510M (7.7% of revenue) and net earnings $465M.