Reinsurance Group of America
RGA on NYSE. Reinsurance Group of America sells reinsurance to insurance companies, covering part of the risks those companies insure. Market value $16.4bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 10 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.20.
Profit per $100 you pay: $9.20.
Quality score: 54 of 100. Price score: 95 of 100. Our list needs 70 on quality and 60 on price.
$251.14 a share, 41% above its 1-year low
Over the past year the price has ranged from $178.21 to $257.81.
Dividend: 1.5% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $16.7bn | $16.2bn | $18.6bn | $22.1bn | $23.7bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.07bn | 0.07bn | 0.07bn | 0.07bn | 0.07bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 10.2% a year
- Buying back its own sharesYes, 2% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $6.6 billion last quarter, up 19% on a year ago.
- Profit: $462 million, up 157% on a year ago.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $5.7bn |
| December 2024 | $5.2bn |
| March 2025 | $5.3bn |
| June 2025 | $5.6bn |
| September 2025 | $6.2bn |
| December 2025 | $6.6bn |
| March 2026 | $6.5bn |
| June 2026 | $6.6bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $156m |
| December 2024 | $148m |
| March 2025 | $286m |
| June 2025 | $180m |
| September 2025 | $253m |
| December 2025 | $463m |
| March 2026 | $330m |
| June 2026 | $462m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 20 February 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
7 long-term investors we follow own it, unchanged from 7 last quarter. 630 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $34m
- Share of fund
- <0.1%
- Cambiar InvestorsBrian Barish
- Value
- $5m
- Share of fund
- 0.2%
- GAMCO InvestorsMario Gabelli
- Value
- $269,215
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Harris Associates (Oakmark)Bill Nygren | $996m | 1.3% | Cut |
| LSV Asset ManagementJosef Lakonishok | $34m | <0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $32m | <0.1% | Added |
| Cambiar InvestorsBrian Barish | $5m | 0.2% | |
| Nuance InvestmentsScott Moore | $3m | 0.5% | Cut |
| GAMCO InvestorsMario Gabelli | $269,215 | <0.1% | |
| First Eagle Investment ManagementMatthew McLennan | $37,852 | <0.1% | Added |
Largest holders overall
- BlackRock$1.4bn
- FMR$1.3bn
- Harris Associates (Oakmark)$996mCut
- Vanguard Portfolio Management$743m
- WCM Investment Management$646mAdded
- Vanguard Capital Management$630m
- State Street$502mAdded
- Earnest Partners$472mCut
- American Century Companies$324mCut
- Geode Capital Management$301m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor9.0%Since 31 March 2025
- Harris Associates (Oakmark)Passive investorat least 6.5%+1.4 pts(filed with 1 related holder)Since 31 December 2025
- Vanguard Portfolio ManagementPassive investor5.4%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.2%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 9.0% | 31 March 2025 | |
Harris Associates (Oakmark) Passive investor | at least 6.5%+1.4 pts (filed with 1 related holder) | 31 December 2025 | |
Vanguard Portfolio Management Passive investor | 5.4% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.2% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $4m.
- PORTER JONATHANEVP, Global Chief Risk OfficerSold
- Date
- 12 August 2026
- Shares
- 8,589
- Price
- $246.30
- Value
- $2m
- Hayden John W.EVP, ControllerSold
- Date
- 20 May 2026
- Shares
- 414
- Price
- $214.95
- Value
- $88,989
- HERRMANN RONALDExecutive Vice PresidentSold
- Date
- 14 May 2026
- Shares
- 7,000
- Price
- $210.58
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 12 August 2026 | PORTER JONATHAN EVP, Global Chief Risk Officer | Sold | 8,589 | $246.30 | $2m |
| 20 May 2026 | Hayden John W. EVP, Controller | Sold | 414 | $214.95 | $88,989 |
| 14 May 2026 | HERRMANN RONALD Executive Vice President | Sold | 7,000 | $210.58 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.