Reinsurance Group of America
RGANYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $274.06 Prior regular-session close from the quote source.
- $270.36–$274.71 Regular-session low and high so far today.
- 314.2K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 4 projected Projected for 2027-02-04 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $182.73–$275.70 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own RGA if you believe life insurers will keep transferring mortality and capital risk to a specialist reinsurer whose underwriting, cash generation and capital base can compound book and earnings without a balance-sheet surprise.
RGA price history
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Investment thesis
What must happen next
Primary life insurers continue to prefer transferring mortality and capital risk to RGA rather than retaining it on balance sheet or in captives, so RGA’s ceded-risk opportunity set remains open.HoldingMateriality: High
Revenue continues to rise year over year, showing ceded-risk demand is still converting into reported business. This is a load-bearing condition for Reinsurance Group of America's investment case.
Watch: Large primary life insurers disclose higher risk retention, greater captive use, or major reinsurance mandates moving away from RGA to competitors on price.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue continues to rise year over year, showing ceded-risk demand is still converting into reported business.
Open source ↗RGA’s mortality and underwriting expertise lets it price assumed life risk with enough margin of safety that claims volatility does not become chronic reserve strengthening.HoldingMateriality: High
Net income remains positive and does not revert to losses or unusually depressed levels after annual assumption reviews. This is a load-bearing condition for Reinsurance Group of America's investment case.
Watch: Management, regulators, or auditors require adverse mortality, lapse, or morbidity assumption changes that force reserve additions on in-force or recently written blocks.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Net income remains positive and does not revert to losses or unusually depressed levels after annual assumption reviews.
Open source ↗Management keeps prioritizing per-share economics over volume, so growth in the reinsurance book is not bought through dilutive capital raises or uneconomic block pricing.HoldingMateriality: Medium
Diluted EPS continues to compound over time rather than lagging the growth in the business base. This is a load-bearing condition for Reinsurance Group of America's investment case.
Watch: RGA issues common equity to support growth after writing lower-return blocks, or management signals lower return hurdles to win reinsurance volume.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Diluted EPS continues to compound over time rather than lagging the growth in the business base.
Open source ↗The in-force reinsurance book produces enough cash to fund claims, collateral and new business without relying on stressed external capital markets.HoldingMateriality: Medium
Operating cash flow remains materially positive through normal mortality periods. This is a load-bearing condition for Reinsurance Group of America's investment case.
Watch: Cedents demand additional collateral, recapture blocks, or claims settlements accelerate enough to pressure cash before accounting earnings fully reflect the issue.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating cash flow remains materially positive through normal mortality periods.
Open source ↗RGA’s capital base grows sufficiently with its liability book to preserve the rating-agency and cedent confidence required to keep winning life-reinsurance business.HoldingMateriality: Medium
Equity continues to increase alongside the expanded balance sheet rather than being consumed by losses or capital actions. This is a load-bearing condition for Reinsurance Group of America's investment case.
Watch: A.M. Best, S&P, or Moody’s puts RGA on negative outlook or lowers its rating because of capital adequacy, reserve, or asset-liability concerns.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Equity continues to increase alongside the expanded balance sheet rather than being consumed by losses or capital actions.
Open source ↗
Full investment case & evidence
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Original research
Primary life insurers continue to prefer transferring mortality and capital risk to RGA rather than retaining it on balance sheet or in captives, so RGA’s ceded-risk opportunity set remains open. This is a load-bearing condition for Reinsurance Group of America's investment case.
RGA’s mortality and underwriting expertise lets it price assumed life risk with enough margin of safety that claims volatility does not become chronic reserve strengthening. This is a load-bearing condition for Reinsurance Group of America's investment case.
Management keeps prioritizing per-share economics over volume, so growth in the reinsurance book is not bought through dilutive capital raises or uneconomic block pricing. This is a load-bearing condition for Reinsurance Group of America's investment case.
The in-force reinsurance book produces enough cash to fund claims, collateral and new business without relying on stressed external capital markets. This is a load-bearing condition for Reinsurance Group of America's investment case.
RGA’s capital base grows sufficiently with its liability book to preserve the rating-agency and cedent confidence required to keep winning life-reinsurance business. This is a load-bearing condition for Reinsurance Group of America's investment case.
All standing thesis claims
Original report summary
you believe life insurers will keep transferring mortality and capital risk to a specialist reinsurer whose underwriting, cash generation and capital base can compound book and earnings without a balance-sheet surprise.
Bull case and bear case
Bull case and bear case for Reinsurance Group of America
Where the evidence on Reinsurance Group of America stands: Holding on the latest evidence (Nov 9, 2026). Of its 5 thesis points, 5 holding.
Bull case: what the evidence supports
Primary life insurers continue to prefer transferring mortality and capital risk to RGA rather than retaining it on balance sheet or in captives, so RGA’s ceded-risk opportunity set remains open.
RGA’s mortality and underwriting expertise lets it price assumed life risk with enough margin of safety that claims volatility does not become chronic reserve strengthening.
Management keeps prioritizing per-share economics over volume, so growth in the reinsurance book is not bought through dilutive capital raises or uneconomic block pricing.
The in-force reinsurance book produces enough cash to fund claims, collateral and new business without relying on stressed external capital markets.
RGA’s capital base grows sufficiently with its liability book to preserve the rating-agency and cedent confidence required to keep winning life-reinsurance business.
Bear case: what would count against it
Large primary life insurers disclose higher risk retention, greater captive use, or major reinsurance mandates moving away from RGA to competitors on price.
Management, regulators, or auditors require adverse mortality, lapse, or morbidity assumption changes that force reserve additions on in-force or recently written blocks.
RGA issues common equity to support growth after writing lower-return blocks, or management signals lower return hurdles to win reinsurance volume.
Thesis-Break Engine
Thesis-break watch · Reinsurance Group of America
No break has crossed Reinsurance Group of America’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Reinsurance Group of America filed an SEC 8-K on 2026-11-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Reinsurance Group of America filed an SEC 8-K on 2026-08-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Reinsurance Group of America filed an SEC 8-K on 2026-07-09: Director or principal officer change. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large primary life insurers disclose higher risk retention, greater captive use, or major reinsurance mandates moving away from RGA to competitors on price.
- Management, regulators, or auditors require adverse mortality, lapse, or morbidity assumption changes that force reserve additions on in-force or recently written blocks.
- RGA issues common equity to support growth after writing lower-return blocks, or management signals lower return hurdles to win reinsurance volume.
- Cedents demand additional collateral, recapture blocks, or claims settlements accelerate enough to pressure cash before accounting earnings fully reflect the issue.
- A.M. Best, S&P, or Moody’s puts RGA on negative outlook or lowers its rating because of capital adequacy, reserve, or asset-liability concerns.
RGA news
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Financial statements
RGA income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
RGA: quick answers
- When does Reinsurance Group of America (RGA) report earnings next?
- Reinsurance Group of America's next results are projected for February 4, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 5, 2026. Earnings calendar
- What is RGA's short interest?
- As of October 30, 2026, 982,134 RGA shares were sold short, 1.51% of its shares outstanding, down 5.6% from the count before. At the stock's average daily volume that is 2.5 days to cover. FINRA publishes the count twice a month. RGA short interest history
- Have members of Congress traded RGA?
- 8 trades in RGA have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed RGA trade
- Which well-known investors own RGA?
- 1 of the 37 well-known funds tracked here reported RGA shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.1%. Fund portfolios
RGA in well-known investors’ portfolios
1 of 37 funds reported RGA shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.11% | $26.9M | +26.1% | Q2 2026 |