Reinsurance Group of America, Incorporated (RGA) Balance Sheet
RGA balance sheet, 2025
December 31, 2025 · U.S. dollars$156.59B assets = $143.04B liabilities + $13.55B equity
Both columns are drawn to the same scale: what RGA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
RGA financial health
Descriptive bands, not a rating. Fiscal 2025.
RGA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $53.10B2016 | $156.59B2025 | +12.8%/yr | |
| Total liabilities | $46.00B2016 | $143.04B2025 | +13.4%/yr | |
| Shareholders’ equity | $7.09B2016 | $13.46B2025 | +7.4%/yr | |
| Cash & short-term investments | $33.37B2016 | $4.17B2025 | −20.6%/yr | |
| Total debt | $4.23B2016 | $5.71B2025 | +3.4%/yr | |
| Net cash (debt) | $29.14B2016 | −$1.54B2025 | −$30.7B | |
| Working capital | $4.31B2016 | $10.84B2023 | +$6.5B | |
| Book value per share | $109.142016 | $201.722025 | +7.1%/yr | |
| Debt / equity | 0.602016 | 0.422025 | −0.17 | |
| Shares outstanding | 65.0M2016 | 66.7M2025 | +0.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RGA assets
RGA liabilities and equity
RGA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
RGA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $4.17B | $3.33B | $2.97B | $2.93B | $63.78B | $60.37B | $1.45B | $42.02B | $1.30B | $33.37B |
| Cash & equivalents | $4.17B | $3.33B | $2.97B | $2.93B | $2.95B | $3.41B | $1.45B | $1.89B | $1.30B | $1.20B |
| Short-term investments | $14.07B | $2.18B | $60.69B | $7.82B | $60.84B | $56.96B | $8.62B | $40.13B | $38.24B | $32.17B |
| Receivables | $4.47B | $3.90B | $3.53B | $3.01B | $5.47B | $3.83B | $2.94B | $3.78B | $2.34B | $2.61B |
| Inventory | $0 | $0 | −$17.52B | $0 | −$8.11B | −$8.35B | −$6.23B | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $17.52B | $0 | $8.11B | $8.35B | $6.23B | $10.72B | $0 | $10.40B |
| Total current assets | $8.64B | $7.22B | $6.50B | $5.94B | $69.25B | $64.19B | $4.39B | $56.52B | $3.64B | $46.39B |
| Property, plant & equipment (net) | $480.0M | $450.0M | $416.0M | $408.0M | $270.0M | $260.0M | $296.0M | $248.7M | $302.2M | $221.7M |
| Goodwill & intangible assets | $6.0M | $8.0M | −$4.75B | $21.0M | $193.0M | $213.0M | $33.0M | $85.2M | $204.8M | $71.3M |
| Long-term investments | $106.24B | $81.27B | $63.46B | $55.52B | $60.99B | $72.91B | $67.05B | $40.22B | $38.24B | $32.17B |
| Other non-current assets | $41.22B | $29.72B | $32.00B | $23.02B | $0 | $0 | $4.96B | $0 | $18.12B | $0 |
| Total assets | $156.59B | $118.67B | $97.62B | $84.90B | $92.17B | $84.66B | $76.73B | $64.61B | $60.51B | $53.10B |
| Liabilities | ||||||||||
| Accounts payable | — | — | $1.10B | $756.0M | $613.0M | $598.0M | $557.0M | $487.2M | $488.7M | $389.0M |
| Short-term debt | $0 | $0 | $0 | $400.0M | $400.0M | $400.0M | $400.0M | $399.9M | $0 | $299.9M |
| Deferred revenue | — | — | — | $736.0M | $213.0M | −$198.0M | — | −$487.2M | — | −$389.0M |
| Total current liabilities | — | — | −$4.34B | $400.0M | $613.0M | $400.0M | $557.0M | $52.61B | $488.7M | $42.08B |
| Long-term debt | $5.71B | $5.04B | $4.43B | $3.96B | $3.85B | $3.96B | $3.58B | $3.47B | $3.57B | $3.93B |
| Other long-term liabilities | $137.33B | $102.73B | $84.03B | $73.77B | $2.89B | $3.26B | $61.55B | $0 | $47.37B | $0 |
| Total liabilities | $143.04B | $107.77B | $88.45B | $77.73B | $6.73B | $70.30B | $65.13B | $56.16B | $50.95B | $46.00B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $791,000 | $791,000 | $791,000 |
| Retained earnings (deficit) | $10.15B | $9.26B | $8.80B | $8.17B | $8.56B | $8.15B | $7.95B | $7.28B | $6.74B | $5.20B |
| Treasury stock | — | — | — | −$1.72B | −$1.65B | −$1.56B | −$1.43B | −$1.37B | −$1.10B | −$1.09B |
| Accumulated other comprehensive income | $2.68B | $849.0M | −$369.0M | −$1.87B | $3.64B | $5.36B | $3.14B | $636.8M | $2.06B | $1.14B |
| Minority interest | $90.0M | $90.0M | $90.0M | $90.0M | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $13.46B | $10.82B | $9.08B | $7.08B | $85.44B | $14.35B | $11.60B | $8.45B | $9.57B | $7.09B |
| Key figures | ||||||||||
| Total debt | $5.71B | $5.04B | $4.43B | $3.96B | $4.25B | $4.36B | $3.58B | $3.87B | $3.57B | $4.23B |
| Net cash (debt) | −$1.54B | −$1.72B | −$1.46B | −$1.03B | $59.54B | $56.01B | −$2.13B | $38.15B | −$2.27B | $29.14B |
| Working capital | — | — | $10.84B | $5.54B | $68.64B | $63.80B | $3.83B | $3.91B | $3.15B | $4.31B |
| Tangible book value | $13.46B | $10.81B | $13.83B | $7.06B | $85.25B | $14.14B | $11.57B | $8.37B | $9.36B | $7.02B |
| Book value per share | $201.72 | $161.67 | $135.34 | $104.59 | $1,250.98 | $218.12 | $181.60 | $129.81 | $145.54 | $109.14 |
| Shares outstanding | 66.7M | 66.9M | 67.1M | 67.7M | 68.3M | 65.8M | 63.9M | 65.1M | 65.8M | 65.0M |
| Current ratio | — | — | — | 14.85 | 112.97 | 160.49 | 7.88 | 1.07 | 7.45 | 1.10 |
| Quick ratio | — | — | — | 14.85 | 112.97 | 160.49 | 7.88 | 0.87 | 7.45 | 0.86 |
| Debt / equity | 0.42 | 0.47 | 0.49 | 0.56 | 0.05 | 0.30 | 0.31 | 0.46 | 0.37 | 0.60 |
| Equity / assets | 8.6% | 9.1% | 9.3% | 8.3% | 92.7% | 17.0% | 15.1% | 13.1% | 15.8% | 13.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $5.67B | $4.99B | $4.17B | $4.62B | $5.42B | $5.15B | $3.33B | $5.20B | $4.60B | $5.93B | $2.97B | $2.82B |
| Cash & equivalents | $5.29B | $4.99B | $4.17B | $4.62B | $5.42B | $5.15B | $3.33B | $5.20B | $4.60B | $5.93B | $2.97B | $2.82B |
| Short-term investments | $378.0M | $107.33B | $14.07B | $12.95B | $12.07B | $2.76B | $2.18B | $2.35B | $1.82B | $1.78B | $60.69B | $8.74B |
| Receivables | $4.74B | $4.26B | $4.47B | $4.04B | $4.20B | $3.75B | $3.90B | $3.74B | $3.63B | $3.34B | $3.53B | $3.28B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$19.88B | −$20.80B | −$17.52B | −$14.85B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $19.88B | $20.80B | $17.52B | $14.85B |
| Total current assets | $10.40B | $9.25B | $8.64B | $8.66B | $9.62B | $8.90B | $7.22B | $8.93B | $8.23B | $9.28B | $6.50B | $6.10B |
| Property, plant & equipment (net) | $0 | $0 | $480.0M | $0 | $0 | $0 | $450.0M | $0 | $79.46B | $58.12B | $416.0M | −$4.29B |
| Goodwill & intangible assets | $0 | $0 | $6.0M | $5.95B | $5.82B | $5.65B | $5.42B | $5.48B | $4.72B | $4.67B | $11.0M | $4.29B |
| Long-term investments | $114.12B | $112.15B | $106.24B | $103.76B | $90.04B | $88.34B | $81.27B | $81.66B | $73.76B | $69.00B | $63.46B | $57.01B |
| Other non-current assets | $42.59B | $42.67B | $41.22B | $33.63B | $28.00B | $25.32B | $24.31B | $24.19B | $0 | $0 | $27.23B | $24.32B |
| Total assets | $167.12B | $164.06B | $156.59B | $152.00B | $133.48B | $128.21B | $118.67B | $120.26B | $109.89B | $106.00B | $97.62B | $87.42B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | $955.0M | $917.0M | $874.0M | $1.10B | $750.0M |
| Short-term debt | — | — | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — | $0 |
| Total current liabilities | $3.21B | $3.18B | — | — | — | — | $5.02B | $4.81B | −$4.21B | −$4.39B | −$4.34B | $750.0M |
| Long-term debt | $5.71B | $6.11B | $5.71B | $5.73B | $5.73B | $5.73B | $5.04B | $5.07B | $5.07B | $4.43B | $4.43B | $4.45B |
| Other long-term liabilities | $147.62B | $144.57B | $137.33B | $133.20B | $115.60B | $110.98B | $102.73B | $103.97B | $95.00B | $92.02B | $84.03B | $74.82B |
| Total liabilities | $153.33B | $150.68B | $143.04B | $138.94B | $121.34B | $116.72B | $107.77B | $109.04B | $100.06B | $96.44B | $88.45B | $79.27B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M |
| Retained earnings (deficit) | $10.77B | $10.38B | $10.15B | $9.76B | $9.56B | $9.44B | $9.26B | $9.17B | $9.08B | $8.93B | $8.80B | $8.71B |
| Accumulated other comprehensive income | $2.35B | $2.31B | $2.68B | $2.55B | $1.75B | $1.24B | $849.0M | $1.27B | −$20.0M | −$125.0M | −$369.0M | −$1.33B |
| Minority interest | $90.0M | $90.0M | $90.0M | $90.0M | $90.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $13.69B | $13.29B | $13.46B | $12.98B | $12.05B | $11.40B | $10.82B | $11.13B | $9.73B | $9.47B | $9.08B | $8.06B |
| Key figures | ||||||||||||
| Total debt | $5.71B | $6.11B | $5.71B | $5.73B | $5.73B | $5.73B | $5.04B | $5.07B | $5.07B | $4.43B | $4.43B | $4.45B |
| Net cash (debt) | −$43.0M | −$1.11B | −$1.54B | −$1.11B | −$318.0M | −$583.0M | −$1.72B | $128.0M | −$471.0M | $1.51B | −$1.46B | −$1.63B |
| Working capital | $7.19B | $6.07B | — | — | — | — | $2.21B | $4.12B | $12.44B | $13.67B | $10.84B | $5.35B |
| Tangible book value | $13.69B | $13.29B | $13.46B | $7.02B | $6.23B | $5.75B | $5.40B | $5.65B | $5.01B | $4.79B | $9.07B | $3.77B |
| Book value per share | $205.21 | $199.22 | $201.72 | $194.48 | $180.62 | $170.53 | $161.48 | $166.58 | $145.88 | $142.25 | $136.10 | $120.34 |
| Shares outstanding | 66.7M | 66.7M | 66.7M | 66.7M | 66.7M | 66.9M | 67.0M | 66.8M | 66.7M | 66.6M | 66.7M | 67.0M |
| Current ratio | 3.24 | 2.91 | — | — | — | — | 1.44 | 1.86 | — | — | — | 8.13 |
| Quick ratio | 3.24 | 2.91 | — | — | — | — | 1.44 | 1.86 | — | — | — | 8.13 |
| Debt / equity | 0.42 | 0.46 | 0.42 | 0.44 | 0.48 | 0.50 | 0.47 | 0.46 | 0.52 | 0.47 | 0.49 | 0.55 |
| Equity / assets | 8.2% | 8.1% | 8.6% | 8.5% | 9.0% | 8.9% | 9.1% | 9.3% | 8.9% | 8.9% | 9.3% | 9.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 20, 2026); data from EODHD.
RGA financial position
At the end of fiscal 2025 (December 31, 2025), Reinsurance Group of America had total assets of $156.6 billion (up 31.9% from a year earlier), total liabilities of $143.0 billion and shareholders' equity of $13.5 billion. It held $4.2 billion in cash and short-term investments against $5.7 billion of debt, net debt of $1.5 billion. In the latest quarter (ended June 30, 2026) total assets were $167.1 billion and equity $13.7 billion.
Related: RGA income statement, RGA cash flow statement, RGA key metrics. See the RGA stock overview for the latest quote and news.
RGA balance sheet FAQ
What are Reinsurance Group of America's total assets?
Reinsurance Group of America reported total assets of $156.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $118.7 billion a year earlier.
How much debt does Reinsurance Group of America have?
Reinsurance Group of America had $5.7 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.42.
How much cash does Reinsurance Group of America have?
Reinsurance Group of America held $4.2 billion in cash and short-term investments at the end of fiscal 2025; with $5.7 billion of debt that is net debt of $1.5 billion.
What is Reinsurance Group of America's book value?
Reinsurance Group of America's shareholders' equity (book value) was $13.5 billion at the end of fiscal 2025, or $201.72 per share.
How much goodwill does Reinsurance Group of America have?
Reinsurance Group of America carried $6.0 million of goodwill and intangible assets, 0.0% of total assets, at the end of fiscal 2025.