Reinsurance Group of America, Incorporated (RGA) Cash Flow Statement
Where RGA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.09B −56.3% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $4.09B 18.0% margin
- Returned to shareholders
- $414.0M 10% of free cash flow
- Change in cash
- $842.0M cash at year-end $4.17B
Drawn to scale: where the cash came from and how it was used. Hover for values.
RGA operating cash flow, capex and free cash flow
RGA cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.47B2016 | $4.09B2025 | +12.1%/yr | |
| Capital expenditures | $44.6M2016 | $02025 | −100.0% | |
| Free cash flow | $1.42B2016 | $4.09B2025 | +12.5%/yr | |
| Free cash flow margin | 12,334.1%2016 | 18.0%2025 | −12,316.2 pts | |
| Operating cash flow / net income | 2.092016 | 3.462025 | +1.37 | |
| Stock-based compensation | $33.1M2016 | $46.0M2023 | +4.8%/yr | |
| Dividends paid | $100.4M2016 | $240.0M2025 | +10.2%/yr | |
| Share buybacks (net) | $122.9M2016 | $174.0M2025 | +3.9%/yr | |
| Capex / revenue | 387.5%2016 | 0.0%2025 | −387.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RGA cash flow by activity
RGA net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
RGA cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.18B | $717.0M | $902.0M | $627.0M | $617.0M | $415.0M | $870.0M | $715.8M | $1.82B | $701.4M |
| Depreciation & amortization | $43.0M | $46.0M | $41.0M | −$33.0M | −$11.0M | $3.0M | −$6.0M | $45.0M | $53.0M | $26.9M |
| Stock-based compensation | — | — | $46.0M | $45.0M | $89.0M | $16.0M | −$211.0M | $30.0M | $22.0M | $33.1M |
| Change in working capital | $3.17B | $8.26B | $3.13B | $674.0M | $4.58B | $2.97B | $1.59B | $738.3M | $356.3M | $600.9M |
| Other non-cash items | −$301.0M | $343.0M | −$80.0M | $30.0M | −$1.10B | −$81.0M | $63.0M | $52.0M | −$271.1M | $103.4M |
| Cash from operating activities | $4.09B | $9.37B | $4.04B | $1.34B | $4.18B | $3.32B | $2.31B | $1.58B | $1.98B | $1.47B |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$77.0M | −$25.0M | −$19.0M | −$28.0M | −$34.0M | −$28.9M | −$44.2M | −$44.6M |
| Investments (net) | −$8.71B | −$12.54B | −$3.48B | −$5.48B | −$4.78B | −$2.19B | −$2.24B | −$157.4M | −$1.61B | −$2.83B |
| Acquisitions & other investing | −$3.38B | $0 | −$504.0M | −$184.0M | $171.0M | −$466.0M | −$360.0M | −$450.3M | $44.2M | $44.6M |
| Cash from investing activities | −$12.09B | −$12.54B | −$4.07B | −$5.69B | −$4.63B | −$2.68B | −$2.64B | −$636.6M | −$1.61B | −$2.83B |
| Financing activities | ||||||||||
| Dividends paid | −$240.0M | −$229.0M | −$219.0M | −$205.0M | −$194.0M | −$182.0M | −$163.0M | −$140.1M | −$117.3M | −$100.4M |
| Share repurchases & issuance (net) | −$174.0M | −$27.0M | −$227.0M | −$81.0M | −$99.0M | −$163.0M | −$101.0M | −$299.7M | −$44.0M | −$122.9M |
| Net borrowing (repayment) | $662.0M | $612.0M | $462.0M | $106.0M | −$117.0M | $376.0M | −$63.0M | −$55.4M | −$371.0M | $732.9M |
| Shares issued | $4.0M | $0 | $0 | $90.0M | $90.0M | $481.0M | $0 | $0 | $0 | $0 |
| Other financing | $8.55B | $3.31B | $62.0M | $4.53B | $340.0M | $742.0M | $206.0M | $173.3M | $207.7M | $545.7M |
| Cash from financing activities | $8.80B | $3.66B | $78.0M | $4.44B | $20.0M | $1.25B | −$121.0M | −$322.0M | −$324.6M | $1.06B |
| Summary | ||||||||||
| Net change in cash | $842.0M | $356.0M | $43.0M | −$21.0M | −$460.0M | $1.96B | −$441.0M | $586.2M | $102.8M | −$324.6M |
| Cash at end of period | $4.17B | $3.33B | $2.97B | $2.93B | $2.95B | $3.41B | $1.45B | $1.89B | $1.30B | $1.20B |
| Free cash flow | $4.09B | $9.37B | $4.04B | $1.32B | $4.16B | $3.29B | $2.27B | $1.55B | $1.94B | $1.42B |
| Free cash flow margin | 18.0% | 42.5% | 22.0% | 8.3% | 25.0% | 22.6% | 15.9% | 12,055.2% | 15,485.2% | 12,334.1% |
| Capex / revenue | 0.0% | 0.0% | 0.4% | 0.2% | 0.1% | 0.2% | 0.2% | 224.4% | 353.2% | 387.5% |
| Operating cash flow / net income | 3.46 | 13.07 | 4.48 | 2.14 | 6.78 | 8.00 | 2.65 | 2.21 | 1.09 | 2.09 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$213.0M | $330.0M | $463.0M | $253.0M | $180.0M | $286.0M | $148.0M | $156.0M | $203.0M | $210.0M | $158.0M | $287.0M |
| Depreciation & amortization | — | — | — | — | — | — | — | — | — | — | $389.0M | — |
| Stock-based compensation | — | — | — | — | — | — | — | — | $20.0M | $6.0M | −$35.0M | $13.0M |
| Change in working capital | — | — | $4.09B | $3.24B | $2.25B | $1.43B | $8.25B | $7.77B | — | — | $2.85B | $2.82B |
| Other non-cash items | $697.0M | $2.54B | −$3.70B | −$2.50B | −$1.61B | −$286.0M | −$6.80B | −$6.86B | $744.0M | $5.52B | −$2.14B | −$2.12B |
| Cash from operating activities | $484.0M | $2.87B | $852.0M | $990.0M | $820.0M | $1.43B | $1.60B | $1.07B | $967.0M | $5.74B | $1.23B | $1.00B |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$20.0M | −$8.0M |
| Investments (net) | −$1.58B | −$3.26B | −$2.60B | −$5.95B | −$1.18B | −$1.70B | −$4.16B | −$1.21B | −$3.46B | −$3.72B | −$1.47B | −$277.0M |
| Acquisitions & other investing | −$361.0M | −$435.0M | −$666.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $20.0M | $181.0M |
| Cash from investing activities | −$1.95B | −$3.70B | −$3.27B | −$5.95B | −$1.18B | −$1.70B | −$4.16B | −$1.21B | −$3.46B | −$3.72B | −$1.47B | −$104.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$61.0M | −$61.0M | −$61.0M | −$61.0M | −$59.0M | −$59.0M | −$58.0M | −$59.0M | −$56.0M | −$56.0M | −$56.0M | −$56.0M |
| Share repurchases & issuance (net) | −$52.0M | −$94.0M | −$61.0M | −$75.0M | $38.0M | −$38.0M | −$1.0M | −$7.0M | −$3.0M | −$16.0M | −$58.0M | −$50.0M |
| Net borrowing (repayment) | −$401.0M | $394.0M | −$26.0M | −$1.0M | −$1.0M | $690.0M | −$25.0M | −$1.0M | — | — | — | −$400.0M |
| Shares issued | $0 | $5.0M | $0 | $4.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $2.29B | $1.42B | $2.13B | $4.34B | $562.0M | $1.47B | $881.0M | $706.0M | $1.28B | $1.08B | $463.0M | −$133.0M |
| Cash from financing activities | $1.77B | $1.67B | $1.99B | $4.21B | $540.0M | $2.07B | $797.0M | $639.0M | $1.22B | $1.00B | $349.0M | −$639.0M |
| Summary | ||||||||||||
| Net change in cash | $295.0M | $825.0M | −$457.0M | −$791.0M | $265.0M | $1.82B | −$1.87B | $599.0M | −$1.34B | $2.96B | $150.0M | $222.0M |
| Cash at end of period | $5.29B | $4.99B | $4.17B | $4.62B | $5.42B | $5.15B | $3.33B | $5.20B | $4.60B | $5.93B | $2.97B | $2.82B |
| Free cash flow | $484.0M | $2.87B | $852.0M | $990.0M | $820.0M | $1.43B | $1.60B | $1.07B | $967.0M | $5.74B | $1.25B | $992.0M |
| Free cash flow margin | 7.3% | 44.4% | 13.4% | 15.9% | 14.8% | 27.0% | 30.8% | 19.0% | 19.8% | 90.1% | 25.3% | 19.5% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.2% |
| Operating cash flow / net income | — | 8.71 | 1.84 | 3.91 | 4.56 | 5.00 | 10.81 | 6.84 | 4.76 | 27.31 | 7.76 | 3.48 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
RGA cash generation
In fiscal 2025 (ended December 31, 2025), Reinsurance Group of America generated $4.1 billion of cash from operations (down 56.3%) and spent $0 on capital expenditures, leaving free cash flow of $4.1 billion, 18.0% of revenue. It returned $414.0 million to shareholders through dividends ($240.0 million) and net share buybacks ($174.0 million). Cash and equivalents rose by $842.0 million over the year.
Related: RGA income statement, RGA balance sheet, RGA dividend history. See the RGA stock overview for the latest quote and news.
RGA cash flow FAQ
What is Reinsurance Group of America's free cash flow?
Reinsurance Group of America's free cash flow was $4.1 billion in fiscal 2025: $4.1 billion of operating cash flow minus $0 of capital expenditures It was $9.4 billion a year earlier..
How much cash does Reinsurance Group of America generate from operations?
Reinsurance Group of America generated $4.1 billion of cash from operating activities in fiscal 2025, 3.46 times its net income of $1.2 billion.
How much stock does Reinsurance Group of America buy back?
Reinsurance Group of America spent $174.0 million on net share repurchases in fiscal 2025.
How much does Reinsurance Group of America pay in dividends?
Reinsurance Group of America paid $240.0 million in dividends in fiscal 2025, 5.9% of free cash flow.