Reinsurance Group of America, Incorporated (RGA) Stock Price & How to Invest

RGA began as the reinsurance arm of General American Life, went public in 1993, and became fully independent when MetLife split off its majority stake in 2008. The company sells reinsurance to life and health insurers, which means it takes a share of claims risk that a primary carrier has already written. Reporting runs through four geographic segments, U.S. and Latin America, Canada, Europe Middle East and Africa, and Asia Pacific, and each one is split into two very different businesses. Traditional reinsurance covers individual and group life and health mortality and morbidity, usually on yearly renewable term treaties that generate steady premium for decades once written. Financial Solutions is the balance-sheet business: asset-intensive annuity and legacy life blocks, longevity swaps, pension risk transfer and capital-relief structures, where RGA takes on reserves and the assets backing them and earns an investment spread. Scale is substantial. Net premiums were $4.472 billion in the second quarter of 2026 and $9.067 billion for the first half, total assets stood at ~$167 billion at June 30, 2026, and the invested portfolio behind those liabilities is ~$145 billion. In fiscal 2025, U.S. and Latin America contributed roughly half of segment revenue, with Asia Pacific next at ~$5.1 billion.

Two engines drive the numbers. The first is underwriting margin on mortality and longevity, which shows up as claims experience running better or worse than the assumptions priced into a treaty. Second quarter economic claims came in ~$31 million better than expected, and U.S. individual mortality has run about $70 million favorable year to date. The second engine is investment spread, where the portfolio core yield of 4.96% sits well below the 6.02% new money rate, so every maturity reinvested at current rates adds to income, and variable investment income of $166 million in the quarter came in at a 15% annualized return against a 7% plan for 2026. GAAP net income swings on items management strips out, including embedded derivatives on funds-withheld treaties, which is why the reported and adjusted numbers diverge: $7.01 of net income per diluted share in the quarter against $8.89 of adjusted operating income. The market currently pays 10.7x trailing earnings and ~8.6x forward estimates for a company targeting 8% to 10% intermediate-term EPS growth and a 13% to 15% ROE, both of which it is running above today.

The clearest risk is the one the business exists to take. Mortality and morbidity experience can move against a book of treaties written years earlier, as it did in 2020 and 2021 when pandemic claims pushed RGA to losses, and the same sensitivity now runs in both directions because longevity exposure in pension risk transfer and annuity blocks pays off when people die earlier than assumed. A single large block priced on wrong assumptions is difficult to unwind. Credit risk has grown alongside the asset-intensive strategy: a ~$145 billion portfolio backing long-dated liabilities carries corporate credit, commercial mortgage and private-asset exposure, and a downgrade cycle would hit capital before it hit income. Accounting adds noise that is easy to mistake for economics. Embedded derivatives on funds-withheld treaties and other adjustments put a $1.88 per share gap between second quarter net income of $7.01 and adjusted operating income of $8.89, and book value per share swings with AOCI, which stood at $209.73 including AOCI versus $173.77 excluding it at June 30, 2026. Management flagged ~$0.83 per share of one-time items in the quarter that it says are not indicative of trend, so extrapolating the record print overstates the base. Competition for asset-intensive blocks comes from private-equity-backed platforms with cheaper capital, which compresses returns on exactly the deals driving growth. Regulatory and tax changes matter more than for most financials: potential Hong Kong tax law changes were called out for Asia Pacific, and Bermuda and U.S. capital rules shape how blocks are structured. Ratings are load-bearing, since cedents choose reinsurers partly on financial strength. With ~$5.7 billion of debt and only ~65 million shares outstanding, both leverage and per-share results amplify whatever happens underneath.

9 analysts publish price targets on RGA, averaging $269.33 against a $243.13 price as of August 2026, or +10.8%. The published targets run from $223.00 to $302.00, a narrow spread, and the ratings split 6 buy, 3 hold, 1 sell. Over the last six months there have been 11 raises and 1 cut among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full RGA forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Reinsurance Group of America, Incorporated. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Financial Solutions and the Equitable block. The largest single addition to earnings power in recent years closed on July 31, 2025, when RGA completed a reinsurance transaction covering $32 billion of Equitable Holdings life liabilities, $18 billion of general account reserves and $14 billion of separate account reserves, with $1.5 billion of capital deployed at closing. The most optimistic published target, $302.00, assumes this works close to its best case.

The case against. The clearest risk is the one the business exists to take. The most pessimistic target, $223.00, is roughly what RGA is worth if this bites instead.

Read the full bull and bear case on RGA, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Reinsurance Group of America, Incorporated's investor relations page or your broker.

• Revenue (TTM): ~$25.97 billion for the twelve months to June 30, 2026, up ~19% year over year, versus $23.70 billion in fiscal 2025, $22.11 billion in 2024 and $18.57 billion in 2023. The line combines net premiums with net investment income and fee income, so growth reflects both new reinsurance treaties and the yield earned on assets backing reserves, not unit sales. Reported in U.S. dollars, with material Canadian dollar, sterling, euro and yen exposure translated in.
• Earnings (TTM): ~$1.51 billion of net income and $22.72 of diluted EPS for the twelve months to June 30, 2026, against $1.18 billion and $17.69 in fiscal 2025 and $717 million and $10.73 in 2024. Second quarter 2026 net income was $462 million, or $7.01 per diluted share, versus $180 million and $2.70 a year earlier. Adjusted operating income, the measure management guides to, was $586 million or $8.89 per diluted share in the quarter and $1.048 billion or $15.86 per share for the first half.
• Premiums and segment income (Q2 2026): Net premiums of $4.472 billion in the quarter and $9.067 billion year to date, up 11.0% on a reported basis and 9.3% in constant currency excluding pension risk transfer. Pre-tax adjusted operating income by segment: U.S. and Latin America Traditional $165 million and Financial Solutions $154 million, Asia Pacific Traditional $129 million and Financial Solutions $120 million, EMEA Traditional $39 million and Financial Solutions $133 million, Canada Traditional $38 million and Financial Solutions $18 million, with a $35 million loss in Corporate and Other. Total pre-tax adjusted operating income was $761 million.
• Returns and book value: Trailing twelve-month ROE of 11.5%, adjusted operating ROE of 17.4%, and 18.4% excluding notable items, all above the 13% to 15% intermediate-term target. Book value per share was $209.73 at June 30, 2026, $173.77 excluding AOCI and $174.11 excluding AOCI and the B36 funds-withheld embedded derivative effect, the last of which has compounded at 10.1% a year since the start of 2021. Total equity stood at ~$13.78 billion on ~$167 billion of assets.
• Capital, liquidity and distributions: ~$2.2 billion of estimated excess capital, ~$2.7 billion of deployable capital and $7.2 billion of available liquidity at June 30, 2026, against ~$5.7 billion of total debt and ~$5.29 billion of cash and equivalents. Capital deployed into in-force transactions was $158 million in the quarter and close to $500 million year to date. Shareholder returns totaled $111 million in the quarter, split $61 million of dividends and $50 million of buybacks, after a 5.4% increase in the quarterly dividend to $0.98 per share.
• Market pricing: ~$243 per share in late August 2026 for a market capitalization of ~$15.9 billion on ~65.3 million shares, inside a 52-week range of $178.21 to $251.00. The shares change hands at ~10.7x trailing earnings, ~8.6x forward estimates, ~1.16x reported book value and ~1.40x book excluding AOCI. The dividend of $3.92 annualized yields ~1.6%, and beta sits near 0.46. EV/EBITDA is not calculated for life reinsurers, since debt and investment income are operating inputs rather than financing adjustments.

A double-digit P/E and a small premium to book on an 18% adjusted operating ROE is the market applying a discount for how the returns were earned. Investors have seen life reinsurers report strong mortality quarters and then take reserve charges, and the asset-intensive growth of the past three years adds credit exposure that only reveals itself in a downturn. The forward multiple below the trailing one reflects consensus expecting normalization from the 2026 print rather than continued acceleration.

Other names that sit close to RGA: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get RGA exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so RGA sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where RGA fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

As of August 2026, RGA trades near 1.16x reported book value and under 11x trailing earnings while compounding book value per share at ~10.1% a year since the start of 2021. What the price embeds is a judgment on whether record 2026 results, helped by favorable mortality and alternative investment returns running at 15% annualized, are a run rate or a good year.

Whether RGA is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is RGA a buy or a sell?, and where the stock could go from here in the RGA stock forecast.

For income investors, whether RGA pays a dividend and how the payout looks is covered in does RGA pay a dividend? And to weigh RGA against a peer, read the full side-by-side comparisons: RGA vs BRK-B and RGA vs KKR.