Reinsurance Group of America, Incorporated (RGA)

RGA Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	1,508	1,182	717	902	517	1,170
Depreciation & Amortization	43	43	46	41	38	43
Other Amortization	481	481	391	348	337	287
Gain (Loss) on Sale of Assets	-	-	-	-	-2	-11
Gain (Loss) on Sale of Investments	-26	-26	531	354	468	-621
Change in Accounts Receivable	-422	-422	-397	-537	-249	-117
Reinsurance Recoverable	67	67	231	-209	61	131
Change in Income Taxes	351	351	-61	211	-	-
Change in Deferred Taxes	-	-	-	-	67	53
Change in Insurance Reserves / Liabilities	4,355	4,355	8,735	4,070	1,094	4,229
Change in Other Net Operating Assets	-739	-739	2	18	81	-71
Other Operating Activities	215	-567	-407	-483	-427	-332
Operating Cash Flow	5,199	4,091	9,370	4,044	1,343	4,182
Operating Cash Flow Growth	5.76%	-56.34%	131.70%	201.12%	-67.89%	25.89%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Acquisitions	-	-	-	-	-	-156
Investment in Securities	-12,688	-9,512	-11,539	-3,525	-5,285	-4,266
Other Investing Activities	-231	-337	260	303	-59	-61
Investing Cash Flow	-14,865	-12,094	-12,545	-4,066	-5,688	-4,628

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Long-Term Debt Issued	-	691	640	890	690	494
Total Debt Repaid	-429	-29	-28	-428	-584	-611
Net Debt Issued (Repaid)	-34	662	612	462	106	-117
Issuance of Common Stock	9	4	-	-	-	-
Repurchases of Common Stock	-282	-174	-27	-227	-81	-99
Common Dividends Paid	-244	-240	-229	-219	-205	-194
Other Financing Activities	623	911	187	603	320	31
Financing Cash Flow	9,630	8,798	3,661	78	4,436	20

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Foreign Exchange Rate Adjustments	-92	47	-130	-13	-112	-34
Net Cash Flow	-128	842	356	43	-21	-460

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	5,199	4,091	9,370	4,044	1,343	4,182
Free Cash Flow Growth	5.76%	-56.34%	131.70%	201.12%	-67.89%	26.96%
Free Cash Flow Margin	20.02%	17.26%	42.38%	21.78%	8.28%	25.09%
Free Cash Flow Per Share	78.42	61.24	140.06	60.27	19.84	61.23
Levered Free Cash Flow	9,837	1,801	1,749	1,926	-2,917	162.63
Unlevered Free Cash Flow	10,084	2,029	1,939	2,087	-2,798	249.5

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	279	255	213	217	163	160
Cash Income Tax Paid	262	252	78	298	129	368
Change in Working Capital	3,171	3,171	8,188	3,063	743	4,065

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Jun 30, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Sep 7, 2026

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