Reinsurance Group of America Inc
NYSE: RZB · ·
Updated 2026-06-03
Reinsurance Group of America Inc (RZB) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.19B | $5.72B | $5.68B | $5.68B | $8.26M | $8.83B | $9.83B | $10.32B | $10.90B | $10.42B | $11.52B | $12.52B | $12.88B | $14.30B | $14.59B | $16.65B | $16.22B | $18.57B | $22.11B | $23.70B |
| Revenue growth (YoY) | — | +10.1% | -0.6% | +0.0% | -99.9% | +106773.1% | +11.3% | +5.0% | +5.7% | -4.5% | +10.6% | +8.6% | +2.9% | +11.1% | +2.0% | +14.1% | -2.6% | +14.5% | +19.1% | +7.2% |
| Cost of revenue | $204.38M | $236.61M | $242.92M | $242.92M | $362000.00 | $419.34M | $451800.00 | $466700.00 | $538400.00 | $554000.00 | $645500.00 | $710700.00 | $786000.00 | $868.00M | $816.00M | $12.78B | $11.98B | $13.87B | $16.90B | $17.00B |
| Gross profit | $4.99B | $5.48B | $5.44B | $5.44B | $7.90M | $8.41B | $9.83B | $10.32B | $10.90B | $10.42B | $11.52B | $12.51B | $12.88B | $13.43B | $13.78B | $3.88B | $4.24B | $4.71B | $5.26B | $6.70B |
| Gross margin | 96.1% | 95.9% | 95.7% | 95.7% | 95.6% | 95.3% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 93.9% | 94.4% | 23.3% | 26.1% | 25.3% | 23.8% | 28.3% |
| R&D | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| SG&A | — | — | — | — | — | — | — | — | $451.03M | $336.96M | $364.69M | $502.04M | — | — | — | — | — | — | — | — |
| Operating income | $293.26M | $308.27M | $187.81M | $187.81M | $574400.00 | $937.02M | $1.02B | $759.56M | $1.11B | $887.66M | $1.21B | $1.32B | $1.02B | $1.33B | $740.00M | $691.00M | $718.00M | $1.16B | $980.00M | $1.54B |
| Operating margin | 5.6% | 5.4% | 3.3% | 3.3% | 7.0% | 10.6% | 10.4% | 7.4% | 10.1% | 8.5% | 10.5% | 10.5% | 7.9% | 9.3% | 5.1% | 4.1% | 4.4% | 6.2% | 4.4% | 6.5% |
| EBITDA | $293.26M | $308.27M | $187.81M | $187.81M | $574400.00 | $1.11B | $631900.00 | $759.56M | $1.21B | $964.96M | $1.23B | $1.37B | $1.07B | $1.38B | $785.00M | $823.00M | $947.00M | $1.42B | $1.29B | $1.54M |
| EBITDA margin | 5.6% | 5.4% | 3.3% | 3.3% | 7.0% | 12.6% | 0.0% | 7.4% | 11.1% | 9.3% | 10.7% | 10.9% | 8.3% | 9.7% | 5.4% | 4.9% | 5.8% | 7.6% | 5.9% | 0.0% |
| EBIT | $593.19M | $551.82M | $227.56M | $662.28M | $905.03M | $937.02M | $1.03B | $759.56M | $1.11B | $887.66M | $1.21B | $1.32B | $1.02B | $1.33B | $736.00M | $823.00M | $909.00M | $1.42B | $1.28B | — |
| Interest expense | $62.03M | $76.91M | $76.16M | $76.16M | $91000.00 | $102.64M | $105300.00 | $124.31M | $96.70M | $142.86M | $137600.00 | $146000.00 | $147000.00 | $203.00M | $183.00M | $132.00M | $191.00M | $257.00M | $315.00M | $366.00M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $288.21M | $293.83M | $176.80M | $176.80M | $574400.00 | $599.62M | $631.89M | $418.84M | $684.05M | $502.17M | $701.44M | $1.82B | $715.84M | $870.00M | $415.00M | $617.00M | $517.00M | $902.00M | $717.00M | $1.18B |
| Net income growth (YoY) | — | +2.0% | -39.8% | +0.0% | -99.7% | +104290.7% | +5.4% | -33.7% | +63.3% | -26.6% | +39.7% | +159.8% | -60.7% | +21.5% | -52.3% | +48.7% | -16.2% | +74.5% | -20.5% | +64.9% |
| Profit margin | 5.5% | 5.1% | 3.1% | 3.1% | 7.0% | 6.8% | 6.4% | 4.1% | 6.3% | 4.8% | 6.1% | 14.6% | 5.6% | 6.1% | 2.8% | 3.7% | 3.2% | 4.9% | 3.2% | 5.0% |
Frequently asked questions
What is Reinsurance Group of America Inc's revenue?
Reinsurance Group of America Inc's trailing twelve-month revenue is $24.93B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is RZB?
In its most recent fiscal year, RZB ran a gross margin of 28.29%, an operating margin of 6.50%, and a net margin of 4.99%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does RZB generate?
RZB produced $4.09B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is RZB's balance sheet healthy?
RZB holds $4.17B in cash and equivalents against — in long-term debt, on $13.46B of shareholder equity. That debt is best read against the cash flow the business throws off each year.