Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 (RZB) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed May 8, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the RZB SEC filings page.
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 (RZB) reported $24.9B in revenue over the twelve months to Mar 31, 2026, up 18.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Balance-sheet driven growth relies mainly on liabilities, while reported cash generation moves independently of accounting earnings.
From FY2024 to FY2025, net income rose 64.9% while operating cash flow fell 56.3%; although cash flow remained 346.1% of net income, earnings and cash were being shaped by different balance-sheet movements rather than moving together.
FY2025 liabilities represented 91.3% of assets and stood at 10.6x equity. Because assets expanded 31.9% while liabilities expanded 32.7%, growth relied more on obligations than on internally accumulated capital.
Interest expense rose 20.4% from FY2024 to FY2025 even as net income rose 64.9%, so the improved earnings outcome did not come from lower financing costs. Operating cash flow was broadly unchanged from FY2023 to FY2025 despite revenue growing 27.6%, pointing to scale without a correspondingly larger cash contribution.
Financial Health Signals
We do not publish a peer-relative financial health score for Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.
For every $1 of reported earnings, Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 generates $3.46 in operating cash flow ($4.1B OCF vs $1.2B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 generated $6.5B in revenue in Q1 2026. This represents an increase of 23.5% from the same quarter a year earlier. Against the prior quarter it is down 2.1%.
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 reported $330.0M in net income in Q1 2026. This represents an increase of 15.4% from the same quarter a year earlier. Against the prior quarter it is down 29.0%.
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 earned $4.98 per diluted share (EPS) in Q1 2026. This represents an increase of 16.6% from the same quarter a year earlier. Against the prior quarter it is down 28.6%.
Not reported for Q1 2026.
Cash & Balance Sheet
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 held $5.0B in cash against $6.1B in long-term debt as of Q1 2026.
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 paid $0.93 per share in dividends in Q1 2026. This represents an increase of 4.5% from the same quarter a year earlier.
Not reported for Q1 2026.
Margins & Returns
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056's net profit margin was 5.1% in Q1 2026, showing the share of revenue converted to profit. This is down 0.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.9 percentage points.
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056's quarterly ROE was 2.5% in Q1 2026: one quarter's net income over shareholder equity, not annualized. That is unchanged from the same quarter a year earlier. Against the prior quarter it is down 1.0 percentage points.
Not reported for Q1 2026.
Not reported for Q1 2026.
Capital Allocation
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 spent $94.0M on share buybacks in Q1 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 147.4% from the same quarter a year earlier. Against the prior quarter it is up 54.1%.
Not reported for Q1 2026.
Not reported for Q1 2026.
RZB Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-K | Q3'2510-K | Q2'2510-K | Q1'2510-Q | Q4'2410-K | Q3'2410-K | Q2'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.5B+23.5% | $6.6B+26.6% | $6.2B+9.8% | $5.6B+14.8% | $5.3B-17.0% | $5.2B+4.7% | $5.7B+9.7% | $4.9B+17.4% |
| Interest Expense | $99.0M+23.8% | N/A | $98.0M+25.6% | $90.0M+25.0% | $80.0M+17.6% | N/A | $78.0M+8.3% | $72.0M+14.3% |
| Income Tax | $110.0M+35.8% | N/A | $65.0M+16.1% | $160.0M+146.2% | $81.0M+35.0% | N/A | $56.0M-38.5% | $65.0M+12.1% |
| Net Income | $330.0M+15.4% | $465.0M+210.0% | $253.0M+62.2% | $180.0M-11.3% | $286.0M+36.2% | $150.0M-6.3% | $156.0M-45.6% | $203.0M-1.0% |
| EPS (Basic) | $5.04+16.4% | $7.07+212.8% | $3.85+62.4% | $2.72-11.4% | $4.33+35.3% | $2.26-5.8% | $2.37-45.4% | $3.07-0.6% |
| EPS (Diluted) | $4.98+16.6% | $6.97+214.0% | $3.81+63.5% | $2.70-10.9% | $4.27+35.1% | $2.22-6.3% | $2.33-45.7% | $3.03-0.7% |
| Diluted Shares (Avg) | 66M-1.5% | N/A | 67M0.0% | 67M0.0% | 67M0.0% | N/A | 67M0.0% | 67M-1.5% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA.
RZB Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-K | Q3'2510-K | Q2'2510-K | Q1'2510-Q | Q4'2410-K | Q3'2410-K | Q2'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $164.1B+28.0% | $156.6B+31.9% | $152.0B+26.4% | $133.5B+21.5% | $128.2B+21.0% | $118.7B+21.6% | $120.3B+37.6% | $109.9B+23.4% |
| Cash & Equivalents | $5.0B-3.1% | $4.2B+25.3% | $4.6B-11.0% | $5.4B+17.8% | $5.2B-13.2% | $3.3B+12.0% | $5.2B+84.2% | $4.6B+76.9% |
| Total Liabilities | $150.7B+29.1% | $143.0B+32.7% | $138.9B+27.4% | $121.3B+21.3% | $116.7B+21.0% | $107.8B+21.8% | $109.0B+37.6% | $100.1B+23.3% |
| Long-Term Debt | $6.1B+6.5% | $5.7B+13.2% | $5.7B+13.2% | $5.7B+13.2% | $5.7B+29.5% | $5.0B+13.9% | $5.1B+13.9% | $5.1B+4.5% |
| Total Equity | $13.3B+16.6% | $13.5B+24.5% | $13.0B+16.6% | $12.1B+23.8% | $11.4B+20.4% | $10.8B+19.1% | $11.1B+38.0% | $9.7B+24.7% |
| Retained Earnings | $10.4B+9.9% | $10.2B+9.7% | $9.8B+6.4% | $9.6B+5.4% | $9.4B+5.7% | $9.3B+5.1% | $9.2B+5.2% | $9.1B+7.0% |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Goodwill, Current Liabilities, Non-Current Liabilities.
RZB Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-K | Q3'2510-K | Q2'2510-K | Q1'2510-Q | Q4'2410-K | Q3'2410-K | Q2'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.9Bn/m | $7.3B-57.2% | -$990.0Mn/m | -$820.0Mn/m | -$1.4Bn/m | $17.1B+149.8% | -$1.1Bn/m | -$967.0Mn/m |
| Stock-Based Compensation | $21.0M+200.0% | N/A | N/A | N/A | $7.0M+16.7% | N/A | N/A | N/A |
| Investing Cash Flow | -$3.7Bn/m | -$3.3Bn/m | -$6.0Bn/m | -$1.2Bn/m | -$1.7Bn/m | -$4.2Bn/m | -$1.2Bn/m | -$3.5Bn/m |
| Financing Cash Flow | $1.7B-19.4% | $2.0B+149.1% | $4.2B+558.2% | $540.0M-55.7% | $2.1B+105.7% | $797.0M+128.4% | $639.0Mn/m | $1.2Bn/m |
| Dividends Paid | $61.0M+3.4% | $61.0M+5.2% | $61.0M+3.4% | $59.0M+5.4% | $59.0M+5.4% | $58.0M+3.6% | $59.0M+5.4% | $56.0M+3.7% |
| Share Buybacks | $94.0M+147.4% | $61.0M+6000.0% | $75.0M+971.4% | $0-100.0% | $38.0M+137.5% | $1.0M-98.3% | $7.0M-86.0% | $3.0M-94.2% |
Not reported in any period shown, so not listed: Depreciation & Amortization, Capital Expenditures, Free Cash Flow.
RZB Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-K | Q3'2510-K | Q2'2510-K | Q1'2510-Q | Q4'2410-K | Q3'2410-K | Q2'2410-K |
|---|---|---|---|---|---|---|---|---|
| Net Margin | 5.1%-0.4pp | 7.0%+4.1pp | 4.1%+1.3pp | 3.2%-1.0pp | 5.4%+2.1pp | 2.9%-0.3pp | 2.8%-2.8pp | 4.2%-0.8pp |
| Return on Equity | 2.5%0.0pp | 3.5%+2.1pp | 1.9%+0.5pp | 1.5%-0.6pp | 2.5%+0.3pp | 1.4%-0.4pp | 1.4%-2.2pp | 2.1%-0.5pp |
| Return on Assets | 0.2%0.0pp | 0.3%+0.2pp | 0.2%0.0pp | 0.1%-0.1pp | 0.2%0.0pp | 0.1%0.0pp | 0.1%-0.2pp | 0.2%-0.1pp |
| Debt-to-Equity | 0.460.0x | 0.420.0x | 0.440.0x | 0.480.0x | 0.500.0x | 0.470.0x | 0.46-0.1x | 0.52-0.1x |
| Liabilities-to-Equity | 11.33+1.1x | 10.63+0.7x | 10.71+0.9x | 10.07-0.2x | 10.24+0.1x | 9.96+0.2x | 9.800.0x | 10.28-0.1x |
| Asset Turnover | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.050.0x | 0.040.0x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
Where Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 Ranks
Frequently Asked Questions
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 (RZB) reported $23.7B in total revenue for fiscal year 2025. This represents a 7.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 (RZB) revenue grew by 7.2% year-over-year, from $22.1B to $23.7B in fiscal year 2025.
Yes, Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 (RZB) reported a net income of $1.2B over the trailing 12 months to March 31, 2026. In fiscal year 2025 it reported a net income of $1.2B, with a net profit margin of 5.0%.
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 (RZB) reported diluted earnings per share of $17.69 for fiscal year 2025. This represents a 64.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
As of fiscal year 2025, Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 (RZB) had $4.2B in cash and equivalents against $5.7B in long-term debt.
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 (RZB) had a net profit margin of 5.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Yes, Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 (RZB) paid $3.64 per share in dividends during fiscal year 2025.
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 (RZB) has a return on equity of 8.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 (RZB) generated $4.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 (RZB) had $156.6B in total assets as of fiscal year 2025, including both current and long-term assets.
Yes, Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 (RZB) spent $174.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 (RZB) had a debt-to-equity ratio of 0.42 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 (RZB) had a liabilities-to-equity ratio of 10.63 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 (RZB) had a return on assets of 0.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 (RZB) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Reinsurance Group of America, Incorporated 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 (RZB) has an earnings quality ratio of 3.46x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.