REINSURANCE GROUP OF AMERICA INC
For the period ended Sep 30, 2025. Filed Oct 31, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 31, 2025
RGA$274.06+2.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Condensed Consolidated Balance Sheets
PART I–FINANCIAL INFORMATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
| September 30,2025 | December 31,2024 | |
|---|---|---|
| Assets | ||
| Fixed maturity securities available-for-sale, at fair value (amortized cost of $104,461 and $82,907; allowance for credit losses of $161 and $98) | $99,573 | $77,617 |
| Equity securities, at fair value | 161 | 155 |
| Mortgage loans (net of allowance for credit losses of $113 and $93) | 10,507 | 8,839 |
| Policy loans | 3,570 | 1,321 |
| Funds withheld at interest | 8,268 | 5,436 |
| Limited partnerships and real estate joint ventures | 3,648 | 3,067 |
| Short-term investments | 381 | 363 |
| Other invested assets | 1,496 | 1,242 |
| Total investments | 127,604 | 98,040 |
| Cash and cash equivalents | 4,625 | 3,326 |
| Accrued investment income | 1,275 | 986 |
| Premiums receivable and other reinsurance balances | 4,035 | 3,898 |
| Reinsurance ceded receivables and other | 5,758 | 5,531 |
| Deferred policy acquisition costs and other | 5,954 | 5,543 |
| Other assets | 2,752 | 1,351 |
| Total assets | $152,003 | $118,675 |
| Liabilities and equity | ||
| Future policy benefits | $66,389 | $53,368 |
| Interest-sensitive contract liabilities | 49,634 | 35,095 |
| Market risk benefits, at fair value | 238 | 223 |
| Other policy claims and benefits | 3,032 | 2,693 |
| Other reinsurance balances | 1,600 | 1,316 |
| Deferred income taxes | 2,591 | 2,199 |
| Funds withheld payable | 5,277 | 5,017 |
| Other liabilities | 4,440 | 2,816 |
| Long-term debt | 5,734 | 5,042 |
| Total liabilities | 138,935 | 107,769 |
| Commitments and contingent liabilities (See Note 15) | ||
| Equity | ||
| Preferred stock – par value $0.01 per share, 10,000,000 shares authorized, no shares issued or outstanding | — | — |
| Common stock – par value $0.01 per share, 140,000,000 shares authorized, 85,310,598 shares issued at September 30, 2025 and December 31, 2024 | 1 | 1 |
| Additional paid-in-capital | 2,628 | 2,600 |
| Retained earnings | 9,757 | 9,255 |
| Treasury stock, at cost – 19,601,159 and 19,438,336 shares at September 30, 2025 and December 31, 2024 | (1,960) | (1,889) |
| Accumulated other comprehensive income | 2,552 | 849 |
| Total RGA, Inc. shareholders’ equity | 12,978 | 10,816 |
| Noncontrolling interest | 90 | 90 |
| Total equity | 13,068 | 10,906 |
| Total liabilities and shareholders’ equity | $152,003 | $118,675 |
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