REINSURANCE GROUP OF AMERICA INC
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
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Condensed Financial Information of the Registrant
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT
December 31,
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| CONDENSED BALANCE SHEETS | |||
| Assets: | |||
| Fixed maturity securities available-for-sale, at fair value | $820 | $526 | |
| Short-term and other investments | 25 | 12 | |
| Cash and cash equivalents | 515 | 125 | |
| Investment in subsidiaries | 16,796 | 14,226 | |
| Loans to subsidiaries | 1,010 | 1,010 | |
| Other assets | 475 | 504 | |
| Total assets | $19,641 | $16,403 | |
| Liabilities and shareholders’ equity: | |||
| Long-term debt – unaffiliated (1) | $4,806 | $4,111 | |
| Long-term debt – affiliated | 600 | 600 | |
| Other liabilities | 774 | 876 | |
| Shareholders’ equity | 13,461 | 10,816 | |
| Total liabilities and shareholders’ equity | $19,641 | $16,403 | |
| CONDENSED STATEMENTS OF INCOME | |||
| Interest / dividend income (2) | $1,464 | $137 | $654 |
| Investment related losses, net | — | (4) | (1) |
| Operating expenses | (113) | (66) | (67) |
| Interest expense | (274) | (224) | (202) |
| Income (loss) before income tax and undistributed earnings of subsidiaries | 1,077 | (157) | 384 |
| Income tax benefit | (64) | (17) | (35) |
| Net income (loss) before undistributed earnings of subsidiaries | 1,141 | (140) | 419 |
| Equity in undistributed earnings of subsidiaries | 41 | 857 | 483 |
| Net income | 1,182 | 717 | 902 |
| Other comprehensive income | 11 | 12 | 3 |
| Total comprehensive income | $1,193 | $729 | $905 |
The condensed financial information of RGA (the “Parent Company”) should be read in conjunction with the consolidated financial statements of RGA and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). These condensed unconsolidated financial statements reflect the results of operations, financial position and cash flows for RGA. Investments in subsidiaries are accounted for using the equity method of accounting.
(1)Long-term debt– unaffiliated consists of the following:
| 2025 | 2024 | |
|---|---|---|
| $400 million 3.95% Senior Notes due 2026 | $400 | $400 |
| $600 million 3.90% Senior Notes due 2029 | 599 | 599 |
| $600 million 3.15% Senior Notes due 2030 | 599 | 598 |
| $400 million 6.00% Senior Notes due 2033 | 399 | 399 |
| $650 million 5.75% Senior Notes due 2034 | 646 | 646 |
| $700 million 7.125% Fixed-Rate Reset Subordinated Debentures due 2052 | 700 | 700 |
| $700 million 6.65% Fixed-Rate Reset Subordinated Debentures due 2055 | 700 | — |
| $400 million 5.75% Fixed-to-Floating Subordinated Debentures due 2056 | 400 | 400 |
| $400 million Variable Rate Junior Subordinated Debentures due 2065 | 399 | 399 |
| Subtotal | 4,842 | 4,141 |
| Unamortized debt issuance costs | (36) | (30) |
| Total | $4,806 | $4,111 |
(2)Interest/dividend income includes $75 million and $520 million of dividends from consolidated subsidiaries in 2025 and 2024, respectively.
SCHEDULE II—CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT (continued)
December 31,
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| CONDENSED STATEMENTS OF CASH FLOWS | |||
| Operating activities: | |||
| Net income | $1,182 | $717 | $902 |
| Equity in earnings of subsidiaries | (41) | (857) | (483) |
| Other, net | (49) | (194) | (190) |
| Net cash provided by (used in) operating activities | 1,092 | (334) | 229 |
| Investing activities: | |||
| Sales of fixed maturity securities available-for-sale | 373 | 289 | 265 |
| Purchases of fixed maturity securities available-for-sale | (655) | (249) | (273) |
| Maturities of fixed maturity securities available-for-sale | 2 | 13 | 42 |
| Change in short-term investments | — | 15 | (15) |
| Change in other invested assets | (8) | 15 | (4) |
| Repayments of loans to subsidiaries | — | — | 50 |
| Return of capital from subsidiaries | — | 214 | — |
| Capital contributions to subsidiaries | (714) | (320) | (51) |
| Net cash provided by (used in) investing activities | (1,002) | (23) | 14 |
| Financing activities: | |||
| Dividends to shareholders | (240) | (229) | (219) |
| Purchases of treasury stock | (174) | (27) | (227) |
| Treasury stock reissued | 4 | — | — |
| Change in cash collateral for derivatives | 19 | (4) | 11 |
| Principal payments of long-term debt | — | — | (400) |
| Proceeds from unaffiliated long-term debt issuance, net | 691 | 640 | 396 |
| Net cash provided by (used in) financing activities | 300 | 380 | (439) |
| Change in cash and cash equivalents | 390 | 23 | (196) |
| Cash and cash equivalents, beginning of period | 125 | 102 | 298 |
| Cash and cash equivalents, end of period | $515 | $125 | $102 |
| Supplementary information: | |||
| Interest paid | $21 | $197 | $186 |
| Income taxes paid, net of refunds | $40 | $— | $169 |
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