RGAHIGH SIGNALFINANCIAL10-K

RGA delivered extraordinary revenue growth of 282% alongside strong profitability improvements, but with a concerning 56% decline in operating cash flow generation.

The massive revenue surge to $23.7B suggests either major business expansion, significant acquisitions, or accounting changes that fundamentally altered RGA's scale and operations. However, the sharp deterioration in operating cash flow despite higher profits creates a disconnect that warrants immediate investigation into cash conversion and working capital management.

Comparing 2026-02-20 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

RGA experienced transformational growth with revenue exploding 282% to $23.7B while net income grew a solid 65% to $1.2B, and the balance sheet expanded proportionally with assets rising 32% to $156.6B and liabilities increasing 33% to $143.0B. However, the most concerning development is operating cash flow plummeting 56% to $4.1B despite the massive revenue and profit gains, suggesting potential working capital strain or timing issues that could impact liquidity. The overall picture shows a company that has dramatically expanded its operations but may be experiencing cash conversion challenges that investors should monitor closely.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+282%
$6.2B→$23.7B

Strong top-line growth of 282% — accelerating demand or successful expansion into new markets.

Net Income
P&L
+64.9%
$717.0M→$1.2B

Net income grew 64.9% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
-56.3%
$9.4B→$4.1B

Operating cash flow fell 56.3% — earnings quality concerns; investigate working capital changes and non-cash items.

Total Liabilities
Balance Sheet
+32.7%
$107.8B→$143.0B

Liabilities grew 32.7% — significant increase in debt or obligations, assess impact on financial flexibility.

Total Assets
Balance Sheet
+31.9%
$118.7B→$156.6B

Asset base grew 31.9% — expansion through organic growth, acquisitions, or capital deployment.

Capital Expenditure
Cash Flow
+31.6%
$19.0M→$25.0M

Capital expenditure jumped 31.6% — major investment cycle underway; assess returns on deployment.

Cash & Equivalents
Balance Sheet
+25.3%
$3.3B→$4.2B

Cash grew 25.3% — improving liquidity position supports investment and shareholder returns.

Stockholders Equity
Balance Sheet
+24.5%
$10.8B→$13.5B

Equity base grew 24.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Interest Expense
P&L
+20.4%
$304.0M→$366.0M

Interest costs rose 20.4% — monitor debt levels and coverage ratio in rising rate environment.

Total Debt
Balance Sheet
+13.2%
$5.0B→$5.7B

Debt rose 13.2% — additional borrowing for investment or operations; monitor coverage ratios.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-21
ADDED
As of January 30, 2026, 65,563,173 shares of the registrant s common stock were outstanding.
The consolidated financial statements herein include the assets, liabilities, and results of operations of RGA and its subsidiaries, all of which are wholly owned.
The terms Company , we , us and our in this Annual Report on Form 10-K refer to RGA and its subsidiaries.
The Company is a leading global provider of traditional life and health, and asset-intensive reinsurance, with operations in the U.S., Latin America, Canada, Europe, the Middle East, Africa, Asia and Australia.
Modified coinsurance and coinsurance with funds withheld agreements Unlike coinsurance arrangements, the assets supporting the reserves are retained by the ceding company.
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REMOVED
As of January 31, 2025, 66,024,444 shares of the registrant s common stock were outstanding.
The consolidated financial statements herein include the assets, liabilities, and results of operations of RGA and its subsidiaries, all of which are wholly owned, and is referred to as the Company , we , us and our in this Annual Report on Form 10-K.
The Company is a leading global provider of traditional life and health reinsurance and financial solutions with operations in the U.S., Latin America, Canada, Europe, the Middle East, Africa, Asia and Australia.
Modified coinsurance and coinsurance with funds withheld agreements Differ from coinsurance arrangements in that the assets supporting the reserves are retained by the ceding company.
This concern comes from both the absolute size of the risk and also through the volatility that changes in life expectancy can have on their reported earnings.
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