v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Assets    
Fixed maturity securities available-for-sale, at fair value (amortized cost of $114,976 and $107,264; allowance for credit losses of $232 and $210) $ 107,328 [1] $ 101,769 [2]
Available-for-sale Securities, Equity Securities 300 311
Mortgage loans (net of allowance for credit losses of $115 and $117) 11,318 11,104
Policy loans 3,703 3,541
Funds withheld at interest 8,390 8,149
Limited partnerships and real estate joint ventures 4,093 3,747
Short-term investments 357 346
Other invested assets 1,525 1,514
Total investments 137,014 130,481
Cash and cash equivalents 4,993 4,168
Accrued investment income 1,361 1,296
Premiums receivable and other reinsurance balances 4,259 4,475
Reinsurance ceded receivables and other 6,743 7,175
Deferred policy acquisition costs and other 6,191 6,079
Other assets 3,503 2,916
Total assets 164,064 156,590
Liabilities and equity    
Future policy benefits 72,308 66,425
Interest-sensitive contract liabilities 53,540 52,095
Market risk benefits, at fair value 249 234
Other policy claims and benefits 3,051 3,011
Other reinsurance balances 1,495 1,888
Income taxes 3,182 2,998
Funds withheld payable 6,494 6,805
Other liabilities 4,256 3,873
Long-term debt 6,105 5,710
Total liabilities 150,680 143,039
Commitments and contingent liabilities (See Note 14)
Equity    
Preferred stock (par value $0.01 per share, 10,000,000 shares authorized, no shares issued or outstanding) 0 0
Common stock (par value $0.01 per share, 140,000,000 shares authorized, 85,310,598 shares issued at March 31, 2026 and December 31, 2025) 1 1
Additional paid-in-capital 2,661 2,640
Retained earnings 10,375 10,151
Treasury stock, at cost – 19,801,364 and 19,846,934 shares at March 31, 2026 and December 31, 2025 (2,057) (2,013)
Accumulated other comprehensive income 2,314 2,682
Total Reinsurance Group of America, Inc. shareholders’ equity 13,294 13,461
Noncontrolling interest 90 90
Total equity 13,384 13,551
Total liabilities and equity $ 164,064 $ 156,590
[1] Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of March 31, 2026, the fair value of such investments was $935 million.
[2] Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2025, the fair value of such investments was $925 million