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Side-by-side financial comparison of Athene Holding Ltd. (ATHS) and REINSURANCE GROUP OF AMERICA INC (RGA). Click either name above to swap in a different company.
Athene Holding Ltd. is the larger business by last-quarter revenue ($8.1B vs $6.6B, roughly 1.2× REINSURANCE GROUP OF AMERICA INC). REINSURANCE GROUP OF AMERICA INC runs the higher net margin — 7.0% vs 6.4%, a 0.5% gap on every dollar of revenue. On growth, Athene Holding Ltd. posted the faster year-over-year revenue change (115.1% vs 26.6%). Over the past eight quarters, Athene Holding Ltd.'s revenue compounded faster (19.2% CAGR vs 2.3%).
Athene Holding Ltd. is a leading US-focused retirement services provider. It offers fixed, indexed and variable annuity products plus tailored retirement savings solutions for individual consumers and institutional clients, aiming to help customers secure long-term financial stability for their retirement.
Reinsurance Group of America, Incorporated is a holding company for a global life and health reinsurance entity based in Greater St. Louis within the western suburb of Chesterfield, Missouri, United States. With approximately $3.9 trillion of life reinsurance in force and assets of $118.7 billion as of December 31, 2024, RGA has grown to become the only international company to focus primarily on life and health-related reinsurance.
ATHS vs RGA — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $8.1B | $6.6B |
| Net Profit | $523.0M | $463.0M |
| Gross Margin | — | — |
| Operating Margin | 16.9% | 7.7% |
| Net Margin | 6.4% | 7.0% |
| Revenue YoY | 115.1% | 26.6% |
| Net Profit YoY | -48.5% | 212.8% |
| EPS (diluted) | — | $6.91 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $8.1B | $6.6B | ||
| Q3 25 | $8.0B | $6.2B | ||
| Q2 25 | $5.4B | $5.6B | ||
| Q1 25 | $4.2B | $5.3B | ||
| Q4 24 | $3.8B | $5.2B | ||
| Q3 24 | $6.5B | $5.7B | ||
| Q2 24 | $4.7B | $4.9B | ||
| Q1 24 | $5.7B | $6.3B |
| Q4 25 | $523.0M | $463.0M | ||
| Q3 25 | $1.3B | $253.0M | ||
| Q2 25 | $464.0M | $180.0M | ||
| Q1 25 | $465.0M | $286.0M | ||
| Q4 24 | $1.0B | $148.0M | ||
| Q3 24 | $625.0M | $156.0M | ||
| Q2 24 | $629.0M | $203.0M | ||
| Q1 24 | $1.2B | $210.0M |
| Q4 25 | 16.9% | 7.7% | ||
| Q3 25 | 26.8% | 5.2% | ||
| Q2 25 | 12.2% | 6.1% | ||
| Q1 25 | 22.3% | 7.0% | ||
| Q4 24 | 30.4% | 4.3% | ||
| Q3 24 | 25.7% | 3.8% | ||
| Q2 24 | 22.0% | 5.5% | ||
| Q1 24 | 31.1% | 4.3% |
| Q4 25 | 6.4% | 7.0% | ||
| Q3 25 | 15.7% | 4.1% | ||
| Q2 25 | 8.7% | 3.2% | ||
| Q1 25 | 11.1% | 5.4% | ||
| Q4 24 | 26.8% | 2.8% | ||
| Q3 24 | 9.6% | 2.8% | ||
| Q2 24 | 13.5% | 4.2% | ||
| Q1 24 | 20.8% | 3.3% |
| Q4 25 | — | $6.91 | ||
| Q3 25 | — | $3.81 | ||
| Q2 25 | — | $2.70 | ||
| Q1 25 | — | $4.27 | ||
| Q4 24 | — | $2.21 | ||
| Q3 24 | — | $2.33 | ||
| Q2 24 | — | $3.03 | ||
| Q1 24 | — | $3.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $4.2B |
| Total DebtLower is stronger | $7.8B | $5.7B |
| Stockholders' EquityBook value | $20.5B | $13.5B |
| Total Assets | $442.2B | $156.6B |
| Debt / EquityLower = less leverage | 0.38× | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $4.2B | ||
| Q3 25 | — | $4.6B | ||
| Q2 25 | — | $5.4B | ||
| Q1 25 | — | $5.2B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $5.2B | ||
| Q2 24 | — | $4.6B | ||
| Q1 24 | $15.3B | $5.9B |
| Q4 25 | $7.8B | $5.7B | ||
| Q3 25 | $7.9B | $5.7B | ||
| Q2 25 | $7.9B | $5.7B | ||
| Q1 25 | $6.3B | $5.7B | ||
| Q4 24 | $6.3B | $5.0B | ||
| Q3 24 | $5.7B | $5.1B | ||
| Q2 24 | $5.7B | $5.1B | ||
| Q1 24 | $5.7B | $4.4B |
| Q4 25 | $20.5B | $13.5B | ||
| Q3 25 | $20.4B | $13.0B | ||
| Q2 25 | $18.1B | $12.1B | ||
| Q1 25 | $17.5B | $11.4B | ||
| Q4 24 | $16.4B | $10.8B | ||
| Q3 24 | $17.4B | $11.1B | ||
| Q2 24 | $15.0B | $9.7B | ||
| Q1 24 | $14.8B | $9.5B |
| Q4 25 | $442.2B | $156.6B | ||
| Q3 25 | $429.9B | $152.0B | ||
| Q2 25 | $405.3B | $133.5B | ||
| Q1 25 | $381.5B | $128.2B | ||
| Q4 24 | $363.3B | $118.7B | ||
| Q3 24 | $355.0B | $120.3B | ||
| Q2 24 | $332.6B | $109.9B | ||
| Q1 24 | $320.6B | $106.0B |
| Q4 25 | 0.38× | 0.42× | ||
| Q3 25 | 0.38× | 0.44× | ||
| Q2 25 | 0.43× | 0.48× | ||
| Q1 25 | 0.36× | 0.50× | ||
| Q4 24 | 0.39× | 0.47× | ||
| Q3 24 | 0.33× | 0.46× | ||
| Q2 24 | 0.38× | 0.52× | ||
| Q1 24 | 0.39× | 0.47× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.0B | $7.3B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 5.82× | 15.83× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.0B | $7.3B | ||
| Q3 25 | $636.0M | $-990.0M | ||
| Q2 25 | $1.1B | $-820.0M | ||
| Q1 25 | $426.0M | $-1.4B | ||
| Q4 24 | $386.0M | $17.1B | ||
| Q3 24 | $780.0M | $-1.1B | ||
| Q2 24 | $525.0M | $-967.0M | ||
| Q1 24 | $185.0M | $-5.7B |
| Q4 25 | 5.82× | 15.83× | ||
| Q3 25 | 0.51× | -3.91× | ||
| Q2 25 | 2.28× | -4.56× | ||
| Q1 25 | 0.92× | -5.00× | ||
| Q4 24 | 0.38× | 115.81× | ||
| Q3 24 | 1.25× | -6.84× | ||
| Q2 24 | 0.83× | -4.76× | ||
| Q1 24 | 0.16× | -27.31× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
