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Side-by-side financial comparison of F&G Annuities & Life, Inc. (FG) and REINSURANCE GROUP OF AMERICA INC (RGA). Click either name above to swap in a different company.
REINSURANCE GROUP OF AMERICA INC is the larger business by last-quarter revenue ($6.6B vs $1.8B, roughly 3.8× F&G Annuities & Life, Inc.). F&G Annuities & Life, Inc. runs the higher net margin — 7.3% vs 7.0%, a 0.3% gap on every dollar of revenue. On growth, REINSURANCE GROUP OF AMERICA INC posted the faster year-over-year revenue change (26.6% vs 13.2%). Over the past eight quarters, F&G Annuities & Life, Inc.'s revenue compounded faster (6.1% CAGR vs 2.3%).
F&G Annuities & Life, Inc. is a public company headquartered in Des Moines, Iowa. It primarily provides annuities, life insurance, and pension buyout services. The company was founded in 1959.
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.
FG vs RGA — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.8B | $6.6B |
| Net Profit | $128.0M | $463.0M |
| Gross Margin | — | — |
| Operating Margin | — | 7.7% |
| Net Margin | 7.3% | 7.0% |
| Revenue YoY | 13.2% | 26.6% |
| Net Profit YoY | -60.9% | 212.8% |
| EPS (diluted) | $0.97 | $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 | $1.8B | $6.6B | ||
| Q3 25 | $1.7B | $6.2B | ||
| Q2 25 | $1.4B | $5.6B | ||
| Q1 25 | $908.0M | $5.3B | ||
| Q4 24 | $1.6B | $5.2B | ||
| Q3 24 | $1.4B | $5.7B | ||
| Q2 24 | $1.2B | $4.9B | ||
| Q1 24 | $1.6B | $6.3B |
| Q4 25 | $128.0M | $463.0M | ||
| Q3 25 | $118.0M | $253.0M | ||
| Q2 25 | $40.0M | $180.0M | ||
| Q1 25 | $-21.0M | $286.0M | ||
| Q4 24 | $327.0M | $148.0M | ||
| Q3 24 | $-6.0M | $156.0M | ||
| Q2 24 | $203.0M | $203.0M | ||
| Q1 24 | $115.0M | $210.0M |
| Q4 25 | — | 7.7% | ||
| Q3 25 | — | 5.2% | ||
| Q2 25 | — | 6.1% | ||
| Q1 25 | — | 7.0% | ||
| Q4 24 | — | 4.3% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 5.5% | ||
| Q1 24 | — | 4.3% |
| Q4 25 | 7.3% | 7.0% | ||
| Q3 25 | 7.0% | 4.1% | ||
| Q2 25 | 2.9% | 3.2% | ||
| Q1 25 | -2.3% | 5.4% | ||
| Q4 24 | 21.0% | 2.8% | ||
| Q3 24 | -0.4% | 2.8% | ||
| Q2 24 | 17.3% | 4.2% | ||
| Q1 24 | 7.3% | 3.3% |
| Q4 25 | $0.97 | $6.91 | ||
| Q3 25 | $0.85 | $3.81 | ||
| Q2 25 | $0.26 | $2.70 | ||
| Q1 25 | $-0.20 | $4.27 | ||
| Q4 24 | $2.53 | $2.21 | ||
| Q3 24 | $-0.08 | $2.33 | ||
| Q2 24 | $1.55 | $3.03 | ||
| Q1 24 | $0.88 | $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 | $1.5B | $4.2B |
| Total DebtLower is stronger | $2.2B | $5.7B |
| Stockholders' EquityBook value | $4.8B | $13.5B |
| Total Assets | $98.4B | $156.6B |
| Debt / EquityLower = less leverage | 0.47× | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $4.2B | ||
| Q3 25 | $2.2B | $4.6B | ||
| Q2 25 | $1.9B | $5.4B | ||
| Q1 25 | $3.3B | $5.2B | ||
| Q4 24 | $2.3B | $3.3B | ||
| Q3 24 | $3.5B | $5.2B | ||
| Q2 24 | $3.5B | $4.6B | ||
| Q1 24 | $2.4B | $5.9B |
| Q4 25 | $2.2B | $5.7B | ||
| Q3 25 | $2.2B | $5.7B | ||
| Q2 25 | $2.2B | $5.7B | ||
| Q1 25 | $2.2B | $5.7B | ||
| Q4 24 | $2.2B | $5.0B | ||
| Q3 24 | $2.0B | $5.1B | ||
| Q2 24 | $2.0B | $5.1B | ||
| Q1 24 | $1.7B | $4.4B |
| Q4 25 | $4.8B | $13.5B | ||
| Q3 25 | $4.8B | $13.0B | ||
| Q2 25 | $4.4B | $12.1B | ||
| Q1 25 | $4.4B | $11.4B | ||
| Q4 24 | $4.0B | $10.8B | ||
| Q3 24 | $4.3B | $11.1B | ||
| Q2 24 | $3.7B | $9.7B | ||
| Q1 24 | $3.5B | $9.5B |
| Q4 25 | $98.4B | $156.6B | ||
| Q3 25 | $96.1B | $152.0B | ||
| Q2 25 | $91.8B | $133.5B | ||
| Q1 25 | $88.0B | $128.2B | ||
| Q4 24 | $85.0B | $118.7B | ||
| Q3 24 | $84.1B | $120.3B | ||
| Q2 24 | $78.5B | $109.9B | ||
| Q1 24 | $74.4B | $106.0B |
| Q4 25 | 0.47× | 0.42× | ||
| Q3 25 | 0.46× | 0.44× | ||
| Q2 25 | 0.50× | 0.48× | ||
| Q1 25 | 0.51× | 0.50× | ||
| Q4 24 | 0.55× | 0.47× | ||
| Q3 24 | 0.47× | 0.46× | ||
| Q2 24 | 0.56× | 0.52× | ||
| Q1 24 | 0.49× | 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 | $1.2B | $7.3B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 9.13× | 15.83× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.2B | $7.3B | ||
| Q3 25 | $937.0M | $-990.0M | ||
| Q2 25 | $1.6B | $-820.0M | ||
| Q1 25 | $956.0M | $-1.4B | ||
| Q4 24 | $1.3B | $17.1B | ||
| Q3 24 | $2.1B | $-1.1B | ||
| Q2 24 | $1.1B | $-967.0M | ||
| Q1 24 | $1.5B | $-5.7B |
| Q4 25 | 9.13× | 15.83× | ||
| Q3 25 | 7.94× | -3.91× | ||
| Q2 25 | 40.50× | -4.56× | ||
| Q1 25 | — | -5.00× | ||
| Q4 24 | 4.04× | 115.81× | ||
| Q3 24 | — | -6.84× | ||
| Q2 24 | 5.20× | -4.76× | ||
| Q1 24 | 13.34× | -27.31× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FG
| Reportable Segment | $1.0B | 57% |
| Other | $728.0M | 41% |
| Roar Joint Venture LLC | $24.0M | 1% |
RGA
Segment breakdown not available.
