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Side-by-side financial comparison of Principal Financial Group (PFG) 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 $4.6B, roughly 1.4× Principal Financial Group). Principal Financial Group runs the higher net margin — 11.3% vs 7.0%, a 4.3% gap on every dollar of revenue. On growth, REINSURANCE GROUP OF AMERICA INC posted the faster year-over-year revenue change (26.6% vs -3.7%). Over the past eight quarters, Principal Financial Group's revenue compounded faster (6.3% CAGR vs 2.3%).
Principal Financial GroupPFGEarnings & Financial Report
Principal Financial Group, Inc. (PFG) is an American global financial investment management and insurance company headquartered in Des Moines, Iowa, United States.
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.
PFG vs RGA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.6B | $6.6B |
| Net Profit | $517.0M | $463.0M |
| Gross Margin | — | — |
| Operating Margin | — | 7.7% |
| Net Margin | 11.3% | 7.0% |
| Revenue YoY | -3.7% | 26.6% |
| Net Profit YoY | -42.9% | 212.8% |
| EPS (diluted) | $2.30 | $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 | $4.6B | $6.6B | ||
| Q3 25 | $3.7B | $6.2B | ||
| Q2 25 | $3.7B | $5.6B | ||
| Q1 25 | $3.7B | $5.3B | ||
| Q4 24 | $4.8B | $5.2B | ||
| Q3 24 | $3.0B | $5.7B | ||
| Q2 24 | $4.3B | $4.9B | ||
| Q1 24 | $4.1B | $6.3B |
| Q4 25 | $517.0M | $463.0M | ||
| Q3 25 | $213.8M | $253.0M | ||
| Q2 25 | $406.2M | $180.0M | ||
| Q1 25 | $48.1M | $286.0M | ||
| Q4 24 | $905.4M | $148.0M | ||
| Q3 24 | $-220.0M | $156.0M | ||
| Q2 24 | $353.1M | $203.0M | ||
| Q1 24 | $532.5M | $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 | 11.3% | 7.0% | ||
| Q3 25 | 5.8% | 4.1% | ||
| Q2 25 | 11.1% | 3.2% | ||
| Q1 25 | 1.3% | 5.4% | ||
| Q4 24 | 19.1% | 2.8% | ||
| Q3 24 | -7.3% | 2.8% | ||
| Q2 24 | 8.2% | 4.2% | ||
| Q1 24 | 13.1% | 3.3% |
| Q4 25 | $2.30 | $6.91 | ||
| Q3 25 | $0.95 | $3.81 | ||
| Q2 25 | $1.79 | $2.70 | ||
| Q1 25 | $0.21 | $4.27 | ||
| Q4 24 | $3.92 | $2.21 | ||
| Q3 24 | $-0.95 | $2.33 | ||
| Q2 24 | $1.49 | $3.03 | ||
| Q1 24 | $2.22 | $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 | $4.4B | $4.2B |
| Total DebtLower is stronger | $3.9B | $5.7B |
| Stockholders' EquityBook value | $11.9B | $13.5B |
| Total Assets | $341.4B | $156.6B |
| Debt / EquityLower = less leverage | 0.33× | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.4B | $4.2B | ||
| Q3 25 | $5.1B | $4.6B | ||
| Q2 25 | $3.7B | $5.4B | ||
| Q1 25 | $3.9B | $5.2B | ||
| Q4 24 | $4.2B | $3.3B | ||
| Q3 24 | $6.2B | $5.2B | ||
| Q2 24 | $4.8B | $4.6B | ||
| Q1 24 | $4.2B | $5.9B |
| Q4 25 | $3.9B | $5.7B | ||
| Q3 25 | $3.9B | $5.7B | ||
| Q2 25 | $3.9B | $5.7B | ||
| Q1 25 | $4.3B | $5.7B | ||
| Q4 24 | $4.0B | $5.0B | ||
| Q3 24 | $3.9B | $5.1B | ||
| Q2 24 | $3.9B | $5.1B | ||
| Q1 24 | $3.9B | $4.4B |
| Q4 25 | $11.9B | $13.5B | ||
| Q3 25 | $11.7B | $13.0B | ||
| Q2 25 | $11.4B | $12.1B | ||
| Q1 25 | $11.2B | $11.4B | ||
| Q4 24 | $11.1B | $10.8B | ||
| Q3 24 | $11.2B | $11.1B | ||
| Q2 24 | $11.0B | $9.7B | ||
| Q1 24 | $11.2B | $9.5B |
| Q4 25 | $341.4B | $156.6B | ||
| Q3 25 | $334.5B | $152.0B | ||
| Q2 25 | $323.1B | $133.5B | ||
| Q1 25 | $313.0B | $128.2B | ||
| Q4 24 | $313.7B | $118.7B | ||
| Q3 24 | $322.9B | $120.3B | ||
| Q2 24 | $308.8B | $109.9B | ||
| Q1 24 | $308.7B | $106.0B |
| Q4 25 | 0.33× | 0.42× | ||
| Q3 25 | 0.34× | 0.44× | ||
| Q2 25 | 0.34× | 0.48× | ||
| Q1 25 | 0.39× | 0.50× | ||
| Q4 24 | 0.36× | 0.47× | ||
| Q3 24 | 0.35× | 0.46× | ||
| Q2 24 | 0.36× | 0.52× | ||
| Q1 24 | 0.35× | 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 | $1.7B | $7.3B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.37× | 15.83× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $7.3B | ||
| Q3 25 | $1.0B | $-990.0M | ||
| Q2 25 | $811.9M | $-820.0M | ||
| Q1 25 | $977.3M | $-1.4B | ||
| Q4 24 | $1.5B | $17.1B | ||
| Q3 24 | $1.1B | $-1.1B | ||
| Q2 24 | $1.4B | $-967.0M | ||
| Q1 24 | $584.2M | $-5.7B |
| Q4 25 | 3.37× | 15.83× | ||
| Q3 25 | 4.70× | -3.91× | ||
| Q2 25 | 2.00× | -4.56× | ||
| Q1 25 | 20.32× | -5.00× | ||
| Q4 24 | 1.61× | 115.81× | ||
| Q3 24 | — | -6.84× | ||
| Q2 24 | 4.05× | -4.76× | ||
| Q1 24 | 1.10× | -27.31× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PFG
| Segment Retirement And Income Solutions | $1.6B | 36% |
| Segment Benefits And Protection | $1.1B | 23% |
| Other | $582.8M | 13% |
| Segment Principal Asset Management | $465.6M | 10% |
| Subsegment Investment Management | $449.4M | 10% |
| Administrative Service | $152.2M | 3% |
| Subsegment International Pension | $91.2M | 2% |
| Segment Corporate | $73.0M | 2% |
| Subsegment Life Insurance | $26.1M | 1% |
| Financial Service Other | $25.1M | 1% |
| Residential Mortgage | $7.4M | 0% |
| Subsegment Specialty Benefits | $3.7M | 0% |
| Deposit Account | $3.4M | 0% |
| Commission Income | $1.8M | 0% |
RGA
Segment breakdown not available.
