Reinsurance Group of America (RGA) has drawn fresh attention after reporting second quarter 2026 results that included higher revenue, higher net income, and increased earnings per share from continuing operations compared with a year earlier.

The strong Q2 2026 update, higher quarterly dividend, and recent share buybacks appear to sit alongside firm price momentum, with Reinsurance Group of America posting a 17.6% 90 day share price return and a 134.1% 5 year total shareholder return.

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After a run that has taken Reinsurance Group of America to around $244 with strong recent returns, the key issue now is how much of the good news is already reflected in the price. Is there still clear value left on the table?

Most Popular Narrative: 6.5% Undervalued

Reinsurance Group of America’s most followed narrative puts fair value at $261.78 versus the last close at $244.65, which suggests some upside still implied by those assumptions.

Recent material improvements in deployable and excess capital, enabled by new in-force value credits and a strong balance sheet, provide RGA with the flexibility to pursue high-return new business, return capital to shareholders via buybacks/dividends, and deploy capital for select accretive acquisitions, all supporting future EPS and ROE uplift.

Want to see what sits behind that capital story? The narrative leans on compounded revenue growth, rising margins, and a lower future earnings multiple. The exact mix may surprise you.

Result: Fair Value of $261.78 (UNDERVALUED)

However, Reinsurance Group of America still faces risks related to earnings volatility in U.S. life and healthcare excess lines, as well as potential shifts in regulatory or capital frameworks.

Next Steps

With mixed sentiment around Reinsurance Group of America, and with both risks and rewards in focus, it makes sense to review the data yourself and decide how it fits your portfolio. To help with that, take a closer look at the full balance of 4 key rewards and 1 important warning sign

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.