RGA
Reinsurance Group of America, Incorporated
Is RGA Halal?
Life and health reinsurer — conventional reinsurance and interest-based investing are an activity-level disqualifier.
What You Should Know
Reinsurance Group of America, Incorporated is a global life and health reinsurer. Its March 31, 2026 Form 10-Q reports assets of $164,064 million, interest-bearing debt of $6,105 million, cash of $4,993 million, interest-bearing securities of $107,328 million, receivables of $5,620 million and quarterly revenue of $6,494 million. Debt/assets is 3.72%, liquidity/assets is 68.46% and receivables-plus-cash/assets is 6.47%; the liquidity screen fails, while the conventional-reinsurance activity is independently decisive. Disclosed net investment income is $1,701 million.
⚠️ Concerns
- •Conventional reinsurance is built on gharar and riba, which are activity-level disqualifiers that cannot be cured by purification
- •Liquidity/assets is 68.46%, above examined 33.333% limits
- •A large portfolio of reserves is invested in debt securities; disclosed net investment income is not a purification ruling
- •This is a structural business-model concern rather than an incidental financial-ratio issue
- •Muslim investors should avoid the stock and consider retakaful and permissible businesses for investment
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
6,105 / 164,064
112,321 / 164,064
10,613 / 164,064
1,701 / 6,494
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 68.46%, above the examined 33.333% limit; the conventional reinsurance activity also fails.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 68.46%, above the examined MSCI 33.33% limit; the activity screen fails.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 68.46%, above the examined Malaysia limit; this is not an official classification.
- Financial
- Not calculated
- Overall
- Fails
A properly licensed and reproducible historical market-cap series is not stored; the activity and asset-based screens already fail.
Business-activity disclosure
RGA is a life and health reinsurer that assumes mortality, morbidity and longevity risk from primary insurers and invests reserves in fixed-income assets.
Limitation: Conventional reinsurance is an activity-level concern; no revenue carve-out cures the core model.
Purification
Core conventional reinsurance activity fails the business screen; purification is not a substitute for an activity-level ruling.
Inputs, assumptions and primary sources
- Amounts are USD millions from RGA's March 31, 2026 Form 10-Q.
- Debt uses the reported long-term debt balance of $6,105 million; policyholder and reinsurance liabilities are excluded.
- Cash is $4,993 million. Interest-bearing securities use the reported available-for-sale debt-securities fair value of $107,328 million.
- Receivables combine premiums and other receivables of $4,259 million with accrued investment income receivable of $1,361 million.
- Net investment income of $1,701 million is disclosed, but conventional reinsurance is the core activity and this is not a purification ruling.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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