VOYA vs RGA vs PFG vs LNC

For growth investors, Reinsurance Group of America, Incorporated (RGA) is the stronger pick with 3.

4% revenue growth year-over-year, versus -6. 9% for Voya Financial, Inc. (VOYA). Lincoln National Corporation (LNC) offers the better valuation at 6. 2x trailing P/E (4. 7x forward), making it the more compelling value choice. Analysts rate Voya Financial, Inc. (VOYA) a "Buy" — based on 26 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, Lincoln National Corporation (LNC) is the cheapest at 6.

2x versus Principal Financial Group, Inc. at 19. 1x. On forward P/E, Lincoln National Corporation is actually cheaper at 4. 7x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Lincoln National Corporation wins at 0. 14x versus Principal Financial Group, Inc. 's 13. 78x — a PEG below 1. 0 traditionally signals the market is underpricing earnings growth.

Over the past 5 years, Reinsurance Group of America, Incorporated (RGA) delivered a total return of +81.

7%, compared to -35. 2% for Lincoln National Corporation (LNC). Over 10 years, the gap is even starker: PFG returned +195. 8% versus LNC's +24. 5%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), Reinsurance Group of America, Incorporated (RGA) is the lower-risk stock at 0.

72β versus Lincoln National Corporation's 1. 34β — meaning LNC is approximately 85% more volatile than RGA relative to the S&P 500. On balance sheet safety, Voya Financial, Inc. (VOYA) carries a lower debt/equity ratio of 30% versus 59% for Lincoln National Corporation — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), Reinsurance Group of America, Incorporated (RGA) is pulling ahead at 3.

4% versus -6. 9% for Voya Financial, Inc. (VOYA). On earnings-per-share growth, the picture is similar: Reinsurance Group of America, Incorporated grew EPS 64. 9% year-over-year, compared to -68. 3% for Lincoln National Corporation. Over a 3-year CAGR, RGA leads at 12. 8% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

Voya Financial, Inc.

(VOYA) is the more profitable company, earning 8. 7% net margin versus 5. 2% for Reinsurance Group of America, Incorporated — meaning it keeps 8. 7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: PFG leads at 9. 1% versus 3. 5% for VOYA. At the gross margin level — before operating expenses — LNC leads at 57. 3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.

By this metric, Lincoln National Corporation (LNC) is the more undervalued stock at a PEG of 0. 14x versus Principal Financial Group, Inc. 's 13. 78x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Lincoln National Corporation (LNC) trades at 4. 7x forward P/E versus 10. 7x for Principal Financial Group, Inc. — 6. 1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for LNC: 21. 0% to $43. 50.

All stocks in this comparison pay dividends.

Lincoln National Corporation (LNC) offers the highest yield at 4. 9%, versus 1. 7% for Reinsurance Group of America, Incorporated (RGA).

For long-horizon retirement investors, Reinsurance Group of America, Incorporated (RGA) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.

72), 1. 7% yield, +154. 2% 10Y return). Both have compounded well over 10 years (RGA: +154. 2%, LNC: +24. 5%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: VOYA is a small-cap deep-value stock; RGA is a mid-cap deep-value stock; PFG is a mid-cap income-oriented stock; LNC is a small-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.