Reinsurance Group of America, Incorporated (RZB) 10-Year Financial Performance & Capital Metrics

RZB • • Insurance & Managed Care

Financial ServicesReinsuranceLife & Health ReinsuranceLife & Health Reinsurance Specialists

AboutReinsurance Group of America, Inc. is a holding company, which engages in the provision of traditional and non-traditional life and health reinsurance products. It operates through the following segments: U.S. and Latin America, Canada, Europe, Middle East, and Africa, Asia Pacific, and Corporate and Other. The U.S. and Latin America segment markets individual and group life and health reinsurance to domestic clients for a variety of products through yearly renewable term agreements, coinsurance, and modified coinsurance. The Canada segment offers individual life reinsurance, and, to a lesser extent, creditor, group life and health, critical illness, and disability reinsurance, through yearly renewable term and coinsurance agreements. The Europe, Middle East, and Africa segment serves individual and group life and health products through yearly renewable term and coinsurance agreements, reinsurance of critical illness coverage that provides a benefit in the event of the diagnosis of a pre-defined critical illness, and underwritten annuities. The Asia Pacific segment consists of individual and group life and health reinsurance, critical illness coverage, disability, and superannuation through yearly renewable term and coinsurance agreements. The Corporate and Other segment consists of investment income from unallocated invested assets, investment related gains, and losses and service fees. The company was founded in 1973 and is headquartered in Chesterfield, MO.Show more

Revenue $22.11B +19.1%
Combined Ratio 0.27% +9.5%
Net Income $717M -20.5%
Return on Equity 7.14% -35.3%
Medical Cost Ratio 0%
Operating Margin 99.73%
Net Margin 3.24% -33.2%
ROA 0.66% -33.9%
Equity / Assets 9.19% -2.2%
Book Value per Share 162.78 +19.1%
Tangible BV/Share 162.66 +148.1%
Debt/Equity 0.46 -4.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓15 consecutive years of dividend growth
✓Trading near 52-week high
✓Trading at only 0.2x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.32%

5Y9.1%

3Y9.91%

TTM0.36%

Profit (Net Income) CAGR

10Y0.47%

5Y-3.79%

3Y5.13%

TTM-1.08%

EPS CAGR

10Y0.93%

5Y-5.02%

3Y5.92%

TTM-79.98%

ROCE

10Y Avg5.48%

5Y Avg8.94%

3Y Avg14.01%

Latest20.39%

Peer Comparison

Life & Health Reinsurance Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RGAReinsurance Group of America, Incorporated	12.93B	196.73	18.33	19.85%	3.89%	6.63%	72.48%	0.46
RZBReinsurance Group of America, Incorporated	1.57B	25.04	2.33	19.07%	3.28%	5.5%	100%	0.46

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	10.42B	11.52B	12.52B	12.88B	14.3B	14.59B	16.65B	16.22B	18.57B	22.11B
Revenue Growth %	-0.04%	0.11%	0.09%	0.03%	0.11%	0.02%	0.14%	-0.03%	0.14%	0.19%
Medical Costs & Claims+	554K	645.5K	710.7K	786K	868M	816M	936M	1.01B	0	0
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	10.42B	11.52B	12.51B	12.88B	13.43B	13.78B	15.71B	15.21B	18.57B	22.11B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.04%	0.11%	0.09%	0.03%	0.04%	0.03%	0.14%	-0.03%	0.22%	0.19%
Operating Expenses+	9.53B	1.96B	2.18B	2.11B	2.07B	2.08B	2.35B	2.35B	46M	60M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	-910.3M	26.85M	52.9M	45.13M	49M	49M	43M	38M	0	0
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	910.3M	1.21B	1.32B	1.02B	1.33B	740M	1.52B	909M	18.52B	22.05B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.18%	0.33%	0.09%	-0.22%	0.3%	-0.45%	1.06%	-0.4%	19.38%	0.19%
EBITDA+	0	1.23B	1.37B	1.07B	1.38B	789M	1.57B	947M	18.52B	22.05B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	142.9K	137.6K	146K	147K	203M	183M	132M	191M	257M	315M
Non-Operating Income	9.66B	10.44B	11.18B	177.09M	12.93B	13.85B	0	15.27B	18.52B	22.05B
Pretax Income+	744.79M	1.04B	1.14B	845.82M	1.13B	553M	691M	718M	1.16B	980M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	242.63M	342.5M	-679.37M	129.98M	262M	138M	74M	197M	251M	256M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	502.17M	701.44M	1.82B	715.84M	870M	415M	617M	517M	902M	717M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.27%	0.4%	1.6%	-0.61%	0.22%	-0.52%	0.49%	-0.16%	0.74%	-0.21%
EPS (Diluted)+	7.46	10.79	27.71	11.00	13.88	6.31	9.03	7.64	13.44	10.73
EPS Growth %	-0.24%	0.45%	1.57%	-0.6%	0.26%	-0.55%	0.43%	-0.15%	0.76%	-0.2%
EPS (Basic)	7.46	10.91	28.28	11.25	13.88	6.35	9.10	7.73	13.44	10.90
Diluted Shares Outstanding	67.29M	64.99M	65.75M	65.09M	63.88M	65.8M	68.3M	67.7M	67.1M	67M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	50.38B	52.41B	59.73B	63.78B	75.83B	83.67B	89.59B	82.23B	97.62B	118.67B
Asset Growth %	0.13%	0.04%	0.14%	0.07%	0.19%	0.1%	0.07%	-0.08%	0.19%	0.22%
Total Investment Assets+	41.42B	7B	7.37B	8.34B	6.99B	7.04B	9.21B	7.94B	7.76B	98.04B
Long-Term Investments	41.42B	7B	7.37B	7B	6.99B	7.04B	9.21B	7.94B	7.76B	20.42B
Short-Term Investments	0	0	0	1.33B	0	0	0	0	0	77.62B
Total Current Assets+	1.53B	4.36B	5B	6.67B	6.23B	8.35B	8.11B	6.72B	2.97B	80.94B
Cash & Equivalents	1.53B	1.2B	1.3B	1.89B	1.45B	3.41B	2.95B	2.93B	2.97B	3.33B
Receivables	0	0	0	0	0	0	0	0	0	0
Other Current Assets	0	4.36B	5B	6.67B	6.23B	8.35B	8.11B	0	0	0
Goodwill & Intangibles+	3.57B	3.55B	3.45B	3.64B	3.74B	3.83B	3.88B	4.29B	4.77B	8M
Goodwill	7M	7M	7M	7M	7M	7M	7M	0	0	0
Intangible Assets	3.57B	3.54B	3.44B	3.63B	3.73B	3.82B	3.88B	4.29B	4.77B	8M
PP&E (Net)	170.6M	300.7M	302.2M	302.1M	296M	291M	284M	408M	416M	0
Other Assets	1.47B	34.44B	41.42B	44.37B	55.86B	60.9B	65.22B	62.13B	68.3B	-8M
Total Liabilities	3.2B	45.32B	50.16B	55.33B	64.23B	69.32B	76.58B	75.06B	88.45B	107.77B
Total Debt+	3.2B	3.93B	3.57B	3.47B	3.58B	3.96B	3.85B	3.96B	4.42B	5.04B
Net Debt	1.67B	2.73B	2.27B	1.58B	2.13B	553M	899M	1.03B	1.45B	1.72B
Long-Term Debt	3.2B	3.93B	3.57B	3.47B	3.58B	3.96B	3.85B	3.96B	4.42B	5.04B
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	0	-294.98M	-293.29M	-270.39M	-347M	-385M	-1.97B	-1.95B	0	0
Accounts Payable	0	0	0	0	0	0	0	0	1.1B	0
Deferred Revenue	0	0	0	0	0	0	0	736M	0	0
Other Current Liabilities	0	-388.99M	-488.74M	-487.18M	-557M	-598M	-613M	-1.46B	-1.1B	0
Deferred Taxes	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Liabilities	0	38.92B	44.69B	50.33B	58.28B	62.48B	71.81B	71.66B	84.03B	102.73B
Total Equity+	6.14B	7.09B	9.57B	8.45B	11.6B	14.35B	13.01B	7.17B	9.17B	10.91B
Equity Growth %	-0.13%	0.16%	0.35%	-0.12%	0.37%	0.24%	-0.09%	-0.45%	0.28%	0.19%
Shareholders Equity	6.14B	7.09B	9.57B	8.45B	11.6B	14.35B	13.01B	7.08B	9.08B	10.82B
Minority Interest	0	0	0	0	0	0	0	90M	90M	90M
Retained Earnings	4.62B	5.2B	6.74B	7.28B	7.95B	8.15B	8.56B	8.17B	8.8B	9.26B
Common Stock	791K	791K	791K	791K	1M	1M	1M	1M	1M	1M
Accumulated OCI	708.28M	1.14B	2.06B	636.76M	3.14B	5.36B	3.64B	-1.87B	-369M	849M
Return on Equity (ROE)	0.08%	0.11%	0.22%	0.08%	0.09%	0.03%	0.05%	0.05%	0.11%	0.07%
Return on Assets (ROA)	0.01%	0.01%	0.03%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.52x	0.55x	0.37x	0.41x	0.31x	0.28x	0.30x	0.55x	0.48x	0.46x
Book Value per Share	91.18	109.14	145.54	129.82	181.60	218.12	190.54	105.92	136.68	162.78
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.09B	1.47B	1.98B	1.58B	2.31B	3.32B	4.18B	1.34B	4.04B	9.37B
Operating CF Growth %	-0.11%	-0.3%	0.35%	-0.2%	0.46%	0.44%	0.26%	-0.68%	2.01%	1.32%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	502.17M	701.44M	1.82B	715.84M	870M	415M	617M	517M	902M	717M
Depreciation & Amortization	26.6M	26.85M	52.9M	45.13M	605M	589M	0	375M	389M	-168M
Stock-Based Compensation	16M	33.1M	22M	30M	39M	-12M	0	45M	46M	0
Deferred Taxes	149M	293.78M	-847.3M	76.51M	0	0	0	0	211M	-61M
Other Non-Cash Items	172.42M	190.2M	-860.53M	172.15M	-587M	-655M	-742M	-270M	-721M	283M
Working Capital Changes	1.37B	600.93M	1.07B	738.26M	1.38B	2.98B	4.31B	676M	3.22B	8.6B
Cash from Investing+	-1.43B	-2.83B	-1.61B	-636.55M	-2.64B	-2.68B	-4.63B	-5.69B	-4.07B	-12.54B
Capital Expenditures	-23.55M	-44.64M	-44.21M	-28.89M	-34M	-28M	-19M	0	0	0
Acquisitions	-145.24M	0	0	-31.44M	4M	-315M	-137M	0	0	0
Purchase of Investments	-5.87B	-9.17B	-10.05B	-10.86B	0	0	-19.35B	0	-13.25B	-41.68B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	0	0	1000K	0	1000K	1000K
Other Investing	-1.26B	-97.79M	-121.21M	-365.24M	-2.61B	-2.34B	397M	-5.69B	634M	209M
Cash from Financing+	-708.28M	1.06B	-324.62M	-321.97M	-121M	1.25B	20M	4.44B	78M	3.66B
Dividends Paid	-93.38M	-100.37M	-117.29M	-140.11M	-163M	-182M	-194M	-205M	-219M	-229M
Share Repurchases	-384.52M	-122.92M	-43.51M	-299.68M	-101M	-163M	-99M	-81M	-227M	-27M
Stock Issued	0	15.32M	7.29M	3.46M	0	0	0	0	0	0
Debt Issuance (Net)	1000K	1000K	-1000K	-1000K	1000K	1000K	-1000K	1000K	1000K	1000K
Other Financing	-367.74M	530.42M	199.9M	213.4M	38M	1.22B	430M	4.62B	62M	3.31B
Net Change in Cash+	-120.39M	-324.56M	102.81M	586.21M	-441M	1.96B	-460M	-21M	43M	356M
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K
Cash at Beginning	1.65B	1.53B	1.2B	1.3B	1.89B	1.45B	3.41B	2.95B	2.93B	2.97B
Cash at End	1.53B	1.2B	1.3B	1.89B	1.45B	3.41B	2.95B	2.93B	2.97B	3.33B
Free Cash Flow+	2.07B	1.42B	1.94B	1.55B	2.27B	3.29B	4.16B	1.34B	4.59B	9.37B
FCF Growth %	-0.08%	-0.31%	0.36%	-0.2%	0.46%	0.45%	0.26%	-0.68%	2.42%	1.04%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	30.69	21.87	29.48	23.85	35.58	50.06	60.95	19.84	68.48	139.85

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	91.49%	16.98%	17.4%	16.38%	20.56%	19.83%	19.75%	20.73%	0.25%	0.27%
Medical Cost Ratio	0.01%	0.01%	0.01%	0.01%	6.07%	5.59%	5.62%	6.22%	0%	0%
Return on Equity (ROE)	7.63%	10.61%	21.87%	7.94%	8.68%	3.2%	4.51%	5.12%	11.04%	7.14%
Return on Assets (ROA)	1.06%	1.36%	3.25%	1.16%	1.25%	0.52%	0.71%	0.6%	1%	0.66%
Equity / Assets	12.18%	13.53%	16.02%	13.25%	15.3%	17.15%	14.53%	8.72%	9.39%	9.19%
Book Value / Share	91.18	109.14	145.54	129.82	181.6	218.12	190.54	105.92	136.68	162.78
Debt / Equity	0.52x	0.55x	0.37x	0.41x	0.31x	0.28x	0.30x	0.55x	0.48x	0.46x
Revenue Growth	-4.46%	10.59%	8.63%	2.88%	11.07%	2.03%	14.11%	-2.61%	14.49%	19.07%

Revenue by Segment

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Corporate and Other	-	-	-	-	-	257M	245M	781M	207M	335M
Corporate and Other Growth	-	-	-	-	-	-	-4.67%	218.78%	-73.50%	61.84%
US Traditional Reporting Information	-	-	-	-	5.53B	-	-	-	6.59B	-
US Traditional Reporting Information Growth	-	-	-	-	-	-	-	-	-	-
Canada Traditional Reporting Information	-	-	-	-	1.02B	-	-	-	1.22B	-
Canada Traditional Reporting Information Growth	-	-	-	-	-	-	-	-	-	-
Canada Non-Traditional Reporting Information	-	-	-	-	43.37M	-	-	-	95M	-
Canada Non-Traditional Reporting Information Growth	-	-	-	-	-	-	-	-	-	-
US Non-Traditional Reporting Information	-	-	-	-	27.2M	-	-	-	66M	-
US Non-Traditional Reporting Information Growth	-	-	-	-	-	-	-	-	-	-
Corporate	110.35M	68.89M	180.96M	155.16M	-	-	-	-	-	-
Corporate Growth	-	-37.57%	162.65%	-14.26%	-	-	-	-	-	-

Revenue by Geography

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Americas	-	6.11B	6.81B	7.25B	-	-	7.78B	8.69B	8.73B	10.45B
Americas Growth	-	-	11.40%	6.54%	-	-	-	11.70%	0.45%	19.68%
Asia Pacific	-	1.69B	1.83B	2.28B	-	-	3.12B	3.19B	3.3B	3.7B
Asia Pacific Growth	-	-	8.24%	24.53%	-	-	-	2.57%	3.26%	12.16%
EMEA	-	1.48B	1.54B	1.67B	-	-	2.1B	2.44B	2.45B	2.5B
EMEA Growth	-	-	3.94%	8.95%	-	-	-	16.11%	0.41%	2.12%
CANADA	-	1.07B	1.16B	1.15B	-	-	1.35B	1.55B	1.57B	1.58B
CANADA Growth	-	-	9.07%	-1.07%	-	-	-	14.57%	1.36%	0.64%
Asia Pacific Traditional Reporting Information	-	-	-	-	2.3B	2.57B	-	-	-	-
Asia Pacific Traditional Reporting Information Growth	-	-	-	-	-	11.83%	-	-	-	-
EMEA Traditional Reporting Information	-	-	-	-	1.42B	1.44B	-	-	-	-
EMEA Traditional Reporting Information Growth	-	-	-	-	-	1.32%	-	-	-	-
EMEA Non-Traditional Reporting Information	-	-	-	-	195.33M	218M	-	-	-	-
EMEA Non-Traditional Reporting Information Growth	-	-	-	-	-	11.60%	-	-	-	-
Asia Pacific Non-Traditional Reporting Information	-	-	-	-	866K	146M	-	-	-	-
Asia Pacific Non-Traditional Reporting Information Growth	-	-	-	-	-	16759.12%	-	-	-	-
Europe	1.56B	-	-	-	-	-	-	-	-	-
Europe Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Reinsurance Group of America, Incorporated (RZB) has a price-to-earnings (P/E) ratio of 2.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Reinsurance Group of America, Incorporated (RZB) grew revenue by 19.1% over the past year. This is strong growth.

Yes, Reinsurance Group of America, Incorporated (RZB) is profitable, generating $719.1M in net income for fiscal year 2024 (3.2% net margin).

Dividend & Returns

Yes, Reinsurance Group of America, Incorporated (RZB) pays a dividend with a yield of 13.65%. This makes it attractive for income-focused investors.

Reinsurance Group of America, Incorporated (RZB) has a return on equity (ROE) of 7.1%. This is below average, suggesting room for improvement.

Industry Metrics

Reinsurance Group of America, Incorporated (RZB) has a combined ratio of 0.0%. A ratio below 100% indicates underwriting profitability.

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