7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) 10-Year Financial Performance & Capital Metrics

RZC • • Insurance & Managed Care

Financial ServicesDiversified InsuranceSpecialty & ReinsuranceSpecialty Risk & Reinsurance

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 $22.04B +19.9%
Combined Ratio 95.55% +2.0%
Net Income $717M -20.5%
Return on Equity 7.14% -35.3%
Medical Cost Ratio 88.71% +1.6%
Operating Margin 4.45% -29.5%
Net Margin 3.25% -33.7%
ROA 0.66% -32.9%
Equity / Assets 9.19% -2.2%
Book Value per Share 163.02 +19.3%
Tangible BV/Share 161.03 +19.8%
Debt/Equity 0.46 -4.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

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

✗Weaknesses

✗High loss ratio of 88.7%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.29%

5Y9.19%

3Y11.13%

TTM2.28%

Profit (Net Income) CAGR

10Y0.47%

5Y-3.79%

3Y-15.06%

TTM19.26%

EPS CAGR

10Y0.93%

5Y-4.66%

3Y5.88%

TTM-80.17%

ROCE

10Y Avg1.39%

5Y Avg1.05%

3Y Avg1%

Latest0.91%

Peer Comparison

Specialty Risk & Reinsurance

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
IGICInternational General Insurance Holdings Ltd.	1.04B	24.01	8.06	10.24%	23.05%	19.02%	19.57%	0.01
RZC7.125% Fixed-Rate Reset Subordinated Debentures due 2052		25.47	2.37	19.85%	3.89%	6.63%		0.46
FGNXFG Nexus Inc.	121.1M	3.06	-1.26	1.49%	-6.66%	-7.05%		0.05

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	14.2B	14.58B	16.06B	15.88B	18.39B	22.04B
Revenue Growth %	-0.04%	0.11%	0.09%	0.03%	0.1%	0.03%	0.1%	-0.01%	0.16%	0.2%
Medical Costs & Claims+	8.95B	9.67B	10.49B	11.07B	12.1B	13.04B	14.21B	14.31B	16.06B	19.55B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	1.46B	1.85B	2.03B	1.81B	2.1B	1.54B	1.85B	1.57B	2.33B	2.49B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.12%	0.27%	0.09%	-0.11%	0.16%	-0.27%	0.2%	-0.15%	0.48%	0.07%
Operating Expenses+	719.55M	808.96M	885M	963M	969M	991M	469M	853M	1.17B	1.51B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	31.1M	26.85M	53M	45M	49M	49M	43M	38M	41M	46M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	744.79M	1.04B	1.14B	846M	1.13B	553M	1.39B	718M	1.16B	980M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.26%	0.4%	0.09%	-0.26%	0.34%	-0.51%	1.5%	-0.48%	0.62%	-0.16%
EBITDA+	775.9M	1.07B	1.2B	891M	1.18B	602M	1.43B	756M	1.2B	1.03B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	142.86M	137.62M	146M	147M	173M	170M	139M	191M	257M	304M
Non-Operating Income	-142.86M	-137.62M	-146M	-147M	-173M	-170M	-139M	-191M	-257M	-304M
Pretax Income+	744.79M	1.04B	1.14B	846M	1.13B	553M	1.39B	718M	1.16B	980M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	242.63M	342.5M	-679M	130M	262M	138M	215M	197M	251M	256M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	502.17M	701.44M	1.82B	716M	870M	415M	1.17B	517M	902M	717M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.27%	0.4%	1.6%	-0.61%	0.22%	-0.52%	1.82%	-0.56%	0.74%	-0.21%
EPS (Diluted)+	7.46	10.79	27.71	11.00	13.62	6.31	9.04	7.64	13.44	10.73
EPS Growth %	-0.24%	0.45%	1.57%	-0.6%	0.24%	-0.54%	0.43%	-0.15%	0.76%	-0.2%
EPS (Basic)	7.55	10.91	28.28	11.25	13.88	6.35	9.10	7.73	13.60	10.90
Diluted Shares Outstanding	67.29M	64.99M	65.75M	65.09M	63.88M	65.8M	68.3M	67.7M	67.1M	66.9M

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	53.1B	60.51B	64.53B	76.73B	84.66B	92.17B	84.9B	97.62B	118.67B
Asset Growth %	0.13%	0.05%	0.14%	0.07%	0.19%	0.1%	0.09%	-0.08%	0.15%	0.22%
Total Investment Assets+	41.98B	44.84B	51.69B	54.28B	60.63B	66.68B	121.82B	64.48B	2.73B	98.04B
Long-Term Investments	11.78B	12.67B	13.45B	14.14B	52.64B	58.46B	60.99B	55.52B	-57.96B	95.86B
Short-Term Investments	30.2B	32.17B	38.24B	40.13B	8.62B	8.37B	60.84B	7.82B	60.69B	2.18B
Total Current Assets+	1.53B	34.06B	1.3B	42.78B	0	0	66.36B	0	2.97B	11.04B
Cash & Equivalents	1.53B	1.2B	1.3B	1.89B	1.45B	3.41B	2.95B	2.93B	2.97B	3.33B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-10.97B	-12.76B	0	-13.42B	-66.14B	0
Goodwill & Intangibles+	81.2M	71.3M	59.3M	85.2M	230M	213M	193M	164M	154M	133M
Goodwill	7M	7M	7M	7M	7M	7M	7M	0	0	0
Intangible Assets	74.2M	64.3M	52.3M	78.2M	223M	206M	186M	164M	154M	133M
PP&E (Net)	-13.14B	0	0	0	244M	260M	284M	270M	279M	325M
Other Assets	34.78B	39.15B	45.7B	48.42B	-53.11B	-58.93B	-14M	-55.95B	140.63B	11.32B
Total Liabilities	44.25B	46B	50.95B	56.09B	65.13B	70.3B	79.16B	77.73B	88.45B	107.77B
Total Debt+	3.2B	3.93B	3.57B	3.47B	3.98B	4.36B	3.85B	4.36B	4.43B	5.04B
Net Debt	1.67B	2.73B	2.27B	1.58B	2.53B	953M	899M	1.43B	1.46B	1.72B
Long-Term Debt	3.2B	3.93B	3.57B	3.47B	3.58B	3.96B	3.85B	3.96B	4.43B	5.04B
Short-Term Debt	0	0	0	0	400M	400M	0	400M	0	0
Total Current Liabilities+	296.9M	688.93M	488.74M	487M	0	0	0	0	0	0
Accounts Payable	637.86M	388.99M	488.74M	487M	557M	598M	613M	756M	0	0
Deferred Revenue	0	0	0	0	0	0	213M	0	0	0
Other Current Liabilities	-296.9M	299.94M	-488.74M	-487M	-957M	-998M	-826M	-1.89B	-4.48B	-5.02B
Deferred Taxes	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	38.83B	38.62B	45.17B	52.62B	-6.29B	-7.22B	72.43B	-5.34B	82.16B	100.53B
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%	0.09%	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	0.34x	0.30x	0.30x	0.61x	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	163.02
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	31.1M	26.85M	53M	45.13M	49M	3M	-11M	38M	41M	46M
Stock-Based Compensation	0	0	0	0	39M	0	0	0	0	0
Deferred Taxes	149M	0	0	76.51M	0	-16M	0	0	0	0
Other Non-Cash Items	-13.25M	136.49M	-249.14M	5.38M	-31M	-62M	-731M	346M	-116M	343M
Working Capital Changes	1.42B	600.93M	356.27M	738.26M	1.38B	2.98B	4.31B	442M	3.22B	8.26B
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	-25M	0	0
Acquisitions	-145.24M	0	0	-31.44M	4M	-173M	-287M	17M	-77M	-320M
Purchase of Investments	-6.21B	-8.1B	-8.94B	-10.1B	-16.28B	-10.26B	-18.28B	-17.07B	-13.25B	-41.69B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-1.12B	-641.52M	-657.07M	-615.69M	-442M	115M	129M	-60M	711M	-1.03B
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	-44M	-299.68M	-101M	-163M	-99M	-81M	-227M	-27M
Stock Issued	0	0	0	0	0	481M	0	0	0	0
Debt Issuance (Net)	1000K	1000K	-1000K	-1000K	1000K	1000K	-1000K	1000K	1000K	1000K
Other Financing	-372.49M	545.74M	207.67M	217.14M	38M	737M	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	4.04B	9.37B
FCF Growth %	-0.08%	-0.31%	0.36%	-0.2%	0.46%	0.45%	0.26%	-0.68%	2.01%	1.32%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	30.69	21.87	29.48	23.85	35.58	50.06	60.95	19.84	60.27	140.06

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	92.85%	90.94%	90.87%	93.43%	92.03%	96.21%	91.38%	95.48%	93.69%	95.55%
Medical Cost Ratio	85.94%	83.92%	83.8%	85.95%	85.2%	89.41%	88.46%	90.11%	87.33%	88.71%
Return on Equity (ROE)	7.63%	10.61%	21.87%	7.95%	8.68%	3.2%	8.55%	5.12%	11.04%	7.14%
Return on Assets (ROA)	1.06%	1.36%	3.21%	1.15%	1.23%	0.51%	1.32%	0.58%	0.99%	0.66%
Equity / Assets	12.18%	13.36%	15.81%	13.09%	15.12%	16.95%	14.12%	8.45%	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	163.02
Debt / Equity	0.52x	0.55x	0.37x	0.41x	0.34x	0.30x	0.30x	0.61x	0.48x	0.46x
Revenue Growth	-4.46%	10.59%	8.63%	2.88%	10.27%	2.71%	10.13%	-1.13%	15.82%	19.85%

Revenue by Segment

	2022	2023	2024
Other Operating	-	-	8.43B
Other Operating Growth	-	-	-
Corporate and Other	207M	335M	-
Corporate and Other Growth	-	61.84%	-
US Traditional Reporting Information	6.59B	-	-
US Traditional Reporting Information Growth	-	-	-
Canada Traditional Reporting Information	1.22B	-	-
Canada Traditional Reporting Information Growth	-	-	-
Canada Non-Traditional Reporting Information	95M	-	-
Canada Non-Traditional Reporting Information Growth	-	-	-
US Non-Traditional Reporting Information	66M	-	-
US Non-Traditional Reporting Information Growth	-	-	-

Revenue by Geography

	2022	2023	2024
Americas	8.73B	10.45B	7.5B
Americas Growth	-	19.68%	-28.21%
Asia Pacific	3.3B	3.7B	3.01B
Asia Pacific Growth	-	12.16%	-18.54%
EMEA	2.45B	2.5B	2B
EMEA Growth	-	2.12%	-20.08%
CANADA	1.57B	1.58B	1.29B
CANADA Growth	-	0.64%	-18.29%

Frequently Asked Questions

Valuation & Price

7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) has a price-to-earnings (P/E) ratio of 2.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) grew revenue by 19.9% over the past year. This is strong growth.

Yes, 7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) is profitable, generating $867.0M in net income for fiscal year 2024 (3.3% net margin).

Dividend & Returns

Yes, 7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) pays a dividend with a yield of 13.44%. This makes it attractive for income-focused investors.

7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) has a return on equity (ROE) of 7.1%. This is below average, suggesting room for improvement.

Industry Metrics

7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) has a combined ratio of 95.6%. A ratio below 100% indicates underwriting profitability.

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