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RZC logo7.125% Fixed-Rate Reset Subordinated Debentures due 2052(RZC)Earnings, Financials & Key Ratios

RZC•NYSE•Insurance & Managed Care
$25.39
$1.7B mkt cap·2.4× P/E·Price updated May 6, 2026
SectorFinancial ServicesIndustryDiversified InsuranceSub-IndustryReinsurance (P&C and life)
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 Ratio95.55%+2.0%
  • Net Income$717M-20.5%
  • Return on Equity7.14%-35.3%
  • Medical Cost Ratio88.71%+1.6%
  • Operating Margin4.45%-29.5%
  • Net Margin3.25%-33.7%
  • ROA0.66%-32.9%
  • Equity / Assets9.19%-2.2%
  • Book Value per Share163.02+19.3%
  • Tangible BV/Share161.03+19.8%
  • Debt/Equity0.46-4.2%
Technical→

RZC Key Insights

7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) fundamental analysis — strengths, weaknesses & financial health based on 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%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

RZC Price & Volume

7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) stock price & volume — 10-year historical chart

Loading chart...

RZC Growth Metrics

7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years7.29%
5 Years9.19%
3 Years11.13%
TTM2.28%

Profit CAGR

10 Years0.47%
5 Years-3.79%
3 Years-15.06%
TTM19.26%

EPS CAGR

10 Years0.93%
5 Years-4.66%
3 Years5.88%
TTM-80.17%

Return on Capital

10 Years1.39%
5 Years1.05%
3 Years1%
Last Year0.91%

RZC Recent Earnings

7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
Q1 2026Latest
Feb 5, 2026
EPS
$7.75
Revenue
$6.6B
Q1 2024
Feb 1, 2024
EPS
$4.73
Revenue
$5.0B
Q4 2023
Nov 2, 2023
EPS
$5.57
Revenue
—
Q3 2023
Aug 4, 2023
EPS
$4.40
Revenue
—
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 5, 2026
$7.75
$6.6B
Q1 2024Feb 1, 2024
$4.73
$5.0B
Q4 2023Nov 2, 2023
$5.57
—
Q3 2023Aug 4, 2023
$4.40
—
Based on last 7 quarters of dataView full earnings history →

RZC Peer Comparison

7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) competitors in Reinsurance (P&C and life) — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
GS logoGSThe Goldman Sachs Group, Inc.Product Competitor291.19B937.3523.1217%12.59%5.06
MS logoMSMorgan StanleyProduct Competitor307.53B193.2824.3116.83%14.57%3.42
JEF logoJEFJefferies Financial Group Inc.Product Competitor10.68B51.7518.292.93%7.7%0.17
LAZ logoLAZLazard LtdProduct Competitor4.37B46.5621.463.25%26.7%2.61
HLI logoHLIHoulihan Lokey, Inc.Product Competitor10.27B147.2325.3024.81%20.14%0.20
MC logoMCMoelis & CompanyProduct Competitor4.68B63.7921.7026.98%37.88%0.39
PJT logoPJTPJT Partners Inc.Product Competitor3.68B152.1422.7814.77%20.08%0.41
OXSQ logoOXSQOxford Square Capital Corp.Supply Chain165.4M1.89-7.5632.01%-24.71%1.08

Compare RZC vs Peers

7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GS

Most directly comparable listed peer for RZC.

Scale Benchmark

vs MS

Larger-name benchmark to compare RZC against a more recognizable public peer.

Peer Set

Compare Top 5

vs GS, MS, JEF, LAZ

RZC Income Statement

7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Revenue11.52B12.52B12.88B14.2B14.58B16.06B15.88B18.39B22.04B22.27B
Revenue Growth %10.59%8.63%2.88%10.27%2.71%10.13%-1.13%15.82%19.85%2.28%
Medical Costs & Claims9.67B10.49B11.07B12.1B13.04B14.21B14.31B16.06B19.55B19.36B
Medical Cost Ratio %83.92%83.8%85.95%85.2%89.41%88.46%90.11%87.33%88.71%86.92%
Gross Profit
1.85B▲ 0%
2.03B▲ 9.4%
1.81B▼ 10.8%
2.1B▲ 16.1%
1.54B▼ 26.5%
1.85B▲ 20.1%
1.57B▼ 15.3%
2.33B▲ 48.4%
2.49B▲ 6.7%
2.91B▲ 0%
Gross Margin %16.08%16.2%14.05%14.8%10.59%11.54%9.89%12.67%11.29%13.08%
Gross Profit Growth %26.53%9.45%-10.8%16.14%-26.51%20.08%-15.26%48.38%6.74%-
Operating Expenses808.96M885M963M969M991M469M853M1.17B1.51B1.66B
OpEx / Revenue %7.02%7.07%7.48%6.82%6.8%2.92%5.37%6.37%6.84%7.44%
Depreciation & Amortization26.85M53M45M49M49M43M38M41M46M0
Combined Ratio %90.94%90.87%93.43%92.03%96.21%91.38%95.48%93.69%95.55%94.36%
Operating Income
1.04B▲ 0%
1.14B▲ 9.5%
846M▼ 26.0%
1.13B▲ 33.8%
553M▼ 51.1%
1.39B▲ 150.5%
718M▼ 48.2%
1.16B▲ 61.6%
980M▼ 15.5%
1.25B▲ 0%
Operating Margin %9.06%9.13%6.57%7.97%3.79%8.62%4.52%6.31%4.45%5.64%
Operating Income Growth %40.17%9.49%-25.98%33.81%-51.15%150.45%-48.16%61.56%-15.52%-
EBITDA1.07B1.2B891M1.18B602M1.43B756M1.2B1.03B1.61B
EBITDA Margin %9.29%9.56%6.92%8.32%4.13%8.89%4.76%6.53%4.65%7.22%
Interest Expense137.62M146M147M173M170M139M191M257M304M354M
Non-Operating Income-137.62M-146M-147M-173M-170M-139M-191M-257M-304M-354M
Pretax Income
1.04B▲ 0%
1.14B▲ 9.5%
846M▼ 26.0%
1.13B▲ 33.8%
553M▼ 51.1%
1.39B▲ 150.5%
718M▼ 48.2%
1.16B▲ 61.6%
980M▼ 15.5%
1.25B▲ 0%
Pretax Margin %9.06%9.13%6.57%7.97%3.79%8.62%4.52%6.31%4.45%5.64%
Income Tax342.5M-679M130M262M138M215M197M251M256M381M
Effective Tax Rate %32.81%-59.41%15.37%23.14%24.95%15.52%27.44%21.64%26.12%30.36%
Net Income
701.44M▲ 0%
1.82B▲ 159.8%
716M▼ 60.7%
870M▲ 21.5%
415M▼ 52.3%
1.17B▲ 181.9%
517M▼ 55.8%
902M▲ 74.5%
717M▼ 20.5%
867M▲ 0%
Net Margin %6.09%14.56%5.56%6.13%2.85%7.28%3.26%4.9%3.25%3.89%
Net Income Growth %39.68%159.75%-60.7%21.51%-52.3%181.93%-55.81%74.47%-20.51%19.26%
EPS (Diluted)
10.79▲ 0%
27.71▲ 156.8%
11.00▼ 60.3%
13.62▲ 23.8%
6.31▼ 53.7%
9.04▲ 43.3%
7.64▼ 15.5%
13.44▲ 75.9%
10.73▼ 20.2%
12.99▲ 0%
EPS Growth %44.64%156.81%-60.3%23.82%-53.67%43.26%-15.49%75.92%-20.16%-80.17%
EPS (Basic)10.9128.2811.2513.886.359.107.7313.6010.90-
Diluted Shares Outstanding64.99M65.75M65.09M63.88M65.8M68.3M67.7M67.1M66.9M66.73M

RZC Balance Sheet

7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Total Assets53.1B60.51B64.53B76.73B84.66B92.17B84.9B97.62B118.67B152B
Asset Growth %5.39%13.97%6.64%18.9%10.33%8.88%-7.89%14.98%21.56%90.38%
Total Investment Assets44.84B51.69B54.28B60.63B66.68B121.82B64.48B2.73B98.04B4M
Long-Term Investments12.67B13.45B14.14B52.64B58.46B60.99B55.52B-57.96B95.86B392.48B
Short-Term Investments32.17B38.24B40.13B8.62B8.37B60.84B7.82B60.69B2.18B12.95B
Total Current Assets34.06B1.3B42.78B0066.36B02.97B11.04B0
Cash & Equivalents1.2B1.3B1.89B1.45B3.41B2.95B2.93B2.97B3.33B4.63B
Receivables683.97M782.03M758M904M983M2.58B2.67B5.45B5.53B22.09B
Other Current Assets000-10.97B-12.76B0-13.42B-66.14B0-23.33B
Goodwill & Intangibles71.3M59.3M85.2M230M213M193M164M154M133M5.78B
Goodwill7M7M7M7M7M7M0000
Intangible Assets64.3M52.3M78.2M223M206M186M164M154M133M0
PP&E (Net)000244M260M284M270M279M325M0
Other Assets39.15B45.7B48.42B-53.11B-58.93B-14M-55.95B140.63B11.32B-103.76B
Total Liabilities46B50.95B56.09B65.13B70.3B79.16B77.73B88.45B107.77B138.94B
Total Debt3.93B3.57B3.47B3.98B4.36B3.85B4.36B4.43B5.04B5.73B
Net Debt2.73B2.27B1.58B2.53B953M899M1.43B1.46B1.72B1.11B
Long-Term Debt3.93B3.57B3.47B3.58B3.96B3.85B3.96B4.43B5.04B5.73B
Short-Term Debt000400M400M0400M000
Total Current Liabilities688.93M488.74M487M0000000
Accounts Payable388.99M488.74M487M557M598M613M756M000
Deferred Revenue00000213M0000
Other Current Liabilities299.94M-488.74M-487M-957M-998M-826M-1.89B-4.48B-5.02B-5.28B
Deferred Taxes1000K1000K01000K1000K1000K1000K1000K1000K9.49B
Other Liabilities38.62B45.17B52.62B-6.29B-7.22B72.43B-5.34B82.16B100.53B-8.32B
Total Equity
7.09B▲ 0%
9.57B▲ 34.9%
8.45B▼ 11.7%
11.6B▲ 37.3%
14.35B▲ 23.7%
13.01B▼ 9.3%
7.17B▼ 44.9%
9.17B▲ 27.9%
10.91B▲ 18.9%
13.07B▲ 0%
Equity Growth %15.61%34.91%-11.69%37.28%23.71%-9.32%-44.9%27.89%18.92%79.25%
Shareholders Equity7.09B9.57B8.45B11.6B14.35B13.01B7.08B9.08B10.82B12.98B
Minority Interest00000090M90M90M90M
Retained Earnings5.2B6.74B7.28B7.95B8.15B8.56B8.17B8.8B9.26B9.76B
Common Stock791K791K791K1M1M1M1M1M1M1M
Accumulated OCI1.14B2.06B636.76M3.14B5.36B3.64B-1.87B-369M849M2.55B
Return on Equity (ROE)10.61%21.87%7.95%8.68%3.2%8.55%5.12%11.04%7.14%6.63%
Return on Assets (ROA)1.36%3.21%1.15%1.23%0.51%1.32%0.58%0.99%0.66%0.57%
Equity / Assets13.36%15.81%13.09%15.12%16.95%14.12%8.45%9.39%9.19%8.6%
Debt / Equity0.55x0.37x0.41x0.34x0.30x0.30x0.61x0.48x0.46x0.46x
Book Value per Share109.14145.54129.82181.60218.12190.54105.92136.68163.02195.83
Tangible BV per Share108.05144.64128.51178.00214.88187.72103.50134.38161.03195.83

RZC Cash Flow Statement

7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) cash flow — operating, investing & free cash flow history

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash from Operations1.47B1.98B1.58B2.31B3.32B4.18B1.34B4.04B9.37B9.37B
Operating CF Growth %-29.82%35.24%-20.24%45.91%44%25.89%-67.89%201.12%131.7%-67%
Operating CF / Revenue %12.72%15.84%12.28%16.25%22.78%26.04%8.46%21.99%42.51%42.07%
Net Income701.44M1.82B715.84M870M415M617M517M902M717M867M
Depreciation & Amortization26.85M53M45.13M49M3M-11M38M41M46M0
Stock-Based Compensation00039M000000
Deferred Taxes0076.51M0-16M00000
Other Non-Cash Items136.49M-249.14M5.38M-31M-62M-731M346M-116M343M-3.7B
Working Capital Changes600.93M356.27M738.26M1.38B2.98B4.31B442M3.22B8.26B8.25B
Cash from Investing-2.83B-1.61B-636.55M-2.64B-2.68B-4.63B-5.69B-4.07B-12.54B-12.99B
Capital Expenditures-44.64M-44.21M-28.89M-34M-28M-19M-25M000
Acquisitions00-31.44M4M-173M-287M17M-77M-320M-3M
Purchase of Investments-8.1B-8.94B-10.1B-16.28B-10.26B-18.28B-17.07B-13.25B-41.69B-39.75B
Sale/Maturity of Investments1000K1000K1000K1000K1000K1000K1000K1000K1000K4M
Other Investing-641.52M-657.07M-615.69M-442M115M129M-60M711M-1.03B-2.77B
Cash from Financing1.06B-324.62M-321.97M-121M1.25B20M4.44B78M3.66B7.61B
Dividends Paid-100.37M-117.29M-140.11M-163M-182M-194M-205M-219M-229M-237M
Share Repurchases-122.92M-44M-299.68M-101M-163M-99M-81M-227M-27M-39M
Stock Issued0000481M00000
Debt Issuance (Net)1000K-1000K-1000K1000K1000K-1000K1000K1000K1000K-1000K
Other Financing545.74M207.67M217.14M38M737M430M4.62B62M3.31B7.22B
Net Change in Cash
-324.56M▲ 0%
102.81M▲ 131.7%
586.21M▲ 470.2%
-441M▼ 175.2%
1.96B▲ 544.2%
-460M▼ 123.5%
-21M▲ 95.4%
43M▲ 304.8%
356M▲ 727.9%
-570M▲ 0%
Exchange Rate Effect-1000K1000K-1000K1000K1000K-1000K-1000K-1000K-1000K0
Cash at Beginning1.53B1.2B1.3B1.89B1.45B3.41B2.95B2.93B2.97B5.42B
Cash at End1.2B1.3B1.89B1.45B3.41B2.95B2.93B2.97B3.33B4.63B
Free Cash Flow
1.42B▲ 0%
1.94B▲ 36.4%
1.55B▼ 19.9%
2.27B▲ 46.4%
3.29B▲ 44.9%
4.16B▲ 26.4%
1.34B▼ 67.7%
4.04B▲ 201.1%
9.37B▲ 131.7%
4.84B▲ 0%
FCF Growth %-31.18%36.38%-19.91%46.43%44.92%26.38%-67.74%201.12%131.7%-46.33%
FCF Margin %12.33%15.48%12.06%16.01%22.59%25.92%8.46%21.99%42.51%21.73%
FCF per Share21.8729.4823.8535.5850.0660.9519.8460.27140.06140.06

RZC Key Ratios

7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201620172018201920202021202220232024TTM
Combined Ratio90.94%90.87%93.43%92.03%96.21%91.38%95.48%93.69%95.55%94.36%
Medical Cost Ratio83.92%83.8%85.95%85.2%89.41%88.46%90.11%87.33%88.71%86.92%
Return on Equity (ROE)10.61%21.87%7.95%8.68%3.2%8.55%5.12%11.04%7.14%6.63%
Return on Assets (ROA)1.36%3.21%1.15%1.23%0.51%1.32%0.58%0.99%0.66%0.57%
Equity / Assets13.36%15.81%13.09%15.12%16.95%14.12%8.45%9.39%9.19%8.6%
Book Value / Share109.14145.54129.82181.6218.12190.54105.92136.68163.02195.83
Debt / Equity0.55x0.37x0.41x0.34x0.30x0.30x0.61x0.48x0.46x0.46x
Revenue Growth10.59%8.63%2.88%10.27%2.71%10.13%-1.13%15.82%19.85%2.28%

RZC SEC Filings & Documents

7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Mar 20, 2026·SEC

Material company update

Mar 19, 2026·SEC

Material company update

Mar 3, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 20, 2026·SEC

FY 2025

Feb 21, 2025·SEC

FY 2024

Feb 26, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Oct 31, 2025·SEC

FY 2025

Aug 1, 2025·SEC

FY 2025

May 2, 2025·SEC

RZC Frequently Asked Questions

7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) stock FAQ — growth, dividends, profitability & financials explained

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 13.48%. 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.

Explore More RZC

7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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