Latest Ratios: P/E Ratio 13.9x · EV/EBITDA 11.1x · ROE 9.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $16.1B | $13.6B | $14.3B | $10.9B | $9.6B | $7.5B | $7.6B | $10.4B | $9.1B | $10.3B | $8.2B |
| Enterprise Value | $17.6B | $15.1B | $16.0B | $12.3B | $10.7B | $8.4B | $8.2B | $12.5B | $10.7B | $12.5B | $10.9B |
| P/E Ratio → | 13.87 | 11.50 | 19.91 | 12.04 | 18.60 | 12.11 | 18.37 | 11.97 | 12.75 | 5.63 | 11.66 |
| P/S Ratio | 0.71 | 0.60 | 0.65 | 0.59 | 0.61 | 0.47 | 0.52 | 0.73 | 0.71 | 0.82 | 0.71 |
| P/B Ratio | 1.21 | 1.00 | 1.31 | 1.18 | 1.34 | 0.57 | 0.53 | 0.90 | 1.08 | 1.07 | 1.15 |
| P/FCF | 3.93 | 3.32 | 1.53 | 2.68 | 7.30 | 1.80 | 2.32 | 4.58 | 5.88 | 5.29 | 5.75 |
| P/OCF | 3.93 | 3.32 | 1.53 | 2.68 | 7.16 | 1.79 | 2.30 | 4.52 | 5.77 | 5.17 | 5.58 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.66 | 0.73 | 0.67 | 0.67 | 0.52 | 0.56 | 0.88 | 0.83 | 1.00 | 0.95 |
| EV / EBITDA | 11.13 | 9.55 | 15.60 | 10.25 | 14.09 | 5.87 | 13.59 | 10.62 | 12.02 | 10.47 | 10.19 |
| EV / EBIT | 11.44 | 7.93 | 12.47 | 8.69 | 11.72 | 5.50 | 11.31 | 9.61 | 10.78 | 9.71 | 9.23 |
| EV / FCF | — | 3.70 | 1.71 | 3.04 | 8.08 | 2.01 | 2.48 | 5.52 | 6.90 | 6.46 | 7.67 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.4% | 25.4% | 11.3% | 12.7% | 9.9% | 11.5% | 10.6% | 14.8% | 14.0% | 16.2% | 16.1% |
| Operating Margin | 6.8% | 6.8% | 4.4% | 6.3% | 4.5% | 8.6% | 3.8% | 8.0% | 6.6% | 9.1% | 9.1% |
| Net Profit Margin | 5.2% | 5.2% | 3.3% | 4.9% | 3.3% | 7.3% | 2.8% | 6.1% | 5.6% | 14.6% | 6.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.7% | 9.7% | 7.1% | 11.0% | 5.1% | 8.6% | 3.2% | 8.7% | 7.9% | 21.9% | 10.6% |
| ROA | 0.9% | 0.9% | 0.7% | 1.0% | 0.6% | 1.3% | 0.5% | 1.2% | 1.1% | 3.2% | 1.4% |
| ROIC | 8.3% | 8.3% | 6.3% | 9.2% | 4.9% | 7.2% | 2.9% | 7.1% | 5.8% | 7.9% | 8.9% |
| ROCE | 1.1% | 1.1% | 0.9% | 1.3% | 0.8% | 1.6% | 0.7% | 1.6% | 1.4% | 2.0% | 2.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.42 | 0.42 | 0.46 | 0.48 | 0.55 | 0.30 | 0.28 | 0.31 | 0.41 | 0.37 | 0.55 |
| Debt / EBITDA | 3.61 | 3.61 | 4.91 | 3.69 | 5.24 | 2.69 | 6.58 | 3.03 | 3.89 | 2.99 | 3.67 |
| Net Debt / Equity | — | 0.11 | 0.16 | 0.16 | 0.14 | 0.07 | 0.04 | 0.18 | 0.19 | 0.24 | 0.38 |
| Net Debt / EBITDA | 0.97 | 0.97 | 1.67 | 1.21 | 1.37 | 0.63 | 0.92 | 1.80 | 1.77 | 1.90 | 2.55 |
| Debt / FCF | — | 0.38 | 0.18 | 0.36 | 0.78 | 0.22 | 0.17 | 0.94 | 1.02 | 1.17 | 1.92 |
| Interest Coverage | 5.21 | 5.21 | 4.22 | 5.51 | 4.76 | 10.96 | 4.25 | 7.54 | 6.76 | 8.83 | 8.59 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Quick Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Cash Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Asset Turnover | — | 0.15 | 0.19 | 0.19 | 0.19 | 0.17 | 0.17 | 0.19 | 0.20 | 0.21 | 0.22 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.5% | 1.8% | 1.6% | 2.0% | 2.1% | 2.6% | 2.4% | 1.6% | 1.5% | 1.1% | 1.2% |
| Payout Ratio | 20.3% | 20.3% | 31.9% | 24.3% | 39.7% | 16.6% | 43.9% | 18.7% | 19.6% | 6.4% | 14.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.2% | 8.7% | 5.0% | 8.3% | 5.4% | 8.3% | 5.4% | 8.4% | 7.8% | 17.8% | 8.6% |
| FCF Yield | 25.4% | 30.1% | 65.6% | 37.3% | 13.7% | 55.7% | 43.2% | 21.8% | 17.0% | 18.9% | 17.4% |
| Buyback Yield | 1.1% | 1.3% | 0.2% | 2.1% | 0.8% | 1.3% | 2.1% | 1.0% | 3.3% | 0.4% | 1.5% |
| Total Shareholder Yield | 2.5% | 3.0% | 1.8% | 4.1% | 3.0% | 3.9% | 4.5% | 2.5% | 4.8% | 1.6% | 2.7% |
| Shares Outstanding | — | $67M | $67M | $67M | $68M | $68M | $66M | $64M | $65M | $66M | $65M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying RGA stock.
Reinsurance Group of America, Incorporated's current P/E ratio is 13.9x. The historical average is 15.2x. This places it at the 67th percentile of its historical range.
Reinsurance Group of America, Incorporated's current EV/EBITDA is 11.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.0x.
Reinsurance Group of America, Incorporated's return on equity (ROE) is 9.7%. The historical average is 9.4%.
Based on historical data, Reinsurance Group of America, Incorporated is trading at a P/E of 13.9x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Reinsurance Group of America, Incorporated's current dividend yield is 1.47% with a payout ratio of 20.3%.
Reinsurance Group of America, Incorporated has 25.4% gross margin and 6.8% operating margin.
Reinsurance Group of America, Incorporated's Debt/EBITDA ratio is 3.6x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
PRT longevity and rate sensitivity
Metrics are mathematically derived from official filings.
Underwriting Margin Expansion on Mortality Normalization
RGA's combined ratio improved to 90.9% in 2026Q2 from 95.7% a year earlier, as reported in financial statements, signaling a return to underwriting profitability as mortality experience normalizes.
The 4.8 percentage point improvement in the combined ratio over four quarters is driven by a sharp decline in the loss ratio from 89.7% to 67.2%, reflecting lower claims as pandemic-era mortality spikes fade. The expense ratio, however, rose to 23.7% in 2026Q2 from 6.0% in 2024Q1, likely due to higher acquisition costs or business mix shifts, which warrants monitoring for efficiency. This underwriting strength appears sustainable if mortality trends persist, but the rapid loss ratio improvement may also indicate favorable prior-year reserve development that could reverse.
ROE Recovery Led by Underwriting Gains
ROE climbed to 3.4% in 2026Q2 from 2.2% in 2024Q1, based on RGA's reported figures, as underwriting margins expanded and investment income benefited from higher rates, though returns remain below historical norms.
The decomposition of ROE shows underwriting profit (combined ratio below 100%) contributing positively, while investment yield on float is likely enhanced by the $4.17 billion cash position and fixed-income portfolio in a rising rate environment. However, ROE of 3.4% is still modest compared to peers like Everest Group (12.4%) and RenaissanceRe (13.9%), suggesting RGA's capital intensity and conservative leverage dampen returns. The improvement is encouraging but may be flattered by reserve releases, so investors should assess the quality of earnings.
Conservative Leverage Underpins Capital Strength
RGA's debt-to-equity ratio of 0.41 in 2026Q2, as reported in SEC filings, remains exceptionally low, indicating a fortress balance sheet that supports underwriting capacity but may underutilize leverage to enhance ROE.
The premium-to-surplus ratio, implied by the low D/E and strong equity base of $13.7 billion, suggests RGA operates with significant capital redundancy relative to rating agency guidelines, providing flexibility for growth or buybacks. However, this conservative posture may drag on ROE, as excess capital earns lower returns than deployed underwriting capital. The low leverage also limits financial risk, but investors should monitor whether management will increase debt to fund PRT growth or return capital to shareholders.
Valuation Discount Reflects Stability, Not Growth
RGA trades at a P/B of 1.19 and forward P/E of 8.92, as per market data, below diversified reinsurers like Everest Group (P/B 0.97) but above RenaissanceRe (0.74), implying a market view of moderate growth and lower volatility.
Compared to peers, RGA's P/B is at a premium to RenaissanceRe and Everest Group, likely justified by its pure-play life reinsurance focus and more predictable mortality-driven earnings versus P&C catastrophe exposure. The forward P/E of 8.92 is lower than Travelers (13.21) but higher than RenaissanceRe (5.60), suggesting the market prices RGA as a stable, lower-growth entity. This discount may be unwarranted given the accelerating premium growth and improving underwriting margins, presenting potential upside if the market re-rates RGA higher.
Combined Ratio Misleads Without Reserve Adjustments
The combined ratio, often cited as the key underwriting metric, can mislead for RGA because it ignores the impact of prior-year reserve releases, which may have flattered recent improvements, as noted in financial statements.
RGA's loss ratio dropped 20.4 percentage points from 2025Q3 to 2026Q2, an unusually rapid improvement that suggests favorable reserve development rather than solely current-year underwriting performance. Investors should adjust the combined ratio for reserve changes to assess true underwriting profitability, as the reported figure may overstate the sustainability of margins. An alternative metric is the current accident-year loss ratio, which excludes prior-year development, providing a cleaner view of ongoing risk pricing.