8-K Announcements
6Material company update
May 1, 2026·SEC
Material company update
Mar 20, 2026·SEC
Material company update
Mar 19, 2026·SEC
Reinsurance Group of America, Incorporated(RZB)Earnings, Financials & Key Ratios
RZB•NYSE•Insurance & Managed Care
1.4× P/E·Price updated Jun 19, 2026
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$23.7B+7.2%
- Combined Ratio93.54%+34363.1%
- Net Income$1.18B+64.9%
- Return on Equity9.67%+35.3%
- Medical Cost Ratio71.75%
- Operating Margin6.5%-93.5%
- Net Margin4.99%+53.8%
- ROA0.86%+29.5%
- Equity / Assets8.65%-5.8%
RZB Key Insights
Reinsurance Group of America, Incorporated (RZB) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Profitable underwriting: 93.5% combined ratio
- ✓Strong 5Y profit CAGR of 23.3%
- ✓Trading near 52-week high
- ✓Trading at only 0.1x book value
✗Weaknesses
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Get notified when RZB posts new earnings or crosses analyst targets
Free. No account needed. Unsubscribe any time.
RZB Price & Volume
Reinsurance Group of America, Incorporated (RZB) stock price & volume — 10-year historical chart
Loading chart...
RZB Growth Metrics
Reinsurance Group of America, Incorporated (RZB) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years8.57%
5 Years10.18%
3 Years13.48%
TTM7.43%
Profit CAGR
10 Years8.94%
5 Years23.29%
3 Years31.74%
TTM107.68%
EPS CAGR
10 Years9.02%
5 Years22.9%
3 Years32.3%
TTM65.14%
Return on Capital
10 Years5.25%
5 Years8.68%
3 Years13.8%
Last Year1.12%
RZB Recent Earnings
Reinsurance Group of America, Incorporated (RZB) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 1/12 qtrs (10%)●Beat Revenue 5/12 qtrs (50%)
Q1 2026Latest
Feb 5, 2026Metric
Actual
Est
EPS
$7.75+34.1%
$5.78
Rev
$6.6B+5.1%
$6.3B
Q4 2025
Oct 29, 2025Metric
Actual
Est
EPS
$3.78-34.4%
$5.76
Rev
$6.2B+2.0%
$6.1B
Q3 2025
Jul 30, 2025Metric
Actual
Est
EPS
$2.69-51.5%
$5.55
Rev
$5.6B-12.3%
$6.4B
Q2 2025
May 1, 2025Metric
Actual
Est
EPS
$0.00-99.9%
$5.31
Rev
$5M-7.6%
$6M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 5, 2026 | $7.75vs $5.78+34.1% | $6.6Bvs $6.3B+5.1% |
| Q4 2025 | Oct 29, 2025 | $3.78vs $5.76-34.4% | $6.2Bvs $6.1B+2.0% |
| Q3 2025 | Jul 30, 2025 | $2.69vs $5.55-51.5% | $5.6Bvs $6.4B-12.3% |
| Q2 2025 | May 1, 2025 | $0.00vs $5.31-99.9% | $5Mvs $6M-7.6% |
Based on last 12 quarters of dataView full earnings history →
RZB Peer Comparison
Reinsurance Group of America, Incorporated (RZB) competitors in Life and health reinsurers — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 MET | 55.8B | 85.58 | 17.83 | 10.22% | 4.7% | 12.72% | 0.70 | |
 PRU | 37.05B | 106.53 | 10.42 | -14.01% | 5.62% | 10.26% | 0.65 | |
 LNC | 7.11B | 37.17 | 6.36 | 1.24% | 9.14% | 16.79% | 0.59 | |
 GL | 13.4B | 170.76 | 12.15 | 3.82% | 19.36% | 20.64% | 0.44 | |
 CNO | 4.76B | 50.83 | 21.63 | 0.94% | 4.94% | 8.6% | 1.54 | |
 PFG | 23.74B | 109.57 | 20.87 | -3.11% | 7.58% | 9.89% | 0.34 | |
 RNR | 12.91B | 299.17 | 5.28 | 9.45% | 26.93% | 16.59% | 0.12 | |
 TRV | 66.56B | 307.81 | 11.22 | 5.17% | 12.88% | 19.12% | 0.28 |
Compare RZB vs Peers
Reinsurance Group of America, Incorporated (RZB) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
RZB Income Statement
Reinsurance Group of America, Incorporated (RZB) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | 12.52B | 12.88B | 14.3B | 14.59B | 16.65B | 16.22B | 18.57B | 22.11B | 23.7B |
Revenue Growth % | 8.63% | 2.88% | 11.07% | 2.03% | 14.11% | -2.61% | 14.49% | 19.07% | 7.2% |
Medical Costs & Claims | 710.7K | 786K | 868M | 816M | 936M | 1.01B | 0 | 0 | 17B |
Medical Cost Ratio % | 0.01% | 0.01% | 6.07% | 5.59% | 5.62% | 6.22% | 0% | 0% | 71.75% |
Gross Profit | 12.51B▲ 0% | 12.88B▲ 2.9% | 13.43B▲ 4.3% | 13.78B▲ 2.6% | 16.67B▲ 21.0% | 15.21B▼ 8.8% | 18.57B▲ 22.1% | 22.11B▲ 19.1% | 6.7B▼ 69.7% |
Gross Margin % | 99.99% | 99.99% | 93.93% | 94.41% | 100.1% | 93.78% | 100% | 100% | 28.29% |
Gross Profit Growth % | 8.63% | 2.88% | 4.33% | 2.55% | 20.99% | -8.75% | 22.09% | 19.07% | -69.68% |
Operating Expenses | 2.18B | 2.11B | 2.07B | 2.08B | 55M | 45M | 46M | 60M | 5.16B |
OpEx / Revenue % | 17.4% | 16.38% | 14.49% | 14.23% | 0.33% | 0.28% | 0.25% | 0.27% | 21.79% |
Depreciation & Amortization | 52.9M | 45.13M | 49M | 49M | 0 | 38M | 0 | 0 | 0 |
Combined Ratio % | 17.4% | 16.38% | 20.56% | 19.83% | 5.95% | 6.5% | 0.25% | 0.27% | 93.54% |
Operating Income | 1.32B▲ 0% | 1.02B▼ 22.4% | 1.33B▲ 30.4% | 740M▼ 44.5% | 823M▲ 11.2% | 909M▲ 10.4% | 18.52B▲ 1937.5% | 22.05B▲ 19.0% | 1.54B▼ 93.0% |
Operating Margin % | 10.53% | 7.95% | 9.33% | 5.07% | 4.94% | 5.61% | 99.75% | 99.73% | 6.5% |
Operating Income Growth % | 9.16% | -22.38% | 30.4% | -44.53% | 11.22% | 10.45% | 1937.51% | 19.04% | -93.01% |
EBITDA | 1.37B | 1.07B | 1.38B | 789M | 823M | 947M | 1.42B | 1.29B | 1.54M |
EBITDA Margin % | 10.95% | 8.3% | 9.67% | 5.41% | 4.94% | 5.84% | 7.63% | 5.86% | 0.01% |
Interest Expense | 146K | 147K | 203M | 183M | 132M | 191M | 257M | 315M | 366M |
Non-Operating Income | 11.18B | 177.09M | 12.93B | 0 | 0 | 0 | 0 | 0 | -374M |
Pretax Income | 1.14B▲ 0% | 845.82M▼ 26.0% | 1.13B▲ 33.8% | 553M▼ 51.1% | 691M▲ 25.0% | 718M▲ 3.9% | 1.16B▲ 61.6% | 980M▼ 15.5% | 1.54B▲ 57.1% |
Pretax Margin % | 9.13% | 6.57% | 7.92% | 3.79% | 4.15% | 4.43% | 6.25% | 4.43% | 6.5% |
Income Tax | -679.37M | 129.98M | 262M | 138M | 74M | 197M | 251M | 256M | 351M |
Effective Tax Rate % | -59.45% | 15.37% | 23.14% | 24.95% | 10.71% | 27.44% | 21.64% | 26.12% | 22.79% |
Net Income | 1.82B▲ 0% | 715.84M▼ 60.7% | 870M▲ 21.5% | 415M▼ 52.3% | 617M▲ 48.7% | 517M▼ 16.2% | 902M▲ 74.5% | 717M▼ 20.5% | 1.18B▲ 64.9% |
Net Margin % | 14.56% | 5.56% | 6.08% | 2.84% | 3.71% | 3.19% | 4.86% | 3.24% | 4.99% |
Net Income Growth % | 159.78% | -60.72% | 21.54% | -52.3% | 48.67% | -16.21% | 74.47% | -20.51% | 64.85% |
EPS (Diluted) | 27.71▲ 0% | 11.00▼ 60.3% | 13.88▲ 26.2% | 6.31▼ 54.5% | 9.03▲ 43.1% | 7.64▼ 15.4% | 13.44▲ 75.9% | 10.73▼ 20.2% | 17.69▲ 64.9% |
EPS Growth % | 156.81% | -60.3% | 26.18% | -54.54% | 43.11% | -15.39% | 75.92% | -20.16% | 64.86% |
EPS (Basic) | 28.28 | 11.25 | 13.88 | 6.35 | 9.10 | 7.73 | 13.60 | 10.90 | 17.94 |
Diluted Shares Outstanding | 65.75M | 65.09M | 63.88M | 65.8M | 68.3M | 67.7M | 67.1M | 67M | 67M |
RZB Balance Sheet
Reinsurance Group of America, Incorporated (RZB) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Total Assets | 59.73B | 63.78B | 75.83B | 83.67B | 89.59B | 82.23B | 97.62B | 118.67B | 156.59B |
Asset Growth % | 13.96% | 6.77% | 18.89% | 10.35% | 7.08% | -8.22% | 18.72% | 21.56% | 31.95% |
Total Investment Assets | 7.37B | 8.34B | 6.99B | 7.04B | 9.21B | 7.94B | 7.76B | 98.04B | 130.48B |
Long-Term Investments | 7.37B | 7B | 6.99B | 7.04B | 9.21B | 7.94B | 7.76B | 20.42B | 130.48B |
Short-Term Investments | 0 | 1.33B | 0 | 0 | 0 | 0 | 0 | 77.62B | 0 |
Total Current Assets | 5B | 6.67B | 6.23B | 8.35B | 8.11B | 6.72B | 2.97B | 80.94B | 8.64B |
Cash & Equivalents | 1.3B | 1.89B | 1.45B | 3.41B | 2.95B | 2.93B | 2.97B | 3.33B | 4.17B |
Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.47B |
Other Current Assets | 5B | 6.67B | 6.23B | 4.94B | 5.16B | 3.8B | 0 | 0 | 0 |
Goodwill & Intangibles | 3.45B | 3.64B | 3.74B | 3.83B | 3.88B | 4.29B | 4.77B | 8M | 6.08B |
Goodwill | 7M | 7M | 7M | 7M | 7M | 0 | 0 | 0 | 0 |
Intangible Assets | 3.44B | 3.63B | 3.73B | 3.82B | 3.88B | 4.29B | 4.77B | 8M | 6.08B |
PP&E (Net) | 302.2M | 302.1M | 296M | 291M | 284M | 408M | 416M | 0 | 0 |
Other Assets | 41.42B | 44.37B | 55.86B | 60.9B | 65.22B | 62.13B | 68.3B | -8M | 11.39B |
Total Liabilities | 50.16B | 55.33B | 64.23B | 69.32B | 76.58B | 75.06B | 88.45B | 107.77B | 143.04B |
Total Debt | 3.57B | 3.47B | 3.58B | 3.96B | 3.85B | 3.96B | 4.42B | 5.04B | 5.71B |
Net Debt | 2.27B | 1.58B | 2.13B | 553M | 899M | 1.03B | 1.45B | 1.72B | 1.54B |
Long-Term Debt | 3.57B | 3.47B | 3.58B | 3.96B | 3.85B | 3.96B | 4.42B | 5.04B | 5.71B |
Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Current Liabilities | -293.29M | -270.39M | -347M | -385M | -1.97B | -1.95B | -4.34B | 0 | 0 |
Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 1.1B | 0 | 0 |
Deferred Revenue | 0 | 0 | 0 | 3.26B | 2.89B | 736M | 0 | 0 | 0 |
Other Current Liabilities | -488.74M | -487.18M | -557M | -3.65B | -4.85B | -2.68B | -5.45B | 0 | 0 |
Deferred Taxes | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K |
Other Liabilities | 44.69B | 50.33B | 58.28B | 0 | 71.81B | 73.04B | 84.03B | 102.73B | 134.33B |
Total Equity | 9.57B▲ 0% | 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% | 13.55B▲ 24.3% |
Equity Growth % | 34.91% | -11.69% | 37.28% | 23.71% | -9.32% | -44.9% | 27.89% | 18.92% | 24.25% |
Shareholders Equity | 9.57B | 8.45B | 11.6B | 14.35B | 13.01B | 7.08B | 9.08B | 10.82B | 13.46B |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 90M | 90M | 90M | 90M |
Retained Earnings | 6.74B | 7.28B | 7.95B | 8.15B | 8.56B | 8.17B | 8.8B | 9.26B | 10.15B |
Common Stock | 791K | 791K | 1M | 1M | 1M | 1M | 1M | 1M | 1M |
Accumulated OCI | 2.06B | 636.76M | 3.14B | 5.36B | 3.64B | -1.87B | -369M | 849M | -4.69B |
Return on Equity (ROE) | 21.87% | 7.94% | 8.68% | 3.2% | 4.51% | 5.12% | 11.04% | 7.14% | 9.67% |
Return on Assets (ROA) | 3.25% | 1.16% | 1.25% | 0.52% | 0.71% | 0.6% | 1% | 0.66% | 0.86% |
Equity / Assets | 16.02% | 13.25% | 15.3% | 17.15% | 14.53% | 8.72% | 9.39% | 9.19% | 8.65% |
Debt / Equity | 0.37x | 0.41x | 0.31x | 0.28x | 0.30x | 0.55x | 0.48x | 0.46x | 0.42x |
Book Value per Share | 145.54 | 129.82 | 181.60 | 218.12 | 190.54 | 105.92 | 136.68 | 162.78 | 202.25 |
Tangible BV per Share | 93.11 | 73.93 | 123.02 | 159.92 | 133.69 | 42.53 | 65.57 | 162.66 | 111.52 |
RZB Cash Flow Statement
Reinsurance Group of America, Incorporated (RZB) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 1.98B | 1.58B | 2.31B | 3.32B | 4.18B | 1.34B | 4.04B | 9.37B | 4.09B |
Operating CF Growth % | 35.24% | -20.24% | 45.91% | 44% | 25.89% | -67.89% | 201.12% | 131.7% | -56.34% |
Operating CF / Revenue % | 15.84% | 12.28% | 16.13% | 22.77% | 25.12% | 8.28% | 21.78% | 42.38% | 17.26% |
Net Income | 1.82B | 715.84M | 870M | 415M | 617M | 517M | 902M | 717M | 1.18B |
Depreciation & Amortization | 52.9M | 45.13M | 605M | 589M | 0 | 375M | 389M | -168M | 0 |
Stock-Based Compensation | 22M | 30M | 39M | -12M | 0 | 45M | 46M | 0 | 0 |
Deferred Taxes | -847.3M | 76.51M | 0 | 0 | 0 | 0 | 211M | -61M | 0 |
Other Non-Cash Items | -860.53M | 172.15M | -587M | -655M | -742M | -270M | -721M | 283M | -258M |
Working Capital Changes | 1.07B | 738.26M | 1.38B | 2.98B | 4.31B | 676M | 3.22B | 8.6B | 3.17B |
Cash from Investing | -1.61B | -636.55M | -2.64B | -2.68B | -4.63B | -5.69B | -4.07B | -12.54B | -12.09B |
Capital Expenditures | -44.21M | -28.89M | -34M | -28M | -19M | 0 | 0 | 0 | 0 |
Acquisitions | 0 | -31.44M | 4M | -315M | -137M | 0 | 0 | 0 | 0 |
Purchase of Investments | -10.05B | -10.86B | 0 | 0 | -19.35B | 0 | -13.25B | -41.68B | 0 |
Sale/Maturity of Investments | 8.61B | 10.64B | 0 | 0 | 14.48B | 0 | 8.55B | 28.93B | 0 |
Other Investing | -121.21M | -365.24M | -2.61B | -2.34B | 397M | -5.69B | 634M | 209M | -12.09B |
Cash from Financing | -324.62M | -321.97M | -121M | 1.25B | 20M | 4.44B | 78M | 3.66B | 8.8B |
Dividends Paid | -117.29M | -140.11M | -163M | -182M | -194M | -205M | -219M | -229M | -240M |
Share Repurchases | -43.51M | -299.68M | -101M | -163M | -99M | -81M | -227M | -27M | -174M |
Stock Issued | 7.29M | 3.46M | 0 | 0 | 0 | 0 | 0 | 0 | 4M |
Debt Issuance (Net) | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K |
Other Financing | 199.9M | 213.4M | 38M | 1.22B | 430M | 4.62B | 62M | 3.31B | 8.55B |
Net Change in Cash | 102.81M▲ 0% | 586.21M▲ 470.2% | -441M▼ 175.2% | 1.96B▲ 544.2% | -460M▼ 123.5% | -21M▲ 95.4% | 43M▲ 304.8% | 356M▲ 727.9% | 842M▲ 136.5% |
Exchange Rate Effect | 53M | -36M | 11M | 63M | -34M | -112M | -13M | -130M | 47M |
Cash at Beginning | 1.2B | 1.3B | 1.89B | 1.45B | 3.41B | 2.95B | 2.93B | 2.97B | 3.33B |
Cash at End | 1.3B | 1.89B | 1.45B | 3.41B | 2.95B | 2.93B | 2.97B | 3.33B | 4.17B |
Free Cash Flow | 1.94B▲ 0% | 1.55B▼ 19.9% | 2.27B▲ 46.4% | 3.29B▲ 44.9% | 4.16B▲ 26.4% | 1.34B▼ 67.7% | 4.59B▲ 242.1% | 9.37B▲ 103.9% | 4.09B▼ 56.3% |
FCF Growth % | 36.38% | -19.91% | 46.43% | 44.92% | 26.38% | -67.74% | 242.14% | 103.92% | -56.34% |
FCF Margin % | 15.49% | 12.06% | 15.89% | 22.57% | 25% | 8.28% | 24.75% | 42.38% | 17.26% |
FCF per Share | 29.48 | 23.85 | 35.58 | 50.06 | 60.95 | 19.84 | 68.48 | 139.85 | 61.06 |
RZB Key Ratios
Reinsurance Group of America, Incorporated (RZB) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
Combined Ratio | 16.98% | 17.4% | 16.38% | 20.56% | 19.83% | 5.95% | 6.5% | 0.25% | 0.27% | 93.54% |
Medical Cost Ratio | 0.01% | 0.01% | 0.01% | 6.07% | 5.59% | 5.62% | 6.22% | 0% | 0% | 71.75% |
Return on Equity (ROE) | 10.61% | 21.87% | 7.94% | 8.68% | 3.2% | 4.51% | 5.12% | 11.04% | 7.14% | 9.67% |
Return on Assets (ROA) | 1.36% | 3.25% | 1.16% | 1.25% | 0.52% | 0.71% | 0.6% | 1% | 0.66% | 0.86% |
Equity / Assets | 13.53% | 16.02% | 13.25% | 15.3% | 17.15% | 14.53% | 8.72% | 9.39% | 9.19% | 8.65% |
Book Value / Share | 109.14 | 145.54 | 129.82 | 181.6 | 218.12 | 190.54 | 105.92 | 136.68 | 162.78 | 202.25 |
Debt / Equity | 0.55x | 0.37x | 0.41x | 0.31x | 0.28x | 0.30x | 0.55x | 0.48x | 0.46x | 0.42x |
Revenue Growth | 10.59% | 8.63% | 2.88% | 11.07% | 2.03% | 14.11% | -2.61% | 14.49% | 19.07% | 7.2% |
Related:RZB Dividend History·RZB Revenue History·RZB Price History·RZB P/E History·RZB Financial Ratios·RZB Institutional Holders
RZB SEC Filings & Documents
Reinsurance Group of America, Incorporated (RZB) SEC filings — annual & quarterly reports (10-K, 10-Q)
RZB Frequently Asked Questions
Reinsurance Group of America, Incorporated (RZB) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Reinsurance Group of America, Incorporated (RZB) grew revenue by 7.2% over the past year. This is steady growth.
Yes, Reinsurance Group of America, Incorporated (RZB) is profitable, generating $1.18B in net income for fiscal year 2025 (5.0% net margin).
Dividend & Returns
Yes, Reinsurance Group of America, Incorporated (RZB) pays a dividend with a yield of 14.14%. This makes it attractive for income-focused investors.
Reinsurance Group of America, Incorporated (RZB) has a return on equity (ROE) of 9.7%. This is below average, suggesting room for improvement.
Industry Metrics
Reinsurance Group of America, Incorporated (RZB) has a combined ratio of 93.5%. A ratio below 100% indicates underwriting profitability.