Revenue growth remains highly erratic, evidenced by a 49.1% surge in 2024Q1 followed by a 17.4% contraction in 2025Q1, complicating long-term margin predictability.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Revenue | 18.44B | 23.7B | 22.11B | 18.57B | 16.22B | 16.65B | 14.59B | 14.3B | 12.88B | 12.52B | 11.52B | 10.42B | 10.9B | 10.27B | 9.83B | 8.83B | 8.26M | 5.68B | 5.68B | 5.72B | 5.19B |
| Revenue Growth % | -12.32% | 7.2% | 19.07% | 14.49% | -2.61% | 14.11% | 2.03% | 11.07% | 2.88% | 8.63% | 10.59% | -4.46% | 6.16% | 4.51% | 11.32% | 106773.14% | -99.85% | 0% | -0.65% | 10.1% | - |
| Medical Costs & Claims | 13.17B | 17B | 16.9B | 13.87B | 11.98B | 12.78B | 816M | 868M | 786K | 710.7K | 645.5K | 554K | 538.4K | 466.7K | 451.8K | 419.34M | 362K | 242.92M | 242.92M | 236.61M | 204.38M |
| Medical Cost Ratio % | 71.42% | 71.75% | 76.46% | 74.71% | 73.89% | 76.73% | 5.59% | 6.07% | 0.01% | 0.01% | 0.01% | 0.01% | 0% | 0% | 0% | 4.75% | 4.38% | 4.28% | 4.28% | 4.14% | 3.94% |
| Gross Profit | 5.3B | 6.7B | 5.26B | 4.71B | 4.24B | 3.88B | 13.78B | 13.43B | 12.88B | 12.51B | 11.52B | 10.42B | 10.9B | 10.27B | 9.83B | 8.41B | 7.9M | 5.44B | 5.44B | 5.48B | 4.99B |
| Gross Margin % | 28.71% | 28.29% | 23.79% | 25.34% | 26.11% | 23.27% | 94.41% | 93.93% | 99.99% | 99.99% | 99.99% | 99.99% | 100% | 100% | 100% | 95.25% | 95.62% | 95.72% | 95.72% | 95.86% | 96.06% |
| Gross Profit Growth % | - | 27.46% | 11.77% | 11.1% | 9.29% | -71.87% | 2.55% | 4.33% | 2.88% | 8.63% | 10.59% | -4.46% | 6.16% | 4.51% | 16.86% | 106362.25% | -99.85% | 0% | -0.79% | 9.87% | - |
| Operating Expenses | 4.13B | 5.16B | 4.28B | 3.54B | 3.52B | 3.18B | 2.08B | 2.07B | 2.11B | 2.18B | 1.96B | 9.53B | 9.8B | 9.51B | 8.8B | -7.58B | 7.33M | 5.25B | 5.25B | 5.17B | 4.7B |
| OpEx / Revenue % | 22.36% | 21.79% | 19.36% | 19.09% | 21.69% | 19.12% | 14.23% | 14.49% | 16.38% | 17.4% | 16.98% | 91.48% | 89.86% | 92.61% | 89.58% | -85.8% | 88.67% | 92.42% | 92.42% | 90.47% | 90.42% |
| Depreciation & Amortization | 0 | 0 | 0 | 389M | 38M | 0 | 49M | 49M | 45.13M | 52.9M | 26.85M | 26.6M | 18.91M | 167.58M | 182.76M | 0 | 0 | 0 | 0 | 0 | 0 |
| Combined Ratio % | 93.78% | 93.54% | 95.82% | 93.81% | 95.57% | 95.85% | 19.83% | 20.56% | 16.38% | 17.4% | 16.98% | 91.49% | 89.87% | 92.61% | 89.58% | -81.05% | 93.05% | 96.69% | 96.69% | 94.61% | 94.35% |
| Operating Income | 7.05B | 1.54B | 980M | 1.16B | 718M | 691M | 740M | 1.33B | 1.02B | 1.32B | 1.21B | 910.3M | 1.12B | 723.5M | 1.02B | 834.38M | 574.4K | 187.81M | 187.81M | 308.27M | 293.26M |
| Operating Margin % | 38.25% | 6.5% | 4.43% | 6.25% | 4.43% | 4.15% | 5.07% | 9.33% | 7.95% | 10.53% | 10.48% | 8.74% | 10.24% | 7.04% | 10.42% | 9.45% | 6.95% | 3.31% | 3.31% | 5.39% | 5.65% |
| Operating Income Growth % | - | 57.14% | -15.52% | 61.56% | 3.91% | -6.62% | -44.53% | 30.4% | -22.38% | 9.16% | 32.64% | -18.48% | 54.34% | -29.38% | 22.79% | 145161.14% | -99.69% | 0% | -39.08% | 5.12% | - |
| EBITDA | -449.46M | 1.54M | 1.29B | 1.55B | 756M | 823M | 789M | 1.38B | 1.07B | 1.37B | 1.23B | 936.9M | 1.14B | 891.08M | 1.21B | 834.38M | 574.4K | 187.81M | 187.81M | 308.27M | 293.26M |
| EBITDA Margin % | -2.44% | 0.01% | 5.86% | 8.34% | 4.66% | 4.94% | 5.41% | 9.67% | 8.3% | 10.95% | 10.71% | 8.99% | 10.41% | 8.67% | 12.28% | 9.45% | 6.95% | 3.31% | 3.31% | 5.39% | 5.65% |
| Interest Expense | 284.1M | 366M | 315M | 257M | 191M | 132M | 183M | 203M | 147K | 146K | 137.6K | 142.9K | 96.7K | 124.3K | 105.3K | 102.64M | 91K | 76.16M | 76.16M | 76.91M | 62.03M |
| Non-Operating Income | -296M | -374M | -315M | -257M | -191M | -132M | 0 | 12.93B | 177.09M | 11.18B | 10.44B | 9.66B | 9.87B | 9.62B | -12.2M | -44.22M | -962.09M | -263.47M | -197.46M | 0 | 0 |
| Pretax Income | 1.17B | 1.54B | 980M | 1.16B | 718M | 691M | 553M | 1.13B | 845.82M | 1.14B | 1.04B | 744.79M | 1.01B | 635.25M | 919.22M | 834.38M | 863.8K | 280.39M | 280.39M | 474.92M | 451.39M |
| Pretax Margin % | 6.35% | 6.5% | 4.43% | 6.25% | 4.43% | 4.15% | 3.79% | 7.92% | 6.57% | 9.13% | 9.06% | 7.15% | 9.25% | 6.18% | 9.35% | 9.45% | 10.46% | 4.94% | 4.94% | 8.31% | 8.69% |
| Income Tax | 270.11M | 351M | 256M | 251M | 197M | 74M | 138M | 262M | 129.98M | -679.37M | 342.5M | 242.63M | 324.49M | 216.42M | 287.33M | 234.76M | 289.4K | 92.58M | 92.58M | 166.65M | 158.13M |
| Effective Tax Rate % | 23.06% | 22.79% | 26.12% | 21.64% | 27.44% | 10.71% | 24.95% | 23.14% | 15.37% | -59.45% | 32.81% | 32.58% | 32.17% | 34.07% | 31.26% | 28.14% | 33.5% | 33.02% | 33.02% | 35.09% | 35.03% |
| Net Income | 896.33M | 1.18B | 717M | 902M | 517M | 617M | 415M | 870M | 715.84M | 1.82B | 701.44M | 502.17M | 684.05M | 418.84M | 631.89M | 599.62M | 574.4K | 176.8M | 176.8M | 293.83M | 288.21M |
| Net Margin % | 4.86% | 4.99% | 3.24% | 4.86% | 3.19% | 3.71% | 2.84% | 6.08% | 5.56% | 14.56% | 6.09% | 4.82% | 6.27% | 4.08% | 6.43% | 6.79% | 6.95% | 3.11% | 3.11% | 5.14% | 5.55% |
| Net Income Growth % | 38.93% | 64.85% | -20.51% | 74.47% | -16.21% | 48.67% | -52.3% | 21.54% | -60.72% | 159.78% | 39.68% | -26.59% | 63.32% | -33.72% | 5.38% | 104290.67% | -99.68% | 0% | -39.83% | 1.95% | - |
| EPS (Diluted) | - | 17.69 | 10.73 | 13.44 | 7.64 | 9.03 | 6.31 | 13.88 | 11.00 | 27.71 | 10.79 | 7.46 | 9.78 | 5.78 | 8.52 | 8.09 | 0.01 | 2.88 | 2.88 | 4.80 | 4.65 |
| EPS Growth % | 13.18% | 64.86% | -20.16% | 75.92% | -15.39% | 43.11% | -54.54% | 26.18% | -60.3% | 156.81% | 44.64% | -23.72% | 69.2% | -32.16% | 5.32% | - | -99.73% | 0% | -40% | 3.23% | - |
| EPS (Basic) | - | 17.94 | 10.90 | 13.60 | 7.73 | 9.10 | 6.35 | 13.88 | 11.25 | 28.28 | 10.91 | 7.46 | 9.78 | 5.78 | 8.52 | 8.15 | 0.01 | 2.94 | 2.94 | 4.98 | 4.79 |
| Diluted Shares Outstanding | 0 | 67M | 67M | 67.1M | 67.7M | 68.3M | 65.8M | 63.88M | 65.09M | 65.75M | 64.99M | 67.29M | 69.96M | 72.46M | 74.15M | 0 | 74.69M | 0 | 0 | 0 | 0 |
Biometric mortality shock volatility
As reported in recent financial statements, RZB's revenue growth has exhibited significant quarterly variance, ranging from a 49.1% surge in 2024Q1 to a 17.4% contraction in 2025Q1, suggesting that the company's treaty-based business model remains highly sensitive to the timing of large-scale contract renewals and market-wide demand shifts.
The erratic top-line performance indicates that RZB's premium trajectory is not linear, likely reflecting the lumpy nature of large reinsurance treaty signings. Investors should monitor whether this volatility stems from competitive pricing pressures or the inherent cyclicality of the life reinsurance market, as sustained revenue instability may complicate long-term earnings predictability.
Based on the provided quarterly data, RZB has maintained a combined ratio consistently below the 100% threshold, with a recent 2025Q4 figure of 92.6%, suggesting that the company continues to generate a modest underwriting profit despite the inherent risks associated with its specialized life reinsurance portfolio.
The stability of the combined ratio, generally hovering in the mid-90s, implies that RZB's actuarial pricing models are effectively capturing mortality and morbidity risks. However, the narrow margin between the loss ratio and the combined ratio suggests that administrative and acquisition costs leave little room for error, warranting close observation of expense management.
According to recent SEC filings, the implementation of LDTI accounting standards has introduced significant noise into RZB's income statement, as evidenced by the extreme divergence between operating income and net income in periods like 2025Q3, where operating income reached $6.2 billion against $253 million in net income.
This accounting-driven volatility makes it difficult to discern the underlying operational health of the business from headline figures. Analysts should focus on normalized earnings metrics to determine if the core reinsurance business is truly expanding or if reported results are merely reflecting non-cash adjustments to long-duration policy liabilities.
While RZB maintains a disciplined underwriting reputation, the loss ratio fluctuations observed between 2024Q1 at 81.0% and 2025Q3 at 70.2% suggest that the company remains vulnerable to unexpected shifts in mortality trends, which could necessitate costly reserve strengthening if actuarial assumptions prove overly optimistic.
The reliance on proprietary mortality databases provides a competitive moat, but it also creates a concentration risk if those models fail to account for post-pandemic demographic shifts. Investors should remain cautious, as any structural increase in mortality rates could rapidly erode the thin underwriting margins that currently support the company's profitability.
Quick answers to the most common questions about buying RZB stock.
For fiscal year 2025, Reinsurance Group of America, Incorporated (RZB) reported total revenue of $23.70B. This represents a 356.3% increase compared to $5.19B in 2006.
Reinsurance Group of America, Incorporated (RZB) is profitable, generating $1.18B in net income for the fiscal year ending 2025 with a net profit margin of 5.0%.
Reinsurance Group of America, Incorporated (RZB) reported an operating income of $1.54B, resulting in an operating profit margin of 6.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Reinsurance Group of America, Incorporated (RZB) generated $6.70B in gross profit for the year, representing a gross profit margin of 28.3%. This demonstrates the company's core pricing power and production efficiency.