Underwriting efficiency has shown gradual improvement, with the combined ratio declining from 96.7% in 2023Q4 to 92.0% in 2025Q4, despite top-line revenue volatility that saw a 99.9% contraction in 2026Q1.
| 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 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 18.13B | 22.79B | 22.04B | 18.39B | 15.88B | 16.06B | 14.58B | 14.2B | 12.88B | 12.52B | 11.52B | 10.42B | 10.9B | 10.32B | 9.84B | 8.83B | 8.26B | 7.07B | 5.68B | 5.72B | 5.19B | 4.58B | 4.04B | 3.2B | 2.38B | 1.97B | 1.73B | 1.61B | 1.34B | 978.2M | 771.2M |
| Revenue Growth % | -13.55% | 3.39% | 19.85% | 15.82% | -1.13% | 10.13% | 2.71% | 10.27% | 2.88% | 8.63% | 10.59% | -4.46% | 5.68% | 4.85% | 11.45% | 6.87% | 16.91% | 24.39% | -0.65% | 10.1% | 13.28% | 13.51% | 26.02% | 34.55% | 21.02% | 14.06% | 7.38% | 19.53% | 37.45% | 26.84% | 15.43% |
| Medical Costs & Claims | 14.97B | 17B | 19.55B | 16.06B | 14.31B | 14.21B | 13.04B | 12.1B | 11.07B | 10.49B | 9.67B | 8.95B | 9.25B | 9.08B | 8.35B | 7.53B | 6.99B | 6.1B | 5.05B | 4.88B | 4.2B | 3.82B | 3.27B | 2.57B | 1.93B | 1.68B | 1.35B | 1.29B | 986.37M | 788.16M | 678.54M |
| Medical Cost Ratio % | 82.6% | 74.6% | 88.71% | 87.33% | 90.11% | 88.46% | 89.41% | 85.2% | 85.95% | 83.8% | 83.92% | 85.94% | 84.82% | 88.01% | 84.87% | 85.3% | 84.66% | 86.34% | 88.94% | 85.3% | 80.96% | 83.26% | 80.95% | 80.08% | 81.06% | 85.4% | 78.06% | 79.99% | 73.36% | 80.57% | 87.99% |
| Gross Profit | 3.15B | 5.79B | 2.49B | 2.33B | 1.57B | 1.85B | 1.54B | 2.1B | 1.81B | 2.03B | 1.85B | 1.46B | 1.66B | 1.24B | 1.49B | 1.3B | 1.27B | 965.33M | 628.19M | 840.47M | 989M | 767.5M | 769.35M | 638.4M | 451.04M | 287.3M | 378.65M | 321.66M | 358.12M | 190.04M | 92.66M |
| Gross Margin % | 17.37% | 25.4% | 11.29% | 12.67% | 9.89% | 11.54% | 10.59% | 14.8% | 14.05% | 16.2% | 16.08% | 14.06% | 15.18% | 11.99% | 15.13% | 14.7% | 15.34% | 13.66% | 11.06% | 14.7% | 19.04% | 16.74% | 19.05% | 19.92% | 18.94% | 14.6% | 21.94% | 20.01% | 26.64% | 19.43% | 12.01% |
| Gross Profit Growth % | - | 132.64% | 6.74% | 48.38% | -15.26% | 20.08% | -26.51% | 16.14% | -10.8% | 9.45% | 26.53% | -11.52% | 33.83% | -16.92% | 14.68% | 2.44% | 31.25% | 53.67% | -25.26% | -15.02% | 28.86% | -0.24% | 20.51% | 41.54% | 56.99% | -24.13% | 17.72% | -10.18% | 88.45% | 105.1% | -83.74% |
| Operating Expenses | 1.98B | 4.25B | 1.51B | 1.17B | 853M | 469M | 991M | 969M | 963M | 885M | 808.96M | 719.55M | 646.56M | 601.47M | 569.3M | 534.37M | 460.82M | 372.99M | 347.8M | 365.55M | 537.61M | 411.16M | 400.16M | 366.79M | 257.04M | 221.1M | 203.65M | 228.59M | 220.07M | -632.26M | -554.25M |
| OpEx / Revenue % | 10.91% | 18.64% | 6.84% | 6.37% | 5.37% | 2.92% | 6.8% | 6.82% | 7.48% | 7.07% | 7.02% | 6.91% | 5.93% | 5.83% | 5.79% | 6.05% | 5.58% | 5.28% | 6.12% | 6.39% | 10.35% | 8.97% | 9.91% | 11.44% | 10.79% | 11.23% | 11.8% | 14.22% | 16.37% | -64.64% | -71.87% |
| Depreciation & Amortization | 0 | 43M | 46M | 41M | 38M | 43M | 49M | 49M | 45M | 53M | 26.85M | 31.1M | 15.31M | 0 | 0 | 0 | 0 | 0 | 0 | -75.66M | -53.34M | -40.29M | -32.58M | -40.23M | -35.9M | -38.98M | -35.88M | -26.7M | 1.48M | -14.1M | -7.8M |
| Combined Ratio % | 93.5% | 93.24% | 95.55% | 93.69% | 95.48% | 91.38% | 96.21% | 92.03% | 93.43% | 90.87% | 90.94% | 92.85% | 90.75% | 93.84% | 90.66% | 91.35% | 90.24% | 91.62% | 95.06% | 91.69% | 91.31% | 92.23% | 90.86% | 91.53% | 91.86% | 96.64% | 89.86% | 94.21% | 89.73% | 15.94% | 16.12% |
| Operating Income | 1.17B | 1.54B | 980M | 1.16B | 718M | 1.39B | 553M | 1.13B | 846M | 1.14B | 1.04B | 744.79M | 1.01B | 635.25M | 919.22M | 763.57M | 806.18M | 592.35M | 280.39M | 474.92M | 451.39M | 356.35M | 369.19M | 271.61M | 194M | 66.2M | 175M | 93.07M | 138.05M | 822.3M | 646.9M |
| Operating Margin % | 6.46% | 6.76% | 4.45% | 6.31% | 4.52% | 8.62% | 3.79% | 7.97% | 6.57% | 9.13% | 9.06% | 7.15% | 9.25% | 6.16% | 9.34% | 8.65% | 9.76% | 8.38% | 4.94% | 8.31% | 8.69% | 7.77% | 9.14% | 8.47% | 8.14% | 3.36% | 10.14% | 5.79% | 10.27% | 84.06% | 83.88% |
| Operating Income Growth % | - | 57.14% | -15.52% | 61.56% | -48.16% | 150.45% | -51.15% | 33.81% | -25.98% | 9.49% | 40.17% | -26.15% | 58.76% | -30.89% | 20.38% | -5.29% | 36.1% | 111.26% | -40.96% | 5.21% | 26.67% | -3.48% | 35.93% | 40.01% | 193.05% | -62.17% | 88.03% | -32.58% | -83.21% | 27.11% | 13.49% |
| EBITDA | 1.46B | 1.58B | 1.03B | 1.2B | 756M | 1.43B | 602M | 1.18B | 891M | 1.2B | 1.07B | 775.9M | 1.02B | 759.56M | 1.02B | 866.21M | 897.18M | 662.28M | 356.55M | 399.26M | 398.04M | 316.06M | 336.61M | 231.38M | 158.1M | 27.21M | 139.12M | 66.37M | 139.53M | 808.2M | 639.1M |
| EBITDA Margin % | 8.04% | 6.95% | 4.65% | 6.53% | 4.76% | 8.89% | 4.13% | 8.32% | 6.92% | 9.56% | 9.29% | 7.45% | 9.39% | 7.36% | 10.41% | 9.81% | 10.86% | 9.37% | 6.28% | 6.98% | 7.66% | 6.89% | 8.33% | 7.22% | 6.64% | 1.38% | 8.06% | 4.13% | 10.38% | 82.62% | 82.87% |
| Interest Expense | 286.1M | 366M | 304M | 257M | 191M | 139M | 170M | 173M | 147M | 146M | 137.62M | 142.86M | 96.7M | 124.31M | 105.35M | 102.64M | 91M | 69.94M | 76.16M | 76.91M | 306.8M | 249.8M | 237.37M | 216.49M | 35.52M | 129.8M | 122.4M | 164.14M | 162.05M | 7.8M | 6.2M |
| Non-Operating Income | -286M | -366M | -304M | -257M | -191M | -139M | -170M | -173M | -147M | -146M | -137.62M | -142.86M | -96.7M | -124.31M | -105.35M | -102.64M | -91M | -69.94M | -76.16M | -76.91M | -306.8M | -249.8M | -237.37M | -216.49M | -35.52M | -129.8M | -122.4M | -164.14M | -162.05M | 814.5M | 640.7M |
| Pretax Income | 1.17B | 1.54B | 980M | 1.16B | 718M | 1.39B | 553M | 1.13B | 846M | 1.14B | 1.04B | 744.79M | 1.01B | 635.25M | 919.22M | 763.57M | 806.18M | 592.35M | 280.39M | 474.92M | 451.39M | 356.35M | 369.19M | 271.61M | 194M | 66.2M | 175M | 93.07M | 138.05M | 113M | 90.9M |
| Pretax Margin % | 6.46% | 6.76% | 4.45% | 6.31% | 4.52% | 8.62% | 3.79% | 7.97% | 6.57% | 9.13% | 9.06% | 7.15% | 9.25% | 6.16% | 9.34% | 8.65% | 9.76% | 8.38% | 4.94% | 8.31% | 8.69% | 7.77% | 9.14% | 8.47% | 8.14% | 3.36% | 10.14% | 5.79% | 10.27% | 11.55% | 11.79% |
| Income Tax | 270.11M | 351M | 256M | 251M | 197M | 215M | 138M | 262M | 130M | -679M | 342.5M | 242.63M | 324.49M | 216.42M | 287.33M | 217.53M | 270.44M | 185.26M | 92.58M | 166.65M | 158.13M | 120.74M | 123.89M | 93.29M | 65.52M | 26.25M | 69.27M | 39.06M | 49.05M | 40.4M | 33.1M |
| Effective Tax Rate % | 23.06% | 22.79% | 26.12% | 21.64% | 27.44% | 15.52% | 24.95% | 23.14% | 15.37% | -59.41% | 32.81% | 32.58% | 32.17% | 34.07% | 31.26% | 28.49% | 33.55% | 31.28% | 33.02% | 35.09% | 35.03% | 33.88% | 33.56% | 34.35% | 33.77% | 39.65% | 39.58% | 41.97% | 35.53% | 35.75% | 36.41% |
| Net Income | 896.33M | 1.18B | 717M | 902M | 517M | 1.17B | 415M | 870M | 716M | 1.82B | 701.44M | 502.17M | 684.05M | 418.84M | 631.89M | 546.04M | 535.74M | 407.09M | 176.8M | 293.83M | 288.21M | 224.18M | 221.89M | 173.14M | 122.81M | 33M | 77.7M | 40.86M | 62.08M | 54.6M | 55.1M |
| Net Margin % | 4.94% | 5.19% | 3.25% | 4.9% | 3.26% | 7.28% | 2.85% | 6.13% | 5.56% | 14.56% | 6.09% | 4.82% | 6.27% | 4.06% | 6.42% | 6.18% | 6.48% | 5.76% | 3.11% | 5.14% | 5.55% | 4.89% | 5.49% | 5.4% | 5.16% | 1.68% | 4.5% | 2.54% | 4.62% | 5.58% | 7.14% |
| Net Income Growth % | 13.03% | 64.85% | -20.51% | 74.47% | -55.81% | 181.93% | -52.3% | 21.51% | -60.7% | 159.75% | 39.68% | -26.59% | 63.32% | -33.72% | 15.72% | 1.92% | 31.6% | 130.26% | -39.83% | 1.95% | 28.56% | 1.03% | 28.16% | 40.99% | 272.14% | -57.53% | 90.17% | -34.19% | 13.7% | -0.91% | 16.49% |
| EPS (Diluted) | - | 17.69 | 10.73 | 13.44 | 7.64 | 9.04 | 6.31 | 13.62 | 11.00 | 27.71 | 10.79 | 7.46 | 9.78 | 5.78 | 8.52 | 8.09 | 7.69 | 5.55 | 2.84 | 4.57 | 4.57 | 3.52 | 3.52 | 3.36 | 2.47 | 0.66 | 1.56 | 0.88 | 1.46 | 1.42 | 1.44 |
| EPS Growth % | 13.5% | 64.86% | -20.16% | 75.92% | -15.49% | 43.26% | -53.67% | 23.82% | -60.3% | 156.81% | 44.64% | -23.72% | 69.2% | -32.16% | 5.32% | 5.2% | 38.56% | 95.42% | -37.86% | 0% | 29.83% | 0% | 4.76% | 36.03% | 274.24% | -57.69% | 77.27% | -39.73% | 2.82% | -1.39% | 15.2% |
| EPS (Basic) | - | 17.94 | 10.90 | 13.60 | 7.73 | 9.10 | 6.35 | 13.88 | 11.25 | 28.28 | 10.91 | 7.55 | 9.88 | 5.82 | 8.57 | 8.15 | 7.69 | 5.59 | 2.84 | 4.75 | 4.71 | 3.58 | 3.56 | 3.37 | 2.49 | 0.67 | 1.57 | 0.89 | 1.50 | 1.44 | 1.45 |
| Diluted Shares Outstanding | 0 | 66.73M | 66.9M | 67.1M | 67.7M | 68.3M | 65.8M | 63.88M | 65.09M | 65.75M | 64.99M | 67.29M | 69.96M | 72.46M | 74.15M | 74.11M | 74.69M | 73.33M | 65.27M | 64.23M | 63.06M | 63.69M | 63.04M | 51.53M | 49.72M | 50M | 49.81M | 46.25M | 42.56M | 38.45M | 38.26M |
Mortality and morbidity volatility
As reported in recent financial statements, RZC experienced significant revenue fluctuations, including a 21.9% growth rate in 2025Q4 followed by a 99.9% contraction in 2026Q1, suggesting that the firm's top-line trajectory remains highly sensitive to the timing of large-block reinsurance treaty closures and accounting adjustments.
The extreme variance in quarterly revenue figures indicates that RZC's growth is not linear but rather driven by lumpy, transactional deal flow. Investors should monitor whether this volatility reflects genuine shifts in market demand or merely the timing of long-duration contract recognition under current accounting standards.
Based on the provided income statement data, the combined ratio improved from 96.7% in 2023Q4 to 92.0% by 2025Q4, suggesting that the company is successfully managing its loss ratio despite the inherent unpredictability of mortality and morbidity claims across its global reinsurance portfolio.
The compression of the combined ratio below the 95% threshold appears to indicate a more disciplined approach to risk selection and pricing. This trend warrants further investigation to determine if the margin expansion is sustainable or if it relies on favorable, non-recurring mortality experience in the U.S. segment.
According to the historical data, the loss ratio peaked at 91.1% in 2023Q4, highlighting a persistent vulnerability to claim frequency that may indicate that RZC's underwriting margins are more fragile than the recent 92.0% combined ratio in 2025Q4 might otherwise suggest to casual observers.
The high correlation between claims and total revenue suggests that RZC lacks a significant buffer against adverse mortality events. This sensitivity implies that any sustained increase in morbidity or unexpected health trends could rapidly erode the firm's underwriting profit, forcing a greater reliance on investment income.
Quick answers to the most common questions about buying RZC stock.
For fiscal year 2025, 7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) reported total revenue of $22.79B. This represents a 2855.3% increase compared to $771.2M in 1996.
7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) is profitable, generating $1.18B in net income for the fiscal year ending 2025 with a net profit margin of 5.2%.
7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) reported an operating income of $1.54B, resulting in an operating profit margin of 6.8%. This margin reflects the operational efficiency of the business before interest and taxes.
7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) generated $5.79B in gross profit for the year, representing a gross profit margin of 25.4%. This demonstrates the company's core pricing power and production efficiency.