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7.125% Fixed-Rate Reset Subordinated Debentures due 2052(RZC)Earnings, Financials & Key Ratios
RZC•NYSE•Insurance & Managed Care
$25.30
1.4× P/E·Price updated Jul 2, 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$22.79B+3.4%
- Combined Ratio93.24%-2.4%
- Net Income$1.18B+64.9%
- Return on Equity9.67%+35.3%
- Medical Cost Ratio74.6%-15.9%
- Operating Margin6.76%+52.0%
- Net Margin5.19%+59.4%
- ROA0.86%+29.5%
- Equity / Assets8.65%-5.8%
RZC Price & Volume
7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) stock price & volume — 10-year historical chart
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Reinsurance Scale Expansion Masks Underlying Earnings Volatility
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Mixed
Profitability:Moderate
Financial:Healthy
Cash Flow:Robust
Primary Risk:Mortality and morbidity volatility
Key Thesis Takeaways
- RZC exhibits a complex financial profile characterized by aggressive asset growth, with total assets expanding from $97.6 billion in 2023Q4 to $164.1 billion by 2026Q1, while simultaneously navigating significant earnings sensitivity to mortality and morbidity claims.
- While the firm has demonstrated improved underwriting efficiency, evidenced by a combined ratio reduction from 96.7% in 2023Q4 to 92.0% in 2025Q4, the massive divergence between statutory net income and cash generation warrants caution.
- Investors should monitor the impact of LDTI-related liability re-measurements on future solvency, as the current 0.13 price-to-book ratio suggests the market is pricing in substantial long-term risk.
Verdict Logic
while the 14.0% dividend yield is attractive, the extreme volatility in quarterly earnings and the massive divergence between net income and cash flow, evidenced by the 8679.76 OCF/NI ratio, suggest that the underlying risk profile remains elevated.
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 Years8.14%
5 Years9.34%
3 Years12.8%
TTM-13.55%
Profit CAGR
10 Years8.94%
5 Years23.29%
3 Years31.74%
TTM13.03%
EPS CAGR
10 Years9.02%
5 Years22.9%
3 Years32.3%
TTM13.5%
Return on Capital
10 Years1.33%
5 Years1.13%
3 Years1.1%
Last Year1.12%
RZC Recent Earnings
7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) EPS & revenue vs analyst estimates — last 4 quarters
Q2 2026Latest
May 7, 2026Metric
Actual
Est
EPS
$6.97
—
Rev
—
—
Q1 2026
Feb 5, 2026Metric
Actual
Est
EPS
$7.75
—
Rev
$6.6B
—
Q1 2024
Feb 1, 2024Metric
Actual
Est
EPS
$4.73
—
Rev
$5.0B
—
Q4 2023
Nov 2, 2023Metric
Actual
Est
EPS
$5.57
—
Rev
—
—
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 7, 2026 | $6.97 | — |
| Q1 2026 | Feb 5, 2026 | $7.75 | $6.6B |
| Q1 2024 | Feb 1, 2024 | $4.73 | $5.0B |
| Q4 2023 | Nov 2, 2023 | $5.57 | — |
Based on last 8 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for 7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $25.30 | $1.7B | 1.43 | 3.39% | 5.19% | 9.67% | 14.22% | |
| $1019.61 | $314.04B | 19.87 | -1.38% | 16.31% | 14.31% | — | |
| $211.87 | $334.18B | 20.77 | 11.48% | 15.13% | 16.22% | — | |
| $51.30 | $10.49B | 18.13 | 2.93% | 6.61% | 7.03% | — | |
| $41.32 | $4.07B | 19.04 | 3.25% | 8.48% | 29.43% | — | |
| $137.96 | $9.53B | 22.18 | 9.55% | 16.26% | 18.57% | — |
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.
RZC SEC Filings & Documents
7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) SEC filings — annual & quarterly reports (10-K, 10-Q)
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RZC Frequently Asked Questions
7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
How fast is 7.125% Fixed-Rate Reset Subordinated Debentures due 2052 growing?
7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) grew revenue by 3.4% over the past year. Growth has been modest.
Is RZC profitable?
Yes, 7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) is profitable, generating $896.3M in net income for fiscal year 2025 (5.2% net margin).
Dividend & Returns
Does RZC pay dividends?
Yes, 7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) pays a dividend with a yield of 14.22%. This makes it attractive for income-focused investors.
What is RZC's return on equity?
7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) has a return on equity (ROE) of 9.7%. This is below average, suggesting room for improvement.
Industry Metrics
What is 7.125% Fixed-Rate Reset Subordinated Debentures due 2052's combined ratio?
7.125% Fixed-Rate Reset Subordinated Debentures due 2052 (RZC) has a combined ratio of 93.2%. A ratio below 100% indicates underwriting profitability.