Reinsurance Group of America Inc Stock Research

Market Summary

USD127.45+1.68

Delayed

1.34%

RGA Stock Price

RGA RSI Chart

RGA Valuation

Market Cap

10.0B

Price/Earnings (Trailing)

Price/Sales (Trailing)

0.61

EV/EBITDA

32.54

Price/Free Cashflow

4.8

RGA Price/Sales (Trailing)

RGA Profitability

EBT Margin

5.11%

Return on Equity

15.03%

Return on Assets

0.74%

Free Cashflow Yield

20.83%

RGA Fundamentals

RGA Revenue

Revenue (TTM)

16.3B

Revenue Y/Y

0.37%

Revenue Q/Q

7.6%

RGA Earnings

Earnings (TTM)

623.0M

Earnings Y/Y

30.77%

Earnings Q/Q

-28.17%

Price Action

52 Week Range

102.56153.35

(Low)(High)

Last 7 days

-1.0%

Last 30 days

-13.5%

Last 90 days

-10.7%

Trailing 12 Months

18.4%

RGA Financial Health

Debt/Equity

0.96

Debt/Cashflow

0.34

RGA Investor Care

Dividend Yield

2.4%

Dividend/Share (TTM)

3.06

Diluted EPS (TTM)

8.24

Peers (Alternatives to Reinsurance Group of America)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PGR	82.1B	49.6B	-1.45%	23.08%	113.76	1.65	4.00%	-78.47%
MET	42.3B	69.9B	-23.30%	-20.83%	16.68	0.61	-1.66%	-61.26%
AFL	39.6B	19.5B	-8.02%	-0.58%	9.42	2.03	-11.78%	-2.87%
TRV	38.3B	36.9B	-11.40%	-9.04%	13.47	1.04	5.94%	-22.39%
PFG	17.4B	17.5B	-18.79%	0.52%	3.62	1	22.64%	181.28%
MID-CAP
RGA	10.0B	16.3B	-13.53%	18.41%	37	0.61	-2.40%	0.97%
UNM	7.6B	12.0B	-9.63%	24.94%	5.75	0.63	-0.19%	59.45%
AIZ	6.0B	10.2B	-13.09%	-37.50%	21.54	0.58	0.05%	-79.62%
CNO	2.4B	3.6B	-15.59%	-15.74%	6.09	0.68	-13.23%	-10.02%
GNW	2.4B	7.5B	-20.83%	27.35%	3.86	0.31	-4.15%	-32.63%
TRUP	1.6B	905.2M	-29.71%	-58.57%	-35.21	1.74	29.50%	-25.73%
SMALL-CAP
HMN	1.4B	1.4B	-10.42%	-18.96%	-523.07	0.98	3.97%	-101.82%
PLMR	1.3B	327.1M	-8.98%	-16.27%	25.76	4.11	39.88%	13.79%
JRVR	776.0M	813.7M	-6.42%	-3.67%	25.05	0.95	5.28%	117.92%

Financials for Reinsurance Group of America

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	0.1%	16,258	16,242	16,219	16,469	16,658
EBITDA	209.7%	1,053	340	612	861	-
EBITDA Margin	209.0%	0.06*	0.02*	0.04*	0.05*	-
Earnings Before Taxes	34.7%	831	617	217	445	691
EBT Margin	34.6%	0.05*	0.04*	0.01*	0.03*	-
Interest Expenses	43.8%	184	128	123	124	127
Net Income	8.3%	623	575	269	415	617
Net Income Margin	8.2%	0.04*	0.04*	0.02*	0.03*	-
Free Cahsflow	-6.9%	1,318	1,415	2,073	1,958	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	2.4%	84,706	82,705	84,609	89,761	92,175
Cash Equivalents	-16.7%	2,927	3,512	2,556	2,709	2,948
Liabilities	1.9%	80,471	78,962	78,680	80,489	79,161
Long Term Debt	-5.8%	3,961	4,207	3,667	3,667	3,667
Shareholder's Equity	13.5%	4,145	3,653	5,839	9,182	13,014
Retained Earnings	1.7%	8,967	8,820	8,592	8,446	8,563
Additional Paid-In Capital	0.4%	2,502	2,493	2,478	2,465	2,461
Minority Interest	0%	90.00	90.00	90.00	90.00	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-6.6%	1,343	1,438	2,094	1,979	4,182
Cashflow From Investing	4.1%	-5,688	-5,931	-5,666	-4,371	-4,628
Cashflow From Financing	-14.0%	4,436	5,158	3,005	2,017	20.00
Dividend Payments	2.0%	205	201	197	195	194
Buy Backs	-22.9%	81.00	105	124	125	99.00

Risks for RGA

What is the probability of a big loss on RGA?

36.5%

Probability that Reinsurance Group of America stock will be more than 20% underwater in next one year

22.3%

Probability that Reinsurance Group of America stock will be more than 30% underwater in next one year.

19.6%

Probability that Reinsurance Group of America stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does RGA drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Reinsurance Group of America was unfortunately bought at previous high price.

Drawdowns

Returns for RGA

Cumulative Returns on RGA

10.0%

10-Year Cumulative Returns

6.4%

7-Year Cumulative Returns

-1.6%

5-Year Cumulative Returns

28.8%

3-Year Cumulative Returns

What are the long-term rolling returns for RGA?

FIve years rolling returns for Reinsurance Group of America.

Annualized Returns

Which funds bought or sold RGA recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-0.54	11,841,000	107,859,000	0.12%
2023-03-08	Capital Asset Advisory Services LLC	reduced	-2.09	31,097	326,097	0.03%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-35.14	-61,671,000	168,928,000	0.85%
2023-02-28	Voya Investment Management LLC	reduced	-0.34	666,884	5,974,880	0.01%
2023-02-22	CVA Family Office, LLC	unchanged	-	815	7,815	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	unchanged	-	173,000	1,504,000	0.02%
2023-02-21	Triasima Portfolio Management inc.	new	-	1,985,710	1,985,710	0.15%
2023-02-21	NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC	reduced	-36.09	-338,173	878,827	0.02%
2023-02-21	MACQUARIE GROUP LTD	reduced	-6.97	2,259,000	49,113,000	0.06%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	reduced	-22.22	-1,022	3,978	-%

Latest Funds Activity

Are funds buying RGA calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own RGA

No. of Funds

Reinsurance Group of America News

Schedule 13G FIlings of Reinsurance Group of America

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	harris associates l p	4.0%	2,648,211	SC 13G/A
Feb 09, 2023	fmr llc	-	0	SC 13G/A
Feb 09, 2023	vanguard group inc	10.85%	7,249,614	SC 13G/A
Feb 08, 2023	american century investment management inc	2.60%	1,738,104	SC 13G/A
Jan 23, 2023	blackrock inc.	10.3%	6,909,687	SC 13G/A
Jun 09, 2022	blackrock inc.	10.5%	7,052,318	SC 13G/A
Feb 11, 2022	harris associates l p	6.6%	4,430,058	SC 13G/A
Feb 10, 2022	vanguard group inc	10.31%	6,966,961	SC 13G/A
Feb 09, 2022	fmr llc	-	0	SC 13G/A
Feb 04, 2022	american century investment management inc	5.52%	3,731,872	SC 13G

RGA Fair Value

Recent SEC filings of Reinsurance Group of America

View All Filings

Date Filed	Form Type	Document
Mar 22, 2023	8-K	Current Report
Mar 16, 2023	8-K	Current Report
Mar 15, 2023	S-3ASR	S-3ASR
Mar 13, 2023	4	Insider Trading
Mar 13, 2023	4	Insider Trading
Mar 13, 2023	4	Insider Trading
Mar 13, 2023	4	Insider Trading
Mar 13, 2023	4	Insider Trading
Mar 13, 2023	4	Insider Trading
Mar 13, 2023	4	Insider Trading

Latest Insider Trading transactions for RGA

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-17	PORTER JONATHAN	acquired	251,315	149	1,686	evp, global chief risk officer
2023-02-17	CUIPER OLAV	acquired	300,356	149	2,015	evp, head of emea
2023-02-17	BARBI LESLIE	sold (taxes)	-68,716	149	-461	evp, chief investment officer
2023-02-17	CHENG TONY KIN SHUN	acquired	407,232	149	2,732	evp, head of asia
2023-02-17	CUIPER OLAV	sold (taxes)	-148,762	149	-998	evp, head of emea
2023-02-17	GAUTAM ALKA	acquired	219,565	149	1,473	evp, pres & ceo, rga canada
2023-02-17	CARSON LAWRENCE S	acquired	259,961	149	1,744	evp, gfs
2023-02-17	PORTER JONATHAN	sold (taxes)	-141,309	149	-948	evp, global chief risk officer
2023-02-17	LARSON TODD C	acquired	883,926	149	5,930	sevp, chief financial officer
2023-02-17	CARSON LAWRENCE S	sold (taxes)	-76,169	149	-511	evp, gfs

About Reinsurance Group of America

Anna Manning

www.rgare.com

3500

Reinsurance Group of America, Incorporated engages in reinsurance business. It offers individual and group life and health insurance products, such as term life, credit life, universal life, whole life, group life and health, joint and last survivor insurance, critical illness, disability, and longevity products; asset-intensive and financial reinsurance products; and other capital motivated solutions. The company also provides reinsurance for mortality, morbidity, lapse, and investment-related risk associated with products; and reinsurance for investment-related risks. In addition, it develops and markets technology solutions; and provides consulting and outsourcing solutions for the insurance and reinsurance industries. The company serves life insurance companies in the United States, Latin America, Canada, Europe, the Middle East, Africa, Australia, and the Asia Pacific. Reinsurance Group of America, Incorporated was founded in 1973 and is headquartered in Chesterfield, Missouri.

RGA Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Net premiums	$ 13,078.0	$ 12,513.0	$ 11,694.0
Net investment income	3,161.0	3,138.0	2,575.0
Investment related gains (losses), net	(506.0)	560.0	(33.0)
Other revenues	525.0	447.0	360.0
Total revenues	16,258.0	16,658.0	14,596.0
Benefits and expenses
Claims and other policy benefits	12,046.0	12,776.0	11,075.0
Interest credited	682.0	700.0	704.0
Policy acquisition costs and other insurance expenses	1,499.0	1,416.0	1,261.0
Other operating expenses	1,009.0	936.0	816.0
Interest expense	184.0	127.0	170.0
Collateral finance and securitization expense	7.0	12.0	17.0
Total benefits and expenses	15,427.0	15,967.0	14,043.0
Income before income taxes	831.0	691.0	553.0
Provision for income taxes	204.0	74.0	138.0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	627.0	617.0	415.0
Net Income (Loss) Attributable to Noncontrolling Interest	4.0	0.0	0.0
Net Income (Loss) Attributable to Parent, Total	$ 623.0	$ 617.0	$ 415.0
Earnings per share
Basic earnings per share (in dollars per share)	$ 9.31	$ 9.10	$ 6.35
Diluted earnings per share (in dollars per share)	$ 9.21	$ 9.04	$ 6.31

RGA Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

Fixed Maturity Securities [Abstract]

Fixed maturity securities available-for-sale at fair value (amortized cost of $59,663 and $55,873; allowance for credit losses of $37 and $31)

$ 52,901

^[1]

$ 60,749

^[2]

Equity Securities, FV-NI

134

151

Mortgage loans (net of allowance for credit losses of $51 and $35)

6,590

6,283

Policy loans

1,231

1,234

Funds withheld at interest

6,003

6,954

Real Estate Investments, Joint Ventures

2,327

1,996

Short-term investments

154

Other invested assets

1,140

1,074

Total investments

70,480

78,528

Cash and cash equivalents

2,927

2,948

Accrued investment income

630

533

Premiums receivable and other reinsurance balances

3,013

2,888

Reinsurance ceded receivables and other

2,462

2,580

Deferred policy acquisition costs

3,974

3,690

Other assets

1,220

1,008

Total assets

84,706

92,175

Liabilities and Equity

Future policy benefits

35,220

35,782

Interest-sensitive contract liabilities

30,572

26,377

Other policy claims and benefits

6,571

6,993

Other reinsurance balances

756

613

Deferred income taxes

736

2,886

Other liabilities

2,655

2,663

Long-term debt

3,961

3,667

Collateral finance and securitization notes

180

Total liabilities

80,471

79,161

Commitments and contingent liabilities (See Note 12)

Stockholders Equity:

Preferred stock (par value $.01 per share; 10,000,000 shares authorized; no shares issued or outstanding)

Common stock (par value $0.01 per share; 140,000,000 shares authorized; shares issued: 85,310,598 at both December 31, 2022 and December 31, 2021)

Additional paid-in-capital

2,502

2,461

Retained earnings

8,967

8,563

Treasury stock, at cost – 18,634,390 and 18,139,868 shares

(1,720)

(1,653)

Accumulated other comprehensive income

(5,605)

3,642

Total Reinsurance Group of America, Inc. stockholders’ equity

4,145

13,014

Total liabilities and stockholders’ equity

84,706

92,175

Stockholders' Equity Attributable to Noncontrolling Interest

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

$ 4,235

$ 13,014

[1]	Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2022, the fair value of such investments was $683 million
[2]	Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2021, the fair value of such investments was $581 million.