Reinsurance Group of America vs RenaissanceRe
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KIRA’s take AI analyst
I put Reinsurance Group of America and RenaissanceRe side by side, using each one’s latest annual report. Here is what stands out:
- Reinsurance Group of America is the larger business, with $23.7B of revenue in fiscal 2025 against $12.8B for RenaissanceRe, about 1.8 times as much.
- RenaissanceRe grew revenue faster (9.9%, against 7.2%).
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
Reinsurance Group of America
RGA
0/6
RenaissanceRe
RNR
6/6
Revenue growth5-year growthNet marginReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | RGA FY25 | RNR FY25 |
|---|---|---|
| Size | ||
| Market cap | $17.4B | $14.6B |
| Revenue | $23.7B | $12.8B |
| Free cash flow | — | — |
| Net income | $1.2B | $2.7B |
| Growth | ||
| Revenue growth | 7.2% | 9.9% |
| 5-year growth | 10.2% | 20.0% |
| Share count change | −0.2% | −9.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 5.0% | 20.9% |
| FCF margin | — | — |
| Return on capital | — | 54.2% |
| Return on equity | 9.7% | 24.2% |
| Balance sheet | ||
| Net debt | $1.2B | −$4.1B |
| Net debt / EBITDA | 0.6x | −1.0x |
| Dividends and buybacks | $414M | $1.7B |
| Valuation & quality | ||
| P/E | 11.6x | — |
| Piotroski F-score | — | — |
Ten years
Revenue
FY16
RGA $11.5B
RNR $1.7B
FY17
RGA $12.5B
RNR $2.1B
FY18
RGA $12.9B
RNR $2.1B
FY19
RGA $14.3B
RNR $4.2B
FY20
RGA $14.6B
RNR $5.2B
FY21
RGA $16.7B
RNR $5.3B
FY22
RGA $16.2B
RNR $5.1B
FY23
RGA $18.6B
RNR $9.1B
FY24
RGA $22.1B
RNR $11.7B
FY25
RGA $23.7B
RNR $12.8B
RGA
RNR
Operating margin
FY16
RGA —
RNR —
FY17
RGA —
RNR —
FY18
RGA —
RNR —
FY19
RGA —
RNR —
FY20
RGA —
RNR —
FY21
RGA —
RNR —
FY22
RGA —
RNR —
FY23
RGA —
RNR —
FY24
RGA —
RNR —
FY25
RGA —
RNR —
RGA
RNR
Free cash flow
FY16
RGA $1.4B
RNR —
FY17
RGA $1.9B
RNR —
FY18
RGA $1.6B
RNR —
FY19
RGA $2.3B
RNR —
FY20
RGA $3.3B
RNR —
FY21
RGA $4.2B
RNR —
FY22
RGA $1.3B
RNR —
FY23
RGA —
RNR —
FY24
RGA —
RNR —
FY25
RGA —
RNR —
RGA
RNR
Return on capital
FY16
RGA 10.4%
RNR 16.8%
FY17
RGA 13.0%
RNR −6.4%
FY18
RGA 8.2%
RNR 11.5%
FY19
RGA 9.7%
RNR —
FY20
RGA 4.2%
RNR —
FY21
RGA 10.9%
RNR —
FY22
RGA —
RNR —
FY23
RGA 12.0%
RNR —
FY24
RGA 8.4%
RNR 54.4%
FY25
RGA —
RNR 54.2%
RGA
RNR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.