MGIC Investment vs Reinsurance Group of America
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The short version
- Reinsurance Group of America is the larger business, with $23.7B of revenue in fiscal 2025 against $1.2B for MGIC Investment, about 20 times as much.
- Reinsurance Group of America grew revenue faster (7.2%, against 0.5%).
- Investors pay more for each dollar of Reinsurance Group of America’s earnings: a P/E of 11.6x against 9.0x for MGIC Investment.
| Latest fiscal year | MTG · FY25 | RGA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.1B | $17.4B |
| Revenue | $1.2B | $23.7B |
| Free cash flow | $852M | — |
| Net income | $738M | $1.2B |
| Growth | ||
| Revenue growth | 0.5% | 7.2% |
| 5-year growth | 0.2% | 10.2% |
| Share count change | −11.0% | −0.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 60.8% | 5.0% |
| FCF margin | 70.2% | — |
| Return on capital | — | — |
| Return on equity | 14.3% | 9.7% |
| Balance sheet | ||
| Net debt | — | $1.2B |
| Net debt / EBITDA | — | 0.6x |
| Dividends and buybacks | $921M | $414M |
| Valuation & quality | ||
| P/E | 9.0x | 11.6x |
| Piotroski F-score | — | — |
Revenue
FY16
MTG $1.1B
RGA $11.5B
FY17
MTG $1.1B
RGA $12.5B
FY18
MTG $1.1B
RGA $12.9B
FY19
MTG $1.2B
RGA $14.3B
FY20
MTG $1.2B
RGA $14.6B
FY21
MTG $1.2B
RGA $16.7B
FY22
MTG $1.2B
RGA $16.2B
FY23
MTG $1.2B
RGA $18.6B
FY24
MTG $1.2B
RGA $22.1B
FY25
MTG $1.2B
RGA $23.7B
MTG
RGA
Operating margin
FY16
MTG —
RGA —
FY17
MTG —
RGA —
FY18
MTG —
RGA —
FY19
MTG —
RGA —
FY20
MTG —
RGA —
FY21
MTG —
RGA —
FY22
MTG —
RGA —
FY23
MTG —
RGA —
FY24
MTG —
RGA —
FY25
MTG —
RGA —
MTG
RGA
Free cash flow
FY16
MTG $214M
RGA $1.4B
FY17
MTG $391M
RGA $1.9B
FY18
MTG $530M
RGA $1.6B
FY19
MTG $604M
RGA $2.3B
FY20
MTG $729M
RGA $3.3B
FY21
MTG $692M
RGA $4.2B
FY22
MTG $647M
RGA $1.3B
FY23
MTG $711M
RGA —
FY24
MTG $724M
RGA —
FY25
MTG $852M
RGA —
MTG
RGA
Return on capital
FY16
MTG 11.1%
RGA 10.4%
FY17
MTG 11.3%
RGA 13.0%
FY18
MTG 17.5%
RGA 8.2%
FY19
MTG 15.5%
RGA 9.7%
FY20
MTG 9.3%
RGA 4.2%
FY21
MTG 12.2%
RGA 10.9%
FY22
MTG 16.9%
RGA —
FY23
MTG 14.4%
RGA 12.0%
FY24
MTG —
RGA 8.4%
FY25
MTG —
RGA —
MTG
RGA
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.