Reinsurance Group of America, Incorporated (RGA) vs RenaissanceRe Holdings Ltd. (RNR)

Reinsurance Group of America, Incorporated and RenaissanceRe Holdings Ltd. are both Insurance Reinsurance companies. Reinsurance Group of America, Incorporated is the larger, with a market value of $16.0B against $13.7B — 1.2× the size. RenaissanceRe Holdings Ltd. trades at the lower P/E: 5.6× against 10.8×. Reinsurance Group of America, Incorporated grew revenue faster over the last twelve months: 19.4% against −14.0%. RenaissanceRe Holdings Ltd. has the higher net margin (23.0% vs 5.81%) and the higher return on invested capital (21.5% vs 9.94%). Both pay a dividend; Reinsurance Group of America, Incorporated yields more (2.10% vs 0.70%). Across the 23 metrics below, RenaissanceRe Holdings Ltd. leads on 15 and Reinsurance Group of America, Incorporated on 8.

Valuation

Metric RGA RNR Insurance Reinsurance median
P/E 10.80 5.57 7.83
P/S 0.62 1.21 0.90
P/B 1.17 1.22 1.17
Price to free cash flow 3.13 3.74 4.05
EV/EBITDA 7.46 3.25 3.25
EV/Sales 0.65 1.30 0.95
Earnings yield 9.26% 17.95% 11.46%
Free cash flow yield 31.90% 26.76% 19.30%

Profitability

Metric RGA RNR Insurance Reinsurance median
Gross margin 13.99% 45.20% 40.53%
Operating margin 8.70% 40.74% 14.54%
Net margin 5.81% 22.95% 9.44%
Free cash flow margin 20.02% 32.38% 18.88%
Return on equity 11.63% 24.20% 12.10%
Return on assets 1.00% 4.65% 2.72%
Return on invested capital 9.94% 21.46% 15.70%

Growth

Metric RGA RNR Insurance Reinsurance median
Revenue growth (TTM) 19.40% (13.98%) 17.45%
EPS growth (last fiscal year) 64.86% 59.13% —
Revenue growth, 5-year CAGR 10.18% 19.96% 14.51%
Net income growth, 5-year CAGR 23.29% 29.23% 25.23%

Health

Metric RGA RNR Insurance Reinsurance median
Debt to equity 0.41 0.20 0.21
Current ratio 0.14 0.47 0.59
Net debt to EBITDA 0.92 0.15 (0.03)

Dividend

Metric RGA RNR Insurance Reinsurance median
Dividend yield 2.10% 0.70% —
Payout ratio 0.28 0.19 0.00

Size

Metric RGA RNR Insurance Reinsurance median
Market cap 16.03b 13.73b 3.15b

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