Intrinsic value of Reinsurance Group of America - RGA

Previous Close

$162.45

  Intrinsic Value

$677.74

stock screener

  Rating & Target

str. buy

+317%

Previous close

$162.45

 
Intrinsic value

$677.74

 
Up/down potential

+317%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as RGA.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of RGA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.35
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
Revenue, $m
  0
  12,531
  13,541
  14,591
  15,682
  16,816
  17,995
  19,219
  20,493
  21,818
  23,196
  24,631
  26,125
  27,682
  29,305
  30,999
  32,766
  34,610
  36,537
  38,550
  40,655
  42,856
  45,158
  47,567
  50,089
  52,729
  55,494
  58,391
  61,426
  64,606
  67,940
Variable operating expenses, $m
 
  9,110
  9,844
  10,607
  11,401
  12,225
  13,082
  13,972
  14,898
  15,861
  16,863
  17,905
  18,991
  20,123
  21,303
  22,534
  23,819
  25,160
  26,560
  28,024
  29,554
  31,153
  32,827
  34,578
  36,411
  38,331
  40,341
  42,446
  44,653
  46,965
  49,388
Fixed operating expenses, $m
 
  2,049
  2,100
  2,153
  2,207
  2,262
  2,318
  2,376
  2,436
  2,496
  2,559
  2,623
  2,688
  2,756
  2,825
  2,895
  2,968
  3,042
  3,118
  3,196
  3,276
  3,357
  3,441
  3,527
  3,616
  3,706
  3,799
  3,894
  3,991
  4,091
  4,193
Total operating expenses, $m
  10,353
  11,159
  11,944
  12,760
  13,608
  14,487
  15,400
  16,348
  17,334
  18,357
  19,422
  20,528
  21,679
  22,879
  24,128
  25,429
  26,787
  28,202
  29,678
  31,220
  32,830
  34,510
  36,268
  38,105
  40,027
  42,037
  44,140
  46,340
  48,644
  51,056
  53,581
Operating income, $m
  1,207
  1,372
  1,597
  1,831
  2,075
  2,329
  2,595
  2,871
  3,160
  3,460
  3,774
  4,103
  4,445
  4,803
  5,178
  5,569
  5,979
  6,409
  6,859
  7,331
  7,826
  8,345
  8,889
  9,461
  10,062
  10,692
  11,355
  12,051
  12,782
  13,551
  14,359
EBITDA, $m
  1,234
  1,388
  1,614
  1,849
  2,094
  2,350
  2,617
  2,895
  3,185
  3,487
  3,803
  4,132
  4,477
  4,836
  5,213
  5,607
  6,019
  6,451
  6,903
  7,377
  7,874
  8,396
  8,944
  9,518
  10,122
  10,755
  11,421
  12,121
  12,856
  13,628
  14,440
Interest expense (income), $m
  157
  173
  339
  515
  699
  890
  1,088
  1,294
  1,508
  1,731
  1,962
  2,203
  2,454
  2,715
  2,987
  3,271
  3,567
  3,876
  4,198
  4,535
  4,887
  5,255
  5,639
  6,042
  6,463
  6,904
  7,365
  7,848
  8,355
  8,885
  9,441
Earnings before tax, $m
  1,044
  1,199
  1,258
  1,315
  1,376
  1,440
  1,507
  1,577
  1,652
  1,730
  1,812
  1,900
  1,991
  2,088
  2,190
  2,298
  2,413
  2,533
  2,661
  2,796
  2,939
  3,090
  3,250
  3,419
  3,599
  3,789
  3,989
  4,202
  4,427
  4,665
  4,918
Tax expense, $m
  343
  324
  340
  355
  372
  389
  407
  426
  446
  467
  489
  513
  538
  564
  591
  621
  651
  684
  718
  755
  793
  834
  878
  923
  972
  1,023
  1,077
  1,135
  1,195
  1,260
  1,328
Net income, $m
  701
  875
  918
  960
  1,004
  1,051
  1,100
  1,151
  1,206
  1,263
  1,323
  1,387
  1,454
  1,524
  1,599
  1,678
  1,761
  1,849
  1,942
  2,041
  2,145
  2,256
  2,373
  2,496
  2,627
  2,766
  2,912
  3,068
  3,232
  3,406
  3,590

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  53,098
  57,482
  62,115
  66,931
  71,937
  77,138
  82,544
  88,163
  94,004
  100,081
  106,403
  112,984
  119,839
  126,982
  134,428
  142,195
  150,301
  158,762
  167,601
  176,836
  186,490
  196,586
  207,146
  218,197
  229,764
  241,876
  254,560
  267,847
  281,769
  296,359
  311,651
Adjusted assets (=assets-cash), $m
  53,098
  57,482
  62,115
  66,931
  71,937
  77,138
  82,544
  88,163
  94,004
  100,081
  106,403
  112,984
  119,839
  126,982
  134,428
  142,195
  150,301
  158,762
  167,601
  176,836
  186,490
  196,586
  207,146
  218,197
  229,764
  241,876
  254,560
  267,847
  281,769
  296,359
  311,651
Revenue / Adjusted assets
  0.000
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
Average production assets, $m
  66
  75
  81
  88
  94
  101
  108
  115
  123
  131
  139
  148
  157
  166
  176
  186
  197
  208
  219
  231
  244
  257
  271
  285
  301
  316
  333
  350
  369
  388
  408
Working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total debt, $m
  3,929
  7,703
  11,715
  15,886
  20,221
  24,726
  29,407
  34,273
  39,332
  44,594
  50,069
  55,768
  61,705
  67,890
  74,339
  81,065
  88,084
  95,412
  103,066
  111,064
  119,425
  128,167
  137,313
  146,883
  156,900
  167,388
  178,373
  189,880
  201,936
  214,571
  227,814
Total liabilities, $m
  46,005
  49,779
  53,791
  57,962
  62,297
  66,802
  71,483
  76,349
  81,408
  86,670
  92,145
  97,844
  103,781
  109,966
  116,415
  123,141
  130,160
  137,488
  145,142
  153,140
  161,501
  170,243
  179,389
  188,959
  198,976
  209,464
  220,449
  231,956
  244,012
  256,647
  269,890
Total equity, $m
  7,093
  7,703
  8,323
  8,969
  9,640
  10,337
  11,061
  11,814
  12,597
  13,411
  14,258
  15,140
  16,058
  17,016
  18,013
  19,054
  20,140
  21,274
  22,459
  23,696
  24,990
  26,342
  27,758
  29,238
  30,788
  32,411
  34,111
  35,892
  37,757
  39,712
  41,761
Total liabilities and equity, $m
  53,098
  57,482
  62,114
  66,931
  71,937
  77,139
  82,544
  88,163
  94,005
  100,081
  106,403
  112,984
  119,839
  126,982
  134,428
  142,195
  150,300
  158,762
  167,601
  176,836
  186,491
  196,585
  207,147
  218,197
  229,764
  241,875
  254,560
  267,848
  281,769
  296,359
  311,651
Debt-to-equity ratio
  0.554
  1.000
  1.410
  1.770
  2.100
  2.390
  2.660
  2.900
  3.120
  3.330
  3.510
  3.680
  3.840
  3.990
  4.130
  4.250
  4.370
  4.480
  4.590
  4.690
  4.780
  4.870
  4.950
  5.020
  5.100
  5.160
  5.230
  5.290
  5.350
  5.400
  5.460
Adjusted equity ratio
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  701
  875
  918
  960
  1,004
  1,051
  1,100
  1,151
  1,206
  1,263
  1,323
  1,387
  1,454
  1,524
  1,599
  1,678
  1,761
  1,849
  1,942
  2,041
  2,145
  2,256
  2,373
  2,496
  2,627
  2,766
  2,912
  3,068
  3,232
  3,406
  3,590
Depreciation, amort., depletion, $m
  27
  16
  17
  18
  20
  21
  22
  24
  25
  27
  29
  30
  31
  33
  35
  37
  39
  42
  44
  46
  49
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
Funds from operations, $m
  2,004
  891
  935
  978
  1,024
  1,072
  1,122
  1,175
  1,231
  1,290
  1,351
  1,416
  1,485
  1,558
  1,634
  1,715
  1,800
  1,891
  1,986
  2,087
  2,194
  2,307
  2,427
  2,553
  2,687
  2,829
  2,979
  3,138
  3,306
  3,483
  3,671
Change in working capital, $m
  538
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from operations, $m
  1,466
  891
  935
  978
  1,024
  1,072
  1,122
  1,175
  1,231
  1,290
  1,351
  1,416
  1,485
  1,558
  1,634
  1,715
  1,800
  1,891
  1,986
  2,087
  2,194
  2,307
  2,427
  2,553
  2,687
  2,829
  2,979
  3,138
  3,306
  3,483
  3,671
Maintenance CAPEX, $m
  0
  -13
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
New CAPEX, $m
  -45
  -9
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
Cash from investing activities, $m
  -2,826
  -22
  -21
  -22
  -25
  -26
  -27
  -29
  -31
  -33
  -34
  -37
  -39
  -40
  -43
  -45
  -48
  -50
  -54
  -56
  -59
  -62
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -98
Free cash flow, $m
  -1,360
  869
  914
  956
  1,000
  1,046
  1,095
  1,146
  1,200
  1,257
  1,317
  1,380
  1,447
  1,517
  1,591
  1,670
  1,753
  1,840
  1,933
  2,031
  2,135
  2,245
  2,361
  2,485
  2,615
  2,753
  2,899
  3,054
  3,217
  3,391
  3,574
Issuance/(repayment) of debt, $m
  733
  3,774
  4,012
  4,171
  4,335
  4,505
  4,681
  4,866
  5,059
  5,262
  5,475
  5,700
  5,936
  6,186
  6,449
  6,726
  7,019
  7,328
  7,654
  7,998
  8,360
  8,743
  9,146
  9,570
  10,017
  10,488
  10,984
  11,507
  12,056
  12,635
  13,243
Issuance/(repurchase) of shares, $m
  -108
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,155
  3,774
  4,012
  4,171
  4,335
  4,505
  4,681
  4,866
  5,059
  5,262
  5,475
  5,700
  5,936
  6,186
  6,449
  6,726
  7,019
  7,328
  7,654
  7,998
  8,360
  8,743
  9,146
  9,570
  10,017
  10,488
  10,984
  11,507
  12,056
  12,635
  13,243
Total cash flow (excl. dividends), $m
  -225
  4,643
  4,926
  5,127
  5,335
  5,551
  5,776
  6,012
  6,259
  6,519
  6,792
  7,080
  7,383
  7,703
  8,040
  8,396
  8,772
  9,168
  9,587
  10,029
  10,496
  10,988
  11,507
  12,055
  12,632
  13,241
  13,884
  14,560
  15,274
  16,025
  16,817
Retained Cash Flow (-), $m
  -958
  -610
  -621
  -645
  -671
  -697
  -724
  -753
  -783
  -814
  -847
  -882
  -919
  -957
  -998
  -1,041
  -1,086
  -1,134
  -1,184
  -1,238
  -1,294
  -1,353
  -1,415
  -1,481
  -1,550
  -1,623
  -1,700
  -1,780
  -1,866
  -1,955
  -2,049
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  4,033
  4,305
  4,481
  4,664
  4,854
  5,052
  5,259
  5,476
  5,705
  5,945
  6,198
  6,464
  6,745
  7,042
  7,355
  7,686
  8,035
  8,403
  8,792
  9,202
  9,635
  10,092
  10,574
  11,082
  11,618
  12,184
  12,780
  13,408
  14,070
  14,768
Discount rate, %
 
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
 
  3,784
  3,765
  3,630
  3,474
  3,300
  3,110
  2,906
  2,691
  2,469
  2,243
  2,016
  1,791
  1,573
  1,363
  1,166
  982
  815
  666
  534
  421
  325
  246
  182
  132
  93
  64
  43
  28
  18
  11
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Reinsurance Group of America, Incorporated (RGA) is an insurance holding company. The Company provides traditional life and health reinsurance and financial solutions with operations in the United States, Latin America, Canada, Europe, Africa, Asia and Australia. It has geographic-based and business-based operational segments, including U.S. and Latin America; Canada; Europe, Middle East and Africa; Asia Pacific, and Corporate and Other. Its geographic-based operations are further segmented into traditional and financial solutions businesses. The Company's subsidiaries include Reinsurance Company of Missouri, Incorporated, RGA Americas Reinsurance Company, Ltd., RGA Reinsurance Company (Barbados) Ltd., Manor Reinsurance, Ltd., RGA Reinsurance Company of South Africa, Limited, Aurora National Life Assurance Company, and RGA Reinsurance Company of Australia Limited. Traditional reinsurance includes individual and group life and health, disability, and critical illness reinsurance.

FINANCIAL RATIOS  of  Reinsurance Group of America (RGA)

Valuation Ratios
P/E Ratio 14.9
Price to Sales 0.9
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 7.1
Price to Free Cash Flow 7.4
Growth Rates
Sales Growth Rate 10.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 87.5%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 55.4%
Total Debt to Equity 55.4%
Interest Coverage 8
Management Effectiveness
Return On Assets 1.6%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital 6.9%
Ret/ On T. Cap. - 3 Yr. Avg. 6.5%
Return On Equity 10.6%
Return On Equity - 3 Yr. Avg. 9.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 10.6%
EBITDA Margin - 3 Yr. Avg. 9.9%
Operating Margin 10.4%
Oper. Margin - 3 Yr. Avg. 9.8%
Pre-Tax Margin 9%
Pre-Tax Margin - 3 Yr. Avg. 8.5%
Net Profit Margin 6.1%
Net Profit Margin - 3 Yr. Avg. 5.7%
Effective Tax Rate 32.9%
Eff/ Tax Rate - 3 Yr. Avg. 32.6%
Payout Ratio 14.3%

RGA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RGA stock intrinsic value calculation we used $11560 million for the last fiscal year's total revenue generated by Reinsurance Group of America. The default revenue input number comes from 2016 income statement of Reinsurance Group of America. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our RGA stock valuation model: a) initial revenue growth rate of 8.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.6%, whose default value for RGA is calculated based on our internal credit rating of Reinsurance Group of America, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Reinsurance Group of America.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of RGA stock the variable cost ratio is equal to 72.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1999 million in the base year in the intrinsic value calculation for RGA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.4% for Reinsurance Group of America.

Corporate tax rate of 27% is the nominal tax rate for Reinsurance Group of America. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the RGA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for RGA are equal to 0.6%.

Life of production assets of 2.7 years is the average useful life of capital assets used in Reinsurance Group of America operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for RGA is equal to 0%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $7093 million for Reinsurance Group of America - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 64.709 million for Reinsurance Group of America is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Reinsurance Group of America at the current share price and the inputted number of shares is $10.5 billion.

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COMPANY NEWS

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▶ 4 Momentum Stocks Powered by Driehaus Strategy   [Jan-16-18 08:49AM  Zacks]
▶ RGAx to Acquire LOGiQ3 Group   [Jan-08-18 09:25AM  Business Wire]
▶ Life Insurers' Multitudes of Stimuli   [Dec-28-17 12:35PM  Zacks]
▶ RGA to Reinsure £900 Million Block of LV= Annuity Business   [Dec-19-17 09:00AM  Business Wire]
▶ How MetLifes Valuation Compares   [Dec-18-17 07:30AM  Market Realist]
▶ These too-big-to-fail banks are set to get a huge break   [Nov-14-17 10:50AM  Yahoo Finance Video]
▶ Reinsurance Group beats 3Q profit forecasts   [Oct-26-17 06:57PM  Associated Press]
▶ 6 Bargain Stocks Boosting Earnings   [Oct-04-17 05:31PM  GuruFocus.com]
▶ Hurricane Harvey Doesnt Have to Destroy Your Portfolio, Too   [Sep-08-17 11:00AM  InvestorPlace]
▶ Reinsurance Group of America Reports Second-Quarter Results   [Jul-27-17 04:15PM  Business Wire]
▶ 3 Top Reinsurance Stocks for 2017   [Jun-27-17 08:03AM  Motley Fool]
▶ Reinsurance Group of America to Host Investor Day   [May-10-17 04:35PM  Business Wire]
▶ Reinsurance Group misses 1Q profit forecasts   [Apr-27-17 06:22PM  Associated Press]
Financial statements of RGA
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