HG vs RGA: Hamilton Insurance Group and Reinsurance Group of America compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Reinsurance Group of America is the larger company, worth $17.4B, about 4.8 times Hamilton Insurance Group.
- Reinsurance Group of America grew revenue faster over the last year (+18.5% vs +13.3%).
- Hamilton Insurance Group keeps more of each dollar of revenue as operating profit (28.3% vs 7.2%).
- On earnings, Hamilton Insurance Group is the cheaper stock (6.0x vs 11.2x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | HG | RGA |
|---|---|---|
| Market cap | $3.6B | $17.4B |
| Share price | $34.52 | $255.98 |
| Revenue (last fiscal year) | $2.9B | $23.7B |
| Free cash flow (last fiscal year) | — | — |
| Revenue growth, last year | +13.3% | +18.5% |
| Revenue growth per year, last 5 fiscal years | +21.5% | +9.2% |
| Operating margin | 28.3% | 7.2% |
| Net margin | 28.8% | 5.8% |
| Return on equity | 30.3% | 11.0% |
| P/E (trailing) | 6.02x | 11.2x |
| Price / free cash flow | 4.32x | 4.25x |
| EV / EBITDA | 3.34x | — |
| FCF growth the price implies | — | — |
| Dividend yield | — | 1.4% |
| Debt / equity | 2.57x | 11.2x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 5 |
| Insider purchases, last 12 months | 1 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Hamilton Insurance Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.3B | — | 19.7% |
| 2022 | $1.2B | — | -2.2% |
| 2023 | $1.6B | — | 16.2% |
| 2024 | $2.3B | — | 26.7% |
| 2025 | $2.9B | — | 28.4% |
Reinsurance Group of America
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $16.7B | $4.2B | 8.3% |
| 2022 | $16.2B | $1.3B | 4.4% |
| 2023 | $18.6B | — | 6.2% |
| 2024 | $22.1B | — | 4.4% |
| 2025 | $23.7B | — | 6.5% |
Where the revenue comes from
Hamilton Insurance Group
No segment breakdown reported.
Reinsurance Group of America · by segments, 2019
Questions
Which is bigger, Hamilton Insurance Group or Reinsurance Group of America?
Reinsurance Group of America (RGA), at $17.4B against $3.6B.
Is HG or RGA cheaper?
By trailing P/E, Hamilton Insurance Group (6.02x) is cheaper than Reinsurance Group of America (11.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, HG or RGA?
Reinsurance Group of America: revenue grew +18.5% over the last year, against +13.3%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.