RGA // Reinsurance Group of America Incorporated

Financials • Life Insurance

$263.45 ▲ +2.47 (+0.95%)

MKT CAP: $17.20B • VOL: 364.8K

52W L $180 52W H $272

ALTMAN Z

0.45 RISK

PIOTROSKI

8 / 9

RGA // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

RGA // Reinsurance Group of America Incorporated

GROSS MARGIN

41.0%

OP MARGIN

6.1%

ROIC %

1.6%

MKT CAP

$17.20B

UPSTREAM INPUTS ──► RGA OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
RGA ★	Reinsurance Group of America Incorporated	$263.45	$17.20B	41.0%	6.1%	1.6%	31.1x	+7.2%	SUBJECT ISSUER
BRK-B	Berkshire Hathaway Inc.	$542.49	$1.16T	—	27.8%	11.5%	9.7x	+3.9%	RGA VS BRK-B <GO>
JPM	JPMorgan Chase & Co.	$337.04	$895.92B	—	42.1%	17.4%	9.7x	+13.5%	RGA VS JPM <GO>
BAC	Bank of America Corporation	$50.01	$357.61B	41.0%	32.9%	2.5%	30.2x	+6.8%	RGA VS BAC <GO>
MS	Morgan Stanley	$184.30	$298.41B	41.0%	24.6%	3.0%	31.0x	+5.5%	RGA VS MS <GO>
HSBC	HSBC Holdings plc.	$85.42	$297.33B	41.0%	13.9%	9.9%	21.0x	+23.1%	RGA VS HSBC <GO>