DDM Analysis: RGA

Valuation Snapshot

Stable Growth	$349.90 - $1,146.28	$568.29
Multi-Stage	$235.40 - $257.34	$246.17
Blended Fair Value	$407.23
Current Price	$192.13
Upside	111.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.04%	10.13%	3.43	3.28	3.07	2.90	2.72	2.44	2.10	1.76	1.50	1.40
YoY Growth	-	-	4.57%	6.83%	5.67%	6.59%	11.66%	16.34%	19.46%	16.86%	7.49%	7.02%
Dividend Yield	-	-	1.74%	1.68%	2.31%	2.65%	2.16%	2.90%	1.45%	1.14%	1.18%	1.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	867.00
(-) Cash Dividends Paid (M)	237.00
(=) Cash Retained (M)	630.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	173.40	108.38	65.03
Cash Retained (M)	630.00	630.00	630.00
(-) Cash Required (M)	-173.40	-108.38	-65.03
(=) Excess Retained (M)	456.60	521.63	564.98
(/) Shares Outstanding (M)	66.83	66.83	66.83
(=) Excess Retained per Share	6.83	7.81	8.45
LTM Dividend per Share	3.55	3.55	3.55
(+) Excess Retained per Share	6.83	7.81	8.45
(=) Adjusted Dividend	10.38	11.35	12.00
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	5.29%	6.29%	7.29%
Fair Value	$349.90	$568.29	$1,146.28
Upside / Downside	82.12%	195.79%	496.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	867.00	921.55	979.54	1,041.17	1,106.68	1,176.32	1,211.61
Payout Ratio	27.34%	39.87%	52.40%	64.93%	77.47%	90.00%	92.50%
Projected Dividends (M)	237.00	367.41	513.29	676.08	857.31	1,058.68	1,120.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	5.29%	6.29%	7.29%
Year 1 PV (M)	335.70	338.89	342.08
Year 2 PV (M)	428.52	436.70	444.95
Year 3 PV (M)	515.71	530.55	545.66
Year 4 PV (M)	597.52	620.55	644.23
Year 5 PV (M)	674.20	706.83	740.71
PV of Terminal Value (M)	13,179.35	13,817.19	14,479.50
Equity Value (M)	15,731.00	16,450.70	17,197.14
Shares Outstanding (M)	66.83	66.83	66.83
Fair Value	$235.40	$246.17	$257.34
Upside / Downside	22.52%	28.13%	33.94%

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Reinsurance Group of America, Incorporated (RGA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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