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Arch Capital Group（ACGL）与美国再保险集团（RGA）财务数据对比。点击上方公司名可切换其他公司
美国再保险集团的季度营收约是Arch Capital Group的1.5倍（$6.6B vs $4.5B），Arch Capital Group净利率更高（23.2% vs 7.0%，领先16.2%），美国再保险集团同比增速更快（26.6% vs -3.3%），过去两年Arch Capital Group的营收复合增速更高（3.4% vs 2.3%）
百慕大注册上市企业Arch Capital Group面向全球提供保险、再保险及按揭保险服务，专注于特种类保险业务，承保保险业内难度较高的特殊风险。公司总部位于百慕大，在北美、欧洲、亚洲及澳洲共设有60个办事处，实现全球布局运营。
美国再保险集团（RGA）是总部位于美国密苏里州大圣路易斯地区西郊切斯特菲尔德的全球人寿与健康再保险控股集团。截至2024年12月31日，集团有效人寿再保额约3.9万亿美元，总资产达1187亿美元，是全球唯一主营人寿及健康相关再保险业务的国际企业。
ACGL vs RGA — 直观对比
营收规模更大
RGA
是对方的1.5倍
$4.5B
营收增速更快
RGA
高出29.9%
-3.3%
净利率更高
ACGL
高出16.2%
7.0%
两年增速更快
ACGL
近两年复合增速
2.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.5B | $6.6B |
| 净利润 | $1.0B | $463.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 7.7% |
| 净利率 | 23.2% | 7.0% |
| 营收同比 | -3.3% | 26.6% |
| 净利润同比 | 82.4% | 212.8% |
| 每股收益（稀释后） | $2.88 | $6.91 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ACGLRGA
| Q1 26 | $4.5B | — | ||
| Q4 25 | $4.9B | $6.6B | ||
| Q3 25 | $5.1B | $6.2B | ||
| Q2 25 | $5.2B | $5.6B | ||
| Q1 25 | $4.7B | $5.3B | ||
| Q4 24 | $4.5B | $5.2B | ||
| Q3 24 | $4.7B | $5.7B | ||
| Q2 24 | $4.2B | $4.9B |
净利润ACGLRGA
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.2B | $463.0M | ||
| Q3 25 | $1.4B | $253.0M | ||
| Q2 25 | $1.2B | $180.0M | ||
| Q1 25 | $574.0M | $286.0M | ||
| Q4 24 | $935.0M | $148.0M | ||
| Q3 24 | $988.0M | $156.0M | ||
| Q2 24 | $1.3B | $203.0M |
营业利润率ACGLRGA
| Q1 26 | — | — | ||
| Q4 25 | — | 7.7% | ||
| Q3 25 | — | 5.2% | ||
| Q2 25 | — | 6.1% | ||
| Q1 25 | — | 7.0% | ||
| Q4 24 | — | 4.3% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 5.5% |
净利率ACGLRGA
| Q1 26 | 23.2% | — | ||
| Q4 25 | 25.1% | 7.0% | ||
| Q3 25 | 26.4% | 4.1% | ||
| Q2 25 | 23.7% | 3.2% | ||
| Q1 25 | 12.3% | 5.4% | ||
| Q4 24 | 20.6% | 2.8% | ||
| Q3 24 | 20.9% | 2.8% | ||
| Q2 24 | 30.0% | 4.2% |
每股收益（稀释后）ACGLRGA
| Q1 26 | $2.88 | — | ||
| Q4 25 | $3.33 | $6.91 | ||
| Q3 25 | $3.56 | $3.81 | ||
| Q2 25 | $3.23 | $2.70 | ||
| Q1 25 | $1.48 | $4.27 | ||
| Q4 24 | $2.41 | $2.21 | ||
| Q3 24 | $2.56 | $2.33 | ||
| Q2 24 | $3.30 | $3.03 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $24.0M | $4.2B |
| 总债务越低越好 | — | $5.7B |
| 股东权益账面价值 | $24.2B | $13.5B |
| 总资产 | $81.4B | $156.6B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资ACGLRGA
| Q1 26 | $24.0M | — | ||
| Q4 25 | $993.0M | $4.2B | ||
| Q3 25 | $1.1B | $4.6B | ||
| Q2 25 | $983.0M | $5.4B | ||
| Q1 25 | $1.2B | $5.2B | ||
| Q4 24 | $979.0M | $3.3B | ||
| Q3 24 | $1.0B | $5.2B | ||
| Q2 24 | $1.0B | $4.6B |
总债务ACGLRGA
| Q1 26 | — | — | ||
| Q4 25 | — | $5.7B | ||
| Q3 25 | — | $5.7B | ||
| Q2 25 | — | $5.7B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | — | $5.0B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.1B |
股东权益ACGLRGA
| Q1 26 | $24.2B | — | ||
| Q4 25 | $24.2B | $13.5B | ||
| Q3 25 | $23.7B | $13.0B | ||
| Q2 25 | $23.0B | $12.1B | ||
| Q1 25 | $21.5B | $11.4B | ||
| Q4 24 | $20.8B | $10.8B | ||
| Q3 24 | $22.3B | $11.1B | ||
| Q2 24 | $20.7B | $9.7B |
总资产ACGLRGA
| Q1 26 | $81.4B | — | ||
| Q4 25 | $79.2B | $156.6B | ||
| Q3 25 | $79.2B | $152.0B | ||
| Q2 25 | $78.8B | $133.5B | ||
| Q1 25 | $75.2B | $128.2B | ||
| Q4 24 | $70.9B | $118.7B | ||
| Q3 24 | $73.7B | $120.3B | ||
| Q2 24 | $65.5B | $109.9B |
负债/权益比ACGLRGA
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.44× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.46× | ||
| Q2 24 | — | 0.52× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $1.2B | $7.3B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.13× | 15.83× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ACGLRGA
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.4B | $7.3B | ||
| Q3 25 | $2.2B | $-990.0M | ||
| Q2 25 | $1.1B | $-820.0M | ||
| Q1 25 | $1.5B | $-1.4B | ||
| Q4 24 | $1.6B | $17.1B | ||
| Q3 24 | $2.0B | $-1.1B | ||
| Q2 24 | $1.5B | $-967.0M |
自由现金流ACGLRGA
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.5B | — |
自由现金流率ACGLRGA
| Q1 26 | — | — | ||
| Q4 25 | 28.2% | — | ||
| Q3 25 | 42.6% | — | ||
| Q2 25 | 21.3% | — | ||
| Q1 25 | 31.0% | — | ||
| Q4 24 | 34.3% | — | ||
| Q3 24 | 42.5% | — | ||
| Q2 24 | 35.6% | — |
资本支出强度ACGLRGA
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.2% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | 0.3% | — | ||
| Q2 24 | 0.3% | — |
现金转化率ACGLRGA
| Q1 26 | 1.13× | — | ||
| Q4 25 | 1.13× | 15.83× | ||
| Q3 25 | 1.62× | -3.91× | ||
| Q2 25 | 0.91× | -4.56× | ||
| Q1 25 | 2.54× | -5.00× | ||
| Q4 24 | 1.68× | 115.81× | ||
| Q3 24 | 2.04× | -6.84× | ||
| Q2 24 | 1.20× | -4.76× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
