Equibles

8-K

REINSURANCE GROUP OF AMERICA INC (RGA)

8-K 2023-05-04 For: 2023-05-02
View Original
Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): May 2, 2023

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

Missouri 1-11848 43-1627032
(State or Other Jurisdiction<br>of Incorporation) (Commission<br>File Number) (IRS Employer<br>Identification Number)

16600 Swingley Ridge Road, Chesterfield, Missouri 63017

(Address of Principal Executive Office)

Registrant’s telephone number, including area code: (636) 736-7000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 RGA New York Stock Exchange
5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 RZB New York Stock Exchange
7.125% Fixed Rate Reset Subordinated Debentures due 2052 RZC New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
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On May 4, 2023, Reinsurance Group of America, Incorporated (the "Company") issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended March 31, 2023, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended March 31, 2023, a copy of which is furnished with this report as Exhibit 99.2. The Press Release also notes that a conference call will be held on May 5, 2023 to discuss the financial and operating results for the three-month period ended March 31, 2023 (the "Earnings Call").

Item 7.01 Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated May 4, 2023 (the "Earnings Presentation"), a copy of which is furnished with this report as Exhibit 99.3 and incorporated in this Item 7.01 by reference.

The Press Release also announced that effective May 2, 2023 the Company’s board of directors declared a regular quarterly dividend of $0.80, payable May 30, 2023 to shareholders of record as of May 16, 2023.

The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including the Press Release, Quarterly Financial Supplement and Earnings Presentation, is being furnished and shall not be deemed to be "filed", as described in Instruction B.2 of Form 8-K.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No. Exhibit
99.1 Press Release of Reinsurance Group of America, Incorporated datedMaypressrelease1q23.htm4, 2023
99.2 Quarterly Financial Supplement for the quarter endedMarch31, 2023
99.3 Earnings Presentation datedMayearningspresentation1q23.htm4, 2023
104 Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

REINSURANCE GROUP OF AMERICA, INCORPORATED
Date: May 4, 2023 By: /s/ Todd C. Larson
Todd C. Larson
Senior Executive Vice President and Chief Financial Officer

Document

Exhibit 99.1

rgaprlogoaa01a15.jpg

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS

FIRST QUARTER RESULTS

•Long-Duration Targeted Improvements (“LDTI”) accounting standard adopted this quarter, comparable periods revised to reflect adoption of LDTI

•Net income available to RGA shareholders of $3.72 per diluted share, including adverse foreign currency effects of $0.14 per diluted share

•Adjusted operating income* of $5.16 per diluted share, including adverse foreign currency effects of $0.18 per diluted share

•Premium growth of 7.3% over the prior-year quarter, 10.8% on a constant currency basis1

•ROE of 7.8%, adjusted operating ROE* of 11.2%, and adjusted operating ROE excluding notable items*2 of 13.1% for the trailing twelve months

•Deployed capital of $194 million into in-force and other transactions

•Total shareholder capital returns of $103 million: $50 million of share repurchases and $53 million of shareholder dividends

1 Actual amounts reflect impact of currency fluctuations. Constant currency amounts reflect foreign denominated activity translated to U.S. dollars at a constant exchange rate.

2 There were no notable items in the first quarter of 2023. Notable items include actuarial assumption changes on business subject to LDTI; Assumption changes reflect the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses” in the income statement.

ST. LOUIS, May 4, 2023 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported first quarter net income available to RGA shareholders of $252 million, or $3.72 per diluted share, compared with $197 million, or $2.91 per diluted share, in the prior-year quarter. Adjusted operating income* for the first quarter totaled $349 million, or $5.16 per diluted share, compared with $283 million, or $4.18 per diluted share, the year before. Net foreign currency fluctuations had an adverse effect of $0.14 per diluted share on net income available to RGA shareholders and $0.18 per diluted share on adjusted operating income as compared with the prior year.

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Quarterly Results
($ in millions, except per share data) 2023 2022
Net premiums $ 3,385 $ 3,155
Net income available to RGA shareholders 252 197
Net income available to RGA shareholders per diluted share 3.72 2.91
Adjusted operating income* 349 283
Adjusted operating income excluding notable items * 349 283
Adjusted operating income per diluted share* 5.16 4.18
Book value per share 114.60 118.62
Book value per share, excluding accumulated other comprehensive income (AOCI)* 136.56 131.44
Total assets 89,120 90,288
* See ‘Use of Non-GAAP Financial Measures’ below
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In the first quarter, consolidated net premiums totaled $3.4 billion, an increase of 7.3% over the 2022 first quarter, with an adverse net foreign currency effect of $112 million. Excluding the net foreign currency effect, consolidated net premiums increased 10.8% in the quarter.

Compared with the year-ago period, excluding spread-based businesses, first quarter investment income decreased 9.2%, reflecting lower variable investment income. Average investment yield decreased to 4.71% in the first quarter from 5.29% in the prior-year period due to lower variable investment income, partially offset by higher yields.

The effective tax rate on pre-tax income was 28.0% for the quarter. The effective tax rate for the quarter was 23.6% on pre-tax adjusted operating income, within the expected range of 23% to 24%.

Anna Manning, Chief Executive Officer, commented, “This was a strong quarter and a good start to the year. In the quarter, many regions and product lines performed very well, and we had another active quarter for in-force and other transactions, including our first U.S. PRT transaction. We are delivering on our strategy, our balance sheet remains strong, and we are well-positioned to add to this positive momentum going forward.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

Quarterly Results
($ in millions) 2023 2022
Net premiums $ 1,615 $ 1,541
Pre-tax income 121 60
Pre-tax adjusted operating income 122 45

Quarterly Results

•Individual Mortality results were favorable overall, reflecting in-force management actions and higher investment income, partially offset by unfavorable large claims experience.

•Individual Health and Group experience was favorable.

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Financial Solutions

Quarterly Results
($ in millions) 2023 2022
Asset-Intensive:
Pre-tax income $ 93 $ 32
Pre-tax adjusted operating income 84 76
Capital Solutions:
Pre-tax income 21 25
Pre-tax adjusted operating income 21 25

Quarterly Results

•Asset-Intensive results reflected favorable investment spreads, including higher yields on floating rate securities.

•Capital Solutions results were in line with expectations.

Canada

Traditional

Quarterly Results
($ in millions) 2023 2022
Net premiums $ 295 $ 304
Pre-tax income 29 15
Pre-tax adjusted operating income 29 15

Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $20 million.

Quarterly Results

•Results were in line with expectations.

•Foreign currency exchange rates had an adverse effect of $2 million on pre-tax income and pre-tax adjusted operating income.

Financial Solutions

Quarterly Results
($ in millions) 2023 2022
Pre-tax income $ 10 $ 9
Pre-tax adjusted operating income 10 9

Quarterly Results

•Results reflected favorable longevity experience.

•Foreign currency exchange rates had an adverse effect of $1 million on pre-tax income and pre-tax adjusted operating income.

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Europe, Middle East and Africa (EMEA)

Traditional

Quarterly Results
($ in millions) 2023 2022
Net premiums $ 438 $ 451
Pre-tax income 27 34
Pre-tax adjusted operating income 27 34

Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $41 million.

Quarterly Results

•Results reflected moderately unfavorable experience, primarily due to estimated claims related to the earthquake in Turkey.

•Foreign currency exchange rates had an adverse effect of $1 million on pre-tax income and pre-tax adjusted operating income.

Financial Solutions

Quarterly Results
($ in millions) 2023 2022
Pre-tax income $ 59 $ 67
Pre-tax adjusted operating income 69 61

Quarterly Results

•Results reflected favorable longevity experience.

•Foreign currency exchange rates had an adverse effect of $6 million on pre-tax income and $7 million on pre-tax adjusted operating income.

Asia Pacific

Traditional

Quarterly Results
($ in millions) 2023 2022
Net premiums $ 662 $ 650
Pre-tax income 79 108
Pre-tax adjusted operating income 79 108

Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $33 million.

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Quarterly Results

•Results reflected favorable overall experience.

•Foreign currency exchange rates had an adverse effect of $3 million on pre-tax income and $2 million on pre-tax adjusted operating income.

Financial Solutions

Quarterly Results
($ in millions) 2023 2022
Net premiums $ 64 $ 43
Pre-tax income (loss) (13) (56)
Pre-tax adjusted operating income 40 21

Quarterly Results

•Results reflected contributions from recent, strong new business growth.

•Foreign currency exchange rates had an immaterial effect on pre-tax income and an adverse effect of $3 million on pre-tax adjusted operating income.

Corporate and Other

Quarterly Results
($ in millions) 2023 2022
Pre-tax income (loss) $ (75) $ (27)
Pre-tax adjusted operating income (loss) (25) (18)

Quarterly Results

•Pre-tax adjusted operating loss was favorable compared to the quarterly average run rate, primarily due to higher investment income.

Dividend Declaration

Effective May 2, 2023, the board of directors declared a regular quarterly dividend of $0.80, payable May 30, 2023, to shareholders of record as of May 16, 2023.

Earnings Conference Call

A conference call to discuss first quarter results will begin at 10 a.m. Eastern Time on Friday, May 5, 2023. Interested parties may access the call by dialing 1-844-481-2753 (412-317-0669 international) and asking to be joined into the Reinsurance Group of America, Incorporated (RGA) call. A live audio webcast of the conference call will be available on the Company’s Investor Relations website at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call.

The Company has posted to its website an earnings presentation and a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, the Company posts periodic reports, press releases and other useful information on its Investor Relations website.

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Use of Non-GAAP Financial Measures

RGA uses a non-GAAP financial measure called adjusted operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that adjusted operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the Company’s continuing operations, primarily because that measure excludes substantially all of the effect of net

investment related gains and losses, as well as changes in the fair value of certain embedded derivatives, and changes in the fair value of contracts that provide market risk benefits. These items can be volatile, primarily due to the credit market and interest rate environment, and are not necessarily indicative of the performance of the Company’s underlying businesses. Additionally, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that management believes are not indicative of the Company’s ongoing operations. The definition of adjusted operating income can vary by company and is not considered a substitute for GAAP net income.

RGA also uses a non-GAAP financial measure called adjusted operating income, excluding notable items. Notable items currently represent the financial impact of RGA's assumption reviews on business subject to LDTI, reflected in future policy benefits remeasurement (gains) losses. In addition, notable items may in the future periods include other items RGA believes may not be indicative of future performance.

RGA uses a non-GAAP financial measure called adjusted operating return on equity excluding notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’ equity excluding year-to-date notable items and AOCI.

Book value per share excluding the impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.

Adjusted operating income per diluted share is a non-GAAP financial measure calculated as adjusted operating income divided by weighted average diluted shares outstanding. Adjusted operating return on equity is a non-GAAP financial measure calculated as adjusted operating income divided by average stockholders’ equity excluding AOCI. Similar to adjusted operating income, management believes these non-GAAP financial measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations, they also serve as a basis for establishing target levels and awards under RGA’s management incentive programs.

Reconciliations from GAAP net income, book value per share, net income per diluted share and average stockholders’ equity are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations website at www.rgare.com in the “Financial Information” section.

About RGA

Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA celebrates its 50th anniversary in 2023. Over the past five decades, RGA has become one of the world’s largest and most respected reinsurers and is listed among Fortune's World’s

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Most Admired Companies. The global organization is guided by a fundamental purpose: to make financial protection accessible to all. RGA is widely recognized for superior risk management and underwriting expertise, innovative product design, and dedicated client focus. RGA serves clients and partners in key markets around the world and has approximately $3.4 trillion of life reinsurance in force and assets of $89.1 billion as of March 31, 2023. To learn more about RGA and its businesses, visit www.rgare.com. Follow RGA on LinkedIn and Facebook.

Cautionary Note Regarding Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance and growth potential of the Company. Forward-looking statements often contain words and phrases such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “pro forma,” “project,” “should,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. Forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.

Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looking statements, include, among others: (1) adverse changes in mortality (whether related to COVID-19 or otherwise), morbidity, lapsation or claims experience, (2) inadequate risk analysis and underwriting, (3) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital and cost of capital, (4) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) requirements to post collateral or make payments due to declines in the market value of assets subject to the Company’s collateral arrangements, (7) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (8) the effect of the Company parent’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, (9) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (10) the impairment of other financial institutions and its effect on the Company’s business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (14) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (18) financial performance of the Company’s clients, (19) the threat of natural disasters, catastrophes, terrorist attacks, pandemics, epidemics or other

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major public health issues anywhere in the world where the Company or its clients do business, (20) competitive factors and competitors’ responses to the Company’s initiatives, (21) development and introduction of new products and distribution opportunities, (22) execution of the Company’s entry into new markets, (23) integration of acquired blocks of business and entities, (24) interruption or failure of the Company’s telecommunication, information technology or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data and intellectual property stored on such systems, (25) adverse developments with respect to litigation, arbitration or regulatory investigations or actions, (26) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (27) changes in laws, regulations, and accounting standards applicable to the Company or its business, including Long Duration Targeted Improvement accounting changes and (28) other risks and uncertainties described in this document and in the Company’s other filings with the Securities and Exchange Commission (“SEC”).

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future, except as required under applicable securities law. For a discussion of these risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, as may be supplemented by Item 1A - “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q and in our other periodic and current reports filed with the SEC.

Investor Contact

Jeff Hopson

Senior Vice President - Investor Relations

(636) 736-2068

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Adjusted Operating Income

(Dollars in millions, except per share data)

(Unaudited) Three Months Ended March 31,
2023 2022
Diluted Earnings Per Share Diluted Earnings Per Share
Net income available to RGA shareholders $ 252 $ 3.72 $ 197 $ 2.91
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net 102 1.52 92 1.37
Market risk benefits remeasurement (gains) losses 11 0.16 (27) (0.40)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses — — 6 0.09
Embedded derivatives:
Included in investment related gains/losses, net (29) (0.43) 26 0.38
Included in interest credited (6) (0.09) (13) (0.19)
Investment (income) loss on unit-linked variable annuities — — 7 0.10
Interest credited on unit-linked variable annuities — — (7) (0.10)
Interest expense on uncertain tax positions — — — —
Other 6 0.09 1 0.01
Uncertain tax positions and other tax related items 12 0.18 1 0.01
Net income attributable to noncontrolling interest 1 0.01 — —
Adjusted operating income 349 5.16 283 4.18
Notable items — — — —
Adjusted operating income excluding notable items $ 349 $ 5.16 $ 283 $ 4.18
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Effective Income Tax Rates

(Dollars in millions)

(Unaudited) Three Months Ended March 31, 2023
Pre-tax Income (Loss) Income Taxes Effective Tax Rate (1)
GAAP income $ 351 $ 98 28.0 %
Reconciliation to adjusted operating income:
Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net 127 25
Market risk benefits remeasurement (gains) losses 14 3
Realized (gains) losses on funds withheld, included in investment income, net of related expenses — —
Embedded derivatives:
Included in investment related gains/losses, net (37) (8)
Included in interest credited (7) (1)
Investment (income) loss on unit-linked variable annuities — —
Interest credited on unit-linked variable annuities — —
Interest expense on uncertain tax positions — —
Other 8 2
Uncertain tax positions and other tax related items — (12)
Adjusted operating income 456 107 23.6 %
Notable items — —
Adjusted operating income excluding notable items $ 456 $ 107

(1)     The Company rounds amounts in the financial statements to millions and calculates the effective tax rate from the underlying whole-dollar amounts. Thus certain amounts may not recalculate based on the numbers due to rounding.

Reconciliation of Consolidated Income before Income Taxes to Pre-tax Adjusted Operating Income

(Dollars in millions)

(Unaudited) Three Months Ended March 31,
2023 2022
Income before income taxes $ 351 $ 267
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net 127 118
Market risk benefits remeasurement (gains) losses 14 (34)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses — 8
Embedded derivatives:
Included in investment related gains/losses, net (37) 33
Included in interest credited (7) (17)
Investment (income) loss on unit-linked variable annuities — 9
Interest credited on unit-linked variable annuities — (9)
Interest expense on uncertain tax positions — —
Other 8 1
Pre-tax adjusted operating income 456 376
Notable items — —
Pre-tax adjusted operating income excluding notable items $ 456 $ 376
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Pre-tax Income to Pre-tax Adjusted Operating Income

(Dollars in millions)

(Unaudited) Three Months Ended March 31, 2023
Pre-tax income (loss) Realized<br>(gains) losses,<br>derivatives<br>and other, net Change in<br>value of<br>embedded<br>derivatives, net Pre-tax adjusted operating<br>income (loss)
U.S. and Latin America:
Traditional $ 121 $ — $ 1 $ 122
Financial Solutions:
Asset-Intensive 93 36 (45) 84
Capital Solutions 21 — — 21
Total U.S. and Latin America 235 36 (44) 227
Canada Traditional 29 — — 29
Canada Financial Solutions 10 — — 10
Total Canada 39 — — 39
EMEA Traditional 27 — — 27
EMEA Financial Solutions 59 10 — 69
Total EMEA 86 10 — 96
Asia Pacific Traditional 79 — — 79
Asia Pacific Financial Solutions (13) 53 — 40
Total Asia Pacific 66 53 — 119
Corporate and Other (75) 50 — (25)
Consolidated $ 351 $ 149 $ (44) $ 456
(Unaudited) Three Months Ended March 31, 2022
--- --- --- --- --- --- --- --- ---
Pre-tax income (loss) Realized<br>(gains) losses,<br>derivatives<br>and other, net Change in<br>value of<br>embedded<br>derivatives, net Pre-tax adjusted <br>operating<br>income (loss)
U.S. and Latin America:
Traditional $ 60 $ — $ (15) $ 45
Financial Solutions:
Asset-Intensive 32 13 31 76
Capital Solutions 25 — — 25
Total U.S. and Latin America 117 13 16 146
Canada Traditional 15 — — 15
Canada Financial Solutions 9 — — 9
Total Canada 24 — — 24
EMEA Traditional 34 — — 34
EMEA Financial Solutions 67 (6) — 61
Total EMEA 101 (6) — 95
Asia Pacific Traditional 108 — — 108
Asia Pacific Financial Solutions (56) 77 — 21
Total Asia Pacific 52 77 — 129
Corporate and Other (27) 9 — (18)
Consolidated $ 267 $ 93 $ 16 $ 376
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In thousands, except per share data)

(Unaudited) Three Months Ended March 31,
2023 2022
Earnings per share from net income (loss):
Basic earnings per share $ 3.77 $ 2.93
Diluted earnings per share $ 3.72 $ 2.91
Diluted earnings per share from adjusted operating income $ 5.16 $ 4.18
Weighted average number of common and common equivalent shares outstanding 67,615 67,649
(Unaudited) At March 31,
--- --- --- --- ---
2023 2022
Treasury shares 18,771 18,323
Common shares outstanding 66,540 66,988
Book value per share outstanding $ 114.60 $ 118.62
Book value per share outstanding, before impact of AOCI $ 136.56 $ 131.44

Reconciliation of Book Value Per Share to Book Value Per Share Excluding AOCI

(Unaudited) At March 31,
2023 2022
Book value per share outstanding $ 114.60 $ 118.62
Less effect of AOCI:
Accumulated currency translation adjustment (1.41) 0.12
Unrealized (depreciation) appreciation of securities (66.02) (0.15)
Effect of updating discount rates on future policy benefits 45.59 (11.87)
Change in instrument-specific credit risk for market risk benefits 0.22 (0.17)
Pension and postretirement benefits (0.34) (0.75)
Book value per share outstanding, before impact of AOCI $ 136.56 $ 131.44
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Reconciliation of Stockholders' Average Equity to Stockholders' Average Equity Excluding AOCI

(Dollars in millions)

(Unaudited)
Trailing Twelve Months Ended March 31, 2023: Average Equity
Stockholders' average equity $ 7,360
Less effect of AOCI:
Accumulated currency translation adjustment (69)
Unrealized (depreciation) appreciation of securities (3,847)
Effect of updating discount rates on future policy benefits 2,421
Change in instrument-specific credit risk for market risk benefits 5
Pension and postretirement benefits (40)
Stockholders' average equity, excluding AOCI 8,890
Year-to-date notable items, net of tax 79
Stockholders' average equity, excluding AOCI and notable items $ 8,969

Reconciliation of Trailing Twelve Months of Consolidated Net Income to Adjusted Operating Income

and Related Return on Equity

(Dollars in millions)

(Unaudited) Return on Equity
Trailing Twelve Months Ended March 31, 2023: Income
Net income available to RGA shareholders $ 572 7.8 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net 363
Change in fair value of embedded derivatives 47
Tax expense on uncertain tax positions and other tax related items 6
Net income attributable to noncontrolling interest 5
Adjusted operating income 993 11.2 %
Notable items after tax 184
Adjusted operating income excluding notable items $ 1,177 13.1 %
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)

(Unaudited) Three Months Ended March 31,
2023 2022
Revenues:
Net premiums $ 3,385 $ 3,155
Investment income, net of related expenses 856 810
Investment related gains (losses), net (77) (139)
Other revenue 87 91
Total revenues 4,251 3,917
Benefits and expenses:
Claims and other policy benefits 3,063 2,871
Future policy benefits remeasurement (gains) losses (26) 58
Market risk benefits remeasurement (gains) losses 14 (34)
Interest credited 215 141
Policy acquisition costs and other insurance expenses 331 344
Other operating expenses 250 227
Interest expense 50 42
Collateral finance and securitization expense 3 1
Total benefits and expenses 3,900 3,650
Income before income taxes 351 267
Provision for income taxes 98 70
Net income 253 197
Net income attributable to noncontrolling interest 1 —
Net income available to RGA shareholders $ 252 $ 197

#

Document

Exhibit 99.2

rgalogospelledoutaa01a13.jpg

Quarterly Financial Supplement

First Quarter 2023

(Unaudited)

World Headquarters Internet Address Contacts
16600 Swingley Ridge Road www.rgare.com Todd C. Larson
Chesterfield, Missouri 63017 U.S.A. Senior Executive Vice President
and Chief Financial Officer
Phone: (636) 736-7000
e-mail: tlarson@rgare.com
Jeff Hopson
Senior Vice President, Investor Relations
Phone: (636) 736-2068
e-mail: jhopson@rgare.com
Current Ratings
--- --- --- ---
Standard & Poor’s A.M. Best Moody’s
Financial Strength Ratings
RGA Reinsurance Company AA- A+ A1
RGA Life Reinsurance Company of Canada AA- A+
RGA International Reinsurance Company dac AA-
RGA Global Reinsurance Company, Ltd. AA-
RGA Reinsurance Company of Australia Limited AA-
RGA Americas Reinsurance Company, Ltd. AA- A+
RGA Worldwide Reinsurance Company, Ltd. AA-
RGA Reinsurance Company (Barbados) Ltd. AA-
RGA Atlantic Reinsurance Company Ltd. AA- A+
Omnilife Insurance Company Limited A+
Aurora National Life Assurance Company A+
Senior Debt Ratings
Reinsurance Group of America, Incorporated A a- Baa1

Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.

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Reinsurance Group of America, Incorporated

1st Quarter 2023

Table of Contents

Page
Non-GAAP Disclosures 1
Consolidated
Financial Highlights 2
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) 3
Consolidated Balance Sheets 5
Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements
U.S. and Latin America Traditional 6
U.S. and Latin America Financial Solutions - Asset-Intensive 8
U.S. and Latin America Financial Solutions - Capital Solutions 11
Canada Traditional 13
Canada Financial Solutions 15
Europe, Middle East and Africa Traditional 17
Europe, Middle East and Africa Financial Solutions 19
Asia Pacific Traditional 21
Asia Pacific Financial Solutions 23
Corporate and Other 25
Summary of Segment GAAP Income 27
Summary of Segment Adjusted Operating Income 28
Investments
Cash and Invested Assets and Investment Income and Yield Summary 29
Fixed Maturity Securities 30
Corporate Fixed Maturity Securities by Industry 31
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities 32
Fixed Maturity Securities Below Amortized Cost 33
Consolidated Investment Related Gains and Losses 35
Appendix
Reconciliations of GAAP to Non-GAAP Measures 36

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Reinsurance Group of America, Incorporated

Non-GAAP Disclosures

This Quarterly Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated (“RGA”) with the SEC. The consolidated financial information herein includes the assets, liabilities, and results of operations of RGA and its subsidiaries.

Non-GAAP Disclosures

RGA uses a non-GAAP financial measure called adjusted operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that adjusted operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the Company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the Company’s underlying businesses. Additionally, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that management believes are not indicative of the Company’s ongoing operations. The definition of adjusted operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to adjusted operating income before income taxes is presented in the appendix.

RGA also uses a non-GAAP financial measure called adjusted operating income, excluding notable items. Notable items currently represent the financial impact of RGA's assumption reviews on business subject to LDTI, reflected in future policy benefits remeasurement (gains) losses. In addition, notable items may in the future periods include other items RGA believes may not be indicative of future performance. A reconciliation of income before income taxes of the operating segments to adjusted operating income, excluding notable items, before income taxes is presented in the appendix.

RGA evaluates its shareholders’ equity and book value per share position excluding the impact of accumulated other comprehensive income (loss) (“AOCI”) since the net unrealized gains or losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent and can fluctuate significantly from period to period.

RGA uses a non-GAAP financial measure called adjusted operating return on equity, which is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Additionally, RGA uses a non-GAAP financial measure called book value per share excluding the impact of AOCI that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments, updated discount rate assumptions on liability for future policy benefits, changes in instrument-specific credit risk associated with market-risk benefit liabilities, and foreign currency translation. A reconciliation of RGA, Inc. shareholders’ equity and book value per share before and after the impact of AOCI is presented in the appendix.

RGA uses a non-GAAP financial measure called adjusted operating return on equity excluding notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’ equity excluding year-to-date notable items and AOCI.

Page 1
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Financial Highlights
Three Months Ended Current Qtr
(USD millions, except in force & per share and shares data) March 31, Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2022 2022 2022 2022 Quarter
Net premiums $ 3,385 $ 3,446 $ 3,247 $ 3,230 $ 3,155 $ 230
Net income (loss) available to RGA's shareholders 252 291 (76) 105 197 55
Adjusted operating income 349 312 16 316 283 66
Adjusted operating income excluding notable items (1) 349 266 263 299 283 66
Return on equity 7.8 % 6.8 % 8.3 % 8.2 % 11.6 % (3.8) %
Adjusted operating return on equity (ex AOCI) 11.2 % 10.5 % 9.2 % 7.2 % 7.1 % 4.1 %
Adjusted operating return on equity (ex AOCI and notable items (1)) 13.1 % 12.5 % 11.7 % 8.6 % 8.7 % 4.4 %
Total assets $ 89,120 $ 84,904 $ 82,819 $ 84,875 $ 90,288 $ (1,168)
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional $ 1,676.8 $ 1,672.2 $ 1,662.7 $ 1,650.5 $ 1,645.1 $ 31.7
U.S. and Latin America Financial Solutions 5.2 5.2 5.3 5.3 5.3 (0.1)
Canada Traditional 469.5 463.6 448.7 477.2 484.5 (15.0)
Europe, Middle East and Africa Traditional 759.6 735.4 671.3 756.4 850.7 (91.1)
Asia Pacific Traditional 508.2 518.6 479.4 486.1 508.4 (0.2)
Asia Pacific Financial Solutions 7.4 5.7 5.2 5.4 (2) 1.1 6.3
Total assumed life reinsurance in force $ 3,426.7 $ 3,400.7 $ 3,272.6 $ 3,380.9 $ 3,495.1 $ (68.4)
Assumed New Business Production (in billions)
U.S. and Latin America Traditional $ 34.1 $ 36.4 $ 37.3 $ 32.7 $ 39.5 $ (5.4)
Canada Traditional 10.8 11.9 10.8 12.8 12.7 (1.9)
Europe, Middle East and Africa Traditional 30.1 35.6 38.2 45.1 50.5 (20.4)
Asia Pacific Traditional 3.9 8.6 14.4 5.7 16.6 (12.7)
Asia Pacific Financial Solutions 1.7 — — — 0.1 1.6
Total assumed new business production $ 80.6 $ 92.5 $ 100.7 $ 96.3 $ 119.4 $ (38.8)
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income (loss) $ 3.77 $ 4.36 $ (1.13) $ 1.57 $ 2.93 $ 0.84
Adjusted operating income (loss) $ 5.22 $ 4.67 $ 0.24 $ 4.71 $ 4.22 $ 1.00
Diluted earnings per share (3)
Net income (loss) $ 3.72 $ 4.30 $ (1.13) $ 1.55 $ 2.91 $ 0.81
Adjusted operating income (loss) $ 5.16 $ 4.60 $ 0.24 $ 4.67 $ 4.18 $ 0.98
Wgt. average common shares outstanding
Basic 66,779 66,748 66,936 66,996 67,104 (325)
Diluted 67,615 67,793 67,663 67,620 67,649 (34)
Common shares issued 85,311 85,311 85,311 85,311 85,311 —
Treasury shares 18,771 18,635 18,484 18,304 18,323 448
Common shares outstanding 66,540 66,676 66,827 67,007 66,988 (448)
Book value per share $ 114.60 $ 106.19 $ 101.08 $ 110.27 $ 118.62 $ (4.02)
Per share effect of AOCI $ (21.96) $ (28.07) $ (29.60) $ (22.15) $ (12.82) $ (9.14)
Book value per share, excluding AOCI $ 136.56 $ 134.26 $ 130.68 $ 132.42 $ 131.44 $ 5.12
Stockholders’ dividends paid $ 53 $ 53 $ 54 $ 49 $ 49 $ 4
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) During the quarter, the Company changed its calculation for assumed life reinsurance in force, resulting in an increase for the quarter.
(3) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.
Page 2
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions) Three Months Ended Current Qtr
March 31, Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2022 2022 2022 2022 Quarter
Revenues:
Net premiums $ 3,385 $ 3,446 $ 3,247 $ 3,230 $ 3,155 $ 230
Net investment income 856 828 769 754 810 46
Investment related gains (losses), net (77) (6) (154) (240) (139) 62
Other revenue 87 89 188 159 91 (4)
Total revenues 4,251 4,357 4,050 3,903 3,917 334
Benefits and expenses:
Claims and other policy benefits 3,063 3,125 3,048 2,938 2,871 192
Future policy benefits remeasurement (gains) losses (26) (11) 226 18 58 (84)
Market risk benefits remeasurement (gains) losses 14 (19) 23 40 (34) 48
Interest credited 215 214 189 138 141 74
Policy acquisition costs and other insurance expenses 331 323 341 336 344 (13)
Other operating expenses 250 289 251 242 227 23
Interest expense 50 54 46 42 42 8
Collateral finance and securitization expense 3 1 3 2 1 2
Total benefits and expenses 3,900 3,976 4,127 3,756 3,650 250
Income (loss) before income taxes 351 381 (77) 147 267 84
Provision for income taxes 98 88 (2) 41 70 28
Net income (loss) 253 293 (75) 106 197 56
Net income attributable to noncontrolling interest 1 2 1 1 — 1
Net income (loss) available to RGA's shareholders $ 252 $ 291 $ (76) $ 105 $ 197 $ 55
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes $ 351 $ 381 $ (77) $ 147 $ 267 $ 84
Investment and derivative (gains) losses (1) 127 (46) 152 201 118 9
Market risk benefits remeasurement (gains) losses 14 (19) 23 40 (34) 48
Change in fair value of funds withheld embedded derivatives (1) (37) 67 17 56 33 (70)
Funds withheld (gains) losses - investment income — 2 4 10 8 (8)
EIA embedded derivatives - interest credited (7) 1 (10) (27) (17) 10
Investment (income) loss on unit-linked variable annuities — 2 5 8 9 (9)
Interest credited on unit-linked variable annuities — (2) (5) (8) (9) 9
Interest expense on uncertain tax positions — — — — — —
Other 8 1 (71) (11) 1 7
Adjusted operating income before income taxes 456 387 38 416 376 80
Notable items (2) — (61) 326 (23) — —
Adjusted operating income before income taxes excluding notable items $ 456 $ 326 $ 364 $ 393 $ 376 $ 80
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
Page 3
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions) Three Months Ended Current Qtr
March 31, Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2022 2022 2022 2022 Quarter
After-tax adjusted operating income reconciliation:
GAAP net income (loss) attributable to RGA $ 252 $ 291 $ (76) $ 105 $ 197 $ 55
Investment and derivative (gains) losses (1) 102 (14) 120 154 92 10
Market risk benefits remeasurement (gains) losses 11 (15) 18 32 (27) 38
Change in fair value of funds withheld embedded derivatives (1) (29) 53 14 44 26 (55)
Funds withheld (gains) losses - investment income — 2 3 8 6 (6)
EIA embedded derivatives - interest credited (6) 1 (8) (22) (13) 7
Investment (income) loss on unit-linked variable annuities — 2 4 6 7 (7)
Interest credited on unit-linked variable annuities — (2) (4) (6) (7) 7
Interest expense on uncertain tax positions — — — — — —
Other 6 1 (56) (9) 1 5
Uncertain tax positions and other tax related items 12 (9) — 3 1 11
Net income attributable to noncontrolling interest 1 2 1 1 — 1
Adjusted operating income 349 312 16 316 283 66
Notable items (2) — (46) 247 (17) — —
Adjusted operating income excluding notable items $ 349 $ 266 $ 263 $ 299 $ 283 $ 66
Diluted earnings per share - adjusted operating income (loss) (3) $ 5.16 $ 4.60 $ 0.24 $ 4.67 $ 4.18 $ 0.98
Diluted earnings per share - adjusted operating income (loss) excluding notable items (3) $ 5.16 $ 3.91 $ 3.92 $ 4.41 $ 4.18 $ 0.98
Foreign currency effect on (4):
Net premiums $ (112) $ (164) $ (160) $ (119) $ (47) $ (65)
Adjusted operating income (loss) before income taxes $ (16) $ (18) $ (11) $ (16) $ (3) $ (13)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.
(4) Compared to comparable prior year period.
Page 4
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Consolidated Balance Sheets
( millions)
Dec. 31, Sept. 30, June 30, March 31,
2022 2022 2022 2022
Assets
Fixed maturity securities available-for-sale, at fair value 56,085 $ 52,901 $ 50,495 $ 53,294 $ 57,922
Equity securities, at fair value 134 137 127 139
Mortgage loans 6,590 6,558 6,544 6,535
Policy loans 1,231 1,202 1,218 1,221
Funds withheld at interest 6,003 6,177 6,393 6,737
Limited partnerships and real estate joint ventures 2,327 2,197 2,074 1,943
Short-term investments 154 225 272 315
Other invested assets 1,140 1,049 1,036 1,090
Total investments 70,480 68,040 70,958 75,902
Cash and cash equivalents 2,927 3,512 2,556 2,709
Accrued investment income 630 628 572 578
Premiums receivable and other reinsurance balances 3,013 2,820 2,884 2,882
Reinsurance ceded receivables and other 2,671 2,650 2,829 3,015
Deferred policy acquisition costs 4,128 4,004 3,935 3,906
Other assets 1,055 1,165 1,141 1,296
Total assets 89,120 $ 84,904 $ 82,819 $ 84,875 $ 90,288
Liabilities and equity
Future policy benefits 38,222 $ 35,689 $ 33,724 $ 37,028 $ 42,406
Interest-sensitive contract liabilities 30,342 30,043 28,762 27,836
Market risk benefits, at fair value 247 259 271 233
Other policy claims and benefits 2,480 2,366 2,447 2,557
Other reinsurance balances 725 889 557 540
Deferred income taxes 1,383 1,350 1,383 1,480
Other liabilities 2,906 3,136 3,129 3,366
Long-term debt 3,961 4,207 3,667 3,667
Collateral finance and securitization notes — — 152 166
Total liabilities 77,733 75,974 77,396 82,251
Equity:
Common stock, at par value 1 1 1 1
Additional paid-in-capital 2,502 2,493 2,478 2,465
Retained earnings 8,169 7,936 8,067 8,014
Treasury stock (1,720) (1,697) (1,673) (1,675)
Accumulated other comprehensive income (loss), net of taxes (AOCI):
Accumulated currency translation adjustment (116) (147) 3 8
Unrealized (depreciation) appreciation of securities (5,496) (5,788) (3,549) (10)
Effect of updating discount rates on future policy benefits 3,755 3,989 2,122 (795)
Change in instrument-specific credit risk for market risk benefits 13 19 (9) (11)
Pension and postretirement benefits (27) (51) (51) (50)
Total RGA, Inc. stockholders’ equity 7,081 6,755 7,389 7,947
Noncontrolling interest 90 90 90 90
Total equity 7,171 6,845 7,479 8,037
Total liabilities and equity 89,120 $ 84,904 $ 82,819 $ 84,875 $ 90,288
Total RGA, Inc. stockholders’ equity, excluding AOCI 9,087 $ 8,952 $ 8,733 $ 8,873 $ 8,805
See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.

All values are in US Dollars.

Page 5
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Traditional
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net premiums 1,615 $ 1,778 $ 1,640 $ 1,631 $ 1,541 $ 74
Net investment income 224 201 186 289 (96)
Investment related gains (losses), net 6 8 19 15 (16)
Other revenue 5 6 10 6 (1)
Total revenues 2,013 1,855 1,846 1,851 (39)
Benefits and expenses:
Claims and other policy benefits 1,642 1,520 1,524 1,447 —
Future policy benefits remeasurement (gains) losses 10 160 (11) 103 (96)
Interest credited 17 18 17 17 1
Policy acquisition costs and other insurance expenses 178 182 181 181 (6)
Other operating expenses 52 44 45 43 1
Total benefits and expenses 1,899 1,924 1,756 1,791 (100)
Income (loss) before income taxes 121 $ 114 $ (69) $ 90 $ 60 $ 61
Loss and expense ratios:
Loss ratio (1) % 92.9 % 102.4 % 92.8 % 100.6 % (10.6) %
Policy acquisition costs and other insurance expenses % 10.0 % 11.1 % 11.1 % 11.7 % (0.9) %
Other operating expenses % 2.9 % 2.7 % 2.8 % 2.8 % (0.1) %
Foreign currency effect on (2):
Net premiums 2 $ 1 $ — $ 1 $ — $ 2
Income (loss) before income taxes — $ — $ — $ — $ — $ —
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 6
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net premiums 1,615 $ 1,778 $ 1,640 $ 1,631 $ 1,541 $ 74
Net investment income 224 201 186 289 (96)
Other revenue 5 6 10 6 (1)
Total revenues 2,007 1,847 1,827 1,836 (23)
Benefits and expenses:
Claims and other policy benefits 1,642 1,520 1,524 1,447 —
Future policy benefits remeasurement (gains) losses 10 160 (11) 103 (96)
Interest credited 17 18 17 17 1
Policy acquisition costs and other insurance expenses 178 182 181 181 (6)
Other operating expenses 52 44 45 43 1
Total benefits and expenses 1,899 1,924 1,756 1,791 (100)
Adjusted operating income (loss) before notable items and income taxes 108 (77) 71 45 77
Notable items (1) — 170 — — —
Adjusted operating income (loss) excluding notable items, before income taxes 122 $ 108 $ 93 $ 71 $ 45 $ 77
Loss and expense ratios:
Loss ratio (2) % 92.9 % 102.4 % 92.8 % 100.6 % (10.6) %
Policy acquisition costs and other insurance expenses % 10.0 % 11.1 % 11.1 % 11.7 % (0.9) %
Other operating expenses % 2.9 % 2.7 % 2.8 % 2.8 % (0.1) %
Foreign currency effect on (3):
Net premiums 2 $ 1 $ — $ 1 $ — $ 2
Adjusted operating income (loss) before income taxes — $ — $ — $ — $ — $ —
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 7
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net premiums 163 $ 24 $ 13 $ 14 $ 15 $ 148
Net investment income 287 265 246 256 24
Investment related gains (losses), net (128) (41) (80) (93) 113
Other revenue 25 29 31 26 (1)
Total revenues 208 266 211 204 284
Benefits and expenses:
Claims and other policy benefits 52 41 43 69 130
Future policy benefits remeasurement (gains) losses (2) (5) (1) (20) 16
Market risk benefits remeasurement (gains) losses (19) 23 40 (34) 48
Interest credited 148 130 101 107 22
Policy acquisition costs and other insurance expenses 47 36 45 41 5
Other operating expenses 14 11 12 9 2
Total benefits and expenses 240 236 240 172 223
Income (loss) before income taxes 93 $ (32) $ 30 $ (29) $ 32 $ 61
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 8
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Asset-Intensive
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net premiums 163 $ 24 $ 13 $ 14 $ 15 $ 148
Net investment income 286 264 250 258 18
Other revenue 25 29 31 26 (1)
Total revenues 335 306 295 299 165
Benefits and expenses:
Claims and other policy benefits 52 41 43 69 130
Future policy benefits remeasurement (gains) losses (2) (5) (1) (20) 16
Interest credited 147 140 128 124 12
Policy acquisition costs and other insurance expenses 47 36 45 41 (3)
Other operating expenses 14 11 12 9 2
Total benefits and expenses 258 223 227 223 157
Adjusted operating income (loss) before notable items and income taxes 77 83 68 76 8
Notable items (1) — (3) — — —
Adjusted operating income (loss) excluding notable items, before income taxes 84 $ 77 $ 80 $ 68 $ 76 $ 8
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 9
Reinsurance Group of America, Incorporated
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U.S. and Latin America Financial Solutions - Asset-Intensive
(Continued)
Three Months Ended
(USD millions, shown net of reinsurance ceded) March 31, Dec. 31, Sept. 30, June 30, March 31,
2023 2022 2022 2022 2022
Policyholder account balances
Fixed annuities (deferred) $ 11,699 $ 12,046 $ 12,257 $ 11,952 $ 11,555
Equity-indexed annuities $ 2,701 $ 2,817 $ 2,919 $ 2,978 $ 3,038
Bank-owned life insurance (BOLI) $ 2,505 $ 2,500 $ 2,508 $ 2,505 $ 2,499
Other policyholder account balances $ 75 $ 75 $ 76 $ 76 $ 79
Variable annuities account balances
No riders $ 598 $ 672 $ 642 $ 705 $ 786
GMDB only 734 771 802 811 891
GMIB only 16 20 19 20 23
GMAB only 2 2 2 2 3
GMWB only 866 863 833 916 1,035
GMDB / WB 168 165 158 174 240
Other 12 15 15 16 18
Total variable annuities account balances $ 2,396 $ 2,508 $ 2,471 $ 2,644 $ 2,996
Interest-sensitive contract liabilities not associated with policyholder account balances:
Guaranteed investment contracts, funding agreements and immediate annuities $ 828 $ 848 $ 866 $ 961 $ 912
Future policy benefits (at original discount rate) associated with:
Payout annuities $ 4,231 $ 4,153 $ 4,208 $ 4,269 $ 4,322
Other future policy benefits $ 58 $ 59 $ 59 $ 60 $ 61
Liability for market risk benefits:
Equity-indexed annuities $ 144 $ 132 $ 90 $ 106 $ 107
Variable annuities (liability) $ 117 $ 115 $ 168 $ 166 $ 126
Variable annuities (asset) $ 2 $ — $ — $ — $ —
Net interest spread (1) 1.2 % 1.2 % 1.0 % 1.0 % 1.3 %
(1) Net interest spread for Asset-Intensive is calculated as net investment income less interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents.
Page 10
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net investment income 1 $ 1 $ 2 $ 1 $ 1 $ —
Other revenue 26 24 74 28 (2)
Total revenues 27 26 75 29 (2)
Benefits and expenses:
Policy acquisition costs and other insurance expenses — (1) 1 1 1
Other operating expenses 3 4 2 3 1
Total benefits and expenses 3 3 3 4 2
Income before income taxes 21 $ 24 $ 23 $ 72 $ 25 $ (4)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 11
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Capital Solutions
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net investment income 1 $ 1 $ 2 $ 1 $ 1 $ —
Other revenue 26 24 74 28 (2)
Total revenues 27 26 75 29 (2)
Benefits and expenses:
Policy acquisition costs and other insurance expenses — (1) 1 1 1
Other operating expenses 3 4 2 3 1
Total benefits and expenses 3 3 3 4 2
Adjusted operating income (loss) before notable items and income taxes 21 $ 24 $ 23 $ 72 $ 25 $ (4)
Notable items (1) — — — — —
Adjusted operating income (loss) excluding notable items, before income taxes 21 $ 24 $ 23 $ 72 $ 25 $ (4)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 12
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Traditional
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net premiums 295 $ 308 $ 293 $ 314 $ 304 $ (9)
Net investment income 66 64 62 58 3
Investment related gains (losses), net 5 2 (6) 1 1
Other revenue 1 — 1 2 (1)
Total revenues 380 359 371 365 (6)
Benefits and expenses:
Claims and other policy benefits 285 272 285 287 (17)
Future policy benefits remeasurement (gains) losses (10) 9 (2) 1 2
Policy acquisition costs and other insurance expenses 44 56 51 52 (7)
Other operating expenses 11 10 10 10 2
Total benefits and expenses 330 347 344 350 (20)
Income before income taxes 29 $ 50 $ 12 $ 27 $ 15 $ 14
Loss and expense ratios:
Loss ratio (1) % 89.3 % 95.9 % 90.1 % 94.7 % (2.2) %
Policy acquisition costs and other insurance expenses % 14.3 % 19.1 % 16.2 % 17.1 % (1.8) %
Other operating expenses % 3.6 % 3.4 % 3.2 % 3.3 % 0.8 %
Foreign currency effect on (2):
Net premiums (20) $ (23) $ (11) $ (13) $ — $ (20)
Income before income taxes (2) $ (3) $ — $ (1) $ — $ (2)
Creditor reinsurance net premiums 18 $ 17 $ 18 $ 20 $ 18 $ 0
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 13
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net premiums 295 $ 308 $ 293 $ 314 $ 304 $ (9)
Net investment income 67 65 62 58 4
Investment related gains, net 1 1 1 1 —
Other revenue 1 — 1 2 (1)
Total revenues 377 359 378 365 (6)
Benefits and expenses:
Claims and other policy benefits 285 272 285 287 (17)
Future policy benefits remeasurement (gains) losses (10) 9 (2) 1 2
Policy acquisition costs and other insurance expenses 44 56 51 52 (7)
Other operating expenses 11 10 10 10 2
Total benefits and expenses 330 347 344 350 (20)
Adjusted operating income before notable items and income taxes 47 12 34 15 14
Notable items (1) (5) 6 — — —
Adjusted operating income excluding notable items, before income taxes 29 $ 42 $ 18 $ 34 $ 15 $ 14
Loss and expense ratios:
Loss ratio (2) % 89.3 % 95.9 % 90.1 % 94.7 % (2.2) %
Policy acquisition costs and other insurance expenses % 14.3 % 19.1 % 16.2 % 17.1 % (1.8) %
Other operating expenses % 3.6 % 3.4 % 3.2 % 3.3 % 0.8 %
Foreign currency effect on (3):
Net premiums (20) $ (23) $ (11) $ (13) $ — $ (20)
Adjusted operating income before income taxes (2) $ (3) $ — $ (1) $ — $ (2)
Creditor reinsurance net premiums 18 $ 17 $ 18 $ 20 $ 18 $ —
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 14
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Canada Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net premiums 23 $ 23 $ 24 $ 25 $ 23 $ —
Net investment income 1 1 2 1 —
Other revenue 4 2 2 2 1
Total revenues 28 27 29 26 1
Benefits and expenses:
Claims and other policy benefits 20 22 23 21 —
Future policy benefits remeasurement (gains) losses (3) (2) (2) (5) —
Policy acquisition costs and other insurance expenses 1 — — 1 —
Other operating expenses 1 1 1 — —
Total benefits and expenses 19 21 22 17 —
Income before income taxes 10 $ 9 $ 6 $ 7 $ 9 $ 1
Foreign currency effect on (2):
Net premiums (1) $ (2) $ (1) $ (1) $ — $ (1)
Income before income taxes (1) $ — $ (1) $ — $ — $ (1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 15
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Canada Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net premiums 23 $ 23 $ 24 $ 25 $ 23 $ —
Net investment income 1 1 2 1 —
Other revenue 4 2 2 2 1
Total revenues 28 27 29 26 1
Benefits and expenses:
Claims and other policy benefits 20 22 23 21 —
Future policy benefits remeasurement (gains) losses (3) (2) (2) (5) —
Policy acquisition costs and other insurance expenses 1 — — 1 —
Other operating expenses 1 1 1 — —
Total benefits and expenses 19 21 22 17 —
Adjusted operating income before notable items and income taxes 9 6 7 9 1
Notable items (2) — — — — —
Adjusted operating income excluding notable items, before income taxes 10 $ 9 $ 6 $ 7 $ 9 $ 1
Foreign currency effect on (3):
Net premiums (1) $ (2) $ (1) $ (1) $ — $ (1)
Adjusted operating income before income taxes (1) $ — $ (1) $ — $ — $ (1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 16
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Traditional
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net premiums 438 $ 422 $ 436 $ 427 $ 451 $ (13)
Net investment income 21 18 18 19 4
Other revenue 3 2 (2) 3 (4)
Total revenues 446 456 443 473 (13)
Benefits and expenses:
Claims and other policy benefits 404 409 377 396 (6)
Future policy benefits remeasurement (gains) losses (10) (7) 13 (11) 3
Policy acquisition costs and other insurance expenses 16 19 20 22 (4)
Other operating expenses 33 30 29 32 1
Total benefits and expenses 443 451 439 439 (6)
Income (loss) before income taxes 27 $ 3 $ 5 $ 4 $ 34 $ (7)
Loss and expense ratios:
Loss ratio (1) % 93.4 % 92.2 % 91.3 % 85.4 % 1.8 %
Policy acquisition costs and other insurance expenses % 3.8 % 4.4 % 4.7 % 4.9 % (0.8) %
Other operating expenses % 7.8 % 6.9 % 6.8 % 7.1 % 0.4 %
Foreign currency effect on (2):
Net premiums (41) $ (53) $ (68) $ (46) $ (16) $ (25)
Income (loss) before income taxes (1) $ — $ — $ (2) $ (1) $ —
Critical illness net premiums 33 $ 33 $ 41 $ 36 $ 39 $ (6)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 17
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net premiums 438 $ 422 $ 436 $ 427 $ 451 $ (13)
Net investment income 21 18 18 19 4
Other revenue 3 2 (2) 3 (4)
Total revenues 446 456 443 473 (13)
Benefits and expenses:
Claims and other policy benefits 404 409 377 396 (6)
Future policy benefits remeasurement (gains) losses (10) (7) 13 (11) 3
Policy acquisition costs and other insurance expenses 16 19 20 22 (4)
Other operating expenses 33 30 29 32 1
Total benefits and expenses 443 451 439 439 (6)
Adjusted operating income before notable items and income taxes 3 5 4 34 (7)
Notable items (1) — 13 — — —
Adjusted operating income excluding notable items, before income taxes 27 $ 3 $ 18 $ 4 $ 34 $ (7)
Loss and expense ratios:
Loss ratio (2) % 93.4 % 92.2 % 91.3 % 85.4 % 1.8 %
Policy acquisition costs and other insurance expenses % 3.8 % 4.4 % 4.7 % 4.9 % (0.8) %
Other operating expenses % 7.8 % 6.9 % 6.8 % 7.1 % 0.4 %
Foreign currency effect on (3):
Net premiums (41) $ (53) $ (68) $ (46) $ (16) $ (25)
Adjusted operating income (loss) before income taxes (1) $ — $ — $ (2) $ (1) $ —
Critical illness net premiums 33 $ 33 $ 41 $ 36 $ 39 $ (6)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 18
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net premiums 125 $ 127 $ 112 $ 119 $ 128 $ (3)
Net investment income 44 37 34 36 10
Investment related gains (losses), net (11) (9) (22) 16 (22)
Other revenue 6 2 4 3 1
Total revenues 166 142 135 183 (14)
Benefits and expenses:
Claims and other policy benefits 106 97 107 118 (14)
Future policy benefits remeasurement (gains) losses (12) 3 (4) (8) (1)
Interest credited (2) (5) (8) (9) 9
Policy acquisition costs and other insurance expenses 2 2 1 2 —
Other operating expenses 16 11 14 13 —
Total benefits and expenses 110 108 110 116 (6)
Income before income taxes 59 $ 56 $ 34 $ 25 $ 67 $ (8)
Foreign currency effect on (2):
Net premiums (12) $ (17) $ (20) $ (14) $ (5) $ (7)
Income before income taxes (6) $ (4) $ (7) $ (4) $ (2) $ (4)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 19
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net premiums 125 $ 127 $ 112 $ 119 $ 128 $ (3)
Net investment income 48 46 48 51 (2)
Investment related gains (losses), net 4 5 5 4 (3)
Other revenue 6 2 4 3 1
Total revenues 185 165 176 186 (7)
Benefits and expenses:
Claims and other policy benefits 106 97 107 118 (14)
Future policy benefits remeasurement (gains) losses (12) 3 (4) (8) (1)
Interest credited — — — — —
Policy acquisition costs and other insurance expenses 2 2 1 2 —
Other operating expenses 16 11 14 13 —
Total benefits and expenses 112 113 118 125 (15)
Adjusted operating income before notable items and income taxes 73 52 58 61 8
Notable items (2) (14) — — — —
Adjusted operating income excluding notable items, before income taxes 69 $ 59 $ 52 $ 58 $ 61 $ 8
Foreign currency effect on (3):
Net premiums (12) $ (17) $ (20) $ (14) $ (5) $ (7)
Adjusted operating income before income taxes (7) $ (6) $ (11) $ (8) $ (2) $ (5)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 20
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Traditional
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net premiums 662 $ 700 $ 660 $ 640 $ 650 $ 12
Net investment income 55 51 46 47 14
Investment related gains (losses), net 3 4 5 — 3
Other revenue — 5 10 6 (3)
Total revenues 758 720 701 703 26
Benefits and expenses:
Claims and other policy benefits 548 627 523 494 69
Future policy benefits remeasurement (gains) losses 9 68 25 (2) (7)
Policy acquisition costs and other insurance expenses 44 47 45 54 (8)
Other operating expenses 57 51 49 49 1
Total benefits and expenses 658 793 642 595 55
Income (loss) before income taxes 79 $ 100 $ (73) $ 59 $ 108 $ (29)
Loss and expense ratios:
Loss ratio (1) % 79.6 % 105.3 % 85.6 % 75.7 % 8.0 %
Policy acquisition costs and other insurance expenses % 6.3 % 7.1 % 7.0 % 8.3 % (1.4) %
Other operating expenses % 8.1 % 7.7 % 7.7 % 7.5 % 0.1 %
Foreign currency effect on (2):
Net premiums (33) $ (61) $ (50) $ (38) $ (23) $ (10)
Income (loss) before income taxes (3) $ (6) $ 6 $ (3) $ 2 $ (5)
Critical illness net premiums 299 $ 324 $ 296 $ 301 $ 295 $ 4
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 21
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net premiums 662 $ 700 $ 660 $ 640 $ 650 $ 12
Net investment income 55 51 46 47 14
Investment related gains (losses), net 3 4 5 — 3
Other revenue — 5 10 6 (3)
Total revenues 758 720 701 703 26
Benefits and expenses:
Claims and other policy benefits 548 627 523 494 69
Future policy benefits remeasurement (gains) losses 9 68 25 (2) (7)
Policy acquisition costs and other insurance expenses 44 47 45 54 (8)
Other operating expenses 57 51 49 49 1
Total benefits and expenses 658 793 642 595 55
Adjusted operating income before notable items and income taxes 100 (73) 59 108 (29)
Notable items (1) (42) 140 (23) — —
Adjusted operating income excluding notable items, before income taxes 79 $ 58 $ 67 $ 36 $ 108 $ (29)
Loss and expense ratios:
Loss ratio (2) % 79.6 % 105.3 % 85.6 % 75.7 % 8.0 %
Policy acquisition costs and other insurance expenses % 6.3 % 7.1 % 7.0 % 8.3 % (1.4) %
Other operating expenses % 8.1 % 7.7 % 7.7 % 7.5 % 0.1 %
Foreign currency effect on (3):
Net premiums (33) $ (61) $ (50) $ (38) $ (23) $ (10)
Adjusted operating income (loss) before income taxes (2) $ (6) $ 6 $ (3) $ 2 $ (4)
Critical illness net premiums 299 $ 324 $ 296 $ 301 $ 295 $ 4
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 22
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net premiums 64 $ 64 $ 69 $ 60 $ 43 $ 21
Net investment income 94 77 55 44 64
Investment related gains (losses), net 83 (94) (113) (81) 30
Other revenue — 119 41 14 (4)
Total revenues 241 171 43 20 111
Benefits and expenses:
Claims and other policy benefits 68 60 56 39 30
Future policy benefits remeasurement (gains) losses 7 — — — (1)
Interest credited 39 38 22 20 34
Policy acquisition costs and other insurance expenses 12 21 15 12 4
Other operating expenses 6 5 4 5 1
Total benefits and expenses 132 124 97 76 68
Income (loss) before income taxes (13) $ 109 $ 47 $ (54) $ (56) $ 43
Foreign currency effect on (2):
Net premiums (7) $ (9) $ (10) $ (8) $ (3) $ (4)
Income (loss) before income taxes — $ (17) $ 11 $ 15 $ 5 $ (5)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 23
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net premiums 64 $ 64 $ 69 $ 60 $ 43 $ 21
Net investment income 94 77 55 44 64
Investment related gains, net 5 3 5 4 —
Other revenue 7 37 17 6 2
Total revenues 170 186 137 97 87
Benefits and expenses:
Claims and other policy benefits 68 60 56 39 30
Future policy benefits remeasurement (gains) losses 7 — — — (1)
Interest credited 39 38 22 20 34
Policy acquisition costs and other insurance expenses 12 21 15 12 4
Other operating expenses 6 5 4 5 1
Total benefits and expenses 132 124 97 76 68
Adjusted operating income before notable items and income taxes 38 62 40 21 19
Notable items (2) — — — — —
Adjusted operating income excluding notable items, before income taxes 40 $ 38 $ 62 $ 40 $ 21 $ 19
Foreign currency effect on (3):
Net premiums (7) $ (9) $ (10) $ (8) $ (3) $ (4)
Adjusted operating income before income taxes (3) $ (3) $ (6) $ (3) $ (2) $ (1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 24
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Corporate and Other
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net investment income 82 $ 35 $ 53 $ 104 $ 59 $ 23
Investment related gains (losses), net 36 (24) (43) 3 (47)
Other revenue 19 (1) (12) 1 10
Total revenues 90 28 49 63 (14)
Benefits and expenses:
Interest credited 12 8 6 6 8
Policy acquisition costs and other insurance income (21) (21) (23) (22) 2
Other operating expenses 96 84 76 63 14
Interest expense 54 46 42 42 8
Collateral finance and securitization expense 1 3 2 1 2
Total benefits and expenses 142 120 103 90 34
Income (loss) before income taxes (75) $ (52) $ (92) $ (54) $ (27) $ (48)
Foreign currency effect on (1):
Income (loss) before income taxes — $ (7) $ 3 $ 1 $ — $ —
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 25
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Corporate and Other
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Revenues:
Net investment income 82 $ 35 $ 53 $ 104 $ 59 $ 23
Investment related gains, net 2 2 1 3 1
Other revenue 13 10 1 10 3
Total revenues 50 65 106 72 27
Benefits and expenses:
Interest credited 12 8 6 6 8
Policy acquisition costs and other insurance income (21) (21) (23) (22) 2
Other operating expenses 96 84 76 63 14
Interest expense 54 46 42 42 8
Collateral finance and securitization expense 1 3 2 1 2
Total benefits and expenses 142 120 103 90 34
Adjusted operating income before notable items and income taxes (92) (55) 3 (18) (7)
Notable items (1) — — — — —
Adjusted operating income excluding notable items, before income taxes (25) $ (92) $ (55) $ 3 $ (18) $ (7)
Foreign currency effect on (2):
Adjusted operating income (loss) before income taxes — $ — $ 1 $ 1 $ — $ —
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 26
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Summary of Segment GAAP Income
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
U.S. and Latin America:
Traditional 121 $ 114 $ (69) $ 90 $ 60 $ 61
Financial Solutions:
Asset Intensive (32) 30 (29) 32 61
Capital Solutions 24 23 72 25 (4)
Total U.S. and Latin America 106 (16) 133 117 118
Canada:
Traditional 50 12 27 15 14
Financial Solutions 9 6 7 9 1
Total Canada 59 18 34 24 15
Europe, Middle East and Africa:
Traditional 3 5 4 34 (7)
Financial Solutions 56 34 25 67 (8)
Total Europe, Middle East and Africa 59 39 29 101 (15)
Asia Pacific:
Traditional 100 (73) 59 108 (29)
Financial Solutions 109 47 (54) (56) 43
Total Asia Pacific 209 (26) 5 52 14
Corporate and Other (52) (92) (54) (27) (48)
Consolidated income (loss) before income taxes 351 $ 381 $ (77) $ 147 $ 267 $ 84
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 27
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Summary of Segment Adjusted Operating Income
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
U.S. and Latin America:
Traditional 122 $ 108 $ (77) $ 71 $ 45 $ 77
Financial Solutions:
Asset Intensive 77 83 68 76 8
Capital Solutions 24 23 72 25 (4)
Total U.S. and Latin America 209 29 211 146 81
Canada:
Traditional 47 12 34 15 14
Financial Solutions 9 6 7 9 1
Total Canada 56 18 41 24 15
Europe, Middle East and Africa:
Traditional 3 5 4 34 (7)
Financial Solutions 73 52 58 61 8
Total Europe, Middle East and Africa 76 57 62 95 1
Asia Pacific:
Traditional 100 (73) 59 108 (29)
Financial Solutions 38 62 40 21 19
Total Asia Pacific 138 (11) 99 129 (10)
Corporate and Other (92) (55) 3 (18) (7)
Consolidated adjusted operating income (loss) before income taxes 387 38 416 376 80
Notable items (1) (61) 326 (23) — —
Consolidated adjusted operating income (loss) excluding notable items before income taxes 456 $ 326 $ 364 $ 393 $ 376 $ 80
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 28
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Cash and Invested Assets
Dec. 31, Sept. 30, June 30, March 31,
2022 2022 2022 2022
Fixed maturity securities, available-for-sale (1) 56,085 $ 52,901 $ 50,495 $ 53,294 $ 57,922
Equity securities 134 137 127 139
Mortgage loans 6,590 6,558 6,544 6,535
Policy loans 1,231 1,202 1,218 1,221
Funds withheld at interest 6,003 6,177 6,393 6,737
Limited partnerships and real estate joint ventures 2,327 2,197 2,074 1,943
Short-term investments 154 225 272 315
Other invested assets 1,140 1,049 1,036 1,090
Cash and cash equivalents 2,927 3,512 2,556 2,709
Total cash and invested assets 77,309 $ 73,407 $ 71,552 $ 73,514 $ 78,611
(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), Japanese government and agencies ("Japanese government"), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).

All values are in US Dollars.

Investment Income and Yield Summary
Three Months Ended Current Qtr
March 31, Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2022 2022 2022 2022 Quarter
Average invested assets at amortized cost (1) $ 35,863 $ 35,300 $ 34,579 $ 34,859 $ 35,271 $ 592
Net investment income (1) $ 415 $ 386 $ 374 $ 397 $ 457 $ (42)
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1) 4.71 % 4.45 % 4.40 % 4.63 % 5.29 % (58) bps
Variable investment income ("VII") (included in net investment income) (1) $ 39 $ 42 $ 38 $ 70 $ 141 $ (102)
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) (1) 4.45 % 4.14 % 4.12 % 3.96 % 3.80 % 65 bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
Page 29
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Fixed Maturity Securities
Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate 39,621 $ 69 $ 255 $ 4,330 $ 35,477 63.3 %
Canadian government — 455 45 3,755 6.7 %
Japanese government — 9 315 3,443 6.1 %
ABS 10 8 365 4,103 7.3 %
CMBS — — 212 1,670 3.0 %
RMBS — 2 98 1,024 1.8 %
U.S. government — 6 184 1,745 3.1 %
State and political subdivisions — 9 132 1,138 2.0 %
Other foreign government — 31 424 3,730 6.7 %
Total fixed maturity securities 61,494 $ 79 $ 775 $ 6,105 $ 56,085 100.0 %

All values are in US Dollars.

December 31, 2022
Amortized<br>Cost Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate $ 38,963 $ 27 $ 168 $ 5,135 $ 33,969 64.2 %
Canadian government 3,311 — 381 66 3,626 6.9 %
Japanese government 3,033 — 4 478 2,559 4.8 %
ABS 4,324 10 4 440 3,878 7.3 %
CMBS 1,835 — — 212 1,623 3.1 %
RMBS 1,054 — 1 114 941 1.8 %
U.S. government 1,690 — 4 212 1,482 2.8 %
State and political subdivisions 1,282 — 10 173 1,119 2.1 %
Other foreign government 4,171 — 22 489 3,704 7.0 %
Total fixed maturity securities $ 59,663 $ 37 $ 594 $ 7,319 $ 52,901 100.0 %
Page 30
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Corporate Fixed Maturity Securities by Industry
December 31, 2022
Estimated Fair Value % of Total Average Credit Ratings (1) Amortized Cost Estimated Fair Value % of Total Average Credit Ratings (1)
Financial institutions
Banking 6,358 $ 5,783 16.3 % A- $ 6,281 $ 5,672 16.7 % A-
Brokerage/asset managers/exchanges 1,122 3.2 % A- 1,302 1,115 3.3 % A-
Finance companies 345 1.0 % BBB+ 410 350 1.0 % BBB
Insurance 3,948 11.1 % A- 4,452 3,851 11.3 % A-
REITs 1,123 3.2 % BBB+ 1,205 1,013 3.0 % BBB+
Other finance 722 2.0 % A- 901 679 2.0 % A-
Total financial institutions 14,732 $ 13,043 36.8 % $ 14,551 $ 12,680 37.3 %
Industrials
Basic 1,916 $ 1,729 4.9 % BBB $ 1,921 $ 1,690 5.0 % BBB
Capital goods 1,518 4.3 % BBB 1,734 1,550 4.6 % BBB
Communications 2,246 6.3 % BBB 2,517 2,136 6.3 % BBB
Consumer cyclical 1,875 5.3 % BBB+ 1,997 1,748 5.1 % BBB+
Consumer noncyclical 4,251 12.0 % BBB+ 4,625 4,052 11.9 % BBB+
Energy 1,854 5.2 % A- 2,050 1,801 5.3 % BBB+
Technology 1,665 4.7 % BBB+ 1,617 1,461 4.3 % BBB+
Transportation 1,984 5.6 % A- 2,160 1,859 5.5 % BBB+
Other industrial 986 2.7 % BBB 1,003 960 2.8 % BBB
Total industrials 19,945 $ 18,108 51.0 % $ 19,624 $ 17,257 50.8 %
Utilities
Electric 3,914 $ 3,446 9.7 % A- $ 3,779 $ 3,200 9.4 % A-
Natural gas 587 1.7 % A- 664 553 1.7 % A-
Other utility 293 0.8 % BBB+ 345 279 0.8 % BBB+
Total utilities 4,944 $ 4,326 12.2 % $ 4,788 $ 4,032 11.9 %
Total 39,621 $ 35,477 100.0 % BBB+ $ 38,963 $ 33,969 100.0 % BBB+
(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.

All values are in US Dollars.

Page 31

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Ratings of Fixed Maturity Securities
March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022
NAIC Designation (1) Rating Agency Designation (2) Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total
1 AAA/AA/A $ 38,291 $ 35,308 63.0 % $ 36,217 $ 32,295 61.1 % $ 33,881 $ 30,062 59.6 % $ 33,989 $ 31,782 59.6 % $ 34,434 $ 34,741 60.0 %
2 BBB 19,832 17,658 31.5 % 20,188 17,580 33.2 % 19,931 16,924 33.5 % 19,851 18,011 33.8 % 19,691 19,574 33.8 %
3 BB 2,811 2,698 4.8 % 2,734 2,607 5.0 % 3,044 2,843 5.6 % 2,940 2,774 5.2 % 2,821 2,769 4.8 %
4 B 402 340 0.6 % 397 331 0.6 % 625 583 1.2 % 658 619 1.2 % 730 720 1.2 %
5 CCC 100 69 0.1 % 103 71 0.1 % 107 62 0.1 % 124 84 0.2 % 127 92 0.2 %
6 In or near default 58 12 — % 24 17 — % 42 21 — % 46 24 — % 46 26 — %
Total $ 61,494 $ 56,085 100.0 % $ 59,663 $ 52,901 100.0 % $ 57,630 $ 50,495 100.0 % $ 57,608 $ 53,294 100.0 % $ 57,849 $ 57,922 100.0 %
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).
Structured Fixed Maturity Securities
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022
Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total
ABS:
Collateralized loan obligations ("CLOs") $ 1,880 $ 1,775 26.1 % $ 1,825 $ 1,702 26.4 % $ 1,788 $ 1,650 26.0 % $ 1,714 $ 1,622 25.1 % $ 1,659 $ 1,630 25.1 %
ABS, excluding CLOs 2,590 2,328 34.2 % 2,499 2,176 33.8 % 2,377 2,073 32.6 % 2,377 2,160 33.4 % 2,256 2,116 32.5 %
Total ABS 4,470 4,103 60.3 % 4,324 3,878 60.2 % 4,165 3,723 58.6 % 4,091 3,782 58.5 % 3,915 3,746 57.6 %
CMBS 1,882 1,670 24.6 % 1,835 1,623 25.2 % 1,843 1,670 26.3 % 1,856 1,735 26.8 % 1,829 1,786 27.5 %
RMBS:
Agency 473 432 6.4 % 476 427 6.6 % 489 442 7.0 % 519 498 7.7 % 538 537 8.3 %
Non-agency 647 592 8.7 % 578 514 8.0 % 565 511 8.1 % 485 452 7.0 % 445 429 6.6 %
Total RMBS 1,120 1,024 15.1 % 1,054 941 14.6 % 1,054 953 15.1 % 1,004 950 14.7 % 983 966 14.9 %
Total $ 7,472 $ 6,797 100.0 % $ 7,213 $ 6,442 100.0 % $ 7,062 $ 6,346 100.0 % $ 6,951 $ 6,467 100.0 % $ 6,727 $ 6,498 100.0 %
Page 32
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Fixed Maturity Securities Below Amortized Cost (1)
Equal to or greater than 12 months Total
Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
Investment grade securities:
Corporate 9,861 $ 486 $ 18,130 $ 3,705 $ 27,991 $ 4,191
Canadian government 15 165 30 560 45
Japanese government 4 2,291 311 2,670 315
ABS 38 2,777 311 3,588 349
CMBS 20 1,271 188 1,612 208
RMBS 16 513 82 845 98
U.S. government 5 606 179 1,515 184
State and political subdivisions 10 635 122 985 132
Other foreign government 38 1,763 325 2,836 363
Total investment grade securities 14,451 $ 632 $ 28,151 $ 5,253 $ 42,602 $ 5,885
Below investment grade securities:
Corporate 550 $ 58 $ 546 $ 79 $ 1,096 $ 137
ABS 3 46 10 91 13
Other foreign government — 187 61 187 61
Total below investment grade securities 595 $ 61 $ 779 $ 150 $ 1,374 $ 211
Total fixed maturity securities 15,046 $ 693 $ 28,930 $ 5,403 $ 43,976 $ 6,096
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.

All values are in US Dollars.

Page 33
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Fixed Maturity Securities Below Amortized Cost (1)
Equal to or greater than 12 months Total
Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
Investment grade securities:
Corporate 21,867 $ 2,756 $ 6,840 $ 2,225 $ 28,707 $ 4,981
Canadian government 42 71 23 625 65
Japanese government 86 1,694 392 2,509 478
ABS 153 1,931 269 3,527 422
CMBS 144 281 65 1,595 209
RMBS 62 181 53 845 115
U.S. government 64 253 148 1,455 212
State and political subdivisions 124 131 50 950 174
Other foreign government 167 1,026 260 2,968 427
Total investment grade securities 30,773 $ 3,598 $ 12,408 $ 3,485 $ 43,181 $ 7,083
Below investment grade securities:
Corporate 767 $ 87 $ 305 $ 61 $ 1,072 $ 148
ABS 6 38 9 90 15
Other foreign government 2 164 60 203 62
Total below investment grade securities 858 $ 95 $ 507 $ 130 $ 1,365 $ 225
Total fixed maturity securities 31,631 $ 3,693 $ 12,915 $ 3,615 $ 44,546 $ 7,308
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.

All values are in US Dollars.

Page 34
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Consolidated Investment Related Gains and Losses
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Fixed maturity securities available-for-sale:
Change in allowance for credit losses (42) $ 15 $ 3 $ (13) $ (11) $ (31)
Impairments on fixed maturities (2) (12) (2) (1) —
Realized gains on investment activity 127 20 34 11 20
Realized losses on investment activity (160) (106) (94) (36) (39)
Net gains (losses) on fixed maturity securities available-for-sale (20) (95) (75) (37) (50)
Net gains (losses) on equity securities (5) 7 (15) (8) 10
Change in mortgage loan allowance for credit losses (8) (5) (1) (2) 5
Change in fair value of certain limited partnership investments 9 — 10 19 (22)
Other, net — 7 11 8 (6)
Free-standing derivatives (1):
Interest rate swaps (2) (33) (44) (52) 72
Interest rate options (9) 18 (6) — (23)
Total return swaps 22 (1) — — 3
Interest rate futures 1 2 1 2 (2)
Equity futures (11) 5 23 5 (14)
Foreign currency swaps (6) 9 11 7 (7)
Foreign currency swaps - hedged 1 1 — 4 (5)
Foreign currency forwards 61 (55) (76) (23) 4
CPI swaps 6 7 (11) 29 (28)
Credit default swaps 37 (12) (33) (58) 69
Equity options (15) 8 21 — (14)
Total free-standing derivatives 85 (51) (114) (86) 55
Embedded derivatives (67) (17) (56) (33) 70
Net gains (losses) on total derivatives 18 (68) (170) (119) 125
Total investment related gains (losses), net (77) $ (6) $ (154) $ (240) $ (139) $ 62
(1) Free-standing derivatives are non-hedged unless specified.

All values are in US Dollars.

Page 35

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Appendix

Reconciliations of GAAP to Non-GAAP Measures
Page 36
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
U.S. & Latin America Traditional
Income (loss) before income taxes 121 $ 114 $ (69) $ 90 $ 60 $ 61
Investment and derivative losses (1) 1 (1) — — —
Change in fair value of funds withheld embedded derivatives (1) (7) (7) (19) (15) 16
Adjusted operating income (loss) before notable items and income taxes 108 (77) 71 45 77
Notable items (2) — 170 — — —
Adjusted operating income (loss) excluding notable items, before income taxes 122 $ 108 $ 93 $ 71 $ 45 $ 77
U.S. & Latin America Asset-Intensive
Income (loss) before income taxes 93 $ (32) $ 30 $ (29) $ 32 $ 61
Market risk benefits remeasurement (gains) losses (19) 23 40 (34) 48
Investment and derivative (gains) losses (1) 54 17 5 45 (27)
Change in fair value of funds withheld embedded derivatives (1) 74 24 75 48 (86)
Funds withheld (gains) losses - investment income (1) (1) 4 2 (6)
EIA embedded derivatives - interest credited 1 (10) (27) (17) 10
Other — — — — 8
Adjusted operating income (loss) before notable items and income taxes 77 83 68 76 8
Notable items (2) — (3) — — —
Adjusted operating income (loss) excluding notable items, before income taxes 84 $ 77 $ 80 $ 68 $ 76 $ 8
U.S. & Latin America Capital Solutions
Income before income taxes 21 $ 24 $ 23 $ 72 $ 25 $ (4)
Adjusted operating income (loss) before notable items and income taxes 24 23 72 25 (4)
Notable items (2) — — — — —
Adjusted operating income (loss) excluding notable items, before income taxes 21 $ 24 $ 23 $ 72 $ 25 $ (4)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 37
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Canada Traditional
Income before income taxes 29 $ 50 $ 12 $ 27 $ 15 $ 14
Investment and derivative (gains) losses (1) (4) (1) 7 — (1)
Investment income - non-operating FWAI 1 1 — — 1
Adjusted operating income (loss) before notable items and income taxes 47 12 34 15 14
Notable items (2) (5) 6 — — —
Adjusted operating income (loss) excluding notable items, before income taxes 29 $ 42 $ 18 $ 34 $ 15 $ 14
Canada Financial Solutions
Income before income taxes 10 $ 9 $ 6 $ 7 $ 9 $ 1
Adjusted operating income (loss) before notable items and income taxes 9 6 7 9 1
Notable items (2) — — — — —
Adjusted operating income (loss) excluding notable items, before income taxes 10 $ 9 $ 6 $ 7 $ 9 $ 1
Europe, Middle East and Africa Traditional
Income (loss) before income taxes 27 $ 3 $ 5 $ 4 $ 34 $ (7)
Adjusted operating income (loss) before notable items and income taxes 3 5 4 34 (7)
Notable items (2) — 13 — — —
Adjusted operating income (loss) excluding notable items, before income taxes 27 $ 3 $ 18 $ 4 $ 34 $ (7)
Europe, Middle East and Africa Financial Solutions
Income before income taxes 59 $ 56 $ 34 $ 25 $ 67 $ (8)
Investment and derivative (gains) losses (1) 15 14 27 (12) 19
Investment income - non-operating FWAI 2 4 6 6 (3)
Investment (income) loss on unit-linked variable annuities 2 5 8 9 (9)
Interest credited on unit-linked variable annuities (2) (5) (8) (9) 9
Adjusted operating income (loss) before notable items and income taxes 73 52 58 61 8
Notable items (2) (14) — — — —
Adjusted operating income (loss) excluding notable items, before income taxes 69 $ 59 $ 52 $ 58 $ 61 $ 8
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 38
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2022 2022 2022 2022 Quarter
Asia Pacific Traditional
Income (loss) before income taxes 79 $ 100 $ (73) $ 59 $ 108 $ (29)
Adjusted operating income (loss) before notable items and income taxes 100 (73) 59 108 (29)
Notable items (2) (42) 140 (23) — —
Adjusted operating income (loss) excluding notable items, before income taxes 79 $ 58 $ 67 $ 36 $ 108 $ (29)
Asia Pacific Financial Solutions
Income (loss) before income taxes (13) $ 109 $ 47 $ (54) $ (56) $ 43
Investment and derivative (gains) losses (1) (78) 97 118 85 (30)
Other 7 (82) (24) (8) 6
Adjusted operating income (loss) before notable items and income taxes 38 62 40 21 19
Notable items (2) — — — — —
Adjusted operating income (loss) excluding notable items, before income taxes 40 $ 38 $ 62 $ 40 $ 21 $ 19
Corporate and Other
Income (loss) before income taxes (75) $ (52) $ (92) $ (54) $ (27) $ (48)
Investment and derivative (gains) losses (1) (34) 26 44 — 48
Interest expense on uncertain tax positions — — — — —
Other (6) 11 13 9 (7)
Adjusted operating income (loss) before notable items and income taxes (92) (55) 3 (18) (7)
Notable items (2) — — — — —
Adjusted operating income (loss) excluding notable items, before income taxes (25) $ (92) $ (55) $ 3 $ (18) $ (7)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 39
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Reconciliations of Stockholders’ Equity to Stockholders’ Equity Excluding AOCI
( millions except per share data)
Dec. 31, Sept. 30, June 30, March 31,
2022 2022 2022 2022
RGA, Inc. stockholders’ equity 7,626 $ 7,081 $ 6,755 $ 7,389 $ 7,947
Less effect of AOCI:
Accumulated currency translation adjustments (116) (147) 3 8
Unrealized appreciation of securities (5,496) (5,788) (3,549) (10)
Effect of updating discount rates on future policy benefits 3,755 3,989 2,122 (795)
Change in instrument-specific credit risk for market risk benefits 13 19 (9) (11)
Pension and postretirement benefits (27) (51) (51) (50)
RGA, Inc. stockholders’ equity, excluding AOCI 8,952 8,733 8,873 8,805
Year-to-date notable items, net of tax (1) 184 230 (17) —
RGA, Inc. stockholders’ equity, excluding AOCI and notable items 9,087 $ 9,136 $ 8,963 $ 8,856 $ 8,805
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses"
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
Dec. 31, Sept. 30, June 30, March 31,
2022 2022 2022 2022
Book value per share 114.60 $ 106.19 $ 101.08 $ 110.27 $ 118.62
Less effect of AOCI:
Accumulated currency translation adjustment (1.73) (2.20) 0.04 0.12
Unrealized (depreciation) appreciation of securities (82.44) (86.61) (52.96) (0.15)
Effect of updating discount rates on future policy benefits 56.32 59.69 31.66 (11.87)
Change in instrument-specific credit risk for market risk benefits 0.19 0.29 (0.14) (0.17)
Pension and postretirement benefits (0.41) (0.77) (0.75) (0.75)
Book value per share, excluding AOCI 136.56 $ 134.26 $ 130.68 $ 132.42 $ 131.44

All values are in US Dollars.

Page 40

Document

Exhibit 99.3

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