Equibles

8-K

REINSURANCE GROUP OF AMERICA INC (RGA)

8-K 2022-08-05 For: 2022-08-02
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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): August 2, 2022

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
6.20% Fixed-To-Floating Rate Subordinated Debentures due 2042 RZA New York Stock Exchange
5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 RZB 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 August 4, 2022, Reinsurance Group of America, Incorporated (the "Company") issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended June 30, 2022, 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 June 30, 2022, 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 August 5, 2022 to discuss the financial and operating results for the three-month period ended June 30, 2022 (the "Earnings Call").

Item 7.01 Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated August 4, 2022 (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 August 2, 2022 the Company’s board of directors declared a regular quarterly dividend of $0.80, payable August 30, 2022 to shareholders of record as of August 16, 2022.

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 datedAugustpressrelease2q22.htm4, 2022
99.2 Quarterly Financial Supplement for the quarter endedJune30, 2022
99.3 Earnings Presentation datedAugust 4, 2022
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: August 4, 2022 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

SECOND QUARTER RESULTS

•Net income available to RGA shareholders of $2.92 per diluted share

•Adjusted operating income* of $5.78 per diluted share

•Premium growth of 4.3% over the prior-year quarter

•ROE 2.5% and adjusted operating ROE* 3.3% for the trailing twelve months

•Deployed capital of $121 million into transactions

•Increased quarterly dividend 9.6% to $0.80 per share

•Global estimated COVID-19 impacts1 of approximately $11 million on a pre-tax basis, or $0.12 per diluted share2

ST. LOUIS, August 4, 2022 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported second quarter net income available to RGA shareholders of $198 million, or $2.92 per diluted share, compared with net income available to RGA shareholders of $344 million, or $5.02 per diluted share, in the prior-year quarter. Adjusted operating income* totaled $391 million, or $5.78 per diluted share, compared with adjusted operating income of $274 million, or $4.00 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.08 per diluted share on net income available to RGA and an adverse effect of $0.16 per diluted share on adjusted operating income as compared with the prior year.

Quarterly Results Year-to-Date Results
($ in millions, except per share data) 2022 2021 2022 2021
Net premiums $ 3,230 $ 3,098 $ 6,385 $ 6,012
Net income available to RGA shareholders 198 344 135 483
Net income available to RGA shareholders per diluted share 2.92 5.02 2.00 7.06
Adjusted operating income* 391 274 423 190
Adjusted operating income per diluted share* 5.78 4.00 6.25 2.78
Book value per share 87.14 197.72
Book value per share, excluding accumulated other comprehensive income (AOCI)* 140.26 138.29
Total assets 84,609 88,944
* See ‘Use of Non-GAAP Financial Measures’ below
--- ---

1 COVID-19 impact estimates include mortality and morbidity claims of approximately $11 million with no offsetting impact from longevity in the quarter.

2 Tax effected at 24%.

In the second quarter, consolidated net premiums totaled $3.2 billion, an increase of 4.3% over last year’s second quarter, with an adverse net foreign currency effect of $119 million. Compared with the year-ago period, excluding spread-based businesses and the value of associated derivatives, second quarter investment income increased 3.7%, reflecting a higher average asset balance. Average investment yield was flat at 4.63% in the second quarter compared with 4.64% in the prior year.

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The effective tax rate for the quarter was 22.1% on pre-tax income.

The adjusted operating effective tax rate for the quarter was 22.5%, compared with the expected range of 23% to 24%.

Anna Manning, President and Chief Executive Officer, commented, “This was a record level of earnings for us, and importantly it included strong contributions from many of our business segments. In addition, growth in organic new business was good and we had another active quarter for capital deployment into in-force and other transactions. COVID-19 claim costs came down substantially this quarter, and our underlying non-COVID-19 mortality was favorable in many markets.

“On the capital front, we deployed $121 million into in-force and other transactions, and increased our quarterly dividend 9.6% to $0.80 per share. Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.0 billion. This quarter continues to demonstrate that our global platform can perform well in a range of economic environments.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2022 2021 2022 2021
Net premiums $ 1,631 $ 1,578 $ 3,172 $ 2,997
Pre-tax income (loss) 209 135 43 (203)
Pre-tax adjusted operating income (loss) 190 134 9 (210)

•Quarterly results reflected favorable individual mortality experience.

•Non-COVID-19 individual mortality experience was favorable, both large and non-large claims.

•COVID-19 claim costs were a net positive of $9 million, including IBNR adjustments.

Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2022 2021 2022 2021
Asset-Intensive:
Pre-tax income (loss) $ (11) $ 163 $ 9 $ 223
Pre-tax adjusted operating income 66 126 141 175
Capital Solutions:
Pre-tax income 72 23 96 46
Pre-tax adjusted operating income 72 23 96 46

•Asset-Intensive results for the quarter reflected favorable overall experience.

•Capital Solutions results for the quarter were above expectations, due to a treaty recapture fee.

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Canada

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2022 2021 2022 2021
Net premiums $ 314 $ 301 $ 618 $ 581
Pre-tax income 16 32 22 56
Pre-tax adjusted operating income 24 34 29 57

•Foreign currency exchange rates had an adverse effect of $13 million on net premiums for the quarter.

•Quarterly results reflected unfavorable individual life mortality experience driven by large claims and COVID-19 claim costs of $4 million.

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

Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2022 2021 2022 2021
Pre-tax income $ 4 $ 4 $ 17 $ 10
Pre-tax adjusted operating income 4 4 17 10

•Quarterly results were in-line with expectations.

•Foreign currency exchange rates had an immaterial effect on pre-tax income and pre-tax adjusted operating income for the quarter.

Europe, Middle East and Africa (EMEA)

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2022 2021 2022 2021
Net premiums $ 427 $ 433 $ 878 $ 871
Pre-tax income (loss) 2 (12) (4) (80)
Pre-tax adjusted operating income (loss) 2 (12) (4) (80)

•Foreign currency exchange rates had an adverse effect of $46 million on net premiums for the quarter.

•Quarterly results reflected unfavorable U.K. mortality experience and $5 million of COVID-19 claim costs, partially offset by favorable results in other markets.

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

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Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2022 2021 2022 2021
Pre-tax income $ 33 $ 83 $ 118 $ 143
Pre-tax adjusted operating income 66 83 145 125

•Quarterly results reflected favorable longevity experience.

•Foreign currency exchange rates had an adverse effect of $4 million on pre-tax income and $7 million on pre-tax adjusted operating income for the quarter.

Asia Pacific

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2022 2021 2022 2021
Net premiums $ 640 $ 616 $ 1,290 $ 1,225
Pre-tax income (loss) 58 (12) 109 29
Pre-tax adjusted operating income (loss) 58 (12) 109 29

•Foreign currency exchange rates had an adverse effect of $38 million on net premiums for the quarter.

•Quarterly results reflected favorable underwriting experience, absorbing $7 million of COVID-19 claim costs.

•Australia reported a small loss for the quarter, driven by COVID-19 claim costs.

•Foreign currency exchange rates had an adverse effect of $5 million on pre-tax income and $4 million on pre-tax adjusted operating income for the quarter.

Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2022 2021 2022 2021
Net premiums $ 60 $ 48 $ 103 $ 101
Pre-tax income (loss) (66) 31 (122) 59
Pre-tax adjusted operating income 28 20 49 39

•Quarterly results reflected business growth and favorable investment yields, partially offset by $4 million of COVID-19 claim costs.

•Foreign currency exchange rates had a favorable effect of $16 million on pre-tax loss and an adverse effect of $1 million on pre-tax adjusted operating income for the quarter.

Corporate and Other

Quarterly Results Year-to-Date Results
($ in millions) 2022 2021 2022 2021
Pre-tax income (loss) $ (63) $ 35 $ (94) $ 385
Pre-tax adjusted operating income (loss) (5) (39) (27) 55
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•Second quarter pre-tax adjusted operating loss was favorable as compared to the quarterly average run rate, primarily due to higher net investment income, including limited partnership income.

Long Duration Targeted Improvements

In the first quarter of 2023, the Company will adopt Accounting Standards Update 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“LDTI”). The Company estimates the adoption of LDTI will decrease:

•retained earnings by $500 million to $800 million, net of tax, as of December 31, 2021;

•retained earnings by $1.0 billion to $1.3 billion, net of tax, as of the transition date of January 1, 2021;

•accumulated other comprehensive income by $3.2 billion to $5.2 billion, net of tax, as of December 31, 2021; and

•accumulated other comprehensive income by $5.1 billion to $7.1 billion, net of tax, as of the transition date of January 1, 2021.

The LDTI adoption impacts, including the 24% tax rate assumed in the above figures, are estimates and subject to change due to ongoing review and refinement of actuarial assumptions and projection models, additional review of tax impacts across various tax jurisdictions and additional implementation guidance. Additionally, the ultimate impact on retained earnings and accumulated other comprehensive income upon adoption of LDTI on January 1, 2023, may differ materially from the above figures based on the performance of the Company’s business during 2022 and macroeconomic conditions, including changes in interest rates. Please see the Company’s quarterly earnings presentation furnished as Exhibit 99.3 to the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on August 4, 2022, for additional details.

Dividend Declaration

Effective August 2, 2022, the board of directors declared a regular quarterly dividend of $0.80, payable August 30, 2022, to shareholders of record as of August 16, 2022.

Earnings Conference Call

A conference call to discuss second quarter results will begin at 10 a.m. Eastern Time on Friday, August 5. Interested parties may access the call by dialing 888-204-4368 (domestic) or 323-994-2093 (international). The access code is 9502707. 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.

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

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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 related deferred acquisition costs. 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.

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 is one of the world’s largest and most respected reinsurers and 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 $84.6 billion as of June 30, 2022. To learn more about RGA and its businesses, visit www.rgare.com. Follow RGA on LinkedIn, Twitter, and Facebook.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 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 “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe” and other similar expressions. Forward-

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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.

The effects of the COVID-19 pandemic and the response thereto on economic conditions, the financial markets and insurance risks, and the resulting effects on the Company’s financial results, liquidity, capital resources, financial metrics, investment portfolio and stock price, could cause actual results and events to differ materially from those expressed or implied by forward-looking statements. Further, any estimates, projections, illustrative scenarios or frameworks used to plan for potential effects of the pandemic are dependent on numerous underlying assumptions and estimates that may not materialize. Additionally, numerous other important factors (whether related to, resulting from or exacerbated by the COVID-19 pandemic or otherwise) could also cause results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: (1) adverse changes in mortality, 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 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, epidemics or pandemics 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 litigation or arbitration results, (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

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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. 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, 2021, as may be supplemented by Item 1A - “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q.

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 June 30,
2022 2021
Diluted Earnings Per Share Diluted Earnings Per Share
Net income available to RGA shareholders $ 198 $ 2.92 $ 344 $ 5.02
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net 151 2.25 (82) (1.19)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses 7 0.10 (1) (0.01)
Embedded derivatives:
Included in investment related gains/losses, net 54 0.80 1 0.01
Included in interest credited (22) (0.33) (2) (0.03)
DAC offset, net 6 0.09 (1) (0.01)
Investment (income) loss on unit-linked variable annuities 6 0.09 (2) (0.03)
Interest credited on unit-linked variable annuities (6) (0.09) 2 0.03
Interest expense on uncertain tax positions — — 3 0.04
Non-investment derivatives and other (7) (0.10) (12) (0.18)
Uncertain tax positions and other tax related items 3 0.04 24 0.35
Net income attributable to noncontrolling interest 1 0.01 — —
Adjusted operating income $ 391 $ 5.78 $ 274 $ 4.00
(Unaudited) Six Months Ended June 30,
--- --- --- --- --- --- --- --- ---
2022 2021
Diluted Earnings Per Share Diluted Earnings Per Share
Net income available to RGA shareholders $ 135 $ 2.00 $ 483 $ 7.06
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net 245 3.62 (261) (3.82)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses 13 0.19 (2) (0.03)
Embedded derivatives:
Included in investment related gains/losses, net 69 1.02 (53) (0.77)
Included in interest credited (35) (0.52) (26) (0.38)
DAC offset, net (2) (0.03) 8 0.12
Investment (income) loss on unit-linked variable annuities 13 0.19 (1) (0.01)
Interest credited on unit-linked variable annuities (13) (0.19) 1 0.01
Interest expense on uncertain tax positions — — 5 0.07
Non-investment derivatives and other (7) (0.10) (3) (0.04)
Uncertain tax positions and other tax related items 4 0.06 39 0.57
Net income attributable to noncontrolling interest 1 0.01 — —
Adjusted operating income $ 423 $ 6.25 $ 190 $ 2.78
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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 June 30, 2022 Six Months Ended June 30, 2022
Pre-tax Income (Loss) Income Taxes Effective Tax Rate (1) Pre-tax Income (Loss) Income Taxes Effective Tax Rate (1)
GAAP income $ 254 $ 55 22.1 % $ 194 $ 58 30.1 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net 203 52 322 77
Capital (gains) losses on funds withheld, included in investment income, net of related expenses 9 2 17 4
Embedded derivatives:
Included in investment related gains/losses, net 68 14 87 18
Included in interest credited (27) (5) (44) (9)
DAC offset, net 7 1 (3) (1)
Investment (income) loss on unit-linked variable annuities 8 2 17 4
Interest credited on unit-linked variable annuities (8) (2) (17) (4)
Interest expense on uncertain tax positions — — — —
Non-investment derivatives and other (9) (2) (9) (2)
Uncertain tax positions and other tax related items — (3) — (4)
Adjusted operating income $ 505 $ 114 22.5 % $ 564 $ 141 25.0 %

(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 June 30, Six Months Ended June 30,
2022 2021 2022 2021
Income before income taxes $ 254 $ 482 $ 194 $ 668
Reconciliation to pre-tax adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net 203 (104) 322 (332)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses 9 (1) 17 (2)
Embedded derivatives:
Included in investment related gains/losses, net 68 1 87 (67)
Included in interest credited (27) (3) (44) (33)
DAC offset, net 7 (2) (3) 10
Investment (income) loss on unit-linked variable annuities 8 (2) 17 (1)
Interest credited on unit-linked variable annuities (8) 2 (17) 1
Interest expense on uncertain tax positions — 3 — 6
Non-investment derivatives and other (9) (15) (9) (4)
Pre-tax adjusted operating income $ 505 $ 361 $ 564 $ 246
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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 June 30, 2022
Pre-tax income (loss) Capital<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 $ 209 $ — $ (19) $ 190
Financial Solutions:
Asset-Intensive (11) 37 (1) 40 (2) 66
Capital Solutions 72 — — 72
Total U.S. and Latin America 270 37 21 328
Canada Traditional 16 8 — 24
Canada Financial Solutions 4 — — 4
Total Canada 20 8 — 28
EMEA Traditional 2 — — 2
EMEA Financial Solutions 33 33 — 66
Total EMEA 35 33 — 68
Asia Pacific Traditional 58 — — 58
Asia Pacific Financial Solutions (66) 94 — 28
Total Asia Pacific (8) 94 — 86
Corporate and Other (63) 58 — (5)
Consolidated $ 254 $ 230 $ 21 $ 505

(1)Asset-Intensive is net of $27 DAC offset.

(2)Asset-Intensive is net of $(20) DAC offset.

(Unaudited) Three Months Ended June 30, 2021
Pre-tax income (loss) Capital<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 $ 135 $ — $ (1) $ 134
Financial Solutions:
Asset-Intensive 163 (47) (1) 10 (2) 126
Capital Solutions 23 — — 23
Total U.S. and Latin America 321 (47) 9 283
Canada Traditional 32 2 — 34
Canada Financial Solutions 4 — — 4
Total Canada 36 2 — 38
EMEA Traditional (12) — — (12)
EMEA Financial Solutions 83 — — 83
Total EMEA 71 — — 71
Asia Pacific Traditional (12) — — (12)
Asia Pacific Financial Solutions 31 (11) — 20
Total Asia Pacific 19 (11) — 8
Corporate and Other 35 (74) — (39)
Consolidated $ 482 $ (130) $ 9 $ 361

(1)Asset-Intensive is net of $(13) DAC offset.

(2)Asset-Intensive is net of $11 DAC offset.

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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) Six Months Ended June 30, 2022
Pre-tax income (loss) Capital<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 $ 43 $ — $ (34) $ 9
Financial Solutions:
Asset-Intensive 9 94 (1) 38 (2) 141
Capital Solutions 96 — — 96
Total U.S. and Latin America 148 94 4 246
Canada Traditional 22 7 — 29
Canada Financial Solutions 17 — — 17
Total Canada 39 7 — 46
EMEA Traditional (4) — — (4)
EMEA Financial Solutions 118 27 — 145
Total EMEA 114 27 — 141
Asia Pacific Traditional 109 — — 109
Asia Pacific Financial Solutions (122) 171 — 49
Total Asia Pacific (13) 171 — 158
Corporate and Other (94) 67 — (27)
Consolidated $ 194 $ 366 $ 4 $ 564

(1)Asset-Intensive is net of $36 DAC offset.

(2)Asset-Intensive is net of $(39) DAC offset.

(Unaudited) Six Months Ended June 30, 2021
Pre-tax income (loss) Capital<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 $ (203) $ — $ (7) $ (210)
Financial Solutions:
Asset-Intensive 223 8 (1) (56) (2) 175
Capital Solutions 46 — — 46
Total U.S. and Latin America 66 8 (63) 11
Canada Traditional 56 1 — 57
Canada Financial Solutions 10 — — 10
Total Canada 66 1 — 67
EMEA Traditional (80) — — (80)
EMEA Financial Solutions 143 (18) — 125
Total EMEA 63 (18) — 45
Asia Pacific Traditional 29 — — 29
Asia Pacific Financial Solutions 59 (20) — 39
Total Asia Pacific 88 (20) — 68
Corporate and Other 385 (330) — 55
Consolidated $ 668 $ (359) $ (63) $ 246

(1)Asset-Intensive is net of $(27) DAC offset.

(2)Asset-Intensive is net of $37 DAC offset.

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Add Twelve

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In thousands, except per share data)

(Unaudited) Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Earnings per share from net income:
Basic earnings per share $ 2.95 $ 5.06 $ 2.01 $ 7.11
Diluted earnings per share (1) $ 2.92 $ 5.02 $ 2.00 $ 7.06
Diluted earnings per share from adjusted operating income (1) $ 5.78 $ 4.00 $ 6.25 $ 2.78
Weighted average number of common and common equivalent shares outstanding 67,620 68,533 67,614 68,460

(1)     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

(Unaudited) At June 30,
2022 2021
Treasury shares 18,304 17,314
Common shares outstanding 67,007 67,997
Book value per share outstanding $ 87.14 $ 197.72
Book value per share outstanding, before impact of AOCI $ 140.26 $ 138.29

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

(Unaudited) At June 30,
2022 2021
Book value per share outstanding $ 87.14 $ 197.72
Less effect of AOCI:
Accumulated currency translation adjustments (0.58) (0.29)
Unrealized appreciation of securities (51.78) 60.78
Pension and postretirement benefits (0.76) (1.06)
Book value per share outstanding, before impact of AOCI $ 140.26 $ 138.29
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Add Thirteen

Reconciliation of Stockholders' Average Equity to Stockholders' Average Equity Excluding AOCI

(Dollars in millions)

(Unaudited)
Trailing Twelve Months Ended June 30, 2022: Average Equity
Stockholders' average equity $ 10,873
Less effect of AOCI:
Accumulated currency translation adjustments (23)
Unrealized appreciation of securities 1,612
Pension and postretirement benefits (58)
Stockholders' average equity, excluding AOCI $ 9,342

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 June 30, 2022: Income
Net income available to RGA shareholders $ 269 2.5 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net 147
Change in fair value of embedded derivatives (2)
Deferred acquisition cost offset, net 20
Tax expense on uncertain tax positions (125)
Net income attributable to noncontrolling interest 1
Adjusted operating income $ 310 3.3 %

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)

(Unaudited) Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Revenues:
Net premiums $ 3,230 $ 3,098 $ 6,385 $ 6,012
Investment income, net of related expenses 754 759 1,564 1,571
Investment related gains (losses), net (254) 112 (380) 414
Other revenue 157 168 248 259
Total revenues 3,887 4,137 7,817 8,256
Benefits and expenses:
Claims and other policy benefits 2,815 2,813 6,040 6,005
Interest credited 138 218 279 364
Policy acquisition costs and other insurance expenses 393 339 748 672
Other operating expenses 243 240 469 454
Interest expense 42 43 84 88
Collateral finance and securitization expense 2 2 3 5
Total benefits and expenses 3,633 3,655 7,623 7,588
Income before income taxes 254 482 194 668
Provision for income taxes 55 138 58 185
Net income 199 344 136 483
Net income attributable to noncontrolling interest 1 — 1 —
Net income available to RGA shareholders $ 198 $ 344 $ 135 $ 483

#

Document

Exhibit 99.2

image6.jpg

Quarterly Financial Supplement

Second Quarter 2022

(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+ NR
RGA International Reinsurance Company dac AA- NR NR
RGA Global Reinsurance Company, Ltd. AA- NR NR
RGA Reinsurance Company of Australia Limited AA- NR NR
RGA Americas Reinsurance Company, Ltd. AA- A+ NR
RGA Reinsurance Company (Barbados) Ltd. AA- NR NR
RGA Atlantic Reinsurance Company Ltd. NR A+ NR
Omnilife Insurance Company Limited A+ NR NR
Aurora National Life Assurance Company NR A+ NR
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”.

quarterlyfinancialsuppleme.jpg

Reinsurance Group of America, Incorporated

2nd Quarter 2022

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
Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of 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

quarterlyfinancialsuppleme.jpg

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 include 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 and related deferred acquisition costs. 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 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 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.

Page 1
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Financial Highlights
Three Months Ended Current Qtr vs. PY Quarter Year-to-Date
(USD millions, except in force & per share and shares data) June 30, March 31, Dec. 31, Sept. 30, June 30, June 30, June 30,
2022 2022 2021 2021 2021 2022 2021 Change
Net premiums $ 3,230 $ 3,155 $ 3,407 $ 3,094 $ 3,098 $ 132 $ 6,385 $ 6,012 $ 373
Net income (loss) available to RGA's shareholders 198 (63) 156 (22) 344 (146) 135 483 (348)
Adjusted operating income (loss) 391 32 (38) (75) 274 117 423 190 233
Return on equity - annualized 10.6 % (2.3) % 4.8 % (0.7) % 10.8 % (0.2) %
Return on equity - trailing 12 months 2.5 % 3.4 % 4.7 % 4.5 % 6.3 % (3.8) %
Adjusted operating return on equity (ex AOCI) - annualized 16.8 % 1.4 % (1.6) % (3.2) % 11.9 % 4.9 %
Adjusted operating return on equity (ex AOCI) - trailing 12 months 3.3 % 2.1 % 0.8 % 2.1 % 5.7 % (2.4) %
Total assets $ 84,609 $ 89,761 $ 92,175 $ 91,449 $ 88,944 $ (4,335)
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional $ 1,650.5 $ 1,645.1 $ 1,628.4 $ 1,619.9 $ 1,619.4 $ 31.1
U.S. and Latin America Financial Solutions 5.3 5.3 5.3 5.3 5.3 —
Canada Traditional 477.2 484.5 472.6 463.1 468.3 8.9
Europe, Middle East and Africa Traditional 756.4 850.7 861.6 852.8 861.4 (105.0)
Asia Pacific Traditional 486.1 508.4 497.4 526.0 516.1 (30.0)
Asia Pacific Financial Solutions 5.4 (1) 1.1 1.7 1.5 1.2 4.2
Total assumed life reinsurance in force $ 3,380.9 $ 3,495.1 $ 3,467.0 $ 3,468.6 $ 3,471.7 $ (90.8)
Assumed New Business Production (in billions)
U.S. and Latin America Traditional $ 32.7 $ 39.5 $ 32.4 $ 33.9 $ 35.7 $ (3.0) $ 72.2 $ 64.2 $ 8.0
U.S. and Latin America Financial Solutions — — — — — — — — —
Canada Traditional 12.8 12.7 14.6 11.5 8.5 4.3 25.5 22.7 2.8
Europe, Middle East and Africa Traditional 45.1 50.5 51.0 32.0 87.8 (42.7) 95.6 115.4 (19.8)
Asia Pacific Traditional 5.7 16.6 8.6 7.1 10.9 (5.2) 22.3 18.5 3.8
Asia Pacific Financial Solutions — 0.1 0.1 — 0.1 (0.1) 0.1 0.1 —
Total assumed new business production $ 96.3 $ 119.4 $ 106.7 $ 84.5 $ 143.0 $ (46.7) $ 215.7 $ 220.9 $ (5.2)
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income (loss) $ 2.95 $ (0.93) $ 2.32 $ (0.32) $ 5.06 $ (2.11) $ 2.01 $ 7.11 $ (5.10)
Adjusted operating income (loss) $ 5.83 $ 0.48 $ (0.56) $ (1.11) $ 4.04 $ 1.79 $ 6.31 $ 2.80 $ 3.51
Diluted earnings per share (2)
Net income (loss) (2) $ 2.92 $ (0.93) $ 2.30 $ (0.32) $ 5.02 $ (2.10) $ 2.00 $ 7.06 $ (5.06)
Adjusted operating income (loss) (2) $ 5.78 $ 0.47 $ (0.56) $ (1.11) $ 4.00 $ 1.78 $ 6.25 $ 2.78 $ 3.47
Wgt. average common shares outstanding
Basic 66,996 67,104 67,380 67,916 67,990 (994) 67,050 67,983 (933)
Diluted 67,620 67,649 67,930 68,417 68,533 (913) 67,614 68,460 (846)
Common shares issued 85,311 85,311 85,311 85,311 85,311 — 85,311 85,311 —
Treasury shares 18,304 18,323 18,140 17,711 17,314 990 18,304 17,314 990
Common shares outstanding 67,007 66,988 67,171 67,600 67,997 (990) 67,007 67,997 (990)
Book value per share $ 87.14 $ 137.08 $ 193.75 $ 190.60 $ 197.72 $ (110.58)
Per share effect of AOCI $ (53.12) $ (0.81) $ 54.22 $ 53.00 $ 59.43 $ (112.55)
Book value per share, excluding AOCI $ 140.26 $ 137.89 $ 139.53 $ 137.60 $ 138.29 $ 1.97
Stockholders’ dividends paid $ 49 $ 49 $ 49 $ 50 $ 47 $ 2 $ 98 $ 95 $ 3
(1) During the quarter, the Company changed its calculation for assumed life reinsurance in force, resulting in an increase for the quarter.
(2) 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
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 3,230 $ 3,155 $ 3,407 $ 3,094 $ 3,098 $ 132 $ 6,385 $ 6,012 $ 373
Net investment income 810 771 796 759 (5) 1,564 1,571 (7)
Investment related gains (losses), net (126) 88 58 112 (366) (380) 414 (794)
Other revenue 91 93 95 168 (11) 248 259 (11)
Total revenues 3,930 4,359 4,043 4,137 (250) 7,817 8,256 (439)
Benefits and expenses:
Claims and other policy benefits 3,225 3,482 3,289 2,813 2 6,040 6,005 35
Interest credited 141 159 177 218 (80) 279 364 (85)
Policy acquisition costs and other insurance expenses 355 406 338 339 54 748 672 76
Other operating expenses 226 253 229 240 3 469 454 15
Interest expense 42 (2) 41 43 (1) 84 88 (4)
Collateral finance and securitization expense 1 4 3 2 — 3 5 (2)
Total benefits and expenses 3,990 4,302 4,077 3,655 (22) 7,623 7,588 35
Income (loss) before income taxes (60) 57 (34) 482 (228) 194 668 (474)
Provision for income taxes 3 (99) (12) 138 (83) 58 185 (127)
Net income (loss) (63) 156 (22) 344 (145) 136 483 (347)
Net income attributable to noncontrolling interest — — — — 1 1 — 1
Net income (loss) available to RGA's shareholders 198 $ (63) $ 156 $ (22) $ 344 $ (146) $ 135 $ 483 $ (348)
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes 254 $ (60) $ 57 $ (34) $ 482 $ (228) $ 194 $ 668 $ (474)
Investment and derivative (gains) losses (1) 119 (31) (66) (104) 307 322 (332) 654
Change in value of modified coinsurance and funds withheld embedded derivatives (1) 33 (20) (21) (16) 72 89 (66) 155
GMXB embedded derivatives (1) (14) (29) 37 17 (5) (2) (1) (1)
Funds withheld (gains) losses - investment income 8 (1) (2) (1) 10 17 (2) 19
EIA embedded derivatives - interest credited (17) (9) (3) (3) (24) (44) (33) (11)
DAC offset, net (10) 26 2 (2) 9 (3) 10 (13)
Investment (income) loss on unit-linked variable annuities 9 (5) 2 (2) 10 17 (1) 18
Interest credited on unit-linked variable annuities (9) 5 (2) 2 (10) (17) 1 (18)
Interest expense on uncertain tax positions — (34) 2 3 (3) — 6 (6)
Non-investment derivatives and other — 5 (4) (15) 6 (9) (4) (5)
Adjusted operating income (loss) before income taxes 505 $ 59 $ (36) $ (89) $ 361 $ 144 $ 564 $ 246 $ 318
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

All values are in US Dollars.

Page 3
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA 198 $ (63) $ 156 $ (22) $ 344 $ (146) $ 135 $ 483 $ (348)
Investment and derivative (gains) losses (1) 94 (25) (52) (82) 234 246 (261) 507
Change in value of modified coinsurance and funds withheld embedded derivatives (1) 26 (16) (17) (12) 56 70 (52) 122
GMXB embedded derivatives (1) (11) (22) 29 13 (4) (2) (1) (1)
Funds withheld (gains) losses - investment income 6 (1) (1) (1) 8 13 (2) 15
EIA embedded derivatives - interest credited (13) (8) (2) (2) (20) (35) (26) (9)
DAC offset, net (8) 21 1 (1) 7 (2) 8 (10)
Investment (income) loss on unit-linked variable annuities 7 (4) 2 (2) 8 13 (1) 14
Interest credited on unit-linked variable annuities (7) 4 (2) 2 (8) (13) 1 (14)
Interest expense on uncertain tax positions — (27) 1 3 (3) — 5 (5)
Non-investment derivatives and other — 4 (3) (12) 5 (7) (3) (4)
Uncertain tax positions and other tax related items 1 (120) (9) 24 (21) 4 39 (35)
Net income attributable to noncontrolling interest — — — — 1 1 — 1
Adjusted operating income (loss) 391 $ 32 $ (38) $ (75) $ 274 $ 117 $ 423 $ 190 $ 233
Diluted earnings per share - adjusted operating income (loss) (2) 5.78 $ 0.47 $ (0.56) $ (1.11) $ 4.00 $ 1.78 $ 6.25 $ 2.78 $ 3.47
Foreign currency effect on (3):
Net premiums (119) $ (47) $ (3) $ 51 $ 124 $ (243) $ (166) $ 202 $ (368)
Adjusted operating income (loss) before income taxes (14) $ (1) $ — $ (7) $ 10 $ (24) $ (15) $ 11 $ (26)
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.
(2) 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.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 4
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Consolidated Balance Sheets
( millions)
March 31, Dec. 31, Sept. 30, June 30,
2022 2021 2021 2021
Assets
Fixed maturity securities, available-for-sale 53,294 $ 57,922 $ 60,749 $ 59,289 $ 58,287
Equity securities 139 151 160 147
Mortgage loans on real estate 6,535 6,283 6,366 6,481
Policy loans 1,221 1,234 1,234 1,254
Funds withheld at interest 6,737 6,954 7,034 7,049
Short-term investments 315 87 82 184
Other invested assets 3,033 3,070 3,404 2,924
Total investments 75,902 78,528 77,569 76,326
Cash and cash equivalents 2,709 2,948 3,027 3,254
Accrued investment income 578 533 574 525
Premiums receivable and other reinsurance balances 2,883 2,888 3,013 3,102
Reinsurance ceded receivables 2,595 2,580 2,585 1,093
Deferred policy acquisition costs 3,797 3,690 3,687 3,622
Other assets 1,297 1,008 994 1,022
Total assets 84,609 $ 89,761 $ 92,175 $ 91,449 $ 88,944
Liabilities and equity
Future policy benefits 34,833 $ 35,946 $ 35,782 $ 35,666 $ 33,761
Interest-sensitive contract liabilities 28,083 26,377 26,017 26,161
Other policy claims and benefits 7,079 6,993 7,117 6,795
Other reinsurance balances 582 613 543 531
Deferred income taxes 1,843 2,886 2,407 2,699
Other liabilities 3,123 2,663 3,327 2,057
Long-term debt 3,667 3,667 3,173 3,173
Collateral finance and securitization notes 166 180 314 323
Total liabilities 80,489 79,161 78,564 75,500
Equity:
Common stock, at par value 1 1 1 1
Additional paid-in-capital 2,465 2,461 2,447 2,430
Retained earnings 8,446 8,563 8,458 8,531
Treasury stock (1,675) (1,653) (1,604) (1,559)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes 4 (9) (50) (20)
Unrealized appreciation of securities, net of income taxes (9) 3,701 3,704 4,133
Pension and postretirement benefits, net of income taxes (50) (50) (71) (72)
Total RGA, Inc. stockholders’ equity 9,182 13,014 12,885 13,444
Noncontrolling interest 90 $ 90 $ — $ — $ —
Total equity 9,272 13,014 12,885 13,444
Total liabilities and equity 89,761 92,175 91,449 88,944
Total RGA, Inc. stockholders’ equity, excluding AOCI 9,398 $ 9,237 $ 9,372 $ 9,302 $ 9,403
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 Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 1,631 $ 1,541 $ 1,697 $ 1,550 $ 1,578 $ 53 $ 3,172 $ 2,997 $ 175
Net investment income 304 245 245 233 (24) 513 440 73
Investment related gains (losses), net 15 4 (5) 1 18 34 7 27
Other revenue 7 4 5 4 5 16 9 7
Total revenues 1,867 1,950 1,795 1,816 52 3,735 3,453 282
Benefits and expenses:
Claims and other policy benefits 1,765 1,892 1,670 1,418 (29) 3,154 3,158 (4)
Interest credited 17 18 17 18 (1) 34 35 (1)
Policy acquisition costs and other insurance expenses 208 209 195 206 2 416 388 28
Other operating expenses 43 42 39 39 6 88 75 13
Total benefits and expenses 2,033 2,161 1,921 1,681 (22) 3,692 3,656 36
Income (loss) before income taxes 209 $ (166) $ (211) $ (126) $ 135 $ 74 $ 43 $ (203) $ 246
Loss and expense ratios:
Claims and other policy benefits % 114.5 % 111.5 % 107.7 % 89.9 % (4.7) % 99.4 % 105.4 % (6.0) %
Policy acquisition costs and other insurance expenses % 13.5 % 12.3 % 12.6 % 13.1 % (0.3) % 13.1 % 12.9 % 0.2 %
Other operating expenses % 2.8 % 2.5 % 2.5 % 2.5 % 0.3 % 2.8 % 2.5 % 0.3 %
Foreign currency effect on (1):
Net premiums 1 $ — $ — $ 2 $ 2 $ (1) $ 1 $ 1 $ —
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) 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 Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, Qtr vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 1,631 $ 1,541 $ 1,697 $ 1,550 $ 1,578 $ 53 $ 3,172 $ 2,997 $ 175
Net investment income 304 245 245 233 (24) 513 440 73
Other revenue 7 4 5 4 5 16 9 7
Total revenues 1,852 1,946 1,800 1,815 34 3,701 3,446 255
Benefits and expenses:
Claims and other policy benefits 1,765 1,892 1,670 1,418 (29) 3,154 3,158 (4)
Interest credited 17 18 17 18 (1) 34 35 (1)
Policy acquisition costs and other insurance expenses 208 209 195 206 2 416 388 28
Other operating expenses 43 42 39 39 6 88 75 13
Total benefits and expenses 2,033 2,161 1,921 1,681 (22) 3,692 3,656 36
Adjusted operating income (loss) before income taxes 190 $ (181) $ (215) $ (121) $ 134 $ 56 $ 9 $ (210) $ 219
Loss and expense ratios:
Claims and other policy benefits % 114.5 % 111.5 % 107.7 % 89.9 % (4.7) % 99.4 % 105.4 % (6.0) %
Policy acquisition costs and other insurance expenses % 13.5 % 12.3 % 12.6 % 13.1 % (0.3) % 13.1 % 12.9 % 0.2 %
Other operating expenses % 2.8 % 2.5 % 2.5 % 2.5 % 0.3 % 2.8 % 2.5 % 0.3 %
Foreign currency effect on (1):
Net premiums 1 $ — $ — $ 2 $ 2 $ (1) $ 1 $ 1 $ —
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) 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 Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 14 $ 15 $ 13 $ 14 $ 15 $ (1) $ 29 $ 28 $ 1
Net investment income 262 264 290 276 (25) 513 533 (20)
Investment related gains (losses), net (80) 36 12 30 (123) (173) 24 (197)
Other revenue 27 26 31 85 (54) 58 111 (53)
Total revenues 224 339 347 406 (203) 427 696 (269)
Benefits and expenses:
Claims and other policy benefits 48 37 48 21 21 90 81 9
Interest credited 107 120 149 182 (81) 208 296 (88)
Policy acquisition costs and other insurance expenses 40 79 34 32 27 99 79 20
Other operating expenses 9 10 10 8 4 21 17 4
Total benefits and expenses 204 246 241 243 (29) 418 473 (55)
Income (loss) before income taxes (11) $ 20 $ 93 $ 106 $ 163 $ (174) $ 9 $ 223 $ (214)
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 Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 14 $ 15 $ 13 $ 14 $ 15 $ (1) $ 29 $ 28 $ 1
Net investment income 264 264 290 274 (20) 518 532 (14)
Other revenue 27 25 31 85 (53) 59 111 (52)
Total revenues 306 302 335 374 (74) 606 671 (65)
Benefits and expenses:
Claims and other policy benefits 48 37 48 21 21 90 81 9
Interest credited 124 129 152 185 (57) 252 329 (77)
Policy acquisition costs and other insurance expenses 50 53 32 34 18 102 69 33
Other operating expenses 9 10 10 8 4 21 17 4
Total benefits and expenses 231 229 242 248 (14) 465 496 (31)
Adjusted operating income before income taxes 66 $ 75 $ 73 $ 93 $ 126 $ (60) $ 141 $ 175 $ (34)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 9
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Asset-Intensive
(Continued)
Three Months Ended
(USD millions, shown net of reinsurance ceded) June 30, March 31, Dec. 31, Sept. 30, June 30,
2022 2022 2021 2021 2021
Annuity account values:
Fixed annuities (deferred) $ 12,084 $ 11,693 $ 11,858 $ 11,997 $ 13,687
Net interest spread (fixed annuities) 1.3 % 2.0 % 1.4 % 1.7 % 1.2 %
Equity-indexed annuities $ 3,017 $ 3,114 $ 3,213 $ 3,293 $ 3,343
Variable annuities account values
No riders $ 705 $ 786 $ 844 $ 827 $ 834
GMDB only 811 891 960 968 949
GMIB only 20 23 25 25 25
GMAB only 2 3 3 3 4
GMWB only 916 1,035 1,130 1,110 1,145
GMDB / WB 174 240 264 261 271
Other 16 18 19 19 19
Total variable annuities account values $ 2,644 $ 2,996 $ 3,245 $ 3,213 $ 3,247
Fair value of liabilities associated with living benefit riders $ 160 $ 148 $ 162 $ 191 $ 154
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts $ 712 $ 656 $ 656 $ 827 $ 973
Bank-owned life insurance (BOLI) $ 2,505 $ 2,499 $ 2,492 $ 2,480 $ 2,471
Other asset-intensive business $ 112 $ 114 $ 115 $ 117 $ 119
Future policy benefits associated with:
Payout annuities $ 4,160 $ 4,218 $ 4,274 $ 4,329 $ 4,393
Page 10
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net investment income 1 $ 1 $ — $ 1 $ — $ 1 $ 2 $ 1 $ 1
Other revenue 27 28 26 27 47 101 54 47
Total revenues 28 28 27 27 48 103 55 48
Benefits and expenses:
Policy acquisition costs and other insurance expenses 1 — 2 — 1 2 2 —
Other operating expenses 3 3 3 4 (2) 5 7 (2)
Total benefits and expenses 4 3 5 4 (1) 7 9 (2)
Income before income taxes 72 $ 24 $ 25 $ 22 $ 23 $ 49 $ 96 $ 46 $ 50
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 Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net investment income 1 $ 1 $ — $ 1 $ — $ 1 $ 2 $ 1 $ 1
Other revenue 27 28 26 27 47 101 54 47
Total revenues 28 28 27 27 48 103 55 48
Benefits and expenses:
Policy acquisition costs and other insurance expenses 1 — 2 — 1 2 2 —
Other operating expenses 3 3 3 4 (2) 5 7 (2)
Total benefits and expenses 4 3 5 4 (1) 7 9 (2)
Adjusted operating income before income taxes 72 $ 24 $ 25 $ 22 $ 23 $ 49 $ 96 $ 46 $ 50
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 12
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Traditional
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 314 $ 304 $ 324 $ 289 $ 301 $ 13 $ 618 $ 581 $ 37
Net investment income 55 60 65 63 (5) 113 123 (10)
Investment related gains (losses), net 1 — 1 — (6) (5) 2 (7)
Other revenue 2 1 (1) 2 (1) 3 3 —
Total revenues 362 385 354 366 1 729 709 20
Benefits and expenses:
Claims and other policy benefits 300 298 255 277 18 595 543 52
Policy acquisition costs and other insurance expenses 46 50 46 46 — 92 91 1
Other operating expenses 10 9 9 11 (1) 20 19 1
Total benefits and expenses 356 357 310 334 17 707 653 54
Income before income taxes 16 $ 6 $ 28 $ 44 $ 32 $ (16) $ 22 $ 56 $ (34)
Loss and expense ratios:
Claims and other policy benefits % 98.7 % 92.0 % 88.2 % 92.0 % 1.9 % 96.3 % 93.5 % 2.8 %
Policy acquisition costs and other insurance expenses % 15.1 % 15.4 % 15.9 % 15.3 % (0.7) % 14.9 % 15.7 % (0.8) %
Other operating expenses % 3.3 % 2.8 % 3.1 % 3.7 % (0.5) % 3.2 % 3.3 % (0.1) %
Foreign currency effect on (1):
Net premiums (13) $ — $ 10 $ 16 $ 34 $ (47) $ (13) $ 50 $ (63)
Income before income taxes (1) $ — $ — $ 3 $ 3 $ (4) $ (1) $ 3 $ (4)
Creditor reinsurance net premiums 20 $ 18 $ 19 $ 19 $ 19 $ 1 $ 38 $ 36 $ 2
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 13
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 314 $ 304 $ 324 $ 289 $ 301 $ 13 $ 618 $ 581 $ 37
Net investment income 55 59 65 64 (6) 113 123 (10)
Investment related gains, net — 2 1 1 1 2 3 (1)
Other revenue 2 1 (1) 2 (1) 3 3 —
Total revenues 361 386 354 368 7 736 710 26
Benefits and expenses:
Claims and other policy benefits 300 298 255 277 18 595 543 52
Policy acquisition costs and other insurance expenses 46 50 46 46 — 92 91 1
Other operating expenses 10 9 9 11 (1) 20 19 1
Total benefits and expenses 356 357 310 334 17 707 653 54
Adjusted operating income before income taxes 24 $ 5 $ 29 $ 44 $ 34 $ (10) $ 29 $ 57 $ (28)
Loss and expense ratios:
Claims and other policy benefits % 98.7 % 92.0 % 88.2 % 92.0 % 1.9 % 96.3 % 93.5 % 2.8 %
Policy acquisition costs and other insurance expenses % 15.1 % 15.4 % 15.9 % 15.3 % (0.7) % 14.9 % 15.7 % (0.8) %
Other operating expenses % 3.3 % 2.8 % 3.1 % 3.7 % (0.5) % 3.2 % 3.3 % (0.1) %
Foreign currency effect on (1):
Net premiums (13) $ — $ 10 $ 16 $ 34 $ (47) $ (13) $ 50 $ (63)
Adjusted operating income before income taxes (1) $ — $ — $ 3 $ 3 $ (4) $ (1) $ 3 $ (4)
Creditor reinsurance net premiums 20 $ 18 $ 19 $ 19 $ 19 $ 1 $ 38 $ 36 $ 2
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 14
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 25 $ 23 $ 22 $ 22 $ 23 $ 2 $ 48 $ 46 $ 2
Net investment income 1 — — — (1) — — —
Other revenue 1 2 3 3 — 4 6 (2)
Total revenues 25 24 25 26 1 52 52 —
Benefits and expenses:
Claims and other policy benefits 11 17 23 21 1 33 39 (6)
Policy acquisition costs and other insurance expenses 1 1 1 1 (1) 1 1 —
Other operating expenses — 1 1 — 1 1 2 (1)
Total benefits and expenses 12 19 25 22 1 35 42 (7)
Income before income taxes 4 $ 13 $ 5 $ — $ 4 $ — $ 17 $ 10 $ 7
Foreign currency effect on (2):
Net premiums (1) $ — $ 1 $ 1 $ 3 $ (4) $ (1) $ 4 $ (5)
Income before income taxes — $ — $ 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 Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 25 $ 23 $ 22 $ 22 $ 23 $ 2 $ 48 $ 46 $ 2
Net investment income 1 — — — (1) — — —
Other revenue 1 2 3 3 — 4 6 (2)
Total revenues 25 24 25 26 1 52 52 —
Benefits and expenses:
Claims and other policy benefits 11 17 23 21 1 33 39 (6)
Policy acquisition costs and other insurance expenses 1 1 1 1 (1) 1 1 —
Other operating expenses — 1 1 — 1 1 2 (1)
Total benefits and expenses 12 19 25 22 1 35 42 (7)
Adjusted operating income before income taxes 4 $ 13 $ 5 $ — $ 4 $ — $ 17 $ 10 $ 7
Foreign currency effect on (2):
Net premiums (1) $ — $ 1 $ 1 $ 3 $ (4) $ (1) $ 4 $ (5)
Adjusted operating income before income taxes — $ — $ — $ — $ 1 $ (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 16
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Traditional
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 427 $ 451 $ 435 $ 432 $ 433 $ (6) $ 878 $ 871 $ 7
Net investment income 22 22 22 24 (2) 44 44 —
Other revenue 3 — — 2 (4) 1 1 —
Total revenues 476 457 454 459 (12) 923 916 7
Benefits and expenses:
Claims and other policy benefits 427 464 482 414 (37) 804 883 (79)
Policy acquisition costs and other insurance expenses 25 34 35 27 10 62 56 6
Other operating expenses 30 27 28 30 1 61 57 4
Total benefits and expenses 482 525 545 471 (26) 927 996 (69)
Income (loss) before income taxes 2 $ (6) $ (68) $ (91) $ (12) $ 14 $ (4) $ (80) $ 76
Loss and expense ratios:
Claims and other policy benefits % 94.7 % 106.7 % 111.6 % 95.6 % (7.3) % 91.6 % 101.4 % (9.8) %
Policy acquisition costs and other insurance expenses % 5.5 % 7.8 % 8.1 % 6.2 % 2.5 % 7.1 % 6.4 % 0.7 %
Other operating expenses % 6.7 % 6.2 % 6.5 % 6.9 % 0.4 % 6.9 % 6.5 % 0.4 %
Foreign currency effect on (1):
Net premiums (46) $ (16) $ — $ 22 $ 47 $ (93) $ (62) $ 73 $ (135)
Income (loss) before income taxes (1) $ 1 $ — $ (14) $ (4) $ 3 $ — $ (9) $ 9
Critical illness net premiums 36 $ 39 $ 42 $ 46 $ 44 $ (8) $ 75 $ 86 $ (11)
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 17
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 427 $ 451 $ 435 $ 432 $ 433 $ (6) $ 878 $ 871 $ 7
Net investment income 22 22 22 24 (2) 44 44 —
Other revenue 3 — — 2 (4) 1 1 —
Total revenues 476 457 454 459 (12) 923 916 7
Benefits and expenses:
Claims and other policy benefits 427 464 482 414 (37) 804 883 (79)
Policy acquisition costs and other insurance expenses 25 34 35 27 10 62 56 6
Other operating expenses 30 27 28 30 1 61 57 4
Total benefits and expenses 482 525 545 471 (26) 927 996 (69)
Adjusted operating income (loss) before income taxes 2 $ (6) $ (68) $ (91) $ (12) $ 14 $ (4) $ (80) $ 76
Loss and expense ratios:
Claims and other policy benefits % 94.7 % 106.7 % 111.6 % 95.6 % (7.3) % 91.6 % 101.4 % (9.8) %
Policy acquisition costs and other insurance expenses % 5.5 % 7.8 % 8.1 % 6.2 % 2.5 % 7.1 % 6.4 % 0.7 %
Other operating expenses % 6.7 % 6.2 % 6.5 % 6.9 % 0.4 % 6.9 % 6.5 % 0.4 %
Foreign currency effect on (1):
Net premiums (46) $ (16) $ — $ 22 $ 47 $ (93) $ (62) $ 73 $ (135)
Adjusted operating income (loss) before income taxes (1) $ 1 $ — $ (14) $ (4) $ 3 $ — $ (9) $ 9
Critical illness net premiums 36 $ 39 $ 42 $ 46 $ 44 $ (8) $ 75 $ 86 $ (11)
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 18
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 119 $ 128 $ 91 $ 96 $ 84 $ 35 $ 247 $ 163 $ 84
Net investment income 35 56 51 50 (17) 68 98 (30)
Investment related gains (losses), net 16 8 23 2 (24) (6) 18 (24)
Other revenue 3 2 4 3 1 7 6 1
Total revenues 182 157 174 139 (5) 316 285 31
Benefits and expenses:
Claims and other policy benefits 91 60 77 42 52 185 117 68
Interest credited (9) 5 (2) 2 (10) (17) 1 (18)
Policy acquisition costs and other insurance expenses 1 5 2 1 1 3 3 —
Other operating expenses 14 12 12 11 2 27 21 6
Total benefits and expenses 97 82 89 56 45 198 142 56
Income before income taxes 33 $ 85 $ 75 $ 85 $ 83 $ (50) $ 118 $ 143 $ (25)
Foreign currency effect on (2):
Net premiums (14) $ (5) $ 1 $ 5 $ 9 $ (23) $ (19) $ 15 $ (34)
Income before income taxes (4) $ (3) $ 1 $ 5 $ 10 $ (14) $ (7) $ 15 $ (22)
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 Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 119 $ 128 $ 91 $ 96 $ 84 $ 35 $ 247 $ 163 $ 84
Net investment income 50 51 51 48 (1) 97 96 1
Investment related gains (losses), net 4 3 2 2 3 9 1 8
Other revenue 3 2 4 3 1 7 6 1
Total revenues 185 147 153 137 38 360 266 94
Benefits and expenses:
Claims and other policy benefits 91 60 77 42 52 185 117 68
Interest credited — — — — — — — —
Policy acquisition costs and other insurance expenses 1 5 2 1 1 3 3 —
Other operating expenses 14 12 12 11 2 27 21 6
Total benefits and expenses 106 77 91 54 55 215 141 74
Adjusted operating income before income taxes 66 $ 79 $ 70 $ 62 $ 83 $ (17) $ 145 $ 125 $ 20
Foreign currency effect on (2):
Net premiums (14) $ (5) $ 1 $ 5 $ 9 $ (23) $ (19) $ 15 $ (34)
Adjusted operating income before income taxes (7) $ (3) $ 1 $ 4 $ 9 $ (16) $ (10) $ 13 $ (23)
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 20
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Traditional
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 640 $ 650 $ 773 $ 626 $ 616 $ 24 $ 1,290 $ 1,225 $ 65
Net investment income 33 36 33 34 (1) 66 67 (1)
Investment related gains (losses), net — — — — 5 5 (1) 6
Other revenue 5 6 4 3 5 13 9 4
Total revenues 688 815 663 653 33 1,374 1,300 74
Benefits and expenses:
Claims and other policy benefits 542 667 682 578 (41) 1,079 1,096 (17)
Policy acquisition costs and other insurance expenses 47 44 31 41 1 89 84 5
Other operating expenses 48 47 46 46 3 97 91 6
Total benefits and expenses 637 758 759 665 (37) 1,265 1,271 (6)
Income (loss) before income taxes 58 $ 51 $ 57 $ (96) $ (12) $ 70 $ 109 $ 29 $ 80
Loss and expense ratios:
Claims and other policy benefits % 83.4 % 86.3 % 108.9 % 93.8 % (9.9) % 83.6 % 89.5 % (5.9) %
Policy acquisition costs and other insurance expenses % 7.2 % 5.7 % 5.0 % 6.7 % (0.1) % 6.9 % 6.9 % — %
Other operating expenses % 7.4 % 6.1 % 7.3 % 7.5 % 0.2 % 7.5 % 7.4 % 0.1 %
Foreign currency effect on (1):
Net premiums (38) $ (23) $ (13) $ 6 $ 30 $ (68) $ (61) $ 59 $ (120)
Income (loss) before income taxes (5) $ 2 $ (2) $ — $ (1) $ (4) $ (3) $ — $ (3)
Critical illness net premiums 301 $ 295 $ 424 $ 306 $ 282 $ 19 $ 596 $ 551 $ 45
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 21
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 640 $ 650 $ 773 $ 626 $ 616 $ 24 $ 1,290 $ 1,225 $ 65
Net investment income 33 36 33 34 (1) 66 67 (1)
Investment related gains (losses), net — — — — 5 5 (1) 6
Other revenue 5 6 4 3 5 13 9 4
Total revenues 688 815 663 653 33 1,374 1,300 74
Benefits and expenses:
Claims and other policy benefits 542 667 682 578 (41) 1,079 1,096 (17)
Policy acquisition costs and other insurance expenses 47 44 31 41 1 89 84 5
Other operating expenses 48 47 46 46 3 97 91 6
Total benefits and expenses 637 758 759 665 (37) 1,265 1,271 (6)
Adjusted operating income (loss) before income taxes 58 $ 51 $ 57 $ (96) $ (12) $ 70 $ 109 $ 29 $ 80
Loss and expense ratios:
Claims and other policy benefits % 83.4 % 86.3 % 108.9 % 93.8 % (9.9) % 83.6 % 89.5 % (5.9) %
Policy acquisition costs and other insurance expenses % 7.2 % 5.7 % 5.0 % 6.7 % (0.1) % 6.9 % 6.9 % — %
Other operating expenses % 7.4 % 6.1 % 7.3 % 7.5 % 0.2 % 7.5 % 7.4 % 0.1 %
Foreign currency effect on (1):
Net premiums (38) $ (23) $ (13) $ 6 $ 30 $ (68) $ (61) $ 59 $ (120)
Adjusted operating income (loss) before income taxes (4) $ 1 $ (2) $ — $ (1) $ (3) $ (3) $ — $ (3)
Critical illness net premiums 301 $ 295 $ 424 $ 306 $ 282 $ 19 $ 596 $ 551 $ 45
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 22
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 60 $ 43 $ 52 $ 65 $ 48 $ 12 $ 103 $ 101 $ 2
Net investment income 44 42 37 31 25 100 59 41
Investment related gains (losses), net (81) 7 (15) 15 (128) (194) 27 (221)
Other revenue 15 13 8 10 30 55 21 34
Total revenues 21 114 95 104 (61) 64 208 (144)
Benefits and expenses:
Claims and other policy benefits 41 47 52 42 17 100 88 12
Interest credited 20 15 12 15 7 42 30 12
Policy acquisition costs and other insurance expenses 12 15 19 11 11 34 22 12
Other operating expenses 4 4 6 5 1 10 9 1
Total benefits and expenses 77 81 89 73 36 186 149 37
Income (loss) before income taxes (66) $ (56) $ 33 $ 6 $ 31 $ (97) $ (122) $ 59 $ (181)
Foreign currency effect on (2):
Net premiums (8) $ (3) $ (2) $ (1) $ (1) $ (7) $ (11) $ — $ (11)
Income (loss) before income taxes 16 $ 6 $ (2) $ — $ — $ 16 $ 22 $ 1 $ 21
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 Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 60 $ 43 $ 52 $ 65 $ 48 $ 12 $ 103 $ 101 $ 2
Net investment income 44 42 37 31 25 100 59 41
Investment related gains, net 4 3 4 4 1 9 7 2
Other revenue 7 13 8 10 6 23 21 2
Total revenues 98 110 114 93 44 235 188 47
Benefits and expenses:
Claims and other policy benefits 41 47 52 42 17 100 88 12
Interest credited 20 15 12 15 7 42 30 12
Policy acquisition costs and other insurance expenses 12 15 19 11 11 34 22 12
Other operating expenses 4 4 6 5 1 10 9 1
Total benefits and expenses 77 81 89 73 36 186 149 37
Adjusted operating income before income taxes 28 $ 21 $ 29 $ 25 $ 20 $ 8 $ 49 $ 39 $ 10
Foreign currency effect on (2):
Net premiums (8) $ (3) $ (2) $ (1) $ (1) $ (7) $ (11) $ — $ (11)
Adjusted operating income before income taxes (1) $ (1) $ (2) $ — $ — $ (1) $ (2) $ — $ (2)
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 24
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Corporate and Other
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net investment income 92 $ 53 $ 46 $ 52 $ 48 $ 44 $ 145 $ 206 $ (61)
Investment related gains (losses), net 3 33 42 64 (108) (41) 337 (378)
Other revenue 1 11 15 29 (40) (10) 39 (49)
Total revenues 57 90 109 141 (104) 94 582 (488)
Benefits and expenses:
Interest credited 6 1 1 1 5 12 2 10
Policy acquisition costs and other insurance income (26) (31) (27) (26) 2 (50) (54) 4
Other operating expenses 65 98 75 86 (12) 139 156 (17)
Interest expense 42 (2) 41 43 (1) 84 88 (4)
Collateral finance and securitization expense 1 4 3 2 — 3 5 (2)
Total benefits and expenses 88 70 93 106 (6) 188 197 (9)
Income (loss) before income taxes (63) $ (31) $ 20 $ 16 $ 35 $ (98) $ (94) $ 385 $ (479)
Foreign currency effect on (1):
Income (loss) before income taxes 2 $ — $ 1 $ 2 $ 6 $ (4) $ 2 $ 8 $ (6)
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 Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Revenues:
Net investment income 92 $ 53 $ 46 $ 52 $ 48 $ 44 $ 145 $ 206 $ (61)
Investment related gains, net 4 — 1 2 (2) 4 5 (1)
Other revenue 9 17 11 14 (11) 12 35 (23)
Total revenues 66 63 64 64 31 161 246 (85)
Benefits and expenses:
Interest credited 6 1 1 1 5 12 2 10
Policy acquisition costs and other insurance income (26) (31) (27) (26) 2 (50) (54) 4
Other operating expenses 65 98 75 86 (12) 139 156 (17)
Interest expense 42 32 39 40 2 84 82 2
Collateral finance and securitization expense 1 4 3 2 — 3 5 (2)
Total benefits and expenses 88 104 91 103 (3) 188 191 (3)
Adjusted operating income (loss) before income taxes (5) $ (22) $ (41) $ (27) $ (39) $ 34 $ (27) $ 55 $ (82)
Foreign currency effect on (1):
Adjusted operating income (loss) before income taxes — $ 1 $ 2 $ 1 $ 2 $ (2) $ 1 $ 3 $ (2)
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 26
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Summary of Segment GAAP Income
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
U.S. and Latin America:
Traditional 209 $ (166) $ (211) $ (126) $ 135 $ 74 $ 43 $ (203) $ 246
Financial Solutions:
Asset Intensive 20 93 106 163 (174) 9 223 (214)
Capital Solutions 24 25 22 23 49 96 46 50
Total U.S. and Latin America (122) (93) 2 321 (51) 148 66 82
Canada:
Traditional 6 28 44 32 (16) 22 56 (34)
Financial Solutions 13 5 — 4 — 17 10 7
Total Canada 19 33 44 36 (16) 39 66 (27)
Europe, Middle East and Africa:
Traditional (6) (68) (91) (12) 14 (4) (80) 76
Financial Solutions 85 75 85 83 (50) 118 143 (25)
Total Europe, Middle East and Africa 79 7 (6) 71 (36) 114 63 51
Asia Pacific:
Traditional 51 57 (96) (12) 70 109 29 80
Financial Solutions (56) 33 6 31 (97) (122) 59 (181)
Total Asia Pacific (5) 90 (90) 19 (27) (13) 88 (101)
Corporate and Other (31) 20 16 35 (98) (94) 385 (479)
Consolidated income (loss) before income taxes 254 $ (60) $ 57 $ (34) $ 482 $ (228) $ 194 $ 668 $ (474)
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<br>vs. PY<br>Quarter Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, June 30, June 30,
2022 2021 2021 2021 2022 2021 Change
U.S. and Latin America:
Traditional 190 $ (181) $ (215) $ (121) $ 134 $ 56 $ 9 $ (210) $ 219
Financial Solutions:
Asset Intensive 75 73 93 126 (60) 141 175 (34)
Capital Solutions 24 25 22 23 49 96 46 50
Total U.S. and Latin America (82) (117) (6) 283 45 246 11 235
Canada:
Traditional 5 29 44 34 (10) 29 57 (28)
Financial Solutions 13 5 — 4 — 17 10 7
Total Canada 18 34 44 38 (10) 46 67 (21)
Europe, Middle East and Africa:
Traditional (6) (68) (91) (12) 14 (4) (80) 76
Financial Solutions 79 70 62 83 (17) 145 125 20
Total Europe, Middle East and Africa 73 2 (29) 71 (3) 141 45 96
Asia Pacific:
Traditional 51 57 (96) (12) 70 109 29 80
Financial Solutions 21 29 25 20 8 49 39 10
Total Asia Pacific 72 86 (71) 8 78 158 68 90
Corporate and Other (22) (41) (27) (39) 34 (27) 55 (82)
Consolidated adjusted operating income (loss) before income taxes 505 $ 59 $ (36) $ (89) $ 361 $ 144 $ 564 $ 246 $ 318
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 28
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Cash and Invested Assets
March 31, Dec. 31, Sept. 30, June 30,
2022 2021 2021 2021
Fixed maturity securities, available-for-sale (1) 53,294 $ 57,922 $ 60,749 $ 59,289 $ 58,287
Equity securities 139 151 160 147
Mortgage loans on real estate 6,535 6,283 6,366 6,481
Policy loans 1,221 1,234 1,234 1,254
Funds withheld at interest 6,737 6,954 7,034 7,049
Short-term investments 315 87 82 184
Other invested assets 3,033 3,070 3,404 2,924
Cash and cash equivalents 2,709 2,948 3,027 3,254
Total cash and invested assets 73,514 $ 78,611 $ 81,476 $ 80,596 $ 79,580
(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”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), 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<br>vs. PY<br>Quarter Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, June 30, June 30, June 30,
2022 2022 2021 2021 2021 2022 2021 Change
Average invested assets at amortized cost (1) $ 34,859 $ 35,271 $ 34,325 $ 33,361 $ 33,587 $ 1,272 $ 34,852 $ 33,266 $ 1,586
Net investment income (1) $ 397 $ 457 $ 397 $ 405 $ 383 $ 14 $ 854 $ 846 $ 8
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1) 4.63 % 5.29 % 4.70 % 4.95 % 4.64 % (1) bp 4.96 % 5.15 % (19) bps
Variable investment income ("VII") (included in net investment income) (1) $ 70 $ 141 $ 91 $ 102 $ 78 $ (8) $ 211 $ 240 $ (29)
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) 3.96 % 3.80 % 3.78 % 3.85 % 3.84 % 12 bps 3.88 % 3.82 % 6 bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
Page 29
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities
Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate 37,819 $ 43 $ 257 $ 3,659 $ 34,374 64.5 %
Canadian government — 536 35 3,809 7.1 %
RMBS — 8 62 950 1.8 %
ABS 5 3 307 3,782 7.1 %
CMBS 1 2 122 1,735 3.3 %
U.S. government — 7 146 962 1.8 %
State and political subdivisions — 21 107 1,116 2.1 %
Other foreign government 6 36 691 6,566 12.3 %
Total fixed maturity securities 57,608 $ 55 $ 870 $ 5,129 $ 53,294 100.0 %

All values are in US Dollars.

December 31, 2021
Amortized<br>Cost Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate $ 35,239 $ 26 $ 3,084 $ 194 $ 38,103 62.8 %
Canadian government 3,339 — 1,606 1 4,944 8.1 %
RMBS 1,020 — 37 7 1,050 1.7 %
ABS 4,024 — 22 41 4,005 6.6 %
CMBS 1,790 1 66 6 1,849 3.0 %
U.S. government 2,082 — 31 8 2,105 3.5 %
State and political subdivisions 1,191 — 137 5 1,323 2.2 %
Other foreign government 7,188 4 273 87 7,370 12.1 %
Total fixed maturity securities $ 55,873 $ 31 $ 5,256 $ 349 $ 60,749 100.0 %
Page 30
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Corporate Fixed Maturity Securities by Industry
December 31, 2021
Estimated Fair Value % of Total Average Credit Ratings (1) Amortized Cost Estimated Fair Value % of Total Average Credit Ratings (1)
Financial institutions
Banking 6,131 $ 5,689 16.5 % A- $ 5,792 $ 6,163 16.2 % A-
Brokerage/asset managers/exchanges 1,091 3.2 % A- 1,073 1,145 3.0 % A-
Finance companies 362 1.1 % BBB 306 316 0.8 % BBB+
Insurance 3,852 11.2 % A- 3,987 4,383 11.5 % A-
REITs 965 2.8 % BBB+ 987 1,022 2.7 % BBB+
Other finance 744 2.2 % A- 956 1,016 2.7 % A-
Total financial institutions 14,008 $ 12,703 37.0 % $ 13,101 $ 14,045 36.9 %
Industrials
Basic 2,023 $ 1,851 5.4 % BBB $ 1,972 $ 2,210 5.8 % BBB
Capital goods 1,484 4.3 % BBB 1,542 1,649 4.3 % BBB
Communications 2,187 6.4 % BBB 2,330 2,592 6.8 % BBB
Consumer cyclical 1,758 5.1 % BBB+ 1,758 1,885 4.9 % BBB+
Consumer noncyclical 4,022 11.7 % BBB+ 3,952 4,315 11.3 % BBB+
Energy 1,878 5.5 % BBB+ 1,967 2,159 5.7 % BBB+
Technology 1,522 4.4 % BBB+ 1,436 1,486 3.9 % BBB+
Transportation 1,915 5.6 % BBB+ 2,050 2,192 5.8 % BBB+
Other industrial 909 2.6 % BBB 850 887 2.3 % BBB
Total industrials 19,152 $ 17,526 51.0 % $ 17,857 $ 19,375 50.8 %
Utilities
Electric 3,618 $ 3,217 9.3 % A- $ 3,256 $ 3,561 9.4 % A-
Natural gas 529 1.5 % A- 566 614 1.6 % BBB+
Other utility 399 1.2 % BBB+ 459 508 1.3 % BBB+
Total utilities 4,659 $ 4,145 12.0 % $ 4,281 $ 4,683 12.3 %
Total 37,819 $ 34,374 100.0 % BBB+ $ 35,239 $ 38,103 100.0 % 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
June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021
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 $ 33,989 $ 31,782 59.6 % $ 34,434 $ 34,741 60.0 % $ 33,540 $ 36,725 60.5 % $ 32,444 $ 35,554 60.0 % $ 31,394 $ 34,862 59.8 %
2 BBB 19,851 18,011 33.8 % 19,691 19,574 33.8 % 18,684 20,379 33.5 % 18,025 19,814 33.4 % 17,948 19,896 34.1 %
3 BB 2,940 2,774 5.2 % 2,821 2,769 4.8 % 2,620 2,668 4.4 % 2,868 2,952 5.0 % 2,575 2,683 4.6 %
4 B 658 619 1.2 % 730 720 1.2 % 876 863 1.4 % 832 822 1.4 % 686 678 1.2 %
5 CCC 124 84 0.2 % 127 92 0.2 % 96 79 0.1 % 161 137 0.2 % 179 159 0.3 %
6 In or near default 46 24 — % 46 26 — % 57 35 0.1 % 17 10 — % 15 9 — %
Total $ 57,608 $ 53,294 100.0 % $ 57,849 $ 57,922 100.0 % $ 55,873 $ 60,749 100.0 % $ 54,347 $ 59,289 100.0 % $ 52,797 $ 58,287 100.0 %
(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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021
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
RMBS
Agency $ 519 $ 498 7.7 % $ 538 $ 537 8.3 % $ 551 $ 582 8.4 % $ 594 $ 631 9.2 % $ 623 $ 667 9.9 %
Non-agency 485 452 7.0 % 445 429 6.6 % 469 468 6.8 % 571 578 8.4 % 700 710 10.5 %
Total RMBS 1,004 950 14.7 % 983 966 14.9 % 1,020 1,050 15.2 % 1,165 1,209 17.6 % 1,323 1,377 20.4 %
ABS:
Collateralized loan obligations ("CLOs") 1,714 1,622 25.1 % 1,659 1,630 25.1 % 1,761 1,752 25.4 % 1,841 1,838 26.8 % 1,722 1,720 25.6 %
ABS, excluding CLOs 2,377 2,160 33.4 % 2,256 2,116 32.5 % 2,263 2,253 32.6 % 1,922 1,941 28.3 % 1,745 1,762 26.2 %
Total ABS 4,091 3,782 58.5 % 3,915 3,746 57.6 % 4,024 4,005 58.0 % 3,763 3,779 55.1 % 3,467 3,482 51.8 %
CMBS 1,856 1,735 26.8 % 1,829 1,786 27.5 % 1,790 1,849 26.8 % 1,795 1,877 27.3 % 1,774 1,869 27.8 %
Total $ 6,951 $ 6,467 100.0 % $ 6,727 $ 6,498 100.0 % $ 6,834 $ 6,904 100.0 % $ 6,723 $ 6,865 100.0 % $ 6,564 $ 6,728 100.0 %
Page 32
---
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 25,035 $ 3,170 $ 1,124 $ 327 $ 26,159 $ 3,497
Canadian government 29 13 6 372 35
RMBS 39 122 23 753 62
ABS 244 640 45 3,490 289
CMBS 111 39 4 1,562 115
U.S. government 137 24 9 863 146
State and political subdivisions 100 27 7 816 107
Other foreign government 469 795 145 5,143 614
Total investment grade securities 36,374 $ 4,299 $ 2,784 $ 566 $ 39,158 $ 4,865
Below investment grade securities:
Corporate 1,234 $ 137 $ 103 $ 25 $ 1,337 $ 162
ABS 9 8 2 69 11
CMBS 3 11 1 40 4
Other foreign government 28 115 49 285 77
Total below investment grade securities 1,494 $ 177 $ 237 $ 77 $ 1,731 $ 254
Total fixed maturity securities 37,868 $ 4,476 $ 3,021 $ 643 $ 40,889 $ 5,119
(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 4,135 $ 86 $ 946 $ 51 $ 5,081 $ 137
Canadian government 1 — — 20 1
RMBS 3 102 4 234 7
ABS 22 589 6 2,336 28
CMBS 2 35 2 187 4
U.S. government 6 31 2 1,544 8
State and political subdivisions 3 28 2 137 5
Other foreign government 33 724 37 2,961 70
Total investment grade securities 10,045 $ 156 $ 2,455 $ 104 $ 12,500 $ 260
Below investment grade securities:
Corporate 463 $ 13 $ 97 $ 44 $ 560 $ 57
ABS — 13 13 13 13
CMBS — — — — —
Other foreign government 7 75 10 211 17
Total below investment grade securities 599 $ 20 $ 185 $ 67 $ 784 $ 87
Total fixed maturity securities 10,644 $ 176 $ 2,640 $ 171 $ 13,284 $ 347
(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<br>vs. PY<br>Quarter Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, June 30, June 30,
2022 2021 2021 2021 2022 2021 Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses and impairments (15) $ (12) $ (14) $ (1) $ 5 $ (20) $ (27) $ 3 $ (30)
Realized gains on investment activity 11 34 45 53 (19) 45 220 (175)
Realized losses on investment activity (36) (13) (9) (30) (64) (130) (43) (87)
Net gains (losses) on fixed maturity securities available-for-sale (37) 7 35 28 (103) (112) 180 (292)
Net gains (losses) on equity securities (8) (6) 8 20 (35) (23) 23 (46)
Other impairment losses and change in mortgage loan allowance for credit losses (2) 4 4 3 (4) (3) 21 (24)
Change in fair value of certain limited partnership investments and other, net 26 24 27 32 (13) 45 143 (98)
Free-standing derivatives (1):
Interest rate swaps (52) 7 (4) 33 (77) (96) (37) (59)
Interest rate options — — — — (6) (6) — (6)
Financial futures 7 (5) — (9) 33 31 (19) 50
Foreign currency swaps 7 5 3 3 8 18 12 6
Foreign currency swaps - hedged 4 1 — — — 4 1 3
Foreign currency forwards (23) (9) (2) (1) (75) (99) (9) (90)
CPI swaps 29 13 12 3 (14) 18 21 (3)
Credit default swaps (58) 13 (12) 12 (45) (91) 32 (123)
Equity options — (15) 3 (11) 32 21 (21) 42
Total free-standing derivatives (86) 10 — 30 (144) (200) (20) (180)
Embedded derivatives:
Modified coinsurance and funds withheld treaties (33) 20 21 16 (72) (89) 66 (155)
GMXB 14 29 (37) (17) 5 2 1 1
Total embedded derivatives (19) 49 (16) (1) (67) (87) 67 (154)
Net gains (losses) on total derivatives (105) 59 (16) 29 (211) (287) 47 (334)
Total investment related gains (losses), net (254) $ (126) $ 88 $ 58 $ 112 $ (366) $ (380) $ 414 $ (794)
(1) Free-standing derivatives are non-hedged unless specified.

All values are in US Dollars.

Page 35

image6.jpg

Appendix

Reconciliations of GAAP to Non-GAAP Measures
Page 36
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
U.S. & Latin America Traditional
Income (loss) before income taxes 209 $ (166) $ (211) $ (126) $ 135 $ 74 $ 43 $ (203) $ 246
Change in value of modified coinsurance and
funds withheld embedded derivatives (1) (15) (4) 5 (1) (18) (34) (7) (27)
Adjusted operating income (loss) before income taxes 190 $ (181) $ (215) $ (121) $ 134 $ 56 $ 9 $ (210) $ 219
U.S. & Latin America Asset-Intensive
Income (loss) before income taxes (11) $ 20 $ 93 $ 106 $ 163 $ (174) $ 9 $ 223 $ (214)
Investment and derivative (gains) losses (1) 46 9 (23) (32) 38 52 36 16
Change in value of modified coinsurance and
funds withheld embedded derivatives (1) 48 (16) (26) (15) 90 123 (59) 182
GMXB embedded derivatives (1) (14) (29) 37 17 (5) (2) (1) (1)
Funds withheld (gains) losses - investment income 2 — — (2) 5 5 (1) 6
EIA embedded derivatives - interest credited (17) (9) (3) (3) (24) (44) (33) (11)
DAC offset, net (10) 26 2 (2) 9 (3) 10 (13)
Non-investment derivatives and other — (1) — — 1 1 — 1
Adjusted operating income before income taxes 66 $ 75 $ 73 $ 93 $ 126 $ (60) $ 141 $ 175 $ (34)
U.S. & Latin America Capital Solutions
Income before income taxes 72 $ 24 $ 25 $ 22 $ 23 $ 49 $ 96 $ 46 $ 50
Adjusted operating income before income taxes 72 $ 24 $ 25 $ 22 $ 23 $ 49 $ 96 $ 46 $ 50
Canada Traditional
Income before income taxes 16 $ 6 $ 28 $ 44 $ 32 $ (16) $ 22 $ 56 $ (34)
Investment and derivative (gains) losses (1) (1) 2 — 1 7 7 1 6
Investment income - non-operating FWAI — (1) — 1 (1) — — —
Adjusted operating income before income taxes 24 $ 5 $ 29 $ 44 $ 34 $ (10) $ 29 $ 57 $ (28)
Canada Financial Solutions
Income before income taxes 4 $ 13 $ 5 $ — $ 4 $ — $ 17 $ 10 $ 7
Adjusted operating income before income taxes 4 $ 13 $ 5 $ — $ 4 $ — $ 17 $ 10 $ 7
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

All values are in US Dollars.

Page 37
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2022 2021 2021 2021 Quarter 2022 2021 Change
Europe, Middle East and Africa Traditional
Income (loss) before income taxes 2 $ (6) $ (68) $ (91) $ (12) $ 14 $ (4) $ (80) $ 76
Adjusted operating income (loss) before income taxes 2 $ (6) $ (68) $ (91) $ (12) $ 14 $ (4) $ (80) $ 76
Europe, Middle East and Africa Financial Solutions
Income before income taxes 33 $ 85 $ 75 $ 85 $ 83 $ (50) $ 118 $ 143 $ (25)
Investment and derivative (gains) losses (1) (12) (5) (21) — 27 15 (17) 32
Investment income - non-operating FWAI 6 — (2) — 6 12 (1) 13
Investment (income) loss on unit-linked variable annuities 9 (5) 2 (2) 10 17 (1) 18
Interest credited on unit-linked variable annuities (9) 5 (2) 2 (10) (17) 1 (18)
Adjusted operating income before income taxes 66 $ 79 $ 70 $ 62 $ 83 $ (17) $ 145 $ 125 $ 20
Asia Pacific Traditional
Income (loss) before income taxes 58 $ 51 $ 57 $ (96) $ (12) $ 70 $ 109 $ 29 $ 80
Adjusted operating income (loss) before income taxes 58 $ 51 $ 57 $ (96) $ (12) $ 70 $ 109 $ 29 $ 80
Asia Pacific Financial Solutions
Income (loss) before income taxes (66) $ (56) $ 33 $ 6 $ 31 $ (97) $ (122) $ 59 $ (181)
Investment and derivative (gains) losses (1) 85 (4) 19 (11) 129 203 (20) 223
Non-investment derivatives (8) — — — (24) (32) — (32)
Adjusted operating income before income taxes 28 $ 21 $ 29 $ 25 $ 20 $ 8 $ 49 $ 39 $ 10
Corporate and Other
Income (loss) before income taxes (63) $ (31) $ 20 $ 16 $ 35 $ (98) $ (94) $ 385 $ (479)
Investment and derivative (gains) losses (1) 1 (33) (41) (62) 106 45 (332) 377
Interest expense on uncertain tax positions — (34) 2 3 (3) — 6 (6)
Non-investment derivatives and other 8 6 (4) (15) 29 22 (4) 26
Adjusted operating income (loss) before income taxes (5) $ (22) $ (41) $ (27) $ (39) $ 34 $ (27) $ 55 $ (82)
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

All values are in US Dollars.

Page 38
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Reconciliations of Stockholders’ Equity to Stockholders’ Equity Excluding AOCI
( millions except per share data)
March 31, Dec. 31, Sept. 30, June 30,
2022 2021 2021 2021
RGA, Inc. stockholders’ equity 5,839 $ 9,182 $ 13,014 $ 12,885 $ 13,444
Less effect of AOCI:
Accumulated currency translation adjustments 4 (9) (50) (20)
Unrealized appreciation of securities (9) 3,701 3,704 4,133
Pension and postretirement benefits (50) (50) (71) (72)
RGA, Inc. stockholders’ equity, excluding AOCI 9,398 $ 9,237 $ 9,372 $ 9,302 $ 9,403
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
March 31, Dec. 31, Sept. 30, June 30,
2022 2021 2021 2021
Book value per share 87.14 $ 137.08 $ 193.75 $ 190.60 $ 197.72
Less effect of AOCI:
Accumulated currency translation adjustments 0.06 (0.13) (0.75) (0.29)
Unrealized appreciation of securities (0.13) 55.09 54.80 60.78
Pension and postretirement benefits (0.74) (0.74) (1.05) (1.06)
Book value per share, excluding AOCI 140.26 $ 137.89 $ 139.53 $ 137.60 $ 138.29

All values are in US Dollars.

Page 39

Document

Exhibit 99.3

rga101.jpg

rga102.jpg

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