Equibles

8-K

REINSURANCE GROUP OF AMERICA INC (RGA)

8-K 2023-02-02 For: 2023-01-31
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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): January 31, 2023

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

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

16600 Swingley Ridge Road, Chesterfield, Missouri 63017

(Address of Principal Executive Office)

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

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

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

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

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

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

☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
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On February 2, 2023, Reinsurance Group of America, Incorporated (the "Company") issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended December 31, 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 December 31, 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 February 3, 2023 to discuss the financial and operating results for the three-month period ended December 31, 2022 (the "Earnings Call").

Item 7.01 Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated February 2, 2023 (the "Earnings Presentation"), a copy of which is furnished with this report as Exhibit 99.3 and incorporated in this Item 7.01 by reference.

The Press Release also announced that effective January 31, 2023 the Company’s board of directors declared a regular quarterly dividend of $0.80, payable February 28, 2023 to shareholders of record as of February 14, 2023.

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

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No. Exhibit
99.1 Press Release of Reinsurance Group of America, Incorporated dated February 2, 2023
99.2 Quarterly Financial Supplement for the quarter ended December 31, 2022
99.3 Earnings Presentation datedFebruaryearningspresentation4q22.htm2, 2023
104 Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURE

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

REINSURANCE GROUP OF AMERICA, INCORPORATED
Date: February 2, 2023 By: /s/ Todd C. Larson
Todd C. Larson
Senior Executive Vice President and Chief Financial Officer

Document

Exhibit 99.1

rgaprlogoaa01a15a.jpg

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS

FOURTH QUARTER AND FULL YEAR RESULTS

Fourth Quarter Results

•Net income available to RGA shareholders of $3.02 per diluted share, including adverse foreign currency effects of $0.42 per diluted share

•Adjusted operating income* of $2.99 per diluted share, including adverse foreign currency effects of $0.22 per diluted share

•Premium growth of 1.1% over the prior-year quarter, 6.0% on a constant currency basis

•Deployed capital of $80 million into in-force and other transactions

•Total shareholder capital returns of $78 million: $25 million of share repurchases and $53 million of shareholder dividends

•Estimated COVID-19 impacts1 of approximately $70 million on a pre-tax basis, or $0.78 per diluted share2

Full Year Results

•Net income available to RGA shareholders of $9.21 per diluted share, including adverse foreign currency effects of $0.15 per diluted share

•Adjusted operating income* of $14.43 per diluted share, including adverse foreign currency effects of $0.53 per diluted share

•Premium growth of 4.5% over the prior year, 8.4% on a constant currency basis

•ROE 8.7% and adjusted operating ROE* 10.3% for the trailing twelve months, reflecting 1.5%2 of COVID-19 impacts1

•Deployed capital of $430 million into in-force and other transactions

•Total shareholder capital returns of $280 million: $75 million of share repurchases and $205 million of shareholder dividends

•Estimated COVID-19 impacts1 of approximately $447 million on a pre-tax basis, or $5.02 per diluted share2

1 COVID-19 impact estimates include fourth quarter mortality and morbidity claims of approximately $71 million with offsetting impact from longevity of approximately $1 million and full year 2022 mortality and morbidity claims of approximately $453 million with offsetting impacts from longevity of approximately $6 million.

2 Tax effected at 24%.

ST. LOUIS, February 2, 2023 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported fourth quarter net income available to RGA shareholders of $204 million, or $3.02 per diluted share, compared with $156 million, or $2.30 per diluted share, in the prior-year quarter. Adjusted operating income* for the fourth quarter totaled $202 million, or $2.99 per diluted share, compared with adjusted operating loss of $38 million, or $0.56 per diluted share, the year before. Net foreign currency fluctuations had an adverse effect of $0.42 per diluted share on net income available to RGA shareholders and $0.22 per diluted share on adjusted operating income as compared with the prior year.

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Quarterly Results Full Year Results
($ in millions, except per share data) 2022 2021 2022 2021
Net premiums $ 3,446 $ 3,407 $ 13,078 $ 12,513
Net income available to RGA shareholders 204 156 623 617
Net income available to RGA shareholders per diluted share 3.02 2.30 9.21 9.04
Adjusted operating income (loss)* 202 (38) 977 77
Adjusted operating income (loss) per diluted share* 2.99 (0.56) 14.43 1.13
Book value per share 62.16 193.75
Book value per share, excluding accumulated other comprehensive income (AOCI)* 146.22 139.53
Total assets 84,706 92,175
* See ‘Use of Non-GAAP Financial Measures’ below
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Full year net income totaled $623 million, or $9.21 per diluted share, compared with $617 million, or $9.04 per diluted share in 2021. Adjusted operating income for the full year totaled $977 million, or $14.43 per diluted share, compared with $77 million, or $1.13 per diluted share the year before. Net foreign currency fluctuations had an adverse effect of $0.15 per diluted share on net income and $0.53 per diluted share on adjusted operating income as compared with the prior year.

In the fourth quarter, consolidated net premiums totaled $3.4 billion, an increase of 1.1% over 2021’s fourth quarter, with an adverse net foreign currency effect of $164 million. Excluding the net foreign currency effect, consolidated net premiums increased 6.0% in the quarter. For the full year, net premiums totaled $13.1 billion, increasing 4.5% in 2022. Full year premiums reflected an adverse foreign currency effect of $490 million. Excluding the net foreign currency effect, consolidated net premiums increased 8.4% for the full year.

Compared with the year-ago period, excluding spread-based businesses, fourth quarter investment income decreased 2.8%, reflecting lower variable investment income. For the full year, investment income, excluding spread-based business, decreased 2.1%, reflecting lower variable investment income. Average investment yield decreased to 4.45% in the fourth quarter from 4.70% in the prior year period due to lower variable investment income this quarter. For the full year, the average investment yield decreased to 4.69%, from 4.99% in 2021, due to lower variable investment income.

The effective tax rate on pre-tax income was 23.9% for the quarter and 24.6% for the full year.

The effective tax rate for the quarter was 17.5% on pre-tax adjusted operating income. The tax rate was below the expected range of 23% to 24% primarily due to adjustments for tax returns filed during the quarter and an increase in foreign tax credits. For the full year, the adjusted operating effective tax rate was 22.5%, in line with the expected range of 23% to 24%.

Anna Manning, Chief Executive Officer, commented, “It was a very successful year for RGA, and I view our fourth quarter performance as solid with many segments reporting strong results. Our Financial Solutions business continued to deliver very good results across regions and product lines, and the performance of our Asia traditional business was also very strong. In the U.S., Group and Individual Health businesses both performed well in the quarter. We continue to see good new business activity in our organic business and in the pipeline for in-force and other transactions.

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“On the capital front, we deployed $80 million into in-force and other transactions, bringing the full year total to $430 million. Additionally, we repurchased $25 million of common shares, bringing the full year total to $75 million. Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.2 billion. Based on favorable business conditions and RGA's global leadership position, we are optimistic about the future and expect to continue to deliver attractive financial results over time.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

Quarterly Results Full Year Results
($ in millions) 2022 2021 2022 2021
Net premiums $ 1,778 $ 1,697 $ 6,590 $ 6,244
Pre-tax income (loss) 21 (211) 268 (540)
Pre-tax adjusted operating income (loss) 15 (215) 220 (546)

Quarterly Results

•Results reflected unfavorable individual mortality experience, including $44 million of COVID-19 claim costs, partially offset by higher-than-expected investment income.

•Individual Health experience was favorable, driven by higher investment income and favorable claims experience.

•Group experience was very favorable, primarily due to experience in both the healthcare and life lines of business.

•Additional COVID-19 claims in Group and Latin America totaled $4 million.

Full Year Results

•Results reflected favorable non-COVID-19 individual mortality, and favorable Individual Health and Group underwriting experience.

•COVID-19 claim costs totaled $336 million.

Financial Solutions

Quarterly Results Full Year Results
($ in millions) 2022 2021 2022 2021
Asset-Intensive:
Pre-tax income $ 2 $ 93 $ 59 $ 422
Pre-tax adjusted operating income 80 73 293 341
Capital Solutions:
Pre-tax income 22 25 140 93
Pre-tax adjusted operating income 22 25 140 93

Quarterly Results

•Asset-Intensive results reflected favorable investment spreads, primarily driven by higher interest rates.

•Capital Solutions results were in line with expectations.

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Full Year Results

•Asset-Intensive results reflected favorable overall experience.

•Capital Solutions results were above expectations, primarily due to a treaty recapture fee.

Canada

Traditional

Quarterly Results Full Year Results
($ in millions) 2022 2021 2022 2021
Net premiums $ 308 $ 324 $ 1,219 $ 1,194
Pre-tax income 32 28 86 128
Pre-tax adjusted operating income 28 29 90 130

Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $23 million and $47 million for the quarter and full year, respectively.

Quarterly Results

•Results reflected unfavorable group life and disability experience; COVID-19 claim costs were $3 million.

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

Full Year Results

•Results reflected unfavorable individual mortality experience, including $30 million of COVID-19 claim costs.

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

Financial Solutions

Quarterly Results Full Year Results
($ in millions) 2022 2021 2022 2021
Pre-tax income $ 11 $ 5 $ 32 $ 15
Pre-tax adjusted operating income 11 5 32 15

Quarterly Results

•Results reflected favorable longevity experience.

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

Full Year Results

•Results reflected favorable longevity experience.

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

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Europe, Middle East and Africa (EMEA)

Traditional

Quarterly Results Full Year Results
($ in millions) 2022 2021 2022 2021
Net premiums $ 422 $ 435 $ 1,736 $ 1,738
Pre-tax income (loss) 13 (68) 10 (239)
Pre-tax adjusted operating income (loss) 13 (68) 10 (239)

Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $53 million and $183 million for the quarter and full year, respectively.

Quarterly Results

•Results were in line with expectations, reflecting unfavorable U.K. mortality experience, offset by favorable experience otherwise.

•COVID-19 claim costs were $2 million.

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

Full Year Results

•Results reflected unfavorable U.K. mortality experience, including $17 million of COVID-19 claim costs throughout the segment.

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

Financial Solutions

Quarterly Results Full Year Results
($ in millions) 2022 2021 2022 2021
Pre-tax income $ 47 $ 75 $ 196 $ 303
Pre-tax adjusted operating income 63 70 257 257

Quarterly Results

•Results reflected modestly favorable experience.

•Foreign currency exchange rates had an adverse effect of $6 million on pre-tax income and $10 million on pre-tax adjusted operating income.

Full Year Results

•Results reflected modestly favorable experience.

•Foreign currency exchange rates had an adverse effect of $17 million on pre-tax income and $28 million on pre-tax adjusted operating income.

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Asia Pacific

Traditional

Quarterly Results Full Year Results
($ in millions) 2022 2021 2022 2021
Net premiums $ 700 $ 773 $ 2,650 $ 2,624
Pre-tax income (loss) 67 57 294 (10)
Pre-tax adjusted operating income (loss) 67 57 294 (10)

Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $61 million and $172 million for the quarter and full year, respectively.

Quarterly Results

•Results reflected favorable underwriting experience, absorbing $13 million of COVID-19 claim costs.

•Australia reported a profit due to favorable Group experience.

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

Full Year Results

•Results reflected favorable underwriting experience, absorbing $39 million of COVID-19 claim costs.

•Australia reported a profit driven by favorable Group experience.

•Foreign currency exchange rates had an adverse effect of $12 million on pre-tax income and pre-tax adjusted operating income.

Financial Solutions

Quarterly Results Full Year Results
($ in millions) 2022 2021 2022 2021
Net premiums $ 64 $ 52 $ 236 $ 218
Pre-tax income (loss) 106 33 (18) 98
Pre-tax adjusted operating income 35 29 97 93

Quarterly Results

•Results reflected strong new business and favorable investment spreads.

•Foreign currency exchange rates had an adverse effect of $18 million on pre-tax income and $3 million on pre-tax adjusted operating income.

Full Year Results

•Results reflected strong new business and favorable investment spreads, offset by COVID-19 claim costs related to medical hospitalization claims in Japan.

•Foreign currency exchange rates had a favorable effect of $24 million on pre-tax loss and an adverse effect of $3 million on pre-tax adjusted operating income.

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Corporate and Other

Quarterly Results Full Year Results
($ in millions) 2022 2021 2022 2021
Pre-tax income (loss) $ (50) $ 20 $ (236) $ 421
Pre-tax adjusted operating loss (89) (41) (172) (13)

Quarterly Results

•Pre-tax adjusted operating loss was unfavorable compared with the quarterly average run rate, primarily due to higher general expenses, including recurring year-end expense accruals, and higher financing costs.

Full Year Results

•Results reflected higher general expenses and financing costs.

•As previously reported, 2021 pre-tax income reflected a one-time adjustment of $162 million recorded in the first quarter associated with prior periods, which includes $92 million to correct the accounting for equity method limited partnership investments to reflect unrealized gains in investment income that were previously reflected in accumulated other comprehensive income, and $70 million reflected in investment related gains/losses associated with unrealized gains on cost method limited partnership investments. 2021 pre-tax income also reflected gains on the sale of investments and additional unrealized gains on limited partnership investments.

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 $0.5 billion to $0.8 billion, net of tax assumed at 24%, as of September 30, 2022; and

•increase accumulated other comprehensive income by $2.1 billion to $4.1 billion, net of tax assumed at 24%, as of September 30, 2022.

The LDTI adjustments as of January 1 and December 31, 2021, are consistent with previously provided ranges. All LDTI adjustments are estimates and subject to change. 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 February 2, 2023, for additional details.

Dividend Declaration

Effective January 31, 2023, the board of directors declared a regular quarterly dividend of $0.80, payable February 28, 2023, to shareholders of record as of February 14, 2023.

Earnings Conference Call

A conference call to discuss fourth quarter results will begin at 10 a.m. Eastern Time on Friday, February 3. Interested parties may access the call by dialing 1-844-481-2753 (412-317-0669 international) and asking to be joined into the Reinsurance Group of America, Incorporated (RGA) call. A live audio

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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 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 celebrates its 50th anniversary in 2023. Over the past five decades, RGA has become one of the world’s largest and most respected reinsurers and is listed among Fortune's World's Most Admired Companies. The global organization is guided by a fundamental purpose: to make financial

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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 $84.7 billion as of December 31, 2022. To learn more about RGA and its businesses, visit www.rgare.com. Follow RGA on LinkedIn and Facebook.

Cautionary Note Regarding Forward-Looking Statements

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

Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looking statements, include, among others: (1) adverse changes in mortality (whether related to COVID-19 or otherwise), morbidity, lapsation or claims experience, (2) inadequate risk analysis and underwriting, (3) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital and cost of capital, (4) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) requirements to post collateral or make payments due to declines in the market value of assets subject to the Company’s collateral arrangements, (7) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (8) the effect of the Company parent’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, (9) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (10) the impairment of other financial institutions and its effect on the Company’s business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (14) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (18) financial performance of the Company’s clients, (19) the threat of natural disasters, catastrophes, terrorist attacks, pandemics, epidemics or other major public health issues anywhere in the world where the Company or its clients do business, (20) competitive factors and competitors’ responses to the Company’s initiatives, (21) development and

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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 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 2021 Annual Report on Form 10-K, 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 December 31,
2022 2021
Diluted Earnings Per Share Diluted Earnings Per Share
Net income available to RGA shareholders $ 204 $ 3.02 $ 156 $ 2.30
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net (11) (0.15) (24) (0.36)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses 1 0.01 (1) (0.01)
Embedded derivatives:
Included in investment related gains/losses, net 41 0.60 (39) (0.57)
Included in interest credited 1 0.01 (8) (0.12)
DAC offset, net (28) (0.41) 21 0.31
Investment (income) loss on unit-linked variable annuities 2 0.03 (4) (0.06)
Interest credited on unit-linked variable annuities (2) (0.03) 4 0.06
Interest expense on uncertain tax positions — — (27) (0.40)
Non-investment derivatives and other 1 0.01 4 0.06
Uncertain tax positions and other tax related items (9) (0.13) (120) (1.77)
Net income attributable to noncontrolling interest 2 0.03 — —
Adjusted operating income (loss) $ 202 $ 2.99 $ (38) $ (0.56)
(Unaudited) Twelve Months Ended December 31,
--- --- --- --- --- --- --- --- ---
2022 2021
Diluted Earnings Per Share Diluted Earnings Per Share
Net income available to RGA shareholders $ 623 $ 9.21 $ 617 $ 9.04
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net 354 5.22 (338) (4.94)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses 18 0.27 (4) (0.06)
Embedded derivatives:
Included in investment related gains/losses, net 107 1.58 (79) (1.16)
Included in interest credited (42) (0.62) (36) (0.53)
DAC offset, net (21) (0.31) 30 0.44
Investment (income) loss on unit-linked variable annuities 19 0.28 (3) (0.04)
Interest credited on unit-linked variable annuities (19) (0.28) 3 0.04
Interest expense on uncertain tax positions 1 0.01 (21) (0.31)
Non-investment derivatives and other (62) (0.92) (2) (0.03)
Uncertain tax positions and other tax related items (5) (0.07) (90) (1.32)
Net income attributable to noncontrolling interest 4 0.06 — —
Adjusted operating income $ 977 $ 14.43 $ 77 $ 1.13
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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 December 31, 2022 Twelve Months Ended December 31, 2022
Pre-tax Income (Loss) Income Taxes Effective Tax Rate (1) Pre-tax Income (Loss) Income Taxes Effective Tax Rate (1)
GAAP income $ 271 $ 65 23.9 % $ 831 $ 204 24.6 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net (45) (34) 430 76
Capital (gains) losses on funds withheld, included in investment income, net of related expenses 1 — 23 5
Embedded derivatives:
Included in investment related gains/losses, net 52 11 135 28
Included in interest credited 1 — (53) (11)
DAC offset, net (36) (8) (27) (6)
Investment (income) loss on unit-linked variable annuities 2 — 24 5
Interest credited on unit-linked variable annuities (2) — (24) (5)
Interest expense on uncertain tax positions — — 1 —
Non-investment derivatives and other 1 — (79) (17)
Uncertain tax positions and other tax related items — 9 — 5
Adjusted operating income $ 245 $ 43 17.5 % $ 1,261 $ 284 22.5 %

(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 December 31, Twelve Months Ended December 31,
2022 2021 2022 2021
Income before income taxes $ 271 $ 57 $ 831 $ 691
Reconciliation to pre-tax adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net (45) (31) 430 (429)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses 1 (1) 23 (5)
Embedded derivatives:
Included in investment related gains/losses, net 52 (49) 135 (100)
Included in interest credited 1 (9) (53) (45)
DAC offset, net (36) 26 (27) 38
Investment (income) loss on unit-linked variable annuities 2 (5) 24 (4)
Interest credited on unit-linked variable annuities (2) 5 (24) 4
Interest expense on uncertain tax positions — (34) 1 (26)
Non-investment derivatives and other 1 5 (79) (3)
Pre-tax adjusted operating income (loss) $ 245 $ (36) $ 1,261 $ 121
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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 December 31, 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 $ 21 $ 1 $ (7) $ 15
Financial Solutions:
Asset-Intensive 2 56 (1) 22 (2) 80
Capital Solutions 22 — — 22
Total U.S. and Latin America 45 57 15 117
Canada Traditional 32 (4) — 28
Canada Financial Solutions 11 — — 11
Total Canada 43 (4) — 39
EMEA Traditional 13 — — 13
EMEA Financial Solutions 47 16 — 63
Total EMEA 60 16 — 76
Asia Pacific Traditional 67 — — 67
Asia Pacific Financial Solutions 106 (71) — 35
Total Asia Pacific 173 (71) — 102
Corporate and Other (50) (39) — (89)
Consolidated $ 271 $ (41) $ 15 $ 245

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

(2)Asset-Intensive is net of $(38) DAC offset.

(Unaudited) Three Months Ended December 31, 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 $ (211) $ — $ (4) $ (215)
Financial Solutions:
Asset-Intensive 93 30 (1) (50) (2) 73
Capital Solutions 25 — — 25
Total U.S. and Latin America (93) 30 (54) (117)
Canada Traditional 28 1 — 29
Canada Financial Solutions 5 — — 5
Total Canada 33 1 — 34
EMEA Traditional (68) — — (68)
EMEA Financial Solutions 75 (5) — 70
Total EMEA 7 (5) — 2
Asia Pacific Traditional 57 — — 57
Asia Pacific Financial Solutions 33 (4) — 29
Total Asia Pacific 90 (4) — 86
Corporate and Other 20 (61) — (41)
Consolidated $ 57 $ (39) $ (54) $ (36)

(1)Asset-Intensive is net of $22 DAC offset.

(2)Asset-Intensive is net of $4 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) Twelve Months Ended December 31, 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 $ 268 $ — $ (48) $ 220
Financial Solutions:
Asset-Intensive 59 191 (1) 43 (2) 293
Capital Solutions 140 — — 140
Total U.S. and Latin America 467 191 (5) 653
Canada Traditional 86 4 — 90
Canada Financial Solutions 32 — — 32
Total Canada 118 4 — 122
EMEA Traditional 10 — — 10
EMEA Financial Solutions 196 61 — 257
Total EMEA 206 61 — 267
Asia Pacific Traditional 294 — — 294
Asia Pacific Financial Solutions (18) 115 — 97
Total Asia Pacific 276 115 — 391
Corporate and Other (236) 64 — (172)
Consolidated $ 831 $ 435 $ (5) $ 1,261

(1)Asset-Intensive is net of $60 DAC offset.

(2)Asset-Intensive is net of $(87) DAC offset.

(Unaudited) Twelve Months Ended December 31, 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 $ (540) $ — $ (6) $ (546)
Financial Solutions:
Asset-Intensive 422 (2) (1) (79) (2) 341
Capital Solutions 93 — — 93
Total U.S. and Latin America (25) (2) (85) (112)
Canada Traditional 128 2 — 130
Canada Financial Solutions 15 — — 15
Total Canada 143 2 — 145
EMEA Traditional (239) — — (239)
EMEA Financial Solutions 303 (46) — 257
Total EMEA 64 (46) — 18
Asia Pacific Traditional (10) — — (10)
Asia Pacific Financial Solutions 98 (5) — 93
Total Asia Pacific 88 (5) — 83
Corporate and Other 421 (434) — (13)
Consolidated $ 691 $ (485) $ (85) $ 121

(1)Asset-Intensive is net of $(22) DAC offset.

(2)Asset-Intensive is net of $60 DAC offset.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In thousands, except per share data)

(Unaudited) Three Months Ended December 31, Twelve Months Ended December 31,
2022 2021 2022 2021
Earnings per share from net income (loss):
Basic earnings per share $ 3.07 $ 2.32 $ 9.31 $ 9.10
Diluted earnings per share (1) $ 3.02 $ 2.30 $ 9.21 $ 9.04
Diluted earnings per share from adjusted operating income (1) $ 2.99 $ (0.56) $ 14.43 $ 1.13
Weighted average number of common and common equivalent shares outstanding 67,793 67,930 67,703 68,286

(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 December 31,
2022 2021
Treasury shares 18,635 18,140
Common shares outstanding 66,676 67,171
Book value per share outstanding $ 62.16 $ 193.75
Book value per share outstanding, before impact of AOCI $ 146.22 $ 139.53

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

(Unaudited) At December 31,
2022 2021
Book value per share outstanding $ 62.16 $ 193.75
Less effect of AOCI:
Accumulated currency translation adjustments (2.56) (0.13)
Unrealized appreciation (depreciation) of securities (81.10) 55.09
Pension and postretirement benefits (0.40) (0.74)
Book value per share outstanding, before impact of AOCI $ 146.22 $ 139.53
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Add Fifteen

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

(Dollars in millions)

(Unaudited)
Trailing Twelve Months Ended December 31, 2022: Average Equity
Stockholders' average equity $ 7,167
Less effect of AOCI:
Accumulated currency translation adjustments (86)
Unrealized depreciation of securities (2,176)
Pension and postretirement benefits (46)
Stockholders' average equity, excluding AOCI $ 9,475

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 December 31, 2022: Income
Net income available to RGA shareholders $ 623 8.7 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net 311
Change in fair value of embedded derivatives 65
Deferred acquisition cost offset, net (21)
Tax expense on uncertain tax positions (5)
Net income attributable to noncontrolling interest 4
Adjusted operating income $ 977 10.3 %

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)

(Unaudited) Three Months Ended December 31, Twelve Months Ended December 31,
2022 2021 2022 2021
Revenues:
Net premiums $ 3,446 $ 3,407 $ 13,078 $ 12,513
Investment income, net of related expenses 828 771 3,161 3,138
Investment related gains (losses), net 8 88 (506) 560
Other revenue 93 93 525 447
Total revenues 4,375 4,359 16,258 16,658
Benefits and expenses:
Claims and other policy benefits 3,191 3,482 12,046 12,776
Interest credited 214 159 682 700
Policy acquisition costs and other insurance expenses 355 406 1,499 1,416
Other operating expenses 289 253 1,009 936
Interest expense 54 (2) 184 127
Collateral finance and securitization expense 1 4 7 12
Total benefits and expenses 4,104 4,302 15,427 15,967
Income before income taxes 271 57 831 691
Provision for income taxes 65 (99) 204 74
Net income 206 156 627 617
Net income attributable to noncontrolling interest 2 — 4 —
Net income available to RGA shareholders $ 204 $ 156 $ 623 $ 617

#

Document

Exhibit 99.2

rgalogospelledoutaa01a13.jpg

Quarterly Financial Supplement

Fourth 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+
RGA International Reinsurance Company dac AA-
RGA Global Reinsurance Company, Ltd. AA-
RGA Reinsurance Company of Australia Limited AA-
RGA Americas Reinsurance Company, Ltd. AA- A+
RGA Worldwide Reinsurance Company, Ltd. AA-
RGA Reinsurance Company (Barbados) Ltd. AA-
RGA Atlantic Reinsurance Company Ltd. AA- A+
Omnilife Insurance Company Limited A+
Aurora National Life Assurance Company A+
Senior Debt Ratings
Reinsurance Group of America, Incorporated A a- Baa1

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

quarterlyfinancialsuppleme.jpg

Reinsurance Group of America, Incorporated

4th Quarter 2022

Table of Contents

Page
Non-GAAP Disclosures 1
2022 Notes 2
Consolidated
Financial Highlights 3
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) 4
Consolidated Balance Sheets 6
Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements
U.S. and Latin America Traditional 7
U.S. and Latin America Financial Solutions - Asset-Intensive 9
U.S. and Latin America Financial Solutions - Capital Solutions 12
Canada Traditional 14
Canada Financial Solutions 16
Europe, Middle East and Africa Traditional 18
Europe, Middle East and Africa Financial Solutions 20
Asia Pacific Traditional 22
Asia Pacific Financial Solutions 24
Corporate and Other 26
Summary of Segment GAAP Income 28
Summary of Segment Adjusted Operating Income 29
Investments
Cash and Invested Assets and Investment Income and Yield Summary 30
Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities 31
Corporate Fixed Maturity Securities by Industry 32
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities 33
Fixed Maturity Securities Below Amortized Cost 34
Consolidated Investment Related Gains and Losses 36
Appendix
Reconciliations of GAAP to Non-GAAP Measures 37

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

2022 Notes

During the fourth quarter of 2022, the Company revised the presentation of its investments in limited partnerships and real estate joint ventures to be presented separately in the consolidated balance sheet. Previously, investments in limited partnerships and real estate joint ventures were included in other invested assets in the consolidated balance sheet. The Company revised prior periods’ balance sheets to conform to the updated presentation. This change in presentation did not impact the accounting for, or the recognition of income from investments in limited partnerships and real estate joint ventures in the consolidated statements of income.

Page 2
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) Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, Dec. 31,
2022 2022 2022 2022 2021 2022 2021 Change
Net premiums $ 3,446 $ 3,247 $ 3,230 $ 3,155 $ 3,407 $ 39 $ 13,078 $ 12,513 $ 565
Net income (loss) available to RGA's shareholders 204 284 198 (63) 156 48 623 617 6
Adjusted operating income (loss) 202 352 391 32 (38) 240 977 77 900
Return on equity - annualized 21.0 % 23.9 % 10.6 % (2.3) % 4.8 % 16.2 %
Return on equity - trailing 12 months 8.7 % 6.4 % 2.5 % 3.4 % 4.7 % 4.0 %
Adjusted operating return on equity (ex AOCI) - annualized 8.4 % 14.8 % 16.8 % 1.4 % (1.6) % 10.0 %
Adjusted operating return on equity (ex AOCI) - trailing 12 months 10.3 % 7.9 % 3.3 % 2.1 % 0.8 % 9.5 %
Total assets $ 84,706 $ 82,705 $ 84,609 $ 89,761 $ 92,175 $ (7,469)
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional $ 1,672.2 $ 1,662.7 $ 1,650.5 $ 1,645.1 $ 1,628.4 $ 43.8
U.S. and Latin America Financial Solutions 5.2 5.3 5.3 5.3 5.3 (0.1)
Canada Traditional 463.6 448.7 477.2 484.5 472.6 (9.0)
Europe, Middle East and Africa Traditional 735.4 671.3 756.4 850.7 861.6 (126.2)
Asia Pacific Traditional 518.6 479.4 486.1 508.4 497.4 21.2
Asia Pacific Financial Solutions 5.7 5.2 5.4 (1) 1.1 1.7 4.0
Total assumed life reinsurance in force $ 3,400.7 $ 3,272.6 $ 3,380.9 $ 3,495.1 $ 3,467.0 $ (66.3)
Assumed New Business Production (in billions)
U.S. and Latin America Traditional $ 36.4 $ 37.3 $ 32.7 $ 39.5 $ 32.4 $ 4.0 $ 145.9 $ 130.5 $ 15.4
Canada Traditional 11.9 10.8 12.8 12.7 14.6 (2.7) 48.2 48.8 (0.6)
Europe, Middle East and Africa Traditional 35.6 38.2 45.1 50.5 51.0 (15.4) 169.4 198.4 (29.0)
Asia Pacific Traditional 8.6 14.4 5.7 16.6 8.6 — 45.3 34.2 11.1
Asia Pacific Financial Solutions — — — 0.1 0.1 (0.1) 0.1 0.2 (0.1)
Total assumed new business production $ 92.5 $ 100.7 $ 96.3 $ 119.4 $ 106.7 $ (14.2) $ 408.9 $ 412.1 $ (3.2)
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income (loss) $ 3.07 $ 4.24 $ 2.95 $ (0.93) $ 2.32 $ 0.75 $ 9.31 $ 9.10 $ 0.21
Adjusted operating income (loss) $ 3.04 $ 5.26 $ 5.83 $ 0.48 $ (0.56) $ 3.60 $ 14.60 $ 1.14 $ 13.46
Diluted earnings per share (2)
Net income (loss) (2) $ 3.02 $ 4.19 $ 2.92 $ (0.93) $ 2.30 $ 0.72 $ 9.21 $ 9.04 $ 0.17
Adjusted operating income (loss) (2) $ 2.99 $ 5.20 $ 5.78 $ 0.47 $ (0.56) $ 3.55 $ 14.43 $ 1.13 $ 13.30
Wgt. average common shares outstanding
Basic 66,748 66,936 66,996 67,104 67,380 (632) 66,945 67,814 (869)
Diluted 67,793 67,663 67,620 67,649 67,930 (137) 67,703 68,286 (583)
Common shares issued 85,311 85,311 85,311 85,311 85,311 — 85,311 85,311 —
Treasury shares 18,635 18,484 18,304 18,323 18,140 495 18,635 18,140 495
Common shares outstanding 66,676 66,827 67,007 66,988 67,171 (495) 66,676 67,171 (495)
Book value per share $ 62.16 $ 54.66 $ 87.14 $ 137.08 $ 193.75 $ (131.59)
Per share effect of AOCI $ (84.06) $ (89.25) $ (53.12) $ (0.81) $ 54.22 $ (138.28)
Book value per share, excluding AOCI $ 146.22 $ 143.91 $ 140.26 $ 137.89 $ 139.53 $ 6.69
Stockholders’ dividends paid $ 53 $ 54 $ 49 $ 49 $ 49 $ 4 $ 205 $ 194 $ 11
(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 3
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 3,446 $ 3,247 $ 3,230 $ 3,155 $ 3,407 $ 39 $ 13,078 $ 12,513 $ 565
Net investment income 769 754 810 771 57 3,161 3,138 23
Investment related gains (losses), net (134) (254) (126) 88 (80) (506) 560 (1,066)
Other revenue 184 157 91 93 — 525 447 78
Total revenues 4,066 3,887 3,930 4,359 16 16,258 16,658 (400)
Benefits and expenses:
Claims and other policy benefits 2,815 2,815 3,225 3,482 (291) 12,046 12,776 (730)
Interest credited 189 138 141 159 55 682 700 (18)
Policy acquisition costs and other insurance expenses 396 393 355 406 (51) 1,499 1,416 83
Other operating expenses 251 243 226 253 36 1,009 936 73
Interest expense 46 42 42 (2) 56 184 127 57
Collateral finance and securitization expense 3 2 1 4 (3) 7 12 (5)
Total benefits and expenses 3,700 3,633 3,990 4,302 (198) 15,427 15,967 (540)
Income (loss) before income taxes 366 254 (60) 57 214 831 691 140
Provision for income taxes 81 55 3 (99) 164 204 74 130
Net income (loss) 285 199 (63) 156 50 627 617 10
Net income attributable to noncontrolling interest 1 1 — — 2 4 — 4
Net income (loss) available to RGA's shareholders 204 $ 284 $ 198 $ (63) $ 156 $ 48 $ 623 $ 617 $ 6
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes 271 $ 366 $ 254 $ (60) $ 57 $ 214 $ 831 $ 691 $ 140
Investment and derivative (gains) losses (1) 153 203 119 (31) (14) 430 (429) 859
Change in value of modified coinsurance and funds withheld embedded derivatives (1) 17 56 33 (20) 87 173 (107) 280
GMXB embedded derivatives (1) (21) 12 (14) (29) 14 (38) 7 (45)
Funds withheld (gains) losses - investment income 5 9 8 (1) 2 23 (5) 28
EIA embedded derivatives - interest credited (10) (27) (17) (9) 10 (53) (45) (8)
DAC offset, net 12 7 (10) 26 (62) (27) 38 (65)
Investment (income) loss on unit-linked variable annuities 5 8 9 (5) 7 24 (4) 28
Interest credited on unit-linked variable annuities (5) (8) (9) 5 (7) (24) 4 (28)
Interest expense on uncertain tax positions 1 — — (34) 34 1 (26) 27
Non-investment derivatives and other (71) (9) — 5 (4) (79) (3) (76)
Adjusted operating income (loss) before income taxes 245 $ 452 $ 505 $ 59 $ (36) $ 281 $ 1,261 $ 121 $ 1,140
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

All values are in US Dollars.

Page 4
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA 204 $ 284 $ 198 $ (63) $ 156 $ 48 $ 623 $ 617 $ 6
Investment and derivative (gains) losses (1) 119 152 94 (25) 14 354 (338) 692
Change in value of modified coinsurance and funds withheld embedded derivatives (1) 14 44 26 (16) 69 137 (85) 222
GMXB embedded derivatives (1) (16) 9 (11) (22) 10 (30) 6 (36)
Funds withheld (gains) losses - investment income 4 7 6 (1) 2 18 (4) 22
EIA embedded derivatives - interest credited (8) (22) (13) (8) 9 (42) (36) (6)
DAC offset, net 9 6 (8) 21 (49) (21) 30 (51)
Investment (income) loss on unit-linked variable annuities 4 6 7 (4) 6 19 (3) 22
Interest credited on unit-linked variable annuities (4) (6) (7) 4 (6) (19) 3 (22)
Interest expense on uncertain tax positions 1 — — (27) 27 1 (21) 22
Non-investment derivatives and other (56) (7) — 4 (3) (62) (2) (60)
Uncertain tax positions and other tax related items — 3 1 (120) 111 (5) (90) 85
Net income attributable to noncontrolling interest 1 1 — — 2 4 — 4
Adjusted operating income (loss) 202 $ 352 $ 391 $ 32 $ (38) $ 240 $ 977 $ 77 $ 900
Diluted earnings per share - adjusted operating income (loss) (2) 2.99 $ 5.20 $ 5.78 $ 0.47 $ (0.56) $ 3.55 $ 14.43 $ 1.13 $ 13.30
Foreign currency effect on (3):
Net premiums (164) $ (160) $ (119) $ (47) $ (3) $ (161) $ (490) $ 250 $ (740)
Adjusted operating income (loss) before income taxes (19) $ (13) $ (14) $ (1) $ — $ (19) $ (47) $ 4 $ (51)
(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 5
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Consolidated Balance Sheets
( millions)
Sept. 30, June 30, March 31, Dec. 31,
2022 2022 2022 2021
Assets
Fixed maturity securities, available-for-sale 52,901 $ 50,495 $ 53,294 $ 57,922 $ 60,749
Equity securities 137 127 139 151
Mortgage loans 6,558 6,544 6,535 6,283
Policy loans 1,202 1,218 1,221 1,234
Funds withheld at interest 6,177 6,393 6,737 6,954
Limited partnerships and real estate joint ventures 2,197 2,074 1,943 1,996
Short-term investments 225 272 315 87
Other invested assets 1,049 1,036 1,090 1,074
Total investments 68,040 70,958 75,902 78,528
Cash and cash equivalents 3,512 2,556 2,709 2,948
Accrued investment income 628 572 578 533
Premiums receivable and other reinsurance balances 2,820 2,884 2,883 2,888
Reinsurance ceded receivables 2,456 2,558 2,595 2,580
Deferred policy acquisition costs 3,887 3,856 3,797 3,690
Other assets 1,362 1,225 1,297 1,008
Total assets 84,706 $ 82,705 $ 84,609 $ 89,761 $ 92,175
Liabilities and equity
Future policy benefits 35,220 $ 33,715 $ 34,833 $ 35,946 $ 35,782
Interest-sensitive contract liabilities 30,286 29,023 28,083 26,377
Other policy claims and benefits 6,249 6,464 7,079 6,993
Other reinsurance balances 909 582 582 613
Deferred income taxes 686 1,060 1,843 2,886
Other liabilities 2,910 2,899 3,123 2,663
Long-term debt 4,207 3,667 3,667 3,667
Collateral finance and securitization notes — 152 166 180
Total liabilities 78,962 78,680 80,489 79,161
Equity:
Common stock, at par value 1 1 1 1
Additional paid-in-capital 2,493 2,478 2,465 2,461
Retained earnings 8,820 8,592 8,446 8,563
Treasury stock (1,697) (1,673) (1,675) (1,653)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes (216) (39) 4 (9)
Unrealized appreciation of securities, net of income taxes (5,697) (3,469) (9) 3,701
Pension and postretirement benefits, net of income taxes (51) (51) (50) (50)
Total RGA, Inc. stockholders’ equity 3,653 5,839 9,182 13,014
Noncontrolling interest 90 90 90 —
Total equity 3,743 5,929 9,272 13,014
Total liabilities and equity 84,706 $ 82,705 $ 84,609 $ 89,761 $ 92,175
Total RGA, Inc. stockholders’ equity, excluding AOCI 9,750 $ 9,617 $ 9,398 $ 9,237 $ 9,372
See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.

All values are in US Dollars.

Page 6
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Traditional
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 1,778 $ 1,640 $ 1,631 $ 1,541 $ 1,697 $ 81 $ 6,590 $ 6,244 $ 346
Net investment income 214 209 304 245 (7) 965 930 35
Investment related gains (losses), net 8 19 15 4 2 48 6 42
Other revenue 5 9 7 4 1 26 18 8
Total revenues 1,867 1,868 1,867 1,950 77 7,629 7,198 431
Benefits and expenses:
Claims and other policy benefits 1,398 1,389 1,765 1,892 (179) 6,265 6,720 (455)
Interest credited 18 17 17 18 — 70 70 —
Policy acquisition costs and other insurance expenses 203 208 208 209 14 842 792 50
Other operating expenses 44 45 43 42 10 184 156 28
Total benefits and expenses 1,663 1,659 2,033 2,161 (155) 7,361 7,738 (377)
Income (loss) before income taxes 21 $ 204 $ 209 $ (166) $ (211) $ 232 $ 268 $ (540) $ 808
Loss and expense ratios:
Claims and other policy benefits % 85.2 % 85.2 % 114.5 % 111.5 % (15.2) % 95.1 % 107.6 % (12.5) %
Policy acquisition costs and other insurance expenses % 12.4 % 12.8 % 13.5 % 12.3 % 0.2 % 12.8 % 12.7 % 0.1 %
Other operating expenses % 2.7 % 2.8 % 2.8 % 2.5 % 0.4 % 2.8 % 2.5 % 0.3 %
Foreign currency effect on (1):
Net premiums 1 $ — $ 1 $ — $ — $ 1 $ 2 $ 3 $ (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 7
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Traditional
Adjusted Operating Income Statements
( millions)
Current Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Qtr vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 1,778 $ 1,640 $ 1,631 $ 1,541 $ 1,697 $ 81 $ 6,590 $ 6,244 $ 346
Net investment income 214 209 304 245 (7) 965 930 35
Other revenue 5 9 7 4 1 26 18 8
Total revenues 1,859 1,849 1,852 1,946 75 7,581 7,192 389
Benefits and expenses:
Claims and other policy benefits 1,398 1,389 1,765 1,892 (179) 6,265 6,720 (455)
Interest credited 18 17 17 18 — 70 70 —
Policy acquisition costs and other insurance expenses 203 208 208 209 14 842 792 50
Other operating expenses 44 45 43 42 10 184 156 28
Total benefits and expenses 1,663 1,659 2,033 2,161 (155) 7,361 7,738 (377)
Adjusted operating income (loss) before income taxes 15 $ 196 $ 190 $ (181) $ (215) $ 230 $ 220 $ (546) $ 766
Loss and expense ratios:
Claims and other policy benefits % 85.2 % 85.2 % 114.5 % 111.5 % (15.2) % 95.1 % 107.6 % (12.5) %
Policy acquisition costs and other insurance expenses % 12.4 % 12.8 % 13.5 % 12.3 % 0.2 % 12.8 % 12.7 % 0.1 %
Other operating expenses % 2.7 % 2.8 % 2.8 % 2.5 % 0.4 % 2.8 % 2.5 % 0.3 %
Foreign currency effect on (1):
Net premiums 1 $ — $ 1 $ — $ — $ 1 $ 2 $ 3 $ (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 8
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 24 $ 13 $ 14 $ 15 $ 13 $ 11 $ 66 $ 55 $ 11
Net investment income 270 251 262 264 28 1,075 1,087 (12)
Investment related gains (losses), net (22) (93) (80) 36 (150) (309) 72 (381)
Other revenue 29 31 27 26 — 113 168 (55)
Total revenues 290 203 224 339 (111) 945 1,382 (437)
Benefits and expenses:
Claims and other policy benefits 42 42 48 37 12 181 166 15
Interest credited 130 101 107 120 27 485 565 (80)
Policy acquisition costs and other insurance expenses 58 59 40 79 (62) 174 192 (18)
Other operating expenses 12 12 9 10 3 46 37 9
Total benefits and expenses 242 214 204 246 (20) 886 960 (74)
Income (loss) before income taxes 2 $ 48 $ (11) $ 20 $ 93 $ (91) $ 59 $ 422 $ (363)
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
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 24 $ 13 $ 14 $ 15 $ 13 $ 11 $ 66 $ 55 $ 11
Net investment income 270 254 264 264 27 1,079 1,086 (7)
Other revenue 29 32 27 25 1 114 167 (53)
Total revenues 312 300 306 302 39 1,259 1,308 (49)
Benefits and expenses:
Claims and other policy benefits 42 42 48 37 12 181 166 15
Interest credited 140 128 124 129 17 538 610 (72)
Policy acquisition costs and other insurance expenses 46 52 50 53 — 201 154 47
Other operating expenses 12 12 9 10 3 46 37 9
Total benefits and expenses 240 234 231 229 32 966 967 (1)
Adjusted operating income before income taxes 80 $ 72 $ 66 $ 75 $ 73 $ 7 $ 293 $ 341 $ (48)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 10
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) Dec. 31, Sept. 30, June 30, March 31, Dec. 31,
2022 2022 2022 2022 2021
Annuity account values:
Fixed annuities (deferred) $ 12,190 $ 12,408 $ 12,084 $ 11,693 $ 11,858
Net interest spread (fixed annuities) 1.8 % 1.5 % 1.3 % 2.0 % 1.4 %
Equity-indexed annuities $ 2,861 $ 2,952 $ 3,017 $ 3,114 $ 3,213
Variable annuities account values
No riders $ 672 $ 642 $ 705 $ 786 $ 844
GMDB only 771 802 811 891 960
GMIB only 20 19 20 23 25
GMAB only 2 2 2 3 3
GMWB only 863 833 916 1,035 1,130
GMDB / WB 165 158 174 240 264
Other 15 15 16 18 19
Total variable annuities account values $ 2,508 $ 2,471 $ 2,644 $ 2,996 $ 3,245
Fair value of liabilities associated with living benefit riders $ 124 $ 139 $ 160 $ 148 $ 162
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts $ 613 $ 623 $ 712 $ 656 $ 656
Bank-owned life insurance (BOLI) $ 2,500 $ 2,508 $ 2,505 $ 2,499 $ 2,492
Other asset-intensive business $ 110 $ 111 $ 112 $ 114 $ 115
Future policy benefits associated with:
Payout annuities $ 4,021 $ 4,081 $ 4,160 $ 4,218 $ 4,274
Page 11
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net investment income 1 $ — $ 1 $ 1 $ — $ 1 $ 3 $ 2 $ 1
Other revenue 25 74 27 28 (2) 152 108 44
Total revenues 25 75 28 28 (1) 155 110 45
Benefits and expenses:
Policy acquisition costs and other insurance expenses — 1 1 — 1 3 4 (1)
Other operating expenses 3 2 3 3 1 12 13 (1)
Total benefits and expenses 3 3 4 3 2 15 17 (2)
Income before income taxes 22 $ 22 $ 72 $ 24 $ 25 $ (3) $ 140 $ 93 $ 47
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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Capital Solutions
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net investment income 1 $ — $ 1 $ 1 $ — $ 1 $ 3 $ 2 $ 1
Other revenue 25 74 27 28 (2) 152 108 44
Total revenues 25 75 28 28 (1) 155 110 45
Benefits and expenses:
Policy acquisition costs and other insurance expenses — 1 1 — 1 3 4 (1)
Other operating expenses 3 2 3 3 1 12 13 (1)
Total benefits and expenses 3 3 4 3 2 15 17 (2)
Adjusted operating income before income taxes 22 $ 22 $ 72 $ 24 $ 25 $ (3) $ 140 $ 93 $ 47
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 13
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Traditional
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 308 $ 293 $ 314 $ 304 $ 324 $ (16) $ 1,219 $ 1,194 $ 25
Net investment income 63 58 55 60 2 238 248 (10)
Investment related gains (losses), net 2 (6) 1 — 5 2 3 (1)
Other revenue — 1 2 1 2 6 3 3
Total revenues 358 367 362 385 (7) 1,465 1,448 17
Benefits and expenses:
Claims and other policy benefits 270 295 300 298 (5) 1,158 1,096 62
Policy acquisition costs and other insurance expenses 46 46 46 50 (8) 180 187 (7)
Other operating expenses 10 10 10 9 2 41 37 4
Total benefits and expenses 326 351 356 357 (11) 1,379 1,320 59
Income before income taxes 32 $ 32 $ 16 $ 6 $ 28 $ 4 $ 86 $ 128 $ (42)
Loss and expense ratios:
Claims and other policy benefits % 92.2 % 93.9 % 98.7 % 92.0 % 3.1 % 95.0 % 91.8 % 3.2 %
Policy acquisition costs and other insurance expenses % 15.7 % 14.6 % 15.1 % 15.4 % (1.8) % 14.8 % 15.7 % (0.9) %
Other operating expenses % 3.4 % 3.2 % 3.3 % 2.8 % 0.8 % 3.4 % 3.1 % 0.3 %
Foreign currency effect on (1):
Net premiums (23) $ (11) $ (13) $ — $ 10 $ (33) $ (47) $ 76 $ (123)
Income before income taxes (2) $ (1) $ (1) $ — $ — $ (2) $ (4) $ 6 $ (10)
Creditor reinsurance net premiums 17 $ 18 $ 20 $ 18 $ 19 $ (2) $ 73 $ 74 $ (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 14
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 308 $ 293 $ 314 $ 304 $ 324 $ (16) $ 1,219 $ 1,194 $ 25
Net investment income 64 58 55 59 4 240 247 (7)
Investment related gains, net 2 2 — 2 (2) 4 6 (2)
Other revenue — 1 2 1 2 6 3 3
Total revenues 359 375 361 386 (12) 1,469 1,450 19
Benefits and expenses:
Claims and other policy benefits 270 295 300 298 (5) 1,158 1,096 62
Policy acquisition costs and other insurance expenses 46 46 46 50 (8) 180 187 (7)
Other operating expenses 10 10 10 9 2 41 37 4
Total benefits and expenses 326 351 356 357 (11) 1,379 1,320 59
Adjusted operating income before income taxes 28 $ 33 $ 24 $ 5 $ 29 $ (1) $ 90 $ 130 $ (40)
Loss and expense ratios:
Claims and other policy benefits % 92.2 % 93.9 % 98.7 % 92.0 % 3.1 % 95.0 % 91.8 % 3.2 %
Policy acquisition costs and other insurance expenses % 15.7 % 14.6 % 15.1 % 15.4 % (1.8) % 14.8 % 15.7 % (0.9) %
Other operating expenses % 3.4 % 3.2 % 3.3 % 2.8 % 0.8 % 3.4 % 3.1 % 0.3 %
Foreign currency effect on (1):
Net premiums (23) $ (11) $ (13) $ — $ 10 $ (33) $ (47) $ 76 $ (123)
Adjusted operating income before income taxes (2) $ (1) $ (1) $ — $ — $ (2) $ (4) $ 6 $ (10)
Creditor reinsurance net premiums 17 $ 18 $ 20 $ 18 $ 19 $ (2) $ 73 $ 74 $ (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 15
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 23 $ 24 $ 25 $ 23 $ 22 $ 1 $ 95 $ 90 $ 5
Net investment income 1 (1) 1 — — 1 — 1
Other revenue 2 3 1 2 1 9 11 (2)
Total revenues 27 27 25 24 2 105 101 4
Benefits and expenses:
Claims and other policy benefits 21 22 11 17 (3) 68 79 (11)
Policy acquisition costs and other insurance expenses 1 — 1 1 (1) 2 3 (1)
Other operating expenses 1 1 — 1 — 3 4 (1)
Total benefits and expenses 23 23 12 19 (4) 73 86 (13)
Income before income taxes 11 $ 4 $ 4 $ 13 $ 5 $ 6 $ 32 $ 15 $ 17
Foreign currency effect on (2):
Net premiums (2) $ (1) $ (1) $ — $ 1 $ (3) $ (4) $ 6 $ (10)
Income before income taxes (1) $ — $ — $ — $ 1 $ (2) $ (1) $ 1 $ (2)
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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 23 $ 24 $ 25 $ 23 $ 22 $ 1 $ 95 $ 90 $ 5
Net investment income 1 (1) 1 — — 1 — 1
Other revenue 2 3 1 2 1 9 11 (2)
Total revenues 27 27 25 24 2 105 101 4
Benefits and expenses:
Claims and other policy benefits 21 22 11 17 (3) 68 79 (11)
Policy acquisition costs and other insurance expenses 1 — 1 1 (1) 2 3 (1)
Other operating expenses 1 1 — 1 — 3 4 (1)
Total benefits and expenses 23 23 12 19 (4) 73 86 (13)
Adjusted operating income before income taxes 11 $ 4 $ 4 $ 13 $ 5 $ 6 $ 32 $ 15 $ 17
Foreign currency effect on (2):
Net premiums (2) $ (1) $ (1) $ — $ 1 $ (3) $ (4) $ 6 $ (10)
Adjusted operating income before income taxes (1) $ — $ — $ — $ — $ (1) $ (1) $ 1 $ (2)
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 17
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Traditional
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 422 $ 436 $ 427 $ 451 $ 435 $ (13) $ 1,736 $ 1,738 $ (2)
Net investment income 21 22 22 22 2 89 88 1
Other revenue — (2) 3 — 4 5 1 4
Total revenues 457 447 476 457 (7) 1,830 1,827 3
Benefits and expenses:
Claims and other policy benefits 394 377 427 464 (89) 1,573 1,829 (256)
Policy acquisition costs and other insurance expenses 32 37 25 34 (5) 123 125 (2)
Other operating expenses 30 31 30 27 6 124 112 12
Total benefits and expenses 456 445 482 525 (88) 1,820 2,066 (246)
Income (loss) before income taxes 13 $ 1 $ 2 $ (6) $ (68) $ 81 $ 10 $ (239) $ 249
Loss and expense ratios:
Claims and other policy benefits % 90.4 % 88.3 % 94.7 % 106.7 % (17.8) % 90.6 % 105.2 % (14.6) %
Policy acquisition costs and other insurance expenses % 7.3 % 8.7 % 5.5 % 7.8 % (0.9) % 7.1 % 7.2 % (0.1) %
Other operating expenses % 6.9 % 7.3 % 6.7 % 6.2 % 1.6 % 7.1 % 6.4 % 0.7 %
Foreign currency effect on (1):
Net premiums (53) $ (68) $ (46) $ (16) $ — $ (53) $ (183) $ 95 $ (278)
Income (loss) before income taxes (1) $ (1) $ (1) $ 1 $ — $ (1) $ (2) $ (23) $ 21
Critical illness net premiums 33 $ 41 $ 36 $ 39 $ 42 $ (9) $ 149 $ 174 $ (25)
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 Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 422 $ 436 $ 427 $ 451 $ 435 $ (13) $ 1,736 $ 1,738 $ (2)
Net investment income 21 22 22 22 2 89 88 1
Other revenue — (2) 3 — 4 5 1 4
Total revenues 457 447 476 457 (7) 1,830 1,827 3
Benefits and expenses:
Claims and other policy benefits 394 377 427 464 (89) 1,573 1,829 (256)
Policy acquisition costs and other insurance expenses 32 37 25 34 (5) 123 125 (2)
Other operating expenses 30 31 30 27 6 124 112 12
Total benefits and expenses 456 445 482 525 (88) 1,820 2,066 (246)
Adjusted operating income (loss) before income taxes 13 $ 1 $ 2 $ (6) $ (68) $ 81 $ 10 $ (239) $ 249
Loss and expense ratios:
Claims and other policy benefits % 90.4 % 88.3 % 94.7 % 106.7 % (17.8) % 90.6 % 105.2 % (14.6) %
Policy acquisition costs and other insurance expenses % 7.3 % 8.7 % 5.5 % 7.8 % (0.9) % 7.1 % 7.2 % (0.1) %
Other operating expenses % 6.9 % 7.3 % 6.7 % 6.2 % 1.6 % 7.1 % 6.4 % 0.7 %
Foreign currency effect on (1):
Net premiums (53) $ (68) $ (46) $ (16) $ — $ (53) $ (183) $ 95 $ (278)
Adjusted operating income (loss) before income taxes (1) $ (1) $ (1) $ 1 $ — $ (1) $ (2) $ (23) $ 21
Critical illness net premiums 33 $ 41 $ 36 $ 39 $ 42 $ (9) $ 149 $ 174 $ (25)
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 19
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 127 $ 112 $ 119 $ 128 $ 91 $ 36 $ 486 $ 350 $ 136
Net investment income 37 33 35 56 (13) 148 205 (57)
Investment related gains (losses), net (9) (22) 16 8 (19) (26) 49 (75)
Other revenue 2 4 3 2 4 15 12 3
Total revenues 142 134 182 157 8 623 616 7
Benefits and expenses:
Claims and other policy benefits 104 94 91 60 43 392 254 138
Interest credited (5) (8) (9) 5 (7) (24) 4 (28)
Policy acquisition costs and other insurance expenses 1 2 1 5 (4) 5 10 (5)
Other operating expenses 11 13 14 12 4 54 45 9
Total benefits and expenses 111 101 97 82 36 427 313 114
Income before income taxes 47 $ 31 $ 33 $ 85 $ 75 $ (28) $ 196 $ 303 $ (107)
Foreign currency effect on (2):
Net premiums (17) $ (20) $ (14) $ (5) $ 1 $ (18) $ (56) $ 21 $ (77)
Income before income taxes (6) $ (4) $ (4) $ (3) $ 1 $ (7) $ (17) $ 21 $ (38)
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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 127 $ 112 $ 119 $ 128 $ 91 $ 36 $ 486 $ 350 $ 136
Net investment income 46 47 50 51 (5) 189 198 (9)
Investment related gains (losses), net 5 5 4 3 1 18 6 12
Other revenue 2 4 3 2 4 15 12 3
Total revenues 165 175 185 147 36 708 566 142
Benefits and expenses:
Claims and other policy benefits 104 94 91 60 43 392 254 138
Interest credited — — — — — — — —
Policy acquisition costs and other insurance expenses 1 2 1 5 (4) 5 10 (5)
Other operating expenses 11 13 14 12 4 54 45 9
Total benefits and expenses 116 109 106 77 43 451 309 142
Adjusted operating income before income taxes 63 $ 49 $ 66 $ 79 $ 70 $ (7) $ 257 $ 257 $ —
Foreign currency effect on (2):
Net premiums (17) $ (20) $ (14) $ (5) $ 1 $ (18) $ (56) $ 21 $ (77)
Adjusted operating income before income taxes (10) $ (8) $ (7) $ (3) $ 1 $ (11) $ (28) $ 18 $ (46)
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 21
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Traditional
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 700 $ 660 $ 640 $ 650 $ 773 $ (73) $ 2,650 $ 2,624 $ 26
Net investment income 38 33 33 36 2 142 136 6
Investment related gains (losses), net 3 5 — — 4 12 (1) 13
Other revenue 4 8 5 6 (4) 19 19 —
Total revenues 705 686 688 815 (71) 2,823 2,778 45
Benefits and expenses:
Claims and other policy benefits 498 537 542 667 (92) 2,152 2,445 (293)
Policy acquisition costs and other insurance expenses 37 42 47 44 1 171 159 12
Other operating expenses 52 49 48 47 10 206 184 22
Total benefits and expenses 587 628 637 758 (81) 2,529 2,788 (259)
Income (loss) before income taxes 67 $ 118 $ 58 $ 51 $ 57 $ 10 $ 294 $ (10) $ 304
Loss and expense ratios:
Claims and other policy benefits % 75.5 % 83.9 % 83.4 % 86.3 % (4.2) % 81.2 % 93.2 % (12.0) %
Policy acquisition costs and other insurance expenses % 5.6 % 6.6 % 7.2 % 5.7 % 0.7 % 6.5 % 6.1 % 0.4 %
Other operating expenses % 7.9 % 7.7 % 7.4 % 6.1 % 2.0 % 7.8 % 7.0 % 0.8 %
Foreign currency effect on (1):
Net premiums (61) $ (50) $ (38) $ (23) $ (13) $ (48) $ (172) $ 52 $ (224)
Income (loss) before income taxes (3) $ (6) $ (5) $ 2 $ (2) $ (1) $ (12) $ (2) $ (10)
Critical illness net premiums 324 $ 296 $ 301 $ 295 $ 424 $ (100) $ 1,216 $ 1,281 $ (65)
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 Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 700 $ 660 $ 640 $ 650 $ 773 $ (73) $ 2,650 $ 2,624 $ 26
Net investment income 38 33 33 36 2 142 136 6
Investment related gains (losses), net 3 5 — — 4 12 (1) 13
Other revenue 4 8 5 6 (4) 19 19 —
Total revenues 705 686 688 815 (71) 2,823 2,778 45
Benefits and expenses:
Claims and other policy benefits 498 537 542 667 (92) 2,152 2,445 (293)
Policy acquisition costs and other insurance expenses 37 42 47 44 1 171 159 12
Other operating expenses 52 49 48 47 10 206 184 22
Total benefits and expenses 587 628 637 758 (81) 2,529 2,788 (259)
Adjusted operating income (loss) before income taxes 67 $ 118 $ 58 $ 51 $ 57 $ 10 $ 294 $ (10) $ 304
Loss and expense ratios:
Claims and other policy benefits % 75.5 % 83.9 % 83.4 % 86.3 % (4.2) % 81.2 % 93.2 % (12.0) %
Policy acquisition costs and other insurance expenses % 5.6 % 6.6 % 7.2 % 5.7 % 0.7 % 6.5 % 6.1 % 0.4 %
Other operating expenses % 7.9 % 7.7 % 7.4 % 6.1 % 2.0 % 7.8 % 7.0 % 0.8 %
Foreign currency effect on (1):
Net premiums (61) $ (50) $ (38) $ (23) $ (13) $ (48) $ (172) $ 52 $ (224)
Adjusted operating income (loss) before income taxes (2) $ (7) $ (4) $ 1 $ (2) $ — $ (12) $ (2) $ (10)
Critical illness net premiums 324 $ 296 $ 301 $ 295 $ 424 $ (100) $ 1,216 $ 1,281 $ (65)
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 23
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 64 $ 69 $ 60 $ 43 $ 52 $ 12 $ 236 $ 218 $ 18
Net investment income 77 56 44 42 53 272 138 134
Investment related gains (losses), net (93) (113) (81) 7 75 (205) 19 (224)
Other revenue 118 40 15 13 (13) 173 42 131
Total revenues 171 43 21 114 127 476 417 59
Benefits and expenses:
Claims and other policy benefits 88 59 41 47 22 257 187 70
Interest credited 38 22 20 15 24 119 57 62
Policy acquisition costs and other insurance expenses 43 22 12 15 6 98 56 42
Other operating expenses 4 6 4 4 2 20 19 1
Total benefits and expenses 173 109 77 81 54 494 319 175
Income (loss) before income taxes 106 $ (2) $ (66) $ (56) $ 33 $ 73 $ (18) $ 98 $ (116)
Foreign currency effect on (2):
Net premiums (9) $ (10) $ (8) $ (3) $ (2) $ (7) $ (30) $ (3) $ (27)
Income (loss) before income taxes (18) $ 20 $ 16 $ 6 $ (2) $ (16) $ 24 $ (1) $ 25
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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 64 $ 69 $ 60 $ 43 $ 52 $ 12 $ 236 $ 218 $ 18
Net investment income 77 56 44 42 53 272 138 134
Investment related gains, net 4 5 4 3 1 17 14 3
Other revenue 36 16 7 13 (6) 66 42 24
Total revenues 186 137 98 110 60 591 412 179
Benefits and expenses:
Claims and other policy benefits 88 59 41 47 22 257 187 70
Interest credited 38 22 20 15 24 119 57 62
Policy acquisition costs and other insurance expenses 43 22 12 15 6 98 56 42
Other operating expenses 4 6 4 4 2 20 19 1
Total benefits and expenses 173 109 77 81 54 494 319 175
Adjusted operating income before income taxes 35 $ 13 $ 28 $ 21 $ 29 $ 6 $ 97 $ 93 $ 4
Foreign currency effect on (2):
Net premiums (9) $ (10) $ (8) $ (3) $ (2) $ (7) $ (30) $ (3) $ (27)
Adjusted operating income before income taxes (3) $ 2 $ (1) $ (1) $ (2) $ (1) $ (3) $ (2) $ (1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 25
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Corporate and Other
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net investment income 35 $ 48 $ 92 $ 53 $ 46 $ (11) $ 228 $ 304 $ (76)
Investment related gains (losses), net (23) (44) 3 33 3 (28) 412 (440)
Other revenue (1) (11) 1 11 7 7 65 (58)
Total revenues 24 37 57 90 (1) 207 781 (574)
Benefits and expenses:
Interest credited 8 6 6 1 11 32 4 28
Policy acquisition costs and other insurance income (25) (24) (26) (31) 7 (99) (112) 13
Other operating expenses 84 74 65 98 (2) 319 329 (10)
Interest expense 46 42 42 (2) 56 184 127 57
Collateral finance and securitization expense 3 2 1 4 (3) 7 12 (5)
Total benefits and expenses 116 100 88 70 69 443 360 83
Income (loss) before income taxes (50) $ (92) $ (63) $ (31) $ 20 $ (70) $ (236) $ 421 $ (657)
Foreign currency effect on (1):
Income (loss) before income taxes (7) $ 3 $ 2 $ — $ 1 $ (8) $ (2) $ 11 $ (13)
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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Corporate and Other
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Revenues:
Net investment income 35 $ 48 $ 92 $ 53 $ 46 $ (11) $ 228 $ 304 $ (76)
Investment related gains, net 1 — 4 — 3 8 6 2
Other revenue 10 3 9 17 (5) 34 63 (29)
Total revenues 59 95 66 63 (13) 270 373 (103)
Benefits and expenses:
Interest credited 8 6 6 1 11 32 4 28
Policy acquisition costs and other insurance income (25) (24) (26) (31) 7 (99) (112) 13
Other operating expenses 84 74 65 98 (2) 319 329 (10)
Interest expense 45 42 42 32 22 183 153 30
Collateral finance and securitization expense 3 2 1 4 (3) 7 12 (5)
Total benefits and expenses 115 100 88 104 35 442 386 56
Adjusted operating income (loss) before income taxes (89) $ (56) $ (5) $ (22) $ (41) $ (48) $ (172) $ (13) $ (159)
Foreign currency effect on (1):
Adjusted operating income (loss) before income taxes — $ 2 $ — $ 1 $ 2 $ (2) $ 3 $ 6 $ (3)
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 27
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Summary of Segment GAAP Income
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
U.S. and Latin America:
Traditional 21 $ 204 $ 209 $ (166) $ (211) $ 232 $ 268 $ (540) $ 808
Financial Solutions:
Asset Intensive 48 (11) 20 93 (91) 59 422 (363)
Capital Solutions 22 72 24 25 (3) 140 93 47
Total U.S. and Latin America 274 270 (122) (93) 138 467 (25) 492
Canada:
Traditional 32 16 6 28 4 86 128 (42)
Financial Solutions 4 4 13 5 6 32 15 17
Total Canada 36 20 19 33 10 118 143 (25)
Europe, Middle East and Africa:
Traditional 1 2 (6) (68) 81 10 (239) 249
Financial Solutions 31 33 85 75 (28) 196 303 (107)
Total Europe, Middle East and Africa 32 35 79 7 53 206 64 142
Asia Pacific:
Traditional 118 58 51 57 10 294 (10) 304
Financial Solutions (2) (66) (56) 33 73 (18) 98 (116)
Total Asia Pacific 116 (8) (5) 90 83 276 88 188
Corporate and Other (92) (63) (31) 20 (70) (236) 421 (657)
Consolidated income (loss) before income taxes 271 $ 366 $ 254 $ (60) $ 57 $ 214 $ 831 $ 691 $ 140
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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Summary of Segment Adjusted Operating Income
( millions)
Current Qtr<br>vs. PY<br>Quarter Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Dec. 31, Dec. 31,
2022 2022 2022 2021 2022 2021 Change
U.S. and Latin America:
Traditional 15 $ 196 $ 190 $ (181) $ (215) $ 230 $ 220 $ (546) $ 766
Financial Solutions:
Asset Intensive 72 66 75 73 7 293 341 (48)
Capital Solutions 22 72 24 25 (3) 140 93 47
Total U.S. and Latin America 290 328 (82) (117) 234 653 (112) 765
Canada:
Traditional 33 24 5 29 (1) 90 130 (40)
Financial Solutions 4 4 13 5 6 32 15 17
Total Canada 37 28 18 34 5 122 145 (23)
Europe, Middle East and Africa:
Traditional 1 2 (6) (68) 81 10 (239) 249
Financial Solutions 49 66 79 70 (7) 257 257 —
Total Europe, Middle East and Africa 50 68 73 2 74 267 18 249
Asia Pacific:
Traditional 118 58 51 57 10 294 (10) 304
Financial Solutions 13 28 21 29 6 97 93 4
Total Asia Pacific 131 86 72 86 16 391 83 308
Corporate and Other (56) (5) (22) (41) (48) (172) (13) (159)
Consolidated adjusted operating income (loss) before income taxes 245 $ 452 $ 505 $ 59 $ (36) $ 281 $ 1,261 $ 121 $ 1,140
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 29
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Cash and Invested Assets
Sept. 30, June 30, March 31, Dec. 31,
2022 2022 2022 2021
Fixed maturity securities, available-for-sale (1) 52,901 $ 50,495 $ 53,294 $ 57,922 $ 60,749
Equity securities 137 127 139 151
Mortgage loans 6,558 6,544 6,535 6,283
Policy loans 1,202 1,218 1,221 1,234
Limited partnerships and real estate joint ventures 2,197 2,074 1,943 1,996
Funds withheld at interest 6,177 6,393 6,737 6,954
Short-term investments 225 272 315 87
Other invested assets 1,049 1,036 1,090 1,074
Cash and cash equivalents 3,512 2,556 2,709 2,948
Total cash and invested assets 73,407 $ 71,552 $ 73,514 $ 78,611 $ 81,476
(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
Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, Dec. 31,
2022 2022 2022 2022 2021 2022 2021 Change
Average invested assets at amortized cost (1) $ 35,300 $ 34,579 $ 34,859 $ 35,271 $ 34,325 $ 975 $ 34,398 $ 33,040 $ 1,358
Net investment income (1) $ 386 $ 374 $ 397 $ 457 $ 397 $ (11) $ 1,614 $ 1,648 $ (34)
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1) 4.45 % 4.40 % 4.63 % 5.29 % 4.70 % (25) bps 4.69 % 4.99 % (30) bps
Variable investment income ("VII") (included in net investment income) (1) $ 42 $ 38 $ 70 $ 141 $ 91 $ (49) $ 291 $ 433 $ (142)
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) (1) 4.14 % 4.12 % 3.96 % 3.80 % 3.78 % 36 bps 4.00 % 3.81 % 19 bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
Page 30
---
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 38,963 $ 27 $ 168 $ 5,135 $ 33,969 64.2 %
Canadian government — 381 66 3,626 6.9 %
RMBS — 1 114 941 1.8 %
ABS 10 4 440 3,878 7.3 %
CMBS — — 212 1,623 3.1 %
U.S. government — 4 212 1,482 2.8 %
State and political subdivisions — 10 173 1,119 2.1 %
Other foreign government — 26 967 6,263 11.8 %
Total fixed maturity securities 59,663 $ 37 $ 594 $ 7,319 $ 52,901 100.0 %

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 31
---
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 6,281 $ 5,672 16.7 % A- $ 5,792 $ 6,163 16.2 % A-
Brokerage/asset managers/exchanges 1,115 3.3 % A- 1,073 1,145 3.0 % A-
Finance companies 350 1.0 % BBB 306 316 0.8 % BBB+
Insurance 3,851 11.3 % A- 3,987 4,383 11.5 % A-
REITs 1,013 3.0 % BBB+ 987 1,022 2.7 % BBB+
Other finance 679 2.0 % A- 956 1,016 2.7 % A-
Total financial institutions 14,551 $ 12,680 37.3 % $ 13,101 $ 14,045 36.9 %
Industrials
Basic 1,921 $ 1,690 5.0 % BBB $ 1,972 $ 2,210 5.8 % BBB
Capital goods 1,550 4.6 % BBB 1,542 1,649 4.3 % BBB
Communications 2,136 6.3 % BBB 2,330 2,592 6.8 % BBB
Consumer cyclical 1,748 5.1 % BBB+ 1,758 1,885 4.9 % BBB+
Consumer noncyclical 4,052 11.9 % BBB+ 3,952 4,315 11.3 % BBB+
Energy 1,801 5.3 % BBB+ 1,967 2,159 5.7 % BBB+
Technology 1,461 4.3 % BBB+ 1,436 1,486 3.9 % BBB+
Transportation 1,859 5.5 % BBB+ 2,050 2,192 5.8 % BBB+
Other industrial 960 2.8 % BBB 850 887 2.3 % BBB
Total industrials 19,624 $ 17,257 50.8 % $ 17,857 $ 19,375 50.8 %
Utilities
Electric 3,779 $ 3,200 9.4 % A- $ 3,256 $ 3,561 9.4 % A-
Natural gas 553 1.7 % A- 566 614 1.6 % BBB+
Other utility 279 0.8 % BBB+ 459 508 1.3 % BBB+
Total utilities 4,788 $ 4,032 11.9 % $ 4,281 $ 4,683 12.3 %
Total 38,963 $ 33,969 100.0 % 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 32

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Ratings of Fixed Maturity Securities
December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 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 $ 36,217 $ 32,295 61.1 % $ 33,881 $ 30,062 59.6 % $ 33,989 $ 31,782 59.6 % $ 34,434 $ 34,741 60.0 % $ 33,540 $ 36,725 60.5 %
2 BBB 20,188 17,580 33.2 % 19,931 16,924 33.5 % 19,851 18,011 33.8 % 19,691 19,574 33.8 % 18,684 20,379 33.5 %
3 BB 2,734 2,607 5.0 % 3,044 2,843 5.6 % 2,940 2,774 5.2 % 2,821 2,769 4.8 % 2,620 2,668 4.4 %
4 B 397 331 0.6 % 625 583 1.2 % 658 619 1.2 % 730 720 1.2 % 876 863 1.4 %
5 CCC 103 71 0.1 % 107 62 0.1 % 124 84 0.2 % 127 92 0.2 % 96 79 0.1 %
6 In or near default 24 17 — % 42 21 — % 46 24 — % 46 26 — % 57 35 0.1 %
Total $ 59,663 $ 52,901 100.0 % $ 57,630 $ 50,495 100.0 % $ 57,608 $ 53,294 100.0 % $ 57,849 $ 57,922 100.0 % $ 55,873 $ 60,749 100.0 %
(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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 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 $ 476 $ 427 6.6 % $ 489 $ 442 7.0 % $ 519 $ 498 7.7 % $ 538 $ 537 8.3 % $ 551 $ 582 8.4 %
Non-agency 578 514 8.0 % 565 511 8.1 % 485 452 7.0 % 445 429 6.6 % 469 468 6.8 %
Total RMBS 1,054 941 14.6 % 1,054 953 15.1 % 1,004 950 14.7 % 983 966 14.9 % 1,020 1,050 15.2 %
ABS:
Collateralized loan obligations ("CLOs") 1,825 1,702 26.4 % 1,788 1,650 26.0 % 1,714 1,622 25.1 % 1,659 1,630 25.1 % 1,761 1,752 25.4 %
ABS, excluding CLOs 2,499 2,176 33.8 % 2,377 2,073 32.6 % 2,377 2,160 33.4 % 2,256 2,116 32.5 % 2,263 2,253 32.6 %
Total ABS 4,324 3,878 60.2 % 4,165 3,723 58.6 % 4,091 3,782 58.5 % 3,915 3,746 57.6 % 4,024 4,005 58.0 %
CMBS 1,835 1,623 25.2 % 1,843 1,670 26.3 % 1,856 1,735 26.8 % 1,829 1,786 27.5 % 1,790 1,849 26.8 %
Total $ 7,213 $ 6,442 100.0 % $ 7,062 $ 6,346 100.0 % $ 6,951 $ 6,467 100.0 % $ 6,727 $ 6,498 100.0 % $ 6,834 $ 6,904 100.0 %
Page 33
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Fixed Maturity Securities Below Amortized Cost (1)
Equal to or greater than 12 months Total
Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
Investment grade securities:
Corporate 21,867 $ 2,756 $ 6,840 $ 2,225 $ 28,707 $ 4,981
Canadian government 42 71 23 625 65
RMBS 62 181 53 845 115
ABS 153 1,931 269 3,527 422
CMBS 144 281 65 1,595 209
U.S. government 64 253 148 1,455 212
State and political subdivisions 124 131 50 950 174
Other foreign government 253 2,720 652 5,477 905
Total investment grade securities 30,773 $ 3,598 $ 12,408 $ 3,485 $ 43,181 $ 7,083
Below investment grade securities:
Corporate 767 $ 87 $ 305 $ 61 $ 1,072 $ 148
ABS 6 38 9 90 15
Other foreign government 2 164 60 203 62
Total below investment grade securities 858 $ 95 $ 507 $ 130 $ 1,365 $ 225
Total fixed maturity securities 31,631 $ 3,693 $ 12,915 $ 3,615 $ 44,546 $ 7,308
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.

All values are in US Dollars.

Page 34
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
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
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 35
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Consolidated Investment Related Gains and Losses
Current Qtr<br>vs. PY<br>Quarter Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Dec. 31, Dec. 31,
2022 2022 2022 2021 2022 2021 Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses and impairments 13 $ (9) $ (15) $ (12) $ (14) $ 27 $ (23) $ (12) $ (11)
Realized gains on investment activity 20 34 11 34 93 192 299 (107)
Realized losses on investment activity (106) (94) (36) (13) (147) (396) (65) (331)
Net gains (losses) on fixed maturity securities available-for-sale (95) (75) (37) 7 (27) (227) 222 (449)
Net gains (losses) on equity securities 7 (15) (8) (6) 1 (21) 25 (46)
Change in mortgage loan allowance for credit losses (5) (1) (2) 4 (12) (16) 29 (45)
Change in fair value of certain limited partnership investments — 10 19 13 (4) 38 169 (131)
Other, net 6 9 7 11 (12) 21 25 (4)
Free-standing derivatives (1):
Interest rate swaps (33) (44) (52) 7 (9) (131) (34) (97)
Interest rate options 18 (6) — — (9) 3 — 3
Total return swaps (1) — — — 22 21 — 21
Financial futures 7 24 7 (5) (5) 28 (24) 52
Foreign currency swaps 9 11 7 5 (11) 21 20 1
Foreign currency swaps - hedged 1 — 4 1 — 6 2 4
Foreign currency forwards (55) (76) (23) (9) 70 (93) (20) (73)
CPI swaps 7 (11) 29 13 (7) 31 46 (15)
Credit default swaps (12) (33) (58) 13 24 (66) 33 (99)
Equity options 8 21 — (15) — 14 (33) 47
Total free-standing derivatives (51) (114) (86) 10 75 (166) (10) (156)
Embedded derivatives:
Modified coinsurance and funds withheld treaties (17) (56) (33) 20 (87) (173) 107 (280)
GMXB 21 (12) 14 29 (14) 38 (7) 45
Total embedded derivatives 4 (68) (19) 49 (101) (135) 100 (235)
Net gains (losses) on total derivatives (47) (182) (105) 59 (26) (301) 90 (391)
Total investment related gains (losses), net 8 $ (134) $ (254) $ (126) $ 88 $ (80) $ (506) $ 560 $ (1,066)
(1) Free-standing derivatives are non-hedged unless specified.

All values are in US Dollars.

Page 36

rgalogospelledoutaa01a13.jpg

Appendix

Reconciliations of GAAP to Non-GAAP Measures
Page 37
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
U.S. & Latin America Traditional
Income (loss) before income taxes 21 $ 204 $ 209 $ (166) $ (211) $ 232 $ 268 $ (540) $ 808
Investment and derivative losses (1) (1) — — — 1 — — —
Change in value of modified coinsurance and
funds withheld embedded derivatives (1) (7) (19) (15) (4) (3) (48) (6) (42)
Adjusted operating income (loss) before income taxes 15 $ 196 $ 190 $ (181) $ (215) $ 230 $ 220 $ (546) $ 766
U.S. & Latin America Asset-Intensive
Income (loss) before income taxes 2 $ 48 $ (11) $ 20 $ 93 $ (91) $ 59 $ 422 $ (363)
Investment and derivative (gains) losses (1) 19 6 46 9 46 126 22 104
Change in value of modified coinsurance and
funds withheld embedded derivatives (1) 24 75 48 (16) 90 221 (101) 322
GMXB embedded derivatives (1) (21) 12 (14) (29) 14 (38) 7 (45)
Funds withheld (gains) losses - investment income — 3 2 — (1) 4 (1) 5
EIA embedded derivatives - interest credited (10) (27) (17) (9) 10 (53) (45) (8)
DAC offset, net 12 7 (10) 26 (62) (27) 38 (65)
Non-investment derivatives and other — 1 — (1) 1 1 (1) 2
Adjusted operating income before income taxes 80 $ 72 $ 66 $ 75 $ 73 $ 7 $ 293 $ 341 $ (48)
U.S. & Latin America Capital Solutions
Income before income taxes 22 $ 22 $ 72 $ 24 $ 25 $ (3) $ 140 $ 93 $ 47
Adjusted operating income before income taxes 22 $ 22 $ 72 $ 24 $ 25 $ (3) $ 140 $ 93 $ 47
Canada Traditional
Income before income taxes 32 $ 32 $ 16 $ 6 $ 28 $ 4 $ 86 $ 128 $ (42)
Investment and derivative (gains) losses (1) — 8 (1) 2 (7) 2 3 (1)
Investment income - non-operating FWAI 1 — — (1) 2 2 (1) 3
Adjusted operating income before income taxes 28 $ 33 $ 24 $ 5 $ 29 $ (1) $ 90 $ 130 $ (40)
Canada Financial Solutions
Income before income taxes 11 $ 4 $ 4 $ 13 $ 5 $ 6 $ 32 $ 15 $ 17
Adjusted operating income before income taxes 11 $ 4 $ 4 $ 13 $ 5 $ 6 $ 32 $ 15 $ 17
(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 GAAP Income to Adjusted Operating Income
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2022 2022 2022 2021 Quarter 2022 2021 Change
Europe, Middle East and Africa Traditional
Income (loss) before income taxes 13 $ 1 $ 2 $ (6) $ (68) $ 81 $ 10 $ (239) $ 249
Adjusted operating income (loss) before income taxes 13 $ 1 $ 2 $ (6) $ (68) $ 81 $ 10 $ (239) $ 249
Europe, Middle East and Africa Financial Solutions
Income before income taxes 47 $ 31 $ 33 $ 85 $ 75 $ (28) $ 196 $ 303 $ (107)
Investment and derivative (gains) losses (1) 14 27 (12) (5) 20 44 (43) 87
Investment income - non-operating FWAI 4 6 6 — 1 17 (3) 20
Investment (income) loss on unit-linked variable annuities 5 8 9 (5) 7 24 (4) 28
Interest credited on unit-linked variable annuities (5) (8) (9) 5 (7) (24) 4 (28)
Adjusted operating income before income taxes 63 $ 49 $ 66 $ 79 $ 70 $ (7) $ 257 $ 257 $ —
Asia Pacific Traditional
Income (loss) before income taxes 67 $ 118 $ 58 $ 51 $ 57 $ 10 $ 294 $ (10) $ 304
Adjusted operating income (loss) before income taxes 67 $ 118 $ 58 $ 51 $ 57 $ 10 $ 294 $ (10) $ 304
Asia Pacific Financial Solutions
Income (loss) before income taxes 106 $ (2) $ (66) $ (56) $ 33 $ 73 $ (18) $ 98 $ (116)
Investment and derivative (gains) losses (1) 97 118 85 (4) (74) 222 (5) 227
Non-investment derivatives and other (82) (24) (8) — 7 (107) — (107)
Adjusted operating income before income taxes 35 $ 13 $ 28 $ 21 $ 29 $ 6 $ 97 $ 93 $ 4
Corporate and Other
Income (loss) before income taxes (50) $ (92) $ (63) $ (31) $ 20 $ (70) $ (236) $ 421 $ (657)
Investment and derivative (gains) losses (1) 24 44 1 (33) — 36 (406) 442
Interest expense on uncertain tax positions 1 — — (34) 34 1 (26) 27
Non-investment derivatives and other 11 14 8 6 (12) 27 (2) 29
Adjusted operating income (loss) before income taxes (89) $ (56) $ (5) $ (22) $ (41) $ (48) $ (172) $ (13) $ (159)
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

All values are in US Dollars.

Page 39
Reinsurance Group of America, Incorporated
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Reconciliations of Stockholders’ Equity to Stockholders’ Equity Excluding AOCI
( millions except per share data)
Sept. 30, June 30, March 31, Dec. 31,
2022 2022 2022 2021
RGA, Inc. stockholders’ equity 4,145 $ 3,653 $ 5,839 $ 9,182 $ 13,014
Less effect of AOCI:
Accumulated currency translation adjustments (216) (39) 4 (9)
Unrealized appreciation (depreciation) of securities (5,697) (3,469) (9) 3,701
Pension and postretirement benefits (51) (51) (50) (50)
RGA, Inc. stockholders’ equity, excluding AOCI 9,750 $ 9,617 $ 9,398 $ 9,237 $ 9,372
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
Sept. 30, June 30, March 31, Dec. 31,
2022 2022 2022 2021
Book value per share 62.16 $ 54.66 $ 87.14 $ 137.08 $ 193.75
Less effect of AOCI:
Accumulated currency translation adjustments (3.24) (0.58) 0.06 (0.13)
Unrealized appreciation (depreciation) of securities (85.25) (51.78) (0.13) 55.09
Pension and postretirement benefits (0.76) (0.76) (0.74) (0.74)
Book value per share, excluding AOCI 146.22 $ 143.91 $ 140.26 $ 137.89 $ 139.53

All values are in US Dollars.

Page 40

Document

Exhibit 99.3

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