Equibles

8-K

REINSURANCE GROUP OF AMERICA INC (RGA)

8-K 2021-08-03 For: 2021-08-03
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Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): August 3, 2021

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

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

16600 Swingley Ridge Road, Chesterfield, Missouri 63017

(Address of Principal Executive Office)

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

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

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

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

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 RGA New York Stock Exchange
6.20% Fixed-To-Floating Rate Subordinated Debentures due 2042 RZA New York Stock Exchange
5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 RZB New York Stock Exchange

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

☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
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On August 3, 2021, Reinsurance Group of America, Incorporated (the "Company") issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended June 30, 2021, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended June 30, 2021, a copy of which is furnished with this report as Exhibit 99.2. The Press Release also notes that a conference call will be held on August 4, 2021 to discuss the financial and operating results for the three-month period ended June 30, 2021 (the "Earnings Call").

Item 7.01 Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated August 3, 2021 (the "Earnings Presentation"), a copy of which is furnished with this report as Exhibit 99.3 and incorporated in this Item 7.01 by reference.

The Press Release also announced that effective August 3, 2021 the Company’s board of directors declared a regular quarterly dividend of $0.73, payable August 31, 2021 to shareholders of record as of August 17, 2021.

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 8.01 Other Events.

On May 6, 2020, the Company announced that it has suspended stock repurchases until further notice. As noted in the Press Release, the Company lifted the suspension on stock repurchases effective August 3, 2021.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No. Exhibit
99.1 Press Release of Reinsurance Group of America, Incorporated datedpressrelease2q21.htmAugustpressrelease2q21.htm3,2021
99.2 Quarterly Financial Supplement for the quarter endedJune30, 2021
99.3 Earnings Presentation datedearningspresentation2q21.htmAugustearningspresentation2q21.htm3, 2021
104 Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURE

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

REINSURANCE GROUP OF AMERICA, INCORPORATED
Date: August 3, 2021 By: /s/ Todd C. Larson
Todd C. Larson
Senior Executive Vice President and Chief Financial Officer

Document

Exhibit 99.1

rgaprlogoaa01a15.jpg

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS SECOND QUARTER RESULTS

•Net income of $5.02 per diluted share

•Adjusted operating income* of $4.00 per diluted share

•ROE 6.3% and adjusted operating ROE* 5.7% for the trailing twelve months

•Quarterly shareholder dividend raised 4% to $0.73

•Global estimated COVID-19 impacts of approximately $130 million1 for the second quarter

ST. LOUIS, August 3, 2021 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported second quarter net income of $344 million, or $5.02 per diluted share, compared with $158 million, or $2.48 per diluted share, in the prior-year quarter. Adjusted operating income* totaled $274 million, or $4.00 per diluted share, compared with $87 million, or $1.36 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.16 per diluted share on net income and $0.12 per diluted share on adjusted operating income as compared with the prior year.

Quarterly Results Year-to-Date Results
($ in millions, except per share data) 2021 2020 2021 2020
Net premiums $ 3,098 $ 2,790 $ 6,012 $ 5,609
Net income 344 158 483 70
Net income per diluted share 5.02 2.48 7.06 1.11
Adjusted operating income* 274 87 190 176
Adjusted operating income per diluted share* 4.00 1.36 2.78 2.78
Book value per share 197.72 184.78
Book value per share, excluding accumulated other comprehensive income (AOCI)* 138.29 128.82
Total assets 88,944 80,729 * See ‘Use of Non-GAAP Financial Measures’ below
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1 COVID-19 impact estimates include mortality and morbidity claims of approximately $168 million with offsetting impacts from longevity of approximately $38 million.

In the second quarter, consolidated net premiums totaled $3.1 billion, an increase of 11% over last year’s second quarter, with a favorable net foreign currency effect of $124 million. Compared with the year-ago period, excluding spread-based businesses and the value of associated derivatives, second quarter investment income increased 26%, reflecting a 10% higher average asset balance and strong variable investment income. Average investment yield increased to 4.64% in the second quarter from 4.07% in the prior year, primarily due to higher variable investment income.

The effective tax rate this quarter was 28.5% on pre-tax income. The effective tax rate was 24.0% on pre-tax adjusted operating income for the quarter, within the expected range of 23% to 24%.

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Anna Manning, President and Chief Executive Officer, commented, “We are very pleased with the Company’s strong performance in the second quarter, as the earnings contribution was broad-based by

geography and lines of business, the impact of COVID-19 was significantly reduced, and our investment results were very favorable. Notably, our U.S. Traditional segment had a very good quarter, and our GFS business performed extremely well across all our regions and lines of business. Reported premium growth was very good, organic growth was solid, and new business momentum has picked up and is encouraging. We deployed approximately $200 million of capital into in-force transactions, and the pipeline is active.

“Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.2 billion. We expect our results to continue to reflect some additional COVID-19 claims, but at manageable and decreasing levels. We expect our underlying earnings power to be sustained and to continue to deliver attractive financial results over time.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

Quarterly Results
($ in millions) 2021 2020
Net premiums $ 1,578 $ 1,454
Pre-tax income (loss) 135 (158)
Pre-tax adjusted operating income (loss) 134 (165)

•Results reflected COVID-19 claim costs of approximately $57 million; non-COVID-19 individual mortality experience was in line with expectations.

•Group and Individual Health experience was favorable.

•Strong variable investment income due to favorable limited partnership performance and real estate joint venture realizations.

Financial Solutions

Quarterly Results
($ in millions) 2021 2020
Asset-Intensive:
Pre-tax income $ 163 $ 93
Pre-tax adjusted operating income 126 63
Capital Solutions:
Pre-tax income 23 24
Pre-tax adjusted operating income 23 24

•Asset-Intensive results were very strong due to favorable overall experience, transaction and other fees, and favorable longevity experience.

•Capital Solutions results were in line with expectations.

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Canada

Traditional

Quarterly Results
($ in millions) 2021 2020
Net premiums $ 301 $ 254
Pre-tax income 32 44
Pre-tax adjusted operating income 34 40

•Foreign currency exchange rates had a favorable effect of $34 million on net premiums.

•Results reflected approximately $21 million of COVID-19 claim costs; non-COVID-19 experience was favorable.

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

Financial Solutions

Quarterly Results
($ in millions) 2021 2020
Pre-tax income $ 4 $ 4
Pre-tax adjusted operating income 4 4

•Results were in line with expectations.

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

Europe, Middle East and Africa (EMEA)

Traditional

Quarterly Results
($ in millions) 2021 2020
Net premiums $ 433 $ 352
Pre-tax income (loss) (12) 16
Pre-tax adjusted operating income (loss) (12) 16

•Foreign currency exchange rates had a favorable effect of $47 million on net premiums.

•Results reflected approximately $35 million of COVID-19 claim costs, primarily from the U.K. and South Africa; non-COVID-19 experience was favorable.

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

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Financial Solutions

Quarterly Results
($ in millions) 2021 2020
Pre-tax income $ 83 $ 98
Pre-tax adjusted operating income 83 79

•Results reflected favorable longevity benefits.

•Foreign currency exchange rates had a favorable effect of $10 million on pre-tax income and $9 million on pre-tax adjusted operating income.

Asia Pacific

Traditional

Quarterly Results
($ in millions) 2021 2020
Net premiums $ 616 $ 607
Pre-tax income (loss) (12) 47
Pre-tax adjusted operating income (loss) (12) 47

•Foreign currency exchange rates had a favorable effect of $30 million on net premiums.

•Results reflected COVID-19 claims of approximately $55 million, of which approximately $51 million was from India; non-COVID-19 experience in Asia was favorable.

•Australia reported a modest profit.

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

Financial Solutions

Quarterly Results
($ in millions) 2021 2020
Net premiums $ 48 $ 31
Pre-tax income 31 26
Pre-tax adjusted operating income 20 12

•Results reflected favorable experience on existing treaties and contributions from recent transactions.

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

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Corporate and Other

Quarterly Results
($ in millions) 2021 2020
Pre-tax income $ 35 $ 1
Pre-tax adjusted operating loss (39) (11)

•Pre-tax income reflects gains associated with portfolio repositioning and the sale of RGA's Dutch life insurance company, Leidsche, that was announced in 2020, in addition to unrealized gains on limited partnership investments.

•Pre-tax adjusted operating loss was higher than the average run rate for the quarter, primarily due to lower investment income.

Capital Management

Todd C. Larson, Senior Executive Vice President and Chief Financial Officer, commented, “Recognizing our strong underlying business fundamentals, our excess capital position, and the expectation of reducing levels of COVID-19 costs going forward, we have increased the dividend and are lifting the existing suspension on share repurchases.”

Dividend Declaration

Effective August 3, 2021, the board of directors increased the quarterly dividend 4%, to $0.73 from $0.70, payable August 31, 2021, to shareholders of record as of August 17, 2021.

Earnings Conference Call

A conference call to discuss second quarter results will begin at 10 a.m. Eastern Time on Wednesday, August 4. Interested parties may access the call by dialing 800-458-4121 (domestic) or 323-794-2093 (international). The access code is 9949193. A live audio webcast of the conference call will be available

on the Company’s Investor Relations website at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call.

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

Use of Non-GAAP Financial Measures

RGA uses a non-GAAP financial measure called adjusted operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under 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

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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 (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.5 trillion of life reinsurance in force and assets of $88.9 billion as of June 30, 2021. Founded in 1973, RGA today is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri, and operations around the world, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the Company’s website at www.rgare.com.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance and growth potential of the Company. Forward-looking statements often contain words and phrases such as “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe” and other similar expressions. Forward-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.                             - more -

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The effects of the COVID-19 pandemic and the response thereto on economic conditions, the financial markets and insurance risks, and the resulting effects on the Company’s financial results, liquidity, capital resources, financial metrics, investment portfolio and stock price, could cause actual results and events to differ materially from those expressed or implied by forward-looking statements. Further, any estimates, projections, illustrative scenarios or frameworks used to plan for potential effects of the pandemic are dependent on numerous underlying assumptions and estimates that may not materialize. Additionally, numerous other important factors (whether related to, resulting from or exacerbated by the COVID-19 pandemic or otherwise) could also cause results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: (1) adverse changes in mortality, morbidity, lapsation or claims experience, (2) inadequate risk analysis and underwriting, (3) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital and cost of capital, (4) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) requirements to post collateral or make payments due to declines in market value of assets subject to the Company’s collateral arrangements, (7) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (8) the effect of the Company parent’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, (9) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (10) the impairment of other financial institutions and its effect on the Company’s business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities, that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (14) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (18) financial performance of the Company’s clients, (19) the threat of natural disasters, catastrophes, terrorist attacks, epidemics or pandemics anywhere in the world where the Company or its clients do business, (20) competitive factors and competitors’ responses to the Company’s initiatives, (21) development and introduction of new products and distribution opportunities, (22) execution of the Company’s entry into new markets, (23) integration of acquired blocks of business and entities, (24) interruption or failure of the Company’s telecommunication, information technology or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data and intellectual property stored on such systems, (25) adverse litigation or arbitration results, (26) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (27) changes in laws, regulations, and accounting standards applicable to the Company or its business, (28) the effects of the Tax Cuts and Jobs Act of 2017 may be different than expected and (29) other risks and uncertainties described in this document and in the Company’s other filings with the Securities and Exchange Commission (“SEC”).

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Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future. For a discussion of these risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A - “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as may be supplemented by Item 1A - “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q.

Investor Contact

Jeff Hopson

Senior Vice President - Investor Relations

(636) 736-2068

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Adjusted Operating Income

(Dollars in millions, except per share data)

(Unaudited) Three Months Ended June 30,
2021 2020
Diluted Earnings Per Share Diluted Earnings Per Share
Net income $ 344 $ 5.02 $ 158 $ 2.48
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net (82) (1.19) 23 0.35
Capital (gains) losses on funds withheld, included in investment income, net of related expenses (1) (0.01) (2) (0.03)
Embedded derivatives:
Included in investment related gains/losses, net 1 0.01 (85) (1.33)
Included in interest credited (2) (0.03) 6 0.09
DAC offset, net (1) (0.01) (16) (0.25)
Investment (income) loss on unit-linked variable annuities (2) (0.03) (12) (0.19)
Interest credited on unit-linked variable annuities 2 0.03 12 0.19
Interest expense on uncertain tax positions 3 0.04 3 0.05
Non-investment derivatives and other (12) (0.18) 3 0.05
Uncertain tax positions and other tax related items 24 0.35 (3) (0.05)
Adjusted operating income $ 274 $ 4.00 $ 87 $ 1.36
(Unaudited) Six Months Ended June 30,
--- --- --- --- --- --- --- --- ---
2021 2020
Diluted Earnings Per Share Diluted Earnings Per Share
Net income $ 483 $ 7.06 $ 70 $ 1.11
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net (261) (3.82) (28) (0.46)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses (2) (0.03) (4) (0.06)
Embedded derivatives:
Included in investment related gains/losses, net (53) (0.77) 198 3.13
Included in interest credited (26) (0.38) 15 0.24
DAC offset, net 8 0.12 (85) (1.34)
Investment (income) loss on unit-linked variable annuities (1) (0.01) 1 0.02
Interest credited on unit-linked variable annuities 1 0.01 (1) (0.02)
Interest expense on uncertain tax positions 5 0.07 6 0.09
Non-investment derivatives and other (3) (0.04) 1 0.02
Uncertain tax positions and other tax related items 39 0.57 3 0.05
Adjusted operating income $ 190 $ 2.78 $ 176 $ 2.78
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Effective Income Tax Rates

(Dollars in thousands)

(Unaudited) Three Months Ended June 30, 2021
Pre-tax Income (loss) Income Taxes Effective Tax Rate
GAAP income $ 481,891 $ 137,554 28.5 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net (103,446) (62,313)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses (1,506) (316)
Embedded derivatives:
Included in investment related gains/losses, net 1,548 325
Included in interest credited (2,998) (630)
DAC offset, net (2,417) (507)
Investment (income) loss on unit-linked variable annuities (2,163) (454)
Interest credited on unit-linked variable annuities 2,163 454
Interest expense on uncertain tax positions 3,193 670
Non-investment derivatives and other (15,223) (3,196)
Uncertain tax positions and other tax related items — 15,057
Adjusted operating income $ 361,042 $ 86,644 24.0 %

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

(Dollars in millions)

(Unaudited) Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Income before income taxes $ 482 $ 195 $ 668 $ 99
Reconciliation to pre-tax adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net (104) 31 (332) (37)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses (1) (3) (2) (5)
Embedded derivatives:
Included in investment related gains/losses, net 1 (108) (67) 250
Included in interest credited (3) 7 (33) 19
DAC offset, net (2) (21) 10 (108)
Investment (income) loss on unit-linked variable annuities (2) (15) (1) 1
Interest credited on unit-linked variable annuities 2 15 1 (1)
Interest expense on uncertain tax positions 3 4 6 8
Non-investment derivatives and other (15) 4 (4) 1
Pre-tax adjusted operating income $ 361 $ 109 $ 246 $ 227
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

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

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

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

(Unaudited) Three Months Ended June 30, 2020
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 $ (158) $ — $ (7) $ (165)
Financial Solutions:
Asset-Intensive 93 81 (1) (111) (2) 63
Capital Solutions 24 — — 24
Total U.S. and Latin America (41) 81 (118) (78)
Canada Traditional 44 (4) — 40
Canada Financial Solutions 4 — — 4
Total Canada 48 (4) — 44
EMEA Traditional 16 — — 16
EMEA Financial Solutions 98 (19) — 79
Total EMEA 114 (19) — 95
Asia Pacific Traditional 47 — — 47
Asia Pacific Financial Solutions 26 (14) — 12
Total Asia Pacific 73 (14) — 59
Corporate and Other 1 (12) — (11)
Consolidated $ 195 $ 32 $ (118) $ 109

(1)Asset-Intensive is net of $(4) DAC offset.

(2)Asset-Intensive is net of $(17) DAC offset.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

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

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

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

(Unaudited) Six Months Ended June 30, 2020
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 $ (220) $ — $ — $ (220)
Financial Solutions:
Asset-Intensive 55 (109) (1) 160 (2) 106
Capital Solutions 47 — — 47
Total U.S. and Latin America (118) (109) 160 (67)
Canada Traditional 67 9 — 76
Canada Financial Solutions 7 — — 7
Total Canada 74 9 — 83
EMEA Traditional 33 — — 33
EMEA Financial Solutions 128 (13) — 115
Total EMEA 161 (13) — 148
Asia Pacific Traditional 71 — — 71
Asia Pacific Financial Solutions 1 21 — 22
Total Asia Pacific 72 21 — 93
Corporate and Other (90) 60 — (30)
Consolidated $ 99 $ (32) $ 160 $ 227

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

(2)Asset-Intensive is net of $(109) DAC offset.

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Add Twelve

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In millions, except per share data)

(Unaudited) Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Earnings per share from net income:
Basic earnings per share $ 5.06 $ 2.49 $ 7.11 $ 1.12
Diluted earnings per share $ 5.02 $ 2.48 $ 7.06 $ 1.11
Diluted earnings per share from adjusted operating income $ 4.00 $ 1.36 $ 2.78 $ 2.78
Weighted average number of common and common equivalent shares outstanding 68,533 63,749 68,460 63,298
(Unaudited) At June 30,
--- --- --- --- ---
2021 2020
Treasury shares 17,314 17,375
Common shares outstanding 67,997 67,936
Book value per share outstanding $ 197.72 $ 184.78
Book value per share outstanding, before impact of AOCI $ 138.29 $ 128.82

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

(Unaudited) At June 30,
2021 2020
Book value per share outstanding $ 197.72 $ 184.78
Less effect of AOCI:
Accumulated currency translation adjustments (0.29) (3.09)
Unrealized appreciation of securities 60.78 60.19
Pension and postretirement benefits (1.06) (1.14)
Book value per share outstanding, before impact of AOCI $ 138.29 $ 128.82
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Add Thirteen

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

(Dollars in millions)

(Unaudited)
Trailing Twelve Months Ended June 30, 2021: Average Equity
Stockholders' average equity $ 13,131
Less effect of AOCI:
Accumulated currency translation adjustments (102)
Unrealized appreciation of securities 4,276
Pension and postretirement benefits (75)
Stockholders' average equity, excluding AOCI $ 9,032

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

Related Return on Equity

(Dollars in millions)

(Unaudited) Return on Equity
Trailing Twelve Months Ended June 30, 2021: Income
Net Income $ 828 6.3 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net (229)
Change in fair value of embedded derivatives (233)
Deferred acquisition cost offset, net 87
Tax expense on uncertain tax positions 57
Adjusted operating income $ 510 5.7 %

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)

(Unaudited) Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Revenues:
Net premiums $ 3,098 $ 2,790 $ 6,012 $ 5,609
Investment income, net of related expenses 759 645 1,571 1,239
Investment related gains (losses), net 112 81 414 (204)
Other revenue 168 90 259 166
Total revenues 4,137 3,606 8,256 6,810
Benefits and expenses:
Claims and other policy benefits 2,813 2,700 6,005 5,364
Interest credited 218 187 364 333
Policy acquisition costs and other insurance expenses 339 290 672 538
Other operating expenses 240 188 454 383
Interest expense 43 42 88 83
Collateral finance and securitization expense 2 4 5 10
Total benefits and expenses 3,655 3,411 7,588 6,711
Income before income taxes 482 195 668 99
Provision for income taxes 138 37 185 29
Net income $ 344 $ 158 $ 483 $ 70

#

Document

Exhibit 99.2

rgalogospelledoutaa01a13.jpg

Quarterly Financial Supplement

Second Quarter 2021

(Unaudited)

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

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

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Reinsurance Group of America, Incorporated

2nd Quarter 2021

Table of Contents

Page
Non-GAAP Disclosures 1
2021 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
Gross Unrealized Losses Aging - Fixed Maturity Securities 34
Fixed Maturity Securities Below Amortized Cost 35
Consolidated Investment Related Gains and Losses 37
Appendix
Reconciliations of GAAP to Non-GAAP Measures 38

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, all of which are wholly owned (collectively, the “Company”).

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 position excluding the impact of accumulated other comprehensive income (“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 shareholders’ equity before and after the impact of AOCI is presented in the appendix.

Page 1
Reinsurance Group of America, Incorporated
---
2021 Notes
Included in investment income, net of related expenses for the six-months ended June 30, 2021, is a reclassification recorded during the first quarter of approximately $92 million of pre-tax unrealized gains from accumulated other comprehensive income associated with investments in limited partnerships and private equity funds for which the Company utilizes the equity method of accounting. The reclassification resulted in a $92 million increase in the Corporate and Other segment's pre-tax income and pre-tax adjusted operating income for the six-months ended June 30, 2021. The unrealized gains should have been recognized in investment income in the periods they were reported by the investees.<br><br><br><br>Included in other investment related gains (losses), net for the six-months ended June 30, 2021, are $70 million of pre-tax investment related gains associated with investments in limited partnerships considered to be investment companies previously carried at cost less impairments. These investments should have been carried at fair value based on the net asset value of the investment and changes in the fair value of the investment should have been include included in investment related gains (losses), net. This correction, recorded during the first quarter, resulted in a $70 million increase in the Corporate segment's pre-tax income and did not have an impact on pre-tax adjusted operating income for the three-months and six-months ended June 30, 2021.
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 data) June 30, March 31, Dec. 31, Sept. 30, June 30, June 30, June 30,
2021 2021 2020 2020 2020 2021 2020 Change
Net premiums $ 6,012 $ 5,609 $ 403
Net income 344 139 132 213 158 186 483 70 413
Adjusted operating income (loss) 274 (84) 81 239 87 187 190 176 14
Return on equity - annualized 10.8 % 4.2 % 3.8 % 6.6 % 5.8 % 5.0 %
Return on equity - trailing 12 months 6.3 % 5.2 % 3.4 % 4.5 % 5.1 % 1.2 %
Adjusted operating return on equity (ex AOCI) - annualized 11.9 % (3.7) % 3.6 % 10.8 % 4.1 % 7.8 %
Adjusted operating return on equity (ex AOCI) - trailing 12 months 5.7 % 3.7 % 5.7 % 7.4 % 7.8 % (2.1) %
Total assets 88,944 84,810 84,656 82,127 80,729 8,215
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional
U.S. and Latin America Financial Solutions 5.3 5.3 5.3 5.3 5.4 (0.1)
Canada Traditional 468.3 460.1 445.2 419.5 409.2 59.1
Europe, Middle East and Africa Traditional 861.4 830.8 864.4 808.0 772.8 88.6
Asia Pacific Traditional 516.1 521.0 553.7 534.4 649.5 (133.4)
Asia Pacific Financial Solutions 1.2 1.2 0.5 0.3 0.4 0.8
Total assumed life reinsurance in force
Assumed New Business Production (in billions)
U.S. and Latin America Traditional $ 64.2 $ 59.3 $ 4.9
U.S. and Latin America Financial Solutions — — 0.1 (0.1) — — — — —
Canada Traditional 8.5 14.2 10.9 8.6 9.1 (0.6) 22.7 21.3 1.4
Europe, Middle East and Africa Traditional 87.8 27.6 57.8 28.5 65.1 22.7 115.4 98.0 17.4
Asia Pacific Traditional 10.9 7.6 10.6 6.7 16.6 (5.7) 18.5 32.3 (13.8)
Asia Pacific Financial Solutions 0.1 — — — — 0.1 0.1 — 0.1
Total assumed new business production $ 220.9 $ 210.9 $ 10.0
Per Share and Shares Data
Basic earnings per share
Net income $ 7.11 $ 1.12 $ 5.99
Adjusted operating income (loss) $ 2.80 $ 2.80 $ —
Diluted earnings per share (1)
Net income $ 7.06 $ 1.11 $ 5.95
Adjusted operating income (loss) (1) $ 2.78 $ 2.78 $ —
Wgt. average common shares outstanding
Basic 67,990 67,975 67,944 67,936 63,449 4,541 67,983 62,800 5,183
Diluted 68,533 68,427 68,378 68,170 63,749 4,784 68,460 63,298 5,162
Common shares issued 85,311 85,311 85,311 85,311 85,311 — 85,311 85,311 —
Treasury shares 17,314 17,326 17,354 17,374 17,375 (61) 17,314 17,375 (61)
Common shares outstanding 67,997 67,985 67,957 67,937 67,936 61 67,997 67,936 61
Book value per share
Per share effect of AOCI
Book value per share, excluding AOCI
Stockholders’ dividends paid $ 95 $ 87 $ 8
(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.

All values are in US Dollars.

Page 3
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 3,098 $ 2,914 $ 3,260 $ 2,825 $ 2,790 $ 308 $ 6,012 $ 5,609 $ 403
Investment income, net of related expenses 812 682 654 645 114 1,571 1,239 332
Investment related gains (losses), net 302 105 66 81 31 414 (204) 618
Other revenue 91 96 98 90 78 259 166 93
Total revenues 4,119 4,143 3,643 3,606 531 8,256 6,810 1,446
Benefits and expenses:
Claims and other policy benefits 3,192 3,181 2,530 2,700 113 6,005 5,364 641
Interest credited 146 175 196 187 31 364 333 31
Policy acquisition costs and other insurance expenses 333 349 374 290 49 672 538 134
Other operating expenses 214 222 211 188 52 454 383 71
Interest expense 45 44 43 42 1 88 83 5
Collateral finance and securitization expense 3 3 4 4 (2) 5 10 (5)
Total benefits and expenses 3,933 3,974 3,358 3,411 244 7,588 6,711 877
Income before income taxes 186 169 285 195 287 668 99 569
Provision for income taxes 47 37 72 37 101 185 29 156
Net income 344 $ 139 $ 132 $ 213 $ 158 $ 186 $ 483 $ 70 $ 413
Pre-tax adjusted operating income reconciliation:
Income before income taxes 482 $ 186 $ 169 $ 285 $ 195 $ 287 $ 668 $ 99 $ 569
Investment and derivative (gains) losses (1) (228) 12 17 31 (135) (332) (37) (295)
Change in value of modified coinsurance and funds withheld embedded derivatives (1) (50) (51) (116) (1) (15) (66) 229 (295)
GMXB embedded derivatives (1) (18) (58) 29 (107) 124 (1) 21 (22)
Funds withheld (gains) losses - investment income (1) 10 (1) (3) 2 (2) (5) 3
EIA embedded derivatives - interest credited (30) (5) 6 7 (10) (33) 19 (52)
DAC offset, net 12 21 79 (21) 19 10 (108) 118
Investment (income) loss on unit-linked variable annuities 1 (13) 1 (15) 13 (1) 1 (2)
Interest credited on unit-linked variable annuities (1) 13 (1) 15 (13) 1 (1) 2
Interest expense on uncertain tax positions 3 2 1 4 (1) 6 8 (2)
Non-investment derivatives and other 11 (1) 1 4 (19) (4) 1 (5)
Adjusted operating income (loss) before income taxes 361 $ (115) $ 99 $ 301 $ 109 $ 252 $ 246 $ 227 $ 19
(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
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
After-tax adjusted operating income reconciliation:
Net income 344 $ 139 $ 132 $ 213 $ 158 $ 186 $ 483 $ 70 $ 413
Investment and derivative (gains) losses (1) (179) 9 13 23 (105) (261) (28) (233)
Change in value of modified coinsurance and funds withheld embedded derivatives (1) (40) (40) (92) (1) (11) (52) 181 (233)
GMXB embedded derivatives (1) (14) (46) 23 (84) 97 (1) 17 (18)
Funds withheld (gains) losses - investment income (1) 8 (1) (2) 1 (2) (4) 2
EIA embedded derivatives - interest credited (24) (4) 5 6 (8) (26) 15 (41)
DAC offset, net 9 17 62 (16) 15 8 (85) 93
Investment (income) loss on unit-linked variable annuities 1 (11) 1 (12) 10 (1) 1 (2)
Interest credited on unit-linked variable annuities (1) 11 (1) 12 (10) 1 (1) 2
Interest expense on uncertain tax positions 2 2 1 3 — 5 6 (1)
Non-investment derivatives and other 9 (1) 1 3 (15) (3) 1 (4)
Uncertain tax positions and other tax related items 15 4 14 (3) 27 39 3 36
Adjusted operating income (loss) 274 $ (84) $ 81 $ 239 $ 87 $ 187 $ 190 $ 176 $ 14
Wgt. average common shares outstanding (diluted) 68,427 68,378 68,170 63,749 4,784 68,460 63,298 5,162
Diluted earnings per share - adjusted operating income (loss) (2) 4.00 $ (1.24) $ 1.19 $ 3.51 $ 1.36 $ 2.64 $ 2.78 $ 2.78 $ —
Foreign currency effect on (3):
Net premiums 124 $ 78 $ 35 $ 12 $ (46) $ 170 $ 202 $ (79) $ 281
Adjusted operating income (loss) before income taxes 10 $ 1 $ 3 $ 7 $ (4) $ 14 $ 11 $ (5) $ 16
(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)
March 31, Dec. 31, Sept. 30, June 30,
2021 2020 2020 2020
Assets
Fixed maturity securities, available-for-sale 58,287 $ 56,426 $ 56,735 $ 54,652 $ 52,346
Equity securities 135 132 135 130
Mortgage loans on real estate 6,001 5,787 5,907 5,974
Policy loans 1,253 1,258 1,259 1,310
Funds withheld at interest 5,459 5,432 5,403 5,250
Short-term investments 157 227 154 84
Other invested assets 2,983 2,829 2,645 2,547
Total investments 72,414 72,400 70,155 67,641
Cash and cash equivalents 3,122 3,408 3,256 4,313
Accrued investment income 546 511 547 494
Premiums receivable and other reinsurance balances 2,907 2,842 2,792 2,852
Reinsurance ceded receivables 1,089 983 950 945
Deferred policy acquisition costs 3,617 3,616 3,534 3,565
Other assets 1,115 896 893 919
Total assets 88,944 $ 84,810 $ 84,656 $ 82,127 $ 80,729
Liabilities and stockholders’ equity
Future policy benefits 33,761 $ 33,675 $ 31,453 $ 30,331 $ 29,897
Interest-sensitive contract liabilities 23,142 23,276 23,208 23,118
Other policy claims and benefits 7,077 6,413 6,242 6,232
Other reinsurance balances 560 598 524 510
Deferred income taxes 2,417 3,263 3,016 2,856
Other liabilities 1,930 1,340 1,611 1,557
Long-term debt 3,573 3,573 3,573 3,573
Collateral finance and securitization notes 346 388 408 433
Total liabilities 72,720 70,304 68,913 68,176
Stockholders’ equity:
Common stock, at par value 1 1 1 1
Additional paid-in-capital 2,411 2,406 2,421 2,413
Retained earnings 8,235 8,148 8,066 7,901
Treasury stock (1,559) (1,562) (1,563) (1,563)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes (39) (69) (171) (210)
Unrealized appreciation of securities, net of income taxes 3,113 5,500 4,542 4,089
Pension and postretirement benefits, net of income taxes (72) (72) (82) (78)
Total stockholders’ equity 12,090 14,352 13,214 12,553
Total liabilities and stockholders’ equity 88,944 $ 84,810 $ 84,656 $ 82,127 $ 80,729
Total stockholders’ equity, excluding AOCI 9,403 $ 9,088 $ 8,993 $ 8,925 $ 8,752
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
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 1,578 $ 1,419 $ 1,591 $ 1,420 $ 1,454 $ 124 $ 2,997 $ 2,827 $ 170
Investment income, net of related expenses 207 196 180 177 56 440 338 102
Investment related gains (losses), net 6 (3) (8) 7 (6) 7 — 7
Other revenue 5 2 7 4 — 9 10 (1)
Total revenues 1,637 1,786 1,599 1,642 174 3,453 3,175 278
Benefits and expenses:
Claims and other policy benefits 1,740 1,638 1,343 1,558 (140) 3,158 2,925 233
Interest credited 17 17 19 18 — 35 37 (2)
Policy acquisition costs and other insurance expenses 182 189 189 195 11 388 370 18
Other operating expenses 36 34 34 29 10 75 63 12
Total benefits and expenses 1,975 1,878 1,585 1,800 (119) 3,656 3,395 261
Income (loss) before income taxes 135 $ (338) $ (92) $ 14 $ (158) $ 293 $ (203) $ (220) $ 17
Loss and expense ratios:
Claims and other policy benefits % 122.6 % 103.0 % 94.6 % 107.2 % (17.3) % 105.4 % 103.5 % 1.9 %
Policy acquisition costs and other insurance expenses % 12.8 % 11.9 % 13.3 % 13.4 % (0.3) % 12.9 % 13.1 % (0.2) %
Other operating expenses % 2.5 % 2.1 % 2.4 % 2.0 % 0.5 % 2.5 % 2.2 % 0.3 %
Foreign currency effect on (1):
Net premiums 2 $ (1) $ (1) $ (1) $ (3) $ 5 $ 1 $ (3) $ 4
Income (loss) before income taxes — $ — $ — $ — $ — $ — $ — $ — $ —
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
March 31, Dec. 31, Sept. 30, June 30, Qtr vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 1,578 $ 1,419 $ 1,591 $ 1,420 $ 1,454 $ 124 $ 2,997 $ 2,827 $ 170
Investment income, net of related expenses 207 196 180 177 56 440 338 102
Other revenue 5 2 7 4 — 9 10 (1)
Total revenues 1,631 1,789 1,607 1,635 180 3,446 3,175 271
Benefits and expenses:
Claims and other policy benefits 1,740 1,638 1,343 1,558 (140) 3,158 2,925 233
Interest credited 17 17 19 18 — 35 37 (2)
Policy acquisition costs and other insurance expenses 182 189 189 195 11 388 370 18
Other operating expenses 36 34 34 29 10 75 63 12
Total benefits and expenses 1,975 1,878 1,585 1,800 (119) 3,656 3,395 261
Adjusted operating income (loss) before income taxes 134 $ (344) $ (89) $ 22 $ (165) $ 299 $ (210) $ (220) $ 10
Loss and expense ratios:
Claims and other policy benefits % 122.6 % 103.0 % 94.6 % 107.2 % (17.3) % 105.4 % 103.5 % 1.9 %
Policy acquisition costs and other insurance expenses % 12.8 % 11.9 % 13.3 % 13.4 % (0.3) % 12.9 % 13.1 % (0.2) %
Other operating expenses % 2.5 % 2.1 % 2.4 % 2.0 % 0.5 % 2.5 % 2.2 % 0.3 %
Foreign currency effect on (1):
Net premiums 2 $ (1) $ (1) $ (1) $ (3) $ 5 $ 1 $ (3) $ 4
Adjusted operating income (loss) before income taxes — $ — $ — $ — $ — $ — $ — $ — $ —
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) 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
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 15 $ 13 $ 13 $ 13 $ 15 $ — $ 28 $ 27 $ 1
Investment income, net of related expenses 257 248 272 241 35 533 474 59
Investment related gains (losses), net (6) 47 59 15 15 24 (145) 169
Other revenue 26 25 26 24 61 111 52 59
Total revenues 290 333 370 295 111 696 408 288
Benefits and expenses:
Claims and other policy benefits 60 49 50 49 (28) 81 102 (21)
Interest credited 114 132 163 139 43 296 268 28
Policy acquisition costs and other insurance expenses 47 50 99 7 25 79 (31) 110
Other operating expenses 9 6 8 7 1 17 14 3
Total benefits and expenses 230 237 320 202 41 473 353 120
Income before income taxes 163 $ 60 $ 96 $ 50 $ 93 $ 70 $ 223 $ 55 $ 168
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
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 15 $ 13 $ 13 $ 13 $ 15 $ — $ 28 $ 27 $ 1
Investment income, net of related expenses 258 253 273 240 34 532 472 60
Other revenue 26 25 26 24 61 111 49 62
Total revenues 297 291 312 279 95 671 548 123
Benefits and expenses:
Claims and other policy benefits 60 49 50 49 (28) 81 102 (21)
Interest credited 144 137 157 132 53 329 249 80
Policy acquisition costs and other insurance expenses 35 29 20 28 6 69 77 (8)
Other operating expenses 9 6 8 7 1 17 14 3
Total benefits and expenses 248 221 235 216 32 496 442 54
Adjusted operating income before income taxes 126 $ 49 $ 70 $ 77 $ 63 $ 63 $ 175 $ 106 $ 69
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)
( millions)
March 31, Dec. 31, Sept. 30, June 30,
2021 2020 2020 2020
Annuity account values:
Fixed annuities (deferred) 13,687 $ 10,659 $ 10,773 $ 10,848 $ 10,932
Net interest spread (fixed annuities) % 1.3 % 1.6 % 1.3 % 1.3 %
Equity-indexed annuities 3,343 $ 3,391 $ 3,480 $ 3,530 $ 3,516
Variable annuities account values
No riders 834 $ 823 $ 665 $ 775 $ 753
GMDB only 901 872 831 760
GMIB only 24 24 22 22
GMAB only 4 4 3 3
GMWB only 1,116 1,132 1,046 1,016
GMDB / WB 265 275 252 247
Other 18 18 17 17
Total variable annuities account values 3,247 $ 3,151 $ 2,990 $ 2,946 $ 2,818
Fair value of liabilities associated with living benefit riders 154 $ 136 $ 155 $ 213 $ 184
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts 973 $ 973 $ 1,015 $ 989 $ 990
Bank-owned life insurance (BOLI) 2,471 $ 2,463 $ 2,460 $ 2,450 $ 2,444
Other asset-intensive business 119 $ 123 $ 124 $ 125 $ 127
Future policy benefits associated with:
Payout annuities 4,393 $ 4,477 $ 4,532 $ 4,593 $ 4,655

All values are in US Dollars.

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
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Investment income, net of related expenses — $ 1 $ 1 $ 1 $ 2 $ (2) $ 1 $ 3 $ (2)
Other revenue 27 25 28 26 1 54 51 3
Total revenues 28 26 29 28 (1) 55 54 1
Benefits and expenses:
Policy acquisition costs and other insurance expenses 2 1 2 2 (2) 2 2 —
Other operating expenses 3 2 3 2 2 7 5 2
Total benefits and expenses 5 3 5 4 — 9 7 2
Income before income taxes 23 $ 23 $ 23 $ 24 $ 24 $ (1) $ 46 $ 47 $ (1)
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
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Investment income, net of related expenses — $ 1 $ 1 $ 1 $ 2 $ (2) $ 1 $ 3 $ (2)
Other revenue 27 25 28 26 1 54 51 3
Total revenues 28 26 29 28 (1) 55 54 1
Benefits and expenses:
Policy acquisition costs and other insurance expenses 2 1 2 2 (2) 2 2 —
Other operating expenses 3 2 3 2 2 7 5 2
Total benefits and expenses 5 3 5 4 — 9 7 2
Adjusted operating income before income taxes 23 $ 23 $ 23 $ 24 $ 24 $ (1) $ 46 $ 47 $ (1)
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
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 301 $ 280 $ 284 $ 254 $ 254 $ 47 $ 581 $ 514 $ 67
Investment income, net of related expenses 60 56 52 50 13 123 99 24
Investment related gains (losses), net 2 4 2 6 (6) 2 (6) 8
Other revenue 1 — 1 1 1 3 — 3
Total revenues 343 344 309 311 55 709 607 102
Benefits and expenses:
Claims and other policy benefits 266 248 225 216 61 543 436 107
Policy acquisition costs and other insurance expenses 45 49 44 42 4 91 87 4
Other operating expenses 8 10 10 9 2 19 17 2
Total benefits and expenses 319 307 279 267 67 653 540 113
Income before income taxes 32 $ 24 $ 37 $ 30 $ 44 $ (12) $ 56 $ 67 $ (11)
Loss and expense ratios:
Claims and other policy benefits % 95.0 % 87.3 % 88.6 % 85.0 % 7.0 % 93.5 % 84.8 % 8.7 %
Policy acquisition costs and other insurance expenses % 16.1 % 17.3 % 17.3 % 16.5 % (1.2) % 15.7 % 16.9 % (1.2) %
Other operating expenses % 2.9 % 3.5 % 3.9 % 3.5 % 0.2 % 3.3 % 3.3 % — %
Foreign currency effect on (1):
Net premiums 34 $ 16 $ 4 $ (2) $ (9) $ 43 $ 50 $ (12) $ 62
Income before income taxes 3 $ — $ 1 $ — $ (2) $ 5 $ 3 $ (1) $ 4
Creditor reinsurance net premiums 19 $ 17 $ 16 $ 18 $ 14 $ 5 $ 36 $ 31 $ 5
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
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 301 $ 280 $ 284 $ 254 $ 254 $ 47 $ 581 $ 514 $ 67
Investment income, net of related expenses 59 56 51 51 13 123 99 24
Investment related gains, net 2 2 2 1 — 3 3 —
Other revenue 1 — 1 1 1 3 — 3
Total revenues 342 342 308 307 61 710 616 94
Benefits and expenses:
Claims and other policy benefits 266 248 225 216 61 543 436 107
Policy acquisition costs and other insurance expenses 45 49 44 42 4 91 87 4
Other operating expenses 8 10 10 9 2 19 17 2
Total benefits and expenses 319 307 279 267 67 653 540 113
Adjusted operating income before income taxes 34 $ 23 $ 35 $ 29 $ 40 $ (6) $ 57 $ 76 $ (19)
Loss and expense ratios:
Claims and other policy benefits % 95.0 % 87.3 % 88.6 % 85.0 % 7.0 % 93.5 % 84.8 % 8.7 %
Policy acquisition costs and other insurance expenses % 16.1 % 17.3 % 17.3 % 16.5 % (1.2) % 15.7 % 16.9 % (1.2) %
Other operating expenses % 2.9 % 3.5 % 3.9 % 3.5 % 0.2 % 3.3 % 3.3 % — %
Foreign currency effect on (1):
Net premiums 34 $ 16 $ 4 $ (2) $ (9) $ 43 $ 50 $ (12) $ 62
Adjusted operating income before income taxes 3 $ — $ 1 $ — $ (2) $ 5 $ 3 $ (1) $ 4
Creditor reinsurance net premiums 19 $ 17 $ 16 $ 18 $ 14 $ 5 $ 36 $ 31 $ 5
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
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 23 $ 23 $ 21 $ 21 $ 20 $ 3 $ 46 $ 41 $ 5
Investment income, net of related expenses — — — — — — 1 (1)
Other revenue 3 2 2 2 1 6 4 2
Total revenues 26 23 23 22 4 52 46 6
Benefits and expenses:
Claims and other policy benefits 18 14 17 17 4 39 37 2
Policy acquisition costs and other insurance expenses — — — 1 — 1 1 —
Other operating expenses 2 1 — — — 2 1 1
Total benefits and expenses 20 15 17 18 4 42 39 3
Income before income taxes 4 $ 6 $ 8 $ 6 $ 4 $ — $ 10 $ 7 $ 3
Foreign currency effect on (2):
Net premiums 3 $ 1 $ — $ — $ (1) $ 4 $ 4 $ (1) $ 5
Income before income taxes — $ — $ — $ — $ — $ — $ — $ — $ —
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
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 23 $ 23 $ 21 $ 21 $ 20 $ 3 $ 46 $ 41 $ 5
Investment income, net of related expenses — — — — — — 1 (1)
Other revenue 3 2 2 2 1 6 4 2
Total revenues 26 23 23 22 4 52 46 6
Benefits and expenses:
Claims and other policy benefits 18 14 17 17 4 39 37 2
Policy acquisition costs and other insurance expenses — — — 1 — 1 1 —
Other operating expenses 2 1 — — — 2 1 1
Total benefits and expenses 20 15 17 18 4 42 39 3
Adjusted operating income before income taxes 4 $ 6 $ 8 $ 6 $ 4 $ — $ 10 $ 7 $ 3
Foreign currency effect on (2):
Net premiums 3 $ 1 $ — $ — $ (1) $ 4 $ 4 $ (1) $ 5
Adjusted operating income before income taxes 1 $ — $ — $ — $ — $ 1 $ 1 $ — $ 1
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 17
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Traditional
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 433 $ 438 $ 442 $ 371 $ 352 $ 81 $ 871 $ 742 $ 129
Investment income, net of related expenses 20 17 18 18 6 44 37 7
Other revenue (1) 6 1 1 1 1 (1) 2
Total revenues 457 465 390 371 88 916 778 138
Benefits and expenses:
Claims and other policy benefits 469 423 331 301 113 883 635 248
Policy acquisition costs and other insurance expenses 29 29 28 32 (5) 56 62 (6)
Other operating expenses 27 26 24 22 8 57 48 9
Total benefits and expenses 525 478 383 355 116 996 745 251
Income (loss) before income taxes (12) $ (68) $ (13) $ 7 $ 16 $ (28) $ (80) $ 33 $ (113)
Loss and expense ratios:
Claims and other policy benefits % 107.1 % 95.7 % 89.2 % 85.5 % 10.1 % 101.4 % 85.6 % 15.8 %
Policy acquisition costs and other insurance expenses % 6.6 % 6.6 % 7.5 % 9.1 % (2.9) % 6.4 % 8.4 % (2.0) %
Other operating expenses % 6.2 % 5.9 % 6.5 % 6.3 % 0.6 % 6.5 % 6.5 % — %
Foreign currency effect on (1):
Net premiums 47 $ 26 $ 8 $ 6 $ (20) $ 67 $ 73 $ (33) $ 106
Income (loss) before income taxes (4) $ (5) $ 2 $ 2 $ (1) $ (3) $ (9) $ (1) $ (8)
Critical illness net premiums 44 $ 42 $ 43 $ 43 $ 40 $ 4 $ 86 $ 82 $ 4
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
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 433 $ 438 $ 442 $ 371 $ 352 $ 81 $ 871 $ 742 $ 129
Investment income, net of related expenses 20 17 18 18 6 44 37 7
Other revenue (1) 6 1 1 1 1 (1) 2
Total revenues 457 465 390 371 88 916 778 138
Benefits and expenses:
Claims and other policy benefits 469 423 331 301 113 883 635 248
Policy acquisition costs and other insurance expenses 29 29 28 32 (5) 56 62 (6)
Other operating expenses 27 26 24 22 8 57 48 9
Total benefits and expenses 525 478 383 355 116 996 745 251
Adjusted operating income (loss) before income taxes (12) $ (68) $ (13) $ 7 $ 16 $ (28) $ (80) $ 33 $ (113)
Loss and expense ratios:
Claims and other policy benefits % 107.1 % 95.7 % 89.2 % 85.5 % 10.1 % 101.4 % 85.6 % 15.8 %
Policy acquisition costs and other insurance expenses % 6.6 % 6.6 % 7.5 % 9.1 % (2.9) % 6.4 % 8.4 % (2.0) %
Other operating expenses % 6.2 % 5.9 % 6.5 % 6.3 % 0.6 % 6.5 % 6.5 % — %
Foreign currency effect on (1):
Net premiums 47 $ 26 $ 8 $ 6 $ (20) $ 67 $ 73 $ (33) $ 106
Adjusted operating income (loss) before income taxes (4) $ (5) $ 2 $ 2 $ (2) $ (2) $ (9) $ (1) $ (8)
Critical illness net premiums 44 $ 42 $ 43 $ 43 $ 40 $ 4 $ 86 $ 82 $ 4
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
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 84 $ 79 $ 84 $ 58 $ 57 $ 27 $ 163 $ 110 $ 53
Investment income, net of related expenses 48 58 46 61 (11) 98 89 9
Investment related gains, net 16 1 4 16 (14) 18 10 8
Other revenue 3 4 2 2 1 6 5 1
Total revenues 146 147 110 136 3 285 214 71
Benefits and expenses:
Claims and other policy benefits 75 81 5 13 29 117 66 51
Interest credited (1) 13 (1) 16 (14) 1 (1) 2
Policy acquisition costs and other insurance expenses 2 1 1 1 — 3 2 1
Other operating expenses 10 14 13 8 3 21 19 2
Total benefits and expenses 86 109 18 38 18 142 86 56
Income before income taxes 83 $ 60 $ 38 $ 92 $ 98 $ (15) $ 143 $ 128 $ 15
Foreign currency effect on (2):
Net premiums 9 $ 6 $ 3 $ 2 $ (2) $ 11 $ 15 $ (3) $ 18
Income before income taxes 10 $ 5 $ — $ 4 $ (3) $ 13 $ 15 $ (3) $ 18
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
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 84 $ 79 $ 84 $ 58 $ 57 $ 27 $ 163 $ 110 $ 53
Investment income, net of related expenses 48 50 46 43 5 96 87 9
Investment related gains (losses), net (1) (1) (1) — 2 1 — 1
Other revenue 3 4 2 2 1 6 5 1
Total revenues 129 137 105 102 35 266 202 64
Benefits and expenses:
Claims and other policy benefits 75 81 5 13 29 117 66 51
Interest credited — — — 1 (1) — — —
Policy acquisition costs and other insurance expenses 2 1 1 1 — 3 2 1
Other operating expenses 10 14 13 8 3 21 19 2
Total benefits and expenses 87 96 19 23 31 141 87 54
Adjusted operating income before income taxes 83 $ 42 $ 41 $ 86 $ 79 $ 4 $ 125 $ 115 $ 10
Foreign currency effect on (2):
Net premiums 9 $ 6 $ 3 $ 2 $ (2) $ 11 $ 15 $ (3) $ 18
Adjusted operating income before income taxes 9 $ 4 $ 1 $ 4 $ (2) $ 11 $ 13 $ (3) $ 16
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
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 616 $ 609 $ 785 $ 653 $ 607 $ 9 $ 1,225 $ 1,243 $ (18)
Investment income, net of related expenses 33 31 22 27 7 67 54 13
Investment related gains (losses), net (1) 3 — — — (1) — (1)
Other revenue 6 4 5 2 1 9 6 3
Total revenues 647 823 680 636 17 1,300 1,303 (3)
Benefits and expenses:
Claims and other policy benefits 518 699 525 514 64 1,096 1,069 27
Policy acquisition costs and other insurance expenses 43 51 33 34 7 84 83 1
Other operating expenses 45 48 44 41 5 91 80 11
Total benefits and expenses 606 798 602 589 76 1,271 1,232 39
Income (loss) before income taxes (12) $ 41 $ 25 $ 78 $ 47 $ (59) $ 29 $ 71 $ (42)
Loss and expense ratios:
Claims and other policy benefits % 85.1 % 89.0 % 80.4 % 84.7 % 9.1 % 89.5 % 86.0 % 3.5 %
Policy acquisition costs and other insurance expenses % 7.1 % 6.5 % 5.1 % 5.6 % 1.1 % 6.9 % 6.7 % 0.2 %
Other operating expenses % 7.4 % 6.1 % 6.7 % 6.8 % 0.7 % 7.4 % 6.4 % 1.0 %
Foreign currency effect on (1):
Net premiums 30 $ 29 $ 20 $ 6 $ (12) $ 42 $ 59 $ (28) $ 87
Income (loss) before income taxes (1) $ 1 $ (1) $ 1 $ 2 $ (3) $ — $ 1 $ (1)
Critical illness net premiums 282 $ 269 $ 379 $ 294 $ 246 $ 36 $ 551 $ 502 $ 49
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
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 616 $ 609 $ 785 $ 653 $ 607 $ 9 $ 1,225 $ 1,243 $ (18)
Investment income, net of related expenses 33 31 22 27 7 67 54 13
Investment related gains (losses), net (1) 3 — — — (1) — (1)
Other revenue 6 4 5 2 1 9 6 3
Total revenues 647 823 680 636 17 1,300 1,303 (3)
Benefits and expenses:
Claims and other policy benefits 518 699 525 514 64 1,096 1,069 27
Policy acquisition costs and other insurance expenses 43 51 33 34 7 84 83 1
Other operating expenses 45 48 44 41 5 91 80 11
Total benefits and expenses 606 798 602 589 76 1,271 1,232 39
Adjusted operating income (loss) before income taxes (12) $ 41 $ 25 $ 78 $ 47 $ (59) $ 29 $ 71 $ (42)
Loss and expense ratios:
Claims and other policy benefits % 85.1 % 89.0 % 80.4 % 84.7 % 9.1 % 89.5 % 86.0 % 3.5 %
Policy acquisition costs and other insurance expenses % 7.1 % 6.5 % 5.1 % 5.6 % 1.1 % 6.9 % 6.7 % 0.2 %
Other operating expenses % 7.4 % 6.1 % 6.7 % 6.8 % 0.7 % 7.4 % 6.4 % 1.0 %
Foreign currency effect on (1):
Net premiums 30 $ 29 $ 20 $ 6 $ (12) $ 42 $ 59 $ (28) $ 87
Adjusted operating income (loss) before income taxes (1) $ 1 $ (1) $ 1 $ 2 $ (3) $ — $ 1 $ (1)
Critical illness net premiums 282 $ 269 $ 379 $ 294 $ 246 $ 36 $ 551 $ 502 $ 49
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
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 48 $ 53 $ 40 $ 35 $ 31 $ 17 $ 101 $ 105 $ (4)
Investment income, net of related expenses 28 25 22 21 10 59 38 21
Investment related gains (losses), net 12 28 — 15 — 27 (18) 45
Other revenue 11 7 9 8 2 21 18 3
Total revenues 104 100 66 75 29 208 143 65
Benefits and expenses:
Claims and other policy benefits 46 30 33 32 10 88 94 (6)
Interest credited 15 12 13 11 4 30 24 6
Policy acquisition costs and other insurance expenses 11 7 5 5 6 22 19 3
Other operating expenses 4 3 5 1 4 9 5 4
Total benefits and expenses 76 52 56 49 24 149 142 7
Income before income taxes 31 $ 28 $ 48 $ 10 $ 26 $ 5 $ 59 $ 1 $ 58
Foreign currency effect on (2):
Net premiums (1) $ 1 $ 1 $ 1 $ 1 $ (2) $ — $ 1 $ (1)
Income before income taxes — $ 1 $ 2 $ 1 $ (1) $ 1 $ 1 $ 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 24
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 48 $ 53 $ 40 $ 35 $ 31 $ 17 $ 101 $ 105 $ (4)
Investment income, net of related expenses 28 25 22 21 10 59 38 21
Investment related gains (losses), net 3 3 (1) 1 3 7 3 4
Other revenue 11 7 9 8 2 21 18 3
Total revenues 95 75 65 61 32 188 164 24
Benefits and expenses:
Claims and other policy benefits 46 30 33 32 10 88 94 (6)
Interest credited 15 12 13 11 4 30 24 6
Policy acquisition costs and other insurance expenses 11 7 5 5 6 22 19 3
Other operating expenses 4 3 5 1 4 9 5 4
Total benefits and expenses 76 52 56 49 24 149 142 7
Adjusted operating income before income taxes 20 $ 19 $ 23 $ 9 $ 12 $ 8 $ 39 $ 22 $ 17
Foreign currency effect on (2):
Net premiums (1) $ 1 $ 1 $ 1 $ 1 $ (2) $ — $ 1 $ (1)
Adjusted operating income before income taxes — $ — $ 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
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Investment income, net of related expenses 48 $ 158 $ 50 $ 41 $ 48 $ — $ 206 $ 106 $ 100
Investment related gains (losses), net 273 25 9 22 42 337 (45) 382
Other revenue 10 21 17 20 9 39 21 18
Total revenues 441 96 67 90 51 582 82 500
Benefits and expenses:
Claims and other policy benefits — (1) 1 — — — — —
Interest credited 1 1 2 3 (2) 2 5 (3)
Policy acquisition costs and other insurance income (28) (28) (27) (29) 3 (54) (57) 3
Other operating expenses 70 78 70 69 17 156 131 25
Interest expense 45 44 43 42 1 88 83 5
Collateral finance and securitization expense 3 3 4 4 (2) 5 10 (5)
Total benefits and expenses 91 97 93 89 17 197 172 25
Income (loss) before income taxes 35 $ 350 $ (1) $ (26) $ 1 $ 34 $ 385 $ (90) $ 475
Foreign currency effect on (1):
Income (loss) before income taxes 6 $ 2 $ 1 $ (1) $ (1) $ 7 $ 8 $ 1 $ 7
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
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Revenues:
Investment income, net of related expenses 48 $ 158 $ 50 $ 41 $ 48 $ — $ 206 $ 106 $ 100
Investment related gains (losses), net 3 1 (4) 2 — 5 3 2
Other revenue 21 20 18 24 (10) 35 25 10
Total revenues 182 71 55 74 (10) 246 134 112
Benefits and expenses:
Claims and other policy benefits — (1) 1 — — — — —
Interest credited 1 1 2 3 (2) 2 5 (3)
Policy acquisition costs and other insurance income (28) (28) (27) (29) 3 (54) (57) 3
Other operating expenses 70 78 70 69 17 156 131 25
Interest expense 42 42 42 38 2 82 75 7
Collateral finance and securitization expense 3 3 4 4 (2) 5 10 (5)
Total benefits and expenses 88 95 92 85 18 191 164 27
Adjusted operating income (loss) before income taxes (39) $ 94 $ (24) $ (37) $ (11) $ (28) $ 55 $ (30) $ 85
Foreign currency effect on (1):
Adjusted operating income (loss) before income taxes 2 $ 1 $ (1) $ — $ — $ 2 $ 3 $ (1) $ 4
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
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
U.S. and Latin America:
Traditional 135 $ (338) $ (92) $ 14 $ (158) $ 293 $ (203) $ (220) $ 17
Financial Solutions:
Asset Intensive 60 96 50 93 70 223 55 168
Capital Solutions 23 23 24 24 (1) 46 47 (1)
Total U.S. and Latin America (255) 27 88 (41) 362 66 (118) 184
Canada:
Traditional 24 37 30 44 (12) 56 67 (11)
Financial Solutions 6 8 6 4 — 10 7 3
Total Canada 30 45 36 48 (12) 66 74 (8)
Europe, Middle East and Africa:
Traditional (68) (13) 7 16 (28) (80) 33 (113)
Financial Solutions 60 38 92 98 (15) 143 128 15
Total Europe, Middle East and Africa (8) 25 99 114 (43) 63 161 (98)
Asia Pacific:
Traditional 41 25 78 47 (59) 29 71 (42)
Financial Solutions 28 48 10 26 5 59 1 58
Total Asia Pacific 69 73 88 73 (54) 88 72 16
Corporate and Other 350 (1) (26) 1 34 385 (90) 475
Consolidated income before income taxes 482 $ 186 $ 169 $ 285 $ 195 $ 287 $ 668 $ 99 $ 569
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
March 31, Dec. 31, Sept. 30, June 30, June 30, June 30,
2021 2020 2020 2020 2021 2020 Change
U.S. and Latin America:
Traditional 134 $ (344) $ (89) $ 22 $ (165) $ 299 $ (210) $ (220) $ 10
Financial Solutions:
Asset Intensive 49 70 77 63 63 175 106 69
Capital Solutions 23 23 24 24 (1) 46 47 (1)
Total U.S. and Latin America (272) 4 123 (78) 361 11 (67) 78
Canada:
Traditional 23 35 29 40 (6) 57 76 (19)
Financial Solutions 6 8 6 4 — 10 7 3
Total Canada 29 43 35 44 (6) 67 83 (16)
Europe, Middle East and Africa:
Traditional (68) (13) 7 16 (28) (80) 33 (113)
Financial Solutions 42 41 86 79 4 125 115 10
Total Europe, Middle East and Africa (26) 28 93 95 (24) 45 148 (103)
Asia Pacific:
Traditional 41 25 78 47 (59) 29 71 (42)
Financial Solutions 19 23 9 12 8 39 22 17
Total Asia Pacific 60 48 87 59 (51) 68 93 (25)
Corporate and Other 94 (24) (37) (11) (28) 55 (30) 85
Consolidated adjusted operating income (loss) before income taxes 361 $ (115) $ 99 $ 301 $ 109 $ 252 $ 246 $ 227 $ 19
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
March 31, Dec. 31, Sept. 30, June 30,
2021 2020 2020 2020
Fixed maturity securities, available-for-sale (1) 58,287 $ 56,426 $ 56,735 $ 54,652 $ 52,346
Equity securities 135 132 135 130
Mortgage loans on real estate 6,001 5,787 5,907 5,974
Policy loans 1,253 1,258 1,259 1,310
Funds withheld at interest 5,459 5,432 5,403 5,250
Short-term investments 157 227 154 84
Other invested assets 2,983 2,829 2,645 2,547
Cash and cash equivalents 3,122 3,408 3,256 4,313
Total cash and invested assets 79,580 $ 75,536 $ 75,808 $ 73,411 $ 71,954
(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).

All values are in US Dollars.

Investment Income and Yield Summary
Three Months Ended Current Qtr<br>vs. PY<br>Quarter Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, June 30, June 30, June 30,
2021 2021 2020 2020 2020 2021 2020 Change
Average invested assets at amortized cost (1) $ 33,587 $ 33,367 $ 32,699 $ 32,148 $ 30,420 $ 3,167 $ 33,266 $ 29,923 $ 3,343
Net investment income (1) $ 383 $ 463 $ 337 $ 290 $ 305 $ 78 $ 846 $ 604 $ 242
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1) 4.64 % 5.67 % 4.20 % 3.66 % 4.07 % 57 bps 5.15 % 4.07 % 108 bps
Variable investment income ("VII") (included in net investment income) (1) $ 78 $ 162 $ 37 $ 8 $ 16 $ 62 $ 240 $ 19 $ 221
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) (1) 3.84 % 3.79 % 3.88 % 3.69 % 3.99 % (15) bps 3.82 % 4.09 % (27) bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
Page 30
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities
Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate 33,687 $ 11 $ 3,465 $ 137 $ 37,004 63.4 %
Canadian government — 1,602 2 4,903 8.4 %
RMBS — 60 6 1,377 2.4 %
ABS — 36 21 3,482 6.0 %
CMBS 1 102 6 1,869 3.2 %
U.S. government — 47 24 1,318 2.3 %
State and political subdivisions — 144 6 1,344 2.3 %
Other foreign government 4 317 65 6,990 12.0 %
Total fixed maturity securities 52,797 $ 16 $ 5,773 $ 267 $ 58,287 100.0 %

All values are in US Dollars.

December 31, 2020
Amortized<br>Cost Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate $ 31,963 $ 17 $ 4,356 $ 94 $ 36,208 63.9 %
Canadian government 3,145 — 1,995 — 5,140 9.1 %
RMBS 1,735 — 84 2 1,817 3.2 %
ABS 3,099 — 35 42 3,092 5.4 %
CMBS 1,790 3 102 21 1,868 3.3 %
U.S. government 1,242 — 196 1 1,437 2.5 %
State and political subdivisions 1,237 — 157 4 1,390 2.4 %
Other foreign government 5,337 — 479 33 5,783 10.2 %
Total fixed maturity securities $ 49,548 $ 20 $ 7,404 $ 197 $ 56,735 100.0 %
Page 31
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Corporate Fixed Maturity Securities by Industry
December 31, 2020
Estimated Fair Value % of Total Average Credit Ratings (1) Amortized Cost Estimated Fair Value % of Total Average Credit Ratings (1)
Financial institutions
Banking 5,619 $ 6,100 16.5 % A- $ 5,657 $ 6,285 17.5 % A-
Brokerage/asset managers/exchanges 1,054 2.8 % A- 887 993 2.7 % A-
Finance companies 296 0.8 % BBB 314 334 0.9 % BBB
Insurance 4,331 11.7 % A- 3,532 4,046 11.2 % A-
REITs 914 2.5 % BBB+ 707 773 2.1 % BBB+
Other finance 932 2.5 % A- 688 805 2.2 % A-
Total financial institutions 12,479 $ 13,627 36.8 % $ 11,785 $ 13,236 36.6 %
Industrials
Basic 2,001 $ 2,270 6.1 % BBB $ 1,927 $ 2,258 6.2 % BBB
Capital goods 1,654 4.5 % BBB 1,513 1,662 4.6 % BBB
Communications 2,629 7.1 % BBB 2,355 2,770 7.7 % BBB+
Consumer cyclical 1,861 5.0 % BBB+ 1,687 1,888 5.2 % BBB+
Consumer noncyclical 3,987 10.9 % BBB+ 3,313 3,815 10.5 % BBB+
Energy 2,116 5.7 % BBB+ 1,753 1,976 5.5 % BBB
Technology 1,288 3.5 % BBB+ 1,138 1,243 3.4 % BBB+
Transportation 2,225 6.0 % BBB+ 2,002 2,194 6.1 % BBB+
Other industrial 719 1.9 % BBB 586 629 1.7 % BBB
Total industrials 17,032 $ 18,749 50.7 % $ 16,274 $ 18,435 50.9 %
Utilities
Electric 3,187 $ 3,530 9.5 % A- $ 3,013 $ 3,480 9.6 % A-
Natural gas 590 1.6 % BBB+ 476 560 1.5 % BBB+
Other utility 508 1.4 % BBB+ 415 497 1.4 % BBB+
Total utilities 4,176 $ 4,628 12.5 % $ 3,904 $ 4,537 12.5 %
Total 33,687 $ 37,004 100.0 % BBB+ $ 31,963 $ 36,208 100.0 % 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
June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020
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 $ 31,394 $ 34,862 59.8 % $ 31,323 $ 34,096 60.4 % $ 29,770 $ 34,589 60.9 % $ 29,950 $ 34,406 62.9 % $ 29,018 $ 33,246 63.5 %
2 BBB 17,948 19,896 34.1 % 17,402 18,799 33.3 % 16,440 18,751 33.1 % 15,822 17,421 31.9 % 15,222 16,555 31.6 %
3 BB 2,575 2,683 4.6 % 2,622 2,704 4.8 % 2,480 2,588 4.6 % 2,103 2,118 3.9 % 1,987 1,963 3.8 %
4 B 686 678 1.2 % 695 669 1.2 % 713 697 1.2 % 668 641 1.2 % 560 515 1.0 %
5 CCC 179 159 0.3 % 170 145 0.3 % 131 102 0.2 % 108 59 0.1 % 91 46 0.1 %
6 In or near default 15 9 — % 17 13 — % 14 8 — % 10 7 — % 25 21 — %
Total $ 52,797 $ 58,287 100.0 % $ 52,229 $ 56,426 100.0 % $ 49,548 $ 56,735 100.0 % $ 48,661 $ 54,652 100.0 % $ 46,903 $ 52,346 100.0 %
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting that meet the definition of SSAP No. 43R utilize the NAIC rating methodology.
All other securities will continue to utilize the NRSRO ratings, as available, or equivalent ratings based on information from the NAIC.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).
Structured Fixed Maturity Securities
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020
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 $ 623 $ 667 9.9 % $ 659 $ 701 10.7 % $ 686 $ 744 11.0 % $ 696 $ 763 11.0 % $ 708 $ 776 11.8 %
Non-agency 700 710 10.5 % 877 890 13.4 % 1,049 1,073 15.8 % 1,231 1,264 18.4 % 1,254 1,289 19.4 %
Total RMBS 1,323 1,377 20.4 % 1,536 1,591 24.1 % 1,735 1,817 26.8 % 1,927 2,027 29.4 % 1,962 2,065 31.2 %
ABS:
Collateralized loan obligations ("CLOs") 1,722 1,720 25.6 % 1,603 1,593 24.2 % 1,707 1,689 24.9 % 1,607 1,563 22.7 % 1,612 1,558 23.4 %
ABS, excluding CLOs 1,745 1,762 26.2 % 1,553 1,558 23.7 % 1,392 1,403 20.7 % 1,359 1,359 19.8 % 1,186 1,173 17.6 %
Total ABS 3,467 3,482 51.8 % 3,156 3,151 47.9 % 3,099 3,092 45.6 % 2,966 2,922 42.5 % 2,798 2,731 41.0 %
CMBS 1,774 1,869 27.8 % 1,774 1,840 28.0 % 1,790 1,868 27.6 % 1,871 1,930 28.1 % 1,850 1,851 27.8 %
Total $ 6,564 $ 6,728 100.0 % $ 6,466 $ 6,582 100.0 % $ 6,624 $ 6,777 100.0 % $ 6,764 $ 6,879 100.0 % $ 6,610 $ 6,647 100.0 %
Page 33
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Gross Unrealized Losses Aging
Fixed Maturity Securities
March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020
% of Total Gross Unrealized Losses % of Total Gross Unrealized Losses % of Total Gross Unrealized Losses % of Total Gross Unrealized Losses % of Total
Less than 20% 213 79.8 % $ 427 87.2 % $ 133 67.5 % $ 276 74.6 % $ 348 77.7 %
20% or more for less than six months 0.7 % 28 5.7 % 42 21.3 % 34 9.2 % 91 20.3 %
20% or more for six months or greater 19.5 % 35 7.1 % 22 11.2 % 60 16.2 % 9 2.0 %
Total 267 100.0 % $ 490 100.0 % $ 197 100.0 % $ 370 100.0 % $ 448 100.0 %

All values are in US Dollars.

Page 34
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Fixed Maturity Securities Below Amortized Cost
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 2,596 $ 79 $ 168 $ 6 $ 2,764 $ 85
Canadian government 2 — — 24 2
RMBS 5 21 1 282 6
ABS 4 754 5 1,554 9
CMBS — 24 1 24 1
U.S. government 24 — — 364 24
State and political subdivisions 2 29 4 124 6
Other foreign government 37 561 23 2,191 60
Total investment grade securities 5,770 $ 153 $ 1,557 $ 40 $ 7,327 $ 193
Below investment grade securities:
Corporate 258 $ 42 $ 168 $ 10 $ 426 $ 52
ABS 1 15 11 39 12
CMBS — 43 5 43 5
Other foreign government 3 16 2 82 5
Total below investment grade securities 348 $ 46 $ 242 $ 28 $ 590 $ 74
Total fixed maturity securities 6,118 $ 199 $ 1,799 $ 68 $ 7,917 $ 267

All values are in US Dollars.

Page 35
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Fixed Maturity Securities Below Amortized Cost
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 930 $ 29 $ 70 $ 5 $ 1,000 $ 34
Canadian government — — — — —
RMBS 2 — — 294 2
ABS 17 570 11 1,666 28
CMBS 6 — — 160 6
U.S. government 1 — — 27 1
State and political subdivisions 1 16 3 82 4
Other foreign government 27 — — 973 27
Total investment grade securities 3,546 $ 83 $ 656 $ 19 $ 4,202 $ 102
Below investment grade securities:
Corporate 375 $ 49 $ 81 $ 11 $ 456 $ 60
ABS 13 4 1 24 14
CMBS 15 — — 91 15
Other foreign government 3 28 3 64 6
Total below investment grade securities 522 $ 80 $ 113 $ 15 $ 635 $ 95
Total fixed maturity securities 4,068 $ 163 $ 769 $ 34 $ 4,837 $ 197

All values are in US Dollars.

Page 36
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Consolidated Investment Related Gains and Losses
Current Qtr<br>vs. PY<br>Quarter Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, June 30, June 30,
2021 2020 2020 2020 2021 2020 Change
Fixed maturity securities available-for-sale:
Impairments and change in allowance for credit losses on fixed maturity securities 5 $ (2) $ — $ 13 $ — $ 5 $ 3 $ (34) $ 37
Gain on investment activity 167 25 16 46 7 220 73 147
Loss on investment activity (13) (6) (22) (46) 16 (43) (54) 11
Net gains (losses) on fixed maturity securities available-for-sale 152 19 7 — 28 180 (15) 195
Net gains (losses) on equity securities 3 (4) 4 8 12 23 (15) 38
Other impairment losses and change in mortgage loan provision 18 (2) (19) (22) 25 21 (35) 56
Change in fair value of certain limited partnership investments and other, net 111 3 4 8 24 143 17 126
Free-standing derivatives:
Interest rate swaps - non-hedged (70) (22) (11) 3 30 (37) 109 (146)
Financial futures (10) (28) (15) (48) 39 (19) (4) (15)
Foreign currency swaps - non-hedged 9 (1) 4 3 — 12 (10) 22
Foreign currency swaps - hedged 1 3 1 2 (2) 1 (6) 7
Foreign currency forwards - non-hedged (8) 3 4 1 (2) (9) (2) (7)
CPI swaps 18 19 11 26 (23) 21 (14) 35
Credit default swaps 20 22 1 17 (5) 32 (7) 39
Equity options (10) (16) (12) (25) 14 (21) 28 (49)
Total free-standing derivatives (50) (20) (17) (21) 51 (20) 94 (114)
Embedded derivatives:
Modified coinsurance and funds withheld treaties 50 51 116 1 15 66 (229) 295
GMXB 18 58 (29) 107 (124) 1 (21) 22
Total embedded derivatives 68 109 87 108 (109) 67 (250) 317
Net gain (loss) on total derivatives 18 89 70 87 (58) 47 (156) 203
Total investment related gains (losses), net 112 $ 302 $ 105 $ 66 $ 81 $ 31 $ 414 $ (204) $ 618

All values are in US Dollars.

Page 37

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Appendix

Reconciliations of GAAP to Non-GAAP Measures
Page 38
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
U.S. & Latin America Traditional
Income (loss) before income taxes 135 $ (338) $ (92) $ 14 $ (158) $ 293 $ (203) $ (220) $ 17
Change in value of modified coinsurance and
funds withheld embedded derivatives (1) (6) 3 8 (7) 6 (7) — (7)
Adjusted operating income (loss) before income taxes 134 $ (344) $ (89) $ 22 $ (165) $ 299 $ (210) $ (220) $ 10
U.S. & Latin America Asset-Intensive
Income before income taxes 163 $ 60 $ 96 $ 50 $ 93 $ 70 $ 223 $ 55 $ 168
Investment and derivative (gains) losses (1) 68 65 36 86 (118) 36 (105) 141
Change in value of modified coinsurance and
funds withheld embedded derivatives (1) (44) (54) (124) 6 (21) (59) 229 (288)
GMXB embedded derivatives (1) (18) (58) 29 (107) 124 (1) 21 (22)
Funds withheld (gains) losses - investment income 1 5 1 (1) (1) (1) (2) 1
EIA embedded derivatives - interest credited (30) (5) 6 7 (10) (33) 19 (52)
DAC offset, net 12 21 79 (21) 19 10 (108) 118
Non-investment derivatives and other — — — — — — (3) 3
Adjusted operating income before income taxes 126 $ 49 $ 70 $ 77 $ 63 $ 63 $ 175 $ 106 $ 69
U.S. & Latin America Capital Solutions
Income before income taxes 23 $ 23 $ 23 $ 24 $ 24 $ (1) $ 46 $ 47 $ (1)
Adjusted operating income before income taxes 23 $ 23 $ 23 $ 24 $ 24 $ (1) $ 46 $ 47 $ (1)
Canada Traditional
Income before income taxes 32 $ 24 $ 37 $ 30 $ 44 $ (12) $ 56 $ 67 $ (11)
Investment and derivative (gains) losses (1) — (2) — (5) 6 1 9 (8)
Investment income - non-operating FWAI (1) — (1) 1 — — — —
Adjusted operating income before income taxes 34 $ 23 $ 35 $ 29 $ 40 $ (6) $ 57 $ 76 $ (19)
Canada Financial Solutions
Income before income taxes 4 $ 6 $ 8 $ 6 $ 4 $ — $ 10 $ 7 $ 3
Adjusted operating income before income taxes 4 $ 6 $ 8 $ 6 $ 4 $ — $ 10 $ 7 $ 3
(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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current Qtr Year-to-Date
March 31, Dec. 31, Sept. 30, June 30, vs. PY June 30, June 30,
2021 2020 2020 2020 Quarter 2021 2020 Change
Europe, Middle East and Africa Traditional
Income (loss) before income taxes (12) $ (68) $ (13) $ 7 $ 16 $ (28) $ (80) $ 33 $ (113)
Adjusted operating income (loss) before income taxes (12) $ (68) $ (13) $ 7 $ 16 $ (28) $ (80) $ 33 $ (113)
Europe, Middle East and Africa Financial Solutions
Income before income taxes 83 $ 60 $ 38 $ 92 $ 98 $ (15) $ 143 $ 128 $ 15
Investment and derivative losses (1) (17) (2) (5) (16) 16 (17) (10) (7)
Investment income - non-operating FWAI (1) 5 (1) (3) 3 (1) (3) 2
Investment (income) loss on unit-linked variable annuities 1 (13) 1 (15) 13 (1) 1 (2)
Interest credited on unit-linked variable annuities (1) 13 (1) 15 (13) 1 (1) 2
Adjusted operating income before income taxes 83 $ 42 $ 41 $ 86 $ 79 $ 4 $ 125 $ 115 $ 10
Asia Pacific Traditional
Income (loss) before income taxes (12) $ 41 $ 25 $ 78 $ 47 $ (59) $ 29 $ 71 $ (42)
Adjusted operating income (loss) before income taxes (12) $ 41 $ 25 $ 78 $ 47 $ (59) $ 29 $ 71 $ (42)
Asia Pacific Financial Solutions
Income before income taxes 31 $ 28 $ 48 $ 10 $ 26 $ 5 $ 59 $ 1 $ 58
Investment and derivative (gains) losses (1) (9) (25) (1) (14) 3 (20) 21 (41)
Adjusted operating income before income taxes 20 $ 19 $ 23 $ 9 $ 12 $ 8 $ 39 $ 22 $ 17
Corporate and Other
Income (loss) before income taxes 35 $ 350 $ (1) $ (26) $ 1 $ 34 $ 385 $ (90) $ 475
Investment and derivative (gains) losses (1) (270) (24) (13) (20) (42) (332) 48 (380)
Interest expense on uncertain tax positions 3 2 1 4 (1) 6 8 (2)
Non-investment derivatives and other 11 (1) 1 4 (19) (4) 4 (8)
Adjusted operating income (loss) before income taxes (39) $ 94 $ (24) $ (37) $ (11) $ (28) $ 55 $ (30) $ 85
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

All values are in US Dollars.

Page 40
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Reconciliations of Stockholders’ Equity to Stockholders’ Equity Excluding AOCI
( millions except per share data)
March 31, Dec. 31, Sept. 30, June 30,
2021 2020 2020 2020
Stockholders’ equity 13,444 $ 12,090 $ 14,352 $ 13,214 $ 12,553
Less effect of AOCI:
Accumulated currency translation adjustments (39) (69) (171) (210)
Unrealized appreciation of securities 3,113 5,500 4,542 4,089
Pension and postretirement benefits (72) (72) (82) (78)
Stockholders’ equity, excluding AOCI 9,403 $ 9,088 $ 8,993 $ 8,925 $ 8,752
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
March 31, Dec. 31, Sept. 30, June 30,
2021 2020 2020 2020
Book value per share 197.72 $ 177.83 $ 211.19 $ 194.49 $ 184.78
Less effect of AOCI:
Accumulated currency translation adjustments (0.57) (1.02) (2.51) (3.09)
Unrealized appreciation of securities 45.79 80.94 66.86 60.19
Pension and postretirement benefits (1.06) (1.06) (1.22) (1.14)
Book value per share, excluding AOCI 138.29 $ 133.67 $ 132.33 $ 131.36 $ 128.82

All values are in US Dollars.

Page 41

Document

Exhibit 99.3

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