Equibles

8-K

REINSURANCE GROUP OF AMERICA INC (RGA)

8-K 2021-05-06 For: 2021-05-06
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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): May 6, 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 May 6, 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 March 31, 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 March 31, 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 May 7, 2021 to discuss the financial and operating results for the three-month period ended March 31, 2021 (the "Earnings Call").

Item 7.01 Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated May 6, 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 May 6, 2021 the Company’s board of directors declared a regular quarterly dividend of $0.70, payable June 1, 2021 to shareholders of record as of May 18, 2021.

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

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No. Exhibit
99.1 Press Release of Reinsurance Group of America, Incorporated datedMaypressrelease1q21.htm6, 2021
99.2 Quarterly Financial Supplement for the quarter endedMarch31, 2021
99.3 Earnings Presentation datedMayearningspresentation1q21.htm6, 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: May 6, 2021 By: /s/ Todd C. Larson
Todd C. Larson
Senior Executive Vice President and Chief Financial Officer

Document

Exhibit 99.1

rgaprlogoaa01a151a.jpg

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS FIRST QUARTER RESULTS

•Net income of $2.03 per diluted share

•Adjusted operating loss* of $1.24 per diluted share

•ROE 5.2% and adjusted operating ROE* 3.7% for the trailing twelve months

•Global estimated COVID-19 claim costs of approximately $485 million for the first quarter

•Accounting correction for limited partnership investments had a favorable effect of approximately $1.87 per diluted share on net income and $1.07 per diluted share on adjusted operating loss

ST. LOUIS, May 6, 2021 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported first quarter net income of $139 million, or $2.03 per diluted share, compared with a net loss of $88 million, or $1.41 per diluted share, in the prior-year quarter. Adjusted operating loss* totaled $84 million, or $1.24 per diluted share, compared with adjusted operating income of $89 million, or $1.41 per diluted share, the year before. Net foreign currency exchange rates had a favorable effect of $0.03 per diluted share on net income and $0.01 per diluted share on adjusted operating loss as compared with the prior year.

Quarterly Results
($ in millions, except per share data) 2021 2020
Net premiums $ 2,914 $ 2,819
Net income (loss) 139 (88)
Net income (loss) per diluted share 2.03 (1.41)
Adjusted operating income (loss)* (84) 89
Adjusted operating income (loss) per diluted share* (1.24) 1.41
Book value per share 177.83 150.88
Book value per share, excluding accumulated other comprehensive income (AOCI)* 133.67 132.55
Total assets 84,810 75,654
* See ‘Use of Non-GAAP Financial Measures’ below
--- ---

First quarter results reflected approximately $474 million of estimated COVID-19 impacts. On a per diluted share basis, the estimated COVID-19 impacts, which includes mortality and morbidity claims with offsetting impacts from longevity, were approximately $5.31.

In the first quarter, consolidated net premiums totaled $2.9 billion, an increase of 3% over last year’s first quarter, with a favorable net foreign currency effect of $78 million. Compared with the year-ago period, excluding spread-based businesses and the value of associated derivatives, first quarter investment income increased significantly to $463 million and average investment yield increased to 5.67% in the first quarter from 4.08% in the prior year. This reflects higher variable investment income as a result of a correction of

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accounting for limited partnership investments of $92 million related to prior years (see “Accounting Correction” for more details). Additionally, the first quarter reflects strong variable investment income from limited partnership investments.

The effective tax rate on pre-tax income was 25.3% for the first quarter. The effective tax rate benefit on pre-tax adjusted operating loss was 26.9% for the first quarter. The effective rate was above expectations due to the geographical mix of earnings which resulted in a higher-than-expected quarterly tax rate.

Anna Manning, President and Chief Executive Officer, commented, “Our first quarter was negatively impacted by a significant level of COVID-19 mortality claims in a range of geographies. Beyond the effect of COVID-19, our results were solid and continued to show resilience. Our underlying earnings power remains strong as a number of our segments performed well, and we deployed $100 million into in-force transactions.

“Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.2 billion. While we expect our results to continue to reflect additional COVID-19 claims, we expect that impact to diminish in the coming quarters, and believe that our strong financial condition and global business platform will deliver improved results as the year progresses.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

Quarterly Results
($ in millions) 2021 2020
Net premiums $ 1,419 $ 1,373
Pre-tax loss (338) (62)
Pre-tax adjusted operating loss (344) (55)

•Results reflected approximately $358 million of COVID-19 claim costs.

•Group and Individual Health experience was favorable.

•Strong variable investment income due to favorable limited partnership performance.

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Financial Solutions

Quarterly Results
($ in millions) 2021 2020
Asset-Intensive:
Pre-tax income (loss) $ 60 $ (38)
Pre-tax adjusted operating income 49 43
Capital Solutions:
Pre-tax income 23 23
Pre-tax adjusted operating income 23 23

•Asset-Intensive results were modestly below the expected run rate, due to unfavorable policyholder experience.

•Capital Solutions results were in line with expectations.

Canada

Traditional

Quarterly Results
($ in millions) 2021 2020
Net premiums $ 280 $ 260
Pre-tax income 24 23
Pre-tax adjusted operating income 23 36

•Foreign currency exchange rates had a favorable effect of $16 million on net premiums.

•Results reflected approximately $26 million of COVID-19 claim costs.

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

Financial Solutions

Quarterly Results
($ in millions) 2021 2020
Pre-tax income $ 6 $ 3
Pre-tax adjusted operating income 6 3

•Results reflected favorable longevity experience, believed to be related to COVID-19.

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

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Europe, Middle East and Africa (EMEA)

Traditional

Quarterly Results
($ in millions) 2021 2020
Net premiums $ 438 $ 390
Pre-tax income (loss) (68) 17
Pre-tax adjusted operating income (loss) (68) 17

•Foreign currency exchange rates had a favorable effect of $26 million on net premiums.

•Results reflected approximately $98 million of COVID-19 claim costs.

•Foreign currency exchange rates had an adverse effect of $5 million on pre-tax loss and pre-tax adjusted operating loss.

Financial Solutions

Quarterly Results
($ in millions) 2021 2020
Pre-tax income $ 60 $ 30
Pre-tax adjusted operating income 42 36

•Results reflected the negative effects of model updates and lower than expected COVID-19 impact on longevity experience due to longer reporting lags.

•Foreign currency exchange rates had a favorable effect of $5 million on pre-tax income and $4 million on pre-tax adjusted operating income.

Asia Pacific

Traditional

Quarterly Results
($ in millions) 2021 2020
Net premiums $ 609 $ 636
Pre-tax income 41 24
Pre-tax adjusted operating income 41 24

•Net premiums decreased over the prior year, reflecting a 3% increase in Asia, offset by a 31% decline in Australia.

•Foreign currency exchange rates had a favorable effect of $29 million on net premiums.

•Results reflected favorable underwriting experience in Asia, and Australia reported break even results.

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

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Financial Solutions

Quarterly Results
($ in millions) 2021 2020
Net premiums $ 53 $ 74
Pre-tax income (loss) 28 (25)
Pre-tax adjusted operating income 19 10

•Results reflected organic growth and favorable experience on existing treaties.

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

Corporate and Other

Quarterly Results
($ in millions) 2021 2020
Pre-tax income (loss) $ 350 $ (91)
Pre-tax adjusted operating income (loss) 94 (19)

•Pre-tax income reflected a one-time adjustment of $162 million associated with prior periods that includes $92 million to correct accounting for equity method limited partnerships to reflect unrealized gains in investment income that were previously reflected in accumulated other comprehensive income, in addition to $70 million reflected in investment related gains/losses associated with unrealized gains on cost method limited partnerships.

•Pre-tax income reflected $144 million of capital gains associated with portfolio repositioning.

•Pre-tax adjusted operating income reflected the one-time adjustment of $92 million discussed above to correct accounting for equity method limited partnerships.

•Pre-tax adjusted operating income also reflected lower overall expenses.

Dividend Declaration

Effective as of May 6, 2021, the board of directors declared a regular quarterly dividend of $0.70, payable June 1, 2021, to shareholders of record as of May 18, 2021.

Accounting Correction

During the three-months ended March 31, 2021, the Company reclassified approximately $92 million of pre-tax unrealized gains from AOCI to investment income associated with investments in limited partnerships and private equity funds for which it utilizes the equity method of accounting. The unrealized gains should have been recognized directly in investment income in the same prior periods they were reported by the investees. In addition, the Company recorded approximately $70 million of pre-tax investment related gains associated with investments in limited partnerships considered to be investment companies in order to adjust the carrying value from cost less impairments to a fair value approach. If these adjustments were recorded in the years they were reported by the investees, the Company estimates that it would have recognized approximately $102 million, $(2) million, $1 million and $10 million of pre-tax income in the years ended December 31 2020, 2019, 2018 and 2017, respectively.

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Earnings Conference Call

A conference call to discuss first quarter results will begin at 11 a.m. Eastern Time on Friday, May 7. Interested parties may access the call by dialing 800-458-4121 (domestic) or 323-794-2093 (international). The access code is 4329984. 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 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.

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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 $3.4 trillion of life reinsurance in force and assets of $84.8 billion as of March 31, 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.

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

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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”).

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, 2019, 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 March 31,
2021 2020
Diluted Earnings Per Share Diluted Earnings Per Share
Net income (loss) $ 139 $ 2.03 $ (88) $ (1.41)
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net (179) (2.63) (51) (0.81)
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 (54) (0.79) 283 4.49
Included in interest credited (24) (0.35) 9 0.14
DAC offset, net 9 0.13 (69) (1.09)
Investment (income) loss on unit-linked variable annuities 1 0.01 13 0.21
Interest credited on unit-linked variable annuities (1) (0.01) (13) (0.21)
Interest expense on uncertain tax positions 2 0.03 3 0.05
Non-investment derivatives and other 9 0.13 (2) (0.03)
Uncertain tax positions and other tax related items 15 0.22 6 0.10
Adjusted operating income (loss) $ (84) $ (1.24) $ 89 $ 1.41
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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 March 31, 2021
Pre-tax Income (loss) Income Taxes Effective Tax Rate
GAAP income $ 185,988 $ 47,002 25.3 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net (228,409) (47,707)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses (523) (110)
Embedded derivatives:
Included in investment related gains/losses, net (68,620) (14,410)
Included in interest credited (29,649) (6,226)
DAC offset, net 12,210 2,564
Investment (income) loss on unit-linked variable annuities 991 208
Interest credited on unit-linked variable annuities (991) (208)
Interest expense on uncertain tax positions 2,717 571
Non-investment derivatives and other 10,888 2,286
Uncertain tax positions and other tax related items — (15,057)
Adjusted operating income (loss) $ (115,398) $ (31,087) 26.9 %

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

(Dollars in millions)

(Unaudited) Three Months Ended March 31,
2021 2020
Income (loss) before income taxes $ 186 $ (96)
Reconciliation to pre-tax adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net (228) (68)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses (1) (2)
Embedded derivatives:
Included in investment related gains/losses, net (68) 358
Included in interest credited (30) 12
DAC offset, net 12 (87)
Investment (income) loss on unit-linked variable annuities 1 16
Interest credited on unit-linked variable annuities (1) (16)
Interest expense on uncertain tax positions 3 4
Non-investment derivatives and other 11 (3)
Pre-tax adjusted operating income (loss) $ (115) $ 118
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

(Unaudited) Three Months Ended March 31, 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 $ (338) $ — $ (6) $ (344)
Financial Solutions:
Asset-Intensive 60 55 (1) (66) (2) 49
Capital Solutions 23 — — 23
Total U.S. and Latin America (255) 55 (72) (272)
Canada Traditional 24 (1) — 23
Canada Financial Solutions 6 — — 6
Total Canada 30 (1) — 29
EMEA Traditional (68) — — (68)
EMEA Financial Solutions 60 (18) — 42
Total EMEA (8) (18) — (26)
Asia Pacific Traditional 41 — — 41
Asia Pacific Financial Solutions 28 (9) — 19
Total Asia Pacific 69 (9) — 60
Corporate and Other 350 (256) — 94
Consolidated $ 186 $ (229) $ (72) $ (115)

(1)Asset-Intensive is net of $(14) DAC offset.

(2)Asset-Intensive is net of $26 DAC offset.

(Unaudited) Three Months Ended March 31, 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 $ (62) $ — $ 7 $ (55)
Financial Solutions:
Asset-Intensive (38) (190) (1) 271 (2) 43
Capital Solutions 23 — — 23
Total U.S. and Latin America (77) (190) 278 11
Canada Traditional 23 13 — 36
Canada Financial Solutions 3 — — 3
Total Canada 26 13 — 39
EMEA Traditional 17 — — 17
EMEA Financial Solutions 30 6 — 36
Total EMEA 47 6 — 53
Asia Pacific Traditional 24 — — 24
Asia Pacific Financial Solutions (25) 35 — 10
Total Asia Pacific (1) 35 — 34
Corporate and Other (91) 72 — (19)
Consolidated $ (96) $ (64) $ 278 $ 118

(1)Asset-Intensive is net of $5 DAC offset.

(2)Asset-Intensive is net of $(92) DAC offset.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In millions, except per share data)

(Unaudited) Three Months Ended March 31,
2021 2020
Earnings per share from net income:
Basic earnings per share $ 2.04 $ (1.41)
Diluted earnings per share (1) $ 2.03 $ (1.41)
Diluted earnings per share from adjusted operating income (1) $ (1.24) $ 1.41
Weighted average number of common and common equivalent shares outstanding 68,427 63,001

(1)     As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share

(Unaudited) At March 31,
2021 2020
Treasury shares 17,326 17,492
Common shares outstanding 67,985 61,646
Book value per share outstanding $ 177.83 $ 150.88
Book value per share outstanding, before impact of AOCI $ 133.67 $ 132.55

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

(Unaudited) At March 31,
2021 2020
Book value per share outstanding $ 177.83 $ 150.88
Less effect of AOCI:
Accumulated currency translation adjustments (0.57) (3.62)
Unrealized appreciation of securities 45.79 23.14
Pension and postretirement benefits (1.06) (1.19)
Book value per share outstanding, before impact of AOCI $ 133.67 $ 132.55
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Reconciliation of Stockholders' Average Equity to Stockholders' Average Equity Excluding AOCI

(Dollars in millions)

(Unaudited)
Trailing Twelve Months Ended March 31, 2021: Average Equity
Stockholders' average equity $ 12,302
Less effect of AOCI:
Accumulated currency translation adjustments (143)
Unrealized appreciation of securities 3,734
Pension and postretirement benefits (75)
Stockholders' average equity, excluding AOCI $ 8,786

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

Related Return on Equity

(Dollars in millions)

(Unaudited) Return on Equity
Trailing Twelve Months Ended March 31, 2021: Income
Net Income $ 642 5.2 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net (110)
Change in fair value of embedded derivatives (311)
Deferred acquisition cost offset, net 72
Tax expense on uncertain tax positions 30
Adjusted operating income $ 323 3.7 %

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)

(Unaudited) Three Months Ended March 31,
2021 2020
Revenues:
Net premiums $ 2,914 $ 2,819
Investment income, net of related expenses 812 594
Investment related gains (losses), net:
Impairments and change in allowance for credit losses on fixed maturity securities (2) (34)
Other investment related gains (losses), net 304 (251)
Total investment related gains (losses), net 302 (285)
Other revenue 91 76
Total revenues 4,119 3,204
Benefits and expenses:
Claims and other policy benefits 3,192 2,664
Interest credited 146 146
Policy acquisition costs and other insurance expenses 333 248
Other operating expenses 214 195
Interest expense 45 41
Collateral finance and securitization expense 3 6
Total benefits and expenses 3,933 3,300
Income (loss) before income taxes 186 (96)
Provision for income taxes 47 (8)
Net income (loss) $ 139 $ (88)

#

Document

Exhibit 99.2

image61.jpg

Quarterly Financial Supplement

First 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

1st 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

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Reinsurance Group of America, Incorporated

Non-GAAP Disclosures

This Quarterly Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated (“RGA”) with the SEC. The consolidated financial information herein 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 three-months ended March 31, 2021, is a reclassification 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 three-months ended March 31, 2021. The unrealized gains should have been recognized in investment income in the periods they were reported by the investees.<br> <br>Included in other investment related gains (losses), net for the three-months ended March 31, 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 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 ended March 31, 2021.
Page 2
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- ---
Financial Highlights
Three Months Ended Current Qtr vs. PY Quarter
(USD millions, except in force & per share data) March 31, Dec. 31, Sept. 30, June 30, March 31,
2021 2020 2020 2020 2020
Net premiums
Net income (loss) 139 132 213 158 (88) 227
Adjusted operating income (loss) (84) 81 239 87 89 (173)
Return on equity - annualized 4.2 % 3.8 % 6.6 % 5.8 % (3.4) % 7.6 %
Return on equity - trailing 12 months 5.2 % 3.4 % 4.5 % 5.1 % 5.8 % (0.6) %
Adjusted operating return on equity (ex AOCI):
Annualized (3.7) % 3.6 % 10.8 % 4.1 % 4.3 % (8.0) %
Trailing 12 months 3.7 % 5.7 % 7.4 % 7.8 % 9.5 % (5.8) %
Total assets 84,810 84,656 82,127 80,729 75,654 9,156
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 5.4 5.4 (0.1)
Canada Traditional 460.1 445.2 419.5 409.2 389.5 70.6
Europe, Middle East and Africa Traditional 830.8 864.4 808.0 772.8 763.1 67.7
Asia Pacific Traditional 521.0 553.7 534.4 649.5 635.6 (114.6)
Asia Pacific Financial Solutions 1.2 0.5 0.3 0.4 0.4 0.8
Total assumed life reinsurance in force
Assumed New Business Production (in billions)
U.S. and Latin America Traditional
U.S. and Latin America Financial Solutions — 0.1 (0.1) — — —
Canada Traditional 14.2 10.9 8.6 9.1 12.2 2.0
Europe, Middle East and Africa Traditional 27.6 57.8 28.5 65.1 32.9 (5.3)
Asia Pacific Traditional 7.6 10.6 6.7 16.6 15.7 (8.1)
Total assumed new business production
Per Share and Shares Data
Basic earnings per share
Net income (loss)
Adjusted operating income (loss)
Diluted earnings per share (1)
Net income (loss) (1)
Adjusted operating income (loss) (1)
Wgt. average common shares outstanding
Basic 67,975 67,944 67,936 63,449 62,138 5,837
Diluted 68,427 68,378 68,170 63,749 63,001 5,426
Common shares issued 85,311 85,311 85,311 85,311 79,138 6,173
Treasury shares 17,326 17,354 17,374 17,375 17,492 (166)
Common shares outstanding 67,985 67,957 67,937 67,936 61,646 6,339
Book value per share
Per share effect of AOCI
Book value per share, excluding AOCI
Stockholders’ dividends paid
(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
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Net premiums 2,914 $ 3,260 $ 2,825 $ 2,790 $ 2,819 $ 95
Investment income, net of related expenses 682 654 645 594 218
Investment related gains (losses), net
Impairments and change in allowance for credit losses on fixed maturity securities — 13 — (34) 32
Other investment related gains (losses), net 105 53 81 (251) 555
Total investment related gains (losses), net 105 66 81 (285) 587
Other revenue 96 98 90 76 15
Total revenues 4,143 3,643 3,606 3,204 915
Benefits and expenses:
Claims and other policy benefits 3,181 2,530 2,700 2,664 528
Interest credited 175 196 187 146 —
Policy acquisition costs and other insurance expenses 349 374 290 248 85
Other operating expenses 222 211 188 195 19
Interest expense 44 43 42 41 4
Collateral finance and securitization expense 3 4 4 6 (3)
Total benefits and expenses 3,974 3,358 3,411 3,300 633
Income (loss) before income taxes 169 285 195 (96) 282
Provision for income taxes 37 72 37 (8) 55
Net income (loss) 139 $ 132 $ 213 $ 158 $ (88) $ 227
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes 186 $ 169 $ 285 $ 195 $ (96) $ 282
Investment and derivative (gains) losses (1) 12 17 31 (68) (160)
Change in value of modified coinsurance and funds withheld embedded derivatives (1) (51) (116) (1) 230 (280)
GMXB embedded derivatives (1) (58) 29 (107) 128 (146)
Funds withheld (gains) losses - investment income 10 (1) (3) (2) 1
EIA embedded derivatives - interest credited (5) 6 7 12 (42)
DAC offset, net 21 79 (21) (87) 99
Investment (income) loss on unit-linked variable annuities (13) 1 (15) 16 (15)
Interest credited on unit-linked variable annuities 13 (1) 15 (16) 15
Interest expense on uncertain tax positions 2 1 4 4 (1)
Non-investment derivatives and other (1) 1 4 (3) 14
Adjusted operating income (loss) before income taxes (115) $ 99 $ 301 $ 109 $ 118 $ (233)
(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
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
After-tax adjusted operating income reconciliation:
Net income (loss) 139 $ 132 $ 213 $ 158 $ (88) $ 227
Investment and derivative (gains) losses (1) 9 13 23 (51) (128)
Change in value of modified coinsurance and funds withheld embedded derivatives (1) (40) (92) (1) 182 (222)
GMXB embedded derivatives (1) (46) 23 (84) 101 (115)
Funds withheld (gains) losses - investment income 8 (1) (2) (2) 1
EIA embedded derivatives - interest credited (4) 5 6 9 (33)
DAC offset, net 17 62 (16) (69) 78
Investment (income) loss on unit-linked variable annuities (11) 1 (12) 13 (12)
Interest credited on unit-linked variable annuities 11 (1) 12 (13) 12
Interest expense on uncertain tax positions 2 1 3 3 (1)
Non-investment derivatives and other (1) 1 3 (2) 11
Uncertain tax positions and other tax related items 4 14 (3) 6 9
Adjusted operating income (loss) (84) $ 81 $ 239 $ 87 $ 89 $ (173)
Wgt. average common shares outstanding (diluted) 68,378 68,170 63,749 63,001 5,426
Diluted earnings per share - adjusted operating income (loss) (2) (1.24) $ 1.19 $ 3.51 $ 1.36 $ 1.41 $ (2.65)
Foreign currency effect on (3):
Net premiums 78 $ 35 $ 12 $ (46) $ (33) $ 111
Adjusted operating income (loss) before income taxes 1 $ 3 $ 7 $ (4) $ (1) $ 2
(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)
Dec. 31, Sept. 30, June 30, March 31,
2020 2020 2020 2020
Assets
Fixed maturity securities, available-for-sale 56,426 $ 56,735 $ 54,652 $ 52,346 $ 48,555
Equity securities 132 135 130 112
Mortgage loans on real estate 5,787 5,907 5,974 6,014
Policy loans 1,258 1,259 1,310 1,314
Funds withheld at interest 5,432 5,403 5,250 5,258
Short-term investments 227 154 84 117
Other invested assets 2,829 2,645 2,547 2,542
Total investments 72,400 70,155 67,641 63,912
Cash and cash equivalents 3,408 3,256 4,313 2,820
Accrued investment income 511 547 494 510
Premiums receivable and other reinsurance balances 2,842 2,792 2,852 2,836
Reinsurance ceded receivables 983 950 945 889
Deferred policy acquisition costs 3,616 3,534 3,565 3,622
Other assets 896 893 919 1,065
Total assets 84,810 $ 84,656 $ 82,127 $ 80,729 $ 75,654
Liabilities and stockholders’ equity
Future policy benefits 33,675 $ 31,453 $ 30,331 $ 29,897 $ 29,521
Interest-sensitive contract liabilities 23,276 23,208 23,118 23,164
Other policy claims and benefits 6,413 6,242 6,232 5,854
Other reinsurance balances 598 524 510 596
Deferred income taxes 3,263 3,016 2,856 2,163
Other liabilities 1,340 1,611 1,557 1,505
Long-term debt 3,573 3,573 3,573 2,981
Collateral finance and securitization notes 388 408 433 569
Total liabilities 70,304 68,913 68,176 66,353
Stockholders’ equity:
Common stock, at par value 1 1 1 1
Additional paid-in-capital 2,406 2,421 2,413 1,942
Retained earnings 8,148 8,066 7,901 7,802
Treasury stock (1,562) (1,563) (1,563) (1,574)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes (69) (171) (210) (223)
Unrealized appreciation of securities, net of income taxes 5,500 4,542 4,089 1,426
Pension and postretirement benefits, net of income taxes (72) (82) (78) (73)
Total stockholders’ equity 14,352 13,214 12,553 9,301
Total liabilities and stockholders’ equity 84,810 $ 84,656 $ 82,127 $ 80,729 $ 75,654
Total stockholders’ equity, excluding AOCI 9,088 $ 8,993 $ 8,925 $ 8,752 $ 8,171
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
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Net premiums 1,419 $ 1,591 $ 1,420 $ 1,454 $ 1,373 $ 46
Investment income, net of related expenses 196 180 177 161 46
Investment related gains (losses), net (3) (8) 7 (7) 13
Other revenue 2 7 4 6 (1)
Total revenues 1,786 1,599 1,642 1,533 104
Benefits and expenses:
Claims and other policy benefits 1,638 1,343 1,558 1,367 373
Interest credited 17 19 18 19 (2)
Policy acquisition costs and other insurance expenses 189 189 195 175 7
Other operating expenses 34 34 29 34 2
Total benefits and expenses 1,878 1,585 1,800 1,595 380
Income (loss) before income taxes (338) $ (92) $ 14 $ (158) $ (62) $ (276)
Loss and expense ratios:
Claims and other policy benefits % 103.0 % 94.6 % 107.2 % 99.6 % 23.0 %
Policy acquisition costs and other insurance expenses % 11.9 % 13.3 % 13.4 % 12.7 % 0.1 %
Other operating expenses % 2.1 % 2.4 % 2.0 % 2.5 % — %
Foreign currency effect on (1):
Net premiums (1) $ (1) $ (1) $ (3) $ — $ (1)
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
Dec. 31, Sept. 30, June 30, March 31, Qtr vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Net premiums 1,419 $ 1,591 $ 1,420 $ 1,454 $ 1,373 $ 46
Investment income, net of related expenses 196 180 177 161 46
Other revenue 2 7 4 6 (1)
Total revenues 1,789 1,607 1,635 1,540 91
Benefits and expenses:
Claims and other policy benefits 1,638 1,343 1,558 1,367 373
Interest credited 17 19 18 19 (2)
Policy acquisition costs and other insurance expenses 189 189 195 175 7
Other operating expenses 34 34 29 34 2
Total benefits and expenses 1,878 1,585 1,800 1,595 380
Adjusted operating income (loss) before income taxes (344) $ (89) $ 22 $ (165) $ (55) $ (289)
Loss and expense ratios:
Claims and other policy benefits % 103.0 % 94.6 % 107.2 % 99.6 % 23.0 %
Policy acquisition costs and other insurance expenses % 11.9 % 13.3 % 13.4 % 12.7 % 0.1 %
Other operating expenses % 2.1 % 2.4 % 2.0 % 2.5 % — %
Foreign currency effect on (1):
Net premiums (1) $ (1) $ (1) $ (3) $ — $ (1)
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
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Net premiums 13 $ 13 $ 13 $ 15 $ 12 $ 1
Investment income, net of related expenses 248 272 241 233 24
Investment related gains (losses), net 47 59 15 (160) 154
Other revenue 25 26 24 28 (2)
Total revenues 333 370 295 113 177
Benefits and expenses:
Claims and other policy benefits 49 50 49 53 7
Interest credited 132 163 139 129 (15)
Policy acquisition costs and other insurance expenses 50 99 7 (38) 85
Other operating expenses 6 8 7 7 2
Total benefits and expenses 237 320 202 151 79
Income (loss) before income taxes 60 $ 96 $ 50 $ 93 $ (38) $ 98
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
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Net premiums 13 $ 13 $ 13 $ 15 $ 12 $ 1
Investment income, net of related expenses 253 273 240 232 26
Other revenue 25 26 24 25 1
Total revenues 291 312 279 269 28
Benefits and expenses:
Claims and other policy benefits 49 50 49 53 7
Interest credited 137 157 132 117 27
Policy acquisition costs and other insurance expenses 29 20 28 49 (14)
Other operating expenses 6 8 7 7 2
Total benefits and expenses 221 235 216 226 22
Adjusted operating income before income taxes 49 $ 70 $ 77 $ 63 $ 43 $ 6
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)
Dec. 31, Sept. 30, June 30, March 31,
2020 2020 2020 2020
Annuity account values:
Fixed annuities (deferred) 10,659 $ 10,773 $ 10,848 $ 10,932 $ 11,022
Net interest spread (fixed annuities) % 1.6 % 1.3 % 1.3 % 1.4 %
Equity-indexed annuities 3,391 $ 3,480 $ 3,530 $ 3,516 $ 3,531
Variable annuities account values
No riders 823 $ 665 $ 775 $ 753 $ 718
GMDB only 872 831 760 762
GMIB only 24 22 22 20
GMAB only 4 3 3 3
GMWB only 1,132 1,046 1,016 937
GMDB / WB 275 252 247 232
Other 18 17 17 15
Total variable annuities account values 3,151 $ 2,990 $ 2,946 $ 2,818 $ 2,687
Fair value of liabilities associated with living benefit riders 136 $ 155 $ 213 $ 184 $ 291
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts 973 $ 1,015 $ 989 $ 990 $ 991
Bank-owned life insurance (BOLI) 2,463 $ 2,460 $ 2,450 $ 2,444 $ 2,435
Other asset-intensive business 123 $ 124 $ 125 $ 127 $ 128
Future policy benefits associated with:
Payout annuities 4,477 $ 4,532 $ 4,593 $ 4,655 $ 4,713

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
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Investment income, net of related expenses 1 $ 1 $ 1 $ 2 $ 1 $ —
Other revenue 25 28 26 25 2
Total revenues 26 29 28 26 2
Benefits and expenses:
Policy acquisition costs and other insurance expenses 1 2 2 — 2
Other operating expenses 2 3 2 3 —
Total benefits and expenses 3 5 4 3 2
Income before income taxes 23 $ 23 $ 24 $ 24 $ 23 $ —
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
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Investment income, net of related expenses 1 $ 1 $ 1 $ 2 $ 1 $ —
Other revenue 25 28 26 25 2
Total revenues 26 29 28 26 2
Benefits and expenses:
Policy acquisition costs and other insurance expenses 1 2 2 — 2
Other operating expenses 2 3 2 3 —
Total benefits and expenses 3 5 4 3 2
Adjusted operating income before income taxes 23 $ 23 $ 24 $ 24 $ 23 $ —
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
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Net premiums 280 $ 284 $ 254 $ 254 $ 260 $ 20
Investment income, net of related expenses 56 52 50 49 11
Investment related gains (losses), net 4 2 6 (12) 14
Other revenue — 1 1 (1) 2
Total revenues 344 309 311 296 47
Benefits and expenses:
Claims and other policy benefits 248 225 216 220 46
Policy acquisition costs and other insurance expenses 49 44 42 45 —
Other operating expenses 10 10 9 8 —
Total benefits and expenses 307 279 267 273 46
Income before income taxes 24 $ 37 $ 30 $ 44 $ 23 $ 1
Loss and expense ratios:
Claims and other policy benefits % 87.3 % 88.6 % 85.0 % 84.6 % 10.4 %
Policy acquisition costs and other insurance expenses % 17.3 % 17.3 % 16.5 % 17.3 % (1.2) %
Other operating expenses % 3.5 % 3.9 % 3.5 % 3.1 % (0.2) %
Foreign currency effect on (1):
Net premiums 16 $ 4 $ (2) $ (9) $ (3) $ 19
Income before income taxes — $ 1 $ — $ (2) $ 1 $ (1)
Creditor reinsurance net premiums 17 $ 16 $ 18 $ 14 $ 17 $ —
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
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Net premiums 280 $ 284 $ 254 $ 254 $ 260 $ 20
Investment income, net of related expenses 56 51 51 48 11
Investment related gains, net 2 2 1 2 —
Other revenue — 1 1 (1) 2
Total revenues 342 308 307 309 33
Benefits and expenses:
Claims and other policy benefits 248 225 216 220 46
Policy acquisition costs and other insurance expenses 49 44 42 45 —
Other operating expenses 10 10 9 8 —
Total benefits and expenses 307 279 267 273 46
Adjusted operating income before income taxes 23 $ 35 $ 29 $ 40 $ 36 $ (13)
Loss and expense ratios:
Claims and other policy benefits % 87.3 % 88.6 % 85.0 % 84.6 % 10.4 %
Policy acquisition costs and other insurance expenses % 17.3 % 17.3 % 16.5 % 17.3 % (1.2) %
Other operating expenses % 3.5 % 3.9 % 3.5 % 3.1 % (0.2) %
Foreign currency effect on (1):
Net premiums 16 $ 4 $ (2) $ (9) $ (3) $ 19
Adjusted operating income before income taxes — $ 1 $ — $ (2) $ 1 $ (1)
Creditor reinsurance net premiums 17 $ 16 $ 18 $ 14 $ 17 $ —
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
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Net premiums 23 $ 21 $ 21 $ 20 $ 21 $ 2
Investment income, net of related expenses — — — 1 (1)
Other revenue 2 2 2 2 1
Total revenues 23 23 22 24 2
Benefits and expenses:
Claims and other policy benefits 14 17 17 20 (2)
Policy acquisition costs and other insurance expenses — — 1 — —
Other operating expenses 1 — — 1 1
Total benefits and expenses 15 17 18 21 (1)
Income before income taxes 6 $ 8 $ 6 $ 4 $ 3 $ 3
Foreign currency effect on (2):
Net premiums 1 $ — $ — $ (1) $ — $ 1
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
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Net premiums 23 $ 21 $ 21 $ 20 $ 21 $ 2
Investment income, net of related expenses — — — 1 (1)
Other revenue 2 2 2 2 1
Total revenues 23 23 22 24 2
Benefits and expenses:
Claims and other policy benefits 14 17 17 20 (2)
Policy acquisition costs and other insurance expenses — — 1 — —
Other operating expenses 1 — — 1 1
Total benefits and expenses 15 17 18 21 (1)
Adjusted operating income before income taxes 6 $ 8 $ 6 $ 4 $ 3 $ 3
Foreign currency effect on (2):
Net premiums 1 $ — $ — $ (1) $ — $ 1
Adjusted operating 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 17
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Traditional
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Net premiums 438 $ 442 $ 371 $ 352 $ 390 $ 48
Investment income, net of related expenses 17 18 18 19 1
Other revenue 6 1 1 (2) 1
Total revenues 465 390 371 407 50
Benefits and expenses:
Claims and other policy benefits 423 331 301 334 135
Policy acquisition costs and other insurance expenses 29 28 32 30 (1)
Other operating expenses 26 24 22 26 1
Total benefits and expenses 478 383 355 390 135
Income (loss) before income taxes (68) $ (13) $ 7 $ 16 $ 17 $ (85)
Loss and expense ratios:
Claims and other policy benefits % 95.7 % 89.2 % 85.5 % 85.6 % 21.5 %
Policy acquisition costs and other insurance expenses % 6.6 % 7.5 % 9.1 % 7.7 % (1.1) %
Other operating expenses % 5.9 % 6.5 % 6.3 % 6.7 % (0.5) %
Foreign currency effect on (1):
Net premiums 26 $ 8 $ 6 $ (20) $ (13) $ 39
Income (loss) before income taxes (5) $ 2 $ 2 $ (1) $ — $ (5)
Critical illness net premiums 42 $ 43 $ 43 $ 40 $ 42 $ —
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
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Net premiums 438 $ 442 $ 371 $ 352 $ 390 $ 48
Investment income, net of related expenses 17 18 18 19 1
Other revenue 6 1 1 (2) 1
Total revenues 465 390 371 407 50
Benefits and expenses:
Claims and other policy benefits 423 331 301 334 135
Policy acquisition costs and other insurance expenses 29 28 32 30 (1)
Other operating expenses 26 24 22 26 1
Total benefits and expenses 478 383 355 390 135
Adjusted operating income (loss) before income taxes (68) $ (13) $ 7 $ 16 $ 17 $ (85)
Loss and expense ratios:
Claims and other policy benefits % 95.7 % 89.2 % 85.5 % 85.6 % 21.5 %
Policy acquisition costs and other insurance expenses % 6.6 % 7.5 % 9.1 % 7.7 % (1.1) %
Other operating expenses % 5.9 % 6.5 % 6.3 % 6.7 % (0.5) %
Foreign currency effect on (1):
Net premiums 26 $ 8 $ 6 $ (20) $ (13) $ 39
Adjusted operating income (loss) before income taxes (5) $ 2 $ 2 $ (2) $ 1 $ (6)
Critical illness net premiums 42 $ 43 $ 43 $ 40 $ 42 $ —
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
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Net premiums 79 $ 84 $ 58 $ 57 $ 53 $ 26
Investment income, net of related expenses 58 46 61 28 20
Investment related gains (losses), net 1 4 16 (6) 22
Other revenue 4 2 2 3 —
Total revenues 147 110 136 78 68
Benefits and expenses:
Claims and other policy benefits 81 5 13 53 22
Interest credited 13 (1) 16 (17) 16
Policy acquisition costs and other insurance expenses 1 1 1 1 1
Other operating expenses 14 13 8 11 (1)
Total benefits and expenses 109 18 38 48 38
Income before income taxes 60 $ 38 $ 92 $ 98 $ 30 $ 30
Foreign currency effect on (2):
Net premiums 6 $ 3 $ 2 $ (2) $ (1) $ 7
Income before income taxes 5 $ — $ 4 $ (3) $ — $ 5
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) 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
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Net premiums 79 $ 84 $ 58 $ 57 $ 53 $ 26
Investment income, net of related expenses 50 46 43 44 4
Investment related gains (losses), net (1) (1) — — (1)
Other revenue 4 2 2 3 —
Total revenues 137 105 102 100 29
Benefits and expenses:
Claims and other policy benefits 81 5 13 53 22
Interest credited — — 1 (1) 1
Policy acquisition costs and other insurance expenses 1 1 1 1 1
Other operating expenses 14 13 8 11 (1)
Total benefits and expenses 96 19 23 64 23
Adjusted operating income before income taxes 42 $ 41 $ 86 $ 79 $ 36 $ 6
Foreign currency effect on (2):
Net premiums 6 $ 3 $ 2 $ (2) $ (1) $ 7
Adjusted operating income before income taxes 4 $ 1 $ 4 $ (2) $ (1) $ 5
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) 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
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Net premiums 609 $ 785 $ 653 $ 607 $ 636 $ (27)
Investment income, net of related expenses 31 22 27 27 6
Investment related gains (losses), net 3 — — — (1)
Other revenue 4 5 2 4 2
Total revenues 823 680 636 667 (20)
Benefits and expenses:
Claims and other policy benefits 699 525 514 555 (37)
Policy acquisition costs and other insurance expenses 51 33 34 49 (6)
Other operating expenses 48 44 41 39 6
Total benefits and expenses 798 602 589 643 (37)
Income before income taxes 41 $ 25 $ 78 $ 47 $ 24 $ 17
Loss and expense ratios:
Claims and other policy benefits % 89.0 % 80.4 % 84.7 % 87.3 % (2.2) %
Policy acquisition costs and other insurance expenses % 6.5 % 5.1 % 5.6 % 7.7 % (0.6) %
Other operating expenses % 6.1 % 6.7 % 6.8 % 6.1 % 1.3 %
Foreign currency effect on (1):
Net premiums 29 $ 20 $ 6 $ (12) $ (16) $ 45
Income before income taxes 1 $ (1) $ 1 $ 2 $ (1) $ 2
Critical illness net premiums 269 $ 379 $ 294 $ 246 $ 256 $ 13
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 22
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Net premiums 609 $ 785 $ 653 $ 607 $ 636 $ (27)
Investment income, net of related expenses 31 22 27 27 6
Investment related gains (losses), net 3 — — — (1)
Other revenue 4 5 2 4 2
Total revenues 823 680 636 667 (20)
Benefits and expenses:
Claims and other policy benefits 699 525 514 555 (37)
Policy acquisition costs and other insurance expenses 51 33 34 49 (6)
Other operating expenses 48 44 41 39 6
Total benefits and expenses 798 602 589 643 (37)
Adjusted operating income before income taxes 41 $ 25 $ 78 $ 47 $ 24 $ 17
Loss and expense ratios:
Claims and other policy benefits % 89.0 % 80.4 % 84.7 % 87.3 % (2.2) %
Policy acquisition costs and other insurance expenses % 6.5 % 5.1 % 5.6 % 7.7 % (0.6) %
Other operating expenses % 6.1 % 6.7 % 6.8 % 6.1 % 1.3 %
Foreign currency effect on (1):
Net premiums 29 $ 20 $ 6 $ (12) $ (16) $ 45
Adjusted operating income before income taxes 1 $ (1) $ 1 $ 2 $ (1) $ 2
Critical illness net premiums 269 $ 379 $ 294 $ 246 $ 256 $ 13
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 23
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Net premiums 53 $ 40 $ 35 $ 31 $ 74 $ (21)
Investment income, net of related expenses 25 22 21 17 11
Investment related gains (losses), net 28 — 15 (33) 45
Other revenue 7 9 8 10 1
Total revenues 100 66 75 68 36
Benefits and expenses:
Claims and other policy benefits 30 33 32 62 (16)
Interest credited 12 13 11 13 2
Policy acquisition costs and other insurance expenses 7 5 5 14 (3)
Other operating expenses 3 5 1 4 —
Total benefits and expenses 52 56 49 93 (17)
Income (loss) before income taxes 28 $ 48 $ 10 $ 26 $ (25) $ 53
Foreign currency effect on (2):
Net premiums 1 $ 1 $ 1 $ 1 $ — $ 1
Income (loss) before income taxes 1 $ 2 $ 1 $ (1) $ 2 $ (1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 24
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Net premiums 53 $ 40 $ 35 $ 31 $ 74 $ (21)
Investment income, net of related expenses 25 22 21 17 11
Investment related gains (losses), net 3 (1) 1 2 1
Other revenue 7 9 8 10 1
Total revenues 75 65 61 103 (8)
Benefits and expenses:
Claims and other policy benefits 30 33 32 62 (16)
Interest credited 12 13 11 13 2
Policy acquisition costs and other insurance expenses 7 5 5 14 (3)
Other operating expenses 3 5 1 4 —
Total benefits and expenses 52 56 49 93 (17)
Adjusted operating income before income taxes 19 $ 23 $ 9 $ 12 $ 10 $ 9
Foreign currency effect on (2):
Net premiums 1 $ 1 $ 1 $ 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
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Investment income, net of related expenses 158 $ 50 $ 41 $ 48 $ 58 $ 100
Investment related gains (losses), net 25 9 22 (67) 340
Other revenue 21 17 20 1 9
Total revenues 96 67 90 (8) 449
Benefits and expenses:
Claims and other policy benefits (1) 1 — — —
Interest credited 1 2 3 2 (1)
Policy acquisition costs and other insurance income (28) (27) (29) (28) —
Other operating expenses 78 70 69 62 8
Interest expense 44 43 42 41 4
Collateral finance and securitization expense 3 4 4 6 (3)
Total benefits and expenses 97 93 89 83 8
Income (loss) before income taxes 350 $ (1) $ (26) $ 1 $ (91) $ 441
Foreign currency effect on (1):
Income (loss) before income taxes 2 $ 1 $ (1) $ (1) $ 2 $ —
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 26
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Corporate and Other
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Revenues:
Investment income, net of related expenses 158 $ 50 $ 41 $ 48 $ 58 $ 100
Investment related gains (losses), net 1 (4) 2 1 2
Other revenue 20 18 24 1 20
Total revenues 71 55 74 60 122
Benefits and expenses:
Claims and other policy benefits (1) 1 — — —
Interest credited 1 2 3 2 (1)
Policy acquisition costs and other insurance income (28) (27) (29) (28) —
Other operating expenses 78 70 69 62 8
Interest expense 42 42 38 37 5
Collateral finance and securitization expense 3 4 4 6 (3)
Total benefits and expenses 95 92 85 79 9
Adjusted operating income (loss) before income taxes 94 $ (24) $ (37) $ (11) $ (19) $ 113
Foreign currency effect on (1):
Adjusted operating income (loss) before income taxes 1 $ (1) $ — $ — $ (1) $ 2
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 27
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Summary of Segment GAAP Income
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
U.S. and Latin America:
Traditional (338) $ (92) $ 14 $ (158) $ (62) $ (276)
Financial Solutions:
Asset Intensive 96 50 93 (38) 98
Capital Solutions 23 24 24 23 —
Total U.S. and Latin America 27 88 (41) (77) (178)
Canada:
Traditional 37 30 44 23 1
Financial Solutions 8 6 4 3 3
Total Canada 45 36 48 26 4
Europe, Middle East and Africa:
Traditional (13) 7 16 17 (85)
Financial Solutions 38 92 98 30 30
Total Europe, Middle East and Africa 25 99 114 47 (55)
Asia Pacific:
Traditional 25 78 47 24 17
Financial Solutions 48 10 26 (25) 53
Total Asia Pacific 73 88 73 (1) 70
Corporate and Other (1) (26) 1 (91) 441
Consolidated income (loss) before income taxes 186 $ 169 $ 285 $ 195 $ (96) $ 282
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
Dec. 31, Sept. 30, June 30, March 31,
2020 2020 2020 2020
U.S. and Latin America:
Traditional (344) $ (89) $ 22 $ (165) $ (55) $ (289)
Financial Solutions:
Asset Intensive 70 77 63 43 6
Capital Solutions 23 24 24 23 —
Total U.S. and Latin America 4 123 (78) 11 (283)
Canada:
Traditional 35 29 40 36 (13)
Financial Solutions 8 6 4 3 3
Total Canada 43 35 44 39 (10)
Europe, Middle East and Africa:
Traditional (13) 7 16 17 (85)
Financial Solutions 41 86 79 36 6
Total Europe, Middle East and Africa 28 93 95 53 (79)
Asia Pacific:
Traditional 25 78 47 24 17
Financial Solutions 23 9 12 10 9
Total Asia Pacific 48 87 59 34 26
Corporate and Other (24) (37) (11) (19) 113
Consolidated adjusted operating income (loss) before income taxes (115) $ 99 $ 301 $ 109 $ 118 $ (233)
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
Dec. 31, Sept. 30, June 30, March 31,
2020 2020 2020 2020
Fixed maturity securities, available-for-sale (1) 56,426 $ 56,735 $ 54,652 $ 52,346 $ 48,555
Equity securities 132 135 130 112
Mortgage loans on real estate 5,787 5,907 5,974 6,014
Policy loans 1,258 1,259 1,310 1,314
Funds withheld at interest 5,432 5,403 5,250 5,258
Short-term investments 227 154 84 117
Other invested assets 2,829 2,645 2,547 2,542
Cash and cash equivalents 3,408 3,256 4,313 2,820
Total cash and invested assets 75,536 $ 75,808 $ 73,411 $ 71,954 $ 66,732
(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
March 31, Dec. 31, Sept. 30, June 30, March 31,
2021 2020 2020 2020 2020
Average invested assets at amortized cost (1) $ 33,367 $ 32,699 $ 32,148 $ 30,420 $ 29,728 $ 3,639
Net investment income (1) $ 463 $ 337 $ 290 $ 305 $ 299 $ 164
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1) 5.67 % 4.20 % 3.66 % 4.07 % 4.08 % 159 bps
Variable investment income ("VII") (included in net investment income) (1) $ 162 $ 37 $ 8 $ 16 $ 3 $ 159
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) 3.79 % 3.88 % 3.69 % 3.99 % 4.19 % (40) bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
Page 30
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities
Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate 32,916 $ 16 $ 2,683 $ 288 $ 35,295 62.5 %
Canadian government — 1,423 3 4,673 8.3 %
RMBS — 62 7 1,591 2.8 %
ABS — 25 30 3,151 5.6 %
CMBS 1 78 11 1,840 3.3 %
U.S. government — 23 53 930 1.6 %
State and political subdivisions — 109 14 1,335 2.4 %
Other foreign government 5 306 84 7,611 13.5 %
Total fixed maturity securities 52,229 $ 22 $ 4,709 $ 490 $ 56,426 100.0 %

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
---
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 5,645 $ 6,057 17.3 % A- $ 5,657 $ 6,285 17.5 % A-
Brokerage/asset managers/exchanges 964 2.7 % A- 887 993 2.7 % A-
Finance companies 312 0.9 % BBB 314 334 0.9 % BBB
Insurance 3,934 11.1 % A- 3,532 4,046 11.2 % A-
REITs 827 2.3 % BBB+ 707 773 2.1 % BBB+
Other finance 812 2.3 % A- 688 805 2.2 % A-
Total financial institutions 12,045 $ 12,906 36.6 % $ 11,785 $ 13,236 36.6 %
Industrials
Basic 1,992 $ 2,195 6.2 % BBB $ 1,927 $ 2,258 6.2 % BBB
Capital goods 1,610 4.6 % BBB 1,513 1,662 4.6 % BBB
Communications 2,626 7.4 % BBB+ 2,355 2,770 7.7 % BBB+
Consumer cyclical 1,857 5.3 % BBB+ 1,687 1,888 5.2 % BBB+
Consumer noncyclical 3,812 10.8 % BBB+ 3,313 3,815 10.5 % BBB+
Energy 1,946 5.5 % BBB+ 1,753 1,976 5.5 % BBB
Technology 1,174 3.3 % BBB+ 1,138 1,243 3.4 % BBB+
Transportation 2,133 6.0 % BBB+ 2,002 2,194 6.1 % BBB+
Other industrial 676 1.9 % BBB 586 629 1.7 % BBB
Total industrials 16,819 $ 18,029 51.0 % $ 16,274 $ 18,435 50.9 %
Utilities
Electric 3,108 $ 3,328 9.4 % A- $ 3,013 $ 3,480 9.6 % A-
Natural gas 552 1.6 % BBB+ 476 560 1.5 % BBB+
Other utility 480 1.4 % BBB+ 415 497 1.4 % BBB+
Total utilities 4,052 $ 4,360 12.4 % $ 3,904 $ 4,537 12.5 %
Total 32,916 $ 35,295 100.0 % 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
March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 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 $ 31,323 $ 34,096 60.4 % $ 29,770 $ 34,589 60.9 % $ 29,950 $ 34,406 62.9 % $ 29,018 $ 33,246 63.5 % $ 29,310 $ 31,660 65.2 %
2 BBB 17,402 18,799 33.3 % 16,440 18,751 33.1 % 15,822 17,421 31.9 % 15,222 16,555 31.6 % 14,810 14,665 30.2 %
3 BB 2,622 2,704 4.8 % 2,480 2,588 4.6 % 2,103 2,118 3.9 % 1,987 1,963 3.8 % 1,877 1,727 3.6 %
4 B 695 669 1.2 % 713 697 1.2 % 668 641 1.2 % 560 515 1.0 % 509 452 0.9 %
5 CCC 170 145 0.3 % 131 102 0.2 % 108 59 0.1 % 91 46 0.1 % 101 41 0.1 %
6 In or near default 17 13 — % 14 8 — % 10 7 — % 25 21 — % 13 10 — %
Total $ 52,229 $ 56,426 100.0 % $ 49,548 $ 56,735 100.0 % $ 48,661 $ 54,652 100.0 % $ 46,903 $ 52,346 100.0 % $ 46,620 $ 48,555 100.0 %
(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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 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 $ 659 $ 701 10.7 % $ 686 $ 744 11.0 % $ 696 $ 763 11.0 % $ 708 $ 776 11.8 % $ 726 $ 796 11.8 %
Non-agency 877 890 13.4 % 1,049 1,073 15.8 % 1,231 1,264 18.4 % 1,254 1,289 19.4 % 1,515 1,495 22.1 %
Total RMBS 1,536 1,591 24.1 % 1,735 1,817 26.8 % 1,927 2,027 29.4 % 1,962 2,065 31.2 % 2,241 2,291 33.9 %
ABS:
Collateralized loan obligations ("CLOs") 1,603 1,593 24.2 % 1,707 1,689 24.9 % 1,607 1,563 22.7 % 1,612 1,558 23.4 % 1,725 1,558 23.0 %
ABS, excluding CLOs 1,553 1,558 23.7 % 1,392 1,403 20.7 % 1,359 1,359 19.8 % 1,186 1,173 17.6 % 1,215 1,109 16.4 %
Total ABS 3,156 3,151 47.9 % 3,099 3,092 45.6 % 2,966 2,922 42.5 % 2,798 2,731 41.0 % 2,940 2,667 39.4 %
CMBS 1,774 1,840 28.0 % 1,790 1,868 27.6 % 1,871 1,930 28.1 % 1,850 1,851 27.8 % 1,841 1,809 26.7 %
Total $ 6,466 $ 6,582 100.0 % $ 6,624 $ 6,777 100.0 % $ 6,764 $ 6,879 100.0 % $ 6,610 $ 6,647 100.0 % $ 7,022 $ 6,767 100.0 %
Page 33
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Gross Unrealized Losses Aging
Fixed Maturity Securities
December 31, 2020 September 30, 2020 June 30, 2020 March 31, 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% 427 87.2 % $ 133 67.5 % $ 276 74.6 % $ 348 77.7 % $ 1,052 72.0 %
20% or more for less than six months 5.7 % 42 21.3 % 34 9.2 % 91 20.3 % 409 28.0 %
20% or more for six months or greater 7.1 % 22 11.2 % 60 16.2 % 9 2.0 % — — %
Total 490 100.0 % $ 197 100.0 % $ 370 100.0 % $ 448 100.0 % $ 1,461 100.0 %

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 4,794 $ 211 $ 219 $ 10 $ 5,013 $ 221
Canadian government 3 — — 29 3
RMBS 7 — — 323 7
ABS 6 933 12 1,726 18
CMBS 2 68 2 171 4
U.S. government 53 — — 431 53
State and political subdivisions 9 29 5 300 14
Other foreign government 50 498 25 2,967 75
Total investment grade securities 9,213 $ 341 $ 1,747 $ 54 $ 10,960 $ 395
Below investment grade securities:
Corporate 258 $ 45 $ 226 $ 22 $ 484 $ 67
ABS — 15 12 15 12
CMBS 1 44 6 86 7
Other foreign government 4 26 5 112 9
Total below investment grade securities 386 $ 50 $ 311 $ 45 $ 697 $ 95
Total fixed maturity securities 9,599 $ 391 $ 2,058 $ 99 $ 11,657 $ 490

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
Dec. 31, Sept. 30, June 30, March 31,
2020 2020 2020 2020
Fixed maturity securities available-for-sale:
Impairments and change in allowance for credit losses on fixed maturity securities (2) $ — $ 13 $ — $ (34) $ 32
Gain on investment activity 25 16 46 27 140
Loss on investment activity (6) (22) (46) (8) (5)
Net gains (losses) on fixed maturity securities available-for-sale 19 7 — (15) 167
Net gains (losses) on equity securities (4) 4 8 (23) 26
Other impairment losses and change in mortgage loan provision (2) (19) (22) (13) 31
Change in fair value of certain limited partnership investments and other, net 3 4 8 9 102
Free-standing derivatives:
Interest rate swaps - non-hedged (22) (11) 3 106 (176)
Financial futures (28) (15) (48) 44 (54)
Foreign currency swaps - non-hedged (1) 4 3 (13) 22
Foreign currency swaps - hedged 3 1 2 (8) 9
Foreign currency forwards - non-hedged 3 4 1 (3) (5)
CPI swaps 19 11 26 (40) 58
Credit default swaps 22 1 17 (24) 44
Equity options (16) (12) (25) 53 (63)
Total free-standing derivatives (20) (17) (21) 115 (165)
Embedded derivatives:
Modified coinsurance and funds withheld treaties 51 116 1 (230) 280
GMXB 58 (29) 107 (128) 146
Total embedded derivatives 109 87 108 (358) 426
Net gain (loss) on total derivatives 89 70 87 (243) 261
Total investment related gains (losses), net 302 $ 105 $ 66 $ 81 $ (285) $ 587

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
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
U.S. & Latin America Traditional
Income (loss) before income taxes (338) $ (92) $ 14 $ (158) $ (62) $ (276)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1) 3 8 (7) 7 (13)
Adjusted operating income (loss) before income taxes (344) $ (89) $ 22 $ (165) $ (55) $ (289)
U.S. & Latin America Asset-Intensive
Income (loss) before income taxes 60 $ 96 $ 50 $ 93 $ (38) $ 98
Investment and derivative (gains) losses (1) 65 36 86 (191) 259
Change in value of modified coinsurance and
funds withheld embedded derivatives (1) (54) (124) 6 223 (267)
GMXB embedded derivatives (1) (58) 29 (107) 128 (146)
Funds withheld (gains) losses - investment income 5 1 (1) (1) 2
EIA embedded derivatives - interest credited (5) 6 7 12 (42)
DAC offset, net 21 79 (21) (87) 99
Non-investment derivatives and other — — — (3) 3
Adjusted operating income before income taxes 49 $ 70 $ 77 $ 63 $ 43 $ 6
U.S. & Latin America Capital Solutions
Income before income taxes 23 $ 23 $ 24 $ 24 $ 23 $ —
Adjusted operating income before income taxes 23 $ 23 $ 24 $ 24 $ 23 $ —
Canada Traditional
Income before income taxes 24 $ 37 $ 30 $ 44 $ 23 $ 1
Investment and derivative (gains) losses (1) (2) — (5) 14 (14)
Investment income - non-operating FWAI — (1) 1 (1) —
Adjusted operating income before income taxes 23 $ 35 $ 29 $ 40 $ 36 $ (13)
Canada Financial Solutions
Income before income taxes 6 $ 8 $ 6 $ 4 $ 3 $ 3
Adjusted operating income before income taxes 6 $ 8 $ 6 $ 4 $ 3 $ 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
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2020 2020 2020 2020 Quarter
Europe, Middle East and Africa Traditional
Income (loss) before income taxes (68) $ (13) $ 7 $ 16 $ 17 $ (85)
Adjusted operating income (loss) before income taxes (68) $ (13) $ 7 $ 16 $ 17 $ (85)
Europe, Middle East and Africa Financial Solutions
Income before income taxes 60 $ 38 $ 92 $ 98 $ 30 $ 30
Investment and derivative (gains) losses (1) (2) (5) (16) 6 (23)
Investment income - non-operating FWAI 5 (1) (3) — (1)
Investment (income) loss on unit-linked variable annuities (13) 1 (15) 16 (15)
Interest credited on unit-linked variable annuities (1) $ 13 $ (1) $ 15 $ (16) $ 15
Adjusted operating income before income taxes 42 $ 41 $ 86 $ 79 $ 36 $ 6
Asia Pacific Traditional
Income before income taxes 41 $ 25 $ 78 $ 47 $ 24 $ 17
Adjusted operating income before income taxes 41 $ 25 $ 78 $ 47 $ 24 $ 17
Asia Pacific Financial Solutions
Income (loss) before income taxes 28 $ 48 $ 10 $ 26 $ (25) $ 53
Investment and derivative (gains) losses (1) (25) (1) (14) 35 (44)
Adjusted operating income before income taxes 19 $ 23 $ 9 $ 12 $ 10 $ 9
Corporate and Other
Income (loss) before income taxes 350 $ (1) $ (26) $ 1 $ (91) $ 441
Investment and derivative (gains) losses (1) (24) (13) (20) 68 (338)
Interest expense on uncertain tax positions 2 1 4 4 (1)
Non-investment derivatives and other (1) 1 4 — 11
Adjusted operating income (loss) before income taxes 94 $ (24) $ (37) $ (11) $ (19) $ 113
(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)
Dec. 31, Sept. 30, June 30, March 31,
2020 2020 2020 2020
Stockholders’ equity 12,090 $ 14,352 $ 13,214 $ 12,553 $ 9,301
Less effect of AOCI:
Accumulated currency translation adjustments (69) (171) (210) (223)
Unrealized appreciation of securities 5,500 4,542 4,089 1,426
Pension and postretirement benefits (72) (82) (78) (73)
Stockholders’ equity, excluding AOCI 9,088 $ 8,993 $ 8,925 $ 8,752 $ 8,171
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
Dec. 31, Sept. 30, June 30, March 31,
2020 2020 2020 2020
Book value per share 177.83 $ 211.19 $ 194.49 $ 184.78 $ 150.88
Less effect of AOCI:
Accumulated currency translation adjustments (1.02) (2.51) (3.09) (3.62)
Unrealized appreciation of securities 80.94 66.86 60.19 23.14
Pension and postretirement benefits (1.06) (1.22) (1.14) (1.19)
Book value per share, excluding AOCI 133.67 $ 132.33 $ 131.36 $ 128.82 $ 132.55

All values are in US Dollars.

Page 41

Document

Exhibit 99.3

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