Equibles

8-K

REINSURANCE GROUP OF AMERICA INC (RGA)

8-K 2021-02-08 For: 2021-02-08
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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): February 8, 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 February 8, 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 December 31, 2020, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended December 31, 2020, a copy of which is furnished with this report as Exhibit 99.2. The Press Release also notes that a conference call will be held on February 9, 2021 to discuss the financial and operating results for the three-month period ended December 31, 2020 (the "Earnings Call").

Item 7.01 Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated February 8, 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 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 dated February 8, 2021
99.2 Quarterly Financial Supplement for the quarter ended December 31, 2020
99.3 Earnings Presentation dated February 8, 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: February 8, 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 FOURTH QUARTER RESULTS

•Net income of $1.94 per diluted share

•Adjusted operating income* of $1.19 per diluted share

•Full-year net income of $6.31 per diluted share

•Full-year adjusted operating income* of $7.54 per diluted share

•ROE 3.4% and adjusted operating ROE* 5.7% for the full year

•Global estimated COVID-19 claim costs of approximately $300 million for the fourth quarter, $720 million for the full year

ST. LOUIS, February 8, 2021 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported fourth quarter net income of $132 million, or $1.94 per diluted share, compared with $235 million, or $3.68 per diluted share, in the prior-year quarter. Adjusted operating income* totaled $81 million, or $1.19 per diluted share, compared with $219 million, or $3.43 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.06 per diluted share on net income and $0.04 per diluted share on adjusted operating income as compared with the prior year.

Quarterly Results Year-to-Date Results
($ in millions, except per share data) 2020 2019 2020 2019
Net premiums $ 3,260 $ 2,986 $ 11,694 $ 11,297
Net income 132 235 415 870
Net income per diluted share 1.94 3.68 6.31 13.62
Adjusted operating income* 81 219 496 853
Adjusted operating income per diluted share* 1.19 3.43 7.54 13.35
Book value per share 211.19 185.17
Book value per share, excluding accumulated other comprehensive income (AOCI)* 132.33 135.10
Total assets 84,656 76,731 * See ‘Use of Non-GAAP Financial Measures’ below
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Full-year net income totaled $415 million, or $6.31 per diluted share, compared with $870 million, or $13.62 per diluted share in 2019. Adjusted operating income for the full year totaled $496 million, or $7.54 per diluted share, compared with $853 million, or $13.35 per diluted share the year before. Net foreign currency fluctuations had a favorable effect of $0.11 per diluted share on net income and $0.06 per diluted share on adjusted operating income for the full year. Net premiums totaled $11.7 billion, increasing 4% in 2020. Full-year premiums reflected adverse foreign currency effects of $32 million.

In the fourth quarter, consolidated net premiums totaled $3.3 billion, an increase of 9% over last year’s fourth quarter, with a favorable net foreign currency effect of $35 million. Compared with the year-ago

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period, excluding spread-based businesses and the value of associated derivatives, fourth quarter investment income increased 2% over the prior year, reflecting an 11% higher average asset balance and the effects of lower new money rates. Average investment yield decreased to 4.20% in the fourth quarter from 4.55% in the prior year, primarily due to an increase in cash and cash equivalents.

The effective tax rate for the fourth quarter and the full year was 21.6% and 24.9%, respectively, on pre-tax income. The effective tax rate on adjusted operating income was 18.3% and 20.9% for the fourth quarter and full year, respectively. The rate was below expectations as a result of utilizing foreign tax credits and tax benefits associated with differences in bases in foreign jurisdictions.

Anna Manning, President and Chief Executive Officer, commented, “Results benefited from our diversified global platform with a number of our segments performing very well this quarter; our overall premium growth was a solid 9%, and we were successful in closing a number of in-force transactions. Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.3 billion.

“Our fourth quarter and full-year results were negatively impacted by a significant level of COVID-19 mortality claim costs, resulting in earnings that were lower than would have been expected in a normal quarter and year. While we expect our results to continue to be affected by COVID-19 in the short term, the RGA franchise has shown resilience and produced very good results in many respects. We believe that our strong financial condition and global business platform position us to both successfully manage through the immediate challenges and create substantial long-term value.

“I am proud of how our organization has performed in this challenging environment. Our employees have demonstrated perseverance, dedication and flexibility, and have kept our operations running smoothly. Because of this, RGA has continued to deliver on our promises and supported our clients and their customers around the globe.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

The U.S. and Latin America Traditional segment reported a pre-tax loss of $92 million in the fourth quarter, compared with pre-tax income of $85 million in the fourth quarter of 2019. Pre-tax adjusted operating loss totaled $89 million in the fourth quarter, compared with pre-tax adjusted operating income of $83 million the year before. Results reflected the negative impact from individual mortality estimated COVID-19-related claim costs of approximately $230 million. The Group and Individual Health businesses performed well, attributable to favorable claims experience. For the full year, pre-tax losses totaled $298 million, compared with pre-tax income of $265 million, and pre-tax adjusted operating losses totaled $287 million, compared with pre-tax adjusted operating income of $283 million a year ago. Results reflected the negative impact from individual mortality estimated COVID-19-related claim costs of approximately $545 million.

Traditional net premiums totaled $1,591 million, a 2% increase from last year’s fourth quarter. Full-year net premiums totaled $5,838 million, an increase of 2% from 2019.

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Financial Solutions

The Asset-Intensive business reported fourth quarter pre-tax income of $96 million, compared with $78 million last year. Fourth quarter pre-tax adjusted operating income totaled $70 million, compared with $65 million a year ago. The current-year period results reflected higher-than-expected variable investment income and favorable equity markets. Full-year pre-tax income totaled $201 million, compared with $315 million in 2019. Pre-tax adjusted operating income for the full year totaled $253 million, compared with $259 million in the prior year.

The Capital Solutions business reported fourth quarter pre-tax income and pre-tax adjusted operating income of $23 million, compared with $26 million in the prior year. For the full year, pre-tax income and pre-tax adjusted operating income totaled $94 million, compared with $83 million a year ago, reflecting the addition of new business.

Canada

Traditional

The Canada Traditional segment reported pre-tax income of $37 million in the fourth quarter, compared with $28 million the year before. Pre-tax adjusted operating income totaled $35 million in the fourth quarter, compared with $27 million a year ago. The current period reflected modestly unfavorable individual claims experience, primarily due to the impact from COVID-19, offset by favorable underwriting experience in the other lines of business. Foreign currency exchange rates had a favorable effect of $1 million on pre-tax income and pre-tax adjusted operating income. Pre-tax income for the full year totaled $134 million, compared with $168 million in the year before, and pre-tax adjusted operating income for the full year totaled $140 million, compared with $161 million in the year before, as COVID-19 had a modest impact on 2020 results. Foreign currency exchange rates had an immaterial effect on pre-tax income and pre-tax adjusted operating income for the full year.

Reported net premiums totaled $284 million for the quarter, a 3% increase from the year-ago period. Foreign currency exchange rates favorably affected net premiums by $4 million. For the full year, net premiums decreased 1%, totaling $1,052 million. Net foreign currency fluctuations had an adverse effect of $10 million on net premiums for the full year.

Financial Solutions

The Canada Financial Solutions business segment, which consists of longevity and fee-based transactions, reported fourth quarter pre-tax income and pre-tax adjusted operating income of $8 million, compared with $7 million from a year ago, reflecting favorable longevity experience. Net foreign currency fluctuations had an immaterial effect on pre-tax income and pre-tax adjusted operating income. For the full year, pre-tax income and pre-tax adjusted operating income totaled $21 million, compared with $15 million in 2019, reflecting favorable longevity experience and increased fees from new business. Net foreign currency fluctuations 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

The EMEA Traditional segment reported a pre-tax loss and pre-tax adjusted operating loss of $13 million in the fourth quarter, compared with pre-tax income and pre-tax adjusted operating income of $23 million the year before. Results reflected unfavorable underwriting experience, which is partially related to estimated COVID-19 claim costs. Net foreign currency fluctuations had a favorable effect of $2 million on pre-tax loss and pre-tax adjusted operating loss. Full-year pre-tax income and pre-tax adjusted operating income totaled $27 million, compared with $80 million in the prior year, attributable to the impact of COVID-19. For the year, foreign currency fluctuations favorably affected pre-tax income and pre-tax adjusted operating income by $3 million.

Reported net premiums totaled $442 million for the quarter, increasing 20% from the prior-year period, reflecting growth of new and existing business. Foreign currency exchange rates favorably affected net premiums by $8 million. For the full year, net premiums totaled $1,555 million, with adverse foreign currency fluctuations of $19 million.

Financial Solutions

The EMEA Financial Solutions business segment, which consists of longevity, asset-intensive and fee-based transactions, reported fourth quarter pre-tax income of $38 million, compared with $72 million in the year-ago period. Pre-tax adjusted operating income totaled $41 million, compared with $73 million in the year-ago period. The current-quarter results reflected modestly unfavorable longevity experience. Net foreign currency fluctuations had a favorable effect of $1 million on pre-tax income and pre-tax adjusted operating income. For the full year, pre-tax income totaled $258 million, compared with $223 million in the year before, and pre-tax adjusted operating income totaled $242 million, compared with $216 million in the year before, reflecting favorable longevity experience. Net foreign currency fluctuations had a favorable effect of $2 million on pre-tax income and pre-tax adjusted operating income for the year.

Asia Pacific

Traditional

The Asia Pacific Traditional segment’s fourth quarter pre-tax income and pre-tax adjusted operating income totaled $25 million, compared with $12 million in the prior-year period. The current-period results reflected favorable underwriting experience in Asia, partially offset by a loss comparable to the prior-year quarter in Australia. Net foreign currency fluctuations had an adverse effect of $1 million on pre-tax income and pre-tax adjusted operating income. For the full year, pre-tax income and pre-tax adjusted operating income totaled $174 million, compared with $105 million in 2019, reflecting favorable underwriting experience in Asia and improved results in Australia. Net foreign currency fluctuations had a favorable effect of $1 million on pre-tax income and pre-tax adjusted operating income for the full year.

Reported net premiums totaled $785 million for the quarter, a 19% increase over the prior-year period, reflecting growth of new and existing business. Foreign currency exchange rates had a favorable effect of $20 million on net premiums. For the full year, reported net premiums totaled $2,681 million, a 4%

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increase over the prior-year period. Foreign currency exchange rates had an adverse effect of $2 million on net premiums for the full year.

Financial Solutions

The Asia Pacific Financial Solutions business segment, which consists of asset-intensive and fee-based transactions, reported fourth quarter pre-tax income of $48 million, compared with $13 million in the prior-year period. Pre-tax adjusted operating income totaled $23 million, compared with $8 million the year before, attributable to growth and favorable experience on existing business in Asia. Net foreign currency fluctuations had a favorable effect of $2 million on pre-tax income and $1 million on pre-tax adjusted operating income. Full-year pre-tax income totaled $59 million, compared with $23 million in the prior year, and pre-tax adjusted operating income totaled $54 million, compared with $20 million in the prior year, reflecting growth on new and existing business. Net foreign currency fluctuations had a favorable effect of $4 million on pre-tax income and $1 million on pre-tax adjusted operating income.

Reported net premiums of $40 million increased 5% over the year-ago period due to the addition of new business over the past year. Foreign currency exchange rates had a favorable effect of $1 million on net premiums. For the full year, reported net premiums totaled $180 million, increasing 23% over the year-ago period. Foreign currency exchange rates had a favorable effect of $2 million on net premiums for the full year.

Corporate and Other

The Corporate and Other segment’s pre-tax loss for the fourth quarter totaled $1 million, compared with pre-tax losses of $36 million the year before. Pre-tax adjusted operating losses totaled $24 million in the fourth quarter, compared with pre-tax adjusted operating losses of $40 million in the prior-year period. The current-period loss was relatively in line with the average expected run rate. For the full year, pre-tax losses totaled $117 million, compared with pre-tax losses of $145 million, and pre-tax adjusted operating losses totaled $91 million, compared with $123 million in the prior year. The full-year pre-tax adjusted operating loss was less than the average expected run rate, primarily due to lower incentive-based compensation expenses, partially offset by higher interest expense due to the June 2020 senior debt issuance.

Dividend Declaration

The board of directors declared a regular quarterly dividend of $0.70, payable March 4 to shareholders of record as of February 18.

Earnings Conference Call

A conference call to discuss fourth quarter results will begin at 9 a.m. Eastern Time on Tuesday, February 9. Interested parties may access the call by dialing 800-458-4121 (domestic) or 323-794-2093 (international). The access code is 8046199. 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.

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

Use of Non-GAAP Financial Measures

RGA uses a non-GAAP financial measure called adjusted operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that adjusted operating income, on a pre-

tax and after-tax basis, better measures the ongoing profitability and underlying trends of the Company’s

continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and

interest rate environment, and are not necessarily indicative of the performance of the Company’s underlying businesses. Additionally, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that management believes are not indicative of the Company’s ongoing operations. The definition of adjusted operating income can vary by company and is not considered a substitute for GAAP net income.

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

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

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

About RGA

Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.5 trillion of life reinsurance in force and assets of $84.7 billion as of December 31, 2020. 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.

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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 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

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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 December 31,
2020 2019
Diluted Earnings Per Share Diluted Earnings Per Share
Net income $ 132 $ 1.94 $ 235 $ 3.68
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net 9 0.12 25 0.40
Capital (gains) losses on funds withheld, included in investment income, net of related expenses 8 0.12 — —
Embedded derivatives:
Included in investment related gains/losses, net (86) (1.26) (37) (0.58)
Included in interest credited (4) (0.06) (8) (0.13)
DAC offset, net 17 0.25 (3) (0.05)
Investment (income) loss on unit-linked variable annuities (11) (0.16) — —
Interest credited on unit-linked variable annuities 11 0.16 — —
Interest expense on uncertain tax positions 2 0.03 3 0.05
Non-investment derivatives and other (1) (0.01) 2 0.03
Uncertain tax positions and other tax related items 4 0.06 2 0.03
Adjusted operating income $ 81 $ 1.19 $ 219 $ 3.43
(Unaudited) Twelve Months Ended December 31,
--- --- --- --- --- --- --- --- ---
2020 2019
Diluted Earnings Per Share Diluted Earnings Per Share
Net income $ 415 $ 6.31 $ 870 $ 13.62
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net (6) (0.10) (43) (0.68)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses 3 0.05 4 0.06
Embedded derivatives:
Included in investment related gains/losses, net 43 0.65 (13) (0.20)
Included in interest credited 16 0.24 36 0.56
DAC offset, net (6) (0.09) (25) (0.39)
Investment (income) loss on unit-linked variable annuities (9) (0.14) (21) (0.33)
Interest credited on unit-linked variable annuities 9 0.14 21 0.33
Interest expense on uncertain tax positions 9 0.14 14 0.22
Non-investment derivatives and other 1 0.02 2 0.03
Uncertain tax positions and other tax related items 21 0.32 8 0.13
Adjusted operating income $ 496 $ 7.54 $ 853 $ 13.35
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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 December 31, 2020
Pre-tax Income (loss) Income Taxes Effective Tax Rate
GAAP income $ 168,888 $ 36,522 21.6 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net 11,931 2,859
Capital (gains) losses on funds withheld, included in investment income, net of related expenses 9,604 2,017
Embedded derivatives:
Included in investment related gains/losses, net (109,112) (22,914)
Included in interest credited (4,250) (893)
DAC offset, net 20,503 4,305
Investment (income) loss on unit-linked variable annuities (12,905) (2,710)
Interest credited on unit-linked variable annuities 12,906 2,710
Interest expense on uncertain tax positions 1,695 356
Non-investment derivatives and other 126 26
Uncertain tax positions and other tax related items — (4,083)
Adjusted operating income $ 99,386 $ 18,195 18.3 %

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

(Dollars in millions)

(Unaudited) Three Months Ended December 31, Twelve Months Ended December 31,
2020 2019 2020 2019
Income before income taxes $ 169 $ 308 $ 553 $ 1,132
Reconciliation to pre-tax adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net 12 30 (8) (56)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses 10 — 4 5
Embedded derivatives:
Included in investment related gains/losses, net (109) (46) 54 (16)
Included in interest credited (5) (10) 20 46
DAC offset, net 21 (4) (8) (32)
Investment (income) loss on unit-linked variable annuities (13) 1 (11) (26)
Interest credited on unit-linked variable annuities 13 (1) 11 26
Interest expense on uncertain tax positions 2 4 11 18
Non-investment derivatives and other (1) 2 1 2
Pre-tax adjusted operating income $ 99 $ 284 $ 627 $ 1,099
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

(Unaudited) Three Months Ended December 31, 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 operating<br>income (loss)
U.S. and Latin America:
Traditional $ (92) $ — $ 3 $ (89)
Financial Solutions:
Asset-Intensive 96 72 (1) (98) (2) 70
Capital Solutions 23 — — 23
Total U.S. and Latin America 27 72 (95) 4
Canada Traditional 37 (2) — 35
Canada Financial Solutions 8 — — 8
Total Canada 45 (2) — 43
EMEA Traditional (13) — — (13)
EMEA Financial Solutions 38 3 — 41
Total EMEA 25 3 — 28
Asia Pacific Traditional 25 — — 25
Asia Pacific Financial Solutions 48 (25) — 23
Total Asia Pacific 73 (25) — 48
Corporate and Other (1) (23) — (24)
Consolidated $ 169 $ 25 $ (95) $ 99

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

(2)Asset-Intensive is net of $19 DAC offset.

(Unaudited) Three Months Ended December 31, 2019
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 $ 85 $ — $ (2) $ 83
Financial Solutions:
Asset-Intensive 78 60 (1) (73) (2) 65
Capital Solutions 26 — — 26
Total U.S. and Latin America 189 60 (75) 174
Canada Traditional 28 (1) — 27
Canada Financial Solutions 7 — — 7
Total Canada 35 (1) — 34
EMEA Traditional 23 — — 23
EMEA Financial Solutions 72 1 — 73
Total EMEA 95 1 — 96
Asia Pacific Traditional 12 — — 12
Asia Pacific Financial Solutions 13 (5) — 8
Total Asia Pacific 25 (5) — 20
Corporate and Other (36) (4) — (40)
Consolidated $ 308 $ 51 $ (75) $ 284

(1)Asset-Intensive is net of $15 DAC offset.

(2)Asset-Intensive is net of $(19) DAC offset.

  • more -

Add Eleven

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

(Unaudited) Twelve Months Ended December 31, 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 operating<br>income (loss)
U.S. and Latin America:
Traditional $ (298) $ — $ 11 $ (287)
Financial Solutions:
Asset-Intensive 201 11 (1) 41 (2) 253
Capital Solutions 94 — — 94
Total U.S. and Latin America (3) 11 52 60
Canada Traditional 134 6 — 140
Canada Financial Solutions 21 — — 21
Total Canada 155 6 — 161
EMEA Traditional 27 — — 27
EMEA Financial Solutions 258 (16) — 242
Total EMEA 285 (16) — 269
Asia Pacific Traditional 174 — — 174
Asia Pacific Financial Solutions 59 (5) — 54
Total Asia Pacific 233 (5) — 228
Corporate and Other (117) 26 — (91)
Consolidated $ 553 $ 22 $ 52 $ 627

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

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

(Unaudited) Twelve Months Ended December 31, 2019
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 $ 265 $ — $ 18 $ 283
Financial Solutions:
Asset-Intensive 315 (81) (1) 25 (2) 259
Capital Solutions 83 — — 83
Total U.S. and Latin America 663 (81) 43 625
Canada Traditional 168 (7) — 161
Canada Financial Solutions 15 — — 15
Total Canada 183 (7) — 176
EMEA Traditional 80 — — 80
EMEA Financial Solutions 223 (7) — 216
Total EMEA 303 (7) — 296
Asia Pacific Traditional 105 — — 105
Asia Pacific Financial Solutions 23 (3) — 20
Total Asia Pacific 128 (3) — 125
Corporate and Other (145) 22 — (123)
Consolidated $ 1,132 $ (76) $ 43 $ 1,099

(1)Asset-Intensive is net of $(45) DAC offset.

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

  • more -

Add Twelve

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In millions, except per share data)

(Unaudited) Three Months Ended December 31,
2020 2019
Earnings per share from net income:
Basic earnings per share $ 1.95 $ 3.75
Diluted earnings per share $ 1.94 $ 3.68
Diluted earnings per share from adjusted operating income $ 1.19 $ 3.43
Weighted average number of common and common equivalent shares outstanding 68,378 63,774
(Unaudited) At December 31,
--- --- --- --- ---
2020 2019
Treasury shares 17,354 16,482
Common shares outstanding 67,957 62,656
Book value per share outstanding $ 211.19 $ 185.17
Book value per share outstanding, before impact of AOCI $ 132.33 $ 135.10

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

(Unaudited) At December 31,
2020 2019
Book value per share outstanding $ 211.19 $ 185.17
Less effect of AOCI:
Accumulated currency translation adjustments (1.02) (1.46)
Unrealized appreciation of securities 80.94 52.65
Pension and postretirement benefits (1.06) (1.12)
Book value per share outstanding, before impact of AOCI $ 132.33 $ 135.10
  • more -

Add Thirteen

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

(Dollars in millions)

(Unaudited)
Trailing Twelve Months Ended December 31, 2020: Average Equity
Stockholders' average equity $ 12,204
Less effect of AOCI:
Accumulated currency translation adjustments (153)
Unrealized appreciation of securities 3,771
Pension and postretirement benefits (75)
Stockholders' average equity, excluding AOCI $ 8,661

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

Related Return on Equity

(Dollars in millions)

(Unaudited) Return on Equity
Trailing Twelve Months Ended December 31, 2020: Income
Net Income $ 415 3.4 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net 7
Change in fair value of embedded derivatives 59
Deferred acquisition cost offset, net (6)
Tax expense on uncertain tax positions 21
Adjusted operating income $ 496 5.7 %

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)

(Unaudited) Three Months Ended December 31, Twelve Months Ended December 31,
2020 2019 2020 2019
Revenues:
Net premiums $ 3,260 $ 2,986 $ 11,694 $ 11,297
Investment income, net of related expenses 682 677 2,575 2,520
Investment related gains (losses), net:
Other-than-temporary impairments on fixed maturity securities — (13) (21) (31)
Other investment related gains (losses), net 105 35 (12) 122
Total investment related gains (losses), net 105 22 (33) 91
Other revenue 96 100 360 392
Total revenues 4,143 3,785 14,596 14,300
Benefits and expenses:
Claims and other policy benefits 3,181 2,703 11,075 10,197
Interest credited 175 180 704 697
Policy acquisition costs and other insurance expenses 349 310 1,261 1,204
Other operating expenses 222 234 816 868
Interest expense 44 44 170 173
Collateral finance and securitization expense 3 6 17 29
Total benefits and expenses 3,974 3,477 14,043 13,168
Income before income taxes 169 308 553 1,132
Provision for income taxes 37 73 138 262
Net income $ 132 $ 235 $ 415 $ 870

#

Document

Exhibit 99.2

rgalogospelledoutaa01a131.jpg

Quarterly Financial Supplement

Fourth Quarter 2020

(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

4th Quarter 2020

Table of Contents

Page
Non-GAAP Disclosures 1
2020 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

quarterlyfinancialsupplemea.jpg

Reinsurance Group of America, Incorporated

Non-GAAP Disclosures

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

Non-GAAP Disclosures

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

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

RGA uses a non-GAAP financial measure called adjusted operating return on equity, which is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Additionally, RGA uses a non-GAAP financial measure called book value per share excluding the impact of AOCI that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation. A reconciliation of shareholders’ equity before and after the impact of AOCI is presented in the appendix.

Page 1
Reinsurance Group of America, Incorporated
---
2020 Notes
Financial Instruments - Credit Losses
Effective January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses.  Under the new guidance, the Company records an allowance for credit losses on fixed maturity securities available-for-sale.  Prior to the adoption, the Company recorded credit losses as a direct reduction in the amortized cost of the securities. The changes to disclosures related to the adoption are reflected in the Investments section of this quarterly financial supplement beginning on page 30.
Page 2
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Financial Highlights
Three Months Ended Current Qtr vs. PY Quarter Year-to-Date
(USD millions, except in force & per share data) Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, Dec. 31,
2020 2020 2020 2020 2019 2020 2019 Change
Net premiums $ 11,694 $ 11,297 $ 397
Net income (loss) 132 213 158 (88) 235 (103) 415 870 (455)
Adjusted operating income 81 239 87 89 219 (138) 496 853 (357)
Return on equity - annualized 3.8 % 6.6 % 5.8 % (3.4) % 8.1 % (4.3) %
Return on equity - trailing 12 months 3.4 % 4.5 % 5.1 % 5.8 % 8.4 % (5.0) %
Adjusted operating return on equity (ex AOCI):
Annualized 3.6 % 10.8 % 4.1 % 4.3 % 10.5 % (6.9) %
Trailing 12 months 5.7 % 7.4 % 7.8 % 9.5 % 10.5 % (4.8) %
Total assets 84,656 82,127 80,729 75,654 76,731 7,925
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional
U.S. and Latin America Financial Solutions 5.3 5.3 5.4 5.4 5.1 0.2
Canada Traditional 445.2 419.5 409.2 389.5 417.1 28.1
Europe, Middle East and Africa Traditional 864.4 808.0 772.8 763.1 776.4 88.0
Asia Pacific Traditional 553.7 534.4 649.5 635.6 662.0 (108.3)
Asia Pacific Financial Solutions 0.5 0.3 0.4 0.4 — 0.5
Total assumed life reinsurance in force
Assumed New Business Production (in billions)
U.S. and Latin America Traditional $ 114.9 $ 115.8 $ (0.9)
U.S. and Latin America Financial Solutions 0.1 (0.1) — — — 0.1 — 3.2 (3.2)
Canada Traditional 10.9 8.6 9.1 12.2 14.9 (4.0) 40.8 40.4 0.4
Europe, Middle East and Africa Traditional 57.8 28.5 65.1 32.9 55.0 2.8 184.3 147.4 36.9
Asia Pacific Traditional 10.6 6.7 16.6 15.7 20.2 (9.6) 49.6 69.7 (20.1)
Total assumed new business production $ 389.6 $ 376.5 $ 13.1
Per Share and Shares Data
Basic earnings per share
Net income (loss) $ 6.35 $ 13.88 $ (7.53)
Adjusted operating income $ 7.59 $ 13.61 $ (6.02)
Diluted earnings per share (1)
Net income (loss) (1) $ 6.31 $ 13.62 $ (7.31)
Adjusted operating income $ 7.54 $ 13.35 $ (5.81)
Wgt. average common shares outstanding
Basic 67,944 67,936 63,449 62,138 62,633 5,311 65,377 62,684 2,693
Diluted 68,378 68,170 63,749 63,001 63,774 4,604 65,835 63,882 1,953
Common shares issued 85,311 85,311 85,311 79,138 79,138 6,173 85,311 79,138 6,173
Treasury shares 17,354 17,374 17,375 17,492 16,482 872 17,354 16,482 872
Common shares outstanding 67,957 67,937 67,936 61,646 62,656 5,301 67,957 62,656 5,301
Book value per share
Per share effect of AOCI
Book value per share, excluding AOCI
Stockholders’ dividends paid $ 182 $ 163 $ 19
(1) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.

All values are in US Dollars.

Page 3
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Net premiums 3,260 $ 2,825 $ 2,790 $ 2,819 $ 2,986 $ 274 $ 11,694 $ 11,297 $ 397
Investment income, net of related expenses 654 645 594 677 5 2,575 2,520 55
Investment related gains (losses), net
Impairments and change in allowance for credit losses on fixed maturity securities 13 — (34) (13) 13 (21) (31) 10
Other investment related gains (losses), net 53 81 (251) 35 70 (12) 122 (134)
Total investment related gains (losses), net 66 81 (285) 22 83 (33) 91 (124)
Other revenue 98 90 76 100 (4) 360 392 (32)
Total revenues 3,643 3,606 3,204 3,785 358 14,596 14,300 296
Benefits and expenses:
Claims and other policy benefits 2,530 2,700 2,664 2,703 478 11,075 10,197 878
Interest credited 196 187 146 180 (5) 704 697 7
Policy acquisition costs and other insurance expenses 374 290 248 310 39 1,261 1,204 57
Other operating expenses 211 188 195 234 (12) 816 868 (52)
Interest expense 43 42 41 44 — 170 173 (3)
Collateral finance and securitization expense 4 4 6 6 (3) 17 29 (12)
Total benefits and expenses 3,358 3,411 3,300 3,477 497 14,043 13,168 875
Income (loss) before income taxes 285 195 (96) 308 (139) 553 1,132 (579)
Provision for income taxes 72 37 (8) 73 (36) 138 262 (124)
Net income (loss) 132 $ 213 $ 158 $ (88) $ 235 $ (103) $ 415 $ 870 $ (455)
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes 169 $ 285 $ 195 $ (96) $ 308 $ (139) $ 553 $ 1,132 $ (579)
Investment and derivative (gains) losses (1) 17 31 (68) 30 (18) (8) (56) 48
Change in value of modified coinsurance and funds withheld embedded derivatives (1) (116) (1) 230 1 (52) 62 (11) 73
GMXB embedded derivatives (1) 29 (107) 128 (47) (11) (8) (5) (3)
Funds withheld (gains) losses - investment income (1) (3) (2) — 10 4 5 (1)
EIA embedded derivatives - interest credited 6 7 12 (10) 5 20 46 (26)
DAC offset, net 79 (21) (87) (4) 25 (8) (32) 24
Investment (income) loss on unit-linked variable annuities 1 (15) 16 1 (14) (11) (26) 15
Interest credited on unit-linked variable annuities (1) 15 (16) (1) 14 11 26 (15)
Interest expense on uncertain tax positions 1 4 4 4 (2) 11 18 (7)
Non-investment derivatives and other 1 4 (3) 2 (3) 1 2 (1)
Adjusted operating income before income taxes 99 $ 301 $ 109 $ 118 $ 284 $ (185) $ 627 $ 1,099 $ (472)
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

All values are in US Dollars.

Page 4
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
After-tax adjusted operating income reconciliation:
Net income (loss) 132 $ 213 $ 158 $ (88) $ 235 $ (103) $ 415 $ 870 $ (455)
Investment and derivative (gains) losses (1) 13 23 (51) 25 (16) (6) (43) 37
Change in value of modified coinsurance and funds withheld embedded derivatives (1) (92) (1) 182 — (40) 49 (9) 58
GMXB embedded derivatives (1) 23 (84) 101 (37) (9) (6) (4) (2)
Funds withheld (gains) losses - investment income (1) (2) (2) — 8 3 4 (1)
EIA embedded derivatives - interest credited 5 6 9 (8) 4 16 36 (20)
DAC offset, net 62 (16) (69) (3) 20 (6) (25) 19
Investment (income) loss on unit-linked variable annuities 1 (12) 13 — (11) (9) (21) 12
Interest credited on unit-linked variable annuities (1) 12 (13) — 11 9 21 (12)
Interest expense on uncertain tax positions 1 3 3 3 (1) 9 14 (5)
Non-investment derivatives and other 1 3 (2) 2 (3) 1 2 (1)
Uncertain tax positions and other tax related items 14 (3) 6 2 2 21 8 13
Adjusted operating income 81 $ 239 $ 87 $ 89 $ 219 $ (138) $ 496 $ 853 $ (357)
Wgt. average common shares outstanding (diluted) 68,170 63,749 63,001 63,774 4,604 65,835 63,882 1,953
Diluted earnings per share - adjusted operating income 1.19 $ 3.51 $ 1.36 $ 1.41 $ 3.43 $ (2.24) $ 7.54 $ 13.35 $ (5.81)
Foreign currency effect on (2):
Net premiums 35 $ 12 $ (46) $ (33) $ (5) $ 40 $ (32) $ (179) $ 147
Adjusted operating income before income taxes 3 $ 7 $ (4) $ (1) $ 1 $ 2 $ 5 $ (15) $ 20
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 5
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Consolidated Balance Sheets
( millions)
Sept. 30, June 30, March 31, Dec. 31,
2020 2020 2020 2019
Assets
Fixed maturity securities, available-for-sale 56,735 $ 54,652 $ 52,346 $ 48,555 $ 51,121
Equity securities 135 130 112 320
Mortgage loans on real estate 5,907 5,974 6,014 5,706
Policy loans 1,259 1,310 1,314 1,319
Funds withheld at interest 5,403 5,250 5,258 5,662
Short-term investments 154 84 117 64
Other invested assets 2,645 2,547 2,542 2,363
Total investments 70,155 67,641 63,912 66,555
Cash and cash equivalents 3,256 4,313 2,820 1,449
Accrued investment income 547 494 510 493
Premiums receivable and other reinsurance balances 2,792 2,852 2,836 2,940
Reinsurance ceded receivables 950 945 889 904
Deferred policy acquisition costs 3,534 3,565 3,622 3,512
Other assets 893 919 1,065 878
Total assets 84,656 $ 82,127 $ 80,729 $ 75,654 $ 76,731
Liabilities and stockholders’ equity
Future policy benefits 31,453 $ 30,331 $ 29,897 $ 29,521 $ 28,672
Interest-sensitive contract liabilities 23,208 23,118 23,164 22,711
Other policy claims and benefits 6,242 6,232 5,854 5,711
Other reinsurance balances 524 510 596 557
Deferred income taxes 3,016 2,856 2,163 2,712
Other liabilities 1,611 1,557 1,505 1,188
Long-term debt 3,573 3,573 2,981 2,981
Collateral finance and securitization notes 408 433 569 598
Total liabilities 68,913 68,176 66,353 65,130
Stockholders’ equity:
Common stock, at par value 1 1 1 1
Additional paid-in-capital 2,421 2,413 1,942 1,937
Retained earnings 8,066 7,901 7,802 7,952
Treasury stock (1,563) (1,563) (1,574) (1,426)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes (171) (210) (223) (92)
Unrealized appreciation of securities, net of income taxes 4,542 4,089 1,426 3,299
Pension and postretirement benefits, net of income taxes (82) (78) (73) (70)
Total stockholders’ equity 13,214 12,553 9,301 11,601
Total liabilities and stockholders’ equity 84,656 $ 82,127 $ 80,729 $ 75,654 $ 76,731
Total stockholders’ equity, excluding AOCI 8,993 $ 8,925 $ 8,752 $ 8,171 $ 8,464
See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.

All values are in US Dollars.

Page 6
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Traditional
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Net premiums 1,591 $ 1,420 $ 1,454 $ 1,373 $ 1,558 $ 33 $ 5,838 $ 5,729 $ 109
Investment income, net of related expenses 180 177 161 200 (4) 714 769 (55)
Investment related gains (losses), net (8) 7 (7) 2 (5) (11) (18) 7
Other revenue 7 4 6 5 (3) 19 20 (1)
Total revenues 1,599 1,642 1,533 1,765 21 6,560 6,500 60
Benefits and expenses:
Claims and other policy benefits 1,343 1,558 1,367 1,427 211 5,906 5,261 645
Interest credited 19 18 19 19 (2) 73 78 (5)
Policy acquisition costs and other insurance expenses 189 195 175 195 (6) 748 752 (4)
Other operating expenses 34 29 34 39 (5) 131 144 (13)
Total benefits and expenses 1,585 1,800 1,595 1,680 198 6,858 6,235 623
Income (loss) before income taxes (92) $ 14 $ (158) $ (62) $ 85 $ (177) $ (298) $ 265 $ (563)
Loss and expense ratios:
Claims and other policy benefits % 94.6 % 107.2 % 99.6 % 91.6 % 11.4 % 101.2 % 91.8 % 9.4 %
Policy acquisition costs and other insurance expenses % 13.3 % 13.4 % 12.7 % 12.5 % (0.6) % 12.8 % 13.1 % (0.3) %
Other operating expenses % 2.4 % 2.0 % 2.5 % 2.5 % (0.4) % 2.2 % 2.5 % (0.3) %
Foreign currency effect on (1):
Net premiums (1) $ (1) $ (3) $ — $ 1 $ (2) $ (5) $ — $ (5)
Income (loss) before income taxes — $ — $ — $ — $ — $ — $ — $ — $ —
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 7
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Traditional
Adjusted Operating Income Statements
( millions)
Current Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Qtr vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Net premiums 1,591 $ 1,420 $ 1,454 $ 1,373 $ 1,558 $ 33 $ 5,838 $ 5,729 $ 109
Investment income, net of related expenses 180 177 161 200 (4) 714 769 (55)
Other revenue 7 4 6 5 (3) 19 20 (1)
Total revenues 1,607 1,635 1,540 1,763 26 6,571 6,518 53
Benefits and expenses:
Claims and other policy benefits 1,343 1,558 1,367 1,427 211 5,906 5,261 645
Interest credited 19 18 19 19 (2) 73 78 (5)
Policy acquisition costs and other insurance expenses 189 195 175 195 (6) 748 752 (4)
Other operating expenses 34 29 34 39 (5) 131 144 (13)
Total benefits and expenses 1,585 1,800 1,595 1,680 198 6,858 6,235 623
Adjusted operating income (loss) before income taxes (89) $ 22 $ (165) $ (55) $ 83 $ (172) $ (287) $ 283 $ (570)
Loss and expense ratios:
Claims and other policy benefits % 94.6 % 107.2 % 99.6 % 91.6 % 11.4 % 101.2 % 91.8 % 9.4 %
Policy acquisition costs and other insurance expenses % 13.3 % 13.4 % 12.7 % 12.5 % (0.6) % 12.8 % 13.1 % (0.3) %
Other operating expenses % 2.4 % 2.0 % 2.5 % 2.5 % (0.4) % 2.2 % 2.5 % (0.3) %
Foreign currency effect on (1):
Net premiums (1) $ (1) $ (3) $ — $ 1 $ (2) $ (5) $ — $ (5)
Adjusted operating income (loss) before income taxes — $ — $ — $ — $ — $ — $ — $ — $ —
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 8
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Net premiums 13 $ 13 $ 15 $ 12 $ 11 $ 2 $ 53 $ 39 $ 14
Investment income, net of related expenses 272 241 233 272 (24) 994 927 67
Investment related gains (losses), net 59 15 (160) (1) 48 (39) 75 (114)
Other revenue 26 24 28 28 (3) 103 137 (34)
Total revenues 370 295 113 310 23 1,111 1,178 (67)
Benefits and expenses:
Claims and other policy benefits 50 49 53 51 (2) 201 197 4
Interest credited 163 139 129 144 (12) 563 540 23
Policy acquisition costs and other insurance expenses 99 7 (38) 28 22 118 93 25
Other operating expenses 8 7 7 9 (3) 28 33 (5)
Total benefits and expenses 320 202 151 232 5 910 863 47
Income (loss) before income taxes 96 $ 50 $ 93 $ (38) $ 78 $ 18 $ 201 $ 315 $ (114)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 9
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Asset-Intensive
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Net premiums 13 $ 13 $ 15 $ 12 $ 11 $ 2 $ 53 $ 39 $ 14
Investment income, net of related expenses 273 240 232 272 (19) 998 932 66
Other revenue 26 24 25 28 (3) 100 137 (37)
Total revenues 312 279 269 311 (20) 1,151 1,108 43
Benefits and expenses:
Claims and other policy benefits 50 49 53 51 (2) 201 197 4
Interest credited 157 132 117 154 (17) 543 494 49
Policy acquisition costs and other insurance expenses 20 28 49 32 (3) 126 125 1
Other operating expenses 8 7 7 9 (3) 28 33 (5)
Total benefits and expenses 235 216 226 246 (25) 898 849 49
Adjusted operating income before income taxes 70 $ 77 $ 63 $ 43 $ 65 $ 5 $ 253 $ 259 $ (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)
Sept. 30, June 30, March 31, Dec. 31,
2020 2020 2020 2019
Annuity account values:
Fixed annuities (deferred) 10,773 $ 10,848 $ 10,932 $ 11,022 $ 11,140
Net interest spread (fixed annuities) % 1.3 % 1.3 % 1.4 % 1.5 %
Equity-indexed annuities 3,480 $ 3,530 $ 3,516 $ 3,531 $ 3,589
Variable annuities account values
No riders 665 $ 775 $ 753 $ 718 $ 711
GMDB only 831 760 762 837
GMIB only 22 22 20 23
GMAB only 3 3 3 4
GMWB only 1,046 1,016 937 1,123
GMDB / WB 252 247 232 278
Other 17 17 15 18
Total variable annuities account values 2,990 $ 2,946 $ 2,818 $ 2,687 $ 2,994
Fair value of liabilities associated with living benefit riders 155 $ 213 $ 184 $ 291 $ 163
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts 1,015 $ 989 $ 990 $ 991 $ 907
Bank-owned life insurance (BOLI) 2,460 $ 2,450 $ 2,444 $ 2,435 $ 2,459
Other asset-intensive business 124 $ 125 $ 127 $ 128 $ 130
Future policy benefits associated with:
Payout annuities 4,532 $ 4,593 $ 4,655 $ 4,713 $ 4,776

All values are in US Dollars.

Page 11
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Investment income, net of related expenses 1 $ 1 $ 2 $ 1 $ 1 $ — $ 5 $ 4 $ 1
Other revenue 28 26 25 29 (4) 104 97 7
Total revenues 29 28 26 30 (4) 109 101 8
Benefits and expenses:
Policy acquisition costs and other insurance expenses 2 2 — 1 — 5 6 (1)
Other operating expenses 3 2 3 3 (1) 10 12 (2)
Total benefits and expenses 5 4 3 4 (1) 15 18 (3)
Income before income taxes 23 $ 24 $ 24 $ 23 $ 26 $ (3) $ 94 $ 83 $ 11
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 12
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Capital Solutions
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Investment income, net of related expenses 1 $ 1 $ 2 $ 1 $ 1 $ — $ 5 $ 4 $ 1
Other revenue 28 26 25 29 (4) 104 97 7
Total revenues 29 28 26 30 (4) 109 101 8
Benefits and expenses:
Policy acquisition costs and other insurance expenses 2 2 — 1 — 5 6 (1)
Other operating expenses 3 2 3 3 (1) 10 12 (2)
Total benefits and expenses 5 4 3 4 (1) 15 18 (3)
Adjusted operating income before income taxes 23 $ 24 $ 24 $ 23 $ 26 $ (3) $ 94 $ 83 $ 11
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 13
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Traditional
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Net premiums 284 $ 254 $ 254 $ 260 $ 276 $ 8 $ 1,052 $ 1,066 $ (14)
Investment income, net of related expenses 52 50 49 52 4 207 205 2
Investment related gains (losses), net 2 6 (12) 3 1 — 14 (14)
Other revenue 1 1 (1) — — 1 1 —
Total revenues 309 311 296 331 13 1,260 1,286 (26)
Benefits and expenses:
Claims and other policy benefits 225 216 220 235 13 909 857 52
Policy acquisition costs and other insurance expenses 44 42 45 56 (7) 180 224 (44)
Other operating expenses 10 9 8 12 (2) 37 37 —
Total benefits and expenses 279 267 273 303 4 1,126 1,118 8
Income before income taxes 37 $ 30 $ 44 $ 23 $ 28 $ 9 $ 134 $ 168 $ (34)
Loss and expense ratios:
Claims and other policy benefits % 88.6 % 85.0 % 84.6 % 85.1 % 2.2 % 86.4 % 80.4 % 6.0 %
Policy acquisition costs and other insurance expenses % 17.3 % 16.5 % 17.3 % 20.3 % (3.0) % 17.1 % 21.0 % (3.9) %
Other operating expenses % 3.9 % 3.5 % 3.1 % 4.3 % (0.8) % 3.5 % 3.5 % — %
Foreign currency effect on (1):
Net premiums 4 $ (2) $ (9) $ (3) $ — $ 4 $ (10) $ (25) $ 15
Income before income taxes 1 $ — $ (2) $ 1 $ — $ 1 $ — $ (5) $ 5
Creditor reinsurance net premiums 16 $ 18 $ 14 $ 17 $ 27 $ (11) $ 65 $ 110 $ (45)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 14
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Net premiums 284 $ 254 $ 254 $ 260 $ 276 $ 8 $ 1,052 $ 1,066 $ (14)
Investment income, net of related expenses 51 51 48 52 4 206 205 1
Investment related gains, net 2 1 2 2 — 7 7 —
Other revenue 1 1 (1) — — 1 1 —
Total revenues 308 307 309 330 12 1,266 1,279 (13)
Benefits and expenses:
Claims and other policy benefits 225 216 220 235 13 909 857 52
Policy acquisition costs and other insurance expenses 44 42 45 56 (7) 180 224 (44)
Other operating expenses 10 9 8 12 (2) 37 37 —
Total benefits and expenses 279 267 273 303 4 1,126 1,118 8
Adjusted operating income before income taxes 35 $ 29 $ 40 $ 36 $ 27 $ 8 $ 140 $ 161 $ (21)
Loss and expense ratios:
Claims and other policy benefits % 88.6 % 85.0 % 84.6 % 85.1 % 2.2 % 86.4 % 80.4 % 6.0 %
Policy acquisition costs and other insurance expenses % 17.3 % 16.5 % 17.3 % 20.3 % (3.0) % 17.1 % 21.0 % (3.9) %
Other operating expenses % 3.9 % 3.5 % 3.1 % 4.3 % (0.8) % 3.5 % 3.5 % — %
Foreign currency effect on (1):
Net premiums 4 $ (2) $ (9) $ (3) $ — $ 4 $ (10) $ (25) $ 15
Adjusted operating income before income taxes 1 $ — $ (2) $ 1 $ (1) $ 2 $ — $ (5) $ 5
Creditor reinsurance net premiums 16 $ 18 $ 14 $ 17 $ 27 $ (11) $ 65 $ 110 $ (45)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 15
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Net premiums 21 $ 21 $ 20 $ 21 $ 22 $ (1) $ 83 $ 89 $ (6)
Investment income, net of related expenses — — 1 1 (1) 1 3 (2)
Other revenue 2 2 2 4 (2) 8 7 1
Total revenues 23 22 24 27 (4) 92 99 (7)
Benefits and expenses:
Claims and other policy benefits 17 17 20 19 (5) 68 80 (12)
Policy acquisition costs and other insurance expenses — 1 — 1 (1) 1 2 (1)
Other operating expenses — — 1 — 1 2 2 —
Total benefits and expenses 17 18 21 20 (5) 71 84 (13)
Income before income taxes 8 $ 6 $ 4 $ 3 $ 7 $ 1 $ 21 $ 15 $ 6
Foreign currency effect on (2):
Net premiums — $ — $ (1) $ — $ — $ — $ (1) $ (2) $ 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 Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Net premiums 21 $ 21 $ 20 $ 21 $ 22 $ (1) $ 83 $ 89 $ (6)
Investment income, net of related expenses — — 1 1 (1) 1 3 (2)
Other revenue 2 2 2 4 (2) 8 7 1
Total revenues 23 22 24 27 (4) 92 99 (7)
Benefits and expenses:
Claims and other policy benefits 17 17 20 19 (5) 68 80 (12)
Policy acquisition costs and other insurance expenses — 1 — 1 (1) 1 2 (1)
Other operating expenses — — 1 — 1 2 2 —
Total benefits and expenses 17 18 21 20 (5) 71 84 (13)
Adjusted operating income before income taxes 8 $ 6 $ 4 $ 3 $ 7 $ 1 $ 21 $ 15 $ 6
Foreign currency effect on (2):
Net premiums — $ — $ (1) $ — $ — $ — $ (1) $ (2) $ 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 Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Net premiums 442 $ 371 $ 352 $ 390 $ 368 $ 74 $ 1,555 $ 1,442 $ 113
Investment income, net of related expenses 18 18 19 19 (2) 72 73 (1)
Other revenue 1 1 (2) 1 5 6 5 1
Total revenues 390 371 407 388 77 1,633 1,520 113
Benefits and expenses:
Claims and other policy benefits 331 301 334 300 123 1,389 1,205 184
Policy acquisition costs and other insurance expenses 28 32 30 30 (1) 119 114 5
Other operating expenses 24 22 26 35 (9) 98 121 (23)
Total benefits and expenses 383 355 390 365 113 1,606 1,440 166
Income (loss) before income taxes (13) $ 7 $ 16 $ 17 $ 23 $ (36) $ 27 $ 80 $ (53)
Loss and expense ratios:
Claims and other policy benefits % 89.2 % 85.5 % 85.6 % 81.5 % 14.2 % 89.3 % 83.6 % 5.7 %
Policy acquisition costs and other insurance expenses % 7.5 % 9.1 % 7.7 % 8.2 % (1.6) % 7.7 % 7.9 % (0.2) %
Other operating expenses % 6.5 % 6.3 % 6.7 % 9.5 % (3.6) % 6.3 % 8.4 % (2.1) %
Foreign currency effect on (1):
Net premiums 8 $ 6 $ (20) $ (13) $ (4) $ 12 $ (19) $ (77) $ 58
Income (loss) before income taxes 2 $ 2 $ (1) $ — $ (1) $ 3 $ 3 $ (5) $ 8
Critical illness net premiums 43 $ 43 $ 40 $ 42 $ 42 $ 1 $ 168 $ 178 $ (10)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 18
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Net premiums 442 $ 371 $ 352 $ 390 $ 368 $ 74 $ 1,555 $ 1,442 $ 113
Investment income, net of related expenses 18 18 19 19 (2) 72 73 (1)
Other revenue 1 1 (2) 1 5 6 5 1
Total revenues 390 371 407 388 77 1,633 1,520 113
Benefits and expenses:
Claims and other policy benefits 331 301 334 300 123 1,389 1,205 184
Policy acquisition costs and other insurance expenses 28 32 30 30 (1) 119 114 5
Other operating expenses 24 22 26 35 (9) 98 121 (23)
Total benefits and expenses 383 355 390 365 113 1,606 1,440 166
Adjusted operating income (loss) before income taxes (13) $ 7 $ 16 $ 17 $ 23 $ (36) $ 27 $ 80 $ (53)
Loss and expense ratios:
Claims and other policy benefits % 89.2 % 85.5 % 85.6 % 81.5 % 14.2 % 89.3 % 83.6 % 5.7 %
Policy acquisition costs and other insurance expenses % 7.5 % 9.1 % 7.7 % 8.2 % (1.6) % 7.7 % 7.9 % (0.2) %
Other operating expenses % 6.5 % 6.3 % 6.7 % 9.5 % (3.6) % 6.3 % 8.4 % (2.1) %
Foreign currency effect on (1):
Net premiums 8 $ 6 $ (20) $ (13) $ (4) $ 12 $ (19) $ (77) $ 58
Adjusted operating income (loss) before income taxes 2 $ 2 $ (2) $ 1 $ (1) $ 3 $ 3 $ (5) $ 8
Critical illness net premiums 43 $ 43 $ 40 $ 42 $ 42 $ 1 $ 168 $ 178 $ (10)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 19
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Net premiums 84 $ 58 $ 57 $ 53 $ 54 $ 30 $ 252 $ 218 $ 34
Investment income, net of related expenses 46 61 28 45 13 193 195 (2)
Investment related gains (losses), net 4 16 (6) 1 — 15 9 6
Other revenue 2 2 3 10 (6) 11 28 (17)
Total revenues 110 136 78 110 37 471 450 21
Benefits and expenses:
Claims and other policy benefits 5 13 53 19 62 152 149 3
Interest credited (1) 16 (17) (1) 14 11 26 (15)
Policy acquisition costs and other insurance expenses 1 1 1 10 (9) 4 12 (8)
Other operating expenses 13 8 11 10 4 46 40 6
Total benefits and expenses 18 38 48 38 71 213 227 (14)
Income before income taxes 38 $ 92 $ 98 $ 30 $ 72 $ (34) $ 258 $ 223 $ 35
Foreign currency effect on (2):
Net premiums 3 $ 2 $ (2) $ (1) $ — $ 3 $ 2 $ (10) $ 12
Income before income taxes — $ 4 $ (3) $ — $ — $ — $ 1 $ (9) $ 10
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 20
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Net premiums 84 $ 58 $ 57 $ 53 $ 54 $ 30 $ 252 $ 218 $ 34
Investment income, net of related expenses 46 43 44 46 4 183 169 14
Investment related gains (losses), net (1) — — — (1) (2) — (2)
Other revenue 2 2 3 12 (8) 11 30 (19)
Total revenues 105 102 100 112 25 444 417 27
Benefits and expenses:
Claims and other policy benefits 5 13 53 19 62 152 149 3
Interest credited — 1 (1) — — — — —
Policy acquisition costs and other insurance expenses 1 1 1 10 (9) 4 12 (8)
Other operating expenses 13 8 11 10 4 46 40 6
Total benefits and expenses 19 23 64 39 57 202 201 1
Adjusted operating income before income taxes 41 $ 86 $ 79 $ 36 $ 73 $ (32) $ 242 $ 216 $ 26
Foreign currency effect on (2):
Net premiums 3 $ 2 $ (2) $ (1) $ — $ 3 $ 2 $ (10) $ 12
Adjusted operating income before income taxes 1 $ 4 $ (2) $ (1) $ — $ 1 $ 2 $ (8) $ 10
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 21
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Traditional
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Net premiums 785 $ 653 $ 607 $ 636 $ 659 $ 126 $ 2,681 $ 2,568 $ 113
Investment income, net of related expenses 22 27 27 27 4 107 104 3
Investment related gains, net — — — — 3 3 — 3
Other revenue 5 2 4 3 1 15 9 6
Total revenues 680 636 667 689 134 2,806 2,681 125
Benefits and expenses:
Claims and other policy benefits 525 514 555 618 81 2,293 2,317 (24)
Policy acquisition costs and other insurance expenses 33 34 49 13 38 167 92 75
Other operating expenses 44 41 39 46 2 172 167 5
Total benefits and expenses 602 589 643 677 121 2,632 2,576 56
Income before income taxes 25 $ 78 $ 47 $ 24 $ 12 $ 13 $ 174 $ 105 $ 69
Loss and expense ratios:
Claims and other policy benefits % 80.4 % 84.7 % 87.3 % 93.8 % (4.8) % 85.5 % 90.2 % (4.7) %
Policy acquisition costs and other insurance expenses % 5.1 % 5.6 % 7.7 % 2.0 % 4.5 % 6.2 % 3.6 % 2.6 %
Other operating expenses % 6.7 % 6.8 % 6.1 % 7.0 % (0.9) % 6.4 % 6.5 % (0.1) %
Foreign currency effect on (1):
Net premiums 20 $ 6 $ (12) $ (16) $ (3) $ 23 $ (2) $ (65) $ 63
Income before income taxes (1) $ 1 $ 2 $ (1) $ 1 $ (2) $ 1 $ 3 $ (2)
Critical illness net premiums 379 $ 294 $ 246 $ 256 $ 266 $ 113 $ 1,175 $ 1,055 $ 120
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 22
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Net premiums 785 $ 653 $ 607 $ 636 $ 659 $ 126 $ 2,681 $ 2,568 $ 113
Investment income, net of related expenses 22 27 27 27 4 107 104 3
Investment related gains, net — — — — 3 3 — 3
Other revenue 5 2 4 3 1 15 9 6
Total revenues 680 636 667 689 134 2,806 2,681 125
Benefits and expenses:
Claims and other policy benefits 525 514 555 618 81 2,293 2,317 (24)
Policy acquisition costs and other insurance expenses 33 34 49 13 38 167 92 75
Other operating expenses 44 41 39 46 2 172 167 5
Total benefits and expenses 602 589 643 677 121 2,632 2,576 56
Adjusted operating income before income taxes 25 $ 78 $ 47 $ 24 $ 12 $ 13 $ 174 $ 105 $ 69
Loss and expense ratios:
Claims and other policy benefits % 80.4 % 84.7 % 87.3 % 93.8 % (4.8) % 85.5 % 90.2 % (4.7) %
Policy acquisition costs and other insurance expenses % 5.1 % 5.6 % 7.7 % 2.0 % 4.5 % 6.2 % 3.6 % 2.6 %
Other operating expenses % 6.7 % 6.8 % 6.1 % 7.0 % (0.9) % 6.4 % 6.5 % (0.1) %
Foreign currency effect on (1):
Net premiums 20 $ 6 $ (12) $ (16) $ (3) $ 23 $ (2) $ (65) $ 63
Adjusted operating income before income taxes (1) $ 1 $ 2 $ (1) $ 1 $ (2) $ 1 $ 3 $ (2)
Critical illness net premiums 379 $ 294 $ 246 $ 256 $ 266 $ 113 $ 1,175 $ 1,055 $ 120
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 23
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Net premiums 40 $ 35 $ 31 $ 74 $ 38 $ 2 $ 180 $ 146 $ 34
Investment income, net of related expenses 22 21 17 15 10 85 46 39
Investment related gains (losses), net — 15 (33) 7 21 10 9 1
Other revenue 9 8 10 8 (1) 34 27 7
Total revenues 66 75 68 68 32 309 228 81
Benefits and expenses:
Claims and other policy benefits 33 32 62 34 (4) 157 131 26
Interest credited 13 11 13 11 1 49 31 18
Policy acquisition costs and other insurance expenses 5 5 14 5 2 31 25 6
Other operating expenses 5 1 4 5 (2) 13 18 (5)
Total benefits and expenses 56 49 93 55 (3) 250 205 45
Income (loss) before income taxes 48 $ 10 $ 26 $ (25) $ 13 $ 35 $ 59 $ 23 $ 36
Foreign currency effect on (2):
Net premiums 1 $ 1 $ 1 $ — $ — $ 1 $ 3 $ — $ 3
Income (loss) before income taxes 2 $ 1 $ (1) $ 2 $ — $ 2 $ 4 $ 1 $ 3
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 24
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Net premiums 40 $ 35 $ 31 $ 74 $ 38 $ 2 $ 180 $ 146 $ 34
Investment income, net of related expenses 22 21 17 15 10 85 46 39
Investment related gains (losses), net (1) 1 2 2 1 5 6 (1)
Other revenue 9 8 10 8 (1) 34 27 7
Total revenues 65 61 103 63 12 304 225 79
Benefits and expenses:
Claims and other policy benefits 33 32 62 34 (4) 157 131 26
Interest credited 13 11 13 11 1 49 31 18
Policy acquisition costs and other insurance expenses 5 5 14 5 2 31 25 6
Other operating expenses 5 1 4 5 (2) 13 18 (5)
Total benefits and expenses 56 49 93 55 (3) 250 205 45
Adjusted operating income before income taxes 23 $ 9 $ 12 $ 10 $ 8 $ 15 $ 54 $ 20 $ 34
Foreign currency effect on (2):
Net premiums 1 $ 1 $ 1 $ — $ — $ 1 $ 3 $ — $ 3
Adjusted operating income before income taxes 1 $ — $ — $ — $ — $ 1 $ 1 $ — $ 1
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 25
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Corporate and Other
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Investment income, net of related expenses 50 $ 41 $ 48 $ 58 $ 45 $ 5 $ 197 $ 194 $ 3
Investment related gains (losses), net 9 22 (67) 10 15 (11) 2 (13)
Other revenue 17 20 1 12 9 59 61 (2)
Total revenues 67 90 (8) 67 29 245 257 (12)
Benefits and expenses:
Claims and other policy benefits 1 — — — (1) — — —
Interest credited 2 3 2 7 (6) 8 22 (14)
Policy acquisition costs and other insurance income (27) (29) (28) (29) 1 (112) (116) 4
Other operating expenses 70 69 62 75 3 279 294 (15)
Interest expense 43 42 41 44 — 170 173 (3)
Collateral finance and securitization expense 4 4 6 6 (3) 17 29 (12)
Total benefits and expenses 93 89 83 103 (6) 362 402 (40)
Income (loss) before income taxes (1) $ (26) $ 1 $ (91) $ (36) $ 35 $ (117) $ (145) $ 28
Foreign currency effect on (1):
Income (loss) before income taxes 1 $ (1) $ (1) $ 2 $ — $ 1 $ 1 $ — $ 1
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 26
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Corporate and Other
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Revenues:
Investment income, net of related expenses 50 $ 41 $ 48 $ 58 $ 45 $ 5 $ 197 $ 194 $ 3
Investment related gains (losses), net (4) 2 1 2 (1) — 6 (6)
Other revenue 18 24 1 12 8 63 61 2
Total revenues 55 74 60 59 12 260 261 (1)
Benefits and expenses:
Claims and other policy benefits 1 — — — (1) — — —
Interest credited 2 3 2 7 (6) 8 22 (14)
Policy acquisition costs and other insurance income (27) (29) (28) (29) 1 (112) (116) 4
Other operating expenses 70 69 62 75 3 279 294 (15)
Interest expense 42 38 37 40 2 159 155 4
Collateral finance and securitization expense 4 4 6 6 (3) 17 29 (12)
Total benefits and expenses 92 85 79 99 (4) 351 384 (33)
Adjusted operating loss before income taxes (24) $ (37) $ (11) $ (19) $ (40) $ 16 $ (91) $ (123) $ 32
Foreign currency effect on (1):
Adjusted operating loss before income taxes (1) $ — $ — $ (1) $ — $ (1) $ (2) $ — $ (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 Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
U.S. and Latin America:
Traditional (92) $ 14 $ (158) $ (62) $ 85 $ (177) $ (298) $ 265 $ (563)
Financial Solutions:
Asset Intensive 50 93 (38) 78 18 201 315 (114)
Capital Solutions 24 24 23 26 (3) 94 83 11
Total U.S. and Latin America 88 (41) (77) 189 (162) (3) 663 (666)
Canada:
Traditional 30 44 23 28 9 134 168 (34)
Financial Solutions 6 4 3 7 1 21 15 6
Total Canada 36 48 26 35 10 155 183 (28)
Europe, Middle East and Africa:
Traditional 7 16 17 23 (36) 27 80 (53)
Financial Solutions 92 98 30 72 (34) 258 223 35
Total Europe, Middle East and Africa 99 114 47 95 (70) 285 303 (18)
Asia Pacific:
Traditional 78 47 24 12 13 174 105 69
Financial Solutions 10 26 (25) 13 35 59 23 36
Total Asia Pacific 88 73 (1) 25 48 233 128 105
Corporate and Other (26) 1 (91) (36) 35 (117) (145) 28
Consolidated income (loss) before income taxes 169 $ 285 $ 195 $ (96) $ 308 $ (139) $ 553 $ 1,132 $ (579)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 28
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Summary of Segment Adjusted Operating Income
( millions)
Current Qtr<br>vs. PY<br>Quarter Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Dec. 31, Dec. 31,
2020 2020 2020 2019 2020 2019 Change
U.S. and Latin America:
Traditional (89) $ 22 $ (165) $ (55) $ 83 $ (172) $ (287) $ 283 $ (570)
Financial Solutions:
Asset Intensive 77 63 43 65 5 253 259 (6)
Capital Solutions 24 24 23 26 (3) 94 83 11
Total U.S. and Latin America 123 (78) 11 174 (170) 60 625 (565)
Canada:
Traditional 29 40 36 27 8 140 161 (21)
Financial Solutions 6 4 3 7 1 21 15 6
Total Canada 35 44 39 34 9 161 176 (15)
Europe, Middle East and Africa:
Traditional 7 16 17 23 (36) 27 80 (53)
Financial Solutions 86 79 36 73 (32) 242 216 26
Total Europe, Middle East and Africa 93 95 53 96 (68) 269 296 (27)
Asia Pacific:
Traditional 78 47 24 12 13 174 105 69
Financial Solutions 9 12 10 8 15 54 20 34
Total Asia Pacific 87 59 34 20 28 228 125 103
Corporate and Other (37) (11) (19) (40) 16 (91) (123) 32
Consolidated adjusted operating income before income taxes 99 $ 301 $ 109 $ 118 $ 284 $ (185) $ 627 $ 1,099 $ (472)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 29
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Cash and Invested Assets
Sept. 30, June 30, March 31, Dec. 31,
2020 2020 2020 2019
Fixed maturity securities, available-for-sale (1) 56,735 $ 54,652 $ 52,346 $ 48,555 $ 51,121
Equity securities 135 130 112 320
Mortgage loans on real estate 5,907 5,974 6,014 5,706
Policy loans 1,259 1,310 1,314 1,319
Funds withheld at interest 5,403 5,250 5,258 5,662
Short-term investments 154 84 117 64
Other invested assets 2,645 2,547 2,542 2,363
Cash and cash equivalents 3,256 4,313 2,820 1,449
Total cash and invested assets 75,808 $ 73,411 $ 71,954 $ 66,732 $ 68,004
(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).

All values are in US Dollars.

Investment Income and Yield Summary
Three Months Ended Current Qtr<br>vs. PY<br>Quarter Year-to-Date
Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, Dec. 31,
2020 2020 2020 2020 2019 2020 2019 Change
Average invested assets at amortized cost (1) $ 32,699 $ 32,148 $ 30,420 $ 29,728 $ 29,513 $ 3,186 $ 30,787 $ 28,300 $ 2,487
Net investment income (1) $ 337 $ 290 $ 305 $ 299 $ 330 $ 7 $ 1,231 $ 1,291 $ (60)
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1) 4.20 % 3.66 % 4.07 % 4.08 % 4.55 % (35) bps 4.00 % 4.56 % (56) bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
Page 30
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities
Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate 31,963 $ 17 $ 4,356 $ 94 $ 36,208 63.9 %
Canadian government — 1,995 — 5,140 9.1 %
RMBS — 84 2 1,817 3.2 %
ABS — 35 42 3,092 5.4 %
CMBS 3 102 21 1,868 3.3 %
U.S. government — 196 1 1,437 2.5 %
State and political subdivisions — 157 4 1,390 2.4 %
Other foreign government — 479 33 5,783 10.2 %
Total fixed maturity securities 49,548 $ 20 $ 7,404 $ 197 $ 56,735 100.0 %

All values are in US Dollars.

December 31, 2019
Amortized<br>Cost Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate $ 29,205 $ 2,269 $ 81 $ 31,393 61.4 %
Canadian government 3,016 1,596 — 4,612 9.0 %
RMBS 2,339 62 3 2,398 4.7 %
ABS 2,973 19 14 2,978 5.8 %
CMBS 1,841 61 3 1,899 3.7 %
U.S. government 2,096 57 1 2,152 4.2 %
State and political subdivisions 1,074 93 3 1,164 2.3 %
Other foreign government 4,209 321 5 4,525 8.9 %
Total fixed maturity securities $ 46,753 $ 4,478 $ 110 $ 51,121 100.0 %
Page 31
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Corporate Fixed Maturity Securities by Industry
December 31, 2019
Estimated Fair Value % of Total Average Credit Ratings (1) Amortized Cost Estimated Fair Value % of Total Average Credit Ratings (1)
Financial institutions
Banking 5,657 $ 6,285 17.5 % A- $ 5,443 $ 5,804 18.6 % A-
Brokerage/asset managers/exchanges 993 2.7 % A- 756 811 2.6 % A-
Finance companies 334 0.9 % BBB 241 255 0.8 % BBB
Insurance 4,046 11.2 % A- 3,178 3,429 10.9 % A-
REITs 773 2.1 % BBB+ 716 760 2.4 % A-
Other finance 805 2.2 % A- 562 594 1.9 % A-
Total financial institutions 11,785 $ 13,236 36.6 % $ 10,896 $ 11,653 37.2 %
Industrials
Basic 1,927 $ 2,258 6.2 % BBB $ 1,790 $ 1,925 6.1 % BBB
Capital goods 1,662 4.6 % BBB 1,292 1,353 4.3 % BBB
Communications 2,770 7.7 % BBB+ 2,126 2,346 7.5 % BBB+
Consumer cyclical 1,888 5.2 % BBB+ 1,477 1,571 5.0 % BBB+
Consumer noncyclical 3,815 10.5 % BBB+ 2,898 3,147 10.0 % BBB+
Energy 1,976 5.5 % BBB 1,939 2,099 6.7 % BBB+
Technology 1,243 3.4 % BBB+ 974 1,027 3.3 % A-
Transportation 2,194 6.1 % BBB+ 1,791 1,919 6.1 % A-
Other industrial 629 1.7 % BBB 405 416 1.3 % BBB+
Total industrials 16,274 $ 18,435 50.9 % $ 14,692 $ 15,803 50.3 %
Utilities
Electric 3,013 $ 3,480 9.6 % A- $ 2,810 $ 3,046 9.7 % A-
Natural gas 560 1.5 % BBB+ 475 516 1.6 % A-
Other utility 497 1.4 % BBB+ 332 375 1.2 % A-
Total utilities 3,904 $ 4,537 12.5 % $ 3,617 $ 3,937 12.5 %
Total 31,963 $ 36,208 100.0 % BBB+ $ 29,205 $ 31,393 100.0 % BBB+
(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.

All values are in US Dollars.

Page 32

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Ratings of Fixed Maturity Securities
December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019
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 $ 29,770 $ 34,589 60.9 % $ 29,950 $ 34,406 62.9 % $ 29,018 $ 33,246 63.5 % $ 29,310 $ 31,660 65.2 % $ 30,100 $ 33,284 65.2 %
2 BBB 16,440 18,751 33.1 % 15,822 17,421 31.9 % 15,222 16,555 31.6 % 14,810 14,665 30.2 % 14,366 15,514 30.3 %
3 BB 2,480 2,588 4.6 % 2,103 2,118 3.9 % 1,987 1,963 3.8 % 1,877 1,727 3.6 % 1,706 1,748 3.4 %
4 B 713 697 1.2 % 668 641 1.2 % 560 515 1.0 % 509 452 0.9 % 514 518 1.0 %
5 CCC 131 102 0.2 % 108 59 0.1 % 91 46 0.1 % 101 41 0.1 % 36 23 — %
6 In or near default 14 8 — % 10 7 — % 25 21 — % 13 10 — % 31 34 0.1 %
Total $ 49,548 $ 56,735 100.0 % $ 48,661 $ 54,652 100.0 % $ 46,903 $ 52,346 100.0 % $ 46,620 $ 48,555 100.0 % $ 46,753 $ 51,121 100.0 %
(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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019
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 $ 686 $ 744 11.0 % $ 696 $ 763 11.0 % $ 708 $ 776 11.8 % $ 726 $ 796 11.8 % $ 742 $ 777 10.6 %
Non-agency 1,049 1,073 15.8 % 1,231 1,264 18.4 % 1,254 1,289 19.4 % 1,515 1,495 22.1 % 1,597 1,621 22.3 %
Total RMBS 1,735 1,817 26.8 % 1,927 2,027 29.4 % 1,962 2,065 31.2 % 2,241 2,291 33.9 % 2,339 2,398 32.9 %
ABS:
Collateralized loan obligations ("CLOs") 1,707 1,689 24.9 % 1,607 1,563 22.7 % 1,612 1,558 23.4 % 1,725 1,558 23.0 % 1,750 1,743 24.0 %
ABS, excluding CLOs 1,392 1,403 20.7 % 1,359 1,359 19.8 % 1,186 1,173 17.6 % 1,215 1,109 16.4 % 1,223 1,235 17.0 %
Total ABS 3,099 3,092 45.6 % 2,966 2,922 42.5 % 2,798 2,731 41.0 % 2,940 2,667 39.4 % 2,973 2,978 41.0 %
CMBS 1,790 1,868 27.6 % 1,871 1,930 28.1 % 1,850 1,851 27.8 % 1,841 1,809 26.7 % 1,841 1,899 26.1 %
Total $ 6,624 $ 6,777 100.0 % $ 6,764 $ 6,879 100.0 % $ 6,610 $ 6,647 100.0 % $ 7,022 $ 6,767 100.0 % $ 7,153 $ 7,275 100.0 %
Page 33
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Gross Unrealized Losses Aging
Fixed Maturity Securities
September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019
% 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% 133 67.5 % $ 276 74.6 % $ 348 77.7 % $ 1,052 72.0 % $ 76 69.1 %
20% or more for less than six months 21.3 % 34 9.2 % 91 20.3 % 409 28.0 % 20 18.2 %
20% or more for six months or greater 11.2 % 60 16.2 % 9 2.0 % — — % 14 12.7 %
Total 197 100.0 % $ 370 100.0 % $ 448 100.0 % $ 1,461 100.0 % $ 110 100.0 %

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 930 $ 29 $ 70 $ 5 $ 1,000 $ 34
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 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 1,936 $ 29 $ 293 $ 7 $ 2,229 $ 36
RMBS 2 84 1 451 3
ABS 5 739 9 1,512 14
CMBS 3 — — 253 3
U.S. government 1 — — 49 1
State and political subdivisions 2 12 1 115 3
Other foreign government 4 — — 278 4
Total investment grade securities 3,759 $ 46 $ 1,128 $ 18 $ 4,887 $ 64
Below investment grade securities:
Corporate 220 $ 38 $ 100 $ 7 $ 320 $ 45
ABS — — — — —
CMBS — — — — —
Other foreign government — 10 1 10 1
Total below investment grade securities 220 $ 38 $ 110 $ 8 $ 330 $ 46
Total fixed maturity securities 3,979 $ 84 $ 1,238 $ 26 $ 5,217 $ 110

All values are in US Dollars.

Page 36
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Consolidated Investment Related Gains and Losses
Current Qtr<br>vs. PY<br>Quarter Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Dec. 31, Dec. 31,
2020 2020 2020 2019 2020 2019 Change
Fixed maturity securities available-for-sale:
Impairments and change in allowance for credit losses on fixed maturity securities — $ 13 $ — $ (34) $ (13) $ 13 $ (21) $ (31) $ 10
Gain on investment activity 16 46 27 35 (10) 114 151 (37)
Loss on investment activity (22) (46) (8) (11) 5 (82) (50) (32)
Net gains (losses) on fixed maturity securities available-for-sale 7 — (15) 11 8 11 70 (59)
Net gains (losses) on equity securities 4 8 (23) 5 (9) (15) 16 (31)
Other impairment losses and change in mortgage loan provision (19) (22) (13) — (2) (56) (12) (44)
Other non-derivative gain (loss), net 4 8 9 (1) 4 24 13 11
Free-standing derivatives:
Interest rate swaps - non-hedged (11) 3 106 (32) 10 76 65 11
Financial futures (15) (48) 44 (16) (12) (47) (46) (1)
Foreign currency swaps - non-hedged 4 3 (13) 4 (5) (7) — (7)
Foreign currency swaps - hedged 1 2 (8) 2 1 (2) (4) 2
Foreign currency forwards - non-hedged 4 1 (3) 1 2 5 1 4
CPI swaps 11 26 (40) 6 13 16 (18) 34
Credit default swaps 1 17 (24) 8 14 16 30 (14)
Equity options (12) (25) 53 (12) (4) — (40) 40
Total free-standing derivatives (17) (21) 115 (39) 19 57 (12) 69
Embedded derivatives:
Modified coinsurance and funds withheld treaties 116 1 (230) (1) 52 (62) 11 (73)
GMXB (29) 107 (128) 47 11 8 5 3
Total embedded derivatives 87 108 (358) 46 63 (54) 16 (70)
Net gain (loss) on total derivatives 70 87 (243) 7 82 3 4 (1)
Total investment related gains (losses), net 105 $ 66 $ 81 $ (285) $ 22 $ 83 $ (33) $ 91 $ (124)

All values are in US Dollars.

Page 37

rgalogospelledoutaa01a131.jpg

Appendix

Reconciliations of GAAP to Non-GAAP Measures
Page 38
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
U.S. & Latin America Traditional
Income (loss) before income taxes (92) $ 14 $ (158) $ (62) $ 85 $ (177) $ (298) $ 265 $ (563)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1) 8 (7) 7 (2) 5 11 18 (7)
Adjusted operating income (loss) before income taxes (89) $ 22 $ (165) $ (55) $ 83 $ (172) $ (287) $ 283 $ (570)
U.S. & Latin America Asset-Intensive
Income (loss) before income taxes 96 $ 50 $ 93 $ (38) $ 78 $ 18 $ 201 $ 315 $ (114)
Investment and derivative (gains) losses (1) 36 86 (191) 45 20 (4) (41) 37
Change in value of modified coinsurance and
funds withheld embedded derivatives (1) (124) 6 223 3 (57) 51 (29) 80
GMXB embedded derivatives (1) 29 (107) 128 (47) (11) (8) (5) (3)
Funds withheld (gains) losses - investment income 1 (1) (1) — 5 4 5 (1)
EIA embedded derivatives - interest credited 6 7 12 (10) 5 20 46 (26)
DAC offset, net 79 (21) (87) (4) 25 (8) (32) 24
Non-investment derivatives and other — — (3) — — (3) — (3)
Adjusted operating income before income taxes 70 $ 77 $ 63 $ 43 $ 65 $ 5 $ 253 $ 259 $ (6)
U.S. & Latin America Capital Solutions
Income before income taxes 23 $ 24 $ 24 $ 23 $ 26 $ (3) $ 94 $ 83 $ 11
Adjusted operating income before income taxes 23 $ 24 $ 24 $ 23 $ 26 $ (3) $ 94 $ 83 $ 11
Canada Traditional
Income before income taxes 37 $ 30 $ 44 $ 23 $ 28 $ 9 $ 134 $ 168 $ (34)
Investment and derivative (gains) losses (1) — (5) 14 (1) (1) 7 (7) 14
Investment income - non-operating FWAI (1) 1 (1) — — (1) — (1)
Adjusted operating income before income taxes 35 $ 29 $ 40 $ 36 $ 27 $ 8 $ 140 $ 161 $ (21)
Canada Financial Solutions
Income before income taxes 8 $ 6 $ 4 $ 3 $ 7 $ 1 $ 21 $ 15 $ 6
Adjusted operating income before income taxes 8 $ 6 $ 4 $ 3 $ 7 $ 1 $ 21 $ 15 $ 6
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

All values are in US Dollars.

Page 39
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2020 2020 2020 2019 Quarter 2020 2019 Change
Europe, Middle East and Africa Traditional
Income (loss) before income taxes (13) $ 7 $ 16 $ 17 $ 23 $ (36) $ 27 $ 80 $ (53)
Adjusted operating income (loss) before income taxes (13) $ 7 $ 16 $ 17 $ 23 $ (36) $ 27 $ 80 $ (53)
Europe, Middle East and Africa Financial Solutions
Income before income taxes 38 $ 92 $ 98 $ 30 $ 72 $ (34) $ 258 $ 223 $ 35
Investment and derivative (gains) losses (1) (5) (16) 6 (1) (1) (17) (9) (8)
Investment income - non-operating FWAI (1) (3) — — 5 1 — 1
Investment (income) loss on unit-linked variable annuities 1 (15) 16 1 (14) (11) (26) 15
Interest credited on unit-linked variable annuities (1) 15 (16) (1) 14 11 26 (15)
Non-investment derivatives and other — — — 2 (2) — 2 (2)
Adjusted operating income before income taxes 41 $ 86 $ 79 $ 36 $ 73 $ (32) $ 242 $ 216 $ 26
Asia Pacific Traditional
Income before income taxes 25 $ 78 $ 47 $ 24 $ 12 $ 13 $ 174 $ 105 $ 69
Adjusted operating income before income taxes 25 $ 78 $ 47 $ 24 $ 12 $ 13 $ 174 $ 105 $ 69
Asia Pacific Financial Solutions
Income (loss) before income taxes 48 $ 10 $ 26 $ (25) $ 13 $ 35 $ 59 $ 23 $ 36
Investment and derivative (gains) losses (1) (1) (14) 35 (5) (20) (5) (3) (2)
Adjusted operating income before income taxes 23 $ 9 $ 12 $ 10 $ 8 $ 15 $ 54 $ 20 $ 34
Corporate and Other
Income (loss) before income taxes (1) $ (26) $ 1 $ (91) $ (36) $ 35 $ (117) $ (145) $ 28
Investment and derivative (gains) losses (1) (13) (20) 68 (8) (16) 11 4 7
Interest expense on uncertain tax positions 1 4 4 4 (2) 11 18 (7)
Non-investment derivatives and other 1 4 — — (1) 4 — 4
Adjusted operating loss before income taxes (24) $ (37) $ (11) $ (19) $ (40) $ 16 $ (91) $ (123) $ 32
(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)
Sept. 30, June 30, March 31, Dec. 31,
2020 2020 2020 2019
Stockholders’ equity 14,352 $ 13,214 $ 12,553 $ 9,301 $ 11,601
Less effect of AOCI:
Accumulated currency translation adjustments (171) (210) (223) (92)
Unrealized appreciation of securities 4,542 4,089 1,426 3,299
Pension and postretirement benefits (82) (78) (73) (70)
Stockholders’ equity, excluding AOCI 8,993 $ 8,925 $ 8,752 $ 8,171 $ 8,464
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
Sept. 30, June 30, March 31, Dec. 31,
2020 2020 2020 2019
Book value per share 211.19 $ 194.49 $ 184.78 $ 150.88 $ 185.17
Less effect of AOCI:
Accumulated currency translation adjustments (2.51) (3.09) (3.62) (1.46)
Unrealized appreciation of securities 66.86 60.19 23.14 52.65
Pension and postretirement benefits (1.22) (1.14) (1.19) (1.12)
Book value per share, excluding AOCI 132.33 $ 131.36 $ 128.82 $ 132.55 $ 135.10

All values are in US Dollars.

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Exhibit 99.3

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