Equibles

8-K

REINSURANCE GROUP OF AMERICA INC (RGA)

8-K 2024-05-02 For: 2024-04-30
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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): April 30, 2024

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

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

16600 Swingley Ridge Road, Chesterfield, Missouri 63017

(Address of Principal Executive Office)

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

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

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

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

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

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

☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
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On May 2, 2024, Reinsurance Group of America, Incorporated (the "Company") issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended March 31, 2024, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended March 31, 2024, a copy of which is furnished with this report as Exhibit 99.2. The Press Release also notes that a conference call will be held on May 3, 2024 to discuss the financial and operating results for the three-month period ended March 31, 2024 (the "Earnings Call").

Item 7.01 Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated May 2, 2024 (the "Earnings Presentation"), a copy of which is furnished with this report as Exhibit 99.3 and incorporated in this Item 7.01 by reference.

The Press Release also announced that effective April 30, 2024 the Company’s board of directors declared a regular quarterly dividend of $0.85, payable May 28, 2024 to shareholders of record as of May 14, 2024.

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

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No. Exhibit
99.1 Press Release of Reinsurance Group of America, Incorporated datedMaypressrelease1q24.htm2, 2024
99.2 Quarterly Financial Supplement for the quarter endedMarch31, 2024
99.3 Earnings Presentation datedMayearningspresentation1q24.htm2, 2024
104 Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURE

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

REINSURANCE GROUP OF AMERICA, INCORPORATED
Date: May 2, 2024 By: /s/ Todd C. Larson
Todd C. Larson
Senior Executive Vice President and Chief Financial Officer

Document

Exhibit 99.1

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PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS

FIRST QUARTER RESULTS

First Quarter Results

•Net income available to RGA shareholders of $3.16 per diluted share

•Adjusted operating income* of $6.02 per diluted share

•Premium growth of 58.8% over the prior-year quarter, 59.2% on a constant currency basis1

•ROE of 10.2%, adjusted operating ROE* of 14.8% for the trailing twelve months

•Deployed capital of $737 million into in-force transactions

1 Actual amounts reflect impact of currency fluctuations. Constant currency amounts reflect foreign denominated activity translated to U.S. dollars at a constant exchange rate.

ST. LOUIS, May 2, 2024 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported first quarter net income available to RGA shareholders of $210 million, or $3.16 per diluted share, compared with $252 million, or $3.72 per diluted share, in the prior-year quarter. Adjusted operating income* for the first quarter totaled $401 million, or $6.02 per diluted share, compared with $349 million, or $5.16 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.07 per diluted share on net income available to RGA shareholders, and $0.01 per diluted share on adjusted operating income as compared with the prior year.

Quarterly Results
($ in millions, except per share data) 2024 2023
Net premiums $ 5,376 $ 3,385
Net income available to RGA shareholders 210 252
Net income available to RGA shareholders per diluted share 3.16 3.72
Adjusted operating income* 401 349
Adjusted operating income, excluding notable items * 401 349
Adjusted operating income per diluted share* 6.02 5.16
Adjusted operating income, excluding notable items per diluted share* 6.02 5.16
Book value per share 143.92 114.60
Book value per share, excluding accumulated other comprehensive income (AOCI)* 145.83 136.56
Book value per share, excluding AOCI and B36* 146.96 136.22
Total assets 106,000 89,120
* See “Non-GAAP Financial Measures and Other Definitions” below
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In the first quarter, consolidated net premiums totaled $5.4 billion, an increase of 58.8% over the 2023 first quarter, with an adverse net foreign currency effect of $12 million. Excluding the net foreign currency effect, consolidated net premiums increased 59.2% in the quarter. Net premiums for the quarter included a $1.9 billion contribution from a single premium pension risk transfer transaction in the U.S. Financial Solutions business.

Compared with the year-ago period, excluding spread-based businesses, first quarter investment income increased 7.0%, primarily due to new business. Average investment yield was flat at 4.70% in the first quarter compared with 4.71% in the prior-year period due to higher new money rates offset by lower variable investment income in the first quarter, relative to the year-ago period.

The effective tax rate for the quarter was 22.0% on pre-tax income, below the expected range of 23% to 24%, primarily due to tax benefits received in foreign jurisdictions.

The effective tax rate for the quarter was 22.4% on pre-tax adjusted operating income, slightly below the expected range of 23% to 24%, primarily due to tax benefits received in foreign jurisdictions.

Tony Cheng, President and Chief Executive Officer, commented, “Our first quarter was excellent, and we are off to a great start for the year, following a very strong 2023. Our Traditional business performed very well and the Financial Solutions business also had a good quarter. On our in-force transactions, we had a record quarter of $737 million deployed, and we continued to see strong momentum in organic new business activity.

“Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $0.6 billion. Based on favorable business conditions and RGA's global leadership position, we are optimistic about the future and expect to continue to deliver attractive financial results over time.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

Quarterly Results
($ in millions) 2024 2023
Net premiums $ 1,715 $ 1,615
Pre-tax income 116 121
Pre-tax adjusted operating income 128 122
Pre-tax adjusted operating income, excluding notable items 128 122

Quarterly Results

•Results reflected favorable Individual Life claims experience, as well as favorable Health and Group experience.

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Financial Solutions

Quarterly Results
($ in millions) 2024 2023
Pre-tax income $ 17 $ 114
Pre-tax adjusted operating income 90 105
Pre-tax adjusted operating income, excluding notable items 90 105

Quarterly Results

•Results were slightly below expectations due to lower variable investment income.

Canada

Traditional

Quarterly Results
($ in millions) 2024 2023
Net premiums $ 318 $ 295
Pre-tax income 47 29
Pre-tax adjusted operating income 46 29
Pre-tax adjusted operating income, excluding notable items 46 29

Net Premiums

•Foreign currency exchange rates had a favorable effect on net premiums of $1 million for the quarter.

Quarterly Results

•Results reflected favorable claims experience, both in Group business and Individual Life business.

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

Financial Solutions

Quarterly Results
($ in millions) 2024 2023
Pre-tax income $ 7 $ 10
Pre-tax adjusted operating income 7 10
Pre-tax adjusted operating income, excluding notable items 7 10

Quarterly Results

•Results were in line with expectations.

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

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Europe, Middle East and Africa (EMEA)

Traditional

Quarterly Results
($ in millions) 2024 2023
Net premiums $ 496 $ 438
Pre-tax income 28 27
Pre-tax adjusted operating income 38 27
Pre-tax adjusted operating income, excluding notable items 38 27

Net Premiums

•Foreign currency exchange rates had a favorable effect on net premiums of $7 million for the quarter.

Quarterly Results

•Results reflected favorable timing differences and positive impacts from new business.

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

Financial Solutions

Quarterly Results
($ in millions) 2024 2023
Pre-tax income $ 64 $ 59
Pre-tax adjusted operating income 77 69
Pre-tax adjusted operating income, excluding notable items 77 69

Quarterly Results

•Results were in line with expectations.

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

Asia Pacific

Traditional

Quarterly Results
($ in millions) 2024 2023
Net premiums $ 716 $ 662
Pre-tax income 109 79
Pre-tax adjusted operating income 109 79
Pre-tax adjusted operating income, excluding notable items 109 79

Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $23 million for the quarter.

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Quarterly Results

•Results reflected favorable overall experience.

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

Financial Solutions

Quarterly Results
($ in millions) 2024 2023
Net premiums $ 46 $ 64
Pre-tax income (loss) 13 (13)
Pre-tax adjusted operating income 59 40
Pre-tax adjusted operating income, excluding notable items 59 40

Quarterly Results

•Results reflected favorable overall experience.

•Foreign currency exchange rates had a favorable effect of $5 million on pre-tax income and an adverse effect of $1 million on pre-tax adjusted operating income.

Corporate and Other

Quarterly Results
($ in millions) 2024 2023
Pre-tax income (loss) $ (129) $ (75)
Pre-tax adjusted operating income (loss) (38) (25)
Pre-tax adjusted operating income (loss), excluding notable items (38) (25)

Quarterly Results

•Results were in line with the expected quarterly average run rate.

Dividend Declaration

Effective April 30, 2024, the board of directors declared a regular quarterly dividend of $0.85, payable May 28, 2024, to shareholders of record as of May 14, 2024.

Earnings Conference Call

A conference call to discuss first quarter results will begin at 10 a.m. Eastern Time on Friday, May 3, 2024. Interested parties may access the call by dialing 1-844-481-2753 (1-412-317-0669 international) and asking to be joined into the Reinsurance Group of America, Incorporated (RGA) call. A live audio webcast of the conference call will be available on the Company’s Investor Relations website at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call.

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

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Non-GAAP Financial Measures and Other Definitions

Reinsurance Group of America, Incorporated (the “Company”) discloses certain financial measures that are not determined in accordance with U.S. GAAP. The Company principally uses such non-GAAP financial measures in evaluating performance because the Company believes that such measures, when reviewed in conjunction with relevant U.S. GAAP measures, present a clearer picture of our operating performance and assist the Company in the allocation of its resources. The Company believes that these non-GAAP financial measures provide investors and other third parties with a better understanding of the Company’s results of operations, financial statements and the underlying profitability drivers and trends of the Company’s businesses by excluding specified items which may not be indicative of the Company’s ongoing operating performance and may fluctuate significantly from period to period. These measures should be considered supplementary to the Company’s financial results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way the Company calculates such measures. Consequently, the Company’s non-GAAP financial measures may not be comparable to similar measures used by other companies.

The following non-GAAP financial measures are used in this document or in other public disclosures made by the Company from time to time:

1.Adjusted operating income, on a pre-tax and after-tax basis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations. Adjusted operating income is calculated as net income available to the Company’s shareholders (or, in the case of pre-tax adjusted operating income, income before income taxes) excluding, as applicable:

•substantially all of the effect of net investment related gains and losses;

•changes in the fair value of certain embedded derivatives;

•changes in the fair value of contracts that provide market risk benefits;

•non-economic losses at contract inception for direct pension risk transfer single premium business (which are amortized into adjusted operating income within claims and other policy benefits over the estimated lives of the contracts);

•any net gain or loss from discontinued operations;

•the cumulative effect of any accounting changes;

•the impact of certain tax-related items; and

•any other items that the Company believes are not indicative of the Company’s ongoing operations

as such items can be volatile and may not reflect the underlying performance of the Company’s business. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company’s management incentive programs.

  1. Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items. Notable items are items the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented may include the financial impact of the Company’s assumption reviews on business subject to the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments, reflected in future policy benefits remeasurement gains or losses.

  2. Adjusted operating revenue. This measure excludes the effects of net realized capital gains and losses, and changes in the fair value of certain embedded derivatives.

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  1. Shareholders’ equity position excluding the impact of accumulated other comprehensive income (loss) (“AOCI”), shareholders’ average equity position excluding AOCI, and book value per share excluding the impact of AOCI. The Company believes that these measures provide useful information since such measures exclude AOCI-related items that are not permanent and can fluctuate significantly from period to period, and may not reflect the impact of the underlying performance of the Company’s businesses on shareholders’ equity and book value per share. AOCI primarily relates to changes in interest rates, credit spreads on its investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses the following non-GAAP financial measures:

•Shareholders’ average equity position excluding AOCI and B36, where B36 refers to the cumulative change in fair value of funds withheld embedded derivatives;

•Shareholders’ average equity position excluding AOCI and notable items; and

•Shareholders’ average equity position excluding AOCI, B36 and notable items.

  1. Adjusted operating return on equity. This measure is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target levels and awards under the Company’s management incentive programs. The Company also discloses the following non-GAAP financial measures:

•Adjusted operating return on equity excluding AOCI and B36;

•Adjusted operating return on equity excluding AOCI and notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’ equity excluding notable items and AOCI; and

•Adjusted operating return on equity excluding AOCI, B36 and notable items.

Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix at the end of this document.

Other definitions:

•Uncapped (profitable) cohorts: cohorts with a net premium ratio under 100%

•Capped (loss) cohorts: cohorts with a net premium ratio equal to or greater than 100%

•Floored cohorts: cohorts with reserves floored at zero as reserves cannot be negative

Change in Presentation: U.S. and Latin America Financial Solutions

In the first quarter of 2024, the Company updated the presentation of the financial results for the U.S. and Latin America Financial Solutions segment by combining the financial results for “Asset Intensive” and “Capital Solutions” businesses. This change in presentation better aligns the presentation of the U.S. and Latin America Financial Solutions segment’s financial results with the Company’s management of these businesses and with reporting for the other Financial Solutions segments. This change in presentation did not affect any previously or expected future reported results for the U.S. and Latin America Financial Solutions segment.

About RGA

Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has

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approximately $3.7 trillion of life reinsurance in force and assets of $106.0 billion as of March 31, 2024. To learn more about RGA and its businesses, please visit www.rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.

Cautionary Note Regarding Forward-Looking Statements

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

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

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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 developments with respect to litigation, arbitration or regulatory investigations or actions, (26) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (27) changes in laws, regulations, and accounting standards applicable to the Company or its business, including Long-Duration Targeted Improvement accounting changes and (28) other risks and uncertainties described in this document and in the Company’s other filings with the Securities and Exchange Commission (“SEC”).

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future, except as required under applicable securities law. For a discussion of the 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, 2023, as may be supplemented by Item 1A - “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q and in our other periodic and current reports filed with the SEC.

Investor Contact

Jeff Hopson

Senior Vice President - Investor Relations

(636) 736-2068

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Adjusted Operating Income

(Dollars in millions, except per share data)

(Unaudited) Three Months Ended March 31,
2024 2023
Diluted Earnings Per Share Diluted Earnings Per Share
Net income (loss) available to RGA shareholders $ 210 $ 3.16 $ 252 $ 3.72
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net 185 2.77 102 1.52
Market risk benefits remeasurement (gains) losses (28) (0.42) 11 0.16
Realized (gains) losses on funds withheld, included in investment income, net of related expenses (2) (0.03) — —
Embedded derivatives:
Included in investment related gains/losses, net (61) (0.92) (29) (0.43)
Included in interest credited 10 0.15 (6) (0.09)
Investment (income) loss on unit-linked variable annuities 1 0.02 — —
Interest credited on unit-linked variable annuities (1) (0.02) — —
Interest expense on uncertain tax positions — — — —
Other (1) 89 1.34 6 0.09
Uncertain tax positions and other tax related items (4) (0.06) 12 0.18
Net income attributable to noncontrolling interest 2 0.03 1 0.01
Adjusted operating income 401 6.02 349 5.16
Notable items — — — —
Adjusted operating income, excluding notable items $ 401 $ 6.02 $ 349 $ 5.16

(1)     The Other line item includes pension risk transfer day one loss and other immaterial items.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Effective Income Tax Rates

(Dollars in millions)

(Unaudited) Three Months Ended March 31, 2024
Pre-tax Income (Loss) Income Taxes Effective Tax Rate (1)
GAAP income $ 272 $ 60 22.0 %
Reconciliation to adjusted operating income:
Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net 232 47
Market risk benefits remeasurement (gains) losses (35) (7)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses (2) —
Embedded derivatives:
Included in investment related gains/losses, net (77) (16)
Included in interest credited 13 3
Investment (income) loss on unit-linked variable annuities 1 —
Interest credited on unit-linked variable annuities (1) —
Interest expense on uncertain tax positions — —
Other (2) 113 24
Uncertain tax positions and other tax related items — 4
Adjusted operating income 516 115 22.4 %
Notable items — —
Adjusted operating income, excluding notable items $ 516 $ 115

(1)     The Company rounds amounts in the financial statements to millions and calculates the effective tax rate from the underlying whole-dollar amounts. Thus certain amounts may not recalculate based on the numbers due to rounding.

(2)    The Other line item includes pension risk transfer day one loss and other immaterial items.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

(Unaudited) Three Months Ended March 31,
2024 2023
Income before income taxes $ 272 $ 351
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net 232 127
Market risk benefits remeasurement (gains) losses (35) 14
Realized (gains) losses on funds withheld, included in investment income, net of related expenses (2) —
Embedded derivatives:
Included in investment related gains/losses, net (77) (37)
Included in interest credited 13 (7)
Investment (income) loss on unit-linked variable annuities 1 —
Interest credited on unit-linked variable annuities (1) —
Interest expense on uncertain tax positions — —
Other (1) 113 8
Pre-tax adjusted operating income 516 456
Notable items — —
Pre-tax adjusted operating income, excluding notable items $ 516 $ 456

(1)     The Other line item includes pension risk transfer day one loss and other immaterial items.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

(Unaudited) Three Months Ended March 31, 2024
Pre-tax income (loss) Realized<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) Notable Items Pre-tax adjusted <br>operating<br>income (loss) ex. notable items
U.S. and Latin America:
Traditional $ 116 $ — $ 12 $ 128 $ — $ 128
Financial Solutions 17 149 (76) 90 — 90
Total U.S. and Latin America 133 149 (64) 218 — 218
Canada Traditional 47 (1) — 46 — 46
Canada Financial Solutions 7 — — 7 — 7
Total Canada 54 (1) — 53 — 53
EMEA Traditional 28 10 — 38 — 38
EMEA Financial Solutions 64 13 — 77 — 77
Total EMEA 92 23 — 115 — 115
APAC Traditional 109 — — 109 — 109
APAC Financial Solutions 13 46 — 59 — 59
Total Asia Pacific 122 46 — 168 — 168
Corporate and Other (129) 91 — (38) — (38)
Consolidated $ 272 $ 308 $ (64) $ 516 $ — $ 516
(Unaudited) Three Months Ended March 31, 2023
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Pre-tax income (loss) Realized<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) Notable Items Pre-tax adjusted <br>operating<br>income (loss) ex. notable items
U.S. and Latin America:
Traditional $ 121 $ — $ 1 $ 122 $ — $ 122
Financial Solutions 114 36 (45) 105 — 105
Total U.S. and Latin America 235 36 (44) 227 — 227
Canada Traditional 29 — — 29 — 29
Canada Financial Solutions 10 — — 10 — 10
Total Canada 39 — — 39 — 39
EMEA Traditional 27 — — 27 — 27
EMEA Financial Solutions 59 10 — 69 — 69
Total EMEA 86 10 — 96 — 96
APAC Traditional 79 — — 79 — 79
APAC Financial Solutions (13) 53 — 40 — 40
Total Asia Pacific 66 53 — 119 — 119
Corporate and Other (75) 50 — (25) — (25)
Consolidated $ 351 $ 149 $ (44) $ 456 $ — $ 456
  • more -

Add Thirteen

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In thousands, except per share data)

(Unaudited) Three Months Ended March 31,
2024 2023
Earnings per share from net income (loss):
Basic earnings per share $ 3.20 $ 3.77
Diluted earnings per share $ 3.16 $ 3.72
Diluted earnings per share from adjusted operating income $ 6.02 $ 5.16
Weighted average number of common and common equivalent shares outstanding 66,559 67,615
(Unaudited) At March 31,
--- --- --- --- ---
2024 2023
Treasury shares 19,523 18,771
Common shares outstanding 65,788 66,540
Book value per share outstanding $ 143.92 $ 114.60
Book value per share outstanding, before impact of AOCI $ 145.83 $ 136.56

Reconciliation of Book Value Per Share to Book Value Per Share Excluding AOCI and B36 Derivatives

(Unaudited) At March 31,
2024 2023
Book value per share outstanding $ 143.92 $ 114.60
Less effect of AOCI:
Accumulated currency translation adjustment 0.88 (1.41)
Unrealized (depreciation) appreciation of securities (61.74) (66.02)
Effect of updating discount rates on future policy benefits 59.36 45.59
Change in instrument-specific credit risk for market risk benefits 0.04 0.22
Pension and postretirement benefits (0.45) (0.34)
Book value per share outstanding, before impact of AOCI 145.83 136.56
Less effect of B36 derivatives (1.13) 0.34
Book value per share outstanding, before impact of AOCI and B36 derivatives $ 146.96 $ 136.22
  • more -

Add Fourteen

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

(Dollars in millions)

(Unaudited)
Trailing Twelve Months Ended March 31, 2024: Average Equity
Shareholders' average equity $ 8,408
Less effect of AOCI:
Accumulated currency translation adjustment 5
Unrealized (depreciation) appreciation of securities (4,732)
Effect of updating discount rates on future policy benefits 3,804
Change in instrument-specific credit risk for market risk benefits 8
Pension and postretirement benefits (23)
Shareholders' average equity, excluding AOCI 9,346
Year-to-date notable items, net of tax —
Shareholders' average equity, excluding AOCI and notable items $ 9,346

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

and Related Return on Equity

(Dollars in millions)

(Unaudited) Return on Equity
Trailing Twelve Months Ended March 31, 2024: Income
Net income available to RGA shareholders $ 860 10.2 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net 422
Change in fair value of embedded derivatives 108
Tax expense on uncertain tax positions and other tax related items (12)
Net income attributable to noncontrolling interest 8
Adjusted operating income 1,386 14.8 %
Notable items after tax —
Adjusted operating income, excluding notable items $ 1,386 14.8 %
  • more -

Add Fifteen

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)

(Unaudited) Three Months Ended March 31,
2024 2023
Revenues:
Net premiums $ 5,376 $ 3,385
Investment income, net of related expenses 961 856
Investment related gains (losses), net (149) (77)
Other revenue 149 87
Total revenues 6,337 4,251
Benefits and expenses:
Claims and other policy benefits 5,132 3,063
Future policy benefits remeasurement (gains) losses (24) (26)
Market risk benefits remeasurement (gains) losses (35) 14
Interest credited 254 215
Policy acquisition costs and other insurance expenses 387 331
Other operating expenses 283 250
Interest expense 68 53
Total benefits and expenses 6,065 3,900
Income before income taxes 272 351
Provision for income taxes 60 98
Net income 212 253
Net income attributable to noncontrolling interest 2 1
Net income available to RGA shareholders $ 210 $ 252

#

Document

Exhibit 99.2

rga_logoxrgbxredxwhta.jpg

Quarterly Financial Supplement

First Quarter 2024

(Unaudited)

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

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

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Reinsurance Group of America, Incorporated

1st Quarter 2024

Table of Contents

Page
Notes 1
Consolidated
Financial Highlights 2
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) 3
Consolidated Balance Sheets 5
Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements
U.S. and Latin America Traditional 6
U.S. and Latin America Financial Solutions 8
Canada Traditional 11
Canada Financial Solutions 13
Europe, Middle East and Africa Traditional 15
Europe, Middle East and Africa Financial Solutions 17
Asia Pacific Traditional 19
Asia Pacific Financial Solutions 21
Corporate and Other 23
Summary of Segment GAAP Income 25
Summary of Segment Adjusted Operating Income 26
Investments
Cash and Invested Assets and Investment Income and Yield Summary 27
Fixed Maturity Securities 28
Corporate Fixed Maturity Securities by Industry 29
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities 30
Fixed Maturity Securities Below Amortized Cost 31
Consolidated Investment Related Gains and Losses 33
Appendix
Reconciliations of GAAP to Non-GAAP Measures 34
Non-GAAP Disclosures 39

rgaquarterlyfinancialsuppla.jpg

Reinsurance Group of America, Incorporated

Notes

Change in Presentation: U.S. and Latin America Financial Solutions:

In the first quarter of 2024, the Company updated the presentation of the financial results for the U.S. and Latin America Financial Solutions segment by combining the financial results for “Asset-Intensive” and “Capital Solutions” businesses. This change in presentation better aligns the presentation of the U.S. and Latin America Financial Solutions segment’s financial results with the Company's management of these businesses and with reporting for the other Financial Solutions segments. This change in presentation did not affect any previously or expected future reported results for the U.S. and Latin America Financial Solutions segment.

Page 1
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Financial Highlights
Three Months Ended Current Qtr
(USD millions, except in force and per share and shares data) March 31, Dec. 31, Sept. 30, June 30, March 31, vs. PY
2024 2023 2023 2023 2023 Quarter
Net premiums $ 5,376 $ 4,108 $ 4,255 $ 3,337 $ 3,385 $ 1,991
Net income (loss) available to RGA's shareholders 210 158 287 205 252 (42)
Adjusted operating income 401 316 372 297 349 52
Adjusted operating income excluding notable items (1) 401 316 372 297 349 52
Return on equity 10.2 % 11.4 % 13.9 % 9.2 % 7.8 % 2.4 %
Adjusted operating return on equity (ex AOCI) 14.8 % 14.5 % 14.7 % 10.9 % 11.2 % 3.6 %
Adjusted operating return on equity (ex AOCI and notable items (1)) 14.8 % 14.4 % 14.0 % 13.0 % 13.1 % 1.7 %
Adjusted operating return on equity (ex AOCI and effect of B36 items) 14.8 % 14.4 % 14.7 % 10.9 % 11.2 % 3.6 %
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income $ 3.20 $ 2.40 $ 4.34 $ 3.09 $ 3.77 $ (0.57)
Adjusted operating income $ 6.09 $ 4.80 $ 5.64 $ 4.46 $ 5.22 $ 0.87
Adjusted operating income excluding notable items (1) $ 6.09 $ 4.80 $ 5.64 $ 4.46 $ 5.22 $ 0.87
Diluted earnings per share
Net income $ 3.16 $ 2.37 $ 4.29 $ 3.05 $ 3.72 $ (0.56)
Adjusted operating income $ 6.02 $ 4.73 $ 5.57 $ 4.40 $ 5.16 $ 0.86
Adjusted operating income excluding notable items (1) $ 6.02 $ 4.73 $ 5.57 $ 4.40 $ 5.16 $ 0.86
Wgt. average common shares outstanding
Basic 65,739 65,853 66,127 66,518 66,779 (1,040)
Diluted 66,559 66,721 66,914 67,420 67,615 (1,056)
Book value per share $ 143.92 $ 138.39 $ 122.40 $ 117.87 $ 114.60 $ 29.32
Book value per share, excluding AOCI $ 145.83 $ 144.01 $ 142.63 $ 138.99 $ 136.56 $ 9.27
Book value per share, excluding AOCI and B36 $ 146.96 $ 146.07 $ 142.51 $ 138.88 $ 136.22 $ 10.74
Shareholders’ dividends paid $ 56 $ 56 $ 56 $ 54 $ 53 $ 3
Share buybacks — 50 50 50 50 (50)
Total returned to shareholders $ 56 $ 106 $ 106 $ 104 $ 103 $ (47)
Common shares issued 85,311 85,311 85,311 85,311 85,311 —
Treasury shares 19,523 19,690 19,439 19,099 18,771 752
Common shares outstanding 65,788 65,621 65,872 66,212 66,540 (752)
Assumed life reinsurance in force (in billions) $ 3,729.8 $ 3,704.1 $ 3,499.4 $ 3,479.5 $ 3,426.7 $ 303.1
Assumed new business production (in billions) $ 109.1 $ 97.6 $ 96.7 $ 88.2 $ 80.6 $ 28.5
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". Page 2
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions) Three Months Ended Current Qtr
March 31, Dec. 31, Sept. 30, June 30, March 31, vs. PY
2024 2023 2023 2023 2023 Quarter
Revenues:
Net premiums $ 5,376 $ 4,108 $ 4,255 $ 3,337 $ 3,385 $ 1,991
Net investment income 961 956 922 857 856 105
Investment related gains (losses), net (149) (155) (126) (123) (77) (72)
Other revenue 149 98 102 85 87 62
Total revenues 6,337 5,007 5,153 4,156 4,251 2,086
Benefits and expenses:
Claims and other policy benefits 5,132 3,837 3,959 3,013 3,063 2,069
Future policy benefits remeasurement (gains) losses (24) 33 (82) 13 (26) 2
Market risk benefits remeasurement (gains) losses (35) 28 (21) (31) 14 (49)
Interest credited 254 217 223 209 215 39
Policy acquisition costs and other insurance expenses 387 369 348 349 331 56
Other operating expenses 283 290 274 275 250 33
Interest expense 68 69 72 63 53 15
Total benefits and expenses 6,065 4,843 4,773 3,891 3,900 2,165
Income before income taxes 272 164 380 265 351 (79)
Provision for income taxes 60 4 91 58 98 (38)
Net income 212 160 289 207 253 (41)
Net income attributable to noncontrolling interest 2 2 2 2 1 1
Net income available to RGA's shareholders $ 210 $ 158 $ 287 $ 205 $ 252 $ (42)
Pre-tax adjusted operating income reconciliation:
Income before income taxes $ 272 $ 164 $ 380 $ 265 $ 351 $ (79)
Investment and derivative (gains) losses (1) 232 (18) 134 117 127 105
Market risk benefits remeasurement (gains) losses (35) 28 (21) (31) 14 (49)
Change in fair value of funds withheld embedded derivatives (1) (77) 181 (1) 20 (37) (40)
Funds withheld (gains) losses - investment income (2) (3) (4) 2 — (2)
EIA embedded derivatives - interest credited 13 5 (7) 3 (7) 20
Investment (income) loss on unit-linked variable annuities 1 (3) 2 2 — 1
Interest credited on unit-linked variable annuities (1) 3 (2) (2) — (1)
Interest expense on uncertain tax positions — (1) 1 — — —
Other (2) 113 30 (1) — 8 105
Adjusted operating income before income taxes 516 386 481 376 456 60
Notable items (3) — — (3) — — —
Adjusted operating income before income taxes excluding notable items $ 516 $ 386 $ 478 $ 376 $ 456 $ 60
(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses". Page 3
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions) Three Months Ended Current Qtr
March 31, Dec. 31, Sept. 30, June 30, March 31, vs. PY
2024 2023 2023 2023 2023 Quarter
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA $ 210 $ 158 $ 287 $ 205 $ 252 $ (42)
Investment and derivative (gains) losses (1) 185 (14) 104 88 102 83
Market risk benefits remeasurement (gains) losses (28) 22 (17) (24) 11 (39)
Change in fair value of funds withheld embedded derivatives (1) (61) 143 (1) 16 (29) (32)
Funds withheld (gains) losses - investment income (2) (2) (4) 2 — (2)
EIA embedded derivatives - interest credited 10 4 (6) 3 (6) 16
Investment (income) loss on unit-linked variable annuities 1 (2) 1 2 — 1
Interest credited on unit-linked variable annuities (1) 2 (1) (2) — (1)
Interest expense on uncertain tax positions — (1) 1 — — —
Other (2) 89 23 — — 6 83
Uncertain tax positions and other tax related items (4) (19) 6 5 12 (16)
Net income attributable to noncontrolling interest 2 2 2 2 1 1
Adjusted operating income 401 316 372 297 349 52
Notable items (3) — — — — — —
Adjusted operating income excluding notable items $ 401 $ 316 $ 372 $ 297 $ 349 $ 52
Diluted earnings per share - adjusted operating income (loss) $ 6.02 $ 4.73 $ 5.57 $ 4.40 $ 5.16 $ 0.86
Diluted earnings per share - adjusted operating income (loss) excluding notable items $ 6.02 $ 4.73 $ 5.57 $ 4.40 $ 5.16 $ 0.86
Foreign currency effect on (4):
Net premiums $ (12) $ 18 $ 13 $ (45) $ (112) $ 100
Adjusted operating income (loss) before income taxes $ 1 $ 3 $ 1 $ (6) $ (16) $ 17
(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(4) Compared to comparable prior year period.
Page 4
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Consolidated Balance Sheets
( millions)
Dec. 31, Sept. 30, June 30, March 31,
2023 2023 2023 2023
Assets
Fixed maturity securities available-for-sale, at fair value 65,827 $ 60,467 $ 54,171 $ 56,236 $ 56,085
Equity securities 139 133 136 138
Mortgage loans 7,377 7,231 7,038 6,833
Policy loans 1,206 1,180 1,202 1,221
Funds withheld at interest 5,683 5,725 5,862 5,976
Limited partnerships and real estate joint ventures 2,635 2,560 2,473 2,405
Short-term investments 222 141 224 246
Other invested assets 1,171 1,091 1,119 1,111
Total investments 78,900 72,232 74,290 74,015
Cash and cash equivalents 2,970 2,820 2,598 3,294
Accrued investment income 759 744 702 672
Premiums receivable and other reinsurance balances 3,528 3,279 3,321 3,114
Reinsurance ceded receivables and other 5,448 2,818 2,664 2,723
Deferred policy acquisition costs 4,617 4,289 4,286 4,257
Other assets 1,401 1,240 1,179 1,045
Total assets 106,000 $ 97,623 $ 87,422 $ 89,040 $ 89,120
Liabilities and equity
Future policy benefits 47,067 $ 41,231 $ 36,474 $ 38,239 $ 38,222
Interest-sensitive contract liabilities 30,273 29,365 29,910 30,405
Market risk benefits, at fair value 258 224 235 261
Other policy claims and benefits 2,730 2,654 2,579 2,558
Other reinsurance balances 1,103 750 858 851
Deferred income taxes 1,862 1,601 1,424 1,446
Other liabilities 2,085 1,750 1,477 1,497
Funds withheld payable 4,483 2,001 1,573 1,709
Long-term debt 4,427 4,450 4,850 4,455
Total liabilities 88,452 79,269 81,145 81,404
Equity:
Common stock, at par value 1 1 1 1
Additional paid-in-capital 2,544 2,534 2,522 2,506
Retained earnings 8,805 8,713 8,483 8,336
Treasury stock (1,900) (1,852) (1,803) (1,756)
Accumulated other comprehensive income, net of taxes (AOCI):
Accumulated currency translation adjustment 68 (33) 26 (94)
Unrealized (depreciation) appreciation of securities (3,667) (6,659) (4,879) (4,393)
Effect of updating discount rates on future policy benefits 3,256 5,366 3,460 3,034
Change instrument-specific credit risk for market risk benefits 3 7 13 14
Pension and postretirement benefits (29) (14) (18) (22)
Total RGA, Inc. shareholders’ equity 9,081 8,063 7,805 7,626
Noncontrolling interest 90 90 90 90
Total equity 9,171 8,153 7,895 7,716
Total liabilities and equity 106,000 $ 97,623 $ 87,422 $ 89,040 $ 89,120
Total RGA, Inc. shareholders’ equity, excluding AOCI 9,593 $ 9,450 $ 9,396 $ 9,203 $ 9,087
See appendix for reconciliation of total shareholders' equity before and after impact of AOCI.

All values are in US Dollars.

Page 5
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Traditional
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Revenues:
Net premiums 1,715 $ 1,912 $ 1,746 $ 1,750 $ 1,615 $ 100
Net investment income 210 195 180 193 12
Investment related gains (losses), net 6 2 (1) (1) (11)
Other revenue 2 6 3 5 1
Total revenues 2,130 1,949 1,932 1,812 102
Benefits and expenses:
Claims and other policy benefits 1,779 1,611 1,592 1,447 125
Future policy benefits remeasurement (gains) losses 63 (20) 24 7 (28)
Interest credited 20 19 18 18 1
Policy acquisition costs and other insurance expenses 184 184 187 175 —
Other operating expenses 54 50 49 44 9
Total benefits and expenses 2,100 1,844 1,870 1,691 107
Income before income taxes 116 $ 30 $ 105 $ 62 $ 121 $ (5)
Loss and expense ratios:
Loss ratio (1) % 96.3 % 91.1 % 92.3 % 90.0 % 0.4 %
Policy acquisition costs and other insurance expenses % 9.6 % 10.5 % 10.7 % 10.8 % (0.6) %
Other operating expenses % 2.8 % 2.9 % 2.8 % 2.7 % 0.4 %
Foreign currency effect on (2):
Net premiums 3 $ 3 $ 5 $ 3 $ 2 $ 1
Income before income taxes — $ — $ — $ — $ — $ —
Assumed life reinsurance in force (in billions) 1,709.1 $ 1,703.6 $ 1,693.1 $ 1,685.3 $ 1,676.8 $ 32.3
Assumed new business production (in billions) 41.0 $ 47.9 $ 36.7 $ 35.6 $ 34.1 $ 6.9
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 6
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Revenues:
Net premiums 1,715 $ 1,912 $ 1,746 $ 1,750 $ 1,615 $ 100
Net investment income 211 195 180 193 12
Other revenue 2 6 3 5 1
Total revenues 2,125 1,947 1,933 1,813 113
Benefits and expenses:
Claims and other policy benefits 1,779 1,611 1,592 1,447 125
Future policy benefits remeasurement (gains) losses 63 (20) 24 7 (28)
Interest credited 20 19 18 18 1
Policy acquisition costs and other insurance expenses 184 184 187 175 —
Other operating expenses 54 50 49 44 9
Total benefits and expenses 2,100 1,844 1,870 1,691 107
Adjusted operating income before income taxes 25 103 63 122 6
Notable items (1) — 17 — — —
Adjusted operating income excluding notable items, before income taxes 128 $ 25 $ 120 $ 63 $ 122 $ 6
Loss and expense ratios:
Loss ratio (2) % 96.3 % 91.1 % 92.3 % 90.0 % 0.4 %
Policy acquisition costs and other insurance expenses % 9.6 % 10.5 % 10.7 % 10.8 % (0.6) %
Other operating expenses % 2.8 % 2.9 % 2.8 % 2.7 % 0.4 %
Foreign currency effect on (3):
Net premiums 3 $ 3 $ 5 $ 3 $ 2 $ 1
Adjusted operating income (loss) before income taxes — $ — $ — $ — $ — $ —
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 7
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Revenues:
Net premiums 1,916 $ 521 $ 820 $ 17 $ 163 $ 1,753
Net investment income 293 299 278 281 23
Investment related gains (losses), net (158) (63) (68) 20 7
Other revenue 60 59 51 51 11
Total revenues 716 1,115 278 515 1,794
Benefits and expenses:
Claims and other policy benefits 585 851 45 199 1,880
Future policy benefits remeasurement (gains) losses 1 (25) (1) (4) 6
Market risk benefits remeasurement (gains) losses 28 (21) (31) 14 (49)
Interest credited 126 137 133 129 19
Policy acquisition costs and other insurance expenses 78 47 49 48 32
Other operating expenses 18 18 15 15 3
Total benefits and expenses 836 1,007 210 401 1,891
Income (loss) before income taxes 17 $ (120) $ 108 $ 68 $ 114 $ (97)
Assumed life reinsurance in force (in billions) 10.1 $ 10.3 $ 5.1 $ 5.2 $ 5.2 $ 4.9
Assumed new business production (in billions) — $ 5.2 $ — $ — $ — $ —
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 8
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Revenues:
Net premiums 1,916 $ 521 $ 820 $ 17 $ 163 $ 1,753
Net investment income 289 292 279 277 26
Other revenue 60 59 51 51 11
Total revenues 870 1,171 347 491 1,790
Benefits and expenses:
Claims and other policy benefits 551 851 45 199 1,757
Future policy benefits remeasurement (gains) losses 1 (25) (1) (4) 6
Interest credited 121 144 130 136 (1)
Policy acquisition costs and other insurance expenses 78 47 49 40 40
Other operating expenses 18 18 15 15 3
Total benefits and expenses 769 1,035 238 386 1,805
Adjusted operating income before income taxes 101 136 109 105 (15)
Notable items (1) — (22) — — —
Adjusted operating income before income taxes excluding notable items 90 $ 101 $ 114 $ 109 $ 105 $ (15)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 9
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions
(Continued)
Three Months Ended
(USD millions, shown net of reinsurance ceded) March 31, Dec. 31, Sept. 30, June 30, March 31,
2024 2023 2023 2023 2023
Policyholder account balances
Fixed annuities (deferred) $ 9,981 $ 10,331 $ 11,066 $ 11,361 $ 11,699
Equity-indexed annuities $ 2,234 $ 2,354 $ 2,469 $ 2,580 $ 2,701
Bank-owned life insurance (BOLI) and universal life $ 2,063 $ 2,091 $ 2,480 $ 2,494 $ 2,505
Other policyholder account balances $ 46 $ 47 $ 51 $ 52 $ 75
Variable annuities account balances
No riders $ 629 $ 624 $ 578 $ 599 $ 598
GMDB only 793 739 742 738 734
GMIB only 14 13 16 16 16
GMAB only 2 2 2 2 2
GMWB only 862 858 814 883 866
GMDB / WB 166 162 156 169 168
Other 11 11 12 13 12
Total variable annuities account balances $ 2,477 $ 2,409 $ 2,320 $ 2,420 $ 2,396
Interest-sensitive contract liabilities not associated with policyholder account balances:
Guaranteed investment contracts, funding agreements and immediate annuities $ 693 $ 690 $ 707 $ 843 $ 828
Future policy benefits (at original discount rate) associated with:
Payout annuities $ 6,503 $ 4,524 $ 4,909 $ 4,181 $ 4,231
Other future policy benefits $ 59 $ 60 $ 60 $ 62 $ 58
Liability for market risk benefits:
Equity-indexed annuities $ 154 $ 159 $ 135 $ 140 $ 144
Variable annuities (liability) $ 74 $ 99 $ 89 $ 95 $ 117
Variable annuities (asset) $ 14 $ 9 $ 8 $ 6 $ 2
Net interest spread (1) 0.9 % 1.3 % 1.3 % 1.4 % 1.2 %
(1) Net interest spread for Asset-Intensive is calculated as net investment income less interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents Page 10
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Traditional
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Revenues:
Net premiums 318 $ 311 $ 302 $ 307 $ 295 $ 23
Net investment income 62 62 61 61 3
Investment related gains, net 3 — 4 2 (1)
Other revenue — 2 1 1 2
Total revenues 376 366 373 359 27
Benefits and expenses:
Claims and other policy benefits 294 284 282 270 13
Future policy benefits remeasurement (gains) losses 4 16 (1) 3 (6)
Interest credited — 1 — — —
Policy acquisition costs and other insurance expenses 46 46 47 45 2
Other operating expenses 11 13 10 12 —
Total benefits and expenses 355 360 338 330 9
Income before income taxes 47 $ 21 $ 6 $ 35 $ 29 $ 18
Loss and expense ratios:
Loss ratio (1) % 95.8 % 99.3 % 91.5 % 92.5 % (4.4) %
Policy acquisition costs and other insurance expenses % 14.8 % 15.2 % 15.3 % 15.3 % (0.5) %
Other operating expenses % 3.5 % 4.3 % 3.3 % 4.1 % (0.3) %
Foreign currency effect on (2):
Net premiums 1 $ (1) $ (8) $ (16) $ (20) $ 21
Income before income taxes — $ 4 $ (1) $ (2) $ (2) $ 2
Creditor reinsurance net premiums 17 $ 18 $ 17 $ 18 $ 18 $ (1)
Assumed life reinsurance in force (in billions) 488.0 $ 493.5 $ 477.2 $ 484.6 $ 469.5 $ 18.5
Assumed new business production (in billions) 11.5 $ 11.1 $ 11.0 $ 11.2 $ 10.8 $ 0.7
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 11
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Revenues:
Net premiums 318 $ 311 $ 302 $ 307 $ 295 $ 23
Net investment income 62 64 61 62 2
Investment related gains, net 2 — 1 1 (1)
Other revenue — 2 1 1 2
Total revenues 375 368 370 359 26
Benefits and expenses:
Claims and other policy benefits 294 284 282 270 13
Future policy benefits remeasurement (gains) losses 4 16 (1) 3 (6)
Interest credited — 1 — — —
Policy acquisition costs and other insurance expenses 46 46 47 45 2
Other operating expenses 11 11 10 12 —
Total benefits and expenses 355 358 338 330 9
Adjusted operating income (loss) before income taxes 20 10 32 29 17
Notable items (1) — 13 — — —
Adjusted operating income excluding notable items, before income taxes 46 $ 20 $ 23 $ 32 $ 29 $ 17
Loss and expense ratios:
Loss ratio (2) % 95.8 % 99.3 % 91.5 % 92.5 % (4.4) %
Policy acquisition costs and other insurance expenses % 14.8 % 15.2 % 15.3 % 15.3 % (0.5) %
Other operating expenses % 3.5 % 3.6 % 3.3 % 4.1 % (0.3) %
Foreign currency effect on (3):
Net premiums 1 $ (1) $ (8) $ (16) $ (20) $ 21
Adjusted operating income before income taxes — $ 5 $ (1) $ (2) $ (2) $ 2
Creditor reinsurance net premiums 17 $ 18 $ 17 $ 18 $ 18 $ (1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 12
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Canada Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Revenues:
Net premiums 23 $ 22 $ 22 $ 23 $ 23 $ —
Net investment income 1 1 1 1 —
Other revenue 4 3 2 3 —
Total revenues 27 26 26 27 —
Benefits and expenses:
Claims and other policy benefits 19 18 20 21 (2)
Future policy benefits remeasurement (gains) losses — (23) (2) (5) 5
Policy acquisition costs and other insurance expenses — 1 — 1 —
Other operating expenses 2 — 2 — —
Total benefits and expenses 21 (4) 20 17 3
Income before income taxes 7 $ 6 $ 30 $ 6 $ 10 $ (3)
Foreign currency effect on (2):
Net premiums — $ 1 $ (1) $ (2) $ (1) $ 1
Income before income taxes — $ — $ — $ — $ (1) $ 1
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 13
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Canada Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Revenues:
Net premiums 23 $ 22 $ 22 $ 23 $ 23 $ —
Net investment income 1 1 1 1 —
Other revenue 4 3 2 3 —
Total revenues 27 26 26 27 —
Benefits and expenses:
Claims and other policy benefits 19 18 20 21 (2)
Future policy benefits remeasurement (gains) losses — (23) (2) (5) 5
Policy acquisition costs and other insurance expenses — 1 — 1 —
Other operating expenses 2 — 2 — —
Total benefits and expenses 21 (4) 20 17 3
Adjusted operating income before income taxes 6 30 6 10 (3)
Notable items (2) — (22) — — —
Adjusted operating income excluding notable items, before income taxes 7 $ 6 $ 8 $ 6 $ 10 $ (3)
Foreign currency effect on (3):
Net premiums — $ 1 $ (1) $ (2) $ (1) $ 1
Adjusted operating income before income taxes — $ (1) $ — $ — $ (1) $ 1
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 14
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Traditional
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Revenues:
Net premiums 496 $ 461 $ 447 $ 429 $ 438 $ 58
Net investment income 22 23 23 23 4
Other revenue 1 1 (1) (1) 3
Total revenues 484 471 451 460 65
Benefits and expenses:
Claims and other policy benefits 420 429 383 390 34
Future policy benefits remeasurement (gains) losses 1 43 12 (8) 3
Policy acquisition costs and other insurance expenses 22 25 21 18 19
Other operating expenses 33 34 31 33 8
Total benefits and expenses 476 531 447 433 64
Income (loss) before income taxes 28 $ 8 $ (60) $ 4 $ 27 $ 1
Loss and expense ratios:
Loss ratio (1) % 91.3 % 105.6 % 92.1 % 87.2 % (2.7) %
Policy acquisition costs and other insurance expenses % 4.8 % 5.6 % 4.9 % 4.1 % 3.4 %
Other operating expenses % 7.2 % 7.6 % 7.2 % 7.5 % 0.8 %
Foreign currency effect on (2):
Net premiums 7 $ 14 $ 20 $ (6) $ (41) $ 48
Income (loss) before income taxes — $ 1 $ (4) $ 1 $ (1) $ 1
Critical illness net premiums 32 $ 37 $ 34 $ 35 $ 33 $ (1)
Assumed life reinsurance in force (in billions) 985.1 $ 960.1 $ 814.5 $ 802.3 $ 759.6 $ 225.5
Assumed new business production (in billions) 38.0 $ 16.1 $ 30.9 $ 36.6 $ 30.1 $ 7.9
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 15
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Revenues:
Net premiums 496 $ 461 $ 447 $ 429 $ 438 $ 58
Net investment income 22 23 23 23 4
Other revenue 1 1 (1) (1) 3
Total revenues 484 471 451 460 65
Benefits and expenses:
Claims and other policy benefits 420 429 383 390 34
Future policy benefits remeasurement (gains) losses 1 43 12 (8) 3
Policy acquisition costs and other insurance expenses 22 25 21 18 19
Other operating expenses 33 33 31 33 (2)
Total benefits and expenses 476 530 447 433 54
Adjusted operating income (loss) before income taxes 8 (59) 4 27 11
Notable items (1) — 47 — — —
Adjusted operating income excluding notable items, before income taxes 38 $ 8 $ (12) $ 4 $ 27 $ 11
Loss and expense ratios:
Loss ratio (2) % 91.3 % 105.6 % 92.1 % 87.2 % (2.7) %
Policy acquisition costs and other insurance expenses % 4.8 % 5.6 % 4.9 % 4.1 % 3.4 %
Other operating expenses % 7.2 % 7.4 % 7.2 % 7.5 % (1.2) %
Foreign currency effect on (3):
Net premiums 7 $ 14 $ 20 $ (6) $ (41) $ 48
Adjusted operating income (loss) before income taxes — $ 1 $ (4) $ 1 $ (1) $ 1
Critical illness net premiums 32 $ 37 $ 34 $ 35 $ 33 $ (1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 16
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Revenues:
Net premiums 146 $ 125 $ 118 $ 90 $ 125 $ 21
Net investment income 62 56 45 46 23
Investment related gains (losses), net (8) (21) (9) (6) (9)
Other revenue 1 7 4 4 7
Total revenues 180 160 130 169 42
Benefits and expenses:
Claims and other policy benefits 96 95 68 104 18
Future policy benefits remeasurement (gains) losses (42) (33) (5) (9) 11
Interest credited 3 (2) (2) — 6
Policy acquisition costs and other insurance expenses 1 2 2 2 —
Other operating expenses 16 14 15 13 2
Total benefits and expenses 74 76 78 110 37
Income before income taxes 64 $ 106 $ 84 $ 52 $ 59 $ 5
Foreign currency effect on (2):
Net premiums 5 $ 6 $ 9 $ (1) $ (12) $ 17
Income before income taxes 3 $ 5 $ 6 $ — $ (6) $ 9
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 17
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Revenues:
Net premiums 146 $ 125 $ 118 $ 90 $ 125 $ 21
Net investment income 59 59 48 49 20
Investment related gains (losses), net (2) 2 4 1 (2)
Other revenue 1 7 4 4 7
Total revenues 183 186 146 179 46
Benefits and expenses:
Claims and other policy benefits 96 95 68 104 18
Future policy benefits remeasurement (gains) losses (42) (33) (5) (9) 11
Interest credited — — — — 7
Policy acquisition costs and other insurance expenses 1 2 2 2 —
Other operating expenses 16 14 15 13 2
Total benefits and expenses 71 78 80 110 38
Adjusted operating income (loss) before income taxes 112 108 66 69 8
Notable items (2) — (34) — — —
Adjusted operating income excluding notable items, before income taxes 77 $ 112 $ 74 $ 66 $ 69 $ 8
Foreign currency effect on (3):
Net premiums 5 $ 6 $ 9 $ (1) $ (12) $ 17
Adjusted operating income before income taxes 3 $ 5 $ 8 $ — $ (7) $ 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) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 18
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Traditional
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Revenues:
Net premiums 716 $ 709 $ 737 $ 677 $ 662 $ 54
Net investment income 59 60 62 61 4
Investment related gains, net 1 1 2 3 (3)
Other revenue (1) 3 11 3 7
Total revenues 768 801 752 729 62
Benefits and expenses:
Claims and other policy benefits 594 604 579 563 23
Future policy benefits remeasurement (gains) losses 6 (39) (14) (9) 10
Policy acquisition costs and other insurance expenses 40 46 44 46 (1)
Other operating expenses 58 56 54 50 —
Total benefits and expenses 698 667 663 650 32
Income before income taxes 109 $ 70 $ 134 $ 89 $ 79 $ 30
Loss and expense ratios:
Loss ratio (1) % 84.6 % 76.7 % 83.5 % 83.7 % (1.7) %
Policy acquisition costs and other insurance expenses % 5.6 % 6.2 % 6.5 % 6.9 % (0.6) %
Other operating expenses % 8.2 % 7.6 % 8.0 % 7.6 % (0.6) %
Foreign currency effect on (2):
Net premiums (23) $ (3) $ (10) $ (21) $ (33) $ 10
Income (loss) before income taxes (3) $ — $ — $ (2) $ (3) $ —
Critical illness net premiums 352 $ 344 $ 368 $ 341 $ 299 $ 53
Assumed life reinsurance in force (in billions) 528.9 $ 528.6 $ 501.8 $ 495.4 $ 508.2 $ 20.7
Assumed new business production (in billions) 17.6 $ 17.3 $ 17.1 $ 4.7 $ 3.9 $ 13.7
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 19
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Revenues:
Net premiums 716 $ 709 $ 737 $ 677 $ 662 $ 54
Net investment income 59 60 62 61 4
Investment related gains, net 1 1 2 3 (3)
Other revenue (1) 3 11 3 7
Total revenues 768 801 752 729 62
Benefits and expenses:
Claims and other policy benefits 594 604 579 563 23
Future policy benefits remeasurement (gains) losses 6 (39) (14) (9) 10
Policy acquisition costs and other insurance expenses 40 46 44 46 (1)
Other operating expenses 57 56 54 50 —
Total benefits and expenses 697 667 663 650 32
Adjusted operating income before income taxes 71 134 89 79 30
Notable items (1) — (2) — — —
Adjusted operating income excluding notable items, before income taxes 109 $ 71 $ 132 $ 89 $ 79 $ 30
Loss and expense ratios:
Loss ratio (2) % 84.6 % 76.7 % 83.5 % 83.7 % (1.7) %
Policy acquisition costs and other insurance expenses % 5.6 % 6.2 % 6.5 % 6.9 % (0.6) %
Other operating expenses % 8.0 % 7.6 % 8.0 % 7.6 % (0.6) %
Foreign currency effect on (3):
Net premiums (23) $ (3) $ (10) $ (21) $ (33) $ 10
Adjusted operating income (loss) before income taxes (2) $ 1 $ (1) $ (3) $ (2) $ —
Critical illness net premiums 352 $ 344 $ 368 $ 341 $ 299 $ 53
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 20
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Revenues:
Net premiums 46 $ 47 $ 63 $ 44 $ 64 $ (18)
Net investment income 136 117 125 108 12
Investment related gains (losses), net 61 (66) (51) (51) (20)
Other revenue 9 16 18 10 38
Total revenues 253 130 136 131 12
Benefits and expenses:
Claims and other policy benefits 50 67 44 69 (22)
Future policy benefits remeasurement (gains) losses — (1) — (1) 1
Interest credited 49 54 46 54 (3)
Policy acquisition costs and other insurance expenses 25 21 19 16 9
Other operating expenses 7 5 7 6 1
Total benefits and expenses 131 146 116 144 (14)
Income (loss) before income taxes 13 $ 122 $ (16) $ 20 $ (13) $ 26
Foreign currency effect on (2):
Net premiums (5) $ (2) $ (2) $ (2) $ (7) $ 2
Income (loss) before income taxes 5 $ (6) $ 1 $ — $ — $ 5
Assumed life reinsurance in force (in billions) 8.5 $ 8.0 $ 7.7 $ 6.7 $ 7.4 $ 1.1
Assumed new business production (in billions) 1.0 $ — $ 1.0 $ 0.1 $ 1.7 $ (0.7)
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 21
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Revenues:
Net premiums 46 $ 47 $ 63 $ 44 $ 64 $ (18)
Net investment income 136 117 125 108 12
Investment related gains, net 2 2 4 4 (1)
Other revenue 12 8 5 8 12
Total revenues 197 190 178 184 5
Benefits and expenses:
Claims and other policy benefits 50 67 44 69 (22)
Future policy benefits remeasurement (gains) losses — (1) — (1) 1
Interest credited 49 54 46 54 (3)
Policy acquisition costs and other insurance expenses 25 21 19 16 9
Other operating expenses 7 5 7 6 1
Total benefits and expenses 131 146 116 144 (14)
Adjusted operating income before income taxes 66 44 62 40 19
Notable items (2) — — — — —
Adjusted operating income excluding notable items, before income taxes 59 $ 66 $ 44 $ 62 $ 40 $ 19
Foreign currency effect on (3):
Net premiums (5) $ (2) $ (2) $ (2) $ (7) $ 2
Adjusted operating income before income taxes (1) $ (2) $ (2) $ (2) $ (3) $ 2
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 22
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Corporate and Other
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Revenues:
Net investment income 106 $ 111 $ 109 $ 82 $ 82 $ 24
Investment related gains (losses), net (60) 21 — (44) (35)
Other revenue 22 5 (4) 11 (7)
Total revenues 73 135 78 49 (18)
Benefits and expenses:
Interest credited 19 14 14 14 16
Policy acquisition costs and other insurance income (27) (24) (20) (20) (5)
Other operating expenses 91 84 92 77 10
Interest expense 69 72 63 53 15
Total benefits and expenses 152 146 149 124 36
Loss before income taxes (129) $ (79) $ (11) $ (71) $ (75) $ (54)
Foreign currency effect on (1):
Loss before income taxes 1 $ (5) $ 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 23
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Corporate and Other
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Revenues:
Net investment income 106 $ 111 $ 109 $ 82 $ 82 $ 24
Investment related gains, net 5 2 3 4 —
Other revenue 15 9 6 13 (1)
Total revenues 131 120 91 99 23
Benefits and expenses:
Interest credited 19 14 14 14 16
Policy acquisition costs and other insurance income (27) (24) (20) (20) (5)
Other operating expenses 92 84 89 77 10
Interest expense 70 71 63 53 15
Total benefits and expenses 154 145 146 124 36
Adjusted operating income (loss) before income taxes (23) (25) (55) (25) (13)
Notable items (1) — — — — —
Adjusted operating income excluding notable items, before income taxes (38) $ (23) $ (25) $ (55) $ (25) $ (13)
Foreign currency effect on (2):
Adjusted operating income (loss) before income taxes 1 $ (6) $ 1 $ — $ — $ 1
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 24
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Summary of Segment GAAP Income
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
U.S. and Latin America:
Traditional 116 $ 30 $ 105 $ 62 $ 121 $ (5)
Financial Solutions (120) 108 68 114 (97)
Total U.S. and Latin America (90) 213 130 235 (102)
Canada:
Traditional 47 $ 21 $ 6 $ 35 $ 29 $ 18
Financial Solutions 6 30 6 10 (3)
Total Canada 27 36 41 39 15
Europe, Middle East and Africa:
Traditional 28 $ 8 $ (60) $ 4 $ 27 $ 1
Financial Solutions 106 84 52 59 5
Total Europe, Middle East and Africa 114 24 56 86 6
Asia Pacific:
Traditional 109 $ 70 $ 134 $ 89 $ 79 $ 30
Financial Solutions 122 (16) 20 (13) 26
Total Asia Pacific 192 118 109 66 56
Corporate and Other (79) (11) (71) (75) (54)
Consolidated income before income taxes 272 $ 164 $ 380 $ 265 $ 351 $ (79)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 25
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Summary of Segment Adjusted Operating Income
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
U.S. and Latin America:
Traditional 128 $ 25 $ 103 $ 63 $ 122 $ 6
Financial Solutions 101 136 109 105 (15)
Total U.S. and Latin America 126 239 172 227 (9)
Canada:
Traditional 46 $ 20 $ 10 $ 32 $ 29 $ 17
Financial Solutions 6 30 6 10 (3)
Total Canada 26 40 38 39 14
Europe, Middle East and Africa:
Traditional 38 $ 8 $ (59) $ 4 $ 27 $ 11
Financial Solutions 112 108 66 69 8
Total Europe, Middle East and Africa 120 49 70 96 19
Asia Pacific:
Traditional 109 $ 71 $ 134 $ 89 $ 79 $ 30
Financial Solutions 66 44 62 40 19
Total Asia Pacific 137 178 151 119 49
Corporate and Other (23) (25) (55) (25) (13)
Consolidated adjusted operating income before income taxes 516 $ 386 $ 481 $ 376 $ 456 $ 60
Notable items (1) — (3) — — —
Consolidated adjusted operating income (loss) excluding notable items before income taxes 516 $ 386 $ 478 $ 376 $ 456 $ 60
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 26
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Cash and Invested Assets
Dec. 31, Sept. 30, June 30, March 31,
2023 2023 2023 2023
Fixed maturity securities, available-for-sale (1) 65,827 $ 60,467 $ 54,171 $ 56,236 $ 56,085
Equity securities 139 133 136 138
Mortgage loans 7,377 7,231 7,038 6,833
Policy loans 1,206 1,180 1,202 1,221
Funds withheld at interest 5,683 5,725 5,862 5,976
Limited partnerships and real estate joint ventures 2,635 2,560 2,473 2,405
Short-term investments 222 141 224 246
Other invested assets 1,171 1,091 1,119 1,111
Cash and cash equivalents 2,970 2,820 2,598 3,294
Total cash and invested assets 90,449 $ 81,870 $ 75,052 $ 76,888 $ 77,309
(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”), Japanese government and agencies ("Japanese government"), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), 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
March 31, Dec. 31, Sept. 30, June 30, March 31, vs. PY
2024 2023 2023 2023 2023 Quarter
Average invested assets at amortized cost (1) $ 38,483 $ 37,169 $ 37,051 $ 36,124 $ 35,863 $ 2,620
Net investment income (1) $ 444 $ 443 $ 430 $ 393 $ 415 $ 29
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1) 4.70 % 4.86 % 4.72 % 4.42 % 4.71 % (1) bp
Variable investment income ("VII") (included in net investment income) (1) $ 16 $ 44 $ 39 $ 17 $ 39 $ (23)
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) (1) 4.75 % 4.60 % 4.51 % 4.43 % 4.45 % 30 bps
(1) Excludes spread related business (e.g. coinsurance of annuities). Page 27
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Fixed Maturity Securities
Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate 44,575 $ 79 $ 485 $ 3,933 $ 41,048 62.4 %
Canadian government — 326 68 3,713 5.6 %
Japanese government — 4 522 5,204 7.9 %
ABS 15 30 207 4,945 7.5 %
CMBS 1 14 154 1,861 2.8 %
RMBS — 10 110 1,150 1.7 %
U.S. government — 2 244 2,786 4.2 %
State and political subdivisions — 6 139 1,116 1.7 %
Other foreign government — 39 407 4,004 6.2 %
Total fixed maturity securities 70,790 $ 95 $ 916 $ 5,784 $ 65,827 100.0 %

All values are in US Dollars.

December 31, 2023
Amortized<br>Cost Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate $ 42,014 $ 62 $ 554 $ 3,751 $ 38,755 64.1 %
Canadian government 3,477 — 473 33 3,917 6.5 %
Japanese government 3,630 — 3 502 3,131 5.2 %
ABS 4,661 12 19 239 4,429 7.3 %
CMBS 1,969 1 7 202 1,773 2.9 %
RMBS 1,173 — 8 102 1,079 1.8 %
U.S. government 2,725 — 9 214 2,520 4.2 %
State and political subdivisions 1,236 — 7 129 1,114 1.8 %
Other foreign government 4,092 — 45 388 3,749 6.2 %
Total fixed maturity securities $ 64,977 $ 75 $ 1,125 $ 5,560 $ 60,467 100.0 %
Page 28
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Corporate Fixed Maturity Securities by Industry
December 31, 2023
Estimated Fair Value % of Total Average Credit Ratings (1) Amortized Cost Estimated Fair Value % of Total Average Credit Ratings (1)
Financial institutions
Banking 6,865 $ 6,516 15.9 % A- $ 6,474 $ 6,109 15.8 % A-
Brokerage/asset managers/exchanges 1,237 3.0 % A- 1,320 1,194 3.1 % A-
Finance companies 356 0.8 % BBB+ 367 330 0.9 % BBB+
Insurance 4,181 10.2 % A- 4,507 4,086 10.5 % A-
REITs 1,386 3.4 % A- 1,401 1,269 3.2 % BBB+
Other finance 850 2.1 % A- 983 801 2.1 % A-
Total financial institutions 15,788 $ 14,526 35.4 % $ 15,052 $ 13,789 35.6 %
Industrials
Basic 1,979 $ 1,817 4.4 % BBB+ $ 1,940 $ 1,797 4.6 % BBB+
Capital goods 1,740 4.2 % BBB 1,664 1,531 4.0 % BBB
Communications 2,709 6.6 % BBB 2,853 2,635 6.8 % BBB
Consumer cyclical 2,401 5.8 % BBB+ 2,286 2,139 5.5 % BBB+
Consumer noncyclical 4,899 11.9 % BBB+ 5,057 4,661 12.0 % BBB+
Energy 2,330 5.8 % A- 2,317 2,171 5.6 % A-
Technology 1,872 4.6 % BBB+ 1,899 1,819 4.7 % BBB+
Transportation 2,140 5.2 % A- 2,286 2,100 5.4 % A-
Other industrial 1,038 2.5 % BBB 1,111 1,082 2.8 % BBB
Total industrials 22,606 $ 20,946 51.0 % $ 21,413 $ 19,935 51.4 %
Utilities
Electric 4,871 $ 4,401 10.7 % A- $ 4,371 $ 3,973 10.3 % A-
Natural gas 747 1.9 % A- 770 694 1.8 % A-
Other utility 428 1.0 % BBB+ 408 364 0.9 % BBB+
Total utilities 6,181 $ 5,576 13.6 % $ 5,549 $ 5,031 13.0 %
Total 44,575 $ 41,048 100.0 % BBB+ $ 42,014 $ 38,755 100.0 % 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 29

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Ratings of Fixed Maturity Securities
March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023
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 $ 46,541 $ 43,336 65.8 % $ 41,469 $ 38,739 64.1 % $ 38,876 $ 33,799 62.4 % $ 38,928 $ 35,512 63.1 % $ 38,291 $ 35,308 63.0 %
2 BBB 20,527 18,951 28.8 % 19,793 18,261 30.2 % 19,959 17,134 31.6 % 19,840 17,517 31.2 % 19,832 17,658 31.5 %
3 BB 3,039 2,952 4.5 % 3,068 2,956 4.9 % 2,902 2,780 5.1 % 2,919 2,801 5.0 % 2,811 2,698 4.8 %
4 B 515 468 0.8 % 479 396 0.7 % 439 368 0.7 % 347 328 0.6 % 402 340 0.6 %
5 CCC 123 98 0.1 % 116 92 0.1 % 104 81 0.2 % 99 69 0.1 % 100 69 0.1 %
6 In or near default 45 22 — % 52 23 — % 52 9 — % 52 9 — % 58 12 — %
Total $ 70,790 $ 65,827 100.0 % $ 64,977 $ 60,467 100.0 % $ 62,332 $ 54,171 100.0 % $ 62,185 $ 56,236 100.0 % $ 61,494 $ 56,085 100.0 %
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).
Structured Fixed Maturity Securities
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023
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
ABS:
Collateralized loan obligations ("CLOs") $ 2,540 $ 2,518 31.6 % $ 2,086 $ 2,048 28.1 % $ 2,022 $ 1,967 28.2 % $ 1,936 $ 1,857 26.9 % $ 1,880 $ 1,775 26.1 %
ABS, excluding CLOs 2,597 2,427 30.5 % 2,575 2,381 32.7 % 2,540 2,269 32.5 % 2,574 2,308 33.5 % 2,590 2,328 34.2 %
Total ABS 5,137 4,945 62.1 % 4,661 4,429 60.8 % 4,562 4,236 60.7 % 4,510 4,165 60.4 % 4,470 4,103 60.3 %
CMBS 2,002 1,861 23.4 % 1,969 1,773 24.3 % 1,959 1,710 24.5 % 1,932 1,699 24.6 % 1,882 1,670 24.6 %
RMBS
Agency 436 385 4.8 % 444 398 5.5 % 454 388 5.6 % 464 413 6.0 % 473 432 6.4 %
Non-agency 814 765 9.7 % 729 681 9.4 % 718 642 9.2 % 681 624 9.0 % 647 592 8.7 %
Total RMBS 1,250 1,150 14.5 % 1,173 1,079 14.9 % 1,172 1,030 14.8 % 1,145 1,037 15.0 % 1,120 1,024 15.1 %
Total $ 8,389 $ 7,956 100.0 % $ 7,803 $ 7,281 100.0 % $ 7,693 $ 6,976 100.0 % $ 7,587 $ 6,901 100.0 % $ 7,472 $ 6,797 100.0 %
Page 30
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Fixed Maturity Securities Below Amortized Cost (1)
Equal to or greater than 12 months Total
Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
Investment grade securities:
Corporate 4,063 $ 89 $ 23,710 $ 3,753 $ 27,773 $ 3,842
Canadian government 14 433 54 724 68
Japanese government 63 2,013 459 4,741 522
ABS 8 2,883 191 3,443 199
CMBS 1 1,266 143 1,374 144
RMBS 3 683 107 844 110
U.S. government 14 654 230 2,586 244
State and political subdivisions 3 815 136 934 139
Other foreign government 6 2,190 348 2,656 354
Total investment grade securities 10,428 $ 201 $ 34,647 $ 5,421 $ 45,075 $ 5,622
Below investment grade securities:
Corporate 246 $ 25 $ 512 $ 66 $ 758 $ 91
ABS 1 62 7 72 8
CMBS — 4 1 4 1
Other foreign government — 193 53 193 53
Total below investment grade securities 256 $ 26 $ 771 $ 127 $ 1,027 $ 153
Total fixed maturity securities 10,684 $ 227 $ 35,418 $ 5,548 $ 46,102 $ 5,775
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.

All values are in US Dollars.

Page 31
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Fixed Maturity Securities Below Amortized Cost (1)
Equal to or greater than 12 months Total
Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
Investment grade securities:
Corporate 2,134 $ 70 $ 24,207 $ 3,524 $ 26,341 $ 3,594
Canadian government — 459 33 459 33
Japanese government 50 2,193 452 3,069 502
ABS 5 3,025 223 3,361 228
CMBS 5 1,328 190 1,488 195
RMBS 3 681 99 796 102
U.S. government 10 717 204 1,331 214
State and political subdivisions 1 864 128 937 129
Other foreign government 3 2,290 333 2,544 336
Total investment grade securities 4,562 $ 147 $ 35,764 $ 5,186 $ 40,326 $ 5,333
Below investment grade securities:
Corporate 295 $ 36 $ 649 $ 121 $ 944 $ 157
ABS — 68 10 68 10
CMBS — 4 1 4 1
Other foreign government — 193 52 1,016 168
295 $ 36 $ 914 $ 184 $ 2,032 $ 336
Total below investment grade securities 4,857 $ 183 $ 36,678 $ 5,370 $ 42,358 $ 5,669
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.

All values are in US Dollars.

Page 32
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Consolidated Investment Related Gains and Losses
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Fixed maturity securities available-for-sale:
Change in allowance for credit losses (20) $ (7) $ 7 $ 4 $ (42) $ 22
Impairments on fixed maturities (2) — — (1) 1
Realized gains on investment activity 18 12 11 31 1
Realized losses on investment activity (102) (61) (37) (75) (59)
Net gains (losses) on fixed maturity securities available-for-sale (93) (42) (22) (87) (35)
Net gains (losses) on equity securities 3 (2) (4) 2 2
Change in mortgage loan allowance for credit losses 7 (17) (9) 3 (13)
Limited partnerships and real estate joint venture impairment losses — — — — (8)
Change in fair value of certain limited partnership investments 16 25 10 (3) 4
Other, net — 7 15 2 6
Freestanding derivatives (1):
Interest rate swaps 59 (64) (30) 20 (51)
Interest rate options (23) 16 (3) (23) 20
Total return swaps 14 (8) 5 3 1
Interest rate futures (1) — 2 — 1
Foreign currency swaps (3) 8 12 — 14
Foreign currency swaps - hedged (2) (1) — (1) —
Foreign currency forwards 32 (37) (74) (19) (45)
Equity options (6) 3 (11) (14) 10
Equity futures (23) 11 (10) (9) (8)
Credit default swaps 47 (26) 10 11 (9)
CPI swaps (1) — 6 1 (1)
Total free-standing derivatives 93 (98) (93) (31) (68)
Embedded derivatives (181) 1 (20) 37 40
Net gains (losses) on total derivatives (88) (97) (113) 6 (28)
Total investment related gains, net (149) $ (155) $ (126) $ (123) $ (77) $ (72)
(1) Freestanding derivatives are non-hedged unless specified.

All values are in US Dollars.

Page 33

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Appendix

Reconciliations of GAAP to Non-GAAP Measures
Page 34
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
U.S. and Latin America Traditional
Income (loss) before income taxes 116 $ 30 $ 105 $ 62 $ 121 $ (5)
Investment and derivative (gains) losses (1) (2) — — — —
Funds withheld losses - investment income 1 — — — —
Change in fair value of funds withheld embedded derivatives (1) (4) (2) 1 1 11
Adjusted operating income before income taxes 25 103 63 122 6
Notable items (2) — 17 — — —
Adjusted operating income excluding notable items, before income taxes 128 $ 25 $ 120 $ 63 $ 122 $ 6
U.S. and Latin America Financial Solutions
Income (loss) before income taxes 17 $ (120) $ 108 $ 68 $ 114 $ (97)
Market risk benefits remeasurement (gains) losses 28 (21) (31) 14 (49)
Investment and derivative (gains) losses (1) (27) 62 49 18 44
Change in fair value of funds withheld embedded derivatives (1) 185 1 19 (38) (51)
Funds withheld (gains) losses - investment income (4) (7) 1 (4) 3
EIA embedded derivatives - interest credited 5 (7) 3 (7) 20
Other (3) 34 — — 8 115
Adjusted operating income before income taxes 101 136 109 105 (15)
Notable items (2) — (22) — — —
Adjusted operating income excluding notable items, before income taxes 90 $ 101 $ 114 $ 109 $ 105 $ (15)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Includes pension risk transfer day one loss and other immaterial items.

All values are in US Dollars.

Page 35
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Canada Traditional
Income before income taxes 47 $ 21 $ 6 $ 35 $ 29 $ 18
Investment and derivative (gains) losses (1) (1) — (3) (1) —
Investment income - non-operating FWAI — 2 — 1 (1)
Other — 2 — — —
Adjusted operating income before income taxes 20 10 32 29 17
Notable items (2) — 13 — — —
Adjusted operating income excluding notable items, before income taxes 46 $ 20 $ 23 $ 32 $ 29 $ 17
Canada Financial Solutions
Income before income taxes 7 $ 6 $ 30 $ 6 $ 10 $ (3)
Adjusted operating income before income taxes 6 30 6 10 (3)
Notable items (2) — (22) — — —
Adjusted operating income excluding notable items, before income taxes 7 $ 6 $ 8 $ 6 $ 10 $ (3)
Europe, Middle East and Africa Traditional
Income (loss) before income taxes 28 $ 8 $ (60) $ 4 $ 27 $ 1
Other — 1 — — 10
Adjusted operating income (loss) before income taxes 8 (59) 4 27 11
Notable items (2) — 47 — — —
Adjusted operating income (loss) excluding notable items, before income taxes 38 $ 8 $ (12) $ 4 $ 27 $ 11
Europe, Middle East and Africa Financial Solutions
Income before income taxes 64 $ 106 $ 84 $ 52 $ 59 $ 5
Investment and derivative losses (1) 6 23 13 7 7
Investment income - non-operating FWAI — 1 1 3 (4)
Investment (income) loss on unit-linked variable annuities (3) 2 2 — 1
Interest credited on unit-linked variable annuities 3 (2) (2) — (1)
Adjusted operating income before income taxes 112 108 66 69 8
Notable items (2) — (34) — — —
Adjusted operating income excluding notable items, before income taxes 77 $ 112 $ 74 $ 66 $ 69 $ 8
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 36
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2023 2023 2023 2023 Quarter
Asia Pacific Traditional
Income before income taxes 109 $ 70 $ 134 $ 89 $ 79 $ 30
Other 1 — — — —
Adjusted operating income before income taxes 71 134 89 79 30
Notable items (2) — (2) — — —
Adjusted operating income excluding notable items, before income taxes 109 $ 71 $ 132 $ 89 $ 79 $ 30
Asia Pacific Financial Solutions
Income (loss) before income taxes 13 $ 122 $ (16) $ 20 $ (13) $ 26
Investment and derivative (gains) losses (1) (59) 68 55 55 19
Other 3 (8) (13) (2) (26)
Adjusted operating income before income taxes 66 44 62 40 19
Notable items (2) — — — — —
Adjusted operating income excluding notable items, before income taxes 59 $ 66 $ 44 $ 62 $ 40 $ 19
Corporate and Other
Income (loss) before income taxes (129) $ (79) $ (11) $ (71) $ (75) $ (54)
Investment and derivative (gains) losses (1) 65 (19) 3 48 35
Interest expense on uncertain tax positions (1) 1 — — —
Other (8) 4 13 2 6
Adjusted operating income (loss) before income taxes (23) (25) (55) (25) (13)
Notable items (2) — — — — —
Adjusted operating income (loss) excluding notable items, before income taxes (38) $ (23) $ (25) $ (55) $ (25) $ (13)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 37
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Reconciliations of RGA, Inc. Shareholders’ Equity to RGA, Inc. Shareholders’ Equity Excluding AOCI
( millions except per share data)
Dec. 31, Sept. 30, June 30, March 31,
2023 2023 2023 2023
RGA, Inc. shareholders’ equity 9,468 $ 9,081 $ 8,063 $ 7,805 $ 7,626
Less effect of AOCI:
Accumulated currency translation adjustments 68 (33) 26 (94)
Unrealized (depreciation) appreciation of securities (3,667) (6,659) (4,879) (4,393)
Effect of updating discount rates on future policy benefits 3,256 5,366 3,460 3,034
Change in instrument-specific credit risk for market risk benefits 3 7 13 14
Pension and postretirement benefits (29) (14) (18) (22)
RGA, Inc. shareholders’ equity, excluding AOCI 9,450 9,396 9,203 9,087
Year-to-date notable items, net of tax — — — —
RGA, Inc. shareholders’ equity, excluding AOCI and notable items 9,593 $ 9,450 $ 9,396 $ 9,203 $ 9,087
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
Dec. 31, Sept. 30, June 30, March 31,
2023 2023 2023 2023
Book value per share 143.92 $ 138.39 $ 122.40 $ 117.87 $ 114.60
Less effect of AOCI:
Accumulated currency translation adjustment 1.04 (0.49) 0.38 (1.41)
Unrealized (depreciation) appreciation of securities (55.88) (101.10) (73.69) (66.02)
Effect of updating discount rates on future policy benefits 49.62 81.46 52.26 45.59
Change in instrument-specific credit risk for market risk benefits 0.05 0.11 0.20 0.22
Pension and postretirement benefits (0.45) (0.21) (0.27) (0.34)
Book value per share, excluding AOCI 145.83 $ 144.01 $ 142.63 $ 138.99 $ 136.56
Less effect of B36: (2.06) 0.12 0.11 0.34
Book value per share, excluding AOCI and B36 146.96 $ 146.07 $ 142.51 $ 138.88 $ 136.22

All values are in US Dollars.

Page 38

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 includes the assets, liabilities, and results of operations of RGA and its subsidiaries.

Non-GAAP Financial Measures

Reinsurance Group of America, Incorporated (the “Company”) discloses certain financial measures that are not determined in accordance with U.S. GAAP. The Company principally uses such non-GAAP financial measures in evaluating performance because the Company believes that such measures, when reviewed in conjunction with relevant U.S. GAAP measures, present a clearer picture of our operating performance and assist the Company in the allocation of its resources. The Company believes that these non-GAAP financial measures provide investors and other third parties with a better understanding of the Company’s results of operations, financial statements and the underlying profitability drivers and trends of the Company’s businesses by excluding specified items which may not be indicative of the Company’s ongoing operating performance and may fluctuate significantly from period to period. These measures should be considered supplementary to the Company’s financial results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way the Company calculates such measures. Consequently, the Company’s non-GAAP financial measures may not be comparable to similar measures used by other companies.

The following non-GAAP financial measures are used in this document and other documents published by the Company from time to time:

1.Adjusted operating income, on a pre-tax and after-tax basis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations. Adjusted operating income is calculated as net income available to the Company’s shareholders (or, in the case of pre-tax adjusted operating income, income before income taxes) excluding, as applicable:

•substantially all of the effect of net investment related gains and losses,

•changes in the fair value of certain embedded derivatives,

•changes in the fair value of contracts that provide market risk benefits,

•non-economic losses at contract inception for direct pension risk transfer single premium business (which are amortized into adjusted operating income within claims and other policy benefits over the estimated lives of the contracts),

•any net gain or loss from discontinued operations,

•the cumulative effect of any accounting changes,

•the impact of certain tax-related items, and

•any other items that the Company believes are not indicative of the Company’s ongoing operations,

as such items can be volatile and may not reflect the underlying performance of the Company’s businesses. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company’s management incentive programs.

2.Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items. Notable items are items the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented may include the financial impact of the Company’s assumption reviews on business subject to the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments, reflected in future policy benefits remeasurement gains or losses.

3.Adjusted operating revenue. This measure excludes the effects of net realized capital gains and losses, and changes in the fair value of certain embedded derivatives.

Page 39

4.Shareholders’ equity position excluding the impact of accumulated other comprehensive income (loss) (“AOCI”), shareholders’ average equity position excluding AOCI, and book value per share excluding the impact of AOCI. The Company believes that these measures provide useful information since such measures exclude AOCI-related items that are not permanent and can fluctuate significantly from period to period, and may not reflect the impact of the underlying performance of the Company’s businesses on shareholders’ equity and book value per share. AOCI primarily relates to changes in interest rates, credit spreads on its investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses the following non-GAAP financial measures:

•Shareholders’ average equity position excluding AOCI and B36, where B36 refers to the cumulative change in fair value of funds withheld embedded derivatives;

•Shareholders’ average equity position excluding AOCI and notable items; and

•Shareholders’ average equity position excluding AOCI, B36 and notable items.

5.Adjusted operating return on equity. This measure is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target levels and awards under the Company’s management incentive programs. The Company also discloses the following non-GAAP financial measures:

•Adjusted operating return on equity excluding AOCI and B36;

•Adjusted operating return on equity excluding AOCI and notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’ equity excluding notable items and AOCI; and

•Adjusted operating return on equity excluding AOCI, B36 and notable items.

Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix.

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Document

Exhibit 99.3

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