Equibles

8-K

REINSURANCE GROUP OF AMERICA INC (RGA)

8-K 2022-11-03 For: 2022-11-01
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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): November 1, 2022

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

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

16600 Swingley Ridge Road, Chesterfield, Missouri 63017

(Address of Principal Executive Office)

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

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

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

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

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 RGA New York Stock Exchange
6.20% Fixed-To-Floating Rate Subordinated Debentures due 2042 RZA New York Stock Exchange
5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 RZB New York Stock Exchange
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 November 3, 2022, Reinsurance Group of America, Incorporated (the "Company") issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended September 30, 2022, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended September 30, 2022, a copy of which is furnished with this report as Exhibit 99.2. The Press Release also notes that a conference call will be held on November 4, 2022 to discuss the financial and operating results for the three-month period ended September 30, 2022 (the "Earnings Call").

Item 7.01 Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated November 3, 2022 (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 November 1, 2022 the Company’s board of directors declared a regular quarterly dividend of $0.80, payable November 29, 2022 to shareholders of record as of November 15, 2022.

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 datedNovember3, 2022
99.2 Quarterly Financial Supplement for the quarter endedSeptember30, 2022
99.3 Earnings Presentation datedNovemberearningspresentation3q22.htm3, 2022
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: November 3, 2022 By: /s/ Todd C. Larson
Todd C. Larson
Senior Executive Vice President and Chief Financial Officer

Document

Exhibit 99.1

rgaprlogoaa01a15a.jpg

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS

THIRD QUARTER RESULTS

•Net income available to RGA shareholders of $4.19 per diluted share

•Adjusted operating income* of $5.20 per diluted share

•Premium growth of 4.9% over the prior-year quarter, 10.1% on a constant currency basis

•ROE 6.4% and adjusted operating ROE* 7.9% for the trailing twelve months

•Deployed capital of $100 million into transactions

•Total shareholder capital returns of $79 million: $25 million of share repurchases and $54 million shareholder dividends

•Global estimated COVID-19 impacts1 of approximately $89 million on a pre-tax basis, or $1.00 per diluted share2

ST. LOUIS, November 3, 2022 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported third quarter net income available to RGA shareholders of $284 million, or $4.19 per diluted share, compared with net loss available to RGA shareholders of $22 million, or $0.32 per diluted share, in the prior-year quarter. Adjusted operating income* totaled $352 million, or $5.20 per diluted share, compared with adjusted operating loss of $75 million, or $1.11 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.12 per diluted share on net income available to RGA shareholders and an adverse effect of $0.15 per diluted share on adjusted operating income as compared with the prior year.

Quarterly Results Year-to-Date Results
($ in millions, except per share data) 2022 2021 2022 2021
Net premiums $ 3,247 $ 3,094 $ 9,632 $ 9,106
Net income (loss) available to RGA shareholders 284 (22) 419 461
Net income (loss) available to RGA shareholders per diluted share 4.19 (0.32) 6.19 6.74
Adjusted operating income (loss)* 352 (75) 775 115
Adjusted operating income (loss) per diluted share* 5.20 (1.11) 11.46 1.68
Book value per share 54.66 190.60
Book value per share, excluding accumulated other comprehensive income (AOCI)* 143.91 137.60
Total assets 82,705 91,449
* See ‘Use of Non-GAAP Financial Measures’ below
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1 COVID-19 impact estimates include mortality and morbidity claims of approximately $89 million with no offsetting impact from longevity in the quarter.

2 Tax effected at 24%.

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In the third quarter, consolidated net premiums totaled $3.2 billion, an increase of 4.9% over last year’s third quarter, with an adverse net foreign currency effect of $160 million. Excluding the net foreign currency effect, consolidated net premiums increased 10.1%.

Compared with the year-ago period, excluding spread-based businesses, third quarter investment income decreased 7.7%, reflecting lower variable investment income in the quarter. Average investment yield decreased to 4.40% in the third quarter due to lower variable investment income compared with 4.95% in the prior year.

The effective tax rate for the quarter was 22.3% on pre-tax income.

The adjusted operating effective tax rate for the quarter was 22.2%, in line with the expected range of 23% to 24%.

Anna Manning, President and Chief Executive Officer, commented, “This was another strong quarter for us, following the record level of earnings in the second quarter.

“In the quarter, we had positive contributions from a range of segments and businesses. Premium growth on a constant currency basis was 10.1%, and we had another active and successful quarter for in-force transactions, deploying $100 million of capital. COVID-19 claim costs were comfortably absorbed, and our underlying non-COVID-19 mortality was favorable in many markets. Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.3 billion.

“The underlying protection markets are active, organic new business activity is healthy, our in-force transactions pipelines are very robust, and we are better positioned to deliver valuable solutions to our clients than ever before.

“This quarter provides further evidence of the substantial value added through client-centered, focused execution on our strategy even during the challenges of COVID-19, and we are in a great position to continue the momentum going forward.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2022 2021 2022 2021
Net premiums $ 1,640 $ 1,550 $ 4,812 $ 4,547
Pre-tax income (loss) 204 (126) 247 (329)
Pre-tax adjusted operating income (loss) 196 (121) 205 (331)

•Quarterly results reflected favorable individual mortality experience, modestly offset by $45 million of COVID-19 claim costs.

•Individual Health experience was very favorable, driven by an assumption update and favorable incurred claims experience.

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•Group experience was favorable, primarily due to the disability line of business.

•Additional COVID-19 claim costs in Group and Latin America totaled $7 million.

Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2022 2021 2022 2021
Asset-Intensive:
Pre-tax income $ 48 $ 106 $ 57 $ 329
Pre-tax adjusted operating income 72 93 213 268
Capital Solutions:
Pre-tax income 22 22 118 68
Pre-tax adjusted operating income 22 22 118 68

•Asset-Intensive results for the quarter reflected favorable overall experience.

•Capital Solutions results for the quarter were in line with expectations.

Canada

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2022 2021 2022 2021
Net premiums $ 293 $ 289 $ 911 $ 870
Pre-tax income 32 44 54 100
Pre-tax adjusted operating income 33 44 62 101

•Foreign currency exchange rates had an adverse effect of $11 million on net premiums for the quarter.

•Quarterly results were in line with expectations, absorbing $3 million of COVID-19 claim costs.

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

Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2022 2021 2022 2021
Pre-tax income $ 4 $ — $ 21 $ 10
Pre-tax adjusted operating income 4 — 21 10

•Quarterly results were in line with expectations.

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

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Europe, Middle East and Africa (EMEA)

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2022 2021 2022 2021
Net premiums $ 436 $ 432 $ 1,314 $ 1,303
Pre-tax income (loss) 1 (91) (3) (171)
Pre-tax adjusted operating income (loss) 1 (91) (3) (171)

•Foreign currency exchange rates had an adverse effect of $68 million on net premiums for the quarter.

•Quarterly results reflected unfavorable U.K. mortality experience and $5 million of COVID-19 claim costs, partially offset by favorable results in other markets.

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

Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2022 2021 2022 2021
Pre-tax income $ 31 $ 85 $ 149 $ 228
Pre-tax adjusted operating income 49 62 194 187

•Quarterly results reflected the unfavorable impact of client reporting updates.

•Foreign currency exchange rates had an adverse effect of $4 million on pre-tax income and $8 million on pre-tax adjusted operating income for the quarter.

Asia Pacific

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2022 2021 2022 2021
Net premiums $ 660 $ 626 $ 1,950 $ 1,851
Pre-tax income (loss) 118 (96) 227 (67)
Pre-tax adjusted operating income (loss) 118 (96) 227 (67)

•Foreign currency exchange rates had an adverse effect of $50 million on net premiums for the quarter.

•Quarterly results reflected favorable underwriting experience, absorbing $8 million of COVID-19 claim costs, primarily related to medical hospitalization claims for at-home sickness benefits in Japan.

•Australia reported a modest profit for the quarter, driven by favorable group experience.

•Foreign currency exchange rates had an adverse effect of $6 million on pre-tax income and $7 million on pre-tax adjusted operating income for the quarter.

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Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2022 2021 2022 2021
Net premiums $ 69 $ 65 $ 172 $ 166
Pre-tax income (loss) (2) 6 (124) 65
Pre-tax adjusted operating income 13 25 62 64

•Quarterly results reflected unfavorable experience, including $21 million of COVID-19 claim costs related to medical hospitalization claims for at-home sickness benefits in Japan.

•Foreign currency exchange rates had a favorable effect of $20 million on pre-tax loss and $2 million on pre-tax adjusted operating income for the quarter.

Corporate and Other

Quarterly Results Year-to-Date Results
($ in millions) 2022 2021 2022 2021
Pre-tax income (loss) $ (92) $ 16 $ (186) $ 401
Pre-tax adjusted operating income (loss) (56) (27) (83) 28

•Third quarter pre-tax adjusted operating loss was unfavorable as compared to the quarterly average run rate, primarily due to higher general expenses and interest expense.

•On a year-to-date basis, results are in line with the average run rate.

Dividend Declaration

Effective November 1, 2022, the board of directors declared a regular quarterly dividend of $0.80, payable November 29, 2022, to shareholders of record as of November 15, 2022.

Earnings Conference Call

A conference call to discuss third quarter results will begin at 10 a.m. Eastern Time on Friday, November 4. Interested parties may access the call by dialing 1-877-270-2148 (412-902-6510 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.

Use of Non-GAAP Financial Measures

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

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tax and after-tax basis, better measures the ongoing profitability and underlying trends of the Company’s continuing operations, primarily because that measure excludes substantially all of the effect of net

investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and

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

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

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

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

About RGA

Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is one of the world’s largest and most respected reinsurers and is guided by a fundamental purpose: to make financial protection accessible to all. RGA is widely recognized for superior risk management and underwriting expertise, innovative product design, and dedicated client focus. RGA serves clients and partners in key markets around the world and has approximately $3.3 trillion of life reinsurance in force and assets of $82.7 billion as of September 30, 2022. To learn more about RGA and its businesses, visit www.rgare.com. Follow RGA on LinkedIn, Twitter, and Facebook.

Cautionary Note Regarding Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance and growth potential of the Company. Forward-looking statements often contain words and phrases such as “believe,” “expect,” “anticipate,” “may,” “could,” “intend,” “intent,” “belief,” “estimate,” “project,” “plan,” “predict,” “foresee,” “likely,” “will” and other similar expressions. Forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance

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and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.

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

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Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future. For a discussion of these risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the Company’s 2021 Annual Report on Form 10-K, as may be supplemented by Item 1A – “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q.

Investor Contact

Jeff Hopson

Senior Vice President - Investor Relations

(636) 736-2068

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Adjusted Operating Income

(Dollars in millions, except per share data)

(Unaudited) Three Months Ended September 30,
2022 2021
Diluted Earnings Per Share Diluted Earnings Per Share
Net income (loss) available to RGA shareholders $ 284 $ 4.19 $ (22) $ (0.32)
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net 120 1.79 (53) (0.79)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses 4 0.06 (1) (0.01)
Embedded derivatives:
Included in investment related gains/losses, net (3) (0.04) 13 0.19
Included in interest credited (8) (0.12) (2) (0.03)
DAC offset, net 9 0.13 1 0.01
Investment (income) loss on unit-linked variable annuities 4 0.06 2 0.03
Interest credited on unit-linked variable annuities (4) (0.06) (2) (0.03)
Interest expense on uncertain tax positions 1 0.01 1 0.01
Non-investment derivatives and other (56) (0.83) (3) (0.04)
Uncertain tax positions and other tax related items — — (9) (0.13)
Net income attributable to noncontrolling interest 1 0.01 — —
Adjusted operating income (loss) $ 352 $ 5.20 $ (75) $ (1.11)
(Unaudited) Nine Months Ended September 30,
--- --- --- --- --- --- --- --- ---
2022 2021
Diluted Earnings Per Share Diluted Earnings Per Share
Net income available to RGA shareholders $ 419 $ 6.19 $ 461 $ 6.74
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net 365 5.41 (314) (4.60)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses 17 0.25 (3) (0.04)
Embedded derivatives:
Included in investment related gains/losses, net 66 0.98 (40) (0.58)
Included in interest credited (43) (0.64) (28) (0.41)
DAC offset, net 7 0.10 9 0.13
Investment (income) loss on unit-linked variable annuities 17 0.25 1 0.01
Interest credited on unit-linked variable annuities (17) (0.25) (1) (0.01)
Interest expense on uncertain tax positions 1 0.01 6 0.09
Non-investment derivatives and other (63) (0.93) (6) (0.09)
Uncertain tax positions and other tax related items 4 0.06 30 0.44
Net income attributable to noncontrolling interest 2 0.03 — —
Adjusted operating income $ 775 $ 11.46 $ 115 $ 1.68
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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 September 30, 2022 Nine Months Ended September 30, 2022
Pre-tax Income (Loss) Income Taxes Effective Tax Rate (1) Pre-tax Income (Loss) Income Taxes Effective Tax Rate (1)
GAAP income $ 366 $ 81 22.3 % $ 560 $ 139 24.9 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net 153 33 475 110
Capital (gains) losses on funds withheld, included in investment income, net of related expenses 5 1 22 5
Embedded derivatives:
Included in investment related gains/losses, net (4) (1) 83 17
Included in interest credited (10) (2) (54) (11)
DAC offset, net 12 3 9 2
Investment (income) loss on unit-linked variable annuities 5 1 22 5
Interest credited on unit-linked variable annuities (5) (1) (22) (5)
Interest expense on uncertain tax positions 1 — 1 —
Non-investment derivatives and other (71) (15) (80) (17)
Uncertain tax positions and other tax related items — — — (4)
Adjusted operating income $ 452 $ 100 22.2 % $ 1,016 $ 241 23.7 %

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

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

(Dollars in millions)

(Unaudited) Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Income (loss) before income taxes $ 366 $ (34) $ 560 $ 634
Reconciliation to pre-tax adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net 153 (66) 475 (398)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses 5 (2) 22 (4)
Embedded derivatives:
Included in investment related gains/losses, net (4) 16 83 (51)
Included in interest credited (10) (3) (54) (36)
DAC offset, net 12 2 9 12
Investment (income) loss on unit-linked variable annuities 5 2 22 1
Interest credited on unit-linked variable annuities (5) (2) (22) (1)
Interest expense on uncertain tax positions 1 2 1 8
Non-investment derivatives and other (71) (4) (80) (8)
Pre-tax adjusted operating income (loss) $ 452 $ (89) $ 1,016 $ 157
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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 September 30, 2022
Pre-tax income (loss) Capital<br>(gains) losses,<br>derivatives<br>and other, net Change in<br>value of<br>embedded<br>derivatives, net Pre-tax adjusted operating<br>income (loss)
U.S. and Latin America:
Traditional $ 204 $ (1) $ (7) $ 196
Financial Solutions:
Asset-Intensive 48 41 (1) (17) (2) 72
Capital Solutions 22 — — 22
Total U.S. and Latin America 274 40 (24) 290
Canada Traditional 32 1 — 33
Canada Financial Solutions 4 — — 4
Total Canada 36 1 — 37
EMEA Traditional 1 — — 1
EMEA Financial Solutions 31 18 — 49
Total EMEA 32 18 — 50
Asia Pacific Traditional 118 — — 118
Asia Pacific Financial Solutions (2) 15 — 13
Total Asia Pacific 116 15 — 131
Corporate and Other (92) 36 — (56)
Consolidated $ 366 $ 110 $ (24) $ 452

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

(2)Asset-Intensive is net of $(10) DAC offset.

(Unaudited) Three Months Ended September 30, 2021
Pre-tax income (loss) Capital<br>(gains) losses,<br>derivatives<br>and other, net Change in<br>value of<br>embedded<br>derivatives, net Pre-tax adjusted <br>operating<br>income (loss)
U.S. and Latin America:
Traditional $ (126) $ — $ 5 $ (121)
Financial Solutions:
Asset-Intensive 106 (40) (1) 27 (2) 93
Capital Solutions 22 — — 22
Total U.S. and Latin America 2 (40) 32 (6)
Canada Traditional 44 — — 44
Canada Financial Solutions — — — —
Total Canada 44 — — 44
EMEA Traditional (91) — — (91)
EMEA Financial Solutions 85 (23) — 62
Total EMEA (6) (23) — (29)
Asia Pacific Traditional (96) — — (96)
Asia Pacific Financial Solutions 6 19 — 25
Total Asia Pacific (90) 19 — (71)
Corporate and Other 16 (43) — (27)
Consolidated $ (34) $ (87) $ 32 $ (89)

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

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

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

(Unaudited) Nine Months Ended September 30, 2022
Pre-tax income (loss) Capital<br>(gains) losses,<br>derivatives<br>and other, net Change in<br>value of<br>embedded<br>derivatives, net Pre-tax adjusted operating<br>income (loss)
U.S. and Latin America:
Traditional $ 247 $ (1) $ (41) $ 205
Financial Solutions:
Asset-Intensive 57 135 (1) 21 (2) 213
Capital Solutions 118 — — 118
Total U.S. and Latin America 422 134 (20) 536
Canada Traditional 54 8 — 62
Canada Financial Solutions 21 — — 21
Total Canada 75 8 — 83
EMEA Traditional (3) — — (3)
EMEA Financial Solutions 149 45 — 194
Total EMEA 146 45 — 191
Asia Pacific Traditional 227 — — 227
Asia Pacific Financial Solutions (124) 186 — 62
Total Asia Pacific 103 186 — 289
Corporate and Other (186) 103 — (83)
Consolidated $ 560 $ 476 $ (20) $ 1,016

(1)Asset-Intensive is net of $58 DAC offset.

(2)Asset-Intensive is net of $(49) DAC offset.

(Unaudited) Nine Months Ended September 30, 2021
Pre-tax income (loss) Capital<br>(gains) losses,<br>derivatives<br>and other, net Change in<br>value of<br>embedded<br>derivatives, net Pre-tax adjusted <br>operating<br>income (loss)
U.S. and Latin America:
Traditional $ (329) $ — $ (2) $ (331)
Financial Solutions:
Asset-Intensive 329 (32) (1) (29) (2) 268
Capital Solutions 68 — — 68
Total U.S. and Latin America 68 (32) (31) 5
Canada Traditional 100 1 — 101
Canada Financial Solutions 10 — — 10
Total Canada 110 1 — 111
EMEA Traditional (171) — — (171)
EMEA Financial Solutions 228 (41) — 187
Total EMEA 57 (41) — 16
Asia Pacific Traditional (67) — — (67)
Asia Pacific Financial Solutions 65 (1) — 64
Total Asia Pacific (2) (1) — (3)
Corporate and Other 401 (373) — 28
Consolidated $ 634 $ (446) $ (31) $ 157

(1)Asset-Intensive is net of $(44) DAC offset.

(2)Asset-Intensive is net of $56 DAC offset.

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Add Twelve

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In thousands, except per share data)

(Unaudited) Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Earnings per share from net income (loss):
Basic earnings per share $ 4.24 $ (0.32) $ 6.25 $ 6.79
Diluted earnings per share (1) $ 4.19 $ (0.32) $ 6.19 $ 6.74
Diluted earnings per share from adjusted operating income (1) $ 5.20 $ (1.11) $ 11.46 $ 1.68
Weighted average number of common and common equivalent shares outstanding 67,663 68,417 67,607 68,416

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

(Unaudited) At September 30,
2022 2021
Treasury shares 18,484 17,711
Common shares outstanding 66,827 67,600
Book value per share outstanding $ 54.66 $ 190.60
Book value per share outstanding, before impact of AOCI $ 143.91 $ 137.60

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

(Unaudited) At September 30,
2022 2021
Book value per share outstanding $ 54.66 $ 190.60
Less effect of AOCI:
Accumulated currency translation adjustments (3.24) (0.75)
Unrealized appreciation (depreciation) of securities (85.25) 54.80
Pension and postretirement benefits (0.76) (1.05)
Book value per share outstanding, before impact of AOCI $ 143.91 $ 137.60
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Add Thirteen

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

(Dollars in millions)

(Unaudited)
Trailing Twelve Months Ended September 30, 2022: Average Equity
Stockholders' average equity $ 8,915
Less effect of AOCI:
Accumulated currency translation adjustments (62)
Unrealized depreciation of securities (354)
Pension and postretirement benefits (54)
Stockholders' average equity, excluding AOCI $ 9,385

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 September 30, 2022: Income
Net income available to RGA shareholders $ 575 6.4 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net 272
Change in fair value of embedded derivatives (24)
Deferred acquisition cost offset, net 28
Tax expense on uncertain tax positions (116)
Net income attributable to noncontrolling interest 2
Adjusted operating income $ 737 7.9 %

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)

(Unaudited) Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Revenues:
Net premiums $ 3,247 $ 3,094 $ 9,632 $ 9,106
Investment income, net of related expenses 769 796 2,333 2,367
Investment related gains (losses), net (134) 58 (514) 472
Other revenue 184 95 432 354
Total revenues 4,066 4,043 11,883 12,299
Benefits and expenses:
Claims and other policy benefits 2,815 3,289 8,855 9,294
Interest credited 189 177 468 541
Policy acquisition costs and other insurance expenses 396 338 1,144 1,010
Other operating expenses 251 229 720 683
Interest expense 46 41 130 129
Collateral finance and securitization expense 3 3 6 8
Total benefits and expenses 3,700 4,077 11,323 11,665
Income before income taxes 366 (34) 560 634
Provision for income taxes 81 (12) 139 173
Net income 285 (22) 421 461
Net income attributable to noncontrolling interest 1 — 2 —
Net income available to RGA shareholders $ 284 $ (22) $ 419 $ 461

#

Document

Exhibit 99.2

rgalogospelledoutaa01a13.jpg

Quarterly Financial Supplement

Third Quarter 2022

(Unaudited)

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

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

quarterlyfinancialsuppleme.jpg

Reinsurance Group of America, Incorporated

3rd Quarter 2022

Table of Contents

Page
Non-GAAP Disclosures 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 - Asset-Intensive 8
U.S. and Latin America Financial Solutions - Capital Solutions 11
Canada Traditional 13
Canada Financial Solutions 15
Europe, Middle East and Africa Traditional 17
Europe, Middle East and Africa Financial Solutions 19
Asia Pacific Traditional 21
Asia Pacific Financial Solutions 23
Corporate and Other 25
Summary of Segment GAAP Income 27
Summary of Segment Adjusted Operating Income 28
Investments
Cash and Invested Assets and Investment Income and Yield Summary 29
Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities 30
Corporate Fixed Maturity Securities by Industry 31
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities 32
Fixed Maturity Securities Below Amortized Cost 33
Consolidated Investment Related Gains and Losses 35
Appendix
Reconciliations of GAAP to Non-GAAP Measures 36

quarterlyfinancialsuppleme.jpg

Reinsurance Group of America, Incorporated

Non-GAAP Disclosures

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

Non-GAAP Disclosures

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

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

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

Page 1
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Financial Highlights
Three Months Ended Current Qtr vs. PY Quarter Year-to-Date
(USD millions, except in force & per share and shares data) Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Sept. 30, Sept. 30,
2022 2022 2022 2021 2021 2022 2021 Change
Net premiums $ 3,247 $ 3,230 $ 3,155 $ 3,407 $ 3,094 $ 153 $ 9,632 $ 9,106 $ 526
Net income (loss) available to RGA's shareholders 284 198 (63) 156 (22) 306 419 461 (42)
Adjusted operating income (loss) 352 391 32 (38) (75) 427 775 115 660
Return on equity - annualized 23.9 % 10.6 % (2.3) % 4.8 % (0.7) % 24.6 %
Return on equity - trailing 12 months 6.4 % 2.5 % 3.4 % 4.7 % 4.5 % 1.9 %
Adjusted operating return on equity (ex AOCI) - annualized 14.8 % 16.8 % 1.4 % (1.6) % (3.2) % 18.0 %
Adjusted operating return on equity (ex AOCI) - trailing 12 months 7.9 % 3.3 % 2.1 % 0.8 % 2.1 % 5.8 %
Total assets $ 82,705 $ 84,609 $ 89,761 $ 92,175 $ 91,449 $ (8,744)
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional $ 1,662.7 $ 1,650.5 $ 1,645.1 $ 1,628.4 $ 1,619.9 $ 42.8
U.S. and Latin America Financial Solutions 5.3 5.3 5.3 5.3 5.3 —
Canada Traditional 448.7 477.2 484.5 472.6 463.1 (14.4)
Europe, Middle East and Africa Traditional 671.3 756.4 850.7 861.6 852.8 (181.5)
Asia Pacific Traditional 479.4 486.1 508.4 497.4 526.0 (46.6)
Asia Pacific Financial Solutions 5.2 5.4 (1) 1.1 1.7 1.5 3.7
Total assumed life reinsurance in force $ 3,272.6 $ 3,380.9 $ 3,495.1 $ 3,467.0 $ 3,468.6 $ (196.0)
Assumed New Business Production (in billions)
U.S. and Latin America Traditional $ 37.3 $ 32.7 $ 39.5 $ 32.4 $ 33.9 $ 3.4 $ 109.5 $ 98.1 $ 11.4
U.S. and Latin America Financial Solutions — — — — — — — — —
Canada Traditional 10.8 12.8 12.7 14.6 11.5 (0.7) 36.3 34.2 2.1
Europe, Middle East and Africa Traditional 38.2 45.1 50.5 51.0 32.0 6.2 133.8 147.4 (13.6)
Asia Pacific Traditional 14.4 5.7 16.6 8.6 7.1 7.3 36.7 25.6 11.1
Asia Pacific Financial Solutions — — 0.1 0.1 — — 0.1 0.1 —
Total assumed new business production $ 100.7 $ 96.3 $ 119.4 $ 106.7 $ 84.5 $ 16.2 $ 316.4 $ 305.4 $ 11.0
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income (loss) $ 4.24 $ 2.95 $ (0.93) $ 2.32 $ (0.32) $ 4.56 $ 6.25 $ 6.79 $ (0.54)
Adjusted operating income (loss) $ 5.26 $ 5.83 $ 0.48 $ (0.56) $ (1.11) $ 6.37 $ 11.56 $ 1.69 $ 9.87
Diluted earnings per share (2)
Net income (loss) (2) $ 4.19 $ 2.92 $ (0.93) $ 2.30 $ (0.32) $ 4.51 $ 6.19 $ 6.74 $ (0.55)
Adjusted operating income (loss) (2) $ 5.20 $ 5.78 $ 0.47 $ (0.56) $ (1.11) $ 6.31 $ 11.46 $ 1.68 $ 9.78
Wgt. average common shares outstanding
Basic 66,936 66,996 67,104 67,380 67,916 (980) 67,012 67,960 (948)
Diluted 67,663 67,620 67,649 67,930 68,417 (754) 67,607 68,416 (809)
Common shares issued 85,311 85,311 85,311 85,311 85,311 — 85,311 85,311 —
Treasury shares 18,484 18,304 18,323 18,140 17,711 773 18,484 17,711 773
Common shares outstanding 66,827 67,007 66,988 67,171 67,600 (773) 66,827 67,600 (773)
Book value per share $ 54.66 $ 87.14 $ 137.08 $ 193.75 $ 190.60 $ (135.94)
Per share effect of AOCI $ (89.25) $ (53.12) $ (0.81) $ 54.22 $ 53.00 $ (142.25)
Book value per share, excluding AOCI $ 143.91 $ 140.26 $ 137.89 $ 139.53 $ 137.60 $ 6.31
Stockholders’ dividends paid $ 54 $ 49 $ 49 $ 49 $ 50 $ 4 $ 152 $ 145 $ 7
(1) During the quarter, the Company changed its calculation for assumed life reinsurance in force, resulting in an increase for the quarter.
(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.
Page 2
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 3,247 $ 3,230 $ 3,155 $ 3,407 $ 3,094 $ 153 $ 9,632 $ 9,106 $ 526
Net investment income 754 810 771 796 (27) 2,333 2,367 (34)
Investment related gains (losses), net (254) (126) 88 58 (192) (514) 472 (986)
Other revenue 157 91 93 95 89 432 354 78
Total revenues 3,887 3,930 4,359 4,043 23 11,883 12,299 (416)
Benefits and expenses:
Claims and other policy benefits 2,815 3,225 3,482 3,289 (474) 8,855 9,294 (439)
Interest credited 138 141 159 177 12 468 541 (73)
Policy acquisition costs and other insurance expenses 393 355 406 338 58 1,144 1,010 134
Other operating expenses 243 226 253 229 22 720 683 37
Interest expense 42 42 (2) 41 5 130 129 1
Collateral finance and securitization expense 2 1 4 3 — 6 8 (2)
Total benefits and expenses 3,633 3,990 4,302 4,077 (377) 11,323 11,665 (342)
Income (loss) before income taxes 254 (60) 57 (34) 400 560 634 (74)
Provision for income taxes 55 3 (99) (12) 93 139 173 (34)
Net income (loss) 199 (63) 156 (22) 307 421 461 (40)
Net income attributable to noncontrolling interest 1 — — — 1 2 — 2
Net income (loss) available to RGA's shareholders 284 $ 198 $ (63) $ 156 $ (22) $ 306 $ 419 $ 461 $ (42)
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes 366 $ 254 $ (60) $ 57 $ (34) $ 400 $ 560 $ 634 $ (74)
Investment and derivative (gains) losses (1) 203 119 (31) (66) 219 475 (398) 873
Change in value of modified coinsurance and funds withheld embedded derivatives (1) 56 33 (20) (21) 38 106 (87) 193
GMXB embedded derivatives (1) 12 (14) (29) 37 (58) (23) 36 (59)
Funds withheld (gains) losses - investment income 9 8 (1) (2) 7 22 (4) 26
EIA embedded derivatives - interest credited (27) (17) (9) (3) (7) (54) (36) (18)
DAC offset, net 7 (10) 26 2 10 9 12 (3)
Investment (income) loss on unit-linked variable annuities 8 9 (5) 2 3 22 1 21
Interest credited on unit-linked variable annuities (8) (9) 5 (2) (3) (22) (1) (21)
Interest expense on uncertain tax positions — — (34) 2 (1) 1 8 (7)
Non-investment derivatives and other (9) — 5 (4) (67) (80) (8) (72)
Adjusted operating income (loss) before income taxes 452 $ 505 $ 59 $ (36) $ (89) $ 541 $ 1,016 $ 157 $ 859
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

All values are in US Dollars.

Page 3
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA 284 $ 198 $ (63) $ 156 $ (22) $ 306 $ 419 $ 461 $ (42)
Investment and derivative (gains) losses (1) 152 94 (25) (52) 171 365 (313) 678
Change in value of modified coinsurance and funds withheld embedded derivatives (1) 44 26 (16) (17) 31 84 (69) 153
GMXB embedded derivatives (1) 9 (11) (22) 29 (45) (18) 28 (46)
Funds withheld (gains) losses - investment income 7 6 (1) (1) 5 17 (3) 20
EIA embedded derivatives - interest credited (22) (13) (8) (2) (6) (43) (28) (15)
DAC offset, net 6 (8) 21 1 8 7 9 (2)
Investment (income) loss on unit-linked variable annuities 6 7 (4) 2 2 17 1 16
Interest credited on unit-linked variable annuities (6) (7) 4 (2) (2) (17) (1) (16)
Interest expense on uncertain tax positions — — (27) 1 — 1 6 (5)
Non-investment derivatives and other (7) — 4 (3) (53) (63) (6) (57)
Uncertain tax positions and other tax related items 3 1 (120) (9) 9 4 30 (26)
Net income attributable to noncontrolling interest 1 — — — 1 2 — 2
Adjusted operating income (loss) 352 $ 391 $ 32 $ (38) $ (75) $ 427 $ 775 $ 115 $ 660
Diluted earnings per share - adjusted operating income (loss) (2) 5.20 $ 5.78 $ 0.47 $ (0.56) $ (1.11) $ 6.31 $ 11.46 $ 1.68 $ 9.78
Foreign currency effect on (3):
Net premiums (160) $ (119) $ (47) $ (3) $ 51 $ (211) $ (326) $ 253 $ (579)
Adjusted operating income (loss) before income taxes (13) $ (14) $ (1) $ — $ (7) $ (6) $ (28) $ 4 $ (32)
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.
(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 4
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Consolidated Balance Sheets
( millions)
June 30, March 31, Dec. 31, Sept. 30,
2022 2022 2021 2021
Assets
Fixed maturity securities, available-for-sale 50,495 $ 53,294 $ 57,922 $ 60,749 $ 59,289
Equity securities 127 139 151 160
Mortgage loans 6,544 6,535 6,283 6,366
Policy loans 1,218 1,221 1,234 1,234
Funds withheld at interest 6,393 6,737 6,954 7,034
Short-term investments 272 315 87 82
Other invested assets 3,110 3,033 3,070 3,404
Total investments 70,958 75,902 78,528 77,569
Cash and cash equivalents 2,556 2,709 2,948 3,027
Accrued investment income 572 578 533 574
Premiums receivable and other reinsurance balances 2,884 2,883 2,888 3,013
Reinsurance ceded receivables 2,558 2,595 2,580 2,585
Deferred policy acquisition costs 3,856 3,797 3,690 3,687
Other assets 1,225 1,297 1,008 994
Total assets 82,705 $ 84,609 $ 89,761 $ 92,175 $ 91,449
Liabilities and equity
Future policy benefits 33,715 $ 34,833 $ 35,946 $ 35,782 $ 35,666
Interest-sensitive contract liabilities 29,023 28,083 26,377 26,017
Other policy claims and benefits 6,464 7,079 6,993 7,117
Other reinsurance balances 582 582 613 543
Deferred income taxes 1,060 1,843 2,886 2,407
Other liabilities 2,899 3,123 2,663 3,327
Long-term debt 3,667 3,667 3,667 3,173
Collateral finance and securitization notes 152 166 180 314
Total liabilities 78,680 80,489 79,161 78,564
Equity:
Common stock, at par value 1 1 1 1
Additional paid-in-capital 2,478 2,465 2,461 2,447
Retained earnings 8,592 8,446 8,563 8,458
Treasury stock (1,673) (1,675) (1,653) (1,604)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes (39) 4 (9) (50)
Unrealized appreciation of securities, net of income taxes (3,469) (9) 3,701 3,704
Pension and postretirement benefits, net of income taxes (51) (50) (50) (71)
Total RGA, Inc. stockholders’ equity 5,839 9,182 13,014 12,885
Noncontrolling interest 90 90 — —
Total equity 5,929 9,272 13,014 12,885
Total liabilities and equity 82,705 $ 84,609 $ 89,761 $ 92,175 $ 91,449
Total RGA, Inc. stockholders’ equity, excluding AOCI 9,617 $ 9,398 $ 9,237 $ 9,372 $ 9,302
See appendix for reconciliation of total stockholders' 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 Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 1,640 $ 1,631 $ 1,541 $ 1,697 $ 1,550 $ 90 $ 4,812 $ 4,547 $ 265
Net investment income 209 304 245 245 (31) 727 685 42
Investment related gains (losses), net 19 15 4 (5) 13 42 2 40
Other revenue 9 7 4 5 — 21 14 7
Total revenues 1,868 1,867 1,950 1,795 72 5,602 5,248 354
Benefits and expenses:
Claims and other policy benefits 1,389 1,765 1,892 1,670 (272) 4,552 4,828 (276)
Interest credited 17 17 18 17 1 52 52 —
Policy acquisition costs and other insurance expenses 208 208 209 195 8 619 583 36
Other operating expenses 45 43 42 39 5 132 114 18
Total benefits and expenses 1,659 2,033 2,161 1,921 (258) 5,355 5,577 (222)
Income (loss) before income taxes 204 $ 209 $ (166) $ (211) $ (126) $ 330 $ 247 $ (329) $ 576
Loss and expense ratios:
Claims and other policy benefits % 85.2 % 114.5 % 111.5 % 107.7 % (22.5) % 94.6 % 106.2 % (11.6) %
Policy acquisition costs and other insurance expenses % 12.8 % 13.5 % 12.3 % 12.6 % (0.2) % 12.9 % 12.8 % 0.1 %
Other operating expenses % 2.8 % 2.8 % 2.5 % 2.5 % 0.2 % 2.7 % 2.5 % 0.2 %
Foreign currency effect on (1):
Net premiums — $ 1 $ — $ — $ 2 $ (2) $ 1 $ 3 $ (2)
Income (loss) before income taxes — $ — $ — $ 1 $ (1) $ 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 6
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Traditional
Adjusted Operating Income Statements
( millions)
Current Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, Qtr vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 1,640 $ 1,631 $ 1,541 $ 1,697 $ 1,550 $ 90 $ 4,812 $ 4,547 $ 265
Net investment income 209 304 245 245 (31) 727 685 42
Other revenue 9 7 4 5 — 21 14 7
Total revenues 1,849 1,852 1,946 1,800 59 5,560 5,246 314
Benefits and expenses:
Claims and other policy benefits 1,389 1,765 1,892 1,670 (272) 4,552 4,828 (276)
Interest credited 17 17 18 17 1 52 52 —
Policy acquisition costs and other insurance expenses 208 208 209 195 8 619 583 36
Other operating expenses 45 43 42 39 5 132 114 18
Total benefits and expenses 1,659 2,033 2,161 1,921 (258) 5,355 5,577 (222)
Adjusted operating income (loss) before income taxes 196 $ 190 $ (181) $ (215) $ (121) $ 317 $ 205 $ (331) $ 536
Loss and expense ratios:
Claims and other policy benefits % 85.2 % 114.5 % 111.5 % 107.7 % (22.5) % 94.6 % 106.2 % (11.6) %
Policy acquisition costs and other insurance expenses % 12.8 % 13.5 % 12.3 % 12.6 % (0.2) % 12.9 % 12.8 % 0.1 %
Other operating expenses % 2.8 % 2.8 % 2.5 % 2.5 % 0.2 % 2.7 % 2.5 % 0.2 %
Foreign currency effect on (1):
Net premiums — $ 1 $ — $ — $ 2 $ (2) $ 1 $ 3 $ (2)
Adjusted operating income (loss) before income taxes — $ — $ — $ 1 $ (1) $ 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 7
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 13 $ 14 $ 15 $ 13 $ 14 $ (1) $ 42 $ 42 $ —
Net investment income 251 262 264 290 (20) 783 823 (40)
Investment related gains (losses), net (93) (80) 36 12 (34) (195) 36 (231)
Other revenue 31 27 26 31 (2) 87 142 (55)
Total revenues 203 224 339 347 (57) 717 1,043 (326)
Benefits and expenses:
Claims and other policy benefits 42 48 37 48 (6) 132 129 3
Interest credited 101 107 120 149 (19) 338 445 (107)
Policy acquisition costs and other insurance expenses 59 40 79 34 24 157 113 44
Other operating expenses 12 9 10 10 2 33 27 6
Total benefits and expenses 214 204 246 241 1 660 714 (54)
Income (loss) before income taxes 48 $ (11) $ 20 $ 93 $ 106 $ (58) $ 57 $ 329 $ (272)
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 - Asset-Intensive
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 13 $ 14 $ 15 $ 13 $ 14 $ (1) $ 42 $ 42 $ —
Net investment income 254 264 264 290 (20) 788 822 (34)
Other revenue 32 27 25 31 (2) 88 142 (54)
Total revenues 300 306 302 335 (23) 918 1,006 (88)
Benefits and expenses:
Claims and other policy benefits 42 48 37 48 (6) 132 129 3
Interest credited 128 124 129 152 (12) 392 481 (89)
Policy acquisition costs and other insurance expenses 52 50 53 32 14 148 101 47
Other operating expenses 12 9 10 10 2 33 27 6
Total benefits and expenses 234 231 229 242 (2) 705 738 (33)
Adjusted operating income before income taxes 72 $ 66 $ 75 $ 73 $ 93 $ (21) $ 213 $ 268 $ (55)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 9
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Asset-Intensive
(Continued)
Three Months Ended
(USD millions, shown net of reinsurance ceded) Sept. 30, June 30, March 31, Dec. 31, Sept. 30,
2022 2022 2022 2021 2021
Annuity account values:
Fixed annuities (deferred) $ 12,408 $ 12,084 $ 11,693 $ 11,858 $ 11,997
Net interest spread (fixed annuities) 1.5 % 1.3 % 2.0 % 1.4 % 1.7 %
Equity-indexed annuities $ 2,952 $ 3,017 $ 3,114 $ 3,213 $ 3,293
Variable annuities account values
No riders $ 642 $ 705 $ 786 $ 844 $ 827
GMDB only 802 811 891 960 968
GMIB only 19 20 23 25 25
GMAB only 2 2 3 3 3
GMWB only 833 916 1,035 1,130 1,110
GMDB / WB 158 174 240 264 261
Other 15 16 18 19 19
Total variable annuities account values $ 2,471 $ 2,644 $ 2,996 $ 3,245 $ 3,213
Fair value of liabilities associated with living benefit riders $ 139 $ 160 $ 148 $ 162 $ 191
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts $ 623 $ 712 $ 656 $ 656 $ 827
Bank-owned life insurance (BOLI) $ 2,508 $ 2,505 $ 2,499 $ 2,492 $ 2,480
Other asset-intensive business $ 111 $ 112 $ 114 $ 115 $ 117
Future policy benefits associated with:
Payout annuities $ 4,081 $ 4,160 $ 4,218 $ 4,274 $ 4,329
Page 10
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net investment income — $ 1 $ 1 $ — $ 1 $ (1) $ 2 $ 2 $ —
Other revenue 74 27 28 26 (1) 126 80 46
Total revenues 75 28 28 27 (2) 128 82 46
Benefits and expenses:
Policy acquisition costs and other insurance expenses 1 1 — 2 (2) 2 4 (2)
Other operating expenses 2 3 3 3 — 8 10 (2)
Total benefits and expenses 3 4 3 5 (2) 10 14 (4)
Income before income taxes 22 $ 72 $ 24 $ 25 $ 22 $ — $ 118 $ 68 $ 50
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 11
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Capital Solutions
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net investment income — $ 1 $ 1 $ — $ 1 $ (1) $ 2 $ 2 $ —
Other revenue 74 27 28 26 (1) 126 80 46
Total revenues 75 28 28 27 (2) 128 82 46
Benefits and expenses:
Policy acquisition costs and other insurance expenses 1 1 — 2 (2) 2 4 (2)
Other operating expenses 2 3 3 3 — 8 10 (2)
Total benefits and expenses 3 4 3 5 (2) 10 14 (4)
Adjusted operating income before income taxes 22 $ 72 $ 24 $ 25 $ 22 $ — $ 118 $ 68 $ 50
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 12
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Traditional
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 293 $ 314 $ 304 $ 324 $ 289 $ 4 $ 911 $ 870 $ 41
Net investment income 58 55 60 65 (2) 176 188 (12)
Investment related gains (losses), net (6) 1 — 1 1 (3) 3 (6)
Other revenue 1 2 1 (1) 1 3 2 1
Total revenues 367 362 385 354 4 1,087 1,063 24
Benefits and expenses:
Claims and other policy benefits 295 300 298 255 15 865 798 67
Policy acquisition costs and other insurance expenses 46 46 50 46 — 138 137 1
Other operating expenses 10 10 9 9 1 30 28 2
Total benefits and expenses 351 356 357 310 16 1,033 963 70
Income before income taxes 32 $ 16 $ 6 $ 28 $ 44 $ (12) $ 54 $ 100 $ (46)
Loss and expense ratios:
Claims and other policy benefits % 93.9 % 98.7 % 92.0 % 88.2 % 4.0 % 95.0 % 91.7 % 3.3 %
Policy acquisition costs and other insurance expenses % 14.6 % 15.1 % 15.4 % 15.9 % (0.2) % 15.1 % 15.7 % (0.6) %
Other operating expenses % 3.2 % 3.3 % 2.8 % 3.1 % 0.3 % 3.3 % 3.2 % 0.1 %
Foreign currency effect on (1):
Net premiums (11) $ (13) $ — $ 10 $ 16 $ (27) $ (24) $ 66 $ (90)
Income before income taxes (1) $ (1) $ — $ — $ 3 $ (4) $ (2) $ 6 $ (8)
Creditor reinsurance net premiums 18 $ 20 $ 18 $ 19 $ 19 $ (1) $ 56 $ 55 $ 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 13
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 293 $ 314 $ 304 $ 324 $ 289 $ 4 $ 911 $ 870 $ 41
Net investment income 58 55 59 65 (1) 177 188 (11)
Investment related gains, net 2 — 2 1 1 4 4 —
Other revenue 1 2 1 (1) 1 3 2 1
Total revenues 375 361 386 354 5 1,095 1,064 31
Benefits and expenses:
Claims and other policy benefits 295 300 298 255 15 865 798 67
Policy acquisition costs and other insurance expenses 46 46 50 46 — 138 137 1
Other operating expenses 10 10 9 9 1 30 28 2
Total benefits and expenses 351 356 357 310 16 1,033 963 70
Adjusted operating income before income taxes 33 $ 24 $ 5 $ 29 $ 44 $ (11) $ 62 $ 101 $ (39)
Loss and expense ratios:
Claims and other policy benefits % 93.9 % 98.7 % 92.0 % 88.2 % 4.0 % 95.0 % 91.7 % 3.3 %
Policy acquisition costs and other insurance expenses % 14.6 % 15.1 % 15.4 % 15.9 % (0.2) % 15.1 % 15.7 % (0.6) %
Other operating expenses % 3.2 % 3.3 % 2.8 % 3.1 % 0.3 % 3.3 % 3.2 % 0.1 %
Foreign currency effect on (1):
Net premiums (11) $ (13) $ — $ 10 $ 16 $ (27) $ (24) $ 66 $ (90)
Adjusted operating income before income taxes (1) $ (1) $ — $ — $ 3 $ (4) $ (2) $ 6 $ (8)
Creditor reinsurance net premiums 18 $ 20 $ 18 $ 19 $ 19 $ (1) $ 56 $ 55 $ 1
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 14
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 24 $ 25 $ 23 $ 22 $ 22 $ 2 $ 72 $ 68 $ 4
Net investment income (1) 1 — — 1 1 — 1
Other revenue 3 1 2 3 (1) 6 9 (3)
Total revenues 27 25 24 25 2 79 77 2
Benefits and expenses:
Claims and other policy benefits 22 11 17 23 (2) 54 62 (8)
Policy acquisition costs and other insurance expenses — 1 1 1 — 2 2 —
Other operating expenses 1 — 1 1 — 2 3 (1)
Total benefits and expenses 23 12 19 25 (2) 58 67 (9)
Income before income taxes 4 $ 4 $ 13 $ 5 $ — $ 4 $ 21 $ 10 $ 11
Foreign currency effect on (2):
Net premiums (1) $ (1) $ — $ 1 $ 1 $ (2) $ (2) $ 5 $ (7)
Income before income taxes — $ — $ — $ 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 15
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 24 $ 25 $ 23 $ 22 $ 22 $ 2 $ 72 $ 68 $ 4
Net investment income (1) 1 — — 1 1 — 1
Other revenue 3 1 2 3 (1) 6 9 (3)
Total revenues 27 25 24 25 2 79 77 2
Benefits and expenses:
Claims and other policy benefits 22 11 17 23 (2) 54 62 (8)
Policy acquisition costs and other insurance expenses — 1 1 1 — 2 2 —
Other operating expenses 1 — 1 1 — 2 3 (1)
Total benefits and expenses 23 12 19 25 (2) 58 67 (9)
Adjusted operating income before income taxes 4 $ 4 $ 13 $ 5 $ — $ 4 $ 21 $ 10 $ 11
Foreign currency effect on (2):
Net premiums (1) $ (1) $ — $ 1 $ 1 $ (2) $ (2) $ 5 $ (7)
Adjusted operating 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 16
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Traditional
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 436 $ 427 $ 451 $ 435 $ 432 $ 4 $ 1,314 $ 1,303 $ 11
Net investment income 22 22 22 22 (1) 65 66 (1)
Other revenue (2) 3 — — — 1 1 —
Total revenues 447 476 457 454 3 1,380 1,370 10
Benefits and expenses:
Claims and other policy benefits 377 427 464 482 (88) 1,198 1,365 (167)
Policy acquisition costs and other insurance expenses 37 25 34 35 (3) 94 91 3
Other operating expenses 31 30 27 28 2 91 85 6
Total benefits and expenses 445 482 525 545 (89) 1,383 1,541 (158)
Income (loss) before income taxes 1 $ 2 $ (6) $ (68) $ (91) $ 92 $ (3) $ (171) $ 168
Loss and expense ratios:
Claims and other policy benefits % 88.3 % 94.7 % 106.7 % 111.6 % (21.2) % 91.2 % 104.8 % (13.6) %
Policy acquisition costs and other insurance expenses % 8.7 % 5.5 % 7.8 % 8.1 % (0.8) % 7.2 % 7.0 % 0.2 %
Other operating expenses % 7.3 % 6.7 % 6.2 % 6.5 % 0.4 % 6.9 % 6.5 % 0.4 %
Foreign currency effect on (1):
Net premiums (68) $ (46) $ (16) $ — $ 22 $ (90) $ (130) $ 95 $ (225)
Income (loss) before income taxes (1) $ (1) $ 1 $ — $ (14) $ 13 $ (1) $ (23) $ 22
Critical illness net premiums 41 $ 36 $ 39 $ 42 $ 46 $ (5) $ 116 $ 132 $ (16)
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 17
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 436 $ 427 $ 451 $ 435 $ 432 $ 4 $ 1,314 $ 1,303 $ 11
Net investment income 22 22 22 22 (1) 65 66 (1)
Other revenue (2) 3 — — — 1 1 —
Total revenues 447 476 457 454 3 1,380 1,370 10
Benefits and expenses:
Claims and other policy benefits 377 427 464 482 (88) 1,198 1,365 (167)
Policy acquisition costs and other insurance expenses 37 25 34 35 (3) 94 91 3
Other operating expenses 31 30 27 28 2 91 85 6
Total benefits and expenses 445 482 525 545 (89) 1,383 1,541 (158)
Adjusted operating income (loss) before income taxes 1 $ 2 $ (6) $ (68) $ (91) $ 92 $ (3) $ (171) $ 168
Loss and expense ratios:
Claims and other policy benefits % 88.3 % 94.7 % 106.7 % 111.6 % (21.2) % 91.2 % 104.8 % (13.6) %
Policy acquisition costs and other insurance expenses % 8.7 % 5.5 % 7.8 % 8.1 % (0.8) % 7.2 % 7.0 % 0.2 %
Other operating expenses % 7.3 % 6.7 % 6.2 % 6.5 % 0.4 % 6.9 % 6.5 % 0.4 %
Foreign currency effect on (1):
Net premiums (68) $ (46) $ (16) $ — $ 22 $ (90) $ (130) $ 95 $ (225)
Adjusted operating income (loss) before income taxes (1) $ (1) $ 1 $ — $ (14) $ 13 $ (1) $ (23) $ 22
Critical illness net premiums 41 $ 36 $ 39 $ 42 $ 46 $ (5) $ 116 $ 132 $ (16)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 18
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 112 $ 119 $ 128 $ 91 $ 96 $ 16 $ 359 $ 259 $ 100
Net investment income 33 35 56 51 (14) 105 149 (44)
Investment related gains (losses), net (22) 16 8 23 (32) (15) 41 (56)
Other revenue 4 3 2 4 (2) 9 10 (1)
Total revenues 134 182 157 174 (32) 458 459 (1)
Benefits and expenses:
Claims and other policy benefits 94 91 60 77 27 289 194 95
Interest credited (8) (9) 5 (2) (3) (22) (1) (21)
Policy acquisition costs and other insurance expenses 2 1 5 2 (1) 4 5 (1)
Other operating expenses 13 14 12 12 (1) 38 33 5
Total benefits and expenses 101 97 82 89 22 309 231 78
Income before income taxes 31 $ 33 $ 85 $ 75 $ 85 $ (54) $ 149 $ 228 $ (79)
Foreign currency effect on (2):
Net premiums (20) $ (14) $ (5) $ 1 $ 5 $ (25) $ (39) $ 20 $ (59)
Income before income taxes (4) $ (4) $ (3) $ 1 $ 5 $ (9) $ (11) $ 20 $ (31)
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 19
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 112 $ 119 $ 128 $ 91 $ 96 $ 16 $ 359 $ 259 $ 100
Net investment income 47 50 51 51 (5) 143 147 (4)
Investment related gains (losses), net 5 4 3 2 3 14 3 11
Other revenue 4 3 2 4 (2) 9 10 (1)
Total revenues 175 185 147 153 12 525 419 106
Benefits and expenses:
Claims and other policy benefits 94 91 60 77 27 289 194 95
Interest credited — — — — — — — —
Policy acquisition costs and other insurance expenses 2 1 5 2 (1) 4 5 (1)
Other operating expenses 13 14 12 12 (1) 38 33 5
Total benefits and expenses 109 106 77 91 25 331 232 99
Adjusted operating income before income taxes 49 $ 66 $ 79 $ 70 $ 62 $ (13) $ 194 $ 187 $ 7
Foreign currency effect on (2):
Net premiums (20) $ (14) $ (5) $ 1 $ 5 $ (25) $ (39) $ 20 $ (59)
Adjusted operating income before income taxes (8) $ (7) $ (3) $ 1 $ 4 $ (12) $ (18) $ 17 $ (35)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 20
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Traditional
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 660 $ 640 $ 650 $ 773 $ 626 $ 34 $ 1,950 $ 1,851 $ 99
Net investment income 33 33 36 33 5 104 100 4
Investment related gains (losses), net 5 — — — 3 8 (1) 9
Other revenue 8 5 6 4 — 17 13 4
Total revenues 686 688 815 663 42 2,079 1,963 116
Benefits and expenses:
Claims and other policy benefits 537 542 667 682 (184) 1,577 1,778 (201)
Policy acquisition costs and other insurance expenses 42 47 44 31 6 126 115 11
Other operating expenses 49 48 47 46 6 149 137 12
Total benefits and expenses 628 637 758 759 (172) 1,852 2,030 (178)
Income (loss) before income taxes 118 $ 58 $ 51 $ 57 $ (96) $ 214 $ 227 $ (67) $ 294
Loss and expense ratios:
Claims and other policy benefits % 83.9 % 83.4 % 86.3 % 108.9 % (33.4) % 80.9 % 96.1 % (15.2) %
Policy acquisition costs and other insurance expenses % 6.6 % 7.2 % 5.7 % 5.0 % 0.6 % 6.5 % 6.2 % 0.3 %
Other operating expenses % 7.7 % 7.4 % 6.1 % 7.3 % 0.6 % 7.6 % 7.4 % 0.2 %
Foreign currency effect on (1):
Net premiums (50) $ (38) $ (23) $ (13) $ 6 $ (56) $ (111) $ 65 $ (176)
Income (loss) before income taxes (6) $ (5) $ 2 $ (2) $ — $ (6) $ (9) $ — $ (9)
Critical illness net premiums 296 $ 301 $ 295 $ 424 $ 306 $ (10) $ 892 $ 857 $ 35
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 21
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 660 $ 640 $ 650 $ 773 $ 626 $ 34 $ 1,950 $ 1,851 $ 99
Net investment income 33 33 36 33 5 104 100 4
Investment related gains (losses), net 5 — — — 3 8 (1) 9
Other revenue 8 5 6 4 — 17 13 4
Total revenues 686 688 815 663 42 2,079 1,963 116
Benefits and expenses:
Claims and other policy benefits 537 542 667 682 (184) 1,577 1,778 (201)
Policy acquisition costs and other insurance expenses 42 47 44 31 6 126 115 11
Other operating expenses 49 48 47 46 6 149 137 12
Total benefits and expenses 628 637 758 759 (172) 1,852 2,030 (178)
Adjusted operating income (loss) before income taxes 118 $ 58 $ 51 $ 57 $ (96) $ 214 $ 227 $ (67) $ 294
Loss and expense ratios:
Claims and other policy benefits % 83.9 % 83.4 % 86.3 % 108.9 % (33.4) % 80.9 % 96.1 % (15.2) %
Policy acquisition costs and other insurance expenses % 6.6 % 7.2 % 5.7 % 5.0 % 0.6 % 6.5 % 6.2 % 0.3 %
Other operating expenses % 7.7 % 7.4 % 6.1 % 7.3 % 0.6 % 7.6 % 7.4 % 0.2 %
Foreign currency effect on (1):
Net premiums (50) $ (38) $ (23) $ (13) $ 6 $ (56) $ (111) $ 65 $ (176)
Adjusted operating income (loss) before income taxes (7) $ (4) $ 1 $ (2) $ — $ (7) $ (10) $ — $ (10)
Critical illness net premiums 296 $ 301 $ 295 $ 424 $ 306 $ (10) $ 892 $ 857 $ 35
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 22
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 69 $ 60 $ 43 $ 52 $ 65 $ 4 $ 172 $ 166 $ 6
Net investment income 56 44 42 37 40 177 96 81
Investment related gains (losses), net (113) (81) 7 (15) (78) (287) 12 (299)
Other revenue 40 15 13 8 110 173 29 144
Total revenues 43 21 114 95 76 235 303 (68)
Benefits and expenses:
Claims and other policy benefits 59 41 47 52 36 188 140 48
Interest credited 22 20 15 12 26 80 42 38
Policy acquisition costs and other insurance expenses 22 12 15 19 24 77 41 36
Other operating expenses 6 4 4 6 (2) 14 15 (1)
Total benefits and expenses 109 77 81 89 84 359 238 121
Income (loss) before income taxes (2) $ (66) $ (56) $ 33 $ 6 $ (8) $ (124) $ 65 $ (189)
Foreign currency effect on (2):
Net premiums (10) $ (8) $ (3) $ (2) $ (1) $ (9) $ (21) $ (1) $ (20)
Income (loss) before income taxes 20 $ 16 $ 6 $ (2) $ — $ 20 $ 42 $ 1 $ 41
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 23
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net premiums 69 $ 60 $ 43 $ 52 $ 65 $ 4 $ 172 $ 166 $ 6
Net investment income 56 44 42 37 40 177 96 81
Investment related gains, net 5 4 3 4 — 13 11 2
Other revenue 16 7 13 8 28 59 29 30
Total revenues 137 98 110 114 72 421 302 119
Benefits and expenses:
Claims and other policy benefits 59 41 47 52 36 188 140 48
Interest credited 22 20 15 12 26 80 42 38
Policy acquisition costs and other insurance expenses 22 12 15 19 24 77 41 36
Other operating expenses 6 4 4 6 (2) 14 15 (1)
Total benefits and expenses 109 77 81 89 84 359 238 121
Adjusted operating income before income taxes 13 $ 28 $ 21 $ 29 $ 25 $ (12) $ 62 $ 64 $ (2)
Foreign currency effect on (2):
Net premiums (10) $ (8) $ (3) $ (2) $ (1) $ (9) $ (21) $ (1) $ (20)
Adjusted operating income before income taxes 2 $ (1) $ (1) $ (2) $ — $ 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) Compared to comparable prior year period.

All values are in US Dollars.

Page 24
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Corporate and Other
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net investment income 48 $ 92 $ 53 $ 46 $ 52 $ (4) $ 193 $ 258 $ (65)
Investment related gains (losses), net (44) 3 33 42 (65) (64) 379 (443)
Other revenue (11) 1 11 15 (16) (11) 54 (65)
Total revenues 37 57 90 109 (85) 118 691 (573)
Benefits and expenses:
Interest credited 6 6 1 1 7 20 3 17
Policy acquisition costs and other insurance income (24) (26) (31) (27) 2 (75) (81) 6
Other operating expenses 74 65 98 75 9 223 231 (8)
Interest expense 42 42 (2) 41 5 130 129 1
Collateral finance and securitization expense 2 1 4 3 — 6 8 (2)
Total benefits and expenses 100 88 70 93 23 304 290 14
Income (loss) before income taxes (92) $ (63) $ (31) $ 20 $ 16 $ (108) $ (186) $ 401 $ (587)
Foreign currency effect on (1):
Income (loss) before income taxes 3 $ 2 $ — $ 1 $ 2 $ 1 $ 5 $ 10 $ (5)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 25
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Corporate and Other
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Revenues:
Net investment income 48 $ 92 $ 53 $ 46 $ 52 $ (4) $ 193 $ 258 $ (65)
Investment related gains, net — 4 — 1 — 5 6 (1)
Other revenue 3 9 17 11 (1) 22 46 (24)
Total revenues 95 66 63 64 (5) 220 310 (90)
Benefits and expenses:
Interest credited 6 6 1 1 7 20 3 17
Policy acquisition costs and other insurance income (24) (26) (31) (27) 2 (75) (81) 6
Other operating expenses 74 65 98 75 9 223 231 (8)
Interest expense 42 42 32 39 6 129 121 8
Collateral finance and securitization expense 2 1 4 3 — 6 8 (2)
Total benefits and expenses 100 88 104 91 24 303 282 21
Adjusted operating income (loss) before income taxes (56) $ (5) $ (22) $ (41) $ (27) $ (29) $ (83) $ 28 $ (111)
Foreign currency effect on (1):
Adjusted operating income (loss) before income taxes 2 $ — $ 1 $ 2 $ 1 $ 1 $ 3 $ 4 $ (1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 26
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Summary of Segment GAAP Income
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
U.S. and Latin America:
Traditional 204 $ 209 $ (166) $ (211) $ (126) $ 330 $ 247 $ (329) $ 576
Financial Solutions:
Asset Intensive (11) 20 93 106 (58) 57 329 (272)
Capital Solutions 72 24 25 22 — 118 68 50
Total U.S. and Latin America 270 (122) (93) 2 272 422 68 354
Canada:
Traditional 16 6 28 44 (12) 54 100 (46)
Financial Solutions 4 13 5 — 4 21 10 11
Total Canada 20 19 33 44 (8) 75 110 (35)
Europe, Middle East and Africa:
Traditional 2 (6) (68) (91) 92 (3) (171) 168
Financial Solutions 33 85 75 85 (54) 149 228 (79)
Total Europe, Middle East and Africa 35 79 7 (6) 38 146 57 89
Asia Pacific:
Traditional 58 51 57 (96) 214 227 (67) 294
Financial Solutions (66) (56) 33 6 (8) (124) 65 (189)
Total Asia Pacific (8) (5) 90 (90) 206 103 (2) 105
Corporate and Other (63) (31) 20 16 (108) (186) 401 (587)
Consolidated income (loss) before income taxes 366 $ 254 $ (60) $ 57 $ (34) $ 400 $ 560 $ 634 $ (74)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 27
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Summary of Segment Adjusted Operating Income
( millions)
Current Qtr<br>vs. PY<br>Quarter Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, Sept. 30, Sept. 30,
2022 2022 2021 2021 2022 2021 Change
U.S. and Latin America:
Traditional 196 $ 190 $ (181) $ (215) $ (121) $ 317 $ 205 $ (331) $ 536
Financial Solutions:
Asset Intensive 66 75 73 93 (21) 213 268 (55)
Capital Solutions 72 24 25 22 — 118 68 50
Total U.S. and Latin America 328 (82) (117) (6) 296 536 5 531
Canada:
Traditional 24 5 29 44 (11) 62 101 (39)
Financial Solutions 4 13 5 — 4 21 10 11
Total Canada 28 18 34 44 (7) 83 111 (28)
Europe, Middle East and Africa:
Traditional 2 (6) (68) (91) 92 (3) (171) 168
Financial Solutions 66 79 70 62 (13) 194 187 7
Total Europe, Middle East and Africa 68 73 2 (29) 79 191 16 175
Asia Pacific:
Traditional 58 51 57 (96) 214 227 (67) 294
Financial Solutions 28 21 29 25 (12) 62 64 (2)
Total Asia Pacific 86 72 86 (71) 202 289 (3) 292
Corporate and Other (5) (22) (41) (27) (29) (83) 28 (111)
Consolidated adjusted operating income (loss) before income taxes 452 $ 505 $ 59 $ (36) $ (89) $ 541 $ 1,016 $ 157 $ 859
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 28
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Cash and Invested Assets
June 30, March 31, Dec. 31, Sept. 30,
2022 2022 2021 2021
Fixed maturity securities, available-for-sale (1) 50,495 $ 53,294 $ 57,922 $ 60,749 $ 59,289
Equity securities 127 139 151 160
Mortgage loans 6,544 6,535 6,283 6,366
Policy loans 1,218 1,221 1,234 1,234
Funds withheld at interest 6,393 6,737 6,954 7,034
Short-term investments 272 315 87 82
Other invested assets 3,110 3,033 3,070 3,404
Cash and cash equivalents 2,556 2,709 2,948 3,027
Total cash and invested assets 71,552 $ 73,514 $ 78,611 $ 81,476 $ 80,596
(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).

All values are in US Dollars.

Investment Income and Yield Summary
Three Months Ended Current Qtr<br>vs. PY<br>Quarter Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Sept. 30, Sept. 30,
2022 2022 2022 2021 2021 2022 2021 Change
Average invested assets at amortized cost (1) $ 34,579 $ 34,859 $ 35,271 $ 34,325 $ 33,361 $ 1,218 $ 34,494 $ 33,021 $ 1,473
Net investment income (1) $ 374 $ 397 $ 457 $ 397 $ 405 $ (31) $ 1,228 $ 1,251 $ (23)
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1) 4.40 % 4.63 % 5.29 % 4.70 % 4.95 % (55) bp 4.78 % 5.08 % (30) bps
Variable investment income ("VII") (included in net investment income) (1) $ 38 $ 70 $ 141 $ 91 $ 102 $ (64) $ 249 $ 342 $ (93)
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) 4.12 % 3.96 % 3.80 % 3.78 % 3.85 % 27 bps 3.96 % 3.83 % 13 bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
Page 29
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities
Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate 38,293 $ 43 $ 163 $ 5,758 $ 32,655 64.6 %
Canadian government — 503 41 3,586 7.1 %
RMBS — 4 105 953 1.9 %
ABS 4 6 444 3,723 7.4 %
CMBS 1 3 175 1,670 3.3 %
U.S. government — 3 204 863 1.7 %
State and political subdivisions — 9 177 1,086 2.2 %
Other foreign government 4 21 891 5,959 11.8 %
Total fixed maturity securities 57,630 $ 52 $ 712 $ 7,795 $ 50,495 100.0 %

All values are in US Dollars.

December 31, 2021
Amortized<br>Cost Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate $ 35,239 $ 26 $ 3,084 $ 194 $ 38,103 62.8 %
Canadian government 3,339 — 1,606 1 4,944 8.1 %
RMBS 1,020 — 37 7 1,050 1.7 %
ABS 4,024 — 22 41 4,005 6.6 %
CMBS 1,790 1 66 6 1,849 3.0 %
U.S. government 2,082 — 31 8 2,105 3.5 %
State and political subdivisions 1,191 — 137 5 1,323 2.2 %
Other foreign government 7,188 4 273 87 7,370 12.1 %
Total fixed maturity securities $ 55,873 $ 31 $ 5,256 $ 349 $ 60,749 100.0 %
Page 30
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Corporate Fixed Maturity Securities by Industry
December 31, 2021
Estimated Fair Value % of Total Average Credit Ratings (1) Amortized Cost Estimated Fair Value % of Total Average Credit Ratings (1)
Financial institutions
Banking 6,165 $ 5,429 16.6 % A- $ 5,792 $ 6,163 16.2 % A-
Brokerage/asset managers/exchanges 1,055 3.2 % A- 1,073 1,145 3.0 % A-
Finance companies 342 1.0 % BBB 306 316 0.8 % BBB+
Insurance 3,659 11.2 % A- 3,987 4,383 11.5 % A-
REITs 939 2.9 % BBB+ 987 1,022 2.7 % BBB+
Other finance 640 2.0 % A- 956 1,016 2.7 % A-
Total financial institutions 14,152 $ 12,064 36.9 % $ 13,101 $ 14,045 36.9 %
Industrials
Basic 1,999 $ 1,698 5.3 % BBB $ 1,972 $ 2,210 5.8 % BBB
Capital goods 1,505 4.6 % BBB 1,542 1,649 4.3 % BBB
Communications 2,023 6.2 % BBB 2,330 2,592 6.8 % BBB
Consumer cyclical 1,698 5.2 % BBB+ 1,758 1,885 4.9 % BBB+
Consumer noncyclical 3,796 11.6 % BBB+ 3,952 4,315 11.3 % BBB+
Energy 1,775 5.4 % BBB+ 1,967 2,159 5.7 % BBB+
Technology 1,449 4.4 % BBB+ 1,436 1,486 3.9 % BBB+
Transportation 1,791 5.5 % BBB+ 2,050 2,192 5.8 % BBB+
Other industrial 1,001 3.1 % BBB 850 887 2.3 % BBB
Total industrials 19,434 $ 16,736 51.3 % $ 17,857 $ 19,375 50.8 %
Utilities
Electric 3,706 $ 3,047 9.3 % A- $ 3,256 $ 3,561 9.4 % A-
Natural gas 508 1.6 % A- 566 614 1.6 % BBB+
Other utility 300 0.9 % BBB+ 459 508 1.3 % BBB+
Total utilities 4,707 $ 3,855 11.8 % $ 4,281 $ 4,683 12.3 %
Total 38,293 $ 32,655 100.0 % BBB+ $ 35,239 $ 38,103 100.0 % BBB+
(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.

All values are in US Dollars.

Page 31

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Ratings of Fixed Maturity Securities
September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021
NAIC Designation (1) Rating Agency Designation (2) Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total
1 AAA/AA/A $ 33,881 $ 30,062 59.6 % $ 33,989 $ 31,782 59.6 % $ 34,434 $ 34,741 60.0 % $ 33,540 $ 36,725 60.5 % $ 32,444 $ 35,554 60.0 %
2 BBB 19,931 16,924 33.5 % 19,851 18,011 33.8 % 19,691 19,574 33.8 % 18,684 20,379 33.5 % 18,025 19,814 33.4 %
3 BB 3,044 2,843 5.6 % 2,940 2,774 5.2 % 2,821 2,769 4.8 % 2,620 2,668 4.4 % 2,868 2,952 5.0 %
4 B 625 583 1.2 % 658 619 1.2 % 730 720 1.2 % 876 863 1.4 % 832 822 1.4 %
5 CCC 107 62 0.1 % 124 84 0.2 % 127 92 0.2 % 96 79 0.1 % 161 137 0.2 %
6 In or near default 42 21 — % 46 24 — % 46 26 — % 57 35 0.1 % 17 10 — %
Total $ 57,630 $ 50,495 100.0 % $ 57,608 $ 53,294 100.0 % $ 57,849 $ 57,922 100.0 % $ 55,873 $ 60,749 100.0 % $ 54,347 $ 59,289 100.0 %
(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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021
Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total
RMBS
Agency $ 489 $ 442 7.0 % $ 519 $ 498 7.7 % $ 538 $ 537 8.3 % $ 551 $ 582 8.4 % $ 594 $ 631 9.2 %
Non-agency 565 511 8.1 % 485 452 7.0 % 445 429 6.6 % 469 468 6.8 % 571 578 8.4 %
Total RMBS 1,054 953 15.1 % 1,004 950 14.7 % 983 966 14.9 % 1,020 1,050 15.2 % 1,165 1,209 17.6 %
ABS:
Collateralized loan obligations ("CLOs") 1,788 1,650 26.0 % 1,714 1,622 25.1 % 1,659 1,630 25.1 % 1,761 1,752 25.4 % 1,841 1,838 26.8 %
ABS, excluding CLOs 2,377 2,073 32.6 % 2,377 2,160 33.4 % 2,256 2,116 32.5 % 2,263 2,253 32.6 % 1,922 1,941 28.3 %
Total ABS 4,165 3,723 58.6 % 4,091 3,782 58.5 % 3,915 3,746 57.6 % 4,024 4,005 58.0 % 3,763 3,779 55.1 %
CMBS 1,843 1,670 26.3 % 1,856 1,735 26.8 % 1,829 1,786 27.5 % 1,790 1,849 26.8 % 1,795 1,877 27.3 %
Total $ 7,062 $ 6,346 100.0 % $ 6,951 $ 6,467 100.0 % $ 6,727 $ 6,498 100.0 % $ 6,834 $ 6,904 100.0 % $ 6,723 $ 6,865 100.0 %
Page 32
---
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 25,451 $ 4,761 $ 2,283 $ 811 $ 27,734 $ 5,572
Canadian government 36 12 5 380 41
RMBS 69 128 36 806 105
ABS 296 1,054 121 3,387 417
CMBS 149 83 17 1,544 166
U.S. government 190 116 14 837 204
State and political subdivisions 161 44 16 927 177
Other foreign government 509 1,291 290 5,125 799
Total investment grade securities 35,729 $ 6,171 $ 5,011 $ 1,310 $ 40,740 $ 7,481
Below investment grade securities:
Corporate 1,144 $ 118 $ 202 $ 62 $ 1,346 $ 180
ABS 12 23 7 76 19
CMBS 3 18 3 40 6
Other foreign government 28 124 62 310 90
Total below investment grade securities 1,405 $ 161 $ 367 $ 134 $ 1,772 $ 295
Total fixed maturity securities 37,134 $ 6,332 $ 5,378 $ 1,444 $ 42,512 $ 7,776
(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 33
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Fixed Maturity Securities Below Amortized Cost (1)
Equal to or greater than 12 months Total
Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
Investment grade securities:
Corporate 4,135 $ 86 $ 946 $ 51 $ 5,081 $ 137
Canadian government 1 — — 20 1
RMBS 3 102 4 234 7
ABS 22 589 6 2,336 28
CMBS 2 35 2 187 4
U.S. government 6 31 2 1,544 8
State and political subdivisions 3 28 2 137 5
Other foreign government 33 724 37 2,961 70
Total investment grade securities 10,045 $ 156 $ 2,455 $ 104 $ 12,500 $ 260
Below investment grade securities:
Corporate 463 $ 13 $ 97 $ 44 $ 560 $ 57
ABS — 13 13 13 13
CMBS — — — — —
Other foreign government 7 75 10 211 17
Total below investment grade securities 599 $ 20 $ 185 $ 67 $ 784 $ 87
Total fixed maturity securities 10,644 $ 176 $ 2,640 $ 171 $ 13,284 $ 347
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.

All values are in US Dollars.

Page 34
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Consolidated Investment Related Gains and Losses
Current Qtr<br>vs. PY<br>Quarter Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, Sept. 30, Sept. 30,
2022 2022 2021 2021 2022 2021 Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses and impairments (9) $ (15) $ (12) $ (14) $ (1) $ (8) $ (36) $ 2 $ (38)
Realized gains on investment activity 34 11 34 45 (25) 65 265 (200)
Realized losses on investment activity (94) (36) (13) (9) (97) (236) (52) (184)
Net gains (losses) on fixed maturity securities available-for-sale (75) (37) 7 35 (130) (207) 215 (422)
Net gains (losses) on equity securities (15) (8) (6) 8 (1) (16) 31 (47)
Other impairment losses and change in mortgage loan allowance for credit losses (1) (2) 4 4 (10) (9) 25 (34)
Change in fair value of certain limited partnership investments and other, net 19 26 24 27 (20) 52 170 (118)
Free-standing derivatives (1):
Interest rate swaps (44) (52) 7 (4) (29) (129) (41) (88)
Interest rate options (6) — — — 18 12 — 12
Total return swaps — — — — (1) (1) — (1)
Financial futures 24 7 (5) — 7 38 (19) 57
Foreign currency swaps 11 7 5 3 6 27 15 12
Foreign currency swaps - hedged — 4 1 — 1 5 1 4
Foreign currency forwards (76) (23) (9) (2) (53) (154) (11) (143)
CPI swaps (11) 29 13 12 (5) 25 33 (8)
Credit default swaps (33) (58) 13 (12) — (103) 20 (123)
Equity options 21 — (15) 3 5 29 (18) 47
Total free-standing derivatives (114) (86) 10 — (51) (251) (20) (231)
Embedded derivatives:
Modified coinsurance and funds withheld treaties (56) (33) 20 21 (38) (106) 87 (193)
GMXB (12) 14 29 (37) 58 23 (36) 59
Total embedded derivatives (68) (19) 49 (16) 20 (83) 51 (134)
Net gains (losses) on total derivatives (182) (105) 59 (16) (31) (334) 31 (365)
Total investment related gains (losses), net (134) $ (254) $ (126) $ 88 $ 58 $ (192) $ (514) $ 472 $ (986)
(1) Free-standing derivatives are non-hedged unless specified.

All values are in US Dollars.

Page 35

rgalogospelledoutaa01a13.jpg

Appendix

Reconciliations of GAAP to Non-GAAP Measures
Page 36
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
U.S. & Latin America Traditional
Income (loss) before income taxes 204 $ 209 $ (166) $ (211) $ (126) $ 330 $ 247 $ (329) $ 576
Investment and derivative losses (1) — — — — (1) (1) — (1)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1) (19) (15) (4) 5 (12) (41) (2) (39)
Adjusted operating income (loss) before income taxes 196 $ 190 $ (181) $ (215) $ (121) $ 317 $ 205 $ (331) $ 536
U.S. & Latin America Asset-Intensive
Income (loss) before income taxes 48 $ (11) $ 20 $ 93 $ 106 $ (58) $ 57 $ 329 $ (272)
Investment and derivative (gains) losses (1) 6 46 9 (23) 42 71 13 58
Change in value of modified coinsurance and
funds withheld embedded derivatives (1) 75 48 (16) (26) 50 147 (85) 232
GMXB embedded derivatives (1) 12 (14) (29) 37 (58) (23) 36 (59)
Funds withheld (gains) losses - investment income 3 2 — — — 5 (1) 6
EIA embedded derivatives - interest credited (27) (17) (9) (3) (7) (54) (36) (18)
DAC offset, net 7 (10) 26 2 10 9 12 (3)
Non-investment derivatives and other 1 — (1) — — 1 — 1
Adjusted operating income before income taxes 72 $ 66 $ 75 $ 73 $ 93 $ (21) $ 213 $ 268 $ (55)
U.S. & Latin America Capital Solutions
Income before income taxes 22 $ 72 $ 24 $ 25 $ 22 $ — $ 118 $ 68 $ 50
Adjusted operating income before income taxes 22 $ 72 $ 24 $ 25 $ 22 $ — $ 118 $ 68 $ 50
Canada Traditional
Income before income taxes 32 $ 16 $ 6 $ 28 $ 44 $ (12) $ 54 $ 100 $ (46)
Investment and derivative (gains) losses (1) 8 (1) 2 — — 7 1 6
Investment income - non-operating FWAI — — (1) — 1 1 — 1
Adjusted operating income before income taxes 33 $ 24 $ 5 $ 29 $ 44 $ (11) $ 62 $ 101 $ (39)
Canada Financial Solutions
Income before income taxes 4 $ 4 $ 13 $ 5 $ — $ 4 $ 21 $ 10 $ 11
Adjusted operating income before income taxes 4 $ 4 $ 13 $ 5 $ — $ 4 $ 21 $ 10 $ 11
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

All values are in US Dollars.

Page 37
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current Qtr Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, vs. PY Sept. 30, Sept. 30,
2022 2022 2021 2021 Quarter 2022 2021 Change
Europe, Middle East and Africa Traditional
Income (loss) before income taxes 1 $ 2 $ (6) $ (68) $ (91) $ 92 $ (3) $ (171) $ 168
Adjusted operating income (loss) before income taxes 1 $ 2 $ (6) $ (68) $ (91) $ 92 $ (3) $ (171) $ 168
Europe, Middle East and Africa Financial Solutions
Income before income taxes 31 $ 33 $ 85 $ 75 $ 85 $ (54) $ 149 $ 228 $ (79)
Investment and derivative (gains) losses (1) 27 (12) (5) (21) 35 29 (38) 67
Investment income - non-operating FWAI 6 6 — (2) 6 16 (3) 19
Investment (income) loss on unit-linked variable annuities 8 9 (5) 2 3 22 1 21
Interest credited on unit-linked variable annuities (8) (9) 5 (2) (3) (22) (1) (21)
Adjusted operating income before income taxes 49 $ 66 $ 79 $ 70 $ 62 $ (13) $ 194 $ 187 $ 7
Asia Pacific Traditional
Income (loss) before income taxes 118 $ 58 $ 51 $ 57 $ (96) $ 214 $ 227 $ (67) $ 294
Adjusted operating income (loss) before income taxes 118 $ 58 $ 51 $ 57 $ (96) $ 214 $ 227 $ (67) $ 294
Asia Pacific Financial Solutions
Income (loss) before income taxes (2) $ (66) $ (56) $ 33 $ 6 $ (8) $ (124) $ 65 $ (189)
Investment and derivative (gains) losses (1) 118 85 (4) 19 78 300 (1) 301
Non-investment derivatives and other (24) (8) — — (82) (114) — (114)
Adjusted operating income before income taxes 13 $ 28 $ 21 $ 29 $ 25 $ (12) $ 62 $ 64 $ (2)
Corporate and Other
Income (loss) before income taxes (92) $ (63) $ (31) $ 20 $ 16 $ (108) $ (186) $ 401 $ (587)
Investment and derivative (gains) losses (1) 44 1 (33) (41) 65 69 (373) 442
Interest expense on uncertain tax positions — — (34) 2 (1) 1 8 (7)
Non-investment derivatives and other 14 8 6 (4) 15 33 (8) 41
Adjusted operating income (loss) before income taxes (56) $ (5) $ (22) $ (41) $ (27) $ (29) $ (83) $ 28 $ (111)
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

All values are in US Dollars.

Page 38
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Reconciliations of Stockholders’ Equity to Stockholders’ Equity Excluding AOCI
( millions except per share data)
June 30, March 31, Dec. 31, Sept. 30,
2022 2022 2021 2021
RGA, Inc. stockholders’ equity 3,653 $ 5,839 $ 9,182 $ 13,014 $ 12,885
Less effect of AOCI:
Accumulated currency translation adjustments (39) 4 (9) (50)
Unrealized appreciation (depreciation) of securities (3,469) (9) 3,701 3,704
Pension and postretirement benefits (51) (50) (50) (71)
RGA, Inc. stockholders’ equity, excluding AOCI 9,617 $ 9,398 $ 9,237 $ 9,372 $ 9,302
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
June 30, March 31, Dec. 31, Sept. 30,
2022 2022 2021 2021
Book value per share 54.66 $ 87.14 $ 137.08 $ 193.75 $ 190.60
Less effect of AOCI:
Accumulated currency translation adjustments (0.58) 0.06 (0.13) (0.75)
Unrealized appreciation (depreciation) of securities (51.78) (0.13) 55.09 54.80
Pension and postretirement benefits (0.76) (0.74) (0.74) (1.05)
Book value per share, excluding AOCI 143.91 $ 140.26 $ 137.89 $ 139.53 $ 137.60

All values are in US Dollars.

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