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): October 31, 2023

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

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

16600 Swingley Ridge Road, Chesterfield, Missouri 63017

(Address of Principal Executive Office)

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

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

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

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

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

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

☐	Emerging growth company
☐	If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02	Results of Operations and Financial Condition.
---	---

On November 2, 2023, 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, 2023, 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, 2023, 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 3, 2023 to discuss the financial and operating results for the three-month period ended September 30, 2023 (the "Earnings Call").

Item 7.01	Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated November 2, 2023 (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 October 31, 2023 the Company’s board of directors declared a regular quarterly dividend of $0.85, payable November 28, 2023 to shareholders of record as of November 14, 2023.

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 dated Novemberpressrelease3q23.htm2 ,2023
99.2	Quarterly Financial Supplement for the quarter ended September 30, 2023
99.3	Earnings Presentation dated November 2, 2023
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 2, 2023	By:	/s/ Todd C. Larson
		Todd C. Larson
		Senior Executive Vice President and Chief Financial Officer

Document

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS

THIRD QUARTER RESULTS

•Net income available to RGA shareholders of $4.29 per diluted share

•Adjusted operating income* of $5.57 per diluted share

•Premium growth of 31.0% over the prior-year quarter, 30.6% on a constant currency basis1

•Premium growth of 14.0% year-to-date, 15.5% on a constant currency basis1

•ROE of 13.9%, adjusted operating ROE* of 14.7%, and adjusted operating ROE excluding notable items*2 of 14.0% for the trailing twelve months

•Deployed capital of $203 million into in-force and other transactions, $587 million year-to-date

•Total shareholder capital returns of $106 million: $50 million of share repurchases and $56 million of shareholder dividends

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

2 RGA completed its annual actuarial assumption review related to business, subject to Long-Duration Targeted Improvements (LDTI), during the third quarter. The impact from the actuarial assumption review is reflected in the results as notable items.

ST. LOUIS, November 2, 2023 - 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 $287 million, or $4.29 per diluted share, compared with a net loss available to RGA shareholders of $76 million, or $1.13 per diluted share, in the prior-year quarter. Adjusted operating income* for the third quarter totaled $372 million, or $5.57 per diluted share, compared with $16 million, or $0.24 per diluted share, the year before. Adjusted operating income, excluding notable items for the third quarter, totaled $372 million, or $5.57 per diluted share, compared with $263 million, or $3.92 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.03 per diluted share on net income available to RGA shareholders, and $0.01 per diluted share on adjusted operating income as compared with the prior year.

RGA completed its annual actuarial assumption review related to business, subject to Long-Duration Targeted Improvements (LDTI), during the third quarter. The impact from the actuarial assumption review is reflected in the results as notable items, which had an immaterial impact to both consolidated net income and adjusted operating income.

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	Quarterly Results				Year-to-Date Results
($ in millions, except per share data)	2023		2022		2023		2022
Net premiums	$	4,255	$	3,247	$	10,977	$	9,632
Net income (loss) available to RGA shareholders	287		(76)		744		226
Net income (loss) available to RGA shareholders per diluted share	4.29		(1.13)		11.06		3.35
Adjusted operating income*	372		16		1,018		615
Adjusted operating income excluding notable items *	372		263		1,018		845
Adjusted operating income per diluted share*	5.57		0.24		15.14		9.10
Adjusted operating income excluding notable items per diluted share*	5.57		3.92		15.14		12.51
Book value per share	122.40		101.08
Book value per share, excluding accumulated other comprehensive income (AOCI)*	142.63		130.68
Total assets	87,422		82,819
*	See “Non-GAAP Financial Measures” below
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In the third quarter, consolidated net premiums totaled $4.3 billion, an increase of 31.0% over the 2022 third quarter, with a favorable net foreign currency effect of $13 million. Excluding the net foreign currency effect, consolidated net premiums increased 30.6% in the quarter. Net premiums include an $820 million contribution from the U.S. Financial Solutions business, primarily due to a single premium pension risk transfer transaction.

Compared with the year-ago period, excluding spread-based businesses, third quarter investment income increased 15.0%, reflecting higher yields. Average investment yield increased to 4.72% in the third quarter from 4.40% in the prior-year period due to higher yields.

The effective tax rate on pre-tax income was 24.2% for the quarter. The effective tax rate for the quarter was 22.6% on pre-tax adjusted operating income, lower than the expected range of 23% to 24% primarily due to tax benefits received in foreign geographies.

Anna Manning, Chief Executive Officer, commented, “This was another strong quarter, with most regions and business lines performing very well. We continue to see very strong momentum in our new business activities and pipelines. Industry dynamics are favorable and we are well-positioned, with the capabilities and proven track record to benefit from all those dynamics. We are optimistic about our future and our ability to deliver attractive returns for our shareholders.”

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SEGMENT RESULTS

U.S. and Latin America

Traditional

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Net premiums	$	1,746	$	1,640	$	5,111	$	4,812
Pre-tax income (loss)	105		(69)		288		81
Pre-tax adjusted operating income (loss)	103		(77)		288		39
Pre-tax adjusted operating income excluding notable items	120		93		305		209

Quarterly Results

•Results reflected $17 million of unfavorable impacts from assumption updates, which are reflected as notable items.

•Excluding notable items, Individual Life results reflected favorable mortality claims experience; Individual Health and Group results were favorable.

Financial Solutions

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Asset-Intensive:
Pre-tax income	$	89	$	30	$	229	$	33
Pre-tax adjusted operating income	117		83		289		227
Pre-tax adjusted operating income excluding notable items	95		80		267		224
Capital Solutions:
Pre-tax income	$	19	$	23	$	61	$	120
Pre-tax adjusted operating income	19		23		61		120
Pre-tax adjusted operating income excluding notable items	19		23		61		120

Quarterly Results

•Asset-Intensive results reflected $22 million of favorable impacts from assumptions updates, which are reflected as notable items.

•Excluding notable items, Asset-Intensive results reflected continued strong investment spreads.

•Capital Solutions results were in line with expectations.

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Canada

Traditional

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Net premiums	$	302	$	293	$	904	$	911
Pre-tax income	6		12		70		54
Pre-tax adjusted operating income	10		12		71		61
Pre-tax adjusted operating income excluding notable items	23		18		84		67

Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $8 million for the quarter.

Quarterly Results

•Results reflected $13 million of unfavorable impacts from assumptions updates, which are reflected as notable items.

•Excluding notable items, results reflected unfavorable Group claims experience.

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

Financial Solutions

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Pre-tax income	$	30	$	6	$	46	$	22
Pre-tax adjusted operating income	30		6		46		22
Pre-tax adjusted operating income excluding notable items	8		6		24		22

Quarterly Results

•Results reflected $22 million of favorable impacts from assumption updates, which are reflected as notable items.

•Excluding notable items, results reflected favorable longevity experience.

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

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Europe, Middle East and Africa (EMEA)

Traditional

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Net premiums	$	447	$	436	$	1,314	$	1,314
Pre-tax income (loss)	(60)		5		(29)		43
Pre-tax adjusted operating income (loss)	(59)		5		(28)		43
Pre-tax adjusted operating income (loss) excluding notable items	(12)		18		19		56

Net Premiums

•Foreign currency exchange rates had a favorable effect on net premiums of $20 million for the quarter.

Quarterly Results

•Results reflected $47 million of unfavorable impacts from assumption updates, primarily in the U.K., which are reflected as notable items.

•Excluding notable items, results reflected unfavorable mortality experience.

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

Financial Solutions

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Pre-tax income	$	84	$	34	$	195	$	126
Pre-tax adjusted operating income	108		52		243		171
Pre-tax adjusted operating income excluding notable items	74		52		209		171

Quarterly Results

•Results reflected $34 million of favorable impacts from assumption updates, which are reflected as notable items.

•Excluding notable items, results reflected favorable longevity experience.

•Foreign currency exchange rates had a favorable effect of $6 million on pre-tax income and $8 million on pre-tax adjusted operating income.

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Asia Pacific

Traditional

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Net premiums	$	737	$	660	$	2,076	$	1,950
Pre-tax income (loss)	134		(73)		302		94
Pre-tax adjusted operating income (loss)	134		(73)		302		94
Pre-tax adjusted operating income excluding notable items	132		67		300		211

Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $10 million for the quarter.

Quarterly Results

•Results reflected $2 million of favorable impacts from assumption updates, which are reflected as notable items.

•Excluding notable items, results reflected favorable claims and other experience.

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

Financial Solutions

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Net premiums	$	63	$	69	$	171	$	172
Pre-tax income (loss)	(16)		47		(9)		(63)
Pre-tax adjusted operating income	44		62		146		123
Pre-tax adjusted operating income excluding notable items	44		62		146		123

Quarterly Results

•Results were in line with expectations.

•Foreign currency exchange rates had a favorable effect of $1 million on pre-tax income and an adverse effect of $2 million on pre-tax adjusted operating income.

Corporate and Other

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Pre-tax income (loss)	$	(11)	$	(92)	$	(157)	$	(173)
Pre-tax adjusted operating income (loss)	(25)		(55)		(105)		(70)
Pre-tax adjusted operating income (loss) excluding notable items	(25)		(55)		(105)		(70)

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Quarterly Results

•Results were favorable compared to the quarterly average run rate, primarily due to higher investment income.

Dividend Declaration

Effective October 31, 2023, the board of directors declared a regular quarterly dividend of $0.85, payable November 28, 2023, to shareholders of record as of November 14, 2023.

Earnings Conference Call

A conference call to discuss third quarter results will begin at 10 a.m. Eastern Time on Friday, November 3, 2023. Interested parties may access the call by dialing 1-844-481-2753 (412-317-0669 international) and asking to be joined into the Reinsurance Group of America, Incorporated (RGA) call. A live audio webcast of the conference call will be available on the Company’s Investor Relations website at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call.

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

Non-GAAP Financial Measures

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

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

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which can be volatile and may not reflect the underlying performance of the Company’s businesses. Additionally, adjusted operating income excludes, to the extent applicable, any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, the impact of certain tax-related items, and any other items that the Company believes are not indicative of the Company’s ongoing operations. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company’s management incentive programs.

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

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

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

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

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

About RGA

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

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approximately $3.5 trillion of life reinsurance in force and assets of $87.4 billion as of September 30, 2023. To learn more about RGA and its businesses, please visit www.rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.

Cautionary Note Regarding Forward-Looking Statements

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

Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looking statements, include, among others: (1) adverse changes in mortality (whether related to COVID-19 or otherwise), morbidity, lapsation or claims experience, (2) inadequate risk analysis and underwriting, (3) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital and cost of capital, (4) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) requirements to post collateral or make payments due to declines in the market value of assets subject to the Company’s collateral arrangements, (7) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (8) the effect of the Company parent’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, (9) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (10) the impairment of other financial institutions and its effect on the Company’s business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (14) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (18) financial performance of the Company’s clients, (19) the threat of natural disasters, catastrophes, terrorist attacks, pandemics, epidemics or other major public health issues anywhere in the world where the Company or its clients do business, (20) competitive factors and competitors’ responses to the Company’s initiatives, (21) development and introduction of new products and distribution opportunities, (22) execution of the Company’s entry into

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new markets, (23) integration of acquired blocks of business and entities, (24) interruption or failure of the Company’s telecommunication, information technology or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data and intellectual property stored on such systems, (25) adverse developments with respect to litigation, arbitration or regulatory investigations or actions, (26) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (27) changes in laws, regulations, and accounting standards applicable to the Company or its business, including Long-Duration Targeted Improvement accounting changes and (28) other risks and uncertainties described in this document and in the Company’s other filings with the Securities and Exchange Commission (“SEC”).

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future, except as required under applicable securities law. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as may be supplemented by Item 1A - “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q and in our other periodic and current reports filed with the SEC.

Investor Contact

Jeff Hopson

Senior Vice President - Investor Relations

(636) 736-2068

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Adjusted Operating Income

(Dollars in millions, except per share data)

(Unaudited)	Three Months Ended September 30,
	2023				2022
			Diluted Earnings Per Share				Diluted Earnings Per Share
Net income (loss) available to RGA shareholders	$	287	$	4.29	$	(76)	$	(1.13)
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	104		1.56		120		1.79
Market risk benefits remeasurement (gains) losses	(17)		(0.25)		18		0.27
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	(4)		(0.06)		3		0.04
Embedded derivatives:
Included in investment related gains/losses, net	(1)		(0.01)		14		0.21
Included in interest credited	(6)		(0.09)		(8)		(0.12)
Investment (income) loss on unit-linked variable annuities	1		0.01		4		0.06
Interest credited on unit-linked variable annuities	(1)		(0.01)		(4)		(0.06)
Interest expense on uncertain tax positions	1		0.01		—		—
Other	—		—		(56)		(0.83)
Uncertain tax positions and other tax related items	6		0.09		—		—
Net income attributable to noncontrolling interest	2		0.03		1		0.01
Adjusted operating income	372		5.57		16		0.24
Notable items	—		—		248		3.68
Adjusted operating income excluding notable items	$	372	$	5.57	$	264	$	3.92	(Unaudited)	Nine Months Ended September 30,
---	---	---	---	---	---	---	---	---
	2023				2022
			Diluted Earnings Per Share				Diluted Earnings Per Share
Net income available to RGA shareholders	$	744	$	11.06	$	226	$	3.35
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	294		4.39		366		5.42
Market risk benefits remeasurement (gains) losses	(30)		(0.45)		23		0.34
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	(2)		(0.03)		17		0.25
Embedded derivatives:
Included in investment related gains/losses, net	(14)		(0.21)		84		1.24
Included in interest credited	(9)		(0.13)		(43)		(0.64)
Investment (income) loss on unit-linked variable annuities	3		0.04		17		0.25
Interest credited on unit-linked variable annuities	(3)		(0.04)		(17)		(0.25)
Interest expense on uncertain tax positions	1		0.01		—		—
Other	6		0.09		(64)		(0.95)
Uncertain tax positions and other tax related items	23		0.34		4		0.06
Net income attributable to noncontrolling interest	5		0.07		2		0.03
Adjusted operating income	1,018		15.14		615		9.10
Notable items	—		—		231		3.41
Adjusted operating income excluding notable items	$	1,018	$	15.14	$	846	$	12.51

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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, 2023						Nine Months Ended September 30, 2023
	Pre-tax Income (Loss)		Income Taxes		Effective Tax Rate (1)		Pre-tax Income (Loss)		Income Taxes		Effective Tax Rate (1)
GAAP income	$	380	$	91	24.2	%	$	996	$	247	24.9	%
Reconciliation to adjusted operating income:
Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net	134		30				378		84
Market risk benefits remeasurement (gains) losses	(21)		(4)				(38)		(8)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	(4)		—				(2)		—
Embedded derivatives:
Included in investment related gains/losses, net	(1)		—				(18)		(4)
Included in interest credited	(7)		(1)				(11)		(2)
Investment (income) loss on unit-linked variable annuities	2		1				4		1
Interest credited on unit-linked variable annuities	(2)		(1)				(4)		(1)
Interest expense on uncertain tax positions	1		—				1		—
Other	(1)		(1)				7		1
Uncertain tax positions and other tax related items	—		(6)				—		(23)
Adjusted operating income	481		109		22.6	%	1,313		295		22.5	%
Notable items	(3)		(3)				(3)		(3)
Adjusted operating income excluding notable items	$	478	$	106			$	1,310	$	292

(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.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

(Unaudited)	Three Months Ended September 30,
	2023		2022
Income (loss) before income taxes	$	380	$	(77)
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	134		152
Market risk benefits remeasurement (gains) losses	(21)		23
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	(4)		4
Embedded derivatives:
Included in investment related gains/losses, net	(1)		17
Included in interest credited	(7)		(10)
Investment (income) loss on unit-linked variable annuities	2		5
Interest credited on unit-linked variable annuities	(2)		(5)
Interest expense on uncertain tax positions	1		—
Other	(1)		(71)
Pre-tax adjusted operating income	481		38
Notable items	(3)		326
Pre-tax adjusted operating income excluding notable items	$	478	$	364
(Unaudited)	Nine Months Ended September 30,
---	---	---	---	---
	2023		2022
Income before income taxes	$	996	$	337
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	378		471
Market risk benefits remeasurement (gains) losses	(38)		29
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	(2)		22
Embedded derivatives:
Included in investment related gains/losses, net	(18)		106
Included in interest credited	(11)		(54)
Investment (income) loss on unit-linked variable annuities	4		22
Interest credited on unit-linked variable annuities	(4)		(22)
Interest expense on uncertain tax positions	1		—
Other	7		(81)
Pre-tax adjusted operating income	1,313		830
Notable items	(3)		303
Pre-tax adjusted operating income excluding notable items	$	1,310	$	1,133

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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, 2023
	Pre-tax income (loss)		Realized<br>(gains) losses,<br>derivatives<br>and other, net		Change in<br>value of<br>embedded<br>derivatives, net		Pre-tax adjusted operating<br>income (loss)		Notable Items		Pre-tax adjusted <br>operating<br>income (loss) ex. notable items
U.S. and Latin America:
Traditional	$	105	$	—	$	(2)	$	103	$	17	$	120
Financial Solutions:
Asset-Intensive	89		34		(6)		117		(22)		95
Capital Solutions	19		—		—		19		—		19
Total U.S. and Latin America	213		34		(8)		239		(5)		234
Canada Traditional	6		4		—		10		13		23
Canada Financial Solutions	30		—		—		30		(22)		8
Total Canada	36		4		—		40		(9)		31
EMEA Traditional	(60)		1		—		(59)		47		(12)
EMEA Financial Solutions	84		24		—		108		(34)		74
Total EMEA	24		25		—		49		13		62
APAC Traditional	134		—		—		134		(2)		132
APAC Financial Solutions	(16)		60		—		44		—		44
Total Asia Pacific	118		60		—		178		(2)		176
Corporate and Other	(11)		(14)		—		(25)		—		(25)
Consolidated	$	380	$	109	$	(8)	$	481	$	(3)	$	478
(Unaudited)	Three Months Ended September 30, 2022
---	---	---	---	---	---	---	---	---	---	---	---	---
	Pre-tax income (loss)		Realized<br>(gains) losses,<br>derivatives<br>and other, net		Change in<br>value of<br>embedded<br>derivatives, net		Pre-tax adjusted <br>operating<br>income (loss)		Notable Items		Pre-tax adjusted <br>operating<br>income (loss) ex. notable items
U.S. and Latin America:
Traditional	$	(69)	$	(1)	$	(7)	$	(77)	$	170	$	93
Financial Solutions:
Asset-Intensive	30		39		14		83		(3)		80
Capital Solutions	23		—		—		23		—		23
Total U.S. and Latin America	(16)		38		7		29		167		196
Canada Traditional	12		—		—		12		6		18
Canada Financial Solutions	6		—		—		6		—		6
Total Canada	18		—		—		18		6		24
EMEA Traditional	5		—		—		5		13		18
EMEA Financial Solutions	34		18		—		52		—		52
Total EMEA	39		18		—		57		13		70
APAC Traditional	(73)		—		—		(73)		140		67
APAC Financial Solutions	47		15		—		62		—		62
Total Asia Pacific	(26)		15		—		(11)		140		129
Corporate and Other	(92)		37		—		(55)		—		(55)
Consolidated	$	(77)	$	108	$	7	$	38	$	326	$	364

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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, 2023
	Pre-tax income (loss)		Realized<br>(gains) losses,<br>derivatives<br>and other, net		Change in<br>value of<br>embedded<br>derivatives, net		Pre-tax adjusted operating<br>income (loss)		Notable Items		Pre-tax adjusted <br>operating<br>income (loss) ex. notable items
U.S. and Latin America:
Traditional	$	288	$	—	$	—	$	288	$	17	$	305
Financial Solutions:
Asset-Intensive	229		89		(29)		289		(22)		267
Capital Solutions	61		—		—		61		—		61
Total U.S. and Latin America	578		89		(29)		638		(5)		633
Canada Traditional	70		1		—		71		13		84
Canada Financial Solutions	46		—		—		46		(22)		24
Total Canada	116		1		—		117		(9)		108
EMEA Traditional	(29)		1		—		(28)		47		19
EMEA Financial Solutions	195		48		—		243		(34)		209
Total EMEA	166		49		—		215		13		228
APAC Traditional	302		—		—		302		(2)		300
APAC Financial Solutions	(9)		155		—		146		—		146
Total Asia Pacific	293		155		—		448		(2)		446
Corporate and Other	(157)		52		—		(105)		—		(105)
Consolidated	$	996	$	346	$	(29)	$	1,313	$	(3)	$	1,310	(Unaudited)	Nine Months Ended September 30, 2022
---	---	---	---	---	---	---	---	---	---	---	---	---
	Pre-tax income (loss)		Realized<br>(gains) losses,<br>derivatives<br>and other, net		Change in<br>value of<br>embedded<br>derivatives, net		Pre-tax adjusted <br>operating<br>income (loss)		Notable Items		Pre-tax adjusted <br>operating<br>income (loss) ex. notable items
U.S. and Latin America:
Traditional	$	81	$	(1)	$	(41)	$	39	$	170	$	209
Financial Solutions:
Asset-Intensive	33		101		93		227		(3)		224
Capital Solutions	120		—		—		120		—		120
Total U.S. and Latin America	234		100		52		386		167		553
Canada Traditional	54		7		—		61		6		67
Canada Financial Solutions	22		—		—		22		—		22
Total Canada	76		7		—		83		6		89
EMEA Traditional	43		—		—		43		13		56
EMEA Financial Solutions	126		45		—		171		—		171
Total EMEA	169		45		—		214		13		227
APAC Traditional	94		—		—		94		117		211
APAC Financial Solutions	(63)		186		—		123		—		123
Total Asia Pacific	31		186		—		217		117		334
Corporate and Other	(173)		103		—		(70)		—		(70)
Consolidated	$	337	$	441	$	52	$	830	$	303	$	1,133

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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,
	2023		2022		2023		2022
Earnings per share from net income (loss):
Basic earnings per share	$	4.34	$	(1.13)	$	11.19	$	3.38
Diluted earnings per share (1)	$	4.29	$	(1.13)	$	11.06	$	3.35
Diluted earnings per share from adjusted operating income	$	5.57	$	0.24	$	15.14	$	9.10
Weighted average number of common and common equivalent shares outstanding	66,914		67,663		67,252		67,607

(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,
	2023		2022
Treasury shares	19,439		18,484
Common shares outstanding	65,872		66,827
Book value per share outstanding	$	122.40	$	101.08
Book value per share outstanding, before impact of AOCI	$	142.63	$	130.68

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

(Unaudited)	At September 30,
	2023		2022
Book value per share outstanding	$	122.40	$	101.08
Less effect of AOCI:
Accumulated currency translation adjustment	(0.49)		(2.20)
Unrealized (depreciation) appreciation of securities	(101.10)		(86.61)
Effect of updating discount rates on future policy benefits	81.46		59.69
Change in instrument-specific credit risk for market risk benefits	0.11		0.29
Pension and postretirement benefits	(0.21)		(0.77)
Book value per share outstanding, before impact of AOCI	$	142.63	$	130.68

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

(Dollars in millions)

(Unaudited)
Trailing Twelve Months Ended September 30, 2023:	Average Equity
Shareholders' average equity	$	7,466
Less effect of AOCI:
Accumulated currency translation adjustment	(73)
Unrealized (depreciation) appreciation of securities	(5,443)
Effect of updating discount rates on future policy benefits	3,921
Change in instrument-specific credit risk for market risk benefits	13
Pension and postretirement benefits	(26)
Shareholders' average equity, excluding AOCI	9,074
Year-to-date notable items, net of tax	83
Shareholders' average equity, excluding AOCI and notable items	$	9,157

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, 2023:	Income
Net income available to RGA shareholders	$	1,035	13.9	%
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net	243
Change in fair value of embedded derivatives	31
Tax expense on uncertain tax positions and other tax related items	14
Net income attributable to noncontrolling interest	7
Adjusted operating income	1,330		14.7	%
Notable items after tax	(47)
Adjusted operating income excluding notable items	$	1,283	14.0	%

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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,
	2023		2022		2023		2022
Revenues:
Net premiums	$	4,255	$	3,247	$	10,977	$	9,632
Investment income, net of related expenses	922		769		2,635		2,333
Investment related gains (losses), net	(126)		(154)		(326)		(533)
Other revenue	102		188		274		438
Total revenues	5,153		4,050		13,560		11,870
Benefits and expenses:
Claims and other policy benefits	3,959		3,048		10,035		8,857
Future policy benefits remeasurement (gains) losses	(82)		226		(95)		302
Market risk benefits remeasurement (gains) losses	(21)		23		(38)		29
Interest credited	223		189		647		468
Policy acquisition costs and other insurance expenses	348		341		1,028		1,021
Other operating expenses	274		251		799		720
Interest expense	72		49		188		136
Total benefits and expenses	4,773		4,127		12,564		11,533
Income before income taxes	380		(77)		996		337
Provision for income taxes	91		(2)		247		109
Net income (loss)	289		(75)		749		228
Net income attributable to noncontrolling interest	2		1		5		2
Net income (loss) available to RGA shareholders	$	287	$	(76)	$	744	$	226

#

Document

Exhibit 99.2

Quarterly Financial Supplement

Third Quarter 2023

(Unaudited)

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

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

Reinsurance Group of America, Incorporated

3rd Quarter 2023

Table of Contents

	Page
Non-GAAP Disclosures	1
Consolidated
Financial Highlights	3
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)	4
Consolidated Balance Sheets	6
Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements
U.S. and Latin America Traditional	7
U.S. and Latin America Financial Solutions - Asset-Intensive	9
U.S. and Latin America Financial Solutions - Capital Solutions	12
Canada Traditional	14
Canada Financial Solutions	16
Europe, Middle East and Africa Traditional	18
Europe, Middle East and Africa Financial Solutions	20
Asia Pacific Traditional	22
Asia Pacific Financial Solutions	24
Corporate and Other	26
Summary of Segment GAAP Income	28
Summary of Segment Adjusted Operating Income	29
Investments
Cash and Invested Assets and Investment Income and Yield Summary	30
Fixed Maturity Securities	31
Corporate Fixed Maturity Securities by Industry	32
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities	33
Fixed Maturity Securities Below Amortized Cost	34
Consolidated Investment Related Gains and Losses	36
Appendix
Reconciliations of GAAP to Non-GAAP Measures	37

Reinsurance Group of America, Incorporated

Non-GAAP Disclosures

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

Non-GAAP Financial Measures

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

1.Adjusted operating income, on a pre-tax and after-tax basis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations. Adjusted operating income is calculated as net income available to the Company’s shareholders (or, in the case of pre-tax adjusted operating income, income before income taxes) excluding substantially all of the effect of net investment related gains and losses, changes in the fair value of certain embedded derivatives, and changes in the fair value of contracts that provide market risk benefits, which items can be volatile and may not reflect the underlying performance of the Company’s businesses. Additionally, adjusted operating income excludes, to the extent applicable, any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, the impact of certain tax-related items, and any other items that the Company believes are not indicative of the Company’s ongoing operations. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company’s management incentive programs.

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

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

Page 1

Page 2
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Financial Highlights
	Three Months Ended															Current Qtr			Year-to-Date
(USD millions, except in force & per share and shares data)	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,		Sept. 30,
	2023			2023			2023			2022			2022			Quarter			2023		2022		Change
Net premiums	$	4,255		$	3,337		$	3,385		$	3,446		$	3,247		$	1,008		$	10,977	$	9,632	$	1,345
Net income (loss) available to RGA's shareholders	287			205			252			291			(76)			363			744		226		518
Adjusted operating income	372			297			349			312			16			356			1,018		615		403
Adjusted operating income excluding notable items (1)	372			297			349			266			263			109			1,018		845		173
Return on equity	13.9		%	9.2		%	7.8		%	6.8		%	8.3		%	5.6		%
Adjusted operating return on equity (ex AOCI)	14.7		%	10.9		%	11.2		%	10.5		%	9.2		%	5.5		%
Adjusted operating return on equity (ex AOCI and notable items (1))	14.0		%	13.0		%	13.1		%	12.5		%	11.7		%	2.3		%
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income (loss)	$	4.34		$	3.09		$	3.77		$	4.36		$	(1.13)		$	5.47		$	11.19	$	3.38	$	7.81
Adjusted operating income (loss)	$	5.64		$	4.46		$	5.22		$	4.67		$	0.24		$	5.40		$	15.32	$	9.18	$	6.14
Adjusted operating income (loss) excluding notable items (1)	$	5.64		$	4.46		$	5.22		$	3.97		$	3.95		$	1.69		$	15.32	$	12.62	$	2.70
Diluted earnings per share (2)
Net income (loss)	$	4.29		$	3.05		$	3.72		$	4.30		$	(1.13)		$	5.42		$	11.06	$	3.35	$	7.71
Adjusted operating income (loss)	$	5.57		$	4.40		$	5.16		$	4.60		$	0.24		$	5.33		$	15.14	$	9.10	$	6.04
Adjusted operating income (loss) excluding notable items (1)	$	5.57		$	4.40		$	5.16		$	3.91		$	3.92		$	1.65		$	15.14	$	12.51	$	2.63
Wgt. average common shares outstanding
Basic	66,127			66,518			66,779			66,748			66,936			(809)			66,473		67,012		(539)
Diluted	66,914			67,420			67,615			67,793			67,663			(749)			67,252		67,607		(355)
Book value per share	$	122.40		$	117.87		$	114.60		$	106.19		$	101.08		$	21.32		$	122.40	$	101.08	$	21.32
Book value per share, excluding AOCI	$	142.63		$	138.99		$	136.56		$	134.26		$	130.68		$	11.95		$	142.63	$	130.68	$	11.95
Shareholders’ dividends paid	$	56		$	54		$	53		$	53		$	54		$	2		$	163	$	152	$	11
Share buybacks	$	50		$	50		$	50		$	25		$	25		$	25		$	150	$	50	$	100
Total returned to shareholders	$	106		$	104		$	103		$	78		$	79		$	27		$	313	$	202	$	111
Common shares issued	85,311			85,311			85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	19,439			19,099			18,771			18,635			18,484			955			19,439		18,484		955
Common shares outstanding	65,872			66,212			66,540			66,676			66,827			(955)			65,872		66,827		(955)
Assumed life reinsurance in force (in billions)	$	3,499.4		$	3,479.5		$	3,426.7		$	3,400.7		$	3,272.6		$	226.8
Assumed new business production (in billions)	$	96.7		$	88.2		$	80.6		$	92.5		$	100.7		$	(4.0)		$	265.5	$	316.4	$	(50.9)
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(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 3
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Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	4,255	$	3,337	$	3,385	$	3,446	$	3,247	$	1,008	$	10,977	$	9,632	$	1,345
Net investment income	922		857		856		828		769		153		2,635		2,333		302
Investment related gains (losses), net	(126)		(123)		(77)		(6)		(154)		28		(326)		(533)		207
Other revenue	102		85		87		89		188		(86)		274		438		(164)
Total revenues	5,153		4,156		4,251		4,357		4,050		1,103		13,560		11,870		1,690
Benefits and expenses:
Claims and other policy benefits	3,959		3,013		3,063		3,125		3,048		911		10,035		8,857		1,178
Future policy benefits remeasurement (gains) losses	(82)		13		(26)		(11)		226		(308)		(95)		302		(397)
Market risk benefits remeasurement (gains) losses	(21)		(31)		14		(19)		23		(44)		(38)		29		(67)
Interest credited	223		209		215		214		189		34		647		468		179
Policy acquisition costs and other insurance expenses	348		349		331		323		341		7		1,028		1,021		7
Other operating expenses	274		275		250		289		251		23		799		720		79
Interest expense	72		63		53		55		49		23		188		136		52
Total benefits and expenses	4,773		3,891		3,900		3,976		4,127		646		12,564		11,533		1,031
Income (loss) before income taxes	380		265		351		381		(77)		457		996		337		659
Provision for income taxes	91		58		98		88		(2)		93		247		109		138
Net income (loss)	289		207		253		293		(75)		364		749		228		521
Net income attributable to noncontrolling interest	2		2		1		2		1		1		5		2		3
Net income (loss) available to RGA's shareholders	$	287	$	205	$	252	$	291	$	(76)	$	363	$	744	$	226	$	518
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes	$	380	$	265	$	351	$	381	$	(77)	$	457	$	996	$	337	$	659
Investment and derivative (gains) losses (1)	134		117		127		(46)		152		(18)		378		471		(93)
Market risk benefits remeasurement (gains) losses	(21)		(31)		14		(19)		23		(44)		(38)		29		(67)
Change in fair value of funds withheld embedded derivatives (1)	(1)		20		(37)		67		17		(18)		(18)		106		(124)
Funds withheld (gains) losses - investment income	(4)		2		—		2		4		(8)		(2)		22		(24)
EIA embedded derivatives - interest credited	(7)		3		(7)		1		(10)		3		(11)		(54)		43
Investment (income) loss on unit-linked variable annuities	2		2		—		2		5		(3)		4		22		(18)
Interest credited on unit-linked variable annuities	(2)		(2)		—		(2)		(5)		3		(4)		(22)		18
Interest expense on uncertain tax positions	1		—		—		—		—		1		1		—		1
Other	(1)		—		8		1		(71)		70		7		(81)		88
Adjusted operating income before income taxes	481		376		456		387		38		443		1,313		830		483
Notable items (2)	(3)		—		—		(61)		326		(329)		(3)		303		(306)
Adjusted operating income before income taxes excluding notable items	$	478	$	376	$	456	$	326	$	364	$	114	$	1,310	$	1,133	$	177
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
Page 4
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Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
After-tax adjusted operating income reconciliation:
GAAP net income (loss) attributable to RGA	$	287	$	205	$	252	$	291	$	(76)	$	363	$	744	$	226	$	518
Investment and derivative (gains) losses (1)	104		88		102		(14)		120		(16)		294		366		(72)
Market risk benefits remeasurement (gains) losses	(17)		(24)		11		(15)		18		(35)		(30)		23		(53)
Change in fair value of funds withheld embedded derivatives (1)	(1)		16		(29)		53		14		(15)		(14)		84		(98)
Funds withheld (gains) losses - investment income	(4)		2		—		2		3		(7)		(2)		17		(19)
EIA embedded derivatives - interest credited	(6)		3		(6)		1		(8)		2		(9)		(43)		34
Investment (income) loss on unit-linked variable annuities	1		2		—		2		4		(3)		3		17		(14)
Interest credited on unit-linked variable annuities	(1)		(2)		—		(2)		(4)		3		(3)		(17)		14
Interest expense on uncertain tax positions	1		—		—		—		—		1		1		—		1
Other	—		—		6		1		(56)		56		6		(64)		70
Uncertain tax positions and other tax related items	6		5		12		(9)		—		6		23		4		19
Net income attributable to noncontrolling interest	2		2		1		2		1		1		5		2		3
Adjusted operating income	372		297		349		312		16		356		1,018		615		403
Notable items (2)	—		—		—		(46)		247		(247)		—		230		(230)
Adjusted operating income excluding notable items	$	372	$	297	$	349	$	266	$	263	$	109	$	1,018	$	845	$	173
Diluted earnings per share - adjusted operating income (loss) (3)	$	5.57	$	4.40	$	5.16	$	4.60	$	0.24	$	5.33	$	15.14	$	9.10	$	6.04
Diluted earnings per share - adjusted operating income (loss) excluding notable items (3)	$	5.57	$	4.40	$	5.16	$	3.91	$	3.92	$	1.65	$	15.14	$	12.51	$	2.63
Foreign currency effect on (4):
Net premiums	$	13	$	(45)	$	(112)	$	(164)	$	(160)	$	173	$	(144)	$	(326)	$	182
Adjusted operating income (loss) before income taxes	$	1	$	(6)	$	(16)	$	(18)	$	(11)	$	12	$	(21)	$	(30)	$	9
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) 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.
(4) Compared to comparable prior year period.
Page 5
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Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---
Consolidated Balance Sheets
( millions)
		June 30,		March 31,		Dec. 31,		Sept. 30,
		2023		2023		2022		2022
Assets
Fixed maturity securities available-for-sale, at fair value	54,171	$	56,236	$	56,085	$	52,901	$	50,495
Equity securities, at fair value		136		138		134		137
Mortgage loans		7,038		6,833		6,590		6,558
Policy loans		1,202		1,221		1,231		1,202
Funds withheld at interest		5,862		5,976		6,003		6,177
Limited partnerships and real estate joint ventures		2,473		2,405		2,327		2,197
Short-term investments		224		246		154		225
Other invested assets		1,119		1,111		1,140		1,049
Total investments		74,290		74,015		70,480		68,040
Cash and cash equivalents		2,598		3,294		2,927		3,512
Accrued investment income		702		672		630		628
Premiums receivable and other reinsurance balances		3,321		3,114		3,013		2,820
Reinsurance ceded receivables and other		2,664		2,723		2,671		2,650
Deferred policy acquisition costs		4,286		4,257		4,128		4,004
Other assets		1,179		1,045		1,055		1,165
Total assets	87,422	$	89,040	$	89,120	$	84,904	$	82,819
Liabilities and equity
Future policy benefits	36,474	$	38,239	$	38,222	$	35,689	$	33,724
Interest-sensitive contract liabilities		29,910		30,405		30,342		30,043
Market risk benefits, at fair value		235		261		247		259
Other policy claims and benefits		2,579		2,558		2,480		2,366
Other reinsurance balances		858		851		725		889
Deferred income taxes		1,424		1,446		1,383		1,350
Other liabilities		3,050		3,206		2,906		3,136
Long-term debt		4,850		4,455		3,961		4,207
Total liabilities		81,145		81,404		77,733		75,974
Equity:
Common stock, at par value		1		1		1		1
Additional paid-in-capital		2,522		2,506		2,502		2,493
Retained earnings		8,483		8,336		8,169		7,936
Treasury stock		(1,803)		(1,756)		(1,720)		(1,697)
Accumulated other comprehensive income (loss), net of taxes (AOCI):
Accumulated currency translation adjustment		26		(94)		(116)		(147)
Unrealized (depreciation) appreciation of securities		(4,879)		(4,393)		(5,496)		(5,788)
Effect of updating discount rates on future policy benefits		3,460		3,034		3,755		3,989
Change in instrument-specific credit risk for market risk benefits		13		14		13		19
Pension and postretirement benefits		(18)		(22)		(27)		(51)
Total RGA, Inc. shareholders’ equity		7,805		7,626		7,081		6,755
Noncontrolling interest		90		90		90		90
Total equity		7,895		7,716		7,171		6,845
Total liabilities and equity	87,422	$	89,040	$	89,120	$	84,904	$	82,819
Total RGA, Inc. shareholders’ equity, excluding AOCI	9,396	$	9,203	$	9,087	$	8,952	$	8,733
See appendix for reconciliation of total shareholders' equity before and after impact of AOCI.

All values are in US Dollars.

Page 6
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
U.S. and Latin America Traditional
GAAP Income Statements
( millions)
															Current Qtr			Year-to-Date
			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
			2023			2023			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	1,746		$	1,750		$	1,615		$	1,778		$	1,640		$	106		$	5,111		$	4,812		$	299
Net investment income			180			193			224			201			(6)			568			676			(108)
Investment related gains (losses), net			(1)			(1)			6			8			(6)			—			42			(42)
Other revenue			3			5			5			6			—			14			22			(8)
Total revenues			1,932			1,812			2,013			1,855			94			5,693			5,552			141
Benefits and expenses:
Claims and other policy benefits			1,592			1,447			1,642			1,520			91			4,650			4,491			159
Future policy benefits remeasurement (gains) losses			24			7			10			160			(180)			11			252			(241)
Interest credited			18			18			17			18			1			55			52			3
Policy acquisition costs and other insurance expenses			187			175			178			182			2			546			544			2
Other operating expenses			49			44			52			44			6			143			132			11
Total benefits and expenses			1,870			1,691			1,899			1,924			(80)			5,405			5,471			(66)
Income (loss) before income taxes	105		$	62		$	121		$	114		$	(69)		$	174		$	288		$	81		$	207
Loss and expense ratios:
Loss ratio (1)		%	92.3		%	90.0		%	92.9		%	102.4		%	(11.3)		%	91.2		%	98.6		%	(7.4)		%
Policy acquisition costs and other insurance expenses		%	10.7		%	10.8		%	10.0		%	11.1		%	(0.6)		%	10.7		%	11.3		%	(0.6)		%
Other operating expenses		%	2.8		%	2.7		%	2.9		%	2.7		%	0.2		%	2.8		%	2.7		%	0.1		%
Foreign currency effect on (2):
Net premiums	5		$	3		$	2		$	1		$	—		$	5		$	10		$	1		$	9
Income (loss) before income taxes	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Assumed life reinsurance in force (in billions)	1,693.1		$	1,685.3		$	1,676.8		$	1,672.2		$	1,662.7		$	30.4
Assumed new business production (in billions)	36.7		$	35.6		$	34.1		$	36.4		$	37.3		$	(0.6)		$	106.4		$	109.5		$	(3.1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 7
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
U.S. and Latin America 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,
			2023			2023			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	1,746		$	1,750		$	1,615		$	1,778		$	1,640		$	106		$	5,111		$	4,812		$	299
Net investment income			180			193			224			201			(6)			568			676			(108)
Other revenue			3			5			5			6			—			14			22			(8)
Total revenues			1,933			1,813			2,007			1,847			100			5,693			5,510			183
Benefits and expenses:
Claims and other policy benefits			1,592			1,447			1,642			1,520			91			4,650			4,491			159
Future policy benefits remeasurement (gains) losses			24			7			10			160			(180)			11			252			(241)
Interest credited			18			18			17			18			1			55			52			3
Policy acquisition costs and other insurance expenses			187			175			178			182			2			546			544			2
Other operating expenses			49			44			52			44			6			143			132			11
Total benefits and expenses			1,870			1,691			1,899			1,924			(80)			5,405			5,471			(66)
Adjusted operating income (loss) before income taxes			63			122			108			(77)			180			288			39			249
Notable items (1)			—			—			—			170			(153)			17			170			(153)
Adjusted operating income (loss) excluding notable items, before income taxes	120		$	63		$	122		$	108		$	93		$	27		$	305		$	209		$	96
Loss and expense ratios:
Loss ratio (2)		%	92.3		%	90.0		%	92.9		%	102.4		%	(11.3)		%	91.2		%	98.6		%	(7.4)		%
Policy acquisition costs and other insurance expenses		%	10.7		%	10.8		%	10.0		%	11.1		%	(0.6)		%	10.7		%	11.3		%	(0.6)		%
Other operating expenses		%	2.8		%	2.7		%	2.9		%	2.7		%	0.2		%	2.8		%	2.7		%	0.1		%
Foreign currency effect on (3):
Net premiums	5		$	3		$	2		$	1		$	—		$	5		$	10		$	1		$	9
Adjusted operating income (loss) before income taxes	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 8
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,
		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	820	$	17	$	163	$	24	$	13	$	807	$	1,000	$	42	$	958
Net investment income		278		280		287		265		33		856		767		89
Investment related gains (losses), net		(68)		20		(128)		(41)		(22)		(111)		(214)		103
Other revenue		26		25		25		29		6		86		86		—
Total revenues		253		488		208		266		824		1,831		681		1,150
Benefits and expenses:
Claims and other policy benefits		45		199		52		41		810		1,095		153		942
Future policy benefits remeasurement (gains) losses		(1)		(4)		(2)		(5)		(20)		(30)		(26)		(4)
Market risk benefits remeasurement (gains) losses		(31)		14		(19)		23		(44)		(38)		29		(67)
Interest credited		133		129		148		130		7		399		338		61
Policy acquisition costs and other insurance expenses		47		46		47		36		9		138		122		16
Other operating expenses		13		11		14		11		3		38		32		6
Total benefits and expenses		206		395		240		236		765		1,602		648		954
Income (loss) before income taxes	89	$	47	$	93	$	(32)	$	30	$	59	$	229	$	33	$	196
Assumed life reinsurance in force (in billions)	5.1	$	5.2	$	5.2	$	5.2	$	5.3	$	(0.2)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 9
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
U.S. and Latin America Financial Solutions - Asset-Intensive
Adjusted Operating Income Statements
( millions)
										Current Qtr		Year-to-Date
		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	820	$	17	$	163	$	24	$	13	$	807	$	1,000	$	42	$	958
Net investment income		279		276		286		264		27		846		772		74
Other revenue		26		25		25		29		6		86		86		—
Total revenues		322		464		335		306		840		1,932		900		1,032
Benefits and expenses:
Claims and other policy benefits		45		199		52		41		810		1,095		153		942
Future policy benefits remeasurement (gains) losses		(1)		(4)		(2)		(5)		(20)		(30)		(26)		(4)
Interest credited		130		136		147		140		4		410		392		18
Policy acquisition costs and other insurance expenses		47		38		47		36		9		130		122		8
Other operating expenses		13		11		14		11		3		38		32		6
Total benefits and expenses		234		380		258		223		806		1,643		673		970
Adjusted operating income (loss) before income taxes		88		84		77		83		34		289		227		62
Notable items (1)		—		—		—		(3)		(19)		(22)		(3)		(19)
Adjusted operating income (loss) excluding notable items, before income taxes	95	$	88	$	84	$	77	$	80	$	15	$	267	$	224	$	43
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 10
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,
	2023			2023			2023			2022			2022
Policyholder account balances
Fixed annuities (deferred)	$	11,066		$	11,361		$	11,699		$	12,046		$	12,257
Equity-indexed annuities	$	2,469		$	2,580		$	2,701		$	2,817		$	2,919
Bank-owned life insurance (BOLI)	$	2,480		$	2,494		$	2,505		$	2,500		$	2,508
Other policyholder account balances	$	51		$	52		$	75		$	75		$	76
Variable annuities account balances
No riders	$	578		$	599		$	598		$	672		$	642
GMDB only	742			738			734			771			802
GMIB only	16			16			16			20			19
GMAB only	2			2			2			2			2
GMWB only	814			883			866			863			833
GMDB / WB	156			169			168			165			158
Other	12			13			12			15			15
Total variable annuities account balances	$	2,320		$	2,420		$	2,396		$	2,508		$	2,471
Interest-sensitive contract liabilities not associated with policyholder account balances:
Guaranteed investment contracts, funding agreements and immediate annuities	$	707		$	843		$	828		$	848		$	866
Future policy benefits (at original discount rate) associated with:
Payout annuities	$	4,909		$	4,181		$	4,231		$	4,153		$	4,208
Other future policy benefits	$	60		$	62		$	58		$	59		$	59
Liability for market risk benefits:
Equity-indexed annuities	$	135		$	140		$	144		$	132		$	90
Variable annuities (liability)	$	89		$	95		$	117		$	115		$	168
Variable annuities (asset)	$	8		$	6		$	2		$	—		$	—
Net interest spread (1)	1.3		%	1.4		%	1.2		%	1.2		%	1.0		%
(1) Net interest spread for Asset-Intensive is calculated as net investment income less interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents.
Page 11
---
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,
		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	1	$	—	$	1	$	1	$	2	$	(1)	$	2	$	4	$	(2)
Other revenue		25		26		26		24		—		75		126		(51)
Total revenues		25		27		27		26		(1)		77		130		(53)
Benefits and expenses:
Policy acquisition costs and other insurance expenses		2		2		—		(1)		3		6		1		5
Other operating expenses		2		4		3		4		—		10		9		1
Total benefits and expenses		4		6		3		3		3		16		10		6
Income before income taxes	19	$	21	$	21	$	24	$	23	$	(4)	$	61	$	120	$	(59)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 12
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
U.S. and Latin America Financial Solutions - Capital Solutions
Adjusted Operating Income Statements
( millions)
										Current Qtr		Year-to-Date
		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	1	$	—	$	1	$	1	$	2	$	(1)	$	2	$	4	$	(2)
Other revenue		25		26		26		24		—		75		126		(51)
Total revenues		25		27		27		26		(1)		77		130		(53)
Benefits and expenses:
Policy acquisition costs and other insurance expenses		2		2		—		(1)		3		6		1		5
Other operating expenses		2		4		3		4		—		10		9		1
Total benefits and expenses		4		6		3		3		3		16		10		6
Adjusted operating income (loss) before income taxes	19	$	21	$	21	$	24	$	23	$	(4)	$	61	$	120	$	(59)
Notable items (1)		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	19	$	21	$	21	$	24	$	23	$	(4)	$	61	$	120	$	(59)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 13
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,
			2023			2023			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	302		$	307		$	295		$	308		$	293		$	9		$	904		$	911		$	(7)
Net investment income			61			61			66			64			(2)			184			184			—
Investment related gains (losses), net			4			2			5			2			(2)			6			(3)			9
Other revenue			1			1			1			—			2			4			3			1
Total revenues			373			359			380			359			7			1,098			1,095			3
Benefits and expenses:
Claims and other policy benefits			282			270			285			272			12			836			844			(8)
Future policy benefits remeasurement (gains) losses			(1)			3			(10)			9			7			18			8			10
Interest credited			—			—			—			—			1			1			—			1
Policy acquisition costs and other insurance expenses			47			45			44			56			(10)			138			159			(21)
Other operating expenses			10			12			11			10			3			35			30			5
Total benefits and expenses			338			330			330			347			13			1,028			1,041			(13)
Income before income taxes	6		$	35		$	29		$	50		$	12		$	(6)		$	70		$	54		$	16
Loss and expense ratios:
Loss ratio (1)		%	91.5		%	92.5		%	89.3		%	95.9		%	3.4		%	94.5		%	93.5		%	1.0		%
Policy acquisition costs and other insurance expenses		%	15.3		%	15.3		%	14.3		%	19.1		%	(3.9)		%	15.3		%	17.5		%	(2.2)		%
Other operating expenses		%	3.3		%	4.1		%	3.6		%	3.4		%	0.9		%	3.9		%	3.3		%	0.6		%
Foreign currency effect on (2):
Net premiums	(8)		$	(16)		$	(20)		$	(23)		$	(11)		$	3		$	(44)		$	(24)		$	(20)
Income before income taxes	(1)		$	(2)		$	(2)		$	(3)		$	—		$	(1)		$	(5)		$	(1)		$	(4)
Creditor reinsurance net premiums	17		$	18		$	18		$	17		$	18		$	(1.00)		$	53		$	56		$	(3)
Assumed life reinsurance in force (in billions)	477.2		$	484.6		$	469.5		$	463.6		$	448.7		$	28.5
Assumed new business production (in billions)	11.0		$	11.2		$	10.8		$	11.9		$	10.8		$	0.2		$	33.0		$	36.3		$	(3.3)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 14
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,
			2023			2023			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	302		$	307		$	295		$	308		$	293		$	9		$	904		$	911		$	(7)
Net investment income			61			62			67			65			(1)			187			185			2
Investment related gains, net			1			1			1			1			(1)			2			3			(1)
Other revenue			1			1			1			—			2			4			3			1
Total revenues			370			359			377			359			9			1,097			1,102			(5)
Benefits and expenses:
Claims and other policy benefits			282			270			285			272			12			836			844			(8)
Future policy benefits remeasurement (gains) losses			(1)			3			(10)			9			7			18			8			10
Interest credited			—			—			—			—			1			1			—			1
Policy acquisition costs and other insurance expenses			47			45			44			56			(10)			138			159			(21)
Other operating expenses			10			12			11			10			1			33			30			3
Total benefits and expenses			338			330			330			347			11			1,026			1,041			(15)
Adjusted operating income (loss) before income taxes			32			29			47			12			(2)			71			61			10
Notable items (1)			—			—			(5)			6			7			13			6			7
Adjusted operating income excluding notable items, before income taxes	23		$	32		$	29		$	42		$	18		$	5		$	84		$	67		$	17
Loss and expense ratios:
Loss ratio (2)		%	91.5		%	92.5		%	89.3		%	95.9		%	3.4		%	94.5		%	93.5		%	1.0		%
Policy acquisition costs and other insurance expenses		%	15.3		%	15.3		%	14.3		%	19.1		%	(3.9)		%	15.3		%	17.5		%	(2.2)		%
Other operating expenses		%	3.3		%	4.1		%	3.6		%	3.4		%	0.2		%	3.7		%	3.3		%	0.4		%
Foreign currency effect on (3):
Net premiums	(8)		$	(16)		$	(20)		$	(23)		$	(11)		$	3		$	(44)		$	(24)		$	(20)
Adjusted operating income before income taxes	(1)		$	(2)		$	(2)		$	(3)		$	—		$	(1)		$	(5)		$	(1)		$	(4)
Creditor reinsurance net premiums	17		$	18		$	18		$	17		$	18		$	(1)		$	53		$	56		$	(3)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 15
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,
		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	22	$	23	$	23	$	23	$	24	$	(2)	$	68	$	72	$	(4)
Net investment income		1		1		1		1		—		3		4		(1)
Other revenue		2		3		4		2		1		8		6		2
Total revenues		26		27		28		27		(1)		79		82		(3)
Benefits and expenses:
Claims and other policy benefits		20		21		20		22		(4)		59		66		(7)
Future policy benefits remeasurement (gains) losses		(2)		(5)		(3)		(2)		(21)		(30)		(9)		(21)
Policy acquisition costs and other insurance expenses		—		1		1		—		1		2		1		1
Other operating expenses		2		—		1		1		(1)		2		2		—
Total benefits and expenses		20		17		19		21		(25)		33		60		(27)
Income before income taxes	30	$	6	$	10	$	9	$	6	$	24	$	46	$	22	$	24
Foreign currency effect on (2):
Net premiums	(1)	$	(2)	$	(1)	$	(2)	$	(1)	$	—	$	(4)	$	(2)	$	(2)
Income 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) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 16
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Canada Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
										Current Qtr		Year-to-Date
		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	22	$	23	$	23	$	23	$	24	$	(2)	$	68	$	72	$	(4)
Net investment income		1		1		1		1		—		3		4		(1)
Other revenue		2		3		4		2		1		8		6		2
Total revenues		26		27		28		27		(1)		79		82		(3)
Benefits and expenses:
Claims and other policy benefits		20		21		20		22		(4)		59		66		(7)
Future policy benefits remeasurement (gains) losses		(2)		(5)		(3)		(2)		(21)		(30)		(9)		(21)
Policy acquisition costs and other insurance expenses		—		1		1		—		1		2		1		1
Other operating expenses		2		—		1		1		(1)		2		2		—
Total benefits and expenses		20		17		19		21		(25)		33		60		(27)
Adjusted operating income (loss) before income taxes		6		10		9		6		24		46		22		24
Notable items (2)		—		—		—		—		(22)		(22)		—		(22)
Adjusted operating income excluding notable items, before income taxes	8	$	6	$	10	$	9	$	6	$	2	$	24	$	22	$	2
Foreign currency effect on (3):
Net premiums	(1)	$	(2)	$	(1)	$	(2)	$	(1)	$	—	$	(4)	$	(2)	$	(2)
Adjusted operating income 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) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 17
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,
			2023			2023			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	447		$	429		$	438		$	422		$	436		$	11		$	1,314		$	1,314		$	—
Net investment income			23			23			21			18			5			69			55			14
Other revenue			(1)			(1)			3			2			(1)			(1)			3			(4)
Total revenues			451			460			446			456			15			1,382			1,372			10
Benefits and expenses:
Claims and other policy benefits			383			390			404			409			20			1,202			1,182			20
Future policy benefits remeasurement (gains) losses			12			(8)			(10)			(7)			50			47			(5)			52
Policy acquisition costs and other insurance expenses			21			18			16			19			6			64			61			3
Other operating expenses			31			33			33			30			4			98			91			7
Total benefits and expenses			447			433			443			451			80			1,411			1,329			82
Income (loss) before income taxes	(60)		$	4		$	27		$	3		$	5		$	(65)		$	(29)		$	43		$	(72)
Loss and expense ratios:
Loss ratio (1)		%	92.1		%	87.2		%	93.4		%	92.2		%	13.4		%	95.1		%	89.6		%	5.5		%
Policy acquisition costs and other insurance expenses		%	4.9		%	4.1		%	3.8		%	4.4		%	1.2		%	4.9		%	4.6		%	0.3		%
Other operating expenses		%	7.2		%	7.5		%	7.8		%	6.9		%	0.7		%	7.5		%	6.9		%	0.6		%
Foreign currency effect on (2):
Net premiums	20		$	(6)		$	(41)		$	(53)		$	(68)		$	88		$	(27)		$	(130)		$	103
Income (loss) before income taxes	(4)		$	1		$	(1)		$	—		$	—		$	(4)		$	(4)		$	(3)		$	(1)
Critical illness net premiums	34		$	35		$	33		$	33		$	41		$	(7)		$	102		$	116		$	(14)
Assumed life reinsurance in force (in billions)	814.5		$	802.3		$	759.6		$	735.4		$	671.3		$	143.2
Assumed new business production (in billions)	30.9		$	36.6		$	30.1		$	35.6		$	38.2		$	(7.3)		$	97.6		$	133.8		$	(36.2)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 18
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,
			2023			2023			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	447		$	429		$	438		$	422		$	436		$	11		$	1,314		$	1,314		$	—
Net investment income			23			23			21			18			5			69			55			14
Other revenue			(1)			(1)			3			2			(1)			(1)			3			(4)
Total revenues			451			460			446			456			15			1,382			1,372			10
Benefits and expenses:
Claims and other policy benefits			383			390			404			409			20			1,202			1,182			20
Future policy benefits remeasurement (gains) losses			12			(8)			(10)			(7)			50			47			(5)			52
Policy acquisition costs and other insurance expenses			21			18			16			19			6			64			61			3
Other operating expenses			31			33			33			30			3			97			91			6
Total benefits and expenses			447			433			443			451			79			1,410			1,329			81
Adjusted operating income (loss) before income taxes			4			27			3			5			(64)			(28)			43			(71)
Notable items (1)			—			—			—			13			34			47			13			34
Adjusted operating income excluding notable items, before income taxes	(12)		$	4		$	27		$	3		$	18		$	(30)		$	19		$	56		$	(37)
Loss and expense ratios:
Loss ratio (2)		%	92.1		%	87.2		%	93.4		%	92.2		%	13.4		%	95.1		%	89.6		%	5.5		%
Policy acquisition costs and other insurance expenses		%	4.9		%	4.1		%	3.8		%	4.4		%	1.2		%	4.9		%	4.6		%	0.3		%
Other operating expenses		%	7.2		%	7.5		%	7.8		%	6.9		%	0.5		%	7.4		%	6.9		%	0.5		%
Foreign currency effect on (3):
Net premiums	20		$	(6)		$	(41)		$	(53)		$	(68)		$	88		$	(27)		$	(130)		$	103
Adjusted operating income (loss) before income taxes	(4)		$	1		$	(1)		$	—		$	—		$	(4)		$	(4)		$	(3)		$	(1)
Critical illness net premiums	34		$	35		$	33		$	33		$	41		$	(7)		$	102		$	116		$	(14)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 19
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,
		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	118	$	90	$	125	$	127	$	112	$	6	$	333	$	359	$	(26)
Net investment income		45		46		44		37		19		147		107		40
Investment related gains (losses), net		(9)		(6)		(11)		(9)		(12)		(36)		(15)		(21)
Other revenue		4		4		6		2		5		15		9		6
Total revenues		130		169		166		142		18		459		460		(1)
Benefits and expenses:
Claims and other policy benefits		68		104		106		97		(2)		267		322		(55)
Future policy benefits remeasurement (gains) losses		(5)		(9)		(12)		3		(36)		(47)		(9)		(38)
Interest credited		(2)		—		(2)		(5)		3		(4)		(22)		18
Policy acquisition costs and other insurance expenses		2		2		2		2		—		6		5		1
Other operating expenses		15		13		16		11		3		42		38		4
Total benefits and expenses		78		110		110		108		(32)		264		334		(70)
Income before income taxes	84	$	52	$	59	$	56	$	34	$	50	$	195	$	126	$	69
Foreign currency effect on (2):
Net premiums	9	$	(1)	$	(12)	$	(17)	$	(20)	$	29	$	(4)	$	(39)	$	35
Income before income taxes	6	$	—	$	(6)	$	(4)	$	(7)	$	13	$	—	$	(13)	$	13
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 20
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
										Current Qtr		Year-to-Date
		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	118	$	90	$	125	$	127	$	112	$	6	$	333	$	359	$	(26)
Net investment income		48		49		48		46		13		156		145		11
Investment related gains (losses), net		4		1		4		5		(3)		7		14		(7)
Other revenue		4		4		6		2		5		15		9		6
Total revenues		146		179		185		165		21		511		527		(16)
Benefits and expenses:
Claims and other policy benefits		68		104		106		97		(2)		267		322		(55)
Future policy benefits remeasurement (gains) losses		(5)		(9)		(12)		3		(36)		(47)		(9)		(38)
Policy acquisition costs and other insurance expenses		2		2		2		2		—		6		5		1
Other operating expenses		15		13		16		11		3		42		38		4
Total benefits and expenses		80		110		112		113		(35)		268		356		(88)
Adjusted operating income (loss) before income taxes		66		69		73		52		56		243		171		72
Notable items (2)		—		—		(14)		—		(34)		(34)		—		(34)
Adjusted operating income excluding notable items, before income taxes	74	$	66	$	69	$	59	$	52	$	22	$	209	$	171	$	38
Foreign currency effect on (3):
Net premiums	9	$	(1)	$	(12)	$	(17)	$	(20)	$	29	$	(4)	$	(39)	$	35
Adjusted operating income before income taxes	8	$	—	$	(7)	$	(6)	$	(11)	$	19	$	1	$	(21)	$	22
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 21
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,
			2023			2023			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	737		$	677		$	662		$	700		$	660		$	77		$	2,076		$	1,950		$	126
Net investment income			62			61			55			51			9			183			144			39
Investment related gains (losses), net			2			3			3			4			(3)			6			9			(3)
Other revenue			11			3			—			5			(2)			17			21			(4)
Total revenues			752			729			758			720			81			2,282			2,124			158
Benefits and expenses:
Claims and other policy benefits			579			563			548			627			(23)			1,746			1,644			102
Future policy benefits remeasurement (gains) losses			(14)			(9)			9			68			(107)			(62)			91			(153)
Policy acquisition costs and other insurance expenses			44			46			44			47			(1)			136			146			(10)
Other operating expenses			54			50			57			51			5			160			149			11
Total benefits and expenses			663			650			658			793			(126)			1,980			2,030			(50)
Income (loss) before income taxes	134		$	89		$	79		$	100		$	(73)		$	207		$	302		$	94		$	208
Loss and expense ratios:
Loss ratio (1)		%	83.5		%	83.7		%	79.6		%	105.3		%	(28.6)		%	81.1		%	89.0		%	(7.9)		%
Policy acquisition costs and other insurance expenses		%	6.5		%	6.9		%	6.3		%	7.1		%	(0.9)		%	6.6		%	7.5		%	(0.9)		%
Other operating expenses		%	8.0		%	7.6		%	8.1		%	7.7		%	(0.1)		%	7.7		%	7.6		%	0.1		%
Foreign currency effect on (2):
Net premiums	(10)		$	(21)		$	(33)		$	(61)		$	(50)		$	40		$	(64)		$	(111)		$	47
Income (loss) before income taxes	—		$	(2)		$	(3)		$	(6)		$	6		$	(6)		$	(5)		$	5		$	(10)
Critical illness net premiums	368		$	341		$	299		$	324		$	296		$	72		$	1,008		$	892		$	116
Assumed life reinsurance in force (in billions)	501.8		$	495.4		$	508.2		$	518.6		$	479.4		$	22.4
Assumed new business production (in billions)	17.1		$	4.7		$	3.9		$	8.6		$	14.4		$	2.7		$	25.7		$	36.7		$	(11.0)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 22
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,
			2023			2023			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	737		$	677		$	662		$	700		$	660		$	77		$	2,076		$	1,950		$	126
Net investment income			62			61			55			51			9			183			144			39
Investment related gains (losses), net			2			3			3			4			(3)			6			9			(3)
Other revenue			11			3			—			5			(2)			17			21			(4)
Total revenues			752			729			758			720			81			2,282			2,124			158
Benefits and expenses:
Claims and other policy benefits			579			563			548			627			(23)			1,746			1,644			102
Future policy benefits remeasurement (gains) losses			(14)			(9)			9			68			(107)			(62)			91			(153)
Policy acquisition costs and other insurance expenses			44			46			44			47			(1)			136			146			(10)
Other operating expenses			54			50			57			51			5			160			149			11
Total benefits and expenses			663			650			658			793			(126)			1,980			2,030			(50)
Adjusted operating income (loss) before income taxes			89			79			100			(73)			207			302			94			208
Notable items (1)			—			—			(42)			140			(142)			(2)			117			(119)
Adjusted operating income excluding notable items, before income taxes	132		$	89		$	79		$	58		$	67		$	65		$	300		$	211		$	89
Loss and expense ratios:
Loss ratio (2)		%	83.5		%	83.7		%	79.6		%	105.3		%	(28.6)		%	81.1		%	89.0		%	(7.9)		%
Policy acquisition costs and other insurance expenses		%	6.5		%	6.9		%	6.3		%	7.1		%	(0.9)		%	6.6		%	7.5		%	(0.9)		%
Other operating expenses		%	8.0		%	7.6		%	8.1		%	7.7		%	(0.1)		%	7.7		%	7.6		%	0.1		%
Foreign currency effect on (3):
Net premiums	(10)		$	(21)		$	(33)		$	(61)		$	(50)		$	40		$	(64)		$	(111)		$	47
Adjusted operating income (loss) before income taxes	(1)		$	(3)		$	(2)		$	(6)		$	6		$	(7)		$	(6)		$	5		$	(11)
Critical illness net premiums	368		$	341		$	299		$	324		$	296		$	72		$	1,008		$	892		$	116
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 23
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,
		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	63	$	44	$	64	$	64	$	69	$	(6)	$	171	$	172	$	(1)
Net investment income		125		108		94		77		40		350		176		174
Investment related gains (losses), net		(51)		(51)		83		(94)		28		(168)		(288)		120
Other revenue		18		10		—		119		(103)		44		174		(130)
Total revenues		136		131		241		171		(41)		397		234		163
Benefits and expenses:
Claims and other policy benefits		44		69		68		60		7		180		155		25
Future policy benefits remeasurement (gains) losses		—		(1)		7		—		(1)		(2)		—		(2)
Interest credited		46		54		39		38		16		154		80		74
Policy acquisition costs and other insurance expenses		19		16		12		21		—		56		48		8
Other operating expenses		7		6		6		5		—		18		14		4
Total benefits and expenses		116		144		132		124		22		406		297		109
Income (loss) before income taxes	(16)	$	20	$	(13)	$	109	$	47	$	(63)	$	(9)	$	(63)	$	54
Foreign currency effect on (2):
Net premiums	(2)	$	(2)	$	(7)	$	(9)	$	(10)	$	8	$	(11)	$	(21)	$	10
Income (loss) before income taxes	1	$	—	$	—	$	(17)	$	11	$	(10)	$	1	$	31	$	(30)
Assumed life reinsurance in force (in billions)	7.7	$	6.7	$	7.4	$	5.7	$	5.2	$	2.5
Assumed new business production (in billions)	1.0	$	0.1	$	1.7	$	—	$	—	$	1.0	$	2.8	$	0.1	$	2.7
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 24
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,
		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	63	$	44	$	64	$	64	$	69	$	(6)	$	171	$	172	$	(1)
Net investment income		125		108		94		77		40		350		176		174
Investment related gains, net		4		4		5		3		(1)		10		12		(2)
Other revenue		5		8		7		37		(29)		21		60		(39)
Total revenues		178		184		170		186		4		552		420		132
Benefits and expenses:
Claims and other policy benefits		44		69		68		60		7		180		155		25
Future policy benefits remeasurement (gains) losses		—		(1)		7		—		(1)		(2)		—		(2)
Interest credited		46		54		39		38		16		154		80		74
Policy acquisition costs and other insurance expenses		19		16		12		21		—		56		48		8
Other operating expenses		7		6		6		5		—		18		14		4
Total benefits and expenses		116		144		132		124		22		406		297		109
Adjusted operating income (loss) before income taxes		62		40		38		62		(18)		146		123		23
Notable items (2)		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	44	$	62	$	40	$	38	$	62	$	(18)	$	146	$	123	$	23
Foreign currency effect on (3):
Net premiums	(2)	$	(2)	$	(7)	$	(9)	$	(10)	$	8	$	(11)	$	(21)	$	10
Adjusted operating income before income taxes	(2)	$	(2)	$	(3)	$	(3)	$	(6)	$	4	$	(7)	$	(11)	$	4
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 25
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,
		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	109	$	82	$	82	$	35	$	53	$	56	$	273	$	216	$	57
Investment related gains (losses), net		—		(44)		36		(24)		45		(23)		(64)		41
Other revenue		(4)		11		19		(1)		6		12		(12)		24
Total revenues		78		49		90		28		107		262		140		122
Benefits and expenses:
Interest credited		14		14		12		8		6		42		20		22
Policy acquisition costs and other insurance income		(20)		(20)		(21)		(21)		(3)		(64)		(66)		2
Other operating expenses		92		77		96		84		—		253		223		30
Interest expense		63		53		55		49		23		188		136		52
Total benefits and expenses		149		124		142		120		26		419		313		106
Loss before income taxes	(11)	$	(71)	$	(75)	$	(52)	$	(92)	$	81	$	(157)	$	(173)	$	16
Foreign currency effect on (1):
Loss before income taxes	1	$	(1)	$	—	$	(7)	$	3	$	(2)	$	—	$	4	$	(4)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 26
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,
		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	109	$	82	$	82	$	35	$	53	$	56	$	273	$	216	$	57
Investment related gains, net		3		4		2		2		—		9		6		3
Other revenue		6		13		13		10		(1)		28		21		7
Total revenues		91		99		50		65		55		310		243		67
Benefits and expenses:
Interest credited		14		14		12		8		6		42		20		22
Policy acquisition costs and other insurance income		(20)		(20)		(21)		(21)		(3)		(64)		(66)		2
Other operating expenses		89		77		96		84		—		250		223		27
Interest expense		63		53		55		49		22		187		136		51
Total benefits and expenses		146		124		142		120		25		415		313		102
Adjusted operating income (loss) before income taxes		(55)		(25)		(92)		(55)		30		(105)		(70)		(35)
Notable items (1)		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	(25)	$	(55)	$	(25)	$	(92)	$	(55)	$	30	$	(105)	$	(70)	$	(35)
Foreign currency effect on (2):
Adjusted operating income (loss) before income taxes	1	$	—	$	—	$	—	$	1	$	—	$	1	$	2	$	(1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 27
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,
		2023		2023		2022		2022		Quarter		2023		2022		Change
U.S. and Latin America:
Traditional	105	$	62	$	121	$	114	$	(69)	$	174	$	288	$	81	$	207
Financial Solutions:
Asset Intensive		47		93		(32)		30		59		229		33		196
Capital Solutions		21		21		24		23		(4)		61		120		(59)
Total U.S. and Latin America		130		235		106		(16)		229		578		234		344
Canada:
Traditional		35		29		50		12		(6)		70		54		16
Financial Solutions		6		10		9		6		24		46		22		24
Total Canada		41		39		59		18		18		116		76		40
Europe, Middle East and Africa:
Traditional		4		27		3		5		(65)		(29)		43		(72)
Financial Solutions		52		59		56		34		50		195		126		69
Total Europe, Middle East and Africa		56		86		59		39		(15)		166		169		(3)
Asia Pacific:
Traditional		89		79		100		(73)		207		302		94		208
Financial Solutions		20		(13)		109		47		(63)		(9)		(63)		54
Total Asia Pacific		109		66		209		(26)		144		293		31		262
Corporate and Other		(71)		(75)		(52)		(92)		81		(157)		(173)		16
Consolidated income (loss) before income taxes	380	$	265	$	351	$	381	$	(77)	$	457	$	996	$	337	$	659
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 28
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Summary of Segment Adjusted Operating Income
( millions)
										Current Qtr		Year-to-Date
		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
		2023		2023		2022		2022		Quarter		2023		2022		Change
U.S. and Latin America:
Traditional	103	$	63	$	122	$	108	$	(77)	$	180	$	288	$	39	$	249
Financial Solutions:
Asset Intensive		88		84		77		83		34		289		227		62
Capital Solutions		21		21		24		23		(4)		61		120		(59)
Total U.S. and Latin America		172		227		209		29		210		638		386		252
Canada:
Traditional		32		29		47		12		(2)		71		61		10
Financial Solutions		6		10		9		6		24		46		22		24
Total Canada		38		39		56		18		22		117		83		34
Europe, Middle East and Africa:
Traditional		4		27		3		5		(64)		(28)		43		(71)
Financial Solutions		66		69		73		52		56		243		171		72
Total Europe, Middle East and Africa		70		96		76		57		(8)		215		214		1
Asia Pacific:
Traditional		89		79		100		(73)		207		302		94		208
Financial Solutions		62		40		38		62		(18)		146		123		23
Total Asia Pacific		151		119		138		(11)		189		448		217		231
Corporate and Other		(55)		(25)		(92)		(55)		30		(105)		(70)		(35)
Consolidated adjusted operating income (loss) before income taxes		376		456		387		38		443		1,313		830		483
Notable items (1)		—		—		(61)		326		(329)		(3)		303		(306)
Consolidated adjusted operating income (loss) excluding notable items before income taxes	478	$	376	$	456	$	326	$	364	$	114	$	1,310	$	1,133	$	177
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 29
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---
Investments
( millions)
Cash and Invested Assets
		June 30,		March 31,		Dec. 31,		Sept. 30,
		2023		2023		2022		2022
Fixed maturity securities, available-for-sale (1)	54,171	$	56,236	$	56,085	$	52,901	$	50,495
Equity securities		136		138		134		137
Mortgage loans		7,038		6,833		6,590		6,558
Policy loans		1,202		1,221		1,231		1,202
Funds withheld at interest		5,862		5,976		6,003		6,177
Limited partnerships and real estate joint ventures		2,473		2,405		2,327		2,197
Short-term investments		224		246		154		225
Other invested assets		1,119		1,111		1,140		1,049
Cash and cash equivalents		2,598		3,294		2,927		3,512
Total cash and invested assets	75,052	$	76,888	$	77,309	$	73,407	$	71,552
(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), Japanese government and agencies ("Japanese government"), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).

All values are in US Dollars.

Investment Income and Yield Summary
	Three Months Ended															Current Qtr		Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY		Sept. 30,			Sept. 30,
	2023			2023			2023			2022			2022			Quarter		2023			2022			Change
Average invested assets at amortized cost (1)	$	37,051		$	36,124		$	35,863		$	35,300		$	34,579		$	2,472	$	35,934		$	34,494		$	1,440
Net investment income (1)	$	430		$	393		$	415		$	386		$	374		$	56	$	1,238		$	1,228		$	10
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.72		%	4.42		%	4.71		%	4.45		%	4.40		%	32 bps		4.62		%	4.78		%	(16) bps
Variable investment income ("VII") (included in net investment income) (1)	$	39		$	17		$	39		$	42		$	38		$	1	$	95		$	249		$	(154)
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)	4.51		%	4.43		%	4.45		%	4.14		%	4.12		%	39 bps		4.46		%	3.96		%	50 bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
Page 30
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Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---
Investments
( millions)
Fixed Maturity Securities

		Allowance for Credit Losses		Unrealized<br>Gains		Unrealized<br>Losses		Estimated Fair<br>Value		% of<br>Total
Available-for-sale:
Corporate	41,463	$	55	$	170	$	6,075	$	35,503	65.5	%
Canadian government		—		169		157		3,348		6.2	%
Japanese government		—		3		493		2,715		5.0	%
ABS		12		16		330		4,236		7.8	%
CMBS		1		2		250		1,710		3.2	%
RMBS		—		3		145		1,030		1.9	%
U.S. government		—		—		286		1,060		2.0	%
State and political subdivisions		—		4		199		1,047		1.9	%
Other foreign government		—		23		548		3,522		6.5	%
Total fixed maturity securities	62,332	$	68	$	390	$	8,483	$	54,171	100.0	%

All values are in US Dollars.

	December 31, 2022
	Amortized<br>Cost		Allowance for Credit Losses		Unrealized<br>Gains		Unrealized<br>Losses		Estimated Fair<br>Value		% of<br>Total
Available-for-sale:
Corporate	$	38,963	$	27	$	168	$	5,135	$	33,969	64.2	%
Canadian government	3,311		—		381		66		3,626		6.9	%
Japanese government	3,033		—		4		478		2,559		4.8	%
ABS	4,324		10		4		440		3,878		7.3	%
CMBS	1,835		—		—		212		1,623		3.1	%
RMBS	1,054		—		1		114		941		1.8	%
U.S. government	1,690		—		4		212		1,482		2.8	%
State and political subdivisions	1,282		—		10		173		1,119		2.1	%
Other foreign government	4,171		—		22		489		3,704		7.0	%
Total fixed maturity securities	$	59,663	$	37	$	594	$	7,319	$	52,901	100.0	%
Page 31
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Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Investments
( millions)
Corporate Fixed Maturity Securities by Industry
							December 31, 2022
		Estimated Fair Value		% of Total		Average Credit Ratings (1)	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)
Financial institutions
Banking	6,470	$	5,741	16.2	%	A-	$	6,281	$	5,672	16.7	%	A-
Brokerage/asset managers/exchanges		1,096		3.1	%	A-	1,302		1,115		3.3	%	A-
Finance companies		337		0.9	%	BBB+	410		350		1.0	%	BBB
Insurance		3,820		10.7	%	A-	4,452		3,851		11.3	%	A-
REITs		1,140		3.2	%	A-	1,205		1,013		3.0	%	BBB+
Other finance		708		2.0	%	A-	901		679		2.0	%	A-
Total financial institutions	15,022	$	12,842	36.1	%		$	14,551	$	12,680	37.3	%
Industrials
Basic	1,948	$	1,662	4.7	%	BBB	$	1,921	$	1,690	5.0	%	BBB
Capital goods		1,482		4.2	%	BBB	1,734		1,550		4.6	%	BBB
Communications		2,337		6.6	%	BBB	2,517		2,136		6.3	%	BBB
Consumer cyclical		1,911		5.4	%	BBB+	1,997		1,748		5.1	%	BBB+
Consumer noncyclical		4,250		12.0	%	BBB+	4,625		4,052		11.9	%	BBB+
Energy		1,925		5.4	%	A-	2,050		1,801		5.3	%	BBB+
Technology		1,678		4.7	%	BBB+	1,617		1,461		4.3	%	BBB+
Transportation		1,975		5.6	%	A-	2,160		1,859		5.5	%	BBB+
Other industrial		1,012		2.8	%	BBB	1,003		960		2.8	%	BBB
Total industrials	21,062	$	18,232	51.4	%		$	19,624	$	17,257	50.8	%
Utilities
Electric	4,248	$	3,511	9.9	%	A-	$	3,779	$	3,200	9.4	%	A-
Natural gas		586		1.7	%	A-	664		553		1.7	%	A-
Other utility		332		0.9	%	BBB+	345		279		0.8	%	BBB+
Total utilities	5,379	$	4,429	12.5	%		$	4,788	$	4,032	11.9	%
Total	41,463	$	35,503	100.0	%	BBB+	$	38,963	$	33,969	100.0	%	BBB+
(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.

All values are in US Dollars.

Page 32

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Ratings of Fixed Maturity Securities
		September 30, 2023						June 30, 2023						March 31, 2023						December 31, 2022						September 30, 2022
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	$	38,876	$	33,799	62.4	%	$	38,928	$	35,512	63.1	%	$	38,291	$	35,308	63.0	%	$	36,217	$	32,295	61.1	%	$	33,881	$	30,062	59.6	%
2	BBB	19,959		17,134		31.6	%	19,840		17,517		31.2	%	19,832		17,658		31.5	%	20,188		17,580		33.2	%	19,931		16,924		33.5	%
3	BB	2,902		2,780		5.1	%	2,919		2,801		5.0	%	2,811		2,698		4.8	%	2,734		2,607		5.0	%	3,044		2,843		5.6	%
4	B	439		368		0.7	%	347		328		0.6	%	402		340		0.6	%	397		331		0.6	%	625		583		1.2	%
5	CCC	104		81		0.2	%	99		69		0.1	%	100		69		0.1	%	103		71		0.1	%	107		62		0.1	%
6	In or near default	52		9		—	%	52		9		—	%	58		12		—	%	24		17		—	%	42		21		—	%
	Total	$	62,332	$	54,171	100.0	%	$	62,185	$	56,236	100.0	%	$	61,494	$	56,085	100.0	%	$	59,663	$	52,901	100.0	%	$	57,630	$	50,495	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, 2023						June 30, 2023						March 31, 2023						December 31, 2022						September 30, 2022
	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
ABS:
Collateralized loan obligations ("CLOs")	$	2,022	$	1,967	28.2	%	$	1,936	$	1,857	26.9	%	$	1,880	$	1,775	26.1	%	$	1,825	$	1,702	26.4	%	$	1,788	$	1,650	26.0	%
ABS, excluding CLOs	2,540		2,269		32.5	%	2,574		2,308		33.5	%	2,590		2,328		34.2	%	2,499		2,176		33.8	%	2,377		2,073		32.6	%
Total ABS	4,562		4,236		60.7	%	4,510		4,165		60.4	%	4,470		4,103		60.3	%	4,324		3,878		60.2	%	4,165		3,723		58.6	%
CMBS	1,959		1,710		24.5	%	1,932		1,699		24.6	%	1,882		1,670		24.6	%	1,835		1,623		25.2	%	1,843		1,670		26.3	%
RMBS:
Agency	454		388		5.6	%	464		413		6.0	%	473		432		6.4	%	476		427		6.6	%	489		442		7.0	%
Non-agency	718		642		9.2	%	681		624		9.0	%	647		592		8.7	%	578		514		8.0	%	565		511		8.1	%
Total RMBS	1,172		1,030		14.8	%	1,145		1,037		15.0	%	1,120		1,024		15.1	%	1,054		941		14.6	%	1,054		953		15.1	%
Total	$	7,693	$	6,976	100.0	%	$	7,587	$	6,901	100.0	%	$	7,472	$	6,797	100.0	%	$	7,213	$	6,442	100.0	%	$	7,062	$	6,346	100.0	%
Page 33
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Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---
Investments
( millions)
Fixed Maturity Securities Below Amortized Cost (1)

				Equal to or greater than 12 months				Total
		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	7,272	$	516	$	23,093	$	5,395	$	30,365	$	5,911
Canadian government		105		250		52		1,553		157
Japanese government		50		2,055		443		2,669		493
ABS		18		3,071		299		3,542		317
CMBS		12		1,358		232		1,631		244
RMBS		14		641		131		936		145
U.S. government		28		559		258		1,047		286
State and political subdivisions		8		807		191		927		199
Other foreign government		29		2,194		451		2,880		480
Total investment grade securities	11,522	$	780	$	34,028	$	7,452	$	45,550	$	8,232
Below investment grade securities:
Corporate	357	$	70	$	732	$	93	$	1,089	$	163
ABS		—		67		11		67		11
CMBS		—		2		1		2		1
Other foreign government		1		184		67		188		68
Total below investment grade securities	361	$	71	$	985	$	172	$	1,346	$	243
Total fixed maturity securities	11,883	$	851	$	35,013	$	7,624	$	46,896	$	8,475
(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)
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	21,867	$	2,756	$	6,840	$	2,225	$	28,707	$	4,981
Canadian government		42		71		23		625		65
Japanese government		86		1,694		392		2,509		478
ABS		153		1,931		269		3,527		422
CMBS		144		281		65		1,595		209
RMBS		62		181		53		845		115
U.S. government		64		253		148		1,455		212
State and political subdivisions		124		131		50		950		174
Other foreign government		167		1,026		260		2,968		427
Total investment grade securities	30,773	$	3,598	$	12,408	$	3,485	$	43,181	$	7,083
Below investment grade securities:
Corporate	767	$	87	$	305	$	61	$	1,072	$	148
ABS		6		38		9		90		15
Other foreign government		2		164		60		203		62
Total below investment grade securities	858	$	95	$	507	$	130	$	1,365	$	225
Total fixed maturity securities	31,631	$	3,693	$	12,915	$	3,615	$	44,546	$	7,308
(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 35
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Investments
( millions)
Consolidated Investment Related Gains and Losses
										Current Qtr		Year-to-Date
		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
		2023		2023		2022		2022		Quarter		2023		2022		Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	7	$	4	$	(42)	$	15	$	3	$	4	$	(31)	$	(21)	$	(10)
Impairments on fixed maturities		—		(1)		(2)		(12)		12		(1)		(15)		14
Realized gains on investment activity		11		31		127		20		(8)		54		65		(11)
Realized losses on investment activity		(37)		(75)		(160)		(106)		45		(173)		(236)		63
Net gains (losses) on fixed maturity securities available-for-sale		(22)		(87)		(20)		(95)		53		(151)		(207)		56
Net gains (losses) on equity securities		(4)		2		(5)		7		(9)		(4)		(16)		12
Change in mortgage loan allowance for credit losses		(9)		3		(8)		(5)		(12)		(23)		(8)		(15)
Change in fair value of certain limited partnership investments		10		(3)		9		—		25		32		29		3
Other, net		15		2		—		7		—		24		26		(2)
Free-standing derivatives (1):
Interest rate swaps		(30)		20		(2)		(33)		(31)		(74)		(129)		55
Interest rate options		(3)		(23)		(9)		18		(2)		(10)		12		(22)
Total return swaps		5		3		22		(1)		(7)		—		(1)		1
Interest rate futures		2		—		1		2		(2)		2		5		(3)
Equity futures		(10)		(9)		(11)		5		6		(8)		33		(41)
Foreign currency swaps		12		—		(6)		9		(1)		20		27		(7)
Foreign currency swaps - hedged		—		(1)		1		1		(2)		(2)		5		(7)
Foreign currency forwards		(74)		(19)		61		(55)		18		(130)		(154)		24
CPI swaps		6		1		6		7		(7)		7		25		(18)
Credit default swaps		10		11		37		(12)		(14)		(5)		(103)		98
Equity options		(11)		(14)		(15)		8		(5)		(22)		29		(51)
Total free-standing derivatives		(93)		(31)		85		(51)		(47)		(222)		(251)		29
Embedded derivatives		(20)		37		(67)		(17)		18		18		(106)		124
Net gains (losses) on total derivatives		(113)		6		18		(68)		(29)		(204)		(357)		153
Total investment related gains (losses), net	(126)	$	(123)	$	(77)	$	(6)	$	(154)	$	28	$	(326)	$	(533)	$	207
(1) Free-standing derivatives are non-hedged unless specified.

All values are in US Dollars.

Page 36

Appendix

Reconciliations of GAAP to Non-GAAP Measures
Page 37
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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,
		2023		2023		2022		2022		Quarter		2023		2022		Change
U.S. & Latin America Traditional
Income (loss) before income taxes	105	$	62	$	121	$	114	$	(69)	$	174	$	288	$	81	$	207
Investment and derivative (gains) losses (1)		—		—		1		(1)		1		—		(1)		1
Change in fair value of funds withheld embedded derivatives (1)		1		1		(7)		(7)		5		—		(41)		41
Adjusted operating income (loss) before income taxes		63		122		108		(77)		180		288		39		249
Notable items (2)		—		—		—		170		(153)		17		170		(153)
Adjusted operating income excluding notable items, before income taxes	120	$	63	$	122	$	108	$	93	$	27	$	305	$	209	$	96
U.S. & Latin America Asset-Intensive
Income (loss) before income taxes	89	$	47	$	93	$	(32)	$	30	$	59	$	229	$	33	$	196
Market risk benefits remeasurement (gains) losses		(31)		14		(19)		23		(44)		(38)		29		(67)
Investment and derivative (gains) losses (1)		49		18		54		17		45		129		67		62
Change in fair value of funds withheld embedded derivatives (1)		19		(38)		74		24		(23)		(18)		147		(165)
Funds withheld (gains) losses - investment income		1		(4)		(1)		(1)		(6)		(10)		5		(15)
EIA embedded derivatives - interest credited		3		(7)		1		(10)		3		(11)		(54)		43
Other		—		8		—		—		—		8		—		8
Adjusted operating income (loss) before income taxes		88		84		77		83		34		289		227		62
Notable items (2)		—		—		—		(3)		(19)		(22)		(3)		(19)
Adjusted operating income (loss) excluding notable items, before income taxes	95	$	88	$	84	$	77	$	80	$	15	$	267	$	224	$	43
U.S. & Latin America Capital Solutions
Income (loss) before income taxes	19	$	21	$	21	$	24	$	23	$	(4)	$	61	$	120	$	(59)
Adjusted operating income (loss) before income taxes		21		21		24		23		(4)		61		120		(59)
Notable items (2)		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	19	$	21	$	21	$	24	$	23	$	(4)	$	61	$	120	$	(59)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 38
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,
		2023		2023		2022		2022		Quarter		2023		2022		Change
Canada Traditional
Income (loss) before income taxes	6	$	35	$	29	$	50	$	12	$	(6)	$	70	$	54	$	16
Investment and derivative (gains) losses (1)		(3)		(1)		(4)		(1)		1		(4)		6		(10)
Investment income - non-operating FWAI		—		1		1		1		1		3		1		2
Other		—		—		—		—		2		2		—		2
Adjusted operating income (loss) before income taxes		32		29		47		12		(2)		71		61		10
Notable items (2)		—		—		(5)		6		7		13		6		7
Adjusted operating income (loss) excluding notable items, before income taxes	23	$	32	$	29	$	42	$	18	$	5	$	84	$	67	$	17
Canada Financial Solutions
Income before income taxes	30	$	6	$	10	$	9	$	6	$	24	$	46	$	22	$	24
Adjusted operating income (loss) before income taxes		6		10		9		6		24		46		22		24
Notable items (2)		—		—		—		—		(22)		(22)		—		(22)
Adjusted operating income (loss) excluding notable items, before income taxes	8	$	6	$	10	$	9	$	6	$	2	$	24	$	22	$	2
Europe, Middle East and Africa Traditional
Income (loss) before income taxes	(60)	$	4	$	27	$	3	$	5	$	(65)	$	(29)	$	43	$	(72)
Other		—		—		—		—		1		1		—		1
Adjusted operating income (loss) before income taxes		4		27		3		5		(64)		(28)		43		(71)
Notable items (2)		—		—		—		13		34		47		13		34
Adjusted operating income (loss) excluding notable items, before income taxes	(12)	$	4	$	27	$	3	$	18	$	(30)	$	19	$	56	$	(37)
Europe, Middle East and Africa Financial Solutions
Income before income taxes	84	$	52	$	59	$	56	$	34	$	50	$	195	$	126	$	69
Investment and derivative losses (1)		13		7		15		14		9		43		29		14
Investment income - non-operating FWAI		1		3		2		4		(3)		5		16		(11)
Investment (income) loss on unit-linked variable annuities		2		—		2		5		(3)		4		22		(18)
Interest credited on unit-linked variable annuities		(2)		—		(2)		(5)		3		(4)		(22)		18
Adjusted operating income (loss) before income taxes		66		69		73		52		56		243		171		72
Notable items (2)		—		—		(14)		—		(34)		(34)		—		(34)
Adjusted operating income (loss) excluding notable items, before income taxes	74	$	66	$	69	$	59	$	52	$	22	$	209	$	171	$	38
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 39
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,
		2023		2023		2022		2022		Quarter		2023		2022		Change
Asia Pacific Traditional
Income (loss) before income taxes	134	$	89	$	79	$	100	$	(73)	$	207	$	302	$	94	$	208
Adjusted operating income (loss) before income taxes		89		79		100		(73)		207		302		94		208
Notable items (2)		—		—		(42)		140		(142)		(2)		117		(119)
Adjusted operating income (loss) excluding notable items, before income taxes	132	$	89	$	79	$	58	$	67	$	65	$	300	$	211	$	89
Asia Pacific Financial Solutions
Income (loss) before income taxes	(16)	$	20	$	(13)	$	109	$	47	$	(63)	$	(9)	$	(63)	$	54
Investment and derivative (gains) losses (1)		55		55		(78)		97		(29)		178		300		(122)
Other		(13)		(2)		7		(82)		74		(23)		(114)		91
Adjusted operating income (loss) before income taxes		62		40		38		62		(18)		146		123		23
Notable items (2)		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	44	$	62	$	40	$	38	$	62	$	(18)	$	146	$	123	$	23
Corporate and Other
Income (loss) before income taxes	(11)	$	(71)	$	(75)	$	(52)	$	(92)	$	81	$	(157)	$	(173)	$	16
Investment and derivative (gains) losses (1)		3		48		(34)		26		(45)		32		70		(38)
Interest expense on uncertain tax positions		—		—		—		—		1		1		—		1
Other		13		2		(6)		11		(7)		19		33		(14)
Adjusted operating income (loss) before income taxes		(55)		(25)		(92)		(55)		30		(105)		(70)		(35)
Notable items (2)		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	(25)	$	(55)	$	(25)	$	(92)	$	(55)	$	30	$	(105)	$	(70)	$	(35)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 40
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---
Reconciliations of Shareholders’ Equity to Shareholders’ Equity Excluding AOCI
( millions except per share data)
		June 30,		March 31,		Dec. 31,		Sept. 30,
		2023		2023		2022		2022
RGA, Inc. shareholders’ equity	8,063	$	7,805	$	7,626	$	7,081	$	6,755
Less effect of AOCI:
Accumulated currency translation adjustments		26		(94)		(116)		(147)
Unrealized appreciation of securities		(4,879)		(4,393)		(5,496)		(5,788)
Effect of updating discount rates on future policy benefits		3,460		3,034		3,755		3,989
Change in instrument-specific credit risk for market risk benefits		13		14		13		19
Pension and postretirement benefits		(18)		(22)		(27)		(51)
RGA, Inc. shareholders’ equity, excluding AOCI		9,203		9,087		8,952		8,733
Year-to-date notable items, net of tax (1)		—		—		184		230
RGA, Inc. shareholders’ equity, excluding AOCI and notable items	9,396	$	9,203	$	9,087	$	9,136	$	8,963
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses"
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
		June 30,		March 31,		Dec. 31,		Sept. 30,
		2023		2023		2022		2022
Book value per share	122.40	$	117.87	$	114.60	$	106.19	$	101.08
Less effect of AOCI:
Accumulated currency translation adjustment		0.38		(1.41)		(1.73)		(2.20)
Unrealized (depreciation) appreciation of securities		(73.69)		(66.02)		(82.44)		(86.61)
Effect of updating discount rates on future policy benefits		52.26		45.59		56.32		59.69
Change in instrument-specific credit risk for market risk benefits		0.20		0.22		0.19		0.29
Pension and postretirement benefits		(0.27)		(0.34)		(0.41)		(0.77)
Book value per share, excluding AOCI	142.63	$	138.99	$	136.56	$	134.26	$	130.68

All values are in US Dollars.

Page 41

Document

Exhibit 99.3