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): August 1, 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.
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On August 3, 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 June 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 June 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 August 4, 2023 to discuss the financial and operating results for the three-month period ended June 30, 2023 (the "Earnings Call").

Item 7.01	Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated August 3, 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 August 1, 2023 the Company’s board of directors declared a regular quarterly dividend of $0.85, payable August 29, 2023 to shareholders of record as of August 15, 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 August 3, 2023
99.2	Quarterly Financial Supplement for the quarter ended June 30, 2023
99.3	Earnings Presentation dated August 3, 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: August 3, 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

SECOND QUARTER RESULTS

•Net income available to RGA shareholders of $3.05 per diluted share

•Adjusted operating income* of $4.40 per diluted share

•Premium growth of 3.3% over the prior-year quarter, 4.7% on a constant currency basis1

•Premium growth of 5.3% year-to-date, 7.7% on a constant currency basis1

•ROE of 9.2%, adjusted operating ROE* of 10.9%, and adjusted operating ROE excluding notable items* of 13.0% for the trailing twelve months

•Deployed capital of $190 million into in-force and other transactions, $384 million year-to-date

•Total shareholder capital returns of $104 million: $50 million of share repurchases and $54 million of shareholder dividends

•Total shareholder capital returns of $207 million year-to-date: $100 million of share repurchases and $107 million of shareholder dividends

•Increased quarterly dividend 6.3% to $0.85 per share

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

ST. LOUIS, August 3, 2023 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported second quarter net income available to RGA shareholders of $205 million, or $3.05 per diluted share, compared with $105 million, or $1.55 per diluted share, in the prior-year quarter. Adjusted operating income* for the second quarter totaled $297 million, or $4.40 per diluted share, compared with $316 million, or $4.67 per diluted share, the year before. Net foreign currency fluctuations had an adverse effect of $0.04 per diluted share on net income available to RGA shareholders and $0.07 per diluted share on adjusted operating income as compared with the prior year.

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	Quarterly Results				Year-to-Date Results
($ in millions, except per share data)	2023		2022		2023		2022
Net premiums	$	3,337	$	3,230	$	6,722	$	6,385
Net income available to RGA shareholders	205		105		457		302
Net income available to RGA shareholders per diluted share	3.05		1.55		6.77		4.46
Adjusted operating income*	297		316		646		599
Adjusted operating income excluding notable items *	297		299		646		582
Adjusted operating income per diluted share*	4.40		4.67		9.55		8.86
Book value per share	117.87		110.27
Book value per share, excluding accumulated other comprehensive income (AOCI)*	138.99		132.42
Total assets	89,040		84,875
*	See ‘Use of Non-GAAP Financial Measures’ below
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In the second quarter, consolidated net premiums totaled $3.3 billion, an increase of 3.3% over the 2022 second quarter, with an adverse net foreign currency effect of $45 million. Excluding the net foreign currency effect, consolidated net premiums increased 4.7% in the quarter.

Compared with the year-ago period, excluding spread-based businesses, second quarter investment income decreased 1.0%, reflecting lower variable investment income, partially offset by higher yields. Average investment yield decreased to 4.42% in the second quarter from 4.63% in the prior-year period due to lower variable investment income, partially offset by higher yields.

The effective tax rate on pre-tax income was 21.7% for the quarter. The effective tax rate for the quarter was 20.9% on pre-tax adjusted operating income, lower than the expected range of 23% to 24% primarily due to the geographical mix of earnings and benefits resulting from tax returns filed during the quarter.

Anna Manning, Chief Executive Officer, commented, “This was a strong quarter, with most regions and business lines performing very well, highlighting RGA’s differentiated, diversified and valuable global franchise. We continue to see strong momentum in our new business activities, both organic and in-force transactions. Favorable industry dynamics are creating many growth opportunities, and we continue to partner with our clients for shared success. Our balance sheet is strong, and we are benefiting from the higher yield environment while maintaining our risk discipline. Looking forward, we see a bright future and expect to continue to deliver attractive financial results over time, consistent with our new financial targets.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Net premiums	$	1,750	$	1,631	$	3,365	$	3,172
Pre-tax income	62		90		183		150
Pre-tax adjusted operating income	63		71		185		116

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Quarterly Results

•Individual Mortality results reflected favorable claims experience, the impact of which was moderated under LDTI.

•Individual Health and Group results were favorable.

•The favorable experience was partially offset by one-time items.

Financial Solutions

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Asset-Intensive:
Pre-tax income (loss)	$	47	$	(29)	$	140	$	3
Pre-tax adjusted operating income	88		68		172		144
Capital Solutions:
Pre-tax income	$	21	$	72	$	42	$	97
Pre-tax adjusted operating income	21		72		42		97

Quarterly Results

•Asset-Intensive results reflected improved investment spreads.

•Capital Solutions results were in line with expectations.

Canada

Traditional

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Net premiums	$	307	$	314	$	602	$	618
Pre-tax income	35		27		64		42
Pre-tax adjusted operating income	32		34		61		49

Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $16 million for the quarter.

Quarterly Results

•Results reflected slightly favorable mortality experience.

•Foreign currency exchange rates had an adverse effect of $2 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	$	6	$	7	$	16	$	16
Pre-tax adjusted operating income	6		7		16		16

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Quarterly Results

•Results reflected favorable longevity experience.

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

Europe, Middle East and Africa (EMEA)

Traditional

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Net premiums	$	429	$	427	$	867	$	878
Pre-tax income	4		4		31		38
Pre-tax adjusted operating income	4		4		31		38

Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $6 million for the quarter.

Quarterly Results

•Results reflected moderately unfavorable mortality experience in the U.K.

•Foreign currency exchange rates had a favorable 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	$	52	$	25	$	111	$	92
Pre-tax adjusted operating income	66		58		135		119

Quarterly Results

•Results reflected favorable longevity experience.

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

Asia Pacific

Traditional

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Net premiums	$	677	$	640	$	1,339	$	1,290
Pre-tax income	89		59		168		167
Pre-tax adjusted operating income	89		59		168		167

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Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $21 million for the quarter.

Quarterly Results

•Results reflected favorable claims experience.

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

Financial Solutions

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Net premiums	$	44	$	60	$	108	$	103
Pre-tax income (loss)	20		(54)		7		(110)
Pre-tax adjusted operating income	62		40		102		61

Quarterly Results

•Results reflected favorable investment spreads and claims experience.

•Foreign currency exchange rates had an immaterial effect 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)	$	(71)	$	(54)	$	(146)	$	(81)
Pre-tax adjusted operating income (loss)	(55)		3		(80)		(15)

Quarterly Results

•Pre-tax adjusted operating loss was unfavorable compared to the quarterly average run rate, primarily due to higher financing costs and the timing of some general expenses; year-to-date results are in line with the expected run rate.

Dividend Declaration

Effective August 1, 2023, the board of directors declared a regular quarterly dividend of $0.85, payable August 29, 2023, to shareholders of record as of August 15, 2023.

Earnings Conference Call

A conference call to discuss second quarter results will begin at 10 a.m. Eastern Time on Friday, August 4, 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.

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

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:

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.

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.

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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 celebrates its 50th anniversary in 2023. Over the past five decades, RGA has become one of the world’s largest and most respected reinsurers and is listed among Fortune’s World’s Most Admired Companies. The global organization is guided by a fundamental purpose: to make financial protection accessible to all. RGA is widely recognized for superior risk management and underwriting expertise, innovative product design, and dedicated client focus. RGA serves clients and partners in key markets around the world and has approximately $3.5 trillion of life reinsurance in force and assets of $89.0 billion as of June 30, 2023. To learn more about RGA and its businesses, visit www.rgare.com. Follow RGA on LinkedIn and Facebook.

Cautionary Note Regarding Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 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

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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 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

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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 June 30,
	2023				2022
			Diluted Earnings Per Share				Diluted Earnings Per Share
Net income available to RGA shareholders	$	205	$	3.05	$	105	$	1.55
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	88		1.30		154		2.29
Market risk benefits remeasurement (gains) losses	(24)		(0.36)		32		0.47
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	2		0.03		8		0.12
Embedded derivatives:
Included in investment related gains/losses, net	16		0.24		44		0.65
Included in interest credited	3		0.04		(22)		(0.33)
Investment (income) loss on unit-linked variable annuities	2		0.03		6		0.09
Interest credited on unit-linked variable annuities	(2)		(0.03)		(6)		(0.09)
Interest expense on uncertain tax positions	—		—		—		—
Other	—		—		(9)		(0.13)
Uncertain tax positions and other tax related items	5		0.07		3		0.04
Net income attributable to noncontrolling interest	2		0.03		1		0.01
Adjusted operating income	297		4.40		316		4.67
Notable items	—		—		(17)		(0.26)
Adjusted operating income excluding notable items	$	297	$	4.40	$	299	$	4.41	(Unaudited)	Six Months Ended June 30,
---	---	---	---	---	---	---	---	---
	2023				2022
			Diluted Earnings Per Share				Diluted Earnings Per Share
Net income available to RGA shareholders	$	457	$	6.77	$	302	$	4.46
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	190		2.79		246		3.65
Market risk benefits remeasurement (gains) losses	(13)		(0.19)		5		0.07
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	2		0.03		14		0.21
Embedded derivatives:
Included in investment related gains/losses, net	(13)		(0.19)		70		1.04
Included in interest credited	(3)		(0.04)		(35)		(0.52)
Investment (income) loss on unit-linked variable annuities	2		0.03		13		0.19
Interest credited on unit-linked variable annuities	(2)		(0.03)		(13)		(0.19)
Interest expense on uncertain tax positions	—		—		—		—
Other	6		0.09		(8)		(0.12)
Uncertain tax positions and other tax related items	17		0.25		4		0.06
Net income attributable to noncontrolling interest	3		0.04		1		0.01
Adjusted operating income	646		9.55		599		8.86
Notable items	—		—		(17)		(0.26)
Adjusted operating income excluding notable items	$	646	$	9.55	$	582	$	8.60

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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 June 30, 2023						Six Months Ended June 30, 2023
	Pre-tax Income (Loss)		Income Taxes		Effective Tax Rate (1)		Pre-tax Income (Loss)		Income Taxes		Effective Tax Rate (1)
GAAP income	$	265	$	58	21.7	%	$	616	$	156	25.2	%
Reconciliation to adjusted operating income:
Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net	117		29				244		54
Market risk benefits remeasurement (gains) losses	(31)		(7)				(17)		(4)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	2		—				2		—
Embedded derivatives:
Included in investment related gains/losses, net	20		4				(17)		(4)
Included in interest credited	3		—				(4)		(1)
Investment (income) loss on unit-linked variable annuities	—		—				2		—
Interest credited on unit-linked variable annuities	2		—				(2)		—
Interest expense on uncertain tax positions	(2)		—				—		—
Other	—		—				8		2
Uncertain tax positions and other tax related items	—		(5)				—		(17)
Adjusted operating income	376		79		20.9	%	832		186		22.4	%
Notable items	—		—				—		—
Adjusted operating income excluding notable items	$	376	$	79			$	832	$	186

(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 June 30,
	2023		2022
Income before income taxes	$	265	$	147
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	117		201
Market risk benefits remeasurement (gains) losses	(31)		40
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	2		10
Embedded derivatives:
Included in investment related gains/losses, net	20		56
Included in interest credited	3		(27)
Investment (income) loss on unit-linked variable annuities	—		8
Interest credited on unit-linked variable annuities	2		(8)
Interest expense on uncertain tax positions	(2)		—
Other	—		(11)
Pre-tax adjusted operating income	376		416
Notable items	—		(23)
Pre-tax adjusted operating income excluding notable items	$	376	$	393
(Unaudited)	Six Months Ended June 30,
---	---	---	---	---
	2023		2022
Income before income taxes	$	616	$	414
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	244		319
Market risk benefits remeasurement (gains) losses	(17)		6
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	2		18
Embedded derivatives:
Included in investment related gains/losses, net	(17)		89
Included in interest credited	(4)		(44)
Investment (income) loss on unit-linked variable annuities	2		17
Interest credited on unit-linked variable annuities	(2)		(17)
Interest expense on uncertain tax positions	—		—
Other	8		(10)
Pre-tax adjusted operating income	832		792
Notable items	—		(23)
Pre-tax adjusted operating income excluding notable items	$	832	$	769

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Add Twelve

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 June 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)
U.S. and Latin America:
Traditional	$	62	$	—	$	1	$	63
Financial Solutions:
Asset-Intensive	47		19		22		88
Capital Solutions	21		—		—		21
Total U.S. and Latin America	130		19		23		172
Canada Traditional	35		(3)		—		32
Canada Financial Solutions	6		—		—		6
Total Canada	41		(3)		—		38
EMEA Traditional	4		—		—		4
EMEA Financial Solutions	52		14		—		66
Total EMEA	56		14		—		70
APAC Traditional	89		—		—		89
APAC Financial Solutions	20		42		—		62
Total Asia Pacific	109		42		—		151
Corporate and Other	(71)		16		—		(55)
Consolidated	$	265	$	88	$	23	$	376
(Unaudited)	Three Months Ended June 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	$	90	$	—	$	(19)	$	71	$	—	$	71
Financial Solutions:
Asset-Intensive	(29)		49		48		68		—		68
Capital Solutions	72		—		—		72		—		72
Total U.S. and Latin America	133		49		29		211		—		211
Canada Traditional	27		7		—		34		—		34
Canada Financial Solutions	7		—		—		7		—		7
Total Canada	34		7		—		41		—		41
EMEA Traditional	4		—		—		4		—		4
EMEA Financial Solutions	25		33		—		58		—		58
Total EMEA	29		33		—		62		—		62
APAC Traditional	59		—		—		59		(23)		36
APAC Financial Solutions	(54)		94		—		40		—		40
Total Asia Pacific	5		94		—		99		(23)		76
Corporate and Other	(54)		57		—		3		—		3
Consolidated	$	147	$	240	$	29	$	416	$	(23)	$	393

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Add Thirteen

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

(Unaudited)	Six Months Ended June 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)
U.S. and Latin America:
Traditional	$	183	$	—	$	2	$	185
Financial Solutions:
Asset-Intensive	140		55		(23)		172
Capital Solutions	42		—		—		42
Total U.S. and Latin America	365		55		(21)		399
Canada Traditional	64		(3)		—		61
Canada Financial Solutions	16		—		—		16
Total Canada	80		(3)		—		77
EMEA Traditional	31		—		—		31
EMEA Financial Solutions	111		24		—		135
Total EMEA	142		24		—		166
APAC Traditional	168		—		—		168
APAC Financial Solutions	7		95		—		102
Total Asia Pacific	175		95		—		270
Corporate and Other	(146)		66		—		(80)
Consolidated	$	616	$	237	$	(21)	$	832
(Unaudited)	Six Months Ended June 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	$	150	$	—	$	(34)	$	116	$	—	$	116
Financial Solutions:
Asset-Intensive	3		62		79		144		—		144
Capital Solutions	97		—		—		97		—		97
Total U.S. and Latin America	250		62		45		357		—		357
Canada Traditional	42		7		—		49		—		49
Canada Financial Solutions	16		—		—		16		—		16
Total Canada	58		7		—		65		—		65
EMEA Traditional	38		—		—		38		—		38
EMEA Financial Solutions	92		27		—		119		—		119
Total EMEA	130		27		—		157		—		157
APAC Traditional	167		—		—		167		(23)		144
APAC Financial Solutions	(110)		171		—		61		—		61
Total Asia Pacific	57		171		—		228		(23)		205
Corporate and Other	(81)		66		—		(15)		—		(15)
Consolidated	$	414	$	333	$	45	$	792	$	(23)	$	769

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Add Fourteen

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In thousands, except per share data)

(Unaudited)	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Earnings per share from net income (loss):
Basic earnings per share	$	3.09	$	1.57	$	6.86	$	4.50
Diluted earnings per share	$	3.05	$	1.55	$	6.77	$	4.46
Diluted earnings per share from adjusted operating income	$	4.40	$	4.67	$	9.55	$	8.86
Weighted average number of common and common equivalent shares outstanding	67,420		67,620		67,563		67,614
(Unaudited)	At June 30,
---	---	---	---	---
	2023		2022
Treasury shares	19,099		18,304
Common shares outstanding	66,212		67,007
Book value per share outstanding	$	117.87	$	110.27
Book value per share outstanding, before impact of AOCI	$	138.99	$	132.42

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

(Unaudited)	At June 30,
	2023		2022
Book value per share outstanding	$	117.87	$	110.27
Less effect of AOCI:
Accumulated currency translation adjustment	0.38		0.04
Unrealized (depreciation) appreciation of securities	(73.69)		(52.96)
Effect of updating discount rates on future policy benefits	52.26		31.66
Change in instrument-specific credit risk for market risk benefits	0.20		(0.14)
Pension and postretirement benefits	(0.27)		(0.75)
Book value per share outstanding, before impact of AOCI	$	138.99	$	132.42

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Add Fifteen

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

(Dollars in millions)

(Unaudited)
Trailing Twelve Months Ended June 30, 2023:	Average Equity
Shareholders' average equity	$	7,331
Less effect of AOCI:
Accumulated currency translation adjustment	(66)
Unrealized (depreciation) appreciation of securities	(4,821)
Effect of updating discount rates on future policy benefits	3,272
Change in instrument-specific credit risk for market risk benefits	10
Pension and postretirement benefits	(34)
Shareholders' average equity, excluding AOCI	8,970
Year-to-date notable items, net of tax	79
Shareholders' average equity, excluding AOCI and notable items	$	9,049

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 June 30, 2023:	Income
Net income available to RGA shareholders	$	672	9.2	%
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net	244
Change in fair value of embedded derivatives	44
Tax expense on uncertain tax positions and other tax related items	8
Net income attributable to noncontrolling interest	6
Adjusted operating income	974		10.9	%
Notable items after tax	201
Adjusted operating income excluding notable items	$	1,175	13.0	%

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Add Sixteen

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)

(Unaudited)	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues:
Net premiums	$	3,337	$	3,230	$	6,722	$	6,385
Investment income, net of related expenses	857		754		1,713		1,564
Investment related gains (losses), net	(123)		(240)		(200)		(379)
Other revenue	85		159		172		250
Total revenues	4,156		3,903		8,407		7,820
Benefits and expenses:
Claims and other policy benefits	3,013		2,938		6,076		5,809
Future policy benefits remeasurement (gains) losses	13		18		(13)		76
Market risk benefits remeasurement (gains) losses	(31)		40		(17)		6
Interest credited	209		138		424		279
Policy acquisition costs and other insurance expenses	349		336		680		680
Other operating expenses	275		242		525		469
Interest expense	63		44		116		87
Total benefits and expenses	3,891		3,756		7,791		7,406
Income before income taxes	265		147		616		414
Provision for income taxes	58		41		156		111
Net income	207		106		460		303
Net income attributable to noncontrolling interest	2		1		3		1
Net income available to RGA shareholders	$	205	$	105	$	457	$	302

#

Document

Exhibit 99.2

Quarterly Financial Supplement

Second 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+
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

2nd 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:

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)	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,		June 30,
	2023			2023			2022			2022			2022			Quarter			2023		2022		Change
Net premiums	$	3,337		$	3,385		$	3,446		$	3,247		$	3,230		$	107		$	6,722	$	6,385	$	337
Net income (loss) available to RGA's shareholders	205			252			291			(76)			105			100			457		302		155
Adjusted operating income	297			349			312			16			316			(19)			646		599		47
Adjusted operating income excluding notable items (1)	297			349			266			263			299			(2)			646		582		64
Return on equity	9.2		%	7.8		%	6.8		%	8.3		%	8.2		%	1.0		%
Adjusted operating return on equity (ex AOCI)	10.9		%	11.2		%	10.5		%	9.2		%	7.2		%	3.7		%
Adjusted operating return on equity (ex AOCI and notable items (1))	13.0		%	13.1		%	12.5		%	11.7		%	8.6		%	4.4		%
Total assets	$	89,040		$	89,120		$	84,904		$	82,819		$	84,875		$	4,165
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,685.3		$	1,676.8		$	1,672.2		$	1,662.7		$	1,650.5		$	34.8
U.S. and Latin America Financial Solutions	5.2			5.2			5.2			5.3			5.3			(0.1)
Canada Traditional	484.6			469.5			463.6			448.7			477.2			7.4
Europe, Middle East and Africa Traditional	802.3			759.6			735.4			671.3			756.4			45.9
Asia Pacific Traditional	495.4			508.2			518.6			479.4			486.1			9.3
Asia Pacific Financial Solutions	6.7			7.4			5.7			5.2			5.4			1.3
Total assumed life reinsurance in force	$	3,479.5		$	3,426.7		$	3,400.7		$	3,272.6		$	3,380.9		$	98.6
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	35.6		$	34.1		$	36.4		$	37.3		$	32.7		$	2.9		$	69.7	$	72.2	$	(2.5)
Canada Traditional	11.2			10.8			11.9			10.8			12.8			(1.6)			22.0		25.5		(3.5)
Europe, Middle East and Africa Traditional	36.6			30.1			35.6			38.2			45.1			(8.5)			66.7		95.6		(28.9)
Asia Pacific Traditional	4.7			3.9			8.6			14.4			5.7			(1.0)			8.6		22.3		(13.7)
Asia Pacific Financial Solutions	0.1			1.7			—			—			—			0.1			1.8		0.1		1.7
Total assumed new business production	$	88.2		$	80.6		$	92.5		$	100.7		$	96.3		$	(8.1)		$	168.8	$	215.7	$	(46.9)
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income (loss)	$	3.09		$	3.77		$	4.36		$	(1.13)		$	1.57		$	1.52		$	6.86	$	4.50	$	2.36
Adjusted operating income (loss)	$	4.46		$	5.22		$	4.67		$	0.24		$	4.71		$	(0.25)		$	9.69	$	8.93	$	0.76
Diluted earnings per share (2)
Net income (loss)	$	3.05		$	3.72		$	4.30		$	(1.13)		$	1.55		$	1.50		$	6.77	$	4.46	$	2.31
Adjusted operating income (loss)	$	4.40		$	5.16		$	4.60		$	0.24		$	4.67		$	(0.27)		$	9.55	$	8.86	$	0.69
Wgt. average common shares outstanding
Basic	66,518			66,779			66,748			66,936			66,996			(478)			66,649		67,050		(401)
Diluted	67,420			67,615			67,793			67,663			67,620			(200)			67,563		67,614		(51)
Common shares issued	85,311			85,311			85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	19,099			18,771			18,635			18,484			18,304			795			19,099		18,304		795
Common shares outstanding	66,212			66,540			66,676			66,827			67,007			(795)			66,212		67,007		(795)
Book value per share	$	117.87		$	114.60		$	106.19		$	101.08		$	110.27		$	7.60		$	117.87	$	110.27	$	7.60
Per share effect of AOCI	$	(21.12)		$	(21.96)		$	(28.07)		$	(29.60)		$	(22.15)		$	1.03		$	(21.12)	$	(22.15)	$	1.03
Book value per share, excluding AOCI	$	138.99		$	136.56		$	134.26		$	130.68		$	132.42		$	6.57		$	138.99	$	132.42	$	6.57
Shareholders’ dividends paid	$	54		$	53		$	53		$	54		$	49		$	5		$	107	$	98	$	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
---
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	3,337	$	3,385	$	3,446	$	3,247	$	3,230	$	107	$	6,722	$	6,385	$	337
Net investment income	857		856		828		769		754		103		1,713		1,564		149
Investment related gains (losses), net	(123)		(77)		(6)		(154)		(240)		117		(200)		(379)		179
Other revenue	85		87		89		188		159		(74)		172		250		(78)
Total revenues	4,156		4,251		4,357		4,050		3,903		253		8,407		7,820		587
Benefits and expenses:
Claims and other policy benefits	3,013		3,063		3,125		3,048		2,938		75		6,076		5,809		267
Future policy benefits remeasurement (gains) losses	13		(26)		(11)		226		18		(5)		(13)		76		(89)
Market risk benefits remeasurement (gains) losses	(31)		14		(19)		23		40		(71)		(17)		6		(23)
Interest credited	209		215		214		189		138		71		424		279		145
Policy acquisition costs and other insurance expenses	349		331		323		341		336		13		680		680		—
Other operating expenses	275		250		289		251		242		33		525		469		56
Interest expense	63		53		55		49		44		19		116		87		29
Total benefits and expenses	3,891		3,900		3,976		4,127		3,756		135		7,791		7,406		385
Income (loss) before income taxes	265		351		381		(77)		147		118		616		414		202
Provision for income taxes	58		98		88		(2)		41		17		156		111		45
Net income (loss)	207		253		293		(75)		106		101		460		303		157
Net income attributable to noncontrolling interest	2		1		2		1		1		1		3		1		2
Net income (loss) available to RGA's shareholders	$	205	$	252	$	291	$	(76)	$	105	$	100	$	457	$	302	$	155
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes	$	265	$	351	$	381	$	(77)	$	147	$	118	$	616	$	414	$	202
Investment and derivative (gains) losses (1)	117		127		(46)		152		201		(84)		244		319		(75)
Market risk benefits remeasurement (gains) losses	(31)		14		(19)		23		40		(71)		(17)		6		(23)
Change in fair value of funds withheld embedded derivatives (1)	20		(37)		67		17		56		(36)		(17)		89		(106)
Funds withheld (gains) losses - investment income	2		—		2		4		10		(8)		2		18		(16)
EIA embedded derivatives - interest credited	3		(7)		1		(10)		(27)		30		(4)		(44)		40
Investment (income) loss on unit-linked variable annuities	2		—		2		5		8		(6)		2		17		(15)
Interest credited on unit-linked variable annuities	(2)		—		(2)		(5)		(8)		6		(2)		(17)		15
Interest expense on uncertain tax positions	—		—		—		—		—		—		—		—		—
Other	—		8		1		(71)		(11)		11		8		(10)		18
Adjusted operating income before income taxes	376		456		387		38		416		(40)		832		792		40
Notable items (2)	—		—		(61)		326		(23)		23		—		(23)		23
Adjusted operating income before income taxes excluding notable items	$	376	$	456	$	326	$	364	$	393	$	(17)	$	832	$	769	$	63
(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
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
After-tax adjusted operating income reconciliation:
GAAP net income (loss) attributable to RGA	$	205	$	252	$	291	$	(76)	$	105	$	100	$	457	$	302	$	155
Investment and derivative (gains) losses (1)	88		102		(14)		120		154		(66)		190		246		(56)
Market risk benefits remeasurement (gains) losses	(24)		11		(15)		18		32		(56)		(13)		5		(18)
Change in fair value of funds withheld embedded derivatives (1)	16		(29)		53		14		44		(28)		(13)		70		(83)
Funds withheld (gains) losses - investment income	2		—		2		3		8		(6)		2		14		(12)
EIA embedded derivatives - interest credited	3		(6)		1		(8)		(22)		25		(3)		(35)		32
Investment (income) loss on unit-linked variable annuities	2		—		2		4		6		(4)		2		13		(11)
Interest credited on unit-linked variable annuities	(2)		—		(2)		(4)		(6)		4		(2)		(13)		11
Interest expense on uncertain tax positions	—		—		—		—		—		—		—		—		—
Other	—		6		1		(56)		(9)		9		6		(8)		14
Uncertain tax positions and other tax related items	5		12		(9)		—		3		2		17		4		13
Net income attributable to noncontrolling interest	2		1		2		1		1		1		3		1		2
Adjusted operating income	297		349		312		16		316		(19)		646		599		47
Notable items (2)	—		—		(46)		247		(17)		17		—		(17)		17
Adjusted operating income excluding notable items	$	297	$	349	$	266	$	263	$	299	$	(2)	$	646	$	582	$	64
Diluted earnings per share - adjusted operating income (loss) (3)	$	4.40	$	5.16	$	4.60	$	0.24	$	4.67	$	(0.27)	$	9.55	$	8.86	$	0.69
Diluted earnings per share - adjusted operating income (loss) excluding notable items (3)	$	4.40	$	5.16	$	3.91	$	3.92	$	4.41	$	(0.01)	$	9.55	$	8.60	$	0.95
Foreign currency effect on (4):
Net premiums	$	(45)	$	(112)	$	(164)	$	(160)	$	(119)	$	74	$	(157)	$	(166)	9
Adjusted operating income (loss) before income taxes	$	(6)	$	(16)	$	(18)	$	(11)	$	(16)	$	10	$	(22)	$	(19)	(3)
(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)
		March 31,		Dec. 31,		Sept. 30,		June 30,
		2023		2022		2022		2022
Assets
Fixed maturity securities available-for-sale, at fair value	56,236	$	56,085	$	52,901	$	50,495	$	53,294
Equity securities, at fair value		138		134		137		127
Mortgage loans		6,833		6,590		6,558		6,544
Policy loans		1,221		1,231		1,202		1,218
Funds withheld at interest		5,976		6,003		6,177		6,393
Limited partnerships and real estate joint ventures		2,405		2,327		2,197		2,074
Short-term investments		246		154		225		272
Other invested assets		1,111		1,140		1,049		1,036
Total investments		74,015		70,480		68,040		70,958
Cash and cash equivalents		3,294		2,927		3,512		2,556
Accrued investment income		672		630		628		572
Premiums receivable and other reinsurance balances		3,114		3,013		2,820		2,884
Reinsurance ceded receivables and other		2,723		2,671		2,650		2,829
Deferred policy acquisition costs		4,257		4,128		4,004		3,935
Other assets		1,045		1,055		1,165		1,141
Total assets	89,040	$	89,120	$	84,904	$	82,819	$	84,875
Liabilities and equity
Future policy benefits	38,239	$	38,222	$	35,689	$	33,724	$	37,028
Interest-sensitive contract liabilities		30,405		30,342		30,043		28,762
Market risk benefits, at fair value		261		247		259		271
Other policy claims and benefits		2,558		2,480		2,366		2,447
Other reinsurance balances		851		725		889		557
Deferred income taxes		1,446		1,383		1,350		1,383
Other liabilities		3,206		2,906		3,136		3,129
Long-term debt		4,455		3,961		4,207		3,667
Collateral finance and securitization notes		—		—		—		152
Total liabilities		81,404		77,733		75,974		77,396
Equity:
Common stock, at par value		1		1		1		1
Additional paid-in-capital		2,506		2,502		2,493		2,478
Retained earnings		8,336		8,169		7,936		8,067
Treasury stock		(1,756)		(1,720)		(1,697)		(1,673)
Accumulated other comprehensive income (loss), net of taxes (AOCI):
Accumulated currency translation adjustment		(94)		(116)		(147)		3
Unrealized (depreciation) appreciation of securities		(4,393)		(5,496)		(5,788)		(3,549)
Effect of updating discount rates on future policy benefits		3,034		3,755		3,989		2,122
Change in instrument-specific credit risk for market risk benefits		14		13		19		(9)
Pension and postretirement benefits		(22)		(27)		(51)		(51)
Total RGA, Inc. shareholders’ equity		7,626		7,081		6,755		7,389
Noncontrolling interest		90		90		90		90
Total equity		7,716		7,171		6,845		7,479
Total liabilities and equity	89,040	$	89,120	$	84,904	$	82,819	$	84,875
Total RGA, Inc. shareholders’ equity, excluding AOCI	9,203	$	9,087	$	8,952	$	8,733	$	8,873
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
			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
			2023			2022			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	1,750		$	1,615		$	1,778		$	1,640		$	1,631		$	119		$	3,365		$	3,172		$	193
Net investment income			193			224			201			186			(6)			373			475			(102)
Investment related gains (losses), net			(1)			6			8			19			(20)			(2)			34			(36)
Other revenue			5			5			6			10			(7)			8			16			(8)
Total revenues			1,812			2,013			1,855			1,846			86			3,744			3,697			47
Benefits and expenses:
Claims and other policy benefits			1,447			1,642			1,520			1,524			68			3,039			2,971			68
Future policy benefits remeasurement (gains) losses			7			10			160			(11)			35			31			92			(61)
Interest credited			18			17			18			17			1			36			34			2
Policy acquisition costs and other insurance expenses			175			178			182			181			6			362			362			—
Other operating expenses			44			52			44			45			4			93			88			5
Total benefits and expenses			1,691			1,899			1,924			1,756			114			3,561			3,547			14
Income (loss) before income taxes	62		$	121		$	114		$	(69)		$	90		$	(28)		$	183		$	150		$	33
Loss and expense ratios:
Loss ratio (1)		%	90.0		%	92.9		%	102.4		%	92.8		%	(0.5)		%	91.2		%	96.6		%	(5.4)		%
Policy acquisition costs and other insurance expenses		%	10.8		%	10.0		%	11.1		%	11.1		%	(0.4)		%	10.8		%	11.4		%	(0.6)		%
Other operating expenses		%	2.7		%	2.9		%	2.7		%	2.8		%	—		%	2.8		%	2.8		%	—		%
Foreign currency effect on (2):
Net premiums	3		$	2		$	1		$	—		$	1		$	2		$	5		$	1		$	4
Income (loss) before income taxes	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
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
			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
			2023			2022			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	1,750		$	1,615		$	1,778		$	1,640		$	1,631		$	119		$	3,365		$	3,172		$	193
Net investment income			193			224			201			186			(6)			373			475			(102)
Other revenue			5			5			6			10			(7)			8			16			(8)
Total revenues			1,813			2,007			1,847			1,827			106			3,746			3,663			83
Benefits and expenses:
Claims and other policy benefits			1,447			1,642			1,520			1,524			68			3,039			2,971			68
Future policy benefits remeasurement (gains) losses			7			10			160			(11)			35			31			92			(61)
Interest credited			18			17			18			17			1			36			34			2
Policy acquisition costs and other insurance expenses			175			178			182			181			6			362			362			—
Other operating expenses			44			52			44			45			4			93			88			5
Total benefits and expenses			1,691			1,899			1,924			1,756			114			3,561			3,547			14
Adjusted operating income (loss) before notable items and income taxes			122			108			(77)			71			(8)			185			116			69
Notable items (1)			—			—			170			—			—			—			—			—
Adjusted operating income (loss) excluding notable items, before income taxes	63		$	122		$	108		$	93		$	71		$	(8)		$	185		$	116		$	69
Loss and expense ratios:
Loss ratio (2)		%	90.0		%	92.9		%	102.4		%	92.8		%	(0.5)		%	91.2		%	96.6		%	(5.4)		%
Policy acquisition costs and other insurance expenses		%	10.8		%	10.0		%	11.1		%	11.1		%	(0.4)		%	10.8		%	11.4		%	(0.6)		%
Other operating expenses		%	2.7		%	2.9		%	2.7		%	2.8		%	—		%	2.8		%	2.8		%	—		%
Foreign currency effect on (3):
Net premiums	3		$	2		$	1		$	—		$	1		$	2		$	5		$	1		$	4
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
		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	17	$	163	$	24	$	13	$	14	$	3	$	180	$	29	$	151
Net investment income		280		287		265		246		32		558		502		56
Investment related gains (losses), net		20		(128)		(41)		(80)		12		(48)		(173)		125
Other revenue		25		25		29		31		(5)		51		57		(6)
Total revenues		488		208		266		211		42		741		415		326
Benefits and expenses:
Claims and other policy benefits		199		52		41		43		2		244		112		132
Future policy benefits remeasurement (gains) losses		(4)		(2)		(5)		(1)		—		(5)		(21)		16
Market risk benefits remeasurement (gains) losses		14		(19)		23		40		(71)		(17)		6		(23)
Interest credited		129		148		130		101		32		262		208		54
Policy acquisition costs and other insurance expenses		46		47		36		45		2		93		86		7
Other operating expenses		11		14		11		12		1		24		21		3
Total benefits and expenses		395		240		236		240		(34)		601		412		189
Income (loss) before income taxes	47	$	93	$	(32)	$	30	$	(29)	$	76	$	140	$	3	$	137
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
		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	17	$	163	$	24	$	13	$	14	$	3	$	180	$	29	$	151
Net investment income		276		286		264		250		29		555		508		47
Other revenue		25		25		29		31		(5)		51		57		(6)
Total revenues		464		335		306		295		27		786		594		192
Benefits and expenses:
Claims and other policy benefits		199		52		41		43		2		244		112		132
Future policy benefits remeasurement (gains) losses		(4)		(2)		(5)		(1)		—		(5)		(21)		16
Interest credited		136		147		140		128		2		266		252		14
Policy acquisition costs and other insurance expenses		38		47		36		45		2		85		86		(1)
Other operating expenses		11		14		11		12		1		24		21		3
Total benefits and expenses		380		258		223		227		7		614		450		164
Adjusted operating income (loss) before notable items and income taxes		84		77		83		68		20		172		144		28
Notable items (1)		—		—		(3)		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	88	$	84	$	77	$	80	$	68	$	20	$	172	$	144	$	28
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)	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
	2023			2023			2022			2022			2022
Policyholder account balances
Fixed annuities (deferred)	$	11,361		$	11,699		$	12,046		$	12,257		$	11,952
Equity-indexed annuities	$	2,580		$	2,701		$	2,817		$	2,919		$	2,978
Bank-owned life insurance (BOLI)	$	2,494		$	2,505		$	2,500		$	2,508		$	2,505
Other policyholder account balances	$	52		$	75		$	75		$	76		$	76
Variable annuities account balances
No riders	$	599		$	598		$	672		$	642		$	705
GMDB only	738			734			771			802			811
GMIB only	16			16			20			19			20
GMAB only	2			2			2			2			2
GMWB only	883			866			863			833			916
GMDB / WB	169			168			165			158			174
Other	13			12			15			15			16
Total variable annuities account balances	$	2,420		$	2,396		$	2,508		$	2,471		$	2,644
Interest-sensitive contract liabilities not associated with policyholder account balances:
Guaranteed investment contracts, funding agreements and immediate annuities	$	843		$	828		$	848		$	866		$	961
Future policy benefits (at original discount rate) associated with:
Payout annuities	$	4,181		$	4,231		$	4,153		$	4,208		$	4,269
Other future policy benefits	$	62		$	58		$	59		$	59		$	60
Liability for market risk benefits:
Equity-indexed annuities	$	140		$	144		$	132		$	90		$	106
Variable annuities (liability)	$	95		$	117		$	115		$	168		$	166
Variable annuities (asset)	$	6		$	2		$	—		$	—		$	—
Net interest spread (1)	1.4		%	1.2		%	1.2		%	1.0		%	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
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Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
( millions)
										Current Qtr		Year-to-Date
		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	—	$	1	$	1	$	2	$	1	$	(1)	$	1	$	2	$	(1)
Other revenue		26		26		24		74		(49)		51		102		(51)
Total revenues		27		27		26		75		(50)		52		104		(52)
Benefits and expenses:
Policy acquisition costs and other insurance expenses		2		—		(1)		1		1		4		2		2
Other operating expenses		4		3		4		2		—		6		5		1
Total benefits and expenses		6		3		3		3		1		10		7		3
Income before income taxes	21	$	21	$	24	$	23	$	72	$	(51)	$	42	$	97	$	(55)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 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
		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	—	$	1	$	1	$	2	$	1	$	(1)	$	1	$	2	$	(1)
Other revenue		26		26		24		74		(49)		51		102		(51)
Total revenues		27		27		26		75		(50)		52		104		(52)
Benefits and expenses:
Policy acquisition costs and other insurance expenses		2		—		(1)		1		1		4		2		2
Other operating expenses		4		3		4		2		—		6		5		1
Total benefits and expenses		6		3		3		3		1		10		7		3
Adjusted operating income (loss) before notable items and income taxes	21	$	21	$	24	$	23	$	72	$	(51)	$	42	$	97	$	(55)
Notable items (1)		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	21	$	21	$	24	$	23	$	72	$	(51)	$	42	$	97	$	(55)
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
			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
			2023			2022			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	307		$	295		$	308		$	293		$	314		$	(7)		$	602		$	618		$	(16)
Net investment income			61			66			64			62			(1)			122			120			2
Investment related gains (losses), net			2			5			2			(6)			10			6			(5)			11
Other revenue			1			1			—			1			—			2			3			(1)
Total revenues			359			380			359			371			2			732			736			(4)
Benefits and expenses:
Claims and other policy benefits			270			285			272			285			(3)			552			572			(20)
Future policy benefits remeasurement (gains) losses			3			(10)			9			(2)			1			2			(1)			3
Policy acquisition costs and other insurance expenses			45			44			56			51			(4)			92			103			(11)
Other operating expenses			12			11			10			10			—			22			20			2
Total benefits and expenses			330			330			347			344			(6)			668			694			(26)
Income before income taxes	35		$	29		$	50		$	12		$	27		$	8		$	64		$	42		$	22
Loss and expense ratios:
Loss ratio (1)		%	92.5		%	89.3		%	95.9		%	90.1		%	1.4		%	92.0		%	92.4		%	(0.4)		%
Policy acquisition costs and other insurance expenses		%	15.3		%	14.3		%	19.1		%	16.2		%	(0.9)		%	15.3		%	16.7		%	(1.4)		%
Other operating expenses		%	4.1		%	3.6		%	3.4		%	3.2		%	0.1		%	3.7		%	3.2		%	0.5		%
Foreign currency effect on (2):
Net premiums	(16)		$	(20)		$	(23)		$	(11)		$	(13)		$	(3)		$	(36)		$	(13)		$	(23)
Income before income taxes	(2)		$	(2)		$	(3)		$	—		$	(1)		$	(1)		$	(4)		$	(1)		$	(3)
Creditor reinsurance net premiums	18		$	18		$	17		$	18		$	20		$	(2)		$	36		$	38		$	(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 14
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Canada Traditional
Adjusted Operating Income Statements
( millions)
															Current Qtr			Year-to-Date
			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
			2023			2022			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	307		$	295		$	308		$	293		$	314		$	(7)		$	602		$	618		$	(16)
Net investment income			62			67			65			62			(1)			123			120			3
Investment related gains, net			1			1			1			1			—			2			2			—
Other revenue			1			1			—			1			—			2			3			(1)
Total revenues			359			377			359			378			(8)			729			743			(14)
Benefits and expenses:
Claims and other policy benefits			270			285			272			285			(3)			552			572			(20)
Future policy benefits remeasurement (gains) losses			3			(10)			9			(2)			1			2			(1)			3
Policy acquisition costs and other insurance expenses			45			44			56			51			(4)			92			103			(11)
Other operating expenses			12			11			10			10			—			22			20			2
Total benefits and expenses			330			330			347			344			(6)			668			694			(26)
Adjusted operating income before notable items and income taxes			29			47			12			34			(2)			61			49			12
Notable items (1)			—			(5)			6			—			—			—			—			—
Adjusted operating income excluding notable items, before income taxes	32		$	29		$	42		$	18		$	34		$	(2)		$	61		$	49		$	12
Loss and expense ratios:
Loss ratio (2)		%	92.5		%	89.3		%	95.9		%	90.1		%	1.4		%	92.0		%	92.4		%	(0.4)		%
Policy acquisition costs and other insurance expenses		%	15.3		%	14.3		%	19.1		%	16.2		%	(0.9)		%	15.3		%	16.7		%	(1.4)		%
Other operating expenses		%	4.1		%	3.6		%	3.4		%	3.2		%	0.1		%	3.7		%	3.2		%	0.5		%
Foreign currency effect on (3):
Net premiums	(16)		$	(20)		$	(23)		$	(11)		$	(13)		$	(3)		$	(36)		$	(13)		$	(23)
Adjusted operating income before income taxes	(2)		$	(2)		$	(3)		$	—		$	(1)		$	(1)		$	(4)		$	(1)		$	(3)
Creditor reinsurance net premiums	18		$	18		$	17		$	18		$	20		$	(2)		$	36		$	38		$	(2)
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
		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	23	$	23	$	23	$	24	$	25	$	(2)	$	46	$	48	$	(2)
Net investment income		1		1		1		2		(1)		2		3		(1)
Other revenue		3		4		2		2		—		5		4		1
Total revenues		27		28		27		29		(3)		53		55		(2)
Benefits and expenses:
Claims and other policy benefits		21		20		22		23		(3)		41		44		(3)
Future policy benefits remeasurement (gains) losses		(5)		(3)		(2)		(2)		—		(7)		(7)		—
Policy acquisition costs and other insurance expenses		1		1		—		—		—		1		1		—
Other operating expenses		—		1		1		1		1		2		1		1
Total benefits and expenses		17		19		21		22		(2)		37		39		(2)
Income before income taxes	6	$	10	$	9	$	6	$	7	$	(1)	$	16	$	16	$	—
Foreign currency effect on (2):
Net premiums	(2)	$	(1)	$	(2)	$	(1)	$	(1)	$	(1)	$	(3)	$	(1)	$	(2)
Income before income taxes	—	$	(1)	$	—	$	(1)	$	—	$	—	$	(1)	$	—	$	(1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) 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
		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	23	$	23	$	23	$	24	$	25	$	(2)	$	46	$	48	$	(2)
Net investment income		1		1		1		2		(1)		2		3		(1)
Other revenue		3		4		2		2		—		5		4		1
Total revenues		27		28		27		29		(3)		53		55		(2)
Benefits and expenses:
Claims and other policy benefits		21		20		22		23		(3)		41		44		(3)
Future policy benefits remeasurement (gains) losses		(5)		(3)		(2)		(2)		—		(7)		(7)		—
Policy acquisition costs and other insurance expenses		1		1		—		—		—		1		1		—
Other operating expenses		—		1		1		1		1		2		1		1
Total benefits and expenses		17		19		21		22		(2)		37		39		(2)
Adjusted operating income before notable items and income taxes		10		9		6		7		(1)		16		16		—
Notable items (2)		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	6	$	10	$	9	$	6	$	7	$	(1)	$	16	$	16	$	—
Foreign currency effect on (3):
Net premiums	(2)	$	(1)	$	(2)	$	(1)	$	(1)	$	(1)	$	(3)	$	(1)	$	(2)
Adjusted operating income before income taxes	—	$	(1)	$	—	$	(1)	$	—	$	—	$	(1)	$	—	$	(1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) 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
			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
			2023			2022			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	429		$	438		$	422		$	436		$	427		$	2		$	867		$	878		$	(11)
Net investment income			23			21			18			18			5			46			37			9
Other revenue			(1)			3			2			(2)			1			(2)			1			(3)
Total revenues			460			446			456			443			8			911			916			(5)
Benefits and expenses:
Claims and other policy benefits			390			404			409			377			6			773			773			—
Future policy benefits remeasurement (gains) losses			(8)			(10)			(7)			13			(1)			4			2			2
Policy acquisition costs and other insurance expenses			18			16			19			20			1			39			42			(3)
Other operating expenses			33			33			30			29			2			64			61			3
Total benefits and expenses			433			443			451			439			8			880			878			2
Income (loss) before income taxes	4		$	27		$	3		$	5		$	4		$	—		$	31		$	38		$	(7)
Loss and expense ratios:
Loss ratio (1)		%	87.2		%	93.4		%	92.2		%	91.3		%	0.8		%	89.6		%	88.3		%	1.3		%
Policy acquisition costs and other insurance expenses		%	4.1		%	3.8		%	4.4		%	4.7		%	0.2		%	4.5		%	4.8		%	(0.3)		%
Other operating expenses		%	7.5		%	7.8		%	6.9		%	6.8		%	0.4		%	7.4		%	6.9		%	0.5		%
Foreign currency effect on (2):
Net premiums	(6)		$	(41)		$	(53)		$	(68)		$	(46)		$	40		$	(47)		$	(62)		$	15
Income (loss) before income taxes	1		$	(1)		$	—		$	—		$	(2)		$	3		$	—		$	(3)		$	3
Critical illness net premiums	35		$	33		$	33		$	41		$	36		$	(1)		$	68		$	75		$	(7)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 18
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
( millions)
															Current Qtr			Year-to-Date
			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
			2023			2022			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	429		$	438		$	422		$	436		$	427		$	2		$	867		$	878		$	(11)
Net investment income			23			21			18			18			5			46			37			9
Other revenue			(1)			3			2			(2)			1			(2)			1			(3)
Total revenues			460			446			456			443			8			911			916			(5)
Benefits and expenses:
Claims and other policy benefits			390			404			409			377			6			773			773			—
Future policy benefits remeasurement (gains) losses			(8)			(10)			(7)			13			(1)			4			2			2
Policy acquisition costs and other insurance expenses			18			16			19			20			1			39			42			(3)
Other operating expenses			33			33			30			29			2			64			61			3
Total benefits and expenses			433			443			451			439			8			880			878			2
Adjusted operating income before notable items and income taxes			27			3			5			4			—			31			38			(7)
Notable items (1)			—			—			13			—			—			—			—			—
Adjusted operating income excluding notable items, before income taxes	4		$	27		$	3		$	18		$	4		$	—		$	31		$	38		$	(7)
Loss and expense ratios:
Loss ratio (2)		%	87.2		%	93.4		%	92.2		%	91.3		%	0.8		%	89.6		%	88.3		%	1.3		%
Policy acquisition costs and other insurance expenses		%	4.1		%	3.8		%	4.4		%	4.7		%	0.2		%	4.5		%	4.8		%	(0.3)		%
Other operating expenses		%	7.5		%	7.8		%	6.9		%	6.8		%	0.4		%	7.4		%	6.9		%	0.5		%
Foreign currency effect on (3):
Net premiums	(6)		$	(41)		$	(53)		$	(68)		$	(46)		$	40		$	(47)		$	(62)		$	15
Adjusted operating income (loss) before income taxes	1		$	(1)		$	—		$	—		$	(2)		$	3		$	—		$	(3)		$	3
Critical illness net premiums	35		$	33		$	33		$	41		$	36		$	(1)		$	68		$	75		$	(7)
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
		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	90	$	125	$	127	$	112	$	119	$	(29)	$	215	$	247	$	(32)
Net investment income		46		44		37		34		11		91		70		21
Investment related gains (losses), net		(6)		(11)		(9)		(22)		13		(15)		(6)		(9)
Other revenue		4		6		2		4		—		8		7		1
Total revenues		169		166		142		135		(5)		299		318		(19)
Benefits and expenses:
Claims and other policy benefits		104		106		97		107		(39)		172		225		(53)
Future policy benefits remeasurement (gains) losses		(9)		(12)		3		(4)		(1)		(14)		(12)		(2)
Interest credited		—		(2)		(5)		(8)		6		(2)		(17)		15
Policy acquisition costs and other insurance expenses		2		2		2		1		1		4		3		1
Other operating expenses		13		16		11		14		1		28		27		1
Total benefits and expenses		110		110		108		110		(32)		188		226		(38)
Income before income taxes	52	$	59	$	56	$	34	$	25	$	27	$	111	$	92	$	19
Foreign currency effect on (2):
Net premiums	(1)	$	(12)	$	(17)	$	(20)	$	(14)	$	13	$	(13)	$	(19)	$	6
Income before income taxes	—	$	(6)	$	(4)	$	(7)	$	(4)	$	4	$	(6)	$	(6)	$	—
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
		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	90	$	125	$	127	$	112	$	119	$	(29)	$	215	$	247	$	(32)
Net investment income		49		48		46		48		—		97		99		(2)
Investment related gains (losses), net		1		4		5		5		(1)		5		9		(4)
Other revenue		4		6		2		4		—		8		7		1
Total revenues		179		185		165		176		(30)		325		362		(37)
Benefits and expenses:
Claims and other policy benefits		104		106		97		107		(39)		172		225		(53)
Future policy benefits remeasurement (gains) losses		(9)		(12)		3		(4)		(1)		(14)		(12)		(2)
Policy acquisition costs and other insurance expenses		2		2		2		1		1		4		3		1
Other operating expenses		13		16		11		14		1		28		27		1
Total benefits and expenses		110		112		113		118		(38)		190		243		(53)
Adjusted operating income before notable items and income taxes		69		73		52		58		8		135		119		16
Notable items (2)		—		(14)		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	66	$	69	$	59	$	52	$	58	$	8	$	135	$	119	$	16
Foreign currency effect on (3):
Net premiums	(1)	$	(12)	$	(17)	$	(20)	$	(14)	$	13	$	(13)	$	(19)	$	6
Adjusted operating income before income taxes	—	$	(7)	$	(6)	$	(11)	$	(8)	$	8	$	(7)	$	(10)	$	3
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
			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
			2023			2022			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	677		$	662		$	700		$	660		$	640		$	37		$	1,339		$	1,290		$	49
Net investment income			61			55			51			46			16			123			93			30
Investment related gains (losses), net			3			3			4			5			(3)			5			5			—
Other revenue			3			—			5			10			1			14			16			(2)
Total revenues			729			758			720			701			51			1,481			1,404			77
Benefits and expenses:
Claims and other policy benefits			563			548			627			523			56			1,142			1,017			125
Future policy benefits remeasurement (gains) losses			(9)			9			68			25			(39)			(23)			23			(46)
Policy acquisition costs and other insurance expenses			46			44			47			45			(1)			90			99			(9)
Other operating expenses			50			57			51			49			5			104			98			6
Total benefits and expenses			650			658			793			642			21			1,313			1,237			76
Income (loss) before income taxes	89		$	79		$	100		$	(73)		$	59		$	30		$	168		$	167		$	1
Loss and expense ratios:
Loss ratio (1)		%	83.7		%	79.6		%	105.3		%	85.6		%	(2.1)		%	83.6		%	80.6		%	3.0		%
Policy acquisition costs and other insurance expenses		%	6.9		%	6.3		%	7.1		%	7.0		%	(0.5)		%	6.7		%	7.7		%	(1.0)		%
Other operating expenses		%	7.6		%	8.1		%	7.7		%	7.7		%	0.3		%	7.8		%	7.6		%	0.2		%
Foreign currency effect on (2):
Net premiums	(21)		$	(33)		$	(61)		$	(50)		$	(38)		$	17		$	(54)		$	(61)		$	7
Income (loss) before income taxes	(2)		$	(3)		$	(6)		$	6		$	(3)		$	1		$	(5)		$	(1)		$	(4)
Critical illness net premiums	341		$	299		$	324		$	296		$	301		$	40		$	640		$	596		$	44
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
			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
			2023			2022			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	677		$	662		$	700		$	660		$	640		$	37		$	1,339		$	1,290		$	49
Net investment income			61			55			51			46			16			123			93			30
Investment related gains (losses), net			3			3			4			5			(3)			5			5			—
Other revenue			3			—			5			10			1			14			16			(2)
Total revenues			729			758			720			701			51			1,481			1,404			77
Benefits and expenses:
Claims and other policy benefits			563			548			627			523			56			1,142			1,017			125
Future policy benefits remeasurement (gains) losses			(9)			9			68			25			(39)			(23)			23			(46)
Policy acquisition costs and other insurance expenses			46			44			47			45			(1)			90			99			(9)
Other operating expenses			50			57			51			49			5			104			98			6
Total benefits and expenses			650			658			793			642			21			1,313			1,237			76
Adjusted operating income before notable items and income taxes			79			100			(73)			59			30			168			167			1
Notable items (1)			—			(42)			140			(23)			23			—			(23)			23
Adjusted operating income excluding notable items, before income taxes	89		$	79		$	58		$	67		$	36		$	53		$	168		$	144		$	24
Loss and expense ratios:
Loss ratio (2)		%	83.7		%	79.6		%	105.3		%	85.6		%	(2.1)		%	83.6		%	80.6		%	3.0		%
Policy acquisition costs and other insurance expenses		%	6.9		%	6.3		%	7.1		%	7.0		%	(0.5)		%	6.7		%	7.7		%	(1.0)		%
Other operating expenses		%	7.6		%	8.1		%	7.7		%	7.7		%	0.3		%	7.8		%	7.6		%	0.2		%
Foreign currency effect on (3):
Net premiums	(21)		$	(33)		$	(61)		$	(50)		$	(38)		$	17		$	(54)		$	(61)		$	7
Adjusted operating income (loss) before income taxes	(3)		$	(2)		$	(6)		$	6		$	(3)		$	—		$	(5)		$	(1)		$	(4)
Critical illness net premiums	341		$	299		$	324		$	296		$	301		$	40		$	640		$	596		$	44
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
		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	44	$	64	$	64	$	69	$	60	$	(16)	$	108	$	103	$	5
Net investment income		108		94		77		55		70		233		99		134
Investment related gains (losses), net		(51)		83		(94)		(113)		62		(102)		(194)		92
Other revenue		10		—		119		41		(23)		28		55		(27)
Total revenues		131		241		171		43		93		267		63		204
Benefits and expenses:
Claims and other policy benefits		69		68		60		56		(12)		113		95		18
Future policy benefits remeasurement (gains) losses		(1)		7		—		—		—		(1)		—		(1)
Interest credited		54		39		38		22		24		100		42		58
Policy acquisition costs and other insurance expenses		16		12		21		15		4		35		27		8
Other operating expenses		6		6		5		4		3		13		9		4
Total benefits and expenses		144		132		124		97		19		260		173		87
Income (loss) before income taxes	20	$	(13)	$	109	$	47	$	(54)	$	74	$	7	$	(110)	$	117
Foreign currency effect on (2):
Net premiums	(2)	$	(7)	$	(9)	$	(10)	$	(8)	$	6	$	(9)	$	(11)	$	2
Income (loss) before income taxes	—	$	—	$	(17)	$	11	$	15	$	(15)	$	—	$	20	$	(20)
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
		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	44	$	64	$	64	$	69	$	60	$	(16)	$	108	$	103	$	5
Net investment income		108		94		77		55		70		233		99		134
Investment related gains, net		4		5		3		5		(1)		8		9		(1)
Other revenue		8		7		37		17		(12)		13		23		(10)
Total revenues		184		170		186		137		41		362		234		128
Benefits and expenses:
Claims and other policy benefits		69		68		60		56		(12)		113		95		18
Future policy benefits remeasurement (gains) losses		(1)		7		—		—		—		(1)		—		(1)
Interest credited		54		39		38		22		24		100		42		58
Policy acquisition costs and other insurance expenses		16		12		21		15		4		35		27		8
Other operating expenses		6		6		5		4		3		13		9		4
Total benefits and expenses		144		132		124		97		19		260		173		87
Adjusted operating income before notable items and income taxes		40		38		62		40		22		102		61		41
Notable items (2)		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	62	$	40	$	38	$	62	$	40	$	22	$	102	$	61	$	41
Foreign currency effect on (3):
Net premiums	(2)	$	(7)	$	(9)	$	(10)	$	(8)	$	6	$	(9)	$	(11)	$	2
Adjusted operating income before income taxes	(2)	$	(3)	$	(3)	$	(6)	$	(3)	$	1	$	(5)	$	(5)	$	—
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
		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	82	$	82	$	35	$	53	$	104	$	(22)	$	164	$	163	$	1
Investment related gains (losses), net		(44)		36		(24)		(43)		43		(44)		(40)		(4)
Other revenue		11		19		(1)		(12)		8		7		(11)		18
Total revenues		49		90		28		49		29		127		112		15
Benefits and expenses:
Interest credited		14		12		8		6		8		28		12		16
Policy acquisition costs and other insurance income		(20)		(21)		(21)		(23)		3		(40)		(45)		5
Other operating expenses		77		96		84		76		16		169		139		30
Interest expense		53		55		49		44		19		116		87		29
Total benefits and expenses		124		142		120		103		46		273		193		80
Loss before income taxes	(71)	$	(75)	$	(52)	$	(92)	$	(54)	$	(17)	$	(146)	$	(81)	$	(65)
Foreign currency effect on (1):
Loss before income taxes	(1)	$	—	$	(7)	$	3	$	1	$	(2)	$	(1)	$	1	$	(2)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 26
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Corporate and Other
Adjusted Operating Income Statements
( millions)
										Current Qtr		Year-to-Date
		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	82	$	82	$	35	$	53	$	104	$	(22)	$	164	$	163	$	1
Investment related gains, net		4		2		2		1		2		7		4		3
Other revenue		13		13		10		1		5		19		11		8
Total revenues		99		50		65		106		(15)		190		178		12
Benefits and expenses:
Interest credited		14		12		8		6		8		28		12		16
Policy acquisition costs and other insurance income		(20)		(21)		(21)		(23)		3		(40)		(45)		5
Other operating expenses		77		96		84		76		13		166		139		27
Interest expense		53		55		49		44		19		116		87		29
Total benefits and expenses		124		142		120		103		43		270		193		77
Adjusted operating income before notable items and income taxes		(25)		(92)		(55)		3		(58)		(80)		(15)		(65)
Notable items (1)		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	(55)	$	(25)	$	(92)	$	(55)	$	3	$	(58)	$	(80)	$	(15)	$	(65)
Foreign currency effect on (2):
Adjusted operating income (loss) before income taxes	—	$	—	$	—	$	1	$	1	$	(1)	$	—	$	1	$	(1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) 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
		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
		2023		2022		2022		2022		Quarter		2023		2022		Change
U.S. and Latin America:
Traditional	62	$	121	$	114	$	(69)	$	90	$	(28)	$	183	$	150	$	33
Financial Solutions:
Asset Intensive		93		(32)		30		(29)		76		140		3		137
Capital Solutions		21		24		23		72		(51)		42		97		(55)
Total U.S. and Latin America		235		106		(16)		133		(3)		365		250		115
Canada:
Traditional		29		50		12		27		8		64		42		22
Financial Solutions		10		9		6		7		(1)		16		16		—
Total Canada		39		59		18		34		7		80		58		22
Europe, Middle East and Africa:
Traditional		27		3		5		4		—		31		38		(7)
Financial Solutions		59		56		34		25		27		111		92		19
Total Europe, Middle East and Africa		86		59		39		29		27		142		130		12
Asia Pacific:
Traditional		79		100		(73)		59		30		168		167		1
Financial Solutions		(13)		109		47		(54)		74		7		(110)		117
Total Asia Pacific		66		209		(26)		5		104		175		57		118
Corporate and Other		(75)		(52)		(92)		(54)		(17)		(146)		(81)		(65)
Consolidated income (loss) before income taxes	265	$	351	$	381	$	(77)	$	147	$	118	$	616	$	414	$	202
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
		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
		2023		2022		2022		2022		Quarter		2023		2022		Change
U.S. and Latin America:
Traditional	63	$	122	$	108	$	(77)	$	71	$	(8)	$	185	$	116	$	69
Financial Solutions:
Asset Intensive		84		77		83		68		20		172		144		28
Capital Solutions		21		24		23		72		(51)		42		97		(55)
Total U.S. and Latin America		227		209		29		211		(39)		399		357		42
Canada:
Traditional		29		47		12		34		(2)		61		49		12
Financial Solutions		10		9		6		7		(1)		16		16		—
Total Canada		39		56		18		41		(3)		77		65		12
Europe, Middle East and Africa:
Traditional		27		3		5		4		—		31		38		(7)
Financial Solutions		69		73		52		58		8		135		119		16
Total Europe, Middle East and Africa		96		76		57		62		8		166		157		9
Asia Pacific:
Traditional		79		100		(73)		59		30		168		167		1
Financial Solutions		40		38		62		40		22		102		61		41
Total Asia Pacific		119		138		(11)		99		52		270		228		42
Corporate and Other		(25)		(92)		(55)		3		(58)		(80)		(15)		(65)
Consolidated adjusted operating income (loss) before income taxes		456		387		38		416		(40)		832		792		40
Notable items (1)		—		(61)		326		(23)		23		—		(23)		23
Consolidated adjusted operating income (loss) excluding notable items before income taxes	376	$	456	$	326	$	364	$	393	$	(17)	$	832	$	769	$	63
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
		March 31,		Dec. 31,		Sept. 30,		June 30,
		2023		2022		2022		2022
Fixed maturity securities, available-for-sale (1)	56,236	$	56,085	$	52,901	$	50,495	$	53,294
Equity securities		138		134		137		127
Mortgage loans		6,833		6,590		6,558		6,544
Policy loans		1,221		1,231		1,202		1,218
Funds withheld at interest		5,976		6,003		6,177		6,393
Limited partnerships and real estate joint ventures		2,405		2,327		2,197		2,074
Short-term investments		246		154		225		272
Other invested assets		1,111		1,140		1,049		1,036
Cash and cash equivalents		3,294		2,927		3,512		2,556
Total cash and invested assets	76,888	$	77,309	$	73,407	$	71,552	$	73,514
(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
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY		June 30,			June 30,
	2023			2023			2022			2022			2022			Quarter		2023			2022			Change
Average invested assets at amortized cost (1)	$	36,124		$	35,863		$	35,300		$	34,579		$	34,859		$	1,265	$	35,792		$	34,852		$	940
Net investment income (1)	$	393		$	415		$	386		$	374		$	397		$	(4)	$	808		$	854		$	(46)
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.42		%	4.71		%	4.45		%	4.40		%	4.63		%	(21) bps		4.56		%	4.96		%	(40) bps
Variable investment income ("VII") (included in net investment income) (1)	$	17		$	39		$	42		$	38		$	70		$	(53)	$	56		$	211		$	(155)
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)	4.43		%	4.45		%	4.14		%	4.12		%	3.96		%	47 bps		4.44		%	3.88		%	56 bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
Page 30
---
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	40,751	$	62	$	252	$	4,763	$	36,178	64.3	%
Canadian government		—		404		47		3,752		6.7	%
Japanese government		—		10		279		3,046		5.4	%
ABS		12		15		348		4,165		7.4	%
CMBS		1		2		234		1,699		3.1	%
RMBS		—		3		111		1,037		1.8	%
U.S. government		—		1		208		1,366		2.4	%
State and political subdivisions		—		7		145		1,109		2.0	%
Other foreign government		—		34		467		3,884		6.9	%
Total fixed maturity securities	62,185	$	75	$	728	$	6,602	$	56,236	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	6,481	$	5,846	16.2	%	A-	$	6,281	$	5,672	16.7	%	A-
Brokerage/asset managers/exchanges		1,106		3.1	%	A-	1,302		1,115		3.3	%	A-
Finance companies		347		1.0	%	BBB+	410		350		1.0	%	BBB
Insurance		3,925		10.8	%	A-	4,452		3,851		11.3	%	A-
REITs		1,151		3.1	%	BBB+	1,205		1,013		3.0	%	BBB+
Other finance		745		2.1	%	A-	901		679		2.0	%	A-
Total financial institutions	14,948	$	13,120	36.3	%		$	14,551	$	12,680	37.3	%
Industrials
Basic	1,955	$	1,750	4.8	%	BBB+	$	1,921	$	1,690	5.0	%	BBB
Capital goods		1,517		4.2	%	BBB	1,734		1,550		4.6	%	BBB
Communications		2,330		6.4	%	BBB	2,517		2,136		6.3	%	BBB
Consumer cyclical		1,963		5.4	%	BBB+	1,997		1,748		5.1	%	BBB+
Consumer noncyclical		4,333		12.0	%	BBB+	4,625		4,052		11.9	%	BBB+
Energy		1,902		5.3	%	A-	2,050		1,801		5.3	%	BBB+
Technology		1,714		4.7	%	BBB+	1,617		1,461		4.3	%	BBB+
Transportation		2,030		5.6	%	BBB+	2,160		1,859		5.5	%	BBB+
Other industrial		1,009		2.8	%	BBB	1,003		960		2.8	%	BBB
Total industrials	20,574	$	18,548	51.2	%		$	19,624	$	17,257	50.8	%
Utilities
Electric	4,065	$	3,526	9.7	%	A-	$	3,779	$	3,200	9.4	%	A-
Natural gas		633		1.7	%	A-	664		553		1.7	%	A-
Other utility		351		1.1	%	BBB+	345		279		0.8	%	BBB+
Total utilities	5,229	$	4,510	12.5	%		$	4,788	$	4,032	11.9	%
Total	40,751	$	36,178	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
		June 30, 2023						March 31, 2023						December 31, 2022						September 30, 2022						June 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	$	38,928	$	35,512	63.1	%	$	38,291	$	35,308	63.0	%	$	36,217	$	32,295	61.1	%	$	33,881	$	30,062	59.6	%	$	33,989	$	31,782	59.6	%
2	BBB	19,840		17,517		31.2	%	19,832		17,658		31.5	%	20,188		17,580		33.2	%	19,931		16,924		33.5	%	19,851		18,011		33.8	%
3	BB	2,919		2,801		5.0	%	2,811		2,698		4.8	%	2,734		2,607		5.0	%	3,044		2,843		5.6	%	2,940		2,774		5.2	%
4	B	347		328		0.6	%	402		340		0.6	%	397		331		0.6	%	625		583		1.2	%	658		619		1.2	%
5	CCC	99		69		0.1	%	100		69		0.1	%	103		71		0.1	%	107		62		0.1	%	124		84		0.2	%
6	In or near default	52		9		—	%	58		12		—	%	24		17		—	%	42		21		—	%	46		24		—	%
	Total	$	62,185	$	56,236	100.0	%	$	61,494	$	56,085	100.0	%	$	59,663	$	52,901	100.0	%	$	57,630	$	50,495	100.0	%	$	57,608	$	53,294	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
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	June 30, 2023						March 31, 2023						December 31, 2022						September 30, 2022						June 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")	$	1,936	$	1,857	26.9	%	$	1,880	$	1,775	26.1	%	$	1,825	$	1,702	26.4	%	$	1,788	$	1,650	26.0	%	$	1,714	$	1,622	25.1	%
ABS, excluding CLOs	2,574		2,308		33.5	%	2,590		2,328		34.2	%	2,499		2,176		33.8	%	2,377		2,073		32.6	%	2,377		2,160		33.4	%
Total ABS	4,510		4,165		60.4	%	4,470		4,103		60.3	%	4,324		3,878		60.2	%	4,165		3,723		58.6	%	4,091		3,782		58.5	%
CMBS	1,932		1,699		24.6	%	1,882		1,670		24.6	%	1,835		1,623		25.2	%	1,843		1,670		26.3	%	1,856		1,735		26.8	%
RMBS:
Agency	464		413		6.0	%	473		432		6.4	%	476		427		6.6	%	489		442		7.0	%	519		498		7.7	%
Non-agency	681		624		9.0	%	647		592		8.7	%	578		514		8.0	%	565		511		8.1	%	485		452		7.0	%
Total RMBS	1,145		1,037		15.0	%	1,120		1,024		15.1	%	1,054		941		14.6	%	1,054		953		15.1	%	1,004		950		14.7	%
Total	$	7,587	$	6,901	100.0	%	$	7,472	$	6,797	100.0	%	$	7,213	$	6,442	100.0	%	$	7,062	$	6,346	100.0	%	$	6,951	$	6,467	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	9,095	$	496	$	19,800	$	4,161	$	28,895	$	4,657
Canadian government		17		168		30		604		47
Japanese government		2		2,154		277		2,399		279
ABS		17		3,069		316		3,572		333
CMBS		16		1,311		212		1,642		228
RMBS		17		532		94		917		111
U.S. government		14		596		194		1,345		208
State and political subdivisions		13		660		132		963		145
Other foreign government		42		1,900		362		2,888		404
Total investment grade securities	13,035	$	634	$	30,190	$	5,778	$	43,225	$	6,412
Below investment grade securities:
Corporate	481	$	21	$	660	$	83	$	1,141	$	104
ABS		1		53		13		69		14
Other foreign government		—		183		63		183		63
Total below investment grade securities	497	$	22	$	896	$	159	$	1,393	$	181
Total fixed maturity securities	13,532	$	656	$	31,086	$	5,937	$	44,618	$	6,593
(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
		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
		2023		2022		2022		2022		Quarter		2023		2022		Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	4	$	(42)	$	15	$	3	$	(13)	$	17	$	(38)	$	(24)	$	(14)
Impairments on fixed maturities		(1)		(2)		(12)		(2)		2		(1)		(3)		2
Realized gains on investment activity		31		127		20		34		(23)		42		45		(3)
Realized losses on investment activity		(75)		(160)		(106)		(94)		57		(112)		(130)		18
Net gains (losses) on fixed maturity securities available-for-sale		(87)		(20)		(95)		(75)		53		(109)		(112)		3
Net gains (losses) on equity securities		2		(5)		7		(15)		11		(2)		(23)		21
Change in mortgage loan allowance for credit losses		3		(8)		(5)		(1)		(8)		(6)		(3)		(3)
Change in fair value of certain limited partnership investments		(3)		9		—		10		—		7		29		(22)
Other, net		2		—		7		11		4		17		19		(2)
Free-standing derivatives (1):
Interest rate swaps		20		(2)		(33)		(44)		14		(10)		(96)		86
Interest rate options		(23)		(9)		18		(6)		3		(26)		(6)		(20)
Total return swaps		3		22		(1)		—		5		8		—		8
Interest rate futures		—		1		2		1		1		2		3		(1)
Equity futures		(9)		(11)		5		23		(33)		(19)		28		(47)
Foreign currency swaps		—		(6)		9		11		1		12		18		(6)
Foreign currency swaps - hedged		(1)		1		1		—		—		(1)		4		(5)
Foreign currency forwards		(19)		61		(55)		(76)		2		(93)		(99)		6
CPI swaps		1		6		7		(11)		17		7		18		(11)
Credit default swaps		11		37		(12)		(33)		43		21		(91)		112
Equity options		(14)		(15)		8		21		(32)		(25)		21		(46)
Total free-standing derivatives		(31)		85		(51)		(114)		21		(124)		(200)		76
Embedded derivatives		37		(67)		(17)		(56)		36		17		(89)		106
Net gains (losses) on total derivatives		6		18		(68)		(170)		57		(107)		(289)		182
Total investment related gains (losses), net	(123)	$	(77)	$	(6)	$	(154)	$	(240)	$	117	$	(200)	$	(379)	$	179
(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
		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
		2023		2022		2022		2022		Quarter		2023		2022		Change
U.S. & Latin America Traditional
Income (loss) before income taxes	62	$	121	$	114	$	(69)	$	90	$	(28)	$	183	$	150	$	33
Investment and derivative losses (1)		—		1		(1)		—		—		—		—		—
Change in fair value of funds withheld embedded derivatives (1)		1		(7)		(7)		(19)		20		2		(34)		36
Adjusted operating income (loss) before notable items and income taxes		122		108		(77)		71		(8)		185		116		69
Notable items (2)		—		—		170		—		—		—		—		Q
Adjusted operating income (loss) excluding notable items, before income taxes	63	$	122	$	108	$	93	$	71	$	(8)	$	185	$	116	$	69
U.S. & Latin America Asset-Intensive
Income (loss) before income taxes	47	$	93	$	(32)	$	30	$	(29)	$	76	$	140	$	3	$	137
Market risk benefits remeasurement (gains) losses		14		(19)		23		40		(71)		(17)		6		(23)
Investment and derivative (gains) losses (1)		18		54		17		5		44		67		50		17
Change in fair value of funds withheld embedded derivatives (1)		(38)		74		24		75		(56)		(19)		123		(142)
Funds withheld (gains) losses - investment income		(4)		(1)		(1)		4		(3)		(3)		6		(9)
EIA embedded derivatives - interest credited		(7)		1		(10)		(27)		30		(4)		(44)		40
Other		8		—		—		—		—		8		—		8
Adjusted operating income (loss) before notable items and income taxes		84		77		83		68		20		172		144		28
Notable items (2)		—		—		(3)		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	88	$	84	$	77	$	80	$	68	$	20	$	172	$	144	$	28
U.S. & Latin America Capital Solutions
Income before income taxes	21	$	21	$	24	$	23	$	72	$	(51)	$	42	$	97	$	(55)
Adjusted operating income (loss) before notable items and income taxes		21		24		23		72		(51)		42		97		(55)
Notable items (2)		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	21	$	21	$	24	$	23	$	72	$	(51)	$	42	$	97	$	(25)
(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
		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
		2023		2022		2022		2022		Quarter		2023		2022		Change
Canada Traditional
Income before income taxes	35	$	29	$	50	$	12	$	27	$	8	$	64	$	42	$	22
Investment and derivative (gains) losses (1)		(1)		(4)		(1)		7		(10)		(4)		7		(11)
Investment income - non-operating FWAI		1		1		1		—		—		1		—		1
Adjusted operating income (loss) before notable items and income taxes		29		47		12		34		(2)		61		49		12
Notable items (2)		—		(5)		6		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	32	$	29	$	42	$	18	$	34	$	(2)	$	61	$	49	$	12
Canada Financial Solutions
Income before income taxes	6	$	10	$	9	$	6	$	7	$	(1)	$	16	$	16	$	—
Adjusted operating income (loss) before notable items and income taxes		10		9		6		7		(1)		16		16		—
Notable items (2)		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	6	$	10	$	9	$	6	$	7	$	(1)	$	16	$	16	$	—
Europe, Middle East and Africa Traditional
Income (loss) before income taxes	4	$	27	$	3	$	5	$	4	$	—	$	31	$	38	$	(7)
Adjusted operating income (loss) before notable items and income taxes		27		3		5		4		—		31		38		(7)
Notable items (2)		—		—		13		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	4	$	27	$	3	$	18	$	4	$	—	$	31	$	38	$	(7)
Europe, Middle East and Africa Financial Solutions
Income before income taxes	52	$	59	$	56	$	34	$	25	$	27	$	111	$	92	$	19
Investment and derivative (gains) losses (1)		7		15		14		27		(14)		20		15		5
Investment income - non-operating FWAI		3		2		4		6		(5)		4		12		(8)
Investment (income) loss on unit-linked variable annuities		—		2		5		8		(6)		2		17		(15)
Interest credited on unit-linked variable annuities		—		(2)		(5)		(8)		6		(2)		(17)		15
Adjusted operating income (loss) before notable items and income taxes		69		73		52		58		8		135		119		16
Notable items (2)		—		(14)		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	66	$	69	$	59	$	52	$	58	$	8	$	135	$	119	$	16
(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
		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
		2023		2022		2022		2022		Quarter		2023		2022		Change
Asia Pacific Traditional
Income (loss) before income taxes	89	$	79	$	100	$	(73)	$	59	$	30	$	168	$	167	$	1
Adjusted operating income (loss) before notable items and income taxes		79		100		(73)		59		30		168		167		1
Notable items (2)		—		(42)		140		(23)		23		—		(23)		23
Adjusted operating income (loss) excluding notable items, before income taxes	89	$	79	$	58	$	67	$	36	$	53	$	168	$	144	$	24
Asia Pacific Financial Solutions
Income (loss) before income taxes	20	$	(13)	$	109	$	47	$	(54)	$	74	$	7	$	(110)	$	117
Investment and derivative (gains) losses (1)		55		(78)		97		118		(63)		110		203		(93)
Other		(2)		7		(82)		(24)		11		(15)		(32)		17
Adjusted operating income (loss) before notable items and income taxes		40		38		62		40		22		102		61		41
Notable items (2)		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	62	$	40	$	38	$	62	$	40	$	22	$	102	$	61	$	41
Corporate and Other
Income (loss) before income taxes	(71)	$	(75)	$	(52)	$	(92)	$	(54)	$	(17)	$	(146)	$	(81)	$	(65)
Investment and derivative (gains) losses (1)		48		(34)		26		44		(41)		51		44		7
Interest expense on uncertain tax positions		—		—		—		—		—		—		—		—
Other		2		(6)		11		13		—		15		22		(7)
Adjusted operating income (loss) before notable items and income taxes		(25)		(92)		(55)		3		(58)		(80)		(15)		(65)
Notable items (2)		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	(55)	$	(25)	$	(92)	$	(55)	$	3	$	(58)	$	(80)	$	(15)	$	(65)
(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.

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Reinsurance Group of America, Incorporated
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Reconciliations of shareholders’ Equity to Shareholders’ Equity Excluding AOCI
( millions except per share data)
		March 31,		Dec. 31,		Sept. 30,		June 30,
		2023		2022		2022		2022
RGA, Inc. shareholders’ equity	7,805	$	7,626	$	7,081	$	6,755	$	7,389
Less effect of AOCI:
Accumulated currency translation adjustments		(94)		(116)		(147)		3
Unrealized appreciation of securities		(4,393)		(5,496)		(5,788)		(3,549)
Effect of updating discount rates on future policy benefits		3,034		3,755		3,989		2,122
Change in instrument-specific credit risk for market risk benefits		14		13		19		(9)
Pension and postretirement benefits		(22)		(27)		(51)		(51)
RGA, Inc. shareholders’ equity, excluding AOCI		9,087		8,952		8,733		8,873
Year-to-date notable items, net of tax (1)		—		184		230		(17)
RGA, Inc. shareholders’ equity, excluding AOCI and notable items	9,203	$	9,087	$	9,136	$	8,963	$	8,856
(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
		March 31,		Dec. 31,		Sept. 30,		June 30,
		2023		2022		2022		2022
Book value per share	117.87	$	114.60	$	106.19	$	101.08	$	110.27
Less effect of AOCI:
Accumulated currency translation adjustment		(1.41)		(1.73)		(2.20)		0.04
Unrealized (depreciation) appreciation of securities		(66.02)		(82.44)		(86.61)		(52.96)
Effect of updating discount rates on future policy benefits		45.59		56.32		59.69		31.66
Change in instrument-specific credit risk for market risk benefits		0.22		0.19		0.29		(0.14)
Pension and postretirement benefits		(0.34)		(0.41)		(0.77)		(0.75)
Book value per share, excluding AOCI	138.99	$	136.56	$	134.26	$	130.68	$	132.42

All values are in US Dollars.

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Document

Exhibit 99.3