Equibles

8-K

REINSURANCE GROUP OF AMERICA INC (RGA)

8-K 2025-10-30 For: 2025-10-28
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Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): October 28, 2025

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

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

16600 Swingley Ridge Road, Chesterfield, Missouri 63017

(Address of Principal Executive Office)

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

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

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

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

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

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

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

On October 30, 2025, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release (the “Earnings Release”) announcing its earnings for the three-month period ended September 30, 2025, and providing certain additional information, a copy of which is furnished as Exhibit 99.1 and is incorporated herein by reference and (2) a quarterly financial supplement for the quarter ended September 30, 2025, a copy of which is furnished as Exhibit 99.2 and is incorporated herein by reference. The Earnings Release also notes that a conference call will be held on October 31, 2025 to discuss the financial and operating results for the three-month period ended September 30, 2025 (the “Earnings Call”).

Item 7.01 Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated October 30, 2025 (the “Earnings Presentation”), a copy of which is furnished as Exhibit 99.3 and incorporated herein by reference. The Earnings Release announced that effective October 28, 2025, the board of directors declared a regular quarterly dividend of $0.93, payable November 25, 2025, to shareholders of record as of November 11, 2025.

The information set forth in Exhibits 99.1, 99.2 and 99.3 of this Current Report on Form 8-K 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 October 30, 2025
99.2 Quarterly Financial Supplement for the quarter endedSeptember30, 2025
99.3 Earnings Presentation dated October 30, 2025
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: October 30, 2025 By: /s/ Axel André
Axel André
Executive Vice President and Chief Financial Officer

Document

Exhibit 99.1

imagea.jpg

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS

THIRD QUARTER RESULTS

Third Quarter Results

•Net income available to RGA shareholders of $3.81 per diluted share; adjusted operating income of $4.66 per diluted share

•Adjusted operating income, excluding notable items of $6.37 per diluted share, a quarterly record

•ROE of 7.4%; adjusted operating ROE of 13.2%; adjusted operating ROE, excluding notable items of 14.2%, each for the trailing twelve months

•Deployed approximately $1.7 billion of capital into in-force block transactions, including $1.5 billion deployed into the transaction with subsidiaries of Equitable Holdings, Inc.

•Repurchased $75 million of common shares

•Estimated deployable capital of $3.4 billion

ST. LOUIS, October 30, 2025 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported third quarter net income available to RGA shareholders of $253 million, or $3.81 per diluted share, compared with $156 million, or $2.33 per diluted share, in the prior-year quarter. Adjusted operating income for the third quarter totaled $310 million, or $4.66 per diluted share, compared with $242 million, or $3.62 per diluted share, the year before. Adjusted operating income, excluding notable items for the third quarter, totaled $424 million, or $6.37 per diluted share, compared with $410 million, or $6.13 per diluted share, the year before. Net foreign currency fluctuations had an adverse effect of $0.01 per diluted share on net income available to RGA shareholders, and a favorable effect of $0.04 per diluted share on adjusted operating income, both as compared with the prior year.

Tony Cheng, President and Chief Executive Officer, commented, “The record third quarter operating results were strong, and above expectations. A number of our businesses performed very well, particularly Asia Traditional and EMEA and U.S. Financial Solutions. Also, as a reminder, the Equitable transaction closed in the quarter, and our results reflected the expected earnings contribution from that block. We continued to have very good momentum overall and benefited from the earnings diversity that comes from our global platform. New business in the quarter remained strong, and our success with exclusive client arrangements is a good indicator of our competitive strength and unique position in the market.

“We deployed $1.7 billion into in-force transactions, including $1.5 billion for the Equitable transaction. Our pipeline continues to be attractive and heavily weighted toward exclusive opportunities, and our balance sheet is strong, with estimated excess capital of $2.3 billion at the end of the quarter. With estimated deployable capital of $3.4 billion, we are well-positioned to fund our growth and return capital to shareholders, noting that we repurchased $75 million of common shares in the quarter.

“Looking forward, we remain excited about our business prospects. RGA is well-positioned in its markets, with a proven strategy. We point to a long track record of successful execution, which has produced strong financial results, and we expect to continue to deliver attractive financial results in the future.”

Quarterly Results Year-to-Date Results
($ in millions, except per share data) 2025 2024 2025 2024
Net premiums $ 4,280 $ 4,391 $ 12,450 $ 13,687
Net income available to RGA shareholders 253 156 719 569
Net income available to RGA shareholders per diluted share 3.81 2.33 10.78 8.53
Adjusted operating income 310 242 1,003 1,008
Adjusted operating income, excluding notable items 424 410 1,117 1,176
Adjusted operating income per diluted share 4.66 3.62 15.04 15.11
Adjusted operating income, excluding notable items per diluted share 6.37 6.13 16.75 17.63
Book value per share 197.52 168.93
Book value per share, excluding accumulated other comprehensive income (AOCI) 158.67 149.63
Book value per share, excluding AOCI and B36 159.83 151.79
Total assets 152,003 120,258

Information regarding the non-GAAP financial measures and operating measures included in this press release, including definitions of these measures, reconciliations to the most comparable GAAP measures and limitations related thereto, is included below under “Non-GAAP Financial Measures and Other Definitions” and in the tables attached to this press release.

RGA completed its annual actuarial assumption review. The impact to consolidated pre-tax adjusted operating income is an unfavorable $149 million and the impact to expected future cash flows is positive by approximately $600 million. Notably, the updates were neutral or favorable in all segments, except for EMEA Traditional. The current period unfavorable earnings impact is due to how the specific assumption updates impacted the various LDTI cohorts.

In the third quarter, consolidated net premiums totaled $4.3 billion, a decrease of 2.5% over the prior-year quarter, with a favorable net foreign currency effect of $29 million. Net premiums for the prior-year quarter included a contribution of approximately $600 million from a single premium pension transfer transaction in the U.S. Financial Solutions business.

Compared with the year-ago period, excluding spread-based businesses, third quarter investment income increased 12.4%, primarily due to a larger average invested asset base. Average investment yield was 4.73% in the third quarter, compared with 5.08% in the prior-year period, reflecting lower variable investment income.

The effective tax rate for the quarter was 20.3% on pre-tax income, below the expected range of 23% to 24%, primarily due to the jurisdictional mix of earnings and U.S. tax benefits received from taxes paid in foreign jurisdictions.

The effective tax rate for the quarter was 19.6% on adjusted operating income before taxes, below the expected range of 23% to 24%, primarily due to the jurisdictional mix of earnings and U.S. tax benefits received from taxes paid in foreign jurisdictions.

SEGMENT RESULTS

U.S. and Latin America

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2025 2024 2025 2024
Net premiums $ 1,883 $ 1,912 $ 5,823 $ 5,454
Adjusted operating income before taxes 136 79 280 374
Adjusted operating income before taxes, excluding notable items 97 132 241 427

Quarterly Results

•Results reflected $39 million of favorable impacts from the annual assumption review, which are reflected as notable items.

•Excluding notable items, results reflected modestly unfavorable individual life claims experience, as well as the expected unfavorable group claims experience noted in the prior quarter, both of which were partially offset by favorable impacts from in-force management actions.

Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2025 2024 2025 2024
Adjusted operating income before taxes 100 80 264 250
Adjusted operating income before taxes, excluding notable items 100 80 264 250

Quarterly Results

•Results reflected the earnings contribution from the Equitable transaction, which closed in the third quarter, partially offset by lower variable investment income.

Canada

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2025 2024 2025 2024
Net premiums $ 326 $ 314 $ 984 $ 958
Adjusted operating income before taxes 43 30 103 102
Adjusted operating income before taxes, excluding notable items 34 25 94 97

Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $3 million for the quarter.

Quarterly Results

•Results reflected $9 million of favorable impacts from the annual actuarial assumption review, which are reflected as notable items.

•Excluding notable items, results reflected unfavorable group experience, partially offset by favorable individual life experience.

•Foreign currency exchange rates had an immaterial effect on adjusted operating income before taxes.

Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2025 2024 2025 2024
Adjusted operating income before taxes 7 4 27 18
Adjusted operating income before taxes, excluding notable items 7 4 27 18

Quarterly Results

•Results were in line with expectations.

•Foreign currency exchange rates had an immaterial effect on adjusted operating income before taxes.

Europe, Middle East and Africa (EMEA)

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2025 2024 2025 2024
Net premiums $ 562 $ 521 $ 1,675 $ 1,514
Adjusted operating income (loss) before taxes (192) (18) (124) 19
Adjusted operating income before taxes, excluding notable items 30 22 98 59

Net Premiums

•Foreign currency exchange rates had a favorable effect on net premiums of $18 million for the quarter.

Quarterly Results

•Results reflected $222 million of unfavorable impacts from the annual actuarial assumption review, which are reflected as notable items.

•Excluding notable items, results reflected favorable underwriting margins.

•Foreign currency exchange rates had an adverse effect of $7 million on adjusted operating income before taxes.

Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2025 2024 2025 2024
Adjusted operating income before taxes 140 86 346 249
Adjusted operating income before taxes, excluding notable items 116 88 322 251

Quarterly Results

•Results reflected $24 million of favorable impacts from the annual actuarial assumption review, which are reflected as notable items.

•Excluding notable items, results reflected favorable longevity experience and continued underlying growth.

•Foreign currency exchange rates had a favorable effect of $5 million on adjusted operating income before taxes.

Asia Pacific

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2025 2024 2025 2024
Net premiums $ 880 $ 756 $ 2,473 $ 2,180
Adjusted operating income before taxes 138 11 348 219
Adjusted operating income before taxes, excluding notable items 137 106 347 314

Net Premiums

•Foreign currency exchange rates had a favorable effect on net premiums of $3 million for the quarter.

Quarterly Results

•Results reflected $1 million of favorable impacts from the annual actuarial assumption review, which are reflected as notable items.

•Excluding notable items, results reflected favorable claims experience.

•Foreign currency exchange rates had a favorable effect of $6 million on adjusted operating income before taxes.

Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2025 2024 2025 2024
Net premiums $ 96 $ 62 $ 325 $ 158
Adjusted operating income before taxes 71 60 207 190
Adjusted operating income before taxes, excluding notable items 71 69 207 199

Quarterly Results

•Results were in line with expectations.

•Foreign currency exchange rates had an immaterial effect on adjusted operating income before taxes.

Corporate and Other

Quarterly Results Year-to-Date Results
($ in millions) 2025 2024 2025 2024
Adjusted operating income (loss) before taxes (58) (18) (160) (100)
Adjusted operating income (loss) before taxes, excluding notable items (58) (18) (160) (100)

Quarterly Results

•Results were unfavorable compared to the expected quarterly average run rate due to lower variable investment income and higher general expenses.

Dividend Declaration

Effective October 28, 2025, the board of directors declared a regular quarterly dividend of $0.93, payable November 25, 2025, to shareholders of record as of November 11, 2025.

Earnings Conference Call

A conference call to discuss third quarter results will begin at 10 a.m. Eastern Time on Friday, October 31, 2025. Interested parties may access the call by dialing 1-844-481-2753 (1-412-317-0669 international) and asking to be joined into the Reinsurance Group of America, Incorporated (RGA) call. A live audio webcast of the conference call will be available on RGA’s Investor Relations website at www.rgare.com. A replay of the conference call will be available at the same website for 90 days following the conference call.

RGA 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, RGA posts periodic reports, press releases and other useful information on its Investor Relations website.

Non-GAAP Financial Measures and Other Definitions

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

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

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

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

•changes in the fair value of embedded derivatives;

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

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

•any net gain or loss from discontinued operations;

•the cumulative effect of any accounting changes;

•the impact of certain tax-related items; and

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

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

Adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments, and is presented in our financial statement footnotes in accordance with ASC 280 – “Segment Reporting.” Adjusted operating income (loss) before income taxes, when presented on a consolidated basis, is a non-GAAP financial measure.

  1. Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items, and adjusted operating income per diluted share, excluding notable items. Notable items are items that 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 include the financial impact of the Company’s assumption reviews.

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

  3. 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 the Company’s investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses the following non-GAAP financial measures:

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

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

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

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

•Adjusted operating return on equity excluding AOCI and B36;

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

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

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

document. Except as otherwise noted herein, the non-GAAP figures and reconciliations presented herein reflect the Company’s adoption of the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments (“LDTI”). For additional information regarding the Company’s adoption of LDTI, see Note 1 – “Business and Basis of Presentation” and Note 3 – “Impact of New Accounting Standard” in the notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The Company is unable to provide reconciliations of the intermediate term targets of consolidated adjusted operating income (loss) before taxes, adjusted operating income (loss) before taxes, excluding notable items (on both a segment-level and consolidated basis), consolidated adjusted operating ROE, respectively, which are forward-looking non-GAAP financial measures, due to, among other things, the fact that these targets are a composite of our goals for future results, the inherent difficulty in forecasting generally, and the difficulty of quantifying accurate forecasts of the numerous components comprising these calculations that would be necessary to provide any such reconciliations. In addition, actual performance in future periods may vary from the intermediate term target ranges for a variety of reasons, including known and unknown risk and uncertainties.

Other Definitions:

Estimated Excess Capital: Estimate of capital available in excess of RGA’s target level when considering RGA’s internal, regulatory and rating agency capital frameworks. Calculation performed annually and adjusted periodically to reflect quarterly activity and updates to RGA’s assumptions. Pro forma excess capital includes the impact of the transaction with subsidiaries of Equitable Holdings, Inc.

Estimated Deployable Capital: Estimated deployable capital includes RGA’s assumptions of sources and uses of capital over the next twelve months. RGA’s assumptions consider RGA’s internal, regulatory, and rating agency capital frameworks, and these assumptions are subject to change.

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

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

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

About RGA

Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has approximately $4.3 trillion of life reinsurance in force and total assets of $152.0 billion as of September 30, 2025. To learn more about RGA and its businesses, please visit www.rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.

Cautionary Note Regarding Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance, and growth potential of Reinsurance Group of America, Incorporated (the “Company”). Forward-looking statements often contain words and phrases such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “pro

forma,” “project,” “should,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. Forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.

Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looking statements, include, among others: (1) changes in mortality, morbidity, policyholder behavior, claims experience, investment returns, interest rates, expenses and other factors as compared to our pricing assumptions; (2) investment results, whether from changes in economic, capital- and credit-market conditions, asset selection, or otherwise, and their impact on the Company’s investment securities, liquidity, portfolio yields, credit quality, access to capital, cost of capital, and amount of capital required for regulatory and contractual proposes; (3) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company; (4) the availability, amount, cost, and market value of collateral necessary for regulatory reserves, capital, and client obligations; (5) changes in laws and regulations, tax policy and rates, accounting standards, and privacy and cybersecurity regulations applicable to the Company and actions by regulators with authority over the Company’s operations, including regulatory restrictions on the ability of Company subsidiaries to pay dividends to the Company; (6) the stability of and actions by governments, central banks, and economies in jurisdictions where the Company operates, affecting interest rates, markets generally, or the demand for insurance and reinsurance; (7) the stability and financial performance of clients, reinsurers, third-party investment managers and other institutions and the effects of the Company’s dependence on such third parties; (8) the effectiveness of the Company’s risk management strategy, policy, and procedures, whether relating to reinsurance, investment strategy, operations, or otherwise; (9) the impact of impairments of the value of the Company’s investment securities could have on the Company’s capital requirements and the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective; (10) the threat of pandemics, epidemics, other major health issues, natural disasters, catastrophes, and terrorist attacks; (11) competitive factors and competitors’ responses to the Company’s initiatives; (12) development and introduction of new products and distribution opportunities and entry into new lines of business and markets; (13) integration of acquired blocks of business and entities and the Company’s ability to achieve the expected benefits of such transactions, including the transaction entered into with subsidiaries of Equitable Holdings, Inc. on July 31, 2025; (14) 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; (15) adverse developments with respect to litigation, arbitration, or regulatory investigations or actions; (16) fluctuation in foreign currency exchange rates; and (17) other risks and uncertainties described in this document and in the Company’s filings with the Securities and Exchange Commission (“SEC”).

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future, except as required under applicable securities law. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as may be supplemented by Item 1A – “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q and in the Company’s other periodic and current reports filed with the SEC.

Investor Contact

Jeff Hopson

Senior Vice President - Investor Relations

(636) 736-2068

  • tables attached -

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Adjusted Operating Income

(Dollars in millions, except per share data)

(Unaudited) Three Months Ended September 30,
2025 2024
Diluted Earnings Per Share Diluted Earnings Per Share
Net income available to RGA shareholders $ 253 $ 3.81 $ 156 $ 2.33
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net (2) (0.05) (18) (0.26)
Market risk benefits remeasurement (gains) losses — — 25 0.37
Realized (gains) losses on funds withheld, included in investment income, net of related expenses 15 0.23 — —
Embedded derivatives:
Included in investment related gains/losses, net 26 0.39 88 1.32
Included in interest credited 1 0.02 8 0.12
Investment (income) loss on unit-linked variable annuities 1 0.02 (1) (0.01)
Interest credited on unit-linked variable annuities (1) (0.02) 1 0.01
Interest expense on uncertain tax positions — — 1 0.01
Other (1) 11 0.17 (25) (0.37)
Uncertain tax positions and other tax related items 4 0.06 5 0.07
Net income attributable to noncontrolling interest 2 0.03 2 0.03
Adjusted operating income 310 4.66 242 3.62
Notable items 114 1.71 168 2.51
Adjusted operating income, excluding notable items $ 424 $ 6.37 $ 410 $ 6.13 (Unaudited) Nine Months Ended September 30,
--- --- --- --- --- --- --- --- ---
2025 2024
Diluted Earnings Per Share Diluted Earnings Per Share
Net income available to RGA shareholders $ 719 $ 10.78 $ 569 $ 8.53
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net 115 1.75 406 6.09
Market risk benefits remeasurement (gains) losses 9 0.13 (9) (0.13)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses 13 0.19 (2) (0.03)
Embedded derivatives:
Included in investment related gains/losses, net 32 0.48 7 0.10
Included in interest credited 10 0.15 14 0.21
Investment (income) loss on unit-linked variable annuities 1 0.01 1 0.01
Interest credited on unit-linked variable annuities (1) (0.01) (1) (0.01)
Interest expense on uncertain tax positions — — — —
Other (1) 25 0.37 29 0.43
Uncertain tax positions and other tax related items 75 1.12 (11) (0.16)
Net income attributable to noncontrolling interest 5 0.07 5 0.07
Adjusted operating income 1,003 15.04 1,008 15.11
Notable items 114 1.71 168 2.52
Adjusted operating income, excluding notable items $ 1,117 $ 16.75 $ 1,176 $ 17.63

(1)     The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Effective Income Tax Rates

(Dollars in millions)

(Unaudited) Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025
Pre-tax Income (Loss) Income Taxes Effective Tax Rate (1) Pre-tax Income (Loss) Income Taxes Effective Tax Rate (1)
GAAP income $ 320 $ 65 20.3 % $ 1,030 $ 306 29.7 %
Reconciliation to adjusted operating income:
Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net (1) 1 147 32
Market risk benefits remeasurement (gains) losses (1) (1) 11 2
Realized (gains) losses on funds withheld, included in investment income, net of related expenses 19 4 17 4
Embedded derivatives:
Included in investment related gains/losses, net 33 7 41 9
Included in interest credited 1 — 13 3
Investment (income) loss on unit-linked variable annuities 1 — 1 —
Interest credited on unit-linked variable annuities (1) — (1) —
Interest expense on uncertain tax positions — — — —
Other (2) 14 3 32 7
Uncertain tax positions and other tax related items — (4) — (75)
Adjusted operating income 385 75 19.6 % 1,291 288 22.3 %
Notable items 149 35 149 35
Adjusted operating income, excluding notable items $ 534 $ 110 $ 1,440 $ 323

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

(2)    The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

(Unaudited) Three Months Ended September 30,
2025 2024
Income before income taxes $ 320 $ 214
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net (1) (23)
Market risk benefits remeasurement (gains) losses (1) 31
Realized (gains) losses on funds withheld, included in investment income, net of related expenses 19 (1)
Embedded derivatives:
Included in investment related gains/losses, net 33 112
Included in interest credited 1 11
Investment (income) loss on unit-linked variable annuities 1 (1)
Interest credited on unit-linked variable annuities (1) 1
Interest expense on uncertain tax positions — 1
Other (1) 14 (31)
Pre-tax adjusted operating income 385 314
Notable items 149 194
Pre-tax adjusted operating income, excluding notable items $ 534 $ 508 (Unaudited) Nine Months Ended September 30,
--- --- --- --- ---
2025 2024
Income before income taxes $ 1,030 $ 755
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net 147 517
Market risk benefits remeasurement (gains) losses 11 (12)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses 17 (3)
Embedded derivatives:
Included in investment related gains/losses, net 41 9
Included in interest credited 13 18
Investment (income) loss on unit-linked variable annuities 1 1
Interest credited on unit-linked variable annuities (1) (1)
Interest expense on uncertain tax positions — —
Other (1) 32 37
Pre-tax adjusted operating income 1,291 1,321
Notable items 149 194
Pre-tax adjusted operating income, excluding notable items $ 1,440 $ 1,515

(1)     The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In thousands, except per share data)

(Unaudited) Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Earnings per share from net income (loss):
Basic earnings per share $ 3.85 $ 2.37 $ 10.89 $ 8.64
Diluted earnings per share $ 3.81 $ 2.33 $ 10.78 $ 8.53
Diluted earnings per share from adjusted operating income $ 4.66 $ 3.62 $ 15.04 $ 15.11
Weighted average number of common and common equivalent shares outstanding 66,508 66,797 66,694 66,694
(Unaudited) At September 30,
--- --- --- --- ---
2025 2024
Treasury shares 19,602 19,447
Common shares outstanding 65,709 65,864
Book value per share outstanding $ 197.52 $ 168.93
Book value per share outstanding, before impact of AOCI $ 158.67 $ 149.63

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

(Unaudited) At September 30,
2025 2024
Book value per share outstanding $ 197.52 $ 168.93
Less effect of AOCI:
Accumulated currency translation adjustment 1.27 1.64
Unrealized (depreciation) appreciation of securities (63.89) (42.52)
Effect of updating discount rates on future policy benefits 101.69 60.54
Change in instrument-specific credit risk for market risk benefits 0.01 0.09
Pension and postretirement benefits (0.23) (0.45)
Book value per share outstanding, before impact of AOCI 158.67 149.63
Less effect of B36 derivatives (1.16) (2.16)
Book value per share outstanding, before impact of AOCI and B36 derivatives $ 159.83 $ 151.79

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

(Unaudited)
Trailing Twelve Months Ended September 30, 2025: Average Equity
Shareholders' average equity $ 11,675
Less effect of AOCI:
Accumulated currency translation adjustment 59
Unrealized (depreciation) appreciation of securities (4,173)
Effect of updating discount rates on future policy benefits 5,663
Change in instrument-specific credit risk for market risk benefits 4
Pension and postretirement benefits (20)
Shareholders' average equity, excluding AOCI 10,142
Year-to-date notable items, net of tax 90
Shareholders' average equity, excluding AOCI and notable items $ 10,232

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

and Related Return on Equity

(Dollars in millions)

(Unaudited) Return on Equity
Trailing Twelve Months Ended September 30, 2025: Income
Net income available to RGA shareholders $ 867 7.4 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net 425
Change in fair value of embedded derivatives (59)
Tax expense on uncertain tax positions and other tax related items 97
Net income attributable to noncontrolling interest 7
Adjusted operating income 1,337 13.2 %
Notable items after tax 114
Adjusted operating income, excluding notable items $ 1,451 14.2 %

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)

(Unaudited) Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Revenues:
Net premiums $ 4,280 $ 4,391 $ 12,450 $ 13,687
Investment income, net of related expenses 1,475 1,188 4,115 3,231
Investment related gains (losses), net 13 (78) (110) (498)
Other revenue 436 150 608 446
Total revenues 6,204 5,651 17,063 16,866
Benefits and expenses:
Claims and other policy benefits 4,356 4,116 12,223 12,960
Future policy benefits remeasurement (gains) losses 85 151 97 37
Market risk benefits remeasurement (gains) losses (1) 31 11 (12)
Interest credited 547 310 1,160 795
Policy acquisition costs and other insurance expenses 471 452 1,321 1,230
Other operating expenses 328 299 953 883
Interest expense 98 78 268 218
Total benefits and expenses 5,884 5,437 16,033 16,111
Income before income taxes 320 214 1,030 755
Provision for income taxes 65 56 306 181
Net income 255 158 724 574
Net income attributable to noncontrolling interest 2 2 5 5
Net income available to RGA shareholders $ 253 $ 156 $ 719 $ 569

#

Document

Exhibit 99.2

rga_logoxrgbxredxwhta.jpg

Quarterly Financial Supplement

Third Quarter 2025

(Unaudited)

World Headquarters Internet Address Contacts
16600 Swingley Ridge Road www.rgare.com Axel André
Chesterfield, Missouri 63017 U.S.A. Executive Vice President
and Chief Financial Officer
Phone: (636) 736-7000
e-mail: Axel.Andre@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 Life and Annuity Insurance Company AA- A+
Omnilife Insurance Company Limited A+
Aurora National Life Assurance Company AA- A+
Senior Debt Ratings
Reinsurance Group of America, Incorporated A a- Baa1

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

Reinsurance Group of America, Incorporated

3rd Quarter 2025

Table of Contents

Page
Consolidated
Financial Highlights 3
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) 4
Consolidated Balance Sheets 6
Segment Summaries of Adjusted Operating Income Statements
U.S. and Latin America Traditional 7
U.S. and Latin America Financial Solutions 8
Canada Traditional 10
Canada Financial Solutions 11
Europe, Middle East and Africa Traditional 12
Europe, Middle East and Africa Financial Solutions 13
Asia Pacific Traditional 14
Asia Pacific Financial Solutions 15
Corporate and Other 16
Summary of Segment Adjusted Operating Income 17
Investments
Cash and Invested Assets and Investment Income and Yield Summary 18
Fixed Maturity Securities 19
Corporate Fixed Maturity Securities by Industry 20
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities 21
Fixed Maturity Securities Below Amortized Cost 22
Consolidated Investment Related Gains and Losses 24
Appendix
Reconciliations of GAAP to Non-GAAP Measures 25
Non-GAAP Disclosures 30
Page 2
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Financial Highlights
Three Months Ended Current vs. Year-to-Date
(USD millions, except in force and per share and shares data) Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Prior Year Sept. 30, Sept. 30,
2025 2025 2025 2024 2024 Quarter 2025 2024 Change
Net premiums $ 4,280 $ 4,151 $ 4,019 $ 4,156 $ 4,391 $ (111) $ 12,450 $ 13,687 $ (1,237)
Net income available to RGA’s shareholders 253 180 286 148 156 97 719 569 150
Adjusted operating income 310 315 378 334 242 68 1,003 1,008 (5)
Adjusted operating income excluding notable items (1) 424 315 378 334 410 14 1,117 1,176 (59)
Return on equity 7.4 % 7.0 % 7.5 % 7.1 % 7.7 % (0.3) %
Adjusted operating return on equity (excluding AOCI) 13.2 % 12.7 % 13.4 % 13.8 % 13.8 % (0.6) %
Adjusted operating return on equity (excluding AOCI and notable items (1)) 14.2 % 14.3 % 15.0 % 15.4 % 15.5 % (1.3) %
Adjusted operating return on equity (excluding AOCI and B36 items) 13.1 % 12.6 % 13.3 % 13.7 % 13.7 % (0.6) %
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income $ 3.85 $ 2.72 $ 4.33 $ 2.26 $ 2.37 $ 1.48 $ 10.89 $ 8.64 $ 2.25
Adjusted operating income $ 4.71 $ 4.76 $ 5.73 $ 5.07 $ 3.67 $ 1.04 $ 15.21 $ 15.31 $ (0.10)
Adjusted operating income excluding notable items (1) $ 6.43 $ 4.76 $ 5.73 $ 5.07 $ 6.22 $ 0.21 $ 16.93 $ 17.87 $ (0.94)
Diluted earnings per share
Net income $ 3.81 $ 2.70 $ 4.27 $ 2.22 $ 2.33 $ 1.48 $ 10.78 $ 8.53 $ 2.25
Adjusted operating income $ 4.66 $ 4.72 $ 5.66 $ 4.99 $ 3.62 $ 1.04 $ 15.04 $ 15.11 $ (0.07)
Adjusted operating income excluding notable items (1) $ 6.37 $ 4.72 $ 5.66 $ 4.99 $ 6.13 $ 0.24 $ 16.75 $ 17.63 $ (0.88)
Weighted average common shares outstanding
Basic 65,867 66,088 66,008 65,867 65,850 17 65,987 65,799 188
Diluted 66,508 66,731 66,861 66,982 66,797 (289) 66,694 66,694 —
Book value per share $ 197.52 $ 182.37 $ 172.53 $ 164.19 $ 168.93 $ 28.59 $ 197.52 $ 168.93 $ 28.59
Book value per share, excluding AOCI $ 158.67 $ 155.87 $ 153.80 $ 151.31 $ 149.63 $ 9.04 $ 158.67 $ 149.63 $ 9.04
Book value per share, excluding AOCI and B36 $ 159.83 $ 156.63 $ 154.60 $ 151.97 $ 151.79 $ 8.04 $ 159.83 $ 151.79 $ 8.04
Shareholders’ dividends paid $ 61 $ 59 $ 59 $ 59 $ 58 $ 3 $ 179 $ 170 $ 9
Share buybacks 75 — — — — 75 75 — 75
Total returned to shareholders $ 136 $ 59 $ 59 $ 59 $ 58 $ 78 $ 254 $ 170 $ 84
Common shares issued 85,311 85,311 85,311 85,311 85,311 — 85,311 85,311 —
Treasury shares 19,602 19,219 19,225 19,439 19,447 155 19,602 19,447 155
Common shares outstanding 65,709 66,092 66,086 65,872 65,864 (155) 65,709 65,864 (155)
Assumed life reinsurance in force (in billions) $ 4,320.8 $ 4,091.3 $ 3,950.9 $ 3,878.7 $ 3,966.5 $ 354.3
Assumed new business production (in billions) $ 363.8 $ 110.9 $ 131.7 $ 102.3 $ 204.4 $ 159.4 $ 606.4 $ 403.1 $ 203.3
(1) Excludes the impact of changes in actuarial assumptions. Page 3
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions) Three Months Ended Current vs. Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Prior Year Sept. 30, Sept. 30,
2025 2025 2025 2024 2024 Quarter 2025 2024 Change
Revenues:
Net premiums $ 4,280 $ 4,151 $ 4,019 $ 4,156 $ 4,391 $ (111) $ 12,450 $ 13,687 $ (1,237)
Net investment income 1,475 1,408 1,232 1,185 1,188 287 4,115 3,231 884
Investment related gains (losses), net 13 (44) (79) (247) (78) 91 (110) (498) 388
Other revenue 436 84 88 147 150 286 608 446 162
Total revenues 6,204 5,599 5,260 5,241 5,651 553 17,063 16,866 197
Benefits and expenses:
Adjusted claims and other policy benefits 4,356 4,045 3,822 3,943 4,116 240 12,223 12,960 (737)
Future policy benefits remeasurement (gains) losses 85 68 (56) (69) 151 (66) 97 37 60
Market risk benefits remeasurement (gains) losses (1) (17) 29 (32) 31 (32) 11 (12) 23
Adjusted interest credited 547 314 299 292 310 237 1,160 795 365
Policy acquisition costs and other insurance expenses 471 433 417 411 452 19 1,321 1,230 91
Other operating expenses 328 325 300 385 299 29 953 883 70
Interest expense 98 90 80 86 78 20 268 218 50
Total benefits and expenses 5,884 5,258 4,891 5,016 5,437 447 16,033 16,111 (78)
Income before income taxes 320 341 369 225 214 106 1,030 755 275
Provision for income taxes 65 160 81 75 56 9 306 181 125
Net income 255 181 288 150 158 97 724 574 150
Net income attributable to noncontrolling interest 2 1 2 2 2 — 5 5 —
Net income available to RGA’s shareholders $ 253 $ 180 $ 286 $ 148 $ 156 $ 97 $ 719 $ 569 $ 150
Pre-tax adjusted operating income reconciliation:
Income before income taxes $ 320 $ 341 $ 369 $ 225 $ 214 $ 106 $ 1,030 $ 755 $ 275
Investment and derivative (gains) losses (1) (1) 77 71 380 (23) 22 147 517 (370)
Market risk benefits remeasurement (gains) losses (1) (17) 29 (32) 31 (32) 11 (12) 23
Change in fair value of funds withheld embedded derivatives (1) 33 (3) 11 (125) 112 (79) 41 9 32
Funds withheld (gains) losses - investment income 19 (2) — 6 (1) 20 17 (3) 20
Derivatives - interest credited 1 2 10 (3) 11 (10) 13 18 (5)
Investment (income) loss on unit-linked variable annuities 1 — — 2 (1) 2 1 1 —
Interest credited on unit-linked variable annuities (1) — — (2) 1 (2) (1) (1) —
Interest expense on uncertain tax positions — — — 1 1 (1) — — —
Other (2) 14 23 (5) (21) (31) 45 32 37 (5)
Adjusted operating income before income taxes 385 421 485 431 314 71 1,291 1,321 (30)
Notable items (3) 149 — — — 194 (45) 149 194 (45)
Adjusted operating income before income taxes excluding notable items $ 534 $ 421 $ 485 $ 431 $ 508 $ 26 $ 1,440 $ 1,515 $ (75)
(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) Represents the impact of changes in actuarial assumptions. 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 vs. Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Prior Year Sept. 30, Sept. 30,
2025 2025 2025 2024 2024 Quarter 2025 2024 Change
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA $ 253 $ 180 $ 286 $ 148 $ 156 $ 97 $ 719 $ 569 $ 150
Investment and derivative (gains) losses (1) (2) 64 53 300 (18) 16 115 406 (291)
Market risk benefits remeasurement (gains) losses — (14) 23 (26) 25 (25) 9 (9) 18
Change in fair value of funds withheld embedded derivatives (1) 26 (3) 9 (99) 88 (62) 32 7 25
Funds withheld (gains) losses - investment income 15 (2) — 4 — 15 13 (2) 15
Derivatives - interest credited 1 1 8 (2) 8 (7) 10 14 (4)
Investment (income) loss on unit-linked variable annuities 1 — — 1 (1) 2 1 1 —
Interest credited on unit-linked variable annuities (1) — — (1) 1 (2) (1) (1) —
Interest expense on uncertain tax positions — — — 1 1 (1) — — —
Other (2) 11 18 (4) (16) (25) 36 25 29 (4)
Uncertain tax positions and other tax related items 4 70 1 22 5 (1) 75 (11) 86
Net income attributable to noncontrolling interest 2 1 2 2 2 — 5 5 —
Adjusted operating income 310 315 378 334 242 68 1,003 1,008 (5)
Notable items (3) 114 — — — 168 (54) 114 168 (54)
Adjusted operating income excluding notable items $ 424 $ 315 $ 378 $ 334 $ 410 $ 14 $ 1,117 $ 1,176 $ (59)
Diluted earnings per share - adjusted operating income $ 4.66 $ 4.72 $ 5.66 $ 4.99 $ 3.62 $ 1.04 $ 15.04 $ 15.11 $ (0.07)
Diluted earnings per share - adjusted operating income excluding notable items $ 6.37 $ 4.72 $ 5.66 $ 4.99 $ 6.13 $ 0.24 $ 16.75 $ 17.63 $ (0.88)
Foreign currency effect on (4):
Net premiums $ 29 $ 45 $ (60) $ (15) $ 1 $ 28 $ 14 $ (44) $ 58
Adjusted operating income before income taxes $ 3 $ 9 $ (8) $ 8 $ 1 $ 2 $ 4 $ (3) $ 7
(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) Represents the impact of changes in actuarial assumptions.
(4) Compared to comparable prior-year period. Page 5
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Consolidated Balance Sheets
( millions)
June 30, March 31, Dec. 31, Sept. 30,
2025 2025 2024 2024
Assets
Fixed maturity securities available-for-sale, at fair value 99,573 $ 86,043 $ 84,507 $ 77,617 $ 78,149
Equity securities 155 153 155 155
Mortgage loans 10,057 9,331 8,839 8,388
Policy loans 1,294 1,284 1,321 1,285
Funds withheld at interest 7,115 5,328 5,436 5,545
Limited partnerships and real estate joint ventures 3,338 3,228 3,067 2,972
Short-term investments 502 454 363 381
Other invested assets 1,397 1,295 1,242 1,361
Total investments 109,901 105,580 98,040 98,236
Cash and cash equivalents 5,416 5,151 3,326 5,195
Accrued investment income 1,089 1,059 986 995
Premiums receivable and other reinsurance balances 4,202 3,749 3,898 3,738
Reinsurance ceded receivables and other 5,386 5,420 5,531 5,438
Deferred policy acquisition costs 5,823 5,649 5,543 5,477
Other assets 1,662 1,602 1,351 1,179
Total assets 152,003 $ 133,479 $ 128,210 $ 118,675 $ 120,258
Liabilities and equity
Future policy benefits 66,389 $ 63,531 $ 59,836 $ 53,368 $ 55,933
Interest-sensitive contract liabilities 37,158 36,614 35,095 34,357
Market risk benefits, at fair value 233 243 223 247
Other policy claims and benefits 3,016 2,870 2,693 2,875
Other reinsurance balances 1,353 1,291 1,316 955
Deferred income taxes 2,454 2,250 2,199 2,059
Funds withheld payable 4,816 4,889 5,017 4,809
Other liabilities 3,041 2,991 2,816 2,739
Long-term debt 5,734 5,734 5,042 5,067
Total liabilities 121,336 116,718 107,769 109,041
Equity:
Common stock, at par value 1 1 1 1
Additional paid-in-capital 2,624 2,608 2,600 2,577
Retained earnings 9,563 9,443 9,255 9,166
Treasury stock (1,887) (1,888) (1,889) (1,889)
Accumulated other comprehensive income, net of taxes (AOCI):
Accumulated currency translation adjustment 130 (8) (19) 108
Unrealized (depreciation) appreciation of securities (4,897) (4,443) (4,526) (2,800)
Effect of updating discount rates on future policy benefits 6,533 5,702 5,412 3,987
Change in instrument-specific credit risk for market risk benefits 3 6 2 6
Pension and postretirement benefits (17) (19) (20) (29)
Total RGA, Inc. shareholders’ equity 12,053 11,402 10,816 11,127
Noncontrolling interest 90 90 90 90
Total equity 12,143 11,492 10,906 11,217
Total liabilities and equity 152,003 $ 133,479 $ 128,210 $ 118,675 $ 120,258
Total RGA, Inc. shareholders’ equity, excluding AOCI 10,426 $ 10,301 $ 10,164 $ 9,967 $ 9,855
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
Adjusted Operating Income Statements
( millions)
Current vs. Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, Prior Year Sept. 30, Sept. 30,
2025 2025 2024 2024 Quarter 2025 2024 Change
Revenues:
Net premiums 1,883 $ 2,019 $ 1,921 $ 2,046 $ 1,912 $ (29) $ 5,823 $ 5,454 $ 369
Net investment income 285 268 247 226 56 835 634 201
Investment related gains (losses), net 12 (6) — — 14 20 — 20
Other revenue 4 8 14 21 (10) 23 34 (11)
Total revenues 2,320 2,191 2,307 2,159 31 6,701 6,122 579
Benefits and expenses:
Adjusted claims and other policy benefits 1,922 1,773 1,886 1,712 57 5,464 4,960 504
Future policy benefits remeasurement (gains) losses 74 (25) (68) 46 (92) 3 (41) 44
Adjusted interest credited 37 29 36 45 16 127 83 44
Policy acquisition costs and other insurance expenses 223 219 225 223 (14) 651 584 67
Other operating expenses 60 55 77 54 7 176 162 14
Total benefits and expenses 2,316 2,051 2,156 2,080 (26) 6,421 5,748 673
Adjusted operating income before income taxes 4 140 151 79 57 280 374 (94)
Notable items (1) — — — 53 (92) (39) 53 (92)
Adjusted operating income excluding notable items, before income taxes 97 $ 4 $ 140 $ 151 $ 132 $ (35) $ 241 $ 427 $ (186)
Loss and expense ratios:
Loss ratio (2) % 98.9 % 91.0 % 88.9 % 91.9 % (0.4) % 93.9 % 90.2 % 3.7 %
Policy acquisition costs and other insurance expenses % 11.0 % 11.4 % 11.0 % 11.7 % (0.6) % 11.2 % 10.7 % 0.5 %
Other operating expenses % 3.0 % 2.9 % 3.8 % 2.8 % 0.4 % 3.0 % 3.0 % — %
Foreign currency effect on (3):
Net premiums 1 $ (4) $ (7) $ (5) $ (4) $ 5 $ (10) $ — $ (10)
Adjusted operating income (loss) before income taxes — $ 1 $ (2) $ — $ — $ — $ (1) $ (1) $ —
Assumed Life Reinsurance In Force (in billions) 1,860.7 $ 1,854.7 $ 1,840.6 $ 1,837.1 $ 1,834.5 $ 26.2
Assumed New Business Production (in billions) 52.8 $ 46.0 $ 36.3 $ 41.0 $ 150.0 $ (97.2) $ 135.1 $ 226.9 $ (91.8)
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.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.

All values are in US Dollars.

Page 7
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions
Adjusted Operating Income Statements
( millions)
Current vs. Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, Prior Year Sept. 30, Sept. 30,
2025 2025 2024 2024 Quarter 2025 2024 Change
Revenues:
Net premiums 227 $ (5) $ 109 $ 156 $ 609 $ (382) $ 331 $ 2,830 $ (2,499)
Net investment income 371 337 323 336 140 1,184 957 227
Investment related gains (losses), net — — — — 16 16 — 16
Other revenue 53 50 52 58 293 454 174 280
Total revenues 419 496 531 1,003 67 1,985 3,961 (1,976)
Benefits and expenses:
Adjusted claims and other policy benefits 76 200 210 654 (143) 787 2,977 (2,190)
Future policy benefits remeasurement (gains) losses (1) (2) (10) 12 (10) (1) 11 (12)
Adjusted interest credited 130 123 127 131 193 577 392 185
Policy acquisition costs and other insurance expenses 93 84 102 105 6 288 272 16
Other operating expenses 24 24 26 21 1 70 59 11
Total benefits and expenses 322 429 455 923 47 1,721 3,711 (1,990)
Adjusted operating income before income taxes 97 67 76 80 20 264 250 14
Notable items (1) — — — — — — — —
Adjusted operating income before income taxes excluding notable items 100 $ 97 $ 67 $ 76 $ 80 $ 20 $ 264 $ 250 $ 14
Assumed Life Reinsurance In Force (in billions) 207.7 $ 9.4 $ 9.5 $ 9.7 $ 9.8 $ 197.9
Assumed New Business Production (in billions) 204.1 $ — $ — $ — $ — $ 204.1 $ 204.1 $ — $ 204.1
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.

All values are in US Dollars.

Page 8
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions
(Continued)
(USD millions, shown net of reinsurance ceded) Sept. 30, June 30, March 31, Dec. 31, Sept. 30,
2025 2025 2025 2024 2024
Policyholder account balances
Fixed annuities (deferred) $ 10,569 $ 10,473 $ 10,299 $ 9,691 $ 9,473
Equity-indexed annuities $ 1,668 $ 1,748 $ 1,838 $ 1,927 $ 2,022
Bank-owned life insurance (BOLI) and universal life $ 11,130 $ 1,997 $ 2,011 $ 2,019 $ 2,029
Other policyholder account balances $ 45 $ 45 $ 46 $ 34 $ 74
Variable annuities account balances
No riders $ 598 $ 605 $ 593 $ 610 $ 624
GMDB only 781 784 800 848 831
GMIB only 17 17 17 18 19
GMAB only 1 1 2 2 2
GMWB only 802 802 769 818 857
GMDB / WB 149 149 145 152 161
Other 13 13 13 13 14
Total variable annuities account balances $ 2,361 $ 2,371 $ 2,339 $ 2,461 $ 2,508
Variable universal life account value $ 14,132 $ — $ — $ — $ —
Interest-sensitive contract liabilities not associated with policyholder account balances:
Guaranteed investment contracts, funding agreements and immediate annuities $ 2,781 $ 1,265 $ 1,257 $ 654 $ 680
Future policy benefits (at original discount rate) associated with:
Payout annuities $ 8,266 $ 8,734 $ 8,840 $ 6,781 $ 6,936
Life insurance $ 684 $ — $ — $ — $ —
Other future policy benefits $ 62 $ 62 $ 61 $ 50 $ 89
Liability for market risk benefits:
Equity-indexed annuities $ 181 $ 173 $ 170 $ 163 $ 176
Variable annuities (liability) $ 57 $ 60 $ 73 $ 60 $ 71
Variable annuities (asset) $ 19 $ 17 $ 13 $ 17 $ 14
Net interest spread (1) 1.2 % 1.2 % 0.8 % 1.3 % 1.3 %
(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 9
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Traditional
Adjusted Operating Income Statements
( millions)
Current vs. Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, Prior Year Sept. 30, Sept. 30,
2025 2025 2024 2024 Quarter 2025 2024 Change
Revenues:
Net premiums 326 $ 339 $ 319 $ 333 $ 314 $ 12 $ 984 $ 958 $ 26
Net investment income 66 65 64 68 1 200 193 7
Investment related gains, net — 1 — 1 1 3 3 —
Other revenue 1 (1) — 2 (1) 1 6 (5)
Total revenues 406 384 397 385 13 1,188 1,160 28
Benefits and expenses:
Adjusted claims and other policy benefits 318 295 311 296 11 920 883 37
Future policy benefits remeasurement (gains) losses 2 3 (5) (4) (4) (3) (6) 3
Adjusted interest credited — — — 1 — 1 1 —
Policy acquisition costs and other insurance expenses 43 41 45 48 (5) 127 141 (14)
Other operating expenses 15 13 14 14 (2) 40 39 1
Total benefits and expenses 378 352 365 355 — 1,085 1,058 27
Adjusted operating income before income taxes 28 32 32 30 13 103 102 1
Notable items (1) — — — (5) (4) (9) (5) (4)
Adjusted operating income excluding notable items, before income taxes 34 $ 28 $ 32 $ 32 $ 25 $ 9 $ 94 $ 97 $ (3)
Loss and expense ratios:
Loss ratio (2) % 94.4 % 93.4 % 91.9 % 93.0 % (1.3) % 93.2 % 91.5 % 1.7 %
Policy acquisition costs and other insurance expenses % 12.7 % 12.9 % 13.5 % 15.3 % (2.1) % 12.9 % 14.7 % (1.8) %
Other operating expenses % 4.4 % 4.1 % 4.2 % 4.5 % (0.8) % 4.1 % 4.1 % — %
Foreign currency effect on (3):
Net premiums (3) $ (4) $ (20) $ (10) $ (5) $ 2 $ (27) $ (10) $ (17)
Adjusted operating income before income taxes — $ (1) $ (2) $ (1) $ (1) $ 1 $ (3) $ (1) $ (2)
Assumed Life Reinsurance In Force (in billions) 507.9 $ 512.4 $ 478.6 $ 474.2 $ 499.6 $ 8.3
Assumed New Business Production (in billions) 13.5 $ 13.1 $ 13.2 $ 12.3 $ 11.9 $ 1.6 $ 39.8 $ 35.7 $ 4.1
Creditor reinsurance net premiums 16 $ 18 $ 19 $ 18 $ 19 $ (3) $ 53 $ 53 $ —
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.

All values are in US Dollars.

Page 10
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current vs. Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, Prior Year Sept. 30, Sept. 30,
2025 2025 2024 2024 Quarter 2025 2024 Change
Revenues:
Net premiums 46 $ 45 $ 52 $ 46 $ 49 $ (3) $ 143 $ 120 $ 23
Net investment income 58 51 51 47 11 167 96 71
Investment related gains, net — — 1 — (1) (1) — (1)
Other revenue 5 4 5 3 — 12 12 —
Total revenues 108 107 103 99 7 321 228 93
Benefits and expenses:
Adjusted claims and other policy benefits 93 91 109 90 2 276 198 78
Policy acquisition costs and other insurance expenses 4 5 (17) 5 — 14 10 4
Other operating expenses 2 — 3 — 2 4 2 2
Total benefits and expenses 99 96 95 95 4 294 210 84
Adjusted operating income before income taxes 9 11 8 4 3 27 18 9
Notable items (2) — — — — — — — —
Adjusted operating income excluding notable items, before income taxes 7 $ 9 $ 11 $ 8 $ 4 $ 3 $ 27 $ 18 $ 9
Foreign currency effect on (3):
Net premiums (1) $ (1) $ (3) $ (1) $ (1) $ — $ (5) $ (2) $ (3)
Adjusted operating income before income taxes — $ — $ (1) $ — $ (1) $ 1 $ (1) $ (1) $ —
Assumed Life Reinsurance In Force (in billions) 6.2 $ 6.3 $ 6.0 $ 6.0 $ 8.3 $ (2.1)
Assumed New Business Production (in billions) — $ — $ — $ — $ 8.3 $ (8.3) $ — $ 8.3 $ (8.3)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations include longevity and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior-year period.

All values are in US Dollars.

Page 11
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
( millions)
Current vs. Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, Prior Year Sept. 30, Sept. 30,
2025 2025 2024 2024 Quarter 2025 2024 Change
Revenues:
Net premiums 562 $ 573 $ 540 $ 488 $ 521 $ 41 $ 1,675 $ 1,514 $ 161
Net investment income 32 30 28 30 — 92 84 8
Other revenue 3 2 10 (1) 6 10 1 9
Total revenues 608 572 526 550 47 1,777 1,599 178
Benefits and expenses:
Adjusted claims and other policy benefits 533 483 445 472 44 1,532 1,360 172
Future policy benefits remeasurement (gains) losses 6 (8) 12 35 181 214 36 178
Policy acquisition costs and other insurance expenses 24 20 21 29 1 74 88 (14)
Other operating expenses 27 27 37 32 (5) 81 96 (15)
Total benefits and expenses 590 522 515 568 221 1,901 1,580 321
Adjusted operating income (loss) before income taxes 18 50 11 (18) (174) (124) 19 (143)
Notable items (1) — — — 40 182 222 40 182
Adjusted operating income (loss) excluding notable items, before income taxes 30 $ 18 $ 50 $ 11 $ 22 $ 8 $ 98 $ 59 $ 39
Loss and expense ratios:
Loss ratio (2) % 94.1 % 88.0 % 93.6 % 97.3 % 32.9 % 104.2 % 92.2 % 12.0 %
Policy acquisition costs and other insurance expenses % 4.2 % 3.7 % 4.3 % 5.6 % (0.3) % 4.4 % 5.8 % (1.4) %
Other operating expenses % 4.7 % 5.0 % 7.6 % 6.1 % (1.3) % 4.8 % 6.3 % (1.5) %
Foreign currency effect on (3):
Net premiums 18 $ 24 $ (3) $ 8 $ 12 $ 6 $ 39 $ 20 $ 19
Adjusted operating income (loss) before income taxes (7) $ 1 $ 1 $ 2 $ (1) $ (6) $ (5) $ (1) $ (4)
Critical illness net premiums 33 $ 36 $ 32 $ 33 $ 38 $ (5) $ 101 $ 103 $ (2)
Assumed Life Reinsurance In Force (in billions) 1,125.7 $ 1,117.7 $ 1,036.7 $ 970.4 $ 1,027.5 $ 98.2
Assumed New Business Production (in billions) 35.7 $ 34.1 $ 63.4 $ 30.5 $ 31.0 $ 4.7 $ 133.2 $ 89.0 $ 44.2
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.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.

All values are in US Dollars.

Page 12
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current vs. Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, Prior Year Sept. 30, Sept. 30,
2025 2025 2024 2024 Quarter 2025 2024 Change
Revenues:
Net premiums 260 $ 247 $ 189 $ 187 $ 168 $ 92 $ 696 $ 473 $ 223
Net investment income 109 85 87 84 22 300 232 68
Investment related gains (losses), net 4 (1) (1) 1 (1) 3 1 2
Other revenue 7 9 12 3 18 37 22 15
Total revenues 367 282 285 256 131 1,036 728 308
Benefits and expenses:
Adjusted claims and other policy benefits 224 167 159 148 105 644 403 241
Future policy benefits remeasurement (gains) losses (3) (3) (1) — (37) (43) 4 (47)
Adjusted interest credited 7 6 9 5 2 20 21 (1)
Policy acquisition costs and other insurance expenses 2 1 2 2 1 6 6 —
Other operating expenses 21 21 20 15 6 63 45 18
Total benefits and expenses 251 192 189 170 77 690 479 211
Adjusted operating income before income taxes 116 90 96 86 54 346 249 97
Notable items (2) — — — 2 (26) (24) 2 (26)
Adjusted operating income excluding notable items, before income taxes 116 $ 116 $ 90 $ 96 $ 88 $ 28 $ 322 $ 251 $ 71
Foreign currency effect on (3):
Net premiums 10 $ 14 $ (2) $ 4 $ 4 $ 6 $ 22 $ 10 $ 12
Adjusted operating income before income taxes 5 $ 5 $ — $ 1 $ 2 $ 3 $ 10 $ 5 $ 5
Assumed Life Reinsurance In Force (in billions) 41.6 $ — $ — $ — $ — $ 41.6
Assumed New Business Production (in billions) 41.6 $ — $ — $ — $ — $ 41.6 $ 41.6 $ — $ 41.6
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 include longevity, asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior-year period.

All values are in US Dollars.

Page 13
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Traditional
Adjusted Operating Income Statements
( millions)
Current vs. Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, Prior Year Sept. 30, Sept. 30,
2025 2025 2024 2024 Quarter 2025 2024 Change
Revenues:
Net premiums 880 $ 816 $ 777 $ 834 $ 756 $ 124 $ 2,473 $ 2,180 $ 293
Net investment income 72 71 66 65 8 216 191 25
Investment related gains (losses), net 1 (1) (1) 1 (1) — 2 (2)
Other revenue — 3 10 (3) 6 6 15 (9)
Total revenues 889 850 909 819 137 2,695 2,388 307
Benefits and expenses:
Adjusted claims and other policy benefits 701 671 733 656 105 2,133 1,849 284
Future policy benefits remeasurement (gains) losses (8) (18) 9 53 (94) (67) 25 (92)
Policy acquisition costs and other insurance expenses 35 39 37 44 (1) 117 131 (14)
Other operating expenses 57 52 67 55 — 164 164 —
Total benefits and expenses 785 744 846 808 10 2,347 2,169 178
Adjusted operating income before income taxes 104 106 63 11 127 348 219 129
Notable items (1) — — — 95 (96) (1) 95 (96)
Adjusted operating income excluding notable items, before income taxes 137 $ 104 $ 106 $ 63 $ 106 $ 31 $ 347 $ 314 $ 33
Loss and expense ratios:
Loss ratio (2) % 84.9 % 84.0 % 89.0 % 93.8 % (12.0) % 83.5 % 86.0 % (2.5) %
Policy acquisition costs and other insurance expenses % 4.3 % 5.0 % 4.4 % 5.8 % (0.9) % 4.7 % 6.0 % (1.3) %
Other operating expenses % 7.0 % 6.7 % 8.0 % 7.3 % (1.0) % 6.6 % 7.5 % (0.9) %
Foreign currency effect on (3):
Net premiums 3 $ 9 $ (23) $ (9) $ (4) $ 7 $ (11) $ (50) $ 39
Adjusted operating income before income taxes 6 $ 2 $ (2) $ 1 $ 4 $ 2 $ 6 $ — $ 6
Critical illness net premiums 414 $ 424 $ 398 $ 405 $ 414 $ — $ 1,236 $ 1,124 $ 112
Assumed Life Reinsurance In Force (in billions) 546.1 $ 568.7 $ 561.1 $ 567.6 $ 572.2 $ (26.1)
Assumed New Business Production (in billions) 12.7 $ 14.5 $ 14.3 $ 18.5 $ 11.5 $ 1.2 $ 41.5 $ 42.2 $ (0.7)
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.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.

All values are in US Dollars.

Page 14
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current vs. Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, Prior Year Sept. 30, Sept. 30,
2025 2025 2024 2024 Quarter 2025 2024 Change
Revenues:
Net premiums 96 $ 117 $ 112 $ 66 $ 62 $ 34 $ 325 $ 158 $ 167
Net investment income 247 196 189 184 66 693 467 226
Investment related gains, net 10 7 6 5 8 30 14 16
Other revenue — 6 6 19 (13) 12 51 (39)
Total revenues 374 321 267 270 95 1,060 690 370
Benefits and expenses:
Adjusted claims and other policy benefits 158 145 97 90 45 438 211 227
Future policy benefits remeasurement (gains) losses (2) (3) (6) 9 (10) (6) 8 (14)
Adjusted interest credited 93 84 81 75 32 284 175 109
Policy acquisition costs and other insurance expenses 36 27 20 27 15 105 82 23
Other operating expenses 12 9 10 9 2 32 24 8
Total benefits and expenses 297 262 202 210 84 853 500 353
Adjusted operating income before income taxes 77 59 65 60 11 207 190 17
Notable items (2) — — — 9 (9) — 9 (9)
Adjusted operating income excluding notable items, before income taxes 71 $ 77 $ 59 $ 65 $ 69 $ 2 $ 207 $ 199 $ 8
Foreign currency effect on (3):
Net premiums 1 $ 7 $ (2) $ (2) $ (1) $ 2 $ 6 $ (12) $ 18
Adjusted operating income before income taxes — $ 2 $ (1) $ 6 $ (2) $ 2 $ 1 $ (5) $ 6
Assumed Life Reinsurance In Force (in billions) 24.9 $ 22.1 $ 18.4 $ 13.7 $ 14.6 $ 10.3
Assumed New Business Production (in billions) 3.4 $ 3.2 $ 4.5 $ — $ — $ 3.4 $ 11.1 $ 1.0 $ 10.1
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations include asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior-year period.

All values are in US Dollars.

Page 15
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Corporate and Other
Adjusted Operating Income Statements
( millions)
Current vs. Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, Prior Year Sept. 30, Sept. 30,
2025 2025 2024 2024 Quarter 2025 2024 Change
Revenues:
Net investment income 151 $ 166 $ 129 $ 138 $ 146 $ 5 $ 446 $ 375 $ 71
Investment related gains, net 3 3 3 3 (2) 7 8 (1)
Other revenue 18 5 23 19 10 52 40 12
Total revenues 187 137 164 168 13 505 423 82
Benefits and expenses:
Adjusted interest credited 45 47 44 41 6 139 106 33
Policy acquisition costs and other insurance income (19) (19) (24) (31) 16 (53) (84) 31
Other operating expenses 103 99 130 99 10 311 283 28
Interest expense 90 80 85 77 21 268 218 50
Total benefits and expenses 219 207 235 186 53 665 523 142
Adjusted operating loss before income taxes (32) (70) (71) (18) (40) (160) (100) (60)
Notable items (1) — — — — — — — —
Adjusted operating loss excluding notable items, before income taxes (58) $ (32) $ (70) $ (71) $ (18) $ (40) $ (160) $ (100) $ (60)
Foreign currency effect on (2):
Adjusted operating loss before income taxes (1) $ (1) $ (1) $ (1) $ — $ (1) $ (3) $ 1 $ (4)
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.
(2) Compared to comparable prior-year period.

All values are in US Dollars.

Page 16
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Summary of Segment Adjusted Operating Income
( millions)
Current vs. Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, Prior Year Sept. 30, Sept. 30,
2025 2025 2024 2024 Quarter 2025 2024 Change
U.S. and Latin America:
Traditional 136 $ 4 $ 140 $ 151 $ 79 $ 57 $ 280 $ 374 $ (94)
Financial Solutions 97 67 76 80 20 264 250 14
Total U.S. and Latin America 101 207 227 159 77 544 624 (80)
Canada:
Traditional 28 32 32 30 13 103 102 1
Financial Solutions 9 11 8 4 3 27 18 9
Total Canada 37 43 40 34 16 130 120 10
Europe, Middle East and Africa:
Traditional 18 50 11 (18) (174) (124) 19 (143)
Financial Solutions 116 90 96 86 54 346 249 97
Total Europe, Middle East and Africa 134 140 107 68 (120) 222 268 (46)
Asia Pacific:
Traditional 104 106 63 11 127 348 219 129
Financial Solutions 77 59 65 60 11 207 190 17
Total Asia Pacific 181 165 128 71 138 555 409 146
Corporate and Other (32) (70) (71) (18) (40) (160) (100) (60)
Consolidated adjusted operating income before income taxes 421 485 431 314 71 1,291 1,321 (30)
Notable items (1) — — — 194 (45) 149 194 (45)
Consolidated adjusted operating income excluding notable items before income taxes 534 $ 421 $ 485 $ 431 $ 508 $ 26 $ 1,440 $ 1,515 $ (75)
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.

All values are in US Dollars.

Page 17
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Cash and Invested Assets
June 30, March 31, Dec. 31, Sept. 30,
2025 2025 2024 2024
Fixed maturity securities, available-for-sale (1) 99,573 $ 86,043 $ 84,507 $ 77,617 $ 78,149
Equity securities 155 153 155 155
Mortgage loans 10,057 9,331 8,839 8,388
Policy loans 1,294 1,284 1,321 1,285
Funds withheld at interest 7,115 5,328 5,436 5,545
Limited partnerships and real estate joint ventures 3,338 3,228 3,067 2,972
Short-term investments 502 454 363 381
Other invested assets 1,397 1,295 1,242 1,361
Cash and cash equivalents 5,416 5,151 3,326 5,195
Total cash and invested assets 132,229 $ 115,317 $ 110,731 $ 101,366 $ 103,431
(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, supranational and foreign government-sponsored enterprises (“Other foreign government”).

All values are in US Dollars.

Investment Income and Yield Summary
Three Months Ended Current vs. Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Prior Year Sept. 30, Sept. 30,
2025 2025 2025 2024 2024 Quarter 2025 2024 Change
Average invested assets at amortized cost (1) $ 47,662 $ 45,664 $ 44,016 $ 40,803 $ 39,469 $ 8,193 $ 45,091 $ 38,250 $ 6,841
Net investment income (1) $ 553 $ 595 $ 502 $ 484 $ 492 $ 61 $ 1,650 $ 1,372 $ 278
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1) 4.73 % 5.31 % 4.64 % 4.83 % 5.08 % (35) bps 4.91 % 4.81 % 10 bps
Variable investment income (“VII”) (included in net investment income) (1) $ — $ 59 $ (6) $ 25 $ 36 $ (36) $ 53 $ 64 $ (11)
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) 4.92 % 4.98 % 4.90 % 4.80 % 4.95 % (3) bps 4.95 % 4.82 % 13 bps
(1) Excludes spread related business (e.g. coinsurance of annuities). Page 18
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Fixed Maturity Securities
Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate 69,884 $ 141 $ 1,198 $ 3,764 $ 67,177 67.5 %
Canadian government — 362 75 5,098 5.1 %
Japanese government — — 1,644 5,162 5.2 %
ABS 19 54 164 6,872 6.9 %
CMBS 1 28 61 1,992 2.0 %
RMBS — 24 77 1,740 1.7 %
U.S. government — 28 246 3,814 3.8 %
State and political subdivisions — 4 80 660 0.7 %
Other foreign government — 104 418 7,058 7.1 %
Total fixed maturity securities 104,461 $ 161 $ 1,802 $ 6,529 $ 99,573 100.0 %

All values are in US Dollars.

December 31, 2024
Amortized<br>Cost Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate $ 54,705 $ 82 $ 642 $ 4,274 $ 50,991 65.7 %
Canadian government 4,655 — 412 51 5,016 6.5 %
Japanese government 5,319 — 1 875 4,445 5.7 %
ABS 5,197 15 42 184 5,040 6.5 %
CMBS 2,344 1 22 98 2,267 2.9 %
RMBS 1,412 — 12 107 1,317 1.7 %
U.S. government 2,734 — 11 281 2,464 3.2 %
State and political subdivisions 789 — 3 99 693 0.9 %
Other foreign government 5,752 — 56 424 5,384 6.9 %
Total fixed maturity securities $ 82,907 $ 98 $ 1,201 $ 6,393 $ 77,617 100.0 %
Page 19
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Corporate Fixed Maturity Securities by Industry
December 31, 2024
Estimated Fair Value % of Total Average Credit Ratings (1) Amortized Cost Estimated Fair Value % of Total Average Credit Ratings (1)
Financial institutions
Banking 8,464 $ 8,370 12.4 % A- $ 7,757 $ 7,485 14.7 % A-
Brokerage/asset managers/exchanges 1,613 2.4 % A- 1,482 1,360 2.7 % A-
Finance companies 982 1.5 % BBB+ 530 501 1.0 % BBB
Insurance 5,816 8.7 % A- 4,992 4,497 8.8 % A-
REITs 1,914 2.8 % A- 1,737 1,613 3.2 % A-
Other finance 1,263 1.9 % A- 1,407 1,217 2.3 % A-
Total financial institutions 20,809 $ 19,958 29.7 % $ 17,905 $ 16,673 32.7 %
Industrials
Basic 2,866 $ 2,741 4.1 % BBB $ 2,097 $ 1,929 3.8 % BBB+
Capital goods 3,257 4.8 % BBB+ 2,489 2,369 4.6 % BBB+
Communications 4,057 6.0 % BBB+ 3,420 3,147 6.2 % BBB+
Consumer cyclical 3,930 5.9 % BBB+ 3,300 3,099 6.1 % BBB+
Consumer noncyclical 8,174 12.1 % BBB+ 6,177 5,714 11.2 % BBB+
Energy 5,792 8.6 % BBB+ 4,060 3,906 7.7 % BBB+
Technology 2,924 4.4 % BBB+ 2,124 1,937 3.8 % BBB+
Transportation 3,796 5.7 % A- 3,238 3,025 5.9 % A-
Other industrial 1,620 2.4 % BBB 1,362 1,350 2.6 % BBB
Total industrials 37,617 $ 36,291 54.0 % $ 28,267 $ 26,476 51.9 %
Utilities
Electric 9,319 $ 8,944 13.4 % A- $ 6,863 $ 6,336 12.4 % A-
Natural gas 1,424 2.1 % A- 1,177 1,078 2.2 % A-
Other utility 560 0.8 % BBB+ 493 428 0.8 % BBB+
Total utilities 11,458 $ 10,928 16.3 % $ 8,533 $ 7,842 15.4 %
Total 69,884 $ 67,177 100.0 % BBB+ $ 54,705 $ 50,991 100.0 % A-
(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 20

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Ratings of Fixed Maturity Securities
September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024
NAIC Designation Rating Agency Designation(1) 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 $ 67,158 $ 63,266 63.5 % $ 59,480 $ 55,147 64.1 % $ 58,522 $ 54,839 64.9 % $ 54,543 $ 50,822 65.5 % $ 53,371 $ 51,053 65.3 %
2 BBB 31,446 30,627 30.8 % 26,911 25,568 29.7 % 26,347 24,946 29.5 % 24,023 22,565 29.1 % 24,076 23,130 29.6 %
3 BB 4,753 4,719 4.7 % 4,421 4,353 5.1 % 3,880 3,849 4.6 % 3,422 3,410 4.4 % 3,284 3,233 4.2 %
4 B 807 758 0.8 % 802 793 0.9 % 643 639 0.8 % 636 577 0.7 % 662 576 0.7 %
5 CCC 267 184 0.2 % 244 165 0.2 % 287 216 0.2 % 246 221 0.3 % 168 131 0.2 %
6 In or near default 30 19 — % 30 17 — % 30 18 — % 37 22 — % 45 26 — %
Total $ 104,461 $ 99,573 100.0 % $ 91,888 $ 86,043 100.0 % $ 89,709 $ 84,507 100.0 % $ 82,907 $ 77,617 100.0 % $ 81,606 $ 78,149 100.0 %
(1) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g., “BBB” includes “BBB+”, “BBB”, and “BBB-”).
Structured Fixed Maturity Securities
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024
Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total
ABS
Collateralized loan obligations (“CLOs”) $ 2,711 $ 2,707 25.5 % $ 2,461 $ 2,455 25.6 % $ 2,262 $ 2,251 24.2 % $ 2,044 $ 2,044 23.7 % $ 2,659 $ 2,650 29.7 %
ABS, excluding CLOs 4,290 4,165 39.3 % 3,699 3,561 37.0 % 3,404 3,269 35.2 % 3,153 2,996 34.7 % 2,862 2,723 30.5 %
Total ABS 7,001 6,872 64.8 % 6,160 6,016 62.6 % 5,666 5,520 59.4 % 5,197 5,040 58.4 % 5,521 5,373 60.2 %
CMBS 2,026 1,992 18.8 % 2,129 2,076 21.6 % 2,334 2,267 24.4 % 2,344 2,267 26.3 % 2,327 2,238 25.1 %
RMBS
Agency 416 381 3.6 % 377 337 3.5 % 385 344 3.7 % 394 344 4.0 % 401 365 4.0 %
Non-agency 1,377 1,359 12.8 % 1,216 1,185 12.3 % 1,186 1,158 12.5 % 1,018 973 11.3 % 973 953 10.7 %
Total RMBS 1,793 1,740 16.4 % 1,593 1,522 15.8 % 1,571 1,502 16.2 % 1,412 1,317 15.3 % 1,374 1,318 14.7 %
Total $ 10,820 $ 10,604 100.0 % $ 9,882 $ 9,614 100.0 % $ 9,571 $ 9,289 100.0 % $ 8,953 $ 8,624 100.0 % $ 9,222 $ 8,929 100.0 %
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Fixed Maturity Securities Below Amortized Cost (1)
Equal to or greater than 12 months Total
Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
Investment grade securities:
Corporate 7,386 $ 191 $ 21,322 $ 3,481 $ 28,708 $ 3,672
Canadian government 16 385 59 955 75
Japanese government 155 3,784 1,489 5,133 1,644
ABS 14 1,161 145 3,150 159
CMBS 3 744 56 853 59
RMBS — 617 77 617 77
U.S. government — 642 246 642 246
State and political subdivisions 1 446 79 493 80
Other foreign government 44 1,978 347 3,878 391
Total investment grade securities 13,350 $ 424 $ 31,079 $ 5,979 $ 44,429 $ 6,403
Below investment grade securities:
Corporate 918 $ 47 $ 294 $ 31 $ 1,212 $ 78
ABS 4 — — 12 4
Other foreign government — 135 27 135 27
Total below investment grade securities 930 $ 51 $ 429 $ 58 $ 1,359 $ 109
Total fixed maturity securities 14,280 $ 475 $ 31,508 $ 6,037 $ 45,788 $ 6,512
(1) Includes securities for which an allowance for credit loss has not been recorded.

All values are in US Dollars.

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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 14,741 $ 529 $ 18,851 $ 3,682 $ 33,592 $ 4,211
Canadian government 5 469 46 755 51
Japanese government 192 2,365 683 4,402 875
ABS 19 1,730 159 2,670 178
CMBS 4 980 91 1,313 95
RMBS 7 593 100 947 107
U.S. government 15 656 266 1,448 281
State and political subdivisions 7 417 92 572 99
Other foreign government 42 1,816 344 3,224 386
Total investment grade securities 21,046 $ 820 $ 27,877 $ 5,463 $ 48,923 $ 6,283
Below investment grade securities:
Corporate 347 $ 7 $ 347 $ 50 $ 694 $ 57
ABS 1 40 5 141 6
Other foreign government — 130 38 130 38
Total below investment grade securities 448 $ 8 $ 517 $ 93 $ 965 $ 101
Total fixed maturity securities 21,494 $ 828 $ 28,394 $ 5,556 $ 49,888 $ 6,384
(1) Includes securities for which an allowance for credit loss has not been recorded.

All values are in US Dollars.

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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Consolidated Investment Related Gains and Losses
Current vs. Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, Prior Year Sept. 30, Sept. 30,
2025 2025 2024 2024 Quarter 2025 2024 Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses (28) $ (29) $ (6) $ 23 $ (9) $ (19) $ (63) $ (45) $ (18)
Impairments on fixed maturity securities (2) — — — (1) (3) (1) (2)
Realized gains on investment activity 30 36 22 72 24 162 172 (10)
Realized losses on investment activity (65) (87) (334) (113) 48 (217) (477) 260
Net gains (losses) on fixed maturity securities available-for-sale (66) (57) (289) (50) 52 (121) (351) 230
Net gains (losses) on equity securities 3 (1) (4) 6 (1) 7 5 2
Change in mortgage loan allowance for credit losses (18) 4 (6) (12) 6 (20) (20) —
Limited partnerships and real estate joint venture impairment losses (16) (5) (15) — (1) (22) (8) (14)
Change in fair value of certain limited partnership investments 6 (7) 21 17 (8) 8 18 (10)
Other change in allowance for credit losses and impairments (3) (1) — — 1 (3) (4) 1
Other, net (3) 1 19 (14) 18 2 2 —
Freestanding derivatives (1):
Interest rate swaps (1) 6 (18) 13 (12) 6 (31) 37
Interest rate options (1) — — (3) 1 (3) (6) 3
Total return swaps 6 (6) (7) 7 9 16 — 16
Interest rate futures — — — — — — 2 (2)
Foreign currency swaps (2) (3) 14 (7) 13 1 15 (14)
Foreign currency swaps - hedged — — — — — — (2) 2
Foreign currency forwards 40 22 (82) 77 (117) 22 (85) 107
Foreign currency options (2) (1) (6) 2 (4) (5) (1) (4)
Equity options 11 (6) (1) 1 29 35 (4) 39
Equity futures (21) 9 3 (12) (1) (25) (31) 6
Credit default swaps 21 (18) 1 10 23 36 14 22
CPI swaps (1) (5) (2) (1) 4 (3) (2) (1)
Total freestanding derivatives 50 (2) (98) 87 (55) 80 (131) 211
Embedded derivatives 3 (11) 125 (112) 79 (41) (9) (32)
Net gains (losses) on total derivatives 53 (13) 27 (25) 24 39 (140) 179
Total investment related gains (losses), net 13 $ (44) $ (79) $ (247) $ (78) $ 91 $ (110) $ (498) $ 388
(1) Freestanding derivatives are non-hedged unless specified.

All values are in US Dollars.

Page 24

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Appendix

Reconciliations of GAAP to Non-GAAP Measures
Page 25
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current vs. Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, Prior Year Sept. 30, Sept. 30,
2025 2025 2024 2024 Quarter 2025 2024 Change
U.S. and Latin America Traditional
Income before income taxes 123 $ 29 $ 149 $ 153 $ 57 $ 66 $ 301 $ 347 $ (46)
Investment and derivative gains (1) — — 1 1 (1) — 1 (1)
Funds withheld losses - investment income — — — — — — — —
Change in fair value of funds withheld embedded derivatives (1) (25) (9) (3) 21 (8) (21) 27 (48)
Other — — — — — — (1) 1
Adjusted operating income before income taxes 4 140 151 79 57 280 374 (94)
Notable items (2) — — — 53 (92) (39) 53 (92)
Adjusted operating income excluding notable items, before income taxes 97 $ 4 $ 140 $ 151 $ 132 $ (35) $ 241 $ 427 $ (186)
U.S. and Latin America Financial Solutions
Income (loss) before income taxes 37 $ (17) $ 34 $ 139 $ (46) $ 83 $ 54 $ 54 $ —
Market risk benefits remeasurement (gains) losses (17) 29 (32) 31 (32) 11 (12) 23
Investment and derivative (gains) losses (1) 95 (17) 96 (7) 22 93 90 3
Change in fair value of funds withheld embedded derivatives (1) 22 20 (122) 91 (53) 80 (18) 98
Funds withheld (gains) losses - investment income (3) (1) 4 1 (3) (6) (1) (5)
Derivatives - interest credited 5 5 (1) 11 (10) 11 18 (7)
Other (3) 12 (3) (8) (1) 13 21 119 (98)
Adjusted operating income before income taxes 97 67 76 80 20 264 250 14
Notable items (2) — — — — — — — —
Adjusted operating income excluding notable items, before income taxes 100 $ 97 $ 67 $ 76 $ 80 $ 20 $ 264 $ 250 $ 14
Canada Traditional
Income before income taxes 41 $ 25 $ 32 $ 32 $ 29 $ 12 $ 98 $ 103 $ (5)
Investment and derivative (gains) losses (1) — — — — — — — —
Investment income - non-operating funds withheld at interest 1 — 1 — 2 3 — 3
Other 2 — (1) 1 (1) 2 (1) 3
Adjusted operating income before income taxes 28 32 32 30 13 103 102 1
Notable items (2) — — — (5) (4) (9) (5) (4)
Adjusted operating income excluding notable items, before income taxes 34 $ 28 $ 32 $ 32 $ 25 $ 9 $ 94 $ 97 $ (3)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.
(3) Includes pension risk transfer day one loss and other immaterial items.

All values are in US Dollars.

Page 26
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current vs. Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, Prior Year Sept. 30, Sept. 30,
2025 2025 2024 2024 Quarter 2025 2024 Change
Canada Financial Solutions
Income before income taxes 11 $ 9 $ 12 $ 17 $ 21 $ (10) $ 32 $ 34 $ (2)
Investment and derivative (gains) losses (1) — (1) (9) (17) 13 (5) (16) 11
Adjusted operating income before income taxes 9 11 8 4 3 27 18 9
Notable items (2) — — — — — — — —
Adjusted operating income excluding notable items, before income taxes 7 $ 9 $ 11 $ 8 $ 4 $ 3 $ 27 $ 18 $ 9
Europe, Middle East and Africa Traditional
Income (loss) before income taxes (190) $ 16 $ 50 $ 8 $ (17) $ (173) $ (124) $ 12 $ (136)
Other 2 — 3 (1) (1) — 7 (7)
Adjusted operating income (loss) before income taxes 18 50 11 (18) (174) (124) 19 (143)
Notable items (2) — — — 40 182 222 40 182
Adjusted operating income (loss) excluding notable items, before income taxes 30 $ 18 $ 50 $ 11 $ 22 $ 8 $ 98 $ 59 $ 39
Europe, Middle East and Africa Financial Solutions
Income before income taxes 132 $ 109 $ 74 $ 79 $ 84 $ 48 $ 315 $ 220 $ 95
Investment and derivative losses (1) 8 14 16 4 3 29 31 (2)
Change in fair value of funds withheld embedded derivatives (1) — — — — (18) (18) — (18)
Investment income - non-operating funds withheld at interest (1) 2 1 (2) 21 20 (2) 22
Investment (income) loss on unit-linked variable annuities — — 2 (1) 2 1 1 —
Interest credited on unit-linked variable annuities — — (2) 1 (2) (1) (1) —
Adjusted operating income before income taxes 116 90 96 86 54 346 249 97
Notable items (2) — — — 2 (26) (24) 2 (26)
Adjusted operating income excluding notable items, before income taxes 116 $ 116 $ 90 $ 96 $ 88 $ 28 $ 322 $ 251 $ 71
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.

All values are in US Dollars.

Page 27
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current vs. Year-to-Date
June 30, March 31, Dec. 31, Sept. 30, Prior Year Sept. 30, Sept. 30,
2025 2025 2024 2024 Quarter 2025 2024 Change
Asia Pacific Traditional
Income before income taxes 140 $ 102 $ 106 $ 59 $ 11 $ 129 $ 348 $ 220 $ 128
Other 2 — 4 — (2) — (1) 1
Adjusted operating income before income taxes 104 106 63 11 127 348 219 129
Notable items (2) — — — 95 (96) (1) 95 (96)
Adjusted operating income excluding notable items, before income taxes 137 $ 104 $ 106 $ 63 $ 106 $ 31 $ 347 $ 314 $ 33
Asia Pacific Financial Solutions
Income (loss) before income taxes 87 $ 89 $ 31 $ 1 $ 93 $ (6) $ 207 $ 48 $ 159
Investment and derivative (gains) losses (1) (21) 25 96 (17) 9 (4) 235 (239)
Other 9 3 (32) (16) 8 4 (93) 97
Adjusted operating income before income taxes 77 59 65 60 11 207 190 17
Notable items (2) — — — 9 (9) — 9 (9)
Adjusted operating income excluding notable items, before income taxes 71 $ 77 $ 59 $ 65 $ 69 $ 2 $ 207 $ 199 $ 8
Corporate and Other
Loss before income taxes (61) $ (21) $ (119) $ (263) $ (18) $ (43) $ (201) $ (283) $ 82
Investment and derivative losses (1) (5) 50 180 13 (24) 34 176 (142)
Investment income - non-operating funds withheld at interest 1 (1) — — — — — —
Interest expense on uncertain tax positions — — 1 1 (1) — — —
Derivatives - interest credited (3) 5 (2) — — 2 — 2
Other (4) (5) 13 (14) 28 5 7 (2)
Adjusted operating loss before income taxes (32) (70) (71) (18) (40) (160) (100) (60)
Notable items (2) — — — — — — — —
Adjusted operating loss excluding notable items, before income taxes (58) $ (32) $ (70) $ (71) $ (18) $ (40) $ (160) $ (100) $ (60)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.

All values are in US Dollars.

Page 28
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Reconciliations of RGA, Inc. Shareholders’ Equity to RGA, Inc. Shareholders’ Equity Excluding AOCI
( millions except per share data)
June 30, March 31, Dec. 31, Sept. 30,
2025 2025 2024 2024
RGA, Inc. shareholders’ equity 12,978 $ 12,053 $ 11,402 $ 10,816 $ 11,127
Less effect of AOCI:
Accumulated currency translation adjustments 130 (8) (19) 108
Unrealized (depreciation) appreciation of securities (4,897) (4,443) (4,526) (2,800)
Effect of updating discount rates on future policy benefits 6,533 5,702 5,412 3,987
Change in instrument-specific credit risk for market risk benefits 3 6 2 6
Pension and postretirement benefits (17) (19) (20) (29)
RGA, Inc. shareholders’ equity, excluding AOCI 10,301 10,164 9,967 9,855
Year-to-date notable items, net of tax — — 168 168
RGA, Inc. shareholders’ equity, excluding AOCI and notable items 10,540 $ 10,301 $ 10,164 $ 10,135 $ 10,023
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
June 30, March 31, Dec. 31, Sept. 30,
2025 2025 2024 2024
Book value per share 197.52 $ 182.37 $ 172.53 $ 164.19 $ 168.93
Less effect of AOCI:
Accumulated currency translation adjustment 1.96 (0.12) (0.27) 1.64
Unrealized (depreciation) appreciation of securities (74.10) (67.24) (68.73) (42.52)
Effect of updating discount rates on future policy benefits 98.85 86.28 82.16 60.54
Change in instrument-specific credit risk for market risk benefits 0.05 0.09 0.03 0.09
Pension and postretirement benefits (0.26) (0.28) (0.31) (0.45)
Book value per share, excluding AOCI 158.67 $ 155.87 $ 153.80 $ 151.31 $ 149.63
Less effect of B36: (0.76) (0.80) (0.66) (2.16)
Book value per share, excluding AOCI and B36 159.83 $ 156.63 $ 154.60 $ 151.97 $ 151.79

All values are in US Dollars.

Page 29

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 (the “Company”) with the SEC. The consolidated financial information herein includes the assets, liabilities, and results of operations of the Company and its subsidiaries.

Non-GAAP Financial Measures

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 the Company’s operating performance and assist the Company in the allocation of its resources. The Company believes that these non-GAAP financial measures provide investors and other third parties with a better understanding of the Company’s results of operations, financial statements and the underlying profitability drivers and trends of the Company’s businesses by excluding specified items which may not be indicative of the Company’s ongoing operating performance and may fluctuate significantly from period to period. These measures should be considered supplementary to the Company’s financial results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way the Company calculates such measures. Consequently, the Company’s non-GAAP financial measures may not be comparable to similar measures used by other companies.

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

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

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

•changes in the fair value of embedded derivatives;

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

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

•any net gain or loss from discontinued operations;

•the cumulative effect of any accounting changes;

•the impact of certain tax-related items; and

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

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

Adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments, and is presented in our financial statement footnotes in accordance with ASC 280 – “Segment Reporting.” Adjusted operating income (loss) before income taxes, when presented on a consolidated basis, is a non-GAAP financial measure.

  1. Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items, and adjusted operating income per diluted share, excluding notable items. Notable items are items that 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 include the financial impact of the Company’s assumption reviews.
Page 30

  1. 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.

  2. 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 the Company’s investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses the following non-GAAP financial measures:

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

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

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

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

•Adjusted operating return on equity excluding AOCI and B36;

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

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

Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix at the end of this document. Except as otherwise noted herein, the non-GAAP figures and reconciliations presented herein reflect the Company’s adoption of the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments (“LDTI”). For additional information regarding the Company’s adoption of LDTI, see Note 1 – “Business and Basis of Presentation” and Note 3 – “Impact of New Accounting Standard” in the notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The Company is unable to provide reconciliations of the intermediate term targets of consolidated adjusted operating income (loss) before taxes, adjusted operating income (loss) before taxes, excluding notable items (on both a segment-level and consolidated basis), consolidated adjusted operating ROE, respectively, which are forward-looking non-GAAP financial measures, due to, among other things, the fact that these targets are a composite of our goals for future results, the inherent difficulty in forecasting generally, and the difficulty of quantifying accurate forecasts of the numerous components comprising these calculations that would be necessary to provide any such reconciliations. In addition, actual performance in future periods may vary from the intermediate term target ranges for a variety of reasons, including known and unknown risk and uncertainties.

Page 31

Document

Exhibit 99.3

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