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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
of Incorporation)		 (Commission
File Number)		 (IRS Employer
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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01RGANew York Stock Exchange
5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056RZBNew York Stock Exchange
7.125% Fixed Rate Reset Subordinated Debentures due 2052RZCNew 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 2.02Results 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 7.01Regulation 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 9.01Financial Statements and Exhibits
(d) Exhibits.
 
Exhibit No.  Exhibit
  
  
104Cover 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




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 ResultsYear-to-Date Results
($ in millions, except per share data)2025202420252024
Net premiums$4,280 $4,391 $12,450 $13,687 
Net income available to RGA shareholders253 156 719 569 
Net income available to RGA shareholders per diluted share3.81 2.33 10.78 8.53 
Adjusted operating income310 242 1,003 1,008 
Adjusted operating income, excluding notable items424 410 1,117 1,176 
Adjusted operating income per diluted share4.66 3.62 15.04 15.11 
Adjusted operating income, excluding notable items per diluted share6.37 6.13 16.75 17.63 
Book value per share197.52 168.93 
Book value per share, excluding accumulated other comprehensive income (AOCI)158.67 149.63 
Book value per share, excluding AOCI and B36159.83 151.79 
Total assets152,003 120,258 

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 ResultsYear-to-Date Results
($ in millions)2025202420252024
Net premiums$1,883 $1,912 $5,823 $5,454 
Adjusted operating income before taxes136 79 280 374 
Adjusted operating income before taxes, excluding notable items97 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 ResultsYear-to-Date Results
($ in millions)2025202420252024
Adjusted operating income before taxes100 80 264 250 
Adjusted operating income before taxes, excluding notable items100 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 ResultsYear-to-Date Results
($ in millions)2025202420252024
Net premiums$326 $314 $984 $958 
Adjusted operating income before taxes43 30 103 102 
Adjusted operating income before taxes, excluding notable items34 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 ResultsYear-to-Date Results
($ in millions)2025202420252024
Adjusted operating income before taxes7 4 27 18 
Adjusted operating income before taxes, excluding notable items7 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 ResultsYear-to-Date Results
($ in millions)2025202420252024
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 items30 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 ResultsYear-to-Date Results
($ in millions)2025202420252024
Adjusted operating income before taxes140 86 346 249 
Adjusted operating income before taxes, excluding notable items116 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 ResultsYear-to-Date Results
($ in millions)2025202420252024
Net premiums$880 $756 $2,473 $2,180 
Adjusted operating income before taxes138 11 348 219 
Adjusted operating income before taxes, excluding notable items137 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 ResultsYear-to-Date Results
($ in millions)2025202420252024
Net premiums$96 $62 $325 $158 
Adjusted operating income before taxes71 60 207 190 
Adjusted operating income before taxes, excluding notable items71 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 ResultsYear-to-Date Results
($ in millions)2025202420252024
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.

2. 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.

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

4. Shareholders’ equity position excluding the impact of accumulated other comprehensive income (loss) (“AOCI”), shareholders’ average equity position excluding AOCI, and book value per share excluding the impact of AOCI. The Company believes that these measures provide useful information since such measures exclude AOCI-related items that are not permanent and can fluctuate significantly from period to period, and may not reflect the impact of the underlying performance of the Company’s businesses on shareholders’ equity and book value per share. AOCI primarily relates to changes in interest rates, credit spreads on 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.

5. Adjusted operating return on equity. This measure is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target levels and awards under the Company’s management incentive programs. The Company also discloses the following non-GAAP financial measures:
•Adjusted operating return on equity excluding AOCI and B36;
•Adjusted operating return on equity excluding AOCI and notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’ equity excluding notable items and AOCI; and
•Adjusted operating return on equity excluding AOCI, B36 and notable items.

Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix 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,
20252024
 Diluted Earnings Per ShareDiluted 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 expenses15 0.23 — — 
Embedded derivatives:
Included in investment related gains/losses, net26 0.39 88 1.32 
Included in interest credited1 0.02 8 0.12 
Investment (income) loss on unit-linked variable annuities1 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 items4 0.06 5 0.07 
Net income attributable to noncontrolling interest2 0.03 2 0.03 
Adjusted operating income310 4.66 242 3.62 
Notable items114 1.71 168 2.51 
Adjusted operating income, excluding notable items$424 $6.37 $410 $6.13 
(Unaudited)Nine Months Ended September 30,
20252024
 Diluted Earnings Per ShareDiluted 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), net115 1.75 406 6.09 
Market risk benefits remeasurement (gains) losses9 0.13 (9)(0.13)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses13 0.19 (2)(0.03)
Embedded derivatives:
Included in investment related gains/losses, net32 0.48 7 0.10 
Included in interest credited10 0.15 14 0.21 
Investment (income) loss on unit-linked variable annuities1 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 items75 1.12 (11)(0.16)
Net income attributable to noncontrolling interest5 0.07 5 0.07 
Adjusted operating income1,003 15.04 1,008 15.11 
Notable items114 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, 2025Nine 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 expenses19 4 17 4 
Embedded derivatives:
Included in investment related gains/losses, net33 7 41 9 
Included in interest credited1 — 13 3 
Investment (income) loss on unit-linked variable annuities1 — 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 income385 75 19.6 %1,291 288 22.3 %
Notable items149 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,
 20252024
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 expenses19 (1)
Embedded derivatives:
Included in investment related gains/losses, net33 112 
Included in interest credited1 11 
Investment (income) loss on unit-linked variable annuities1 (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 income385 314 
Notable items149 194 
Pre-tax adjusted operating income, excluding notable items$534 $508 
(Unaudited)Nine Months Ended September 30,
 20252024
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), net147 517 
Market risk benefits remeasurement (gains) losses11 (12)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses17 (3)
Embedded derivatives:
Included in investment related gains/losses, net41 9 
Included in interest credited13 18 
Investment (income) loss on unit-linked variable annuities1 1 
Interest credited on unit-linked variable annuities(1)(1)
Interest expense on uncertain tax positions— — 
Other (1)
32 37 
Pre-tax adjusted operating income1,291 1,321 
Notable items149 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,
 2025202420252024
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 outstanding66,508 66,797 66,694 66,694 


(Unaudited)At September 30,
 20252024
Treasury shares19,602 19,447 
Common shares outstanding65,709 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,
 20252024
Book value per share outstanding$197.52 $168.93 
Less effect of AOCI:
Accumulated currency translation adjustment1.27 1.64 
Unrealized (depreciation) appreciation of securities(63.89)(42.52)
Effect of updating discount rates on future policy benefits101.69 60.54 
Change in instrument-specific credit risk for market risk benefits0.01 0.09 
Pension and postretirement benefits(0.23)(0.45)
Book value per share outstanding, before impact of AOCI158.67 149.63 
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 adjustment59 
Unrealized (depreciation) appreciation of securities(4,173)
Effect of updating discount rates on future policy benefits5,663 
Change in instrument-specific credit risk for market risk benefits4
Pension and postretirement benefits(20)
Shareholders' average equity, excluding AOCI10,142 
Year-to-date notable items, net of tax90 
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, net425 
Change in fair value of embedded derivatives(59)
Tax expense on uncertain tax positions and other tax related items97 
Net income attributable to noncontrolling interest7 
Adjusted operating income1,337 13.2 %
Notable items after tax114 
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,
 2025202420252024
Revenues:
Net premiums$4,280 $4,391 $12,450 $13,687 
Investment income, net of related expenses1,475 1,188 4,115 3,231 
Investment related gains (losses), net13 (78)(110)(498)
Other revenue436 150 608 446 
Total revenues6,204 5,651 17,063 16,866 
Benefits and expenses:
Claims and other policy benefits4,356 4,116 12,223 12,960 
Future policy benefits remeasurement (gains) losses85 151 97 37 
Market risk benefits remeasurement (gains) losses(1)31 11 (12)
Interest credited547 310 1,160 795 
Policy acquisition costs and other insurance expenses471 452 1,321 1,230 
Other operating expenses328 299 953 883 
Interest expense98 78 268 218 
Total benefits and expenses5,884 5,437 16,033 16,111 
Income before income taxes320 214 1,030 755 
Provision for income taxes65 56 306 181 
Net income255 158 724 574 
Net income attributable to noncontrolling interest2 2 5 5 
Net income available to RGA shareholders$253 $156 $719 $569 
# # #



Exhibit 99.2
rga_logoxrgbxredxwhta.jpg
Quarterly Financial Supplement
Third Quarter 2025
(Unaudited)
World Headquarters  Internet AddressContacts
16600 Swingley Ridge Road  www.rgare.comAxel André
Chesterfield, Missouri 63017 U.S.A.  Executive Vice President
and Chief Financial Officer
Phone: (636) 736-7000
e-mail: [email protected]
Jeff Hopson
Senior Vice President, Investor Relations
Phone: (636) 736-2068
e-mail: [email protected]
 

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 CompanyAA-A+
Omnilife Insurance Company LimitedA+
Aurora National Life Assurance CompanyAA-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
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
Consolidated Balance Sheets
Segment Summaries of Adjusted Operating Income Statements
U.S. and Latin America Traditional
U.S. and Latin America Financial Solutions
Canada Traditional
Canada Financial Solutions
Europe, Middle East and Africa Traditional
Europe, Middle East and Africa Financial Solutions
Asia Pacific Traditional
Asia Pacific Financial Solutions
Corporate and Other
Summary of Segment Adjusted Operating Income
Investments
Cash and Invested Assets and Investment Income and Yield Summary
Fixed Maturity Securities
Corporate Fixed Maturity Securities by Industry
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities
Fixed Maturity Securities Below Amortized Cost
Consolidated Investment Related Gains and Losses
Appendix
Reconciliations of GAAP to Non-GAAP Measures
Non-GAAP Disclosures

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Reinsurance Group of America, Incorporated
Financial Highlights
Three Months EndedCurrent 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 YearSept. 30,Sept. 30,
 20252025202520242024Quarter20252024Change
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 shareholders253 180 286 148 156 97 719 569 150 
Adjusted operating income310 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 equity7.4 %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
Basic65,867 66,088 66,008 65,867 65,850 17 65,987 65,799 188 
Diluted66,508 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 buybacks75 — — — — 75 75 — 75 
Total returned to shareholders$136 $59 $59 $59 $58 $78 $254 $170 $84 
Common shares issued85,311 85,311 85,311 85,311 85,311 — 85,311 85,311 — 
Treasury shares19,602 19,219 19,225 19,439 19,447 155 19,602 19,447 155 
Common shares outstanding65,709 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.
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Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)Three Months EndedCurrent vs.Year-to-Date
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20252025202520242024Quarter20252024Change
Revenues:
Net premiums$4,280 $4,151 $4,019 $4,156 $4,391 $(111)$12,450 $13,687 $(1,237)
Net investment income1,475 1,408 1,232 1,185 1,188 287 4,115 3,231 884 
Investment related gains (losses), net13 (44)(79)(247)(78)91 (110)(498)388 
Other revenue436 84 88 147 150 286 608 446 162 
Total revenues6,204 5,599 5,260 5,241 5,651 553 17,063 16,866 197 
Benefits and expenses:
Adjusted claims and other policy benefits4,356 4,045 3,822 3,943 4,116 240 12,223 12,960 (737)
Future policy benefits remeasurement (gains) losses85 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 credited547 314 299 292 310 237 1,160 795 365 
Policy acquisition costs and other insurance expenses471 433 417 411 452 19 1,321 1,230 91 
Other operating expenses328 325 300 385 299 29 953 883 70 
Interest expense98 90 80 86 78 20 268 218 50 
Total benefits and expenses5,884 5,258 4,891 5,016 5,437 447 16,033 16,111 (78)
Income before income taxes320 341 369 225 214 106 1,030 755 275 
Provision for income taxes65 160 81 75 56 9 306 181 125 
Net income255 181 288 150 158 97 724 574 150 
Net income attributable to noncontrolling interest2 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 income19 (2)— 6 (1)20 17 (3)20 
Derivatives - interest credited1 2 10 (3)11 (10)13 18 (5)
Investment (income) loss on unit-linked variable annuities1 — — 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 taxes385 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.
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Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)Three Months EndedCurrent vs.Year-to-Date
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20252025202520242024Quarter20252024Change
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 income15 (2)— 4 — 15 13 (2)15 
Derivatives - interest credited1 1 8 (2)8 (7)10 14 (4)
Investment (income) loss on unit-linked variable annuities1 — — 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 items4 70 1 22 5 (1)75 (11)86 
Net income attributable to noncontrolling interest2 1 2 2 2 — 5 5 — 
Adjusted operating income310 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.
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Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,
20252025202520242024
Assets
Fixed maturity securities available-for-sale, at fair value$99,573 $86,043 $84,507 $77,617 $78,149 
Equity securities161 155 153 155 155 
Mortgage loans10,507 10,057 9,331 8,839 8,388 
Policy loans3,570 1,294 1,284 1,321 1,285 
Funds withheld at interest8,268 7,115 5,328 5,436 5,545 
Limited partnerships and real estate joint ventures3,648 3,338 3,228 3,067 2,972 
Short-term investments381 502 454 363 381 
Other invested assets1,496 1,397 1,295 1,242 1,361 
Total investments127,604 109,901 105,580 98,040 98,236 
Cash and cash equivalents4,625 5,416 5,151 3,326 5,195 
Accrued investment income1,275 1,089 1,059 986 995 
Premiums receivable and other reinsurance balances4,035 4,202 3,749 3,898 3,738 
Reinsurance ceded receivables and other5,758 5,386 5,420 5,531 5,438 
Deferred policy acquisition costs5,954 5,823 5,649 5,543 5,477 
Other assets2,752 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 liabilities49,634 37,158 36,614 35,095 34,357 
Market risk benefits, at fair value238 233 243 223 247 
Other policy claims and benefits3,032 3,016 2,870 2,693 2,875 
Other reinsurance balances1,600 1,353 1,291 1,316 955 
Deferred income taxes2,591 2,454 2,250 2,199 2,059 
Funds withheld payable5,277 4,816 4,889 5,017 4,809 
Other liabilities4,440 3,041 2,991 2,816 2,739 
Long-term debt5,734 5,734 5,734 5,042 5,067 
Total liabilities138,935 121,336 116,718 107,769 109,041 
Equity:
Common stock, at par value1 1 1 1 1 
Additional paid-in-capital2,628 2,624 2,608 2,600 2,577 
Retained earnings9,757 9,563 9,443 9,255 9,166 
Treasury stock(1,960)(1,887)(1,888)(1,889)(1,889)
Accumulated other comprehensive income, net of taxes (AOCI):
Accumulated currency translation adjustment83 130 (8)(19)108 
Unrealized (depreciation) appreciation of securities(4,199)(4,897)(4,443)(4,526)(2,800)
Effect of updating discount rates on future policy benefits6,682 6,533 5,702 5,412 3,987 
Change in instrument-specific credit risk for market risk benefits1 3 6 2 6 
Pension and postretirement benefits(15)(17)(19)(20)(29)
Total RGA, Inc. shareholders’ equity12,978 12,053 11,402 10,816 11,127 
Noncontrolling interest90 90 90 90 90 
Total equity13,068 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.
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Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20252025202520242024Quarter20252024Change
Revenues:
Net premiums$1,883 $2,019 $1,921 $2,046 $1,912 $(29)$5,823 $5,454 $369 
Net investment income282 285 268 247 226 56 835 634 201 
Investment related gains (losses), net14 12 (6)— — 14 20 — 20 
Other revenue11 4 8 14 21 (10)23 34 (11)
Total revenues2,190 2,320 2,191 2,307 2,159 31 6,701 6,122 579 
Benefits and expenses:
Adjusted claims and other policy benefits1,769 1,922 1,773 1,886 1,712 57 5,464 4,960 504 
Future policy benefits remeasurement (gains) losses(46)74 (25)(68)46 (92)3 (41)44 
Adjusted interest credited61 37 29 36 45 16 127 83 44 
Policy acquisition costs and other insurance expenses209 223 219 225 223 (14)651 584 67 
Other operating expenses61 60 55 77 54 7 176 162 14 
Total benefits and expenses2,054 2,316 2,051 2,156 2,080 (26)6,421 5,748 673 
Adjusted operating income before income taxes136 4 140 151 79 57 280 374 (94)
Notable items (1)
(39)— — — 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)
91.5 %98.9 %91.0 %88.9 %91.9 %(0.4)%93.9 %90.2 %3.7 %
Policy acquisition costs and other insurance expenses11.1 %11.0 %11.4 %11.0 %11.7 %(0.6)%11.2 %10.7 %0.5 %
Other operating expenses3.2 %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.

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Page 7

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20252025202520242024Quarter20252024Change
Revenues:
Net premiums$227 $(5)$109 $156 $609 $(382)$331 $2,830 $(2,499)
Net investment income476 371 337 323 336 140 1,184 957 227 
Investment related gains (losses), net16 — — — — 16 16 — 16 
Other revenue351 53 50 52 58 293 454 174 280 
Total revenues1,070 419 496 531 1,003 67 1,985 3,961 (1,976)
Benefits and expenses:
Adjusted claims and other policy benefits511 76 200 210 654 (143)787 2,977 (2,190)
Future policy benefits remeasurement (gains) losses2 (1)(2)(10)12 (10)(1)11 (12)
Adjusted interest credited324 130 123 127 131 193 577 392 185 
Policy acquisition costs and other insurance expenses111 93 84 102 105 6 288 272 16 
Other operating expenses22 24 24 26 21 1 70 59 11 
Total benefits and expenses970 322 429 455 923 47 1,721 3,711 (1,990)
Adjusted operating income before income taxes100 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.

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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,
20252025202520242024
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 only781 784 800 848 831 
GMIB only17 17 17 18 19 
GMAB only1 1 2 2 2 
GMWB only802 802 769 818 857 
GMDB / WB149 149 145 152 161 
Other13 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.
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Page 9

Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20252025202520242024Quarter20252024Change
Revenues:
Net premiums$326 $339 $319 $333 $314 $12 $984 $958 $26 
Net investment income69 66 65 64 68 1 200 193 7 
Investment related gains, net2 — 1 — 1 1 3 3 — 
Other revenue1 1 (1)— 2 (1)1 6 (5)
Total revenues398 406 384 397 385 13 1,188 1,160 28 
Benefits and expenses:
Adjusted claims and other policy benefits307 318 295 311 296 11 920 883 37 
Future policy benefits remeasurement (gains) losses(8)2 3 (5)(4)(4)(3)(6)3 
Adjusted interest credited1 — — — 1 — 1 1 — 
Policy acquisition costs and other insurance expenses43 43 41 45 48 (5)127 141 (14)
Other operating expenses12 15 13 14 14 (2)40 39 1 
Total benefits and expenses355 378 352 365 355 — 1,085 1,058 27 
Adjusted operating income before income taxes43 28 32 32 30 13 103 102 1 
Notable items (1)
(9)— — — (5)(4)(9)(5)(4)
Adjusted operating income excluding notable items, before income taxes$34 $28 $32 $32 $25 $9 $94 $97 $(3)
Loss and expense ratios:
Loss ratio (2)
91.7 %94.4 %93.4 %91.9 %93.0 %(1.3)%93.2 %91.5 %1.7 %
Policy acquisition costs and other insurance expenses13.2 %12.7 %12.9 %13.5 %15.3 %(2.1)%12.9 %14.7 %(1.8)%
Other operating expenses3.7 %4.4 %4.1 %4.2 %4.5 %(0.8)%4.1 %4.1 %— %
Foreign currency effect on (3):
Net premiums$(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.
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Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20252025202520242024Quarter20252024Change
Revenues:
Net premiums$46 $45 $52 $46 $49 $(3)$143 $120 $23 
Net investment income58 58 51 51 47 11 167 96 71 
Investment related gains, net(1)— — 1 — (1)(1)— (1)
Other revenue3 5 4 5 3 — 12 12 — 
Total revenues106 108 107 103 99 7 321 228 93 
Benefits and expenses:
Adjusted claims and other policy benefits92 93 91 109 90 2 276 198 78 
Policy acquisition costs and other insurance expenses5 4 5 (17)5 — 14 10 4 
Other operating expenses2 2 — 3 — 2 4 2 2 
Total benefits and expenses99 99 96 95 95 4 294 210 84 
Adjusted operating income before income taxes7 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.

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Page 11

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20252025202520242024Quarter20252024Change
Revenues:
Net premiums$562 $573 $540 $488 $521 $41 $1,675 $1,514 $161 
Net investment income30 32 30 28 30 — 92 84 8 
Other revenue5 3 2 10 (1)6 10 1 9 
Total revenues597 608 572 526 550 47 1,777 1,599 178 
Benefits and expenses:
Adjusted claims and other policy benefits516 533 483 445 472 44 1,532 1,360 172 
Future policy benefits remeasurement (gains) losses216 6 (8)12 35 181 214 36 178 
Policy acquisition costs and other insurance expenses30 24 20 21 29 1 74 88 (14)
Other operating expenses27 27 27 37 32 (5)81 96 (15)
Total benefits and expenses789 590 522 515 568 221 1,901 1,580 321 
Adjusted operating income (loss) before income taxes(192)18 50 11 (18)(174)(124)19 (143)
Notable items (1)
222 — — — 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)
130.2 %94.1 %88.0 %93.6 %97.3 %32.9 %104.2 %92.2 %12.0 %
Policy acquisition costs and other insurance expenses5.3 %4.2 %3.7 %4.3 %5.6 %(0.3)%4.4 %5.8 %(1.4)%
Other operating expenses4.8 %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.

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Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20252025202520242024Quarter20252024Change
Revenues:
Net premiums$260 $247 $189 $187 $168 $92 $696 $473 $223 
Net investment income106 109 85 87 84 22 300 232 68 
Investment related gains (losses), net— 4 (1)(1)1 (1)3 1 2 
Other revenue21 7 9 12 3 18 37 22 15 
Total revenues387 367 282 285 256 131 1,036 728 308 
Benefits and expenses:
Adjusted claims and other policy benefits253 224 167 159 148 105 644 403 241 
Future policy benefits remeasurement (gains) losses(37)(3)(3)(1)— (37)(43)4 (47)
Adjusted interest credited7 7 6 9 5 2 20 21 (1)
Policy acquisition costs and other insurance expenses3 2 1 2 2 1 6 6 — 
Other operating expenses21 21 21 20 15 6 63 45 18 
Total benefits and expenses247 251 192 189 170 77 690 479 211 
Adjusted operating income before income taxes140 116 90 96 86 54 346 249 97 
Notable items (2)
(24)— — — 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.

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Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20252025202520242024Quarter20252024Change
Revenues:
Net premiums$880 $816 $777 $834 $756 $124 $2,473 $2,180 $293 
Net investment income73 72 71 66 65 8 216 191 25 
Investment related gains (losses), net— 1 (1)(1)1 (1)— 2 (2)
Other revenue3 — 3 10 (3)6 6 15 (9)
Total revenues956 889 850 909 819 137 2,695 2,388 307 
Benefits and expenses:
Adjusted claims and other policy benefits761 701 671 733 656 105 2,133 1,849 284 
Future policy benefits remeasurement (gains) losses(41)(8)(18)9 53 (94)(67)25 (92)
Policy acquisition costs and other insurance expenses43 35 39 37 44 (1)117 131 (14)
Other operating expenses55 57 52 67 55 — 164 164 — 
Total benefits and expenses818 785 744 846 808 10 2,347 2,169 178 
Adjusted operating income before income taxes138 104 106 63 11 127 348 219 129 
Notable items (1)
(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)
81.8 %84.9 %84.0 %89.0 %93.8 %(12.0)%83.5 %86.0 %(2.5)%
Policy acquisition costs and other insurance expenses4.9 %4.3 %5.0 %4.4 %5.8 %(0.9)%4.7 %6.0 %(1.3)%
Other operating expenses6.3 %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.
 
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Page 14

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
 Three Months EndedCurrent vs.Year-to-Date
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20252025202520242024Quarter20252024Change
Revenues:
Net premiums$96 $117 $112 $66 $62 $34 $325 $158 $167 
Net investment income250 247 196 189 184 66 693 467 226 
Investment related gains, net13 10 7 6 5 8 30 14 16 
Other revenue6 — 6 6 19 (13)12 51 (39)
Total revenues365 374 321 267 270 95 1,060 690 370 
Benefits and expenses:
Adjusted claims and other policy benefits135 158 145 97 90 45 438 211 227 
Future policy benefits remeasurement (gains) losses(1)(2)(3)(6)9 (10)(6)8 (14)
Adjusted interest credited107 93 84 81 75 32 284 175 109 
Policy acquisition costs and other insurance expenses42 36 27 20 27 15 105 82 23 
Other operating expenses11 12 9 10 9 2 32 24 8 
Total benefits and expenses294 297 262 202 210 84 853 500 353 
Adjusted operating income before income taxes71 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.
 

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Page 15

Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20252025202520242024Quarter20252024Change
Revenues:
Net investment income$151 $166 $129 $138 $146 $5 $446 $375 $71 
Investment related gains, net1 3 3 3 3 (2)7 8 (1)
Other revenue29 18 5 23 19 10 52 40 12 
Total revenues181 187 137 164 168 13 505 423 82 
Benefits and expenses:
Adjusted interest credited47 45 47 44 41 6 139 106 33 
Policy acquisition costs and other insurance income(15)(19)(19)(24)(31)16 (53)(84)31 
Other operating expenses109 103 99 130 99 10 311 283 28 
Interest expense98 90 80 85 77 21 268 218 50 
Total benefits and expenses239 219 207 235 186 53 665 523 142 
Adjusted operating loss before income taxes(58)(32)(70)(71)(18)(40)(160)(100)(60)
Notable items (1)
— — — — — — — — — 
Adjusted operating loss excluding notable items, before income taxes$(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.
 
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Page 16

Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income
(USD millions)
 Three Months EndedCurrent vs.Year-to-Date
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20252025202520242024Quarter20252024Change
U.S. and Latin America:
Traditional$136 $4 $140 $151 $79 $57 $280 $374 $(94)
Financial Solutions100 97 67 76 80 20 264 250 14 
Total U.S. and Latin America236 101 207 227 159 77 544 624 (80)
Canada:
Traditional43 28 32 32 30 13 103 102 1 
Financial Solutions7 9 11 8 4 3 27 18 9 
Total Canada50 37 43 40 34 16 130 120 10 
Europe, Middle East and Africa:
Traditional(192)18 50 11 (18)(174)(124)19 (143)
Financial Solutions140 116 90 96 86 54 346 249 97 
Total Europe, Middle East and Africa(52)134 140 107 68 (120)222 268 (46)
Asia Pacific:
Traditional138 104 106 63 11 127 348 219 129 
Financial Solutions71 77 59 65 60 11 207 190 17 
Total Asia Pacific209 181 165 128 71 138 555 409 146 
Corporate and Other(58)(32)(70)(71)(18)(40)(160)(100)(60)
Consolidated adjusted operating income before income taxes385 421 485 431 314 71 1,291 1,321 (30)
Notable items (1)
149 — — — 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.
 


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Page 17

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Cash and Invested Assets
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,
 20252025202520242024
Fixed maturity securities, available-for-sale (1)
$99,573 $86,043 $84,507 $77,617 $78,149 
Equity securities161 155 153 155 155 
Mortgage loans10,507 10,057 9,331 8,839 8,388 
Policy loans3,570 1,294 1,284 1,321 1,285 
Funds withheld at interest8,268 7,115 5,328 5,436 5,545 
Limited partnerships and real estate joint ventures3,648 3,338 3,228 3,067 2,972 
Short-term investments381 502 454 363 381 
Other invested assets1,496 1,397 1,295 1,242 1,361 
Cash and cash equivalents4,625 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”).

Investment Income and Yield Summary
 Three Months EndedCurrent vs.Year-to-Date
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
 20252025202520242024Quarter20252024Change
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) bps4.91 %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) bps4.95 %4.82 %13 bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities
September 30, 2025
 Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Estimated Fair
Value		% of
Total
Available-for-sale:
   Corporate$69,884 $141 $1,198 $3,764 $67,177 67.5 %
   Canadian government4,811 — 362 75 5,098 5.1 %
   Japanese government6,806 — — 1,644 5,162 5.2 %
   ABS7,001 19 54 164 6,872 6.9 %
   CMBS2,026 1 28 61 1,992 2.0 %
   RMBS1,793 — 24 77 1,740 1.7 %
   U.S. government4,032 — 28 246 3,814 3.8 %
   State and political subdivisions736 — 4 80 660 0.7 %
   Other foreign government7,372 — 104 418 7,058 7.1 %
Total fixed maturity securities$104,461 $161 $1,802 $6,529 $99,573 100.0 %


December 31, 2024
 Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Estimated Fair
Value		% of
Total
Available-for-sale:
   Corporate$54,705 $82 $642 $4,274 $50,991 65.7 %
   Canadian government4,655 — 412 51 5,016 6.5 %
   Japanese government5,319 — 1 875 4,445 5.7 %
   ABS5,197 15 42 184 5,040 6.5 %
   CMBS2,344 1 22 98 2,267 2.9 %
   RMBS1,412 — 12 107 1,317 1.7 %
   U.S. government2,734 — 11 281 2,464 3.2 %
   State and political subdivisions789 — 3 99 693 0.9 %
   Other foreign government5,752 — 56 424 5,384 6.9 %
Total fixed maturity securities$82,907 $98 $1,201 $6,393 $77,617 100.0 %

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Corporate Fixed Maturity Securities by Industry
 September 30, 2025December 31, 2024
 Amortized CostEstimated Fair Value% of Total
Average Credit Ratings (1)
Amortized CostEstimated 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/exchanges1,698 1,613 2.4 %A-1,482 1,360 2.7 %A-
Finance companies1,001 982 1.5 %BBB+530 501 1.0 %BBB
Insurance6,192 5,816 8.7 %A-4,992 4,497 8.8 %A-
REITs2,004 1,914 2.8 %A-1,737 1,613 3.2 %A-
Other finance1,450 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 goods3,341 3,257 4.8 %BBB+2,489 2,369 4.6 %BBB+
Communications4,272 4,057 6.0 %BBB+3,420 3,147 6.2 %BBB+
Consumer cyclical4,060 3,930 5.9 %BBB+3,300 3,099 6.1 %BBB+
Consumer noncyclical8,533 8,174 12.1 %BBB+6,177 5,714 11.2 %BBB+
Energy5,852 5,792 8.6 %BBB+4,060 3,906 7.7 %BBB+
Technology3,064 2,924 4.4 %BBB+2,124 1,937 3.8 %BBB+
Transportation3,965 3,796 5.7 %A-3,238 3,025 5.9 %A-
Other industrial1,664 1,620 2.4 %BBB1,362 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 gas1,519 1,424 2.1 %A-1,177 1,078 2.2 %A-
Other utility620 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.

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Ratings of Fixed Maturity Securities
  September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
NAIC Designation
Rating Agency Designation(1)
Amortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of Total
1AAA/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 %
2BBB31,446 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 %
3BB4,753 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 %
4B807 758 0.8 %802 793 0.9 %643 639 0.8 %636 577 0.7 %662 576 0.7 %
5CCC267 184 0.2 %244 165 0.2 %287 216 0.2 %246 221 0.3 %168 131 0.2 %
6In or near default30 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, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
 Amortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated 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 CLOs4,290 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 ABS7,001 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 %
CMBS2,026 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
Agency416 381 3.6 %377 337 3.5 %385 344 3.7 %394 344 4.0 %401 365 4.0 %
Non-agency1,377 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 RMBS1,793 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
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
 As of September 30, 2025
 Less than 12 monthsEqual to or greater than 12 monthsTotal
 Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
   Corporate$7,386 $191 $21,322 $3,481 $28,708 $3,672 
   Canadian government570 16 385 59 955 75 
   Japanese government1,349 155 3,784 1,489 5,133 1,644 
   ABS1,989 14 1,161 145 3,150 159 
   CMBS109 3 744 56 853 59 
   RMBS— — 617 77 617 77 
   U.S. government— — 642 246 642 246 
   State and political subdivisions47 1 446 79 493 80 
   Other foreign government1,900 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 
   ABS12 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.
 

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
 As of December 31, 2024
 Less than 12 monthsEqual to or greater than 12 monthsTotal
 Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
   Corporate$14,741 $529 $18,851 $3,682 $33,592 $4,211 
   Canadian government286 5 469 46 755 51 
   Japanese government2,037 192 2,365 683 4,402 875 
   ABS940 19 1,730 159 2,670 178 
   CMBS333 4 980 91 1,313 95 
   RMBS354 7 593 100 947 107 
   U.S. government792 15 656 266 1,448 281 
   State and political subdivisions155 7 417 92 572 99 
   Other foreign government1,408 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 
   ABS101 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.

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Consolidated Investment Related Gains and Losses
Three Months EndedCurrent vs.Year-to-Date
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20252025202520242024Quarter20252024Change
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(1)(2)— — — (1)(3)(1)(2)
Realized gains on investment activity96 30 36 22 72 24 162 172 (10)
Realized losses on investment activity(65)(65)(87)(334)(113)48 (217)(477)260 
Net gains (losses) on fixed maturity securities available-for-sale2 (66)(57)(289)(50)52 (121)(351)230 
Net gains (losses) on equity securities5 3 (1)(4)6 (1)7 5 2 
Change in mortgage loan allowance for credit losses(6)(18)4 (6)(12)6 (20)(20)— 
Limited partnerships and real estate joint venture impairment losses(1)(16)(5)(15)— (1)(22)(8)(14)
Change in fair value of certain limited partnership investments9 6 (7)21 17 (8)8 18 (10)
Other change in allowance for credit losses and impairments1 (3)(1)— — 1 (3)(4)1 
Other, net4 (3)1 19 (14)18 2 2 — 
Freestanding derivatives (1):
Interest rate swaps1 (1)6 (18)13 (12)6 (31)37 
Interest rate options(2)(1)— — (3)1 (3)(6)3 
Total return swaps16 6 (6)(7)7 9 16 — 16 
Interest rate futures— — — — — — — 2 (2)
Foreign currency swaps6 (2)(3)14 (7)13 1 15 (14)
Foreign currency swaps - hedged— — — — — — — (2)2 
Foreign currency forwards(40)40 22 (82)77 (117)22 (85)107 
Foreign currency options(2)(2)(1)(6)2 (4)(5)(1)(4)
Equity options30 11 (6)(1)1 29 35 (4)39 
Equity futures(13)(21)9 3 (12)(1)(25)(31)6 
Credit default swaps33 21 (18)1 10 23 36 14 22 
CPI swaps3 (1)(5)(2)(1)4 (3)(2)(1)
Total freestanding derivatives32 50 (2)(98)87 (55)80 (131)211 
Embedded derivatives(33)3 (11)125 (112)79 (41)(9)(32)
Net gains (losses) on total derivatives(1)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.
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Appendix
Reconciliations of GAAP to Non-GAAP Measures

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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20252025202520242024Quarter20252024Change
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)
13 (25)(9)(3)21 (8)(21)27 (48)
Other— — — — — — — (1)1 
Adjusted operating income before income taxes136 4 140 151 79 57 280 374 (94)
Notable items (2)
(39)— — — 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(1)(17)29 (32)31 (32)11 (12)23 
Investment and derivative (gains) losses (1)
15 95 (17)96 (7)22 93 90 3 
Change in fair value of funds withheld embedded derivatives (1)
38 22 20 (122)91 (53)80 (18)98 
Funds withheld (gains) losses - investment income(2)(3)(1)4 1 (3)(6)(1)(5)
Derivatives - interest credited1 5 5 (1)11 (10)11 18 (7)
Other (3)
12 12 (3)(8)(1)13 21 119 (98)
Adjusted operating income before income taxes100 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 interest2 1 — 1 — 2 3 — 3 
Other— 2 — (1)1 (1)2 (1)3 
Adjusted operating income before income taxes43 28 32 32 30 13 103 102 1 
Notable items (2)
(9)— — — (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.
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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20252025202520242024Quarter20252024Change
Canada Financial Solutions
Income before income taxes$11 $9 $12 $17 $21 $(10)$32 $34 $(2)
Investment and derivative (gains) losses (1)
(4)— (1)(9)(17)13 (5)(16)11 
Adjusted operating income before income taxes7 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)2 — 3 (1)(1)— 7 (7)
Adjusted operating income (loss) before income taxes(192)18 50 11 (18)(174)(124)19 (143)
Notable items (2)
222 — — — 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)
7 8 14 16 4 3 29 31 (2)
Change in fair value of funds withheld embedded derivatives (1)
(18)— — — — (18)(18)— (18)
Investment income - non-operating funds withheld at interest19 (1)2 1 (2)21 20 (2)22 
Investment (income) loss on unit-linked variable annuities1 — — 2 (1)2 1 1 — 
Interest credited on unit-linked variable annuities(1)— — (2)1 (2)(1)(1)— 
Adjusted operating income before income taxes140 116 90 96 86 54 346 249 97 
Notable items (2)
(24)— — — 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.
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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20252025202520242024Quarter20252024Change
Asia Pacific Traditional
Income before income taxes$140 $102 $106 $59 $11 $129 $348 $220 $128 
Other(2)2 — 4 — (2)— (1)1 
Adjusted operating income before income taxes138 104 106 63 11 127 348 219 129 
Notable items (2)
(1)— — — 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)
(8)(21)25 96 (17)9 (4)235 (239)
Other(8)9 3 (32)(16)8 4 (93)97 
Adjusted operating income before income taxes71 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)$82 
Investment and derivative losses (1)
(11)(5)50 180 13 (24)34 176 (142)
Investment income - non-operating funds withheld at interest— 1 (1)— — — — — — 
Interest expense on uncertain tax positions— — — 1 1 (1)— — — 
Derivatives - interest credited— (3)5 (2)— — 2 — 2 
Other14 (4)(5)13 (14)28 5 7 (2)
Adjusted operating loss before income taxes(58)(32)(70)(71)(18)(40)(160)(100)(60)
Notable items (2)
— — — — — — — — — 
Adjusted operating loss excluding notable items, before income taxes$(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.

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Reinsurance Group of America, Incorporated
Reconciliations of RGA, Inc. Shareholders’ Equity to RGA, Inc. Shareholders’ Equity Excluding AOCI
(USD millions except per share data)
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,
20252025202520242024
RGA, Inc. shareholders’ equity$12,978 $12,053 $11,402 $10,816 $11,127 
Less effect of AOCI:
Accumulated currency translation adjustments83 130 (8)(19)108 
Unrealized (depreciation) appreciation of securities(4,199)(4,897)(4,443)(4,526)(2,800)
Effect of updating discount rates on future policy benefits6,682 6,533 5,702 5,412 3,987 
Change in instrument-specific credit risk for market risk benefits1 3 6 2 6 
Pension and postretirement benefits(15)(17)(19)(20)(29)
RGA, Inc. shareholders’ equity, excluding AOCI10,426 10,301 10,164 9,967 9,855 
Year-to-date notable items, net of tax114 — — 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
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,
20252025202520242024
Book value per share$197.52 $182.37 $172.53 $164.19 $168.93 
Less effect of AOCI:
Accumulated currency translation adjustment1.27 1.96 (0.12)(0.27)1.64 
Unrealized (depreciation) appreciation of securities(63.89)(74.10)(67.24)(68.73)(42.52)
Effect of updating discount rates on future policy benefits101.69 98.85 86.28 82.16 60.54 
Change in instrument-specific credit risk for market risk benefits0.01 0.05 0.09 0.03 0.09 
Pension and postretirement benefits(0.23)(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:(1.16)(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 

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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.

2. 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.
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3. Adjusted operating revenue. This measure excludes the effects of net realized capital gains and losses, and changes in the fair value of certain embedded derivatives.
4.     Shareholders’ equity position excluding the impact of accumulated other comprehensive income (loss) (“AOCI”), shareholders’ average equity position excluding AOCI, and book value per share excluding the impact of AOCI. The Company believes that these measures provide useful information since such measures exclude AOCI-related items that are not permanent and can fluctuate significantly from period to period, and may not reflect the impact of the underlying performance of the Company’s businesses on shareholders’ equity and book value per share. AOCI primarily relates to changes in interest rates, credit spreads on 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.
5. Adjusted operating return on equity. This measure is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target levels and awards under the Company’s management incentive programs. The Company also discloses the following non-GAAP financial measures:
•Adjusted operating return on equity excluding AOCI and B36;
•Adjusted operating return on equity excluding AOCI and notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’ equity excluding notable items and AOCI; and
•Adjusted operating return on equity excluding AOCI, B36 and notable items.

Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix 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.
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Exhibit 99.3

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