Equibles

8-K

REINSURANCE GROUP OF AMERICA INC (RGA)

8-K 2022-02-03 For: 2022-02-03
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Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 3, 2022

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

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

16600 Swingley Ridge Road, Chesterfield, Missouri 63017

(Address of Principal Executive Office)

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

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

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

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

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 RGA New York Stock Exchange
6.20% Fixed-To-Floating Rate Subordinated Debentures due 2042 RZA New York Stock Exchange
5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 RZB New York Stock Exchange

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

☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
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On February 3, 2022, Reinsurance Group of America, Incorporated (the "Company") issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended December 31, 2021, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended December 31, 2021, a copy of which is furnished with this report as Exhibit 99.2. The Press Release also notes that a conference call will be held on February 4, 2022 to discuss the financial and operating results for the three-month period ended December 31, 2021 (the "Earnings Call").

Item 7.01 Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated February 3, 2022 (the "Earnings Presentation"), a copy of which is furnished with this report as Exhibit 99.3 and incorporated in this Item 7.01 by reference.

The Press Release also announced that effective February 3, 2022 the Company’s board of directors declared a regular quarterly dividend of $0.73, payable March 1, 2022 to shareholders of record as of February 15, 2022.

The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including the Press Release, Quarterly Financial Supplement and Earnings Presentation, is being furnished and shall not be deemed to be "filed", as described in Instruction B.2 of Form 8-K.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No. Exhibit
99.1 Press Release of Reinsurance Group of America, Incorporated datedFebruarypressrelease4q21.htm3, 2022
99.2 Quarterly Financial Supplement for the quarter endedDecember31, 2021
99.3 Earnings Presentation datedFebruaryearningspresentation4q21.htm3, 2022
104 Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

REINSURANCE GROUP OF AMERICA, INCORPORATED
Date: February 3, 2022 By: /s/ Todd C. Larson
Todd C. Larson
Senior Executive Vice President and Chief Financial Officer

Document

Exhibit 99.1

rgaprlogoaa01a15.jpg

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS

FOURTH QUARTER AND FULL YEAR RESULTS

Fourth Quarter Results Summary

•Net income of $2.30 per diluted share

•Adjusted operating loss* of $0.56 per diluted share

•Premium growth of 4.5% over the prior-year quarter

•Deployed capital of $106 million into transactions

•Repurchased $50 million of shares

•Global estimated COVID-19 impacts1 of approximately $350 million on a pre-tax basis, or $3.95 per diluted share2

Full Year Results Summary

•Net income of $9.04 per diluted share

•Adjusted operating income* of $1.13 per diluted share

•Premium growth of 7.0% over the prior year

•Deployed capital of $543 million into transactions

•Repurchased $96 million of shares

•Global estimated COVID-19 impacts1 of approximately $1.4 billion on a pre-tax basis, or $15.20 per diluted share2

ST. LOUIS, February 3, 2022 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported fourth quarter net income of $156 million, or $2.30 per diluted share, compared with net income of $132 million, or $1.94 per diluted share, in the prior-year quarter. Adjusted operating loss* totaled $38 million, or $0.56 per diluted share, compared with adjusted operating income of $81 million, or $1.19 per diluted share, the year before. Adjusted operating loss excludes the impacts of the release of an uncertain tax liability and related interest expense. Net foreign currency fluctuations had an adverse effect of $0.02 per diluted share on net income and $0.01 per diluted share on adjusted operating loss as compared with the prior year.

1 COVID-19 impact estimates include mortality and morbidity claims of approximately $351 million with offsetting impacts from longevity of approximately $1 million in the quarter, mortality and morbidity claims of approximately $1.4 billion with offsetting impacts from longevity of approximately $54 million in the full year.

2 Tax effected at 24%.

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Quarterly Results Year-to-Date Results
($ in millions, except per share data) 2021 2020 2021 2020
Net premiums $ 3,407 $ 3,260 $ 12,513 $ 11,694
Net income 156 132 617 415
Net income per diluted share 2.30 1.94 9.04 6.31
Adjusted operating income (loss)* (38) 81 77 496
Adjusted operating income (loss) per diluted share* (0.56) 1.19 1.13 7.54
Book value per share 193.75 211.19
Book value per share, excluding accumulated other comprehensive income (AOCI)* 139.53 132.33
Total assets 92,175 84,656 * See ‘Use of Non-GAAP Financial Measures’ below
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Full-year net income totaled $617 million, or $9.04 per diluted share, compared with $415 million, or $6.31 per diluted share in 2020. Adjusted operating income for the full year totaled $77 million, or $1.13 per diluted share, compared with $496 million, or $7.54 per diluted share the year before. Net foreign currency fluctuations had a favorable effect of $0.17 per diluted share on net income and $0.04 per diluted share on adjusted operating income as compared with the prior year. Net premiums totaled $12.5 billion, increasing 7% in 2021. Full-year premiums reflected favorable foreign currency effects of $250 million.

In the fourth quarter, consolidated net premiums totaled $3.4 billion, an increase of 4.5% over last year’s fourth quarter, with an adverse net foreign currency effect of $3 million. Compared with the year-ago period, excluding spread-based businesses and the value of associated derivatives, fourth quarter investment income increased 18%, reflecting a 5% higher average asset balance and strong variable investment income. Average investment yield increased to 4.70% in the fourth quarter from 4.20% in the prior year, primarily due to higher variable investment income.

The effective tax rate for the quarter and full year was a 176.3% benefit and a 10.6% expense, respectively, on pre-tax income, compared with the expected range of 23% to 24%. The income tax benefit for the quarter and low effective tax rate for the year is primarily due to the release of an uncertain tax liability. This reduction to tax expense was partially offset with an increase in tax expense on income earned in high tax jurisdictions.

The effective tax rate for the quarter was a 5.2% expense on the adjusted operating loss, compared with the expected range of 23% to 24%. The income tax expense on the pre-tax loss is primarily due to income earned in high tax jurisdictions and losses incurred in lower tax jurisdictions. The effective tax rate for the full year was a 36.2% expense on adjusted operating income, compared with the expected range of 23% to 24%. The income tax expense was higher than expected due to the jurisdictional mix of earnings.

Anna Manning, President and Chief Executive Officer, commented, “Our fourth quarter was impacted by a meaningful level of COVID-19 mortality claims. Beyond the effect of COVID-19, our results were strong, as a number of our businesses performed well. We continue to see good new business activity both in our organic business and in the pipeline for in-force transactions.

“On the capital front, we deployed $106 million into in-force transactions and repurchased $50 million of common shares. Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.3 billion.”

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SEGMENT RESULTS

U.S. and Latin America

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2021 2020 2021 2020
Net premiums $ 1,697 $ 1,591 $ 6,244 $ 5,838
Pre-tax loss (211) (92) (540) (298)
Pre-tax adjusted operating loss (215) (89) (546) (287)

Quarterly Results

•Quarterly results reflected total segment COVID-19 claim costs of approximately $276 million, as well as excess individual mortality claims believed to be directly or indirectly related to COVID-19.

•U.S. Individual Health results reflected favorable experience.

•Strong variable investment income due to increases in income from real estate joint ventures.

Full-year Results

•Full-year results reflected total segment COVID-19 claim costs of approximately $852 million, as well as excess individual mortality claims believed to be directly or indirectly related to COVID-19.

Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2021 2020 2021 2020
Asset-Intensive:
Pre-tax income $ 93 $ 96 $ 422 $ 201
Pre-tax adjusted operating income 73 70 341 253
Capital Solutions:
Pre-tax income 25 23 93 94
Pre-tax adjusted operating income 25 23 93 94

Quarterly Results

•Asset-Intensive results for the quarter were strong due to favorable overall experience and variable investment income.

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

Full-year Results

•Full-year Asset-Intensive results were very strong due to favorable overall experience, variable investment income, and fees associated with executed transactions.

•Full-year Capital Solutions results were in line with expectations.

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Canada

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2021 2020 2021 2020
Net premiums $ 324 $ 284 $ 1,194 $ 1,052
Pre-tax income 28 37 128 134
Pre-tax adjusted operating income 29 35 130 140

•Foreign currency exchange rates had a favorable effect of $10 million on net premiums for the quarter and a favorable effect of $76 million for the full year.

Quarterly Results

•Quarterly results reflected unfavorable individual life mortality experience, including COVID-19 claim costs of $10 million.

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

Full-year Results

•Full-year results reflected unfavorable individual life mortality experience, mostly attributable to COVID-19 claim costs of $60 million, partially offset by favorable Group, Creditor and Living Benefits.

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

Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2021 2020 2021 2020
Pre-tax income $ 5 $ 8 $ 15 $ 21
Pre-tax adjusted operating income 5 8 15 21

Quarterly Results

•Quarterly results reflected favorable longevity experience.

•Foreign currency exchange rates had a favorable effect of $1 million on pre-tax results and an immaterial effect on pre-tax adjusted operating results for the quarter.

Full-year Results

•Full-year results were in line with expectations.

•Foreign currency exchange rates had a favorable effect of $1 million on pre-tax results and pre-tax adjusted operating results for the full year.

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Europe, Middle East and Africa (EMEA)

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2021 2020 2021 2020
Net premiums $ 435 $ 442 $ 1,738 $ 1,555
Pre-tax income (loss) (68) (13) (239) 27
Pre-tax adjusted operating income (loss) (68) (13) (239) 27

•Foreign currency exchange rates had an immaterial effect on net premiums for the quarter and a favorable effect of $95 million for the full year.

Quarterly Results

•Quarterly results reflected approximately $61 million of COVID-19 claim costs, driven primarily by experience in South Africa and the U.K., as well as excess mortality claims in South Africa believed to be directly or indirectly related to COVID-19.

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

Full-year Results

•Full-year results reflected unfavorable mortality experience, with $266 million of COVID-19 claim costs, primarily driven by experience in South Africa and the U.K.

•Foreign currency exchange rates had an adverse effect of $23 million on pre-tax loss and pre-tax adjusted operating loss for the full year.

Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2021 2020 2021 2020
Pre-tax income $ 75 $ 38 $ 303 $ 258
Pre-tax adjusted operating income 70 41 257 242

Quarterly Results

•Quarterly results reflected favorable longevity experience.

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

Full-year Results

•Full-year results reflected favorable longevity experience.

•Foreign currency exchange rates had a favorable effect of $21 million on pre-tax income and $18 million on pre-tax adjusted operating income for the full year.

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Asia Pacific

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2021 2020 2021 2020
Net premiums $ 773 $ 785 $ 2,624 $ 2,681
Pre-tax income (loss) 57 25 (10) 174
Pre-tax adjusted operating income (loss) 57 25 (10) 174

•Foreign currency exchange rates had an adverse effect of $13 million on net premiums for the quarter and a favorable effect of $52 million for the full year.

Quarterly Results

•Quarterly results reflected favorable underwriting experience, absorbing $4 million of COVID-19 claim costs.

•Australia reported a small profit for the quarter.

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

Full-year Results

•Full-year results reflected unfavorable underwriting experience, with $238 million of COVID-19 claim costs, primarily driven by experience in India.

•Australia reported break even results for the full year.

•Foreign currency exchange rates had an adverse effect of $2 million on pre-tax loss and pre-tax adjusted operating loss for the full year.

Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2021 2020 2021 2020
Net premiums $ 52 $ 40 $ 218 $ 180
Pre-tax income 33 48 98 59
Pre-tax adjusted operating income 29 23 93 54

Quarterly Results

•Quarterly results reflected favorable experience and growth in new business.

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

Full-year Results

•Full-year results were very strong, reflecting favorable experience and growth in new business.

•Foreign currency exchange rates had an adverse effect of $1 million on pre-tax income and $2 million on pre-tax adjusted operating income for the full year.

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Corporate and Other

Quarterly Results Year-to-Date Results
($ in millions) 2021 2020 2021 2020
Pre-tax income (loss) $ 20 $ (1) $ 421 $ (117)
Pre-tax adjusted operating loss (41) (24) (13) (91)

Quarterly Results

•Fourth quarter pre-tax income reflected investment related realized and unrealized gains and an interest benefit related to the release of an uncertain tax liability.

•Fourth quarter pre-tax adjusted operating loss was higher than the quarterly average run rate, primarily due to higher general expenses.

Full-year Results

•Full-year pre-tax income reflected a one-time adjustment of $162 million recorded in the first quarter associated with prior periods, which includes $92 million to correct the accounting for equity method limited partnerships to reflect unrealized gains in investment income that were previously reflected in accumulated other comprehensive income, and $70 million reflected in investment related gains/losses associated with unrealized gains on cost method limited partnerships. Full-year pre-tax income also reflected gains on the sale of investments and additional unrealized gains on limited partnership investments.

•Full-year pre-tax adjusted operating loss, when adjusted for the one-time adjustment of $92 million made in the first quarter discussed above, was in line with the average run rate.

Dividend Declaration

Effective February 3, 2022, the board of directors declared a regular quarterly dividend of $0.73, payable March 1, 2022, to shareholders of record as of February 15, 2022.

Earnings Conference Call

A conference call to discuss fourth quarter results will begin at 10 a.m. Eastern Time on Friday, February 4. Interested parties may access the call by dialing 800-458-4121 (domestic) or 323-794-2093 (international). The access code is 8471094. A live audio webcast of the conference call will be available

on the Company’s Investor Relations website at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call.

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

Use of Non-GAAP Financial Measures

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

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

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

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

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

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

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

About RGA

Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.5 trillion of life reinsurance in force and assets of $92.2 billion as of December 31, 2021. Founded in 1973, RGA today is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri, and operations around the world, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the Company’s website at www.rgare.com.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance and growth potential of the Company. Forward-looking statements often contain words and phrases such as “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe” and other similar expressions. Forward-looking statements are based on management’s current expectations and beliefs concerning future

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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.

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

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information relating to settlements, awards and terminated and discontinued lines of business, (27) changes in laws, regulations, and accounting standards applicable to the Company or its business and (28) other risks and uncertainties described in this document and in the Company’s other filings with the Securities and Exchange Commission (“SEC”).

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future. For a discussion of these risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A - “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as may be supplemented by Item 1A - “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q.

Investor Contact

Jeff Hopson

Senior Vice President - Investor Relations

(636) 736-2068

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Adjusted Operating Income

(Dollars in millions, except per share data)

(Unaudited) Three Months Ended December 31,
2021 2020
Diluted Earnings Per Share Diluted Earnings Per Share
Net income $ 156 $ 2.30 $ 132 $ 1.94
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net (24) (0.36) 9 0.12
Capital (gains) losses on funds withheld, included in investment income, net of related expenses (1) (0.01) 8 0.12
Embedded derivatives:
Included in investment related gains/losses, net (39) (0.57) (86) (1.26)
Included in interest credited (8) (0.12) (4) (0.06)
DAC offset, net 21 0.31 17 0.25
Investment (income) loss on unit-linked variable annuities (4) (0.06) (11) (0.16)
Interest credited on unit-linked variable annuities 4 0.06 11 0.16
Interest expense on uncertain tax positions (27) (0.40) 2 0.03
Non-investment derivatives and other 4 0.06 (1) (0.01)
Uncertain tax positions and other tax related items (120) (1.77) 4 0.06
Adjusted operating income (loss) $ (38) $ (0.56) $ 81 $ 1.19
(Unaudited) Twelve Months Ended December 31,
--- --- --- --- --- --- --- --- ---
2021 2020
Diluted Earnings Per Share Diluted Earnings Per Share
Net income $ 617 $ 9.04 $ 415 $ 6.31
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net (338) (4.94) (6) (0.10)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses (4) (0.06) 3 0.05
Embedded derivatives:
Included in investment related gains/losses, net (79) (1.16) 43 0.65
Included in interest credited (36) (0.53) 16 0.24
DAC offset, net 30 0.44 (6) (0.09)
Investment (income) loss on unit-linked variable annuities (3) (0.04) (9) (0.14)
Interest credited on unit-linked variable annuities 3 0.04 9 0.14
Interest expense on uncertain tax positions (21) (0.31) 9 0.14
Non-investment derivatives and other (2) (0.03) 1 0.02
Uncertain tax positions and other tax related items (90) (1.32) 21 0.32
Adjusted operating income $ 77 $ 1.13 $ 496 $ 7.54
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Effective Income Tax Rates

(Dollars in millions)

(Unaudited) Three Months Ended December 31, 2021 Twelve Months Ended December 31, 2021
Pre-tax Income (Loss) Income Taxes Effective Tax Rate (1) Pre-tax Income (Loss) Income Taxes Effective Tax Rate (1)
GAAP income (loss) $ 57 $ (99) (176.3) % $ 691 $ 74 10.6 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net (31) (7) (429) (91)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses (1) — (5) (1)
Embedded derivatives:
Included in investment related gains/losses, net (49) (10) (100) (21)
Included in interest credited (9) (1) (45) (9)
DAC offset, net 26 5 38 8
Investment (income) loss on unit-linked variable annuities (5) (1) (4) (1)
Interest credited on unit-linked variable annuities 5 1 4 1
Interest expense on uncertain tax positions (34) (7) (26) (5)
Non-investment derivatives and other 5 1 (3) (1)
Uncertain tax positions and other tax related items — 120 — 90
Adjusted operating income (loss) $ (36) $ 2 (5.2) % $ 121 $ 44 36.2 %

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

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

(Dollars in millions)

(Unaudited) Three Months Ended December 31, Twelve Months Ended December 31,
2021 2020 2021 2020
Income before income taxes $ 57 $ 169 $ 691 $ 553
Reconciliation to pre-tax adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net (31) 12 (429) (8)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses (1) 10 (5) 4
Embedded derivatives:
Included in investment related gains/losses, net (49) (109) (100) 54
Included in interest credited (9) (5) (45) 20
DAC offset, net 26 21 38 (8)
Investment (income) loss on unit-linked variable annuities (5) (13) (4) (11)
Interest credited on unit-linked variable annuities 5 13 4 11
Interest expense on uncertain tax positions (34) 2 (26) 11
Non-investment derivatives and other 5 (1) (3) 1
Pre-tax adjusted operating income (loss) $ (36) $ 99 $ 121 $ 627
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

(Unaudited) Three Months Ended December 31, 2021
Pre-tax income (loss) Capital<br>(gains) losses,<br>derivatives<br>and other, net Change in<br>value of<br>embedded<br>derivatives, net Pre-tax adjusted operating<br>income (loss)
U.S. and Latin America:
Traditional $ (211) $ — $ (4) $ (215)
Financial Solutions:
Asset-Intensive 93 30 (1) (50) (2) 73
Capital Solutions 25 — — 25
Total U.S. and Latin America (93) 30 (54) (117)
Canada Traditional 28 1 — 29
Canada Financial Solutions 5 — — 5
Total Canada 33 1 — 34
EMEA Traditional (68) — — (68)
EMEA Financial Solutions 75 (5) — 70
Total EMEA 7 (5) — 2
Asia Pacific Traditional 57 — — 57
Asia Pacific Financial Solutions 33 (4) — 29
Total Asia Pacific 90 (4) — 86
Corporate and Other 20 (61) — (41)
Consolidated $ 57 $ (39) $ (54) $ (36)

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

(2)Asset-Intensive is net of $4 DAC offset.

(Unaudited) Three Months Ended December 31, 2020
Pre-tax income (loss) Capital<br>(gains) losses,<br>derivatives<br>and other, net Change in<br>value of<br>embedded<br>derivatives, net Pre-tax adjusted <br>operating<br>income (loss)
U.S. and Latin America:
Traditional $ (92) $ — $ 3 $ (89)
Financial Solutions:
Asset-Intensive 96 72 (1) (98) (2) 70
Capital Solutions 23 — — 23
Total U.S. and Latin America 27 72 (95) 4
Canada Traditional 37 (2) — 35
Canada Financial Solutions 8 — — 8
Total Canada 45 (2) — 43
EMEA Traditional (13) — — (13)
EMEA Financial Solutions 38 3 — 41
Total EMEA 25 3 — 28
Asia Pacific Traditional 25 — — 25
Asia Pacific Financial Solutions 48 (25) — 23
Total Asia Pacific 73 (25) — 48
Corporate and Other (1) (23) — (24)
Consolidated $ 169 $ 25 $ (95) $ 99

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

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

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

(Unaudited) Twelve Months Ended December 31, 2021
Pre-tax income (loss) Capital<br>(gains) losses,<br>derivatives<br>and other, net Change in<br>value of<br>embedded<br>derivatives, net Pre-tax adjusted operating<br>income (loss)
U.S. and Latin America:
Traditional $ (540) $ — $ (6) $ (546)
Financial Solutions:
Asset-Intensive 422 (2) (1) (79) (2) 341
Capital Solutions 93 — — 93
Total U.S. and Latin America (25) (2) (85) (112)
Canada Traditional 128 2 — 130
Canada Financial Solutions 15 — — 15
Total Canada 143 2 — 145
EMEA Traditional (239) — — (239)
EMEA Financial Solutions 303 (46) — 257
Total EMEA 64 (46) — 18
Asia Pacific Traditional (10) — — (10)
Asia Pacific Financial Solutions 98 (5) — 93
Total Asia Pacific 88 (5) — 83
Corporate and Other 421 (434) — (13)
Consolidated $ 691 $ (485) $ (85) $ 121

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

(2)Asset-Intensive is net of $60 DAC offset.

(Unaudited) Twelve Months Ended December 31, 2020
Pre-tax income (loss) Capital<br>(gains) losses,<br>derivatives<br>and other, net Change in<br>value of<br>embedded<br>derivatives, net Pre-tax adjusted <br>operating<br>income (loss)
U.S. and Latin America:
Traditional $ (298) $ — $ 11 $ (287)
Financial Solutions:
Asset-Intensive 201 11 (1) 41 (2) 253
Capital Solutions 94 — — 94
Total U.S. and Latin America (3) 11 52 60
Canada Traditional 134 6 — 140
Canada Financial Solutions 21 — — 21
Total Canada 155 6 — 161
EMEA Traditional 27 — — 27
EMEA Financial Solutions 258 (16) — 242
Total EMEA 285 (16) — 269
Asia Pacific Traditional 174 — — 174
Asia Pacific Financial Solutions 59 (5) — 54
Total Asia Pacific 233 (5) — 228
Corporate and Other (117) 26 — (91)
Consolidated $ 553 $ 22 $ 52 $ 627

(1)Asset-Intensive is net of $14 DAC offset.

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

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In millions, except per share data)

(Unaudited) Three Months Ended December 31, Twelve Months Ended December 31,
2021 2020 2021 2020
Earnings per share from net income:
Basic earnings per share $ 2.32 $ 1.95 $ 9.10 $ 6.35
Diluted earnings per share (1) $ 2.30 $ 1.94 $ 9.04 $ 6.31
Diluted earnings per share from adjusted operating income (1) $ (0.56) $ 1.19 $ 1.13 $ 7.54
Weighted average number of common and common equivalent shares outstanding 67,930 68,378 68,286 65,835

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

(Unaudited) At December 31,
2021 2020
Treasury shares 18,140 17,354
Common shares outstanding 67,171 67,957
Book value per share outstanding $ 193.75 $ 211.19
Book value per share outstanding, before impact of AOCI $ 139.53 $ 132.33

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

(Unaudited) At December 31,
2021 2020
Book value per share outstanding $ 193.75 $ 211.19
Less effect of AOCI:
Accumulated currency translation adjustments (0.13) (1.02)
Unrealized appreciation of securities 55.09 80.94
Pension and postretirement benefits (0.74) (1.06)
Book value per share outstanding, before impact of AOCI $ 139.53 $ 132.33
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Add Fifteen

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

(Dollars in millions)

(Unaudited)
Trailing Twelve Months Ended December 31, 2021: Average Equity
Stockholders' average equity $ 13,157
Less effect of AOCI:
Accumulated currency translation adjustments (37)
Unrealized appreciation of securities 4,030
Pension and postretirement benefits (68)
Stockholders' average equity, excluding AOCI $ 9,232

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 December 31, 2021: Income
Net Income $ 617 4.7 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net (365)
Change in fair value of embedded derivatives (115)
Deferred acquisition cost offset, net 30
Tax expense on uncertain tax positions (90)
Adjusted operating income $ 77 0.8 %

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)

(Unaudited) Three Months Ended December 31, Twelve Months Ended December 31,
2021 2020 2021 2020
Revenues:
Net premiums $ 3,407 $ 3,260 $ 12,513 $ 11,694
Investment income, net of related expenses 771 682 3,138 2,575
Investment related gains (losses), net 88 105 560 (33)
Other revenue 93 96 447 360
Total revenues 4,359 4,143 16,658 14,596
Benefits and expenses:
Claims and other policy benefits 3,482 3,181 12,776 11,075
Interest credited 159 175 700 704
Policy acquisition costs and other insurance expenses 406 349 1,416 1,261
Other operating expenses 253 222 936 816
Interest expense (2) 44 127 170
Collateral finance and securitization expense 4 3 12 17
Total benefits and expenses 4,302 3,974 15,967 14,043
Income before income taxes 57 169 691 553
Provision for income taxes (99) 37 74 138
Net income (loss) $ 156 $ 132 $ 617 $ 415

#

Document

Exhibit 99.2

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Quarterly Financial Supplement

Fourth Quarter 2021

(Unaudited)

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

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Reinsurance Group of America, Incorporated

4th Quarter 2021

Table of Contents

Page
Non-GAAP Disclosures 1
2021 Notes 2
Consolidated
Financial Highlights 3
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) 4
Consolidated Balance Sheets 6
Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements
U.S. and Latin America Traditional 7
U.S. and Latin America Financial Solutions - Asset-Intensive 9
U.S. and Latin America Financial Solutions - Capital Solutions 12
Canada Traditional 14
Canada Financial Solutions 16
Europe, Middle East and Africa Traditional 18
Europe, Middle East and Africa Financial Solutions 20
Asia Pacific Traditional 22
Asia Pacific Financial Solutions 24
Corporate and Other 26
Summary of Segment GAAP Income 28
Summary of Segment Adjusted Operating Income 29
Investments
Cash and Invested Assets and Investment Income and Yield Summary 30
Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities 31
Corporate Fixed Maturity Securities by Industry 32
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities 33
Fixed Maturity Securities Below Amortized Cost 34
Consolidated Investment Related Gains and Losses 36
Appendix
Reconciliations of GAAP to Non-GAAP Measures 37

quarterlyfinancialsupplemeb.jpg

Reinsurance Group of America, Incorporated

Non-GAAP Disclosures

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

Non-GAAP Disclosures

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

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

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

Page 1
Reinsurance Group of America, Incorporated
---
2021 Notes
Included in investment income, net of related expenses for the twelve months ended December 31, 2021, is a reclassification recorded during the first quarter of approximately $92 million of pre-tax unrealized gains from AOCI associated with investments in limited partnerships and private equity funds for which the Company utilizes the equity method of accounting. The reclassification resulted in a $92 million increase in the Corporate and Other segment's pre-tax income and pre-tax adjusted operating income for the twelve-months ended December 31, 2021. The unrealized gains should have been recognized in investment income in the periods they were reported by the investees.<br><br><br><br>Included in other investment related gains (losses), net for the twelve months ended December 31, 2021, are $70 million of pre-tax investment related gains associated with investments in limited partnerships considered to be investment companies previously carried at cost less impairments. These investments should have been carried at fair value based on the net asset value of the investment and changes in the fair value of the investment should have been include included in investment related gains (losses), net. This correction, recorded during the first quarter, resulted in a $70 million increase in the Corporate and Other segment's pre-tax income and did not have an impact on pre-tax adjusted operating income for the twelve months ended December 31, 2021.
Page 2
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Financial Highlights
Three Months Ended Current Qtr vs. PY Quarter Year-to-Date
(USD millions, except in force & per share data) Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, Dec. 31,
2021 2021 2021 2021 2020 2021 2020 Change
Net premiums $ 3,407 $ 3,094 $ 3,098 $ 2,914 $ 3,260 $ 147 $ 12,513 $ 11,694 $ 819
Net income (loss) 156 (22) 344 139 132 24 617 415 202
Adjusted operating income (loss) (38) (75) 274 (84) 81 (119) 77 496 (419)
Return on equity - annualized 4.8 % (0.7) % 10.8 % 4.2 % 3.8 % 1.0 %
Return on equity - trailing 12 months 4.7 % 4.5 % 6.3 % 5.2 % 3.4 % 1.3 %
Adjusted operating return on equity (ex AOCI) - annualized (1.6) % (3.2) % 11.9 % (3.7) % 3.6 % (5.2) %
Adjusted operating return on equity (ex AOCI) - trailing 12 months 0.8 % 2.1 % 5.7 % 3.7 % 5.7 % (4.9) %
Total assets $ 92,175 $ 91,449 $ 88,944 $ 84,810 $ 84,656 $ 7,519
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional $ 1,628.4 $ 1,619.9 $ 1,619.4 $ 1,610.2 $ 1,611.6 $ 16.8
U.S. and Latin America Financial Solutions 5.3 5.3 5.3 5.3 5.3 —
Canada Traditional 472.6 463.1 468.3 460.1 445.2 27.4
Europe, Middle East and Africa Traditional 861.6 852.8 861.4 830.8 864.4 (2.8)
Asia Pacific Traditional 497.4 526.0 516.1 521.0 553.7 (56.3)
Asia Pacific Financial Solutions 1.7 1.5 1.2 1.2 0.5 1.2
Total assumed life reinsurance in force $ 3,467.0 $ 3,468.6 $ 3,471.7 $ 3,428.6 $ 3,480.7 $ (13.7)
Assumed New Business Production (in billions)
U.S. and Latin America Traditional $ 32.4 $ 33.9 $ 35.7 $ 28.5 $ 31.0 $ 1.4 $ 130.5 $ 114.9 $ 15.6
U.S. and Latin America Financial Solutions — — — — 0.1 (0.1) — — —
Canada Traditional 14.6 11.5 8.5 14.2 10.9 3.7 48.8 40.8 8.0
Europe, Middle East and Africa Traditional 51.0 32.0 87.8 27.6 57.8 (6.8) 198.4 184.3 14.1
Asia Pacific Traditional 8.6 7.1 10.9 7.6 10.6 (2.0) 34.2 49.6 (15.4)
Asia Pacific Financial Solutions 0.1 — 0.1 — — 0.1 0.2 — 0.2
Total assumed new business production $ 106.7 $ 84.5 $ 143.0 $ 77.9 $ 110.4 $ (3.7) $ 412.1 $ 389.6 $ 22.5
Per Share and Shares Data
Basic earnings per share
Net income (loss) $ 2.32 $ (0.32) $ 5.06 $ 2.04 $ 1.95 $ 0.37 $ 9.10 $ 6.35 $ 2.75
Adjusted operating income (loss) $ (0.56) $ (1.11) $ 4.04 $ (1.24) $ 1.19 $ (1.75) $ 1.14 $ 7.59 $ (6.45)
Diluted earnings per share (1)
Net income (loss) (1) $ 2.30 $ (0.32) $ 5.02 $ 2.03 $ 1.94 $ 0.36 $ 9.04 $ 6.31 $ 2.73
Adjusted operating income (loss) (1) $ (0.56) $ (1.11) $ 4.00 $ (1.24) $ 1.19 $ (1.75) $ 1.13 $ 7.54 $ (6.41)
Wgt. average common shares outstanding
Basic 67,380 67,916 67,990 67,975 67,944 (564) 67,814 65,377 2,437
Diluted 67,930 68,417 68,533 68,427 68,378 (448) 68,286 65,835 2,451
Common shares issued 85,311 85,311 85,311 85,311 85,311 — 85,311 85,311 —
Treasury shares 18,140 17,711 17,314 17,326 17,354 786 18,140 17,354 786
Common shares outstanding 67,171 67,600 67,997 67,985 67,957 (786) 67,171 67,957 (786)
Book value per share $ 193.75 $ 190.60 $ 197.72 $ 177.83 $ 211.19 $ (17.44)
Per share effect of AOCI $ 54.22 $ 53.00 $ 59.43 $ 44.16 $ 78.86 $ (24.64)
Book value per share, excluding AOCI $ 139.53 $ 137.60 $ 138.29 $ 133.67 $ 132.33 $ 7.20
Stockholders’ dividends paid $ 49 $ 50 $ 47 $ 48 $ 48 $ 1 $ 194 $ 182 $ 12
(1) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.
Page 3
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 3,407 $ 3,094 $ 3,098 $ 2,914 $ 3,260 $ 147 $ 12,513 $ 11,694 $ 819
Investment income, net of related expenses 796 759 812 682 89 3,138 2,575 563
Investment related gains (losses), net 58 112 302 105 (17) 560 (33) 593
Other revenue 95 168 91 96 (3) 447 360 87
Total revenues 4,043 4,137 4,119 4,143 216 16,658 14,596 2,062
Benefits and expenses:
Claims and other policy benefits 3,289 2,813 3,192 3,181 301 12,776 11,075 1,701
Interest credited 177 218 146 175 (16) 700 704 (4)
Policy acquisition costs and other insurance expenses 338 339 333 349 57 1,416 1,261 155
Other operating expenses 229 240 214 222 31 936 816 120
Interest expense 41 43 45 44 (46) 127 170 (43)
Collateral finance and securitization expense 3 2 3 3 1 12 17 (5)
Total benefits and expenses 4,077 3,655 3,933 3,974 328 15,967 14,043 1,924
Income (loss) before income taxes (34) 482 186 169 (112) 691 553 138
Provision for income taxes (12) 138 47 37 (136) 74 138 (64)
Net income (loss) 156 $ (22) $ 344 $ 139 $ 132 $ 24 $ 617 $ 415 $ 202
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes 57 $ (34) $ 482 $ 186 $ 169 $ (112) $ 691 $ 553 $ 138
Investment and derivative (gains) losses (1) (66) (104) (228) 12 (43) (429) (8) (421)
Change in value of modified coinsurance and funds withheld embedded derivatives (1) (21) (16) (50) (51) 31 (107) 62 (169)
GMXB embedded derivatives (1) 37 17 (18) (58) 29 7 (8) 15
Funds withheld (gains) losses - investment income (2) (1) (1) 10 (11) (5) 4 (9)
EIA embedded derivatives - interest credited (3) (3) (30) (5) (4) (45) 20 (65)
DAC offset, net 2 (2) 12 21 5 38 (8) 46
Investment (income) loss on unit-linked variable annuities 2 (2) 1 (13) 8 (4) (11) 7
Interest credited on unit-linked variable annuities (2) 2 (1) 13 (8) 4 11 (7)
Interest expense on uncertain tax positions 2 3 3 2 (36) (26) 11 (37)
Non-investment derivatives and other (4) (15) 11 (1) 6 (3) 1 (4)
Adjusted operating income (loss) before income taxes (36) $ (89) $ 361 $ (115) $ 99 $ (135) $ 121 $ 627 $ (506)
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

All values are in US Dollars.

Page 4
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
After-tax adjusted operating income reconciliation:
Net income (loss) 156 $ (22) $ 344 $ 139 $ 132 $ 24 $ 617 $ 415 $ 202
Investment and derivative (gains) losses (1) (52) (82) (179) 9 (34) (338) (6) (332)
Change in value of modified coinsurance and funds withheld embedded derivatives (1) (17) (12) (40) (40) 24 (85) 49 (134)
GMXB embedded derivatives (1) 29 13 (14) (46) 24 6 (6) 12
Funds withheld (gains) losses - investment income (1) (1) (1) 8 (9) (4) 3 (7)
EIA embedded derivatives - interest credited (2) (2) (24) (4) (4) (36) 16 (52)
DAC offset, net 1 (1) 9 17 4 30 (6) 36
Investment (income) loss on unit-linked variable annuities 2 (2) 1 (11) 7 (3) (9) 6
Interest credited on unit-linked variable annuities (2) 2 (1) 11 (7) 3 9 (6)
Interest expense on uncertain tax positions 1 3 2 2 (29) (21) 9 (30)
Non-investment derivatives and other (3) (12) 9 (1) 5 (2) 1 (3)
Uncertain tax positions and other tax related items (9) 24 15 4 (124) (90) 21 (111)
Adjusted operating income (loss) (38) $ (75) $ 274 $ (84) $ 81 $ (119) $ 77 $ 496 $ (419)
Diluted earnings per share - adjusted operating income (loss) (2) (0.56) $ (1.11) $ 4.00 $ (1.24) $ 1.19 $ (1.75) $ 1.13 $ 7.54 $ (6.41)
Foreign currency effect on (3):
Net premiums (3) $ 51 $ 124 $ 78 $ 35 $ (38) $ 250 $ (32) $ 282
Adjusted operating income (loss) before income taxes — $ (7) $ 10 $ 1 $ 3 $ (3) $ 4 $ 5 $ (1)
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.
(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 5
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Consolidated Balance Sheets
( millions)
Sept. 30, June 30, March 31, Dec. 31,
2021 2021 2021 2020
Assets
Fixed maturity securities, available-for-sale 60,749 $ 59,289 $ 58,287 $ 56,426 $ 56,735
Equity securities 160 147 135 132
Mortgage loans on real estate 6,366 6,481 6,001 5,787
Policy loans 1,234 1,254 1,253 1,258
Funds withheld at interest 7,034 7,049 5,459 5,432
Short-term investments 82 184 157 227
Other invested assets 3,404 2,924 2,983 2,829
Total investments 77,569 76,326 72,414 72,400
Cash and cash equivalents 3,027 3,254 3,122 3,408
Accrued investment income 574 525 546 511
Premiums receivable and other reinsurance balances 3,013 3,102 2,907 2,842
Reinsurance ceded receivables 2,585 1,093 1,089 983
Deferred policy acquisition costs 3,687 3,622 3,617 3,616
Other assets 994 1,022 1,115 896
Total assets 92,175 $ 91,449 $ 88,944 $ 84,810 $ 84,656
Liabilities and stockholders’ equity
Future policy benefits 35,782 $ 35,666 $ 33,761 $ 33,675 $ 31,453
Interest-sensitive contract liabilities 26,017 26,161 23,142 23,276
Other policy claims and benefits 7,117 6,795 7,077 6,413
Other reinsurance balances 543 531 560 598
Deferred income taxes 2,407 2,699 2,417 3,263
Other liabilities 3,327 2,057 1,930 1,340
Long-term debt 3,173 3,173 3,573 3,573
Collateral finance and securitization notes 314 323 346 388
Total liabilities 78,564 75,500 72,720 70,304
Stockholders’ equity:
Common stock, at par value 1 1 1 1
Additional paid-in-capital 2,447 2,430 2,411 2,406
Retained earnings 8,458 8,531 8,235 8,148
Treasury stock (1,604) (1,559) (1,559) (1,562)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes (50) (20) (39) (69)
Unrealized appreciation of securities, net of income taxes 3,704 4,133 3,113 5,500
Pension and postretirement benefits, net of income taxes (71) (72) (72) (72)
Total stockholders’ equity 12,885 13,444 12,090 14,352
Total liabilities and stockholders’ equity 92,175 $ 91,449 $ 88,944 $ 84,810 $ 84,656
Total stockholders’ equity, excluding AOCI 9,372 $ 9,302 $ 9,403 $ 9,088 $ 8,993
See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.

All values are in US Dollars.

Page 6
Reinsurance Group of America, Incorporated
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U.S. and Latin America Traditional
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 1,697 $ 1,550 $ 1,578 $ 1,419 $ 1,591 $ 106 $ 6,244 $ 5,838 $ 406
Investment income, net of related expenses 245 233 207 196 49 930 714 216
Investment related gains (losses), net (5) 1 6 (3) 7 6 (11) 17
Other revenue 5 4 5 2 2 18 19 (1)
Total revenues 1,795 1,816 1,637 1,786 164 7,198 6,560 638
Benefits and expenses:
Claims and other policy benefits 1,670 1,418 1,740 1,638 254 6,720 5,906 814
Interest credited 17 18 17 17 1 70 73 (3)
Policy acquisition costs and other insurance expenses 195 206 182 189 20 792 748 44
Other operating expenses 39 39 36 34 8 156 131 25
Total benefits and expenses 1,921 1,681 1,975 1,878 283 7,738 6,858 880
Income (loss) before income taxes (211) $ (126) $ 135 $ (338) $ (92) $ (119) $ (540) $ (298) $ (242)
Loss and expense ratios:
Claims and other policy benefits % 107.7 % 89.9 % 122.6 % 103.0 % 8.5 % 107.6 % 101.2 % 6.4 %
Policy acquisition costs and other insurance expenses % 12.6 % 13.1 % 12.8 % 11.9 % 0.4 % 12.7 % 12.8 % (0.1) %
Other operating expenses % 2.5 % 2.5 % 2.5 % 2.1 % 0.4 % 2.5 % 2.2 % 0.3 %
Foreign currency effect on (1):
Net premiums — $ 2 $ 2 $ (1) $ (1) $ 1 $ 3 $ (5) $ 8
Income (loss) before income taxes 1 $ (1) $ — $ — $ — $ 1 $ — $ — $ —
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 7
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Traditional
Adjusted Operating Income Statements
( millions)
Current Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Qtr vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 1,697 $ 1,550 $ 1,578 $ 1,419 $ 1,591 $ 106 $ 6,244 $ 5,838 $ 406
Investment income, net of related expenses 245 233 207 196 49 930 714 216
Other revenue 5 4 5 2 2 18 19 (1)
Total revenues 1,800 1,815 1,631 1,789 157 7,192 6,571 621
Benefits and expenses:
Claims and other policy benefits 1,670 1,418 1,740 1,638 254 6,720 5,906 814
Interest credited 17 18 17 17 1 70 73 (3)
Policy acquisition costs and other insurance expenses 195 206 182 189 20 792 748 44
Other operating expenses 39 39 36 34 8 156 131 25
Total benefits and expenses 1,921 1,681 1,975 1,878 283 7,738 6,858 880
Adjusted operating income (loss) before income taxes (215) $ (121) $ 134 $ (344) $ (89) $ (126) $ (546) $ (287) $ (259)
Loss and expense ratios:
Claims and other policy benefits % 107.7 % 89.9 % 122.6 % 103.0 % 8.5 % 107.6 % 101.2 % 6.4 %
Policy acquisition costs and other insurance expenses % 12.6 % 13.1 % 12.8 % 11.9 % 0.4 % 12.7 % 12.8 % (0.1) %
Other operating expenses % 2.5 % 2.5 % 2.5 % 2.1 % 0.4 % 2.5 % 2.2 % 0.3 %
Foreign currency effect on (1):
Net premiums — $ 2 $ 2 $ (1) $ (1) $ 1 $ 3 $ (5) $ 8
Adjusted operating income (loss) before income taxes 1 $ (1) $ — $ — $ — $ 1 $ — $ — $ —
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 8
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 13 $ 14 $ 15 $ 13 $ 13 $ — $ 55 $ 53 $ 2
Investment income, net of related expenses 290 276 257 248 16 1,087 994 93
Investment related gains (losses), net 12 30 (6) 47 (11) 72 (39) 111
Other revenue 31 85 26 25 1 168 103 65
Total revenues 347 406 290 333 6 1,382 1,111 271
Benefits and expenses:
Claims and other policy benefits 48 21 60 49 (12) 166 201 (35)
Interest credited 149 182 114 132 (12) 565 563 2
Policy acquisition costs and other insurance expenses 34 32 47 50 29 192 118 74
Other operating expenses 10 8 9 6 4 37 28 9
Total benefits and expenses 241 243 230 237 9 960 910 50
Income before income taxes 93 $ 106 $ 163 $ 60 $ 96 $ (3) $ 422 $ 201 $ 221
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 9
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Asset-Intensive
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 13 $ 14 $ 15 $ 13 $ 13 $ — $ 55 $ 53 $ 2
Investment income, net of related expenses 290 274 258 253 11 1,086 998 88
Other revenue 31 85 26 25 — 167 100 67
Total revenues 335 374 297 291 11 1,308 1,151 157
Benefits and expenses:
Claims and other policy benefits 48 21 60 49 (12) 166 201 (35)
Interest credited 152 185 144 137 (8) 610 543 67
Policy acquisition costs and other insurance expenses 32 34 35 29 24 154 126 28
Other operating expenses 10 8 9 6 4 37 28 9
Total benefits and expenses 242 248 248 221 8 967 898 69
Adjusted operating income before income taxes 73 $ 93 $ 126 $ 49 $ 70 $ 3 $ 341 $ 253 $ 88
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 10
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Asset-Intensive
(Continued)
Three Months Ended
(USD millions, shown net of reinsurance ceded) Dec. 31, Sept. 30, June 30, March 31, Dec. 31,
2021 2021 2021 2021 2020
Annuity account values:
Fixed annuities (deferred) $ 11,858 $ 11,997 $ 13,687 $ 10,659 $ 10,773
Net interest spread (fixed annuities) 1.4 % 1.7 % 1.2 % 1.3 % 1.6 %
Equity-indexed annuities $ 3,213 $ 3,293 $ 3,343 $ 3,391 $ 3,480
Variable annuities account values
No riders $ 844 $ 827 $ 834 $ 823 $ 665
GMDB only 960 968 949 901 872
GMIB only 25 25 25 24 24
GMAB only 3 3 4 4 4
GMWB only 1,130 1,110 1,145 1,116 1,132
GMDB / WB 264 261 271 265 275
Other 19 19 19 18 18
Total variable annuities account values $ 3,245 $ 3,213 $ 3,247 $ 3,151 $ 2,990
Fair value of liabilities associated with living benefit riders $ 162 $ 191 $ 154 $ 136 $ 155
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts $ 656 $ 827 $ 973 $ 973 $ 1,015
Bank-owned life insurance (BOLI) $ 2,492 $ 2,480 $ 2,471 $ 2,463 $ 2,460
Other asset-intensive business $ 115 $ 117 $ 119 $ 123 $ 124
Future policy benefits associated with:
Payout annuities $ 4,274 $ 4,329 $ 4,393 $ 4,477 $ 4,532
Page 11
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Investment income, net of related expenses — $ 1 $ — $ 1 $ 1 $ (1) $ 2 $ 5 $ (3)
Other revenue 26 27 27 25 3 108 104 4
Total revenues 27 27 28 26 2 110 109 1
Benefits and expenses:
Policy acquisition costs and other insurance expenses 2 — 2 1 (1) 4 5 (1)
Other operating expenses 3 4 3 2 1 13 10 3
Total benefits and expenses 5 4 5 3 — 17 15 2
Income before income taxes 25 $ 22 $ 23 $ 23 $ 23 $ 2 $ 93 $ 94 $ (1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 12
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Capital Solutions
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Investment income, net of related expenses — $ 1 $ — $ 1 $ 1 $ (1) $ 2 $ 5 $ (3)
Other revenue 26 27 27 25 3 108 104 4
Total revenues 27 27 28 26 2 110 109 1
Benefits and expenses:
Policy acquisition costs and other insurance expenses 2 — 2 1 (1) 4 5 (1)
Other operating expenses 3 4 3 2 1 13 10 3
Total benefits and expenses 5 4 5 3 — 17 15 2
Adjusted operating income before income taxes 25 $ 22 $ 23 $ 23 $ 23 $ 2 $ 93 $ 94 $ (1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 13
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Traditional
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 324 $ 289 $ 301 $ 280 $ 284 $ 40 $ 1,194 $ 1,052 $ 142
Investment income, net of related expenses 65 63 60 56 4 248 207 41
Investment related gains, net 1 — 2 4 (4) 3 — 3
Other revenue (1) 2 1 — 1 3 1 2
Total revenues 354 366 343 344 41 1,448 1,260 188
Benefits and expenses:
Claims and other policy benefits 255 277 266 248 50 1,096 909 187
Policy acquisition costs and other insurance expenses 46 46 45 49 1 187 180 7
Other operating expenses 9 11 8 10 (1) 37 37 —
Total benefits and expenses 310 334 319 307 50 1,320 1,126 194
Income before income taxes 28 $ 44 $ 32 $ 24 $ 37 $ (9) $ 128 $ 134 $ (6)
Loss and expense ratios:
Claims and other policy benefits % 88.2 % 92.0 % 95.0 % 87.3 % 4.7 % 91.8 % 86.4 % 5.4 %
Policy acquisition costs and other insurance expenses % 15.9 % 15.3 % 16.1 % 17.3 % (1.9) % 15.7 % 17.1 % (1.4) %
Other operating expenses % 3.1 % 3.7 % 2.9 % 3.5 % (0.7) % 3.1 % 3.5 % (0.4) %
Foreign currency effect on (1):
Net premiums 10 $ 16 $ 34 $ 16 $ 4 $ 6 $ 76 $ (10) $ 86
Income before income taxes — $ 3 $ 3 $ — $ 1 $ (1) $ 6 $ — $ 6
Creditor reinsurance net premiums 19 $ 19 $ 19 $ 17 $ 16 $ 3 $ 74 $ 65 $ 9
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 14
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 324 $ 289 $ 301 $ 280 $ 284 $ 40 $ 1,194 $ 1,052 $ 142
Investment income, net of related expenses 65 64 59 56 3 247 206 41
Investment related gains, net 1 1 2 2 — 6 7 (1)
Other revenue (1) 2 1 — 1 3 1 2
Total revenues 354 368 342 342 44 1,450 1,266 184
Benefits and expenses:
Claims and other policy benefits 255 277 266 248 50 1,096 909 187
Policy acquisition costs and other insurance expenses 46 46 45 49 1 187 180 7
Other operating expenses 9 11 8 10 (1) 37 37 —
Total benefits and expenses 310 334 319 307 50 1,320 1,126 194
Adjusted operating income before income taxes 29 $ 44 $ 34 $ 23 $ 35 $ (6) $ 130 $ 140 $ (10)
Loss and expense ratios:
Claims and other policy benefits % 88.2 % 92.0 % 95.0 % 87.3 % 4.7 % 91.8 % 86.4 % 5.4 %
Policy acquisition costs and other insurance expenses % 15.9 % 15.3 % 16.1 % 17.3 % (1.9) % 15.7 % 17.1 % (1.4) %
Other operating expenses % 3.1 % 3.7 % 2.9 % 3.5 % (0.7) % 3.1 % 3.5 % (0.4) %
Foreign currency effect on (1):
Net premiums 10 $ 16 $ 34 $ 16 $ 4 $ 6 $ 76 $ (10) $ 86
Adjusted operating income before income taxes — $ 3 $ 3 $ — $ 1 $ (1) $ 6 $ — $ 6
Creditor reinsurance net premiums 19 $ 19 $ 19 $ 17 $ 16 $ 3 $ 74 $ 65 $ 9
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 15
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 22 $ 22 $ 23 $ 23 $ 21 $ 1 $ 90 $ 83 $ 7
Investment income, net of related expenses — — — — — — 1 (1)
Other revenue 3 3 3 2 — 11 8 3
Total revenues 25 26 26 23 1 101 92 9
Benefits and expenses:
Claims and other policy benefits 23 21 18 14 3 79 68 11
Policy acquisition costs and other insurance expenses 1 1 — — 1 3 1 2
Other operating expenses 1 — 2 1 — 4 2 2
Total benefits and expenses 25 22 20 15 4 86 71 15
Income before income taxes 5 $ — $ 4 $ 6 $ 8 $ (3) $ 15 $ 21 $ (6)
Foreign currency effect on (2):
Net premiums 1 $ 1 $ 3 $ 1 $ — $ 1 $ 6 $ (1) $ 7
Income before income taxes 1 $ — $ — $ — $ — $ 1 $ 1 $ — $ 1
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 16
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 22 $ 22 $ 23 $ 23 $ 21 $ 1 $ 90 $ 83 $ 7
Investment income, net of related expenses — — — — — — 1 (1)
Other revenue 3 3 3 2 — 11 8 3
Total revenues 25 26 26 23 1 101 92 9
Benefits and expenses:
Claims and other policy benefits 23 21 18 14 3 79 68 11
Policy acquisition costs and other insurance expenses 1 1 — — 1 3 1 2
Other operating expenses 1 — 2 1 — 4 2 2
Total benefits and expenses 25 22 20 15 4 86 71 15
Adjusted operating income before income taxes 5 $ — $ 4 $ 6 $ 8 $ (3) $ 15 $ 21 $ (6)
Foreign currency effect on (2):
Net premiums 1 $ 1 $ 3 $ 1 $ — $ 1 $ 6 $ (1) $ 7
Adjusted operating income before income taxes — $ — $ 1 $ — $ — $ — $ 1 $ — $ 1
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 17
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Traditional
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 435 $ 432 $ 433 $ 438 $ 442 $ (7) $ 1,738 $ 1,555 $ 183
Investment income, net of related expenses 22 24 20 17 5 88 72 16
Other revenue — 2 (1) 6 (6) 1 6 (5)
Total revenues 454 459 457 465 (8) 1,827 1,633 194
Benefits and expenses:
Claims and other policy benefits 482 414 469 423 41 1,829 1,389 440
Policy acquisition costs and other insurance expenses 35 27 29 29 5 125 119 6
Other operating expenses 28 30 27 26 1 112 98 14
Total benefits and expenses 545 471 525 478 47 2,066 1,606 460
Income (loss) before income taxes (68) $ (91) $ (12) $ (68) $ (13) $ (55) $ (239) $ 27 $ (266)
Loss and expense ratios:
Claims and other policy benefits % 111.6 % 95.6 % 107.1 % 95.7 % 11.0 % 105.2 % 89.3 % 15.9 %
Policy acquisition costs and other insurance expenses % 8.1 % 6.2 % 6.6 % 6.6 % 1.2 % 7.2 % 7.7 % (0.5) %
Other operating expenses % 6.5 % 6.9 % 6.2 % 5.9 % 0.3 % 6.4 % 6.3 % 0.1 %
Foreign currency effect on (1):
Net premiums — $ 22 $ 47 $ 26 $ 8 $ (8) $ 95 $ (19) $ 114
Income (loss) before income taxes — $ (14) $ (4) $ (5) $ 2 $ (2) $ (23) $ 3 $ (26)
Critical illness net premiums 42 $ 46 $ 44 $ 42 $ 43 $ (1) $ 174 $ 168 $ 6
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 18
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 435 $ 432 $ 433 $ 438 $ 442 $ (7) $ 1,738 $ 1,555 $ 183
Investment income, net of related expenses 22 24 20 17 5 88 72 16
Other revenue — 2 (1) 6 (6) 1 6 (5)
Total revenues 454 459 457 465 (8) 1,827 1,633 194
Benefits and expenses:
Claims and other policy benefits 482 414 469 423 41 1,829 1,389 440
Policy acquisition costs and other insurance expenses 35 27 29 29 5 125 119 6
Other operating expenses 28 30 27 26 1 112 98 14
Total benefits and expenses 545 471 525 478 47 2,066 1,606 460
Adjusted operating income (loss) before income taxes (68) $ (91) $ (12) $ (68) $ (13) $ (55) $ (239) $ 27 $ (266)
Loss and expense ratios:
Claims and other policy benefits % 111.6 % 95.6 % 107.1 % 95.7 % 11.0 % 105.2 % 89.3 % 15.9 %
Policy acquisition costs and other insurance expenses % 8.1 % 6.2 % 6.6 % 6.6 % 1.2 % 7.2 % 7.7 % (0.5) %
Other operating expenses % 6.5 % 6.9 % 6.2 % 5.9 % 0.3 % 6.4 % 6.3 % 0.1 %
Foreign currency effect on (1):
Net premiums — $ 22 $ 47 $ 26 $ 8 $ (8) $ 95 $ (19) $ 114
Adjusted operating income (loss) before income taxes — $ (14) $ (4) $ (5) $ 2 $ (2) $ (23) $ 3 $ (26)
Critical illness net premiums 42 $ 46 $ 44 $ 42 $ 43 $ (1) $ 174 $ 168 $ 6
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 19
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 91 $ 96 $ 84 $ 79 $ 84 $ 7 $ 350 $ 252 $ 98
Investment income, net of related expenses 51 50 48 58 (2) 205 193 12
Investment related gains, net 23 2 16 1 7 49 15 34
Other revenue 4 3 3 4 (2) 12 11 1
Total revenues 174 139 146 147 10 616 471 145
Benefits and expenses:
Claims and other policy benefits 77 42 75 81 (21) 254 152 102
Interest credited (2) 2 (1) 13 (8) 4 11 (7)
Policy acquisition costs and other insurance expenses 2 1 2 1 4 10 4 6
Other operating expenses 12 11 10 14 (2) 45 46 (1)
Total benefits and expenses 89 56 86 109 (27) 313 213 100
Income before income taxes 75 $ 85 $ 83 $ 60 $ 38 $ 37 $ 303 $ 258 $ 45
Foreign currency effect on (2):
Net premiums 1 $ 5 $ 9 $ 6 $ 3 $ (2) $ 21 $ 2 $ 19
Income before income taxes 1 $ 5 $ 10 $ 5 $ — $ 1 $ 21 $ 1 $ 20
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 20
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 91 $ 96 $ 84 $ 79 $ 84 $ 7 $ 350 $ 252 $ 98
Investment income, net of related expenses 51 48 48 50 1 198 183 15
Investment related gains (losses), net 2 2 (1) (1) 4 6 (2) 8
Other revenue 4 3 3 4 (2) 12 11 1
Total revenues 153 137 129 137 10 566 444 122
Benefits and expenses:
Claims and other policy benefits 77 42 75 81 (21) 254 152 102
Interest credited — — — — — — — —
Policy acquisition costs and other insurance expenses 2 1 2 1 4 10 4 6
Other operating expenses 12 11 10 14 (2) 45 46 (1)
Total benefits and expenses 91 54 87 96 (19) 309 202 107
Adjusted operating income before income taxes 70 $ 62 $ 83 $ 42 $ 41 $ 29 $ 257 $ 242 $ 15
Foreign currency effect on (2):
Net premiums 1 $ 5 $ 9 $ 6 $ 3 $ (2) $ 21 $ 2 $ 19
Adjusted operating income before income taxes 1 $ 4 $ 9 $ 4 $ 1 $ — $ 18 $ 2 $ 16
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 21
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Traditional
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 773 $ 626 $ 616 $ 609 $ 785 $ (12) $ 2,624 $ 2,681 $ (57)
Investment income, net of related expenses 33 34 33 31 5 136 107 29
Investment related gains (losses), net — — (1) 3 (3) (1) 3 (4)
Other revenue 4 3 6 4 2 19 15 4
Total revenues 663 653 647 823 (8) 2,778 2,806 (28)
Benefits and expenses:
Claims and other policy benefits 682 578 518 699 (32) 2,445 2,293 152
Policy acquisition costs and other insurance expenses 31 41 43 51 (7) 159 167 (8)
Other operating expenses 46 46 45 48 (1) 184 172 12
Total benefits and expenses 759 665 606 798 (40) 2,788 2,632 156
Income (loss) before income taxes 57 $ (96) $ (12) $ 41 $ 25 $ 32 $ (10) $ 174 $ (184)
Loss and expense ratios:
Claims and other policy benefits % 108.9 % 93.8 % 85.1 % 89.0 % (2.7) % 93.2 % 85.5 % 7.7 %
Policy acquisition costs and other insurance expenses % 5.0 % 6.7 % 7.1 % 6.5 % (0.8) % 6.1 % 6.2 % (0.1) %
Other operating expenses % 7.3 % 7.5 % 7.4 % 6.1 % — % 7.0 % 6.4 % 0.6 %
Foreign currency effect on (1):
Net premiums (13) $ 6 $ 30 $ 29 $ 20 $ (33) $ 52 $ (2) $ 54
Income (loss) before income taxes (2) $ — $ (1) $ 1 $ (1) $ (1) $ (2) $ 1 $ (3)
Critical illness net premiums 424 $ 306 $ 282 $ 269 $ 379 $ 45 $ 1,281 $ 1,175 $ 106
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 22
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 773 $ 626 $ 616 $ 609 $ 785 $ (12) $ 2,624 $ 2,681 $ (57)
Investment income, net of related expenses 33 34 33 31 5 136 107 29
Investment related gains (losses), net — — (1) 3 (3) (1) 3 (4)
Other revenue 4 3 6 4 2 19 15 4
Total revenues 663 653 647 823 (8) 2,778 2,806 (28)
Benefits and expenses:
Claims and other policy benefits 682 578 518 699 (32) 2,445 2,293 152
Policy acquisition costs and other insurance expenses 31 41 43 51 (7) 159 167 (8)
Other operating expenses 46 46 45 48 (1) 184 172 12
Total benefits and expenses 759 665 606 798 (40) 2,788 2,632 156
Adjusted operating income (loss) before income taxes 57 $ (96) $ (12) $ 41 $ 25 $ 32 $ (10) $ 174 $ (184)
Loss and expense ratios:
Claims and other policy benefits % 108.9 % 93.8 % 85.1 % 89.0 % (2.7) % 93.2 % 85.5 % 7.7 %
Policy acquisition costs and other insurance expenses % 5.0 % 6.7 % 7.1 % 6.5 % (0.8) % 6.1 % 6.2 % (0.1) %
Other operating expenses % 7.3 % 7.5 % 7.4 % 6.1 % — % 7.0 % 6.4 % 0.6 %
Foreign currency effect on (1):
Net premiums (13) $ 6 $ 30 $ 29 $ 20 $ (33) $ 52 $ (2) $ 54
Adjusted operating income (loss) before income taxes (2) $ — $ (1) $ 1 $ (1) $ (1) $ (2) $ 1 $ (3)
Critical illness net premiums 424 $ 306 $ 282 $ 269 $ 379 $ 45 $ 1,281 $ 1,175 $ 106
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 23
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 52 $ 65 $ 48 $ 53 $ 40 $ 12 $ 218 $ 180 $ 38
Investment income, net of related expenses 37 31 28 25 17 138 85 53
Investment related gains (losses), net (15) 15 12 28 (21) 19 10 9
Other revenue 8 10 11 7 6 42 34 8
Total revenues 95 104 104 100 14 417 309 108
Benefits and expenses:
Claims and other policy benefits 52 42 46 30 17 187 157 30
Interest credited 12 15 15 12 3 57 49 8
Policy acquisition costs and other insurance expenses 19 11 11 7 8 56 31 25
Other operating expenses 6 5 4 3 1 19 13 6
Total benefits and expenses 89 73 76 52 29 319 250 69
Income before income taxes 33 $ 6 $ 31 $ 28 $ 48 $ (15) $ 98 $ 59 $ 39
Foreign currency effect on (2):
Net premiums (2) $ (1) $ (1) $ 1 $ 1 $ (3) $ (3) $ 3 $ (6)
Income before income taxes (2) $ — $ — $ 1 $ 2 $ (4) $ (1) $ 4 $ (5)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 24
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Net premiums 52 $ 65 $ 48 $ 53 $ 40 $ 12 $ 218 $ 180 $ 38
Investment income, net of related expenses 37 31 28 25 17 138 85 53
Investment related gains, net 4 4 3 3 — 14 5 9
Other revenue 8 10 11 7 6 42 34 8
Total revenues 114 93 95 75 35 412 304 108
Benefits and expenses:
Claims and other policy benefits 52 42 46 30 17 187 157 30
Interest credited 12 15 15 12 3 57 49 8
Policy acquisition costs and other insurance expenses 19 11 11 7 8 56 31 25
Other operating expenses 6 5 4 3 1 19 13 6
Total benefits and expenses 89 73 76 52 29 319 250 69
Adjusted operating income before income taxes 29 $ 25 $ 20 $ 19 $ 23 $ 6 $ 93 $ 54 $ 39
Foreign currency effect on (2):
Net premiums (2) $ (1) $ (1) $ 1 $ 1 $ (3) $ (3) $ 3 $ (6)
Adjusted operating income before income taxes (2) $ — $ — $ — $ 1 $ (3) $ (2) $ 1 $ (3)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 25
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Corporate and Other
GAAP Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Investment income, net of related expenses 46 $ 52 $ 48 $ 158 $ 50 $ (4) $ 304 $ 197 $ 107
Investment related gains (losses), net 42 64 273 25 8 412 (11) 423
Other revenue 15 29 10 21 (10) 65 59 6
Total revenues 109 141 441 96 (6) 781 245 536
Benefits and expenses:
Claims and other policy benefits — — — (1) 1 — — —
Interest credited 1 1 1 1 — 4 8 (4)
Policy acquisition costs and other insurance income (27) (26) (28) (28) (3) (112) (112) —
Other operating expenses 75 86 70 78 20 329 279 50
Interest expense 41 43 45 44 (46) 127 170 (43)
Collateral finance and securitization expense 3 2 3 3 1 12 17 (5)
Total benefits and expenses 93 106 91 97 (27) 360 362 (2)
Income (loss) before income taxes 20 $ 16 $ 35 $ 350 $ (1) $ 21 $ 421 $ (117) $ 538
Foreign currency effect on (1):
Income (loss) before income taxes 1 $ 2 $ 6 $ 2 $ 1 $ — $ 11 $ 1 $ 10
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 26
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Corporate and Other
Adjusted Operating Income Statements
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Revenues:
Investment income, net of related expenses 46 $ 52 $ 48 $ 158 $ 50 $ (4) $ 304 $ 197 $ 107
Investment related gains, net 1 2 3 1 (1) 6 — 6
Other revenue 11 14 21 20 (3) 63 63 —
Total revenues 64 64 182 71 (8) 373 260 113
Benefits and expenses:
Claims and other policy benefits — — — (1) 1 — — —
Interest credited 1 1 1 1 — 4 8 (4)
Policy acquisition costs and other insurance income (27) (26) (28) (28) (3) (112) (112) —
Other operating expenses 75 86 70 78 20 329 279 50
Interest expense 39 40 42 42 (10) 153 159 (6)
Collateral finance and securitization expense 3 2 3 3 1 12 17 (5)
Total benefits and expenses 91 103 88 95 9 386 351 35
Adjusted operating income (loss) before income taxes (41) $ (27) $ (39) $ 94 $ (24) $ (17) $ (13) $ (91) $ 78
Foreign currency effect on (1):
Adjusted operating income (loss) before income taxes 2 $ 1 $ 2 $ 1 $ (1) $ 3 $ 6 $ (2) $ 8
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 27
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Summary of Segment GAAP Income
( millions)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
U.S. and Latin America:
Traditional (211) $ (126) $ 135 $ (338) $ (92) $ (119) $ (540) $ (298) $ (242)
Financial Solutions:
Asset Intensive 106 163 60 96 (3) 422 201 221
Capital Solutions 22 23 23 23 2 93 94 (1)
Total U.S. and Latin America 2 321 (255) 27 (120) (25) (3) (22)
Canada:
Traditional 44 32 24 37 (9) 128 134 (6)
Financial Solutions — 4 6 8 (3) 15 21 (6)
Total Canada 44 36 30 45 (12) 143 155 (12)
Europe, Middle East and Africa:
Traditional (91) (12) (68) (13) (55) (239) 27 (266)
Financial Solutions 85 83 60 38 37 303 258 45
Total Europe, Middle East and Africa (6) 71 (8) 25 (18) 64 285 (221)
Asia Pacific:
Traditional (96) (12) 41 25 32 (10) 174 (184)
Financial Solutions 6 31 28 48 (15) 98 59 39
Total Asia Pacific (90) 19 69 73 17 88 233 (145)
Corporate and Other 16 35 350 (1) 21 421 (117) 538
Consolidated income (loss) before income taxes 57 $ (34) $ 482 $ 186 $ 169 $ (112) $ 691 $ 553 $ 138
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 28
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Summary of Segment Adjusted Operating Income
( millions)
Current Qtr<br>vs. PY<br>Quarter Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Dec. 31, Dec. 31,
2021 2021 2021 2020 2021 2020 Change
U.S. and Latin America:
Traditional (215) $ (121) $ 134 $ (344) $ (89) $ (126) $ (546) $ (287) $ (259)
Financial Solutions:
Asset Intensive 93 126 49 70 3 341 253 88
Capital Solutions 22 23 23 23 2 93 94 (1)
Total U.S. and Latin America (6) 283 (272) 4 (121) (112) 60 (172)
Canada:
Traditional 44 34 23 35 (6) 130 140 (10)
Financial Solutions — 4 6 8 (3) 15 21 (6)
Total Canada 44 38 29 43 (9) 145 161 (16)
Europe, Middle East and Africa:
Traditional (91) (12) (68) (13) (55) (239) 27 (266)
Financial Solutions 62 83 42 41 29 257 242 15
Total Europe, Middle East and Africa (29) 71 (26) 28 (26) 18 269 (251)
Asia Pacific:
Traditional (96) (12) 41 25 32 (10) 174 (184)
Financial Solutions 25 20 19 23 6 93 54 39
Total Asia Pacific (71) 8 60 48 38 83 228 (145)
Corporate and Other (27) (39) 94 (24) (17) (13) (91) 78
Consolidated adjusted operating income (loss) before income taxes (36) $ (89) $ 361 $ (115) $ 99 $ (135) $ 121 $ 627 $ (506)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 29
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Cash and Invested Assets
Sept. 30, June 30, March 31, Dec. 31,
2021 2021 2021 2020
Fixed maturity securities, available-for-sale (1) 60,749 $ 59,289 $ 58,287 $ 56,426 $ 56,735
Equity securities 160 147 135 132
Mortgage loans on real estate 6,366 6,481 6,001 5,787
Policy loans 1,234 1,254 1,253 1,258
Funds withheld at interest 7,034 7,049 5,459 5,432
Short-term investments 82 184 157 227
Other invested assets 3,404 2,924 2,983 2,829
Cash and cash equivalents 3,027 3,254 3,122 3,408
Total cash and invested assets 81,476 $ 80,596 $ 79,580 $ 75,536 $ 75,808
(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).

All values are in US Dollars.

Investment Income and Yield Summary
Three Months Ended Current Qtr<br>vs. PY<br>Quarter Year-to-Date
Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Dec. 31, Dec. 31,
2021 2021 2021 2021 2020 2021 2020 Change
Average invested assets at amortized cost (1) $ 34,325 $ 33,361 $ 33,587 $ 33,367 $ 32,699 $ 1,626 $ 33,040 $ 30,787 $ 2,253
Net investment income (1) $ 397 $ 405 $ 383 $ 463 $ 337 $ 60 $ 1,648 $ 1,231 $ 417
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1) 4.70 % 4.95 % 4.64 % 5.67 % 4.20 % 50 bps 4.99 % 4.00 % 99 bps
Variable investment income ("VII") (included in net investment income) (1) $ 91 $ 102 $ 78 $ 162 $ 37 $ 54 $ 433 $ 63 $ 370
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) 3.78 % 3.85 % 3.84 % 3.79 % 3.88 % (10) bps 3.81 % 3.93 % (12) bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
Page 30
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities
Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate 35,239 $ 26 $ 3,084 $ 194 $ 38,103 62.8 %
Canadian government — 1,606 1 4,944 8.1 %
RMBS — 37 7 1,050 1.7 %
ABS — 22 41 4,005 6.6 %
CMBS 1 66 6 1,849 3.0 %
U.S. government — 31 8 2,105 3.5 %
State and political subdivisions — 137 5 1,323 2.2 %
Other foreign government 4 273 87 7,370 12.1 %
Total fixed maturity securities 55,873 $ 31 $ 5,256 $ 349 $ 60,749 100.0 %

All values are in US Dollars.

December 31, 2020
Amortized<br>Cost Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate $ 31,963 $ 17 $ 4,356 $ 94 $ 36,208 63.9 %
Canadian government 3,145 — 1,995 — 5,140 9.1 %
RMBS 1,735 — 84 2 1,817 3.2 %
ABS 3,099 — 35 42 3,092 5.4 %
CMBS 1,790 3 102 21 1,868 3.3 %
U.S. government 1,242 — 196 1 1,437 2.5 %
State and political subdivisions 1,237 — 157 4 1,390 2.4 %
Other foreign government 5,337 — 479 33 5,783 10.2 %
Total fixed maturity securities $ 49,548 $ 20 $ 7,404 $ 197 $ 56,735 100.0 %
Page 31
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Corporate Fixed Maturity Securities by Industry
December 31, 2020
Estimated Fair Value % of Total Average Credit Ratings (1) Amortized Cost Estimated Fair Value % of Total Average Credit Ratings (1)
Financial institutions
Banking 5,792 $ 6,163 16.2 % A- $ 5,657 $ 6,285 17.5 % A-
Brokerage/asset managers/exchanges 1,145 3.0 % A- 887 993 2.7 % A-
Finance companies 316 0.8 % BBB+ 314 334 0.9 % BBB
Insurance 4,383 11.5 % A- 3,532 4,046 11.2 % A-
REITs 1,022 2.7 % BBB+ 707 773 2.1 % BBB+
Other finance 1,016 2.7 % A- 688 805 2.2 % A-
Total financial institutions 13,101 $ 14,045 36.9 % $ 11,785 $ 13,236 36.6 %
Industrials
Basic 1,972 $ 2,210 5.8 % BBB $ 1,927 $ 2,258 6.2 % BBB
Capital goods 1,649 4.3 % BBB 1,513 1,662 4.6 % BBB
Communications 2,592 6.8 % BBB 2,355 2,770 7.7 % BBB+
Consumer cyclical 1,885 4.9 % BBB+ 1,687 1,888 5.2 % BBB+
Consumer noncyclical 4,315 11.3 % BBB+ 3,313 3,815 10.5 % BBB+
Energy 2,159 5.7 % BBB+ 1,753 1,976 5.5 % BBB
Technology 1,486 3.9 % BBB+ 1,138 1,243 3.4 % BBB+
Transportation 2,192 5.8 % BBB+ 2,002 2,194 6.1 % BBB+
Other industrial 887 2.3 % BBB 586 629 1.7 % BBB
Total industrials 17,857 $ 19,375 50.8 % $ 16,274 $ 18,435 50.9 %
Utilities
Electric 3,256 $ 3,561 9.4 % A- $ 3,013 $ 3,480 9.6 % A-
Natural gas 614 1.6 % BBB+ 476 560 1.5 % BBB+
Other utility 508 1.3 % BBB+ 415 497 1.4 % BBB+
Total utilities 4,281 $ 4,683 12.3 % $ 3,904 $ 4,537 12.5 %
Total 35,239 $ 38,103 100.0 % BBB+ $ 31,963 $ 36,208 100.0 % BBB+
(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.

All values are in US Dollars.

Page 32

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Ratings of Fixed Maturity Securities
December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020
NAIC Designation (1) Rating Agency Designation (2) Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total
1 AAA/AA/A $ 33,540 $ 36,725 60.5 % $ 32,444 $ 35,554 60.0 % $ 31,394 $ 34,862 59.8 % $ 31,323 $ 34,096 60.4 % $ 29,770 $ 34,589 60.9 %
2 BBB 18,684 20,379 33.5 % 18,025 19,814 33.4 % 17,948 19,896 34.1 % 17,402 18,799 33.3 % 16,440 18,751 33.1 %
3 BB 2,620 2,668 4.4 % 2,868 2,952 5.0 % 2,575 2,683 4.6 % 2,622 2,704 4.8 % 2,480 2,588 4.6 %
4 B 876 863 1.4 % 832 822 1.4 % 686 678 1.2 % 695 669 1.2 % 713 697 1.2 %
5 CCC 96 79 0.1 % 161 137 0.2 % 179 159 0.3 % 170 145 0.3 % 131 102 0.2 %
6 In or near default 57 35 0.1 % 17 10 — % 15 9 — % 17 13 — % 14 8 — %
Total $ 55,873 $ 60,749 100.0 % $ 54,347 $ 59,289 100.0 % $ 52,797 $ 58,287 100.0 % $ 52,229 $ 56,426 100.0 % $ 49,548 $ 56,735 100.0 %
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).
Structured Fixed Maturity Securities
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020
Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total
RMBS
Agency $ 551 $ 582 8.4 % $ 594 $ 631 9.2 % $ 623 $ 667 9.9 % $ 659 $ 701 10.7 % $ 686 $ 744 11.0 %
Non-agency 469 468 6.8 % 571 578 8.4 % 700 710 10.5 % 877 890 13.4 % 1,049 1,073 15.8 %
Total RMBS 1,020 1,050 15.2 % 1,165 1,209 17.6 % 1,323 1,377 20.4 % 1,536 1,591 24.1 % 1,735 1,817 26.8 %
ABS:
Collateralized loan obligations ("CLOs") 1,761 1,752 25.4 % 1,841 1,838 26.8 % 1,722 1,720 25.6 % 1,603 1,593 24.2 % 1,707 1,689 24.9 %
ABS, excluding CLOs 2,263 2,253 32.6 % 1,922 1,941 28.3 % 1,745 1,762 26.2 % 1,553 1,558 23.7 % 1,392 1,403 20.7 %
Total ABS 4,024 4,005 58.0 % 3,763 3,779 55.1 % 3,467 3,482 51.8 % 3,156 3,151 47.9 % 3,099 3,092 45.6 %
CMBS 1,790 1,849 26.8 % 1,795 1,877 27.3 % 1,774 1,869 27.8 % 1,774 1,840 28.0 % 1,790 1,868 27.6 %
Total $ 6,834 $ 6,904 100.0 % $ 6,723 $ 6,865 100.0 % $ 6,564 $ 6,728 100.0 % $ 6,466 $ 6,582 100.0 % $ 6,624 $ 6,777 100.0 %
Page 33
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Fixed Maturity Securities Below Amortized Cost (1)
Equal to or greater than 12 months Total
Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
Investment grade securities:
Corporate 4,135 $ 86 $ 946 $ 51 $ 5,081 $ 137
Canadian government 1 — — 20 1
RMBS 3 102 4 234 7
ABS 22 589 6 2,336 28
CMBS 2 35 2 187 4
U.S. government 6 31 2 1,544 8
State and political subdivisions 3 28 2 137 5
Other foreign government 33 724 37 2,961 70
Total investment grade securities 10,045 $ 156 $ 2,455 $ 104 $ 12,500 $ 260
Below investment grade securities:
Corporate 463 $ 13 $ 97 $ 44 $ 560 $ 57
ABS — 13 13 13 13
CMBS — — — — —
Other foreign government 7 75 10 211 17
Total below investment grade securities 599 $ 20 $ 185 $ 67 $ 784 $ 87
Total fixed maturity securities 10,644 $ 176 $ 2,640 $ 171 $ 13,284 $ 347
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded as of December 31, 2021.

All values are in US Dollars.

Page 34
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Fixed Maturity Securities Below Amortized Cost (1)
Equal to or greater than 12 months Total
Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
Investment grade securities:
Corporate 930 $ 29 $ 70 $ 5 $ 1,000 $ 34
Canadian government — — — — —
RMBS 2 — — 294 2
ABS 17 570 11 1,666 28
CMBS 6 — — 160 6
U.S. government 1 — — 27 1
State and political subdivisions 1 16 3 82 4
Other foreign government 27 — — 973 27
Total investment grade securities 3,546 $ 83 $ 656 $ 19 $ 4,202 $ 102
Below investment grade securities:
Corporate 375 $ 49 $ 81 $ 11 $ 456 $ 60
ABS 13 4 1 24 14
CMBS 15 — — 91 15
Other foreign government 3 28 3 64 6
Total below investment grade securities 522 $ 80 $ 113 $ 15 $ 635 $ 95
Total fixed maturity securities 4,068 $ 163 $ 769 $ 34 $ 4,837 $ 197

All values are in US Dollars.

Page 35
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Consolidated Investment Related Gains and Losses
Current Qtr<br>vs. PY<br>Quarter Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Dec. 31, Dec. 31,
2021 2021 2021 2020 2021 2020 Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses and impairments (14) $ (1) $ 5 $ (2) $ — $ (14) $ (12) $ (21) $ 9
Realized gains on investment activity 45 53 167 25 9 299 114 185
Realized losses on investment activity (9) (30) (13) (6) (7) (65) (82) 17
Net gains on fixed maturity securities available-for-sale 35 28 152 19 (12) 222 11 211
Net gains (losses) on equity securities 8 20 3 (4) (2) 25 (15) 40
Other impairment losses and change in mortgage loan allowance for credit losses 4 3 18 (2) 6 29 (56) 85
Change in fair value of certain limited partnership investments and other, net 27 32 111 3 21 194 24 170
Free-standing derivatives:
Interest rate swaps - non-hedged (4) 33 (70) (22) 29 (34) 76 (110)
Financial futures — (9) (10) (28) 23 (24) (47) 23
Foreign currency swaps - non-hedged 3 3 9 (1) 6 20 (7) 27
Foreign currency swaps - hedged — — 1 3 (2) 2 (2) 4
Foreign currency forwards - non-hedged (2) (1) (8) 3 (12) (20) 5 (25)
CPI swaps 12 3 18 19 (6) 46 16 30
Credit default swaps (12) 12 20 22 (9) 33 16 17
Equity options 3 (11) (10) (16) 1 (33) — (33)
Total free-standing derivatives — 30 (50) (20) 30 (10) 57 (67)
Embedded derivatives:
Modified coinsurance and funds withheld treaties 21 16 50 51 (31) 107 (62) 169
GMXB (37) (17) 18 58 (29) (7) 8 (15)
Total embedded derivatives (16) (1) 68 109 (60) 100 (54) 154
Net gains (losses) on total derivatives (16) 29 18 89 (30) 90 3 87
Total investment related gains (losses), net 88 $ 58 $ 112 $ 302 $ 105 $ (17) $ 560 $ (33) $ 593

All values are in US Dollars.

Page 36

rgalogospelledoutaa01a13a.jpg

Appendix

Reconciliations of GAAP to Non-GAAP Measures
Page 37
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( thousands)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
U.S. & Latin America Traditional
Income (loss) before income taxes (211) $ (126) $ 135 $ (338) $ (92) $ (119) $ (540) $ (298) $ (242)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1) 5 (1) (6) 3 (7) (6) 11 (17)
Adjusted operating income (loss) before income taxes (215) $ (121) $ 134 $ (344) $ (89) $ (126) $ (546) $ (287) $ (259)
U.S. & Latin America Asset-Intensive
Income before income taxes 93 $ 106 $ 163 $ 60 $ 96 $ (3) $ 422 $ 201 $ 221
Investment and derivative (gains) losses (1) (23) (32) 68 65 (56) 22 (4) 26
Change in value of modified coinsurance and
funds withheld embedded derivatives (1) (26) (15) (44) (54) 38 (101) 51 (152)
GMXB embedded derivatives (1) 37 17 (18) (58) 29 7 (8) 15
Funds withheld (gains) losses - investment income — (2) 1 5 (5) (1) 4 (5)
EIA embedded derivatives - interest credited (3) (3) (30) (5) (4) (45) 20 (65)
DAC offset, net 2 (2) 12 21 5 38 (8) 46
Non-investment derivatives and other — — — — (1) (1) (3) 2
Adjusted operating income before income taxes 73 $ 93 $ 126 $ 49 $ 70 $ 3 $ 341 $ 253 $ 88
U.S. & Latin America Capital Solutions
Income before income taxes 25 $ 22 $ 23 $ 23 $ 23 $ 2 $ 93 $ 94 $ (1)
Adjusted operating income before income taxes 25 $ 22 $ 23 $ 23 $ 23 $ 2 $ 93 $ 94 $ (1)
Canada Traditional
Income before income taxes 28 $ 44 $ 32 $ 24 $ 37 $ (9) $ 128 $ 134 $ (6)
Investment and derivative (gains) losses (1) — 1 — (2) 4 3 7 (4)
Investment income - non-operating FWAI — 1 (1) — (1) (1) (1) —
Adjusted operating income before income taxes 29 $ 44 $ 34 $ 23 $ 35 $ (6) $ 130 $ 140 $ (10)
Canada Financial Solutions
Income before income taxes 5 $ — $ 4 $ 6 $ 8 $ (3) $ 15 $ 21 $ (6)
Adjusted operating income before income taxes 5 $ — $ 4 $ 6 $ 8 $ (3) $ 15 $ 21 $ (6)
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

All values are in US Dollars.

Page 38
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( thousands)
Current Qtr Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, vs. PY Dec. 31, Dec. 31,
2021 2021 2021 2020 Quarter 2021 2020 Change
Europe, Middle East and Africa Traditional
Income (loss) before income taxes (68) $ (91) $ (12) $ (68) $ (13) $ (55) $ (239) $ 27 $ (266)
Adjusted operating income (loss) before income taxes (68) $ (91) $ (12) $ (68) $ (13) $ (55) $ (239) $ 27 $ (266)
Europe, Middle East and Africa Financial Solutions
Income before income taxes 75 $ 85 $ 83 $ 60 $ 38 $ 37 $ 303 $ 258 $ 45
Investment and derivative losses (1) (21) — (17) (2) (3) (43) (17) (26)
Investment income - non-operating FWAI (2) — (1) 5 (5) (3) 1 (4)
Investment (income) loss on unit-linked variable annuities 2 (2) 1 (13) 8 (4) (11) 7
Interest credited on unit-linked variable annuities (2) 2 (1) 13 (8) 4 11 (7)
Adjusted operating income before income taxes 70 $ 62 $ 83 $ 42 $ 41 $ 29 $ 257 $ 242 $ 15
Asia Pacific Traditional
Income (loss) before income taxes 57 $ (96) $ (12) $ 41 $ 25 $ 32 $ (10) $ 174 $ (184)
Adjusted operating income (loss) before income taxes 57 $ (96) $ (12) $ 41 $ 25 $ 32 $ (10) $ 174 $ (184)
Asia Pacific Financial Solutions
Income before income taxes 33 $ 6 $ 31 $ 28 $ 48 $ (15) $ 98 $ 59 $ 39
Investment and derivative (gains) losses (1) 19 (11) (9) (25) 21 (5) (5) —
Adjusted operating income before income taxes 29 $ 25 $ 20 $ 19 $ 23 $ 6 $ 93 $ 54 $ 39
Corporate and Other
Income (loss) before income taxes 20 $ 16 $ 35 $ 350 $ (1) $ 21 $ 421 $ (117) $ 538
Investment and derivative (gains) losses (1) (41) (62) (270) (24) (9) (406) 11 (417)
Interest expense on uncertain tax positions 2 3 3 2 (36) (26) 11 (37)
Non-investment derivatives and other (4) (15) 11 (1) 7 (2) 4 (6)
Adjusted operating income (loss) before income taxes (41) $ (27) $ (39) $ 94 $ (24) $ (17) $ (13) $ (91) $ 78
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

All values are in US Dollars.

Page 39
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Reconciliations of Stockholders’ Equity to Stockholders’ Equity Excluding AOCI
( millions except per share data)
Sept. 30, June 30, March 31, Dec. 31,
2021 2021 2021 2020
Stockholders’ equity 13,014 $ 12,885 $ 13,444 $ 12,090 $ 14,352
Less effect of AOCI:
Accumulated currency translation adjustments (50) (20) (39) (69)
Unrealized appreciation of securities 3,704 4,133 3,113 5,500
Pension and postretirement benefits (71) (72) (72) (72)
Stockholders’ equity, excluding AOCI 9,372 $ 9,302 $ 9,403 $ 9,088 $ 8,993
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
Sept. 30, June 30, March 31, Dec. 31,
2021 2021 2021 2020
Book value per share 193.75 $ 190.60 $ 197.72 $ 177.83 $ 211.19
Less effect of AOCI:
Accumulated currency translation adjustments (0.75) (0.29) (0.57) (1.02)
Unrealized appreciation of securities 54.80 60.78 45.79 80.94
Pension and postretirement benefits (1.05) (1.06) (1.06) (1.06)
Book value per share, excluding AOCI 139.53 $ 137.60 $ 138.29 $ 133.67 $ 132.33

All values are in US Dollars.

Page 40

Document

Exhibit 99.3

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