Equibles

8-K

REINSURANCE GROUP OF AMERICA INC (RGA)

8-K 2026-02-05 For: 2026-02-03
View Original
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, 2026

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

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

16600 Swingley Ridge Road, Chesterfield, Missouri 63017

(Address of Principal Executive Office)

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

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

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

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

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

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

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

On February 5, 2026, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release (the “Earnings Release”) announcing its earnings for the three-month period ended December 31, 2025, and providing certain additional information, a copy of which is furnished as Exhibit 99.1 and is incorporated herein by reference and (2) a quarterly financial supplement for the quarter ended December 31, 2025, a copy of which is furnished as Exhibit 99.2 and is incorporated herein by reference. The Earnings Release also notes that a conference call will be held on February 6, 2026 to discuss the financial and operating results for the three-month period ended December 31, 2025 (the “Earnings Call”).

Item 7.01 Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated February 5, 2026 (the “Earnings Presentation”), a copy of which is furnished as Exhibit 99.3 and incorporated herein by reference. The Earnings Release announced that effective February 3, 2026, the board of directors declared a regular quarterly dividend of $0.93, payable March 3, 2026, to shareholders of record as of February 17, 2026.

The information set forth in Exhibits 99.1, 99.2 and 99.3 of this Current Report on Form 8-K is being furnished and shall not be deemed to be “filed”, as described in Instruction B.2 of Form 8-K.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No. Exhibit
99.1 Press Release of Reinsurance Group of America, Incorporated datedFebruary5, 2026
99.2 Quarterly Financial Supplement for the quarter ended December 31, 2025
99.3 Earnings Presentation datedFebruary5, 2026
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 5, 2026 By: /s/ Axel André
Axel André
Executive Vice President, Chief Financial Officer

Document

Exhibit 99.1

imagea.jpg

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS

FOURTH QUARTER RESULTS

Fourth Quarter Results

•Net income available to RGA shareholders of $6.97 per diluted share

•Adjusted operating income of $7.75 per diluted share

•Strong investment results, including favorable variable investment income

•Repurchased $50 million of common shares

Full Year Results

•Net income available to RGA shareholders of $17.69 per diluted share

•Adjusted operating income of $22.72 per diluted share; adjusted operating income, excluding notable items of $24.42 per diluted share

•ROE of 9.7%, adjusted operating ROE of 14.7%, adjusted operating ROE, excluding notable items of 15.7%, each for the trailing twelve months

•Deployed capital of $2.5 billion into in-force block transactions

•Repurchased $125 million of common shares

•Estimated deployable capital of $3.4 billion at the end of the year

ST. LOUIS, February 5, 2026 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported fourth quarter net income available to RGA shareholders of $463 million, or $6.97 per diluted share, compared with $148 million, or $2.22 per diluted share, in the prior-year quarter. Adjusted operating income for the fourth quarter totaled $515 million, or $7.75 per diluted share, compared with $334 million, or $4.99 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.11 per diluted share on net income available to RGA shareholders, and $0.09 per diluted share on adjusted operating income, both as compared with the prior year.

Full year net income available to RGA shareholders totaled $1,182 million, or $17.69 per diluted share, compared with $717 million, or $10.73 per diluted share the year before. Adjusted operating income for the full year totaled $1,518 million, or $22.72 per diluted share, compared with $1,342 million, or $20.06 per diluted share the year before. Adjusted operating income, excluding notable items for the full year totaled $1,632 million, or $24.42 per diluted share, compared with $1,510 million, or $22.57 per diluted share the year before. Net foreign currency fluctuations had a favorable effect of $0.11 per diluted share on net income available to RGA shareholders, and $0.14 per diluted share on adjusted operating income, both as compared with the year before.

Tony Cheng, President and Chief Executive Officer, commented, “A very strong fourth quarter capped off another year of excellent financial results. This was another quarter with positive contributions from most of our business segments, demonstrating the strength and diversity of our global platform and local teams.

I am gratified that the collective efforts of the global RGA team have produced results that we all can be proud of.

"Taking a step back, it is important to view our results in the context of a longer-term journey and relative to our intermediate-term financial targets. Since the beginning of our most recent strategy cycle in 2023, our financial metrics are tracking at or ahead of our targets, giving us further confidence that we will meet or exceed the established goals.

“Looking forward, there are plenty of reasons for optimism, and I believe that we are well-positioned for continued success. Our balance sheet is strong, business conditions are favorable, and we have a proven strategy that I expect to result in attractive financial results over time.”

Quarterly Results Year-to-Date Results
($ in millions, except per share data) 2025 2024 2025 2024
Net premiums $ 4,780 $ 4,156 $ 17,230 $ 17,843
Net income available to RGA shareholders 463 148 1,182 717
Net income available to RGA shareholders per diluted share 6.97 2.22 17.69 10.73
Adjusted operating income 515 334 1,518 1,342
Adjusted operating income, excluding notable items 515 334 1,632 1,510
Adjusted operating income per diluted share 7.75 4.99 22.72 20.06
Adjusted operating income, excluding notable items per diluted share 7.75 4.99 24.42 22.57
Book value per share 205.63 164.19
Book value per share, excluding accumulated other comprehensive income (AOCI) 164.66 151.31
Book value per share, excluding AOCI and B36 165.50 151.97
Total assets 156,590 118,675

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

In the fourth quarter, consolidated net premiums totaled $4.8 billion, an increase of 15.0% over the 2024 fourth quarter, with a favorable net foreign currency effect of $42 million. Net premiums for the quarter included a contribution of approximately $200 million from single premium pension risk transfer transactions, compared with approximately $150 million in the prior-year quarter, both of which are in the U.S. Financial Solutions business. For the full year, net premiums totaled $17.2 billion, a decrease of 3.4% from 2024, with a favorable net foreign currency effect of $56 million. Net premiums for the full year included a contribution of approximately $300 million from single premium pension risk transfer transactions, compared with approximately $2.9 billion in the prior year.

Compared with the year-ago period, excluding spread-based businesses, investment income increased 30.2% and 22.8% for the fourth quarter and full year, respectively, due to a larger average invested asset base and higher earned yields. Average investment yield was 5.23% in the fourth quarter and 4.99% for the full year, compared with 4.83% and 4.82% in the prior-year periods, respectively. The increases reflect higher new money rates relative to the existing portfolio yields and higher variable investment income.

The effective tax rate for the quarter was 8.9% on pre-tax income, below the expected range of 23% to 24%, primarily due to a release of a valuation allowance on investment portfolio tax assets. The effective tax rate for the full year was 22.9% on pre-tax income, generally in line with the expected range of 23% to 24%. The effective tax rate for the quarter was 23.8% on adjusted operating income before taxes, within the expected range of 23% to 24%. The effective tax rate for the full year was 22.8% on adjusted operating income before taxes, generally in line with the expected range of 23% to 24%.

SEGMENT RESULTS

U.S. and Latin America

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2025 2024 2025 2024
Net premiums $ 2,104 $ 2,046 $ 7,927 $ 7,500
Adjusted operating income before taxes 222 151 502 525
Adjusted operating income before taxes, excluding notable items 222 151 463 578

Quarterly Results

•Results reflected the favorable impacts from in-force management actions and strong variable investment income, partially offset by the expected unfavorable group claims experience noted earlier in the year. The fourth quarter group claims experience was in line with the updated expectations and individual life claims experience was in line with expectations.

Full Year Results

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

•Results excluding notable items reflected the unfavorable financial impact from individual life claims experience, primarily in capped cohorts, and the expected unfavorable group claims experience noted earlier in the year. These were partially offset by the favorable impacts from in-force management actions and strong variable investment income.

Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2025 2024 2025 2024
Adjusted operating income before taxes 103 76 367 326
Adjusted operating income before taxes, excluding notable items 103 76 367 326

Quarterly Results

•Results reflected the earnings contribution from the Equitable transaction.

Full Year Results

•Results reflected the earnings contribution from the Equitable transaction.

Canada

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2025 2024 2025 2024
Net premiums $ 347 $ 333 $ 1,331 $ 1,291
Adjusted operating income before taxes 54 32 157 134
Adjusted operating income before taxes, excluding notable items 54 32 148 129

Net Premiums

•Foreign currency exchange rates had a favorable effect on net premiums of $1 million for the quarter.

Quarterly Results

•Results reflected favorable impacts from group and individual life businesses.

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

Full Year Results

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

•Results excluding notable items reflected unfavorable group experience for the year.

•Foreign currency exchange rates had an adverse effect of $3 million on adjusted operating income before taxes.

Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2025 2024 2025 2024
Adjusted operating income before taxes 10 8 37 26
Adjusted operating income before taxes, excluding notable items 10 8 37 26

Quarterly Results

•Results were in line with expectations.

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

Full Year Results

•Results reflected favorable longevity experience.

•Foreign currency exchange rates had an adverse effect of $1 million on adjusted operating income before taxes.

Europe, Middle East and Africa (EMEA)

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2025 2024 2025 2024
Net premiums $ 583 $ 488 $ 2,258 $ 2,002
Adjusted operating income (loss) before taxes 18 11 (106) 30
Adjusted operating income before taxes, excluding notable items 18 11 116 70

Net Premiums

•Foreign currency exchange rates had a favorable effect on net premiums of $26 million for the quarter.

Quarterly Results

•Results were largely in line with expectations, with favorable other experience offset by modestly unfavorable claims experience.

•Foreign currency exchange rates had a favorable effect of $1 million on adjusted operating income before taxes.

Full Year Results

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

•Results excluding notable items reflected favorable underwriting margin.

•Foreign currency exchange rates had an adverse effect of $4 million on adjusted operating income before taxes.

Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2025 2024 2025 2024
Adjusted operating income before taxes 123 96 469 345
Adjusted operating income before taxes, excluding notable items 123 96 445 347

Quarterly Results

•Results reflected strong new business and favorable experience.

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

Full Year Results

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

•Results excluding notable items reflected strong new business, and favorable experience and foreign exchange impacts.

•Foreign currency exchange rates had a favorable effect of $16 million on adjusted operating income before taxes.

Asia Pacific

Traditional

Quarterly Results Year-to-Date Results
($ in millions) 2025 2024 2025 2024
Net premiums $ 862 $ 834 $ 3,335 $ 3,014
Adjusted operating income before taxes 117 63 465 282
Adjusted operating income before taxes, excluding notable items 117 63 464 377

Net Premiums

•Foreign currency exchange rates had a favorable effect on net premiums of $1 million for the quarter.

Quarterly Results

•Results were modestly above expectations, reflecting ongoing growth and favorable underwriting margin.

•Foreign currency exchange rates had a favorable effect of $1 million on adjusted operating income before taxes.

Full Year Results

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

•Results excluding notable items reflected strong new business, and favorable in-force management actions and foreign currency impacts.

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

Financial Solutions

Quarterly Results Year-to-Date Results
($ in millions) 2025 2024 2025 2024
Net premiums $ 133 $ 66 $ 458 $ 224
Adjusted operating income before taxes 87 65 294 255
Adjusted operating income before taxes, excluding notable items 87 65 294 264

Quarterly Results

•Results were in line with expectations.

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

Full Year Results

•Results reflected favorable overall experience.

•Foreign currency exchange rates had a favorable effect of $1 million on adjusted operating income before taxes.

Corporate and Other

Quarterly Results Year-to-Date Results
($ in millions) 2025 2024 2025 2024
Adjusted operating income (loss) before taxes (58) (71) (218) (171)
Adjusted operating income (loss) before taxes, excluding notable items (58) (71) (218) (171)

Quarterly Results

•Results were unfavorable compared to the expected quarterly average run rate primarily due to higher general expenses and financing costs.

Full Year Results

•Results were unfavorable compared to the expected quarterly average run rate primarily due to higher general expenses and financing costs.

Repurchase Authorization

On January 29, 2026, the board of directors authorized a share repurchase program for up to $500 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. This authorization replaces the stock repurchase authorization granted by the board in 2024.

Repurchases would be made in accordance with applicable securities laws and would be made through market transactions, block trades, privately negotiated transactions or other means, or a combination of these methods, with the timing and number of shares repurchased dependent on a variety of factors, including share price, corporate and regulatory requirements, and market and business conditions. Repurchases may be commenced or suspended from time to time without prior notice.

Dividend Declaration

Effective February 3, 2026, the board of directors declared a regular quarterly dividend of $0.93, payable March 3, 2026, to shareholders of record as of February 17, 2026.

Earnings Conference Call

A conference call to discuss fourth quarter results will begin at 10 a.m. Eastern Time on Friday, February 6, 2026. Interested parties may access the call by dialing 1-844-481-2753 (1-412-317-0669 international) and asking to be joined into the Reinsurance Group of America, Incorporated (RGA) call. A live audio webcast of the conference call will be available on RGA’s Investor Relations website at www.rgare.com. A replay of the conference call will be available at the same website for 90 days following the conference call.

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

Non-GAAP Financial Measures and Other Definitions

Reinsurance Group of America, Incorporated (the “Company”) discloses certain financial measures that are not determined in accordance with U.S. GAAP. The Company principally uses such non-GAAP financial measures in evaluating performance because the Company believes that such measures, when

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

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

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

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

•changes in the fair value of embedded derivatives;

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

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

•any net gain or loss from discontinued operations;

•the cumulative effect of any accounting changes;

•the impact of certain tax-related items; and

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

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

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

  1. Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items, and adjusted operating income per diluted share, excluding notable items. Notable items are items that the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented include the financial impact of the Company’s assumption reviews.

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

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

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

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

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

•Book value per share, excluding AOCI and B36.

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

•Adjusted operating return on equity excluding AOCI and B36;

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

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

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

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

Other Definitions:

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

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

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

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

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

About RGA

Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has approximately $4.3 trillion of life reinsurance in force and total assets of $156.6 billion as of December 31, 2025. To learn more about RGA and its businesses, please visit www.rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.

Cautionary Note Regarding Forward-Looking Statements

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

Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looking statements, include, among others: (1) changes in mortality, morbidity, policyholder behavior, claims experience, investment returns, interest rates, expenses and other factors as compared to our pricing assumptions; (2) investment results, whether from changes in economic, capital- and credit-market conditions, asset selection, or otherwise, and their impact on the Company’s investment securities, liquidity, portfolio yields, credit quality, access to capital, cost of capital, and amount of capital required for regulatory and contractual proposes; (3) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company; (4) the availability, amount, cost, and market value of collateral necessary for regulatory reserves, capital, and client obligations; (5) changes in laws and regulations, tax policy and rates, accounting standards, and privacy, data security, and

cybersecurity regulations applicable to the Company, and actions by regulators with authority over the Company’s operations, as well as regulatory restrictions on the ability of Company subsidiaries to pay dividends to the Company; (6) the impact of general economic conditions in the U.S. and globally, including as a result of inflation, interest rate levels, geopolitical instability, and impacts from the imposition of, or changes in tariffs, as well as the stability of and actions by governments, central banks, and economies in jurisdictions where the Company operates, affecting interest rates, markets generally, or the demand for insurance and reinsurance; (7) the stability and financial performance of clients, reinsurers, third-party investment managers and other institutions and the effects of the Company’s dependence on such third parties; (8) the effectiveness of the Company’s risk management strategy, policy, and procedures, whether relating to reinsurance, investment strategy, operations, or otherwise; (9) the impact of impairments of the value of the Company’s investment securities on the Company’s capital requirements and the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective; (10) the threat of catastrophic events such as pandemics, epidemics, other major health issues, natural disasters, war, military actions, terrorism or other acts of violence; (11) competitive factors and competitors’ responses to the Company’s initiatives; (12) development and introduction of new products and distribution opportunities and entry into new lines of business and markets; (13) the impact of the development and adoption of artificial intelligence; (14) the effect of acquisitions and other significant transactions, including risks related to the integration of acquired blocks of business and entities and the Company’s ability to achieve the expected benefits of such transactions, including the transaction entered into with subsidiaries of Equitable Holdings, Inc. on July 31, 2025; (15) 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; (16) adverse developments with respect to litigation, arbitration, or regulatory investigations or actions; (17) risks associated with our international operations, including related to fluctuations in foreign currency exchange rates; and (18) other risks and uncertainties described in this document and in the Company’s filings with the Securities and Exchange Commission (“SEC”).

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

Investor Contact

Jeff Hopson

Senior Vice President - Investor Relations

(636) 736-2068

  • tables attached -

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Adjusted Operating Income

(Dollars in millions, except per share data)

(Unaudited) Three Months Ended December 31,
2025 2024
Diluted Earnings Per Share Diluted Earnings Per Share
Net income available to RGA shareholders $ 463 $ 6.97 $ 148 $ 2.22
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net 155 2.35 300 4.48
Market risk benefits remeasurement (gains) losses (3) (0.05) (26) (0.39)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses (1) (0.02) 4 0.06
Embedded derivatives:
Included in investment related gains/losses, net (21) (0.32) (99) (1.48)
Included in interest credited 2 0.03 (2) (0.03)
Investment (income) loss on unit-linked variable annuities (1) (0.02) 1 0.01
Interest credited on unit-linked variable annuities 1 0.02 (1) (0.01)
Interest expense on uncertain tax positions — — 1 0.01
Other (1) (1) (0.02) (16) (0.24)
Uncertain tax positions and other tax related items (81) (1.22) 22 0.33
Net income attributable to noncontrolling interest 2 0.03 2 0.03
Adjusted operating income 515 7.75 334 4.99
Notable items — — — —
Adjusted operating income, excluding notable items $ 515 $ 7.75 $ 334 $ 4.99 (Unaudited) Twelve Months Ended December 31,
--- --- --- --- --- --- --- --- ---
2025 2024
Diluted Earnings Per Share Diluted Earnings Per Share
Net income available to RGA shareholders $ 1,182 $ 17.69 $ 717 $ 10.73
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net 270 4.05 706 10.56
Market risk benefits remeasurement (gains) losses 6 0.09 (35) (0.52)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses 12 0.18 2 0.03
Embedded derivatives:
Included in investment related gains/losses, net 11 0.16 (92) (1.38)
Included in interest credited 12 0.18 12 0.18
Investment (income) loss on unit-linked variable annuities — — 2 0.03
Interest credited on unit-linked variable annuities — — (2) (0.03)
Interest expense on uncertain tax positions — — 1 0.01
Other (1) 24 0.36 13 0.19
Uncertain tax positions and other tax related items (6) (0.09) 11 0.16
Net income attributable to noncontrolling interest 7 0.10 7 0.10
Adjusted operating income 1,518 22.72 1,342 20.06
Notable items 114 1.70 168 2.51
Adjusted operating income, excluding notable items $ 1,632 $ 24.42 $ 1,510 $ 22.57

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

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Effective Income Tax Rates

(Dollars in millions)

(Unaudited) Three Months Ended December 31, 2025 Twelve Months Ended December 31, 2025
Pre-tax Income (Loss) Income Taxes Effective Tax Rate (1) Pre-tax Income (Loss) Income Taxes Effective Tax Rate (1)
GAAP income $ 510 $ 45 8.9 % $ 1,540 $ 351 22.9 %
Reconciliation to adjusted operating income:
Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net 197 42 344 74
Market risk benefits remeasurement (gains) losses (3) — 8 2
Realized (gains) losses on funds withheld, included in investment income, net of related expenses (2) (1) 15 3
Embedded derivatives:
Included in investment related gains/losses, net (27) (6) 14 3
Included in interest credited 2 — 15 3
Investment (income) loss on unit-linked variable annuities (1) — — —
Interest credited on unit-linked variable annuities 1 — — —
Interest expense on uncertain tax positions — — — —
Other (2) (1) — 31 7
Uncertain tax positions and other tax related items — 81 — 6
Adjusted operating income 676 161 23.8 % 1,967 449 22.8 %
Notable items — — 149 35
Adjusted operating income, excluding notable items $ 676 $ 161 $ 2,116 $ 484

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

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

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

(Unaudited) Three Months Ended December 31,
2025 2024
Income before income taxes $ 510 $ 225
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net 197 380
Market risk benefits remeasurement (gains) losses (3) (32)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses (2) 6
Embedded derivatives:
Included in investment related gains/losses, net (27) (125)
Included in interest credited 2 (3)
Investment (income) loss on unit-linked variable annuities (1) 2
Interest credited on unit-linked variable annuities 1 (2)
Interest expense on uncertain tax positions — 1
Other (1) (1) (21)
Pre-tax adjusted operating income 676 431
Notable items — —
Pre-tax adjusted operating income, excluding notable items $ 676 $ 431 (Unaudited) Twelve Months Ended December 31,
--- --- --- --- ---
2025 2024
Income before income taxes $ 1,540 $ 980
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net 344 897
Market risk benefits remeasurement (gains) losses 8 (44)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses 15 3
Embedded derivatives:
Included in investment related gains/losses, net 14 (116)
Included in interest credited 15 15
Investment (income) loss on unit-linked variable annuities — 3
Interest credited on unit-linked variable annuities — (3)
Interest expense on uncertain tax positions — 1
Other (1) 31 16
Pre-tax adjusted operating income 1,967 1,752
Notable items 149 194
Pre-tax adjusted operating income, excluding notable items $ 2,116 $ 1,946

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

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In thousands, except per share data)

(Unaudited) Three Months Ended December 31, Twelve Months Ended December 31,
2025 2024 2025 2024
Earnings per share from net income (loss):
Basic earnings per share $ 7.07 $ 2.26 $ 17.94 $ 10.90
Diluted earnings per share $ 6.97 $ 2.22 $ 17.69 $ 10.73
Diluted earnings per share from adjusted operating income $ 7.75 $ 4.99 $ 22.72 $ 20.06
Weighted average number of common and common equivalent shares outstanding 66,428 66,982 66,811 66,880
(Unaudited) At December 31,
--- --- --- --- ---
2025 2024
Treasury shares 19,847 19,439
Common shares outstanding 65,464 65,872
Book value per share outstanding $ 205.63 $ 164.19
Book value per share outstanding, before impact of AOCI $ 164.66 $ 151.31

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

(Unaudited) At December 31,
2025 2024
Book value per share outstanding $ 205.63 $ 164.19
Less effect of AOCI:
Accumulated currency translation adjustment 1.85 (0.27)
Unrealized (depreciation) appreciation of securities (73.42) (68.73)
Effect of updating discount rates on future policy benefits 112.61 82.16
Change in instrument-specific credit risk for market risk benefits 0.03 0.03
Pension and postretirement benefits (0.10) (0.31)
Book value per share outstanding, before impact of AOCI 164.66 151.31
Less effect of B36 derivatives (0.84) (0.66)
Book value per share outstanding, before impact of AOCI and B36 derivatives $ 165.50 $ 151.97

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

(Unaudited)
Trailing Twelve Months Ended December 31, 2025: Average Equity
Shareholders' average equity $ 12,142
Less effect of AOCI:
Accumulated currency translation adjustment 61
Unrealized (depreciation) appreciation of securities (4,574)
Effect of updating discount rates on future policy benefits 6,340
Change in instrument-specific credit risk for market risk benefits 3
Pension and postretirement benefits (15)
Shareholders' average equity, excluding AOCI 10,327
Year-to-date notable items, net of tax 80
Shareholders' average equity, excluding AOCI and notable items $ 10,407

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, 2025: Income
Net income available to RGA shareholders $ 1,182 9.7 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net 312
Change in fair value of embedded derivatives 23
Tax expense on uncertain tax positions and other tax related items (6)
Net income attributable to noncontrolling interest 7
Adjusted operating income 1,518 14.7 %
Notable items after tax 114
Adjusted operating income, excluding notable items $ 1,632 15.7 %

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,
2025 2024 2025 2024
Revenues:
Net premiums $ 4,780 $ 4,156 $ 17,230 $ 17,843
Investment income, net of related expenses 1,691 1,185 5,806 4,416
Investment related gains (losses), net (135) (247) (245) (745)
Other revenue 299 147 907 593
Total revenues 6,635 5,241 23,698 22,107
Benefits and expenses:
Claims and other policy benefits 4,772 3,943 16,995 16,903
Future policy benefits remeasurement (gains) losses (97) (69) — (32)
Market risk benefits remeasurement (gains) losses (3) (32) 8 (44)
Interest credited 475 292 1,635 1,087
Policy acquisition costs and other insurance expenses 500 411 1,821 1,641
Other operating expenses 380 385 1,333 1,268
Interest expense 98 86 366 304
Total benefits and expenses 6,125 5,016 22,158 21,127
Income before income taxes 510 225 1,540 980
Provision for income taxes 45 75 351 256
Net income 465 150 1,189 724
Net income attributable to noncontrolling interest 2 2 7 7
Net income available to RGA shareholders $ 463 $ 148 $ 1,182 $ 717

#

Document

Exhibit 99.2

rga_logoxrgbxredxwht.jpg

Quarterly Financial Supplement

Fourth Quarter 2025

(Unaudited)

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

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

Reinsurance Group of America, Incorporated

4th Quarter 2025

Table of Contents

Page
Consolidated
Financial Highlights 3
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) 4
Consolidated Balance Sheets 6
Segment Summaries of Adjusted Operating Income Statements
U.S. and Latin America Traditional 7
U.S. and Latin America Financial Solutions 8
Canada Traditional 10
Canada Financial Solutions 11
Europe, Middle East and Africa Traditional 12
Europe, Middle East and Africa Financial Solutions 13
Asia Pacific Traditional 14
Asia Pacific Financial Solutions 15
Corporate and Other 16
Summary of Segment Adjusted Operating Income 17
Investments
Cash and Invested Assets and Investment Income and Yield Summary 18
Fixed Maturity Securities 19
Corporate Fixed Maturity Securities by Industry 20
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities 21
Fixed Maturity Securities Below Amortized Cost 22
Consolidated Investment Related Gains and Losses 24
Appendix
Reconciliations of GAAP to Non-GAAP Measures 25
Non-GAAP Disclosures 30
Page 2
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Financial Highlights
Three Months Ended Current vs. Year-to-Date
(USD millions, except in force and per share and shares data) Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Prior Year Dec. 31, Dec. 31,
2025 2025 2025 2025 2024 Quarter 2025 2024 Change
Net premiums $ 4,780 $ 4,280 $ 4,151 $ 4,019 $ 4,156 $ 624 $ 17,230 $ 17,843 $ (613)
Net income available to RGA’s shareholders 463 253 180 286 148 315 1,182 717 465
Adjusted operating income 515 310 315 378 334 181 1,518 1,342 176
Adjusted operating income excluding notable items (1) 515 424 315 378 334 181 1,632 1,510 122
Return on equity 9.7 % 7.4 % 7.0 % 7.5 % 7.1 % 2.6 %
Adjusted operating return on equity (excluding AOCI) 14.7 % 13.2 % 12.7 % 13.4 % 13.8 % 0.9 %
Adjusted operating return on equity (excluding AOCI and notable items (1)) 15.7 % 14.2 % 14.3 % 15.0 % 15.4 % 0.3 %
Adjusted operating return on equity (excluding AOCI and B36 items) 14.6 % 13.1 % 12.6 % 13.3 % 13.7 % 0.9 %
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income $ 7.07 $ 3.85 $ 2.72 $ 4.33 $ 2.26 $ 4.81 $ 17.94 $ 10.90 $ 7.04
Adjusted operating income $ 7.85 $ 4.71 $ 4.76 $ 5.73 $ 5.07 $ 2.78 $ 23.04 $ 20.39 $ 2.65
Adjusted operating income excluding notable items (1) $ 7.85 $ 6.43 $ 4.76 $ 5.73 $ 5.07 $ 2.78 $ 24.76 $ 22.94 $ 1.82
Diluted earnings per share
Net income $ 6.97 $ 3.81 $ 2.70 $ 4.27 $ 2.22 $ 4.75 $ 17.69 $ 10.73 $ 6.96
Adjusted operating income $ 7.75 $ 4.66 $ 4.72 $ 5.66 $ 4.99 $ 2.76 $ 22.72 $ 20.06 $ 2.66
Adjusted operating income excluding notable items (1) $ 7.75 $ 6.37 $ 4.72 $ 5.66 $ 4.99 $ 2.76 $ 24.42 $ 22.57 $ 1.85
Weighted average common shares outstanding
Basic 65,556 65,867 66,088 66,008 65,867 (311) 65,878 65,816 62
Diluted 66,428 66,508 66,731 66,861 66,982 (554) 66,811 66,880 (69)
Book value per share $ 205.63 $ 197.52 $ 182.37 $ 172.53 $ 164.19 $ 41.44 $ 205.63 $ 164.19 $ 41.44
Book value per share, excluding AOCI $ 164.66 $ 158.67 $ 155.87 $ 153.80 $ 151.31 $ 13.35 $ 164.66 $ 151.31 $ 13.35
Book value per share, excluding AOCI and B36 $ 165.50 $ 159.83 $ 156.63 $ 154.60 $ 151.97 $ 13.53 $ 165.50 $ 151.97 $ 13.53
Shareholders’ dividends paid $ 61 $ 61 $ 59 $ 59 $ 59 $ 2 $ 240 $ 229 $ 11
Share buybacks 50 75 — — — 50 125 — 125
Total returned to shareholders $ 111 $ 136 $ 59 $ 59 $ 59 $ 52 $ 365 $ 229 $ 136
Common shares issued 85,311 85,311 85,311 85,311 85,311 — 85,311 85,311 —
Treasury shares 19,847 19,602 19,219 19,225 19,439 408 19,847 19,439 408
Common shares outstanding 65,464 65,709 66,092 66,086 65,872 (408) 65,464 65,872 (408)
Assumed life reinsurance in force (in billions) $ 4,334.6 $ 4,320.8 $ 4,091.3 $ 3,950.9 $ 3,878.7 $ 455.9
Assumed new business production (in billions) $ 149.9 $ 341.0 $ 110.9 $ 131.7 $ 102.3 $ 47.6 $ 733.5 $ 505.4 $ 228.1
(1) Excludes the impact of changes in actuarial assumptions. Page 3
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions) Three Months Ended Current vs. Year-to-Date
Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Prior Year Dec. 31, Dec. 31,
2025 2025 2025 2025 2024 Quarter 2025 2024 Change
Revenues:
Net premiums $ 4,780 $ 4,280 $ 4,151 $ 4,019 $ 4,156 $ 624 $ 17,230 $ 17,843 $ (613)
Net investment income 1,691 1,475 1,408 1,232 1,185 506 5,806 4,416 1,390
Investment related gains (losses), net (135) 13 (44) (79) (247) 112 (245) (745) 500
Other revenue 299 436 84 88 147 152 907 593 314
Total revenues 6,635 6,204 5,599 5,260 5,241 1,394 23,698 22,107 1,591
Benefits and expenses:
Adjusted claims and other policy benefits 4,772 4,356 4,045 3,822 3,943 829 16,995 16,903 92
Future policy benefits remeasurement (gains) losses (97) 85 68 (56) (69) (28) — (32) 32
Market risk benefits remeasurement (gains) losses (3) (1) (17) 29 (32) 29 8 (44) 52
Adjusted interest credited 475 547 314 299 292 183 1,635 1,087 548
Policy acquisition costs and other insurance expenses 500 471 433 417 411 89 1,821 1,641 180
Other operating expenses 380 328 325 300 385 (5) 1,333 1,268 65
Interest expense 98 98 90 80 86 12 366 304 62
Total benefits and expenses 6,125 5,884 5,258 4,891 5,016 1,109 22,158 21,127 1,031
Income before income taxes 510 320 341 369 225 285 1,540 980 560
Provision for income taxes 45 65 160 81 75 (30) 351 256 95
Net income 465 255 181 288 150 315 1,189 724 465
Net income attributable to noncontrolling interest 2 2 1 2 2 — 7 7 —
Net income available to RGA’s shareholders $ 463 $ 253 $ 180 $ 286 $ 148 $ 315 $ 1,182 $ 717 $ 465
Pre-tax adjusted operating income reconciliation:
Income before income taxes $ 510 $ 320 $ 341 $ 369 $ 225 $ 285 $ 1,540 $ 980 $ 560
Investment and derivative (gains) losses (1) 197 (1) 77 71 380 (183) 344 897 (553)
Market risk benefits remeasurement (gains) losses (3) (1) (17) 29 (32) 29 8 (44) 52
Change in fair value of funds withheld embedded derivatives (1) (27) 33 (3) 11 (125) 98 14 (116) 130
Funds withheld (gains) losses - investment income (2) 19 (2) — 6 (8) 15 3 12
Derivatives - interest credited 2 1 2 10 (3) 5 15 15 —
Investment (income) loss on unit-linked variable annuities (1) 1 — — 2 (3) — 3 (3)
Interest credited on unit-linked variable annuities 1 (1) — — (2) 3 — (3) 3
Interest expense on uncertain tax positions — — — — 1 (1) — 1 (1)
Other (2) (1) 14 23 (5) (21) 20 31 16 15
Adjusted operating income before income taxes 676 385 421 485 431 245 1,967 1,752 215
Notable items (3) — 149 — — — — 149 194 (45)
Adjusted operating income before income taxes excluding notable items $ 676 $ 534 $ 421 $ 485 $ 431 $ 245 $ 2,116 $ 1,946 $ 170
(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) Represents the impact of changes in actuarial assumptions. Page 4
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions) Three Months Ended Current vs. Year-to-Date
Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Prior Year Dec. 31, Dec. 31,
2025 2025 2025 2025 2024 Quarter 2025 2024 Change
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA $ 463 $ 253 $ 180 $ 286 $ 148 $ 315 $ 1,182 $ 717 $ 465
Investment and derivative (gains) losses (1) 155 (2) 64 53 300 (145) 270 706 (436)
Market risk benefits remeasurement (gains) losses (3) — (14) 23 (26) 23 6 (35) 41
Change in fair value of funds withheld embedded derivatives (1) (21) 26 (3) 9 (99) 78 11 (92) 103
Funds withheld (gains) losses - investment income (1) 15 (2) — 4 (5) 12 2 10
Derivatives - interest credited 2 1 1 8 (2) 4 12 12 —
Investment (income) loss on unit-linked variable annuities (1) 1 — — 1 (2) — 2 (2)
Interest credited on unit-linked variable annuities 1 (1) — — (1) 2 — (2) 2
Interest expense on uncertain tax positions — — — — 1 (1) — 1 (1)
Other (2) (1) 11 18 (4) (16) 15 24 13 11
Uncertain tax positions and other tax related items (81) 4 70 1 22 (103) (6) 11 (17)
Net income attributable to noncontrolling interest 2 2 1 2 2 — 7 7 —
Adjusted operating income 515 310 315 378 334 181 1,518 1,342 176
Notable items (3) — 114 — — — — 114 168 (54)
Adjusted operating income excluding notable items $ 515 $ 424 $ 315 $ 378 $ 334 $ 181 $ 1,632 $ 1,510 $ 122
Diluted earnings per share - adjusted operating income $ 7.75 $ 4.66 $ 4.72 $ 5.66 $ 4.99 $ 2.76 $ 22.72 $ 20.06 $ 2.66
Diluted earnings per share - adjusted operating income excluding notable items $ 7.75 $ 6.37 $ 4.72 $ 5.66 $ 4.99 $ 2.76 $ 24.42 $ 22.57 $ 1.85
Foreign currency effect on (4):
Net premiums $ 42 $ 29 $ 45 $ (60) $ (15) $ 57 $ 56 $ (59) $ 115
Adjusted operating income before income taxes $ 8 $ 3 $ 9 $ (8) $ 8 $ — $ 12 $ 5 $ 7
(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) Represents the impact of changes in actuarial assumptions.
(4) Compared to comparable prior-year period. Page 5
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Consolidated Balance Sheets
( millions)
Sept. 30, June 30, March 31, Dec. 31,
2025 2025 2025 2024
Assets
Fixed maturity securities available-for-sale, at fair value 101,769 $ 99,573 $ 86,043 $ 84,507 $ 77,617
Equity securities 161 155 153 155
Mortgage loans 10,507 10,057 9,331 8,839
Policy loans 3,570 1,294 1,284 1,321
Funds withheld at interest 8,268 7,115 5,328 5,436
Limited partnerships and real estate joint ventures 3,648 3,338 3,228 3,067
Short-term investments 381 502 454 363
Other invested assets 1,496 1,397 1,295 1,242
Total investments 127,604 109,901 105,580 98,040
Cash and cash equivalents 4,625 5,416 5,151 3,326
Accrued investment income 1,275 1,089 1,059 986
Premiums receivable and other reinsurance balances 4,035 4,202 3,749 3,898
Reinsurance ceded receivables and other 5,758 5,386 5,420 5,531
Deferred policy acquisition costs and other 5,954 5,823 5,649 5,543
Other assets 2,752 1,662 1,602 1,351
Total assets 156,590 $ 152,003 $ 133,479 $ 128,210 $ 118,675
Liabilities and equity
Future policy benefits 66,425 $ 66,389 $ 63,531 $ 59,836 $ 53,368
Interest-sensitive contract liabilities 49,634 37,158 36,614 35,095
Market risk benefits, at fair value 238 233 243 223
Other policy claims and benefits 3,032 3,016 2,870 2,693
Other reinsurance balances 1,600 1,353 1,291 1,316
Income taxes 2,591 2,454 2,250 2,199
Funds withheld payable 5,277 4,816 4,889 5,017
Other liabilities 4,440 3,041 2,991 2,816
Long-term debt 5,734 5,734 5,734 5,042
Total liabilities 138,935 121,336 116,718 107,769
Equity:
Common stock, at par value 1 1 1 1
Additional paid-in-capital 2,628 2,624 2,608 2,600
Retained earnings 9,757 9,563 9,443 9,255
Treasury stock (1,960) (1,887) (1,888) (1,889)
Accumulated other comprehensive income, net of income taxes (AOCI):
Accumulated currency translation adjustment 83 130 (8) (19)
Unrealized (depreciation) appreciation of securities (4,199) (4,897) (4,443) (4,526)
Effect of updating discount rates on future policy benefits 6,682 6,533 5,702 5,412
Change instrument-specific credit risk for market risk benefits 1 3 6 2
Pension and postretirement benefits (15) (17) (19) (20)
Total RGA, Inc. shareholders’ equity 12,978 12,053 11,402 10,816
Noncontrolling interest 90 90 90 90
Total equity 13,068 12,143 11,492 10,906
Total liabilities and equity 156,590 $ 152,003 $ 133,479 $ 128,210 $ 118,675
Total RGA, Inc. shareholders’ equity, excluding AOCI 10,779 $ 10,426 $ 10,301 $ 10,164 $ 9,967
See appendix for reconciliation of total shareholders’ equity before and after impact of AOCI.

All values are in US Dollars.

Page 6
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Traditional
Adjusted Operating Income Statements
( millions)
Current vs. Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Prior Year Dec. 31, Dec. 31,
2025 2025 2025 2024 Quarter 2025 2024 Change
Revenues:
Net premiums 2,104 $ 1,883 $ 2,019 $ 1,921 $ 2,046 $ 58 $ 7,927 $ 7,500 $ 427
Net investment income 282 285 268 247 52 1,134 881 253
Investment related gains (losses), net 14 12 (6) — 5 25 — 25
Other revenue 11 4 8 14 3 40 48 (8)
Total revenues 2,190 2,320 2,191 2,307 118 9,126 8,429 697
Benefits and expenses:
Adjusted claims and other policy benefits 1,769 1,922 1,773 1,886 59 7,409 6,846 563
Future policy benefits remeasurement (gains) losses (46) 74 (25) (68) (1) (66) (109) 43
Adjusted interest credited 61 37 29 36 12 175 119 56
Policy acquisition costs and other insurance expenses 209 223 219 225 (16) 860 809 51
Other operating expenses 61 60 55 77 (7) 246 239 7
Total benefits and expenses 2,054 2,316 2,051 2,156 47 8,624 7,904 720
Adjusted operating income before income taxes 136 4 140 151 71 502 525 (23)
Notable items (1) (39) — — — — (39) 53 (92)
Adjusted operating income excluding notable items, before income taxes 222 $ 97 $ 4 $ 140 $ 151 $ 71 $ 463 $ 578 $ (115)
Loss and expense ratios:
Loss ratio (2) % 91.5 % 98.9 % 91.0 % 88.9 % 0.3 % 92.6 % 89.8 % 2.8 %
Policy acquisition costs and other insurance expenses % 11.1 % 11.0 % 11.4 % 11.0 % (1.1) % 10.8 % 10.8 % — %
Other operating expenses % 3.2 % 3.0 % 2.9 % 3.8 % (0.5) % 3.1 % 3.2 % (0.1) %
Foreign currency effect on (3):
Net premiums 3 $ 1 $ (4) $ (7) $ (5) $ 8 $ (7) $ (5) $ (2)
Adjusted operating income (loss) before income taxes — $ — $ 1 $ (2) $ — $ — $ (1) $ (1) $ —
Assumed Life Reinsurance In Force (in billions) 1,893.4 $ 1,860.7 $ 1,854.7 $ 1,840.6 $ 1,837.1 $ 56.3
Assumed New Business Production (in billions) 75.3 $ 52.8 $ 46.0 $ 36.3 $ 41.0 $ 34.3 $ 210.4 $ 267.9 $ (57.5)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.

All values are in US Dollars.

Page 7
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions
Adjusted Operating Income Statements
( millions)
Current vs. Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Prior Year Dec. 31, Dec. 31,
2025 2025 2025 2024 Quarter 2025 2024 Change
Revenues:
Net premiums 443 $ 227 $ (5) $ 109 $ 156 $ 287 $ 774 $ 2,986 $ (2,212)
Net investment income 476 371 337 323 238 1,745 1,280 465
Investment related gains (losses), net 16 — — — 12 28 — 28
Other revenue 351 53 50 52 152 658 226 432
Total revenues 1,070 419 496 531 689 3,205 4,492 (1,287)
Benefits and expenses:
Adjusted claims and other policy benefits 511 76 200 210 499 1,496 3,187 (1,691)
Future policy benefits remeasurement (gains) losses 2 (1) (2) (10) 14 3 1 2
Adjusted interest credited 324 130 123 127 114 818 519 299
Policy acquisition costs and other insurance expenses 111 93 84 102 31 421 374 47
Other operating expenses 22 24 24 26 4 100 85 15
Total benefits and expenses 970 322 429 455 662 2,838 4,166 (1,328)
Adjusted operating income before income taxes 100 97 67 76 27 367 326 41
Notable items (1) — — — — — — — —
Adjusted operating income before income taxes excluding notable items 103 $ 100 $ 97 $ 67 $ 76 $ 27 $ 367 $ 326 $ 41
Assumed Life Reinsurance In Force (in billions) 204.7 $ 207.7 $ 9.4 $ 9.5 $ 9.7 $ 195.0
Assumed New Business Production (in billions) — $ 204.1 $ — $ — $ — $ — $ 204.1 $ — $ 204.1
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.

All values are in US Dollars.

Page 8
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions
(Continued)
(USD millions, shown net of reinsurance ceded) Dec. 31, Sept. 30, June 30, March 31, Dec. 31,
2025 2025 2025 2025 2024
Policyholder account balances
Fixed annuities (deferred) $ 10,868 $ 10,569 $ 10,473 $ 10,299 $ 9,691
Equity-indexed annuities $ 1,587 $ 1,668 $ 1,748 $ 1,838 $ 1,927
Bank-owned life insurance (BOLI) and universal life $ 11,118 $ 11,130 $ 1,997 $ 2,011 $ 2,019
Other policyholder account balances $ 36 $ 45 $ 45 $ 46 $ 34
Variable annuities account balances
No riders $ 614 $ 598 $ 605 $ 593 $ 610
GMDB only 834 781 784 800 848
GMIB only 18 17 17 17 18
GMAB only 1 1 1 2 2
GMWB only 802 802 802 769 818
GMDB / WB 147 149 149 145 152
Other 14 13 13 13 13
Total variable annuities account balances $ 2,430 $ 2,361 $ 2,371 $ 2,339 $ 2,461
Variable universal life account value $ 14,262 $ 14,132 $ — $ — $ —
Interest-sensitive contract liabilities not associated with policyholder account balances:
Guaranteed investment contracts, funding agreements and immediate annuities $ 3,406 $ 2,781 $ 1,265 $ 1,257 $ 654
Future policy benefits (at original discount rate) associated with:
Payout annuities $ 7,051 $ 8,266 $ 8,734 $ 8,840 $ 6,781
Other future policy benefits $ 672 $ 684 $ — $ — $ —
Variable universal life account value $ 54 $ 62 $ 62 $ 61 $ 50
Liability for market risk benefits:
Equity-indexed annuities $ 180 $ 181 $ 173 $ 170 $ 163
Variable annuities (liability) $ 54 $ 57 $ 60 $ 73 $ 60
Variable annuities (asset) $ 19 $ 19 $ 17 $ 13 $ 17
Net interest spread (1) 1.8 % 1.2 % 1.2 % 0.8 % 1.3 %
(1) Net interest spread for Asset-Intensive is calculated as net investment income less Adjusted interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents Page 9
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Traditional
Adjusted Operating Income Statements
( millions)
Current vs. Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Prior Year Dec. 31, Dec. 31,
2025 2025 2025 2024 Quarter 2025 2024 Change
Revenues:
Net premiums 347 $ 326 $ 339 $ 319 $ 333 $ 14 $ 1,331 $ 1,291 $ 40
Net investment income 69 66 65 64 5 269 257 12
Investment related gains, net 2 — 1 — 1 4 3 1
Other revenue 1 1 (1) — — 1 6 (5)
Total revenues 398 406 384 397 20 1,605 1,557 48
Benefits and expenses:
Adjusted claims and other policy benefits 307 318 295 311 (5) 1,226 1,194 32
Future policy benefits remeasurement (gains) losses (8) 2 3 (5) 3 (5) (11) 6
Adjusted interest credited 1 — — — — 1 1 —
Policy acquisition costs and other insurance expenses 43 43 41 45 (1) 171 186 (15)
Other operating expenses 12 15 13 14 1 55 53 2
Total benefits and expenses 355 378 352 365 (2) 1,448 1,423 25
Adjusted operating income before income taxes 43 28 32 32 22 157 134 23
Notable items (1) (9) — — — — (9) (5) (4)
Adjusted operating income excluding notable items, before income taxes 54 $ 34 $ 28 $ 32 $ 32 $ 22 $ 148 $ 129 $ 19
Loss and expense ratios:
Loss ratio (2) % 91.7 % 94.4 % 93.4 % 91.9 % (4.3) % 91.7 % 91.6 % 0.1 %
Policy acquisition costs and other insurance expenses % 13.2 % 12.7 % 12.9 % 13.5 % (0.8) % 12.8 % 14.4 % (1.6) %
Other operating expenses % 3.7 % 4.4 % 4.1 % 4.2 % 0.1 % 4.1 % 4.1 % — %
Foreign currency effect on (3):
Net premiums 1 $ (3) $ (4) $ (20) $ (10) $ 11 $ (26) $ (20) $ (6)
Adjusted operating income before income taxes — $ — $ (1) $ (2) $ (1) $ 1 $ (3) $ (2) $ (1)
Assumed Life Reinsurance In Force (in billions) 521.5 $ 507.9 $ 512.4 $ 478.6 $ 474.2 $ 47.3
Assumed New Business Production (in billions) 12.8 $ 13.5 $ 13.1 $ 13.2 $ 12.3 $ 0.5 $ 52.6 $ 48.0 $ 4.6
Creditor reinsurance net premiums 15 $ 16 $ 18 $ 19 $ 18 $ (3) $ 68 $ 71 $ (3)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.

All values are in US Dollars.

Page 10
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current vs. Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Prior Year Dec. 31, Dec. 31,
2025 2025 2025 2024 Quarter 2025 2024 Change
Revenues:
Net premiums 45 $ 46 $ 45 $ 52 $ 46 $ (1) $ 188 $ 166 $ 22
Net investment income 58 58 51 51 10 228 147 81
Investment related gains, net (1) — — 1 1 1 1 —
Other revenue 3 5 4 5 (4) 13 17 (4)
Total revenues 106 108 107 103 6 430 331 99
Benefits and expenses:
Adjusted claims and other policy benefits 92 93 91 109 (17) 368 307 61
Future policy benefits remeasurement gains — — — — 3 3 — 3
Policy acquisition costs and other insurance expenses 5 4 5 (17) 21 18 (7) 25
Other operating expenses 2 2 — 3 (3) 4 5 (1)
Total benefits and expenses 99 99 96 95 4 393 305 88
Adjusted operating income before income taxes 7 9 11 8 2 37 26 11
Notable items (2) — — — — — — — —
Adjusted operating income excluding notable items, before income taxes 10 $ 7 $ 9 $ 11 $ 8 $ 2 $ 37 $ 26 $ 11
Foreign currency effect on (3):
Net premiums 1 $ (1) $ (1) $ (3) $ (1) $ 2 $ (4) $ (3) $ (1)
Adjusted operating income before income taxes — $ — $ — $ (1) $ — $ — $ (1) $ (1) $ —
Assumed Life Reinsurance In Force (in billions) 6.2 $ 6.2 $ 6.3 $ 6.0 $ 6.0 $ 0.2
Assumed New Business Production (in billions) — $ — $ — $ — $ — $ — $ — $ 8.3 $ (8.3)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations include longevity and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior-year period.

All values are in US Dollars.

Page 11
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
( millions)
Current vs. Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Prior Year Dec. 31, Dec. 31,
2025 2025 2025 2024 Quarter 2025 2024 Change
Revenues:
Net premiums 583 $ 562 $ 573 $ 540 $ 488 $ 95 $ 2,258 $ 2,002 $ 256
Net investment income 30 32 30 28 9 129 112 17
Other revenue 5 3 2 10 (10) 10 11 (1)
Total revenues 597 608 572 526 94 2,397 2,125 272
Benefits and expenses:
Adjusted claims and other policy benefits 516 533 483 445 97 2,074 1,805 269
Future policy benefits remeasurement (gains) losses 216 6 (8) 12 (22) 204 48 156
Policy acquisition costs and other insurance expenses 30 24 20 21 16 111 109 2
Other operating expenses 27 27 27 37 (4) 114 133 (19)
Total benefits and expenses 789 590 522 515 87 2,503 2,095 408
Adjusted operating income (loss) before income taxes (192) 18 50 11 7 (106) 30 (136)
Notable items (1) 222 — — — — 222 40 182
Adjusted operating income (loss) excluding notable items, before income taxes 18 $ 30 $ 18 $ 50 $ 11 $ 7 $ 116 $ 70 $ 46
Loss and expense ratios:
Loss ratio (2) % 130.2 % 94.1 % 88.0 % 93.6 % (2.3) % 100.9 % 92.6 % 8.3 %
Policy acquisition costs and other insurance expenses % 5.3 % 4.2 % 3.7 % 4.3 % 2.0 % 4.9 % 5.4 % (0.5) %
Other operating expenses % 4.8 % 4.7 % 5.0 % 7.6 % (1.9) % 5.0 % 6.6 % (1.6) %
Foreign currency effect on (3):
Net premiums 26 $ 18 $ 24 $ (3) $ 8 $ 18 $ 65 $ 28 $ 37
Adjusted operating income (loss) before income taxes 1 $ (7) $ 1 $ 1 $ 2 $ (1) $ (4) $ 1 $ (5)
Critical illness net premiums 38 $ 33 $ 36 $ 32 $ 33 $ 5 $ 139 $ 136 $ 3
Assumed Life Reinsurance In Force (in billions) 1,113.1 $ 1,125.7 $ 1,117.7 $ 1,036.7 $ 970.4 $ 142.7
Assumed New Business Production (in billions) 38.6 $ 35.7 $ 34.1 $ 63.4 $ 30.5 $ 8.1 $ 171.8 $ 119.5 $ 52.3
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.

All values are in US Dollars.

Page 12
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current vs. Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Prior Year Dec. 31, Dec. 31,
2025 2025 2025 2024 Quarter 2025 2024 Change
Revenues:
Net premiums 263 $ 260 $ 247 $ 189 $ 187 $ 76 $ 959 $ 660 $ 299
Net investment income 106 109 85 87 48 435 319 116
Investment related gains (losses), net — 4 (1) (1) — 2 — 2
Other revenue 21 7 9 12 2 51 34 17
Total revenues 387 367 282 285 126 1,447 1,013 434
Benefits and expenses:
Adjusted claims and other policy benefits 253 224 167 159 90 893 562 331
Future policy benefits remeasurement (gains) losses (37) (3) (3) (1) 7 (37) 3 (40)
Adjusted interest credited 7 7 6 9 (3) 26 30 (4)
Policy acquisition costs and other insurance expenses 3 2 1 2 1 9 8 1
Other operating expenses 21 21 21 20 4 87 65 22
Total benefits and expenses 247 251 192 189 99 978 668 310
Adjusted operating income before income taxes 140 116 90 96 27 469 345 124
Notable items (2) (24) — — — — (24) 2 (26)
Adjusted operating income excluding notable items, before income taxes 123 $ 116 $ 116 $ 90 $ 96 $ 27 $ 445 $ 347 $ 98
Foreign currency effect on (3):
Net premiums 12 $ 10 $ 14 $ (2) $ 4 $ 8 $ 34 $ 14 $ 20
Adjusted operating income before income taxes 6 $ 5 $ 5 $ — $ 1 $ 5 $ 16 $ 6 $ 10
Assumed Life Reinsurance In Force (in billions) 17.8 $ 18.8 $ — $ — $ — $ 17.8
Assumed New Business Production (in billions) — $ 18.8 $ — $ — $ — $ — $ 18.8 $ — $ 18.8
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations include longevity, asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior-year period.

All values are in US Dollars.

Page 13
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Traditional
Adjusted Operating Income Statements
( millions)
Current vs. Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Prior Year Dec. 31, Dec. 31,
2025 2025 2025 2024 Quarter 2025 2024 Change
Revenues:
Net premiums 862 $ 880 $ 816 $ 777 $ 834 $ 28 $ 3,335 $ 3,014 $ 321
Net investment income 73 72 71 66 10 292 257 35
Investment related gains (losses), net — 1 (1) (1) 2 1 1 —
Other revenue 3 — 3 10 (3) 13 25 (12)
Total revenues 956 889 850 909 37 3,641 3,297 344
Benefits and expenses:
Adjusted claims and other policy benefits 761 701 671 733 17 2,883 2,582 301
Future policy benefits remeasurement (gains) losses (41) (8) (18) 9 (35) (93) 34 (127)
Policy acquisition costs and other insurance expenses 43 35 39 37 2 156 168 (12)
Other operating expenses 55 57 52 67 (1) 230 231 (1)
Total benefits and expenses 818 785 744 846 (17) 3,176 3,015 161
Adjusted operating income before income taxes 138 104 106 63 54 465 282 183
Notable items (1) (1) — — — — (1) 95 (96)
Adjusted operating income excluding notable items, before income taxes 117 $ 137 $ 104 $ 106 $ 63 $ 54 $ 464 $ 377 $ 87
Loss and expense ratios:
Loss ratio (2) % 81.8 % 84.9 % 84.0 % 89.0 % (5.0) % 83.7 % 86.8 % (3.1) %
Policy acquisition costs and other insurance expenses % 4.9 % 4.3 % 5.0 % 4.4 % 0.1 % 4.7 % 5.6 % (0.9) %
Other operating expenses % 6.3 % 7.0 % 6.7 % 8.0 % (0.3) % 6.9 % 7.7 % (0.8) %
Foreign currency effect on (3):
Net premiums 1 $ 3 $ 9 $ (23) $ (9) $ 10 $ (10) $ (59) $ 49
Adjusted operating income before income taxes 1 $ 6 $ 2 $ (2) $ 1 $ — $ 7 $ 1 $ 6
Critical illness net premiums 435 $ 414 $ 424 $ 398 $ 405 $ 30 $ 1,671 $ 1,529 $ 142
Assumed Life Reinsurance In Force (in billions) 552.5 $ 546.1 $ 568.7 $ 561.1 $ 567.6 $ (15.1)
Assumed New Business Production (in billions) 21.5 $ 12.7 $ 14.5 $ 14.3 $ 18.5 $ 3.0 $ 63.0 $ 60.7 $ 2.3
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.

All values are in US Dollars.

Page 14
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current vs. Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Prior Year Dec. 31, Dec. 31,
2025 2025 2025 2024 Quarter 2025 2024 Change
Revenues:
Net premiums 133 $ 96 $ 117 $ 112 $ 66 $ 67 $ 458 $ 224 $ 234
Net investment income 250 247 196 189 99 981 656 325
Investment related gains, net 13 10 7 6 6 42 20 22
Other revenue 6 — 6 6 6 24 57 (33)
Total revenues 365 374 321 267 178 1,505 957 548
Benefits and expenses:
Adjusted claims and other policy benefits 135 158 145 97 78 613 308 305
Future policy benefits remeasurement (gains) losses (1) (2) (3) (6) 3 (9) 2 (11)
Adjusted interest credited 107 93 84 81 49 414 256 158
Policy acquisition costs and other insurance expenses 42 36 27 20 24 149 102 47
Other operating expenses 11 12 9 10 2 44 34 10
Total benefits and expenses 294 297 262 202 156 1,211 702 509
Adjusted operating income before income taxes 71 77 59 65 22 294 255 39
Notable items (2) — — — — — — 9 (9)
Adjusted operating income excluding notable items, before income taxes 87 $ 71 $ 77 $ 59 $ 65 $ 22 $ 294 $ 264 $ 30
Foreign currency effect on (3):
Net premiums (2) $ 1 $ 7 $ (2) $ (2) $ — $ 4 $ (14) $ 18
Adjusted operating income before income taxes — $ — $ 2 $ (1) $ 6 $ (6) $ 1 $ 1 $ —
Assumed Life Reinsurance In Force (in billions) 25.4 $ 24.9 $ 22.1 $ 18.4 $ 13.7 $ 11.7
Assumed New Business Production (in billions) 1.7 $ 3.4 $ 3.2 $ 4.5 $ — $ 1.7 $ 12.8 $ 1.0 $ 11.8
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations include asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior-year period.

All values are in US Dollars.

Page 15
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Corporate and Other
Adjusted Operating Income Statements
( millions)
Current vs. Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Prior Year Dec. 31, Dec. 31,
2025 2025 2025 2024 Quarter 2025 2024 Change
Revenues:
Net investment income 162 $ 151 $ 166 $ 129 $ 138 $ 24 $ 608 $ 513 $ 95
Investment related gains, net 1 3 3 3 — 10 11 (1)
Other revenue 29 18 5 23 6 81 63 18
Total revenues 181 187 137 164 30 699 587 112
Benefits and expenses:
Adjusted interest credited 47 45 47 44 3 186 150 36
Policy acquisition costs and other insurance income (15) (19) (19) (24) 11 (66) (108) 42
Other operating expenses 109 103 99 130 (10) 431 413 18
Interest expense 98 90 80 85 13 366 303 63
Total benefits and expenses 239 219 207 235 17 917 758 159
Adjusted operating loss before income taxes (58) (32) (70) (71) 13 (218) (171) (47)
Notable items (1) — — — — — — — —
Adjusted operating loss excluding notable items, before income taxes (58) $ (58) $ (32) $ (70) $ (71) $ 13 $ (218) $ (171) $ (47)
Foreign currency effect on (2):
Adjusted operating loss before income taxes — $ (1) $ (1) $ (1) $ (1) $ 1 $ (3) $ — $ (3)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Compared to comparable prior-year period.

All values are in US Dollars.

Page 16
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Summary of Segment Adjusted Operating Income
( millions)
Current vs. Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Prior Year Dec. 31, Dec. 31,
2025 2025 2025 2024 Quarter 2025 2024 Change
U.S. and Latin America:
Traditional 222 $ 136 $ 4 $ 140 $ 151 $ 71 $ 502 $ 525 $ (23)
Financial Solutions 100 97 67 76 27 367 326 41
Total U.S. and Latin America 236 101 207 227 98 869 851 18
Canada:
Traditional 43 28 32 32 22 157 134 23
Financial Solutions 7 9 11 8 2 37 26 11
Total Canada 50 37 43 40 24 194 160 34
Europe, Middle East and Africa:
Traditional (192) 18 50 11 7 (106) 30 (136)
Financial Solutions 140 116 90 96 27 469 345 124
Total Europe, Middle East and Africa (52) 134 140 107 34 363 375 (12)
Asia Pacific:
Traditional 138 104 106 63 54 465 282 183
Financial Solutions 71 77 59 65 22 294 255 39
Total Asia Pacific 209 181 165 128 76 759 537 222
Corporate and Other (58) (32) (70) (71) 13 (218) (171) (47)
Consolidated adjusted operating income before income taxes 385 421 485 431 245 1,967 1,752 215
Notable items (1) 149 — — — — 149 194 (45)
Consolidated adjusted operating income excluding notable items before income taxes 676 $ 534 $ 421 $ 485 $ 431 $ 245 $ 2,116 $ 1,946 $ 170
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.

All values are in US Dollars.

Page 17
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Cash and Invested Assets
Sept. 30, June 30, March 31, Dec. 31,
2025 2025 2025 2024
Fixed maturity securities, available-for-sale (1) 101,769 $ 99,573 $ 86,043 $ 84,507 $ 77,617
Equity securities 161 155 153 155
Mortgage loans 10,507 10,057 9,331 8,839
Policy loans 3,570 1,294 1,284 1,321
Funds withheld at interest 8,268 7,115 5,328 5,436
Limited partnerships and real estate joint ventures 3,648 3,338 3,228 3,067
Short-term investments 381 502 454 363
Other invested assets 1,496 1,397 1,295 1,242
Cash and cash equivalents 4,625 5,416 5,151 3,326
Total cash and invested assets 134,649 $ 132,229 $ 115,317 $ 110,731 $ 101,366
(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), Japanese government and agencies (“Japanese government”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”).

All values are in US Dollars.

Investment Income and Yield Summary
Three Months Ended Current vs. Year-to-Date
Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Prior Year Dec. 31, Dec. 31,
2025 2025 2025 2025 2024 Quarter 2025 2024 Change
Average invested assets at amortized cost (1) $ 49,080 $ 47,662 $ 45,664 $ 44,016 $ 40,803 $ 8,277 $ 45,645 $ 38,535 $ 7,110
Net investment income (1) $ 630 $ 553 $ 595 $ 502 $ 484 $ 146 $ 2,280 $ 1,856 $ 424
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1) 5.23 % 4.73 % 5.31 % 4.64 % 4.83 % 40 bps 4.99 % 4.82 % 17 bps
Variable investment income (“VII”) (included in net investment income) (1) $ 55 $ — $ 59 $ (6) $ 25 $ 30 $ 108 $ 89 $ 19
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) (1) 4.98 % 4.92 % 4.98 % 4.90 % 4.80 % 18 bps 4.96 % 4.82 % 14 bps
(1) Excludes spread related business (e.g. coinsurance of annuities). Page 18
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Fixed Maturity Securities
Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate 72,736 $ 189 $ 1,142 $ 3,952 $ 69,737 68.5 %
Canadian government — 286 106 5,100 5.1 %
Japanese government — 1 1,816 4,701 4.6 %
Korean government — 1 96 1,312 1.3 %
ABS 21 69 157 7,369 7.2 %
CMBS — 35 52 2,162 2.1 %
RMBS — 26 72 1,569 1.5 %
U.S. government — 27 248 3,287 3.3 %
State and political subdivisions — 2 79 660 0.6 %
Other foreign government — 83 379 5,872 5.8 %
Total fixed maturity securities 107,264 $ 210 $ 1,672 $ 6,957 $ 101,769 100.0 %

All values are in US Dollars.

December 31, 2024
Amortized<br>Cost Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate $ 54,705 $ 82 $ 642 $ 4,274 $ 50,991 65.7 %
Canadian government 4,655 — 412 51 5,016 6.5 %
Japanese government 5,319 — 1 875 4,445 5.7 %
Korean government 837 — 14 5 846 1.1 %
ABS 5,197 15 42 184 5,040 6.5 %
CMBS 2,344 1 22 98 2,267 2.9 %
RMBS 1,412 — 12 107 1,317 1.7 %
U.S. government 2,734 — 11 281 2,464 3.2 %
State and political subdivisions 789 — 3 99 693 0.9 %
Other foreign government 4,915 — 42 419 4,538 5.8 %
Total fixed maturity securities $ 82,907 $ 98 $ 1,201 $ 6,393 $ 77,617 100.0 %
Page 19
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Corporate Fixed Maturity Securities by Industry
December 31, 2024
Estimated Fair Value % of Total Average Credit Ratings (1) Amortized Cost Estimated Fair Value % of Total Average Credit Ratings (1)
Financial institutions
Banking 8,426 $ 8,352 12.0 % A- $ 7,757 $ 7,485 14.7 % A-
Brokerage/asset managers/exchanges 1,738 2.5 % A- 1,482 1,360 2.7 % A-
Finance companies 1,114 1.6 % BBB+ 530 501 1.0 % BBB
Insurance 5,899 8.5 % A- 4,992 4,497 8.8 % A-
REITs 1,934 2.7 % A- 1,737 1,613 3.2 % A-
Other finance 1,452 2.1 % A- 1,407 1,217 2.3 % A-
Total financial institutions 21,367 $ 20,489 29.4 % $ 17,905 $ 16,673 32.7 %
Industrials
Basic 3,033 $ 2,899 4.2 % BBB $ 2,097 $ 1,929 3.8 % BBB+
Capital goods 3,463 5.0 % BBB+ 2,489 2,369 4.6 % BBB+
Communications 4,276 6.1 % BBB+ 3,420 3,147 6.2 % BBB+
Consumer cyclical 3,987 5.7 % BBB+ 3,300 3,099 6.1 % BBB+
Consumer noncyclical 8,501 12.2 % BBB+ 6,177 5,714 11.2 % BBB+
Energy 6,179 8.9 % BBB+ 4,060 3,906 7.7 % BBB+
Technology 3,013 4.3 % BBB+ 2,124 1,937 3.8 % BBB+
Transportation 3,904 5.6 % A- 3,238 3,025 5.9 % A-
Other industrial 1,617 2.3 % BBB 1,362 1,350 2.6 % BBB
Total industrials 39,381 $ 37,839 54.3 % $ 28,267 $ 26,476 51.9 %
Utilities
Electric 9,710 $ 9,279 13.3 % A- $ 6,863 $ 6,336 12.4 % A-
Natural gas 1,544 2.2 % A- 1,177 1,078 2.2 % A-
Other utility 586 0.8 % BBB+ 493 428 0.8 % BBB+
Total utilities 11,988 $ 11,409 16.3 % $ 8,533 $ 7,842 15.4 %
Total 72,736 $ 69,737 100.0 % A- $ 54,705 $ 50,991 100.0 % A-
(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.

All values are in US Dollars.

Page 20

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Ratings of Fixed Maturity Securities
December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024
NAIC Designation Rating Agency Designation(1) Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total
1 AAA/AA/A $ 69,007 $ 64,571 63.4 % $ 67,158 $ 63,266 63.5 % $ 59,480 $ 55,147 64.1 % $ 58,522 $ 54,839 64.9 % $ 54,543 $ 50,822 65.5 %
2 BBB 32,330 31,423 30.9 % 31,446 30,627 30.8 % 26,911 25,568 29.7 % 26,347 24,946 29.5 % 24,023 22,565 29.1 %
3 BB 4,815 4,823 4.8 % 4,753 4,719 4.7 % 4,421 4,353 5.1 % 3,880 3,849 4.6 % 3,422 3,410 4.4 %
4 B 714 632 0.6 % 807 758 0.8 % 802 793 0.9 % 643 639 0.8 % 636 577 0.7 %
5 CCC 356 294 0.3 % 267 184 0.2 % 244 165 0.2 % 287 216 0.2 % 246 221 0.3 %
6 In or near default 42 26 — % 30 19 — % 30 17 — % 30 18 — % 37 22 — %
Total $ 107,264 $ 101,769 100.0 % $ 104,461 $ 99,573 100.0 % $ 91,888 $ 86,043 100.0 % $ 89,709 $ 84,507 100.0 % $ 82,907 $ 77,617 100.0 %
(1) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g., “BBB” includes “BBB+”, “BBB”, and “BBB-”).
Structured Fixed Maturity Securities
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024
Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total
ABS
Collateralized loan obligations (“CLOs”) $ 2,486 $ 2,481 22.4 % $ 2,711 $ 2,707 25.5 % $ 2,461 $ 2,455 25.6 % $ 2,262 $ 2,251 24.2 % $ 2,044 $ 2,044 23.7 %
ABS, excluding CLOs 4,992 4,888 44.0 % 4,290 4,165 39.3 % 3,699 3,561 37.0 % 3,404 3,269 35.2 % 3,153 2,996 34.7 %
Total ABS 7,478 7,369 66.4 % 7,001 6,872 64.8 % 6,160 6,016 62.6 % 5,666 5,520 59.4 % 5,197 5,040 58.4 %
CMBS 2,179 2,162 19.5 % 2,026 1,992 18.8 % 2,129 2,076 21.6 % 2,334 2,267 24.4 % 2,344 2,267 26.3 %
RMBS
Agency 359 324 2.9 % 416 381 3.6 % 377 337 3.5 % 385 344 3.7 % 394 344 4.0 %
Non-agency 1,256 1,245 11.2 % 1,377 1,359 12.8 % 1,216 1,185 12.3 % 1,186 1,158 12.5 % 1,018 973 11.3 %
Total RMBS 1,615 1,569 14.1 % 1,793 1,740 16.4 % 1,593 1,522 15.8 % 1,571 1,502 16.2 % 1,412 1,317 15.3 %
Total $ 11,272 $ 11,100 100.0 % $ 10,820 $ 10,604 100.0 % $ 9,882 $ 9,614 100.0 % $ 9,571 $ 9,289 100.0 % $ 8,953 $ 8,624 100.0 %
Page 21
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Fixed Maturity Securities Below Amortized Cost (1)
Equal to or greater than 12 months Total
Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
Investment grade securities:
Corporate 10,591 $ 255 $ 22,666 $ 3,635 $ 33,257 $ 3,890
Canadian government 34 426 72 1,522 106
Japanese government 209 3,351 1,607 4,625 1,816
Korean government 92 78 4 1,223 96
ABS 15 1,149 141 3,473 156
CMBS — 705 50 705 50
RMBS — 562 72 562 72
U.S. government 1 542 247 948 248
State and political subdivisions 1 451 78 524 79
Other foreign government 26 1,901 350 3,283 376
Total investment grade securities 18,291 $ 633 $ 31,831 $ 6,256 $ 50,122 $ 6,889
Below investment grade securities:
Corporate 652 $ 25 $ 258 $ 31 $ 910 $ 56
Korean government — — — — —
ABS 1 — — 19 1
Other foreign government — 13 3 13 3
Total below investment grade securities 671 $ 26 $ 271 $ 34 $ 942 $ 60
Total fixed maturity securities 18,962 $ 659 $ 32,102 $ 6,290 $ 51,064 $ 6,949
(1) Includes securities for which an allowance for credit loss has not been recorded.

All values are in US Dollars.

Page 22
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Fixed Maturity Securities Below Amortized Cost (1)
Equal to or greater than 12 months Total
Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
Investment grade securities:
Corporate 14,741 $ 529 $ 18,851 $ 3,682 $ 33,592 $ 4,211
Canadian government 5 469 46 755 51
Japanese government 192 2,365 683 4,402 875
Korean government 1 77 3 83 4
ABS 19 1,730 159 2,670 178
CMBS 4 980 91 1,313 95
RMBS 7 593 100 947 107
U.S. government 15 656 266 1,448 281
State and political subdivisions 7 417 92 572 99
Other foreign government 41 1,739 341 3,141 382
Total investment grade securities 21,046 $ 820 $ 27,877 $ 5,463 $ 48,923 $ 6,283
Below investment grade securities:
Corporate 347 $ 7 $ 347 $ 50 $ 694 $ 57
Korean government — 6 1 6 1
ABS 1 40 5 141 6
Other foreign government — 124 37 124 37
Total below investment grade securities 448 $ 8 $ 517 $ 93 $ 965 $ 101
Total fixed maturity securities 21,494 $ 828 $ 28,394 $ 5,556 $ 49,888 $ 6,384
(1) Includes securities for which an allowance for credit loss has not been recorded.

All values are in US Dollars.

Page 23
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Consolidated Investment Related Gains and Losses
Current vs. Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Prior Year Dec. 31, Dec. 31,
2025 2025 2025 2024 Quarter 2025 2024 Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses (49) $ (28) $ (29) $ (6) $ 23 $ (72) $ (112) $ (22) $ (90)
Impairments on fixed maturity securities (1) (2) — — — (3) (1) (2)
Realized gains on investment activity 96 30 36 22 26 210 194 16
Realized losses on investment activity (65) (65) (87) (334) 216 (335) (811) 476
Net gains (losses) on fixed maturity securities available-for-sale 2 (66) (57) (289) 170 (240) (640) 400
Net gains (losses) on equity securities 5 3 (1) (4) 5 8 1 7
Change in mortgage loan allowance for credit losses (6) (18) 4 (6) 2 (24) (26) 2
Limited partnerships and real estate joint venture impairment losses (1) (16) (5) (15) (4) (41) (23) (18)
Change in fair value of certain limited partnership investments 9 6 (7) 21 (29) — 39 (39)
Other change in allowance for credit losses and impairments 1 (3) (1) — 2 (1) (4) 3
Other, net 4 (3) 1 19 (11) 10 21 (11)
Freestanding derivatives (1):
Interest rate swaps 1 (1) 6 (18) 13 1 (49) 50
Interest rate options (2) (1) — — (1) (4) (6) 2
Total return swaps 16 6 (6) (7) 5 14 (7) 21
Interest rate futures — — — — — — 2 (2)
Foreign currency swaps 6 (2) (3) 14 (7) 8 29 (21)
Foreign currency swaps - hedged — — — — — — (2) 2
Foreign currency forwards (40) 40 22 (82) 28 (32) (167) 135
Foreign currency options (2) (2) (1) (6) 4 (7) (7) —
Equity options 30 11 (6) (1) 18 52 (5) 57
Equity futures (13) (21) 9 3 (6) (28) (28) —
Credit default swaps 33 21 (18) 1 20 57 15 42
Credit default index swaps options — — — — (1) (1) — (1)
CPI swaps 3 (1) (5) (2) 2 (3) (4) 1
Total freestanding derivatives 32 50 (2) (98) 75 57 (229) 286
Embedded derivatives (33) 3 (11) 125 (98) (14) 116 (130)
Net gains (losses) on total derivatives (1) 53 (13) 27 (23) 43 (113) 156
Total investment related gains (losses), net (135) $ 13 $ (44) $ (79) $ (247) $ 112 $ (245) $ (745) $ 500
(1) Freestanding derivatives are non-hedged unless specified.

All values are in US Dollars.

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Appendix

Reconciliations of GAAP to Non-GAAP Measures
Page 25
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current vs. Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Prior Year Dec. 31, Dec. 31,
2025 2025 2025 2024 Quarter 2025 2024 Change
U.S. and Latin America Traditional
Income before income taxes 201 $ 123 $ 29 $ 149 $ 153 $ 48 $ 502 $ 500 $ 2
Investment and derivative gains (1) — — — 1 2 3 2 1
Funds withheld losses - investment income — — — — — — — —
Change in fair value of funds withheld embedded derivatives (1) 13 (25) (9) (3) 21 (3) 24 (27)
Other — — — — — — (1) 1
Adjusted operating income before income taxes 136 4 140 151 71 502 525 (23)
Notable items (2) (39) — — — — (39) 53 (92)
Adjusted operating income excluding notable items, before income taxes 222 $ 97 $ 4 $ 140 $ 151 $ 71 $ 463 $ 578 $ (115)
U.S. and Latin America Financial Solutions
Income (loss) before income taxes 45 $ 37 $ (17) $ 34 $ 139 $ (94) $ 99 $ 193 $ (94)
Market risk benefits remeasurement (gains) losses (1) (17) 29 (32) 29 8 (44) 52
Investment and derivative (gains) losses (1) 15 95 (17) 96 (14) 175 186 (11)
Change in fair value of funds withheld embedded derivatives (1) 38 22 20 (122) 97 55 (140) 195
Funds withheld (gains) losses - investment income (2) (3) (1) 4 (6) (8) 3 (11)
Derivatives - interest credited 1 5 5 (1) 3 13 17 (4)
Other (3) 12 12 (3) (8) 12 25 111 (86)
Adjusted operating income before income taxes 100 97 67 76 27 367 326 41
Notable items (2) — — — — — — — —
Adjusted operating income excluding notable items, before income taxes 103 $ 100 $ 97 $ 67 $ 76 $ 27 $ 367 $ 326 $ 41
Canada Traditional
Income before income taxes 53 $ 41 $ 25 $ 32 $ 32 $ 21 $ 151 $ 135 $ 16
Investment and derivative (gains) losses (1) — — — — 1 1 — 1
Investment income - non-operating funds withheld at interest 2 1 — 1 (1) 3 1 2
Other — 2 — (1) 1 2 (2) 4
Adjusted operating income before income taxes 43 28 32 32 22 157 134 23
Notable items (2) (9) — — — — (9) (5) (4)
Adjusted operating income excluding notable items, before income taxes 54 $ 34 $ 28 $ 32 $ 32 $ 22 $ 148 $ 129 $ 19
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.
(3) Includes pension risk transfer day one loss and other immaterial items.

All values are in US Dollars.

Page 26
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current vs. Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Prior Year Dec. 31, Dec. 31,
2025 2025 2025 2024 Quarter 2025 2024 Change
Canada Financial Solutions
Income before income taxes 11 $ 11 $ 9 $ 12 $ 17 $ (6) $ 43 $ 51 $ (8)
Investment and derivative (gains) losses (1) (4) — (1) (9) 8 (6) (25) 19
Adjusted operating income before income taxes 7 9 11 8 2 37 26 11
Notable items (2) — — — — — — — —
Adjusted operating income excluding notable items, before income taxes 10 $ 7 $ 9 $ 11 $ 8 $ 2 $ 37 $ 26 $ 11
Europe, Middle East and Africa Traditional
Income (loss) before income taxes 18 $ (190) $ 16 $ 50 $ 8 $ 10 $ (106) $ 20 $ (126)
Other (2) 2 — 3 (3) — 10 (10)
Adjusted operating income (loss) before income taxes (192) 18 50 11 7 (106) 30 (136)
Notable items (2) 222 — — — — 222 40 182
Adjusted operating income (loss) excluding notable items, before income taxes 18 $ 30 $ 18 $ 50 $ 11 $ 7 $ 116 $ 70 $ 46
Europe, Middle East and Africa Financial Solutions
Income before income taxes 133 $ 132 $ 109 $ 74 $ 79 $ 54 $ 448 $ 299 $ 149
Investment and derivative losses (1) 7 8 14 16 (6) 39 47 (8)
Change in fair value of funds withheld embedded derivatives (1) (18) — — — (20) (38) — (38)
Investment income - non-operating funds withheld at interest 19 (1) 2 1 (1) 20 (1) 21
Investment (income) loss on unit-linked variable annuities 1 — — 2 (3) — 3 (3)
Interest credited on unit-linked variable annuities (1) — — (2) 3 — (3) 3
Adjusted operating income before income taxes 140 116 90 96 27 469 345 124
Notable items (2) (24) — — — — (24) 2 (26)
Adjusted operating income excluding notable items, before income taxes 123 $ 116 $ 116 $ 90 $ 96 $ 27 $ 445 $ 347 $ 98
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.

All values are in US Dollars.

Page 27
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current vs. Year-to-Date
Sept. 30, June 30, March 31, Dec. 31, Prior Year Dec. 31, Dec. 31,
2025 2025 2025 2024 Quarter 2025 2024 Change
Asia Pacific Traditional
Income before income taxes 118 $ 140 $ 102 $ 106 $ 59 $ 59 $ 466 $ 279 $ 187
Other (2) 2 — 4 (5) (1) 3 (4)
Adjusted operating income before income taxes 138 104 106 63 54 465 282 183
Notable items (2) (1) — — — — (1) 95 (96)
Adjusted operating income excluding notable items, before income taxes 117 $ 137 $ 104 $ 106 $ 63 $ 54 $ 464 $ 377 $ 87
Asia Pacific Financial Solutions
Income (loss) before income taxes 53 $ 87 $ 89 $ 31 $ 1 $ 52 $ 260 $ 49 $ 211
Investment and derivative (gains) losses (1) (8) (21) 25 96 (42) 50 331 (281)
Other (8) 9 3 (32) 12 (16) (125) 109
Adjusted operating income before income taxes 71 77 59 65 22 294 255 39
Notable items (2) — — — — — — 9 (9)
Adjusted operating income excluding notable items, before income taxes 87 $ 71 $ 77 $ 59 $ 65 $ 22 $ 294 $ 264 $ 30
Corporate and Other
Loss before income taxes (122) $ (61) $ (21) $ (119) $ (263) $ 141 $ (323) $ (546) $ 223
Investment and derivative losses (1) (11) (5) 50 180 (132) 82 356 (274)
Investment income - non-operating funds withheld at interest — 1 (1) — — — — —
Interest expense on uncertain tax positions — — — 1 (1) — 1 (1)
Derivatives - interest credited — (3) 5 (2) 2 2 (2) 4
Other 14 (4) (5) 13 3 21 20 1
Adjusted operating loss before income taxes (58) (32) (70) (71) 13 (218) (171) (47)
Notable items (2) — — — — — — — —
Adjusted operating loss excluding notable items, before income taxes (58) $ (58) $ (32) $ (70) $ (71) $ 13 $ (218) $ (171) $ (47)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.

All values are in US Dollars.

Page 28
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Reconciliations of RGA, Inc. Shareholders’ Equity to RGA, Inc. Shareholders’ Equity Excluding AOCI
( millions except per share data)
Sept. 30, June 30, March 31, Dec. 31,
2025 2025 2025 2024
RGA, Inc. shareholders’ equity 13,461 $ 12,978 $ 12,053 $ 11,402 $ 10,816
Less effect of AOCI:
Accumulated currency translation adjustments 83 130 (8) (19)
Unrealized (depreciation) appreciation of securities (4,199) (4,897) (4,443) (4,526)
Effect of updating discount rates on future policy benefits 6,682 6,533 5,702 5,412
Change in instrument-specific credit risk for market risk benefits 1 3 6 2
Pension and postretirement benefits (15) (17) (19) (20)
RGA, Inc. shareholders’ equity, excluding AOCI 10,426 10,301 10,164 9,967
Year-to-date notable items, net of tax 114 — — 168
RGA, Inc. shareholders’ equity, excluding AOCI and notable items 10,893 $ 10,540 $ 10,301 $ 10,164 $ 10,135
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
Sept. 30, June 30, March 31, Dec. 31,
2025 2025 2025 2024
Book value per share 205.63 $ 197.52 $ 182.37 $ 172.53 $ 164.19
Less effect of AOCI:
Accumulated currency translation adjustment 1.27 1.96 (0.12) (0.27)
Unrealized (depreciation) appreciation of securities (63.89) (74.10) (67.24) (68.73)
Effect of updating discount rates on future policy benefits 101.69 98.85 86.28 82.16
Change in instrument-specific credit risk for market risk benefits 0.01 0.05 0.09 0.03
Pension and postretirement benefits (0.23) (0.26) (0.28) (0.31)
Book value per share, excluding AOCI 164.66 $ 158.67 $ 155.87 $ 153.80 $ 151.31
Less effect of B36: (1.16) (0.76) (0.80) (0.66)
Book value per share, excluding AOCI and B36 165.50 $ 159.83 $ 156.63 $ 154.60 $ 151.97

All values are in US Dollars.

Page 29

Reinsurance Group of America, Incorporated

Non-GAAP Disclosures

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

Non-GAAP Financial Measures

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

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

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

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

•changes in the fair value of embedded derivatives;

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

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

•any net gain or loss from discontinued operations;

•the cumulative effect of any accounting changes;

•the impact of certain tax-related items; and

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

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

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

  1. Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items, and adjusted operating income per diluted share, excluding notable items. Notable items are items that the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented include the financial impact of the Company’s assumption reviews.
Page 30

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

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

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

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

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

•Book value per share, excluding AOCI and B36; and

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

•Adjusted operating return on equity excluding AOCI and B36;

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

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

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

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

Page 31

Document

Exhibit 99.3

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