Equibles

8-K

REINSURANCE GROUP OF AMERICA INC (RGA)

8-K 2025-05-01 For: 2025-04-29
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): April 29, 2025

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

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

16600 Swingley Ridge Road, Chesterfield, Missouri 63017

(Address of Principal Executive Office)

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

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

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

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

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

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

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

On May 1, 2025, Reinsurance Group of America, Incorporated (the "Company") issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended March 31, 2025, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended March 31, 2025, a copy of which is furnished with this report as Exhibit 99.2. The Press Release also notes that a conference call will be held on May 2, 2025 to discuss the financial and operating results for the three-month period ended March 31, 2025 (the "Earnings Call").

Item 7.01 Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated May 1, 2025 (the "Earnings Presentation"), a copy of which is furnished with this report as Exhibit 99.3 and incorporated in this Item 7.01 by reference.

The Press Release also announced that effective April 29, 2025 the Company’s board of directors declared a regular quarterly dividend of $0.89, payable May 27, 2025 to shareholders of record as of May 13, 2025.

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

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No. Exhibit
99.1 Press Release of Reinsurance Group of America, Incorporated dated May 1, 2025
99.2 Quarterly Financial Supplement for the quarter ended March 31, 2025
99.3 Earnings Presentation dated May 1, 2025
104 Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURE

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

REINSURANCE GROUP OF AMERICA, INCORPORATED
Date: May 1, 2025 By: /s/ Axel André
Axel André
Executive Vice President and Chief Financial Officer

Document

Exhibit 99.1

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PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS

FIRST QUARTER RESULTS

First Quarter Results

•Net income available to RGA shareholders of $4.27 per diluted share, adjusted operating income of $5.66 per diluted share

•ROE of 7.5%, adjusted operating ROE of 13.4%, adjusted operating ROE, excluding notable items of 15.0%, each for the trailing twelve months

•Favorable biometric claims experience across all segments of $196 million on an economic basis, resulting in a current period financial impact of $58 million

•Deployed capital of $418 million into in-force block transactions

•Robust balance sheet with estimated excess capital of $1.9 billion (before the impact of the Equitable Holdings, Inc. transaction), estimated deployable capital of $1.3 billion and ample liquidity

ST. LOUIS, May 1, 2025 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported first quarter net income available to RGA shareholders of $286 million, or $4.27 per diluted share, compared with $210 million, or $3.16 per diluted share, in the prior-year quarter. Adjusted operating income for the first quarter totaled $378 million, or $5.66 per diluted share, compared with $401 million, or $6.02 per diluted share, the year before. Net foreign currency fluctuations had an unfavorable effect of $0.09 per diluted share on net income available to RGA shareholders and on adjusted operating income, both as compared with the prior year.

Tony Cheng, President and Chief Executive Officer, commented, “Our first quarter was very good, and we are off to a strong start for the year. Our Traditional business performed particularly well as our biometric claims experience was favorable in all geographic segments. We deployed $418 million into in-force transactions, not including the capital that we expect to deploy later this year for the transaction with subsidiaries of Equitable Holdings, Inc. (“Equitable”) that we announced in February. Further, we believe that the capital deployed was into high quality transactions that we expect to deliver attractive returns over time. Recognizing the macro uncertainties, we continue to see an attractive pipeline for both organic new business and in-force transactions, with a good balance between each.”

Quarterly Results
($ in millions, except per share data) 2025 2024
Net premiums $ 4,019 $ 5,376
Net income available to RGA shareholders 286 210
Net income available to RGA shareholders per diluted share 4.27 3.16
Adjusted operating income 378 401
Adjusted operating income, excluding notable items 378 401
Adjusted operating income per diluted share 5.66 6.02
Adjusted operating income, excluding notable items per diluted share 5.66 6.02
Book value per share 172.53 143.92
Book value per share, excluding accumulated other comprehensive income (AOCI) 153.80 145.83
Book value per share, excluding AOCI and B36 154.60 146.96
Total assets 128,210 106,000

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 first quarter, consolidated net premiums totaled $4.0 billion, a decrease of 25% over the first quarter of 2024, with an adverse net foreign currency effect of $60 million. Net premiums for the quarter included a contribution of approximately $85 million from a single premium pension risk transfer transaction in the U.S. Financial Solutions business, compared with approximately $1.9 billion in that business during the prior year quarter. After adjusting for these impacts, consolidated net premiums increased 13%.

Compared with the year-ago period, excluding spread-based businesses, first quarter investment income increased 13%, primarily due to higher average invested assets. Average investment yield decreased to 4.64% in the first quarter, compared with 4.70% in the prior-year period, reflecting lower variable investment income and lower yield on cash and cash equivalents, partially offset by higher new money rates.

The effective tax rate for the quarter was 22.2% on pre-tax income, below the expected range of 23% to 24%, primarily due to U.S. tax benefits received from taxes paid in foreign jurisdictions.

The effective tax rate for the quarter was 21.9% on adjusted operating income before taxes, below the expected range of 23% to 24%, primarily due to U.S. tax benefits received from taxes paid in foreign jurisdictions.

SEGMENT RESULTS

U.S. and Latin America

Traditional

Quarterly Results
($ in millions) 2025 2024
Net premiums $ 1,921 $ 1,715
Adjusted operating income before taxes 140 128

Quarterly Results

•Results reflected favorable Individual Life large claims experience.

Financial Solutions

Quarterly Results
($ in millions) 2025 2024
Adjusted operating income before taxes 67 90

Quarterly Results

•Results reflected lower variable investment income.

Canada

Traditional

Quarterly Results
($ in millions) 2025 2024
Net premiums $ 319 $ 318
Adjusted operating income before taxes 32 46

Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $20 million, compared to the rates in the same period of prior year.

Quarterly Results

•Results reflected unfavorable lapse experience, partially offset by favorable claims experience.

•Foreign currency exchange rates had an adverse effect of $2 million on adjusted operating income before taxes.

Financial Solutions

Quarterly Results
($ in millions) 2025 2024
Adjusted operating income before taxes 11 7

Quarterly 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
($ in millions) 2025 2024
Net premiums $ 540 $ 496
Adjusted operating income before taxes 50 38

Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $3 million, compared to the rates in the same period of prior year.

Quarterly Results

•Results reflected the timing benefit on an annual premium treaty and favorable claims experience.

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

Financial Solutions

Quarterly Results
($ in millions) 2025 2024
Adjusted operating income before taxes 90 77

Quarterly Results

•Results reflected favorable overall experience.

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

Asia Pacific

Traditional

Quarterly Results
($ in millions) 2025 2024
Net premiums $ 777 $ 716
Adjusted operating income before taxes 106 109

Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $23 million, compared to the rates in the same period of prior year.

Quarterly Results

•Results reflected favorable overall experience.

•Foreign currency exchange rates had an adverse effect of $2 million on adjusted operating income before taxes.

Financial Solutions

Quarterly Results
($ in millions) 2025 2024
Net premiums $ 112 $ 46
Adjusted operating income before taxes 59 59

Quarterly Results

•Results reflected lower variable investment income.

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

Corporate and Other

Quarterly Results
($ in millions) 2025 2024
Adjusted operating income (loss) before taxes (70) (38)

Quarterly Results

•Results were unfavorable compared to the expected quarterly average run rate due to lower variable investment income and other one-time items.

Reinsurance Transaction with Equitable Holdings

In February, RGA announced an agreement with subsidiaries of Equitable to reinsure a diversified block of life insurance products and expand their strategic partnership. RGA is reinsuring 75% of Equitable’s in-force life insurance liabilities, consisting of approximately $18 billion of general account reserves and $14 billion of separate account reserves. The transaction is expected to close in mid-2025.

Dividend Declaration

Effective April 29, 2025, the board of directors declared a regular quarterly dividend of $0.89, payable May 27, 2025, to shareholders of record as of May 13, 2025.

Earnings Conference Call

A conference call to discuss first quarter results will begin at 10 a.m. Eastern Time on Friday, May 2, 2025. Interested parties may access the call by dialing 1-844-481-2753 (1-412-317-0669 international) and asking to be joined into the Reinsurance Group of America, Incorporated (RGA) call. A live audio webcast of the conference call will be available on RGA's Investor Relations website at www.rgare.com. A replay of the conference call will be available at the same address 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 our operating performance and assist the Company in the allocation of its resources. The Company believes that these non-GAAP financial measures provide investors and other third parties with a better understanding of the Company’s results of operations, financial statements and the underlying profitability drivers and trends of the Company’s businesses by excluding specified items which may not be indicative of the Company’s ongoing operating performance and may fluctuate significantly from period to period. These measures should be considered supplementary to the Company’s financial results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way the Company calculates such measures. Consequently, the Company’s non-GAAP financial measures may not be comparable to similar measures used by other companies.

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

1.Adjusted operating income, on a pre-tax and after-tax basis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations. Adjusted operating income is calculated as net income available to the Company’s shareholders (or, in the case of pre-tax adjusted operating income, income before income taxes) excluding, 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 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 such items can be volatile and may not reflect the underlying performance of the Company’s business. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company’s management incentive programs.

Adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments, and will be presented in our financial statement footnotes beginning with the Company’s annual report on Form 10-K to be filed for the fiscal year ended December 31, 2024 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 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 its investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses the following non-GAAP financial measures:

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

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

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

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

•Adjusted operating return on equity excluding AOCI and B36;

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

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

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

The Company is unable to provide reconciliations of the intermediate term targets of consolidated adjusted operating income (loss) before taxes, adjusted operating income (loss) before taxes, excluding notable items (on both a segment-level and consolidated basis), consolidated adjusted operating ROE, respectively, which are forward-looking non-GAAP financial measures, due to, among other things, 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 management'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 management's assumptions. Excludes the announced Equitable transaction which is not expected to close until mid-2025.

•Estimated Deployable Capital: Estimated deployable capital considers capital available for new transactions or available to return to shareholders over the next twelve months. Estimated deployable capital includes management's assumptions of sources and uses of capital, and future management actions over the next twelve months. Management'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 today 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 $4.0 trillion of life reinsurance in force and assets of $128.2 billion as of March 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”), and future developments associated with the previously announced transaction relating to the master transaction agreement that a Company subsidiary entered into with subsidiaries of Equitable Holdings, Inc., pursuant to which upon the closing thereof, the Company subsidiary would enter into coinsurance and modified coinsurance agreements with those counterparties (the “Reinsurance Transaction”). 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) adverse changes in mortality, morbidity, lapsation, or claims experience, (2) inadequate risk analysis and underwriting, (3) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital, and cost of capital, (4) changes in the Company’s financial strength and credit ratings and the effect of such

changes on the Company’s future results of operations and financial condition, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) requirements to post collateral or make payments due to declines in the market value of assets subject to the Company’s collateral arrangements, (7) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (8) the effect of the Company parent’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, (9) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (10) the impairment of other financial institutions and its effect on the Company’s business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (14) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers, and others, (18) financial performance of the Company’s clients, (19) the threat of natural

disasters, catastrophes, terrorist attacks, pandemics, epidemics, or other major public health issues anywhere in the world where the Company or its clients do business, (20) competitive factors and competitors’ responses to the Company’s initiatives, (21) development and introduction of new products and distribution opportunities, (22) execution of the Company’s entry into new markets, (23) integration of acquired blocks of business and entities, (24) interruption or failure of the Company’s telecommunication, information technology, or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data and intellectual property stored on such systems, (25) adverse developments with respect to litigation, arbitration, or regulatory investigations or actions, (26) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (27) changes in laws, regulations, and accounting standards applicable to the Company or its business, (28) the Company’s ability to complete the Reinsurance Transaction on a timely basis or at all, including as a result of the failure to satisfy any closing conditions, including those related to regulatory approvals, or, if the Reinsurance Transaction is completed, to achieve the expected benefits of the Reinsurance Transaction, and (29) 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 our 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 March 31,
2025 2024
Diluted Earnings Per Share Diluted Earnings Per Share
Net income available to RGA shareholders $ 286 $ 4.27 $ 210 $ 3.16
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net 53 0.82 185 2.77
Market risk benefits remeasurement (gains) losses 23 0.34 (28) (0.42)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses — — (2) (0.03)
Embedded derivatives:
Included in investment related gains/losses, net 9 0.13 (61) (0.92)
Included in interest credited 8 0.12 10 0.15
Investment (income) loss on unit-linked variable annuities — — 1 0.02
Interest credited on unit-linked variable annuities — — (1) (0.02)
Interest expense on uncertain tax positions — — — —
Other (1) (4) (0.06) 89 1.34
Uncertain tax positions and other tax related items 1 0.01 (4) (0.06)
Net income attributable to noncontrolling interest 2 0.03 2 0.03
Adjusted operating income 378 5.66 401 6.02
Notable items — — — —
Adjusted operating income, excluding notable items $ 378 $ 5.66 $ 401 $ 6.02

(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 March 31, 2025
Pre-tax Income (Loss) Income Taxes Effective Tax Rate (1)
GAAP income $ 369 $ 81 22.2 %
Reconciliation to adjusted operating income:
Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net 71 18
Market risk benefits remeasurement (gains) losses 29 6
Realized (gains) losses on funds withheld, included in investment income, net of related expenses — —
Embedded derivatives:
Included in investment related gains/losses, net 11 2
Included in interest credited 10 2
Investment (income) loss on unit-linked variable annuities — —
Interest credited on unit-linked variable annuities — —
Interest expense on uncertain tax positions — —
Other (2) (5) (1)
Uncertain tax positions and other tax related items — (1)
Adjusted operating income 485 107 21.9 %
Notable items — —
Adjusted operating income, excluding notable items $ 485 $ 107

(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 March 31,
2025 2024
Income before income taxes $ 369 $ 272
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net 71 232
Market risk benefits remeasurement (gains) losses 29 (35)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses — (2)
Embedded derivatives:
Included in investment related gains/losses, net 11 (77)
Included in interest credited 10 13
Investment (income) loss on unit-linked variable annuities — 1
Interest credited on unit-linked variable annuities — (1)
Interest expense on uncertain tax positions — —
Other (1) (5) 113
Pre-tax adjusted operating income 485 516
Notable items — —
Pre-tax adjusted operating income, excluding notable items $ 485 $ 516

(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 March 31,
2025 2024
Earnings per share from net income (loss):
Basic earnings per share $ 4.33 $ 3.20
Diluted earnings per share $ 4.27 $ 3.16
Diluted earnings per share from adjusted operating income $ 5.66 $ 6.02
Weighted average number of common and common equivalent shares outstanding 66,861 66,559
(Unaudited) At March 31,
--- --- --- --- ---
2025 2024
Treasury shares 19,225 19,523
Common shares outstanding 66,086 65,788
Book value per share outstanding $ 172.53 $ 143.92
Book value per share outstanding, before impact of AOCI $ 153.80 $ 145.83

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

(Unaudited) At March 31,
2025 2024
Book value per share outstanding $ 172.53 $ 143.92
Less effect of AOCI:
Accumulated currency translation adjustment (0.12) 0.88
Unrealized (depreciation) appreciation of securities (67.24) (61.74)
Effect of updating discount rates on future policy benefits 86.28 59.36
Change in instrument-specific credit risk for market risk benefits 0.09 0.04
Pension and postretirement benefits (0.28) (0.45)
Book value per share outstanding, before impact of AOCI 153.80 145.83
Less effect of B36 derivatives (0.80) (1.13)
Book value per share outstanding, before impact of AOCI and B36 derivatives $ 154.60 $ 146.96

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 March 31, 2025: Average Equity
Shareholders' average equity $ 10,509
Less effect of AOCI:
Accumulated currency translation adjustment 45
Unrealized (depreciation) appreciation of securities (4,105)
Effect of updating discount rates on future policy benefits 4,723
Change in instrument-specific credit risk for market risk benefits 4
Pension and postretirement benefits (25)
Shareholders' average equity, excluding AOCI 9,867
Year-to-date notable items, net of tax 67
Shareholders' average equity, excluding AOCI and notable items $ 9,934

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 March 31, 2025: Income
Net income available to RGA shareholders $ 793 7.5 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net 515
Change in fair value of embedded derivatives (12)
Tax expense on uncertain tax positions and other tax related items 16
Net income attributable to noncontrolling interest 7
Adjusted operating income 1,319 13.4 %
Notable items after tax 169
Adjusted operating income, excluding notable items $ 1,488 15.0 %

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)

(Unaudited) Three Months Ended March 31,
2025 2024
Revenues:
Net premiums $ 4,019 $ 5,376
Investment income, net of related expenses 1,232 961
Investment related gains (losses), net (79) (149)
Other revenue 88 149
Total revenues 5,260 6,337
Benefits and expenses:
Claims and other policy benefits 3,822 5,132
Future policy benefits remeasurement (gains) losses (56) (24)
Market risk benefits remeasurement (gains) losses 29 (35)
Interest credited 299 254
Policy acquisition costs and other insurance expenses 417 387
Other operating expenses 300 283
Interest expense 80 68
Total benefits and expenses 4,891 6,065
Income before income taxes 369 272
Provision for income taxes 81 60
Net income 288 212
Net income attributable to noncontrolling interest 2 2
Net income available to RGA shareholders $ 286 $ 210

#

Document

Exhibit 99.2

rga_logoxrgbxredxwht.jpg

Quarterly Financial Supplement

First Quarter 2025

(Unaudited)

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

1st 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 Qtr
(USD millions, except in force and per share and shares data) March 31, Dec. 31, Sept. 30, June 30, March 31, vs. PY
2025 2024 2024 2024 2024 Quarter
Net premiums $ 4,019 $ 4,156 $ 4,391 $ 3,920 $ 5,376 $ (1,357)
Net income available to RGA's shareholders 286 148 156 203 210 76
Adjusted operating income 378 334 242 365 401 (23)
Adjusted operating income excluding notable items (1) 378 334 410 365 401 (23)
Return on equity 7.5 % 7.1 % 7.7 % 9.7 % 10.2 % (2.7) %
Adjusted operating return on equity (ex AOCI) 13.4 % 13.8 % 13.8 % 15.3 % 14.8 % (1.4) %
Adjusted operating return on equity (ex AOCI and notable items (1)) 15.0 % 15.4 % 15.5 % 15.3 % 14.8 % 0.2 %
Adjusted operating return on equity (ex AOCI and effect of B36 items) 13.3 % 13.7 % 13.7 % 15.3 % 14.8 % (1.5) %
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income $ 4.33 $ 2.26 $ 2.37 $ 3.07 $ 3.20 $ 1.13
Adjusted operating income $ 5.73 $ 5.07 $ 3.67 $ 5.55 $ 6.09 $ (0.36)
Adjusted operating income excluding notable items (1) $ 5.73 $ 5.07 $ 6.22 $ 5.55 $ 6.09 $ (0.36)
Diluted earnings per share
Net income $ 4.27 $ 2.22 $ 2.33 $ 3.03 $ 3.16 $ 1.11
Adjusted operating income $ 5.66 $ 4.99 $ 3.62 $ 5.48 $ 6.02 $ (0.36)
Adjusted operating income excluding notable items (1) $ 5.66 $ 4.99 $ 6.13 $ 5.48 $ 6.02 $ (0.36)
Weighted average common shares outstanding
Basic 66,008 65,867 65,850 65,807 65,739 269
Diluted 66,861 66,982 66,797 66,732 66,559 302
Book value per share $ 172.53 $ 164.19 $ 168.93 $ 147.90 $ 143.92 $ 28.61
Book value per share, excluding AOCI $ 153.80 $ 151.31 $ 149.63 $ 148.19 $ 145.83 $ 7.97
Book value per share, excluding AOCI and B36 $ 154.60 $ 151.97 $ 151.79 $ 149.01 $ 146.96 $ 7.64
Shareholders’ dividends paid $ 59 $ 59 $ 58 $ 56 $ 56 $ 3
Share buybacks — — — — — —
Total returned to shareholders $ 59 $ 59 $ 58 $ 56 $ 56 $ 3
Common shares issued 85,311 85,311 85,311 85,311 85,311 —
Treasury shares 19,225 19,439 19,447 19,487 19,523 (298)
Common shares outstanding 66,086 65,872 65,864 65,824 65,788 298
Assumed life reinsurance in force (in billions) $ 3,950.9 $ 3,878.7 $ 3,966.5 $ 3,767.7 $ 3,729.8 $ 221.1
Assumed new business production (in billions) $ 131.7 $ 102.3 $ 204.4 $ 89.6 $ 109.1 $ 22.6
(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 Qtr
March 31, Dec. 31, Sept. 30, June 30, March 31, vs. PY
2025 2024 2024 2024 2024 Quarter
Revenues:
Net premiums $ 4,019 $ 4,156 $ 4,391 $ 3,920 $ 5,376 $ (1,357)
Net investment income 1,232 1,185 1,188 1,082 961 271
Investment related gains (losses), net (79) (247) (78) (271) (149) 70
Other revenue 88 147 150 147 149 (61)
Total revenues 5,260 5,241 5,651 4,878 6,337 (1,077)
Benefits and expenses:
Adjusted claims and other policy benefits 3,822 3,943 4,116 3,712 5,132 (1,310)
Future policy benefits remeasurement (gains) losses (56) (69) 151 (90) (24) (32)
Market risk benefits remeasurement (gains) losses 29 (32) 31 (8) (35) 64
Adjusted interest credited 299 292 310 231 254 45
Policy acquisition costs and other insurance expenses 417 411 452 391 387 30
Other operating expenses 300 385 299 301 283 17
Interest expense 80 86 78 72 68 12
Total benefits and expenses 4,891 5,016 5,437 4,609 6,065 (1,174)
Income before income taxes 369 225 214 269 272 97
Provision for income taxes 81 75 56 65 60 21
Net income 288 150 158 204 212 76
Net income attributable to noncontrolling interest 2 2 2 1 2 —
Net income available to RGA's shareholders $ 286 $ 148 $ 156 $ 203 $ 210 $ 76
Pre-tax adjusted operating income reconciliation:
Income before income taxes $ 369 $ 225 $ 214 $ 269 $ 272 $ 97
Investment and derivative (gains) losses (1) 71 380 (23) 308 232 (161)
Market risk benefits remeasurement (gains) losses 29 (32) 31 (8) (35) 64
Change in fair value of funds withheld embedded derivatives (1) 11 (125) 112 (26) (77) 88
Funds withheld (gains) losses - investment income — 6 (1) — (2) 2
Derivatives - interest credited 10 (3) 11 (6) 13 (3)
Investment (income) loss on unit-linked variable annuities — 2 (1) 1 1 (1)
Interest credited on unit-linked variable annuities — (2) 1 (1) (1) 1
Interest expense on uncertain tax positions — 1 1 (1) — —
Other (2) (5) (21) (31) (45) 113 (118)
Adjusted operating income before income taxes 485 431 314 491 516 (31)
Notable items (3) — — 194 — — —
Adjusted operating income before income taxes excluding notable items $ 485 $ 431 $ 508 $ 491 $ 516 $ (31)
(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 Qtr
March 31, Dec. 31, Sept. 30, June 30, March 31, vs. PY
2025 2024 2024 2024 2024 Quarter
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA $ 286 $ 148 $ 156 $ 203 $ 210 $ 76
Investment and derivative (gains) losses (1) 53 300 (18) 239 185 (132)
Market risk benefits remeasurement (gains) losses 23 (26) 25 (6) (28) 51
Change in fair value of funds withheld embedded derivatives (1) 9 (99) 88 (20) (61) 70
Funds withheld (gains) losses - investment income — 4 — — (2) 2
Derivatives - interest credited 8 (2) 8 (4) 10 (2)
Investment (income) loss on unit-linked variable annuities — 1 (1) 1 1 (1)
Interest credited on unit-linked variable annuities — (1) 1 (1) (1) 1
Interest expense on uncertain tax positions — 1 1 (1) — —
Other (2) (4) (16) (25) (35) 89 (93)
Uncertain tax positions and other tax related items 1 22 5 (12) (4) 5
Net income attributable to noncontrolling interest 2 2 2 1 2 —
Adjusted operating income 378 334 242 365 401 (23)
Notable items (3) — — 168 — — —
Adjusted operating income excluding notable items $ 378 $ 334 $ 410 $ 365 $ 401 $ (23)
Diluted earnings per share - adjusted operating income $ 5.66 $ 4.99 $ 3.62 $ 5.48 $ 6.02 $ (0.36)
Diluted earnings per share - adjusted operating income excluding notable items $ 5.66 $ 4.99 $ 6.13 $ 5.48 $ 6.02 $ (0.36)
Foreign currency effect on (4):
Net premiums $ (60) $ (15) $ 1 $ (33) $ (12) $ (48)
Adjusted operating income before income taxes $ (8) $ 8 $ 1 $ (5) $ 1 $ (9)
(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)
Dec. 31, Sept. 30, June 30, March 31,
2024 2024 2024 2024
Assets
Fixed maturity securities available-for-sale, at fair value 84,507 $ 77,617 $ 78,149 $ 70,491 $ 65,827
Equity securities 155 155 144 144
Mortgage loans 8,839 8,388 7,984 7,539
Policy loans 1,321 1,285 1,171 1,198
Funds withheld at interest 5,436 5,545 5,556 5,642
Limited partnerships and real estate joint ventures 3,067 2,972 2,791 2,697
Short-term investments 363 381 335 327
Other invested assets 1,242 1,361 1,148 1,140
Total investments 98,040 98,236 89,620 84,514
Cash and cash equivalents 3,326 5,195 4,596 5,935
Accrued investment income 986 995 881 808
Premiums receivable and other reinsurance balances 3,898 3,738 3,635 3,342
Reinsurance ceded receivables and other 5,531 5,438 5,122 5,265
Deferred policy acquisition costs 5,543 5,477 4,720 4,673
Other assets 1,351 1,179 1,314 1,463
Total assets 128,210 $ 118,675 $ 120,258 $ 109,888 $ 106,000
Liabilities and equity
Future policy benefits 59,836 $ 53,368 $ 55,933 $ 50,779 $ 47,067
Interest-sensitive contract liabilities 35,095 34,357 31,676 31,319
Market risk benefits, at fair value 223 247 217 228
Other policy claims and benefits 2,693 2,875 2,769 2,753
Other reinsurance balances 1,316 955 917 874
Deferred income taxes 2,199 2,059 1,866 1,897
Other liabilities 2,816 2,739 2,449 3,468
Funds withheld payable 5,017 4,809 4,323 4,409
Long-term debt 5,042 5,067 5,067 4,427
Total liabilities 107,769 109,041 100,063 96,442
Equity:
Common stock, at par value 1 1 1 1
Additional paid-in-capital 2,600 2,577 2,567 2,549
Retained earnings 9,255 9,166 9,076 8,934
Treasury stock (1,889) (1,889) (1,889) (1,891)
Accumulated other comprehensive income, net of taxes (AOCI):
Accumulated currency translation adjustment (19) 108 86 57
Unrealized (depreciation) appreciation of securities (4,526) (2,800) (4,694) (4,062)
Effect of updating discount rates on future policy benefits 5,412 3,987 4,611 3,906
Change in instrument-specific credit risk for market risk benefits 2 6 6 3
Pension and postretirement benefits (20) (29) (29) (29)
Total RGA, Inc. shareholders’ equity 10,816 11,127 9,735 9,468
Noncontrolling interest 90 90 90 90
Total equity 10,906 11,217 9,825 9,558
Total liabilities and equity 128,210 $ 118,675 $ 120,258 $ 109,888 $ 106,000
Total RGA, Inc. shareholders’ equity, excluding AOCI 10,164 $ 9,967 $ 9,855 $ 9,755 $ 9,593
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 Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2024 2024 2024 2024 Quarter
Revenues:
Net premiums 1,921 $ 2,046 $ 1,912 $ 1,827 $ 1,715 $ 206
Net investment income 247 226 203 205 63
Investment related gains (losses), net — — — — (6)
Other revenue 14 21 7 6 2
Total revenues 2,307 2,159 2,037 1,926 265
Benefits and expenses:
Adjusted claims and other policy benefits 1,886 1,712 1,676 1,572 201
Future policy benefits remeasurement (gains) losses (68) 46 (66) (21) (4)
Adjusted interest credited 36 45 19 19 10
Policy acquisition costs and other insurance expenses 225 223 186 175 44
Other operating expenses 77 54 55 53 2
Total benefits and expenses 2,156 2,080 1,870 1,798 253
Adjusted operating income before income taxes 151 79 167 128 12
Notable items (1) — 53 — — —
Adjusted operating income excluding notable items, before income taxes 140 $ 151 $ 132 $ 167 $ 128 $ 12
Loss and expense ratios:
Loss ratio (2) % 88.9 % 91.9 % 88.1 % 90.4 % 0.6 %
Policy acquisition costs and other insurance expenses % 11.0 % 11.7 % 10.2 % 10.2 % 1.2 %
Other operating expenses % 3.8 % 2.8 % 3.0 % 3.1 % (0.2) %
Foreign currency effect on (3):
Net premiums (7) $ (5) $ (4) $ 1 $ 3 $ (10)
Adjusted operating income (loss) before income taxes (2) $ — $ — $ (1) $ — $ (2)
Assumed Life Reinsurance In Force (in billions) 1,840.6 $ 1,837.1 $ 1,834.5 $ 1,716.1 $ 1,709.1 $ 131.5
Assumed New Business Production (in billions) 36.3 $ 41.0 $ 150.0 $ 35.9 $ 41.0 $ (4.7)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 7
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2024 2024 2024 2024 Quarter
Revenues:
Net premiums 109 $ 156 $ 609 $ 305 $ 1,916 $ (1,807)
Net investment income 323 336 318 303 34
Other revenue 52 58 54 62 (12)
Total revenues 531 1,003 677 2,281 (1,785)
Benefits and expenses:
Adjusted claims and other policy benefits 210 654 367 1,956 (1,756)
Future policy benefits remeasurement (gains) losses (10) 12 (3) 2 (4)
Adjusted interest credited 127 131 126 135 (12)
Policy acquisition costs and other insurance expenses 102 105 87 80 4
Other operating expenses 26 21 20 18 6
Total benefits and expenses 455 923 597 2,191 (1,762)
Adjusted operating income before income taxes 76 80 80 90 (23)
Notable items (1) — — — — —
Adjusted operating income before income taxes excluding notable items 67 $ 76 $ 80 $ 80 $ 90 $ (23)
Assumed Life Reinsurance In Force (in billions) 9.5 $ 9.7 $ 9.8 $ 10.1 $ 10.1 $ (0.6)
Assumed New Business Production (in billions) — $ — $ — $ — $ — $ —
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) March 31, Dec. 31, Sept. 30, June 30, March 31,
2025 2024 2024 2024 2024
Policyholder account balances
Fixed annuities (deferred) $ 10,299 $ 9,691 $ 9,473 $ 9,677 $ 9,981
Equity-indexed annuities $ 1,838 $ 1,927 $ 2,022 $ 2,118 $ 2,234
Bank-owned life insurance (BOLI) and universal life $ 2,011 $ 2,019 $ 2,029 $ 2,052 $ 2,063
Other policyholder account balances $ 46 $ 34 $ 74 $ 43 $ 46
Variable annuities account balances
No riders $ 593 $ 610 $ 624 $ 609 $ 629
GMDB only 800 848 831 807 793
GMIB only 17 18 19 18 14
GMAB only 2 2 2 2 2
GMWB only 769 818 857 853 862
GMDB / WB 145 152 161 162 166
Other 13 13 14 13 11
Total variable annuities account balances $ 2,339 $ 2,461 $ 2,508 $ 2,464 $ 2,477
Interest-sensitive contract liabilities not associated with policyholder account balances:
Guaranteed investment contracts, funding agreements and immediate annuities (1) $ 1,257 $ 654 $ 680 $ 691 $ 693
Future policy benefits (at original discount rate) associated with:
Payout annuities $ 8,840 $ 6,781 $ 6,936 $ 6,764 $ 6,503
Other future policy benefits $ 61 $ 50 $ 89 $ 56 $ 59
Liability for market risk benefits:
Equity-indexed annuities $ 170 $ 163 $ 176 $ 147 $ 154
Variable annuities (liability) $ 73 $ 60 $ 71 $ 70 $ 74
Variable annuities (asset) $ 13 $ 17 $ 14 $ 15 $ 14
Net interest spread (2) 0.8 % 1.3 % 1.3 % 1.1 % 0.9 %
(1) Effective January 1, 2025, newly issued funding agreements are included in the U.S. Financial Solutions segment
(2) Net interest spread for Asset-Intensive is calculated as net investment income less interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents. Page 9
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2024 2024 2024 2024 Quarter
Revenues:
Net premiums 319 $ 333 $ 314 $ 326 $ 318 $ 1
Net investment income 64 68 61 64 1
Investment related gains, net — 1 2 — 1
Other revenue — 2 1 3 (4)
Total revenues 397 385 390 385 (1)
Benefits and expenses:
Adjusted claims and other policy benefits 311 296 304 283 12
Future policy benefits remeasurement gains (5) (4) 1 (3) 6
Adjusted interest credited — 1 — — —
Policy acquisition costs and other insurance expenses 45 48 46 47 (6)
Other operating expenses 14 14 13 12 1
Total benefits and expenses 365 355 364 339 13
Adjusted operating income before income taxes 32 30 26 46 (14)
Notable items (1) — (5) — — —
Adjusted operating income excluding notable items, before income taxes 32 $ 32 $ 25 $ 26 $ 46 $ (14)
Loss and expense ratios:
Loss ratio (2) % 91.9 % 93.0 % 93.6 % 88.1 % 5.3 %
Policy acquisition costs and other insurance expenses % 13.5 % 15.3 % 14.1 % 14.8 % (1.9) %
Other operating expenses % 4.2 % 4.5 % 4.0 % 3.8 % 0.3 %
Foreign currency effect on (3):
Net premiums (20) $ (10) $ (5) $ (6) $ 1 $ (21)
Adjusted operating income before income taxes (2) $ (1) $ (1) $ — $ — $ (2)
Assumed Life Reinsurance In Force (in billions) 478.6 $ 474.2 $ 499.6 $ 489.3 $ 488.0 $ (9.4)
Assumed New Business Production (in billions) 13.2 $ 12.3 $ 11.9 $ 12.3 $ 11.5 $ 1.7
Creditor reinsurance net premiums 19 $ 18 $ 19 $ 17 $ 17 $ 2
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 10
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Canada Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2024 2024 2024 2024 Quarter
Revenues:
Net premiums 52 $ 46 $ 49 $ 48 $ 23 $ 29
Net investment income 51 47 48 1 50
Investment related gains, net 1 — — — —
Other revenue 5 3 6 3 1
Total revenues 103 99 102 27 80
Benefits and expenses:
Adjusted claims and other policy benefits 109 90 89 19 72
Future policy benefits remeasurement gains — — — — —
Policy acquisition costs and other insurance expenses (17) 5 4 1 4
Other operating expenses 3 — 2 — —
Total benefits and expenses 95 95 95 20 76
Adjusted operating income before income taxes 8 4 7 7 4
Notable items (2) — — — — —
Adjusted operating income excluding notable items, before income taxes 11 $ 8 $ 4 $ 7 $ 7 $ 4
Foreign currency effect on (3):
Net premiums (3) $ (1) $ (1) $ (1) $ — $ (3)
Adjusted operating income before income taxes (1) $ — $ (1) $ — $ — $ (1)
Assumed Life Reinsurance In Force (in billions) 6.0 $ 6.0 $ 8.3 $ — $ — $ 6.0
Assumed New Business Production (in billions) — $ — $ 8.3 $ — $ — $ —
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(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 Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2024 2024 2024 2024 Quarter
Revenues:
Net premiums 540 $ 488 $ 521 $ 497 $ 496 $ 44
Net investment income 28 30 27 27 3
Other revenue 10 (1) — 2 —
Total revenues 526 550 524 525 47
Benefits and expenses:
Adjusted claims and other policy benefits 445 472 464 424 59
Future policy benefits remeasurement (gains) losses 12 35 6 (5) (3)
Policy acquisition costs and other insurance expenses 21 29 22 37 (17)
Other operating expenses 37 32 33 31 (4)
Total benefits and expenses 515 568 525 487 35
Adjusted operating income (loss) before income taxes 11 (18) (1) 38 12
Notable items (1) — 40 — — —
Adjusted operating income (loss) excluding notable items, before income taxes 50 $ 11 $ 22 $ (1) $ 38 $ 12
Loss and expense ratios:
Loss ratio (2) % 93.6 % 97.3 % 94.6 % 84.5 % 3.5 %
Policy acquisition costs and other insurance expenses % 4.3 % 5.6 % 4.4 % 7.5 % (3.8) %
Other operating expenses % 7.6 % 6.1 % 6.6 % 6.3 % (1.3) %
Foreign currency effect on (3):
Net premiums (3) $ 8 $ 12 $ 1 $ 7 $ (10)
Adjusted operating income (loss) before income taxes 1 $ 2 $ (1) $ — $ — $ 1
Critical illness net premiums 32 $ 33 $ 38 $ 33 $ 32 $ —
Assumed Life Reinsurance In Force (in billions) 1,036.7 $ 970.4 $ 1,027.5 $ 976.5 $ 985.1 $ 51.6
Assumed New Business Production (in billions) 63.4 $ 30.5 $ 31.0 $ 20.0 $ 38.0 $ 25.4
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 12
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2024 2024 2024 2024 Quarter
Revenues:
Net premiums 189 $ 187 $ 168 $ 159 $ 146 $ 43
Net investment income 87 84 79 69 16
Investment related gains (losses), net (1) 1 1 (1) —
Other revenue 12 3 8 11 (2)
Total revenues 285 256 247 225 57
Benefits and expenses:
Adjusted claims and other policy benefits 159 148 133 122 45
Future policy benefits remeasurement (gains) losses (1) — 2 2 (5)
Adjusted interest credited 9 5 9 7 (1)
Policy acquisition costs and other insurance expenses 2 2 2 2 (1)
Other operating expenses 20 15 15 15 6
Total benefits and expenses 189 170 161 148 44
Adjusted operating income before income taxes 96 86 86 77 13
Notable items (2) — 2 — — —
Adjusted operating income excluding notable items, before income taxes 90 $ 96 $ 88 $ 86 $ 77 $ 13
Foreign currency effect on (3):
Net premiums (2) $ 4 $ 4 $ 1 $ 5 $ (7)
Adjusted operating income before income taxes — $ 1 $ 2 $ — $ 3 $ (3)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(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 Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2024 2024 2024 2024 Quarter
Revenues:
Net premiums 777 $ 834 $ 756 $ 708 $ 716 $ 61
Net investment income 66 65 61 65 6
Investment related gains (losses), net (1) 1 1 — (1)
Other revenue 10 (3) 8 10 (7)
Total revenues 909 819 778 791 59
Benefits and expenses:
Adjusted claims and other policy benefits 733 656 607 586 85
Future policy benefits remeasurement (gains) losses 9 53 (29) 1 (19)
Policy acquisition costs and other insurance expenses 37 44 42 45 (6)
Other operating expenses 67 55 59 50 2
Total benefits and expenses 846 808 679 682 62
Adjusted operating income before income taxes 63 11 99 109 (3)
Notable items (1) — 95 — — —
Adjusted operating income excluding notable items, before income taxes 106 $ 63 $ 106 $ 99 $ 109 $ (3)
Loss and expense ratios:
Loss ratio (2) % 89.0 % 93.8 % 81.6 % 82.0 % 2.0 %
Policy acquisition costs and other insurance expenses % 4.4 % 5.8 % 5.9 % 6.3 % (1.3) %
Other operating expenses % 8.0 % 7.3 % 8.3 % 7.0 % (0.3) %
Foreign currency effect on (3):
Net premiums (23) $ (9) $ (4) $ (23) $ (23) $ —
Adjusted operating income before income taxes (2) $ 1 $ 4 $ (2) $ (2) $ —
Critical illness net premiums 398 $ 405 $ 414 $ 358 $ 352 $ 46
Assumed Life Reinsurance In Force (in billions) 561.1 $ 567.6 $ 572.2 $ 557.8 $ 528.9 $ 32.2
Assumed New Business Production (in billions) 14.3 $ 18.5 $ 11.5 $ 13.1 $ 17.6 $ (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) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 14
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2024 2024 2024 2024 Quarter
Revenues:
Net premiums 112 $ 66 $ 62 $ 50 $ 46 $ 66
Net investment income 189 184 163 120 76
Investment related gains, net 6 5 6 3 4
Other revenue 6 19 12 20 (14)
Total revenues 267 270 231 189 132
Benefits and expenses:
Adjusted claims and other policy benefits 97 90 74 47 98
Future policy benefits remeasurement gains (6) 9 (1) — (3)
Adjusted interest credited 81 75 49 51 33
Policy acquisition costs and other insurance expenses 20 27 30 25 2
Other operating expenses 10 9 8 7 2
Total benefits and expenses 202 210 160 130 132
Adjusted operating income before income taxes 65 60 71 59 —
Notable items (2) — 9 — — —
Adjusted operating income excluding notable items, before income taxes 59 $ 65 $ 69 $ 71 $ 59 $ —
Foreign currency effect on (3):
Net premiums (2) $ (2) $ (1) $ (6) $ (5) $ 3
Adjusted operating income before income taxes (1) $ 6 $ (2) $ (2) $ (1) $ —
Assumed Life Reinsurance In Force (in billions) 18.4 $ 13.7 $ 14.6 $ 9.6 $ 8.5 $ 9.9
Assumed New Business Production (in billions) 4.5 $ — $ — $ — $ 1.0 $ 3.5
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(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 Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2024 2024 2024 2024 Quarter
Revenues:
Net investment income 129 $ 138 $ 146 $ 123 $ 106 $ 23
Investment related gains, net 3 3 1 4 (1)
Other revenue 23 19 9 12 (7)
Total revenues 164 168 133 122 15
Benefits and expenses:
Adjusted interest credited 44 41 35 30 17
Policy acquisition costs and other insurance income (24) (31) (28) (25) 6
Other operating expenses 130 99 97 87 12
Interest expense 85 77 73 68 12
Total benefits and expenses 235 186 177 160 47
Adjusted operating loss before income taxes (71) (18) (44) (38) (32)
Notable items (1) — — — — —
Adjusted operating loss excluding notable items, before income taxes (70) $ (71) $ (18) $ (44) $ (38) $ (32)
Foreign currency effect on (2):
Adjusted operating loss before income taxes (1) $ (1) $ — $ — $ 1 $ (2)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) 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 Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2024 2024 2024 2024 Quarter
U.S. and Latin America:
Traditional 140 $ 151 $ 79 $ 167 $ 128 $ 12
Financial Solutions 76 80 80 90 (23)
Total U.S. and Latin America 227 159 247 218 (11)
Canada:
Traditional 32 30 26 46 (14)
Financial Solutions 8 4 7 7 4
Total Canada 40 34 33 53 (10)
Europe, Middle East and Africa:
Traditional 11 (18) (1) 38 12
Financial Solutions 96 86 86 77 13
Total Europe, Middle East and Africa 107 68 85 115 25
Asia Pacific:
Traditional 63 11 99 109 (3)
Financial Solutions 65 60 71 59 —
Total Asia Pacific 128 71 170 168 (3)
Corporate and Other (71) (18) (44) (38) (32)
Consolidated adjusted operating income before income taxes 431 314 491 516 (31)
Notable items (1) — 194 — — —
Consolidated adjusted operating income excluding notable items before income taxes 485 $ 431 $ 508 $ 491 $ 516 $ (31)
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
Dec. 31, Sept. 30, June 30, March 31,
2024 2024 2024 2024
Fixed maturity securities, available-for-sale (1) 84,507 $ 77,617 $ 78,149 $ 70,491 $ 65,827
Equity securities 155 155 144 144
Mortgage loans 8,839 8,388 7,984 7,539
Policy loans 1,321 1,285 1,171 1,198
Funds withheld at interest 5,436 5,545 5,556 5,642
Limited partnerships and real estate joint ventures 3,067 2,972 2,791 2,697
Short-term investments 363 381 335 327
Other invested assets 1,242 1,361 1,148 1,140
Cash and cash equivalents 3,326 5,195 4,596 5,935
Total cash and invested assets 110,731 $ 101,366 $ 103,431 $ 94,216 $ 90,449
(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 Qtr
March 31, Dec. 31, Sept. 30, June 30, March 31, vs. PY
2025 2024 2024 2024 2024 Quarter
Average invested assets at amortized cost (1) $ 44,016 $ 40,803 $ 39,469 $ 38,172 $ 38,483 $ 5,533
Net investment income (1) $ 502 $ 484 $ 492 $ 436 $ 444 $ 58
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1) 4.64 % 4.83 % 5.08 % 4.65 % 4.70 % (6) bps
Variable investment income ("VII") (included in net investment income) (1) $ (6) $ 25 $ 36 $ 12 $ 16 $ (22)
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) 4.90 % 4.80 % 4.95 % 4.76 % 4.75 % 15 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 59,278 $ 88 $ 680 $ 4,150 $ 55,720 65.9 %
Canadian government — 440 48 4,996 5.9 %
Japanese government — 29 1,131 6,105 7.2 %
ABS 15 44 175 5,520 6.5 %
CMBS — 20 87 2,267 2.7 %
RMBS — 18 87 1,502 1.8 %
U.S. government — 20 248 1,963 2.3 %
State and political subdivisions — 3 86 722 0.9 %
Other foreign government — 94 435 5,712 6.8 %
Total fixed maturity securities 89,709 $ 103 $ 1,348 $ 6,447 $ 84,507 100.0 %

All values are in US Dollars.

December 31, 2024
Amortized<br>Cost Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate $ 54,705 $ 82 $ 642 $ 4,274 $ 50,991 65.7 %
Canadian government 4,655 — 412 51 5,016 6.5 %
Japanese government 5,319 — 1 875 4,445 5.7 %
ABS 5,197 15 42 184 5,040 6.5 %
CMBS 2,344 1 22 98 2,267 2.9 %
RMBS 1,412 — 12 107 1,317 1.7 %
U.S. government 2,734 — 11 281 2,464 3.2 %
State and political subdivisions 789 — 3 99 693 0.9 %
Other foreign government 5,752 — 56 424 5,384 6.9 %
Total fixed maturity securities $ 82,907 $ 98 $ 1,201 $ 6,393 $ 77,617 100.0 %
Page 19
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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 7,683 $ 7,438 13.4 % A- $ 7,757 $ 7,485 14.7 % A-
Brokerage/asset managers/exchanges 1,405 2.5 % A- 1,482 1,360 2.7 % A-
Finance companies 615 1.1 % BBB 530 501 1.0 % BBB
Insurance 4,952 8.9 % A- 4,992 4,497 8.8 % A-
REITs 1,786 3.2 % A- 1,737 1,613 3.2 % A-
Other finance 1,274 2.3 % A- 1,407 1,217 2.3 % A-
Total financial institutions 18,647 $ 17,470 31.4 % $ 17,905 $ 16,673 32.7 %
Industrials
Basic 2,313 $ 2,148 3.9 % BBB+ $ 2,097 $ 1,929 3.8 % BBB+
Capital goods 2,631 4.7 % BBB+ 2,489 2,369 4.6 % BBB+
Communications 3,267 5.9 % BBB+ 3,420 3,147 6.2 % BBB+
Consumer cyclical 3,232 5.7 % BBB+ 3,300 3,099 6.1 % BBB+
Consumer noncyclical 6,173 11.1 % BBB+ 6,177 5,714 11.2 % BBB+
Energy 4,501 8.1 % BBB+ 4,060 3,906 7.7 % BBB+
Technology 2,103 3.8 % BBB+ 2,124 1,937 3.8 % BBB+
Transportation 3,289 5.9 % A- 3,238 3,025 5.9 % A-
Other industrial 1,614 2.9 % BBB 1,362 1,350 2.6 % BBB
Total industrials 30,662 $ 28,958 52.0 % $ 28,267 $ 26,476 51.9 %
Utilities
Electric 8,023 $ 7,519 13.4 % A- $ 6,863 $ 6,336 12.4 % A-
Natural gas 1,239 2.2 % A- 1,177 1,078 2.2 % A-
Other utility 534 1.0 % BBB+ 493 428 0.8 % BBB+
Total utilities 9,969 $ 9,292 16.6 % $ 8,533 $ 7,842 15.4 %
Total 59,278 $ 55,720 100.0 % 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
March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024
NAIC Designation (1) Rating Agency Designation (2) Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total
1 AAA/AA/A $ 58,522 $ 54,839 64.9 % $ 54,543 $ 50,822 65.5 % $ 53,371 $ 51,053 65.3 % $ 49,634 $ 45,782 64.9 % $ 46,541 $ 43,336 65.8 %
2 BBB 26,347 24,946 29.5 % 24,023 22,565 29.1 % 24,076 23,130 29.6 % 22,431 20,787 29.5 % 20,527 18,951 28.8 %
3 BB 3,880 3,849 4.6 % 3,422 3,410 4.4 % 3,284 3,233 4.2 % 3,331 3,270 4.6 % 3,039 2,952 4.5 %
4 B 643 639 0.8 % 636 577 0.7 % 662 576 0.7 % 562 504 0.8 % 515 468 0.8 %
5 CCC 287 216 0.2 % 246 221 0.3 % 168 131 0.2 % 158 124 0.2 % 123 98 0.1 %
6 In or near default 30 18 — % 37 22 — % 45 26 — % 45 24 — % 45 22 — %
Total $ 89,709 $ 84,507 100.0 % $ 82,907 $ 77,617 100.0 % $ 81,606 $ 78,149 100.0 % $ 76,161 $ 70,491 100.0 % $ 70,790 $ 65,827 100.0 %
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).
Structured Fixed Maturity Securities
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 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") $ 2,262 $ 2,251 24.2 % $ 2,044 $ 2,044 23.7 % $ 2,659 $ 2,650 29.7 % $ 2,675 $ 2,676 31.6 % $ 2,540 $ 2,518 31.6 %
ABS, excluding CLOs 3,404 3,269 35.2 % 3,153 2,996 34.7 % 2,862 2,723 30.5 % 2,627 2,467 29.1 % 2,597 2,427 30.5 %
Total ABS 5,666 5,520 59.4 % 5,197 5,040 58.4 % 5,521 5,373 60.2 % 5,302 5,143 60.7 % 5,137 4,945 62.1 %
CMBS 2,334 2,267 24.4 % 2,344 2,267 26.3 % 2,327 2,238 25.1 % 2,242 2,120 25.0 % 2,002 1,861 23.4 %
RMBS
Agency 385 344 3.7 % 394 344 4.0 % 401 365 4.0 % 414 364 4.3 % 436 385 4.8 %
Non-agency 1,186 1,158 12.5 % 1,018 973 11.3 % 973 953 10.7 % 893 848 10.0 % 814 765 9.7 %
Total RMBS 1,571 1,502 16.2 % 1,412 1,317 15.3 % 1,374 1,318 14.7 % 1,307 1,212 14.3 % 1,250 1,150 14.5 %
Total $ 9,571 $ 9,289 100.0 % $ 8,953 $ 8,624 100.0 % $ 9,222 $ 8,929 100.0 % $ 8,851 $ 8,475 100.0 % $ 8,389 $ 7,956 100.0 %
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 14,280 $ 481 $ 19,066 $ 3,610 $ 33,346 $ 4,091
Canadian government 3 438 45 623 48
Japanese government 8 4,119 1,123 4,467 1,131
ABS 19 1,446 149 3,026 168
CMBS 7 937 78 1,297 85
RMBS 3 600 84 819 87
U.S. government 4 673 244 875 248
State and political subdivisions 3 434 83 546 86
Other foreign government 49 1,757 348 3,065 397
Total investment grade securities 18,594 $ 577 $ 29,470 $ 5,764 $ 48,064 $ 6,341
Below investment grade securities:
Corporate 758 $ 22 $ 280 $ 36 $ 1,038 $ 58
ABS 1 31 6 36 7
Other foreign government — 130 38 130 38
Total below investment grade securities 763 $ 23 $ 441 $ 80 $ 1,204 $ 103
Total fixed maturity securities 19,357 $ 600 $ 29,911 $ 5,844 $ 49,268 $ 6,444
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.

All values are in US Dollars.

Page 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
ABS 19 1,730 159 2,670 178
CMBS 4 980 91 1,313 95
RMBS 7 593 100 947 107
U.S. government 15 656 266 1,448 281
State and political subdivisions 7 417 92 572 99
Other foreign government 42 1,816 344 3,224 386
Total investment grade securities 21,046 $ 820 $ 27,877 $ 5,463 $ 48,923 $ 6,283
Below investment grade securities:
Corporate 347 $ 7 $ 347 $ 50 $ 694 $ 57
ABS 1 40 5 141 6
Other foreign government — 130 38 130 38
Total below investment grade securities 448 $ 8 $ 517 $ 93 $ 965 $ 101
Total fixed maturity securities 21,494 $ 828 $ 28,394 $ 5,556 $ 49,888 $ 6,384
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.

All values are in US Dollars.

Page 23
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Consolidated Investment Related Gains and Losses
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2024 2024 2024 2024 Quarter
Fixed maturity securities available-for-sale:
Change in allowance for credit losses (6) $ 23 $ (9) $ (16) $ (20) $ 14
Impairments on fixed maturity securities — — (1) — —
Realized gains on investment activity 22 72 68 32 4
Realized losses on investment activity (334) (113) (230) (134) 47
Net losses on fixed maturity securities available-for-sale (289) (50) (179) (122) 65
Net gains (losses) on equity securities (4) 6 (5) 4 (5)
Change in mortgage loan allowance for credit losses (6) (12) 2 (10) 14
Limited partnerships and real estate joint ventures impairment losses (15) — — (8) 3
Change in fair value of certain limited partnership investments 21 17 — 1 (8)
Other, net 19 (14) 4 8 (8)
Freestanding derivatives (1):
Interest rate swaps (18) 13 (13) (31) 37
Interest rate options — (3) — (3) 3
Total return swaps (7) 7 (11) 4 (10)
Interest rate futures — — 1 1 (1)
Foreign currency swaps 14 (7) 8 14 (17)
Foreign currency swaps - hedged — — (1) (1) 1
Foreign currency forwards (82) 77 (98) (64) 86
Foreign currency options (6) 2 (3) — (1)
Equity options (1) 1 (1) (4) (2)
Equity futures 3 (12) (2) (17) 26
Credit default swaps 1 10 2 2 (20)
CPI swaps (2) (1) (1) — (5)
Total freestanding derivatives (98) 87 (119) (99) 97
Embedded derivatives 125 (112) 26 77 (88)
Net gains (losses) on total derivatives 27 (25) (93) (22) 9
Total investment related gains (losses), net (79) $ (247) $ (78) $ (271) $ (149) $ 70
(1) Freestanding derivatives are non-hedged unless specified.

All values are in US Dollars.

Page 24

rga_logoxrgbxredxwht.jpg

Appendix

Reconciliations of GAAP to Non-GAAP Measures
Page 25
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2024 2024 2024 2024 Quarter
U.S. and Latin America Traditional
Income before income taxes 149 $ 153 $ 57 $ 174 $ 116 $ 33
Investment and derivative gains (1) 1 1 — — —
Funds withheld losses - investment income — — — — —
Change in fair value of funds withheld embedded derivatives (1) (3) 21 (6) 12 (21)
Other — — (1) — —
Adjusted operating income before income taxes 151 79 167 128 12
Notable items (2) — 53 — — —
Adjusted operating income excluding notable items, before income taxes 140 $ 151 $ 132 $ 167 $ 128 $ 12
U.S. and Latin America Financial Solutions
Income (loss) before income taxes 34 $ 139 $ (46) $ 83 $ 17 $ 17
Market risk benefits remeasurement (gains) losses (32) 31 (8) (35) 64
Investment and derivative (gains) losses (1) 96 (7) 35 62 (79)
Change in fair value of funds withheld embedded derivatives (1) (122) 91 (20) (89) 109
Funds withheld (gains) losses - investment income 4 1 (1) (1) —
Derivatives - interest credited (1) 11 (6) 13 (8)
Other (3) (8) (1) (3) 123 (126)
Adjusted operating income before income taxes 76 80 80 90 (23)
Notable items (2) — — — — —
Adjusted operating income excluding notable items, before income taxes 67 $ 76 $ 80 $ 80 $ 90 $ (23)
(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 Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2024 2024 2024 2024 Quarter
Canada Traditional
Income before income taxes 32 $ 32 $ 29 $ 27 $ 47 $ (15)
Investment and derivative (gains) losses (1) — — 1 (1) 1
Investment income - non-operating FWAI 1 — — — —
Other (1) 1 (2) — —
Adjusted operating income before income taxes 32 30 26 46 (14)
Notable items (2) — (5) — — —
Adjusted operating income excluding notable items, before income taxes 32 $ 32 $ 25 $ 26 $ 46 $ (14)
Canada Financial Solutions
Income before income taxes 12 $ 17 $ 21 $ 6 $ 7 $ 5
Investment and derivative (gains) losses (1) (9) (17) 1 — (1)
Adjusted operating income before income taxes 8 4 7 7 4
Notable items (2) — — — — —
Adjusted operating income excluding notable items, before income taxes 11 $ 8 $ 4 $ 7 $ 7 $ 4
Europe, Middle East and Africa Traditional
Income (loss) before income taxes 50 $ 8 $ (17) $ 1 $ 28 $ 22
Other 3 (1) (2) 10 (10)
Adjusted operating income (loss) before income taxes 11 (18) (1) 38 12
Notable items (2) — 40 — — —
Adjusted operating income (loss) excluding notable items, before income taxes 50 $ 11 $ 22 $ (1) $ 38 $ 12
Europe, Middle East and Africa Financial Solutions
Income before income taxes 74 $ 79 $ 84 $ 72 $ 64 $ 10
Investment and derivative losses (1) 16 4 13 14 —
Investment income - non-operating FWAI 1 (2) 1 (1) 3
Investment (income) loss on unit-linked variable annuities 2 (1) 1 1 (1)
Interest credited on unit-linked variable annuities (2) 1 (1) (1) 1
Adjusted operating income before income taxes 96 86 86 77 13
Notable items (2) — 2 — — —
Adjusted operating income excluding notable items, before income taxes 90 $ 96 $ 88 $ 86 $ 77 $ 13
(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 Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2024 2024 2024 2024 Quarter
Asia Pacific Traditional
Income before income taxes 106 $ 59 $ 11 $ 100 $ 109 $ (3)
Other 4 — (1) — —
Adjusted operating income before income taxes 63 11 99 109 (3)
Notable items (2) — 95 — — —
Adjusted operating income excluding notable items, before income taxes 106 $ 63 $ 106 $ 99 $ 109 $ (3)
Asia Pacific Financial Solutions
Income (loss) before income taxes 31 $ 1 $ 93 $ (58) $ 13 $ 18
Investment and derivative (gains) losses (1) 96 (17) 178 74 (49)
Other (32) (16) (49) (28) 31
Adjusted operating income before income taxes 65 60 71 59 —
Notable items (2) — 9 — — —
Adjusted operating income excluding notable items, before income taxes 59 $ 65 $ 69 $ 71 $ 59 $ —
Corporate and Other
Loss before income taxes (119) $ (263) $ (18) $ (136) $ (129) $ 10
Investment and derivative losses (1) 180 13 80 83 (33)
Investment income - non-operating FWAI — — — — (1)
Interest expense on uncertain tax positions 1 1 (1) — —
Derivatives - interest credited (2) — — — 5
Other 13 (14) 13 8 (13)
Adjusted operating loss before income taxes (71) (18) (44) (38) (32)
Notable items (2) — — — — —
Adjusted operating loss excluding notable items, before income taxes (70) $ (71) $ (18) $ (44) $ (38) $ (32)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.

All values are in US Dollars.

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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Reconciliations of RGA, Inc. Shareholders’ Equity to RGA, Inc. Shareholders’ Equity Excluding AOCI
( millions except per share data)
Dec. 31, Sept. 30, June 30, March 31,
2024 2024 2024 2024
RGA, Inc. shareholders’ equity 11,402 $ 10,816 $ 11,127 $ 9,735 $ 9,468
Less effect of AOCI:
Accumulated currency translation adjustments (19) 108 86 57
Unrealized (depreciation) appreciation of securities (4,526) (2,800) (4,694) (4,062)
Effect of updating discount rates on future policy benefits 5,412 3,987 4,611 3,906
Change in instrument-specific credit risk for market risk benefits 2 6 6 3
Pension and postretirement benefits (20) (29) (29) (29)
RGA, Inc. shareholders’ equity, excluding AOCI 9,967 9,855 9,755 9,593
Year-to-date notable items, net of tax 168 168 — —
RGA, Inc. shareholders’ equity, excluding AOCI and notable items 10,164 $ 10,135 $ 10,023 $ 9,755 $ 9,593
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
Dec. 31, Sept. 30, June 30, March 31,
2024 2024 2024 2024
Book value per share 172.53 $ 164.19 $ 168.93 $ 147.90 $ 143.92
Less effect of AOCI:
Accumulated currency translation adjustment (0.27) 1.64 1.32 0.88
Unrealized (depreciation) appreciation of securities (68.73) (42.52) (71.31) (61.74)
Effect of updating discount rates on future policy benefits 82.16 60.54 70.06 59.36
Change in instrument-specific credit risk for market risk benefits 0.03 0.09 0.09 0.04
Pension and postretirement benefits (0.31) (0.45) (0.45) (0.45)
Book value per share, excluding AOCI 153.80 $ 151.31 $ 149.63 $ 148.19 $ 145.83
Less effect of B36: (0.66) (2.16) (0.82) (1.13)
Book value per share, excluding AOCI and B36 154.60 $ 151.97 $ 151.79 $ 149.01 $ 146.96

All values are in US Dollars.

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Reinsurance Group of America, Incorporated

Non-GAAP Disclosures

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

Non-GAAP Financial Measures

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

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

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

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

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

Adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments, and will be presented in our financial statement footnotes beginning with the Company’s annual report on Form 10-K to be filed for the fiscal year ended December 31, 2024 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 the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented include the financial impact of the Company’s assumption reviews.
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  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 its investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses the following non-GAAP financial measures:

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

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

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

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

•Adjusted operating return on equity excluding AOCI and B36;

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

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

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

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

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Document

Exhibit 99.3

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