8-K
REINSURANCE GROUP OF AMERICA INC (RGA)
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): July 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 July 31, 2025, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release (the “Earnings Release”) announcing its earnings for the three-month period ended June 30, 2025, and providing certain additional information, a copy of which is furnished as Exhibit 99.1 and is incorporated herein by reference and (2) a quarterly financial supplement for the quarter ended June 30, 2025, a copy of which is furnished as Exhibit 99.2 and is incorporated herein by reference. The Earnings Release also notes that a conference call will be held on August 1, 2025 to discuss the financial and operating results for the three-month period ended June 30, 2025 (the “Earnings Call”).
| Item 7.01 | Regulation FD Disclosure. |
|---|
On July 31, 2025, the Company issued a press release (the “Transaction Press Release”) announcing that RGA Reinsurance Company (“RGA Re”), a subsidiary of the Company, has entered into coinsurance and modified coinsurance agreements (the “Reinsurance Agreements”) with subsidiaries of Equitable Holdings, Inc. (collectively, the “Counterparty”), as contemplated by the previously announced master transaction agreement executed by RGA Re and the Counterparty in February 2025. Under the Reinsurance Agreements the Counterparty has ceded to RGA Re a 75% quota share of the Counterparty’s in-force individual life insurance liabilities, consisting of approximately $32 billion of a diversified mix of life insurance products. A copy of the Transaction Press Release is furnished as Exhibit 99.3 and is incorporated herein by reference.
In connection with the Earnings Call, the Company has prepared a presentation, dated July 31, 2025 (the “Earnings Presentation”), a copy of which is furnished as Exhibit 99.4 and incorporated herein by reference. The Earnings Release announced that effective July 29, 2025 the Company’s board of directors declared a regular quarterly dividend of $0.93, payable August 26, 2025 to shareholders of record as of August 12, 2025.
The information set forth in Exhibits 99.1, 99.2, 99.3 and 99.4 of this Current Report on Form 8-K is being furnished and shall not be deemed to be “filed”, as described in Instruction B.2 of Form 8-K.
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 on July 31, 2025 such Company subsidiary entered 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 that 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 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.
| Item 9.01 | Financial Statements and Exhibits |
|---|
(d) Exhibits.
| Exhibit No. | Exhibit |
|---|---|
| 99.1 | Press Release of Reinsurance Group of America, Incorporated datedJuly 31, 2025 (Earnings Release) |
| 99.2 | Quarterly Financial Supplement for the quarter endedJune 30, 2025 |
| 99.3 | Press Release of Reinsurance Group of America, Incorporated dated July 31, 2025 (Transaction Press Release) |
| 99.4 | Earnings Presentation dated July 31, 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: July 31, 2025 | By: | /s/ Axel André |
| Axel André | ||
| Executive Vice President and Chief Financial Officer |
Document
Exhibit 99.1
PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS
SECOND QUARTER RESULTS
Second Quarter Results
•Net income available to RGA shareholders of $2.70 per diluted share, adjusted operating income of $4.72 per diluted share
•ROE of 7.0%, adjusted operating ROE of 12.7%, adjusted operating ROE, excluding notable items of 14.3%, each for the trailing twelve months
•Increased quarterly dividend 4.5% to $0.93 per share
•Deployed capital of $276 million into in force block transactions
•Significant increase in our estimated deployable capital to $3.4 billion
ST. LOUIS, July 31, 2025 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported second quarter net income available to RGA shareholders of $180 million, or $2.70 per diluted share, compared with $203 million, or $3.03 per diluted share, in the prior-year quarter. Adjusted operating income and adjusted operating income, excluding notable items, for the second quarter totaled $315 million, or $4.72 per diluted share, compared with $365 million, or $5.48 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.08 per diluted share on net income available to RGA shareholders, and $0.12 per diluted share on adjusted operating income, both as compared with the prior year.
Tony Cheng, President and Chief Executive Officer, commented, “After a very strong first quarter, the second quarter operating results were below expectations, primarily reflecting claims volatility in our U.S. Individual Life business. However, we continue to execute successfully on our strategy, maintaining very good momentum overall and benefiting from the earnings diversity that comes from our global platform. New business in the quarter remained strong, and our Creation Re strategy continues to perform above expectations.
“Additionally, we continue to benefit from our balance sheet optimization efforts, as our estimated excess capital increased from $1.9 billion to $3.8 billion in the quarter, reflecting additional capital credit received on the value of a portion of our in force business. When factoring in the transaction with subsidiaries of Equitable Holdings, Inc., which closed earlier today, our pro forma excess capital is estimated to be $2.3 billion. Considering this, and our estimated deployable capital of $3.4 billion, we are well positioned to continue to fund our growth and return capital to shareholders through dividends and share repurchases.
“Our APAC and EMEA segments delivered strong results, and U.S. Financial Solutions performed well. U.S. Individual Life experience reflected a high level of large claims, offsetting the favorable experience in the first quarter. U.S. Group business saw higher than expected claims in the healthcare excess line, consistent with industry trends.
“We deployed $276 million into in force transactions, with good diversification across products and geographies. Our pipeline remains attractive. As mentioned earlier, the Equitable transaction has closed, and we are excited about the long-term value that this transaction is expected to provide RGA.
“Looking forward, we remain optimistic about our business prospects. RGA is well positioned in its markets, with a proven strategy. We point to a long track record of successful execution, which has produced strong financial results, and we expect to continue to deliver attractive financial results in the future.”
| Quarterly Results | Year-to-Date Results | |||||||
|---|---|---|---|---|---|---|---|---|
| ($ in millions, except per share data) | 2025 | 2024 | 2025 | 2024 | ||||
| Net premiums | $ | 4,151 | $ | 3,920 | $ | 8,170 | $ | 9,296 |
| Net income available to RGA shareholders | 180 | 203 | 466 | 413 | ||||
| Net income available to RGA shareholders per diluted share | 2.70 | 3.03 | 6.97 | 6.19 | ||||
| Adjusted operating income | 315 | 365 | 693 | 766 | ||||
| Adjusted operating income, excluding notable items | 315 | 365 | 693 | 766 | ||||
| Adjusted operating income per diluted share | 4.72 | 5.48 | 10.38 | 11.49 | ||||
| Adjusted operating income, excluding notable items per diluted share | 4.72 | 5.48 | 10.38 | 11.49 | ||||
| Book value per share | 182.37 | 147.90 | ||||||
| Book value per share, excluding accumulated other comprehensive income (AOCI) | 155.87 | 148.19 | ||||||
| Book value per share, excluding AOCI and B36 | 156.63 | 149.01 | ||||||
| Total assets | 133,479 | 109,888 |
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 second quarter, consolidated net premiums totaled $4.2 billion, an increase of 5.9% over the prior-year quarter, with a favorable net foreign currency effect of $45 million. Net premiums for the prior-year quarter included a contribution of approximately $280 million from a single premium pension transfer transaction in the U.S. Financial Solutions business.
Compared with the year-ago period, excluding spread-based businesses, second quarter investment income increased 36.5%, primarily due to higher average invested assets, higher variable investment income, and higher new money rates. Average investment yield increased to 5.31% in the second quarter, compared with 4.65% in the prior-year period, reflecting higher variable investment income and higher new money rates.
The effective tax rate for the quarter was 47% on pre-tax income, above the expected range of 23% to 24%, primarily due to the establishment of valuation allowances on foreign tax credits and tax expense related to a legal entity restructuring during the quarter.
The effective tax rate for the quarter was 25.2% on adjusted operating income before taxes, above the expected range of 23% to 24%, primarily due to the establishment of valuation allowances on foreign tax credits.
SEGMENT RESULTS
U.S. and Latin America
Traditional
| Quarterly Results | Year-to-Date Results | |||||||
|---|---|---|---|---|---|---|---|---|
| ($ in millions) | 2025 | 2024 | 2025 | 2024 | ||||
| Net premiums | $ | 2,019 | $ | 1,827 | $ | 3,940 | $ | 3,542 |
| Adjusted operating income before taxes | 4 | 167 | 144 | 295 | ||||
| Adjusted operating income before taxes, excluding notable items | 4 | 167 | 144 | 295 |
Quarterly Results
•Results reflected unfavorable individual life large claims experience and unfavorable group healthcare excess experience.
Financial Solutions
| Quarterly Results | Year-to-Date Results | |||
|---|---|---|---|---|
| ($ in millions) | 2025 | 2024 | 2025 | 2024 |
| Adjusted operating income before taxes | 97 | 80 | 164 | 170 |
| Adjusted operating income before taxes, excluding notable items | 97 | 80 | 164 | 170 |
Quarterly Results
•Results reflected favorable variable investment income and higher investment yields.
Canada
Traditional
| Quarterly Results | Year-to-Date Results | |||||||
|---|---|---|---|---|---|---|---|---|
| ($ in millions) | 2025 | 2024 | 2025 | 2024 | ||||
| Net premiums | $ | 339 | $ | 326 | $ | 658 | $ | 644 |
| Adjusted operating income before taxes | 28 | 26 | 60 | 72 | ||||
| Adjusted operating income before taxes, excluding notable items | 28 | 26 | 60 | 72 |
Net Premiums
•Foreign currency exchange rates had an adverse effect on net premiums of $4 million for the quarter.
Quarterly Results
•Results reflected unfavorable group and individual life experience.
•Foreign currency exchange rates had an adverse effect of $1 million on adjusted operating income before taxes.
Financial Solutions
| Quarterly Results | Year-to-Date Results | |||
|---|---|---|---|---|
| ($ in millions) | 2025 | 2024 | 2025 | 2024 |
| Adjusted operating income before taxes | 9 | 7 | 20 | 14 |
| Adjusted operating income before taxes, excluding notable items | 9 | 7 | 20 | 14 |
Quarterly Results
•Results reflected favorable variable investment income and longevity experience.
•Foreign currency exchange rates had an immaterial effect on adjusted operating income before taxes.
Europe, Middle East and Africa (EMEA)
Traditional
| Quarterly Results | Year-to-Date Results | |||||||
|---|---|---|---|---|---|---|---|---|
| ($ in millions) | 2025 | 2024 | 2025 | 2024 | ||||
| Net premiums | $ | 573 | $ | 497 | $ | 1,113 | $ | 993 |
| Adjusted operating income (loss) before taxes | 18 | (1) | 68 | 37 | ||||
| Adjusted operating income (loss) before taxes, excluding notable items | 18 | (1) | 68 | 37 |
Net Premiums
•Foreign currency exchange rates had a favorable effect on net premiums of $24 million for the quarter.
Quarterly Results
•Results reflected unfavorable claims experience, partially offset by favorable other experience.
•Foreign currency exchange rates had a favorable effect of $1 million on adjusted operating income before taxes.
Financial Solutions
| Quarterly Results | Year-to-Date Results | |||
|---|---|---|---|---|
| ($ in millions) | 2025 | 2024 | 2025 | 2024 |
| Adjusted operating income before taxes | 116 | 86 | 206 | 163 |
| Adjusted operating income before taxes, excluding notable items | 116 | 86 | 206 | 163 |
Quarterly Results
•Results reflected favorable longevity experience, higher variable investment income, and higher investment margins due to ongoing growth.
•Foreign currency exchange rates had a favorable effect of $5 million on adjusted operating income before taxes.
Asia Pacific
Traditional
| Quarterly Results | Year-to-Date Results | |||||||
|---|---|---|---|---|---|---|---|---|
| ($ in millions) | 2025 | 2024 | 2025 | 2024 | ||||
| Net premiums | $ | 816 | $ | 708 | $ | 1,593 | $ | 1,424 |
| Adjusted operating income before taxes | 104 | 99 | 210 | 208 | ||||
| Adjusted operating income before taxes, excluding notable items | 104 | 99 | 210 | 208 |
Net Premiums
•Foreign currency exchange rates had a favorable effect on net premiums of $9 million for the quarter.
Quarterly Results
•Results reflected favorable claims experience.
•Foreign currency exchange rates had a favorable effect of $2 million on adjusted operating income before taxes.
Financial Solutions
| Quarterly Results | Year-to-Date Results | |||||||
|---|---|---|---|---|---|---|---|---|
| ($ in millions) | 2025 | 2024 | 2025 | 2024 | ||||
| Net premiums | $ | 117 | $ | 50 | $ | 229 | $ | 96 |
| Adjusted operating income before taxes | 77 | 71 | 136 | 130 | ||||
| Adjusted operating income before taxes, excluding notable items | 77 | 71 | 136 | 130 |
Quarterly Results
•Results reflected favorable variable investment income.
•Foreign currency exchange rates had a favorable effect of $2 million on adjusted operating income before taxes.
Corporate and Other
| Quarterly Results | Year-to-Date Results | |||
|---|---|---|---|---|
| ($ in millions) | 2025 | 2024 | 2025 | 2024 |
| Adjusted operating income (loss) before taxes | (32) | (44) | (102) | (82) |
| Adjusted operating income (loss) before taxes, excluding notable items | (32) | (44) | (102) | (82) |
Quarterly Results
•Results were favorable compared to the expected quarterly average run rate due to higher variable investment income.
Dividend Declaration
Effective July 29, 2025, the board of directors declared a regular quarterly dividend of $0.93, payable August 26, 2025, to shareholders of record as of August 12, 2025.
Earnings Conference Call
A conference call to discuss second quarter results will begin at 10 a.m. Eastern Time on Friday, August 1, 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 adjusted claims and other policy benefits over the estimated lives of the contracts);
•any net gain or loss from discontinued operations;
•the cumulative effect of any accounting changes;
•the impact of certain tax-related items; and
•any other items that the Company believes are not indicative of the Company’s ongoing operations;
as any of the above items can be volatile and may not reflect the underlying performance of the Company’s business. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company’s management incentive programs.
Adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments, and is presented in our financial statement footnotes in accordance with ASC 280 – “Segment Reporting.” Adjusted operating income (loss) before income taxes, when presented on a consolidated basis, is a non-GAAP financial measure.
Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items, and adjusted operating income per diluted share, excluding notable items. Notable items are items that the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented include the financial impact of the Company’s assumption reviews.
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.
Shareholders’ equity position excluding the impact of accumulated other comprehensive income (loss) (“AOCI”), shareholders’ average equity position excluding AOCI, and book value per share excluding the impact of AOCI. The Company believes that these measures provide useful information since such measures exclude AOCI-related items that are not permanent and can fluctuate significantly from period to period, and may not reflect the impact of the underlying performance of the Company’s businesses on shareholders’ equity and book value per share. AOCI primarily relates to changes in interest rates, credit spreads on the Company’s investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses the following non-GAAP financial measures:
•Shareholders’ average equity position excluding AOCI and B36, where B36 refers to the cumulative change in fair value of funds withheld embedded derivatives;
•Shareholders’ average equity position excluding AOCI and notable items; and
•Shareholders’ average equity position excluding AOCI, B36 and notable items.
- Adjusted operating return on equity. This measure is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target levels and awards under the Company’s management incentive programs. The Company also discloses the following non-GAAP financial measures:
•Adjusted operating return on equity excluding AOCI and B36;
•Adjusted operating return on equity excluding AOCI and notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’ equity excluding notable items and AOCI; and
•Adjusted operating return on equity excluding AOCI, B36 and notable items.
Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix at the end of this document. Except as otherwise noted herein, the non-GAAP figures and reconciliations presented herein reflect the Company’s adoption of the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments (“LDTI”). For additional information regarding the Company’s adoption of LDTI, see
Note 1 – “Business and Basis of Presentation” and Note 3 – “Impact of New Accounting Standard” in the notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
The Company is unable to provide reconciliations of the intermediate term targets of consolidated adjusted operating income (loss) before taxes, adjusted operating income (loss) before taxes, excluding notable items (on both a segment-level and consolidated basis), consolidated adjusted operating ROE, respectively, which are forward-looking non-GAAP financial measures, due to, among other things, the fact that these targets are a composite of our goals for future results, the inherent difficulty in forecasting generally, and the difficulty of quantifying accurate forecasts of the numerous components comprising these calculations that would be necessary to provide any such reconciliations. In addition, actual performance in future periods may vary from the intermediate term target ranges for a variety of reasons, including known and unknown risk and uncertainties.
Other Definitions:
Estimated Excess Capital: Estimate of capital available in excess of RGA’s target level when considering RGA’s internal, regulatory and rating agency capital frameworks. Calculation performed annually and adjusted periodically to reflect quarterly activity and updates to RGA’s assumptions. Pro forma excess capital includes the impact of the transaction with subsidiaries of Equitable Holdings, Inc.
Estimated Deployable Capital: Estimated deployable capital includes RGA’s assumptions of sources and uses of capital over the next twelve months. RGA’s assumptions consider RGA’s internal, regulatory, and rating agency capital frameworks, and these assumptions are subject to change.
Uncapped (profitable) cohorts: Cohorts with a net premium ratio under 100%.
Capped (loss) cohorts: Cohorts with a net premium ratio equal to or greater than 100%.
Floored cohorts: Cohorts with reserves floored at zero as reserves cannot be negative.
About RGA
Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has approximately $4.1 trillion of life reinsurance in force and assets of $133.5 billion as of June 30, 2025. To learn more about RGA and its businesses, please visit www.rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.
Cautionary Note Regarding Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance, and growth potential of Reinsurance Group of America, Incorporated (the “Company”), 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 on July 31, 2025 such Company subsidiary entered 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 that 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 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 June 30, | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||||||||||||||
| Diluted Earnings Per Share | Diluted Earnings Per Share | |||||||||||||||||
| Net income available to RGA shareholders | $ | 180 | $ | 2.70 | $ | 203 | $ | 3.03 | ||||||||||
| Reconciliation to adjusted operating income: | ||||||||||||||||||
| Realized (gains) losses, derivatives and other, included in investment related gains (losses), net | 64 | 0.96 | 239 | 3.60 | ||||||||||||||
| Market risk benefits remeasurement (gains) losses | (14) | (0.21) | (6) | (0.09) | ||||||||||||||
| 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 | (3) | (0.04) | (20) | (0.30) | ||||||||||||||
| Included in interest credited | 1 | 0.01 | (4) | (0.06) | ||||||||||||||
| Investment (income) loss on unit-linked variable annuities | — | — | 1 | 0.01 | ||||||||||||||
| Interest credited on unit-linked variable annuities | — | — | (1) | (0.01) | ||||||||||||||
| Interest expense on uncertain tax positions | — | — | (1) | (0.01) | ||||||||||||||
| Other (1) | 18 | 0.27 | (35) | (0.52) | ||||||||||||||
| Uncertain tax positions and other tax related items | 70 | 1.05 | (12) | (0.18) | ||||||||||||||
| Net income attributable to noncontrolling interest | 1 | 0.01 | 1 | 0.01 | ||||||||||||||
| Adjusted operating income | 315 | 4.72 | 365 | 5.48 | ||||||||||||||
| Notable items | — | — | — | — | ||||||||||||||
| Adjusted operating income, excluding notable items | $ | 315 | $ | 4.72 | $ | 365 | $ | 5.48 | (Unaudited) | Six Months Ended June 30, | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||
| 2025 | 2024 | |||||||||||||||||
| Diluted Earnings Per Share | Diluted Earnings Per Share | |||||||||||||||||
| Net income available to RGA shareholders | $ | 466 | $ | 6.97 | $ | 413 | $ | 6.19 | ||||||||||
| Reconciliation to adjusted operating income: | ||||||||||||||||||
| Realized (gains) losses, derivatives and other, included in investment related gains (losses), net | 117 | 1.78 | 424 | 6.37 | ||||||||||||||
| Market risk benefits remeasurement (gains) losses | 9 | 0.13 | (34) | (0.51) | ||||||||||||||
| Realized (gains) losses on funds withheld, included in investment income, net of related expenses | (2) | (0.03) | (2) | (0.03) | ||||||||||||||
| Embedded derivatives: | ||||||||||||||||||
| Included in investment related gains/losses, net | 6 | 0.09 | (81) | (1.22) | ||||||||||||||
| Included in interest credited | 9 | 0.13 | 6 | 0.09 | ||||||||||||||
| Investment (income) loss on unit-linked variable annuities | — | — | 2 | 0.03 | ||||||||||||||
| Interest credited on unit-linked variable annuities | — | — | (2) | (0.03) | ||||||||||||||
| Interest expense on uncertain tax positions | — | — | (1) | (0.02) | ||||||||||||||
| Other (1) | 14 | 0.21 | 54 | 0.81 | ||||||||||||||
| Uncertain tax positions and other tax related items | 71 | 1.06 | (16) | (0.24) | ||||||||||||||
| Net income attributable to noncontrolling interest | 3 | 0.04 | 3 | 0.05 | ||||||||||||||
| Adjusted operating income | 693 | 10.38 | 766 | 11.49 | ||||||||||||||
| Notable items | — | — | — | — | ||||||||||||||
| Adjusted operating income, excluding notable items | $ | 693 | $ | 10.38 | $ | 766 | $ | 11.49 |
(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 June 30, 2025 | Six Months Ended June 30, 2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pre-tax Income (Loss) | Income Taxes | Effective Tax Rate (1) | Pre-tax Income (Loss) | Income Taxes | Effective Tax Rate (1) | |||||||
| GAAP income | $ | 341 | $ | 160 | 47.0 | % | $ | 710 | $ | 241 | 34.1 | % |
| Reconciliation to adjusted operating income: | ||||||||||||
| Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net | 77 | 13 | 148 | 31 | ||||||||
| Market risk benefits remeasurement (gains) losses | (17) | (3) | 12 | 3 | ||||||||
| Realized (gains) losses on funds withheld, included in investment income, net of related expenses | (2) | — | (2) | — | ||||||||
| Embedded derivatives: | ||||||||||||
| Included in investment related gains/losses, net | (3) | — | 8 | 2 | ||||||||
| Included in interest credited | 2 | 1 | 12 | 3 | ||||||||
| Investment (income) loss on unit-linked variable annuities | — | — | — | — | ||||||||
| Interest credited on unit-linked variable annuities | — | — | — | — | ||||||||
| Interest expense on uncertain tax positions | — | — | — | — | ||||||||
| Other (2) | 23 | 5 | 18 | 4 | ||||||||
| Uncertain tax positions and other tax related items | — | (70) | — | (71) | ||||||||
| Adjusted operating income | 421 | 106 | 25.2 | % | 906 | 213 | 23.4 | % | ||||
| Notable items | — | — | — | — | ||||||||
| Adjusted operating income, excluding notable items | $ | 421 | $ | 106 | $ | 906 | $ | 213 |
(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 June 30, | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||||||
| Income before income taxes | $ | 341 | $ | 269 | ||||||
| Reconciliation to pre-tax adjusted operating income: | ||||||||||
| Realized (gains) losses, derivatives and other, included in investment related gains (losses), net | 77 | 308 | ||||||||
| Market risk benefits remeasurement (gains) losses | (17) | (8) | ||||||||
| Realized (gains) losses on funds withheld, included in investment income, net of related expenses | (2) | — | ||||||||
| Embedded derivatives: | ||||||||||
| Included in investment related gains/losses, net | (3) | (26) | ||||||||
| Included in interest credited | 2 | (6) | ||||||||
| Investment (income) loss on unit-linked variable annuities | — | 1 | ||||||||
| Interest credited on unit-linked variable annuities | — | (1) | ||||||||
| Interest expense on uncertain tax positions | — | (1) | ||||||||
| Other (1) | 23 | (45) | ||||||||
| Pre-tax adjusted operating income | 421 | 491 | ||||||||
| Notable items | — | — | ||||||||
| Pre-tax adjusted operating income, excluding notable items | $ | 421 | $ | 491 | (Unaudited) | Six Months Ended June 30, | ||||
| --- | --- | --- | --- | --- | ||||||
| 2025 | 2024 | |||||||||
| Income before income taxes | $ | 710 | $ | 541 | ||||||
| Reconciliation to pre-tax adjusted operating income: | ||||||||||
| Realized (gains) losses, derivatives and other, included in investment related gains (losses), net | 148 | 540 | ||||||||
| Market risk benefits remeasurement (gains) losses | 12 | (43) | ||||||||
| Realized (gains) losses on funds withheld, included in investment income, net of related expenses | (2) | (2) | ||||||||
| Embedded derivatives: | ||||||||||
| Included in investment related gains/losses, net | 8 | (103) | ||||||||
| Included in interest credited | 12 | 7 | ||||||||
| Investment (income) loss on unit-linked variable annuities | — | 2 | ||||||||
| Interest credited on unit-linked variable annuities | — | (2) | ||||||||
| Interest expense on uncertain tax positions | — | (1) | ||||||||
| Other (1) | 18 | 68 | ||||||||
| Pre-tax adjusted operating income | 906 | 1,007 | ||||||||
| Notable items | — | — | ||||||||
| Pre-tax adjusted operating income, excluding notable items | $ | 906 | $ | 1,007 |
(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 June 30, | Six Months Ended June 30, | ||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| Earnings per share from net income (loss): | ||||||||
| Basic earnings per share | $ | 2.72 | $ | 3.07 | $ | 7.05 | $ | 6.28 |
| Diluted earnings per share | $ | 2.70 | $ | 3.03 | $ | 6.97 | $ | 6.19 |
| Diluted earnings per share from adjusted operating income | $ | 4.72 | $ | 5.48 | $ | 10.38 | $ | 11.49 |
| Weighted average number of common and common equivalent shares outstanding | 66,731 | 66,732 | 66,793 | 66,645 | ||||
| (Unaudited) | At June 30, | |||||||
| --- | --- | --- | --- | --- | ||||
| 2025 | 2024 | |||||||
| Treasury shares | 19,219 | 19,487 | ||||||
| Common shares outstanding | 66,092 | 65,824 | ||||||
| Book value per share outstanding | $ | 182.37 | $ | 147.90 | ||||
| Book value per share outstanding, before impact of AOCI | $ | 155.87 | $ | 148.19 |
Reconciliation of Book Value Per Share to Book Value Per Share Excluding AOCI and B36 Derivatives
| (Unaudited) | At June 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Book value per share outstanding | $ | 182.37 | $ | 147.90 |
| Less effect of AOCI: | ||||
| Accumulated currency translation adjustment | 1.96 | 1.32 | ||
| Unrealized (depreciation) appreciation of securities | (74.10) | (71.31) | ||
| Effect of updating discount rates on future policy benefits | 98.85 | 70.06 | ||
| Change in instrument-specific credit risk for market risk benefits | 0.05 | 0.09 | ||
| Pension and postretirement benefits | (0.26) | (0.45) | ||
| Book value per share outstanding, before impact of AOCI | 155.87 | 148.19 | ||
| Less effect of B36 derivatives | (0.76) | (0.82) | ||
| Book value per share outstanding, before impact of AOCI and B36 derivatives | $ | 156.63 | $ | 149.01 |
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 June 30, 2025: | Average Equity | |
| Shareholders' average equity | $ | 11,027 |
| Less effect of AOCI: | ||
| Accumulated currency translation adjustment | 59 | |
| Unrealized (depreciation) appreciation of securities | (4,272) | |
| Effect of updating discount rates on future policy benefits | 5,249 | |
| Change in instrument-specific credit risk for market risk benefits | 5 | |
| Pension and postretirement benefits | (23) | |
| Shareholders' average equity, excluding AOCI | 10,009 | |
| Year-to-date notable items, net of tax | 67 | |
| Shareholders' average equity, excluding AOCI and notable items | $ | 10,076 |
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 June 30, 2025: | Income | |||
| Net income available to RGA shareholders | $ | 770 | 7.0 | % |
| Reconciliation to adjusted operating income: | ||||
| Capital (gains) losses, derivatives and other, net | 384 | |||
| Change in fair value of embedded derivatives | 10 | |||
| Tax expense on uncertain tax positions and other tax related items | 98 | |||
| Net income attributable to noncontrolling interest | 7 | |||
| Adjusted operating income | 1,269 | 12.7 | % | |
| Notable items after tax | 169 | |||
| Adjusted operating income, excluding notable items | $ | 1,438 | 14.3 | % |
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in millions)
| (Unaudited) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| Revenues: | ||||||||
| Net premiums | $ | 4,151 | $ | 3,920 | $ | 8,170 | $ | 9,296 |
| Investment income, net of related expenses | 1,408 | 1,082 | 2,640 | 2,043 | ||||
| Investment related gains (losses), net | (44) | (271) | (123) | (420) | ||||
| Other revenue | 84 | 147 | 172 | 296 | ||||
| Total revenues | 5,599 | 4,878 | 10,859 | 11,215 | ||||
| Benefits and expenses: | ||||||||
| Claims and other policy benefits | 4,045 | 3,712 | 7,867 | 8,844 | ||||
| Future policy benefits remeasurement (gains) losses | 68 | (90) | 12 | (114) | ||||
| Market risk benefits remeasurement (gains) losses | (17) | (8) | 12 | (43) | ||||
| Interest credited | 314 | 231 | 613 | 485 | ||||
| Policy acquisition costs and other insurance expenses | 433 | 391 | 850 | 778 | ||||
| Other operating expenses | 325 | 301 | 625 | 584 | ||||
| Interest expense | 90 | 72 | 170 | 140 | ||||
| Total benefits and expenses | 5,258 | 4,609 | 10,149 | 10,674 | ||||
| Income before income taxes | 341 | 269 | 710 | 541 | ||||
| Provision for income taxes | 160 | 65 | 241 | 125 | ||||
| Net income | 181 | 204 | 469 | 416 | ||||
| Net income attributable to noncontrolling interest | 1 | 1 | 3 | 3 | ||||
| Net income available to RGA shareholders | $ | 180 | $ | 203 | $ | 466 | $ | 413 |
#
Document
Exhibit 99.2
Quarterly Financial Supplement
Second Quarter 2025
(Unaudited)
| World Headquarters | Internet Address | Contacts | |
|---|---|---|---|
| 16600 Swingley Ridge Road | www.rgare.com | Axel André | |
| Chesterfield, Missouri 63017 U.S.A. | Executive Vice President | ||
| and Chief Financial Officer | |||
| Phone: (636) 736-7000 | |||
| e-mail: Axel.Andre@rgare.com | |||
| Jeff Hopson | |||
| Senior Vice President, Investor Relations | |||
| Phone: (636) 736-2068 | |||
| e-mail: jhopson@rgare.com | |||
| Current Ratings | |||
| --- | --- | --- | --- |
| Standard & Poor’s | A.M. Best | Moody’s | |
| Financial Strength Ratings | |||
| RGA Reinsurance Company | AA- | A+ | A1 |
| RGA Life Reinsurance Company of Canada | AA- | A+ | |
| RGA International Reinsurance Company dac | AA- | ||
| RGA Global Reinsurance Company, Ltd. | AA- | ||
| RGA Reinsurance Company of Australia Limited | AA- | ||
| RGA Americas Reinsurance Company, Ltd. | AA- | A+ | |
| RGA Worldwide Reinsurance Company, Ltd. | AA- | ||
| RGA Reinsurance Company (Barbados) Ltd. | AA- | ||
| RGA Life and Annuity Insurance Company | AA- | A+ | |
| Omnilife Insurance Company Limited | A+ | ||
| Aurora National Life Assurance Company | AA- | A+ | |
| Senior Debt Ratings | |||
| Reinsurance Group of America, Incorporated | A | a- | Baa1 |
Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.
Reinsurance Group of America, Incorporated
2nd 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 | ||||||||||||||||||||||||||
| --- | ||||||||||||||||||||||||||
| Reinsurance Group of America, Incorporated | ||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||
| Financial Highlights | ||||||||||||||||||||||||||
| Three Months Ended | Current vs. | Year-to-Date | ||||||||||||||||||||||||
| (USD millions, except in force and per share and shares data) | June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | Prior Year | June 30, | June 30, | ||||||||||||||||||
| 2025 | 2025 | 2024 | 2024 | 2024 | Quarter | 2025 | 2024 | Change | ||||||||||||||||||
| Net premiums | $ | 4,151 | $ | 4,019 | $ | 4,156 | $ | 4,391 | $ | 3,920 | $ | 231 | $ | 8,170 | $ | 9,296 | $ | (1,126) | ||||||||
| Net income available to RGA’s shareholders | 180 | 286 | 148 | 156 | 203 | (23) | 466 | 413 | 53 | |||||||||||||||||
| Adjusted operating income | 315 | 378 | 334 | 242 | 365 | (50) | 693 | 766 | (73) | |||||||||||||||||
| Adjusted operating income excluding notable items (1) | 315 | 378 | 334 | 410 | 365 | (50) | 693 | 766 | (73) | |||||||||||||||||
| Return on equity | 7.0 | % | 7.5 | % | 7.1 | % | 7.7 | % | 9.7 | % | (2.7) | % | ||||||||||||||
| Adjusted operating return on equity (excluding AOCI) | 12.7 | % | 13.4 | % | 13.8 | % | 13.8 | % | 15.3 | % | (2.6) | % | ||||||||||||||
| Adjusted operating return on equity (excluding AOCI and notable items (1)) | 14.3 | % | 15.0 | % | 15.4 | % | 15.5 | % | 15.3 | % | (1.0) | % | ||||||||||||||
| Adjusted operating return on equity (excluding AOCI and B36 items) | 12.6 | % | 13.3 | % | 13.7 | % | 13.7 | % | 15.3 | % | (2.7) | % | ||||||||||||||
| Per Share and Shares Data (shares in thousands) | ||||||||||||||||||||||||||
| Basic earnings per share | ||||||||||||||||||||||||||
| Net income | $ | 2.72 | $ | 4.33 | $ | 2.26 | $ | 2.37 | $ | 3.07 | $ | (0.35) | $ | 7.05 | $ | 6.28 | $ | 0.77 | ||||||||
| Adjusted operating income | $ | 4.76 | $ | 5.73 | $ | 5.07 | $ | 3.67 | $ | 5.55 | $ | (0.79) | $ | 10.50 | $ | 11.65 | $ | (1.15) | ||||||||
| Adjusted operating income excluding notable items (1) | $ | 4.76 | $ | 5.73 | $ | 5.07 | $ | 6.22 | $ | 5.55 | $ | (0.79) | $ | 10.50 | $ | 11.65 | $ | (1.15) | ||||||||
| Diluted earnings per share | ||||||||||||||||||||||||||
| Net income | $ | 2.70 | $ | 4.27 | $ | 2.22 | $ | 2.33 | $ | 3.03 | $ | (0.33) | $ | 6.97 | $ | 6.19 | $ | 0.78 | ||||||||
| Adjusted operating income | $ | 4.72 | $ | 5.66 | $ | 4.99 | $ | 3.62 | $ | 5.48 | $ | (0.76) | $ | 10.38 | $ | 11.49 | $ | (1.11) | ||||||||
| Adjusted operating income excluding notable items (1) | $ | 4.72 | $ | 5.66 | $ | 4.99 | $ | 6.13 | $ | 5.48 | $ | (0.76) | $ | 10.38 | $ | 11.49 | $ | (1.11) | ||||||||
| Weighted average common shares outstanding | ||||||||||||||||||||||||||
| Basic | 66,088 | 66,008 | 65,867 | 65,850 | 65,807 | 281 | 66,048 | 65,773 | 275 | |||||||||||||||||
| Diluted | 66,731 | 66,861 | 66,982 | 66,797 | 66,732 | (1) | 66,793 | 66,645 | 148 | |||||||||||||||||
| Book value per share | $ | 182.37 | $ | 172.53 | $ | 164.19 | $ | 168.93 | $ | 147.90 | $ | 34.47 | $ | 182.37 | $ | 147.90 | $ | 34.47 | ||||||||
| Book value per share, excluding AOCI | $ | 155.87 | $ | 153.80 | $ | 151.31 | $ | 149.63 | $ | 148.19 | $ | 7.68 | $ | 155.87 | $ | 148.19 | $ | 7.68 | ||||||||
| Book value per share, excluding AOCI and B36 | $ | 156.63 | $ | 154.60 | $ | 151.97 | $ | 151.79 | $ | 149.01 | $ | 7.62 | $ | 156.63 | $ | 149.01 | $ | 7.62 | ||||||||
| Shareholders’ dividends paid | $ | 59 | $ | 59 | $ | 59 | $ | 58 | $ | 56 | $ | 3 | $ | 118 | $ | 112 | $ | 6 | ||||||||
| Share buybacks | — | — | — | — | — | — | — | — | — | |||||||||||||||||
| Total returned to shareholders | $ | 59 | $ | 59 | $ | 59 | $ | 58 | $ | 56 | $ | 3 | $ | 118 | $ | 112 | $ | 6 | ||||||||
| Common shares issued | 85,311 | 85,311 | 85,311 | 85,311 | 85,311 | — | 85,311 | 85,311 | — | |||||||||||||||||
| Treasury shares | 19,219 | 19,225 | 19,439 | 19,447 | 19,487 | (268) | 19,219 | 19,487 | (268) | |||||||||||||||||
| Common shares outstanding | 66,092 | 66,086 | 65,872 | 65,864 | 65,824 | 268 | 66,092 | 65,824 | 268 | |||||||||||||||||
| Assumed life reinsurance in force (in billions) | $ | 4,091.3 | $ | 3,950.9 | $ | 3,878.7 | $ | 3,966.5 | $ | 3,767.7 | $ | 323.6 | ||||||||||||||
| Assumed new business production (in billions) | $ | 110.9 | $ | 131.7 | $ | 102.3 | $ | 204.4 | $ | 89.6 | $ | 21.3 | $ | 242.6 | $ | 198.7 | $ | 43.9 | ||||||||
| (1) Excludes the impact of changes in actuarial assumptions. | Page 3 | |||||||||||||||||||||||||
| --- | ||||||||||||||||||||||||||
| Reinsurance Group of America, Incorporated | ||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||
| Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) | ||||||||||||||||||||||||||
| (USD millions) | Three Months Ended | Current vs. | Year-to-Date | |||||||||||||||||||||||
| June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | Prior Year | June 30, | June 30, | |||||||||||||||||||
| 2025 | 2025 | 2024 | 2024 | 2024 | Quarter | 2025 | 2024 | Change | ||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| Net premiums | $ | 4,151 | $ | 4,019 | $ | 4,156 | $ | 4,391 | $ | 3,920 | $ | 231 | $ | 8,170 | $ | 9,296 | $ | (1,126) | ||||||||
| Net investment income | 1,408 | 1,232 | 1,185 | 1,188 | 1,082 | 326 | 2,640 | 2,043 | 597 | |||||||||||||||||
| Investment related gains (losses), net | (44) | (79) | (247) | (78) | (271) | 227 | (123) | (420) | 297 | |||||||||||||||||
| Other revenue | 84 | 88 | 147 | 150 | 147 | (63) | 172 | 296 | (124) | |||||||||||||||||
| Total revenues | 5,599 | 5,260 | 5,241 | 5,651 | 4,878 | 721 | 10,859 | 11,215 | (356) | |||||||||||||||||
| Benefits and expenses: | ||||||||||||||||||||||||||
| Adjusted claims and other policy benefits | 4,045 | 3,822 | 3,943 | 4,116 | 3,712 | 333 | 7,867 | 8,844 | (977) | |||||||||||||||||
| Future policy benefits remeasurement (gains) losses | 68 | (56) | (69) | 151 | (90) | 158 | 12 | (114) | 126 | |||||||||||||||||
| Market risk benefits remeasurement (gains) losses | (17) | 29 | (32) | 31 | (8) | (9) | 12 | (43) | 55 | |||||||||||||||||
| Adjusted interest credited | 314 | 299 | 292 | 310 | 231 | 83 | 613 | 485 | 128 | |||||||||||||||||
| Policy acquisition costs and other insurance expenses | 433 | 417 | 411 | 452 | 391 | 42 | 850 | 778 | 72 | |||||||||||||||||
| Other operating expenses | 325 | 300 | 385 | 299 | 301 | 24 | 625 | 584 | 41 | |||||||||||||||||
| Interest expense | 90 | 80 | 86 | 78 | 72 | 18 | 170 | 140 | 30 | |||||||||||||||||
| Total benefits and expenses | 5,258 | 4,891 | 5,016 | 5,437 | 4,609 | 649 | 10,149 | 10,674 | (525) | |||||||||||||||||
| Income before income taxes | 341 | 369 | 225 | 214 | 269 | 72 | 710 | 541 | 169 | |||||||||||||||||
| Provision for income taxes | 160 | 81 | 75 | 56 | 65 | 95 | 241 | 125 | 116 | |||||||||||||||||
| Net income | 181 | 288 | 150 | 158 | 204 | (23) | 469 | 416 | 53 | |||||||||||||||||
| Net income attributable to noncontrolling interest | 1 | 2 | 2 | 2 | 1 | — | 3 | 3 | — | |||||||||||||||||
| Net income available to RGA’s shareholders | $ | 180 | $ | 286 | $ | 148 | $ | 156 | $ | 203 | $ | (23) | $ | 466 | $ | 413 | $ | 53 | ||||||||
| Pre-tax adjusted operating income reconciliation: | ||||||||||||||||||||||||||
| Income before income taxes | $ | 341 | $ | 369 | $ | 225 | $ | 214 | $ | 269 | $ | 72 | $ | 710 | $ | 541 | $ | 169 | ||||||||
| Investment and derivative (gains) losses (1) | 77 | 71 | 380 | (23) | 308 | (231) | 148 | 540 | (392) | |||||||||||||||||
| Market risk benefits remeasurement (gains) losses | (17) | 29 | (32) | 31 | (8) | (9) | 12 | (43) | 55 | |||||||||||||||||
| Change in fair value of funds withheld embedded derivatives (1) | (3) | 11 | (125) | 112 | (26) | 23 | 8 | (103) | 111 | |||||||||||||||||
| Funds withheld (gains) losses - investment income | (2) | — | 6 | (1) | — | (2) | (2) | (2) | — | |||||||||||||||||
| Derivatives - interest credited | 2 | 10 | (3) | 11 | (6) | 8 | 12 | 7 | 5 | |||||||||||||||||
| Investment (income) loss on unit-linked variable annuities | — | — | 2 | (1) | 1 | (1) | — | 2 | (2) | |||||||||||||||||
| Interest credited on unit-linked variable annuities | — | — | (2) | 1 | (1) | 1 | — | (2) | 2 | |||||||||||||||||
| Interest expense on uncertain tax positions | — | — | 1 | 1 | (1) | 1 | — | (1) | 1 | |||||||||||||||||
| Other (2) | 23 | (5) | (21) | (31) | (45) | 68 | 18 | 68 | (50) | |||||||||||||||||
| Adjusted operating income before income taxes | 421 | 485 | 431 | 314 | 491 | (70) | 906 | 1,007 | (101) | |||||||||||||||||
| Notable items (3) | — | — | — | 194 | — | — | — | — | — | |||||||||||||||||
| Adjusted operating income before income taxes excluding notable items | $ | 421 | $ | 485 | $ | 431 | $ | 508 | $ | 491 | $ | (70) | $ | 906 | $ | 1,007 | $ | (101) | ||||||||
| (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 | |||||||||||||||||||||||||
| --- | ||||||||||||||||||||||||||
| Reinsurance Group of America, Incorporated | ||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||
| Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) | ||||||||||||||||||||||||||
| (USD millions) | Three Months Ended | Current vs. | Year-to-Date | |||||||||||||||||||||||
| June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | Prior Year | June 30, | June 30, | |||||||||||||||||||
| 2025 | 2025 | 2024 | 2024 | 2024 | Quarter | 2025 | 2024 | Change | ||||||||||||||||||
| After-tax adjusted operating income reconciliation: | ||||||||||||||||||||||||||
| GAAP net income attributable to RGA | $ | 180 | $ | 286 | $ | 148 | $ | 156 | $ | 203 | $ | (23) | $ | 466 | $ | 413 | $ | 53 | ||||||||
| Investment and derivative (gains) losses (1) | 64 | 53 | 300 | (18) | 239 | (175) | 117 | 424 | (307) | |||||||||||||||||
| Market risk benefits remeasurement (gains) losses | (14) | 23 | (26) | 25 | (6) | (8) | 9 | (34) | 43 | |||||||||||||||||
| Change in fair value of funds withheld embedded derivatives (1) | (3) | 9 | (99) | 88 | (20) | 17 | 6 | (81) | 87 | |||||||||||||||||
| Funds withheld (gains) losses - investment income | (2) | — | 4 | — | — | (2) | (2) | (2) | — | |||||||||||||||||
| Derivatives - interest credited | 1 | 8 | (2) | 8 | (4) | 5 | 9 | 6 | 3 | |||||||||||||||||
| Investment (income) loss on unit-linked variable annuities | — | — | 1 | (1) | 1 | (1) | — | 2 | (2) | |||||||||||||||||
| Interest credited on unit-linked variable annuities | — | — | (1) | 1 | (1) | 1 | — | (2) | 2 | |||||||||||||||||
| Interest expense on uncertain tax positions | — | — | 1 | 1 | (1) | 1 | — | (1) | 1 | |||||||||||||||||
| Other (2) | 18 | (4) | (16) | (25) | (35) | 53 | 14 | 54 | (40) | |||||||||||||||||
| Uncertain tax positions and other tax related items | 70 | 1 | 22 | 5 | (12) | 82 | 71 | (16) | 87 | |||||||||||||||||
| Net income attributable to noncontrolling interest | 1 | 2 | 2 | 2 | 1 | — | 3 | 3 | — | |||||||||||||||||
| Adjusted operating income | 315 | 378 | 334 | 242 | 365 | (50) | 693 | 766 | (73) | |||||||||||||||||
| Notable items (3) | — | — | — | 168 | — | — | — | — | — | |||||||||||||||||
| Adjusted operating income excluding notable items | $ | 315 | $ | 378 | $ | 334 | $ | 410 | $ | 365 | $ | (50) | $ | 693 | $ | 766 | $ | (73) | ||||||||
| Diluted earnings per share - adjusted operating income | $ | 4.72 | $ | 5.66 | $ | 4.99 | $ | 3.62 | $ | 5.48 | $ | (0.76) | $ | 10.38 | $ | 11.49 | $ | (1.11) | ||||||||
| Diluted earnings per share - adjusted operating income excluding notable items | $ | 4.72 | $ | 5.66 | $ | 4.99 | $ | 6.13 | $ | 5.48 | $ | (0.76) | $ | 10.38 | $ | 11.49 | $ | (1.11) | ||||||||
| Foreign currency effect on (4): | ||||||||||||||||||||||||||
| Net premiums | $ | 45 | $ | (60) | $ | (15) | $ | 1 | $ | (33) | $ | 78 | $ | (15) | $ | (45) | $ | 30 | ||||||||
| Adjusted operating income before income taxes | $ | 9 | $ | (8) | $ | 8 | $ | 1 | $ | (5) | $ | 14 | $ | 1 | $ | (4) | $ | 5 | ||||||||
| (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 | |||||||||||||||||||||||||
| --- | ||||||||||||||||||||||||||
| Reinsurance Group of America, Incorporated | ||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||||||||||||||
| Consolidated Balance Sheets | ||||||||||||||||||||||||||
| ( millions) | ||||||||||||||||||||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | |||||||||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | |||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
| Fixed maturity securities available-for-sale, at fair value | 86,043 | $ | 84,507 | $ | 77,617 | $ | 78,149 | $ | 70,491 | |||||||||||||||||
| Equity securities | 153 | 155 | 155 | 144 | ||||||||||||||||||||||
| Mortgage loans | 9,331 | 8,839 | 8,388 | 7,984 | ||||||||||||||||||||||
| Policy loans | 1,284 | 1,321 | 1,285 | 1,171 | ||||||||||||||||||||||
| Funds withheld at interest | 5,328 | 5,436 | 5,545 | 5,556 | ||||||||||||||||||||||
| Limited partnerships and real estate joint ventures | 3,228 | 3,067 | 2,972 | 2,791 | ||||||||||||||||||||||
| Short-term investments | 454 | 363 | 381 | 335 | ||||||||||||||||||||||
| Other invested assets | 1,295 | 1,242 | 1,361 | 1,148 | ||||||||||||||||||||||
| Total investments | 105,580 | 98,040 | 98,236 | 89,620 | ||||||||||||||||||||||
| Cash and cash equivalents | 5,151 | 3,326 | 5,195 | 4,596 | ||||||||||||||||||||||
| Accrued investment income | 1,059 | 986 | 995 | 881 | ||||||||||||||||||||||
| Premiums receivable and other reinsurance balances | 3,749 | 3,898 | 3,738 | 3,635 | ||||||||||||||||||||||
| Reinsurance ceded receivables and other | 5,420 | 5,531 | 5,438 | 5,122 | ||||||||||||||||||||||
| Deferred policy acquisition costs | 5,649 | 5,543 | 5,477 | 4,720 | ||||||||||||||||||||||
| Other assets | 1,602 | 1,351 | 1,179 | 1,314 | ||||||||||||||||||||||
| Total assets | 133,479 | $ | 128,210 | $ | 118,675 | $ | 120,258 | $ | 109,888 | |||||||||||||||||
| Liabilities and equity | ||||||||||||||||||||||||||
| Future policy benefits | 63,531 | $ | 59,836 | $ | 53,368 | $ | 55,933 | $ | 50,779 | |||||||||||||||||
| Interest-sensitive contract liabilities | 36,614 | 35,095 | 34,357 | 31,676 | ||||||||||||||||||||||
| Market risk benefits, at fair value | 243 | 223 | 247 | 217 | ||||||||||||||||||||||
| Other policy claims and benefits | 2,870 | 2,693 | 2,875 | 2,769 | ||||||||||||||||||||||
| Other reinsurance balances | 1,291 | 1,316 | 955 | 917 | ||||||||||||||||||||||
| Deferred income taxes | 2,250 | 2,199 | 2,059 | 1,866 | ||||||||||||||||||||||
| Funds withheld payable | 4,889 | 5,017 | 4,809 | 4,323 | ||||||||||||||||||||||
| Other liabilities | 2,991 | 2,816 | 2,739 | 2,449 | ||||||||||||||||||||||
| Long-term debt | 5,734 | 5,042 | 5,067 | 5,067 | ||||||||||||||||||||||
| Total liabilities | 116,718 | 107,769 | 109,041 | 100,063 | ||||||||||||||||||||||
| Equity: | ||||||||||||||||||||||||||
| Common stock, at par value | 1 | 1 | 1 | 1 | ||||||||||||||||||||||
| Additional paid-in-capital | 2,608 | 2,600 | 2,577 | 2,567 | ||||||||||||||||||||||
| Retained earnings | 9,443 | 9,255 | 9,166 | 9,076 | ||||||||||||||||||||||
| Treasury stock | (1,888) | (1,889) | (1,889) | (1,889) | ||||||||||||||||||||||
| Accumulated other comprehensive income, net of taxes (AOCI): | ||||||||||||||||||||||||||
| Accumulated currency translation adjustment | (8) | (19) | 108 | 86 | ||||||||||||||||||||||
| Unrealized (depreciation) appreciation of securities | (4,443) | (4,526) | (2,800) | (4,694) | ||||||||||||||||||||||
| Effect of updating discount rates on future policy benefits | 5,702 | 5,412 | 3,987 | 4,611 | ||||||||||||||||||||||
| Change in instrument-specific credit risk for market risk benefits | 6 | 2 | 6 | 6 | ||||||||||||||||||||||
| Pension and postretirement benefits | (19) | (20) | (29) | (29) | ||||||||||||||||||||||
| Total RGA, Inc. shareholders’ equity | 11,402 | 10,816 | 11,127 | 9,735 | ||||||||||||||||||||||
| Noncontrolling interest | 90 | 90 | 90 | 90 | ||||||||||||||||||||||
| Total equity | 11,492 | 10,906 | 11,217 | 9,825 | ||||||||||||||||||||||
| Total liabilities and equity | 133,479 | $ | 128,210 | $ | 118,675 | $ | 120,258 | $ | 109,888 | |||||||||||||||||
| Total RGA, Inc. shareholders’ equity, excluding AOCI | 10,301 | $ | 10,164 | $ | 9,967 | $ | 9,855 | $ | 9,755 | |||||||||||||||||
| See appendix for reconciliation of total shareholders’ equity before and after impact of AOCI. |
All values are in US Dollars.
| Page 6 | ||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reinsurance Group of America, Incorporated | ||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| U.S. and Latin America Traditional | ||||||||||||||||||||||||||
| Adjusted Operating Income Statements | ||||||||||||||||||||||||||
| ( millions) | ||||||||||||||||||||||||||
| Current vs. | Year-to-Date | |||||||||||||||||||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | Prior Year | June 30, | June 30, | ||||||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | Quarter | 2025 | 2024 | Change | |||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| Net premiums | 2,019 | $ | 1,921 | $ | 2,046 | $ | 1,912 | $ | 1,827 | $ | 192 | $ | 3,940 | $ | 3,542 | $ | 398 | |||||||||
| Net investment income | 268 | 247 | 226 | 203 | 82 | 553 | 408 | 145 | ||||||||||||||||||
| Investment related gains (losses), net | (6) | — | — | — | 12 | 6 | — | 6 | ||||||||||||||||||
| Other revenue | 8 | 14 | 21 | 7 | (3) | 12 | 13 | (1) | ||||||||||||||||||
| Total revenues | 2,191 | 2,307 | 2,159 | 2,037 | 283 | 4,511 | 3,963 | 548 | ||||||||||||||||||
| Benefits and expenses: | ||||||||||||||||||||||||||
| Adjusted claims and other policy benefits | 1,773 | 1,886 | 1,712 | 1,676 | 246 | 3,695 | 3,248 | 447 | ||||||||||||||||||
| Future policy benefits remeasurement (gains) losses | (25) | (68) | 46 | (66) | 140 | 49 | (87) | 136 | ||||||||||||||||||
| Adjusted interest credited | 29 | 36 | 45 | 19 | 18 | 66 | 38 | 28 | ||||||||||||||||||
| Policy acquisition costs and other insurance expenses | 219 | 225 | 223 | 186 | 37 | 442 | 361 | 81 | ||||||||||||||||||
| Other operating expenses | 55 | 77 | 54 | 55 | 5 | 115 | 108 | 7 | ||||||||||||||||||
| Total benefits and expenses | 2,051 | 2,156 | 2,080 | 1,870 | 446 | 4,367 | 3,668 | 699 | ||||||||||||||||||
| Adjusted operating income before income taxes | 140 | 151 | 79 | 167 | (163) | 144 | 295 | (151) | ||||||||||||||||||
| Notable items (1) | — | — | 53 | — | — | — | — | — | ||||||||||||||||||
| Adjusted operating income excluding notable items, before income taxes | 4 | $ | 140 | $ | 151 | $ | 132 | $ | 167 | $ | (163) | $ | 144 | $ | 295 | $ | (151) | |||||||||
| Loss and expense ratios: | ||||||||||||||||||||||||||
| Loss ratio (2) | % | 91.0 | % | 88.9 | % | 91.9 | % | 88.1 | % | 10.8 | % | 95.0 | % | 89.2 | % | 5.8 | % | |||||||||
| Policy acquisition costs and other insurance expenses | % | 11.4 | % | 11.0 | % | 11.7 | % | 10.2 | % | 0.8 | % | 11.2 | % | 10.2 | % | 1.0 | % | |||||||||
| Other operating expenses | % | 2.9 | % | 3.8 | % | 2.8 | % | 3.0 | % | — | % | 2.9 | % | 3.0 | % | (0.1) | % | |||||||||
| Foreign currency effect on (3): | ||||||||||||||||||||||||||
| Net premiums | (4) | $ | (7) | $ | (5) | $ | (4) | $ | 1 | $ | (5) | $ | (11) | $ | 4 | $ | (15) | |||||||||
| Adjusted operating income (loss) before income taxes | 1 | $ | (2) | $ | — | $ | — | $ | (1) | $ | 2 | $ | (1) | $ | (1) | $ | — | |||||||||
| Assumed Life Reinsurance In Force (in billions) | 1,854.7 | $ | 1,840.6 | $ | 1,837.1 | $ | 1,834.5 | $ | 1,716.1 | $ | — | |||||||||||||||
| Assumed New Business Production (in billions) | 46.0 | $ | 36.3 | $ | 41.0 | $ | 150.0 | $ | 35.9 | $ | — | $ | 82.3 | $ | 76.9 | $ | 5.4 | |||||||||
| 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 adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses. | ||||||||||||||||||||||||||
| (3) Compared to comparable prior-year period. |
All values are in US Dollars.
| Page 7 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reinsurance Group of America, Incorporated | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| U.S. and Latin America Financial Solutions | |||||||||||||||||
| Adjusted Operating Income Statements | |||||||||||||||||
| ( millions) | |||||||||||||||||
| Current vs. | Year-to-Date | ||||||||||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | Prior Year | June 30, | June 30, | |||||||||||
| 2025 | 2024 | 2024 | 2024 | Quarter | 2025 | 2024 | Change | ||||||||||
| Revenues: | |||||||||||||||||
| Net premiums | (5) | $ | 109 | $ | 156 | $ | 609 | $ | 305 | $ | (310) | $ | 104 | $ | 2,221 | $ | (2,117) |
| Net investment income | 337 | 323 | 336 | 318 | 53 | 708 | 621 | 87 | |||||||||
| Other revenue | 50 | 52 | 58 | 54 | (1) | 103 | 116 | (13) | |||||||||
| Total revenues | 496 | 531 | 1,003 | 677 | (258) | 915 | 2,958 | (2,043) | |||||||||
| Benefits and expenses: | |||||||||||||||||
| Adjusted claims and other policy benefits | 200 | 210 | 654 | 367 | (291) | 276 | 2,323 | (2,047) | |||||||||
| Future policy benefits remeasurement (gains) losses | (2) | (10) | 12 | (3) | 2 | (3) | (1) | (2) | |||||||||
| Adjusted interest credited | 123 | 127 | 131 | 126 | 4 | 253 | 261 | (8) | |||||||||
| Policy acquisition costs and other insurance expenses | 84 | 102 | 105 | 87 | 6 | 177 | 167 | 10 | |||||||||
| Other operating expenses | 24 | 26 | 21 | 20 | 4 | 48 | 38 | 10 | |||||||||
| Total benefits and expenses | 429 | 455 | 923 | 597 | (275) | 751 | 2,788 | (2,037) | |||||||||
| Adjusted operating income before income taxes | 67 | 76 | 80 | 80 | 17 | 164 | 170 | (6) | |||||||||
| Notable items (1) | — | — | — | — | — | — | — | — | |||||||||
| Adjusted operating income before income taxes excluding notable items | 97 | $ | 67 | $ | 76 | $ | 80 | $ | 80 | $ | 17 | $ | 164 | $ | 170 | $ | (6) |
| Assumed Life Reinsurance In Force (in billions) | 9.4 | $ | 9.5 | $ | 9.7 | $ | 9.8 | $ | 10.1 | $ | (0.7) | ||||||
| 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) | June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | |||||||||||||||||||||
| 2025 | 2025 | 2024 | 2024 | 2024 | ||||||||||||||||||||||
| Policyholder account balances | ||||||||||||||||||||||||||
| Fixed annuities (deferred) | $ | 10,473 | $ | 10,299 | $ | 9,691 | $ | 9,473 | $ | 9,677 | ||||||||||||||||
| Equity-indexed annuities | $ | 1,748 | $ | 1,838 | $ | 1,927 | $ | 2,022 | $ | 2,118 | ||||||||||||||||
| Bank-owned life insurance (BOLI) and universal life | $ | 1,997 | $ | 2,011 | $ | 2,019 | $ | 2,029 | $ | 2,052 | ||||||||||||||||
| Other policyholder account balances | $ | 45 | $ | 46 | $ | 34 | $ | 74 | $ | 43 | ||||||||||||||||
| Variable annuities account balances | ||||||||||||||||||||||||||
| No riders | $ | 605 | $ | 593 | $ | 610 | $ | 624 | $ | 609 | ||||||||||||||||
| GMDB only | 784 | 800 | 848 | 831 | 807 | |||||||||||||||||||||
| GMIB only | 17 | 17 | 18 | 19 | 18 | |||||||||||||||||||||
| GMAB only | 1 | 2 | 2 | 2 | 2 | |||||||||||||||||||||
| GMWB only | 802 | 769 | 818 | 857 | 853 | |||||||||||||||||||||
| GMDB / WB | 149 | 145 | 152 | 161 | 162 | |||||||||||||||||||||
| Other | 13 | 13 | 13 | 14 | 13 | |||||||||||||||||||||
| Total variable annuities account balances | $ | 2,371 | $ | 2,339 | $ | 2,461 | $ | 2,508 | $ | 2,464 | ||||||||||||||||
| Interest-sensitive contract liabilities not associated with policyholder account balances: | ||||||||||||||||||||||||||
| Guaranteed investment contracts, funding agreements and immediate annuities | $ | 1,265 | $ | 1,257 | $ | 654 | $ | 680 | $ | 691 | ||||||||||||||||
| Future policy benefits (at original discount rate) associated with: | ||||||||||||||||||||||||||
| Payout annuities | $ | 8,734 | $ | 8,840 | $ | 6,781 | $ | 6,936 | $ | 6,764 | ||||||||||||||||
| Other future policy benefits | $ | 62 | $ | 61 | $ | 50 | $ | 89 | $ | 56 | ||||||||||||||||
| Liability for market risk benefits: | ||||||||||||||||||||||||||
| Equity-indexed annuities | $ | 173 | $ | 170 | $ | 163 | $ | 176 | $ | 147 | ||||||||||||||||
| Variable annuities (liability) | $ | 60 | $ | 73 | $ | 60 | $ | 71 | $ | 70 | ||||||||||||||||
| Variable annuities (asset) | $ | 17 | $ | 13 | $ | 17 | $ | 14 | $ | 15 | ||||||||||||||||
| Net interest spread (1) | 1.2 | % | 0.8 | % | 1.3 | % | 1.3 | % | 1.1 | % | ||||||||||||||||
| (1) Net interest spread for Asset-Intensive is calculated as net investment income less interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents. | Page 9 | |||||||||||||||||||||||||
| --- | ||||||||||||||||||||||||||
| Reinsurance Group of America, Incorporated | ||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Canada Traditional | ||||||||||||||||||||||||||
| Adjusted Operating Income Statements | ||||||||||||||||||||||||||
| ( millions) | ||||||||||||||||||||||||||
| Current vs. | Year-to-Date | |||||||||||||||||||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | Prior Year | June 30, | June 30, | ||||||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | Quarter | 2025 | 2024 | Change | |||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| Net premiums | 339 | $ | 319 | $ | 333 | $ | 314 | $ | 326 | $ | 13 | $ | 658 | $ | 644 | $ | 14 | |||||||||
| Net investment income | 65 | 64 | 68 | 61 | 5 | 131 | 125 | 6 | ||||||||||||||||||
| Investment related gains, net | 1 | — | 1 | 2 | (2) | 1 | 2 | (1) | ||||||||||||||||||
| Other revenue | (1) | — | 2 | 1 | — | — | 4 | (4) | ||||||||||||||||||
| Total revenues | 384 | 397 | 385 | 390 | 16 | 790 | 775 | 15 | ||||||||||||||||||
| Benefits and expenses: | ||||||||||||||||||||||||||
| Adjusted claims and other policy benefits | 295 | 311 | 296 | 304 | 14 | 613 | 587 | 26 | ||||||||||||||||||
| Future policy benefits remeasurement gains | 3 | (5) | (4) | 1 | 1 | 5 | (2) | 7 | ||||||||||||||||||
| Adjusted interest credited | — | — | 1 | — | — | — | — | — | ||||||||||||||||||
| Policy acquisition costs and other insurance expenses | 41 | 45 | 48 | 46 | (3) | 84 | 93 | (9) | ||||||||||||||||||
| Other operating expenses | 13 | 14 | 14 | 13 | 2 | 28 | 25 | 3 | ||||||||||||||||||
| Total benefits and expenses | 352 | 365 | 355 | 364 | 14 | 730 | 703 | 27 | ||||||||||||||||||
| Adjusted operating income before income taxes | 32 | 32 | 30 | 26 | 2 | 60 | 72 | (12) | ||||||||||||||||||
| Notable items (1) | — | — | (5) | — | — | — | — | — | ||||||||||||||||||
| Adjusted operating income excluding notable items, before income taxes | 28 | $ | 32 | $ | 32 | $ | 25 | $ | 26 | $ | 2 | $ | 60 | $ | 72 | $ | (12) | |||||||||
| Loss and expense ratios: | ||||||||||||||||||||||||||
| Loss ratio (2) | % | 93.4 | % | 91.9 | % | 93.0 | % | 93.6 | % | 0.8 | % | 93.9 | % | 90.8 | % | 3.1 | % | |||||||||
| Policy acquisition costs and other insurance expenses | % | 12.9 | % | 13.5 | % | 15.3 | % | 14.1 | % | (1.4) | % | 12.8 | % | 14.4 | % | (1.6) | % | |||||||||
| Other operating expenses | % | 4.1 | % | 4.2 | % | 4.5 | % | 4.0 | % | 0.4 | % | 4.3 | % | 3.9 | % | 0.4 | % | |||||||||
| Foreign currency effect on (3): | ||||||||||||||||||||||||||
| Net premiums | (4) | $ | (20) | $ | (10) | $ | (5) | $ | (6) | $ | 2 | $ | (24) | $ | (5) | $ | (19) | |||||||||
| Adjusted operating income before income taxes | (1) | $ | (2) | $ | (1) | $ | (1) | $ | — | $ | (1) | $ | (3) | $ | — | $ | (3) | |||||||||
| Assumed Life Reinsurance In Force (in billions) | 512.4 | $ | 478.6 | $ | 474.2 | $ | 499.6 | $ | 489.3 | $ | 23.1 | |||||||||||||||
| Assumed New Business Production (in billions) | 13.1 | $ | 13.2 | $ | 12.3 | $ | 11.9 | $ | 12.3 | $ | 0.8 | $ | 26.3 | $ | 23.8 | $ | 2.5 | |||||||||
| Creditor reinsurance net premiums | 18 | $ | 19 | $ | 18 | $ | 19 | $ | 17 | $ | 1 | $ | 37 | $ | 34 | $ | 3 | |||||||||
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. | ||||||||||||||||||||||||||
| (1) Represents the impact of changes in actuarial assumptions. | ||||||||||||||||||||||||||
| (2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses. | ||||||||||||||||||||||||||
| (3) Compared to comparable prior-year period. |
All values are in US Dollars.
| Page 10 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reinsurance Group of America, Incorporated | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Canada Financial Solutions (1) | |||||||||||||||||
| Adjusted Operating Income Statements | |||||||||||||||||
| ( millions) | |||||||||||||||||
| Current vs. | Year-to-Date | ||||||||||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | Prior Year | June 30, | June 30, | |||||||||||
| 2025 | 2024 | 2024 | 2024 | Quarter | 2025 | 2024 | Change | ||||||||||
| Revenues: | |||||||||||||||||
| Net premiums | 45 | $ | 52 | $ | 46 | $ | 49 | $ | 48 | $ | (3) | $ | 97 | $ | 71 | $ | 26 |
| Net investment income | 51 | 51 | 47 | 48 | 10 | 109 | 49 | 60 | |||||||||
| Investment related gains, net | — | 1 | — | — | — | — | — | — | |||||||||
| Other revenue | 4 | 5 | 3 | 6 | (1) | 9 | 9 | — | |||||||||
| Total revenues | 107 | 103 | 99 | 102 | 6 | 215 | 129 | 86 | |||||||||
| Benefits and expenses: | |||||||||||||||||
| Adjusted claims and other policy benefits | 91 | 109 | 90 | 89 | 4 | 184 | 108 | 76 | |||||||||
| Policy acquisition costs and other insurance expenses | 5 | (17) | 5 | 4 | — | 9 | 5 | 4 | |||||||||
| Other operating expenses | — | 3 | — | 2 | — | 2 | 2 | — | |||||||||
| Total benefits and expenses | 96 | 95 | 95 | 95 | 4 | 195 | 115 | 80 | |||||||||
| Adjusted operating income before income taxes | 11 | 8 | 4 | 7 | 2 | 20 | 14 | 6 | |||||||||
| Notable items (2) | — | — | — | — | — | — | — | — | |||||||||
| Adjusted operating income excluding notable items, before income taxes | 9 | $ | 11 | $ | 8 | $ | 4 | $ | 7 | $ | 2 | $ | 20 | $ | 14 | $ | 6 |
| Foreign currency effect on (3): | |||||||||||||||||
| Net premiums | (1) | $ | (3) | $ | (1) | $ | (1) | $ | (1) | $ | — | $ | (4) | $ | (1) | $ | (3) |
| Adjusted operating income before income taxes | — | $ | (1) | $ | — | $ | (1) | $ | — | $ | — | $ | (1) | $ | — | $ | (1) |
| Assumed Life Reinsurance In Force (in billions) | 6.3 | $ | 6.0 | $ | 6.0 | $ | 8.3 | $ | — | $ | 6.3 | ||||||
| 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 include longevity and fee-based transactions. | |||||||||||||||||
| (2) Represents the impact of changes in actuarial assumptions. | |||||||||||||||||
| (3) Compared to comparable prior-year period. |
All values are in US Dollars.
| Page 11 | ||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reinsurance Group of America, Incorporated | ||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Europe, Middle East and Africa Traditional | ||||||||||||||||||||||||||
| Adjusted Operating Income Statements | ||||||||||||||||||||||||||
| ( millions) | ||||||||||||||||||||||||||
| Current vs. | Year-to-Date | |||||||||||||||||||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | Prior Year | June 30, | June 30, | ||||||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | Quarter | 2025 | 2024 | Change | |||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| Net premiums | 573 | $ | 540 | $ | 488 | $ | 521 | $ | 497 | $ | 76 | $ | 1,113 | $ | 993 | $ | 120 | |||||||||
| Net investment income | 30 | 28 | 30 | 27 | 5 | 62 | 54 | 8 | ||||||||||||||||||
| Other revenue | 2 | 10 | (1) | — | 3 | 5 | 2 | 3 | ||||||||||||||||||
| Total revenues | 572 | 526 | 550 | 524 | 84 | 1,180 | 1,049 | 131 | ||||||||||||||||||
| Benefits and expenses: | ||||||||||||||||||||||||||
| Adjusted claims and other policy benefits | 483 | 445 | 472 | 464 | 69 | 1,016 | 888 | 128 | ||||||||||||||||||
| Future policy benefits remeasurement (gains) losses | (8) | 12 | 35 | 6 | — | (2) | 1 | (3) | ||||||||||||||||||
| Policy acquisition costs and other insurance expenses | 20 | 21 | 29 | 22 | 2 | 44 | 59 | (15) | ||||||||||||||||||
| Other operating expenses | 27 | 37 | 32 | 33 | (6) | 54 | 64 | (10) | ||||||||||||||||||
| Total benefits and expenses | 522 | 515 | 568 | 525 | 65 | 1,112 | 1,012 | 100 | ||||||||||||||||||
| Adjusted operating income (loss) before income taxes | 50 | 11 | (18) | (1) | 19 | 68 | 37 | 31 | ||||||||||||||||||
| Notable items (1) | — | — | 40 | — | — | — | — | — | ||||||||||||||||||
| Adjusted operating income (loss) excluding notable items, before income taxes | 18 | $ | 50 | $ | 11 | $ | 22 | $ | (1) | $ | 19 | $ | 68 | $ | 37 | $ | 31 | |||||||||
| Loss and expense ratios: | ||||||||||||||||||||||||||
| Loss ratio (2) | % | 88.0 | % | 93.6 | % | 97.3 | % | 94.6 | % | (0.5) | % | 91.1 | % | 89.5 | % | 1.6 | % | |||||||||
| Policy acquisition costs and other insurance expenses | % | 3.7 | % | 4.3 | % | 5.6 | % | 4.4 | % | (0.2) | % | 4.0 | % | 5.9 | % | (1.9) | % | |||||||||
| Other operating expenses | % | 5.0 | % | 7.6 | % | 6.1 | % | 6.6 | % | (1.9) | % | 4.9 | % | 6.4 | % | (1.5) | % | |||||||||
| Foreign currency effect on (3): | ||||||||||||||||||||||||||
| Net premiums | 24 | $ | (3) | $ | 8 | $ | 12 | $ | 1 | $ | 23 | $ | 21 | $ | 8 | $ | 13 | |||||||||
| Adjusted operating income (loss) before income taxes | 1 | $ | 1 | $ | 2 | $ | (1) | $ | — | $ | 1 | $ | 2 | $ | — | $ | 2 | |||||||||
| Critical illness net premiums | 36 | $ | 32 | $ | 33 | $ | 38 | $ | 33 | $ | 3 | $ | 68 | $ | 65 | $ | 3 | |||||||||
| Assumed Life Reinsurance In Force (in billions) | 1,117.7 | $ | 1,036.7 | $ | 970.4 | $ | 1,027.5 | $ | 976.5 | $ | 141.2 | |||||||||||||||
| Assumed New Business Production (in billions) | 34.1 | $ | 63.4 | $ | 30.5 | $ | 31.0 | $ | 20.0 | $ | 14.1 | $ | 97.5 | $ | 58.0 | $ | 39.5 | |||||||||
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. | ||||||||||||||||||||||||||
| (1) Represents the impact of changes in actuarial assumptions. | ||||||||||||||||||||||||||
| (2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses. | ||||||||||||||||||||||||||
| (3) Compared to comparable prior-year period. |
All values are in US Dollars.
| Page 12 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reinsurance Group of America, Incorporated | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Europe, Middle East and Africa Financial Solutions (1) | |||||||||||||||||
| Adjusted Operating Income Statements | |||||||||||||||||
| ( millions) | |||||||||||||||||
| Current vs. | Year-to-Date | ||||||||||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | Prior Year | June 30, | June 30, | |||||||||||
| 2025 | 2024 | 2024 | 2024 | Quarter | 2025 | 2024 | Change | ||||||||||
| Revenues: | |||||||||||||||||
| Net premiums | 247 | $ | 189 | $ | 187 | $ | 168 | $ | 159 | $ | 88 | $ | 436 | $ | 305 | $ | 131 |
| Net investment income | 85 | 87 | 84 | 79 | 30 | 194 | 148 | 46 | |||||||||
| Investment related gains (losses), net | (1) | (1) | 1 | 1 | 3 | 3 | — | 3 | |||||||||
| Other revenue | 9 | 12 | 3 | 8 | (1) | 16 | 19 | (3) | |||||||||
| Total revenues | 282 | 285 | 256 | 247 | 120 | 649 | 472 | 177 | |||||||||
| Benefits and expenses: | |||||||||||||||||
| Adjusted claims and other policy benefits | 167 | 159 | 148 | 133 | 91 | 391 | 255 | 136 | |||||||||
| Future policy benefits remeasurement (gains) losses | (3) | (1) | — | 2 | (5) | (6) | 4 | (10) | |||||||||
| Adjusted interest credited | 6 | 9 | 5 | 9 | (2) | 13 | 16 | (3) | |||||||||
| Policy acquisition costs and other insurance expenses | 1 | 2 | 2 | 2 | — | 3 | 4 | (1) | |||||||||
| Other operating expenses | 21 | 20 | 15 | 15 | 6 | 42 | 30 | 12 | |||||||||
| Total benefits and expenses | 192 | 189 | 170 | 161 | 90 | 443 | 309 | 134 | |||||||||
| Adjusted operating income before income taxes | 90 | 96 | 86 | 86 | 30 | 206 | 163 | 43 | |||||||||
| Notable items (2) | — | — | 2 | — | — | — | — | — | |||||||||
| Adjusted operating income excluding notable items, before income taxes | 116 | $ | 90 | $ | 96 | $ | 88 | $ | 86 | $ | 30 | $ | 206 | $ | 163 | $ | 43 |
| Foreign currency effect on (3): | |||||||||||||||||
| Net premiums | 14 | $ | (2) | $ | 4 | $ | 4 | $ | 1 | $ | 13 | $ | 12 | $ | 6 | $ | 6 |
| Adjusted operating income before income taxes | 5 | $ | — | $ | 1 | $ | 2 | $ | — | $ | 5 | $ | 5 | $ | 3 | $ | 2 |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. | |||||||||||||||||
| (1) Europe, Middle East and Africa Financial Solutions operations include longevity, asset-intensive and fee-based transactions. | |||||||||||||||||
| (2) Represents the impact of changes in actuarial assumptions. | |||||||||||||||||
| (3) Compared to comparable prior-year period. |
All values are in US Dollars.
| Page 13 | ||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reinsurance Group of America, Incorporated | ||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Asia Pacific Traditional | ||||||||||||||||||||||||||
| Adjusted Operating Income Statements | ||||||||||||||||||||||||||
| ( millions) | ||||||||||||||||||||||||||
| Current vs. | Year-to-Date | |||||||||||||||||||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | Prior Year | June 30, | June 30, | ||||||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | Quarter | 2025 | 2024 | Change | |||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| Net premiums | 816 | $ | 777 | $ | 834 | $ | 756 | $ | 708 | $ | 108 | $ | 1,593 | $ | 1,424 | $ | 169 | |||||||||
| Net investment income | 71 | 66 | 65 | 61 | 11 | 143 | 126 | 17 | ||||||||||||||||||
| Investment related gains (losses), net | (1) | (1) | 1 | 1 | — | — | 1 | (1) | ||||||||||||||||||
| Other revenue | 3 | 10 | (3) | 8 | (8) | 3 | 18 | (15) | ||||||||||||||||||
| Total revenues | 850 | 909 | 819 | 778 | 111 | 1,739 | 1,569 | 170 | ||||||||||||||||||
| Benefits and expenses: | ||||||||||||||||||||||||||
| Adjusted claims and other policy benefits | 671 | 733 | 656 | 607 | 94 | 1,372 | 1,193 | 179 | ||||||||||||||||||
| Future policy benefits remeasurement (gains) losses | (18) | 9 | 53 | (29) | 21 | (26) | (28) | 2 | ||||||||||||||||||
| Policy acquisition costs and other insurance expenses | 39 | 37 | 44 | 42 | (7) | 74 | 87 | (13) | ||||||||||||||||||
| Other operating expenses | 52 | 67 | 55 | 59 | (2) | 109 | 109 | — | ||||||||||||||||||
| Total benefits and expenses | 744 | 846 | 808 | 679 | 106 | 1,529 | 1,361 | 168 | ||||||||||||||||||
| Adjusted operating income before income taxes | 106 | 63 | 11 | 99 | 5 | 210 | 208 | 2 | ||||||||||||||||||
| Notable items (1) | — | — | 95 | — | — | — | — | — | ||||||||||||||||||
| Adjusted operating income excluding notable items, before income taxes | 104 | $ | 106 | $ | 63 | $ | 106 | $ | 99 | $ | 5 | $ | 210 | $ | 208 | $ | 2 | |||||||||
| Loss and expense ratios: | ||||||||||||||||||||||||||
| Loss ratio (2) | % | 84.0 | % | 89.0 | % | 93.8 | % | 81.6 | % | 3.3 | % | 84.5 | % | 81.8 | % | 2.7 | % | |||||||||
| Policy acquisition costs and other insurance expenses | % | 5.0 | % | 4.4 | % | 5.8 | % | 5.9 | % | (1.6) | % | 4.6 | % | 6.1 | % | (1.5) | % | |||||||||
| Other operating expenses | % | 6.7 | % | 8.0 | % | 7.3 | % | 8.3 | % | (1.3) | % | 6.8 | % | 7.7 | % | (0.9) | % | |||||||||
| Foreign currency effect on (3): | ||||||||||||||||||||||||||
| Net premiums | 9 | $ | (23) | $ | (9) | $ | (4) | $ | (23) | $ | 32 | $ | (14) | $ | (46) | $ | 32 | |||||||||
| Adjusted operating income before income taxes | 2 | $ | (2) | $ | 1 | $ | 4 | $ | (2) | $ | 4 | $ | — | $ | (4) | $ | 4 | |||||||||
| Critical illness net premiums | 424 | $ | 398 | $ | 405 | $ | 414 | $ | 358 | $ | 66 | $ | 822 | $ | 710 | $ | 112 | |||||||||
| Assumed Life Reinsurance In Force (in billions) | 568.7 | $ | 561.1 | $ | 567.6 | $ | 572.2 | $ | 557.8 | $ | 10.9 | |||||||||||||||
| Assumed New Business Production (in billions) | 14.5 | $ | 14.3 | $ | 18.5 | $ | 11.5 | $ | 13.1 | $ | 1.4 | $ | 28.8 | $ | 30.7 | $ | (1.9) | |||||||||
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. | ||||||||||||||||||||||||||
| (1) Represents the impact of changes in actuarial assumptions. | ||||||||||||||||||||||||||
| (2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses. | ||||||||||||||||||||||||||
| (3) Compared to comparable prior-year period. |
All values are in US Dollars.
| Page 14 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reinsurance Group of America, Incorporated | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Asia Pacific Financial Solutions (1) | |||||||||||||||||
| Adjusted Operating Income Statements | |||||||||||||||||
| ( millions) | |||||||||||||||||
| Current vs. | Year-to-Date | ||||||||||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | Prior Year | June 30, | June 30, | |||||||||||
| 2025 | 2024 | 2024 | 2024 | Quarter | 2025 | 2024 | Change | ||||||||||
| Revenues: | |||||||||||||||||
| Net premiums | 117 | $ | 112 | $ | 66 | $ | 62 | $ | 50 | $ | 67 | $ | 229 | $ | 96 | $ | 133 |
| Net investment income | 196 | 189 | 184 | 163 | 84 | 443 | 283 | 160 | |||||||||
| Investment related gains, net | 7 | 6 | 5 | 6 | 4 | 17 | 9 | 8 | |||||||||
| Other revenue | 6 | 6 | 19 | 12 | (12) | 6 | 32 | (26) | |||||||||
| Total revenues | 321 | 267 | 270 | 231 | 143 | 695 | 420 | 275 | |||||||||
| Benefits and expenses: | |||||||||||||||||
| Adjusted claims and other policy benefits | 145 | 97 | 90 | 74 | 84 | 303 | 121 | 182 | |||||||||
| Future policy benefits remeasurement gains | (3) | (6) | 9 | (1) | (1) | (5) | (1) | (4) | |||||||||
| Adjusted interest credited | 84 | 81 | 75 | 49 | 44 | 177 | 100 | 77 | |||||||||
| Policy acquisition costs and other insurance expenses | 27 | 20 | 27 | 30 | 6 | 63 | 55 | 8 | |||||||||
| Other operating expenses | 9 | 10 | 9 | 8 | 4 | 21 | 15 | 6 | |||||||||
| Total benefits and expenses | 262 | 202 | 210 | 160 | 137 | 559 | 290 | 269 | |||||||||
| Adjusted operating income before income taxes | 59 | 65 | 60 | 71 | 6 | 136 | 130 | 6 | |||||||||
| Notable items (2) | — | — | 9 | — | — | — | — | — | |||||||||
| Adjusted operating income excluding notable items, before income taxes | 77 | $ | 59 | $ | 65 | $ | 69 | $ | 71 | $ | 6 | $ | 136 | $ | 130 | $ | 6 |
| Foreign currency effect on (3): | |||||||||||||||||
| Net premiums | 7 | $ | (2) | $ | (2) | $ | (1) | $ | (6) | $ | 13 | $ | 5 | $ | (11) | $ | 16 |
| Adjusted operating income before income taxes | 2 | $ | (1) | $ | 6 | $ | (2) | $ | (2) | $ | 4 | $ | 1 | $ | (3) | $ | 4 |
| Assumed Life Reinsurance In Force (in billions) | 22.1 | $ | 18.4 | $ | 13.7 | $ | 14.6 | $ | 9.6 | $ | 12.5 | ||||||
| Assumed New Business Production (in billions) | 3.2 | $ | 4.5 | $ | — | $ | — | $ | — | $ | 3.2 | $ | 7.7 | $ | 1.0 | $ | 6.7 |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. | |||||||||||||||||
| (1) Asia Pacific Financial Solutions operations include asset-intensive and fee-based transactions. | |||||||||||||||||
| (2) Represents the impact of changes in actuarial assumptions. | |||||||||||||||||
| (3) Compared to comparable prior-year period. |
All values are in US Dollars.
| Page 15 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reinsurance Group of America, Incorporated | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Corporate and Other | |||||||||||||||||
| Adjusted Operating Income Statements | |||||||||||||||||
| ( millions) | |||||||||||||||||
| Current vs. | Year-to-Date | ||||||||||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | Prior Year | June 30, | June 30, | |||||||||||
| 2025 | 2024 | 2024 | 2024 | Quarter | 2025 | 2024 | Change | ||||||||||
| Revenues: | |||||||||||||||||
| Net investment income | 166 | $ | 129 | $ | 138 | $ | 146 | $ | 123 | $ | 43 | $ | 295 | $ | 229 | $ | 66 |
| Investment related gains, net | 3 | 3 | 3 | 1 | 2 | 6 | 5 | 1 | |||||||||
| Other revenue | 5 | 23 | 19 | 9 | 9 | 23 | 21 | 2 | |||||||||
| Total revenues | 137 | 164 | 168 | 133 | 54 | 324 | 255 | 69 | |||||||||
| Benefits and expenses: | |||||||||||||||||
| Adjusted interest credited | 47 | 44 | 41 | 35 | 10 | 92 | 65 | 27 | |||||||||
| Policy acquisition costs and other insurance income | (19) | (24) | (31) | (28) | 9 | (38) | (53) | 15 | |||||||||
| Other operating expenses | 99 | 130 | 99 | 97 | 6 | 202 | 184 | 18 | |||||||||
| Interest expense | 80 | 85 | 77 | 73 | 17 | 170 | 141 | 29 | |||||||||
| Total benefits and expenses | 207 | 235 | 186 | 177 | 42 | 426 | 337 | 89 | |||||||||
| Adjusted operating loss before income taxes | (70) | (71) | (18) | (44) | 12 | (102) | (82) | (20) | |||||||||
| Notable items (1) | — | — | — | — | — | — | — | — | |||||||||
| Adjusted operating loss excluding notable items, before income taxes | (32) | $ | (70) | $ | (71) | $ | (18) | $ | (44) | $ | 12 | $ | (102) | $ | (82) | $ | (20) |
| Foreign currency effect on (2): | |||||||||||||||||
| Adjusted operating loss before income taxes | (1) | $ | (1) | $ | (1) | $ | — | $ | — | $ | (1) | $ | (2) | $ | 1 | $ | (3) |
| See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. | |||||||||||||||||
| (1) Represents the impact of changes in actuarial assumptions. | |||||||||||||||||
| (2) Compared to comparable prior-year period. |
All values are in US Dollars.
| Page 16 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reinsurance Group of America, Incorporated | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Summary of Segment Adjusted Operating Income | |||||||||||||||||
| ( millions) | |||||||||||||||||
| Current vs. | Year-to-Date | ||||||||||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | Prior Year | June 30, | June 30, | |||||||||||
| 2025 | 2024 | 2024 | 2024 | Quarter | 2025 | 2024 | Change | ||||||||||
| U.S. and Latin America: | |||||||||||||||||
| Traditional | 4 | $ | 140 | $ | 151 | $ | 79 | $ | 167 | $ | (163) | $ | 144 | $ | 295 | $ | (151) |
| Financial Solutions | 67 | 76 | 80 | 80 | 17 | 164 | 170 | (6) | |||||||||
| Total U.S. and Latin America | 207 | 227 | 159 | 247 | (146) | 308 | 465 | (157) | |||||||||
| Canada: | |||||||||||||||||
| Traditional | 32 | 32 | 30 | 26 | 2 | 60 | 72 | (12) | |||||||||
| Financial Solutions | 11 | 8 | 4 | 7 | 2 | 20 | 14 | 6 | |||||||||
| Total Canada | 43 | 40 | 34 | 33 | 4 | 80 | 86 | (6) | |||||||||
| Europe, Middle East and Africa: | |||||||||||||||||
| Traditional | 50 | 11 | (18) | (1) | 19 | 68 | 37 | 31 | |||||||||
| Financial Solutions | 90 | 96 | 86 | 86 | 30 | 206 | 163 | 43 | |||||||||
| Total Europe, Middle East and Africa | 140 | 107 | 68 | 85 | 49 | 274 | 200 | 74 | |||||||||
| Asia Pacific: | |||||||||||||||||
| Traditional | 106 | 63 | 11 | 99 | 5 | 210 | 208 | 2 | |||||||||
| Financial Solutions | 59 | 65 | 60 | 71 | 6 | 136 | 130 | 6 | |||||||||
| Total Asia Pacific | 165 | 128 | 71 | 170 | 11 | 346 | 338 | 8 | |||||||||
| Corporate and Other | (70) | (71) | (18) | (44) | 12 | (102) | (82) | (20) | |||||||||
| Consolidated adjusted operating income before income taxes | 485 | 431 | 314 | 491 | (70) | 906 | 1,007 | (101) | |||||||||
| Notable items (1) | — | — | 194 | — | — | — | — | — | |||||||||
| Consolidated adjusted operating income excluding notable items before income taxes | 421 | $ | 485 | $ | 431 | $ | 508 | $ | 491 | $ | (70) | $ | 906 | $ | 1,007 | $ | (101) |
| 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 | |||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | ||||||
| 2025 | 2024 | 2024 | 2024 | ||||||
| Fixed maturity securities, available-for-sale (1) | 86,043 | $ | 84,507 | $ | 77,617 | $ | 78,149 | $ | 70,491 |
| Equity securities | 153 | 155 | 155 | 144 | |||||
| Mortgage loans | 9,331 | 8,839 | 8,388 | 7,984 | |||||
| Policy loans | 1,284 | 1,321 | 1,285 | 1,171 | |||||
| Funds withheld at interest | 5,328 | 5,436 | 5,545 | 5,556 | |||||
| Limited partnerships and real estate joint ventures | 3,228 | 3,067 | 2,972 | 2,791 | |||||
| Short-term investments | 454 | 363 | 381 | 335 | |||||
| Other invested assets | 1,295 | 1,242 | 1,361 | 1,148 | |||||
| Cash and cash equivalents | 5,151 | 3,326 | 5,195 | 4,596 | |||||
| Total cash and invested assets | 115,317 | $ | 110,731 | $ | 101,366 | $ | 103,431 | $ | 94,216 |
| (1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), Japanese government and agencies (“Japanese government”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”). |
All values are in US Dollars.
| Investment Income and Yield Summary | |||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended | Current vs. | Year-to-Date | |||||||||||||||||||||||||
| June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | Prior Year | June 30, | June 30, | ||||||||||||||||||||
| 2025 | 2025 | 2024 | 2024 | 2024 | Quarter | 2025 | 2024 | Change | |||||||||||||||||||
| Average invested assets at amortized cost (1) | $ | 45,664 | $ | 44,016 | $ | 40,803 | $ | 39,469 | $ | 38,172 | $ | 7,492 | $ | 44,566 | $ | 38,106 | $ | 6,460 | |||||||||
| Net investment income (1) | $ | 595 | $ | 502 | $ | 484 | $ | 492 | $ | 436 | $ | 159 | $ | 1,097 | $ | 880 | $ | 217 | |||||||||
| Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1) | 5.31 | % | 4.64 | % | 4.83 | % | 5.08 | % | 4.65 | % | 66 bps | 4.98 | % | 4.67 | % | 31 bps | |||||||||||
| Variable investment income (“VII”) (included in net investment income) (1) | $ | 59 | $ | (6) | $ | 25 | $ | 36 | $ | 12 | $ | 47 | $ | 53 | $ | 28 | $ | 25 | |||||||||
| Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) (1) | 4.98 | % | 4.90 | % | 4.80 | % | 4.95 | % | 4.76 | % | 22 bps | 4.94 | % | 4.76 | % | 18 bps | |||||||||||
| (1) Excludes spread related business (e.g. coinsurance of annuities). | Page 18 | ||||||||||||||||||||||||||
| --- | |||||||||||||||||||||||||||
| 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 | 61,006 | $ | 112 | $ | 706 | $ | 4,274 | $ | 57,326 | 66.5 | % | ||||||||||||||||
| Canadian government | — | 344 | 81 | 5,134 | 6.0 | % | |||||||||||||||||||||
| Japanese government | — | — | 1,466 | 5,738 | 6.7 | % | |||||||||||||||||||||
| ABS | 19 | 40 | 165 | 6,016 | 7.0 | % | |||||||||||||||||||||
| CMBS | 1 | 24 | 76 | 2,076 | 2.4 | % | |||||||||||||||||||||
| RMBS | — | 15 | 86 | 1,522 | 1.8 | % | |||||||||||||||||||||
| U.S. government | — | 9 | 257 | 1,370 | 1.6 | % | |||||||||||||||||||||
| State and political subdivisions | — | 2 | 89 | 699 | 0.8 | % | |||||||||||||||||||||
| Other foreign government | — | 87 | 446 | 6,162 | 7.2 | % | |||||||||||||||||||||
| Total fixed maturity securities | 91,888 | $ | 132 | $ | 1,227 | $ | 6,940 | $ | 86,043 | 100.0 | % |
All values are in US Dollars.
| December 31, 2024 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amortized<br>Cost | Allowance for Credit Losses | Unrealized<br>Gains | Unrealized<br>Losses | Estimated Fair<br>Value | % of<br>Total | ||||||||
| Available-for-sale: | |||||||||||||
| Corporate | $ | 54,705 | $ | 82 | $ | 642 | $ | 4,274 | $ | 50,991 | 65.7 | % | |
| Canadian government | 4,655 | — | 412 | 51 | 5,016 | 6.5 | % | ||||||
| Japanese government | 5,319 | — | 1 | 875 | 4,445 | 5.7 | % | ||||||
| ABS | 5,197 | 15 | 42 | 184 | 5,040 | 6.5 | % | ||||||
| CMBS | 2,344 | 1 | 22 | 98 | 2,267 | 2.9 | % | ||||||
| RMBS | 1,412 | — | 12 | 107 | 1,317 | 1.7 | % | ||||||
| U.S. government | 2,734 | — | 11 | 281 | 2,464 | 3.2 | % | ||||||
| State and political subdivisions | 789 | — | 3 | 99 | 693 | 0.9 | % | ||||||
| Other foreign government | 5,752 | — | 56 | 424 | 5,384 | 6.9 | % | ||||||
| Total fixed maturity securities | $ | 82,907 | $ | 98 | $ | 1,201 | $ | 6,393 | $ | 77,617 | 100.0 | % | |
| Page 19 | |||||||||||||
| --- | |||||||||||||
| Reinsurance Group of America, Incorporated | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Investments | |||||||||||||
| ( millions) | |||||||||||||
| Corporate Fixed Maturity Securities by Industry | |||||||||||||
| December 31, 2024 | |||||||||||||
| Estimated Fair Value | % of Total | Average Credit Ratings (1) | Amortized Cost | Estimated Fair Value | % of Total | Average Credit Ratings (1) | |||||||
| Financial institutions: | |||||||||||||
| Banking | 7,605 | $ | 7,387 | 12.8 | % | A- | $ | 7,757 | $ | 7,485 | 14.7 | % | A- |
| Brokerage/asset managers/exchanges | 1,527 | 2.7 | % | A- | 1,482 | 1,360 | 2.7 | % | A- | ||||
| Finance companies | 796 | 1.4 | % | BBB+ | 530 | 501 | 1.0 | % | BBB | ||||
| Insurance | 5,031 | 8.8 | % | A- | 4,992 | 4,497 | 8.8 | % | A- | ||||
| REITs | 1,815 | 3.2 | % | A- | 1,737 | 1,613 | 3.2 | % | A- | ||||
| Other finance | 1,244 | 2.2 | % | A- | 1,407 | 1,217 | 2.3 | % | A- | ||||
| Total financial institutions | 18,947 | $ | 17,800 | 31.1 | % | $ | 17,905 | $ | 16,673 | 32.7 | % | ||
| Industrials: | |||||||||||||
| Basic | 2,433 | $ | 2,261 | 3.9 | % | BBB | $ | 2,097 | $ | 1,929 | 3.8 | % | BBB+ |
| Capital goods | 2,713 | 4.7 | % | BBB | 2,489 | 2,369 | 4.6 | % | BBB+ | ||||
| Communications | 3,449 | 6.0 | % | BBB+ | 3,420 | 3,147 | 6.2 | % | BBB+ | ||||
| Consumer cyclical | 3,266 | 5.7 | % | BBB+ | 3,300 | 3,099 | 6.1 | % | BBB+ | ||||
| Consumer noncyclical | 6,517 | 11.5 | % | BBB+ | 6,177 | 5,714 | 11.2 | % | BBB+ | ||||
| Energy | 4,643 | 8.1 | % | BBB+ | 4,060 | 3,906 | 7.7 | % | BBB+ | ||||
| Technology | 2,174 | 3.8 | % | BBB+ | 2,124 | 1,937 | 3.8 | % | BBB+ | ||||
| Transportation | 3,404 | 5.9 | % | A- | 3,238 | 3,025 | 5.9 | % | A- | ||||
| Other industrial | 1,619 | 2.8 | % | BBB | 1,362 | 1,350 | 2.6 | % | BBB | ||||
| Total industrials | 31,866 | $ | 30,046 | 52.4 | % | $ | 28,267 | $ | 26,476 | 51.9 | % | ||
| Utilities: | |||||||||||||
| Electric | 8,172 | $ | 7,634 | 13.2 | % | A- | $ | 6,863 | $ | 6,336 | 12.4 | % | A- |
| Natural gas | 1,292 | 2.3 | % | A- | 1,177 | 1,078 | 2.2 | % | A- | ||||
| Other utility | 554 | 1.0 | % | BBB+ | 493 | 428 | 0.8 | % | BBB+ | ||||
| Total utilities | 10,193 | $ | 9,480 | 16.5 | % | $ | 8,533 | $ | 7,842 | 15.4 | % | ||
| Total | 61,006 | $ | 57,326 | 100.0 | % | BBB+ | $ | 54,705 | $ | 50,991 | 100.0 | % | A- |
| (1) Average Credit Rating designations are based on 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 | |||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | |||||||||||||||||||||||||||
| NAIC Designation | Rating Agency Designation(1) | Amortized Cost | Estimated Fair Value | % of Total | Amortized Cost | Estimated Fair Value | % of Total | Amortized Cost | Estimated Fair Value | % of Total | Amortized Cost | Estimated Fair Value | % of Total | Amortized Cost | Estimated Fair Value | % of Total | |||||||||||||||
| 1 | AAA/AA/A | $ | 59,480 | $ | 55,147 | 64.1 | % | $ | 58,522 | $ | 54,839 | 64.9 | % | $ | 54,543 | $ | 50,822 | 65.5 | % | $ | 53,371 | $ | 51,053 | 65.3 | % | $ | 49,634 | $ | 45,782 | 64.9 | % |
| 2 | BBB | 26,911 | 25,568 | 29.7 | % | 26,347 | 24,946 | 29.5 | % | 24,023 | 22,565 | 29.1 | % | 24,076 | 23,130 | 29.6 | % | 22,431 | 20,787 | 29.5 | % | ||||||||||
| 3 | BB | 4,421 | 4,353 | 5.1 | % | 3,880 | 3,849 | 4.6 | % | 3,422 | 3,410 | 4.4 | % | 3,284 | 3,233 | 4.2 | % | 3,331 | 3,270 | 4.6 | % | ||||||||||
| 4 | B | 802 | 793 | 0.9 | % | 643 | 639 | 0.8 | % | 636 | 577 | 0.7 | % | 662 | 576 | 0.7 | % | 562 | 504 | 0.8 | % | ||||||||||
| 5 | CCC | 244 | 165 | 0.2 | % | 287 | 216 | 0.2 | % | 246 | 221 | 0.3 | % | 168 | 131 | 0.2 | % | 158 | 124 | 0.2 | % | ||||||||||
| 6 | In or near default | 30 | 17 | — | % | 30 | 18 | — | % | 37 | 22 | — | % | 45 | 26 | — | % | 45 | 24 | — | % | ||||||||||
| Total | $ | 91,888 | $ | 86,043 | 100.0 | % | $ | 89,709 | $ | 84,507 | 100.0 | % | $ | 82,907 | $ | 77,617 | 100.0 | % | $ | 81,606 | $ | 78,149 | 100.0 | % | $ | 76,161 | $ | 70,491 | 100.0 | % | |
| (1) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g., “BBB” includes “BBB+”, “BBB”, and “BBB-”). | |||||||||||||||||||||||||||||||
| Structured Fixed Maturity Securities | |||||||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | |||||||||||||||||||||||||||
| Amortized Cost | Estimated Fair Value | % of Total | Amortized Cost | Estimated Fair Value | % of Total | Amortized Cost | Estimated Fair Value | % of Total | Amortized Cost | Estimated Fair Value | % of Total | Amortized Cost | Estimated Fair Value | % of Total | |||||||||||||||||
| ABS | |||||||||||||||||||||||||||||||
| Collateralized loan obligations (“CLOs”) | $ | 2,461 | $ | 2,455 | 25.6 | % | $ | 2,262 | $ | 2,251 | 24.2 | % | $ | 2,044 | $ | 2,044 | 23.7 | % | $ | 2,659 | $ | 2,650 | 29.7 | % | $ | 2,675 | $ | 2,676 | 31.6 | % | |
| ABS, excluding CLOs | 3,699 | 3,561 | 37.0 | % | 3,404 | 3,269 | 35.2 | % | 3,153 | 2,996 | 34.7 | % | 2,862 | 2,723 | 30.5 | % | 2,627 | 2,467 | 29.1 | % | |||||||||||
| Total ABS | 6,160 | 6,016 | 62.6 | % | 5,666 | 5,520 | 59.4 | % | 5,197 | 5,040 | 58.4 | % | 5,521 | 5,373 | 60.2 | % | 5,302 | 5,143 | 60.7 | % | |||||||||||
| CMBS | 2,129 | 2,076 | 21.6 | % | 2,334 | 2,267 | 24.4 | % | 2,344 | 2,267 | 26.3 | % | 2,327 | 2,238 | 25.1 | % | 2,242 | 2,120 | 25.0 | % | |||||||||||
| RMBS | |||||||||||||||||||||||||||||||
| Agency | 377 | 337 | 3.5 | % | 385 | 344 | 3.7 | % | 394 | 344 | 4.0 | % | 401 | 365 | 4.0 | % | 414 | 364 | 4.3 | % | |||||||||||
| Non-agency | 1,216 | 1,185 | 12.3 | % | 1,186 | 1,158 | 12.5 | % | 1,018 | 973 | 11.3 | % | 973 | 953 | 10.7 | % | 893 | 848 | 10.0 | % | |||||||||||
| Total RMBS | 1,593 | 1,522 | 15.8 | % | 1,571 | 1,502 | 16.2 | % | 1,412 | 1,317 | 15.3 | % | 1,374 | 1,318 | 14.7 | % | 1,307 | 1,212 | 14.3 | % | |||||||||||
| Total | $ | 9,882 | $ | 9,614 | 100.0 | % | $ | 9,571 | $ | 9,289 | 100.0 | % | $ | 8,953 | $ | 8,624 | 100.0 | % | $ | 9,222 | $ | 8,929 | 100.0 | % | $ | 8,851 | $ | 8,475 | 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 | 14,571 | $ | 601 | $ | 18,829 | $ | 3,587 | $ | 33,400 | $ | 4,188 | ||||||||||||||||||||
| Canadian government | 18 | 411 | 63 | 1,056 | 81 | ||||||||||||||||||||||||||
| Japanese government | 95 | 4,089 | 1,371 | 5,719 | 1,466 | ||||||||||||||||||||||||||
| ABS | 20 | 1,373 | 139 | 2,985 | 159 | ||||||||||||||||||||||||||
| CMBS | 6 | 843 | 68 | 1,050 | 74 | ||||||||||||||||||||||||||
| RMBS | 3 | 587 | 83 | 805 | 86 | ||||||||||||||||||||||||||
| U.S. government | 3 | 649 | 254 | 738 | 257 | ||||||||||||||||||||||||||
| State and political subdivisions | 3 | 417 | 86 | 521 | 89 | ||||||||||||||||||||||||||
| Other foreign government | 58 | 1,736 | 350 | 3,077 | 408 | ||||||||||||||||||||||||||
| Total investment grade securities | 20,417 | $ | 807 | $ | 28,934 | $ | 6,001 | $ | 49,351 | $ | 6,808 | ||||||||||||||||||||
| Below investment grade securities: | |||||||||||||||||||||||||||||||
| Corporate | 962 | $ | 33 | $ | 322 | $ | 50 | $ | 1,284 | $ | 83 | ||||||||||||||||||||
| ABS | 4 | 17 | 1 | 68 | 5 | ||||||||||||||||||||||||||
| Other foreign government | — | 131 | 38 | 131 | 38 | ||||||||||||||||||||||||||
| Total below investment grade securities | 1,013 | $ | 37 | $ | 470 | $ | 89 | $ | 1,483 | $ | 126 | ||||||||||||||||||||
| Total fixed maturity securities | 21,430 | $ | 844 | $ | 29,404 | $ | 6,090 | $ | 50,834 | $ | 6,934 | ||||||||||||||||||||
| (1) Includes securities for which an allowance for credit loss has not been recorded. |
All values are in US Dollars.
| Page 22 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Reinsurance Group of America, Incorporated | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Investments | |||||||||||
| ( millions) | |||||||||||
| Fixed Maturity Securities Below Amortized Cost (1) | |||||||||||
| Equal to or greater than 12 months | Total | ||||||||||
| Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | |||||||
| Investment grade securities: | |||||||||||
| Corporate | 14,741 | $ | 529 | $ | 18,851 | $ | 3,682 | $ | 33,592 | $ | 4,211 |
| Canadian government | 5 | 469 | 46 | 755 | 51 | ||||||
| Japanese government | 192 | 2,365 | 683 | 4,402 | 875 | ||||||
| ABS | 19 | 1,730 | 159 | 2,670 | 178 | ||||||
| CMBS | 4 | 980 | 91 | 1,313 | 95 | ||||||
| RMBS | 7 | 593 | 100 | 947 | 107 | ||||||
| U.S. government | 15 | 656 | 266 | 1,448 | 281 | ||||||
| State and political subdivisions | 7 | 417 | 92 | 572 | 99 | ||||||
| Other foreign government | 42 | 1,816 | 344 | 3,224 | 386 | ||||||
| Total investment grade securities | 21,046 | $ | 820 | $ | 27,877 | $ | 5,463 | $ | 48,923 | $ | 6,283 |
| Below investment grade securities: | |||||||||||
| Corporate | 347 | $ | 7 | $ | 347 | $ | 50 | $ | 694 | $ | 57 |
| ABS | 1 | 40 | 5 | 141 | 6 | ||||||
| Other foreign government | — | 130 | 38 | 130 | 38 | ||||||
| Total below investment grade securities | 448 | $ | 8 | $ | 517 | $ | 93 | $ | 965 | $ | 101 |
| Total fixed maturity securities | 21,494 | $ | 828 | $ | 28,394 | $ | 5,556 | $ | 49,888 | $ | 6,384 |
| (1) Includes securities for which an allowance for credit loss has not been recorded. |
All values are in US Dollars.
| Page 23 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reinsurance Group of America, Incorporated | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Investments | |||||||||||||||||
| ( millions) | |||||||||||||||||
| Consolidated Investment Related Gains and Losses | |||||||||||||||||
| Current vs. | Year-to-Date | ||||||||||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | Prior Year | June 30, | June 30, | |||||||||||
| 2025 | 2024 | 2024 | 2024 | Quarter | 2025 | 2024 | Change | ||||||||||
| Fixed maturity securities available-for-sale: | |||||||||||||||||
| Change in allowance for credit losses | (29) | $ | (6) | $ | 23 | $ | (9) | $ | (16) | $ | (13) | $ | (35) | $ | (36) | $ | 1 |
| Impairments on fixed maturity securities | — | — | — | (1) | (1) | (2) | (1) | (1) | |||||||||
| Realized gains on investment activity | 36 | 22 | 72 | 68 | (38) | 66 | 100 | (34) | |||||||||
| Realized losses on investment activity | (87) | (334) | (113) | (230) | 165 | (152) | (364) | 212 | |||||||||
| Net losses on fixed maturity securities available-for-sale | (57) | (289) | (50) | (179) | 113 | (123) | (301) | 178 | |||||||||
| Net gains (losses) on equity securities | (1) | (4) | 6 | (5) | 8 | 2 | (1) | 3 | |||||||||
| Change in mortgage loan allowance for credit losses | 4 | (6) | (12) | 2 | (20) | (14) | (8) | (6) | |||||||||
| Limited partnerships and real estate joint venture impairment losses | (5) | (15) | — | — | (16) | (21) | (8) | (13) | |||||||||
| Change in fair value of certain limited partnership investments | (7) | 21 | 17 | — | 6 | (1) | 1 | (2) | |||||||||
| Other change in allowance for credit losses and impairments | (1) | — | — | (3) | — | (4) | (4) | — | |||||||||
| Other, net | 1 | 19 | (14) | 7 | (10) | (2) | 16 | (18) | |||||||||
| Freestanding derivatives (1): | |||||||||||||||||
| Interest rate swaps | 6 | (18) | 13 | (13) | 12 | 5 | (44) | 49 | |||||||||
| Interest rate options | — | — | (3) | — | (1) | (1) | (3) | 2 | |||||||||
| Total return swaps | (6) | (7) | 7 | (11) | 17 | — | (7) | 7 | |||||||||
| Interest rate futures | — | — | — | 1 | (1) | — | 2 | (2) | |||||||||
| Foreign currency swaps | (3) | 14 | (7) | 8 | (10) | (5) | 22 | (27) | |||||||||
| Foreign currency swaps - hedged | — | — | — | (1) | 1 | — | (2) | 2 | |||||||||
| Foreign currency forwards | 22 | (82) | 77 | (98) | 138 | 62 | (162) | 224 | |||||||||
| Foreign currency options | (1) | (6) | 2 | (3) | 1 | (3) | (3) | — | |||||||||
| Equity options | (6) | (1) | 1 | (1) | 12 | 5 | (5) | 10 | |||||||||
| Equity futures | 9 | 3 | (12) | (2) | (19) | (12) | (19) | 7 | |||||||||
| Credit default swaps | (18) | 1 | 10 | 2 | 19 | 3 | 4 | (1) | |||||||||
| CPI swaps | (5) | (2) | (1) | (1) | — | (6) | (1) | (5) | |||||||||
| Total freestanding derivatives | (2) | (98) | 87 | (119) | 169 | 48 | (218) | 266 | |||||||||
| Embedded derivatives | (11) | 125 | (112) | 26 | (23) | (8) | 103 | (111) | |||||||||
| Net gains (losses) on total derivatives | (13) | 27 | (25) | (93) | 146 | 40 | (115) | 155 | |||||||||
| Total investment related gains (losses), net | (44) | $ | (79) | $ | (247) | $ | (78) | $ | (271) | $ | 227 | $ | (123) | $ | (420) | $ | 297 |
| (1) Freestanding derivatives are non-hedged unless specified. |
All values are in US Dollars.
| Page 24 |
|---|
Appendix
| Reconciliations of GAAP to Non-GAAP Measures | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Page 25 | |||||||||||||||||
| --- | |||||||||||||||||
| Reinsurance Group of America, Incorporated | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Reconciliations of GAAP Income to Adjusted Operating Income | |||||||||||||||||
| ( millions) | |||||||||||||||||
| Current vs. | Year-to-Date | ||||||||||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | Prior Year | June 30, | June 30, | |||||||||||
| 2025 | 2024 | 2024 | 2024 | Quarter | 2025 | 2024 | Change | ||||||||||
| U.S. and Latin America Traditional | |||||||||||||||||
| Income before income taxes | 29 | $ | 149 | $ | 153 | $ | 57 | $ | 174 | $ | (145) | $ | 178 | $ | 290 | $ | (112) |
| Investment and derivative gains (1) | — | 1 | 1 | — | — | — | — | — | |||||||||
| Funds withheld losses - investment income | — | — | — | — | — | — | — | — | |||||||||
| Change in fair value of funds withheld embedded derivatives (1) | (9) | (3) | 21 | (6) | (19) | (34) | 6 | (40) | |||||||||
| Other | — | — | — | (1) | 1 | — | (1) | 1 | |||||||||
| Adjusted operating income before income taxes | 140 | 151 | 79 | 167 | (163) | 144 | 295 | (151) | |||||||||
| Notable items (2) | — | — | 53 | — | — | — | — | — | |||||||||
| Adjusted operating income excluding notable items, before income taxes | 4 | $ | 140 | $ | 151 | $ | 132 | $ | 167 | $ | (163) | $ | 144 | $ | 295 | $ | (151) |
| U.S. and Latin America Financial Solutions | |||||||||||||||||
| Income (loss) before income taxes | (17) | $ | 34 | $ | 139 | $ | (46) | $ | 83 | $ | (100) | $ | 17 | $ | 100 | $ | (83) |
| Market risk benefits remeasurement (gains) losses | 29 | (32) | 31 | (8) | (9) | 12 | (43) | 55 | |||||||||
| Investment and derivative (gains) losses (1) | (17) | 96 | (7) | 35 | 60 | 78 | 97 | (19) | |||||||||
| Change in fair value of funds withheld embedded derivatives (1) | 20 | (122) | 91 | (20) | 42 | 42 | (109) | 151 | |||||||||
| Funds withheld (gains) losses - investment income | (1) | 4 | 1 | (1) | (2) | (4) | (2) | (2) | |||||||||
| Derivatives - interest credited | 5 | (1) | 11 | (6) | 11 | 10 | 7 | 3 | |||||||||
| Other (3) | (3) | (8) | (1) | (3) | 15 | 9 | 120 | (111) | |||||||||
| Adjusted operating income before income taxes | 67 | 76 | 80 | 80 | 17 | 164 | 170 | (6) | |||||||||
| Notable items (2) | — | — | — | — | — | — | — | — | |||||||||
| Adjusted operating income excluding notable items, before income taxes | 97 | $ | 67 | $ | 76 | $ | 80 | $ | 80 | $ | 17 | $ | 164 | $ | 170 | $ | (6) |
| (1) Included in “Investment related gains (losses), net”. | |||||||||||||||||
| (2) Represents the impact of changes in actuarial assumptions. | |||||||||||||||||
| (3) Includes pension risk transfer day one loss and other immaterial items. |
All values are in US Dollars.
| Page 26 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reinsurance Group of America, Incorporated | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Reconciliations of GAAP Income to Adjusted Operating Income | |||||||||||||||||
| ( millions) | |||||||||||||||||
| Current vs. | Year-to-Date | ||||||||||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | Prior Year | June 30, | June 30, | |||||||||||
| 2025 | 2024 | 2024 | 2024 | Quarter | 2025 | 2024 | Change | ||||||||||
| Canada Traditional | |||||||||||||||||
| Income before income taxes | 25 | $ | 32 | $ | 32 | $ | 29 | $ | 27 | $ | (2) | $ | 57 | $ | 74 | $ | (17) |
| Investment and derivative (gains) losses (1) | — | — | — | 1 | (1) | — | — | — | |||||||||
| Investment income - non-operating funds withheld at interest | — | 1 | — | — | 1 | 1 | — | 1 | |||||||||
| Other | — | (1) | 1 | (2) | 4 | 2 | (2) | 4 | |||||||||
| Adjusted operating income before income taxes | 32 | 32 | 30 | 26 | 2 | 60 | 72 | (12) | |||||||||
| Notable items (2) | — | — | (5) | — | — | — | — | — | |||||||||
| Adjusted operating income excluding notable items, before income taxes | 28 | $ | 32 | $ | 32 | $ | 25 | $ | 26 | $ | 2 | $ | 60 | $ | 72 | $ | (12) |
| Canada Financial Solutions | |||||||||||||||||
| Income before income taxes | 9 | $ | 12 | $ | 17 | $ | 21 | $ | 6 | $ | 3 | $ | 21 | $ | 13 | $ | 8 |
| Investment and derivative (gains) losses (1) | (1) | (9) | (17) | 1 | (1) | (1) | 1 | (2) | |||||||||
| Adjusted operating income before income taxes | 11 | 8 | 4 | 7 | 2 | 20 | 14 | 6 | |||||||||
| Notable items (2) | — | — | — | — | — | — | — | — | |||||||||
| Adjusted operating income excluding notable items, before income taxes | 9 | $ | 11 | $ | 8 | $ | 4 | $ | 7 | $ | 2 | $ | 20 | $ | 14 | $ | 6 |
| Europe, Middle East and Africa Traditional | |||||||||||||||||
| Income (loss) before income taxes | 16 | $ | 50 | $ | 8 | $ | (17) | $ | 1 | $ | 15 | $ | 66 | $ | 29 | $ | 37 |
| Other | — | 3 | (1) | (2) | 4 | 2 | 8 | (6) | |||||||||
| Adjusted operating income (loss) before income taxes | 50 | 11 | (18) | (1) | 19 | 68 | 37 | 31 | |||||||||
| Notable items (2) | — | — | 40 | — | — | — | — | — | |||||||||
| Adjusted operating income (loss) excluding notable items, before income taxes | 18 | $ | 50 | $ | 11 | $ | 22 | $ | (1) | $ | 19 | $ | 68 | $ | 37 | $ | 31 |
| Europe, Middle East and Africa Financial Solutions | |||||||||||||||||
| Income before income taxes | 109 | $ | 74 | $ | 79 | $ | 84 | $ | 72 | $ | 37 | $ | 183 | $ | 136 | $ | 47 |
| Investment and derivative losses (1) | 14 | 16 | 4 | 13 | (5) | 22 | 27 | (5) | |||||||||
| Investment income - non-operating funds withheld at interest | 2 | 1 | (2) | 1 | (2) | 1 | — | 1 | |||||||||
| Investment (income) loss on unit-linked variable annuities | — | 2 | (1) | 1 | (1) | — | 2 | (2) | |||||||||
| Interest credited on unit-linked variable annuities | — | (2) | 1 | (1) | 1 | — | (2) | 2 | |||||||||
| Adjusted operating income before income taxes | 90 | 96 | 86 | 86 | 30 | 206 | 163 | 43 | |||||||||
| Notable items (2) | — | — | 2 | — | — | — | — | — | |||||||||
| Adjusted operating income excluding notable items, before income taxes | 116 | $ | 90 | $ | 96 | $ | 88 | $ | 86 | $ | 30 | $ | 206 | $ | 163 | $ | 43 |
| (1) Included in “Investment related gains (losses), net”. | |||||||||||||||||
| (2) Represents the impact of changes in actuarial assumptions. |
All values are in US Dollars.
| Page 27 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reinsurance Group of America, Incorporated | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Reconciliations of GAAP Income to Adjusted Operating Income | |||||||||||||||||
| ( millions) | |||||||||||||||||
| Current vs. | Year-to-Date | ||||||||||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | Prior Year | June 30, | June 30, | |||||||||||
| 2025 | 2024 | 2024 | 2024 | Quarter | 2025 | 2024 | Change | ||||||||||
| Asia Pacific Traditional | |||||||||||||||||
| Income before income taxes | 102 | $ | 106 | $ | 59 | $ | 11 | $ | 100 | $ | 2 | $ | 208 | $ | 209 | $ | (1) |
| Other | — | 4 | — | (1) | 3 | 2 | (1) | 3 | |||||||||
| Adjusted operating income before income taxes | 106 | 63 | 11 | 99 | 5 | 210 | 208 | 2 | |||||||||
| Notable items (2) | — | — | 95 | — | — | — | — | — | |||||||||
| Adjusted operating income excluding notable items, before income taxes | 104 | $ | 106 | $ | 63 | $ | 106 | $ | 99 | $ | 5 | $ | 210 | $ | 208 | $ | 2 |
| Asia Pacific Financial Solutions | |||||||||||||||||
| Income (loss) before income taxes | 89 | $ | 31 | $ | 1 | $ | 93 | $ | (58) | $ | 147 | $ | 120 | $ | (45) | $ | 165 |
| Investment and derivative (gains) losses (1) | 25 | 96 | (17) | 178 | (199) | 4 | 252 | (248) | |||||||||
| Other | 3 | (32) | (16) | (49) | 58 | 12 | (77) | 89 | |||||||||
| Adjusted operating income before income taxes | 59 | 65 | 60 | 71 | 6 | 136 | 130 | 6 | |||||||||
| Notable items (2) | — | — | 9 | — | — | — | — | — | |||||||||
| Adjusted operating income excluding notable items, before income taxes | 77 | $ | 59 | $ | 65 | $ | 69 | $ | 71 | $ | 6 | $ | 136 | $ | 130 | $ | 6 |
| Corporate and Other | |||||||||||||||||
| Loss before income taxes | (21) | $ | (119) | $ | (263) | $ | (18) | $ | (136) | $ | 115 | $ | (140) | $ | (265) | $ | 125 |
| Investment and derivative losses (1) | 50 | 180 | 13 | 80 | (85) | 45 | 163 | (118) | |||||||||
| Investment income - non-operating funds withheld at interest | (1) | — | — | — | 1 | — | — | — | |||||||||
| Interest expense on uncertain tax positions | — | 1 | 1 | (1) | 1 | — | (1) | 1 | |||||||||
| Derivatives - interest credited | 5 | (2) | — | — | (3) | 2 | — | 2 | |||||||||
| Other | (5) | 13 | (14) | 13 | (17) | (9) | 21 | (30) | |||||||||
| Adjusted operating loss before income taxes | (70) | (71) | (18) | (44) | 12 | (102) | (82) | (20) | |||||||||
| Notable items (2) | — | — | — | — | — | — | — | — | |||||||||
| Adjusted operating loss excluding notable items, before income taxes | (32) | $ | (70) | $ | (71) | $ | (18) | $ | (44) | $ | 12 | $ | (102) | $ | (82) | $ | (20) |
| (1) Included in “Investment related gains (losses), net”. | |||||||||||||||||
| (2) Represents the impact of changes in actuarial assumptions. |
All values are in US Dollars.
| Page 28 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Reinsurance Group of America, Incorporated | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Reconciliations of RGA, Inc. Shareholders’ Equity to RGA, Inc. Shareholders’ Equity Excluding AOCI | |||||||||
| ( millions except per share data) | |||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | ||||||
| 2025 | 2024 | 2024 | 2024 | ||||||
| RGA, Inc. shareholders’ equity | 12,053 | $ | 11,402 | $ | 10,816 | $ | 11,127 | $ | 9,735 |
| Less effect of AOCI: | |||||||||
| Accumulated currency translation adjustments | (8) | (19) | 108 | 86 | |||||
| Unrealized (depreciation) appreciation of securities | (4,443) | (4,526) | (2,800) | (4,694) | |||||
| Effect of updating discount rates on future policy benefits | 5,702 | 5,412 | 3,987 | 4,611 | |||||
| Change in instrument-specific credit risk for market risk benefits | 6 | 2 | 6 | 6 | |||||
| Pension and postretirement benefits | (19) | (20) | (29) | (29) | |||||
| RGA, Inc. shareholders’ equity, excluding AOCI | 10,164 | 9,967 | 9,855 | 9,755 | |||||
| Year-to-date notable items, net of tax | — | 168 | 168 | — | |||||
| RGA, Inc. shareholders’ equity, excluding AOCI and notable items | 10,301 | $ | 10,164 | $ | 10,135 | $ | 10,023 | $ | 9,755 |
| Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI | |||||||||
| March 31, | Dec. 31, | Sept. 30, | June 30, | ||||||
| 2025 | 2024 | 2024 | 2024 | ||||||
| Book value per share | 182.37 | $ | 172.53 | $ | 164.19 | $ | 168.93 | $ | 147.90 |
| Less effect of AOCI: | |||||||||
| Accumulated currency translation adjustment | (0.12) | (0.27) | 1.64 | 1.32 | |||||
| Unrealized (depreciation) appreciation of securities | (67.24) | (68.73) | (42.52) | (71.31) | |||||
| Effect of updating discount rates on future policy benefits | 86.28 | 82.16 | 60.54 | 70.06 | |||||
| Change in instrument-specific credit risk for market risk benefits | 0.09 | 0.03 | 0.09 | 0.09 | |||||
| Pension and postretirement benefits | (0.28) | (0.31) | (0.45) | (0.45) | |||||
| Book value per share, excluding AOCI | 155.87 | $ | 153.80 | $ | 151.31 | $ | 149.63 | $ | 148.19 |
| Less effect of B36: | (0.80) | (0.66) | (2.16) | (0.82) | |||||
| Book value per share, excluding AOCI and B36 | 156.63 | $ | 154.60 | $ | 151.97 | $ | 151.79 | $ | 149.01 |
All values are in US Dollars.
| Page 29 |
|---|
Reinsurance Group of America, Incorporated
Non-GAAP Disclosures
This Quarterly Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated (the “Company”) with the SEC. The consolidated financial information herein includes the assets, liabilities, and results of operations of the Company and its subsidiaries.
Non-GAAP Financial Measures
The Company discloses certain financial measures that are not determined in accordance with U.S. GAAP. The Company principally uses such non-GAAP financial measures in evaluating performance because the Company believes that such measures, when reviewed in conjunction with relevant U.S. GAAP measures, present a clearer picture of 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 adjusted claims and other policy benefits over the estimated lives of the contracts);
•any net gain or loss from discontinued operations;
•the cumulative effect of any accounting changes;
•the impact of certain tax-related items; and
•any other items that the Company believes are not indicative of the Company’s ongoing operations;
as any of the above items can be volatile and may not reflect the underlying performance of the Company’s business. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company’s management incentive programs.
Adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments, and is presented in our financial statement footnotes in accordance with ASC 280 – “Segment Reporting.” Adjusted operating income (loss) before income taxes, when presented on a consolidated basis, is a non-GAAP financial measure.
- Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items, and adjusted operating income per diluted share, excluding notable items. Notable items are items that the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented include the financial impact of the Company’s assumption reviews.
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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.
Shareholders’ equity position excluding the impact of accumulated other comprehensive income (loss) (“AOCI”), shareholders’ average equity position excluding AOCI, and book value per share excluding the impact of AOCI. The Company believes that these measures provide useful information since such measures exclude AOCI-related items that are not permanent and can fluctuate significantly from period to period, and may not reflect the impact of the underlying performance of the Company’s businesses on shareholders’ equity and book value per share. AOCI primarily relates to changes in interest rates, credit spreads on the Company’s investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses the following non-GAAP financial measures:
•Shareholders’ average equity position excluding AOCI and B36, where B36 refers to the cumulative change in fair value of funds withheld embedded derivatives;
•Shareholders’ average equity position excluding AOCI and notable items; and
•Shareholders’ average equity position excluding AOCI, B36 and notable items.
- Adjusted operating return on equity. This measure is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target levels and awards under the Company’s management incentive programs. The Company also discloses the following non-GAAP financial measures:
•Adjusted operating return on equity excluding AOCI and B36;
•Adjusted operating return on equity excluding AOCI and notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’ equity excluding notable items and AOCI; and
•Adjusted operating return on equity excluding AOCI, B36 and notable items.
Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix at the end of this document. Except as otherwise noted herein, the non-GAAP figures and reconciliations presented herein reflect the Company’s adoption of the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments (“LDTI”). For additional information regarding the Company’s adoption of LDTI, see Note 1 – “Business and Basis of Presentation” and Note 3 – “Impact of New Accounting Standard” in the notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
The Company is unable to provide reconciliations of the intermediate term targets of consolidated adjusted operating income (loss) before taxes, adjusted operating income (loss) before taxes, excluding notable items (on both a segment-level and consolidated basis), consolidated adjusted operating ROE, respectively, which are forward-looking non-GAAP financial measures, due to, among other things, the fact that these targets are a composite of our goals for future results, the inherent difficulty in forecasting generally, and the difficulty of quantifying accurate forecasts of the numerous components comprising these calculations that would be necessary to provide any such reconciliations. In addition, actual performance in future periods may vary from the intermediate term target ranges for a variety of reasons, including known and unknown risk and uncertainties.
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Document
Exhibit 99.3
RGA Closes $32 Billion Reinsurance Transaction with Equitable Holdings
ST. LOUIS, July 31, 2025 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life and health reinsurer, announced today the successful completion of its previously disclosed transaction with Equitable Holdings, Inc. (NYSE: EQH, ”Equitable”) to reinsure a diversified block of life insurance products. Key highlights of the transaction include:
–RGA to reinsure $32 billion of a diversified mix of life insurance products
–Priced with attractive returns within RGA’s target range
–Expected to meaningfully contribute to adjusted operating EPS
–Expansion of RGA’s partnership with Equitable across underwriting, product development, distribution, and investment management
“The successful closing of our transaction with Equitable represents a significant milestone for RGA and reflects our ongoing commitment to delivering exceptional value for our shareholders and clients,” said Tony Cheng, President and Chief Executive Officer, RGA. “We view this highly strategic transaction as a great example of how RGA can partner with our clients to execute mutually beneficial deals that enable growth and yield long-term value. Beyond enhancing our market position, this transaction demonstrates our ability to execute strategic initiatives that align with our Creation Re strategy.”
For more information about the transaction, please see the press release, presentation, and webcast from the February 24, 2025, announcement.
About RGA
Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has approximately $4.1 trillion of life reinsurance in force and assets of $133.5 billion as of June 30, 2025. To learn more about RGA and its businesses, please visit www.rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.
Cautionary Note Regarding Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance, and growth potential of Reinsurance Group of America, Incorporated (the “Company”), 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 on July 31, 2025 such Company subsidiary entered 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 that 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 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.
FOR MORE INFORMATION:
Jeff Hopson
Senior Vice President, Investor Relations
636-736-2068
jhopson@rgare.com
Lynn Phillips
Vice President, Corporate Communications
636-736-2351
lphillips@rgare.com
Lizzie Curry
Executive Director, Public Relations
636-736-8521
lizzie.curry@rgare.com
Document
Exhibit 99.4
