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): January 30, 2024

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.
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On February 1, 2024, Reinsurance Group of America, Incorporated (the "Company") issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended December 31, 2023, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended December 31, 2023, a copy of which is furnished with this report as Exhibit 99.2. The Press Release also notes that a conference call will be held on February 2, 2024 to discuss the financial and operating results for the three-month period ended December 31, 2023 (the "Earnings Call").

Item 7.01	Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated February 1, 2024 (the "Earnings Presentation"), a copy of which is furnished with this report as Exhibit 99.3 and incorporated in this Item 7.01 by reference.

The Press Release also announced that effective January 30, 2024 the Company’s board of directors declared a regular quarterly dividend of $0.85, payable February 27, 2024 to shareholders of record as of February 13, 2024.

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

Item 9.01	Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.	Exhibit
99.1	Press Release of Reinsurance Group of America, Incorporated dated February 1, 2024
99.2	Quarterly Financial Supplement for the quarter ended December 31, 2023
99.3	Earnings Presentation dated February 1, 2024
104	Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURE

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

	REINSURANCE GROUP OF AMERICA, INCORPORATED
Date: February 1, 2024	By:	/s/ Todd C. Larson
		Todd C. Larson
		Senior Executive Vice President and Chief Financial Officer

Document

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS

FOURTH QUARTER AND FULL YEAR RESULTS

Fourth Quarter Results

•Net income available to RGA shareholders of $2.37 per diluted share

•Adjusted operating income* of $4.73 per diluted share

•Premium growth of 19.2% over the prior-year quarter, 18.7% on a constant currency basis1

•Deployed capital of $346 million into in-force transactions

•Total shareholder capital returns of $106 million: $50 million of share repurchases and $56 million of shareholder dividends

Full Year Results

•Net income available to RGA shareholders of $13.44 per diluted share

•Adjusted operating income* of $19.88 per diluted share

•Premium growth of 15.3% over the prior year, 16.3% on a constant currency basis1

•ROE of 11.4%, adjusted operating ROE* of 14.5%, and adjusted operating ROE, excluding notable items*2 of 14.4% for the trailing twelve months

•Deployed capital of $933 million into in-force transactions

•Total shareholder capital returns of $419 million: $200 million of share repurchases and $219 million of shareholder dividends

1 Actual amounts reflect impact of currency fluctuations. Constant currency amounts reflect foreign denominated activity translated to U.S. dollars at a constant exchange rate.

2 RGA completed its annual actuarial assumption review related to business subject to Long-Duration Targeted Improvements (LDTI) during the third quarter. The impact from the actuarial assumption review is reflected in the results as notable items.

ST. LOUIS, February 1, 2024 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported fourth quarter net income available to RGA shareholders of $158 million, or $2.37 per diluted share, compared with $291 million, or $4.30 per diluted share, in the prior-year quarter. Adjusted operating income* for the fourth quarter totaled $316 million, or $4.73 per diluted share, compared with $312 million, or $4.60 per diluted share, the year before. Adjusted operating income, excluding notable items* for the fourth quarter, totaled $316 million, or $4.73 per diluted share, compared with $266 million, or $3.91 per diluted share, the year before. Net foreign currency fluctuations had an adverse effect of $0.01 per diluted share on net income available to RGA shareholders, and a favorable effect of $0.04 per diluted share on adjusted operating income as compared with the prior year.

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	Quarterly Results				Year-to-Date Results
($ in millions, except per share data)	2023		2022		2023		2022
Net premiums	$	4,108	$	3,446	$	15,085	$	13,078
Net income available to RGA shareholders	158		291		902		517
Net income available to RGA shareholders per diluted share	2.37		4.30		13.44		7.64
Adjusted operating income*	316		312		1,334		927
Adjusted operating income, excluding notable items *	316		266		1,334		1,111
Adjusted operating income per diluted share*	4.73		4.60		19.88		13.69
Adjusted operating income, excluding notable items per diluted share*	4.73		3.91		19.88		16.40
Book value per share	138.39		106.19
Book value per share, excluding accumulated other comprehensive income (AOCI)*	144.01		134.26
Total assets	97,623		84,904
*	See “Non-GAAP Financial Measures” below
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Full year net income available to RGA shareholders totaled $902 million, or $13.44 per diluted share, compared with $517 million, or $7.64 per diluted share in 2022. Adjusted operating income for the full year totaled $1,334 million, or $19.88 per diluted share, compared with $927 million, or $13.69 per diluted share the year before. Adjusted operating income, excluding notable items for the full year, totaled $1,334 million, or $19.88 per diluted share, compared with $1,111 million, or $16.40 per diluted share, the year before. Net foreign currency fluctuations had an adverse effect of $0.18 per diluted share on net income available to RGA shareholders, and $0.21 per diluted share on adjusted operating income as compared with 2022.

In the fourth quarter, consolidated net premiums totaled $4.1 billion, an increase of 19.2% over the 2022 fourth quarter, with a favorable net foreign currency effect of $18 million. Excluding the net foreign currency effect, consolidated net premiums increased 18.7% in the quarter. Net premiums for the quarter include a $500 million contribution from a single premium pension risk transfer transaction in the U.S. Financial Solutions business. For the full year, net premiums totaled $15.1 billion, an increase of 15.3% from 2022, with an adverse net foreign currency effect of $126 million. Excluding the net foreign currency effect, consolidated net premiums increased 16.3% for the full year. Net premiums for the full year include a $1.5 billion contribution from single premium pension risk transfer transactions in the U.S. Financial Solutions business.

Compared with the year-ago period, excluding spread-based businesses, fourth quarter investment income increased 14.8%, reflecting higher yields. For the full year, investment income, excluding spread-based businesses, increased 4.2%, reflecting higher yields. Average investment yield increased to 4.86% in the fourth quarter from 4.45% in the prior-year period due to higher yields. For the full year, average investment yield was flat at 4.68% compared with the prior-year period of 4.69% due to higher yields that were offset by lower variable investment income.

The effective tax rate for the quarter was 2.2% on pre-tax income, below the expected range of 23% to 24%, primarily due to losses in certain higher tax jurisdictions, tax credits and the release of tax liabilities associated with uncertain tax positions. For the full year, the effective tax rate was 21.8% on pre-tax

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income, below the expected range of 23% to 24%, due to lower than expected income in certain higher tax jurisdictions, tax credits and the release of tax liabilities associated with uncertain tax positions.

The effective tax rate for the quarter was 18.2% on pre-tax adjusted operating income, below the expected range of 23% to 24%, primarily due to losses in higher tax jurisdictions and tax credits. For the full year, the effective tax rate was 21.5% on pre-tax adjusted operating income, below the expected range of 23% to 24%, due to lower than expected income in higher tax jurisdictions and tax credits.

Tony Cheng, President and Chief Executive Officer, commented, “In the quarter, we saw a continuation of the many positive trends that we experienced in the first nine months, and this helped us produce record results for the year. Our Financial Solutions business continued to deliver very strong results across regions and product lines. We continued to see good momentum in organic business activity in the traditional business, and our in-force transactions were especially strong, with $346 million of capital deployed in the quarter. This brought our annual capital deployment into in-force transactions to $933 million, a record for RGA.

“Additionally, we repurchased $50 million of common shares, bringing the full year total to $200 million. Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.0 billion. Based on favorable business conditions and RGA's global leadership position, we are optimistic about the future and expect to continue to deliver attractive financial results over time.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Net premiums	$	1,912	$	1,778	$	7,023	$	6,590
Pre-tax income	30		114		318		195
Pre-tax adjusted operating income	25		108		313		147
Pre-tax adjusted operating income, excluding notable items	25		108		330		317

Quarterly Results

•Results reflected favorable Group and Individual Health experience and slightly unfavorable experience and client reporting adjustments in Individual Life, which had a larger unfavorable financial impact due to the mix of experience in uncapped and capped cohorts.

Full Year Results

•Results reflected $17 million of unfavorable impacts from assumption updates, which are reflected as notable items.

•Excluding notable items, results reflected favorable in-force management actions, the impact of higher yields and favorable Individual Health and Group experience.

•Individual Life experience was favorable, however, the mix of experience between uncapped and capped cohorts led to unfavorable financial impacts.

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Financial Solutions

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Asset-Intensive:
Pre-tax income (loss)	$	(140)	$	(32)	$	89	$	1
Pre-tax adjusted operating income	81		77		370		304
Pre-tax adjusted operating income, excluding notable items	81		77		348		301
Capital Solutions:
Pre-tax income	$	20	$	24	$	81	$	144
Pre-tax adjusted operating income	20		24		81		144
Pre-tax adjusted operating income, excluding notable items	20		24		81		144

Quarterly Results

•Asset-Intensive results reflected strong investment spreads due to higher yields, including those on floating rate securities.

•Capital Solutions results were in line with expectations.

Full Year Results

•Asset-Intensive results reflected $22 million of favorable impacts from assumptions updates, which are reflected as notable items.

•Excluding notable items, Asset-Intensive results reflected strong investment spreads, including those on floating rate securities.

•Capital Solutions results were in line with expectations.

Canada

Traditional

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Net premiums	$	311	$	308	$	1,215	$	1,219
Pre-tax income	21		50		91		104
Pre-tax adjusted operating income	20		47		91		108
Pre-tax adjusted operating income, excluding notable items	20		42		104		109

Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $1 million for the quarter and $45 million for the full year.

Quarterly Results

•Results reflected unfavorable claims experience on Group business and unfavorable impacts from a one-time item.

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•Foreign currency exchange rates had a favorable effect of $4 million on pre-tax income and $5 million on pre-tax adjusted operating income.

Full Year Results

•Results reflected $13 million of unfavorable impacts from assumptions updates, which are reflected as notable items.

•Excluding notable items, results reflected unfavorable Group claims experience.

•Foreign currency exchange rates had an adverse effect of $1 million on pre-tax income and an immaterial effect on pre-tax adjusted operating income.

Financial Solutions

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Pre-tax income	$	6	$	9	$	52	$	31
Pre-tax adjusted operating income	6		9		52		31
Pre-tax adjusted operating income, excluding notable items	6		9		30		31

Quarterly Results

•Results reflected favorable longevity experience.

•Foreign currency exchange rates had an immaterial effect on pre-tax income and an adverse effect of $1 million on pre-tax adjusted operating income.

Full Year Results

•Results reflected $22 million of favorable impacts from assumption updates, which are reflected as notable items.

•Excluding notable items, results reflected favorable longevity experience.

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

Europe, Middle East and Africa (EMEA)

Traditional

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Net premiums	$	461	$	422	$	1,775	$	1,736
Pre-tax income (loss)	8		3		(21)		46
Pre-tax adjusted operating income (loss)	8		3		(20)		46
Pre-tax adjusted operating income, excluding notable items	8		3		27		59

Net Premiums

•Foreign currency exchange rates had a favorable effect on net premiums of $14 million for the quarter and an adverse effect of $13 million for the full year.

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Quarterly Results

•Results reflected unfavorable mortality experience in the U.K., partially offset by new business in Continental Europe.

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

Full Year Results

•Results reflected $47 million of unfavorable impacts from assumption updates, primarily in the U.K., which are reflected as notable items.

•Excluding notable items, results reflected unfavorable mortality experience, primarily in the U.K.

•Foreign currency exchange rates had an adverse effect of $3 million on pre-tax income and pre-tax adjusted operating income.

Financial Solutions

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Pre-tax income	$	106	$	56	$	301	$	182
Pre-tax adjusted operating income	112		73		355		244
Pre-tax adjusted operating income, excluding notable items	112		59		321		230

Quarterly Results

•Results reflected favorable longevity and other experience.

•Foreign currency exchange rates had a favorable effect of $5 million on pre-tax income and pre-tax adjusted operating income.

Full Year Results

•Results reflected $34 million of favorable impacts from assumption updates, which are reflected as notable items.

•Excluding notable items, results reflected favorable longevity and other experience.

•Foreign currency exchange rates had a favorable effect of $5 million on pre-tax income and $6 million on pre-tax adjusted operating income.

Asia Pacific

Traditional

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Net premiums	$	709	$	700	$	2,785	$	2,650
Pre-tax income	70		100		372		194
Pre-tax adjusted operating income	71		100		373		194
Pre-tax adjusted operating income, excluding notable items	71		58		371		269

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Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $3 million for the quarter and $67 million for the full year.

Quarterly Results

•Results reflected favorable underlying claims experience.

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

Full Year Results

•Results reflected $2 million of favorable impacts from assumption updates, which are reflected as notable items.

•Excluding notable items, results reflected favorable claims experience and strong new business.

•Foreign currency exchange rates had an adverse effect of $5 million on pre-tax income and pre-tax adjusted operating income.

Financial Solutions

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Net premiums	$	47	$	64	$	218	$	236
Pre-tax income	122		109		113		46
Pre-tax adjusted operating income	66		38		212		161
Pre-tax adjusted operating income, excluding notable items	66		38		212		161

Quarterly Results

•Results reflected higher investment spreads including variable investment income and strong new business.

•Foreign currency exchange rates had an adverse effect of $6 million on pre-tax income and $2 million on pre-tax adjusted operating income.

Full Year Results

•Results reflected higher investment spreads and strong new business.

•Foreign currency exchange rates had an adverse effect of $5 million on pre-tax income and $9 million on pre-tax adjusted operating income.

Corporate and Other

	Quarterly Results				Year-to-Date Results
($ in millions)	2023		2022		2023		2022
Pre-tax income (loss)	$	(79)	$	(52)	$	(236)	$	(225)
Pre-tax adjusted operating income (loss)	(23)		(92)		(128)		(162)
Pre-tax adjusted operating income (loss), excluding notable items	(23)		(92)		(128)		(162)

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Quarterly Results

•Results were favorable compared to the quarterly average run rate, primarily due to higher investment income.

Full Year Results

•Results were favorable compared to the expected run rate, primarily due to higher investment income.

Repurchase Authorization

On January 23, 2024, the board of directors authorized a share repurchase program for up to $500 million of outstanding common stock. The authorization was effective immediately and does not have an expiration date. In connection with this authorization, the board of directors terminated the stock repurchase authority granted in 2022.

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

Dividend Declaration

Effective January 30, 2024, the board of directors declared a regular quarterly dividend of $0.85, payable February 27, 2024, to shareholders of record as of February 13, 2024.

Earnings Conference Call

A conference call to discuss fourth quarter results will begin at 10 a.m. Eastern Time on Friday, February 2, 2024. Interested parties may access the call by dialing 1-844-481-2753 (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 the Company’s Investor Relations website at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call.

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

Non-GAAP Financial Measures and Other Definitions

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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:

which can be volatile and may not reflect the underlying performance of the Company’s businesses. Additionally, adjusted operating income excludes, to the extent applicable, 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. 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.

2.Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items. Notable items are items the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented may include the financial impact of the Company’s assumption reviews on business subject to the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments, reflected in future policy benefits remeasurement gains or losses.

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

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

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incentive programs. The Company also discloses a non-GAAP financial measure called adjusted operating return on equity excluding notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’ equity excluding notable items and AOCI.

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.

Other definitions:

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

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

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

About RGA

Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has

approximately $3.7 trillion of life reinsurance in force and assets of $97.6 billion as of December 31, 2023. To learn more about RGA and its businesses, please visit www.rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.

Cautionary Note Regarding Forward-Looking Statements

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

Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looking statements, include, among others: (1) adverse changes in mortality (whether related to COVID-19 or otherwise), 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

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the Company’s collateral arrangements, (7) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (8) the effect of the Company parent’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, (9) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (10) the impairment of other financial institutions and its effect on the Company’s business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (14) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (18) financial performance of the Company’s clients, (19) the threat of natural disasters, catastrophes, terrorist attacks, pandemics, epidemics or other major public health issues anywhere in the world where the Company or its clients do business, (20) competitive factors and competitors’ responses to the Company’s initiatives, (21) development and introduction of new products and distribution opportunities, (22) execution of the Company’s entry into

new markets, (23) integration of acquired blocks of business and entities, (24) interruption or failure of the Company’s telecommunication, information technology or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data and intellectual property stored on such systems, (25) adverse developments with respect to litigation, arbitration or regulatory investigations or actions, (26) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (27) changes in laws, regulations, and accounting standards applicable to the Company or its business, including Long-Duration Targeted Improvement accounting changes and (28) other risks and uncertainties described in this document and in the Company’s other filings with the Securities and Exchange Commission (“SEC”).

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future, 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, 2022, 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

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Adjusted Operating Income

(Dollars in millions, except per share data)

(Unaudited)	Three Months Ended December 31,
	2023				2022
			Diluted Earnings Per Share				Diluted Earnings Per Share
Net income (loss) available to RGA shareholders	$	158	$	2.37	$	291	$	4.30
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	(14)		(0.22)		(14)		(0.21)
Market risk benefits remeasurement (gains) losses	22		0.33		(15)		(0.22)
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	143		2.14		53		0.78
Included in interest credited	4		0.06		1		0.01
Investment (income) loss on unit-linked variable annuities	(2)		(0.03)		2		0.03
Interest credited on unit-linked variable annuities	2		0.03		(2)		(0.03)
Interest expense on uncertain tax positions	(1)		(0.01)		—		—
Other	23		0.34		1		0.01
Uncertain tax positions and other tax related items	(19)		(0.28)		(9)		(0.13)
Net income attributable to noncontrolling interest	2		0.03		2		0.03
Adjusted operating income	316		4.73		312		4.60
Notable items	—		—		(46)		(0.69)
Adjusted operating income, excluding notable items	$	316	$	4.73	$	266	$	3.91	(Unaudited)	Twelve Months Ended December 31,
---	---	---	---	---	---	---	---	---
	2023				2022
			Diluted Earnings Per Share				Diluted Earnings Per Share
Net income available to RGA shareholders	$	902	$	13.44	$	517	$	7.64
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	280		4.18		352		5.19
Market risk benefits remeasurement (gains) losses	(8)		(0.12)		8		0.12
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	(4)		(0.06)		19		0.28
Embedded derivatives:
Included in investment related gains/losses, net	129		1.92		137		2.02
Included in interest credited	(5)		(0.07)		(42)		(0.62)
Investment (income) loss on unit-linked variable annuities	1		0.01		19		0.28
Interest credited on unit-linked variable annuities	(1)		(0.01)		(19)		(0.28)
Interest expense on uncertain tax positions	—		—		—		—
Other	29		0.43		(63)		(0.93)
Uncertain tax positions and other tax related items	4		0.06		(5)		(0.07)
Net income attributable to noncontrolling interest	7		0.10		4		0.06
Adjusted operating income	1,334		19.88		927		13.69
Notable items	—		—		184		2.71
Adjusted operating income, excluding notable items	$	1,334	$	19.88	$	1,111	$	16.40

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Add Twelve

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Effective Income Tax Rates

(Dollars in millions)

(Unaudited)	Three Months Ended December 31, 2023						Twelve Months Ended December 31, 2023
	Pre-tax Income (Loss)		Income Taxes		Effective Tax Rate (1)		Pre-tax Income (Loss)		Income Taxes		Effective Tax Rate (1)
GAAP income	$	164	$	4	2.2	%	$	1,160	$	251	21.8	%
Reconciliation to adjusted operating income:
Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net	(18)		(4)				360		80
Market risk benefits remeasurement (gains) losses	28		6				(10)		(2)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	(3)		(1)				(5)		(1)
Embedded derivatives:
Included in investment related gains/losses, net	181		38				163		34
Included in interest credited	5		1				(6)		(1)
Investment (income) loss on unit-linked variable annuities	(3)		(1)				1		—
Interest credited on unit-linked variable annuities	3		1				(1)		—
Interest expense on uncertain tax positions	(1)		—				—		—
Other	30		7				37		8
Uncertain tax positions and other tax related items	—		19				—		(4)
Adjusted operating income	386		70		18.2	%	1,699		365		21.5	%
Notable items	—		—				(3)		(3)
Adjusted operating income, excluding notable items	$	386	$	70			$	1,696	$	362

(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.

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Add Thirteen

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

(Unaudited)	Three Months Ended December 31,
	2023		2022
Income (loss) before income taxes	$	164	$	381
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	(18)		(46)
Market risk benefits remeasurement (gains) losses	28		(19)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	(3)		2
Embedded derivatives:
Included in investment related gains/losses, net	181		67
Included in interest credited	5		1
Investment (income) loss on unit-linked variable annuities	(3)		2
Interest credited on unit-linked variable annuities	3		(2)
Interest expense on uncertain tax positions	(1)		—
Other	30		1
Pre-tax adjusted operating income	386		387
Notable items	—		(61)
Pre-tax adjusted operating income, excluding notable items	$	386	$	326
(Unaudited)	Twelve Months Ended December 31,
---	---	---	---	---
	2023		2022
Income before income taxes	$	1,160	$	718
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	360		425
Market risk benefits remeasurement (gains) losses	(10)		10
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	(5)		24
Embedded derivatives:
Included in investment related gains/losses, net	163		173
Included in interest credited	(6)		(53)
Investment (income) loss on unit-linked variable annuities	1		24
Interest credited on unit-linked variable annuities	(1)		(24)
Interest expense on uncertain tax positions	—		—
Other	37		(80)
Pre-tax adjusted operating income	1,699		1,217
Notable items	(3)		242
Pre-tax adjusted operating income, excluding notable items	$	1,696	$	1,459

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Add Fourteen

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

(Unaudited)	Three Months Ended December 31, 2023
	Pre-tax income (loss)		Realized<br>(gains) losses,<br>derivatives<br>and other, net		Change in<br>value of<br>embedded<br>derivatives, net		Pre-tax adjusted operating<br>income (loss)		Notable Items		Pre-tax adjusted <br>operating<br>income (loss) ex. notable items
U.S. and Latin America:
Traditional	$	30	$	(1)	$	(4)	$	25	$	—	$	25
Financial Solutions:
Asset-Intensive	(140)		31		190		81		—		81
Capital Solutions	20		—		—		20		—		20
Total U.S. and Latin America	(90)		30		186		126		—		126
Canada Traditional	21		(1)		—		20		—		20
Canada Financial Solutions	6		—		—		6		—		6
Total Canada	27		(1)		—		26		—		26
EMEA Traditional	8		—		—		8		—		8
EMEA Financial Solutions	106		6		—		112		—		112
Total EMEA	114		6		—		120		—		120
APAC Traditional	70		1		—		71		—		71
APAC Financial Solutions	122		(56)		—		66		—		66
Total Asia Pacific	192		(55)		—		137		—		137
Corporate and Other	(79)		56		—		(23)		—		(23)
Consolidated	$	164	$	36	$	186	$	386	$	—	$	386
(Unaudited)	Three Months Ended December 31, 2022
---	---	---	---	---	---	---	---	---	---	---	---	---
	Pre-tax income (loss)		Realized<br>(gains) losses,<br>derivatives<br>and other, net		Change in<br>value of<br>embedded<br>derivatives, net		Pre-tax adjusted <br>operating<br>income (loss)		Notable Items		Pre-tax adjusted <br>operating<br>income (loss) ex. notable items
U.S. and Latin America:
Traditional	$	114	$	1	$	(7)	$	108	$	—	$	108
Financial Solutions:
Asset-Intensive	(32)		34		75		77		—		77
Capital Solutions	24		—		—		24		—		24
Total U.S. and Latin America	106		35		68		209		—		209
Canada Traditional	50		(3)		—		47		(5)		42
Canada Financial Solutions	9		—		—		9		—		9
Total Canada	59		(3)		—		56		(5)		51
EMEA Traditional	3		—		—		3		—		3
EMEA Financial Solutions	56		17		—		73		(14)		59
Total EMEA	59		17		—		76		(14)		62
APAC Traditional	100		—		—		100		(42)		58
APAC Financial Solutions	109		(71)		—		38		—		38
Total Asia Pacific	209		(71)		—		138		(42)		96
Corporate and Other	(52)		(40)		—		(92)		—		(92)
Consolidated	$	381	$	(62)	$	68	$	387	$	(61)	$	326

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Add Fifteen

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

(Unaudited)	Twelve Months Ended December 31, 2023
	Pre-tax income (loss)		Realized<br>(gains) losses,<br>derivatives<br>and other, net		Change in<br>value of<br>embedded<br>derivatives, net		Pre-tax adjusted operating<br>income (loss)		Notable Items		Pre-tax adjusted <br>operating<br>income (loss) ex. notable items
U.S. and Latin America:
Traditional	$	318	$	(1)	$	(4)	$	313	$	17	$	330
Financial Solutions:
Asset-Intensive	89		120		161		370		(22)		348
Capital Solutions	81		—		—		81		—		81
Total U.S. and Latin America	488		119		157		764		(5)		759
Canada Traditional	91		—		—		91		13		104
Canada Financial Solutions	52		—		—		52		(22)		30
Total Canada	143		—		—		143		(9)		134
EMEA Traditional	(21)		1		—		(20)		47		27
EMEA Financial Solutions	301		54		—		355		(34)		321
Total EMEA	280		55		—		335		13		348
APAC Traditional	372		1		—		373		(2)		371
APAC Financial Solutions	113		99		—		212		—		212
Total Asia Pacific	485		100		—		585		(2)		583
Corporate and Other	(236)		108		—		(128)		—		(128)
Consolidated	$	1,160	$	382	$	157	$	1,699	$	(3)	$	1,696	(Unaudited)	Twelve Months Ended December 31, 2022
---	---	---	---	---	---	---	---	---	---	---	---	---
	Pre-tax income (loss)		Realized<br>(gains) losses,<br>derivatives<br>and other, net		Change in<br>value of<br>embedded<br>derivatives, net		Pre-tax adjusted <br>operating<br>income (loss)		Notable Items		Pre-tax adjusted <br>operating<br>income (loss) ex. notable items
U.S. and Latin America:
Traditional	$	195	$	—	$	(48)	$	147	$	170	$	317
Financial Solutions:
Asset-Intensive	1		135		168		304		(3)		301
Capital Solutions	144		—		—		144		—		144
Total U.S. and Latin America	340		135		120		595		167		762
Canada Traditional	104		4		—		108		1		109
Canada Financial Solutions	31		—		—		31		—		31
Total Canada	135		4		—		139		1		140
EMEA Traditional	46		—		—		46		13		59
EMEA Financial Solutions	182		62		—		244		(14)		230
Total EMEA	228		62		—		290		(1)		289
APAC Traditional	194		—		—		194		75		269
APAC Financial Solutions	46		115		—		161		—		161
Total Asia Pacific	240		115		—		355		75		430
Corporate and Other	(225)		63		—		(162)		—		(162)
Consolidated	$	718	$	379	$	120	$	1,217	$	242	$	1,459

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In thousands, except per share data)

(Unaudited)	Three Months Ended December 31,				Twelve Months Ended December 31,
	2023		2022		2023		2022
Earnings per share from net income (loss):
Basic earnings per share	$	2.40	$	4.36	$	13.60	$	7.73
Diluted earnings per share (1)	$	2.37	$	4.30	$	13.44	$	7.64
Diluted earnings per share from adjusted operating income	$	4.73	$	4.60	$	19.88	$	13.69
Weighted average number of common and common equivalent shares outstanding	66,721		67,793		67,117		67,703

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

(Unaudited)	At December 31,
	2023		2022
Treasury shares	19,690		18,635
Common shares outstanding	65,621		66,676
Book value per share outstanding	$	138.39	$	106.19
Book value per share outstanding, before impact of AOCI	$	144.01	$	134.26

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

(Unaudited)	At December 31,
	2023		2022
Book value per share outstanding	$	138.39	$	106.19
Less effect of AOCI:
Accumulated currency translation adjustment	1.04		(1.73)
Unrealized (depreciation) appreciation of securities	(55.88)		(82.44)
Effect of updating discount rates on future policy benefits	49.62		56.32
Change in instrument-specific credit risk for market risk benefits	0.05		0.19
Pension and postretirement benefits	(0.45)		(0.41)
Book value per share outstanding, before impact of AOCI	$	144.01	$	134.26

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Add Seventeen

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

(Dollars in millions)

(Unaudited)
Trailing Twelve Months Ended December 31, 2023:	Average Equity
Shareholders' average equity	$	7,931
Less effect of AOCI:
Accumulated currency translation adjustment	(30)
Unrealized (depreciation) appreciation of securities	(5,018)
Effect of updating discount rates on future policy benefits	3,774
Change in instrument-specific credit risk for market risk benefits	10
Pension and postretirement benefits	(22)
Shareholders' average equity, excluding AOCI	9,217
Year-to-date notable items, net of tax	37
Shareholders' average equity, excluding AOCI and notable items	$	9,254

Reconciliation of Trailing Twelve Months of Consolidated Net Income to Adjusted Operating Income

and Related Return on Equity

(Dollars in millions)

(Unaudited)			Return on Equity
Trailing Twelve Months Ended December 31, 2023:	Income
Net income available to RGA shareholders	$	902	11.4	%
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net	297
Change in fair value of embedded derivatives	124
Tax expense on uncertain tax positions and other tax related items	4
Net income attributable to noncontrolling interest	7
Adjusted operating income	1,334		14.5	%
Notable items after tax	—
Adjusted operating income, excluding notable items	$	1,334	14.4	%

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Add Eighteen

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)

(Unaudited)	Three Months Ended December 31,				Twelve Months Ended December 31,
	2023		2022		2023		2022
Revenues:
Net premiums	$	4,108	$	3,446	$	15,085	$	13,078
Investment income, net of related expenses	956		828		3,591		3,161
Investment related gains (losses), net	(155)		(6)		(481)		(539)
Other revenue	98		89		372		527
Total revenues	5,007		4,357		18,567		16,227
Benefits and expenses:
Claims and other policy benefits	3,837		3,125		13,872		11,982
Future policy benefits remeasurement (gains) losses	33		(11)		(62)		291
Market risk benefits remeasurement (gains) losses	28		(19)		(10)		10
Interest credited	217		214		864		682
Policy acquisition costs and other insurance expenses	369		323		1,397		1,344
Other operating expenses	290		289		1,089		1,009
Interest expense	69		55		257		191
Total benefits and expenses	4,843		3,976		17,407		15,509
Income before income taxes	164		381		1,160		718
Provision for income taxes	4		88		251		197
Net income	160		293		909		521
Net income attributable to noncontrolling interest	2		2		7		4
Net income available to RGA shareholders	$	158	$	291	$	902	$	517

#

Document

Exhibit 99.2

Quarterly Financial Supplement

Fourth Quarter 2023

(Unaudited)

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

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

Reinsurance Group of America, Incorporated

4th Quarter 2023

Table of Contents

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

Reinsurance Group of America, Incorporated

Non-GAAP Disclosures

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

Non-GAAP Financial Measures

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

The following non-GAAP financial measures are used in this document and other documents published 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 substantially all of the effect of net investment related gains and losses, changes in the fair value of certain embedded derivatives, and changes in the fair value of contracts that provide market risk benefits, which items can be volatile and may not reflect the underlying performance of the Company’s businesses. Additionally, adjusted operating income excludes, to the extent applicable, 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. 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.

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

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

Page 1

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

Page 2
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Financial Highlights
	Three Months Ended															Current Qtr			Year-to-Date
(USD millions, except in force & per share and shares data)	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,		Dec. 31,
	2023			2023			2023			2023			2022			Quarter			2023		2022		Change
Net premiums	$	4,108		$	4,255		$	3,337		$	3,385		$	3,446		$	662		$	15,085	$	13,078	$	2,007
Net income (loss) available to RGA's shareholders	158			287			205			252			291			(133)			902		517		385
Adjusted operating income	316			372			297			349			312			4			1,334		927		407
Adjusted operating income excluding notable items (1)	316			372			297			349			266			50			1,334		1,111		223
Return on equity	11.4		%	13.9		%	9.2		%	7.8		%	6.8		%	4.6		%
Adjusted operating return on equity (ex AOCI)	14.5		%	14.7		%	10.9		%	11.2		%	10.5		%	4.0		%
Adjusted operating return on equity (ex AOCI and notable items (1))	14.4		%	14.0		%	13.0		%	13.1		%	12.5		%	1.9		%
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income (loss)	$	2.40		$	4.34		$	3.09		$	3.77		$	4.36		$	(1.96)		$	13.60	$	7.73	$	5.87
Adjusted operating income (loss)	$	4.80		$	5.64		$	4.46		$	5.22		$	4.67		$	0.13		$	20.12	$	13.85	$	6.27
Adjusted operating income (loss) excluding notable items (1)	$	4.80		$	5.64		$	4.46		$	5.22		$	3.97		$	0.83		$	20.12	$	16.59	$	3.53
Diluted earnings per share (2)
Net income (loss)	$	2.37		$	4.29		$	3.05		$	3.72		$	4.30		$	(1.93)		$	13.44	$	7.64	$	5.80
Adjusted operating income (loss)	$	4.73		$	5.57		$	4.40		$	5.16		$	4.60		$	0.13		$	19.88	$	13.69	$	6.19
Adjusted operating income (loss) excluding notable items (1)	$	4.73		$	5.57		$	4.40		$	5.16		$	3.91		$	0.82		$	19.88	$	16.40	$	3.48
Wgt. average common shares outstanding
Basic	65,853			66,127			66,518			66,779			66,748			(895)			66,317		66,945		(628)
Diluted	66,721			66,914			67,420			67,615			67,793			(1,072)			67,117		67,703		(586)
Book value per share	$	138.39		$	122.40		$	117.87		$	114.60		$	106.19		$	32.20		$	138.39	$	106.19	$	32.20
Book value per share, excluding AOCI	$	144.01		$	142.63		$	138.99		$	136.56		$	134.26		$	9.75		$	144.01	$	134.26	$	9.75
Shareholders’ dividends paid	$	56		$	56		$	54		$	53		$	53		$	3		$	219	$	205	$	14
Share buybacks	$	50		$	50		$	50		$	50		$	25		$	25		$	200	$	75	$	125
Total returned to shareholders	$	106		$	106		$	104		$	103		$	78		$	28		$	419	$	280	$	139
Common shares issued	85,311			85,311			85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	19,690			19,439			19,099			18,771			18,635			1,055			19,690		18,635		1,055
Common shares outstanding	65,621			65,872			66,212			66,540			66,676			(1,055)			65,621		66,676		(1,055)
Assumed life reinsurance in force (in billions)	$	3,704.1		$	3,499.4		$	3,479.5		$	3,426.7		$	3,400.7		$	303.4
Assumed new business production (in billions)	$	97.6		$	96.7		$	88.2		$	80.6		$	92.5		$	5.1		$	363.1	$	408.9	$	(45.8)
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.
Page 3
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Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	4,108	$	4,255	$	3,337	$	3,385	$	3,446	$	662	$	15,085	$	13,078	$	2,007
Net investment income	956		922		857		856		828		128		3,591		3,161		430
Investment related gains (losses), net	(155)		(126)		(123)		(77)		(6)		(149)		(481)		(539)		58
Other revenue	98		102		85		87		89		9		372		527		(155)
Total revenues	5,007		5,153		4,156		4,251		4,357		650		18,567		16,227		2,340
Benefits and expenses:
Claims and other policy benefits	3,837		3,959		3,013		3,063		3,125		712		13,872		11,982		1,890
Future policy benefits remeasurement (gains) losses	33		(82)		13		(26)		(11)		44		(62)		291		(353)
Market risk benefits remeasurement (gains) losses	28		(21)		(31)		14		(19)		47		(10)		10		(20)
Interest credited	217		223		209		215		214		3		864		682		182
Policy acquisition costs and other insurance expenses	369		348		349		331		323		46		1,397		1,344		53
Other operating expenses	290		274		275		250		289		1		1,089		1,009		80
Interest expense	69		72		63		53		55		14		257		191		66
Total benefits and expenses	4,843		4,773		3,891		3,900		3,976		867		17,407		15,509		1,898
Income (loss) before income taxes	164		380		265		351		381		(217)		1,160		718		442
Provision for income taxes	4		91		58		98		88		(84)		251		197		54
Net income (loss)	160		289		207		253		293		(133)		909		521		388
Net income attributable to noncontrolling interest	2		2		2		1		2		—		7		4		3
Net income (loss) available to RGA's shareholders	$	158	$	287	$	205	$	252	$	291	$	(133)	$	902	$	517	$	385
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes	$	164	$	380	$	265	$	351	$	381	$	(217)	$	1,160	$	718	$	442
Investment and derivative (gains) losses (1)	(18)		134		117		127		(46)		28		360		425		(65)
Market risk benefits remeasurement (gains) losses	28		(21)		(31)		14		(19)		47		(10)		10		(20)
Change in fair value of funds withheld embedded derivatives (1)	181		(1)		20		(37)		67		114		163		173		(10)
Funds withheld (gains) losses - investment income	(3)		(4)		2		—		2		(5)		(5)		24		(29)
EIA embedded derivatives - interest credited	5		(7)		3		(7)		1		4		(6)		(53)		47
Investment (income) loss on unit-linked variable annuities	(3)		2		2		—		2		(5)		1		24		(23)
Interest credited on unit-linked variable annuities	3		(2)		(2)		—		(2)		5		(1)		(24)		23
Interest expense on uncertain tax positions	(1)		1		—		—		—		(1)		—		—		—
Other	30		(1)		—		8		1		29		37		(80)		117
Adjusted operating income before income taxes	386		481		376		456		387		(1)		1,699		1,217		482
Notable items (2)	—		(3)		—		—		(61)		61		(3)		242		(245)
Adjusted operating income before income taxes excluding notable items	$	386	$	478	$	376	$	456	$	326	$	60	$	1,696	$	1,459	$	237
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
Page 4
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Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
After-tax adjusted operating income reconciliation:
GAAP net income (loss) attributable to RGA	$	158	$	287	$	205	$	252	$	291	$	(133)	$	902	$	517	$	385
Investment and derivative (gains) losses (1)	(14)		104		88		102		(14)		—		280		352		(72)
Market risk benefits remeasurement (gains) losses	22		(17)		(24)		11		(15)		37		(8)		8		(16)
Change in fair value of funds withheld embedded derivatives (1)	143		(1)		16		(29)		53		90		129		137		(8)
Funds withheld (gains) losses - investment income	(2)		(4)		2		—		2		(4)		(4)		19		(23)
EIA embedded derivatives - interest credited	4		(6)		3		(6)		1		3		(5)		(42)		37
Investment (income) loss on unit-linked variable annuities	(2)		1		2		—		2		(4)		1		19		(18)
Interest credited on unit-linked variable annuities	2		(1)		(2)		—		(2)		4		(1)		(19)		18
Interest expense on uncertain tax positions	(1)		1		—		—		—		(1)		—		—		—
Other	23		—		—		6		1		22		29		(63)		92
Uncertain tax positions and other tax related items	(19)		6		5		12		(9)		(10)		4		(5)		9
Net income attributable to noncontrolling interest	2		2		2		1		2		—		7		4		3
Adjusted operating income	316		372		297		349		312		4		1,334		927		407
Notable items (2)	—		—		—		—		(46)		46		—		184		(184)
Adjusted operating income excluding notable items	$	316	$	372	$	297	$	349	$	266	$	50	$	1,334	$	1,111	$	223
Diluted earnings per share - adjusted operating income (loss) (3)	$	4.73	$	5.57	$	4.40	$	5.16	$	4.60	$	0.13	$	19.88	$	13.69	$	6.19
Diluted earnings per share - adjusted operating income (loss) excluding notable items (3)	$	4.73	$	5.57	$	4.40	$	5.16	$	3.91	$	0.82	$	19.88	$	16.40	$	3.48
Foreign currency effect on (4):
Net premiums	$	18	$	13	$	(45)	$	(112)	$	(164)	$	182	$	(126)	$	(490)	$	364
Adjusted operating income (loss) before income taxes	$	3	$	1	$	(6)	$	(16)	$	(18)	$	21	$	(18)	$	(48)	$	30
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.
(4) Compared to comparable prior year period.
Page 5
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Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---
Consolidated Balance Sheets
( millions)
		Sept. 30,		June 30,		March 31,		Dec. 31,
		2023		2023		2023		2022
Assets
Fixed maturity securities available-for-sale, at fair value	60,467	$	54,171	$	56,236	$	56,085	$	52,901
Equity securities, at fair value		133		136		138		134
Mortgage loans		7,231		7,038		6,833		6,590
Policy loans		1,180		1,202		1,221		1,231
Funds withheld at interest		5,725		5,862		5,976		6,003
Limited partnerships and real estate joint ventures		2,560		2,473		2,405		2,327
Short-term investments		141		224		246		154
Other invested assets		1,091		1,119		1,111		1,140
Total investments		72,232		74,290		74,015		70,480
Cash and cash equivalents		2,820		2,598		3,294		2,927
Accrued investment income		744		702		672		630
Premiums receivable and other reinsurance balances		3,279		3,321		3,114		3,013
Reinsurance ceded receivables and other		2,818		2,664		2,723		2,671
Deferred policy acquisition costs		4,289		4,286		4,257		4,128
Other assets		1,240		1,179		1,045		1,055
Total assets	97,623	$	87,422	$	89,040	$	89,120	$	84,904
Liabilities and equity
Future policy benefits	41,231	$	36,474	$	38,239	$	38,222	$	35,689
Interest-sensitive contract liabilities		29,365		29,910		30,405		30,342
Market risk benefits, at fair value		224		235		261		247
Other policy claims and benefits		2,654		2,579		2,558		2,480
Other reinsurance balances		750		858		851		725
Deferred income taxes		1,601		1,424		1,446		1,383
Other liabilities		1,750		1,477		1,497		1,486
Funds withheld payable		2,001		1,573		1,709		1,420
Long-term debt		4,450		4,850		4,455		3,961
Total liabilities		79,269		81,145		81,404		77,733
Equity:
Common stock, at par value		1		1		1		1
Additional paid-in-capital		2,534		2,522		2,506		2,502
Retained earnings		8,713		8,483		8,336		8,169
Treasury stock		(1,852)		(1,803)		(1,756)		(1,720)
Accumulated other comprehensive income (loss), net of taxes (AOCI):
Accumulated currency translation adjustment		(33)		26		(94)		(116)
Unrealized (depreciation) appreciation of securities		(6,659)		(4,879)		(4,393)		(5,496)
Effect of updating discount rates on future policy benefits		5,366		3,460		3,034		3,755
Change in instrument-specific credit risk for market risk benefits		7		13		14		13
Pension and postretirement benefits		(14)		(18)		(22)		(27)
Total RGA, Inc. shareholders’ equity		8,063		7,805		7,626		7,081
Noncontrolling interest		90		90		90		90
Total equity		8,153		7,895		7,716		7,171
Total liabilities and equity	97,623	$	87,422	$	89,040	$	89,120	$	84,904
Total RGA, Inc. shareholders’ equity, excluding AOCI	9,450	$	9,396	$	9,203	$	9,087	$	8,952
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
GAAP Income Statements
( millions)
															Current Qtr			Year-to-Date
			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
			2023			2023			2023			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	1,912		$	1,746		$	1,750		$	1,615		$	1,778		$	134		$	7,023		$	6,590		$	433
Net investment income			195			180			193			224			(14)			778			900			(122)
Investment related gains (losses), net			2			(1)			(1)			6			—			6			48			(42)
Other revenue			6			3			5			5			(3)			16			27			(11)
Total revenues			1,949			1,932			1,812			2,013			117			7,823			7,565			258
Benefits and expenses:
Claims and other policy benefits			1,611			1,592			1,447			1,642			137			6,429			6,133			296
Future policy benefits remeasurement (gains) losses			(20)			24			7			10			53			74			262			(188)
Interest credited			19			18			18			17			3			75			69			6
Policy acquisition costs and other insurance expenses			184			187			175			178			6			730			722			8
Other operating expenses			50			49			44			52			2			197			184			13
Total benefits and expenses			1,844			1,870			1,691			1,899			201			7,505			7,370			135
Income (loss) before income taxes	30		$	105		$	62		$	121		$	114		$	(84)		$	318		$	195		$	123
Loss and expense ratios:
Loss ratio (1)		%	91.1		%	92.3		%	90.0		%	92.9		%	3.4		%	92.6		%	97.0		%	(4.4)		%
Policy acquisition costs and other insurance expenses		%	10.5		%	10.7		%	10.8		%	10.0		%	(0.4)		%	10.4		%	11.0		%	(0.6)		%
Other operating expenses		%	2.9		%	2.8		%	2.7		%	2.9		%	(0.1)		%	2.8		%	2.8		%	—		%
Foreign currency effect on (2):
Net premiums	3		$	5		$	3		$	2		$	1		$	2		$	13		$	2		$	11
Income (loss) before income taxes	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Assumed life reinsurance in force (in billions)	1,703.6		$	1,693.1		$	1,685.3		$	1,676.8		$	1,672.2		$	31.4
Assumed new business production (in billions)	47.9		$	36.7		$	35.6		$	34.1		$	36.4		$	11.5		$	154.3		$	145.9		$	8.4
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 7
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
U.S. and Latin America Traditional
Adjusted Operating Income Statements
( millions)
															Current Qtr			Year-to-Date
			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
			2023			2023			2023			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	1,912		$	1,746		$	1,750		$	1,615		$	1,778		$	134		$	7,023		$	6,590		$	433
Net investment income			195			180			193			224			(13)			779			900			(121)
Other revenue			6			3			5			5			(3)			16			27			(11)
Total revenues			1,947			1,933			1,813			2,007			118			7,818			7,517			301
Benefits and expenses:
Claims and other policy benefits			1,611			1,592			1,447			1,642			137			6,429			6,133			296
Future policy benefits remeasurement (gains) losses			(20)			24			7			10			53			74			262			(188)
Interest credited			19			18			18			17			3			75			69			6
Policy acquisition costs and other insurance expenses			184			187			175			178			6			730			722			8
Other operating expenses			50			49			44			52			2			197			184			13
Total benefits and expenses			1,844			1,870			1,691			1,899			201			7,505			7,370			135
Adjusted operating income (loss) before income taxes			103			63			122			108			(83)			313			147			166
Notable items (1)			17			—			—			—			—			17			170			(153)
Adjusted operating income (loss) excluding notable items, before income taxes	25		$	120		$	63		$	122		$	108		$	(83)		$	330		$	317		$	13
Loss and expense ratios:
Loss ratio (2)		%	91.1		%	92.3		%	90.0		%	92.9		%	3.4		%	92.6		%	97.0		%	(4.4)		%
Policy acquisition costs and other insurance expenses		%	10.5		%	10.7		%	10.8		%	10.0		%	(0.4)		%	10.4		%	11.0		%	(0.6)		%
Other operating expenses		%	2.9		%	2.8		%	2.7		%	2.9		%	(0.1)		%	2.8		%	2.8		%	—		%
Foreign currency effect on (3):
Net premiums	3		$	5		$	3		$	2		$	1		$	2		$	13		$	2		$	11
Adjusted operating income (loss) before income taxes	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
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 on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 8
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
( millions)
										Current Qtr		Year-to-Date
		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	521	$	820	$	17	$	163	$	24	$	497	$	1,521	$	66	$	1,455
Net investment income		298		278		280		287		6		1,149		1,054		95
Investment related gains (losses), net		(63)		(68)		20		(128)		(30)		(269)		(342)		73
Other revenue		35		26		25		25		11		122		111		11
Total revenues		1,090		253		488		208		484		2,523		889		1,634
Benefits and expenses:
Claims and other policy benefits		851		45		199		52		533		1,680		205		1,475
Future policy benefits remeasurement (gains) losses		(25)		(1)		(4)		(2)		3		(29)		(28)		(1)
Market risk benefits remeasurement (gains) losses		(21)		(31)		14		(19)		47		(10)		10		(20)
Interest credited		137		133		129		148		(22)		525		486		39
Policy acquisition costs and other insurance expenses		45		47		46		47		30		215		169		46
Other operating expenses		14		13		11		14		1		53		46		7
Total benefits and expenses		1,001		206		395		240		592		2,434		888		1,546
Income (loss) before income taxes	(140)	$	89	$	47	$	93	$	(32)	$	(108)	$	89	$	1	$	88
Assumed life reinsurance in force (in billions)	10.3	$	5.1	$	5.2	$	5.2	$	5.2	$	5.1
Assumed new business production (in billions)	5.2	$	—	$	—	$	—	$	—	$	5.2	$	5.2	$	—	$	5.2
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 9
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
U.S. and Latin America Financial Solutions - Asset-Intensive
Adjusted Operating Income Statements
( millions)
										Current Qtr		Year-to-Date
		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	521	$	820	$	17	$	163	$	24	$	497	$	1,521	$	66	$	1,455
Net investment income		291		279		276		286		3		1,135		1,058		77
Other revenue		35		26		25		25		11		122		111		11
Total revenues		1,146		322		464		335		511		2,778		1,235		1,543
Benefits and expenses:
Claims and other policy benefits		851		45		199		52		499		1,646		205		1,441
Future policy benefits remeasurement (gains) losses		(25)		(1)		(4)		(2)		3		(29)		(28)		(1)
Interest credited		144		130		136		147		(26)		531		539		(8)
Policy acquisition costs and other insurance expenses		45		47		38		47		30		207		169		38
Other operating expenses		14		13		11		14		1		53		46		7
Total benefits and expenses		1,029		234		380		258		507		2,408		931		1,477
Adjusted operating income (loss) before income taxes		117		88		84		77		4		370		304		66
Notable items (1)		(22)		—		—		—		—		(22)		(3)		(19)
Adjusted operating income (loss) excluding notable items, before income taxes	81	$	95	$	88	$	84	$	77	$	4	$	348	$	301	$	47
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 on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 10
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
U.S. and Latin America Financial Solutions - Asset-Intensive
(Continued)
	Three Months Ended
(USD millions, shown net of reinsurance ceded)	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
	2023			2023			2023			2023			2022
Policyholder account balances
Fixed annuities (deferred)	$	10,331		$	11,066		$	11,361		$	11,699		$	12,046
Equity-indexed annuities	$	2,354		$	2,469		$	2,580		$	2,701		$	2,817
Bank-owned life insurance (BOLI) and universal life	$	2,091		$	2,480		$	2,494		$	2,505		$	2,500
Other policyholder account balances	$	47		$	51		$	52		$	75		$	75
Variable annuities account balances
No riders	$	624		$	578		$	599		$	598		$	672
GMDB only	739			742			738			734			771
GMIB only	13			16			16			16			20
GMAB only	2			2			2			2			2
GMWB only	858			814			883			866			863
GMDB / WB	162			156			169			168			165
Other	11			12			13			12			15
Total variable annuities account balances	$	2,409		$	2,320		$	2,420		$	2,396		$	2,508
Interest-sensitive contract liabilities not associated with policyholder account balances:
Guaranteed investment contracts, funding agreements and immediate annuities	$	690		$	707		$	843		$	828		$	848
Future policy benefits (at original discount rate) associated with:
Payout annuities	$	4,524		$	4,909		$	4,181		$	4,231		$	4,153
Other future policy benefits	$	60		$	60		$	62		$	58		$	59
Liability for market risk benefits:
Equity-indexed annuities	$	159		$	135		$	140		$	144		$	132
Variable annuities (liability)	$	99		$	89		$	95		$	117		$	115
Variable annuities (asset)	$	9		$	8		$	6		$	2		$	—
Net interest spread (1)	1.3		%	1.3		%	1.4		%	1.2		%	1.2		%
(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 11
---
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
( millions)
										Current Qtr		Year-to-Date
		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	—	$	1	$	—	$	1	$	1	$	(1)	$	2	$	5	$	(3)
Other revenue		24		25		26		26		(2)		99		152		(53)
Total revenues		25		25		27		27		(3)		101		157		(56)
Benefits and expenses:
Policy acquisition costs and other insurance expenses		2		2		2		—		1		7		1		6
Other operating expenses		4		2		4		3		—		13		12		1
Total benefits and expenses		6		4		6		3		1		20		13		7
Income before income taxes	20	$	19	$	21	$	21	$	24	$	(4)	$	81	$	144	$	(63)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 12
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
U.S. and Latin America Financial Solutions - Capital Solutions
Adjusted Operating Income Statements
( millions)
										Current Qtr		Year-to-Date
		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	—	$	1	$	—	$	1	$	1	$	(1)	$	2	$	5	$	(3)
Other revenue		24		25		26		26		(2)		99		152		(53)
Total revenues		25		25		27		27		(3)		101		157		(56)
Benefits and expenses:
Policy acquisition costs and other insurance expenses		2		2		2		—		1		7		1		6
Other operating expenses		4		2		4		3		—		13		12		1
Total benefits and expenses		6		4		6		3		1		20		13		7
Adjusted operating income (loss) before income taxes	20	$	19	$	21	$	21	$	24	$	(4)	$	81	$	144	$	(63)
Notable items (1)		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	20	$	19	$	21	$	21	$	24	$	(4)	$	81	$	144	$	(63)
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 on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 13
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Canada Traditional
GAAP Income Statements
( millions)
															Current Qtr			Year-to-Date
			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
			2023			2023			2023			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	311		$	302		$	307		$	295		$	308		$	3		$	1,215		$	1,219		$	(4)
Net investment income			62			61			61			66			(4)			246			250			(4)
Investment related gains (losses), net			—			4			2			5			(2)			9			2			7
Other revenue			2			1			1			1			(1)			4			4			—
Total revenues			366			373			359			380			(4)			1,474			1,475			(1)
Benefits and expenses:
Claims and other policy benefits			284			282			270			285			9			1,130			1,129			1
Future policy benefits remeasurement (gains) losses			16			(1)			3			(10)			14			22			(2)			24
Interest credited			1			—			—			—			—			1			—			1
Policy acquisition costs and other insurance expenses			46			47			45			44			2			184			203			(19)
Other operating expenses			13			10			12			11			—			46			41			5
Total benefits and expenses			360			338			330			330			25			1,383			1,371			12
Income before income taxes	21		$	6		$	35		$	29		$	50		$	(29)		$	91		$	104		$	(13)
Loss and expense ratios:
Loss ratio (1)		%	99.3		%	91.5		%	92.5		%	89.3		%	6.5		%	94.8		%	92.5		%	2.3		%
Policy acquisition costs and other insurance expenses		%	15.2		%	15.3		%	15.3		%	14.3		%	0.5		%	15.1		%	16.7		%	(1.6)		%
Other operating expenses		%	4.3		%	3.3		%	4.1		%	3.6		%	(0.1)		%	3.8		%	3.4		%	0.4		%
Foreign currency effect on (2):
Net premiums	(1)		$	(8)		$	(16)		$	(20)		$	(23)		$	22		$	(45)		$	(47)		$	2
Income before income taxes	4		$	(1)		$	(2)		$	(2)		$	(3)		$	7		$	(1)		$	(4)		$	3
Creditor reinsurance net premiums	18		$	17		$	18		$	18		$	17		$	1		$	71		$	73		$	(2)
Assumed life reinsurance in force (in billions)	493.5		$	477.2		$	484.6		$	469.5		$	463.6		$	29.9
Assumed new business production (in billions)	11.1		$	11.0		$	11.2		$	10.8		$	11.9		$	(0.8)		$	44.1		$	48.2		$	(4.1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 14
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Canada Traditional
Adjusted Operating Income Statements
( millions)
															Current Qtr			Year-to-Date
			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
			2023			2023			2023			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	311		$	302		$	307		$	295		$	308		$	3		$	1,215		$	1,219		$	(4)
Net investment income			64			61			62			67			(5)			249			252			(3)
Investment related gains, net			—			1			1			1			1			4			4			—
Other revenue			2			1			1			1			(1)			4			4			—
Total revenues			368			370			359			377			(2)			1,472			1,479			(7)
Benefits and expenses:
Claims and other policy benefits			284			282			270			285			9			1,130			1,129			1
Future policy benefits remeasurement (gains) losses			16			(1)			3			(10)			14			22			(2)			24
Interest credited			1			—			—			—			—			1			—			1
Policy acquisition costs and other insurance expenses			46			47			45			44			2			184			203			(19)
Other operating expenses			11			10			12			11			—			44			41			3
Total benefits and expenses			358			338			330			330			25			1,381			1,371			10
Adjusted operating income (loss) before income taxes			10			32			29			47			(27)			91			108			(17)
Notable items (1)			13			—			—			(5)			5			13			1			12
Adjusted operating income excluding notable items, before income taxes	20		$	23		$	32		$	29		$	42		$	(22)		$	104		$	109		$	(5)
Loss and expense ratios:
Loss ratio (2)		%	99.3		%	91.5		%	92.5		%	89.3		%	6.5		%	94.8		%	92.5		%	2.3		%
Policy acquisition costs and other insurance expenses		%	15.2		%	15.3		%	15.3		%	14.3		%	0.5		%	15.1		%	16.7		%	(1.6)		%
Other operating expenses		%	3.6		%	3.3		%	4.1		%	3.6		%	(0.1)		%	3.6		%	3.4		%	0.2		%
Foreign currency effect on (3):
Net premiums	(1)		$	(8)		$	(16)		$	(20)		$	(23)		$	22		$	(45)		$	(47)		$	2
Adjusted operating income before income taxes	5		$	(1)		$	(2)		$	(2)		$	(3)		$	8		$	—		$	(4)		$	4
Creditor reinsurance net premiums	18		$	17		$	18		$	18		$	17		$	1		$	71		$	73		$	(2)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 15
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Canada Financial Solutions (1)
GAAP Income Statements
( millions)
										Current Qtr		Year-to-Date
		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	22	$	22	$	23	$	23	$	23	$	(1)	$	90	$	95	$	(5)
Net investment income		1		1		1		1		—		4		5		(1)
Other revenue		3		2		3		4		—		12		10		2
Total revenues		26		26		27		28		(1)		106		110		(4)
Benefits and expenses:
Claims and other policy benefits		18		20		21		20		(1)		78		86		(8)
Future policy benefits remeasurement (gains) losses		(23)		(2)		(5)		(3)		3		(30)		(12)		(18)
Policy acquisition costs and other insurance expenses		1		—		1		1		(1)		2		2		—
Other operating expenses		—		2		—		1		1		4		3		1
Total benefits and expenses		(4)		20		17		19		2		54		79		(25)
Income before income taxes	6	$	30	$	6	$	10	$	9	$	(3)	$	52	$	31	$	21
Foreign currency effect on (2):
Net premiums	1	$	(1)	$	(2)	$	(1)	$	(2)	$	3	$	(3)	$	(4)	$	1
Income before income taxes	—	$	—	$	—	$	(1)	$	—	$	—	$	(1)	$	(1)	$	—
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 16
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Canada Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
										Current Qtr		Year-to-Date
		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	22	$	22	$	23	$	23	$	23	$	(1)	$	90	$	95	$	(5)
Net investment income		1		1		1		1		—		4		5		(1)
Other revenue		3		2		3		4		—		12		10		2
Total revenues		26		26		27		28		(1)		106		110		(4)
Benefits and expenses:
Claims and other policy benefits		18		20		21		20		(1)		78		86		(8)
Future policy benefits remeasurement (gains) losses		(23)		(2)		(5)		(3)		3		(30)		(12)		(18)
Policy acquisition costs and other insurance expenses		1		—		1		1		(1)		2		2		—
Other operating expenses		—		2		—		1		1		4		3		1
Total benefits and expenses		(4)		20		17		19		2		54		79		(25)
Adjusted operating income (loss) before income taxes		30		6		10		9		(3)		52		31		21
Notable items (2)		(22)		—		—		—		—		(22)		—		(22)
Adjusted operating income excluding notable items, before income taxes	6	$	8	$	6	$	10	$	9	$	(3)	$	30	$	31	$	(1)
Foreign currency effect on (3):
Net premiums	1	$	(1)	$	(2)	$	(1)	$	(2)	$	3	$	(3)	$	(4)	$	1
Adjusted operating income before income taxes	(1)	$	—	$	—	$	(1)	$	—	$	(1)	$	(2)	$	(1)	$	(1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 17
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Europe, Middle East and Africa Traditional
GAAP Income Statements
( millions)
															Current Qtr			Year-to-Date
			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
			2023			2023			2023			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	461		$	447		$	429		$	438		$	422		$	39		$	1,775		$	1,736		$	39
Net investment income			23			23			23			21			1			91			76			15
Other revenue			1			(1)			(1)			3			(2)			—			6			(6)
Total revenues			471			451			460			446			38			1,866			1,818			48
Benefits and expenses:
Claims and other policy benefits			429			383			390			404			16			1,622			1,586			36
Future policy benefits remeasurement (gains) losses			43			12			(8)			(10)			11			48			(15)			63
Policy acquisition costs and other insurance expenses			25			21			18			16			6			86			77			9
Other operating expenses			34			31			33			33			—			131			124			7
Total benefits and expenses			531			447			433			443			33			1,887			1,772			115
Income (loss) before income taxes	8		$	(60)		$	4		$	27		$	3		$	5		$	(21)		$	46		$	(67)
Loss and expense ratios:
Loss ratio (1)		%	105.6		%	92.1		%	87.2		%	93.4		%	(2.1)		%	94.1		%	90.5		%	3.6		%
Policy acquisition costs and other insurance expenses		%	5.6		%	4.9		%	4.1		%	3.8		%	1.0		%	4.8		%	4.4		%	0.4		%
Other operating expenses		%	7.6		%	7.2		%	7.5		%	7.8		%	(0.6)		%	7.4		%	7.1		%	0.3		%
Foreign currency effect on (2):
Net premiums	14		$	20		$	(6)		$	(41)		$	(53)		$	67		$	(13)		$	(183)		$	170
Income (loss) before income taxes	1		$	(4)		$	1		$	(1)		$	—		$	1		$	(3)		$	(3)		$	—
Critical illness net premiums	37		$	34		$	35		$	33		$	33		$	4		$	139		$	149		$	(10)
Assumed life reinsurance in force (in billions)	960.1		$	814.5		$	802.3		$	759.6		$	735.4		$	224.7
Assumed new business production (in billions)	16.1		$	30.9		$	36.6		$	30.1		$	35.6		$	(19.5)		$	113.7		$	169.4		$	(55.7)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 18
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
( millions)
															Current Qtr			Year-to-Date
			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
			2023			2023			2023			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	461		$	447		$	429		$	438		$	422		$	39		$	1,775		$	1,736		$	39
Net investment income			23			23			23			21			1			91			76			15
Other revenue			1			(1)			(1)			3			(2)			—			6			(6)
Total revenues			471			451			460			446			38			1,866			1,818			48
Benefits and expenses:
Claims and other policy benefits			429			383			390			404			16			1,622			1,586			36
Future policy benefits remeasurement (gains) losses			43			12			(8)			(10)			11			48			(15)			63
Policy acquisition costs and other insurance expenses			25			21			18			16			6			86			77			9
Other operating expenses			33			31			33			33			—			130			124			6
Total benefits and expenses			530			447			433			443			33			1,886			1,772			114
Adjusted operating income (loss) before income taxes			(59)			4			27			3			5			(20)			46			(66)
Notable items (1)			47			—			—			—			—			47			13			34
Adjusted operating income excluding notable items, before income taxes	8		$	(12)		$	4		$	27		$	3		$	5		$	27		$	59		$	(32)
Loss and expense ratios:
Loss ratio (2)		%	105.6		%	92.1		%	87.2		%	93.4		%	(2.1)		%	94.1		%	90.5		%	3.6		%
Policy acquisition costs and other insurance expenses		%	5.6		%	4.9		%	4.1		%	3.8		%	1.0		%	4.8		%	4.4		%	0.4		%
Other operating expenses		%	7.4		%	7.2		%	7.5		%	7.8		%	(0.6)		%	7.3		%	7.1		%	0.2		%
Foreign currency effect on (3):
Net premiums	14		$	20		$	(6)		$	(41)		$	(53)		$	67		$	(13)		$	(183)		$	170
Adjusted operating income (loss) before income taxes	1		$	(4)		$	1		$	(1)		$	—		$	1		$	(3)		$	(3)		$	—
Critical illness net premiums	37		$	34		$	35		$	33		$	33		$	4		$	139		$	149		$	(10)
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 on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 19
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
( millions)
										Current Qtr		Year-to-Date
		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	125	$	118	$	90	$	125	$	127	$	(2)	$	458	$	486	$	(28)
Net investment income		56		45		46		44		18		209		151		58
Investment related gains (losses), net		(21)		(9)		(6)		(11)		3		(44)		(26)		(18)
Other revenue		7		4		4		6		(5)		16		15		1
Total revenues		160		130		169		166		14		639		626		13
Benefits and expenses:
Claims and other policy benefits		95		68		104		106		(10)		363		428		(65)
Future policy benefits remeasurement (gains) losses		(33)		(5)		(9)		(12)		(30)		(89)		(21)		(68)
Interest credited		(2)		(2)		—		(2)		5		(1)		(24)		23
Policy acquisition costs and other insurance expenses		2		2		2		2		(1)		7		7		—
Other operating expenses		14		15		13		16		—		58		54		4
Total benefits and expenses		76		78		110		110		(36)		338		444		(106)
Income before income taxes	106	$	84	$	52	$	59	$	56	$	50	$	301	$	182	$	119
Foreign currency effect on (2):
Net premiums	6	$	9	$	(1)	$	(12)	$	(17)	$	23	$	2	$	(56)	$	58
Income before income taxes	5	$	6	$	—	$	(6)	$	(4)	$	9	$	5	$	(17)	$	22
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 20
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
										Current Qtr		Year-to-Date
		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	125	$	118	$	90	$	125	$	127	$	(2)	$	458	$	486	$	(28)
Net investment income		59		48		49		48		11		215		193		22
Investment related gains (losses), net		2		4		1		4		(6)		5		18		(13)
Other revenue		7		4		4		6		(5)		16		15		1
Total revenues		186		146		179		185		(2)		694		712		(18)
Benefits and expenses:
Claims and other policy benefits		95		68		104		106		(10)		363		428		(65)
Future policy benefits remeasurement (gains) losses		(33)		(5)		(9)		(12)		(30)		(89)		(21)		(68)
Policy acquisition costs and other insurance expenses		2		2		2		2		(1)		7		7		—
Other operating expenses		14		15		13		16		—		58		54		4
Total benefits and expenses		78		80		110		112		(41)		339		468		(129)
Adjusted operating income (loss) before income taxes		108		66		69		73		39		355		244		111
Notable items (2)		(34)		—		—		(14)		14		(34)		(14)		(20)
Adjusted operating income excluding notable items, before income taxes	112	$	74	$	66	$	69	$	59	$	53	$	321	$	230	$	91
Foreign currency effect on (3):
Net premiums	6	$	9	$	(1)	$	(12)	$	(17)	$	23	$	2	$	(56)	$	58
Adjusted operating income before income taxes	5	$	8	$	—	$	(7)	$	(6)	$	11	$	6	$	(27)	$	33
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 21
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Asia Pacific Traditional
GAAP Income Statements
( millions)
															Current Qtr			Year-to-Date
			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
			2023			2023			2023			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	709		$	737		$	677		$	662		$	700		$	9		$	2,785		$	2,650		$	135
Net investment income			60			62			61			55			4			242			199			43
Investment related gains (losses), net			1			2			3			3			(2)			7			12			(5)
Other revenue			3			11			3			—			(1)			16			21			(5)
Total revenues			801			752			729			758			10			3,050			2,882			168
Benefits and expenses:
Claims and other policy benefits			604			579			563			548			46			2,340			2,192			148
Future policy benefits remeasurement (gains) losses			(39)			(14)			(9)			9			(3)			(56)			100			(156)
Policy acquisition costs and other insurance expenses			46			44			46			44			(4)			176			190			(14)
Other operating expenses			56			54			50			57			1			218			206			12
Total benefits and expenses			667			663			650			658			40			2,678			2,688			(10)
Income (loss) before income taxes	70		$	134		$	89		$	79		$	100		$	(30)		$	372		$	194		$	178
Loss and expense ratios:
Loss ratio (1)		%	76.7		%	83.5		%	83.7		%	79.6		%	5.0		%	82.0		%	86.5		%	(4.5)		%
Policy acquisition costs and other insurance expenses		%	6.2		%	6.5		%	6.9		%	6.3		%	(0.7)		%	6.3		%	7.2		%	(0.9)		%
Other operating expenses		%	7.6		%	8.0		%	7.6		%	8.1		%	0.1		%	7.8		%	7.8		%	—		%
Foreign currency effect on (2):
Net premiums	(3)		$	(10)		$	(21)		$	(33)		$	(61)		$	58		$	(67)		$	(172)		$	105
Income (loss) before income taxes	—		$	—		$	(2)		$	(3)		$	(6)		$	6		$	(5)		$	(1)		$	(4)
Critical illness net premiums	344		$	368		$	341		$	299		$	324		$	20		$	1,352		$	1,216		$	136
Assumed life reinsurance in force (in billions)	528.6		$	501.8		$	495.4		$	508.2		$	518.6		$	10.0
Assumed new business production (in billions)	17.3		$	17.1		$	4.7		$	3.9		$	8.6		$	8.7		$	43.0		$	45.3		$	(2.3)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 22
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Asia Pacific Traditional
Adjusted Operating Income Statements
( millions)
															Current Qtr			Year-to-Date
			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
			2023			2023			2023			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	709		$	737		$	677		$	662		$	700		$	9		$	2,785		$	2,650		$	135
Net investment income			60			62			61			55			4			242			199			43
Investment related gains (losses), net			1			2			3			3			(2)			7			12			(5)
Other revenue			3			11			3			—			(1)			16			21			(5)
Total revenues			801			752			729			758			10			3,050			2,882			168
Benefits and expenses:
Claims and other policy benefits			604			579			563			548			46			2,340			2,192			148
Future policy benefits remeasurement (gains) losses			(39)			(14)			(9)			9			(3)			(56)			100			(156)
Policy acquisition costs and other insurance expenses			46			44			46			44			(4)			176			190			(14)
Other operating expenses			56			54			50			57			—			217			206			11
Total benefits and expenses			667			663			650			658			39			2,677			2,688			(11)
Adjusted operating income (loss) before income taxes			134			89			79			100			(29)			373			194			179
Notable items (1)			(2)			—			—			(42)			42			(2)			75			(77)
Adjusted operating income excluding notable items, before income taxes	71		$	132		$	89		$	79		$	58		$	13		$	371		$	269		$	102
Loss and expense ratios:
Loss ratio (2)		%	76.7		%	83.5		%	83.7		%	79.6		%	5.0		%	82.0		%	86.5		%	(4.5)		%
Policy acquisition costs and other insurance expenses		%	6.2		%	6.5		%	6.9		%	6.3		%	(0.7)		%	6.3		%	7.2		%	(0.9)		%
Other operating expenses		%	7.6		%	8.0		%	7.6		%	8.1		%	(0.1)		%	7.8		%	7.8		%	—		%
Foreign currency effect on (3):
Net premiums	(3)		$	(10)		$	(21)		$	(33)		$	(61)		$	58		$	(67)		$	(172)		$	105
Adjusted operating income (loss) before income taxes	1		$	(1)		$	(3)		$	(2)		$	(6)		$	7		$	(5)		$	(1)		$	(4)
Critical illness net premiums	344		$	368		$	341		$	299		$	324		$	20		$	1,352		$	1,216		$	136
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 on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 23
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Asia Pacific Financial Solutions (1)
GAAP Income Statements
( millions)
										Current Qtr		Year-to-Date
		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	47	$	63	$	44	$	64	$	64	$	(17)	$	218	$	236	$	(18)
Net investment income		117		125		108		94		42		486		270		216
Investment related gains (losses), net		(66)		(51)		(51)		83		(22)		(107)		(205)		98
Other revenue		16		18		10		—		9		53		174		(121)
Total revenues		130		136		131		241		12		650		475		175
Benefits and expenses:
Claims and other policy benefits		67		44		69		68		(18)		230		223		7
Future policy benefits remeasurement (gains) losses		(1)		—		(1)		7		(7)		(2)		7		(9)
Interest credited		54		46		54		39		10		203		119		84
Policy acquisition costs and other insurance expenses		21		19		16		12		13		81		60		21
Other operating expenses		5		7		6		6		1		25		20		5
Total benefits and expenses		146		116		144		132		(1)		537		429		108
Income (loss) before income taxes	122	$	(16)	$	20	$	(13)	$	109	$	13	$	113	$	46	$	67
Foreign currency effect on (2):
Net premiums	(2)	$	(2)	$	(2)	$	(7)	$	(9)	$	7	$	(13)	$	(30)	$	17
Income (loss) before income taxes	(6)	$	1	$	—	$	—	$	(17)	$	11	$	(5)	$	14	$	(19)
Assumed life reinsurance in force (in billions)	8.0	$	7.7	$	6.7	$	7.4	$	5.7	$	2.3
Assumed new business production (in billions)	—	$	1.0	$	0.1	$	1.7	$	—	$	—	$	2.8	$	0.1	$	2.7
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 24
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
										Current Qtr		Year-to-Date
		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	47	$	63	$	44	$	64	$	64	$	(17)	$	218	$	236	$	(18)
Net investment income		117		125		108		94		42		486		270		216
Investment related gains, net		2		4		4		5		(3)		12		17		(5)
Other revenue		8		5		8		7		5		33		67		(34)
Total revenues		190		178		184		170		27		749		590		159
Benefits and expenses:
Claims and other policy benefits		67		44		69		68		(18)		230		223		7
Future policy benefits remeasurement (gains) losses		(1)		—		(1)		7		(7)		(2)		7		(9)
Interest credited		54		46		54		39		10		203		119		84
Policy acquisition costs and other insurance expenses		21		19		16		12		13		81		60		21
Other operating expenses		5		7		6		6		1		25		20		5
Total benefits and expenses		146		116		144		132		(1)		537		429		108
Adjusted operating income (loss) before income taxes		44		62		40		38		28		212		161		51
Notable items (2)		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	66	$	44	$	62	$	40	$	38	$	28	$	212	$	161	$	51
Foreign currency effect on (3):
Net premiums	(2)	$	(2)	$	(2)	$	(7)	$	(9)	$	7	$	(13)	$	(30)	$	17
Adjusted operating income before income taxes	(2)	$	(2)	$	(2)	$	(3)	$	(3)	$	1	$	(9)	$	(14)	$	5
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 25
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Corporate and Other
GAAP Income Statements
( millions)
										Current Qtr		Year-to-Date
		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	111	$	109	$	82	$	82	$	35	$	76	$	384	$	251	$	133
Investment related gains (losses), net		21		—		(44)		36		(96)		(83)		(28)		(55)
Other revenue		5		(4)		11		19		3		34		7		27
Total revenues		135		78		49		90		(17)		335		230		105
Benefits and expenses:
Interest credited		14		14		14		12		7		61		32		29
Policy acquisition costs and other insurance income		(24)		(20)		(20)		(21)		(6)		(91)		(87)		(4)
Other operating expenses		84		92		77		96		(5)		344		319		25
Interest expense		72		63		53		55		14		257		191		66
Total benefits and expenses		146		149		124		142		10		571		455		116
Loss before income taxes	(79)	$	(11)	$	(71)	$	(75)	$	(52)	$	(27)	$	(236)	$	(225)	$	(11)
Foreign currency effect on (1):
Loss before income taxes	(5)	$	1	$	(1)	$	—	$	(7)	$	2	$	(5)	$	(3)	$	(2)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 26
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Corporate and Other
Adjusted Operating Income Statements
( millions)
										Current Qtr		Year-to-Date
		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	111	$	109	$	82	$	82	$	35	$	76	$	384	$	251	$	133
Investment related gains, net		2		3		4		2		3		14		8		6
Other revenue		9		6		13		13		2		43		34		9
Total revenues		120		91		99		50		81		441		293		148
Benefits and expenses:
Interest credited		14		14		14		12		7		61		32		29
Policy acquisition costs and other insurance income		(24)		(20)		(20)		(21)		(6)		(91)		(87)		(4)
Other operating expenses		84		89		77		96		(4)		342		319		23
Interest expense		71		63		53		55		15		257		191		66
Total benefits and expenses		145		146		124		142		12		569		455		114
Adjusted operating income (loss) before income taxes		(25)		(55)		(25)		(92)		69		(128)		(162)		34
Notable items (1)		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	(23)	$	(25)	$	(55)	$	(25)	$	(92)	$	69	$	(128)	$	(162)	$	34
Foreign currency effect on (2):
Adjusted operating income (loss) before income taxes	(6)	$	1	$	—	$	—	$	—	$	(6)	$	(5)	$	2	$	(7)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 27
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Summary of Segment GAAP Income
( millions)
										Current Qtr		Year-to-Date
		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
		2023		2023		2023		2022		Quarter		2023		2022		Change
U.S. and Latin America:
Traditional	30	$	105	$	62	$	121	$	114	$	(84)	$	318	$	195	$	123
Financial Solutions:
Asset Intensive		89		47		93		(32)		(108)		89		1		88
Capital Solutions		19		21		21		24		(4)		81		144		(63)
Total U.S. and Latin America		213		130		235		106		(196)		488		340		148
Canada:
Traditional		6		35		29		50		(29)		91		104		(13)
Financial Solutions		30		6		10		9		(3)		52		31		21
Total Canada		36		41		39		59		(32)		143		135		8
Europe, Middle East and Africa:
Traditional		(60)		4		27		3		5		(21)		46		(67)
Financial Solutions		84		52		59		56		50		301		182		119
Total Europe, Middle East and Africa		24		56		86		59		55		280		228		52
Asia Pacific:
Traditional		134		89		79		100		(30)		372		194		178
Financial Solutions		(16)		20		(13)		109		13		113		46		67
Total Asia Pacific		118		109		66		209		(17)		485		240		245
Corporate and Other		(11)		(71)		(75)		(52)		(27)		(236)		(225)		(11)
Consolidated income (loss) before income taxes	164	$	380	$	265	$	351	$	381	$	(217)	$	1,160	$	718	$	442
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 28
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Summary of Segment Adjusted Operating Income
( millions)
										Current Qtr		Year-to-Date
		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
		2023		2023		2023		2022		Quarter		2023		2022		Change
U.S. and Latin America:
Traditional	25	$	103	$	63	$	122	$	108	$	(83)	$	313	$	147	$	166
Financial Solutions:
Asset Intensive		117		88		84		77		4		370		304		66
Capital Solutions		19		21		21		24		(4)		81		144		(63)
Total U.S. and Latin America		239		172		227		209		(83)		764		595		169
Canada:
Traditional		10		32		29		47		(27)		91		108		(17)
Financial Solutions		30		6		10		9		(3)		52		31		21
Total Canada		40		38		39		56		(30)		143		139		4
Europe, Middle East and Africa:
Traditional		(59)		4		27		3		5		(20)		46		(66)
Financial Solutions		108		66		69		73		39		355		244		111
Total Europe, Middle East and Africa		49		70		96		76		44		335		290		45
Asia Pacific:
Traditional		134		89		79		100		(29)		373		194		179
Financial Solutions		44		62		40		38		28		212		161		51
Total Asia Pacific		178		151		119		138		(1)		585		355		230
Corporate and Other		(25)		(55)		(25)		(92)		69		(128)		(162)		34
Consolidated adjusted operating income (loss) before income taxes		481		376		456		387		(1)		1,699		1,217		482
Notable items (1)		(3)		—		—		(61)		61		(3)		242		(245)
Consolidated adjusted operating income (loss) excluding notable items before income taxes	386	$	478	$	376	$	456	$	326	$	60	$	1,696	$	1,459	$	237
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 on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 29
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---
Investments
( millions)
Cash and Invested Assets
		Sept. 30,		June 30,		March 31,		Dec. 31,
		2023		2023		2023		2022
Fixed maturity securities, available-for-sale (1)	60,467	$	54,171	$	56,236	$	56,085	$	52,901
Equity securities		133		136		138		134
Mortgage loans		7,231		7,038		6,833		6,590
Policy loans		1,180		1,202		1,221		1,231
Funds withheld at interest		5,725		5,862		5,976		6,003
Limited partnerships and real estate joint ventures		2,560		2,473		2,405		2,327
Short-term investments		141		224		246		154
Other invested assets		1,091		1,119		1,111		1,140
Cash and cash equivalents		2,820		2,598		3,294		2,927
Total cash and invested assets	81,870	$	75,052	$	76,888	$	77,309	$	73,407
(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, supernational and foreign government-sponsored enterprises (“Other foreign government”).

All values are in US Dollars.

Investment Income and Yield Summary
	Three Months Ended															Current Qtr		Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY		Dec. 31,			Dec. 31,
	2023			2023			2023			2023			2022			Quarter		2023			2022			Change
Average invested assets at amortized cost (1)	$	37,169		$	37,051		$	36,124		$	35,863		$	35,300		$	1,869	$	35,921		$	34,398		$	1,523
Net investment income (1)	$	443		$	430		$	393		$	415		$	386		$	57	$	1,681		$	1,614		$	67
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.86		%	4.72		%	4.42		%	4.71		%	4.45		%	41 bps		4.68		%	4.69		%	(1) bp
Variable investment income ("VII") (included in net investment income) (1)	$	44		$	39		$	17		$	39		$	42		$	2	$	139		$	291		$	(152)
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)	4.60		%	4.51		%	4.43		%	4.45		%	4.14		%	46 bps		4.50		%	4.00		%	50 bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
Page 30
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Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---
Investments
( millions)
Fixed Maturity Securities

		Allowance for Credit Losses		Unrealized<br>Gains		Unrealized<br>Losses		Estimated Fair<br>Value		% of<br>Total
Available-for-sale:
Corporate	42,014	$	62	$	554	$	3,751	$	38,755	64.1	%
Canadian government		—		473		33		3,917		6.5	%
Japanese government		—		3		502		3,131		5.2	%
ABS		12		19		239		4,429		7.3	%
CMBS		1		7		202		1,773		2.9	%
RMBS		—		8		102		1,079		1.8	%
U.S. government		—		9		214		2,520		4.2	%
State and political subdivisions		—		7		129		1,114		1.8	%
Other foreign government		—		45		388		3,749		6.2	%
Total fixed maturity securities	64,977	$	75	$	1,125	$	5,560	$	60,467	100.0	%

All values are in US Dollars.

	December 31, 2022
	Amortized<br>Cost		Allowance for Credit Losses		Unrealized<br>Gains		Unrealized<br>Losses		Estimated Fair<br>Value		% of<br>Total
Available-for-sale:
Corporate	$	38,963	$	27	$	168	$	5,135	$	33,969	64.2	%
Canadian government	3,311		—		381		66		3,626		6.9	%
Japanese government	3,033		—		4		478		2,559		4.8	%
ABS	4,324		10		4		440		3,878		7.3	%
CMBS	1,835		—		—		212		1,623		3.1	%
RMBS	1,054		—		1		114		941		1.8	%
U.S. government	1,690		—		4		212		1,482		2.8	%
State and political subdivisions	1,282		—		10		173		1,119		2.1	%
Other foreign government	4,171		—		22		489		3,704		7.0	%
Total fixed maturity securities	$	59,663	$	37	$	594	$	7,319	$	52,901	100.0	%
Page 31
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Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Investments
( millions)
Corporate Fixed Maturity Securities by Industry
							December 31, 2022
		Estimated Fair Value		% of Total		Average Credit Ratings (1)	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)
Financial institutions
Banking	6,474	$	6,109	15.8	%	A-	$	6,281	$	5,672	16.7	%	A-
Brokerage/asset managers/exchanges		1,194		3.1	%	A-	1,302		1,115		3.3	%	A-
Finance companies		330		0.9	%	BBB+	410		350		1.0	%	BBB
Insurance		4,086		10.5	%	A-	4,452		3,851		11.3	%	A-
REITs		1,269		3.2	%	BBB+	1,205		1,013		3.0	%	BBB+
Other finance		801		2.1	%	A-	901		679		2.0	%	A-
Total financial institutions	15,052	$	13,789	35.6	%		$	14,551	$	12,680	37.3	%
Industrials
Basic	1,940	$	1,797	4.6	%	BBB+	$	1,921	$	1,690	5.0	%	BBB
Capital goods		1,531		4.0	%	BBB	1,734		1,550		4.6	%	BBB
Communications		2,635		6.8	%	BBB	2,517		2,136		6.3	%	BBB
Consumer cyclical		2,139		5.5	%	BBB+	1,997		1,748		5.1	%	BBB+
Consumer noncyclical		4,661		12.0	%	BBB+	4,625		4,052		11.9	%	BBB+
Energy		2,171		5.6	%	A-	2,050		1,801		5.3	%	BBB+
Technology		1,819		4.7	%	BBB+	1,617		1,461		4.3	%	BBB+
Transportation		2,100		5.4	%	A-	2,160		1,859		5.5	%	BBB+
Other industrial		1,082		2.8	%	BBB	1,003		960		2.8	%	BBB
Total industrials	21,413	$	19,935	51.4	%		$	19,624	$	17,257	50.8	%
Utilities
Electric	4,371	$	3,973	10.3	%	A-	$	3,779	$	3,200	9.4	%	A-
Natural gas		694		1.8	%	A-	664		553		1.7	%	A-
Other utility		364		0.9	%	BBB+	345		279		0.8	%	BBB+
Total utilities	5,549	$	5,031	13.0	%		$	4,788	$	4,032	11.9	%
Total	42,014	$	38,755	100.0	%	BBB+	$	38,963	$	33,969	100.0	%	BBB+
(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.

All values are in US Dollars.

Page 32

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Ratings of Fixed Maturity Securities
		December 31, 2023						September 30, 2023						June 30, 2023						March 31, 2023						December 31, 2022
NAIC Designation (1)	Rating Agency Designation (2)	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
1	AAA/AA/A	$	41,469	$	38,739	64.1	%	$	38,876	$	33,799	62.4	%	$	38,928	$	35,512	63.1	%	$	38,291	$	35,308	63.0	%	$	36,217	$	32,295	61.1	%
2	BBB	19,793		18,261		30.2	%	19,959		17,134		31.6	%	19,840		17,517		31.2	%	19,832		17,658		31.5	%	20,188		17,580		33.2	%
3	BB	3,068		2,956		4.9	%	2,902		2,780		5.1	%	2,919		2,801		5.0	%	2,811		2,698		4.8	%	2,734		2,607		5.0	%
4	B	479		396		0.7	%	439		368		0.7	%	347		328		0.6	%	402		340		0.6	%	397		331		0.6	%
5	CCC	116		92		0.1	%	104		81		0.2	%	99		69		0.1	%	100		69		0.1	%	103		71		0.1	%
6	In or near default	52		23		—	%	52		9		—	%	52		9		—	%	58		12		—	%	24		17		—	%
	Total	$	64,977	$	60,467	100.0	%	$	62,332	$	54,171	100.0	%	$	62,185	$	56,236	100.0	%	$	61,494	$	56,085	100.0	%	$	59,663	$	52,901	100.0	%
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).
Structured Fixed Maturity Securities
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	December 31, 2023						September 30, 2023						June 30, 2023						March 31, 2023						December 31, 2022
	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")	$	2,086	$	2,048	28.1	%	$	2,022	$	1,967	28.2	%	$	1,936	$	1,857	26.9	%	$	1,880	$	1,775	26.1	%	$	1,825	$	1,702	26.4	%
ABS, excluding CLOs	2,575		2,381		32.7	%	2,540		2,269		32.5	%	2,574		2,308		33.5	%	2,590		2,328		34.2	%	2,499		2,176		33.8	%
Total ABS	4,661		4,429		60.8	%	4,562		4,236		60.7	%	4,510		4,165		60.4	%	4,470		4,103		60.3	%	4,324		3,878		60.2	%
CMBS	1,969		1,773		24.3	%	1,959		1,710		24.5	%	1,932		1,699		24.6	%	1,882		1,670		24.6	%	1,835		1,623		25.2	%
RMBS:
Agency	444		398		5.5	%	454		388		5.6	%	464		413		6.0	%	473		432		6.4	%	476		427		6.6	%
Non-agency	729		681		9.4	%	718		642		9.2	%	681		624		9.0	%	647		592		8.7	%	578		514		8.0	%
Total RMBS	1,173		1,079		14.9	%	1,172		1,030		14.8	%	1,145		1,037		15.0	%	1,120		1,024		15.1	%	1,054		941		14.6	%
Total	$	7,803	$	7,281	100.0	%	$	7,693	$	6,976	100.0	%	$	7,587	$	6,901	100.0	%	$	7,472	$	6,797	100.0	%	$	7,213	$	6,442	100.0	%
Page 33
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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	2,134	$	70	$	24,207	$	3,524	$	26,341	$	3,594
Canadian government		—		459		33		459		33
Japanese government		50		2,193		452		3,069		502
ABS		5		3,025		223		3,361		228
CMBS		5		1,328		190		1,488		195
RMBS		3		681		99		796		102
U.S. government		10		717		204		1,331		214
State and political subdivisions		1		864		128		937		129
Other foreign government		3		2,290		333		2,544		336
Total investment grade securities	4,562	$	147	$	35,764	$	5,186	$	40,326	$	5,333
Below investment grade securities:
Corporate	295	$	36	$	649	$	121	$	944	$	157
ABS		—		68		10		68		10
CMBS		—		4		1		4		1
Other foreign government		—		193		52		193		52
Total below investment grade securities	295	$	36	$	914	$	184	$	1,209	$	220
Total fixed maturity securities	4,857	$	183	$	36,678	$	5,370	$	41,535	$	5,553
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.

All values are in US Dollars.

Page 34
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---
Investments
( millions)
Fixed Maturity Securities Below Amortized Cost (1)

				Equal to or greater than 12 months				Total
		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	21,867	$	2,756	$	6,840	$	2,225	$	28,707	$	4,981
Canadian government		42		71		23		625		65
Japanese government		86		1,694		392		2,509		478
ABS		153		1,931		269		3,527		422
CMBS		144		281		65		1,595		209
RMBS		62		181		53		845		115
U.S. government		64		253		148		1,455		212
State and political subdivisions		124		131		50		950		174
Other foreign government		167		1,026		260		2,968		427
Total investment grade securities	30,773	$	3,598	$	12,408	$	3,485	$	43,181	$	7,083
Below investment grade securities:
Corporate	767	$	87	$	305	$	61	$	1,072	$	148
ABS		6		38		9		90		15
Other foreign government		2		164		60		203		62
Total below investment grade securities	858	$	95	$	507	$	130	$	1,365	$	225
Total fixed maturity securities	31,631	$	3,693	$	12,915	$	3,615	$	44,546	$	7,308
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.

All values are in US Dollars.

Page 35
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Investments
( millions)
Consolidated Investment Related Gains and Losses
										Current Qtr		Year-to-Date
		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
		2023		2023		2023		2022		Quarter		2023		2022		Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	(7)	$	7	$	4	$	(42)	$	15	$	(22)	$	(38)	$	(6)	$	(32)
Impairments on fixed maturities		—		—		(1)		(2)		—		(3)		(17)		14
Realized gains on investment activity		12		11		31		127		(109)		72		192		(120)
Realized losses on investment activity		(61)		(37)		(75)		(160)		58		(275)		(396)		121
Net gains (losses) on fixed maturity securities available-for-sale		(42)		(22)		(87)		(20)		(73)		(244)		(227)		(17)
Net gains (losses) on equity securities		(2)		(4)		2		(5)		8		(1)		(21)		20
Change in mortgage loan allowance for credit losses		(17)		(9)		3		(8)		15		(16)		(16)		—
Change in fair value of certain limited partnership investments		25		10		(3)		9		7		48		38		10
Other, net		7		15		2		—		—		24		26		(2)
Free-standing derivatives (1):
Interest rate swaps		(64)		(30)		20		(2)		61		(15)		(131)		116
Interest rate options		16		(3)		(23)		(9)		(14)		(33)		3		(36)
Total return swaps		(8)		5		3		22		(8)		14		21		(7)
Interest rate futures		—		2		—		1		(2)		1		6		(5)
Foreign currency swaps		8		12		—		(6)		3		17		21		(4)
Foreign currency swaps - hedged		(1)		—		(1)		1		(3)		(4)		6		(10)
Foreign currency forwards		(37)		(74)		(19)		61		(29)		(98)		(93)		(5)
Equity options		3		(11)		(14)		(15)		9		(28)		14		(42)
Equity futures		11		(10)		(9)		(11)		(12)		(31)		22		(53)
Credit default swaps		(26)		10		11		37		10		42		(66)		108
CPI swaps		—		6		1		6		(7)		6		31		(25)
Total free-standing derivatives		(98)		(93)		(31)		85		8		(129)		(166)		37
Embedded derivatives		1		(20)		37		(67)		(114)		(163)		(173)		10
Net gains (losses) on total derivatives		(97)		(113)		6		18		(106)		(292)		(339)		47
Total investment related gains (losses), net	(155)	$	(126)	$	(123)	$	(77)	$	(6)	$	(149)	$	(481)	$	(539)	$	58
(1) Free-standing derivatives are non-hedged unless specified.

All values are in US Dollars.

Page 36

Appendix

Reconciliations of GAAP to Non-GAAP Measures
Page 37
---
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
										Current Qtr		Year-to-Date
		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
		2023		2023		2023		2022		Quarter		2023		2022		Change
U.S. & Latin America Traditional
Income (loss) before income taxes	30	$	105	$	62	$	121	$	114	$	(84)	$	318	$	195	$	123
Investment and derivative (gains) losses (1)		—		—		—		1		(3)		(2)		—		(2)
Funds withheld losses - investment income		—		—		—		—		1		1		—		1
Change in fair value of funds withheld embedded derivatives (1)		(2)		1		1		(7)		3		(4)		(48)		44
Adjusted operating income (loss) before income taxes		103		63		122		108		(83)		313		147		166
Notable items (2)		17		—		—		—		—		17		170		(153)
Adjusted operating income excluding notable items, before income taxes	25	$	120	$	63	$	122	$	108	$	(83)	$	330	$	317	$	13
U.S. & Latin America Asset-Intensive
Income (loss) before income taxes	(140)	$	89	$	47	$	93	$	(32)	$	(108)	$	89	$	1	$	88
Market risk benefits remeasurement (gains) losses		(21)		(31)		14		(19)		47		(10)		10		(20)
Investment and derivative (gains) losses (1)		62		49		18		54		(81)		102		121		(19)
Change in fair value of funds withheld embedded derivatives (1)		1		19		(38)		74		111		167		221		(54)
Funds withheld (gains) losses - investment income		(7)		1		(4)		(1)		(3)		(14)		4		(18)
EIA embedded derivatives - interest credited		(7)		3		(7)		1		4		(6)		(53)		47
Other		—		—		8		—		34		42		—		42
Adjusted operating income (loss) before income taxes		117		88		84		77		4		370		304		66
Notable items (2)		(22)		—		—		—		—		(22)		(3)		(19)
Adjusted operating income (loss) excluding notable items, before income taxes	81	$	95	$	88	$	84	$	77	$	4	$	348	$	301	$	47
U.S. & Latin America Capital Solutions
Income (loss) before income taxes	20	$	19	$	21	$	21	$	24	$	(4)	$	81	$	144	$	(63)
Adjusted operating income (loss) before income taxes		19		21		21		24		(4)		81		144		(63)
Notable items (2)		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	20	$	19	$	21	$	21	$	24	$	(4)	$	81	$	144	$	(63)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 38
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
										Current Qtr		Year-to-Date
		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
		2023		2023		2023		2022		Quarter		2023		2022		Change
Canada Traditional
Income (loss) before income taxes	21	$	6	$	35	$	29	$	50	$	(29)	$	91	$	104	$	(13)
Investment and derivative (gains) losses (1)		—		(3)		(1)		(4)		3		(5)		2		(7)
Investment income - non-operating FWAI		2		—		1		1		(1)		3		2		1
Other		2		—		—		—		—		2		—		2
Adjusted operating income (loss) before income taxes		10		32		29		47		(27)		91		108		(17)
Notable items (2)		13		—		—		(5)		5		13		1		12
Adjusted operating income (loss) excluding notable items, before income taxes	20	$	23	$	32	$	29	$	42	$	(22)	$	104	$	109	$	(5)
Canada Financial Solutions
Income before income taxes	6	$	30	$	6	$	10	$	9	$	(3)	$	52	$	31	$	21
Adjusted operating income (loss) before income taxes		30		6		10		9		(3)		52		31		21
Notable items (2)		(22)		—		—		—		—		(22)		—		(22)
Adjusted operating income (loss) excluding notable items, before income taxes	6	$	8	$	6	$	10	$	9	$	(3)	$	30	$	31	$	(1)
Europe, Middle East and Africa Traditional
Income (loss) before income taxes	8	$	(60)	$	4	$	27	$	3	$	5	$	(21)	$	46	$	(67)
Other		1		—		—		—		—		1		—		1
Adjusted operating income (loss) before income taxes		(59)		4		27		3		5		(20)		46		(66)
Notable items (2)		47		—		—		—		—		47		13		34
Adjusted operating income (loss) excluding notable items, before income taxes	8	$	(12)	$	4	$	27	$	3	$	5	$	27	$	59	$	(32)
Europe, Middle East and Africa Financial Solutions
Income before income taxes	106	$	84	$	52	$	59	$	56	$	50	$	301	$	182	$	119
Investment and derivative losses (1)		23		13		7		15		(9)		49		44		5
Investment income - non-operating FWAI		1		1		3		2		(2)		5		18		(13)
Investment (income) loss on unit-linked variable annuities		2		2		—		2		(5)		1		24		(23)
Interest credited on unit-linked variable annuities		(2)		(2)		—		(2)		5		(1)		(24)		23
Adjusted operating income (loss) before income taxes		108		66		69		73		39		355		244		111
Notable items (2)		(34)		—		—		(14)		14		(34)		(14)		(20)
Adjusted operating income (loss) excluding notable items, before income taxes	112	$	74	$	66	$	69	$	59	$	53	$	321	$	230	$	91
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 39
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
										Current Qtr		Year-to-Date
		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
		2023		2023		2023		2022		Quarter		2023		2022		Change
Asia Pacific Traditional
Income (loss) before income taxes	70	$	134	$	89	$	79	$	100	$	(30)	$	372	$	194	$	178
Other		—		—		—		—		1		1		—		1
Adjusted operating income (loss) before income taxes		134		89		79		100		(29)		373		194		179
Notable items (2)		(2)		—		—		(42)		42		(2)		75		(77)
Adjusted operating income (loss) excluding notable items, before income taxes	71	$	132	$	89	$	79	$	58	$	13	$	371	$	269	$	102
Asia Pacific Financial Solutions
Income (loss) before income taxes	122	$	(16)	$	20	$	(13)	$	109	$	13	$	113	$	46	$	67
Investment and derivative (gains) losses (1)		68		55		55		(78)		19		119		222		(103)
Other		(8)		(13)		(2)		7		(4)		(20)		(107)		87
Adjusted operating income (loss) before income taxes		44		62		40		38		28		212		161		51
Notable items (2)		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	66	$	44	$	62	$	40	$	38	$	28	$	212	$	161	$	51
Corporate and Other
Income (loss) before income taxes	(79)	$	(11)	$	(71)	$	(75)	$	(52)	$	(27)	$	(236)	$	(225)	$	(11)
Investment and derivative (gains) losses (1)		(19)		3		48		(34)		99		97		36		61
Interest expense on uncertain tax positions		1		—		—		—		(1)		—		—		—
Other		4		13		2		(6)		(2)		11		27		(16)
Adjusted operating income (loss) before income taxes		(25)		(55)		(25)		(92)		69		(128)		(162)		34
Notable items (2)		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	(23)	$	(25)	$	(55)	$	(25)	$	(92)	$	69	$	(128)	$	(162)	$	34
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

All values are in US Dollars.

Page 40
Reinsurance Group of America, Incorporated
---	---	---	---	---	---	---	---	---	---
Reconciliations of Shareholders’ Equity to Shareholders’ Equity Excluding AOCI
( millions except per share data)
		Sept. 30,		June 30,		March 31,		Dec. 31,
		2023		2023		2023		2022
RGA, Inc. shareholders’ equity	9,081	$	8,063	$	7,805	$	7,626	$	7,081
Less effect of AOCI:
Accumulated currency translation adjustments		(33)		26		(94)		(116)
Unrealized (depreciation) appreciation of securities		(6,659)		(4,879)		(4,393)		(5,496)
Effect of updating discount rates on future policy benefits		5,366		3,460		3,034		3,755
Change in instrument-specific credit risk for market risk benefits		7		13		14		13
Pension and postretirement benefits		(14)		(18)		(22)		(27)
RGA, Inc. shareholders’ equity, excluding AOCI		9,396		9,203		9,087		8,952
Year-to-date notable items, net of tax (1)		—		—		—		184
RGA, Inc. shareholders’ equity, excluding AOCI and notable items	9,450	$	9,396	$	9,203	$	9,087	$	9,136
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
		Sept. 30,		June 30,		March 31,		Dec. 31,
		2023		2023		2023		2022
Book value per share	138.39	$	122.40	$	117.87	$	114.60	$	106.19
Less effect of AOCI:
Accumulated currency translation adjustment		(0.49)		0.38		(1.41)		(1.73)
Unrealized (depreciation) appreciation of securities		(101.10)		(73.69)		(66.02)		(82.44)
Effect of updating discount rates on future policy benefits		81.46		52.26		45.59		56.32
Change in instrument-specific credit risk for market risk benefits		0.11		0.20		0.22		0.19
Pension and postretirement benefits		(0.21)		(0.27)		(0.34)		(0.41)
Book value per share, excluding AOCI	144.01	$	142.63	$	138.99	$	136.56	$	134.26

All values are in US Dollars.

Page 41

Document

Exhibit 99.3