Equibles

8-K

REINSURANCE GROUP OF AMERICA INC (RGA)

8-K 2022-05-05 For: 2022-05-03
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Added on April 04, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

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

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

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

16600 Swingley Ridge Road, Chesterfield, Missouri 63017

(Address of Principal Executive Office)

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

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

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

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

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

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

☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
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On May 5, 2022, Reinsurance Group of America, Incorporated (the "Company") issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended March 31, 2022, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended March 31, 2022, a copy of which is furnished with this report as Exhibit 99.2. The Press Release also notes that a conference call will be held on May 6, 2022 to discuss the financial and operating results for the three-month period ended March 31, 2022 (the "Earnings Call").

Item 7.01 Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated May 5, 2022 (the "Earnings Presentation"), a copy of which is furnished with this report as Exhibit 99.3 and incorporated in this Item 7.01 by reference.

The Press Release also announced that effective May 3, 2022 the Company’s board of directors declared a regular quarterly dividend of $0.73, payable May 31, 2022 to shareholders of record as of May 17, 2022.

The information set forth in 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 May5, 2022
99.2 Quarterly Financial Supplement for the quarter ended March 31, 2022
99.3 Earnings Presentation dated May5, 2022
104 Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURE

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

REINSURANCE GROUP OF AMERICA, INCORPORATED
Date: May 5, 2022 By: /s/ Todd C. Larson
Todd C. Larson
Senior Executive Vice President and Chief Financial Officer

Document

Exhibit 99.1

rgaprlogoaa01a15a.jpg

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS FIRST QUARTER RESULTS

•Net loss of $0.93 per diluted share

•Adjusted operating income* of $0.47 per diluted share

•Premium growth of 8.3% over the prior-year quarter

•ROE 3.4% and adjusted operating ROE* 2.1% for the trailing twelve months

•Deployed capital of $130 million into in-force and other transactions

•Repurchased $25 million of shares

•Global estimated COVID-19 impacts1 of approximately $310 million on a pre-tax basis, or $3.48 per diluted share2 for the first quarter

ST. LOUIS, May 5, 2022 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported first quarter net loss of $63 million, or $0.93 per diluted share, compared with net income of $139 million, or $2.03 per diluted share, in the prior-year quarter. Adjusted operating income* totaled $32 million, or $0.47 per diluted share, compared with an adjusted operating loss of $84 million, or $1.24 per diluted share, the year before. Net foreign currency exchange rates had a favorable effect of $0.09 per diluted share on net loss and an immaterial effect on adjusted operating income as compared with the prior year.

Quarterly Results
($ in millions, except per share data) 2022 2021
Net premiums $ 3,155 $ 2,914
Net income (loss) (63) 139
Net income (loss) per diluted share (0.93) 2.03
Adjusted operating income (loss)* 32 (84)
Adjusted operating income (loss) per diluted share* 0.47 (1.24)
Book value per share 137.08 177.83
Book value per share, excluding accumulated other comprehensive income (AOCI)* 137.89 133.67
Total assets 89,761 84,810
* See ‘Use of Non-GAAP Financial Measures’ below
--- ---

1 COVID-19 impact estimates include mortality and morbidity claims of approximately $316 million with offsetting impacts from longevity of approximately $6 million in the quarter.

2 Tax effected at 24%.

In the first quarter, consolidated net premiums totaled $3.2 billion, an increase of 8.3% over last year’s first quarter, with an adverse net foreign currency effect of $47 million. Compared with a strong year-ago period (which included a one-time event), first quarter investment income, excluding spread-based businesses and the value of associated derivatives, decreased 1% to $457 million, and average investment yield decreased to 5.29% in the first quarter from 5.67% in the prior year.

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The effective tax rate expense for the quarter on the pre-tax loss was 3.7%. The tax rate expense reflected income earned in higher tax jurisdictions and losses in lower tax jurisdictions, basis adjustments in foreign jurisdictions and adjustments to the valuation allowance.

The adjusted operating effective tax rate for the quarter was 46.1%. The tax rate was above the expected range of 23% to 24% primarily due to income in higher tax jurisdictions, basis adjustments in foreign jurisdictions and adjustments to the valuation allowance.

Anna Manning, President and Chief Executive Officer, commented, “This was a very good start to the year, and despite a meaningful level of COVID-19 mortality claims, many of our businesses performed well, and our investment results were favorable. We continue to see good new business activity both in our organic business and in our global pipelines for in-force transactions.

“On the capital front, we deployed $130 million into in-force and other transactions and repurchased $25 million in common stock. Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.0 billion.

“I am proud to announce that once again, and for the 11th year in a row, RGA has been ranked #1 for global business capabilities by NMG in their 2021 global life and health reinsurance report.”

Mark Prichard, CEO of NMG Consulting, said, “If there has been a constant in the Life & Health reinsurance industry over the last decade, it has been RGA’s global Business Capability Index leadership. RGA’s knowledge-led, partnership-driven approach, coupled with its culture of innovation and client focus, remain the cornerstones of its differentiation.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

Quarterly Results
($ in millions) 2022 2021
Net premiums $ 1,541 $ 1,419
Pre-tax loss (166) (338)
Pre-tax adjusted operating loss (181) (344)

•Results reflected approximately $272 million of COVID-19 claim costs, of which $260 million was related to individual mortality.

•Group and Individual Health experience was favorable.

•Strong variable investment income from real estate joint venture sales.

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Financial Solutions

Quarterly Results
($ in millions) 2022 2021
Asset-Intensive:
Pre-tax income $ 20 $ 60
Pre-tax adjusted operating income 75 49
Capital Solutions:
Pre-tax income 24 23
Pre-tax adjusted operating income 24 23

•Asset-Intensive results reflected favorable variable investment income.

•Capital Solutions results were in line with expectations.

Canada

Traditional

Quarterly Results
($ in millions) 2022 2021
Net premiums $ 304 $ 280
Pre-tax income 6 24
Pre-tax adjusted operating income 5 23

•Results reflected unfavorable individual life experience, due to approximately $20 million of COVID-19 claim costs, as well as excess mortality claims that were driven by higher large claims.

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

•Foreign currency exchange rates had an immaterial effect on net premiums.

Financial Solutions

Quarterly Results
($ in millions) 2022 2021
Pre-tax income $ 13 $ 6
Pre-tax adjusted operating income 13 6

•Results reflected favorable longevity experience, which is believed to be related to COVID-19.

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

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Europe, Middle East and Africa (EMEA)

Traditional

Quarterly Results
($ in millions) 2022 2021
Net premiums $ 451 $ 438
Pre-tax loss (6) (68)
Pre-tax adjusted operating loss (6) (68)

•Results reflected a moderate level of COVID-19 claims of $10 million, and higher non-COVID-19 large claims in the U.K.

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

•Foreign currency exchange rates had an adverse effect of $16 million on net premiums.

Financial Solutions

Quarterly Results
($ in millions) 2022 2021
Pre-tax income $ 85 $ 60
Pre-tax adjusted operating income 79 42

•Results reflected business growth and favorable longevity experience.

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

Asia Pacific

Traditional

Quarterly Results
($ in millions) 2022 2021
Net premiums $ 650 $ 609
Pre-tax income 51 41
Pre-tax adjusted operating income 51 41

•Results reflected favorable overall underwriting experience in Asia and a profit in Australia.

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

•Foreign currency exchange rates had an adverse effect of $23 million on net premiums.

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Financial Solutions

Quarterly Results
($ in millions) 2022 2021
Net premiums $ 43 $ 53
Pre-tax income (loss) (56) 28
Pre-tax adjusted operating income 21 19

•Results were in line with expectations.

•Foreign currency exchange rates had a favorable effect of $6 million on pre-tax loss and an adverse effect of $1 million on pre-tax adjusted operating income.

Corporate and Other

Quarterly Results
($ in millions) 2022 2021
Pre-tax income (loss) $ (31) $ 350
Pre-tax adjusted operating income (loss) (22) 94

•Pre-tax adjusted operating loss was less than the average run rate, primarily due to higher investment income.

Share Repurchase Authorization

On February 25, 2022, the board of directors authorized a share repurchase program for up to $400 million of outstanding common stock. The authorization was effective immediately and does not have an expiration date. The pace of repurchase activity depends on various factors such as the level of available cash, an evaluation of the costs and benefits associated with alternative uses of excess capital, such as acquisitions and in-force reinsurance transactions, and stock price.

Dividend Declaration

Effective as of May 3, 2022, the board of directors declared a regular quarterly dividend of $0.73, payable May 31, 2022, to shareholders of record as of May 17, 2022.

Earnings Conference Call

A conference call to discuss first quarter results will begin at 10 a.m. Eastern Time on Friday, May 6. Interested parties may access the call by dialing 888-204-4368 (domestic) or 323-994-2093 (international). The access code is 9502707. 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.

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Use of Non-GAAP Financial Measures

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

tax and after-tax basis, better measures the ongoing profitability and underlying trends of the Company’s

continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and

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

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

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

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

About RGA

Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.5 trillion of life reinsurance in force and assets of $89.8 billion as of March 31, 2022. Founded in 1973, RGA today is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri, and operations around the world, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the Company’s website at www.rgare.com.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation

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Reform Act of 1995 including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance and growth potential of the Company. Forward-looking statements often contain words and phrases such as “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe” and other similar expressions. Forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.

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

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(22) execution of the Company’s entry into new markets, (23) integration of acquired blocks of business and entities, (24) interruption or failure of the Company’s telecommunication, information technology or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data and intellectual property stored on such systems, (25) adverse litigation or arbitration results, (26) the adequacy of reserves, resources and accurate 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. For a discussion of these risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A - “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as may be supplemented by Item 1A - “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q.

Investor Contact

Jeff Hopson

Senior Vice President - Investor Relations

(636) 736-2068

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Adjusted Operating Income

(Dollars in millions, except per share data)

(Unaudited) Three Months Ended March 31,
2022 2021
Diluted Earnings Per Share Diluted Earnings Per Share
Net income (loss) $ (63) $ (0.93) $ 139 $ 2.03
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net 94 1.39 (179) (2.63)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses 6 0.09 (1) (0.01)
Embedded derivatives:
Included in investment related gains/losses, net 15 0.22 (54) (0.79)
Included in interest credited (13) (0.19) (24) (0.35)
DAC offset, net (8) (0.12) 9 0.13
Investment (income) loss on unit-linked variable annuities 7 0.10 1 0.01
Interest credited on unit-linked variable annuities (7) (0.10) (1) (0.01)
Interest expense on uncertain tax positions — — 2 0.03
Non-investment derivatives and other — — 9 0.13
Tax benefit on uncertain tax positions and tax rate changes 1 0.01 15 0.22
Adjusted operating income (loss) $ 32 $ 0.47 $ (84) $ (1.24)
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Effective Income Tax Rates

(Dollars in millions)

(Unaudited) Three Months Ended March 31, 2022
Pre-tax Income (loss) Income Taxes Effective Tax Rate (1)
GAAP income (loss) $ (60) $ 3 (3.7) %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net 119 25
Capital (gains) losses on funds withheld, included in investment income, net of related expenses 8 2
Embedded derivatives:
Included in investment related gains/losses, net 19 4
Included in interest credited (17) (4)
DAC offset, net (10) (2)
Investment (income) loss on unit-linked variable annuities 9 2
Interest credited on unit-linked variable annuities (9) (2)
Interest expense on uncertain tax positions — —
Non-investment derivatives and other — —
Tax benefit on uncertain tax positions and tax rate changes — (1)
Adjusted operating income $ 59 $ 27 46.1 %

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

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

(Dollars in millions)

(Unaudited) Three Months Ended March 31,
2022 2021
Income (loss) before income taxes $ (60) $ 186
Reconciliation to pre-tax adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net 119 (228)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses 8 (1)
Embedded derivatives:
Included in investment related gains/losses, net 19 (68)
Included in interest credited (17) (30)
DAC offset, net (10) 12
Investment (income) loss on unit-linked variable annuities 9 1
Interest credited on unit-linked variable annuities (9) (1)
Interest expense on uncertain tax positions — 3
Non-investment derivatives and other — 11
Pre-tax adjusted operating income (loss) $ 59 $ (115)
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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

(Dollars in millions)

(Unaudited) Three Months Ended March 31, 2022
Pre-tax income (loss) Capital<br>(gains) losses,<br>derivatives<br>and other, net Change in<br>value of<br>embedded<br>derivatives, net Pre-tax adjusted operating<br>income (loss)
U.S. and Latin America:
Traditional $ (166) $ — $ (15) $ (181)
Financial Solutions:
Asset-Intensive 20 57 (1) (2) (2) 75
Capital Solutions 24 — — 24
Total U.S. and Latin America (122) 57 (17) (82)
Canada Traditional 6 (1) — 5
Canada Financial Solutions 13 — — 13
Total Canada 19 (1) — 18
EMEA Traditional (6) — — (6)
EMEA Financial Solutions 85 (6) — 79
Total EMEA 79 (6) — 73
Asia Pacific Traditional 51 — — 51
Asia Pacific Financial Solutions (56) 77 — 21
Total Asia Pacific (5) 77 — 72
Corporate and Other (31) 9 — (22)
Consolidated $ (60) $ 136 $ (17) $ 59

(1)Asset-Intensive is net of $9 DAC offset.

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

(Unaudited) Three Months Ended March 31, 2021
Pre-tax income (loss) Capital<br>(gains) losses,<br>derivatives<br>and other, net Change in<br>value of<br>embedded<br>derivatives, net Pre-tax adjusted <br>operating<br>income (loss)
U.S. and Latin America:
Traditional $ (338) $ — $ (6) $ (344)
Financial Solutions:
Asset-Intensive 60 55 (1) (66) (2) 49
Capital Solutions 23 — — 23
Total U.S. and Latin America (255) 55 (72) (272)
Canada Traditional 24 (1) — 23
Canada Financial Solutions 6 — — 6
Total Canada 30 (1) — 29
EMEA Traditional (68) — — (68)
EMEA Financial Solutions 60 (18) — 42
Total EMEA (8) (18) — (26)
Asia Pacific Traditional 41 — — 41
Asia Pacific Financial Solutions 28 (9) — 19
Total Asia Pacific 69 (9) — 60
Corporate and Other 350 (256) — 94
Consolidated $ 186 $ (229) $ (72) $ (115)

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

(2)Asset-Intensive is net of $26 DAC offset.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In millions, except per share data)

(Unaudited) Three Months Ended March 31,
2022 2021
Earnings per share from net income (loss):
Basic earnings per share $ (0.93) $ 2.04
Diluted earnings per share (1) $ (0.93) $ 2.03
Diluted earnings per share from adjusted operating income (loss) (1) $ 0.47 $ (1.24)
Weighted average number of common and common equivalent shares outstanding 67,649 68,427

(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 March 31,
2022 2021
Treasury shares 18,323 17,326
Common shares outstanding 66,988 67,985
Book value per share $ 137.08 $ 177.83
Book value per share, before impact of AOCI $ 137.89 $ 133.67

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

(Unaudited) At March 31,
2022 2021
Book value per share $ 137.08 $ 177.83
Less effect of AOCI:
Accumulated currency translation adjustments 0.06 (0.57)
Unrealized appreciation of securities (0.13) 45.79
Pension and postretirement benefits (0.74) (1.06)
Book value per share, before impact of AOCI $ 137.89 $ 133.67
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Reconciliation of Stockholders' Average Equity to Stockholders' Average Equity Excluding AOCI

(Dollars in millions)

(Unaudited)
Trailing Twelve Months Ended March 31, 2022: Average Equity
Stockholders' average equity $ 12,123
Less effect of AOCI:
Accumulated currency translation adjustments (23)
Unrealized appreciation of securities 2,928
Pension and postretirement benefits (63)
Stockholders' average equity, excluding AOCI $ 9,281

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

Related Return on Equity

(Dollars in millions)

(Unaudited) Return on Equity
Trailing Twelve Months Ended March 31, 2022: Income
Net Income $ 415 3.4 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net (96)
Change in fair value of embedded derivatives (35)
Deferred acquisition cost offset, net 13
Tax expense on uncertain tax positions (104)
Adjusted operating income $ 193 2.1 %

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)

(Unaudited) Three Months Ended March 31,
2022 2021
Revenues:
Net premiums $ 3,155 $ 2,914
Investment income, net of related expenses 810 812
Investment related gains (losses), net (126) 302
Other revenue 91 91
Total revenues 3,930 4,119
Benefits and expenses:
Claims and other policy benefits 3,225 3,192
Interest credited 141 146
Policy acquisition costs and other insurance expenses 355 333
Other operating expenses 226 214
Interest expense 42 45
Collateral finance and securitization expense 1 3
Total benefits and expenses 3,990 3,933
Income (loss) before income taxes (60) 186
Provision for income taxes 3 47
Net income (loss) $ (63) $ 139

#

Document

Exhibit 99.2

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Quarterly Financial Supplement

First Quarter 2022

(Unaudited)

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

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

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Reinsurance Group of America, Incorporated

1st Quarter 2022

Table of Contents

Page
Non-GAAP Disclosures 1
Consolidated
Financial Highlights 2
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) 3
Consolidated Balance Sheets 5
Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements
U.S. and Latin America Traditional 6
U.S. and Latin America Financial Solutions - Asset-Intensive 8
U.S. and Latin America Financial Solutions - Capital Solutions 11
Canada Traditional 13
Canada Financial Solutions 15
Europe, Middle East and Africa Traditional 17
Europe, Middle East and Africa Financial Solutions 19
Asia Pacific Traditional 21
Asia Pacific Financial Solutions 23
Corporate and Other 25
Summary of Segment GAAP Income 27
Summary of Segment Adjusted Operating Income 28
Investments
Cash and Invested Assets and Investment Income and Yield Summary 29
Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities 30
Corporate Fixed Maturity Securities by Industry 31
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities 32
Fixed Maturity Securities Below Amortized Cost 33
Consolidated Investment Related Gains and Losses 35
Appendix
Reconciliations of GAAP to Non-GAAP Measures 36

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Reinsurance Group of America, Incorporated

Non-GAAP Disclosures

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

Non-GAAP Disclosures

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

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

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

Page 1
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Financial Highlights
Three Months Ended Current Qtr vs. PY Quarter
(USD millions, except in force & per share data) March 31, Dec. 31, Sept. 30, June 30, March 31,
2022 2021 2021 2021 2021
Net premiums $ 3,155 $ 3,407 $ 3,094 $ 3,098 $ 2,914 $ 241
Net income (loss) (63) 156 (22) 344 139 (202)
Adjusted operating income (loss) 32 (38) (75) 274 (84) 116
Return on equity - annualized (2.3) % 4.8 % (0.7) % 10.8 % 4.2 % (6.5) %
Return on equity - trailing 12 months 3.4 % 4.7 % 4.5 % 6.3 % 5.2 % (1.8) %
Adjusted operating return on equity (ex AOCI) - annualized 1.4 % (1.6) % (3.2) % 11.9 % (3.7) % 5.1 %
Adjusted operating return on equity (ex AOCI) - trailing 12 months 2.1 % 0.8 % 2.1 % 5.7 % 3.7 % (1.6) %
Total assets $ 89,761 $ 92,175 $ 91,449 $ 88,944 $ 84,810 $ 4,951
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional $ 1,645.1 $ 1,628.4 $ 1,619.9 $ 1,619.4 $ 1,610.2 $ 34.9
U.S. and Latin America Financial Solutions 5.3 5.3 5.3 5.3 5.3 —
Canada Traditional 484.5 472.6 463.1 468.3 460.1 24.4
Europe, Middle East and Africa Traditional 850.7 861.6 852.8 861.4 830.8 19.9
Asia Pacific Traditional 508.4 497.4 526.0 516.1 521.0 (12.6)
Asia Pacific Financial Solutions 1.1 1.7 1.5 1.2 1.2 (0.1)
Total assumed life reinsurance in force $ 3,495.1 $ 3,467.0 $ 3,468.6 $ 3,471.7 $ 3,428.6 $ 66.5
Assumed New Business Production (in billions)
U.S. and Latin America Traditional $ 39.5 $ 32.4 $ 33.9 $ 35.7 $ 28.5 $ 11.0
U.S. and Latin America Financial Solutions — — — — — —
Canada Traditional 12.7 14.6 11.5 8.5 14.2 (1.5)
Europe, Middle East and Africa Traditional 50.5 51.0 32.0 87.8 27.6 22.9
Asia Pacific Traditional 16.6 8.6 7.1 10.9 7.6 9.0
Asia Pacific Financial Solutions 0.1 0.1 — 0.1 — 0.1
Total assumed new business production $ 119.4 $ 106.7 $ 84.5 $ 143.0 $ 77.9 $ 41.5
Per Share and Shares Data
Basic earnings per share
Net income (loss) $ (0.93) $ 2.32 $ (0.32) $ 5.06 $ 2.04 $ (2.97)
Adjusted operating income (loss) $ 0.48 $ (0.56) $ (1.11) $ 4.04 $ (1.24) $ 1.72
Diluted earnings per share (1)
Net income (loss) (1) $ (0.93) $ 2.30 $ (0.32) $ 5.02 $ 2.03 $ (2.96)
Adjusted operating income (loss) (1) $ 0.47 $ (0.56) $ (1.11) $ 4.00 $ (1.24) $ 1.71
Wgt. average common shares outstanding
Basic 67,104 67,380 67,916 67,990 67,975 (871)
Diluted 67,649 67,930 68,417 68,533 68,427 (778)
Common shares issued 85,311 85,311 85,311 85,311 85,311 —
Treasury shares 18,323 18,140 17,711 17,314 17,326 997
Common shares outstanding 66,988 67,171 67,600 67,997 67,985 (997)
Book value per share $ 137.08 $ 193.75 $ 190.60 $ 197.72 $ 177.83 $ (40.75)
Per share effect of AOCI $ (0.81) $ 54.22 $ 53.00 $ 59.43 $ 44.16 $ (44.97)
Book value per share, excluding AOCI $ 137.89 $ 139.53 $ 137.60 $ 138.29 $ 133.67 $ 4.22
Stockholders’ dividends paid 49 49 50 47 48 1
(1) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.
Page 2
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Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net premiums 3,155 $ 3,407 $ 3,094 $ 3,098 $ 2,914 $ 241
Net investment income 771 796 759 812 (2)
Investment related gains (losses), net 88 58 112 302 (428)
Other revenue 93 95 168 91 —
Total revenues 4,359 4,043 4,137 4,119 (189)
Benefits and expenses:
Claims and other policy benefits 3,482 3,289 2,813 3,192 33
Interest credited 159 177 218 146 (5)
Policy acquisition costs and other insurance expenses 406 338 339 333 22
Other operating expenses 253 229 240 214 12
Interest expense (2) 41 43 45 (3)
Collateral finance and securitization expense 4 3 2 3 (2)
Total benefits and expenses 4,302 4,077 3,655 3,933 57
Income (loss) before income taxes 57 (34) 482 186 (246)
Provision for income taxes (99) (12) 138 47 (44)
Net income (loss) (63) $ 156 $ (22) $ 344 $ 139 $ (202)
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes (60) $ 57 $ (34) $ 482 $ 186 $ (246)
Investment and derivative (gains) losses (1) (31) (66) (104) (228) 347
Change in value of modified coinsurance and funds withheld embedded derivatives (1) (20) (21) (16) (50) 83
GMXB embedded derivatives (1) (29) 37 17 (18) 4
Funds withheld (gains) losses - investment income (1) (2) (1) (1) 9
EIA embedded derivatives - interest credited (9) (3) (3) (30) 13
DAC offset, net 26 2 (2) 12 (22)
Investment (income) loss on unit-linked variable annuities (5) 2 (2) 1 8
Interest credited on unit-linked variable annuities 5 (2) 2 (1) (8)
Interest expense on uncertain tax positions (34) 2 3 3 (3)
Non-investment derivatives and other 5 (4) (15) 11 (11)
Adjusted operating income (loss) before income taxes 59 $ (36) $ (89) $ 361 $ (115) $ 174
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

All values are in US Dollars.

Page 3
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
After-tax adjusted operating income reconciliation:
Net income (loss) (63) $ 156 $ (22) $ 344 $ 139 $ (202)
Investment and derivative (gains) losses (1) (25) (52) (82) (179) 273
Change in value of modified coinsurance and funds withheld embedded derivatives (1) (16) (17) (12) (40) 66
GMXB embedded derivatives (1) (22) 29 13 (14) 3
Funds withheld (gains) losses - investment income (1) (1) (1) (1) 7
EIA embedded derivatives - interest credited (8) (2) (2) (24) 11
DAC offset, net 21 1 (1) 9 (17)
Investment (income) loss on unit-linked variable annuities (4) 2 (2) 1 6
Interest credited on unit-linked variable annuities 4 (2) 2 (1) (6)
Interest expense on uncertain tax positions (27) 1 3 2 (2)
Non-investment derivatives and other 4 (3) (12) 9 (9)
Uncertain tax positions and other tax related items (120) (9) 24 15 (14)
Adjusted operating income (loss) 32 $ (38) $ (75) $ 274 $ (84) $ 116
Diluted earnings per share - adjusted operating income (loss) (2) 0.47 $ (0.56) $ (1.11) $ 4.00 $ (1.24) $ 1.71
Foreign currency effect on (3):
Net premiums (47) $ (3) $ 51 $ 124 $ 78 $ (125)
Adjusted operating income (loss) before income taxes (1) $ — $ (7) $ 10 $ 1 $ (2)
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.
(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.
(3) Compared to comparable prior year period.

All values are in US Dollars.

Page 4
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Consolidated Balance Sheets
( millions)
Dec. 31, Sept. 30, June 30, March 31,
2021 2021 2021 2021
Assets
Fixed maturity securities, available-for-sale 57,922 $ 60,749 $ 59,289 $ 58,287 $ 56,426
Equity securities 151 160 147 135
Mortgage loans on real estate 6,283 6,366 6,481 6,001
Policy loans 1,234 1,234 1,254 1,253
Funds withheld at interest 6,954 7,034 7,049 5,459
Short-term investments 87 82 184 157
Other invested assets 3,070 3,404 2,924 2,983
Total investments 78,528 77,569 76,326 72,414
Cash and cash equivalents 2,948 3,027 3,254 3,122
Accrued investment income 533 574 525 546
Premiums receivable and other reinsurance balances 2,888 3,013 3,102 2,907
Reinsurance ceded receivables 2,580 2,585 1,093 1,089
Deferred policy acquisition costs 3,690 3,687 3,622 3,617
Other assets 1,008 994 1,022 1,115
Total assets 89,761 $ 92,175 $ 91,449 $ 88,944 $ 84,810
Liabilities and equity
Future policy benefits 35,946 $ 35,782 $ 35,666 $ 33,761 $ 33,675
Interest-sensitive contract liabilities 26,377 26,017 26,161 23,142
Other policy claims and benefits 6,993 7,117 6,795 7,077
Other reinsurance balances 613 543 531 560
Deferred income taxes 2,886 2,407 2,699 2,417
Other liabilities 2,663 3,327 2,057 1,930
Long-term debt 3,667 3,173 3,173 3,573
Collateral finance and securitization notes 180 314 323 346
Total liabilities 79,161 78,564 75,500 72,720
Equity:
Common stock, at par value 1 1 1 1
Additional paid-in-capital 2,461 2,447 2,430 2,411
Retained earnings 8,563 8,458 8,531 8,235
Treasury stock (1,653) (1,604) (1,559) (1,559)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes (9) (50) (20) (39)
Unrealized appreciation of securities, net of income taxes 3,701 3,704 4,133 3,113
Pension and postretirement benefits, net of income taxes (50) (71) (72) (72)
Total RGA, Inc. stockholders’ equity 13,014 12,885 13,444 12,090
Noncontrolling interest — — — —
Total equity 13,014 12,885 13,444 12,090
Total liabilities and equity 89,761 $ 92,175 $ 91,449 $ 88,944 $ 84,810
Total RGA, Inc. stockholders’ equity, excluding AOCI 9,237 $ 9,372 $ 9,302 $ 9,403 $ 9,088
See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.

All values are in US Dollars.

Page 5
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Traditional
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net premiums 1,541 $ 1,697 $ 1,550 $ 1,578 $ 1,419 $ 122
Net investment income 245 245 233 207 97
Investment related gains (losses), net 4 (5) 1 6 9
Other revenue 4 5 4 5 2
Total revenues 1,950 1,795 1,816 1,637 230
Benefits and expenses:
Claims and other policy benefits 1,892 1,670 1,418 1,740 25
Interest credited 18 17 18 17 —
Policy acquisition costs and other insurance expenses 209 195 206 182 26
Other operating expenses 42 39 39 36 7
Total benefits and expenses 2,161 1,921 1,681 1,975 58
Income (loss) before income taxes (166) $ (211) $ (126) $ 135 $ (338) $ 172
Loss and expense ratios:
Claims and other policy benefits % 111.5 % 107.7 % 89.9 % 122.6 % (8.1) %
Policy acquisition costs and other insurance expenses % 12.3 % 12.6 % 13.1 % 12.8 % 0.7 %
Other operating expenses % 2.5 % 2.5 % 2.5 % 2.5 % 0.3 %
Foreign currency effect on (1):
Net premiums — $ — $ 2 $ 2 $ (1) $ 1
Income (loss) before income taxes — $ 1 $ (1) $ — $ — $ —
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 6
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Traditional
Adjusted Operating Income Statements
( millions)
Current
Dec. 31, Sept. 30, June 30, March 31, Qtr vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net premiums 1,541 $ 1,697 $ 1,550 $ 1,578 $ 1,419 $ 122
Net investment income 245 245 233 207 97
Other revenue 4 5 4 5 2
Total revenues 1,946 1,800 1,815 1,631 221
Benefits and expenses:
Claims and other policy benefits 1,892 1,670 1,418 1,740 25
Interest credited 18 17 18 17 —
Policy acquisition costs and other insurance expenses 209 195 206 182 26
Other operating expenses 42 39 39 36 7
Total benefits and expenses 2,161 1,921 1,681 1,975 58
Adjusted operating income (loss) before income taxes (181) $ (215) $ (121) $ 134 $ (344) $ 163
Loss and expense ratios:
Claims and other policy benefits % 111.5 % 107.7 % 89.9 % 122.6 % (8.1) %
Policy acquisition costs and other insurance expenses % 12.3 % 12.6 % 13.1 % 12.8 % 0.7 %
Other operating expenses % 2.5 % 2.5 % 2.5 % 2.5 % 0.3 %
Foreign currency effect on (1):
Net premiums — $ — $ 2 $ 2 $ (1) $ 1
Adjusted operating income (loss) before income taxes — $ 1 $ (1) $ — $ — $ —
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 7
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net premiums 15 $ 13 $ 14 $ 15 $ 13 $ 2
Net investment income 264 290 276 257 5
Investment related gains (losses), net 36 12 30 (6) (74)
Other revenue 26 31 85 26 1
Total revenues 339 347 406 290 (66)
Benefits and expenses:
Claims and other policy benefits 37 48 21 60 (12)
Interest credited 120 149 182 114 (7)
Policy acquisition costs and other insurance expenses 79 34 32 47 (7)
Other operating expenses 10 10 8 9 —
Total benefits and expenses 246 241 243 230 (26)
Income before income taxes 20 $ 93 $ 106 $ 163 $ 60 $ (40)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 8
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Asset-Intensive
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net premiums 15 $ 13 $ 14 $ 15 $ 13 $ 2
Net investment income 264 290 274 258 6
Other revenue 25 31 85 26 1
Total revenues 302 335 374 297 9
Benefits and expenses:
Claims and other policy benefits 37 48 21 60 (12)
Interest credited 129 152 185 144 (20)
Policy acquisition costs and other insurance expenses 53 32 34 35 15
Other operating expenses 10 10 8 9 —
Total benefits and expenses 229 242 248 248 (17)
Adjusted operating income before income taxes 75 $ 73 $ 93 $ 126 $ 49 $ 26
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 (continued)
( millions)
Dec. 31, Sept. 30, June 30, March 31,
2021 2021 2021 2021
Annuity account values:
Fixed annuities (deferred) 11,693 $ 11,858 $ 11,997 $ 13,687 $ 10,659
Net interest spread (fixed annuities) % 1.4 % 1.7 % 1.2 % 1.3 %
Equity-indexed annuities 3,114 $ 3,213 $ 3,293 $ 3,343 $ 3,391
Variable annuities account values
No riders 786 $ 844 $ 827 $ 834 $ 823
GMDB only 960 968 949 901
GMIB only 25 25 25 24
GMAB only 3 3 4 4
GMWB only 1,130 1,110 1,145 1,116
GMDB / WB 264 261 271 265
Other 19 19 19 18
Total variable annuities account values 2,996 $ 3,245 $ 3,213 $ 3,247 $ 3,151
Fair value of liabilities associated with living benefit riders 148 $ 162 $ 191 $ 154 $ 136
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts 656 $ 656 $ 827 $ 973 $ 973
Bank-owned life insurance (BOLI) 2,499 $ 2,492 $ 2,480 $ 2,471 $ 2,463
Other asset-intensive business 114 $ 115 $ 117 $ 119 $ 123
Future policy benefits associated with:
Payout annuities 4,218 $ 4,274 $ 4,329 $ 4,393 $ 4,477

All values are in US Dollars.

Page 10
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net investment income 1 $ — $ 1 $ — $ 1 $ —
Other revenue 28 26 27 27 —
Total revenues 28 27 27 28 —
Benefits and expenses:
Policy acquisition costs and other insurance expenses — 2 — 2 (1)
Other operating expenses 3 3 4 3 —
Total benefits and expenses 3 5 4 5 (1)
Income before income taxes 24 $ 25 $ 22 $ 23 $ 23 $ 1
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 11
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
U.S. and Latin America Financial Solutions - Capital Solutions
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net investment income 1 $ — $ 1 $ — $ 1 $ —
Other revenue 28 26 27 27 —
Total revenues 28 27 27 28 —
Benefits and expenses:
Policy acquisition costs and other insurance expenses — 2 — 2 (1)
Other operating expenses 3 3 4 3 —
Total benefits and expenses 3 5 4 5 (1)
Adjusted operating income before income taxes 24 $ 25 $ 22 $ 23 $ 23 $ 1
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 12
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Traditional
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net premiums 304 $ 324 $ 289 $ 301 $ 280 $ 24
Net investment income 60 65 63 60 (5)
Investment related gains, net — 1 — 2 (1)
Other revenue 1 (1) 2 1 1
Total revenues 385 354 366 343 19
Benefits and expenses:
Claims and other policy benefits 298 255 277 266 34
Policy acquisition costs and other insurance expenses 50 46 46 45 1
Other operating expenses 9 9 11 8 2
Total benefits and expenses 357 310 334 319 37
Income before income taxes 6 $ 28 $ 44 $ 32 $ 24 $ (18)
Loss and expense ratios:
Claims and other policy benefits % 92.0 % 88.2 % 92.0 % 95.0 % 3.7 %
Policy acquisition costs and other insurance expenses % 15.4 % 15.9 % 15.3 % 16.1 % (1.0) %
Other operating expenses % 2.8 % 3.1 % 3.7 % 2.9 % 0.4 %
Foreign currency effect on (1):
Net premiums — $ 10 $ 16 $ 34 $ 16 $ (16)
Income before income taxes — $ — $ 3 $ 3 $ — $ —
Creditor reinsurance net premiums 18 $ 19 $ 19 $ 19 $ 17 $ 1
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 13
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Canada Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net premiums 304 $ 324 $ 289 $ 301 $ 280 $ 24
Net investment income 59 65 64 59 (4)
Investment related gains, net 2 1 1 2 (2)
Other revenue 1 (1) 2 1 1
Total revenues 386 354 368 342 19
Benefits and expenses:
Claims and other policy benefits 298 255 277 266 34
Policy acquisition costs and other insurance expenses 50 46 46 45 1
Other operating expenses 9 9 11 8 2
Total benefits and expenses 357 310 334 319 37
Adjusted operating income before income taxes 5 $ 29 $ 44 $ 34 $ 23 $ (18)
Loss and expense ratios:
Claims and other policy benefits % 92.0 % 88.2 % 92.0 % 95.0 % 3.7 %
Policy acquisition costs and other insurance expenses % 15.4 % 15.9 % 15.3 % 16.1 % (1.0) %
Other operating expenses % 2.8 % 3.1 % 3.7 % 2.9 % 0.4 %
Foreign currency effect on (1):
Net premiums — $ 10 $ 16 $ 34 $ 16 $ (16)
Adjusted operating income before income taxes — $ — $ 3 $ 3 $ — $ —
Creditor reinsurance net premiums 18 $ 19 $ 19 $ 19 $ 17 $ 1
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 14
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Canada Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net premiums 23 $ 22 $ 22 $ 23 $ 23 $ —
Net investment income — — — — 1
Other revenue 2 3 3 3 (2)
Total revenues 24 25 26 26 (1)
Benefits and expenses:
Claims and other policy benefits 17 23 21 18 (7)
Policy acquisition costs and other insurance expenses 1 1 1 — 1
Other operating expenses 1 1 — 2 (2)
Total benefits and expenses 19 25 22 20 (8)
Income before income taxes 13 $ 5 $ — $ 4 $ 6 $ 7
Foreign currency effect on (2):
Net premiums — $ 1 $ 1 $ 3 $ 1 $ (1)
Income before income taxes — $ 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 15
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Canada Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net premiums 23 $ 22 $ 22 $ 23 $ 23 $ —
Net investment income — — — — 1
Other revenue 2 3 3 3 (2)
Total revenues 24 25 26 26 (1)
Benefits and expenses:
Claims and other policy benefits 17 23 21 18 (7)
Policy acquisition costs and other insurance expenses 1 1 1 — 1
Other operating expenses 1 1 — 2 (2)
Total benefits and expenses 19 25 22 20 (8)
Adjusted operating income before income taxes 13 $ 5 $ — $ 4 $ 6 $ 7
Foreign currency effect on (2):
Net premiums — $ 1 $ 1 $ 3 $ 1 $ (1)
Adjusted operating income before income taxes — $ — $ — $ 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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Traditional
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net premiums 451 $ 435 $ 432 $ 433 $ 438 $ 13
Net investment income 22 22 24 20 2
Other revenue — — 2 (1) 4
Total revenues 457 454 459 457 19
Benefits and expenses:
Claims and other policy benefits 464 482 414 469 (42)
Policy acquisition costs and other insurance expenses 34 35 27 29 (4)
Other operating expenses 27 28 30 27 3
Total benefits and expenses 525 545 471 525 (43)
Loss before income taxes (6) $ (68) $ (91) $ (12) $ (68) $ 62
Loss and expense ratios:
Claims and other policy benefits % 106.7 % 111.6 % 95.6 % 107.1 % (12.4) %
Policy acquisition costs and other insurance expenses % 7.8 % 8.1 % 6.2 % 6.6 % (1.1) %
Other operating expenses % 6.2 % 6.5 % 6.9 % 6.2 % 0.5 %
Foreign currency effect on (1):
Net premiums (16) $ — $ 22 $ 47 $ 26 $ (42)
Loss before income taxes 1 $ — $ (14) $ (4) $ (5) $ 6
Critical illness net premiums 39 $ 42 $ 46 $ 44 $ 42 $ (3)
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 17
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net premiums 451 $ 435 $ 432 $ 433 $ 438 $ 13
Net investment income 22 22 24 20 2
Other revenue — — 2 (1) 4
Total revenues 457 454 459 457 19
Benefits and expenses:
Claims and other policy benefits 464 482 414 469 (42)
Policy acquisition costs and other insurance expenses 34 35 27 29 (4)
Other operating expenses 27 28 30 27 3
Total benefits and expenses 525 545 471 525 (43)
Adjusted operating loss before income taxes (6) $ (68) $ (91) $ (12) $ (68) $ 62
Loss and expense ratios:
Claims and other policy benefits % 106.7 % 111.6 % 95.6 % 107.1 % (12.4) %
Policy acquisition costs and other insurance expenses % 7.8 % 8.1 % 6.2 % 6.6 % (1.1) %
Other operating expenses % 6.2 % 6.5 % 6.9 % 6.2 % 0.5 %
Foreign currency effect on (1):
Net premiums (16) $ — $ 22 $ 47 $ 26 $ (42)
Adjusted operating Loss before income taxes 1 $ — $ (14) $ (4) $ (5) $ 6
Critical illness net premiums 39 $ 42 $ 46 $ 44 $ 42 $ (3)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 18
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net premiums 128 $ 91 $ 96 $ 84 $ 79 $ 49
Net investment income 56 51 50 48 (13)
Investment related gains, net 8 23 2 16 —
Other revenue 2 4 3 3 —
Total revenues 157 174 139 146 36
Benefits and expenses:
Claims and other policy benefits 60 77 42 75 16
Interest credited 5 (2) 2 (1) (8)
Policy acquisition costs and other insurance expenses 5 2 1 2 (1)
Other operating expenses 12 12 11 10 4
Total benefits and expenses 82 89 56 86 11
Income before income taxes 85 $ 75 $ 85 $ 83 $ 60 $ 25
Foreign currency effect on (2):
Net premiums (5) $ 1 $ 5 $ 9 $ 6 $ (11)
Income before income taxes (3) $ 1 $ 5 $ 10 $ 5 $ (8)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) 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)
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net premiums 128 $ 91 $ 96 $ 84 $ 79 $ 49
Net investment income 51 51 48 48 2
Investment related gains (losses), net 3 2 2 (1) 5
Other revenue 2 4 3 3 —
Total revenues 147 153 137 129 56
Benefits and expenses:
Claims and other policy benefits 60 77 42 75 16
Interest credited — — — — —
Policy acquisition costs and other insurance expenses 5 2 1 2 (1)
Other operating expenses 12 12 11 10 4
Total benefits and expenses 77 91 54 87 19
Adjusted operating income before income taxes 79 $ 70 $ 62 $ 83 $ 42 $ 37
Foreign currency effect on (2):
Net premiums (5) $ 1 $ 5 $ 9 $ 6 $ (11)
Adjusted operating income before income taxes (3) $ 1 $ 4 $ 9 $ 4 $ (7)
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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Traditional
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net premiums 650 $ 773 $ 626 $ 616 $ 609 $ 41
Net investment income 36 33 34 33 —
Investment related gains, net — — — (1) 1
Other revenue 6 4 3 6 (1)
Total revenues 815 663 653 647 41
Benefits and expenses:
Claims and other policy benefits 667 682 578 518 24
Policy acquisition costs and other insurance expenses 44 31 41 43 4
Other operating expenses 47 46 46 45 3
Total benefits and expenses 758 759 665 606 31
Income (loss) before income taxes 51 $ 57 $ (96) $ (12) $ 41 $ 10
Loss and expense ratios:
Claims and other policy benefits % 86.3 % 108.9 % 93.8 % 85.1 % (1.7) %
Policy acquisition costs and other insurance expenses % 5.7 % 5.0 % 6.7 % 7.1 % 0.1 %
Other operating expenses % 6.1 % 7.3 % 7.5 % 7.4 % — %
Foreign currency effect on (1):
Net premiums (23) $ (13) $ 6 $ 30 $ 29 $ (52)
Income (loss) before income taxes 2 $ (2) $ — $ (1) $ 1 $ 1
Critical illness net premiums 295 $ 424 $ 306 $ 282 $ 269 $ 26
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 21
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Traditional
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net premiums 650 $ 773 $ 626 $ 616 $ 609 $ 41
Net investment income 36 33 34 33 —
Investment related gains, net — — — (1) 1
Other revenue 6 4 3 6 (1)
Total revenues 815 663 653 647 41
Benefits and expenses:
Claims and other policy benefits 667 682 578 518 24
Policy acquisition costs and other insurance expenses 44 31 41 43 4
Other operating expenses 47 46 46 45 3
Total benefits and expenses 758 759 665 606 31
Adjusted operating income (loss) before income taxes 51 $ 57 $ (96) $ (12) $ 41 $ 10
Loss and expense ratios:
Claims and other policy benefits % 86.3 % 108.9 % 93.8 % 85.1 % (1.7) %
Policy acquisition costs and other insurance expenses % 5.7 % 5.0 % 6.7 % 7.1 % 0.1 %
Other operating expenses % 6.1 % 7.3 % 7.5 % 7.4 % — %
Foreign currency effect on (1):
Net premiums (23) $ (13) $ 6 $ 30 $ 29 $ (52)
Adjusted operating income (loss) before income taxes 1 $ (2) $ — $ (1) $ 1 $ —
Critical illness net premiums 295 $ 424 $ 306 $ 282 $ 269 $ 26
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 22
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net premiums 43 $ 52 $ 65 $ 48 $ 53 $ (10)
Net investment income 42 37 31 28 16
Investment related gains (losses), net 7 (15) 15 12 (93)
Other revenue 13 8 10 11 4
Total revenues 114 95 104 104 (83)
Benefits and expenses:
Claims and other policy benefits 47 52 42 46 (5)
Interest credited 15 12 15 15 5
Policy acquisition costs and other insurance expenses 15 19 11 11 1
Other operating expenses 4 6 5 4 —
Total benefits and expenses 81 89 73 76 1
Income (loss) before income taxes (56) $ 33 $ 6 $ 31 $ 28 $ (84)
Foreign currency effect on (2):
Net premiums (3) $ (2) $ (1) $ (1) $ 1 $ (4)
Income (loss) before income taxes 6 $ (2) $ — $ — $ 1 $ 5
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

All values are in US Dollars.

Page 23
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net premiums 43 $ 52 $ 65 $ 48 $ 53 $ (10)
Net investment income 42 37 31 28 16
Investment related gains, net 3 4 4 3 1
Other revenue 13 8 10 11 (4)
Total revenues 110 114 93 95 3
Benefits and expenses:
Claims and other policy benefits 47 52 42 46 (5)
Interest credited 15 12 15 15 5
Policy acquisition costs and other insurance expenses 15 19 11 11 1
Other operating expenses 4 6 5 4 —
Total benefits and expenses 81 89 73 76 1
Adjusted operating income before income taxes 21 $ 29 $ 25 $ 20 $ 19 $ 2
Foreign currency effect on (2):
Net premiums (3) $ (2) $ (1) $ (1) $ 1 $ (4)
Adjusted operating income before income taxes (1) $ (2) $ — $ — $ — $ (1)
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
--- --- --- --- --- --- --- --- --- --- --- ---
Corporate and Other
GAAP Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net investment income 53 $ 46 $ 52 $ 48 $ 158 $ (105)
Investment related gains, net 33 42 64 273 (270)
Other revenue 11 15 29 10 (9)
Total revenues 90 109 141 441 (384)
Benefits and expenses:
Claims and other policy benefits — — — — —
Interest credited 1 1 1 1 5
Policy acquisition costs and other insurance income (31) (27) (26) (28) 2
Other operating expenses 98 75 86 70 (5)
Interest expense (2) 41 43 45 (3)
Collateral finance and securitization expense 4 3 2 3 (2)
Total benefits and expenses 70 93 106 91 (3)
Income (loss) before income taxes (31) $ 20 $ 16 $ 35 $ 350 $ (381)
Foreign currency effect on (1):
Income (loss) before income taxes — $ 1 $ 2 $ 6 $ 2 $ (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 25
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Corporate and Other
Adjusted Operating Income Statements
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Revenues:
Net investment income 53 $ 46 $ 52 $ 48 $ 158 $ (105)
Investment related gains, net — 1 2 3 1
Other revenue 17 11 14 21 (12)
Total revenues 63 64 64 182 (116)
Benefits and expenses:
Claims and other policy benefits — — — — —
Interest credited 1 1 1 1 5
Policy acquisition costs and other insurance income (31) (27) (26) (28) 2
Other operating expenses 98 75 86 70 (5)
Interest expense 32 39 40 42 —
Collateral finance and securitization expense 4 3 2 3 (2)
Total benefits and expenses 104 91 103 88 —
Adjusted operating income (loss) before income taxes (22) $ (41) $ (27) $ (39) $ 94 $ (116)
Foreign currency effect on (1):
Adjusted operating income (loss) before income taxes 1 $ 2 $ 1 $ 2 $ 1 $ —
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

All values are in US Dollars.

Page 26
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Summary of Segment GAAP Income
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
U.S. and Latin America:
Traditional (166) $ (211) $ (126) $ 135 $ (338) $ 172
Financial Solutions:
Asset Intensive 93 106 163 60 (40)
Capital Solutions 25 22 23 23 1
Total U.S. and Latin America (93) 2 321 (255) 133
Canada:
Traditional 28 44 32 24 (18)
Financial Solutions 5 — 4 6 7
Total Canada 33 44 36 30 (11)
Europe, Middle East and Africa:
Traditional (68) (91) (12) (68) 62
Financial Solutions 75 85 83 60 25
Total Europe, Middle East and Africa 7 (6) 71 (8) 87
Asia Pacific:
Traditional 57 (96) (12) 41 10
Financial Solutions 33 6 31 28 (84)
Total Asia Pacific 90 (90) 19 69 (74)
Corporate and Other 20 16 35 350 (381)
Consolidated income (loss) before income taxes (60) $ 57 $ (34) $ 482 $ 186 $ (246)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

All values are in US Dollars.

Page 27
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Summary of Segment Adjusted Operating Income
( millions)
Current Qtr<br>vs. PY<br>Quarter
Dec. 31, Sept. 30, June 30, March 31,
2021 2021 2021 2021
U.S. and Latin America:
Traditional (181) $ (215) $ (121) $ 134 $ (344) $ 163
Financial Solutions:
Asset Intensive 73 93 126 49 26
Capital Solutions 25 22 23 23 1
Total U.S. and Latin America (117) (6) 283 (272) 190
Canada:
Traditional 29 44 34 23 (18)
Financial Solutions 5 — 4 6 7
Total Canada 34 44 38 29 (11)
Europe, Middle East and Africa:
Traditional (68) (91) (12) (68) 62
Financial Solutions 70 62 83 42 37
Total Europe, Middle East and Africa 2 (29) 71 (26) 99
Asia Pacific:
Traditional 57 (96) (12) 41 10
Financial Solutions 29 25 20 19 2
Total Asia Pacific 86 (71) 8 60 12
Corporate and Other (41) (27) (39) 94 (116)
Consolidated adjusted operating income (loss) before income taxes 59 $ (36) $ (89) $ 361 $ (115) $ 174
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
--- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Cash and Invested Assets
Dec. 31, Sept. 30, June 30, March 31,
2021 2021 2021 2021
Fixed maturity securities, available-for-sale (1) 57,922 $ 60,749 $ 59,289 $ 58,287 $ 56,426
Equity securities 151 160 147 135
Mortgage loans on real estate 6,283 6,366 6,481 6,001
Policy loans 1,234 1,234 1,254 1,253
Funds withheld at interest 6,954 7,034 7,049 5,459
Short-term investments 87 82 184 157
Other invested assets 3,070 3,404 2,924 2,983
Cash and cash equivalents 2,948 3,027 3,254 3,122
Total cash and invested assets 78,611 $ 81,476 $ 80,596 $ 79,580 $ 75,536
(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).

All values are in US Dollars.

Investment Income and Yield Summary
Three Months Ended Current Qtr<br>vs. PY<br>Quarter
March 31, Dec. 31, Sept. 30, June 30, March 31,
2022 2021 2021 2021 2021
Average invested assets at amortized cost (1) $ 35,271 $ 34,325 $ 33,361 $ 33,587 $ 33,367 $ 1,904
Net investment income (1) $ 457 $ 397 $ 405 $ 383 $ 463 $ (6)
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1) 5.29 % 4.70 % 4.95 % 4.64 % 5.67 % (38) bps
Variable investment income ("VII") (included in net investment income) (1) $ 141 $ 91 $ 102 $ 78 $ 162 $ (21)
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) (1) 3.80 % 3.78 % 3.85 % 3.84 % 3.79 % 1 bp
(1) Excludes spread related business (e.g. coinsurance of annuities).
Page 29
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities
Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate 36,813 $ 33 $ 954 $ 1,354 $ 36,380 62.8 %
Canadian government — 1,038 12 4,407 7.6 %
RMBS — 11 28 966 1.7 %
ABS 5 5 169 3,746 6.5 %
CMBS 1 6 48 1,786 3.1 %
U.S. government — 7 69 1,525 2.6 %
State and political subdivisions — 50 47 1,209 2.1 %
Other foreign government 3 110 339 7,903 13.6 %
Total fixed maturity securities 57,849 $ 42 $ 2,181 $ 2,066 $ 57,922 100.0 %

All values are in US Dollars.

December 31, 2021
Amortized<br>Cost Allowance for Credit Losses Unrealized<br>Gains Unrealized<br>Losses Estimated Fair<br>Value % of<br>Total
Available-for-sale:
Corporate $ 35,239 $ 26 $ 3,084 $ 194 $ 38,103 62.8 %
Canadian government 3,339 — 1,606 1 4,944 8.1 %
RMBS 1,020 — 37 7 1,050 1.7 %
ABS 4,024 — 22 41 4,005 6.6 %
CMBS 1,790 1 66 6 1,849 3.0 %
U.S. government 2,082 — 31 8 2,105 3.5 %
State and political subdivisions 1,191 — 137 5 1,323 2.2 %
Other foreign government 7,188 4 273 87 7,370 12.1 %
Total fixed maturity securities $ 55,873 $ 31 $ 5,256 $ 349 $ 60,749 100.0 %
Page 30
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Corporate Fixed Maturity Securities by Industry
December 31, 2021
Estimated Fair Value % of Total Average Credit Ratings (1) Amortized Cost Estimated Fair Value % of Total Average Credit Ratings (1)
Financial institutions
Banking 6,132 $ 6,063 16.7 % A- $ 5,792 $ 6,163 16.2 % A-
Brokerage/asset managers/exchanges 1,136 3.1 % A- 1,073 1,145 3.0 % A-
Finance companies 360 1.0 % BBB 306 316 0.8 % BBB+
Insurance 4,184 11.5 % A- 3,987 4,383 11.5 % A-
REITs 988 2.7 % BBB+ 987 1,022 2.7 % BBB+
Other finance 868 2.4 % A- 956 1,016 2.7 % A-
Total financial institutions 13,839 $ 13,599 37.4 % $ 13,101 $ 14,045 36.9 %
Industrials
Basic 2,017 $ 2,056 5.7 % BBB $ 1,972 $ 2,210 5.8 % BBB
Capital goods 1,590 4.4 % BBB 1,542 1,649 4.3 % BBB
Communications 2,435 6.7 % BBB 2,330 2,592 6.8 % BBB
Consumer cyclical 1,736 4.8 % BBB+ 1,758 1,885 4.9 % BBB+
Consumer noncyclical 4,062 11.1 % BBB+ 3,952 4,315 11.3 % BBB+
Energy 2,062 5.6 % BBB+ 1,967 2,159 5.7 % BBB+
Technology 1,445 4.0 % BBB+ 1,436 1,486 3.9 % BBB+
Transportation 2,060 5.6 % BBB+ 2,050 2,192 5.8 % BBB+
Other industrial 936 2.6 % BBB 850 887 2.3 % BBB
Total industrials 18,496 $ 18,382 50.5 % $ 17,857 $ 19,375 50.8 %
Utilities
Electric 3,430 $ 3,366 9.2 % A- $ 3,256 $ 3,561 9.4 % A-
Natural gas 564 1.6 % A- 566 614 1.6 % BBB+
Other utility 469 1.3 % BBB+ 459 508 1.3 % BBB+
Total utilities 4,478 $ 4,399 12.1 % $ 4,281 $ 4,683 12.3 %
Total 36,813 $ 36,380 100.0 % BBB+ $ 35,239 $ 38,103 100.0 % 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 31

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Ratings of Fixed Maturity Securities
March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021
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 $ 34,434 $ 34,741 60.0 % $ 33,540 $ 36,725 60.5 % $ 32,444 $ 35,554 60.0 % $ 31,394 $ 34,862 59.8 % $ 31,323 $ 34,096 60.4 %
2 BBB 19,691 19,574 33.8 % 18,684 20,379 33.5 % 18,025 19,814 33.4 % 17,948 19,896 34.1 % 17,402 18,799 33.3 %
3 BB 2,821 2,769 4.8 % 2,620 2,668 4.4 % 2,868 2,952 5.0 % 2,575 2,683 4.6 % 2,622 2,704 4.8 %
4 B 730 720 1.2 % 876 863 1.4 % 832 822 1.4 % 686 678 1.2 % 695 669 1.2 %
5 CCC 127 92 0.2 % 96 79 0.1 % 161 137 0.2 % 179 159 0.3 % 170 145 0.3 %
6 In or near default 46 26 — % 57 35 0.1 % 17 10 — % 15 9 — % 17 13 — %
Total $ 57,849 $ 57,922 100.0 % $ 55,873 $ 60,749 100.0 % $ 54,347 $ 59,289 100.0 % $ 52,797 $ 58,287 100.0 % $ 52,229 $ 56,426 100.0 %
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).
Structured Fixed Maturity Securities
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021
Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total
RMBS
Agency $ 538 $ 537 8.3 % $ 551 $ 582 8.4 % $ 594 $ 631 9.2 % $ 623 $ 667 9.9 % $ 659 $ 701 10.7 %
Non-agency 445 429 6.6 % 469 468 6.8 % 571 578 8.4 % 700 710 10.5 % 877 890 13.4 %
Total RMBS 983 966 14.9 % 1,020 1,050 15.2 % 1,165 1,209 17.6 % 1,323 1,377 20.4 % 1,536 1,591 24.1 %
ABS:
Collateralized loan obligations ("CLOs") 1,659 1,630 25.1 % 1,761 1,752 25.4 % 1,841 1,838 26.8 % 1,722 1,720 25.6 % 1,603 1,593 24.2 %
ABS, excluding CLOs 2,256 2,116 32.5 % 2,263 2,253 32.6 % 1,922 1,941 28.3 % 1,745 1,762 26.2 % 1,553 1,558 23.7 %
Total ABS 3,915 3,746 57.6 % 4,024 4,005 58.0 % 3,763 3,779 55.1 % 3,467 3,482 51.8 % 3,156 3,151 47.9 %
CMBS 1,829 1,786 27.5 % 1,790 1,849 26.8 % 1,795 1,877 27.3 % 1,774 1,869 27.8 % 1,774 1,840 28.0 %
Total $ 6,727 $ 6,498 100.0 % $ 6,834 $ 6,904 100.0 % $ 6,723 $ 6,865 100.0 % $ 6,564 $ 6,728 100.0 % $ 6,466 $ 6,582 100.0 %
Page 32
---
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 15,156 $ 1,082 $ 1,161 $ 186 $ 16,317 $ 1,268
Canadian government 8 15 4 142 12
RMBS 15 137 13 537 28
ABS 139 604 18 3,236 157
CMBS 40 34 3 1,212 43
U.S. government 64 27 5 1,175 69
State and political subdivisions 42 30 5 490 47
Other foreign government 218 727 83 5,014 301
Total investment grade securities 25,388 $ 1,608 $ 2,735 $ 317 $ 28,123 $ 1,925
Below investment grade securities:
Corporate 878 $ 50 $ 108 $ 33 $ 986 $ 83
ABS 2 9 2 31 4
CMBS 2 9 1 37 3
Other foreign government 15 102 23 274 38
Total below investment grade securities 1,100 $ 69 $ 228 $ 59 $ 1,328 $ 128
Total fixed maturity securities 26,488 $ 1,677 $ 2,963 $ 376 $ 29,451 $ 2,053
(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 33
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Fixed Maturity Securities Below Amortized Cost (1)
Equal to or greater than 12 months Total
Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
Investment grade securities:
Corporate 4,135 $ 86 $ 946 $ 51 $ 5,081 $ 137
Canadian government 1 — — 20 1
RMBS 3 102 4 234 7
ABS 22 589 6 2,336 28
CMBS 2 35 2 187 4
U.S. government 6 31 2 1,544 8
State and political subdivisions 3 28 2 137 5
Other foreign government 33 724 37 2,961 70
Total investment grade securities 10,045 $ 156 $ 2,455 $ 104 $ 12,500 $ 260
Below investment grade securities:
Corporate 463 $ 13 $ 97 $ 44 $ 560 $ 57
ABS — 13 13 13 13
CMBS — — — — —
Other foreign government 7 75 10 211 17
Total below investment grade securities 599 $ 20 $ 185 $ 67 $ 784 $ 87
Total fixed maturity securities 10,644 $ 176 $ 2,640 $ 171 $ 13,284 $ 347
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.

All values are in US Dollars.

Page 34
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Investments
( millions)
Consolidated Investment Related Gains and Losses
Current Qtr<br>vs. PY<br>Quarter
Dec. 31, Sept. 30, June 30, March 31,
2021 2021 2021 2021
Fixed maturity securities available-for-sale:
Change in allowance for credit losses and impairments (12) $ (14) $ (1) $ 5 $ (2) $ (10)
Realized gains on investment activity 34 45 53 167 (156)
Realized losses on investment activity (13) (9) (30) (13) (23)
Net gains (losses) on fixed maturity securities available-for-sale 7 35 28 152 (189)
Net gains (losses) on equity securities (6) 8 20 3 (11)
Other impairment losses and change in mortgage loan allowance for credit losses 4 4 3 18 (20)
Change in fair value of certain limited partnership investments and other, net 24 27 32 111 (85)
Free-standing derivatives:
Interest rate swaps - non-hedged 7 (4) 33 (70) 18
Financial futures (5) — (9) (10) 17
Foreign currency swaps - non-hedged 5 3 3 9 (2)
Foreign currency swaps - hedged 1 — — 1 3
Foreign currency forwards - non-hedged (9) (2) (1) (8) (15)
CPI swaps 13 12 3 18 11
Credit default swaps 13 (12) 12 20 (78)
Equity options (15) 3 (11) (10) 10
Total free-standing derivatives 10 — 30 (50) (36)
Embedded derivatives:
Modified coinsurance and funds withheld treaties 20 21 16 50 (83)
GMXB 29 (37) (17) 18 (4)
Total embedded derivatives 49 (16) (1) 68 (87)
Net gains (losses) on total derivatives 59 (16) 29 18 (123)
Total investment related gains (losses), net (126) $ 88 $ 58 $ 112 $ 302 $ (428)

All values are in US Dollars.

Page 35

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Appendix

Reconciliations of GAAP to Non-GAAP Measures
Page 36
---
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
U.S. & Latin America Traditional
Income (loss) before income taxes (166) $ (211) $ (126) $ 135 $ (338) $ 172
Change in value of modified coinsurance and
funds withheld embedded derivatives (1) (4) 5 (1) (6) (9)
Adjusted operating income (loss) before income taxes (181) $ (215) $ (121) $ 134 $ (344) $ 163
U.S. & Latin America Asset-Intensive
Income before income taxes 20 $ 93 $ 106 $ 163 $ 60 $ (40)
Investment and derivative (gains) losses (1) 9 (23) (32) 68 (22)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1) (16) (26) (15) (44) 92
GMXB embedded derivatives (1) (29) 37 17 (18) 4
Funds withheld (gains) losses - investment income — — (2) 1 1
EIA embedded derivatives - interest credited (9) (3) (3) (30) 13
DAC offset, net 26 2 (2) 12 (22)
Non-investment derivatives and other (1) — — — —
Adjusted operating income before income taxes 75 $ 73 $ 93 $ 126 $ 49 $ 26
U.S. & Latin America Capital Solutions
Income before income taxes 24 $ 25 $ 22 $ 23 $ 23 $ 1
Adjusted operating income before income taxes 24 $ 25 $ 22 $ 23 $ 23 $ 1
Canada Traditional
Income before income taxes 6 $ 28 $ 44 $ 32 $ 24 $ (18)
Investment and derivative (gains) losses (1) 2 — 1 — (1)
Investment income - non-operating FWAI (1) — 1 (1) 1
Adjusted operating income before income taxes 5 $ 29 $ 44 $ 34 $ 23 $ (18)
Canada Financial Solutions
Income before income taxes 13 $ 5 $ — $ 4 $ 6 $ 7
Adjusted operating income before income taxes 13 $ 5 $ — $ 4 $ 6 $ 7
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

All values are in US Dollars.

Page 37
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- --- --- ---
Reconciliations of GAAP Income to Adjusted Operating Income
( millions)
Current Qtr
Dec. 31, Sept. 30, June 30, March 31, vs. PY
2021 2021 2021 2021 Quarter
Europe, Middle East and Africa Traditional
Loss before income taxes (6) $ (68) $ (91) $ (12) $ (68) $ 62
Adjusted operating loss before income taxes (6) $ (68) $ (91) $ (12) $ (68) $ 62
Europe, Middle East and Africa Financial Solutions
Income before income taxes 85 $ 75 $ 85 $ 83 $ 60 $ 25
Investment and derivative losses (1) (5) (21) — (17) 5
Investment income - non-operating FWAI — (2) — (1) 7
Investment (income) loss on unit-linked variable annuities (5) 2 (2) 1 8
Interest credited on unit-linked variable annuities 5 (2) 2 (1) (8)
Adjusted operating income before income taxes 79 $ 70 $ 62 $ 83 $ 42 $ 37
Asia Pacific Traditional
Income (loss) before income taxes 51 $ 57 $ (96) $ (12) $ 41 $ 10
Adjusted operating income (loss) before income taxes 51 $ 57 $ (96) $ (12) $ 41 $ 10
Asia Pacific Financial Solutions
Income (loss) before income taxes (56) $ 33 $ 6 $ 31 $ 28 $ (84)
Investment and derivative (gains) losses (1) (4) 19 (11) (9) 94
Non-investment derivatives — — — — (8)
Adjusted operating income before income taxes 21 $ 29 $ 25 $ 20 $ 19 $ 2
Corporate and Other
Income (loss) before income taxes (31) $ 20 $ 16 $ 35 $ 350 $ (381)
Investment and derivative (gains) losses (1) (33) (41) (62) (270) 271
Interest expense on uncertain tax positions (34) 2 3 3 (3)
Non-investment derivatives and other 6 (4) (15) 11 (3)
Adjusted operating income (loss) before income taxes (22) $ (41) $ (27) $ (39) $ 94 $ (116)
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

All values are in US Dollars.

Page 38
Reinsurance Group of America, Incorporated
--- --- --- --- --- --- --- --- --- ---
Reconciliations of RGA, Inc. Stockholders’ Equity to RGA, Inc. Stockholders’ Equity Excluding AOCI
( millions except per share data)
Dec. 31, Sept. 30, June 30, March 31,
2021 2021 2021 2021
RGA, Inc. stockholders’ equity 9,182 $ 13,014 $ 12,885 $ 13,444 $ 12,090
Less effect of AOCI:
Accumulated currency translation adjustments (9) (50) (20) (39)
Unrealized appreciation of securities 3,701 3,704 4,133 3,113
Pension and postretirement benefits (50) (71) (72) (72)
RGA, Inc. stockholders’ equity, excluding AOCI 9,237 $ 9,372 $ 9,302 $ 9,403 $ 9,088
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
Dec. 31, Sept. 30, June 30, March 31,
2021 2021 2021 2021
Book value per share 137.08 $ 193.75 $ 190.60 $ 197.72 $ 177.83
Less effect of AOCI:
Accumulated currency translation adjustments (0.13) (0.75) (0.29) (0.57)
Unrealized appreciation of securities 55.09 54.80 60.78 45.79
Pension and postretirement benefits (0.74) (1.05) (1.06) (1.06)
Book value per share, excluding AOCI 137.89 $ 139.53 $ 137.60 $ 138.29 $ 133.67

All values are in US Dollars.

Page 39

Document

Exhibit 99.3

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