Document

Current Ratings

Standard & Poor’s

A.M. Best

Moody’s

Financial Strength Ratings

RGA Reinsurance Company

AA-

A+

RGA Life Reinsurance Company of Canada

AA-

A+

RGA International Reinsurance Company dac

AA-

RGA Global Reinsurance Company, Ltd.

AA-

RGA Reinsurance Company of Australia Limited

AA-

RGA Americas Reinsurance Company, Ltd.

AA-

A+

RGA Worldwide Reinsurance Company, Ltd.

AA-

RGA Reinsurance Company (Barbados) Ltd.

AA-

RGA Life and Annuity Insurance Company

AA-

A+

Omnilife Insurance Company Limited

A+

Aurora National Life Assurance Company

A+

Senior Debt Ratings

Reinsurance Group of America, Incorporated

Baa1


			Page


Consolidated

Financial Highlights			3

Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)			4

Consolidated Balance Sheets			6

Segment Summaries of Adjusted Operating Income Statements

U.S. and Latin America Traditional			7

U.S. and Latin America Financial Solutions			8

Canada Traditional			10

Canada Financial Solutions			11

Europe, Middle East and Africa Traditional			12

Europe, Middle East and Africa Financial Solutions			13

Asia Pacific Traditional			14

Asia Pacific Financial Solutions			15

Corporate and Other			16

Summary of Segment Adjusted Operating Income			17

Investments

Cash and Invested Assets and Investment Income and Yield Summary			18

Fixed Maturity Securities			19

Corporate Fixed Maturity Securities by Industry			20

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities			21

Fixed Maturity Securities Below Amortized Cost			22

Consolidated Investment Related Gains and Losses			24

Appendix

Reconciliations of GAAP to Non-GAAP Measures			25

Non-GAAP Disclosures			30


Reinsurance Group of America, Incorporated
Financial Highlights

	Three Months Ended															Current Qtr
(USD millions, except in force and per share and shares data)	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2025			2024			2024			2024			2024			Quarter

Net premiums	$	4,019		$	4,156		$	4,391		$	3,920		$	5,376		$	(1,357)
Net income available to RGA's shareholders	286			148			156			203			210			76
Adjusted operating income	378			334			242			365			401			(23)
Adjusted operating income excluding notable items (1)	378			334			410			365			401			(23)
Return on equity	7.5		%	7.1		%	7.7		%	9.7		%	10.2		%	(2.7)		%
Adjusted operating return on equity (ex AOCI)	13.4		%	13.8		%	13.8		%	15.3		%	14.8		%	(1.4)		%
Adjusted operating return on equity (ex AOCI and notable items (1))	15.0		%	15.4		%	15.5		%	15.3		%	14.8		%	0.2		%
Adjusted operating return on equity (ex AOCI and effect of B36 items)	13.3		%	13.7		%	13.7		%	15.3		%	14.8		%	(1.5)		%

Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income	$	4.33		$	2.26		$	2.37		$	3.07		$	3.20		$	1.13
Adjusted operating income	$	5.73		$	5.07		$	3.67		$	5.55		$	6.09		$	(0.36)
Adjusted operating income excluding notable items (1)	$	5.73		$	5.07		$	6.22		$	5.55		$	6.09		$	(0.36)
Diluted earnings per share
Net income	$	4.27		$	2.22		$	2.33		$	3.03		$	3.16		$	1.11
Adjusted operating income	$	5.66		$	4.99		$	3.62		$	5.48		$	6.02		$	(0.36)
Adjusted operating income excluding notable items (1)	$	5.66		$	4.99		$	6.13		$	5.48		$	6.02		$	(0.36)
Weighted average common shares outstanding
Basic	66,008			65,867			65,850			65,807			65,739			269
Diluted	66,861			66,982			66,797			66,732			66,559			302

Book value per share	$	172.53		$	164.19		$	168.93		$	147.90		$	143.92		$	28.61
Book value per share, excluding AOCI	$	153.80		$	151.31		$	149.63		$	148.19		$	145.83		$	7.97
Book value per share, excluding AOCI and B36	$	154.60		$	151.97		$	151.79		$	149.01		$	146.96		$	7.64

Shareholders’ dividends paid	$	59		$	59		$	58		$	56		$	56		$	3
Share buybacks	—			—			—			—			—			—
Total returned to shareholders	$	59		$	59		$	58		$	56		$	56		$	3

Common shares issued	85,311			85,311			85,311			85,311			85,311			—
Treasury shares	19,225			19,439			19,447			19,487			19,523			(298)
Common shares outstanding	66,086			65,872			65,864			65,824			65,788			298

Assumed life reinsurance in force (in billions)	$	3,950.9		$	3,878.7		$	3,966.5		$	3,767.7		$	3,729.8		$	221.1
Assumed new business production (in billions)	$	131.7		$	102.3		$	204.4		$	89.6		$	109.1		$	22.6

(1) Excludes the impact of changes in actuarial assumptions.


Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)

(USD millions)	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2025		2024		2024		2024		2024		Quarter
Revenues:
Net premiums	$	4,019	$	4,156	$	4,391	$	3,920	$	5,376	$	(1,357)
Net investment income	1,232		1,185		1,188		1,082		961		271
Investment related gains (losses), net	(79)		(247)		(78)		(271)		(149)		70
Other revenue	88		147		150		147		149		(61)
Total revenues	5,260		5,241		5,651		4,878		6,337		(1,077)
Benefits and expenses:
Adjusted claims and other policy benefits	3,822		3,943		4,116		3,712		5,132		(1,310)
Future policy benefits remeasurement (gains) losses	(56)		(69)		151		(90)		(24)		(32)
Market risk benefits remeasurement (gains) losses	29		(32)		31		(8)		(35)		64
Adjusted interest credited	299		292		310		231		254		45
Policy acquisition costs and other insurance expenses	417		411		452		391		387		30
Other operating expenses	300		385		299		301		283		17
Interest expense	80		86		78		72		68		12
Total benefits and expenses	4,891		5,016		5,437		4,609		6,065		(1,174)
Income before income taxes	369		225		214		269		272		97
Provision for income taxes	81		75		56		65		60		21
Net income	288		150		158		204		212		76
Net income attributable to noncontrolling interest	2		2		2		1		2		—
Net income available to RGA's shareholders	$	286	$	148	$	156	$	203	$	210	$	76
Pre-tax adjusted operating income reconciliation:
Income before income taxes	$	369	$	225	$	214	$	269	$	272	$	97
Investment and derivative (gains) losses (1)	71		380		(23)		308		232		(161)
Market risk benefits remeasurement (gains) losses	29		(32)		31		(8)		(35)		64
Change in fair value of funds withheld embedded derivatives (1)	11		(125)		112		(26)		(77)		88
Funds withheld (gains) losses - investment income	—		6		(1)		—		(2)		2
Derivatives - interest credited	10		(3)		11		(6)		13		(3)
Investment (income) loss on unit-linked variable annuities	—		2		(1)		1		1		(1)
Interest credited on unit-linked variable annuities	—		(2)		1		(1)		(1)		1
Interest expense on uncertain tax positions	—		1		1		(1)		—		—
Other (2)	(5)		(21)		(31)		(45)		113		(118)
Adjusted operating income before income taxes	485		431		314		491		516		(31)
Notable items (3)	—		—		194		—		—		—
Adjusted operating income before income taxes excluding notable items	$	485	$	431	$	508	$	491	$	516	$	(31)

(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) Represents the impact of changes in actuarial assumptions.


Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)

(USD millions)	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2025		2024		2024		2024		2024		Quarter
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA	$	286	$	148	$	156	$	203	$	210	$	76
Investment and derivative (gains) losses (1)	53		300		(18)		239		185		(132)
Market risk benefits remeasurement (gains) losses	23		(26)		25		(6)		(28)		51
Change in fair value of funds withheld embedded derivatives (1)	9		(99)		88		(20)		(61)		70
Funds withheld (gains) losses - investment income	—		4		—		—		(2)		2
Derivatives - interest credited	8		(2)		8		(4)		10		(2)
Investment (income) loss on unit-linked variable annuities	—		1		(1)		1		1		(1)
Interest credited on unit-linked variable annuities	—		(1)		1		(1)		(1)		1
Interest expense on uncertain tax positions	—		1		1		(1)		—		—
Other (2)	(4)		(16)		(25)		(35)		89		(93)
Uncertain tax positions and other tax related items	1		22		5		(12)		(4)		5
Net income attributable to noncontrolling interest	2		2		2		1		2		—
Adjusted operating income	378		334		242		365		401		(23)
Notable items (3)	—		—		168		—		—		—
Adjusted operating income excluding notable items	$	378	$	334	$	410	$	365	$	401	$	(23)

Diluted earnings per share - adjusted operating income	$	5.66	$	4.99	$	3.62	$	5.48	$	6.02	$	(0.36)
Diluted earnings per share - adjusted operating income excluding notable items	$	5.66	$	4.99	$	6.13	$	5.48	$	6.02	$	(0.36)

Foreign currency effect on (4):
Net premiums	$	(60)	$	(15)	$	1	$	(33)	$	(12)	$	(48)
Adjusted operating income before income taxes	$	(8)	$	8	$	1	$	(5)	$	1	$	(9)

(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) Represents the impact of changes in actuarial assumptions.
(4) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2025		2024		2024		2024		2024
Assets
Fixed maturity securities available-for-sale, at fair value	$	84,507	$	77,617	$	78,149	$	70,491	$	65,827
Equity securities	153		155		155		144		144
Mortgage loans	9,331		8,839		8,388		7,984		7,539
Policy loans	1,284		1,321		1,285		1,171		1,198
Funds withheld at interest	5,328		5,436		5,545		5,556		5,642
Limited partnerships and real estate joint ventures	3,228		3,067		2,972		2,791		2,697
Short-term investments	454		363		381		335		327
Other invested assets	1,295		1,242		1,361		1,148		1,140
Total investments	105,580		98,040		98,236		89,620		84,514
Cash and cash equivalents	5,151		3,326		5,195		4,596		5,935
Accrued investment income	1,059		986		995		881		808
Premiums receivable and other reinsurance balances	3,749		3,898		3,738		3,635		3,342
Reinsurance ceded receivables and other	5,420		5,531		5,438		5,122		5,265
Deferred policy acquisition costs	5,649		5,543		5,477		4,720		4,673
Other assets	1,602		1,351		1,179		1,314		1,463
Total assets	$	128,210	$	118,675	$	120,258	$	109,888	$	106,000
Liabilities and equity
Future policy benefits	$	59,836	$	53,368	$	55,933	$	50,779	$	47,067
Interest-sensitive contract liabilities	36,614		35,095		34,357		31,676		31,319
Market risk benefits, at fair value	243		223		247		217		228
Other policy claims and benefits	2,870		2,693		2,875		2,769		2,753
Other reinsurance balances	1,291		1,316		955		917		874
Deferred income taxes	2,250		2,199		2,059		1,866		1,897
Other liabilities	2,991		2,816		2,739		2,449		3,468
Funds withheld payable	4,889		5,017		4,809		4,323		4,409
Long-term debt	5,734		5,042		5,067		5,067		4,427
Total liabilities	116,718		107,769		109,041		100,063		96,442
Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,608		2,600		2,577		2,567		2,549
Retained earnings	9,443		9,255		9,166		9,076		8,934
Treasury stock	(1,888)		(1,889)		(1,889)		(1,889)		(1,891)
Accumulated other comprehensive income, net of taxes (AOCI):
Accumulated currency translation adjustment	(8)		(19)		108		86		57
Unrealized (depreciation) appreciation of securities	(4,443)		(4,526)		(2,800)		(4,694)		(4,062)
Effect of updating discount rates on future policy benefits	5,702		5,412		3,987		4,611		3,906
Change in instrument-specific credit risk for market risk benefits	6		2		6		6		3
Pension and postretirement benefits	(19)		(20)		(29)		(29)		(29)
Total RGA, Inc. shareholders’ equity	11,402		10,816		11,127		9,735		9,468
Noncontrolling interest	90		90		90		90		90
Total equity	11,492		10,906		11,217		9,825		9,558
Total liabilities and equity	$	128,210	$	118,675	$	120,258	$	109,888	$	106,000
Total RGA, Inc. shareholders’ equity, excluding AOCI	$	10,164	$	9,967	$	9,855	$	9,755	$	9,593

See appendix for reconciliation of total shareholders' equity before and after impact of AOCI.


Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2025			2024			2024			2024			2024			Quarter
Revenues:
Net premiums	$	1,921		$	2,046		$	1,912		$	1,827		$	1,715		$	206
Net investment income	268			247			226			203			205			63
Investment related gains (losses), net	(6)			—			—			—			—			(6)
Other revenue	8			14			21			7			6			2
Total revenues	2,191			2,307			2,159			2,037			1,926			265

Benefits and expenses:
Adjusted claims and other policy benefits	1,773			1,886			1,712			1,676			1,572			201
Future policy benefits remeasurement (gains) losses	(25)			(68)			46			(66)			(21)			(4)
Adjusted interest credited	29			36			45			19			19			10
Policy acquisition costs and other insurance expenses	219			225			223			186			175			44
Other operating expenses	55			77			54			55			53			2
Total benefits and expenses	2,051			2,156			2,080			1,870			1,798			253

Adjusted operating income before income taxes	140			151			79			167			128			12
Notable items (1)	—			—			53			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	140		$	151		$	132		$	167		$	128		$	12

Loss and expense ratios:
Loss ratio (2)	91.0		%	88.9		%	91.9		%	88.1		%	90.4		%	0.6		%
Policy acquisition costs and other insurance expenses	11.4		%	11.0		%	11.7		%	10.2		%	10.2		%	1.2		%
Other operating expenses	2.9		%	3.8		%	2.8		%	3.0		%	3.1		%	(0.2)		%

Foreign currency effect on (3):
Net premiums	$	(7)		$	(5)		$	(4)		$	1		$	3		$	(10)
Adjusted operating income (loss) before income taxes	$	(2)		$	—		$	—		$	(1)		$	—		$	(2)

Assumed Life Reinsurance In Force (in billions)	$	1,840.6		$	1,837.1		$	1,834.5		$	1,716.1		$	1,709.1		$	131.5
Assumed New Business Production (in billions)	$	36.3		$	41.0		$	150.0		$	35.9		$	41.0		$	(4.7)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2025		2024		2024		2024		2024		Quarter
Revenues:
Net premiums	$	109	$	156	$	609	$	305	$	1,916	$	(1,807)
Net investment income	337		323		336		318		303		34
Other revenue	50		52		58		54		62		(12)
Total revenues	496		531		1,003		677		2,281		(1,785)

Benefits and expenses:
Adjusted claims and other policy benefits	200		210		654		367		1,956		(1,756)
Future policy benefits remeasurement (gains) losses	(2)		(10)		12		(3)		2		(4)
Adjusted interest credited	123		127		131		126		135		(12)
Policy acquisition costs and other insurance expenses	84		102		105		87		80		4
Other operating expenses	24		26		21		20		18		6
Total benefits and expenses	429		455		923		597		2,191		(1,762)

Adjusted operating income before income taxes	67		76		80		80		90		(23)
Notable items (1)	—		—		—		—		—		—
Adjusted operating income before income taxes excluding notable items	$	67	$	76	$	80	$	80	$	90	$	(23)

Assumed Life Reinsurance In Force (in billions)	$	9.5	$	9.7	$	9.8	$	10.1	$	10.1	$	(0.6)
Assumed New Business Production (in billions)	$	—	$	—	$	—	$	—	$	—	$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions
(Continued)


(USD millions, shown net of reinsurance ceded)	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Policyholder account balances

Fixed annuities (deferred)	$	10,299		$	9,691		$	9,473		$	9,677		$	9,981
Equity-indexed annuities	$	1,838		$	1,927		$	2,022		$	2,118		$	2,234
Bank-owned life insurance (BOLI) and universal life	$	2,011		$	2,019		$	2,029		$	2,052		$	2,063
Other policyholder account balances	$	46		$	34		$	74		$	43		$	46

Variable annuities account balances
No riders	$	593		$	610		$	624		$	609		$	629
GMDB only	800			848			831			807			793
GMIB only	17			18			19			18			14
GMAB only	2			2			2			2			2
GMWB only	769			818			857			853			862
GMDB / WB	145			152			161			162			166
Other	13			13			14			13			11
Total variable annuities account balances	$	2,339		$	2,461		$	2,508		$	2,464		$	2,477

Interest-sensitive contract liabilities not associated with policyholder account balances:

Guaranteed investment contracts, funding agreements and immediate annuities (1)	$	1,257		$	654		$	680		$	691		$	693

Future policy benefits (at original discount rate) associated with:
Payout annuities	$	8,840		$	6,781		$	6,936		$	6,764		$	6,503
Other future policy benefits	$	61		$	50		$	89		$	56		$	59

Liability for market risk benefits:

Equity-indexed annuities	$	170		$	163		$	176		$	147		$	154
Variable annuities (liability)	$	73		$	60		$	71		$	70		$	74
Variable annuities (asset)	$	13		$	17		$	14		$	15		$	14

Net interest spread (2)	0.8		%	1.3		%	1.3		%	1.1		%	0.9		%

(1) Effective January 1, 2025, newly issued funding agreements are included in the U.S. Financial Solutions segment
(2) Net interest spread for Asset-Intensive is calculated as net investment income less interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents.


Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2025			2024			2024			2024			2024			Quarter
Revenues:
Net premiums	$	319		$	333		$	314		$	326		$	318		$	1
Net investment income	65			64			68			61			64			1
Investment related gains, net	1			—			1			2			—			1
Other revenue	(1)			—			2			1			3			(4)
Total revenues	384			397			385			390			385			(1)

Benefits and expenses:
Adjusted claims and other policy benefits	295			311			296			304			283			12
Future policy benefits remeasurement gains	3			(5)			(4)			1			(3)			6
Adjusted interest credited	—			—			1			—			—			—
Policy acquisition costs and other insurance expenses	41			45			48			46			47			(6)
Other operating expenses	13			14			14			13			12			1
Total benefits and expenses	352			365			355			364			339			13

Adjusted operating income before income taxes	32			32			30			26			46			(14)
Notable items (1)	—			—			(5)			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	32		$	32		$	25		$	26		$	46		$	(14)

Loss and expense ratios:
Loss ratio (2)	93.4		%	91.9		%	93.0		%	93.6		%	88.1		%	5.3		%
Policy acquisition costs and other insurance expenses	12.9		%	13.5		%	15.3		%	14.1		%	14.8		%	(1.9)		%
Other operating expenses	4.1		%	4.2		%	4.5		%	4.0		%	3.8		%	0.3		%

Foreign currency effect on (3):
Net premiums	$	(20)		$	(10)		$	(5)		$	(6)		$	1		$	(21)
Adjusted operating income before income taxes	$	(2)		$	(1)		$	(1)		$	—		$	—		$	(2)

Assumed Life Reinsurance In Force (in billions)	$	478.6		$	474.2		$	499.6		$	489.3		$	488.0		$	(9.4)
Assumed New Business Production (in billions)	$	13.2		$	12.3		$	11.9		$	12.3		$	11.5		$	1.7

Creditor reinsurance net premiums	$	19		$	18		$	19		$	17		$	17		$	2

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2025		2024		2024		2024		2024		Quarter
Revenues:
Net premiums	$	52	$	46	$	49	$	48	$	23	$	29
Net investment income	51		51		47		48		1		50
Investment related gains, net	—		1		—		—		—		—
Other revenue	4		5		3		6		3		1
Total revenues	107		103		99		102		27		80

Benefits and expenses:
Adjusted claims and other policy benefits	91		109		90		89		19		72
Future policy benefits remeasurement gains	—		—		—		—		—		—
Policy acquisition costs and other insurance expenses	5		(17)		5		4		1		4
Other operating expenses	—		3		—		2		—		—
Total benefits and expenses	96		95		95		95		20		76

Adjusted operating income before income taxes	11		8		4		7		7		4
Notable items (2)	—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	11	$	8	$	4	$	7	$	7	$	4

Foreign currency effect on (3):
Net premiums	$	(3)	$	(1)	$	(1)	$	(1)	$	—	$	(3)
Adjusted operating income before income taxes	$	(1)	$	—	$	(1)	$	—	$	—	$	(1)

Assumed Life Reinsurance In Force (in billions)	$	6.0	$	6.0	$	8.3	$	—	$	—	$	6.0
Assumed New Business Production (in billions)	$	—	$	—	$	8.3	$	—	$	—	$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2025			2024			2024			2024			2024			Quarter
Revenues:
Net premiums	$	540		$	488		$	521		$	497		$	496		$	44
Net investment income	30			28			30			27			27			3
Other revenue	2			10			(1)			—			2			—
Total revenues	572			526			550			524			525			47

Benefits and expenses:
Adjusted claims and other policy benefits	483			445			472			464			424			59
Future policy benefits remeasurement (gains) losses	(8)			12			35			6			(5)			(3)
Policy acquisition costs and other insurance expenses	20			21			29			22			37			(17)
Other operating expenses	27			37			32			33			31			(4)
Total benefits and expenses	522			515			568			525			487			35

Adjusted operating income (loss) before income taxes	50			11			(18)			(1)			38			12
Notable items (1)	—			—			40			—			—			—
Adjusted operating income (loss) excluding notable items, before income taxes	$	50		$	11		$	22		$	(1)		$	38		$	12

Loss and expense ratios:
Loss ratio (2)	88.0		%	93.6		%	97.3		%	94.6		%	84.5		%	3.5		%
Policy acquisition costs and other insurance expenses	3.7		%	4.3		%	5.6		%	4.4		%	7.5		%	(3.8)		%
Other operating expenses	5.0		%	7.6		%	6.1		%	6.6		%	6.3		%	(1.3)		%

Foreign currency effect on (3):
Net premiums	$	(3)		$	8		$	12		$	1		$	7		$	(10)
Adjusted operating income (loss) before income taxes	$	1		$	2		$	(1)		$	—		$	—		$	1

Critical illness net premiums	$	32		$	33		$	38		$	33		$	32		$	—

Assumed Life Reinsurance In Force (in billions)	$	1,036.7		$	970.4		$	1,027.5		$	976.5		$	985.1		$	51.6
Assumed New Business Production (in billions)	$	63.4		$	30.5		$	31.0		$	20.0		$	38.0		$	25.4

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2025		2024		2024		2024		2024		Quarter
Revenues:
Net premiums	$	189	$	187	$	168	$	159	$	146	$	43
Net investment income	85		87		84		79		69		16
Investment related gains (losses), net	(1)		(1)		1		1		(1)		—
Other revenue	9		12		3		8		11		(2)
Total revenues	282		285		256		247		225		57

Benefits and expenses:
Adjusted claims and other policy benefits	167		159		148		133		122		45
Future policy benefits remeasurement (gains) losses	(3)		(1)		—		2		2		(5)
Adjusted interest credited	6		9		5		9		7		(1)
Policy acquisition costs and other insurance expenses	1		2		2		2		2		(1)
Other operating expenses	21		20		15		15		15		6
Total benefits and expenses	192		189		170		161		148		44

Adjusted operating income before income taxes	90		96		86		86		77		13
Notable items (2)	—		—		2		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	90	$	96	$	88	$	86	$	77	$	13

Foreign currency effect on (3):
Net premiums	$	(2)	$	4	$	4	$	1	$	5	$	(7)
Adjusted operating income before income taxes	$	—	$	1	$	2	$	—	$	3	$	(3)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2025			2024			2024			2024			2024			Quarter
Revenues:
Net premiums	$	777		$	834		$	756		$	708		$	716		$	61
Net investment income	71			66			65			61			65			6
Investment related gains (losses), net	(1)			(1)			1			1			—			(1)
Other revenue	3			10			(3)			8			10			(7)
Total revenues	850			909			819			778			791			59

Benefits and expenses:
Adjusted claims and other policy benefits	671			733			656			607			586			85
Future policy benefits remeasurement (gains) losses	(18)			9			53			(29)			1			(19)
Policy acquisition costs and other insurance expenses	39			37			44			42			45			(6)
Other operating expenses	52			67			55			59			50			2
Total benefits and expenses	744			846			808			679			682			62

Adjusted operating income before income taxes	106			63			11			99			109			(3)
Notable items (1)	—			—			95			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	106		$	63		$	106		$	99		$	109		$	(3)

Loss and expense ratios:
Loss ratio (2)	84.0		%	89.0		%	93.8		%	81.6		%	82.0		%	2.0		%
Policy acquisition costs and other insurance expenses	5.0		%	4.4		%	5.8		%	5.9		%	6.3		%	(1.3)		%
Other operating expenses	6.7		%	8.0		%	7.3		%	8.3		%	7.0		%	(0.3)		%

Foreign currency effect on (3):
Net premiums	$	(23)		$	(9)		$	(4)		$	(23)		$	(23)		$	—
Adjusted operating income before income taxes	$	(2)		$	1		$	4		$	(2)		$	(2)		$	—

Critical illness net premiums	$	398		$	405		$	414		$	358		$	352		$	46

Assumed Life Reinsurance In Force (in billions)	$	561.1		$	567.6		$	572.2		$	557.8		$	528.9		$	32.2
Assumed New Business Production (in billions)	$	14.3		$	18.5		$	11.5		$	13.1		$	17.6		$	(3.3)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2025		2024		2024		2024		2024		Quarter
Revenues:
Net premiums	$	112	$	66	$	62	$	50	$	46	$	66
Net investment income	196		189		184		163		120		76
Investment related gains, net	7		6		5		6		3		4
Other revenue	6		6		19		12		20		(14)
Total revenues	321		267		270		231		189		132

Benefits and expenses:
Adjusted claims and other policy benefits	145		97		90		74		47		98
Future policy benefits remeasurement gains	(3)		(6)		9		(1)		—		(3)
Adjusted interest credited	84		81		75		49		51		33
Policy acquisition costs and other insurance expenses	27		20		27		30		25		2
Other operating expenses	9		10		9		8		7		2
Total benefits and expenses	262		202		210		160		130		132

Adjusted operating income before income taxes	59		65		60		71		59		—
Notable items (2)	—		—		9		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	59	$	65	$	69	$	71	$	59	$	—

Foreign currency effect on (3):
Net premiums	$	(2)	$	(2)	$	(1)	$	(6)	$	(5)	$	3
Adjusted operating income before income taxes	$	(1)	$	6	$	(2)	$	(2)	$	(1)	$	—

Assumed Life Reinsurance In Force (in billions)	$	18.4	$	13.7	$	14.6	$	9.6	$	8.5	$	9.9
Assumed New Business Production (in billions)	$	4.5	$	—	$	—	$	—	$	1.0	$	3.5

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2025		2024		2024		2024		2024		Quarter
Revenues:
Net investment income	$	129	$	138	$	146	$	123	$	106	$	23
Investment related gains, net	3		3		3		1		4		(1)
Other revenue	5		23		19		9		12		(7)
Total revenues	137		164		168		133		122		15

Benefits and expenses:
Adjusted interest credited	47		44		41		35		30		17
Policy acquisition costs and other insurance income	(19)		(24)		(31)		(28)		(25)		6
Other operating expenses	99		130		99		97		87		12
Interest expense	80		85		77		73		68		12
Total benefits and expenses	207		235		186		177		160		47

Adjusted operating loss before income taxes	(70)		(71)		(18)		(44)		(38)		(32)
Notable items (1)	—		—		—		—		—		—
Adjusted operating loss excluding notable items, before income taxes	$	(70)	$	(71)	$	(18)	$	(44)	$	(38)	$	(32)

Foreign currency effect on (2):
Adjusted operating loss before income taxes	$	(1)	$	(1)	$	—	$	—	$	1	$	(2)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income
(USD millions)

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2025		2024		2024		2024		2024		Quarter
U.S. and Latin America:
Traditional	$	140	$	151	$	79	$	167	$	128	$	12
Financial Solutions	67		76		80		80		90		(23)
Total U.S. and Latin America	207		227		159		247		218		(11)
Canada:
Traditional	32		32		30		26		46		(14)
Financial Solutions	11		8		4		7		7		4
Total Canada	43		40		34		33		53		(10)
Europe, Middle East and Africa:
Traditional	50		11		(18)		(1)		38		12
Financial Solutions	90		96		86		86		77		13
Total Europe, Middle East and Africa	140		107		68		85		115		25
Asia Pacific:
Traditional	106		63		11		99		109		(3)
Financial Solutions	59		65		60		71		59		—
Total Asia Pacific	165		128		71		170		168		(3)
Corporate and Other	(70)		(71)		(18)		(44)		(38)		(32)
Consolidated adjusted operating income before income taxes	485		431		314		491		516		(31)
Notable items (1)	—		—		194		—		—		—
Consolidated adjusted operating income excluding notable items before income taxes	$	485	$	431	$	508	$	491	$	516	$	(31)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Cash and Invested Assets

	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2025		2024		2024		2024		2024
Fixed maturity securities, available-for-sale (1)	$	84,507	$	77,617	$	78,149	$	70,491	$	65,827
Equity securities	153		155		155		144		144
Mortgage loans	9,331		8,839		8,388		7,984		7,539
Policy loans	1,284		1,321		1,285		1,171		1,198
Funds withheld at interest	5,328		5,436		5,545		5,556		5,642
Limited partnerships and real estate joint ventures	3,228		3,067		2,972		2,791		2,697
Short-term investments	454		363		381		335		327
Other invested assets	1,295		1,242		1,361		1,148		1,140
Cash and cash equivalents	5,151		3,326		5,195		4,596		5,935
Total cash and invested assets	$	110,731	$	101,366	$	103,431	$	94,216	$	90,449

(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), Japanese government and agencies ("Japanese government"), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”).


Investment Income and Yield Summary

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2025			2024			2024			2024			2024			Quarter

Average invested assets at amortized cost (1)	$	44,016		$	40,803		$	39,469		$	38,172		$	38,483		$	5,533
Net investment income (1)	$	502		$	484		$	492		$	436		$	444		$	58
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.64		%	4.83		%	5.08		%	4.65		%	4.70		%	(6) bps
Variable investment income ("VII") (included in net investment income) (1)	$	(6)		$	25		$	36		$	12		$	16		$	(22)
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) (1)	4.90		%	4.80		%	4.95		%	4.76		%	4.75		%	15 bps

(1) Excludes spread related business (e.g. coinsurance of annuities).


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities

	March 31, 2025
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	59,278	$	88	$	680	$	4,150	$	55,720	65.9	%
Canadian government	4,604		—		440		48		4,996		5.9	%
Japanese government	7,207		—		29		1,131		6,105		7.2	%
ABS	5,666		15		44		175		5,520		6.5	%
CMBS	2,334		—		20		87		2,267		2.7	%
RMBS	1,571		—		18		87		1,502		1.8	%
U.S. government	2,191		—		20		248		1,963		2.3	%
State and political subdivisions	805		—		3		86		722		0.9	%
Other foreign government	6,053		—		94		435		5,712		6.8	%
Total fixed maturity securities	$	89,709	$	103	$	1,348	$	6,447	$	84,507	100.0	%


	December 31, 2024
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	54,705	$	82	$	642	$	4,274	$	50,991	65.7	%
Canadian government	4,655		—		412		51		5,016		6.5	%
Japanese government	5,319		—		1		875		4,445		5.7	%
ABS	5,197		15		42		184		5,040		6.5	%
CMBS	2,344		1		22		98		2,267		2.9	%
RMBS	1,412		—		12		107		1,317		1.7	%
U.S. government	2,734		—		11		281		2,464		3.2	%
State and political subdivisions	789		—		3		99		693		0.9	%
Other foreign government	5,752		—		56		424		5,384		6.9	%
Total fixed maturity securities	$	82,907	$	98	$	1,201	$	6,393	$	77,617	100.0	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Corporate Fixed Maturity Securities by Industry

	March 31, 2025							December 31, 2024
	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)
Financial institutions
Banking	$	7,683	$	7,438	13.4	%	A-	$	7,757	$	7,485	14.7	%	A-
Brokerage/asset managers/exchanges	1,521		1,405		2.5	%	A-	1,482		1,360		2.7	%	A-
Finance companies	646		615		1.1	%	BBB	530		501		1.0	%	BBB
Insurance	5,422		4,952		8.9	%	A-	4,992		4,497		8.8	%	A-
REITs	1,909		1,786		3.2	%	A-	1,737		1,613		3.2	%	A-
Other finance	1,466		1,274		2.3	%	A-	1,407		1,217		2.3	%	A-
Total financial institutions	$	18,647	$	17,470	31.4	%		$	17,905	$	16,673	32.7	%
Industrials
Basic	$	2,313	$	2,148	3.9	%	BBB+	$	2,097	$	1,929	3.8	%	BBB+
Capital goods	2,738		2,631		4.7	%	BBB+	2,489		2,369		4.6	%	BBB+
Communications	3,533		3,267		5.9	%	BBB+	3,420		3,147		6.2	%	BBB+
Consumer cyclical	3,427		3,232		5.7	%	BBB+	3,300		3,099		6.1	%	BBB+
Consumer noncyclical	6,603		6,173		11.1	%	BBB+	6,177		5,714		11.2	%	BBB+
Energy	4,638		4,501		8.1	%	BBB+	4,060		3,906		7.7	%	BBB+
Technology	2,284		2,103		3.8	%	BBB+	2,124		1,937		3.8	%	BBB+
Transportation	3,492		3,289		5.9	%	A-	3,238		3,025		5.9	%	A-
Other industrial	1,634		1,614		2.9	%	BBB	1,362		1,350		2.6	%	BBB
Total industrials	$	30,662	$	28,958	52.0	%		$	28,267	$	26,476	51.9	%
Utilities
Electric	$	8,023	$	7,519	13.4	%	A-	$	6,863	$	6,336	12.4	%	A-
Natural gas	1,343		1,239		2.2	%	A-	1,177		1,078		2.2	%	A-
Other utility	603		534		1.0	%	BBB+	493		428		0.8	%	BBB+
Total utilities	$	9,969	$	9,292	16.6	%		$	8,533	$	7,842	15.4	%
Total	$	59,278	$	55,720	100.0	%	A-	$	54,705	$	50,991	100.0	%	A-

(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.


Ratings of Fixed Maturity Securities

		March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024
NAIC Designation (1)	Rating Agency Designation (2)	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
1	AAA/AA/A	$	58,522	$	54,839	64.9	%	$	54,543	$	50,822	65.5	%	$	53,371	$	51,053	65.3	%	$	49,634	$	45,782	64.9	%	$	46,541	$	43,336	65.8	%
2	BBB	26,347		24,946		29.5	%	24,023		22,565		29.1	%	24,076		23,130		29.6	%	22,431		20,787		29.5	%	20,527		18,951		28.8	%
3	BB	3,880		3,849		4.6	%	3,422		3,410		4.4	%	3,284		3,233		4.2	%	3,331		3,270		4.6	%	3,039		2,952		4.5	%
4	B	643		639		0.8	%	636		577		0.7	%	662		576		0.7	%	562		504		0.8	%	515		468		0.8	%
5	CCC	287		216		0.2	%	246		221		0.3	%	168		131		0.2	%	158		124		0.2	%	123		98		0.1	%
6	In or near default	30		18		—	%	37		22		—	%	45		26		—	%	45		24		—	%	45		22		—	%
	Total	$	89,709	$	84,507	100.0	%	$	82,907	$	77,617	100.0	%	$	81,606	$	78,149	100.0	%	$	76,161	$	70,491	100.0	%	$	70,790	$	65,827	100.0	%

(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).


Structured Fixed Maturity Securities

	March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024
	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
ABS:
Collateralized loan obligations ("CLOs")	$	2,262	$	2,251	24.2	%	$	2,044	$	2,044	23.7	%	$	2,659	$	2,650	29.7	%	$	2,675	$	2,676	31.6	%	$	2,540	$	2,518	31.6	%
ABS, excluding CLOs	3,404		3,269		35.2	%	3,153		2,996		34.7	%	2,862		2,723		30.5	%	2,627		2,467		29.1	%	2,597		2,427		30.5	%
Total ABS	5,666		5,520		59.4	%	5,197		5,040		58.4	%	5,521		5,373		60.2	%	5,302		5,143		60.7	%	5,137		4,945		62.1	%
CMBS	2,334		2,267		24.4	%	2,344		2,267		26.3	%	2,327		2,238		25.1	%	2,242		2,120		25.0	%	2,002		1,861		23.4	%
RMBS
Agency	385		344		3.7	%	394		344		4.0	%	401		365		4.0	%	414		364		4.3	%	436		385		4.8	%
Non-agency	1,186		1,158		12.5	%	1,018		973		11.3	%	973		953		10.7	%	893		848		10.0	%	814		765		9.7	%
Total RMBS	1,571		1,502		16.2	%	1,412		1,317		15.3	%	1,374		1,318		14.7	%	1,307		1,212		14.3	%	1,250		1,150		14.5	%
Total	$	9,571	$	9,289	100.0	%	$	8,953	$	8,624	100.0	%	$	9,222	$	8,929	100.0	%	$	8,851	$	8,475	100.0	%	$	8,389	$	7,956	100.0	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of March 31, 2025
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	14,280	$	481	$	19,066	$	3,610	$	33,346	$	4,091
Canadian government	185		3		438		45		623		48
Japanese government	348		8		4,119		1,123		4,467		1,131
ABS	1,580		19		1,446		149		3,026		168
CMBS	360		7		937		78		1,297		85
RMBS	219		3		600		84		819		87
U.S. government	202		4		673		244		875		248
State and political subdivisions	112		3		434		83		546		86
Other foreign government	1,308		49		1,757		348		3,065		397
Total investment grade securities	$	18,594	$	577	$	29,470	$	5,764	$	48,064	$	6,341

Below investment grade securities:
Corporate	$	758	$	22	$	280	$	36	$	1,038	$	58
ABS	5		1		31		6		36		7

Other foreign government	—		—		130		38		130		38
Total below investment grade securities	$	763	$	23	$	441	$	80	$	1,204	$	103
Total fixed maturity securities	$	19,357	$	600	$	29,911	$	5,844	$	49,268	$	6,444

(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of December 31, 2024
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	14,741	$	529	$	18,851	$	3,682	$	33,592	$	4,211
Canadian government	286		5		469		46		755		51
Japanese government	2,037		192		2,365		683		4,402		875
ABS	940		19		1,730		159		2,670		178
CMBS	333		4		980		91		1,313		95
RMBS	354		7		593		100		947		107
U.S. government	792		15		656		266		1,448		281
State and political subdivisions	155		7		417		92		572		99
Other foreign government	1,408		42		1,816		344		3,224		386
Total investment grade securities	$	21,046	$	820	$	27,877	$	5,463	$	48,923	$	6,283

Below investment grade securities:
Corporate	$	347	$	7	$	347	$	50	$	694	$	57
ABS	101		1		40		5		141		6

Other foreign government	—		—		130		38		130		38
Total below investment grade securities	$	448	$	8	$	517	$	93	$	965	$	101
Total fixed maturity securities	$	21,494	$	828	$	28,394	$	5,556	$	49,888	$	6,384

(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Consolidated Investment Related Gains and Losses

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2025		2024		2024		2024		2024		Quarter
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	$	(6)	$	23	$	(9)	$	(16)	$	(20)	$	14
Impairments on fixed maturity securities	—		—		—		(1)		—		—
Realized gains on investment activity	36		22		72		68		32		4
Realized losses on investment activity	(87)		(334)		(113)		(230)		(134)		47
Net losses on fixed maturity securities available-for-sale	(57)		(289)		(50)		(179)		(122)		65

Net gains (losses) on equity securities	(1)		(4)		6		(5)		4		(5)
Change in mortgage loan allowance for credit losses	4		(6)		(12)		2		(10)		14
Limited partnerships and real estate joint ventures impairment losses	(5)		(15)		—		—		(8)		3
Change in fair value of certain limited partnership investments	(7)		21		17		—		1		(8)
Other, net	—		19		(14)		4		8		(8)

Freestanding derivatives (1):
Interest rate swaps	6		(18)		13		(13)		(31)		37
Interest rate options	—		—		(3)		—		(3)		3
Total return swaps	(6)		(7)		7		(11)		4		(10)
Interest rate futures	—		—		—		1		1		(1)
Foreign currency swaps	(3)		14		(7)		8		14		(17)
Foreign currency swaps - hedged	—		—		—		(1)		(1)		1
Foreign currency forwards	22		(82)		77		(98)		(64)		86
Foreign currency options	(1)		(6)		2		(3)		—		(1)
Equity options	(6)		(1)		1		(1)		(4)		(2)
Equity futures	9		3		(12)		(2)		(17)		26
Credit default swaps	(18)		1		10		2		2		(20)
CPI swaps	(5)		(2)		(1)		(1)		—		(5)
Total freestanding derivatives	(2)		(98)		87		(119)		(99)		97

Embedded derivatives	(11)		125		(112)		26		77		(88)

Net gains (losses) on total derivatives	(13)		27		(25)		(93)		(22)		9

Total investment related gains (losses), net	$	(79)	$	(247)	$	(78)	$	(271)	$	(149)	$	70

(1) Freestanding derivatives are non-hedged unless specified.


Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2025		2024		2024		2024		2024		Quarter
U.S. and Latin America Traditional
Income before income taxes	$	149	$	153	$	57	$	174	$	116	$	33
Investment and derivative gains (1)	—		1		1		—		—		—
Funds withheld losses - investment income	—		—		—		—		—		—
Change in fair value of funds withheld embedded derivatives (1)	(9)		(3)		21		(6)		12		(21)
Other	—		—		—		(1)		—		—
Adjusted operating income before income taxes	140		151		79		167		128		12
Notable items (2)	—		—		53		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	140	$	151	$	132	$	167	$	128	$	12

U.S. and Latin America Financial Solutions
Income (loss) before income taxes	$	34	$	139	$	(46)	$	83	$	17	$	17
Market risk benefits remeasurement (gains) losses	29		(32)		31		(8)		(35)		64
Investment and derivative (gains) losses (1)	(17)		96		(7)		35		62		(79)
Change in fair value of funds withheld embedded derivatives (1)	20		(122)		91		(20)		(89)		109
Funds withheld (gains) losses - investment income	(1)		4		1		(1)		(1)		—
Derivatives - interest credited	5		(1)		11		(6)		13		(8)
Other (3)	(3)		(8)		(1)		(3)		123		(126)
Adjusted operating income before income taxes	67		76		80		80		90		(23)
Notable items (2)	—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	67	$	76	$	80	$	80	$	90	$	(23)

(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.
(3) Includes pension risk transfer day one loss and other immaterial items.


Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2025		2024		2024		2024		2024		Quarter
Canada Traditional
Income before income taxes	$	32	$	32	$	29	$	27	$	47	$	(15)
Investment and derivative (gains) losses (1)	—		—		—		1		(1)		1
Investment income - non-operating FWAI	—		1		—		—		—		—
Other	—		(1)		1		(2)		—		—
Adjusted operating income before income taxes	32		32		30		26		46		(14)
Notable items (2)	—		—		(5)		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	32	$	32	$	25	$	26	$	46	$	(14)

Canada Financial Solutions
Income before income taxes	$	12	$	17	$	21	$	6	$	7	$	5
Investment and derivative (gains) losses (1)	(1)		(9)		(17)		1		—		(1)
Adjusted operating income before income taxes	11		8		4		7		7		4
Notable items (2)	—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	11	$	8	$	4	$	7	$	7	$	4

Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	50	$	8	$	(17)	$	1	$	28	$	22
Other	—		3		(1)		(2)		10		(10)
Adjusted operating income (loss) before income taxes	50		11		(18)		(1)		38		12
Notable items (2)	—		—		40		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	50	$	11	$	22	$	(1)	$	38	$	12

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	74	$	79	$	84	$	72	$	64	$	10
Investment and derivative losses (1)	14		16		4		13		14		—
Investment income - non-operating FWAI	2		1		(2)		1		(1)		3
Investment (income) loss on unit-linked variable annuities	—		2		(1)		1		1		(1)
Interest credited on unit-linked variable annuities	—		(2)		1		(1)		(1)		1
Adjusted operating income before income taxes	90		96		86		86		77		13
Notable items (2)	—		—		2		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	90	$	96	$	88	$	86	$	77	$	13

(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.


Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2025		2024		2024		2024		2024		Quarter
Asia Pacific Traditional
Income before income taxes	$	106	$	59	$	11	$	100	$	109	$	(3)
Other	—		4		—		(1)		—		—
Adjusted operating income before income taxes	106		63		11		99		109		(3)
Notable items (2)	—		—		95		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	106	$	63	$	106	$	99	$	109	$	(3)

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	31	$	1	$	93	$	(58)	$	13	$	18
Investment and derivative (gains) losses (1)	25		96		(17)		178		74		(49)
Other	3		(32)		(16)		(49)		(28)		31
Adjusted operating income before income taxes	59		65		60		71		59		—
Notable items (2)	—		—		9		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	59	$	65	$	69	$	71	$	59	$	—

Corporate and Other
Loss before income taxes	$	(119)	$	(263)	$	(18)	$	(136)	$	(129)	$	10
Investment and derivative losses (1)	50		180		13		80		83		(33)
Investment income - non-operating FWAI	(1)		—		—		—		—		(1)
Interest expense on uncertain tax positions	—		1		1		(1)		—		—
Derivatives - interest credited	5		(2)		—		—		—		5
Other	(5)		13		(14)		13		8		(13)
Adjusted operating loss before income taxes	(70)		(71)		(18)		(44)		(38)		(32)
Notable items (2)	—		—		—		—		—		—
Adjusted operating loss excluding notable items, before income taxes	$	(70)	$	(71)	$	(18)	$	(44)	$	(38)	$	(32)

(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.


Reinsurance Group of America, Incorporated
Reconciliations of RGA, Inc. Shareholders’ Equity to RGA, Inc. Shareholders’ Equity Excluding AOCI
(USD millions except per share data)

	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2025		2024		2024		2024		2024

RGA, Inc. shareholders’ equity	$	11,402	$	10,816	$	11,127	$	9,735	$	9,468
Less effect of AOCI:
Accumulated currency translation adjustments	(8)		(19)		108		86		57
Unrealized (depreciation) appreciation of securities	(4,443)		(4,526)		(2,800)		(4,694)		(4,062)
Effect of updating discount rates on future policy benefits	5,702		5,412		3,987		4,611		3,906
Change in instrument-specific credit risk for market risk benefits	6		2		6		6		3
Pension and postretirement benefits	(19)		(20)		(29)		(29)		(29)
RGA, Inc. shareholders’ equity, excluding AOCI	10,164		9,967		9,855		9,755		9,593
Year-to-date notable items, net of tax	—		168		168		—		—
RGA, Inc. shareholders’ equity, excluding AOCI and notable items	$	10,164	$	10,135	$	10,023	$	9,755	$	9,593



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

	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2025		2024		2024		2024		2024

Book value per share	$	172.53	$	164.19	$	168.93	$	147.90	$	143.92
Less effect of AOCI:
Accumulated currency translation adjustment	(0.12)		(0.27)		1.64		1.32		0.88
Unrealized (depreciation) appreciation of securities	(67.24)		(68.73)		(42.52)		(71.31)		(61.74)
Effect of updating discount rates on future policy benefits	86.28		82.16		60.54		70.06		59.36
Change in instrument-specific credit risk for market risk benefits	0.09		0.03		0.09		0.09		0.04
Pension and postretirement benefits	(0.28)		(0.31)		(0.45)		(0.45)		(0.45)
Book value per share, excluding AOCI	$	153.80	$	151.31	$	149.63	$	148.19	$	145.83
Less effect of B36:	(0.80)		(0.66)		(2.16)		(0.82)		(1.13)
Book value per share, excluding AOCI and B36	$	154.60	$	151.97	$	151.79	$	149.01	$	146.96

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

Adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments, and will be presented in our financial statement footnotes beginning with the Company’s annual report on Form 10-K to be filed for the fiscal year ended December 31, 2024 in accordance with ASC 280 – “Segment Reporting.” Adjusted operating income (loss) before income taxes, when presented on a consolidated basis, is a non-GAAP financial measure.

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

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

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

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