Document


			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

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.


Reinsurance Group of America, Incorporated
Financial Highlights

	Three Months Ended																Current Qtr vs. PY Quarter			Year-to-Date
(USD millions, except in force & per share and shares data)	June 30,				March 31,			Dec. 31,			Sept. 30,			June 30,						June 30,		June 30,
	2022				2022			2021			2021			2021						2022		2021		Change
Net premiums	$	3,230			$	3,155		$	3,407		$	3,094		$	3,098		$	132		$	6,385	$	6,012	$	373
Net income (loss) available to RGA's shareholders	198				(63)			156			(22)			344			(146)			135		483		(348)
Adjusted operating income (loss)	391				32			(38)			(75)			274			117			423		190		233
Return on equity - annualized	10.6		%		(2.3)		%	4.8		%	(0.7)		%	10.8		%	(0.2)		%
Return on equity - trailing 12 months	2.5		%		3.4		%	4.7		%	4.5		%	6.3		%	(3.8)		%
Adjusted operating return on equity (ex AOCI) - annualized	16.8		%		1.4		%	(1.6)		%	(3.2)		%	11.9		%	4.9		%
Adjusted operating return on equity (ex AOCI) - trailing 12 months	3.3		%		2.1		%	0.8		%	2.1		%	5.7		%	(2.4)		%
Total assets	$	84,609			$	89,761		$	92,175		$	91,449		$	88,944		$	(4,335)
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,650.5			$	1,645.1		$	1,628.4		$	1,619.9		$	1,619.4		$	31.1
U.S. and Latin America Financial Solutions	5.3				5.3			5.3			5.3			5.3			—
Canada Traditional	477.2				484.5			472.6			463.1			468.3			8.9
Europe, Middle East and Africa Traditional	756.4				850.7			861.6			852.8			861.4			(105.0)
Asia Pacific Traditional	486.1				508.4			497.4			526.0			516.1			(30.0)
Asia Pacific Financial Solutions	5.4			(1)	1.1			1.7			1.5			1.2			4.2
Total assumed life reinsurance in force	$	3,380.9			$	3,495.1		$	3,467.0		$	3,468.6		$	3,471.7		$	(90.8)
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	32.7			$	39.5		$	32.4		$	33.9		$	35.7		$	(3.0)		$	72.2	$	64.2	$	8.0
U.S. and Latin America Financial Solutions	—				—			—			—			—			—			—		—		—
Canada Traditional	12.8				12.7			14.6			11.5			8.5			4.3			25.5		22.7		2.8
Europe, Middle East and Africa Traditional	45.1				50.5			51.0			32.0			87.8			(42.7)			95.6		115.4		(19.8)
Asia Pacific Traditional	5.7				16.6			8.6			7.1			10.9			(5.2)			22.3		18.5		3.8
Asia Pacific Financial Solutions	—				0.1			0.1			—			0.1			(0.1)			0.1		0.1		—
Total assumed new business production	$	96.3			$	119.4		$	106.7		$	84.5		$	143.0		$	(46.7)		$	215.7	$	220.9	$	(5.2)
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income (loss)	$	2.95			$	(0.93)		$	2.32		$	(0.32)		$	5.06		$	(2.11)		$	2.01	$	7.11	$	(5.10)
Adjusted operating income (loss)	$	5.83			$	0.48		$	(0.56)		$	(1.11)		$	4.04		$	1.79		$	6.31	$	2.80	$	3.51
Diluted earnings per share (2)
Net income (loss) (2)	$	2.92			$	(0.93)		$	2.30		$	(0.32)		$	5.02		$	(2.10)		$	2.00	$	7.06	$	(5.06)
Adjusted operating income (loss) (2)	$	5.78			$	0.47		$	(0.56)		$	(1.11)		$	4.00		$	1.78		$	6.25	$	2.78	$	3.47
Wgt. average common shares outstanding
Basic	66,996				67,104			67,380			67,916			67,990			(994)			67,050		67,983		(933)
Diluted	67,620				67,649			67,930			68,417			68,533			(913)			67,614		68,460		(846)

Common shares issued	85,311				85,311			85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	18,304				18,323			18,140			17,711			17,314			990			18,304		17,314		990
Common shares outstanding	67,007				66,988			67,171			67,600			67,997			(990)			67,007		67,997		(990)

Book value per share	$	87.14			$	137.08		$	193.75		$	190.60		$	197.72		$	(110.58)
Per share effect of AOCI	$	(53.12)			$	(0.81)		$	54.22		$	53.00		$	59.43		$	(112.55)
Book value per share, excluding AOCI	$	140.26			$	137.89		$	139.53		$	137.60		$	138.29		$	1.97

Stockholders’ dividends paid	$	49			$	49		$	49		$	50		$	47		$	2		$	98	$	95	$	3
(1) During the quarter, the Company changed its calculation for assumed life reinsurance in force, resulting in an increase for the quarter.
(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.


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2022		2022		2021		2021		2021		Quarter		2022		2021		Change
Revenues:
Net premiums	$	3,230	$	3,155	$	3,407	$	3,094	$	3,098	$	132	$	6,385	$	6,012	$	373
Net investment income	754		810		771		796		759		(5)		1,564		1,571		(7)
Investment related gains (losses), net	(254)		(126)		88		58		112		(366)		(380)		414		(794)
Other revenue	157		91		93		95		168		(11)		248		259		(11)
Total revenues	3,887		3,930		4,359		4,043		4,137		(250)		7,817		8,256		(439)
Benefits and expenses:
Claims and other policy benefits	2,815		3,225		3,482		3,289		2,813		2		6,040		6,005		35
Interest credited	138		141		159		177		218		(80)		279		364		(85)
Policy acquisition costs and other insurance expenses	393		355		406		338		339		54		748		672		76
Other operating expenses	243		226		253		229		240		3		469		454		15
Interest expense	42		42		(2)		41		43		(1)		84		88		(4)
Collateral finance and securitization expense	2		1		4		3		2		—		3		5		(2)
Total benefits and expenses	3,633		3,990		4,302		4,077		3,655		(22)		7,623		7,588		35
Income (loss) before income taxes	254		(60)		57		(34)		482		(228)		194		668		(474)
Provision for income taxes	55		3		(99)		(12)		138		(83)		58		185		(127)
Net income (loss)	199		(63)		156		(22)		344		(145)		136		483		(347)
Net income attributable to noncontrolling interest	1		—		—		—		—		1		1		—		1
Net income (loss) available to RGA's shareholders	$	198	$	(63)	$	156	$	(22)	$	344	$	(146)	$	135	$	483	$	(348)

Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes	$	254	$	(60)	$	57	$	(34)	$	482	$	(228)	$	194	$	668	$	(474)
Investment and derivative (gains) losses (1)	203		119		(31)		(66)		(104)		307		322		(332)		654
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	56		33		(20)		(21)		(16)		72		89		(66)		155
GMXB embedded derivatives (1)	12		(14)		(29)		37		17		(5)		(2)		(1)		(1)
Funds withheld (gains) losses - investment income	9		8		(1)		(2)		(1)		10		17		(2)		19
EIA embedded derivatives - interest credited	(27)		(17)		(9)		(3)		(3)		(24)		(44)		(33)		(11)
DAC offset, net	7		(10)		26		2		(2)		9		(3)		10		(13)
Investment (income) loss on unit-linked variable annuities	8		9		(5)		2		(2)		10		17		(1)		18
Interest credited on unit-linked variable annuities	(8)		(9)		5		(2)		2		(10)		(17)		1		(18)
Interest expense on uncertain tax positions	—		—		(34)		2		3		(3)		—		6		(6)
Non-investment derivatives and other	(9)		—		5		(4)		(15)		6		(9)		(4)		(5)
Adjusted operating income (loss) before income taxes	$	505	$	59	$	(36)	$	(89)	$	361	$	144	$	564	$	246	$	318

(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.





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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2022		2022		2021		2021		2021		Quarter		2022		2021		Change
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA	$	198	$	(63)	$	156	$	(22)	$	344	$	(146)	$	135	$	483	$	(348)
Investment and derivative (gains) losses (1)	152		94		(25)		(52)		(82)		234		246		(261)		507
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	44		26		(16)		(17)		(12)		56		70		(52)		122
GMXB embedded derivatives (1)	9		(11)		(22)		29		13		(4)		(2)		(1)		(1)
Funds withheld (gains) losses - investment income	7		6		(1)		(1)		(1)		8		13		(2)		15
EIA embedded derivatives - interest credited	(22)		(13)		(8)		(2)		(2)		(20)		(35)		(26)		(9)
DAC offset, net	6		(8)		21		1		(1)		7		(2)		8		(10)
Investment (income) loss on unit-linked variable annuities	6		7		(4)		2		(2)		8		13		(1)		14
Interest credited on unit-linked variable annuities	(6)		(7)		4		(2)		2		(8)		(13)		1		(14)
Interest expense on uncertain tax positions	—		—		(27)		1		3		(3)		—		5		(5)
Non-investment derivatives and other	(7)		—		4		(3)		(12)		5		(7)		(3)		(4)
Uncertain tax positions and other tax related items	3		1		(120)		(9)		24		(21)		4		39		(35)
Net income attributable to noncontrolling interest	1		—		—		—		—		1		1		—		1
Adjusted operating income (loss)	$	391	$	32	$	(38)	$	(75)	$	274	$	117	$	423	$	190	$	233

Diluted earnings per share - adjusted operating income (loss) (2)	$	5.78	$	0.47	$	(0.56)	$	(1.11)	$	4.00	$	1.78	$	6.25	$	2.78	$	3.47

Foreign currency effect on (3):
Net premiums	$	(119)	$	(47)	$	(3)	$	51	$	124	$	(243)	$	(166)	$	202	$	(368)
Adjusted operating income (loss) before income taxes	$	(14)	$	(1)	$	—	$	(7)	$	10	$	(24)	$	(15)	$	11	$	(26)


(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.


Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2022		2022		2021		2021		2021
Assets
Fixed maturity securities, available-for-sale	$	53,294	$	57,922	$	60,749	$	59,289	$	58,287
Equity securities	127		139		151		160		147
Mortgage loans on real estate	6,544		6,535		6,283		6,366		6,481
Policy loans	1,218		1,221		1,234		1,234		1,254
Funds withheld at interest	6,393		6,737		6,954		7,034		7,049
Short-term investments	272		315		87		82		184
Other invested assets	3,110		3,033		3,070		3,404		2,924
Total investments	70,958		75,902		78,528		77,569		76,326
Cash and cash equivalents	2,556		2,709		2,948		3,027		3,254
Accrued investment income	572		578		533		574		525
Premiums receivable and other reinsurance balances	2,884		2,883		2,888		3,013		3,102
Reinsurance ceded receivables	2,558		2,595		2,580		2,585		1,093
Deferred policy acquisition costs	3,856		3,797		3,690		3,687		3,622
Other assets	1,225		1,297		1,008		994		1,022
Total assets	$	84,609	$	89,761	$	92,175	$	91,449	$	88,944

Liabilities and equity
Future policy benefits	$	34,833	$	35,946	$	35,782	$	35,666	$	33,761
Interest-sensitive contract liabilities	29,023		28,083		26,377		26,017		26,161
Other policy claims and benefits	6,464		7,079		6,993		7,117		6,795
Other reinsurance balances	582		582		613		543		531
Deferred income taxes	1,060		1,843		2,886		2,407		2,699
Other liabilities	2,899		3,123		2,663		3,327		2,057
Long-term debt	3,667		3,667		3,667		3,173		3,173
Collateral finance and securitization notes	152		166		180		314		323
Total liabilities	78,680		80,489		79,161		78,564		75,500

Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,478		2,465		2,461		2,447		2,430
Retained earnings	8,592		8,446		8,563		8,458		8,531
Treasury stock	(1,673)		(1,675)		(1,653)		(1,604)		(1,559)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	(39)		4		(9)		(50)		(20)
Unrealized appreciation of securities, net of income taxes	(3,469)		(9)		3,701		3,704		4,133
Pension and postretirement benefits, net of income taxes	(51)		(50)		(50)		(71)		(72)
Total RGA, Inc. stockholders’ equity	5,839		9,182		13,014		12,885		13,444
Noncontrolling interest	$	90	$	90	$	—	$	—	$	—
Total equity	5,929		9,272		13,014		12,885		13,444
Total liabilities and equity	84,609		89,761		92,175		91,449		88,944
Total RGA, Inc. stockholders’ equity, excluding AOCI	$	9,398	$	9,237	$	9,372	$	9,302	$	9,403

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


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2022			2022			2021			2021			2021			Quarter			2022			2021			Change
Revenues:
Net premiums	$	1,631		$	1,541		$	1,697		$	1,550		$	1,578		$	53		$	3,172		$	2,997		$	175
Net investment income	209			304			245			245			233			(24)			513			440			73
Investment related gains (losses), net	19			15			4			(5)			1			18			34			7			27
Other revenue	9			7			4			5			4			5			16			9			7
Total revenues	1,868			1,867			1,950			1,795			1,816			52			3,735			3,453			282

Benefits and expenses:
Claims and other policy benefits	1,389			1,765			1,892			1,670			1,418			(29)			3,154			3,158			(4)
Interest credited	17			17			18			17			18			(1)			34			35			(1)
Policy acquisition costs and other insurance expenses	208			208			209			195			206			2			416			388			28
Other operating expenses	45			43			42			39			39			6			88			75			13
Total benefits and expenses	1,659			2,033			2,161			1,921			1,681			(22)			3,692			3,656			36

Income (loss) before income taxes	$	209		$	(166)		$	(211)		$	(126)		$	135		$	74		$	43		$	(203)		$	246

Loss and expense ratios:
Claims and other policy benefits	85.2		%	114.5		%	111.5		%	107.7		%	89.9		%	(4.7)		%	99.4		%	105.4		%	(6.0)		%
Policy acquisition costs and other insurance expenses	12.8		%	13.5		%	12.3		%	12.6		%	13.1		%	(0.3)		%	13.1		%	12.9		%	0.2		%
Other operating expenses	2.8		%	2.8		%	2.5		%	2.5		%	2.5		%	0.3		%	2.8		%	2.5		%	0.3		%

Foreign currency effect on (1):
Net premiums	$	1		$	—		$	—		$	2		$	2		$	(1)		$	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.


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

	Three Months Ended															Current			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,			June 30,
	2022			2022			2021			2021			2021			Quarter			2022			2021			Change
Revenues:
Net premiums	$	1,631		$	1,541		$	1,697		$	1,550		$	1,578		$	53		$	3,172		$	2,997		$	175
Net investment income	209			304			245			245			233			(24)			513			440			73
Other revenue	9			7			4			5			4			5			16			9			7
Total revenues	1,849			1,852			1,946			1,800			1,815			34			3,701			3,446			255

Benefits and expenses:
Claims and other policy benefits	1,389			1,765			1,892			1,670			1,418			(29)			3,154			3,158			(4)
Interest credited	17			17			18			17			18			(1)			34			35			(1)
Policy acquisition costs and other insurance expenses	208			208			209			195			206			2			416			388			28
Other operating expenses	45			43			42			39			39			6			88			75			13
Total benefits and expenses	1,659			2,033			2,161			1,921			1,681			(22)			3,692			3,656			36

Adjusted operating income (loss) before income taxes	$	190		$	(181)		$	(215)		$	(121)		$	134		$	56		$	9		$	(210)		$	219

Loss and expense ratios:
Claims and other policy benefits	85.2		%	114.5		%	111.5		%	107.7		%	89.9		%	(4.7)		%	99.4		%	105.4		%	(6.0)		%
Policy acquisition costs and other insurance expenses	12.8		%	13.5		%	12.3		%	12.6		%	13.1		%	(0.3)		%	13.1		%	12.9		%	0.2		%
Other operating expenses	2.8		%	2.8		%	2.5		%	2.5		%	2.5		%	0.3		%	2.8		%	2.5		%	0.3		%

Foreign currency effect on (1):
Net premiums	$	1		$	—		$	—		$	2		$	2		$	(1)		$	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.


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
(USD millions)

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2022		2022		2021		2021		2021		Quarter		2022		2021		Change
Revenues:
Net premiums	$	14	$	15	$	13	$	14	$	15	$	(1)	$	29	$	28	$	1
Net investment income	251		262		264		290		276		(25)		513		533		(20)
Investment related gains (losses), net	(93)		(80)		36		12		30		(123)		(173)		24		(197)
Other revenue	31		27		26		31		85		(54)		58		111		(53)
Total revenues	203		224		339		347		406		(203)		427		696		(269)

Benefits and expenses:
Claims and other policy benefits	42		48		37		48		21		21		90		81		9
Interest credited	101		107		120		149		182		(81)		208		296		(88)
Policy acquisition costs and other insurance expenses	59		40		79		34		32		27		99		79		20
Other operating expenses	12		9		10		10		8		4		21		17		4
Total benefits and expenses	214		204		246		241		243		(29)		418		473		(55)

Income (loss) before income taxes	$	(11)	$	20	$	93	$	106	$	163	$	(174)	$	9	$	223	$	(214)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2022		2022		2021		2021		2021		Quarter		2022		2021		Change
Revenues:
Net premiums	$	14	$	15	$	13	$	14	$	15	$	(1)	$	29	$	28	$	1
Net investment income	254		264		264		290		274		(20)		518		532		(14)
Other revenue	32		27		25		31		85		(53)		59		111		(52)
Total revenues	300		306		302		335		374		(74)		606		671		(65)

Benefits and expenses:
Claims and other policy benefits	42		48		37		48		21		21		90		81		9
Interest credited	128		124		129		152		185		(57)		252		329		(77)
Policy acquisition costs and other insurance expenses	52		50		53		32		34		18		102		69		33
Other operating expenses	12		9		10		10		8		4		21		17		4
Total benefits and expenses	234		231		229		242		248		(14)		465		496		(31)

Adjusted operating income before income taxes	$	66	$	75	$	73	$	93	$	126	$	(60)	$	141	$	175	$	(34)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


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

	Three Months Ended
(USD millions, shown net of reinsurance ceded)	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
	2022			2022			2021			2021			2021
Annuity account values:
Fixed annuities (deferred)	$	12,084		$	11,693		$	11,858		$	11,997		$	13,687

Net interest spread (fixed annuities)	1.3		%	2.0		%	1.4		%	1.7		%	1.2		%

Equity-indexed annuities	$	3,017		$	3,114		$	3,213		$	3,293		$	3,343

Variable annuities account values
No riders	$	705		$	786		$	844		$	827		$	834
GMDB only	811			891			960			968			949
GMIB only	20			23			25			25			25
GMAB only	2			3			3			3			4
GMWB only	916			1,035			1,130			1,110			1,145
GMDB / WB	174			240			264			261			271
Other	16			18			19			19			19
Total variable annuities account values	$	2,644		$	2,996		$	3,245		$	3,213		$	3,247

Fair value of liabilities associated with living benefit riders	$	160		$	148		$	162		$	191		$	154

Interest-sensitive contract liabilities associated with:

Guaranteed investment contracts	$	712		$	656		$	656		$	827		$	973

Bank-owned life insurance (BOLI)	$	2,505		$	2,499		$	2,492		$	2,480		$	2,471

Other asset-intensive business	$	112		$	114		$	115		$	117		$	119

Future policy benefits associated with:

Payout annuities	$	4,160		$	4,218		$	4,274		$	4,329		$	4,393


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
(USD millions)

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2022		2022		2021		2021		2021		Quarter		2022		2021		Change
Revenues:
Net investment income	$	1	$	1	$	—	$	1	$	—	$	1	$	2	$	1	$	1
Other revenue	74		27		28		26		27		47		101		54		47
Total revenues	75		28		28		27		27		48		103		55		48

Benefits and expenses:
Policy acquisition costs and other insurance expenses	1		1		—		2		—		1		2		2		—
Other operating expenses	2		3		3		3		4		(2)		5		7		(2)
Total benefits and expenses	3		4		3		5		4		(1)		7		9		(2)

Income before income taxes	$	72	$	24	$	25	$	22	$	23	$	49	$	96	$	46	$	50

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2022		2022		2021		2021		2021		Quarter		2022		2021		Change
Revenues:
Net investment income	$	1	$	1	$	—	$	1	$	—	$	1	$	2	$	1	$	1
Other revenue	74		27		28		26		27		47		101		54		47
Total revenues	75		28		28		27		27		48		103		55		48

Benefits and expenses:
Policy acquisition costs and other insurance expenses	1		1		—		2		—		1		2		2		—
Other operating expenses	2		3		3		3		4		(2)		5		7		(2)
Total benefits and expenses	3		4		3		5		4		(1)		7		9		(2)

Adjusted operating income before income taxes	$	72	$	24	$	25	$	22	$	23	$	49	$	96	$	46	$	50

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2022			2022			2021			2021			2021			Quarter			2022			2021			Change
Revenues:
Net premiums	$	314		$	304		$	324		$	289		$	301		$	13		$	618		$	581		$	37
Net investment income	58			55			60			65			63			(5)			113			123			(10)
Investment related gains (losses), net	(6)			1			—			1			—			(6)			(5)			2			(7)
Other revenue	1			2			1			(1)			2			(1)			3			3			—
Total revenues	367			362			385			354			366			1			729			709			20

Benefits and expenses:
Claims and other policy benefits	295			300			298			255			277			18			595			543			52
Policy acquisition costs and other insurance expenses	46			46			50			46			46			—			92			91			1
Other operating expenses	10			10			9			9			11			(1)			20			19			1
Total benefits and expenses	351			356			357			310			334			17			707			653			54

Income before income taxes	$	16		$	6		$	28		$	44		$	32		$	(16)		$	22		$	56		$	(34)

Loss and expense ratios:
Claims and other policy benefits	93.9		%	98.7		%	92.0		%	88.2		%	92.0		%	1.9		%	96.3		%	93.5		%	2.8		%
Policy acquisition costs and other insurance expenses	14.6		%	15.1		%	15.4		%	15.9		%	15.3		%	(0.7)		%	14.9		%	15.7		%	(0.8)		%
Other operating expenses	3.2		%	3.3		%	2.8		%	3.1		%	3.7		%	(0.5)		%	3.2		%	3.3		%	(0.1)		%

Foreign currency effect on (1):
Net premiums	$	(13)		$	—		$	10		$	16		$	34		$	(47)		$	(13)		$	50		$	(63)
Income before income taxes	$	(1)		$	—		$	—		$	3		$	3		$	(4)		$	(1)		$	3		$	(4)

Creditor reinsurance net premiums	$	20		$	18		$	19		$	19		$	19		$	1		$	38		$	36		$	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.


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2022			2022			2021			2021			2021			Quarter			2022			2021			Change
Revenues:
Net premiums	$	314		$	304		$	324		$	289		$	301		$	13		$	618		$	581		$	37
Net investment income	58			55			59			65			64			(6)			113			123			(10)
Investment related gains, net	2			—			2			1			1			1			2			3			(1)
Other revenue	1			2			1			(1)			2			(1)			3			3			—
Total revenues	375			361			386			354			368			7			736			710			26

Benefits and expenses:
Claims and other policy benefits	295			300			298			255			277			18			595			543			52
Policy acquisition costs and other insurance expenses	46			46			50			46			46			—			92			91			1
Other operating expenses	10			10			9			9			11			(1)			20			19			1
Total benefits and expenses	351			356			357			310			334			17			707			653			54

Adjusted operating income before income taxes	$	24		$	5		$	29		$	44		$	34		$	(10)		$	29		$	57		$	(28)

Loss and expense ratios:
Claims and other policy benefits	93.9		%	98.7		%	92.0		%	88.2		%	92.0		%	1.9		%	96.3		%	93.5		%	2.8		%
Policy acquisition costs and other insurance expenses	14.6		%	15.1		%	15.4		%	15.9		%	15.3		%	(0.7)		%	14.9		%	15.7		%	(0.8)		%
Other operating expenses	3.2		%	3.3		%	2.8		%	3.1		%	3.7		%	(0.5)		%	3.2		%	3.3		%	(0.1)		%

Foreign currency effect on (1):
Net premiums	$	(13)		$	—		$	10		$	16		$	34		$	(47)		$	(13)		$	50		$	(63)
Adjusted operating income before income taxes	$	(1)		$	—		$	—		$	3		$	3		$	(4)		$	(1)		$	3		$	(4)

Creditor reinsurance net premiums	$	20		$	18		$	19		$	19		$	19		$	1		$	38		$	36		$	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.


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2022		2022		2021		2021		2021		Quarter		2022		2021		Change
Revenues:
Net premiums	$	25	$	23	$	22	$	22	$	23	$	2	$	48	$	46	$	2
Net investment income	(1)		1		—		—		—		(1)		—		—		—
Other revenue	3		1		2		3		3		—		4		6		(2)
Total revenues	27		25		24		25		26		1		52		52		—

Benefits and expenses:
Claims and other policy benefits	22		11		17		23		21		1		33		39		(6)
Policy acquisition costs and other insurance expenses	—		1		1		1		1		(1)		1		1		—
Other operating expenses	1		—		1		1		—		1		1		2		(1)
Total benefits and expenses	23		12		19		25		22		1		35		42		(7)

Income before income taxes	$	4	$	13	$	5	$	—	$	4	$	—	$	17	$	10	$	7

Foreign currency effect on (2):
Net premiums	$	(1)	$	—	$	1	$	1	$	3	$	(4)	$	(1)	$	4	$	(5)
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.


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2022		2022		2021		2021		2021		Quarter		2022		2021		Change
Revenues:
Net premiums	$	25	$	23	$	22	$	22	$	23	$	2	$	48	$	46	$	2
Net investment income	(1)		1		—		—		—		(1)		—		—		—
Other revenue	3		1		2		3		3		—		4		6		(2)
Total revenues	27		25		24		25		26		1		52		52		—

Benefits and expenses:
Claims and other policy benefits	22		11		17		23		21		1		33		39		(6)
Policy acquisition costs and other insurance expenses	—		1		1		1		1		(1)		1		1		—
Other operating expenses	1		—		1		1		—		1		1		2		(1)
Total benefits and expenses	23		12		19		25		22		1		35		42		(7)

Adjusted operating income before income taxes	$	4	$	13	$	5	$	—	$	4	$	—	$	17	$	10	$	7

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

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


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2022			2022			2021			2021			2021			Quarter			2022			2021			Change
Revenues:
Net premiums	$	427		$	451		$	435		$	432		$	433		$	(6)		$	878		$	871		$	7
Net investment income	22			22			22			22			24			(2)			44			44			—
Other revenue	(2)			3			—			—			2			(4)			1			1			—
Total revenues	447			476			457			454			459			(12)			923			916			7

Benefits and expenses:
Claims and other policy benefits	377			427			464			482			414			(37)			804			883			(79)
Policy acquisition costs and other insurance expenses	37			25			34			35			27			10			62			56			6
Other operating expenses	31			30			27			28			30			1			61			57			4
Total benefits and expenses	445			482			525			545			471			(26)			927			996			(69)

Income (loss) before income taxes	$	2		$	(6)		$	(68)		$	(91)		$	(12)		$	14		$	(4)		$	(80)		$	76

Loss and expense ratios:
Claims and other policy benefits	88.3		%	94.7		%	106.7		%	111.6		%	95.6		%	(7.3)		%	91.6		%	101.4		%	(9.8)		%
Policy acquisition costs and other insurance expenses	8.7		%	5.5		%	7.8		%	8.1		%	6.2		%	2.5		%	7.1		%	6.4		%	0.7		%
Other operating expenses	7.3		%	6.7		%	6.2		%	6.5		%	6.9		%	0.4		%	6.9		%	6.5		%	0.4		%


Foreign currency effect on (1):
Net premiums	$	(46)		$	(16)		$	—		$	22		$	47		$	(93)		$	(62)		$	73		$	(135)
Income (loss) before income taxes	$	(1)		$	1		$	—		$	(14)		$	(4)		$	3		$	—		$	(9)		$	9

Critical illness net premiums	$	36		$	39		$	42		$	46		$	44		$	(8)		$	75		$	86		$	(11)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) 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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2022			2022			2021			2021			2021			Quarter			2022			2021			Change
Revenues:
Net premiums	$	427		$	451		$	435		$	432		$	433		$	(6)		$	878		$	871		$	7
Net investment income	22			22			22			22			24			(2)			44			44			—
Other revenue	(2)			3			—			—			2			(4)			1			1			—
Total revenues	447			476			457			454			459			(12)			923			916			7

Benefits and expenses:
Claims and other policy benefits	377			427			464			482			414			(37)			804			883			(79)
Policy acquisition costs and other insurance expenses	37			25			34			35			27			10			62			56			6
Other operating expenses	31			30			27			28			30			1			61			57			4
Total benefits and expenses	445			482			525			545			471			(26)			927			996			(69)

Adjusted operating income (loss) before income taxes	$	2		$	(6)		$	(68)		$	(91)		$	(12)		$	14		$	(4)		$	(80)		$	76

Loss and expense ratios:
Claims and other policy benefits	88.3		%	94.7		%	106.7		%	111.6		%	95.6		%	(7.3)		%	91.6		%	101.4		%	(9.8)		%
Policy acquisition costs and other insurance expenses	8.7		%	5.5		%	7.8		%	8.1		%	6.2		%	2.5		%	7.1		%	6.4		%	0.7		%
Other operating expenses	7.3		%	6.7		%	6.2		%	6.5		%	6.9		%	0.4		%	6.9		%	6.5		%	0.4		%


Foreign currency effect on (1):
Net premiums	$	(46)		$	(16)		$	—		$	22		$	47		$	(93)		$	(62)		$	73		$	(135)
Adjusted operating income (loss) before income taxes	$	(1)		$	1		$	—		$	(14)		$	(4)		$	3		$	—		$	(9)		$	9

Critical illness net premiums	$	36		$	39		$	42		$	46		$	44		$	(8)		$	75		$	86		$	(11)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2022		2022		2021		2021		2021		Quarter		2022		2021		Change
Revenues:
Net premiums	$	119	$	128	$	91	$	96	$	84	$	35	$	247	$	163	$	84
Net investment income	33		35		56		51		50		(17)		68		98		(30)
Investment related gains (losses), net	(22)		16		8		23		2		(24)		(6)		18		(24)
Other revenue	4		3		2		4		3		1		7		6		1
Total revenues	134		182		157		174		139		(5)		316		285		31

Benefits and expenses:
Claims and other policy benefits	94		91		60		77		42		52		185		117		68
Interest credited	(8)		(9)		5		(2)		2		(10)		(17)		1		(18)
Policy acquisition costs and other insurance expenses	2		1		5		2		1		1		3		3		—
Other operating expenses	13		14		12		12		11		2		27		21		6
Total benefits and expenses	101		97		82		89		56		45		198		142		56

Income before income taxes	$	33	$	85	$	75	$	85	$	83	$	(50)	$	118	$	143	$	(25)

Foreign currency effect on (2):
Net premiums	$	(14)	$	(5)	$	1	$	5	$	9	$	(23)	$	(19)	$	15	$	(34)
Income before income taxes	$	(4)	$	(3)	$	1	$	5	$	10	$	(14)	$	(7)	$	15	$	(22)

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2022		2022		2021		2021		2021		Quarter		2022		2021		Change
Revenues:
Net premiums	$	119	$	128	$	91	$	96	$	84	$	35	$	247	$	163	$	84
Net investment income	47		50		51		51		48		(1)		97		96		1
Investment related gains (losses), net	5		4		3		2		2		3		9		1		8
Other revenue	4		3		2		4		3		1		7		6		1
Total revenues	175		185		147		153		137		38		360		266		94

Benefits and expenses:
Claims and other policy benefits	94		91		60		77		42		52		185		117		68
Interest credited	—		—		—		—		—		—		—		—		—
Policy acquisition costs and other insurance expenses	2		1		5		2		1		1		3		3		—
Other operating expenses	13		14		12		12		11		2		27		21		6
Total benefits and expenses	109		106		77		91		54		55		215		141		74

Adjusted operating income before income taxes	$	66	$	79	$	70	$	62	$	83	$	(17)	$	145	$	125	$	20

Foreign currency effect on (2):
Net premiums	$	(14)	$	(5)	$	1	$	5	$	9	$	(23)	$	(19)	$	15	$	(34)
Adjusted operating income before income taxes	$	(7)	$	(3)	$	1	$	4	$	9	$	(16)	$	(10)	$	13	$	(23)

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.


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2022			2022			2021			2021			2021			Quarter			2022			2021			Change
Revenues:
Net premiums	$	640		$	650		$	773		$	626		$	616		$	24		$	1,290		$	1,225		$	65
Net investment income	33			33			36			33			34			(1)			66			67			(1)
Investment related gains (losses), net	5			—			—			—			—			5			5			(1)			6
Other revenue	8			5			6			4			3			5			13			9			4
Total revenues	686			688			815			663			653			33			1,374			1,300			74

Benefits and expenses:
Claims and other policy benefits	537			542			667			682			578			(41)			1,079			1,096			(17)
Policy acquisition costs and other insurance expenses	42			47			44			31			41			1			89			84			5
Other operating expenses	49			48			47			46			46			3			97			91			6
Total benefits and expenses	628			637			758			759			665			(37)			1,265			1,271			(6)

Income (loss) before income taxes	$	58		$	51		$	57		$	(96)		$	(12)		$	70		$	109		$	29		$	80

Loss and expense ratios:
Claims and other policy benefits	83.9		%	83.4		%	86.3		%	108.9		%	93.8		%	(9.9)		%	83.6		%	89.5		%	(5.9)		%
Policy acquisition costs and other insurance expenses	6.6		%	7.2		%	5.7		%	5.0		%	6.7		%	(0.1)		%	6.9		%	6.9		%	—		%
Other operating expenses	7.7		%	7.4		%	6.1		%	7.3		%	7.5		%	0.2		%	7.5		%	7.4		%	0.1		%

Foreign currency effect on (1):
Net premiums	$	(38)		$	(23)		$	(13)		$	6		$	30		$	(68)		$	(61)		$	59		$	(120)
Income (loss) before income taxes	$	(5)		$	2		$	(2)		$	—		$	(1)		$	(4)		$	(3)		$	—		$	(3)

Critical illness net premiums	$	301		$	295		$	424		$	306		$	282		$	19		$	596		$	551		$	45

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) 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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2022			2022			2021			2021			2021			Quarter			2022			2021			Change
Revenues:
Net premiums	$	640		$	650		$	773		$	626		$	616		$	24		$	1,290		$	1,225		$	65
Net investment income	33			33			36			33			34			(1)			66			67			(1)
Investment related gains (losses), net	5			—			—			—			—			5			5			(1)			6
Other revenue	8			5			6			4			3			5			13			9			4
Total revenues	686			688			815			663			653			33			1,374			1,300			74

Benefits and expenses:
Claims and other policy benefits	537			542			667			682			578			(41)			1,079			1,096			(17)
Policy acquisition costs and other insurance expenses	42			47			44			31			41			1			89			84			5
Other operating expenses	49			48			47			46			46			3			97			91			6
Total benefits and expenses	628			637			758			759			665			(37)			1,265			1,271			(6)

Adjusted operating income (loss) before income taxes	$	58		$	51		$	57		$	(96)		$	(12)		$	70		$	109		$	29		$	80

Loss and expense ratios:
Claims and other policy benefits	83.9		%	83.4		%	86.3		%	108.9		%	93.8		%	(9.9)		%	83.6		%	89.5		%	(5.9)		%
Policy acquisition costs and other insurance expenses	6.6		%	7.2		%	5.7		%	5.0		%	6.7		%	(0.1)		%	6.9		%	6.9		%	—		%
Other operating expenses	7.7		%	7.4		%	6.1		%	7.3		%	7.5		%	0.2		%	7.5		%	7.4		%	0.1		%

Foreign currency effect on (1):
Net premiums	$	(38)		$	(23)		$	(13)		$	6		$	30		$	(68)		$	(61)		$	59		$	(120)
Adjusted operating income (loss) before income taxes	$	(4)		$	1		$	(2)		$	—		$	(1)		$	(3)		$	(3)		$	—		$	(3)

Critical illness net premiums	$	301		$	295		$	424		$	306		$	282		$	19		$	596		$	551		$	45

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2022		2022		2021		2021		2021		Quarter		2022		2021		Change
Revenues:
Net premiums	$	60	$	43	$	52	$	65	$	48	$	12	$	103	$	101	$	2
Net investment income	56		44		42		37		31		25		100		59		41
Investment related gains (losses), net	(113)		(81)		7		(15)		15		(128)		(194)		27		(221)
Other revenue	40		15		13		8		10		30		55		21		34
Total revenues	43		21		114		95		104		(61)		64		208		(144)

Benefits and expenses:
Claims and other policy benefits	59		41		47		52		42		17		100		88		12
Interest credited	22		20		15		12		15		7		42		30		12
Policy acquisition costs and other insurance expenses	22		12		15		19		11		11		34		22		12
Other operating expenses	6		4		4		6		5		1		10		9		1
Total benefits and expenses	109		77		81		89		73		36		186		149		37

Income (loss) before income taxes	$	(66)	$	(56)	$	33	$	6	$	31	$	(97)	$	(122)	$	59	$	(181)

Foreign currency effect on (2):
Net premiums	$	(8)	$	(3)	$	(2)	$	(1)	$	(1)	$	(7)	$	(11)	$	—	$	(11)
Income (loss) before income taxes	$	16	$	6	$	(2)	$	—	$	—	$	16	$	22	$	1	$	21

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.


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2022		2022		2021		2021		2021		Quarter		2022		2021		Change
Revenues:
Net premiums	$	60	$	43	$	52	$	65	$	48	$	12	$	103	$	101	$	2
Net investment income	56		44		42		37		31		25		100		59		41
Investment related gains, net	5		4		3		4		4		1		9		7		2
Other revenue	16		7		13		8		10		6		23		21		2
Total revenues	137		98		110		114		93		44		235		188		47

Benefits and expenses:
Claims and other policy benefits	59		41		47		52		42		17		100		88		12
Interest credited	22		20		15		12		15		7		42		30		12
Policy acquisition costs and other insurance expenses	22		12		15		19		11		11		34		22		12
Other operating expenses	6		4		4		6		5		1		10		9		1
Total benefits and expenses	109		77		81		89		73		36		186		149		37

Adjusted operating income before income taxes	$	28	$	21	$	29	$	25	$	20	$	8	$	49	$	39	$	10

Foreign currency effect on (2):
Net premiums	$	(8)	$	(3)	$	(2)	$	(1)	$	(1)	$	(7)	$	(11)	$	—	$	(11)
Adjusted operating income before income taxes	$	(1)	$	(1)	$	(2)	$	—	$	—	$	(1)	$	(2)	$	—	$	(2)

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.


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2022		2022		2021		2021		2021		Quarter		2022		2021		Change
Revenues:
Net investment income	$	92	$	53	$	46	$	52	$	48	$	44	$	145	$	206	$	(61)
Investment related gains (losses), net	(44)		3		33		42		64		(108)		(41)		337		(378)
Other revenue	(11)		1		11		15		29		(40)		(10)		39		(49)
Total revenues	37		57		90		109		141		(104)		94		582		(488)

Benefits and expenses:

Interest credited	6		6		1		1		1		5		12		2		10
Policy acquisition costs and other insurance income	(24)		(26)		(31)		(27)		(26)		2		(50)		(54)		4
Other operating expenses	74		65		98		75		86		(12)		139		156		(17)
Interest expense	42		42		(2)		41		43		(1)		84		88		(4)
Collateral finance and securitization expense	2		1		4		3		2		—		3		5		(2)
Total benefits and expenses	100		88		70		93		106		(6)		188		197		(9)

Income (loss) before income taxes	$	(63)	$	(31)	$	20	$	16	$	35	$	(98)	$	(94)	$	385	$	(479)

Foreign currency effect on (1):
Income (loss) before income taxes	$	2	$	—	$	1	$	2	$	6	$	(4)	$	2	$	8	$	(6)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) 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		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2022		2022		2021		2021		2021		Quarter		2022		2021		Change
Revenues:
Net investment income	$	92	$	53	$	46	$	52	$	48	$	44	$	145	$	206	$	(61)
Investment related gains, net	—		4		—		1		2		(2)		4		5		(1)
Other revenue	3		9		17		11		14		(11)		12		35		(23)
Total revenues	95		66		63		64		64		31		161		246		(85)

Benefits and expenses:

Interest credited	6		6		1		1		1		5		12		2		10
Policy acquisition costs and other insurance income	(24)		(26)		(31)		(27)		(26)		2		(50)		(54)		4
Other operating expenses	74		65		98		75		86		(12)		139		156		(17)
Interest expense	42		42		32		39		40		2		84		82		2
Collateral finance and securitization expense	2		1		4		3		2		—		3		5		(2)
Total benefits and expenses	100		88		104		91		103		(3)		188		191		(3)

Adjusted operating income (loss) before income taxes	$	(5)	$	(22)	$	(41)	$	(27)	$	(39)	$	34	$	(27)	$	55	$	(82)

Foreign currency effect on (1):
Adjusted operating income (loss) before income taxes	$	—	$	1	$	2	$	1	$	2	$	(2)	$	1	$	3	$	(2)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2022		2022		2021		2021		2021		Quarter		2022		2021		Change
U.S. and Latin America:
Traditional	$	209	$	(166)	$	(211)	$	(126)	$	135	$	74	$	43	$	(203)	$	246
Financial Solutions:
Asset Intensive	(11)		20		93		106		163		(174)		9		223		(214)
Capital Solutions	72		24		25		22		23		49		96		46		50
Total U.S. and Latin America	270		(122)		(93)		2		321		(51)		148		66		82
Canada:
Traditional	16		6		28		44		32		(16)		22		56		(34)
Financial Solutions	4		13		5		—		4		—		17		10		7
Total Canada	20		19		33		44		36		(16)		39		66		(27)
Europe, Middle East and Africa:
Traditional	2		(6)		(68)		(91)		(12)		14		(4)		(80)		76
Financial Solutions	33		85		75		85		83		(50)		118		143		(25)
Total Europe, Middle East and Africa	35		79		7		(6)		71		(36)		114		63		51
Asia Pacific:
Traditional	58		51		57		(96)		(12)		70		109		29		80
Financial Solutions	(66)		(56)		33		6		31		(97)		(122)		59		(181)
Total Asia Pacific	(8)		(5)		90		(90)		19		(27)		(13)		88		(101)
Corporate and Other	(63)		(31)		20		16		35		(98)		(94)		385		(479)
Consolidated income (loss) before income taxes	$	254	$	(60)	$	57	$	(34)	$	482	$	(228)	$	194	$	668	$	(474)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


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

	Three Months Ended										Current Qtr vs. PY Quarter		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,				June 30,		June 30,
	2022		2022		2021		2021		2021				2022		2021		Change
U.S. and Latin America:
Traditional	$	190	$	(181)	$	(215)	$	(121)	$	134	$	56	$	9	$	(210)	$	219
Financial Solutions:
Asset Intensive	66		75		73		93		126		(60)		141		175		(34)
Capital Solutions	72		24		25		22		23		49		96		46		50
Total U.S. and Latin America	328		(82)		(117)		(6)		283		45		246		11		235
Canada:
Traditional	24		5		29		44		34		(10)		29		57		(28)
Financial Solutions	4		13		5		—		4		—		17		10		7
Total Canada	28		18		34		44		38		(10)		46		67		(21)
Europe, Middle East and Africa:
Traditional	2		(6)		(68)		(91)		(12)		14		(4)		(80)		76
Financial Solutions	66		79		70		62		83		(17)		145		125		20
Total Europe, Middle East and Africa	68		73		2		(29)		71		(3)		141		45		96
Asia Pacific:
Traditional	58		51		57		(96)		(12)		70		109		29		80
Financial Solutions	28		21		29		25		20		8		49		39		10
Total Asia Pacific	86		72		86		(71)		8		78		158		68		90
Corporate and Other	(5)		(22)		(41)		(27)		(39)		34		(27)		55		(82)
Consolidated adjusted operating income (loss) before income taxes	$	505	$	59	$	(36)	$	(89)	$	361	$	144	$	564	$	246	$	318

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Cash and Invested Assets

	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2022		2022		2021		2021		2021
Fixed maturity securities, available-for-sale (1)	$	53,294	$	57,922	$	60,749	$	59,289	$	58,287
Equity securities	127		139		151		160		147
Mortgage loans on real estate	6,544		6,535		6,283		6,366		6,481
Policy loans	1,218		1,221		1,234		1,234		1,254
Funds withheld at interest	6,393		6,737		6,954		7,034		7,049
Short-term investments	272		315		87		82		184
Other invested assets	3,110		3,033		3,070		3,404		2,924
Cash and cash equivalents	2,556		2,709		2,948		3,027		3,254
Total cash and invested assets	$	73,514	$	78,611	$	81,476	$	80,596	$	79,580

(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”).


Investment Income and Yield Summary

	Three Months Ended															Current Qtr vs. PY Quarter		Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,					June 30,			June 30,
	2022			2022			2021			2021			2021					2022			2021			Change
Average invested assets at amortized cost (1)	$	34,859		$	35,271		$	34,325		$	33,361		$	33,587		$	1,272	$	34,852		$	33,266		$	1,586
Net investment income (1)	$	397		$	457		$	397		$	405		$	383		$	14	$	854		$	846		$	8
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.63		%	5.29		%	4.70		%	4.95		%	4.64		%	(1) bp		4.96		%	5.15		%	(19) bps
Variable investment income ("VII") (included in net investment income) (1)	$	70		$	141		$	91		$	102		$	78		$	(8)	$	211		$	240		$	(29)
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)	3.96		%	3.80		%	3.78		%	3.85		%	3.84		%	12 bps		3.88		%	3.82		%	6 bps

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


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities

	June 30, 2022
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	37,819	$	43	$	257	$	3,659	$	34,374	64.5	%
Canadian government	3,308		—		536		35		3,809		7.1	%
RMBS	1,004		—		8		62		950		1.8	%
ABS	4,091		5		3		307		3,782		7.1	%
CMBS	1,856		1		2		122		1,735		3.3	%
U.S. government	1,101		—		7		146		962		1.8	%
State and political subdivisions	1,202		—		21		107		1,116		2.1	%
Other foreign government	7,227		6		36		691		6,566		12.3	%
Total fixed maturity securities	$	57,608	$	55	$	870	$	5,129	$	53,294	100.0	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Corporate Fixed Maturity Securities by Industry

	June 30, 2022							December 31, 2021
	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	$	6,131	$	5,689	16.5	%	A-	$	5,792	$	6,163	16.2	%	A-
Brokerage/asset managers/exchanges	1,216		1,091		3.2	%	A-	1,073		1,145		3.0	%	A-
Finance companies	414		362		1.1	%	BBB	306		316		0.8	%	BBB+
Insurance	4,249		3,852		11.2	%	A-	3,987		4,383		11.5	%	A-
REITs	1,102		965		2.8	%	BBB+	987		1,022		2.7	%	BBB+
Other finance	896		744		2.2	%	A-	956		1,016		2.7	%	A-
Total financial institutions	$	14,008	$	12,703	37.0	%		$	13,101	$	14,045	36.9	%
Industrials
Basic	$	2,023	$	1,851	5.4	%	BBB	$	1,972	$	2,210	5.8	%	BBB
Capital goods	1,579		1,484		4.3	%	BBB	1,542		1,649		4.3	%	BBB
Communications	2,437		2,187		6.4	%	BBB	2,330		2,592		6.8	%	BBB
Consumer cyclical	1,953		1,758		5.1	%	BBB+	1,758		1,885		4.9	%	BBB+
Consumer noncyclical	4,411		4,022		11.7	%	BBB+	3,952		4,315		11.3	%	BBB+
Energy	2,064		1,878		5.5	%	BBB+	1,967		2,159		5.7	%	BBB+
Technology	1,632		1,522		4.4	%	BBB+	1,436		1,486		3.9	%	BBB+
Transportation	2,118		1,915		5.6	%	BBB+	2,050		2,192		5.8	%	BBB+
Other industrial	935		909		2.6	%	BBB	850		887		2.3	%	BBB
Total industrials	$	19,152	$	17,526	51.0	%		$	17,857	$	19,375	50.8	%
Utilities
Electric	$	3,618	$	3,217	9.3	%	A-	$	3,256	$	3,561	9.4	%	A-
Natural gas	603		529		1.5	%	A-	566		614		1.6	%	BBB+
Other utility	438		399		1.2	%	BBB+	459		508		1.3	%	BBB+
Total utilities	$	4,659	$	4,145	12.0	%		$	4,281	$	4,683	12.3	%
Total	$	37,819	$	34,374	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.


Ratings of Fixed Maturity Securities

		June 30, 2022						March 31, 2022						December 31, 2021						September 30, 2021						June 30, 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	$	33,989	$	31,782	59.6	%	$	34,434	$	34,741	60.0	%	$	33,540	$	36,725	60.5	%	$	32,444	$	35,554	60.0	%	$	31,394	$	34,862	59.8	%
2	BBB	19,851		18,011		33.8	%	19,691		19,574		33.8	%	18,684		20,379		33.5	%	18,025		19,814		33.4	%	17,948		19,896		34.1	%
3	BB	2,940		2,774		5.2	%	2,821		2,769		4.8	%	2,620		2,668		4.4	%	2,868		2,952		5.0	%	2,575		2,683		4.6	%
4	B	658		619		1.2	%	730		720		1.2	%	876		863		1.4	%	832		822		1.4	%	686		678		1.2	%
5	CCC	124		84		0.2	%	127		92		0.2	%	96		79		0.1	%	161		137		0.2	%	179		159		0.3	%
6	In or near default	46		24		—	%	46		26		—	%	57		35		0.1	%	17		10		—	%	15		9		—	%
	Total	$	57,608	$	53,294	100.0	%	$	57,849	$	57,922	100.0	%	$	55,873	$	60,749	100.0	%	$	54,347	$	59,289	100.0	%	$	52,797	$	58,287	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

	June 30, 2022						March 31, 2022						December 31, 2021						September 30, 2021						June 30, 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	$	519	$	498	7.7	%	$	538	$	537	8.3	%	$	551	$	582	8.4	%	$	594	$	631	9.2	%	$	623	$	667	9.9	%
Non-agency	485		452		7.0	%	445		429		6.6	%	469		468		6.8	%	571		578		8.4	%	700		710		10.5	%
Total RMBS	1,004		950		14.7	%	983		966		14.9	%	1,020		1,050		15.2	%	1,165		1,209		17.6	%	1,323		1,377		20.4	%
ABS:
Collateralized loan obligations ("CLOs")	1,714		1,622		25.1	%	1,659		1,630		25.1	%	1,761		1,752		25.4	%	1,841		1,838		26.8	%	1,722		1,720		25.6	%
ABS, excluding CLOs	2,377		2,160		33.4	%	2,256		2,116		32.5	%	2,263		2,253		32.6	%	1,922		1,941		28.3	%	1,745		1,762		26.2	%
Total ABS	4,091		3,782		58.5	%	3,915		3,746		57.6	%	4,024		4,005		58.0	%	3,763		3,779		55.1	%	3,467		3,482		51.8	%
CMBS	1,856		1,735		26.8	%	1,829		1,786		27.5	%	1,790		1,849		26.8	%	1,795		1,877		27.3	%	1,774		1,869		27.8	%
Total	$	6,951	$	6,467	100.0	%	$	6,727	$	6,498	100.0	%	$	6,834	$	6,904	100.0	%	$	6,723	$	6,865	100.0	%	$	6,564	$	6,728	100.0	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of June 30, 2022
	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	$	25,035	$	3,170	$	1,124	$	327	$	26,159	$	3,497
Canadian government	359		29		13		6		372		35
RMBS	631		39		122		23		753		62
ABS	2,850		244		640		45		3,490		289
CMBS	1,523		111		39		4		1,562		115
U.S. government	839		137		24		9		863		146
State and political subdivisions	789		100		27		7		816		107
Other foreign government	4,348		469		795		145		5,143		614
Total investment grade securities	$	36,374	$	4,299	$	2,784	$	566	$	39,158	$	4,865

Below investment grade securities:
Corporate	$	1,234	$	137	$	103	$	25	$	1,337	$	162
ABS	61		9		8		2		69		11
CMBS	29		3		11		1		40		4
Other foreign government	170		28		115		49		285		77
Total below investment grade securities	$	1,494	$	177	$	237	$	77	$	1,731	$	254
Total fixed maturity securities	$	37,868	$	4,476	$	3,021	$	643	$	40,889	$	5,119

(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, 2021
	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	$	4,135	$	86	$	946	$	51	$	5,081	$	137
Canadian government	20		1		—		—		20		1
RMBS	132		3		102		4		234		7
ABS	1,747		22		589		6		2,336		28
CMBS	152		2		35		2		187		4
U.S. government	1,513		6		31		2		1,544		8
State and political subdivisions	109		3		28		2		137		5
Other foreign government	2,237		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	136		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.


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Consolidated Investment Related Gains and Losses

	Three Months Ended										Current Qtr vs. PY Quarter		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,				June 30,		June 30,
	2022		2022		2021		2021		2021				2022		2021		Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses and impairments	$	(15)	$	(12)	$	(14)	$	(1)	$	5	$	(20)	$	(27)	$	3	$	(30)
Realized gains on investment activity	34		11		34		45		53		(19)		45		220		(175)
Realized losses on investment activity	(94)		(36)		(13)		(9)		(30)		(64)		(130)		(43)		(87)
Net gains (losses) on fixed maturity securities available-for-sale	(75)		(37)		7		35		28		(103)		(112)		180		(292)

Net gains (losses) on equity securities	(15)		(8)		(6)		8		20		(35)		(23)		23		(46)
Other impairment losses and change in mortgage loan allowance for credit losses	(1)		(2)		4		4		3		(4)		(3)		21		(24)
Change in fair value of certain limited partnership investments and other, net	19		26		24		27		32		(13)		45		143		(98)

Free-standing derivatives (1):
Interest rate swaps	(44)		(52)		7		(4)		33		(77)		(96)		(37)		(59)
Interest rate options	(6)		—		—		—		—		(6)		(6)		—		(6)
Financial futures	24		7		(5)		—		(9)		33		31		(19)		50
Foreign currency swaps	11		7		5		3		3		8		18		12		6
Foreign currency swaps - hedged	—		4		1		—		—		—		4		1		3
Foreign currency forwards	(76)		(23)		(9)		(2)		(1)		(75)		(99)		(9)		(90)
CPI swaps	(11)		29		13		12		3		(14)		18		21		(3)
Credit default swaps	(33)		(58)		13		(12)		12		(45)		(91)		32		(123)
Equity options	21		—		(15)		3		(11)		32		21		(21)		42
Total free-standing derivatives	(114)		(86)		10		—		30		(144)		(200)		(20)		(180)

Embedded derivatives:
Modified coinsurance and funds withheld treaties	(56)		(33)		20		21		16		(72)		(89)		66		(155)
GMXB	(12)		14		29		(37)		(17)		5		2		1		1
Total embedded derivatives	(68)		(19)		49		(16)		(1)		(67)		(87)		67		(154)

Net gains (losses) on total derivatives	(182)		(105)		59		(16)		29		(211)		(287)		47		(334)

Total investment related gains (losses), net	$	(254)	$	(126)	$	88	$	58	$	112	$	(366)	$	(380)	$	414	$	(794)

(1) Free-standing 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		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2022		2022		2021		2021		2021		Quarter		2022		2021		Change
U.S. & Latin America Traditional
Income (loss) before income taxes	$	209	$	(166)	$	(211)	$	(126)	$	135	$	74	$	43	$	(203)	$	246
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(19)		(15)		(4)		5		(1)		(18)		(34)		(7)		(27)
Adjusted operating income (loss) before income taxes	$	190	$	(181)	$	(215)	$	(121)	$	134	$	56	$	9	$	(210)	$	219

U.S. & Latin America Asset-Intensive
Income (loss) before income taxes	$	(11)	$	20	$	93	$	106	$	163	$	(174)	$	9	$	223	$	(214)
Investment and derivative (gains) losses (1)	6		46		9		(23)		(32)		38		52		36		16
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	75		48		(16)		(26)		(15)		90		123		(59)		182
GMXB embedded derivatives (1)	12		(14)		(29)		37		17		(5)		(2)		(1)		(1)
Funds withheld (gains) losses - investment income	3		2		—		—		(2)		5		5		(1)		6
EIA embedded derivatives - interest credited	(27)		(17)		(9)		(3)		(3)		(24)		(44)		(33)		(11)
DAC offset, net	7		(10)		26		2		(2)		9		(3)		10		(13)
Non-investment derivatives and other	1		—		(1)		—		—		1		1		—		1
Adjusted operating income before income taxes	$	66	$	75	$	73	$	93	$	126	$	(60)	$	141	$	175	$	(34)

U.S. & Latin America Capital Solutions
Income before income taxes	$	72	$	24	$	25	$	22	$	23	$	49	$	96	$	46	$	50
Adjusted operating income before income taxes	$	72	$	24	$	25	$	22	$	23	$	49	$	96	$	46	$	50

Canada Traditional
Income before income taxes	$	16	$	6	$	28	$	44	$	32	$	(16)	$	22	$	56	$	(34)
Investment and derivative (gains) losses (1)	8		(1)		2		—		1		7		7		1		6
Investment income - non-operating FWAI	—		—		(1)		—		1		(1)		—		—		—
Adjusted operating income before income taxes	$	24	$	5	$	29	$	44	$	34	$	(10)	$	29	$	57	$	(28)

Canada Financial Solutions
Income before income taxes	$	4	$	13	$	5	$	—	$	4	$	—	$	17	$	10	$	7
Adjusted operating income before income taxes	$	4	$	13	$	5	$	—	$	4	$	—	$	17	$	10	$	7

(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2022		2022		2021		2021		2021		Quarter		2022		2021		Change
Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	2	$	(6)	$	(68)	$	(91)	$	(12)	$	14	$	(4)	$	(80)	$	76
Adjusted operating income (loss) before income taxes	$	2	$	(6)	$	(68)	$	(91)	$	(12)	$	14	$	(4)	$	(80)	$	76

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	33	$	85	$	75	$	85	$	83	$	(50)	$	118	$	143	$	(25)
Investment and derivative (gains) losses (1)	27		(12)		(5)		(21)		—		27		15		(17)		32
Investment income - non-operating FWAI	6		6		—		(2)		—		6		12		(1)		13
Investment (income) loss on unit-linked variable annuities	8		9		(5)		2		(2)		10		17		(1)		18
Interest credited on unit-linked variable annuities	(8)		(9)		5		(2)		2		(10)		(17)		1		(18)
Adjusted operating income before income taxes	$	66	$	79	$	70	$	62	$	83	$	(17)	$	145	$	125	$	20

Asia Pacific Traditional
Income (loss) before income taxes	$	58	$	51	$	57	$	(96)	$	(12)	$	70	$	109	$	29	$	80
Adjusted operating income (loss) before income taxes	$	58	$	51	$	57	$	(96)	$	(12)	$	70	$	109	$	29	$	80

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	(66)	$	(56)	$	33	$	6	$	31	$	(97)	$	(122)	$	59	$	(181)
Investment and derivative (gains) losses (1)	118		85		(4)		19		(11)		129		203		(20)		223
Non-investment derivatives	(24)		(8)		—		—		—		(24)		(32)		—		(32)
Adjusted operating income before income taxes	$	28	$	21	$	29	$	25	$	20	$	8	$	49	$	39	$	10

Corporate and Other
Income (loss) before income taxes	$	(63)	$	(31)	$	20	$	16	$	35	$	(98)	$	(94)	$	385	$	(479)
Investment and derivative (gains) losses (1)	44		1		(33)		(41)		(62)		106		45		(332)		377
Interest expense on uncertain tax positions	—		—		(34)		2		3		(3)		—		6		(6)
Non-investment derivatives and other	14		8		6		(4)		(15)		29		22		(4)		26
Adjusted operating income (loss) before income taxes	$	(5)	$	(22)	$	(41)	$	(27)	$	(39)	$	34	$	(27)	$	55	$	(82)

(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.


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

	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2022		2022		2021		2021		2021

RGA, Inc. stockholders’ equity	$	5,839	$	9,182	$	13,014	$	12,885	$	13,444
Less effect of AOCI:
Accumulated currency translation adjustments	(39)		4		(9)		(50)		(20)
Unrealized appreciation of securities	(3,469)		(9)		3,701		3,704		4,133
Pension and postretirement benefits	(51)		(50)		(50)		(71)		(72)
RGA, Inc. stockholders’ equity, excluding AOCI	$	9,398	$	9,237	$	9,372	$	9,302	$	9,403



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

	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2022		2022		2021		2021		2021

Book value per share	$	87.14	$	137.08	$	193.75	$	190.60	$	197.72
Less effect of AOCI:
Accumulated currency translation adjustments	(0.58)		0.06		(0.13)		(0.75)		(0.29)
Unrealized appreciation of securities	(51.78)		(0.13)		55.09		54.80		60.78
Pension and postretirement benefits	(0.76)		(0.74)		(0.74)		(1.05)		(1.06)
Book value per share, excluding AOCI	$	140.26	$	137.89	$	139.53	$	137.60	$	138.29