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)	Sept. 30,			June 30,				March 31,			Dec. 31,			Sept. 30,						Sept. 30,		Sept. 30,
	2022			2022				2022			2021			2021						2022		2021		Change
Net premiums	$	3,247		$	3,230			$	3,155		$	3,407		$	3,094		$	153		$	9,632	$	9,106	$	526
Net income (loss) available to RGA's shareholders	284			198				(63)			156			(22)			306			419		461		(42)
Adjusted operating income (loss)	352			391				32			(38)			(75)			427			775		115		660
Return on equity - annualized	23.9		%	10.6		%		(2.3)		%	4.8		%	(0.7)		%	24.6		%
Return on equity - trailing 12 months	6.4		%	2.5		%		3.4		%	4.7		%	4.5		%	1.9		%
Adjusted operating return on equity (ex AOCI) - annualized	14.8		%	16.8		%		1.4		%	(1.6)		%	(3.2)		%	18.0		%
Adjusted operating return on equity (ex AOCI) - trailing 12 months	7.9		%	3.3		%		2.1		%	0.8		%	2.1		%	5.8		%
Total assets	$	82,705		$	84,609			$	89,761		$	92,175		$	91,449		$	(8,744)
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,662.7		$	1,650.5			$	1,645.1		$	1,628.4		$	1,619.9		$	42.8
U.S. and Latin America Financial Solutions	5.3			5.3				5.3			5.3			5.3			—
Canada Traditional	448.7			477.2				484.5			472.6			463.1			(14.4)
Europe, Middle East and Africa Traditional	671.3			756.4				850.7			861.6			852.8			(181.5)
Asia Pacific Traditional	479.4			486.1				508.4			497.4			526.0			(46.6)
Asia Pacific Financial Solutions	5.2			5.4			(1)	1.1			1.7			1.5			3.7
Total assumed life reinsurance in force	$	3,272.6		$	3,380.9			$	3,495.1		$	3,467.0		$	3,468.6		$	(196.0)
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	37.3		$	32.7			$	39.5		$	32.4		$	33.9		$	3.4		$	109.5	$	98.1	$	11.4
U.S. and Latin America Financial Solutions	—			—				—			—			—			—			—		—		—
Canada Traditional	10.8			12.8				12.7			14.6			11.5			(0.7)			36.3		34.2		2.1
Europe, Middle East and Africa Traditional	38.2			45.1				50.5			51.0			32.0			6.2			133.8		147.4		(13.6)
Asia Pacific Traditional	14.4			5.7				16.6			8.6			7.1			7.3			36.7		25.6		11.1
Asia Pacific Financial Solutions	—			—				0.1			0.1			—			—			0.1		0.1		—
Total assumed new business production	$	100.7		$	96.3			$	119.4		$	106.7		$	84.5		$	16.2		$	316.4	$	305.4	$	11.0
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income (loss)	$	4.24		$	2.95			$	(0.93)		$	2.32		$	(0.32)		$	4.56		$	6.25	$	6.79	$	(0.54)
Adjusted operating income (loss)	$	5.26		$	5.83			$	0.48		$	(0.56)		$	(1.11)		$	6.37		$	11.56	$	1.69	$	9.87
Diluted earnings per share (2)
Net income (loss) (2)	$	4.19		$	2.92			$	(0.93)		$	2.30		$	(0.32)		$	4.51		$	6.19	$	6.74	$	(0.55)
Adjusted operating income (loss) (2)	$	5.20		$	5.78			$	0.47		$	(0.56)		$	(1.11)		$	6.31		$	11.46	$	1.68	$	9.78
Wgt. average common shares outstanding
Basic	66,936			66,996				67,104			67,380			67,916			(980)			67,012		67,960		(948)
Diluted	67,663			67,620				67,649			67,930			68,417			(754)			67,607		68,416		(809)

Common shares issued	85,311			85,311				85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	18,484			18,304				18,323			18,140			17,711			773			18,484		17,711		773
Common shares outstanding	66,827			67,007				66,988			67,171			67,600			(773)			66,827		67,600		(773)

Book value per share	$	54.66		$	87.14			$	137.08		$	193.75		$	190.60		$	(135.94)
Per share effect of AOCI	$	(89.25)		$	(53.12)			$	(0.81)		$	54.22		$	53.00		$	(142.25)
Book value per share, excluding AOCI	$	143.91		$	140.26			$	137.89		$	139.53		$	137.60		$	6.31

Stockholders’ dividends paid	$	54		$	49			$	49		$	49		$	50		$	4		$	152	$	145	$	7
(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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2022		2022		2022		2021		2021		Quarter		2022		2021		Change
Revenues:
Net premiums	$	3,247	$	3,230	$	3,155	$	3,407	$	3,094	$	153	$	9,632	$	9,106	$	526
Net investment income	769		754		810		771		796		(27)		2,333		2,367		(34)
Investment related gains (losses), net	(134)		(254)		(126)		88		58		(192)		(514)		472		(986)
Other revenue	184		157		91		93		95		89		432		354		78
Total revenues	4,066		3,887		3,930		4,359		4,043		23		11,883		12,299		(416)
Benefits and expenses:
Claims and other policy benefits	2,815		2,815		3,225		3,482		3,289		(474)		8,855		9,294		(439)
Interest credited	189		138		141		159		177		12		468		541		(73)
Policy acquisition costs and other insurance expenses	396		393		355		406		338		58		1,144		1,010		134
Other operating expenses	251		243		226		253		229		22		720		683		37
Interest expense	46		42		42		(2)		41		5		130		129		1
Collateral finance and securitization expense	3		2		1		4		3		—		6		8		(2)
Total benefits and expenses	3,700		3,633		3,990		4,302		4,077		(377)		11,323		11,665		(342)
Income (loss) before income taxes	366		254		(60)		57		(34)		400		560		634		(74)
Provision for income taxes	81		55		3		(99)		(12)		93		139		173		(34)
Net income (loss)	285		199		(63)		156		(22)		307		421		461		(40)
Net income attributable to noncontrolling interest	1		1		—		—		—		1		2		—		2
Net income (loss) available to RGA's shareholders	$	284	$	198	$	(63)	$	156	$	(22)	$	306	$	419	$	461	$	(42)

Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes	$	366	$	254	$	(60)	$	57	$	(34)	$	400	$	560	$	634	$	(74)
Investment and derivative (gains) losses (1)	153		203		119		(31)		(66)		219		475		(398)		873
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	17		56		33		(20)		(21)		38		106		(87)		193
GMXB embedded derivatives (1)	(21)		12		(14)		(29)		37		(58)		(23)		36		(59)
Funds withheld (gains) losses - investment income	5		9		8		(1)		(2)		7		22		(4)		26
EIA embedded derivatives - interest credited	(10)		(27)		(17)		(9)		(3)		(7)		(54)		(36)		(18)
DAC offset, net	12		7		(10)		26		2		10		9		12		(3)
Investment (income) loss on unit-linked variable annuities	5		8		9		(5)		2		3		22		1		21
Interest credited on unit-linked variable annuities	(5)		(8)		(9)		5		(2)		(3)		(22)		(1)		(21)
Interest expense on uncertain tax positions	1		—		—		(34)		2		(1)		1		8		(7)
Non-investment derivatives and other	(71)		(9)		—		5		(4)		(67)		(80)		(8)		(72)
Adjusted operating income (loss) before income taxes	$	452	$	505	$	59	$	(36)	$	(89)	$	541	$	1,016	$	157	$	859

(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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2022		2022		2022		2021		2021		Quarter		2022		2021		Change
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA	$	284	$	198	$	(63)	$	156	$	(22)	$	306	$	419	$	461	$	(42)
Investment and derivative (gains) losses (1)	119		152		94		(25)		(52)		171		365		(313)		678
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	14		44		26		(16)		(17)		31		84		(69)		153
GMXB embedded derivatives (1)	(16)		9		(11)		(22)		29		(45)		(18)		28		(46)
Funds withheld (gains) losses - investment income	4		7		6		(1)		(1)		5		17		(3)		20
EIA embedded derivatives - interest credited	(8)		(22)		(13)		(8)		(2)		(6)		(43)		(28)		(15)
DAC offset, net	9		6		(8)		21		1		8		7		9		(2)
Investment (income) loss on unit-linked variable annuities	4		6		7		(4)		2		2		17		1		16
Interest credited on unit-linked variable annuities	(4)		(6)		(7)		4		(2)		(2)		(17)		(1)		(16)
Interest expense on uncertain tax positions	1		—		—		(27)		1		—		1		6		(5)
Non-investment derivatives and other	(56)		(7)		—		4		(3)		(53)		(63)		(6)		(57)
Uncertain tax positions and other tax related items	—		3		1		(120)		(9)		9		4		30		(26)
Net income attributable to noncontrolling interest	1		1		—		—		—		1		2		—		2
Adjusted operating income (loss)	$	352	$	391	$	32	$	(38)	$	(75)	$	427	$	775	$	115	$	660

Diluted earnings per share - adjusted operating income (loss) (2)	$	5.20	$	5.78	$	0.47	$	(0.56)	$	(1.11)	$	6.31	$	11.46	$	1.68	$	9.78

Foreign currency effect on (3):
Net premiums	$	(160)	$	(119)	$	(47)	$	(3)	$	51	$	(211)	$	(326)	$	253	$	(579)
Adjusted operating income (loss) before income taxes	$	(13)	$	(14)	$	(1)	$	—	$	(7)	$	(6)	$	(28)	$	4	$	(32)


(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)
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2022		2022		2022		2021		2021
Assets
Fixed maturity securities, available-for-sale	$	50,495	$	53,294	$	57,922	$	60,749	$	59,289
Equity securities	137		127		139		151		160
Mortgage loans	6,558		6,544		6,535		6,283		6,366
Policy loans	1,202		1,218		1,221		1,234		1,234
Funds withheld at interest	6,177		6,393		6,737		6,954		7,034
Short-term investments	225		272		315		87		82
Other invested assets	3,246		3,110		3,033		3,070		3,404
Total investments	68,040		70,958		75,902		78,528		77,569
Cash and cash equivalents	3,512		2,556		2,709		2,948		3,027
Accrued investment income	628		572		578		533		574
Premiums receivable and other reinsurance balances	2,820		2,884		2,883		2,888		3,013
Reinsurance ceded receivables	2,456		2,558		2,595		2,580		2,585
Deferred policy acquisition costs	3,887		3,856		3,797		3,690		3,687
Other assets	1,362		1,225		1,297		1,008		994
Total assets	$	82,705	$	84,609	$	89,761	$	92,175	$	91,449

Liabilities and equity
Future policy benefits	$	33,715	$	34,833	$	35,946	$	35,782	$	35,666
Interest-sensitive contract liabilities	30,286		29,023		28,083		26,377		26,017
Other policy claims and benefits	6,249		6,464		7,079		6,993		7,117
Other reinsurance balances	909		582		582		613		543
Deferred income taxes	686		1,060		1,843		2,886		2,407
Other liabilities	2,910		2,899		3,123		2,663		3,327
Long-term debt	4,207		3,667		3,667		3,667		3,173
Collateral finance and securitization notes	—		152		166		180		314
Total liabilities	78,962		78,680		80,489		79,161		78,564

Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,493		2,478		2,465		2,461		2,447
Retained earnings	8,820		8,592		8,446		8,563		8,458
Treasury stock	(1,697)		(1,673)		(1,675)		(1,653)		(1,604)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	(216)		(39)		4		(9)		(50)
Unrealized appreciation of securities, net of income taxes	(5,697)		(3,469)		(9)		3,701		3,704
Pension and postretirement benefits, net of income taxes	(51)		(51)		(50)		(50)		(71)
Total RGA, Inc. stockholders’ equity	3,653		5,839		9,182		13,014		12,885
Noncontrolling interest	90		90		90		—		—
Total equity	3,743		5,929		9,272		13,014		12,885
Total liabilities and equity	$	82,705	$	84,609	$	89,761	$	92,175	$	91,449
Total RGA, Inc. stockholders’ equity, excluding AOCI	$	9,617	$	9,398	$	9,237	$	9,372	$	9,302

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
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2022			2022			2022			2021			2021			Quarter			2022			2021			Change
Revenues:
Net premiums	$	1,640		$	1,631		$	1,541		$	1,697		$	1,550		$	90		$	4,812		$	4,547		$	265
Net investment income	214			209			304			245			245			(31)			727			685			42
Investment related gains (losses), net	8			19			15			4			(5)			13			42			2			40
Other revenue	5			9			7			4			5			—			21			14			7
Total revenues	1,867			1,868			1,867			1,950			1,795			72			5,602			5,248			354

Benefits and expenses:
Claims and other policy benefits	1,398			1,389			1,765			1,892			1,670			(272)			4,552			4,828			(276)
Interest credited	18			17			17			18			17			1			52			52			—
Policy acquisition costs and other insurance expenses	203			208			208			209			195			8			619			583			36
Other operating expenses	44			45			43			42			39			5			132			114			18
Total benefits and expenses	1,663			1,659			2,033			2,161			1,921			(258)			5,355			5,577			(222)

Income (loss) before income taxes	$	204		$	209		$	(166)		$	(211)		$	(126)		$	330		$	247		$	(329)		$	576

Loss and expense ratios:
Claims and other policy benefits	85.2		%	85.2		%	114.5		%	111.5		%	107.7		%	(22.5)		%	94.6		%	106.2		%	(11.6)		%
Policy acquisition costs and other insurance expenses	12.4		%	12.8		%	13.5		%	12.3		%	12.6		%	(0.2)		%	12.9		%	12.8		%	0.1		%
Other operating expenses	2.7		%	2.8		%	2.8		%	2.5		%	2.5		%	0.2		%	2.7		%	2.5		%	0.2		%

Foreign currency effect on (1):
Net premiums	$	—		$	1		$	—		$	—		$	2		$	(2)		$	1		$	3		$	(2)
Income (loss) before income taxes	$	—		$	—		$	—		$	1		$	(1)		$	1		$	—		$	(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
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,			Sept. 30,
	2022			2022			2022			2021			2021			Quarter			2022			2021			Change
Revenues:
Net premiums	$	1,640		$	1,631		$	1,541		$	1,697		$	1,550		$	90		$	4,812		$	4,547		$	265
Net investment income	214			209			304			245			245			(31)			727			685			42
Other revenue	5			9			7			4			5			—			21			14			7
Total revenues	1,859			1,849			1,852			1,946			1,800			59			5,560			5,246			314

Benefits and expenses:
Claims and other policy benefits	1,398			1,389			1,765			1,892			1,670			(272)			4,552			4,828			(276)
Interest credited	18			17			17			18			17			1			52			52			—
Policy acquisition costs and other insurance expenses	203			208			208			209			195			8			619			583			36
Other operating expenses	44			45			43			42			39			5			132			114			18
Total benefits and expenses	1,663			1,659			2,033			2,161			1,921			(258)			5,355			5,577			(222)

Adjusted operating income (loss) before income taxes	$	196		$	190		$	(181)		$	(215)		$	(121)		$	317		$	205		$	(331)		$	536

Loss and expense ratios:
Claims and other policy benefits	85.2		%	85.2		%	114.5		%	111.5		%	107.7		%	(22.5)		%	94.6		%	106.2		%	(11.6)		%
Policy acquisition costs and other insurance expenses	12.4		%	12.8		%	13.5		%	12.3		%	12.6		%	(0.2)		%	12.9		%	12.8		%	0.1		%
Other operating expenses	2.7		%	2.8		%	2.8		%	2.5		%	2.5		%	0.2		%	2.7		%	2.5		%	0.2		%

Foreign currency effect on (1):
Net premiums	$	—		$	1		$	—		$	—		$	2		$	(2)		$	1		$	3		$	(2)
Adjusted operating income (loss) before income taxes	$	—		$	—		$	—		$	1		$	(1)		$	1		$	—		$	(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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2022		2022		2022		2021		2021		Quarter		2022		2021		Change
Revenues:
Net premiums	$	13	$	14	$	15	$	13	$	14	$	(1)	$	42	$	42	$	—
Net investment income	270		251		262		264		290		(20)		783		823		(40)
Investment related gains (losses), net	(22)		(93)		(80)		36		12		(34)		(195)		36		(231)
Other revenue	29		31		27		26		31		(2)		87		142		(55)
Total revenues	290		203		224		339		347		(57)		717		1,043		(326)

Benefits and expenses:
Claims and other policy benefits	42		42		48		37		48		(6)		132		129		3
Interest credited	130		101		107		120		149		(19)		338		445		(107)
Policy acquisition costs and other insurance expenses	58		59		40		79		34		24		157		113		44
Other operating expenses	12		12		9		10		10		2		33		27		6
Total benefits and expenses	242		214		204		246		241		1		660		714		(54)

Income (loss) before income taxes	$	48	$	(11)	$	20	$	93	$	106	$	(58)	$	57	$	329	$	(272)

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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2022		2022		2022		2021		2021		Quarter		2022		2021		Change
Revenues:
Net premiums	$	13	$	14	$	15	$	13	$	14	$	(1)	$	42	$	42	$	—
Net investment income	270		254		264		264		290		(20)		788		822		(34)
Other revenue	29		32		27		25		31		(2)		88		142		(54)
Total revenues	312		300		306		302		335		(23)		918		1,006		(88)

Benefits and expenses:
Claims and other policy benefits	42		42		48		37		48		(6)		132		129		3
Interest credited	140		128		124		129		152		(12)		392		481		(89)
Policy acquisition costs and other insurance expenses	46		52		50		53		32		14		148		101		47
Other operating expenses	12		12		9		10		10		2		33		27		6
Total benefits and expenses	240		234		231		229		242		(2)		705		738		(33)

Adjusted operating income before income taxes	$	72	$	66	$	75	$	73	$	93	$	(21)	$	213	$	268	$	(55)

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)	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
	2022			2022			2022			2021			2021
Annuity account values:
Fixed annuities (deferred)	$	12,408		$	12,084		$	11,693		$	11,858		$	11,997

Net interest spread (fixed annuities)	1.5		%	1.3		%	2.0		%	1.4		%	1.7		%

Equity-indexed annuities	$	2,952		$	3,017		$	3,114		$	3,213		$	3,293

Variable annuities account values
No riders	$	642		$	705		$	786		$	844		$	827
GMDB only	802			811			891			960			968
GMIB only	19			20			23			25			25
GMAB only	2			2			3			3			3
GMWB only	833			916			1,035			1,130			1,110
GMDB / WB	158			174			240			264			261
Other	15			16			18			19			19
Total variable annuities account values	$	2,471		$	2,644		$	2,996		$	3,245		$	3,213

Fair value of liabilities associated with living benefit riders	$	139		$	160		$	148		$	162		$	191

Interest-sensitive contract liabilities associated with:

Guaranteed investment contracts	$	623		$	712		$	656		$	656		$	827

Bank-owned life insurance (BOLI)	$	2,508		$	2,505		$	2,499		$	2,492		$	2,480

Other asset-intensive business	$	111		$	112		$	114		$	115		$	117

Future policy benefits associated with:

Payout annuities	$	4,081		$	4,160		$	4,218		$	4,274		$	4,329


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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2022		2022		2022		2021		2021		Quarter		2022		2021		Change
Revenues:
Net investment income	$	—	$	1	$	1	$	—	$	1	$	(1)	$	2	$	2	$	—
Other revenue	25		74		27		28		26		(1)		126		80		46
Total revenues	25		75		28		28		27		(2)		128		82		46

Benefits and expenses:
Policy acquisition costs and other insurance expenses	—		1		1		—		2		(2)		2		4		(2)
Other operating expenses	3		2		3		3		3		—		8		10		(2)
Total benefits and expenses	3		3		4		3		5		(2)		10		14		(4)

Income before income taxes	$	22	$	72	$	24	$	25	$	22	$	—	$	118	$	68	$	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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2022		2022		2022		2021		2021		Quarter		2022		2021		Change
Revenues:
Net investment income	$	—	$	1	$	1	$	—	$	1	$	(1)	$	2	$	2	$	—
Other revenue	25		74		27		28		26		(1)		126		80		46
Total revenues	25		75		28		28		27		(2)		128		82		46

Benefits and expenses:
Policy acquisition costs and other insurance expenses	—		1		1		—		2		(2)		2		4		(2)
Other operating expenses	3		2		3		3		3		—		8		10		(2)
Total benefits and expenses	3		3		4		3		5		(2)		10		14		(4)

Adjusted operating income before income taxes	$	22	$	72	$	24	$	25	$	22	$	—	$	118	$	68	$	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
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2022			2022			2022			2021			2021			Quarter			2022			2021			Change
Revenues:
Net premiums	$	293		$	314		$	304		$	324		$	289		$	4		$	911		$	870		$	41
Net investment income	63			58			55			60			65			(2)			176			188			(12)
Investment related gains (losses), net	2			(6)			1			—			1			1			(3)			3			(6)
Other revenue	—			1			2			1			(1)			1			3			2			1
Total revenues	358			367			362			385			354			4			1,087			1,063			24

Benefits and expenses:
Claims and other policy benefits	270			295			300			298			255			15			865			798			67
Policy acquisition costs and other insurance expenses	46			46			46			50			46			—			138			137			1
Other operating expenses	10			10			10			9			9			1			30			28			2
Total benefits and expenses	326			351			356			357			310			16			1,033			963			70

Income before income taxes	$	32		$	16		$	6		$	28		$	44		$	(12)		$	54		$	100		$	(46)

Loss and expense ratios:
Claims and other policy benefits	92.2		%	93.9		%	98.7		%	92.0		%	88.2		%	4.0		%	95.0		%	91.7		%	3.3		%
Policy acquisition costs and other insurance expenses	15.7		%	14.6		%	15.1		%	15.4		%	15.9		%	(0.2)		%	15.1		%	15.7		%	(0.6)		%
Other operating expenses	3.4		%	3.2		%	3.3		%	2.8		%	3.1		%	0.3		%	3.3		%	3.2		%	0.1		%

Foreign currency effect on (1):
Net premiums	$	(11)		$	(13)		$	—		$	10		$	16		$	(27)		$	(24)		$	66		$	(90)
Income before income taxes	$	(1)		$	(1)		$	—		$	—		$	3		$	(4)		$	(2)		$	6		$	(8)

Creditor reinsurance net premiums	$	18		$	20		$	18		$	19		$	19		$	(1)		$	56		$	55		$	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
Canada Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2022			2022			2022			2021			2021			Quarter			2022			2021			Change
Revenues:
Net premiums	$	293		$	314		$	304		$	324		$	289		$	4		$	911		$	870		$	41
Net investment income	64			58			55			59			65			(1)			177			188			(11)
Investment related gains, net	2			2			—			2			1			1			4			4			—
Other revenue	—			1			2			1			(1)			1			3			2			1
Total revenues	359			375			361			386			354			5			1,095			1,064			31

Benefits and expenses:
Claims and other policy benefits	270			295			300			298			255			15			865			798			67
Policy acquisition costs and other insurance expenses	46			46			46			50			46			—			138			137			1
Other operating expenses	10			10			10			9			9			1			30			28			2
Total benefits and expenses	326			351			356			357			310			16			1,033			963			70

Adjusted operating income before income taxes	$	33		$	24		$	5		$	29		$	44		$	(11)		$	62		$	101		$	(39)

Loss and expense ratios:
Claims and other policy benefits	92.2		%	93.9		%	98.7		%	92.0		%	88.2		%	4.0		%	95.0		%	91.7		%	3.3		%
Policy acquisition costs and other insurance expenses	15.7		%	14.6		%	15.1		%	15.4		%	15.9		%	(0.2)		%	15.1		%	15.7		%	(0.6)		%
Other operating expenses	3.4		%	3.2		%	3.3		%	2.8		%	3.1		%	0.3		%	3.3		%	3.2		%	0.1		%

Foreign currency effect on (1):
Net premiums	$	(11)		$	(13)		$	—		$	10		$	16		$	(27)		$	(24)		$	66		$	(90)
Adjusted operating income before income taxes	$	(1)		$	(1)		$	—		$	—		$	3		$	(4)		$	(2)		$	6		$	(8)

Creditor reinsurance net premiums	$	18		$	20		$	18		$	19		$	19		$	(1)		$	56		$	55		$	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
Canada Financial Solutions (1)
GAAP Income Statements
(USD millions)

	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2022		2022		2022		2021		2021		Quarter		2022		2021		Change
Revenues:
Net premiums	$	24	$	25	$	23	$	22	$	22	$	2	$	72	$	68	$	4
Net investment income	1		(1)		1		—		—		1		1		—		1
Other revenue	2		3		1		2		3		(1)		6		9		(3)
Total revenues	27		27		25		24		25		2		79		77		2

Benefits and expenses:
Claims and other policy benefits	21		22		11		17		23		(2)		54		62		(8)
Policy acquisition costs and other insurance expenses	1		—		1		1		1		—		2		2		—
Other operating expenses	1		1		—		1		1		—		2		3		(1)
Total benefits and expenses	23		23		12		19		25		(2)		58		67		(9)

Income before income taxes	$	4	$	4	$	13	$	5	$	—	$	4	$	21	$	10	$	11

Foreign currency effect on (2):
Net premiums	$	(1)	$	(1)	$	—	$	1	$	1	$	(2)	$	(2)	$	5	$	(7)
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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2022		2022		2022		2021		2021		Quarter		2022		2021		Change
Revenues:
Net premiums	$	24	$	25	$	23	$	22	$	22	$	2	$	72	$	68	$	4
Net investment income	1		(1)		1		—		—		1		1		—		1
Other revenue	2		3		1		2		3		(1)		6		9		(3)
Total revenues	27		27		25		24		25		2		79		77		2

Benefits and expenses:
Claims and other policy benefits	21		22		11		17		23		(2)		54		62		(8)
Policy acquisition costs and other insurance expenses	1		—		1		1		1		—		2		2		—
Other operating expenses	1		1		—		1		1		—		2		3		(1)
Total benefits and expenses	23		23		12		19		25		(2)		58		67		(9)

Adjusted operating income before income taxes	$	4	$	4	$	13	$	5	$	—	$	4	$	21	$	10	$	11

Foreign currency effect on (2):
Net premiums	$	(1)	$	(1)	$	—	$	1	$	1	$	(2)	$	(2)	$	5	$	(7)
Adjusted operating income before income taxes	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	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
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2022			2022			2022			2021			2021			Quarter			2022			2021			Change
Revenues:
Net premiums	$	436		$	427		$	451		$	435		$	432		$	4		$	1,314		$	1,303		$	11
Net investment income	21			22			22			22			22			(1)			65			66			(1)
Other revenue	—			(2)			3			—			—			—			1			1			—
Total revenues	457			447			476			457			454			3			1,380			1,370			10

Benefits and expenses:
Claims and other policy benefits	394			377			427			464			482			(88)			1,198			1,365			(167)
Policy acquisition costs and other insurance expenses	32			37			25			34			35			(3)			94			91			3
Other operating expenses	30			31			30			27			28			2			91			85			6
Total benefits and expenses	456			445			482			525			545			(89)			1,383			1,541			(158)

Income (loss) before income taxes	$	1		$	2		$	(6)		$	(68)		$	(91)		$	92		$	(3)		$	(171)		$	168

Loss and expense ratios:
Claims and other policy benefits	90.4		%	88.3		%	94.7		%	106.7		%	111.6		%	(21.2)		%	91.2		%	104.8		%	(13.6)		%
Policy acquisition costs and other insurance expenses	7.3		%	8.7		%	5.5		%	7.8		%	8.1		%	(0.8)		%	7.2		%	7.0		%	0.2		%
Other operating expenses	6.9		%	7.3		%	6.7		%	6.2		%	6.5		%	0.4		%	6.9		%	6.5		%	0.4		%


Foreign currency effect on (1):
Net premiums	$	(68)		$	(46)		$	(16)		$	—		$	22		$	(90)		$	(130)		$	95		$	(225)
Income (loss) before income taxes	$	(1)		$	(1)		$	1		$	—		$	(14)		$	13		$	(1)		$	(23)		$	22

Critical illness net premiums	$	41		$	36		$	39		$	42		$	46		$	(5)		$	116		$	132		$	(16)

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
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2022			2022			2022			2021			2021			Quarter			2022			2021			Change
Revenues:
Net premiums	$	436		$	427		$	451		$	435		$	432		$	4		$	1,314		$	1,303		$	11
Net investment income	21			22			22			22			22			(1)			65			66			(1)
Other revenue	—			(2)			3			—			—			—			1			1			—
Total revenues	457			447			476			457			454			3			1,380			1,370			10

Benefits and expenses:
Claims and other policy benefits	394			377			427			464			482			(88)			1,198			1,365			(167)
Policy acquisition costs and other insurance expenses	32			37			25			34			35			(3)			94			91			3
Other operating expenses	30			31			30			27			28			2			91			85			6
Total benefits and expenses	456			445			482			525			545			(89)			1,383			1,541			(158)

Adjusted operating income (loss) before income taxes	$	1		$	2		$	(6)		$	(68)		$	(91)		$	92		$	(3)		$	(171)		$	168

Loss and expense ratios:
Claims and other policy benefits	90.4		%	88.3		%	94.7		%	106.7		%	111.6		%	(21.2)		%	91.2		%	104.8		%	(13.6)		%
Policy acquisition costs and other insurance expenses	7.3		%	8.7		%	5.5		%	7.8		%	8.1		%	(0.8)		%	7.2		%	7.0		%	0.2		%
Other operating expenses	6.9		%	7.3		%	6.7		%	6.2		%	6.5		%	0.4		%	6.9		%	6.5		%	0.4		%


Foreign currency effect on (1):
Net premiums	$	(68)		$	(46)		$	(16)		$	—		$	22		$	(90)		$	(130)		$	95		$	(225)
Adjusted operating income (loss) before income taxes	$	(1)		$	(1)		$	1		$	—		$	(14)		$	13		$	(1)		$	(23)		$	22

Critical illness net premiums	$	41		$	36		$	39		$	42		$	46		$	(5)		$	116		$	132		$	(16)

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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2022		2022		2022		2021		2021		Quarter		2022		2021		Change
Revenues:
Net premiums	$	112	$	119	$	128	$	91	$	96	$	16	$	359	$	259	$	100
Net investment income	37		33		35		56		51		(14)		105		149		(44)
Investment related gains (losses), net	(9)		(22)		16		8		23		(32)		(15)		41		(56)
Other revenue	2		4		3		2		4		(2)		9		10		(1)
Total revenues	142		134		182		157		174		(32)		458		459		(1)

Benefits and expenses:
Claims and other policy benefits	104		94		91		60		77		27		289		194		95
Interest credited	(5)		(8)		(9)		5		(2)		(3)		(22)		(1)		(21)
Policy acquisition costs and other insurance expenses	1		2		1		5		2		(1)		4		5		(1)
Other operating expenses	11		13		14		12		12		(1)		38		33		5
Total benefits and expenses	111		101		97		82		89		22		309		231		78

Income before income taxes	$	31	$	33	$	85	$	75	$	85	$	(54)	$	149	$	228	$	(79)

Foreign currency effect on (2):
Net premiums	$	(20)	$	(14)	$	(5)	$	1	$	5	$	(25)	$	(39)	$	20	$	(59)
Income before income taxes	$	(4)	$	(4)	$	(3)	$	1	$	5	$	(9)	$	(11)	$	20	$	(31)

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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2022		2022		2022		2021		2021		Quarter		2022		2021		Change
Revenues:
Net premiums	$	112	$	119	$	128	$	91	$	96	$	16	$	359	$	259	$	100
Net investment income	46		47		50		51		51		(5)		143		147		(4)
Investment related gains (losses), net	5		5		4		3		2		3		14		3		11
Other revenue	2		4		3		2		4		(2)		9		10		(1)
Total revenues	165		175		185		147		153		12		525		419		106

Benefits and expenses:
Claims and other policy benefits	104		94		91		60		77		27		289		194		95
Interest credited	—		—		—		—		—		—		—		—		—
Policy acquisition costs and other insurance expenses	1		2		1		5		2		(1)		4		5		(1)
Other operating expenses	11		13		14		12		12		(1)		38		33		5
Total benefits and expenses	116		109		106		77		91		25		331		232		99

Adjusted operating income before income taxes	$	49	$	66	$	79	$	70	$	62	$	(13)	$	194	$	187	$	7

Foreign currency effect on (2):
Net premiums	$	(20)	$	(14)	$	(5)	$	1	$	5	$	(25)	$	(39)	$	20	$	(59)
Adjusted operating income before income taxes	$	(8)	$	(7)	$	(3)	$	1	$	4	$	(12)	$	(18)	$	17	$	(35)

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
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2022			2022			2022			2021			2021			Quarter			2022			2021			Change
Revenues:
Net premiums	$	660		$	640		$	650		$	773		$	626		$	34		$	1,950		$	1,851		$	99
Net investment income	38			33			33			36			33			5			104			100			4
Investment related gains (losses), net	3			5			—			—			—			3			8			(1)			9
Other revenue	4			8			5			6			4			—			17			13			4
Total revenues	705			686			688			815			663			42			2,079			1,963			116

Benefits and expenses:
Claims and other policy benefits	498			537			542			667			682			(184)			1,577			1,778			(201)
Policy acquisition costs and other insurance expenses	37			42			47			44			31			6			126			115			11
Other operating expenses	52			49			48			47			46			6			149			137			12
Total benefits and expenses	587			628			637			758			759			(172)			1,852			2,030			(178)

Income (loss) before income taxes	$	118		$	58		$	51		$	57		$	(96)		$	214		$	227		$	(67)		$	294

Loss and expense ratios:
Claims and other policy benefits	75.5		%	83.9		%	83.4		%	86.3		%	108.9		%	(33.4)		%	80.9		%	96.1		%	(15.2)		%
Policy acquisition costs and other insurance expenses	5.6		%	6.6		%	7.2		%	5.7		%	5.0		%	0.6		%	6.5		%	6.2		%	0.3		%
Other operating expenses	7.9		%	7.7		%	7.4		%	6.1		%	7.3		%	0.6		%	7.6		%	7.4		%	0.2		%

Foreign currency effect on (1):
Net premiums	$	(50)		$	(38)		$	(23)		$	(13)		$	6		$	(56)		$	(111)		$	65		$	(176)
Income (loss) before income taxes	$	(6)		$	(5)		$	2		$	(2)		$	—		$	(6)		$	(9)		$	—		$	(9)

Critical illness net premiums	$	296		$	301		$	295		$	424		$	306		$	(10)		$	892		$	857		$	35

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
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2022			2022			2022			2021			2021			Quarter			2022			2021			Change
Revenues:
Net premiums	$	660		$	640		$	650		$	773		$	626		$	34		$	1,950		$	1,851		$	99
Net investment income	38			33			33			36			33			5			104			100			4
Investment related gains (losses), net	3			5			—			—			—			3			8			(1)			9
Other revenue	4			8			5			6			4			—			17			13			4
Total revenues	705			686			688			815			663			42			2,079			1,963			116

Benefits and expenses:
Claims and other policy benefits	498			537			542			667			682			(184)			1,577			1,778			(201)
Policy acquisition costs and other insurance expenses	37			42			47			44			31			6			126			115			11
Other operating expenses	52			49			48			47			46			6			149			137			12
Total benefits and expenses	587			628			637			758			759			(172)			1,852			2,030			(178)

Adjusted operating income (loss) before income taxes	$	118		$	58		$	51		$	57		$	(96)		$	214		$	227		$	(67)		$	294

Loss and expense ratios:
Claims and other policy benefits	75.5		%	83.9		%	83.4		%	86.3		%	108.9		%	(33.4)		%	80.9		%	96.1		%	(15.2)		%
Policy acquisition costs and other insurance expenses	5.6		%	6.6		%	7.2		%	5.7		%	5.0		%	0.6		%	6.5		%	6.2		%	0.3		%
Other operating expenses	7.9		%	7.7		%	7.4		%	6.1		%	7.3		%	0.6		%	7.6		%	7.4		%	0.2		%

Foreign currency effect on (1):
Net premiums	$	(50)		$	(38)		$	(23)		$	(13)		$	6		$	(56)		$	(111)		$	65		$	(176)
Adjusted operating income (loss) before income taxes	$	(7)		$	(4)		$	1		$	(2)		$	—		$	(7)		$	(10)		$	—		$	(10)

Critical illness net premiums	$	296		$	301		$	295		$	424		$	306		$	(10)		$	892		$	857		$	35

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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2022		2022		2022		2021		2021		Quarter		2022		2021		Change
Revenues:
Net premiums	$	69	$	60	$	43	$	52	$	65	$	4	$	172	$	166	$	6
Net investment income	77		56		44		42		37		40		177		96		81
Investment related gains (losses), net	(93)		(113)		(81)		7		(15)		(78)		(287)		12		(299)
Other revenue	118		40		15		13		8		110		173		29		144
Total revenues	171		43		21		114		95		76		235		303		(68)

Benefits and expenses:
Claims and other policy benefits	88		59		41		47		52		36		188		140		48
Interest credited	38		22		20		15		12		26		80		42		38
Policy acquisition costs and other insurance expenses	43		22		12		15		19		24		77		41		36
Other operating expenses	4		6		4		4		6		(2)		14		15		(1)
Total benefits and expenses	173		109		77		81		89		84		359		238		121

Income (loss) before income taxes	$	(2)	$	(66)	$	(56)	$	33	$	6	$	(8)	$	(124)	$	65	$	(189)

Foreign currency effect on (2):
Net premiums	$	(10)	$	(8)	$	(3)	$	(2)	$	(1)	$	(9)	$	(21)	$	(1)	$	(20)
Income (loss) before income taxes	$	20	$	16	$	6	$	(2)	$	—	$	20	$	42	$	1	$	41

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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2022		2022		2022		2021		2021		Quarter		2022		2021		Change
Revenues:
Net premiums	$	69	$	60	$	43	$	52	$	65	$	4	$	172	$	166	$	6
Net investment income	77		56		44		42		37		40		177		96		81
Investment related gains, net	4		5		4		3		4		—		13		11		2
Other revenue	36		16		7		13		8		28		59		29		30
Total revenues	186		137		98		110		114		72		421		302		119

Benefits and expenses:
Claims and other policy benefits	88		59		41		47		52		36		188		140		48
Interest credited	38		22		20		15		12		26		80		42		38
Policy acquisition costs and other insurance expenses	43		22		12		15		19		24		77		41		36
Other operating expenses	4		6		4		4		6		(2)		14		15		(1)
Total benefits and expenses	173		109		77		81		89		84		359		238		121

Adjusted operating income before income taxes	$	13	$	28	$	21	$	29	$	25	$	(12)	$	62	$	64	$	(2)

Foreign currency effect on (2):
Net premiums	$	(10)	$	(8)	$	(3)	$	(2)	$	(1)	$	(9)	$	(21)	$	(1)	$	(20)
Adjusted operating income before income taxes	$	2	$	(1)	$	(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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2022		2022		2022		2021		2021		Quarter		2022		2021		Change
Revenues:
Net investment income	$	48	$	92	$	53	$	46	$	52	$	(4)	$	193	$	258	$	(65)
Investment related gains (losses), net	(23)		(44)		3		33		42		(65)		(64)		379		(443)
Other revenue	(1)		(11)		1		11		15		(16)		(11)		54		(65)
Total revenues	24		37		57		90		109		(85)		118		691		(573)

Benefits and expenses:

Interest credited	8		6		6		1		1		7		20		3		17
Policy acquisition costs and other insurance income	(25)		(24)		(26)		(31)		(27)		2		(75)		(81)		6
Other operating expenses	84		74		65		98		75		9		223		231		(8)
Interest expense	46		42		42		(2)		41		5		130		129		1
Collateral finance and securitization expense	3		2		1		4		3		—		6		8		(2)
Total benefits and expenses	116		100		88		70		93		23		304		290		14

Income (loss) before income taxes	$	(92)	$	(63)	$	(31)	$	20	$	16	$	(108)	$	(186)	$	401	$	(587)

Foreign currency effect on (1):
Income (loss) before income taxes	$	3	$	2	$	—	$	1	$	2	$	1	$	5	$	10	$	(5)

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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2022		2022		2022		2021		2021		Quarter		2022		2021		Change
Revenues:
Net investment income	$	48	$	92	$	53	$	46	$	52	$	(4)	$	193	$	258	$	(65)
Investment related gains, net	1		—		4		—		1		—		5		6		(1)
Other revenue	10		3		9		17		11		(1)		22		46		(24)
Total revenues	59		95		66		63		64		(5)		220		310		(90)

Benefits and expenses:

Interest credited	8		6		6		1		1		7		20		3		17
Policy acquisition costs and other insurance income	(25)		(24)		(26)		(31)		(27)		2		(75)		(81)		6
Other operating expenses	84		74		65		98		75		9		223		231		(8)
Interest expense	45		42		42		32		39		6		129		121		8
Collateral finance and securitization expense	3		2		1		4		3		—		6		8		(2)
Total benefits and expenses	115		100		88		104		91		24		303		282		21

Adjusted operating income (loss) before income taxes	$	(56)	$	(5)	$	(22)	$	(41)	$	(27)	$	(29)	$	(83)	$	28	$	(111)

Foreign currency effect on (1):
Adjusted operating income (loss) before income taxes	$	2	$	—	$	1	$	2	$	1	$	1	$	3	$	4	$	(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
Summary of Segment GAAP Income
(USD millions)

	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2022		2022		2022		2021		2021		Quarter		2022		2021		Change
U.S. and Latin America:
Traditional	$	204	$	209	$	(166)	$	(211)	$	(126)	$	330	$	247	$	(329)	$	576
Financial Solutions:
Asset Intensive	48		(11)		20		93		106		(58)		57		329		(272)
Capital Solutions	22		72		24		25		22		—		118		68		50
Total U.S. and Latin America	274		270		(122)		(93)		2		272		422		68		354
Canada:
Traditional	32		16		6		28		44		(12)		54		100		(46)
Financial Solutions	4		4		13		5		—		4		21		10		11
Total Canada	36		20		19		33		44		(8)		75		110		(35)
Europe, Middle East and Africa:
Traditional	1		2		(6)		(68)		(91)		92		(3)		(171)		168
Financial Solutions	31		33		85		75		85		(54)		149		228		(79)
Total Europe, Middle East and Africa	32		35		79		7		(6)		38		146		57		89
Asia Pacific:
Traditional	118		58		51		57		(96)		214		227		(67)		294
Financial Solutions	(2)		(66)		(56)		33		6		(8)		(124)		65		(189)
Total Asia Pacific	116		(8)		(5)		90		(90)		206		103		(2)		105
Corporate and Other	(92)		(63)		(31)		20		16		(108)		(186)		401		(587)
Consolidated income (loss) before income taxes	$	366	$	254	$	(60)	$	57	$	(34)	$	400	$	560	$	634	$	(74)

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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,				Sept. 30,		Sept. 30,
	2022		2022		2022		2021		2021				2022		2021		Change
U.S. and Latin America:
Traditional	$	196	$	190	$	(181)	$	(215)	$	(121)	$	317	$	205	$	(331)	$	536
Financial Solutions:
Asset Intensive	72		66		75		73		93		(21)		213		268		(55)
Capital Solutions	22		72		24		25		22		—		118		68		50
Total U.S. and Latin America	290		328		(82)		(117)		(6)		296		536		5		531
Canada:
Traditional	33		24		5		29		44		(11)		62		101		(39)
Financial Solutions	4		4		13		5		—		4		21		10		11
Total Canada	37		28		18		34		44		(7)		83		111		(28)
Europe, Middle East and Africa:
Traditional	1		2		(6)		(68)		(91)		92		(3)		(171)		168
Financial Solutions	49		66		79		70		62		(13)		194		187		7
Total Europe, Middle East and Africa	50		68		73		2		(29)		79		191		16		175
Asia Pacific:
Traditional	118		58		51		57		(96)		214		227		(67)		294
Financial Solutions	13		28		21		29		25		(12)		62		64		(2)
Total Asia Pacific	131		86		72		86		(71)		202		289		(3)		292
Corporate and Other	(56)		(5)		(22)		(41)		(27)		(29)		(83)		28		(111)
Consolidated adjusted operating income (loss) before income taxes	$	452	$	505	$	59	$	(36)	$	(89)	$	541	$	1,016	$	157	$	859

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

	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2022		2022		2022		2021		2021
Fixed maturity securities, available-for-sale (1)	$	50,495	$	53,294	$	57,922	$	60,749	$	59,289
Equity securities	137		127		139		151		160
Mortgage loans	6,558		6,544		6,535		6,283		6,366
Policy loans	1,202		1,218		1,221		1,234		1,234
Funds withheld at interest	6,177		6,393		6,737		6,954		7,034
Short-term investments	225		272		315		87		82
Other invested assets	3,246		3,110		3,033		3,070		3,404
Cash and cash equivalents	3,512		2,556		2,709		2,948		3,027
Total cash and invested assets	$	71,552	$	73,514	$	78,611	$	81,476	$	80,596

(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
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,					Sept. 30,			Sept. 30,
	2022			2022			2022			2021			2021					2022			2021			Change
Average invested assets at amortized cost (1)	$	34,579		$	34,859		$	35,271		$	34,325		$	33,361		$	1,218	$	34,494		$	33,021		$	1,473
Net investment income (1)	$	374		$	397		$	457		$	397		$	405		$	(31)	$	1,228		$	1,251		$	(23)
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.40		%	4.63		%	5.29		%	4.70		%	4.95		%	(55) bp		4.78		%	5.08		%	(30) bps
Variable investment income ("VII") (included in net investment income) (1)	$	38		$	70		$	141		$	91		$	102		$	(64)	$	249		$	342		$	(93)
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)	4.12		%	3.96		%	3.80		%	3.78		%	3.85		%	27 bps		3.96		%	3.83		%	13 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

	September 30, 2022
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	38,293	$	43	$	163	$	5,758	$	32,655	64.6	%
Canadian government	3,124		—		503		41		3,586		7.1	%
RMBS	1,054		—		4		105		953		1.9	%
ABS	4,165		4		6		444		3,723		7.4	%
CMBS	1,843		1		3		175		1,670		3.3	%
U.S. government	1,064		—		3		204		863		1.7	%
State and political subdivisions	1,254		—		9		177		1,086		2.2	%
Other foreign government	6,833		4		21		891		5,959		11.8	%
Total fixed maturity securities	$	57,630	$	52	$	712	$	7,795	$	50,495	100.0	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Corporate Fixed Maturity Securities by Industry

	September 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	$	6,165	$	5,429	16.6	%	A-	$	5,792	$	6,163	16.2	%	A-
Brokerage/asset managers/exchanges	1,252		1,055		3.2	%	A-	1,073		1,145		3.0	%	A-
Finance companies	408		342		1.0	%	BBB	306		316		0.8	%	BBB+
Insurance	4,333		3,659		11.2	%	A-	3,987		4,383		11.5	%	A-
REITs	1,134		939		2.9	%	BBB+	987		1,022		2.7	%	BBB+
Other finance	860		640		2.0	%	A-	956		1,016		2.7	%	A-
Total financial institutions	$	14,152	$	12,064	36.9	%		$	13,101	$	14,045	36.9	%
Industrials
Basic	$	1,999	$	1,698	5.3	%	BBB	$	1,972	$	2,210	5.8	%	BBB
Capital goods	1,670		1,505		4.6	%	BBB	1,542		1,649		4.3	%	BBB
Communications	2,468		2,023		6.2	%	BBB	2,330		2,592		6.8	%	BBB
Consumer cyclical	2,003		1,698		5.2	%	BBB+	1,758		1,885		4.9	%	BBB+
Consumer noncyclical	4,440		3,796		11.6	%	BBB+	3,952		4,315		11.3	%	BBB+
Energy	2,070		1,775		5.4	%	BBB+	1,967		2,159		5.7	%	BBB+
Technology	1,633		1,449		4.4	%	BBB+	1,436		1,486		3.9	%	BBB+
Transportation	2,114		1,791		5.5	%	BBB+	2,050		2,192		5.8	%	BBB+
Other industrial	1,037		1,001		3.1	%	BBB	850		887		2.3	%	BBB
Total industrials	$	19,434	$	16,736	51.3	%		$	17,857	$	19,375	50.8	%
Utilities
Electric	$	3,706	$	3,047	9.3	%	A-	$	3,256	$	3,561	9.4	%	A-
Natural gas	626		508		1.6	%	A-	566		614		1.6	%	BBB+
Other utility	375		300		0.9	%	BBB+	459		508		1.3	%	BBB+
Total utilities	$	4,707	$	3,855	11.8	%		$	4,281	$	4,683	12.3	%
Total	$	38,293	$	32,655	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

		September 30, 2022						June 30, 2022						March 31, 2022						December 31, 2021						September 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	$	33,881	$	30,062	59.6	%	$	33,989	$	31,782	59.6	%	$	34,434	$	34,741	60.0	%	$	33,540	$	36,725	60.5	%	$	32,444	$	35,554	60.0	%
2	BBB	19,931		16,924		33.5	%	19,851		18,011		33.8	%	19,691		19,574		33.8	%	18,684		20,379		33.5	%	18,025		19,814		33.4	%
3	BB	3,044		2,843		5.6	%	2,940		2,774		5.2	%	2,821		2,769		4.8	%	2,620		2,668		4.4	%	2,868		2,952		5.0	%
4	B	625		583		1.2	%	658		619		1.2	%	730		720		1.2	%	876		863		1.4	%	832		822		1.4	%
5	CCC	107		62		0.1	%	124		84		0.2	%	127		92		0.2	%	96		79		0.1	%	161		137		0.2	%
6	In or near default	42		21		—	%	46		24		—	%	46		26		—	%	57		35		0.1	%	17		10		—	%
	Total	$	57,630	$	50,495	100.0	%	$	57,608	$	53,294	100.0	%	$	57,849	$	57,922	100.0	%	$	55,873	$	60,749	100.0	%	$	54,347	$	59,289	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

	September 30, 2022						June 30, 2022						March 31, 2022						December 31, 2021						September 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	$	489	$	442	7.0	%	$	519	$	498	7.7	%	$	538	$	537	8.3	%	$	551	$	582	8.4	%	$	594	$	631	9.2	%
Non-agency	565		511		8.1	%	485		452		7.0	%	445		429		6.6	%	469		468		6.8	%	571		578		8.4	%
Total RMBS	1,054		953		15.1	%	1,004		950		14.7	%	983		966		14.9	%	1,020		1,050		15.2	%	1,165		1,209		17.6	%
ABS:
Collateralized loan obligations ("CLOs")	1,788		1,650		26.0	%	1,714		1,622		25.1	%	1,659		1,630		25.1	%	1,761		1,752		25.4	%	1,841		1,838		26.8	%
ABS, excluding CLOs	2,377		2,073		32.6	%	2,377		2,160		33.4	%	2,256		2,116		32.5	%	2,263		2,253		32.6	%	1,922		1,941		28.3	%
Total ABS	4,165		3,723		58.6	%	4,091		3,782		58.5	%	3,915		3,746		57.6	%	4,024		4,005		58.0	%	3,763		3,779		55.1	%
CMBS	1,843		1,670		26.3	%	1,856		1,735		26.8	%	1,829		1,786		27.5	%	1,790		1,849		26.8	%	1,795		1,877		27.3	%
Total	$	7,062	$	6,346	100.0	%	$	6,951	$	6,467	100.0	%	$	6,727	$	6,498	100.0	%	$	6,834	$	6,904	100.0	%	$	6,723	$	6,865	100.0	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of September 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	$	25,451	$	4,761	$	2,283	$	811	$	27,734	$	5,572
Canadian government	368		36		12		5		380		41
RMBS	678		69		128		36		806		105
ABS	2,333		296		1,054		121		3,387		417
CMBS	1,461		149		83		17		1,544		166
U.S. government	721		190		116		14		837		204
State and political subdivisions	883		161		44		16		927		177
Other foreign government	3,834		509		1,291		290		5,125		799
Total investment grade securities	$	35,729	$	6,171	$	5,011	$	1,310	$	40,740	$	7,481

Below investment grade securities:
Corporate	$	1,144	$	118	$	202	$	62	$	1,346	$	180
ABS	53		12		23		7		76		19
CMBS	22		3		18		3		40		6
Other foreign government	186		28		124		62		310		90
Total below investment grade securities	$	1,405	$	161	$	367	$	134	$	1,772	$	295
Total fixed maturity securities	$	37,134	$	6,332	$	5,378	$	1,444	$	42,512	$	7,776

(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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,				Sept. 30,		Sept. 30,
	2022		2022		2022		2021		2021				2022		2021		Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses and impairments	$	(9)	$	(15)	$	(12)	$	(14)	$	(1)	$	(8)	$	(36)	$	2	$	(38)
Realized gains on investment activity	20		34		11		34		45		(25)		65		265		(200)
Realized losses on investment activity	(106)		(94)		(36)		(13)		(9)		(97)		(236)		(52)		(184)
Net gains (losses) on fixed maturity securities available-for-sale	(95)		(75)		(37)		7		35		(130)		(207)		215		(422)

Net gains (losses) on equity securities	7		(15)		(8)		(6)		8		(1)		(16)		31		(47)
Other impairment losses and change in mortgage loan allowance for credit losses	(6)		(1)		(2)		4		4		(10)		(9)		25		(34)
Change in fair value of certain limited partnership investments and other, net	7		19		26		24		27		(20)		52		170		(118)

Free-standing derivatives (1):
Interest rate swaps	(33)		(44)		(52)		7		(4)		(29)		(129)		(41)		(88)
Interest rate options	18		(6)		—		—		—		18		12		—		12
Total return swaps	(1)		—		—		—		—		(1)		(1)		—		(1)
Financial futures	7		24		7		(5)		—		7		38		(19)		57
Foreign currency swaps	9		11		7		5		3		6		27		15		12
Foreign currency swaps - hedged	1		—		4		1		—		1		5		1		4
Foreign currency forwards	(55)		(76)		(23)		(9)		(2)		(53)		(154)		(11)		(143)
CPI swaps	7		(11)		29		13		12		(5)		25		33		(8)
Credit default swaps	(12)		(33)		(58)		13		(12)		—		(103)		20		(123)
Equity options	8		21		—		(15)		3		5		29		(18)		47
Total free-standing derivatives	(51)		(114)		(86)		10		—		(51)		(251)		(20)		(231)

Embedded derivatives:
Modified coinsurance and funds withheld treaties	(17)		(56)		(33)		20		21		(38)		(106)		87		(193)
GMXB	21		(12)		14		29		(37)		58		23		(36)		59
Total embedded derivatives	4		(68)		(19)		49		(16)		20		(83)		51		(134)

Net gains (losses) on total derivatives	(47)		(182)		(105)		59		(16)		(31)		(334)		31		(365)

Total investment related gains (losses), net	$	(134)	$	(254)	$	(126)	$	88	$	58	$	(192)	$	(514)	$	472	$	(986)

(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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2022		2022		2022		2021		2021		Quarter		2022		2021		Change
U.S. & Latin America Traditional
Income (loss) before income taxes	$	204	$	209	$	(166)	$	(211)	$	(126)	$	330	$	247	$	(329)	$	576
Investment and derivative losses (1)	(1)		—		—		—		—		(1)		(1)		—		(1)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(7)		(19)		(15)		(4)		5		(12)		(41)		(2)		(39)
Adjusted operating income (loss) before income taxes	$	196	$	190	$	(181)	$	(215)	$	(121)	$	317	$	205	$	(331)	$	536

U.S. & Latin America Asset-Intensive
Income (loss) before income taxes	$	48	$	(11)	$	20	$	93	$	106	$	(58)	$	57	$	329	$	(272)
Investment and derivative (gains) losses (1)	19		6		46		9		(23)		42		71		13		58
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	24		75		48		(16)		(26)		50		147		(85)		232
GMXB embedded derivatives (1)	(21)		12		(14)		(29)		37		(58)		(23)		36		(59)
Funds withheld (gains) losses - investment income	—		3		2		—		—		—		5		(1)		6
EIA embedded derivatives - interest credited	(10)		(27)		(17)		(9)		(3)		(7)		(54)		(36)		(18)
DAC offset, net	12		7		(10)		26		2		10		9		12		(3)
Non-investment derivatives and other	—		1		—		(1)		—		—		1		—		1
Adjusted operating income before income taxes	$	72	$	66	$	75	$	73	$	93	$	(21)	$	213	$	268	$	(55)

U.S. & Latin America Capital Solutions
Income before income taxes	$	22	$	72	$	24	$	25	$	22	$	—	$	118	$	68	$	50
Adjusted operating income before income taxes	$	22	$	72	$	24	$	25	$	22	$	—	$	118	$	68	$	50

Canada Traditional
Income before income taxes	$	32	$	16	$	6	$	28	$	44	$	(12)	$	54	$	100	$	(46)
Investment and derivative (gains) losses (1)	—		8		(1)		2		—		—		7		1		6
Investment income - non-operating FWAI	1		—		—		(1)		—		1		1		—		1
Adjusted operating income before income taxes	$	33	$	24	$	5	$	29	$	44	$	(11)	$	62	$	101	$	(39)

Canada Financial Solutions
Income before income taxes	$	4	$	4	$	13	$	5	$	—	$	4	$	21	$	10	$	11
Adjusted operating income before income taxes	$	4	$	4	$	13	$	5	$	—	$	4	$	21	$	10	$	11

(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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2022		2022		2022		2021		2021		Quarter		2022		2021		Change
Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	1	$	2	$	(6)	$	(68)	$	(91)	$	92	$	(3)	$	(171)	$	168
Adjusted operating income (loss) before income taxes	$	1	$	2	$	(6)	$	(68)	$	(91)	$	92	$	(3)	$	(171)	$	168

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	31	$	33	$	85	$	75	$	85	$	(54)	$	149	$	228	$	(79)
Investment and derivative (gains) losses (1)	14		27		(12)		(5)		(21)		35		29		(38)		67
Investment income - non-operating FWAI	4		6		6		—		(2)		6		16		(3)		19
Investment (income) loss on unit-linked variable annuities	5		8		9		(5)		2		3		22		1		21
Interest credited on unit-linked variable annuities	(5)		(8)		(9)		5		(2)		(3)		(22)		(1)		(21)
Adjusted operating income before income taxes	$	49	$	66	$	79	$	70	$	62	$	(13)	$	194	$	187	$	7

Asia Pacific Traditional
Income (loss) before income taxes	$	118	$	58	$	51	$	57	$	(96)	$	214	$	227	$	(67)	$	294
Adjusted operating income (loss) before income taxes	$	118	$	58	$	51	$	57	$	(96)	$	214	$	227	$	(67)	$	294

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	(2)	$	(66)	$	(56)	$	33	$	6	$	(8)	$	(124)	$	65	$	(189)
Investment and derivative (gains) losses (1)	97		118		85		(4)		19		78		300		(1)		301
Non-investment derivatives and other	(82)		(24)		(8)		—		—		(82)		(114)		—		(114)
Adjusted operating income before income taxes	$	13	$	28	$	21	$	29	$	25	$	(12)	$	62	$	64	$	(2)

Corporate and Other
Income (loss) before income taxes	$	(92)	$	(63)	$	(31)	$	20	$	16	$	(108)	$	(186)	$	401	$	(587)
Investment and derivative (gains) losses (1)	24		44		1		(33)		(41)		65		69		(373)		442
Interest expense on uncertain tax positions	1		—		—		(34)		2		(1)		1		8		(7)
Non-investment derivatives and other	11		14		8		6		(4)		15		33		(8)		41
Adjusted operating income (loss) before income taxes	$	(56)	$	(5)	$	(22)	$	(41)	$	(27)	$	(29)	$	(83)	$	28	$	(111)

(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)

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

RGA, Inc. stockholders’ equity	$	3,653	$	5,839	$	9,182	$	13,014	$	12,885
Less effect of AOCI:
Accumulated currency translation adjustments	(216)		(39)		4		(9)		(50)
Unrealized appreciation (depreciation) of securities	(5,697)		(3,469)		(9)		3,701		3,704
Pension and postretirement benefits	(51)		(51)		(50)		(50)		(71)
RGA, Inc. stockholders’ equity, excluding AOCI	$	9,617	$	9,398	$	9,237	$	9,372	$	9,302



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

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

Book value per share	$	54.66	$	87.14	$	137.08	$	193.75	$	190.60
Less effect of AOCI:
Accumulated currency translation adjustments	(3.24)		(0.58)		0.06		(0.13)		(0.75)
Unrealized appreciation (depreciation) of securities	(85.25)		(51.78)		(0.13)		55.09		54.80
Pension and postretirement benefits	(0.76)		(0.76)		(0.74)		(0.74)		(1.05)
Book value per share, excluding AOCI	$	143.91	$	140.26	$	137.89	$	139.53	$	137.60