Exhibit 99.1
 rgalogospelledoutaa01a13a.jpg
Quarterly Financial Supplement
As revised for the Company's adoption of Accounting Standards ("ASU"): ASU 2018-12, Insurance Topic (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts ("LDTI").
Fourth Quarter 2022
(Unaudited)
World Headquarters  Internet AddressContacts
16600 Swingley Ridge Road  www.rgare.comTodd C. Larson
Chesterfield, Missouri 63017 U.S.A.  Senior Executive Vice President
and Chief Financial Officer
Phone: (636) 736-7000
e-mail: tlarson@rgare.com
Jeff Hopson
Senior Vice President, Investor Relations
Phone: (636) 736-2068
e-mail: jhopson@rgare.com
 

Current Ratings
 Standard & Poor’s A.M. Best Moody’s
Financial Strength Ratings   
RGA Reinsurance Company AA- A+ A1
RGA Life Reinsurance Company of Canada AA- A+ 
RGA International Reinsurance Company dac AA-  
RGA Global Reinsurance Company, Ltd. AA-  
RGA Reinsurance Company of Australia Limited AA-  
RGA Americas Reinsurance Company, Ltd. AA- A+ 
RGA Worldwide Reinsurance Company, Ltd.AA-
RGA Reinsurance Company (Barbados) Ltd.AA-
RGA Atlantic Reinsurance Company Ltd. AA- A+ 
Omnilife Insurance Company LimitedA+
Aurora National Life Assurance CompanyA+
Senior Debt Ratings   
Reinsurance Group of America, Incorporated A a- Baa1
Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.

 
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Reinsurance Group of America, Incorporated
4th Quarter 2022 - Recast for LDTI
Table of Contents
 Page
Non-GAAP Disclosures
2022 Notes
Consolidated
Financial Highlights
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
Consolidated Balance Sheets
Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements
U.S. and Latin America Traditional
U.S. and Latin America Financial Solutions - Asset-Intensive
U.S. and Latin America Financial Solutions - Capital Solutions
Canada Traditional
Canada Financial Solutions
Europe, Middle East and Africa Traditional
Europe, Middle East and Africa Financial Solutions
Asia Pacific Traditional
Asia Pacific Financial Solutions
Corporate and Other
Summary of Segment GAAP Income
Summary of Segment Adjusted Operating Income
Investments
Cash and Invested Assets and Investment Income and Yield Summary
Fixed Maturity Securities
Corporate Fixed Maturity Securities by Industry
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities
Fixed Maturity Securities Below Amortized Cost
Consolidated Investment Related Gains and Losses
Appendix
Reconciliations of GAAP to Non-GAAP Measures

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

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

RGA also uses a non-GAAP financial measure called adjusted operating income, excluding notable items. Notable items currently represent the financial impact of RGA's assumption reviews on business subject to LDTI, reflected in future policy benefits remeasurement (gains) losses. In addition, notable items may in the future periods include other items RGA believes may not be indicative of future performance. A reconciliation of income before income taxes of the operating segments to adjusted operating income, excluding notable items, before income taxes is presented in the appendix.

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

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

RGA uses a non-GAAP financial measure called adjusted operating return on equity excluding notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’equity excluding year-to-date notable items and AOCI.


                                        
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Reinsurance Group of America, Incorporated
2022 Notes

Adoption of New Accounting Standard:
In the first quarter of 2023, the Company adopted Accounting Standards Update (“ASU”): ASU 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”). The Company is providing an updated Quarterly Financial Supplement for the quarter ended December 31, 2022 that reflects the Company's adoption of ASU 2018-12. ASU 2018-12 updated certain requirements for the accounting for long-duration insurance contracts and required the Company to restate its consolidated financial statements for the years ending December 31, 2022 and 2021.
•Cash flow assumptions and measuring liability for future policy benefits – ASU 2018-12 requires the Company to review its cash flow assumptions at least annually and update, when necessary, with the impact recognized in net income in the period of the change. Upon adoption, there was a pretax decrease to retained earnings in the amount of $1.5 billion as a result of capping the net premium ratio at 100% and eliminating negative reserves on certain issue year cohorts.
•Discount rate – The discount rate assumption is prescribed by ASU 2018-12 as an upper-medium (low credit risk) fixed-income yield and is required to be updated every quarter. The change in the liability as a result of updating the discount rate assumption is recognized in other comprehensive income (loss) (“OCI”). Upon adoption, there was a pretax decrease to accumulated other comprehensive income (loss) in the amount of $8.2 billion as a result of remeasuring in force contract liabilities using current upper-medium grade fixed income instrument yields. The adjustment largely reflects the difference between discount rates locked-in at contract inception versus current discount rates at transition.
•Deferred policy acquisition costs and similar balances – Deferred policy acquisition costs (“DAC”) and other capitalized costs such as unearned revenue are amortized on a constant level or straight-line basis over the expected term of the contracts. Upon adoption, the Company recorded a pretax increase in the amount of $114 million to accumulated other comprehensive income (loss) for the removal of cumulative adjustments to DAC associated with unrealized gains and losses previously recorded in accumulated other comprehensive income (loss).
•Market risk benefits – Market risk benefits, which are contracts or contract features that provide protection to the policyholder from capital market risk and expose the Company to other-than-nominal capital market risk, are measured at fair value. The periodic change in fair value is recognized in net income with the exception of the periodic change in fair value related to the instrument-specific credit risk, which is recognized in OCI. Upon adoption, the Company recorded pretax adjustments in the amount of ($72) million and $45 million to retained earnings and accumulated other comprehensive income (loss), respectively.

Change in Balance Sheet Presentation:
During the fourth quarter of 2022, the Company revised the presentation of its investments in limited partnerships and real estate joint ventures to be presented separately in the consolidated balance sheet. Previously, investments in limited partnerships and real estate joint ventures were included in other invested assets in the consolidated balance sheet. The Company revised prior periods’ balance sheets to conform to the updated presentation. This change in presentation did not impact the accounting for, or the recognition of income from investments in limited partnerships and real estate joint ventures in the consolidated statements of income.

Change in Investment Allocation:
Investment income for each segment has been restated to reflect the impacts of adopting LDTI and due to an update to the Company’s internally developed economic capital model. Internal excess capital charges, included in each segments’ policy acquisition costs and other insurance expenses, were also updated as a result of adopting LDTI and due to the update in the Company’s internally developed economic capital model. These changes did not impact the recognition or presentation of investment income or policy acquisition costs and other insurance expenses in the consolidated financial statements.
                                        
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Reinsurance Group of America, Incorporated
Financial Highlights
Three Months EndedYear-to-Date
(USD millions, except in force & per share and shares data)Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
 202220222022202220222021Change
Net premiums$3,446 $3,247 $3,230 $3,155 $13,078 $12,513 $565 
Net income (loss) available to RGA's shareholders291 (76)105 197 517 1,170 (653)
Adjusted operating income312 16 316 283 927 522 405 
Adjusted operating income excluding notable items (1)
266 263 299 283 1,111 663 448 
Return on equity6.8 %16.0 %(9.2)%
Adjusted operating return on equity (ex AOCI)10.5 %8.9 %1.6 %
Adjusted operating return on equity (ex AOCI and notable items (1))
12.5 %8.4 %4.1 %
Total assets$84,904 $82,819 $84,875 $90,288 
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional$1,672.2 $1,662.7 $1,650.5 $1,645.1 
U.S. and Latin America Financial Solutions5.2 5.3 5.3 5.3 
Canada Traditional463.6 448.7 477.2 484.5 
Europe, Middle East and Africa Traditional735.4 671.3 756.4 850.7 
Asia Pacific Traditional518.6 479.4 486.1 508.4 
Asia Pacific Financial Solutions5.7 5.2 5.4 
(2)
1.1 
Total assumed life reinsurance in force$3,400.7 $3,272.6 $3,380.9 $3,495.1 
Assumed New Business Production (in billions)
U.S. and Latin America Traditional$36.4 $37.3 $32.7 $39.5 $145.9 $130.5 $15.4 
Canada Traditional11.9 10.8 12.8 12.7 48.2 48.8 (0.6)
Europe, Middle East and Africa Traditional35.6 38.2 45.1 50.5 169.4 198.4 (29.0)
Asia Pacific Traditional8.6 14.4 5.7 16.6 45.3 34.2 11.1 
Asia Pacific Financial Solutions— — — 0.1 0.1 0.2 (0.1)
Total assumed new business production$92.5 $100.7 $96.3 $119.4 $408.9 $412.1 $(3.2)
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income (loss)$4.36 $(1.13)$1.57 $2.93 $7.73 $17.26 $(9.53)
Adjusted operating income (loss)$4.67 $0.24 $4.71 $4.22 $13.85 $7.69 $6.16 
Diluted earnings per share (3)
Net income (loss)$4.30 $(1.13)$1.55 $2.91 $7.64 $17.14 $(9.50)
Adjusted operating income (loss)$4.60 $0.24 $4.67 $4.18 $13.69 $7.64 $6.05 
Wgt. average common shares outstanding
Basic66,748 66,936 66,996 67,104 66,945 67,814 (869)
Diluted67,793 67,663 67,620 67,649 67,703 68,286 (583)
Common shares issued85,311 85,311 85,311 85,311 85,311 85,311 — 
Treasury shares18,635 18,484 18,304 18,323 18,635 18,140 495 
Common shares outstanding66,676 66,827 67,007 66,988 66,676 67,171 (495)
Book value per share$106.19 $101.08 $110.27 $118.62 $106.19 $121.79 $(15.60)
Per share effect of AOCI$(28.07)$(29.60)$(22.15)$(12.82)$(28.07)$(7.44)$(20.63)
Book value per share, excluding AOCI$134.26 $130.68 $132.42 $131.44 $134.26 $129.23 $5.03 
Stockholders’ dividends paid$53 $54 $49 $49 $205 $194 $11 
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) During the quarter, the Company changed its calculation for assumed life reinsurance in force, resulting in an increase for the quarter.
(3) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.
                                        
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Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net premiums$3,446 $3,247 $3,230 $3,155 $13,078 $12,513 $565 
Net investment income828 769 754 810 3,161 3,138 23 
Investment related gains (losses), net(6)(154)(240)(139)(539)567 (1,106)
Other revenue89 188 159 91 527 449 78 
Total revenues4,357 4,050 3,903 3,917 16,227 16,667 (440)
Benefits and expenses:
Claims and other policy benefits3,125 3,048 2,938 2,871 11,982 11,673 309 
Future policy benefits remeasurement (gains) losses(11)226 18 58 291 567 (276)
Market risk benefits remeasurement (gains) losses(19)23 40 (34)10 (58)68 
Interest credited214 189 138 141 682 700 (18)
Policy acquisition costs and other insurance expenses323 341 336 344 1,344 1,325 19 
Other operating expenses289 251 242 227 1,009 936 73 
Interest expense54 46 42 42 184 127 57 
Collateral finance and securitization expense1 3 2 1 7 12 (5)
Total benefits and expenses3,976 4,127 3,756 3,650 15,509 15,282 227 
Income (loss) before income taxes381 (77)147 267 718 1,385 (667)
Provision for income taxes88 (2)41 70 197 215 (18)
Net income (loss)293 (75)106 197 521 1,170 (649)
Net income attributable to noncontrolling interest2 1 1 — 4 — 4 
Net income (loss) available to RGA's shareholders$291 $(76)$105 $197 $517 $1,170 $(653)
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes$381 $(77)$147 $267 $718 $1,385 $(667)
Investment and derivative (gains) losses (1)
(46)152 201 118 425 (429)854 
Market risk benefits remeasurement (gains) losses(19)23 40 (34)10 (58)68 
Change in fair value of funds withheld embedded derivatives (1)
67 17 56 33 173 (107)280 
Funds withheld (gains) losses - investment income2 4 10 8 24 (5)29 
EIA embedded derivatives - interest credited1 (10)(27)(17)(53)(45)(8)
Investment (income) loss on unit-linked variable annuities2 5 8 9 24 (4)28 
Interest credited on unit-linked variable annuities(2)(5)(8)(9)(24)4 (28)
Interest expense on uncertain tax positions— — — — — (26)26 
Non-investment derivatives and other1 (71)(11)1 (80)(1)(79)
Adjusted operating income (loss) before income taxes387 38 416 376 1,217 714 503 
Notable items (2)
(61)326 (23)— 242 186 56 
Adjusted operating loss before income taxes excluding notable items$326 $364 $393 $376 $1,459 $900 $559 
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
                                        
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Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
After-tax adjusted operating income reconciliation:
GAAP net income (loss) attributable to RGA$291 $(76)$105 $197 $517 $1,170 $(653)
Investment and derivative (gains) losses (1)
(14)120 154 92 352 (411)763 
Market risk benefits remeasurement (gains) losses(15)18 32 (27)8 — 8 
Change in fair value of funds withheld embedded derivatives (1)
53 14 44 26 137 (85)222 
Funds withheld (gains) losses - investment income2 3 8 6 19 (4)23 
EIA embedded derivatives - interest credited1 (8)(22)(13)(42)(36)(6)
Investment (income) loss on unit-linked variable annuities2 4 6 7 19 (3)22 
Interest credited on unit-linked variable annuities(2)(4)(6)(7)(19)3 (22)
Interest expense on uncertain tax positions— — — — — (21)21 
Non-investment derivatives and other1 (56)(9)1 (63)(1)(62)
Uncertain tax positions and other tax related items(9)— 3 1 (5)(90)85 
Net income attributable to noncontrolling interest2 1 1 — 4 — 4 
Adjusted operating income312 16 316 283 927 522 405 
Notable items (2)
(46)247 (17)— 184 141 43 
Adjusted operating income excluding notable items$266 $263 $299 $283 $1,111 $663 $448 
Diluted earnings per share - adjusted operating income (loss) (3)
$4.60 $0.24 $4.67 $4.18 $13.69 $7.64 $6.05 
Diluted earnings per share - adjusted operating income (loss) excluding notable items (3)
$3.91 $3.92 $4.41 $4.18 $16.40 $9.72 $6.68 
Foreign currency effect on (4):
Net premiums$(164)$(160)$(119)$(47)$(490)$250 $(740)
Adjusted operating income (loss) before income taxes$(18)$(11)$(16)$(3)$(48)$6 $(54)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.
(4) Compared to comparable prior year period.

                                        
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Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,
20222022202220222021
Assets
Fixed maturity securities available-for-sale, at fair value$52,901 $50,495 $53,294 $57,922 $60,749 
Equity securities, at fair value134 137 127 139 151 
Mortgage loans6,590 6,558 6,544 6,535 6,283 
Policy loans1,231 1,202 1,218 1,221 1,234 
Funds withheld at interest6,003 6,177 6,393 6,737 6,954 
Limited partnerships and real estate joint ventures2,327 2,197 2,074 1,943 1,996 
Short-term investments154 225 272 315 87 
Other invested assets1,140 1,049 1,036 1,090 1,074 
Total investments70,480 68,040 70,958 75,902 78,528 
Cash and cash equivalents2,927 3,512 2,556 2,709 2,948 
Accrued investment income630 628 572 578 533 
Premiums receivable and other reinsurance balances3,013 2,820 2,884 2,882 2,888 
Reinsurance ceded receivables and other2,671 2,650 2,829 3,015 3,165 
Deferred policy acquisition costs4,128 4,004 3,935 3,906 3,860 
Other assets1,055 1,165 1,141 1,296 1,019 
Total assets$84,904 $82,819 $84,875 $90,288 $92,941 
Liabilities and equity
Future policy benefits$35,689 $33,724 $37,028 $42,406 $47,449 
Interest-sensitive contract liabilities30,342 30,043 28,762 27,836 26,119 
Market risk benefits, at fair value247 259 271 233 262 
Other policy claims and benefits2,480 2,366 2,447 2,557 2,110 
Other reinsurance balances725 889 557 540 557 
Deferred income taxes1,383 1,350 1,383 1,480 1,499 
Other liabilities2,906 3,136 3,129 3,366 2,918 
Long-term debt3,961 4,207 3,667 3,667 3,667 
Collateral finance and securitization notes— — 152 166 180 
Total liabilities77,733 75,974 77,396 82,251 84,761 
Equity:
Common stock, at par value1 1 1 1 1 
Additional paid-in-capital2,502 2,493 2,478 2,465 2,461 
Retained earnings8,169 7,936 8,067 8,014 7,871 
Treasury stock(1,720)(1,697)(1,673)(1,675)(1,653)
Accumulated other comprehensive income, net of taxes (AOCI):
Accumulated currency translation adjustment(116)(147)3 8 (13)
Unrealized (depreciation) appreciation of securities(5,496)(5,788)(3,549)(10)3,779 
Effect of updating discount rates on future policy benefits3,755 3,989 2,122 (795)(4,209)
Change in instrument-specific credit risk for market risk benefits13 19 (9)(11)(7)
Pension and postretirement benefits(27)(51)(51)(50)(50)
Total RGA, Inc. stockholders’ equity7,081 6,755 7,389 7,947 8,180 
Noncontrolling interest90 90 90 90 — 
Total equity7,171 6,845 7,479 8,037 8,180 
Total liabilities and equity$84,904 $82,819 $84,875 $90,288 $92,941 
Total RGA, Inc. stockholders’ equity, excluding AOCI$8,952 $8,733 $8,873 $8,805 $8,680 
See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.
                                        
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Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
GAAP Income Statements
(USD millions)
 Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net premiums$1,778 $1,640 $1,631 $1,541 $6,590 $6,244 $346 
Net investment income224 201 186 289 900 889 11 
Investment related gains (losses), net6 8 19 15 48 6 42 
Other revenue5 6 10 6 27 18 9 
Total revenues2,013 1,855 1,846 1,851 7,565 7,157 408 
Benefits and expenses:
Claims and other policy benefits1,642 1,520 1,524 1,447 6,133 5,835 298 
Future policy benefits remeasurement (gains) losses10 160 (11)103 262 249 13 
Interest credited17 18 17 17 69 70 (1)
Policy acquisition costs and other insurance expenses178 182 181 181 722 714 8 
Other operating expenses52 44 45 43 184 156 28 
Total benefits and expenses1,899 1,924 1,756 1,791 7,370 7,024 346 
Income (loss) before income taxes$114 $(69)$90 $60 $195 $133 $62 
Loss and expense ratios:
Loss ratio (1)
92.9 %102.4 %92.8 %100.6 %97.0 %97.4 %(0.4)%
Policy acquisition costs and other insurance expenses10.0 %11.1 %11.1 %11.7 %11.0 %11.4 %(0.4)%
Other operating expenses2.9 %2.7 %2.8 %2.8 %2.8 %2.5 %0.3 %
Foreign currency effect on (2):
Net premiums$1 $— $1 $— $2 $3 $(1)
Income (loss) before income taxes$— $— $— $— $— $(1)$1 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.
                                        
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Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net premiums$1,778 $1,640 $1,631 $1,541 $6,590 $6,244 $346 
Net investment income224 201 186 289 900 889 11 
Other revenue5 6 10 6 27 18 9 
Total revenues2,007 1,847 1,827 1,836 7,517 7,151 366 
Benefits and expenses:
Claims and other policy benefits1,642 1,520 1,524 1,447 6,133 5,835 298 
Future policy benefits remeasurement (gains) losses10 160 (11)103 262 249 13 
Interest credited17 18 17 17 69 70 (1)
Policy acquisition costs and other insurance expenses178 182 181 181 722 714 8 
Other operating expenses52 44 45 43 184 156 28 
Total benefits and expenses1,899 1,924 1,756 1,791 7,370 7,024 346 
Adjusted operating income (loss) before notable items and income taxes108 (77)71 45 147 127 20 
Notable items (1)
— 170 — — 170 34 136 
Adjusted operating income (loss) excluding notable items, before income taxes$108 $93 $71 $45 $317 $161 $156 
Loss and expense ratios:
Loss ratio (2)
92.9 %102.4 %92.8 %100.6 %97.0 %97.4 %(0.4)%
Policy acquisition costs and other insurance expenses10.0 %11.1 %11.1 %11.7 %11.0 %11.4 %(0.4)%
Other operating expenses2.9 %2.7 %2.8 %2.8 %2.8 %2.5 %0.3 %
Foreign currency effect on (3):
Net premiums$1 $— $1 $— $2 $3 $(1)
Adjusted operating income (loss) before income taxes$— $— $— $— $— $(1)$1 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

                                        
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Page 8

                         

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
(USD millions)
 Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net premiums$24 $13 $14 $15 $66 $55 $11 
Net investment income287 265 246 256 1,054 1,067 (13)
Investment related gains (losses), net(128)(41)(80)(93)(342)79 (421)
Other revenue25 29 31 26 111 172 (61)
Total revenues208 266 211 204 889 1,373 (484)
Benefits and expenses:
Claims and other policy benefits52 41 43 69 205 186 19 
Future policy benefits remeasurement (gains) losses(2)(5)(1)(20)(28)(7)(21)
Market risk benefits remeasurement (gains) losses(19)23 40 (34)10 (58)68 
Interest credited148 130 101 107 486 565 (79)
Policy acquisition costs and other insurance expenses47 36 45 41 169 149 20 
Other operating expenses14 11 12 9 46 37 9 
Total benefits and expenses240 236 240 172 888 872 16 
Income (loss) before income taxes$(32)$30 $(29)$32 $1 $501 $(500)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
                                        
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Page 9

                         

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
Adjusted Operating Income Statements
(USD millions)
Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net premiums$24 $13 $14 $15 $66 $55 $11 
Net investment income286 264 250 258 1,058 1,066 (8)
Other revenue25 29 31 26 111 172 (61)
Total revenues335 306 295 299 1,235 1,293 (58)
Benefits and expenses:
Claims and other policy benefits52 41 43 69 205 186 19 
Future policy benefits remeasurement (gains) losses(2)(5)(1)(20)(28)(7)— 
Interest credited147 140 128 124 539 610 (71)
Policy acquisition costs and other insurance expenses47 36 45 41 169 149 20 
Other operating expenses14 11 12 9 46 37 9 
Total benefits and expenses258 223 227 223 931 975 (44)
Adjusted operating income (loss) before notable items and income taxes77 83 68 76 304 318 (14)
Notable items (1)
— (3)— — (3)— (3)
Adjusted operating income (loss) excluding notable items, before income taxes$77 $80 $68 $76 $301 $318 $(17)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

                                        
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Page 10

                         

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
(Continued)
 Three Months Ended
(USD millions, shown net of reinsurance ceded)Dec. 31,Sept. 30,June 30,March 31,
2022202220222022
Policyholders' account balances
Fixed annuities (deferred)$12,046 $12,257 $11,952 $11,555 
Equity-indexed annuities$2,817 $2,919 $2,978 $3,038 
Bank-owned life insurance (BOLI)$2,500 $2,508 $2,505 $2,499 
Other policyholders' account balances$75 $76 $76 $79 
Variable annuities account balances
No riders$672 $642 $705 $786 
GMDB only771 802 811 891 
GMIB only20 19 20 23 
GMAB only2 2 2 3 
GMWB only863 833 916 1,035 
GMDB / WB165 158 174 240 
Other15 15 16 18 
Total variable annuities account balances$2,508 $2,471 $2,644 $2,996 
Interest-sensitive contract liabilities not associated with policyholders' account balances:
Guaranteed investment contracts, funding agreements and immediate annuities$848 $866 $961 $912 
Future policy benefits (at original discount rate) associated with:
Payout annuities$4,153 $4,208 $4,269 $4,322 
Other future policy benefits$59 $59 $60 $61 
Liability for market risk benefits:
Equity-indexed annuities$132 $90 $106 $107 
Variable annuities$115 $168 $166 $126 
Net interest spread (1)
1.2 %1.0 %1.0 %1.3 %
(1) Net interest spread for Asset-Intensive is calculated as net investment income less interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents.
                                        
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Page 11

                         

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
(USD millions)
 Three Months EndedYear-to-Date
 Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net investment income$1 $2 $1 $1 $5 $3 $2 
Other revenue26 24 74 28 152 108 44 
Total revenues27 26 75 29 157 111 46 
Benefits and expenses:
Policy acquisition costs and other insurance expenses— (1)1 1 1 8 (7)
Other operating expenses3 4 2 3 12 13 (1)
Total benefits and expenses3 3 3 4 13 21 (8)
Income before income taxes$24 $23 $72 $25 $144 $90 $54 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
                                        
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Page 12

                         

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
Adjusted Operating Income Statements
(USD millions)
Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net investment income$1 $2 $1 $1 $5 $3 $2 
Other revenue26 24 74 28 152 108 44 
Total revenues27 26 75 29 157 111 46 
Benefits and expenses:
Policy acquisition costs and other insurance expenses— (1)1 1 1 8 (7)
Other operating expenses3 4 2 3 12 13 (1)
Total benefits and expenses3 3 3 4 13 21 (8)
Adjusted operating income (loss) before notable items and income taxes24 23 72 25 144 90 54 
Notable items (1)
— — — — — — — 
Adjusted operating income (loss) excluding notable items, before income taxes$24 $23 $72 $25 $144 $90 $54 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
 
                                        
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Page 13

                         

Reinsurance Group of America, Incorporated
Canada Traditional
GAAP Income Statements
(USD millions)
 Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net premiums$308 $293 $314 $304 $1,219 $1,194 $25 
Net investment income66 64 62 58 250 259 (9)
Investment related gains (losses), net5 2 (6)1 2 3 (1)
Other revenue1 — 1 2 4 2 2 
Total revenues380 359 371 365 1,475 1,458 17 
Benefits and expenses:
Claims and other policy benefits285 272 285 287 1,129 1,084 45 
Future policy benefits remeasurement (gains) losses(10)9 (2)1 (2)(2)— 
Policy acquisition costs and other insurance expenses44 56 51 52 203 219 (16)
Other operating expenses11 10 10 10 41 36 5 
Total benefits and expenses330 347 344 350 1,371 1,337 34 
Income before income taxes$50 $12 $27 $15 $104 $121 $(17)
Loss and expense ratios:
Loss ratio (1)
89.3 %95.9 %90.1 %94.7 %92.5 %90.6 %1.9 %
Policy acquisition costs and other insurance expenses14.3 %19.1 %16.2 %17.1 %16.7 %18.3 %(1.6)%
Other operating expenses3.6 %3.4 %3.2 %3.3 %3.4 %3.0 %0.4 %
Foreign currency effect on (2):
Net premiums$(23)$(11)$(13)$— $(47)$76 $(123)
Income before income taxes$(3)$— $(1)$— $(4)$7 $(11)
Creditor reinsurance net premiums$17 $18 $20 $18 $73 $74 $(1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.
                                        
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Page 14

                         

Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net premiums$308 $293 $314 $304 $1,219 $1,194 $25 
Net investment income67 65 62 58 252 258 (6)
Investment related gains, net1 1 1 1 4 5 (1)
Other revenue1 — 1 2 4 2 2 
Total revenues377 359 378 365 1,479 1,459 20 
Benefits and expenses:
Claims and other policy benefits285 272 285 287 1,129 1,084 45 
Future policy benefits remeasurement (gains) losses(10)9 (2)1 (2)(2)— 
Policy acquisition costs and other insurance expenses44 56 51 52 203 219 (16)
Other operating expenses11 10 10 10 41 36 5 
Total benefits and expenses330 347 344 350 1,371 1,337 34 
Adjusted operating income before notable items and income taxes47 12 34 15 108 122 (14)
Notable items (1)
(5)6 — — 1 — 1 
Adjusted operating income excluding notable items, before income taxes$42 $18 $34 $15 $109 $122 $(13)
Loss and expense ratios:
Loss ratio (2)
89.3 %95.9 %90.1 %94.7 %92.5 %90.6 %1.9 %
Policy acquisition costs and other insurance expenses14.3 %19.1 %16.2 %17.1 %16.7 %18.3 %(1.6)%
Other operating expenses3.6 %3.4 %3.2 %3.3 %3.4 %3.0 %0.4 %
Foreign currency effect on (3):
Net premiums$(23)$(11)$(13)$— $(47)$76 $(123)
Adjusted operating income before income taxes$(3)$— $(1)$— $(4)$7 $(11)
Creditor reinsurance net premiums$17 $18 $20 $18 $73 $74 $(1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

                                        
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Page 15

                         

Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
GAAP Income Statements
(USD millions)
 Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net premiums$23 $24 $25 $23 $95 $90 $5 
Net investment income1 1 2 1 5 4 1 
Other revenue4 2 2 2 10 11 (1)
Total revenues28 27 29 26 110 105 5 
Benefits and expenses:
Claims and other policy benefits20 22 23 21 86 82 4 
Future policy benefits remeasurement (gains) losses(3)(2)(2)(5)(12)26 (38)
Policy acquisition costs and other insurance expenses1 — — 1 2 3 (1)
Other operating expenses1 1 1 — 3 5 (2)
Total benefits and expenses19 21 22 17 79 116 (37)
Income before income taxes$9 $6 $7 $9 $31 $(11)$42 
Foreign currency effect on (2):
Net premiums$(2)$(1)$(1)$— $(4)$6 $(10)
Income before income taxes$— $(1)$— $— $(1)$1 $(2)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.
                                        
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Page 16

                         

Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net premiums$23 $24 $25 $23 $95 $90 $5 
Net investment income1 1 2 1 5 4 1 
Other revenue4 2 2 2 10 11 (1)
Total revenues28 27 29 26 110 105 5 
Benefits and expenses:
Claims and other policy benefits20 22 23 21 86 82 4 
Future policy benefits remeasurement (gains) losses(3)(2)(2)(5)(12)26 (38)
Policy acquisition costs and other insurance expenses1 — — 1 2 3 (1)
Other operating expenses1 1 1 — 3 5 (2)
Total benefits and expenses19 21 22 17 79 116 (37)
Adjusted operating income before notable items and income taxes9 6 7 9 31 (11)42 
Notable items (2)
— — — — — 36 (36)
Adjusted operating income excluding notable items, before income taxes$9 $6 $7 $9 $31 $25 $6 
Foreign currency effect on (3):
Net premiums$(2)$(1)$(1)$— $(4)$6 $(10)
Adjusted operating income before income taxes$— $(1)$— $— $(1)$1 $(2)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

                                        
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Page 17

                         

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
GAAP Income Statements
(USD millions)
Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net premiums$422 $436 $427 $451 $1,736 $1,738 $(2)
Net investment income21 18 18 19 76 75 1 
Other revenue3 2 (2)3 6 (3)9 
Total revenues446 456 443 473 1,818 1,810 8 
Benefits and expenses:
Claims and other policy benefits404 409 377 396 1,586 1,719 (133)
Future policy benefits remeasurement (gains) losses(10)(7)13 (11)(15)25 (40)
Policy acquisition costs and other insurance expenses16 19 20 22 77 104 (27)
Other operating expenses33 30 29 32 124 112 12 
Total benefits and expenses443 451 439 439 1,772 1,960 (188)
Income (loss) before income taxes$3 $5 $4 $34 $46 $(150)$196 
Loss and expense ratios:
Loss ratio (1)
93.4 %92.2 %91.3 %85.4 %90.5 %100.3 %(9.8)%
Policy acquisition costs and other insurance expenses3.8 %4.4 %4.7 %4.9 %4.4 %6.0 %(1.6)%
Other operating expenses7.8 %6.9 %6.8 %7.1 %7.1 %6.4 %0.7 %
Foreign currency effect on (2):
Net premiums$(53)$(68)$(46)$(16)$(183)$95 $(278)
Income (loss) before income taxes$— $— $(2)$(1)$(3)$(14)$11 
Critical illness net premiums$33 $41 $36 $39 $149 $174 $(25)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.
                                        
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Page 18

                         

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net premiums$422 $436 $427 $451 $1,736 $1,738 $(2)
Net investment income21 18 18 19 76 75 1 
Other revenue3 2 (2)3 6 (3)9 
Total revenues446 456 443 473 1,818 1,810 8 
Benefits and expenses:
Claims and other policy benefits404 409 377 396 1,586 1,719 (133)
Future policy benefits remeasurement (gains) losses(10)(7)13 (11)(15)25 (40)
Policy acquisition costs and other insurance expenses16 19 20 22 77 104 (27)
Other operating expenses33 30 29 32 124 112 12 
Total benefits and expenses443 451 439 439 1,772 1,960 (188)
Adjusted operating income before notable items and income taxes3 5 4 34 46 (150)196 
Notable items (1)
— 13 — — 13 (6)19 
Adjusted operating income excluding notable items, before income taxes$3 $18 $4 $34 $59 $(156)$215 
Loss and expense ratios:
Loss ratio (2)
93.4 %92.2 %91.3 %85.4 %90.5 %100.3 %(9.8)%
Policy acquisition costs and other insurance expenses3.8 %4.4 %4.7 %4.9 %4.4 %6.0 %(1.6)%
Other operating expenses7.8 %6.9 %6.8 %7.1 %7.1 %6.4 %0.7 %
Foreign currency effect on (3):
Net premiums$(53)$(68)$(46)$(16)$(183)$95 $(278)
Adjusted operating income (loss) before income taxes$— $— $(2)$(1)$(3)$(14)$11 
Critical illness net premiums$33 $41 $36 $39 $149 $174 $(25)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

                                        
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Page 19

                         

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
(USD millions)
 Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net premiums$127 $112 $119 $128 $486 $350 $136 
Net investment income44 37 34 36 151 207 (56)
Investment related gains (losses), net(11)(9)(22)16 (26)49 (75)
Other revenue6 2 4 3 15 13 2 
Total revenues166 142 135 183 626 619 7 
Benefits and expenses:
Claims and other policy benefits106 97 107 118 428 296 132 
Future policy benefits remeasurement (gains) losses(12)3 (4)(8)(21)4 (25)
Interest credited(2)(5)(8)(9)(24)4 (28)
Policy acquisition costs and other insurance expenses2 2 1 2 7 10 (3)
Other operating expenses16 11 14 13 54 45 9 
Total benefits and expenses110 108 110 116 444 359 85 
Income before income taxes$56 $34 $25 $67 $182 $260 $(78)
Foreign currency effect on (2):
Net premiums$(17)$(20)$(14)$(5)$(56)$21 $(77)
Income before income taxes$(4)$(7)$(4)$(2)$(17)$10 $(27)
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.
                                        
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Page 20

                         

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net premiums$127 $112 $119 $128 $486 $350 $136 
Net investment income48 46 48 51 193 200 (7)
Investment related gains (losses), net4 5 5 4 18 6 12 
Other revenue6 2 4 3 15 13 2 
Total revenues185 165 176 186 712 569 143 
Benefits and expenses:
Claims and other policy benefits106 97 107 118 428 296 132 
Future policy benefits remeasurement (gains) losses(12)3 (4)(8)(21)4 (25)
Interest credited— — — — — — — 
Policy acquisition costs and other insurance expenses2 2 1 2 7 10 (3)
Other operating expenses16 11 14 13 54 45 9 
Total benefits and expenses112 113 118 125 468 355 113 
Adjusted operating income before notable items and income taxes73 52 58 61 244 214 30 
Notable items (2)
(14)— — — (14)— (14)
Adjusted operating income excluding notable items, before income taxes$59 $52 $58 $61 $230 $214 $16 
Foreign currency effect on (3):
Net premiums$(17)$(20)$(14)$(5)$(56)$21 $(77)
Adjusted operating income before income taxes$(6)$(11)$(8)$(2)$(27)$7 $(34)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

                                        
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Page 21

                         

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
GAAP Income Statements
(USD millions)
 Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net premiums$700 $660 $640 $650 $2,650 $2,624 $26 
Net investment income55 51 46 47 199 186 13 
Investment related gains (losses), net3 4 5 — 12 (1)13 
Other revenue— 5 10 6 21 19 2 
Total revenues758 720 701 703 2,882 2,828 54 
Benefits and expenses:
Claims and other policy benefits548 627 523 494 2,192 2,281 (89)
Future policy benefits remeasurement (gains) losses9 68 25 (2)100 272 (172)
Policy acquisition costs and other insurance expenses44 47 45 54 190 172 18 
Other operating expenses57 51 49 49 206 184 22 
Total benefits and expenses658 793 642 595 2,688 2,909 (221)
Income (loss) before income taxes$100 $(73)$59 $108 $194 $(81)$275 
Loss and expense ratios:
Loss ratio (1)
79.6 %105.3 %85.6 %75.7 %86.5 %97.3 %(10.8)%
Policy acquisition costs and other insurance expenses6.3 %7.1 %7.0 %8.3 %7.2 %6.6 %0.6 %
Other operating expenses8.1 %7.7 %7.7 %7.5 %7.8 %7.0 %0.8 %
Foreign currency effect on (2):
Net premiums$(61)$(50)$(38)$(23)$(172)$52 $(224)
Income (loss) before income taxes$(6)$6 $(3)$2 $(1)$(1)$— 
Critical illness net premiums$324 $296 $301 $295 $1,216 $1,281 $(65)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.
                                        
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Page 22

                         

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)
 Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net premiums$700 $660 $640 $650 $2,650 $2,624 $26 
Net investment income55 51 46 47 199 186 13 
Investment related gains (losses), net3 4 5 — 12 (1)13 
Other revenue— 5 10 6 21 19 2 
Total revenues758 720 701 703 2,882 2,828 54 
Benefits and expenses:
Claims and other policy benefits548 627 523 494 2,192 2,281 (89)
Future policy benefits remeasurement (gains) losses9 68 25 (2)100 272 (172)
Policy acquisition costs and other insurance expenses44 47 45 54 190 172 18 
Other operating expenses57 51 49 49 206 184 22 
Total benefits and expenses658 793 642 595 2,688 2,909 (221)
Adjusted operating income before notable items and income taxes100 (73)59 108 194 (81)275 
Notable items (1)
(42)140 (23)— 75 122 (47)
Adjusted operating income excluding notable items, before income taxes$58 $67 $36 $108 $269 $41 $228 
Loss and expense ratios:
Loss ratio (2)
79.6 %105.3 %85.6 %75.7 %86.5 %97.3 %(10.8)%
Policy acquisition costs and other insurance expenses6.3 %7.1 %7.0 %8.3 %7.2 %6.6 %0.6 %
Other operating expenses8.1 %7.7 %7.7 %7.5 %7.8 %7.0 %0.8 %
Foreign currency effect on (3):
Net premiums$(61)$(50)$(38)$(23)$(172)$52 $(224)
Adjusted operating income (loss) before income taxes$(6)$6 $(3)$2 $(1)$(1)$— 
Critical illness net premiums$324 $296 $301 $295 $1,216 $1,281 $(65)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.
 
                                        
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Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
GAAP Income Statements
(USD millions)
 Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net premiums$64 $69 $60 $43 $236 $218 $18 
Net investment income94 77 55 44 270 138 132 
Investment related gains (losses), net83 (94)(113)(81)(205)19 (224)
Other revenue— 119 41 14 174 42 132 
Total revenues241 171 43 20 475 417 58 
Benefits and expenses:
Claims and other policy benefits68 60 56 39 223 190 33 
Future policy benefits remeasurement (gains) losses7 — — — 7 — 7 
Interest credited39 38 22 20 119 57 62 
Policy acquisition costs and other insurance expenses12 21 15 12 60 51 9 
Other operating expenses6 5 4 5 20 19 1 
Total benefits and expenses132 124 97 76 429 317 112 
Income (loss) before income taxes$109 $47 $(54)$(56)$46 $100 $(54)
Foreign currency effect on (2):
Net premiums$(9)$(10)$(8)$(3)$(30)$(3)$(27)
Income (loss) before income taxes$(17)$11 $15 $5 $14 $— $14 
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.
                                        
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Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
 Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net premiums$64 $69 $60 $43 $236 $218 $18 
Net investment income94 77 55 44 270 138 132 
Investment related gains, net5 3 5 4 17 15 2 
Other revenue7 37 17 6 67 42 25 
Total revenues170 186 137 97 590 413 177 
Benefits and expenses:
Claims and other policy benefits68 60 56 39 223 190 33 
Future policy benefits remeasurement (gains) losses7 — — — 7 — 7 
Interest credited39 38 22 20 119 57 62 
Policy acquisition costs and other insurance expenses12 21 15 12 60 51 9 
Other operating expenses6 5 4 5 20 19 1 
Total benefits and expenses132 124 97 76 429 317 112 
Adjusted operating income before notable items and income taxes38 62 40 21 161 96 65 
Notable items (2)
— — — — — — — 
Adjusted operating income excluding notable items, before income taxes$38 $62 $40 $21 $161 $96 $65 
Foreign currency effect on (3):
Net premiums$(9)$(10)$(8)$(3)$(30)$(3)$(27)
Adjusted operating income before income taxes$(3)$(6)$(3)$(2)$(14)$— $(14)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.
 

                                        
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Reinsurance Group of America, Incorporated
Corporate and Other
GAAP Income Statements
(USD millions)
 Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net investment income$35 $53 $104 $59 $251 $310 $(59)
Investment related gains (losses), net36 (24)(43)3 (28)412 (440)
Other revenue19 (1)(12)1 7 67 (60)
Total revenues90 28 49 63 230 789 (559)
Benefits and expenses:
Interest credited12 8 6 6 32 4 28 
Policy acquisition costs and other insurance income(21)(21)(23)(22)(87)(105)18 
Other operating expenses96 84 76 63 319 329 (10)
Interest expense54 46 42 42 184 127 57 
Collateral finance and securitization expense1 3 2 1 7 12 (5)
Total benefits and expenses142 120 103 90 455 367 88 
Income (loss) before income taxes$(52)$(92)$(54)$(27)$(225)$422 $(647)
Foreign currency effect on (1):
Income (loss) before income taxes$(7)$3 $1 $— $(3)$13 $(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.
                                        
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Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD millions)
Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Revenues:
Net investment income$35 $53 $104 $59 $251 $310 $(59)
Investment related gains, net2 2 1 3 8 6 2 
Other revenue13 10 1 10 34 66 (32)
Total revenues50 65 106 72 293 382 (89)
Benefits and expenses:
Interest credited12 8 6 6 32 4 28 
Policy acquisition costs and other insurance income(21)(21)(23)(22)(87)(105)18 
Other operating expenses96 84 76 63 319 329 (10)
Interest expense54 46 42 42 184 153 31 
Collateral finance and securitization expense1 3 2 1 7 12 (5)
Total benefits and expenses142 120 103 90 455 393 62 
Adjusted operating income before notable items and income taxes(92)(55)3 (18)(162)(11)(151)
Notable items (1)
— — — — — — — 
Adjusted operating income excluding notable items, before income taxes$(92)$(55)$3 $(18)$(162)$(11)$(151)
Foreign currency effect on (2):
Adjusted operating income (loss) before income taxes$— $1 $1 $— $2 $7 $(5)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Compared to comparable prior year period.
 
                                        
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Reinsurance Group of America, Incorporated
Summary of Segment GAAP Income
(USD millions)
 Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
U.S. and Latin America:
Traditional$114 $(69)$90 $60 $195 $133 $62 
Financial Solutions:
Asset Intensive(32)30 (29)32 1 501 (500)
Capital Solutions24 23 72 25 144 90 54 
Total U.S. and Latin America106 (16)133 117 340 724 (384)
Canada:
Traditional50 12 27 15 104 121 (17)
Financial Solutions9 6 7 9 31 (11)42 
Total Canada59 18 34 24 135 110 25 
Europe, Middle East and Africa:
Traditional3 5 4 34 46 (150)196 
Financial Solutions56 34 25 67 182 260 (78)
Total Europe, Middle East and Africa59 39 29 101 228 110 118 
Asia Pacific:
Traditional100 (73)59 108 194 (81)275 
Financial Solutions109 47 (54)(56)46 100 (54)
Total Asia Pacific209 (26)5 52 240 19 221 
Corporate and Other(52)(92)(54)(27)(225)422 (647)
Consolidated income (loss) before income taxes$381 $(77)$147 $267 $718 $1,385 $(667)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

                                        
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Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income
(USD millions)
 Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
U.S. and Latin America:
Traditional$108 $(77)$71 $45 $147 $127 $20 
Financial Solutions:
Asset Intensive77 83 68 76 304 318 (14)
Capital Solutions24 23 72 25 144 90 54 
Total U.S. and Latin America209 29 211 146 595 535 60 
Canada:
Traditional47 12 34 15 108 122 (14)
Financial Solutions9 6 7 9 31 (11)42 
Total Canada56 18 41 24 139 111 28 
Europe, Middle East and Africa:
Traditional3 5 4 34 46 (150)196 
Financial Solutions73 52 58 61 244 214 30 
Total Europe, Middle East and Africa76 57 62 95 290 64 226 
Asia Pacific:
Traditional100 (73)59 108 194 (81)275 
Financial Solutions38 62 40 21 161 96 65 
Total Asia Pacific138 (11)99 129 355 15 340 
Corporate and Other(92)(55)3 (18)(162)(11)(151)
Consolidated adjusted operating income (loss) before income taxes387 38 416 376 1,217 714 503 
Notable items (1)
(61)326 (23)— 242 186 56 
Consolidated adjusted operating income (loss) excluding notable items before income taxes$326 $364 $393 $376 $1,459 $900 $559 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
 


                                        
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Cash and Invested Assets
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,
 20222022202220222021
Fixed maturity securities, available-for-sale (1)
$52,901 $50,495 $53,294 $57,922 $60,749 
Equity securities134 137 127 139 151 
Mortgage loans6,590 6,558 6,544 6,535 6,283 
Policy loans1,231 1,202 1,218 1,221 1,234 
Limited partnerships and real estate joint ventures2,327 2,197 2,074 1,943 1,996 
Funds withheld at interest6,003 6,177 6,393 6,737 6,954 
Short-term investments154 225 272 315 87 
Other invested assets1,140 1,049 1,036 1,090 1,074 
Cash and cash equivalents2,927 3,512 2,556 2,709 2,948 
Total cash and invested assets$73,407 $71,552 $73,514 $78,611 $81,476 
(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 EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
 202220222022202220222021Change
Average invested assets at amortized cost (1)
$35,300 $34,579 $34,859 $35,271 $34,398 $33,040 $1,358 
Net investment income (1)
$386 $374 $397 $457 $1,614 $1,648 $(34)
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)
4.45 %4.40 %4.63 %5.29 %4.69 %4.99 %(30) bps
Variable investment income ("VII") (included in net investment income) (1)
$42 $38 $70 $141 $291 $433 $(142)
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)
4.14 %4.12 %3.96 %3.80 %4.00 %3.81 %19 bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
                                        
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities
December 31, 2022
 Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Estimated Fair
Value		% of
Total
Available-for-sale:
   Corporate$38,963 $27 $168 $5,135 $33,969 64.2 %
   Canadian government3,311 — 381 66 3,626 6.9 %
   RMBS1,054 — 1 114 941 1.8 %
   ABS4,324 10 4 440 3,878 7.3 %
   CMBS1,835 — — 212 1,623 3.1 %
   U.S. government1,690 — 4 212 1,482 2.8 %
   State and political subdivisions1,282 — 10 173 1,119 2.1 %
   Other foreign government7,204 — 26 967 6,263 11.8 %
Total fixed maturity securities$59,663 $37 $594 $7,319 $52,901 100.0 %


December 31, 2021
 Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Estimated Fair
Value		% of
Total
Available-for-sale:
   Corporate$35,239 $26 $3,084 $194 $38,103 62.8 %
   Canadian government3,339 — 1,606 1 4,944 8.1 %
   RMBS1,020 — 37 7 1,050 1.7 %
   ABS4,024 — 22 41 4,005 6.6 %
   CMBS1,790 1 66 6 1,849 3.0 %
   U.S. government2,082 — 31 8 2,105 3.5 %
   State and political subdivisions1,191 — 137 5 1,323 2.2 %
   Other foreign government7,188 4 273 87 7,370 12.1 %
Total fixed maturity securities$55,873 $31 $5,256 $349 $60,749 100.0 %

                                        
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Corporate Fixed Maturity Securities by Industry
 December 31, 2022December 31, 2021
 Amortized CostEstimated Fair Value% of Total
Average Credit Ratings (1)
Amortized CostEstimated Fair Value% of Total
Average Credit Ratings (1)
Financial institutions
Banking$6,281 $5,672 16.7 %A-$5,792 $6,163 16.2 %A-
Brokerage/asset managers/exchanges1,302 1,115 3.3 %A-1,073 1,145 3.0 %A-
Finance companies410 350 1.0 %BBB306 316 0.8 %BBB+
Insurance4,452 3,851 11.3 %A-3,987 4,383 11.5 %A-
REITs1,205 1,013 3.0 %BBB+987 1,022 2.7 %BBB+
Other finance901 679 2.0 %A-956 1,016 2.7 %A-
      Total financial institutions$14,551 $12,680 37.3 %$13,101 $14,045 36.9 %
Industrials
Basic$1,921 $1,690 5.0 %BBB$1,972 $2,210 5.8 %BBB
Capital goods1,734 1,550 4.6 %BBB1,542 1,649 4.3 %BBB
Communications2,517 2,136 6.3 %BBB2,330 2,592 6.8 %BBB
Consumer cyclical1,997 1,748 5.1 %BBB+1,758 1,885 4.9 %BBB+
Consumer noncyclical4,625 4,052 11.9 %BBB+3,952 4,315 11.3 %BBB+
Energy2,050 1,801 5.3 %BBB+1,967 2,159 5.7 %BBB+
Technology1,617 1,461 4.3 %BBB+1,436 1,486 3.9 %BBB+
Transportation2,160 1,859 5.5 %BBB+2,050 2,192 5.8 %BBB+
Other industrial1,003 960 2.8 %BBB850 887 2.3 %BBB
       Total industrials$19,624 $17,257 50.8 %$17,857 $19,375 50.8 %
Utilities
Electric$3,779 $3,200 9.4 %A-$3,256 $3,561 9.4 %A-
Natural gas664 553 1.7 %A-566 614 1.6 %BBB+
Other utility345 279 0.8 %BBB+459 508 1.3 %BBB+
       Total utilities$4,788 $4,032 11.9 %$4,281 $4,683 12.3 %
     Total$38,963 $33,969 100.0 %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.

                                        
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Ratings of Fixed Maturity Securities
  December 31, 2022September 30, 2022June 30, 2022March 31, 2022December 31, 2021
NAIC Designation (1)
Rating Agency Designation (2)
Amortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of Total
1AAA/AA/A$36,217 $32,295 61.1 %$33,881 $30,062 59.6 %$33,989 $31,782 59.6 %$34,434 $34,741 60.0 %$33,540 $36,725 60.5 %
2BBB20,188 17,580 33.2 %19,931 16,924 33.5 %19,851 18,011 33.8 %19,691 19,574 33.8 %18,684 20,379 33.5 %
3BB2,734 2,607 5.0 %3,044 2,843 5.6 %2,940 2,774 5.2 %2,821 2,769 4.8 %2,620 2,668 4.4 %
4B397 331 0.6 %625 583 1.2 %658 619 1.2 %730 720 1.2 %876 863 1.4 %
5CCC103 71 0.1 %107 62 0.1 %124 84 0.2 %127 92 0.2 %96 79 0.1 %
6In or near default24 17 — %42 21 — %46 24 — %46 26 — %57 35 0.1 %
Total $59,663 $52,901 100.0 %$57,630 $50,495 100.0 %$57,608 $53,294 100.0 %$57,849 $57,922 100.0 %$55,873 $60,749 100.0 %
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).
 
 
Structured Fixed Maturity Securities
 December 31, 2022September 30, 2022June 30, 2022March 31, 2022December 31, 2021
 Amortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of Total
RMBS
Agency$476 $427 6.6 %$489 $442 7.0 %$519 $498 7.7 %$538 $537 8.3 %$551 $582 8.4 %
Non-agency578 514 8.0 %565 511 8.1 %485 452 7.0 %445 429 6.6 %469 468 6.8 %
Total RMBS1,054 941 14.6 %1,054 953 15.1 %1,004 950 14.7 %983 966 14.9 %1,020 1,050 15.2 %
ABS:
Collateralized loan obligations ("CLOs")1,825 1,702 26.4 %1,788 1,650 26.0 %1,714 1,622 25.1 %1,659 1,630 25.1 %1,761 1,752 25.4 %
ABS, excluding CLOs2,499 2,176 33.8 %2,377 2,073 32.6 %2,377 2,160 33.4 %2,256 2,116 32.5 %2,263 2,253 32.6 %
Total ABS4,324 3,878 60.2 %4,165 3,723 58.6 %4,091 3,782 58.5 %3,915 3,746 57.6 %4,024 4,005 58.0 %
CMBS1,835 1,623 25.2 %1,843 1,670 26.3 %1,856 1,735 26.8 %1,829 1,786 27.5 %1,790 1,849 26.8 %
Total$7,213 $6,442 100.0 %$7,062 $6,346 100.0 %$6,951 $6,467 100.0 %$6,727 $6,498 100.0 %$6,834 $6,904 100.0 %
 
                                        
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
 As of December 31, 2022
 Less than 12 monthsEqual to or greater than 12 monthsTotal
 Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
   Corporate$21,867 $2,756 $6,840 $2,225 $28,707 $4,981 
   Canadian government554 42 71 23 625 65 
   RMBS664 62 181 53 845 115 
   ABS1,596 153 1,931 269 3,527 422 
   CMBS1,314 144 281 65 1,595 209 
   U.S. government1,202 64 253 148 1,455 212 
   State and political subdivisions819 124 131 50 950 174 
   Other foreign government2,757 253 2,720 652 5,477 905 
Total investment grade securities$30,773 $3,598 $12,408 $3,485 $43,181 $7,083 
Below investment grade securities:
   Corporate$767 $87 $305 $61 $1,072 $148 
   ABS52 6 38 9 90 15 
   Other foreign government39 2 164 60 203 62 
Total below investment grade securities$858 $95 $507 $130 $1,365 $225 
Total fixed maturity securities$31,631 $3,693 $12,915 $3,615 $44,546 $7,308 
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.
 

                                        
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
 As of December 31, 2021
 Less than 12 monthsEqual to or greater than 12 monthsTotal
 Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
   Corporate$4,135 $86 $946 $51 $5,081 $137 
   Canadian government20 1 — — 20 1 
   RMBS132 3 102 4 234 7 
   ABS1,747 22 589 6 2,336 28 
   CMBS152 2 35 2 187 4 
   U.S. government1,513 6 31 2 1,544 8 
   State and political subdivisions109 3 28 2 137 5 
   Other foreign government2,237 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 
   Other foreign government136 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.

                                        
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Consolidated Investment Related Gains and Losses
Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses and impairments$13 $(9)$(15)$(12)$(23)$(12)$(11)
Realized gains on investment activity127 20 34 11 192 299 (107)
Realized losses on investment activity(160)(106)(94)(36)(396)(65)(331)
Net gains (losses) on fixed maturity securities available-for-sale(20)(95)(75)(37)(227)222 (449)
Net gains (losses) on equity securities(5)7 (15)(8)(21)25 (46)
Change in mortgage loan allowance for credit losses(8)(5)(1)(2)(16)29 (45)
Change in fair value of certain limited partnership investments9 — 10 19 38 169 (131)
Other, net— 7 11 8 26 25 1 
Free-standing derivatives (1):
Interest rate swaps(2)(33)(44)(52)(131)(34)(97)
Interest rate options(9)18 (6)— 3 — 3 
Total return swaps22 (1)— — 21 — 21 
Financial futures(10)7 24 7 28 (24)52 
Foreign currency swaps(6)9 11 7 21 20 1 
Foreign currency swaps - hedged1 1 — 4 6 2 4 
Foreign currency forwards61 (55)(76)(23)(93)(20)(73)
CPI swaps6 7 (11)29 31 46 (15)
Credit default swaps37 (12)(33)(58)(66)33 (99)
Equity options(15)8 21 — 14 (33)47 
Total free-standing derivatives85 (51)(114)(86)(166)(10)(156)
Embedded derivatives:
   Modified coinsurance and funds withheld treaties(67)(17)(56)(33)(173)107 (280)
Total embedded derivatives(67)(17)(56)(33)(173)107 (280)
Net gains (losses) on total derivatives18 (68)(170)(119)(339)97 (436)
Total investment related gains (losses), net$(6)$(154)$(240)$(139)$(539)$567 $(1,106)
(1) Free-standing derivatives are non-hedged unless specified.
                                        
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Appendix
Reconciliations of GAAP to Non-GAAP Measures

                                        
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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
U.S. & Latin America Traditional
Income (loss) before income taxes$114 $(69)$90 $60 $195 $133 $62 
Investment and derivative losses (1)
1 (1)— — — — — 
Change in fair value of funds withheld embedded derivatives (1)
(7)(7)(19)(15)(48)(6)(42)
Adjusted operating income (loss) before notable items and income taxes108 (77)71 45 147 127 20 
Notable items (2)
— 170 — — 170 34 136 
Adjusted operating income (loss) excluding notable items, before income taxes$108 $93 $71 $45 $317 $161 $156 
U.S. & Latin America Asset-Intensive
Income (loss) before income taxes$(32)$30 $(29)$32 $1 $501 $(500)
Market risk benefits remeasurement (gains) losses(19)23 40 (34)10 (58)68 
Investment and derivative (gains) losses (1)
54 17 5 45 121 22 99 
Change in fair value of funds withheld embedded derivatives (1)
74 24 75 48 221 (101)322 
Funds withheld (gains) losses - investment income(1)(1)4 2 4 (1)5 
EIA embedded derivatives - interest credited1 (10)(27)(17)(53)(45)(8)
Non-investment derivatives and other— — — — — — — 
Adjusted operating income (loss) before notable items and income taxes77 83 68 76 304 318 (14)
Notable items (2)
— (3)— — (3)— (3)
Adjusted operating income (loss) excluding notable items, before income taxes$77 $80 $68 $76 $301 $318 $(17)
U.S. & Latin America Capital Solutions
Income before income taxes$24 $23 $72 $25 $144 $90 $54 
Adjusted operating income (loss) before notable items and income taxes24 23 72 25 144 90 54 
Notable items (2)
— — — — — — — 
Adjusted operating income (loss) excluding notable items, before income taxes$24 $23 $72 $25 $144 $90 $54 
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
                                        
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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Canada Traditional
Income before income taxes$50 $12 $27 $15 $104 $121 $(17)
Investment and derivative (gains) losses (1)
(4)(1)7 — 2 2 — 
Investment income - non-operating FWAI1 1 — — 2 (1)3 
Adjusted operating income (loss) before notable items and income taxes47 12 34 15 108 122 (14)
Notable items (2)
(5)6 — — 1 — 1 
Adjusted operating income (loss) excluding notable items, before income taxes$42 $18 $34 $15 $109 $122 $(13)
Canada Financial Solutions
Income before income taxes$9 $6 $7 $9 $31 $(11)$42 
Adjusted operating income (loss) before notable items and income taxes9 6 7 9 31 (11)42 
Notable items (2)
— — — — — 36 (36)
Adjusted operating income (loss) excluding notable items, before income taxes$9 $6 $7 $9 $31 $25 $6 
Europe, Middle East and Africa Traditional
Income (loss) before income taxes$3 $5 $4 $34 $46 $(150)$196 
Adjusted operating income (loss) before notable items and income taxes3 5 4 34 46 (150)196 
Notable items (2)
— 13 — — 13 (6)19 
Adjusted operating income (loss) excluding notable items, before income taxes$3 $18 $4 $34 $59 $(156)$215 
Europe, Middle East and Africa Financial Solutions
Income before income taxes$56 $34 $25 $67 $182 $260 $(78)
Investment and derivative (gains) losses (1)
15 14 27 (12)44 (43)87 
Investment income - non-operating FWAI2 4 6 6 18 (3)21 
Investment (income) loss on unit-linked variable annuities2 5 8 9 24 (4)28 
Interest credited on unit-linked variable annuities(2)(5)(8)(9)(24)4 (28)
Adjusted operating income (loss) before notable items and income taxes73 52 58 61 244 214 30 
Notable items (2)
(14)— — — (14)— (14)
Adjusted operating income (loss) excluding notable items, before income taxes$59 $52 $58 $61 $230 $214 $16 
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
                                        
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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Dec. 31,
202220222022202220222021Change
Asia Pacific Traditional
Income (loss) before income taxes$100 $(73)$59 $108 $194 $(81)$275 
Adjusted operating income (loss) before notable items and income taxes100 (73)59 108 194 (81)275 
Notable items (2)
(42)140 (23)— 75 122 (47)
Adjusted operating income (loss) excluding notable items, before income taxes$58 $67 $36 $108 $269 $41 $228 
Asia Pacific Financial Solutions
Income (loss) before income taxes$109 $47 $(54)$(56)$46 $100 $(54)
Investment and derivative (gains) losses (1)
(78)97 118 85 222 (4)226 
Non-investment derivatives and other7 (82)(24)(8)(107)— (107)
Adjusted operating income (loss) before notable items and income taxes38 62 40 21 161 96 65 
Notable items (2)
— — — — — — — 
Adjusted operating income (loss) excluding notable items, before income taxes$38 $62 $40 $21 $161 $96 $65 
Corporate and Other
Income (loss) before income taxes$(52)$(92)$(54)$(27)$(225)$422 $(647)
Investment and derivative (gains) losses (1)
(34)26 44 — 36 (406)442 
Interest expense on uncertain tax positions— — — — — (26)26 
Non-investment derivatives and other(6)11 13 9 27 (1)28 
Adjusted operating income (loss) before notable items and income taxes(92)(55)3 (18)(162)(11)(151)
Notable items (2)
— — — — — — — 
Adjusted operating income (loss) excluding notable items, before income taxes$(92)$(55)$3 $(18)$(162)$(11)$(151)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

                                        
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Reinsurance Group of America, Incorporated
Reconciliations of Stockholders’ Equity to Stockholders’ Equity Excluding AOCI
(USD millions except per share data)
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,
20222022202220222021
RGA, Inc. stockholders’ equity$7,081 $6,755 $7,389 $7,947 $8,180 
Less effect of AOCI:
Accumulated currency translation adjustments(116)(147)3 8 (13)
Unrealized appreciation of securities(5,496)(5,788)(3,549)(10)3,779 
Effect of updating discount rates on future policy benefits3,755 3,989 2,122 (795)(4,209)
Change in instrument-specific credit risk for market risk benefits13 19 (9)(11)(7)
Pension and postretirement benefits(27)(51)(51)(50)(50)
RGA, Inc. stockholders’ equity, excluding AOCI8,952 8,733 8,873 8,805 8,680 
Year-to-date notable items, net of tax (1)
184 230 (17)— 141 
RGA, Inc. stockholders’ equity, excluding AOCI and notable items$9,136 $8,963 $8,856 $8,805 $8,821 
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,
20222022202220222021
Book value per share$106.19 $101.08 $110.27 $118.62 $121.79 
Less effect of AOCI:
Accumulated currency translation adjustment(1.73)(2.20)0.04 0.12 (0.20)
Unrealized (depreciation) appreciation of securities(82.44)(86.61)(52.96)(0.15)56.27 
Effect of updating discount rates on future policy benefits56.32 59.69 31.66 (11.87)(62.67)
Change in instrument-specific credit risk for market risk benefits0.19 0.29 (0.14)(0.17)(0.10)
Pension and postretirement benefits(0.41)(0.77)(0.75)(0.75)(0.74)
Book value per share, excluding AOCI$134.26 $130.68 $132.42 $131.44 $129.23 

                                        
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