EX-99.2 3 qfs1q23.htm EX-99.2
Exhibit 99.2
Quarterly Financial Supplement
First Quarter 2023
(Unaudited)

World Headquarters |  | Internet Address |  | Contacts
16600 Swingley Ridge Road |  | www.rgare.com |  | Todd C. Larson
Chesterfield, Missouri 63017 U.S.A. |  |  |  | Senior Executive Vice President
|  |  |  | and Chief Financial Officer
|  |  |  | Phone: (636) 736-7000
|  |  |  | e-mail: tlarson@rgare.com
|  |  |  | Jeff Hopson
|  |  |  | Senior Vice President, Investor Relations
|  |  |  | Phone: (636) 736-2068
|  |  |  | e-mail: jhopson@rgare.com

Current Ratings
|  | Standard & Poor’s |  | A.M. Best |  | Moody’s
Financial Strength Ratings |  |  |  |  |  |
RGA Reinsurance Company |  | AA- |  | A+ |  | A1
RGA Life Reinsurance Company of Canada |  | AA- |  | A+ |  |
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 Limited |  | A+ |  |  |  |
Aurora National Life Assurance Company |  |  |  | A+ |  |
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”.

Reinsurance Group of America, Incorporated
1st Quarter 2023
Table of Contents

| Page
Non-GAAP Disclosures | 1
Consolidated |
Financial Highlights | 2
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) | 3
Consolidated Balance Sheets | 5
Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements |
U.S. and Latin America Traditional | 6
U.S. and Latin America Financial Solutions - Asset-Intensive | 8
U.S. and Latin America Financial Solutions - Capital Solutions | 11
Canada Traditional | 13
Canada Financial Solutions | 15
Europe, Middle East and Africa Traditional | 17
Europe, Middle East and Africa Financial Solutions | 19
Asia Pacific Traditional | 21
Asia Pacific Financial Solutions | 23
Corporate and Other | 25
Summary of Segment GAAP Income | 27
Summary of Segment Adjusted Operating Income | 28
Investments |
Cash and Invested Assets and Investment Income and Yield Summary | 29
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

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 includes 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. 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.

|  | Page 1

Reinsurance Group of America, Incorporated
Financial Highlights
|  | Three Months Ended |  | Current Qtr
(USD millions, except in force & per share and shares data) |  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Net premiums |  | $ | 3,385 |  |  | $ | 3,446 |  |  | $ | 3,247 |  |  | $ | 3,230 |  |  | $ | 3,155 |  |  | $ | 230 |
Net income (loss) available to RGA's shareholders |  | 252 |  |  | 291 |  |  | (76) |  |  | 105 |  |  | 197 |  |  | 55 |
Adjusted operating income |  | 349 |  |  | 312 |  |  | 16 |  |  | 316 |  |  | 283 |  |  | 66 |
Adjusted operating income excluding notable items (1) |  | 349 |  |  | 266 |  |  | 263 |  |  | 299 |  |  | 283 |  |  | 66 |
Return on equity |  | 7.8 | % |  | 6.8 | % |  | 8.3 | % |  | 8.2 | % |  | 11.6 | % |  | (3.8) | %
Adjusted operating return on equity (ex AOCI) |  | 11.2 | % |  | 10.5 | % |  | 9.2 | % |  | 7.2 | % |  | 7.1 | % |  | 4.1 | %
Adjusted operating return on equity (ex AOCI and notable items (1)) |  | 13.1 | % |  | 12.5 | % |  | 11.7 | % |  | 8.6 | % |  | 8.7 | % |  | 4.4 | %
Total assets |  | $ | 89,120 |  |  | $ | 84,904 |  |  | $ | 82,819 |  |  | $ | 84,875 |  |  | $ | 90,288 |  |  | $ | (1,168) |
Assumed Life Reinsurance In Force (in billions) |  |  |  |  |  |  |  |  |  |  |  |
U.S. and Latin America Traditional |  | $ | 1,676.8 |  |  | $ | 1,672.2 |  |  | $ | 1,662.7 |  |  | $ | 1,650.5 |  |  | $ | 1,645.1 |  |  | $ | 31.7 |
U.S. and Latin America Financial Solutions |  | 5.2 |  |  | 5.2 |  |  | 5.3 |  |  | 5.3 |  |  | 5.3 |  |  | (0.1) |
Canada Traditional |  | 469.5 |  |  | 463.6 |  |  | 448.7 |  |  | 477.2 |  |  | 484.5 |  |  | (15.0) |
Europe, Middle East and Africa Traditional |  | 759.6 |  |  | 735.4 |  |  | 671.3 |  |  | 756.4 |  |  | 850.7 |  |  | (91.1) |
Asia Pacific Traditional |  | 508.2 |  |  | 518.6 |  |  | 479.4 |  |  | 486.1 |  |  | 508.4 |  |  | (0.2) |
Asia Pacific Financial Solutions |  | 7.4 |  |  | 5.7 |  |  | 5.2 |  |  | 5.4 |  | (2) | 1.1 |  |  | 6.3 |
Total assumed life reinsurance in force |  | $ | 3,426.7 |  |  | $ | 3,400.7 |  |  | $ | 3,272.6 |  |  | $ | 3,380.9 |  |  | $ | 3,495.1 |  |  | $ | (68.4) |
Assumed New Business Production (in billions) |  |  |  |  |  |  |  |  |  |  |  |
U.S. and Latin America Traditional |  | $ | 34.1 |  |  | $ | 36.4 |  |  | $ | 37.3 |  |  | $ | 32.7 |  |  | $ | 39.5 |  |  | $ | (5.4) |
Canada Traditional |  | 10.8 |  |  | 11.9 |  |  | 10.8 |  |  | 12.8 |  |  | 12.7 |  |  | (1.9) |
Europe, Middle East and Africa Traditional |  | 30.1 |  |  | 35.6 |  |  | 38.2 |  |  | 45.1 |  |  | 50.5 |  |  | (20.4) |
Asia Pacific Traditional |  | 3.9 |  |  | 8.6 |  |  | 14.4 |  |  | 5.7 |  |  | 16.6 |  |  | (12.7) |
Asia Pacific Financial Solutions |  | 1.7 |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 1.6 |
Total assumed new business production |  | $ | 80.6 |  |  | $ | 92.5 |  |  | $ | 100.7 |  |  | $ | 96.3 |  |  | $ | 119.4 |  |  | $ | (38.8) |
Per Share and Shares Data (shares in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 3.77 |  |  | $ | 4.36 |  |  | $ | (1.13) |  |  | $ | 1.57 |  |  | $ | 2.93 |  |  | $ | 0.84 |
Adjusted operating income (loss) |  | $ | 5.22 |  |  | $ | 4.67 |  |  | $ | 0.24 |  |  | $ | 4.71 |  |  | $ | 4.22 |  |  | $ | 1.00 |
Diluted earnings per share (3) |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 3.72 |  |  | $ | 4.30 |  |  | $ | (1.13) |  |  | $ | 1.55 |  |  | $ | 2.91 |  |  | $ | 0.81 |
Adjusted operating income (loss) |  | $ | 5.16 |  |  | $ | 4.60 |  |  | $ | 0.24 |  |  | $ | 4.67 |  |  | $ | 4.18 |  |  | $ | 0.98 |
Wgt. average common shares outstanding |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | 66,779 |  |  | 66,748 |  |  | 66,936 |  |  | 66,996 |  |  | 67,104 |  |  | (325) |
Diluted |  | 67,615 |  |  | 67,793 |  |  | 67,663 |  |  | 67,620 |  |  | 67,649 |  |  | (34) |
Common shares issued |  | 85,311 |  |  | 85,311 |  |  | 85,311 |  |  | 85,311 |  |  | 85,311 |  |  | — |
Treasury shares |  | 18,771 |  |  | 18,635 |  |  | 18,484 |  |  | 18,304 |  |  | 18,323 |  |  | 448 |
Common shares outstanding |  | 66,540 |  |  | 66,676 |  |  | 66,827 |  |  | 67,007 |  |  | 66,988 |  |  | (448) |
Book value per share |  | $ | 114.60 |  |  | $ | 106.19 |  |  | $ | 101.08 |  |  | $ | 110.27 |  |  | $ | 118.62 |  |  | $ | (4.02) |
Per share effect of AOCI |  | $ | (21.96) |  |  | $ | (28.07) |  |  | $ | (29.60) |  |  | $ | (22.15) |  |  | $ | (12.82) |  |  | $ | (9.14) |
Book value per share, excluding AOCI |  | $ | 136.56 |  |  | $ | 134.26 |  |  | $ | 130.68 |  |  | $ | 132.42 |  |  | $ | 131.44 |  |  | $ | 5.12 |
Stockholders’ dividends paid |  | $ | 53 |  |  | $ | 53 |  |  | $ | 54 |  |  | $ | 49 |  |  | $ | 49 |  |  | $ | 4 |
(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.

|  | Page 2

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions) |  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 3,385 |  |  | $ | 3,446 |  |  | $ | 3,247 |  |  | $ | 3,230 |  |  | $ | 3,155 |  |  | $ | 230 |
Net investment income |  | 856 |  |  | 828 |  |  | 769 |  |  | 754 |  |  | 810 |  |  | 46 |
Investment related gains (losses), net |  | (77) |  |  | (6) |  |  | (154) |  |  | (240) |  |  | (139) |  |  | 62 |
Other revenue |  | 87 |  |  | 89 |  |  | 188 |  |  | 159 |  |  | 91 |  |  | (4) |
Total revenues |  | 4,251 |  |  | 4,357 |  |  | 4,050 |  |  | 3,903 |  |  | 3,917 |  |  | 334 |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Claims and other policy benefits |  | 3,063 |  |  | 3,125 |  |  | 3,048 |  |  | 2,938 |  |  | 2,871 |  |  | 192 |
Future policy benefits remeasurement (gains) losses |  | (26) |  |  | (11) |  |  | 226 |  |  | 18 |  |  | 58 |  |  | (84) |
Market risk benefits remeasurement (gains) losses |  | 14 |  |  | (19) |  |  | 23 |  |  | 40 |  |  | (34) |  |  | 48 |
Interest credited |  | 215 |  |  | 214 |  |  | 189 |  |  | 138 |  |  | 141 |  |  | 74 |
Policy acquisition costs and other insurance expenses |  | 331 |  |  | 323 |  |  | 341 |  |  | 336 |  |  | 344 |  |  | (13) |
Other operating expenses |  | 250 |  |  | 289 |  |  | 251 |  |  | 242 |  |  | 227 |  |  | 23 |
Interest expense |  | 50 |  |  | 54 |  |  | 46 |  |  | 42 |  |  | 42 |  |  | 8 |
Collateral finance and securitization expense |  | 3 |  |  | 1 |  |  | 3 |  |  | 2 |  |  | 1 |  |  | 2 |
Total benefits and expenses |  | 3,900 |  |  | 3,976 |  |  | 4,127 |  |  | 3,756 |  |  | 3,650 |  |  | 250 |
Income (loss) before income taxes |  | 351 |  |  | 381 |  |  | (77) |  |  | 147 |  |  | 267 |  |  | 84 |
Provision for income taxes |  | 98 |  |  | 88 |  |  | (2) |  |  | 41 |  |  | 70 |  |  | 28 |
Net income (loss) |  | 253 |  |  | 293 |  |  | (75) |  |  | 106 |  |  | 197 |  |  | 56 |
Net income attributable to noncontrolling interest |  | 1 |  |  | 2 |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |
Net income (loss) available to RGA's shareholders |  | $ | 252 |  |  | $ | 291 |  |  | $ | (76) |  |  | $ | 105 |  |  | $ | 197 |  |  | $ | 55 |
Pre-tax adjusted operating income reconciliation: |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) before income taxes |  | $ | 351 |  |  | $ | 381 |  |  | $ | (77) |  |  | $ | 147 |  |  | $ | 267 |  |  | $ | 84 |
Investment and derivative (gains) losses (1) |  | 127 |  |  | (46) |  |  | 152 |  |  | 201 |  |  | 118 |  |  | 9 |
Market risk benefits remeasurement (gains) losses |  | 14 |  |  | (19) |  |  | 23 |  |  | 40 |  |  | (34) |  |  | 48 |
Change in fair value of funds withheld embedded derivatives (1) |  | (37) |  |  | 67 |  |  | 17 |  |  | 56 |  |  | 33 |  |  | (70) |
Funds withheld (gains) losses - investment income |  | — |  |  | 2 |  |  | 4 |  |  | 10 |  |  | 8 |  |  | (8) |
EIA embedded derivatives - interest credited |  | (7) |  |  | 1 |  |  | (10) |  |  | (27) |  |  | (17) |  |  | 10 |
Investment (income) loss on unit-linked variable annuities |  | — |  |  | 2 |  |  | 5 |  |  | 8 |  |  | 9 |  |  | (9) |
Interest credited on unit-linked variable annuities |  | — |  |  | (2) |  |  | (5) |  |  | (8) |  |  | (9) |  |  | 9 |
Interest expense on uncertain tax positions |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other |  | 8 |  |  | 1 |  |  | (71) |  |  | (11) |  |  | 1 |  |  | 7 |
Adjusted operating income before income taxes |  | 456 |  |  | 387 |  |  | 38 |  |  | 416 |  |  | 376 |  |  | 80 |
Notable items (2) |  | — |  |  | (61) |  |  | 326 |  |  | (23) |  |  | — |  |  | — |
Adjusted operating income before income taxes excluding notable items |  | $ | 456 |  |  | $ | 326 |  |  | $ | 364 |  |  | $ | 393 |  |  | $ | 376 |  |  | $ | 80 |
(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".

|  | Page 3

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions) |  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
After-tax adjusted operating income reconciliation: |  |  |  |  |  |  |  |  |  |  |  |
GAAP net income (loss) attributable to RGA |  | $ | 252 |  |  | $ | 291 |  |  | $ | (76) |  |  | $ | 105 |  |  | $ | 197 |  |  | $ | 55 |
Investment and derivative (gains) losses (1) |  | 102 |  |  | (14) |  |  | 120 |  |  | 154 |  |  | 92 |  |  | 10 |
Market risk benefits remeasurement (gains) losses |  | 11 |  |  | (15) |  |  | 18 |  |  | 32 |  |  | (27) |  |  | 38 |
Change in fair value of funds withheld embedded derivatives (1) |  | (29) |  |  | 53 |  |  | 14 |  |  | 44 |  |  | 26 |  |  | (55) |
Funds withheld (gains) losses - investment income |  | — |  |  | 2 |  |  | 3 |  |  | 8 |  |  | 6 |  |  | (6) |
EIA embedded derivatives - interest credited |  | (6) |  |  | 1 |  |  | (8) |  |  | (22) |  |  | (13) |  |  | 7 |
Investment (income) loss on unit-linked variable annuities |  | — |  |  | 2 |  |  | 4 |  |  | 6 |  |  | 7 |  |  | (7) |
Interest credited on unit-linked variable annuities |  | — |  |  | (2) |  |  | (4) |  |  | (6) |  |  | (7) |  |  | 7 |
Interest expense on uncertain tax positions |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other |  | 6 |  |  | 1 |  |  | (56) |  |  | (9) |  |  | 1 |  |  | 5 |
Uncertain tax positions and other tax related items |  | 12 |  |  | (9) |  |  | — |  |  | 3 |  |  | 1 |  |  | 11 |
Net income attributable to noncontrolling interest |  | 1 |  |  | 2 |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |
Adjusted operating income |  | 349 |  |  | 312 |  |  | 16 |  |  | 316 |  |  | 283 |  |  | 66 |
Notable items (2) |  | — |  |  | (46) |  |  | 247 |  |  | (17) |  |  | — |  |  | — |
Adjusted operating income excluding notable items |  | $ | 349 |  |  | $ | 266 |  |  | $ | 263 |  |  | $ | 299 |  |  | $ | 283 |  |  | $ | 66 |
Diluted earnings per share - adjusted operating income (loss) (3) |  | $ | 5.16 |  |  | $ | 4.60 |  |  | $ | 0.24 |  |  | $ | 4.67 |  |  | $ | 4.18 |  |  | $ | 0.98 |
Diluted earnings per share - adjusted operating income (loss) excluding notable items (3) |  | $ | 5.16 |  |  | $ | 3.91 |  |  | $ | 3.92 |  |  | $ | 4.41 |  |  | $ | 4.18 |  |  | $ | 0.98 |
Foreign currency effect on (4): |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | (112) |  |  | $ | (164) |  |  | $ | (160) |  |  | $ | (119) |  |  | $ | (47) |  |  | $ | (65) |
Adjusted operating income (loss) before income taxes |  | $ | (16) |  |  | $ | (18) |  |  | $ | (11) |  |  | $ | (16) |  |  | $ | (3) |  |  | $ | (13) |
(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. |  |  |  |

|  | Page 4

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31,
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
Assets |  |  |  |  |  |  |  |  |  |
Fixed maturity securities available-for-sale, at fair value |  | $ | 56,085 |  |  | $ | 52,901 |  |  | $ | 50,495 |  |  | $ | 53,294 |  |  | $ | 57,922 |
Equity securities, at fair value |  | 138 |  |  | 134 |  |  | 137 |  |  | 127 |  |  | 139 |
Mortgage loans |  | 6,833 |  |  | 6,590 |  |  | 6,558 |  |  | 6,544 |  |  | 6,535 |
Policy loans |  | 1,221 |  |  | 1,231 |  |  | 1,202 |  |  | 1,218 |  |  | 1,221 |
Funds withheld at interest |  | 5,976 |  |  | 6,003 |  |  | 6,177 |  |  | 6,393 |  |  | 6,737 |
Limited partnerships and real estate joint ventures |  | 2,405 |  |  | 2,327 |  |  | 2,197 |  |  | 2,074 |  |  | 1,943 |
Short-term investments |  | 246 |  |  | 154 |  |  | 225 |  |  | 272 |  |  | 315 |
Other invested assets |  | 1,111 |  |  | 1,140 |  |  | 1,049 |  |  | 1,036 |  |  | 1,090 |
Total investments |  | 74,015 |  |  | 70,480 |  |  | 68,040 |  |  | 70,958 |  |  | 75,902 |
Cash and cash equivalents |  | 3,294 |  |  | 2,927 |  |  | 3,512 |  |  | 2,556 |  |  | 2,709 |
Accrued investment income |  | 672 |  |  | 630 |  |  | 628 |  |  | 572 |  |  | 578 |
Premiums receivable and other reinsurance balances |  | 3,114 |  |  | 3,013 |  |  | 2,820 |  |  | 2,884 |  |  | 2,882 |
Reinsurance ceded receivables and other |  | 2,723 |  |  | 2,671 |  |  | 2,650 |  |  | 2,829 |  |  | 3,015 |
Deferred policy acquisition costs |  | 4,257 |  |  | 4,128 |  |  | 4,004 |  |  | 3,935 |  |  | 3,906 |
Other assets |  | 1,045 |  |  | 1,055 |  |  | 1,165 |  |  | 1,141 |  |  | 1,296 |
Total assets |  | $ | 89,120 |  |  | $ | 84,904 |  |  | $ | 82,819 |  |  | $ | 84,875 |  |  | $ | 90,288 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |
Future policy benefits |  | $ | 38,222 |  |  | $ | 35,689 |  |  | $ | 33,724 |  |  | $ | 37,028 |  |  | $ | 42,406 |
Interest-sensitive contract liabilities |  | 30,405 |  |  | 30,342 |  |  | 30,043 |  |  | 28,762 |  |  | 27,836 |
Market risk benefits, at fair value |  | 261 |  |  | 247 |  |  | 259 |  |  | 271 |  |  | 233 |
Other policy claims and benefits |  | 2,558 |  |  | 2,480 |  |  | 2,366 |  |  | 2,447 |  |  | 2,557 |
Other reinsurance balances |  | 851 |  |  | 725 |  |  | 889 |  |  | 557 |  |  | 540 |
Deferred income taxes |  | 1,446 |  |  | 1,383 |  |  | 1,350 |  |  | 1,383 |  |  | 1,480 |
Other liabilities |  | 3,206 |  |  | 2,906 |  |  | 3,136 |  |  | 3,129 |  |  | 3,366 |
Long-term debt |  | 4,455 |  |  | 3,961 |  |  | 4,207 |  |  | 3,667 |  |  | 3,667 |
Collateral finance and securitization notes |  | — |  |  | — |  |  | — |  |  | 152 |  |  | 166 |
Total liabilities |  | 81,404 |  |  | 77,733 |  |  | 75,974 |  |  | 77,396 |  |  | 82,251 |
Equity: |  |  |  |  |  |  |  |  |  |
Common stock, at par value |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
Additional paid-in-capital |  | 2,506 |  |  | 2,502 |  |  | 2,493 |  |  | 2,478 |  |  | 2,465 |
Retained earnings |  | 8,336 |  |  | 8,169 |  |  | 7,936 |  |  | 8,067 |  |  | 8,014 |
Treasury stock |  | (1,756) |  |  | (1,720) |  |  | (1,697) |  |  | (1,673) |  |  | (1,675) |
Accumulated other comprehensive income (loss), net of taxes (AOCI): |  |  |  |  |  |  |  |  |  |
Accumulated currency translation adjustment |  | (94) |  |  | (116) |  |  | (147) |  |  | 3 |  |  | 8 |
Unrealized (depreciation) appreciation of securities |  | (4,393) |  |  | (5,496) |  |  | (5,788) |  |  | (3,549) |  |  | (10) |
Effect of updating discount rates on future policy benefits |  | 3,034 |  |  | 3,755 |  |  | 3,989 |  |  | 2,122 |  |  | (795) |
Change in instrument-specific credit risk for market risk benefits |  | 14 |  |  | 13 |  |  | 19 |  |  | (9) |  |  | (11) |
Pension and postretirement benefits |  | (22) |  |  | (27) |  |  | (51) |  |  | (51) |  |  | (50) |
Total RGA, Inc. stockholders’ equity |  | 7,626 |  |  | 7,081 |  |  | 6,755 |  |  | 7,389 |  |  | 7,947 |
Noncontrolling interest |  | 90 |  |  | 90 |  |  | 90 |  |  | 90 |  |  | 90 |
Total equity |  | 7,716 |  |  | 7,171 |  |  | 6,845 |  |  | 7,479 |  |  | 8,037 |
Total liabilities and equity |  | $ | 89,120 |  |  | $ | 84,904 |  |  | $ | 82,819 |  |  | $ | 84,875 |  |  | $ | 90,288 |
Total RGA, Inc. stockholders’ equity, excluding AOCI |  | $ | 9,087 |  |  | $ | 8,952 |  |  | $ | 8,733 |  |  | $ | 8,873 |  |  | $ | 8,805 |
See appendix for reconciliation of total stockholders' equity before and after impact of AOCI. |  |  |  |  |  |  |  |  |  |

|  | Page 5

Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
GAAP Income Statements
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 1,615 |  |  | $ | 1,778 |  |  | $ | 1,640 |  |  | $ | 1,631 |  |  | $ | 1,541 |  |  | $ | 74 |
Net investment income |  | 193 |  |  | 224 |  |  | 201 |  |  | 186 |  |  | 289 |  |  | (96) |
Investment related gains (losses), net |  | (1) |  |  | 6 |  |  | 8 |  |  | 19 |  |  | 15 |  |  | (16) |
Other revenue |  | 5 |  |  | 5 |  |  | 6 |  |  | 10 |  |  | 6 |  |  | (1) |
Total revenues |  | 1,812 |  |  | 2,013 |  |  | 1,855 |  |  | 1,846 |  |  | 1,851 |  |  | (39) |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Claims and other policy benefits |  | 1,447 |  |  | 1,642 |  |  | 1,520 |  |  | 1,524 |  |  | 1,447 |  |  | — |
Future policy benefits remeasurement (gains) losses |  | 7 |  |  | 10 |  |  | 160 |  |  | (11) |  |  | 103 |  |  | (96) |
Interest credited |  | 18 |  |  | 17 |  |  | 18 |  |  | 17 |  |  | 17 |  |  | 1 |
Policy acquisition costs and other insurance expenses |  | 175 |  |  | 178 |  |  | 182 |  |  | 181 |  |  | 181 |  |  | (6) |
Other operating expenses |  | 44 |  |  | 52 |  |  | 44 |  |  | 45 |  |  | 43 |  |  | 1 |
Total benefits and expenses |  | 1,691 |  |  | 1,899 |  |  | 1,924 |  |  | 1,756 |  |  | 1,791 |  |  | (100) |
Income (loss) before income taxes |  | $ | 121 |  |  | $ | 114 |  |  | $ | (69) |  |  | $ | 90 |  |  | $ | 60 |  |  | $ | 61 |
Loss and expense ratios: |  |  |  |  |  |  |  |  |  |  |  |
Loss ratio (1) |  | 90.0 | % |  | 92.9 | % |  | 102.4 | % |  | 92.8 | % |  | 100.6 | % |  | (10.6) | %
Policy acquisition costs and other insurance expenses |  | 10.8 | % |  | 10.0 | % |  | 11.1 | % |  | 11.1 | % |  | 11.7 | % |  | (0.9) | %
Other operating expenses |  | 2.7 | % |  | 2.9 | % |  | 2.7 | % |  | 2.8 | % |  | 2.8 | % |  | (0.1) | %
Foreign currency effect on (2): |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 2 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 2 |
Income (loss) before income taxes |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
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. |  |  |  |  |  |  |  |  |  |  |  |

|  | Page 6

Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted Operating Income Statements
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 1,615 |  |  | $ | 1,778 |  |  | $ | 1,640 |  |  | $ | 1,631 |  |  | $ | 1,541 |  |  | $ | 74 |
Net investment income |  | 193 |  |  | 224 |  |  | 201 |  |  | 186 |  |  | 289 |  |  | (96) |
Other revenue |  | 5 |  |  | 5 |  |  | 6 |  |  | 10 |  |  | 6 |  |  | (1) |
Total revenues |  | 1,813 |  |  | 2,007 |  |  | 1,847 |  |  | 1,827 |  |  | 1,836 |  |  | (23) |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Claims and other policy benefits |  | 1,447 |  |  | 1,642 |  |  | 1,520 |  |  | 1,524 |  |  | 1,447 |  |  | — |
Future policy benefits remeasurement (gains) losses |  | 7 |  |  | 10 |  |  | 160 |  |  | (11) |  |  | 103 |  |  | (96) |
Interest credited |  | 18 |  |  | 17 |  |  | 18 |  |  | 17 |  |  | 17 |  |  | 1 |
Policy acquisition costs and other insurance expenses |  | 175 |  |  | 178 |  |  | 182 |  |  | 181 |  |  | 181 |  |  | (6) |
Other operating expenses |  | 44 |  |  | 52 |  |  | 44 |  |  | 45 |  |  | 43 |  |  | 1 |
Total benefits and expenses |  | 1,691 |  |  | 1,899 |  |  | 1,924 |  |  | 1,756 |  |  | 1,791 |  |  | (100) |
Adjusted operating income (loss) before notable items and income taxes |  | 122 |  |  | 108 |  |  | (77) |  |  | 71 |  |  | 45 |  |  | 77 |
Notable items (1) |  | — |  |  | — |  |  | 170 |  |  | — |  |  | — |  |  | — |
Adjusted operating income (loss) excluding notable items, before income taxes |  | $ | 122 |  |  | $ | 108 |  |  | $ | 93 |  |  | $ | 71 |  |  | $ | 45 |  |  | $ | 77 |
Loss and expense ratios: |  |  |  |  |  |  |  |  |  |  |  |
Loss ratio (2) |  | 90.0 | % |  | 92.9 | % |  | 102.4 | % |  | 92.8 | % |  | 100.6 | % |  | (10.6) | %
Policy acquisition costs and other insurance expenses |  | 10.8 | % |  | 10.0 | % |  | 11.1 | % |  | 11.1 | % |  | 11.7 | % |  | (0.9) | %
Other operating expenses |  | 2.7 | % |  | 2.9 | % |  | 2.7 | % |  | 2.8 | % |  | 2.8 | % |  | (0.1) | %
Foreign currency effect on (3): |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 2 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 2 |
Adjusted operating income (loss) before income taxes |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
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. |  |  |  |  |  |  |  |  |  |  |  |

|  | Page 7

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 163 |  |  | $ | 24 |  |  | $ | 13 |  |  | $ | 14 |  |  | $ | 15 |  |  | $ | 148 |
Net investment income |  | 280 |  |  | 287 |  |  | 265 |  |  | 246 |  |  | 256 |  |  | 24 |
Investment related gains (losses), net |  | 20 |  |  | (128) |  |  | (41) |  |  | (80) |  |  | (93) |  |  | 113 |
Other revenue |  | 25 |  |  | 25 |  |  | 29 |  |  | 31 |  |  | 26 |  |  | (1) |
Total revenues |  | 488 |  |  | 208 |  |  | 266 |  |  | 211 |  |  | 204 |  |  | 284 |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Claims and other policy benefits |  | 199 |  |  | 52 |  |  | 41 |  |  | 43 |  |  | 69 |  |  | 130 |
Future policy benefits remeasurement (gains) losses |  | (4) |  |  | (2) |  |  | (5) |  |  | (1) |  |  | (20) |  |  | 16 |
Market risk benefits remeasurement (gains) losses |  | 14 |  |  | (19) |  |  | 23 |  |  | 40 |  |  | (34) |  |  | 48 |
Interest credited |  | 129 |  |  | 148 |  |  | 130 |  |  | 101 |  |  | 107 |  |  | 22 |
Policy acquisition costs and other insurance expenses |  | 46 |  |  | 47 |  |  | 36 |  |  | 45 |  |  | 41 |  |  | 5 |
Other operating expenses |  | 11 |  |  | 14 |  |  | 11 |  |  | 12 |  |  | 9 |  |  | 2 |
Total benefits and expenses |  | 395 |  |  | 240 |  |  | 236 |  |  | 240 |  |  | 172 |  |  | 223 |
Income (loss) before income taxes |  | $ | 93 |  |  | $ | (32) |  |  | $ | 30 |  |  | $ | (29) |  |  | $ | 32 |  |  | $ | 61 |
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |  |  |  |

|  | Page 8

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
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 163 |  |  | $ | 24 |  |  | $ | 13 |  |  | $ | 14 |  |  | $ | 15 |  |  | $ | 148 |
Net investment income |  | 276 |  |  | 286 |  |  | 264 |  |  | 250 |  |  | 258 |  |  | 18 |
Other revenue |  | 25 |  |  | 25 |  |  | 29 |  |  | 31 |  |  | 26 |  |  | (1) |
Total revenues |  | 464 |  |  | 335 |  |  | 306 |  |  | 295 |  |  | 299 |  |  | 165 |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Claims and other policy benefits |  | 199 |  |  | 52 |  |  | 41 |  |  | 43 |  |  | 69 |  |  | 130 |
Future policy benefits remeasurement (gains) losses |  | (4) |  |  | (2) |  |  | (5) |  |  | (1) |  |  | (20) |  |  | 16 |
Interest credited |  | 136 |  |  | 147 |  |  | 140 |  |  | 128 |  |  | 124 |  |  | 12 |
Policy acquisition costs and other insurance expenses |  | 38 |  |  | 47 |  |  | 36 |  |  | 45 |  |  | 41 |  |  | (3) |
Other operating expenses |  | 11 |  |  | 14 |  |  | 11 |  |  | 12 |  |  | 9 |  |  | 2 |
Total benefits and expenses |  | 380 |  |  | 258 |  |  | 223 |  |  | 227 |  |  | 223 |  |  | 157 |
Adjusted operating income (loss) before notable items and income taxes |  | 84 |  |  | 77 |  |  | 83 |  |  | 68 |  |  | 76 |  |  | 8 |
Notable items (1) |  | — |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | — |
Adjusted operating income (loss) excluding notable items, before income taxes |  | $ | 84 |  |  | $ | 77 |  |  | $ | 80 |  |  | $ | 68 |  |  | $ | 76 |  |  | $ | 8 |
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".

|  | Page 9

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) |  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31,
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
Policyholder account balances |  |  |  |  |  |  |  |  |  |
Fixed annuities (deferred) |  | $ | 11,699 |  |  | $ | 12,046 |  |  | $ | 12,257 |  |  | $ | 11,952 |  |  | $ | 11,555 |
Equity-indexed annuities |  | $ | 2,701 |  |  | $ | 2,817 |  |  | $ | 2,919 |  |  | $ | 2,978 |  |  | $ | 3,038 |
Bank-owned life insurance (BOLI) |  | $ | 2,505 |  |  | $ | 2,500 |  |  | $ | 2,508 |  |  | $ | 2,505 |  |  | $ | 2,499 |
Other policyholder account balances |  | $ | 75 |  |  | $ | 75 |  |  | $ | 76 |  |  | $ | 76 |  |  | $ | 79 |
Variable annuities account balances |  |  |  |  |  |  |  |  |  |
No riders |  | $ | 598 |  |  | $ | 672 |  |  | $ | 642 |  |  | $ | 705 |  |  | $ | 786 |
GMDB only |  | 734 |  |  | 771 |  |  | 802 |  |  | 811 |  |  | 891 |
GMIB only |  | 16 |  |  | 20 |  |  | 19 |  |  | 20 |  |  | 23 |
GMAB only |  | 2 |  |  | 2 |  |  | 2 |  |  | 2 |  |  | 3 |
GMWB only |  | 866 |  |  | 863 |  |  | 833 |  |  | 916 |  |  | 1,035 |
GMDB / WB |  | 168 |  |  | 165 |  |  | 158 |  |  | 174 |  |  | 240 |
Other |  | 12 |  |  | 15 |  |  | 15 |  |  | 16 |  |  | 18 |
Total variable annuities account balances |  | $ | 2,396 |  |  | $ | 2,508 |  |  | $ | 2,471 |  |  | $ | 2,644 |  |  | $ | 2,996 |
Interest-sensitive contract liabilities not associated with policyholder account balances: |  |  |  |  |  |  |  |  |  |
Guaranteed investment contracts, funding agreements and immediate annuities |  | $ | 828 |  |  | $ | 848 |  |  | $ | 866 |  |  | $ | 961 |  |  | $ | 912 |
Future policy benefits (at original discount rate) associated with: |  |  |  |  |  |  |  |  |  |
Payout annuities |  | $ | 4,231 |  |  | $ | 4,153 |  |  | $ | 4,208 |  |  | $ | 4,269 |  |  | $ | 4,322 |
Other future policy benefits |  | $ | 58 |  |  | $ | 59 |  |  | $ | 59 |  |  | $ | 60 |  |  | $ | 61 |
Liability for market risk benefits: |  |  |  |  |  |  |  |  |  |
Equity-indexed annuities |  | $ | 144 |  |  | $ | 132 |  |  | $ | 90 |  |  | $ | 106 |  |  | $ | 107 |
Variable annuities (liability) |  | $ | 117 |  |  | $ | 115 |  |  | $ | 168 |  |  | $ | 166 |  |  | $ | 126 |
Variable annuities (asset) |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net interest spread (1) |  | 1.2 | % |  | 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. |  |

|  | Page 10

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |
Other revenue |  | 26 |  |  | 26 |  |  | 24 |  |  | 74 |  |  | 28 |  |  | (2) |
Total revenues |  | 27 |  |  | 27 |  |  | 26 |  |  | 75 |  |  | 29 |  |  | (2) |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Policy acquisition costs and other insurance expenses |  | 2 |  |  | — |  |  | (1) |  |  | 1 |  |  | 1 |  |  | 1 |
Other operating expenses |  | 4 |  |  | 3 |  |  | 4 |  |  | 2 |  |  | 3 |  |  | 1 |
Total benefits and expenses |  | 6 |  |  | 3 |  |  | 3 |  |  | 3 |  |  | 4 |  |  | 2 |
Income before income taxes |  | $ | 21 |  |  | $ | 24 |  |  | $ | 23 |  |  | $ | 72 |  |  | $ | 25 |  |  | $ | (4) |
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |  |  |  |

|  | Page 11

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
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |
Other revenue |  | 26 |  |  | 26 |  |  | 24 |  |  | 74 |  |  | 28 |  |  | (2) |
Total revenues |  | 27 |  |  | 27 |  |  | 26 |  |  | 75 |  |  | 29 |  |  | (2) |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Policy acquisition costs and other insurance expenses |  | 2 |  |  | — |  |  | (1) |  |  | 1 |  |  | 1 |  |  | 1 |
Other operating expenses |  | 4 |  |  | 3 |  |  | 4 |  |  | 2 |  |  | 3 |  |  | 1 |
Total benefits and expenses |  | 6 |  |  | 3 |  |  | 3 |  |  | 3 |  |  | 4 |  |  | 2 |
Adjusted operating income (loss) before notable items and income taxes |  | $ | 21 |  |  | $ | 24 |  |  | $ | 23 |  |  | $ | 72 |  |  | $ | 25 |  |  | $ | (4) |
Notable items (1) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Adjusted operating income (loss) excluding notable items, before income taxes |  | $ | 21 |  |  | $ | 24 |  |  | $ | 23 |  |  | $ | 72 |  |  | $ | 25 |  |  | $ | (4) |
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |  |  |  |
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

|  | Page 12

Reinsurance Group of America, Incorporated
Canada Traditional
GAAP Income Statements
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 295 |  |  | $ | 308 |  |  | $ | 293 |  |  | $ | 314 |  |  | $ | 304 |  |  | $ | (9) |
Net investment income |  | 61 |  |  | 66 |  |  | 64 |  |  | 62 |  |  | 58 |  |  | 3 |
Investment related gains (losses), net |  | 2 |  |  | 5 |  |  | 2 |  |  | (6) |  |  | 1 |  |  | 1 |
Other revenue |  | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | 2 |  |  | (1) |
Total revenues |  | 359 |  |  | 380 |  |  | 359 |  |  | 371 |  |  | 365 |  |  | (6) |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Claims and other policy benefits |  | 270 |  |  | 285 |  |  | 272 |  |  | 285 |  |  | 287 |  |  | (17) |
Future policy benefits remeasurement (gains) losses |  | 3 |  |  | (10) |  |  | 9 |  |  | (2) |  |  | 1 |  |  | 2 |
Policy acquisition costs and other insurance expenses |  | 45 |  |  | 44 |  |  | 56 |  |  | 51 |  |  | 52 |  |  | (7) |
Other operating expenses |  | 12 |  |  | 11 |  |  | 10 |  |  | 10 |  |  | 10 |  |  | 2 |
Total benefits and expenses |  | 330 |  |  | 330 |  |  | 347 |  |  | 344 |  |  | 350 |  |  | (20) |
Income before income taxes |  | $ | 29 |  |  | $ | 50 |  |  | $ | 12 |  |  | $ | 27 |  |  | $ | 15 |  |  | $ | 14 |
Loss and expense ratios: |  |  |  |  |  |  |  |  |  |  |  |
Loss ratio (1) |  | 92.5 | % |  | 89.3 | % |  | 95.9 | % |  | 90.1 | % |  | 94.7 | % |  | (2.2) | %
Policy acquisition costs and other insurance expenses |  | 15.3 | % |  | 14.3 | % |  | 19.1 | % |  | 16.2 | % |  | 17.1 | % |  | (1.8) | %
Other operating expenses |  | 4.1 | % |  | 3.6 | % |  | 3.4 | % |  | 3.2 | % |  | 3.3 | % |  | 0.8 | %
Foreign currency effect on (2): |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | (20) |  |  | $ | (23) |  |  | $ | (11) |  |  | $ | (13) |  |  | $ | — |  |  | $ | (20) |
Income before income taxes |  | $ | (2) |  |  | $ | (3) |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | (2) |
Creditor reinsurance net premiums |  | $ | 18 |  |  | $ | 17 |  |  | $ | 18 |  |  | $ | 20 |  |  | $ | 18 |  |  | $ | 0 |
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. |  |  |  |

|  | Page 13

Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 295 |  |  | $ | 308 |  |  | $ | 293 |  |  | $ | 314 |  |  | $ | 304 |  |  | $ | (9) |
Net investment income |  | 62 |  |  | 67 |  |  | 65 |  |  | 62 |  |  | 58 |  |  | 4 |
Investment related gains, net |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | — |
Other revenue |  | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | 2 |  |  | (1) |
Total revenues |  | 359 |  |  | 377 |  |  | 359 |  |  | 378 |  |  | 365 |  |  | (6) |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Claims and other policy benefits |  | 270 |  |  | 285 |  |  | 272 |  |  | 285 |  |  | 287 |  |  | (17) |
Future policy benefits remeasurement (gains) losses |  | 3 |  |  | (10) |  |  | 9 |  |  | (2) |  |  | 1 |  |  | 2 |
Policy acquisition costs and other insurance expenses |  | 45 |  |  | 44 |  |  | 56 |  |  | 51 |  |  | 52 |  |  | (7) |
Other operating expenses |  | 12 |  |  | 11 |  |  | 10 |  |  | 10 |  |  | 10 |  |  | 2 |
Total benefits and expenses |  | 330 |  |  | 330 |  |  | 347 |  |  | 344 |  |  | 350 |  |  | (20) |
Adjusted operating income before notable items and income taxes |  | 29 |  |  | 47 |  |  | 12 |  |  | 34 |  |  | 15 |  |  | 14 |
Notable items (1) |  | — |  |  | (5) |  |  | 6 |  |  | — |  |  | — |  |  | — |
Adjusted operating income excluding notable items, before income taxes |  | $ | 29 |  |  | $ | 42 |  |  | $ | 18 |  |  | $ | 34 |  |  | $ | 15 |  |  | $ | 14 |
Loss and expense ratios: |  |  |  |  |  |  |  |  |  |  |  |
Loss ratio (2) |  | 92.5 | % |  | 89.3 | % |  | 95.9 | % |  | 90.1 | % |  | 94.7 | % |  | (2.2) | %
Policy acquisition costs and other insurance expenses |  | 15.3 | % |  | 14.3 | % |  | 19.1 | % |  | 16.2 | % |  | 17.1 | % |  | (1.8) | %
Other operating expenses |  | 4.1 | % |  | 3.6 | % |  | 3.4 | % |  | 3.2 | % |  | 3.3 | % |  | 0.8 | %
Foreign currency effect on (3): |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | (20) |  |  | $ | (23) |  |  | $ | (11) |  |  | $ | (13) |  |  | $ | — |  |  | $ | (20) |
Adjusted operating income before income taxes |  | $ | (2) |  |  | $ | (3) |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | (2) |
Creditor reinsurance net premiums |  | $ | 18 |  |  | $ | 17 |  |  | $ | 18 |  |  | $ | 20 |  |  | $ | 18 |  |  | $ | — |
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. |  |  |  |  |  |  |  |  |  |  |  |

|  | Page 14

Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
GAAP Income Statements
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 23 |  |  | $ | 23 |  |  | $ | 24 |  |  | $ | 25 |  |  | $ | 23 |  |  | $ | — |
Net investment income |  | 1 |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 1 |  |  | — |
Other revenue |  | 3 |  |  | 4 |  |  | 2 |  |  | 2 |  |  | 2 |  |  | 1 |
Total revenues |  | 27 |  |  | 28 |  |  | 27 |  |  | 29 |  |  | 26 |  |  | 1 |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Claims and other policy benefits |  | 21 |  |  | 20 |  |  | 22 |  |  | 23 |  |  | 21 |  |  | — |
Future policy benefits remeasurement (gains) losses |  | (5) |  |  | (3) |  |  | (2) |  |  | (2) |  |  | (5) |  |  | — |
Policy acquisition costs and other insurance expenses |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Other operating expenses |  | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |
Total benefits and expenses |  | 17 |  |  | 19 |  |  | 21 |  |  | 22 |  |  | 17 |  |  | — |
Income before income taxes |  | $ | 10 |  |  | $ | 9 |  |  | $ | 6 |  |  | $ | 7 |  |  | $ | 9 |  |  | $ | 1 |
Foreign currency effect on (2): |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | (1) |  |  | $ | (2) |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | — |  |  | $ | (1) |
Income before income taxes |  | $ | (1) |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |  |  |  |
(1) Canada Financial Solutions operations includes longevity and fee-based transactions. |  |  |  |
(2) Compared to comparable prior year period. |  |  |  |

|  | Page 15

Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 23 |  |  | $ | 23 |  |  | $ | 24 |  |  | $ | 25 |  |  | $ | 23 |  |  | $ | — |
Net investment income |  | 1 |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 1 |  |  | — |
Other revenue |  | 3 |  |  | 4 |  |  | 2 |  |  | 2 |  |  | 2 |  |  | 1 |
Total revenues |  | 27 |  |  | 28 |  |  | 27 |  |  | 29 |  |  | 26 |  |  | 1 |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Claims and other policy benefits |  | 21 |  |  | 20 |  |  | 22 |  |  | 23 |  |  | 21 |  |  | — |
Future policy benefits remeasurement (gains) losses |  | (5) |  |  | (3) |  |  | (2) |  |  | (2) |  |  | (5) |  |  | — |
Policy acquisition costs and other insurance expenses |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Other operating expenses |  | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |
Total benefits and expenses |  | 17 |  |  | 19 |  |  | 21 |  |  | 22 |  |  | 17 |  |  | — |
Adjusted operating income before notable items and income taxes |  | 10 |  |  | 9 |  |  | 6 |  |  | 7 |  |  | 9 |  |  | 1 |
Notable items (2) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Adjusted operating income excluding notable items, before income taxes |  | $ | 10 |  |  | $ | 9 |  |  | $ | 6 |  |  | $ | 7 |  |  | $ | 9 |  |  | $ | 1 |
Foreign currency effect on (3): |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | (1) |  |  | $ | (2) |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | — |  |  | $ | (1) |
Adjusted operating income before income taxes |  | $ | (1) |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |  |  |  |
(1) Canada Financial Solutions operations includes longevity and fee-based transactions. |  |  |  |
(2) 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. |  |  |  |

|  | Page 16

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
GAAP Income Statements
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 438 |  |  | $ | 422 |  |  | $ | 436 |  |  | $ | 427 |  |  | $ | 451 |  |  | $ | (13) |
Net investment income |  | 23 |  |  | 21 |  |  | 18 |  |  | 18 |  |  | 19 |  |  | 4 |
Other revenue |  | (1) |  |  | 3 |  |  | 2 |  |  | (2) |  |  | 3 |  |  | (4) |
Total revenues |  | 460 |  |  | 446 |  |  | 456 |  |  | 443 |  |  | 473 |  |  | (13) |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Claims and other policy benefits |  | 390 |  |  | 404 |  |  | 409 |  |  | 377 |  |  | 396 |  |  | (6) |
Future policy benefits remeasurement (gains) losses |  | (8) |  |  | (10) |  |  | (7) |  |  | 13 |  |  | (11) |  |  | 3 |
Policy acquisition costs and other insurance expenses |  | 18 |  |  | 16 |  |  | 19 |  |  | 20 |  |  | 22 |  |  | (4) |
Other operating expenses |  | 33 |  |  | 33 |  |  | 30 |  |  | 29 |  |  | 32 |  |  | 1 |
Total benefits and expenses |  | 433 |  |  | 443 |  |  | 451 |  |  | 439 |  |  | 439 |  |  | (6) |
Income (loss) before income taxes |  | $ | 27 |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 34 |  |  | $ | (7) |
Loss and expense ratios: |  |  |  |  |  |  |  |  |  |  |  |
Loss ratio (1) |  | 87.2 | % |  | 93.4 | % |  | 92.2 | % |  | 91.3 | % |  | 85.4 | % |  | 1.8 | %
Policy acquisition costs and other insurance expenses |  | 4.1 | % |  | 3.8 | % |  | 4.4 | % |  | 4.7 | % |  | 4.9 | % |  | (0.8) | %
Other operating expenses |  | 7.5 | % |  | 7.8 | % |  | 6.9 | % |  | 6.8 | % |  | 7.1 | % |  | 0.4 | %
Foreign currency effect on (2): |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | (41) |  |  | $ | (53) |  |  | $ | (68) |  |  | $ | (46) |  |  | $ | (16) |  |  | $ | (25) |
Income (loss) before income taxes |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | (1) |  |  | $ | — |
Critical illness net premiums |  | $ | 33 |  |  | $ | 33 |  |  | $ | 41 |  |  | $ | 36 |  |  | $ | 39 |  |  | $ | (6) |
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.

|  | Page 17

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 438 |  |  | $ | 422 |  |  | $ | 436 |  |  | $ | 427 |  |  | $ | 451 |  |  | $ | (13) |
Net investment income |  | 23 |  |  | 21 |  |  | 18 |  |  | 18 |  |  | 19 |  |  | 4 |
Other revenue |  | (1) |  |  | 3 |  |  | 2 |  |  | (2) |  |  | 3 |  |  | (4) |
Total revenues |  | 460 |  |  | 446 |  |  | 456 |  |  | 443 |  |  | 473 |  |  | (13) |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Claims and other policy benefits |  | 390 |  |  | 404 |  |  | 409 |  |  | 377 |  |  | 396 |  |  | (6) |
Future policy benefits remeasurement (gains) losses |  | (8) |  |  | (10) |  |  | (7) |  |  | 13 |  |  | (11) |  |  | 3 |
Policy acquisition costs and other insurance expenses |  | 18 |  |  | 16 |  |  | 19 |  |  | 20 |  |  | 22 |  |  | (4) |
Other operating expenses |  | 33 |  |  | 33 |  |  | 30 |  |  | 29 |  |  | 32 |  |  | 1 |
Total benefits and expenses |  | 433 |  |  | 443 |  |  | 451 |  |  | 439 |  |  | 439 |  |  | (6) |
Adjusted operating income before notable items and income taxes |  | 27 |  |  | 3 |  |  | 5 |  |  | 4 |  |  | 34 |  |  | (7) |
Notable items (1) |  | — |  |  | — |  |  | 13 |  |  | — |  |  | — |  |  | — |
Adjusted operating income excluding notable items, before income taxes |  | $ | 27 |  |  | $ | 3 |  |  | $ | 18 |  |  | $ | 4 |  |  | $ | 34 |  |  | $ | (7) |
Loss and expense ratios: |  |  |  |  |  |  |  |  |  |  |  |
Loss ratio (2) |  | 87.2 | % |  | 93.4 | % |  | 92.2 | % |  | 91.3 | % |  | 85.4 | % |  | 1.8 | %
Policy acquisition costs and other insurance expenses |  | 4.1 | % |  | 3.8 | % |  | 4.4 | % |  | 4.7 | % |  | 4.9 | % |  | (0.8) | %
Other operating expenses |  | 7.5 | % |  | 7.8 | % |  | 6.9 | % |  | 6.8 | % |  | 7.1 | % |  | 0.4 | %
Foreign currency effect on (3): |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | (41) |  |  | $ | (53) |  |  | $ | (68) |  |  | $ | (46) |  |  | $ | (16) |  |  | $ | (25) |
Adjusted operating income (loss) before income taxes |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | (1) |  |  | $ | — |
Critical illness net premiums |  | $ | 33 |  |  | $ | 33 |  |  | $ | 41 |  |  | $ | 36 |  |  | $ | 39 |  |  | $ | (6) |
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. |  |  |  |  |  |

|  | Page 18

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 125 |  |  | $ | 127 |  |  | $ | 112 |  |  | $ | 119 |  |  | $ | 128 |  |  | $ | (3) |
Net investment income |  | 46 |  |  | 44 |  |  | 37 |  |  | 34 |  |  | 36 |  |  | 10 |
Investment related gains (losses), net |  | (6) |  |  | (11) |  |  | (9) |  |  | (22) |  |  | 16 |  |  | (22) |
Other revenue |  | 4 |  |  | 6 |  |  | 2 |  |  | 4 |  |  | 3 |  |  | 1 |
Total revenues |  | 169 |  |  | 166 |  |  | 142 |  |  | 135 |  |  | 183 |  |  | (14) |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Claims and other policy benefits |  | 104 |  |  | 106 |  |  | 97 |  |  | 107 |  |  | 118 |  |  | (14) |
Future policy benefits remeasurement (gains) losses |  | (9) |  |  | (12) |  |  | 3 |  |  | (4) |  |  | (8) |  |  | (1) |
Interest credited |  | — |  |  | (2) |  |  | (5) |  |  | (8) |  |  | (9) |  |  | 9 |
Policy acquisition costs and other insurance expenses |  | 2 |  |  | 2 |  |  | 2 |  |  | 1 |  |  | 2 |  |  | — |
Other operating expenses |  | 13 |  |  | 16 |  |  | 11 |  |  | 14 |  |  | 13 |  |  | — |
Total benefits and expenses |  | 110 |  |  | 110 |  |  | 108 |  |  | 110 |  |  | 116 |  |  | (6) |
Income before income taxes |  | $ | 59 |  |  | $ | 56 |  |  | $ | 34 |  |  | $ | 25 |  |  | $ | 67 |  |  | $ | (8) |
Foreign currency effect on (2): |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | (12) |  |  | $ | (17) |  |  | $ | (20) |  |  | $ | (14) |  |  | $ | (5) |  |  | $ | (7) |
Income before income taxes |  | $ | (6) |  |  | $ | (4) |  |  | $ | (7) |  |  | $ | (4) |  |  | $ | (2) |  |  | $ | (4) |
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. |  |  |  |

|  | Page 19

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 125 |  |  | $ | 127 |  |  | $ | 112 |  |  | $ | 119 |  |  | $ | 128 |  |  | $ | (3) |
Net investment income |  | 49 |  |  | 48 |  |  | 46 |  |  | 48 |  |  | 51 |  |  | (2) |
Investment related gains (losses), net |  | 1 |  |  | 4 |  |  | 5 |  |  | 5 |  |  | 4 |  |  | (3) |
Other revenue |  | 4 |  |  | 6 |  |  | 2 |  |  | 4 |  |  | 3 |  |  | 1 |
Total revenues |  | 179 |  |  | 185 |  |  | 165 |  |  | 176 |  |  | 186 |  |  | (7) |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Claims and other policy benefits |  | 104 |  |  | 106 |  |  | 97 |  |  | 107 |  |  | 118 |  |  | (14) |
Future policy benefits remeasurement (gains) losses |  | (9) |  |  | (12) |  |  | 3 |  |  | (4) |  |  | (8) |  |  | (1) |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | 2 |  |  | 2 |  |  | 2 |  |  | 1 |  |  | 2 |  |  | — |
Other operating expenses |  | 13 |  |  | 16 |  |  | 11 |  |  | 14 |  |  | 13 |  |  | — |
Total benefits and expenses |  | 110 |  |  | 112 |  |  | 113 |  |  | 118 |  |  | 125 |  |  | (15) |
Adjusted operating income before notable items and income taxes |  | 69 |  |  | 73 |  |  | 52 |  |  | 58 |  |  | 61 |  |  | 8 |
Notable items (2) |  | — |  |  | (14) |  |  | — |  |  | — |  |  | — |  |  | — |
Adjusted operating income excluding notable items, before income taxes |  | $ | 69 |  |  | $ | 59 |  |  | $ | 52 |  |  | $ | 58 |  |  | $ | 61 |  |  | $ | 8 |
Foreign currency effect on (3): |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | (12) |  |  | $ | (17) |  |  | $ | (20) |  |  | $ | (14) |  |  | $ | (5) |  |  | $ | (7) |
Adjusted operating income before income taxes |  | $ | (7) |  |  | $ | (6) |  |  | $ | (11) |  |  | $ | (8) |  |  | $ | (2) |  |  | $ | (5) |
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. |  |  |  |

|  | Page 20

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
GAAP Income Statements
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 662 |  |  | $ | 700 |  |  | $ | 660 |  |  | $ | 640 |  |  | $ | 650 |  |  | $ | 12 |
Net investment income |  | 61 |  |  | 55 |  |  | 51 |  |  | 46 |  |  | 47 |  |  | 14 |
Investment related gains (losses), net |  | 3 |  |  | 3 |  |  | 4 |  |  | 5 |  |  | — |  |  | 3 |
Other revenue |  | 3 |  |  | — |  |  | 5 |  |  | 10 |  |  | 6 |  |  | (3) |
Total revenues |  | 729 |  |  | 758 |  |  | 720 |  |  | 701 |  |  | 703 |  |  | 26 |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Claims and other policy benefits |  | 563 |  |  | 548 |  |  | 627 |  |  | 523 |  |  | 494 |  |  | 69 |
Future policy benefits remeasurement (gains) losses |  | (9) |  |  | 9 |  |  | 68 |  |  | 25 |  |  | (2) |  |  | (7) |
Policy acquisition costs and other insurance expenses |  | 46 |  |  | 44 |  |  | 47 |  |  | 45 |  |  | 54 |  |  | (8) |
Other operating expenses |  | 50 |  |  | 57 |  |  | 51 |  |  | 49 |  |  | 49 |  |  | 1 |
Total benefits and expenses |  | 650 |  |  | 658 |  |  | 793 |  |  | 642 |  |  | 595 |  |  | 55 |
Income (loss) before income taxes |  | $ | 79 |  |  | $ | 100 |  |  | $ | (73) |  |  | $ | 59 |  |  | $ | 108 |  |  | $ | (29) |
Loss and expense ratios: |  |  |  |  |  |  |  |  |  |  |  |
Loss ratio (1) |  | 83.7 | % |  | 79.6 | % |  | 105.3 | % |  | 85.6 | % |  | 75.7 | % |  | 8.0 | %
Policy acquisition costs and other insurance expenses |  | 6.9 | % |  | 6.3 | % |  | 7.1 | % |  | 7.0 | % |  | 8.3 | % |  | (1.4) | %
Other operating expenses |  | 7.6 | % |  | 8.1 | % |  | 7.7 | % |  | 7.7 | % |  | 7.5 | % |  | 0.1 | %
Foreign currency effect on (2): |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | (33) |  |  | $ | (61) |  |  | $ | (50) |  |  | $ | (38) |  |  | $ | (23) |  |  | $ | (10) |
Income (loss) before income taxes |  | $ | (3) |  |  | $ | (6) |  |  | $ | 6 |  |  | $ | (3) |  |  | $ | 2 |  |  | $ | (5) |
Critical illness net premiums |  | $ | 299 |  |  | $ | 324 |  |  | $ | 296 |  |  | $ | 301 |  |  | $ | 295 |  |  | $ | 4 |
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.

|  | Page 21

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 662 |  |  | $ | 700 |  |  | $ | 660 |  |  | $ | 640 |  |  | $ | 650 |  |  | $ | 12 |
Net investment income |  | 61 |  |  | 55 |  |  | 51 |  |  | 46 |  |  | 47 |  |  | 14 |
Investment related gains (losses), net |  | 3 |  |  | 3 |  |  | 4 |  |  | 5 |  |  | — |  |  | 3 |
Other revenue |  | 3 |  |  | — |  |  | 5 |  |  | 10 |  |  | 6 |  |  | (3) |
Total revenues |  | 729 |  |  | 758 |  |  | 720 |  |  | 701 |  |  | 703 |  |  | 26 |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Claims and other policy benefits |  | 563 |  |  | 548 |  |  | 627 |  |  | 523 |  |  | 494 |  |  | 69 |
Future policy benefits remeasurement (gains) losses |  | (9) |  |  | 9 |  |  | 68 |  |  | 25 |  |  | (2) |  |  | (7) |
Policy acquisition costs and other insurance expenses |  | 46 |  |  | 44 |  |  | 47 |  |  | 45 |  |  | 54 |  |  | (8) |
Other operating expenses |  | 50 |  |  | 57 |  |  | 51 |  |  | 49 |  |  | 49 |  |  | 1 |
Total benefits and expenses |  | 650 |  |  | 658 |  |  | 793 |  |  | 642 |  |  | 595 |  |  | 55 |
Adjusted operating income before notable items and income taxes |  | 79 |  |  | 100 |  |  | (73) |  |  | 59 |  |  | 108 |  |  | (29) |
Notable items (1) |  | — |  |  | (42) |  |  | 140 |  |  | (23) |  |  | — |  |  | — |
Adjusted operating income excluding notable items, before income taxes |  | $ | 79 |  |  | $ | 58 |  |  | $ | 67 |  |  | $ | 36 |  |  | $ | 108 |  |  | $ | (29) |
Loss and expense ratios: |  |  |  |  |  |  |  |  |  |  |  |
Loss ratio (2) |  | 83.7 | % |  | 79.6 | % |  | 105.3 | % |  | 85.6 | % |  | 75.7 | % |  | 8.0 | %
Policy acquisition costs and other insurance expenses |  | 6.9 | % |  | 6.3 | % |  | 7.1 | % |  | 7.0 | % |  | 8.3 | % |  | (1.4) | %
Other operating expenses |  | 7.6 | % |  | 8.1 | % |  | 7.7 | % |  | 7.7 | % |  | 7.5 | % |  | 0.1 | %
Foreign currency effect on (3): |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | (33) |  |  | $ | (61) |  |  | $ | (50) |  |  | $ | (38) |  |  | $ | (23) |  |  | $ | (10) |
Adjusted operating income (loss) before income taxes |  | $ | (2) |  |  | $ | (6) |  |  | $ | 6 |  |  | $ | (3) |  |  | $ | 2 |  |  | $ | (4) |
Critical illness net premiums |  | $ | 299 |  |  | $ | 324 |  |  | $ | 296 |  |  | $ | 301 |  |  | $ | 295 |  |  | $ | 4 |
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |  |  |  |
(1) Represents the impact of changes in actuarial assumptions 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.

|  | Page 22

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
GAAP Income Statements
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 64 |  |  | $ | 64 |  |  | $ | 69 |  |  | $ | 60 |  |  | $ | 43 |  |  | $ | 21 |
Net investment income |  | 108 |  |  | 94 |  |  | 77 |  |  | 55 |  |  | 44 |  |  | 64 |
Investment related gains (losses), net |  | (51) |  |  | 83 |  |  | (94) |  |  | (113) |  |  | (81) |  |  | 30 |
Other revenue |  | 10 |  |  | — |  |  | 119 |  |  | 41 |  |  | 14 |  |  | (4) |
Total revenues |  | 131 |  |  | 241 |  |  | 171 |  |  | 43 |  |  | 20 |  |  | 111 |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Claims and other policy benefits |  | 69 |  |  | 68 |  |  | 60 |  |  | 56 |  |  | 39 |  |  | 30 |
Future policy benefits remeasurement (gains) losses |  | (1) |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | (1) |
Interest credited |  | 54 |  |  | 39 |  |  | 38 |  |  | 22 |  |  | 20 |  |  | 34 |
Policy acquisition costs and other insurance expenses |  | 16 |  |  | 12 |  |  | 21 |  |  | 15 |  |  | 12 |  |  | 4 |
Other operating expenses |  | 6 |  |  | 6 |  |  | 5 |  |  | 4 |  |  | 5 |  |  | 1 |
Total benefits and expenses |  | 144 |  |  | 132 |  |  | 124 |  |  | 97 |  |  | 76 |  |  | 68 |
Income (loss) before income taxes |  | $ | (13) |  |  | $ | 109 |  |  | $ | 47 |  |  | $ | (54) |  |  | $ | (56) |  |  | $ | 43 |
Foreign currency effect on (2): |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | (7) |  |  | $ | (9) |  |  | $ | (10) |  |  | $ | (8) |  |  | $ | (3) |  |  | $ | (4) |
Income (loss) before income taxes |  | $ | — |  |  | $ | (17) |  |  | $ | 11 |  |  | $ | 15 |  |  | $ | 5 |  |  | $ | (5) |
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |  |  |  |
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions. |  |  |  |
(2) Compared to comparable prior year period. |  |  |  |  |  |  |  |  |  |  |  |

|  | Page 23

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 64 |  |  | $ | 64 |  |  | $ | 69 |  |  | $ | 60 |  |  | $ | 43 |  |  | $ | 21 |
Net investment income |  | 108 |  |  | 94 |  |  | 77 |  |  | 55 |  |  | 44 |  |  | 64 |
Investment related gains, net |  | 4 |  |  | 5 |  |  | 3 |  |  | 5 |  |  | 4 |  |  | — |
Other revenue |  | 8 |  |  | 7 |  |  | 37 |  |  | 17 |  |  | 6 |  |  | 2 |
Total revenues |  | 184 |  |  | 170 |  |  | 186 |  |  | 137 |  |  | 97 |  |  | 87 |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Claims and other policy benefits |  | 69 |  |  | 68 |  |  | 60 |  |  | 56 |  |  | 39 |  |  | 30 |
Future policy benefits remeasurement (gains) losses |  | (1) |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | (1) |
Interest credited |  | 54 |  |  | 39 |  |  | 38 |  |  | 22 |  |  | 20 |  |  | 34 |
Policy acquisition costs and other insurance expenses |  | 16 |  |  | 12 |  |  | 21 |  |  | 15 |  |  | 12 |  |  | 4 |
Other operating expenses |  | 6 |  |  | 6 |  |  | 5 |  |  | 4 |  |  | 5 |  |  | 1 |
Total benefits and expenses |  | 144 |  |  | 132 |  |  | 124 |  |  | 97 |  |  | 76 |  |  | 68 |
Adjusted operating income before notable items and income taxes |  | 40 |  |  | 38 |  |  | 62 |  |  | 40 |  |  | 21 |  |  | 19 |
Notable items (2) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Adjusted operating income excluding notable items, before income taxes |  | $ | 40 |  |  | $ | 38 |  |  | $ | 62 |  |  | $ | 40 |  |  | $ | 21 |  |  | $ | 19 |
Foreign currency effect on (3): |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | (7) |  |  | $ | (9) |  |  | $ | (10) |  |  | $ | (8) |  |  | $ | (3) |  |  | $ | (4) |
Adjusted operating income before income taxes |  | $ | (3) |  |  | $ | (3) |  |  | $ | (6) |  |  | $ | (3) |  |  | $ | (2) |  |  | $ | (1) |
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |  |  |  |
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions. |  |  |  |
(2) 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. |  |  |  |  |  |  |  |  |  |  |  |

|  | Page 24

Reinsurance Group of America, Incorporated
Corporate and Other
GAAP Income Statements
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 82 |  |  | $ | 35 |  |  | $ | 53 |  |  | $ | 104 |  |  | $ | 59 |  |  | $ | 23 |
Investment related gains (losses), net |  | (44) |  |  | 36 |  |  | (24) |  |  | (43) |  |  | 3 |  |  | (47) |
Other revenue |  | 11 |  |  | 19 |  |  | (1) |  |  | (12) |  |  | 1 |  |  | 10 |
Total revenues |  | 49 |  |  | 90 |  |  | 28 |  |  | 49 |  |  | 63 |  |  | (14) |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest credited |  | 14 |  |  | 12 |  |  | 8 |  |  | 6 |  |  | 6 |  |  | 8 |
Policy acquisition costs and other insurance income |  | (20) |  |  | (21) |  |  | (21) |  |  | (23) |  |  | (22) |  |  | 2 |
Other operating expenses |  | 77 |  |  | 96 |  |  | 84 |  |  | 76 |  |  | 63 |  |  | 14 |
Interest expense |  | 50 |  |  | 54 |  |  | 46 |  |  | 42 |  |  | 42 |  |  | 8 |
Collateral finance and securitization expense |  | 3 |  |  | 1 |  |  | 3 |  |  | 2 |  |  | 1 |  |  | 2 |
Total benefits and expenses |  | 124 |  |  | 142 |  |  | 120 |  |  | 103 |  |  | 90 |  |  | 34 |
Income (loss) before income taxes |  | $ | (75) |  |  | $ | (52) |  |  | $ | (92) |  |  | $ | (54) |  |  | $ | (27) |  |  | $ | (48) |
Foreign currency effect on (1): |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) before income taxes |  | $ | — |  |  | $ | (7) |  |  | $ | 3 |  |  | $ | 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. |  |  |  |  |  |  |  |  |  |  |  |

|  | Page 25

Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 82 |  |  | $ | 35 |  |  | $ | 53 |  |  | $ | 104 |  |  | $ | 59 |  |  | $ | 23 |
Investment related gains, net |  | 4 |  |  | 2 |  |  | 2 |  |  | 1 |  |  | 3 |  |  | 1 |
Other revenue |  | 13 |  |  | 13 |  |  | 10 |  |  | 1 |  |  | 10 |  |  | 3 |
Total revenues |  | 99 |  |  | 50 |  |  | 65 |  |  | 106 |  |  | 72 |  |  | 27 |
Benefits and expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest credited |  | 14 |  |  | 12 |  |  | 8 |  |  | 6 |  |  | 6 |  |  | 8 |
Policy acquisition costs and other insurance income |  | (20) |  |  | (21) |  |  | (21) |  |  | (23) |  |  | (22) |  |  | 2 |
Other operating expenses |  | 77 |  |  | 96 |  |  | 84 |  |  | 76 |  |  | 63 |  |  | 14 |
Interest expense |  | 50 |  |  | 54 |  |  | 46 |  |  | 42 |  |  | 42 |  |  | 8 |
Collateral finance and securitization expense |  | 3 |  |  | 1 |  |  | 3 |  |  | 2 |  |  | 1 |  |  | 2 |
Total benefits and expenses |  | 124 |  |  | 142 |  |  | 120 |  |  | 103 |  |  | 90 |  |  | 34 |
Adjusted operating income before notable items and income taxes |  | (25) |  |  | (92) |  |  | (55) |  |  | 3 |  |  | (18) |  |  | (7) |
Notable items (1) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Adjusted operating income excluding notable items, before income taxes |  | $ | (25) |  |  | $ | (92) |  |  | $ | (55) |  |  | $ | 3 |  |  | $ | (18) |  |  | $ | (7) |
Foreign currency effect on (2): |  |  |  |  |  |  |  |  |  |  |  |
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) Compared to comparable prior year period. |  |  |  |  |  |  |  |  |  |  |  |

|  | Page 26

Reinsurance Group of America, Incorporated
Summary of Segment GAAP Income
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
U.S. and Latin America: |  |  |  |  |  |  |  |  |  |  |  |
Traditional |  | $ | 121 |  |  | $ | 114 |  |  | $ | (69) |  |  | $ | 90 |  |  | $ | 60 |  |  | $ | 61 |
Financial Solutions: |  |  |  |  |  |  |  |  |  |  |  |
Asset Intensive |  | 93 |  |  | (32) |  |  | 30 |  |  | (29) |  |  | 32 |  |  | 61 |
Capital Solutions |  | 21 |  |  | 24 |  |  | 23 |  |  | 72 |  |  | 25 |  |  | (4) |
Total U.S. and Latin America |  | 235 |  |  | 106 |  |  | (16) |  |  | 133 |  |  | 117 |  |  | 118 |
Canada: |  |  |  |  |  |  |  |  |  |  |  |
Traditional |  | 29 |  |  | 50 |  |  | 12 |  |  | 27 |  |  | 15 |  |  | 14 |
Financial Solutions |  | 10 |  |  | 9 |  |  | 6 |  |  | 7 |  |  | 9 |  |  | 1 |
Total Canada |  | 39 |  |  | 59 |  |  | 18 |  |  | 34 |  |  | 24 |  |  | 15 |
Europe, Middle East and Africa: |  |  |  |  |  |  |  |  |  |  |  |
Traditional |  | 27 |  |  | 3 |  |  | 5 |  |  | 4 |  |  | 34 |  |  | (7) |
Financial Solutions |  | 59 |  |  | 56 |  |  | 34 |  |  | 25 |  |  | 67 |  |  | (8) |
Total Europe, Middle East and Africa |  | 86 |  |  | 59 |  |  | 39 |  |  | 29 |  |  | 101 |  |  | (15) |
Asia Pacific: |  |  |  |  |  |  |  |  |  |  |  |
Traditional |  | 79 |  |  | 100 |  |  | (73) |  |  | 59 |  |  | 108 |  |  | (29) |
Financial Solutions |  | (13) |  |  | 109 |  |  | 47 |  |  | (54) |  |  | (56) |  |  | 43 |
Total Asia Pacific |  | 66 |  |  | 209 |  |  | (26) |  |  | 5 |  |  | 52 |  |  | 14 |
Corporate and Other |  | (75) |  |  | (52) |  |  | (92) |  |  | (54) |  |  | (27) |  |  | (48) |
Consolidated income (loss) before income taxes |  | $ | 351 |  |  | $ | 381 |  |  | $ | (77) |  |  | $ | 147 |  |  | $ | 267 |  |  | $ | 84 |
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes. |  |  |  |

|  | Page 27

Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
U.S. and Latin America: |  |  |  |  |  |  |  |  |  |  |  |
Traditional |  | $ | 122 |  |  | $ | 108 |  |  | $ | (77) |  |  | $ | 71 |  |  | $ | 45 |  |  | $ | 77 |
Financial Solutions: |  |  |  |  |  |  |  |  |  |  |  |
Asset Intensive |  | 84 |  |  | 77 |  |  | 83 |  |  | 68 |  |  | 76 |  |  | 8 |
Capital Solutions |  | 21 |  |  | 24 |  |  | 23 |  |  | 72 |  |  | 25 |  |  | (4) |
Total U.S. and Latin America |  | 227 |  |  | 209 |  |  | 29 |  |  | 211 |  |  | 146 |  |  | 81 |
Canada: |  |  |  |  |  |  |  |  |  |  |  |
Traditional |  | 29 |  |  | 47 |  |  | 12 |  |  | 34 |  |  | 15 |  |  | 14 |
Financial Solutions |  | 10 |  |  | 9 |  |  | 6 |  |  | 7 |  |  | 9 |  |  | 1 |
Total Canada |  | 39 |  |  | 56 |  |  | 18 |  |  | 41 |  |  | 24 |  |  | 15 |
Europe, Middle East and Africa: |  |  |  |  |  |  |  |  |  |  |  |
Traditional |  | 27 |  |  | 3 |  |  | 5 |  |  | 4 |  |  | 34 |  |  | (7) |
Financial Solutions |  | 69 |  |  | 73 |  |  | 52 |  |  | 58 |  |  | 61 |  |  | 8 |
Total Europe, Middle East and Africa |  | 96 |  |  | 76 |  |  | 57 |  |  | 62 |  |  | 95 |  |  | 1 |
Asia Pacific: |  |  |  |  |  |  |  |  |  |  |  |
Traditional |  | 79 |  |  | 100 |  |  | (73) |  |  | 59 |  |  | 108 |  |  | (29) |
Financial Solutions |  | 40 |  |  | 38 |  |  | 62 |  |  | 40 |  |  | 21 |  |  | 19 |
Total Asia Pacific |  | 119 |  |  | 138 |  |  | (11) |  |  | 99 |  |  | 129 |  |  | (10) |
Corporate and Other |  | (25) |  |  | (92) |  |  | (55) |  |  | 3 |  |  | (18) |  |  | (7) |
Consolidated adjusted operating income (loss) before income taxes |  | 456 |  |  | 387 |  |  | 38 |  |  | 416 |  |  | 376 |  |  | 80 |
Notable items (1) |  | — |  |  | (61) |  |  | 326 |  |  | (23) |  |  | — |  |  | — |
Consolidated adjusted operating income (loss) excluding notable items before income taxes |  | $ | 456 |  |  | $ | 326 |  |  | $ | 364 |  |  | $ | 393 |  |  | $ | 376 |  |  | $ | 80 |
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".

|  | Page 28

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Cash and Invested Assets
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31,
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
Fixed maturity securities, available-for-sale (1) |  | $ | 56,085 |  |  | $ | 52,901 |  |  | $ | 50,495 |  |  | $ | 53,294 |  |  | $ | 57,922 |
Equity securities |  | 138 |  |  | 134 |  |  | 137 |  |  | 127 |  |  | 139 |
Mortgage loans |  | 6,833 |  |  | 6,590 |  |  | 6,558 |  |  | 6,544 |  |  | 6,535 |
Policy loans |  | 1,221 |  |  | 1,231 |  |  | 1,202 |  |  | 1,218 |  |  | 1,221 |
Funds withheld at interest |  | 5,976 |  |  | 6,003 |  |  | 6,177 |  |  | 6,393 |  |  | 6,737 |
Limited partnerships and real estate joint ventures |  | 2,405 |  |  | 2,327 |  |  | 2,197 |  |  | 2,074 |  |  | 1,943 |
Short-term investments |  | 246 |  |  | 154 |  |  | 225 |  |  | 272 |  |  | 315 |
Other invested assets |  | 1,111 |  |  | 1,140 |  |  | 1,049 |  |  | 1,036 |  |  | 1,090 |
Cash and cash equivalents |  | 3,294 |  |  | 2,927 |  |  | 3,512 |  |  | 2,556 |  |  | 2,709 |
Total cash and invested assets |  | $ | 77,309 |  |  | $ | 73,407 |  |  | $ | 71,552 |  |  | $ | 73,514 |  |  | $ | 78,611 |
(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), Japanese government and agencies ("Japanese government"), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).

Investment Income and Yield Summary
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Average invested assets at amortized cost (1) |  | $ | 35,863 |  |  | $ | 35,300 |  |  | $ | 34,579 |  |  | $ | 34,859 |  |  | $ | 35,271 |  |  | $ | 592 |
Net investment income (1) |  | $ | 415 |  |  | $ | 386 |  |  | $ | 374 |  |  | $ | 397 |  |  | $ | 457 |  |  | $ | (42) |
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1) |  | 4.71 | % |  | 4.45 | % |  | 4.40 | % |  | 4.63 | % |  | 5.29 | % |  | (58) bps
Variable investment income ("VII") (included in net investment income) (1) |  | $ | 39 |  |  | $ | 42 |  |  | $ | 38 |  |  | $ | 70 |  |  | $ | 141 |  |  | $ | (102) |
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) |  | 4.45 | % |  | 4.14 | % |  | 4.12 | % |  | 3.96 | % |  | 3.80 | % |  | 65 bps
(1) Excludes spread related business (e.g. coinsurance of annuities). |  |  |  |

|  | Page 29

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities
|  | March 31, 2023
|  | Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value |  | % of Total |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 39,621 |  |  | $ | 69 |  |  | $ | 255 |  |  | $ | 4,330 |  |  | $ | 35,477 |  |  | 63.3 | % |  |
Canadian government |  | 3,345 |  |  | — |  |  | 455 |  |  | 45 |  |  | 3,755 |  |  | 6.7 | % |  |
Japanese government |  | 3,749 |  |  | — |  |  | 9 |  |  | 315 |  |  | 3,443 |  |  | 6.1 | % |  |
ABS |  | 4,470 |  |  | 10 |  |  | 8 |  |  | 365 |  |  | 4,103 |  |  | 7.3 | % |  |
CMBS |  | 1,882 |  |  | — |  |  | — |  |  | 212 |  |  | 1,670 |  |  | 3.0 | % |  |
RMBS |  | 1,120 |  |  | — |  |  | 2 |  |  | 98 |  |  | 1,024 |  |  | 1.8 | % |  |
U.S. government |  | 1,923 |  |  | — |  |  | 6 |  |  | 184 |  |  | 1,745 |  |  | 3.1 | % |  |
State and political subdivisions |  | 1,261 |  |  | — |  |  | 9 |  |  | 132 |  |  | 1,138 |  |  | 2.0 | % |  |
Other foreign government |  | 4,123 |  |  | — |  |  | 31 |  |  | 424 |  |  | 3,730 |  |  | 6.7 | % |  |
Total fixed maturity securities |  | $ | 61,494 |  |  | $ | 79 |  |  | $ | 775 |  |  | $ | 6,105 |  |  | $ | 56,085 |  |  | 100.0 | % |  |

|  | December 31, 2022
|  | Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value |  | % of Total
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 38,963 |  |  | $ | 27 |  |  | $ | 168 |  |  | $ | 5,135 |  |  | $ | 33,969 |  |  | 64.2 | %
Canadian government |  | 3,311 |  |  | — |  |  | 381 |  |  | 66 |  |  | 3,626 |  |  | 6.9 | %
Japanese government |  | 3,033 |  |  | — |  |  | 4 |  |  | 478 |  |  | 2,559 |  |  | 4.8 | %
ABS |  | 4,324 |  |  | 10 |  |  | 4 |  |  | 440 |  |  | 3,878 |  |  | 7.3 | %
CMBS |  | 1,835 |  |  | — |  |  | — |  |  | 212 |  |  | 1,623 |  |  | 3.1 | %
RMBS |  | 1,054 |  |  | — |  |  | 1 |  |  | 114 |  |  | 941 |  |  | 1.8 | %
U.S. government |  | 1,690 |  |  | — |  |  | 4 |  |  | 212 |  |  | 1,482 |  |  | 2.8 | %
State and political subdivisions |  | 1,282 |  |  | — |  |  | 10 |  |  | 173 |  |  | 1,119 |  |  | 2.1 | %
Other foreign government |  | 4,171 |  |  | — |  |  | 22 |  |  | 489 |  |  | 3,704 |  |  | 7.0 | %
Total fixed maturity securities |  | $ | 59,663 |  |  | $ | 37 |  |  | $ | 594 |  |  | $ | 7,319 |  |  | $ | 52,901 |  |  | 100.0 | %

|  | Page 30

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Corporate Fixed Maturity Securities by Industry
|  | March 31, 2023 |  | December 31, 2022
|  | 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 |  | $ | 6,358 |  |  | $ | 5,783 |  |  | 16.3 | % |  | A- |  | $ | 6,281 |  |  | $ | 5,672 |  |  | 16.7 | % |  | A-
Brokerage/asset managers/exchanges |  | 1,290 |  |  | 1,122 |  |  | 3.2 | % |  | A- |  | 1,302 |  |  | 1,115 |  |  | 3.3 | % |  | A-
Finance companies |  | 399 |  |  | 345 |  |  | 1.0 | % |  | BBB+ |  | 410 |  |  | 350 |  |  | 1.0 | % |  | BBB
Insurance |  | 4,458 |  |  | 3,948 |  |  | 11.1 | % |  | A- |  | 4,452 |  |  | 3,851 |  |  | 11.3 | % |  | A-
REITs |  | 1,296 |  |  | 1,123 |  |  | 3.2 | % |  | BBB+ |  | 1,205 |  |  | 1,013 |  |  | 3.0 | % |  | BBB+
Other finance |  | 931 |  |  | 722 |  |  | 2.0 | % |  | A- |  | 901 |  |  | 679 |  |  | 2.0 | % |  | A-
Total financial institutions |  | $ | 14,732 |  |  | $ | 13,043 |  |  | 36.8 | % |  |  |  | $ | 14,551 |  |  | $ | 12,680 |  |  | 37.3 | % |  |
Industrials |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 1,916 |  |  | $ | 1,729 |  |  | 4.9 | % |  | BBB |  | $ | 1,921 |  |  | $ | 1,690 |  |  | 5.0 | % |  | BBB
Capital goods |  | 1,657 |  |  | 1,518 |  |  | 4.3 | % |  | BBB |  | 1,734 |  |  | 1,550 |  |  | 4.6 | % |  | BBB
Communications |  | 2,549 |  |  | 2,246 |  |  | 6.3 | % |  | BBB |  | 2,517 |  |  | 2,136 |  |  | 6.3 | % |  | BBB
Consumer cyclical |  | 2,068 |  |  | 1,875 |  |  | 5.3 | % |  | BBB+ |  | 1,997 |  |  | 1,748 |  |  | 5.1 | % |  | BBB+
Consumer noncyclical |  | 4,691 |  |  | 4,251 |  |  | 12.0 | % |  | BBB+ |  | 4,625 |  |  | 4,052 |  |  | 11.9 | % |  | BBB+
Energy |  | 2,047 |  |  | 1,854 |  |  | 5.2 | % |  | A- |  | 2,050 |  |  | 1,801 |  |  | 5.3 | % |  | BBB+
Technology |  | 1,782 |  |  | 1,665 |  |  | 4.7 | % |  | BBB+ |  | 1,617 |  |  | 1,461 |  |  | 4.3 | % |  | BBB+
Transportation |  | 2,222 |  |  | 1,984 |  |  | 5.6 | % |  | A- |  | 2,160 |  |  | 1,859 |  |  | 5.5 | % |  | BBB+
Other industrial |  | 1,013 |  |  | 986 |  |  | 2.7 | % |  | BBB |  | 1,003 |  |  | 960 |  |  | 2.8 | % |  | BBB
Total industrials |  | $ | 19,945 |  |  | $ | 18,108 |  |  | 51.0 | % |  |  |  | $ | 19,624 |  |  | $ | 17,257 |  |  | 50.8 | % |  |
Utilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric |  | $ | 3,914 |  |  | $ | 3,446 |  |  | 9.7 | % |  | A- |  | $ | 3,779 |  |  | $ | 3,200 |  |  | 9.4 | % |  | A-
Natural gas |  | 681 |  |  | 587 |  |  | 1.7 | % |  | A- |  | 664 |  |  | 553 |  |  | 1.7 | % |  | A-
Other utility |  | 349 |  |  | 293 |  |  | 0.8 | % |  | BBB+ |  | 345 |  |  | 279 |  |  | 0.8 | % |  | BBB+
Total utilities |  | $ | 4,944 |  |  | $ | 4,326 |  |  | 12.2 | % |  |  |  | $ | 4,788 |  |  | $ | 4,032 |  |  | 11.9 | % |  |
Total |  | $ | 39,621 |  |  | $ | 35,477 |  |  | 100.0 | % |  | BBB+ |  | $ | 38,963 |  |  | $ | 33,969 |  |  | 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.

|  | Page 31

Reinsurance Group of America, Incorporated
Investments
(USD millions)

Ratings of Fixed Maturity Securities
|  |  |  | March 31, 2023 |  | December 31, 2022 |  | September 30, 2022 |  | June 30, 2022 |  | March 31, 2022
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 |  | $ | 38,291 |  |  | $ | 35,308 |  |  | 63.0 | % |  | $ | 36,217 |  |  | $ | 32,295 |  |  | 61.1 | % |  | $ | 33,881 |  |  | $ | 30,062 |  |  | 59.6 | % |  | $ | 33,989 |  |  | $ | 31,782 |  |  | 59.6 | % |  | $ | 34,434 |  |  | $ | 34,741 |  |  | 60.0 | %
2 |  | BBB |  | 19,832 |  |  | 17,658 |  |  | 31.5 | % |  | 20,188 |  |  | 17,580 |  |  | 33.2 | % |  | 19,931 |  |  | 16,924 |  |  | 33.5 | % |  | 19,851 |  |  | 18,011 |  |  | 33.8 | % |  | 19,691 |  |  | 19,574 |  |  | 33.8 | %
3 |  | BB |  | 2,811 |  |  | 2,698 |  |  | 4.8 | % |  | 2,734 |  |  | 2,607 |  |  | 5.0 | % |  | 3,044 |  |  | 2,843 |  |  | 5.6 | % |  | 2,940 |  |  | 2,774 |  |  | 5.2 | % |  | 2,821 |  |  | 2,769 |  |  | 4.8 | %
4 |  | B |  | 402 |  |  | 340 |  |  | 0.6 | % |  | 397 |  |  | 331 |  |  | 0.6 | % |  | 625 |  |  | 583 |  |  | 1.2 | % |  | 658 |  |  | 619 |  |  | 1.2 | % |  | 730 |  |  | 720 |  |  | 1.2 | %
5 |  | CCC |  | 100 |  |  | 69 |  |  | 0.1 | % |  | 103 |  |  | 71 |  |  | 0.1 | % |  | 107 |  |  | 62 |  |  | 0.1 | % |  | 124 |  |  | 84 |  |  | 0.2 | % |  | 127 |  |  | 92 |  |  | 0.2 | %
6 |  | In or near default |  | 58 |  |  | 12 |  |  | — | % |  | 24 |  |  | 17 |  |  | — | % |  | 42 |  |  | 21 |  |  | — | % |  | 46 |  |  | 24 |  |  | — | % |  | 46 |  |  | 26 |  |  | — | %
|  | Total |  | $ | 61,494 |  |  | $ | 56,085 |  |  | 100.0 | % |  | $ | 59,663 |  |  | $ | 52,901 |  |  | 100.0 | % |  | $ | 57,630 |  |  | $ | 50,495 |  |  | 100.0 | % |  | $ | 57,608 |  |  | $ | 53,294 |  |  | 100.0 | % |  | $ | 57,849 |  |  | $ | 57,922 |  |  | 100.0 | %
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).

Structured Fixed Maturity Securities
|  | March 31, 2023 |  | December 31, 2022 |  | September 30, 2022 |  | June 30, 2022 |  | March 31, 2022
|  | Amortized Cost |  | Estimated Fair Value |  | % of Total |  | Amortized Cost |  | Estimated Fair Value |  | % of Total |  | Amortized Cost |  | Estimated Fair Value |  | % of Total |  | Amortized Cost |  | Estimated Fair Value |  | % of Total |  | Amortized Cost |  | Estimated Fair Value |  | % of Total
ABS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized loan obligations ("CLOs") |  | $ | 1,880 |  |  | $ | 1,775 |  |  | 26.1 | % |  | $ | 1,825 |  |  | $ | 1,702 |  |  | 26.4 | % |  | $ | 1,788 |  |  | $ | 1,650 |  |  | 26.0 | % |  | $ | 1,714 |  |  | $ | 1,622 |  |  | 25.1 | % |  | $ | 1,659 |  |  | $ | 1,630 |  |  | 25.1 | %
ABS, excluding CLOs |  | 2,590 |  |  | 2,328 |  |  | 34.2 | % |  | 2,499 |  |  | 2,176 |  |  | 33.8 | % |  | 2,377 |  |  | 2,073 |  |  | 32.6 | % |  | 2,377 |  |  | 2,160 |  |  | 33.4 | % |  | 2,256 |  |  | 2,116 |  |  | 32.5 | %
Total ABS |  | 4,470 |  |  | 4,103 |  |  | 60.3 | % |  | 4,324 |  |  | 3,878 |  |  | 60.2 | % |  | 4,165 |  |  | 3,723 |  |  | 58.6 | % |  | 4,091 |  |  | 3,782 |  |  | 58.5 | % |  | 3,915 |  |  | 3,746 |  |  | 57.6 | %
CMBS |  | 1,882 |  |  | 1,670 |  |  | 24.6 | % |  | 1,835 |  |  | 1,623 |  |  | 25.2 | % |  | 1,843 |  |  | 1,670 |  |  | 26.3 | % |  | 1,856 |  |  | 1,735 |  |  | 26.8 | % |  | 1,829 |  |  | 1,786 |  |  | 27.5 | %
RMBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | 473 |  |  | 432 |  |  | 6.4 | % |  | 476 |  |  | 427 |  |  | 6.6 | % |  | 489 |  |  | 442 |  |  | 7.0 | % |  | 519 |  |  | 498 |  |  | 7.7 | % |  | 538 |  |  | 537 |  |  | 8.3 | %
Non-agency |  | 647 |  |  | 592 |  |  | 8.7 | % |  | 578 |  |  | 514 |  |  | 8.0 | % |  | 565 |  |  | 511 |  |  | 8.1 | % |  | 485 |  |  | 452 |  |  | 7.0 | % |  | 445 |  |  | 429 |  |  | 6.6 | %
Total RMBS |  | 1,120 |  |  | 1,024 |  |  | 15.1 | % |  | 1,054 |  |  | 941 |  |  | 14.6 | % |  | 1,054 |  |  | 953 |  |  | 15.1 | % |  | 1,004 |  |  | 950 |  |  | 14.7 | % |  | 983 |  |  | 966 |  |  | 14.9 | %
Total |  | $ | 7,472 |  |  | $ | 6,797 |  |  | 100.0 | % |  | $ | 7,213 |  |  | $ | 6,442 |  |  | 100.0 | % |  | $ | 7,062 |  |  | $ | 6,346 |  |  | 100.0 | % |  | $ | 6,951 |  |  | $ | 6,467 |  |  | 100.0 | % |  | $ | 6,727 |  |  | $ | 6,498 |  |  | 100.0 | %

|  | Page 32

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
|  | As of March 31, 2023
|  | 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 |  | $ | 9,861 |  |  | $ | 486 |  |  | $ | 18,130 |  |  | $ | 3,705 |  |  | $ | 27,991 |  |  | $ | 4,191 |
Canadian government |  | 395 |  |  | 15 |  |  | 165 |  |  | 30 |  |  | 560 |  |  | 45 |
Japanese government |  | 379 |  |  | 4 |  |  | 2,291 |  |  | 311 |  |  | 2,670 |  |  | 315 |
ABS |  | 811 |  |  | 38 |  |  | 2,777 |  |  | 311 |  |  | 3,588 |  |  | 349 |
CMBS |  | 341 |  |  | 20 |  |  | 1,271 |  |  | 188 |  |  | 1,612 |  |  | 208 |
RMBS |  | 332 |  |  | 16 |  |  | 513 |  |  | 82 |  |  | 845 |  |  | 98 |
U.S. government |  | 909 |  |  | 5 |  |  | 606 |  |  | 179 |  |  | 1,515 |  |  | 184 |
State and political subdivisions |  | 350 |  |  | 10 |  |  | 635 |  |  | 122 |  |  | 985 |  |  | 132 |
Other foreign government |  | 1,073 |  |  | 38 |  |  | 1,763 |  |  | 325 |  |  | 2,836 |  |  | 363 |
Total investment grade securities |  | $ | 14,451 |  |  | $ | 632 |  |  | $ | 28,151 |  |  | $ | 5,253 |  |  | $ | 42,602 |  |  | $ | 5,885 |
Below investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 550 |  |  | $ | 58 |  |  | $ | 546 |  |  | $ | 79 |  |  | $ | 1,096 |  |  | $ | 137 |
ABS |  | 45 |  |  | 3 |  |  | 46 |  |  | 10 |  |  | 91 |  |  | 13 |
Other foreign government |  | — |  |  | — |  |  | 187 |  |  | 61 |  |  | 187 |  |  | 61 |
Total below investment grade securities |  | $ | 595 |  |  | $ | 61 |  |  | $ | 779 |  |  | $ | 150 |  |  | $ | 1,374 |  |  | $ | 211 |
Total fixed maturity securities |  | $ | 15,046 |  |  | $ | 693 |  |  | $ | 28,930 |  |  | $ | 5,403 |  |  | $ | 43,976 |  |  | $ | 6,096 |
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.

|  | Page 33

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
|  | As of December 31, 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 |  | $ | 21,867 |  |  | $ | 2,756 |  |  | $ | 6,840 |  |  | $ | 2,225 |  |  | $ | 28,707 |  |  | $ | 4,981 |
Canadian government |  | 554 |  |  | 42 |  |  | 71 |  |  | 23 |  |  | 625 |  |  | 65 |
Japanese government |  | 815 |  |  | 86 |  |  | 1,694 |  |  | 392 |  |  | 2,509 |  |  | 478 |
ABS |  | 1,596 |  |  | 153 |  |  | 1,931 |  |  | 269 |  |  | 3,527 |  |  | 422 |
CMBS |  | 1,314 |  |  | 144 |  |  | 281 |  |  | 65 |  |  | 1,595 |  |  | 209 |
RMBS |  | 664 |  |  | 62 |  |  | 181 |  |  | 53 |  |  | 845 |  |  | 115 |
U.S. government |  | 1,202 |  |  | 64 |  |  | 253 |  |  | 148 |  |  | 1,455 |  |  | 212 |
State and political subdivisions |  | 819 |  |  | 124 |  |  | 131 |  |  | 50 |  |  | 950 |  |  | 174 |
Other foreign government |  | 1,942 |  |  | 167 |  |  | 1,026 |  |  | 260 |  |  | 2,968 |  |  | 427 |
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 |
ABS |  | 52 |  |  | 6 |  |  | 38 |  |  | 9 |  |  | 90 |  |  | 15 |
Other foreign government |  | 39 |  |  | 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.

|  | Page 34

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Consolidated Investment Related Gains and Losses
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Fixed maturity securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Change in allowance for credit losses |  | $ | (42) |  |  | $ | 15 |  |  | $ | 3 |  |  | $ | (13) |  |  | $ | (11) |  |  | $ | (31) |
Impairments on fixed maturities |  | (1) |  |  | (2) |  |  | (12) |  |  | (2) |  |  | (1) |  |  | — |
Realized gains on investment activity |  | 31 |  |  | 127 |  |  | 20 |  |  | 34 |  |  | 11 |  |  | 20 |
Realized losses on investment activity |  | (75) |  |  | (160) |  |  | (106) |  |  | (94) |  |  | (36) |  |  | (39) |
Net gains (losses) on fixed maturity securities available-for-sale |  | (87) |  |  | (20) |  |  | (95) |  |  | (75) |  |  | (37) |  |  | (50) |
Net gains (losses) on equity securities |  | 2 |  |  | (5) |  |  | 7 |  |  | (15) |  |  | (8) |  |  | 10 |
Change in mortgage loan allowance for credit losses |  | 3 |  |  | (8) |  |  | (5) |  |  | (1) |  |  | (2) |  |  | 5 |
Change in fair value of certain limited partnership investments |  | (3) |  |  | 9 |  |  | — |  |  | 10 |  |  | 19 |  |  | (22) |
Other, net |  | 2 |  |  | — |  |  | 7 |  |  | 11 |  |  | 8 |  |  | (6) |
Free-standing derivatives (1): |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | 20 |  |  | (2) |  |  | (33) |  |  | (44) |  |  | (52) |  |  | 72 |
Interest rate options |  | (23) |  |  | (9) |  |  | 18 |  |  | (6) |  |  | — |  |  | (23) |
Total return swaps |  | 3 |  |  | 22 |  |  | (1) |  |  | — |  |  | — |  |  | 3 |
Interest rate futures |  | — |  |  | 1 |  |  | 2 |  |  | 1 |  |  | 2 |  |  | (2) |
Equity futures |  | (9) |  |  | (11) |  |  | 5 |  |  | 23 |  |  | 5 |  |  | (14) |
Foreign currency swaps |  | — |  |  | (6) |  |  | 9 |  |  | 11 |  |  | 7 |  |  | (7) |
Foreign currency swaps - hedged |  | (1) |  |  | 1 |  |  | 1 |  |  | — |  |  | 4 |  |  | (5) |
Foreign currency forwards |  | (19) |  |  | 61 |  |  | (55) |  |  | (76) |  |  | (23) |  |  | 4 |
CPI swaps |  | 1 |  |  | 6 |  |  | 7 |  |  | (11) |  |  | 29 |  |  | (28) |
Credit default swaps |  | 11 |  |  | 37 |  |  | (12) |  |  | (33) |  |  | (58) |  |  | 69 |
Equity options |  | (14) |  |  | (15) |  |  | 8 |  |  | 21 |  |  | — |  |  | (14) |
Total free-standing derivatives |  | (31) |  |  | 85 |  |  | (51) |  |  | (114) |  |  | (86) |  |  | 55 |
Embedded derivatives |  | 37 |  |  | (67) |  |  | (17) |  |  | (56) |  |  | (33) |  |  | 70 |
Net gains (losses) on total derivatives |  | 6 |  |  | 18 |  |  | (68) |  |  | (170) |  |  | (119) |  |  | 125 |
Total investment related gains (losses), net |  | $ | (77) |  |  | $ | (6) |  |  | $ | (154) |  |  | $ | (240) |  |  | $ | (139) |  |  | $ | 62 |
(1) Free-standing derivatives are non-hedged unless specified. |  |  |  |

|  | Page 35

Appendix

Reconciliations of GAAP to Non-GAAP Measures

|  | Page 36

Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
U.S. & Latin America Traditional |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) before income taxes |  | $ | 121 |  |  | $ | 114 |  |  | $ | (69) |  |  | $ | 90 |  |  | $ | 60 |  |  | $ | 61 |
Investment and derivative losses (1) |  | — |  |  | 1 |  |  | (1) |  |  | — |  |  | — |  |  | — |
Change in fair value of funds withheld embedded derivatives (1) |  | 1 |  |  | (7) |  |  | (7) |  |  | (19) |  |  | (15) |  |  | 16 |
Adjusted operating income (loss) before notable items and income taxes |  | 122 |  |  | 108 |  |  | (77) |  |  | 71 |  |  | 45 |  |  | 77 |
Notable items (2) |  | — |  |  | — |  |  | 170 |  |  | — |  |  | — |  |  | — |
Adjusted operating income (loss) excluding notable items, before income taxes |  | $ | 122 |  |  | $ | 108 |  |  | $ | 93 |  |  | $ | 71 |  |  | $ | 45 |  |  | $ | 77 |
U.S. & Latin America Asset-Intensive |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) before income taxes |  | $ | 93 |  |  | $ | (32) |  |  | $ | 30 |  |  | $ | (29) |  |  | $ | 32 |  |  | $ | 61 |
Market risk benefits remeasurement (gains) losses |  | 14 |  |  | (19) |  |  | 23 |  |  | 40 |  |  | (34) |  |  | 48 |
Investment and derivative (gains) losses (1) |  | 18 |  |  | 54 |  |  | 17 |  |  | 5 |  |  | 45 |  |  | (27) |
Change in fair value of funds withheld embedded derivatives (1) |  | (38) |  |  | 74 |  |  | 24 |  |  | 75 |  |  | 48 |  |  | (86) |
Funds withheld (gains) losses - investment income |  | (4) |  |  | (1) |  |  | (1) |  |  | 4 |  |  | 2 |  |  | (6) |
EIA embedded derivatives - interest credited |  | (7) |  |  | 1 |  |  | (10) |  |  | (27) |  |  | (17) |  |  | 10 |
Other |  | 8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |
Adjusted operating income (loss) before notable items and income taxes |  | 84 |  |  | 77 |  |  | 83 |  |  | 68 |  |  | 76 |  |  | 8 |
Notable items (2) |  | — |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | — |
Adjusted operating income (loss) excluding notable items, before income taxes |  | $ | 84 |  |  | $ | 77 |  |  | $ | 80 |  |  | $ | 68 |  |  | $ | 76 |  |  | $ | 8 |
U.S. & Latin America Capital Solutions |  |  |  |  |  |  |  |  |  |  |  |
Income before income taxes |  | $ | 21 |  |  | $ | 24 |  |  | $ | 23 |  |  | $ | 72 |  |  | $ | 25 |  |  | $ | (4) |
Adjusted operating income (loss) before notable items and income taxes |  | 21 |  |  | 24 |  |  | 23 |  |  | 72 |  |  | 25 |  |  | (4) |
Notable items (2) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Adjusted operating income (loss) excluding notable items, before income taxes |  | $ | 21 |  |  | $ | 24 |  |  | $ | 23 |  |  | $ | 72 |  |  | $ | 25 |  |  | $ | (4) |
(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".

|  | Page 37

Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Canada Traditional |  |  |  |  |  |  |  |  |  |  |  |
Income before income taxes |  | $ | 29 |  |  | $ | 50 |  |  | $ | 12 |  |  | $ | 27 |  |  | $ | 15 |  |  | $ | 14 |
Investment and derivative (gains) losses (1) |  | (1) |  |  | (4) |  |  | (1) |  |  | 7 |  |  | — |  |  | (1) |
Investment income - non-operating FWAI |  | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Adjusted operating income (loss) before notable items and income taxes |  | 29 |  |  | 47 |  |  | 12 |  |  | 34 |  |  | 15 |  |  | 14 |
Notable items (2) |  | — |  |  | (5) |  |  | 6 |  |  | — |  |  | — |  |  | — |
Adjusted operating income (loss) excluding notable items, before income taxes |  | $ | 29 |  |  | $ | 42 |  |  | $ | 18 |  |  | $ | 34 |  |  | $ | 15 |  |  | $ | 14 |
Canada Financial Solutions |  |  |  |  |  |  |  |  |  |  |  |
Income before income taxes |  | $ | 10 |  |  | $ | 9 |  |  | $ | 6 |  |  | $ | 7 |  |  | $ | 9 |  |  | $ | 1 |
Adjusted operating income (loss) before notable items and income taxes |  | 10 |  |  | 9 |  |  | 6 |  |  | 7 |  |  | 9 |  |  | 1 |
Notable items (2) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Adjusted operating income (loss) excluding notable items, before income taxes |  | $ | 10 |  |  | $ | 9 |  |  | $ | 6 |  |  | $ | 7 |  |  | $ | 9 |  |  | $ | 1 |
Europe, Middle East and Africa Traditional |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) before income taxes |  | $ | 27 |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 34 |  |  | $ | (7) |
Adjusted operating income (loss) before notable items and income taxes |  | 27 |  |  | 3 |  |  | 5 |  |  | 4 |  |  | 34 |  |  | (7) |
Notable items (2) |  | — |  |  | — |  |  | 13 |  |  | — |  |  | — |  |  | — |
Adjusted operating income (loss) excluding notable items, before income taxes |  | $ | 27 |  |  | $ | 3 |  |  | $ | 18 |  |  | $ | 4 |  |  | $ | 34 |  |  | $ | (7) |
Europe, Middle East and Africa Financial Solutions |  |  |  |  |  |  |  |  |  |  |  |
Income before income taxes |  | $ | 59 |  |  | $ | 56 |  |  | $ | 34 |  |  | $ | 25 |  |  | $ | 67 |  |  | $ | (8) |
Investment and derivative (gains) losses (1) |  | 7 |  |  | 15 |  |  | 14 |  |  | 27 |  |  | (12) |  |  | 19 |
Investment income - non-operating FWAI |  | 3 |  |  | 2 |  |  | 4 |  |  | 6 |  |  | 6 |  |  | (3) |
Investment (income) loss on unit-linked variable annuities |  | — |  |  | 2 |  |  | 5 |  |  | 8 |  |  | 9 |  |  | (9) |
Interest credited on unit-linked variable annuities |  | — |  |  | (2) |  |  | (5) |  |  | (8) |  |  | (9) |  |  | 9 |
Adjusted operating income (loss) before notable items and income taxes |  | 69 |  |  | 73 |  |  | 52 |  |  | 58 |  |  | 61 |  |  | 8 |
Notable items (2) |  | — |  |  | (14) |  |  | — |  |  | — |  |  | — |  |  | — |
Adjusted operating income (loss) excluding notable items, before income taxes |  | $ | 69 |  |  | $ | 59 |  |  | $ | 52 |  |  | $ | 58 |  |  | $ | 61 |  |  | $ | 8 |
(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".

|  | Page 38

Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
|  | Three Months Ended |  | Current Qtr
|  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31, |  | vs. PY
|  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022 |  | Quarter
Asia Pacific Traditional |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) before income taxes |  | $ | 79 |  |  | $ | 100 |  |  | $ | (73) |  |  | $ | 59 |  |  | $ | 108 |  |  | $ | (29) |
Adjusted operating income (loss) before notable items and income taxes |  | 79 |  |  | 100 |  |  | (73) |  |  | 59 |  |  | 108 |  |  | (29) |
Notable items (2) |  | — |  |  | (42) |  |  | 140 |  |  | (23) |  |  | — |  |  | — |
Adjusted operating income (loss) excluding notable items, before income taxes |  | $ | 79 |  |  | $ | 58 |  |  | $ | 67 |  |  | $ | 36 |  |  | $ | 108 |  |  | $ | (29) |
Asia Pacific Financial Solutions |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) before income taxes |  | $ | (13) |  |  | $ | 109 |  |  | $ | 47 |  |  | $ | (54) |  |  | $ | (56) |  |  | $ | 43 |
Investment and derivative (gains) losses (1) |  | 55 |  |  | (78) |  |  | 97 |  |  | 118 |  |  | 85 |  |  | (30) |
Other |  | (2) |  |  | 7 |  |  | (82) |  |  | (24) |  |  | (8) |  |  | 6 |
Adjusted operating income (loss) before notable items and income taxes |  | 40 |  |  | 38 |  |  | 62 |  |  | 40 |  |  | 21 |  |  | 19 |
Notable items (2) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Adjusted operating income (loss) excluding notable items, before income taxes |  | $ | 40 |  |  | $ | 38 |  |  | $ | 62 |  |  | $ | 40 |  |  | $ | 21 |  |  | $ | 19 |
Corporate and Other |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) before income taxes |  | $ | (75) |  |  | $ | (52) |  |  | $ | (92) |  |  | $ | (54) |  |  | $ | (27) |  |  | $ | (48) |
Investment and derivative (gains) losses (1) |  | 48 |  |  | (34) |  |  | 26 |  |  | 44 |  |  | — |  |  | 48 |
Interest expense on uncertain tax positions |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other |  | 2 |  |  | (6) |  |  | 11 |  |  | 13 |  |  | 9 |  |  | (7) |
Adjusted operating income (loss) before notable items and income taxes |  | (25) |  |  | (92) |  |  | (55) |  |  | 3 |  |  | (18) |  |  | (7) |
Notable items (2) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Adjusted operating income (loss) excluding notable items, before income taxes |  | $ | (25) |  |  | $ | (92) |  |  | $ | (55) |  |  | $ | 3 |  |  | $ | (18) |  |  | $ | (7) |
(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".

|  | Page 39

Reinsurance Group of America, Incorporated
Reconciliations of Stockholders’ Equity to Stockholders’ Equity Excluding AOCI
(USD millions except per share data)
|  |  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31,
|  |  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
RGA, Inc. stockholders’ equity |  | $ | 7,626 |  |  | $ | 7,081 |  |  | $ | 6,755 |  |  | $ | 7,389 |  |  | $ | 7,947 |
Less effect of AOCI: |  |  |  |  |  |  |  |  |  |
Accumulated currency translation adjustments |  | (94) |  |  | (116) |  |  | (147) |  |  | 3 |  |  | 8 |
Unrealized appreciation of securities |  | (4,393) |  |  | (5,496) |  |  | (5,788) |  |  | (3,549) |  |  | (10) |
Effect of updating discount rates on future policy benefits |  | 3,034 |  |  | 3,755 |  |  | 3,989 |  |  | 2,122 |  |  | (795) |
Change in instrument-specific credit risk for market risk benefits |  | 14 |  |  | 13 |  |  | 19 |  |  | (9) |  |  | (11) |
Pension and postretirement benefits |  | (22) |  |  | (27) |  |  | (51) |  |  | (51) |  |  | (50) |
RGA, Inc. stockholders’ equity, excluding AOCI |  | 9,087 |  |  | 8,952 |  |  | 8,733 |  |  | 8,873 |  |  | 8,805 |
Year-to-date notable items, net of tax (1) |  | — |  |  | 184 |  |  | 230 |  |  | (17) |  |  | — |
RGA, Inc. stockholders’ equity, excluding AOCI and notable items |  | $ | 9,087 |  |  | $ | 9,136 |  |  | $ | 8,963 |  |  | $ | 8,856 |  |  | $ | 8,805 |
(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
|  |  | March 31, |  | Dec. 31, |  | Sept. 30, |  | June 30, |  | March 31,
|  |  | 2023 |  | 2022 |  | 2022 |  | 2022 |  | 2022
Book value per share |  | $ | 114.60 |  |  | $ | 106.19 |  |  | $ | 101.08 |  |  | $ | 110.27 |  |  | $ | 118.62 |
Less effect of AOCI: |  |  |  |  |  |  |  |  |  |
Accumulated currency translation adjustment |  | (1.41) |  |  | (1.73) |  |  | (2.20) |  |  | 0.04 |  |  | 0.12 |
Unrealized (depreciation) appreciation of securities |  | (66.02) |  |  | (82.44) |  |  | (86.61) |  |  | (52.96) |  |  | (0.15) |
Effect of updating discount rates on future policy benefits |  | 45.59 |  |  | 56.32 |  |  | 59.69 |  |  | 31.66 |  |  | (11.87) |
Change in instrument-specific credit risk for market risk benefits |  | 0.22 |  |  | 0.19 |  |  | 0.29 |  |  | (0.14) |  |  | (0.17) |
Pension and postretirement benefits |  | (0.34) |  |  | (0.41) |  |  | (0.77) |  |  | (0.75) |  |  | (0.75) |
Book value per share, excluding AOCI |  | $ | 136.56 |  |  | $ | 134.26 |  |  | $ | 130.68 |  |  | $ | 132.42 |  |  | $ | 131.44 |

|  | Page 40