Document


			Page
Non-GAAP Disclosures			1

Consolidated

Financial Highlights			3

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

Consolidated Balance Sheets			6

Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements

U.S. and Latin America Traditional			7

U.S. and Latin America Financial Solutions - Asset-Intensive			9

U.S. and Latin America Financial Solutions - Capital Solutions			12

Canada Traditional			14

Canada Financial Solutions			16

Europe, Middle East and Africa Traditional			18

Europe, Middle East and Africa Financial Solutions			20

Asia Pacific Traditional			22

Asia Pacific Financial Solutions			24

Corporate and Other			26

Summary of Segment GAAP Income			28

Summary of Segment Adjusted Operating Income			29

Investments

Cash and Invested Assets and Investment Income and Yield Summary			30

Fixed Maturity Securities			31

Corporate Fixed Maturity Securities by Industry			32

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities			33

Fixed Maturity Securities Below Amortized Cost			34

Consolidated Investment Related Gains and Losses			36

Appendix

Reconciliations of GAAP to Non-GAAP Measures			37

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

1.Adjusted operating income, on a pre-tax and after-tax basis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations. Adjusted operating income is calculated as net income available to the Company’s shareholders (or, in the case of pre-tax adjusted operating income, income before income taxes) excluding substantially all of the effect of net investment related gains and losses, changes in the fair value of certain embedded derivatives, and changes in the fair value of contracts that provide market risk benefits, which items can be volatile and may not reflect the underlying performance of the Company’s businesses. Additionally, adjusted operating income excludes, to the extent applicable, any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, the impact of certain tax-related items, and any other items that the Company believes are not indicative of the Company’s ongoing operations. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company’s management incentive programs.

2.Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items. Notable items are items the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented may include the financial impact of the Company’s assumption reviews on business subject to the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments, reflected in future policy benefits remeasurement gains or losses.

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


Reinsurance Group of America, Incorporated
Financial Highlights

	Three Months Ended															Current Qtr			Year-to-Date
(USD millions, except in force & per share and shares data)	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,		June 30,
	2023			2023			2022			2022			2022			Quarter			2023		2022		Change
Net premiums	$	3,337		$	3,385		$	3,446		$	3,247		$	3,230		$	107		$	6,722	$	6,385	$	337
Net income (loss) available to RGA's shareholders	205			252			291			(76)			105			100			457		302		155
Adjusted operating income	297			349			312			16			316			(19)			646		599		47
Adjusted operating income excluding notable items (1)	297			349			266			263			299			(2)			646		582		64
Return on equity	9.2		%	7.8		%	6.8		%	8.3		%	8.2		%	1.0		%
Adjusted operating return on equity (ex AOCI)	10.9		%	11.2		%	10.5		%	9.2		%	7.2		%	3.7		%
Adjusted operating return on equity (ex AOCI and notable items (1))	13.0		%	13.1		%	12.5		%	11.7		%	8.6		%	4.4		%
Total assets	$	89,040		$	89,120		$	84,904		$	82,819		$	84,875		$	4,165
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,685.3		$	1,676.8		$	1,672.2		$	1,662.7		$	1,650.5		$	34.8
U.S. and Latin America Financial Solutions	5.2			5.2			5.2			5.3			5.3			(0.1)
Canada Traditional	484.6			469.5			463.6			448.7			477.2			7.4
Europe, Middle East and Africa Traditional	802.3			759.6			735.4			671.3			756.4			45.9
Asia Pacific Traditional	495.4			508.2			518.6			479.4			486.1			9.3
Asia Pacific Financial Solutions	6.7			7.4			5.7			5.2			5.4			1.3
Total assumed life reinsurance in force	$	3,479.5		$	3,426.7		$	3,400.7		$	3,272.6		$	3,380.9		$	98.6
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	35.6		$	34.1		$	36.4		$	37.3		$	32.7		$	2.9		$	69.7	$	72.2	$	(2.5)

Canada Traditional	11.2			10.8			11.9			10.8			12.8			(1.6)			22.0		25.5		(3.5)
Europe, Middle East and Africa Traditional	36.6			30.1			35.6			38.2			45.1			(8.5)			66.7		95.6		(28.9)
Asia Pacific Traditional	4.7			3.9			8.6			14.4			5.7			(1.0)			8.6		22.3		(13.7)
Asia Pacific Financial Solutions	0.1			1.7			—			—			—			0.1			1.8		0.1		1.7
Total assumed new business production	$	88.2		$	80.6		$	92.5		$	100.7		$	96.3		$	(8.1)		$	168.8	$	215.7	$	(46.9)
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income (loss)	$	3.09		$	3.77		$	4.36		$	(1.13)		$	1.57		$	1.52		$	6.86	$	4.50	$	2.36
Adjusted operating income (loss)	$	4.46		$	5.22		$	4.67		$	0.24		$	4.71		$	(0.25)		$	9.69	$	8.93	$	0.76
Diluted earnings per share (2)
Net income (loss)	$	3.05		$	3.72		$	4.30		$	(1.13)		$	1.55		$	1.50		$	6.77	$	4.46	$	2.31
Adjusted operating income (loss)	$	4.40		$	5.16		$	4.60		$	0.24		$	4.67		$	(0.27)		$	9.55	$	8.86	$	0.69
Wgt. average common shares outstanding
Basic	66,518			66,779			66,748			66,936			66,996			(478)			66,649		67,050		(401)
Diluted	67,420			67,615			67,793			67,663			67,620			(200)			67,563		67,614		(51)

Common shares issued	85,311			85,311			85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	19,099			18,771			18,635			18,484			18,304			795			19,099		18,304		795
Common shares outstanding	66,212			66,540			66,676			66,827			67,007			(795)			66,212		67,007		(795)

Book value per share	$	117.87		$	114.60		$	106.19		$	101.08		$	110.27		$	7.60		$	117.87	$	110.27	$	7.60
Per share effect of AOCI	$	(21.12)		$	(21.96)		$	(28.07)		$	(29.60)		$	(22.15)		$	1.03		$	(21.12)	$	(22.15)	$	1.03
Book value per share, excluding AOCI	$	138.99		$	136.56		$	134.26		$	130.68		$	132.42		$	6.57		$	138.99	$	132.42	$	6.57

Shareholders’ dividends paid	$	54		$	53		$	53		$	54		$	49		$	5		$	107	$	98	$	9

(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.


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

(USD millions)	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	3,337	$	3,385	$	3,446	$	3,247	$	3,230	$	107	$	6,722	$	6,385	$	337
Net investment income	857		856		828		769		754		103		1,713		1,564		149
Investment related gains (losses), net	(123)		(77)		(6)		(154)		(240)		117		(200)		(379)		179
Other revenue	85		87		89		188		159		(74)		172		250		(78)
Total revenues	4,156		4,251		4,357		4,050		3,903		253		8,407		7,820		587
Benefits and expenses:
Claims and other policy benefits	3,013		3,063		3,125		3,048		2,938		75		6,076		5,809		267
Future policy benefits remeasurement (gains) losses	13		(26)		(11)		226		18		(5)		(13)		76		(89)
Market risk benefits remeasurement (gains) losses	(31)		14		(19)		23		40		(71)		(17)		6		(23)
Interest credited	209		215		214		189		138		71		424		279		145
Policy acquisition costs and other insurance expenses	349		331		323		341		336		13		680		680		—
Other operating expenses	275		250		289		251		242		33		525		469		56
Interest expense	63		53		55		49		44		19		116		87		29
Total benefits and expenses	3,891		3,900		3,976		4,127		3,756		135		7,791		7,406		385
Income (loss) before income taxes	265		351		381		(77)		147		118		616		414		202
Provision for income taxes	58		98		88		(2)		41		17		156		111		45
Net income (loss)	207		253		293		(75)		106		101		460		303		157
Net income attributable to noncontrolling interest	2		1		2		1		1		1		3		1		2
Net income (loss) available to RGA's shareholders	$	205	$	252	$	291	$	(76)	$	105	$	100	$	457	$	302	$	155
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes	$	265	$	351	$	381	$	(77)	$	147	$	118	$	616	$	414	$	202
Investment and derivative (gains) losses (1)	117		127		(46)		152		201		(84)		244		319		(75)
Market risk benefits remeasurement (gains) losses	(31)		14		(19)		23		40		(71)		(17)		6		(23)
Change in fair value of funds withheld embedded derivatives (1)	20		(37)		67		17		56		(36)		(17)		89		(106)
Funds withheld (gains) losses - investment income	2		—		2		4		10		(8)		2		18		(16)
EIA embedded derivatives - interest credited	3		(7)		1		(10)		(27)		30		(4)		(44)		40
Investment (income) loss on unit-linked variable annuities	2		—		2		5		8		(6)		2		17		(15)
Interest credited on unit-linked variable annuities	(2)		—		(2)		(5)		(8)		6		(2)		(17)		15
Interest expense on uncertain tax positions	—		—		—		—		—		—		—		—		—
Other	—		8		1		(71)		(11)		11		8		(10)		18
Adjusted operating income before income taxes	376		456		387		38		416		(40)		832		792		40
Notable items (2)	—		—		(61)		326		(23)		23		—		(23)		23
Adjusted operating income before income taxes excluding notable items	$	376	$	456	$	326	$	364	$	393	$	(17)	$	832	$	769	$	63

(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".


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

(USD millions)	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
After-tax adjusted operating income reconciliation:
GAAP net income (loss) attributable to RGA	$	205	$	252	$	291	$	(76)	$	105	$	100	$	457	$	302	$	155
Investment and derivative (gains) losses (1)	88		102		(14)		120		154		(66)		190		246		(56)
Market risk benefits remeasurement (gains) losses	(24)		11		(15)		18		32		(56)		(13)		5		(18)
Change in fair value of funds withheld embedded derivatives (1)	16		(29)		53		14		44		(28)		(13)		70		(83)
Funds withheld (gains) losses - investment income	2		—		2		3		8		(6)		2		14		(12)
EIA embedded derivatives - interest credited	3		(6)		1		(8)		(22)		25		(3)		(35)		32
Investment (income) loss on unit-linked variable annuities	2		—		2		4		6		(4)		2		13		(11)
Interest credited on unit-linked variable annuities	(2)		—		(2)		(4)		(6)		4		(2)		(13)		11
Interest expense on uncertain tax positions	—		—		—		—		—		—		—		—		—
Other	—		6		1		(56)		(9)		9		6		(8)		14
Uncertain tax positions and other tax related items	5		12		(9)		—		3		2		17		4		13
Net income attributable to noncontrolling interest	2		1		2		1		1		1		3		1		2
Adjusted operating income	297		349		312		16		316		(19)		646		599		47
Notable items (2)	—		—		(46)		247		(17)		17		—		(17)		17
Adjusted operating income excluding notable items	$	297	$	349	$	266	$	263	$	299	$	(2)	$	646	$	582	$	64

Diluted earnings per share - adjusted operating income (loss) (3)	$	4.40	$	5.16	$	4.60	$	0.24	$	4.67	$	(0.27)	$	9.55	$	8.86	$	0.69
Diluted earnings per share - adjusted operating income (loss) excluding notable items (3)	$	4.40	$	5.16	$	3.91	$	3.92	$	4.41	$	(0.01)	$	9.55	$	8.60	$	0.95
Foreign currency effect on (4):
Net premiums	$	(45)	$	(112)	$	(164)	$	(160)	$	(119)	$	74	$	(157)	$	(166)	9
Adjusted operating income (loss) before income taxes	$	(6)	$	(16)	$	(18)	$	(11)	$	(16)	$	10	$	(22)	$	(19)	(3)


(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.


Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2023		2023		2022		2022		2022
Assets
Fixed maturity securities available-for-sale, at fair value	$	56,236	$	56,085	$	52,901	$	50,495	$	53,294
Equity securities, at fair value	136		138		134		137		127
Mortgage loans	7,038		6,833		6,590		6,558		6,544
Policy loans	1,202		1,221		1,231		1,202		1,218
Funds withheld at interest	5,862		5,976		6,003		6,177		6,393
Limited partnerships and real estate joint ventures	2,473		2,405		2,327		2,197		2,074
Short-term investments	224		246		154		225		272
Other invested assets	1,119		1,111		1,140		1,049		1,036
Total investments	74,290		74,015		70,480		68,040		70,958
Cash and cash equivalents	2,598		3,294		2,927		3,512		2,556
Accrued investment income	702		672		630		628		572
Premiums receivable and other reinsurance balances	3,321		3,114		3,013		2,820		2,884
Reinsurance ceded receivables and other	2,664		2,723		2,671		2,650		2,829
Deferred policy acquisition costs	4,286		4,257		4,128		4,004		3,935
Other assets	1,179		1,045		1,055		1,165		1,141
Total assets	$	89,040	$	89,120	$	84,904	$	82,819	$	84,875
Liabilities and equity
Future policy benefits	$	38,239	$	38,222	$	35,689	$	33,724	$	37,028
Interest-sensitive contract liabilities	29,910		30,405		30,342		30,043		28,762
Market risk benefits, at fair value	235		261		247		259		271
Other policy claims and benefits	2,579		2,558		2,480		2,366		2,447
Other reinsurance balances	858		851		725		889		557
Deferred income taxes	1,424		1,446		1,383		1,350		1,383
Other liabilities	3,050		3,206		2,906		3,136		3,129
Long-term debt	4,850		4,455		3,961		4,207		3,667
Collateral finance and securitization notes	—		—		—		—		152
Total liabilities	81,145		81,404		77,733		75,974		77,396
Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,522		2,506		2,502		2,493		2,478
Retained earnings	8,483		8,336		8,169		7,936		8,067
Treasury stock	(1,803)		(1,756)		(1,720)		(1,697)		(1,673)
Accumulated other comprehensive income (loss), net of taxes (AOCI):
Accumulated currency translation adjustment	26		(94)		(116)		(147)		3
Unrealized (depreciation) appreciation of securities	(4,879)		(4,393)		(5,496)		(5,788)		(3,549)
Effect of updating discount rates on future policy benefits	3,460		3,034		3,755		3,989		2,122
Change in instrument-specific credit risk for market risk benefits	13		14		13		19		(9)
Pension and postretirement benefits	(18)		(22)		(27)		(51)		(51)
Total RGA, Inc. shareholders’ equity	7,805		7,626		7,081		6,755		7,389
Noncontrolling interest	90		90		90		90		90
Total equity	7,895		7,716		7,171		6,845		7,479
Total liabilities and equity	$	89,040	$	89,120	$	84,904	$	82,819	$	84,875
Total RGA, Inc. shareholders’ equity, excluding AOCI	$	9,203	$	9,087	$	8,952	$	8,733	$	8,873

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


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2023			2023			2022			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	1,750		$	1,615		$	1,778		$	1,640		$	1,631		$	119		$	3,365		$	3,172		$	193
Net investment income	180			193			224			201			186			(6)			373			475			(102)
Investment related gains (losses), net	(1)			(1)			6			8			19			(20)			(2)			34			(36)
Other revenue	3			5			5			6			10			(7)			8			16			(8)
Total revenues	1,932			1,812			2,013			1,855			1,846			86			3,744			3,697			47

Benefits and expenses:
Claims and other policy benefits	1,592			1,447			1,642			1,520			1,524			68			3,039			2,971			68
Future policy benefits remeasurement (gains) losses	24			7			10			160			(11)			35			31			92			(61)
Interest credited	18			18			17			18			17			1			36			34			2
Policy acquisition costs and other insurance expenses	187			175			178			182			181			6			362			362			—
Other operating expenses	49			44			52			44			45			4			93			88			5
Total benefits and expenses	1,870			1,691			1,899			1,924			1,756			114			3,561			3,547			14

Income (loss) before income taxes	$	62		$	121		$	114		$	(69)		$	90		$	(28)		$	183		$	150		$	33

Loss and expense ratios:
Loss ratio (1)	92.3		%	90.0		%	92.9		%	102.4		%	92.8		%	(0.5)		%	91.2		%	96.6		%	(5.4)		%
Policy acquisition costs and other insurance expenses	10.7		%	10.8		%	10.0		%	11.1		%	11.1		%	(0.4)		%	10.8		%	11.4		%	(0.6)		%
Other operating expenses	2.8		%	2.7		%	2.9		%	2.7		%	2.8		%	—		%	2.8		%	2.8		%	—		%

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


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2023			2023			2022			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	1,750		$	1,615		$	1,778		$	1,640		$	1,631		$	119		$	3,365		$	3,172		$	193
Net investment income	180			193			224			201			186			(6)			373			475			(102)
Other revenue	3			5			5			6			10			(7)			8			16			(8)
Total revenues	1,933			1,813			2,007			1,847			1,827			106			3,746			3,663			83

Benefits and expenses:
Claims and other policy benefits	1,592			1,447			1,642			1,520			1,524			68			3,039			2,971			68
Future policy benefits remeasurement (gains) losses	24			7			10			160			(11)			35			31			92			(61)
Interest credited	18			18			17			18			17			1			36			34			2
Policy acquisition costs and other insurance expenses	187			175			178			182			181			6			362			362			—
Other operating expenses	49			44			52			44			45			4			93			88			5
Total benefits and expenses	1,870			1,691			1,899			1,924			1,756			114			3,561			3,547			14

Adjusted operating income (loss) before notable items and income taxes	63			122			108			(77)			71			(8)			185			116			69
Notable items (1)	—			—			—			170			—			—			—			—			—
Adjusted operating income (loss) excluding notable items, before income taxes	$	63		$	122		$	108		$	93		$	71		$	(8)		$	185		$	116		$	69

Loss and expense ratios:
Loss ratio (2)	92.3		%	90.0		%	92.9		%	102.4		%	92.8		%	(0.5)		%	91.2		%	96.6		%	(5.4)		%
Policy acquisition costs and other insurance expenses	10.7		%	10.8		%	10.0		%	11.1		%	11.1		%	(0.4)		%	10.8		%	11.4		%	(0.6)		%
Other operating expenses	2.8		%	2.7		%	2.9		%	2.7		%	2.8		%	—		%	2.8		%	2.8		%	—		%

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	17	$	163	$	24	$	13	$	14	$	3	$	180	$	29	$	151
Net investment income	278		280		287		265		246		32		558		502		56
Investment related gains (losses), net	(68)		20		(128)		(41)		(80)		12		(48)		(173)		125
Other revenue	26		25		25		29		31		(5)		51		57		(6)
Total revenues	253		488		208		266		211		42		741		415		326

Benefits and expenses:
Claims and other policy benefits	45		199		52		41		43		2		244		112		132
Future policy benefits remeasurement (gains) losses	(1)		(4)		(2)		(5)		(1)		—		(5)		(21)		16
Market risk benefits remeasurement (gains) losses	(31)		14		(19)		23		40		(71)		(17)		6		(23)
Interest credited	133		129		148		130		101		32		262		208		54
Policy acquisition costs and other insurance expenses	47		46		47		36		45		2		93		86		7
Other operating expenses	13		11		14		11		12		1		24		21		3
Total benefits and expenses	206		395		240		236		240		(34)		601		412		189

Income (loss) before income taxes	$	47	$	93	$	(32)	$	30	$	(29)	$	76	$	140	$	3	$	137

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	17	$	163	$	24	$	13	$	14	$	3	$	180	$	29	$	151
Net investment income	279		276		286		264		250		29		555		508		47
Other revenue	26		25		25		29		31		(5)		51		57		(6)
Total revenues	322		464		335		306		295		27		786		594		192

Benefits and expenses:
Claims and other policy benefits	45		199		52		41		43		2		244		112		132
Future policy benefits remeasurement (gains) losses	(1)		(4)		(2)		(5)		(1)		—		(5)		(21)		16
Interest credited	130		136		147		140		128		2		266		252		14
Policy acquisition costs and other insurance expenses	47		38		47		36		45		2		85		86		(1)
Other operating expenses	13		11		14		11		12		1		24		21		3
Total benefits and expenses	234		380		258		223		227		7		614		450		164

Adjusted operating income (loss) before notable items and income taxes	88		84		77		83		68		20		172		144		28
Notable items (1)	—		—		—		(3)		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	88	$	84	$	77	$	80	$	68	$	20	$	172	$	144	$	28



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".


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

	Three Months Ended
(USD millions, shown net of reinsurance ceded)	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
	2023			2023			2022			2022			2022
Policyholder account balances

Fixed annuities (deferred)	$	11,361		$	11,699		$	12,046		$	12,257		$	11,952
Equity-indexed annuities	$	2,580		$	2,701		$	2,817		$	2,919		$	2,978
Bank-owned life insurance (BOLI)	$	2,494		$	2,505		$	2,500		$	2,508		$	2,505
Other policyholder account balances	$	52		$	75		$	75		$	76		$	76

Variable annuities account balances
No riders	$	599		$	598		$	672		$	642		$	705
GMDB only	738			734			771			802			811
GMIB only	16			16			20			19			20
GMAB only	2			2			2			2			2
GMWB only	883			866			863			833			916
GMDB / WB	169			168			165			158			174
Other	13			12			15			15			16
Total variable annuities account balances	$	2,420		$	2,396		$	2,508		$	2,471		$	2,644

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

Guaranteed investment contracts, funding agreements and immediate annuities	$	843		$	828		$	848		$	866		$	961

Future policy benefits (at original discount rate) associated with:
Payout annuities	$	4,181		$	4,231		$	4,153		$	4,208		$	4,269
Other future policy benefits	$	62		$	58		$	59		$	59		$	60

Liability for market risk benefits:

Equity-indexed annuities	$	140		$	144		$	132		$	90		$	106
Variable annuities (liability)	$	95		$	117		$	115		$	168		$	166
Variable annuities (asset)	$	6		$	2		$	—		$	—		$	—

Net interest spread (1)	1.4		%	1.2		%	1.2		%	1.0		%	1.0		%

(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.


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	$	—	$	1	$	1	$	2	$	1	$	(1)	$	1	$	2	$	(1)
Other revenue	25		26		26		24		74		(49)		51		102		(51)
Total revenues	25		27		27		26		75		(50)		52		104		(52)

Benefits and expenses:
Policy acquisition costs and other insurance expenses	2		2		—		(1)		1		1		4		2		2
Other operating expenses	2		4		3		4		2		—		6		5		1
Total benefits and expenses	4		6		3		3		3		1		10		7		3

Income before income taxes	$	21	$	21	$	24	$	23	$	72	$	(51)	$	42	$	97	$	(55)

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	$	—	$	1	$	1	$	2	$	1	$	(1)	$	1	$	2	$	(1)
Other revenue	25		26		26		24		74		(49)		51		102		(51)
Total revenues	25		27		27		26		75		(50)		52		104		(52)

Benefits and expenses:
Policy acquisition costs and other insurance expenses	2		2		—		(1)		1		1		4		2		2
Other operating expenses	2		4		3		4		2		—		6		5		1
Total benefits and expenses	4		6		3		3		3		1		10		7		3

Adjusted operating income (loss) before notable items and income taxes	$	21	$	21	$	24	$	23	$	72	$	(51)	$	42	$	97	$	(55)
Notable items (1)	—		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	21	$	21	$	24	$	23	$	72	$	(51)	$	42	$	97	$	(55)

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".


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2023			2023			2022			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	307		$	295		$	308		$	293		$	314		$	(7)		$	602		$	618		$	(16)
Net investment income	61			61			66			64			62			(1)			122			120			2
Investment related gains (losses), net	4			2			5			2			(6)			10			6			(5)			11
Other revenue	1			1			1			—			1			—			2			3			(1)
Total revenues	373			359			380			359			371			2			732			736			(4)

Benefits and expenses:
Claims and other policy benefits	282			270			285			272			285			(3)			552			572			(20)
Future policy benefits remeasurement (gains) losses	(1)			3			(10)			9			(2)			1			2			(1)			3
Policy acquisition costs and other insurance expenses	47			45			44			56			51			(4)			92			103			(11)
Other operating expenses	10			12			11			10			10			—			22			20			2
Total benefits and expenses	338			330			330			347			344			(6)			668			694			(26)

Income before income taxes	$	35		$	29		$	50		$	12		$	27		$	8		$	64		$	42		$	22

Loss and expense ratios:
Loss ratio (1)	91.5		%	92.5		%	89.3		%	95.9		%	90.1		%	1.4		%	92.0		%	92.4		%	(0.4)		%
Policy acquisition costs and other insurance expenses	15.3		%	15.3		%	14.3		%	19.1		%	16.2		%	(0.9)		%	15.3		%	16.7		%	(1.4)		%
Other operating expenses	3.3		%	4.1		%	3.6		%	3.4		%	3.2		%	0.1		%	3.7		%	3.2		%	0.5		%

Foreign currency effect on (2):
Net premiums	$	(16)		$	(20)		$	(23)		$	(11)		$	(13)		$	(3)		$	(36)		$	(13)		$	(23)
Income before income taxes	$	(2)		$	(2)		$	(3)		$	—		$	(1)		$	(1)		$	(4)		$	(1)		$	(3)

Creditor reinsurance net premiums	$	18		$	18		$	17		$	18		$	20		$	(2)		$	36		$	38		$	(2)

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.


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2023			2023			2022			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	307		$	295		$	308		$	293		$	314		$	(7)		$	602		$	618		$	(16)
Net investment income	61			62			67			65			62			(1)			123			120			3
Investment related gains, net	1			1			1			1			1			—			2			2			—
Other revenue	1			1			1			—			1			—			2			3			(1)
Total revenues	370			359			377			359			378			(8)			729			743			(14)

Benefits and expenses:
Claims and other policy benefits	282			270			285			272			285			(3)			552			572			(20)
Future policy benefits remeasurement (gains) losses	(1)			3			(10)			9			(2)			1			2			(1)			3
Policy acquisition costs and other insurance expenses	47			45			44			56			51			(4)			92			103			(11)
Other operating expenses	10			12			11			10			10			—			22			20			2
Total benefits and expenses	338			330			330			347			344			(6)			668			694			(26)

Adjusted operating income before notable items and income taxes	32			29			47			12			34			(2)			61			49			12
Notable items (1)	—			—			(5)			6			—			—			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	32		$	29		$	42		$	18		$	34		$	(2)		$	61		$	49		$	12

Loss and expense ratios:
Loss ratio (2)	91.5		%	92.5		%	89.3		%	95.9		%	90.1		%	1.4		%	92.0		%	92.4		%	(0.4)		%
Policy acquisition costs and other insurance expenses	15.3		%	15.3		%	14.3		%	19.1		%	16.2		%	(0.9)		%	15.3		%	16.7		%	(1.4)		%
Other operating expenses	3.3		%	4.1		%	3.6		%	3.4		%	3.2		%	0.1		%	3.7		%	3.2		%	0.5		%

Foreign currency effect on (3):
Net premiums	$	(16)		$	(20)		$	(23)		$	(11)		$	(13)		$	(3)		$	(36)		$	(13)		$	(23)
Adjusted operating income before income taxes	$	(2)		$	(2)		$	(3)		$	—		$	(1)		$	(1)		$	(4)		$	(1)		$	(3)

Creditor reinsurance net premiums	$	18		$	18		$	17		$	18		$	20		$	(2)		$	36		$	38		$	(2)

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

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	23	$	23	$	23	$	24	$	25	$	(2)	$	46	$	48	$	(2)
Net investment income	1		1		1		1		2		(1)		2		3		(1)
Other revenue	2		3		4		2		2		—		5		4		1
Total revenues	26		27		28		27		29		(3)		53		55		(2)

Benefits and expenses:
Claims and other policy benefits	20		21		20		22		23		(3)		41		44		(3)
Future policy benefits remeasurement (gains) losses	(2)		(5)		(3)		(2)		(2)		—		(7)		(7)		—
Policy acquisition costs and other insurance expenses	—		1		1		—		—		—		1		1		—
Other operating expenses	2		—		1		1		1		1		2		1		1
Total benefits and expenses	20		17		19		21		22		(2)		37		39		(2)

Income before income taxes	$	6	$	10	$	9	$	6	$	7	$	(1)	$	16	$	16	$	—

Foreign currency effect on (2):
Net premiums	$	(2)	$	(1)	$	(2)	$	(1)	$	(1)	$	(1)	$	(3)	$	(1)	$	(2)
Income before income taxes	$	—	$	(1)	$	—	$	(1)	$	—	$	—	$	(1)	$	—	$	(1)

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	23	$	23	$	23	$	24	$	25	$	(2)	$	46	$	48	$	(2)
Net investment income	1		1		1		1		2		(1)		2		3		(1)
Other revenue	2		3		4		2		2		—		5		4		1
Total revenues	26		27		28		27		29		(3)		53		55		(2)

Benefits and expenses:
Claims and other policy benefits	20		21		20		22		23		(3)		41		44		(3)
Future policy benefits remeasurement (gains) losses	(2)		(5)		(3)		(2)		(2)		—		(7)		(7)		—
Policy acquisition costs and other insurance expenses	—		1		1		—		—		—		1		1		—
Other operating expenses	2		—		1		1		1		1		2		1		1
Total benefits and expenses	20		17		19		21		22		(2)		37		39		(2)

Adjusted operating income before notable items and income taxes	6		10		9		6		7		(1)		16		16		—
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	6	$	10	$	9	$	6	$	7	$	(1)	$	16	$	16	$	—

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

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


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2023			2023			2022			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	429		$	438		$	422		$	436		$	427		$	2		$	867		$	878		$	(11)
Net investment income	23			23			21			18			18			5			46			37			9
Other revenue	(1)			(1)			3			2			(2)			1			(2)			1			(3)
Total revenues	451			460			446			456			443			8			911			916			(5)

Benefits and expenses:
Claims and other policy benefits	383			390			404			409			377			6			773			773			—
Future policy benefits remeasurement (gains) losses	12			(8)			(10)			(7)			13			(1)			4			2			2
Policy acquisition costs and other insurance expenses	21			18			16			19			20			1			39			42			(3)
Other operating expenses	31			33			33			30			29			2			64			61			3
Total benefits and expenses	447			433			443			451			439			8			880			878			2

Income (loss) before income taxes	$	4		$	27		$	3		$	5		$	4		$	—		$	31		$	38		$	(7)

Loss and expense ratios:
Loss ratio (1)	92.1		%	87.2		%	93.4		%	92.2		%	91.3		%	0.8		%	89.6		%	88.3		%	1.3		%
Policy acquisition costs and other insurance expenses	4.9		%	4.1		%	3.8		%	4.4		%	4.7		%	0.2		%	4.5		%	4.8		%	(0.3)		%
Other operating expenses	7.2		%	7.5		%	7.8		%	6.9		%	6.8		%	0.4		%	7.4		%	6.9		%	0.5		%


Foreign currency effect on (2):
Net premiums	$	(6)		$	(41)		$	(53)		$	(68)		$	(46)		$	40		$	(47)		$	(62)		$	15
Income (loss) before income taxes	$	1		$	(1)		$	—		$	—		$	(2)		$	3		$	—		$	(3)		$	3

Critical illness net premiums	$	35		$	33		$	33		$	41		$	36		$	(1)		$	68		$	75		$	(7)

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.


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2023			2023			2022			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	429		$	438		$	422		$	436		$	427		$	2		$	867		$	878		$	(11)
Net investment income	23			23			21			18			18			5			46			37			9
Other revenue	(1)			(1)			3			2			(2)			1			(2)			1			(3)
Total revenues	451			460			446			456			443			8			911			916			(5)

Benefits and expenses:
Claims and other policy benefits	383			390			404			409			377			6			773			773			—
Future policy benefits remeasurement (gains) losses	12			(8)			(10)			(7)			13			(1)			4			2			2
Policy acquisition costs and other insurance expenses	21			18			16			19			20			1			39			42			(3)
Other operating expenses	31			33			33			30			29			2			64			61			3
Total benefits and expenses	447			433			443			451			439			8			880			878			2

Adjusted operating income before notable items and income taxes	4			27			3			5			4			—			31			38			(7)
Notable items (1)	—			—			—			13			—			—			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	4		$	27		$	3		$	18		$	4		$	—		$	31		$	38		$	(7)

Loss and expense ratios:
Loss ratio (2)	92.1		%	87.2		%	93.4		%	92.2		%	91.3		%	0.8		%	89.6		%	88.3		%	1.3		%
Policy acquisition costs and other insurance expenses	4.9		%	4.1		%	3.8		%	4.4		%	4.7		%	0.2		%	4.5		%	4.8		%	(0.3)		%
Other operating expenses	7.2		%	7.5		%	7.8		%	6.9		%	6.8		%	0.4		%	7.4		%	6.9		%	0.5		%


Foreign currency effect on (3):
Net premiums	$	(6)		$	(41)		$	(53)		$	(68)		$	(46)		$	40		$	(47)		$	(62)		$	15
Adjusted operating income (loss) before income taxes	$	1		$	(1)		$	—		$	—		$	(2)		$	3		$	—		$	(3)		$	3

Critical illness net premiums	$	35		$	33		$	33		$	41		$	36		$	(1)		$	68		$	75		$	(7)

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	90	$	125	$	127	$	112	$	119	$	(29)	$	215	$	247	$	(32)
Net investment income	45		46		44		37		34		11		91		70		21
Investment related gains (losses), net	(9)		(6)		(11)		(9)		(22)		13		(15)		(6)		(9)
Other revenue	4		4		6		2		4		—		8		7		1
Total revenues	130		169		166		142		135		(5)		299		318		(19)

Benefits and expenses:
Claims and other policy benefits	68		104		106		97		107		(39)		172		225		(53)
Future policy benefits remeasurement (gains) losses	(5)		(9)		(12)		3		(4)		(1)		(14)		(12)		(2)
Interest credited	(2)		—		(2)		(5)		(8)		6		(2)		(17)		15
Policy acquisition costs and other insurance expenses	2		2		2		2		1		1		4		3		1
Other operating expenses	15		13		16		11		14		1		28		27		1
Total benefits and expenses	78		110		110		108		110		(32)		188		226		(38)

Income before income taxes	$	52	$	59	$	56	$	34	$	25	$	27	$	111	$	92	$	19

Foreign currency effect on (2):
Net premiums	$	(1)	$	(12)	$	(17)	$	(20)	$	(14)	$	13	$	(13)	$	(19)	$	6
Income before income taxes	$	—	$	(6)	$	(4)	$	(7)	$	(4)	$	4	$	(6)	$	(6)	$	—

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	90	$	125	$	127	$	112	$	119	$	(29)	$	215	$	247	$	(32)
Net investment income	48		49		48		46		48		—		97		99		(2)
Investment related gains (losses), net	4		1		4		5		5		(1)		5		9		(4)
Other revenue	4		4		6		2		4		—		8		7		1
Total revenues	146		179		185		165		176		(30)		325		362		(37)

Benefits and expenses:
Claims and other policy benefits	68		104		106		97		107		(39)		172		225		(53)
Future policy benefits remeasurement (gains) losses	(5)		(9)		(12)		3		(4)		(1)		(14)		(12)		(2)

Policy acquisition costs and other insurance expenses	2		2		2		2		1		1		4		3		1
Other operating expenses	15		13		16		11		14		1		28		27		1
Total benefits and expenses	80		110		112		113		118		(38)		190		243		(53)

Adjusted operating income before notable items and income taxes	66		69		73		52		58		8		135		119		16
Notable items (2)	—		—		(14)		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	66	$	69	$	59	$	52	$	58	$	8	$	135	$	119	$	16

Foreign currency effect on (3):
Net premiums	$	(1)	$	(12)	$	(17)	$	(20)	$	(14)	$	13	$	(13)	$	(19)	$	6
Adjusted operating income before income taxes	$	—	$	(7)	$	(6)	$	(11)	$	(8)	$	8	$	(7)	$	(10)	$	3

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2023			2023			2022			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	677		$	662		$	700		$	660		$	640		$	37		$	1,339		$	1,290		$	49
Net investment income	62			61			55			51			46			16			123			93			30
Investment related gains (losses), net	2			3			3			4			5			(3)			5			5			—
Other revenue	11			3			—			5			10			1			14			16			(2)
Total revenues	752			729			758			720			701			51			1,481			1,404			77

Benefits and expenses:
Claims and other policy benefits	579			563			548			627			523			56			1,142			1,017			125
Future policy benefits remeasurement (gains) losses	(14)			(9)			9			68			25			(39)			(23)			23			(46)
Policy acquisition costs and other insurance expenses	44			46			44			47			45			(1)			90			99			(9)
Other operating expenses	54			50			57			51			49			5			104			98			6
Total benefits and expenses	663			650			658			793			642			21			1,313			1,237			76

Income (loss) before income taxes	$	89		$	79		$	100		$	(73)		$	59		$	30		$	168		$	167		$	1

Loss and expense ratios:
Loss ratio (1)	83.5		%	83.7		%	79.6		%	105.3		%	85.6		%	(2.1)		%	83.6		%	80.6		%	3.0		%
Policy acquisition costs and other insurance expenses	6.5		%	6.9		%	6.3		%	7.1		%	7.0		%	(0.5)		%	6.7		%	7.7		%	(1.0)		%
Other operating expenses	8.0		%	7.6		%	8.1		%	7.7		%	7.7		%	0.3		%	7.8		%	7.6		%	0.2		%

Foreign currency effect on (2):
Net premiums	$	(21)		$	(33)		$	(61)		$	(50)		$	(38)		$	17		$	(54)		$	(61)		$	7
Income (loss) before income taxes	$	(2)		$	(3)		$	(6)		$	6		$	(3)		$	1		$	(5)		$	(1)		$	(4)

Critical illness net premiums	$	341		$	299		$	324		$	296		$	301		$	40		$	640		$	596		$	44

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.


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2023			2023			2022			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	677		$	662		$	700		$	660		$	640		$	37		$	1,339		$	1,290		$	49
Net investment income	62			61			55			51			46			16			123			93			30
Investment related gains (losses), net	2			3			3			4			5			(3)			5			5			—
Other revenue	11			3			—			5			10			1			14			16			(2)
Total revenues	752			729			758			720			701			51			1,481			1,404			77

Benefits and expenses:
Claims and other policy benefits	579			563			548			627			523			56			1,142			1,017			125
Future policy benefits remeasurement (gains) losses	(14)			(9)			9			68			25			(39)			(23)			23			(46)
Policy acquisition costs and other insurance expenses	44			46			44			47			45			(1)			90			99			(9)
Other operating expenses	54			50			57			51			49			5			104			98			6
Total benefits and expenses	663			650			658			793			642			21			1,313			1,237			76

Adjusted operating income before notable items and income taxes	89			79			100			(73)			59			30			168			167			1
Notable items (1)	—			—			(42)			140			(23)			23			—			(23)			23
Adjusted operating income excluding notable items, before income taxes	$	89		$	79		$	58		$	67		$	36		$	53		$	168		$	144		$	24

Loss and expense ratios:
Loss ratio (2)	83.5		%	83.7		%	79.6		%	105.3		%	85.6		%	(2.1)		%	83.6		%	80.6		%	3.0		%
Policy acquisition costs and other insurance expenses	6.5		%	6.9		%	6.3		%	7.1		%	7.0		%	(0.5)		%	6.7		%	7.7		%	(1.0)		%
Other operating expenses	8.0		%	7.6		%	8.1		%	7.7		%	7.7		%	0.3		%	7.8		%	7.6		%	0.2		%

Foreign currency effect on (3):
Net premiums	$	(21)		$	(33)		$	(61)		$	(50)		$	(38)		$	17		$	(54)		$	(61)		$	7
Adjusted operating income (loss) before income taxes	$	(3)		$	(2)		$	(6)		$	6		$	(3)		$	—		$	(5)		$	(1)		$	(4)

Critical illness net premiums	$	341		$	299		$	324		$	296		$	301		$	40		$	640		$	596		$	44

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.


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	44	$	64	$	64	$	69	$	60	$	(16)	$	108	$	103	$	5
Net investment income	125		108		94		77		55		70		233		99		134
Investment related gains (losses), net	(51)		(51)		83		(94)		(113)		62		(102)		(194)		92
Other revenue	18		10		—		119		41		(23)		28		55		(27)
Total revenues	136		131		241		171		43		93		267		63		204

Benefits and expenses:
Claims and other policy benefits	44		69		68		60		56		(12)		113		95		18
Future policy benefits remeasurement (gains) losses	—		(1)		7		—		—		—		(1)		—		(1)
Interest credited	46		54		39		38		22		24		100		42		58
Policy acquisition costs and other insurance expenses	19		16		12		21		15		4		35		27		8
Other operating expenses	7		6		6		5		4		3		13		9		4
Total benefits and expenses	116		144		132		124		97		19		260		173		87

Income (loss) before income taxes	$	20	$	(13)	$	109	$	47	$	(54)	$	74	$	7	$	(110)	$	117

Foreign currency effect on (2):
Net premiums	$	(2)	$	(7)	$	(9)	$	(10)	$	(8)	$	6	$	(9)	$	(11)	$	2
Income (loss) before income taxes	$	—	$	—	$	(17)	$	11	$	15	$	(15)	$	—	$	20	$	(20)

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	44	$	64	$	64	$	69	$	60	$	(16)	$	108	$	103	$	5
Net investment income	125		108		94		77		55		70		233		99		134
Investment related gains, net	4		4		5		3		5		(1)		8		9		(1)
Other revenue	5		8		7		37		17		(12)		13		23		(10)
Total revenues	178		184		170		186		137		41		362		234		128

Benefits and expenses:
Claims and other policy benefits	44		69		68		60		56		(12)		113		95		18
Future policy benefits remeasurement (gains) losses	—		(1)		7		—		—		—		(1)		—		(1)
Interest credited	46		54		39		38		22		24		100		42		58
Policy acquisition costs and other insurance expenses	19		16		12		21		15		4		35		27		8
Other operating expenses	7		6		6		5		4		3		13		9		4
Total benefits and expenses	116		144		132		124		97		19		260		173		87

Adjusted operating income before notable items and income taxes	62		40		38		62		40		22		102		61		41
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	62	$	40	$	38	$	62	$	40	$	22	$	102	$	61	$	41

Foreign currency effect on (3):
Net premiums	$	(2)	$	(7)	$	(9)	$	(10)	$	(8)	$	6	$	(9)	$	(11)	$	2
Adjusted operating income before income taxes	$	(2)	$	(3)	$	(3)	$	(6)	$	(3)	$	1	$	(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) 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.


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	$	82	$	82	$	35	$	53	$	104	$	(22)	$	164	$	163	$	1
Investment related gains (losses), net	—		(44)		36		(24)		(43)		43		(44)		(40)		(4)
Other revenue	(4)		11		19		(1)		(12)		8		7		(11)		18
Total revenues	78		49		90		28		49		29		127		112		15

Benefits and expenses:
Interest credited	14		14		12		8		6		8		28		12		16
Policy acquisition costs and other insurance income	(20)		(20)		(21)		(21)		(23)		3		(40)		(45)		5
Other operating expenses	92		77		96		84		76		16		169		139		30
Interest expense	63		53		55		49		44		19		116		87		29

Total benefits and expenses	149		124		142		120		103		46		273		193		80

Loss before income taxes	$	(71)	$	(75)	$	(52)	$	(92)	$	(54)	$	(17)	$	(146)	$	(81)	$	(65)

Foreign currency effect on (1):
Loss before income taxes	$	(1)	$	—	$	(7)	$	3	$	1	$	(2)	$	(1)	$	1	$	(2)

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	$	82	$	82	$	35	$	53	$	104	$	(22)	$	164	$	163	$	1
Investment related gains, net	3		4		2		2		1		2		7		4		3
Other revenue	6		13		13		10		1		5		19		11		8
Total revenues	91		99		50		65		106		(15)		190		178		12

Benefits and expenses:
Interest credited	14		14		12		8		6		8		28		12		16
Policy acquisition costs and other insurance income	(20)		(20)		(21)		(21)		(23)		3		(40)		(45)		5
Other operating expenses	89		77		96		84		76		13		166		139		27
Interest expense	63		53		55		49		44		19		116		87		29

Total benefits and expenses	146		124		142		120		103		43		270		193		77

Adjusted operating income before notable items and income taxes	(55)		(25)		(92)		(55)		3		(58)		(80)		(15)		(65)
Notable items (1)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	(55)	$	(25)	$	(92)	$	(55)	$	3	$	(58)	$	(80)	$	(15)	$	(65)

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

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) 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.


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
U.S. and Latin America:
Traditional	$	62	$	121	$	114	$	(69)	$	90	$	(28)	$	183	$	150	$	33
Financial Solutions:
Asset Intensive	47		93		(32)		30		(29)		76		140		3		137
Capital Solutions	21		21		24		23		72		(51)		42		97		(55)
Total U.S. and Latin America	130		235		106		(16)		133		(3)		365		250		115
Canada:
Traditional	35		29		50		12		27		8		64		42		22
Financial Solutions	6		10		9		6		7		(1)		16		16		—
Total Canada	41		39		59		18		34		7		80		58		22
Europe, Middle East and Africa:
Traditional	4		27		3		5		4		—		31		38		(7)
Financial Solutions	52		59		56		34		25		27		111		92		19
Total Europe, Middle East and Africa	56		86		59		39		29		27		142		130		12
Asia Pacific:
Traditional	89		79		100		(73)		59		30		168		167		1
Financial Solutions	20		(13)		109		47		(54)		74		7		(110)		117
Total Asia Pacific	109		66		209		(26)		5		104		175		57		118
Corporate and Other	(71)		(75)		(52)		(92)		(54)		(17)		(146)		(81)		(65)
Consolidated income (loss) before income taxes	$	265	$	351	$	381	$	(77)	$	147	$	118	$	616	$	414	$	202

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
U.S. and Latin America:
Traditional	$	63	$	122	$	108	$	(77)	$	71	$	(8)	$	185	$	116	$	69
Financial Solutions:
Asset Intensive	88		84		77		83		68		20		172		144		28
Capital Solutions	21		21		24		23		72		(51)		42		97		(55)
Total U.S. and Latin America	172		227		209		29		211		(39)		399		357		42
Canada:
Traditional	32		29		47		12		34		(2)		61		49		12
Financial Solutions	6		10		9		6		7		(1)		16		16		—
Total Canada	38		39		56		18		41		(3)		77		65		12
Europe, Middle East and Africa:
Traditional	4		27		3		5		4		—		31		38		(7)
Financial Solutions	66		69		73		52		58		8		135		119		16
Total Europe, Middle East and Africa	70		96		76		57		62		8		166		157		9
Asia Pacific:
Traditional	89		79		100		(73)		59		30		168		167		1
Financial Solutions	62		40		38		62		40		22		102		61		41
Total Asia Pacific	151		119		138		(11)		99		52		270		228		42
Corporate and Other	(55)		(25)		(92)		(55)		3		(58)		(80)		(15)		(65)
Consolidated adjusted operating income (loss) before income taxes	376		456		387		38		416		(40)		832		792		40
Notable items (1)	—		—		(61)		326		(23)		23		—		(23)		23
Consolidated adjusted operating income (loss) excluding notable items before income taxes	$	376	$	456	$	326	$	364	$	393	$	(17)	$	832	$	769	$	63

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".


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Cash and Invested Assets

	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2023		2023		2022		2022		2022
Fixed maturity securities, available-for-sale (1)	$	56,236	$	56,085	$	52,901	$	50,495	$	53,294
Equity securities	136		138		134		137		127
Mortgage loans	7,038		6,833		6,590		6,558		6,544
Policy loans	1,202		1,221		1,231		1,202		1,218
Funds withheld at interest	5,862		5,976		6,003		6,177		6,393
Limited partnerships and real estate joint ventures	2,473		2,405		2,327		2,197		2,074
Short-term investments	224		246		154		225		272
Other invested assets	1,119		1,111		1,140		1,049		1,036
Cash and cash equivalents	2,598		3,294		2,927		3,512		2,556
Total cash and invested assets	$	76,888	$	77,309	$	73,407	$	71,552	$	73,514

(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		Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY		June 30,			June 30,
	2023			2023			2022			2022			2022			Quarter		2023			2022			Change
Average invested assets at amortized cost (1)	$	36,124		$	35,863		$	35,300		$	34,579		$	34,859		$	1,265	$	35,792		$	34,852		$	940
Net investment income (1)	$	393		$	415		$	386		$	374		$	397		$	(4)	$	808		$	854		$	(46)
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.42		%	4.71		%	4.45		%	4.40		%	4.63		%	(21) bps		4.56		%	4.96		%	(40) bps
Variable investment income ("VII") (included in net investment income) (1)	$	17		$	39		$	42		$	38		$	70		$	(53)	$	56		$	211		$	(155)
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)	4.43		%	4.45		%	4.14		%	4.12		%	3.96		%	47 bps		4.44		%	3.88		%	56 bps

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


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities

	June 30, 2023
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	40,751	$	62	$	252	$	4,763	$	36,178	64.3	%
Canadian government	3,395		—		404		47		3,752		6.7	%
Japanese government	3,315		—		10		279		3,046		5.4	%
ABS	4,510		12		15		348		4,165		7.4	%
CMBS	1,932		1		2		234		1,699		3.1	%
RMBS	1,145		—		3		111		1,037		1.8	%
U.S. government	1,573		—		1		208		1,366		2.4	%
State and political subdivisions	1,247		—		7		145		1,109		2.0	%
Other foreign government	4,317		—		34		467		3,884		6.9	%
Total fixed maturity securities	$	62,185	$	75	$	728	$	6,602	$	56,236	100.0	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Corporate Fixed Maturity Securities by Industry

	June 30, 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	$	6,481	$	5,846	16.2	%	A-	$	6,281	$	5,672	16.7	%	A-
Brokerage/asset managers/exchanges	1,275		1,106		3.1	%	A-	1,302		1,115		3.3	%	A-
Finance companies	403		347		1.0	%	BBB+	410		350		1.0	%	BBB
Insurance	4,479		3,925		10.8	%	A-	4,452		3,851		11.3	%	A-
REITs	1,333		1,151		3.1	%	BBB+	1,205		1,013		3.0	%	BBB+
Other finance	977		745		2.1	%	A-	901		679		2.0	%	A-
Total financial institutions	$	14,948	$	13,120	36.3	%		$	14,551	$	12,680	37.3	%
Industrials
Basic	$	1,955	$	1,750	4.8	%	BBB+	$	1,921	$	1,690	5.0	%	BBB
Capital goods	1,633		1,517		4.2	%	BBB	1,734		1,550		4.6	%	BBB
Communications	2,683		2,330		6.4	%	BBB	2,517		2,136		6.3	%	BBB
Consumer cyclical	2,186		1,963		5.4	%	BBB+	1,997		1,748		5.1	%	BBB+
Consumer noncyclical	4,829		4,333		12.0	%	BBB+	4,625		4,052		11.9	%	BBB+
Energy	2,117		1,902		5.3	%	A-	2,050		1,801		5.3	%	BBB+
Technology	1,840		1,714		4.7	%	BBB+	1,617		1,461		4.3	%	BBB+
Transportation	2,291		2,030		5.6	%	BBB+	2,160		1,859		5.5	%	BBB+
Other industrial	1,040		1,009		2.8	%	BBB	1,003		960		2.8	%	BBB
Total industrials	$	20,574	$	18,548	51.2	%		$	19,624	$	17,257	50.8	%
Utilities
Electric	$	4,065	$	3,526	9.7	%	A-	$	3,779	$	3,200	9.4	%	A-
Natural gas	742		633		1.7	%	A-	664		553		1.7	%	A-
Other utility	422		351		1.1	%	BBB+	345		279		0.8	%	BBB+
Total utilities	$	5,229	$	4,510	12.5	%		$	4,788	$	4,032	11.9	%
Total	$	40,751	$	36,178	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.


Ratings of Fixed Maturity Securities

		June 30, 2023						March 31, 2023						December 31, 2022						September 30, 2022						June 30, 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	$	38,928	$	35,512	63.1	%	$	38,291	$	35,308	63.0	%	$	36,217	$	32,295	61.1	%	$	33,881	$	30,062	59.6	%	$	33,989	$	31,782	59.6	%
2	BBB	19,840		17,517		31.2	%	19,832		17,658		31.5	%	20,188		17,580		33.2	%	19,931		16,924		33.5	%	19,851		18,011		33.8	%
3	BB	2,919		2,801		5.0	%	2,811		2,698		4.8	%	2,734		2,607		5.0	%	3,044		2,843		5.6	%	2,940		2,774		5.2	%
4	B	347		328		0.6	%	402		340		0.6	%	397		331		0.6	%	625		583		1.2	%	658		619		1.2	%
5	CCC	99		69		0.1	%	100		69		0.1	%	103		71		0.1	%	107		62		0.1	%	124		84		0.2	%
6	In or near default	52		9		—	%	58		12		—	%	24		17		—	%	42		21		—	%	46		24		—	%
	Total	$	62,185	$	56,236	100.0	%	$	61,494	$	56,085	100.0	%	$	59,663	$	52,901	100.0	%	$	57,630	$	50,495	100.0	%	$	57,608	$	53,294	100.0	%

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


Structured Fixed Maturity Securities

	June 30, 2023						March 31, 2023						December 31, 2022						September 30, 2022						June 30, 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")	$	1,936	$	1,857	26.9	%	$	1,880	$	1,775	26.1	%	$	1,825	$	1,702	26.4	%	$	1,788	$	1,650	26.0	%	$	1,714	$	1,622	25.1	%
ABS, excluding CLOs	2,574		2,308		33.5	%	2,590		2,328		34.2	%	2,499		2,176		33.8	%	2,377		2,073		32.6	%	2,377		2,160		33.4	%
Total ABS	4,510		4,165		60.4	%	4,470		4,103		60.3	%	4,324		3,878		60.2	%	4,165		3,723		58.6	%	4,091		3,782		58.5	%
CMBS	1,932		1,699		24.6	%	1,882		1,670		24.6	%	1,835		1,623		25.2	%	1,843		1,670		26.3	%	1,856		1,735		26.8	%
RMBS:
Agency	464		413		6.0	%	473		432		6.4	%	476		427		6.6	%	489		442		7.0	%	519		498		7.7	%
Non-agency	681		624		9.0	%	647		592		8.7	%	578		514		8.0	%	565		511		8.1	%	485		452		7.0	%
Total RMBS	1,145		1,037		15.0	%	1,120		1,024		15.1	%	1,054		941		14.6	%	1,054		953		15.1	%	1,004		950		14.7	%
Total	$	7,587	$	6,901	100.0	%	$	7,472	$	6,797	100.0	%	$	7,213	$	6,442	100.0	%	$	7,062	$	6,346	100.0	%	$	6,951	$	6,467	100.0	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of June 30, 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	$	9,095	$	496	$	19,800	$	4,161	$	28,895	$	4,657
Canadian government	436		17		168		30		604		47
Japanese government	245		2		2,154		277		2,399		279
ABS	503		17		3,069		316		3,572		333
CMBS	331		16		1,311		212		1,642		228
RMBS	385		17		532		94		917		111
U.S. government	749		14		596		194		1,345		208
State and political subdivisions	303		13		660		132		963		145
Other foreign government	988		42		1,900		362		2,888		404
Total investment grade securities	$	13,035	$	634	$	30,190	$	5,778	$	43,225	$	6,412

Below investment grade securities:
Corporate	$	481	$	21	$	660	$	83	$	1,141	$	104
ABS	16		1		53		13		69		14
Other foreign government	—		—		183		63		183		63
Total below investment grade securities	$	497	$	22	$	896	$	159	$	1,393	$	181
Total fixed maturity securities	$	13,532	$	656	$	31,086	$	5,937	$	44,618	$	6,593

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


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of December 31, 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.


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Consolidated Investment Related Gains and Losses

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	$	4	$	(42)	$	15	$	3	$	(13)	$	17	$	(38)	$	(24)	$	(14)
Impairments on fixed maturities	—		(1)		(2)		(12)		(2)		2		(1)		(3)		2
Realized gains on investment activity	11		31		127		20		34		(23)		42		45		(3)
Realized losses on investment activity	(37)		(75)		(160)		(106)		(94)		57		(112)		(130)		18
Net gains (losses) on fixed maturity securities available-for-sale	(22)		(87)		(20)		(95)		(75)		53		(109)		(112)		3

Net gains (losses) on equity securities	(4)		2		(5)		7		(15)		11		(2)		(23)		21
Change in mortgage loan allowance for credit losses	(9)		3		(8)		(5)		(1)		(8)		(6)		(3)		(3)
Change in fair value of certain limited partnership investments	10		(3)		9		—		10		—		7		29		(22)
Other, net	15		2		—		7		11		4		17		19		(2)

Free-standing derivatives (1):
Interest rate swaps	(30)		20		(2)		(33)		(44)		14		(10)		(96)		86
Interest rate options	(3)		(23)		(9)		18		(6)		3		(26)		(6)		(20)
Total return swaps	5		3		22		(1)		—		5		8		—		8
Interest rate futures	2		—		1		2		1		1		2		3		(1)
Equity futures	(10)		(9)		(11)		5		23		(33)		(19)		28		(47)
Foreign currency swaps	12		—		(6)		9		11		1		12		18		(6)
Foreign currency swaps - hedged	—		(1)		1		1		—		—		(1)		4		(5)
Foreign currency forwards	(74)		(19)		61		(55)		(76)		2		(93)		(99)		6
CPI swaps	6		1		6		7		(11)		17		7		18		(11)
Credit default swaps	10		11		37		(12)		(33)		43		21		(91)		112
Equity options	(11)		(14)		(15)		8		21		(32)		(25)		21		(46)
Total free-standing derivatives	(93)		(31)		85		(51)		(114)		21		(124)		(200)		76

Embedded derivatives	(20)		37		(67)		(17)		(56)		36		17		(89)		106

Net gains (losses) on total derivatives	(113)		6		18		(68)		(170)		57		(107)		(289)		182

Total investment related gains (losses), net	$	(123)	$	(77)	$	(6)	$	(154)	$	(240)	$	117	$	(200)	$	(379)	$	179

(1) Free-standing derivatives are non-hedged unless specified.


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
U.S. & Latin America Traditional
Income (loss) before income taxes	$	62	$	121	$	114	$	(69)	$	90	$	(28)	$	183	$	150	$	33
Investment and derivative losses (1)	—		—		1		(1)		—		—		—		—		—
Change in fair value of funds withheld embedded derivatives (1)	1		1		(7)		(7)		(19)		20		2		(34)		36
Adjusted operating income (loss) before notable items and income taxes	63		122		108		(77)		71		(8)		185		116		69
Notable items (2)	—		—		—		170		—		—		—		—		Q
Adjusted operating income (loss) excluding notable items, before income taxes	$	63	$	122	$	108	$	93	$	71	$	(8)	$	185	$	116	$	69

U.S. & Latin America Asset-Intensive
Income (loss) before income taxes	$	47	$	93	$	(32)	$	30	$	(29)	$	76	$	140	$	3	$	137
Market risk benefits remeasurement (gains) losses	(31)		14		(19)		23		40		(71)		(17)		6		(23)
Investment and derivative (gains) losses (1)	49		18		54		17		5		44		67		50		17
Change in fair value of funds withheld embedded derivatives (1)	19		(38)		74		24		75		(56)		(19)		123		(142)
Funds withheld (gains) losses - investment income	1		(4)		(1)		(1)		4		(3)		(3)		6		(9)
EIA embedded derivatives - interest credited	3		(7)		1		(10)		(27)		30		(4)		(44)		40
Other	—		8		—		—		—		—		8		—		8
Adjusted operating income (loss) before notable items and income taxes	88		84		77		83		68		20		172		144		28
Notable items (2)	—		—		—		(3)		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	88	$	84	$	77	$	80	$	68	$	20	$	172	$	144	$	28

U.S. & Latin America Capital Solutions
Income before income taxes	$	21	$	21	$	24	$	23	$	72	$	(51)	$	42	$	97	$	(55)
Adjusted operating income (loss) before notable items and income taxes	21		21		24		23		72		(51)		42		97		(55)
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	21	$	21	$	24	$	23	$	72	$	(51)	$	42	$	97	$	(25)

(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".


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
Canada Traditional
Income before income taxes	$	35	$	29	$	50	$	12	$	27	$	8	$	64	$	42	$	22
Investment and derivative (gains) losses (1)	(3)		(1)		(4)		(1)		7		(10)		(4)		7		(11)
Investment income - non-operating FWAI	—		1		1		1		—		—		1		—		1
Adjusted operating income (loss) before notable items and income taxes	32		29		47		12		34		(2)		61		49		12
Notable items (2)	—		—		(5)		6		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	32	$	29	$	42	$	18	$	34	$	(2)	$	61	$	49	$	12

Canada Financial Solutions
Income before income taxes	$	6	$	10	$	9	$	6	$	7	$	(1)	$	16	$	16	$	—
Adjusted operating income (loss) before notable items and income taxes	6		10		9		6		7		(1)		16		16		—
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	6	$	10	$	9	$	6	$	7	$	(1)	$	16	$	16	$	—

Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	4	$	27	$	3	$	5	$	4	$	—	$	31	$	38	$	(7)
Adjusted operating income (loss) before notable items and income taxes	4		27		3		5		4		—		31		38		(7)
Notable items (2)	—		—		—		13		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	4	$	27	$	3	$	18	$	4	$	—	$	31	$	38	$	(7)

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	52	$	59	$	56	$	34	$	25	$	27	$	111	$	92	$	19
Investment and derivative (gains) losses (1)	13		7		15		14		27		(14)		20		15		5
Investment income - non-operating FWAI	1		3		2		4		6		(5)		4		12		(8)
Investment (income) loss on unit-linked variable annuities	2		—		2		5		8		(6)		2		17		(15)
Interest credited on unit-linked variable annuities	(2)		—		(2)		(5)		(8)		6		(2)		(17)		15
Adjusted operating income (loss) before notable items and income taxes	66		69		73		52		58		8		135		119		16
Notable items (2)	—		—		(14)		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	66	$	69	$	59	$	52	$	58	$	8	$	135	$	119	$	16

(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2023		2023		2022		2022		2022		Quarter		2023		2022		Change
Asia Pacific Traditional
Income (loss) before income taxes	$	89	$	79	$	100	$	(73)	$	59	$	30	$	168	$	167	$	1
Adjusted operating income (loss) before notable items and income taxes	89		79		100		(73)		59		30		168		167		1
Notable items (2)	—		—		(42)		140		(23)		23		—		(23)		23
Adjusted operating income (loss) excluding notable items, before income taxes	$	89	$	79	$	58	$	67	$	36	$	53	$	168	$	144	$	24

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	20	$	(13)	$	109	$	47	$	(54)	$	74	$	7	$	(110)	$	117
Investment and derivative (gains) losses (1)	55		55		(78)		97		118		(63)		110		203		(93)
Other	(13)		(2)		7		(82)		(24)		11		(15)		(32)		17
Adjusted operating income (loss) before notable items and income taxes	62		40		38		62		40		22		102		61		41
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	62	$	40	$	38	$	62	$	40	$	22	$	102	$	61	$	41

Corporate and Other
Income (loss) before income taxes	$	(71)	$	(75)	$	(52)	$	(92)	$	(54)	$	(17)	$	(146)	$	(81)	$	(65)
Investment and derivative (gains) losses (1)	3		48		(34)		26		44		(41)		51		44		7
Interest expense on uncertain tax positions	—		—		—		—		—		—		—		—		—
Other	13		2		(6)		11		13		—		15		22		(7)
Adjusted operating income (loss) before notable items and income taxes	(55)		(25)		(92)		(55)		3		(58)		(80)		(15)		(65)
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	(55)	$	(25)	$	(92)	$	(55)	$	3	$	(58)	$	(80)	$	(15)	$	(65)

(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".


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

	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2023		2023		2022		2022		2022

RGA, Inc. shareholders’ equity	$	7,805	$	7,626	$	7,081	$	6,755	$	7,389
Less effect of AOCI:
Accumulated currency translation adjustments	26		(94)		(116)		(147)		3
Unrealized appreciation of securities	(4,879)		(4,393)		(5,496)		(5,788)		(3,549)
Effect of updating discount rates on future policy benefits	3,460		3,034		3,755		3,989		2,122
Change in instrument-specific credit risk for market risk benefits	13		14		13		19		(9)
Pension and postretirement benefits	(18)		(22)		(27)		(51)		(51)
RGA, Inc. shareholders’ equity, excluding AOCI	9,203		9,087		8,952		8,733		8,873
Year-to-date notable items, net of tax (1)	—		—		184		230		(17)
RGA, Inc. shareholders’ equity, excluding AOCI and notable items	$	9,203	$	9,087	$	9,136	$	8,963	$	8,856

(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

	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2023		2023		2022		2022		2022

Book value per share	$	117.87	$	114.60	$	106.19	$	101.08	$	110.27
Less effect of AOCI:
Accumulated currency translation adjustment	0.38		(1.41)		(1.73)		(2.20)		0.04
Unrealized (depreciation) appreciation of securities	(73.69)		(66.02)		(82.44)		(86.61)		(52.96)
Effect of updating discount rates on future policy benefits	52.26		45.59		56.32		59.69		31.66
Change in instrument-specific credit risk for market risk benefits	0.20		0.22		0.19		0.29		(0.14)
Pension and postretirement benefits	(0.27)		(0.34)		(0.41)		(0.77)		(0.75)
Book value per share, excluding AOCI	$	138.99	$	136.56	$	134.26	$	130.68	$	132.42