Exhibit 99.2

Quarterly Financial Supplement

Third 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+

RGA Life and Annuity Insurance Company

AA-

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

3rd Quarter 2023

Table of Contents

			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

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 Financial Measures

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.

The following non-GAAP financial measures are used in this document and other documents published by the Company from time to time:

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.

3.Adjusted operating revenue. This measure excludes the effects of net realized capital gains and losses, and changes in the fair value of certain embedded derivatives.

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.

Page 1

5.Adjusted operating return on equity. This measure is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target levels and awards under the Company’s management incentive programs. The Company also discloses 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 notable items and AOCI.

Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix at the end of this document.

Page 2

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)						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Net premiums						$	4,255					$	3,337					$	3,385					$	3,446					$	3,247					$	1,008											$	10,977					$	9,632					$	1,345
Net income (loss) available to RGA's shareholders						287						205						252						291						(76)						363												744						226						518
Adjusted operating income						372						297						349						312						16						356												1,018						615						403
Adjusted operating income excluding notable items (1)						372						297						349						266						263						109												1,018						845						173
Return on equity						13.9		%				9.2		%				7.8		%				6.8		%				8.3		%				5.6		%
Adjusted operating return on equity (ex AOCI)						14.7		%				10.9		%				11.2		%				10.5		%				9.2		%				5.5		%
Adjusted operating return on equity (ex AOCI and notable items (1))						14.0		%				13.0		%				13.1		%				12.5		%				11.7		%				2.3		%
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income (loss)						$	4.34					$	3.09					$	3.77					$	4.36					$	(1.13)					$	5.47											$	11.19					$	3.38					$	7.81
Adjusted operating income (loss)						$	5.64					$	4.46					$	5.22					$	4.67					$	0.24					$	5.40											$	15.32					$	9.18					$	6.14
Adjusted operating income (loss) excluding notable items (1)						$	5.64					$	4.46					$	5.22					$	3.97					$	3.95					$	1.69											$	15.32					$	12.62					$	2.70
Diluted earnings per share (2)
Net income (loss)						$	4.29					$	3.05					$	3.72					$	4.30					$	(1.13)					$	5.42											$	11.06					$	3.35					$	7.71
Adjusted operating income (loss)						$	5.57					$	4.40					$	5.16					$	4.60					$	0.24					$	5.33											$	15.14					$	9.10					$	6.04
Adjusted operating income (loss) excluding notable items (1)						$	5.57					$	4.40					$	5.16					$	3.91					$	3.92					$	1.65											$	15.14					$	12.51					$	2.63
Wgt. average common shares outstanding
Basic						66,127						66,518						66,779						66,748						66,936						(809)												66,473						67,012						(539)
Diluted						66,914						67,420						67,615						67,793						67,663						(749)												67,252						67,607						(355)
Book value per share						$	122.40					$	117.87					$	114.60					$	106.19					$	101.08					$	21.32											$	122.40					$	101.08					$	21.32
Book value per share, excluding AOCI						$	142.63					$	138.99					$	136.56					$	134.26					$	130.68					$	11.95											$	142.63					$	130.68					$	11.95
Shareholders’ dividends paid						$	56					$	54					$	53					$	53					$	54					$	2											$	163					$	152					$	11
Share buybacks						$	50					$	50					$	50					$	25					$	25					$	25											$	150					$	50					$	100
Total returned to shareholders						$	106					$	104					$	103					$	78					$	79					$	27											$	313					$	202					$	111
Common shares issued						85,311						85,311						85,311						85,311						85,311						—												85,311						85,311						—
Treasury shares						19,439						19,099						18,771						18,635						18,484						955												19,439						18,484						955
Common shares outstanding						65,872						66,212						66,540						66,676						66,827						(955)												65,872						66,827						(955)
Assumed life reinsurance in force (in billions)						$	3,499.4					$	3,479.5					$	3,426.7					$	3,400.7					$	3,272.6					$	226.8
Assumed new business production (in billions)						$	96.7					$	88.2					$	80.6					$	92.5					$	100.7					$	(4.0)											$	265.5					$	316.4					$	(50.9)
(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.

Page 3

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	4,255					$	3,337					$	3,385					$	3,446					$	3,247					$	1,008											$	10,977					$	9,632					$	1,345
Net investment income						922						857						856						828						769						153												2,635						2,333						302
Investment related gains (losses), net						(126)						(123)						(77)						(6)						(154)						28												(326)						(533)						207
Other revenue						102						85						87						89						188						(86)												274						438						(164)
Total revenues						5,153						4,156						4,251						4,357						4,050						1,103												13,560						11,870						1,690
Benefits and expenses:
Claims and other policy benefits						3,959						3,013						3,063						3,125						3,048						911												10,035						8,857						1,178
Future policy benefits remeasurement (gains) losses						(82)						13						(26)						(11)						226						(308)												(95)						302						(397)
Market risk benefits remeasurement (gains) losses						(21)						(31)						14						(19)						23						(44)												(38)						29						(67)
Interest credited						223						209						215						214						189						34												647						468						179
Policy acquisition costs and other insurance expenses						348						349						331						323						341						7												1,028						1,021						7
Other operating expenses						274						275						250						289						251						23												799						720						79
Interest expense						72						63						53						55						49						23												188						136						52
Total benefits and expenses						4,773						3,891						3,900						3,976						4,127						646												12,564						11,533						1,031
Income (loss) before income taxes						380						265						351						381						(77)						457												996						337						659
Provision for income taxes						91						58						98						88						(2)						93												247						109						138
Net income (loss)						289						207						253						293						(75)						364												749						228						521
Net income attributable to noncontrolling interest						2						2						1						2						1						1												5						2						3
Net income (loss) available to RGA's shareholders						$	287					$	205					$	252					$	291					$	(76)					$	363											$	744					$	226					$	518
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes						$	380					$	265					$	351					$	381					$	(77)					$	457											$	996					$	337					$	659
Investment and derivative (gains) losses (1)						134						117						127						(46)						152						(18)												378						471						(93)
Market risk benefits remeasurement (gains) losses						(21)						(31)						14						(19)						23						(44)												(38)						29						(67)
Change in fair value of funds withheld embedded derivatives (1)						(1)						20						(37)						67						17						(18)												(18)						106						(124)
Funds withheld (gains) losses - investment income						(4)						2						—						2						4						(8)												(2)						22						(24)
EIA embedded derivatives - interest credited						(7)						3						(7)						1						(10)						3												(11)						(54)						43
Investment (income) loss on unit-linked variable annuities						2						2						—						2						5						(3)												4						22						(18)
Interest credited on unit-linked variable annuities						(2)						(2)						—						(2)						(5)						3												(4)						(22)						18
Interest expense on uncertain tax positions						1						—						—						—						—						1												1						—						1
Other						(1)						—						8						1						(71)						70												7						(81)						88
Adjusted operating income before income taxes						481						376						456						387						38						443												1,313						830						483
Notable items (2)						(3)						—						—						(61)						326						(329)												(3)						303						(306)
Adjusted operating income before income taxes excluding notable items						$	478					$	376					$	456					$	326					$	364					$	114											$	1,310					$	1,133					$	177
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

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Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
After-tax adjusted operating income reconciliation:
GAAP net income (loss) attributable to RGA						$	287					$	205					$	252					$	291					$	(76)					$	363											$	744					$	226					$	518
Investment and derivative (gains) losses (1)						104						88						102						(14)						120						(16)												294						366						(72)
Market risk benefits remeasurement (gains) losses						(17)						(24)						11						(15)						18						(35)												(30)						23						(53)
Change in fair value of funds withheld embedded derivatives (1)						(1)						16						(29)						53						14						(15)												(14)						84						(98)
Funds withheld (gains) losses - investment income						(4)						2						—						2						3						(7)												(2)						17						(19)
EIA embedded derivatives - interest credited						(6)						3						(6)						1						(8)						2												(9)						(43)						34
Investment (income) loss on unit-linked variable annuities						1						2						—						2						4						(3)												3						17						(14)
Interest credited on unit-linked variable annuities						(1)						(2)						—						(2)						(4)						3												(3)						(17)						14
Interest expense on uncertain tax positions						1						—						—						—						—						1												1						—						1
Other						—						—						6						1						(56)						56												6						(64)						70
Uncertain tax positions and other tax related items						6						5						12						(9)						—						6												23						4						19
Net income attributable to noncontrolling interest						2						2						1						2						1						1												5						2						3
Adjusted operating income						372						297						349						312						16						356												1,018						615						403
Notable items (2)						—						—						—						(46)						247						(247)												—						230						(230)
Adjusted operating income excluding notable items						$	372					$	297					$	349					$	266					$	263					$	109											$	1,018					$	845					$	173
Diluted earnings per share - adjusted operating income (loss) (3)						$	5.57					$	4.40					$	5.16					$	4.60					$	0.24					$	5.33											$	15.14					$	9.10					$	6.04
Diluted earnings per share - adjusted operating income (loss) excluding notable items (3)						$	5.57					$	4.40					$	5.16					$	3.91					$	3.92					$	1.65											$	15.14					$	12.51					$	2.63
Foreign currency effect on (4):
Net premiums						$	13					$	(45)					$	(112)					$	(164)					$	(160)					$	173											$	(144)					$	(326)					$	182
Adjusted operating income (loss) before income taxes						$	1					$	(6)					$	(16)					$	(18)					$	(11)					$	12											$	(21)					$	(30)					$	9
(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 5

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,
						2023						2023						2023						2022						2022
Assets
Fixed maturity securities available-for-sale, at fair value						$	54,171					$	56,236					$	56,085					$	52,901					$	50,495
Equity securities, at fair value						133						136						138						134						137
Mortgage loans						7,231						7,038						6,833						6,590						6,558
Policy loans						1,180						1,202						1,221						1,231						1,202
Funds withheld at interest						5,725						5,862						5,976						6,003						6,177
Limited partnerships and real estate joint ventures						2,560						2,473						2,405						2,327						2,197
Short-term investments						141						224						246						154						225
Other invested assets						1,091						1,119						1,111						1,140						1,049
Total investments						72,232						74,290						74,015						70,480						68,040
Cash and cash equivalents						2,820						2,598						3,294						2,927						3,512
Accrued investment income						744						702						672						630						628
Premiums receivable and other reinsurance balances						3,279						3,321						3,114						3,013						2,820
Reinsurance ceded receivables and other						2,818						2,664						2,723						2,671						2,650
Deferred policy acquisition costs						4,289						4,286						4,257						4,128						4,004
Other assets						1,240						1,179						1,045						1,055						1,165
Total assets						$	87,422					$	89,040					$	89,120					$	84,904					$	82,819
Liabilities and equity
Future policy benefits						$	36,474					$	38,239					$	38,222					$	35,689					$	33,724
Interest-sensitive contract liabilities						29,365						29,910						30,405						30,342						30,043
Market risk benefits, at fair value						224						235						261						247						259
Other policy claims and benefits						2,654						2,579						2,558						2,480						2,366
Other reinsurance balances						750						858						851						725						889
Deferred income taxes						1,601						1,424						1,446						1,383						1,350
Other liabilities						3,751						3,050						3,206						2,906						3,136
Long-term debt						4,450						4,850						4,455						3,961						4,207
Total liabilities						79,269						81,145						81,404						77,733						75,974
Equity:
Common stock, at par value						1						1						1						1						1
Additional paid-in-capital						2,534						2,522						2,506						2,502						2,493
Retained earnings						8,713						8,483						8,336						8,169						7,936
Treasury stock						(1,852)						(1,803)						(1,756)						(1,720)						(1,697)
Accumulated other comprehensive income (loss), net of taxes (AOCI):
Accumulated currency translation adjustment						(33)						26						(94)						(116)						(147)
Unrealized (depreciation) appreciation of securities						(6,659)						(4,879)						(4,393)						(5,496)						(5,788)
Effect of updating discount rates on future policy benefits						5,366						3,460						3,034						3,755						3,989
Change in instrument-specific credit risk for market risk benefits						7						13						14						13						19
Pension and postretirement benefits						(14)						(18)						(22)						(27)						(51)
Total RGA, Inc. shareholders’ equity						8,063						7,805						7,626						7,081						6,755
Noncontrolling interest						90						90						90						90						90
Total equity						8,153						7,895						7,716						7,171						6,845
Total liabilities and equity						$	87,422					$	89,040					$	89,120					$	84,904					$	82,819
Total RGA, Inc. shareholders’ equity, excluding AOCI						$	9,396					$	9,203					$	9,087					$	8,952					$	8,733
See appendix for reconciliation of total shareholders' equity before and after impact of AOCI.

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Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	1,746					$	1,750					$	1,615					$	1,778					$	1,640					$	106											$	5,111					$	4,812					$	299
Net investment income						195						180						193						224						201						(6)												568						676						(108)
Investment related gains (losses), net						2						(1)						(1)						6						8						(6)												—						42						(42)
Other revenue						6						3						5						5						6						—												14						22						(8)
Total revenues						1,949						1,932						1,812						2,013						1,855						94												5,693						5,552						141
Benefits and expenses:
Claims and other policy benefits						1,611						1,592						1,447						1,642						1,520						91												4,650						4,491						159
Future policy benefits remeasurement (gains) losses						(20)						24						7						10						160						(180)												11						252						(241)
Interest credited						19						18						18						17						18						1												55						52						3
Policy acquisition costs and other insurance expenses						184						187						175						178						182						2												546						544						2
Other operating expenses						50						49						44						52						44						6												143						132						11
Total benefits and expenses						1,844						1,870						1,691						1,899						1,924						(80)												5,405						5,471						(66)
Income (loss) before income taxes						$	105					$	62					$	121					$	114					$	(69)					$	174											$	288					$	81					$	207
Loss and expense ratios:
Loss ratio (1)						91.1		%				92.3		%				90.0		%				92.9		%				102.4		%				(11.3)		%										91.2		%				98.6		%				(7.4)		%
Policy acquisition costs and other insurance expenses						10.5		%				10.7		%				10.8		%				10.0		%				11.1		%				(0.6)		%										10.7		%				11.3		%				(0.6)		%
Other operating expenses						2.9		%				2.8		%				2.7		%				2.9		%				2.7		%				0.2		%										2.8		%				2.7		%				0.1		%
Foreign currency effect on (2):
Net premiums						$	5					$	3					$	2					$	1					$	—					$	5											$	10					$	1					$	9
Income (loss) before income taxes						$	—					$	—					$	—					$	—					$	—					$	—											$	—					$	—					$	—
Assumed life reinsurance in force (in billions)						$	1,693.1					$	1,685.3					$	1,676.8					$	1,672.2					$	1,662.7					$	30.4
Assumed new business production (in billions)						$	36.7					$	35.6					$	34.1					$	36.4					$	37.3					$	(0.6)											$	106.4					$	109.5					$	(3.1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

Page 7

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
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	1,746					$	1,750					$	1,615					$	1,778					$	1,640					$	106											$	5,111					$	4,812					$	299
Net investment income						195						180						193						224						201						(6)												568						676						(108)
Other revenue						6						3						5						5						6						—												14						22						(8)
Total revenues						1,947						1,933						1,813						2,007						1,847						100												5,693						5,510						183
Benefits and expenses:
Claims and other policy benefits						1,611						1,592						1,447						1,642						1,520						91												4,650						4,491						159
Future policy benefits remeasurement (gains) losses						(20)						24						7						10						160						(180)												11						252						(241)
Interest credited						19						18						18						17						18						1												55						52						3
Policy acquisition costs and other insurance expenses						184						187						175						178						182						2												546						544						2
Other operating expenses						50						49						44						52						44						6												143						132						11
Total benefits and expenses						1,844						1,870						1,691						1,899						1,924						(80)												5,405						5,471						(66)
Adjusted operating income (loss) before income taxes						103						63						122						108						(77)						180												288						39						249
Notable items (1)						17						—						—						—						170						(153)												17						170						(153)
Adjusted operating income (loss) excluding notable items, before income taxes						$	120					$	63					$	122					$	108					$	93					$	27											$	305					$	209					$	96
Loss and expense ratios:
Loss ratio (2)						91.1		%				92.3		%				90.0		%				92.9		%				102.4		%				(11.3)		%										91.2		%				98.6		%				(7.4)		%
Policy acquisition costs and other insurance expenses						10.5		%				10.7		%				10.8		%				10.0		%				11.1		%				(0.6)		%										10.7		%				11.3		%				(0.6)		%
Other operating expenses						2.9		%				2.8		%				2.7		%				2.9		%				2.7		%				0.2		%										2.8		%				2.7		%				0.1		%
Foreign currency effect on (3):
Net premiums						$	5					$	3					$	2					$	1					$	—					$	5											$	10					$	1					$	9
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 8

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	820					$	17					$	163					$	24					$	13					$	807											$	1,000					$	42					$	958
Net investment income						298						278						280						287						265						33												856						767						89
Investment related gains (losses), net						(63)						(68)						20						(128)						(41)						(22)												(111)						(214)						103
Other revenue						35						26						25						25						29						6												86						86						—
Total revenues						1,090						253						488						208						266						824												1,831						681						1,150
Benefits and expenses:
Claims and other policy benefits						851						45						199						52						41						810												1,095						153						942
Future policy benefits remeasurement (gains) losses						(25)						(1)						(4)						(2)						(5)						(20)												(30)						(26)						(4)
Market risk benefits remeasurement (gains) losses						(21)						(31)						14						(19)						23						(44)												(38)						29						(67)
Interest credited						137						133						129						148						130						7												399						338						61
Policy acquisition costs and other insurance expenses						45						47						46						47						36						9												138						122						16
Other operating expenses						14						13						11						14						11						3												38						32						6
Total benefits and expenses						1,001						206						395						240						236						765												1,602						648						954
Income (loss) before income taxes						$	89					$	47					$	93					$	(32)					$	30					$	59											$	229					$	33					$	196
Assumed life reinsurance in force (in billions)						$	5.1					$	5.2					$	5.2					$	5.2					$	5.3					$	(0.2)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 9

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	820					$	17					$	163					$	24					$	13					$	807											$	1,000					$	42					$	958
Net investment income						291						279						276						286						264						27												846						772						74
Other revenue						35						26						25						25						29						6												86						86						—
Total revenues						1,146						322						464						335						306						840												1,932						900						1,032
Benefits and expenses:
Claims and other policy benefits						851						45						199						52						41						810												1,095						153						942
Future policy benefits remeasurement (gains) losses						(25)						(1)						(4)						(2)						(5)						(20)												(30)						(26)						(4)
Interest credited						144						130						136						147						140						4												410						392						18
Policy acquisition costs and other insurance expenses						45						47						38						47						36						9												130						122						8
Other operating expenses						14						13						11						14						11						3												38						32						6
Total benefits and expenses						1,029						234						380						258						223						806												1,643						673						970
Adjusted operating income (loss) before income taxes						117						88						84						77						83						34												289						227						62
Notable items (1)						(22)						—						—						—						(3)						(19)												(22)						(3)						(19)
Adjusted operating income (loss) excluding notable items, before income taxes						$	95					$	88					$	84					$	77					$	80					$	15											$	267					$	224					$	43
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 10

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
(Continued)
						Three Months Ended
(USD millions, shown net of reinsurance ceded)						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,
						2023						2023						2023						2022						2022
Policyholder account balances
Fixed annuities (deferred)						$	11,066					$	11,361					$	11,699					$	12,046					$	12,257
Equity-indexed annuities						$	2,469					$	2,580					$	2,701					$	2,817					$	2,919
Bank-owned life insurance (BOLI)						$	2,480					$	2,494					$	2,505					$	2,500					$	2,508
Other policyholder account balances						$	51					$	52					$	75					$	75					$	76
Variable annuities account balances
No riders						$	578					$	599					$	598					$	672					$	642
GMDB only						742						738						734						771						802
GMIB only						16						16						16						20						19
GMAB only						2						2						2						2						2
GMWB only						814						883						866						863						833
GMDB / WB						156						169						168						165						158
Other						12						13						12						15						15
Total variable annuities account balances						$	2,320					$	2,420					$	2,396					$	2,508					$	2,471
Interest-sensitive contract liabilities not associated with policyholder account balances:
Guaranteed investment contracts, funding agreements and immediate annuities						$	707					$	843					$	828					$	848					$	866
Future policy benefits (at original discount rate) associated with:
Payout annuities						$	4,909					$	4,181					$	4,231					$	4,153					$	4,208
Other future policy benefits						$	60					$	62					$	58					$	59					$	59
Liability for market risk benefits:
Equity-indexed annuities						$	135					$	140					$	144					$	132					$	90
Variable annuities (liability)						$	89					$	95					$	117					$	115					$	168
Variable annuities (asset)						$	8					$	6					$	2					$	—					$	—
Net interest spread (1)						1.3		%				1.4		%				1.2		%				1.2		%				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.

Page 11

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net investment income						$	1					$	—					$	1					$	1					$	2					$	(1)											$	2					$	4					$	(2)
Other revenue						24						25						26						26						24						—												75						126						(51)
Total revenues						25						25						27						27						26						(1)												77						130						(53)
Benefits and expenses:
Policy acquisition costs and other insurance expenses						2						2						2						—						(1)						3												6						1						5
Other operating expenses						4						2						4						3						4						—												10						9						1
Total benefits and expenses						6						4						6						3						3						3												16						10						6
Income before income taxes						$	19					$	21					$	21					$	24					$	23					$	(4)											$	61					$	120					$	(59)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 12

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net investment income						$	1					$	—					$	1					$	1					$	2					$	(1)											$	2					$	4					$	(2)
Other revenue						24						25						26						26						24						—												75						126						(51)
Total revenues						25						25						27						27						26						(1)												77						130						(53)
Benefits and expenses:
Policy acquisition costs and other insurance expenses						2						2						2						—						(1)						3												6						1						5
Other operating expenses						4						2						4						3						4						—												10						9						1
Total benefits and expenses						6						4						6						3						3						3												16						10						6
Adjusted operating income (loss) before income taxes						$	19					$	21					$	21					$	24					$	23					$	(4)											$	61					$	120					$	(59)
Notable items (1)						—						—						—						—						—						—												—						—						—
Adjusted operating income (loss) excluding notable items, before income taxes						$	19					$	21					$	21					$	24					$	23					$	(4)											$	61					$	120					$	(59)
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 13

Reinsurance Group of America, Incorporated
Canada Traditional
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	302					$	307					$	295					$	308					$	293					$	9											$	904					$	911					$	(7)
Net investment income						62						61						61						66						64						(2)												184						184						—
Investment related gains (losses), net						—						4						2						5						2						(2)												6						(3)						9
Other revenue						2						1						1						1						—						2												4						3						1
Total revenues						366						373						359						380						359						7												1,098						1,095						3
Benefits and expenses:
Claims and other policy benefits						284						282						270						285						272						12												836						844						(8)
Future policy benefits remeasurement (gains) losses						16						(1)						3						(10)						9						7												18						8						10
Interest credited						1						—						—						—						—						1												1						—						1
Policy acquisition costs and other insurance expenses						46						47						45						44						56						(10)												138						159						(21)
Other operating expenses						13						10						12						11						10						3												35						30						5
Total benefits and expenses						360						338						330						330						347						13												1,028						1,041						(13)
Income before income taxes						$	6					$	35					$	29					$	50					$	12					$	(6)											$	70					$	54					$	16
Loss and expense ratios:
Loss ratio (1)						99.3		%				91.5		%				92.5		%				89.3		%				95.9		%				3.4		%										94.5		%				93.5		%				1.0		%
Policy acquisition costs and other insurance expenses						15.2		%				15.3		%				15.3		%				14.3		%				19.1		%				(3.9)		%										15.3		%				17.5		%				(2.2)		%
Other operating expenses						4.3		%				3.3		%				4.1		%				3.6		%				3.4		%				0.9		%										3.9		%				3.3		%				0.6		%
Foreign currency effect on (2):
Net premiums						$	(8)					$	(16)					$	(20)					$	(23)					$	(11)					$	3											$	(44)					$	(24)					$	(20)
Income before income taxes						$	(1)					$	(2)					$	(2)					$	(3)					$	—					$	(1)											$	(5)					$	(1)					$	(4)
Creditor reinsurance net premiums						$	17					$	18					$	18					$	17					$	18					$	(1.00)											$	53					$	56					$	(3)
Assumed life reinsurance in force (in billions)						$	477.2					$	484.6					$	469.5					$	463.6					$	448.7					$	28.5
Assumed new business production (in billions)						$	11.0					$	11.2					$	10.8					$	11.9					$	10.8					$	0.2											$	33.0					$	36.3					$	(3.3)
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 14

Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	302					$	307					$	295					$	308					$	293					$	9											$	904					$	911					$	(7)
Net investment income						64						61						62						67						65						(1)												187						185						2
Investment related gains, net						—						1						1						1						1						(1)												2						3						(1)
Other revenue						2						1						1						1						—						2												4						3						1
Total revenues						368						370						359						377						359						9												1,097						1,102						(5)
Benefits and expenses:
Claims and other policy benefits						284						282						270						285						272						12												836						844						(8)
Future policy benefits remeasurement (gains) losses						16						(1)						3						(10)						9						7												18						8						10
Interest credited						1						—						—						—						—						1												1						—						1
Policy acquisition costs and other insurance expenses						46						47						45						44						56						(10)												138						159						(21)
Other operating expenses						11						10						12						11						10						1												33						30						3
Total benefits and expenses						358						338						330						330						347						11												1,026						1,041						(15)
Adjusted operating income (loss) before income taxes						10						32						29						47						12						(2)												71						61						10
Notable items (1)						13						—						—						(5)						6						7												13						6						7
Adjusted operating income excluding notable items, before income taxes						$	23					$	32					$	29					$	42					$	18					$	5											$	84					$	67					$	17
Loss and expense ratios:
Loss ratio (2)						99.3		%				91.5		%				92.5		%				89.3		%				95.9		%				3.4		%										94.5		%				93.5		%				1.0		%
Policy acquisition costs and other insurance expenses						15.2		%				15.3		%				15.3		%				14.3		%				19.1		%				(3.9)		%										15.3		%				17.5		%				(2.2)		%
Other operating expenses						3.6		%				3.3		%				4.1		%				3.6		%				3.4		%				0.2		%										3.7		%				3.3		%				0.4		%
Foreign currency effect on (3):
Net premiums						$	(8)					$	(16)					$	(20)					$	(23)					$	(11)					$	3											$	(44)					$	(24)					$	(20)
Adjusted operating income before income taxes						$	(1)					$	(2)					$	(2)					$	(3)					$	—					$	(1)											$	(5)					$	(1)					$	(4)
Creditor reinsurance net premiums						$	17					$	18					$	18					$	17					$	18					$	(1)											$	53					$	56					$	(3)
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 15

Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	22					$	23					$	23					$	23					$	24					$	(2)											$	68					$	72					$	(4)
Net investment income						1						1						1						1						1						—												3						4						(1)
Other revenue						3						2						3						4						2						1												8						6						2
Total revenues						26						26						27						28						27						(1)												79						82						(3)
Benefits and expenses:
Claims and other policy benefits						18						20						21						20						22						(4)												59						66						(7)
Future policy benefits remeasurement (gains) losses						(23)						(2)						(5)						(3)						(2)						(21)												(30)						(9)						(21)
Policy acquisition costs and other insurance expenses						1						—						1						1						—						1												2						1						1
Other operating expenses						—						2						—						1						1						(1)												2						2						—
Total benefits and expenses						(4)						20						17						19						21						(25)												33						60						(27)
Income before income taxes						$	30					$	6					$	10					$	9					$	6					$	24											$	46					$	22					$	24
Foreign currency effect on (2):
Net premiums						$	(1)					$	(2)					$	(1)					$	(2)					$	(1)					$	—											$	(4)					$	(2)					$	(2)
Income 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) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.

Page 16

Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	22					$	23					$	23					$	23					$	24					$	(2)											$	68					$	72					$	(4)
Net investment income						1						1						1						1						1						—												3						4						(1)
Other revenue						3						2						3						4						2						1												8						6						2
Total revenues						26						26						27						28						27						(1)												79						82						(3)
Benefits and expenses:
Claims and other policy benefits						18						20						21						20						22						(4)												59						66						(7)
Future policy benefits remeasurement (gains) losses						(23)						(2)						(5)						(3)						(2)						(21)												(30)						(9)						(21)
Policy acquisition costs and other insurance expenses						1						—						1						1						—						1												2						1						1
Other operating expenses						—						2						—						1						1						(1)												2						2						—
Total benefits and expenses						(4)						20						17						19						21						(25)												33						60						(27)
Adjusted operating income (loss) before income taxes						30						6						10						9						6						24												46						22						24
Notable items (2)						(22)						—						—						—						—						(22)												(22)						—						(22)
Adjusted operating income excluding notable items, before income taxes						$	8					$	6					$	10					$	9					$	6					$	2											$	24					$	22					$	2
Foreign currency effect on (3):
Net premiums						$	(1)					$	(2)					$	(1)					$	(2)					$	(1)					$	—											$	(4)					$	(2)					$	(2)
Adjusted operating income 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) 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 17

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	447					$	429					$	438					$	422					$	436					$	11											$	1,314					$	1,314					$	—
Net investment income						23						23						23						21						18						5												69						55						14
Other revenue						1						(1)						(1)						3						2						(1)												(1)						3						(4)
Total revenues						471						451						460						446						456						15												1,382						1,372						10
Benefits and expenses:
Claims and other policy benefits						429						383						390						404						409						20												1,202						1,182						20
Future policy benefits remeasurement (gains) losses						43						12						(8)						(10)						(7)						50												47						(5)						52
Policy acquisition costs and other insurance expenses						25						21						18						16						19						6												64						61						3
Other operating expenses						34						31						33						33						30						4												98						91						7
Total benefits and expenses						531						447						433						443						451						80												1,411						1,329						82
Income (loss) before income taxes						$	(60)					$	4					$	27					$	3					$	5					$	(65)											$	(29)					$	43					$	(72)
Loss and expense ratios:
Loss ratio (1)						105.6		%				92.1		%				87.2		%				93.4		%				92.2		%				13.4		%										95.1		%				89.6		%				5.5		%
Policy acquisition costs and other insurance expenses						5.6		%				4.9		%				4.1		%				3.8		%				4.4		%				1.2		%										4.9		%				4.6		%				0.3		%
Other operating expenses						7.6		%				7.2		%				7.5		%				7.8		%				6.9		%				0.7		%										7.5		%				6.9		%				0.6		%
Foreign currency effect on (2):
Net premiums						$	20					$	(6)					$	(41)					$	(53)					$	(68)					$	88											$	(27)					$	(130)					$	103
Income (loss) before income taxes						$	(4)					$	1					$	(1)					$	—					$	—					$	(4)											$	(4)					$	(3)					$	(1)
Critical illness net premiums						$	34					$	35					$	33					$	33					$	41					$	(7)											$	102					$	116					$	(14)
Assumed life reinsurance in force (in billions)						$	814.5					$	802.3					$	759.6					$	735.4					$	671.3					$	143.2
Assumed new business production (in billions)						$	30.9					$	36.6					$	30.1					$	35.6					$	38.2					$	(7.3)											$	97.6					$	133.8					$	(36.2)
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.

Page 18

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	447					$	429					$	438					$	422					$	436					$	11											$	1,314					$	1,314					$	—
Net investment income						23						23						23						21						18						5												69						55						14
Other revenue						1						(1)						(1)						3						2						(1)												(1)						3						(4)
Total revenues						471						451						460						446						456						15												1,382						1,372						10
Benefits and expenses:
Claims and other policy benefits						429						383						390						404						409						20												1,202						1,182						20
Future policy benefits remeasurement (gains) losses						43						12						(8)						(10)						(7)						50												47						(5)						52
Policy acquisition costs and other insurance expenses						25						21						18						16						19						6												64						61						3
Other operating expenses						33						31						33						33						30						3												97						91						6
Total benefits and expenses						530						447						433						443						451						79												1,410						1,329						81
Adjusted operating income (loss) before income taxes						(59)						4						27						3						5						(64)												(28)						43						(71)
Notable items (1)						47						—						—						—						13						34												47						13						34
Adjusted operating income excluding notable items, before income taxes						$	(12)					$	4					$	27					$	3					$	18					$	(30)											$	19					$	56					$	(37)
Loss and expense ratios:
Loss ratio (2)						105.6		%				92.1		%				87.2		%				93.4		%				92.2		%				13.4		%										95.1		%				89.6		%				5.5		%
Policy acquisition costs and other insurance expenses						5.6		%				4.9		%				4.1		%				3.8		%				4.4		%				1.2		%										4.9		%				4.6		%				0.3		%
Other operating expenses						7.4		%				7.2		%				7.5		%				7.8		%				6.9		%				0.5		%										7.4		%				6.9		%				0.5		%
Foreign currency effect on (3):
Net premiums						$	20					$	(6)					$	(41)					$	(53)					$	(68)					$	88											$	(27)					$	(130)					$	103
Adjusted operating income (loss) before income taxes						$	(4)					$	1					$	(1)					$	—					$	—					$	(4)											$	(4)					$	(3)					$	(1)
Critical illness net premiums						$	34					$	35					$	33					$	33					$	41					$	(7)											$	102					$	116					$	(14)
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 19

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	118					$	90					$	125					$	127					$	112					$	6											$	333					$	359					$	(26)
Net investment income						56						45						46						44						37						19												147						107						40
Investment related gains (losses), net						(21)						(9)						(6)						(11)						(9)						(12)												(36)						(15)						(21)
Other revenue						7						4						4						6						2						5												15						9						6
Total revenues						160						130						169						166						142						18												459						460						(1)
Benefits and expenses:
Claims and other policy benefits						95						68						104						106						97						(2)												267						322						(55)
Future policy benefits remeasurement (gains) losses						(33)						(5)						(9)						(12)						3						(36)												(47)						(9)						(38)
Interest credited						(2)						(2)						—						(2)						(5)						3												(4)						(22)						18
Policy acquisition costs and other insurance expenses						2						2						2						2						2						—												6						5						1
Other operating expenses						14						15						13						16						11						3												42						38						4
Total benefits and expenses						76						78						110						110						108						(32)												264						334						(70)
Income before income taxes						$	84					$	52					$	59					$	56					$	34					$	50											$	195					$	126					$	69
Foreign currency effect on (2):
Net premiums						$	9					$	(1)					$	(12)					$	(17)					$	(20)					$	29											$	(4)					$	(39)					$	35
Income before income taxes						$	6					$	—					$	(6)					$	(4)					$	(7)					$	13											$	—					$	(13)					$	13
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 20

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	118					$	90					$	125					$	127					$	112					$	6											$	333					$	359					$	(26)
Net investment income						59						48						49						48						46						13												156						145						11
Investment related gains (losses), net						2						4						1						4						5						(3)												7						14						(7)
Other revenue						7						4						4						6						2						5												15						9						6
Total revenues						186						146						179						185						165						21												511						527						(16)
Benefits and expenses:
Claims and other policy benefits						95						68						104						106						97						(2)												267						322						(55)
Future policy benefits remeasurement (gains) losses						(33)						(5)						(9)						(12)						3						(36)												(47)						(9)						(38)
Policy acquisition costs and other insurance expenses						2						2						2						2						2						—												6						5						1
Other operating expenses						14						15						13						16						11						3												42						38						4
Total benefits and expenses						78						80						110						112						113						(35)												268						356						(88)
Adjusted operating income (loss) before income taxes						108						66						69						73						52						56												243						171						72
Notable items (2)						(34)						—						—						(14)						—						(34)												(34)						—						(34)
Adjusted operating income excluding notable items, before income taxes						$	74					$	66					$	69					$	59					$	52					$	22											$	209					$	171					$	38
Foreign currency effect on (3):
Net premiums						$	9					$	(1)					$	(12)					$	(17)					$	(20)					$	29											$	(4)					$	(39)					$	35
Adjusted operating income before income taxes						$	8					$	—					$	(7)					$	(6)					$	(11)					$	19											$	1					$	(21)					$	22
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) 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 21

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	737					$	677					$	662					$	700					$	660					$	77											$	2,076					$	1,950					$	126
Net investment income						60						62						61						55						51						9												183						144						39
Investment related gains (losses), net						1						2						3						3						4						(3)												6						9						(3)
Other revenue						3						11						3						—						5						(2)												17						21						(4)
Total revenues						801						752						729						758						720						81												2,282						2,124						158
Benefits and expenses:
Claims and other policy benefits						604						579						563						548						627						(23)												1,746						1,644						102
Future policy benefits remeasurement (gains) losses						(39)						(14)						(9)						9						68						(107)												(62)						91						(153)
Policy acquisition costs and other insurance expenses						46						44						46						44						47						(1)												136						146						(10)
Other operating expenses						56						54						50						57						51						5												160						149						11
Total benefits and expenses						667						663						650						658						793						(126)												1,980						2,030						(50)
Income (loss) before income taxes						$	134					$	89					$	79					$	100					$	(73)					$	207											$	302					$	94					$	208
Loss and expense ratios:
Loss ratio (1)						76.7		%				83.5		%				83.7		%				79.6		%				105.3		%				(28.6)		%										81.1		%				89.0		%				(7.9)		%
Policy acquisition costs and other insurance expenses						6.2		%				6.5		%				6.9		%				6.3		%				7.1		%				(0.9)		%										6.6		%				7.5		%				(0.9)		%
Other operating expenses						7.6		%				8.0		%				7.6		%				8.1		%				7.7		%				(0.1)		%										7.7		%				7.6		%				0.1		%
Foreign currency effect on (2):
Net premiums						$	(10)					$	(21)					$	(33)					$	(61)					$	(50)					$	40											$	(64)					$	(111)					$	47
Income (loss) before income taxes						$	—					$	(2)					$	(3)					$	(6)					$	6					$	(6)											$	(5)					$	5					$	(10)
Critical illness net premiums						$	368					$	341					$	299					$	324					$	296					$	72											$	1,008					$	892					$	116
Assumed life reinsurance in force (in billions)						$	501.8					$	495.4					$	508.2					$	518.6					$	479.4					$	22.4
Assumed new business production (in billions)						$	17.1					$	4.7					$	3.9					$	8.6					$	14.4					$	2.7											$	25.7					$	36.7					$	(11.0)
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 22

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	737					$	677					$	662					$	700					$	660					$	77											$	2,076					$	1,950					$	126
Net investment income						60						62						61						55						51						9												183						144						39
Investment related gains (losses), net						1						2						3						3						4						(3)												6						9						(3)
Other revenue						3						11						3						—						5						(2)												17						21						(4)
Total revenues						801						752						729						758						720						81												2,282						2,124						158
Benefits and expenses:
Claims and other policy benefits						604						579						563						548						627						(23)												1,746						1,644						102
Future policy benefits remeasurement (gains) losses						(39)						(14)						(9)						9						68						(107)												(62)						91						(153)
Policy acquisition costs and other insurance expenses						46						44						46						44						47						(1)												136						146						(10)
Other operating expenses						56						54						50						57						51						5												160						149						11
Total benefits and expenses						667						663						650						658						793						(126)												1,980						2,030						(50)
Adjusted operating income (loss) before income taxes						134						89						79						100						(73)						207												302						94						208
Notable items (1)						(2)						—						—						(42)						140						(142)												(2)						117						(119)
Adjusted operating income excluding notable items, before income taxes						$	132					$	89					$	79					$	58					$	67					$	65											$	300					$	211					$	89
Loss and expense ratios:
Loss ratio (2)						76.7		%				83.5		%				83.7		%				79.6		%				105.3		%				(28.6)		%										81.1		%				89.0		%				(7.9)		%
Policy acquisition costs and other insurance expenses						6.2		%				6.5		%				6.9		%				6.3		%				7.1		%				(0.9)		%										6.6		%				7.5		%				(0.9)		%
Other operating expenses						7.6		%				8.0		%				7.6		%				8.1		%				7.7		%				(0.1)		%										7.7		%				7.6		%				0.1		%
Foreign currency effect on (3):
Net premiums						$	(10)					$	(21)					$	(33)					$	(61)					$	(50)					$	40											$	(64)					$	(111)					$	47
Adjusted operating income (loss) before income taxes						$	(1)					$	(3)					$	(2)					$	(6)					$	6					$	(7)											$	(6)					$	5					$	(11)
Critical illness net premiums						$	368					$	341					$	299					$	324					$	296					$	72											$	1,008					$	892					$	116
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 23

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	63					$	44					$	64					$	64					$	69					$	(6)											$	171					$	172					$	(1)
Net investment income						117						125						108						94						77						40												350						176						174
Investment related gains (losses), net						(66)						(51)						(51)						83						(94)						28												(168)						(288)						120
Other revenue						16						18						10						—						119						(103)												44						174						(130)
Total revenues						130						136						131						241						171						(41)												397						234						163
Benefits and expenses:
Claims and other policy benefits						67						44						69						68						60						7												180						155						25
Future policy benefits remeasurement (gains) losses						(1)						—						(1)						7						—						(1)												(2)						—						(2)
Interest credited						54						46						54						39						38						16												154						80						74
Policy acquisition costs and other insurance expenses						21						19						16						12						21						—												56						48						8
Other operating expenses						5						7						6						6						5						—												18						14						4
Total benefits and expenses						146						116						144						132						124						22												406						297						109
Income (loss) before income taxes						$	(16)					$	20					$	(13)					$	109					$	47					$	(63)											$	(9)					$	(63)					$	54
Foreign currency effect on (2):
Net premiums						$	(2)					$	(2)					$	(7)					$	(9)					$	(10)					$	8											$	(11)					$	(21)					$	10
Income (loss) before income taxes						$	1					$	—					$	—					$	(17)					$	11					$	(10)											$	1					$	31					$	(30)
Assumed life reinsurance in force (in billions)						$	7.7					$	6.7					$	7.4					$	5.7					$	5.2					$	2.5
Assumed new business production (in billions)						$	1.0					$	0.1					$	1.7					$	—					$	—					$	1.0											$	2.8					$	0.1					$	2.7
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 24

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	63					$	44					$	64					$	64					$	69					$	(6)											$	171					$	172					$	(1)
Net investment income						117						125						108						94						77						40												350						176						174
Investment related gains, net						2						4						4						5						3						(1)												10						12						(2)
Other revenue						8						5						8						7						37						(29)												21						60						(39)
Total revenues						190						178						184						170						186						4												552						420						132
Benefits and expenses:
Claims and other policy benefits						67						44						69						68						60						7												180						155						25
Future policy benefits remeasurement (gains) losses						(1)						—						(1)						7						—						(1)												(2)						—						(2)
Interest credited						54						46						54						39						38						16												154						80						74
Policy acquisition costs and other insurance expenses						21						19						16						12						21						—												56						48						8
Other operating expenses						5						7						6						6						5						—												18						14						4
Total benefits and expenses						146						116						144						132						124						22												406						297						109
Adjusted operating income (loss) before income taxes						44						62						40						38						62						(18)												146						123						23
Notable items (2)						—						—						—						—						—						—												—						—						—
Adjusted operating income excluding notable items, before income taxes						$	44					$	62					$	40					$	38					$	62					$	(18)											$	146					$	123					$	23
Foreign currency effect on (3):
Net premiums						$	(2)					$	(2)					$	(7)					$	(9)					$	(10)					$	8											$	(11)					$	(21)					$	10
Adjusted operating income before income taxes						$	(2)					$	(2)					$	(3)					$	(3)					$	(6)					$	4											$	(7)					$	(11)					$	4
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 25

Reinsurance Group of America, Incorporated
Corporate and Other
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net investment income						$	109					$	82					$	82					$	35					$	53					$	56											$	273					$	216					$	57
Investment related gains (losses), net						21						—						(44)						36						(24)						45												(23)						(64)						41
Other revenue						5						(4)						11						19						(1)						6												12						(12)						24
Total revenues						135						78						49						90						28						107												262						140						122
Benefits and expenses:
Interest credited						14						14						14						12						8						6												42						20						22
Policy acquisition costs and other insurance income						(24)						(20)						(20)						(21)						(21)						(3)												(64)						(66)						2
Other operating expenses						84						92						77						96						84						—												253						223						30
Interest expense						72						63						53						55						49						23												188						136						52
Total benefits and expenses						146						149						124						142						120						26												419						313						106
Loss before income taxes						$	(11)					$	(71)					$	(75)					$	(52)					$	(92)					$	81											$	(157)					$	(173)					$	16
Foreign currency effect on (1):
Loss before income taxes						$	1					$	(1)					$	—					$	(7)					$	3					$	(2)											$	—					$	4					$	(4)
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 26

Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Revenues:
Net investment income						$	109					$	82					$	82					$	35					$	53					$	56											$	273					$	216					$	57
Investment related gains, net						2						3						4						2						2						—												9						6						3
Other revenue						9						6						13						13						10						(1)												28						21						7
Total revenues						120						91						99						50						65						55												310						243						67
Benefits and expenses:
Interest credited						14						14						14						12						8						6												42						20						22
Policy acquisition costs and other insurance income						(24)						(20)						(20)						(21)						(21)						(3)												(64)						(66)						2
Other operating expenses						84						89						77						96						84						—												250						223						27
Interest expense						71						63						53						55						49						22												187						136						51
Total benefits and expenses						145						146						124						142						120						25												415						313						102
Adjusted operating income (loss) before income taxes						(25)						(55)						(25)						(92)						(55)						30												(105)						(70)						(35)
Notable items (1)						—						—						—						—						—						—												—						—						—
Adjusted operating income excluding notable items, before income taxes						$	(25)					$	(55)					$	(25)					$	(92)					$	(55)					$	30											$	(105)					$	(70)					$	(35)
Foreign currency effect on (2):
Adjusted operating income (loss) before income taxes						$	1					$	—					$	—					$	—					$	1					$	—											$	1					$	2					$	(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 27

Reinsurance Group of America, Incorporated
Summary of Segment GAAP Income
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
U.S. and Latin America:
Traditional						$	105					$	62					$	121					$	114					$	(69)					$	174											$	288					$	81					$	207
Financial Solutions:
Asset Intensive						89						47						93						(32)						30						59												229						33						196
Capital Solutions						19						21						21						24						23						(4)												61						120						(59)
Total U.S. and Latin America						213						130						235						106						(16)						229												578						234						344
Canada:
Traditional						6						35						29						50						12						(6)												70						54						16
Financial Solutions						30						6						10						9						6						24												46						22						24
Total Canada						36						41						39						59						18						18												116						76						40
Europe, Middle East and Africa:
Traditional						(60)						4						27						3						5						(65)												(29)						43						(72)
Financial Solutions						84						52						59						56						34						50												195						126						69
Total Europe, Middle East and Africa						24						56						86						59						39						(15)												166						169						(3)
Asia Pacific:
Traditional						134						89						79						100						(73)						207												302						94						208
Financial Solutions						(16)						20						(13)						109						47						(63)												(9)						(63)						54
Total Asia Pacific						118						109						66						209						(26)						144												293						31						262
Corporate and Other						(11)						(71)						(75)						(52)						(92)						81												(157)						(173)						16
Consolidated income (loss) before income taxes						$	380					$	265					$	351					$	381					$	(77)					$	457											$	996					$	337					$	659
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 28

Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
U.S. and Latin America:
Traditional						$	103					$	63					$	122					$	108					$	(77)					$	180											$	288					$	39					$	249
Financial Solutions:
Asset Intensive						117						88						84						77						83						34												289						227						62
Capital Solutions						19						21						21						24						23						(4)												61						120						(59)
Total U.S. and Latin America						239						172						227						209						29						210												638						386						252
Canada:
Traditional						10						32						29						47						12						(2)												71						61						10
Financial Solutions						30						6						10						9						6						24												46						22						24
Total Canada						40						38						39						56						18						22												117						83						34
Europe, Middle East and Africa:
Traditional						(59)						4						27						3						5						(64)												(28)						43						(71)
Financial Solutions						108						66						69						73						52						56												243						171						72
Total Europe, Middle East and Africa						49						70						96						76						57						(8)												215						214						1
Asia Pacific:
Traditional						134						89						79						100						(73)						207												302						94						208
Financial Solutions						44						62						40						38						62						(18)												146						123						23
Total Asia Pacific						178						151						119						138						(11)						189												448						217						231
Corporate and Other						(25)						(55)						(25)						(92)						(55)						30												(105)						(70)						(35)
Consolidated adjusted operating income (loss) before income taxes						481						376						456						387						38						443												1,313						830						483
Notable items (1)						(3)						—						—						(61)						326						(329)												(3)						303						(306)
Consolidated adjusted operating income (loss) excluding notable items before income taxes						$	478					$	376					$	456					$	326					$	364					$	114											$	1,310					$	1,133					$	177
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 29

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Cash and Invested Assets
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,
						2023						2023						2023						2022						2022
Fixed maturity securities, available-for-sale (1)						$	54,171					$	56,236					$	56,085					$	52,901					$	50,495
Equity securities						133						136						138						134						137
Mortgage loans						7,231						7,038						6,833						6,590						6,558
Policy loans						1,180						1,202						1,221						1,231						1,202
Funds withheld at interest						5,725						5,862						5,976						6,003						6,177
Limited partnerships and real estate joint ventures						2,560						2,473						2,405						2,327						2,197
Short-term investments						141						224						246						154						225
Other invested assets						1,091						1,119						1,111						1,140						1,049
Cash and cash equivalents						2,820						2,598						3,294						2,927						3,512
Total cash and invested assets						$	75,052					$	76,888					$	77,309					$	73,407					$	71,552
(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
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Average invested assets at amortized cost (1)						$	37,051					$	36,124					$	35,863					$	35,300					$	34,579					$	2,472											$	35,934					$	34,494					$	1,440
Net investment income (1)						$	430					$	393					$	415					$	386					$	374					$	56											$	1,238					$	1,228					$	10
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)						4.72		%				4.42		%				4.71		%				4.45		%				4.40		%				32 bps												4.62		%				4.78		%				(16) bps
Variable investment income ("VII") (included in net investment income) (1)						$	39					$	17					$	39					$	42					$	38					$	1											$	95					$	249					$	(154)
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)						4.51		%				4.43		%				4.45		%				4.14		%				4.12		%				39 bps												4.46		%				3.96		%				50 bps
(1) Excludes spread related business (e.g. coinsurance of annuities).

Page 30

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities
						September 30, 2023
						Amortized Cost						Allowance for Credit Losses						Unrealized Gains						Unrealized Losses						Estimated Fair Value						% of Total
Available-for-sale:
Corporate						$	41,463					$	55					$	170					$	6,075					$	35,503					65.5		%
Canadian government						3,336						—						169						157						3,348						6.2		%
Japanese government						3,205						—						3						493						2,715						5.0		%
ABS						4,562						12						16						330						4,236						7.8		%
CMBS						1,959						1						2						250						1,710						3.2		%
RMBS						1,172						—						3						145						1,030						1.9		%
U.S. government						1,346						—						—						286						1,060						2.0		%
State and political subdivisions						1,242						—						4						199						1,047						1.9		%
Other foreign government						4,047						—						23						548						3,522						6.5		%
Total fixed maturity securities						$	62,332					$	68					$	390					$	8,483					$	54,171					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 31

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Corporate Fixed Maturity Securities by Industry
						September 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						$	6,470					$	5,741					16.2		%				A-						$	6,281					$	5,672					16.7		%				A-
Brokerage/asset managers/exchanges						1,305						1,096						3.1		%				A-						1,302						1,115						3.3		%				A-
Finance companies						394						337						0.9		%				BBB+						410						350						1.0		%				BBB
Insurance						4,548						3,820						10.7		%				A-						4,452						3,851						11.3		%				A-
REITs						1,356						1,140						3.2		%				A-						1,205						1,013						3.0		%				BBB+
Other finance						949						708						2.0		%				A-						901						679						2.0		%				A-
Total financial institutions						$	15,022					$	12,842					36.1		%										$	14,551					$	12,680					37.3		%
Industrials
Basic						$	1,948					$	1,662					4.7		%				BBB						$	1,921					$	1,690					5.0		%				BBB
Capital goods						1,688						1,482						4.2		%				BBB						1,734						1,550						4.6		%				BBB
Communications						2,795						2,337						6.6		%				BBB						2,517						2,136						6.3		%				BBB
Consumer cyclical						2,210						1,911						5.4		%				BBB+						1,997						1,748						5.1		%				BBB+
Consumer noncyclical						4,946						4,250						12.0		%				BBB+						4,625						4,052						11.9		%				BBB+
Energy						2,231						1,925						5.4		%				A-						2,050						1,801						5.3		%				BBB+
Technology						1,876						1,678						4.7		%				BBB+						1,617						1,461						4.3		%				BBB+
Transportation						2,310						1,975						5.6		%				A-						2,160						1,859						5.5		%				BBB+
Other industrial						1,058						1,012						2.8		%				BBB						1,003						960						2.8		%				BBB
Total industrials						$	21,062					$	18,232					51.4		%										$	19,624					$	17,257					50.8		%
Utilities
Electric						$	4,248					$	3,511					9.9		%				A-						$	3,779					$	3,200					9.4		%				A-
Natural gas						724						586						1.7		%				A-						664						553						1.7		%				A-
Other utility						407						332						0.9		%				BBB+						345						279						0.8		%				BBB+
Total utilities						$	5,379					$	4,429					12.5		%										$	4,788					$	4,032					11.9		%
Total						$	41,463					$	35,503					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 32

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Ratings of Fixed Maturity Securities
												September 30, 2023																		June 30, 2023																		March 31, 2023																		December 31, 2022																		September 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						$	38,876					$	33,799					62.4		%				$	38,928					$	35,512					63.1		%				$	38,291					$	35,308					63.0		%				$	36,217					$	32,295					61.1		%				$	33,881					$	30,062					59.6		%
2						BBB						19,959						17,134						31.6		%				19,840						17,517						31.2		%				19,832						17,658						31.5		%				20,188						17,580						33.2		%				19,931						16,924						33.5		%
3						BB						2,902						2,780						5.1		%				2,919						2,801						5.0		%				2,811						2,698						4.8		%				2,734						2,607						5.0		%				3,044						2,843						5.6		%
4						B						439						368						0.7		%				347						328						0.6		%				402						340						0.6		%				397						331						0.6		%				625						583						1.2		%
5						CCC						104						81						0.2		%				99						69						0.1		%				100						69						0.1		%				103						71						0.1		%				107						62						0.1		%
6						In or near default						52						9						—		%				52						9						—		%				58						12						—		%				24						17						—		%				42						21						—		%
						Total						$	62,332					$	54,171					100.0		%				$	62,185					$	56,236					100.0		%				$	61,494					$	56,085					100.0		%				$	59,663					$	52,901					100.0		%				$	57,630					$	50,495					100.0		%
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).

Structured Fixed Maturity Securities
						September 30, 2023																		June 30, 2023																		March 31, 2023																		December 31, 2022																		September 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")						$	2,022					$	1,967					28.2		%				$	1,936					$	1,857					26.9		%				$	1,880					$	1,775					26.1		%				$	1,825					$	1,702					26.4		%				$	1,788					$	1,650					26.0		%
ABS, excluding CLOs						2,540						2,269						32.5		%				2,574						2,308						33.5		%				2,590						2,328						34.2		%				2,499						2,176						33.8		%				2,377						2,073						32.6		%
Total ABS						4,562						4,236						60.7		%				4,510						4,165						60.4		%				4,470						4,103						60.3		%				4,324						3,878						60.2		%				4,165						3,723						58.6		%
CMBS						1,959						1,710						24.5		%				1,932						1,699						24.6		%				1,882						1,670						24.6		%				1,835						1,623						25.2		%				1,843						1,670						26.3		%
RMBS:
Agency						454						388						5.6		%				464						413						6.0		%				473						432						6.4		%				476						427						6.6		%				489						442						7.0		%
Non-agency						718						642						9.2		%				681						624						9.0		%				647						592						8.7		%				578						514						8.0		%				565						511						8.1		%
Total RMBS						1,172						1,030						14.8		%				1,145						1,037						15.0		%				1,120						1,024						15.1		%				1,054						941						14.6		%				1,054						953						15.1		%
Total						$	7,693					$	6,976					100.0		%				$	7,587					$	6,901					100.0		%				$	7,472					$	6,797					100.0		%				$	7,213					$	6,442					100.0		%				$	7,062					$	6,346					100.0		%

Page 33

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
						As of September 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						$	7,272					$	516					$	23,093					$	5,395					$	30,365					$	5,911
Canadian government						1,303						105						250						52						1,553						157
Japanese government						614						50						2,055						443						2,669						493
ABS						471						18						3,071						299						3,542						317
CMBS						273						12						1,358						232						1,631						244
RMBS						295						14						641						131						936						145
U.S. government						488						28						559						258						1,047						286
State and political subdivisions						120						8						807						191						927						199
Other foreign government						686						29						2,194						451						2,880						480
Total investment grade securities						$	11,522					$	780					$	34,028					$	7,452					$	45,550					$	8,232
Below investment grade securities:
Corporate						$	357					$	70					$	732					$	93					$	1,089					$	163
ABS						—						—						67						11						67						11
CMBS						—						—						2						1						2						1
Other foreign government						4						1						184						67						188						68
Total below investment grade securities						$	361					$	71					$	985					$	172					$	1,346					$	243
Total fixed maturity securities						$	11,883					$	851					$	35,013					$	7,624					$	46,896					$	8,475
(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)
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 35

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Consolidated Investment Related Gains and Losses
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses						$	7					$	4					$	(42)					$	15					$	3					$	4											$	(31)					$	(21)					$	(10)
Impairments on fixed maturities						—						—						(1)						(2)						(12)						12												(1)						(15)						14
Realized gains on investment activity						12						11						31						127						20						(8)												54						65						(11)
Realized losses on investment activity						(61)						(37)						(75)						(160)						(106)						45												(173)						(236)						63
Net gains (losses) on fixed maturity securities available-for-sale						(42)						(22)						(87)						(20)						(95)						53												(151)						(207)						56
Net gains (losses) on equity securities						(2)						(4)						2						(5)						7						(9)												(4)						(16)						12
Change in mortgage loan allowance for credit losses						(17)						(9)						3						(8)						(5)						(12)												(23)						(8)						(15)
Change in fair value of certain limited partnership investments						25						10						(3)						9						—						25												32						29						3
Other, net						7						15						2						—						7						—												24						26						(2)
Free-standing derivatives (1):
Interest rate swaps						(64)						(30)						20						(2)						(33)						(31)												(74)						(129)						55
Interest rate options						16						(3)						(23)						(9)						18						(2)												(10)						12						(22)
Total return swaps						(8)						5						3						22						(1)						(7)												—						(1)						1
Interest rate futures						—						2						—						1						2						(2)												2						5						(3)
Equity futures						11						(10)						(9)						(11)						5						6												(8)						33						(41)
Foreign currency swaps						8						12						—						(6)						9						(1)												20						27						(7)
Foreign currency swaps - hedged						(1)						—						(1)						1						1						(2)												(2)						5						(7)
Foreign currency forwards						(37)						(74)						(19)						61						(55)						18												(130)						(154)						24
CPI swaps						—						6						1						6						7						(7)												7						25						(18)
Credit default swaps						(26)						10						11						37						(12)						(14)												(5)						(103)						98
Equity options						3						(11)						(14)						(15)						8						(5)												(22)						29						(51)
Total free-standing derivatives						(98)						(93)						(31)						85						(51)						(47)												(222)						(251)						29
Embedded derivatives						1						(20)						37						(67)						(17)						18												18						(106)						124
Net gains (losses) on total derivatives						(97)						(113)						6						18						(68)						(29)												(204)						(357)						153
Total investment related gains (losses), net						$	(126)					$	(123)					$	(77)					$	(6)					$	(154)					$	28											$	(326)					$	(533)					$	207
(1) Free-standing derivatives are non-hedged unless specified.

Page 36

Appendix

Reconciliations of GAAP to Non-GAAP Measures

Page 37

Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
U.S. & Latin America Traditional
Income (loss) before income taxes						$	105					$	62					$	121					$	114					$	(69)					$	174											$	288					$	81					$	207
Investment and derivative (gains) losses (1)						—						—						—						1						(1)						1												—						(1)						1
Change in fair value of funds withheld embedded derivatives (1)						(2)						1						1						(7)						(7)						5												—						(41)						41
Adjusted operating income (loss) before income taxes						103						63						122						108						(77)						180												288						39						249
Notable items (2)						17						—						—						—						170						(153)												17						170						(153)
Adjusted operating income excluding notable items, before income taxes						$	120					$	63					$	122					$	108					$	93					$	27											$	305					$	209					$	96
U.S. & Latin America Asset-Intensive
Income (loss) before income taxes						$	89					$	47					$	93					$	(32)					$	30					$	59											$	229					$	33					$	196
Market risk benefits remeasurement (gains) losses						(21)						(31)						14						(19)						23						(44)												(38)						29						(67)
Investment and derivative (gains) losses (1)						62						49						18						54						17						45												129						67						62
Change in fair value of funds withheld embedded derivatives (1)						1						19						(38)						74						24						(23)												(18)						147						(165)
Funds withheld (gains) losses - investment income						(7)						1						(4)						(1)						(1)						(6)												(10)						5						(15)
EIA embedded derivatives - interest credited						(7)						3						(7)						1						(10)						3												(11)						(54)						43
Other						—						—						8						—						—						—												8						—						8
Adjusted operating income (loss) before income taxes						117						88						84						77						83						34												289						227						62
Notable items (2)						(22)						—						—						—						(3)						(19)												(22)						(3)						(19)
Adjusted operating income (loss) excluding notable items, before income taxes						$	95					$	88					$	84					$	77					$	80					$	15											$	267					$	224					$	43
U.S. & Latin America Capital Solutions
Income (loss) before income taxes						$	19					$	21					$	21					$	24					$	23					$	(4)											$	61					$	120					$	(59)
Adjusted operating income (loss) before income taxes						19						21						21						24						23						(4)												61						120						(59)
Notable items (2)						—						—						—						—						—						—												—						—						—
Adjusted operating income (loss) excluding notable items, before income taxes						$	19					$	21					$	21					$	24					$	23					$	(4)											$	61					$	120					$	(59)
(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												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Canada Traditional
Income (loss) before income taxes						$	6					$	35					$	29					$	50					$	12					$	(6)											$	70					$	54					$	16
Investment and derivative (gains) losses (1)						—						(3)						(1)						(4)						(1)						1												(4)						6						(10)
Investment income - non-operating FWAI						2						—						1						1						1						1												3						1						2
Other						2						—						—						—						—						2												2						—						2
Adjusted operating income (loss) before income taxes						10						32						29						47						12						(2)												71						61						10
Notable items (2)						13						—						—						(5)						6						7												13						6						7
Adjusted operating income (loss) excluding notable items, before income taxes						$	23					$	32					$	29					$	42					$	18					$	5											$	84					$	67					$	17
Canada Financial Solutions
Income before income taxes						$	30					$	6					$	10					$	9					$	6					$	24											$	46					$	22					$	24
Adjusted operating income (loss) before income taxes						30						6						10						9						6						24												46						22						24
Notable items (2)						(22)						—						—						—						—						(22)												(22)						—						(22)
Adjusted operating income (loss) excluding notable items, before income taxes						$	8					$	6					$	10					$	9					$	6					$	2											$	24					$	22					$	2
Europe, Middle East and Africa Traditional
Income (loss) before income taxes						$	(60)					$	4					$	27					$	3					$	5					$	(65)											$	(29)					$	43					$	(72)
Other						1						—						—						—						—						1												1						—						1
Adjusted operating income (loss) before income taxes						(59)						4						27						3						5						(64)												(28)						43						(71)
Notable items (2)						47						—						—						—						13						34												47						13						34
Adjusted operating income (loss) excluding notable items, before income taxes						$	(12)					$	4					$	27					$	3					$	18					$	(30)											$	19					$	56					$	(37)
Europe, Middle East and Africa Financial Solutions
Income before income taxes						$	84					$	52					$	59					$	56					$	34					$	50											$	195					$	126					$	69
Investment and derivative losses (1)						23						13						7						15						14						9												43						29						14
Investment income - non-operating FWAI						1						1						3						2						4						(3)												5						16						(11)
Investment (income) loss on unit-linked variable annuities						2						2						—						2						5						(3)												4						22						(18)
Interest credited on unit-linked variable annuities						(2)						(2)						—						(2)						(5)						3												(4)						(22)						18
Adjusted operating income (loss) before income taxes						108						66						69						73						52						56												243						171						72
Notable items (2)						(34)						—						—						(14)						—						(34)												(34)						—						(34)
Adjusted operating income (loss) excluding notable items, before income taxes						$	74					$	66					$	69					$	59					$	52					$	22											$	209					$	171					$	38
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,						vs. PY												Sept. 30,						Sept. 30,
						2023						2023						2023						2022						2022						Quarter												2023						2022						Change
Asia Pacific Traditional
Income (loss) before income taxes						$	134					$	89					$	79					$	100					$	(73)					$	207											$	302					$	94					$	208
Adjusted operating income (loss) before income taxes						134						89						79						100						(73)						207												302						94						208
Notable items (2)						(2)						—						—						(42)						140						(142)												(2)						117						(119)
Adjusted operating income (loss) excluding notable items, before income taxes						$	132					$	89					$	79					$	58					$	67					$	65											$	300					$	211					$	89
Asia Pacific Financial Solutions
Income (loss) before income taxes						$	(16)					$	20					$	(13)					$	109					$	47					$	(63)											$	(9)					$	(63)					$	54
Investment and derivative (gains) losses (1)						68						55						55						(78)						97						(29)												178						300						(122)
Other						(8)						(13)						(2)						7						(82)						74												(23)						(114)						91
Adjusted operating income (loss) before income taxes						44						62						40						38						62						(18)												146						123						23
Notable items (2)						—						—						—						—						—						—												—						—						—
Adjusted operating income (loss) excluding notable items, before income taxes						$	44					$	62					$	40					$	38					$	62					$	(18)											$	146					$	123					$	23
Corporate and Other
Income (loss) before income taxes						$	(11)					$	(71)					$	(75)					$	(52)					$	(92)					$	81											$	(157)					$	(173)					$	16
Investment and derivative (gains) losses (1)						(19)						3						48						(34)						26						(45)												32						70						(38)
Interest expense on uncertain tax positions						1						—						—						—						—						1												1						—						1
Other						4						13						2						(6)						11						(7)												19						33						(14)
Adjusted operating income (loss) before income taxes						(25)						(55)						(25)						(92)						(55)						30												(105)						(70)						(35)
Notable items (2)						—						—						—						—						—						—												—						—						—
Adjusted operating income (loss) excluding notable items, before income taxes						$	(25)					$	(55)					$	(25)					$	(92)					$	(55)					$	30											$	(105)					$	(70)					$	(35)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

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Reinsurance Group of America, Incorporated
Reconciliations of Shareholders’ Equity to Shareholders’ Equity Excluding AOCI
(USD millions except per share data)
									Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,
									2023						2023						2023						2022						2022
RGA, Inc. shareholders’ equity									$	8,063					$	7,805					$	7,626					$	7,081					$	6,755
Less effect of AOCI:
Accumulated currency translation adjustments									(33)						26						(94)						(116)						(147)
Unrealized appreciation of securities									(6,659)						(4,879)						(4,393)						(5,496)						(5,788)
Effect of updating discount rates on future policy benefits									5,366						3,460						3,034						3,755						3,989
Change in instrument-specific credit risk for market risk benefits									7						13						14						13						19
Pension and postretirement benefits									(14)						(18)						(22)						(27)						(51)
RGA, Inc. shareholders’ equity, excluding AOCI									9,396						9,203						9,087						8,952						8,733
Year-to-date notable items, net of tax (1)									—						—						—						184						230
RGA, Inc. shareholders’ equity, excluding AOCI and notable items									$	9,396					$	9,203					$	9,087					$	9,136					$	8,963
(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
									Sept. 30,						June 30,						March 31,						Dec. 31,						Sept. 30,
									2023						2023						2023						2022						2022
Book value per share									$	122.40					$	117.87					$	114.60					$	106.19					$	101.08
Less effect of AOCI:
Accumulated currency translation adjustment									(0.49)						0.38						(1.41)						(1.73)						(2.20)
Unrealized (depreciation) appreciation of securities									(101.10)						(73.69)						(66.02)						(82.44)						(86.61)
Effect of updating discount rates on future policy benefits									81.46						52.26						45.59						56.32						59.69
Change in instrument-specific credit risk for market risk benefits									0.11						0.20						0.22						0.19						0.29
Pension and postretirement benefits									(0.21)						(0.27)						(0.34)						(0.41)						(0.77)
Book value per share, excluding AOCI									$	142.63					$	138.99					$	136.56					$	134.26					$	130.68

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