Document

Current Ratings

Standard & Poor’s

A.M. Best

Moody’s

Financial Strength Ratings

RGA Reinsurance Company

AA-

A+

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-

A+

Omnilife Insurance Company Limited

A+

Aurora National Life Assurance Company

A+

Senior Debt Ratings

Reinsurance Group of America, Incorporated

Baa1


			Page
Non-GAAP Disclosures			1

Consolidated

Financial Highlights			3

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

Consolidated Balance Sheets			6

Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements

U.S. and Latin America Traditional			7

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

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

Canada Traditional			14

Canada Financial Solutions			16

Europe, Middle East and Africa Traditional			18

Europe, Middle East and Africa Financial Solutions			20

Asia Pacific Traditional			22

Asia Pacific Financial Solutions			24

Corporate and Other			26

Summary of Segment GAAP Income			28

Summary of Segment Adjusted Operating Income			29

Investments

Cash and Invested Assets and Investment Income and Yield Summary			30

Fixed Maturity Securities			31

Corporate Fixed Maturity Securities by Industry			32

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities			33

Fixed Maturity Securities Below Amortized Cost			34

Consolidated Investment Related Gains and Losses			36

Appendix

Reconciliations of GAAP to Non-GAAP Measures			37

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

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

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

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


Reinsurance Group of America, Incorporated
Financial Highlights

	Three Months Ended															Current Qtr			Year-to-Date
(USD millions, except in force & per share and shares data)	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,		Dec. 31,
	2023			2023			2023			2023			2022			Quarter			2023		2022		Change

Net premiums	$	4,108		$	4,255		$	3,337		$	3,385		$	3,446		$	662		$	15,085	$	13,078	$	2,007
Net income (loss) available to RGA's shareholders	158			287			205			252			291			(133)			902		517		385
Adjusted operating income	316			372			297			349			312			4			1,334		927		407
Adjusted operating income excluding notable items (1)	316			372			297			349			266			50			1,334		1,111		223
Return on equity	11.4		%	13.9		%	9.2		%	7.8		%	6.8		%	4.6		%
Adjusted operating return on equity (ex AOCI)	14.5		%	14.7		%	10.9		%	11.2		%	10.5		%	4.0		%
Adjusted operating return on equity (ex AOCI and notable items (1))	14.4		%	14.0		%	13.0		%	13.1		%	12.5		%	1.9		%

Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income (loss)	$	2.40		$	4.34		$	3.09		$	3.77		$	4.36		$	(1.96)		$	13.60	$	7.73	$	5.87
Adjusted operating income (loss)	$	4.80		$	5.64		$	4.46		$	5.22		$	4.67		$	0.13		$	20.12	$	13.85	$	6.27
Adjusted operating income (loss) excluding notable items (1)	$	4.80		$	5.64		$	4.46		$	5.22		$	3.97		$	0.83		$	20.12	$	16.59	$	3.53
Diluted earnings per share (2)
Net income (loss)	$	2.37		$	4.29		$	3.05		$	3.72		$	4.30		$	(1.93)		$	13.44	$	7.64	$	5.80
Adjusted operating income (loss)	$	4.73		$	5.57		$	4.40		$	5.16		$	4.60		$	0.13		$	19.88	$	13.69	$	6.19
Adjusted operating income (loss) excluding notable items (1)	$	4.73		$	5.57		$	4.40		$	5.16		$	3.91		$	0.82		$	19.88	$	16.40	$	3.48
Wgt. average common shares outstanding
Basic	65,853			66,127			66,518			66,779			66,748			(895)			66,317		66,945		(628)
Diluted	66,721			66,914			67,420			67,615			67,793			(1,072)			67,117		67,703		(586)

Book value per share	$	138.39		$	122.40		$	117.87		$	114.60		$	106.19		$	32.20		$	138.39	$	106.19	$	32.20
Book value per share, excluding AOCI	$	144.01		$	142.63		$	138.99		$	136.56		$	134.26		$	9.75		$	144.01	$	134.26	$	9.75

Shareholders’ dividends paid	$	56		$	56		$	54		$	53		$	53		$	3		$	219	$	205	$	14
Share buybacks	$	50		$	50		$	50		$	50		$	25		$	25		$	200	$	75	$	125
Total returned to shareholders	$	106		$	106		$	104		$	103		$	78		$	28		$	419	$	280	$	139

Common shares issued	85,311			85,311			85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	19,690			19,439			19,099			18,771			18,635			1,055			19,690		18,635		1,055
Common shares outstanding	65,621			65,872			66,212			66,540			66,676			(1,055)			65,621		66,676		(1,055)

Assumed life reinsurance in force (in billions)	$	3,704.1		$	3,499.4		$	3,479.5		$	3,426.7		$	3,400.7		$	303.4
Assumed new business production (in billions)	$	97.6		$	96.7		$	88.2		$	80.6		$	92.5		$	5.1		$	363.1	$	408.9	$	(45.8)


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


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

(USD millions)	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	4,108	$	4,255	$	3,337	$	3,385	$	3,446	$	662	$	15,085	$	13,078	$	2,007
Net investment income	956		922		857		856		828		128		3,591		3,161		430
Investment related gains (losses), net	(155)		(126)		(123)		(77)		(6)		(149)		(481)		(539)		58
Other revenue	98		102		85		87		89		9		372		527		(155)
Total revenues	5,007		5,153		4,156		4,251		4,357		650		18,567		16,227		2,340
Benefits and expenses:
Claims and other policy benefits	3,837		3,959		3,013		3,063		3,125		712		13,872		11,982		1,890
Future policy benefits remeasurement (gains) losses	33		(82)		13		(26)		(11)		44		(62)		291		(353)
Market risk benefits remeasurement (gains) losses	28		(21)		(31)		14		(19)		47		(10)		10		(20)
Interest credited	217		223		209		215		214		3		864		682		182
Policy acquisition costs and other insurance expenses	369		348		349		331		323		46		1,397		1,344		53
Other operating expenses	290		274		275		250		289		1		1,089		1,009		80
Interest expense	69		72		63		53		55		14		257		191		66
Total benefits and expenses	4,843		4,773		3,891		3,900		3,976		867		17,407		15,509		1,898
Income (loss) before income taxes	164		380		265		351		381		(217)		1,160		718		442
Provision for income taxes	4		91		58		98		88		(84)		251		197		54
Net income (loss)	160		289		207		253		293		(133)		909		521		388
Net income attributable to noncontrolling interest	2		2		2		1		2		—		7		4		3
Net income (loss) available to RGA's shareholders	$	158	$	287	$	205	$	252	$	291	$	(133)	$	902	$	517	$	385
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes	$	164	$	380	$	265	$	351	$	381	$	(217)	$	1,160	$	718	$	442
Investment and derivative (gains) losses (1)	(18)		134		117		127		(46)		28		360		425		(65)
Market risk benefits remeasurement (gains) losses	28		(21)		(31)		14		(19)		47		(10)		10		(20)
Change in fair value of funds withheld embedded derivatives (1)	181		(1)		20		(37)		67		114		163		173		(10)
Funds withheld (gains) losses - investment income	(3)		(4)		2		—		2		(5)		(5)		24		(29)
EIA embedded derivatives - interest credited	5		(7)		3		(7)		1		4		(6)		(53)		47
Investment (income) loss on unit-linked variable annuities	(3)		2		2		—		2		(5)		1		24		(23)
Interest credited on unit-linked variable annuities	3		(2)		(2)		—		(2)		5		(1)		(24)		23
Interest expense on uncertain tax positions	(1)		1		—		—		—		(1)		—		—		—
Other	30		(1)		—		8		1		29		37		(80)		117
Adjusted operating income before income taxes	386		481		376		456		387		(1)		1,699		1,217		482
Notable items (2)	—		(3)		—		—		(61)		61		(3)		242		(245)
Adjusted operating income before income taxes excluding notable items	$	386	$	478	$	376	$	456	$	326	$	60	$	1,696	$	1,459	$	237

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


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

(USD millions)	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
After-tax adjusted operating income reconciliation:
GAAP net income (loss) attributable to RGA	$	158	$	287	$	205	$	252	$	291	$	(133)	$	902	$	517	$	385
Investment and derivative (gains) losses (1)	(14)		104		88		102		(14)		—		280		352		(72)
Market risk benefits remeasurement (gains) losses	22		(17)		(24)		11		(15)		37		(8)		8		(16)
Change in fair value of funds withheld embedded derivatives (1)	143		(1)		16		(29)		53		90		129		137		(8)
Funds withheld (gains) losses - investment income	(2)		(4)		2		—		2		(4)		(4)		19		(23)
EIA embedded derivatives - interest credited	4		(6)		3		(6)		1		3		(5)		(42)		37
Investment (income) loss on unit-linked variable annuities	(2)		1		2		—		2		(4)		1		19		(18)
Interest credited on unit-linked variable annuities	2		(1)		(2)		—		(2)		4		(1)		(19)		18
Interest expense on uncertain tax positions	(1)		1		—		—		—		(1)		—		—		—
Other	23		—		—		6		1		22		29		(63)		92
Uncertain tax positions and other tax related items	(19)		6		5		12		(9)		(10)		4		(5)		9
Net income attributable to noncontrolling interest	2		2		2		1		2		—		7		4		3
Adjusted operating income	316		372		297		349		312		4		1,334		927		407
Notable items (2)	—		—		—		—		(46)		46		—		184		(184)
Adjusted operating income excluding notable items	$	316	$	372	$	297	$	349	$	266	$	50	$	1,334	$	1,111	$	223

Diluted earnings per share - adjusted operating income (loss) (3)	$	4.73	$	5.57	$	4.40	$	5.16	$	4.60	$	0.13	$	19.88	$	13.69	$	6.19
Diluted earnings per share - adjusted operating income (loss) excluding notable items (3)	$	4.73	$	5.57	$	4.40	$	5.16	$	3.91	$	0.82	$	19.88	$	16.40	$	3.48

Foreign currency effect on (4):
Net premiums	$	18	$	13	$	(45)	$	(112)	$	(164)	$	182	$	(126)	$	(490)	$	364
Adjusted operating income (loss) before income taxes	$	3	$	1	$	(6)	$	(16)	$	(18)	$	21	$	(18)	$	(48)	$	30


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


Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2023		2023		2023		2023		2022
Assets
Fixed maturity securities available-for-sale, at fair value	$	60,467	$	54,171	$	56,236	$	56,085	$	52,901
Equity securities, at fair value	139		133		136		138		134
Mortgage loans	7,377		7,231		7,038		6,833		6,590
Policy loans	1,206		1,180		1,202		1,221		1,231
Funds withheld at interest	5,683		5,725		5,862		5,976		6,003
Limited partnerships and real estate joint ventures	2,635		2,560		2,473		2,405		2,327
Short-term investments	222		141		224		246		154
Other invested assets	1,171		1,091		1,119		1,111		1,140
Total investments	78,900		72,232		74,290		74,015		70,480
Cash and cash equivalents	2,970		2,820		2,598		3,294		2,927
Accrued investment income	759		744		702		672		630
Premiums receivable and other reinsurance balances	3,528		3,279		3,321		3,114		3,013
Reinsurance ceded receivables and other	5,448		2,818		2,664		2,723		2,671
Deferred policy acquisition costs	4,617		4,289		4,286		4,257		4,128
Other assets	1,401		1,240		1,179		1,045		1,055
Total assets	$	97,623	$	87,422	$	89,040	$	89,120	$	84,904
Liabilities and equity
Future policy benefits	$	41,231	$	36,474	$	38,239	$	38,222	$	35,689
Interest-sensitive contract liabilities	30,273		29,365		29,910		30,405		30,342
Market risk benefits, at fair value	258		224		235		261		247
Other policy claims and benefits	2,730		2,654		2,579		2,558		2,480
Other reinsurance balances	1,103		750		858		851		725
Deferred income taxes	1,862		1,601		1,424		1,446		1,383
Other liabilities	2,085		1,750		1,477		1,497		1,486
Funds withheld payable	4,483		2,001		1,573		1,709		1,420
Long-term debt	4,427		4,450		4,850		4,455		3,961
Total liabilities	88,452		79,269		81,145		81,404		77,733
Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,544		2,534		2,522		2,506		2,502
Retained earnings	8,805		8,713		8,483		8,336		8,169
Treasury stock	(1,900)		(1,852)		(1,803)		(1,756)		(1,720)
Accumulated other comprehensive income (loss), net of taxes (AOCI):
Accumulated currency translation adjustment	68		(33)		26		(94)		(116)
Unrealized (depreciation) appreciation of securities	(3,667)		(6,659)		(4,879)		(4,393)		(5,496)
Effect of updating discount rates on future policy benefits	3,256		5,366		3,460		3,034		3,755
Change in instrument-specific credit risk for market risk benefits	3		7		13		14		13
Pension and postretirement benefits	(29)		(14)		(18)		(22)		(27)
Total RGA, Inc. shareholders’ equity	9,081		8,063		7,805		7,626		7,081
Noncontrolling interest	90		90		90		90		90
Total equity	9,171		8,153		7,895		7,716		7,171
Total liabilities and equity	$	97,623	$	87,422	$	89,040	$	89,120	$	84,904
Total RGA, Inc. shareholders’ equity, excluding AOCI	$	9,450	$	9,396	$	9,203	$	9,087	$	8,952

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


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

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2023			2023			2023			2023			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	1,912		$	1,746		$	1,750		$	1,615		$	1,778		$	134		$	7,023		$	6,590		$	433
Net investment income	210			195			180			193			224			(14)			778			900			(122)
Investment related gains (losses), net	6			2			(1)			(1)			6			—			6			48			(42)
Other revenue	2			6			3			5			5			(3)			16			27			(11)
Total revenues	2,130			1,949			1,932			1,812			2,013			117			7,823			7,565			258

Benefits and expenses:
Claims and other policy benefits	1,779			1,611			1,592			1,447			1,642			137			6,429			6,133			296
Future policy benefits remeasurement (gains) losses	63			(20)			24			7			10			53			74			262			(188)
Interest credited	20			19			18			18			17			3			75			69			6
Policy acquisition costs and other insurance expenses	184			184			187			175			178			6			730			722			8
Other operating expenses	54			50			49			44			52			2			197			184			13
Total benefits and expenses	2,100			1,844			1,870			1,691			1,899			201			7,505			7,370			135

Income (loss) before income taxes	$	30		$	105		$	62		$	121		$	114		$	(84)		$	318		$	195		$	123

Loss and expense ratios:
Loss ratio (1)	96.3		%	91.1		%	92.3		%	90.0		%	92.9		%	3.4		%	92.6		%	97.0		%	(4.4)		%
Policy acquisition costs and other insurance expenses	9.6		%	10.5		%	10.7		%	10.8		%	10.0		%	(0.4)		%	10.4		%	11.0		%	(0.6)		%
Other operating expenses	2.8		%	2.9		%	2.8		%	2.7		%	2.9		%	(0.1)		%	2.8		%	2.8		%	—		%

Foreign currency effect on (2):
Net premiums	$	3		$	5		$	3		$	2		$	1		$	2		$	13		$	2		$	11
Income (loss) before income taxes	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

Assumed life reinsurance in force (in billions)	$	1,703.6		$	1,693.1		$	1,685.3		$	1,676.8		$	1,672.2		$	31.4
Assumed new business production (in billions)	$	47.9		$	36.7		$	35.6		$	34.1		$	36.4		$	11.5		$	154.3		$	145.9		$	8.4

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

(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.


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
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2023			2023			2023			2023			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	1,912		$	1,746		$	1,750		$	1,615		$	1,778		$	134		$	7,023		$	6,590		$	433
Net investment income	211			195			180			193			224			(13)			779			900			(121)
Other revenue	2			6			3			5			5			(3)			16			27			(11)
Total revenues	2,125			1,947			1,933			1,813			2,007			118			7,818			7,517			301

Benefits and expenses:
Claims and other policy benefits	1,779			1,611			1,592			1,447			1,642			137			6,429			6,133			296
Future policy benefits remeasurement (gains) losses	63			(20)			24			7			10			53			74			262			(188)
Interest credited	20			19			18			18			17			3			75			69			6
Policy acquisition costs and other insurance expenses	184			184			187			175			178			6			730			722			8
Other operating expenses	54			50			49			44			52			2			197			184			13
Total benefits and expenses	2,100			1,844			1,870			1,691			1,899			201			7,505			7,370			135

Adjusted operating income (loss) before income taxes	25			103			63			122			108			(83)			313			147			166
Notable items (1)	—			17			—			—			—			—			17			170			(153)
Adjusted operating income (loss) excluding notable items, before income taxes	$	25		$	120		$	63		$	122		$	108		$	(83)		$	330		$	317		$	13

Loss and expense ratios:
Loss ratio (2)	96.3		%	91.1		%	92.3		%	90.0		%	92.9		%	3.4		%	92.6		%	97.0		%	(4.4)		%
Policy acquisition costs and other insurance expenses	9.6		%	10.5		%	10.7		%	10.8		%	10.0		%	(0.4)		%	10.4		%	11.0		%	(0.6)		%
Other operating expenses	2.8		%	2.9		%	2.8		%	2.7		%	2.9		%	(0.1)		%	2.8		%	2.8		%	—		%

Foreign currency effect on (3):
Net premiums	$	3		$	5		$	3		$	2		$	1		$	2		$	13		$	2		$	11
Adjusted operating income (loss) before income taxes	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	521	$	820	$	17	$	163	$	24	$	497	$	1,521	$	66	$	1,455
Net investment income	293		298		278		280		287		6		1,149		1,054		95
Investment related gains (losses), net	(158)		(63)		(68)		20		(128)		(30)		(269)		(342)		73
Other revenue	36		35		26		25		25		11		122		111		11
Total revenues	692		1,090		253		488		208		484		2,523		889		1,634

Benefits and expenses:
Claims and other policy benefits	585		851		45		199		52		533		1,680		205		1,475
Future policy benefits remeasurement (gains) losses	1		(25)		(1)		(4)		(2)		3		(29)		(28)		(1)
Market risk benefits remeasurement (gains) losses	28		(21)		(31)		14		(19)		47		(10)		10		(20)
Interest credited	126		137		133		129		148		(22)		525		486		39
Policy acquisition costs and other insurance expenses	77		45		47		46		47		30		215		169		46
Other operating expenses	15		14		13		11		14		1		53		46		7
Total benefits and expenses	832		1,001		206		395		240		592		2,434		888		1,546

Income (loss) before income taxes	$	(140)	$	89	$	47	$	93	$	(32)	$	(108)	$	89	$	1	$	88

Assumed life reinsurance in force (in billions)	$	10.3	$	5.1	$	5.2	$	5.2	$	5.2	$	5.1
Assumed new business production (in billions)	$	5.2	$	—	$	—	$	—	$	—	$	5.2	$	5.2	$	—	$	5.2

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	521	$	820	$	17	$	163	$	24	$	497	$	1,521	$	66	$	1,455
Net investment income	289		291		279		276		286		3		1,135		1,058		77
Other revenue	36		35		26		25		25		11		122		111		11
Total revenues	846		1,146		322		464		335		511		2,778		1,235		1,543

Benefits and expenses:
Claims and other policy benefits	551		851		45		199		52		499		1,646		205		1,441
Future policy benefits remeasurement (gains) losses	1		(25)		(1)		(4)		(2)		3		(29)		(28)		(1)
Interest credited	121		144		130		136		147		(26)		531		539		(8)
Policy acquisition costs and other insurance expenses	77		45		47		38		47		30		207		169		38
Other operating expenses	15		14		13		11		14		1		53		46		7
Total benefits and expenses	765		1,029		234		380		258		507		2,408		931		1,477

Adjusted operating income (loss) before income taxes	81		117		88		84		77		4		370		304		66
Notable items (1)	—		(22)		—		—		—		—		(22)		(3)		(19)
Adjusted operating income (loss) excluding notable items, before income taxes	$	81	$	95	$	88	$	84	$	77	$	4	$	348	$	301	$	47



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

(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".


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

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

Fixed annuities (deferred)	$	10,331		$	11,066		$	11,361		$	11,699		$	12,046
Equity-indexed annuities	$	2,354		$	2,469		$	2,580		$	2,701		$	2,817
Bank-owned life insurance (BOLI) and universal life	$	2,091		$	2,480		$	2,494		$	2,505		$	2,500
Other policyholder account balances	$	47		$	51		$	52		$	75		$	75

Variable annuities account balances
No riders	$	624		$	578		$	599		$	598		$	672
GMDB only	739			742			738			734			771
GMIB only	13			16			16			16			20
GMAB only	2			2			2			2			2
GMWB only	858			814			883			866			863
GMDB / WB	162			156			169			168			165
Other	11			12			13			12			15
Total variable annuities account balances	$	2,409		$	2,320		$	2,420		$	2,396		$	2,508

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

Guaranteed investment contracts, funding agreements and immediate annuities	$	690		$	707		$	843		$	828		$	848

Future policy benefits (at original discount rate) associated with:
Payout annuities	$	4,524		$	4,909		$	4,181		$	4,231		$	4,153
Other future policy benefits	$	60		$	60		$	62		$	58		$	59

Liability for market risk benefits:

Equity-indexed annuities	$	159		$	135		$	140		$	144		$	132
Variable annuities (liability)	$	99		$	89		$	95		$	117		$	115
Variable annuities (asset)	$	9		$	8		$	6		$	2		$	—

Net interest spread (1)	1.3		%	1.3		%	1.4		%	1.2		%	1.2		%

(1) Net interest spread for Asset-Intensive is calculated as net investment income less interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents.


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	$	—	$	1	$	—	$	1	$	1	$	(1)	$	2	$	5	$	(3)
Other revenue	24		24		25		26		26		(2)		99		152		(53)
Total revenues	24		25		25		27		27		(3)		101		157		(56)

Benefits and expenses:
Policy acquisition costs and other insurance expenses	1		2		2		2		—		1		7		1		6
Other operating expenses	3		4		2		4		3		—		13		12		1
Total benefits and expenses	4		6		4		6		3		1		20		13		7

Income before income taxes	$	20	$	19	$	21	$	21	$	24	$	(4)	$	81	$	144	$	(63)

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	$	—	$	1	$	—	$	1	$	1	$	(1)	$	2	$	5	$	(3)
Other revenue	24		24		25		26		26		(2)		99		152		(53)
Total revenues	24		25		25		27		27		(3)		101		157		(56)

Benefits and expenses:
Policy acquisition costs and other insurance expenses	1		2		2		2		—		1		7		1		6
Other operating expenses	3		4		2		4		3		—		13		12		1
Total benefits and expenses	4		6		4		6		3		1		20		13		7

Adjusted operating income (loss) before income taxes	$	20	$	19	$	21	$	21	$	24	$	(4)	$	81	$	144	$	(63)
Notable items (1)	—		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	20	$	19	$	21	$	21	$	24	$	(4)	$	81	$	144	$	(63)

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

(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".


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

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2023			2023			2023			2023			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	311		$	302		$	307		$	295		$	308		$	3		$	1,215		$	1,219		$	(4)
Net investment income	62			62			61			61			66			(4)			246			250			(4)
Investment related gains (losses), net	3			—			4			2			5			(2)			9			2			7
Other revenue	—			2			1			1			1			(1)			4			4			—
Total revenues	376			366			373			359			380			(4)			1,474			1,475			(1)

Benefits and expenses:
Claims and other policy benefits	294			284			282			270			285			9			1,130			1,129			1
Future policy benefits remeasurement (gains) losses	4			16			(1)			3			(10)			14			22			(2)			24
Interest credited	—			1			—			—			—			—			1			—			1
Policy acquisition costs and other insurance expenses	46			46			47			45			44			2			184			203			(19)
Other operating expenses	11			13			10			12			11			—			46			41			5
Total benefits and expenses	355			360			338			330			330			25			1,383			1,371			12

Income before income taxes	$	21		$	6		$	35		$	29		$	50		$	(29)		$	91		$	104		$	(13)

Loss and expense ratios:
Loss ratio (1)	95.8		%	99.3		%	91.5		%	92.5		%	89.3		%	6.5		%	94.8		%	92.5		%	2.3		%
Policy acquisition costs and other insurance expenses	14.8		%	15.2		%	15.3		%	15.3		%	14.3		%	0.5		%	15.1		%	16.7		%	(1.6)		%
Other operating expenses	3.5		%	4.3		%	3.3		%	4.1		%	3.6		%	(0.1)		%	3.8		%	3.4		%	0.4		%

Foreign currency effect on (2):
Net premiums	$	(1)		$	(8)		$	(16)		$	(20)		$	(23)		$	22		$	(45)		$	(47)		$	2
Income before income taxes	$	4		$	(1)		$	(2)		$	(2)		$	(3)		$	7		$	(1)		$	(4)		$	3

Creditor reinsurance net premiums	$	18		$	17		$	18		$	18		$	17		$	1		$	71		$	73		$	(2)

Assumed life reinsurance in force (in billions)	$	493.5		$	477.2		$	484.6		$	469.5		$	463.6		$	29.9
Assumed new business production (in billions)	$	11.1		$	11.0		$	11.2		$	10.8		$	11.9		$	(0.8)		$	44.1		$	48.2		$	(4.1)

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.


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

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2023			2023			2023			2023			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	311		$	302		$	307		$	295		$	308		$	3		$	1,215		$	1,219		$	(4)
Net investment income	62			64			61			62			67			(5)			249			252			(3)
Investment related gains, net	2			—			1			1			1			1			4			4			—
Other revenue	—			2			1			1			1			(1)			4			4			—
Total revenues	375			368			370			359			377			(2)			1,472			1,479			(7)

Benefits and expenses:
Claims and other policy benefits	294			284			282			270			285			9			1,130			1,129			1
Future policy benefits remeasurement (gains) losses	4			16			(1)			3			(10)			14			22			(2)			24
Interest credited	—			1			—			—			—			—			1			—			1
Policy acquisition costs and other insurance expenses	46			46			47			45			44			2			184			203			(19)
Other operating expenses	11			11			10			12			11			—			44			41			3
Total benefits and expenses	355			358			338			330			330			25			1,381			1,371			10

Adjusted operating income (loss) before income taxes	20			10			32			29			47			(27)			91			108			(17)
Notable items (1)	—			13			—			—			(5)			5			13			1			12
Adjusted operating income excluding notable items, before income taxes	$	20		$	23		$	32		$	29		$	42		$	(22)		$	104		$	109		$	(5)

Loss and expense ratios:
Loss ratio (2)	95.8		%	99.3		%	91.5		%	92.5		%	89.3		%	6.5		%	94.8		%	92.5		%	2.3		%
Policy acquisition costs and other insurance expenses	14.8		%	15.2		%	15.3		%	15.3		%	14.3		%	0.5		%	15.1		%	16.7		%	(1.6)		%
Other operating expenses	3.5		%	3.6		%	3.3		%	4.1		%	3.6		%	(0.1)		%	3.6		%	3.4		%	0.2		%

Foreign currency effect on (3):
Net premiums	$	(1)		$	(8)		$	(16)		$	(20)		$	(23)		$	22		$	(45)		$	(47)		$	2
Adjusted operating income before income taxes	$	5		$	(1)		$	(2)		$	(2)		$	(3)		$	8		$	—		$	(4)		$	4

Creditor reinsurance net premiums	$	18		$	17		$	18		$	18		$	17		$	1		$	71		$	73		$	(2)

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

(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	22	$	22	$	23	$	23	$	23	$	(1)	$	90	$	95	$	(5)
Net investment income	1		1		1		1		1		—		4		5		(1)
Other revenue	4		3		2		3		4		—		12		10		2
Total revenues	27		26		26		27		28		(1)		106		110		(4)

Benefits and expenses:
Claims and other policy benefits	19		18		20		21		20		(1)		78		86		(8)
Future policy benefits remeasurement (gains) losses	—		(23)		(2)		(5)		(3)		3		(30)		(12)		(18)
Policy acquisition costs and other insurance expenses	—		1		—		1		1		(1)		2		2		—
Other operating expenses	2		—		2		—		1		1		4		3		1
Total benefits and expenses	21		(4)		20		17		19		2		54		79		(25)

Income before income taxes	$	6	$	30	$	6	$	10	$	9	$	(3)	$	52	$	31	$	21

Foreign currency effect on (2):
Net premiums	$	1	$	(1)	$	(2)	$	(1)	$	(2)	$	3	$	(3)	$	(4)	$	1
Income before income taxes	$	—	$	—	$	—	$	(1)	$	—	$	—	$	(1)	$	(1)	$	—

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	22	$	22	$	23	$	23	$	23	$	(1)	$	90	$	95	$	(5)
Net investment income	1		1		1		1		1		—		4		5		(1)
Other revenue	4		3		2		3		4		—		12		10		2
Total revenues	27		26		26		27		28		(1)		106		110		(4)

Benefits and expenses:
Claims and other policy benefits	19		18		20		21		20		(1)		78		86		(8)
Future policy benefits remeasurement (gains) losses	—		(23)		(2)		(5)		(3)		3		(30)		(12)		(18)
Policy acquisition costs and other insurance expenses	—		1		—		1		1		(1)		2		2		—
Other operating expenses	2		—		2		—		1		1		4		3		1
Total benefits and expenses	21		(4)		20		17		19		2		54		79		(25)

Adjusted operating income (loss) before income taxes	6		30		6		10		9		(3)		52		31		21
Notable items (2)	—		(22)		—		—		—		—		(22)		—		(22)
Adjusted operating income excluding notable items, before income taxes	$	6	$	8	$	6	$	10	$	9	$	(3)	$	30	$	31	$	(1)

Foreign currency effect on (3):
Net premiums	$	1	$	(1)	$	(2)	$	(1)	$	(2)	$	3	$	(3)	$	(4)	$	1
Adjusted operating income before income taxes	$	(1)	$	—	$	—	$	(1)	$	—	$	(1)	$	(2)	$	(1)	$	(1)

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


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

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2023			2023			2023			2023			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	461		$	447		$	429		$	438		$	422		$	39		$	1,775		$	1,736		$	39
Net investment income	22			23			23			23			21			1			91			76			15
Other revenue	1			1			(1)			(1)			3			(2)			—			6			(6)
Total revenues	484			471			451			460			446			38			1,866			1,818			48

Benefits and expenses:
Claims and other policy benefits	420			429			383			390			404			16			1,622			1,586			36
Future policy benefits remeasurement (gains) losses	1			43			12			(8)			(10)			11			48			(15)			63
Policy acquisition costs and other insurance expenses	22			25			21			18			16			6			86			77			9
Other operating expenses	33			34			31			33			33			—			131			124			7
Total benefits and expenses	476			531			447			433			443			33			1,887			1,772			115

Income (loss) before income taxes	$	8		$	(60)		$	4		$	27		$	3		$	5		$	(21)		$	46		$	(67)

Loss and expense ratios:
Loss ratio (1)	91.3		%	105.6		%	92.1		%	87.2		%	93.4		%	(2.1)		%	94.1		%	90.5		%	3.6		%
Policy acquisition costs and other insurance expenses	4.8		%	5.6		%	4.9		%	4.1		%	3.8		%	1.0		%	4.8		%	4.4		%	0.4		%
Other operating expenses	7.2		%	7.6		%	7.2		%	7.5		%	7.8		%	(0.6)		%	7.4		%	7.1		%	0.3		%

Foreign currency effect on (2):
Net premiums	$	14		$	20		$	(6)		$	(41)		$	(53)		$	67		$	(13)		$	(183)		$	170
Income (loss) before income taxes	$	1		$	(4)		$	1		$	(1)		$	—		$	1		$	(3)		$	(3)		$	—

Critical illness net premiums	$	37		$	34		$	35		$	33		$	33		$	4		$	139		$	149		$	(10)

Assumed life reinsurance in force (in billions)	$	960.1		$	814.5		$	802.3		$	759.6		$	735.4		$	224.7
Assumed new business production (in billions)	$	16.1		$	30.9		$	36.6		$	30.1		$	35.6		$	(19.5)		$	113.7		$	169.4		$	(55.7)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.


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

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2023			2023			2023			2023			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	461		$	447		$	429		$	438		$	422		$	39		$	1,775		$	1,736		$	39
Net investment income	22			23			23			23			21			1			91			76			15
Other revenue	1			1			(1)			(1)			3			(2)			—			6			(6)
Total revenues	484			471			451			460			446			38			1,866			1,818			48

Benefits and expenses:
Claims and other policy benefits	420			429			383			390			404			16			1,622			1,586			36
Future policy benefits remeasurement (gains) losses	1			43			12			(8)			(10)			11			48			(15)			63
Policy acquisition costs and other insurance expenses	22			25			21			18			16			6			86			77			9
Other operating expenses	33			33			31			33			33			—			130			124			6
Total benefits and expenses	476			530			447			433			443			33			1,886			1,772			114

Adjusted operating income (loss) before income taxes	8			(59)			4			27			3			5			(20)			46			(66)
Notable items (1)	—			47			—			—			—			—			47			13			34
Adjusted operating income excluding notable items, before income taxes	$	8		$	(12)		$	4		$	27		$	3		$	5		$	27		$	59		$	(32)

Loss and expense ratios:
Loss ratio (2)	91.3		%	105.6		%	92.1		%	87.2		%	93.4		%	(2.1)		%	94.1		%	90.5		%	3.6		%
Policy acquisition costs and other insurance expenses	4.8		%	5.6		%	4.9		%	4.1		%	3.8		%	1.0		%	4.8		%	4.4		%	0.4		%
Other operating expenses	7.2		%	7.4		%	7.2		%	7.5		%	7.8		%	(0.6)		%	7.3		%	7.1		%	0.2		%

Foreign currency effect on (3):
Net premiums	$	14		$	20		$	(6)		$	(41)		$	(53)		$	67		$	(13)		$	(183)		$	170
Adjusted operating income (loss) before income taxes	$	1		$	(4)		$	1		$	(1)		$	—		$	1		$	(3)		$	(3)		$	—

Critical illness net premiums	$	37		$	34		$	35		$	33		$	33		$	4		$	139		$	149		$	(10)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	125	$	118	$	90	$	125	$	127	$	(2)	$	458	$	486	$	(28)
Net investment income	62		56		45		46		44		18		209		151		58
Investment related gains (losses), net	(8)		(21)		(9)		(6)		(11)		3		(44)		(26)		(18)
Other revenue	1		7		4		4		6		(5)		16		15		1
Total revenues	180		160		130		169		166		14		639		626		13

Benefits and expenses:
Claims and other policy benefits	96		95		68		104		106		(10)		363		428		(65)
Future policy benefits remeasurement (gains) losses	(42)		(33)		(5)		(9)		(12)		(30)		(89)		(21)		(68)
Interest credited	3		(2)		(2)		—		(2)		5		(1)		(24)		23
Policy acquisition costs and other insurance expenses	1		2		2		2		2		(1)		7		7		—
Other operating expenses	16		14		15		13		16		—		58		54		4
Total benefits and expenses	74		76		78		110		110		(36)		338		444		(106)

Income before income taxes	$	106	$	84	$	52	$	59	$	56	$	50	$	301	$	182	$	119

Foreign currency effect on (2):
Net premiums	$	6	$	9	$	(1)	$	(12)	$	(17)	$	23	$	2	$	(56)	$	58
Income before income taxes	$	5	$	6	$	—	$	(6)	$	(4)	$	9	$	5	$	(17)	$	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) Compared to comparable prior year period.


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	125	$	118	$	90	$	125	$	127	$	(2)	$	458	$	486	$	(28)
Net investment income	59		59		48		49		48		11		215		193		22
Investment related gains (losses), net	(2)		2		4		1		4		(6)		5		18		(13)
Other revenue	1		7		4		4		6		(5)		16		15		1
Total revenues	183		186		146		179		185		(2)		694		712		(18)

Benefits and expenses:
Claims and other policy benefits	96		95		68		104		106		(10)		363		428		(65)
Future policy benefits remeasurement (gains) losses	(42)		(33)		(5)		(9)		(12)		(30)		(89)		(21)		(68)

Policy acquisition costs and other insurance expenses	1		2		2		2		2		(1)		7		7		—
Other operating expenses	16		14		15		13		16		—		58		54		4
Total benefits and expenses	71		78		80		110		112		(41)		339		468		(129)

Adjusted operating income (loss) before income taxes	112		108		66		69		73		39		355		244		111
Notable items (2)	—		(34)		—		—		(14)		14		(34)		(14)		(20)
Adjusted operating income excluding notable items, before income taxes	$	112	$	74	$	66	$	69	$	59	$	53	$	321	$	230	$	91

Foreign currency effect on (3):
Net premiums	$	6	$	9	$	(1)	$	(12)	$	(17)	$	23	$	2	$	(56)	$	58
Adjusted operating income before income taxes	$	5	$	8	$	—	$	(7)	$	(6)	$	11	$	6	$	(27)	$	33

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


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

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2023			2023			2023			2023			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	709		$	737		$	677		$	662		$	700		$	9		$	2,785		$	2,650		$	135
Net investment income	59			60			62			61			55			4			242			199			43
Investment related gains (losses), net	1			1			2			3			3			(2)			7			12			(5)
Other revenue	(1)			3			11			3			—			(1)			16			21			(5)
Total revenues	768			801			752			729			758			10			3,050			2,882			168

Benefits and expenses:
Claims and other policy benefits	594			604			579			563			548			46			2,340			2,192			148
Future policy benefits remeasurement (gains) losses	6			(39)			(14)			(9)			9			(3)			(56)			100			(156)
Policy acquisition costs and other insurance expenses	40			46			44			46			44			(4)			176			190			(14)
Other operating expenses	58			56			54			50			57			1			218			206			12
Total benefits and expenses	698			667			663			650			658			40			2,678			2,688			(10)

Income (loss) before income taxes	$	70		$	134		$	89		$	79		$	100		$	(30)		$	372		$	194		$	178

Loss and expense ratios:
Loss ratio (1)	84.6		%	76.7		%	83.5		%	83.7		%	79.6		%	5.0		%	82.0		%	86.5		%	(4.5)		%
Policy acquisition costs and other insurance expenses	5.6		%	6.2		%	6.5		%	6.9		%	6.3		%	(0.7)		%	6.3		%	7.2		%	(0.9)		%
Other operating expenses	8.2		%	7.6		%	8.0		%	7.6		%	8.1		%	0.1		%	7.8		%	7.8		%	—		%

Foreign currency effect on (2):
Net premiums	$	(3)		$	(10)		$	(21)		$	(33)		$	(61)		$	58		$	(67)		$	(172)		$	105
Income (loss) before income taxes	$	—		$	—		$	(2)		$	(3)		$	(6)		$	6		$	(5)		$	(1)		$	(4)

Critical illness net premiums	$	344		$	368		$	341		$	299		$	324		$	20		$	1,352		$	1,216		$	136

Assumed life reinsurance in force (in billions)	$	528.6		$	501.8		$	495.4		$	508.2		$	518.6		$	10.0
Assumed new business production (in billions)	$	17.3		$	17.1		$	4.7		$	3.9		$	8.6		$	8.7		$	43.0		$	45.3		$	(2.3)

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.


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

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2023			2023			2023			2023			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	709		$	737		$	677		$	662		$	700		$	9		$	2,785		$	2,650		$	135
Net investment income	59			60			62			61			55			4			242			199			43
Investment related gains (losses), net	1			1			2			3			3			(2)			7			12			(5)
Other revenue	(1)			3			11			3			—			(1)			16			21			(5)
Total revenues	768			801			752			729			758			10			3,050			2,882			168

Benefits and expenses:
Claims and other policy benefits	594			604			579			563			548			46			2,340			2,192			148
Future policy benefits remeasurement (gains) losses	6			(39)			(14)			(9)			9			(3)			(56)			100			(156)
Policy acquisition costs and other insurance expenses	40			46			44			46			44			(4)			176			190			(14)
Other operating expenses	57			56			54			50			57			—			217			206			11
Total benefits and expenses	697			667			663			650			658			39			2,677			2,688			(11)

Adjusted operating income (loss) before income taxes	71			134			89			79			100			(29)			373			194			179
Notable items (1)	—			(2)			—			—			(42)			42			(2)			75			(77)
Adjusted operating income excluding notable items, before income taxes	$	71		$	132		$	89		$	79		$	58		$	13		$	371		$	269		$	102

Loss and expense ratios:
Loss ratio (2)	84.6		%	76.7		%	83.5		%	83.7		%	79.6		%	5.0		%	82.0		%	86.5		%	(4.5)		%
Policy acquisition costs and other insurance expenses	5.6		%	6.2		%	6.5		%	6.9		%	6.3		%	(0.7)		%	6.3		%	7.2		%	(0.9)		%
Other operating expenses	8.0		%	7.6		%	8.0		%	7.6		%	8.1		%	(0.1)		%	7.8		%	7.8		%	—		%

Foreign currency effect on (3):
Net premiums	$	(3)		$	(10)		$	(21)		$	(33)		$	(61)		$	58		$	(67)		$	(172)		$	105
Adjusted operating income (loss) before income taxes	$	1		$	(1)		$	(3)		$	(2)		$	(6)		$	7		$	(5)		$	(1)		$	(4)

Critical illness net premiums	$	344		$	368		$	341		$	299		$	324		$	20		$	1,352		$	1,216		$	136

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	47	$	63	$	44	$	64	$	64	$	(17)	$	218	$	236	$	(18)
Net investment income	136		117		125		108		94		42		486		270		216
Investment related gains (losses), net	61		(66)		(51)		(51)		83		(22)		(107)		(205)		98
Other revenue	9		16		18		10		—		9		53		174		(121)
Total revenues	253		130		136		131		241		12		650		475		175

Benefits and expenses:
Claims and other policy benefits	50		67		44		69		68		(18)		230		223		7
Future policy benefits remeasurement (gains) losses	—		(1)		—		(1)		7		(7)		(2)		7		(9)
Interest credited	49		54		46		54		39		10		203		119		84
Policy acquisition costs and other insurance expenses	25		21		19		16		12		13		81		60		21
Other operating expenses	7		5		7		6		6		1		25		20		5
Total benefits and expenses	131		146		116		144		132		(1)		537		429		108

Income (loss) before income taxes	$	122	$	(16)	$	20	$	(13)	$	109	$	13	$	113	$	46	$	67

Foreign currency effect on (2):
Net premiums	$	(2)	$	(2)	$	(2)	$	(7)	$	(9)	$	7	$	(13)	$	(30)	$	17
Income (loss) before income taxes	$	(6)	$	1	$	—	$	—	$	(17)	$	11	$	(5)	$	14	$	(19)

Assumed life reinsurance in force (in billions)	$	8.0	$	7.7	$	6.7	$	7.4	$	5.7	$	2.3
Assumed new business production (in billions)	$	—	$	1.0	$	0.1	$	1.7	$	—	$	—	$	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.


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	47	$	63	$	44	$	64	$	64	$	(17)	$	218	$	236	$	(18)
Net investment income	136		117		125		108		94		42		486		270		216
Investment related gains, net	2		2		4		4		5		(3)		12		17		(5)
Other revenue	12		8		5		8		7		5		33		67		(34)
Total revenues	197		190		178		184		170		27		749		590		159

Benefits and expenses:
Claims and other policy benefits	50		67		44		69		68		(18)		230		223		7
Future policy benefits remeasurement (gains) losses	—		(1)		—		(1)		7		(7)		(2)		7		(9)
Interest credited	49		54		46		54		39		10		203		119		84
Policy acquisition costs and other insurance expenses	25		21		19		16		12		13		81		60		21
Other operating expenses	7		5		7		6		6		1		25		20		5
Total benefits and expenses	131		146		116		144		132		(1)		537		429		108

Adjusted operating income (loss) before income taxes	66		44		62		40		38		28		212		161		51
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	66	$	44	$	62	$	40	$	38	$	28	$	212	$	161	$	51

Foreign currency effect on (3):
Net premiums	$	(2)	$	(2)	$	(2)	$	(7)	$	(9)	$	7	$	(13)	$	(30)	$	17
Adjusted operating income before income taxes	$	(2)	$	(2)	$	(2)	$	(3)	$	(3)	$	1	$	(9)	$	(14)	$	5

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	$	111	$	109	$	82	$	82	$	35	$	76	$	384	$	251	$	133
Investment related gains (losses), net	(60)		21		—		(44)		36		(96)		(83)		(28)		(55)
Other revenue	22		5		(4)		11		19		3		34		7		27
Total revenues	73		135		78		49		90		(17)		335		230		105

Benefits and expenses:
Interest credited	19		14		14		14		12		7		61		32		29
Policy acquisition costs and other insurance income	(27)		(24)		(20)		(20)		(21)		(6)		(91)		(87)		(4)
Other operating expenses	91		84		92		77		96		(5)		344		319		25
Interest expense	69		72		63		53		55		14		257		191		66
Total benefits and expenses	152		146		149		124		142		10		571		455		116

Loss before income taxes	$	(79)	$	(11)	$	(71)	$	(75)	$	(52)	$	(27)	$	(236)	$	(225)	$	(11)

Foreign currency effect on (1):
Loss before income taxes	$	(5)	$	1	$	(1)	$	—	$	(7)	$	2	$	(5)	$	(3)	$	(2)

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	$	111	$	109	$	82	$	82	$	35	$	76	$	384	$	251	$	133
Investment related gains, net	5		2		3		4		2		3		14		8		6
Other revenue	15		9		6		13		13		2		43		34		9
Total revenues	131		120		91		99		50		81		441		293		148

Benefits and expenses:
Interest credited	19		14		14		14		12		7		61		32		29
Policy acquisition costs and other insurance income	(27)		(24)		(20)		(20)		(21)		(6)		(91)		(87)		(4)
Other operating expenses	92		84		89		77		96		(4)		342		319		23
Interest expense	70		71		63		53		55		15		257		191		66
Total benefits and expenses	154		145		146		124		142		12		569		455		114

Adjusted operating income (loss) before income taxes	(23)		(25)		(55)		(25)		(92)		69		(128)		(162)		34
Notable items (1)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	(23)	$	(25)	$	(55)	$	(25)	$	(92)	$	69	$	(128)	$	(162)	$	34

Foreign currency effect on (2):
Adjusted operating income (loss) before income taxes	$	(6)	$	1	$	—	$	—	$	—	$	(6)	$	(5)	$	2	$	(7)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Compared to comparable prior year period.


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
U.S. and Latin America:
Traditional	$	30	$	105	$	62	$	121	$	114	$	(84)	$	318	$	195	$	123
Financial Solutions:
Asset Intensive	(140)		89		47		93		(32)		(108)		89		1		88
Capital Solutions	20		19		21		21		24		(4)		81		144		(63)
Total U.S. and Latin America	(90)		213		130		235		106		(196)		488		340		148
Canada:
Traditional	21		6		35		29		50		(29)		91		104		(13)
Financial Solutions	6		30		6		10		9		(3)		52		31		21
Total Canada	27		36		41		39		59		(32)		143		135		8
Europe, Middle East and Africa:
Traditional	8		(60)		4		27		3		5		(21)		46		(67)
Financial Solutions	106		84		52		59		56		50		301		182		119
Total Europe, Middle East and Africa	114		24		56		86		59		55		280		228		52
Asia Pacific:
Traditional	70		134		89		79		100		(30)		372		194		178
Financial Solutions	122		(16)		20		(13)		109		13		113		46		67
Total Asia Pacific	192		118		109		66		209		(17)		485		240		245
Corporate and Other	(79)		(11)		(71)		(75)		(52)		(27)		(236)		(225)		(11)
Consolidated income (loss) before income taxes	$	164	$	380	$	265	$	351	$	381	$	(217)	$	1,160	$	718	$	442

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
U.S. and Latin America:
Traditional	$	25	$	103	$	63	$	122	$	108	$	(83)	$	313	$	147	$	166
Financial Solutions:
Asset Intensive	81		117		88		84		77		4		370		304		66
Capital Solutions	20		19		21		21		24		(4)		81		144		(63)
Total U.S. and Latin America	126		239		172		227		209		(83)		764		595		169
Canada:
Traditional	20		10		32		29		47		(27)		91		108		(17)
Financial Solutions	6		30		6		10		9		(3)		52		31		21
Total Canada	26		40		38		39		56		(30)		143		139		4
Europe, Middle East and Africa:
Traditional	8		(59)		4		27		3		5		(20)		46		(66)
Financial Solutions	112		108		66		69		73		39		355		244		111
Total Europe, Middle East and Africa	120		49		70		96		76		44		335		290		45
Asia Pacific:
Traditional	71		134		89		79		100		(29)		373		194		179
Financial Solutions	66		44		62		40		38		28		212		161		51
Total Asia Pacific	137		178		151		119		138		(1)		585		355		230
Corporate and Other	(23)		(25)		(55)		(25)		(92)		69		(128)		(162)		34
Consolidated adjusted operating income (loss) before income taxes	386		481		376		456		387		(1)		1,699		1,217		482
Notable items (1)	—		(3)		—		—		(61)		61		(3)		242		(245)
Consolidated adjusted operating income (loss) excluding notable items before income taxes	$	386	$	478	$	376	$	456	$	326	$	60	$	1,696	$	1,459	$	237

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Cash and Invested Assets

	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2023		2023		2023		2023		2022
Fixed maturity securities, available-for-sale (1)	$	60,467	$	54,171	$	56,236	$	56,085	$	52,901
Equity securities	139		133		136		138		134
Mortgage loans	7,377		7,231		7,038		6,833		6,590
Policy loans	1,206		1,180		1,202		1,221		1,231
Funds withheld at interest	5,683		5,725		5,862		5,976		6,003
Limited partnerships and real estate joint ventures	2,635		2,560		2,473		2,405		2,327
Short-term investments	222		141		224		246		154
Other invested assets	1,171		1,091		1,119		1,111		1,140
Cash and cash equivalents	2,970		2,820		2,598		3,294		2,927
Total cash and invested assets	$	81,870	$	75,052	$	76,888	$	77,309	$	73,407

(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
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY		Dec. 31,			Dec. 31,
	2023			2023			2023			2023			2022			Quarter		2023			2022			Change
Average invested assets at amortized cost (1)	$	37,169		$	37,051		$	36,124		$	35,863		$	35,300		$	1,869	$	35,921		$	34,398		$	1,523
Net investment income (1)	$	443		$	430		$	393		$	415		$	386		$	57	$	1,681		$	1,614		$	67
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.86		%	4.72		%	4.42		%	4.71		%	4.45		%	41 bps		4.68		%	4.69		%	(1) bp
Variable investment income ("VII") (included in net investment income) (1)	$	44		$	39		$	17		$	39		$	42		$	2	$	139		$	291		$	(152)
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)	4.60		%	4.51		%	4.43		%	4.45		%	4.14		%	46 bps		4.50		%	4.00		%	50 bps

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


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities

	December 31, 2023
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	42,014	$	62	$	554	$	3,751	$	38,755	64.1	%
Canadian government	3,477		—		473		33		3,917		6.5	%
Japanese government	3,630		—		3		502		3,131		5.2	%
ABS	4,661		12		19		239		4,429		7.3	%
CMBS	1,969		1		7		202		1,773		2.9	%
RMBS	1,173		—		8		102		1,079		1.8	%
U.S. government	2,725		—		9		214		2,520		4.2	%
State and political subdivisions	1,236		—		7		129		1,114		1.8	%
Other foreign government	4,092		—		45		388		3,749		6.2	%
Total fixed maturity securities	$	64,977	$	75	$	1,125	$	5,560	$	60,467	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	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Corporate Fixed Maturity Securities by Industry

	December 31, 2023							December 31, 2022
	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)
Financial institutions
Banking	$	6,474	$	6,109	15.8	%	A-	$	6,281	$	5,672	16.7	%	A-
Brokerage/asset managers/exchanges	1,320		1,194		3.1	%	A-	1,302		1,115		3.3	%	A-
Finance companies	367		330		0.9	%	BBB+	410		350		1.0	%	BBB
Insurance	4,507		4,086		10.5	%	A-	4,452		3,851		11.3	%	A-
REITs	1,401		1,269		3.2	%	BBB+	1,205		1,013		3.0	%	BBB+
Other finance	983		801		2.1	%	A-	901		679		2.0	%	A-
Total financial institutions	$	15,052	$	13,789	35.6	%		$	14,551	$	12,680	37.3	%
Industrials
Basic	$	1,940	$	1,797	4.6	%	BBB+	$	1,921	$	1,690	5.0	%	BBB
Capital goods	1,664		1,531		4.0	%	BBB	1,734		1,550		4.6	%	BBB
Communications	2,853		2,635		6.8	%	BBB	2,517		2,136		6.3	%	BBB
Consumer cyclical	2,286		2,139		5.5	%	BBB+	1,997		1,748		5.1	%	BBB+
Consumer noncyclical	5,057		4,661		12.0	%	BBB+	4,625		4,052		11.9	%	BBB+
Energy	2,317		2,171		5.6	%	A-	2,050		1,801		5.3	%	BBB+
Technology	1,899		1,819		4.7	%	BBB+	1,617		1,461		4.3	%	BBB+
Transportation	2,286		2,100		5.4	%	A-	2,160		1,859		5.5	%	BBB+
Other industrial	1,111		1,082		2.8	%	BBB	1,003		960		2.8	%	BBB
Total industrials	$	21,413	$	19,935	51.4	%		$	19,624	$	17,257	50.8	%
Utilities
Electric	$	4,371	$	3,973	10.3	%	A-	$	3,779	$	3,200	9.4	%	A-
Natural gas	770		694		1.8	%	A-	664		553		1.7	%	A-
Other utility	408		364		0.9	%	BBB+	345		279		0.8	%	BBB+
Total utilities	$	5,549	$	5,031	13.0	%		$	4,788	$	4,032	11.9	%
Total	$	42,014	$	38,755	100.0	%	BBB+	$	38,963	$	33,969	100.0	%	BBB+

(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.


Ratings of Fixed Maturity Securities

		December 31, 2023						September 30, 2023						June 30, 2023						March 31, 2023						December 31, 2022
NAIC Designation (1)	Rating Agency Designation (2)	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
1	AAA/AA/A	$	41,469	$	38,739	64.1	%	$	38,876	$	33,799	62.4	%	$	38,928	$	35,512	63.1	%	$	38,291	$	35,308	63.0	%	$	36,217	$	32,295	61.1	%
2	BBB	19,793		18,261		30.2	%	19,959		17,134		31.6	%	19,840		17,517		31.2	%	19,832		17,658		31.5	%	20,188		17,580		33.2	%
3	BB	3,068		2,956		4.9	%	2,902		2,780		5.1	%	2,919		2,801		5.0	%	2,811		2,698		4.8	%	2,734		2,607		5.0	%
4	B	479		396		0.7	%	439		368		0.7	%	347		328		0.6	%	402		340		0.6	%	397		331		0.6	%
5	CCC	116		92		0.1	%	104		81		0.2	%	99		69		0.1	%	100		69		0.1	%	103		71		0.1	%
6	In or near default	52		23		—	%	52		9		—	%	52		9		—	%	58		12		—	%	24		17		—	%
	Total	$	64,977	$	60,467	100.0	%	$	62,332	$	54,171	100.0	%	$	62,185	$	56,236	100.0	%	$	61,494	$	56,085	100.0	%	$	59,663	$	52,901	100.0	%

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


Structured Fixed Maturity Securities

	December 31, 2023						September 30, 2023						June 30, 2023						March 31, 2023						December 31, 2022
	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
ABS:
Collateralized loan obligations ("CLOs")	$	2,086	$	2,048	28.1	%	$	2,022	$	1,967	28.2	%	$	1,936	$	1,857	26.9	%	$	1,880	$	1,775	26.1	%	$	1,825	$	1,702	26.4	%
ABS, excluding CLOs	2,575		2,381		32.7	%	2,540		2,269		32.5	%	2,574		2,308		33.5	%	2,590		2,328		34.2	%	2,499		2,176		33.8	%
Total ABS	4,661		4,429		60.8	%	4,562		4,236		60.7	%	4,510		4,165		60.4	%	4,470		4,103		60.3	%	4,324		3,878		60.2	%
CMBS	1,969		1,773		24.3	%	1,959		1,710		24.5	%	1,932		1,699		24.6	%	1,882		1,670		24.6	%	1,835		1,623		25.2	%
RMBS:
Agency	444		398		5.5	%	454		388		5.6	%	464		413		6.0	%	473		432		6.4	%	476		427		6.6	%
Non-agency	729		681		9.4	%	718		642		9.2	%	681		624		9.0	%	647		592		8.7	%	578		514		8.0	%
Total RMBS	1,173		1,079		14.9	%	1,172		1,030		14.8	%	1,145		1,037		15.0	%	1,120		1,024		15.1	%	1,054		941		14.6	%
Total	$	7,803	$	7,281	100.0	%	$	7,693	$	6,976	100.0	%	$	7,587	$	6,901	100.0	%	$	7,472	$	6,797	100.0	%	$	7,213	$	6,442	100.0	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of December 31, 2023
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	2,134	$	70	$	24,207	$	3,524	$	26,341	$	3,594
Canadian government	—		—		459		33		459		33
Japanese government	876		50		2,193		452		3,069		502
ABS	336		5		3,025		223		3,361		228
CMBS	160		5		1,328		190		1,488		195
RMBS	115		3		681		99		796		102
U.S. government	614		10		717		204		1,331		214
State and political subdivisions	73		1		864		128		937		129
Other foreign government	254		3		2,290		333		2,544		336
Total investment grade securities	$	4,562	$	147	$	35,764	$	5,186	$	40,326	$	5,333

Below investment grade securities:
Corporate	$	295	$	36	$	649	$	121	$	944	$	157
ABS	—		—		68		10		68		10
CMBS	—		—		4		1		4		1
Other foreign government	—		—		193		52		193		52
Total below investment grade securities	$	295	$	36	$	914	$	184	$	1,209	$	220
Total fixed maturity securities	$	4,857	$	183	$	36,678	$	5,370	$	41,535	$	5,553

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


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of December 31, 2022
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	21,867	$	2,756	$	6,840	$	2,225	$	28,707	$	4,981
Canadian government	554		42		71		23		625		65
Japanese government	815		86		1,694		392		2,509		478
ABS	1,596		153		1,931		269		3,527		422
CMBS	1,314		144		281		65		1,595		209
RMBS	664		62		181		53		845		115
U.S. government	1,202		64		253		148		1,455		212
State and political subdivisions	819		124		131		50		950		174
Other foreign government	1,942		167		1,026		260		2,968		427
Total investment grade securities	$	30,773	$	3,598	$	12,408	$	3,485	$	43,181	$	7,083


Below investment grade securities:
Corporate	$	767	$	87	$	305	$	61	$	1,072	$	148
ABS	52		6		38		9		90		15
Other foreign government	39		2		164		60		203		62
Total below investment grade securities	$	858	$	95	$	507	$	130	$	1,365	$	225
Total fixed maturity securities	$	31,631	$	3,693	$	12,915	$	3,615	$	44,546	$	7,308

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


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Consolidated Investment Related Gains and Losses

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	$	(7)	$	7	$	4	$	(42)	$	15	$	(22)	$	(38)	$	(6)	$	(32)
Impairments on fixed maturities	(2)		—		—		(1)		(2)		—		(3)		(17)		14
Realized gains on investment activity	18		12		11		31		127		(109)		72		192		(120)
Realized losses on investment activity	(102)		(61)		(37)		(75)		(160)		58		(275)		(396)		121
Net gains (losses) on fixed maturity securities available-for-sale	(93)		(42)		(22)		(87)		(20)		(73)		(244)		(227)		(17)

Net gains (losses) on equity securities	3		(2)		(4)		2		(5)		8		(1)		(21)		20
Change in mortgage loan allowance for credit losses	7		(17)		(9)		3		(8)		15		(16)		(16)		—
Change in fair value of certain limited partnership investments	16		25		10		(3)		9		7		48		38		10
Other, net	—		7		15		2		—		—		24		26		(2)

Free-standing derivatives (1):
Interest rate swaps	59		(64)		(30)		20		(2)		61		(15)		(131)		116
Interest rate options	(23)		16		(3)		(23)		(9)		(14)		(33)		3		(36)
Total return swaps	14		(8)		5		3		22		(8)		14		21		(7)
Interest rate futures	(1)		—		2		—		1		(2)		1		6		(5)
Foreign currency swaps	(3)		8		12		—		(6)		3		17		21		(4)
Foreign currency swaps - hedged	(2)		(1)		—		(1)		1		(3)		(4)		6		(10)
Foreign currency forwards	32		(37)		(74)		(19)		61		(29)		(98)		(93)		(5)
Equity options	(6)		3		(11)		(14)		(15)		9		(28)		14		(42)
Equity futures	(23)		11		(10)		(9)		(11)		(12)		(31)		22		(53)
Credit default swaps	47		(26)		10		11		37		10		42		(66)		108
CPI swaps	(1)		—		6		1		6		(7)		6		31		(25)
Total free-standing derivatives	93		(98)		(93)		(31)		85		8		(129)		(166)		37

Embedded derivatives	(181)		1		(20)		37		(67)		(114)		(163)		(173)		10

Net gains (losses) on total derivatives	(88)		(97)		(113)		6		18		(106)		(292)		(339)		47

Total investment related gains (losses), net	$	(155)	$	(126)	$	(123)	$	(77)	$	(6)	$	(149)	$	(481)	$	(539)	$	58

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
U.S. & Latin America Traditional
Income (loss) before income taxes	$	30	$	105	$	62	$	121	$	114	$	(84)	$	318	$	195	$	123
Investment and derivative (gains) losses (1)	(2)		—		—		—		1		(3)		(2)		—		(2)
Funds withheld losses - investment income	1		—		—		—		—		1		1		—		1
Change in fair value of funds withheld embedded derivatives (1)	(4)		(2)		1		1		(7)		3		(4)		(48)		44
Adjusted operating income (loss) before income taxes	25		103		63		122		108		(83)		313		147		166
Notable items (2)	—		17		—		—		—		—		17		170		(153)
Adjusted operating income excluding notable items, before income taxes	$	25	$	120	$	63	$	122	$	108	$	(83)	$	330	$	317	$	13

U.S. & Latin America Asset-Intensive
Income (loss) before income taxes	$	(140)	$	89	$	47	$	93	$	(32)	$	(108)	$	89	$	1	$	88
Market risk benefits remeasurement (gains) losses	28		(21)		(31)		14		(19)		47		(10)		10		(20)
Investment and derivative (gains) losses (1)	(27)		62		49		18		54		(81)		102		121		(19)
Change in fair value of funds withheld embedded derivatives (1)	185		1		19		(38)		74		111		167		221		(54)
Funds withheld (gains) losses - investment income	(4)		(7)		1		(4)		(1)		(3)		(14)		4		(18)
EIA embedded derivatives - interest credited	5		(7)		3		(7)		1		4		(6)		(53)		47
Other	34		—		—		8		—		34		42		—		42
Adjusted operating income (loss) before income taxes	81		117		88		84		77		4		370		304		66
Notable items (2)	—		(22)		—		—		—		—		(22)		(3)		(19)
Adjusted operating income (loss) excluding notable items, before income taxes	$	81	$	95	$	88	$	84	$	77	$	4	$	348	$	301	$	47

U.S. & Latin America Capital Solutions
Income (loss) before income taxes	$	20	$	19	$	21	$	21	$	24	$	(4)	$	81	$	144	$	(63)
Adjusted operating income (loss) before income taxes	20		19		21		21		24		(4)		81		144		(63)
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	20	$	19	$	21	$	21	$	24	$	(4)	$	81	$	144	$	(63)

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
Canada Traditional
Income (loss) before income taxes	$	21	$	6	$	35	$	29	$	50	$	(29)	$	91	$	104	$	(13)
Investment and derivative (gains) losses (1)	(1)		—		(3)		(1)		(4)		3		(5)		2		(7)
Investment income - non-operating FWAI	—		2		—		1		1		(1)		3		2		1
Other	—		2		—		—		—		—		2		—		2
Adjusted operating income (loss) before income taxes	20		10		32		29		47		(27)		91		108		(17)
Notable items (2)	—		13		—		—		(5)		5		13		1		12
Adjusted operating income (loss) excluding notable items, before income taxes	$	20	$	23	$	32	$	29	$	42	$	(22)	$	104	$	109	$	(5)

Canada Financial Solutions
Income before income taxes	$	6	$	30	$	6	$	10	$	9	$	(3)	$	52	$	31	$	21
Adjusted operating income (loss) before income taxes	6		30		6		10		9		(3)		52		31		21
Notable items (2)	—		(22)		—		—		—		—		(22)		—		(22)
Adjusted operating income (loss) excluding notable items, before income taxes	$	6	$	8	$	6	$	10	$	9	$	(3)	$	30	$	31	$	(1)

Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	8	$	(60)	$	4	$	27	$	3	$	5	$	(21)	$	46	$	(67)
Other	—		1		—		—		—		—		1		—		1
Adjusted operating income (loss) before income taxes	8		(59)		4		27		3		5		(20)		46		(66)
Notable items (2)	—		47		—		—		—		—		47		13		34
Adjusted operating income (loss) excluding notable items, before income taxes	$	8	$	(12)	$	4	$	27	$	3	$	5	$	27	$	59	$	(32)

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	106	$	84	$	52	$	59	$	56	$	50	$	301	$	182	$	119
Investment and derivative losses (1)	6		23		13		7		15		(9)		49		44		5
Investment income - non-operating FWAI	—		1		1		3		2		(2)		5		18		(13)
Investment (income) loss on unit-linked variable annuities	(3)		2		2		—		2		(5)		1		24		(23)
Interest credited on unit-linked variable annuities	3		(2)		(2)		—		(2)		5		(1)		(24)		23
Adjusted operating income (loss) before income taxes	112		108		66		69		73		39		355		244		111
Notable items (2)	—		(34)		—		—		(14)		14		(34)		(14)		(20)
Adjusted operating income (loss) excluding notable items, before income taxes	$	112	$	74	$	66	$	69	$	59	$	53	$	321	$	230	$	91

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2023		2023		2023		2023		2022		Quarter		2023		2022		Change
Asia Pacific Traditional
Income (loss) before income taxes	$	70	$	134	$	89	$	79	$	100	$	(30)	$	372	$	194	$	178
Other	1		—		—		—		—		1		1		—		1
Adjusted operating income (loss) before income taxes	71		134		89		79		100		(29)		373		194		179
Notable items (2)	—		(2)		—		—		(42)		42		(2)		75		(77)
Adjusted operating income (loss) excluding notable items, before income taxes	$	71	$	132	$	89	$	79	$	58	$	13	$	371	$	269	$	102

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	122	$	(16)	$	20	$	(13)	$	109	$	13	$	113	$	46	$	67
Investment and derivative (gains) losses (1)	(59)		68		55		55		(78)		19		119		222		(103)
Other	3		(8)		(13)		(2)		7		(4)		(20)		(107)		87
Adjusted operating income (loss) before income taxes	66		44		62		40		38		28		212		161		51
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	66	$	44	$	62	$	40	$	38	$	28	$	212	$	161	$	51

Corporate and Other
Income (loss) before income taxes	$	(79)	$	(11)	$	(71)	$	(75)	$	(52)	$	(27)	$	(236)	$	(225)	$	(11)
Investment and derivative (gains) losses (1)	65		(19)		3		48		(34)		99		97		36		61
Interest expense on uncertain tax positions	(1)		1		—		—		—		(1)		—		—		—
Other	(8)		4		13		2		(6)		(2)		11		27		(16)
Adjusted operating income (loss) before income taxes	(23)		(25)		(55)		(25)		(92)		69		(128)		(162)		34
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	(23)	$	(25)	$	(55)	$	(25)	$	(92)	$	69	$	(128)	$	(162)	$	34

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


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

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

RGA, Inc. shareholders’ equity	$	9,081	$	8,063	$	7,805	$	7,626	$	7,081
Less effect of AOCI:
Accumulated currency translation adjustments	68		(33)		26		(94)		(116)
Unrealized (depreciation) appreciation of securities	(3,667)		(6,659)		(4,879)		(4,393)		(5,496)
Effect of updating discount rates on future policy benefits	3,256		5,366		3,460		3,034		3,755
Change in instrument-specific credit risk for market risk benefits	3		7		13		14		13
Pension and postretirement benefits	(29)		(14)		(18)		(22)		(27)
RGA, Inc. shareholders’ equity, excluding AOCI	9,450		9,396		9,203		9,087		8,952
Year-to-date notable items, net of tax (1)	—		—		—		—		184
RGA, Inc. shareholders’ equity, excluding AOCI and notable items	$	9,450	$	9,396	$	9,203	$	9,087	$	9,136

(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".


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

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

Book value per share	$	138.39	$	122.40	$	117.87	$	114.60	$	106.19
Less effect of AOCI:
Accumulated currency translation adjustment	1.04		(0.49)		0.38		(1.41)		(1.73)
Unrealized (depreciation) appreciation of securities	(55.88)		(101.10)		(73.69)		(66.02)		(82.44)
Effect of updating discount rates on future policy benefits	49.62		81.46		52.26		45.59		56.32
Change in instrument-specific credit risk for market risk benefits	0.05		0.11		0.20		0.22		0.19
Pension and postretirement benefits	(0.45)		(0.21)		(0.27)		(0.34)		(0.41)
Book value per share, excluding AOCI	$	144.01	$	142.63	$	138.99	$	136.56	$	134.26