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


Notes			1

Consolidated

Financial Highlights			2

Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)			3

Consolidated Balance Sheets			5

Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements

U.S. and Latin America Traditional			6

U.S. and Latin America Financial Solutions			8

Canada Traditional			11

Canada Financial Solutions			13

Europe, Middle East and Africa Traditional			15

Europe, Middle East and Africa Financial Solutions			17

Asia Pacific Traditional			19

Asia Pacific Financial Solutions			21

Corporate and Other			23

Summary of Segment GAAP Income			25

Summary of Segment Adjusted Operating Income			26

Investments

Cash and Invested Assets and Investment Income and Yield Summary			27

Fixed Maturity Securities			28

Corporate Fixed Maturity Securities by Industry			29

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities			30

Fixed Maturity Securities Below Amortized Cost			31

Consolidated Investment Related Gains and Losses			33

Appendix

Reconciliations of GAAP to Non-GAAP Measures			34

Non-GAAP Disclosures			39

In the first quarter of 2024, the Company updated the presentation of the financial results for the U.S. and Latin America Financial Solutions segment by combining the financial results for “Asset-Intensive” and “Capital Solutions” businesses. This change in presentation better aligns the presentation of the U.S. and Latin America Financial Solutions segment’s financial results with the Company's management of these businesses and with reporting for the other Financial Solutions segments. This change in presentation did not affect any previously or expected future reported results for the U.S. and Latin America Financial Solutions segment.


Reinsurance Group of America, Incorporated
Financial Highlights

	Three Months Ended															Current Qtr
(USD millions, except in force and per share and shares data)	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2024			2023			2023			2023			2023			Quarter

Net premiums	$	5,376		$	4,108		$	4,255		$	3,337		$	3,385		$	1,991
Net income (loss) available to RGA's shareholders	210			158			287			205			252			(42)
Adjusted operating income	401			316			372			297			349			52
Adjusted operating income excluding notable items (1)	401			316			372			297			349			52
Return on equity	10.2		%	11.4		%	13.9		%	9.2		%	7.8		%	2.4		%
Adjusted operating return on equity (ex AOCI)	14.8		%	14.5		%	14.7		%	10.9		%	11.2		%	3.6		%
Adjusted operating return on equity (ex AOCI and notable items (1))	14.8		%	14.4		%	14.0		%	13.0		%	13.1		%	1.7		%
Adjusted operating return on equity (ex AOCI and effect of B36 items)	14.8		%	14.4		%	14.7		%	10.9		%	11.2		%	3.6		%

Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income	$	3.20		$	2.40		$	4.34		$	3.09		$	3.77		$	(0.57)
Adjusted operating income	$	6.09		$	4.80		$	5.64		$	4.46		$	5.22		$	0.87
Adjusted operating income excluding notable items (1)	$	6.09		$	4.80		$	5.64		$	4.46		$	5.22		$	0.87
Diluted earnings per share
Net income	$	3.16		$	2.37		$	4.29		$	3.05		$	3.72		$	(0.56)
Adjusted operating income	$	6.02		$	4.73		$	5.57		$	4.40		$	5.16		$	0.86
Adjusted operating income excluding notable items (1)	$	6.02		$	4.73		$	5.57		$	4.40		$	5.16		$	0.86
Wgt. average common shares outstanding
Basic	65,739			65,853			66,127			66,518			66,779			(1,040)
Diluted	66,559			66,721			66,914			67,420			67,615			(1,056)

Book value per share	$	143.92		$	138.39		$	122.40		$	117.87		$	114.60		$	29.32
Book value per share, excluding AOCI	$	145.83		$	144.01		$	142.63		$	138.99		$	136.56		$	9.27
Book value per share, excluding AOCI and B36	$	146.96		$	146.07		$	142.51		$	138.88		$	136.22		$	10.74

Shareholders’ dividends paid	$	56		$	56		$	56		$	54		$	53		$	3
Share buybacks	—			50			50			50			50			(50)
Total returned to shareholders	$	56		$	106		$	106		$	104		$	103		$	(47)

Common shares issued	85,311			85,311			85,311			85,311			85,311			—
Treasury shares	19,523			19,690			19,439			19,099			18,771			752
Common shares outstanding	65,788			65,621			65,872			66,212			66,540			(752)

Assumed life reinsurance in force (in billions)	$	3,729.8		$	3,704.1		$	3,499.4		$	3,479.5		$	3,426.7		$	303.1
Assumed new business production (in billions)	$	109.1		$	97.6		$	96.7		$	88.2		$	80.6		$	28.5


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

(USD millions)	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2024		2023		2023		2023		2023		Quarter
Revenues:
Net premiums	$	5,376	$	4,108	$	4,255	$	3,337	$	3,385	$	1,991
Net investment income	961		956		922		857		856		105
Investment related gains (losses), net	(149)		(155)		(126)		(123)		(77)		(72)
Other revenue	149		98		102		85		87		62
Total revenues	6,337		5,007		5,153		4,156		4,251		2,086
Benefits and expenses:
Claims and other policy benefits	5,132		3,837		3,959		3,013		3,063		2,069
Future policy benefits remeasurement (gains) losses	(24)		33		(82)		13		(26)		2
Market risk benefits remeasurement (gains) losses	(35)		28		(21)		(31)		14		(49)
Interest credited	254		217		223		209		215		39
Policy acquisition costs and other insurance expenses	387		369		348		349		331		56
Other operating expenses	283		290		274		275		250		33
Interest expense	68		69		72		63		53		15
Total benefits and expenses	6,065		4,843		4,773		3,891		3,900		2,165
Income before income taxes	272		164		380		265		351		(79)
Provision for income taxes	60		4		91		58		98		(38)
Net income	212		160		289		207		253		(41)
Net income attributable to noncontrolling interest	2		2		2		2		1		1
Net income available to RGA's shareholders	$	210	$	158	$	287	$	205	$	252	$	(42)
Pre-tax adjusted operating income reconciliation:
Income before income taxes	$	272	$	164	$	380	$	265	$	351	$	(79)
Investment and derivative (gains) losses (1)	232		(18)		134		117		127		105
Market risk benefits remeasurement (gains) losses	(35)		28		(21)		(31)		14		(49)
Change in fair value of funds withheld embedded derivatives (1)	(77)		181		(1)		20		(37)		(40)
Funds withheld (gains) losses - investment income	(2)		(3)		(4)		2		—		(2)
EIA embedded derivatives - interest credited	13		5		(7)		3		(7)		20
Investment (income) loss on unit-linked variable annuities	1		(3)		2		2		—		1
Interest credited on unit-linked variable annuities	(1)		3		(2)		(2)		—		(1)
Interest expense on uncertain tax positions	—		(1)		1		—		—		—
Other (2)	113		30		(1)		—		8		105
Adjusted operating income before income taxes	516		386		481		376		456		60
Notable items (3)	—		—		(3)		—		—		—
Adjusted operating income before income taxes excluding notable items	$	516	$	386	$	478	$	376	$	456	$	60

(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) 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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2024		2023		2023		2023		2023		Quarter
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA	$	210	$	158	$	287	$	205	$	252	$	(42)
Investment and derivative (gains) losses (1)	185		(14)		104		88		102		83
Market risk benefits remeasurement (gains) losses	(28)		22		(17)		(24)		11		(39)
Change in fair value of funds withheld embedded derivatives (1)	(61)		143		(1)		16		(29)		(32)
Funds withheld (gains) losses - investment income	(2)		(2)		(4)		2		—		(2)
EIA embedded derivatives - interest credited	10		4		(6)		3		(6)		16
Investment (income) loss on unit-linked variable annuities	1		(2)		1		2		—		1
Interest credited on unit-linked variable annuities	(1)		2		(1)		(2)		—		(1)
Interest expense on uncertain tax positions	—		(1)		1		—		—		—
Other (2)	89		23		—		—		6		83
Uncertain tax positions and other tax related items	(4)		(19)		6		5		12		(16)
Net income attributable to noncontrolling interest	2		2		2		2		1		1
Adjusted operating income	401		316		372		297		349		52
Notable items (3)	—		—		—		—		—		—
Adjusted operating income excluding notable items	$	401	$	316	$	372	$	297	$	349	$	52

Diluted earnings per share - adjusted operating income (loss)	$	6.02	$	4.73	$	5.57	$	4.40	$	5.16	$	0.86
Diluted earnings per share - adjusted operating income (loss) excluding notable items	$	6.02	$	4.73	$	5.57	$	4.40	$	5.16	$	0.86

Foreign currency effect on (4):
Net premiums	$	(12)	$	18	$	13	$	(45)	$	(112)	$	100
Adjusted operating income (loss) before income taxes	$	1	$	3	$	1	$	(6)	$	(16)	$	17


(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(4) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2024		2023		2023		2023		2023
Assets
Fixed maturity securities available-for-sale, at fair value	$	65,827	$	60,467	$	54,171	$	56,236	$	56,085
Equity securities	144		139		133		136		138
Mortgage loans	7,539		7,377		7,231		7,038		6,833
Policy loans	1,198		1,206		1,180		1,202		1,221
Funds withheld at interest	5,642		5,683		5,725		5,862		5,976
Limited partnerships and real estate joint ventures	2,697		2,635		2,560		2,473		2,405
Short-term investments	327		222		141		224		246
Other invested assets	1,140		1,171		1,091		1,119		1,111
Total investments	84,514		78,900		72,232		74,290		74,015
Cash and cash equivalents	5,935		2,970		2,820		2,598		3,294
Accrued investment income	808		759		744		702		672
Premiums receivable and other reinsurance balances	3,342		3,528		3,279		3,321		3,114
Reinsurance ceded receivables and other	5,265		5,448		2,818		2,664		2,723
Deferred policy acquisition costs	4,673		4,617		4,289		4,286		4,257
Other assets	1,463		1,401		1,240		1,179		1,045
Total assets	$	106,000	$	97,623	$	87,422	$	89,040	$	89,120
Liabilities and equity
Future policy benefits	$	47,067	$	41,231	$	36,474	$	38,239	$	38,222
Interest-sensitive contract liabilities	31,319		30,273		29,365		29,910		30,405
Market risk benefits, at fair value	228		258		224		235		261
Other policy claims and benefits	2,753		2,730		2,654		2,579		2,558
Other reinsurance balances	874		1,103		750		858		851
Deferred income taxes	1,897		1,862		1,601		1,424		1,446
Other liabilities	3,468		2,085		1,750		1,477		1,497
Funds withheld payable	4,409		4,483		2,001		1,573		1,709
Long-term debt	4,427		4,427		4,450		4,850		4,455
Total liabilities	96,442		88,452		79,269		81,145		81,404
Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,549		2,544		2,534		2,522		2,506
Retained earnings	8,934		8,805		8,713		8,483		8,336
Treasury stock	(1,891)		(1,900)		(1,852)		(1,803)		(1,756)
Accumulated other comprehensive income, net of taxes (AOCI):
Accumulated currency translation adjustment	57		68		(33)		26		(94)
Unrealized (depreciation) appreciation of securities	(4,062)		(3,667)		(6,659)		(4,879)		(4,393)
Effect of updating discount rates on future policy benefits	3,906		3,256		5,366		3,460		3,034
Change instrument-specific credit risk for market risk benefits	3		3		7		13		14
Pension and postretirement benefits	(29)		(29)		(14)		(18)		(22)
Total RGA, Inc. shareholders’ equity	9,468		9,081		8,063		7,805		7,626
Noncontrolling interest	90		90		90		90		90
Total equity	9,558		9,171		8,153		7,895		7,716
Total liabilities and equity	$	106,000	$	97,623	$	87,422	$	89,040	$	89,120
Total RGA, Inc. shareholders’ equity, excluding AOCI	$	9,593	$	9,450	$	9,396	$	9,203	$	9,087

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
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2024			2023			2023			2023			2023			Quarter
Revenues:
Net premiums	$	1,715		$	1,912		$	1,746		$	1,750		$	1,615		$	100
Net investment income	205			210			195			180			193			12
Investment related gains (losses), net	(12)			6			2			(1)			(1)			(11)
Other revenue	6			2			6			3			5			1
Total revenues	1,914			2,130			1,949			1,932			1,812			102

Benefits and expenses:
Claims and other policy benefits	1,572			1,779			1,611			1,592			1,447			125
Future policy benefits remeasurement (gains) losses	(21)			63			(20)			24			7			(28)
Interest credited	19			20			19			18			18			1
Policy acquisition costs and other insurance expenses	175			184			184			187			175			—
Other operating expenses	53			54			50			49			44			9
Total benefits and expenses	1,798			2,100			1,844			1,870			1,691			107

Income before income taxes	$	116		$	30		$	105		$	62		$	121		$	(5)

Loss and expense ratios:
Loss ratio (1)	90.4		%	96.3		%	91.1		%	92.3		%	90.0		%	0.4		%
Policy acquisition costs and other insurance expenses	10.2		%	9.6		%	10.5		%	10.7		%	10.8		%	(0.6)		%
Other operating expenses	3.1		%	2.8		%	2.9		%	2.8		%	2.7		%	0.4		%

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

Assumed life reinsurance in force (in billions)	$	1,709.1		$	1,703.6		$	1,693.1		$	1,685.3		$	1,676.8		$	32.3
Assumed new business production (in billions)	$	41.0		$	47.9		$	36.7		$	35.6		$	34.1		$	6.9

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
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2024			2023			2023			2023			2023			Quarter
Revenues:
Net premiums	$	1,715		$	1,912		$	1,746		$	1,750		$	1,615		$	100
Net investment income	205			211			195			180			193			12
Other revenue	6			2			6			3			5			1
Total revenues	1,926			2,125			1,947			1,933			1,813			113

Benefits and expenses:
Claims and other policy benefits	1,572			1,779			1,611			1,592			1,447			125
Future policy benefits remeasurement (gains) losses	(21)			63			(20)			24			7			(28)
Interest credited	19			20			19			18			18			1
Policy acquisition costs and other insurance expenses	175			184			184			187			175			—
Other operating expenses	53			54			50			49			44			9
Total benefits and expenses	1,798			2,100			1,844			1,870			1,691			107

Adjusted operating income before income taxes	128			25			103			63			122			6
Notable items (1)	—			—			17			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	128		$	25		$	120		$	63		$	122		$	6

Loss and expense ratios:
Loss ratio (2)	90.4		%	96.3		%	91.1		%	92.3		%	90.0		%	0.4		%
Policy acquisition costs and other insurance expenses	10.2		%	9.6		%	10.5		%	10.7		%	10.8		%	(0.6)		%
Other operating expenses	3.1		%	2.8		%	2.9		%	2.8		%	2.7		%	0.4		%

Foreign currency effect on (3):
Net premiums	$	3		$	3		$	5		$	3		$	2		$	1
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
GAAP Income Statements
(USD millions)

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2024		2023		2023		2023		2023		Quarter
Revenues:
Net premiums	$	1,916	$	521	$	820	$	17	$	163	$	1,753
Net investment income	304		293		299		278		281		23
Investment related gains (losses), net	27		(158)		(63)		(68)		20		7
Other revenue	62		60		59		51		51		11
Total revenues	2,309		716		1,115		278		515		1,794

Benefits and expenses:
Claims and other policy benefits	2,079		585		851		45		199		1,880
Future policy benefits remeasurement (gains) losses	2		1		(25)		(1)		(4)		6
Market risk benefits remeasurement (gains) losses	(35)		28		(21)		(31)		14		(49)
Interest credited	148		126		137		133		129		19
Policy acquisition costs and other insurance expenses	80		78		47		49		48		32
Other operating expenses	18		18		18		15		15		3
Total benefits and expenses	2,292		836		1,007		210		401		1,891

Income (loss) before income taxes	$	17	$	(120)	$	108	$	68	$	114	$	(97)

Assumed life reinsurance in force (in billions)	$	10.1	$	10.3	$	5.1	$	5.2	$	5.2	$	4.9
Assumed new business production (in billions)	$	—	$	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
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2024		2023		2023		2023		2023		Quarter
Revenues:
Net premiums	$	1,916	$	521	$	820	$	17	$	163	$	1,753
Net investment income	303		289		292		279		277		26
Other revenue	62		60		59		51		51		11
Total revenues	2,281		870		1,171		347		491		1,790

Benefits and expenses:
Claims and other policy benefits	1,956		551		851		45		199		1,757
Future policy benefits remeasurement (gains) losses	2		1		(25)		(1)		(4)		6
Interest credited	135		121		144		130		136		(1)
Policy acquisition costs and other insurance expenses	80		78		47		49		40		40
Other operating expenses	18		18		18		15		15		3
Total benefits and expenses	2,191		769		1,035		238		386		1,805

Adjusted operating income before income taxes	90		101		136		109		105		(15)
Notable items (1)	—		—		(22)		—		—		—
Adjusted operating income before income taxes excluding notable items	$	90	$	101	$	114	$	109	$	105	$	(15)



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
(Continued)

	Three Months Ended
(USD millions, shown net of reinsurance ceded)	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2024			2023			2023			2023			2023
Policyholder account balances

Fixed annuities (deferred)	$	9,981		$	10,331		$	11,066		$	11,361		$	11,699
Equity-indexed annuities	$	2,234		$	2,354		$	2,469		$	2,580		$	2,701
Bank-owned life insurance (BOLI) and universal life	$	2,063		$	2,091		$	2,480		$	2,494		$	2,505
Other policyholder account balances	$	46		$	47		$	51		$	52		$	75

Variable annuities account balances
No riders	$	629		$	624		$	578		$	599		$	598
GMDB only	793			739			742			738			734
GMIB only	14			13			16			16			16
GMAB only	2			2			2			2			2
GMWB only	862			858			814			883			866
GMDB / WB	166			162			156			169			168
Other	11			11			12			13			12
Total variable annuities account balances	$	2,477		$	2,409		$	2,320		$	2,420		$	2,396

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

Guaranteed investment contracts, funding agreements and immediate annuities	$	693		$	690		$	707		$	843		$	828

Future policy benefits (at original discount rate) associated with:
Payout annuities	$	6,503		$	4,524		$	4,909		$	4,181		$	4,231
Other future policy benefits	$	59		$	60		$	60		$	62		$	58

Liability for market risk benefits:

Equity-indexed annuities	$	154		$	159		$	135		$	140		$	144
Variable annuities (liability)	$	74		$	99		$	89		$	95		$	117
Variable annuities (asset)	$	14		$	9		$	8		$	6		$	2

Net interest spread (1)	0.9		%	1.3		%	1.3		%	1.4		%	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
Canada Traditional
GAAP Income Statements
(USD millions)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2024			2023			2023			2023			2023			Quarter
Revenues:
Net premiums	$	318		$	311		$	302		$	307		$	295		$	23
Net investment income	64			62			62			61			61			3
Investment related gains, net	1			3			—			4			2			(1)
Other revenue	3			—			2			1			1			2
Total revenues	386			376			366			373			359			27

Benefits and expenses:
Claims and other policy benefits	283			294			284			282			270			13
Future policy benefits remeasurement (gains) losses	(3)			4			16			(1)			3			(6)
Interest credited	—			—			1			—			—			—
Policy acquisition costs and other insurance expenses	47			46			46			47			45			2
Other operating expenses	12			11			13			10			12			—
Total benefits and expenses	339			355			360			338			330			9

Income before income taxes	$	47		$	21		$	6		$	35		$	29		$	18

Loss and expense ratios:
Loss ratio (1)	88.1		%	95.8		%	99.3		%	91.5		%	92.5		%	(4.4)		%
Policy acquisition costs and other insurance expenses	14.8		%	14.8		%	15.2		%	15.3		%	15.3		%	(0.5)		%
Other operating expenses	3.8		%	3.5		%	4.3		%	3.3		%	4.1		%	(0.3)		%

Foreign currency effect on (2):
Net premiums	$	1		$	(1)		$	(8)		$	(16)		$	(20)		$	21
Income before income taxes	$	—		$	4		$	(1)		$	(2)		$	(2)		$	2

Creditor reinsurance net premiums	$	17		$	18		$	17		$	18		$	18		$	(1)

Assumed life reinsurance in force (in billions)	$	488.0		$	493.5		$	477.2		$	484.6		$	469.5		$	18.5
Assumed new business production (in billions)	$	11.5		$	11.1		$	11.0		$	11.2		$	10.8		$	0.7

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
Canada Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2024			2023			2023			2023			2023			Quarter
Revenues:
Net premiums	$	318		$	311		$	302		$	307		$	295		$	23
Net investment income	64			62			64			61			62			2
Investment related gains, net	—			2			—			1			1			(1)
Other revenue	3			—			2			1			1			2
Total revenues	385			375			368			370			359			26

Benefits and expenses:
Claims and other policy benefits	283			294			284			282			270			13
Future policy benefits remeasurement (gains) losses	(3)			4			16			(1)			3			(6)
Interest credited	—			—			1			—			—			—
Policy acquisition costs and other insurance expenses	47			46			46			47			45			2
Other operating expenses	12			11			11			10			12			—
Total benefits and expenses	339			355			358			338			330			9

Adjusted operating income (loss) before income taxes	46			20			10			32			29			17
Notable items (1)	—			—			13			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	46		$	20		$	23		$	32		$	29		$	17

Loss and expense ratios:
Loss ratio (2)	88.1		%	95.8		%	99.3		%	91.5		%	92.5		%	(4.4)		%
Policy acquisition costs and other insurance expenses	14.8		%	14.8		%	15.2		%	15.3		%	15.3		%	(0.5)		%
Other operating expenses	3.8		%	3.5		%	3.6		%	3.3		%	4.1		%	(0.3)		%

Foreign currency effect on (3):
Net premiums	$	1		$	(1)		$	(8)		$	(16)		$	(20)		$	21
Adjusted operating income before income taxes	$	—		$	5		$	(1)		$	(2)		$	(2)		$	2

Creditor reinsurance net premiums	$	17		$	18		$	17		$	18		$	18		$	(1)

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

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


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2024		2023		2023		2023		2023		Quarter
Revenues:
Net premiums	$	23	$	22	$	22	$	23	$	23	$	—
Net investment income	1		1		1		1		1		—
Other revenue	3		4		3		2		3		—
Total revenues	27		27		26		26		27		—

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

Income before income taxes	$	7	$	6	$	30	$	6	$	10	$	(3)

Foreign currency effect on (2):
Net premiums	$	—	$	1	$	(1)	$	(2)	$	(1)	$	1
Income before income taxes	$	—	$	—	$	—	$	—	$	(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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2024		2023		2023		2023		2023		Quarter
Revenues:
Net premiums	$	23	$	22	$	22	$	23	$	23	$	—
Net investment income	1		1		1		1		1		—
Other revenue	3		4		3		2		3		—
Total revenues	27		27		26		26		27		—

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

Adjusted operating income before income taxes	7		6		30		6		10		(3)
Notable items (2)	—		—		(22)		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	7	$	6	$	8	$	6	$	10	$	(3)

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

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


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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2024			2023			2023			2023			2023			Quarter
Revenues:
Net premiums	$	496		$	461		$	447		$	429		$	438		$	58
Net investment income	27			22			23			23			23			4
Other revenue	2			1			1			(1)			(1)			3
Total revenues	525			484			471			451			460			65

Benefits and expenses:
Claims and other policy benefits	424			420			429			383			390			34
Future policy benefits remeasurement (gains) losses	(5)			1			43			12			(8)			3
Policy acquisition costs and other insurance expenses	37			22			25			21			18			19
Other operating expenses	41			33			34			31			33			8
Total benefits and expenses	497			476			531			447			433			64

Income (loss) before income taxes	$	28		$	8		$	(60)		$	4		$	27		$	1

Loss and expense ratios:
Loss ratio (1)	84.5		%	91.3		%	105.6		%	92.1		%	87.2		%	(2.7)		%
Policy acquisition costs and other insurance expenses	7.5		%	4.8		%	5.6		%	4.9		%	4.1		%	3.4		%
Other operating expenses	8.3		%	7.2		%	7.6		%	7.2		%	7.5		%	0.8		%

Foreign currency effect on (2):
Net premiums	$	7		$	14		$	20		$	(6)		$	(41)		$	48
Income (loss) before income taxes	$	—		$	1		$	(4)		$	1		$	(1)		$	1

Critical illness net premiums	$	32		$	37		$	34		$	35		$	33		$	(1)

Assumed life reinsurance in force (in billions)	$	985.1		$	960.1		$	814.5		$	802.3		$	759.6		$	225.5
Assumed new business production (in billions)	$	38.0		$	16.1		$	30.9		$	36.6		$	30.1		$	7.9

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
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2024			2023			2023			2023			2023			Quarter
Revenues:
Net premiums	$	496		$	461		$	447		$	429		$	438		$	58
Net investment income	27			22			23			23			23			4
Other revenue	2			1			1			(1)			(1)			3
Total revenues	525			484			471			451			460			65

Benefits and expenses:
Claims and other policy benefits	424			420			429			383			390			34
Future policy benefits remeasurement (gains) losses	(5)			1			43			12			(8)			3
Policy acquisition costs and other insurance expenses	37			22			25			21			18			19
Other operating expenses	31			33			33			31			33			(2)
Total benefits and expenses	487			476			530			447			433			54

Adjusted operating income (loss) before income taxes	38			8			(59)			4			27			11
Notable items (1)	—			—			47			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	38		$	8		$	(12)		$	4		$	27		$	11

Loss and expense ratios:
Loss ratio (2)	84.5		%	91.3		%	105.6		%	92.1		%	87.2		%	(2.7)		%
Policy acquisition costs and other insurance expenses	7.5		%	4.8		%	5.6		%	4.9		%	4.1		%	3.4		%
Other operating expenses	6.3		%	7.2		%	7.4		%	7.2		%	7.5		%	(1.2)		%

Foreign currency effect on (3):
Net premiums	$	7		$	14		$	20		$	(6)		$	(41)		$	48
Adjusted operating income (loss) before income taxes	$	—		$	1		$	(4)		$	1		$	(1)		$	1

Critical illness net premiums	$	32		$	37		$	34		$	35		$	33		$	(1)

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


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2024		2023		2023		2023		2023		Quarter
Revenues:
Net premiums	$	146	$	125	$	118	$	90	$	125	$	21
Net investment income	69		62		56		45		46		23
Investment related gains (losses), net	(15)		(8)		(21)		(9)		(6)		(9)
Other revenue	11		1		7		4		4		7
Total revenues	211		180		160		130		169		42

Benefits and expenses:
Claims and other policy benefits	122		96		95		68		104		18
Future policy benefits remeasurement (gains) losses	2		(42)		(33)		(5)		(9)		11
Interest credited	6		3		(2)		(2)		—		6
Policy acquisition costs and other insurance expenses	2		1		2		2		2		—
Other operating expenses	15		16		14		15		13		2
Total benefits and expenses	147		74		76		78		110		37

Income before income taxes	$	64	$	106	$	84	$	52	$	59	$	5

Foreign currency effect on (2):
Net premiums	$	5	$	6	$	9	$	(1)	$	(12)	$	17
Income before income taxes	$	3	$	5	$	6	$	—	$	(6)	$	9

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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2024		2023		2023		2023		2023		Quarter
Revenues:
Net premiums	$	146	$	125	$	118	$	90	$	125	$	21
Net investment income	69		59		59		48		49		20
Investment related gains (losses), net	(1)		(2)		2		4		1		(2)
Other revenue	11		1		7		4		4		7
Total revenues	225		183		186		146		179		46

Benefits and expenses:
Claims and other policy benefits	122		96		95		68		104		18
Future policy benefits remeasurement (gains) losses	2		(42)		(33)		(5)		(9)		11
Interest credited	7		—		—		—		—		7
Policy acquisition costs and other insurance expenses	2		1		2		2		2		—
Other operating expenses	15		16		14		15		13		2
Total benefits and expenses	148		71		78		80		110		38

Adjusted operating income (loss) before income taxes	77		112		108		66		69		8
Notable items (2)	—		—		(34)		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	77	$	112	$	74	$	66	$	69	$	8

Foreign currency effect on (3):
Net premiums	$	5	$	6	$	9	$	(1)	$	(12)	$	17
Adjusted operating income before income taxes	$	3	$	5	$	8	$	—	$	(7)	$	10

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
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2024			2023			2023			2023			2023			Quarter
Revenues:
Net premiums	$	716		$	709		$	737		$	677		$	662		$	54
Net investment income	65			59			60			62			61			4
Investment related gains, net	—			1			1			2			3			(3)
Other revenue	10			(1)			3			11			3			7
Total revenues	791			768			801			752			729			62

Benefits and expenses:
Claims and other policy benefits	586			594			604			579			563			23
Future policy benefits remeasurement (gains) losses	1			6			(39)			(14)			(9)			10
Policy acquisition costs and other insurance expenses	45			40			46			44			46			(1)
Other operating expenses	50			58			56			54			50			—
Total benefits and expenses	682			698			667			663			650			32

Income before income taxes	$	109		$	70		$	134		$	89		$	79		$	30

Loss and expense ratios:
Loss ratio (1)	82.0		%	84.6		%	76.7		%	83.5		%	83.7		%	(1.7)		%
Policy acquisition costs and other insurance expenses	6.3		%	5.6		%	6.2		%	6.5		%	6.9		%	(0.6)		%
Other operating expenses	7.0		%	8.2		%	7.6		%	8.0		%	7.6		%	(0.6)		%

Foreign currency effect on (2):
Net premiums	$	(23)		$	(3)		$	(10)		$	(21)		$	(33)		$	10
Income (loss) before income taxes	$	(3)		$	—		$	—		$	(2)		$	(3)		$	—

Critical illness net premiums	$	352		$	344		$	368		$	341		$	299		$	53

Assumed life reinsurance in force (in billions)	$	528.9		$	528.6		$	501.8		$	495.4		$	508.2		$	20.7
Assumed new business production (in billions)	$	17.6		$	17.3		$	17.1		$	4.7		$	3.9		$	13.7

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
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2024			2023			2023			2023			2023			Quarter
Revenues:
Net premiums	$	716		$	709		$	737		$	677		$	662		$	54
Net investment income	65			59			60			62			61			4
Investment related gains, net	—			1			1			2			3			(3)
Other revenue	10			(1)			3			11			3			7
Total revenues	791			768			801			752			729			62

Benefits and expenses:
Claims and other policy benefits	586			594			604			579			563			23
Future policy benefits remeasurement (gains) losses	1			6			(39)			(14)			(9)			10
Policy acquisition costs and other insurance expenses	45			40			46			44			46			(1)
Other operating expenses	50			57			56			54			50			—
Total benefits and expenses	682			697			667			663			650			32

Adjusted operating income before income taxes	109			71			134			89			79			30
Notable items (1)	—			—			(2)			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	109		$	71		$	132		$	89		$	79		$	30

Loss and expense ratios:
Loss ratio (2)	82.0		%	84.6		%	76.7		%	83.5		%	83.7		%	(1.7)		%
Policy acquisition costs and other insurance expenses	6.3		%	5.6		%	6.2		%	6.5		%	6.9		%	(0.6)		%
Other operating expenses	7.0		%	8.0		%	7.6		%	8.0		%	7.6		%	(0.6)		%

Foreign currency effect on (3):
Net premiums	$	(23)		$	(3)		$	(10)		$	(21)		$	(33)		$	10
Adjusted operating income (loss) before income taxes	$	(2)		$	1		$	(1)		$	(3)		$	(2)		$	—

Critical illness net premiums	$	352		$	344		$	368		$	341		$	299		$	53

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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2024		2023		2023		2023		2023		Quarter
Revenues:
Net premiums	$	46	$	47	$	63	$	44	$	64	$	(18)
Net investment income	120		136		117		125		108		12
Investment related gains (losses), net	(71)		61		(66)		(51)		(51)		(20)
Other revenue	48		9		16		18		10		38
Total revenues	143		253		130		136		131		12

Benefits and expenses:
Claims and other policy benefits	47		50		67		44		69		(22)
Future policy benefits remeasurement (gains) losses	—		—		(1)		—		(1)		1
Interest credited	51		49		54		46		54		(3)
Policy acquisition costs and other insurance expenses	25		25		21		19		16		9
Other operating expenses	7		7		5		7		6		1
Total benefits and expenses	130		131		146		116		144		(14)

Income (loss) before income taxes	$	13	$	122	$	(16)	$	20	$	(13)	$	26

Foreign currency effect on (2):
Net premiums	$	(5)	$	(2)	$	(2)	$	(2)	$	(7)	$	2
Income (loss) before income taxes	$	5	$	(6)	$	1	$	—	$	—	$	5

Assumed life reinsurance in force (in billions)	$	8.5	$	8.0	$	7.7	$	6.7	$	7.4	$	1.1
Assumed new business production (in billions)	$	1.0	$	—	$	1.0	$	0.1	$	1.7	$	(0.7)

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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2024		2023		2023		2023		2023		Quarter
Revenues:
Net premiums	$	46	$	47	$	63	$	44	$	64	$	(18)
Net investment income	120		136		117		125		108		12
Investment related gains, net	3		2		2		4		4		(1)
Other revenue	20		12		8		5		8		12
Total revenues	189		197		190		178		184		5

Benefits and expenses:
Claims and other policy benefits	47		50		67		44		69		(22)
Future policy benefits remeasurement (gains) losses	—		—		(1)		—		(1)		1
Interest credited	51		49		54		46		54		(3)
Policy acquisition costs and other insurance expenses	25		25		21		19		16		9
Other operating expenses	7		7		5		7		6		1
Total benefits and expenses	130		131		146		116		144		(14)

Adjusted operating income before income taxes	59		66		44		62		40		19
Notable items (2)	—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	59	$	66	$	44	$	62	$	40	$	19

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

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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2024		2023		2023		2023		2023		Quarter
Revenues:
Net investment income	$	106	$	111	$	109	$	82	$	82	$	24
Investment related gains (losses), net	(79)		(60)		21		—		(44)		(35)
Other revenue	4		22		5		(4)		11		(7)
Total revenues	31		73		135		78		49		(18)

Benefits and expenses:
Interest credited	30		19		14		14		14		16
Policy acquisition costs and other insurance income	(25)		(27)		(24)		(20)		(20)		(5)
Other operating expenses	87		91		84		92		77		10
Interest expense	68		69		72		63		53		15
Total benefits and expenses	160		152		146		149		124		36

Loss before income taxes	$	(129)	$	(79)	$	(11)	$	(71)	$	(75)	$	(54)

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

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


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2024		2023		2023		2023		2023		Quarter
Revenues:
Net investment income	$	106	$	111	$	109	$	82	$	82	$	24
Investment related gains, net	4		5		2		3		4		—
Other revenue	12		15		9		6		13		(1)
Total revenues	122		131		120		91		99		23

Benefits and expenses:
Interest credited	30		19		14		14		14		16
Policy acquisition costs and other insurance income	(25)		(27)		(24)		(20)		(20)		(5)
Other operating expenses	87		92		84		89		77		10
Interest expense	68		70		71		63		53		15
Total benefits and expenses	160		154		145		146		124		36

Adjusted operating income (loss) before income taxes	(38)		(23)		(25)		(55)		(25)		(13)
Notable items (1)	—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	(38)	$	(23)	$	(25)	$	(55)	$	(25)	$	(13)

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

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


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2024		2023		2023		2023		2023		Quarter
U.S. and Latin America:
Traditional	$	116	$	30	$	105	$	62	$	121	$	(5)
Financial Solutions	17		(120)		108		68		114		(97)
Total U.S. and Latin America	133		(90)		213		130		235		(102)
Canada:
Traditional	$	47	$	21	$	6	$	35	$	29	$	18
Financial Solutions	7		6		30		6		10		(3)
Total Canada	54		27		36		41		39		15
Europe, Middle East and Africa:
Traditional	$	28	$	8	$	(60)	$	4	$	27	$	1
Financial Solutions	64		106		84		52		59		5
Total Europe, Middle East and Africa	92		114		24		56		86		6
Asia Pacific:
Traditional	$	109	$	70	$	134	$	89	$	79	$	30
Financial Solutions	13		122		(16)		20		(13)		26
Total Asia Pacific	122		192		118		109		66		56
Corporate and Other	(129)		(79)		(11)		(71)		(75)		(54)
Consolidated income before income taxes	$	272	$	164	$	380	$	265	$	351	$	(79)

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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2024		2023		2023		2023		2023		Quarter
U.S. and Latin America:
Traditional	$	128	$	25	$	103	$	63	$	122	$	6
Financial Solutions	90		101		136		109		105		(15)
Total U.S. and Latin America	218		126		239		172		227		(9)
Canada:
Traditional	$	46	$	20	$	10	$	32	$	29	$	17
Financial Solutions	7		6		30		6		10		(3)
Total Canada	53		26		40		38		39		14
Europe, Middle East and Africa:
Traditional	$	38	$	8	$	(59)	$	4	$	27	$	11
Financial Solutions	77		112		108		66		69		8
Total Europe, Middle East and Africa	115		120		49		70		96		19
Asia Pacific:
Traditional	$	109	$	71	$	134	$	89	$	79	$	30
Financial Solutions	59		66		44		62		40		19
Total Asia Pacific	168		137		178		151		119		49
Corporate and Other	(38)		(23)		(25)		(55)		(25)		(13)
Consolidated adjusted operating income before income taxes	$	516	$	386	$	481	$	376	$	456	$	60
Notable items (1)	—		—		(3)		—		—		—
Consolidated adjusted operating income (loss) excluding notable items before income taxes	$	516	$	386	$	478	$	376	$	456	$	60

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

	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2024		2023		2023		2023		2023
Fixed maturity securities, available-for-sale (1)	$	65,827	$	60,467	$	54,171	$	56,236	$	56,085
Equity securities	144		139		133		136		138
Mortgage loans	7,539		7,377		7,231		7,038		6,833
Policy loans	1,198		1,206		1,180		1,202		1,221
Funds withheld at interest	5,642		5,683		5,725		5,862		5,976
Limited partnerships and real estate joint ventures	2,697		2,635		2,560		2,473		2,405
Short-term investments	327		222		141		224		246
Other invested assets	1,140		1,171		1,091		1,119		1,111
Cash and cash equivalents	5,935		2,970		2,820		2,598		3,294
Total cash and invested assets	$	90,449	$	81,870	$	75,052	$	76,888	$	77,309

(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), Japanese government and agencies ("Japanese government"), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).


Investment Income and Yield Summary

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2024			2023			2023			2023			2023			Quarter
Average invested assets at amortized cost (1)	$	38,483		$	37,169		$	37,051		$	36,124		$	35,863		$	2,620
Net investment income (1)	$	444		$	443		$	430		$	393		$	415		$	29
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.70		%	4.86		%	4.72		%	4.42		%	4.71		%	(1) bp
Variable investment income ("VII") (included in net investment income) (1)	$	16		$	44		$	39		$	17		$	39		$	(23)
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)	4.75		%	4.60		%	4.51		%	4.43		%	4.45		%	30 bps

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


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities

	March 31, 2024
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	44,575	$	79	$	485	$	3,933	$	41,048	62.4	%
Canadian government	3,455		—		326		68		3,713		5.6	%
Japanese government	5,722		—		4		522		5,204		7.9	%
ABS	5,137		15		30		207		4,945		7.5	%
CMBS	2,002		1		14		154		1,861		2.8	%
RMBS	1,250		—		10		110		1,150		1.7	%
U.S. government	3,028		—		2		244		2,786		4.2	%
State and political subdivisions	1,249		—		6		139		1,116		1.7	%
Other foreign government	4,372		—		39		407		4,004		6.2	%
Total fixed maturity securities	$	70,790	$	95	$	916	$	5,784	$	65,827	100.0	%


	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	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Corporate Fixed Maturity Securities by Industry

	March 31, 2024							December 31, 2023
	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	$	6,865	$	6,516	15.9	%	A-	$	6,474	$	6,109	15.8	%	A-
Brokerage/asset managers/exchanges	1,362		1,237		3.0	%	A-	1,320		1,194		3.1	%	A-
Finance companies	391		356		0.8	%	BBB+	367		330		0.9	%	BBB+
Insurance	4,621		4,181		10.2	%	A-	4,507		4,086		10.5	%	A-
REITs	1,515		1,386		3.4	%	A-	1,401		1,269		3.2	%	BBB+
Other finance	1,034		850		2.1	%	A-	983		801		2.1	%	A-
Total financial institutions	$	15,788	$	14,526	35.4	%		$	15,052	$	13,789	35.6	%
Industrials
Basic	$	1,979	$	1,817	4.4	%	BBB+	$	1,940	$	1,797	4.6	%	BBB+
Capital goods	1,842		1,740		4.2	%	BBB	1,664		1,531		4.0	%	BBB
Communications	2,965		2,709		6.6	%	BBB	2,853		2,635		6.8	%	BBB
Consumer cyclical	2,570		2,401		5.8	%	BBB+	2,286		2,139		5.5	%	BBB+
Consumer noncyclical	5,345		4,899		11.9	%	BBB+	5,057		4,661		12.0	%	BBB+
Energy	2,497		2,330		5.8	%	A-	2,317		2,171		5.6	%	A-
Technology	1,997		1,872		4.6	%	BBB+	1,899		1,819		4.7	%	BBB+
Transportation	2,347		2,140		5.2	%	A-	2,286		2,100		5.4	%	A-
Other industrial	1,064		1,038		2.5	%	BBB	1,111		1,082		2.8	%	BBB
Total industrials	$	22,606	$	20,946	51.0	%		$	21,413	$	19,935	51.4	%
Utilities
Electric	$	4,871	$	4,401	10.7	%	A-	$	4,371	$	3,973	10.3	%	A-
Natural gas	835		747		1.9	%	A-	770		694		1.8	%	A-
Other utility	475		428		1.0	%	BBB+	408		364		0.9	%	BBB+
Total utilities	$	6,181	$	5,576	13.6	%		$	5,549	$	5,031	13.0	%
Total	$	44,575	$	41,048	100.0	%	BBB+	$	42,014	$	38,755	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

		March 31, 2024						December 31, 2023						September 30, 2023						June 30, 2023						March 31, 2023
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	$	46,541	$	43,336	65.8	%	$	41,469	$	38,739	64.1	%	$	38,876	$	33,799	62.4	%	$	38,928	$	35,512	63.1	%	$	38,291	$	35,308	63.0	%
2	BBB	20,527		18,951		28.8	%	19,793		18,261		30.2	%	19,959		17,134		31.6	%	19,840		17,517		31.2	%	19,832		17,658		31.5	%
3	BB	3,039		2,952		4.5	%	3,068		2,956		4.9	%	2,902		2,780		5.1	%	2,919		2,801		5.0	%	2,811		2,698		4.8	%
4	B	515		468		0.8	%	479		396		0.7	%	439		368		0.7	%	347		328		0.6	%	402		340		0.6	%
5	CCC	123		98		0.1	%	116		92		0.1	%	104		81		0.2	%	99		69		0.1	%	100		69		0.1	%
6	In or near default	45		22		—	%	52		23		—	%	52		9		—	%	52		9		—	%	58		12		—	%
	Total	$	70,790	$	65,827	100.0	%	$	64,977	$	60,467	100.0	%	$	62,332	$	54,171	100.0	%	$	62,185	$	56,236	100.0	%	$	61,494	$	56,085	100.0	%

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


Structured Fixed Maturity Securities

	March 31, 2024						December 31, 2023						September 30, 2023						June 30, 2023						March 31, 2023
	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")	$	2,540	$	2,518	31.6	%	$	2,086	$	2,048	28.1	%	$	2,022	$	1,967	28.2	%	$	1,936	$	1,857	26.9	%	$	1,880	$	1,775	26.1	%
ABS, excluding CLOs	2,597		2,427		30.5	%	2,575		2,381		32.7	%	2,540		2,269		32.5	%	2,574		2,308		33.5	%	2,590		2,328		34.2	%
Total ABS	5,137		4,945		62.1	%	4,661		4,429		60.8	%	4,562		4,236		60.7	%	4,510		4,165		60.4	%	4,470		4,103		60.3	%
CMBS	2,002		1,861		23.4	%	1,969		1,773		24.3	%	1,959		1,710		24.5	%	1,932		1,699		24.6	%	1,882		1,670		24.6	%
RMBS
Agency	436		385		4.8	%	444		398		5.5	%	454		388		5.6	%	464		413		6.0	%	473		432		6.4	%
Non-agency	814		765		9.7	%	729		681		9.4	%	718		642		9.2	%	681		624		9.0	%	647		592		8.7	%
Total RMBS	1,250		1,150		14.5	%	1,173		1,079		14.9	%	1,172		1,030		14.8	%	1,145		1,037		15.0	%	1,120		1,024		15.1	%
Total	$	8,389	$	7,956	100.0	%	$	7,803	$	7,281	100.0	%	$	7,693	$	6,976	100.0	%	$	7,587	$	6,901	100.0	%	$	7,472	$	6,797	100.0	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of March 31, 2024
	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	$	4,063	$	89	$	23,710	$	3,753	$	27,773	$	3,842
Canadian government	291		14		433		54		724		68
Japanese government	2,728		63		2,013		459		4,741		522
ABS	560		8		2,883		191		3,443		199
CMBS	108		1		1,266		143		1,374		144
RMBS	161		3		683		107		844		110
U.S. government	1,932		14		654		230		2,586		244
State and political subdivisions	119		3		815		136		934		139
Other foreign government	466		6		2,190		348		2,656		354
Total investment grade securities	$	10,428	$	201	$	34,647	$	5,421	$	45,075	$	5,622

Below investment grade securities:
Corporate	$	246	$	25	$	512	$	66	$	758	$	91
ABS	10		1		62		7		72		8
CMBS	—		—		4		1		4		1
Other foreign government	—		—		193		53		193		53
Total below investment grade securities	$	256	$	26	$	771	$	127	$	1,027	$	153
Total fixed maturity securities	$	10,684	$	227	$	35,418	$	5,548	$	46,102	$	5,775

(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, 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		1,016		168
	$	295	$	36	$	914	$	184	$	2,032	$	336
Total below investment grade securities	$	4,857	$	183	$	36,678	$	5,370	$	42,358	$	5,669

(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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2024		2023		2023		2023		2023		Quarter
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	$	(20)	$	(7)	$	7	$	4	$	(42)	$	22
Impairments on fixed maturities	—		(2)		—		—		(1)		1
Realized gains on investment activity	32		18		12		11		31		1
Realized losses on investment activity	(134)		(102)		(61)		(37)		(75)		(59)
Net gains (losses) on fixed maturity securities available-for-sale	(122)		(93)		(42)		(22)		(87)		(35)

Net gains (losses) on equity securities	4		3		(2)		(4)		2		2
Change in mortgage loan allowance for credit losses	(10)		7		(17)		(9)		3		(13)
Limited partnerships and real estate joint venture impairment losses	(8)		—		—		—		—		(8)
Change in fair value of certain limited partnership investments	1		16		25		10		(3)		4
Other, net	8		—		7		15		2		6

Freestanding derivatives (1):
Interest rate swaps	(31)		59		(64)		(30)		20		(51)
Interest rate options	(3)		(23)		16		(3)		(23)		20
Total return swaps	4		14		(8)		5		3		1
Interest rate futures	1		(1)		—		2		—		1
Foreign currency swaps	14		(3)		8		12		—		14
Foreign currency swaps - hedged	(1)		(2)		(1)		—		(1)		—
Foreign currency forwards	(64)		32		(37)		(74)		(19)		(45)
Equity options	(4)		(6)		3		(11)		(14)		10
Equity futures	(17)		(23)		11		(10)		(9)		(8)
Credit default swaps	2		47		(26)		10		11		(9)
CPI swaps	—		(1)		—		6		1		(1)
Total free-standing derivatives	(99)		93		(98)		(93)		(31)		(68)

Embedded derivatives	77		(181)		1		(20)		37		40

Net gains (losses) on total derivatives	(22)		(88)		(97)		(113)		6		(28)

Total investment related gains, net	$	(149)	$	(155)	$	(126)	$	(123)	$	(77)	$	(72)

(1) Freestanding 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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2024		2023		2023		2023		2023		Quarter
U.S. and Latin America Traditional
Income (loss) before income taxes	$	116	$	30	$	105	$	62	$	121	$	(5)
Investment and derivative (gains) losses (1)	—		(2)		—		—		—		—
Funds withheld losses - investment income	—		1		—		—		—		—
Change in fair value of funds withheld embedded derivatives (1)	12		(4)		(2)		1		1		11
Adjusted operating income before income taxes	128		25		103		63		122		6
Notable items (2)	—		—		17		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	128	$	25	$	120	$	63	$	122	$	6

U.S. and Latin America Financial Solutions
Income (loss) before income taxes	$	17	$	(120)	$	108	$	68	$	114	$	(97)
Market risk benefits remeasurement (gains) losses	(35)		28		(21)		(31)		14		(49)
Investment and derivative (gains) losses (1)	62		(27)		62		49		18		44
Change in fair value of funds withheld embedded derivatives (1)	(89)		185		1		19		(38)		(51)
Funds withheld (gains) losses - investment income	(1)		(4)		(7)		1		(4)		3
EIA embedded derivatives - interest credited	13		5		(7)		3		(7)		20
Other (3)	123		34		—		—		8		115
Adjusted operating income before income taxes	90		101		136		109		105		(15)
Notable items (2)	—		—		(22)		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	90	$	101	$	114	$	109	$	105	$	(15)

(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) Includes pension risk transfer day one loss and other immaterial items.


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2024		2023		2023		2023		2023		Quarter
Canada Traditional
Income before income taxes	$	47	$	21	$	6	$	35	$	29	$	18
Investment and derivative (gains) losses (1)	(1)		(1)		—		(3)		(1)		—
Investment income - non-operating FWAI	—		—		2		—		1		(1)
Other	—		—		2		—		—		—
Adjusted operating income before income taxes	46		20		10		32		29		17
Notable items (2)	—		—		13		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	46	$	20	$	23	$	32	$	29	$	17

Canada Financial Solutions
Income before income taxes	$	7	$	6	$	30	$	6	$	10	$	(3)
Adjusted operating income before income taxes	7		6		30		6		10		(3)
Notable items (2)	—		—		(22)		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	7	$	6	$	8	$	6	$	10	$	(3)

Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	28	$	8	$	(60)	$	4	$	27	$	1
Other	10		—		1		—		—		10
Adjusted operating income (loss) before income taxes	38		8		(59)		4		27		11
Notable items (2)	—		—		47		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	38	$	8	$	(12)	$	4	$	27	$	11

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	64	$	106	$	84	$	52	$	59	$	5
Investment and derivative losses (1)	14		6		23		13		7		7
Investment income - non-operating FWAI	(1)		—		1		1		3		(4)
Investment (income) loss on unit-linked variable annuities	1		(3)		2		2		—		1
Interest credited on unit-linked variable annuities	(1)		3		(2)		(2)		—		(1)
Adjusted operating income before income taxes	77		112		108		66		69		8
Notable items (2)	—		—		(34)		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	77	$	112	$	74	$	66	$	69	$	8

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


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2024		2023		2023		2023		2023		Quarter
Asia Pacific Traditional
Income before income taxes	$	109	$	70	$	134	$	89	$	79	$	30
Other	—		1		—		—		—		—
Adjusted operating income before income taxes	109		71		134		89		79		30
Notable items (2)	—		—		(2)		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	109	$	71	$	132	$	89	$	79	$	30

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	13	$	122	$	(16)	$	20	$	(13)	$	26
Investment and derivative (gains) losses (1)	74		(59)		68		55		55		19
Other	(28)		3		(8)		(13)		(2)		(26)
Adjusted operating income before income taxes	59		66		44		62		40		19
Notable items (2)	—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	59	$	66	$	44	$	62	$	40	$	19

Corporate and Other
Income (loss) before income taxes	$	(129)	$	(79)	$	(11)	$	(71)	$	(75)	$	(54)
Investment and derivative (gains) losses (1)	83		65		(19)		3		48		35
Interest expense on uncertain tax positions	—		(1)		1		—		—		—
Other	8		(8)		4		13		2		6
Adjusted operating income (loss) before income taxes	(38)		(23)		(25)		(55)		(25)		(13)
Notable items (2)	—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	(38)	$	(23)	$	(25)	$	(55)	$	(25)	$	(13)

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


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

	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2024		2023		2023		2023		2023

RGA, Inc. shareholders’ equity	$	9,468	$	9,081	$	8,063	$	7,805	$	7,626
Less effect of AOCI:
Accumulated currency translation adjustments	57		68		(33)		26		(94)
Unrealized (depreciation) appreciation of securities	(4,062)		(3,667)		(6,659)		(4,879)		(4,393)
Effect of updating discount rates on future policy benefits	3,906		3,256		5,366		3,460		3,034
Change in instrument-specific credit risk for market risk benefits	3		3		7		13		14
Pension and postretirement benefits	(29)		(29)		(14)		(18)		(22)
RGA, Inc. shareholders’ equity, excluding AOCI	9,593		9,450		9,396		9,203		9,087
Year-to-date notable items, net of tax	—		—		—		—		—
RGA, Inc. shareholders’ equity, excluding AOCI and notable items	$	9,593	$	9,450	$	9,396	$	9,203	$	9,087



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

	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2024		2023		2023		2023		2023

Book value per share	$	143.92	$	138.39	$	122.40	$	117.87	$	114.60
Less effect of AOCI:
Accumulated currency translation adjustment	0.88		1.04		(0.49)		0.38		(1.41)
Unrealized (depreciation) appreciation of securities	(61.74)		(55.88)		(101.10)		(73.69)		(66.02)
Effect of updating discount rates on future policy benefits	59.36		49.62		81.46		52.26		45.59
Change in instrument-specific credit risk for market risk benefits	0.04		0.05		0.11		0.20		0.22
Pension and postretirement benefits	(0.45)		(0.45)		(0.21)		(0.27)		(0.34)
Book value per share, excluding AOCI	$	145.83	$	144.01	$	142.63	$	138.99	$	136.56
Less effect of B36:	(1.13)		(2.06)		0.12		0.11		0.34
Book value per share, excluding AOCI and B36	$	146.96	$	146.07	$	142.51	$	138.88	$	136.22

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.

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, 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 the following non-GAAP financial measures: