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			Year-to-Date
(USD millions, except in force and per share and shares data)	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,		June 30,
	2024			2024			2023			2023			2023			Quarter			2024		2023		Change

Net premiums	$	3,920		$	5,376		$	4,108		$	4,255		$	3,337		$	583		$	9,296	$	6,722	$	2,574
Net income available to RGA's shareholders	203			210			158			287			205			(2)			413		457		(44)
Adjusted operating income	365			401			316			372			297			68			766		646		120
Adjusted operating income excluding notable items (1)	365			401			316			372			297			68			766		646		120
Return on equity	9.7		%	10.2		%	11.4		%	13.9		%	9.2		%	0.5		%
Adjusted operating return on equity (ex AOCI)	15.3		%	14.8		%	14.5		%	14.7		%	10.9		%	4.4		%
Adjusted operating return on equity (ex AOCI and notable items (1))	15.3		%	14.8		%	14.4		%	14.0		%	13.0		%	2.3		%
Adjusted operating return on equity (ex AOCI and effect of B36 items)	15.3		%	14.8		%	14.4		%	14.7		%	10.9		%	4.4		%

Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income	$	3.07		$	3.20		$	2.40		$	4.34		$	3.09		$	(0.02)		$	6.28	$	6.86	$	(0.58)
Adjusted operating income	$	5.55		$	6.09		$	4.80		$	5.64		$	4.46		$	1.09		$	11.65	$	9.69	$	1.96
Adjusted operating income excluding notable items (1)	$	5.55		$	6.09		$	4.80		$	5.64		$	4.46		$	1.09		$	11.65	$	9.69	$	1.96
Diluted earnings per share
Net income	$	3.03		$	3.16		$	2.37		$	4.29		$	3.05		$	(0.02)		$	6.19	$	6.77	$	(0.58)
Adjusted operating income	$	5.48		$	6.02		$	4.73		$	5.57		$	4.40		$	1.08		$	11.49	$	9.55	$	1.94
Adjusted operating income excluding notable items (1)	$	5.48		$	6.02		$	4.73		$	5.57		$	4.40		$	1.08		$	11.49	$	9.55	$	1.94
Weighted average common shares outstanding
Basic	65,807			65,739			65,853			66,127			66,518			(711)			65,773		66,649		(876)
Diluted	66,732			66,559			66,721			66,914			67,420			(688)			66,645		67,563		(918)

Book value per share	$	147.90		$	143.92		$	138.39		$	122.40		$	117.87		$	30.03		$	147.90	$	117.87	$	30.03
Book value per share, excluding AOCI	$	148.19		$	145.83		$	144.01		$	142.63		$	138.99		$	9.20		$	148.19	$	138.99	$	9.20
Book value per share, excluding AOCI and B36	$	149.01		$	146.96		$	146.07		$	142.51		$	138.88		$	10.13		$	149.01	$	138.88	$	10.13

Shareholders’ dividends paid	$	56		$	56		$	56		$	56		$	54		$	2		$	112	$	107	$	5
Share buybacks	—			—			50			50			50			(50)			—		100		(100)
Total returned to shareholders	$	56		$	56		$	106		$	106		$	104		$	(48)		$	112	$	207	$	(95)

Common shares issued	85,311			85,311			85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	19,487			19,523			19,690			19,439			19,099			388			19,487		19,099		388
Common shares outstanding	65,824			65,788			65,621			65,872			66,212			(388)			65,824		66,212		(388)

Assumed life reinsurance in force (in billions)	$	3,767.7		$	3,729.8		$	3,704.1		$	3,499.4		$	3,479.5		$	288.2
Assumed new business production (in billions)	$	89.6		$	109.1		$	97.6		$	96.7		$	88.2		$	1.4		$	198.7	$	168.8	$	29.9

(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		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	3,920	$	5,376	$	4,108	$	4,255	$	3,337	$	583	$	9,296	$	6,722	$	2,574
Net investment income	1,082		961		956		922		857		225		2,043		1,713		330
Investment related gains (losses), net	(271)		(149)		(155)		(126)		(123)		(148)		(420)		(200)		(220)
Other revenue	147		149		98		102		85		62		296		172		124
Total revenues	4,878		6,337		5,007		5,153		4,156		722		11,215		8,407		2,808
Benefits and expenses:
Claims and other policy benefits	3,712		5,132		3,837		3,959		3,013		699		8,844		6,076		2,768
Future policy benefits remeasurement (gains) losses	(90)		(24)		33		(82)		13		(103)		(114)		(13)		(101)
Market risk benefits remeasurement (gains) losses	(8)		(35)		28		(21)		(31)		23		(43)		(17)		(26)
Interest credited	231		254		217		223		209		22		485		424		61
Policy acquisition costs and other insurance expenses	391		387		369		348		349		42		778		680		98
Other operating expenses	301		283		290		274		275		26		584		525		59
Interest expense	72		68		69		72		63		9		140		116		24
Total benefits and expenses	4,609		6,065		4,843		4,773		3,891		718		10,674		7,791		2,883
Income before income taxes	269		272		164		380		265		4		541		616		(75)
Provision for income taxes	65		60		4		91		58		7		125		156		(31)
Net income	204		212		160		289		207		(3)		416		460		(44)
Net income attributable to noncontrolling interest	1		2		2		2		2		(1)		3		3		—
Net income available to RGA's shareholders	$	203	$	210	$	158	$	287	$	205	$	(2)	$	413	$	457	$	(44)
Pre-tax adjusted operating income reconciliation:
Income before income taxes	$	269	$	272	$	164	$	380	$	265	$	4	$	541	$	616	$	(75)
Investment and derivative (gains) losses (1)	308		232		(18)		134		117		191		540		244		296
Market risk benefits remeasurement (gains) losses	(8)		(35)		28		(21)		(31)		23		(43)		(17)		(26)
Change in fair value of funds withheld embedded derivatives (1)	(26)		(77)		181		(1)		20		(46)		(103)		(17)		(86)
Funds withheld (gains) losses - investment income	—		(2)		(3)		(4)		2		(2)		(2)		2		(4)
EIA embedded derivatives - interest credited	(6)		13		5		(7)		3		(9)		7		(4)		11
Investment (income) loss on unit-linked variable annuities	1		1		(3)		2		2		(1)		2		2		—
Interest credited on unit-linked variable annuities	(1)		(1)		3		(2)		(2)		1		(2)		(2)		—
Interest expense on uncertain tax positions	(1)		—		(1)		1		—		(1)		(1)		—		(1)
Other (2)	(45)		113		30		(1)		—		(45)		68		8		60
Adjusted operating income before income taxes	491		516		386		481		376		115		1,007		832		175
Notable items (3)	—		—		—		(3)		—		—		—		—		—
Adjusted operating income before income taxes excluding notable items	$	491	$	516	$	386	$	478	$	376	$	115	$	1,007	$	832	$	175

(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		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA	$	203	$	210	$	158	$	287	$	205	$	(2)	$	413	$	457	$	(44)
Investment and derivative (gains) losses (1)	239		185		(14)		104		88		151		424		190		234
Market risk benefits remeasurement (gains) losses	(6)		(28)		22		(17)		(24)		18		(34)		(13)		(21)
Change in fair value of funds withheld embedded derivatives (1)	(20)		(61)		143		(1)		16		(36)		(81)		(13)		(68)
Funds withheld (gains) losses - investment income	—		(2)		(2)		(4)		2		(2)		(2)		2		(4)
EIA embedded derivatives - interest credited	(4)		10		4		(6)		3		(7)		6		(3)		9
Investment (income) loss on unit-linked variable annuities	1		1		(2)		1		2		(1)		2		2		—
Interest credited on unit-linked variable annuities	(1)		(1)		2		(1)		(2)		1		(2)		(2)		—
Interest expense on uncertain tax positions	(1)		—		(1)		1		—		(1)		(1)		—		(1)
Other (2)	(35)		89		23		—		—		(35)		54		6		48
Uncertain tax positions and other tax related items	(12)		(4)		(19)		6		5		(17)		(16)		17		(33)
Net income attributable to noncontrolling interest	1		2		2		2		2		(1)		3		3		—
Adjusted operating income	365		401		316		372		297		68		766		646		120
Notable items (3)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items	$	365	$	401	$	316	$	372	$	297	$	68	$	766	$	646	$	120

Diluted earnings per share - adjusted operating income	$	5.48	$	6.02	$	4.73	$	5.57	$	4.40	$	1.08	$	11.49	$	9.55	$	1.94
Diluted earnings per share - adjusted operating income excluding notable items	$	5.48	$	6.02	$	4.73	$	5.57	$	4.40	$	1.08	$	11.49	$	9.55	$	1.94

Foreign currency effect on (4):
Net premiums	$	(33)	$	(12)	$	18	$	13	$	(45)	$	12	$	(45)	$	(157)	$	112
Adjusted operating income before income taxes	$	(5)	$	1	$	3	$	1	$	(6)	$	1	$	(4)	$	(22)	$	18

(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)
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2024		2024		2023		2023		2023
Assets
Fixed maturity securities available-for-sale, at fair value	$	70,491	$	65,827	$	60,467	$	54,171	$	56,236
Equity securities	144		144		139		133		136
Mortgage loans	7,984		7,539		7,377		7,231		7,038
Policy loans	1,171		1,198		1,206		1,180		1,202
Funds withheld at interest	5,556		5,642		5,683		5,725		5,862
Limited partnerships and real estate joint ventures	2,791		2,697		2,635		2,560		2,473
Short-term investments	335		327		222		141		224
Other invested assets	1,148		1,140		1,171		1,091		1,119
Total investments	89,620		84,514		78,900		72,232		74,290
Cash and cash equivalents	4,596		5,935		2,970		2,820		2,598
Accrued investment income	881		808		759		744		702
Premiums receivable and other reinsurance balances	3,635		3,342		3,528		3,279		3,321
Reinsurance ceded receivables and other	5,122		5,265		5,448		2,818		2,664
Deferred policy acquisition costs	4,720		4,673		4,617		4,289		4,286
Other assets	1,314		1,463		1,401		1,240		1,179
Total assets	$	109,888	$	106,000	$	97,623	$	87,422	$	89,040
Liabilities and equity
Future policy benefits	$	50,779	$	47,067	$	41,231	$	36,474	$	38,239
Interest-sensitive contract liabilities	31,676		31,319		30,273		29,365		29,910
Market risk benefits, at fair value	217		228		258		224		235
Other policy claims and benefits	2,769		2,753		2,730		2,654		2,579
Other reinsurance balances	917		874		1,103		750		858
Deferred income taxes	1,866		1,897		1,862		1,601		1,424
Other liabilities	2,449		3,468		2,085		1,750		1,477
Funds withheld payable	4,323		4,409		4,483		2,001		1,573
Long-term debt	5,067		4,427		4,427		4,450		4,850
Total liabilities	100,063		96,442		88,452		79,269		81,145
Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,567		2,549		2,544		2,534		2,522
Retained earnings	9,076		8,934		8,805		8,713		8,483
Treasury stock	(1,889)		(1,891)		(1,900)		(1,852)		(1,803)
Accumulated other comprehensive income, net of taxes (AOCI):
Accumulated currency translation adjustment	86		57		68		(33)		26
Unrealized (depreciation) appreciation of securities	(4,694)		(4,062)		(3,667)		(6,659)		(4,879)
Effect of updating discount rates on future policy benefits	4,611		3,906		3,256		5,366		3,460
Change in instrument-specific credit risk for market risk benefits	6		3		3		7		13
Pension and postretirement benefits	(29)		(29)		(29)		(14)		(18)
Total RGA, Inc. shareholders’ equity	9,735		9,468		9,081		8,063		7,805
Noncontrolling interest	90		90		90		90		90
Total equity	9,825		9,558		9,171		8,153		7,895
Total liabilities and equity	$	109,888	$	106,000	$	97,623	$	87,422	$	89,040
Total RGA, Inc. shareholders’ equity, excluding AOCI	$	9,755	$	9,593	$	9,450	$	9,396	$	9,203

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


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2024			2024			2023			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	1,827		$	1,715		$	1,912		$	1,746		$	1,750		$	77		$	3,542		$	3,365		$	177
Net investment income	203			205			210			195			180			23			408			373			35
Investment related gains (losses), net	6			(12)			6			2			(1)			7			(6)			(2)			(4)
Other revenue	8			6			2			6			3			5			14			8			6
Total revenues	2,044			1,914			2,130			1,949			1,932			112			3,958			3,744			214

Benefits and expenses:
Claims and other policy benefits	1,676			1,572			1,779			1,611			1,592			84			3,248			3,039			209
Future policy benefits remeasurement (gains) losses	(66)			(21)			63			(20)			24			(90)			(87)			31			(118)
Interest credited	19			19			20			19			18			1			38			36			2
Policy acquisition costs and other insurance expenses	186			175			184			184			187			(1)			361			362			(1)
Other operating expenses	55			53			54			50			49			6			108			93			15
Total benefits and expenses	1,870			1,798			2,100			1,844			1,870			—			3,668			3,561			107

Income before income taxes	$	174		$	116		$	30		$	105		$	62		$	112		$	290		$	183		$	107

Loss and expense ratios:
Loss ratio (1)	88.1		%	90.4		%	96.3		%	91.1		%	92.3		%	(4.2)		%	89.2		%	91.2		%	(2.0)		%
Policy acquisition costs and other insurance expenses	10.2		%	10.2		%	9.6		%	10.5		%	10.7		%	(0.5)		%	10.2		%	10.8		%	(0.6)		%
Other operating expenses	3.0		%	3.1		%	2.8		%	2.9		%	2.8		%	0.2		%	3.0		%	2.8		%	0.2		%

Foreign currency effect on (2):
Net premiums	$	1		$	3		$	3		$	5		$	3		$	(2)		$	4		$	5		$	(1)
Income before income taxes	$	(1)		$	—		$	—		$	—		$	—		$	(1)		$	(1)		$	—		$	(1)

Assumed life reinsurance in force (in billions)	$	1,716.1		$	1,709.1		$	1,703.6		$	1,693.1		$	1,685.3		$	30.8
Assumed new business production (in billions)	$	35.9		$	41.0		$	47.9		$	36.7		$	35.6		$	0.3		$	76.9		$	69.7		$	7.2

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


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2024			2024			2023			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	1,827		$	1,715		$	1,912		$	1,746		$	1,750		$	77		$	3,542		$	3,365		$	177
Net investment income	203			205			211			195			180			23			408			373			35
Other revenue	7			6			2			6			3			4			13			8			5
Total revenues	2,037			1,926			2,125			1,947			1,933			104			3,963			3,746			217

Benefits and expenses:
Claims and other policy benefits	1,676			1,572			1,779			1,611			1,592			84			3,248			3,039			209
Future policy benefits remeasurement (gains) losses	(66)			(21)			63			(20)			24			(90)			(87)			31			(118)
Interest credited	19			19			20			19			18			1			38			36			2
Policy acquisition costs and other insurance expenses	186			175			184			184			187			(1)			361			362			(1)
Other operating expenses	55			53			54			50			49			6			108			93			15
Total benefits and expenses	1,870			1,798			2,100			1,844			1,870			—			3,668			3,561			107

Adjusted operating income before income taxes	167			128			25			103			63			104			295			185			110
Notable items (1)	—			—			—			17			—			—			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	167		$	128		$	25		$	120		$	63		$	104		$	295		$	185		$	110

Loss and expense ratios:
Loss ratio (2)	88.1		%	90.4		%	96.3		%	91.1		%	92.3		%	(4.2)		%	89.2		%	91.2		%	(2.0)		%
Policy acquisition costs and other insurance expenses	10.2		%	10.2		%	9.6		%	10.5		%	10.7		%	(0.5)		%	10.2		%	10.8		%	(0.6)		%
Other operating expenses	3.0		%	3.1		%	2.8		%	2.9		%	2.8		%	0.2		%	3.0		%	2.8		%	0.2		%

Foreign currency effect on (3):
Net premiums	$	1		$	3		$	3		$	5		$	3		$	(2)		$	4		$	5		$	(1)
Adjusted operating income (loss) before income taxes	$	(1)		$	—		$	—		$	—		$	—		$	(1)		$	(1)		$	—		$	(1)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) 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		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	305	$	1,916	$	521	$	820	$	17	$	288	$	2,221	$	180	$	2,041
Net investment income	319		304		293		299		278		41		623		559		64
Investment related gains (losses), net	(15)		27		(158)		(63)		(68)		53		12		(48)		60
Other revenue	55		62		60		59		51		4		117		102		15
Total revenues	664		2,309		716		1,115		278		386		2,973		793		2,180

Benefits and expenses:
Claims and other policy benefits	365		2,079		585		851		45		320		2,444		244		2,200
Future policy benefits remeasurement (gains) losses	(3)		2		1		(25)		(1)		(2)		(1)		(5)		4
Market risk benefits remeasurement (gains) losses	(8)		(35)		28		(21)		(31)		23		(43)		(17)		(26)
Interest credited	120		148		126		137		133		(13)		268		262		6
Policy acquisition costs and other insurance expenses	87		80		78		47		49		38		167		97		70
Other operating expenses	20		18		18		18		15		5		38		30		8
Total benefits and expenses	581		2,292		836		1,007		210		371		2,873		611		2,262

Income (loss) before income taxes	$	83	$	17	$	(120)	$	108	$	68	$	15	$	100	$	182	$	(82)

Assumed life reinsurance in force (in billions)	$	10.1	$	10.1	$	10.3	$	5.1	$	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		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	305	$	1,916	$	521	$	820	$	17	$	288	$	2,221	$	180	$	2,041
Net investment income	318		303		289		292		279		39		621		556		65
Other revenue	54		62		60		59		51		3		116		102		14
Total revenues	677		2,281		870		1,171		347		330		2,958		838		2,120

Benefits and expenses:
Claims and other policy benefits	367		1,956		551		851		45		322		2,323		244		2,079
Future policy benefits remeasurement (gains) losses	(3)		2		1		(25)		(1)		(2)		(1)		(5)		4
Interest credited	126		135		121		144		130		(4)		261		266		(5)
Policy acquisition costs and other insurance expenses	87		80		78		47		49		38		167		89		78
Other operating expenses	20		18		18		18		15		5		38		30		8
Total benefits and expenses	597		2,191		769		1,035		238		359		2,788		624		2,164

Adjusted operating income before income taxes	80		90		101		136		109		(29)		170		214		(44)
Notable items (1)	—		—		—		(22)		—		—		—		—		—
Adjusted operating income before income taxes excluding notable items	$	80	$	90	$	101	$	114	$	109	$	(29)	$	170	$	214	$	(44)



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


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

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

Fixed annuities (deferred)	$	9,677		$	9,981		$	10,331		$	11,066		$	11,361
Equity-indexed annuities	$	2,118		$	2,234		$	2,354		$	2,469		$	2,580
Bank-owned life insurance (BOLI) and universal life	$	2,052		$	2,063		$	2,091		$	2,480		$	2,494
Other policyholder account balances	$	43		$	46		$	47		$	51		$	52

Variable annuities account balances
No riders	$	609		$	629		$	624		$	578		$	599
GMDB only	807			793			739			742			738
GMIB only	18			14			13			16			16
GMAB only	2			2			2			2			2
GMWB only	853			862			858			814			883
GMDB / WB	162			166			162			156			169
Other	13			11			11			12			13
Total variable annuities account balances	$	2,464		$	2,477		$	2,409		$	2,320		$	2,420

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

Guaranteed investment contracts, funding agreements and immediate annuities	$	691		$	693		$	690		$	707		$	843

Future policy benefits (at original discount rate) associated with:
Payout annuities	$	6,764		$	6,503		$	4,524		$	4,909		$	4,181
Other future policy benefits	$	56		$	59		$	60		$	60		$	62

Liability for market risk benefits:

Equity-indexed annuities	$	147		$	154		$	159		$	135		$	140
Variable annuities (liability)	$	70		$	74		$	99		$	89		$	95
Variable annuities (asset)	$	15		$	14		$	9		$	8		$	6

Net interest spread (1)	1.1		%	0.9		%	1.3		%	1.3		%	1.4		%

(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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2024			2024			2023			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	326		$	318		$	311		$	302		$	307		$	19		$	644		$	602		$	42
Net investment income	61			64			62			62			61			—			125			122			3
Investment related gains, net	1			1			3			—			4			(3)			2			6			(4)
Other revenue	1			3			—			2			1			—			4			2			2
Total revenues	389			386			376			366			373			16			775			732			43

Benefits and expenses:
Claims and other policy benefits	304			283			294			284			282			22			587			552			35
Future policy benefits remeasurement (gains) losses	1			(3)			4			16			(1)			2			(2)			2			(4)
Interest credited	—			—			—			1			—			—			—			—			—
Policy acquisition costs and other insurance expenses	46			47			46			46			47			(1)			93			92			1
Other operating expenses	11			12			11			13			10			1			23			22			1
Total benefits and expenses	362			339			355			360			338			24			701			668			33

Income before income taxes	$	27		$	47		$	21		$	6		$	35		$	(8)		$	74		$	64		$	10

Loss and expense ratios:
Loss ratio (1)	93.6		%	88.1		%	95.8		%	99.3		%	91.5		%	2.1		%	90.8		%	92.0		%	(1.2)		%
Policy acquisition costs and other insurance expenses	14.1		%	14.8		%	14.8		%	15.2		%	15.3		%	(1.2)		%	14.4		%	15.3		%	(0.9)		%
Other operating expenses	3.4		%	3.8		%	3.5		%	4.3		%	3.3		%	0.1		%	3.6		%	3.7		%	(0.1)		%

Foreign currency effect on (2):
Net premiums	$	(6)		$	1		$	(1)		$	(8)		$	(16)		$	10		$	(5)		$	(36)		$	31
Income before income taxes	$	—		$	—		$	4		$	(1)		$	(2)		$	2		$	—		$	(4)		$	4

Creditor reinsurance net premiums	$	17		$	17		$	18		$	17		$	18		$	(1)		$	34		$	36		$	(2)

Assumed life reinsurance in force (in billions)	$	489.3		$	488.0		$	493.5		$	477.2		$	484.6		$	4.7
Assumed new business production (in billions)	$	12.3		$	11.5		$	11.1		$	11.0		$	11.2		$	1.1		$	23.8		$	22.0		$	1.8

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


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2024			2024			2023			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	326		$	318		$	311		$	302		$	307		$	19		$	644		$	602		$	42
Net investment income	61			64			62			64			61			—			125			123			2
Investment related gains, net	2			—			2			—			1			1			2			2			—
Other revenue	1			3			—			2			1			—			4			2			2
Total revenues	390			385			375			368			370			20			775			729			46

Benefits and expenses:
Claims and other policy benefits	304			283			294			284			282			22			587			552			35
Future policy benefits remeasurement gains	1			(3)			4			16			(1)			2			(2)			2			(4)
Interest credited	—			—			—			1			—			—			—			—			—
Policy acquisition costs and other insurance expenses	46			47			46			46			47			(1)			93			92			1
Other operating expenses	13			12			11			11			10			3			25			22			3
Total benefits and expenses	364			339			355			358			338			26			703			668			35

Adjusted operating income (loss) before income taxes	26			46			20			10			32			(6)			72			61			11
Notable items (1)	—			—			—			13			—			—			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	26		$	46		$	20		$	23		$	32		$	(6)		$	72		$	61		$	11

Loss and expense ratios:
Loss ratio (2)	93.6		%	88.1		%	95.8		%	99.3		%	91.5		%	2.1		%	90.8		%	92.0		%	(1.2)		%
Policy acquisition costs and other insurance expenses	14.1		%	14.8		%	14.8		%	15.2		%	15.3		%	(1.2)		%	14.4		%	15.3		%	(0.9)		%
Other operating expenses	4.0		%	3.8		%	3.5		%	3.6		%	3.3		%	0.7		%	3.9		%	3.7		%	0.2		%

Foreign currency effect on (3):
Net premiums	$	(6)		$	1		$	(1)		$	(8)		$	(16)		$	10		$	(5)		$	(36)		$	31
Adjusted operating income before income taxes	$	—		$	—		$	5		$	(1)		$	(2)		$	2		$	—		$	(4)		$	4

Creditor reinsurance net premiums	$	17		$	17		$	18		$	17		$	18		$	(1)		$	34		$	36		$	(2)

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	48	$	23	$	22	$	22	$	23	$	25	$	71	$	46	$	25
Net investment income	48		1		1		1		1		47		49		2		47
Investment related gains, net	(1)		—		—		—		—		(1)		(1)		—		(1)
Other revenue	6		3		4		3		2		4		9		5		4
Total revenues	101		27		27		26		26		75		128		53		75

Benefits and expenses:
Claims and other policy benefits	89		19		19		18		20		69		108		41		67
Future policy benefits remeasurement (gains) losses	—		—		—		(23)		(2)		2		—		(7)		7
Policy acquisition costs and other insurance expenses	4		1		—		1		—		4		5		1		4
Other operating expenses	2		—		2		—		2		—		2		2		—
Total benefits and expenses	95		20		21		(4)		20		75		115		37		78

Income before income taxes	$	6	$	7	$	6	$	30	$	6	$	—	$	13	$	16	$	(3)

Foreign currency effect on (2):
Net premiums	$	(1)	$	—	$	1	$	(1)	$	(2)	$	1	$	(1)	$	(3)	$	2
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		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	48	$	23	$	22	$	22	$	23	$	25	$	71	$	46	$	25
Net investment income	48		1		1		1		1		47		49		2		47
Other revenue	6		3		4		3		2		4		9		5		4
Total revenues	102		27		27		26		26		76		129		53		76

Benefits and expenses:
Claims and other policy benefits	89		19		19		18		20		69		108		41		67
Future policy benefits remeasurement gains	—		—		—		(23)		(2)		2		—		(7)		7
Policy acquisition costs and other insurance expenses	4		1		—		1		—		4		5		1		4
Other operating expenses	2		—		2		—		2		—		2		2		—
Total benefits and expenses	95		20		21		(4)		20		75		115		37		78

Adjusted operating income before income taxes	7		7		6		30		6		1		14		16		(2)
Notable items (2)	—		—		—		(22)		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	7	$	7	$	6	$	8	$	6	$	1	$	14	$	16	$	(2)

Foreign currency effect on (3):
Net premiums	$	(1)	$	—	$	1	$	(1)	$	(2)	$	1	$	(1)	$	(3)	$	2
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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2024			2024			2023			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	497		$	496		$	461		$	447		$	429		$	68		$	993		$	867		$	126
Net investment income	27			27			22			23			23			4			54			46			8
Other revenue	—			2			1			1			(1)			1			2			(2)			4
Total revenues	524			525			484			471			451			73			1,049			911			138

Benefits and expenses:
Claims and other policy benefits	464			424			420			429			383			81			888			773			115
Future policy benefits remeasurement (gains) losses	6			(5)			1			43			12			(6)			1			4			(3)
Policy acquisition costs and other insurance expenses	22			37			22			25			21			1			59			39			20
Other operating expenses	31			41			33			34			31			—			72			64			8
Total benefits and expenses	523			497			476			531			447			76			1,020			880			140

Income (loss) before income taxes	$	1		$	28		$	8		$	(60)		$	4		$	(3)		$	29		$	31		$	(2)

Loss and expense ratios:
Loss ratio (1)	94.6		%	84.5		%	91.3		%	105.6		%	92.1		%	2.5		%	89.5		%	89.6		%	(0.1)		%
Policy acquisition costs and other insurance expenses	4.4		%	7.5		%	4.8		%	5.6		%	4.9		%	(0.5)		%	5.9		%	4.5		%	1.4		%
Other operating expenses	6.2		%	8.3		%	7.2		%	7.6		%	7.2		%	(1.0)		%	7.3		%	7.4		%	(0.1)		%

Foreign currency effect on (2):
Net premiums	$	1		$	7		$	14		$	20		$	(6)		$	7		$	8		$	(47)		$	55
Income (loss) before income taxes	$	—		$	—		$	1		$	(4)		$	1		$	(1)		$	—		$	—		$	—

Critical illness net premiums	$	33		$	32		$	37		$	34		$	35		$	(2)		$	65		$	68		$	(3)

Assumed life reinsurance in force (in billions)	$	976.5		$	985.1		$	960.1		$	814.5		$	802.3		$	174.2
Assumed new business production (in billions)	$	20.0		$	38.0		$	16.1		$	30.9		$	36.6		$	(16.6)		$	58.0		$	66.7		$	(8.7)

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


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2024			2024			2023			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	497		$	496		$	461		$	447		$	429		$	68		$	993		$	867		$	126
Net investment income	27			27			22			23			23			4			54			46			8
Other revenue	—			2			1			1			(1)			1			2			(2)			4
Total revenues	524			525			484			471			451			73			1,049			911			138

Benefits and expenses:
Claims and other policy benefits	464			424			420			429			383			81			888			773			115
Future policy benefits remeasurement (gains) losses	6			(5)			1			43			12			(6)			1			4			(3)
Policy acquisition costs and other insurance expenses	22			37			22			25			21			1			59			39			20
Other operating expenses	33			31			33			33			31			2			64			64			—
Total benefits and expenses	525			487			476			530			447			78			1,012			880			132

Adjusted operating income (loss) before income taxes	(1)			38			8			(59)			4			(5)			37			31			6
Notable items (1)	—			—			—			47			—			—			—			—			—
Adjusted operating income (loss) excluding notable items, before income taxes	$	(1)		$	38		$	8		$	(12)		$	4		$	(5)		$	37		$	31		$	6

Loss and expense ratios:
Loss ratio (2)	94.6		%	84.5		%	91.3		%	105.6		%	92.1		%	2.5		%	89.5		%	89.6		%	(0.1)		%
Policy acquisition costs and other insurance expenses	4.4		%	7.5		%	4.8		%	5.6		%	4.9		%	(0.5)		%	5.9		%	4.5		%	1.4		%
Other operating expenses	6.6		%	6.3		%	7.2		%	7.4		%	7.2		%	(0.6)		%	6.4		%	7.4		%	(1.0)		%

Foreign currency effect on (3):
Net premiums	$	1		$	7		$	14		$	20		$	(6)		$	7		$	8		$	(47)		$	55
Adjusted operating income (loss) before income taxes	$	—		$	—		$	1		$	(4)		$	1		$	(1)		$	—		$	—		$	—

Critical illness net premiums	$	33		$	32		$	37		$	34		$	35		$	(2)		$	65		$	68		$	(3)

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	159	$	146	$	125	$	118	$	90	$	69	$	305	$	215	$	90
Net investment income	77		69		62		56		45		32		146		91		55
Investment related losses, net	(12)		(15)		(8)		(21)		(9)		(3)		(27)		(15)		(12)
Other revenue	8		11		1		7		4		4		19		8		11
Total revenues	232		211		180		160		130		102		443		299		144

Benefits and expenses:
Claims and other policy benefits	133		122		96		95		68		65		255		172		83
Future policy benefits remeasurement (gains) losses	2		2		(42)		(33)		(5)		7		4		(14)		18
Interest credited	8		6		3		(2)		(2)		10		14		(2)		16
Policy acquisition costs and other insurance expenses	2		2		1		2		2		—		4		4		—
Other operating expenses	15		15		16		14		15		—		30		28		2
Total benefits and expenses	160		147		74		76		78		82		307		188		119

Income before income taxes	$	72	$	64	$	106	$	84	$	52	$	20	$	136	$	111	$	25

Foreign currency effect on (2):
Net premiums	$	1	$	5	$	6	$	9	$	(1)	$	2	$	6	$	(13)	$	19
Income before income taxes	$	—	$	3	$	5	$	6	$	—	$	—	$	3	$	(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		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	159	$	146	$	125	$	118	$	90	$	69	$	305	$	215	$	90
Net investment income	79		69		59		59		48		31		148		97		51
Investment related gains (losses), net	1		(1)		(2)		2		4		(3)		—		5		(5)
Other revenue	8		11		1		7		4		4		19		8		11
Total revenues	247		225		183		186		146		101		472		325		147

Benefits and expenses:
Claims and other policy benefits	133		122		96		95		68		65		255		172		83
Future policy benefits remeasurement (gains) losses	2		2		(42)		(33)		(5)		7		4		(14)		18
Interest credited	9		7		—		—		—		9		16		—		16
Policy acquisition costs and other insurance expenses	2		2		1		2		2		—		4		4		—
Other operating expenses	15		15		16		14		15		—		30		28		2
Total benefits and expenses	161		148		71		78		80		81		309		190		119

Adjusted operating income before income taxes	86		77		112		108		66		20		163		135		28
Notable items (2)	—		—		—		(34)		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	86	$	77	$	112	$	74	$	66	$	20	$	163	$	135	$	28

Foreign currency effect on (3):
Net premiums	$	1	$	5	$	6	$	9	$	(1)	$	2	$	6	$	(13)	$	19
Adjusted operating income before income taxes	$	—	$	3	$	5	$	8	$	—	$	—	$	3	$	(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			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2024			2024			2023			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	708		$	716		$	709		$	737		$	677		$	31		$	1,424		$	1,339		$	85
Net investment income	61			65			59			60			62			(1)			126			123			3
Investment related gains, net	1			—			1			1			2			(1)			1			5			(4)
Other revenue	8			10			(1)			3			11			(3)			18			14			4
Total revenues	778			791			768			801			752			26			1,569			1,481			88

Benefits and expenses:
Claims and other policy benefits	607			586			594			604			579			28			1,193			1,142			51
Future policy benefits remeasurement (gains) losses	(29)			1			6			(39)			(14)			(15)			(28)			(23)			(5)
Policy acquisition costs and other insurance expenses	42			45			40			46			44			(2)			87			90			(3)
Other operating expenses	58			50			58			56			54			4			108			104			4
Total benefits and expenses	678			682			698			667			663			15			1,360			1,313			47

Income before income taxes	$	100		$	109		$	70		$	134		$	89		$	11		$	209		$	168		$	41

Loss and expense ratios:
Loss ratio (1)	81.6		%	82.0		%	84.6		%	76.7		%	83.5		%	(1.9)		%	81.8		%	83.6		%	(1.8)		%
Policy acquisition costs and other insurance expenses	5.9		%	6.3		%	5.6		%	6.2		%	6.5		%	(0.6)		%	6.1		%	6.7		%	(0.6)		%
Other operating expenses	8.2		%	7.0		%	8.2		%	7.6		%	8.0		%	0.2		%	7.6		%	7.8		%	(0.2)		%

Foreign currency effect on (2):
Net premiums	$	(23)		$	(23)		$	(3)		$	(10)		$	(21)		$	(2)		$	(46)		$	(54)		$	8
Income before income taxes	$	(2)		$	(3)		$	—		$	—		$	(2)		$	—		$	(5)		$	(5)		$	—

Critical illness net premiums	$	358		$	352		$	344		$	368		$	341		$	17		$	710		$	640		$	70

Assumed life reinsurance in force (in billions)	$	557.8		$	528.9		$	528.6		$	501.8		$	495.4		$	62.4
Assumed new business production (in billions)	$	13.1		$	17.6		$	17.3		$	17.1		$	4.7		$	8.4		$	30.7		$	8.6		$	22.1

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
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2024			2024			2023			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	708		$	716		$	709		$	737		$	677		$	31		$	1,424		$	1,339		$	85
Net investment income	61			65			59			60			62			(1)			126			123			3
Investment related gains, net	1			—			1			1			2			(1)			1			5			(4)
Other revenue	8			10			(1)			3			11			(3)			18			14			4
Total revenues	778			791			768			801			752			26			1,569			1,481			88

Benefits and expenses:
Claims and other policy benefits	607			586			594			604			579			28			1,193			1,142			51
Future policy benefits remeasurement (gains) losses	(29)			1			6			(39)			(14)			(15)			(28)			(23)			(5)
Policy acquisition costs and other insurance expenses	42			45			40			46			44			(2)			87			90			(3)
Other operating expenses	59			50			57			56			54			5			109			104			5
Total benefits and expenses	679			682			697			667			663			16			1,361			1,313			48

Adjusted operating income before income taxes	99			109			71			134			89			10			208			168			40
Notable items (1)	—			—			—			(2)			—			—			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	99		$	109		$	71		$	132		$	89		$	10		$	208		$	168		$	40

Loss and expense ratios:
Loss ratio (2)	81.6		%	82.0		%	84.6		%	76.7		%	83.5		%	(1.9)		%	81.8		%	83.6		%	(1.8)		%
Policy acquisition costs and other insurance expenses	5.9		%	6.3		%	5.6		%	6.2		%	6.5		%	(0.6)		%	6.1		%	6.7		%	(0.6)		%
Other operating expenses	8.3		%	7.0		%	8.0		%	7.6		%	8.0		%	0.3		%	7.7		%	7.8		%	(0.1)		%

Foreign currency effect on (3):
Net premiums	$	(23)		$	(23)		$	(3)		$	(10)		$	(21)		$	(2)		$	(46)		$	(54)		$	8
Adjusted operating income before income taxes	$	(2)		$	(2)		$	1		$	(1)		$	(3)		$	1		$	(4)		$	(5)		$	1

Critical illness net premiums	$	358		$	352		$	344		$	368		$	341		$	17		$	710		$	640		$	70

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	50	$	46	$	47	$	63	$	44	$	6	$	96	$	108	$	(12)
Net investment income	163		120		136		117		125		38		283		233		50
Investment related gains (losses), net	(172)		(71)		61		(66)		(51)		(121)		(243)		(102)		(141)
Other revenue	61		48		9		16		18		43		109		28		81
Total revenues	102		143		253		130		136		(34)		245		267		(22)

Benefits and expenses:
Claims and other policy benefits	74		47		50		67		44		30		121		113		8
Future policy benefits remeasurement gains	(1)		—		—		(1)		—		(1)		(1)		(1)		—
Interest credited	49		51		49		54		46		3		100		100		—
Policy acquisition costs and other insurance expenses	30		25		25		21		19		11		55		35		20
Other operating expenses	8		7		7		5		7		1		15		13		2
Total benefits and expenses	160		130		131		146		116		44		290		260		30

Income (loss) before income taxes	$	(58)	$	13	$	122	$	(16)	$	20	$	(78)	$	(45)	$	7	$	(52)

Foreign currency effect on (2):
Net premiums	$	(6)	$	(5)	$	(2)	$	(2)	$	(2)	$	(4)	$	(11)	$	(9)	$	(2)
Income (loss) before income taxes	$	8	$	5	$	(6)	$	1	$	—	$	8	$	13	$	—	$	13

Assumed life reinsurance in force (in billions)	$	9.6	$	8.5	$	8.0	$	7.7	$	6.7	$	2.9
Assumed new business production (in billions)	$	—	$	1.0	$	—	$	1.0	$	0.1	$	(0.1)	$	1.0	$	1.8	$	(0.8)

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	50	$	46	$	47	$	63	$	44	$	6	$	96	$	108	$	(12)
Net investment income	163		120		136		117		125		38		283		233		50
Investment related gains, net	6		3		2		2		4		2		9		8		1
Other revenue	12		20		12		8		5		7		32		13		19
Total revenues	231		189		197		190		178		53		420		362		58

Benefits and expenses:
Claims and other policy benefits	74		47		50		67		44		30		121		113		8
Future policy benefits remeasurement gains	(1)		—		—		(1)		—		(1)		(1)		(1)		—
Interest credited	49		51		49		54		46		3		100		100		—
Policy acquisition costs and other insurance expenses	30		25		25		21		19		11		55		35		20
Other operating expenses	8		7		7		5		7		1		15		13		2
Total benefits and expenses	160		130		131		146		116		44		290		260		30

Adjusted operating income before income taxes	71		59		66		44		62		9		130		102		28
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	71	$	59	$	66	$	44	$	62	$	9	$	130	$	102	$	28

Foreign currency effect on (3):
Net premiums	$	(6)	$	(5)	$	(2)	$	(2)	$	(2)	$	(4)	$	(11)	$	(9)	$	(2)
Adjusted operating income before income taxes	$	(2)	$	(1)	$	(2)	$	(2)	$	(2)	$	—	$	(3)	$	(5)	$	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		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net investment income	$	123	$	106	$	111	$	109	$	82	$	41	$	229	$	164	$	65
Investment related gains (losses), net	(79)		(79)		(60)		21		—		(79)		(158)		(44)		(114)
Other revenue	—		4		22		5		(4)		4		4		7		(3)
Total revenues	44		31		73		135		78		(34)		75		127		(52)

Benefits and expenses:
Interest credited	35		30		19		14		14		21		65		28		37
Policy acquisition costs and other insurance income	(28)		(25)		(27)		(24)		(20)		(8)		(53)		(40)		(13)
Other operating expenses	101		87		91		84		92		9		188		169		19
Interest expense	72		68		69		72		63		9		140		116		24
Total benefits and expenses	180		160		152		146		149		31		340		273		67

Loss before income taxes	$	(136)	$	(129)	$	(79)	$	(11)	$	(71)	$	(65)	$	(265)	$	(146)	$	(119)

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

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net investment income	$	123	$	106	$	111	$	109	$	82	$	41	$	229	$	164	$	65
Investment related gains, net	1		4		5		2		3		(2)		5		7		(2)
Other revenue	9		12		15		9		6		3		21		19		2
Total revenues	133		122		131		120		91		42		255		190		65

Benefits and expenses:
Interest credited	35		30		19		14		14		21		65		28		37
Policy acquisition costs and other insurance income	(28)		(25)		(27)		(24)		(20)		(8)		(53)		(40)		(13)
Other operating expenses	97		87		92		84		89		8		184		166		18
Interest expense	73		68		70		71		63		10		141		116		25
Total benefits and expenses	177		160		154		145		146		31		337		270		67

Adjusted operating loss before income taxes	(44)		(38)		(23)		(25)		(55)		11		(82)		(80)		(2)
Notable items (1)	—		—		—		—		—		—		—		—		—
Adjusted operating loss excluding notable items, before income taxes	$	(44)	$	(38)	$	(23)	$	(25)	$	(55)	$	11	$	(82)	$	(80)	$	(2)

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

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
U.S. and Latin America:
Traditional	$	174	$	116	$	30	$	105	$	62	$	112	$	290	$	183	$	107
Financial Solutions	83		17		(120)		108		68		15		100		182		(82)
Total U.S. and Latin America	257		133		(90)		213		130		127		390		365		25
Canada:
Traditional	$	27	$	47	$	21	$	6	$	35	$	(8)	$	74	$	64	$	10
Financial Solutions	6		7		6		30		6		—		13		16		(3)
Total Canada	33		54		27		36		41		(8)		87		80		7
Europe, Middle East and Africa:
Traditional	$	1	$	28	$	8	$	(60)	$	4	$	(3)	$	29	$	31	$	(2)
Financial Solutions	72		64		106		84		52		20		136		111		25
Total Europe, Middle East and Africa	73		92		114		24		56		17		165		142		23
Asia Pacific:
Traditional	$	100	$	109	$	70	$	134	$	89	$	11	$	209	$	168	$	41
Financial Solutions	(58)		13		122		(16)		20		(78)		(45)		7		(52)
Total Asia Pacific	42		122		192		118		109		(67)		164		175		(11)
Corporate and Other	(136)		(129)		(79)		(11)		(71)		(65)		(265)		(146)		(119)
Consolidated income before income taxes	$	269	$	272	$	164	$	380	$	265	$	4	$	541	$	616	$	(75)

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
U.S. and Latin America:
Traditional	$	167	$	128	$	25	$	103	$	63	$	104	$	295	$	185	$	110
Financial Solutions	80		90		101		136		109		(29)		170		214		(44)
Total U.S. and Latin America	247		218		126		239		172		75		465		399		66
Canada:
Traditional	$	26	$	46	$	20	$	10	$	32	$	(6)	$	72	$	61	$	11
Financial Solutions	7		7		6		30		6		1		14		16		(2)
Total Canada	33		53		26		40		38		(5)		86		77		9
Europe, Middle East and Africa:
Traditional	$	(1)	$	38	$	8	$	(59)	$	4	$	(5)	$	37	$	31	$	6
Financial Solutions	86		77		112		108		66		20		163		135		28
Total Europe, Middle East and Africa	85		115		120		49		70		15		200		166		34
Asia Pacific:
Traditional	$	99	$	109	$	71	$	134	$	89	$	10	$	208	$	168	$	40
Financial Solutions	71		59		66		44		62		9		130		102		28
Total Asia Pacific	170		168		137		178		151		19		338		270		68
Corporate and Other	(44)		(38)		(23)		(25)		(55)		11		(82)		(80)		(2)
Consolidated adjusted operating income before income taxes	$	491	$	516	$	386	$	481	$	376	$	115	$	1,007	$	832	$	175
Notable items (1)	—		—		—		(3)		—		—		—		—		—
Consolidated adjusted operating income excluding notable items before income taxes	$	491	$	516	$	386	$	478	$	376	$	115	$	1,007	$	832	$	175

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


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Cash and Invested Assets

	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2024		2024		2023		2023		2023
Fixed maturity securities, available-for-sale (1)	$	70,491	$	65,827	$	60,467	$	54,171	$	56,236
Equity securities	144		144		139		133		136
Mortgage loans	7,984		7,539		7,377		7,231		7,038
Policy loans	1,171		1,198		1,206		1,180		1,202
Funds withheld at interest	5,556		5,642		5,683		5,725		5,862
Limited partnerships and real estate joint ventures	2,791		2,697		2,635		2,560		2,473
Short-term investments	335		327		222		141		224
Other invested assets	1,148		1,140		1,171		1,091		1,119
Cash and cash equivalents	4,596		5,935		2,970		2,820		2,598
Total cash and invested assets	$	94,216	$	90,449	$	81,870	$	75,052	$	76,888

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


Investment Income and Yield Summary

	Three Months Ended															Current Qtr		Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY		June 30,			June 30,
	2024			2024			2023			2023			2023			Quarter		2024			2023			Change
Average invested assets at amortized cost (1)	$	38,172		$	38,483		$	37,169		$	37,051		$	36,124		$	2,048	$	38,106		$	35,792		$	2,314
Net investment income (1)	$	436		$	444		$	443		$	430		$	393		$	43	$	880		$	808		$	72
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.65		%	4.70		%	4.86		%	4.72		%	4.42		%	23 bps		4.67		%	4.56		%	11 bps
Variable investment income ("VII") (included in net investment income) (1)	$	12		$	16		$	44		$	39		$	17		$	(5)	$	28		$	56		$	(28)
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)	4.76		%	4.75		%	4.60		%	4.51		%	4.43		%	33 bps		4.76		%	4.44		%	32 bps

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


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities

	June 30, 2024
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	50,053	$	95	$	516	$	4,343	$	46,131	65.4	%
Canadian government	4,520		—		331		71		4,780		6.8	%
Japanese government	5,297		—		1		835		4,463		6.3	%
ABS	5,302		15		45		189		5,143		7.3	%
CMBS	2,242		1		19		140		2,120		3.0	%
RMBS	1,307		—		14		109		1,212		1.7	%
U.S. government	1,681		—		3		256		1,428		2.0	%
State and political subdivisions	1,188		—		4		150		1,042		1.6	%
Other foreign government	4,571		—		31		430		4,172		5.9	%
Total fixed maturity securities	$	76,161	$	111	$	964	$	6,523	$	70,491	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

	June 30, 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	$	7,245	$	6,898	15.0	%	A-	$	6,474	$	6,109	15.8	%	A-
Brokerage/asset managers/exchanges	1,388		1,252		2.7	%	A-	1,320		1,194		3.1	%	A-
Finance companies	416		381		0.8	%	BBB+	367		330		0.9	%	BBB+
Insurance	4,717		4,218		9.1	%	A-	4,507		4,086		10.5	%	A-
REITs	1,567		1,426		3.1	%	A-	1,401		1,269		3.2	%	BBB+
Other finance	1,115		915		2.0	%	BBB+	983		801		2.1	%	A-
Total financial institutions	$	16,448	$	15,090	32.7	%		$	15,052	$	13,789	35.6	%
Industrials
Basic	$	2,074	$	1,906	4.1	%	BBB+	$	1,940	$	1,797	4.6	%	BBB+
Capital goods	2,040		1,919		4.2	%	BBB	1,664		1,531		4.0	%	BBB
Communications	3,335		3,042		6.6	%	BBB+	2,853		2,635		6.8	%	BBB
Consumer cyclical	2,908		2,714		5.9	%	BBB+	2,286		2,139		5.5	%	BBB+
Consumer noncyclical	5,888		5,414		11.7	%	BBB+	5,057		4,661		12.0	%	BBB+
Energy	3,302		3,111		6.7	%	BBB+	2,317		2,171		5.6	%	A-
Technology	2,139		1,967		4.4	%	BBB+	1,899		1,819		4.7	%	BBB+
Transportation	2,917		2,691		5.8	%	A-	2,286		2,100		5.4	%	A-
Other industrial	1,551		1,542		3.3	%	BBB	1,111		1,082		2.8	%	BBB
Total industrials	$	26,154	$	24,306	52.7	%		$	21,413	$	19,935	51.4	%
Utilities
Electric	$	5,926	$	5,377	11.7	%	A-	$	4,371	$	3,973	10.3	%	A-
Natural gas	1,038		933		2.0	%	A-	770		694		1.8	%	A-
Other utility	487		425		0.9	%	BBB+	408		364		0.9	%	BBB+
Total utilities	$	7,451	$	6,735	14.6	%		$	5,549	$	5,031	13.0	%
Total	$	50,053	$	46,131	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

		June 30, 2024						March 31, 2024						December 31, 2023						September 30, 2023						June 30, 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	$	49,634	$	45,782	64.9	%	$	46,541	$	43,336	65.8	%	$	41,469	$	38,739	64.1	%	$	38,876	$	33,799	62.4	%	$	38,928	$	35,512	63.1	%
2	BBB	22,431		20,787		29.5	%	20,527		18,951		28.8	%	19,793		18,261		30.2	%	19,959		17,134		31.6	%	19,840		17,517		31.2	%
3	BB	3,331		3,270		4.6	%	3,039		2,952		4.5	%	3,068		2,956		4.9	%	2,902		2,780		5.1	%	2,919		2,801		5.0	%
4	B	562		504		0.8	%	515		468		0.8	%	479		396		0.7	%	439		368		0.7	%	347		328		0.6	%
5	CCC	158		124		0.2	%	123		98		0.1	%	116		92		0.1	%	104		81		0.2	%	99		69		0.1	%
6	In or near default	45		24		—	%	45		22		—	%	52		23		—	%	52		9		—	%	52		9		—	%
	Total	$	76,161	$	70,491	100.0	%	$	70,790	$	65,827	100.0	%	$	64,977	$	60,467	100.0	%	$	62,332	$	54,171	100.0	%	$	62,185	$	56,236	100.0	%

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


Structured Fixed Maturity Securities

	June 30, 2024						March 31, 2024						December 31, 2023						September 30, 2023						June 30, 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")	$	2,675	$	2,676	31.6	%	$	2,540	$	2,518	31.6	%	$	2,086	$	2,048	28.1	%	$	2,022	$	1,967	28.2	%	$	1,936	$	1,857	26.9	%
ABS, excluding CLOs	2,627		2,467		29.1	%	2,597		2,427		30.5	%	2,575		2,381		32.7	%	2,540		2,269		32.5	%	2,574		2,308		33.5	%
Total ABS	5,302		5,143		60.7	%	5,137		4,945		62.1	%	4,661		4,429		60.8	%	4,562		4,236		60.7	%	4,510		4,165		60.4	%
CMBS	2,242		2,120		25.0	%	2,002		1,861		23.4	%	1,969		1,773		24.3	%	1,959		1,710		24.5	%	1,932		1,699		24.6	%
RMBS
Agency	414		364		4.3	%	436		385		4.8	%	444		398		5.5	%	454		388		5.6	%	464		413		6.0	%
Non-agency	893		848		10.0	%	814		765		9.7	%	729		681		9.4	%	718		642		9.2	%	681		624		9.0	%
Total RMBS	1,307		1,212		14.3	%	1,250		1,150		14.5	%	1,173		1,079		14.9	%	1,172		1,030		14.8	%	1,145		1,037		15.0	%
Total	$	8,851	$	8,475	100.0	%	$	8,389	$	7,956	100.0	%	$	7,803	$	7,281	100.0	%	$	7,693	$	6,976	100.0	%	$	7,587	$	6,901	100.0	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of June 30, 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	$	8,885	$	217	$	22,555	$	4,043	$	31,440	$	4,260
Canadian government	404		15		449		56		853		71
Japanese government	2,293		187		2,136		648		4,429		835
ABS	794		8		2,310		175		3,104		183
CMBS	270		2		1,225		129		1,495		131
RMBS	137		1		721		108		858		109
U.S. government	422		4		736		252		1,158		256
State and political subdivisions	114		4		785		146		899		150
Other foreign government	726		11		2,110		362		2,836		373
Total investment grade securities	$	14,045	$	449	$	33,027	$	5,919	$	47,072	$	6,368

Below investment grade securities:
Corporate	$	352	$	8	$	476	$	68	$	828	$	76
ABS	9		1		44		5		53		6
CMBS	—		—		—		—		—		—
Other foreign government	—		—		194		57		194		57
Total below investment grade securities	$	361	$	9	$	714	$	130	$	1,075	$	139
Total fixed maturity securities	$	14,406	$	458	$	33,741	$	6,049	$	48,147	$	6,507

(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		193		52
	$	295	$	36	$	914	$	184	$	1,209	$	220
Total below investment grade 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)

Consolidated Investment Related Gains and Losses

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	$	(16)	$	(20)	$	(7)	$	7	$	4	$	(20)	$	(36)	$	(38)	$	2
Impairments on fixed maturity securities	(1)		—		(2)		—		—		(1)		(1)		(1)		—
Realized gains on investment activity	68		32		18		12		11		57		100		42		58
Realized losses on investment activity	(230)		(134)		(102)		(61)		(37)		(193)		(364)		(112)		(252)
Net losses on fixed maturity securities available-for-sale	(179)		(122)		(93)		(42)		(22)		(157)		(301)		(109)		(192)

Net gains (losses) on equity securities	(5)		4		3		(2)		(4)		(1)		(1)		(2)		1
Change in mortgage loan allowance for credit losses	2		(10)		7		(17)		(9)		11		(8)		(6)		(2)
Limited partnerships and real estate joint venture impairment losses	—		(8)		—		—		—		—		(8)		—		(8)
Change in fair value of certain limited partnership investments	—		1		16		25		10		(10)		1		7		(6)
Other, net	4		8		—		7		15		(11)		12		17		(5)

Freestanding derivatives (1):
Interest rate swaps	(13)		(31)		59		(64)		(30)		17		(44)		(10)		(34)
Interest rate options	—		(3)		(23)		16		(3)		3		(3)		(26)		23
Total return swaps	(11)		4		14		(8)		5		(16)		(7)		8		(15)
Interest rate futures	1		1		(1)		—		2		(1)		2		2		—
Foreign currency swaps	8		14		(3)		8		12		(4)		22		12		10
Foreign currency swaps - hedged	(1)		(1)		(2)		(1)		—		(1)		(2)		(1)		(1)
Foreign currency forwards	(98)		(64)		32		(37)		(74)		(24)		(162)		(93)		(69)
Foreign currency options	(3)		—		—		—		—		(3)		(3)		—		(3)
Equity options	(1)		(4)		(6)		3		(11)		10		(5)		(25)		20
Equity futures	(2)		(17)		(23)		11		(10)		8		(19)		(19)		—
Credit default swaps	2		2		47		(26)		10		(8)		4		21		(17)
CPI swaps	(1)		—		(1)		—		6		(7)		(1)		7		(8)
Total freestanding derivatives	(119)		(99)		93		(98)		(93)		(26)		(218)		(124)		(94)

Embedded derivatives	26		77		(181)		1		(20)		46		103		17		86

Net losses on total derivatives	(93)		(22)		(88)		(97)		(113)		20		(115)		(107)		(8)

Total investment related losses, net	$	(271)	$	(149)	$	(155)	$	(126)	$	(123)	$	(148)	$	(420)	$	(200)	$	(220)

(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		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
U.S. and Latin America Traditional
Income before income taxes	$	174	$	116	$	30	$	105	$	62	$	112	$	290	$	183	$	107
Investment and derivative gains (1)	—		—		(2)		—		—		—		—		—		—
Funds withheld losses - investment income	—		—		1		—		—		—		—		—		—
Change in fair value of funds withheld embedded derivatives (1)	(6)		12		(4)		(2)		1		(7)		6		2		4
Other	(1)		—		—		—		—		(1)		(1)		—		(1)
Adjusted operating income before income taxes	167		128		25		103		63		104		295		185		110
Notable items (2)	—		—		—		17		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	167	$	128	$	25	$	120	$	63	$	104	$	295	$	185	$	110

U.S. and Latin America Financial Solutions
Income (loss) before income taxes	$	83	$	17	$	(120)	$	108	$	68	$	15	$	100	$	182	$	(82)
Market risk benefits remeasurement (gains) losses	(8)		(35)		28		(21)		(31)		23		(43)		(17)		(26)
Investment and derivative (gains) losses (1)	35		62		(27)		62		49		(14)		97		67		30
Change in fair value of funds withheld embedded derivatives (1)	(20)		(89)		185		1		19		(39)		(109)		(19)		(90)
Funds withheld (gains) losses - investment income	(1)		(1)		(4)		(7)		1		(2)		(2)		(3)		1
EIA embedded derivatives - interest credited	(6)		13		5		(7)		3		(9)		7		(4)		11
Other (3)	(3)		123		34		—		—		(3)		120		8		112
Adjusted operating income before income taxes	80		90		101		136		109		(29)		170		214		(44)
Notable items (2)	—		—		—		(22)		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	80	$	90	$	101	$	114	$	109	$	(29)	$	170	$	214	$	(44)

(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		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Canada Traditional
Income before income taxes	$	27	$	47	$	21	$	6	$	35	$	(8)	$	74	$	64	$	10
Investment and derivative (gains) losses (1)	1		(1)		(1)		—		(3)		4		—		(4)		4
Investment income - non-operating FWAI	—		—		—		2		—		—		—		1		(1)
Other	(2)		—		—		2		—		(2)		(2)		—		(2)
Adjusted operating income before income taxes	26		46		20		10		32		(6)		72		61		11
Notable items (2)	—		—		—		13		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	26	$	46	$	20	$	23	$	32	$	(6)	$	72	$	61	$	11

Canada Financial Solutions
Income before income taxes	$	6	$	7	$	6	$	30	$	6	$	—	$	13	$	16	$	(3)
Investment and derivative losses (1)	1		—		—		—		—		1		1		—		1
Adjusted operating income before income taxes	7		7		6		30		6		1		14		16		(2)
Notable items (2)	—		—		—		(22)		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	7	$	7	$	6	$	8	$	6	$	1	$	14	$	16	$	(2)

Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	1	$	28	$	8	$	(60)	$	4	$	(3)	$	29	$	31	$	(2)
Other	(2)		10		—		1		—		(2)		8		—		8
Adjusted operating income (loss) before income taxes	(1)		38		8		(59)		4		(5)		37		31		6
Notable items (2)	—		—		—		47		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	(1)	$	38	$	8	$	(12)	$	4	$	(5)	$	37	$	31	$	6

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	72	$	64	$	106	$	84	$	52	$	20	$	136	$	111	$	25
Investment and derivative losses (1)	13		14		6		23		13		—		27		20		7
Investment income - non-operating FWAI	1		(1)		—		1		1		—		—		4		(4)
Investment (income) loss on unit-linked variable annuities	1		1		(3)		2		2		(1)		2		2		—
Interest credited on unit-linked variable annuities	(1)		(1)		3		(2)		(2)		1		(2)		(2)		—
Adjusted operating income before income taxes	86		77		112		108		66		20		163		135		28
Notable items (2)	—		—		—		(34)		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	86	$	77	$	112	$	74	$	66	$	20	$	163	$	135	$	28

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Asia Pacific Traditional
Income before income taxes	$	100	$	109	$	70	$	134	$	89	$	11	$	209	$	168	$	41
Other	(1)		—		1		—		—		(1)		(1)		—		(1)
Adjusted operating income before income taxes	99		109		71		134		89		10		208		168		40
Notable items (2)	—		—		—		(2)		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	99	$	109	$	71	$	132	$	89	$	10	$	208	$	168	$	40

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	(58)	$	13	$	122	$	(16)	$	20	$	(78)	$	(45)	$	7	$	(52)
Investment and derivative (gains) losses (1)	178		74		(59)		68		55		123		252		110		142
Other	(49)		(28)		3		(8)		(13)		(36)		(77)		(15)		(62)
Adjusted operating income before income taxes	71		59		66		44		62		9		130		102		28
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	71	$	59	$	66	$	44	$	62	$	9	$	130	$	102	$	28

Corporate and Other
Loss before income taxes	$	(136)	$	(129)	$	(79)	$	(11)	$	(71)	$	(65)	$	(265)	$	(146)	$	(119)
Investment and derivative (gains) losses (1)	80		83		65		(19)		3		77		163		51		112
Interest expense on uncertain tax positions	(1)		—		(1)		1		—		(1)		(1)		—		(1)
Other	13		8		(8)		4		13		—		21		15		6
Adjusted operating loss before income taxes	(44)		(38)		(23)		(25)		(55)		11		(82)		(80)		(2)
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating loss excluding notable items, before income taxes	$	(44)	$	(38)	$	(23)	$	(25)	$	(55)	$	11	$	(82)	$	(80)	$	(2)

(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)

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

RGA, Inc. shareholders’ equity	$	9,735	$	9,468	$	9,081	$	8,063	$	7,805
Less effect of AOCI:
Accumulated currency translation adjustments	86		57		68		(33)		26
Unrealized (depreciation) appreciation of securities	(4,694)		(4,062)		(3,667)		(6,659)		(4,879)
Effect of updating discount rates on future policy benefits	4,611		3,906		3,256		5,366		3,460
Change in instrument-specific credit risk for market risk benefits	6		3		3		7		13
Pension and postretirement benefits	(29)		(29)		(29)		(14)		(18)
RGA, Inc. shareholders’ equity, excluding AOCI	9,755		9,593		9,450		9,396		9,203
Year-to-date notable items, net of tax	—		—		—		—		—
RGA, Inc. shareholders’ equity, excluding AOCI and notable items	$	9,755	$	9,593	$	9,450	$	9,396	$	9,203



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

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

Book value per share	$	147.90	$	143.92	$	138.39	$	122.40	$	117.87
Less effect of AOCI:
Accumulated currency translation adjustment	1.32		0.88		1.04		(0.49)		0.38
Unrealized (depreciation) appreciation of securities	(71.31)		(61.74)		(55.88)		(101.10)		(73.69)
Effect of updating discount rates on future policy benefits	70.06		59.36		49.62		81.46		52.26
Change in instrument-specific credit risk for market risk benefits	0.09		0.04		0.05		0.11		0.20
Pension and postretirement benefits	(0.45)		(0.45)		(0.45)		(0.21)		(0.27)
Book value per share, excluding AOCI	$	148.19	$	145.83	$	144.01	$	142.63	$	138.99
Less effect of B36:	(0.82)		(1.13)		(2.06)		0.12		0.11
Book value per share, excluding AOCI and B36	$	149.01	$	146.96	$	146.07	$	142.51	$	138.88

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: