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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-11848
REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact name of Registrant as specified in its charter)

Missouri |  | 43-1627032
(State or other jurisdiction |  | (IRS employer
of incorporation or organization) |  | identification number)

16600 Swingley Ridge Road
Chesterfield, Missouri 63017
(Address of principal executive offices)
(636) 736-7000
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes ☒ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x Accelerated filer o Non-accelerated filer o
Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
Securities registered pursuant to Section 12(b) of the Act:

Title of each class |  | Trading Symbol(s) |  | Name of each exchange on which registered
Common Stock, par value $0.01 |  | RGA |  | New York Stock Exchange
5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 |  | RZB |  | New York Stock Exchange
7.125% Fixed Rate Subordinated Debentures due 2052 |  | RZC |  | New York Stock Exchange

As of April 21, 2025, 66,085,971 shares of the registrant’s common stock were outstanding.

Table of Contents
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
TABLE OF CONTENTS

Item |  |  |  | Page
|  | PART I – FINANCIAL INFORMATION |  |
1 |  | Financial Statements (Unaudited) as of March 31, 2025 and December 31, 2024 and for the Three Months Ended March 31, 2025 and 2024 |  |
|  | Condensed Consolidated Balance Sheets |  | 3
|  | Condensed Consolidated Statements of Income |  | 4
|  | Condensed Consolidated Statements of Comprehensive Income |  | 5
|  | Condensed Consolidated Statements of Equity |  | 6
|  | Condensed Consolidated Statements of Cash Flows |  | 7
|  | Notes to Condensed Consolidated Financial Statements (Unaudited) |  |
|  | Note 1 Business and Basis of Presentation |  | 8
|  | Note 2 Earnings Per Share |  | 8
|  | Note 3 Equity |  | 9
|  | Note 4 Future Policy Benefits |  | 11
|  | Note 5 Policyholder Account Balances |  | 18
|  | Note 6 Unpaid Claims and Claim Expense – Short-Duration Contracts |  | 20
|  | Note 7 Market Risk Benefits |  | 21
|  | Note 8 Deferred Policy Acquisition Costs |  | 22
|  | Note 9 Reinsurance |  | 23
|  | Note 10 Investments |  | 24
|  | Note 11 Derivative Instruments |  | 33
|  | Note 12 Fair Value of Assets and Liabilities |  | 38
|  | Note 13 Income Tax |  | 44
|  | Note 14 Employee Benefit Plans |  | 45
|  | Note 15 Commitments, Contingencies and Guarantees |  | 45
|  | Note 16 Segment Information |  | 46
|  | Note 17 Financing Activities |  | 50
|  | Note 18 New Accounting Standards |  | 50
2 |  | Management’s Discussion and Analysis of Financial Condition and Results of Operations |  | 51
3 |  | Quantitative and Qualitative Disclosure About Market Risk |  | 75
4 |  | Controls and Procedures |  | 75
|  | PART II – OTHER INFORMATION |  |
1 |  | Legal Proceedings |  | 76
1A |  | Risk Factors |  | 76
2 |  | Unregistered Sales of Equity Securities and Use of Proceeds |  | 79
5 |  | Other Information |  | 79
6 |  | Exhibits |  | 79
|  | Index to Exhibits |  | 80
|  | Glossary of Selected Terms |  | 81
|  | Signatures |  | 85

2

Table of Contents
PART I – FINANCIAL INFORMATION
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
(Unaudited)

|  | March 31, 2025 |  | December 31, 2024
Assets |  |  |  |
Fixed maturity securities available-for-sale, at fair value (amortized cost of $89,709 and $82,907; allowance for credit losses of $103 and $98) |  | $ | 84,507 |  |  | $ | 77,617 |
Equity securities, at fair value |  | 153 |  |  | 155 |
Mortgage loans (net of allowance for credit losses of $89 and $93) |  | 9,331 |  |  | 8,839 |
Policy loans |  | 1,284 |  |  | 1,321 |
Funds withheld at interest |  | 5,328 |  |  | 5,436 |
Limited partnerships and real estate joint ventures |  | 3,228 |  |  | 3,067 |
Short-term investments |  | 454 |  |  | 363 |
Other invested assets |  | 1,295 |  |  | 1,242 |
Total investments |  | 105,580 |  |  | 98,040 |
Cash and cash equivalents |  | 5,151 |  |  | 3,326 |
Accrued investment income |  | 1,059 |  |  | 986 |
Premiums receivable and other reinsurance balances |  | 3,749 |  |  | 3,898 |
Reinsurance ceded receivables and other |  | 5,420 |  |  | 5,531 |
Deferred policy acquisition costs |  | 5,649 |  |  | 5,543 |
Other assets |  | 1,602 |  |  | 1,351 |
Total assets |  | $ | 128,210 |  |  | $ | 118,675 |
Liabilities and equity |  |  |  |
Future policy benefits |  | $ | 59,836 |  |  | $ | 53,368 |
Interest-sensitive contract liabilities |  | 36,614 |  |  | 35,095 |
Market risk benefits, at fair value |  | 243 |  |  | 223 |
Other policy claims and benefits |  | 2,870 |  |  | 2,693 |
Other reinsurance balances |  | 1,291 |  |  | 1,316 |
Deferred income taxes |  | 2,250 |  |  | 2,199 |
Funds withheld payable |  | 4,889 |  |  | 5,017 |
Other liabilities |  | 2,991 |  |  | 2,816 |
Long-term debt |  | 5,734 |  |  | 5,042 |
Total liabilities |  | 116,718 |  |  | 107,769 |
Commitments and contingent liabilities (See Note 15) |  |  |  |
Equity |  |  |  |
Preferred stock – par value $0.01 per share, 10,000,000 shares authorized, no shares issued or outstanding |  | — |  |  | — |
Common stock – par value $0.01 per share, 140,000,000 shares authorized, 85,310,598 shares issued at March 31, 2025 and December 31, 2024 |  | 1 |  |  | 1 |
Additional paid-in-capital |  | 2,608 |  |  | 2,600 |
Retained earnings |  | 9,443 |  |  | 9,255 |
Treasury stock, at cost – 19,224,837 and 19,438,336 shares |  | (1,888) |  |  | (1,889) |
Accumulated other comprehensive income |  | 1,238 |  |  | 849 |
Total RGA, Inc. shareholders’ equity |  | 11,402 |  |  | 10,816 |
Noncontrolling interest |  | 90 |  |  | 90 |
Total equity |  | 11,492 |  |  | 10,906 |
Total liabilities and shareholders’ equity |  | $ | 128,210 |  |  | $ | 118,675 |

See accompanying notes to condensed consolidated financial statements (unaudited).
3

Table of Contents
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
(Unaudited)

|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2025 |  | 2024
Revenues |  |  |  |  |  |
Net premiums |  |  |  |  |  | $ | 4,019 |  |  | $ | 5,376 |
Net investment income |  |  |  |  |  | 1,232 |  |  | 961 |
Investment related gains (losses), net |  |  |  |  |  | (79) |  |  | (149) |
Other revenues |  |  |  |  |  | 88 |  |  | 149 |
Total revenues |  |  |  |  |  | 5,260 |  |  | 6,337 |
Benefits and expenses |  |  |  |  |  |  |  |
Claims and other policy benefits |  |  |  |  |  | 3,822 |  |  | 5,132 |
Future policy benefits remeasurement (gains) losses |  |  |  |  |  | (56) |  |  | (24) |
Market risk benefits remeasurement (gains) losses |  |  |  |  |  | 29 |  |  | (35) |
Interest credited |  |  |  |  |  | 299 |  |  | 254 |
Policy acquisition costs and other insurance expenses |  |  |  |  |  | 417 |  |  | 387 |
Other operating expenses |  |  |  |  |  | 300 |  |  | 283 |
Interest expense |  |  |  |  |  | 80 |  |  | 68 |
Total benefits and expenses |  |  |  |  |  | 4,891 |  |  | 6,065 |
Income before income taxes |  |  |  |  |  | 369 |  |  | 272 |
Provision for income taxes |  |  |  |  |  | 81 |  |  | 60 |
Net income |  |  |  |  |  | 288 |  |  | 212 |
Net income attributable to noncontrolling interest |  |  |  |  |  | 2 |  |  | 2 |
Net income available to RGA, Inc. shareholders |  |  |  |  |  | $ | 286 |  |  | $ | 210 |
Earnings per share |  |  |  |  |  |  |  |
Basic earnings per share |  |  |  |  |  | $ | 4.33 |  |  | $ | 3.20 |
Diluted earnings per share |  |  |  |  |  | $ | 4.27 |  |  | $ | 3.16 |

See accompanying notes to condensed consolidated financial statements (unaudited).
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(Unaudited)

|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2025 |  | 2024
Comprehensive income (loss) |  |  |  |  |  |
Net income |  |  |  |  |  | $ | 288 |  |  | $ | 212 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |
Foreign currency translation adjustments |  |  |  |  |  | 11 |  |  | (11) |
Net unrealized investment gains (losses) |  |  |  |  |  | 83 |  |  | (395) |
Effect of updating discount rates on future policy benefits |  |  |  |  |  | 290 |  |  | 650 |
Change in instrument-specific credit risk for market risk benefits |  |  |  |  |  | 4 |  |  | — |
Defined benefit pension and postretirement plan adjustments |  |  |  |  |  | 1 |  |  | — |
Total other comprehensive income (loss), net of tax |  |  |  |  |  | 389 |  |  | 244 |
Total comprehensive income |  |  |  |  |  | 677 |  |  | 456 |
Comprehensive income attributable to noncontrolling interest |  |  |  |  |  | 2 |  |  | 2 |
Total comprehensive income attributable to RGA, Inc. |  |  |  |  |  | $ | 675 |  |  | $ | 454 |

See accompanying notes to condensed consolidated financial statements (unaudited).
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(in millions except per share amounts)
(Unaudited)

| RGA, Inc. Shareholders’ Equity |  |  |  |
| Common Stock |  |  |  | Additional Paid In Capital |  | Retained Earnings |  | Treasury Stock |  | Accumulated Other Comprehensive Income (Loss) |  | Total RGA, Inc. Shareholders’ Equity |  | Noncontrolling Interest |  | Total Equity
Balance, December 31, 2024 | $ | 1 |  |  |  |  | $ | 2,600 |  |  | $ | 9,255 |  |  | $ | (1,889) |  |  | $ | 849 |  |  | 10,816 |  |  | $ | 90 |  |  | $ | 10,906 |
Change in equity of noncontrolling interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2) |  |  | (2) |
Net income |  |  |  |  |  |  | 286 |  |  |  |  |  |  | 286 |  |  | 2 |  |  | 288 |
Total other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  | 389 |  |  | 389 |  |  |  |  | 389 |
Dividends to shareholders, $0.89 per share |  |  |  |  |  |  | (59) |  |  |  |  |  |  | (59) |  |  |  |  | (59) |
Purchase of treasury stock |  |  |  |  |  |  |  |  | (38) |  |  |  |  | (38) |  |  |  |  | (38) |
Reissuance of treasury stock |  |  |  |  | 8 |  |  | (39) |  |  | 39 |  |  |  |  | 8 |  |  |  |  | 8 |
Balance, March 31, 2025 | $ | 1 |  |  |  |  | $ | 2,608 |  |  | $ | 9,443 |  |  | $ | (1,888) |  |  | $ | 1,238 |  |  | $ | 11,402 |  |  | $ | 90 |  |  | $ | 11,492 |

| RGA, Inc. Shareholders’ Equity |  |  |  |
| Common Stock |  |  |  | Additional Paid In Capital |  | Retained Earnings |  | Treasury Stock |  | Accumulated Other Comprehensive Income (Loss) |  | Total RGA, Inc. Shareholders’ Equity |  | Noncontrolling Interest |  | Total Equity
Balance, December 31, 2023 | $ | 1 |  |  |  |  | $ | 2,544 |  |  | $ | 8,805 |  |  | $ | (1,900) |  |  | $ | (369) |  |  | 9,081 |  |  | $ | 90 |  |  | $ | 9,171 |
Change in equity of noncontrolling interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2) |  |  | (2) |
Net income |  |  |  |  |  |  | 210 |  |  |  |  |  |  | 210 |  |  | 2 |  |  | 212 |
Total other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  | 244 |  |  | 244 |  |  |  |  | 244 |
Dividends to shareholders, $0.85 per share |  |  |  |  |  |  | (56) |  |  |  |  |  |  | (56) |  |  |  |  | (56) |
Purchase of treasury stock |  |  |  |  |  |  |  |  | (16) |  |  |  |  | (16) |  |  |  |  | (16) |
Reissuance of treasury stock |  |  |  |  | 5 |  |  | (25) |  |  | 25 |  |  |  |  | 5 |  |  |  |  | 5 |
Balance, March 31, 2024 | $ | 1 |  |  |  |  | $ | 2,549 |  |  | $ | 8,934 |  |  | $ | (1,891) |  |  | $ | (125) |  |  | $ | 9,468 |  |  | $ | 90 |  |  | $ | 9,558 |

See accompanying notes to condensed consolidated financial statements (unaudited).
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)

|  | Three months ended March 31,
|  | 2025 |  | 2024
Net cash provided by operating activities |  | 1,429 |  |  | 5,736 |
Cash flows from investing activities |  |  |  |
Sales of fixed maturity securities available-for-sale |  | 7,187 |  |  | 5,521 |
Purchases of fixed maturity securities available-for-sale |  | (8,512) |  |  | (9,466) |
Maturities of fixed maturity securities available-for-sale |  | 217 |  |  | 465 |
Principal payments on mortgage loans |  | 163 |  |  | 122 |
Cash invested in mortgage loans |  | (635) |  |  | (301) |
Deposits in (withdrawals from) funds withheld at interest |  | 120 |  |  | 97 |
Sales of limited partnerships and real estate joint ventures |  | 52 |  |  | 38 |
Purchases of limited partnerships and real estate joint ventures |  | (239) |  |  | (101) |
Sales of short-term investments |  | 200 |  |  | 31 |
Purchases of short-term investments |  | (394) |  |  | (185) |
Maturities of short-term investments |  | 110 |  |  | 49 |
Change in other invested assets |  | 8 |  |  | 7 |
Other, net |  | 28 |  |  | 3 |
Net cash used in investing activities |  | (1,695) |  |  | (3,720) |
Cash flows from financing activities |  |  |  |
Dividends to shareholders |  | (59) |  |  | (56) |
Proceeds from long-term debt issuance, net |  | 691 |  |  | — |
Principal payments of long-term debt |  | (1) |  |  | (1) |
Purchase of treasury stock |  | (38) |  |  | (16) |
Change in cash collateral for derivatives and other arrangements |  | (8) |  |  | (145) |
Change in deposit asset on reinsurance |  | 50 |  |  | 89 |
Deposits on investment-type policies and contracts |  | 2,559 |  |  | 2,546 |
Withdrawals on investment-type policies and contracts |  | (1,127) |  |  | (1,412) |
Net cash provided by financing activities |  | 2,067 |  |  | 1,005 |
Effect of exchange rate changes on cash |  | 24 |  |  | (56) |
Change in cash and cash equivalents |  | 1,825 |  |  | 2,965 |
Cash and cash equivalents, beginning of period |  | 3,326 |  |  | 2,970 |
Cash and cash equivalents, end of period |  | $ | 5,151 |  |  | $ | 5,935 |
Supplemental disclosures of cash flow information |  |  |  |
Interest paid |  | $ | 61 |  |  | $ | 49 |
Income taxes paid, net of refunds |  | $ | 63 |  |  | $ | 16 |
Non-cash investing activities |  |  |  |
Transfer of invested assets |  | $ | 4,707 |  |  | $ | 1,621 |

See accompanying notes to condensed consolidated financial statements (unaudited).
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
NOTE 1 BUSINESS AND BASIS OF PRESENTATION
Business
Reinsurance Group of America, Incorporated (“RGA”) is an insurance holding company that was formed on December 31, 1992. RGA and its subsidiaries (collectively, the “Company”) is engaged in providing traditional reinsurance, which includes individual and group life and health, disability and critical illness reinsurance. The Company also provides financial solutions, which includes longevity reinsurance, asset-intensive products (primarily annuities), financial reinsurance, capital solutions, pension risk transfer (“PRT”) and stable value products.
Basis of Presentation
The unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s 2024 Annual Report on Form 10-K filed with the SEC on February 24, 2025 (the “2024 Annual Report”).
In the opinion of management, all adjustments, including normal recurring adjustments necessary for a fair presentation, have been included. Interim results are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.
Consolidation
These unaudited condensed consolidated financial statements include the accounts of RGA and its subsidiaries, and all intercompany accounts and transactions have been eliminated. Entities in which the Company has significant influence over the operating and financing decisions but are not required to be consolidated are reported under the equity method of accounting.
NOTE 2 EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share on net income (in millions, except per share information):

|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2025 |  | 2024
Earnings: |  |  |  |  |  |  |  |
Net income (numerator for basic and diluted calculations) |  |  |  |  |  | $ | 288 |  |  | $ | 212 |
Less: Net income attributable to noncontrolling interest |  |  |  |  |  | 2 |  |  | 2 |
Net income available to RGA, Inc. shareholders |  |  |  |  |  | $ | 286 |  |  | $ | 210 |
Shares: |  |  |  |  |  |  |  |
Weighted average outstanding shares (denominator for basic calculation) |  |  |  |  |  | 66 |  |  | 66 |
Equivalent shares from outstanding stock awards |  |  |  |  |  | 1 |  |  | 1 |
Diluted shares (denominator for diluted calculation) |  |  |  |  |  | 67 |  |  | 67 |
Earnings per share: |  |  |  |  |  |  |  |
Basic |  |  |  |  |  | $ | 4.33 |  |  | $ | 3.20 |
Diluted |  |  |  |  |  | $ | 4.27 |  |  | $ | 3.16 |

The calculation of common equivalent shares does not include the impact of stock awards with a conversion price that exceeds the average stock price for the earnings period as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance share awards as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period.
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NOTE 3 EQUITY
Common stock
The changes in number of common stock shares issued, held in treasury and outstanding are as follows for the periods indicated:

|  | Issued |  | Held In Treasury |  | Outstanding
Balance, December 31, 2024 |  | 85,310,598 |  |  | 19,438,336 |  |  | 65,872,262 |
Common stock acquired |  | — |  |  | — |  |  | — |
Stock-based compensation (1) |  | — |  |  | (213,499) |  |  | 213,499 |
Balance, March 31, 2025 |  | 85,310,598 |  |  | 19,224,837 |  |  | 66,085,761 |

|  | Issued |  | Held In Treasury |  | Outstanding
Balance, December 31, 2023 |  | 85,310,598 |  |  | 19,689,885 |  |  | 65,620,713 |
Common stock acquired |  | — |  |  | — |  |  | — |
Stock-based compensation (1) |  | — |  |  | (167,542) |  |  | 167,542 |
Balance, March 31, 2024 |  | 85,310,598 |  |  | 19,522,343 |  |  | 65,788,255 |

(1)Represents net shares issued from treasury pursuant to the Company’s equity based compensation programs.
Common Stock Held in Treasury
Common stock held in treasury is accounted for at average cost. Gains resulting from the reissuance of common stock held in treasury are credited to additional paid-in capital. Losses resulting from the reissuance of common stock held in treasury are charged first to additional paid-in capital to the extent the Company has previously recorded gains on treasury share transactions, then to retained earnings.
On January 23, 2024, the Company’s board of directors authorized a share repurchase program for up to $500 million of its outstanding common stock. The authorization was effective immediately and does not have an expiration date. During the three months ended March 31, 2025, the Company did not repurchase any shares of common stock under this program and the entire amount of the authorization remains available.
Noncontrolling Interest
In 2022, Papara Financing LLC (“Papara”), a subsidiary of RGA Reinsurance Company, issued nonconvertible preferred interests to an unaffiliated third party. The membership interests in Papara consist of (1) common interests, which are held by RGA Reinsurance Company and (2) preferred interests. The preferred interests, included in noncontrolling interest, total $90 million.
Accumulated Other Comprehensive Income (Loss)
The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended March 31, 2025 and 2024 are as follows (dollars in millions):

|  | Accumulated Other Comprehensive Income (Loss), Net of Income Tax
|  | Foreign Currency Translation Adjustments |  | Net Unrealized Investment Gains (Losses) (1) |  | Pension and Postretirement Benefits |  | Effect of Updating Discount Rates on Future Policy Benefits |  | Instrument-Specific Credit Risk for Market Risk Benefits |  | Total
Balance, December 31, 2024 |  | $ | (19) |  |  | $ | (4,526) |  |  | $ | (20) |  |  | $ | 5,412 |  |  | $ | 2 |  |  | $ | 849 |
Other comprehensive income (loss) before reclassifications |  | (4) |  |  | 27 |  |  | 1 |  |  | 367 |  |  | 5 |  |  | 396 |
Amounts reclassified to (from) AOCI |  | — |  |  | 76 |  |  | — |  |  | — |  |  | — |  |  | 76 |
Deferred income tax benefit (expense) |  | 15 |  |  | (20) |  |  | — |  |  | (77) |  |  | (1) |  |  | (83) |
Balance, March 31, 2025 |  | $ | (8) |  |  | $ | (4,443) |  |  | $ | (19) |  |  | $ | 5,702 |  |  | $ | 6 |  |  | $ | 1,238 |

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|  | Accumulated Other Comprehensive Income (Loss), Net of Income Tax
|  | Foreign Currency Translation Adjustments |  | Net Unrealized Investment Gains (Losses) (1) |  | Pension and Postretirement Benefits |  | Effect of Updating Discount Rates on Future Policy Benefits |  | Instrument-Specific Credit Risk for Market Risk Benefits |  | Total
Balance, December 31, 2023 |  | $ | 69 |  |  | $ | (3,668) |  |  | $ | (29) |  |  | $ | 3,256 |  |  | $ | 3 |  |  | $ | (369) |
Other comprehensive income (loss) before reclassifications |  | 1 |  |  | (638) |  |  | (1) |  |  | 842 |  |  | — |  |  | 204 |
Amounts reclassified to (from) AOCI |  | — |  |  | 123 |  |  | 1 |  |  | — |  |  | — |  |  | 124 |
Deferred income tax benefit (expense) |  | (13) |  |  | 121 |  |  | — |  |  | (192) |  |  | — |  |  | (84) |
Balance, March 31, 2024 |  | $ | 57 |  |  | $ | (4,062) |  |  | $ | (29) |  |  | $ | 3,906 |  |  | $ | 3 |  |  | $ | (125) |

(1)Includes cash flow hedges of $(485) and $(495) as of March 31, 2025 and December 31, 2024, respectively, and $(299) and $(218) as of March 31, 2024 and December 31, 2023, respectively. See Note 11 – “Derivative Instruments” for additional information on cash flow hedges.
The following table presents the amounts of AOCI reclassifications for the three months ended March 31, 2025 and 2024 (dollars in millions):

|  |  |  |  |  |  |  | Amount Reclassified from AOCI |  |
|  |  |  |  |  | Three months ended March 31, |  | Affected Line Item in Statements of Income
Details about AOCI Components |  |  |  |  |  |  |  | 2025 |  | 2024 |
Net unrealized investment gains (losses): |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on available-for-sale securities |  |  |  |  |  |  |  | $ | (60) |  |  | $ | (118) |  |  | Investment related gains (losses), net
Cash flow hedges – Interest rate |  |  |  |  |  |  |  | 1 |  |  | 3 |  |  | (1)
Cash flow hedges – Foreign currency |  |  |  |  |  |  |  | (17) |  |  | (8) |  |  | (1)
Total |  |  |  |  |  |  |  | (76) |  |  | (123) |  |  |
Provision for income taxes |  |  |  |  |  |  |  | 13 |  |  | 24 |  |  |
Net unrealized gains (losses), net of tax |  |  |  |  |  |  |  | $ | (63) |  |  | $ | (99) |  |  |
Amortization of defined benefit plan items: |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | (2)
Actuarial gains (losses) |  |  |  |  |  |  |  | — |  |  | (1) |  |  | (2)
Total |  |  |  |  |  |  |  | — |  |  | (1) |  |  |
Provision for income taxes |  |  |  |  |  |  |  | — |  |  | — |  |  |
Amortization of defined benefit plans, net of tax |  |  |  |  |  |  |  | $ | — |  |  | $ | (1) |  |  |
Total reclassifications for the period |  |  |  |  |  |  |  | $ | (63) |  |  | $ | (100) |  |  |

(1)See Note 11 – “Derivative Instruments” for additional information on cash flow hedges.
(2)This AOCI component is included in the computation of the net periodic pension cost. See Note 14 – “Employee Benefit Plans” for additional details.
Equity Based Compensation
Equity compensation expense was $7 million and $6 million for the three months ended March 31, 2025 and 2024, respectively. In the first quarter of 2025, the Company granted 120,011 stock appreciation rights at $193.00 weighted average exercise price per share, 131,836 performance shares and 86,474 restricted stock units to employees. As of March 31, 2025, 1,309,098 share awards at a weighted average strike price per share of $124.25 were vested and exercisable with a remaining weighted average exercise period of 4.5 years. As of March 31, 2025, the total compensation cost of non-vested awards not yet recognized in the financial statements was $86 million. It is estimated that these costs will vest over a weighted average period of 1.0 year.
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NOTE 4 FUTURE POLICY BENEFITS
It is the Company’s policy to complete its annual assumption review during the third quarter of each year. However, the Company reviews actual and anticipated experience compared to the assumptions used to compute the liability for future policy benefits on a quarterly basis and will update those assumptions during the quarter that indicates an assumption update is necessary.
Traditional Business
The following tables provide the balances of and changes in the Company’s liability for future policy benefits for long-duration reinsurance contracts for its Traditional business, which primarily consists of individual life, group life and critical illness reinsurance for the three months ended March 31, 2025 and 2024 (dollars in millions):

For the three months ended March 31, 2025: |  | U.S. and Latin America – Traditional |  | Canada – Traditional |  | Europe, Middle East and Africa – Traditional |  | Asia Pacific – Traditional
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 77,881 |  |  | $ | 20,928 |  |  | $ | 15,911 |  |  | $ | 44,801 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | (300) |  |  | 23 |  |  | 199 |  |  | (195) |
Adjusted balance, beginning of year |  | 77,581 |  |  | 20,951 |  |  | 16,110 |  |  | 44,606 |
Issuances (1) |  | 3,467 |  |  | 100 |  |  | 438 |  |  | 1,327 |
Interest accrual (2) |  | 887 |  |  | 179 |  |  | 140 |  |  | 304 |
Net premiums collected (3) |  | (3,049) |  |  | (231) |  |  | (454) |  |  | (594) |
Derecognition (4) |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | 1 |  |  | (6) |  |  | 517 |  |  | 135 |
Ending balance at original discount rate |  | 78,887 |  |  | 20,993 |  |  | 16,751 |  |  | 45,778 |
Effect of changes in discount rate assumptions |  | (8,126) |  |  | (3,839) |  |  | (3,099) |  |  | (12,641) |
Balance, end of period |  | $ | 70,761 |  |  | $ | 17,154 |  |  | $ | 13,652 |  |  | $ | 33,137 |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 90,711 |  | $ | 24,309 |  |  | $ | 17,365 |  |  | $ | 49,712 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | (349) |  |  | 23 |  |  | 190 |  |  | (211) |
Adjusted balance, beginning of year |  | 90,362 |  |  | 24,332 |  |  | 17,555 |  |  | 49,501 |
Issuances (1) |  | 3,467 |  |  | 100 |  |  | 438 |  |  | 1,327 |
Interest accrual (2) |  | 1,061 |  |  | 231 |  |  | 150 |  |  | 347 |
Benefit payments (5) |  | (1,332) |  |  | (261) |  |  | (401) |  |  | (524) |
Derecognition (4) |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | 2 |  |  | (5) |  |  | 568 |  |  | 152 |
Ending balance at original discount rate |  | 93,560 |  |  | 24,397 |  |  | 18,310 |  |  | 50,803 |
Effect of changes in discount rate assumptions |  | (10,348) |  |  | (3,093) |  |  | (3,481) |  |  | (14,999) |
Balance, end of period |  | $ | 83,212 |  |  | $ | 21,304 |  |  | $ | 14,829 |  |  | $ | 35,804 |
Liability for future policy benefits |  | $ | 12,451 |  |  | $ | 4,150 |  |  | $ | 1,177 |  |  | $ | 2,667 |
Less: reinsurance recoverable |  | (800) |  |  | (259) |  |  | (19) |  |  | (75) |
Net liability for future policy benefits |  | $ | 11,651 |  |  | $ | 3,891 |  |  | $ | 1,158 |  |  | $ | 2,592 |

Weighted average duration of the liability (in years) |  | 11 |  | 14 |  | 8 |  | 15
Weighted average interest accretion rate |  | 4.6 | % |  | 3.7 | % |  | 3.4 | % |  | 2.8 | %
Weighted average current discount rate |  | 5.6 | % |  | 4.7 | % |  | 5.8 | % |  | 4.7 | %

(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
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(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal and other benefit payments based on current assumptions.

For the three months ended March 31, 2024: |  | U.S. and Latin America – Traditional |  | Canada – Traditional |  | Europe, Middle East and Africa – Traditional |  | Asia Pacific – Traditional
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 76,943 |  |  | $ | 22,689 |  |  | $ | 15,328 |  |  | $ | 42,741 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | (347) |  |  | 52 |  |  | 81 |  |  | (103) |
Adjusted balance, beginning of year |  | 76,596 |  |  | 22,741 |  |  | 15,409 |  |  | 42,638 |
Issuances (1) |  | 884 |  |  | 124 |  |  | 294 |  |  | 1,131 |
Interest accrual (2) |  | 872 |  |  | 188 |  |  | 127 |  |  | 272 |
Net premiums collected (3) |  | (1,271) |  |  | (246) |  |  | (354) |  |  | (533) |
Derecognition (4) |  | (67) |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | — |  |  | (496) |  |  | (183) |  |  | (1,123) |
Ending balance at original discount rate |  | 77,014 |  |  | 22,311 |  |  | 15,293 |  |  | 42,385 |
Effect of changes in discount rate assumptions |  | (6,474) |  |  | (4,815) |  |  | (2,668) |  |  | (12,184) |
Balance, end of period |  | $ | 70,540 |  |  | $ | 17,496 |  |  | $ | 12,625 |  |  | $ | 30,201 |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 89,036 |  | $ | 26,275 |  |  | $ | 16,756 |  |  | $ | 47,370 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | (378) |  |  | 49 |  |  | 79 |  |  | (104) |
Adjusted balance, beginning of year |  | 88,658 |  |  | 26,324 |  |  | 16,835 |  |  | 47,266 |
Issuances (1) |  | 884 |  |  | 124 |  |  | 296 |  |  | 1,131 |
Interest accrual (2) |  | 1,016 |  |  | 242 |  |  | 137 |  |  | 312 |
Benefit payments (5) |  | (1,348) |  |  | (263) |  |  | (372) |  |  | (485) |
Derecognition (4) |  | (74) |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | (1) |  |  | (574) |  |  | (202) |  |  | (1,194) |
Ending balance at original discount rate |  | 89,135 |  |  | 25,853 |  |  | 16,694 |  |  | 47,030 |
Effect of changes in discount rate assumptions |  | (8,048) |  |  | (4,183) |  |  | (2,920) |  |  | (14,206) |
Balance, end of period |  | $ | 81,087 |  |  | $ | 21,670 |  |  | $ | 13,774 |  |  | $ | 32,824 |
Liability for future policy benefits |  | $ | 10,547 |  |  | $ | 4,174 |  |  | $ | 1,149 |  |  | $ | 2,623 |
Less: reinsurance recoverable |  | (753) |  |  | (283) |  |  | (32) |  |  | (111) |
Net liability for future policy benefits |  | $ | 9,794 |  |  | $ | 3,891 |  |  | $ | 1,117 |  |  | $ | 2,512 |

Weighted average duration of the liability (in years) |  | 12 |  | 15 |  | 8 |  | 15
Weighted average interest accretion rate |  | 4.6 | % |  | 3.6 | % |  | 3.3 | % |  | 2.6 | %
Weighted average current discount rate |  | 5.3 | % |  | 5.0 | % |  | 5.5 | % |  | 4.6 | %

(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal and other benefit payments based on current assumptions.
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The Company’s Traditional business actual-to-expected variances and the effects of changes in cash flow and discount rate assumptions for the three months ended March 31, 2025 and 2024 are summarized in the tables below:

For the three months ended March 31, 2025:
Segment |  | Liability for future policy benefits at original discount rate |  | Changes in cash flow assumptions |  | Actual-to-expected variance |  | Impact of updating discount rate recognized in OCI
U.S. and Latin America – Traditional |  | $14.7 billion |  | None |  | $(49) million |  | $70 million
Canada – Traditional |  | $3.4 billion |  | None |  | $— |  | $27 million
Europe, Middle East and Africa – Traditional |  | $1.6 billion |  | None |  | $(9) million |  | $(48) million
Asia Pacific – Traditional |  | $5.0 billion |  | None |  | $(16) million |  | $(50) million

For the three months ended March 31, 2024:
Segment |  | Liability for future policy benefits at original discount rate |  | Change in cash flow assumptions |  | Actual-to-expected variance |  | Impact of updating discount rate recognized in OCI
U.S. and Latin America – Traditional |  | $12.1 billion |  | None |  | $(31) million |  | $(428) million
Canada – Traditional |  | $3.5 billion |  | None |  | $(3) million |  | $(239) million
Europe, Middle East and Africa – Traditional |  | $1.4 billion |  | None |  | $(2) million |  | $(33) million
Asia Pacific – Traditional |  | $4.7 billion |  | None |  | $(1) million |  | $(57) million

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Financial Solutions Business
The following tables provide the balances of and changes in the Company’s liability for future policy benefits, including the deferred profit liability related to the longevity business, for its Financial Solutions business, which primarily consists of longevity reinsurance, asset-intensive products, primarily annuities and financial reinsurance for the three months ended March 31, 2025 and 2024 (dollars in millions):

For the three months ended March 31, 2025: |  | U.S. and Latin America – Financial Solutions |  | Canada – Financial Solutions |  | Europe, Middle East and Africa – Financial Solutions |  | Asia Pacific – Financial Solutions
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 1,346 |  |  | $ | 3,614 |  |  | $ | 71,360 |  |  | $ | 2,758 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | — |  |  | (7) |  |  | (4) |  |  | 3 |
Adjusted balance, beginning of year |  | 1,346 |  |  | 3,607 |  |  | 71,356 |  |  | 2,761 |
Issuances (1) |  | 2,113 |  |  | — |  |  | 1,347 |  |  | 1,731 |
Interest accrual (2) |  | 10 |  |  | 33 |  |  | 622 |  |  | 11 |
Net premiums collected (3) |  | (2,178) |  |  | (92) |  |  | (1,354) |  |  | (2,085) |
Derecognition (4) |  | — |  |  | — |  |  | (257) |  |  | — |
Foreign currency translation |  | — |  |  | (2) |  |  | 2,485 |  |  | 146 |
Ending balance at original discount rate |  | 1,291 |  |  | 3,546 |  |  | 74,199 |  |  | 2,564 |
Effect of changes in discount rate assumptions |  | (231) |  |  | (149) |  |  | (10,155) |  |  | (394) |
Balance, end of period |  | $ | 1,060 |  |  | $ | 3,397 |  |  | $ | 64,044 |  |  | $ | 2,170 |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 9,489 |  |  | $ | 7,934 |  |  | $ | 78,290 |  |  | $ | 14,626 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | (1) |  |  | (7) |  |  | (7) |  |  | — |
Adjusted balance, beginning of year |  | 9,488 |  |  | 7,927 |  |  | 78,283 |  |  | 14,626 |
Issuances (1) |  | 2,113 |  |  | — |  |  | 1,347 |  |  | 1,731 |
Interest accrual (2) |  | 133 |  |  | 86 |  |  | 684 |  |  | 70 |
Benefit payments (5) |  | (259) |  |  | (110) |  |  | (1,472) |  |  | (150) |
Derecognition (4) |  | — |  |  | — |  |  | (257) |  |  | — |
Foreign currency translation |  | — |  |  | (2) |  |  | 2,712 |  |  | 638 |
Ending balance at original discount rate |  | 11,475 |  |  | 7,901 |  |  | 81,297 |  |  | 16,915 |
Effect of changes in discount rate assumptions |  | (535) |  |  | 92 |  |  | (11,177) |  |  | (2,345) |
Balance, end of period |  | $ | 10,940 |  |  | $ | 7,993 |  |  | $ | 70,120 |  |  | $ | 14,570 |
Cumulative amount of fair value hedging adjustments |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Liability for future policy benefits |  | $ | 9,886 |  |  | $ | 4,596 |  |  | $ | 6,076 |  |  | $ | 12,400 |
Less: reinsurance recoverable |  | (1,370) |  |  | — |  |  | — |  |  | — |
Net liability for future policy benefits |  | $ | 8,516 |  |  | $ | 4,596 |  |  | $ | 6,076 |  |  | $ | 12,400 |

Weighted average duration of the liability (in years) |  | 9 |  | 13 |  | 9 |  | 15
Weighted average interest accretion rate |  | 4.1 | % |  | 4.1 | % |  | 3.5 | % |  | 1.7 | %
Weighted average current discount rate |  | 5.5 | % |  | 4.6 | % |  | 5.4 | % |  | 3.3 | %

(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal and other benefit payments based on current assumptions.
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For the three months ended March 31, 2024: |  | U.S. and Latin America – Financial Solutions |  | Canada – Financial Solutions |  | Europe, Middle East and Africa – Financial Solutions |  | Asia Pacific – Financial Solutions
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 1,455 |  |  | $ | 3,184 |  |  | $ | 54,832 |  |  | $ | 2,057 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | — |  |  | (7) |  |  | 338 |  |  | 1 |
Adjusted balance, beginning of year |  | 1,455 |  |  | 3,177 |  |  | 55,170 |  |  | 2,058 |
Issuances (1) |  | 1,893 |  |  | — |  |  | 4,963 |  |  | 4,760 |
Interest accrual (2) |  | 11 |  |  | 25 |  |  | 418 |  |  | 7 |
Net premiums collected (3) |  | (1,928) |  |  | (79) |  |  | (1,388) |  |  | (4,912) |
Derecognition (4) |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | — |  |  | (69) |  |  | (702) |  |  | (143) |
Ending balance at original discount rate |  | 1,431 |  |  | 3,054 |  |  | 58,461 |  |  | 1,770 |
Effect of changes in discount rate assumptions |  | (240) |  |  | (342) |  |  | (7,802) |  |  | (121) |
Balance, end of period |  | $ | 1,191 |  |  | $ | 2,712 |  |  | $ | 50,659 |  |  | $ | 1,649 |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |
Beginning of year balance at original discount rate |  | $ | 6,843 |  |  | $ | 3,210 |  |  | $ | 60,938 |  |  | $ | 8,019 |
Effect of changes in cash flow assumptions |  | — |  |  | — |  |  | — |  |  | — |
Effect of actual variances from expected experience |  | 2 |  |  | (7) |  |  | 340 |  |  | 1 |
Adjusted balance, beginning of year |  | 6,845 |  |  | 3,203 |  |  | 61,278 |  |  | 8,020 |
Issuances (1) |  | 2,021 |  |  | — |  |  | 4,963 |  |  | 4,909 |
Interest accrual (2) |  | 79 |  |  | 25 |  |  | 471 |  |  | 24 |
Benefit payments (5) |  | (165) |  |  | (80) |  |  | (1,125) |  |  | (77) |
Derecognition (4) |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | — |  |  | (69) |  |  | (764) |  |  | (581) |
Ending balance at original discount rate |  | 8,780 |  |  | 3,079 |  |  | 64,823 |  |  | 12,295 |
Effect of changes in discount rate assumptions |  | (484) |  |  | (341) |  |  | (8,609) |  |  | (796) |
Balance, end of period |  | $ | 8,296 |  |  | $ | 2,738 |  |  | $ | 56,214 |  |  | $ | 11,499 |
Liability for future policy benefits |  | $ | 7,105 |  |  | $ | 26 |  |  | $ | 5,555 |  |  | $ | 9,850 |
Less: reinsurance recoverable |  | (878) |  |  | — |  |  | — |  |  | — |
Net liability for future policy benefits |  | $ | 6,227 |  |  | $ | 26 |  |  | $ | 5,555 |  |  | $ | 9,850 |

Weighted average duration of the liability (in years) |  | 8 |  | 7 |  | 9 |  | 15
Weighted average interest accretion rate |  | 3.6 | % |  | 3.2 | % |  | 3.0 | % |  | 1.2 | %
Weighted average current discount rate |  | 5.3 | % |  | 4.9 | % |  | 4.9 | % |  | 2.2 | %

(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal and other benefit payments based on current assumptions.
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The Company’s Financial Solutions business actual-to-expected variances (including the effects of model updates) and the effects of changes in cash flow and discount rate assumptions for the three months ended March 31, 2025 and 2024 are summarized in the tables below:

For the three months ended March 31, 2025:
Segment |  | Liability for future policy benefits at original discount rate |  | Changes in cash flow assumptions |  | Actual-to-expected variance |  | Impact of updating discount rate recognized in OCI
U.S. and Latin America – Financial Solutions |  | $10.2 billion |  | None |  | $(1) million |  | $93 million
Canada – Financial Solutions |  | $4.4 billion |  | None |  | $— |  | $49 million
Europe, Middle East and Africa – Financial Solutions |  | $7.1 billion |  | None |  | $(3) million |  | $(127) million
Asia Pacific – Financial Solutions |  | $14.4 billion |  | None |  | $(3) million |  | $(365) million

For the three months ended March 31, 2024:
Segment |  | Liability for future policy benefits at original discount rate |  | Changes in cash flow assumptions |  | Actual-to-expected variance |  | Impact of updating discount rate recognized in OCI
U.S. and Latin America – Financial Solutions |  | $7.4 billion |  | None |  | $2 million |  | $(84) million
Canada – Financial Solutions |  | $25 million |  | None |  | $— |  | $(2) million
Europe, Middle East and Africa – Financial Solutions |  | $6.3 billion |  | None |  | $2 million |  | $(154) million
Asia Pacific – Financial Solutions |  | $10.5 billion |  | None |  | $— |  | $97 million

Reconciliation and Other Disclosures
The reconciliation of the rollforward of the liability for future policy benefits to the condensed consolidated balance sheets as of March 31, 2025 and 2024 is as follows (dollars in millions):

|  | March 31,
|  | 2025 |  | 2024
Liability for future policy benefits included in the rollforwards: |  |  |  |
Traditional: |  |  |  |
U.S. and Latin America |  | $ | 12,451 |  | $ | 10,547
Canada |  | 4,150 |  | 4,174
Europe, Middle East and Africa |  | 1,177 |  | 1,149
Asia Pacific |  | 2,667 |  | 2,623
Financial Solutions: |  |  |  |
U.S. and Latin America |  | 9,886 |  |  | 7,105 |
Canada |  | 4,596 |  |  | 26 |
Europe, Middle East and Africa |  | 6,076 |  |  | 5,555 |
Asia Pacific |  | 12,400 |  |  | 9,850 |
Other long-duration contracts |  | 136 |  |  | 117 |
Claims liability and incurred but not reported claims |  | 5,367 |  |  | 5,439 |
Additional liability |  | 101 |  |  | 5 |
Unearned revenue liability |  | 829 |  |  | 477 |
Total liability for future policy benefits |  | $ | 59,836 |  |  | $ | 47,067 |

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The amount of undiscounted and discounted expected future gross premiums and expected future benefit payments for the liability for future policy benefits included in the rollforwards as of March 31, 2025 and 2024 is as follows (dollars in millions):

|  | March 31,
|  | 2025 |  | 2024
|  | Undiscounted |  | Discounted |  | Undiscounted |  | Discounted
Expected future gross premiums |  |  |  |  |  |  |  |
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 183,915 |  |  | $ | 84,218 |  |  | $ | 179,131 |  |  | $ | 82,691 |
Canada |  | 52,094 |  |  | 21,326 |  |  | 55,118 |  |  | 21,591 |
Europe, Middle East and Africa |  | 28,701 |  |  | 15,240 |  |  | 25,928 |  |  | 14,388 |
Asia Pacific |  | 104,940 |  |  | 42,040 |  |  | 94,316 |  |  | 38,412 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 2,648 |  |  | 1,666 |  |  | 2,914 |  |  | 1,829 |
Canada |  | 5,689 |  |  | 3,768 |  |  | 4,390 |  |  | 2,900 |
Europe, Middle East and Africa |  | 129,865 |  |  | 65,091 |  |  | 98,292 |  |  | 55,187 |
Asia Pacific |  | 5,292 |  |  | 3,707 |  |  | 3,743 |  |  | 2,840 |
Expected future benefit payments |  |  |  |  |  |  |  |
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 196,448 |  |  | $ | 83,212 |  |  | $ | 189,341 |  |  | $ | 81,087 |
Canada |  | 53,586 |  |  | 21,304 |  |  | 56,998 |  |  | 21,670 |
Europe, Middle East and Africa |  | 28,718 |  |  | 14,829 |  |  | 25,709 |  |  | 13,774 |
Asia Pacific |  | 101,929 |  |  | 35,804 |  |  | 90,670 |  |  | 32,824 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 22,679 |  |  | 10,940 |  |  | 14,071 |  |  | 8,296 |
Canada |  | 17,252 |  |  | 7,993 |  |  | 4,128 |  |  | 2,738 |
Europe, Middle East and Africa |  | 139,460 |  |  | 70,120 |  |  | 100,423 |  |  | 56,214 |
Asia Pacific |  | 27,778 |  |  | 14,570 |  |  | 17,399 |  |  | 11,499 |

The amount of gross premiums and interest expense recognized in the condensed consolidated statements of income for the liability for future policy benefits included in the rollforwards for the three months ended March 31, 2025 and 2024 is as follows (dollars in millions):

|  | Gross Premiums |  | Interest Expense
|  | March 31, |  | March 31,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Traditional: |  |  |  |  |  |  |  |
U.S. and Latin America |  | $ | 1,589 |  |  | $ | 1,473 |  |  | $ | 174 |  |  | $ | 144 |
Canada |  | 264 |  |  | 271 |  |  | 52 |  |  | 54 |
Europe, Middle East and Africa |  | 444 |  |  | 371 |  |  | 10 |  |  | 10 |
Asia Pacific |  | 738 |  |  | 688 |  |  | 43 |  |  | 40 |
Financial Solutions: |  |  |  |  |  |  |  |
U.S. and Latin America |  | 105 |  |  | 1,912 |  |  | $ | 123 |  |  | 68 |
Canada |  | 52 |  |  | 23 |  |  | 53 |  |  | — |
Europe, Middle East and Africa |  | 255 |  |  | 207 |  |  | 62 |  |  | 53 |
Asia Pacific |  | 111 |  |  | 46 |  |  | 59 |  |  | 17 |
Total |  | $ | 3,558 |  |  | $ | 4,991 |  |  | $ | 576 |  |  | $ | 386 |

During the three months ended March 31, 2025 and 2024, no material charges were incurred resulting from net premiums exceeding gross premiums.
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NOTE 5 POLICYHOLDER ACCOUNT BALANCES
Policyholder Account Balances
The following tables provide the balances of and changes in the Company’s liability for its policyholder account balances, reflected in interest-sensitive contract liabilities, for the three months ended March 31, 2025 and 2024 (dollars in millions):

For the three months ended March 31, 2025: |  | U.S. and Latin America – Traditional |  | U.S. and Latin America – Financial Solutions |  | Asia Pacific – Financial Solutions
Balance, beginning of year |  | $ | 3,273 |  |  | $ | 16,432 |  |  | $ | 4,285 |
Deposits |  | 105 |  |  | 877 |  |  | 390 |
Policy charges |  | (84) |  |  | (20) |  |  | (5) |
Surrenders and withdrawals |  | (25) |  |  | (418) |  |  | (73) |
Benefit payments |  | (18) |  |  | (123) |  |  | (75) |
Interest credited |  | 45 |  |  | 144 |  |  | 45 |
Foreign currency translation |  | — |  |  | — |  |  | 5 |
Balance, end of period |  | $ | 3,296 |  |  | $ | 16,892 |  |  | $ | 4,572 |
Less: reinsurance recoverable |  | — |  |  | (2,746) |  |  | — |
Balance, end of period, after reinsurance |  | $ | 3,296 |  |  | $ | 14,146 |  |  | $ | 4,572 |
Weighted average crediting rate |  | 3.1 | % |  | 3.6 | % |  | 4.0 | %
Net amount at risk (1) |  | $ | 25,951 |  |  | $ | 6,422 |  |  | $ | — |
Cash surrender value |  | $ | 3,280 |  |  | $ | 16,680 |  |  | $ | 4,179 |

For the three months ended March 31, 2024: |  | U.S. and Latin America – Traditional |  | U.S. and Latin America – Financial Solutions |  | Asia Pacific – Financial Solutions
Balance, beginning of year |  | $ | 1,612 |  |  | $ | 17,838 |  |  | $ | 3,990 |
Deposits |  | 3 |  |  | 29 |  |  | 211 |
Policy charges |  | (8) |  |  | (20) |  |  | (28) |
Surrenders and withdrawals |  | (2) |  |  | (609) |  |  | (221) |
Benefit payments |  | (26) |  |  | (129) |  |  | (254) |
Interest credited |  | 16 |  |  | 142 |  |  | 27 |
Foreign currency translation |  | — |  |  | — |  |  | (33) |
Balance, end of period |  | $ | 1,595 |  |  | $ | 17,251 |  |  | $ | 3,692 |
Less: reinsurance recoverable |  | — |  |  | (2,975) |  |  | — |
Balance, end of period, after reinsurance |  | $ | 1,595 |  |  | $ | 14,276 |  |  | $ | 3,692 |
Weighted average crediting rate |  | 4.4 | % |  | 3.4 | % |  | 3.0 | %
Net amount at risk (1) |  | $ | 656 |  |  | $ | 6,999 |  |  | $ | — |
Cash surrender value |  | $ | 1,589 |  |  | $ | 17,130 |  |  | $ | 3,256 |

(1) Net amount at risk is defined as the guaranteed amount less the account value as of the balance sheet date. The balance represents the amount of the claim the Company would incur if death claims were filed on all contracts on the balance sheet date.
Information regarding the Company’s policyholder account balances as of March 31, 2025 and 2024 is as follows (dollars in millions):

|  | March 31,
|  | 2025 |  | 2024
Policyholder account balances included in the rollforwards: |  |  |  |
Traditional: |  |  |  |
U.S. and Latin America |  | $ | 3,296 |  |  | $ | 1,595 |
Financial Solutions: |  |  |  |
U.S. and Latin America |  | 16,892 |  |  | 17,251 |
Asia Pacific |  | 4,572 |  |  | 3,692 |
Other policyholder account balances |  |  |  |
U.S. and Latin America – Financial Solutions |  | 48 |  |  | 48 |
Total policyholder account balances |  | $ | 24,808 |  |  | $ | 22,586 |

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The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums as of March 31, 2025 and 2024 is as follows (dollars in millions):

|  | March 31, 2025
|  | Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  | 1 Basis Point – 50 Basis Points Above |  | 51 Basis Points – 100 Basis Points Above |  | 101 Basis Points – 150 Basis Points Above |  | Greater Than 150 Basis Points Above |  | Total
U.S. and Latin America – Traditional |  | Less than 1.00% |  | $ | 710 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 710 |
|  | 1.00 – 1.99% |  | 56 |  |  | 2 |  |  | 8 |  |  | — |  |  | — |  |  | 66 |
|  | 2.00 – 2.99% |  | 108 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 109 |
|  | 3.00 – 3.99% |  | 491 |  |  | 7 |  |  | 115 |  |  | — |  |  | — |  |  | 613 |
|  | 4.00% and Greater |  | 721 |  |  | 50 |  |  | 973 |  |  | 54 |  |  | — |  |  | 1,798 |
|  | Total |  | $ | 2,086 |  |  | $ | 59 |  |  | $ | 1,096 |  |  | $ | 55 |  |  | $ | — |  |  | $ | 3,296 |
U.S. and Latin America – Financial Solutions |  | Less than 1.00% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | 1.00 – 1.99% |  | 1,203 |  |  | 12 |  |  | 8 |  |  | 30 |  |  | 26 |  |  | 1,279 |
|  | 2.00 – 2.99% |  | 1,180 |  |  | 9 |  |  | 23 |  |  | 540 |  |  | 140 |  |  | 1,892 |
|  | 3.00 – 3.99% |  | 3,423 |  |  | 212 |  |  | 164 |  |  | — |  |  | — |  |  | 3,799 |
|  | 4.00% and Greater |  | 9,892 |  |  | 30 |  |  | — |  |  | — |  |  | — |  |  | 9,922 |
|  | Total |  | $ | 15,698 |  |  | $ | 263 |  |  | $ | 195 |  |  | $ | 570 |  |  | $ | 166 |  |  | $ | 16,892 |
Asia Pacific – Financial Solutions |  | Less than 1.00% |  | $ | 262 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 262 |
|  | 1.00 – 1.99% |  | 442 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 442 |
|  | 2.00 – 2.99% |  | 479 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 479 |
|  | 3.00 – 3.99% |  | 984 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 984 |
|  | 4.00% and Greater |  | 2,405 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,405 |
|  | Total |  | $ | 4,572 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,572 |

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|  | March 31, 2024
|  | Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  | 1 Basis Point – 50 Basis Points Above |  | 51 Basis Points – 100 Basis Points Above |  | 101 Basis Points – 150 Basis Points Above |  | Greater Than 150 Basis Points Above |  | Total
U.S. and Latin America – Traditional |  | Less than 1.00% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | 1.00 – 1.99% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 2.00 – 2.99% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 3.00 – 3.99% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 4.00% and Greater |  | 502 |  |  | 109 |  |  | 984 |  |  | — |  |  | — |  |  | 1,595 |
|  | Total |  | $ | 502 |  |  | $ | 109 |  |  | $ | 984 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,595 |
U.S. and Latin America – Financial Solutions |  | Less than 1.00% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | 1.00 – 1.99% |  | 1,501 |  |  | 9 |  |  | 13 |  |  | 52 |  |  | 22 |  |  | 1,597 |
|  | 2.00 – 2.99% |  | 1,462 |  |  | 16 |  |  | 37 |  |  | 632 |  |  | 103 |  |  | 2,250 |
|  | 3.00 – 3.99% |  | 4,019 |  |  | 241 |  |  | 105 |  |  | 2 |  |  | — |  |  | 4,367 |
|  | 4.00% and Greater |  | 8,993 |  |  | 44 |  |  | — |  |  | — |  |  | — |  |  | 9,037 |
|  | Total |  | $ | 15,975 |  |  | $ | 310 |  |  | $ | 155 |  |  | $ | 686 |  |  | $ | 125 |  |  | $ | 17,251 |
Asia Pacific – Financial Solutions |  | Less than 1.00% |  | $ | 255 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 255 |
|  | 1.00 – 1.99% |  | 624 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 624 |
|  | 2.00 – 2.99% |  | 675 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 675 |
|  | 3.00 – 3.99% |  | 1,244 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,244 |
|  | 4.00% and Greater |  | 894 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 894 |
|  | Total |  | $ | 3,692 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,692 |

NOTE 6 UNPAID CLAIMS AND CLAIM EXPENSE – SHORT-DURATION CONTRACTS
Rollforward of Claims and Claim Adjustment Expenses
The liability for unpaid claims for short-duration contracts is reported in other policy claims and benefits on the Company’s condensed consolidated balance sheets. Activity associated with unpaid claims is summarized below (dollars in millions):

|  | Three months ended March 31,
|  | 2025 |  | 2024
Balance, beginning of year |  | $ | 2,693 |  |  | $ | 2,730 |
Less: reinsurance recoverable |  | (53) |  |  | (80) |
Net balance, beginning of year |  | 2,640 |  |  | 2,650 |
Incurred: |  |  |  |
Current year |  | 505 |  |  | 399 |
Prior years |  | (13) |  |  | (28) |
Total incurred |  | 492 |  |  | 371 |
Payments: |  |  |  |
Current year |  | (23) |  |  | (19) |
Prior years |  | (307) |  |  | (290) |
Total payments |  | (330) |  |  | (309) |
Other changes: |  |  |  |
Interest accretion |  | 9 |  |  | 10 |
Foreign exchange adjustments |  | 1 |  |  | (44) |
Total other changes |  | 10 |  |  | (34) |
Net balance, end of period |  | 2,812 |  |  | 2,678 |
Plus: reinsurance recoverable |  | 58 |  |  | 75 |
Balance, end of period |  | $ | 2,870 |  |  | $ | 2,753 |

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Incurred claims associated with prior periods are primarily due to the development of claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid claims.
NOTE 7 MARKET RISK BENEFITS
The following table provides the balances of and changes in the Company’s market risk benefits for the three months ended March 31, 2025 and 2024 (dollars in millions):

|  | U.S. and Latin America – Financial Solutions
|  | Three months ended March 31,
|  | 2025 |  | 2024
Balance, beginning of year |  | $ | 206 |  |  | $ | 249 |
Balance, beginning of year, before effect of changes in the instrument-specific credit risk |  | 209 |  |  | 253 |
Interest accrual |  | 2 |  |  | 3 |
Attributed fees collected |  | 6 |  |  | 6 |
Benefit payments |  | — |  |  | — |
Effect of changes in interest rates |  | 11 |  |  | (25) |
Effect of changes in equity markets |  | 6 |  |  | (21) |
Effect of changes in volatility |  | 1 |  |  | — |
Other market impacts |  | (2) |  |  | (4) |
Actual policyholder behavior different from expected behavior |  | 5 |  |  | 6 |
Balance, end of period, before effect of changes in the instrument-specific credit risk |  | 238 |  |  | 218 |
Effect of changes in the instrument-specific credit risk |  | (8) |  |  | (4) |
Balance, end of period |  | 230 |  |  | 214 |
Less: reinsurance recoverable |  | — |  |  | — |
Balance, end of period, after reinsurance |  | $ | 230 |  |  | $ | 214 |
Net amount at risk |  | $ | 1,264 |  |  | $ | 1,329 |
Weighted average attained age of contract holders (in years) |  | 72 |  | 71

The reconciliation of the rollforward for market risk benefits to the condensed consolidated balance sheets as of March 31, 2025 and 2024 is as follows (dollars in millions):

|  | March 31, |  | March 31,
|  | 2025 |  | 2024
|  | Asset (1) |  | Liability |  | Net |  | Asset (1) |  | Liability |  | Net
U.S. and Latin America – Financial Solutions |  | $ | 13 |  |  | $ | 243 |  |  | $ | (230) |  |  | $ | 14 |  |  | $ | 228 |  |  | $ | (214) |
Total market risk benefits |  | $ | 13 |  |  | $ | 243 |  |  | $ | (230) |  |  | $ | 14 |  |  | $ | 228 |  |  | $ | (214) |

(1)Included in Other assets
Fair Value Measurement
See Note 12 – “Fair Value of Assets and Liabilities” for information about fair value measurement of assets and liabilities, except for market risk benefits.
Market risk benefits are classified within Level 3 on the fair value hierarchy. The fair value of market risk benefits is monitored through the use of attribution reports to quantify the effect of underlying sources of fair value change, including capital market inputs based on policyholder account values, interest rates and short-term and long-term implied volatility from period to period.
D uring the three months ended March 31, 2025 and 2024, there were no material changes made to the inputs in the market risk benefits calculations, and nonfinancial assumptions were unchanged.
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NOTE 8 DEFERRED POLICY ACQUISITION COSTS
The following tables provide the balances of and changes in deferred policy acquisition costs for the Company’s Traditional business for the three months ended March 31, 2025 and 2024 (dollars in millions):

For the three months ended March 31, 2025: |  | U.S. and Latin America – Traditional |  | Canada – Traditional |  | Europe, Middle East and Africa – Traditional |  | Asia Pacific – Traditional
Balance, beginning of year |  | $ | 2,986 |  |  | $ | 157 |  |  | $ | 354 |  |  | $ | 1,178 |
Capitalization |  | 72 |  |  | 4 |  |  | 31 |  |  | 34 |
Amortization expense |  | (56) |  |  | (3) |  |  | (12) |  |  | (16) |
Foreign currency translation |  | — |  |  | — |  |  | 14 |  |  | 3 |
Balance, end of period |  | $ | 3,002 |  |  | $ | 158 |  |  | $ | 387 |  |  | $ | 1,199 |

For the three months ended March 31, 2024: |  | U.S. and Latin America – Traditional |  | Canada – Traditional |  | Europe, Middle East and Africa – Traditional |  | Asia Pacific – Traditional
Balance, beginning of year |  | $ | 2,191 |  |  | $ | 173 |  |  | $ | 347 |  |  | $ | 1,098 |
Capitalization |  | 84 |  |  | 2 |  |  | 19 |  |  | 43 |
Amortization expense |  | (37) |  |  | (3) |  |  | (13) |  |  | (14) |
Foreign currency translation |  | — |  |  | (4) |  |  | (6) |  |  | (16) |
Balance, end of period |  | $ | 2,238 |  |  | $ | 168 |  |  | $ | 347 |  |  | $ | 1,111 |

The following tables provide the balances of and changes in deferred policy acquisition costs for the Company’s Financial Solutions business for the three months ended March 31, 2025 and 2024 (dollars in millions):

For the three months ended March 31, 2025: |  | U.S. and Latin America – Financial Solutions |  | Canada – Financial Solutions |  | Europe, Middle East and Africa – Financial Solutions |  | Asia Pacific – Financial Solutions
Balance, beginning of year |  | $ | 506 |  |  | $ | 20 |  |  | $ | — |  |  | $ | 324 |
Capitalization |  | 21 |  |  | — |  |  | — |  |  | 38 |
Amortization expense |  | (10) |  |  | — |  |  | — |  |  | (13) |
Foreign currency translation |  | — |  |  | — |  |  | — |  |  | — |
Balance, end of period |  | $ | 517 |  |  | $ | 20 |  |  | $ | — |  |  | $ | 349 |

For the three months ended March 31, 2024: |  | U.S. and Latin America – Financial Solutions |  | Canada – Financial Solutions |  | Europe, Middle East and Africa – Financial Solutions |  | Asia Pacific – Financial Solutions
Balance, beginning of year |  | $ | 552 |  |  | $ | — |  |  | $ | — |  |  | $ | 250 |
Capitalization |  | 1 |  |  | — |  |  | — |  |  | 20 |
Amortization expense |  | (15) |  |  | — |  |  | — |  |  | (10) |
Foreign currency translation |  | — |  |  | — |  |  | — |  |  | (1) |
Balance, end of period |  | $ | 538 |  |  | $ | — |  |  | $ | — |  |  | $ | 259 |

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The reconciliation of deferred policy acquisition costs to the condensed consolidated balance sheets as of March 31, 2025 and 2024 is as follows (dollars in millions):

|  | March 31,
|  | 2025 |  | 2024
Deferred policy acquisition costs included in the rollforwards: |  |  |  |
Traditional: |  |  |  |
U.S. and Latin America |  | $ | 3,002 |  |  | $ | 2,238 |
Canada |  | 158 |  |  | 168 |
Europe, Middle East and Africa |  | 387 |  |  | 347 |
Asia Pacific |  | 1,199 |  |  | 1,111 |
Financial Solutions: |  |  |  |
U.S. and Latin America |  | 517 |  |  | 538 |
Canada |  | 20 |  |  | — |
Europe, Middle East and Africa |  | — |  |  | — |
Asia Pacific |  | 349 |  |  | 259 |
Other long-duration business: |  |  |  |
Corporate and Other |  | 17 |  |  | 12 |
Total deferred policy acquisition costs |  | $ | 5,649 |  |  | $ | 4,673 |

NOTE 9 REINSURANCE
Ceded Reinsurance
Reinsurance treaties do not relieve the Company from its obligations to direct writing companies. Failure of retrocessionaires to honor their obligations could result in losses to the Company. Consequently, allowances would be established for amounts deemed uncollectible. The Company regularly evaluates the financial condition of the insurance companies from which it assumes and to which it cedes reinsurance. At March 31, 2025 and December 31, 2024, no allowances were deemed necessary.
Retrocessions are arranged through the Company’s retrocession pools for amounts in excess of the Company’s retention limit. As of March 31, 2025, all rated retrocession pool participants followed by the A.M. Best Company were rated “B++(Good)” or better. The Company verifies retrocession pool participants’ ratings on a quarterly basis. For a majority of the retrocessionaires that were not rated, security in the form of letters of credit or trust assets have been posted. In addition, the Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance.
During the fourth quarter of 2023, Ruby Reinsurance Company (Ruby Re), a Missouri-domiciled life reinsurance company to reinsure U.S. asset-intensive business, was launched with the Company as a sponsor. The Company, which is not an investor in Ruby Re, does not consolidate the entity. As of March 31, 2025, the Company has a ceded reinsurance recoverable from Ruby Re of approximately $2.7 billion.
Excluding amounts retroceded to Ruby Re, three major reinsurance companies account for approximately 42% of reinsurance ceded receivables and other as of March 31, 2025.
Also included in reinsurance ceded receivables and other is a deposit asset on reinsurance of $2.8 billion as of March 31, 2025 and December 31, 2024. As of March 31, 2025 and December 31, 2024, $8 million and $4 million of claims recoverable were in excess of 90 days past due, respectively.
Funds Withheld
Certain of the Company’s retrocession agreements, including those with Ruby Re, are on a modco or funds withheld basis. While the economic benefits of the funds withheld assets are passed on to the assuming company, the Company retains legal ownership of the assets within the funds withheld account and established a funds withheld liability. Net investment income related to the funds withheld assets is reported in other reinsurance expense, and net realized gains (losses) related to the assets are reported net of the amount that is passed on to the assuming company. The following assets were held in support of the Company’s funds withheld arrangements and are reported in the line items shown in the condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024 (dollars in millions):
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|  | March 31, 2025 |  | December 31, 2024
Fixed maturity securities available-for-sale |  | $ | 2,636 |  |  | $ | 2,615 |
Equity securities |  | 2 |  |  | 2 |
Mortgage loans |  | 450 |  |  | 451 |
Funds withheld at interest |  | 1,444 |  |  | 1,466 |
Real estate joint ventures |  | 53 |  |  | 54 |
Short-term investments and cash and cash equivalents |  | 75 |  |  | 89 |
Accrued investment income |  | 34 |  |  | 31 |
Net other assets |  | 1 |  |  | — |
Net assets |  | $ | 4,695 |  |  | $ | 4,708 |

Certain assets are reported at amortized cost while the fair value of those assets is reflected in the funds withheld payable. The Company had a $4,889 million and $5,017 million funds withheld payable, net of an embedded derivative asset of $149 million and $160 million as of March 31, 2025 and December 31, 2024, respectively.
NOTE 10 INVESTMENTS
Fixed Maturity Securities Available-for-Sale
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, supranational and foreign government-sponsored enterprises (“Other foreign government”). ABS, CMBS, and RMBS are collectively “structured securities.”
The following tables provide information relating to investments in fixed maturity securities by type as of March 31, 2025 and December 31, 2024 (dollars in millions):

March 31, 2025: |  | Amortized |  | Allowance for |  | Unrealized |  | Unrealized |  | Estimated Fair |  | % of |  |
|  | Cost |  | Credit Losses |  | Gains |  | Losses |  | Value |  | Total |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 59,278 |  |  | $ | 88 |  |  | $ | 680 |  |  | $ | 4,150 |  |  | $ | 55,720 |  |  | 65.9 | % |  |
Canadian government |  | 4,604 |  |  | — |  |  | 440 |  |  | 48 |  |  | 4,996 |  |  | 5.9 |  |  |
Japanese government |  | 7,207 |  |  | — |  |  | 29 |  |  | 1,131 |  |  | 6,105 |  |  | 7.2 |  |  |
ABS |  | 5,666 |  |  | 15 |  |  | 44 |  |  | 175 |  |  | 5,520 |  |  | 6.5 |  |  |
CMBS |  | 2,334 |  |  | — |  |  | 20 |  |  | 87 |  |  | 2,267 |  |  | 2.7 |  |  |
RMBS |  | 1,571 |  |  | — |  |  | 18 |  |  | 87 |  |  | 1,502 |  |  | 1.8 |  |  |
U.S. government |  | 2,191 |  |  | — |  |  | 20 |  |  | 248 |  |  | 1,963 |  |  | 2.3 |  |  |
State and political subdivisions |  | 805 |  |  | — |  |  | 3 |  |  | 86 |  |  | 722 |  |  | 0.9 |  |  |
Other foreign government |  | 6,053 |  |  | — |  |  | 94 |  |  | 435 |  |  | 5,712 |  |  | 6.8 |  |  |
Total fixed maturity securities |  | $ | 89,709 |  |  | $ | 103 |  |  | $ | 1,348 |  |  | $ | 6,447 |  |  | $ | 84,507 |  |  | 100.0 | % |  |

December 31, 2024: |  | Amortized |  | Allowance for |  | Unrealized |  | Unrealized |  | Estimated Fair |  | % of
|  | Cost |  | Credit Losses |  | Gains |  | Losses |  | Value |  | Total
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 54,705 |  |  | $ | 82 |  |  | $ | 642 |  |  | $ | 4,274 |  |  | $ | 50,991 |  |  | 65.7 | %
Canadian government |  | 4,655 |  |  | — |  |  | 412 |  |  | 51 |  |  | 5,016 |  |  | 6.5 |
Japanese government |  | 5,319 |  |  | — |  |  | 1 |  |  | 875 |  |  | 4,445 |  |  | 5.7 |
ABS |  | 5,197 |  |  | 15 |  |  | 42 |  |  | 184 |  |  | 5,040 |  |  | 6.5 |
CMBS |  | 2,344 |  |  | 1 |  |  | 22 |  |  | 98 |  |  | 2,267 |  |  | 2.9 |
RMBS |  | 1,412 |  |  | — |  |  | 12 |  |  | 107 |  |  | 1,317 |  |  | 1.7 |
U.S. government |  | 2,734 |  |  | — |  |  | 11 |  |  | 281 |  |  | 2,464 |  |  | 3.2 |
State and political subdivisions |  | 789 |  |  | — |  |  | 3 |  |  | 99 |  |  | 693 |  |  | 0.9 |
Other foreign government |  | 5,752 |  |  | — |  |  | 56 |  |  | 424 |  |  | 5,384 |  |  | 6.9 |
Total fixed maturity securities |  | $ | 82,907 |  |  | $ | 98 |  |  | $ | 1,201 |  |  | $ | 6,393 |  |  | $ | 77,617 |  |  | 100.0 | %

The Company monitors its concentrations of financial instruments on an ongoing basis and mitigates credit risk by maintaining a diversified investment portfolio that limits exposure to any one issuer. The Company’s exposure to concentrations of credit
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risk from single issuers, including certain agencies, greater than 10% of the Company’s equity are disclosed below, as of March 31, 2025 and December 31, 2024 (dollars in millions):

| March 31, 2025 |  | December 31, 2024
| Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Fixed maturity securities guaranteed or issued by: |  |  |  |  |  |  |
Japanese government | $ | 7,207 |  |  | $ | 6,105 |  |  | $ | 5,319 |  |  | $ | 4,445 |
U.S. government | 2,191 |  |  | 1,963 |  |  | 2,734 |  |  | 2,464 |
Canadian province of Quebec | 1,560 |  |  | 1,773 |  |  | 1,537 |  |  | 1,741 |
Canadian province of Ontario | 1,149 |  |  | 1,249 |  |  | 1,117 |  |  | 1,207 |

The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of March 31, 2025, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below, as they are not due at a single maturity date.

|  | Amortized Cost |  | Estimated Fair Value
Available-for-sale: |  |  |  |
Due in one year or less |  | $ | 2,112 |  |  | $ | 2,128 |
Due after one year through five years |  | 12,720 |  |  | 12,694 |
Due after five years through ten years |  | 14,833 |  |  | 14,610 |
Due after ten years |  | 50,473 |  |  | 45,786 |
Structured securities |  | 9,571 |  |  | 9,289 |
Total |  | $ | 89,709 |  |  | $ | 84,507 |

Corporate Fixed Maturity Securities
The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of March 31, 2025 and December 31, 2024 (dollars in millions):

March 31, 2025: |  | Amortized Cost |  | Estimated Fair Value |  | % of Total
Finance |  | $ | 18,647 |  |  | $ | 17,470 |  |  | 31.4 | %
Industrial |  | 30,662 |  |  | 28,958 |  |  | 52.0 |
Utility |  | 9,969 |  |  | 9,292 |  |  | 16.6 |
Total |  | $ | 59,278 |  |  | $ | 55,720 |  |  | 100.0 | %
December 31, 2024: |  | Amortized Cost |  | Estimated Fair Value |  | % of Total
Finance |  | $ | 17,905 |  |  | $ | 16,673 |  |  | 32.7 | %
Industrial |  | 28,267 |  |  | 26,476 |  |  | 51.9 |
Utility |  | 8,533 |  |  | 7,842 |  |  | 15.4 |
Total |  | $ | 54,705 |  |  | $ | 50,991 |  |  | 100.0 | %

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Allowance for Credit Losses and Impairments – Fixed Maturity Securities Available-for-Sale
As discussed in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2024 Annual Report, allowances for credit losses on fixed maturity securities are recognized in investment related gains (losses), net. The Company estimates the amount of the credit loss component of a fixed maturity security impairment as the difference between amortized cost and the present value of the expected cash flows of the security. Any remaining difference between the fair value and amortized cost is recognized in OCI.
The following tables present the rollforward of the allowance for credit losses in fixed maturity securities by type for the three months ended March 31, 2025 and 2024 (dollars in millions):

For the three months ended March 31, 2025: |
| Corporate |  | ABS |  | CMBS |  |  |  |  |  | Total
Balance, beginning of year | $ | 82 |  |  | $ | 15 |  |  | $ | 1 |  |  |  |  |  |  | $ | 98 |
Credit losses recognized on securities for which credit losses were not previously recorded | 10 |  |  | — |  |  | — |  |  |  |  |  |  | 10 |
Reductions for securities sold during the period | (2) |  |  | — |  |  | — |  |  |  |  |  |  | (2) |
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period | (1) |  |  | — |  |  | (1) |  |  |  |  |  |  | (2) |
Foreign currency translation | (1) |  |  | — |  |  | — |  |  |  |  |  |  | (1) |
Balance, end of period | $ | 88 |  |  | $ | 15 |  |  | $ | — |  |  |  |  |  |  | $ | 103 |

For the three months ended March 31, 2024: |  |  |
| Corporate |  | ABS |  | CMBS |  |  |  | Total |  |
Balance, beginning of year | $ | 62 |  |  | $ | 12 |  |  | $ | 1 |  |  |  |  | $ | 75 |  |  |
Credit losses recognized on securities for which credit losses were not previously recorded | 30 |  |  | — |  |  | — |  |  |  |  | 30 |  |  |
Reductions for securities sold during the period | (8) |  |  | — |  |  | — |  |  |  |  | (8) |  |  |
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period | (5) |  |  | 3 |  |  | — |  |  |  |  | (2) |  |  |
Foreign currency translation | — |  |  | — |  |  | — |  |  |  |  | — |  |  |
Balance, end of period | $ | 79 |  |  | $ | 15 |  |  | $ | 1 |  |  |  |  | $ | 95 |  |  |

Unrealized Losses for Fixed Maturity Securities Available-for-Sale
The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes an analysis of whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment.
The following tables present the estimated fair value and gross unrealized losses for the 6,260 and 6,401 fixed maturity securities for which both the estimated fair value had declined and remained below amortized cost and an allowance for credit loss has not been recorded as of March 31, 2025 and December 31, 2024, respectively (dollars in millions). These investments are presented by class and grade of security, as well as the length of time the related fair value has continuously remained below amortized cost.
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|  | Less than 12 months |  | 12 months or greater |  | Total
March 31, 2025: |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses
Investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 14,280 |  |  | $ | 481 |  |  | $ | 19,066 |  |  | $ | 3,610 |  |  | $ | 33,346 |  |  | $ | 4,091 |
Canadian government |  | 185 |  |  | 3 |  |  | 438 |  |  | 45 |  |  | 623 |  |  | 48 |
Japanese government |  | 348 |  |  | 8 |  |  | 4,119 |  |  | 1,123 |  |  | 4,467 |  |  | 1,131 |
ABS |  | 1,580 |  |  | 19 |  |  | 1,446 |  |  | 149 |  |  | 3,026 |  |  | 168 |
CMBS |  | 360 |  |  | 7 |  |  | 937 |  |  | 78 |  |  | 1,297 |  |  | 85 |
RMBS |  | 219 |  |  | 3 |  |  | 600 |  |  | 84 |  |  | 819 |  |  | 87 |
U.S. government |  | 202 |  |  | 4 |  |  | 673 |  |  | 244 |  |  | 875 |  |  | 248 |
State and political subdivisions |  | 112 |  |  | 3 |  |  | 434 |  |  | 83 |  |  | 546 |  |  | 86 |
Other foreign government |  | 1,308 |  |  | 49 |  |  | 1,757 |  |  | 348 |  |  | 3,065 |  |  | 397 |
Total investment grade securities |  | 18,594 |  |  | 577 |  |  | 29,470 |  |  | 5,764 |  |  | 48,064 |  |  | 6,341 |
Below investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | 758 |  |  | 22 |  |  | 280 |  |  | 36 |  |  | 1,038 |  |  | 58 |
ABS |  | 5 |  |  | 1 |  |  | 31 |  |  | 6 |  |  | 36 |  |  | 7 |
Other foreign government |  | — |  |  | — |  |  | 130 |  |  | 38 |  |  | 130 |  |  | 38 |
Total below investment grade securities |  | 763 |  |  | 23 |  |  | 441 |  |  | 80 |  |  | 1,204 |  |  | 103 |
Total fixed maturity securities |  | $ | 19,357 |  |  | $ | 600 |  |  | $ | 29,911 |  |  | $ | 5,844 |  |  | $ | 49,268 |  |  | $ | 6,444 |

|  | Less than 12 months |  | 12 months or greater |  | Total
December 31, 2024: |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses
Investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 14,741 |  |  | $ | 529 |  |  | $ | 18,851 |  |  | $ | 3,682 |  |  | $ | 33,592 |  |  | $ | 4,211 |
Canadian government |  | 286 |  |  | 5 |  |  | 469 |  |  | 46 |  |  | 755 |  |  | 51 |
Japanese government |  | 2,037 |  |  | 192 |  |  | 2,365 |  |  | 683 |  |  | 4,402 |  |  | 875 |
ABS |  | 940 |  |  | 19 |  |  | 1,730 |  |  | 159 |  |  | 2,670 |  |  | 178 |
CMBS |  | 333 |  |  | 4 |  |  | 980 |  |  | 91 |  |  | 1,313 |  |  | 95 |
RMBS |  | 354 |  |  | 7 |  |  | 593 |  |  | 100 |  |  | 947 |  |  | 107 |
U.S. government |  | 792 |  |  | 15 |  |  | 656 |  |  | 266 |  |  | 1,448 |  |  | 281 |
State and political subdivisions |  | 155 |  |  | 7 |  |  | 417 |  |  | 92 |  |  | 572 |  |  | 99 |
Other foreign government |  | 1,408 |  |  | 42 |  |  | 1,816 |  |  | 344 |  |  | 3,224 |  |  | 386 |
Total investment grade securities |  | 21,046 |  |  | 820 |  |  | 27,877 |  |  | 5,463 |  |  | 48,923 |  |  | 6,283 |
Below investment grade securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | 347 |  |  | 7 |  |  | 347 |  |  | 50 |  |  | 694 |  |  | 57 |
ABS |  | 101 |  |  | 1 |  |  | 40 |  |  | 5 |  |  | 141 |  |  | 6 |
Other foreign government |  | — |  |  | — |  |  | 130 |  |  | 38 |  |  | 130 |  |  | 38 |
Total below investment grade securities |  | 448 |  |  | 8 |  |  | 517 |  |  | 93 |  |  | 965 |  |  | 101 |
Total fixed maturity securities |  | $ | 21,494 |  |  | $ | 828 |  |  | $ | 28,394 |  |  | $ | 5,556 |  |  | $ | 49,888 |  |  | $ | 6,384 |

The Company did not intend to sell, and more likely than not would not be required to sell, the securities outlined in the tables above, as of the dates presented. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines. Changes in unrealized losses are primarily driven by changes in risk-free interest rates and credit spreads.
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Net Investment Income
Major categories of net investment income consist of the following (dollars in millions):

|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2025 |  | 2024
Fixed maturity securities available-for-sale |  |  |  |  |  | $ | 1,063 |  |  | $ | 760 |
Equity securities |  |  |  |  |  | 2 |  |  | 2 |
Mortgage loans |  |  |  |  |  | 119 |  |  | 90 |
Policy loans |  |  |  |  |  | 18 |  |  | 14 |
Funds withheld at interest |  |  |  |  |  | 66 |  |  | 89 |
Limited partnerships and real estate joint ventures |  |  |  |  |  | (15) |  |  | 7 |
Short-term investments and cash and cash equivalents |  |  |  |  |  | 36 |  |  | 34 |
Other invested assets |  |  |  |  |  | (5) |  |  | 4 |
Investment income |  |  |  |  |  | 1,284 |  |  | 1,000 |
Investment expense |  |  |  |  |  | (52) |  |  | (39) |
Net investment income |  |  |  |  |  | $ | 1,232 |  |  | $ | 961 |

Investment Related Gains (Losses), Net
Investment related gains (losses), net consist of the following (dollars in millions):

|  |  | Three months ended March 31,
|  |  |  |  | 2025 |  | 2024
Fixed maturity securities available-for-sale: |  |  |  |  |  |  |
Change in allowance for credit losses |  |  |  |  | $ | (6) |  |  | $ | (20) |
Realized gains on investment activity |  |  |  |  | 36 |  |  | 32 |
Realized losses on investment activity |  |  |  |  | (87) |  |  | (134) |
Net gains (losses) on equity securities |  |  |  |  | (1) |  |  | 4 |
Change in mortgage loan allowance for credit losses |  |  |  |  | 4 |  |  | (10) |
Limited partnerships and real estate joint ventures impairment losses |  |  |  |  | (5) |  |  | (8) |
Change in fair value of certain limited partnership investments |  |  |  |  | (7) |  |  | 1 |
Net losses on freestanding derivatives |  |  |  |  | (2) |  |  | (99) |
Net gains (losses) on embedded derivatives |  |  |  |  | (11) |  |  | 77 |
Other, net |  |  |  |  | — |  |  | 8 |
Total investment related gains (losses), net |  |  |  |  | $ | (79) |  |  | $ | (149) |

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Collateral Arrangements
The Company enters into various collateral arrangements with counterparties that require both the pledging and acceptance of invested assets as collateral. Pledged invested assets are included in the condensed consolidated balance sheets. Invested assets received as collateral are held in separate custodial accounts and are not recorded on the Company’s condensed consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge collateral it receives; however, as of March 31, 2025 and December 31, 2024, none of the collateral received had been sold or repledged.
The Company also holds invested assets on deposit to meet regulatory requirements and holds assets in trust to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties.
The following table includes invested assets on deposit, invested assets pledged and received as collateral, assets in trust held to satisfy collateral requirements and FHLB common stock restricted as to sale as of March 31, 2025 and December 31, 2024 (dollars in millions):

| March 31, 2025 |  | December 31, 2024
| Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value
Invested assets on deposit (regulatory deposits) | $ | 10 |  |  | $ | 9 |  |  | $ | 10 |  |  | $ | 8 |
Invested assets pledged as collateral | 1,307 |  |  | 1,095 |  |  | 1,200 |  |  | 1,046 |
Invested assets received as collateral | n/a |  | 2,319 |  |  | n/a |  | 2,233 |
Assets in trust held to satisfy collateral requirements | 54,053 |  |  | 51,343 |  |  | 47,162 |  |  | 44,473 |
FHLB common stock restricted as to sale | 71 |  |  | 71 |  |  | 71 |  |  | 71 |

Securities Lending and Repurchase/Reverse Repurchase Agreements
The following table provides the estimated fair value of securities relating to securities lending and repurchase/reverse repurchase agreements as of March 31, 2025 and December 31, 2024 (dollars in millions):

| March 31, 2025 |  | December 31, 2024
| Securities Loaned, Pledged, or Sold (1) |  | Securities Borrowed or Collateral Received from Counterparties (2) |  | Cash Collateral Received from Counterparties (3) |  | Securities Loaned, Pledged, or Sold (1) |  | Securities Borrowed or Collateral Received from Counterparties (2) |  | Cash Collateral Received from Counterparties (3)
Securities lending transactions | $ | 835 |  |  | $ | 1,078 |  |  | $ | — |  |  | $ | 836 |  |  | $ | 1,093 |  |  | $ | — |
Repurchase/reverse repurchase transactions | 1,808 |  |  | 689 |  |  | 1,005 |  |  | 1,781 |  |  | 688 |  |  | 982 |

(1)Securities loaned or pledged through securities lending transactions or sold to counterparties through repurchase transactions are included within fixed maturity securities. Collateral associated with certain securities lending transactions is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows. Certain securities lending transactions do not require collateral.
(2)Securities borrowed or received as collateral through securities lending transactions or purchased from counterparties through reverse repurchase transactions are not reflected on the condensed consolidated balance sheets.
(3)A payable for the cash received by the Company is included within other liabilities.
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The following table presents the estimated fair value of securities by the remaining contractual maturity of the Company’s securities lending and repurchase agreements as of March 31, 2025 and December 31, 2024 (dollars in millions):

| March 31, 2025 |  | December 31, 2024
| Remaining Contractual Maturity of the Agreements |  | Remaining Contractual Maturity of the Agreements
| Overnight and Continuous |  | Up to 30 Days |  | 30 – 90 Days |  | Greater than 90 Days |  | Total |  | Overnight and Continuous |  | Up to 30 Days |  | 30 – 90 Days |  | Greater than 90 Days |  | Total
Securities lending transactions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate | $ | — |  |  | $ | 76 |  |  | $ | 143 |  |  | $ | 204 |  |  | $ | 423 |  |  | $ | — |  |  | $ | 75 |  |  | $ | 7 |  |  | $ | 333 |  |  | $ | 415 |
Japanese government | — |  |  | 236 |  |  | — |  |  | 72 |  |  | 308 |  |  | — |  |  | 227 |  |  | — |  |  | 75 |  |  | 302 |
ABS | — |  |  | — |  |  | 17 |  |  | 3 |  |  | 20 |  |  | — |  |  | — |  |  | 17 |  |  | 3 |  |  | 20 |
CMBS | — |  |  | — |  |  | 46 |  |  | — |  |  | 46 |  |  | — |  |  | — |  |  | 46 |  |  | — |  |  | 46 |
RMBS | — |  |  | — |  |  | 12 |  |  | — |  |  | 12 |  |  | — |  |  | — |  |  | 13 |  |  | 6 |  |  | 19 |
U.S. government | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 8 |
State and political subdivisions | — |  |  | — |  |  | — |  |  | 6 |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | 6 |
Other foreign government | — |  |  | — |  |  | 11 |  |  | 9 |  |  | 20 |  |  | — |  |  | — |  |  | — |  |  | 20 |  |  | 20 |
Total | — |  |  | 312 |  |  | 229 |  |  | 294 |  |  | 835 |  |  | — |  |  | 302 |  |  | 83 |  |  | 451 |  |  | 836 |
Repurchase/reverse repurchase transactions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate | — |  |  | — |  |  | — |  |  | 521 |  |  | 521 |  |  | — |  |  | — |  |  | — |  |  | 527 |  |  | 527 |
Japanese government | — |  |  | — |  |  | — |  |  | 374 |  |  | 374 |  |  | — |  |  | — |  |  | 214 |  |  | 144 |  |  | 358 |
ABS | — |  |  | — |  |  | — |  |  | 210 |  |  | 210 |  |  | — |  |  | — |  |  | 27 |  |  | 251 |  |  | 278 |
CMBS | — |  |  | — |  |  | — |  |  | 262 |  |  | 262 |  |  | — |  |  | — |  |  | 49 |  |  | 184 |  |  | 233 |
RMBS | — |  |  | — |  |  | — |  |  | 102 |  |  | 102 |  |  | — |  |  | — |  |  | 7 |  |  | 42 |  |  | 49 |
U.S. government | — |  |  | — |  |  | — |  |  | 262 |  |  | 262 |  |  | — |  |  | — |  |  | — |  |  | 257 |  |  | 257 |
Other foreign government | — |  |  | — |  |  | — |  |  | 77 |  |  | 77 |  |  | — |  |  | — |  |  | — |  |  | 79 |  |  | 79 |
Total | — |  |  | — |  |  | — |  |  | 1,808 |  |  | 1,808 |  |  | — |  |  | — |  |  | 297 |  |  | 1,484 |  |  | 1,781 |
Total transactions | $ | — |  |  | $ | 312 |  |  | $ | 229 |  |  | $ | 2,102 |  |  | $ | 2,643 |  |  | $ | — |  |  | $ | 302 |  |  | $ | 380 |  |  | $ | 1,935 |  |  | $ | 2,617 |

Mortgage Loans
As of March 31, 2025, mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in California (13.1%), Texas (10.6%) and Washington (5.8%), in addition to loans secured by properties in Canada (6.5%) and the United Kingdom (2.3%). The recorded investment in mortgage loans presented below is gross of unamortized deferred loan origination fees and expenses and allowance for credit losses.
The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of March 31, 2025 and December 31, 2024 (dollars in millions):

|  | March 31, 2025 |  | December 31, 2024
|  | Carrying Value |  | % of Total |  | Carrying Value |  | % of Total
Commercial: |  |  |  |  |  |  |  |
Office |  | $ | 1,696 |  |  | 17.9 | % |  | $ | 1,717 |  |  | 19.2 | %
Retail |  | 2,944 |  |  | 31.2 |  |  | 2,925 |  |  | 32.7 |
Industrial |  | 2,963 |  |  | 31.4 |  |  | 2,714 |  |  | 30.3 |
Apartment |  | 1,213 |  |  | 12.8 |  |  | 1,121 |  |  | 12.5 |
Hotel |  | 441 |  |  | 4.7 |  |  | 443 |  |  | 4.9 |
Other commercial |  | 102 |  |  | 1.1 |  |  | 32 |  |  | 0.4 |
Total commercial |  | 9,359 |  |  | 99.1 |  |  | 8,952 |  |  | 100.0 |
Residential |  | 82 |  |  | 0.9 |  |  | — |  |  | — |
Recorded investment |  | 9,441 |  |  | 100.0 | % |  | 8,952 |  |  | 100.0 | %
Unamortized balance of loan origination fees and expenses |  | (21) |  |  |  |  | (20) |  |  |
Allowance for credit losses |  | (89) |  |  |  |  | (93) |  |  |
Total mortgage loans |  | $ | 9,331 |  |  |  |  | $ | 8,839 |  |  |

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Commercial Loans
The following table presents the maturities of the Company’s recorded investment in commercial mortgage loans as of March 31, 2025 and December 31, 2024 (dollars in millions):

|  | March 31, 2025 |  | December 31, 2024
|  | Recorded Investment |  | % of Total |  | Recorded Investment |  | % of Total
Due within five years |  | $ | 4,215 |  |  | 45.0 | % |  | $ | 3,984 |  |  | 44.5 | %
Due after five years through ten years |  | 4,301 |  |  | 46.0 |  |  | 3,959 |  |  | 44.2 |
Due after ten years |  | 843 |  |  | 9.0 |  |  | 1,009 |  |  | 11.3 |
Total commercial |  | $ | 9,359 |  |  | 100.0 | % |  | $ | 8,952 |  |  | 100.0 | %

The following tables set forth certain key credit quality indicators of the Company’s recorded investment in commercial mortgage loans as of March 31, 2025 and December 31, 2024 (dollars in millions):

| Recorded Investment
| Debt Service Ratios |  | Construction loans |  |  |  |
| >1.20x |  | 1.00x – 1.20x |  | <1.00x |  |  | Total |  | % of Total
March 31, 2025: |  |  |  |  |  |  |  |  |  |  |
Loan-to-Value Ratio |  |  |  |  |  |  |  |  |  |  |
0% – 59.99% | $ | 4,186 |  |  | $ | 167 |  |  | $ | 98 |  |  | $ | 4 |  |  | $ | 4,455 |  |  | 47.6 | %
60% – 69.99% | 2,420 |  |  | 232 |  |  | 76 |  |  | 46 |  |  | 2,774 |  |  | 29.6 |
70% – 79.99% | 1,179 |  |  | 218 |  |  | 68 |  |  | — |  |  | 1,465 |  |  | 15.7 |
80% or greater | 446 |  |  | 36 |  |  | 183 |  |  | — |  |  | 665 |  |  | 7.1 |
Total commercial | $ | 8,231 |  |  | $ | 653 |  |  | $ | 425 |  |  | $ | 50 |  |  | $ | 9,359 |  |  | 100.0 | %

| Recorded Investment
| Debt Service Ratios |  | Construction loans |  |  |  |
| >1.20x |  | 1.00x – 1.20x |  | <1.00x |  |  | Total |  | % of Total
December 31, 2024: |  |  |  |  |  |  |  |  |  |  |
Loan-to-Value Ratio |  |  |  |  |  |  |  |  |  |  |
0% – 59.99% | $ | 4,017 |  |  | $ | 189 |  |  | $ | 42 |  |  | $ | 7 |  |  | $ | 4,255 |  |  | 47.5 | %
60% – 69.99% | 2,298 |  |  | 184 |  |  | 51 |  |  | 46 |  |  | 2,579 |  |  | 28.8 |
70% – 79.99% | 1,205 |  |  | 178 |  |  | 47 |  |  | — |  |  | 1,430 |  |  | 16.0 |
80% or greater | 523 |  |  | 45 |  |  | 120 |  |  | — |  |  | 688 |  |  | 7.7 |
Total commercial | $ | 8,043 |  |  | $ | 596 |  |  | $ | 260 |  |  | $ | 53 |  |  | $ | 8,952 |  |  | 100.0 | %

The following tables set forth credit quality grades by year of origination of the Company’s recorded investment in commercial mortgage loans as of March 31, 2025 and December 31, 2024 (dollars in millions):

| Recorded Investment
| Year of Origination |  |
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
March 31, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |
Internal credit quality grade: |  |  |  |  |  |  |  |  |  |  |  |  |
High investment grade | $ | 28 |  |  | $ | 592 |  |  | $ | 435 |  |  | $ | 539 |  |  | $ | 600 |  |  | $ | 1,967 |  |  | $ | 4,161 |
Investment grade | 518 |  |  | 1,269 |  |  | 746 |  |  | 793 |  |  | 403 |  |  | 1,067 |  |  | 4,796 |
Average | — |  |  | — |  |  | 19 |  |  | — |  |  | 36 |  |  | 206 |  |  | 261 |
Watch list | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 135 |  |  | 135 |
In or near default | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | 6 |
Total commercial | $ | 546 |  |  | $ | 1,861 |  |  | $ | 1,200 |  |  | $ | 1,332 |  |  | $ | 1,039 |  |  | $ | 3,381 |  |  | $ | 9,359 |

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| Recorded Investment
| Year of Origination |  |
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |
Internal credit quality grade: |  |  |  |  |  |  |  |  |  |  |  |  |
High investment grade | $ | 593 |  |  | $ | 436 |  |  | $ | 543 |  |  | $ | 600 |  |  | $ | 246 |  |  | $ | 1,828 |  |  | $ | 4,246 |
Investment grade | 1,270 |  |  | 750 |  |  | 806 |  |  | 404 |  |  | 219 |  |  | 850 |  |  | 4,299 |
Average | — |  |  | 19 |  |  | — |  |  | 36 |  |  | 18 |  |  | 203 |  |  | 276 |
Watch list | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 125 |  |  | 125 |
In or near default | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | 6 |
Total commercial | $ | 1,863 |  |  | $ | 1,205 |  |  | $ | 1,349 |  |  | $ | 1,040 |  |  | $ | 483 |  |  | $ | 3,012 |  |  | $ | 8,952 |

The following table presents the current and past due composition of the Company’s recorded investment in commercial mortgage loans as of March 31, 2025 and December 31, 2024 (dollars in millions):

|  | March 31, 2025 |  | December 31, 2024
Current |  | $ | 9,311 |  |  | $ | 8,934 |
31 – 60 days past due |  | 42 |  |  | 12 |
Greater than 90 days past due |  | 6 |  |  | 6 |
Total commercial |  | $ | 9,359 |  |  | $ | 8,952 |

The following table presents information regarding the Company’s allowance for credit losses for commercial mortgage loans for the three months ended March 31, 2025 and 2024 (dollars in millions):

|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2025 |  | 2024
Balance, beginning of period |  |  |  |  |  | $ | 93 |  |  | $ | 67 |
Provision (release) of credit losses |  |  |  |  |  | (6) |  |  | 11 |
Write-offs, net of recoveries |  |  |  |  |  | — |  |  | (1) |
Balance, end of period |  |  |  |  |  | $ | 87 |  |  | $ | 77 |

The Company modified three mortgage loans and two mortgage loans for borrowers experiencing financial difficulty during the three months ended March 31, 2025 and 2024, respectively, providing interest only payments, maturity extensions or payment deferrals. The total recorded investment before allowance for credit losses for the modified loans was $19 million and $21 million as of March 31, 2025 and 2024, respectively.
The Company had one mortgage loan in the amount of $6 million and three mortgage loans in the amount of $23 million that were on nonaccrual status as of March 31, 2025 and 2024, respectively. The Company did not convert any mortgage loans to owned properties through a deed in lieu of foreclosure during the three months ended March 31, 2025 and 2024. The Company did not acquire any impaired mortgage loans during the three months ended March 31, 2025 and 2024.
Residential Loans
The Company had residential mortgage loans totaling $82 million as of March 31, 2025. The allowance for credit losses of residential mortgage loans was $2 million as of March 31, 2025. The Company’s primary credit quality indicator for residential mortgage loans is whether the loan is performing or nonperforming. All residential mortgage loans were performing as of March 31, 2025. The Company did not have any residential mortgage loans modified or placed on non-accrual status as of March 31, 2025.
Policy Loans
The majority of policy loans are associated with one client. These policy loans present no credit risk as the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. The Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities.
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Funds Withheld at Interest
As of March 31, 2025, $2.9 billion of the funds withheld at interest balance is primarily associated with two clients. For reinsurance agreements written on a modco basis and certain agreements written on a coinsurance funds withheld basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company and are reflected as funds withheld at interest. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances against amounts owed to the Company from the ceding company.
Limited Partnerships and Real Estate Joint Ventures
The carrying values of limited partnerships and real estate joint ventures as of March 31, 2025 and December 31, 2024 are as follows (dollars in millions):

|  | March 31, 2025 |  | December 31, 2024
Limited partnerships – equity method |  | $ | 1,146 |  |  | $ | 1,067 |
Limited partnerships – fair value |  | 963 |  |  | 966 |
Limited partnerships – cost method |  | 65 |  |  | 64 |
Real estate joint ventures |  | 1,054 |  |  | 970 |
Total limited partnerships and real estate joint ventures |  | $ | 3,228 |  |  | $ | 3,067 |

Other Invested Assets
Other invested assets include lifetime mortgages, derivative contracts and FHLB common stock. Other invested assets also includes real estate held for investment, which is included in “Other” in the table below. As of March 31, 2025 and December 31, 2024, the allowance for credit losses for lifetime mortgages was not material. The carrying values of other invested assets as of March 31, 2025 and December 31, 2024 are as follows (dollars in millions):

|  | March 31, 2025 |  | December 31, 2024
Lifetime mortgages |  | $ | 1,043 |  |  | $ | 984 |
Derivatives |  | 114 |  |  | 121 |
FHLB common stock |  | 71 |  |  | 71 |
Other |  | 67 |  |  | 66 |
Total other invested assets |  | $ | 1,295 |  |  | $ | 1,242 |

NOTE 11 DERIVATIVE INSTRUMENTS
See Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2024 Annual Report for a detailed discussion of the accounting treatment for derivative instruments, including embedded derivatives. See Note 12 – “Fair Value of Assets and Liabilities” for additional disclosures related to the fair value hierarchy for derivative instruments, including embedded derivatives.
Commonly used derivative instruments include, but are not necessarily limited to: interest rate swaps, interest rate options, total return swaps, interest rate futures, foreign currency swaps, foreign currency forwards, foreign currency options, equity options, equity futures, credit default swaps (single name and index), options on credit default index swaps, consumer price index (“CPI”) swaps, forward bond purchase commitments, synthetic guaranteed investment contracts (“GICs”), other derivatives and embedded derivatives. For detailed information on these derivative instruments and the related strategies, see Note 12 – “Derivative Instruments” of the Company’s 2024 Annual Report.
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Summary of Derivative Positions
Freestanding derivatives, except for other swaps, are included in other invested assets or other liabilities, at fair value. Other swaps are included on the condensed consolidated balance sheets in other assets or other liabilities, at fair value. Embedded derivative assets and liabilities on modco or funds withheld arrangements are included on the condensed consolidated balance sheets with the host contract in funds withheld at interest or funds withheld payable, at fair value. Embedded derivative liabilities on indexed products are included on the condensed consolidated balance sheets with the host contract in interest-sensitive contract liabilities, at fair value. The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of March 31, 2025 and December 31, 2024 (dollars in millions):

|  |  |  | March 31, 2025 |  | December 31, 2024
|  | Primary Underlying Risk |  | Notional |  | Carrying Value/Fair Value |  | Notional |  | Carrying Value/Fair Value
|  |  | Amount |  | Assets |  | Liabilities |  | Amount |  | Assets |  | Liabilities
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Interest rate |  | $ | 1,886 |  |  | $ | 6 |  |  | $ | 14 |  |  | $ | 1,848 |  |  | $ | 6 |  |  | $ | 20 |
Interest rate options |  | Interest rate |  | 2,273 |  |  | 3 |  |  | — |  |  | 1,773 |  |  | 1 |  |  | — |
Total return swaps |  | Interest rate |  | 865 |  |  | — |  |  | 25 |  |  | 956 |  |  | — |  |  | 14 |
Foreign currency swaps |  | Foreign currency |  | 150 |  |  | 42 |  |  | — |  |  | 150 |  |  | 47 |  |  | — |
Foreign currency forwards |  | Foreign currency |  | 1,101 |  |  | 3 |  |  | 20 |  |  | 1,148 |  |  | 9 |  |  | 37 |
Foreign currency options |  | Foreign currency |  | 430 |  |  | — |  |  | — |  |  | 430 |  |  | 1 |  |  | — |
Equity options |  | Equity |  | 669 |  |  | 11 |  |  | 2 |  |  | 255 |  |  | 5 |  |  | 1 |
Equity futures |  | Equity |  | 223 |  |  | — |  |  | — |  |  | 209 |  |  | — |  |  | — |
Credit default swaps |  | Credit |  | 4,165 |  |  | 2 |  |  | 21 |  |  | 2,661 |  |  | 4 |  |  | 6 |
Credit default index swaps options |  | Credit |  | 250 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other swaps |  | Credit |  | 1,300 |  |  | 1 |  |  | 1 |  |  | 1,300 |  |  | 2 |  |  | 2 |
CPI swaps |  | CPI |  | 394 |  |  | 4 |  |  | 5 |  |  | 408 |  |  | 6 |  |  | 2 |
Synthetic GICs |  | Interest rate |  | 16,176 |  |  | — |  |  | — |  |  | 15,362 |  |  | — |  |  | — |
Embedded derivatives in: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Modco or funds withheld arrangements |  |  |  | — |  |  | 285 |  |  | 351 |  |  | — |  |  | 283 |  |  | 338 |
Indexed products |  |  |  | — |  |  | — |  |  | 383 |  |  | — |  |  | — |  |  | 435 |
Total non-designated derivatives |  |  |  | 29,882 |  |  | 357 |  |  | 822 |  |  | 26,500 |  |  | 364 |  |  | 855 |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Interest rate |  | 3,301 |  |  | 27 |  |  | 72 |  |  | 3,336 |  |  | 5 |  |  | 103 |
Forward bond purchase commitments |  | Interest rate |  | 2,507 |  |  | 3 |  |  | 202 |  |  | 2,020 |  |  | — |  |  | 206 |
Foreign currency swaps |  | Foreign currency |  | 2,008 |  |  | 6 |  |  | 160 |  |  | 2,008 |  |  | 7 |  |  | 159 |
Foreign currency forwards |  | Foreign currency |  | 1,933 |  |  | 47 |  |  | 5 |  |  | 1,966 |  |  | 94 |  |  | — |
Total hedging derivatives |  |  |  | 9,749 |  |  | 83 |  |  | 439 |  |  | 9,330 |  |  | 106 |  |  | 468 |
Total derivatives |  |  |  | $ | 39,631 |  |  | $ | 440 |  |  | $ | 1,261 |  |  | $ | 35,830 |  |  | $ | 470 |  |  | $ | 1,323 |

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Fair Value Hedges
The Company designates and reports the following as fair value hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging: (i) certain foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets; and (ii) interest rate swaps to convert fixed rate liabilities to floating rate liabilities. The gain or loss on the hedged item attributable to a change in interest rates or foreign currency and the offsetting gain or loss on the related interest rate or foreign currency swaps for the three months ended March 31, 2025 and 2024 are as follows (dollars in millions):

Derivative Type |  | Hedged Item |  | Investment Related Gains (Losses), Net |  | Claims and Other Policy Benefits | Interest Credited
|  |  |  | Derivatives |  | Hedged Items |  | Derivatives |  | Hedged Items |  | Derivatives |  | Hedged Items
For the three months ended March 31, 2025: |  |  |  |  |  |  |  |
Foreign currency swaps |  | Foreign-denominated fixed maturity securities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest rate swaps |  | Future policy benefits |  | — |  |  | — |  |  | 13 |  |  | (13) |  |  | — |  |  | — |
Interest rate swaps |  | Interest-sensitive contract liabilities |  | — |  |  | — |  |  | — |  |  | — |  |  | 20 |  |  | (25) |
For the three months ended March 31, 2024: |  |  |  |  |  |  |  |
Foreign currency swaps |  | Foreign-denominated fixed maturity securities |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest rate swaps |  | Future policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest rate swaps |  | Interest-sensitive contract liabilities |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | 1 |

The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges (dollars in millions):

Hedged Item |  | Carrying Amount of the Hedged Assets / (Liabilities) |  | Cumulative Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets / (Liabilities) |  | Discontinued Fair Value Hedge Adjustments Included in the Cumulative Adjustments
|  | March 31, 2025 |  | December 31, 2024 |  | March 31, 2025 |  | December 31, 2024 |  | March 31, 2025 |  | December 31, 2024
Future policy benefits |  | $ | (580) |  |  | $ | (508) |  |  | $ | (6) |  |  | $ | 7 |  |  | $ | 8 |  |  | $ | — |
Interest-sensitive contract liabilities |  | (998) |  |  | (1,111) |  |  | (14) |  |  | 11 |  |  | 10 |  |  | — |

Cash Flow Hedges
Certain derivative instruments are designated as cash flow hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging. The Company designates and accounts for the following as cash flow hedges: (i) certain interest rate swaps, in which the cash flows of assets and liabilities are variable based on a benchmark rate; (ii) certain interest rate swaps, in which floating rate assets are converted to fixed rate assets; (iii) forward bond purchase commitments; and (iv) certain foreign currency swaps, in which the cash flows of assets are denominated in different currencies, commonly referred to as cross-currency swaps.
The following table presents the cash flow hedge components of AOCI, before income taxes, and where the gain or loss related to cash flow hedges is recognized on the condensed consolidated income statement classification for the three months ended March 31, 2025 and 2024 (dollars in millions):

|  | Three months ended March 31,
|  | 2025 |  | 2024
Balance, beginning of period |  | $ | (495) |  |  | $ | (218) |
Gains (losses), net deferred in other comprehensive income (loss) |  | (6) |  |  | (86) |
Amounts reclassified to net investment income |  | 18 |  |  | 8 |
Amounts reclassified to interest expense |  | (2) |  |  | (3) |
Balance, end of period |  | $ | (485) |  |  | $ | (299) |

As of March 31, 2025, approximately $75 million of before-tax deferred net losses on derivative instruments recorded in AOCI are expected to be reclassified to net investment income during the next twelve months. For the same time period, approximately $7 million of before-tax deferred net gains on derivative instruments recorded in AOCI are expected to be reclassified to interest expense during the next twelve months.
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The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income for the three months ended March 31, 2025 and 2024 (dollars in millions):

Derivative Type |  | Gains (Losses) Deferred in OCI |  | Gains (Losses) Reclassified into Income from AOCI
|  |  |  | Net Investment Income |  | Interest Expense
For the three months ended March 31, 2025: |  |  |  |  |  |
Interest rate |  | $ | 12 |  |  | $ | (1) |  |  | $ | 2 |
Foreign currency |  | (18) |  |  | (17) |  |  | — |
Total |  | $ | (6) |  |  | $ | (18) |  |  | $ | 2 |
For the three months ended March 31, 2024: |  |  |  |  |  |
Interest rate |  | $ | (57) |  |  | $ | (3) |  |  | $ | 3 |
Foreign currency |  | (29) |  |  | (5) |  |  | — |
Total |  | $ | (86) |  |  | $ | (8) |  |  | $ | 3 |

For the three months ended March 31, 2025 and 2024, there were no material amounts reclassified into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging.
Hedges of Net Investments in Foreign Operations
The Company uses foreign currency forwards to hedge a portion of its net investment in certain foreign operations against adverse movements in exchange rates. The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges and the gains (losses) deferred in OCI for the three months ended March 31, 2025 and 2024 (dollars in millions):

|  | Derivative Gains (Losses) Deferred in OCI
|  | For the three months ended March 31, |  |
Derivative Type |  | 2025 |  | 2024 |  |  |  |
Foreign currency forwards |  | $ | (15) |  |  | $ | 25 |  |  |  |  |

The cumulative foreign currency translation gain recorded in AOCI related to these hedges was $298 million and $313 million as of March 31, 2025 and December 31, 2024, respectively. If a hedged foreign operation was sold or substantially liquidated, the amounts in AOCI would be reclassified to the condensed consolidated statements of income. A pro rata portion would be reclassified upon partial sale of a hedged foreign operation. There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from AOCI into investment income during the periods presented.
Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging
The Company uses various other derivative instruments for risk management purposes that either do not qualify or have not been elected for hedge accounting treatment. The gain or loss related to the change in fair value for these derivative instruments is recognized in investment related gains (losses), net, except where otherwise noted.
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A summary of the effect of non-qualifying derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three months ended March 31, 2025 and 2024 is as follows (dollars in millions):

|  |  |  | Gains (Losses) for the three months ended March 31,
Type of Non-qualifying Derivative |  | Income Statement Location of Gains (Losses) |  | 2025 |  | 2024
Interest rate swaps |  | Investment related gains (losses), net |  | $ | 6 |  |  | $ | (31) |
Interest rate options |  | Investment related gains (losses), net |  | — |  |  | (3) |
Total return swaps |  | Investment related gains (losses), net |  | (6) |  |  | 4 |
Interest rate futures |  | Investment related gains (losses), net |  | — |  |  | 1 |
Foreign currency swaps |  | Investment related gains (losses), net |  | (3) |  |  | 14 |
Foreign currency forwards |  | Investment related gains (losses), net |  | 22 |  |  | (64) |
Foreign currency options |  | Investment related gains (losses), net |  | (1) |  |  | — |
Equity options |  | Investment related gains (losses), net |  | (6) |  |  | (4) |
Equity futures |  | Investment related gains (losses), net |  | 9 |  |  | (17) |
Credit default swaps |  | Investment related gains (losses), net |  | (18) |  |  | 2 |
CPI swaps |  | Investment related gains (losses), net |  | (5) |  |  | — |
Subtotal |  |  |  | (2) |  |  | (98) |
Embedded derivatives in: |  |  |  |  |  |
Modco or funds withheld arrangements |  | Investment related gains (losses), net |  | (11) |  |  | 77 |
Indexed products |  | Interest credited |  | 24 |  |  | (20) |
Total non-qualifying derivatives |  |  |  | $ | 11 |  |  | $ | (41) |

Credit Derivatives
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at March 31, 2025 and December 31, 2024 (dollars in millions):

|  | March 31, 2025 |  | December 31, 2024
Rating Agency Designation of Referenced Credit Obligations(1) |  | Estimated Fair Value of Credit Default Swaps |  | Maximum Amount of Future Payments under Credit Default Swaps(2) |  | Weighted Average Years to Maturity(3) |  | Estimated Fair Value of Credit Default Swaps |  | Maximum Amount of Future Payments under Credit Default Swaps(2) |  | Weighted Average Years to Maturity(3)
AAA/AA/A |  |  |  |  |  |  |  |  |  |  |  |
Single name credit default swaps |  | $ | (21) |  |  | $ | 410 |  |  | 17.3 |  | $ | (5) |  |  | $ | 410 |  |  | 17.5
BBB |  |  |  |  |  |  |  |  |  |  |  |
Single name credit default swaps |  | 3 |  |  | 155 |  |  | 2.2 |  | 3 |  |  | 150 |  |  | 2.3
Credit default swaps referencing indices |  | (1) |  |  | 3,585 |  |  | 5.2 |  | — |  |  | 2,086 |  |  | 5.1
Subtotal |  | 2 |  |  | 3,740 |  |  | 5.1 |  | 3 |  |  | 2,236 |  |  | 4.9
BB |  |  |  |  |  |  |  |  |  |  |  |
Single name credit default swaps |  | — |  |  | 5 |  |  | 1.2 |  | — |  |  | 5 |  |  | 1.5
B |  |  |  |  |  |  |  |  |  |  |  |
Single name credit default swaps |  | — |  |  | 10 |  |  | 1.0 |  | — |  |  | 10 |  |  | 1.2
Total |  | $ | (19) |  |  | $ | 4,165 |  |  | 6.3 |  | $ | (2) |  |  | $ | 2,661 |  |  | 6.8

(1)The rating agency designations are based on ratings from Standard and Poor’s (“S&P”).
(2)Assumes the value of the referenced credit obligations is zero.
(3)The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.
Netting Arrangements and Credit Risk
Certain of the Company’s freestanding derivatives are subject to enforceable master netting arrangements and reported as a net asset or liability in the condensed consolidated balance sheets. The Company nets all derivatives that are subject to such arrangements.
The Company has elected to include all freestanding derivatives in the table below, irrespective of whether they are subject to an enforceable master netting arrangement or a similar agreement. See Note 10 – “Investments” for information regarding the Company’s securities borrowing, lending and repurchase/reverse repurchase agreements.
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The following table provides information relating to the netting of the Company’s derivative instruments as of March 31, 2025 and December 31, 2024 (dollars in millions):

|  | Gross Amounts Recognized |  | Gross Amounts Offset in the Balance Sheet |  | Net Amounts Presented in the Balance Sheet |  | Financial Instruments/Collateral (1) |  | Net Amount
March 31, 2025: |  |  |  |  |  |  |  |  |  |
Derivative assets |  | $ | 155 |  |  | $ | (39) |  |  | $ | 116 |  |  | $ | (116) |  |  | $ | — |
Derivative liabilities |  | 527 |  |  | (39) |  |  | 488 |  |  | (488) |  |  | — |
December 31, 2024: |  |  |  |  |  |  |  |  |  |
Derivative assets |  | $ | 187 |  |  | $ | (64) |  |  | $ | 123 |  |  | $ | (123) |  |  | $ | — |
Derivative liabilities |  | 550 |  |  | (64) |  |  | 486 |  |  | (486) |  |  | — |

(1)Includes initial margin posted to a central clearing partner for financial instruments and excludes the excess of collateral received/pledged from/to the counterparty.
The Company may be exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. Generally, the credit exposure of the Company’s derivative contracts is limited to the fair value and accrued interest of non-collateralized derivative contracts in an asset position at the reporting date. As of March 31, 2025, the Company had credit exposure of $15 million.
Derivatives may be exchange-traded or they may be privately negotiated contracts, which are referred to as over-the-counter (“OTC”) derivatives. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC cleared”) and others are bilateral contracts between two counterparties. Additionally, the Company is required to pledge initial margin for certain OTC-bilateral derivative transactions. The Company manages its credit risk related to OTC derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master netting agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. The Company is only exposed to the default of the central clearing counterparties for OTC cleared derivatives, and these transactions require initial and daily variation margin collateral postings. Exchange-traded derivatives are settled on a daily basis, thereby reducing the credit risk exposure in the event of non-performance by counterparties to such financial instruments.
NOTE 12 FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value Measurement
General accounting principles for Fair Value Measurements and Disclosures define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. These principles also establish a three-level fair value hierarchy that requires an entity to maximize the use of observable inputs and to minimize the use of unobservable inputs when measuring fair value:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Active markets are defined through various characteristics for the measured asset/liability, such as having many transactions and narrow bid/ask spreads.
Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or market standard valuation techniques and assumptions that use significant inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the related assets or liabilities and include those whose value is determined using market standard valuation techniques described above. Prices are determined using valuation methodologies such as discounted cash flow models and other similar techniques that require management’s judgment or estimation in developing inputs that are consistent with those other market participants would use when pricing similar assets and liabilities.
For a discussion of the Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 13 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2024 Annual Report.
See Note 7 – “Market Risk Benefits” for information about fair value measurement of market risk benefits.
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Assets and Liabilities by Hierarchy Level
Assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 are summarized below (dollars in millions):

March 31, 2025: |  |  |  | Fair Value Measurements Using:
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: (1) |  |  |  |  |  |  |  |
Fixed maturity securities available-for-sale: |  |  |  |  |  |  |  |
Corporate |  | $ | 55,720 |  |  | $ | — |  |  | $ | 47,498 |  |  | $ | 8,222 |
Canadian government |  | 4,996 |  |  | — |  |  | 4,996 |  |  | — |
Japanese government |  | 6,105 |  |  | — |  |  | 6,105 |  |  | — |
ABS |  | 5,520 |  |  | — |  |  | 3,625 |  |  | 1,895 |
CMBS |  | 2,267 |  |  | — |  |  | 2,254 |  |  | 13 |
RMBS |  | 1,502 |  |  | — |  |  | 1,502 |  |  | — |
U.S. government |  | 1,963 |  |  | 1,886 |  |  | 73 |  |  | 4 |
State and political subdivisions |  | 722 |  |  | — |  |  | 722 |  |  | — |
Other foreign government |  | 5,712 |  |  | — |  |  | 5,682 |  |  | 30 |
Total fixed maturity securities available-for-sale |  | 84,507 |  |  | 1,886 |  |  | 72,457 |  |  | 10,164 |
Equity securities |  | 153 |  |  | 66 |  |  | — |  |  | 87 |
Funds withheld at interest – embedded derivatives |  | (216) |  |  | — |  |  | — |  |  | (216) |
Funds withheld at interest |  | 57 |  |  | — |  |  | — |  |  | 57 |
Cash equivalents |  | 3,873 |  |  | 3,862 |  |  | 11 |  |  | — |
Short-term investments |  | 399 |  |  | 303 |  |  | 93 |  |  | 3 |
Other invested assets: |  |  |  |  |  |  |  |
Derivatives |  | 114 |  |  | — |  |  | 114 |  |  | — |
Other |  | 17 |  |  | — |  |  | 17 |  |  | — |
Total other invested assets |  | 131 |  |  | — |  |  | 131 |  |  | — |
Other assets – derivatives |  | 1 |  |  | — |  |  | — |  |  | 1 |
Total |  | $ | 88,905 |  |  | $ | 6,117 |  |  | $ | 72,692 |  |  | $ | 10,096 |
Liabilities: |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities – embedded derivatives |  | $ | 383 |  |  | $ | — |  |  | $ | — |  |  | $ | 383 |
Other liabilities: |  |  |  |  |  |  |  |
Funds withheld at interest – embedded derivatives |  | (150) |  |  | — |  |  | — |  |  | (150) |
Derivatives |  | 488 |  |  | — |  |  | 487 |  |  | 1 |
Total |  | $ | 721 |  |  | $ | — |  |  | $ | 487 |  |  | $ | 234 |

(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of March 31, 2025, the fair value of such investments was $963 million.
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December 31, 2024: |  |  |  | Fair Value Measurements Using:
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: (1) |  |  |  |  |  |  |  |
Fixed maturity securities available-for-sale: |  |  |  |  |  |  |  |
Corporate |  | $ | 50,991 |  |  | $ | — |  |  | $ | 44,137 |  |  | $ | 6,854 |
Canadian government |  | 5,016 |  |  | — |  |  | 5,016 |  |  | — |
Japanese government |  | 4,445 |  |  | — |  |  | 4,445 |  |  | — |
ABS |  | 5,040 |  |  | — |  |  | 3,254 |  |  | 1,786 |
CMBS |  | 2,267 |  |  | — |  |  | 2,254 |  |  | 13 |
RMBS |  | 1,317 |  |  | — |  |  | 1,317 |  |  | — |
U.S. government |  | 2,464 |  |  | 2,379 |  |  | 80 |  |  | 5 |
State and political subdivisions |  | 693 |  |  | — |  |  | 693 |  |  | — |
Other foreign government |  | 5,384 |  |  | — |  |  | 5,354 |  |  | 30 |
Total fixed maturity securities available-for-sale |  | 77,617 |  |  | 2,379 |  |  | 66,550 |  |  | 8,688 |
Equity securities |  | 155 |  |  | 67 |  |  | — |  |  | 88 |
Funds withheld at interest – embedded derivatives |  | (215) |  |  | — |  |  | — |  |  | (215) |
Funds withheld at interest |  | 56 |  |  | — |  |  | — |  |  | 56 |
Cash equivalents |  | 2,055 |  |  | 2,053 |  |  | 2 |  |  | — |
Short-term investments |  | 313 |  |  | 175 |  |  | 127 |  |  | 11 |
Other invested assets: |  |  |  |  |  |  |  |
Derivatives |  | 121 |  |  | — |  |  | 121 |  |  | — |
Other |  | 17 |  |  | — |  |  | 17 |  |  | — |
Total other invested assets |  | 138 |  |  | — |  |  | 138 |  |  | — |
Other assets – derivatives |  | 2 |  |  | — |  |  | — |  |  | 2 |
Total |  | $ | 80,121 |  |  | $ | 4,674 |  |  | $ | 66,817 |  |  | $ | 8,630 |
Liabilities: |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities – embedded derivatives |  | $ | 435 |  |  | $ | — |  |  | $ | — |  |  | $ | 435 |
Other liabilities: |  |  |  |  |  |  |  |
Funds withheld at interest – embedded derivatives |  | (160) |  |  | — |  |  | — |  |  | (160) |
Derivatives |  | 486 |  |  | — |  |  | 484 |  |  | 2 |
Total |  | $ | 761 |  |  | $ | — |  |  | $ | 484 |  |  | $ | 277 |

(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2024, the fair value of such investments was $966 million.
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Quantitative Information Regarding Internally Priced Assets and Liabilities
The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of March 31, 2025 and December 31, 2024 (dollars in millions):

| Estimated Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average)
March 31, 2025 |  | December 31, 2024 |  |  |  | March 31, 2025 |  | December 31, 2024
Assets: |  |  |  |  |  |  |  |  |  |  |
Corporate | $ | 352 |  |  | $ | 99 |  |  | Market comparable securities |  | Liquidity premium |  | 2% |  | 2%
|  |  |  |  |  |  | EBITDA Multiple |  | 6.2x-11.0x (9.3x) |  | 6.7x-11.0x (9.7x)
ABS | 677 |  |  | 564 |  |  | Market comparable securities |  | Liquidity premium |  | 0-20% (5%) |  | 0-10% (3%)
U.S. government | 4 |  |  | — |  |  | Market comparable securities |  | Liquidity premium |  | 0-1% (1%) |  | — |
Equity securities | 31 |  |  | 33 |  |  | Market comparable securities |  | Liquidity premium |  | 4% |  | 4%
|  |  |  |  |  |  | EBITDA Multiple |  | 7.4x-11.8x (10.5x) |  | 7.4x-12.8x (10.9x)
Funds withheld at interest – embedded derivatives | 24 |  |  | 22 |  |  | Total return swap |  | Mortality |  | 0-100% (4%) |  | 0-100% (3%)
|  |  |  |  |  |  | Lapse |  | 0-35% (18%) |  | 0-35% (18%)
|  |  |  |  |  |  | Withdrawal |  | 0-10% (5%) |  | 0-10% (4%)
|  |  |  |  |  |  | CVA |  | 0-5% (0%) |  | 0-5% (0%)
|  |  |  |  |  |  | Crediting rate |  | 1-4% (2%) |  | 1-4% (2%)
Other assets – derivatives | 1 |  |  | 2 |  |  | Credit default swap |  | Credit spread |  | 0-1% (0%) |  | 0-1% (0%)
|  |  |  |  |  |  | Probability of default |  | 0-7% (0%) |  | 0-8% (0%)
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities – embedded derivatives – indexed products | 383 |  |  | 435 |  |  | Discounted cash flow |  | Mortality |  | 0-100% (3%) |  | 0-100% (3%)
|  |  |  |  |  |  | Lapse |  | 0-35% (17%) |  | 0-35% (17%)
|  |  |  |  |  |  | Withdrawal |  | 0-10% (4%) |  | 0-10% (4%)
|  |  |  |  |  |  | Option budget projection |  | 1-4% (2%) |  | 1-4% (2%)
Other liabilities – derivatives | 1 |  |  | 2 |  |  | Credit default swap |  | Credit spread |  | 0-1% (0%) |  | 0-1% (0%)
|  |  |  |  |  |  | Probability of default |  | 0-7% (0%) |  | 0-8% (0%)

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Changes in Level 3 Assets and Liabilities
Assets and liabilities transferred into Level 3 are due to a lack of observable market transactions and price information. Transfers out of Level 3 are primarily the result of the Company obtaining observable pricing information or a third-party pricing quotation that appropriately reflects the fair value of those assets and liabilities. The Company had Level 3 other swap assets and liabilities that on a gross and net basis were not material for the three months ended March 31, 2025.
For further information on the Company’s valuation processes, see Note 13 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2024 Annual Report.
The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (dollars in millions):

For the three months ended March 31, 2025: |  | Fixed maturity securities available-for-sale |  |  |  |  |  |  |  | Funds withheld at interest –embedded derivatives, net (1) |  | Funds withheld at interest |  |  |  | Interest-sensitive contract liabilities – embedded derivatives
|  | Corporate |  | Foreign govt |  | Structured securities |  | U.S. and local govt |  | Equity securities |  | Cash equivalents |  | Short-term investments |  |  |  |
Fair value, beginning of period |  | $ | 6,854 |  |  | $ | 30 |  |  | $ | 1,799 |  |  | $ | 5 |  |  | $ | 88 |  |  | $ | — |  |  | $ | 11 |  |  | $ | (55) |  |  | $ | 56 |  |  |  |  | $ | (435) |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | 4 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  |  |  | — |
Investment related gains (losses), net |  | (7) |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (11) |  |  | — |  |  |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 24 |
Included in other comprehensive income (loss) |  | 39 |  |  | — |  |  | 20 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  |  |  | — |
Purchases (2) |  | 1,514 |  |  | — |  |  | 196 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 7 |
Sales (2) |  | (44) |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Settlements (2) |  | (140) |  |  | — |  |  | (114) |  |  | (1) |  |  | — |  |  | — |  |  | (6) |  |  | — |  |  | — |  |  |  |  | 21 |
Transfers into Level 3 |  | 2 |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Transfers out of Level 3 |  | — |  |  | — |  |  | (6) |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  |  |  | — |
Fair value, end of period |  | $ | 8,222 |  |  | $ | 30 |  |  | $ | 1,908 |  |  | $ | 4 |  |  | $ | 87 |  |  | $ | — |  |  | $ | 3 |  |  | $ | (66) |  |  | $ | 57 |  |  |  |  | $ | (383) |
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 3 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |  |  |  |  | $ | — |
Investment related gains (losses), net |  | (8) |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | (11) |  |  | — |  |  |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 3 |
Included in other comprehensive income (loss) |  | 40 |  |  | — |  |  | 21 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  |  |  | — |

(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
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For the three months ended March 31, 2024: |  | Fixed maturity securities available-for-sale |  |  |  |  |  |  |  | Funds withheld at interest –embedded derivatives, net (1) |  | Funds withheld at interest |  |  |  | Interest-sensitive contract liabilities – embedded derivatives
|  | Corporate |  | Foreign govt |  | Structured securities |  | U.S. and local govt |  | Equity securities |  | Cash equivalents |  | Short-term investments |  |  |  |
Fair value, beginning of period |  | $ | 4,933 |  |  | $ | 35 |  |  | $ | 1,425 |  |  | $ | 26 |  |  | $ | 70 |  |  | $ | — |  |  | $ | 2 |  |  | $ | (171) |  |  | $ | 54 |  |  |  |  | $ | (415) |
Total gains/losses (realized/unrealized) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | 2 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  |  |  | — |
Investment related gains (losses), net |  | (24) |  |  | — |  |  | (2) |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | 77 |  |  | — |  |  |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (20) |
Included in other comprehensive income (loss) |  | 11 |  |  | (2) |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  |  |  | — |
Purchases (2) |  | 428 |  |  | — |  |  | 46 |  |  | — |  |  | 2 |  |  | — |  |  | 8 |  |  | — |  |  | 1 |  |  |  |  | 12 |
Sales (2) |  | (119) |  |  | — |  |  | (23) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Settlements (2) |  | (118) |  |  | — |  |  | (60) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  |  |  | 25 |
Transfers into Level 3 |  | — |  |  | — |  |  | 30 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Transfers out of Level 3 |  | (34) |  |  | — |  |  | (21) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Fair value, end of period |  | $ | 5,079 |  |  | $ | 33 |  |  | $ | 1,398 |  |  | $ | 27 |  |  | $ | 69 |  |  | $ | — |  |  | $ | 10 |  |  | $ | (94) |  |  | $ | 55 |  |  |  |  | $ | (398) |
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  |  |  | $ | — |
Investment related gains (losses), net |  | (27) |  |  | — |  |  | (3) |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | 77 |  |  | — |  |  |  |  | — |
Interest credited |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 46 |
Included in other comprehensive income (loss) |  | 12 |  |  | (2) |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  |  |  | — |

(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
Nonrecurring Fair Value Measurements
The Company has certain assets subject to measurement at fair value on a nonrecurring basis, in periods subsequent to their initial recognition if they are determined to be impaired. For the three months ended March 31, 2025 and 2024, the Company did not have any material assets that were measured at fair value due to impairment.
Fair Value of Financial Instruments Carried at Other Than Fair Value
The following table presents the carrying values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of March 31, 2025 and December 31, 2024 (dollars in millions). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 13 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2024 Annual Report. This table excludes any payables or receivables for collateral under repurchase/reverse repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid.
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March 31, 2025: |  | Carrying Value (1) |  | Estimated Fair Value |  | Fair Value Measurement Using:
Level 1 |  | Level 2 |  | Level 3 |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans |  | $ | 9,331 |  |  | $ | 8,864 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,864 |  |  |
Policy loans |  | 1,284 |  |  | 1,284 |  |  | — |  |  | 1,284 |  |  | — |  |  |
Funds withheld at interest |  | 5,487 |  |  | 5,187 |  |  | — |  |  | — |  |  | 5,187 |  |  |
Limited partnerships – cost method |  | 65 |  |  | 86 |  |  | — |  |  | — |  |  | 86 |  |  |
Cash and cash equivalents |  | 1,278 |  |  | 1,278 |  |  | 1,278 |  |  | — |  |  | — |  |  |
Short-term investments |  | 55 |  |  | 55 |  |  | 55 |  |  | — |  |  | — |  |  |
Other invested assets |  | 1,123 |  |  | 912 |  |  | 3 |  |  | 71 |  |  | 838 |  |  |
Accrued investment income |  | 1,059 |  |  | 1,059 |  |  | — |  |  | 1,059 |  |  | — |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities (2) |  | $ | 27,262 |  |  | $ | 27,140 |  |  | $ | — |  |  | $ | — |  |  | $ | 27,140 |  |  |
Funds withheld at interest |  | 5,039 |  |  | 4,817 |  |  | — |  |  | — |  |  | 4,817 |  |  |
Long-term debt |  | 5,734 |  |  | 5,593 |  |  | — |  |  | — |  |  | 5,593 |  |  |
December 31, 2024: |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans |  | $ | 8,839 |  |  | $ | 8,422 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,422 |  |  |
Policy loans |  | 1,321 |  |  | 1,321 |  |  | — |  |  | 1,321 |  |  | — |  |  |
Funds withheld at interest |  | 5,596 |  |  | 5,296 |  |  | — |  |  | — |  |  | 5,296 |  |  |
Limited partnerships – cost method |  | 64 |  |  | 88 |  |  | — |  |  | — |  |  | 88 |  |  |
Cash and cash equivalents |  | 1,271 |  |  | 1,271 |  |  | 1,271 |  |  | — |  |  | — |  |  |
Short-term investments |  | 50 |  |  | 50 |  |  | 50 |  |  | — |  |  | — |  |  |
Other invested assets |  | 1,064 |  |  | 862 |  |  | 3 |  |  | 71 |  |  | 788 |  |  |
Accrued investment income |  | 986 |  |  | 986 |  |  | — |  |  | 986 |  |  | — |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest-sensitive contract liabilities (2) |  | $ | 25,817 |  |  | $ | 25,540 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,540 |  |  |
Funds withheld at interest |  | 5,177 |  |  | 4,960 |  |  | — |  |  | — |  |  | 4,960 |  |  |
Long-term debt |  | 5,042 |  |  | 4,836 |  |  | — |  |  | — |  |  | 4,836 |  |  |

(1)Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis.
(2)Carrying values and estimated fair values presented herein include a reinsurance recoverable of $2.0 billion as of March 31, 2025 and December 31, 2024.
NOTE 13 INCOME TAX
The effective tax rate for the three months ended March 31, 2025 was 22.2% on pre-tax income. The tax rate was higher than the U.S. statutory rate of 21% primarily due to income earned in foreign jurisdictions with higher statutory tax rates than the U.S., partially offset with benefits due to adjustments to the valuation allowance and benefits received from taxes paid in foreign jurisdictions. The effective tax rate for the three months ending March 31, 2024 was 22.0% on pre-tax income. The tax rate was higher than the U.S. statutory rate primarily due to income earned in foreign jurisdictions and adjustments to the valuation allowance. These increases were partially offset with benefits in tax bases of foreign jurisdictions.
The Organization for Economic Cooperation and Development developed Model Global Anti-Base Erosion (“GloBE”) rules under Pillar II establishing a Global Minimum Tax to ensure multinational enterprises with consolidated revenue of more than EUR 750 million pay at least an effective tax rate of 15% on income arising in each jurisdiction in which they operate. As of March 31, 2025, many of the jurisdictions in which RGA operates enacted Pillar II legislation into domestic law with an effective date of either January 1, 2024 or January 1, 2025. The tax impact for Pillar II was immaterial for the quarter ended March 31, 2025.
The Inflation Reduction Act of 2022 (“the Act”) was enacted in 2022. For tax years ending after December 31, 2022, the Act imposes a 15% minimum tax on adjusted financial statement income for “applicable corporations” with average financial statement income over $1 billion for the previous 3-year period ending in 2022 or after. Based on the current guidance, RGA is not an applicable corporation for 2025. The Act also imposes a 1% excise tax on stock buybacks of a publicly traded corporation. The Act is not expected to have a material impact to the Company’s tax expense.
Bermuda enacted the Corporate Income Tax Act of 2023 on December 27, 2023. The Bermuda corporate income tax regime establishes a statutory tax rate of 15% and is applicable to multinational companies with annual revenue of EUR 750 million or more. The corporate income tax regime is effective for fiscal years beginning on or after January 1, 2025. The tax impact for Bermuda was immaterial for the quarter ended March 31, 2025.
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NOTE 14 EMPLOYEE BENEFIT PLANS
The components of net periodic benefit cost, included in other operating expenses on the Company’s condensed consolidated statements of income, for the three months ended March 31, 2025 and 2024 were as follows (dollars in millions):

|  | Pension Benefits |  | Other Benefits
|  | Three months ended March 31, |  | Three months ended March 31,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Service cost |  | $ | 4 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Interest cost |  | 3 |  |  | 3 |  |  | 1 |  |  | 1 |
Expected return on plan assets |  | (4) |  |  | (3) |  |  | — |  |  | — |
Amortization of prior service cost (credit) |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior actuarial losses |  | — |  |  | 1 |  |  | — |  |  | — |
Net periodic benefit cost |  | $ | 3 |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 1 |

NOTE 15 COMMITMENTS, CONTINGENCIES AND GUARANTEES
Commitments
Funding of Investments
The Company’s commitments to fund investments as of March 31, 2025 and December 31, 2024, are presented in the following table (dollars in millions):

| March 31, 2025 |  | December 31, 2024
Limited partnerships and real estate joint ventures | $ | 1,028 |  |  | $ | 1,103 |
Mortgage loans | 193 |  |  | 81 |
Bank loans and private placements | 2,072 |  |  | 1,950 |
Lifetime mortgages | 103 |  |  | 103 |

The Company anticipates that the majority of its current commitments will be invested over the next five years; however, these commitments could become due any time at the request of the counterparties. Bank loans and private placements are included in fixed maturity securities available-for-sale.
The Company has an immaterial liability, included in other liabilities, for current expected credit losses associated with unfunded commitments as of March 31, 2025 and December 31, 2024.
Pending Reinsurance Transaction
In February 2025, the Company’s subsidiary RGA Reinsurance Company (“RGA Re”) entered into a Master Transaction Agreement (the “Agreement”) with subsidiaries of Equitable Holdings, Inc. (collectively, the “Counterparty”). Pursuant to the Agreement, RGA Re will enter into coinsurance and modified coinsurance agreements with the Counterparty pursuant to which the Counterparty will cede to RGA Re a 75% quota share of the Counterparty’s in-force individual life insurance liabilities, consisting of $32 billion, on a U.S. statutory basis of accounting, of a diversified mix of life products.
The transaction is expected to close mid-2025 and is subject to regulatory approvals and satisfaction of other closing conditions.
Funding Agreements
Federal Home Loan Bank of Des Moines
The Company is a member of the FHLB and, through membership, has issued funding agreements to the FHLB in exchange for cash advances. As of March 31, 2025 and December 31, 2024, the Company had $1.3 billion of FHLB funding agreements outstanding. The Company is required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties.
Funding Agreement Backed Notes
The Company’s Funding Agreement Backed Notes (“FABN”) program allows RGA Global Funding, a special-purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes to investors. RGA Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from the Company. As of March 31, 2025 and December 31, 2024, the Company had $3.8 billion and $3.2 billion, respectively, of FABN agreements outstanding and are included within interest-sensitive contract liabilities.
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Contingencies
Litigation
The Company is subject to litigation and regulatory investigations or actions from time to time. Based on current knowledge, management does not believe that loss contingencies arising from pending legal, regulatory and governmental matters will have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, in light of the inherent uncertainties involved in future or pending legal, regulatory and governmental matters, some of which are beyond the Company’s control, and indeterminate or potentially substantial amount of damages sought in any such matters, an adverse outcome could be material to the Company’s financial condition, results of operations or cash flows for any particular reporting period. A legal reserve is established when the Company is notified of an arbitration demand, litigation or regulatory action or is notified that an arbitration demand, litigation or regulatory action is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated.
Other Contingencies
The Company indemnifies its directors and officers as provided in its charters and by-laws. Since this indemnity generally is not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount due under this indemnity in the future.
Guarantees
Statutory Reserve Support
Certain RGA subsidiaries have committed to provide statutory reserve support to third parties, in exchange for a fee, by funding loans if certain defined events occur. Such statutory reserves are required under the U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation XXX for term life insurance policies and Regulation A-XXX for universal life secondary guarantees). In addition, certain subsidiaries have also committed to provide capital support to a third party, in exchange for a fee, by agreeing to assume real estate leases in the event of a severe and prolonged decline in the commercial lease market. Upon assumption of a lease, the Company would recognize a right to use asset and lease obligation. As of March 31, 2025, the Company does not believe that it will be required to provide any funding under these commitments as the occurrence of the defined events is considered remote. The following table presents the maximum potential obligation for these commitments as of March 31, 2025 (dollars in millions):

Commitment Period | Maximum Potential Obligation
2034 | $ | 1,243 |
2035 | 1,867 |
2036 | 2,349 |
2037 | 5,100 |
2038 | 1,750 |
2039 | 8,751 |
2041 | 258 |
2046 | 3,000 |
2049 | 4,750 |

Support Agreements
The Company, the obligor, is a party to a capital maintenance agreement with its subsidiary, RGA Life and Annuity, the beneficiary. Under this agreement, the obligor guarantees for specified periods of time that the beneficiary will meet specified capital and surplus levels. The Company anticipates that in the event this arrangement places demand on it, there will be sufficient liquidity and capital to meet such demand.
NOTE 16 SEGMENT INFORMATION
Segments
The Company has nine geographic-based and business-based operational segments including a Corporate and Other segment. Geographic-based operations are further segmented into traditional and financial solutions businesses. The Company’s geographic based segments are U.S. and Latin America; Canada, Europe Middle East and Africa, and Asia Pacific.
Traditional reinsurance includes individual and group life and health, disability, long-term care and critical illness reinsurance. Financial Solutions includes asset-intensive reinsurance, longevity reinsurance, stable value products, pension risk transfer transactions and capital solutions products.
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The Corporate and Other revenues primarily include investment income from unallocated invested assets and service fees. Corporate and Other expenses consist of the offset to capital charges allocated to the operating segments within the policy acquisition costs and other insurance income line item, unallocated corporate overhead and executive costs, interest expense related to debt and service business expenses. Additionally, Corporate and Other includes results from the Company’s Funding Agreement Backed Notes (“FABN”) issued prior to January 1, 2025. Effective, January 1, 2025, newly issued FABNs are included in the U.S. Financial Solutions segment.
Segment Accounting Policies
The accounting policies of the segments are the same as those described in Note 2 – “Significant Accounting Policies and Pronouncements” in the Notes to Consolidated Financial Statements in the 2024 Annual Report.
The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in the Company’s businesses. As a result of the economic capital allocation process, a portion of investment income is attributed to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses.
There are no intersegment reinsurance transactions or revenues, and the Company does not have any material long-lived assets.
No individual client generated 10% or more of the Company’s total gross premiums and other revenues on a consolidated basis for the three months ended March 31, 2025 and 2024. For the purpose of this disclosure, companies that are within the same insurance holding company structure are combined.
Financial Measures
The Company segment measure of profit or loss is adjusted operating income (loss) before income taxes. Adjusted operating income before income taxes does not equate to “Income (loss) before income taxes” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Company’s chief operating decision maker to evaluate segment performance and allocate resources and, consistent with authoritative guidance, is the measure of segment performance presented below. Adjusted operating income (loss) before income taxes is calculated as income before income taxes excluding, as applicable:
•Substantially all of the effect of net investment related gains and losses;
•Changes in the fair value of embedded derivatives;
•Changes in the fair value of contracts that provide market risk benefits;
•Non-economic losses at contract inception for direct pension risk transfer single premium business (which are amortized into adjusted operating income within claims and other policy benefits over the estimated lives of the contracts);
•Any net gain or loss from discontinued operations;
•The cumulative effect of any accounting changes;
•The impact of certain tax related items; and
•Any other items the Company believes are not indicative of the Company’s ongoing operations.
The Company’s significant expenses are (1) adjusted claims and other policy benefits which exclude the non-economic losses at contract inception for direct pension risk transfer single premium business, (2) future policy benefits remeasurement gains and losses, (3) adjusted interest credited, which excludes the change in fair value of embedded derivatives associated with indexed annuities and (4) interest expense.
The Company’s chief operating decision maker is the President and Chief Executive Officer (“CEO”). The CEO uses segment adjusted operating income before income taxes to allocate resources (including employees and financial and capital resources) for each segment including consideration of future performance. The CEO considers performance on a monthly basis for segment adjusted operating income before income taxes when making decisions about allocating capital, personnel, evaluating market opportunities and future growth. The CEO also uses segment adjusted operating income before income taxes to assess the performance for each segment and for evaluating compensation of certain employees.
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The following tables summarizes the Company’s reportable segment revenues, significant expenses, measure of profit and loss and reconciliations to the Company’s consolidated totals (dollars in millions):

For the three months ended March 31, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. and Latin America |  | Canada |  | Europe, Middle East and Africa |  | Asia Pacific |  | Corporate and Other |  | Total
| Traditional |  | Financial Solutions |  | Traditional |  | Financial Solutions |  | Traditional |  | Financial Solutions |  | Traditional |  | Financial Solutions |  |
Segment revenues | $ | 2,191 |  |  | $ | 496 |  |  | $ | 384 |  |  | $ | 107 |  |  | $ | 572 |  |  | $ | 282 |  |  | $ | 850 |  |  | $ | 321 |  |  | $ | 137 |  |  | $ | 5,340 |
Reconciliation of revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment and derivative gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (71) |
Change in fair value of funds withheld embedded derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (11) |
Funds withheld gains (losses) – investment income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Investment income (loss) on unit-linked variable annuities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Other revenues (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2 |
Total consolidated revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,260 |
Less significant expenses (2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted claims and other policy benefits | 1,773 |  |  | 200 |  |  | 295 |  |  | 91 |  |  | 483 |  |  | 167 |  |  | 671 |  |  | 145 |  |  | — |  |  |
Future policy benefits remeasurement (gains) losses | (25) |  |  | (2) |  |  | 3 |  |  | — |  |  | (8) |  |  | (3) |  |  | (18) |  |  | (3) |  |  | — |  |  |
Adjusted interest credited | 29 |  |  | 123 |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | 84 |  |  | 47 |  |  |
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 80 |  |  |
Other expenses (3) | 274 |  |  | 108 |  |  | 54 |  |  | 5 |  |  | 47 |  |  | 22 |  |  | 91 |  |  | 36 |  |  | 80 |  |  |
Adjusted operating income (loss) before income taxes | $ | 140 |  |  | $ | 67 |  |  | $ | 32 |  |  | $ | 11 |  |  | $ | 50 |  |  | $ | 90 |  |  | $ | 106 |  |  | $ | 59 |  |  | $ | (70) |  |  | $ | 485 |
Reconciliation of adjusted operating income (loss) before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment and derivative gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  |  | (71) |
Market risk benefits remeasurement gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  |  | (29) |
Change in fair value of funds withheld embedded derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  | (11) |
Funds withheld gains (losses) – investment income |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Derivatives – interest credited |  |  |  |  |  |  |  |  |  |  |  |  |  | (10) |
Investment income (loss) on unit-linked variable annuities |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Interest credited on unit-linked variable annuities |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Interest expense on uncertain tax positions |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Other reconciling items (4) |  |  |  |  |  |  |  |  |  |  |  |  |  | 5 |
Income before income taxes per condensed consolidated statements of income |  |  |  |  |  |  |  |  |  |  | $ | 369 |

(1)Includes market valuation adjustments on surrender charges and other immaterial items.
(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.
(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.
(4)Includes market valuation adjustments on surrender charges, pension risk transfer initial loss and other immaterial items.
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For the three months ended March 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. and Latin America |  | Canada |  | Europe, Middle East and Africa |  | Asia Pacific |  | Corporate and Other |  | Total
| Traditional |  | Financial Solutions |  | Traditional |  | Financial Solutions |  | Traditional |  | Financial Solutions |  | Traditional |  | Financial Solutions |  |
Segment revenues | $ | 1,926 |  |  | $ | 2,281 |  |  | $ | 385 |  |  | $ | 27 |  |  | $ | 525 |  |  | $ | 225 |  |  | $ | 791 |  |  | $ | 189 |  |  | $ | 122 |  |  | $ | 6,471 |
Reconciliation of revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment and derivative gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (232) |
Change in fair value of funds withheld embedded derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 77 |
Funds withheld gains (losses) – investment income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2 |
Investment income (loss) on unit-linked variable annuities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1) |
Other revenues (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20 |
Total consolidated revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,337 |
Less significant expenses (2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted claims and other policy benefits | 1,572 |  |  | 1,956 |  |  | 283 |  |  | 19 |  |  | 424 |  |  | 122 |  |  | 586 |  |  | 47 |  |  | — |  |  |
Future policy benefits remeasurement (gains) losses | (21) |  |  | 2 |  |  | (3) |  |  | — |  |  | (5) |  |  | 2 |  |  | 1 |  |  | — |  |  | — |  |  |
Adjusted interest credited | 19 |  |  | 135 |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | 51 |  |  | 30 |  |  |
Interest expense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 68 |  |  |
Other expenses (3) | 228 |  |  | 98 |  |  | 59 |  |  | 1 |  |  | 68 |  |  | 17 |  |  | 95 |  |  | 32 |  |  | 62 |  |  |
Adjusted operating income (loss) before income taxes | $ | 128 |  |  | $ | 90 |  |  | $ | 46 |  |  | $ | 7 |  |  | $ | 38 |  |  | $ | 77 |  |  | $ | 109 |  |  | $ | 59 |  |  | $ | (38) |  |  | $ | 516 |
Reconciliation of adjusted operating income (loss) before income taxes |  |  |  |  |  |  |  |  |  |
Investment and derivative gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  |  | (232) |
Market risk benefits remeasurement gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  |  | 35 |
Change in fair value of funds withheld embedded derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  | 77 |
Funds withheld gains (losses) – investment income |  |  |  |  |  |  |  |  |  |  |  |  |  | 2 |
Derivatives – interest credited |  |  |  |  |  |  |  |  |  |  |  |  |  | (13) |
Investment income (loss) on unit-linked variable annuities |  |  |  |  |  |  |  |  |  |  |  |  |  | (1) |
Interest credited on unit-linked variable annuities |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |
Interest expense on uncertain tax positions |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Other reconciling items (4) |  |  |  |  |  |  |  |  |  |  |  |  |  | (113) |
Income before income taxes per condensed consolidated statements of income |  |  |  |  |  |  |  |  |  |  | $ | 272 |

(1)Includes market valuation adjustments on surrender charges and other immaterial items.
(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.
(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.
(4)Includes market valuation adjustments on surrender charges, pension risk transfer initial loss and other immaterial items.
Total assets by segment were as follows (dollars in millions):

As of March 31, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. and Latin America |  | Canada |  | Europe, Middle East and Africa |  | Asia Pacific |  | Corporate and Other |  | Total
| Traditional |  | Financial Solutions |  | Traditional |  | Financial Solutions |  | Traditional |  | Financial Solutions |  | Traditional |  | Financial Solutions |  |
Segment assets (1)(2) | $ | 28,166 |  |  | $ | 30,363 |  |  | $ | 5,289 |  |  | $ | 4,972 |  |  | $ | 5,155 |  |  | $ | 8,507 |  |  | $ | 11,106 |  |  | $ | 23,632 |  |  | $ | 11,020 |  |  | $ | 128,210 |

(1)Capital expenditures of each reporting segment were immaterial.
(2)Asia Pacific total assets include $18.5 billion of assets from the Company’s Japan operations respectively.
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As of December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| U.S. and Latin America |  | Canada |  | Europe, Middle East and Africa |  | Asia Pacific |  | Corporate and Other |  | Total
| Traditional |  | Financial Solutions |  | Traditional |  | Financial Solutions |  | Traditional |  | Financial Solutions |  | Traditional |  | Financial Solutions |  |
Segment assets (1)(2) | $ | 27,190 |  |  | $ | 29,768 |  |  | $ | 5,069 |  |  | $ | 5,240 |  |  | $ | 5,029 |  |  | $ | 7,826 |  |  | $ | 10,488 |  |  | $ | 21,184 |  |  | $ | 6,881 |  |  | $ | 118,675 |

(1)Capital expenditures of each reporting segment were immaterial.
(2)Asia Pacific total assets include $15.9 billion of assets from the Company’s Japan operations.
NOTE 17 FINANCING ACTIVITIES
On March 3, 2025, the Company issued 6.65% fixed-rate reset subordinated debentures due 2055 with a face amount of $700 million and will be used for general corporate purposes, including funding the Company’s obligations with respect to the pending reinsurance transactions disclosed in Note 15 – “Commitments, Contingencies and Guarantees.” Capitalized issuance costs are estimated as $9 million.
NOTE 18 NEW ACCOUNTING STANDARDS
Changes to the general accounting principles are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates to the FASB Accounting Standards Codification™. Accounting standards updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s condensed consolidated financial statements.

Description | Anticipated Date of Adoption | Effect on the Consolidated Financial Statements
Standards not yet adopted: |  |
Income Taxes This standard improves income tax disclosure requirements, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation, information on income taxes paid and other disclosure requirements. Early adoption is permitted. | December 31, 2025 | The adoption of the new standard will be applied prospectively. Retrospective application is permitted. The adoption of the new standard will expand the Company’s disclosures but will have no impact on its results of operations or financial position.
Disaggregation of Income Statement Expenses This standard requires disclosure, in the notes to the financial statements, of specific information about certain costs and expenses. Early adoption is permitted. | December 31, 2027 | The adoption of the new standard will be applied retrospectively to all periods presented in the year of adoption. The adoption of the new standard will expand the Company’s disclosures but will have no impact on its results of operations or financial position.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Cautionary Note Regarding Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance and growth potential of the Company and future developments associated with the previously announced transaction relating to the master transaction agreement that a Company subsidiary entered into with subsidiaries of Equitable Holdings, Inc., pursuant to which upon the closing thereof, the Company subsidiary would enter into coinsurance and modified coinsurance agreements with those counterparties (the “Reinsurance Transaction”). Forward-looking statements often contain words and phrases such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “pro forma,” “project,” “should,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. Forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.
Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looking statements, include, among others: (1) adverse changes in mortality, morbidity, lapsation or claims experience, (2) inadequate risk analysis and underwriting, (3) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital and cost of capital, (4) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) requirements to post collateral or make payments due to declines in the market value of assets subject to the Company’s collateral arrangements, (7) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (8) the effect of the Company parent’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, (9) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (10) the impairment of other financial institutions and its effect on the Company’s business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (14) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (18) financial performance of the Company’s clients, (19) the threat of natural disasters, catastrophes, terrorist attacks, pandemics, epidemics or other major public health issues anywhere in the world where the Company or its clients do business, (20) competitive factors and competitors’ responses to the Company’s initiatives, (21) development and introduction of new products and distribution opportunities, (22) execution of the Company’s entry into new markets, (23) integration of acquired blocks of business and entities, (24) interruption or failure of the Company’s telecommunication, information technology or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data and intellectual property stored on such systems, (25) adverse developments with respect to litigation, arbitration or regulatory investigations or actions (26) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (27) changes in laws, regulations, and accounting standards applicable to the Company or its business, (28) the Company's ability to complete the Reinsurance Transaction on a timely basis or at all, including as a result of the failure to satisfy any closing conditions, including those related to regulatory approvals, or, if the Reinsurance Transaction is completed, to achieve the expected benefits of the Reinsurance Transaction, and (29) other risks and uncertainties described in this document and in the Company’s other filings with the Securities and Exchange Commission (“SEC”).
Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future. For a discussion of these risks and uncertainties that could cause actual results to differ materially from those contained in the
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forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the 2024 Annual Report, as may be supplemented by Item 1A – “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q.
Overview
The Company is among the leading global providers of life reinsurance and financial solutions, with $4.0 trillion of life reinsurance in force and assets of $128.2 billion as of March 31, 2025. Traditional reinsurance includes individual and group life and health, disability and critical illness reinsurance. Financial Solutions includes longevity reinsurance, asset-intensive reinsurance, capital solutions, including financial reinsurance and stable value products. The Company derives revenues primarily from renewal premiums from existing reinsurance treaties, new business premiums from existing or new reinsurance treaties, fee income from Financial Solutions business and income earned on invested assets.
The Company’s Traditional business involves reinsuring life insurance policies that are often in force for the remaining lifetime of the underlying individuals insured, with premiums earned typically over a period of 10 to 30 years. To a lesser extent, the Company also reinsures health business typically reinsured for one to three years. Each year, however, a portion of the business under existing treaties terminates due to, among other things, lapses or voluntary surrenders of underlying policies, deaths of insureds, and the exercise of recapture options by ceding companies. The Company’s Financial Solutions business, includes significant asset-intensive and longevity risk transactions, which allow its clients to take advantage of growth opportunities and manage their capital, longevity and investment risk. The Company also works with partners to provide pension plan sponsors solutions that enable them to diversify and protect the benefits provided to the annuitants.
For its traditional business, the Company’s profitability largely depends on the volume and amount of death- and health-related claims incurred and the ability to adequately price the risks it assumes. While death claims are reasonably predictable over a period of many years, claims become less predictable over shorter periods and are subject to significant fluctuation from quarter to quarter and year to year. For longevity business, the Company’s profitability depends on the lifespan of the underlying contract holders and the investment performance for certain contracts. Additionally, the Company generates profits on investment spreads associated with the reinsurance of investment type contracts and generates fees from financial reinsurance transactions, which are typically shorter duration than its traditional life reinsurance business. The Company believes its sources of liquidity are sufficient to cover potential claims payments on both a short-term and long-term basis.
As is customary in the reinsurance business, clients continually update, refine and revise reinsurance information provided to the Company. Such revised information is used by the Company in preparation of its condensed consolidated financial statements, and the financial effects resulting from the incorporation of revised data are reflected in the current period.
Segment Presentation
The Company has geographic-based and business-based operational segments. Geographic-based operations are further segmented into Traditional and Financial Solutions businesses. The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a consistent basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in RGA’s businesses.
As a result of the economic capital allocation process, a portion of investment income is credited to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses. Segment investment performance varies with the composition of investments and the relative allocation of capital to the operating segments.
Segment revenue levels can be significantly influenced by currency fluctuations, large transactions, mix of business and reporting practices of ceding companies, and therefore may fluctuate from period to period. Although reasonably predictable over a period of years, segment claims experience can be volatile over shorter periods. See “Results of Operations by Segment” below for further information about the Company’s segments.
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Consolidated Results of Operations
A discussion regarding the Company’s financial condition and results of operations for the three months ended March 31, 2025 and 2024 are presented below.
Consolidated income before income taxes
The following table summarizes net income for the periods presented (dollars in millions, except per share data):

For the three months ended March 31, |  |  |  |  |  |
|  |  |  |  |  | 2025 |  | 2024 |  | 2025 vs 2024
Revenues |  |  |  |  |  |  |  |
Net premiums |  |  |  |  |  | $ | 4,019 |  |  | $ | 5,376 |  |  | $ | (1,357) |
Net investment income |  |  |  |  |  | 1,232 |  |  | 961 |  |  | 271 |
Investment related losses, net |  |  |  |  |  | (79) |  |  | (149) |  |  | 70 |
Other revenues |  |  |  |  |  | 88 |  |  | 149 |  |  | (61) |
Total revenues |  |  |  |  |  | 5,260 |  |  | 6,337 |  |  | (1,077) |
Benefits and expenses |  |  |  |  |  |  |  |  |  |
Claims and other policy benefits |  |  |  |  |  | 3,822 |  |  | 5,132 |  |  | (1,310) |
Future policy benefits remeasurement gains |  |  |  |  |  | (56) |  |  | (24) |  |  | (32) |
Market risk benefits remeasurement (gains) losses |  |  |  |  |  | 29 |  |  | (35) |  |  | 64 |
Interest credited |  |  |  |  |  | 299 |  |  | 254 |  |  | 45 |
Policy acquisition costs and other insurance expenses |  |  |  |  |  | 417 |  |  | 387 |  |  | 30 |
Other operating expenses |  |  |  |  |  | 300 |  |  | 283 |  |  | 17 |
Interest expense |  |  |  |  |  | 80 |  |  | 68 |  |  | 12 |
Total benefits and expenses |  |  |  |  |  | 4,891 |  |  | 6,065 |  |  | (1,174) |
Income (loss) before income taxes |  |  |  |  |  | 369 |  |  | 272 |  |  | 97 |
Provision for income taxes |  |  |  |  |  | 81 |  |  | 60 |  |  | 21 |
Net income (loss) |  |  |  |  |  | $ | 288 |  |  | $ | 212 |  |  | $ | 76 |
Net income attributable to noncontrolling interest |  |  |  |  |  | 2 |  |  | 2 |  |  | — |
Net income available to RGA, Inc. shareholders |  |  |  |  |  | $ | 286 |  |  | $ | 210 |  |  | $ | 76 |
Earnings per share |  |  |  |  |  |  |  |  |  |
Basic earnings per share |  |  |  |  |  | $ | 4.33 |  |  | $ | 3.20 |  |  | $ | 1.13 |
Diluted earnings per share |  |  |  |  |  | $ | 4.27 |  |  | $ | 3.16 |  |  | $ | 1.11 |

Consolidated results
The increase in income for the three months ended March 31, 2025, was primarily the result of the following:
•During 2024, the Company recognized a non-economic loss at the inception of a single premium pension risk transfer (“PRT”). The non-economic loss at inception is the difference between the single premium received and the valuation of the initial reserve based on interest rates prescribed by U.S. GAAP.
•A decrease in investment related losses resulting from lower unfavorable impacts from portfolio repositioning and freestanding derivatives.
•Favorable claims and underwriting experience across all segments as compared to the prior period.
Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations decreased income before income taxes by $8 million primarily due to the weakening of the Canadian dollar as compared to the U.S. Dollar. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
Investment related gains and losses
The decrease in investment related losses, net is attributable to the following:
•During 2025 and 2024, the Company repositioned its investment portfolio to generate higher yields which led to net capital losses of $51 million and $102 million, respectively.
•Changes in the fair value of freestanding derivatives increased investment related losses, net by $2 million in 2025, compared to $99 million in 2024.
•The Company incurred $8 million and $39 million of changes in allowance for credit losses and impairments during the three months ended March 31, 2025 and 2024, respectively.
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The decrease in investment related losses, net was partially offset by the following:
•Changes in the fair value of embedded derivatives associated with modco/funds withheld treaties, increased investment related losses, net by $11 million in 2025, compared to a decrease in investment related losses, net of $77 million in 2024.
See the Investment section within Management Discussion and Analysis, Note 10 – “Investments” and Note 11 – “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for additional information on the changes in allowance for credit losses, impairment losses and derivatives.
Market risk benefits
Market risk benefits represents the impact related to market risk benefits, which consist of guaranteed minimum benefits associated with the Company’s reinsurance of variable and indexed annuities. The changes in fair value of the freestanding derivatives purchased by the Company to hedge the liability are reflected in investment related gains (losses), net. The change in fair value of market risk benefits for guaranteed minimum benefits, after allowing for changes in the associated freestanding derivatives, decreased income before income taxes by $3 million and $9 million in 2025 and 2024, respectively.
Non-economic changes in insurance liabilities
Non-economic changes in insurance liabilities include the initial loss on PRT transactions, net of amortization and changes in the fair value of embedded derivatives associated with the Company’s reinsurance of indexed products. The initial loss at inception of a PRT transaction is the difference between the single premium received and the valuation of the initial reserve based on interest rates prescribed by U.S. GAAP. During 2025 and 2024, the Company incurred non-economic losses of $6 million and $136 million, respectively.
Income taxes
The effective tax rate on a consolidated basis was 22.2% and 22.0% for 2025 and 2024, respectively. The effective tax rate for 2024 was greater than the U.S. Statutory rate of 21.0% primarily due to income in non-U.S. jurisdictions which were partially offset by the release of valuation allowances in non-U.S. jurisdictions. See Note 13 – “Income Tax” in the Notes to Condensed Consolidated Financial Statements for additional information.
Consolidated adjusted operating income before income taxes
Non-GAAP Measure – Adjusted operating income before income taxes is not determined in accordance with U.S. GAAP. The Company principally uses adjusted operating income before income taxes in evaluating performance because the Company believes that such measure, when reviewed in conjunction with relevant U.S. GAAP measure (i.e., income before income taxes), presents a clearer picture of its operating performance and assist the Company in the allocation of its resources. The Company believes that this non-GAAP financial measure provides 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. This measure 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.
Adjusted operating income (loss) before taxes is calculated as income (loss) before income taxes excluding, as applicable:
•Substantially all of the effect of net investment related gains and losses;
•Changes in the fair value of embedded derivatives;
•Changes in the fair value of contracts that provide market risk benefits;
•Non-economic losses at contract inception for direct pension risk transfer single premium business (which are amortized into adjusted operating income within claims and other policy benefits over the estimated lives of the contracts);
•Any net gain or loss from discontinued operations;
•The cumulative effect of any accounting changes;
•The impact of certain tax related items; and
•Any other items the Company believes are not indicative of the Company’s ongoing operations.
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See “Segment Accounting Policies” within Note 16 – “Segment Information” in the Notes to Condensed Consolidated Financial Statements for additional information regarding the presentation of segment results and the Company’s definition of adjusted operating income.
Reconciliation of income before income taxes to adjusted operating income (loss) before income taxes
The reconciliation of income before income taxes to adjusted operating income before income taxes is shown below for the periods presented (dollars in millions):

For the three months ended March 31, |  |
|  | 2025 |  | 2024 |  | 2025 vs 2024
Income before income taxes |  | $ | 369 |  |  | $ | 272 |  |  | $ | 97 |
Investment and derivative (gains) losses |  | 71 |  |  | 232 |  |  | (161) |
Market risk benefits remeasurement gains (losses) |  | 29 |  |  | (35) |  |  | 64 |
Change in fair value of funds withheld embedded derivatives |  | 11 |  |  | (77) |  |  | 88 |
Funds withheld (gains) losses – investment income |  | — |  |  | (2) |  |  | 2 |
Derivatives – interest credited |  | 10 |  |  | 13 |  |  | (3) |
Investment income on unit-linked variable annuities |  | — |  |  | 1 |  |  | (1) |
Interest credited on unit-linked variable annuities |  | — |  |  | (1) |  |  | 1 |
Interest expense on uncertain tax positions |  | — |  |  | — |  |  | — |
Other |  | (5) |  |  | 113 |  |  | (118) |
Adjusted operating income before income taxes |  | $ | 485 |  |  | $ | 516 |  |  | $ | (31) |

Three months ended March 31, 2025, compared to the three months ended March 31, 2024
The decrease in adjusted operating income before income taxes in 2025 was primarily the result of the following:
•Variable investment income was a net loss of $8 million for the three months ended March 31, 2025, compared to income of $10 million in the prior year.
•A decrease in other income is due to a reduction in surrender charges related to a decline in lapses on a single premium block of business.
•An increase in operating and financing costs to support new business growth.
The decreases in adjusted operating income were partially offset by the following:
•An increase in investment income attributable to an increase in invested assets and higher new money rates.
•Favorable claims experience across all of the Company’s geographic Traditional segments, particularly the U.S. Traditional segment.
See “Results of Operations by Segment” for additional discussion of current and prior period results of operations.
Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations increased adjusted operating income before income taxes by $8 million due to the weakening of the Canadian dollar and British Pound as compared to the U.S. Dollar. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
Premiums and business growth
The decrease in premiums was primarily due to single premium pension risk transfer (“PRT”) transactions completed during 2024. The PRT single premiums received were offset by an increase in benefits. Excluding the impact of the PRT transaction, premium increased due to organic growth on existing treaties and new business production, measured by the face amount of reinsurance in force, of $131.7 billion during 2025 compared to $109.1 billion during 2024. Consolidated assumed life reinsurance in force increased to $3,950.9 billion as of March 31, 2025, from $3,729.8 billion as of March 31, 2024, due to new business production and changes in foreign exchange rates.
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Net investment income
The increase in net investment income was primarily attributable to an increase in the average invested asset base and higher risk-free rates earned on new investments and higher yields earned on alternative and private asset classes, partially offset by a decrease in variable investment income associated with joint venture and limited partnership investments. The following summarizes the primary drivers contributing to the increase in net investment income for the three months ended March 31, 2025 and 2024:
•The average invested assets at amortized cost, excluding spread related business, totaled $44.0 billion and $38.5 billion in 2025 and 2024, respectively.
•The average yield earned on investments, excluding spread related business, was 4.64% and 4.70% in 2025 and 2024, respectively. The decrease in investment yield for the three months ended March 31, 2025, in comparison with the same period in the prior year, was primarily due to decreased variable income from limited partnerships and real estate joint ventures and lower yield on cash and cash equivalents. These decreases were slightly offset by increased yield due to higher new money rates.
The average yield will vary from year to year depending on several variables, including the prevailing risk-fee interest rate and credit spread environment, prepayment fees and make-whole premiums, changes in the mix of the underlying investments and cash and cash equivalents balances. Variable investment income from joint ventures and limited partnerships will also vary from year to year and is highly dependent on the timing of dividends and distributions on certain investments. Investment income is allocated to the operating segments based upon average assets and related capital levels deemed appropriate to support segment operations.
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Results of Operations by Segment
U.S. and Latin America Operations
The U.S. and Latin America operations consist of two major segments: Traditional and Financial Solutions. The Traditional segment primarily specializes in the reinsurance of individual mortality-risk, health and long-term care, universal life products and, to a lesser extent, group reinsurance. The Financial Solutions segment consists of Asset-Intensive and Capital Solutions. Asset-Intensive within the Financial Solutions segment includes coinsurance of annuities, corporate-owned life insurance policies, pension risk transfer (“PRT”) group annuity contracts and, to a lesser extent, fee-based synthetic guaranteed investment contracts, which include investment-only, stable value contracts. Capital Solutions within the Financial Solutions segment primarily involves assisting ceding companies in meeting applicable regulatory requirements by enhancing the ceding companies’ financial strength and regulatory surplus position through relatively low risk reinsurance and other transactions. Typically, these transactions do not qualify as reinsurance under GAAP, due to the low-risk nature of the transactions, therefore only the related net fees are reflected in other revenues on the condensed consolidated statements of income.
The following table sets forth the U.S. and Latin America operating results for the periods indicated (dollars in millions). See additional information in the Traditional and Financial Solutions sections.

For the three months ended March 31, |  |
|  | 2025 |  | 2024 |  | 2025 vs 2024
Total segment revenues |  | $ | 2,687 |  |  | $ | 4,207 |  |  | $ | (1,520) |
Total adjusted benefits and expenses |  | 2,480 |  |  | 3,989 |  |  | (1,509) |
Adjusted operating income before income taxes |  | $ | 207 |  |  | $ | 218 |  |  | $ | (11) |

Adjusted operating income before income taxes for the first three months of 2025 was lower than the first three months of 2024. The decrease in adjusted operating income before income taxes was primarily due to the runoff in asset-intensive, partially offset by favorable claims experience period over period and new business growth in the Traditional segment.
Traditional Reinsurance
The following table sets forth the U.S. and Latin America Traditional segment operating results for the periods indicated (dollars in millions):

For the three months ended March 31, |  |  |  |  |  |
|  | 2025 |  | 2024 |  | 2025 vs 2024
Segment revenues |  |  |  |  |  |
Net premiums |  | $ | 1,921 |  |  | $ | 1,715 |  |  | $ | 206 |
Net investment income |  | 268 |  |  | 205 |  |  | 63 |
Investment related losses, net |  | (6) |  |  | — |  |  | (6) |
Other revenues |  | 8 |  |  | 6 |  |  | 2 |
Total segment revenues |  | 2,191 |  |  | 1,926 |  |  | 265 |
Adjusted benefits and expenses |  |  |  |  |  |
Adjusted claims and other policy benefits |  | 1,773 |  |  | 1,572 |  |  | 201 |
Future policy benefits remeasurement gains |  | (25) |  |  | (21) |  |  | (4) |
Adjusted interest credited |  | 29 |  |  | 19 |  |  | 10 |
Policy acquisition costs and other insurance expenses |  | 219 |  |  | 175 |  |  | 44 |
Other operating expenses |  | 55 |  |  | 53 |  |  | 2 |
Total adjusted benefits and expenses |  | 2,051 |  |  | 1,798 |  |  | 253 |
Adjusted operating income before income taxes |  | $ | 140 |  |  | $ | 128 |  |  | $ | 12 |
Key metrics |  |  |  |  |  |
Life reinsurance in force |  | $1,840.6 billion |  | $1,709.1 billion |  |
Future policy benefits remeasurement gains |  |  |  |  |  |
Effect of changes in cash flow assumptions |  | $ | — |  |  | $ | — |  |  |
Effect of actual variances from expected experience |  | $ | (25) |  |  | $ | (21) |  |  |
Loss ratio (1) |  | 91.0 | % |  | 90.4 | % |  |
Policy acquisition costs and other insurance expenses as a percentage of net premiums |  | 11.4 | % |  | 10.2 | % |  |
Other operating expenses as a percentage of net premiums |  | 2.9 | % |  | 3.1 | % |  |

(1)Includes adjusted claims and other policy benefits and future policy benefits remeasurement gains.
Adjusted operating income before income taxes for the U.S. and Latin America Traditional segment for the first three months of 2025 increased compared to the first three months of 2024 due to new business growth.
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Segment revenues
•The increase in net premiums was primarily due to new business growth.
•The increase in net investment income during the three months ended March 31, 2025, was primarily due to a higher invested asset base in 2025 due to new business growth.
Adjusted benefits and expenses
•The increase in adjusted claims and other policy benefits was primarily due to new business growth.
•The slight increase in policy acquisition costs and other insurance expenses as a percentage of net premiums was primarily due to varying allowance levels within coinsurance type arrangements and the mix of new business between coinsurance versus yearly renewable term.
Financial Solutions
The following table sets forth the U.S. and Latin America Financial Solutions segment operating results for the periods indicated (dollars in millions):

For the three months ended March 31, |  |  |  |  |  |
|  | 2025 |  | 2024 |  | 2025 vs 2024
Segment revenues |  |  |  |  |  |
Net premiums |  | $ | 109 |  |  | $ | 1,916 |  |  | $ | (1,807) |
Net investment income |  | 337 |  |  | 303 |  |  | 34 |
Investment related gains (losses), net |  | — |  |  | — |  |  | — |
Other revenues |  | 50 |  |  | 62 |  |  | (12) |
Total segment revenues |  | 496 |  |  | 2,281 |  |  | (1,785) |
Benefits and expenses |  |  |  |  |  |
Adjusted claims and other policy benefits |  | 200 |  |  | 1,956 |  |  | (1,756) |
Future policy benefits remeasurement (gains) losses |  | (2) |  |  | 2 |  |  | (4) |
Adjusted interest credited |  | 123 |  |  | 135 |  |  | (12) |
Policy acquisition costs and other insurance expenses |  | 84 |  |  | 80 |  |  | 4 |
Other operating expenses |  | 24 |  |  | 18 |  |  | 6 |
Total adjusted benefits and expenses |  | 429 |  |  | 2,191 |  |  | (1,762) |
Adjusted operating income before income taxes |  | $ | 67 |  |  | $ | 90 |  |  | $ | (23) |
Key metrics |  |  |  |  |  |
Future policy benefits remeasurement (gains) losses |  |  |  |  |  |
Effect of changes in cash flow assumptions |  | $ | — |  |  | $ | — |  |  |
Effect of actual variances from expected experience |  | $ | (2) |  |  | $ | 2 |  |  |

The decrease in adjusted operating income before income taxes for the U.S. and Latin America Financial Solutions segment was primarily due to the runoff of asset-intensive business.
Segment revenues
•The decrease in net premiums was primarily due to the single premium pension risk transfer (“PRT”) transactions executed in the prior year.
•The decrease in other revenues is primarily due to the runoff of asset-intensive business.
•The book value of the invested asset base supporting asset-intensive transactions increased to $25.8 billion as of March 31, 2025, from $22.0 billion as of December 31, 2024, resulting in an increase in investment income partially offset by a decrease in variable investment income. As of March 31, 2025 and December 31, 2024, $3.2 billion and $3.3 billion, respectively, of the invested assets were funds withheld at interest, of which greater than 90% was associated with two clients.
•The increase in the asset base was primarily due to $2.8 billion from new transactions and $1.0 billion of net organic growth.
Adjusted benefits and expenses
•The decrease in adjusted claims and other policy benefits was primarily due to the PRT transactions executed in the prior year.
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Canada Operations
The Canada operations are primarily engaged in traditional reinsurance, which consists mainly of traditional individual life reinsurance, and to a lesser extent, creditor, group life and health, critical illness and disability reinsurance. Creditor insurance covers the outstanding balance on personal, mortgage or commercial loans in the event of death, disability or critical illness and is generally shorter in duration than traditional individual life insurance. The Canada Financial Solutions segment consists of longevity, asset-intensive and capital solutions.
The following table sets forth the Canada operating results for the periods indicated (dollars in millions). See additional information in the Traditional and Financial Solutions sections.

For the three months ended March 31, |  |  |  |  |  |
|  | 2025 |  | 2024 |  | 2025 vs 2024
Total segment revenues |  | $ | 491 |  |  | $ | 412 |  |  | $ | 79 |
Total adjusted benefits and expenses |  | 448 |  |  | 359 |  |  | 89 |
Adjusted operating income before income taxes |  | $ | 43 |  |  | $ | 53 |  |  | $ | (10) |

•The decrease in adjusted operating income before income taxes for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to more favorable experience on the group lines of business in 2024 and unfavorable foreign currency fluctuations in the current period, partially offset by favorable longevity experience.
•Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations in the Canadian dollar resulted in a $3 million decrease in adjusted operating income before income taxes for the three months ended March 31, 2025. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
Traditional Reinsurance
The following table sets forth the Canada Traditional segment operating results for the periods indicated (dollars in millions):

For the three months ended March 31, |  |  |  |  |  |
|  | 2025 |  | 2024 |  | 2025 vs 2024
Segment revenues |  |  |  |  |  |
Net premiums |  | $ | 319 |  |  | $ | 318 |  |  | $ | 1 |
Net investment income |  | 65 |  |  | 64 |  |  | 1 |
Investment related gains, net |  | 1 |  |  | — |  |  | 1 |
Other revenues |  | (1) |  |  | 3 |  |  | (4) |
Total segment revenues |  | 384 |  |  | 385 |  |  | (1) |
Adjusted benefits and expenses |  |  |  |  |  |
Adjusted claims and other policy benefits |  | 295 |  |  | 283 |  |  | 12 |
Future policy benefits remeasurement (gains) losses |  | 3 |  |  | (3) |  |  | 6 |
Adjusted interest credited |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | 41 |  |  | 47 |  |  | (6) |
Other operating expenses |  | 13 |  |  | 12 |  |  | 1 |
Total adjusted benefits and expenses |  | 352 |  |  | 339 |  |  | 13 |
Adjusted operating income before income taxes |  | $ | 32 |  |  | $ | 46 |  |  | $ | (14) |
Key metrics |  |  |  |  |  |
Life reinsurance in force |  | $478.6 billion |  | $488.0 billion |  |
Future policy benefits remeasurement (gains) losses |  |  |  |  |  |
Effect of changes in cash flow assumptions |  | $ | — |  |  | $ | — |  |  |
Effect of actual variances from expected experience |  | $ | 3 |  |  | $ | (3) |  |  |
Loss ratio (1) |  | 93.4 | % |  | 88.1 | % |  |
Policy acquisition costs and other insurance expenses as a percentage of net premiums |  | 12.9 | % |  | 14.8 | % |  |
Other operating expenses as a percentage of net premiums |  | 4.1 | % |  | 3.8 | % |  |

(1)Includes adjusted claims and other policy benefits and future policy benefits remeasurement (gains) losses.
The decrease in adjusted operating income before income taxes for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to more favorable experience on the group lines of business in 2024 and unfavorable foreign currency fluctuations.
Segment revenues
•The increase in net premiums was primarily due to new group business and organic growth in all lines of business, mostly offset by unfavorable foreign currency fluctuations.
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•The segment added new life business production, measured by face amount of life reinsurance in force, of $13.2 billion and $11.5 billion during the first three months of 2025 and 2024, respectively.
Adjusted benefits and expenses
•The increase in the loss ratio for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to more favorable experience on the group lines of business in 2024 and future policy benefits remeasurement losses in 2025 as compared to future policy benefits remeasurement gains in 2024.
Financial Solutions
The following table sets forth the Canada Financial Solutions segment operating results for the periods indicated (dollars in millions):

For the three months ended March 31, |  |  |  |  |  |
|  | 2025 |  | 2024 |  | 2025 vs 2024
Segment revenues |  |  |  |  |  |
Net premiums |  | $ | 52 |  |  | $ | 23 |  |  | $ | 29 |
Net investment income |  | 51 |  |  | 1 |  |  | 50 |
Investment related gains (losses), net |  | — |  |  | — |  |  | — |
Other revenues |  | 4 |  |  | 3 |  |  | 1 |
Total segment revenues |  | 107 |  |  | 27 |  |  | 80 |
Adjusted benefits and expenses |  |  |  |  |  |
Adjusted claims and other policy benefits |  | 91 |  |  | 19 |  |  | 72 |
Future policy benefits remeasurement (gains) losses |  | — |  |  | — |  |  | — |
Adjusted interest credited |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | 5 |  |  | 1 |  |  | 4 |
Other operating expenses |  | — |  |  | — |  |  | — |
Total adjusted benefits and expenses |  | 96 |  |  | 20 |  |  | 76 |
Adjusted operating income before income taxes |  | $ | 11 |  |  | $ | 7 |  |  | $ | 4 |
Key metrics |  |  |  |  |  |
Future policy benefits remeasurement (gains) losses |  |  |  |  |  |
Effect of changes in cash flow assumptions |  | $ | — |  |  | $ | — |  |  |
Effect of actual variances from expected experience |  | $ | — |  |  | $ | — |  |  |

The increase in adjusted operating income before income taxes for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to more favorable experience on longevity business, partially offset by unfavorable currency exchange fluctuations. The increases in net premiums, net investment income, adjusted claims and other policy benefits and policy acquisitions costs and other insurance expenses were due to a new asset-intensive transaction executed in the second quarter of 2024.
Europe, Middle East and Africa Operations
The Europe, Middle East and Africa (“EMEA”) operations consists of two major segments: Traditional and Financial Solutions. The Traditional segment primarily provides reinsurance through yearly renewable term and coinsurance agreements on a variety of life, health and critical illness products. Reinsurance agreements may be facultative or automatic agreements covering primarily individual risks and, in some markets, group risks. The Financial Solutions segment consists of reinsurance and other transactions associated with longevity closed blocks, payout annuities, capital management solutions and financial reinsurance.
The following table sets forth the EMEA operating results for the periods indicated (dollars in millions). See additional information in the Traditional and Financial Solutions sections.

For the three months ended March 31, |  |  |  |  |  |
|  | 2025 |  | 2024 |  | 2025 vs 2024
Total segment revenues |  | $ | 854 |  |  | $ | 750 |  |  | $ | 104 |
Total adjusted benefits and expenses |  | 714 |  |  | 635 |  |  | 79 |
Adjusted operating income before income taxes |  | $ | 140 |  |  | $ | 115 |  |  | $ | 25 |

•The increase in adjusted operating income before income taxes for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to increased net premiums and an increase in net investment income, partially offset by increased adjusted claims and other policy benefits and decreased policy acquisition costs and other insurance expenses.
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•Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations resulted in a $1 million increase in adjusted operating income before income taxes for the three months ended March 31, 2025. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
Traditional Reinsurance
The following table sets forth the EMEA Traditional segment operating results for the periods indicated (dollars in millions):

For the three months ended March 31, |  |  |  |  |  |
|  | 2025 |  | 2024 |  | 2025 vs 2024
Segment revenues |  |  |  |  |  |
Net premiums |  | $ | 540 |  |  | $ | 496 |  |  | $ | 44 |
Net investment income |  | 30 |  |  | 27 |  |  | 3 |
Investment related gains (losses), net |  | — |  |  | — |  |  | — |
Other revenues |  | 2 |  |  | 2 |  |  | — |
Total segment revenues |  | 572 |  |  | 525 |  |  | 47 |
Adjusted benefits and expenses |  |  |  |  |  |
Adjusted claims and other policy benefits |  | 483 |  |  | 424 |  |  | 59 |
Future policy benefits remeasurement gains |  | (8) |  |  | (5) |  |  | (3) |
Adjusted interest credited |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | 20 |  |  | 37 |  |  | (17) |
Other operating expenses |  | 27 |  |  | 31 |  |  | (4) |
Total adjusted benefits and expenses |  | 522 |  |  | 487 |  |  | 35 |
Adjusted operating income before income taxes |  | $ | 50 |  |  | $ | 38 |  |  | $ | 12 |
Key metrics |  |  |  |  |  |
Life reinsurance in force |  | $1,036.7 billion |  | $985.1 billion |  |
Future policy benefits remeasurement gains |  |  |  |  |  |
Effect of changes in cash flow assumptions |  | $ | — |  |  | $ | — |  |  |
Effect of actual variances from expected experience |  | $ | (8) |  |  | $ | (5) |  |  |
Loss ratio (1) |  | 88.0 | % |  | 84.5 | % |  |
Policy acquisition costs and other insurance expenses as a percentage of net premiums |  | 3.7 | % |  | 7.5 | % |  |
Other operating expenses as a percentage of net premiums |  | 5.0 | % |  | 6.3 | % |  |

(1)Includes adjusted claims and other policy benefits and future policy benefits remeasurement gains.
The increase in adjusted operating income before income taxes for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to increased net premiums, decreased policy acquisition costs and other insurance expenses, partially offset by increased adjusted claims and other policy benefits.
Segment revenues
•The increase in net premiums was due to increased business volume on new and existing treaties in the first three months of 2025.
•The segment added new life business production, measured by face amount of life reinsurance in force, of $63.4 billion and $38.0 billion during the three months ended March 31, 2025, and the same period in 2024, respectively.
Adjusted benefits and expenses
•The increase in the loss ratio for the first three months of 2025, as compared to the same period in 2024, was primarily due to change in business mix and experience.
•The decrease in policy acquisition costs and other insurance expenses as a percentage of net premiums was largely due to an increase in premiums with lower allowances.
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Financial Solutions
The following table sets forth the EMEA Financial Solutions segment operating results for the periods indicated (dollars in millions):

For the three months ended March 31, |  |  |  |  |  |  |  |  |  |  |  |
|  | 2025 |  | 2024 |  | 2025 vs 2024 |  |  |  |  |  |
Segment revenues |  |  |  |  |  |  |  |  |  |  |  |
Net premiums |  | $ | 189 |  |  | $ | 146 |  |  | $ | 43 |  |  |  |  |  |  |
Net investment income |  | 85 |  |  | 69 |  |  | 16 |  |  |  |  |  |  |
Investment related losses,, net |  | (1) |  |  | (1) |  |  | — |  |  |  |  |  |  |
Other revenues |  | 9 |  |  | 11 |  |  | (2) |  |  |  |  |  |  |
Total segment revenues |  | 282 |  |  | 225 |  |  | 57 |  |  |  |  |  |  |
Adjusted benefits and expenses |  |  |  |  |  |  |  |  |  |  |  |
Adjusted claims and other policy benefits |  | 167 |  |  | 122 |  |  | 45 |  |  |  |  |  |  |
Future policy benefits remeasurement (gains) losses |  | (3) |  |  | 2 |  |  | (5) |  |  |  |  |  |  |
Adjusted interest credited |  | 6 |  |  | 7 |  |  | (1) |  |  |  |  |  |  |
Policy acquisition costs and other insurance expenses |  | 1 |  |  | 2 |  |  | (1) |  |  |  |  |  |  |
Other operating expenses |  | 21 |  |  | 15 |  |  | 6 |  |  |  |  |  |  |
Total adjusted benefits and expenses |  | 192 |  |  | 148 |  |  | 44 |  |  |  |  |  |  |
Adjusted operating income before income taxes |  | $ | 90 |  |  | $ | 77 |  |  | $ | 13 |  |  |  |  |  |  |
Key metrics |  |  |  |  |  |  |  |  |  |  |  |
Future policy benefits remeasurement (gains) losses |  |  |  |  |  |  |  |  |  |  |  |
Effect of changes in cash flow assumptions |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Effect of actual variances from expected experience |  | $ | (3) |  |  | $ | 2 |  |  |  |  |  |  |  |  |

The increase in adjusted operating income before income taxes for the first three months of 2025 was primarily due to increased net investment income and increased net premiums, partially offset by increased adjusted claims and other policy benefits related to closed longevity blocks.
Segment revenues
•The increase in net premiums was primarily due to increased volumes of closed longevity block transactions.
•The increase in net investment income was primarily related to an increase in invested assets supporting the segment.
Adjusted benefits and expenses
•The increase in adjusted claims and other policy benefits was the result of increased volumes of closed block longevity and asset-intensive transactions.
Asia Pacific Operations
The Asia Pacific operations include business generated by its offices throughout Asia and Australia. The Traditional segment’s principal types of reinsurance include individual and group life and health, critical illness, disability and superannuation. Reinsurance agreements may be facultative or automatic agreements covering primarily individual risks, and in some markets, group risks. Superannuation is the Australian government mandated compulsory retirement savings program. Superannuation funds accumulate retirement funds for employees, and, in addition, typically offer life and disability insurance coverage. The Financial Solutions segment includes financial reinsurance, asset-intensive and certain disability and life blocks.
The following table sets forth the Asia Pacific operating results for the periods indicated (dollars in millions). See additional information in the Traditional and Financial Solutions sections.

For the three months ended March 31, |  |  |  |  |
| 2025 |  | 2024 |  | 2025 vs 2024
Total segment revenues | $ | 1,171 |  |  | $ | 980 |  |  | $ | 191 |
Total adjusted benefits and expenses | 1,006 |  |  | 812 |  |  | 194 |
Adjusted operating income before income taxes | $ | 165 |  |  | $ | 168 |  |  | $ | (3) |

•Adjusted operating income before income taxes was relatively unchanged as an increase in revenue was offset by an increase in benefits and other expenses.
•Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations resulted in a $3 million decrease in adjusted operating income before income taxes during the three months ended March 31, 2025. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
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Traditional Reinsurance
The following table sets forth the Asia Pacific Traditional segment operating results for the periods indicated (dollars in millions):

For the three months ended March 31, |  |  |  |  |  |
|  | 2025 |  | 2024 |  | 2025 vs 2024
Segment revenues |  |  |  |  |  |
Net premiums |  | $ | 777 |  |  | $ | 716 |  |  | $ | 61 |
Net investment income |  | 71 |  |  | 65 |  |  | 6 |
Investment related gains losses, net |  | (1) |  |  | — |  |  | (1) |
Other revenues |  | 3 |  |  | 10 |  |  | (7) |
Total segment revenues |  | 850 |  |  | 791 |  |  | 59 |
Adjusted benefits and expenses |  |  |  |  |  |
Adjusted claims and other policy benefits |  | 671 |  |  | 586 |  |  | 85 |
Future policy benefits remeasurement (gains) losses |  | (18) |  |  | 1 |  |  | (19) |
Adjusted interest credited |  | — |  |  | — |  |  | — |
Policy acquisition costs and other insurance expenses |  | 39 |  |  | 45 |  |  | (6) |
Other operating expenses |  | 52 |  |  | 50 |  |  | 2 |
Total adjusted benefits and expenses |  | 744 |  |  | 682 |  |  | 62 |
Adjusted operating income before income taxes |  | $ | 106 |  |  | $ | 109 |  |  | $ | (3) |
Key metrics |  |  |  |  |  |
Life reinsurance in force |  | $561.1 billion |  | $528.9 billion |  |
Future policy benefits remeasurement (gains) losses |  |  |  |  |  |
Effect of changes in cash flow assumptions |  | $ | — |  |  | $ | — |  |  |
Effect of actual variances from expected experience |  | $ | (18) |  |  | $ | 1 |  |  |
Loss ratio (1) |  | 84.0 | % |  | 82.0 | % |  |
Policy acquisition costs and other insurance expenses as a percentage of net premiums |  | 5.0 | % |  | 6.3 | % |  |
Other operating expenses as a percentage of net premiums |  | 6.7 | % |  | 7.0 | % |  |

(1)Includes adjusted claims and other policy benefits and future policy benefits remeasurement (gains) losses.
The decrease in adjusted operating income before income taxes was primarily the result of less favorable underwriting results and lower variable investment income partially offset by favorable model updates.
Segment revenues
•The increase in net premiums was primarily due to continued business growth in the segment.
•The segment added new life business production, measured by face amount of life reinsurance in force, of $14.3 billion and $17.6 billion during the three months ended March 31, 2025 and 2024, respectively, due to new business production.
•The increase in net investment income was attributable to higher investment yield partially offset by a decrease in variable investment income.
Adjusted benefits and expenses
•The increase in the loss ratio for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to less favorable claims experience across the segment.
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Financial Solutions
The following table sets forth the Asia Pacific Financial Solutions segment operating results for the periods indicated (dollars in millions):

For the three months ended March 31, |  |  |  |  |  |
|  | 2025 |  | 2024 |  | 2025 vs 2024
Segment revenues |  |  |  |  |  |
Net premiums |  | $ | 112 |  |  | $ | 46 |  |  | $ | 66 |
Net investment income |  | 196 |  |  | 120 |  |  | 76 |
Investment related gains, net |  | 7 |  |  | 3 |  |  | 4 |
Other revenues |  | 6 |  |  | 20 |  |  | (14) |
Total segment revenues |  | 321 |  |  | 189 |  |  | 132 |
Adjusted benefits and expenses |  |  |  |  |  |
Adjusted claims and other policy benefits |  | 145 |  |  | 47 |  |  | 98 |
Future policy benefits remeasurement gains |  | (3) |  |  | — |  |  | (3) |
Adjusted interest credited |  | 84 |  |  | 51 |  |  | 33 |
Policy acquisition costs and other insurance expenses |  | 27 |  |  | 25 |  |  | 2 |
Other operating expenses |  | 9 |  |  | 7 |  |  | 2 |
Total adjusted benefits and expenses |  | 262 |  |  | 130 |  |  | 132 |
Adjusted operating income before income taxes |  | $ | 59 |  |  | $ | 59 |  |  | $ | — |
Key metrics |  |  |  |  |  |
Future policy benefits remeasurement gains |  |  |  |  |  |
Effect of changes in cash flow assumptions |  | $ | — |  |  | $ | — |  |  |
Effect of actual variances from expected experience |  | $ | (3) |  |  | $ | — |  |  |

Adjusted operating income before income taxes was unchanged year over year, as new business growth was offset by lower variable investment income.
The invested asset base supporting asset-intensive transactions increased to $25.0 billion as of March 31, 2025, from $18.6 billion as of March 31, 2024. The increase in the asset base compared to March 31, 2024, was primarily due to approximately $4.5 billion from recently executed transactions and net organic growth of $1.9 billion from existing in-force blocks. The amount of reinsurance assumed from client companies, as measured by pre-tax statutory surplus, risk based capital and other financial reinsurance structures was $2.1 billion and $1.4 billion for the three months ended March 31, 2025 and 2024, respectively. Fees earned from this business can vary significantly depending on the size, complexity and timing of the transactions and, therefore, can fluctuate from period to period.
Segment revenues
•The increase in net premiums was related to increased contributions from a single premium asset-intensive transaction executed during the current period.
•The increase in net investment income was the result of a growing asset base, partially offset by lower variable investment income.
•The decrease in other income is due to a reduction in surrender charges related to a decline in lapses on a single premium block of business.
Adjusted benefits and expenses
•The increases in adjusted claims and other policy benefits and adjusted interest credited were driven by new asset-intensive transactions.
Corporate and Other
The Corporate and Other revenues primarily include investment income from unallocated invested assets and service fees. Corporate and Other expenses consist of the offset to capital charges allocated to the operating segments within the policy acquisition costs and other insurance income line item, unallocated corporate overhead and executive costs, interest expense related to debt and service business expenses. Additionally, Corporate and Other includes results from the Company’s Funding Agreement Backed Notes (“FABN”) issued prior to January 1, 2025. Effective, January 1, 2025, newly issued FABN issuances are included in the U.S. Financial Solutions segment.
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The following table sets forth the Corporate and Other segment operating results for the periods indicated (dollars in millions):

For the three months ended March 31, |  |  |  |  |  |
|  |  |  |  |  | 2025 |  | 2024 |  | 2025 vs 2024
Segment revenues |  |  |  |  |  |  |  |  |  |
Net premiums |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net investment income |  |  |  |  |  | 129 |  |  | 106 |  |  | 23 |
Investment related gains, net |  |  |  |  |  | 3 |  |  | 4 |  |  | (1) |
Other revenues |  |  |  |  |  | 5 |  |  | 12 |  |  | (7) |
Total segment revenues |  |  |  |  |  | 137 |  |  | 122 |  |  | 15 |
Adjusted benefits and expenses |  |  |  |  |  |  |  |  |  |
Adjusted claims and other policy benefits |  |  |  |  |  | — |  |  | — |  |  | — |
Future policy benefits remeasurement (gains) losses |  |  |  |  |  | — |  |  | — |  |  | — |
Adjusted interest credited |  |  |  |  |  | 47 |  |  | 30 |  |  | 17 |
Policy acquisition costs and other insurance expenses |  |  |  |  |  | (19) |  |  | (25) |  |  | 6 |
Other operating expenses |  |  |  |  |  | 99 |  |  | 87 |  |  | 12 |
Interest expense |  |  |  |  |  | 80 |  |  | 68 |  |  | 12 |
Total adjusted benefits and expenses |  |  |  |  |  | 207 |  |  | 160 |  |  | 47 |
Adjusted operating loss before income taxes |  |  |  |  |  | $ | (70) |  |  | $ | (38) |  |  | $ | (32) |

The increase in adjusted operating loss before income taxes was primarily due to increases in adjusted interest credited, other operating expenses and interest expense, partially offset by higher net investment income.
Segment revenues
•The increase in net investment income was primarily attributable to a higher invested asset base.
Adjusted benefits and expenses
•The increase in adjusted interest credited was primarily attributable to new FABN issuances in the second half of 2024.
•The increase in other operating expenses was primarily attributable to higher information technology expense.
•The increase in interest expense was primarily attributable to an increase in outstanding debt.
Liquidity and Capital Resources
Overview
The Company believes that cash flows from the source of funds available to it will provide sufficient cash flows for the next twelve months to satisfy the current liquidity requirements of the Company under various scenarios that include the potential risk of early recapture of reinsurance treaties, market events and higher than expected claims. The Company performs periodic liquidity stress testing to ensure its asset portfolio includes sufficient high quality liquid assets that could be utilized to bolster its liquidity position under stress scenarios. These assets could be utilized as collateral for secured borrowing transactions with various third parties or by selling the securities in the open market if needed. The Company’s liquidity requirements have been and will continue to be funded through net cash flows from operations. However, in the event of significant unanticipated cash requirements beyond normal liquidity needs, the Company has multiple liquidity alternatives available based on market conditions and the amount and timing of the liquidity need. These alternatives include the sale of invested assets subject to market conditions, borrowings under committed credit facilities, secured borrowings, and if necessary, issuing long-term debt, preferred securities or common equity.
Current Market Environment
The Company’s average investment yield, excluding spread related business, for the three months ended March 31, 2025, was 4.64%, 6 basis points below the same period in 2024. The average yield will vary from year to year depending on several variables, including the prevailing risk-fee interest rate and credit spread environment, prepayment fees and make-whole premiums, changes in the mix of the underlying investments and cash and cash equivalents balances. Variable investment income from joint ventures and limited partnerships will also vary from year to year and is highly dependent on the timing of dividends and distributions on certain investments. Gross unrealized gains on fixed maturity securities available-for-sale increased from $1.2 billion at December 31, 2024, to $1.3 billion at March 31, 2025. Gross unrealized losses remained consistent at $6.4 billion for both December 31, 2024 and March 31, 2025.
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The Company continues to be in a position to hold any investment security showing an unrealized loss until recovery, provided it remains comfortable with the credit of the issuer. The Company does not rely on short-term funding or commercial paper and to date it has experienced no liquidity pressure, nor does it anticipate such pressure in the foreseeable future.
The Company projects its reserves to be sufficient, and it would not expect to be required to take any actions to augment capital, even if interest rates remain at current levels for the next five years, assuming all other factors remain constant. To mitigate disintermediation risk, the Company purchased swaptions to protect against a material increase in interest rates. While the Company has felt the pressures of sustained low interest rates, followed by the recent significant increase in risk-free rates, and volatile equity markets, its business and results of operations are not overly sensitive to these risks. Mortality and morbidity risks continue to be the most significant risk for the Company. Although management believes the Company’s current capital base is adequate to support its business at current operating levels, it continues to monitor new business opportunities and any associated new capital needs that could arise from the changing financial landscape.
The Holding Company
RGA is an insurance holding company whose primary uses of liquidity include, but are not limited to, the immediate capital needs of its operating companies, dividends paid to its shareholders, repurchase of common stock and interest payments on its indebtedness. The primary sources of RGA’s liquidity include proceeds from its capital-raising efforts, interest income on undeployed corporate investments, interest income received on surplus notes with RGA Reinsurance Company (“RGA Reinsurance”), RGA Life and Annuity Insurance Company (“RGA Life and Annuity”) and Rockwood Reinsurance Company (“Rockwood Re”) and dividends from operating subsidiaries. As the Company continues its growth efforts, RGA will continue to be dependent upon these sources of liquidity. The following tables provide comparative information for RGA (dollars in millions):

|  | Three months ended March 31,
|  | 2025 |  | 2024
Interest and dividend income |  | $ | 33 |  |  | $ | 33 |
Interest expense |  | 63 |  |  | 50 |
Capital contributions to subsidiaries |  | 10 |  |  | 5 |
Issuance of unaffiliated debt |  | 700 |  |  | — |
Dividends to shareholders |  | 59 |  |  | 56 |

|  |  |  |  |  | March 31, 2025 |  | December 31, 2024
Cash and invested assets |  |  |  |  |  | $ | 505 |  |  | $ | 663 |

See Item 15, Schedule II – “Condensed Financial Information of the Registrant” in the 2024 Annual Report for additional financial information related to RGA.
The undistributed earnings of substantially all of the Company’s foreign subsidiaries have been reinvested indefinitely in those non-U.S. operations, as described in Note 14 – “Income Tax” in the Notes to Consolidated Financial Statements in the 2024 Annual Report. As U.S. Tax Reform generally eliminates U.S. federal income taxes on dividends from foreign subsidiaries, the Company does not expect to incur material income taxes if these funds are repatriated.
RGA endeavors to maintain a capital structure that provides financial and operational flexibility to its subsidiaries, credit ratings that support its competitive position in the financial services marketplace, and shareholder returns. As part of the Company’s capital deployment strategy, it has in recent years repurchased shares of RGA common stock and paid dividends to RGA shareholders, as authorized by the board of directors.
On January 23, 2024, RGA’s board of directors authorized a share repurchase program for up to $500 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. In connection with this authorization, the board of directors terminated the stock repurchase authority granted in 2019. During the three months ended March 31, 2025, RGA did not repurchase any shares under this program and the entire amount remains available.
The pace of repurchase activity depends on various factors such as the level of available cash, an evaluation of the costs and benefits associated with alternative uses of excess capital, such as acquisitions and in force reinsurance transactions, and RGA’s stock price.
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Details underlying dividend and share repurchase program activity were as follows (in millions, except share data):

| Three months ended March 31,
| 2025 |  | 2024
Dividends to shareholders | $ | 59 |  |  | $ | 56 |
Purchase of common stock (1) | — |  |  | — |
Total amount paid to shareholders | $ | 59 |  |  | $ | 56 |
Number of common shares purchased (1) | — |  |  | — |
Average price per share | $ | — |  |  | $ | — |

(1)Excludes shares utilized to execute and settle certain stock incentive awards.
In April 2025, RGA’s board of directors declared a quarterly dividend of $0.89 per share. All future payments of dividends are at the discretion of RGA’s board of directors and will depend on the Company’s earnings, capital requirements, insurance regulatory conditions, operating conditions and other such factors as the board of directors may deem relevant. The amount of dividends that RGA can pay will depend in part on the operations of its reinsurance subsidiaries. See Note 3 – “Equity” in the Notes to Condensed Consolidated Financial Statements for information on the Company’s share repurchase program.
Debt
Certain of the Company’s debt agreements contain financial covenant restrictions related to, among others, liens, the issuance and disposition of stock of restricted subsidiaries, minimum requirements of consolidated net worth, maximum ratios of debt to capitalization and change of control provisions. On March 13, 2023, the Company entered into a syndicated revolving credit facility with a five year term and an overall capacity of $850 million. As of March 31, 2025, the Company had no cash borrowings outstanding and no letters of credit issued under this facility. Under the terms of the new facility the Company is required to maintain a minimum consolidated net worth, as defined in the debt agreements, of $5.8 billion. Also, consolidated indebtedness, calculated as of the last day of each fiscal quarter, cannot exceed 35% of the sum of the Company’s consolidated indebtedness plus adjusted RGA Inc.’s shareholders’ equity. A material ongoing covenant default could require immediate payment of the amount due, including principal, under the various agreements. Additionally, the Company’s debt agreements contain cross-acceleration covenants, which would make outstanding borrowings immediately payable in the event of a material uncured covenant default under any of the agreements, including, but not limited to, non-payment of indebtedness when due for an amount in excess of the amounts set forth in those agreements, bankruptcy proceedings, or any other event that results in the acceleration of the maturity of indebtedness.
As of March 31, 2025 and December 31, 2024, the Company had $5.8 billion and $5.1 billion, respectively, in outstanding borrowings under its debt agreements and was in compliance with all covenants under those agreements. As of March 31, 2025 and December 31, 2024, the average interest rate on long-term debt outstanding was 5.34% and 5.16%, respectively. The ability of the Company to make debt principal and interest payments depends on the earnings and surplus of subsidiaries, investment earnings on undeployed capital proceeds, available liquidity at the holding company and the Company’s ability to raise additional funds.
The Company enters into derivative agreements with counterparties that reference either the Company’s debt rating or its financial strength rating. If either rating is downgraded in the future, it could trigger certain terms in the Company’s derivative agreements, which could negatively affect overall liquidity. For the majority of the Company’s derivative agreements, there is a termination event should the long-term senior debt ratings drop below either BBB+ (S&P) or Baa1 (Moody’s) or the financial strength ratings drop below either A- (S&P) or A3 (Moody’s).
The Company may borrow up to $850 million in cash and obtain letters of credit in multiple currencies on its revolving credit facility that matures in March 2028. As of March 31, 2025, the Company had no cash borrowings outstanding and no issued letters of credit under this facility.
On March 3, 2025, the Company issued 6.65% fixed-rate reset subordinated debentures due 2055 with a face amount of $700 million, which will be used for general corporate purposes, including funding the Company’s obligations with respect to the pending reinsurance transactions disclosed in Note 15 – “Commitments, Contingencies and Guarantees” in the Notes to Condensed Consolidated Financial Statements. Capitalized issuance costs are estimated as $9 million.
Based on the historic cash flows and the current financial results of the Company, management believes RGA’s cash flows will be sufficient to enable RGA to meet its obligations for at least the next 12 months.
Credit and Committed Facilities
The Company has obtained bank letters of credit in favor of various affiliated and unaffiliated insurance companies from which the Company assumes business. These letters of credit represent guarantees of performance under the reinsurance agreements
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and allow ceding companies to take statutory reserve credits. Certain of these letters of credit contain financial covenant restrictions similar to those described in the “Debt” discussion above. At March 31, 2025, there were approximately $128 million of outstanding bank letters of credit in favor of third parties. Additionally, in accordance with applicable regulations, the Company utilizes letters of credit to secure statutory reserve credits when it retrocedes business to its affiliated subsidiaries. The Company cedes business to its affiliates to help reduce the amount of regulatory capital required in certain jurisdictions, such as the U.S., Canada and UK. The Company believes the capital required to support the business in the affiliates reflects more realistic expectations than the original jurisdiction of the business, where capital requirements are often considered to be quite conservative. As of March 31, 2025, $1.0 billion in letters of credit from various banks were outstanding, but undrawn, backing reinsurance between the various subsidiaries of the Company.
Cash Flows
The Company’s principal cash inflows from its reinsurance operations include premiums and deposit funds received from ceding companies. The primary liquidity concerns with respect to these cash flows are early recapture of the reinsurance contract by the ceding company and lapses of annuity products reinsured by the Company. The Company’s principal cash inflows from its invested assets result from investment income and the maturity and sales of invested assets. The primary liquidity concerns with respect to these cash inflows relates to the risk of default by debtors and interest rate volatility. The Company manages these risks very closely. See “Investments” below.
Additional sources of liquidity to meet unexpected cash outflows in excess of operating cash inflows and current cash and equivalents on hand also includes drawing funds under a revolving credit facility, under which the Company had availability of $850 million as of March 31, 2025. The Company also has $570 million of funds available through collateralized borrowings from the FHLB as of March 31, 2025. In addition to these facilities, the Company’s subsidiaries, RGA Reinsurance Company (“RGA Re”) and RGA Americas Reinsurance Company, Ltd. (“RGA Americas”), maintain a $200 million committed credit facility to provide contingent capital to RGA Re and RGA Americas. As of March 31, 2025, the Company could have borrowed these additional amounts without violating any of its existing debt covenants.
The Company’s principal cash outflows relate to the payment of claims liabilities, interest credited, operating expenses, income taxes, dividends to shareholders, purchases of treasury stock and principal and interest under debt and other financing obligations. The Company seeks to limit its exposure to loss on any single insured and to recover a portion of benefits paid by ceding reinsurance to other insurance enterprises or reinsurers under excess coverage and coinsurance contracts. See Note 2 – “Significant Accounting Policies and Pronouncements” in the Notes to Consolidated Financial Statements in the 2024 Annual Report. The Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance. The Company has never experienced a material default in connection with retrocession arrangements, nor has it experienced any difficulty in collecting claims recoverable from retrocessionaires; however, no assurance can be given as to the future performance of such retrocessionaires nor to the recoverability of future claims. The Company’s management believes its cash and cash equivalents as well as its current sources of liquidity are adequate to meet its cash requirements for the next 12 months.
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Summary of Primary Sources and Uses of Liquidity and Capital
The Company’s primary sources and uses of liquidity and capital for the three months ended March 31, 2025 and 2024 are summarized as follows (dollars in millions):

|  | Three Months Ended March 31,
|  | 2025 |  | 2024
Sources: |  |  |
| Net cash provided by operating activities | $ | 1,429 |  |  | $ | 5,736 |
| Proceeds from long-term debt issuance, net | 691 |  |  | — |
| Change in deposit asset on reinsurance | 50 |  |  | 89 |
| Net deposits to investment-type policies and contracts | 1,432 |  |  | 1,134 |
| Effect of exchange rate changes on cash | 24 |  |  | — |
| Total sources | 3,626 |  |  | 6,959 |
Uses: |  |  |
| Net cash used in investing activities | 1,695 |  |  | 3,720 |
| Dividends to shareholders | 59 |  |  | 56 |
| Principal payments of long-term debt | 1 |  |  | 1 |
| Purchases of treasury stock | 38 |  |  | 16 |
| Change in cash collateral for derivative positions and other arrangements | 8 |  |  | 145 |
| Effect of exchange rate changes on cash | — |  |  | 56 |
| Total uses | 1,801 |  |  | 3,994 |
Net change in cash and cash equivalents | $ | 1,825 |  |  | $ | 2,965 |

Cash Flows from Operations – The principal cash inflows from the Company’s reinsurance activities come from premiums, investment and fee income, annuity considerations and deposit funds. The principal cash outflows relate to the liabilities associated with various life and health insurance, annuity and disability products, operating expenses, income tax payments and interest on outstanding debt obligations. The primary liquidity concern with respect to these cash flows is the risk of shortfalls in premiums and investment income, particularly in periods with abnormally high claims levels.
Cash Flows from Investments – The principal cash inflows from the Company’s investment activities come from repayments of principal on invested assets, proceeds from maturities of invested assets, sales of invested assets and settlements of freestanding derivatives. The principal cash outflows relate to purchases of investments, issuances of policy loans and settlements of freestanding derivatives. The Company typically has a net cash outflow from investing activities because cash inflows from insurance operations are reinvested in accordance with its asset/liability management discipline to fund insurance liabilities. The Company closely monitors and manages these risks through its credit risk management process. The primary liquidity concerns with respect to these cash flows are the risk of default by debtors and market disruption, which could make it difficult for the Company to sell investments.
Financing Cash Flows – The principal cash inflows from the Company’s financing activities come from issuances of RGA debt and equity securities, and deposit funds associated with universal life and other investment type policies and contracts. The principal cash outflows come from repayments of debt, payments of dividends to shareholders, purchases of treasury stock, and withdrawals associated with universal life and other investment type policies and contracts. A primary liquidity concern with respect to these cash flows is the risk of early contractholder and policyholder withdrawal.
Contractual Obligations
There were no material changes in the Company’s contractual obligations from those reported in the 2024 Annual Report, except for the following:
•The Company’s contractual obligations associated with long-term debt, including interest, increased at March 31, 2025, due to the Company’s issuance of $700 million in subordinated debentures on March 3, 2025. See Note 17 – “Financing Activities” for further information.
Asset / Liability Management
The Company actively manages its cash and invested assets using an approach that is intended to balance quality, diversification, asset/liability matching, liquidity and investment return. The goals of the investment process are to optimize after-tax, risk-adjusted investment income and after-tax, risk-adjusted total return while managing the assets and liabilities on a cash flow and duration basis.
The Company has established target asset portfolios for its operating segments, which represent the investment strategies intended to profitably fund its liabilities within acceptable risk parameters. These strategies include objectives and limits for effective duration, yield curve sensitivity and convexity, liquidity, asset sector concentration and credit quality.
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The Company’s asset-intensive products are primarily supported by investments in fixed maturity securities reflected on the Company’s balance sheet and under funds withheld arrangements with the ceding company. Investment guidelines are established to structure the investment portfolio based upon the type, duration and behavior of products in the liability portfolio so as to achieve targeted levels of profitability. The Company manages the asset-intensive business to provide a targeted spread between the interest rate earned on investments and the interest rate credited to the underlying interest-sensitive contract liabilities. The Company periodically reviews models projecting different interest rate scenarios and their effect on profitability. Certain of these asset-intensive agreements, primarily in the U.S. and Latin America Financial Solutions operating segment, are generally funded by fixed maturity securities that are withheld by the ceding company.
The Company’s liquidity position (cash and cash equivalents and short term investments) was $5.6 billion and $3.7 billion at March 31, 2025 and December 31, 2024, respectively. Liquidity needs are determined from valuation analyses conducted by operational units and are driven by product portfolios. Periodic evaluations of demand liabilities and short-term liquid assets are designed to adjust specific portfolios, as well as their durations and maturities, in response to anticipated liquidity needs.
See “Securities Borrowing, Lending and Repurchase/Reverse Repurchase Agreements” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for information related to the Company’s securities borrowing, lending and repurchase/reverse repurchase programs. In addition to its security agreements with third parties, certain RGA subsidiaries have entered into intercompany securities lending agreements to more efficiently source securities for lending to third parties and to provide for more efficient regulatory capital management.
The Company is a member of the FHLB and holds $71 million of FHLB common stock, which is included in other invested assets on the Company’s condensed consolidated balance sheets. The Company has entered into funding agreements with the FHLB under guaranteed investment contracts whereby the Company has issued the funding agreements in exchange for cash and for which the FHLB has been granted a blanket lien on the Company’s commercial and residential mortgage-backed securities and commercial mortgage loans used to collateralize the Company’s obligations under the funding agreements. The Company maintains control over these pledged assets, and may use, commingle, encumber or dispose of any portion of the collateral as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. The funding agreements and the related security agreements represented by this blanket lien provide that upon any event of default by the Company, the FHLB’s recovery is limited to the amount of the Company’s liability under the outstanding funding agreements. The amount of the Company’s liability for the funding agreements with the FHLB was $1.3 billion at March 31, 2025 and December 31, 2024 which is included in interest-sensitive contract liabilities on the Company’s condensed consolidated balance sheets. The advances on these agreements are collateralized primarily by commercial and residential mortgage-backed securities, commercial mortgage loans and U.S. Treasury and government agency securities. The amount of collateral exceeds the liability and is dependent on the type of assets collateralizing the guaranteed investment contracts.
Investments
Management of Investments
The Company’s investment and derivative strategies involve matching the characteristics of its reinsurance products and other obligations. The Company seeks to closely approximate the interest rate sensitivity of the assets with estimated interest rate sensitivity of the reinsurance liabilities. The Company achieves its income objectives through strategic and tactical asset allocations, applying security and derivative strategies within asset/liability and disciplined risk management frameworks. Derivative strategies are employed within the Company’s risk management framework to help manage duration, currency and other risks in assets and/or liabilities and to replicate the credit characteristics of certain assets.
The Company’s portfolio management groups work with the Enterprise Risk Management function to develop the investment policies for the assets of the Company’s domestic and international investment portfolios. All investments held by the Company, directly or in a funds withheld at interest reinsurance arrangement, are monitored for conformance with the Company’s stated investment policy limits as well as any limits prescribed by the applicable jurisdiction’s insurance laws and regulations. See Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for additional information regarding the Company’s investments.
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Portfolio Composition
The Company had total cash and invested assets of $110.7 billion and $101.4 billion as of March 31, 2025 and December 31, 2024, respectively, as illustrated below (dollars in millions):

|  | March 31, 2025 |  | % of Total |  | December 31, 2024 |  | % of Total
Fixed maturity securities available-for-sale |  | $ | 84,507 |  |  | 76.3 | % |  | $ | 77,617 |  |  | 76.6 | %
Equity securities |  | 153 |  |  | 0.1 |  |  | 155 |  |  | 0.2 |
Mortgage loans |  | 9,331 |  |  | 8.4 |  |  | 8,839 |  |  | 8.7 |
Policy loans |  | 1,284 |  |  | 1.2 |  |  | 1,321 |  |  | 1.3 |
Funds withheld at interest |  | 5,328 |  |  | 4.8 |  |  | 5,436 |  |  | 5.4 |
Limited partnerships and real estate joint ventures |  | 3,228 |  |  | 2.9 |  |  | 3,067 |  |  | 3.0 |
Short-term investments |  | 454 |  |  | 0.4 |  |  | 363 |  |  | 0.4 |
Other invested assets |  | 1,295 |  |  | 1.2 |  |  | 1,242 |  |  | 1.2 |
Cash and cash equivalents |  | 5,151 |  |  | 4.7 |  |  | 3,326 |  |  | 3.2 |
Total cash and invested assets |  | $ | 110,731 |  |  | 100.0 | % |  | $ | 101,366 |  |  | 100.0 | %

Investment Yield – Excluding Spread Related Business
The following table presents consolidated average invested assets at amortized cost, net investment income, investment yield, variable investment income (“VII”) and investment yield excluding VII, which can vary significantly from period to period (dollars in millions). The table excludes spread related business. Spread related business is primarily associated with contracts on which the Company earns an interest rate spread between assets and liabilities. To varying degrees, fluctuations in the yield on other spread related business is generally subject to corresponding adjustments to the interest credited on the liabilities.

| Three months ended March 31,
| 2025 |  | 2024 |  | Increase / (Decrease)
Average invested assets at amortized cost | $ | 44,016 |  |  | $ | 38,483 |  |  | $ | 5,533 |
Net investment income | $ | 502 |  |  | $ | 444 |  |  | $ | 58 |
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) | 4.64 | % |  | 4.70 | % |  | (6) bps
VII (included in net investment income) | $ | (6) |  |  | $ | 16 |  |  | $ | (22) |
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) | 4.90 | % |  | 4.75 | % |  | 15 bps

Investment yield decreased for the three months ended March 31, 2025, in comparison to the same period in the prior year, primarily due to decreased variable income from limited partnerships and real estate joint ventures and lower yield on cash and cash equivalents. These decreases were slightly offset by increased yield due to higher new money rates.
Fixed Maturity Securities Available-for-Sale
See “Fixed Maturity Securities Available-for-Sale” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables that provide the amortized cost, allowance for credit losses, unrealized gains and losses and estimated fair value of these securities by type as of March 31, 2025 and December 31, 2024.
Important factors in the selection of investments include diversification, quality, yield, call protection and total rate of return potential. The relative importance of these factors is determined by market conditions and the underlying reinsurance liability and existing portfolio characteristics. As of March 31, 2025 and December 31, 2024, approximately 94.4% and 94.6%, respectively, of total fixed maturity securities were investment grade.
The Company owns floating rate securities that represent approximately 8.1% of total fixed maturity securities as of both March 31, 2025 and December 31, 2024. These investments have a higher degree of income variability than the other fixed income holdings in the portfolio due to fluctuations in interest payments. The Company holds floating rate investments to enhance asset management strategies and match certain interest-sensitive contract liabilities.
The largest asset class in which fixed maturity securities were invested was corporate securities, which represented approximately 65.9% and 65.7%, respectively, of total fixed maturity securities as of March 31, 2025 and December 31, 2024, respectively. See “Corporate Fixed Maturity Securities” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables showing the major sector types, which comprise the corporate fixed maturity holdings as of March 31, 2025 and December 31, 2024.
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As of March 31, 2025 and December 31, 2024, the Company’s investments in Canadian government securities represented 5.9% and 6.5%, respectively, of total fixed maturity securities. These assets are primarily high quality, long duration provincial strip bonds, the valuation of which is closely linked to the interest rate curve. These assets are longer in duration and held primarily for asset/liability management to meet Canadian regulatory requirements.
As of March 31, 2025 and December 31, 2024, the Company’s investments in Japanese government securities represented 7.2% and 5.7%, respectively, of total fixed maturity securities. These assets are primarily long duration government bonds matching the liability profile of the Company’s Japanese business.
The Company references rating agency designations in some of its investments disclosures. These designations are based on the ratings from nationally recognized statistical rating organizations, primarily Moody’s, S&P and Fitch. Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology. The NAIC assigns designations to publicly traded as well as privately placed securities. The designations assigned by the NAIC range from class 1 to class 6, with designations in classes 1 and 2 generally considered investment grade (BBB or higher rating agency designation). NAIC designations in classes 3 through 6 are generally considered below investment grade (BB or lower rating agency designation). If no rating is available from a rating agency or the NAIC, then an internally developed rating is used.
The quality of the Company’s available-for-sale fixed maturity securities portfolio, as measured at fair value and by the percentage of fixed maturity securities invested in various ratings categories, relative to the entire available-for-sale fixed maturity securities portfolio, as of March 31, 2025 and December 31, 2024 was as follows (dollars in millions):

|  |  |  | March 31, 2025 |  | December 31, 2024
NAIC Designation |  | Rating Agency Designation |  | Amortized Cost |  | Estimated Fair Value |  | % of Total |  | Amortized Cost |  | Estimated Fair Value |  | % of Total
1 |  | AAA/AA/A |  | $ | 58,522 |  |  | $ | 54,839 |  |  | 64.9 | % |  | $ | 54,543 |  |  | $ | 50,822 |  |  | 65.5 | %
2 |  | BBB |  | 26,347 |  |  | 24,946 |  |  | 29.5 |  |  | 24,023 |  |  | 22,565 |  |  | 29.1 |
3 |  | BB |  | 3,880 |  |  | 3,849 |  |  | 4.6 |  |  | 3,422 |  |  | 3,410 |  |  | 4.4 |
4 |  | B |  | 643 |  |  | 639 |  |  | 0.8 |  |  | 636 |  |  | 577 |  |  | 0.7 |
5 |  | CCC and lower |  | 287 |  |  | 216 |  |  | 0.2 |  |  | 246 |  |  | 221 |  |  | 0.3 |
6 |  | In or near default |  | 30 |  |  | 18 |  |  | — |  |  | 37 |  |  | 22 |  |  | — |
|  | Total |  | $ | 89,709 |  |  | $ | 84,507 |  |  | 100.0 | % |  | $ | 82,907 |  |  | $ | 77,617 |  |  | 100.0 | %

The Company’s fixed maturity portfolio includes structured securities. The following table shows the types of structured securities the Company held as of March 31, 2025 and December 31, 2024 (dollars in millions):

|  | March 31, 2025 |  | December 31, 2024
|  | Amortized Cost |  | Estimated Fair Value |  | % of Total |  | Amortized Cost |  | Estimated Fair Value |  | % of Total
ABS: |  |  |  |  |  |  |  |  |  |  |  |
Collateralized loan obligations (“CLOs”) |  | $ | 2,262 |  |  | $ | 2,251 |  |  | 24.2 | % |  | $ | 2,044 |  |  | $ | 2,044 |  |  | 23.7 | %
ABS, excluding CLOs |  | 3,404 |  |  | 3,269 |  |  | 35.2 |  |  | 3,153 |  |  | 2,996 |  |  | 34.7 |
Total ABS |  | 5,666 |  |  | 5,520 |  |  | 59.4 |  |  | 5,197 |  |  | 5,040 |  |  | 58.4 |
CMBS |  | 2,334 |  |  | 2,267 |  |  | 24.4 |  |  | 2,344 |  |  | 2,267 |  |  | 26.3 |
RMBS: |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | 385 |  |  | 344 |  |  | 3.7 |  |  | 394 |  |  | 344 |  |  | 4.0 |
Non-agency |  | 1,186 |  |  | 1,158 |  |  | 12.5 |  |  | 1,018 |  |  | 973 |  |  | 11.3 |
Total RMBS |  | 1,571 |  |  | 1,502 |  |  | 16.2 |  |  | 1,412 |  |  | 1,317 |  |  | 15.3 |
Total |  | $ | 9,571 |  |  | $ | 9,289 |  |  | 100.0 | % |  | $ | 8,953 |  |  | $ | 8,624 |  |  | 100.0 | %

The Company’s ABS portfolio primarily consists of CLOs, aircraft, and NAV loans. The principal risks in holding ABS are structural, credit, capital market and interest rate risks. Structural risks include the securities’ cash flow priority in the capital structure and the inherent prepayment sensitivity of the underlying collateral. Credit risks include the adequacy and ability to realize proceeds from the collateral. Credit risks are mitigated by credit enhancements that include excess spread, over-collateralization and subordination. Capital market risks include general level of interest rates and the liquidity for these securities in the marketplace.
The Company’s CMBS portfolio primarily consists of large pool securitizations that are diverse by property type, borrower and geographic dispersion. The principal risks in holding CMBS are structural and credit risks. Structural risks include the securities’ cash flow priority in the capital structure and the inherent prepayment sensitivity of the underlying collateral. Credit risks include the adequacy and ability to realize proceeds from the collateral. The Company focuses on investment grade rated tranches that provide additional credit support beyond the equity protection in the underlying loans. These assets are viewed as an attractive alternative to other fixed income asset classes.
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The Company’s RMBS portfolio includes agency-issued pass-through securities and collateralized mortgage obligations. Agency-issued pass-through securities are guaranteed or otherwise supported by the Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, or the Government National Mortgage Association. The principal risks inherent in holding RMBS are prepayment and extension risks, which will affect the timing of when cash will be received and are dependent on the level of mortgage interest rates. Prepayment risk is the unexpected increase in principal payments from the expected, primarily as a result of owner refinancing. Extension risk relates to the unexpected slowdown in principal payments from the expected. In addition, non-agency RMBS face credit risk should the borrower be unable to pay the contractual interest or principal on their obligation. The Company monitors its mortgage-backed securities to mitigate exposure to the cash flow uncertainties associated with these risks.
As of March 31, 2025 and December 31, 2024, the Company had $6.4 billion of gross unrealized losses related to its fixed maturity securities. The Company monitors its fixed maturity securities to determine impairments in value and evaluates factors such as financial condition of the issuer, payment performance, compliance with covenants, general market and industry sector conditions, current intent and ability to hold securities, and various other subjective factors. Based on management’s judgment, an allowance for credit losses in the amount that fair value is less than the amortized cost is recorded for securities determined to have expected credit losses.
Mortgage Loans
The Company’s mortgage loan portfolio consists of U.S., Canada and UK based investments primarily in retail locations, light industrial properties, and commercial offices. The mortgage loan portfolio is diversified by geographic region and property type as discussed further under “Mortgage Loans” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements. Mortgage loans in the Company’s portfolio range in size up to $48 million, with an average mortgage loan investment as of March 31, 2025, of $10 million.
As of March 31, 2025 and December 31, 2024, the Company’s recorded investment in mortgage loans, gross of unamortized deferred loan origination fees and expenses and allowance for credit losses, were distributed geographically as follows (dollars in millions):

|  | March 31, 2025 |  | December 31, 2024
|  | Recorded Investment |  | % of Total |  | Recorded Investment |  | % of Total
U.S. Region: |  |  |  |  |  |  |  |
West |  | $ | 3,426 |  |  | 36.3 | % |  | $ | 3,270 |  |  | 36.5 | %
South |  | 3,078 |  |  | 32.6 |  |  | 2,864 |  |  | 32.0 |
Midwest |  | 1,405 |  |  | 14.9 |  |  | 1,310 |  |  | 14.7 |
Northeast |  | 703 |  |  | 7.4 |  |  | 675 |  |  | 7.5 |
Subtotal – U.S. |  | 8,612 |  |  | 91.2 |  |  | 8,119 |  |  | 90.7 |
Canada |  | 614 |  |  | 6.5 |  |  | 625 |  |  | 7.0 |
United Kingdom |  | 215 |  |  | 2.3 |  |  | 208 |  |  | 2.3 |
Total |  | $ | 9,441 |  |  | 100.0 | % |  | $ | 8,952 |  |  | 100.0 | %

See “Allowance for Credit Losses and Impairments” in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2024 Annual Report and “Mortgage Loans” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for information regarding the Company’s policy for allowance for credit losses on mortgage loans.
Allowance for Credit Losses and Impairments
The table below summarizes investment related gains (losses), net, related to allowances for credit losses and impairments for the three months ended March 31, 2025 and 2024 (dollars in millions):

|  |  | Three months ended March 31,
|  |  |  | 2025 |  | 2024
Change in allowance for credit losses on fixed maturity securities |  |  |  |  | $ | (6) |  |  | $ | (20) |
Change in mortgage loan allowance for credit losses |  |  |  |  | 4 |  |  | (10) |
Limited partnership and real estate joint ventures impairment losses |  |  |  |  | (5) |  |  | (8) |
Other impairment losses |  |  |  |  | (1) |  |  | (1) |
Total |  |  |  |  | $ | (8) |  |  | $ | (39) |

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The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes an analysis of whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment. See “Allowance for Credit Losses and Impairments” in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2024 Annual Report for additional information.
See “Unrealized Losses for Fixed Maturity Securities Available-for-Sale” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables that present the estimated fair value and gross unrealized losses for securities that have estimated fair values below amortized cost by class and grade, as well as the length of time the related estimated fair value has remained below amortized cost as of March 31, 2025 and December 31, 2024.
As of March 31, 2025 and December 31, 2024, the Company classified approximately 12.0% and 11.2%, respectively, of its fixed maturity securities in the Level 3 category. Refer to Note 12 – “Fair Value of Assets and Liabilities” in the Notes to Condensed Consolidated Financial Statements for additional information. These securities primarily consist of private placement corporate and asset-backed securities.
See “Securities Lending and Repurchase/Reverse Repurchase Agreements” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for information related to the Company’s securities lending and repurchase/reverse repurchase agreements.
Funds Withheld at Interest
For reinsurance agreements written on a modified coinsurance basis and certain agreements written on a coinsurance basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company and are reflected as funds withheld at interest on the Company’s condensed consolidated balance sheets. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances against amounts owed by the ceding company. Interest accrues to the total funds withheld at rates defined by the treaty terms. The Company is subject to the investment performance on the withheld assets, although it does not directly control them. These assets are primarily fixed maturity investment securities and pose risks similar to the fixed maturity securities the Company owns. To mitigate this risk, the Company helps set the investment guidelines followed by the ceding company and monitors compliance. Ceding companies with funds withheld at interest had an average financial strength rating of “A” as of March 31, 2025 and December 31, 2024. Certain ceding companies maintain segregated portfolios for the benefit of the Company.
Other Invested Assets
Other invested assets primarily include lifetime mortgages, derivative contracts, FHLB common stock and real estate held for investment. See “Other Invested Assets” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for a table that presents the carrying value of the Company’s other invested assets by type as of March 31, 2025 and December 31, 2024.
The Company utilizes derivative financial instruments to protect the Company against possible changes in the fair value of its investment portfolio as a result of interest rate changes, to hedge against risk of changes in the purchase price of securities, to hedge liabilities associated with the reinsurance of variable annuities with guaranteed living benefits and to manage the portfolio’s effective yield, maturity and duration. In addition, the Company utilizes derivative financial instruments to reduce the risk associated with fluctuations in foreign currency exchange rates. The Company uses exchange-traded, centrally cleared, and customized over-the-counter derivative financial instruments.
See Note 11 – “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for a table that presents the notional amounts and fair value of investment related derivative instruments held as of March 31, 2025 and December 31, 2024.
The Company may be exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. Generally, the credit exposure of the Company’s derivative contracts is limited to the fair value and accrued interest of non-collateralized derivative contracts in an asset position at the reporting date. As of March 31, 2025, the Company had credit exposure of $15 million.
The Company manages its credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. As exchange-traded futures are affected through regulated exchanges, and positions are marked to market on a daily basis, the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties. See Note 11 – “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for more information regarding the Company’s derivative instruments.
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The Company holds $1,043 million and $984 million of beneficial interest in lifetime mortgages in the UK, net of allowance for credit losses, as of March 31, 2025 and December 31, 2024, respectively. Investment income includes $13 million and $11 million in interest income earned on lifetime mortgages for the three months ended March 31, 2025 and 2024, respectively. Lifetime mortgages represent loans provided to individuals 55 years of age and older secured by the borrower’s residence. Lifetime mortgages are comparable to a home equity loan by allowing the borrower to utilize the equity in their home as collateral. The amount of the loan is dependent on the appraised value of the home at the time of origination, the borrower's age and interest rate. Unlike a home equity loan, no payment of principal or interest is required until the death of the borrower or sale of the home. Lifetime mortgages may also be either fully funded at origination, or the borrower can request periodic funding similar to a line of credit. Lifetime mortgages are subject to risks, including market, credit, interest rate, liquidity, operational, reputational and legal risks.
New Accounting Standards
Changes to the general accounting principles are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates to the FASB Accounting Standards Codification TM.
See Note 18 – “New Accounting Standards” in the Notes to Condensed Consolidated Financial Statements for information on new accounting pronouncements and their impact, if any, on the Company’s results of operations and financial position.
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk
Market risk is the risk of fluctuations in the value of financial instruments as a result of absolute or relative changes in interest rates, foreign currency exchange rates, equity prices or commodity prices. To varying degrees, the Company products and services, and the investment activities supporting them, generate exposure to market risk. The market risk incurred, and the Company’s strategies for managing this risk, vary by product. As of March 31, 2025, there have been no material changes in the Company’s economic exposure to market risk or the Company’s Enterprise Risk Management function from December 31, 2024, a description of which may be found in its Annual Report on Form 10-K, for the year ended December 31, 2024, Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” filed with the Securities and Exchange Commission.
ITEM 4. Controls and Procedures
The Chief Executive Officer and the Chief Financial Officer have evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that these disclosure controls and procedures were effective.
There was no change in the Company’s internal control over financial reporting as defined in Exchange Act Rule 13a-15(f) during the quarter ended March 31, 2025, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II - OTHER INFORMATION
ITEM 1. Legal Proceedings
The Company is subject to litigation and regulatory investigations or actions from time to time. Based on current knowledge, management does not believe that loss contingencies arising from pending legal, regulatory and governmental matters will have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, in light of the inherent uncertainties involved in future or pending legal, regulatory and governmental matters, some of which are beyond the Company’s control, and indeterminate or potentially substantial amount of damages sought in any such matters, an adverse outcome could be material to the Company’s financial condition, results of operations or cash flows for any particular reporting period. A legal reserve is established when the Company is notified of an arbitration demand, litigation or regulatory action or is notified that an arbitration demand, litigation or regulatory action is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated.
ITEM 1A. Risk Factors
In February 2025, the Company’s subsidiary RGA Reinsurance Company (“RGA Re”) entered into a Master Transaction Agreement (the “Agreement”) with subsidiaries of Equitable Holdings, Inc. (collectively, the “Counterparty”). Pursuant to the Agreement, RGA Re will enter into coinsurance and modified coinsurance agreements with the Counterparty (the “Reinsurance Transaction”) if the required closing conditions set forth in the Agreement are met. If the Reinsurance Transaction is completed, the risks that apply to the Company’s existing business and the Reinsurance Transaction will increase the Company’s exposure to many of the risks described under the heading “Risk Factors” set forth in the 2024 Annual Report as supplemented by the risks described below.
In the risk factors below, we refer to the Company as “we,” “us,” or “our”. Other than the additional risk factors below related to the Reinsurance Transaction, there have been no material changes from the risk factors previously disclosed in the Company’s 2024 Annual Report.
The Reinsurance Transaction may not be completed within the expected timeframe, or at all, and this could negatively affect our business and financial results.
Completion of the Reinsurance Transaction is subject to the satisfaction or waiver of a number of conditions precedent, including relevant regulatory clearances. Any relevant regulatory agency may refuse or delay its approval or seek to make its approval subject to compliance with unanticipated or onerous conditions. The Reinsurance Transaction is also subject to a number of other conditions beyond our control that may prevent, delay or otherwise negatively affect its completion. We cannot predict whether and when these other conditions will be satisfied or waived. Failure to complete the Reinsurance Transaction would, and any delay in completing the Reinsurance Transaction could, prevent us from realizing the benefits that we expect from the Reinsurance Transaction and will subject us to a number of risks, including but not limited to the following:
•we must pay our fees and expenses related to the Reinsurance Transaction including, among others, legal, accounting and financial advisory fees, whether the Reinsurance Transaction is completed or not;
•we may experience negative reactions from the financial markets, including negative impacts on the market price of our securities;
•the manner in which clients, vendors, business partners and other third parties perceive us may be negatively impacted, which in turn could affect our ability to compete for new business or adversely impact our existing business; and
•matters relating to the Reinsurance Transaction (including integration planning) may require substantial commitments of time and resources by management.
Regulatory agencies in certain jurisdictions may impose conditions in connection with the Reinsurance Transaction.
As noted above, regulatory approval in certain jurisdictions is required to complete the Reinsurance Transaction. There is a risk that one or more regulators may impose conditions in connection with the Reinsurance Transaction, including requiring us to undertake certain specified actions and remedies. These conditions could have the effect, among other things, of imposing significant additional costs or additional liabilities and risks, limiting our revenues, reducing or delaying the anticipated benefits of the Reinsurance Transaction, allowing the parties to terminate the Master Transaction Agreement or imposing other operating restrictions. There can be no assurance that any consents, clearances or approvals necessary or advisable to be obtained in connection with the Reinsurance Transaction will be obtained in a timely manner or at all. If the Reinsurance Transaction, or the integration thereof, is not completed within the expected timeframe, such delay may materially and adversely affect the benefits that we expect to achieve as a result of the Reinsurance Transaction and could result in additional costs or liabilities, loss of revenue and other adverse effects on our business, financial condition and results of operations.
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The due diligence process that we undertook in connection with the Reinsurance Transaction may not have revealed all facts that may be relevant in connection with the Reinsurance Transaction.
In deciding whether to enter into the Master Transaction Agreement, we conducted a due diligence investigation that we deemed reasonable and appropriate based on the facts and circumstances applicable to the Reinsurance Transaction. When conducting due diligence, our employees, outside consultants and legal advisors are required to evaluate important and complex actuarial, investment, business, financial, tax, accounting, legal and regulatory issues. Despite our efforts, the results of our due diligence may not be complete and accurate or, even if complete and accurate, may not be sufficient to identify all relevant facts, which could prevent us from realizing the anticipated benefits we expect to achieve from the Reinsurance Transaction and our business, financial condition and results of operations could be adversely affected. Additionally, we may become exposed to obligations and liabilities that were undiscovered in the course of performing due diligence in connection with the Reinsurance Transaction and, therefore, may not be adequately addressed in the Master Transaction Agreement and related agreements. Exposure to these previously undiscovered obligations and liabilities could prevent us from realizing the anticipated benefits we expect to achieve from the Reinsurance Transaction and our business, financial condition and results of operations could be adversely affected.
We have made certain assumptions relating to the Reinsurance Transaction which may prove to be materially inaccurate.
We have made certain assumptions relating to the Reinsurance Transaction, which assumptions involve significant judgement and may not reflect the full range of uncertainties and unpredictable outcomes inherent in the Reinsurance Transaction and may be materially inaccurate. These assumptions relate to numerous matters, including:
•pricing with respect to mortality, lapsation, investment returns and expenses and other risks;
•our ability to reposition the investment portfolio acquired in connection with the Reinsurance Transaction and the assumptions made with respect to the assets in such portfolio;
•our ability to realize the expected benefits of the Reinsurance Transaction;
•projections of future revenue and profitability;
•our ability to obtain financing, generate and maintain needed cash from
•operations, and complete the Reinsurance Transaction, and the impact of such financing on our operating results, financial condition and ability to finance other new business opportunities;
•projections of future expenses and expense allocation;
•unknown or contingent liabilities;
•acquisition and integration costs; and
•other financial and strategic risks.
Like our life reinsurance contracts, the Reinsurance Transaction exposes us to mortality and lapse risk. Our risk analysis and underwriting processes are designed with the objective of controlling the quality of the assumed risk and establishing appropriate pricing with respect thereto. Among other things, these processes rely heavily on our underwriting, our analysis of mortality and longevity trends, lapse rates, expenses and our understanding of medical impairments and their effect on mortality or longevity. We utilized assumptions, estimates and models to evaluate the Reinsurance Transaction and develop scenarios to evaluate our potential exposure to mortality claims, potential investment portfolio losses and other risks associated with the associated assets and liabilities. The scenarios and related analyses are subject to various assumptions, professional judgment, uncertainties and the inherent limitations of any statistical analysis, including the use and quality of historical internal and industry data. Consequently, actual losses with respect to the Reinsurance Transaction, like our other life reinsurance business, may differ materially from what the scenarios may illustrate. This potential difference could be even greater for events with limited or unmodelled annual frequency.
Our results of operations with respect to the Reinsurance Transaction may also be adversely affected if our actual investment returns and expenses differ from our pricing and reserve assumptions. Among other factors, the assets subject to Reinsurance Transaction expose us to reinvestment, credit quality and disintermediation risks. Changes in economic conditions may lead to changes in market interest rates or changes in our investment strategies, either of which could cause our actual investment returns and expenses to differ from our pricing and reserve assumptions.
We will rely significantly on the Counterparty for various services, and we may be held responsible for obligations that arise from the acts or omissions of the Counterparty.
We rely upon our insurance company clients, including the Counterparty, if the Reinsurance Transaction is completed, to provide timely, accurate information. We may experience volatility in our earnings as a result of erroneous or untimely
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reporting from our clients, including the Counterparty. We also rely on original underwriting decisions made by the Counterparty with respect to the assumed risk and cannot guarantee that the Counterparty’s processes will adequately control risk quality or establish appropriate pricing.
Certain reinsurance liabilities that are part of the Reinsurance Transaction will be assumed by us on a modified coinsurance basis. The associated net statutory reserves and the assets backing those reserves will be retained by the Counterparty. These assets being retained by the Counterparty are held to support the Counterparty’s regulatory obligations in respect of certain insurance liabilities, but will not be available to the Counterparty’s general creditors in the event of a Counterparty insolvency. Accordingly, upon any bankruptcy of the Counterparty, the assets backing the modified coinsurance reserve may not be available to us to satisfy any amounts that the Counterparty owes us. Further, we are subject to the impact of the investment performance on these assets, although we do not directly control them. Moreover, the modified coinsurance assets are subject to the terms of the applicable underlying policies and related regulatory requirements. To the extent the modified coinsurance assets are not managed in accordance with such requirements, our risk of loss could increase, which could adversely affect our business, financial condition and results of operations.
The Counterparty will retain administrative responsibilities with respect to the insurance policies that are subject to the Reinsurance Transaction. Additionally, we will enter into asset management agreements with the Counterparty. As such, we will rely on the Counterparty to provide policy administration with respect to the liabilities we are acquiring in the Reinsurance Transaction, provide investment advice in connection with the acquired assets and otherwise and execute investment transactions that are within the investment policy guidelines set forth in the Master Transaction Agreement. The Counterparty, in its capacity as a service provider, will rely on its information technology systems and its ability to maintain the security, confidentiality, integrity and privacy of those systems and the data residing therein. The Counterparty may be subject to cybersecurity attacks and may not sufficiently protect its information technology and related data, which may impact the Counterparty’s ability to provide us services and protect our data, which may subject us to losses and harm our reputation. In turn, vendors of the Counterparty may be subject to cybersecurity attacks. Poor performance or loss of data on the part of the Counterparty, in its capacity as a service provider, or any related outside vendors, could negatively affect our operations and financial performance with respect to the Reinsurance Transaction.
We may experience difficulties in integrating the risk assumed through the Reinsurance Transaction, and many of the anticipated benefits of the Reinsurance Transaction may not be realized or may not be realized within the expected timeframe.
Our ability to achieve the benefits we anticipate from the Reinsurance Transaction will depend in part upon whether we are able to integrate the acquired liabilities and assets into our business in an efficient and effective manner. We may not be able to integrate these liabilities and assets smoothly or successfully and the process may take longer than expected. Integration will require the dedication of management resources, which may distract management’s attention from other business operations and could result in the disruption of ongoing businesses, processes, systems and business relationships, any of which could adversely affect our ability to achieve the anticipated benefits of the Reinsurance Transaction. The integration process is subject to a number of risks and uncertainties, and no assurance can be given that the anticipated benefits of the Reinsurance Transaction will be realized or, if realized, the timing of their realization. Failure to achieve these anticipated benefits could adversely affect our future business, financial condition, results of operations and prospects.
The Reinsurance Transaction may be completed even though material adverse changes may result from the completion of the Reinsurance Transaction, industry-wide changes or other causes.
In general, a party to the Master Transaction Agreement can refuse to complete the Reinsurance Transaction upon the occurrence of certain events that could cause a material adverse effect on such party or the risk being assumed. However, certain types of changes that would result in a material adverse effect on either party are excluded from the applicable definitions in the agreement, and do not permit either party to refuse to complete the Reinsurance Transaction. If any such adverse changes occur but the parties still complete the Reinsurance Transaction, the Reinsurance Transaction and its impacts on us could have a material adverse effect on our business, financial condition or results of operations.
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ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
The following table summarizes the Company’s repurchase activity of its common stock during the quarter ended March 31, 2025:

|  | Total Number of Shares Purchased (1) |  | Average Price Paid per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) |  | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plan or Program
January 1, 2025 – January 31, 2025 |  | 87,630 |  |  | $ | 223.83 |  |  | — |  |  | $ | 500,000,000 |
February 1, 2025 – February 28, 2025 |  | 849 |  |  | $ | 199.36 |  |  | — |  |  | $ | 500,000,000 |
March 1, 2025 – March 31, 2025 |  | 95,194 |  |  | $ | 186.15 |  |  | — |  |  | $ | 500,000,000 |

(1)The Company did not repurchase any shares of common stock under its share repurchase program in January, February and March 2025. The Company net settled – issuing 239,756, 4,383 and 152,977 shares from treasury and repurchasing from recipients 87,630, 849 and 95,194 shares in January, February and March 2025, respectively, in settlement of income tax withholding requirements incurred by the recipients of equity incentive awards.
On January 23, 2024, the Company’s board of directors authorized a share repurchase program for up to $500 million of its outstanding common stock. The authorization was effective immediately and does not have an expiration date. During the three months ended March 31, 2025, the Company did not repurchase any shares of common stock under this program and the entire amount of the authorization remains available.
The pace of repurchase activity depends on various factors such as the level of available cash, an evaluation of the costs and benefits associated with alternative uses of excess capital, such as acquisitions and in force reinsurance transactions, and the Company’s stock price.
ITEM 5. Other Information
During the three months ended March 31, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
ITEM 6. Exhibits
See index to exhibits.
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INDEX TO EXHIBITS

Exhibit Number |  | Description
3.1 |  | Amended and Restated Articles of Incorporation, effective May 21, 2020, incorporated by reference to Exhibit 3.1(i) to Current Report on Form 8-K filed May 22, 2020
3.2 |  | Amended and Restated Bylaws, effective December 20, 2022, incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed December 20, 2022
4.1 |  | Tenth Supplemental Indenture, dated March 3, 2025, between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee, regarding the Debentures
10.1 |  | Form of 2025 Performance Contingent Share Agreement under RGA Flexible Stock Plan, as amended and restated effective May 23, 2017 and as further amended effective May 19, 2021 (the “RGA Flexible Stock Plan”)*
10.2 |  | Form of 2025 Stock Appreciation Right Award Agreement under RGA Flexible Stock Plan*
10.3 |  | Form of 2025 Restricted Stock Unit Agreement under RGA Flexible Stock Plan*
31.1 |  | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002
31.2 |  | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002
32.1 |  | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002
32.2 |  | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002
101.INS |  | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH |  | XBRL Taxonomy Extension Schema Document
101.CAL |  | XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB |  | XBRL Taxonomy Extension Label Linkbase Document
101.PRE |  | XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF |  | XBRL Taxonomy Extension Definition Linkbase Document
104 |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101).

* Represents a management contract or compensatory plan or arrangement
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GLOSSARY OF SELECTED TERMS
Throughout this quarterly report on Form 10-Q, the Company may use certain abbreviations, acronyms and terms which are defined below.
Entities

Term or Acronym |  | Definition
RGA Reinsurance |  | RGA Reinsurance Company
Rockwood Re |  | Rockwood Reinsurance Company
Castlewood Re |  | Castlewood Reinsurance Company
Chesterfield Re |  | Chesterfield Reinsurance Company
RGA Life and Annuity |  | RGA Life and Annuity Insurance Company
RGA Canada |  | RGA Life Reinsurance Company of Canada
RGA Barbados |  | RGA Reinsurance Company (Barbados) Ltd.
RGA Americas |  | RGA Americas Reinsurance Company, Ltd.
Manor Re |  | Manor Reinsurance, Ltd.
RGA Worldwide |  | RGA Worldwide Reinsurance Company, Ltd.
RGA Global |  | RGA Global Reinsurance Company, Ltd.
RGA Australia |  | RGA Reinsurance Company of Australia Limited
RGA International |  | RGA International Reinsurance Company dac
Aurora National |  | Aurora National Life Assurance Company
Omnilife |  | Omnilife Insurance Company, Limited
Papara |  | Papara Financing LLC

Certain Terms and Acronyms

Term or Acronym |  | Definition
A.M. Best |  | A.M. Best Company
ABS |  | Asset-backed securities
Actuary |  | A specialist in the mathematics of risk, especially as it relates to insurance calculations such as premiums, reserves, dividends, insurance rates and annuity rates.
Allowance |  | An amount paid by the reinsurer to the ceding company to help cover the ceding company's acquisition and other costs, especially commissions. Allowances are usually calculated as a large percentage (often 100%) of first-year premiums reinsured and smaller percentages of renewal premiums reinsured.
AOCI |  | Accumulated other comprehensive income (loss)
Asset-Intensive Reinsurance |  | A transaction (usually coinsurance or funds withheld and often involving reinsurance of annuities) where performance of the underlying assets, more so than any mortality risk, is a key element.
Assumed reinsurance |  | Insurance risk that a reinsurer accepts (assumes) from a ceding company.
ASU |  | Accounting Standards Update
ASU 2018-12 |  | Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments. Also referred to as LDTI.
Automatic Reinsurance |  | Reinsurance arrangement whereby the ceding company and reinsurer agree that all business of a certain description will be ceded to the reinsurer. Under this arrangement, the ceding company performs underwriting decision-making within agreed-upon parameters for all business reinsured.
Bermuda Insurance Act |  | Bermuda's Insurance Act 1978 which distinguishes between insurers carrying on long-term business, insurers carrying on special purpose business and insurers carrying on general business.
BMA |  | Bermuda Monetary Authority
BSCR |  | Bermuda Solvency Capital Requirement
CCPA |  | California Consumer Privacy Act of 2018
Capital-motivated reinsurance |  | Reinsurance, including financial reinsurance, whose primary purpose is to enhance the cedant's capital position.
Captive insurer |  | An insurance or reinsurance entity designed to provide insurance or reinsurance coverage for risks of the entity or entities by which it is owned or to which it is affiliated.
CECL |  | Accounting for current expected credit losses using the model based on expected losses rather than incurred losses.
Ceding company (also known as cedant) |  | An insurer that transfers, or cedes, risk to a reinsurer
CEO |  | RGA’s Chief Executive Officer
Cession |  | The insurance risk associated with a policy that is reinsured from an insurer to a reinsurer.
CFO |  | RGA’s Chief Financial Officer
CIO |  | RGA’s Chief Information Officer
CISO |  | RGA’s Global Chief Information Security and Privacy officer
CLOs |  | Collateralized loan obligations

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CMBS |  | Commercial mortgage-backed securities, a part of our investment portfolio that consists of securities made up of commercial mortgages. Stated on our balance sheet at fair value.
Coinsurance (also known as original terms reinsurance) |  | A form of reinsurance under which the ceding company shares its premiums, death claims, surrender benefits, dividends and policy loans with the reinsurer, and the reinsurer pays expense allowances to reimburse the ceding company for a share of its expenses.
Coinsurance funds-withheld |  | A variant on coinsurance, in which the ceding company withholds assets equal to reserves and shares investment income on those assets with the reinsurer.
Counterparty |  | A party to a contract requiring or offering the exchange of risk.
Counterparty risk |  | The risk that a party to an agreement will be unable to fulfill its contractual obligations
CPI |  | Consumer price index
Critical illness (CI) insurance (also known as dread disease insurance) |  | Insurance that provides a guaranteed fixed sum upon diagnosis of a specified illness or condition such as cancer, heart disease, or permanent total disability. The coverage can be offered on a stand-alone basis or as an add-on to a life insurance policy.
CRO |  | RGA’s Chief Risk Officer
CVA |  | Credit valuation adjustment
DAC |  | Deferred policy acquisition costs: Costs of acquiring new business, which vary with and are directly related to the production of new business, have been deferred to the extent that such costs are deemed recoverable from future premiums or gross profits.
“Directors Plan” |  | Flexible Stock Plan for Directors
EBITDA |  | Earnings before interest, taxes, depreciation and amortization
EBS |  | Economic balance sheet framework as part of the Bermuda Solvency Capital Requirement that forms the basis for an insurer's enhanced capital requirements.
ECR |  | Enhanced capital requirement in accordance with the provisions of the Bermuda Insurance Act.
EEA |  | European Economic Area
EMEA |  | Europe, Middle East and Africa geographic segment
Enterprise Risk Management (ERM) |  | An enterprise-wide framework used by a firm to assess all risks facing the organization, manage mitigation strategies, monitor ongoing risks and report to interested audiences.
ESG |  | Environmental, social and governance
EU |  | European Union
Expected mortality |  | Number of deaths predicted to occur in a defined group of people.
FABN |  | Funding Agreement Backed Notes
Face amount |  | Amount payable at the death of the insured or at the maturity of the policy.
Facultative reinsurance |  | A type of reinsurance in which the reinsurer underwrites an individual risk submitted by the ceding company for a risk that is unusual, large, highly substandard or not covered by an automatic reinsurance treaty. Such risks are typically submitted to multiple reinsurers for competitive offers.
FASB |  | Financial Accounting Standards Board
FCA |  | Financial Conduct Authority
FHLB |  | Federal Home Loan Bank
FIA |  | Fixed indexed annuities
Financial reinsurance (also known as financially-motivated reinsurance) |  | A form of capital-motivated reinsurance that satisfies all regulatory requirements for risk transfer and is often designed to produce very predictable reinsurer profits as a percentage of the capital provided.
FSB |  | Financial Stability Board which consists of representatives of national financial authorities of the G20 nations.
FVO |  | Fair value option
GAAP |  | U.S. generally accepted accounting principles
GDPR |  | General Data Protection Regulation which establishes uniform data privacy laws across the European Union.
GICs |  | Guaranteed investment contracts
GILTI |  | Global intangible low-taxed income; a provision of U.S. Tax Reform that generally eliminates U.S. Federal income tax deferral on earnings of foreign subsidiaries.
GloBE |  | Model Global Anti-Base Erosion rules developed by the Organization for Economic Cooperation and Development
GMAB |  | Guaranteed minimum accumulation benefits; a feature of some variable annuities that the Company reinsures
GMDB |  | Guaranteed minimum death benefits; a feature of some variable annuities that the Company reinsures
GMIB |  | Guaranteed minimum income benefits; a feature of some variable annuities that the Company reinsures
GMWB |  | Guaranteed minimum withdrawal benefits; a feature of some variable annuities that the Company reinsures
Group life insurance |  | Insurance policy under which the lives of a group of people, most commonly employees of a single company, are insured in accordance with the terms of one master contract.
Guaranteed issue life insurance |  | Insurance products that are guaranteed upon application, regardless of past health conditions.
IAIG |  | Internationally Active Insurance Group
IAIS |  | International Association of Insurance Supervisors
IBNR |  | Incurred but not reported; a liability on claims that are based on historical reporting patterns, but have not yet been reported.
Individual life insurance |  | An insurance policy that insures the life of usually one and sometimes two or more related individuals, rather than a group of people.
In-force sum insured |  | A measure of insurance in effect at a specific date.

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Initial public offering (IPO) |  | The first sale to the public of shares of common stock issued by a private company. IPOs often are issued by smaller companies seeking the capital to expand, but they also can be used by large mutual or privately owned companies seeking to become publicly traded.
International Financial Reporting Standards (IFRS) |  | Standards and interpretations adopted by the International Accounting Standards Board (IASB)
ISO |  | International Organization Standardization
LDTI |  | Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments. Also referred to as ASU 2018-12.
Liquidity position |  | Combination of the Company’s cash equivalents and short-term investments
Longevity product |  | An insurance product that mitigates longevity risk by providing a stream of income for the duration of the policyholder's life.
Loss ratio |  | Claims and other policy benefits and Future policy benefits remeasurement (gains) losses as a percentage of net premiums
Market risk benefits (MRB) |  | Contracts or contract features that provide protection to the policyholder from capital market risk and expose the Company to other-than-nominal capital market risk and are measured at fair value
MDCI |  | Missouri Department of Commerce and Insurance
MMS |  | Minimum margin of solvency required to be maintained by the Company's Bermuda subsidiaries.
Modco |  | Modified coinsurance
Modified coinsurance |  | A variant on coinsurance in which the ceding company retains all the reserves, as well as assets backing reserves, and pays the reinsurer interest on the reinsurer's share of the reserves.
Moody’s |  | Moody’s Investors Service
Morbidity |  | A measure of the incidence of sickness or disease within a specific population group.
Mortality experience |  | Actual number of deaths occurring in a defined group of people.
Mortality risk reinsurance |  | Reinsurance that focuses primarily on transfer of mortality risk through coinsurance of term products or YRT.
NAIC |  | National Association of Insurance Commissioners
NAIC SAP |  | NAIC statutory accounting practices
NAV |  | Net asset value
Net Premium Ratio (NPR) |  | The NPR equals the present value of benefits divided by the present value of gross premiums
NIFO |  | Net investments in foreign operations
NIST |  | National Institute of Standards and Technology
NOL |  | Net operating loss
Non-traditional reinsurance |  | Usually synonymous with capital-motivated reinsurance, but includes any reinsurance of non-biometrical risks
Novation |  | The act of replacing one participating member of a contract with another, with all rights, duties and terms being transferred to the new party upon consent of all parties affected.
NYSE |  | New York Stock Exchange: the exchange where RGA is traded under the symbol "RGA"
OAS |  | Option-adjusted spread
OCI |  | Other comprehensive income (loss)
OTC |  | Derivatives that are privately negotiated contracts, which are known as over-the-counter derivatives
OTC Cleared |  | OTC derivatives that are cleared and settled through central clearing counterparties.
PBR |  | Principles-based reserves
PCAOB |  | Public Company Accounting Oversight Board (United States)
Pension Plans |  | The Company's sponsored or administrated qualified and non-qualified defined benefit pension plans
Portfolio |  | The totality of risks assumed by an insurer or reinsurer.
Preferred risk coverage |  | Coverage designed for applicants who represent a better-than-average risk to an insurer.
Premium |  | Amount paid to insure a risk.
Primary insurance (also known as direct insurance) |  | Insurance business relating to contracts directly between insurers and policyholders. The insurance company is directly responsible to the policyholder.
Production |  | New business produced during a specified period.
PRT |  | Pension risk transfer
PSU |  | Performance Share Units
Quota share (also known as 'first dollar' quota share) |  | A reinsurance arrangement in which the reinsurer receives a certain percentage of each risk reinsured.
RBC |  | Risk based capital, which are guidelines promulgated by the NAIC and identify minimum capital requirements based upon business levels and asset mix.
Recapture |  | The right of the ceding company to cancel reinsurance under certain conditions.
Regulation XXX/Regulation A-XXX |  | U.S. Valuation of Life Policies Model Regulation implemented beginning in 2002 for various types of life insurance business, significantly increased the level of reserves that U.S. life insurance and life reinsurance companies must hold on their statutory financial statements for various types of life insurance business, primarily certain level premium term life products.
Reinsurance |  | The transfer of insurance risk from an insurer, referred to as the ceding company, to a reinsurer, in conjunction with the payment of a reinsurance premium. Through reinsurance, a reinsurer 'insures' an insurer.

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Reserves |  | The amount required to be carried as a liability in the financial statement of an insurer or reinsurer to provide for future commitments under outstanding policies and contracts.
Retakaful |  | A form of reinsurance that is acceptable within Islamic law. See Takaful.
Retention limit |  | The maximum amount of risk a company will insure on one life.
Retrocession |  | A transfer of reinsurance risk from a reinsurer to another reinsurer, referred to as the retrocessionaire, in conjunction with the payment of a retrocession premium. Through retrocession, a retrocessionaire reinsures a reinsurer.
Retrocessionaire |  | A reinsurer that reinsures another reinsurer; see Retrocession.
RMBS |  | Residential mortgage-backed securities, a part of our investment portfolio that consists of securities made up of residential mortgages. Stated on our balance sheet at fair value.
RMSC |  | The Company's Risk Management Steering Committee
RSUs |  | Restricted Stock Units
S&P |  | Standard & Poor's
SARs |  | Stock Appreciation Rights
SEC |  | Securities and Exchange Commission
Securitization |  | The structuring of financial assets as collateral against which securities can be issued to investors.
Simplified issue life insurance |  | Insurance products with limited face amounts that require no or minimal underwriting.
SOFR |  | Secured Overnight Financing Rate
SPLRC |  | Special Purpose Life Reinsurance Captives
Statutory capital |  | The excess of statutory assets over statutory reserves, both of which are calculated in accordance with standards established by insurance regulators.
“Stock Plans” |  | The RGA flexible stock plan and the Flexible Stock Plan for Directors, collectively
Takaful |  | A form of insurance that is acceptable within Islamic law, and that is devised upon the principles of mutual advantage and group security.
TDR |  | Troubled Debt Restructuring
Tele-underwriting |  | A telephone interview process, during which an applicant's qualifications to be insured are assessed.
The “County” |  | The County of St. Louis, Missouri
The “Plan” |  | RGA Flexible Stock Plan
The Board |  | RGA's board of directors
The Companies Act |  | The Bermuda's Companies Act of 1981
The Company |  | Reinsurance Group of America, Incorporated and its subsidiaries, all of which are wholly owned, collectively
Treaty (also known as a contract) |  | A reinsurance agreement between a reinsurer and a ceding company. The three most common types of reinsurance treaties are YRT (yearly renewable term), coinsurance and modified coinsurance. The three most common methods of accepting reinsurance are automatic, facultative and facultative-obligatory.
TVaR |  | Tail Value-at-Risk used for calculated capital requirement for Bermuda subsidiaries.
U.S. Tax Reform |  | The U.S. Tax Cuts and Jobs Act of 2017
UAE |  | United Arab Emirates
UK |  | United Kingdom
UL |  | Universal life insurance
Underwriting |  | The process that assesses the risk inherent in an application for insurance prior to acceptance of the policy.
Valuation |  | The periodic calculation of reserves, the funds that insurance companies are required to hold in order satisfy all future insurance obligations.
Variable life insurance |  | A form of whole life insurance under which the death benefit and the cash value of the policy fluctuate according to the performance of an investment fund. Most variable life insurance policies guarantee that the death benefit will not fall below a specified minimum.
VII |  | Variable investment income
VOCRA |  | Value of customer relationships acquired which represents the present value of the expected future profits associated with the expected future business acquired through existing customers of the acquired company or business.
VODA |  | Value of distribution agreements which represents the present value of future profits associated with the expected future business derived from distribution agreements.
Webcasts |  | Presentation of information broadcast over the Internet.
WorkWise |  | The Company's hybrid approach to flexible work arrangements.
Yearly Renewable Term (YRT) |  | A type of reinsurance which covers only mortality risk, with each year's premium based on the current amount of risk.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

|  | Reinsurance Group of America, Incorporated
Date: May 2, 2025 |  | By: | /s/ Tony Cheng
|  |  | Tony Cheng
|  |  | President and Chief Executive Officer
|  |  | (Principal Executive Officer)
Date: May 2, 2025 |  | By: | /s/ Axel André
|  |  | Axel André
|  |  | Executive Vice President and Chief Financial Officer
|  |  | (Principal Financial and Accounting Officer)

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