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Commitments, Contingencies and Guarantees | 9 Months Ended
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Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingent Liabilities | COMMITMENTS, CONTINGENCIES AND GUARANTEES Commitments Funding of Investments The Company’s commitments to fund investments as of September 30, 2025 and December 31, 2024, are presented in the following table (dollars in millions):
|  | September 30, 2025 |  | December 31, 2024
Limited partnerships and real estate joint ventures |  | $ | 1,683 |  |  | $ | 1,103 |
Mortgage loans |  | 243 |  |  | 81 |
Bank loans and private placements |  | 2,537 |  |  | 1,950 |
Lifetime mortgages |  | 57 |  |  | 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 September 30, 2025 and December 31, 2024. 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 September 30, 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 September 30, 2025 and December 31, 2024, the Company had $5.3 billion and $3.2 billion, respectively, of FABN agreements outstanding, which are included within interest-sensitive contract liabilities. 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. 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 of use asset and lease obligation. As of September 30, 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 September 30, 2025 (dollars in millions):
Commitment Period | Maximum Potential Obligation
2034 | $ | 1,243 |
2035 | 1,892 |
2036 | 2,349 |
2037 | 5,100 |
2038 | 1,750 |
2039 | 8,751 |
2041 | 720 |
2046 | 3,000 |
2049 | 4,750 |
Support Agreements The Company, as obligor, is a party to a capital maintenance agreement with its subsidiary, RGA Life and Annuity, as beneficiary, which was entered into in connection with receipt of insurance licenses in certain jurisdictions. Under this agreement, the Company guarantees for specified periods of time (depending upon jurisdiction) that the subsidiary will meet specified capital and surplus levels. Given the amount of business that has been and is expected to be written by the subsidiary, the Company anticipates that it will have sufficient liquidity and capital to meet any obligation under this agreement.

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