Document

Current Ratings

Standard & Poor’s

A.M. Best

Moody’s

Financial Strength Ratings

RGA Reinsurance Company

AA-

A+

RGA Life Reinsurance Company of Canada

AA-

A+

RGA International Reinsurance Company dac

AA-

RGA Global Reinsurance Company, Ltd.

AA-

RGA Reinsurance Company of Australia Limited

AA-

RGA Americas Reinsurance Company, Ltd.

AA-

A+

RGA Worldwide Reinsurance Company, Ltd.

AA-

RGA Reinsurance Company (Barbados) Ltd.

AA-

RGA Life and Annuity Insurance Company

AA-

A+

Omnilife Insurance Company Limited

A+

Aurora National Life Assurance Company

A+

Senior Debt Ratings

Reinsurance Group of America, Incorporated

Baa1


			Page


Notes			1

Consolidated

Financial Highlights			2

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

Consolidated Balance Sheets			5

Segment Summaries of Adjusted Operating Income Statements

U.S. and Latin America Traditional			6

U.S. and Latin America Financial Solutions			7

Canada Traditional			9

Canada Financial Solutions			10

Europe, Middle East and Africa Traditional			11

Europe, Middle East and Africa Financial Solutions			12

Asia Pacific Traditional			13

Asia Pacific Financial Solutions			14

Corporate and Other			15

Summary of Segment Adjusted Operating Income			16

Investments

Cash and Invested Assets and Investment Income and Yield Summary			17

Fixed Maturity Securities			18

Corporate Fixed Maturity Securities by Industry			19

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities			20

Fixed Maturity Securities Below Amortized Cost			21

Consolidated Investment Related Gains and Losses			23

Appendix

Reconciliations of GAAP to Non-GAAP Measures			24

Non-GAAP Disclosures			29

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


Reinsurance Group of America, Incorporated
Financial Highlights

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

Net premiums	$	4,156		$	4,391		$	3,920		$	5,376		$	4,108		$	48		$	17,843	$	15,085	$	2,758
Net income available to RGA's shareholders	148			156			203			210			158			(10)			717		902		(185)
Adjusted operating income	334			242			365			401			316			18			1,342		1,334		8
Adjusted operating income excluding notable items (1)	334			410			365			401			316			18			1,510		1,334		176
Return on equity	7.1		%	7.7		%	9.7		%	10.2		%	11.4		%	(4.3)		%
Adjusted operating return on equity (ex AOCI)	13.8		%	13.8		%	15.3		%	14.8		%	14.5		%	(0.7)		%
Adjusted operating return on equity (ex AOCI and notable items (1))	15.4		%	15.5		%	15.3		%	14.8		%	14.4		%	1.0		%
Adjusted operating return on equity (ex AOCI and effect of B36 items)	13.7		%	13.7		%	15.3		%	14.8		%	14.4		%	(0.7)		%

Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income	$	2.26		$	2.37		$	3.07		$	3.20		$	2.40		$	(0.14)		$	10.90	$	13.60	$	(2.70)
Adjusted operating income	$	5.07		$	3.67		$	5.55		$	6.09		$	4.80		$	0.27		$	20.39	$	20.12	$	0.27
Adjusted operating income excluding notable items (1)	$	5.07		$	6.22		$	5.55		$	6.09		$	4.80		$	0.27		$	22.94	$	20.12	$	2.82
Diluted earnings per share
Net income	$	2.22		$	2.33		$	3.03		$	3.16		$	2.37		$	(0.15)		$	10.73	$	13.44	$	(2.71)
Adjusted operating income	$	4.99		$	3.62		$	5.48		$	6.02		$	4.73		$	0.26		$	20.06	$	19.88	$	0.18
Adjusted operating income excluding notable items (1)	$	4.99		$	6.13		$	5.48		$	6.02		$	4.73		$	0.26		$	22.57	$	19.88	$	2.69
Weighted average common shares outstanding
Basic	65,867			65,850			65,807			65,739			65,853			14			65,816		66,317		(501)
Diluted	66,982			66,797			66,732			66,559			66,721			261			66,880		67,117		(237)

Book value per share	$	164.19		$	168.93		$	147.90		$	143.92		$	138.39		$	25.80		$	164.19	$	138.39	$	25.80
Book value per share, excluding AOCI	$	151.31		$	149.63		$	148.19		$	145.83		$	144.01		$	7.30		$	151.31	$	144.01	$	7.30
Book value per share, excluding AOCI and B36	$	151.97		$	151.79		$	149.01		$	146.96		$	146.07		$	5.90		$	151.97	$	146.07	$	5.90

Shareholders’ dividends paid	$	59		$	58		$	56		$	56		$	56		$	3		$	229	$	219	$	10
Share buybacks	—			—			—			—			50			(50)			—		200		(200)
Total returned to shareholders	$	59		$	58		$	56		$	56		$	106		$	(47)		$	229	$	419	$	(190)

Common shares issued	85,311			85,311			85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	19,439			19,447			19,487			19,523			19,690			(251)			19,439		19,690		(251)
Common shares outstanding	65,872			65,864			65,824			65,788			65,621			251			65,872		65,621		251

Assumed life reinsurance in force (in billions)	$	3,878.7		$	3,966.5		$	3,767.7		$	3,729.8		$	3,704.1		$	174.6
Assumed new business production (in billions)	$	102.3		$	204.4		$	89.6		$	109.1		$	97.6		$	4.7		$	505.4	$	363.1	$	142.3

(1) Excludes the impact of changes in actuarial assumptions.


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

(USD millions)	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2024		2024		2024		2024		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	4,156	$	4,391	$	3,920	$	5,376	$	4,108	$	48	$	17,843	$	15,085	$	2,758
Net investment income	1,185		1,188		1,082		961		956		229		4,416		3,591		825
Investment related gains (losses), net	(247)		(78)		(271)		(149)		(155)		(92)		(745)		(481)		(264)
Other revenue	147		150		147		149		98		49		593		372		221
Total revenues	5,241		5,651		4,878		6,337		5,007		234		22,107		18,567		3,540
Benefits and expenses:
Claims and other policy benefits	3,943		4,116		3,712		5,132		3,837		106		16,903		13,872		3,031
Future policy benefits remeasurement (gains) losses	(69)		151		(90)		(24)		33		(102)		(32)		(62)		30
Market risk benefits remeasurement (gains) losses	(32)		31		(8)		(35)		28		(60)		(44)		(10)		(34)
Interest credited	292		310		231		254		217		75		1,087		864		223
Policy acquisition costs and other insurance expenses	411		452		391		387		369		42		1,641		1,397		244
Other operating expenses	385		299		301		283		290		95		1,268		1,089		179
Interest expense	86		78		72		68		69		17		304		257		47
Total benefits and expenses	5,016		5,437		4,609		6,065		4,843		173		21,127		17,407		3,720
Income before income taxes	225		214		269		272		164		61		980		1,160		(180)
Provision for income taxes	75		56		65		60		4		71		256		251		5
Net income	150		158		204		212		160		(10)		724		909		(185)
Net income attributable to noncontrolling interest	2		2		1		2		2		—		7		7		—
Net income available to RGA's shareholders	$	148	$	156	$	203	$	210	$	158	$	(10)	$	717	$	902	$	(185)
Pre-tax adjusted operating income reconciliation:
Income before income taxes	$	225	$	214	$	269	$	272	$	164	$	61	$	980	$	1,160	$	(180)
Investment and derivative (gains) losses (1)	380		(23)		308		232		(18)		398		897		360		537
Market risk benefits remeasurement (gains) losses	(32)		31		(8)		(35)		28		(60)		(44)		(10)		(34)
Change in fair value of funds withheld embedded derivatives (1)	(125)		112		(26)		(77)		181		(306)		(116)		163		(279)
Funds withheld (gains) losses - investment income	6		(1)		—		(2)		(3)		9		3		(5)		8
EIA embedded derivatives - interest credited	(3)		11		(6)		13		5		(8)		15		(6)		21
Investment (income) loss on unit-linked variable annuities	2		(1)		1		1		(3)		5		3		1		2
Interest credited on unit-linked variable annuities	(2)		1		(1)		(1)		3		(5)		(3)		(1)		(2)
Interest expense on uncertain tax positions	1		1		(1)		—		(1)		2		1		—		1
Other (2)	(21)		(31)		(45)		113		30		(51)		16		37		(21)
Adjusted operating income before income taxes	431		314		491		516		386		45		1,752		1,699		53
Notable items (3)	—		194		—		—		—		—		194		(3)		197
Adjusted operating income before income taxes excluding notable items	$	431	$	508	$	491	$	516	$	386	$	45	$	1,946	$	1,696	$	250

(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) Represents the impact of changes in actuarial assumptions.


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

(USD millions)	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2024		2024		2024		2024		2023		Quarter		2024		2023		Change
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA	$	148	$	156	$	203	$	210	$	158	$	(10)	$	717	$	902	$	(185)
Investment and derivative (gains) losses (1)	300		(18)		239		185		(14)		314		706		280		426
Market risk benefits remeasurement (gains) losses	(26)		25		(6)		(28)		22		(48)		(35)		(8)		(27)
Change in fair value of funds withheld embedded derivatives (1)	(99)		88		(20)		(61)		143		(242)		(92)		129		(221)
Funds withheld (gains) losses - investment income	4		—		—		(2)		(2)		6		2		(4)		6
EIA embedded derivatives - interest credited	(2)		8		(4)		10		4		(6)		12		(5)		17
Investment (income) loss on unit-linked variable annuities	1		(1)		1		1		(2)		3		2		1		1
Interest credited on unit-linked variable annuities	(1)		1		(1)		(1)		2		(3)		(2)		(1)		(1)
Interest expense on uncertain tax positions	1		1		(1)		—		(1)		2		1		—		1
Other (2)	(16)		(25)		(35)		89		23		(39)		13		29		(16)
Uncertain tax positions and other tax related items	22		5		(12)		(4)		(19)		41		11		4		7
Net income attributable to noncontrolling interest	2		2		1		2		2		—		7		7		—
Adjusted operating income	334		242		365		401		316		18		1,342		1,334		8
Notable items (3)	—		168		—		—		—		—		168		—		168
Adjusted operating income excluding notable items	$	334	$	410	$	365	$	401	$	316	$	18	$	1,510	$	1,334	$	176

Diluted earnings per share - adjusted operating income	$	4.99	$	3.62	$	5.48	$	6.02	$	4.73	$	0.26	$	20.06	$	19.88	$	0.18
Diluted earnings per share - adjusted operating income excluding notable items	$	4.99	$	6.13	$	5.48	$	6.02	$	4.73	$	0.26	$	22.57	$	19.88	$	2.69

Foreign currency effect on (4):
Net premiums	$	(15)	$	1	$	(33)	$	(12)	$	18	$	(33)	$	(59)	$	(126)	$	67
Adjusted operating income before income taxes	$	8	$	1	$	(5)	$	1	$	3	$	5	$	5	$	(18)	$	23

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


Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2024		2024		2024		2024		2023
Assets
Fixed maturity securities available-for-sale, at fair value	$	77,617	$	78,149	$	70,491	$	65,827	$	60,467
Equity securities	155		155		144		144		139
Mortgage loans	8,839		8,388		7,984		7,539		7,377
Policy loans	1,321		1,285		1,171		1,198		1,206
Funds withheld at interest	5,436		5,545		5,556		5,642		5,683
Limited partnerships and real estate joint ventures	3,067		2,972		2,791		2,697		2,635
Short-term investments	363		381		335		327		222
Other invested assets	1,242		1,361		1,148		1,140		1,171
Total investments	98,040		98,236		89,620		84,514		78,900
Cash and cash equivalents	3,326		5,195		4,596		5,935		2,970
Accrued investment income	986		995		881		808		759
Premiums receivable and other reinsurance balances	3,898		3,738		3,635		3,342		3,528
Reinsurance ceded receivables and other	5,531		5,438		5,122		5,265		5,448
Deferred policy acquisition costs	5,543		5,477		4,720		4,673		4,617
Other assets	1,351		1,179		1,314		1,463		1,401
Total assets	$	118,675	$	120,258	$	109,888	$	106,000	$	97,623
Liabilities and equity
Future policy benefits	$	53,368	$	55,933	$	50,779	$	47,067	$	41,231
Interest-sensitive contract liabilities	35,095		34,357		31,676		31,319		30,273
Market risk benefits, at fair value	223		247		217		228		258
Other policy claims and benefits	2,693		2,875		2,769		2,753		2,730
Other reinsurance balances	1,316		955		917		874		1,103
Deferred income taxes	2,199		2,059		1,866		1,897		1,862
Other liabilities	2,816		2,739		2,449		3,468		2,085
Funds withheld payable	5,017		4,809		4,323		4,409		4,483
Long-term debt	5,042		5,067		5,067		4,427		4,427
Total liabilities	107,769		109,041		100,063		96,442		88,452
Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,600		2,577		2,567		2,549		2,544
Retained earnings	9,255		9,166		9,076		8,934		8,805
Treasury stock	(1,889)		(1,889)		(1,889)		(1,891)		(1,900)
Accumulated other comprehensive income, net of taxes (AOCI):
Accumulated currency translation adjustment	(19)		108		86		57		68
Unrealized (depreciation) appreciation of securities	(4,526)		(2,800)		(4,694)		(4,062)		(3,667)
Effect of updating discount rates on future policy benefits	5,412		3,987		4,611		3,906		3,256
Change in instrument-specific credit risk for market risk benefits	2		6		6		3		3
Pension and postretirement benefits	(20)		(29)		(29)		(29)		(29)
Total RGA, Inc. shareholders’ equity	10,816		11,127		9,735		9,468		9,081
Noncontrolling interest	90		90		90		90		90
Total equity	10,906		11,217		9,825		9,558		9,171
Total liabilities and equity	$	118,675	$	120,258	$	109,888	$	106,000	$	97,623
Total RGA, Inc. shareholders’ equity, excluding AOCI	$	9,967	$	9,855	$	9,755	$	9,593	$	9,450

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


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

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2024			2024			2024			2024			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	2,046		$	1,912		$	1,827		$	1,715		$	1,912		$	134		$	7,500		$	7,023		$	477
Net investment income	247			226			203			205			211			36			881			779			102
Other revenue	14			21			7			6			2			12			48			16			32
Total revenues	2,307			2,159			2,037			1,926			2,125			182			8,429			7,818			611

Benefits and expenses:
Claims and other policy benefits	1,886			1,712			1,676			1,572			1,779			107			6,846			6,429			417
Future policy benefits remeasurement (gains) losses	(68)			46			(66)			(21)			63			(131)			(109)			74			(183)
Interest credited	36			45			19			19			20			16			119			75			44
Policy acquisition costs and other insurance expenses	225			223			186			175			184			41			809			730			79
Other operating expenses	77			54			55			53			54			23			239			197			42
Total benefits and expenses	2,156			2,080			1,870			1,798			2,100			56			7,904			7,505			399

Adjusted operating income before income taxes	151			79			167			128			25			126			525			313			212
Notable items (1)	—			53			—			—			—			—			53			17			36
Adjusted operating income excluding notable items, before income taxes	$	151		$	132		$	167		$	128		$	25		$	126		$	578		$	330		$	248

Loss and expense ratios:
Loss ratio (2)	88.9		%	91.9		%	88.1		%	90.4		%	96.3		%	(7.4)		%	89.8		%	92.6		%	(2.8)		%
Policy acquisition costs and other insurance expenses	11.0		%	11.7		%	10.2		%	10.2		%	9.6		%	1.4		%	10.8		%	10.4		%	0.4		%
Other operating expenses	3.8		%	2.8		%	3.0		%	3.1		%	2.8		%	1.0		%	3.2		%	2.8		%	0.4		%

Foreign currency effect on (3):
Net premiums	$	(5)		$	(4)		$	1		$	3		$	3		$	(8)		$	(5)		$	13		$	(18)
Adjusted operating income (loss) before income taxes	$	—		$	—		$	(1)		$	—		$	—		$	—		$	(1)		$	—		$	(1)

Assumed Life Reinsurance In Force (in billions)	$	1,837.1		$	1,834.5		$	1,716.1		$	1,709.1		$	1,703.6		$	—
Assumed New Business Production (in billions)	$	41.0		$	150.0		$	35.9		$	41.0		$	47.9		$	—		$	267.9		$	154.3		$	—

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2024		2024		2024		2024		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	156	$	609	$	305	$	1,916	$	521	$	(365)	$	2,986	$	1,521	$	1,465
Net investment income	323		336		318		303		289		34		1,280		1,137		143
Other revenue	52		58		54		62		60		(8)		226		221		5
Total revenues	531		1,003		677		2,281		870		(339)		4,492		2,879		1,613

Benefits and expenses:
Claims and other policy benefits	210		654		367		1,956		551		(341)		3,187		1,646		1,541
Future policy benefits remeasurement (gains) losses	(10)		12		(3)		2		1		(11)		1		(29)		30
Interest credited	127		131		126		135		121		6		519		531		(12)
Policy acquisition costs and other insurance expenses	102		105		87		80		78		24		374		214		160
Other operating expenses	26		21		20		18		18		8		85		66		19
Total benefits and expenses	455		923		597		2,191		769		(314)		4,166		2,428		1,738

Adjusted operating income before income taxes	76		80		80		90		101		(25)		326		451		(125)
Notable items (1)	—		—		—		—		—		—		—		(22)		22
Adjusted operating income before income taxes excluding notable items	$	76	$	80	$	80	$	90	$	101	$	(25)	$	326	$	429	$	(103)

Assumed Life Reinsurance In Force (in billions)	$	9.7	$	9.8	$	10.1	$	10.1	$	10.3	$	(0.6)
Assumed New Business Production (in billions)	$	—	$	—	$	—	$	—	$	5.2	$	(5.2)	$	—	$	5.2	$	(5.2)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.


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


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

Fixed annuities (deferred)	$	9,691		$	9,473		$	9,677		$	9,981		$	10,331
Equity-indexed annuities	$	1,927		$	2,022		$	2,118		$	2,234		$	2,354
Bank-owned life insurance (BOLI) and universal life	$	2,019		$	2,029		$	2,052		$	2,063		$	2,091
Other policyholder account balances	$	34		$	74		$	43		$	46		$	47

Variable annuities account balances
No riders	$	610		$	624		$	609		$	629		$	624
GMDB only	848			831			807			793			739
GMIB only	18			19			18			14			13
GMAB only	2			2			2			2			2
GMWB only	818			857			853			862			858
GMDB / WB	152			161			162			166			162
Other	13			14			13			11			11
Total variable annuities account balances	$	2,461		$	2,508		$	2,464		$	2,477		$	2,409

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

Guaranteed investment contracts, funding agreements and immediate annuities	$	654		$	680		$	691		$	693		$	690

Future policy benefits (at original discount rate) associated with:
Payout annuities	$	6,781		$	6,936		$	6,764		$	6,503		$	4,524
Other future policy benefits	$	50		$	89		$	56		$	59		$	60

Liability for market risk benefits:

Equity-indexed annuities	$	163		$	176		$	147		$	154		$	159
Variable annuities (liability)	$	60		$	71		$	70		$	74		$	99
Variable annuities (asset)	$	17		$	14		$	15		$	14		$	9

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

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


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

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2024			2024			2024			2024			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	333		$	314		$	326		$	318		$	311		$	22		$	1,291		$	1,215		$	76
Net investment income	64			68			61			64			62			2			257			249			8
Investment related gains, net	—			1			2			—			2			(2)			3			4			(1)
Other revenue	—			2			1			3			—			—			6			4			2
Total revenues	397			385			390			385			375			22			1,557			1,472			85

Benefits and expenses:
Claims and other policy benefits	311			296			304			283			294			17			1,194			1,130			64
Future policy benefits remeasurement gains	(5)			(4)			1			(3)			4			(9)			(11)			22			(33)
Interest credited	—			1			—			—			—			—			1			1			—
Policy acquisition costs and other insurance expenses	45			48			46			47			46			(1)			186			184			2
Other operating expenses	14			14			13			12			11			3			53			44			9
Total benefits and expenses	365			355			364			339			355			10			1,423			1,381			42

Adjusted operating income before income taxes	32			30			26			46			20			12			134			91			43
Notable items (1)	—			(5)			—			—			—			—			(5)			13			(18)
Adjusted operating income excluding notable items, before income taxes	$	32		$	25		$	26		$	46		$	20		$	12		$	129		$	104		$	25

Loss and expense ratios:
Loss ratio (2)	91.9		%	93.0		%	93.6		%	88.1		%	95.8		%	(3.9)		%	91.6		%	94.8		%	(3.2)		%
Policy acquisition costs and other insurance expenses	13.5		%	15.3		%	14.1		%	14.8		%	14.8		%	(1.3)		%	14.4		%	15.1		%	(0.7)		%
Other operating expenses	4.2		%	4.5		%	4.0		%	3.8		%	3.5		%	0.7		%	4.1		%	3.6		%	0.5		%

Foreign currency effect on (3):
Net premiums	$	(10)		$	(5)		$	(6)		$	1		$	(1)		$	(9)		$	(20)		$	(45)		$	25
Adjusted operating income before income taxes	$	(1)		$	(1)		$	—		$	—		$	5		$	(6)		$	(2)		$	—		$	(2)

Assumed Life Reinsurance In Force (in billions)	$	474.2		$	499.6		$	489.3		$	488.0		$	493.5		$	(19.3)
Assumed New Business Production (in billions)	$	12.3		$	11.9		$	12.3		$	11.5		$	11.1		$	1.2		$	48.0		$	44.1		$	3.9

Creditor reinsurance net premiums	$	18		$	19		$	17		$	17		$	18		$	—		$	71		$	71		$	—

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2024		2024		2024		2024		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	46	$	49	$	48	$	23	$	22	$	24	$	166	$	90	$	76
Net investment income	51		47		48		1		1		50		147		4		143
Investment related gains, net	1		—		—		—		—		1		1		—		1
Other revenue	5		3		6		3		4		1		17		12		5
Total revenues	103		99		102		27		27		76		331		106		225

Benefits and expenses:
Claims and other policy benefits	109		90		89		19		19		90		307		78		229
Future policy benefits remeasurement gains	—		—		—		—		—		—		—		(30)		30
Policy acquisition costs and other insurance expenses	(17)		5		4		1		—		(17)		(7)		2		(9)
Other operating expenses	3		—		2		—		2		1		5		4		1
Total benefits and expenses	95		95		95		20		21		74		305		54		251

Adjusted operating income before income taxes	8		4		7		7		6		2		26		52		(26)
Notable items (2)	—		—		—		—		—		—		—		(22)		22
Adjusted operating income excluding notable items, before income taxes	$	8	$	4	$	7	$	7	$	6	$	2	$	26	$	30	$	(4)

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

Assumed Life Reinsurance In Force (in billions)	$	6.0	$	8.3	$	—	$	—	$	—	$	6.0
Assumed New Business Production (in billions)	$	—	$	8.3	$	—	$	—	$	—	$	—	$	8.3	$	—	$	8.3

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


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

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2024			2024			2024			2024			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	488		$	521		$	497		$	496		$	461		$	27		$	2,002		$	1,775		$	227
Net investment income	28			30			27			27			22			6			112			91			21
Other revenue	10			(1)			—			2			1			9			11			—			11
Total revenues	526			550			524			525			484			42			2,125			1,866			259

Benefits and expenses:
Claims and other policy benefits	445			472			464			424			420			25			1,805			1,622			183
Future policy benefits remeasurement (gains) losses	12			35			6			(5)			1			11			48			48			—
Policy acquisition costs and other insurance expenses	21			29			22			37			22			(1)			109			86			23
Other operating expenses	37			32			33			31			33			4			133			130			3
Total benefits and expenses	515			568			525			487			476			39			2,095			1,886			209

Adjusted operating income (loss) before income taxes	11			(18)			(1)			38			8			3			30			(20)			50
Notable items (1)	—			40			—			—			—			—			40			47			(7)
Adjusted operating income (loss) excluding notable items, before income taxes	$	11		$	22		$	(1)		$	38		$	8		$	3		$	70		$	27		$	43

Loss and expense ratios:
Loss ratio (2)	93.6		%	97.3		%	94.6		%	84.5		%	91.3		%	2.3		%	92.6		%	94.1		%	(1.5)		%
Policy acquisition costs and other insurance expenses	4.3		%	5.6		%	4.4		%	7.5		%	4.8		%	(0.5)		%	5.4		%	4.8		%	0.6		%
Other operating expenses	7.6		%	6.1		%	6.6		%	6.3		%	7.2		%	0.4		%	6.6		%	7.3		%	(0.7)		%

Foreign currency effect on (3):
Net premiums	$	8		$	12		$	1		$	7		$	14		$	(6)		$	28		$	(13)		$	41
Adjusted operating income (loss) before income taxes	$	2		$	(1)		$	—		$	—		$	1		$	1		$	1		$	(3)		$	4

Critical illness net premiums	$	33		$	38		$	33		$	32		$	37		$	(4)		$	136		$	139		$	(3)

Assumed Life Reinsurance In Force (in billions)	$	970.4		$	1,027.5		$	976.5		$	985.1		$	960.1		$	10.3
Assumed New Business Production (in billions)	$	30.5		$	31.0		$	20.0		$	38.0		$	16.1		$	14.4		$	119.5		$	113.7		$	5.8

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2024		2024		2024		2024		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	187	$	168	$	159	$	146	$	125	$	62	$	660	$	458	$	202
Net investment income	87		84		79		69		59		28		319		215		104
Investment related gains (losses), net	(1)		1		1		(1)		(2)		1		—		5		(5)
Other revenue	12		3		8		11		1		11		34		16		18
Total revenues	285		256		247		225		183		102		1,013		694		319

Benefits and expenses:
Claims and other policy benefits	159		148		133		122		96		63		562		363		199
Future policy benefits remeasurement (gains) losses	(1)		—		2		2		(42)		41		3		(89)		92
Interest credited	9		5		9		7		—		9		30		—		30
Policy acquisition costs and other insurance expenses	2		2		2		2		1		1		8		7		1
Other operating expenses	20		15		15		15		16		4		65		58		7
Total benefits and expenses	189		170		161		148		71		118		668		339		329

Adjusted operating income before income taxes	96		86		86		77		112		(16)		345		355		(10)
Notable items (2)	—		2		—		—		—		—		2		(34)		36
Adjusted operating income excluding notable items, before income taxes	$	96	$	88	$	86	$	77	$	112	$	(16)	$	347	$	321	$	26

Foreign currency effect on (3):
Net premiums	$	4	$	4	$	1	$	5	$	6	$	(2)	$	14	$	2	$	12
Adjusted operating income before income taxes	$	1	$	2	$	—	$	3	$	5	$	(4)	$	6	$	6	$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior year period.


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

	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2024			2024			2024			2024			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	834		$	756		$	708		$	716		$	709		$	125		$	3,014		$	2,785		$	229
Net investment income	66			65			61			65			59			7			257			242			15
Investment related gains (losses), net	(1)			1			1			—			1			(2)			1			7			(6)
Other revenue	10			(3)			8			10			(1)			11			25			16			9
Total revenues	909			819			778			791			768			141			3,297			3,050			247

Benefits and expenses:
Claims and other policy benefits	733			656			607			586			594			139			2,582			2,340			242
Future policy benefits remeasurement (gains) losses	9			53			(29)			1			6			3			34			(56)			90
Policy acquisition costs and other insurance expenses	37			44			42			45			40			(3)			168			176			(8)
Other operating expenses	67			55			59			50			57			10			231			217			14
Total benefits and expenses	846			808			679			682			697			149			3,015			2,677			338

Adjusted operating income before income taxes	63			11			99			109			71			(8)			282			373			(91)
Notable items (1)	—			95			—			—			—			—			95			(2)			97
Adjusted operating income excluding notable items, before income taxes	$	63		$	106		$	99		$	109		$	71		$	(8)		$	377		$	371		$	6

Loss and expense ratios:
Loss ratio (2)	89.0		%	93.8		%	81.6		%	82.0		%	84.6		%	4.4		%	86.8		%	82.0		%	4.8		%
Policy acquisition costs and other insurance expenses	4.4		%	5.8		%	5.9		%	6.3		%	5.6		%	(1.2)		%	5.6		%	6.3		%	(0.7)		%
Other operating expenses	8.0		%	7.3		%	8.3		%	7.0		%	8.0		%	—		%	7.7		%	7.8		%	(0.1)		%

Foreign currency effect on (3):
Net premiums	$	(9)		$	(4)		$	(23)		$	(23)		$	(3)		$	(6)		$	(59)		$	(67)		$	8
Adjusted operating income before income taxes	$	1		$	4		$	(2)		$	(2)		$	1		$	—		$	1		$	(5)		$	6

Critical illness net premiums	$	405		$	414		$	358		$	352		$	344		$	61		$	1,529		$	1,352		$	177

Assumed Life Reinsurance In Force (in billions)	$	567.6		$	572.2		$	557.8		$	528.9		$	528.6		$	39.0
Assumed New Business Production (in billions)	$	18.5		$	11.5		$	13.1		$	17.6		$	17.3		$	1.2		$	60.7		$	43.0		$	17.7

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2024		2024		2024		2024		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	66	$	62	$	50	$	46	$	47	$	19	$	224	$	218	$	6
Net investment income	189		184		163		120		136		53		656		486		170
Investment related gains, net	6		5		6		3		2		4		20		12		8
Other revenue	6		19		12		20		12		(6)		57		33		24
Total revenues	267		270		231		189		197		70		957		749		208

Benefits and expenses:
Claims and other policy benefits	97		90		74		47		50		47		308		230		78
Future policy benefits remeasurement gains	(6)		9		(1)		—		—		(6)		2		(2)		4
Interest credited	81		75		49		51		49		32		256		203		53
Policy acquisition costs and other insurance expenses	20		27		30		25		25		(5)		102		81		21
Other operating expenses	10		9		8		7		7		3		34		25		9
Total benefits and expenses	202		210		160		130		131		71		702		537		165

Adjusted operating income before income taxes	65		60		71		59		66		(1)		255		212		43
Notable items (2)	—		9		—		—		—		—		9		—		9
Adjusted operating income excluding notable items, before income taxes	$	65	$	69	$	71	$	59	$	66	$	(1)	$	264	$	212	$	52

Foreign currency effect on (3):
Net premiums	$	(2)	$	(1)	$	(6)	$	(5)	$	(2)	$	—	$	(14)	$	(13)	$	(1)
Adjusted operating income before income taxes	$	6	$	(2)	$	(2)	$	(1)	$	(2)	$	8	$	1	$	(9)	$	10

Assumed Life Reinsurance In Force (in billions)	$	13.7	$	14.6	$	9.6	$	8.5	$	8.0	$	5.7
Assumed New Business Production (in billions)	$	—	$	—	$	—	$	1.0	$	—	$	—	$	1.0	$	2.8	$	(1.8)

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


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2024		2024		2024		2024		2023		Quarter		2024		2023		Change
Revenues:
Net investment income	$	138	$	146	$	123	$	106	$	111	$	27	$	513	$	384	$	129
Investment related gains, net	3		3		1		4		5		(2)		11		14		(3)
Other revenue	23		19		9		12		15		8		63		43		20
Total revenues	164		168		133		122		131		33		587		441		146

Benefits and expenses:
Interest credited	44		41		35		30		19		25		150		61		89
Policy acquisition costs and other insurance income	(24)		(31)		(28)		(25)		(27)		3		(108)		(91)		(17)
Other operating expenses	130		99		97		87		92		38		413		342		71
Interest expense	85		77		73		68		70		15		303		257		46
Total benefits and expenses	235		186		177		160		154		81		758		569		189

Adjusted operating loss before income taxes	(71)		(18)		(44)		(38)		(23)		(48)		(171)		(128)		(43)
Notable items (1)	—		—		—		—		—		—		—		—		—
Adjusted operating loss excluding notable items, before income taxes	$	(71)	$	(18)	$	(44)	$	(38)	$	(23)	$	(48)	$	(171)	$	(128)	$	(43)

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

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Compared to comparable prior year period.


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2024		2024		2024		2024		2023		Quarter		2024		2023		Change
U.S. and Latin America:
Traditional	$	151	$	79	$	167	$	128	$	25	$	126	$	525	$	313	$	212
Financial Solutions	76		80		80		90		101		(25)		326		451		(125)
Total U.S. and Latin America	227		159		247		218		126		101		851		764		87
Canada:
Traditional	32		30		26		46		20		12		134		91		43
Financial Solutions	8		4		7		7		6		2		26		52		(26)
Total Canada	40		34		33		53		26		14		160		143		17
Europe, Middle East and Africa:
Traditional	11		(18)		(1)		38		8		3		30		(20)		50
Financial Solutions	96		86		86		77		112		(16)		345		355		(10)
Total Europe, Middle East and Africa	107		68		85		115		120		(13)		375		335		40
Asia Pacific:
Traditional	63		11		99		109		71		(8)		282		373		(91)
Financial Solutions	65		60		71		59		66		(1)		255		212		43
Total Asia Pacific	128		71		170		168		137		(9)		537		585		(48)
Corporate and Other	(71)		(18)		(44)		(38)		(23)		(48)		(171)		(128)		(43)
Consolidated adjusted operating income before income taxes	431		314		491		516		386		45		1,752		1,699		53
Notable items (1)	—		194		—		—		—		—		194		(3)		197
Consolidated adjusted operating income excluding notable items before income taxes	$	431	$	508	$	491	$	516	$	386	$	45	$	1,946	$	1,696	$	250

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Cash and Invested Assets

	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2024		2024		2024		2024		2023
Fixed maturity securities, available-for-sale (1)	$	77,617	$	78,149	$	70,491	$	65,827	$	60,467
Equity securities	155		155		144		144		139
Mortgage loans	8,839		8,388		7,984		7,539		7,377
Policy loans	1,321		1,285		1,171		1,198		1,206
Funds withheld at interest	5,436		5,545		5,556		5,642		5,683
Limited partnerships and real estate joint ventures	3,067		2,972		2,791		2,697		2,635
Short-term investments	363		381		335		327		222
Other invested assets	1,242		1,361		1,148		1,140		1,171
Cash and cash equivalents	3,326		5,195		4,596		5,935		2,970
Total cash and invested assets	$	101,366	$	103,431	$	94,216	$	90,449	$	81,870

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


Investment Income and Yield Summary

	Three Months Ended															Current Qtr		Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY		Dec. 31,			Dec. 31,
	2024			2024			2024			2024			2023			Quarter		2024			2023			Change
Average invested assets at amortized cost (1)	$	40,803		$	39,469		$	38,172		$	38,483		$	37,169		$	3,634	$	38,535		$	35,921		$	2,614
Net investment income (1)	$	484		$	492		$	436		$	444		$	443		$	41	$	1,856		$	1,681		$	175
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.83		%	5.08		%	4.65		%	4.70		%	4.86		%	(3) bps		4.82		%	4.68		%	14 bps
Variable investment income ("VII") (included in net investment income) (1)	$	25		$	36		$	12		$	16		$	44		$	(19)	$	89		$	139		$	(50)
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) (1)	4.80		%	4.95		%	4.76		%	4.75		%	4.60		%	20 bps		4.82		%	4.50		%	32 bps

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


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities

	December 31, 2024
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of 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	%


	December 31, 2023
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	42,014	$	62	$	554	$	3,751	$	38,755	64.1	%
Canadian government	3,477		—		473		33		3,917		6.5	%
Japanese government	3,630		—		3		502		3,131		5.2	%
ABS	4,661		12		19		239		4,429		7.3	%
CMBS	1,969		1		7		202		1,773		2.9	%
RMBS	1,173		—		8		102		1,079		1.8	%
U.S. government	2,725		—		9		214		2,520		4.2	%
State and political subdivisions	1,236		—		7		129		1,114		1.8	%
Other foreign government	4,092		—		45		388		3,749		6.2	%
Total fixed maturity securities	$	64,977	$	75	$	1,125	$	5,560	$	60,467	100.0	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Corporate Fixed Maturity Securities by Industry

	December 31, 2024							December 31, 2023
	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)
Financial institutions
Banking	$	7,757	$	7,485	14.7	%	A-	$	6,474	$	6,109	15.8	%	A-
Brokerage/asset managers/exchanges	1,482		1,360		2.7	%	A-	1,320		1,194		3.1	%	A-
Finance companies	530		501		1.0	%	BBB	367		330		0.9	%	BBB+
Insurance	4,992		4,497		8.8	%	A-	4,507		4,086		10.5	%	A-
REITs	1,737		1,613		3.2	%	A-	1,401		1,269		3.2	%	BBB+
Other finance	1,407		1,217		2.3	%	A-	983		801		2.1	%	A-
Total financial institutions	$	17,905	$	16,673	32.7	%		$	15,052	$	13,789	35.6	%
Industrials
Basic	$	2,097	$	1,929	3.8	%	BBB+	$	1,940	$	1,797	4.6	%	BBB+
Capital goods	2,489		2,369		4.6	%	BBB+	1,664		1,531		4.0	%	BBB
Communications	3,420		3,147		6.2	%	BBB+	2,853		2,635		6.8	%	BBB
Consumer cyclical	3,300		3,099		6.1	%	BBB+	2,286		2,139		5.5	%	BBB+
Consumer noncyclical	6,177		5,714		11.2	%	BBB+	5,057		4,661		12.0	%	BBB+
Energy	4,060		3,906		7.7	%	BBB+	2,317		2,171		5.6	%	A-
Technology	2,124		1,937		3.8	%	BBB+	1,899		1,819		4.7	%	BBB+
Transportation	3,238		3,025		5.9	%	A-	2,286		2,100		5.4	%	A-
Other industrial	1,362		1,350		2.6	%	BBB	1,111		1,082		2.8	%	BBB
Total industrials	$	28,267	$	26,476	51.9	%		$	21,413	$	19,935	51.4	%
Utilities
Electric	$	6,863	$	6,336	12.4	%	A-	$	4,371	$	3,973	10.3	%	A-
Natural gas	1,177		1,078		2.2	%	A-	770		694		1.8	%	A-
Other utility	493		428		0.8	%	BBB+	408		364		0.9	%	BBB+
Total utilities	$	8,533	$	7,842	15.4	%		$	5,549	$	5,031	13.0	%
Total	$	54,705	$	50,991	100.0	%	A-	$	42,014	$	38,755	100.0	%	BBB+

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


Ratings of Fixed Maturity Securities

		December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024						December 31, 2023
NAIC Designation (1)	Rating Agency Designation (2)	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
1	AAA/AA/A	$	54,543	$	50,822	65.5	%	$	53,371	$	51,053	65.3	%	$	49,634	$	45,782	64.9	%	$	46,541	$	43,336	65.8	%	$	41,469	$	38,739	64.1	%
2	BBB	24,023		22,565		29.1	%	24,076		23,130		29.6	%	22,431		20,787		29.5	%	20,527		18,951		28.8	%	19,793		18,261		30.2	%
3	BB	3,422		3,410		4.4	%	3,284		3,233		4.2	%	3,331		3,270		4.6	%	3,039		2,952		4.5	%	3,068		2,956		4.9	%
4	B	636		577		0.7	%	662		576		0.7	%	562		504		0.8	%	515		468		0.8	%	479		396		0.7	%
5	CCC	246		221		0.3	%	168		131		0.2	%	158		124		0.2	%	123		98		0.1	%	116		92		0.1	%
6	In or near default	37		22		—	%	45		26		—	%	45		24		—	%	45		22		—	%	52		23		—	%
	Total	$	82,907	$	77,617	100.0	%	$	81,606	$	78,149	100.0	%	$	76,161	$	70,491	100.0	%	$	70,790	$	65,827	100.0	%	$	64,977	$	60,467	100.0	%

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


Structured Fixed Maturity Securities

	December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024						December 31, 2023
	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
ABS:
Collateralized loan obligations ("CLOs")	$	2,044	$	2,044	23.7	%	$	2,659	$	2,650	29.7	%	$	2,675	$	2,676	31.6	%	$	2,540	$	2,518	31.6	%	$	2,086	$	2,048	28.1	%
ABS, excluding CLOs	3,153		2,996		34.7	%	2,862		2,723		30.5	%	2,627		2,467		29.1	%	2,597		2,427		30.5	%	2,575		2,381		32.7	%
Total ABS	5,197		5,040		58.4	%	5,521		5,373		60.2	%	5,302		5,143		60.7	%	5,137		4,945		62.1	%	4,661		4,429		60.8	%
CMBS	2,344		2,267		26.3	%	2,327		2,238		25.1	%	2,242		2,120		25.0	%	2,002		1,861		23.4	%	1,969		1,773		24.3	%
RMBS
Agency	394		344		4.0	%	401		365		4.0	%	414		364		4.3	%	436		385		4.8	%	444		398		5.5	%
Non-agency	1,018		973		11.3	%	973		953		10.7	%	893		848		10.0	%	814		765		9.7	%	729		681		9.4	%
Total RMBS	1,412		1,317		15.3	%	1,374		1,318		14.7	%	1,307		1,212		14.3	%	1,250		1,150		14.5	%	1,173		1,079		14.9	%
Total	$	8,953	$	8,624	100.0	%	$	9,222	$	8,929	100.0	%	$	8,851	$	8,475	100.0	%	$	8,389	$	7,956	100.0	%	$	7,803	$	7,281	100.0	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of December 31, 2024
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	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
CMBS	—		—		—		—		—		—
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

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


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

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

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

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


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Consolidated Investment Related Gains and Losses

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2024		2024		2024		2024		2023		Quarter		2024		2023		Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	$	23	$	(9)	$	(16)	$	(20)	$	(7)	$	30	$	(22)	$	(38)	$	16
Impairments on fixed maturity securities	—		—		(1)		—		(2)		2		(1)		(3)		2
Realized gains on investment activity	22		72		68		32		18		4		194		72		122
Realized losses on investment activity	(334)		(113)		(230)		(134)		(102)		(232)		(811)		(275)		(536)
Net losses on fixed maturity securities available-for-sale	(289)		(50)		(179)		(122)		(93)		(196)		(640)		(244)		(396)

Net gains (losses) on equity securities	(4)		6		(5)		4		3		(7)		1		(1)		2
Change in mortgage loan allowance for credit losses	(6)		(12)		2		(10)		7		(13)		(26)		(16)		(10)
Limited partnerships and real estate joint venture impairment losses	(15)		—		—		(8)		—		(15)		(23)		—		(23)
Change in fair value of certain limited partnership investments	21		17		—		1		16		5		39		48		(9)
Other, net	19		(14)		4		8		—		19		17		24		(7)

Freestanding derivatives (1):
Interest rate swaps	(18)		13		(13)		(31)		59		(77)		(49)		(15)		(34)
Interest rate options	—		(3)		—		(3)		(23)		23		(6)		(33)		27
Total return swaps	(7)		7		(11)		4		14		(21)		(7)		14		(21)
Interest rate futures	—		—		1		1		(1)		1		2		1		1
Foreign currency swaps	14		(7)		8		14		(3)		17		29		17		12
Foreign currency swaps - hedged	—		—		(1)		(1)		(2)		2		(2)		(4)		2
Foreign currency forwards	(82)		77		(98)		(64)		32		(114)		(167)		(98)		(69)
Foreign currency options	(6)		2		(3)		—		—		(6)		(7)		—		(7)
Equity options	(1)		1		(1)		(4)		(6)		5		(5)		(28)		23
Equity futures	3		(12)		(2)		(17)		(23)		26		(28)		(31)		3
Credit default swaps	1		10		2		2		47		(46)		15		42		(27)
CPI swaps	(2)		(1)		(1)		—		(1)		(1)		(4)		6		(10)
Total freestanding derivatives	(98)		87		(119)		(99)		93		(191)		(229)		(129)		(100)

Embedded derivatives	125		(112)		26		77		(181)		306		116		(163)		279

Net gains (losses) on total derivatives	27		(25)		(93)		(22)		(88)		115		(113)		(292)		179

Total investment related gains (losses), net	$	(247)	$	(78)	$	(271)	$	(149)	$	(155)	$	(92)	$	(745)	$	(481)	$	(264)

(1) Freestanding derivatives are non-hedged unless specified.


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2024		2024		2024		2024		2023		Quarter		2024		2023		Change
U.S. and Latin America Traditional
Income before income taxes	$	153	$	57	$	174	$	116	$	30	$	123	$	500	$	318	$	182
Investment and derivative gains (1)	1		1		—		—		(2)		3		2		(2)		4
Funds withheld losses - investment income	—		—		—		—		1		(1)		—		1		(1)
Change in fair value of funds withheld embedded derivatives (1)	(3)		21		(6)		12		(4)		1		24		(4)		28
Other	—		—		(1)		—		—		—		(1)		—		(1)
Adjusted operating income before income taxes	151		79		167		128		25		126		525		313		212
Notable items (2)	—		53		—		—		—		—		53		17		36
Adjusted operating income excluding notable items, before income taxes	$	151	$	132	$	167	$	128	$	25	$	126	$	578	$	330	$	248

U.S. and Latin America Financial Solutions
Income (loss) before income taxes	$	139	$	(46)	$	83	$	17	$	(120)	$	259	$	193	$	170	$	23
Market risk benefits remeasurement (gains) losses	(32)		31		(8)		(35)		28		(60)		(44)		(10)		(34)
Investment and derivative (gains) losses (1)	96		(7)		35		62		(27)		123		186		102		84
Change in fair value of funds withheld embedded derivatives (1)	(122)		91		(20)		(89)		185		(307)		(140)		167		(307)
Funds withheld (gains) losses - investment income	4		1		(1)		(1)		(4)		8		3		(14)		17
EIA embedded derivatives - interest credited	(1)		11		(6)		13		5		(6)		17		(6)		23
Other (3)	(8)		(1)		(3)		123		34		(42)		111		42		69
Adjusted operating income before income taxes	76		80		80		90		101		(25)		326		451		(125)
Notable items (2)	—		—		—		—		—		—		—		(22)		22
Adjusted operating income excluding notable items, before income taxes	$	76	$	80	$	80	$	90	$	101	$	(25)	$	326	$	429	$	(103)

(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.
(3) Includes pension risk transfer day one loss and other immaterial items.


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2024		2024		2024		2024		2023		Quarter		2024		2023		Change
Canada Traditional
Income before income taxes	$	32	$	29	$	27	$	47	$	21	$	11	$	135	$	91	$	44
Investment and derivative (gains) losses (1)	—		—		1		(1)		(1)		1		—		(5)		5
Investment income - non-operating FWAI	1		—		—		—		—		1		1		3		(2)
Other	(1)		1		(2)		—		—		(1)		(2)		2		(4)
Adjusted operating income before income taxes	32		30		26		46		20		12		134		91		43
Notable items (2)	—		(5)		—		—		—		—		(5)		13		(18)
Adjusted operating income excluding notable items, before income taxes	$	32	$	25	$	26	$	46	$	20	$	12	$	129	$	104	$	25

Canada Financial Solutions
Income before income taxes	$	17	$	21	$	6	$	7	$	6	$	11	$	51	$	52	$	(1)
Investment and derivative (gains) losses (1)	(9)		(17)		1		—		—		(9)		(25)		—		(25)
Adjusted operating income before income taxes	8		4		7		7		6		2		26		52		(26)
Notable items (2)	—		—		—		—		—		—		—		(22)		22
Adjusted operating income excluding notable items, before income taxes	$	8	$	4	$	7	$	7	$	6	$	2	$	26	$	30	$	(4)

Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	8	$	(17)	$	1	$	28	$	8	$	—	$	20	$	(21)	$	41
Other	3		(1)		(2)		10		—		3		10		1		9
Adjusted operating income (loss) before income taxes	11		(18)		(1)		38		8		3		30		(20)		50
Notable items (2)	—		40		—		—		—		—		40		47		(7)
Adjusted operating income (loss) excluding notable items, before income taxes	$	11	$	22	$	(1)	$	38	$	8	$	3	$	70	$	27	$	43

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	79	$	84	$	72	$	64	$	106	$	(27)	$	299	$	301	$	(2)
Investment and derivative losses (1)	16		4		13		14		6		10		47		49		(2)
Investment income - non-operating FWAI	1		(2)		1		(1)		—		1		(1)		5		(6)
Investment (income) loss on unit-linked variable annuities	2		(1)		1		1		(3)		5		3		1		2
Interest credited on unit-linked variable annuities	(2)		1		(1)		(1)		3		(5)		(3)		(1)		(2)
Adjusted operating income before income taxes	96		86		86		77		112		(16)		345		355		(10)
Notable items (2)	—		2		—		—		—		—		2		(34)		36
Adjusted operating income excluding notable items, before income taxes	$	96	$	88	$	86	$	77	$	112	$	(16)	$	347	$	321	$	26

(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.


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

	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2024		2024		2024		2024		2023		Quarter		2024		2023		Change
Asia Pacific Traditional
Income before income taxes	$	59	$	11	$	100	$	109	$	70	$	(11)	$	279	$	372	$	(93)
Other	4		—		(1)		—		1		3		3		1		2
Adjusted operating income before income taxes	63		11		99		109		71		(8)		282		373		(91)
Notable items (2)	—		95		—		—		—		—		95		(2)		97
Adjusted operating income excluding notable items, before income taxes	$	63	$	106	$	99	$	109	$	71	$	(8)	$	377	$	371	$	6

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	1	$	93	$	(58)	$	13	$	122	$	(121)	$	49	$	113	$	(64)
Investment and derivative (gains) losses (1)	96		(17)		178		74		(59)		155		331		119		212
Other	(32)		(16)		(49)		(28)		3		(35)		(125)		(20)		(105)
Adjusted operating income before income taxes	65		60		71		59		66		(1)		255		212		43
Notable items (2)	—		9		—		—		—		—		9		—		9
Adjusted operating income excluding notable items, before income taxes	$	65	$	69	$	71	$	59	$	66	$	(1)	$	264	$	212	$	52

Corporate and Other
Loss before income taxes	$	(263)	$	(18)	$	(136)	$	(129)	$	(79)	$	(184)	$	(546)	$	(236)	$	(310)
Investment and derivative losses (1)	180		13		80		83		65		115		356		97		259
Interest expense on uncertain tax positions	1		1		(1)		—		(1)		2		1		—		1
EIA embedded derivatives - interest credited	(2)		—		—		—		—		(2)		(2)		—		(2)
Other	13		(14)		13		8		(8)		21		20		11		9
Adjusted operating loss before income taxes	(71)		(18)		(44)		(38)		(23)		(48)		(171)		(128)		(43)
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating loss excluding notable items, before income taxes	$	(71)	$	(18)	$	(44)	$	(38)	$	(23)	$	(48)	$	(171)	$	(128)	$	(43)

(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.


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

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

RGA, Inc. shareholders’ equity	$	10,816	$	11,127	$	9,735	$	9,468	$	9,081
Less effect of AOCI:
Accumulated currency translation adjustments	(19)		108		86		57		68
Unrealized (depreciation) appreciation of securities	(4,526)		(2,800)		(4,694)		(4,062)		(3,667)
Effect of updating discount rates on future policy benefits	5,412		3,987		4,611		3,906		3,256
Change in instrument-specific credit risk for market risk benefits	2		6		6		3		3
Pension and postretirement benefits	(20)		(29)		(29)		(29)		(29)
RGA, Inc. shareholders’ equity, excluding AOCI	9,967		9,855		9,755		9,593		9,450
Year-to-date notable items, net of tax	168		168		—		—		—
RGA, Inc. shareholders’ equity, excluding AOCI and notable items	$	10,135	$	10,023	$	9,755	$	9,593	$	9,450



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

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

Book value per share	$	164.19	$	168.93	$	147.90	$	143.92	$	138.39
Less effect of AOCI:
Accumulated currency translation adjustment	(0.27)		1.64		1.32		0.88		1.04
Unrealized (depreciation) appreciation of securities	(68.73)		(42.52)		(71.31)		(61.74)		(55.88)
Effect of updating discount rates on future policy benefits	82.16		60.54		70.06		59.36		49.62
Change in instrument-specific credit risk for market risk benefits	0.03		0.09		0.09		0.04		0.05
Pension and postretirement benefits	(0.31)		(0.45)		(0.45)		(0.45)		(0.45)
Book value per share, excluding AOCI	$	151.31	$	149.63	$	148.19	$	145.83	$	144.01
Less effect of B36:	(0.66)		(2.16)		(0.82)		(1.13)		(2.06)
Book value per share, excluding AOCI and B36	$	151.97	$	151.79	$	149.01	$	146.96	$	146.07

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

Adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments, and will be presented in our financial statement footnotes beginning with the Company’s annual report on Form 10-K to be filed for the fiscal year ended December 31, 2024 in accordance with ASC 280 – “Segment Reporting.” Adjusted operating income (loss) before income taxes, when presented on a consolidated basis, is a non-GAAP financial measure.

2. Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items, and adjusted operating income per diluted share, excluding notable items. Notable items are items the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented include the financial impact of the Company’s assumption reviews.

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

Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix at the end of this document. Except as otherwise noted herein, the non-GAAP figures and reconciliations presented herein reflect the Company’s adoption of the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments (“LDTI”). For additional information regarding the Company’s adoption of LDTI, see Note 1 – “Business and Basis of Presentation” and Note 3 – “Impact of New Accounting Standard” in the notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The Company is unable to provide reconciliations of the intermediate term targets of consolidated adjusted operating income (loss) before taxes, adjusted operating income (loss) before taxes, excluding notable items (on both a segment-level and consolidated basis), consolidated adjusted operating ROE, respectively, which are forward-looking non-GAAP financial measures, due to, among other things, that these targets are a composite of our goals for future results, the inherent difficulty in forecasting generally, and the difficulty of quantifying accurate forecasts of the numerous components comprising these calculations that would be necessary to provide any such reconciliations. In addition, actual performance in future periods may vary from the intermediate term target ranges for a variety of reasons, including known and unknown risk and uncertainties.