Exhibit 99.2

Quarterly Financial Supplement

First Quarter 2025

(Unaudited)

World Headquarters

Internet Address

Contacts

16600 Swingley Ridge Road

www.rgare.com

Axel André

Chesterfield, Missouri 63017 U.S.A.

Executive Vice President

and Chief Financial Officer

Phone: (636) 736-7000

e-mail: Axel.Andre@rgare.com

Jeff Hopson

Senior Vice President, Investor Relations

Phone: (636) 736-2068

e-mail: jhopson@rgare.com

Current Ratings

Standard & Poor’s

A.M. Best

Moody’s

Financial Strength Ratings

RGA Reinsurance Company

AA-

A+

A1

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

A

a-

Baa1

Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.

Reinsurance Group of America, Incorporated

1st Quarter 2025

Table of Contents

			Page
Consolidated
Financial Highlights			3
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)			4
Consolidated Balance Sheets			6
Segment Summaries of Adjusted Operating Income Statements
U.S. and Latin America Traditional			7
U.S. and Latin America Financial Solutions			8
Canada Traditional			10
Canada Financial Solutions			11
Europe, Middle East and Africa Traditional			12
Europe, Middle East and Africa Financial Solutions			13
Asia Pacific Traditional			14
Asia Pacific Financial Solutions			15
Corporate and Other			16
Summary of Segment Adjusted Operating Income			17
Investments
Cash and Invested Assets and Investment Income and Yield Summary			18
Fixed Maturity Securities			19
Corporate Fixed Maturity Securities by Industry			20
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities			21
Fixed Maturity Securities Below Amortized Cost			22
Consolidated Investment Related Gains and Losses			24
Appendix
Reconciliations of GAAP to Non-GAAP Measures			25
Non-GAAP Disclosures			30

Page 2

Reinsurance Group of America, Incorporated
Financial Highlights
						Three Months Ended																														Current Qtr
(USD millions, except in force and per share and shares data)						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,						vs. PY
						2025						2024						2024						2024						2024						Quarter
Net premiums						$	4,019					$	4,156					$	4,391					$	3,920					$	5,376					$	(1,357)
Net income available to RGA's shareholders						286						148						156						203						210						76
Adjusted operating income						378						334						242						365						401						(23)
Adjusted operating income excluding notable items (1)						378						334						410						365						401						(23)
Return on equity						7.5		%				7.1		%				7.7		%				9.7		%				10.2		%				(2.7)		%
Adjusted operating return on equity (ex AOCI)						13.4		%				13.8		%				13.8		%				15.3		%				14.8		%				(1.4)		%
Adjusted operating return on equity (ex AOCI and notable items (1))						15.0		%				15.4		%				15.5		%				15.3		%				14.8		%				0.2		%
Adjusted operating return on equity (ex AOCI and effect of B36 items)						13.3		%				13.7		%				13.7		%				15.3		%				14.8		%				(1.5)		%
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income						$	4.33					$	2.26					$	2.37					$	3.07					$	3.20					$	1.13
Adjusted operating income						$	5.73					$	5.07					$	3.67					$	5.55					$	6.09					$	(0.36)
Adjusted operating income excluding notable items (1)						$	5.73					$	5.07					$	6.22					$	5.55					$	6.09					$	(0.36)
Diluted earnings per share
Net income						$	4.27					$	2.22					$	2.33					$	3.03					$	3.16					$	1.11
Adjusted operating income						$	5.66					$	4.99					$	3.62					$	5.48					$	6.02					$	(0.36)
Adjusted operating income excluding notable items (1)						$	5.66					$	4.99					$	6.13					$	5.48					$	6.02					$	(0.36)
Weighted average common shares outstanding
Basic						66,008						65,867						65,850						65,807						65,739						269
Diluted						66,861						66,982						66,797						66,732						66,559						302
Book value per share						$	172.53					$	164.19					$	168.93					$	147.90					$	143.92					$	28.61
Book value per share, excluding AOCI						$	153.80					$	151.31					$	149.63					$	148.19					$	145.83					$	7.97
Book value per share, excluding AOCI and B36						$	154.60					$	151.97					$	151.79					$	149.01					$	146.96					$	7.64
Shareholders’ dividends paid						$	59					$	59					$	58					$	56					$	56					$	3
Share buybacks						—						—						—						—						—						—
Total returned to shareholders						$	59					$	59					$	58					$	56					$	56					$	3
Common shares issued						85,311						85,311						85,311						85,311						85,311						—
Treasury shares						19,225						19,439						19,447						19,487						19,523						(298)
Common shares outstanding						66,086						65,872						65,864						65,824						65,788						298
Assumed life reinsurance in force (in billions)						$	3,950.9					$	3,878.7					$	3,966.5					$	3,767.7					$	3,729.8					$	221.1
Assumed new business production (in billions)						$	131.7					$	102.3					$	204.4					$	89.6					$	109.1					$	22.6
(1) Excludes the impact of changes in actuarial assumptions.

Page 3

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)						Three Months Ended																														Current Qtr
						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,						vs. PY
						2025						2024						2024						2024						2024						Quarter
Revenues:
Net premiums						$	4,019					$	4,156					$	4,391					$	3,920					$	5,376					$	(1,357)
Net investment income						1,232						1,185						1,188						1,082						961						271
Investment related gains (losses), net						(79)						(247)						(78)						(271)						(149)						70
Other revenue						88						147						150						147						149						(61)
Total revenues						5,260						5,241						5,651						4,878						6,337						(1,077)
Benefits and expenses:
Adjusted claims and other policy benefits						3,822						3,943						4,116						3,712						5,132						(1,310)
Future policy benefits remeasurement (gains) losses						(56)						(69)						151						(90)						(24)						(32)
Market risk benefits remeasurement (gains) losses						29						(32)						31						(8)						(35)						64
Adjusted interest credited						299						292						310						231						254						45
Policy acquisition costs and other insurance expenses						417						411						452						391						387						30
Other operating expenses						300						385						299						301						283						17
Interest expense						80						86						78						72						68						12
Total benefits and expenses						4,891						5,016						5,437						4,609						6,065						(1,174)
Income before income taxes						369						225						214						269						272						97
Provision for income taxes						81						75						56						65						60						21
Net income						288						150						158						204						212						76
Net income attributable to noncontrolling interest						2						2						2						1						2						—
Net income available to RGA's shareholders						$	286					$	148					$	156					$	203					$	210					$	76
Pre-tax adjusted operating income reconciliation:
Income before income taxes						$	369					$	225					$	214					$	269					$	272					$	97
Investment and derivative (gains) losses (1)						71						380						(23)						308						232						(161)
Market risk benefits remeasurement (gains) losses						29						(32)						31						(8)						(35)						64
Change in fair value of funds withheld embedded derivatives (1)						11						(125)						112						(26)						(77)						88
Funds withheld (gains) losses - investment income						—						6						(1)						—						(2)						2
Derivatives - interest credited						10						(3)						11						(6)						13						(3)
Investment (income) loss on unit-linked variable annuities						—						2						(1)						1						1						(1)
Interest credited on unit-linked variable annuities						—						(2)						1						(1)						(1)						1
Interest expense on uncertain tax positions						—						1						1						(1)						—						—
Other (2)						(5)						(21)						(31)						(45)						113						(118)
Adjusted operating income before income taxes						485						431						314						491						516						(31)
Notable items (3)						—						—						194						—						—						—
Adjusted operating income before income taxes excluding notable items						$	485					$	431					$	508					$	491					$	516					$	(31)
(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.

Page 4

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)						Three Months Ended																														Current Qtr
						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,						vs. PY
						2025						2024						2024						2024						2024						Quarter
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA						$	286					$	148					$	156					$	203					$	210					$	76
Investment and derivative (gains) losses (1)						53						300						(18)						239						185						(132)
Market risk benefits remeasurement (gains) losses						23						(26)						25						(6)						(28)						51
Change in fair value of funds withheld embedded derivatives (1)						9						(99)						88						(20)						(61)						70
Funds withheld (gains) losses - investment income						—						4						—						—						(2)						2
Derivatives - interest credited						8						(2)						8						(4)						10						(2)
Investment (income) loss on unit-linked variable annuities						—						1						(1)						1						1						(1)
Interest credited on unit-linked variable annuities						—						(1)						1						(1)						(1)						1
Interest expense on uncertain tax positions						—						1						1						(1)						—						—
Other (2)						(4)						(16)						(25)						(35)						89						(93)
Uncertain tax positions and other tax related items						1						22						5						(12)						(4)						5
Net income attributable to noncontrolling interest						2						2						2						1						2						—
Adjusted operating income						378						334						242						365						401						(23)
Notable items (3)						—						—						168						—						—						—
Adjusted operating income excluding notable items						$	378					$	334					$	410					$	365					$	401					$	(23)
Diluted earnings per share - adjusted operating income						$	5.66					$	4.99					$	3.62					$	5.48					$	6.02					$	(0.36)
Diluted earnings per share - adjusted operating income excluding notable items						$	5.66					$	4.99					$	6.13					$	5.48					$	6.02					$	(0.36)
Foreign currency effect on (4):
Net premiums						$	(60)					$	(15)					$	1					$	(33)					$	(12)					$	(48)
Adjusted operating income before income taxes						$	(8)					$	8					$	1					$	(5)					$	1					$	(9)
(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.

Page 5

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,
						2025						2024						2024						2024						2024
Assets
Fixed maturity securities available-for-sale, at fair value						$	84,507					$	77,617					$	78,149					$	70,491					$	65,827
Equity securities						153						155						155						144						144
Mortgage loans						9,331						8,839						8,388						7,984						7,539
Policy loans						1,284						1,321						1,285						1,171						1,198
Funds withheld at interest						5,328						5,436						5,545						5,556						5,642
Limited partnerships and real estate joint ventures						3,228						3,067						2,972						2,791						2,697
Short-term investments						454						363						381						335						327
Other invested assets						1,295						1,242						1,361						1,148						1,140
Total investments						105,580						98,040						98,236						89,620						84,514
Cash and cash equivalents						5,151						3,326						5,195						4,596						5,935
Accrued investment income						1,059						986						995						881						808
Premiums receivable and other reinsurance balances						3,749						3,898						3,738						3,635						3,342
Reinsurance ceded receivables and other						5,420						5,531						5,438						5,122						5,265
Deferred policy acquisition costs						5,649						5,543						5,477						4,720						4,673
Other assets						1,602						1,351						1,179						1,314						1,463
Total assets						$	128,210					$	118,675					$	120,258					$	109,888					$	106,000
Liabilities and equity
Future policy benefits						$	59,836					$	53,368					$	55,933					$	50,779					$	47,067
Interest-sensitive contract liabilities						36,614						35,095						34,357						31,676						31,319
Market risk benefits, at fair value						243						223						247						217						228
Other policy claims and benefits						2,870						2,693						2,875						2,769						2,753
Other reinsurance balances						1,291						1,316						955						917						874
Deferred income taxes						2,250						2,199						2,059						1,866						1,897
Other liabilities						2,991						2,816						2,739						2,449						3,468
Funds withheld payable						4,889						5,017						4,809						4,323						4,409
Long-term debt						5,734						5,042						5,067						5,067						4,427
Total liabilities						116,718						107,769						109,041						100,063						96,442
Equity:
Common stock, at par value						1						1						1						1						1
Additional paid-in-capital						2,608						2,600						2,577						2,567						2,549
Retained earnings						9,443						9,255						9,166						9,076						8,934
Treasury stock						(1,888)						(1,889)						(1,889)						(1,889)						(1,891)
Accumulated other comprehensive income, net of taxes (AOCI):
Accumulated currency translation adjustment						(8)						(19)						108						86						57
Unrealized (depreciation) appreciation of securities						(4,443)						(4,526)						(2,800)						(4,694)						(4,062)
Effect of updating discount rates on future policy benefits						5,702						5,412						3,987						4,611						3,906
Change in instrument-specific credit risk for market risk benefits						6						2						6						6						3
Pension and postretirement benefits						(19)						(20)						(29)						(29)						(29)
Total RGA, Inc. shareholders’ equity						11,402						10,816						11,127						9,735						9,468
Noncontrolling interest						90						90						90						90						90
Total equity						11,492						10,906						11,217						9,825						9,558
Total liabilities and equity						$	128,210					$	118,675					$	120,258					$	109,888					$	106,000
Total RGA, Inc. shareholders’ equity, excluding AOCI						$	10,164					$	9,967					$	9,855					$	9,755					$	9,593
See appendix for reconciliation of total shareholders' equity before and after impact of AOCI.

Page 6

Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr
						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,						vs. PY
						2025						2024						2024						2024						2024						Quarter
Revenues:
Net premiums						$	1,921					$	2,046					$	1,912					$	1,827					$	1,715					$	206
Net investment income						268						247						226						203						205						63
Investment related gains (losses), net						(6)						—						—						—						—						(6)
Other revenue						8						14						21						7						6						2
Total revenues						2,191						2,307						2,159						2,037						1,926						265
Benefits and expenses:
Adjusted claims and other policy benefits						1,773						1,886						1,712						1,676						1,572						201
Future policy benefits remeasurement (gains) losses						(25)						(68)						46						(66)						(21)						(4)
Adjusted interest credited						29						36						45						19						19						10
Policy acquisition costs and other insurance expenses						219						225						223						186						175						44
Other operating expenses						55						77						54						55						53						2
Total benefits and expenses						2,051						2,156						2,080						1,870						1,798						253
Adjusted operating income before income taxes						140						151						79						167						128						12
Notable items (1)						—						—						53						—						—						—
Adjusted operating income excluding notable items, before income taxes						$	140					$	151					$	132					$	167					$	128					$	12
Loss and expense ratios:
Loss ratio (2)						91.0		%				88.9		%				91.9		%				88.1		%				90.4		%				0.6		%
Policy acquisition costs and other insurance expenses						11.4		%				11.0		%				11.7		%				10.2		%				10.2		%				1.2		%
Other operating expenses						2.9		%				3.8		%				2.8		%				3.0		%				3.1		%				(0.2)		%
Foreign currency effect on (3):
Net premiums						$	(7)					$	(5)					$	(4)					$	1					$	3					$	(10)
Adjusted operating income (loss) before income taxes						$	(2)					$	—					$	—					$	(1)					$	—					$	(2)
Assumed Life Reinsurance In Force (in billions)						$	1,840.6					$	1,837.1					$	1,834.5					$	1,716.1					$	1,709.1					$	131.5
Assumed New Business Production (in billions)						$	36.3					$	41.0					$	150.0					$	35.9					$	41.0					$	(4.7)
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.

Page 7

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr
						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,						vs. PY
						2025						2024						2024						2024						2024						Quarter
Revenues:
Net premiums						$	109					$	156					$	609					$	305					$	1,916					$	(1,807)
Net investment income						337						323						336						318						303						34
Other revenue						50						52						58						54						62						(12)
Total revenues						496						531						1,003						677						2,281						(1,785)
Benefits and expenses:
Adjusted claims and other policy benefits						200						210						654						367						1,956						(1,756)
Future policy benefits remeasurement (gains) losses						(2)						(10)						12						(3)						2						(4)
Adjusted interest credited						123						127						131						126						135						(12)
Policy acquisition costs and other insurance expenses						84						102						105						87						80						4
Other operating expenses						24						26						21						20						18						6
Total benefits and expenses						429						455						923						597						2,191						(1,762)
Adjusted operating income before income taxes						67						76						80						80						90						(23)
Notable items (1)						—						—						—						—						—						—
Adjusted operating income before income taxes excluding notable items						$	67					$	76					$	80					$	80					$	90					$	(23)
Assumed Life Reinsurance In Force (in billions)						$	9.5					$	9.7					$	9.8					$	10.1					$	10.1					$	(0.6)
Assumed New Business Production (in billions)						$	—					$	—					$	—					$	—					$	—					$	—
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.

Page 8

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions
(Continued)
(USD millions, shown net of reinsurance ceded)						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,
						2025						2024						2024						2024						2024
Policyholder account balances
Fixed annuities (deferred)						$	10,299					$	9,691					$	9,473					$	9,677					$	9,981
Equity-indexed annuities						$	1,838					$	1,927					$	2,022					$	2,118					$	2,234
Bank-owned life insurance (BOLI) and universal life						$	2,011					$	2,019					$	2,029					$	2,052					$	2,063
Other policyholder account balances						$	46					$	34					$	74					$	43					$	46
Variable annuities account balances
No riders						$	593					$	610					$	624					$	609					$	629
GMDB only						800						848						831						807						793
GMIB only						17						18						19						18						14
GMAB only						2						2						2						2						2
GMWB only						769						818						857						853						862
GMDB / WB						145						152						161						162						166
Other						13						13						14						13						11
Total variable annuities account balances						$	2,339					$	2,461					$	2,508					$	2,464					$	2,477
Interest-sensitive contract liabilities not associated with policyholder account balances:
Guaranteed investment contracts, funding agreements and immediate annuities (1)						$	1,257					$	654					$	680					$	691					$	693
Future policy benefits (at original discount rate) associated with:
Payout annuities						$	8,840					$	6,781					$	6,936					$	6,764					$	6,503
Other future policy benefits						$	61					$	50					$	89					$	56					$	59
Liability for market risk benefits:
Equity-indexed annuities						$	170					$	163					$	176					$	147					$	154
Variable annuities (liability)						$	73					$	60					$	71					$	70					$	74
Variable annuities (asset)						$	13					$	17					$	14					$	15					$	14
Net interest spread (2)						0.8		%				1.3		%				1.3		%				1.1		%				0.9		%
(1) Effective January 1, 2025, newly issued funding agreements are included in the U.S. Financial Solutions segment
(2) 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.

Page 9

Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr
						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,						vs. PY
						2025						2024						2024						2024						2024						Quarter
Revenues:
Net premiums						$	319					$	333					$	314					$	326					$	318					$	1
Net investment income						65						64						68						61						64						1
Investment related gains, net						1						—						1						2						—						1
Other revenue						(1)						—						2						1						3						(4)
Total revenues						384						397						385						390						385						(1)
Benefits and expenses:
Adjusted claims and other policy benefits						295						311						296						304						283						12
Future policy benefits remeasurement gains						3						(5)						(4)						1						(3)						6
Adjusted interest credited						—						—						1						—						—						—
Policy acquisition costs and other insurance expenses						41						45						48						46						47						(6)
Other operating expenses						13						14						14						13						12						1
Total benefits and expenses						352						365						355						364						339						13
Adjusted operating income before income taxes						32						32						30						26						46						(14)
Notable items (1)						—						—						(5)						—						—						—
Adjusted operating income excluding notable items, before income taxes						$	32					$	32					$	25					$	26					$	46					$	(14)
Loss and expense ratios:
Loss ratio (2)						93.4		%				91.9		%				93.0		%				93.6		%				88.1		%				5.3		%
Policy acquisition costs and other insurance expenses						12.9		%				13.5		%				15.3		%				14.1		%				14.8		%				(1.9)		%
Other operating expenses						4.1		%				4.2		%				4.5		%				4.0		%				3.8		%				0.3		%
Foreign currency effect on (3):
Net premiums						$	(20)					$	(10)					$	(5)					$	(6)					$	1					$	(21)
Adjusted operating income before income taxes						$	(2)					$	(1)					$	(1)					$	—					$	—					$	(2)
Assumed Life Reinsurance In Force (in billions)						$	478.6					$	474.2					$	499.6					$	489.3					$	488.0					$	(9.4)
Assumed New Business Production (in billions)						$	13.2					$	12.3					$	11.9					$	12.3					$	11.5					$	1.7
Creditor reinsurance net premiums						$	19					$	18					$	19					$	17					$	17					$	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.
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

Page 10

Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr
						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,						vs. PY
						2025						2024						2024						2024						2024						Quarter
Revenues:
Net premiums						$	52					$	46					$	49					$	48					$	23					$	29
Net investment income						51						51						47						48						1						50
Investment related gains, net						—						1						—						—						—						—
Other revenue						4						5						3						6						3						1
Total revenues						107						103						99						102						27						80
Benefits and expenses:
Adjusted claims and other policy benefits						91						109						90						89						19						72
Future policy benefits remeasurement gains						—						—						—						—						—						—
Policy acquisition costs and other insurance expenses						5						(17)						5						4						1						4
Other operating expenses						—						3						—						2						—						—
Total benefits and expenses						96						95						95						95						20						76
Adjusted operating income before income taxes						11						8						4						7						7						4
Notable items (2)						—						—						—						—						—						—
Adjusted operating income excluding notable items, before income taxes						$	11					$	8					$	4					$	7					$	7					$	4
Foreign currency effect on (3):
Net premiums						$	(3)					$	(1)					$	(1)					$	(1)					$	—					$	(3)
Adjusted operating income before income taxes						$	(1)					$	—					$	(1)					$	—					$	—					$	(1)
Assumed Life Reinsurance In Force (in billions)						$	6.0					$	6.0					$	8.3					$	—					$	—					$	6.0
Assumed New Business Production (in billions)						$	—					$	—					$	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.

Page 11

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr
						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,						vs. PY
						2025						2024						2024						2024						2024						Quarter
Revenues:
Net premiums						$	540					$	488					$	521					$	497					$	496					$	44
Net investment income						30						28						30						27						27						3
Other revenue						2						10						(1)						—						2						—
Total revenues						572						526						550						524						525						47
Benefits and expenses:
Adjusted claims and other policy benefits						483						445						472						464						424						59
Future policy benefits remeasurement (gains) losses						(8)						12						35						6						(5)						(3)
Policy acquisition costs and other insurance expenses						20						21						29						22						37						(17)
Other operating expenses						27						37						32						33						31						(4)
Total benefits and expenses						522						515						568						525						487						35
Adjusted operating income (loss) before income taxes						50						11						(18)						(1)						38						12
Notable items (1)						—						—						40						—						—						—
Adjusted operating income (loss) excluding notable items, before income taxes						$	50					$	11					$	22					$	(1)					$	38					$	12
Loss and expense ratios:
Loss ratio (2)						88.0		%				93.6		%				97.3		%				94.6		%				84.5		%				3.5		%
Policy acquisition costs and other insurance expenses						3.7		%				4.3		%				5.6		%				4.4		%				7.5		%				(3.8)		%
Other operating expenses						5.0		%				7.6		%				6.1		%				6.6		%				6.3		%				(1.3)		%
Foreign currency effect on (3):
Net premiums						$	(3)					$	8					$	12					$	1					$	7					$	(10)
Adjusted operating income (loss) before income taxes						$	1					$	2					$	(1)					$	—					$	—					$	1
Critical illness net premiums						$	32					$	33					$	38					$	33					$	32					$	—
Assumed Life Reinsurance In Force (in billions)						$	1,036.7					$	970.4					$	1,027.5					$	976.5					$	985.1					$	51.6
Assumed New Business Production (in billions)						$	63.4					$	30.5					$	31.0					$	20.0					$	38.0					$	25.4
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.

Page 12

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr
						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,						vs. PY
						2025						2024						2024						2024						2024						Quarter
Revenues:
Net premiums						$	189					$	187					$	168					$	159					$	146					$	43
Net investment income						85						87						84						79						69						16
Investment related gains (losses), net						(1)						(1)						1						1						(1)						—
Other revenue						9						12						3						8						11						(2)
Total revenues						282						285						256						247						225						57
Benefits and expenses:
Adjusted claims and other policy benefits						167						159						148						133						122						45
Future policy benefits remeasurement (gains) losses						(3)						(1)						—						2						2						(5)
Adjusted interest credited						6						9						5						9						7						(1)
Policy acquisition costs and other insurance expenses						1						2						2						2						2						(1)
Other operating expenses						21						20						15						15						15						6
Total benefits and expenses						192						189						170						161						148						44
Adjusted operating income before income taxes						90						96						86						86						77						13
Notable items (2)						—						—						2						—						—						—
Adjusted operating income excluding notable items, before income taxes						$	90					$	96					$	88					$	86					$	77					$	13
Foreign currency effect on (3):
Net premiums						$	(2)					$	4					$	4					$	1					$	5					$	(7)
Adjusted operating income before income taxes						$	—					$	1					$	2					$	—					$	3					$	(3)
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.

Page 13

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr
						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,						vs. PY
						2025						2024						2024						2024						2024						Quarter
Revenues:
Net premiums						$	777					$	834					$	756					$	708					$	716					$	61
Net investment income						71						66						65						61						65						6
Investment related gains (losses), net						(1)						(1)						1						1						—						(1)
Other revenue						3						10						(3)						8						10						(7)
Total revenues						850						909						819						778						791						59
Benefits and expenses:
Adjusted claims and other policy benefits						671						733						656						607						586						85
Future policy benefits remeasurement (gains) losses						(18)						9						53						(29)						1						(19)
Policy acquisition costs and other insurance expenses						39						37						44						42						45						(6)
Other operating expenses						52						67						55						59						50						2
Total benefits and expenses						744						846						808						679						682						62
Adjusted operating income before income taxes						106						63						11						99						109						(3)
Notable items (1)						—						—						95						—						—						—
Adjusted operating income excluding notable items, before income taxes						$	106					$	63					$	106					$	99					$	109					$	(3)
Loss and expense ratios:
Loss ratio (2)						84.0		%				89.0		%				93.8		%				81.6		%				82.0		%				2.0		%
Policy acquisition costs and other insurance expenses						5.0		%				4.4		%				5.8		%				5.9		%				6.3		%				(1.3)		%
Other operating expenses						6.7		%				8.0		%				7.3		%				8.3		%				7.0		%				(0.3)		%
Foreign currency effect on (3):
Net premiums						$	(23)					$	(9)					$	(4)					$	(23)					$	(23)					$	—
Adjusted operating income before income taxes						$	(2)					$	1					$	4					$	(2)					$	(2)					$	—
Critical illness net premiums						$	398					$	405					$	414					$	358					$	352					$	46
Assumed Life Reinsurance In Force (in billions)						$	561.1					$	567.6					$	572.2					$	557.8					$	528.9					$	32.2
Assumed New Business Production (in billions)						$	14.3					$	18.5					$	11.5					$	13.1					$	17.6					$	(3.3)
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.

Page 14

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr
						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,						vs. PY
						2025						2024						2024						2024						2024						Quarter
Revenues:
Net premiums						$	112					$	66					$	62					$	50					$	46					$	66
Net investment income						196						189						184						163						120						76
Investment related gains, net						7						6						5						6						3						4
Other revenue						6						6						19						12						20						(14)
Total revenues						321						267						270						231						189						132
Benefits and expenses:
Adjusted claims and other policy benefits						145						97						90						74						47						98
Future policy benefits remeasurement gains						(3)						(6)						9						(1)						—						(3)
Adjusted interest credited						84						81						75						49						51						33
Policy acquisition costs and other insurance expenses						27						20						27						30						25						2
Other operating expenses						9						10						9						8						7						2
Total benefits and expenses						262						202						210						160						130						132
Adjusted operating income before income taxes						59						65						60						71						59						—
Notable items (2)						—						—						9						—						—						—
Adjusted operating income excluding notable items, before income taxes						$	59					$	65					$	69					$	71					$	59					$	—
Foreign currency effect on (3):
Net premiums						$	(2)					$	(2)					$	(1)					$	(6)					$	(5)					$	3
Adjusted operating income before income taxes						$	(1)					$	6					$	(2)					$	(2)					$	(1)					$	—
Assumed Life Reinsurance In Force (in billions)						$	18.4					$	13.7					$	14.6					$	9.6					$	8.5					$	9.9
Assumed New Business Production (in billions)						$	4.5					$	—					$	—					$	—					$	1.0					$	3.5
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.

Page 15

Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr
						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,						vs. PY
						2025						2024						2024						2024						2024						Quarter
Revenues:
Net investment income						$	129					$	138					$	146					$	123					$	106					$	23
Investment related gains, net						3						3						3						1						4						(1)
Other revenue						5						23						19						9						12						(7)
Total revenues						137						164						168						133						122						15
Benefits and expenses:
Adjusted interest credited						47						44						41						35						30						17
Policy acquisition costs and other insurance income						(19)						(24)						(31)						(28)						(25)						6
Other operating expenses						99						130						99						97						87						12
Interest expense						80						85						77						73						68						12
Total benefits and expenses						207						235						186						177						160						47
Adjusted operating loss before income taxes						(70)						(71)						(18)						(44)						(38)						(32)
Notable items (1)						—						—						—						—						—						—
Adjusted operating loss excluding notable items, before income taxes						$	(70)					$	(71)					$	(18)					$	(44)					$	(38)					$	(32)
Foreign currency effect on (2):
Adjusted operating loss before income taxes						$	(1)					$	(1)					$	—					$	—					$	1					$	(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.
(2) Compared to comparable prior year period.

Page 16

Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income
(USD millions)
						Three Months Ended																														Current Qtr
						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,						vs. PY
						2025						2024						2024						2024						2024						Quarter
U.S. and Latin America:
Traditional						$	140					$	151					$	79					$	167					$	128					$	12
Financial Solutions						67						76						80						80						90						(23)
Total U.S. and Latin America						207						227						159						247						218						(11)
Canada:
Traditional						32						32						30						26						46						(14)
Financial Solutions						11						8						4						7						7						4
Total Canada						43						40						34						33						53						(10)
Europe, Middle East and Africa:
Traditional						50						11						(18)						(1)						38						12
Financial Solutions						90						96						86						86						77						13
Total Europe, Middle East and Africa						140						107						68						85						115						25
Asia Pacific:
Traditional						106						63						11						99						109						(3)
Financial Solutions						59						65						60						71						59						—
Total Asia Pacific						165						128						71						170						168						(3)
Corporate and Other						(70)						(71)						(18)						(44)						(38)						(32)
Consolidated adjusted operating income before income taxes						485						431						314						491						516						(31)
Notable items (1)						—						—						194						—						—						—
Consolidated adjusted operating income excluding notable items before income taxes						$	485					$	431					$	508					$	491					$	516					$	(31)
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.

Page 17

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Cash and Invested Assets
						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,
						2025						2024						2024						2024						2024
Fixed maturity securities, available-for-sale (1)						$	84,507					$	77,617					$	78,149					$	70,491					$	65,827
Equity securities						153						155						155						144						144
Mortgage loans						9,331						8,839						8,388						7,984						7,539
Policy loans						1,284						1,321						1,285						1,171						1,198
Funds withheld at interest						5,328						5,436						5,545						5,556						5,642
Limited partnerships and real estate joint ventures						3,228						3,067						2,972						2,791						2,697
Short-term investments						454						363						381						335						327
Other invested assets						1,295						1,242						1,361						1,148						1,140
Cash and cash equivalents						5,151						3,326						5,195						4,596						5,935
Total cash and invested assets						$	110,731					$	101,366					$	103,431					$	94,216					$	90,449
(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
						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,						vs. PY
						2025						2024						2024						2024						2024						Quarter
Average invested assets at amortized cost (1)						$	44,016					$	40,803					$	39,469					$	38,172					$	38,483					$	5,533
Net investment income (1)						$	502					$	484					$	492					$	436					$	444					$	58
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)						4.64		%				4.83		%				5.08		%				4.65		%				4.70		%				(6) bps
Variable investment income ("VII") (included in net investment income) (1)						$	(6)					$	25					$	36					$	12					$	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) (1)						4.90		%				4.80		%				4.95		%				4.76		%				4.75		%				15 bps
(1) Excludes spread related business (e.g. coinsurance of annuities).

Page 18

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities
						March 31, 2025
						Amortized Cost						Allowance for Credit Losses						Unrealized Gains						Unrealized Losses						Estimated Fair Value						% of 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 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		%

Page 19

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Corporate Fixed Maturity Securities by Industry
						March 31, 2025																								December 31, 2024
						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						$	7,683					$	7,438					13.4		%				A-						$	7,757					$	7,485					14.7		%				A-
Brokerage/asset managers/exchanges						1,521						1,405						2.5		%				A-						1,482						1,360						2.7		%				A-
Finance companies						646						615						1.1		%				BBB						530						501						1.0		%				BBB
Insurance						5,422						4,952						8.9		%				A-						4,992						4,497						8.8		%				A-
REITs						1,909						1,786						3.2		%				A-						1,737						1,613						3.2		%				A-
Other finance						1,466						1,274						2.3		%				A-						1,407						1,217						2.3		%				A-
Total financial institutions						$	18,647					$	17,470					31.4		%										$	17,905					$	16,673					32.7		%
Industrials
Basic						$	2,313					$	2,148					3.9		%				BBB+						$	2,097					$	1,929					3.8		%				BBB+
Capital goods						2,738						2,631						4.7		%				BBB+						2,489						2,369						4.6		%				BBB+
Communications						3,533						3,267						5.9		%				BBB+						3,420						3,147						6.2		%				BBB+
Consumer cyclical						3,427						3,232						5.7		%				BBB+						3,300						3,099						6.1		%				BBB+
Consumer noncyclical						6,603						6,173						11.1		%				BBB+						6,177						5,714						11.2		%				BBB+
Energy						4,638						4,501						8.1		%				BBB+						4,060						3,906						7.7		%				BBB+
Technology						2,284						2,103						3.8		%				BBB+						2,124						1,937						3.8		%				BBB+
Transportation						3,492						3,289						5.9		%				A-						3,238						3,025						5.9		%				A-
Other industrial						1,634						1,614						2.9		%				BBB						1,362						1,350						2.6		%				BBB
Total industrials						$	30,662					$	28,958					52.0		%										$	28,267					$	26,476					51.9		%
Utilities
Electric						$	8,023					$	7,519					13.4		%				A-						$	6,863					$	6,336					12.4		%				A-
Natural gas						1,343						1,239						2.2		%				A-						1,177						1,078						2.2		%				A-
Other utility						603						534						1.0		%				BBB+						493						428						0.8		%				BBB+
Total utilities						$	9,969					$	9,292					16.6		%										$	8,533					$	7,842					15.4		%
Total						$	59,278					$	55,720					100.0		%				A-						$	54,705					$	50,991					100.0		%				A-
(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.

Page 20

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Ratings of Fixed Maturity Securities
												March 31, 2025																		December 31, 2024																		September 30, 2024																		June 30, 2024																		March 31, 2024
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						$	58,522					$	54,839					64.9		%				$	54,543					$	50,822					65.5		%				$	53,371					$	51,053					65.3		%				$	49,634					$	45,782					64.9		%				$	46,541					$	43,336					65.8		%
2						BBB						26,347						24,946						29.5		%				24,023						22,565						29.1		%				24,076						23,130						29.6		%				22,431						20,787						29.5		%				20,527						18,951						28.8		%
3						BB						3,880						3,849						4.6		%				3,422						3,410						4.4		%				3,284						3,233						4.2		%				3,331						3,270						4.6		%				3,039						2,952						4.5		%
4						B						643						639						0.8		%				636						577						0.7		%				662						576						0.7		%				562						504						0.8		%				515						468						0.8		%
5						CCC						287						216						0.2		%				246						221						0.3		%				168						131						0.2		%				158						124						0.2		%				123						98						0.1		%
6						In or near default						30						18						—		%				37						22						—		%				45						26						—		%				45						24						—		%				45						22						—		%
						Total						$	89,709					$	84,507					100.0		%				$	82,907					$	77,617					100.0		%				$	81,606					$	78,149					100.0		%				$	76,161					$	70,491					100.0		%				$	70,790					$	65,827					100.0		%
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).

Structured Fixed Maturity Securities
						March 31, 2025																		December 31, 2024																		September 30, 2024																		June 30, 2024																		March 31, 2024
						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")						$	2,262					$	2,251					24.2		%				$	2,044					$	2,044					23.7		%				$	2,659					$	2,650					29.7		%				$	2,675					$	2,676					31.6		%				$	2,540					$	2,518					31.6		%
ABS, excluding CLOs						3,404						3,269						35.2		%				3,153						2,996						34.7		%				2,862						2,723						30.5		%				2,627						2,467						29.1		%				2,597						2,427						30.5		%
Total ABS						5,666						5,520						59.4		%				5,197						5,040						58.4		%				5,521						5,373						60.2		%				5,302						5,143						60.7		%				5,137						4,945						62.1		%
CMBS						2,334						2,267						24.4		%				2,344						2,267						26.3		%				2,327						2,238						25.1		%				2,242						2,120						25.0		%				2,002						1,861						23.4		%
RMBS
Agency						385						344						3.7		%				394						344						4.0		%				401						365						4.0		%				414						364						4.3		%				436						385						4.8		%
Non-agency						1,186						1,158						12.5		%				1,018						973						11.3		%				973						953						10.7		%				893						848						10.0		%				814						765						9.7		%
Total RMBS						1,571						1,502						16.2		%				1,412						1,317						15.3		%				1,374						1,318						14.7		%				1,307						1,212						14.3		%				1,250						1,150						14.5		%
Total						$	9,571					$	9,289					100.0		%				$	8,953					$	8,624					100.0		%				$	9,222					$	8,929					100.0		%				$	8,851					$	8,475					100.0		%				$	8,389					$	7,956					100.0		%

Page 21

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
						As of March 31, 2025
						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						$	14,280					$	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
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.

Page 22

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
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.

Page 23

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Consolidated Investment Related Gains and Losses
						Three Months Ended																														Current Qtr
						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,						vs. PY
						2025						2024						2024						2024						2024						Quarter
Fixed maturity securities available-for-sale:
Change in allowance for credit losses						$	(6)					$	23					$	(9)					$	(16)					$	(20)					$	14
Impairments on fixed maturity securities						—						—						—						(1)						—						—
Realized gains on investment activity						36						22						72						68						32						4
Realized losses on investment activity						(87)						(334)						(113)						(230)						(134)						47
Net losses on fixed maturity securities available-for-sale						(57)						(289)						(50)						(179)						(122)						65
Net gains (losses) on equity securities						(1)						(4)						6						(5)						4						(5)
Change in mortgage loan allowance for credit losses						4						(6)						(12)						2						(10)						14
Limited partnerships and real estate joint ventures impairment losses						(5)						(15)						—						—						(8)						3
Change in fair value of certain limited partnership investments						(7)						21						17						—						1						(8)
Other, net						—						19						(14)						4						8						(8)
Freestanding derivatives (1):
Interest rate swaps						6						(18)						13						(13)						(31)						37
Interest rate options						—						—						(3)						—						(3)						3
Total return swaps						(6)						(7)						7						(11)						4						(10)
Interest rate futures						—						—						—						1						1						(1)
Foreign currency swaps						(3)						14						(7)						8						14						(17)
Foreign currency swaps - hedged						—						—						—						(1)						(1)						1
Foreign currency forwards						22						(82)						77						(98)						(64)						86
Foreign currency options						(1)						(6)						2						(3)						—						(1)
Equity options						(6)						(1)						1						(1)						(4)						(2)
Equity futures						9						3						(12)						(2)						(17)						26
Credit default swaps						(18)						1						10						2						2						(20)
CPI swaps						(5)						(2)						(1)						(1)						—						(5)
Total freestanding derivatives						(2)						(98)						87						(119)						(99)						97
Embedded derivatives						(11)						125						(112)						26						77						(88)
Net gains (losses) on total derivatives						(13)						27						(25)						(93)						(22)						9
Total investment related gains (losses), net						$	(79)					$	(247)					$	(78)					$	(271)					$	(149)					$	70
(1) Freestanding derivatives are non-hedged unless specified.

Page 24

Appendix

Reconciliations of GAAP to Non-GAAP Measures

Page 25

Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
						Three Months Ended																														Current Qtr
						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,						vs. PY
						2025						2024						2024						2024						2024						Quarter
U.S. and Latin America Traditional
Income before income taxes						$	149					$	153					$	57					$	174					$	116					$	33
Investment and derivative gains (1)						—						1						1						—						—						—
Funds withheld losses - investment income						—						—						—						—						—						—
Change in fair value of funds withheld embedded derivatives (1)						(9)						(3)						21						(6)						12						(21)
Other						—						—						—						(1)						—						—
Adjusted operating income before income taxes						140						151						79						167						128						12
Notable items (2)						—						—						53						—						—						—
Adjusted operating income excluding notable items, before income taxes						$	140					$	151					$	132					$	167					$	128					$	12
U.S. and Latin America Financial Solutions
Income (loss) before income taxes						$	34					$	139					$	(46)					$	83					$	17					$	17
Market risk benefits remeasurement (gains) losses						29						(32)						31						(8)						(35)						64
Investment and derivative (gains) losses (1)						(17)						96						(7)						35						62						(79)
Change in fair value of funds withheld embedded derivatives (1)						20						(122)						91						(20)						(89)						109
Funds withheld (gains) losses - investment income						(1)						4						1						(1)						(1)						—
Derivatives - interest credited						5						(1)						11						(6)						13						(8)
Other (3)						(3)						(8)						(1)						(3)						123						(126)
Adjusted operating income before income taxes						67						76						80						80						90						(23)
Notable items (2)						—						—						—						—						—						—
Adjusted operating income excluding notable items, before income taxes						$	67					$	76					$	80					$	80					$	90					$	(23)
(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.

Page 26

Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
						Three Months Ended																														Current Qtr
						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,						vs. PY
						2025						2024						2024						2024						2024						Quarter
Canada Traditional
Income before income taxes						$	32					$	32					$	29					$	27					$	47					$	(15)
Investment and derivative (gains) losses (1)						—						—						—						1						(1)						1
Investment income - non-operating FWAI						—						1						—						—						—						—
Other						—						(1)						1						(2)						—						—
Adjusted operating income before income taxes						32						32						30						26						46						(14)
Notable items (2)						—						—						(5)						—						—						—
Adjusted operating income excluding notable items, before income taxes						$	32					$	32					$	25					$	26					$	46					$	(14)
Canada Financial Solutions
Income before income taxes						$	12					$	17					$	21					$	6					$	7					$	5
Investment and derivative (gains) losses (1)						(1)						(9)						(17)						1						—						(1)
Adjusted operating income before income taxes						11						8						4						7						7						4
Notable items (2)						—						—						—						—						—						—
Adjusted operating income excluding notable items, before income taxes						$	11					$	8					$	4					$	7					$	7					$	4
Europe, Middle East and Africa Traditional
Income (loss) before income taxes						$	50					$	8					$	(17)					$	1					$	28					$	22
Other						—						3						(1)						(2)						10						(10)
Adjusted operating income (loss) before income taxes						50						11						(18)						(1)						38						12
Notable items (2)						—						—						40						—						—						—
Adjusted operating income (loss) excluding notable items, before income taxes						$	50					$	11					$	22					$	(1)					$	38					$	12
Europe, Middle East and Africa Financial Solutions
Income before income taxes						$	74					$	79					$	84					$	72					$	64					$	10
Investment and derivative losses (1)						14						16						4						13						14						—
Investment income - non-operating FWAI						2						1						(2)						1						(1)						3
Investment (income) loss on unit-linked variable annuities						—						2						(1)						1						1						(1)
Interest credited on unit-linked variable annuities						—						(2)						1						(1)						(1)						1
Adjusted operating income before income taxes						90						96						86						86						77						13
Notable items (2)						—						—						2						—						—						—
Adjusted operating income excluding notable items, before income taxes						$	90					$	96					$	88					$	86					$	77					$	13
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.

Page 27

Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
						Three Months Ended																														Current Qtr
						March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,						vs. PY
						2025						2024						2024						2024						2024						Quarter
Asia Pacific Traditional
Income before income taxes						$	106					$	59					$	11					$	100					$	109					$	(3)
Other						—						4						—						(1)						—						—
Adjusted operating income before income taxes						106						63						11						99						109						(3)
Notable items (2)						—						—						95						—						—						—
Adjusted operating income excluding notable items, before income taxes						$	106					$	63					$	106					$	99					$	109					$	(3)
Asia Pacific Financial Solutions
Income (loss) before income taxes						$	31					$	1					$	93					$	(58)					$	13					$	18
Investment and derivative (gains) losses (1)						25						96						(17)						178						74						(49)
Other						3						(32)						(16)						(49)						(28)						31
Adjusted operating income before income taxes						59						65						60						71						59						—
Notable items (2)						—						—						9						—						—						—
Adjusted operating income excluding notable items, before income taxes						$	59					$	65					$	69					$	71					$	59					$	—
Corporate and Other
Loss before income taxes						$	(119)					$	(263)					$	(18)					$	(136)					$	(129)					$	10
Investment and derivative losses (1)						50						180						13						80						83						(33)
Investment income - non-operating FWAI						(1)						—						—						—						—						(1)
Interest expense on uncertain tax positions						—						1						1						(1)						—						—
Derivatives - interest credited						5						(2)						—						—						—						5
Other						(5)						13						(14)						13						8						(13)
Adjusted operating loss before income taxes						(70)						(71)						(18)						(44)						(38)						(32)
Notable items (2)						—						—						—						—						—						—
Adjusted operating loss excluding notable items, before income taxes						$	(70)					$	(71)					$	(18)					$	(44)					$	(38)					$	(32)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.

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Reinsurance Group of America, Incorporated
Reconciliations of RGA, Inc. Shareholders’ Equity to RGA, Inc. Shareholders’ Equity Excluding AOCI
(USD millions except per share data)
									March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,
									2025						2024						2024						2024						2024
RGA, Inc. shareholders’ equity									$	11,402					$	10,816					$	11,127					$	9,735					$	9,468
Less effect of AOCI:
Accumulated currency translation adjustments									(8)						(19)						108						86						57
Unrealized (depreciation) appreciation of securities									(4,443)						(4,526)						(2,800)						(4,694)						(4,062)
Effect of updating discount rates on future policy benefits									5,702						5,412						3,987						4,611						3,906
Change in instrument-specific credit risk for market risk benefits									6						2						6						6						3
Pension and postretirement benefits									(19)						(20)						(29)						(29)						(29)
RGA, Inc. shareholders’ equity, excluding AOCI									10,164						9,967						9,855						9,755						9,593
Year-to-date notable items, net of tax									—						168						168						—						—
RGA, Inc. shareholders’ equity, excluding AOCI and notable items									$	10,164					$	10,135					$	10,023					$	9,755					$	9,593
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
									March 31,						Dec. 31,						Sept. 30,						June 30,						March 31,
									2025						2024						2024						2024						2024
Book value per share									$	172.53					$	164.19					$	168.93					$	147.90					$	143.92
Less effect of AOCI:
Accumulated currency translation adjustment									(0.12)						(0.27)						1.64						1.32						0.88
Unrealized (depreciation) appreciation of securities									(67.24)						(68.73)						(42.52)						(71.31)						(61.74)
Effect of updating discount rates on future policy benefits									86.28						82.16						60.54						70.06						59.36
Change in instrument-specific credit risk for market risk benefits									0.09						0.03						0.09						0.09						0.04
Pension and postretirement benefits									(0.28)						(0.31)						(0.45)						(0.45)						(0.45)
Book value per share, excluding AOCI									$	153.80					$	151.31					$	149.63					$	148.19					$	145.83
Less effect of B36:									(0.80)						(0.66)						(2.16)						(0.82)						(1.13)
Book value per share, excluding AOCI and B36									$	154.60					$	151.97					$	151.79					$	149.01					$	146.96

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Reinsurance Group of America, Incorporated

Non-GAAP Disclosures

This Quarterly Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated (“RGA”) with the SEC. The consolidated financial information herein includes the assets, liabilities, and results of operations of RGA and its subsidiaries.

Non-GAAP Financial Measures

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.

The following non-GAAP financial measures are used in this document or in other public disclosures made by the Company from time to time:

1.Adjusted operating income, on a pre-tax and after-tax basis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations. Adjusted operating income is calculated as net income available to the Company’s shareholders (or, in the case of pre-tax adjusted operating income, 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 certain 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 that the Company believes are not indicative of the Company’s ongoing operations

as such items can be volatile and may not reflect the underlying performance of the Company’s business. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company’s management incentive programs.

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.

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3. Adjusted operating revenue. This measure excludes the effects of net realized capital gains and losses, and changes in the fair value of certain embedded derivatives.

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:

•Shareholders’ average equity position excluding AOCI and B36, where B36 refers to the cumulative change in fair value of funds withheld embedded derivatives;

•Shareholders’ average equity position excluding AOCI and notable items; and

•Shareholders’ average equity position excluding AOCI, B36 and notable items.

5. Adjusted operating return on equity. This measure is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target levels and awards under the Company’s management incentive programs. The Company also discloses the following non-GAAP financial measures:

•Adjusted operating return on equity excluding AOCI and B36;

•Adjusted operating return on equity excluding AOCI and notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’ equity excluding notable items and AOCI; and

•Adjusted operating return on equity excluding AOCI, B36 and notable items.

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.

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