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

AA-

A+

Senior Debt Ratings

Reinsurance Group of America, Incorporated

Baa1


			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


Reinsurance Group of America, Incorporated
Financial Highlights

	Three Months Ended															Current vs.			Year-to-Date
(USD millions, except in force and per share and shares data)	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Prior Year			Sept. 30,		Sept. 30,
	2025			2025			2025			2024			2024			Quarter			2025		2024		Change

Net premiums	$	4,280		$	4,151		$	4,019		$	4,156		$	4,391		$	(111)		$	12,450	$	13,687	$	(1,237)
Net income available to RGA’s shareholders	253			180			286			148			156			97			719		569		150
Adjusted operating income	310			315			378			334			242			68			1,003		1,008		(5)
Adjusted operating income excluding notable items (1)	424			315			378			334			410			14			1,117		1,176		(59)
Return on equity	7.4		%	7.0		%	7.5		%	7.1		%	7.7		%	(0.3)		%
Adjusted operating return on equity (excluding AOCI)	13.2		%	12.7		%	13.4		%	13.8		%	13.8		%	(0.6)		%
Adjusted operating return on equity (excluding AOCI and notable items (1))	14.2		%	14.3		%	15.0		%	15.4		%	15.5		%	(1.3)		%
Adjusted operating return on equity (excluding AOCI and B36 items)	13.1		%	12.6		%	13.3		%	13.7		%	13.7		%	(0.6)		%

Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income	$	3.85		$	2.72		$	4.33		$	2.26		$	2.37		$	1.48		$	10.89	$	8.64	$	2.25
Adjusted operating income	$	4.71		$	4.76		$	5.73		$	5.07		$	3.67		$	1.04		$	15.21	$	15.31	$	(0.10)
Adjusted operating income excluding notable items (1)	$	6.43		$	4.76		$	5.73		$	5.07		$	6.22		$	0.21		$	16.93	$	17.87	$	(0.94)
Diluted earnings per share
Net income	$	3.81		$	2.70		$	4.27		$	2.22		$	2.33		$	1.48		$	10.78	$	8.53	$	2.25
Adjusted operating income	$	4.66		$	4.72		$	5.66		$	4.99		$	3.62		$	1.04		$	15.04	$	15.11	$	(0.07)
Adjusted operating income excluding notable items (1)	$	6.37		$	4.72		$	5.66		$	4.99		$	6.13		$	0.24		$	16.75	$	17.63	$	(0.88)
Weighted average common shares outstanding
Basic	65,867			66,088			66,008			65,867			65,850			17			65,987		65,799		188
Diluted	66,508			66,731			66,861			66,982			66,797			(289)			66,694		66,694		—

Book value per share	$	197.52		$	182.37		$	172.53		$	164.19		$	168.93		$	28.59		$	197.52	$	168.93	$	28.59
Book value per share, excluding AOCI	$	158.67		$	155.87		$	153.80		$	151.31		$	149.63		$	9.04		$	158.67	$	149.63	$	9.04
Book value per share, excluding AOCI and B36	$	159.83		$	156.63		$	154.60		$	151.97		$	151.79		$	8.04		$	159.83	$	151.79	$	8.04

Shareholders’ dividends paid	$	61		$	59		$	59		$	59		$	58		$	3		$	179	$	170	$	9
Share buybacks	75			—			—			—			—			75			75		—		75
Total returned to shareholders	$	136		$	59		$	59		$	59		$	58		$	78		$	254	$	170	$	84

Common shares issued	85,311			85,311			85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	19,602			19,219			19,225			19,439			19,447			155			19,602		19,447		155
Common shares outstanding	65,709			66,092			66,086			65,872			65,864			(155)			65,709		65,864		(155)

Assumed life reinsurance in force (in billions)	$	4,320.8		$	4,091.3		$	3,950.9		$	3,878.7		$	3,966.5		$	354.3
Assumed new business production (in billions)	$	363.8		$	110.9		$	131.7		$	102.3		$	204.4		$	159.4		$	606.4	$	403.1	$	203.3

(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 vs.		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		Prior Year		Sept. 30,		Sept. 30,
	2025		2025		2025		2024		2024		Quarter		2025		2024		Change
Revenues:
Net premiums	$	4,280	$	4,151	$	4,019	$	4,156	$	4,391	$	(111)	$	12,450	$	13,687	$	(1,237)
Net investment income	1,475		1,408		1,232		1,185		1,188		287		4,115		3,231		884
Investment related gains (losses), net	13		(44)		(79)		(247)		(78)		91		(110)		(498)		388
Other revenue	436		84		88		147		150		286		608		446		162
Total revenues	6,204		5,599		5,260		5,241		5,651		553		17,063		16,866		197
Benefits and expenses:
Adjusted claims and other policy benefits	4,356		4,045		3,822		3,943		4,116		240		12,223		12,960		(737)
Future policy benefits remeasurement (gains) losses	85		68		(56)		(69)		151		(66)		97		37		60
Market risk benefits remeasurement (gains) losses	(1)		(17)		29		(32)		31		(32)		11		(12)		23
Adjusted interest credited	547		314		299		292		310		237		1,160		795		365
Policy acquisition costs and other insurance expenses	471		433		417		411		452		19		1,321		1,230		91
Other operating expenses	328		325		300		385		299		29		953		883		70
Interest expense	98		90		80		86		78		20		268		218		50
Total benefits and expenses	5,884		5,258		4,891		5,016		5,437		447		16,033		16,111		(78)
Income before income taxes	320		341		369		225		214		106		1,030		755		275
Provision for income taxes	65		160		81		75		56		9		306		181		125
Net income	255		181		288		150		158		97		724		574		150
Net income attributable to noncontrolling interest	2		1		2		2		2		—		5		5		—
Net income available to RGA’s shareholders	$	253	$	180	$	286	$	148	$	156	$	97	$	719	$	569	$	150
Pre-tax adjusted operating income reconciliation:
Income before income taxes	$	320	$	341	$	369	$	225	$	214	$	106	$	1,030	$	755	$	275
Investment and derivative (gains) losses (1)	(1)		77		71		380		(23)		22		147		517		(370)
Market risk benefits remeasurement (gains) losses	(1)		(17)		29		(32)		31		(32)		11		(12)		23
Change in fair value of funds withheld embedded derivatives (1)	33		(3)		11		(125)		112		(79)		41		9		32
Funds withheld (gains) losses - investment income	19		(2)		—		6		(1)		20		17		(3)		20
Derivatives - interest credited	1		2		10		(3)		11		(10)		13		18		(5)
Investment (income) loss on unit-linked variable annuities	1		—		—		2		(1)		2		1		1		—
Interest credited on unit-linked variable annuities	(1)		—		—		(2)		1		(2)		(1)		(1)		—
Interest expense on uncertain tax positions	—		—		—		1		1		(1)		—		—		—
Other (2)	14		23		(5)		(21)		(31)		45		32		37		(5)
Adjusted operating income before income taxes	385		421		485		431		314		71		1,291		1,321		(30)
Notable items (3)	149		—		—		—		194		(45)		149		194		(45)
Adjusted operating income before income taxes excluding notable items	$	534	$	421	$	485	$	431	$	508	$	26	$	1,440	$	1,515	$	(75)

(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 vs.		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		Prior Year		Sept. 30,		Sept. 30,
	2025		2025		2025		2024		2024		Quarter		2025		2024		Change
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA	$	253	$	180	$	286	$	148	$	156	$	97	$	719	$	569	$	150
Investment and derivative (gains) losses (1)	(2)		64		53		300		(18)		16		115		406		(291)
Market risk benefits remeasurement (gains) losses	—		(14)		23		(26)		25		(25)		9		(9)		18
Change in fair value of funds withheld embedded derivatives (1)	26		(3)		9		(99)		88		(62)		32		7		25
Funds withheld (gains) losses - investment income	15		(2)		—		4		—		15		13		(2)		15
Derivatives - interest credited	1		1		8		(2)		8		(7)		10		14		(4)
Investment (income) loss on unit-linked variable annuities	1		—		—		1		(1)		2		1		1		—
Interest credited on unit-linked variable annuities	(1)		—		—		(1)		1		(2)		(1)		(1)		—
Interest expense on uncertain tax positions	—		—		—		1		1		(1)		—		—		—
Other (2)	11		18		(4)		(16)		(25)		36		25		29		(4)
Uncertain tax positions and other tax related items	4		70		1		22		5		(1)		75		(11)		86
Net income attributable to noncontrolling interest	2		1		2		2		2		—		5		5		—
Adjusted operating income	310		315		378		334		242		68		1,003		1,008		(5)
Notable items (3)	114		—		—		—		168		(54)		114		168		(54)
Adjusted operating income excluding notable items	$	424	$	315	$	378	$	334	$	410	$	14	$	1,117	$	1,176	$	(59)

Diluted earnings per share - adjusted operating income	$	4.66	$	4.72	$	5.66	$	4.99	$	3.62	$	1.04	$	15.04	$	15.11	$	(0.07)
Diluted earnings per share - adjusted operating income excluding notable items	$	6.37	$	4.72	$	5.66	$	4.99	$	6.13	$	0.24	$	16.75	$	17.63	$	(0.88)

Foreign currency effect on (4):
Net premiums	$	29	$	45	$	(60)	$	(15)	$	1	$	28	$	14	$	(44)	$	58
Adjusted operating income before income taxes	$	3	$	9	$	(8)	$	8	$	1	$	2	$	4	$	(3)	$	7

(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)
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2025		2025		2025		2024		2024
Assets
Fixed maturity securities available-for-sale, at fair value	$	99,573	$	86,043	$	84,507	$	77,617	$	78,149
Equity securities	161		155		153		155		155
Mortgage loans	10,507		10,057		9,331		8,839		8,388
Policy loans	3,570		1,294		1,284		1,321		1,285
Funds withheld at interest	8,268		7,115		5,328		5,436		5,545
Limited partnerships and real estate joint ventures	3,648		3,338		3,228		3,067		2,972
Short-term investments	381		502		454		363		381
Other invested assets	1,496		1,397		1,295		1,242		1,361
Total investments	127,604		109,901		105,580		98,040		98,236
Cash and cash equivalents	4,625		5,416		5,151		3,326		5,195
Accrued investment income	1,275		1,089		1,059		986		995
Premiums receivable and other reinsurance balances	4,035		4,202		3,749		3,898		3,738
Reinsurance ceded receivables and other	5,758		5,386		5,420		5,531		5,438
Deferred policy acquisition costs	5,954		5,823		5,649		5,543		5,477
Other assets	2,752		1,662		1,602		1,351		1,179
Total assets	$	152,003	$	133,479	$	128,210	$	118,675	$	120,258
Liabilities and equity
Future policy benefits	$	66,389	$	63,531	$	59,836	$	53,368	$	55,933
Interest-sensitive contract liabilities	49,634		37,158		36,614		35,095		34,357
Market risk benefits, at fair value	238		233		243		223		247
Other policy claims and benefits	3,032		3,016		2,870		2,693		2,875
Other reinsurance balances	1,600		1,353		1,291		1,316		955
Deferred income taxes	2,591		2,454		2,250		2,199		2,059
Funds withheld payable	5,277		4,816		4,889		5,017		4,809
Other liabilities	4,440		3,041		2,991		2,816		2,739
Long-term debt	5,734		5,734		5,734		5,042		5,067
Total liabilities	138,935		121,336		116,718		107,769		109,041
Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,628		2,624		2,608		2,600		2,577
Retained earnings	9,757		9,563		9,443		9,255		9,166
Treasury stock	(1,960)		(1,887)		(1,888)		(1,889)		(1,889)
Accumulated other comprehensive income, net of taxes (AOCI):
Accumulated currency translation adjustment	83		130		(8)		(19)		108
Unrealized (depreciation) appreciation of securities	(4,199)		(4,897)		(4,443)		(4,526)		(2,800)
Effect of updating discount rates on future policy benefits	6,682		6,533		5,702		5,412		3,987
Change in instrument-specific credit risk for market risk benefits	1		3		6		2		6
Pension and postretirement benefits	(15)		(17)		(19)		(20)		(29)
Total RGA, Inc. shareholders’ equity	12,978		12,053		11,402		10,816		11,127
Noncontrolling interest	90		90		90		90		90
Total equity	13,068		12,143		11,492		10,906		11,217
Total liabilities and equity	$	152,003	$	133,479	$	128,210	$	118,675	$	120,258
Total RGA, Inc. shareholders’ equity, excluding AOCI	$	10,426	$	10,301	$	10,164	$	9,967	$	9,855

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 vs.			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Prior Year			Sept. 30,			Sept. 30,
	2025			2025			2025			2024			2024			Quarter			2025			2024			Change
Revenues:
Net premiums	$	1,883		$	2,019		$	1,921		$	2,046		$	1,912		$	(29)		$	5,823		$	5,454		$	369
Net investment income	282			285			268			247			226			56			835			634			201
Investment related gains (losses), net	14			12			(6)			—			—			14			20			—			20
Other revenue	11			4			8			14			21			(10)			23			34			(11)
Total revenues	2,190			2,320			2,191			2,307			2,159			31			6,701			6,122			579

Benefits and expenses:
Adjusted claims and other policy benefits	1,769			1,922			1,773			1,886			1,712			57			5,464			4,960			504
Future policy benefits remeasurement (gains) losses	(46)			74			(25)			(68)			46			(92)			3			(41)			44
Adjusted interest credited	61			37			29			36			45			16			127			83			44
Policy acquisition costs and other insurance expenses	209			223			219			225			223			(14)			651			584			67
Other operating expenses	61			60			55			77			54			7			176			162			14
Total benefits and expenses	2,054			2,316			2,051			2,156			2,080			(26)			6,421			5,748			673

Adjusted operating income before income taxes	136			4			140			151			79			57			280			374			(94)
Notable items (1)	(39)			—			—			—			53			(92)			(39)			53			(92)
Adjusted operating income excluding notable items, before income taxes	$	97		$	4		$	140		$	151		$	132		$	(35)		$	241		$	427		$	(186)

Loss and expense ratios:
Loss ratio (2)	91.5		%	98.9		%	91.0		%	88.9		%	91.9		%	(0.4)		%	93.9		%	90.2		%	3.7		%
Policy acquisition costs and other insurance expenses	11.1		%	11.0		%	11.4		%	11.0		%	11.7		%	(0.6)		%	11.2		%	10.7		%	0.5		%
Other operating expenses	3.2		%	3.0		%	2.9		%	3.8		%	2.8		%	0.4		%	3.0		%	3.0		%	—		%

Foreign currency effect on (3):
Net premiums	$	1		$	(4)		$	(7)		$	(5)		$	(4)		$	5		$	(10)		$	—		$	(10)
Adjusted operating income (loss) before income taxes	$	—		$	1		$	(2)		$	—		$	—		$	—		$	(1)		$	(1)		$	—

Assumed Life Reinsurance In Force (in billions)	$	1,860.7		$	1,854.7		$	1,840.6		$	1,837.1		$	1,834.5		$	26.2
Assumed New Business Production (in billions)	$	52.8		$	46.0		$	36.3		$	41.0		$	150.0		$	(97.2)		$	135.1		$	226.9		$	(91.8)

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 adjusted Claims and other policy 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 vs.		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		Prior Year		Sept. 30,		Sept. 30,
	2025		2025		2025		2024		2024		Quarter		2025		2024		Change
Revenues:
Net premiums	$	227	$	(5)	$	109	$	156	$	609	$	(382)	$	331	$	2,830	$	(2,499)
Net investment income	476		371		337		323		336		140		1,184		957		227
Investment related gains (losses), net	16		—		—		—		—		16		16		—		16
Other revenue	351		53		50		52		58		293		454		174		280
Total revenues	1,070		419		496		531		1,003		67		1,985		3,961		(1,976)

Benefits and expenses:
Adjusted claims and other policy benefits	511		76		200		210		654		(143)		787		2,977		(2,190)
Future policy benefits remeasurement (gains) losses	2		(1)		(2)		(10)		12		(10)		(1)		11		(12)
Adjusted interest credited	324		130		123		127		131		193		577		392		185
Policy acquisition costs and other insurance expenses	111		93		84		102		105		6		288		272		16
Other operating expenses	22		24		24		26		21		1		70		59		11
Total benefits and expenses	970		322		429		455		923		47		1,721		3,711		(1,990)

Adjusted operating income before income taxes	100		97		67		76		80		20		264		250		14
Notable items (1)	—		—		—		—		—		—		—		—		—
Adjusted operating income before income taxes excluding notable items	$	100	$	97	$	67	$	76	$	80	$	20	$	264	$	250	$	14

Assumed Life Reinsurance In Force (in billions)	$	207.7	$	9.4	$	9.5	$	9.7	$	9.8	$	197.9
Assumed New Business Production (in billions)	$	204.1	$	—	$	—	$	—	$	—	$	204.1	$	204.1	$	—	$	204.1

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


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


(USD millions, shown net of reinsurance ceded)	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
	2025			2025			2025			2024			2024
Policyholder account balances

Fixed annuities (deferred)	$	10,569		$	10,473		$	10,299		$	9,691		$	9,473
Equity-indexed annuities	$	1,668		$	1,748		$	1,838		$	1,927		$	2,022
Bank-owned life insurance (BOLI) and universal life	$	11,130		$	1,997		$	2,011		$	2,019		$	2,029
Other policyholder account balances	$	45		$	45		$	46		$	34		$	74

Variable annuities account balances
No riders	$	598		$	605		$	593		$	610		$	624
GMDB only	781			784			800			848			831
GMIB only	17			17			17			18			19
GMAB only	1			1			2			2			2
GMWB only	802			802			769			818			857
GMDB / WB	149			149			145			152			161
Other	13			13			13			13			14
Total variable annuities account balances	$	2,361		$	2,371		$	2,339		$	2,461		$	2,508

Variable universal life account value	$	14,132		$	—		$	—		$	—		$	—

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

Guaranteed investment contracts, funding agreements and immediate annuities	$	2,781		$	1,265		$	1,257		$	654		$	680

Future policy benefits (at original discount rate) associated with:
Payout annuities	$	8,266		$	8,734		$	8,840		$	6,781		$	6,936
Life insurance	$	684		$	—		$	—		$	—		$	—
Other future policy benefits	$	62		$	62		$	61		$	50		$	89

Liability for market risk benefits:

Equity-indexed annuities	$	181		$	173		$	170		$	163		$	176
Variable annuities (liability)	$	57		$	60		$	73		$	60		$	71
Variable annuities (asset)	$	19		$	17		$	13		$	17		$	14

Net interest spread (1)	1.2		%	1.2		%	0.8		%	1.3		%	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 vs.			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Prior Year			Sept. 30,			Sept. 30,
	2025			2025			2025			2024			2024			Quarter			2025			2024			Change
Revenues:
Net premiums	$	326		$	339		$	319		$	333		$	314		$	12		$	984		$	958		$	26
Net investment income	69			66			65			64			68			1			200			193			7
Investment related gains, net	2			—			1			—			1			1			3			3			—
Other revenue	1			1			(1)			—			2			(1)			1			6			(5)
Total revenues	398			406			384			397			385			13			1,188			1,160			28

Benefits and expenses:
Adjusted claims and other policy benefits	307			318			295			311			296			11			920			883			37
Future policy benefits remeasurement (gains) losses	(8)			2			3			(5)			(4)			(4)			(3)			(6)			3
Adjusted interest credited	1			—			—			—			1			—			1			1			—
Policy acquisition costs and other insurance expenses	43			43			41			45			48			(5)			127			141			(14)
Other operating expenses	12			15			13			14			14			(2)			40			39			1
Total benefits and expenses	355			378			352			365			355			—			1,085			1,058			27

Adjusted operating income before income taxes	43			28			32			32			30			13			103			102			1
Notable items (1)	(9)			—			—			—			(5)			(4)			(9)			(5)			(4)
Adjusted operating income excluding notable items, before income taxes	$	34		$	28		$	32		$	32		$	25		$	9		$	94		$	97		$	(3)

Loss and expense ratios:
Loss ratio (2)	91.7		%	94.4		%	93.4		%	91.9		%	93.0		%	(1.3)		%	93.2		%	91.5		%	1.7		%
Policy acquisition costs and other insurance expenses	13.2		%	12.7		%	12.9		%	13.5		%	15.3		%	(2.1)		%	12.9		%	14.7		%	(1.8)		%
Other operating expenses	3.7		%	4.4		%	4.1		%	4.2		%	4.5		%	(0.8)		%	4.1		%	4.1		%	—		%

Foreign currency effect on (3):
Net premiums	$	(3)		$	(4)		$	(20)		$	(10)		$	(5)		$	2		$	(27)		$	(10)		$	(17)
Adjusted operating income before income taxes	$	—		$	(1)		$	(2)		$	(1)		$	(1)		$	1		$	(3)		$	(1)		$	(2)

Assumed Life Reinsurance In Force (in billions)	$	507.9		$	512.4		$	478.6		$	474.2		$	499.6		$	8.3
Assumed New Business Production (in billions)	$	13.5		$	13.1		$	13.2		$	12.3		$	11.9		$	1.6		$	39.8		$	35.7		$	4.1

Creditor reinsurance net premiums	$	16		$	18		$	19		$	18		$	19		$	(3)		$	53		$	53		$	—

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 adjusted Claims and other policy 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 vs.		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		Prior Year		Sept. 30,		Sept. 30,
	2025		2025		2025		2024		2024		Quarter		2025		2024		Change
Revenues:
Net premiums	$	46	$	45	$	52	$	46	$	49	$	(3)	$	143	$	120	$	23
Net investment income	58		58		51		51		47		11		167		96		71
Investment related gains, net	(1)		—		—		1		—		(1)		(1)		—		(1)
Other revenue	3		5		4		5		3		—		12		12		—
Total revenues	106		108		107		103		99		7		321		228		93

Benefits and expenses:
Adjusted claims and other policy benefits	92		93		91		109		90		2		276		198		78

Policy acquisition costs and other insurance expenses	5		4		5		(17)		5		—		14		10		4
Other operating expenses	2		2		—		3		—		2		4		2		2
Total benefits and expenses	99		99		96		95		95		4		294		210		84

Adjusted operating income before income taxes	7		9		11		8		4		3		27		18		9
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	7	$	9	$	11	$	8	$	4	$	3	$	27	$	18	$	9

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

Assumed Life Reinsurance In Force (in billions)	$	6.2	$	6.3	$	6.0	$	6.0	$	8.3	$	(2.1)
Assumed New Business Production (in billions)	$	—	$	—	$	—	$	—	$	8.3	$	(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 include 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 vs.			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Prior Year			Sept. 30,			Sept. 30,
	2025			2025			2025			2024			2024			Quarter			2025			2024			Change
Revenues:
Net premiums	$	562		$	573		$	540		$	488		$	521		$	41		$	1,675		$	1,514		$	161
Net investment income	30			32			30			28			30			—			92			84			8
Other revenue	5			3			2			10			(1)			6			10			1			9
Total revenues	597			608			572			526			550			47			1,777			1,599			178

Benefits and expenses:
Adjusted claims and other policy benefits	516			533			483			445			472			44			1,532			1,360			172
Future policy benefits remeasurement (gains) losses	216			6			(8)			12			35			181			214			36			178
Policy acquisition costs and other insurance expenses	30			24			20			21			29			1			74			88			(14)
Other operating expenses	27			27			27			37			32			(5)			81			96			(15)
Total benefits and expenses	789			590			522			515			568			221			1,901			1,580			321

Adjusted operating income (loss) before income taxes	(192)			18			50			11			(18)			(174)			(124)			19			(143)
Notable items (1)	222			—			—			—			40			182			222			40			182
Adjusted operating income (loss) excluding notable items, before income taxes	$	30		$	18		$	50		$	11		$	22		$	8		$	98		$	59		$	39

Loss and expense ratios:
Loss ratio (2)	130.2		%	94.1		%	88.0		%	93.6		%	97.3		%	32.9		%	104.2		%	92.2		%	12.0		%
Policy acquisition costs and other insurance expenses	5.3		%	4.2		%	3.7		%	4.3		%	5.6		%	(0.3)		%	4.4		%	5.8		%	(1.4)		%
Other operating expenses	4.8		%	4.7		%	5.0		%	7.6		%	6.1		%	(1.3)		%	4.8		%	6.3		%	(1.5)		%

Foreign currency effect on (3):
Net premiums	$	18		$	24		$	(3)		$	8		$	12		$	6		$	39		$	20		$	19
Adjusted operating income (loss) before income taxes	$	(7)		$	1		$	1		$	2		$	(1)		$	(6)		$	(5)		$	(1)		$	(4)

Critical illness net premiums	$	33		$	36		$	32		$	33		$	38		$	(5)		$	101		$	103		$	(2)

Assumed Life Reinsurance In Force (in billions)	$	1,125.7		$	1,117.7		$	1,036.7		$	970.4		$	1,027.5		$	98.2
Assumed New Business Production (in billions)	$	35.7		$	34.1		$	63.4		$	30.5		$	31.0		$	4.7		$	133.2		$	89.0		$	44.2

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 adjusted Claims and other policy 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 vs.		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		Prior Year		Sept. 30,		Sept. 30,
	2025		2025		2025		2024		2024		Quarter		2025		2024		Change
Revenues:
Net premiums	$	260	$	247	$	189	$	187	$	168	$	92	$	696	$	473	$	223
Net investment income	106		109		85		87		84		22		300		232		68
Investment related gains (losses), net	—		4		(1)		(1)		1		(1)		3		1		2
Other revenue	21		7		9		12		3		18		37		22		15
Total revenues	387		367		282		285		256		131		1,036		728		308

Benefits and expenses:
Adjusted claims and other policy benefits	253		224		167		159		148		105		644		403		241
Future policy benefits remeasurement (gains) losses	(37)		(3)		(3)		(1)		—		(37)		(43)		4		(47)
Adjusted interest credited	7		7		6		9		5		2		20		21		(1)
Policy acquisition costs and other insurance expenses	3		2		1		2		2		1		6		6		—
Other operating expenses	21		21		21		20		15		6		63		45		18
Total benefits and expenses	247		251		192		189		170		77		690		479		211

Adjusted operating income before income taxes	140		116		90		96		86		54		346		249		97
Notable items (2)	(24)		—		—		—		2		(26)		(24)		2		(26)
Adjusted operating income excluding notable items, before income taxes	$	116	$	116	$	90	$	96	$	88	$	28	$	322	$	251	$	71

Foreign currency effect on (3):
Net premiums	$	10	$	14	$	(2)	$	4	$	4	$	6	$	22	$	10	$	12
Adjusted operating income before income taxes	$	5	$	5	$	—	$	1	$	2	$	3	$	10	$	5	$	5

Assumed Life Reinsurance In Force (in billions)	$	41.6	$	—	$	—	$	—	$	—	$	41.6
Assumed New Business Production (in billions)	$	41.6	$	—	$	—	$	—	$	—	$	41.6	$	41.6	$	—	$	41.6

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 include 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 vs.			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Prior Year			Sept. 30,			Sept. 30,
	2025			2025			2025			2024			2024			Quarter			2025			2024			Change
Revenues:
Net premiums	$	880		$	816		$	777		$	834		$	756		$	124		$	2,473		$	2,180		$	293
Net investment income	73			72			71			66			65			8			216			191			25
Investment related gains (losses), net	—			1			(1)			(1)			1			(1)			—			2			(2)
Other revenue	3			—			3			10			(3)			6			6			15			(9)
Total revenues	956			889			850			909			819			137			2,695			2,388			307

Benefits and expenses:
Adjusted claims and other policy benefits	761			701			671			733			656			105			2,133			1,849			284
Future policy benefits remeasurement (gains) losses	(41)			(8)			(18)			9			53			(94)			(67)			25			(92)
Policy acquisition costs and other insurance expenses	43			35			39			37			44			(1)			117			131			(14)
Other operating expenses	55			57			52			67			55			—			164			164			—
Total benefits and expenses	818			785			744			846			808			10			2,347			2,169			178

Adjusted operating income before income taxes	138			104			106			63			11			127			348			219			129
Notable items (1)	(1)			—			—			—			95			(96)			(1)			95			(96)
Adjusted operating income excluding notable items, before income taxes	$	137		$	104		$	106		$	63		$	106		$	31		$	347		$	314		$	33

Loss and expense ratios:
Loss ratio (2)	81.8		%	84.9		%	84.0		%	89.0		%	93.8		%	(12.0)		%	83.5		%	86.0		%	(2.5)		%
Policy acquisition costs and other insurance expenses	4.9		%	4.3		%	5.0		%	4.4		%	5.8		%	(0.9)		%	4.7		%	6.0		%	(1.3)		%
Other operating expenses	6.3		%	7.0		%	6.7		%	8.0		%	7.3		%	(1.0)		%	6.6		%	7.5		%	(0.9)		%

Foreign currency effect on (3):
Net premiums	$	3		$	9		$	(23)		$	(9)		$	(4)		$	7		$	(11)		$	(50)		$	39
Adjusted operating income before income taxes	$	6		$	2		$	(2)		$	1		$	4		$	2		$	6		$	—		$	6

Critical illness net premiums	$	414		$	424		$	398		$	405		$	414		$	—		$	1,236		$	1,124		$	112

Assumed Life Reinsurance In Force (in billions)	$	546.1		$	568.7		$	561.1		$	567.6		$	572.2		$	(26.1)
Assumed New Business Production (in billions)	$	12.7		$	14.5		$	14.3		$	18.5		$	11.5		$	1.2		$	41.5		$	42.2		$	(0.7)

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 adjusted Claims and other policy 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 vs.		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		Prior Year		Sept. 30,		Sept. 30,
	2025		2025		2025		2024		2024		Quarter		2025		2024		Change
Revenues:
Net premiums	$	96	$	117	$	112	$	66	$	62	$	34	$	325	$	158	$	167
Net investment income	250		247		196		189		184		66		693		467		226
Investment related gains, net	13		10		7		6		5		8		30		14		16
Other revenue	6		—		6		6		19		(13)		12		51		(39)
Total revenues	365		374		321		267		270		95		1,060		690		370

Benefits and expenses:
Adjusted claims and other policy benefits	135		158		145		97		90		45		438		211		227
Future policy benefits remeasurement (gains) losses	(1)		(2)		(3)		(6)		9		(10)		(6)		8		(14)
Adjusted interest credited	107		93		84		81		75		32		284		175		109
Policy acquisition costs and other insurance expenses	42		36		27		20		27		15		105		82		23
Other operating expenses	11		12		9		10		9		2		32		24		8
Total benefits and expenses	294		297		262		202		210		84		853		500		353

Adjusted operating income before income taxes	71		77		59		65		60		11		207		190		17
Notable items (2)	—		—		—		—		9		(9)		—		9		(9)
Adjusted operating income excluding notable items, before income taxes	$	71	$	77	$	59	$	65	$	69	$	2	$	207	$	199	$	8

Foreign currency effect on (3):
Net premiums	$	1	$	7	$	(2)	$	(2)	$	(1)	$	2	$	6	$	(12)	$	18
Adjusted operating income before income taxes	$	—	$	2	$	(1)	$	6	$	(2)	$	2	$	1	$	(5)	$	6

Assumed Life Reinsurance In Force (in billions)	$	24.9	$	22.1	$	18.4	$	13.7	$	14.6	$	10.3
Assumed New Business Production (in billions)	$	3.4	$	3.2	$	4.5	$	—	$	—	$	3.4	$	11.1	$	1.0	$	10.1

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations include 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 vs.		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		Prior Year		Sept. 30,		Sept. 30,
	2025		2025		2025		2024		2024		Quarter		2025		2024		Change
Revenues:
Net investment income	$	151	$	166	$	129	$	138	$	146	$	5	$	446	$	375	$	71
Investment related gains, net	1		3		3		3		3		(2)		7		8		(1)
Other revenue	29		18		5		23		19		10		52		40		12
Total revenues	181		187		137		164		168		13		505		423		82

Benefits and expenses:
Adjusted interest credited	47		45		47		44		41		6		139		106		33
Policy acquisition costs and other insurance income	(15)		(19)		(19)		(24)		(31)		16		(53)		(84)		31
Other operating expenses	109		103		99		130		99		10		311		283		28
Interest expense	98		90		80		85		77		21		268		218		50
Total benefits and expenses	239		219		207		235		186		53		665		523		142

Adjusted operating loss before income taxes	(58)		(32)		(70)		(71)		(18)		(40)		(160)		(100)		(60)
Notable items (1)	—		—		—		—		—		—		—		—		—
Adjusted operating loss excluding notable items, before income taxes	$	(58)	$	(32)	$	(70)	$	(71)	$	(18)	$	(40)	$	(160)	$	(100)	$	(60)

Foreign currency effect on (2):
Adjusted operating loss before income taxes	$	(1)	$	(1)	$	(1)	$	(1)	$	—	$	(1)	$	(3)	$	1	$	(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) Compared to comparable prior-year period.


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

	Three Months Ended										Current vs.		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		Prior Year		Sept. 30,		Sept. 30,
	2025		2025		2025		2024		2024		Quarter		2025		2024		Change
U.S. and Latin America:
Traditional	$	136	$	4	$	140	$	151	$	79	$	57	$	280	$	374	$	(94)
Financial Solutions	100		97		67		76		80		20		264		250		14
Total U.S. and Latin America	236		101		207		227		159		77		544		624		(80)
Canada:
Traditional	43		28		32		32		30		13		103		102		1
Financial Solutions	7		9		11		8		4		3		27		18		9
Total Canada	50		37		43		40		34		16		130		120		10
Europe, Middle East and Africa:
Traditional	(192)		18		50		11		(18)		(174)		(124)		19		(143)
Financial Solutions	140		116		90		96		86		54		346		249		97
Total Europe, Middle East and Africa	(52)		134		140		107		68		(120)		222		268		(46)
Asia Pacific:
Traditional	138		104		106		63		11		127		348		219		129
Financial Solutions	71		77		59		65		60		11		207		190		17
Total Asia Pacific	209		181		165		128		71		138		555		409		146
Corporate and Other	(58)		(32)		(70)		(71)		(18)		(40)		(160)		(100)		(60)
Consolidated adjusted operating income before income taxes	385		421		485		431		314		71		1,291		1,321		(30)
Notable items (1)	149		—		—		—		194		(45)		149		194		(45)
Consolidated adjusted operating income excluding notable items before income taxes	$	534	$	421	$	485	$	431	$	508	$	26	$	1,440	$	1,515	$	(75)

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

	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2025		2025		2025		2024		2024
Fixed maturity securities, available-for-sale (1)	$	99,573	$	86,043	$	84,507	$	77,617	$	78,149
Equity securities	161		155		153		155		155
Mortgage loans	10,507		10,057		9,331		8,839		8,388
Policy loans	3,570		1,294		1,284		1,321		1,285
Funds withheld at interest	8,268		7,115		5,328		5,436		5,545
Limited partnerships and real estate joint ventures	3,648		3,338		3,228		3,067		2,972
Short-term investments	381		502		454		363		381
Other invested assets	1,496		1,397		1,295		1,242		1,361
Cash and cash equivalents	4,625		5,416		5,151		3,326		5,195
Total cash and invested assets	$	132,229	$	115,317	$	110,731	$	101,366	$	103,431

(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 vs.		Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Prior Year		Sept. 30,			Sept. 30,
	2025			2025			2025			2024			2024			Quarter		2025			2024			Change
Average invested assets at amortized cost (1)	$	47,662		$	45,664		$	44,016		$	40,803		$	39,469		$	8,193	$	45,091		$	38,250		$	6,841
Net investment income (1)	$	553		$	595		$	502		$	484		$	492		$	61	$	1,650		$	1,372		$	278
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.73		%	5.31		%	4.64		%	4.83		%	5.08		%	(35) bps		4.91		%	4.81		%	10 bps
Variable investment income (“VII”) (included in net investment income) (1)	$	—		$	59		$	(6)		$	25		$	36		$	(36)	$	53		$	64		$	(11)
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)	4.92		%	4.98		%	4.90		%	4.80		%	4.95		%	(3) bps		4.95		%	4.82		%	13 bps

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


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities

	September 30, 2025
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	69,884	$	141	$	1,198	$	3,764	$	67,177	67.5	%
Canadian government	4,811		—		362		75		5,098		5.1	%
Japanese government	6,806		—		—		1,644		5,162		5.2	%
ABS	7,001		19		54		164		6,872		6.9	%
CMBS	2,026		1		28		61		1,992		2.0	%
RMBS	1,793		—		24		77		1,740		1.7	%
U.S. government	4,032		—		28		246		3,814		3.8	%
State and political subdivisions	736		—		4		80		660		0.7	%
Other foreign government	7,372		—		104		418		7,058		7.1	%
Total fixed maturity securities	$	104,461	$	161	$	1,802	$	6,529	$	99,573	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	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Corporate Fixed Maturity Securities by Industry

	September 30, 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	$	8,464	$	8,370	12.4	%	A-	$	7,757	$	7,485	14.7	%	A-
Brokerage/asset managers/exchanges	1,698		1,613		2.4	%	A-	1,482		1,360		2.7	%	A-
Finance companies	1,001		982		1.5	%	BBB+	530		501		1.0	%	BBB
Insurance	6,192		5,816		8.7	%	A-	4,992		4,497		8.8	%	A-
REITs	2,004		1,914		2.8	%	A-	1,737		1,613		3.2	%	A-
Other finance	1,450		1,263		1.9	%	A-	1,407		1,217		2.3	%	A-
Total financial institutions	$	20,809	$	19,958	29.7	%		$	17,905	$	16,673	32.7	%
Industrials
Basic	$	2,866	$	2,741	4.1	%	BBB	$	2,097	$	1,929	3.8	%	BBB+
Capital goods	3,341		3,257		4.8	%	BBB+	2,489		2,369		4.6	%	BBB+
Communications	4,272		4,057		6.0	%	BBB+	3,420		3,147		6.2	%	BBB+
Consumer cyclical	4,060		3,930		5.9	%	BBB+	3,300		3,099		6.1	%	BBB+
Consumer noncyclical	8,533		8,174		12.1	%	BBB+	6,177		5,714		11.2	%	BBB+
Energy	5,852		5,792		8.6	%	BBB+	4,060		3,906		7.7	%	BBB+
Technology	3,064		2,924		4.4	%	BBB+	2,124		1,937		3.8	%	BBB+
Transportation	3,965		3,796		5.7	%	A-	3,238		3,025		5.9	%	A-
Other industrial	1,664		1,620		2.4	%	BBB	1,362		1,350		2.6	%	BBB
Total industrials	$	37,617	$	36,291	54.0	%		$	28,267	$	26,476	51.9	%
Utilities
Electric	$	9,319	$	8,944	13.4	%	A-	$	6,863	$	6,336	12.4	%	A-
Natural gas	1,519		1,424		2.1	%	A-	1,177		1,078		2.2	%	A-
Other utility	620		560		0.8	%	BBB+	493		428		0.8	%	BBB+
Total utilities	$	11,458	$	10,928	16.3	%		$	8,533	$	7,842	15.4	%
Total	$	69,884	$	67,177	100.0	%	BBB+	$	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.


Ratings of Fixed Maturity Securities

		September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
NAIC Designation	Rating Agency Designation(1)	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	$	67,158	$	63,266	63.5	%	$	59,480	$	55,147	64.1	%	$	58,522	$	54,839	64.9	%	$	54,543	$	50,822	65.5	%	$	53,371	$	51,053	65.3	%
2	BBB	31,446		30,627		30.8	%	26,911		25,568		29.7	%	26,347		24,946		29.5	%	24,023		22,565		29.1	%	24,076		23,130		29.6	%
3	BB	4,753		4,719		4.7	%	4,421		4,353		5.1	%	3,880		3,849		4.6	%	3,422		3,410		4.4	%	3,284		3,233		4.2	%
4	B	807		758		0.8	%	802		793		0.9	%	643		639		0.8	%	636		577		0.7	%	662		576		0.7	%
5	CCC	267		184		0.2	%	244		165		0.2	%	287		216		0.2	%	246		221		0.3	%	168		131		0.2	%
6	In or near default	30		19		—	%	30		17		—	%	30		18		—	%	37		22		—	%	45		26		—	%
	Total	$	104,461	$	99,573	100.0	%	$	91,888	$	86,043	100.0	%	$	89,709	$	84,507	100.0	%	$	82,907	$	77,617	100.0	%	$	81,606	$	78,149	100.0	%

(1) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g., “BBB” includes “BBB+”, “BBB”, and “BBB-”).


Structured Fixed Maturity Securities

	September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 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”)	$	2,711	$	2,707	25.5	%	$	2,461	$	2,455	25.6	%	$	2,262	$	2,251	24.2	%	$	2,044	$	2,044	23.7	%	$	2,659	$	2,650	29.7	%
ABS, excluding CLOs	4,290		4,165		39.3	%	3,699		3,561		37.0	%	3,404		3,269		35.2	%	3,153		2,996		34.7	%	2,862		2,723		30.5	%
Total ABS	7,001		6,872		64.8	%	6,160		6,016		62.6	%	5,666		5,520		59.4	%	5,197		5,040		58.4	%	5,521		5,373		60.2	%
CMBS	2,026		1,992		18.8	%	2,129		2,076		21.6	%	2,334		2,267		24.4	%	2,344		2,267		26.3	%	2,327		2,238		25.1	%
RMBS
Agency	416		381		3.6	%	377		337		3.5	%	385		344		3.7	%	394		344		4.0	%	401		365		4.0	%
Non-agency	1,377		1,359		12.8	%	1,216		1,185		12.3	%	1,186		1,158		12.5	%	1,018		973		11.3	%	973		953		10.7	%
Total RMBS	1,793		1,740		16.4	%	1,593		1,522		15.8	%	1,571		1,502		16.2	%	1,412		1,317		15.3	%	1,374		1,318		14.7	%
Total	$	10,820	$	10,604	100.0	%	$	9,882	$	9,614	100.0	%	$	9,571	$	9,289	100.0	%	$	8,953	$	8,624	100.0	%	$	9,222	$	8,929	100.0	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of September 30, 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	$	7,386	$	191	$	21,322	$	3,481	$	28,708	$	3,672
Canadian government	570		16		385		59		955		75
Japanese government	1,349		155		3,784		1,489		5,133		1,644
ABS	1,989		14		1,161		145		3,150		159
CMBS	109		3		744		56		853		59
RMBS	—		—		617		77		617		77
U.S. government	—		—		642		246		642		246
State and political subdivisions	47		1		446		79		493		80
Other foreign government	1,900		44		1,978		347		3,878		391
Total investment grade securities	$	13,350	$	424	$	31,079	$	5,979	$	44,429	$	6,403

Below investment grade securities:
Corporate	$	918	$	47	$	294	$	31	$	1,212	$	78
ABS	12		4		—		—		12		4

Other foreign government	—		—		135		27		135		27
Total below investment grade securities	$	930	$	51	$	429	$	58	$	1,359	$	109
Total fixed maturity securities	$	14,280	$	475	$	31,508	$	6,037	$	45,788	$	6,512

(1) Includes 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, 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) Includes 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 vs.		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		Prior Year		Sept. 30,		Sept. 30,
	2025		2025		2025		2024		2024		Quarter		2025		2024		Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	$	(28)	$	(29)	$	(6)	$	23	$	(9)	$	(19)	$	(63)	$	(45)	$	(18)
Impairments on fixed maturity securities	(1)		(2)		—		—		—		(1)		(3)		(1)		(2)
Realized gains on investment activity	96		30		36		22		72		24		162		172		(10)
Realized losses on investment activity	(65)		(65)		(87)		(334)		(113)		48		(217)		(477)		260
Net gains (losses) on fixed maturity securities available-for-sale	2		(66)		(57)		(289)		(50)		52		(121)		(351)		230

Net gains (losses) on equity securities	5		3		(1)		(4)		6		(1)		7		5		2
Change in mortgage loan allowance for credit losses	(6)		(18)		4		(6)		(12)		6		(20)		(20)		—
Limited partnerships and real estate joint venture impairment losses	(1)		(16)		(5)		(15)		—		(1)		(22)		(8)		(14)
Change in fair value of certain limited partnership investments	9		6		(7)		21		17		(8)		8		18		(10)
Other change in allowance for credit losses and impairments	1		(3)		(1)		—		—		1		(3)		(4)		1
Other, net	4		(3)		1		19		(14)		18		2		2		—

Freestanding derivatives (1):
Interest rate swaps	1		(1)		6		(18)		13		(12)		6		(31)		37
Interest rate options	(2)		(1)		—		—		(3)		1		(3)		(6)		3
Total return swaps	16		6		(6)		(7)		7		9		16		—		16
Interest rate futures	—		—		—		—		—		—		—		2		(2)
Foreign currency swaps	6		(2)		(3)		14		(7)		13		1		15		(14)
Foreign currency swaps - hedged	—		—		—		—		—		—		—		(2)		2
Foreign currency forwards	(40)		40		22		(82)		77		(117)		22		(85)		107
Foreign currency options	(2)		(2)		(1)		(6)		2		(4)		(5)		(1)		(4)
Equity options	30		11		(6)		(1)		1		29		35		(4)		39
Equity futures	(13)		(21)		9		3		(12)		(1)		(25)		(31)		6
Credit default swaps	33		21		(18)		1		10		23		36		14		22
CPI swaps	3		(1)		(5)		(2)		(1)		4		(3)		(2)		(1)
Total freestanding derivatives	32		50		(2)		(98)		87		(55)		80		(131)		211

Embedded derivatives	(33)		3		(11)		125		(112)		79		(41)		(9)		(32)
Net gains (losses) on total derivatives	(1)		53		(13)		27		(25)		24		39		(140)		179

Total investment related gains (losses), net	$	13	$	(44)	$	(79)	$	(247)	$	(78)	$	91	$	(110)	$	(498)	$	388

(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 vs.		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		Prior Year		Sept. 30,		Sept. 30,
	2025		2025		2025		2024		2024		Quarter		2025		2024		Change
U.S. and Latin America Traditional
Income before income taxes	$	123	$	29	$	149	$	153	$	57	$	66	$	301	$	347	$	(46)
Investment and derivative gains (1)	—		—		—		1		1		(1)		—		1		(1)
Funds withheld losses - investment income	—		—		—		—		—		—		—		—		—
Change in fair value of funds withheld embedded derivatives (1)	13		(25)		(9)		(3)		21		(8)		(21)		27		(48)
Other	—		—		—		—		—		—		—		(1)		1
Adjusted operating income before income taxes	136		4		140		151		79		57		280		374		(94)
Notable items (2)	(39)		—		—		—		53		(92)		(39)		53		(92)
Adjusted operating income excluding notable items, before income taxes	$	97	$	4	$	140	$	151	$	132	$	(35)	$	241	$	427	$	(186)

U.S. and Latin America Financial Solutions
Income (loss) before income taxes	$	37	$	(17)	$	34	$	139	$	(46)	$	83	$	54	$	54	$	—
Market risk benefits remeasurement (gains) losses	(1)		(17)		29		(32)		31		(32)		11		(12)		23
Investment and derivative (gains) losses (1)	15		95		(17)		96		(7)		22		93		90		3
Change in fair value of funds withheld embedded derivatives (1)	38		22		20		(122)		91		(53)		80		(18)		98
Funds withheld (gains) losses - investment income	(2)		(3)		(1)		4		1		(3)		(6)		(1)		(5)
Derivatives - interest credited	1		5		5		(1)		11		(10)		11		18		(7)
Other (3)	12		12		(3)		(8)		(1)		13		21		119		(98)
Adjusted operating income before income taxes	100		97		67		76		80		20		264		250		14
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	100	$	97	$	67	$	76	$	80	$	20	$	264	$	250	$	14

Canada Traditional
Income before income taxes	$	41	$	25	$	32	$	32	$	29	$	12	$	98	$	103	$	(5)
Investment and derivative (gains) losses (1)	—		—		—		—		—		—		—		—		—
Investment income - non-operating funds withheld at interest	2		1		—		1		—		2		3		—		3
Other	—		2		—		(1)		1		(1)		2		(1)		3
Adjusted operating income before income taxes	43		28		32		32		30		13		103		102		1
Notable items (2)	(9)		—		—		—		(5)		(4)		(9)		(5)		(4)
Adjusted operating income excluding notable items, before income taxes	$	34	$	28	$	32	$	32	$	25	$	9	$	94	$	97	$	(3)

(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 vs.		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		Prior Year		Sept. 30,		Sept. 30,
	2025		2025		2025		2024		2024		Quarter		2025		2024		Change

Canada Financial Solutions
Income before income taxes	$	11	$	9	$	12	$	17	$	21	$	(10)	$	32	$	34	$	(2)
Investment and derivative (gains) losses (1)	(4)		—		(1)		(9)		(17)		13		(5)		(16)		11
Adjusted operating income before income taxes	7		9		11		8		4		3		27		18		9
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	7	$	9	$	11	$	8	$	4	$	3	$	27	$	18	$	9

Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	(190)	$	16	$	50	$	8	$	(17)	$	(173)	$	(124)	$	12	$	(136)
Other	(2)		2		—		3		(1)		(1)		—		7		(7)
Adjusted operating income (loss) before income taxes	(192)		18		50		11		(18)		(174)		(124)		19		(143)
Notable items (2)	222		—		—		—		40		182		222		40		182
Adjusted operating income (loss) excluding notable items, before income taxes	$	30	$	18	$	50	$	11	$	22	$	8	$	98	$	59	$	39

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	132	$	109	$	74	$	79	$	84	$	48	$	315	$	220	$	95
Investment and derivative losses (1)	7		8		14		16		4		3		29		31		(2)
Change in fair value of funds withheld embedded derivatives (1)	(18)		—		—		—		—		(18)		(18)		—		(18)
Investment income - non-operating funds withheld at interest	19		(1)		2		1		(2)		21		20		(2)		22
Investment (income) loss on unit-linked variable annuities	1		—		—		2		(1)		2		1		1		—
Interest credited on unit-linked variable annuities	(1)		—		—		(2)		1		(2)		(1)		(1)		—
Adjusted operating income before income taxes	140		116		90		96		86		54		346		249		97
Notable items (2)	(24)		—		—		—		2		(26)		(24)		2		(26)
Adjusted operating income excluding notable items, before income taxes	$	116	$	116	$	90	$	96	$	88	$	28	$	322	$	251	$	71

(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 vs.		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		Prior Year		Sept. 30,		Sept. 30,
	2025		2025		2025		2024		2024		Quarter		2025		2024		Change
Asia Pacific Traditional
Income before income taxes	$	140	$	102	$	106	$	59	$	11	$	129	$	348	$	220	$	128
Other	(2)		2		—		4		—		(2)		—		(1)		1
Adjusted operating income before income taxes	138		104		106		63		11		127		348		219		129
Notable items (2)	(1)		—		—		—		95		(96)		(1)		95		(96)
Adjusted operating income excluding notable items, before income taxes	$	137	$	104	$	106	$	63	$	106	$	31	$	347	$	314	$	33

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	87	$	89	$	31	$	1	$	93	$	(6)	$	207	$	48	$	159
Investment and derivative (gains) losses (1)	(8)		(21)		25		96		(17)		9		(4)		235		(239)
Other	(8)		9		3		(32)		(16)		8		4		(93)		97
Adjusted operating income before income taxes	71		77		59		65		60		11		207		190		17
Notable items (2)	—		—		—		—		9		(9)		—		9		(9)
Adjusted operating income excluding notable items, before income taxes	$	71	$	77	$	59	$	65	$	69	$	2	$	207	$	199	$	8

Corporate and Other
Loss before income taxes	$	(61)	$	(21)	$	(119)	$	(263)	$	(18)	$	(43)	$	(201)	$	(283)	$	82
Investment and derivative losses (1)	(11)		(5)		50		180		13		(24)		34		176		(142)
Investment income - non-operating funds withheld at interest	—		1		(1)		—		—		—		—		—		—
Interest expense on uncertain tax positions	—		—		—		1		1		(1)		—		—		—
Derivatives - interest credited	—		(3)		5		(2)		—		—		2		—		2
Other	14		(4)		(5)		13		(14)		28		5		7		(2)
Adjusted operating loss before income taxes	(58)		(32)		(70)		(71)		(18)		(40)		(160)		(100)		(60)
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating loss excluding notable items, before income taxes	$	(58)	$	(32)	$	(70)	$	(71)	$	(18)	$	(40)	$	(160)	$	(100)	$	(60)

(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)

	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2025		2025		2025		2024		2024

RGA, Inc. shareholders’ equity	$	12,978	$	12,053	$	11,402	$	10,816	$	11,127
Less effect of AOCI:
Accumulated currency translation adjustments	83		130		(8)		(19)		108
Unrealized (depreciation) appreciation of securities	(4,199)		(4,897)		(4,443)		(4,526)		(2,800)
Effect of updating discount rates on future policy benefits	6,682		6,533		5,702		5,412		3,987
Change in instrument-specific credit risk for market risk benefits	1		3		6		2		6
Pension and postretirement benefits	(15)		(17)		(19)		(20)		(29)
RGA, Inc. shareholders’ equity, excluding AOCI	10,426		10,301		10,164		9,967		9,855
Year-to-date notable items, net of tax	114		—		—		168		168
RGA, Inc. shareholders’ equity, excluding AOCI and notable items	$	10,540	$	10,301	$	10,164	$	10,135	$	10,023



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

	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2025		2025		2025		2024		2024

Book value per share	$	197.52	$	182.37	$	172.53	$	164.19	$	168.93
Less effect of AOCI:
Accumulated currency translation adjustment	1.27		1.96		(0.12)		(0.27)		1.64
Unrealized (depreciation) appreciation of securities	(63.89)		(74.10)		(67.24)		(68.73)		(42.52)
Effect of updating discount rates on future policy benefits	101.69		98.85		86.28		82.16		60.54
Change in instrument-specific credit risk for market risk benefits	0.01		0.05		0.09		0.03		0.09
Pension and postretirement benefits	(0.23)		(0.26)		(0.28)		(0.31)		(0.45)
Book value per share, excluding AOCI	$	158.67	$	155.87	$	153.80	$	151.31	$	149.63
Less effect of B36:	(1.16)		(0.76)		(0.80)		(0.66)		(2.16)
Book value per share, excluding AOCI and B36	$	159.83	$	156.63	$	154.60	$	151.97	$	151.79

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 the Company’s operating performance and assist the Company in the allocation of its resources. The Company believes that these non-GAAP financial measures provide investors and other third parties with a better understanding of the Company’s results of operations, financial statements and the underlying profitability drivers and trends of the Company’s businesses by excluding specified items which may not be indicative of the Company’s ongoing operating performance and may fluctuate significantly from period to period. These measures should be considered supplementary to the Company’s financial results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way the Company calculates such measures. Consequently, the Company’s non-GAAP financial measures may not be comparable to similar measures used by other companies.

2. Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items, and adjusted operating income per diluted share, excluding notable items. Notable items are items that 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 the Company’s 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, the fact 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.