Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): July 30, 2024

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

Missouri

1-11848

43-1627032

(State or Other Jurisdiction
of Incorporation)

(Commission
File Number)

(IRS Employer
Identification Number)

16600 Swingley Ridge Road, Chesterfield, Missouri 63017

(Address of Principal Executive Office)

Registrant’s telephone number, including area code: (636) 736-7000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01

RGA

New York Stock Exchange

5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056

RZB

New York Stock Exchange

7.125% Fixed Rate Reset Subordinated Debentures due 2052

RZC

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):


☐			Emerging growth company
☐			If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Item 2.02			Results of Operations and Financial Condition.

On August 1, 2024, Reinsurance Group of America, Incorporated (the "Company") issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended June 30, 2024, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended June 30, 2024, a copy of which is furnished with this report as Exhibit 99.2. The Press Release also notes that a conference call will be held on August 2, 2024 to discuss the financial and operating results for the three-month period ended June 30, 2024 (the "Earnings Call").


Item 7.01			Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated August 1, 2024 (the "Earnings Presentation"), a copy of which is furnished with this report as Exhibit 99.3 and incorporated in this Item 7.01 by reference.

The Press Release also announced that effective July 30, 2024 the Company’s board of directors declared a regular quarterly dividend of $0.89, payable August 27, 2024 to shareholders of record as of August 13, 2024.

The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including the Press Release, Quarterly Financial Supplement and Earnings Presentation, is being furnished and shall not be deemed to be "filed", as described in Instruction B.2 of Form 8-K.


Item 9.01			Financial Statements and Exhibits

(d) Exhibits.



Exhibit No.						Exhibit
99.1						Press Release of Reinsurance Group of America, Incorporated dated August 1, 2024

99.2						Quarterly Financial Supplement for the quarter ended June 30, 2024

99.3						Earnings Presentation dated August 1, 2024

104						Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURE

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

REINSURANCE GROUP OF AMERICA, INCORPORATED

Date: August 1, 2024

By:

/s/ Todd C. Larson

Todd C. Larson

Senior Executive Vice President and Chief Financial Officer

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS

SECOND QUARTER RESULTS

Second Quarter Results

•Net income available to RGA shareholders of $3.03 per diluted share

•Adjusted operating income* of $5.48 per diluted share

•Premium growth of 17.5% over the prior-year quarter, 18.5% on a constant currency basis1

•ROE of 9.7%, adjusted operating ROE* of 15.3% for the trailing twelve months

•Increased quarterly dividend 4.7% to $0.89 per share

•Deployed capital of $307 million into in-force transactions

1 Actual amounts reflect impact of currency fluctuations. Constant currency amounts reflect foreign denominated activity translated to U.S. dollars at a constant exchange rate.

ST. LOUIS, August 1, 2024 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported second quarter net income available to RGA shareholders of $203 million, or $3.03 per diluted share, compared with $205 million, or $3.05 per diluted share, in the prior-year quarter. Adjusted operating income* for the second quarter totaled $365 million, or $5.48 per diluted share, compared with $297 million, or $4.40 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.06 per diluted share on net income available to RGA shareholders, and an adverse effect of $0.06 per diluted share on adjusted operating income as compared with the prior year.

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	Quarterly Results				Year-to-Date Results
($ in millions, except per share data)	2024		2023		2024		2023
Net premiums	$	3,920	$	3,337	$	9,296	$	6,722
Net income available to RGA shareholders	203		205		413		457
Net income available to RGA shareholders per diluted share	3.03		3.05		6.19		6.77
Adjusted operating income*	365		297		766		646
Adjusted operating income, excluding notable items *	365		297		766		646
Adjusted operating income per diluted share*	5.48		4.40		11.49		9.55
Adjusted operating income, excluding notable items per diluted share*	5.48		4.40		11.49		9.55
Book value per share	147.90		117.87
Book value per share, excluding accumulated other comprehensive income (AOCI)*	148.19		138.99
Book value per share, excluding AOCI and B36*	149.01		138.88
Total assets	109,888		89,040


*			See “Non-GAAP Financial Measures and Other Definitions” below

In the second quarter, consolidated net premiums totaled $3.9 billion, an increase of 17.5% over the 2023 second quarter, with an adverse net foreign currency effect of $33 million. Excluding the net foreign currency effect, consolidated net premiums increased 18.5% in the quarter. Net premiums for the quarter included a $282 million contribution from a single premium pension risk transfer transaction in the U.S. Financial Solutions business.

Compared with the year-ago period, excluding spread-based businesses, second quarter investment income increased 10.9%, primarily due to the addition of large asset-intensive in-force transactions in recent periods. Average investment yield increased to 4.65% in the second quarter compared with 4.42% in the prior-year period due to higher new money rates.

The effective tax rate for the quarter was 24.3% on pre-tax income, slightly above the expected range of 23% to 24%, primarily related to income earned in non-U.S. jurisdictions.

The effective tax rate for the quarter was 25.5% on pre-tax adjusted operating income, above the expected range of 23% to 24%, primarily related to income earned in non-U.S. jurisdictions.

Tony Cheng, President and Chief Executive Officer, commented, “Our second quarter was good overall, and we continue to have strong momentum, on the back of a particularly strong first quarter. Our Asia Traditional and Financial Solutions businesses had a very good quarter, and our U.S. Traditional and EMEA Financial Solutions areas also performed well. We had a solid quarter of in-force transactions, with $307 million of capital deployed. Additionally, we continued to see good momentum in organic new business activity.

“Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.0 billion. Based on favorable business conditions and RGA’s global leadership position, we are optimistic about the future and expect to continue to deliver attractive financial results over time.”

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SEGMENT RESULTS

U.S. and Latin America

Traditional


	Quarterly Results				Year-to-Date Results
($ in millions)	2024		2023		2024		2023
Net premiums	$	1,827	$	1,750	$	3,542	$	3,365
Pre-tax income	174		62		290		183
Pre-tax adjusted operating income	167		63		295		185
Pre-tax adjusted operating income, excluding notable items	167		63		295		185

Quarterly Results

•Results reflected favorable in-force management actions, partially offset by client reporting adjustments; overall claims experience was in line with expectations.

Financial Solutions


	Quarterly Results				Year-to-Date Results
($ in millions)	2024		2023		2024		2023
Pre-tax income	$	83	$	68	$	100	$	182
Pre-tax adjusted operating income	80		109		170		214
Pre-tax adjusted operating income, excluding notable items	80		109		170		214

Quarterly Results

•Results were below the expected range due to the timing of recent new business not yet at full earnings run rate, as well as one-time items.

Canada

Traditional


	Quarterly Results				Year-to-Date Results
($ in millions)	2024		2023		2024		2023
Net premiums	$	326	$	307	$	644	$	602
Pre-tax income	27		35		74		64
Pre-tax adjusted operating income	26		32		72		61
Pre-tax adjusted operating income, excluding notable items	26		32		72		61

Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $6 million for the quarter.

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Quarterly Results

•Results reflected modestly unfavorable mortality experience.

•Foreign currency exchange rates had an immaterial effect on pre-tax income and pre-tax adjusted operating income.

Financial Solutions


	Quarterly Results				Year-to-Date Results
($ in millions)	2024		2023		2024		2023
Pre-tax income	$	6	$	6	$	13	$	16
Pre-tax adjusted operating income	7		6		14		16
Pre-tax adjusted operating income, excluding notable items	7		6		14		16

Quarterly Results

•Results were in line with expectations.

•Foreign currency exchange rates had an immaterial effect on pre-tax income and pre-tax adjusted operating income.

Europe, Middle East and Africa (EMEA)

Traditional


	Quarterly Results				Year-to-Date Results
($ in millions)	2024		2023		2024		2023
Net premiums	$	497	$	429	$	993	$	867
Pre-tax income	1		4		29		31
Pre-tax adjusted operating income (loss)	(1)		4		37		31
Pre-tax adjusted operating income (loss), excluding notable items	(1)		4		37		31

Net Premiums

•Foreign currency exchange rates had a favorable effect on net premiums of $1 million for the quarter.

Quarterly Results

•Results reflected unfavorable experience, primarily in the United Kingdom.

•Foreign currency exchange rates had an immaterial effect on pre-tax income and pre-tax adjusted operating income.

Financial Solutions


	Quarterly Results				Year-to-Date Results
($ in millions)	2024		2023		2024		2023
Pre-tax income	$	72	$	52	$	136	$	111
Pre-tax adjusted operating income	86		66		163		135
Pre-tax adjusted operating income, excluding notable items	86		66		163		135

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Quarterly Results

•Results reflected the impact of strong new business in recent periods and favorable longevity experience.

•Foreign currency exchange rates had an immaterial effect on pre-tax income and pre-tax adjusted operating income.

Asia Pacific

Traditional


	Quarterly Results				Year-to-Date Results
($ in millions)	2024		2023		2024		2023
Net premiums	$	708	$	677	$	1,424	$	1,339
Pre-tax income	100		89		209		168
Pre-tax adjusted operating income	99		89		208		168
Pre-tax adjusted operating income, excluding notable items	99		89		208		168

Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $23 million for the quarter.

Quarterly Results

•Results reflected the benefit of in-force management actions and the impact of recent new business in Asia.

•Foreign currency exchange rates had an adverse effect of $2 million on pre-tax income and pre-tax adjusted operating income.

Financial Solutions


	Quarterly Results				Year-to-Date Results
($ in millions)	2024		2023		2024		2023
Net premiums	$	50	$	44	$	96	$	108
Pre-tax income (loss)	(58)		20		(45)		7
Pre-tax adjusted operating income	71		62		130		102
Pre-tax adjusted operating income, excluding notable items	71		62		130		102

Quarterly Results

•Pre-tax loss reflected a foreign currency exchange rate derivative loss, driven by weakness in Japanese yen.

•Pre-tax adjusted operating income reflected favorable overall experience.

•Foreign currency exchange rates had a favorable effect of $8 million on pre-tax income and an adverse effect of $2 million on pre-tax adjusted operating income.

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Corporate and Other


	Quarterly Results				Year-to-Date Results
($ in millions)	2024		2023		2024		2023
Pre-tax income (loss)	$	(136)	$	(71)	$	(265)	$	(146)
Pre-tax adjusted operating income (loss)	(44)		(55)		(82)		(80)
Pre-tax adjusted operating income (loss), excluding notable items	(44)		(55)		(82)		(80)

Quarterly Results

•Results were slightly unfavorable compared to the expected quarterly average run rate; year to date results are in line with the average run rate.

Dividend Declaration

Effective July 30, 2024, the board of directors declared a regular quarterly dividend of $0.89, payable August 27, 2024, to shareholders of record as of August 13, 2024.

Earnings Conference Call

A conference call to discuss second quarter results will begin at 10 a.m. Eastern Time on Friday, August 2, 2024. Interested parties may access the call by dialing 1-844-481-2753 (1-412-317-0669 international) and asking to be joined into the Reinsurance Group of America, Incorporated (RGA) call. A live audio webcast of the conference call will be available on the Company’s Investor Relations website at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call.

The Company has posted to its website an earnings presentation and a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, the Company posts periodic reports, press releases and other useful information on its Investor Relations website.

Non-GAAP Financial Measures and Other Definitions

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.

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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.

2. Adjusted operating income (on a pre-tax and after-tax basis), 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 may include the financial impact of the Company’s assumption reviews on business subject to the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments, reflected in future policy benefits remeasurement gains or losses.

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

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•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.

Other definitions:

•Uncapped (profitable) cohorts: cohorts with a net premium ratio under 100%

•Capped (loss) cohorts: cohorts with a net premium ratio equal to or greater than 100%

•Floored cohorts: cohorts with reserves floored at zero as reserves cannot be negative

About RGA

Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has

approximately $3.8 trillion of life reinsurance in force and assets of $109.9 billion as of June 30, 2024. To learn more about RGA and its businesses, please visit www.rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.

Cautionary Note Regarding Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance and growth potential of Reinsurance Group of America, Incorporated (the “Company”). Forward-looking statements often contain words and phrases such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “pro forma,” “project,” “should,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. Forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.

Factors that could also cause results or events to differ, possibly materially, from those expressed or

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implied by forward-looking statements, include, among others: (1) adverse changes in mortality, morbidity, lapsation, or claims experience, (2) inadequate risk analysis and underwriting, (3) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital, and cost of capital, (4) changes in the Company’s financial strength and credit ratings and the effect of such

changes on the Company’s future results of operations and financial condition, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) requirements to post collateral or make payments due to declines in the market value of assets subject to the Company’s collateral arrangements, (7) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (8) the effect of the Company parent’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, (9) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (10) the impairment of other financial institutions and its effect on the Company’s business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (14) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers, and others, (18) financial performance of the Company’s clients, (19) the threat of natural disasters, catastrophes, terrorist attacks, pandemics, epidemics, or other major public health issues anywhere in the world where the Company or its clients do business, (20) competitive factors and competitors’ responses to the Company’s initiatives, (21) development and introduction of new products and distribution opportunities, (22) execution of the Company’s entry into new markets, (23) integration of acquired blocks of business and entities, (24) interruption or failure of the Company’s telecommunication, information technology, or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data and intellectual property stored on such systems, (25) adverse developments with respect to litigation, arbitration, or regulatory investigations or actions, (26) the adequacy of reserves, resources, and accurate information relating to settlements, awards and terminated and discontinued lines of business, (27) changes in laws, regulations, and accounting standards applicable to the Company or its business, including Long-Duration Targeted Improvement accounting changes and (28) other risks and uncertainties described in this document and in the Company’s other filings with the Securities and Exchange Commission (“SEC”).

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future, except as required under applicable securities law. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as may be supplemented by Item 1A - “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q and in our other periodic and current reports filed with the SEC.

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Investor Contact

Jeff Hopson

Senior Vice President - Investor Relations

(636) 736-2068

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Adjusted Operating Income

(Dollars in millions, except per share data)


(Unaudited)	Three Months Ended June 30,
	2024				2023
			Diluted Earnings Per Share				Diluted Earnings Per Share
Net income available to RGA shareholders	$	203	$	3.03	$	205	$	3.05
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	239		3.60		88		1.30
Market risk benefits remeasurement (gains) losses	(6)		(0.09)		(24)		(0.36)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	—		—		2		0.03
Embedded derivatives:
Included in investment related gains/losses, net	(20)		(0.30)		16		0.24
Included in interest credited	(4)		(0.06)		3		0.04
Investment (income) loss on unit-linked variable annuities	1		0.01		2		0.03
Interest credited on unit-linked variable annuities	(1)		(0.01)		(2)		(0.03)
Interest expense on uncertain tax positions	(1)		(0.01)		—		—
Other (1)	(35)		(0.52)		—		—
Uncertain tax positions and other tax related items	(12)		(0.18)		5		0.07
Net income attributable to noncontrolling interest	1		0.01		2		0.03
Adjusted operating income	365		5.48		297		4.40
Notable items	—		—		—		—
Adjusted operating income, excluding notable items	$	365	$	5.48	$	297	$	4.40


(Unaudited)	Six Months Ended June 30,
	2024				2023
			Diluted Earnings Per Share				Diluted Earnings Per Share
Net income available to RGA shareholders	$	413	$	6.19	$	457	$	6.77
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	424		6.37		190		2.79
Market risk benefits remeasurement (gains) losses	(34)		(0.51)		(13)		(0.19)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	(2)		(0.03)		2		0.03
Embedded derivatives:
Included in investment related gains/losses, net	(81)		(1.22)		(13)		(0.19)
Included in interest credited	6		0.09		(3)		(0.04)
Investment (income) loss on unit-linked variable annuities	2		0.03		2		0.03
Interest credited on unit-linked variable annuities	(2)		(0.03)		(2)		(0.03)
Interest expense on uncertain tax positions	(1)		(0.02)		—		—
Other (1)	54		0.81		6		0.09
Uncertain tax positions and other tax related items	(16)		(0.24)		17		0.25
Net income attributable to noncontrolling interest	3		0.05		3		0.04
Adjusted operating income	766		11.49		646		9.55
Notable items	—		—		—		—
Adjusted operating income, excluding notable items	$	766	$	11.49	$	646	$	9.55

(1) The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Effective Income Tax Rates

(Dollars in millions)


(Unaudited)	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
	Pre-tax Income (Loss)		Income Taxes		Effective Tax Rate (1)		Pre-tax Income (Loss)		Income Taxes		Effective Tax Rate (1)
GAAP income	$	269	$	65	24.3	%	$	541	$	125	23.1	%
Reconciliation to adjusted operating income:
Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net	308		69				540		116
Market risk benefits remeasurement (gains) losses	(8)		(2)				(43)		(9)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	—		—				(2)		—
Embedded derivatives:
Included in investment related gains/losses, net	(26)		(6)				(103)		(22)
Included in interest credited	(6)		(2)				7		1
Investment (income) loss on unit-linked variable annuities	1		—				2		—
Interest credited on unit-linked variable annuities	(1)		—				(2)		—
Interest expense on uncertain tax positions	(1)		—				(1)		—
Other (2)	(45)		(10)				68		14
Uncertain tax positions and other tax related items	—		12				—		16
Adjusted operating income	491		126		25.5	%	1,007		241		23.9	%
Notable items	—		—				—		—
Adjusted operating income, excluding notable items	$	491	$	126			$	1,007	$	241

(1) The Company rounds amounts in the financial statements to millions and calculates the effective tax rate from the underlying whole-dollar amounts. Thus certain amounts may not recalculate based on the numbers due to rounding.

(2) The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Income before Income Taxes to Pre-tax Adjusted Operating Income

(Dollars in millions)


(Unaudited)	Three Months Ended June 30,
	2024		2023
Income before income taxes	$	269	$	265
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	308		117
Market risk benefits remeasurement (gains) losses	(8)		(31)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	—		2
Embedded derivatives:
Included in investment related gains/losses, net	(26)		20
Included in interest credited	(6)		3
Investment (income) loss on unit-linked variable annuities	1		2
Interest credited on unit-linked variable annuities	(1)		(2)
Interest expense on uncertain tax positions	(1)		—
Other (1)	(45)		—
Pre-tax adjusted operating income	491		376
Notable items	—		—
Pre-tax adjusted operating income, excluding notable items	$	491	$	376


(Unaudited)	Six Months Ended June 30,
	2024		2023
Income before income taxes	$	541	$	616
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	540		244
Market risk benefits remeasurement (gains) losses	(43)		(17)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	(2)		2
Embedded derivatives:
Included in investment related gains/losses, net	(103)		(17)
Included in interest credited	7		(4)
Investment (income) loss on unit-linked variable annuities	2		2
Interest credited on unit-linked variable annuities	(2)		(2)
Interest expense on uncertain tax positions	(1)		—
Other (1)	68		8
Pre-tax adjusted operating income	1,007		832
Notable items	—		—
Pre-tax adjusted operating income, excluding notable items	$	1,007	$	832

(1) The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Pre-tax Income to Pre-tax Adjusted Operating Income

(Dollars in millions)


(Unaudited)	Three Months Ended June 30, 2024
	Pre-tax income (loss)		Realized (gains) losses, derivatives and other, net		Change in value of embedded derivatives, net		Pre-tax adjusted operating income (loss)		Notable Items		Pre-tax adjusted operating income (loss) ex. notable items
U.S. and Latin America:
Traditional	$	174	$	(1)	$	(6)	$	167	$	—	$	167
Financial Solutions	83		23		(26)		80		—		80

Total U.S. and Latin America	257		22		(32)		247		—		247
Canada Traditional	27		(1)		—		26		—		26
Canada Financial Solutions	6		1		—		7		—		7
Total Canada	33		—		—		33		—		33
EMEA Traditional	1		(2)		—		(1)		—		(1)
EMEA Financial Solutions	72		14		—		86		—		86
Total EMEA	73		12		—		85		—		85
APAC Traditional	100		(1)		—		99		—		99
APAC Financial Solutions	(58)		129		—		71		—		71
Total Asia Pacific	42		128		—		170		—		170
Corporate and Other	(136)		92		—		(44)		—		(44)
Consolidated	$	269	$	254	$	(32)	$	491	$	—	$	491


(Unaudited)	Three Months Ended June 30, 2023
	Pre-tax income (loss)		Realized (gains) losses, derivatives and other, net		Change in value of embedded derivatives, net		Pre-tax adjusted operating income (loss)		Notable Items		Pre-tax adjusted operating income (loss) ex. notable items
U.S. and Latin America:
Traditional	$	62	$	—	$	1	$	63	$	—	$	63
Financial Solutions	68		19		22		109		—		109

Total U.S. and Latin America	130		19		23		172		—		172
Canada Traditional	35		(3)		—		32		—		32
Canada Financial Solutions	6		—		—		6		—		6
Total Canada	41		(3)		—		38		—		38
EMEA Traditional	4		—		—		4		—		4
EMEA Financial Solutions	52		14		—		66		—		66
Total EMEA	56		14		—		70		—		70
APAC Traditional	89		—		—		89		—		89
APAC Financial Solutions	20		42		—		62		—		62
Total Asia Pacific	109		42		—		151		—		151
Corporate and Other	(71)		16		—		(55)		—		(55)
Consolidated	$	265	$	88	$	23	$	376	$	—	$	376

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Pre-tax Income to Pre-tax Adjusted Operating Income

(Dollars in millions)


(Unaudited)	Six Months Ended June 30, 2024
	Pre-tax income (loss)		Realized (gains) losses, derivatives and other, net		Change in value of embedded derivatives, net		Pre-tax adjusted operating income (loss)		Notable Items		Pre-tax adjusted operating income (loss) ex. notable items
U.S. and Latin America:
Traditional	$	290	$	(1)	$	6	$	295	$	—	$	295
Financial Solutions	100		172		(102)		170		—		170

Total U.S. and Latin America	390		171		(96)		465		—		465
Canada Traditional	74		(2)		—		72		—		72
Canada Financial Solutions	13		1		—		14		—		14
Total Canada	87		(1)		—		86		—		86
EMEA Traditional	29		8		—		37		—		37
EMEA Financial Solutions	136		27		—		163		—		163
Total EMEA	165		35		—		200		—		200
APAC Traditional	209		(1)		—		208		—		208
APAC Financial Solutions	(45)		175		—		130		—		130
Total Asia Pacific	164		174		—		338		—		338
Corporate and Other	(265)		183		—		(82)		—		(82)
Consolidated	$	541	$	562	$	(96)	$	1,007	$	—	$	1,007


(Unaudited)	Six Months Ended June 30, 2023
	Pre-tax income (loss)		Realized (gains) losses, derivatives and other, net		Change in value of embedded derivatives, net		Pre-tax adjusted operating income (loss)		Notable Items		Pre-tax adjusted operating income (loss) ex. notable items
U.S. and Latin America:
Traditional	$	183	$	—	$	2	$	185	$	—	$	185
Financial Solutions	182		55		(23)		214		—		214

Total U.S. and Latin America	365		55		(21)		399		—		399
Canada Traditional	64		(3)		—		61		—		61
Canada Financial Solutions	16		—		—		16		—		16
Total Canada	80		(3)		—		77		—		77
EMEA Traditional	31		—		—		31		—		31
EMEA Financial Solutions	111		24		—		135		—		135
Total EMEA	142		24		—		166		—		166
APAC Traditional	168		—		—		168		—		168
APAC Financial Solutions	7		95		—		102		—		102
Total Asia Pacific	175		95		—		270		—		270
Corporate and Other	(146)		66		—		(80)		—		(80)
Consolidated	$	616	$	237	$	(21)	$	832	$	—	$	832

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In thousands, except per share data)


(Unaudited)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Earnings per share from net income (loss):
Basic earnings per share	$	3.07	$	3.09	$	6.28	$	6.86
Diluted earnings per share	$	3.03	$	3.05	$	6.19	$	6.77

Diluted earnings per share from adjusted operating income	$	5.48	$	4.40	$	11.49	$	9.55
Weighted average number of common and common equivalent shares outstanding	66,732		67,420		66,645		67,563


(Unaudited)	At June 30,
	2024		2023
Treasury shares	19,487		19,099
Common shares outstanding	65,824		66,212
Book value per share outstanding	$	147.90	$	117.87
Book value per share outstanding, before impact of AOCI	$	148.19	$	138.99

Reconciliation of Book Value Per Share to Book Value Per Share Excluding AOCI and B36 Derivatives


(Unaudited)	At June 30,
	2024		2023
Book value per share outstanding	$	147.90	$	117.87
Less effect of AOCI:
Accumulated currency translation adjustment	1.32		0.38
Unrealized (depreciation) appreciation of securities	(71.31)		(73.69)
Effect of updating discount rates on future policy benefits	70.06		52.26
Change in instrument-specific credit risk for market risk benefits	0.09		0.20
Pension and postretirement benefits	(0.45)		(0.27)
Book value per share outstanding, before impact of AOCI	148.19		138.99
Less effect of B36 derivatives	(0.82)		0.11
Book value per share outstanding, before impact of AOCI and B36 derivatives	$	149.01	$	138.88

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Add Sixteen

Reconciliation of Shareholders' Average Equity to Shareholders' Average Equity Excluding AOCI

(Dollars in millions)


(Unaudited)
Trailing Twelve Months Ended June 30, 2024:	Average Equity
Shareholders' average equity	$	8,830
Less effect of AOCI:
Accumulated currency translation adjustment	41
Unrealized (depreciation) appreciation of securities	(4,792)
Effect of updating discount rates on future policy benefits	4,120
Change in instrument-specific credit risk for market risk benefits	6
Pension and postretirement benefits	(24)
Shareholders' average equity, excluding AOCI	9,479
Year-to-date notable items, net of tax	—
Shareholders' average equity, excluding AOCI and notable items	$	9,479

Reconciliation of Trailing Twelve Months of Consolidated Net Income to Adjusted Operating Income

and Related Return on Equity

(Dollars in millions)


(Unaudited)			Return on Equity
Trailing Twelve Months Ended June 30, 2024:	Income
Net income available to RGA shareholders	$	858	9.7	%
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net	553
Change in fair value of embedded derivatives	65
Tax expense on uncertain tax positions and other tax related items	(29)
Net income attributable to noncontrolling interest	7
Adjusted operating income	1,454		15.3	%
Notable items after tax	—
Adjusted operating income, excluding notable items	$	1,454	15.3	%

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Add Seventeen

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)


(Unaudited)	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues:
Net premiums	$	3,920	$	3,337	$	9,296	$	6,722
Investment income, net of related expenses	1,082		857		2,043		1,713
Investment related gains (losses), net	(271)		(123)		(420)		(200)
Other revenue	147		85		296		172
Total revenues	4,878		4,156		11,215		8,407
Benefits and expenses:
Claims and other policy benefits	3,712		3,013		8,844		6,076
Future policy benefits remeasurement (gains) losses	(90)		13		(114)		(13)
Market risk benefits remeasurement (gains) losses	(8)		(31)		(43)		(17)
Interest credited	231		209		485		424
Policy acquisition costs and other insurance expenses	391		349		778		680
Other operating expenses	301		275		584		525
Interest expense	72		63		140		116
Total benefits and expenses	4,609		3,891		10,674		7,791
Income before income taxes	269		265		541		616
Provision for income taxes	65		58		125		156
Net income	204		207		416		460
Net income attributable to noncontrolling interest	1		2		3		3
Net income available to RGA shareholders	$	203	$	205	$	413	$	457

# # #

Exhibit 99.2

Quarterly Financial Supplement

Second Quarter 2024

(Unaudited)

World Headquarters

Internet Address

Contacts

16600 Swingley Ridge Road

www.rgare.com

Todd C. Larson

Chesterfield, Missouri 63017 U.S.A.

Senior Executive Vice President

and Chief Financial Officer

Phone: (636) 736-7000

e-mail: tlarson@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+

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 Atlantic Reinsurance Company Ltd.

AA-

A+

RGA Life and Annuity Insurance Company

AA-

A+

Omnilife Insurance Company Limited

A+

Aurora National Life Assurance Company

A+

Senior Debt Ratings

Reinsurance Group of America, Incorporated

Baa1

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

Reinsurance Group of America, Incorporated

2nd Quarter 2024

Table of Contents


			Page


Notes			1

Consolidated

Financial Highlights			2

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

Consolidated Balance Sheets			5

Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements

U.S. and Latin America Traditional			6

U.S. and Latin America Financial Solutions			8

Canada Traditional			11

Canada Financial Solutions			13

Europe, Middle East and Africa Traditional			15

Europe, Middle East and Africa Financial Solutions			17

Asia Pacific Traditional			19

Asia Pacific Financial Solutions			21

Corporate and Other			23

Summary of Segment GAAP Income			25

Summary of Segment Adjusted Operating Income			26

Investments

Cash and Invested Assets and Investment Income and Yield Summary			27

Fixed Maturity Securities			28

Corporate Fixed Maturity Securities by Industry			29

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities			30

Fixed Maturity Securities Below Amortized Cost			31

Consolidated Investment Related Gains and Losses			33

Appendix

Reconciliations of GAAP to Non-GAAP Measures			34

Non-GAAP Disclosures			39

Reinsurance Group of America, Incorporated

Notes

Change in Presentation: U.S. and Latin America Financial Solutions:

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


						Page 1


Reinsurance Group of America, Incorporated
Financial Highlights

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

Net premiums	$	3,920		$	5,376		$	4,108		$	4,255		$	3,337		$	583		$	9,296	$	6,722	$	2,574
Net income available to RGA's shareholders	203			210			158			287			205			(2)			413		457		(44)
Adjusted operating income	365			401			316			372			297			68			766		646		120
Adjusted operating income excluding notable items (1)	365			401			316			372			297			68			766		646		120
Return on equity	9.7		%	10.2		%	11.4		%	13.9		%	9.2		%	0.5		%
Adjusted operating return on equity (ex AOCI)	15.3		%	14.8		%	14.5		%	14.7		%	10.9		%	4.4		%
Adjusted operating return on equity (ex AOCI and notable items (1))	15.3		%	14.8		%	14.4		%	14.0		%	13.0		%	2.3		%
Adjusted operating return on equity (ex AOCI and effect of B36 items)	15.3		%	14.8		%	14.4		%	14.7		%	10.9		%	4.4		%

Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income	$	3.07		$	3.20		$	2.40		$	4.34		$	3.09		$	(0.02)		$	6.28	$	6.86	$	(0.58)
Adjusted operating income	$	5.55		$	6.09		$	4.80		$	5.64		$	4.46		$	1.09		$	11.65	$	9.69	$	1.96
Adjusted operating income excluding notable items (1)	$	5.55		$	6.09		$	4.80		$	5.64		$	4.46		$	1.09		$	11.65	$	9.69	$	1.96
Diluted earnings per share
Net income	$	3.03		$	3.16		$	2.37		$	4.29		$	3.05		$	(0.02)		$	6.19	$	6.77	$	(0.58)
Adjusted operating income	$	5.48		$	6.02		$	4.73		$	5.57		$	4.40		$	1.08		$	11.49	$	9.55	$	1.94
Adjusted operating income excluding notable items (1)	$	5.48		$	6.02		$	4.73		$	5.57		$	4.40		$	1.08		$	11.49	$	9.55	$	1.94
Weighted average common shares outstanding
Basic	65,807			65,739			65,853			66,127			66,518			(711)			65,773		66,649		(876)
Diluted	66,732			66,559			66,721			66,914			67,420			(688)			66,645		67,563		(918)

Book value per share	$	147.90		$	143.92		$	138.39		$	122.40		$	117.87		$	30.03		$	147.90	$	117.87	$	30.03
Book value per share, excluding AOCI	$	148.19		$	145.83		$	144.01		$	142.63		$	138.99		$	9.20		$	148.19	$	138.99	$	9.20
Book value per share, excluding AOCI and B36	$	149.01		$	146.96		$	146.07		$	142.51		$	138.88		$	10.13		$	149.01	$	138.88	$	10.13

Shareholders’ dividends paid	$	56		$	56		$	56		$	56		$	54		$	2		$	112	$	107	$	5
Share buybacks	—			—			50			50			50			(50)			—		100		(100)
Total returned to shareholders	$	56		$	56		$	106		$	106		$	104		$	(48)		$	112	$	207	$	(95)

Common shares issued	85,311			85,311			85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	19,487			19,523			19,690			19,439			19,099			388			19,487		19,099		388
Common shares outstanding	65,824			65,788			65,621			65,872			66,212			(388)			65,824		66,212		(388)

Assumed life reinsurance in force (in billions)	$	3,767.7		$	3,729.8		$	3,704.1		$	3,499.4		$	3,479.5		$	288.2
Assumed new business production (in billions)	$	89.6		$	109.1		$	97.6		$	96.7		$	88.2		$	1.4		$	198.7	$	168.8	$	29.9

(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".


						Page 2


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

(USD millions)	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	3,920	$	5,376	$	4,108	$	4,255	$	3,337	$	583	$	9,296	$	6,722	$	2,574
Net investment income	1,082		961		956		922		857		225		2,043		1,713		330
Investment related gains (losses), net	(271)		(149)		(155)		(126)		(123)		(148)		(420)		(200)		(220)
Other revenue	147		149		98		102		85		62		296		172		124
Total revenues	4,878		6,337		5,007		5,153		4,156		722		11,215		8,407		2,808
Benefits and expenses:
Claims and other policy benefits	3,712		5,132		3,837		3,959		3,013		699		8,844		6,076		2,768
Future policy benefits remeasurement (gains) losses	(90)		(24)		33		(82)		13		(103)		(114)		(13)		(101)
Market risk benefits remeasurement (gains) losses	(8)		(35)		28		(21)		(31)		23		(43)		(17)		(26)
Interest credited	231		254		217		223		209		22		485		424		61
Policy acquisition costs and other insurance expenses	391		387		369		348		349		42		778		680		98
Other operating expenses	301		283		290		274		275		26		584		525		59
Interest expense	72		68		69		72		63		9		140		116		24
Total benefits and expenses	4,609		6,065		4,843		4,773		3,891		718		10,674		7,791		2,883
Income before income taxes	269		272		164		380		265		4		541		616		(75)
Provision for income taxes	65		60		4		91		58		7		125		156		(31)
Net income	204		212		160		289		207		(3)		416		460		(44)
Net income attributable to noncontrolling interest	1		2		2		2		2		(1)		3		3		—
Net income available to RGA's shareholders	$	203	$	210	$	158	$	287	$	205	$	(2)	$	413	$	457	$	(44)
Pre-tax adjusted operating income reconciliation:
Income before income taxes	$	269	$	272	$	164	$	380	$	265	$	4	$	541	$	616	$	(75)
Investment and derivative (gains) losses (1)	308		232		(18)		134		117		191		540		244		296
Market risk benefits remeasurement (gains) losses	(8)		(35)		28		(21)		(31)		23		(43)		(17)		(26)
Change in fair value of funds withheld embedded derivatives (1)	(26)		(77)		181		(1)		20		(46)		(103)		(17)		(86)
Funds withheld (gains) losses - investment income	—		(2)		(3)		(4)		2		(2)		(2)		2		(4)
EIA embedded derivatives - interest credited	(6)		13		5		(7)		3		(9)		7		(4)		11
Investment (income) loss on unit-linked variable annuities	1		1		(3)		2		2		(1)		2		2		—
Interest credited on unit-linked variable annuities	(1)		(1)		3		(2)		(2)		1		(2)		(2)		—
Interest expense on uncertain tax positions	(1)		—		(1)		1		—		(1)		(1)		—		(1)
Other (2)	(45)		113		30		(1)		—		(45)		68		8		60
Adjusted operating income before income taxes	491		516		386		481		376		115		1,007		832		175
Notable items (3)	—		—		—		(3)		—		—		—		—		—
Adjusted operating income before income taxes excluding notable items	$	491	$	516	$	386	$	478	$	376	$	115	$	1,007	$	832	$	175

(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 on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".


						Page 3


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

(USD millions)	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA	$	203	$	210	$	158	$	287	$	205	$	(2)	$	413	$	457	$	(44)
Investment and derivative (gains) losses (1)	239		185		(14)		104		88		151		424		190		234
Market risk benefits remeasurement (gains) losses	(6)		(28)		22		(17)		(24)		18		(34)		(13)		(21)
Change in fair value of funds withheld embedded derivatives (1)	(20)		(61)		143		(1)		16		(36)		(81)		(13)		(68)
Funds withheld (gains) losses - investment income	—		(2)		(2)		(4)		2		(2)		(2)		2		(4)
EIA embedded derivatives - interest credited	(4)		10		4		(6)		3		(7)		6		(3)		9
Investment (income) loss on unit-linked variable annuities	1		1		(2)		1		2		(1)		2		2		—
Interest credited on unit-linked variable annuities	(1)		(1)		2		(1)		(2)		1		(2)		(2)		—
Interest expense on uncertain tax positions	(1)		—		(1)		1		—		(1)		(1)		—		(1)
Other (2)	(35)		89		23		—		—		(35)		54		6		48
Uncertain tax positions and other tax related items	(12)		(4)		(19)		6		5		(17)		(16)		17		(33)
Net income attributable to noncontrolling interest	1		2		2		2		2		(1)		3		3		—
Adjusted operating income	365		401		316		372		297		68		766		646		120
Notable items (3)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items	$	365	$	401	$	316	$	372	$	297	$	68	$	766	$	646	$	120

Diluted earnings per share - adjusted operating income	$	5.48	$	6.02	$	4.73	$	5.57	$	4.40	$	1.08	$	11.49	$	9.55	$	1.94
Diluted earnings per share - adjusted operating income excluding notable items	$	5.48	$	6.02	$	4.73	$	5.57	$	4.40	$	1.08	$	11.49	$	9.55	$	1.94

Foreign currency effect on (4):
Net premiums	$	(33)	$	(12)	$	18	$	13	$	(45)	$	12	$	(45)	$	(157)	$	112
Adjusted operating income before income taxes	$	(5)	$	1	$	3	$	1	$	(6)	$	1	$	(4)	$	(22)	$	18

(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 on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(4) Compared to comparable prior year period.


						Page 4


Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2024		2024		2023		2023		2023
Assets
Fixed maturity securities available-for-sale, at fair value	$	70,491	$	65,827	$	60,467	$	54,171	$	56,236
Equity securities	144		144		139		133		136
Mortgage loans	7,984		7,539		7,377		7,231		7,038
Policy loans	1,171		1,198		1,206		1,180		1,202
Funds withheld at interest	5,556		5,642		5,683		5,725		5,862
Limited partnerships and real estate joint ventures	2,791		2,697		2,635		2,560		2,473
Short-term investments	335		327		222		141		224
Other invested assets	1,148		1,140		1,171		1,091		1,119
Total investments	89,620		84,514		78,900		72,232		74,290
Cash and cash equivalents	4,596		5,935		2,970		2,820		2,598
Accrued investment income	881		808		759		744		702
Premiums receivable and other reinsurance balances	3,635		3,342		3,528		3,279		3,321
Reinsurance ceded receivables and other	5,122		5,265		5,448		2,818		2,664
Deferred policy acquisition costs	4,720		4,673		4,617		4,289		4,286
Other assets	1,314		1,463		1,401		1,240		1,179
Total assets	$	109,888	$	106,000	$	97,623	$	87,422	$	89,040
Liabilities and equity
Future policy benefits	$	50,779	$	47,067	$	41,231	$	36,474	$	38,239
Interest-sensitive contract liabilities	31,676		31,319		30,273		29,365		29,910
Market risk benefits, at fair value	217		228		258		224		235
Other policy claims and benefits	2,769		2,753		2,730		2,654		2,579
Other reinsurance balances	917		874		1,103		750		858
Deferred income taxes	1,866		1,897		1,862		1,601		1,424
Other liabilities	2,449		3,468		2,085		1,750		1,477
Funds withheld payable	4,323		4,409		4,483		2,001		1,573
Long-term debt	5,067		4,427		4,427		4,450		4,850
Total liabilities	100,063		96,442		88,452		79,269		81,145
Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,567		2,549		2,544		2,534		2,522
Retained earnings	9,076		8,934		8,805		8,713		8,483
Treasury stock	(1,889)		(1,891)		(1,900)		(1,852)		(1,803)
Accumulated other comprehensive income, net of taxes (AOCI):
Accumulated currency translation adjustment	86		57		68		(33)		26
Unrealized (depreciation) appreciation of securities	(4,694)		(4,062)		(3,667)		(6,659)		(4,879)
Effect of updating discount rates on future policy benefits	4,611		3,906		3,256		5,366		3,460
Change in instrument-specific credit risk for market risk benefits	6		3		3		7		13
Pension and postretirement benefits	(29)		(29)		(29)		(14)		(18)
Total RGA, Inc. shareholders’ equity	9,735		9,468		9,081		8,063		7,805
Noncontrolling interest	90		90		90		90		90
Total equity	9,825		9,558		9,171		8,153		7,895
Total liabilities and equity	$	109,888	$	106,000	$	97,623	$	87,422	$	89,040
Total RGA, Inc. shareholders’ equity, excluding AOCI	$	9,755	$	9,593	$	9,450	$	9,396	$	9,203

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


						Page 5


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2024			2024			2023			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	1,827		$	1,715		$	1,912		$	1,746		$	1,750		$	77		$	3,542		$	3,365		$	177
Net investment income	203			205			210			195			180			23			408			373			35
Investment related gains (losses), net	6			(12)			6			2			(1)			7			(6)			(2)			(4)
Other revenue	8			6			2			6			3			5			14			8			6
Total revenues	2,044			1,914			2,130			1,949			1,932			112			3,958			3,744			214

Benefits and expenses:
Claims and other policy benefits	1,676			1,572			1,779			1,611			1,592			84			3,248			3,039			209
Future policy benefits remeasurement (gains) losses	(66)			(21)			63			(20)			24			(90)			(87)			31			(118)
Interest credited	19			19			20			19			18			1			38			36			2
Policy acquisition costs and other insurance expenses	186			175			184			184			187			(1)			361			362			(1)
Other operating expenses	55			53			54			50			49			6			108			93			15
Total benefits and expenses	1,870			1,798			2,100			1,844			1,870			—			3,668			3,561			107

Income before income taxes	$	174		$	116		$	30		$	105		$	62		$	112		$	290		$	183		$	107

Loss and expense ratios:
Loss ratio (1)	88.1		%	90.4		%	96.3		%	91.1		%	92.3		%	(4.2)		%	89.2		%	91.2		%	(2.0)		%
Policy acquisition costs and other insurance expenses	10.2		%	10.2		%	9.6		%	10.5		%	10.7		%	(0.5)		%	10.2		%	10.8		%	(0.6)		%
Other operating expenses	3.0		%	3.1		%	2.8		%	2.9		%	2.8		%	0.2		%	3.0		%	2.8		%	0.2		%

Foreign currency effect on (2):
Net premiums	$	1		$	3		$	3		$	5		$	3		$	(2)		$	4		$	5		$	(1)
Income before income taxes	$	(1)		$	—		$	—		$	—		$	—		$	(1)		$	(1)		$	—		$	(1)

Assumed life reinsurance in force (in billions)	$	1,716.1		$	1,709.1		$	1,703.6		$	1,693.1		$	1,685.3		$	30.8
Assumed new business production (in billions)	$	35.9		$	41.0		$	47.9		$	36.7		$	35.6		$	0.3		$	76.9		$	69.7		$	7.2

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


						Page 6


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2024			2024			2023			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	1,827		$	1,715		$	1,912		$	1,746		$	1,750		$	77		$	3,542		$	3,365		$	177
Net investment income	203			205			211			195			180			23			408			373			35
Other revenue	7			6			2			6			3			4			13			8			5
Total revenues	2,037			1,926			2,125			1,947			1,933			104			3,963			3,746			217

Benefits and expenses:
Claims and other policy benefits	1,676			1,572			1,779			1,611			1,592			84			3,248			3,039			209
Future policy benefits remeasurement (gains) losses	(66)			(21)			63			(20)			24			(90)			(87)			31			(118)
Interest credited	19			19			20			19			18			1			38			36			2
Policy acquisition costs and other insurance expenses	186			175			184			184			187			(1)			361			362			(1)
Other operating expenses	55			53			54			50			49			6			108			93			15
Total benefits and expenses	1,870			1,798			2,100			1,844			1,870			—			3,668			3,561			107

Adjusted operating income before income taxes	167			128			25			103			63			104			295			185			110
Notable items (1)	—			—			—			17			—			—			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	167		$	128		$	25		$	120		$	63		$	104		$	295		$	185		$	110

Loss and expense ratios:
Loss ratio (2)	88.1		%	90.4		%	96.3		%	91.1		%	92.3		%	(4.2)		%	89.2		%	91.2		%	(2.0)		%
Policy acquisition costs and other insurance expenses	10.2		%	10.2		%	9.6		%	10.5		%	10.7		%	(0.5)		%	10.2		%	10.8		%	(0.6)		%
Other operating expenses	3.0		%	3.1		%	2.8		%	2.9		%	2.8		%	0.2		%	3.0		%	2.8		%	0.2		%

Foreign currency effect on (3):
Net premiums	$	1		$	3		$	3		$	5		$	3		$	(2)		$	4		$	5		$	(1)
Adjusted operating income (loss) before income taxes	$	(1)		$	—		$	—		$	—		$	—		$	(1)		$	(1)		$	—		$	(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 on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(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
GAAP Income Statements
(USD millions)

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	305	$	1,916	$	521	$	820	$	17	$	288	$	2,221	$	180	$	2,041
Net investment income	319		304		293		299		278		41		623		559		64
Investment related gains (losses), net	(15)		27		(158)		(63)		(68)		53		12		(48)		60
Other revenue	55		62		60		59		51		4		117		102		15
Total revenues	664		2,309		716		1,115		278		386		2,973		793		2,180

Benefits and expenses:
Claims and other policy benefits	365		2,079		585		851		45		320		2,444		244		2,200
Future policy benefits remeasurement (gains) losses	(3)		2		1		(25)		(1)		(2)		(1)		(5)		4
Market risk benefits remeasurement (gains) losses	(8)		(35)		28		(21)		(31)		23		(43)		(17)		(26)
Interest credited	120		148		126		137		133		(13)		268		262		6
Policy acquisition costs and other insurance expenses	87		80		78		47		49		38		167		97		70
Other operating expenses	20		18		18		18		15		5		38		30		8
Total benefits and expenses	581		2,292		836		1,007		210		371		2,873		611		2,262

Income (loss) before income taxes	$	83	$	17	$	(120)	$	108	$	68	$	15	$	100	$	182	$	(82)

Assumed life reinsurance in force (in billions)	$	10.1	$	10.1	$	10.3	$	5.1	$	5.2	$	4.9
Assumed new business production (in billions)	$	—	$	—	$	5.2	$	—	$	—	$	—	$	—	$	—	$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


						Page 8


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	305	$	1,916	$	521	$	820	$	17	$	288	$	2,221	$	180	$	2,041
Net investment income	318		303		289		292		279		39		621		556		65
Other revenue	54		62		60		59		51		3		116		102		14
Total revenues	677		2,281		870		1,171		347		330		2,958		838		2,120

Benefits and expenses:
Claims and other policy benefits	367		1,956		551		851		45		322		2,323		244		2,079
Future policy benefits remeasurement (gains) losses	(3)		2		1		(25)		(1)		(2)		(1)		(5)		4
Interest credited	126		135		121		144		130		(4)		261		266		(5)
Policy acquisition costs and other insurance expenses	87		80		78		47		49		38		167		89		78
Other operating expenses	20		18		18		18		15		5		38		30		8
Total benefits and expenses	597		2,191		769		1,035		238		359		2,788		624		2,164

Adjusted operating income before income taxes	80		90		101		136		109		(29)		170		214		(44)
Notable items (1)	—		—		—		(22)		—		—		—		—		—
Adjusted operating income before income taxes excluding notable items	$	80	$	90	$	101	$	114	$	109	$	(29)	$	170	$	214	$	(44)



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 on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".


						Page 9


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

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

Fixed annuities (deferred)	$	9,677		$	9,981		$	10,331		$	11,066		$	11,361
Equity-indexed annuities	$	2,118		$	2,234		$	2,354		$	2,469		$	2,580
Bank-owned life insurance (BOLI) and universal life	$	2,052		$	2,063		$	2,091		$	2,480		$	2,494
Other policyholder account balances	$	43		$	46		$	47		$	51		$	52

Variable annuities account balances
No riders	$	609		$	629		$	624		$	578		$	599
GMDB only	807			793			739			742			738
GMIB only	18			14			13			16			16
GMAB only	2			2			2			2			2
GMWB only	853			862			858			814			883
GMDB / WB	162			166			162			156			169
Other	13			11			11			12			13
Total variable annuities account balances	$	2,464		$	2,477		$	2,409		$	2,320		$	2,420

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

Guaranteed investment contracts, funding agreements and immediate annuities	$	691		$	693		$	690		$	707		$	843

Future policy benefits (at original discount rate) associated with:
Payout annuities	$	6,764		$	6,503		$	4,524		$	4,909		$	4,181
Other future policy benefits	$	56		$	59		$	60		$	60		$	62

Liability for market risk benefits:

Equity-indexed annuities	$	147		$	154		$	159		$	135		$	140
Variable annuities (liability)	$	70		$	74		$	99		$	89		$	95
Variable annuities (asset)	$	15		$	14		$	9		$	8		$	6

Net interest spread (1)	1.1		%	0.9		%	1.3		%	1.3		%	1.4		%

(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.


						Page 10


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2024			2024			2023			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	326		$	318		$	311		$	302		$	307		$	19		$	644		$	602		$	42
Net investment income	61			64			62			62			61			—			125			122			3
Investment related gains, net	1			1			3			—			4			(3)			2			6			(4)
Other revenue	1			3			—			2			1			—			4			2			2
Total revenues	389			386			376			366			373			16			775			732			43

Benefits and expenses:
Claims and other policy benefits	304			283			294			284			282			22			587			552			35
Future policy benefits remeasurement (gains) losses	1			(3)			4			16			(1)			2			(2)			2			(4)
Interest credited	—			—			—			1			—			—			—			—			—
Policy acquisition costs and other insurance expenses	46			47			46			46			47			(1)			93			92			1
Other operating expenses	11			12			11			13			10			1			23			22			1
Total benefits and expenses	362			339			355			360			338			24			701			668			33

Income before income taxes	$	27		$	47		$	21		$	6		$	35		$	(8)		$	74		$	64		$	10

Loss and expense ratios:
Loss ratio (1)	93.6		%	88.1		%	95.8		%	99.3		%	91.5		%	2.1		%	90.8		%	92.0		%	(1.2)		%
Policy acquisition costs and other insurance expenses	14.1		%	14.8		%	14.8		%	15.2		%	15.3		%	(1.2)		%	14.4		%	15.3		%	(0.9)		%
Other operating expenses	3.4		%	3.8		%	3.5		%	4.3		%	3.3		%	0.1		%	3.6		%	3.7		%	(0.1)		%

Foreign currency effect on (2):
Net premiums	$	(6)		$	1		$	(1)		$	(8)		$	(16)		$	10		$	(5)		$	(36)		$	31
Income before income taxes	$	—		$	—		$	4		$	(1)		$	(2)		$	2		$	—		$	(4)		$	4

Creditor reinsurance net premiums	$	17		$	17		$	18		$	17		$	18		$	(1)		$	34		$	36		$	(2)

Assumed life reinsurance in force (in billions)	$	489.3		$	488.0		$	493.5		$	477.2		$	484.6		$	4.7
Assumed new business production (in billions)	$	12.3		$	11.5		$	11.1		$	11.0		$	11.2		$	1.1		$	23.8		$	22.0		$	1.8

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


						Page 11


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2024			2024			2023			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	326		$	318		$	311		$	302		$	307		$	19		$	644		$	602		$	42
Net investment income	61			64			62			64			61			—			125			123			2
Investment related gains, net	2			—			2			—			1			1			2			2			—
Other revenue	1			3			—			2			1			—			4			2			2
Total revenues	390			385			375			368			370			20			775			729			46

Benefits and expenses:
Claims and other policy benefits	304			283			294			284			282			22			587			552			35
Future policy benefits remeasurement gains	1			(3)			4			16			(1)			2			(2)			2			(4)
Interest credited	—			—			—			1			—			—			—			—			—
Policy acquisition costs and other insurance expenses	46			47			46			46			47			(1)			93			92			1
Other operating expenses	13			12			11			11			10			3			25			22			3
Total benefits and expenses	364			339			355			358			338			26			703			668			35

Adjusted operating income (loss) before income taxes	26			46			20			10			32			(6)			72			61			11
Notable items (1)	—			—			—			13			—			—			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	26		$	46		$	20		$	23		$	32		$	(6)		$	72		$	61		$	11

Loss and expense ratios:
Loss ratio (2)	93.6		%	88.1		%	95.8		%	99.3		%	91.5		%	2.1		%	90.8		%	92.0		%	(1.2)		%
Policy acquisition costs and other insurance expenses	14.1		%	14.8		%	14.8		%	15.2		%	15.3		%	(1.2)		%	14.4		%	15.3		%	(0.9)		%
Other operating expenses	4.0		%	3.8		%	3.5		%	3.6		%	3.3		%	0.7		%	3.9		%	3.7		%	0.2		%

Foreign currency effect on (3):
Net premiums	$	(6)		$	1		$	(1)		$	(8)		$	(16)		$	10		$	(5)		$	(36)		$	31
Adjusted operating income before income taxes	$	—		$	—		$	5		$	(1)		$	(2)		$	2		$	—		$	(4)		$	4

Creditor reinsurance net premiums	$	17		$	17		$	18		$	17		$	18		$	(1)		$	34		$	36		$	(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 on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(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
Canada Financial Solutions (1)
GAAP Income Statements
(USD millions)

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	48	$	23	$	22	$	22	$	23	$	25	$	71	$	46	$	25
Net investment income	48		1		1		1		1		47		49		2		47
Investment related gains, net	(1)		—		—		—		—		(1)		(1)		—		(1)
Other revenue	6		3		4		3		2		4		9		5		4
Total revenues	101		27		27		26		26		75		128		53		75

Benefits and expenses:
Claims and other policy benefits	89		19		19		18		20		69		108		41		67
Future policy benefits remeasurement (gains) losses	—		—		—		(23)		(2)		2		—		(7)		7
Policy acquisition costs and other insurance expenses	4		1		—		1		—		4		5		1		4
Other operating expenses	2		—		2		—		2		—		2		2		—
Total benefits and expenses	95		20		21		(4)		20		75		115		37		78

Income before income taxes	$	6	$	7	$	6	$	30	$	6	$	—	$	13	$	16	$	(3)

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

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) Compared to comparable prior year period.


						Page 13


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	48	$	23	$	22	$	22	$	23	$	25	$	71	$	46	$	25
Net investment income	48		1		1		1		1		47		49		2		47
Other revenue	6		3		4		3		2		4		9		5		4
Total revenues	102		27		27		26		26		76		129		53		76

Benefits and expenses:
Claims and other policy benefits	89		19		19		18		20		69		108		41		67
Future policy benefits remeasurement gains	—		—		—		(23)		(2)		2		—		(7)		7
Policy acquisition costs and other insurance expenses	4		1		—		1		—		4		5		1		4
Other operating expenses	2		—		2		—		2		—		2		2		—
Total benefits and expenses	95		20		21		(4)		20		75		115		37		78

Adjusted operating income before income taxes	7		7		6		30		6		1		14		16		(2)
Notable items (2)	—		—		—		(22)		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	7	$	7	$	6	$	8	$	6	$	1	$	14	$	16	$	(2)

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

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 on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.


						Page 14


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2024			2024			2023			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	497		$	496		$	461		$	447		$	429		$	68		$	993		$	867		$	126
Net investment income	27			27			22			23			23			4			54			46			8
Other revenue	—			2			1			1			(1)			1			2			(2)			4
Total revenues	524			525			484			471			451			73			1,049			911			138

Benefits and expenses:
Claims and other policy benefits	464			424			420			429			383			81			888			773			115
Future policy benefits remeasurement (gains) losses	6			(5)			1			43			12			(6)			1			4			(3)
Policy acquisition costs and other insurance expenses	22			37			22			25			21			1			59			39			20
Other operating expenses	31			41			33			34			31			—			72			64			8
Total benefits and expenses	523			497			476			531			447			76			1,020			880			140

Income (loss) before income taxes	$	1		$	28		$	8		$	(60)		$	4		$	(3)		$	29		$	31		$	(2)

Loss and expense ratios:
Loss ratio (1)	94.6		%	84.5		%	91.3		%	105.6		%	92.1		%	2.5		%	89.5		%	89.6		%	(0.1)		%
Policy acquisition costs and other insurance expenses	4.4		%	7.5		%	4.8		%	5.6		%	4.9		%	(0.5)		%	5.9		%	4.5		%	1.4		%
Other operating expenses	6.2		%	8.3		%	7.2		%	7.6		%	7.2		%	(1.0)		%	7.3		%	7.4		%	(0.1)		%

Foreign currency effect on (2):
Net premiums	$	1		$	7		$	14		$	20		$	(6)		$	7		$	8		$	(47)		$	55
Income (loss) before income taxes	$	—		$	—		$	1		$	(4)		$	1		$	(1)		$	—		$	—		$	—

Critical illness net premiums	$	33		$	32		$	37		$	34		$	35		$	(2)		$	65		$	68		$	(3)

Assumed life reinsurance in force (in billions)	$	976.5		$	985.1		$	960.1		$	814.5		$	802.3		$	174.2
Assumed new business production (in billions)	$	20.0		$	38.0		$	16.1		$	30.9		$	36.6		$	(16.6)		$	58.0		$	66.7		$	(8.7)

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


						Page 15


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2024			2024			2023			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	497		$	496		$	461		$	447		$	429		$	68		$	993		$	867		$	126
Net investment income	27			27			22			23			23			4			54			46			8
Other revenue	—			2			1			1			(1)			1			2			(2)			4
Total revenues	524			525			484			471			451			73			1,049			911			138

Benefits and expenses:
Claims and other policy benefits	464			424			420			429			383			81			888			773			115
Future policy benefits remeasurement (gains) losses	6			(5)			1			43			12			(6)			1			4			(3)
Policy acquisition costs and other insurance expenses	22			37			22			25			21			1			59			39			20
Other operating expenses	33			31			33			33			31			2			64			64			—
Total benefits and expenses	525			487			476			530			447			78			1,012			880			132

Adjusted operating income (loss) before income taxes	(1)			38			8			(59)			4			(5)			37			31			6
Notable items (1)	—			—			—			47			—			—			—			—			—
Adjusted operating income (loss) excluding notable items, before income taxes	$	(1)		$	38		$	8		$	(12)		$	4		$	(5)		$	37		$	31		$	6

Loss and expense ratios:
Loss ratio (2)	94.6		%	84.5		%	91.3		%	105.6		%	92.1		%	2.5		%	89.5		%	89.6		%	(0.1)		%
Policy acquisition costs and other insurance expenses	4.4		%	7.5		%	4.8		%	5.6		%	4.9		%	(0.5)		%	5.9		%	4.5		%	1.4		%
Other operating expenses	6.6		%	6.3		%	7.2		%	7.4		%	7.2		%	(0.6)		%	6.4		%	7.4		%	(1.0)		%

Foreign currency effect on (3):
Net premiums	$	1		$	7		$	14		$	20		$	(6)		$	7		$	8		$	(47)		$	55
Adjusted operating income (loss) before income taxes	$	—		$	—		$	1		$	(4)		$	1		$	(1)		$	—		$	—		$	—

Critical illness net premiums	$	33		$	32		$	37		$	34		$	35		$	(2)		$	65		$	68		$	(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 on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.


						Page 16


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	159	$	146	$	125	$	118	$	90	$	69	$	305	$	215	$	90
Net investment income	77		69		62		56		45		32		146		91		55
Investment related losses, net	(12)		(15)		(8)		(21)		(9)		(3)		(27)		(15)		(12)
Other revenue	8		11		1		7		4		4		19		8		11
Total revenues	232		211		180		160		130		102		443		299		144

Benefits and expenses:
Claims and other policy benefits	133		122		96		95		68		65		255		172		83
Future policy benefits remeasurement (gains) losses	2		2		(42)		(33)		(5)		7		4		(14)		18
Interest credited	8		6		3		(2)		(2)		10		14		(2)		16
Policy acquisition costs and other insurance expenses	2		2		1		2		2		—		4		4		—
Other operating expenses	15		15		16		14		15		—		30		28		2
Total benefits and expenses	160		147		74		76		78		82		307		188		119

Income before income taxes	$	72	$	64	$	106	$	84	$	52	$	20	$	136	$	111	$	25

Foreign currency effect on (2):
Net premiums	$	1	$	5	$	6	$	9	$	(1)	$	2	$	6	$	(13)	$	19
Income before income taxes	$	—	$	3	$	5	$	6	$	—	$	—	$	3	$	(6)	$	9

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) Compared to comparable prior year period.


						Page 17


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	159	$	146	$	125	$	118	$	90	$	69	$	305	$	215	$	90
Net investment income	79		69		59		59		48		31		148		97		51
Investment related gains (losses), net	1		(1)		(2)		2		4		(3)		—		5		(5)
Other revenue	8		11		1		7		4		4		19		8		11
Total revenues	247		225		183		186		146		101		472		325		147

Benefits and expenses:
Claims and other policy benefits	133		122		96		95		68		65		255		172		83
Future policy benefits remeasurement (gains) losses	2		2		(42)		(33)		(5)		7		4		(14)		18
Interest credited	9		7		—		—		—		9		16		—		16
Policy acquisition costs and other insurance expenses	2		2		1		2		2		—		4		4		—
Other operating expenses	15		15		16		14		15		—		30		28		2
Total benefits and expenses	161		148		71		78		80		81		309		190		119

Adjusted operating income before income taxes	86		77		112		108		66		20		163		135		28
Notable items (2)	—		—		—		(34)		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	86	$	77	$	112	$	74	$	66	$	20	$	163	$	135	$	28

Foreign currency effect on (3):
Net premiums	$	1	$	5	$	6	$	9	$	(1)	$	2	$	6	$	(13)	$	19
Adjusted operating income before income taxes	$	—	$	3	$	5	$	8	$	—	$	—	$	3	$	(7)	$	10

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 on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.


						Page 18


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2024			2024			2023			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	708		$	716		$	709		$	737		$	677		$	31		$	1,424		$	1,339		$	85
Net investment income	61			65			59			60			62			(1)			126			123			3
Investment related gains, net	1			—			1			1			2			(1)			1			5			(4)
Other revenue	8			10			(1)			3			11			(3)			18			14			4
Total revenues	778			791			768			801			752			26			1,569			1,481			88

Benefits and expenses:
Claims and other policy benefits	607			586			594			604			579			28			1,193			1,142			51
Future policy benefits remeasurement (gains) losses	(29)			1			6			(39)			(14)			(15)			(28)			(23)			(5)
Policy acquisition costs and other insurance expenses	42			45			40			46			44			(2)			87			90			(3)
Other operating expenses	58			50			58			56			54			4			108			104			4
Total benefits and expenses	678			682			698			667			663			15			1,360			1,313			47

Income before income taxes	$	100		$	109		$	70		$	134		$	89		$	11		$	209		$	168		$	41

Loss and expense ratios:
Loss ratio (1)	81.6		%	82.0		%	84.6		%	76.7		%	83.5		%	(1.9)		%	81.8		%	83.6		%	(1.8)		%
Policy acquisition costs and other insurance expenses	5.9		%	6.3		%	5.6		%	6.2		%	6.5		%	(0.6)		%	6.1		%	6.7		%	(0.6)		%
Other operating expenses	8.2		%	7.0		%	8.2		%	7.6		%	8.0		%	0.2		%	7.6		%	7.8		%	(0.2)		%

Foreign currency effect on (2):
Net premiums	$	(23)		$	(23)		$	(3)		$	(10)		$	(21)		$	(2)		$	(46)		$	(54)		$	8
Income before income taxes	$	(2)		$	(3)		$	—		$	—		$	(2)		$	—		$	(5)		$	(5)		$	—

Critical illness net premiums	$	358		$	352		$	344		$	368		$	341		$	17		$	710		$	640		$	70

Assumed life reinsurance in force (in billions)	$	557.8		$	528.9		$	528.6		$	501.8		$	495.4		$	62.4
Assumed new business production (in billions)	$	13.1		$	17.6		$	17.3		$	17.1		$	4.7		$	8.4		$	30.7		$	8.6		$	22.1

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


						Page 19


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2024			2024			2023			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	708		$	716		$	709		$	737		$	677		$	31		$	1,424		$	1,339		$	85
Net investment income	61			65			59			60			62			(1)			126			123			3
Investment related gains, net	1			—			1			1			2			(1)			1			5			(4)
Other revenue	8			10			(1)			3			11			(3)			18			14			4
Total revenues	778			791			768			801			752			26			1,569			1,481			88

Benefits and expenses:
Claims and other policy benefits	607			586			594			604			579			28			1,193			1,142			51
Future policy benefits remeasurement (gains) losses	(29)			1			6			(39)			(14)			(15)			(28)			(23)			(5)
Policy acquisition costs and other insurance expenses	42			45			40			46			44			(2)			87			90			(3)
Other operating expenses	59			50			57			56			54			5			109			104			5
Total benefits and expenses	679			682			697			667			663			16			1,361			1,313			48

Adjusted operating income before income taxes	99			109			71			134			89			10			208			168			40
Notable items (1)	—			—			—			(2)			—			—			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	99		$	109		$	71		$	132		$	89		$	10		$	208		$	168		$	40

Loss and expense ratios:
Loss ratio (2)	81.6		%	82.0		%	84.6		%	76.7		%	83.5		%	(1.9)		%	81.8		%	83.6		%	(1.8)		%
Policy acquisition costs and other insurance expenses	5.9		%	6.3		%	5.6		%	6.2		%	6.5		%	(0.6)		%	6.1		%	6.7		%	(0.6)		%
Other operating expenses	8.3		%	7.0		%	8.0		%	7.6		%	8.0		%	0.3		%	7.7		%	7.8		%	(0.1)		%

Foreign currency effect on (3):
Net premiums	$	(23)		$	(23)		$	(3)		$	(10)		$	(21)		$	(2)		$	(46)		$	(54)		$	8
Adjusted operating income before income taxes	$	(2)		$	(2)		$	1		$	(1)		$	(3)		$	1		$	(4)		$	(5)		$	1

Critical illness net premiums	$	358		$	352		$	344		$	368		$	341		$	17		$	710		$	640		$	70

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 on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.


						Page 20


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	50	$	46	$	47	$	63	$	44	$	6	$	96	$	108	$	(12)
Net investment income	163		120		136		117		125		38		283		233		50
Investment related gains (losses), net	(172)		(71)		61		(66)		(51)		(121)		(243)		(102)		(141)
Other revenue	61		48		9		16		18		43		109		28		81
Total revenues	102		143		253		130		136		(34)		245		267		(22)

Benefits and expenses:
Claims and other policy benefits	74		47		50		67		44		30		121		113		8
Future policy benefits remeasurement gains	(1)		—		—		(1)		—		(1)		(1)		(1)		—
Interest credited	49		51		49		54		46		3		100		100		—
Policy acquisition costs and other insurance expenses	30		25		25		21		19		11		55		35		20
Other operating expenses	8		7		7		5		7		1		15		13		2
Total benefits and expenses	160		130		131		146		116		44		290		260		30

Income (loss) before income taxes	$	(58)	$	13	$	122	$	(16)	$	20	$	(78)	$	(45)	$	7	$	(52)

Foreign currency effect on (2):
Net premiums	$	(6)	$	(5)	$	(2)	$	(2)	$	(2)	$	(4)	$	(11)	$	(9)	$	(2)
Income (loss) before income taxes	$	8	$	5	$	(6)	$	1	$	—	$	8	$	13	$	—	$	13

Assumed life reinsurance in force (in billions)	$	9.6	$	8.5	$	8.0	$	7.7	$	6.7	$	2.9
Assumed new business production (in billions)	$	—	$	1.0	$	—	$	1.0	$	0.1	$	(0.1)	$	1.0	$	1.8	$	(0.8)

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


						Page 21


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	50	$	46	$	47	$	63	$	44	$	6	$	96	$	108	$	(12)
Net investment income	163		120		136		117		125		38		283		233		50
Investment related gains, net	6		3		2		2		4		2		9		8		1
Other revenue	12		20		12		8		5		7		32		13		19
Total revenues	231		189		197		190		178		53		420		362		58

Benefits and expenses:
Claims and other policy benefits	74		47		50		67		44		30		121		113		8
Future policy benefits remeasurement gains	(1)		—		—		(1)		—		(1)		(1)		(1)		—
Interest credited	49		51		49		54		46		3		100		100		—
Policy acquisition costs and other insurance expenses	30		25		25		21		19		11		55		35		20
Other operating expenses	8		7		7		5		7		1		15		13		2
Total benefits and expenses	160		130		131		146		116		44		290		260		30

Adjusted operating income before income taxes	71		59		66		44		62		9		130		102		28
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	71	$	59	$	66	$	44	$	62	$	9	$	130	$	102	$	28

Foreign currency effect on (3):
Net premiums	$	(6)	$	(5)	$	(2)	$	(2)	$	(2)	$	(4)	$	(11)	$	(9)	$	(2)
Adjusted operating income before income taxes	$	(2)	$	(1)	$	(2)	$	(2)	$	(2)	$	—	$	(3)	$	(5)	$	2

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 on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.


						Page 22


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net investment income	$	123	$	106	$	111	$	109	$	82	$	41	$	229	$	164	$	65
Investment related gains (losses), net	(79)		(79)		(60)		21		—		(79)		(158)		(44)		(114)
Other revenue	—		4		22		5		(4)		4		4		7		(3)
Total revenues	44		31		73		135		78		(34)		75		127		(52)

Benefits and expenses:
Interest credited	35		30		19		14		14		21		65		28		37
Policy acquisition costs and other insurance income	(28)		(25)		(27)		(24)		(20)		(8)		(53)		(40)		(13)
Other operating expenses	101		87		91		84		92		9		188		169		19
Interest expense	72		68		69		72		63		9		140		116		24
Total benefits and expenses	180		160		152		146		149		31		340		273		67

Loss before income taxes	$	(136)	$	(129)	$	(79)	$	(11)	$	(71)	$	(65)	$	(265)	$	(146)	$	(119)

Foreign currency effect on (1):
Loss before income taxes	$	—	$	1	$	(5)	$	1	$	(1)	$	1	$	1	$	(1)	$	2

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 23


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Revenues:
Net investment income	$	123	$	106	$	111	$	109	$	82	$	41	$	229	$	164	$	65
Investment related gains, net	1		4		5		2		3		(2)		5		7		(2)
Other revenue	9		12		15		9		6		3		21		19		2
Total revenues	133		122		131		120		91		42		255		190		65

Benefits and expenses:
Interest credited	35		30		19		14		14		21		65		28		37
Policy acquisition costs and other insurance income	(28)		(25)		(27)		(24)		(20)		(8)		(53)		(40)		(13)
Other operating expenses	97		87		92		84		89		8		184		166		18
Interest expense	73		68		70		71		63		10		141		116		25
Total benefits and expenses	177		160		154		145		146		31		337		270		67

Adjusted operating loss before income taxes	(44)		(38)		(23)		(25)		(55)		11		(82)		(80)		(2)
Notable items (1)	—		—		—		—		—		—		—		—		—
Adjusted operating loss excluding notable items, before income taxes	$	(44)	$	(38)	$	(23)	$	(25)	$	(55)	$	11	$	(82)	$	(80)	$	(2)

Foreign currency effect on (2):
Adjusted operating loss before income taxes	$	—	$	1	$	(6)	$	1	$	—	$	—	$	1	$	—	$	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 on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Compared to comparable prior year period.


						Page 24


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
U.S. and Latin America:
Traditional	$	174	$	116	$	30	$	105	$	62	$	112	$	290	$	183	$	107
Financial Solutions	83		17		(120)		108		68		15		100		182		(82)
Total U.S. and Latin America	257		133		(90)		213		130		127		390		365		25
Canada:
Traditional	$	27	$	47	$	21	$	6	$	35	$	(8)	$	74	$	64	$	10
Financial Solutions	6		7		6		30		6		—		13		16		(3)
Total Canada	33		54		27		36		41		(8)		87		80		7
Europe, Middle East and Africa:
Traditional	$	1	$	28	$	8	$	(60)	$	4	$	(3)	$	29	$	31	$	(2)
Financial Solutions	72		64		106		84		52		20		136		111		25
Total Europe, Middle East and Africa	73		92		114		24		56		17		165		142		23
Asia Pacific:
Traditional	$	100	$	109	$	70	$	134	$	89	$	11	$	209	$	168	$	41
Financial Solutions	(58)		13		122		(16)		20		(78)		(45)		7		(52)
Total Asia Pacific	42		122		192		118		109		(67)		164		175		(11)
Corporate and Other	(136)		(129)		(79)		(11)		(71)		(65)		(265)		(146)		(119)
Consolidated income before income taxes	$	269	$	272	$	164	$	380	$	265	$	4	$	541	$	616	$	(75)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


						Page 25


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
U.S. and Latin America:
Traditional	$	167	$	128	$	25	$	103	$	63	$	104	$	295	$	185	$	110
Financial Solutions	80		90		101		136		109		(29)		170		214		(44)
Total U.S. and Latin America	247		218		126		239		172		75		465		399		66
Canada:
Traditional	$	26	$	46	$	20	$	10	$	32	$	(6)	$	72	$	61	$	11
Financial Solutions	7		7		6		30		6		1		14		16		(2)
Total Canada	33		53		26		40		38		(5)		86		77		9
Europe, Middle East and Africa:
Traditional	$	(1)	$	38	$	8	$	(59)	$	4	$	(5)	$	37	$	31	$	6
Financial Solutions	86		77		112		108		66		20		163		135		28
Total Europe, Middle East and Africa	85		115		120		49		70		15		200		166		34
Asia Pacific:
Traditional	$	99	$	109	$	71	$	134	$	89	$	10	$	208	$	168	$	40
Financial Solutions	71		59		66		44		62		9		130		102		28
Total Asia Pacific	170		168		137		178		151		19		338		270		68
Corporate and Other	(44)		(38)		(23)		(25)		(55)		11		(82)		(80)		(2)
Consolidated adjusted operating income before income taxes	$	491	$	516	$	386	$	481	$	376	$	115	$	1,007	$	832	$	175
Notable items (1)	—		—		—		(3)		—		—		—		—		—
Consolidated adjusted operating income excluding notable items before income taxes	$	491	$	516	$	386	$	478	$	376	$	115	$	1,007	$	832	$	175

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 on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".


						Page 26


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Cash and Invested Assets

	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2024		2024		2023		2023		2023
Fixed maturity securities, available-for-sale (1)	$	70,491	$	65,827	$	60,467	$	54,171	$	56,236
Equity securities	144		144		139		133		136
Mortgage loans	7,984		7,539		7,377		7,231		7,038
Policy loans	1,171		1,198		1,206		1,180		1,202
Funds withheld at interest	5,556		5,642		5,683		5,725		5,862
Limited partnerships and real estate joint ventures	2,791		2,697		2,635		2,560		2,473
Short-term investments	335		327		222		141		224
Other invested assets	1,148		1,140		1,171		1,091		1,119
Cash and cash equivalents	4,596		5,935		2,970		2,820		2,598
Total cash and invested assets	$	94,216	$	90,449	$	81,870	$	75,052	$	76,888

(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, supernational and foreign government-sponsored enterprises (“Other foreign government”).


Investment Income and Yield Summary

	Three Months Ended															Current Qtr		Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY		June 30,			June 30,
	2024			2024			2023			2023			2023			Quarter		2024			2023			Change
Average invested assets at amortized cost (1)	$	38,172		$	38,483		$	37,169		$	37,051		$	36,124		$	2,048	$	38,106		$	35,792		$	2,314
Net investment income (1)	$	436		$	444		$	443		$	430		$	393		$	43	$	880		$	808		$	72
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.65		%	4.70		%	4.86		%	4.72		%	4.42		%	23 bps		4.67		%	4.56		%	11 bps
Variable investment income ("VII") (included in net investment income) (1)	$	12		$	16		$	44		$	39		$	17		$	(5)	$	28		$	56		$	(28)
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)	4.76		%	4.75		%	4.60		%	4.51		%	4.43		%	33 bps		4.76		%	4.44		%	32 bps

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


						Page 27


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities

	June 30, 2024
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	50,053	$	95	$	516	$	4,343	$	46,131	65.4	%
Canadian government	4,520		—		331		71		4,780		6.8	%
Japanese government	5,297		—		1		835		4,463		6.3	%
ABS	5,302		15		45		189		5,143		7.3	%
CMBS	2,242		1		19		140		2,120		3.0	%
RMBS	1,307		—		14		109		1,212		1.7	%
U.S. government	1,681		—		3		256		1,428		2.0	%
State and political subdivisions	1,188		—		4		150		1,042		1.6	%
Other foreign government	4,571		—		31		430		4,172		5.9	%
Total fixed maturity securities	$	76,161	$	111	$	964	$	6,523	$	70,491	100.0	%


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


						Page 28


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Corporate Fixed Maturity Securities by Industry

	June 30, 2024							December 31, 2023
	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)
Financial institutions
Banking	$	7,245	$	6,898	15.0	%	A-	$	6,474	$	6,109	15.8	%	A-
Brokerage/asset managers/exchanges	1,388		1,252		2.7	%	A-	1,320		1,194		3.1	%	A-
Finance companies	416		381		0.8	%	BBB+	367		330		0.9	%	BBB+
Insurance	4,717		4,218		9.1	%	A-	4,507		4,086		10.5	%	A-
REITs	1,567		1,426		3.1	%	A-	1,401		1,269		3.2	%	BBB+
Other finance	1,115		915		2.0	%	BBB+	983		801		2.1	%	A-
Total financial institutions	$	16,448	$	15,090	32.7	%		$	15,052	$	13,789	35.6	%
Industrials
Basic	$	2,074	$	1,906	4.1	%	BBB+	$	1,940	$	1,797	4.6	%	BBB+
Capital goods	2,040		1,919		4.2	%	BBB	1,664		1,531		4.0	%	BBB
Communications	3,335		3,042		6.6	%	BBB+	2,853		2,635		6.8	%	BBB
Consumer cyclical	2,908		2,714		5.9	%	BBB+	2,286		2,139		5.5	%	BBB+
Consumer noncyclical	5,888		5,414		11.7	%	BBB+	5,057		4,661		12.0	%	BBB+
Energy	3,302		3,111		6.7	%	BBB+	2,317		2,171		5.6	%	A-
Technology	2,139		1,967		4.4	%	BBB+	1,899		1,819		4.7	%	BBB+
Transportation	2,917		2,691		5.8	%	A-	2,286		2,100		5.4	%	A-
Other industrial	1,551		1,542		3.3	%	BBB	1,111		1,082		2.8	%	BBB
Total industrials	$	26,154	$	24,306	52.7	%		$	21,413	$	19,935	51.4	%
Utilities
Electric	$	5,926	$	5,377	11.7	%	A-	$	4,371	$	3,973	10.3	%	A-
Natural gas	1,038		933		2.0	%	A-	770		694		1.8	%	A-
Other utility	487		425		0.9	%	BBB+	408		364		0.9	%	BBB+
Total utilities	$	7,451	$	6,735	14.6	%		$	5,549	$	5,031	13.0	%
Total	$	50,053	$	46,131	100.0	%	BBB+	$	42,014	$	38,755	100.0	%	BBB+

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


						Page 29

Reinsurance Group of America, Incorporated

Investments

(USD millions)


Ratings of Fixed Maturity Securities

		June 30, 2024						March 31, 2024						December 31, 2023						September 30, 2023						June 30, 2023
NAIC Designation (1)	Rating Agency Designation (2)	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
1	AAA/AA/A	$	49,634	$	45,782	64.9	%	$	46,541	$	43,336	65.8	%	$	41,469	$	38,739	64.1	%	$	38,876	$	33,799	62.4	%	$	38,928	$	35,512	63.1	%
2	BBB	22,431		20,787		29.5	%	20,527		18,951		28.8	%	19,793		18,261		30.2	%	19,959		17,134		31.6	%	19,840		17,517		31.2	%
3	BB	3,331		3,270		4.6	%	3,039		2,952		4.5	%	3,068		2,956		4.9	%	2,902		2,780		5.1	%	2,919		2,801		5.0	%
4	B	562		504		0.8	%	515		468		0.8	%	479		396		0.7	%	439		368		0.7	%	347		328		0.6	%
5	CCC	158		124		0.2	%	123		98		0.1	%	116		92		0.1	%	104		81		0.2	%	99		69		0.1	%
6	In or near default	45		24		—	%	45		22		—	%	52		23		—	%	52		9		—	%	52		9		—	%
	Total	$	76,161	$	70,491	100.0	%	$	70,790	$	65,827	100.0	%	$	64,977	$	60,467	100.0	%	$	62,332	$	54,171	100.0	%	$	62,185	$	56,236	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

	June 30, 2024						March 31, 2024						December 31, 2023						September 30, 2023						June 30, 2023
	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
ABS:
Collateralized loan obligations ("CLOs")	$	2,675	$	2,676	31.6	%	$	2,540	$	2,518	31.6	%	$	2,086	$	2,048	28.1	%	$	2,022	$	1,967	28.2	%	$	1,936	$	1,857	26.9	%
ABS, excluding CLOs	2,627		2,467		29.1	%	2,597		2,427		30.5	%	2,575		2,381		32.7	%	2,540		2,269		32.5	%	2,574		2,308		33.5	%
Total ABS	5,302		5,143		60.7	%	5,137		4,945		62.1	%	4,661		4,429		60.8	%	4,562		4,236		60.7	%	4,510		4,165		60.4	%
CMBS	2,242		2,120		25.0	%	2,002		1,861		23.4	%	1,969		1,773		24.3	%	1,959		1,710		24.5	%	1,932		1,699		24.6	%
RMBS
Agency	414		364		4.3	%	436		385		4.8	%	444		398		5.5	%	454		388		5.6	%	464		413		6.0	%
Non-agency	893		848		10.0	%	814		765		9.7	%	729		681		9.4	%	718		642		9.2	%	681		624		9.0	%
Total RMBS	1,307		1,212		14.3	%	1,250		1,150		14.5	%	1,173		1,079		14.9	%	1,172		1,030		14.8	%	1,145		1,037		15.0	%
Total	$	8,851	$	8,475	100.0	%	$	8,389	$	7,956	100.0	%	$	7,803	$	7,281	100.0	%	$	7,693	$	6,976	100.0	%	$	7,587	$	6,901	100.0	%


						Page 30


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of June 30, 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	$	8,885	$	217	$	22,555	$	4,043	$	31,440	$	4,260
Canadian government	404		15		449		56		853		71
Japanese government	2,293		187		2,136		648		4,429		835
ABS	794		8		2,310		175		3,104		183
CMBS	270		2		1,225		129		1,495		131
RMBS	137		1		721		108		858		109
U.S. government	422		4		736		252		1,158		256
State and political subdivisions	114		4		785		146		899		150
Other foreign government	726		11		2,110		362		2,836		373
Total investment grade securities	$	14,045	$	449	$	33,027	$	5,919	$	47,072	$	6,368

Below investment grade securities:
Corporate	$	352	$	8	$	476	$	68	$	828	$	76
ABS	9		1		44		5		53		6
CMBS	—		—		—		—		—		—
Other foreign government	—		—		194		57		194		57
Total below investment grade securities	$	361	$	9	$	714	$	130	$	1,075	$	139
Total fixed maturity securities	$	14,406	$	458	$	33,741	$	6,049	$	48,147	$	6,507

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


						Page 31


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

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


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

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


						Page 32


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Consolidated Investment Related Gains and Losses

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	$	(16)	$	(20)	$	(7)	$	7	$	4	$	(20)	$	(36)	$	(38)	$	2
Impairments on fixed maturity securities	(1)		—		(2)		—		—		(1)		(1)		(1)		—
Realized gains on investment activity	68		32		18		12		11		57		100		42		58
Realized losses on investment activity	(230)		(134)		(102)		(61)		(37)		(193)		(364)		(112)		(252)
Net losses on fixed maturity securities available-for-sale	(179)		(122)		(93)		(42)		(22)		(157)		(301)		(109)		(192)

Net gains (losses) on equity securities	(5)		4		3		(2)		(4)		(1)		(1)		(2)		1
Change in mortgage loan allowance for credit losses	2		(10)		7		(17)		(9)		11		(8)		(6)		(2)
Limited partnerships and real estate joint venture impairment losses	—		(8)		—		—		—		—		(8)		—		(8)
Change in fair value of certain limited partnership investments	—		1		16		25		10		(10)		1		7		(6)
Other, net	4		8		—		7		15		(11)		12		17		(5)

Freestanding derivatives (1):
Interest rate swaps	(13)		(31)		59		(64)		(30)		17		(44)		(10)		(34)
Interest rate options	—		(3)		(23)		16		(3)		3		(3)		(26)		23
Total return swaps	(11)		4		14		(8)		5		(16)		(7)		8		(15)
Interest rate futures	1		1		(1)		—		2		(1)		2		2		—
Foreign currency swaps	8		14		(3)		8		12		(4)		22		12		10
Foreign currency swaps - hedged	(1)		(1)		(2)		(1)		—		(1)		(2)		(1)		(1)
Foreign currency forwards	(98)		(64)		32		(37)		(74)		(24)		(162)		(93)		(69)
Foreign currency options	(3)		—		—		—		—		(3)		(3)		—		(3)
Equity options	(1)		(4)		(6)		3		(11)		10		(5)		(25)		20
Equity futures	(2)		(17)		(23)		11		(10)		8		(19)		(19)		—
Credit default swaps	2		2		47		(26)		10		(8)		4		21		(17)
CPI swaps	(1)		—		(1)		—		6		(7)		(1)		7		(8)
Total freestanding derivatives	(119)		(99)		93		(98)		(93)		(26)		(218)		(124)		(94)

Embedded derivatives	26		77		(181)		1		(20)		46		103		17		86

Net losses on total derivatives	(93)		(22)		(88)		(97)		(113)		20		(115)		(107)		(8)

Total investment related losses, net	$	(271)	$	(149)	$	(155)	$	(126)	$	(123)	$	(148)	$	(420)	$	(200)	$	(220)

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


						Page 33

Appendix

Reconciliations of GAAP to Non-GAAP Measures


						Page 34


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
U.S. and Latin America Traditional
Income before income taxes	$	174	$	116	$	30	$	105	$	62	$	112	$	290	$	183	$	107
Investment and derivative gains (1)	—		—		(2)		—		—		—		—		—		—
Funds withheld losses - investment income	—		—		1		—		—		—		—		—		—
Change in fair value of funds withheld embedded derivatives (1)	(6)		12		(4)		(2)		1		(7)		6		2		4
Other	(1)		—		—		—		—		(1)		(1)		—		(1)
Adjusted operating income before income taxes	167		128		25		103		63		104		295		185		110
Notable items (2)	—		—		—		17		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	167	$	128	$	25	$	120	$	63	$	104	$	295	$	185	$	110

U.S. and Latin America Financial Solutions
Income (loss) before income taxes	$	83	$	17	$	(120)	$	108	$	68	$	15	$	100	$	182	$	(82)
Market risk benefits remeasurement (gains) losses	(8)		(35)		28		(21)		(31)		23		(43)		(17)		(26)
Investment and derivative (gains) losses (1)	35		62		(27)		62		49		(14)		97		67		30
Change in fair value of funds withheld embedded derivatives (1)	(20)		(89)		185		1		19		(39)		(109)		(19)		(90)
Funds withheld (gains) losses - investment income	(1)		(1)		(4)		(7)		1		(2)		(2)		(3)		1
EIA embedded derivatives - interest credited	(6)		13		5		(7)		3		(9)		7		(4)		11
Other (3)	(3)		123		34		—		—		(3)		120		8		112
Adjusted operating income before income taxes	80		90		101		136		109		(29)		170		214		(44)
Notable items (2)	—		—		—		(22)		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	80	$	90	$	101	$	114	$	109	$	(29)	$	170	$	214	$	(44)

(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Includes pension risk transfer day one loss and other immaterial items.


						Page 35


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Canada Traditional
Income before income taxes	$	27	$	47	$	21	$	6	$	35	$	(8)	$	74	$	64	$	10
Investment and derivative (gains) losses (1)	1		(1)		(1)		—		(3)		4		—		(4)		4
Investment income - non-operating FWAI	—		—		—		2		—		—		—		1		(1)
Other	(2)		—		—		2		—		(2)		(2)		—		(2)
Adjusted operating income before income taxes	26		46		20		10		32		(6)		72		61		11
Notable items (2)	—		—		—		13		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	26	$	46	$	20	$	23	$	32	$	(6)	$	72	$	61	$	11

Canada Financial Solutions
Income before income taxes	$	6	$	7	$	6	$	30	$	6	$	—	$	13	$	16	$	(3)
Investment and derivative losses (1)	1		—		—		—		—		1		1		—		1
Adjusted operating income before income taxes	7		7		6		30		6		1		14		16		(2)
Notable items (2)	—		—		—		(22)		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	7	$	7	$	6	$	8	$	6	$	1	$	14	$	16	$	(2)

Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	1	$	28	$	8	$	(60)	$	4	$	(3)	$	29	$	31	$	(2)
Other	(2)		10		—		1		—		(2)		8		—		8
Adjusted operating income (loss) before income taxes	(1)		38		8		(59)		4		(5)		37		31		6
Notable items (2)	—		—		—		47		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	(1)	$	38	$	8	$	(12)	$	4	$	(5)	$	37	$	31	$	6

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	72	$	64	$	106	$	84	$	52	$	20	$	136	$	111	$	25
Investment and derivative losses (1)	13		14		6		23		13		—		27		20		7
Investment income - non-operating FWAI	1		(1)		—		1		1		—		—		4		(4)
Investment (income) loss on unit-linked variable annuities	1		1		(3)		2		2		(1)		2		2		—
Interest credited on unit-linked variable annuities	(1)		(1)		3		(2)		(2)		1		(2)		(2)		—
Adjusted operating income before income taxes	86		77		112		108		66		20		163		135		28
Notable items (2)	—		—		—		(34)		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	86	$	77	$	112	$	74	$	66	$	20	$	163	$	135	$	28

(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".


						Page 36


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2024		2024		2023		2023		2023		Quarter		2024		2023		Change
Asia Pacific Traditional
Income before income taxes	$	100	$	109	$	70	$	134	$	89	$	11	$	209	$	168	$	41
Other	(1)		—		1		—		—		(1)		(1)		—		(1)
Adjusted operating income before income taxes	99		109		71		134		89		10		208		168		40
Notable items (2)	—		—		—		(2)		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	99	$	109	$	71	$	132	$	89	$	10	$	208	$	168	$	40

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	(58)	$	13	$	122	$	(16)	$	20	$	(78)	$	(45)	$	7	$	(52)
Investment and derivative (gains) losses (1)	178		74		(59)		68		55		123		252		110		142
Other	(49)		(28)		3		(8)		(13)		(36)		(77)		(15)		(62)
Adjusted operating income before income taxes	71		59		66		44		62		9		130		102		28
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	71	$	59	$	66	$	44	$	62	$	9	$	130	$	102	$	28

Corporate and Other
Loss before income taxes	$	(136)	$	(129)	$	(79)	$	(11)	$	(71)	$	(65)	$	(265)	$	(146)	$	(119)
Investment and derivative (gains) losses (1)	80		83		65		(19)		3		77		163		51		112
Interest expense on uncertain tax positions	(1)		—		(1)		1		—		(1)		(1)		—		(1)
Other	13		8		(8)		4		13		—		21		15		6
Adjusted operating loss before income taxes	(44)		(38)		(23)		(25)		(55)		11		(82)		(80)		(2)
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating loss excluding notable items, before income taxes	$	(44)	$	(38)	$	(23)	$	(25)	$	(55)	$	11	$	(82)	$	(80)	$	(2)

(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".


						Page 37


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

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

RGA, Inc. shareholders’ equity	$	9,735	$	9,468	$	9,081	$	8,063	$	7,805
Less effect of AOCI:
Accumulated currency translation adjustments	86		57		68		(33)		26
Unrealized (depreciation) appreciation of securities	(4,694)		(4,062)		(3,667)		(6,659)		(4,879)
Effect of updating discount rates on future policy benefits	4,611		3,906		3,256		5,366		3,460
Change in instrument-specific credit risk for market risk benefits	6		3		3		7		13
Pension and postretirement benefits	(29)		(29)		(29)		(14)		(18)
RGA, Inc. shareholders’ equity, excluding AOCI	9,755		9,593		9,450		9,396		9,203
Year-to-date notable items, net of tax	—		—		—		—		—
RGA, Inc. shareholders’ equity, excluding AOCI and notable items	$	9,755	$	9,593	$	9,450	$	9,396	$	9,203



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

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

Book value per share	$	147.90	$	143.92	$	138.39	$	122.40	$	117.87
Less effect of AOCI:
Accumulated currency translation adjustment	1.32		0.88		1.04		(0.49)		0.38
Unrealized (depreciation) appreciation of securities	(71.31)		(61.74)		(55.88)		(101.10)		(73.69)
Effect of updating discount rates on future policy benefits	70.06		59.36		49.62		81.46		52.26
Change in instrument-specific credit risk for market risk benefits	0.09		0.04		0.05		0.11		0.20
Pension and postretirement benefits	(0.45)		(0.45)		(0.45)		(0.21)		(0.27)
Book value per share, excluding AOCI	$	148.19	$	145.83	$	144.01	$	142.63	$	138.99
Less effect of B36:	(0.82)		(1.13)		(2.06)		0.12		0.11
Book value per share, excluding AOCI and B36	$	149.01	$	146.96	$	146.07	$	142.51	$	138.88


						Page 38

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

The following non-GAAP financial measures are used in this document and other documents published by the Company from time to time:

•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,

•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 businesses. 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.

2.Adjusted operating income (on a pre-tax and after-tax basis), 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 may include the financial impact of the Company’s assumption reviews on business subject to the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments, reflected in future policy benefits remeasurement gains or losses.

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.


						Page 39

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, 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.


						Page 40

Exhibit 99.3

Cover Document	Jul. 30, 2024
Cover [Abstract]
Amendment Flag	false
Document Type	8-K
Document Period End Date	Jul. 30, 2024
Entity Registrant Name	REINSURANCE GROUP OF AMERICA, INCORPORATED
Entity File Number	1-11848
Entity Tax Identification Number	43-1627032
Entity Incorporation, State or Country Code	MO
Entity Address, Address Line One	16600 Swingley Ridge Road
Entity Address, City or Town	Chesterfield
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63017
City Area Code	636
Local Phone Number	736-7000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000898174

Cover Entity Listings - NEW YORK STOCK EXCHANGE, INC. [Member]	Jul. 30, 2024
RGA [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	RGA
Security Exchange Name	NYSE
RZB [Member]
Entity Information [Line Items]
Title of 12(b) Security	5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056
Trading Symbol	RZB
Security Exchange Name	NYSE
RZC
Entity Information [Line Items]
Title of 12(b) Security	7.125% Fixed Rate Reset Subordinated Debentures due 2052
Trading Symbol	RZC
Security Exchange Name	NYSE

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