SEC Filing | Reinsurance Group of America, Inc

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rga-20230418

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): April 18, 2023

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 April 18, 2023, Reinsurance Group of America, Incorporated (the “Company”), issued a quarterly financial supplement (the “LDTI Quarterly Financial Supplement”) for the quarter ended December 31, 2022, which provides recast financial information that was included in the Company’s quarterly financial supplement furnished via a Form 8-K filed with the U.S. Securities and Exchange Commission on January 31, 2023. The LDTI Quarterly Financial Supplement reflects the Company’s adoption, as of January 1, 2023, of the provisions of the Financial Accounting Standard Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments (“LDTI”). A copy of the LDTI Quarterly Financial Supplement is furnished with this report as Exhibit 99.1.

The LDTI Quarterly Financial Supplement is unaudited and is being provided by the Company voluntarily to assist investors and other readers of the Company’s financial statements in evaluating LDTI’s impact on the Company’s financial position and results of operations. The information presented in the LDTI Quarterly Financial Supplement is preliminary and subject to change based on the completion of ongoing internal control and review procedures, as well as the procedures completed as part of an audit of the Company’s financial statements. As such, investors and other readers should not place undue reliance on this information and it should be read in conjunction with the financial information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

The Company expects to file recast unaudited financial statements reflecting its adoption of LDTI for the years ended December 31, 2022 and 2021 with the Company’s Quarterly Report on Form 10-Q for the quarter ending March 31, 2023 (the “Upcoming 10-Q”). At this time, the Company anticipates that its next audited financial statements will be filed via its Annual Report on Form 10-K for the year ending December 31, 2023, expected to be filed in February 2024. It is possible that the information presented in the LDTI Quarterly Financial Supplement may differ, perhaps materially, from information included in the Upcoming 10-Q and the audited financial statements filed by the Company in the future. The Company undertakes no obligation to update or revise the information provided in the LDTI Quarterly Financial Supplement as a result of new information or otherwise, expect as required by law.


Item 7.01			Regulation FD Disclosure.

In connection with the release of the Quarterly Financial Supplement, the Company has prepared a presentation (the “LDTI Presentation”), dated April 2023, which provides additional information about the Company’s adoption of LDTI. A copy of the LDTI Presentation is furnished with this report as Exhibit 99.2 and incorporated in this Item 7.01 by reference.

The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including the LDTI Quarterly Financial Supplement and LDTI Presentation, is being furnish 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						LDTI Quarterly Financial Supplement for the quarter ended December 31, 2022

99.2						LDTI Presentation, dated April 2023

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: April 18, 2023

By:

/s/ Todd C. Larson

Todd C. Larson

Senior Executive Vice President and Chief Financial Officer

Document

Exhibit 99.1

https://cdn.kscope.io/2d48297fc33f8a5fc3246b683ca60866-rgalogospelledoutaa01a13a.jpg

Quarterly Financial Supplement

As revised for the Company's adoption of Accounting Standards ("ASU"): ASU 2018-12, Insurance Topic (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts ("LDTI").

Fourth Quarter 2022

(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+

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

4th Quarter 2022 - Recast for LDTI

Table of Contents


			Page
Non-GAAP Disclosures			1

2022 Notes			2

Consolidated

Financial Highlights			3

Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)			4

Consolidated Balance Sheets			6

Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements

U.S. and Latin America Traditional			7

U.S. and Latin America Financial Solutions - Asset-Intensive			9

U.S. and Latin America Financial Solutions - Capital Solutions			12

Canada Traditional			14

Canada Financial Solutions			16

Europe, Middle East and Africa Traditional			18

Europe, Middle East and Africa Financial Solutions			20

Asia Pacific Traditional			22

Asia Pacific Financial Solutions			24

Corporate and Other			26

Summary of Segment GAAP Income			28

Summary of Segment Adjusted Operating Income			29

Investments

Cash and Invested Assets and Investment Income and Yield Summary			30

Fixed Maturity Securities			31

Corporate Fixed Maturity Securities by Industry			32

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities			33

Fixed Maturity Securities Below Amortized Cost			34

Consolidated Investment Related Gains and Losses			36

Appendix

Reconciliations of GAAP to Non-GAAP Measures			37

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 include the assets, liabilities, and results of operations of RGA and its subsidiaries.

Non-GAAP Disclosures

RGA uses a non-GAAP financial measure called adjusted operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that adjusted operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the Company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives, and changes in the fair value of contracts that provide market risk benefits. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the Company’s underlying businesses. Additionally, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that management believes are not indicative of the Company’s ongoing operations. The definition of adjusted operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to adjusted operating income before income taxes is presented in the appendix.

RGA also uses a non-GAAP financial measure called adjusted operating income, excluding notable items. Notable items currently represent the financial impact of RGA's assumption reviews on business subject to LDTI, reflected in future policy benefits remeasurement (gains) losses. In addition, notable items may in the future periods include other items RGA believes may not be indicative of future performance. A reconciliation of income before income taxes of the operating segments to adjusted operating income, excluding notable items, before income taxes is presented in the appendix.

RGA evaluates its shareholders’ equity and book value per share position excluding the impact of accumulated other comprehensive income (loss) (“AOCI”) since the net unrealized gains or losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent and can fluctuate significantly from period to period.

RGA uses a non-GAAP financial measure called adjusted operating return on equity, which is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Additionally, RGA uses a non-GAAP financial measure called book value per share excluding the impact of AOCI that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments, updated discount rate assumptions on liability for future policy benefits, changes in instrument-specific credit risk associated with market-risk benefit liabilities, and foreign currency translation. A reconciliation of RGA, Inc. shareholders’ equity and book value per share before and after the impact of AOCI is presented in the appendix.

RGA uses a non-GAAP financial measure called adjusted operating return on equity excluding notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’equity excluding year-to-date notable items and AOCI.


						Page 1

Reinsurance Group of America, Incorporated

2022 Notes

Adoption of New Accounting Standard:

In the first quarter of 2023, the Company adopted Accounting Standards Update (“ASU”): ASU 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”). The Company is providing an updated Quarterly Financial Supplement for the quarter ended December 31, 2022 that reflects the Company's adoption of ASU 2018-12. ASU 2018-12 updated certain requirements for the accounting for long-duration insurance contracts and required the Company to restate its consolidated financial statements for the years ending December 31, 2022 and 2021.

•Cash flow assumptions and measuring liability for future policy benefits – ASU 2018-12 requires the Company to review its cash flow assumptions at least annually and update, when necessary, with the impact recognized in net income in the period of the change. Upon adoption, there was a pretax decrease to retained earnings in the amount of $1.5 billion as a result of capping the net premium ratio at 100% and eliminating negative reserves on certain issue year cohorts.

•Discount rate – The discount rate assumption is prescribed by ASU 2018-12 as an upper-medium (low credit risk) fixed-income yield and is required to be updated every quarter. The change in the liability as a result of updating the discount rate assumption is recognized in other comprehensive income (loss) (“OCI”). Upon adoption, there was a pretax decrease to accumulated other comprehensive income (loss) in the amount of $8.2 billion as a result of remeasuring in force contract liabilities using current upper-medium grade fixed income instrument yields. The adjustment largely reflects the difference between discount rates locked-in at contract inception versus current discount rates at transition.

•Deferred policy acquisition costs and similar balances – Deferred policy acquisition costs (“DAC”) and other capitalized costs such as unearned revenue are amortized on a constant level or straight-line basis over the expected term of the contracts. Upon adoption, the Company recorded a pretax increase in the amount of $114 million to accumulated other comprehensive income (loss) for the removal of cumulative adjustments to DAC associated with unrealized gains and losses previously recorded in accumulated other comprehensive income (loss).

•Market risk benefits – Market risk benefits, which are contracts or contract features that provide protection to the policyholder from capital market risk and expose the Company to other-than-nominal capital market risk, are measured at fair value. The periodic change in fair value is recognized in net income with the exception of the periodic change in fair value related to the instrument-specific credit risk, which is recognized in OCI. Upon adoption, the Company recorded pretax adjustments in the amount of ($72) million and $45 million to retained earnings and accumulated other comprehensive income (loss), respectively.

Change in Balance Sheet Presentation:

During the fourth quarter of 2022, the Company revised the presentation of its investments in limited partnerships and real estate joint ventures to be presented separately in the consolidated balance sheet. Previously, investments in limited partnerships and real estate joint ventures were included in other invested assets in the consolidated balance sheet. The Company revised prior periods’ balance sheets to conform to the updated presentation. This change in presentation did not impact the accounting for, or the recognition of income from investments in limited partnerships and real estate joint ventures in the consolidated statements of income.

Change in Investment Allocation:

Investment income for each segment has been restated to reflect the impacts of adopting LDTI and due to an update to the Company’s internally developed economic capital model. Internal excess capital charges, included in each segments’ policy acquisition costs and other insurance expenses, were also updated as a result of adopting LDTI and due to the update in the Company’s internally developed economic capital model. These changes did not impact the recognition or presentation of investment income or policy acquisition costs and other insurance expenses in the consolidated financial statements.


						Page 2


Reinsurance Group of America, Incorporated
Financial Highlights

	Three Months Ended									Year-to-Date
(USD millions, except in force & per share and shares data)	Dec. 31,		Sept. 30,		June 30,			March 31,		Dec. 31,			Dec. 31,
	2022		2022		2022			2022		2022			2021			Change
Net premiums	$	3,446	$	3,247	$	3,230		$	3,155	$	13,078		$	12,513		$	565
Net income (loss) available to RGA's shareholders	291		(76)		105			197		517			1,170			(653)
Adjusted operating income	312		16		316			283		927			522			405
Adjusted operating income excluding notable items (1)	266		263		299			283		1,111			663			448
Return on equity										6.8		%	16.0		%	(9.2)		%
Adjusted operating return on equity (ex AOCI)										10.5		%	8.9		%	1.6		%
Adjusted operating return on equity (ex AOCI and notable items (1))										12.5		%	8.4		%	4.1		%
Total assets	$	84,904	$	82,819	$	84,875		$	90,288
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,672.2	$	1,662.7	$	1,650.5		$	1,645.1
U.S. and Latin America Financial Solutions	5.2		5.3		5.3			5.3
Canada Traditional	463.6		448.7		477.2			484.5
Europe, Middle East and Africa Traditional	735.4		671.3		756.4			850.7
Asia Pacific Traditional	518.6		479.4		486.1			508.4
Asia Pacific Financial Solutions	5.7		5.2		5.4		(2)	1.1
Total assumed life reinsurance in force	$	3,400.7	$	3,272.6	$	3,380.9		$	3,495.1
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	36.4	$	37.3	$	32.7		$	39.5	$	145.9		$	130.5		$	15.4

Canada Traditional	11.9		10.8		12.8			12.7		48.2			48.8			(0.6)
Europe, Middle East and Africa Traditional	35.6		38.2		45.1			50.5		169.4			198.4			(29.0)
Asia Pacific Traditional	8.6		14.4		5.7			16.6		45.3			34.2			11.1
Asia Pacific Financial Solutions	—		—		—			0.1		0.1			0.2			(0.1)
Total assumed new business production	$	92.5	$	100.7	$	96.3		$	119.4	$	408.9		$	412.1		$	(3.2)
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income (loss)	$	4.36	$	(1.13)	$	1.57		$	2.93	$	7.73		$	17.26		$	(9.53)
Adjusted operating income (loss)	$	4.67	$	0.24	$	4.71		$	4.22	$	13.85		$	7.69		$	6.16
Diluted earnings per share (3)
Net income (loss)	$	4.30	$	(1.13)	$	1.55		$	2.91	$	7.64		$	17.14		$	(9.50)
Adjusted operating income (loss)	$	4.60	$	0.24	$	4.67		$	4.18	$	13.69		$	7.64		$	6.05
Wgt. average common shares outstanding
Basic	66,748		66,936		66,996			67,104		66,945			67,814			(869)
Diluted	67,793		67,663		67,620			67,649		67,703			68,286			(583)

Common shares issued	85,311		85,311		85,311			85,311		85,311			85,311			—
Treasury shares	18,635		18,484		18,304			18,323		18,635			18,140			495
Common shares outstanding	66,676		66,827		67,007			66,988		66,676			67,171			(495)

Book value per share	$	106.19	$	101.08	$	110.27		$	118.62	$	106.19		$	121.79		$	(15.60)
Per share effect of AOCI	$	(28.07)	$	(29.60)	$	(22.15)		$	(12.82)	$	(28.07)		$	(7.44)		$	(20.63)
Book value per share, excluding AOCI	$	134.26	$	130.68	$	132.42		$	131.44	$	134.26		$	129.23		$	5.03

Stockholders’ dividends paid	$	53	$	54	$	49		$	49	$	205		$	194		$	11

(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) During the quarter, the Company changed its calculation for assumed life reinsurance in force, resulting in an increase for the quarter.
(3) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.


						Page 3


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

(USD millions)	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
Revenues:
Net premiums	$	3,446	$	3,247	$	3,230	$	3,155	$	13,078	$	12,513	$	565
Net investment income	828		769		754		810		3,161		3,138		23
Investment related gains (losses), net	(6)		(154)		(240)		(139)		(539)		567		(1,106)
Other revenue	89		188		159		91		527		449		78
Total revenues	4,357		4,050		3,903		3,917		16,227		16,667		(440)
Benefits and expenses:
Claims and other policy benefits	3,125		3,048		2,938		2,871		11,982		11,673		309
Future policy benefits remeasurement (gains) losses	(11)		226		18		58		291		567		(276)
Market risk benefits remeasurement (gains) losses	(19)		23		40		(34)		10		(58)		68
Interest credited	214		189		138		141		682		700		(18)
Policy acquisition costs and other insurance expenses	323		341		336		344		1,344		1,325		19
Other operating expenses	289		251		242		227		1,009		936		73
Interest expense	54		46		42		42		184		127		57
Collateral finance and securitization expense	1		3		2		1		7		12		(5)
Total benefits and expenses	3,976		4,127		3,756		3,650		15,509		15,282		227
Income (loss) before income taxes	381		(77)		147		267		718		1,385		(667)
Provision for income taxes	88		(2)		41		70		197		215		(18)
Net income (loss)	293		(75)		106		197		521		1,170		(649)
Net income attributable to noncontrolling interest	2		1		1		—		4		—		4
Net income (loss) available to RGA's shareholders	$	291	$	(76)	$	105	$	197	$	517	$	1,170	$	(653)
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes	$	381	$	(77)	$	147	$	267	$	718	$	1,385	$	(667)
Investment and derivative (gains) losses (1)	(46)		152		201		118		425		(429)		854
Market risk benefits remeasurement (gains) losses	(19)		23		40		(34)		10		(58)		68
Change in fair value of funds withheld embedded derivatives (1)	67		17		56		33		173		(107)		280
Funds withheld (gains) losses - investment income	2		4		10		8		24		(5)		29
EIA embedded derivatives - interest credited	1		(10)		(27)		(17)		(53)		(45)		(8)
Investment (income) loss on unit-linked variable annuities	2		5		8		9		24		(4)		28
Interest credited on unit-linked variable annuities	(2)		(5)		(8)		(9)		(24)		4		(28)
Interest expense on uncertain tax positions	—		—		—		—		—		(26)		26
Non-investment derivatives and other	1		(71)		(11)		1		(80)		(1)		(79)
Adjusted operating income (loss) before income taxes	387		38		416		376		1,217		714		503
Notable items (2)	(61)		326		(23)		—		242		186		56
Adjusted operating loss before income taxes excluding notable items	$	326	$	364	$	393	$	376	$	1,459	$	900	$	559

(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 4


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

(USD millions)	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
After-tax adjusted operating income reconciliation:
GAAP net income (loss) attributable to RGA	$	291	$	(76)	$	105	$	197	$	517	$	1,170	$	(653)
Investment and derivative (gains) losses (1)	(14)		120		154		92		352		(411)		763
Market risk benefits remeasurement (gains) losses	(15)		18		32		(27)		8		—		8
Change in fair value of funds withheld embedded derivatives (1)	53		14		44		26		137		(85)		222
Funds withheld (gains) losses - investment income	2		3		8		6		19		(4)		23
EIA embedded derivatives - interest credited	1		(8)		(22)		(13)		(42)		(36)		(6)
Investment (income) loss on unit-linked variable annuities	2		4		6		7		19		(3)		22
Interest credited on unit-linked variable annuities	(2)		(4)		(6)		(7)		(19)		3		(22)
Interest expense on uncertain tax positions	—		—		—		—		—		(21)		21
Non-investment derivatives and other	1		(56)		(9)		1		(63)		(1)		(62)
Uncertain tax positions and other tax related items	(9)		—		3		1		(5)		(90)		85
Net income attributable to noncontrolling interest	2		1		1		—		4		—		4
Adjusted operating income	312		16		316		283		927		522		405
Notable items (2)	(46)		247		(17)		—		184		141		43
Adjusted operating income excluding notable items	$	266	$	263	$	299	$	283	$	1,111	$	663	$	448

Diluted earnings per share - adjusted operating income (loss) (3)	$	4.60	$	0.24	$	4.67	$	4.18	$	13.69	$	7.64	$	6.05
Diluted earnings per share - adjusted operating income (loss) excluding notable items (3)	$	3.91	$	3.92	$	4.41	$	4.18	$	16.40	$	9.72	$	6.68
Foreign currency effect on (4):
Net premiums	$	(164)	$	(160)	$	(119)	$	(47)	$	(490)	$	250	$	(740)
Adjusted operating income (loss) before income taxes	$	(18)	$	(11)	$	(16)	$	(3)	$	(48)	$	6	$	(54)


(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) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.
(4) Compared to comparable prior year period.


						Page 5


Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2022		2022		2022		2022		2021
Assets
Fixed maturity securities available-for-sale, at fair value	$	52,901	$	50,495	$	53,294	$	57,922	$	60,749
Equity securities, at fair value	134		137		127		139		151
Mortgage loans	6,590		6,558		6,544		6,535		6,283
Policy loans	1,231		1,202		1,218		1,221		1,234
Funds withheld at interest	6,003		6,177		6,393		6,737		6,954
Limited partnerships and real estate joint ventures	2,327		2,197		2,074		1,943		1,996
Short-term investments	154		225		272		315		87
Other invested assets	1,140		1,049		1,036		1,090		1,074
Total investments	70,480		68,040		70,958		75,902		78,528
Cash and cash equivalents	2,927		3,512		2,556		2,709		2,948
Accrued investment income	630		628		572		578		533
Premiums receivable and other reinsurance balances	3,013		2,820		2,884		2,882		2,888
Reinsurance ceded receivables and other	2,671		2,650		2,829		3,015		3,165
Deferred policy acquisition costs	4,128		4,004		3,935		3,906		3,860
Other assets	1,055		1,165		1,141		1,296		1,019
Total assets	$	84,904	$	82,819	$	84,875	$	90,288	$	92,941
Liabilities and equity
Future policy benefits	$	35,689	$	33,724	$	37,028	$	42,406	$	47,449
Interest-sensitive contract liabilities	30,342		30,043		28,762		27,836		26,119
Market risk benefits, at fair value	247		259		271		233		262
Other policy claims and benefits	2,480		2,366		2,447		2,557		2,110
Other reinsurance balances	725		889		557		540		557
Deferred income taxes	1,383		1,350		1,383		1,480		1,499
Other liabilities	2,906		3,136		3,129		3,366		2,918
Long-term debt	3,961		4,207		3,667		3,667		3,667
Collateral finance and securitization notes	—		—		152		166		180
Total liabilities	77,733		75,974		77,396		82,251		84,761
Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,502		2,493		2,478		2,465		2,461
Retained earnings	8,169		7,936		8,067		8,014		7,871
Treasury stock	(1,720)		(1,697)		(1,673)		(1,675)		(1,653)
Accumulated other comprehensive income, net of taxes (AOCI):
Accumulated currency translation adjustment	(116)		(147)		3		8		(13)
Unrealized (depreciation) appreciation of securities	(5,496)		(5,788)		(3,549)		(10)		3,779
Effect of updating discount rates on future policy benefits	3,755		3,989		2,122		(795)		(4,209)
Change in instrument-specific credit risk for market risk benefits	13		19		(9)		(11)		(7)
Pension and postretirement benefits	(27)		(51)		(51)		(50)		(50)
Total RGA, Inc. stockholders’ equity	7,081		6,755		7,389		7,947		8,180
Noncontrolling interest	90		90		90		90		—
Total equity	7,171		6,845		7,479		8,037		8,180
Total liabilities and equity	$	84,904	$	82,819	$	84,875	$	90,288	$	92,941
Total RGA, Inc. stockholders’ equity, excluding AOCI	$	8,952	$	8,733	$	8,873	$	8,805	$	8,680
See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.


						Page 6


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

	Three Months Ended												Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Dec. 31,
	2022			2022			2022			2022			2022			2021			Change
Revenues:
Net premiums	$	1,778		$	1,640		$	1,631		$	1,541		$	6,590		$	6,244		$	346
Net investment income	224			201			186			289			900			889			11
Investment related gains (losses), net	6			8			19			15			48			6			42
Other revenue	5			6			10			6			27			18			9
Total revenues	2,013			1,855			1,846			1,851			7,565			7,157			408

Benefits and expenses:
Claims and other policy benefits	1,642			1,520			1,524			1,447			6,133			5,835			298
Future policy benefits remeasurement (gains) losses	10			160			(11)			103			262			249			13
Interest credited	17			18			17			17			69			70			(1)
Policy acquisition costs and other insurance expenses	178			182			181			181			722			714			8
Other operating expenses	52			44			45			43			184			156			28
Total benefits and expenses	1,899			1,924			1,756			1,791			7,370			7,024			346

Income (loss) before income taxes	$	114		$	(69)		$	90		$	60		$	195		$	133		$	62

Loss and expense ratios:
Loss ratio (1)	92.9		%	102.4		%	92.8		%	100.6		%	97.0		%	97.4		%	(0.4)		%
Policy acquisition costs and other insurance expenses	10.0		%	11.1		%	11.1		%	11.7		%	11.0		%	11.4		%	(0.4)		%
Other operating expenses	2.9		%	2.7		%	2.8		%	2.8		%	2.8		%	2.5		%	0.3		%

Foreign currency effect on (2):
Net premiums	$	1		$	—		$	1		$	—		$	2		$	3		$	(1)
Income (loss) before income taxes	$	—		$	—		$	—		$	—		$	—		$	(1)		$	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 7


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

	Three Months Ended												Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Dec. 31,
	2022			2022			2022			2022			2022			2021			Change
Revenues:
Net premiums	$	1,778		$	1,640		$	1,631		$	1,541		$	6,590		$	6,244		$	346
Net investment income	224			201			186			289			900			889			11
Other revenue	5			6			10			6			27			18			9
Total revenues	2,007			1,847			1,827			1,836			7,517			7,151			366

Benefits and expenses:
Claims and other policy benefits	1,642			1,520			1,524			1,447			6,133			5,835			298
Future policy benefits remeasurement (gains) losses	10			160			(11)			103			262			249			13
Interest credited	17			18			17			17			69			70			(1)
Policy acquisition costs and other insurance expenses	178			182			181			181			722			714			8
Other operating expenses	52			44			45			43			184			156			28
Total benefits and expenses	1,899			1,924			1,756			1,791			7,370			7,024			346

Adjusted operating income (loss) before notable items and income taxes	108			(77)			71			45			147			127			20
Notable items (1)	—			170			—			—			170			34			136
Adjusted operating income (loss) excluding notable items, before income taxes	$	108		$	93		$	71		$	45		$	317		$	161		$	156

Loss and expense ratios:
Loss ratio (2)	92.9		%	102.4		%	92.8		%	100.6		%	97.0		%	97.4		%	(0.4)		%
Policy acquisition costs and other insurance expenses	10.0		%	11.1		%	11.1		%	11.7		%	11.0		%	11.4		%	(0.4)		%
Other operating expenses	2.9		%	2.7		%	2.8		%	2.8		%	2.8		%	2.5		%	0.3		%

Foreign currency effect on (3):
Net premiums	$	1		$	—		$	1		$	—		$	2		$	3		$	(1)
Adjusted operating income (loss) before income taxes	$	—		$	—		$	—		$	—		$	—		$	(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 8


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
(USD millions)

	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
Revenues:
Net premiums	$	24	$	13	$	14	$	15	$	66	$	55	$	11
Net investment income	287		265		246		256		1,054		1,067		(13)
Investment related gains (losses), net	(128)		(41)		(80)		(93)		(342)		79		(421)
Other revenue	25		29		31		26		111		172		(61)
Total revenues	208		266		211		204		889		1,373		(484)

Benefits and expenses:
Claims and other policy benefits	52		41		43		69		205		186		19
Future policy benefits remeasurement (gains) losses	(2)		(5)		(1)		(20)		(28)		(7)		(21)
Market risk benefits remeasurement (gains) losses	(19)		23		40		(34)		10		(58)		68
Interest credited	148		130		101		107		486		565		(79)
Policy acquisition costs and other insurance expenses	47		36		45		41		169		149		20
Other operating expenses	14		11		12		9		46		37		9
Total benefits and expenses	240		236		240		172		888		872		16

Income (loss) before income taxes	$	(32)	$	30	$	(29)	$	32	$	1	$	501	$	(500)

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


						Page 9


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

	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
Revenues:
Net premiums	$	24	$	13	$	14	$	15	$	66	$	55	$	11
Net investment income	286		264		250		258		1,058		1,066		(8)
Other revenue	25		29		31		26		111		172		(61)
Total revenues	335		306		295		299		1,235		1,293		(58)

Benefits and expenses:
Claims and other policy benefits	52		41		43		69		205		186		19
Future policy benefits remeasurement (gains) losses	(2)		(5)		(1)		(20)		(28)		(7)		—
Interest credited	147		140		128		124		539		610		(71)
Policy acquisition costs and other insurance expenses	47		36		45		41		169		149		20
Other operating expenses	14		11		12		9		46		37		9
Total benefits and expenses	258		223		227		223		931		975		(44)

Adjusted operating income (loss) before notable items and income taxes	77		83		68		76		304		318		(14)
Notable items (1)	—		(3)		—		—		(3)		—		(3)
Adjusted operating income (loss) excluding notable items, before income taxes	$	77	$	80	$	68	$	76	$	301	$	318	$	(17)



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 10


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

	Three Months Ended
(USD millions, shown net of reinsurance ceded)	Dec. 31,			Sept. 30,			June 30,			March 31,
	2022			2022			2022			2022
Policyholders' account balances

Fixed annuities (deferred)	$	12,046		$	12,257		$	11,952		$	11,555
Equity-indexed annuities	$	2,817		$	2,919		$	2,978		$	3,038
Bank-owned life insurance (BOLI)	$	2,500		$	2,508		$	2,505		$	2,499
Other policyholders' account balances	$	75		$	76		$	76		$	79

Variable annuities account balances
No riders	$	672		$	642		$	705		$	786
GMDB only	771			802			811			891
GMIB only	20			19			20			23
GMAB only	2			2			2			3
GMWB only	863			833			916			1,035
GMDB / WB	165			158			174			240
Other	15			15			16			18
Total variable annuities account balances	$	2,508		$	2,471		$	2,644		$	2,996

Interest-sensitive contract liabilities not associated with policyholders' account balances:

Guaranteed investment contracts, funding agreements and immediate annuities	$	848		$	866		$	961		$	912

Future policy benefits (at original discount rate) associated with:
Payout annuities	$	4,153		$	4,208		$	4,269		$	4,322
Other future policy benefits	$	59		$	59		$	60		$	61

Liability for market risk benefits:

Equity-indexed annuities	$	132		$	90		$	106		$	107
Variable annuities	$	115		$	168		$	166		$	126

Net interest spread (1)	1.2		%	1.0		%	1.0		%	1.3		%

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


						Page 11


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
(USD millions)

	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
Revenues:
Net investment income	$	1	$	2	$	1	$	1	$	5	$	3	$	2
Other revenue	26		24		74		28		152		108		44
Total revenues	27		26		75		29		157		111		46

Benefits and expenses:
Policy acquisition costs and other insurance expenses	—		(1)		1		1		1		8		(7)
Other operating expenses	3		4		2		3		12		13		(1)
Total benefits and expenses	3		3		3		4		13		21		(8)

Income before income taxes	$	24	$	23	$	72	$	25	$	144	$	90	$	54

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


						Page 12


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

	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
Revenues:
Net investment income	$	1	$	2	$	1	$	1	$	5	$	3	$	2
Other revenue	26		24		74		28		152		108		44
Total revenues	27		26		75		29		157		111		46

Benefits and expenses:
Policy acquisition costs and other insurance expenses	—		(1)		1		1		1		8		(7)
Other operating expenses	3		4		2		3		12		13		(1)
Total benefits and expenses	3		3		3		4		13		21		(8)

Adjusted operating income (loss) before notable items and income taxes	24		23		72		25		144		90		54
Notable items (1)	—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	24	$	23	$	72	$	25	$	144	$	90	$	54

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 13


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

	Three Months Ended												Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Dec. 31,
	2022			2022			2022			2022			2022			2021			Change
Revenues:
Net premiums	$	308		$	293		$	314		$	304		$	1,219		$	1,194		$	25
Net investment income	66			64			62			58			250			259			(9)
Investment related gains (losses), net	5			2			(6)			1			2			3			(1)
Other revenue	1			—			1			2			4			2			2
Total revenues	380			359			371			365			1,475			1,458			17

Benefits and expenses:
Claims and other policy benefits	285			272			285			287			1,129			1,084			45
Future policy benefits remeasurement (gains) losses	(10)			9			(2)			1			(2)			(2)			—
Policy acquisition costs and other insurance expenses	44			56			51			52			203			219			(16)
Other operating expenses	11			10			10			10			41			36			5
Total benefits and expenses	330			347			344			350			1,371			1,337			34

Income before income taxes	$	50		$	12		$	27		$	15		$	104		$	121		$	(17)

Loss and expense ratios:
Loss ratio (1)	89.3		%	95.9		%	90.1		%	94.7		%	92.5		%	90.6		%	1.9		%
Policy acquisition costs and other insurance expenses	14.3		%	19.1		%	16.2		%	17.1		%	16.7		%	18.3		%	(1.6)		%
Other operating expenses	3.6		%	3.4		%	3.2		%	3.3		%	3.4		%	3.0		%	0.4		%

Foreign currency effect on (2):
Net premiums	$	(23)		$	(11)		$	(13)		$	—		$	(47)		$	76		$	(123)
Income before income taxes	$	(3)		$	—		$	(1)		$	—		$	(4)		$	7		$	(11)

Creditor reinsurance net premiums	$	17		$	18		$	20		$	18		$	73		$	74		$	(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 14


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

	Three Months Ended												Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Dec. 31,
	2022			2022			2022			2022			2022			2021			Change
Revenues:
Net premiums	$	308		$	293		$	314		$	304		$	1,219		$	1,194		$	25
Net investment income	67			65			62			58			252			258			(6)
Investment related gains, net	1			1			1			1			4			5			(1)
Other revenue	1			—			1			2			4			2			2
Total revenues	377			359			378			365			1,479			1,459			20

Benefits and expenses:
Claims and other policy benefits	285			272			285			287			1,129			1,084			45
Future policy benefits remeasurement (gains) losses	(10)			9			(2)			1			(2)			(2)			—
Policy acquisition costs and other insurance expenses	44			56			51			52			203			219			(16)
Other operating expenses	11			10			10			10			41			36			5
Total benefits and expenses	330			347			344			350			1,371			1,337			34

Adjusted operating income before notable items and income taxes	47			12			34			15			108			122			(14)
Notable items (1)	(5)			6			—			—			1			—			1
Adjusted operating income excluding notable items, before income taxes	$	42		$	18		$	34		$	15		$	109		$	122		$	(13)

Loss and expense ratios:
Loss ratio (2)	89.3		%	95.9		%	90.1		%	94.7		%	92.5		%	90.6		%	1.9		%
Policy acquisition costs and other insurance expenses	14.3		%	19.1		%	16.2		%	17.1		%	16.7		%	18.3		%	(1.6)		%
Other operating expenses	3.6		%	3.4		%	3.2		%	3.3		%	3.4		%	3.0		%	0.4		%

Foreign currency effect on (3):
Net premiums	$	(23)		$	(11)		$	(13)		$	—		$	(47)		$	76		$	(123)
Adjusted operating income before income taxes	$	(3)		$	—		$	(1)		$	—		$	(4)		$	7		$	(11)

Creditor reinsurance net premiums	$	17		$	18		$	20		$	18		$	73		$	74		$	(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 15


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

	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
Revenues:
Net premiums	$	23	$	24	$	25	$	23	$	95	$	90	$	5
Net investment income	1		1		2		1		5		4		1
Other revenue	4		2		2		2		10		11		(1)
Total revenues	28		27		29		26		110		105		5

Benefits and expenses:
Claims and other policy benefits	20		22		23		21		86		82		4
Future policy benefits remeasurement (gains) losses	(3)		(2)		(2)		(5)		(12)		26		(38)
Policy acquisition costs and other insurance expenses	1		—		—		1		2		3		(1)
Other operating expenses	1		1		1		—		3		5		(2)
Total benefits and expenses	19		21		22		17		79		116		(37)

Income before income taxes	$	9	$	6	$	7	$	9	$	31	$	(11)	$	42

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

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


						Page 16


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

	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
Revenues:
Net premiums	$	23	$	24	$	25	$	23	$	95	$	90	$	5
Net investment income	1		1		2		1		5		4		1
Other revenue	4		2		2		2		10		11		(1)
Total revenues	28		27		29		26		110		105		5

Benefits and expenses:
Claims and other policy benefits	20		22		23		21		86		82		4
Future policy benefits remeasurement (gains) losses	(3)		(2)		(2)		(5)		(12)		26		(38)
Policy acquisition costs and other insurance expenses	1		—		—		1		2		3		(1)
Other operating expenses	1		1		1		—		3		5		(2)
Total benefits and expenses	19		21		22		17		79		116		(37)

Adjusted operating income before notable items and income taxes	9		6		7		9		31		(11)		42
Notable items (2)	—		—		—		—		—		36		(36)
Adjusted operating income excluding notable items, before income taxes	$	9	$	6	$	7	$	9	$	31	$	25	$	6

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

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) 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 17


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

	Three Months Ended												Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Dec. 31,
	2022			2022			2022			2022			2022			2021			Change
Revenues:
Net premiums	$	422		$	436		$	427		$	451		$	1,736		$	1,738		$	(2)
Net investment income	21			18			18			19			76			75			1
Other revenue	3			2			(2)			3			6			(3)			9
Total revenues	446			456			443			473			1,818			1,810			8

Benefits and expenses:
Claims and other policy benefits	404			409			377			396			1,586			1,719			(133)
Future policy benefits remeasurement (gains) losses	(10)			(7)			13			(11)			(15)			25			(40)
Policy acquisition costs and other insurance expenses	16			19			20			22			77			104			(27)
Other operating expenses	33			30			29			32			124			112			12
Total benefits and expenses	443			451			439			439			1,772			1,960			(188)

Income (loss) before income taxes	$	3		$	5		$	4		$	34		$	46		$	(150)		$	196

Loss and expense ratios:
Loss ratio (1)	93.4		%	92.2		%	91.3		%	85.4		%	90.5		%	100.3		%	(9.8)		%
Policy acquisition costs and other insurance expenses	3.8		%	4.4		%	4.7		%	4.9		%	4.4		%	6.0		%	(1.6)		%
Other operating expenses	7.8		%	6.9		%	6.8		%	7.1		%	7.1		%	6.4		%	0.7		%


Foreign currency effect on (2):
Net premiums	$	(53)		$	(68)		$	(46)		$	(16)		$	(183)		$	95		$	(278)
Income (loss) before income taxes	$	—		$	—		$	(2)		$	(1)		$	(3)		$	(14)		$	11

Critical illness net premiums	$	33		$	41		$	36		$	39		$	149		$	174		$	(25)

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 18


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

	Three Months Ended												Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Dec. 31,
	2022			2022			2022			2022			2022			2021			Change
Revenues:
Net premiums	$	422		$	436		$	427		$	451		$	1,736		$	1,738		$	(2)
Net investment income	21			18			18			19			76			75			1
Other revenue	3			2			(2)			3			6			(3)			9
Total revenues	446			456			443			473			1,818			1,810			8

Benefits and expenses:
Claims and other policy benefits	404			409			377			396			1,586			1,719			(133)
Future policy benefits remeasurement (gains) losses	(10)			(7)			13			(11)			(15)			25			(40)
Policy acquisition costs and other insurance expenses	16			19			20			22			77			104			(27)
Other operating expenses	33			30			29			32			124			112			12
Total benefits and expenses	443			451			439			439			1,772			1,960			(188)

Adjusted operating income before notable items and income taxes	3			5			4			34			46			(150)			196
Notable items (1)	—			13			—			—			13			(6)			19
Adjusted operating income excluding notable items, before income taxes	$	3		$	18		$	4		$	34		$	59		$	(156)		$	215

Loss and expense ratios:
Loss ratio (2)	93.4		%	92.2		%	91.3		%	85.4		%	90.5		%	100.3		%	(9.8)		%
Policy acquisition costs and other insurance expenses	3.8		%	4.4		%	4.7		%	4.9		%	4.4		%	6.0		%	(1.6)		%
Other operating expenses	7.8		%	6.9		%	6.8		%	7.1		%	7.1		%	6.4		%	0.7		%


Foreign currency effect on (3):
Net premiums	$	(53)		$	(68)		$	(46)		$	(16)		$	(183)		$	95		$	(278)
Adjusted operating income (loss) before income taxes	$	—		$	—		$	(2)		$	(1)		$	(3)		$	(14)		$	11

Critical illness net premiums	$	33		$	41		$	36		$	39		$	149		$	174		$	(25)

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 19


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

	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
Revenues:
Net premiums	$	127	$	112	$	119	$	128	$	486	$	350	$	136
Net investment income	44		37		34		36		151		207		(56)
Investment related gains (losses), net	(11)		(9)		(22)		16		(26)		49		(75)
Other revenue	6		2		4		3		15		13		2
Total revenues	166		142		135		183		626		619		7

Benefits and expenses:
Claims and other policy benefits	106		97		107		118		428		296		132
Future policy benefits remeasurement (gains) losses	(12)		3		(4)		(8)		(21)		4		(25)
Interest credited	(2)		(5)		(8)		(9)		(24)		4		(28)
Policy acquisition costs and other insurance expenses	2		2		1		2		7		10		(3)
Other operating expenses	16		11		14		13		54		45		9
Total benefits and expenses	110		108		110		116		444		359		85

Income before income taxes	$	56	$	34	$	25	$	67	$	182	$	260	$	(78)

Foreign currency effect on (2):
Net premiums	$	(17)	$	(20)	$	(14)	$	(5)	$	(56)	$	21	$	(77)
Income before income taxes	$	(4)	$	(7)	$	(4)	$	(2)	$	(17)	$	10	$	(27)

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 20


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

	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
Revenues:
Net premiums	$	127	$	112	$	119	$	128	$	486	$	350	$	136
Net investment income	48		46		48		51		193		200		(7)
Investment related gains (losses), net	4		5		5		4		18		6		12
Other revenue	6		2		4		3		15		13		2
Total revenues	185		165		176		186		712		569		143

Benefits and expenses:
Claims and other policy benefits	106		97		107		118		428		296		132
Future policy benefits remeasurement (gains) losses	(12)		3		(4)		(8)		(21)		4		(25)
Interest credited	—		—		—		—		—		—		—
Policy acquisition costs and other insurance expenses	2		2		1		2		7		10		(3)
Other operating expenses	16		11		14		13		54		45		9
Total benefits and expenses	112		113		118		125		468		355		113

Adjusted operating income before notable items and income taxes	73		52		58		61		244		214		30
Notable items (2)	(14)		—		—		—		(14)		—		(14)
Adjusted operating income excluding notable items, before income taxes	$	59	$	52	$	58	$	61	$	230	$	214	$	16

Foreign currency effect on (3):
Net premiums	$	(17)	$	(20)	$	(14)	$	(5)	$	(56)	$	21	$	(77)
Adjusted operating income before income taxes	$	(6)	$	(11)	$	(8)	$	(2)	$	(27)	$	7	$	(34)

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 21


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

	Three Months Ended												Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Dec. 31,
	2022			2022			2022			2022			2022			2021			Change
Revenues:
Net premiums	$	700		$	660		$	640		$	650		$	2,650		$	2,624		$	26
Net investment income	55			51			46			47			199			186			13
Investment related gains (losses), net	3			4			5			—			12			(1)			13
Other revenue	—			5			10			6			21			19			2
Total revenues	758			720			701			703			2,882			2,828			54

Benefits and expenses:
Claims and other policy benefits	548			627			523			494			2,192			2,281			(89)
Future policy benefits remeasurement (gains) losses	9			68			25			(2)			100			272			(172)
Policy acquisition costs and other insurance expenses	44			47			45			54			190			172			18
Other operating expenses	57			51			49			49			206			184			22
Total benefits and expenses	658			793			642			595			2,688			2,909			(221)

Income (loss) before income taxes	$	100		$	(73)		$	59		$	108		$	194		$	(81)		$	275

Loss and expense ratios:
Loss ratio (1)	79.6		%	105.3		%	85.6		%	75.7		%	86.5		%	97.3		%	(10.8)		%
Policy acquisition costs and other insurance expenses	6.3		%	7.1		%	7.0		%	8.3		%	7.2		%	6.6		%	0.6		%
Other operating expenses	8.1		%	7.7		%	7.7		%	7.5		%	7.8		%	7.0		%	0.8		%

Foreign currency effect on (2):
Net premiums	$	(61)		$	(50)		$	(38)		$	(23)		$	(172)		$	52		$	(224)
Income (loss) before income taxes	$	(6)		$	6		$	(3)		$	2		$	(1)		$	(1)		$	—

Critical illness net premiums	$	324		$	296		$	301		$	295		$	1,216		$	1,281		$	(65)

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 22


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

	Three Months Ended												Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Dec. 31,
	2022			2022			2022			2022			2022			2021			Change
Revenues:
Net premiums	$	700		$	660		$	640		$	650		$	2,650		$	2,624		$	26
Net investment income	55			51			46			47			199			186			13
Investment related gains (losses), net	3			4			5			—			12			(1)			13
Other revenue	—			5			10			6			21			19			2
Total revenues	758			720			701			703			2,882			2,828			54

Benefits and expenses:
Claims and other policy benefits	548			627			523			494			2,192			2,281			(89)
Future policy benefits remeasurement (gains) losses	9			68			25			(2)			100			272			(172)
Policy acquisition costs and other insurance expenses	44			47			45			54			190			172			18
Other operating expenses	57			51			49			49			206			184			22
Total benefits and expenses	658			793			642			595			2,688			2,909			(221)

Adjusted operating income before notable items and income taxes	100			(73)			59			108			194			(81)			275
Notable items (1)	(42)			140			(23)			—			75			122			(47)
Adjusted operating income excluding notable items, before income taxes	$	58		$	67		$	36		$	108		$	269		$	41		$	228

Loss and expense ratios:
Loss ratio (2)	79.6		%	105.3		%	85.6		%	75.7		%	86.5		%	97.3		%	(10.8)		%
Policy acquisition costs and other insurance expenses	6.3		%	7.1		%	7.0		%	8.3		%	7.2		%	6.6		%	0.6		%
Other operating expenses	8.1		%	7.7		%	7.7		%	7.5		%	7.8		%	7.0		%	0.8		%

Foreign currency effect on (3):
Net premiums	$	(61)		$	(50)		$	(38)		$	(23)		$	(172)		$	52		$	(224)
Adjusted operating income (loss) before income taxes	$	(6)		$	6		$	(3)		$	2		$	(1)		$	(1)		$	—

Critical illness net premiums	$	324		$	296		$	301		$	295		$	1,216		$	1,281		$	(65)

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 23


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

	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
Revenues:
Net premiums	$	64	$	69	$	60	$	43	$	236	$	218	$	18
Net investment income	94		77		55		44		270		138		132
Investment related gains (losses), net	83		(94)		(113)		(81)		(205)		19		(224)
Other revenue	—		119		41		14		174		42		132
Total revenues	241		171		43		20		475		417		58

Benefits and expenses:
Claims and other policy benefits	68		60		56		39		223		190		33
Future policy benefits remeasurement (gains) losses	7		—		—		—		7		—		7
Interest credited	39		38		22		20		119		57		62
Policy acquisition costs and other insurance expenses	12		21		15		12		60		51		9
Other operating expenses	6		5		4		5		20		19		1
Total benefits and expenses	132		124		97		76		429		317		112

Income (loss) before income taxes	$	109	$	47	$	(54)	$	(56)	$	46	$	100	$	(54)

Foreign currency effect on (2):
Net premiums	$	(9)	$	(10)	$	(8)	$	(3)	$	(30)	$	(3)	$	(27)
Income (loss) before income taxes	$	(17)	$	11	$	15	$	5	$	14	$	—	$	14

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 24


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

	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
Revenues:
Net premiums	$	64	$	69	$	60	$	43	$	236	$	218	$	18
Net investment income	94		77		55		44		270		138		132
Investment related gains, net	5		3		5		4		17		15		2
Other revenue	7		37		17		6		67		42		25
Total revenues	170		186		137		97		590		413		177

Benefits and expenses:
Claims and other policy benefits	68		60		56		39		223		190		33
Future policy benefits remeasurement (gains) losses	7		—		—		—		7		—		7
Interest credited	39		38		22		20		119		57		62
Policy acquisition costs and other insurance expenses	12		21		15		12		60		51		9
Other operating expenses	6		5		4		5		20		19		1
Total benefits and expenses	132		124		97		76		429		317		112

Adjusted operating income before notable items and income taxes	38		62		40		21		161		96		65
Notable items (2)	—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	38	$	62	$	40	$	21	$	161	$	96	$	65

Foreign currency effect on (3):
Net premiums	$	(9)	$	(10)	$	(8)	$	(3)	$	(30)	$	(3)	$	(27)
Adjusted operating income before income taxes	$	(3)	$	(6)	$	(3)	$	(2)	$	(14)	$	—	$	(14)

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 25


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

	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
Revenues:
Net investment income	$	35	$	53	$	104	$	59	$	251	$	310	$	(59)
Investment related gains (losses), net	36		(24)		(43)		3		(28)		412		(440)
Other revenue	19		(1)		(12)		1		7		67		(60)
Total revenues	90		28		49		63		230		789		(559)

Benefits and expenses:

Interest credited	12		8		6		6		32		4		28
Policy acquisition costs and other insurance income	(21)		(21)		(23)		(22)		(87)		(105)		18
Other operating expenses	96		84		76		63		319		329		(10)
Interest expense	54		46		42		42		184		127		57
Collateral finance and securitization expense	1		3		2		1		7		12		(5)
Total benefits and expenses	142		120		103		90		455		367		88

Income (loss) before income taxes	$	(52)	$	(92)	$	(54)	$	(27)	$	(225)	$	422	$	(647)

Foreign currency effect on (1):
Income (loss) before income taxes	$	(7)	$	3	$	1	$	—	$	(3)	$	13	$	(16)

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 26


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

	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
Revenues:
Net investment income	$	35	$	53	$	104	$	59	$	251	$	310	$	(59)
Investment related gains, net	2		2		1		3		8		6		2
Other revenue	13		10		1		10		34		66		(32)
Total revenues	50		65		106		72		293		382		(89)

Benefits and expenses:
Interest credited	12		8		6		6		32		4		28
Policy acquisition costs and other insurance income	(21)		(21)		(23)		(22)		(87)		(105)		18
Other operating expenses	96		84		76		63		319		329		(10)
Interest expense	54		46		42		42		184		153		31
Collateral finance and securitization expense	1		3		2		1		7		12		(5)
Total benefits and expenses	142		120		103		90		455		393		62

Adjusted operating income before notable items and income taxes	(92)		(55)		3		(18)		(162)		(11)		(151)
Notable items (1)	—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	(92)	$	(55)	$	3	$	(18)	$	(162)	$	(11)	$	(151)

Foreign currency effect on (2):
Adjusted operating income (loss) before income taxes	$	—	$	1	$	1	$	—	$	2	$	7	$	(5)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Compared to comparable prior year period.


						Page 27


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

	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
U.S. and Latin America:
Traditional	$	114	$	(69)	$	90	$	60	$	195	$	133	$	62
Financial Solutions:
Asset Intensive	(32)		30		(29)		32		1		501		(500)
Capital Solutions	24		23		72		25		144		90		54
Total U.S. and Latin America	106		(16)		133		117		340		724		(384)
Canada:
Traditional	50		12		27		15		104		121		(17)
Financial Solutions	9		6		7		9		31		(11)		42
Total Canada	59		18		34		24		135		110		25
Europe, Middle East and Africa:
Traditional	3		5		4		34		46		(150)		196
Financial Solutions	56		34		25		67		182		260		(78)
Total Europe, Middle East and Africa	59		39		29		101		228		110		118
Asia Pacific:
Traditional	100		(73)		59		108		194		(81)		275
Financial Solutions	109		47		(54)		(56)		46		100		(54)
Total Asia Pacific	209		(26)		5		52		240		19		221
Corporate and Other	(52)		(92)		(54)		(27)		(225)		422		(647)
Consolidated income (loss) before income taxes	$	381	$	(77)	$	147	$	267	$	718	$	1,385	$	(667)

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


						Page 28


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

	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
U.S. and Latin America:
Traditional	$	108	$	(77)	$	71	$	45	$	147	$	127	$	20
Financial Solutions:
Asset Intensive	77		83		68		76		304		318		(14)
Capital Solutions	24		23		72		25		144		90		54
Total U.S. and Latin America	209		29		211		146		595		535		60
Canada:
Traditional	47		12		34		15		108		122		(14)
Financial Solutions	9		6		7		9		31		(11)		42
Total Canada	56		18		41		24		139		111		28
Europe, Middle East and Africa:
Traditional	3		5		4		34		46		(150)		196
Financial Solutions	73		52		58		61		244		214		30
Total Europe, Middle East and Africa	76		57		62		95		290		64		226
Asia Pacific:
Traditional	100		(73)		59		108		194		(81)		275
Financial Solutions	38		62		40		21		161		96		65
Total Asia Pacific	138		(11)		99		129		355		15		340
Corporate and Other	(92)		(55)		3		(18)		(162)		(11)		(151)
Consolidated adjusted operating income (loss) before income taxes	387		38		416		376		1,217		714		503
Notable items (1)	(61)		326		(23)		—		242		186		56
Consolidated adjusted operating income (loss) excluding notable items before income taxes	$	326	$	364	$	393	$	376	$	1,459	$	900	$	559

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 29


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Cash and Invested Assets

	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2022		2022		2022		2022		2021
Fixed maturity securities, available-for-sale (1)	$	52,901	$	50,495	$	53,294	$	57,922	$	60,749
Equity securities	134		137		127		139		151
Mortgage loans	6,590		6,558		6,544		6,535		6,283
Policy loans	1,231		1,202		1,218		1,221		1,234
Limited partnerships and real estate joint ventures	2,327		2,197		2,074		1,943		1,996
Funds withheld at interest	6,003		6,177		6,393		6,737		6,954
Short-term investments	154		225		272		315		87
Other invested assets	1,140		1,049		1,036		1,090		1,074
Cash and cash equivalents	2,927		3,512		2,556		2,709		2,948
Total cash and invested assets	$	73,407	$	71,552	$	73,514	$	78,611	$	81,476

(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”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), 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												Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Dec. 31,
	2022			2022			2022			2022			2022			2021			Change
Average invested assets at amortized cost (1)	$	35,300		$	34,579		$	34,859		$	35,271		$	34,398		$	33,040		$	1,358
Net investment income (1)	$	386		$	374		$	397		$	457		$	1,614		$	1,648		$	(34)
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.45		%	4.40		%	4.63		%	5.29		%	4.69		%	4.99		%	(30) bps
Variable investment income ("VII") (included in net investment income) (1)	$	42		$	38		$	70		$	141		$	291		$	433		$	(142)
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)	4.14		%	4.12		%	3.96		%	3.80		%	4.00		%	3.81		%	19 bps

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


						Page 30


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities

	December 31, 2022
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	38,963	$	27	$	168	$	5,135	$	33,969	64.2	%
Canadian government	3,311		—		381		66		3,626		6.9	%
RMBS	1,054		—		1		114		941		1.8	%
ABS	4,324		10		4		440		3,878		7.3	%
CMBS	1,835		—		—		212		1,623		3.1	%
U.S. government	1,690		—		4		212		1,482		2.8	%
State and political subdivisions	1,282		—		10		173		1,119		2.1	%
Other foreign government	7,204		—		26		967		6,263		11.8	%
Total fixed maturity securities	$	59,663	$	37	$	594	$	7,319	$	52,901	100.0	%


	December 31, 2021
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	35,239	$	26	$	3,084	$	194	$	38,103	62.8	%
Canadian government	3,339		—		1,606		1		4,944		8.1	%
RMBS	1,020		—		37		7		1,050		1.7	%
ABS	4,024		—		22		41		4,005		6.6	%
CMBS	1,790		1		66		6		1,849		3.0	%
U.S. government	2,082		—		31		8		2,105		3.5	%
State and political subdivisions	1,191		—		137		5		1,323		2.2	%
Other foreign government	7,188		4		273		87		7,370		12.1	%
Total fixed maturity securities	$	55,873	$	31	$	5,256	$	349	$	60,749	100.0	%


						Page 31


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Corporate Fixed Maturity Securities by Industry

	December 31, 2022							December 31, 2021
	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	$	6,281	$	5,672	16.7	%	A-	$	5,792	$	6,163	16.2	%	A-
Brokerage/asset managers/exchanges	1,302		1,115		3.3	%	A-	1,073		1,145		3.0	%	A-
Finance companies	410		350		1.0	%	BBB	306		316		0.8	%	BBB+
Insurance	4,452		3,851		11.3	%	A-	3,987		4,383		11.5	%	A-
REITs	1,205		1,013		3.0	%	BBB+	987		1,022		2.7	%	BBB+
Other finance	901		679		2.0	%	A-	956		1,016		2.7	%	A-
Total financial institutions	$	14,551	$	12,680	37.3	%		$	13,101	$	14,045	36.9	%
Industrials
Basic	$	1,921	$	1,690	5.0	%	BBB	$	1,972	$	2,210	5.8	%	BBB
Capital goods	1,734		1,550		4.6	%	BBB	1,542		1,649		4.3	%	BBB
Communications	2,517		2,136		6.3	%	BBB	2,330		2,592		6.8	%	BBB
Consumer cyclical	1,997		1,748		5.1	%	BBB+	1,758		1,885		4.9	%	BBB+
Consumer noncyclical	4,625		4,052		11.9	%	BBB+	3,952		4,315		11.3	%	BBB+
Energy	2,050		1,801		5.3	%	BBB+	1,967		2,159		5.7	%	BBB+
Technology	1,617		1,461		4.3	%	BBB+	1,436		1,486		3.9	%	BBB+
Transportation	2,160		1,859		5.5	%	BBB+	2,050		2,192		5.8	%	BBB+
Other industrial	1,003		960		2.8	%	BBB	850		887		2.3	%	BBB
Total industrials	$	19,624	$	17,257	50.8	%		$	17,857	$	19,375	50.8	%
Utilities
Electric	$	3,779	$	3,200	9.4	%	A-	$	3,256	$	3,561	9.4	%	A-
Natural gas	664		553		1.7	%	A-	566		614		1.6	%	BBB+
Other utility	345		279		0.8	%	BBB+	459		508		1.3	%	BBB+
Total utilities	$	4,788	$	4,032	11.9	%		$	4,281	$	4,683	12.3	%
Total	$	38,963	$	33,969	100.0	%	BBB+	$	35,239	$	38,103	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 32

Reinsurance Group of America, Incorporated

Investments

(USD millions)


Ratings of Fixed Maturity Securities

		December 31, 2022						September 30, 2022						June 30, 2022						March 31, 2022						December 31, 2021
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	$	36,217	$	32,295	61.1	%	$	33,881	$	30,062	59.6	%	$	33,989	$	31,782	59.6	%	$	34,434	$	34,741	60.0	%	$	33,540	$	36,725	60.5	%
2	BBB	20,188		17,580		33.2	%	19,931		16,924		33.5	%	19,851		18,011		33.8	%	19,691		19,574		33.8	%	18,684		20,379		33.5	%
3	BB	2,734		2,607		5.0	%	3,044		2,843		5.6	%	2,940		2,774		5.2	%	2,821		2,769		4.8	%	2,620		2,668		4.4	%
4	B	397		331		0.6	%	625		583		1.2	%	658		619		1.2	%	730		720		1.2	%	876		863		1.4	%
5	CCC	103		71		0.1	%	107		62		0.1	%	124		84		0.2	%	127		92		0.2	%	96		79		0.1	%
6	In or near default	24		17		—	%	42		21		—	%	46		24		—	%	46		26		—	%	57		35		0.1	%
	Total	$	59,663	$	52,901	100.0	%	$	57,630	$	50,495	100.0	%	$	57,608	$	53,294	100.0	%	$	57,849	$	57,922	100.0	%	$	55,873	$	60,749	100.0	%

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


Structured Fixed Maturity Securities

	December 31, 2022						September 30, 2022						June 30, 2022						March 31, 2022						December 31, 2021
	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
RMBS
Agency	$	476	$	427	6.6	%	$	489	$	442	7.0	%	$	519	$	498	7.7	%	$	538	$	537	8.3	%	$	551	$	582	8.4	%
Non-agency	578		514		8.0	%	565		511		8.1	%	485		452		7.0	%	445		429		6.6	%	469		468		6.8	%
Total RMBS	1,054		941		14.6	%	1,054		953		15.1	%	1,004		950		14.7	%	983		966		14.9	%	1,020		1,050		15.2	%
ABS:
Collateralized loan obligations ("CLOs")	1,825		1,702		26.4	%	1,788		1,650		26.0	%	1,714		1,622		25.1	%	1,659		1,630		25.1	%	1,761		1,752		25.4	%
ABS, excluding CLOs	2,499		2,176		33.8	%	2,377		2,073		32.6	%	2,377		2,160		33.4	%	2,256		2,116		32.5	%	2,263		2,253		32.6	%
Total ABS	4,324		3,878		60.2	%	4,165		3,723		58.6	%	4,091		3,782		58.5	%	3,915		3,746		57.6	%	4,024		4,005		58.0	%
CMBS	1,835		1,623		25.2	%	1,843		1,670		26.3	%	1,856		1,735		26.8	%	1,829		1,786		27.5	%	1,790		1,849		26.8	%
Total	$	7,213	$	6,442	100.0	%	$	7,062	$	6,346	100.0	%	$	6,951	$	6,467	100.0	%	$	6,727	$	6,498	100.0	%	$	6,834	$	6,904	100.0	%


						Page 33


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of December 31, 2022
	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	$	21,867	$	2,756	$	6,840	$	2,225	$	28,707	$	4,981
Canadian government	554		42		71		23		625		65
RMBS	664		62		181		53		845		115
ABS	1,596		153		1,931		269		3,527		422
CMBS	1,314		144		281		65		1,595		209
U.S. government	1,202		64		253		148		1,455		212
State and political subdivisions	819		124		131		50		950		174
Other foreign government	2,757		253		2,720		652		5,477		905
Total investment grade securities	$	30,773	$	3,598	$	12,408	$	3,485	$	43,181	$	7,083

Below investment grade securities:
Corporate	$	767	$	87	$	305	$	61	$	1,072	$	148
ABS	52		6		38		9		90		15

Other foreign government	39		2		164		60		203		62
Total below investment grade securities	$	858	$	95	$	507	$	130	$	1,365	$	225
Total fixed maturity securities	$	31,631	$	3,693	$	12,915	$	3,615	$	44,546	$	7,308

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


						Page 34


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of December 31, 2021
	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	$	4,135	$	86	$	946	$	51	$	5,081	$	137
Canadian government	20		1		—		—		20		1
RMBS	132		3		102		4		234		7
ABS	1,747		22		589		6		2,336		28
CMBS	152		2		35		2		187		4
U.S. government	1,513		6		31		2		1,544		8
State and political subdivisions	109		3		28		2		137		5
Other foreign government	2,237		33		724		37		2,961		70
Total investment grade securities	$	10,045	$	156	$	2,455	$	104	$	12,500	$	260


Below investment grade securities:
Corporate	$	463	$	13	$	97	$	44	$	560	$	57
ABS	—		—		13		13		13		13

Other foreign government	136		7		75		10		211		17
Total below investment grade securities	$	599	$	20	$	185	$	67	$	784	$	87
Total fixed maturity securities	$	10,644	$	176	$	2,640	$	171	$	13,284	$	347

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


						Page 35


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Consolidated Investment Related Gains and Losses

	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses and impairments	$	13	$	(9)	$	(15)	$	(12)	$	(23)	$	(12)	$	(11)
Realized gains on investment activity	127		20		34		11		192		299		(107)
Realized losses on investment activity	(160)		(106)		(94)		(36)		(396)		(65)		(331)
Net gains (losses) on fixed maturity securities available-for-sale	(20)		(95)		(75)		(37)		(227)		222		(449)

Net gains (losses) on equity securities	(5)		7		(15)		(8)		(21)		25		(46)
Change in mortgage loan allowance for credit losses	(8)		(5)		(1)		(2)		(16)		29		(45)
Change in fair value of certain limited partnership investments	9		—		10		19		38		169		(131)
Other, net	—		7		11		8		26		25		1

Free-standing derivatives (1):
Interest rate swaps	(2)		(33)		(44)		(52)		(131)		(34)		(97)
Interest rate options	(9)		18		(6)		—		3		—		3
Total return swaps	22		(1)		—		—		21		—		21
Financial futures	(10)		7		24		7		28		(24)		52
Foreign currency swaps	(6)		9		11		7		21		20		1
Foreign currency swaps - hedged	1		1		—		4		6		2		4
Foreign currency forwards	61		(55)		(76)		(23)		(93)		(20)		(73)
CPI swaps	6		7		(11)		29		31		46		(15)
Credit default swaps	37		(12)		(33)		(58)		(66)		33		(99)
Equity options	(15)		8		21		—		14		(33)		47
Total free-standing derivatives	85		(51)		(114)		(86)		(166)		(10)		(156)
Embedded derivatives:
Modified coinsurance and funds withheld treaties	(67)		(17)		(56)		(33)		(173)		107		(280)
Total embedded derivatives	(67)		(17)		(56)		(33)		(173)		107		(280)

Net gains (losses) on total derivatives	18		(68)		(170)		(119)		(339)		97		(436)

Total investment related gains (losses), net	$	(6)	$	(154)	$	(240)	$	(139)	$	(539)	$	567	$	(1,106)

(1) Free-standing derivatives are non-hedged unless specified.


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Appendix

Reconciliations of GAAP to Non-GAAP Measures


						Page 37


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

	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
U.S. & Latin America Traditional
Income (loss) before income taxes	$	114	$	(69)	$	90	$	60	$	195	$	133	$	62
Investment and derivative losses (1)	1		(1)		—		—		—		—		—
Change in fair value of funds withheld embedded derivatives (1)	(7)		(7)		(19)		(15)		(48)		(6)		(42)
Adjusted operating income (loss) before notable items and income taxes	108		(77)		71		45		147		127		20
Notable items (2)	—		170		—		—		170		34		136
Adjusted operating income (loss) excluding notable items, before income taxes	$	108	$	93	$	71	$	45	$	317	$	161	$	156

U.S. & Latin America Asset-Intensive
Income (loss) before income taxes	$	(32)	$	30	$	(29)	$	32	$	1	$	501	$	(500)
Market risk benefits remeasurement (gains) losses	(19)		23		40		(34)		10		(58)		68
Investment and derivative (gains) losses (1)	54		17		5		45		121		22		99
Change in fair value of funds withheld embedded derivatives (1)	74		24		75		48		221		(101)		322
Funds withheld (gains) losses - investment income	(1)		(1)		4		2		4		(1)		5
EIA embedded derivatives - interest credited	1		(10)		(27)		(17)		(53)		(45)		(8)
Non-investment derivatives and other	—		—		—		—		—		—		—
Adjusted operating income (loss) before notable items and income taxes	77		83		68		76		304		318		(14)
Notable items (2)	—		(3)		—		—		(3)		—		(3)
Adjusted operating income (loss) excluding notable items, before income taxes	$	77	$	80	$	68	$	76	$	301	$	318	$	(17)

U.S. & Latin America Capital Solutions
Income before income taxes	$	24	$	23	$	72	$	25	$	144	$	90	$	54
Adjusted operating income (loss) before notable items and income taxes	24		23		72		25		144		90		54
Notable items (2)	—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	24	$	23	$	72	$	25	$	144	$	90	$	54


(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 38


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

	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
Canada Traditional
Income before income taxes	$	50	$	12	$	27	$	15	$	104	$	121	$	(17)
Investment and derivative (gains) losses (1)	(4)		(1)		7		—		2		2		—
Investment income - non-operating FWAI	1		1		—		—		2		(1)		3
Adjusted operating income (loss) before notable items and income taxes	47		12		34		15		108		122		(14)
Notable items (2)	(5)		6		—		—		1		—		1
Adjusted operating income (loss) excluding notable items, before income taxes	$	42	$	18	$	34	$	15	$	109	$	122	$	(13)

Canada Financial Solutions
Income before income taxes	$	9	$	6	$	7	$	9	$	31	$	(11)	$	42
Adjusted operating income (loss) before notable items and income taxes	9		6		7		9		31		(11)		42
Notable items (2)	—		—		—		—		—		36		(36)
Adjusted operating income (loss) excluding notable items, before income taxes	$	9	$	6	$	7	$	9	$	31	$	25	$	6

Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	3	$	5	$	4	$	34	$	46	$	(150)	$	196
Adjusted operating income (loss) before notable items and income taxes	3		5		4		34		46		(150)		196
Notable items (2)	—		13		—		—		13		(6)		19
Adjusted operating income (loss) excluding notable items, before income taxes	$	3	$	18	$	4	$	34	$	59	$	(156)	$	215

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	56	$	34	$	25	$	67	$	182	$	260	$	(78)
Investment and derivative (gains) losses (1)	15		14		27		(12)		44		(43)		87
Investment income - non-operating FWAI	2		4		6		6		18		(3)		21
Investment (income) loss on unit-linked variable annuities	2		5		8		9		24		(4)		28
Interest credited on unit-linked variable annuities	(2)		(5)		(8)		(9)		(24)		4		(28)
Adjusted operating income (loss) before notable items and income taxes	73		52		58		61		244		214		30
Notable items (2)	(14)		—		—		—		(14)		—		(14)
Adjusted operating income (loss) excluding notable items, before income taxes	$	59	$	52	$	58	$	61	$	230	$	214	$	16
(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".


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

	Three Months Ended								Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2022		2021		Change
Asia Pacific Traditional
Income (loss) before income taxes	$	100	$	(73)	$	59	$	108	$	194	$	(81)	$	275
Adjusted operating income (loss) before notable items and income taxes	100		(73)		59		108		194		(81)		275
Notable items (2)	(42)		140		(23)		—		75		122		(47)
Adjusted operating income (loss) excluding notable items, before income taxes	$	58	$	67	$	36	$	108	$	269	$	41	$	228

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	109	$	47	$	(54)	$	(56)	$	46	$	100	$	(54)
Investment and derivative (gains) losses (1)	(78)		97		118		85		222		(4)		226
Non-investment derivatives and other	7		(82)		(24)		(8)		(107)		—		(107)
Adjusted operating income (loss) before notable items and income taxes	38		62		40		21		161		96		65
Notable items (2)	—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	38	$	62	$	40	$	21	$	161	$	96	$	65

Corporate and Other
Income (loss) before income taxes	$	(52)	$	(92)	$	(54)	$	(27)	$	(225)	$	422	$	(647)
Investment and derivative (gains) losses (1)	(34)		26		44		—		36		(406)		442
Interest expense on uncertain tax positions	—		—		—		—		—		(26)		26
Non-investment derivatives and other	(6)		11		13		9		27		(1)		28
Adjusted operating income (loss) before notable items and income taxes	(92)		(55)		3		(18)		(162)		(11)		(151)
Notable items (2)	—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	(92)	$	(55)	$	3	$	(18)	$	(162)	$	(11)	$	(151)

(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".


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

	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2022		2022		2022		2022		2021

RGA, Inc. stockholders’ equity	$	7,081	$	6,755	$	7,389	$	7,947	$	8,180
Less effect of AOCI:
Accumulated currency translation adjustments	(116)		(147)		3		8		(13)
Unrealized appreciation of securities	(5,496)		(5,788)		(3,549)		(10)		3,779
Effect of updating discount rates on future policy benefits	3,755		3,989		2,122		(795)		(4,209)
Change in instrument-specific credit risk for market risk benefits	13		19		(9)		(11)		(7)
Pension and postretirement benefits	(27)		(51)		(51)		(50)		(50)
RGA, Inc. stockholders’ equity, excluding AOCI	8,952		8,733		8,873		8,805		8,680
Year-to-date notable items, net of tax (1)	184		230		(17)		—		141
RGA, Inc. stockholders’ equity, excluding AOCI and notable items	$	9,136	$	8,963	$	8,856	$	8,805	$	8,821

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


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

	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2022		2022		2022		2022		2021

Book value per share	$	106.19	$	101.08	$	110.27	$	118.62	$	121.79
Less effect of AOCI:
Accumulated currency translation adjustment	(1.73)		(2.20)		0.04		0.12		(0.20)
Unrealized (depreciation) appreciation of securities	(82.44)		(86.61)		(52.96)		(0.15)		56.27
Effect of updating discount rates on future policy benefits	56.32		59.69		31.66		(11.87)		(62.67)
Change in instrument-specific credit risk for market risk benefits	0.19		0.29		(0.14)		(0.17)		(0.10)
Pension and postretirement benefits	(0.41)		(0.77)		(0.75)		(0.75)		(0.74)
Book value per share, excluding AOCI	$	134.26	$	130.68	$	132.42	$	131.44	$	129.23


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Document

Exhibit 99.2

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