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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
 OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-11848
REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact name of Registrant as specified in its charter)
Missouri  43-1627032
(State or other jurisdiction                    (IRS employer
of incorporation or organization)    identification number)
16600 Swingley Ridge Road
Chesterfield, Missouri 63017
(Address of principal executive offices)
(636) 736-7000
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x  No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes o  No ☒
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x     Accelerated filer o     Non-accelerated filer o     
Smaller reporting company ☐     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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐  No ☒
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01RGANew York Stock Exchange
5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056RZBNew York Stock Exchange
7.125% Fixed Rate Subordinated Debentures due 2052RZCNew York Stock Exchange
As of October 31, 2023, 65,905,765 shares of the registrant’s common stock were outstanding.

Table of Contents

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
TABLE OF CONTENTS
 
Item     Page
  PART I – FINANCIAL INFORMATION  
1Financial Statements
    
    
    
    
  Notes to Condensed Consolidated Financial Statements (Unaudited)  
     Note 4 Equity
2    
3    
4    
  PART II – OTHER INFORMATION  
1    
1A    
2    
5
6    
    
    
2
Table of Contents

PART I – FINANCIAL INFORMATION


REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
(Unaudited)
September 30,
2023		December 31,
2022
Assets
Fixed maturity securities available-for-sale, at fair value (amortized cost of $62,332 and $59,663; allowance for credit losses of $68 and $37)
$54,171 $52,901 
Equity securities, at fair value133 134 
Mortgage loans (net of allowance for credit losses of $74 and $51)
7,231 6,590 
Policy loans1,180 1,231 
Funds withheld at interest5,725 6,003 
Limited partnerships and real estate joint ventures2,560 2,327 
Short-term investments141 154 
Other invested assets1,091 1,140 
Total investments72,232 70,480 
Cash and cash equivalents2,820 2,927 
Accrued investment income744 630 
Premiums receivable and other reinsurance balances3,279 3,013 
Reinsurance ceded receivables and other2,818 2,671 
Deferred policy acquisition costs4,289 4,128 
Other assets1,240 1,055 
Total assets$87,422 $84,904 
Liabilities and equity
Future policy benefits$36,474 $35,689 
Interest-sensitive contract liabilities29,365 30,342 
Market risk benefits, at fair value224 247 
Other policy claims and benefits2,654 2,480 
Other reinsurance balances750 725 
Deferred income taxes1,601 1,383 
Other liabilities3,751 2,906 
Long-term debt4,450 3,961 
Total liabilities79,269 77,733 
Commitments and contingent liabilities (See Note 16)
 Equity
Preferred stock – par value $0.01 per share, 10,000,000 shares authorized, no shares issued or outstanding
— — 
Common stock – par value $0.01 per share, 140,000,000 shares authorized, 85,310,598 shares issued at September 30, 2023 and December 31, 2022
1 1 
Additional paid-in-capital2,534 2,502 
Retained earnings8,713 8,169 
Treasury stock, at cost – 19,438,385 and 18,634,390 shares
(1,852)(1,720)
Accumulated other comprehensive income (loss)(1,333)(1,871)
Total RGA, Inc. shareholders’ equity8,063 7,081 
Noncontrolling interest90 90 
Total equity8,153 7,171 
Total liabilities and shareholders’ equity$87,422 $84,904 
See accompanying notes to condensed consolidated financial statements (unaudited).
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
(Unaudited)
 
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
Revenues
Net premiums$4,255 $3,247 $10,977 $9,632 
Net investment income922 769 2,635 2,333 
Investment related gains (losses), net(126)(154)(326)(533)
Other revenues102 188 274 438 
Total revenues5,153 4,050 13,560 11,870 
Benefits and expenses
Claims and other policy benefits3,959 3,048 10,035 8,857 
Future policy benefits remeasurement (gains) losses(82)226 (95)302 
Market risk benefits remeasurement (gains) losses(21)23 (38)29 
Interest credited223 189 647 468 
Policy acquisition costs and other insurance expenses348 341 1,028 1,021 
Other operating expenses274 251 799 720 
Interest expense72 49 188 136 
Total benefits and expenses4,773 4,127 12,564 11,533 
 Income before income taxes
380 (77)996 337 
Provision for income taxes91 (2)247 109 
Net income (loss)289 (75)749 228 
Net income attributable to noncontrolling interest2 1 5 2 
Net income (loss) available to RGA, Inc. shareholders$287 $(76)$744 $226 
Earnings per share
Basic earnings per share$4.34 $(1.13)$11.19 $3.38 
Diluted earnings per share$4.29 $(1.13)$11.06 $3.35 
See accompanying notes to condensed consolidated financial statements (unaudited).
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(Unaudited)
 
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
Comprehensive income (loss)
Net income$289 $(75)$749 $228 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(59)(150)83 (134)
Net unrealized investment gains (losses)(1,780)(2,239)(1,163)(9,567)
Effect of updating discount rates on future policy benefits1,906 1,867 1,611 8,198 
Change in instrument-specific credit risk for market risk benefits(6)28 (6)26 
Defined benefit pension and postretirement plan adjustments4 — 13 (1)
Total other comprehensive income (loss), net of tax65 (494)538 (1,478)
Total comprehensive income (loss)354 (569)1,287 (1,250)
Comprehensive income attributable to noncontrolling interest2 1 5 2 
Total comprehensive income (loss) attributable to RGA, Inc.$352 $(570)$1,282 $(1,252)
See accompanying notes to condensed consolidated financial statements (unaudited).
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)

 Nine months ended September 30,
20232022
 
Net cash provided by operating activities$2,818 $1,077 
Cash flows from investing activities
Sales of fixed maturity securities available-for-sale5,832 8,072 
Purchases of fixed maturity securities available-for-sale(8,751)(13,035)
Maturities of fixed maturity securities available-for-sale753 669 
Sales of equity securities1 7 
Purchases of equity securities(4)(14)
Principal payments on mortgage loans265 784 
Cash invested in mortgage loans(962)(1,113)
Net change in policy loans51 31 
Net change in funds withheld at interest283 (8)
Sales of limited partnerships and real estate joint ventures328 579 
Purchases of limited partnerships and real estate joint ventures(413)(465)
Change in short-term investments24 (161)
Change in other invested assets21 (129)
Purchases of property and equipment(20)(19)
Proceeds from sale of businesses, net of cash transferred of $1
— 7 
Net cash used in investing activities(2,592)(4,795)
Cash flows from financing activities
Dividends to shareholders(163)(152)
Repayment of collateral finance and securitization notes— (181)
Proceeds from long-term debt issuance900 700 
Debt issuance costs(10)(10)
Principal payments of long-term debt(402)(153)
Purchases of treasury stock(169)(54)
Change in cash collateral for derivative positions and other arrangements300 99 
Change in deposit asset on reinsurance41 (32)
Deposits on investment-type policies and contracts1,884 5,232 
Withdrawals on investment-type policies and contracts(2,652)(1,076)
Net change in noncontrolling interest— 88 
Net cash (used) provided by financing activities(271)4,461 
Effect of exchange rate changes on cash(62)(179)
Change in cash and cash equivalents(107)564 
Cash and cash equivalents, beginning of period2,927 2,948 
Cash and cash equivalents, end of period$2,820 $3,512 
Supplemental disclosures of cash flow information
Interest paid$146 $106 
Income taxes paid, net of refunds$240 $108 
Non-cash investing activities
Transfer of invested assets$1,459 $494 
Sale of businesses:
Assets disposed, net of cash transferred$— $(6)
Liabilities disposed$— $1 
See accompanying notes to condensed consolidated financial statements (unaudited).
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(in millions except per share amounts)
(Unaudited)
Three months ended September 30, 2023 and 2022
Common
Stock		Additional Paid In CapitalRetained
Earnings		Treasury
Stock		Accumulated Other Comprehensive Income (Loss)Total RGA, Shareholders’ EquityNoncontrolling InterestTotal Equity
Balance, June 30, 2023$1 $2,522 $8,483 $(1,803)$(1,398)$7,805 $90 $7,895 
Change in equity of noncontrolling interest(2)(2)
Net income287 287 2 289 
Total other comprehensive income (loss)65 65 65 
Dividends to shareholders, $0.85 per share
(56)(56)(56)
Purchase of treasury stock(50)(50)(50)
Reissuance of treasury stock12 (1)1 12 12 
Balance, September 30, 2023$1 $2,534 $8,713 $(1,852)$(1,333)$8,063 $90 $8,153 
Balance, June 30, 2022$1 $2,478 $8,067 $(1,673)$(1,484)$7,389 $90 $7,479 
Change in equity of noncontrolling interest(1)(1)
Net income(76)(76)1 (75)
Total other comprehensive income (loss)(494)(494)(494)
Dividends to shareholders, $0.80 per share
(54)(54)(54)
Purchase of treasury stock(27)(27)(27)
Reissuance of treasury stock15 (1)3 17 17 
Balance, September 30, 2022$1 $2,493 $7,936 $(1,697)$(1,978)$6,755 $90 $6,845 
Nine months ended September 30, 2023 and 2022
Common
Stock		Additional Paid In CapitalRetained
Earnings		Treasury
Stock		Accumulated Other Comprehensive Income (Loss)Total RGA, Inc. Shareholders’ EquityNoncontrolling InterestTotal Equity
Balance, December 31, 2022$1 $2,502 $8,169 $(1,720)$(1,871)7,081 $90 $7,171 
Change in equity of noncontrolling interest(5)(5)
Net income744 744 5 749 
Total other comprehensive income (loss)538 538 538 
Dividends to shareholders, $2.45 per share
(163)(163)(163)
Purchase of treasury stock(169)(169)(169)
Reissuance of treasury stock32 (37)37 32 32 
Balance, September 30, 2023$1 $2,534 $8,713 $(1,852)$(1,333)$8,063 $90 $8,153 
Balance, December 31, 2021$1 $2,461 $7,871 $(1,653)$(500)8,180 $— $8,180 
Issuance of preferred interests by subsidiary90 90 
Change in equity of noncontrolling interest(2)(2)
Net income226 226 2 228 
Total other comprehensive income (loss)(1,478)(1,478)(1,478)
Dividends to shareholders, $2.26 per share
(152)(152)(152)
Purchase of treasury stock(54)(54)(54)
Reissuance of treasury stock32 (9)10 33 33 
Balance, September 30, 2022$1 $2,493 $7,936 $(1,697)$(1,978)$6,755 $90 $6,845 

See accompanying notes to condensed consolidated financial statements (unaudited).


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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
 
NOTE 1 BUSINESS AND BASIS OF PRESENTATION
Business
Reinsurance Group of America, Incorporated (“RGA”) is an insurance holding company that was formed on December 31, 1992. RGA and its subsidiaries (collectively, the “Company”) is engaged in providing traditional reinsurance, which includes individual and group life and health, disability and critical illness reinsurance. The Company also provides financial solutions, which includes longevity reinsurance, asset-intensive products (primarily annuities), financial reinsurance, capital solutions and stable value products.
Basis of Presentation
The unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s 2022 Annual Report on Form 10-K filed with the SEC on February 24, 2023 (the “2022 Annual Report”).
In the opinion of management, all adjustments, including normal recurring adjustments necessary for a fair presentation have been included. Interim results are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.
Consolidation
These unaudited condensed consolidated financial statements include the accounts of RGA and its subsidiaries and all intercompany accounts and transactions have been eliminated. Entities in which the Company has significant influence over the operating and financing decisions but are not required to be consolidated are reported under the equity method of accounting.
Standards Issued and Implemented
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”). ASU 2018-12 updates certain requirements for the accounting for long-duration insurance contracts.
•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, if necessary, with the impact recognized in net income in the period of the change. The liability for future policy benefits includes required adjustments at the cohort level to cap the net premium ratio at 100% and eliminate negative reserves.
Upon adoption, an adjustment was recorded to retained earnings 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, an adjustment was recorded to accumulated other comprehensive income (loss) (“AOCI”) as a result of remeasuring in force contract liabilities using the current upper-medium grade fixed income instrument yields as of the date of transition. The adjustment 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 should be amortized on a constant level or straight-line basis over the expected term of the contracts.
Upon adoption, an adjustment was recorded to AOCI for the removal of cumulative adjustments to DAC associated with unrealized investment 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
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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 liability’s instrument-specific credit risk, which is recognized in OCI.
Upon adoption, an adjustment was recorded to retained earnings for the difference between the fair value and carrying value of the contracts at the transition date, excluding changes in the instrument-specific credit risks, and an adjustment to AOCI for the cumulative effect of changes in the instrument-specific credit risk between contract issue date and transition date.
Change in Certain Segment Allocations
Investment income for each segment has been adjusted to reflect the impacts of adopting ASU 2018-12 and due to an update to the Company’s internally developed economic capital model. Internal excess capital charges, included in each segment’s policy acquisition costs and other insurance expenses, were also updated as a result of adopting ASU 2018-12 and updates to 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 condensed consolidated financial statements.
Significant Accounting Polices – Update
The Company’s significant accounting policies are discussed in Note 2 – “Significant Accounting Policies and Pronouncements” of the 2022 Annual Report. The significant accounting policies discussed below have been updated to reflect the impact of adopting ASU 2018-12.
Liability for Future Policy Benefits
Utilizing the net premium model, a liability for future policy benefits for life and long-term health business is established to meet the estimated future benefits to be paid on assumed life and health reinsurance in force less the present value of estimated future new premiums to be collected. The liability is estimated using the Company’s mortality, morbidity, and persistency assumptions that reflect the Company’s historical experience, industry data, cedant specific experience, and discount rates based on the current yields of upper-medium grade fixed income instruments. These assumptions vary with the characteristics of the reinsurance contract, the year the risk was assumed, age of the insured and other appropriate factors. The Company reviews actual and anticipated experience compared to the assumptions used to establish policy benefits on a quarterly basis and will update those assumptions if evidence suggests that they should be revised. The Company completed its annual review and any necessary updates of cash flow assumptions used to calculate the liability for future policy benefits during the third quarter of 2023 and 2022. Updates may occur in other quarters if information becomes available during the quarter that indicates an assumption update is necessary.
Liabilities for future benefits for annuities in the payout phase have been established in an amount adequate to meet the estimated future obligations on policies in force using expected mortality, discount rates and other assumptions. These assumptions vary with the characteristics of the plan of insurance, year of issue, age of insured, and other appropriate factors. The mortality assumptions are based on the Company’s historical experience, industry data and cedant specific experience.
A deferred profit liability is established when the insurance benefit extends beyond the period in which premiums are collected, and the gross premium exceeds the net premium. The deferred profit liability is amortized in proportion to insurance in force for traditional life insurance and expected future benefits for annuity contracts. The deferred profit liability is included in the liabilities for future policy benefits, and the amortization of the deferred profit liability is recognized as a reduction in claims and other policy benefits.
For the purpose of calculating the liability for future policy benefits, the Company’s reinsurance contracts for its Traditional business are grouped into annual cohorts based on the effective date of the reinsurance contract. The annual groupings are further disaggregated based on:
•How the reinsurance contracts are priced and managed;
•Geographical locations;
•Underlying currency of the contract;
•Ceding company and other factors.
Given the unique risks and highly customized nature of the Company’s financial solutions business, reinsurance contracts for the Financial Solutions business are not aggregated with other contracts for the purpose of calculating the liability for future policy benefits.
Each quarter, the Company updates its estimate of cash flows expected over the entire life of a group of contracts using actual historical experience and current future cash flow assumptions. These updated cash flows, discounted using the original contract issuance discount rates, are used to calculate the revised net premium ratio, as of the beginning of the current reporting period. The present value of these updated cash flows is compared to the carrying amount of the liability as of that same date, before updating cash flow assumptions, to determine the current period change in the liability’s estimate. This current period change in the liability is a component of the liability remeasurement gain or loss. In subsequent periods, the revised net
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premium ratio is used to measure the liability for future policy benefits, subject to future revisions. The Company also reviews actual and anticipated experience compared to the assumptions used to establish the liability for future policy benefits on a quarterly basis. If evidence suggests that the assumptions should be revised, the cumulative effect of the change is reflected in future policy benefits remeasurement (gains) losses in the current period. The Company has elected to lock-in claims expense assumptions at contract inception and those assumptions are not subsequently reviewed or updated.
The discount rates used to measure the liability are based on upper-medium grade fixed-income instruments (A rated credit) with similar tenor to the expected liability cash flows. The discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change reflected in other comprehensive income (loss). For unobservable discount rates, the Company uses estimates consistent with fair value guidance, maximizing the use of relevant, observable market prices and minimizing the use of unobservable inputs.
The Company utilizes the discount rate curve at contract inception for purposes of interest accretion and updating the net premium ratio. Interest accretion is recognized in claims and other policy benefits on the condensed consolidated statements of income. The locked-in discount curve at contract inception for contracts entered into after the adoption of ASU 2018-12 (i.e., January 1, 2021 and after) is based on the average upper-medium grade fixed-income instrument yields during the first calendar year of the reinsurance contract. The locked-in discount rates at contract inception for contracts that were effective prior to the adoption of ASU 2018-12 (i.e., prior to January 1, 2021) are the discount rate assumptions used prior to the adoption of ASU 2018-12, which were based on estimates of expected investment yields.
Included in the liability for future policy benefits are unpaid claims related to long-duration contracts and an accrual for incurred but not reported losses (“IBNR”). The Company’s IBNR accrual related to long-duration contracts is determined using case-basis estimates and lag studies of past experience. The time lag from the date of the claim or death to when the ceding company reports the claim to the Company can vary significantly by ceding company, business segment and product type, but generally averages around 3 months. Incurred but not reported claims are estimates on an undiscounted basis, using actuarial estimates of historical claims expense, adjusted for current trends and conditions. These estimates are continually reviewed and the ultimate liability may vary significantly from the amount recognized. Claims payable for incurred but not reported losses for long-duration contracts are included in the liability for future policy benefits on the condensed consolidated balance sheets. Prior to the adoption of ASU 2018-12, unpaid claims and IBNR related to long-duration contracts were included in other policy claims and benefits. Upon adoption of ASU 2018-12, the Company revised prior period amounts to conform to the current period’s presentation. See Note 2 – “Impact of New Accounting Standard” for additional information.
Interest-Sensitive Contract Liabilities and Policyholder Account Balances
Liabilities for future benefits on interest-sensitive life and investment-type contract liabilities are carried at the accumulated contract holder values without reduction for potential surrender or withdrawal charges. The Company reinsures asset-intensive products, including annuities and corporate-owned life insurance. The investment portfolios for these products are segregated for management purposes within the general account of the respective legal entity. The liabilities under asset-intensive insurance contracts or reinsurance contracts reinsured on a coinsurance basis are included in interest-sensitive contract liabilities on the condensed consolidated balance sheets. Asset-intensive contracts principally include individual fixed annuities in the accumulation phase, single premium immediate annuities, with no significant life contingency, equity-indexed annuities, individual variable annuities, corporate-owned life, and interest-sensitive whole life insurance contracts. Interest-sensitive contract liabilities are equal to (i) policy account values, which consist of an accumulation of gross premium payments; (ii) credited interest less expenses, mortality charges, and withdrawals; and (iii) fair value adjustments relating to business combinations. Liabilities for immediate annuities are calculated as the present value of the expected cash flows, with the locked-in discount rate determined such that there is no gain or loss at inception.
Equity-indexed annuity contracts reinsured by the Company allow the contract holder to elect an interest rate return or an equity market component where interest credited is based on the performance of common stock market indices, such as the S&P 500 Index®, the Dow Jones Industrial Average, or the NASDAQ. The equity market option is considered an embedded derivative, similar to a call option, which is reflected at fair value on the condensed consolidated balance sheets in interest-sensitive contract liabilities. The fair value of embedded derivatives is computed based on a projection of future equity option costs using a budget methodology, discounted back to the balance sheet date using current market indicators of volatility and interest rates. Changes in the fair value of the embedded derivatives are included as a component of interest credited on the condensed consolidated statements of income (loss).
The Company reviews its estimates of actuarial liabilities for interest-sensitive contract liabilities and compares them with its actual experience. Differences between actual experience and the assumptions used in pricing these guarantees and benefits and in the establishment of the related liabilities result in variances in profit and could result in losses. The effects of changes in such estimated liabilities are included in the results of operations in the period in which the changes occur.

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Market Risk Benefits
Market risk benefits are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Market risk benefits are measured at fair value using an option-based valuation model based on current net amounts at risk, market data, Company experience, and other factors. Changes in fair value are recognized in net income each period with the exception of the portion of the change in fair value due to a change in the liability’s instrument-specific credit risk, which is recognized in other comprehensive income.
Market risk benefits include the following contract features on certain annuity products that provide minimum guarantees to policyholders:
•Guaranteed minimum income benefits (“GMIB”) provide the contract holder, after a specified period of time determined at the time of issuance of the variable annuity contract, with a minimum level of income (annuity) payments. Under the reinsurance treaty, the Company makes a payment to the ceding company equal to the GMIB net amount-at-risk at the time of annuitization.
•Guaranteed minimum withdrawal benefits (“GMWB”) guarantee the contract holder a return of their purchase payment via partial withdrawals, even if the account value is reduced to zero, provided that the contract holder’s cumulative withdrawals in a contract year do not exceed a certain limit. The initial guaranteed withdrawal amount is equal to the initial benefit base as defined in the contract (typically, the initial purchase payments plus applicable bonus amounts).
•Guaranteed minimum accumulation benefits (“GMAB”) provide the contract holder, after a specified period of time determined at the time of issuance of the variable annuity contract, with a minimum accumulation of their purchase payments even if the account value is reduced to zero. The initial guaranteed accumulation amount is equal to the initial benefit base as defined in the contract (typically, the initial purchase payments plus applicable bonus amounts).
•Guaranteed minimum death benefits (“GMDB”) provides the beneficiary a guaranteed minimum amount upon the death of the contract holder, regardless of the account balance.
The fair values of the GMIB, GMWB, GMDB and GMAB contract features are reflected in market risk benefits and are calculated based on actuarial and capital market assumptions related to the projected cash flows, including benefits and related contract charges over the lives of the contracts. These projected cash flows incorporate expectations concerning policyholder behavior, such as lapses, withdrawals and benefit selections, and capital market assumptions such as interest rates and equity market volatilities. In measuring the fair value of GMIBs, GMWBs, GMABs and GMDBs, the Company attributes a portion of the fees collected from the policyholder equal to the present value of expected future guaranteed minimum income, withdrawal and accumulation and death benefits (at inception). The changes in fair value are reported in market risk benefits remeasurement (gains) losses. Any additional fees represent “excess” fees and are reported in other revenues. These variable annuity guaranteed living and death benefits may be more costly than expected in volatile or declining equity markets or falling interest rate markets, causing an increase in market risk benefit liabilities.
Deferred Policy Acquisition Costs
Costs of acquiring new business, which vary with and are directly related to the production of new business, have been deferred to the extent that such costs are deemed recoverable from future premiums or gross profits. Such costs include commissions and allowances as well as certain costs of policy issuance and underwriting. Non-commission costs related to the acquisition of new and renewal insurance contracts may be deferred only if they meet the following criteria:
•Incremental direct costs of a successful contract acquisition
•Portions of employees’ salaries and benefits directly related to time spent performing specified acquisition activities for a contract that has been acquired or renewed
•Other costs directly related to the specified acquisition or renewal activities that would not have been incurred had that acquisition contract transaction not occurred
DAC related to traditional life and interest-sensitive contracts are grouped by contract type and issue year into cohorts for consistency with the groupings used in estimating the associated liability. DAC is amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. The constant level basis used is based on the number of policies or policy face amount of the risk assumed in the reinsurance contract. The constant level bases used for amortization are projected using mortality and actuarial assumptions for policyholder behavior that are based on the Company’s experience, industry data and other factors and are consistent with those used for the liability for future policy benefits. Changes in assumptions are reflected in DAC amortization prospectively, and actual experience relating to number of policies reinsured will likely differ from the experience previously estimated.
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Amortization of DAC is included in policy acquisition costs and other insurance expenses.
Reinsurance Ceded Receivables
The Company generally reports retrocession activity on a gross basis. Amounts paid or deemed to have been paid for reinsurance are reflected in reinsurance ceded receivables and other. Reinsurance ceded receivables related to long-duration contracts are estimated using mortality, morbidity, and persistency assumptions that are similar to the liability for future policy benefits ceded. The discount rate used to measure the ceded receivable is based on the current yields of an upper-medium grade fixed income instrument. Similar to the liability for future policy benefits, ceded receivables are grouped into annual cohorts based on the effective date of the reinsurance contract.
NOTE 2 IMPACT OF NEW ACCOUNTING STANDARD
As discussed in Note 1, the Company adopted ASU 2018-12 during the first quarter of 2023. The updated guidance materially changed how the Company accounts for its long-duration insurance contracts. Below is a summary of the impact of adopting ASU 2018-12:
•For the liability for future policy benefits, the net transition adjustment recorded in accumulated other comprehensive income (loss) is related to the difference in the discount rate used prior to the adoption of ASU 2018-12 and the discount rate at January 1, 2021, and the removal of shadow adjustments previously recorded in accumulated other comprehensive income (loss) for the impact of unrealized gains and losses that were included in the expected gross profits amortization calculation as of the transition date of $8,593 million, pretax.
•At transition, the Company identified certain cohorts in its Traditional segments where the present value of future expected benefits and expenses exceeded the sum of existing benefit reserve and the present value of future gross premiums, resulting in a decrease to retained earnings, net of reinsurance (and a corresponding increase in the liabilities for future policy benefits and reinsurance recoverable) of approximately $1,462 million, pretax. See “Impact of Adoption by Segment” for the transition impact by reportable segment.
•At transition, the Company identified certain cohorts, primarily longevity swaps, where the present value of future premiums exceeded the present value of future benefits resulting in a negative liability. The elimination of the negative liability at transition resulted in a decrease to retained earnings (and a corresponding increase in the liabilities for future policy benefits) of $284 million, pretax. See “Impact of Adoption by Segment” for the transition impact by reportable segment.
•For DAC, the Company removed shadow adjustments previously recorded in AOCI in the amount of $114 million, pretax, for the impact of unrealized gains and losses that were included in the pre-ASU 2018-12 expected gross profits amortization calculation as of the transition date. See “Impact of Adoption by Segment” for the transition impact by reportable segment.
•For market risk benefits, the transition adjustment of $45 million, pretax, recognized in AOCI relates to the cumulative effect of changes in the instrument-specific credit risk between contract issue date and transition date. The remaining difference of $(72) million, pretax between the fair value and carrying value of the market risk benefits at transition, excluding the amounts recorded in AOCI, was recorded as an adjustment to retained earnings as of the transition date. See “Impact of Adoption by Segment” for the transition impact by reportable segment.
Impact on Shareholders’ Equity
The following table provides the after-tax transition impact on January 1, 2021, to the reinsurance ceded receivables, liability for future policy benefits, market risk benefits, deferred policy acquisition costs and deferred tax asset and liability for the Company's adoption of ASU 2018-12 (dollars in millions):
 January 1, 2021
 Retained EarningsAccumulated Other Comprehensive Income (Loss)
Reinsurance ceded receivables and other$254 $388 
Future policy benefits(1,746)(8,593)
Market risk benefits(72)45 
Deferred policy acquisition costs— 114 
Deferred tax asset (included in other assets)8 — 
Deferred tax liability (included in deferred income taxes)311 1,778 
Total$(1,245)$(6,268)

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Impact of Adoption by Segment
Traditional Business
The following table provides the pre-tax transition impact to the liability for future policy benefits for the Company's adoption of Financial Services – Insurance on January 1, 2021, for its Traditional business (dollars in millions):
U.S. and Latin America – TraditionalCanada – TraditionalEurope, Middle East and Africa – TraditionalAsia Pacific – Traditional
Future policy benefits
Balance, January 1, 2021 pre-adoption$10,444 $3,477 $1,379 $3,568 
Adjustment to retained earnings (1)
896 33 70 463 
Effect of changes in discount rate assumptions4,542 2,651 320 (772)
Reclassification of claims and benefits payable (2)
1,750 203 901 1,160 
Balance, January 1, 2021 post-adoption$17,632 $6,364 $2,670 $4,419 
Less: reinsurance recoverable(1,123)(386)(85)(212)
Balance, January 1, 2021 post-adoption, after reinsurance$16,509 $5,978 $2,585 $4,207 
(1)Includes adjustments for capping the net premium ratio at 100% and eliminating negative reserves on certain issue year cohorts.
(2)Amount includes certain reclassifications to conform with the revised presentation upon adoption of ASU 2018-12, such as reclassifying claims and benefits payable on long-duration contracts to liability for future policy benefits.
Financial Solutions Business
The following table provides the pre-tax transition impact to the liability for future policy benefits, market risk benefits and deferred policy acquisitions costs for the Company's adoption of Financial Services – Insurance on January 1, 2021, for its Financial Solutions business (dollars in millions):
U.S. and Latin America – Financial SolutionsCanada – Financial SolutionsEurope, Middle East and Africa – Financial SolutionsAsia Pacific – Financial Solutions
Future policy benefits
Balance, January 1, 2021 pre-adoption$5,037 $16 $5,657 $1,874 
Adjustment to retained earnings (1)
— 20 256 8 
Effect of changes in discount rate assumptions857 9 1,011 3 
Amounts previously recorded in AOCI (2)
(28)— — — 
Reclassification of claims and benefits payable (3)
17 4 67 2 
Balance, January 1, 2021 post-adoption$5,883 $49 $6,991 $1,887 
Less: reinsurance recoverable— — — — 
Balance, January 1, 2021 post-adoption, after reinsurance$5,883 $49 $6,991 $1,887 
Market risk benefits
Balance, January 1, 2021 pre-adoption$— $— $— $— 
Cumulative effect of change in credit risk in AOCI(45)— — — 
Cumulative effect to retained earnings72 — — — 
Reclassification from interest-sensitive contract liabilities239 — — — 
Balance, January 1, 2021 post-adoption$266 $— $— $— 
Less: reinsurance recoverable— — — — 
Balance, January 1, 2021 post-adoption, after reinsurance$266 $— $— $— 
Deferred policy acquisition costs
Balance, January 1, 2021 pre-adoption$254 $— $— $41 
Amounts previously recorded in AOCI (2)
114 — — — 
Balance, January 1, 2021 post-adoption$368 $— $— $41 
(1)Includes adjustments for capping the net premium ratio at 100% and eliminating negative reserves on certain issue year cohorts.
(2)Adjustment to remove amounts associated with unrealized gains and losses previously recorded in AOCI (i.e., “shadow adjustments”).
(3)Amount includes certain reclassifications to conform with the revised presentation upon adoption of ASU 2018-12, such as reclassifying claims and benefits payable on long-duration contracts to liability for future policy benefits.

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Impact to Previously Reported Amounts
The adoption of ASU 2018-12 impacted the Company’s previously reported consolidated balance sheets as of December 31, 2021 and 2022, and related statements of income, comprehensive income and equity for the each of the two years in the period ended December 31, 2022 as follows (dollars in millions). The adoption of ASU 2018-12 did not materially impact the Company’s previously reported consolidated statements of cash flows for the two years in the period ended December 31, 2022.
 As Previously ReportedAdoption of ASU 2018-12As Adjusted
Consolidated Balance Sheets
December 31, 2022
Assets
Fixed maturity securities available-for-sale, at fair value$52,901 $— $52,901 
Equity securities, at fair value134 — 134 
Mortgage loans6,590 — 6,590 
Policy loans1,231 — 1,231 
Funds withheld at interest6,003 — 6,003 
Limited partnerships and real estate joint ventures2,327 — 2,327 
Short-term investments154 — 154 
Other invested assets1,140 — 1,140 
Total investments70,480 — 70,480 
Cash and cash equivalents2,927 — 2,927 
Accrued investment income630 — 630 
Premiums receivable and other reinsurance balances3,013 — 3,013 
Reinsurance ceded receivables and other2,462 209 2,671 
Deferred policy acquisition costs3,974 154 4,128 
Other assets1,220 (165)1,055 
Total assets$84,706 $198 $84,904 
Liabilities and equity
Future policy benefits35,220 469 35,689 
Interest-sensitive contract liabilities30,572 (230)30,342 
Market risk benefits, at fair value— 247 247 
Other policy claims and benefits6,571 (4,091)2,480 
Other reinsurance balances756 (31)725 
Deferred income taxes736 647 1,383 
Other liabilities2,655 251 2,906 
Long-term debt3,961 — 3,961 
Total liabilities80,471 (2,738)77,733 
Equity
Preferred stock— — — 
Common stock1 — 1 
Additional paid-in-capital2,502 — 2,502 
Retained earnings8,967 (798)8,169 
Treasury stock, at cost(1,720)— (1,720)
Accumulated other comprehensive income (loss)(5,605)3,734 (1,871)
Total RGA, Inc. shareholders’ equity4,145 2,936 7,081 
Noncontrolling interest90 — 90 
Total equity4,235 2,936 7,171 
Total liabilities and shareholders’ equity$84,706 $198 $84,904 

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As Previously ReportedAdoption of ASU 2018-12As Adjusted
December 31, 2021
Assets
Fixed maturity securities available-for-sale, at fair value$60,749 $— $60,749 
Equity securities, at fair value151 — 151 
Mortgage loans6,283 — 6,283 
Policy loans1,234 — 1,234 
Funds withheld at interest6,954 — 6,954 
Limited partnerships and real estate joint ventures1,996 — 1,996 
Short-term investments87 — 87 
Other invested assets1,074 — 1,074 
Total investments78,528 — 78,528 
Cash and cash equivalents2,948 — 2,948 
Accrued investment income533 — 533 
Premiums receivable and other reinsurance balances2,888 — 2,888 
Reinsurance ceded receivables and other2,580 585 3,165 
Deferred policy acquisition costs3,690 170 3,860 
Other assets1,008 11 1,019 
Total assets$92,175 $766 $92,941 
Liabilities and equity
Future policy benefits35,782 11,667 47,449 
Interest-sensitive contract liabilities26,377 (258)26,119 
Market risk benefits, at fair value— 262 262 
Other policy claims and benefits6,993 (4,883)2,110 
Other reinsurance balances613 (56)557 
Deferred income taxes2,886 (1,387)1,499 
Other liabilities2,663 255 2,918 
Long-term debt3,667 — 3,667 
Collateral finance and securitization notes180 — 180 
Total liabilities79,161 5,600 84,761 
Equity
Preferred stock— — — 
Common stock1 — 1 
Additional paid-in-capital2,461 — 2,461 
Retained earnings8,563 (692)7,871 
Treasury stock, at cost(1,653)— (1,653)
Accumulated other comprehensive income (loss)3,642 (4,142)(500)
Total RGA, Inc. shareholders’ equity13,014 (4,834)8,180 
Noncontrolling interest— — — 
Total equity13,014 (4,834)8,180 
Total liabilities and shareholders’ equity$92,175 $766 $92,941 
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 As Previously ReportedAdoption of ASU 2018-12As Adjusted
Consolidated Statements of Income
Year ended December 31, 2022
Revenues
Net premiums$13,078 $— $13,078 
Net investment income3,161 — 3,161 
Investment related gains (losses), net(506)(33)(539)
Other revenues525 2 527 
     Total revenues16,258 (31)16,227 
Benefits and expenses
Claims and other policy benefits12,046 (64)11,982 
Future policy benefits remeasurement (gains) losses— 291 291 
Market risk benefits remeasurement (gains) losses— 10 10 
Interest credited682 — 682 
Policy acquisition costs and other insurance expenses1,499 (155)1,344 
Other operating expenses1,009 — 1,009 
Interest expense184 — 184 
Collateral finance and securitization expense7 — 7 
Total benefits and expenses15,427 82 15,509 
Income before income taxes831 (113)718 
Provision for income taxes204 (7)197 
Net income$627 $(106)$521 
Net income attributable to noncontrolling interest4 — 4 
Net income available to RGA, Inc. shareholders$623 $(106)$517 
 As Previously ReportedAdoption of ASU 2018-12As Adjusted
Year ended December 31, 2021
Revenues
Net premiums$12,513 $— $12,513 
Net investment income3,138 — 3,138 
Investment related gains (losses), net560 7 567 
Other revenues447 2 449 
Total revenues16,658 9 16,667 
Benefits and expenses
Claims and other policy benefits12,776 (1,103)11,673 
Future policy benefits remeasurement (gains) losses— 567 567 
Market risk benefits remeasurement (gains) losses— (58)(58)
Interest credited700 — 700 
Policy acquisition costs and other insurance expenses1,416 (91)1,325 
Other operating expenses936 — 936 
Interest expense127 — 127 
Collateral finance and securitization expense12 — 12 
Total benefits and expenses15,967 (685)15,282 
Income before income taxes691 694 1,385 
Provision for income taxes74 141 215 
Net income$617 $553 $1,170 
Net income attributable to noncontrolling interest— — — 
Net income available to RGA, Inc. shareholders$617 $553 $1,170 
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 As Previously ReportedAdoption of ASU 2018-12As Adjusted
Consolidated Statements of Comprehensive Income
Year ended December 31, 2022
Net income$627 $(106)$521 
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments(162)60 (102)
Net unrealized investment gains (losses)(9,108)(168)(9,276)
Effect of updating discount rates on future policy benefits— 7,964 7,964 
Change in instrument-specific credit risk for market risk benefits— 20 20 
Defined benefit pension and postretirement plan adjustments23 — 23 
Total other comprehensive income (loss), net of tax(9,247)7,876 (1,371)
Total comprehensive income (loss)(8,620)7,770 (850)
Comprehensive income (loss) attributable to noncontrolling interest4 — 4 
Total comprehensive income (loss) available to RGA, Inc.$(8,624)$7,770 $(854)
Year ended December 31, 2021
Net income$617 $553 $1,170 
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments60 (4)56 
Net unrealized investment gains (losses)(1,799)(34)(1,833)
Effect of updating discount rates on future policy benefits— 2,207 2,207 
Change in instrument-specific credit risk for market risk benefits— (43)(43)
Defined benefit pension and postretirement plan adjustments22 — 22 
Total other comprehensive income (loss), net of tax(1,717)2,126 409 
Total comprehensive income (loss)(1,100)2,679 1,579 
Comprehensive income (loss) attributable to noncontrolling interest— — — 
Total comprehensive income (loss) available to RGA, Inc.$(1,100)$2,679 $1,579 
RGA, Inc. Shareholders’ Equity
Common
Stock		Additional Paid In CapitalRetained
Earnings		Treasury
Stock		Accumulated Other Comprehensive Income (Loss)Total RGA, Inc. Shareholders’EquityNoncontrolling InterestTotal Equity
Balance, December 31, 2020 as previously reported$1 $2,406 $8,148 $(1,562)$5,359 $14,352 $— $14,352 
Cumulative effect of modified retrospective adoption of Financial Services – Insurance on long-duration contracts
(1,187)(6,304)(7,491)(7,491)
Cumulative effect of full retrospective adoption of Financial Services – Insurance on market risk benefits
(58)36 (22)(22)
Adjusted balance, January 1, 20211 2,406 6,903 (1,562)(909)6,839 — 6,839 
Net income1,170 1,170 1,170 
Total other comprehensive income (loss)409 409 409 
Dividends to shareholders, $2.86 per share
(194)(194)(194)
Purchase of treasury stock(99)(99)(99)
Reissuance of treasury stock55 (8)8 55 55 
Balance, December, 31, 20211 2,461 7,871 (1,653)(500)8,180 — 8,180 
Issuance of preferred interests by subsidiary90 90 
Change in equity of noncontrolling interest(4)(4)
Net income517 517 4 521 
Total other comprehensive income (loss)(1,371)(1,371)(1,371)
Dividends to shareholders, $3.06 per share
(205)(205)(205)
Purchase of treasury stock(81)(81)(81)
Reissuance of treasury stock41 (14)14 41 41 
Balance, December 31, 2022$1 $2,502 $8,169 $(1,720)$(1,871)$7,081 $90 $7,171 

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Additional Transition and Other Disclosures
ASU 2018-12 expanded the disclosure requirements for long-duration contracts in the annual and interim financial statements. The following tables provide additional information regarding the transition adjustments and disaggregated rollforwards of beginning to ending balances of the liability for future policy benefits, policyholder account balances, market risk benefits and deferred policy acquisition costs for the years ended December 31, 2022 and 2021 (dollars in millions).
Liability for Future Policy Benefits
For the year ended December 31, 2022:
U.S. and Latin America – TraditionalCanada – TraditionalEurope, Middle East and Africa – TraditionalAsia Pacific – Traditional
Present Value of Expected Net Premiums
Beginning of year balance at original discount rate$73,447 $21,989 $14,440 $37,943 
Effect of changes in cash flow assumptions(805)189 123 1,604 
Effect of actual variances from expected experience(4)212 835 197 
Adjusted balance, beginning of year72,638 22,390 15,398 39,744 
Issuances (1)
3,329 635 1,083 3,663 
Interest accrual (2)
3,423 748 500 1,032 
Net premiums collected (3)
(5,182)(950)(1,324)(1,989)
Derecognition (4)
— — — — 
Foreign currency translation(1)(1,493)(1,413)(1,944)
Ending balance at original discount rate74,207 21,330 14,244 40,506 
Effect of changes in discount rate assumptions(6,303)(4,899)(2,639)(10,927)
Balance, end of period$67,904 $16,431 $11,605 $29,579 
Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate$84,075 $25,440 $15,664 $41,971 
Effect of changes in cash flow assumptions(675)191 136 1,681 
Effect of actual variances from expected experience85 212 813 234 
Adjusted balance, beginning of year83,485 25,843 16,613 43,886 
Issuances (1)
3,333 635 1,083 3,667 
Interest accrual (2)
3,940 958 530 1,171 
Benefit payments (5)
(5,472)(1,051)(1,260)(1,832)
Derecognition (4)
— — — — 
Foreign currency translation(1)(1,730)(1,512)(2,107)
Ending balance at original discount rate85,285 24,655 15,454 44,785 
Effect of changes in discount rate assumptions(7,907)(4,273)(2,808)(12,858)
Balance, end of period$77,378 $20,382 $12,646 $31,927 
Liability for future policy benefits$9,474 $3,951 $1,041 $2,348 
Less: reinsurance recoverable(421)(265)(31)(100)
Net liability for future policy benefits$9,053 $3,686 $1,010 $2,248 
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions.

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For the year ended December 31, 2021:
U.S. and Latin America – TraditionalCanada – TraditionalEurope, Middle East and Africa – TraditionalAsia Pacific – Traditional
Present Value of Expected Net Premiums
Balance, beginning of year$70,319$21,332$14,033$34,167
Effect of adoption of Financial Services – Insurance
20,7581,7852,599(3,385)
Adjusted balance, beginning of year$91,077$23,117$16,632$30,782
Beginning of year balance at original discount rate$70,317$21,299$13,999$34,133
Effect of changes in cash flow assumptions984(45)48600
Effect of actual variances from expected experience254(24)379402
Adjusted balance, beginning of year71,55521,23014,42635,135
Issuances (1)
3,5227612,4174,575
Interest accrual (2)
3,400775553970
Net premiums collected (3)
(5,025)(947)(1,488)(2,038)
Derecognition (4)
——(1,167)—
Foreign currency translation(5)170(301)(699)
Ending balance at original discount rate73,44721,98914,44037,943
Effect of changes in discount rate assumptions15,771(199)1,280(5,458)
Balance, end of period$89,218$21,790$15,720$32,485
Present Value of Expected Future Policy Benefits
Balance, beginning of year$80,275$24,587$15,246$37,335
Effect of adoption of Financial Services – Insurance
26,1964,4692,989(3,694)
Adjusted balance, beginning of year106,47129,05618,23533,641
Beginning of year balance at original discount rate$81,172$24,587$15,281$37,765
Effect of changes in cash flow assumptions1,021(45)42699
Effect of actual variances from expected experience517(24)422559
Adjusted balance, beginning of year82,71024,51815,74539,023
Issuances (1)
3,5377612,4364,585
Interest accrual (2)
3,9169925981,107
Benefit payments (5)
(6,083)(1,025)(1,609)(1,971)
Derecognition (4)
——(1,176)—
Foreign currency translation(5)194(330)(773)
Ending balance at original discount rate84,07525,44015,66441,971
Effect of changes in discount rate assumptions19,1851,9051,445(6,475)
Balance, end of period$103,260$27,345$17,109$35,496
Liability for future policy benefits$14,042$5,555$1,389$3,011
Less: reinsurance recoverable(697)(367)(34)(116)
Net liability for future policy benefits$13,345$5,188$1,355$2,895
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on the revised assumptions.
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For the year ended December 31, 2022:
U.S. and Latin America – Financial SolutionsCanada – Financial SolutionsEurope, Middle East and Africa – Financial SolutionsAsia Pacific – Financial Solutions
Present Value of Expected Net Premiums
Beginning of year balance at original discount rate$228 $3,329 $31,973 $1,051 
Effect of changes in cash flow assumptions(31)— (126)3 
Effect of actual variances from expected experience(22)(12)573 29 
Adjusted balance, beginning of year175 3,317 32,420 1,083 
Issuances (1)
1,580 574 12,594 1,465 
Interest accrual (2)
41 112 698 24 
Net premiums collected (3)
(125)(354)(3,169)(764)
Derecognition (4)
— — — — 
Foreign currency translation— (255)(3,761)(203)
Ending balance at original discount rate1,671 3,394 38,782 1,605 
Effect of changes in discount rate assumptions(284)(433)(8,805)25 
Balance, end of period$1,387 $2,961 $29,977 $1,630 
Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate$4,628 $3,393 $38,196 $6,062 
Effect of changes in cash flow assumptions(34)— (140)3 
Effect of actual variances from expected experience(46)(24)566 36 
Adjusted balance, beginning of year4,548 3,369 38,622 6,101 
Issuances (1)
1,580 574 12,594 1,465 
Interest accrual (2)
220 115 856 70 
Benefit payments (5)
(525)(351)(3,355)(227)
Derecognition (4)
— — — — 
Foreign currency translation— (260)(4,387)(848)
Ending balance at original discount rate5,823 3,447 44,330 6,561 
Effect of changes in discount rate assumptions(617)(432)(9,719)(435)
Balance, end of period$5,206 $3,015 $34,611 $6,126 
Liability for future policy benefits$3,819 $54 $4,634 $4,496 
Less: reinsurance recoverable— — — — 
Net liability for future policy benefits$3,819 $54 $4,634 $4,496 
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions.
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For the year ended December 31, 2021:
U.S. and Latin America – Financial SolutionsCanada – Financial SolutionsEurope, Middle East and Africa – Financial SolutionsAsia Pacific – Financial Solutions
Present Value of Expected Net Premiums
Balance, beginning of year$285 $3,568 $28,055 $781 
Effect of adoption of Financial Services – Insurance
102 343 3,634 114 
Adjusted balance, beginning of year387 3,911 31,689 895 
Beginning of year balance at original discount rate$314 $3,556 $27,799 $781 
Effect of changes in cash flow assumptions(33)(30)(76)— 
Effect of actual variances from expected experience(29)17 997 777 
Adjusted balance, beginning of year252 3,543 28,720 1,558 
Issuances (1)
— — 8,357 3,156 
Interest accrual (2)
3 109 714 28 
Net premiums collected (3)
(27)(349)(3,590)(3,621)
Derecognition (4)
— — (1,669)— 
Foreign currency translation— 26 (559)(70)
Ending balance at original discount rate228 3,329 31,973 1,051 
Effect of changes in discount rate assumptions28 97 668 247 
Balance, end of period$256 $3,426 $32,641 $1,298 
Present Value of Expected Future Policy Benefits
Balance, beginning of year$4,951 $3,584 $33,410 $2,645 
Effect of adoption of Financial Services – Insurance
931 372 4,901 125 
Adjusted balance, beginning of year5,882 3,956 38,311 2,770 
Beginning of year balance at original discount rate$4,951 $3,592 $33,410 $2,653 
Effect of changes in cash flow assumptions(33)6 (76)— 
Effect of actual variances from expected experience(37)6 1,000 777 
Adjusted balance, beginning of year4,881 3,604 34,334 3,430 
Issuances (1)
— — 8,357 3,156 
Interest accrual (2)
193 112 890 63 
Benefit payments (5)
(446)(350)(3,064)(162)
Derecognition (4)
— — (1,682)— 
Foreign currency translation— 27 (639)(425)
Ending balance at original discount rate4,628 3,393 38,196 6,062 
Effect of changes in discount rate assumptions575 114 1,174 250 
Balance, end of period$5,203 $3,507 $39,370 $6,312 
Liability for future policy benefits$4,947 $81 $6,729 $5,014 
Less: reinsurance recoverable— — — — 
Net liability for future policy benefits$4,947 $81 $6,729 $5,014 
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions.

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Policyholder Account Balances
The following tables provide the balances and changes in the Company’s policyholder account balances as of and for the years ending December 31, 2022 and 2021 (dollars in millions):
For the year ended December 31, 2022:
U.S. and Latin America – TraditionalU.S. and Latin America – Financial SolutionsAsia Pacific – Financial Solutions
Balance, beginning of year$1,719 $18,758 $1,621 
Deposits24 1,289 2,521 
Policy charges(32)(33)(134)
Surrenders and withdrawals(17)(1,258)(639)
Benefit payments(76)(448)(46)
Interest credited65 598 51 
Foreign currency translation— — (23)
Balance, end of period$1,683 $18,906 $3,351 
Less: reinsurance recoverable— (1,543)— 
Balance, end of period, after reinsurance$1,683 $17,363 $3,351 
For the year ended December 31, 2021:
U.S. and Latin America – TraditionalU.S. and Latin America – Financial SolutionsAsia Pacific – Financial Solutions
Balance, beginning of year$1,752 $16,273 $809 
Deposits25 3,290 868 
Policy charges(32)(31)(1)
Surrenders and withdrawals(13)(1,015)(36)
Benefit payments(79)(404)(24)
Interest credited66 645 19 
Foreign currency translation— — (14)
Balance, end of period$1,719 $18,758 $1,621 
Less: reinsurance recoverable— (1,561)— 
Balance, end of period, after reinsurance$1,719 $17,197 $1,621 
Market Risk Benefits
The following tables provide the balances and changes in the Company’s liabilities for market risk benefits as of and for the years ending December 31, 2022 and 2021 (dollars in millions):
For the year ended December 31, 2022:
U.S. and Latin America – Financial Solutions
Balance, beginning of year$262 
Balance, beginning of year, before effect of changes in the instrument-specific credit risk254 
Interest accrual54 
Attributed fees collected28 
Benefit payments(9)
Effect of changes in future assumptions18 
Effect of changes in interest rates(175)
Effect of changes in equity markets48 
Effect of changes in volatility19 
Other market impacts7 
Actual policyholder behavior different from expected behavior19 
Balance, end of period, before effect of changes in the instrument-specific credit risk263 
Effect of changes in the instrument-specific credit risk(16)
Balance, end of period247 
Less: reinsurance recoverable— 
Balance, end of period, after reinsurance$247 
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For the year ended December 31, 2021:
U.S. and Latin America – Financial Solutions
Balance, beginning of year$— 
Effect of adoption of Financial Services – Insurance
266 
Adjusted balance, beginning of year266 
Balance, beginning of year, before effect of changes in the instrument-specific credit risk311 
Interest accrual3 
Attributed fees collected12 
Benefit payments(14)
Effect of changes in future assumptions25 
Effect of changes in interest rates(51)
Effect of changes in equity markets(49)
Effect of changes in volatility(2)
Other market impacts5 
Actual policyholder behavior different from expected behavior14 
Balance, end of period, before effect of changes in the instrument-specific credit risk254 
Effect of changes in the instrument-specific credit risk8 
Balance, end of period262 
Less: reinsurance recoverable— 
Balance, end of period, after reinsurance$262 
Deferred Policy Acquisition Costs
The following tables provide the balances and changes in the Company’s deferred policy acquisition costs as of and for the years ending December 31, 2022 and 2021 (dollars in millions):
For the year ended December 31, 2022:
U.S. and Latin America – TraditionalCanada – TraditionalEurope, Middle East and Africa – TraditionalAsia Pacific – Traditional
Balance, beginning of year$1,947 $191 $270 $1,056 
Capitalization284 10 83 86 
Amortization expense(144)(17)(38)(67)
Foreign currency translation— (13)(21)(32)
Balance, end of period$2,087 $171 $294 $1,043 
For the year ended December 31, 2022:
U.S. and Latin America – Financial SolutionsCanada – Financial SolutionsEurope, Middle East and Africa – Financial SolutionsAsia Pacific – Financial Solutions
Balance, beginning of year$312 $— $— $81 
Capitalization87 — — 121 
Amortization expense(58)— — (13)
Foreign currency translation— — — (1)
Balance, end of period$341 $— $— $188 
For the year ended December 31, 2021:
U.S. and Latin America – TraditionalCanada – TraditionalEurope, Middle East and Africa – TraditionalAsia Pacific – Traditional
Balance, beginning of year$1,816 $195 $264 $1,046 
Effect of adoption of Financial Services – Insurance
— — — — 
Adjusted balance, beginning of year1,816 195 264 1,046 
Capitalization254 8 42 83 
Amortization expense(123)(13)(24)(55)
Foreign currency translation— 1 (12)(18)
Balance, end of period$1,947 $191 $270 $1,056 
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For the year ended December 31, 2021:
U.S. and Latin America – Financial SolutionsCanada – Financial SolutionsEurope, Middle East and Africa – Financial SolutionsAsia Pacific – Financial Solutions
Balance, beginning of year$254 $— $— $41 
Effect of adoption of Financial Services – Insurance
114 — — — 
Adjusted balance, beginning of year368 — — 41 
Capitalization8 — — 49 
Amortization expense(64)— — (8)
Foreign currency translation— — — (1)
Balance, end of period$312 $— $— $81 
NOTE 3 EARNINGS PER SHARE
The following table provides the computation of basic and diluted earnings per share on net income (in millions, except per share information):
Three months ended September 30,Nine months ended September 30,
 2023202220232022
Earnings:
Net income (loss)$289 $(75)$749 $228 
Less: Net income attributable to noncontrolling interest 2 1 5 2 
Net income (loss) available to RGA, Inc. shareholders$287 $(76)$744 $226 
Shares:
Weighted average outstanding shares 66 67 66 67 
Equivalent shares from outstanding stock awards1 1 1 1 
Denominator for diluted calculation67 68 67 68 
Earnings per share:
Basic$4.34 $(1.13)$11.19 $3.38 
Diluted$4.29 $(1.13)$11.06 $3.35 
The calculation of common equivalent shares does not include the impact of stock awards with a conversion price that exceeds the average stock price for the earnings period as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent awards as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period.
NOTE 4 EQUITY
Common stock
The changes in number of common stock shares issued, held in treasury and outstanding are as follows for the periods indicated:
IssuedHeld In TreasuryOutstanding
Balance, December 31, 202285,310,598 18,634,390 66,676,208 
Common stock acquired— 1,069,113 (1,069,113)
Stock-based compensation (1)
— (265,118)265,118 
Balance, September 30, 202385,310,598 19,438,385 65,872,213 
IssuedHeld In TreasuryOutstanding
Balance, December 31, 202185,310,598 18,139,868 67,170,730 
Common Stock acquired— 414,350 (414,350)
Stock-based compensation (1)
— (70,498)70,498 
Balance, September 30, 202285,310,598 18,483,720 66,826,878 
(1)Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs.
Common Stock Held in Treasury
Common stock held in treasury is accounted for at average cost. Gains resulting from the reissuance of common stock held in treasury are credited to additional paid-in capital. Losses resulting from the reissuance of common stock held in treasury are charged first to additional paid-in capital to the extent the Company has previously recorded gains on treasury share transactions, then to retained earnings.

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On February 25, 2022, RGA’s board of directors authorized a share repurchase program for up to $400 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. During the nine months ended September 30, 2023, RGA repurchased 1,069,113 shares of common stock under this program.
Noncontrolling Interest
In 2022, Papara Financing LLC (“Papara”), a subsidiary of RGA Reinsurance Company, issued nonconvertible preferred interests to an unaffiliated third party. The membership interests in Papara consist of (1) common interests, which are held by RGA Reinsurance Company and (2) preferred interests. The preferred interests total $90 million. The preferred interests are included in noncontrolling interest, and net income attributable to noncontrolling interest was $5 million for the nine months ended September 30, 2023.
Accumulated Other Comprehensive Income (Loss)
The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the nine months ended September 30, 2023 and 2022 are as follows (dollars in millions):
 Accumulated Other Comprehensive Income (Loss), Net of Income Tax
 Foreign Currency Translation Adjustments
Net Unrealized Investment Gains (Losses)(1)
Pension and
Postretirement
Benefits		Effect of Updating Discount Rates on Future Policy BenefitsInstrument-Specific Credit Risk for Market Risk BenefitsTotal
Balance, December 31, 2022$(116)$(5,496)$(27)$3,755 $13 $(1,871)
Other comprehensive income (loss) before reclassifications116 (1,652)16 2,050 (8)522 
Amounts reclassified to (from) AOCI— 140 1 — — 141 
Deferred income tax benefit (expense)(33)349 (4)(439)2 (125)
Balance, September 30, 2023$(33)$(6,659)$(14)$5,366 $7 $(1,333)
 Accumulated Other Comprehensive Income (Loss), Net of Income Tax
 Foreign Currency Translation Adjustments
Net Unrealized Investment Gains (Losses)(1)
Pension and
Postretirement
Benefits		Effect of Updating Discount Rates on Future Policy BenefitsInstrument-Specific Credit Risk for Market Risk BenefitsTotal
Balance, December 31, 2021$(13)$3,779 $(50)$(4,209)$(7)$(500)
Other comprehensive income (loss) before reclassifications(78)(12,398)(3)10,487 33 (1,959)
Amounts reclassified to (from) AOCI— 202 2 — — 204 
Deferred income tax benefit (expense)(56)2,629 — (2,289)(7)277 
Balance, September 30, 2022$(147)$(5,788)$(51)$3,989 $19 $(1,978)
(1)Includes cash flow hedges of $(351) and $(205) as of September 30, 2023 and December 31, 2022, respectively, and $(230) and $(22) as of September 30, 2022 and December 31, 2021, respectively. See Note 12 – “Derivative Instruments” for additional information on cash flow hedges.

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The following table presents the amounts of AOCI reclassifications for the three and nine months ended September 30, 2023 and 2022 (dollars in millions):
Amount Reclassified from AOCI
Three months ended September 30,Nine months ended September 30,Affected Line Item in 
Statements of Income
Details about AOCI Components2023202220232022
Net unrealized investment gains (losses):
Net unrealized gains (losses) on available-for-sale securities$(36)$(92)$(132)$(195)Investment related gains (losses), net
Cash flow hedges – Interest rate3 — 7 (2)(1)
Cash flow hedges – Currency/Interest rate(8)(3)(15)(5)(1)
Total(41)(95)(140)(202)
Provision for income taxes13 20 36 42 
Net unrealized gains (losses), net of tax$(28)$(75)$(104)$(160)
Amortization of defined benefit plan items:
Prior service cost (credit)
$— $— $1 $1 (2)
Actuarial gains (losses)(1)— (2)(3)(2)
Total(1)— (1)(2)
Provision for income taxes— — — — 
Amortization of defined benefit plans, net of tax$(1)$— $(1)$(2)
Total reclassifications for the period$(29)$(75)$(105)$(162)
(1)See Note 12 – “Derivative Instruments” for additional information on cash flow hedges.
(2)This AOCI component is included in the computation of the net periodic pension cost. See Note 15 – “Employee Benefit Plans” for additional details.
Equity Based Compensation
Equity compensation expense was $35 million and $31 million for the nine months ended September 30, 2023 and 2022, respectively. In the first quarter of 2023, the Company granted 129,146 stock appreciation rights at $138.34 weighted average exercise price per share, 185,311 performance contingent shares and 105,122 restricted stock units to employees. As of September 30, 2023, 1,638,062 share awards at a weighted average strike price per share of $114.32 were vested and exercisable with a remaining weighted average exercise period of 4.1 years. As of September 30, 2023, the total compensation cost of non-vested awards not yet recognized in the financial statements was $37 million. It is estimated that these costs will vest over a weighted average period of 0.7 years.
NOTE 5 FUTURE POLICY BENEFITS
Liability for Future Policy Benefits
The Company reviews actual and anticipated experience compared to the assumptions used to establish policy benefits on a quarterly basis and will update those assumptions if evidence suggests that they should be revised. It is the Company’s policy to complete its annual assumption review during the third quarter of each year. Updates may occur in other quarters if information becomes available during the quarter that indicates an assumption update is necessary.
During the third quarter of 2023, the Company completed its annual assumption review resulting in a decrease in its total liability for future policy benefits. The decrease was primarily the result of updated mortality assumptions, which had a favorable impact on the liability for future policy benefits for the Company’s Financial Solutions business and an unfavorable impact on the Company’s Traditional business.
During the third quarter of 2022, the Company completed its annual assumption review resulting in an increase in its total liability for future policy benefits. The increase was primarily the result of updated mortality assumptions, which had an unfavorable impact on the liability for future policy benefits for the Company’s Traditional business. There were no significant changes in the assumptions used to measure the liability for future policy benefits for the Company’s Financial Solutions business.

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Traditional Business
The following tables provide the balances of and changes in the Company’s liability for future policy benefits for long-duration reinsurance contracts for its Traditional business, which primarily consists of individual life, group life and critical illness reinsurance for the nine months ended September 30, 2023 and 2022 (dollars in millions):
Nine months ended September 30, 2023:
U.S. and Latin America – TraditionalCanada – TraditionalEurope, Middle East and Africa – TraditionalAsia Pacific – Traditional
Present Value of Expected Net Premiums
Beginning of year balance at original discount rate$74,207 $21,330 $14,244 $40,506 
Effect of changes in cash flow assumptions905 96 199 (180)
Effect of actual variances from expected experience68 408 75 9 
Adjusted balance, beginning of year75,180 21,834 14,518 40,335 
Issuances (1)
3,186 369 884 2,839 
Interest accrual (2)
2,619 562 373 794 
Net premiums collected (3)
(4,491)(700)(1,067)(1,493)
Derecognition (4)
(35)— — — 
Foreign currency translation5 (54)(77)(1,517)
Ending balance at original discount rate76,464 22,011 14,631 40,958 
Effect of changes in discount rate assumptions(10,563)(5,879)(3,145)(13,178)
Balance, end of period$65,901 $16,132 $11,486 $27,780 
Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate$85,285 $24,655 $15,454 $44,785 
Effect of changes in cash flow assumptions922 108 246 (171)
Effect of actual variances from expected experience73 413 84 (40)
Adjusted balance, beginning of year86,280 25,176 15,784 44,574 
Issuances (1)
3,186 369 884 2,839 
Interest accrual (2)
3,023 720 402 907 
Benefit payments (5)
(4,097)(752)(1,033)(1,287)
Derecognition (4)
(54)— — — 
Foreign currency translation5 (60)(77)(1,559)
Ending balance at original discount rate88,343 25,453 15,960 45,474 
Effect of changes in discount rate assumptions(13,185)(5,520)(3,402)(15,342)
Balance, end of period$75,158 $19,933 $12,558 $30,132 
Liability for future policy benefits$9,257 $3,801 $1,072 $2,352 
Less: reinsurance recoverable(658)(259)(33)(115)
Net liability for future policy benefits$8,599 $3,542 $1,039 $2,237 
Weighted-average duration of the liability (in years)1114815
Weighted-average interest accretion rate4.7 %3.7 %3.5 %2.7 %
Weighted-average current discount rate5.9 %5.4 %6.0 %4.9 %
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions.
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Nine months ended September 30, 2022:
U.S. and Latin America – TraditionalCanada – TraditionalEurope, Middle East and Africa – TraditionalAsia Pacific – Traditional
Present Value of Expected Net Premiums
Beginning of year balance at original discount rate$73,447$21,989$14,440$37,943
Effect of changes in cash flow assumptions(805)1151281,595
Effect of actual variances from expected experience43(21)423(52)
Adjusted balance, beginning of year72,68522,08314,99139,486
Issuances (1)
2,4195467862,383
Interest accrual (2)
2,541571370740
Net premiums collected (3)
(3,770)(715)(1,005)(1,459)
Derecognition (4)
————
Foreign currency translation(1)(1,914)(2,412)(3,495)
Ending balance at original discount rate73,87420,57112,73037,655
Effect of changes in discount rate assumptions(7,148)(4,729)(3,006)(11,212)
Balance, end of period$66,726$15,842$9,724$26,443
Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate$84,075$25,440$15,664$41,971
Effect of changes in cash flow assumptions(675)1211411,715
Effect of actual variances from expected experience1356412(79)
Adjusted balance, beginning of year83,53525,56716,21743,607
Issuances (1)
2,4235467862,393
Interest accrual (2)
2,924735393843
Benefit payments (5)
(4,026)(826)(969)(1,322)
Derecognition (4)
————
Foreign currency translation—(2,215)(2,598)(3,763)
Ending balance at original discount rate84,85623,80713,82941,758
Effect of changes in discount rate assumptions(8,940)(4,139)(3,186)(13,132)
Balance, end of period$75,916$19,668$10,643$28,626
Liability for future policy benefits$9,190$3,826$919$2,183
Less: reinsurance recoverable(413)(256)(26)(96)
Net liability for future policy benefits$8,777$3,570$893$2,087
Weighted-average duration of the liability (in years)1215816
Weighted-average interest accretion rate4.7 %3.8 %3.6 %2.7 %
Weighted-average current discount rate5.3 %4.9 %6.3 %4.6 %
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions.
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Significant assumptions used to compute the liability for future policy benefits for the Traditional business include mortality, morbidity, lapse rates and discount rates (both accretion and current). During the third quarter of 2023 and 2022, the Company completed its annual assumption review resulting in a $85 million and $269 million increase, excluding the effects of reinsurance, in the Company’s liability for future policy benefits for its Traditional business during 2023 and 2022, respectively. Including the effects of reinsurance, a future policy benefits remeasurement gain (loss) of $(75) million was recognized during the three and nine months ending September 30, 2023, and a future policy benefits remeasurement gain (loss) of $(329) million and $(306) million was recognized during the three and nine months ending September 30, 2022, as a result of changes in cash flow assumptions. The increase in the liability in 2023 and 2022 was primarily the result of updating the mortality assumptions used to measure the liability for future policy benefits. The Company also updated the underlying market data used to determine the current discount rate resulting in changes to the discount rate assumption used to measure the net liability for future policy benefits.
The Company’s Traditional business actual-to-expected variances, the effects of changes in cash flow assumptions and the effects of changes in discount rate assumption for the nine months ended September 30, 2023 and 2022, are summarized in the tables below:
Nine months ended September 30, 2023:
SegmentNet liability for future policy benefits at original discount rateChanges in cash flow assumptionsActual-to-expected varianceImpact of updating discount rate recognized in OCI
U.S. and Latin America – Traditional
$12 billion$17 million$5 million$(1) billion
7.2% increase0.2% increase—%9.2% decrease
Canada – Traditional
$3.4 billion$12 million$5 million$(267) million
3.5% increase0.4% increase0.2% increase8.0% decrease
Europe, Middle East and Africa – Traditional
$1.3 billion$47 million$9 million$(88) million
9.8% increase3.9% increase0.7% increase7.3% decrease
Asia Pacific – Traditional
$4.5 billion$9 million$(49) million$(233) million
5.5% increase0.2% increase1.1% decrease5.4% decrease
Nine months ended September 30, 2022:
SegmentNet liability for future policy benefits at original discount rateChanges in cash flow assumptionsActual-to-expected varianceImpact of updating discount rate recognized in OCI
U.S. and Latin America – Traditional
$11 billion$130 million$92 million$(5.2) billion
3.3% increase1.2% increase0.9% increase49 % decrease
Canada – Traditional
$3.2 billion$6 million$27 million$(1.5) billion
6.2% decrease0.2% increase0.8% increase43.9% decrease
Europe, Middle East and Africa – Traditional
$1.1 billion$13 million$(11) million$(345) million
10.2% decrease1.1% increase0.9% decrease28.2% decrease
Asia Pacific – Traditional
$4.1 billion$120 million$(27) million$(903) million
1.9% increase3% increase0.7% decrease22.4% decrease
Financial Solutions Business
The following tables provide the balances of and changes in the Company’s liability for future policy benefits, including the deferred profit liability related to the longevity business, for its Financial Solutions business, which primarily consists of longevity reinsurance, asset-intensive products, primarily annuities and financial reinsurance for the nine months ended September 30, 2023 and 2022 (dollars in millions):
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Nine months ended September 30, 2023:
U.S. and Latin America – Financial SolutionsCanada – Financial SolutionsEurope, Middle East and Africa – Financial SolutionsAsia Pacific – Financial Solutions
Present Value of Expected Net Premiums
Beginning of year balance at original discount rate$1,671 $3,394 $38,782 $1,605 
Effect of changes in cash flow assumptions(69)(54)(561)— 
Effect of actual variances from expected experience(20)(5)387 (10)
Adjusted balance, beginning of year1,582 3,335 38,608 1,595 
Issuances (1)
923 — 6,278 2,131 
Interest accrual (2)
37 80 678 19 
Net premiums collected (3)
(1,064)(249)(3,045)(1,573)
Derecognition (4)
— — — — 
Foreign currency translation2 (6)15 (236)
Ending balance at original discount rate1,480 3,160 42,534 1,936 
Effect of changes in discount rate assumptions(336)(482)(9,571)(178)
Balance, end of period$1,144 $2,678 $32,963 $1,758 
Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate$5,823 $3,447 $44,330 $6,561 
Effect of changes in cash flow assumptions(91)(76)(595)— 
Effect of actual variances from expected experience(28)(13)374 (12)
Adjusted balance, beginning of year5,704 3,358 44,109 6,549 
Issuances (1)
931 — 6,278 2,141 
Interest accrual (2)
173 81 807 65 
Benefit payments (5)
(405)(248)(2,748)(199)
Derecognition (4)
(16)— — — 
Foreign currency translation1 (5)37 (948)
Ending balance at original discount rate6,388 3,186 48,483 7,608 
Effect of changes in discount rate assumptions(788)(480)(10,552)(997)
Balance, end of period$5,600 $2,706 $37,931 $6,611 
Liability for future policy benefits$4,456 $28 $4,968 $4,853 
Less: reinsurance recoverable— — — — 
Net liability for future policy benefits$4,456 $28 $4,968 $4,853 
Weighted-average duration of the liability (in years)87915
Weighted-average interest accretion rate3.5 %3.3 %2.3 %1.3 %
Weighted-average current discount rate5.9 %5.5 %5.3 %2.4 %
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions.
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Nine months ended September 30, 2022:
U.S. and Latin America – Financial SolutionsCanada – Financial SolutionsEurope, Middle East and Africa – Financial SolutionsAsia Pacific – Financial Solutions
Present Value of Expected Net Premiums
Beginning of year balance at original discount rate$228 $3,329 $31,973 $1,051 
Effect of changes in cash flow assumptions(31)— (74)— 
Effect of actual variances from expected experience(17)(7)401 125 
Adjusted balance, beginning of year180 3,322 32,300 1,176 
Issuances (1)
— 581 11,256 1,325 
Interest accrual (2)
1 85 513 20 
Net premiums collected (3)
(18)(269)(2,228)(729)
Derecognition (4)
— — — — 
Foreign currency translation— (323)(6,761)(359)
Ending balance at original discount rate163 3,396 35,080 1,433 
Effect of changes in discount rate assumptions(117)(418)(9,639)69 
Balance, end of period$46 $2,978 $25,441 $1,502 
Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate$4,628 $3,393 $38,196 $6,062 
Effect of changes in cash flow assumptions(34)— (74)— 
Effect of actual variances from expected experience(40)(16)392 125 
Adjusted balance, beginning of year4,554 3,377 38,514 6,187 
Issuances (1)
— 581 11,256 1,325 
Interest accrual (2)
136 87 632 53 
Benefit payments (5)
(319)(267)(2,503)(192)
Derecognition (4)
— — — — 
Foreign currency translation— (329)(7,817)(1,446)
Ending balance at original discount rate4,371 3,449 40,082 5,927 
Effect of changes in discount rate assumptions(498)(416)(10,736)(239)
Balance, end of period$3,873 $3,033 $29,346 $5,688 
Liability for future policy benefits$3,827 $55 $3,905 $4,186 
Less: reinsurance recoverable— — — — 
Net liability for future policy benefits$3,827 $55 $3,905 $4,186 
Weighted-average duration of the liability (in years)87815
Weighted-average interest accretion rate2.4 %3.4 %2.1 %1.7 %
Weighted-average current discount rate5.5 %5.0 %5.4 %1.6 %
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions.
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Significant assumptions used to compute the liability for future policy benefits for the Financial Solutions business include mortality, morbidity, lapse rates and discount rates (both accretion and current). During the third quarter of 2023 and 2022, the Company completed its annual assumption review resulting in a $78 million and $3 million decrease, excluding the effects of reinsurance, in the Company’s liability for future policy benefits for its Financial Solutions business during 2023 and 2022, respectively. Including the effects of reinsurance, a future policy benefits remeasurement gain (loss) of $78 million was recognized during the three and nine months ending September 30, 2023, and a future policy benefits remeasurement gain (loss) of $3 million was recognized during the three and nine months ending September 30, 2022, as a result of changes in cash flow assumptions. The decrease in the liability in 2023 and 2022 was primarily the result of updating the mortality assumptions used to measure the liability for future policy benefits. The Company also updated the underlying market data used to determine the current discount rate resulting in changes to the discount rate assumption used to measure the net liability for future policy benefits.
The Company’s Financial Solutions business actual-to-expected variances, the effects of changes in cash flow assumptions and the effects of changes in discount rate assumptions for the nine months ended September 30, 2023 and 2022, are summarized in the tables below:
Nine months ended September 30, 2023:
SegmentNet liability for future policy benefits at original discount rateChanges in cash flow assumptionsActual-to-expected variance
Impact of updating discount rate recognized in OCI
U.S. and Latin America – Financial Solutions
$4.9 billion$(22) million$(8) million$(119) million
18.2% increase0.5% decrease0.2% decrease2.9% decrease
Canada – Financial Solutions
$26 million$(22) million$(8) million$1 million
50.9% decrease41.5% decrease15.1% decrease1.9% increase
Europe, Middle East and Africa – Financial Solutions
$5.9 billion$(34) million$(13) million$(67) million
7.2% increase0.6% decrease0.2% decrease1.2% decrease
Asia Pacific – Financial Solutions
$5.7 billionNone$(2) million$(359) million
14.4% increase—%—%7.2% decrease
Nine months ended September 30, 2022:
SegmentNet liability for future policy benefits at original discount rateChanges in cash flow assumptionsActual-to-expected varianceImpact of updating discount rate recognized in OCI
U.S. and Latin America – Financial Solutions
$4.2 billion$(3) million$(23) million$(928) million
4.4% decrease0.1% decrease0.5% decrease21.1% decrease
Canada – Financial Solutions
$53 millionNone$(9) million$(15) million
17.2% decrease—%14.1% decrease23.4% decrease
Europe, Middle East and Africa – Financial Solutions
$5 billionNone$(9) million$(1.6) billion
19.6% decrease—%0.1% decrease29.2% decrease
Asia Pacific – Financial Solutions
$4.5 billionNone$1 million$(311) million
10.4% decrease—%—%6.5% decrease

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Reconciliation and Other Disclosures
The reconciliation of the rollforward of the liability for future policy benefits to the condensed consolidated balance sheets as of September 30, 2023 and 2022 is as follows (dollars in millions):
September 30,
20232022
Liability for future policy benefits included in the rollforwards:
Traditional:
U.S. and Latin America$9,257$9,190
Canada3,8013,826
Europe, Middle East and Africa1,072919
Asia Pacific2,3522,183
Financial Solutions:
U.S. and Latin America4,456 3,827 
Canada28 55 
Europe, Middle East and Africa4,968 3,905 
Asia Pacific4,853 4,186 
Other long-duration contracts126 185 
Claims liability and incurred but not reported claims5,062 4,899 
Unearned revenue liability499 549 
Total liability for future policy benefits$36,474 $33,724 

The amount of undiscounted and discounted expected future gross premiums and expected future benefit payments for the liability for future policy benefits included in the rollforwards as of September 30, 2023 and 2022 is as follows (dollars in millions):
September 30,
2023
2022
UndiscountedDiscountedUndiscountedDiscounted
Expected future gross premiums
Traditional:
U.S. and Latin America$177,307 $77,008 $169,526 $77,507 
Canada54,378 19,902 50,727 19,543 
Europe, Middle East and Africa24,778 13,131 22,139 11,267 
Asia Pacific90,652 35,372 85,465 33,712 
Financial Solutions:
U.S. and Latin America3,012 1,794 940 581 
Canada4,545 2,856 4,803 3,102 
Europe, Middle East and Africa68,410 36,603 48,987 28,141 
Asia Pacific3,797 2,828 2,718 2,278 
Expected future benefit payments
Traditional:
U.S. and Latin America$188,177 $75,158 $179,693 $75,916 
Canada56,423 19,933 54,039 19,668 
Europe, Middle East and Africa24,509 12,558 21,758 10,643 
Asia Pacific87,120 30,132 82,458 28,626 
Financial Solutions:
U.S. and Latin America10,233 5,600 7,041 3,873 
Canada4,285 2,706 4,697 3,033 
Europe, Middle East and Africa71,027 37,931 51,232 29,346 
Asia Pacific10,522 6,611 7,765 5,688 
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The amount of gross premiums and interest expense recognized in the consolidated statements of income for the liability for future policy benefits included in the rollforwards for the nine months ended September 30, 2023 and 2022 is as follows (dollars in millions):
Gross PremiumsInterest Expense
September 30,September 30,
2023202220232022
Traditional:
U.S. and Latin America$4,435 $4,363 $404 $383 
Canada808 817 158 164 
Europe, Middle East and Africa1,058 1,033 29 23 
Asia Pacific1,959 1,880 113 103 
Financial Solutions:
U.S. and Latin America979 21 136 135 
Canada68 72 1 2 
Europe, Middle East and Africa515 468 129 119 
Asia Pacific171 172 46 33 
Total$9,993 $8,826 $1,016 $962 
During the nine months ended September 30, 2023 and 2022, no material charges were incurred resulting from net premiums exceeding gross premiums.
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NOTE 6 POLICYHOLDER ACCOUNT BALANCES
Policyholder Account Balances
The following tables provide the balances of and changes in the Company’s liability for its policyholder account balances, reflected in interest sensitive liabilities, for the nine months ended September 30, 2023 and 2022 (dollars in millions):
Nine months ended September 30, 2023:
U.S. and Latin America – TraditionalU.S. and Latin America – Financial SolutionsAsia Pacific – Financial Solutions
Balance, beginning of year$1,683 $18,906 $3,351 
Deposits20 84 765 
Policy charges(23)(26)(5)
Surrenders and withdrawals(11)(1,517)(93)
Benefit payments(96)(357)(79)
Interest credited49 425 82 
Foreign currency translation— — (43)
Balance, end of period$1,622 $17,515 $3,978 
Less: reinsurance recoverable— (1,501)— 
Balance, end of period, after reinsurance$1,622 $16,014 $3,978 
Weighted-average crediting rate4.4 %3.3 %3.0 %
Net amount at risk1
$664 $2,410 $— 
Cash surrender value$1,608 $17,479 $3,760 
Nine months ended September 30, 2022:
U.S. and Latin America – TraditionalU.S. and Latin America – Financial SolutionsAsia Pacific – Financial Solutions
Balance, beginning of year$1,719 $18,758 $1,621 
Deposits22 1,249 1,750 
Policy charges(24)(25)(126)
Surrenders and withdrawals(13)(870)(585)
Benefit payments(63)(337)(30)
Interest credited49 452 29 
Foreign currency translation— — (66)
Balance, end of period$1,690 $19,227 $2,593 
Less: reinsurance recoverable— (1,545)— 
Balance, end of period, after reinsurance$1,690 $17,682 $2,593 
Weighted-average crediting rate4.0 %3.2 %2.2 %
Net amount at risk1
$681 $2,532 $— 
Cash surrender value$1,675 $19,166 $2,468 
(1)    The Net amount at risk is defined as the guarantee amount less the account value as of the balance sheet date. The balance represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.

Information regarding the Company’s policyholder account balances as of September 30, 2023 and 2022 is as follows (dollars in millions):
September 30,
20232022
Policyholder account balances included in the rollforwards:
Traditional:
U.S. and Latin America$1,622 $1,690 
Financial Solutions:
U.S. and Latin America17,515 19,227 
Asia Pacific3,978 2,593 
Other policyholder account balances
U.S. and Latin America – Financial Solutions51 71 
Total policyholder account balances$23,166 $23,581 
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The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums as of September 30, 2023 and 2022 is as follows (dollars in millions):
September 30, 2023
Range of Guaranteed Minimum Crediting RateAt Guaranteed Minimum1 Basis Point – 50 Basis Points Above51 Basis Points – 100 Basis Points Above101 Basis Points – 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
U.S. and Latin America – TraditionalLess than 1.00%$— $— $— $— $— $— 
1.00 – 1.99%— — — — — — 
2.00 – 2.99%— — — — — — 
3.00 – 3.99%— — — — — — 
4.00% and Greater514 108 1,000 — — 1,622 
Total$514 $108 $1,000 $— $— $1,622 
U.S. and Latin America – Financial SolutionsLess than 1.00%$— $— $— $— $— $— 
1.00 – 1.99%1,681 10 15 63 35 1,804 
2.00 – 2.99%1,625 14 42 608 62 2,351 
3.00 – 3.99%4,335 234 81 2 — 4,652 
4.00% and Greater8,665 43 — — — 8,708 
Total$16,306 $301 $138 $673 $97 $17,515 
Asia Pacific – Financial SolutionsLess than 1.00%$281 $— $— $— $— $281 
1.00 – 1.99%699 — — — — 699 
2.00 – 2.99%827 — — — — 827 
3.00 – 3.99%1,289 — — — — 1,289 
4.00% and Greater882 — — — — 882 
Total$3,978 $— $— $— $— $3,978 
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September 30, 2022
Range of Guaranteed Minimum Crediting RateAt Guaranteed Minimum1 Basis Point – 50 Basis Points Above51 Basis Points – 100 Basis Points Above101 Basis Points – 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
U.S. and Latin America – TraditionalLess than 1.00%$— $— $— $— $— $— 
1.00 – 1.99%— — — — — — 
2.00 – 2.99%— — — — — — 
3.00 – 3.99%— — — — — — 
4.00% and Greater550 1,140 — — — 1,690 
Total$550 $1,140 $— $— $— $1,690 
U.S. and Latin America – Financial SolutionsLess than 1.00%$— $— $— $— $— $— 
1.00 – 1.99%1,963 14 44 58 41 2,120 
2.00 – 2.99%2,023 7 145 636 — 2,811 
3.00 – 3.99%5,092 242 60 — — 5,394 
4.00% and Greater8,853 49 — — — 8,902 
Total$17,931 $312 $249 $694 $41 $19,227 
Asia Pacific – Financial SolutionsLess than 1.00%$426 $— $— $— $— $426 
1.00 – 1.99%782 — — — — 782 
2.00 – 2.99%609 — — — — 609 
3.00 – 3.99%769 — — — — 769 
4.00% and Greater7 — — — — 7 
Total$2,593 $— $— $— $— $2,593 
NOTE 7     UNPAID CLAIMS AND CLAIM EXPENSE – SHORT-DURATION CONTRACTS
Rollforward of Claims and Claim Adjustment Expenses
The liability for unpaid claims for short-duration contracts is reported in other policy claims and benefits on the Company’s condensed consolidated balance sheets. Activity associated with unpaid claims is summarized below (dollars in millions):
Nine months ended September 30,
20232022
Balance, beginning of year$2,480 $2,110 
Less: reinsurance recoverable(57)(81)
Net balance, beginning of year2,423 2,029 
Incurred:
Current year1,268 1,419 
Prior years(89)(100)
Total incurred1,179 1,319 
Payments:
Current year(278)(250)
Prior years(721)(688)
Total payments(999)(938)
Other changes:
Interest accretion25 21 
Foreign exchange adjustments(45)(128)
Total other changes(20)(107)
Net balance, end of period2,583 2,303 
Plus: reinsurance recoverable71 63 
Balance, end of period$2,654 $2,366 
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Incurred claims associated with prior periods are primarily due to the development of short-duration business claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid claims.
NOTE 8 MARKET RISK BENEFITS
The following table provides the balances of and changes in the Company’s market risk benefits for the nine months ended September 30, 2023 and 2022 (dollars in millions):
U.S. and Latin America – Financial Solutions
Nine months ended September 30,
20232022
Balance, beginning of year$247 $262 
Balance, beginning of year, before effect of changes in the instrument-specific credit risk263 254 
Interest accrual9 21 
Attributed fees collected19 7 
Benefit payments1 1 
Effect of changes in future assumptions16 19 
Effect of changes in interest rates(54)(40)
Effect of changes in equity markets(25)17 
Effect of changes in volatility(5)4 
Other market impacts(11)1 
Actual policyholder behavior different from expected behavior12 (1)
Balance, end of period, before effect of changes in the instrument-specific credit risk225 283 
Effect of changes in the instrument-specific credit risk(9)(24)
Balance, end of period216 259 
Less: reinsurance recoverable— — 
Balance, end of period, after reinsurance$216 $259 
Net amount at risk$1,375 $1,540 
Weighted-average attained age of contract holders (in years)7166
The reconciliation of the rollforward for market risk benefits to the condensed consolidated balance sheets as of September 30, 2023 and 2022 is as follows (dollars in millions):
September 30,September 30,
20232022
Asset (1)
LiabilityNet
Asset (1)
LiabilityNet
U.S. and Latin America – Financial Solutions$8 $224 $(216)$— $259 $(259)
Total market risk benefits$8 $224 $(216)$— $259 $(259)
(1)Included in Other assets
Fair Value Measurement
See Note 13 – “Fair Value of Assets and Liabilities” for information about fair value measurement of assets and liabilities, except for market risk benefits.
Market risk benefits are classified within Level 3 on the fair value hierarchy. The fair value of market risk benefits is monitored through the use of attribution reports to quantify the effect of underlying sources of fair value change, including capital market inputs based on policyholder account values, interest rates and short-term and long-term implied volatility from period to period.
During the nine months ended September 30, 2023 and 2022, there were no material changes made to the inputs in the market risk benefit calculations, and nonfinancial assumptions were unchanged.
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NOTE 9 DEFERRED POLICY ACQUISITION COSTS
The following tables provide the balances of and changes in deferred policy acquisition costs for the Company’s Traditional business for the nine months ended September 30, 2023 and 2022 (dollars in millions): 
Nine months ended September 30, 2023:
U.S. and Latin America – TraditionalCanada – TraditionalEurope, Middle East and Africa – TraditionalAsia Pacific – Traditional
Balance, beginning of year$2,087 $171 $294 $1,043 
Capitalization183 7 75 94 
Amortization expense(111)(9)(28)(44)
Foreign currency translation1 — (10)(24)
Balance, end of period$2,160 $169 $331 $1,069 
Nine months ended September 30, 2022:
U.S. and Latin America – TraditionalCanada – TraditionalEurope, Middle East and Africa – TraditionalAsia Pacific – Traditional
Balance, beginning of year$1,947 $191 $270 $1,056 
Capitalization208 5 57 66 
Amortization expense(108)(14)(25)(53)
Foreign currency translation— (16)(40)(57)
Balance, end of period$2,047 $166 $262 $1,012 
The following tables provide the balances of and changes in deferred policy acquisition costs for the Company’s Financial Solutions business for the nine months ended September 30, 2023 and 2022 (dollars in millions):
Nine months ended September 30, 2023:
U.S. and Latin America – Financial SolutionsCanada – Financial SolutionsEurope, Middle East and Africa – Financial SolutionsAsia Pacific – Financial Solutions
Balance, beginning of year$341 $— $— $188 
Capitalization— — — 89 
Amortization expense(32)— — (24)
Foreign currency translation— — — (6)
Balance, end of period$309 $— $— $247 
Nine months ended September 30, 2022:
U.S. and Latin America – Financial SolutionsCanada – Financial SolutionsEurope, Middle East and Africa – Financial SolutionsAsia Pacific – Financial Solutions
Balance, beginning of year$312 $— $— $81 
Capitalization85 — — 92 
Amortization expense(42)— — (13)
Foreign currency translation— — — (2)
Balance, end of period$355 $— $— $158 
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The reconciliation of deferred policy acquisition costs to the condensed consolidated balance sheets as of September 30, 2023 and 2022 is as follows (dollars in millions):
September 30,
20232022
Deferred policy acquisition costs included in the rollforwards:
Traditional:
U.S. and Latin America$2,160 $2,047 
Canada169 166 
Europe, Middle East and Africa331 262 
Asia Pacific1,069 1,012 
Financial Solutions:
U.S. and Latin America309 355 
Canada— — 
Europe, Middle East and Africa— — 
Asia Pacific247 158 
Other long-duration business:
Corporate and Other4 4 
Total deferred policy acquisition costs$4,289 $4,004 
NOTE 10 REINSURANCE CEDED RECEIVABLES AND OTHER
Retrocession reinsurance treaties do not relieve the Company from its obligations to direct writing companies. Failure of retrocessionaires to honor their obligations could result in losses to the Company. Consequently, allowances would be established for amounts deemed uncollectible. The Company regularly evaluates the financial condition of the insurance companies from which it assumes and to which it cedes reinsurance. At September 30, 2023 and December 31, 2022, no allowances were deemed necessary.
Two major reinsurance companies account for approximately 68% of reinsurance ceded receivables and other as of September 30, 2023. Retrocessions are arranged through the Company’s retrocession pools for amounts in excess of the Company’s retention limit. As of September 30, 2023, all rated retrocession pool participants followed by the A.M. Best Company were rated “A- (excellent)” or better. The Company verifies retrocession pool participants’ ratings on a quarterly basis. For a majority of the retrocessionaires that were not rated, security in the form of letters of credit or trust assets have been posted. In addition, the Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance.
Included in the total reinsurance ceded receivables and other balance are $108 million and $183 million of claims recoverable, of which $12 million and $16 million were in excess of 90 days past due, as of September 30, 2023 and December 31, 2022, respectively. Also included in the total reinsurance ceded receivable and other is a deposit asset on reinsurance of $1.6 billion and $1.6 billion as of September 30, 2023 and December 31, 2022, respectively.
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NOTE 11 INVESTMENTS
Fixed Maturity Securities Available-for-Sale
The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), Japanese government and agencies (“Japanese government”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”). ABS, CMBS and RMBS are collectively “structured securities.”
The following tables provide information relating to investments in fixed maturity securities by type as of September 30, 2023 and December 31, 2022 (dollars in millions):
September 30, 2023:AmortizedAllowance forUnrealizedUnrealizedEstimated Fair% of
 CostCredit LossesGainsLossesValueTotal
Available-for-sale:
Corporate$41,463 $55 $170 $6,075 $35,503 65.5 %
Canadian government3,336 — 169 157 3,348 6.2 
Japanese government3,205 — 3 493 2,715 5.0 
ABS4,562 12 16 330 4,236 7.8 
CMBS1,959 1 2 250 1,710 3.2 
RMBS1,172 — 3 145 1,030 1.9 
U.S. government1,346 — — 286 1,060 2.0 
State and political subdivisions1,242 — 4 199 1,047 1.9 
Other foreign government4,047 — 23 548 3,522 6.5 
Total fixed maturity securities$62,332 $68 $390 $8,483 $54,171 100.0 %
December 31, 2022:AmortizedAllowance forUnrealizedUnrealizedEstimated Fair% of
 CostCredit LossesGainsLossesValueTotal
Available-for-sale:
Corporate$38,963 $27 $168 $5,135 $33,969 64.2 %
Canadian government3,311 — 381 66 3,626 6.9 
Japanese government3,033 — 4 478 2,559 4.8 
ABS4,324 10 4 440 3,878 7.3 
CMBS1,835 — — 212 1,623 3.1 
RMBS1,054 — 1 114 941 1.8 
U.S. government1,690 — 4 212 1,482 2.8 
State and political subdivisions1,282 — 10 173 1,119 2.1 
Other foreign government4,171 — 22 489 3,704 7.0 
Total fixed maturity securities$59,663 $37 $594 $7,319 $52,901 100.0 %
The Company enters into various collateral arrangements with counterparties that require both the pledging and acceptance of fixed maturity securities as collateral. Pledged fixed maturity securities are included in fixed maturity securities available-for-sale in the condensed consolidated balance sheets. Fixed maturity securities received as collateral are held in separate custodial accounts and are not recorded on the Company’s condensed consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge collateral it receives; however, as of September 30, 2023 and December 31, 2022, none of the collateral received had been sold or repledged. The Company also holds assets in trust to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties. The following table includes fixed maturity securities pledged and received as collateral and assets in trust held to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties as of September 30, 2023 and December 31, 2022 (dollars in millions):
September 30, 2023December 31, 2022
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Fixed maturity securities pledged as collateral$588 $488 $355 $292 
Fixed maturity securities received as collateraln/a$1,625 n/a$1,428 
Assets in trust held to satisfy collateral requirements$32,645 $28,354 $31,510 $27,817 
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The Company monitors its concentrations of financial instruments on an ongoing basis and mitigates credit risk by maintaining a diversified investment portfolio that limits exposure to any one issuer. The Company’s exposure to concentrations of credit risk from single issuers greater than 10% of the Company’s equity included securities of the U.S. government and its agencies and the Japanese government and its agencies, as well as the securities disclosed below, as of September 30, 2023 and December 31, 2022 (dollars in millions).
September 30, 2023December 31, 2022
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Fixed maturity securities guaranteed or issued by:
Canadian province of Quebec$1,415 $1,465 $1,436 $1,649 
Canadian province of Ontario1,001 1,014 982 1,068 
The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of September 30, 2023, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below, as they are not due at a single maturity date.
Amortized CostEstimated Fair Value
Available-for-sale:
Due in one year or less$1,623 $1,628 
Due after one year through five years10,151 9,779 
Due after five years through ten years11,183 9,987 
Due after ten years31,682 25,801 
Structured securities7,693 6,976 
Total$62,332 $54,171 
Corporate Fixed Maturity Securities
The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of September 30, 2023 and December 31, 2022 (dollars in millions): 
September 30, 2023: Estimated 
 Amortized CostFair Value% of Total
Finance$15,022 $12,842 36.1 %
Industrial21,062 18,232 51.4 
Utility5,379 4,429 12.5 
Total$41,463 $35,503 100.0 %
December 31, 2022: Estimated 
 Amortized CostFair Value% of Total
Finance$14,551 $12,680 37.3 %
Industrial19,624 17,257 50.8 
Utility4,788 4,032 11.9 
Total$38,963 $33,969 100.0 %
Allowance for Credit Losses and Impairments – Fixed Maturity Securities Available-for-Sale
As discussed in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2022 Annual Report, allowances for credit losses on fixed maturity securities are recognized in investment related gains (losses), net. The amount recognized represents the difference between the amortized cost of the security and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the fixed maturity security prior to the allowance for credit losses. Any remaining difference between the fair value and amortized cost is recognized in OCI.

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The following tables present the rollforward of the allowance for credit losses in fixed maturity securities by type for the three and nine months ended September 30, 2023 and 2022 (dollars in millions):
CorporateABSCMBSOther Foreign GovernmentTotal
Three months ended September 30, 2023:
Balance, beginning of period$62 $12 $1 $— $75 
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period(1)— — — (1)
Write-offs charged against the allowance(6)— — — (6)
Balance, end of period$55 $12 $1 $— $68 
Three months ended September 30, 2022:
Balance, beginning of period$43 $5 $1 $6 $55 
Credit losses recognized on securities for which credit losses were not previously recorded8 (1)— — 7 
Reductions for securities sold during the period(3)— — (2)(5)
Reductions for securities the Company intends to sell or more likely than not will be required to sell before recovery of its amortized cost(4)— — — (4)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period(1)— — — (1)
Balance, end of period$43 $4 $1 $4 $52 
 CorporateABSCMBSOther Foreign GovernmentTotal
Nine months ended September 30, 2023:
Balance, beginning of year$27 $10 $— $— $37 
Credit losses recognized on securities for which credit losses were not previously recorded44 — 1 — 45 
Reductions for securities sold during the period(10)— — — (10)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period— 2 — — 2 
Write-offs charged against the allowance(6)— — — (6)
Balance, end of period$55 $12 $1 $— $68 
Nine months ended September 30, 2022:
Balance, beginning of year$26 $— $1 $4 $31 
Credit losses recognized on securities for which credit losses were not previously recorded26 4 — 1 31 
Reductions for securities sold during the period(9)— — (3)(12)
Reductions for securities the Company intends to sell or more likely than not will be required to sell before recovery of its amortized cost(4)— — — (4)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period4 — — 2 6 
Balance, end of period$43 $4 $1 $4 $52 
Unrealized Losses for Fixed Maturity Securities Available-for-Sale
The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes an analysis of whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment.
The following tables present the estimated fair value and gross unrealized losses for the 7,053 and 6,441 fixed maturity securities for which an allowance for credit loss has not been recorded as of September 30, 2023 and December 31, 2022, and the estimated fair value had declined and remained below amortized cost (dollars in millions). These investments are presented by class and grade of security, as well as the length of time the related fair value has continuously remained below amortized cost.
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 Less than 12 months12 months or greaterTotal
  Gross Gross Gross
September 30, 2023:EstimatedUnrealizedEstimatedUnrealizedEstimatedUnrealized
 Fair ValueLossesFair ValueLossesFair ValueLosses
Investment grade securities:
Corporate$7,272 $516 $23,093 $5,395 $30,365 $5,911 
Canadian government1,303 105 250 52 1,553 157 
Japanese government614 50 2,055 443 2,669 493 
ABS471 18 3,071 299 3,542 317 
CMBS273 12 1,358 232 1,631 244 
RMBS295 14 641 131 936 145 
U.S. government488 28 559 258 1,047 286 
State and political subdivisions120 8 807 191 927 199 
Other foreign government686 29 2,194 451 2,880 480 
Total investment grade securities11,522 780 34,028 7,452 45,550 8,232 
 
Below investment grade securities:
Corporate357 70 732 93 1,089 163 
ABS— — 67 11 67 11 
CMBS— — 2 1 2 1 
Other foreign government4 1 184 67 188 68 
Total below investment grade securities361 71 985 172 1,346 243 
Total fixed maturity securities$11,883 $851 $35,013 $7,624 $46,896 $8,475 
 Less than 12 months12 months or greaterTotal
  Gross Gross Gross
December 31, 2022:EstimatedUnrealizedEstimatedUnrealizedEstimatedUnrealized
 Fair ValueLossesFair ValueLossesFair ValueLosses
Investment grade securities:
Corporate$21,867 $2,756 $6,840 $2,225 $28,707 $4,981 
Canadian government554 42 71 23 625 65 
Japanese government815 86 1,694 392 2,509 478 
ABS1,596 153 1,931 269 3,527 422 
CMBS1,314 144 281 65 1,595 209 
RMBS664 62 181 53 845 115 
U.S. government1,202 64 253 148 1,455 212 
State and political subdivisions819 124 131 50 950 174 
Other foreign government1,942 167 1,026 260 2,968 427 
Total investment grade securities30,773 3,598 12,408 3,485 43,181 7,083 
Below investment grade securities:
Corporate767 87 305 61 1,072 148 
ABS52 6 38 9 90 15 
Other foreign government39 2 164 60 203 62 
Total below investment grade securities858 95 507 130 1,365 225 
Total fixed maturity securities$31,631 $3,693 $12,915 $3,615 $44,546 $7,308 
The Company did not intend to sell, and it was not more likely than not that it would be required to sell, the securities outlined in the tables above, as of the dates indicated. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines. Changes in unrealized losses are primarily driven by changes in risk-free interest rates and credit spreads.

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Net Investment Income
Major categories of net investment income consist of the following (dollars in millions):
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
Fixed maturity securities available-for-sale$707 $591 $2,035 $1,683 
Equity securities22 5 5 
Mortgage loans84 74 238 223 
Policy loans13 13 39 40 
Funds withheld at interest88 67 240 175 
Limited partnerships and real estate joint ventures41 43 114 281 
Short-term investments and cash and cash equivalents28 7 71 11 
Other invested assets2 3 14 5 
Investment income965 800 2,756 2,423 
Investment expense(43)(31)(121)(90)
Net investment income$922 $769 $2,635 $2,333 
Investment Related Gains (Losses), Net
Investment related gains (losses), net consist of the following (dollars in millions): 
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
Fixed maturity securities available-for-sale:
Change in allowance for credit losses$7 $3 $(31)$(21)
Impairments on fixed maturities— (12)(1)(15)
Realized gains on investment activity12 20 54 65 
Realized losses on investment activity(61)(106)(173)(236)
Net gains (losses) on equity securities(2)7 (4)(16)
Change in mortgage loan allowance for credit losses(17)(5)(23)(8)
Change in fair value of certain limited partnership investments25 — 32 29 
Other, net7 7 24 26 
Net losses on free-standing derivatives(98)(51)(222)(251)
Net gains (losses) on embedded derivatives1 (17)18 (106)
Total investment related gains (losses), net$(126)$(154)$(326)$(533)
Securities Borrowing, Lending and Repurchase/Reverse Repurchase Agreements
The following table provides information relating to securities borrowing, lending and repurchase/reverse repurchase agreements as of September 30, 2023 and December 31, 2022 (dollars in millions):
September 30, 2023December 31, 2022
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Securities borrowing agreements:
Securities borrowed (1)
n/a$776 n/a$852 
Securities pledged as collateral (2)
$762 $603 $859 $693 
Securities lending agreements:
Securities loaned (2)
$60 $53 $59 $55 
Securities received as collateral (3)
n/a$66 n/a$66 
Repurchase/reverse repurchase agreements:
Securities sold (2)
$1,344 $1,187 $898 $779 
Securities purchased (3)
n/a$496 n/a$619 
Cash received (4)
$551 $551 $149 $149 
(1)Securities borrowed are not reflected on the condensed consolidated balance sheets. Collateral associated with certain borrowed securities is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows.
(2)Securities loaned, pledged or sold to counterparties are included within fixed maturity securities.
(3)Securities received as collateral or purchased from counterparties are not reflected on the condensed consolidated financial statements.
(4)A payable for the cash received by the Company is included within other liabilities.
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The following tables present information on the remaining contractual maturity of the Company’s securities lending and repurchase agreements as of September 30, 2023 and December 31, 2022 (dollars in millions):
September 30, 2023
Remaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotal
Securities lending agreements:
Corporate$— $— $— $37 $37 
Canadian government— — — — — 
State and political subdivisions— — — 11 11 
Other foreign government— — — 5 5 
Total— — — 53 53 
Repurchase agreements:
Corporate— — — 339 339 
Japanese government— — — 138 138 
ABS— — 53 171 224 
CMBS— — 59 162 221 
RMBS— — 8 144 152 
U.S. government— — — 13 13 
Other foreign government— — — 100 100 
Total— — 120 1,067 1,187 
Total agreements$— $— $120 $1,120 $1,240 
December 31, 2022
Remaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotal
Securities lending agreements:
Corporate$— $— $— $42 $42 
Canadian government— — — 5 5 
State and political subdivisions— — — 3 3 
Other foreign government— — — 5 5 
Total— — — 55 55 
Repurchase agreements:
Corporate— — — 279 279 
Japanese government— — — 278 278 
ABS— — — 54 54 
CMBS— — — 63 63 
RMBS— — — 10 10 
Other foreign government— — — 95 95 
Total— — — 779 779 
Total agreements$— $— $— $834 $834 
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Mortgage Loans
As of September 30, 2023, mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in California (12.9%), Texas (11.4%) and Washington (7.8%), in addition to loans secured by properties in Canada (3.7%) and the United Kingdom (2.4%). The recorded investment in mortgage loans presented below is gross of unamortized deferred loan origination fees and expenses and allowance for credit losses.
The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of September 30, 2023 and December 31, 2022 (dollars in millions):
 September 30, 2023December 31, 2022
 Property type:Carrying Value% of Total Carrying Value% of Total
Office$1,716 23.4 %$1,706 25.6 %
Retail2,445 33.4 2,290 34.4 
Industrial1,820 24.9 1,518 22.8 
Apartment870 11.9 763 11.5 
Other commercial469 6.4 376 5.7 
Recorded investment7,320 100.0 %6,653 100.0 %
Unamortized balance of loan origination fees and expenses(15)(12)
Allowance for credit losses(74)(51)
Total mortgage loans$7,231 $6,590 
The following table presents the maturities of the Company’s recorded investment in mortgage loans as of September 30, 2023 and December 31, 2022 (dollars in millions):
September 30, 2023December 31, 2022
Recorded
Investment		% of Total Recorded
Investment		% of Total
Due within five years$3,150 42.9 %$2,652 39.9 %
Due after five years through ten years3,248 44.4 2,930 44.0 
Due after ten years922 12.7 1,071 16.1 
Total$7,320 100.0 %$6,653 100.0 %
The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of September 30, 2023 and December 31, 2022 (dollars in millions):
Recorded Investment
Debt Service RatiosConstruction loans
>1.20x1.00x – 1.20x<1.00xTotal% of Total
September 30, 2023:
Loan-to-Value Ratio
0% – 59.99%$3,947 $301 $53 $45 $4,346 59.3 %
60% – 69.99%1,929 154 29 — 2,112 28.9 
70% – 79.99%518 35 33 — 586 8.0 
80% or greater105 43 128 — 276 3.8 
Total$6,499 $533 $243 $45 $7,320 100.0 %
Recorded Investment
Debt Service RatiosConstruction loans
>1.20x1.00x – 1.20x<1.00xTotal% of Total
December 31, 2022:
Loan-to-Value Ratio
0% – 59.99%$3,466 $215 $56 $18 $3,755 56.4 %
60% – 69.99%1,894 119 71 — 2,084 31.3 
70% – 79.99%475 49 91 — 615 9.3 
80% or greater81 — 118 — 199 3.0 
Total$5,916 $383 $336 $18 $6,653 100.0 %
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The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of September 30, 2023 and December 31, 2022 (dollars in millions):
Recorded Investment
Year of Origination
20232022202120202019PriorTotal
September 30, 2023:
Internal credit quality grade:
High investment grade$336 $686 $670 $334 $520 $1,851 $4,397 
Investment grade599 615 281 219 326 608 2,648 
Average— — 6 18 23 200 247 
In or near default— — — — — 28 28 
Total$935 $1,301 $957 $571 $869 $2,687 $7,320 
Recorded Investment
Year of Origination
20222021202020192018PriorTotal
December 31, 2022:
Internal credit quality grade:
High investment grade$698 $684 $327 $561 $422 $1,565 $4,257 
Investment grade586 284 248 279 252 531 2,180 
Average— 6 — 39 52 83 180 
In or near default— — — — — 36 36 
Total$1,284 $974 $575 $879 $726 $2,215 $6,653 
The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of September 30, 2023 and December 31, 2022.
 September 30, 2023December 31, 2022
Current$7,292 $6,617 
Greater than 90 days past due
28 36 
Total$7,320 $6,653 
The following table presents information regarding the Company’s allowance for credit losses for mortgage loans for the three and nine months ended September 30, 2023 and 2022 (dollars in millions):
 Three months ended September 30,Nine months ended September 30,
 2023202220232022
Balance, beginning of period$57 $38 $51 $35 
Change in allowance for credit losses17 5 23 8 
Balance, end of period$74 $43 $74 $43 
During the nine months ended September 30, 2023, the Company modified six mortgage loans for borrowers experiencing financial difficulty providing interest only payments and maturity extensions. The total recorded investment before allowance for credit losses for the modified loans were $68 million as of September 30, 2023. During the nine months ended September 30, 2022, the Company restructured three mortgage loans to interest only payments, one of which was paid in full as of December 31, 2022. The total recorded investment before allowance for credit losses for mortgage loans that were modified and met the criteria of Troubled Debt Restructuring (“TDR”) was $77 million as of September 30, 2022.
During the nine months ended September 30, 2023, the Company converted two mortgage loans totaling $36 million to owned properties as a result of foreclosures. The Company had $41 million and $19 million for mortgage loans that were on nonaccrual status as of September 30, 2023 and 2022, respectively. The Company did not acquire any impaired mortgage loans during the nine months ended September 30, 2023 and 2022.

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Policy Loans
The majority of policy loans are associated with one client. These policy loans present no credit risk as the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. The Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities.
Funds Withheld at Interest
As of September 30, 2023, $3.5 billion of the funds withheld at interest balance is primarily associated with two clients. For reinsurance agreements written on a modco basis and certain agreements written on a coinsurance funds withheld basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company and are reflected as funds withheld at interest. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances against amounts owed to the Company from the ceding company.
Limited Partnerships and Real Estate Joint Ventures
The carrying values of limited partnerships and real estate joint ventures as of September 30, 2023 and December 31, 2022 are as follows (dollars in millions):
September 30, 2023December 31, 2022
Limited partnerships – equity method$930 $934 
Limited partnerships – fair value818 683 
Limited partnerships – cost method68 49 
Real estate joint ventures744661 
Total limited partnerships and real estate joint ventures$2,560 $2,327 
Other Invested Assets
Other invested assets include lifetime mortgages and derivative contracts. Other invested assets also includes FHLB common stock, unit-linked investments, and real estate held for investment, which are included in “Other” in the table below. As of September 30, 2023 and December 31, 2022, the allowance for credit losses for lifetime mortgages was not material. The carrying values of other invested assets as of September 30, 2023 and December 31, 2022 are as follows (dollars in millions):
September 30, 2023December 31, 2022
Lifetime mortgages$900 $868 
Derivatives75 170 
Other116 102 
Total other invested assets$1,091 $1,140 
NOTE 12 DERIVATIVE INSTRUMENTS
See Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2022 Annual Report for a detailed discussion of the accounting treatment for derivative instruments, including embedded derivatives. See Note 13 – “Fair Value of Assets and Liabilities” for additional disclosures related to the fair value hierarchy for derivative instruments, including embedded derivatives.
Commonly used derivative instruments include, but are not necessarily limited to: credit default swaps, equity futures, equity options, foreign currency swaps, foreign currency forwards, interest rate swaps, interest rate options, interest rate futures, total return swaps, synthetic guaranteed investment contracts (“GICs”), consumer price index (“CPI”) swaps, forward bond purchase commitments, other derivatives and embedded derivatives. For detailed information on these derivative instruments and the related strategies, see Note 5 – “Derivative Instruments” of the Company’s 2022 Annual Report.

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Summary of Derivative Positions
Derivatives, except for embedded derivatives, are included in other invested assets or other liabilities, at fair value. Embedded derivative assets and liabilities on modco or funds withheld arrangements are included on the condensed consolidated balance sheets with the host contract in funds withheld at interest or other liabilities, at fair value. Embedded derivative liabilities on indexed annuity products are included on the condensed consolidated balance sheets with the host contract in interest-sensitive contract liabilities, at fair value. The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of September 30, 2023 and December 31, 2022 (dollars in millions):
 September 30, 2023December 31, 2022
 Primary Underlying RiskNotionalCarrying Value/Fair ValueNotionalCarrying Value/Fair Value
 AmountAssetsLiabilitiesAmountAssetsLiabilities
Derivatives not designated as hedging instruments:
Interest rate swaps Interest rate$1,622 $7 $24 $1,271 $2 $2 
Interest rate optionsInterest rate6,555 30 — 7,756 34 — 
Total return swapsInterest rate500 42 30 500 18 — 
Interest rate futuresInterest rate95 — — 96 — — 
Equity futuresEquity245 — — 164 — — 
Foreign currency swapsForeign currency150 32 — 150 18 — 
Foreign currency forwardsForeign currency826 — 24 766 50 — 
CPI swapsCPI445 12 2 496 20 3 
Credit default swapsCredit1,515 3 38 1,523 2 21 
Equity optionsEquity282 14 — 358 38 — 
Synthetic GICsInterest rate16,535 — — 17,411 — — 
Embedded derivatives in:
Modco or funds withheld arrangements— 378 368 — 363 371 
Indexed annuity products— — 441 — — 530 
Total non-hedging derivatives28,770 518 927 30,491 545 927 
Derivatives designated as hedging instruments:
Interest rate swaps Foreign currency/Interest rate2,340 6 180 1,310 3 113 
Foreign currency swapsForeign currency104 — 7 114 — — 
Foreign currency forwardsForeign currency1,146 22 1 1,019 38 1 
Forward bond purchase commitmentsInterest rate1,073 — 159 407 — 96 
Total hedging derivatives4,663 28 347 2,850 41 210 
Total derivatives$33,433 $546 $1,274 $33,341 $586 $1,137 

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Fair Value Hedges
The Company designates and reports the following as fair value hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging: (i) certain foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets; and (ii) interest rate swaps to convert fixed rate liabilities to floating rate liabilities. The gain or loss on the hedged item attributable to a change in foreign currency or interest rates and the offsetting gain or loss on the related foreign currency or interest rate swaps for the three and nine months ended September 30, 2023 and 2022 were as follows (dollars in millions):
Type of Fair Value HedgeHedged ItemInvestment Related
Gains (Losses), Net		Interest Credited
DerivativesHedged ItemsDerivativesHedged Items
For the three months ended September 30, 2023:
Interest rate swapsInterest-sensitive contract liabilities$— $— $(2)$2 
Foreign currency swapsForeign-denominated fixed maturity securities(4)3 — — 
For the three months ended September 30, 2022:
Foreign currency swapsForeign-denominated fixed maturity securities(7)8 — — 
For the nine months ended September 30, 2023:
Interest rate swapsInterest-sensitive contract liabilities— — (2)2 
Foreign currency swapsForeign-denominated fixed maturity securities(7)5 — — 
For the nine months ended September 30, 2022:
Foreign currency swapsForeign-denominated fixed maturity securities(8)13 — — 
Cash Flow Hedges
Certain derivative instruments are designated as cash flow hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging. The Company designates and accounts for the following as cash flow hedges: (i) certain interest rate swaps, in which the cash flows of assets and liabilities are variable based on a benchmark rate; (ii) certain interest rate swaps, in which the cash flows of assets are denominated in different currencies, commonly referred to as cross-currency swaps; (iii) certain interest rate swaps, in which floating rate assets are converted to fixed rate assets; and (iv) forward bond purchase commitments.
The following table presents the components of AOCI, before income tax, and the condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three and nine months ended September 30, 2023 and 2022 (dollars in millions):
 Three months ended September 30,
 20232022
Balance, beginning of period$(228)$(206)
Gains (losses), net deferred in other comprehensive income (loss)(128)(27)
Amounts reclassified to net investment income8 3 
Amounts reclassified to interest expense(3)— 
Balance, end of period$(351)$(230)
 Nine months ended September 30,
 20232022
Balance, beginning of period$(205)$(22)
Gains (losses), net deferred in other comprehensive income (loss)(154)(215)
Amounts reclassified to net investment income15 5 
Amounts reclassified to interest expense(7)2 
Balance, end of period$(351)$(230)
As of September 30, 2023, approximately $17 million of before-tax deferred net losses recorded in AOCI are expected to be reclassified to net investment income during the next twelve months. For the same time period, $11 million of before-tax deferred net gains on derivative instruments recorded in AOCI are expected to be reclassified to interest expense during the next twelve months.
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The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income and the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2023 and 2022 (dollars in millions):
Derivative TypeGains (Losses) Deferred in OCIGains (Losses) Reclassified into Income from AOCI
Net Investment IncomeInterest Expense
For the three months ended September 30, 2023:
Interest rate$(113)$(4)$3 
Foreign currency/interest rate(15)(4)— 
Total$(128)$(8)$3 
For the three months ended September 30, 2022:
Interest rate$(20)$— $— 
Foreign currency/interest rate(7)(3)— 
Total$(27)$(3)$— 
For the nine months ended September 30, 2023:
Interest rate$(107)$(4)$7 
Foreign currency/interest rate(47)(11)— 
Total$(154)$(15)$7 
For the nine months ended September 30, 2022:
Interest rate$(190)$— $(2)
Foreign currency/interest rate(25)(5)— 
Total$(215)$(5)$(2)
For the three and nine months ended September 30, 2023 and 2022, there were no material amounts reclassified into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging.
Hedges of Net Investments in Foreign Operations
The Company uses foreign currency swaps and foreign currency forwards to hedge a portion of its net investment in certain foreign operations against adverse movements in exchange rates. The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges and the gains (losses) deferred in OCI for the three and nine months ended September 30, 2023 and 2022 (dollars in millions):
 Derivative Gains (Losses) Deferred in OCI   
 Three months ended September 30,Nine months ended September 30,
Type of NIFO Hedge2023202220232022
Foreign currency swaps$— $— $— $1 
Foreign currency forwards29 66 8 88
Total$29 $66 $8 $89 
The cumulative foreign currency translation gain recorded in AOCI related to these hedges was $218 million and $210 million as of September 30, 2023 and December 31, 2022, respectively. If a hedged foreign operation was sold or substantially liquidated, the amounts in AOCI would be reclassified to the condensed consolidated statements of income. A pro rata portion would be reclassified upon partial sale of a hedged foreign operation. There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from AOCI into investment income during the periods presented.
Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging
The Company uses various other derivative instruments for risk management purposes that either do not qualify or have not been elected for hedge accounting treatment. The gain or loss related to the change in fair value for these derivative instruments is recognized in investment related gains (losses), net, except where otherwise noted.

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A summary of the effect of non-hedging derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three and nine months ended September 30, 2023 and 2022 is as follows (dollars in millions):
  Gains (Losses) for the three months ended     
September 30,
Type of Non-hedging DerivativeIncome Statement Location of Gains (Losses)20232022
Interest rate swapsInvestment related gains (losses), net$(64)$(33)
Interest rate optionsInvestment related gains (losses), net16 18 
Total return swapsInvestment related gains (losses), net(8)(1)
Interest rate futuresInvestment related gains (losses), net— 2 
Equity futuresInvestment related gains (losses), net11 5 
Foreign currency swapsInvestment related gains (losses), net8 9 
Foreign currency forwardsInvestment related gains (losses), net(37)(55)
CPI swapsInvestment related gains (losses), net— 7 
Credit default swapsInvestment related gains (losses), net(26)(12)
Equity optionsInvestment related gains (losses), net3 8 
Subtotal(97)(52)
Embedded derivatives in:
Modco or funds withheld arrangementsInvestment related gains (losses), net1 (17)
Indexed annuity productsInterest credited3 18 
Total non-hedging derivatives$(93)$(51)
Gains (Losses) for the nine months ended     
September 30,
Type of Non-hedging DerivativeIncome Statement Location of Gains (Losses)20232022
Interest rate swapsInvestment related gains (losses), net$(74)$(129)
Interest rate optionsInvestment related gains (losses), net(10)12 
Total return swapsInvestment related gains (losses), net— (1)
Interest rate futuresInvestment related gains (losses), net2 5 
Equity futuresInvestment related gains (losses), net(8)33 
Foreign currency swapsInvestment related gains (losses), net20 27 
Foreign currency forwardsInvestment related gains (losses), net(130)(154)
CPI swapsInvestment related gains (losses), net7 25 
Credit default swapsInvestment related gains (losses), net(5)(103)
Equity optionsInvestment related gains (losses), net(22)29 
Subtotal(220)(256)
Embedded derivatives in:
Modco or funds withheld arrangementsInvestment related gains (losses), net18 (106)
Indexed annuity productsInterest credited14 98 
Total non-hedging derivatives$(188)$(264)
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Credit Derivatives
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at September 30, 2023 and December 31, 2022 (dollars in millions):
 September 30, 2023December 31, 2022
Rating Agency Designation of Referenced Credit Obligations(1)
Estimated Fair
Value of Credit 
Default Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps(2)
Weighted
Average
Years to
Maturity(3)
Estimated Fair
Value of Credit 
Default Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps(2)
Weighted
Average
Years to
Maturity(3)  
AAA/AA+/AA/AA-/A+/A/A-
Single name credit default swaps$(36)$420 18.3$(18)$428 18.7
BBB+/BBB/BBB-
Single name credit default swaps3 155 2.91 155 3.3
Credit default swaps referencing indices(1)915 4.7— 915 6.2
Subtotal2 1,070 4.41 1,070 5.8
BB+/BB/BB-
Single name credit default swaps(1)25 2.4(2)25 3.2
Total$(35)$1,515 8.2$(19)$1,523 9.4
(1)The rating agency designations are based on ratings from Standard and Poor’s (“S&P”).
(2)Assumes the value of the referenced credit obligations is zero.
(3)The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.
Netting Arrangements and Credit Risk
Certain of the Company’s derivatives are subject to enforceable master netting arrangements and reported as a net asset or liability in the condensed consolidated balance sheets. The Company nets all derivatives that are subject to such arrangements.
The Company has elected to include all derivatives, except embedded derivatives, in the table below, irrespective of whether they are subject to an enforceable master netting arrangement or a similar agreement. See Note 11 – “Investments” for information regarding the Company’s securities borrowing, lending and repurchase/reverse repurchase agreements.
The following table provides information relating to the netting of the Company’s derivative instruments as of September 30, 2023 and December 31, 2022 (dollars in millions):
Gross Amounts  
Recognized		Gross Amounts
Offset in the
Balance Sheet   		Net Amounts
Presented in the
Balance Sheet   
Financial
Instruments/Collateral (1)
Net Amount   
September 30, 2023:
Derivative assets$168 $(93)$75 $(75)$— 
Derivative liabilities465 (93)372 (372)— 
December 31, 2022:
Derivative assets223 (53)170 (170)— 
Derivative liabilities236 (53)183 (183)— 
(1)Includes initial margin posted to a central clearing partner for financial instruments and excludes the excess of collateral received/pledged from/to the counterparty.
The Company may be exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. Generally, the credit exposure of the Company’s derivative contracts is limited to the fair value and accrued interest of non-collateralized derivative contracts in an asset position at the reporting date. As of September 30, 2023, the Company had credit exposure of $13 million.
Derivatives may be exchange-traded or they may be privately negotiated contracts, which are referred to as over-the-counter (“OTC”) derivatives. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC cleared”) and others are bilateral contracts between two counterparties. The Company manages its credit risk related to OTC derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master netting agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. The Company is only exposed to the default of the central clearing counterparties for OTC cleared derivatives, and these transactions require initial and daily variation margin collateral postings. Exchange-traded derivatives are settled on a daily basis, thereby reducing the credit risk exposure in the event of non-performance by counterparties to such financial instruments.
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NOTE 13 FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value Measurement
General accounting principles for Fair Value Measurements and Disclosures define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. These principles also establish a three-level fair value hierarchy that requires an entity to maximize the use of observable inputs and to minimize the use of unobservable inputs when measuring fair value:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Active markets are defined through various characteristics for the measured asset/liability, such as having many transactions and narrow bid/ask spreads.
Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or market standard valuation techniques and assumptions that use significant inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the related assets or liabilities and include those whose value is determined using market standard valuation techniques described above. Prices are determined using valuation methodologies such as discounted cash flow models and other similar techniques that require management’s judgment or estimation in developing inputs that are consistent with those other market participants would use when pricing similar assets and liabilities.
For a discussion of the Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2022 Annual Report.
See Note 8 – “Market Risk Benefits” for information about fair value measurement of market risk benefits.
Assets and Liabilities by Hierarchy Level
Assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 are summarized below (dollars in millions):
September 30, 2023: Fair Value Measurements Using:
 Total    Level 1        Level 2    Level 3    
Assets: (1)
Fixed maturity securities available-for-sale:
Corporate$35,503 $— $30,888 $4,615 
Canadian government3,348 — 3,348 — 
Japanese government2,715 — 2,715 — 
ABS4,236 — 2,968 1,268 
CMBS1,710 — 1,654 56 
RMBS1,030 — 1,029 1 
U.S. government1,060 972 81 7 
State and political subdivisions1,047 — 1,027 20 
Other foreign government3,522 — 3,489 33 
Total fixed maturity securities available-for-sale54,171 972 47,199 6,000 
Equity securities133 65 — 68 
Funds withheld at interest – embedded derivatives(359)— — (359)
Funds withheld at interest51 — — 51 
Cash equivalents1,579 1,578 1 — 
Short-term investments107 34 65 8 
Other invested assets:
Derivatives75 — 75 — 
Other18 — 18 — 
Total other invested assets93 — 93 — 
Total$55,775 $2,649 $47,358 $5,768 
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives$441 $— $— $441 
Other liabilities:
Funds withheld at interest – embedded derivatives(369)— — (369)
Derivatives372 — 372 — 
Total$444 $— $372 $72 
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(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of September 30, 2023, the fair value of such investments was $818 million.
December 31, 2022: Fair Value Measurements Using:
 TotalLevel 1Level 2Level 3
Assets: (1)
Fixed maturity securities available-for-sale:
Corporate$33,969 $— $29,670 $4,299 
Canadian government3,626 — 3,626 — 
Japanese government2,559 — 2,559 — 
ABS3,878 — 2,603 1,275 
CMBS1,623 — 1,555 68 
RMBS941 — 931 10 
U.S. government1,482 1,388 85 9 
State and political subdivisions1,119 — 1,093 26 
Other foreign government3,704 — 3,669 35 
Total fixed maturity securities available-for-sale52,901 1,388 45,791 5,722 
Equity securities134 68 — 66 
Funds withheld at interest – embedded derivatives(371)— — (371)
Funds withheld at interest54 — — 54 
Cash equivalents1,535 1,535 — — 
Short-term investments121 54 54 13 
Other invested assets:
Derivatives170 — 170 — 
Other23 — 23 — 
Total other invested assets 193 — 193 — 
Total$54,567 $3,045 $46,038 $5,484 
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives$530 $— $— $530 
Other liabilities:
Funds withheld at interest – embedded derivatives(363)— — (363)
Derivatives183 — 183 — 
Total$350 $— $183 $167 
(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2022, the fair value of such investments was $683 million.
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Quantitative Information Regarding Internally Priced Assets and Liabilities
The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of September 30, 2023 and December 31, 2022 (dollars in millions):
Estimated Fair Value      Valuation TechniqueUnobservable InputsRange (Weighted Average) 
September 30, 2023December 31, 2022September 30, 2023December 31, 2022
Assets:
Corporate$82 $25 Market comparable securitiesLiquidity premium
0-2% (1%)
1%
EBITDA Multiple
5.3x-7.6x (7.2x)
5.3x
ABS266 274 Market comparable securitiesLiquidity premium
0-18% (2%)
0-18% (2%)
U.S. government7 9 Market comparable securitiesLiquidity premium
0-1% (1%)
0-1% (1%)
Equity securities20 9 Market comparable securitiesLiquidity premium
4%
N/A
EBITDA Multiple
8.4x-11.2x (10.8x)
8.4x-11.2x (9.6x)
Funds withheld at interest – embedded derivatives(17)(34)Total return swapMortality
0-100%  (3%)
0-100%  (3%)
Lapse
0-35%  (16%)
0-35%  (17%)
Withdrawal
0-5%  (4%)
0-5%  (4%)
CVA
0-5%  (0%)
0-5%  (0%)
Crediting rate
1-4%  (2%)
1-4%  (2%)
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives – indexed annuities441 530 Discounted cash flowMortality
0-100%  (3%)
0-100% (3%)
Lapse
0-35%  (15%)
0-35% (16%)
Withdrawal
0-5%  (4%)
0-5% (3%)
Option budget projection
1-4%  (2%)
1-4% (2%)

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Changes in Level 3 Assets and Liabilities
Assets and liabilities transferred into Level 3 are due to a lack of observable market transactions and price information. Transfers out of Level 3 are primarily the result of the Company obtaining observable pricing information or a third-party pricing quotation that appropriately reflects the fair value of those assets and liabilities.
For further information on the Company’s valuation processes, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2022 Annual Report.
The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (dollars in millions):
Three months ended September 30, 2023:
Fixed maturity securities available-for-sale
Funds 
withheld at interest –embedded derivatives, net (1)
Funds 
withheld at interest		Interest-sensitive contract 
liabilities – embedded derivatives
 CorporateForeign govtStructured securitiesU.S. and local govtEquity securitiesCash equivalentsShort-term investments
Fair value, beginning of period$4,654 $35 $1,397 $29 $68 $— $6 $9 $53 $(472)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income1 — 1 — — — — — — — 
Investment related gains (losses), net4 — — — — — — 1 — — 
Interest credited— — — — — — — — — 3 
Included in other comprehensive income (loss)(84)(2)(16)(2)— — — — (2)— 
Purchases (2)
170 — 29 — — — 9 — — 3 
Sales (2)
(19)— (10)— — — — — — — 
Settlements (2)
(164)— (76)— — — (1)— — 25 
Transfers into Level 353 — — — — — — — — — 
Transfers out of Level 3— — — — — — (6)— — — 
Fair value, end of period$4,615 $33 $1,325 $27 $68 $— $8 $10 $51 $(441)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income$1 $— $1 $— $— $— $— $— $— $— 
Investment related gains (losses), net— — — — — — — 1 — — 
Interest credited— — — — — — — — — (22)
Included in other comprehensive income (loss)(81)(2)(16)(2)— — — — (2)— 
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
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Nine months ended September 30, 2023:
Fixed maturity securities available-for-sale
Funds 
withheld at interest –embedded derivatives, net (1)
Funds 
withheld at interest		Interest-sensitive contract 
liabilities – embedded derivatives
 CorporateForeign govtStructured securitiesU.S. and local govtEquity securitiesCash equivalentsShort-term investments
Fair value, beginning of period$4,299 $35 $1,353 $35 $66 $— $13 $(8)$54 $(530)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income3 — 4 — — — — — (3)— 
Investment related gains (losses), net4 — (1)— (2)— (1)18 — — 
Interest credited— — — — — — — — — 14 
Included in other comprehensive income (loss)(93)(2)28 (2)— — — — 1 — 
Purchases (2)
680 — 144 — 8 1 10 — 1 13 
Sales (2)
(51)— (14)— (4)— — — — — 
Settlements (2)
(282)— (198)(1)— — (1)— (2)62 
Transfers into Level 361 — 64 — — — 6 — — — 
Transfers out of Level 3(6)— (55)(5)— (1)(19)— — — 
Fair value, end of period$4,615 $33 $1,325 $27 $68 $— $8 $10 $51 $(441)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income$3 $— $4 $— $— $— $— $— $(3)$— 
Investment related gains (losses), net(2)— (2)— (2)— (1)18 — — 
Interest credited— — — — — — — — — (47)
Included in other comprehensive income (loss)(94)(2)27 (2)— — — — 1 — 
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
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Three months ended September 30, 2022:
Fixed maturity securities available-for-sale
Funds 
withheld at interest –embedded derivatives, net (1)
Funds 
withheld at interest		Interest-sensitive contract 
liabilities – embedded derivatives
 CorporateForeign govtStructured securitiesU.S. and local govtEquity securitiesCash equivalentsShort-term investments
Fair value, beginning of period$4,238 $36 $1,247 $43 $47 $— $21 $76 $62 $(584)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income1 — — — — — — — (3)— 
Investment related gains (losses), net— — — (1)10 — — (17)— — 
Interest credited— — — — — — — — — 18 
Included in other comprehensive income (loss)(164)(3)(81)(1)— — — — (5)— 
Purchases (2)
445 — 60 — 10 — 6 — — 1 
Sales (2)
(29)— (7)(3)(3)— — — — — 
Settlements (2)
(150)— (52)(1)— — — — (2)15 
Transfers into Level 320 — 67 — — — — — — — 
Transfers out of Level 3(75)— (46)— — — (20)— — — 
Fair value, end of period$4,286 $33 $1,188 $37 $64 $— $7 $59 $52 $(550)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income$1 $— $— $— $— $— $— $— $(3)$— 
Investment related gains (losses), net(4)— 1 — 8 — — (17)— — 
Interest credited— — — — — — — — — 2 
Included in other comprehensive income (loss)(158)(3)(83)(1)— — — — (5)— 
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.

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Nine months ended September 30, 2022:
Fixed maturity securities available-for-sale
Funds 
withheld at interest –embedded derivatives, net (1)
Funds 
withheld at interest		Interest-sensitive contract 
liabilities – embedded derivatives
 CorporateForeign govtStructured securitiesU.S. and local govtEquity securitiesCash equivalentsShort-term investments
Fair value, beginning of period$3,888 $33 $1,179 $45 $50 $— $28 $165 $83 $(693)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income4 — — — — — — — (13)— 
Investment related gains (losses), net(6)— (5)(1)4 — 1 (106)— — 
Interest credited— — — — — — — — — 98 
Included in other comprehensive income (loss)(465)(13)(226)(5)— — (1)— (12)— 
Purchases (2)
1,381 — 362 — 14 — 27 — 3 (4)
Sales (2)
(153)— (58)(4)(4)— — — — — 
Settlements (2)
(329)— (111)(4)— — (28)— (9)49 
Transfers into Level 377 13 112 10 — — — — — — 
Transfers out of Level 3(111)— (65)(4)— — (20)— — — 
Fair value, end of period$4,286 $33 $1,188 $37 $64 $— $7 $59 $52 $(550)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income$3 $— $— $— $— $— $— $— $(13)$— 
Investment related gains (losses), net(12)— (4)— 2 — — (106)— 19 
Interest credited— — — — — — — — — 47 
Included in other comprehensive income (loss)(459)(13)(227)(5)— — — — (12)— 
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
Nonrecurring Fair Value Measurements
The Company has certain assets subject to measurement at fair value on a nonrecurring basis, in periods subsequent to their initial recognition if they are determined to be impaired. During the nine months ended September 30, 2023 and 2022, the Company did not have any material assets that were measured at fair value due to impairment.
Fair Value of Financial Instruments Carried at Other Than Fair Value
The following table presents the carrying values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of September 30, 2023 and December 31, 2022 (dollars in millions). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 6 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2022 Annual Report. This table excludes any payables or receivables for collateral under repurchase/reverse repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid.
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September 30, 2023:
Carrying Value (1)
Estimated 
Fair Value		Fair Value Measurement Using:
Level 1Level 2Level 3
Assets:
Mortgage loans$7,231 $6,559 $— $— $6,559 
Policy loans1,180 1,180 — 1,180 — 
Funds withheld at interest6,034 5,570 — — 5,570 
Limited partnerships – cost method68 70 — — 70 
Cash and cash equivalents1,241 1,241 1,241 — — 
Short-term investments34 34 34 — — 
Other invested assets972 744 4 59 681 
Accrued investment income744 744 — 744 — 
Liabilities:
Interest-sensitive contract liabilities$22,598 21,867 $— $— $21,867 
Other liabilities – funds withheld at interest1,566 1,264 — — 1,264 
Long-term debt4,450 4,113 — — 4,113 
December 31, 2022:
Assets:
Mortgage loans$6,590 $6,109 $— $— $6,109 
Policy loans1,231 1,231 — 1,231 — 
Funds withheld at interest6,319 5,884 — — 5,884 
Limited partnerships – cost method49 52 — — 52 
Cash and cash equivalents1,392 1,392 1,392 — — 
Short-term investments33 33 33 — — 
Other invested assets947 758 4 65 689 
Accrued investment income630 630 — 630 — 
Liabilities:
Interest-sensitive contract liabilities$23,493 $23,065 $— $— $23,065 
Other liabilities – funds withheld at interest1,596 1,321 — — 1,321 
Long-term debt3,961 3,670 — — 3,670 
(1)Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis.
NOTE 14 INCOME TAX
The Inflation Reduction Act of 2022 (“the Act”) was enacted in the U.S. The Act includes law changes relating to tax, climate change, energy and health care. In particular, for tax years ending after December 31, 2022, the Act imposes a 15% minimum tax on adjusted financial statement income for “applicable corporations” with average financial statement income exceeding $1 billion for the previous 3-year period ending in 2022 or after. Based on the current guidance, the Company is not an applicable corporation for 2023. The Act also imposes a 1% excise tax on stock buybacks of a publicly traded corporation. The Act is not expected to have a material impact to the Company’s tax expense.
The effective tax rate for the three and nine months ending September 30, 2023, was 24.2% and 24.9% on pre-tax income. The tax rate was higher than the U.S. statutory rate primarily due to income earned in foreign jurisdictions and adjustments to the valuation allowance. These increases were partially offset with tax benefits received in certain foreign jurisdictions.

The effective tax rate for the three and nine months ending September 30, 2022, was 2.7% and 32.5%. The Company’s effective tax rate for the three and nine months ending September 30, 2022, differed from the U.S. statutory rate of 21% primarily due to U.S. taxation on foreign earnings, income earned in jurisdictions with tax rates greater than the U.S. statutory rate, and adjustments to valuation allowances which were partially offset with adjustments related to tax returns filed during the quarter.
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NOTE 15 EMPLOYEE BENEFIT PLANS
The components of net periodic benefit cost, included in other operating expenses on the Company’s condensed consolidated statements of income, for the three and nine months ended September 30, 2023 and 2022 were as follows (dollars in millions):
 Pension BenefitsOther Benefits
 Three months ended September 30,Three months ended September 30,
 2023202220232022
Service cost$3 $5 $— $1 
Interest cost3 1 1 — 
Expected return on plan assets(3)(3)— — 
Amortization of prior service cost (credit)— — — — 
Amortization of prior actuarial losses1 — — — 
Net periodic benefit cost$4 $3 $1 $1 
 Pension BenefitsOther Benefits
 Nine months ended September 30,Nine months ended September 30,
 2023202220232022
Service cost$10 $13 $1 $2 
Interest cost8 4 2 1 
Expected return on plan assets(8)(9)— — 
Amortization of prior service cost (credit)— — (1)(1)
Amortization of prior actuarial losses2 2 — 1 
Net periodic benefit cost$12 $10 $2 $3 
NOTE 16 COMMITMENTS, CONTINGENCIES AND GUARANTEES
Commitments
Funding of Investments
The Company’s commitments to fund investments as of September 30, 2023 and December 31, 2022, are presented in the following table (dollars in millions):
September 30, 2023December 31, 2022
Limited partnerships and real estate joint ventures$1,082 $937 
Mortgage loans70 137 
Bank loans and private placements674 682 
Lifetime mortgages55 59 
The Company anticipates that the majority of its current commitments will be invested over the next five years; however, these commitments could become due any time at the request of the counterparties. Bank loans and private placements are included in fixed maturity securities available-for-sale.
The Company has an immaterial liability, included in other liabilities, for expected credit losses associated with unfunded commitments as of September 30, 2023 and December 31, 2022.
Funding Agreements
Federal Home Loan Bank of Des Moines
The Company is a member of the FHLB and, through membership, has issued funding agreements to the FHLB in exchange for cash advances. As of September 30, 2023 and December 31, 2022, the Company had $1.2 billion and $1.3 billion of FHLB funding agreements outstanding, respectively. The Company is required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties.
Funding Agreement Backed Notes
The Company’s Funding Agreement Backed Notes (“FABN”) program allows RGA Global Funding, a special-purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes to investors. RGA Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from the Company. As of September 30, 2023 and December 31, 2022, the Company had $900 million of FABN agreements outstanding and are included within interest-sensitive contract liabilities.

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Contingencies
Litigation
The Company is subject to litigation and regulatory investigations or actions from time to time. Based on current knowledge, management does not believe that loss contingencies arising from pending legal, regulatory and governmental matters will have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, in light of the inherent uncertainties involved in future or pending legal, regulatory and governmental matters, some of which are beyond the Company’s control, and indeterminate or potentially substantial amount of damages sought in any such matters, an adverse outcome could be material to the Company’s financial condition, results of operations or cash flows for any particular reporting period. A legal reserve is established when the Company is notified of an arbitration demand, litigation or regulatory action or is notified that an arbitration demand, litigation or regulatory action is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated.
Other Contingencies
The Company indemnifies its directors and officers as provided in its charters and by-laws. Since this indemnity generally is not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount due under this indemnity in the future.
Guarantees
Statutory Reserve Support
Certain RGA subsidiaries have committed to provide statutory reserve support to third parties, in exchange for a fee, by funding loans if certain defined events occur. Such statutory reserves are required under the U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation XXX for term life insurance policies and Regulation A-XXX for universal life secondary guarantees). In addition, certain subsidiaries have also committed to provide capital support to a third party, in exchange for a fee, by agreeing to assume real estate leases in the event of a severe and prolonged decline in the commercial lease market. Upon assumption of a lease, the Company would recognize a right to use asset and lease obligation. As of September 30, 2023, the Company does not believe that it will be required to provide any funding under these commitments as the occurrence of the defined events is considered remote. The following table presents the maximum potential obligation for these commitments as of September 30, 2023 (dollars in millions):
Commitment PeriodMaximum Potential Obligation
2034$1,243 
20351,907 
20363,599 
20376,850 
2038800 
20398,751 
2041720 
20463,000 
NOTE 17 SEGMENT INFORMATION
The accounting policies of the segments are the same as those described in Note 2 – “Significant Accounting Policies and Pronouncements” in the Notes to Consolidated Financial Statements included in the Company’s 2022 Annual Report. The Company measures segment performance primarily based on profit or loss from operations before income taxes. There are no intersegment reinsurance transactions and the Company does not have any material long-lived assets.
The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in the Company’s businesses. As a result of the economic capital allocation process, a portion of investment income is attributed to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses.

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The Company has geographic-based and business-based operational segments. Geographic-based operations are further segmented into Traditional and Financial Solutions businesses. Information related to revenues, income (loss) before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in millions):
 Three months ended September 30,Nine months ended September 30,
Revenues:2023202220232022
U.S. and Latin America:
Traditional$1,949 $1,855 $5,693 $5,552 
Financial Solutions1,115 292 1,908 811 
Total3,064 2,147 7,601 6,363 
Canada:
Traditional366 359 1,098 1,095 
Financial Solutions26 27 79 82 
Total392 386 1,177 1,177 
Europe, Middle East and Africa:
Traditional471 456 1,382 1,372 
Financial Solutions160 142 459 460 
Total631 598 1,841 1,832 
Asia Pacific:
Traditional801 720 2,282 2,124 
Financial Solutions130 171 397 234 
Total931 891 2,679 2,358 
Corporate and Other135 28 262 140 
Total$5,153 $4,050 $13,560 $11,870 
 Three months ended September 30,Nine months ended September 30,
Income (loss) before income taxes:2023202220232022
U.S. and Latin America:
Traditional$105 $(69)$288 $81 
Financial Solutions108 53 290 153 
Total213 (16)578 234 
Canada:
Traditional6 12 70 54 
Financial Solutions30 6 46 22 
Total36 18 116 76 
Europe, Middle East and Africa:
Traditional(60)5 (29)43 
Financial Solutions84 34 195 126 
Total24 39 166 169 
Asia Pacific:
Traditional134 (73)302 94 
Financial Solutions(16)47 (9)(63)
Total118 (26)293 31 
Corporate and Other(11)(92)(157)(173)
Total$380 $(77)$996 $337 
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Assets:September 30, 2023December 31, 2022
U.S. and Latin America:
Traditional$22,527 $22,612 
Financial Solutions24,117 25,203 
Total46,644 47,815 
Canada:
Traditional4,936 4,826 
Financial Solutions221 177 
Total5,157 5,003 
Europe, Middle East and Africa:
Traditional3,649 3,652 
Financial Solutions6,247 5,215 
Total9,896 8,867 
Asia Pacific:
Traditional9,894 9,254 
Financial Solutions13,362 12,023 
Total23,256 21,277 
Corporate and Other2,469 1,942 
Total$87,422 $84,904 
NOTE 18 FINANCING ACTIVITIES
On June 8, 2023, the Company issued 6.0% fixed rate senior notes due 2033 with a face amount of $400 million, which was used to repay upon maturity the $400 million 4.70% Senior Notes that matured on September 15, 2023. Capitalized issuance costs were $4 million.
On March 23, 2023, Chesterfield Reinsurance Company, a subsidiary of RGA, issued 7.125% Surplus Notes due 2043, with a face amount of $500 million. Capitalized issue costs were $6 million. The loan is expected to be repaid over the term of the loan based on available funds and regulatory approval. As of September 30, 2023, the amount outstanding is $500 million.
On March 13, 2023, the Company entered into a new syndicated revolving credit facility with a five year term and an overall capacity of $850 million, replacing its existing $850 million syndicated revolving credit facility, which was scheduled to mature in August 2023. The Company may borrow cash and may obtain letters of credit in multiple currencies under this facility.
NOTE 19 NEW ACCOUNTING STANDARDS NOT YET ADOPTED
Changes to the general accounting principles are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates to the FASB Accounting Standards Codification™. There are no accounting standards not yet adopted that are applicable or are expected to have more than a minimal impact on the Company’s condensed consolidated financial statements.
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ITEM 2.        MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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 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 implied by forward-looking statements, include, among others: (1) adverse changes in mortality (whether related to COVID-19 or otherwise), 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 the forward-looking statements, even though the Company’s situation may change in the future. For a discussion of these 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 2022 Annual Report, as may be supplemented by Item 1A – “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q.
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Overview
The Company is among the leading global providers of life reinsurance and financial solutions, with $3.5 trillion of life reinsurance in force and assets of $87.4 billion as of September 30, 2023. Traditional reinsurance includes individual and group life and health, disability, and critical illness reinsurance. Financial Solutions includes longevity reinsurance, asset-intensive reinsurance, capital solutions, including financial reinsurance and stable value products. The Company derives revenues primarily from renewal premiums from existing reinsurance treaties, new business premiums from existing or new reinsurance treaties, fee income from Financial Solutions business and income earned on invested assets.
Historically, the Company’s primary business has been traditional life reinsurance, which involves reinsuring life insurance policies that are often in force for the remaining lifetime of the underlying individuals insured, with premiums earned typically over a period of 10 to 30 years. To a lesser extent, the Company also reinsures health business typically reinsured for one to three years. Each year, however, a portion of the business under existing treaties terminates due to, among other things, lapses or voluntary surrenders of underlying policies, deaths of insureds, and the exercise of recapture options by ceding companies. The Company has expanded its Financial Solutions business, including significant asset-intensive and longevity risk transactions, which allow its clients to take advantage of growth opportunities and manage their capital, longevity and investment risk.
For its traditional business, the Company’s profitability largely depends on the volume and amount of death- and health-related claims incurred and the ability to adequately price the risks it assumes. While death claims are reasonably predictable over a period of many years, claims become less predictable over shorter periods and are subject to significant fluctuation from quarter to quarter and year to year. For longevity business, the Company’s profitability depends on the lifespan of the underlying contract holders and the investment performance for certain contracts. Additionally, the Company generates profits on investment spreads associated with the reinsurance of investment type contracts and generates fees from financial reinsurance transactions, which are typically shorter duration than its traditional life reinsurance business. The Company believes its sources of liquidity are sufficient to cover potential claims payments on both a short-term and long-term basis.
As is customary in the reinsurance business, clients continually update, refine, and revise reinsurance information provided to the Company. Such revised information is used by the Company in preparation of its condensed consolidated financial statements and the financial effects resulting from the incorporation of revised data are reflected in the current period.
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”). ASU 2018-12 updates certain requirements for the accounting for long-duration insurance contracts. See Note 2 – “Impact of New Accounting Standard” in the Notes to Condensed Consolidated Financial Statements for additional information.
Segment Presentation
The Company has geographic-based and business-based operational segments. Geographic-based operations are further segmented into Traditional and Financial Solutions businesses. The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a consistent basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in RGA’s businesses.
As a result of the economic capital allocation process, a portion of investment income is credited to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses. Segment investment performance varies with the composition of investments and the relative allocation of capital to the operating segments.
Segment revenue levels can be significantly influenced by currency fluctuations, large transactions, mix of business and reporting practices of ceding companies, and therefore may fluctuate from period to period. Although reasonably predictable over a period of years, segment claims experience can be volatile over shorter periods. See “Results of Operations by Segment” below for further information about the Company’s segments.
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Critical Accounting Policies
The preparation of financial statements in conformity with GAAP requires the application of accounting policies that often involve a significant degree of judgment. Management, on an ongoing basis, reviews estimates and assumptions used in the preparation of financial statements. If management determines that modifications in assumptions and estimates are appropriate given current facts and circumstances, results of operations and financial position as reported in the condensed consolidated financial statements could change significantly.
Management believes the critical accounting policies relating to the following areas are most dependent on the application of estimates and assumptions:
    Premiums receivable;
Deferred policy acquisition costs;
    Liabilities for future policy benefits and incurred but not reported claims;
    Valuation of investments, allowance for credit losses and impairments to specific investments;
    Valuation of embedded derivatives and market risk benefits; and
    Income taxes.
A discussion of each of the critical accounting policies may be found in the Company’s 2022 Annual Report under “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies.” The critical accounting polices related to Deferred Policy Acquisition Costs, estimating the Company’s Liability for Future Policy Benefits and Valuation of Embedded Derivatives and Market Risk Benefits presented below have been updated to reflect the adoption of ASU 2018-12.
Deferred Policy Acquisition Costs
ASU 2018-12 simplified the accounting for deferred policy acquisition costs by eliminating the requirement to test deferred policy acquisition costs for impairment or recoverability, an interest component is no longer accrued, and the requirement to adjust deferred policy acquisition costs for unrealized gains and losses (i.e., “shadow adjustments”) has been eliminated. ASU 2018-12 also clarified that deferred policy acquisition costs should only include costs that have been incurred and estimates of future contract renewal costs shall no longer be included, and capitalized costs should be amortized using a simplified method that approximates straight line amortization. As a result of these simplifications, the Company no longer considers the accounting for deferred policy acquisition costs to be a critical accounting policy.
Liabilities for Future Policy Benefits and Incurred but Not Reported Claims
The liability for future policy benefits is estimated using the Company’s mortality, morbidity, and persistency assumptions that reflect the Company’s historical experience, industry data, cedant specific experience, and discount rates based on the current yields of upper-medium grade fixed income instruments (A rated credit). These assumptions vary with the characteristics of the reinsurance contract, the year the risk was assumed, age of the insured and other appropriate factors.
The liability for annuities in the payout phase is calculated using expected mortality, discount rates and other assumptions. These assumptions vary with the characteristics of the plan of insurance, year of issue, age of insured, and other appropriate factors. The mortality assumptions are based on the Company’s experience as well as industry experience and standards.
For the purpose of calculating the liability for future policy benefits, the Company’s reinsurance contracts for its Traditional business are grouped into annual cohorts based on the effective date of the reinsurance contract. The annual groupings are further disaggregated based on:
•How the reinsurance contracts are priced and managed;
•Geographical locations;
•Underlying currency of the contract;
•Ceding company and other factors.
Given the unique risks and highly customized nature the Company’s financial reinsurance business, reinsurance contracts for the Financial Solutions business are not aggregated with other contracts for the purpose of calculating the liability for future policy benefits.
With the exception of claim expense assumptions, the Company reviews actual and anticipated experience compared to the assumptions used to establish policy benefits on a quarterly basis and will update those assumptions if evidence suggests the assumptions should be revised. During the third quarter of 2023, the Company completed its annual assumption review resulting in a decrease in its total liability for future polity benefits. The decrease was primarily the result of updated mortality
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assumptions, which had a favorable impact on the liability for future policy benefits for the Company’s Financial Solutions business and an unfavorable impact on the Company’s Traditional business. Updates may occur in other quarters if information becomes available during the quarter that indicates an assumption update is necessary. The Company has elected to lock-in claims expense assumptions at contract inception and those assumptions are not subsequently reviewed or updated.
The discount rates used to estimate the liability are based on upper-medium grade fixed-income instruments (A rated credit) with similar tenor to the expected liability cash flows. The discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change reflected in other comprehensive income (loss). For unobservable discount rates, the Company uses estimates consistent with fair value guidance, maximizing the use of relevant, observable market prices and minimizing the use of unobservable inputs.
Valuation of Market Risk Benefits and Embedded Derivatives
The Company reinsures certain annuity products that contain terms that are deemed to be market risk benefits or embedded derivatives, primarily variable annuities with guaranteed minimum benefits and equity-indexed annuities.
Variable annuities with guaranteed minimum benefits have been identified as market risk benefits. Market risk benefits are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Market risk benefits are measured at fair value using an option-based valuation model based on current net amounts at risk, market data, Company experience, and other factors. Changes in fair value are recognized in net income each period with the exception of the portion of the change in fair value due to a change in the liability’s credit valuation adjustment (“CVA”), which is recognized in other comprehensive income (loss).
The Company reinsures certain annuity products that contain terms that are deemed to be embedded derivatives, primarily equity-indexed annuities and variable annuities with guaranteed minimum benefits. The Company assesses each identified embedded derivative to determine whether it is required to be bifurcated under the general accounting principles for Derivatives and Hedging. If the instrument would not be reported in its entirety at fair value and it is determined that the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract, and that a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract and accounted for as a freestanding derivative. Such embedded derivatives are carried on the consolidated balance sheets at fair value with the host contract.
Additionally, reinsurance treaties written on a modified coinsurance or funds withheld basis are subject to the general accounting principles for Derivatives and Hedging related to embedded derivatives. The majority of the Company’s funds withheld at interest balances are associated with its reinsurance of annuity contracts, the majority of which are subject to the general accounting principles for Derivatives and Hedging related to embedded derivatives. Management believes the embedded derivative feature in each of these reinsurance treaties is similar to a total return swap on the assets held by the ceding companies.
The valuation of the various embedded derivatives requires complex calculations based on actuarial and capital markets inputs and assumptions related to estimates of future cash flows and interpretations of the primary accounting guidance continue to evolve in practice. The valuation of embedded derivatives is sensitive to the investment credit spread environment. Changes in investment credit spreads are also affected by the application of a credit valuation adjustment (“CVA”). The fair value calculation of an embedded derivative in an asset position utilizes a CVA based on the ceding company’s credit risk. Conversely, the fair value calculation of an embedded derivative in a liability position utilizes a CVA based on the Company’s credit risk. Generally, an increase in investment credit spreads, ignoring changes in the CVA, will have a negative impact on the fair value of the embedded derivative (decrease in income).


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Consolidated Results of Operations
Results from Operations – 2023 compared to 2022
The following table summarizes net income for the periods presented.
Three months ended September 30,Nine months ended September 30,
(Dollars in millions, except per share data)202320222023 vs 2022202320222023 vs 2022
Revenues
Net premiums$4,255 $3,247 $1,008 $10,977 $9,632 $1,345 
Net investment income922 769 153 2,635 2,333 302 
Investment related losses, net(126)(154)28 (326)(533)207 
Other revenues102 188 (86)274 438 (164)
Total revenues5,153 4,050 1,103 13,560 11,870 1,690 
Benefits and expenses
Claims and other policy benefits3,959 3,048 911 10,035 8,857 1,178 
Future policy benefits remeasurement (gains) losses(82)226 (308)(95)302 (397)
Market risk benefits remeasurement (gains) losses(21)23 (44)(38)29 (67)
Interest credited223 189 34 647 468 179 
Policy acquisition costs and other insurance expenses348 341 7 1,028 1,021 7 
Other operating expenses274 251 23 799 720 79 
Interest expense72 49 23 188 136 52 
Total benefits and expenses4,773 4,127 646 12,564 11,533 1,031 
 Income before income taxes
380 (77)457 996 337 659 
Provision for income taxes91 (2)93 247 109 138 
Net income$289 $(75)$364 $749 $228 $521 
Net income (loss) attributable to noncontrolling interest2 1 1 5 2 3 
Net income (loss) available to RGA, Inc. shareholders$287 $(76)$363 $744 $226 $518 
Earnings per share
Basic earnings per share$4.34 $(1.13)$5.47 $11.19 $3.38 $7.81 
Diluted earnings per share$4.29 $(1.13)$5.42 $11.06 $3.35 $7.71 
Three months ended September 30, 2023 compared to three months ended September 30, 2022
The increase in income for the three months ended September 30, 2023, was primarily the result of:
•During the third quarter of 2023, the Company completed its annual assumption review resulting in a future policy benefits remeasurement gain of $3 million compared to a future policy benefits remeasurement loss of $326 million in the third quarter of 2022. See Note 5 – “Future Policy Benefits” for additional information.
•An increase in net investment income attributable to an increase in the average invested asset base and higher interest rates earned on new investments.
•A $1 million increase in investment related losses associated with the changes in the fair value of embedded derivatives on modco/funds withheld treaties for the three month period ended September 30, 2023, compared to a decrease of $17 million for the three month period ended September 30, 2022.
•A remeasurement gain of $21 million in the current period related to market risk benefits compared to a remeasurement loss of $23 million in the prior year.
Nine months ended September 30, 2023 compared to nine months ended September 30, 2022
The increase in income for the nine months ended September 30, 2023, was primarily the result of:
•An increase in net investment income attributable to an increase in the average invested asset base and higher interest rates earned on new investments.
•$18 million improvement in investment related losses associated with changes in the fair value of embedded derivative on modco/funds withheld treaties for the nine month period ended September 30, 2023, compared to a decrease of $106 million for the nine month period ended September 30, 2022.
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•Favorable claims experience in the U.S. and Latin America and Asia Traditional segment during the nine month period ended September 30, 2023 and future policy benefits remeasurement gains as a result of favorable assumption updates during the third quarter of 2023. The unfavorable experience in the prior period, included in future policy benefits remeasurement (gains) losses, was primarily attributable to higher than expected claims as a result of COVID-19 incurred in the first quarter of 2022 and unfavorable assumption updates in the third quarter of 2022.
•A decrease in other revenue, which was the result of a recapture fee received in the prior year related to a U.S. Capital Solutions transaction, and reduced surrender and market value adjustment charges on a single premium annuity block of business in Asia.
•A remeasurement gain of $38 million related to market risk benefits for the nine months ended September 30, 2023, compared to a remeasurement loss of $29 million for the nine months ended September 30, 2022.
Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations increased (decreased) income before taxes for the three and nine months ended September 30, 2023, by $1 million and $(21) million, respectively, primarily due to the strengthening and weakening of the Canadian Dollar compared to the U.S. dollar. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
Premiums and business growth
The increase in premiums for the three and nine months ended September 30, 2023, was primarily due to single premium pension risk transfer (“PRT”) transactions completed in the first and third quarters of 2023. The PRT single premiums received were offset by an increase in reserves. The remaining increase in premiums for the three and nine months ended September 30, 2023, was attributable to organic growth on existing treaties and new business production, measured by the face amount of life reinsurance in force, of $265.5 billion and $316.4 billion during the nine months ended September 30, 2023 and 2022, respectively. Consolidated assumed life reinsurance in force increased to $3,499.4 billion as of September 30, 2023, from $3,272.6 billion as of September 30, 2022, due to new business production and changes in foreign exchange rates.
Net investment income and investment related gains (losses), net
The increase in net investment income was primarily attributable to an increase in the average invested asset base and interest rates earned on new investments, partially offset by a decrease in variable investment income associated with joint venture and limited partnership investments:
•The average invested assets at amortized cost, excluding spread related business, totaled $35.9 billion and $34.5 billion in 2023 and 2022, respectively.
•The average yield earned on investments, excluding spread related business, was 4.72% and 4.40% for the three month periods ended September 30, 2023 and 2022, respectively, and 4.62% and 4.78% for the nine months ended September 30, 2023 and 2022, respectively. The increase in yield for the three months ended September 30, 2023, compared to the prior year was attributable to higher interest rates. The decrease in yield for the nine months ended September 30, 2023, compared to the prior year was attributable to lower variable investment income associated with joint ventures and limited partnerships partially offset by higher interest rates.
The average yield will vary from period to period depending on several variables, including the prevailing risk-free interest rate and credit spread environment, prepayment fees and make-whole premiums, changes in the mix of the underlying investments and cash and cash equivalents balances. Variable investment income from joint ventures and limited partnerships will also vary from period to period and is highly dependent on the timing of dividends and distributions on certain investments. Investment income is allocated to the operating segments based upon average assets and related capital levels deemed appropriate to support segment operations.
The decrease in investment related losses, net is primarily attributable to the following:
•During the three and nine months ended September 30, 2023, the Company repositioned its portfolio generating net capital losses of $49 million and $119 million, respectively, compared to net capital losses of $86 million and $171 million during the three and nine months ended September 30, 2022, respectively.
•Changes in the fair value of embedded derivatives associated with modco/funds withheld treaties increased by $1 million and $18 million for the three and nine months ended September 30, 2023, respectively, compared to decreases of $17 million and $106 million for the three and nine months ended September 30, 2022, respectively.
•The Company uses various derivative instruments such as interest rate swaps, credit default swaps and foreign exchange forwards for risk management purposes that either do not qualify or have not been elected for hedge accounting treatment. Changes in the fair value of these instruments are included in investment related gains (losses), net. During the three and nine months ended September 30, 2023, the fair value of these instruments decreased by $98
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million and $222 million, respectively, compared to decreases of $51 million and $251 million during the first three and nine months of 2022. See Note 12 – “Derivative Instruments” for additional information.
The effective tax rate was 24.2% and 24.9% for the three and nine months ended September 30, 2023, respectively, compared to 2.7% and 32.5% for the three and nine months ended September 30, 2022. See Note 14 – “Income Tax” for additional information on the Company’s consolidated effective tax rate.
Impact of certain derivatives and market risk benefits
The Company recognizes in consolidated income any changes in the fair value of embedded derivatives on modco or funds withheld treaties and equity index annuities (“EIAs”). In addition, the Company recognizes the changes in fair value of market risk benefits associated with guaranteed minimum benefit riders in market risk benefits remeasurement gains (losses). The Company utilizes freestanding derivatives to minimize the income statement volatility due to changes in the fair value of market risk benefits associated with guaranteed minimum benefit riders. The following table presents the effect of embedded derivatives, market risk benefits and related freestanding derivatives on income before income taxes for the periods indicated (dollars in millions):
Three months ended September 30,Nine months ended September 30,
202320222023 vs. 2022202320222023 vs. 2022
Modco/Funds withheld:
Change in fair value of funds withheld embedded derivatives$1 $(17)$18 $18 $(106)$124 
EIAs:
Embedded derivatives – interest credited7 10 (3)11 54 (43)
Market Risk Benefits:
Market risk benefits remeasurement gains (losses)21 (23)44 38 (29)67 
Related freestanding derivatives(42)(12)(30)(82)(39)(43)
Net effect(21)(35)14 (44)(68)24 
Total net effect after freestanding derivatives$(13)$(42)$29 $(15)$(120)$105 
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Results of Operations by Segment
U.S. and Latin America Operations
The U.S. and Latin America operations consist of two major segments: Traditional and Financial Solutions. The Traditional segment primarily specializes in the reinsurance of individual mortality-risk, health and long-term care and to a lesser extent, group reinsurance. The Financial Solutions segment consists of Asset-Intensive and Capital Solutions. Asset-Intensive within the Financial Solutions segment includes coinsurance of annuities, corporate-owned life insurance policies, pension risk transfer (“PRT”) group annuity contracts and, to a lesser extent, fee-based synthetic guaranteed investment contracts, which include investment-only, stable value contracts. Capital Solutions within the Financial Solutions segment primarily involves assisting ceding companies in meeting applicable regulatory requirements by enhancing the ceding companies’ financial strength and regulatory surplus position through relatively low risk reinsurance and other transactions. Typically, these transactions do not qualify as reinsurance under GAAP, due to the low-risk nature of the transactions, therefore only the related net fees are reflected in other revenues on the condensed consolidated statements of income.
The following table summarizes income before income taxes for the Company’s U.S. and Latin America operations for the periods presented:
Three months ended September 30,Nine months ended September 30,
(dollars in millions)202320222023 vs 2022202320222023 vs 2022
Revenues
Net premiums$2,566 $1,653 $913 $6,111 $4,854 $1,257 
Net investment income494 468 26 1,426 1,447 (21)
Investment related gains (losses), net(61)(33)(28)(111)(172)61 
Other revenues65 59 6 175 234 (59)
Total revenues3,064 2,147 917 7,601 6,363 1,238 
Benefits and expenses
Claims and other policy benefits2,462 1,561 901 5,745 4,644 1,101 
Future policy benefits remeasurement (gains) losses(45)155 (200)(19)226 (245)
Market risk benefits remeasurement (gains) losses(21)23 (44)(38)29 (67)
Interest credited156 148 8 454 390 64 
Policy acquisition costs and other insurance expenses231 217 14 690 667 23 
Other operating expenses68 59 9 191 173 18 
Total benefits and expenses2,851 2,163 688 7,023 6,129 894 
Income (loss) before income taxes$213 $(16)$229 $578 $234 $344 
The increases in income before income taxes for the third quarter and first nine months of 2023 were primarily the result of favorable impacts of assumption updates in 2023 as compared to the prior year, favorable claims experience in the U. S. Traditional lines of business, fluctuations in investment related gains (losses) due to changes in the fair value of market risk benefits, net of hedging, and embedded derivatives associated with modco/funds withheld treaties in the Financial Solutions segment, partially offset by a recapture fee earned on a terminated Capital Solutions transaction in the second quarter of 2022.

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Traditional Reinsurance
For the three months ended September 30,Three months ended September 30,Nine months ended September 30,
(dollars in millions)202320222023 vs 2022202320222023 vs 2022
Revenues
Net premiums$1,746 $1,640 $106 $5,111 $4,812 $299 
Net investment income195 201 (6)568 676 (108)
Investment related gains (losses), net2 8 (6)— 42 (42)
Other revenues6 6 — 14 22 (8)
Total revenues1,949 1,855 94 5,693 5,552 141 
Benefits and expenses
Claims and other policy benefits1,611 1,520 91 4,650 4,491 159 
Future policy benefits remeasurement (gains) losses(20)160 (180)11 252 (241)
Market risk benefits remeasurement (gains) losses— — — — — — 
Interest credited19 18 1 55 52 3 
Policy acquisition costs and other insurance expenses184 182 2 546 544 2 
Other operating expenses50 44 6 143 132 11 
Total benefits and expenses1,844 1,924 (80)5,405 5,471 (66)
Income (loss) before income taxes$105 $(69)$174 $288 $81 $207 
Key metrics
Life reinsurance in force$1,693.1 billion$1,662.7 billion
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$17 $170 $17 $170 
Effect of actual variances from expected experience$(37)$(10)$(6)$82 
Loss ratio (1)
91.1 %102.4 %91.2 %98.6 %
Policy acquisition costs and other insurance expenses as a percentage of net premiums10.5 %11.1 %10.7 %11.3 %
Other operating expenses as a percentage of net premiums2.9 %2.7 %2.8 %2.7 %
(1)Includes Claims and other policy benefits and Future policy benefits remeasurement (gains) losses
The increase in income before income taxes for the third quarter and the first nine months of 2023 was primarily the result of favorable impacts from assumption updates in the third quarter of 2023 as compared to the third quarter of 2022 and favorable claims experience across all businesses, driven in large part by COVID-19 claims in the first quarter of 2022.
Revenues
•The increase in net premiums was primarily due to organic growth as well as new business treaties. The segment added new life business production, measured by face amount of life reinsurance in force, of $106.4 billion and $109.5 billion during the first nine months of 2023 and 2022, respectively. Also contributing to the increase in net premiums was the recapture of a retrocession treaty, effective April 1, 2023, which resulted in a reduction in ceded premium in the second and third quarters of 2023.
•The decrease in net investment income during the nine months ended September 30, 2023, was primarily due to a decrease in variable investment income.
Benefits and expenses
•The decrease in future policy benefits remeasurement losses for the third quarter and first nine months of 2023 was attributable to a remeasurement loss as result of the Company’s 2023 annual assumption review of $17 million as compared to a remeasurement loss of $170 million in the third quarter of 2022, and favorable claims experience relative to the prior-year, primarily in the U.S. Individual Life business and, in large part, related to COVID-19 claims in the first quarter of 2022.
•The decrease in policy acquisition costs and other insurance expenses as a percentage of net premiums is less than 1% and is primarily due to varying allowance levels within coinsurance type arrangements and the mix of new business between coinsurance versus yearly renewable term.
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Financial Solutions
For the three months ended September 30,202320222023 vs 2022
(dollars in millions)Asset-IntensiveCapital SolutionsTotalAsset-IntensiveCapital SolutionsTotalAsset-IntensiveCapital SolutionsTotal
Revenues
Net premiums$820 $— $820 $13 $— $13 $807 $— $807 
Net investment income298 1 299 265 2 267 33 (1)32 
Investment related gains (losses), net(63)— (63)(41)— (41)(22)— (22)
Other revenues35 24 59 29 24 53 6 — 6 
Total revenues1,090 25 1,115 266 26 292 824 (1)823 
Benefits and expenses
Claims and other policy benefits851 — 851 41 — 41 810 — 810 
Future policy benefits remeasurement (gains) losses(25)— (25)(5)— (5)(20)— (20)
Market risk benefits remeasurement (gains) losses(21)— (21)23 — 23 (44)— (44)
Interest credited137 — 137 130 — 130 7 — 7 
Policy acquisition costs and other insurance expenses45 2 47 36 (1)35 9 3 12 
Other operating expenses14 4 18 11 4 15 3 — 3 
Total benefits and expenses1,001 6 1,007 236 3 239 765 3 768 
Income before income taxes$89 $19 $108 $30 $23 $53 $59 $(4)$55 
For the nine months ended September 30,202320222023 vs 2022
(dollars in millions)Asset-IntensiveCapital SolutionsTotalAsset-IntensiveCapital SolutionsTotalAsset-IntensiveCapital SolutionsTotal
Revenues
Net premiums$1,000 $— $1,000 $42 $— $42 $958 $— $958 
Net investment income856 2 858 767 4 771 89 (2)87 
Investment related gains (losses), net(111)— (111)(214)— (214)103 — 103 
Other revenues86 75 161 86 126 212 — (51)(51)
Total revenues1,831 77 1,908 681 130 811 1,150 (53)1,097 
Benefits and expenses
Claims and other policy benefits1,095 — 1,095 153 — 153 942 — 942 
Future policy benefits remeasurement (gains) losses(30)— (30)(26)— (26)(4)— (4)
Market risk benefits remeasurement (gains) losses(38)— (38)29 — 29 (67)— (67)
Interest credited399 — 399 338 — 338 61 — 61 
Policy acquisition costs and other insurance expenses138 6 144 122 1 123 16 5 21 
Other operating expenses38 10 48 32 9 41 6 1 7 
Total benefits and expenses1,602 16 1,618 648 10 658 954 6 960 
Income before income taxes$229 $61 $290 $33 $120 $153 $196 $(59)$137 
The increase in income before income taxes for the U.S. and Latin America Financial Solutions segment for the three and nine months ended September 30, 2023, was primarily due to the change in the fair value of embedded derivatives on funds withheld at interest, the change in market risk benefits remeasurement gains (losses), net of the change in the fair value of the associated free standing derivatives, and higher net investment income due to increases in interest rates.
The increase in premiums for the three and nine months ended September 30, 2023, was primarily due to single premium pension risk transfer (“PRT”) transactions completed in the first and third quarters of 2023. The PRT single premiums received were offset by an increase in reserves.
The book value of the invested asset base supporting asset-intensive transactions decreased to $23.0 billion as of September 30, 2023, from $24.2 billion as of September 30, 2022.
•The decrease in the asset base was primarily due to $2.2 billion in net run off of existing in force transactions, partially offset by $1.0 billion from new transactions.
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•As of September 30, 2023 and 2022, $3.8 billion and $4.3 billion, respectively, of the invested assets were funds withheld at interest, of which greater than 90% was associated with two clients.
As of September 30, 2023 and 2022, the amount of reinsurance assumed in Capital Solutions transactions, as measured by pre-tax statutory surplus, risk based capital and other financial structures was $25.9 billion and $25.3 billion, respectively.
Impact of certain derivatives and market risk benefits
The Company recognizes in consolidated income any changes in the fair value of embedded derivatives on modco or funds withheld treaties and equity indexed annuities (“EIAs”). In addition, the Company recognizes the changes in fair value of market risk benefits associated with guaranteed minimum benefit riders. The Company utilizes freestanding derivatives to minimize the income statement volatility due to changes in the fair value of market risk benefits associated with guaranteed minimum benefit riders.
Income from the asset-intensive business tends to be volatile due to changes in the fair value of certain derivatives, including embedded derivatives associated with reinsurance treaties structured on a modco or funds withheld basis, embedded derivatives associated with the Company’s reinsurance of EIAs, and changes in the fair value of market risk benefits associated with guaranteed minimum benefit riders. Fluctuations occur period to period primarily due to changing investment conditions including, but not limited to, interest rate movements (including risk-free rates and credit spreads), implied volatility and equity market performance, all of which are factors in the calculations of the fair value of the assets and liabilities.
The following table summarizes the asset-intensive results and quantifies the impact of these embedded derivatives and market risk benefits for the periods presented. Revenues before certain derivatives, benefits and expenses before certain derivatives, and income before income taxes and certain derivatives should not be viewed as substitutes for GAAP revenues, GAAP benefits and expenses, and GAAP income before income taxes.
(dollars in millions)Three months ended September 30,Nine months ended September 30,
 2023202220232022
Revenues
Total revenues$1,090 $266 $1,831 $681 
Less:
Embedded derivatives – modco/funds withheld treaties(1)(23)18 (147)
Derivatives hedging market risk benefits(44)(12)(86)(39)
Revenues before certain derivatives and market risk benefits1,135 301 1,899 867 
Benefits and expenses
Total benefits and expenses1,001 236 1,602 648 
Less:
Equity-indexed annuities(7)(10)(11)(54)
Market risk benefits remeasurement (gains) losses(21)23 (38)29 
Benefits and expenses before certain derivatives and market risk benefits1,029 223 1,651 673 
Income before income taxes:
Income (loss) before income taxes89 30 229 33 
Less:
Embedded derivatives – modco/funds withheld treaties(1)(23)18 (147)
Market risk benefits remeasurement (gains) losses and related free standing derivatives(23)(35)(48)(68)
Equity-indexed annuities7 10 11 54 
Income before income taxes and certain derivatives$106 $78 $248 $194 
Embedded Derivatives – Modco/Funds Withheld Treaties – Represents the change in the fair value of embedded derivatives on funds withheld at interest associated with treaties written on a modco or funds withheld basis. The Company’s utilization of a credit valuation adjustment did not have a material effect on the change in fair value of these embedded derivatives for the three and nine months ended September 30, 2023 and 2022.
The change in fair value of the embedded derivatives related to modco/funds withheld treaties, increased (decreased) income before income taxes by $(1) million and $(23) million for the third quarter and $18 million and $(147) million for the nine months ended September 30, 2023 and 2022, respectively. The decrease in income for the third quarter was due to rising interest rates, offset by tightening credit spreads. The decrease in income for the third quarter of 2022 was due to widening credit spreads. The increase in income for the nine months ended September 30, 2023, was due to tightening credit spreads, and the decrease in income for the nine months ended September 30, 2022, was due to higher risk-free interest rates and wider credit spreads.
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Market Risk Benefits – Represents the impact related to market risk benefits, which consist of guaranteed minimum benefits associated with the Company’s reinsurance of variable and equity-indexed annuities, including the associated free standing derivatives (interest rate swaps, financial futures and equity options), purchased by the Company to economically hedge the market risk benefit. The change in fair value of the market risk benefits, net of the changes in the associated free standing derivatives, decreased income before income taxes by $23 million and $48 million for the three and nine months ended September 30, 2023, respectively, due to increasing interest rates. The decrease in income of $35 million and $68 million for the three and nine months ended September 30, 2022, respectively, was also due to increasing interest rates.
Equity-Indexed Annuities – Represents changes in the liability for equity-indexed annuities in excess of changes in account value. The change in fair value of embedded derivative liabilities associated with equity-indexed annuities increased income before income taxes by $7 million and $10 million for the three and nine months ended September 30, 2023 and $11 million and $54 million for the three and nine months ended September 30, 2023 and 2022, respectively, due to an increase in risk free interest rates which has the impact of lowering the fair value of the liability.
Discussion and analysis before certain derivatives and market risk benefits
The changes in derivatives and market risk benefits discussed above are considered unrealized by management and do not affect current cash flows, crediting rates or spread performance on the underlying treaties. Fluctuations occur period to period primarily due to changing investment conditions including, but not limited to, interest rate movements (including benchmark rates and credit spreads), implied volatility and equity market performance, all of which are factors in the calculations of fair value. Therefore, management believes it is helpful to distinguish between the effects of changes in these derivatives and market risk benefits as the primary factors that drive profitability of the underlying treaties are investment income, fee income (included in other revenues) and interest credited.
•Income before income taxes and certain derivatives and market risk benefits increased by $29 million and $55 million for the three and nine months ended September 30, 2023, as compared to the same periods in 2022, primarily due to higher investment income, net in coinsurance and funds withheld portfolios due to increases in interest rates and remeasurement gain as a result of the assumption update completed in the third quarter of 2023.
•Revenue before certain derivatives and market risk benefits increased by $834 million and $1,032 million for the three and nine months ended September 30, 2023, as compared to the same periods in 2022. The increase in the third quarter of 2023 and nine months ended was primarily due to PRT single premiums and higher investment income due to an increase in interest rates. PRT premiums are offset by a corresponding increase in future policy benefits.
•Benefits and expenses before certain derivatives and market risk benefits increased by $805 million and $977 million for the three and nine months ended September 30, 2023, as compared to the same periods in 2022. The increase in the three and nine months ended September 30, 2023, was primarily due to the establishment of liabilities for future policy benefits associated with PRT transactions.

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Canada Operations
The Canada operations are primarily engaged in traditional reinsurance, which consists mainly of traditional individual life reinsurance, and to a lesser extent creditor, group life and health, critical illness and disability reinsurance. Creditor insurance covers the outstanding balance on personal, mortgage or commercial loans in the event of death, disability or critical illness and is generally shorter in duration than traditional individual life insurance. The Canada Financial Solutions segment consists of longevity and capital solutions.
Three months ended September 30,Nine months ended September 30,
(dollars in millions)202320222023 vs 2022202320222023 vs 2022
Revenues
Net premiums$324 $317 $7 $972 $983 $(11)
Net investment income63 65 $(2)187 188 (1)
Investment related gains (losses), net— 2 (2)6 (3)9 
Other revenues5 2 3 12 9 3 
Total revenues392 386 6 1,177 1,177 — 
Benefits and expenses
Claims and other policy benefits302 294 8 895 910 (15)
Future policy benefits remeasurement (gains) losses(7)7 (14)(12)(1)(11)
Market risk benefits remeasurement (gains) losses— — — — — — 
Interest credited1 — 1 1 — 1 
Policy acquisition costs and other insurance expenses47 56 (9)140 160 (20)
Other operating expenses13 11 2 37 32 5 
Total benefits and expenses356 368 (12)1,061 1,101 (40)
Income (loss) before income taxes$36 $18 $18 $116 $76 $40 
The increase in income before income taxes for the three and nine months ended September 30, 2023, was primarily due to future policy benefits remeasurement gains as compared to future policy benefits remeasurement losses for the same period in 2022 and favorable experience on the Financial Solutions segment as compared to the same period in 2022. The increase in income for the nine months ended September 30, 2023, was primarily due to higher future policy benefits remeasurement gains, an increase in investment related gains (losses), net, and overall favorable experience, as compared to the same period in 2022.
Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations resulted in decreases in income before income taxes of $1 million and $6 million for the three and nine months ended September 30, 2023. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
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Traditional Reinsurance
Three months ended September 30,Nine months ended September 30,
(dollars in millions)202320222023 vs 2022202320222023 vs 2022
Revenues
Net premiums$302 $293 $9 $904 $911 $(7)
Net investment income62 64 (2)184 184 — 
Investment related gains (losses), net— 2 (2)6 (3)9 
Other revenues2 — 2 4 3 1 
Total revenues366 359 7 1,098 1,095 3 
Benefits and expenses
Claims and other policy benefits284 272 12 836 844 (8)
Future policy benefits remeasurement (gains) losses16 9 7 18 8 10 
Market risk benefits remeasurement (gains) losses— — — — — — 
Interest credited1 — 1 1 — 1 
Policy acquisition costs and other insurance expenses46 56 (10)138 159 (21)
Other operating expenses13 10 3 35 30 5 
Total benefits and expenses360 347 13 1,028 1,041 (13)
Income (loss) before income taxes$6 $12 $(6)$70 $54 $16 
Key metrics
Life reinsurance in force$477.2 billion$448.7 billion
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$13 $6 $13 $6 
Effect of actual variances from expected experience$3 $3 $5 $2 
Loss ratio (1)
99.3 %95.9 %94.5 %93.5 %
Policy acquisition costs and other insurance expenses as a percentage of net premiums15.2 %19.1 %15.3 %17.5 %
Other operating expenses as a percentage of net premiums4.3 %3.4 %3.9 %3.3 %
(1)Includes Claims and other policy benefits and Future policy benefits remeasurement (gains) losses
The decrease in income before income taxes for the three months ended September 30, 2023, was primarily due to higher future policy benefits remeasurement losses as compared to the same period in 2022. The increase in income before income taxes for the nine months ended September 30, 2023, was primarily due favorable experience and higher investment related gains (losses),net, partially offset by higher future policy benefits remeasurement losses as compared to the same period in 2022.
Revenues
•The increase in total revenues for the three months ended September 30, 2023 was primarily due to an increase in net premiums as compared to the same period in 2022 and the increase in total revenues for the nine months ended September 30, 2023 was primarily due to investment related gains as compared to investment related losses for the same period in 2022 partially offset by lower net premiums as compared to the same period in 2022.
•The increase in net premiums for the three months ended September 30, 2023, is primarily due to organic growth, partially offset by foreign currency fluctuations. The decrease in net premiums for the nine months ended September 30, 2023 is due to foreign currency fluctuations. Excluding the impact of foreign currency fluctuations the increase in net premiums is primarily due to organic growth.
•The segment added new life business production, measured by face amount of life reinsurance in force, of $33.0 billion and $36.3 billion during the first nine months of 2023 and 2022, respectively.
Benefits and expenses
•The increase in loss ratios for the three and nine months ended September 30, 2023, are primarily due to higher future policy remeasurement losses as compared to the same period in 2022.
•During the third quarter of 2023, the Company completed its annual assumption review resulting in a future policy benefits remeasurement loss of $13 million compared to a future policy benefits remeasurement loss of $6 million in the third quarter of 2022 due to updating mortality assumptions.
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•The decrease in policy acquisition costs for the three and nine months ended September 30, 2023, is primarily due to lower allowances and ceded expenses.
Financial Solutions
Three months ended September 30,Nine months ended September 30,
(dollars in millions)202320222023 vs 2022202320222023 vs 2022
Revenues
Net premiums$22 $24 $(2)$68 $72 $(4)
Net investment income1 1 — 3 4 (1)
Investment related gains (losses), net— — — — — — 
Other revenues3 2 1 8 6 2 
Total revenues26 27 (1)79 82 (3)
Benefits and expenses
Claims and other policy benefits18 22 (4)59 66 (7)
Future policy benefits remeasurement (gains) losses(23)(2)(21)(30)(9)(21)
Market risk benefits remeasurement (gains) losses— — — — — — 
Interest credited— — — — — — 
Policy acquisition costs and other insurance expenses1 — 1 2 1 1 
Other operating expenses— 1 (1)2 2 — 
Total benefits and expenses(4)21 (25)33 60 (27)
Income (loss) before income taxes$30 $6 $24 $46 $22 $24 
Key metrics
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$(22)$— $(22)$— 
Effect of actual variances from expected experience$(1)$(2)$(8)$(9)
The increase in income for the three and nine months ended September 30, 2023, compared to the same periods in 2022, was the result of a future policy remeasurement gain of $22 million due to a change in mortality assumptions.
Europe, Middle East and Africa Operations
The Europe, Middle East and Africa (“EMEA”) operations include business primarily generated by offices in France, Germany, Ireland, Italy, the Middle East, the Netherlands, Poland, South Africa, Spain and the United Kingdom (“UK”). EMEA consists of two major segments: Traditional and Financial Solutions. The Traditional segment primarily provides reinsurance through yearly renewable term and coinsurance agreements on a variety of life, health and critical illness products. Reinsurance agreements may be facultative or automatic agreements covering primarily individual risks and, in some markets, group risks. The Financial Solutions segment consists of reinsurance and other transactions associated with longevity closed blocks, payout annuities, capital management solutions and financial reinsurance.
Three months ended September 30,Nine months ended September 30,
(dollars in millions)202320222023 vs 2022202320222023 vs 2022
Revenues
Net premiums$565 $548 $17 $1,647 $1,673 $(26)
Net investment income79 55 24 216 162 54 
Investment related gains (losses), net(21)(9)(12)(36)(15)(21)
Other revenues8 4 4 14 12 2 
Total revenues631 598 33 1,841 1,832 9 
Benefits and expenses
Claims and other policy benefits524 506 18 1,469 1,504 (35)
Future policy benefits remeasurement (gains) losses10 (4)14 — (14)14 
Market risk benefits remeasurement (gains) losses— — — — — — 
Interest credited(2)(5)3 (4)(22)18 
Policy acquisition costs and other insurance expenses27 21 6 70 66 4 
Other operating expenses48 41 7 140 129 11 
Total benefits and expenses607 559 48 1,675 1,663 12 
Income (loss) before income taxes$24 $39 $(15)$166 $169 $(3)
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•The decrease in income before income taxes for the three months ended September 30, 2023, as compared to the same period in 2022, was primarily due to higher losses from future policy benefits remeasurement and unfavorable mortality experience in select markets. The decrease for the nine months ended September 30, 2023, as compared to the same period in 2022, was primarily due to higher losses from future policy benefits remeasurement, unfavorable mortality experience with some offset from favorable longevity experience.
•Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations resulted in a $2 million increase and $4 million decrease in income before income taxes for the three and nine months ended September 30, 2023. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
Traditional Reinsurance
Three months ended September 30,Nine months ended September 30,
(dollars in millions)202320222023 vs 2022202320222023 vs 2022
Revenues
Net premiums$447 $436 $11 $1,314 $1,314 $— 
Net investment income23 18 5 69 55 14 
Investment related gains (losses), net— — — — — — 
Other revenues1 2 (1)(1)3 (4)
Total revenues471 456 15 1,382 1,372 10 
Benefits and expenses
Claims and other policy benefits429 409 20 1,202 1,182 20 
Future policy benefits remeasurement (gains) losses43 (7)50 47 (5)52 
Market risk benefits remeasurement (gains) losses— — — — — — 
Interest credited— — — — — — 
Policy acquisition costs and other insurance expenses25 19 6 64 61 3 
Other operating expenses34 30 4 98 91 7 
Total benefits and expenses531 451 80 1,411 1,329 82 
Income (loss) before income taxes$(60)$5 $(65)$(29)$43 $(72)
Key metrics
Life reinsurance in force$814.5 billion$671.3 billion
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$47 $13 $47 $13 
Effect of actual variances from expected experience$(4)$(20)$— $(18)
Loss ratio (1)
105.6 %92.2 %95.1 %89.6 %
Policy acquisition costs and other insurance expenses as a percentage of net premiums5.6 %4.4 %4.9 %4.6 %
Other operating expenses as a percentage of net premiums7.6 %6.9 %7.5 %6.9 %
(1)Includes Claims and other policy benefits and Future policy benefits remeasurement (gains) losses
The decreases in income before income taxes for the three and nine months ended September 30, 2023, as compared to the same periods in 2022, were primarily due to increased claims and increased future policy benefits remeasurement losses.
Revenues
•The increase in net premiums for the three months ended September 30, 2023, was primarily due to foreign currency fluctuations. Net premiums for the first nine months of 2023 were unchanged compared to the same period last year. Excluding the impact of foreign currency fluctuations, business volume on new and existing treaties increased in the first nine months of 2023.
•The segment added new life business production, measured by face amount of life reinsurance in force, of $97.6 billion and $133.8 billion during the nine months ended September 30, 2023 and 2022, respectively.
Benefits and expenses
•The increases in the loss ratios for the third quarter and first nine months of 2023 were primarily due to an update of mortality assumptions primarily in the UK and a worsening in mortality experience primarily in the UK and South Africa.
•During the third quarter of 2023, the Company completed its annual assumption review resulting in a future policy benefits remeasurement loss of $47 million compared to a future policy benefits remeasurement loss of $13 million in the third quarter of 2022 due to updating mortality assumptions.

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Financial Solutions
Three months ended September 30,Nine months ended September 30,
(dollars in millions)202320222023 vs 2022202320222023 vs 2022
Revenues
Net premiums$118 $112 $6 $333 $359 $(26)
Net investment income56 37 19 147 107 40 
Investment related gains (losses), net(21)(9)(12)(36)(15)(21)
Other revenues7 2 5 15 9 6 
Total revenues160 142 18 459 460 (1)
Benefits and expenses
Claims and other policy benefits95 97 (2)267 322 (55)
Future policy benefits remeasurement (gains) losses(33)3 (36)(47)(9)(38)
Market risk benefits remeasurement (gains) losses— — — — — — 
Interest credited(2)(5)3 (4)(22)18 
Policy acquisition costs and other insurance expenses2 2 — 6 5 1 
Other operating expenses14 11 3 42 38 4 
Total benefits and expenses76 108 (32)264 334 (70)
Income (loss) before income taxes$84 $34 $50 $195 $126 $69 
Key metrics
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$(34)$— $(34)$— 
Effect of actual variances from expected experience$1 $3 $(13)$(9)
The increases in income before income taxes for the three and nine months ended September 30, 2023, were primarily due to increases in net investment income and higher future policy benefits remeasurement gains. The first nine months also had favorable claims experience related to closed longevity blocks, partially offset by decreased net premiums.
Revenues
•The decrease in net premiums for the first nine months was primarily due to an increase in the ceded premium on closed block longevity transactions.
•The increase in net investment income was primarily related to higher yield and higher income associated with unit-linked policies which fluctuate with market performance and are offset by an increase in interest credited related to the unit-linked liabilities.
•The increase in investment related losses for the third quarter and first nine months was attributable to fluctuations in the fair market value of CPI swap derivatives due to changes in future inflation expectations. The increase in investment related losses for the nine months ended September 30, 2023, was also attributable to higher investment related losses on fixed-income securities.
Benefits and expenses
•The decrease in claims and other policy benefits for the first nine months of 2023 was the result of favorable longevity experience and an increased level of external retrocession coverage on closed block longevity transactions.
•During the third quarter of 2023, the Company completed its annual assumption review resulting in a future policy benefits remeasurement gain of $34 million. There were no changes to assumptions in the prior period.


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Asia Pacific Operations
The Asia Pacific operations include business generated by its offices principally in Australia, China, Hong Kong, India, Japan, Malaysia, New Zealand, Singapore, South Korea and Taiwan. The Traditional segment’s principal types of reinsurance include individual and group life and health, critical illness, disability and superannuation. Reinsurance agreements may be facultative or automatic agreements covering primarily individual risks, and in some markets, group risks. Superannuation is the Australian government mandated compulsory retirement savings program. Superannuation funds accumulate retirement funds for employees, and, in addition, typically offer life and disability insurance coverage. The Financial Solutions segment includes financial reinsurance, asset-intensive and certain disability and life blocks.
Three months ended September 30,Nine months ended September 30,
(dollars in millions)202320222023 vs 2022202320222023 vs 2022
Revenues
Net premiums$800 $729 $71 $2,247 $2,122 $125 
Net investment income177 128 49 533 320 213 
Investment related gains (losses), net(65)(90)25 (162)(279)117 
Other revenues19 124 (105)61 195 (134)
Total revenues931 891 40 2,679 2,358 321 
Benefits and expenses
Claims and other policy benefits671 687 (16)1,926 1,799 127 
Future policy benefits remeasurement (gains) losses(40)68 (108)(64)91 (155)
Market risk benefits remeasurement (gains) losses— — — — — — 
Interest credited54 38 16 154 80 74 
Policy acquisition costs and other insurance expenses67 68 (1)192 194 (2)
Other operating expenses61 56 5 178 163 15 
Total benefits and expenses813 917 (104)2,386 2,327 59 
Income (loss) before income taxes$118 $(26)$144 $293 $31 $262 
•The increases in income before taxes for the three and nine months ended September 30, 2023, as compared to the same periods in 2022, were primarily due to increased net investment income related to an increase in the asset base from new asset-intensive transactions, increased net premiums and lower investment related losses, and favorable underwriting results.
•Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations resulted in increases of $1 million and decreases of $4 million in income before income taxes during the three and nine months ended September 30, 2023. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
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Traditional Reinsurance
Three months ended September 30,Nine months ended September 30,
(dollars in millions)202320222023 vs 2022202320222023 vs 2022
Revenues
Net premiums$737 $660 $77 $2,076 $1,950 $126 
Net investment income60 51 9 183 144 39 
Investment related gains (losses), net1 4 (3)6 9 (3)
Other revenues3 5 (2)17 21 (4)
Total revenues801 720 81 2,282 2,124 158 
Benefits and expenses
Claims and other policy benefits604 627 (23)1,746 1,644 102 
Future policy benefits remeasurement (gains) losses(39)68 (107)(62)91 (153)
Market risk benefits remeasurement (gains) losses— — — — — — 
Interest credited— — — — — — 
Policy acquisition costs and other insurance expenses46 47 (1)136 146 (10)
Other operating expenses56 51 5 160 149 11 
Total benefits and expenses667 793 (126)1,980 2,030 (50)
Income (loss) before income taxes$134 $(73)$207 $302 $94 $208 
Key metrics
Life reinsurance in force$501.8 billion$479.4 billion
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$(2)$140 $(2)$117 
Effect of actual variances from expected experience$(37)$(72)$(60)$(26)
Loss ratio (1)
76.7 %105.3 %81.1 %89.0 %
Policy acquisition costs and other insurance expenses as a percentage of net premiums6.2 %7.1 %6.6 %7.5 %
Other operating expenses as a percentage of net premiums7.6 %7.7 %7.7 %7.6 %
(1)Includes Claims and other policy benefits and Future policy benefits remeasurement (gains) losses
The increases in income before income taxes for the three and nine months ended September 30, 2023, were primarily the result of higher total revenue and favorable underwriting results.
Revenues
•The increases in net premiums were primarily due to continued business growth in the segment.
•The segment added new life business production, measured by face amount of life reinsurance in force, of $25.7 billion and $36.7 billion during the nine months ended September 30, 2023 and 2022, respectively.
•The increases in net investment income were attributable to increase in investment yield due to an increase in interest rates.
Benefits and expenses
•The decrease in the loss ratio for the three and nine months ended September 30, 2023, as compared to the same period in 2022, was primarily due to favorable claims experience.
•During the third quarter of 2023, the Company completed its annual assumption review resulting in a future policy benefits remeasurement gain of $2 million compared to a future policy benefits remeasurement loss of $140 million in the third quarter of 2022 due to updating mortality assumptions.
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Financial Solutions
Three months ended September 30,Nine months ended September 30,
(dollars in millions)202320222023 vs 2022202320222023 vs 2022
Revenues
Net premiums$63 $69 $(6)$171 $172 $(1)
Net investment income117 77 40 350 176 174 
Investment related gains (losses), net(66)(94)28 (168)(288)120 
Other revenues16 119 (103)44 174 (130)
Total revenues130 171 (41)397 234 163 
Benefits and expenses
Claims and other policy benefits67 60 7 180 155 25 
Future policy benefits remeasurement (gains) losses(1)— (1)(2)— (2)
Market risk benefits remeasurement (gains) losses— — — — — — 
Interest credited54 38 16 154 80 74 
Policy acquisition costs and other insurance expenses21 21 — 56 48 8 
Other operating expenses5 5 — 18 14 4 
Total benefits and expenses146 124 22 406 297 109 
Income (loss) before income taxes$(16)$47 $(63)$(9)$(63)$54 
Key metrics
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$— $— $— $— 
Effect of actual variances from expected experience$(1)$— $(2)$— 
The decrease in income (loss) before income taxes during the third quarter of 2023 and the nine months ended September 30, 2023, as compared to the same periods in 2022, was due to the impact of higher surrender fess and market value adjustments, reflected in other revenues, from a single premium annuity transaction recognized in the prior year.
The invested asset base supporting asset-intensive transactions increased to $14.4 billion as of September 30, 2023, from $11.6 billion as of September 30, 2022. The increase in the asset base compared to September 30, 2022, was primarily due to approximately $2.0 billion in additional assets from recently executed transactions and net organic growth of $0.8 billion from existing in-force blocks. The amount of reinsurance assumed from client companies, as measured by pre-tax statutory surplus, risk based capital and other financial reinsurance structures was $1.1 billion and $1.0 billion for the nine months ended September 30, 2023 and 2022, respectively. Fees earned from this business can vary significantly depending on the size, complexity and timing of the transactions and, therefore, can fluctuate from period to period.
Revenues
•The decreases in net premiums for the three and nine months ended September 30, 2023, as compared to the same periods in 2022, were the result of lower contributions from single premium asset-intensive transactions, partially offset by contributions from recently executed asset-intensive transactions.
•The increase in net investment income was due to a growing asset base and improved yields from increased interest rates.
•The decrease in investment related losses, net during the quarter ended September 30, 2023, as compared to the same period in 2022, was attributable to investment losses associated with higher lapses in the prior year. The decrease in investment related losses, net for the first nine months of 2023, as compared to 2022, was attributable to an increase in the fair value of derivatives of $98 million and investment losses associated with higher lapses in the prior year. Investment losses associated with higher lapses in the prior year were offset by surrender fees and market value adjustment charges, as described below.
•The decreases in other revenue for the three and nine months ended September 30, 2023, as compared to the same periods in 2022, were due to surrender fees and market value adjustment charges associated with higher lapses in the prior year.
Benefits and expenses
•The increases in claims and other policy benefits for the three and nine months ended September 30, 2023, as compared to the same periods in 2022, were the result of recently executed asset-intensive transactions.

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Corporate and Other
Corporate and Other revenues primarily include investment income from unallocated invested assets, investment related gains and losses and service fees. Corporate and Other expenses consist of the offset to capital charges allocated to the operating segments within the policy acquisition costs and other insurance income line item, unallocated overhead and executive costs, interest expense related to debt, and the investment income and expense associated with the Company’s collateral finance and securitization transactions and service business expenses. Additionally, Corporate and Other includes results from certain wholly-owned subsidiaries that, among other activities, develop and market technology, and provide consulting and outsourcing solutions for the insurance and reinsurance industries. The Company continues to invest in this area in an effort to both support its clients and accelerate the development of innovative solutions and services to increase consumer engagement within the life insurance industry and hence generate new future revenue streams.
Three months ended September 30,Nine months ended September 30,
(dollars in millions)202320222023 vs 2022202320222023 vs 2022
Revenues
Net premiums$— $— $— $— $— $— 
Net investment income109 53 56 273 216 57 
Investment related gains (losses), net21 (24)45 (23)(64)41 
Other revenues5 (1)6 12 (12)24 
Total revenues135 28 107 262 140 122 
Benefits and expenses
Claims and other policy benefits— — — — — — 
Future policy benefits remeasurement (gains) losses— — — — — — 
Market risk benefits remeasurement (gains) losses— — — — — — 
Interest credited14 8 6 42 20 22 
Policy acquisition costs and other insurance expenses(24)(21)(3)(64)(66)2 
Other operating expenses84 84 — 253 223 30 
Interest expense72 49 23 188 136 52 
Total benefits and expenses146 120 26 419 313 106 
Loss before income taxes$(11)$(92)$81 $(157)$(173)$16 
The decrease in loss before income taxes for the three months ended September 30, 2023, was primarily attributable to an increase in net investment income, increase in investment related gains (losses), net, partially offset by an increase in interest expense. The decrease in loss before income taxes for the nine months ended September 30, 2023, was primarily attributable to an increase in net investment income, increase in investment related gains (losses), net, increase in interest credited, increase in other operating expenses and increase in interest expense.
Revenues
•The increases in net investment income for the three and nine months ended September 30, 2023, were attributable to higher yields and a higher unallocated invested asset base.
•The increase in investment related gains (losses), net for the three months ended September 30, 2023, was primarily attributable to unrealized gains on limited partnerships in the current period compared to net losses on sales of fixed maturity securities in the prior period. The decrease in investment related losses, net for the nine months ended September 30, 2023, was primarily attributable to a decrease in net losses on sales of fixed maturity securities.
•The increase in other revenues was primarily due to an increase in the cash surrender value on corporate-owned life insurance for the three and nine months ended September 30, 2023, compared to a decrease in value in the prior year.
Expenses
•The increase in interest credited for the nine months ended September 30, 2023, was primarily attributable to an increase in interest rates on FHLB funding agreements.
•The increase in other operating expenses for the nine months ended September 30, 2023, was primarily attributable to an increase in incentive compensation expense.
•The increases in interest expense for the three and nine months ended September 30, 2023, were primarily attributable to an increase in outstanding debt.

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Liquidity and Capital Resources
Overview
The Company believes that cash flows from the source of funds available to it will provide sufficient cash flows for the next twelve months to satisfy the current liquidity requirements of the Company under various scenarios that include the potential risk of early recapture of reinsurance treaties, market events and higher than expected claims. The Company performs periodic liquidity stress testing to ensure its asset portfolio includes sufficient high quality liquid assets that could be utilized to bolster its liquidity position under stress scenarios. These assets could be utilized as collateral for secured borrowing transactions with various third parties or by selling the securities in the open market if needed. The Company’s liquidity requirements have been and will continue to be funded through net cash flows from operations. However, in the event of significant unanticipated cash requirements beyond normal liquidity needs, the Company has multiple liquidity alternatives available based on market conditions and the amount and timing of the liquidity need. These alternatives include the sale of invested assets subject to market conditions, borrowings under committed credit facilities, secured borrowings, and if necessary, issuing long-term debt, preferred securities or common equity.
Current Market Environment
The Company’s average investment yield, excluding spread related business, for the three months ended September 30, 2023, was 4.72%, 32 basis points above the same period in 2022 primarily attributable to higher interest rates and an increase in variable investment income associated with joint ventures and limited partnerships. The average yield will vary from year to year depending on several variables, including the prevailing risk-fee interest rate and credit spread environment, prepayment fees and make-whole premiums, changes in the mix of the underlying investments and cash and cash equivalents balances. Variable investment income from joint ventures and limited partnerships will also vary from year to year and is highly dependent on the timing of dividends and distributions on certain investments. Gross unrealized gains on fixed maturity securities available-for-sale decreased from $0.6 billion at December 31, 2022, to $0.4 billion at September 30, 2023. Additionally, gross unrealized losses increased from $7.3 billion at December 31, 2022, to $8.5 billion at September 30, 2023.
The Company continues to be in a position to hold any investment security showing an unrealized loss until recovery, provided it remains comfortable with the credit of the issuer. The Company does not rely on short-term funding or commercial paper and to date it has experienced no liquidity pressure, nor does it anticipate such pressure in the foreseeable future.
The Company projects its reserves to be sufficient and it would not expect to be required to take any actions to augment capital, even if interest rates remain at current levels for the next five years, assuming all other factors remain constant. To mitigate disintermediation risk, the Company purchased swaptions to protect it against a material increase in interest rates. While the Company has felt the pressures of sustained low interest rates, followed by the recent significant increase in risk-free rates, and volatile equity markets, its business and results of operations are not overly sensitive to these risks. Mortality and morbidity risks continue to be the most significant risk for the Company. Although management believes the Company’s current capital base is adequate to support its business at current operating levels, it continues to monitor new business opportunities and any associated new capital needs that could arise from the changing financial landscape.
The Holding Company
RGA is an insurance holding company whose primary uses of liquidity include, but are not limited to, the immediate capital needs of its operating companies, dividends paid to its shareholders, repurchase of common stock and interest payments on its indebtedness. The primary sources of RGA’s liquidity include proceeds from its capital-raising efforts, interest income on undeployed corporate investments, interest income received on surplus notes with RGA Reinsurance Company (“RGA Reinsurance”), RGA Life and Annuity Insurance Company (“RGA Life and Annuity”) and Rockwood Reinsurance Company (“Rockwood Re”) and dividends from operating subsidiaries. As the Company continues its growth efforts, RGA will continue to be dependent upon these sources of liquidity. The following tables provide comparative information for RGA (dollars in millions):
Three months ended September 30,Nine months ended September 30,
 2023202220232022
Interest and dividend income$134 $135 $205 $287 
Interest expense53 45 153 128 
Capital contributions to subsidiaries8 5 20 17 
Issuance of unaffiliated debt— 690 400 690 
Dividends to shareholders56 54 163 152 
Purchase of treasury stock50 25 150 50 
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 September 30, 2023December 31, 2022
Cash and invested assets$537 $903 
See Item 15, Schedule II – “Condensed Financial Information of the Registrant” in the 2022 Annual Report for additional financial information related to RGA.
The undistributed earnings of substantially all of the Company’s foreign subsidiaries have been reinvested indefinitely in those non-U.S. operations, as described in Note 9 – “Income Tax” in the Notes to Consolidated Financial Statements in the 2022 Annual Report. As U.S. Tax Reform generally eliminated U.S. federal income taxes on dividends from foreign subsidiaries, the Company does not expect to incur material income taxes if these funds are repatriated.
RGA endeavors to maintain a capital structure that provides financial and operational flexibility to its subsidiaries, credit ratings that support its competitive position in the financial services marketplace, and shareholder returns. As part of the Company’s capital deployment strategy, it has in recent years repurchased shares of RGA common stock and paid dividends to RGA shareholders, as authorized by the board of directors.
On February 25, 2022, RGA’s board of directors authorized a share repurchase program for up to $400 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. In connection with this authorization, the board of directors terminated the stock repurchase authority granted in 2019. During the nine months ended September 30, 2023, RGA repurchased 1,069,113 shares of common stock under this program for $150 million, and as of September 30, 2023, $200 million may be purchased under this program.
The pace of repurchase activity depends on various factors such as the level of available cash, an evaluation of the costs and benefits associated with alternative uses of excess capital, such as acquisitions and in force reinsurance transactions, and RGA’s stock price.
Details underlying dividend and share repurchase program activity were as follows (in millions, except share data):
Nine months ended September 30,
20232022
Dividends to shareholders$163 $152 
Purchase of common stock (1)
150 50 
Total amount paid to shareholders$313 $202 
Number of common shares purchased (1)
1,069,113 414,350 
Average price per share$140.30 $120.67 
(1)Excludes shares utilized to execute and settle certain stock incentive awards.
In October 2023, RGA’s board of directors declared a quarterly dividend of $0.85 per share. All future payments of dividends are at the discretion of RGA’s board of directors and will depend on the Company’s earnings, capital requirements, insurance regulatory conditions, operating conditions, and other such factors as the board of directors may deem relevant. The amount of dividends that RGA can pay will depend in part on the operations of its reinsurance subsidiaries. See Note 4 – “Equity” in the Notes to Condensed Consolidated Financial Statements for information on the Company’s share repurchase program.
Debt
Certain of the Company’s debt agreements contain financial covenant restrictions related to, among others, liens, the issuance and disposition of stock of restricted subsidiaries, minimum requirements of consolidated net worth, maximum ratios of debt to capitalization and change of control provisions. The Company renewed its syndicated credit facility in the first quarter of 2023. Under the terms of the new facility the Company is required to maintain a minimum consolidated net worth, as defined in the debt agreements, $5.8 billion effective with the June 30, 2023, covenant calculations. Also, consolidated indebtedness, calculated as of the last day of each fiscal quarter, cannot exceed 35% of the sum of the Company’s consolidated indebtedness plus adjusted RGA Inc’s shareholders’ equity. A material ongoing covenant default could require immediate payment of the amount due, including principal, under the various agreements. Additionally, the Company’s debt agreements contain cross-acceleration covenants, which would make outstanding borrowings immediately payable in the event of a material uncured covenant default under any of the agreements, including, but not limited to, non-payment of indebtedness when due for an amount in excess of the amounts set forth in those agreements, bankruptcy proceedings, or any other event that results in the acceleration of the maturity of indebtedness.
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As of September 30, 2023 and December 31, 2022, the Company had $4.5 billion and $4.0 billion, respectively, in outstanding borrowings under its debt agreements and was in compliance with all covenants under those agreements. As of September 30, 2023 and December 31, 2022, the average interest rate on long-term debt outstanding was 5.10% and 4.71%, respectively. The ability of the Company to make debt principal and interest payments depends on the earnings and surplus of subsidiaries, investment earnings on undeployed capital proceeds, available liquidity at the holding company, and the Company’s ability to raise additional funds.
The Company enters into derivative agreements with counterparties that reference either the Company’s debt rating or its financial strength rating. If either rating is downgraded in the future, it could trigger certain terms in the Company’s derivative agreements, which could negatively affect overall liquidity. For the majority of the Company’s derivative agreements, there is a termination event should the long-term senior debt ratings drop below either BBB+ (S&P) or Baa1 (Moody’s) or the financial strength ratings drop below either A- (S&P) or A3 (Moody’s).
The Company may borrow up to $850 million in cash and obtain letters of credit in multiple currencies on its revolving credit facility that matures in March 2028. As of September 30, 2023, the Company had no cash borrowings outstanding and no issued, but undrawn, letters of credit under this facility.
On June 8, 2023, the Company issued 6.0% fixed rate senior notes due 2033 with a face amount of $400 million, which were used to repay upon maturity the $400 million 4.70% Senior Notes that matured on September 15, 2023. Capitalized issuance costs were $4 million.
On March 23, 2023, Chesterfield Reinsurance Company, a subsidiary of RGA, issued 7.125% Surplus Notes due 2043, with a face amount of $500 million. Capitalized issue costs were approximately $6 million. The loan is expected to be repaid over the term of the loan based on available funds and regulatory approval. As of September 30, 2023 the amount outstanding is $500 million.
Based on the historic cash flows and the current financial results of the Company, management believes RGA’s cash flows will be sufficient to enable RGA to meet its obligations for at least the next 12 months.
Credit and Committed Facilities
On March 13, 2023, The Company entered into a new syndicated revolving credit facility with a five year term and an overall capacity of $850 million. The new facility replaced the existing $850 million syndicated revolving credit facility, which was scheduled to mature in August 2023. See Note 13 – “Debt” in the Notes to Consolidated Financial Statements in the 2022 Annual Report for further information about these facilities.
The Company has obtained bank letters of credit in favor of various affiliated and unaffiliated insurance companies from which the Company assumes business. These letters of credit represent guarantees of performance under the reinsurance agreements and allow ceding companies to take statutory reserve credits. Certain of these letters of credit contain financial covenant restrictions similar to those described in the “Debt” discussion above. At September 30, 2023, there were approximately $53 million of outstanding bank letters of credit in favor of third parties. Additionally, in accordance with applicable regulations, the Company utilizes letters of credit to secure statutory reserve credit when it retrocedes business to its affiliated subsidiaries. The Company cedes business to its affiliates to help reduce the amount of regulatory capital required in certain jurisdictions, such as the U.S. and UK. The Company believes the capital required to support the business in the affiliates reflects more realistic expectations than the original jurisdiction of the business, where capital requirements are often considered to be quite conservative. As of September 30, 2023, $768 million in letters of credit from various banks were outstanding, but undrawn, backing reinsurance between the various subsidiaries of the Company.
Cash Flows
The Company’s principal cash inflows from its reinsurance operations include premiums and deposit funds received from ceding companies. The primary liquidity concerns with respect to these cash flows are early recapture of the reinsurance contract by the ceding company and lapses of annuity products reinsured by the Company. The Company’s principal cash inflows from its invested assets result from investment income and the maturity and sales of invested assets. The primary liquidity concerns with respect to these cash inflows relates to the risk of default by debtors and interest rate volatility. The Company manages these risks very closely. See “Investments” below.
Additional sources of liquidity to meet unexpected cash outflows in excess of operating cash inflows and current cash and equivalents on hand also includes drawing funds under a revolving credit facility, under which the Company had availability of $850 million as of September 30, 2023. The Company also has $766 million of funds available through collateralized borrowings from the FHLB as of September 30, 2023. As of September 30, 2023, the Company could have borrowed these additional amounts without violating any of its existing debt covenants.
The Company’s principal cash outflows relate to the payment of claims liabilities, interest credited, operating expenses, income taxes, dividends to shareholders, purchases of treasury stock, and principal and interest under debt and other financing
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obligations. The Company seeks to limit its exposure to loss on any single insured and to recover a portion of benefits paid by ceding reinsurance to other insurance enterprises or reinsurers under excess coverage and coinsurance contracts (See Note 2 – “Significant Accounting Policies and Pronouncements” in the Notes to Consolidated Financial Statements in the 2022 Annual Report). The Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance. The Company has never experienced a material default in connection with retrocession arrangements, nor has it experienced any difficulty in collecting claims recoverable from retrocessionaires; however, no assurance can be given as to the future performance of such retrocessionaires nor to the recoverability of future claims. The Company’s management believes its cash and cash equivalents along with its current sources of liquidity are adequate to meet its cash requirements for the next 12 months.
Summary of Primary Sources and Uses of Liquidity and Capital
The Company’s primary sources and uses of liquidity and capital are summarized as follows (dollars in millions):
For the nine months ended September 30,
20232022
Sources:
Net cash provided by operating activities$2,818 $1,077 
Proceeds from long-term debt issuance900 700 
Change in cash collateral for derivative positions and other arrangements300 99 
Change in deposit asset on reinsurance41 — 
Net deposits to investment-type policies and contracts— 4,156 
Net change in noncontrolling interest— 88 
Total sources4,059 6,120 
Uses:
Net cash used in investing activities2,592 4,795 
Dividends to shareholders163 152 
Repayment of collateral finance and securitization notes— 181 
Debt issuance costs10 10 
Principal payments of long-term debt402 153 
Purchases of treasury stock169 54 
Change in deposit asset on reinsurance— 32 
Net withdrawals from investment-type policies and contracts768 — 
Effect of exchange rate changes on cash62 179 
Total uses4,166 5,556 
Net change in cash and cash equivalents$(107)$564 
Cash Flows from Operations – The principal cash inflows from the Company’s reinsurance activities come from premiums, investment and fee income, annuity considerations and deposit funds. The principal cash outflows relate to the liabilities associated with various life and health insurance, annuity and disability products, operating expenses, income tax payments and interest on outstanding debt obligations. The primary liquidity concern with respect to these cash flows is the risk of shortfalls in premiums and investment income, particularly in periods with abnormally high claims levels.
Cash Flows from Investments – The principal cash inflows from the Company’s investment activities come from repayments of principal on invested assets, proceeds from maturities of invested assets, sales of invested assets and settlements of freestanding derivatives. The principal cash outflows relate to purchases of investments, issuances of policy loans and settlements of freestanding derivatives. The Company typically has a net cash outflow from investing activities because cash inflows from insurance operations are reinvested in accordance with its asset/liability management discipline to fund insurance liabilities. The Company closely monitors and manages these risks through its credit risk management process. The primary liquidity concerns with respect to these cash flows are the risk of default by debtors and market disruption, which could make it difficult for the Company to sell investments.
Financing Cash Flows – The principal cash inflows from the Company’s financing activities come from issuances of RGA debt and equity securities, and deposit funds associated with universal life and other investment type policies and contracts. The principal cash outflows come from repayments of debt, payments of dividends to shareholders, purchases of treasury stock, and withdrawals associated with universal life and other investment type policies and contracts. A primary liquidity concern with respect to these cash flows is the risk of early contractholder and policyholder withdrawal.
Contractual Obligations
There were no material changes in the Company’s contractual obligations from those reported in the 2022 Annual Report, except for the following:
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•The Company’s contractual obligations associated with other investment related commitments increased from $1.0 billion at December 31, 2022 to $1.4 billion at September 30, 2023, primarily relating to increases in securities borrowing, lending and repurchase/reverse repurchase agreements. See Note 11 Investments for further details.
Asset / Liability Management
The Company actively manages its cash and invested assets using an approach that is intended to balance quality, diversification, asset/liability matching, liquidity and investment return. The goals of the investment process are to optimize after-tax, risk-adjusted investment income and after-tax, risk-adjusted total return while managing the assets and liabilities on a cash flow and duration basis.
The Company has established target asset portfolios for its operating segments, which represent the investment strategies intended to profitably fund its liabilities within acceptable risk parameters. These strategies include objectives and limits for effective duration, yield curve sensitivity and convexity, liquidity, asset sector concentration and credit quality.
The Company’s asset-intensive products are primarily supported by investments in fixed maturity securities reflected on the Company’s balance sheet and under funds withheld arrangements with the ceding company. Investment guidelines are established to structure the investment portfolio based upon the type, duration and behavior of products in the liability portfolio so as to achieve targeted levels of profitability. The Company manages the asset-intensive business to provide a targeted spread between the interest rate earned on investments and the interest rate credited to the underlying interest-sensitive contract liabilities. The Company periodically reviews models projecting different interest rate scenarios and their effect on profitability. Certain of these asset-intensive agreements, primarily in the U.S. and Latin America Financial Solutions operating segment, are generally funded by fixed maturity securities that are withheld by the ceding company.
The Company’s liquidity position (cash and cash equivalents and short term investments) was $3.0 billion and $3.1 billion at September 30, 2023 and December 31, 2022, respectively. Liquidity needs are determined from valuation analyses conducted by operational units and are driven by product portfolios. Periodic evaluations of demand liabilities and short-term liquid assets are designed to adjust specific portfolios, as well as their durations and maturities, in response to anticipated liquidity needs.
See “Securities Borrowing, Lending and Repurchase/Reverse Repurchase Agreements” in Note 11 – “Investments” in the Notes to Condensed Consolidated Financial Statements for information related to the Company’s securities borrowing, lending and repurchase/reverse repurchase programs. In addition to its security agreements with third parties, certain RGA’s subsidiaries have entered into intercompany securities lending agreements to more efficiently source securities for lending to third parties and to provide for more efficient regulatory capital management.
The Company is a member of the FHLB and holds $60 million of FHLB common stock, which is included in other invested assets on the Company’s condensed consolidated balance sheets. The Company has entered into funding agreements with the FHLB under guaranteed investment contracts whereby the Company has issued the funding agreements in exchange for cash and for which the FHLB has been granted a blanket lien on the Company’s commercial and residential mortgage-backed securities and commercial mortgage loans used to collateralize the Company’s obligations under the funding agreements. The Company maintains control over these pledged assets, and may use, commingle, encumber or dispose of any portion of the collateral as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. The funding agreements and the related security agreements represented by this blanket lien provide that upon any event of default by the Company, the FHLB’s recovery is limited to the amount of the Company’s liability under the outstanding funding agreements. The amount of the Company’s liability for the funding agreements with the FHLB was $1.2 billion at September 30, 2023 and $1.3 billion at December 31, 2022, which is included in interest-sensitive contract liabilities on the Company’s condensed consolidated balance sheets. The advances on these agreements are collateralized primarily by commercial and residential mortgage-backed securities, commercial mortgage loans, and U.S. Treasury and government agency securities. The amount of collateral exceeds the liability and is dependent on the type of assets collateralizing the guaranteed investment contracts.
Investments
Management of Investments
The Company’s investment and derivative strategies involve matching the characteristics of its reinsurance products and other obligations. The Company seeks to closely approximate the interest rate sensitivity of the assets with estimated interest rate sensitivity of the reinsurance liabilities. The Company achieves its income objectives through strategic and tactical asset allocations, applying security and derivative strategies within asset/liability and disciplined risk management frameworks. Derivative strategies are employed within the Company’s risk management framework to help manage duration, currency, and other risks in assets and/or liabilities and to replicate the credit characteristics of certain assets.
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The Company’s portfolio management groups work with the Enterprise Risk Management function to develop the investment policies for the assets of the Company’s domestic and international investment portfolios. All investments held by the Company, directly or in a funds withheld at interest reinsurance arrangement, are monitored for conformance with the Company’s stated investment policy limits as well as any limits prescribed by the applicable jurisdiction’s insurance laws and regulations. See Note 11 – “Investments” in the Notes to Condensed Consolidated Financial Statements for additional information regarding the Company’s investments.
Portfolio Composition
The Company had total cash and invested assets of $75.1 billion and $73.4 billion as of September 30, 2023 and December 31, 2022, respectively, as illustrated below (dollars in millions):
September 30, 2023% of Total December 31, 2022% of Total
Fixed maturity securities available-for-sale$54,171 72.1 %$52,901 72.0 %
Equity securities133 0.2 134 0.2 
Mortgage loans7,231 9.6 6,590 9.0 
Policy loans1,180 1.6 1,231 1.7 
Funds withheld at interest5,725 7.6 6,003 8.2 
Limited partnerships and real estate joint ventures2,560 3.4 2,327 3.2 
Short-term investments141 0.2 154 0.2 
Other invested assets1,091 1.5 1,140 1.5 
Cash and cash equivalents2,820 3.8 2,927 4.0 
Total cash and invested assets$75,052 100.0 %$73,407 100.0 %
Investment Yield
The following table presents consolidated average invested assets at amortized cost, net investment income, investment yield, variable investment income (“VII”), and investment yield excluding VII, which can vary significantly from period to period (dollars in millions). The table excludes spread related business. Spread related business is primarily associated with contracts on which the Company earns an interest rate spread between assets and liabilities. To varying degrees, fluctuations in the yield on other spread related business is generally subject to corresponding adjustments to the interest credited on the liabilities.
 Three months ended September 30,Nine months ended September 30,
 20232022  Increase/  
  (Decrease)		20232022  Increase/  
  (Decrease)
Average invested assets at amortized cost$37,051 $34,579 $2,472 $35,934 $34,494 $1,440 
Net investment income$430 $374 $56 $1,238 $1,228 $10 
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost)4.72 %4.40 %32 bps4.62 %4.78 %(16) bps
VII (included in net investment income)$39 $38 $1 $95 $249 $(154)
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost)4.51 %4.12 %39 bps4.46 %3.96 %50 bps
Investment yield increased for the three months ended September 30, 2023, in comparison to the same period in the prior year, primarily due to the recent increase in interest rates. Investment yield decreased for the nine months ended September 30, 2023, in comparison to the same period in the prior year, primarily due to decreased variable income from limited partnerships and real estate joint ventures, partially offset by increased yield from the recent increase in interest rates.
Fixed Maturity Securities Available-for-Sale
See “Fixed Maturity Securities Available-for-Sale” in Note 11 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables that provide the amortized cost, allowance for credit losses, unrealized gains and losses and estimated fair value of these securities by type as of September 30, 2023 and December 31, 2022.
Important factors in the selection of investments include diversification, quality, yield, call protection and total rate of return potential. The relative importance of these factors is determined by market conditions and the underlying reinsurance liability and existing portfolio characteristics. As of September 30, 2023 and December 31, 2022, approximately 94.0% and 94.3%, respectively, of the Company’s consolidated investment portfolio of fixed maturity securities were investment grade.
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The Company owns floating rate securities that represent approximately 8.0% and 7.4% of the total fixed maturity securities as of September 30, 2023 and December 31, 2022, respectively. These investments have a higher degree of income variability than the other fixed income holdings in the portfolio due to fluctuations in interest payments. The Company holds floating rate investments to match specific floating rate liabilities primarily reflected in the condensed consolidated balance sheets as collateral finance notes, as well as to enhance asset management strategies.
The largest asset class in which fixed maturity securities were invested was corporate securities, which represented approximately 65.5% and 64.2% of total fixed maturity securities as of September 30, 2023 and December 31, 2022, respectively. See “Corporate Fixed Maturity Securities” in Note 11 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables showing the major sector types, which comprise the corporate fixed maturity holdings as of September 30, 2023 and December 31, 2022.
As of September 30, 2023 and December 31, 2022, the Company’s investments in Canadian government securities represented 6.2% and 6.9%, respectively, of the fair value of total fixed maturity securities. These assets are primarily high quality, long duration provincial strip bonds, the valuation of which is closely linked to the interest rate curve. These assets are longer in duration and held primarily for asset/liability management to meet Canadian regulatory requirements.
As of September 30, 2023 and December 31, 2022, the Company’s investments in Japanese government securities represented 5.0% and 4.8%, respectively, of the fair value of total fixed maturity securities. These assets are primarily long duration government bonds matching the liability profile of the Company’s Japanese business.
The Company references rating agency designations in some of its investments disclosures. These designations are based on the ratings from nationally recognized statistical rating organizations, primarily Moody’s, S&P and Fitch. Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology. The NAIC assigns designations to publicly traded as well as privately placed securities. The designations assigned by the NAIC range from class 1 to class 6, with designations in classes 1 and 2 generally considered investment grade (BBB or higher rating agency designation). NAIC designations in classes 3 through 6 are generally considered below investment grade (BB or lower rating agency designation). If no rating is available from a rating agency or the NAIC, then an internally developed rating is used.
The quality of the Company’s available-for-sale fixed maturity securities portfolio, as measured at fair value and by the percentage of fixed maturity securities invested in various ratings categories, relative to the entire available-for-sale fixed maturity securities portfolio, as of September 30, 2023 and December 31, 2022 was as follows (dollars in millions):
  September 30, 2023December 31, 2022
NAIC
  Designation  		Rating Agency
Designation		Amortized Cost Estimated
Fair Value		% of Total     Amortized Cost Estimated
Fair Value		% of Total     
1AAA/AA/A$38,876 $33,799 62.4 %$36,217 $32,295 61.1 %
2BBB19,959 17,134 31.6 20,188 17,580 33.2 
3BB2,902 2,780 5.1 2,734 2,607 5.0 
4B439 368 0.7 397 331 0.6 
5CCC and lower104 81 0.2 103 71 0.1 
6In or near default52 9 — 24 17 — 
Total$62,332 $54,171 100.0 %$59,663 $52,901 100.0 %
The Company’s fixed maturity portfolio includes structured securities. The following table shows the types of structured securities the Company held as of September 30, 2023 and December 31, 2022 (dollars in millions): 
 September 30, 2023December 31, 2022
Amortized CostEstimated
Fair Value		% of TotalAmortized CostEstimated
Fair Value		% of Total
ABS:
Collateralized loan obligations (“CLOs”)$2,022 $1,967 28.2 %$1,825 $1,702 26.4 %
ABS, excluding CLOs2,540 2,269 32.5 2,499 2,176 33.8 
Total ABS4,562 4,236 60.7 4,324 3,878 60.2 
CMBS1,959 1,710 24.5 1,835 1,623 25.2 
RMBS:
Agency454 388 5.6 476 427 6.6 
Non-agency718 642 9.2 578 514 8.0 
Total RMBS1,172 1,030 14.8 1,054 941 14.6 
Total$7,693 $6,976 100.0 %$7,213 $6,442 100.0 %
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The Company’s ABS portfolio primarily consists of CLOs, aircraft and single-family rentals. The principal risks in holding ABS are structural, credit, capital market and interest rate risks. Structural risks include the securities’ cash flow priority in the capital structure and the inherent prepayment sensitivity of the underlying collateral. Credit risks include the adequacy and ability to realize proceeds from the collateral. Credit risks are mitigated by credit enhancements that include excess spread, over-collateralization and subordination. Capital market risks include general level of interest rates and the liquidity for these securities in the marketplace.
The Company’s CMBS portfolio primarily consists of large pool securitizations that are diverse by property type, borrower and geographic dispersion. The principal risks in holding CMBS are structural and credit risks. Structural risks include the securities’ cash flow priority in the capital structure and the inherent prepayment sensitivity of the underlying collateral. Credit risks include the adequacy and ability to realize proceeds from the collateral. The Company focuses on investment grade rated tranches that provide additional credit support beyond the equity protection in the underlying loans. These assets are viewed as an attractive alternative to other fixed income asset classes.
The Company’s RMBS portfolio includes agency-issued pass-through securities and collateralized mortgage obligations. Agency-issued pass-through securities are guaranteed or otherwise supported by the Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, or the Government National Mortgage Association. The principal risks inherent in holding RMBS are prepayment and extension risks, which will affect the timing of when cash will be received and are dependent on the level of mortgage interest rates. Prepayment risk is the unexpected increase in principal payments from the expected, primarily as a result of owner refinancing. Extension risk relates to the unexpected slowdown in principal payments from the expected. In addition, non-agency RMBS face credit risk should the borrower be unable to pay the contractual interest or principal on their obligation. The Company monitors its mortgage-backed securities to mitigate exposure to the cash flow uncertainties associated with these risks.
As of September 30, 2023 and December 31, 2022, the Company had $8.5 billion and $7.3 billion, respectively, of gross unrealized losses related to its fixed maturity securities. The Company monitors its fixed maturity securities to determine impairments in value and evaluates factors such as financial condition of the issuer, payment performance, compliance with covenants, general market and industry sector conditions, current intent and ability to hold securities, and various other subjective factors. Based on management’s judgment, an allowance for credit losses in the amount that fair value is less than the amortized cost is recorded for securities determined to have expected credit losses.
Mortgage Loans
The Company’s mortgage loan portfolio consists of U.S., Canada and UK based investments primarily in commercial offices, light industrial properties and retail locations. The mortgage loan portfolio is diversified by geographic region and property type as discussed further under “Mortgage Loans” in Note 11 – “Investments” in the Notes to Condensed Consolidated Financial Statements. Most of the mortgage loans in the Company’s portfolio range in size up to $30 million, with the average mortgage loan investment as of September 30, 2023, totaling approximately $10 million.
As of September 30, 2023 and December 31, 2022, the Company’s recorded investment in mortgage loans, gross of unamortized deferred loan origination fees and expenses and allowance for credit losses, were distributed geographically as follows (dollars in millions):
 September 30, 2023December 31, 2022
Recorded
Investment		% of Total Recorded
Investment		% of Total
U.S. Region:
West$2,726 37.2 %$2,420 36.4 %
South2,427 33.2 2,215 33.3 
Midwest1,197 16.4 1,147 17.2 
Northeast522 7.1 474 7.1 
Subtotal - U.S.6,872 93.9 6,256 94.0 
Canada274 3.7 239 3.6 
United Kingdom174 2.4 158 2.4 
Total$7,320 100.0 %$6,653 100.0 %
See “Allowance for Credit Losses and Impairments” in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2022 Annual Report and “Mortgage Loans” in Note 11 – “Investments” in the Notes to Condensed Consolidated Financial Statements for information regarding the Company’s policy for allowance for credit losses on mortgage loans.

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Allowance for Credit Losses and Impairments
The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes an analysis of whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment. See “Allowance for Credit Losses and Impairments” in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2022 Annual Report for additional information. The table below summarizes investment related gains (losses), net related to allowances for credit losses and impairments for the three and nine months ended September 30, 2023 and 2022 (dollars in millions).
Three months ended September 30,Nine months ended September 30,
2023202220232022
Change in allowance for credit losses on fixed maturity securities$7 $3 $(31)$(21)
Impairments on fixed maturity securities— (12)(1)(15)
Change in mortgage loan allowance for credit losses(17)(5)(23)(8)
Other impairment losses(4)(1)(4)(1)
Investment related gains (losses) related to credit losses and impairments$(14)$(15)$(59)$(45)

The change in allowance for credit losses on fixed maturity securities for the three months ended September 30, 2023, was primarily related to write offs charged against allowance. The change in allowance for credit losses on fixed maturity securities for the nine months ended September 30, 2023, was primarily related to the March 2023 banking crisis. The change in allowance for credit losses on fixed maturity securities for the three and nine months ended September 30, 2022, corresponded to the reversal of previously recorded allowances due to intent to sell primarily related to high-yield securities. The increase in mortgage loan allowance for credit losses for the three and nine months ended September 30, 2023, was primarily due to growth in the asset base and updated model assumptions that take into account economic factors. For the three months ended September 30, 2023, the decrease in other impairment losses was due to real estate held for investment.
See “Unrealized Losses for Fixed Maturity Securities Available-for-Sale” in Note 11 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables that present the estimated fair value and gross unrealized losses for securities that have estimated fair values below amortized cost by class and grade, as well as the length of time the related estimated fair value has remained below amortized cost as of September 30, 2023 and December 31, 2022.
As of September 30, 2023 and December 31, 2022, the Company classified approximately 11.1% and 10.8%, respectively, of its fixed maturity securities in the Level 3 category (refer to Note 13 – “Fair Value of Assets and Liabilities” in the Notes to Condensed Consolidated Financial Statements for additional information). These securities primarily consist of private placement corporate and asset-backed securities.
See “Securities Borrowing, Lending and Repurchase/Reverse Repurchase Agreements” in Note 11 – “Investments” in the Notes to Condensed Consolidated Financial Statements for information related to the Company’s securities borrowing, lending and repurchase/reverse repurchase agreements.
Funds Withheld at Interest
For reinsurance agreements written on a modified coinsurance basis and certain agreements written on a coinsurance basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company and are reflected as funds withheld at interest on the Company’s condensed consolidated balance sheets. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances against amounts owed by the ceding company. Interest accrues to the total funds withheld at interest assets at rates defined by the treaty terms. The Company is subject to the investment performance on the withheld assets, although it does not directly control them. These assets are primarily fixed maturity investment securities and pose risks similar to the fixed maturity securities the Company owns. To mitigate this risk, the Company helps set the investment guidelines followed by the ceding company and monitors compliance. Ceding companies with funds withheld at interest had an average financial strength rating of “A” as of September 30, 2023 and December 31, 2022. Certain ceding companies maintain segregated portfolios for the benefit of the Company.
Other Invested Assets
Other invested assets include lifetime mortgages, derivative contracts, FHLB common stock, unit-linked investments, and real estate held for investment. See “Other Invested Assets” in Note 11 – “Investments” in the Notes to Condensed Consolidated Financial Statements for a table that presents the carrying value of the Company’s other invested assets by type as of September 30, 2023 and December 31, 2022.
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The Company utilizes derivative financial instruments to protect the Company against possible changes in the fair value of its investment portfolio as a result of interest rate changes, to hedge against risk of changes in the purchase price of securities, to hedge liabilities associated with the reinsurance of variable annuities with guaranteed living benefits and to manage the portfolio’s effective yield, maturity and duration. In addition, the Company utilizes derivative financial instruments to reduce the risk associated with fluctuations in foreign currency exchange rates. The Company uses exchange-traded, centrally cleared, and customized over-the-counter derivative financial instruments.
See Note 12 – “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for a table that presents the notional amounts and fair value of investment related derivative instruments held as of September 30, 2023 and December 31, 2022.
The Company may be exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. Generally, the credit exposure of the Company’s derivative contracts is limited to the fair value and accrued interest of non-collateralized derivative contracts in an asset position at the reporting date. As of September 30, 2023, the Company had credit exposure of $13 million.
The Company manages its credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. As exchange-traded futures are affected through regulated exchanges, and positions are marked to market on a daily basis, the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties. See Note 12 – “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for more information regarding the Company’s derivative instruments.
The Company holds $900 million and $868 million of beneficial interest in lifetime mortgages in the UK, net of allowance for credit losses, as of September 30, 2023 and December 31, 2022, respectively. Investment income includes $11 million and $9 million in interest income earned on lifetime mortgages for the three months ended September 30, 2023 and 2022, respectively, and $29 million and $28 million in interest income earned on lifetime mortgages for the nine months ended September 30, 2023 and 2022, respectively. Lifetime mortgages represent loans provided to individuals 55 years of age and older secured by the borrower’s residence. Lifetime mortgages are comparable to a home equity loan by allowing the borrower to utilize the equity in their home as collateral. The amount of the loan is dependent on the appraised value of the home at the time of origination, the borrower's age and interest rate. Unlike a home equity loan, no payment of principal or interest is required until the death of the borrower or sale of the home. Lifetime mortgages may also be either fully funded at origination, or the borrower can request periodic funding similar to a line of credit. Lifetime mortgages are subject to risks, including market, credit, interest rate, liquidity, operational, reputational and legal risks.
New Accounting Standards
Changes to the general accounting principles are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates to the FASB Accounting Standards CodificationTM.
See Note 2 – “Impact of Adoption of New Accounting Standard” in the Notes to Condensed Consolidated Financial Statements for information on the Company’s adoption of ASU 2018-12 on January 1, 2023. See Note 19 – “New Accounting Standards Not Yet Adopted” in the Notes to Condensed Consolidated Financial Statements for information on new accounting pronouncements and their impact, if any, on the Company’s results of operations and financial position.
Cybersecurity Incident
As previously disclosed on October 26, 2023, the Company experienced a cybersecurity incident in which an unauthorized third party gained access to certain technology systems of the Company. Following detection of the incident, the Company initiated response protocols, launched an investigation, engaged the services of cybersecurity and forensics experts and advisors, and notified certain insurance regulatory authorities, law enforcement authorities and clients. Based on its investigation to date, the Company does not believe that any client policy holder data was accessed or extracted.
The Company has incurred, and may continue to incur, certain incremental expenses related to this incident, including expenses to respond to, remediate and investigate this incident.
Based on information currently known, the Company does not believe this incident will have a material adverse effect on its business, operations or financial results.

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ITEM 3.  Quantitative and Qualitative Disclosures About Market Risk
Market risk is the risk of fluctuations in the value of financial instruments as a result of absolute or relative changes in interest rates, foreign currency exchange rates, equity prices or commodity prices. To varying degrees, the Company products and services, and the investment activities supporting them, generate exposure to market risk. The market risk incurred, and the Company’s strategies for managing this risk, vary by product.  As of September 30, 2023, there have been no material changes in the Company’s economic exposure to market risk or the Company’s Enterprise Risk Management function from December 31, 2022, a description of which may be found in its Annual Report on Form 10-K, for the year ended December 31, 2022, Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” filed with the Securities and Exchange Commission.
ITEM 4.  Controls and Procedures
The Chief Executive Officer and the Chief Financial Officer have evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that these disclosure controls and procedures were effective.
There was no change in the Company’s internal control over financial reporting as defined in Exchange Act Rule 13a-15(f) during the quarter ended September 30, 2023, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II - OTHER INFORMATION
ITEM 1.  Legal Proceedings
The Company is subject to litigation and regulatory investigations or actions from time to time. Based on current knowledge, management does not believe that loss contingencies arising from pending legal, regulatory and governmental matters will have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, in light of the inherent uncertainties involved in future or pending legal, regulatory and governmental matters, some of which are beyond the Company’s control, and indeterminate or potentially substantial amount of damages sought in any such matters, an adverse outcome could be material to the Company’s financial condition, results of operations or cash flows for any particular reporting period. A legal reserve is established when the Company is notified of an arbitration demand, litigation or regulatory action or is notified that an arbitration demand, litigation or regulatory action is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated.
ITEM 1A.  Risk Factors
There have been no material changes from the risk factors previously disclosed in the Company’s 2022 Annual Report.
ITEM 2.  Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
The following table summarizes RGA’s repurchase activity of its common stock during the quarter ended September 30, 2023:
Total Number of Shares
Purchased (1)
Average Price Paid per   
Share
Total Number of Shares
Purchased as Part of
Publicly Announced Plans
or Programs (1)
Maximum Number (or
Approximate Dollar
Value) of Shares that May
Yet Be Purchased Under
the Plan or Program
July 1, 2023 – July 31, 2023— $— — $250,003,610 
August 1, 2023 – August 31, 2023179,141 $140.28 178,205 $225,003,733 
September 1, 2023 – September 30, 2023170,410 $148.68 168,134 $200,003,862 
(1)RGA repurchased 178,205 and 168,134 shares of common stock under its share repurchase program in August and September 2023, respectively. The Company net settled – issuing 2,667 and 7,298 shares from treasury and repurchasing from recipients 936 and 2,276 shares in August and September 2023, respectively, in settlement of income tax withholding requirements incurred by the recipients of equity incentive awards.
On February 25, 2022, RGA’s board of directors authorized a share repurchase program for up to $400 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. In connection with this authorization, the board of directors terminated the stock repurchase authority granted in 2019. During the nine months ended September 30, 2023, RGA repurchased 1,069,113 shares of common stock under this program for $150 million.
The pace of repurchase activity depends on various factors such as the level of available cash, an evaluation of the costs and benefits associated with alternative uses of excess capital, such as acquisitions and in force reinsurance transactions, and RGA’s stock price.
ITEM 5.  Other Information
During the three months ended September 30, 2023, (i) none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b-5 Trading Arrangement”) or any “non-Rule 10b5-1 trading arrangement” and (ii) the Company did not adopt or terminate any Rule 10b-5 Trading Arrangement.
ITEM 6.  Exhibits
See index to exhibits.
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INDEX TO EXHIBITS
 
Exhibit
Number		Description
101.INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101).

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GLOSSARY OF SELECTED TERMS
Throughout this quarterly report on Form 10-Q, the Company may use certain abbreviations, acronyms and terms which are defined below.
Entities
Term or AcronymDefinition
RGA ReinsuranceRGA Reinsurance Company
Parkway ReParkway Reinsurance Company
Rockwood ReRockwood Reinsurance Company
Castlewood ReCastlewood Reinsurance Company
Chesterfield ReChesterfield Reinsurance Company
Chesterfield FinancialChesterfield Financial Holdings LLC
RGA Life and AnnuityRGA Life and Annuity Insurance Company
Timberlake ReTimberlake Reinsurance Company II
Timberlake FinancialTimberlake Financial L.L.C.
RGA CanadaRGA Life Reinsurance Company of Canada
RGA BarbadosRGA Reinsurance Company (Barbados) Ltd.
RGA AmericasRGA Americas Reinsurance Company, Ltd.
Manor ReManor Reinsurance, Ltd.
RGA AtlanticRGA Atlantic Reinsurance Company Ltd.
RGA WorldwideRGA Worldwide Reinsurance Company, Ltd.
RGA GlobalRGA Global Reinsurance Company, Ltd.
RGA AustraliaRGA Reinsurance Company of Australia Limited
RGA InternationalRGA International Reinsurance Company dac
RGA South AfricaRGA Reinsurance Company of South Africa, Limited
Aurora NationalAurora National Life Assurance Company
OmnilifeOmnilife Insurance Company, Limited
PaparaPapara Financing LLC
Certain Terms and Acronyms
Term or AcronymDefinition
A.M. BestA.M. Best Company
ABSAsset-backed securities
ActuaryA specialist in the mathematics of risk, especially as it relates to insurance calculations such as premiums, reserves, dividends, insurance rates and annuity rates.
AllowanceAn amount paid by the reinsurer to the ceding company to help cover the ceding company's acquisition and other costs, especially commissions. Allowances are usually calculated as a large percentage (often 100%) of first-year premiums reinsured and smaller percentages of renewal premiums reinsured.
AOCIAccumulated other comprehensive income (loss)
Asset-Intensive ReinsuranceA transaction (usually coinsurance or funds withheld and often involving reinsurance of annuities) where performance of the underlying assets, more so than any mortality risk, is a key element.
Assumed reinsuranceInsurance risk that a reinsurer accepts (assumes) from a ceding company.
ASUAccounting Standards Update
ASU 2018-12
Accounting Standards Update Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts
Automatic ReinsuranceReinsurance arrangement whereby the ceding company and reinsurer agree that all business of a certain description will be ceded to the reinsurer. Under this arrangement, the ceding company performs underwriting decision-making within agreed-upon parameters for all business reinsured.
Bermuda Insurance ActBermuda's Insurance Act 1978 which distinguishes between insurers carrying on long-term business, insurers carrying on special purpose business and insurers carrying on general business.
BMABermuda Monetary Authority
BSCRBermuda Solvency Capital Requirement
CCPACalifornia Consumer Privacy Act of 2018
Capital-motivated reinsuranceReinsurance, including financial reinsurance, whose primary purpose is to enhance the cedant's capital position.
Captive insurerAn insurance or reinsurance entity designed to provide insurance or reinsurance coverage for risks of the entity or entities by which it is owned or to which it is affiliated.
CECLAccounting for current expected credit losses using the model based on expected losses rather than incurred losses.
Ceding company (also known as cedant)An insurer that transfers, or cedes, risk to a reinsurer
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CEORGA’s Chief Executive Officer
CessionThe insurance risk associated with a policy that is reinsured from an insurer to a reinsurer.
CFORGA’s Chief Financial Officer
CLOsCollateralized loan obligations
CMBSCommercial mortgage-backed securities, a part of our investment portfolio that consists of securities made up of commercial mortgages. Stated on our balance sheet at fair value.
Coinsurance (also known as original terms reinsurance)A form of reinsurance under which the ceding company shares its premiums, death claims, surrender benefits, dividends and policy loans with the reinsurer, and the reinsurer pays expense allowances to reimburse the ceding company for a share of its expenses.
Coinsurance funds-withheldA variant on coinsurance, in which the ceding company withholds assets equal to reserves and shares investment income on those assets with the reinsurer.
CounterpartyA party to a contract requiring or offering the exchange of risk.
Counterparty riskThe risk that a party to an agreement will be unable to fulfill its contractual obligations
CPIConsumer price index
Critical illness (CI) insurance (also known as dread disease insurance)Insurance that provides a guaranteed fixed sum upon diagnosis of a specified illness or condition such as cancer, heart disease, or permanent total disability. The coverage can be offered on a stand-alone basis or as an add-on to a life insurance policy.
CRORGA’s Chief Risk Officer
CVACredit valuation adjustment
DACDeferred policy acquisition costs: Costs of acquiring new business, which vary with and are directly related to the production of new business, have been deferred to the extent that such costs are deemed recoverable from future premiums or gross profits.
“Directors Plan”Flexible Stock Plan for Directors
EBITDAEarnings before interest, taxes, depreciation and amortization
EBSEconomic balance sheet framework as part of the Bermuda Solvency Capital Requirement that forms the basis for an insurer's enhanced capital requirements.
ECREnhanced capital requirement in accordance with the provisions of the Bermuda Insurance Act.
EEAEuropean Economic Area
EIAs Equity-Indexed Annuities
EMEAEurope, Middle East and Africa geographic segment
Enterprise Risk Management (ERM)An enterprise-wide framework used by a firm to assess all risks facing the organization, manage mitigation strategies, monitor ongoing risks and report to interested audiences.
ESGEnvironmental, social, and governance
ESTEREuro Short-term Rate, an alternative to LIBOR being recommended by the European Central Bank
EUEuropean Union
Expected mortalityNumber of deaths predicted to occur in a defined group of people.
FABNFunding Agreement Backed Notes
Face amountAmount payable at the death of the insured or at the maturity of the policy.
Facultative reinsuranceA type of reinsurance in which the reinsurer underwrites an individual risk submitted by the ceding company for a risk that is unusual, large, highly substandard or not covered by an automatic reinsurance treaty. Such risks are typically submitted to multiple reinsurers for competitive offers.
FASBFinancial Accounting Standards Board
FCAFinancial Conduct Authority
FHLBFederal Home Loan Bank
FIAFixed indexed annuities
Financial reinsurance (also known as financially-motivated reinsurance)A form of capital-motivated reinsurance that satisfies all regulatory requirements for risk transfer and is often designed to produce very predictable reinsurer profits as a percentage of the capital provided.
FSBFinancial Stability Board which consists of representatives of national financial authorities of the G20 nations.
FVOFair value option
GAAPU.S. generally accepted accounting principles
GDPRGeneral Data Protection Regulation which establishes uniform data privacy laws across the European Union.
GICsGuaranteed investment contracts
GILTIGlobal intangible low-taxed income; a provision of U.S. Tax Reform that generally eliminates U.S. Federal income tax deferral on earnings of foreign subsidiaries.
GMABGuaranteed minimum accumulation benefits; a feature of some variable annuities that the Company reinsures
GMDBGuaranteed minimum death benefits; a feature of some variable annuities that the Company reinsures
GMIBGuaranteed minimum income benefits; a feature of some variable annuities that the Company reinsures
GMWBGuaranteed minimum withdrawal benefits; a feature of some variable annuities that the Company reinsures
Group life insuranceInsurance policy under which the lives of a group of people, most commonly employees of a single company, are insured in accordance with the terms of one master contract.
Guaranteed issue life insuranceInsurance products that are guaranteed upon application, regardless of past health conditions.
IAIGInternationally Active Insurance Group
IAISInternational Association of Insurance Supervisors
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IBNRIncurred but not reported; a liability on claims that are based on historical reporting patterns, but have not yet been reported.
IFRS (International Financial Reporting Standards)Standards and interpretations adopted by the International Accounting Standards Board (IASB).
Individual life insuranceAn insurance policy that insures the life of usually one and sometimes two or more related individuals, rather than a group of people.
In-force sum insuredA measure of insurance in effect at a specific date.
Initial public offering (IPO)The first sale to the public of shares of common stock issued by a private company. IPOs often are issued by smaller companies seeking the capital to expand, but they also can be used by large mutual or privately owned companies seeking to become publicly traded.
LIBORLondon Interbank Offered Rate
Liquidity positionCombination of the company's cash, cash equivalents, and short-term investments
Longevity productAn insurance product that mitigates longevity risk by providing a stream of income for the duration of the policyholder's life.
Loss ratioClaims and other policy benefits and Future policy benefits remeasurement (gains) losses as a percentage of net premiums
Market risk benefitsContracts or contract features that provide protection to the policyholder from capital market risk and expose the Company to other-than-nominal capital market risk and are measured at fair value.
MDCIMissouri Department of Commerce and Insurance
MMSMinimum margin of solvency required to be maintained by the Company's Bermuda subsidiaries.
ModcoModified coinsurance
Modified coinsuranceA variant on coinsurance in which the ceding company retains all the reserves, as well as assets backing reserves, and pays the reinsurer interest on the reinsurer's share of the reserves.
Moody’sMoody’s Investors Service
MorbidityA measure of the incidence of sickness or disease within a specific population group.
Mortality experienceActual number of deaths occurring in a defined group of people.
Mortality risk reinsuranceReinsurance that focuses primarily on transfer of mortality risk through coinsurance of term products or YRT.
NAICNational Association of Insurance Commissioners
NAIC SAPNAIC statutory accounting practices
NAVNet asset value
NIFONet investments in foreign operations
NOLNet operating loss
Non-traditional reinsuranceUsually synonymous with capital-motivated reinsurance, but includes any reinsurance of non-biometrical risks
NovationThe act of replacing one participating member of a contract with another, with all rights, duties and terms being transferred to the new party upon consent of all parties affected.
NYSENew York Stock Exchange: the exchange where RGA is traded under the symbol “RGA”
OCIOther comprehensive income (loss)
OTCDerivatives that are privately negotiated contracts, which are known as over-the-counter derivatives
OTC ClearedOTC derivatives that are cleared and settled through central clearing counterparties.
PBRPrinciples-based reserves
PCAOBPublic Company Accounting Oversight Board (United States)
PCSPerformance Contingent Shares
Pension PlansThe Company's sponsored or administrated qualified and non-qualified defined benefit pension plans
PRTPension Risk Transfer
PortfolioThe totality of risks assumed by an insurer or reinsurer.
Preferred risk coverageCoverage designed for applicants who represent a better-than-average risk to an insurer.
PremiumAmount paid to insure a risk.
Primary insurance (also known as direct insurance)Insurance business relating to contracts directly between insurers and policyholders. The insurance company is directly responsible to the policyholder.
ProductionNew business produced during a specified period.
PSUPerformance Share Units
Quota share (also known as 'first dollar' quota share)A reinsurance arrangement in which the reinsurer receives a certain percentage of each risk reinsured.
RBCRisk-Based Capital, which are guidelines promulgated by the NAIC and identify minimum capital requirements based upon business levels and asset mix.
RecaptureThe right of the ceding company to cancel reinsurance under certain conditions.
Regulation XXX/Regulation A-XXXU.S. Valuation of Life Policies Model Regulation implemented beginning in 2002 for various types of life insurance business, significantly increased the level of reserves that U.S. life insurance and life reinsurance companies must hold on their statutory financial statements for various types of life insurance business, primarily certain level premium term life products.
ReinsuranceThe transfer of insurance risk from an insurer, referred to as the ceding company, to a reinsurer, in conjunction with the payment of a reinsurance premium. Through reinsurance, a reinsurer 'insures' an insurer.
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ReservesThe amount required to be carried as a liability in the financial statement of an insurer or reinsurer to provide for future commitments under outstanding policies and contracts.
RetakafulA form of reinsurance that is acceptable within Islamic law. See Takaful.
Retention limitThe maximum amount of risk a company will insure on one life.
RetrocessionA transfer of reinsurance risk from a reinsurer to another reinsurer, referred to as the retrocessionaire, in conjunction with the payment of a retrocession premium. Through retrocession, a retrocessionaire reinsures a reinsurer.
RetrocessionaireA reinsurer that reinsures another reinsurer; see Retrocession.
RMBSResidential mortgage-backed securities, a part of our investment portfolio that consists of securities made up of residential mortgages. Stated on our balance sheet at fair value.
RMSCThe Company's Risk Management Steering Committee
RSUsRestricted Stock Units
S&PStandard & Poor's
SARsStock Appreciation Rights
SECSecurities and Exchange Commission
SecuritizationThe structuring of financial assets as collateral against which securities can be issued to investors.
Simplified issue life insuranceInsurance products with limited face amounts that require no or minimal underwriting.
SOFRSecured Overnight Financing Rate, an alternative to LIBOR proposed by the Federal Reserve Board
SPLRCSpecial Purpose Life Reinsurance Captives
Statutory capitalThe excess of statutory assets over statutory reserves, both of which are calculated in accordance with standards established by insurance regulators.
“Stock Plans”The RGA flexible stock plan and the Flexible Stock Plan for Directors, collectively
TakafulA form of insurance that is acceptable within Islamic law, and that is devised upon the principles of mutual advantage and group security.
TDRTroubled Debt Restructuring
Tele-underwritingA telephone interview process, during which an applicant's qualifications to be insured are assessed.
The “County”The County of St. Louis, Missouri
The “Plan”RGA Flexible Stock Plan
The BoardRGA's board of directors
The CARES ActThe Coronavirus Aid, Relief, and Economic Security Act
The Companies ActThe Bermuda's Companies Act of 1981
The CompanyReinsurance Group of America, Incorporated and its subsidiaries, all of which are wholly owned, collectively
Treaty (also known as a contract)A reinsurance agreement between a reinsurer and a ceding company. The three most common types of reinsurance treaties are YRT (yearly renewable term), coinsurance and modified coinsurance. The three most common methods of accepting reinsurance are automatic, facultative and facultative-obligatory.
TVaRTail Value-at-Risk used for calculated capital requirement for Bermuda subsidiaries.
U.S. Tax ReformThe U.S. Tax Cuts and Jobs Act of 2017
UAEUnited Arab Emirates
UKUnited Kingdom
ULUniversal life insurance
UnderwritingThe process that assesses the risk inherent in an application for insurance prior to acceptance of the policy.
ValuationThe periodic calculation of reserves, the funds that insurance companies are required to hold in order satisfy all future insurance obligations.
Variable life insuranceA form of whole life insurance under which the death benefit and the cash value of the policy fluctuate according to the performance of an investment fund. Most variable life insurance policies guarantee that the death benefit will not fall below a specified minimum.
VIIVariable investment income
VOCRAValue of customer relationships acquired which represents the present value of the expected future profits associated with the expected future business acquired through existing customers of the acquired company or business.
VODAValue of distribution agreements which represents the present value of future profits associated with the expected future business derived from distribution agreements.
WebcastsPresentation of information broadcast over the Internet.
WorkWiseThe Company's hybrid approach to flexible work arrangements.
Yearly Renewable Term (YRT)A type of reinsurance which covers only mortality risk, with each year's premium based on the current amount of risk.
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SIGNATURES
 
 
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 thereunto duly authorized.

 
Reinsurance Group of America, Incorporated
 
 
Date: November 3, 2023 By: /s/ Anna Manning
 Anna Manning
 Chief Executive Officer
 
(Principal Executive Officer)
 
 
 
 
Date: November 3, 2023 By:/s/ Todd C. Larson
 Todd C. Larson
 Senior Executive Vice President and Chief Financial Officer
 (Principal Financial and Accounting Officer)

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Exhibit 31.1
CEO CERTIFICATION
I, Anna Manning, certify that:
 
1.      I have reviewed this quarterly report on Form 10-Q of Reinsurance Group of America, Incorporated;
2.      Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.      Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.  The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)      Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)      Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)      Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)      Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.      The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)      All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)      Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 3, 2023  /s/ Anna Manning
  Anna Manning
  Chief Executive Officer


Document

Exhibit 31.2
CFO CERTIFICATION
I, Todd C. Larson, certify that:
 
1.      I have reviewed this quarterly report on Form 10-Q of Reinsurance Group of America, Incorporated;
2.      Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.      Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.  The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)      Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)      Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)      Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)      Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.      The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)      All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)      Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 3, 2023  /s/ Todd C. Larson
  Todd C. Larson
  Senior Executive Vice President
& Chief Financial Officer


Document

Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the Quarterly Report on Form 10-Q of Reinsurance Group of America, Incorporated and subsidiaries, (the “Company”), for the quarterly period ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Anna Manning, Chief Executive Officer of the Company, certifies, to her best knowledge and belief, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
 
1.  The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
Date: November 3, 2023   /s/ Anna Manning
   Anna Manning
   Chief Executive Officer


Document

Exhibit 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the Quarterly Report on Form 10-Q of Reinsurance Group of America, Incorporated and subsidiaries, (the “Company”), for the quarterly period ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Todd C. Larson, Chief Financial Officer of the Company, certifies, to his best knowledge and belief, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
 
1.  The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 3, 2023   /s/ Todd C. Larson
   Todd C. Larson
   Chief Financial Officer
   & Senior Executive Vice President