EX-99.2 3 qfs2q23.htm EX-99.2

Exhibit 99.2

 

Quarterly Financial Supplement

Second Quarter 2023

(Unaudited)

World Headquarters

Internet Address

Contacts

16600 Swingley Ridge Road

www.rgare.com

Todd C. Larson

Chesterfield, Missouri 63017 U.S.A.

Senior Executive Vice President

and Chief Financial Officer

Phone: (636) 736-7000

e-mail: tlarson@rgare.com

Jeff Hopson

Senior Vice President, Investor Relations

Phone: (636) 736-2068

e-mail: jhopson@rgare.com

 

Current Ratings

Standard & Poor’s

A.M. Best

Moody’s

Financial Strength Ratings

RGA Reinsurance Company

AA-

A+

A1

RGA Life Reinsurance Company of Canada

AA-

A+

RGA International Reinsurance Company dac

AA-

RGA Global Reinsurance Company, Ltd.

AA-

RGA Reinsurance Company of Australia Limited

AA-

RGA Americas Reinsurance Company, Ltd.

AA-

A+

RGA Worldwide Reinsurance Company, Ltd.

AA-

RGA Reinsurance Company (Barbados) Ltd.

AA-

RGA Atlantic Reinsurance Company Ltd.

AA-

A+

Omnilife Insurance Company Limited

A+

Aurora National Life Assurance Company

A+

Senior Debt Ratings

Reinsurance Group of America, Incorporated

A

a-

Baa1

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

 

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Reinsurance Group of America, Incorporated

2nd Quarter 2023

Table of Contents

			Page
Non-GAAP Disclosures			1
Consolidated
Financial Highlights			3
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)			4
Consolidated Balance Sheets			6
Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements
U.S. and Latin America Traditional			7
U.S. and Latin America Financial Solutions - Asset-Intensive			9
U.S. and Latin America Financial Solutions - Capital Solutions			12
Canada Traditional			14
Canada Financial Solutions			16
Europe, Middle East and Africa Traditional			18
Europe, Middle East and Africa Financial Solutions			20
Asia Pacific Traditional			22
Asia Pacific Financial Solutions			24
Corporate and Other			26
Summary of Segment GAAP Income			28
Summary of Segment Adjusted Operating Income			29
Investments
Cash and Invested Assets and Investment Income and Yield Summary			30
Fixed Maturity Securities			31
Corporate Fixed Maturity Securities by Industry			32
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities			33
Fixed Maturity Securities Below Amortized Cost			34
Consolidated Investment Related Gains and Losses			36
Appendix
Reconciliations of GAAP to Non-GAAP Measures			37

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Reinsurance Group of America, Incorporated

Non-GAAP Disclosures

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

Non-GAAP Financial Measures

Reinsurance Group of America, Incorporated (the “Company”) discloses certain financial measures that are not determined in accordance with U.S. GAAP. The Company principally uses such non-GAAP financial measures in evaluating performance because the Company believes that such measures, when reviewed in conjunction with relevant U.S. GAAP measures, present a clearer picture of our operating performance and assist the Company in the allocation of its resources. The Company believes that these non-GAAP financial measures provide investors and other third parties with a better understanding of the Company’s results of operations, financial statements and the underlying profitability drivers and trends of the Company’s businesses by excluding specified items which may not be indicative of the Company’s ongoing operating performance and may fluctuate significantly from period to period. These measures should be considered supplementary to the Company’s financial results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way the Company calculates such measures. Consequently, the Company’s non-GAAP financial measures may not be comparable to similar measures used by other companies.

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

1.Adjusted operating income, on a pre-tax and after-tax basis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations. Adjusted operating income is calculated as net income available to the Company’s shareholders (or, in the case of pre-tax adjusted operating income, income before income taxes) excluding substantially all of the effect of net investment related gains and losses, changes in the fair value of certain embedded derivatives, and changes in the fair value of contracts that provide market risk benefits, which items can be volatile and may not reflect the underlying performance of the Company’s businesses. Additionally, adjusted operating income excludes, to the extent applicable, any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, the impact of certain tax-related items, and any other items that the Company believes are not indicative of the Company’s ongoing operations. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company’s management incentive programs.

2.Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items. Notable items are items the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented may include the financial impact of the Company’s assumption reviews on business subject to the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments, reflected in future policy benefits remeasurement gains or losses.

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

4.Shareholders’ equity position excluding the impact of accumulated other comprehensive income (loss) (“AOCI”), shareholders’ average equity position excluding AOCI shareholders’ average equity position excluding AOCI, and book value per share excluding the impact of AOCI. The Company believes that these measures provide useful information since such measures exclude AOCI-related items that are not permanent and can fluctuate significantly from period to period, and may not reflect the impact of the underlying performance of the Company’s businesses on shareholders’ equity and book value per share. AOCI primarily relates to changes in interest rates, credit spreads on its investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses a non-GAAP financial measure called shareholders’ average equity position excluding AOCI and notable items.

                                        

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

Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix at the end of this document.

                                        

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Reinsurance Group of America, Incorporated
Financial Highlights
						Three Months Ended																														Current Qtr												Year-to-Date
(USD millions, except in force & per share and shares data)						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Net premiums						$	3,337					$	3,385					$	3,446					$	3,247					$	3,230					$	107											$	6,722					$	6,385					$	337
Net income (loss) available to RGA's shareholders						205						252						291						(76)						105						100												457						302						155
Adjusted operating income						297						349						312						16						316						(19)												646						599						47
Adjusted operating income excluding notable items (1)						297						349						266						263						299						(2)												646						582						64
Return on equity						9.2		%				7.8		%				6.8		%				8.3		%				8.2		%				1.0		%
Adjusted operating return on equity (ex AOCI)						10.9		%				11.2		%				10.5		%				9.2		%				7.2		%				3.7		%
Adjusted operating return on equity (ex AOCI and notable items (1))						13.0		%				13.1		%				12.5		%				11.7		%				8.6		%				4.4		%
Total assets						$	89,040					$	89,120					$	84,904					$	82,819					$	84,875					$	4,165
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional						$	1,685.3					$	1,676.8					$	1,672.2					$	1,662.7					$	1,650.5					$	34.8
U.S. and Latin America Financial Solutions						5.2						5.2						5.2						5.3						5.3						(0.1)
Canada Traditional						484.6						469.5						463.6						448.7						477.2						7.4
Europe, Middle East and Africa Traditional						802.3						759.6						735.4						671.3						756.4						45.9
Asia Pacific Traditional						495.4						508.2						518.6						479.4						486.1						9.3
Asia Pacific Financial Solutions						6.7						7.4						5.7						5.2						5.4						1.3
Total assumed life reinsurance in force						$	3,479.5					$	3,426.7					$	3,400.7					$	3,272.6					$	3,380.9					$	98.6
Assumed New Business Production (in billions)
U.S. and Latin America Traditional						$	35.6					$	34.1					$	36.4					$	37.3					$	32.7					$	2.9											$	69.7					$	72.2					$	(2.5)
Canada Traditional						11.2						10.8						11.9						10.8						12.8						(1.6)												22.0						25.5						(3.5)
Europe, Middle East and Africa Traditional						36.6						30.1						35.6						38.2						45.1						(8.5)												66.7						95.6						(28.9)
Asia Pacific Traditional						4.7						3.9						8.6						14.4						5.7						(1.0)												8.6						22.3						(13.7)
Asia Pacific Financial Solutions						0.1						1.7						—						—						—						0.1												1.8						0.1						1.7
Total assumed new business production						$	88.2					$	80.6					$	92.5					$	100.7					$	96.3					$	(8.1)											$	168.8					$	215.7					$	(46.9)
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income (loss)						$	3.09					$	3.77					$	4.36					$	(1.13)					$	1.57					$	1.52											$	6.86					$	4.50					$	2.36
Adjusted operating income (loss)						$	4.46					$	5.22					$	4.67					$	0.24					$	4.71					$	(0.25)											$	9.69					$	8.93					$	0.76
Diluted earnings per share (2)
Net income (loss)						$	3.05					$	3.72					$	4.30					$	(1.13)					$	1.55					$	1.50											$	6.77					$	4.46					$	2.31
Adjusted operating income (loss)						$	4.40					$	5.16					$	4.60					$	0.24					$	4.67					$	(0.27)											$	9.55					$	8.86					$	0.69
Wgt. average common shares outstanding
Basic						66,518						66,779						66,748						66,936						66,996						(478)												66,649						67,050						(401)
Diluted						67,420						67,615						67,793						67,663						67,620						(200)												67,563						67,614						(51)
Common shares issued						85,311						85,311						85,311						85,311						85,311						—												85,311						85,311						—
Treasury shares						19,099						18,771						18,635						18,484						18,304						795												19,099						18,304						795
Common shares outstanding						66,212						66,540						66,676						66,827						67,007						(795)												66,212						67,007						(795)
Book value per share						$	117.87					$	114.60					$	106.19					$	101.08					$	110.27					$	7.60											$	117.87					$	110.27					$	7.60
Per share effect of AOCI						$	(21.12)					$	(21.96)					$	(28.07)					$	(29.60)					$	(22.15)					$	1.03											$	(21.12)					$	(22.15)					$	1.03
Book value per share, excluding AOCI						$	138.99					$	136.56					$	134.26					$	130.68					$	132.42					$	6.57											$	138.99					$	132.42					$	6.57
Shareholders’ dividends paid						$	54					$	53					$	53					$	54					$	49					$	5											$	107					$	98					$	9
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.

                                        

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Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	3,337					$	3,385					$	3,446					$	3,247					$	3,230					$	107											$	6,722					$	6,385					$	337
Net investment income						857						856						828						769						754						103												1,713						1,564						149
Investment related gains (losses), net						(123)						(77)						(6)						(154)						(240)						117												(200)						(379)						179
Other revenue						85						87						89						188						159						(74)												172						250						(78)
Total revenues						4,156						4,251						4,357						4,050						3,903						253												8,407						7,820						587
Benefits and expenses:
Claims and other policy benefits						3,013						3,063						3,125						3,048						2,938						75												6,076						5,809						267
Future policy benefits remeasurement (gains) losses						13						(26)						(11)						226						18						(5)												(13)						76						(89)
Market risk benefits remeasurement (gains) losses						(31)						14						(19)						23						40						(71)												(17)						6						(23)
Interest credited						209						215						214						189						138						71												424						279						145
Policy acquisition costs and other insurance expenses						349						331						323						341						336						13												680						680						—
Other operating expenses						275						250						289						251						242						33												525						469						56
Interest expense						63						53						55						49						44						19												116						87						29
Total benefits and expenses						3,891						3,900						3,976						4,127						3,756						135												7,791						7,406						385
Income (loss) before income taxes						265						351						381						(77)						147						118												616						414						202
Provision for income taxes						58						98						88						(2)						41						17												156						111						45
Net income (loss)						207						253						293						(75)						106						101												460						303						157
Net income attributable to noncontrolling interest						2						1						2						1						1						1												3						1						2
Net income (loss) available to RGA's shareholders						$	205					$	252					$	291					$	(76)					$	105					$	100											$	457					$	302					$	155
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes						$	265					$	351					$	381					$	(77)					$	147					$	118											$	616					$	414					$	202
Investment and derivative (gains) losses (1)						117						127						(46)						152						201						(84)												244						319						(75)
Market risk benefits remeasurement (gains) losses						(31)						14						(19)						23						40						(71)												(17)						6						(23)
Change in fair value of funds withheld embedded derivatives (1)						20						(37)						67						17						56						(36)												(17)						89						(106)
Funds withheld (gains) losses - investment income						2						—						2						4						10						(8)												2						18						(16)
EIA embedded derivatives - interest credited						3						(7)						1						(10)						(27)						30												(4)						(44)						40
Investment (income) loss on unit-linked variable annuities						2						—						2						5						8						(6)												2						17						(15)
Interest credited on unit-linked variable annuities						(2)						—						(2)						(5)						(8)						6												(2)						(17)						15
Interest expense on uncertain tax positions						—						—						—						—						—						—												—						—						—
Other						—						8						1						(71)						(11)						11												8						(10)						18
Adjusted operating income before income taxes						376						456						387						38						416						(40)												832						792						40
Notable items (2)						—						—						(61)						326						(23)						23												—						(23)						23
Adjusted operating income before income taxes excluding notable items						$	376					$	456					$	326					$	364					$	393					$	(17)											$	832					$	769					$	63
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

                                        

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Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
After-tax adjusted operating income reconciliation:
GAAP net income (loss) attributable to RGA						$	205					$	252					$	291					$	(76)					$	105					$	100											$	457					$	302					$	155
Investment and derivative (gains) losses (1)						88						102						(14)						120						154						(66)												190						246						(56)
Market risk benefits remeasurement (gains) losses						(24)						11						(15)						18						32						(56)												(13)						5						(18)
Change in fair value of funds withheld embedded derivatives (1)						16						(29)						53						14						44						(28)												(13)						70						(83)
Funds withheld (gains) losses - investment income						2						—						2						3						8						(6)												2						14						(12)
EIA embedded derivatives - interest credited						3						(6)						1						(8)						(22)						25												(3)						(35)						32
Investment (income) loss on unit-linked variable annuities						2						—						2						4						6						(4)												2						13						(11)
Interest credited on unit-linked variable annuities						(2)						—						(2)						(4)						(6)						4												(2)						(13)						11
Interest expense on uncertain tax positions						—						—						—						—						—						—												—						—						—
Other						—						6						1						(56)						(9)						9												6						(8)						14
Uncertain tax positions and other tax related items						5						12						(9)						—						3						2												17						4						13
Net income attributable to noncontrolling interest						2						1						2						1						1						1												3						1						2
Adjusted operating income						297						349						312						16						316						(19)												646						599						47
Notable items (2)						—						—						(46)						247						(17)						17												—						(17)						17
Adjusted operating income excluding notable items						$	297					$	349					$	266					$	263					$	299					$	(2)											$	646					$	582					$	64
Diluted earnings per share - adjusted operating income (loss) (3)						$	4.40					$	5.16					$	4.60					$	0.24					$	4.67					$	(0.27)											$	9.55					$	8.86					$	0.69
Diluted earnings per share - adjusted operating income (loss) excluding notable items (3)						$	4.40					$	5.16					$	3.91					$	3.92					$	4.41					$	(0.01)											$	9.55					$	8.60					$	0.95
Foreign currency effect on (4):
Net premiums						$	(45)					$	(112)					$	(164)					$	(160)					$	(119)					$	74											$	(157)					$	(166)					9
Adjusted operating income (loss) before income taxes						$	(6)					$	(16)					$	(18)					$	(11)					$	(16)					$	10											$	(22)					$	(19)					(3)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.
(4) Compared to comparable prior year period.

                                        

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Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,
						2023						2023						2022						2022						2022
Assets
Fixed maturity securities available-for-sale, at fair value						$	56,236					$	56,085					$	52,901					$	50,495					$	53,294
Equity securities, at fair value						136						138						134						137						127
Mortgage loans						7,038						6,833						6,590						6,558						6,544
Policy loans						1,202						1,221						1,231						1,202						1,218
Funds withheld at interest						5,862						5,976						6,003						6,177						6,393
Limited partnerships and real estate joint ventures						2,473						2,405						2,327						2,197						2,074
Short-term investments						224						246						154						225						272
Other invested assets						1,119						1,111						1,140						1,049						1,036
Total investments						74,290						74,015						70,480						68,040						70,958
Cash and cash equivalents						2,598						3,294						2,927						3,512						2,556
Accrued investment income						702						672						630						628						572
Premiums receivable and other reinsurance balances						3,321						3,114						3,013						2,820						2,884
Reinsurance ceded receivables and other						2,664						2,723						2,671						2,650						2,829
Deferred policy acquisition costs						4,286						4,257						4,128						4,004						3,935
Other assets						1,179						1,045						1,055						1,165						1,141
Total assets						$	89,040					$	89,120					$	84,904					$	82,819					$	84,875
Liabilities and equity
Future policy benefits						$	38,239					$	38,222					$	35,689					$	33,724					$	37,028
Interest-sensitive contract liabilities						29,910						30,405						30,342						30,043						28,762
Market risk benefits, at fair value						235						261						247						259						271
Other policy claims and benefits						2,579						2,558						2,480						2,366						2,447
Other reinsurance balances						858						851						725						889						557
Deferred income taxes						1,424						1,446						1,383						1,350						1,383
Other liabilities						3,050						3,206						2,906						3,136						3,129
Long-term debt						4,850						4,455						3,961						4,207						3,667
Collateral finance and securitization notes						—						—						—						—						152
Total liabilities						81,145						81,404						77,733						75,974						77,396
Equity:
Common stock, at par value						1						1						1						1						1
Additional paid-in-capital						2,522						2,506						2,502						2,493						2,478
Retained earnings						8,483						8,336						8,169						7,936						8,067
Treasury stock						(1,803)						(1,756)						(1,720)						(1,697)						(1,673)
Accumulated other comprehensive income (loss), net of taxes (AOCI):
Accumulated currency translation adjustment						26						(94)						(116)						(147)						3
Unrealized (depreciation) appreciation of securities						(4,879)						(4,393)						(5,496)						(5,788)						(3,549)
Effect of updating discount rates on future policy benefits						3,460						3,034						3,755						3,989						2,122
Change in instrument-specific credit risk for market risk benefits						13						14						13						19						(9)
Pension and postretirement benefits						(18)						(22)						(27)						(51)						(51)
Total RGA, Inc. shareholders’ equity						7,805						7,626						7,081						6,755						7,389
Noncontrolling interest						90						90						90						90						90
Total equity						7,895						7,716						7,171						6,845						7,479
Total liabilities and equity						$	89,040					$	89,120					$	84,904					$	82,819					$	84,875
Total RGA, Inc. shareholders’ equity, excluding AOCI						$	9,203					$	9,087					$	8,952					$	8,733					$	8,873
See appendix for reconciliation of total shareholders' equity before and after impact of AOCI.

                                        

						Page 6

                         

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Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	1,750					$	1,615					$	1,778					$	1,640					$	1,631					$	119											$	3,365					$	3,172					$	193
Net investment income						180						193						224						201						186						(6)												373						475						(102)
Investment related gains (losses), net						(1)						(1)						6						8						19						(20)												(2)						34						(36)
Other revenue						3						5						5						6						10						(7)												8						16						(8)
Total revenues						1,932						1,812						2,013						1,855						1,846						86												3,744						3,697						47
Benefits and expenses:
Claims and other policy benefits						1,592						1,447						1,642						1,520						1,524						68												3,039						2,971						68
Future policy benefits remeasurement (gains) losses						24						7						10						160						(11)						35												31						92						(61)
Interest credited						18						18						17						18						17						1												36						34						2
Policy acquisition costs and other insurance expenses						187						175						178						182						181						6												362						362						—
Other operating expenses						49						44						52						44						45						4												93						88						5
Total benefits and expenses						1,870						1,691						1,899						1,924						1,756						114												3,561						3,547						14
Income (loss) before income taxes						$	62					$	121					$	114					$	(69)					$	90					$	(28)											$	183					$	150					$	33
Loss and expense ratios:
Loss ratio (1)						92.3		%				90.0		%				92.9		%				102.4		%				92.8		%				(0.5)		%										91.2		%				96.6		%				(5.4)		%
Policy acquisition costs and other insurance expenses						10.7		%				10.8		%				10.0		%				11.1		%				11.1		%				(0.4)		%										10.8		%				11.4		%				(0.6)		%
Other operating expenses						2.8		%				2.7		%				2.9		%				2.7		%				2.8		%				—		%										2.8		%				2.8		%				—		%
Foreign currency effect on (2):
Net premiums						$	3					$	2					$	1					$	—					$	1					$	2											$	5					$	1					$	4
Income (loss) before income taxes						$	—					$	—					$	—					$	—					$	—					$	—											$	—					$	—					$	—
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

                                        

						Page 7

                         

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Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	1,750					$	1,615					$	1,778					$	1,640					$	1,631					$	119											$	3,365					$	3,172					$	193
Net investment income						180						193						224						201						186						(6)												373						475						(102)
Other revenue						3						5						5						6						10						(7)												8						16						(8)
Total revenues						1,933						1,813						2,007						1,847						1,827						106												3,746						3,663						83
Benefits and expenses:
Claims and other policy benefits						1,592						1,447						1,642						1,520						1,524						68												3,039						2,971						68
Future policy benefits remeasurement (gains) losses						24						7						10						160						(11)						35												31						92						(61)
Interest credited						18						18						17						18						17						1												36						34						2
Policy acquisition costs and other insurance expenses						187						175						178						182						181						6												362						362						—
Other operating expenses						49						44						52						44						45						4												93						88						5
Total benefits and expenses						1,870						1,691						1,899						1,924						1,756						114												3,561						3,547						14
Adjusted operating income (loss) before notable items and income taxes						63						122						108						(77)						71						(8)												185						116						69
Notable items (1)						—						—						—						170						—						—												—						—						—
Adjusted operating income (loss) excluding notable items, before income taxes						$	63					$	122					$	108					$	93					$	71					$	(8)											$	185					$	116					$	69
Loss and expense ratios:
Loss ratio (2)						92.3		%				90.0		%				92.9		%				102.4		%				92.8		%				(0.5)		%										91.2		%				96.6		%				(5.4)		%
Policy acquisition costs and other insurance expenses						10.7		%				10.8		%				10.0		%				11.1		%				11.1		%				(0.4)		%										10.8		%				11.4		%				(0.6)		%
Other operating expenses						2.8		%				2.7		%				2.9		%				2.7		%				2.8		%				—		%										2.8		%				2.8		%				—		%
Foreign currency effect on (3):
Net premiums						$	3					$	2					$	1					$	—					$	1					$	2											$	5					$	1					$	4
Adjusted operating income (loss) before income taxes						$	—					$	—					$	—					$	—					$	—					$	—											$	—					$	—					$	—
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

                                        

						Page 8

                         

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Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	17					$	163					$	24					$	13					$	14					$	3											$	180					$	29					$	151
Net investment income						278						280						287						265						246						32												558						502						56
Investment related gains (losses), net						(68)						20						(128)						(41)						(80)						12												(48)						(173)						125
Other revenue						26						25						25						29						31						(5)												51						57						(6)
Total revenues						253						488						208						266						211						42												741						415						326
Benefits and expenses:
Claims and other policy benefits						45						199						52						41						43						2												244						112						132
Future policy benefits remeasurement (gains) losses						(1)						(4)						(2)						(5)						(1)						—												(5)						(21)						16
Market risk benefits remeasurement (gains) losses						(31)						14						(19)						23						40						(71)												(17)						6						(23)
Interest credited						133						129						148						130						101						32												262						208						54
Policy acquisition costs and other insurance expenses						47						46						47						36						45						2												93						86						7
Other operating expenses						13						11						14						11						12						1												24						21						3
Total benefits and expenses						206						395						240						236						240						(34)												601						412						189
Income (loss) before income taxes						$	47					$	93					$	(32)					$	30					$	(29)					$	76											$	140					$	3					$	137
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

                                        

						Page 9

                         

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Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	17					$	163					$	24					$	13					$	14					$	3											$	180					$	29					$	151
Net investment income						279						276						286						264						250						29												555						508						47
Other revenue						26						25						25						29						31						(5)												51						57						(6)
Total revenues						322						464						335						306						295						27												786						594						192
Benefits and expenses:
Claims and other policy benefits						45						199						52						41						43						2												244						112						132
Future policy benefits remeasurement (gains) losses						(1)						(4)						(2)						(5)						(1)						—												(5)						(21)						16
Interest credited						130						136						147						140						128						2												266						252						14
Policy acquisition costs and other insurance expenses						47						38						47						36						45						2												85						86						(1)
Other operating expenses						13						11						14						11						12						1												24						21						3
Total benefits and expenses						234						380						258						223						227						7												614						450						164
Adjusted operating income (loss) before notable items and income taxes						88						84						77						83						68						20												172						144						28
Notable items (1)						—						—						—						(3)						—						—												—						—						—
Adjusted operating income (loss) excluding notable items, before income taxes						$	88					$	84					$	77					$	80					$	68					$	20											$	172					$	144					$	28
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

                                        

						Page 10

                         

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Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
(Continued)
						Three Months Ended
(USD millions, shown net of reinsurance ceded)						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,
						2023						2023						2022						2022						2022
Policyholder account balances
Fixed annuities (deferred)						$	11,361					$	11,699					$	12,046					$	12,257					$	11,952
Equity-indexed annuities						$	2,580					$	2,701					$	2,817					$	2,919					$	2,978
Bank-owned life insurance (BOLI)						$	2,494					$	2,505					$	2,500					$	2,508					$	2,505
Other policyholder account balances						$	52					$	75					$	75					$	76					$	76
Variable annuities account balances
No riders						$	599					$	598					$	672					$	642					$	705
GMDB only						738						734						771						802						811
GMIB only						16						16						20						19						20
GMAB only						2						2						2						2						2
GMWB only						883						866						863						833						916
GMDB / WB						169						168						165						158						174
Other						13						12						15						15						16
Total variable annuities account balances						$	2,420					$	2,396					$	2,508					$	2,471					$	2,644
Interest-sensitive contract liabilities not associated with policyholder account balances:
Guaranteed investment contracts, funding agreements and immediate annuities						$	843					$	828					$	848					$	866					$	961
Future policy benefits (at original discount rate) associated with:
Payout annuities						$	4,181					$	4,231					$	4,153					$	4,208					$	4,269
Other future policy benefits						$	62					$	58					$	59					$	59					$	60
Liability for market risk benefits:
Equity-indexed annuities						$	140					$	144					$	132					$	90					$	106
Variable annuities (liability)						$	95					$	117					$	115					$	168					$	166
Variable annuities (asset)						$	6					$	2					$	—					$	—					$	—
Net interest spread (1)						1.4		%				1.2		%				1.2		%				1.0		%				1.0		%
(1) Net interest spread for Asset-Intensive is calculated as net investment income less interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents.

                                        

						Page 11

                         

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Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net investment income						$	—					$	1					$	1					$	2					$	1					$	(1)											$	1					$	2					$	(1)
Other revenue						25						26						26						24						74						(49)												51						102						(51)
Total revenues						25						27						27						26						75						(50)												52						104						(52)
Benefits and expenses:
Policy acquisition costs and other insurance expenses						2						2						—						(1)						1						1												4						2						2
Other operating expenses						2						4						3						4						2						—												6						5						1
Total benefits and expenses						4						6						3						3						3						1												10						7						3
Income before income taxes						$	21					$	21					$	24					$	23					$	72					$	(51)											$	42					$	97					$	(55)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

                                        

						Page 12

                         

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Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net investment income						$	—					$	1					$	1					$	2					$	1					$	(1)											$	1					$	2					$	(1)
Other revenue						25						26						26						24						74						(49)												51						102						(51)
Total revenues						25						27						27						26						75						(50)												52						104						(52)
Benefits and expenses:
Policy acquisition costs and other insurance expenses						2						2						—						(1)						1						1												4						2						2
Other operating expenses						2						4						3						4						2						—												6						5						1
Total benefits and expenses						4						6						3						3						3						1												10						7						3
Adjusted operating income (loss) before notable items and income taxes						$	21					$	21					$	24					$	23					$	72					$	(51)											$	42					$	97					$	(55)
Notable items (1)						—						—						—						—						—						—												—						—						—
Adjusted operating income (loss) excluding notable items, before income taxes						$	21					$	21					$	24					$	23					$	72					$	(51)											$	42					$	97					$	(55)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

 

                                        

						Page 13

                         

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Reinsurance Group of America, Incorporated
Canada Traditional
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	307					$	295					$	308					$	293					$	314					$	(7)											$	602					$	618					$	(16)
Net investment income						61						61						66						64						62						(1)												122						120						2
Investment related gains (losses), net						4						2						5						2						(6)						10												6						(5)						11
Other revenue						1						1						1						—						1						—												2						3						(1)
Total revenues						373						359						380						359						371						2												732						736						(4)
Benefits and expenses:
Claims and other policy benefits						282						270						285						272						285						(3)												552						572						(20)
Future policy benefits remeasurement (gains) losses						(1)						3						(10)						9						(2)						1												2						(1)						3
Policy acquisition costs and other insurance expenses						47						45						44						56						51						(4)												92						103						(11)
Other operating expenses						10						12						11						10						10						—												22						20						2
Total benefits and expenses						338						330						330						347						344						(6)												668						694						(26)
Income before income taxes						$	35					$	29					$	50					$	12					$	27					$	8											$	64					$	42					$	22
Loss and expense ratios:
Loss ratio (1)						91.5		%				92.5		%				89.3		%				95.9		%				90.1		%				1.4		%										92.0		%				92.4		%				(0.4)		%
Policy acquisition costs and other insurance expenses						15.3		%				15.3		%				14.3		%				19.1		%				16.2		%				(0.9)		%										15.3		%				16.7		%				(1.4)		%
Other operating expenses						3.3		%				4.1		%				3.6		%				3.4		%				3.2		%				0.1		%										3.7		%				3.2		%				0.5		%
Foreign currency effect on (2):
Net premiums						$	(16)					$	(20)					$	(23)					$	(11)					$	(13)					$	(3)											$	(36)					$	(13)					$	(23)
Income before income taxes						$	(2)					$	(2)					$	(3)					$	—					$	(1)					$	(1)											$	(4)					$	(1)					$	(3)
Creditor reinsurance net premiums						$	18					$	18					$	17					$	18					$	20					$	(2)											$	36					$	38					$	(2)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

                                        

						Page 14

                         

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Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	307					$	295					$	308					$	293					$	314					$	(7)											$	602					$	618					$	(16)
Net investment income						61						62						67						65						62						(1)												123						120						3
Investment related gains, net						1						1						1						1						1						—												2						2						—
Other revenue						1						1						1						—						1						—												2						3						(1)
Total revenues						370						359						377						359						378						(8)												729						743						(14)
Benefits and expenses:
Claims and other policy benefits						282						270						285						272						285						(3)												552						572						(20)
Future policy benefits remeasurement (gains) losses						(1)						3						(10)						9						(2)						1												2						(1)						3
Policy acquisition costs and other insurance expenses						47						45						44						56						51						(4)												92						103						(11)
Other operating expenses						10						12						11						10						10						—												22						20						2
Total benefits and expenses						338						330						330						347						344						(6)												668						694						(26)
Adjusted operating income before notable items and income taxes						32						29						47						12						34						(2)												61						49						12
Notable items (1)						—						—						(5)						6						—						—												—						—						—
Adjusted operating income excluding notable items, before income taxes						$	32					$	29					$	42					$	18					$	34					$	(2)											$	61					$	49					$	12
Loss and expense ratios:
Loss ratio (2)						91.5		%				92.5		%				89.3		%				95.9		%				90.1		%				1.4		%										92.0		%				92.4		%				(0.4)		%
Policy acquisition costs and other insurance expenses						15.3		%				15.3		%				14.3		%				19.1		%				16.2		%				(0.9)		%										15.3		%				16.7		%				(1.4)		%
Other operating expenses						3.3		%				4.1		%				3.6		%				3.4		%				3.2		%				0.1		%										3.7		%				3.2		%				0.5		%
Foreign currency effect on (3):
Net premiums						$	(16)					$	(20)					$	(23)					$	(11)					$	(13)					$	(3)											$	(36)					$	(13)					$	(23)
Adjusted operating income before income taxes						$	(2)					$	(2)					$	(3)					$	—					$	(1)					$	(1)											$	(4)					$	(1)					$	(3)
Creditor reinsurance net premiums						$	18					$	18					$	17					$	18					$	20					$	(2)											$	36					$	38					$	(2)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

                                        

						Page 15

                         

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Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	23					$	23					$	23					$	24					$	25					$	(2)											$	46					$	48					$	(2)
Net investment income						1						1						1						1						2						(1)												2						3						(1)
Other revenue						2						3						4						2						2						—												5						4						1
Total revenues						26						27						28						27						29						(3)												53						55						(2)
Benefits and expenses:
Claims and other policy benefits						20						21						20						22						23						(3)												41						44						(3)
Future policy benefits remeasurement (gains) losses						(2)						(5)						(3)						(2)						(2)						—												(7)						(7)						—
Policy acquisition costs and other insurance expenses						—						1						1						—						—						—												1						1						—
Other operating expenses						2						—						1						1						1						1												2						1						1
Total benefits and expenses						20						17						19						21						22						(2)												37						39						(2)
Income before income taxes						$	6					$	10					$	9					$	6					$	7					$	(1)											$	16					$	16					$	—
Foreign currency effect on (2):
Net premiums						$	(2)					$	(1)					$	(2)					$	(1)					$	(1)					$	(1)											$	(3)					$	(1)					$	(2)
Income before income taxes						$	—					$	(1)					$	—					$	(1)					$	—					$	—											$	(1)					$	—					$	(1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.

                                        

						Page 16

                         

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Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	23					$	23					$	23					$	24					$	25					$	(2)											$	46					$	48					$	(2)
Net investment income						1						1						1						1						2						(1)												2						3						(1)
Other revenue						2						3						4						2						2						—												5						4						1
Total revenues						26						27						28						27						29						(3)												53						55						(2)
Benefits and expenses:
Claims and other policy benefits						20						21						20						22						23						(3)												41						44						(3)
Future policy benefits remeasurement (gains) losses						(2)						(5)						(3)						(2)						(2)						—												(7)						(7)						—
Policy acquisition costs and other insurance expenses						—						1						1						—						—						—												1						1						—
Other operating expenses						2						—						1						1						1						1												2						1						1
Total benefits and expenses						20						17						19						21						22						(2)												37						39						(2)
Adjusted operating income before notable items and income taxes						6						10						9						6						7						(1)												16						16						—
Notable items (2)						—						—						—						—						—						—												—						—						—
Adjusted operating income excluding notable items, before income taxes						$	6					$	10					$	9					$	6					$	7					$	(1)											$	16					$	16					$	—
Foreign currency effect on (3):
Net premiums						$	(2)					$	(1)					$	(2)					$	(1)					$	(1)					$	(1)											$	(3)					$	(1)					$	(2)
Adjusted operating income before income taxes						$	—					$	(1)					$	—					$	(1)					$	—					$	—											$	(1)					$	—					$	(1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

                                        

						Page 17

                         

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Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	429					$	438					$	422					$	436					$	427					$	2											$	867					$	878					$	(11)
Net investment income						23						23						21						18						18						5												46						37						9
Other revenue						(1)						(1)						3						2						(2)						1												(2)						1						(3)
Total revenues						451						460						446						456						443						8												911						916						(5)
Benefits and expenses:
Claims and other policy benefits						383						390						404						409						377						6												773						773						—
Future policy benefits remeasurement (gains) losses						12						(8)						(10)						(7)						13						(1)												4						2						2
Policy acquisition costs and other insurance expenses						21						18						16						19						20						1												39						42						(3)
Other operating expenses						31						33						33						30						29						2												64						61						3
Total benefits and expenses						447						433						443						451						439						8												880						878						2
Income (loss) before income taxes						$	4					$	27					$	3					$	5					$	4					$	—											$	31					$	38					$	(7)
Loss and expense ratios:
Loss ratio (1)						92.1		%				87.2		%				93.4		%				92.2		%				91.3		%				0.8		%										89.6		%				88.3		%				1.3		%
Policy acquisition costs and other insurance expenses						4.9		%				4.1		%				3.8		%				4.4		%				4.7		%				0.2		%										4.5		%				4.8		%				(0.3)		%
Other operating expenses						7.2		%				7.5		%				7.8		%				6.9		%				6.8		%				0.4		%										7.4		%				6.9		%				0.5		%
Foreign currency effect on (2):
Net premiums						$	(6)					$	(41)					$	(53)					$	(68)					$	(46)					$	40											$	(47)					$	(62)					$	15
Income (loss) before income taxes						$	1					$	(1)					$	—					$	—					$	(2)					$	3											$	—					$	(3)					$	3
Critical illness net premiums						$	35					$	33					$	33					$	41					$	36					$	(1)											$	68					$	75					$	(7)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

                                        

						Page 18

                         

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Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	429					$	438					$	422					$	436					$	427					$	2											$	867					$	878					$	(11)
Net investment income						23						23						21						18						18						5												46						37						9
Other revenue						(1)						(1)						3						2						(2)						1												(2)						1						(3)
Total revenues						451						460						446						456						443						8												911						916						(5)
Benefits and expenses:
Claims and other policy benefits						383						390						404						409						377						6												773						773						—
Future policy benefits remeasurement (gains) losses						12						(8)						(10)						(7)						13						(1)												4						2						2
Policy acquisition costs and other insurance expenses						21						18						16						19						20						1												39						42						(3)
Other operating expenses						31						33						33						30						29						2												64						61						3
Total benefits and expenses						447						433						443						451						439						8												880						878						2
Adjusted operating income before notable items and income taxes						4						27						3						5						4						—												31						38						(7)
Notable items (1)						—						—						—						13						—						—												—						—						—
Adjusted operating income excluding notable items, before income taxes						$	4					$	27					$	3					$	18					$	4					$	—											$	31					$	38					$	(7)
Loss and expense ratios:
Loss ratio (2)						92.1		%				87.2		%				93.4		%				92.2		%				91.3		%				0.8		%										89.6		%				88.3		%				1.3		%
Policy acquisition costs and other insurance expenses						4.9		%				4.1		%				3.8		%				4.4		%				4.7		%				0.2		%										4.5		%				4.8		%				(0.3)		%
Other operating expenses						7.2		%				7.5		%				7.8		%				6.9		%				6.8		%				0.4		%										7.4		%				6.9		%				0.5		%
Foreign currency effect on (3):
Net premiums						$	(6)					$	(41)					$	(53)					$	(68)					$	(46)					$	40											$	(47)					$	(62)					$	15
Adjusted operating income (loss) before income taxes						$	1					$	(1)					$	—					$	—					$	(2)					$	3											$	—					$	(3)					$	3
Critical illness net premiums						$	35					$	33					$	33					$	41					$	36					$	(1)											$	68					$	75					$	(7)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

                                        

						Page 19

                         

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Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	90					$	125					$	127					$	112					$	119					$	(29)											$	215					$	247					$	(32)
Net investment income						45						46						44						37						34						11												91						70						21
Investment related gains (losses), net						(9)						(6)						(11)						(9)						(22)						13												(15)						(6)						(9)
Other revenue						4						4						6						2						4						—												8						7						1
Total revenues						130						169						166						142						135						(5)												299						318						(19)
Benefits and expenses:
Claims and other policy benefits						68						104						106						97						107						(39)												172						225						(53)
Future policy benefits remeasurement (gains) losses						(5)						(9)						(12)						3						(4)						(1)												(14)						(12)						(2)
Interest credited						(2)						—						(2)						(5)						(8)						6												(2)						(17)						15
Policy acquisition costs and other insurance expenses						2						2						2						2						1						1												4						3						1
Other operating expenses						15						13						16						11						14						1												28						27						1
Total benefits and expenses						78						110						110						108						110						(32)												188						226						(38)
Income before income taxes						$	52					$	59					$	56					$	34					$	25					$	27											$	111					$	92					$	19
Foreign currency effect on (2):
Net premiums						$	(1)					$	(12)					$	(17)					$	(20)					$	(14)					$	13											$	(13)					$	(19)					$	6
Income before income taxes						$	—					$	(6)					$	(4)					$	(7)					$	(4)					$	4											$	(6)					$	(6)					$	—
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

                                        

						Page 20

                         

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Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	90					$	125					$	127					$	112					$	119					$	(29)											$	215					$	247					$	(32)
Net investment income						48						49						48						46						48						—												97						99						(2)
Investment related gains (losses), net						4						1						4						5						5						(1)												5						9						(4)
Other revenue						4						4						6						2						4						—												8						7						1
Total revenues						146						179						185						165						176						(30)												325						362						(37)
Benefits and expenses:
Claims and other policy benefits						68						104						106						97						107						(39)												172						225						(53)
Future policy benefits remeasurement (gains) losses						(5)						(9)						(12)						3						(4)						(1)												(14)						(12)						(2)
Policy acquisition costs and other insurance expenses						2						2						2						2						1						1												4						3						1
Other operating expenses						15						13						16						11						14						1												28						27						1
Total benefits and expenses						80						110						112						113						118						(38)												190						243						(53)
Adjusted operating income before notable items and income taxes						66						69						73						52						58						8												135						119						16
Notable items (2)						—						—						(14)						—						—						—												—						—						—
Adjusted operating income excluding notable items, before income taxes						$	66					$	69					$	59					$	52					$	58					$	8											$	135					$	119					$	16
Foreign currency effect on (3):
Net premiums						$	(1)					$	(12)					$	(17)					$	(20)					$	(14)					$	13											$	(13)					$	(19)					$	6
Adjusted operating income before income taxes						$	—					$	(7)					$	(6)					$	(11)					$	(8)					$	8											$	(7)					$	(10)					$	3
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

                                        

						Page 21

                         

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Reinsurance Group of America, Incorporated
Asia Pacific Traditional
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	677					$	662					$	700					$	660					$	640					$	37											$	1,339					$	1,290					$	49
Net investment income						62						61						55						51						46						16												123						93						30
Investment related gains (losses), net						2						3						3						4						5						(3)												5						5						—
Other revenue						11						3						—						5						10						1												14						16						(2)
Total revenues						752						729						758						720						701						51												1,481						1,404						77
Benefits and expenses:
Claims and other policy benefits						579						563						548						627						523						56												1,142						1,017						125
Future policy benefits remeasurement (gains) losses						(14)						(9)						9						68						25						(39)												(23)						23						(46)
Policy acquisition costs and other insurance expenses						44						46						44						47						45						(1)												90						99						(9)
Other operating expenses						54						50						57						51						49						5												104						98						6
Total benefits and expenses						663						650						658						793						642						21												1,313						1,237						76
Income (loss) before income taxes						$	89					$	79					$	100					$	(73)					$	59					$	30											$	168					$	167					$	1
Loss and expense ratios:
Loss ratio (1)						83.5		%				83.7		%				79.6		%				105.3		%				85.6		%				(2.1)		%										83.6		%				80.6		%				3.0		%
Policy acquisition costs and other insurance expenses						6.5		%				6.9		%				6.3		%				7.1		%				7.0		%				(0.5)		%										6.7		%				7.7		%				(1.0)		%
Other operating expenses						8.0		%				7.6		%				8.1		%				7.7		%				7.7		%				0.3		%										7.8		%				7.6		%				0.2		%
Foreign currency effect on (2):
Net premiums						$	(21)					$	(33)					$	(61)					$	(50)					$	(38)					$	17											$	(54)					$	(61)					$	7
Income (loss) before income taxes						$	(2)					$	(3)					$	(6)					$	6					$	(3)					$	1											$	(5)					$	(1)					$	(4)
Critical illness net premiums						$	341					$	299					$	324					$	296					$	301					$	40											$	640					$	596					$	44
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

                                        

						Page 22

                         

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Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	677					$	662					$	700					$	660					$	640					$	37											$	1,339					$	1,290					$	49
Net investment income						62						61						55						51						46						16												123						93						30
Investment related gains (losses), net						2						3						3						4						5						(3)												5						5						—
Other revenue						11						3						—						5						10						1												14						16						(2)
Total revenues						752						729						758						720						701						51												1,481						1,404						77
Benefits and expenses:
Claims and other policy benefits						579						563						548						627						523						56												1,142						1,017						125
Future policy benefits remeasurement (gains) losses						(14)						(9)						9						68						25						(39)												(23)						23						(46)
Policy acquisition costs and other insurance expenses						44						46						44						47						45						(1)												90						99						(9)
Other operating expenses						54						50						57						51						49						5												104						98						6
Total benefits and expenses						663						650						658						793						642						21												1,313						1,237						76
Adjusted operating income before notable items and income taxes						89						79						100						(73)						59						30												168						167						1
Notable items (1)						—						—						(42)						140						(23)						23												—						(23)						23
Adjusted operating income excluding notable items, before income taxes						$	89					$	79					$	58					$	67					$	36					$	53											$	168					$	144					$	24
Loss and expense ratios:
Loss ratio (2)						83.5		%				83.7		%				79.6		%				105.3		%				85.6		%				(2.1)		%										83.6		%				80.6		%				3.0		%
Policy acquisition costs and other insurance expenses						6.5		%				6.9		%				6.3		%				7.1		%				7.0		%				(0.5)		%										6.7		%				7.7		%				(1.0)		%
Other operating expenses						8.0		%				7.6		%				8.1		%				7.7		%				7.7		%				0.3		%										7.8		%				7.6		%				0.2		%
Foreign currency effect on (3):
Net premiums						$	(21)					$	(33)					$	(61)					$	(50)					$	(38)					$	17											$	(54)					$	(61)					$	7
Adjusted operating income (loss) before income taxes						$	(3)					$	(2)					$	(6)					$	6					$	(3)					$	—											$	(5)					$	(1)					$	(4)
Critical illness net premiums						$	341					$	299					$	324					$	296					$	301					$	40											$	640					$	596					$	44
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

 

                                        

						Page 23

                         

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Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	44					$	64					$	64					$	69					$	60					$	(16)											$	108					$	103					$	5
Net investment income						125						108						94						77						55						70												233						99						134
Investment related gains (losses), net						(51)						(51)						83						(94)						(113)						62												(102)						(194)						92
Other revenue						18						10						—						119						41						(23)												28						55						(27)
Total revenues						136						131						241						171						43						93												267						63						204
Benefits and expenses:
Claims and other policy benefits						44						69						68						60						56						(12)												113						95						18
Future policy benefits remeasurement (gains) losses						—						(1)						7						—						—						—												(1)						—						(1)
Interest credited						46						54						39						38						22						24												100						42						58
Policy acquisition costs and other insurance expenses						19						16						12						21						15						4												35						27						8
Other operating expenses						7						6						6						5						4						3												13						9						4
Total benefits and expenses						116						144						132						124						97						19												260						173						87
Income (loss) before income taxes						$	20					$	(13)					$	109					$	47					$	(54)					$	74											$	7					$	(110)					$	117
Foreign currency effect on (2):
Net premiums						$	(2)					$	(7)					$	(9)					$	(10)					$	(8)					$	6											$	(9)					$	(11)					$	2
Income (loss) before income taxes						$	—					$	—					$	(17)					$	11					$	15					$	(15)											$	—					$	20					$	(20)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

                                        

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Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net premiums						$	44					$	64					$	64					$	69					$	60					$	(16)											$	108					$	103					$	5
Net investment income						125						108						94						77						55						70												233						99						134
Investment related gains, net						4						4						5						3						5						(1)												8						9						(1)
Other revenue						5						8						7						37						17						(12)												13						23						(10)
Total revenues						178						184						170						186						137						41												362						234						128
Benefits and expenses:
Claims and other policy benefits						44						69						68						60						56						(12)												113						95						18
Future policy benefits remeasurement (gains) losses						—						(1)						7						—						—						—												(1)						—						(1)
Interest credited						46						54						39						38						22						24												100						42						58
Policy acquisition costs and other insurance expenses						19						16						12						21						15						4												35						27						8
Other operating expenses						7						6						6						5						4						3												13						9						4
Total benefits and expenses						116						144						132						124						97						19												260						173						87
Adjusted operating income before notable items and income taxes						62						40						38						62						40						22												102						61						41
Notable items (2)						—						—						—						—						—						—												—						—						—
Adjusted operating income excluding notable items, before income taxes						$	62					$	40					$	38					$	62					$	40					$	22											$	102					$	61					$	41
Foreign currency effect on (3):
Net premiums						$	(2)					$	(7)					$	(9)					$	(10)					$	(8)					$	6											$	(9)					$	(11)					$	2
Adjusted operating income before income taxes						$	(2)					$	(3)					$	(3)					$	(6)					$	(3)					$	1											$	(5)					$	(5)					$	—
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

 

                                        

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Reinsurance Group of America, Incorporated
Corporate and Other
GAAP Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net investment income						$	82					$	82					$	35					$	53					$	104					$	(22)											$	164					$	163					$	1
Investment related gains (losses), net						—						(44)						36						(24)						(43)						43												(44)						(40)						(4)
Other revenue						(4)						11						19						(1)						(12)						8												7						(11)						18
Total revenues						78						49						90						28						49						29												127						112						15
Benefits and expenses:
Interest credited						14						14						12						8						6						8												28						12						16
Policy acquisition costs and other insurance income						(20)						(20)						(21)						(21)						(23)						3												(40)						(45)						5
Other operating expenses						92						77						96						84						76						16												169						139						30
Interest expense						63						53						55						49						44						19												116						87						29
Total benefits and expenses						149						124						142						120						103						46												273						193						80
Loss before income taxes						$	(71)					$	(75)					$	(52)					$	(92)					$	(54)					$	(17)											$	(146)					$	(81)					$	(65)
Foreign currency effect on (1):
Loss before income taxes						$	(1)					$	—					$	(7)					$	3					$	1					$	(2)											$	(1)					$	1					$	(2)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

                                        

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Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Revenues:
Net investment income						$	82					$	82					$	35					$	53					$	104					$	(22)											$	164					$	163					$	1
Investment related gains, net						3						4						2						2						1						2												7						4						3
Other revenue						6						13						13						10						1						5												19						11						8
Total revenues						91						99						50						65						106						(15)												190						178						12
Benefits and expenses:
Interest credited						14						14						12						8						6						8												28						12						16
Policy acquisition costs and other insurance income						(20)						(20)						(21)						(21)						(23)						3												(40)						(45)						5
Other operating expenses						89						77						96						84						76						13												166						139						27
Interest expense						63						53						55						49						44						19												116						87						29
Total benefits and expenses						146						124						142						120						103						43												270						193						77
Adjusted operating income before notable items and income taxes						(55)						(25)						(92)						(55)						3						(58)												(80)						(15)						(65)
Notable items (1)						—						—						—						—						—						—												—						—						—
Adjusted operating income excluding notable items, before income taxes						$	(55)					$	(25)					$	(92)					$	(55)					$	3					$	(58)											$	(80)					$	(15)					$	(65)
Foreign currency effect on (2):
Adjusted operating income (loss) before income taxes						$	—					$	—					$	—					$	1					$	1					$	(1)											$	—					$	1					$	(1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Compared to comparable prior year period.

 

                                        

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Reinsurance Group of America, Incorporated
Summary of Segment GAAP Income
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
U.S. and Latin America:
Traditional						$	62					$	121					$	114					$	(69)					$	90					$	(28)											$	183					$	150					$	33
Financial Solutions:
Asset Intensive						47						93						(32)						30						(29)						76												140						3						137
Capital Solutions						21						21						24						23						72						(51)												42						97						(55)
Total U.S. and Latin America						130						235						106						(16)						133						(3)												365						250						115
Canada:
Traditional						35						29						50						12						27						8												64						42						22
Financial Solutions						6						10						9						6						7						(1)												16						16						—
Total Canada						41						39						59						18						34						7												80						58						22
Europe, Middle East and Africa:
Traditional						4						27						3						5						4						—												31						38						(7)
Financial Solutions						52						59						56						34						25						27												111						92						19
Total Europe, Middle East and Africa						56						86						59						39						29						27												142						130						12
Asia Pacific:
Traditional						89						79						100						(73)						59						30												168						167						1
Financial Solutions						20						(13)						109						47						(54)						74												7						(110)						117
Total Asia Pacific						109						66						209						(26)						5						104												175						57						118
Corporate and Other						(71)						(75)						(52)						(92)						(54)						(17)												(146)						(81)						(65)
Consolidated income (loss) before income taxes						$	265					$	351					$	381					$	(77)					$	147					$	118											$	616					$	414					$	202
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

                                        

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Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
U.S. and Latin America:
Traditional						$	63					$	122					$	108					$	(77)					$	71					$	(8)											$	185					$	116					$	69
Financial Solutions:
Asset Intensive						88						84						77						83						68						20												172						144						28
Capital Solutions						21						21						24						23						72						(51)												42						97						(55)
Total U.S. and Latin America						172						227						209						29						211						(39)												399						357						42
Canada:
Traditional						32						29						47						12						34						(2)												61						49						12
Financial Solutions						6						10						9						6						7						(1)												16						16						—
Total Canada						38						39						56						18						41						(3)												77						65						12
Europe, Middle East and Africa:
Traditional						4						27						3						5						4						—												31						38						(7)
Financial Solutions						66						69						73						52						58						8												135						119						16
Total Europe, Middle East and Africa						70						96						76						57						62						8												166						157						9
Asia Pacific:
Traditional						89						79						100						(73)						59						30												168						167						1
Financial Solutions						62						40						38						62						40						22												102						61						41
Total Asia Pacific						151						119						138						(11)						99						52												270						228						42
Corporate and Other						(55)						(25)						(92)						(55)						3						(58)												(80)						(15)						(65)
Consolidated adjusted operating income (loss) before income taxes						376						456						387						38						416						(40)												832						792						40
Notable items (1)						—						—						(61)						326						(23)						23												—						(23)						23
Consolidated adjusted operating income (loss) excluding notable items before income taxes						$	376					$	456					$	326					$	364					$	393					$	(17)											$	832					$	769					$	63
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

 

                                        

						Page 29

                         

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Cash and Invested Assets
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,
						2023						2023						2022						2022						2022
Fixed maturity securities, available-for-sale (1)						$	56,236					$	56,085					$	52,901					$	50,495					$	53,294
Equity securities						136						138						134						137						127
Mortgage loans						7,038						6,833						6,590						6,558						6,544
Policy loans						1,202						1,221						1,231						1,202						1,218
Funds withheld at interest						5,862						5,976						6,003						6,177						6,393
Limited partnerships and real estate joint ventures						2,473						2,405						2,327						2,197						2,074
Short-term investments						224						246						154						225						272
Other invested assets						1,119						1,111						1,140						1,049						1,036
Cash and cash equivalents						2,598						3,294						2,927						3,512						2,556
Total cash and invested assets						$	76,888					$	77,309					$	73,407					$	71,552					$	73,514
(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), Japanese government and agencies ("Japanese government"), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).

Investment Income and Yield Summary
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Average invested assets at amortized cost (1)						$	36,124					$	35,863					$	35,300					$	34,579					$	34,859					$	1,265											$	35,792					$	34,852					$	940
Net investment income (1)						$	393					$	415					$	386					$	374					$	397					$	(4)											$	808					$	854					$	(46)
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)						4.42		%				4.71		%				4.45		%				4.40		%				4.63		%				(21) bps												4.56		%				4.96		%				(40) bps
Variable investment income ("VII") (included in net investment income) (1)						$	17					$	39					$	42					$	38					$	70					$	(53)											$	56					$	211					$	(155)
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) (1)						4.43		%				4.45		%				4.14		%				4.12		%				3.96		%				47 bps												4.44		%				3.88		%				56 bps
(1) Excludes spread related business (e.g. coinsurance of annuities).

                                        

						Page 30

                         

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities
						June 30, 2023
						Amortized Cost						Allowance for Credit Losses						Unrealized Gains						Unrealized Losses						Estimated Fair Value						% of Total
Available-for-sale:
Corporate						$	40,751					$	62					$	252					$	4,763					$	36,178					64.3		%
Canadian government						3,395						—						404						47						3,752						6.7		%
Japanese government						3,315						—						10						279						3,046						5.4		%
ABS						4,510						12						15						348						4,165						7.4		%
CMBS						1,932						1						2						234						1,699						3.1		%
RMBS						1,145						—						3						111						1,037						1.8		%
U.S. government						1,573						—						1						208						1,366						2.4		%
State and political subdivisions						1,247						—						7						145						1,109						2.0		%
Other foreign government						4,317						—						34						467						3,884						6.9		%
Total fixed maturity securities						$	62,185					$	75					$	728					$	6,602					$	56,236					100.0		%

						December 31, 2022
						Amortized Cost						Allowance for Credit Losses						Unrealized Gains						Unrealized Losses						Estimated Fair Value						% of Total
Available-for-sale:
Corporate						$	38,963					$	27					$	168					$	5,135					$	33,969					64.2		%
Canadian government						3,311						—						381						66						3,626						6.9		%
Japanese government						3,033						—						4						478						2,559						4.8		%
ABS						4,324						10						4						440						3,878						7.3		%
CMBS						1,835						—						—						212						1,623						3.1		%
RMBS						1,054						—						1						114						941						1.8		%
U.S. government						1,690						—						4						212						1,482						2.8		%
State and political subdivisions						1,282						—						10						173						1,119						2.1		%
Other foreign government						4,171						—						22						489						3,704						7.0		%
Total fixed maturity securities						$	59,663					$	37					$	594					$	7,319					$	52,901					100.0		%

                                        

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Corporate Fixed Maturity Securities by Industry
						June 30, 2023																								December 31, 2022
						Amortized Cost						Estimated Fair Value						% of Total						Average Credit Ratings (1)						Amortized Cost						Estimated Fair Value						% of Total						Average Credit Ratings (1)
Financial institutions
Banking						$	6,481					$	5,846					16.2		%				A-						$	6,281					$	5,672					16.7		%				A-
Brokerage/asset managers/exchanges						1,275						1,106						3.1		%				A-						1,302						1,115						3.3		%				A-
Finance companies						403						347						1.0		%				BBB+						410						350						1.0		%				BBB
Insurance						4,479						3,925						10.8		%				A-						4,452						3,851						11.3		%				A-
REITs						1,333						1,151						3.1		%				BBB+						1,205						1,013						3.0		%				BBB+
Other finance						977						745						2.1		%				A-						901						679						2.0		%				A-
Total financial institutions						$	14,948					$	13,120					36.3		%										$	14,551					$	12,680					37.3		%
Industrials
Basic						$	1,955					$	1,750					4.8		%				BBB+						$	1,921					$	1,690					5.0		%				BBB
Capital goods						1,633						1,517						4.2		%				BBB						1,734						1,550						4.6		%				BBB
Communications						2,683						2,330						6.4		%				BBB						2,517						2,136						6.3		%				BBB
Consumer cyclical						2,186						1,963						5.4		%				BBB+						1,997						1,748						5.1		%				BBB+
Consumer noncyclical						4,829						4,333						12.0		%				BBB+						4,625						4,052						11.9		%				BBB+
Energy						2,117						1,902						5.3		%				A-						2,050						1,801						5.3		%				BBB+
Technology						1,840						1,714						4.7		%				BBB+						1,617						1,461						4.3		%				BBB+
Transportation						2,291						2,030						5.6		%				BBB+						2,160						1,859						5.5		%				BBB+
Other industrial						1,040						1,009						2.8		%				BBB						1,003						960						2.8		%				BBB
Total industrials						$	20,574					$	18,548					51.2		%										$	19,624					$	17,257					50.8		%
Utilities
Electric						$	4,065					$	3,526					9.7		%				A-						$	3,779					$	3,200					9.4		%				A-
Natural gas						742						633						1.7		%				A-						664						553						1.7		%				A-
Other utility						422						351						1.1		%				BBB+						345						279						0.8		%				BBB+
Total utilities						$	5,229					$	4,510					12.5		%										$	4,788					$	4,032					11.9		%
Total						$	40,751					$	36,178					100.0		%				BBB+						$	38,963					$	33,969					100.0		%				BBB+
(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.

                                        

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Reinsurance Group of America, Incorporated

Investments

(USD millions)

Ratings of Fixed Maturity Securities
												June 30, 2023																		March 31, 2023																		December 31, 2022																		September 30, 2022																		June 30, 2022
NAIC Designation (1)						Rating Agency Designation (2)						Amortized Cost						Estimated Fair Value						% of Total						Amortized Cost						Estimated Fair Value						% of Total						Amortized Cost						Estimated Fair Value						% of Total						Amortized Cost						Estimated Fair Value						% of Total						Amortized Cost						Estimated Fair Value						% of Total
1						AAA/AA/A						$	38,928					$	35,512					63.1		%				$	38,291					$	35,308					63.0		%				$	36,217					$	32,295					61.1		%				$	33,881					$	30,062					59.6		%				$	33,989					$	31,782					59.6		%
2						BBB						19,840						17,517						31.2		%				19,832						17,658						31.5		%				20,188						17,580						33.2		%				19,931						16,924						33.5		%				19,851						18,011						33.8		%
3						BB						2,919						2,801						5.0		%				2,811						2,698						4.8		%				2,734						2,607						5.0		%				3,044						2,843						5.6		%				2,940						2,774						5.2		%
4						B						347						328						0.6		%				402						340						0.6		%				397						331						0.6		%				625						583						1.2		%				658						619						1.2		%
5						CCC						99						69						0.1		%				100						69						0.1		%				103						71						0.1		%				107						62						0.1		%				124						84						0.2		%
6						In or near default						52						9						—		%				58						12						—		%				24						17						—		%				42						21						—		%				46						24						—		%
						Total						$	62,185					$	56,236					100.0		%				$	61,494					$	56,085					100.0		%				$	59,663					$	52,901					100.0		%				$	57,630					$	50,495					100.0		%				$	57,608					$	53,294					100.0		%
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).

 

 

Structured Fixed Maturity Securities
						June 30, 2023																		March 31, 2023																		December 31, 2022																		September 30, 2022																		June 30, 2022
						Amortized Cost						Estimated Fair Value						% of Total						Amortized Cost						Estimated Fair Value						% of Total						Amortized Cost						Estimated Fair Value						% of Total						Amortized Cost						Estimated Fair Value						% of Total						Amortized Cost						Estimated Fair Value						% of Total
ABS:
Collateralized loan obligations ("CLOs")						$	1,936					$	1,857					26.9		%				$	1,880					$	1,775					26.1		%				$	1,825					$	1,702					26.4		%				$	1,788					$	1,650					26.0		%				$	1,714					$	1,622					25.1		%
ABS, excluding CLOs						2,574						2,308						33.5		%				2,590						2,328						34.2		%				2,499						2,176						33.8		%				2,377						2,073						32.6		%				2,377						2,160						33.4		%
Total ABS						4,510						4,165						60.4		%				4,470						4,103						60.3		%				4,324						3,878						60.2		%				4,165						3,723						58.6		%				4,091						3,782						58.5		%
CMBS						1,932						1,699						24.6		%				1,882						1,670						24.6		%				1,835						1,623						25.2		%				1,843						1,670						26.3		%				1,856						1,735						26.8		%
RMBS:
Agency						464						413						6.0		%				473						432						6.4		%				476						427						6.6		%				489						442						7.0		%				519						498						7.7		%
Non-agency						681						624						9.0		%				647						592						8.7		%				578						514						8.0		%				565						511						8.1		%				485						452						7.0		%
Total RMBS						1,145						1,037						15.0		%				1,120						1,024						15.1		%				1,054						941						14.6		%				1,054						953						15.1		%				1,004						950						14.7		%
Total						$	7,587					$	6,901					100.0		%				$	7,472					$	6,797					100.0		%				$	7,213					$	6,442					100.0		%				$	7,062					$	6,346					100.0		%				$	6,951					$	6,467					100.0		%

 

                                        

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
						As of June 30, 2023
						Less than 12 months												Equal to or greater than 12 months												Total
						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses
Investment grade securities:
Corporate						$	9,095					$	496					$	19,800					$	4,161					$	28,895					$	4,657
Canadian government						436						17						168						30						604						47
Japanese government						245						2						2,154						277						2,399						279
ABS						503						17						3,069						316						3,572						333
CMBS						331						16						1,311						212						1,642						228
RMBS						385						17						532						94						917						111
U.S. government						749						14						596						194						1,345						208
State and political subdivisions						303						13						660						132						963						145
Other foreign government						988						42						1,900						362						2,888						404
Total investment grade securities						$	13,035					$	634					$	30,190					$	5,778					$	43,225					$	6,412
Below investment grade securities:
Corporate						$	481					$	21					$	660					$	83					$	1,141					$	104
ABS						16						1						53						13						69						14
Other foreign government						—						—						183						63						183						63
Total below investment grade securities						$	497					$	22					$	896					$	159					$	1,393					$	181
Total fixed maturity securities						$	13,532					$	656					$	31,086					$	5,937					$	44,618					$	6,593
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.

 

                                        

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
						As of December 31, 2022
						Less than 12 months												Equal to or greater than 12 months												Total
						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses
Investment grade securities:
Corporate						$	21,867					$	2,756					$	6,840					$	2,225					$	28,707					$	4,981
Canadian government						554						42						71						23						625						65
Japanese government						815						86						1,694						392						2,509						478
ABS						1,596						153						1,931						269						3,527						422
CMBS						1,314						144						281						65						1,595						209
RMBS						664						62						181						53						845						115
U.S. government						1,202						64						253						148						1,455						212
State and political subdivisions						819						124						131						50						950						174
Other foreign government						1,942						167						1,026						260						2,968						427
Total investment grade securities						$	30,773					$	3,598					$	12,408					$	3,485					$	43,181					$	7,083
Below investment grade securities:
Corporate						$	767					$	87					$	305					$	61					$	1,072					$	148
ABS						52						6						38						9						90						15
Other foreign government						39						2						164						60						203						62
Total below investment grade securities						$	858					$	95					$	507					$	130					$	1,365					$	225
Total fixed maturity securities						$	31,631					$	3,693					$	12,915					$	3,615					$	44,546					$	7,308
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.

                                        

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Consolidated Investment Related Gains and Losses
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses						$	4					$	(42)					$	15					$	3					$	(13)					$	17											$	(38)					$	(24)					$	(14)
Impairments on fixed maturities						—						(1)						(2)						(12)						(2)						2												(1)						(3)						2
Realized gains on investment activity						11						31						127						20						34						(23)												42						45						(3)
Realized losses on investment activity						(37)						(75)						(160)						(106)						(94)						57												(112)						(130)						18
Net gains (losses) on fixed maturity securities available-for-sale						(22)						(87)						(20)						(95)						(75)						53												(109)						(112)						3
Net gains (losses) on equity securities						(4)						2						(5)						7						(15)						11												(2)						(23)						21
Change in mortgage loan allowance for credit losses						(9)						3						(8)						(5)						(1)						(8)												(6)						(3)						(3)
Change in fair value of certain limited partnership investments						10						(3)						9						—						10						—												7						29						(22)
Other, net						15						2						—						7						11						4												17						19						(2)
Free-standing derivatives (1):
Interest rate swaps						(30)						20						(2)						(33)						(44)						14												(10)						(96)						86
Interest rate options						(3)						(23)						(9)						18						(6)						3												(26)						(6)						(20)
Total return swaps						5						3						22						(1)						—						5												8						—						8
Interest rate futures						2						—						1						2						1						1												2						3						(1)
Equity futures						(10)						(9)						(11)						5						23						(33)												(19)						28						(47)
Foreign currency swaps						12						—						(6)						9						11						1												12						18						(6)
Foreign currency swaps - hedged						—						(1)						1						1						—						—												(1)						4						(5)
Foreign currency forwards						(74)						(19)						61						(55)						(76)						2												(93)						(99)						6
CPI swaps						6						1						6						7						(11)						17												7						18						(11)
Credit default swaps						10						11						37						(12)						(33)						43												21						(91)						112
Equity options						(11)						(14)						(15)						8						21						(32)												(25)						21						(46)
Total free-standing derivatives						(93)						(31)						85						(51)						(114)						21												(124)						(200)						76
Embedded derivatives						(20)						37						(67)						(17)						(56)						36												17						(89)						106
Net gains (losses) on total derivatives						(113)						6						18						(68)						(170)						57												(107)						(289)						182
Total investment related gains (losses), net						$	(123)					$	(77)					$	(6)					$	(154)					$	(240)					$	117											$	(200)					$	(379)					$	179
(1) Free-standing derivatives are non-hedged unless specified.

                                        

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Appendix

Reconciliations of GAAP to Non-GAAP Measures

                                        

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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
U.S. & Latin America Traditional
Income (loss) before income taxes						$	62					$	121					$	114					$	(69)					$	90					$	(28)											$	183					$	150					$	33
Investment and derivative losses (1)						—						—						1						(1)						—						—												—						—						—
Change in fair value of funds withheld embedded derivatives (1)						1						1						(7)						(7)						(19)						20												2						(34)						36
Adjusted operating income (loss) before notable items and income taxes						63						122						108						(77)						71						(8)												185						116						69
Notable items (2)						—						—						—						170						—						—												—						—						Q
Adjusted operating income (loss) excluding notable items, before income taxes						$	63					$	122					$	108					$	93					$	71					$	(8)											$	185					$	116					$	69
U.S. & Latin America Asset-Intensive
Income (loss) before income taxes						$	47					$	93					$	(32)					$	30					$	(29)					$	76											$	140					$	3					$	137
Market risk benefits remeasurement (gains) losses						(31)						14						(19)						23						40						(71)												(17)						6						(23)
Investment and derivative (gains) losses (1)						49						18						54						17						5						44												67						50						17
Change in fair value of funds withheld embedded derivatives (1)						19						(38)						74						24						75						(56)												(19)						123						(142)
Funds withheld (gains) losses - investment income						1						(4)						(1)						(1)						4						(3)												(3)						6						(9)
EIA embedded derivatives - interest credited						3						(7)						1						(10)						(27)						30												(4)						(44)						40
Other						—						8						—						—						—						—												8						—						8
Adjusted operating income (loss) before notable items and income taxes						88						84						77						83						68						20												172						144						28
Notable items (2)						—						—						—						(3)						—						—												—						—						—
Adjusted operating income (loss) excluding notable items, before income taxes						$	88					$	84					$	77					$	80					$	68					$	20											$	172					$	144					$	28
U.S. & Latin America Capital Solutions
Income before income taxes						$	21					$	21					$	24					$	23					$	72					$	(51)											$	42					$	97					$	(55)
Adjusted operating income (loss) before notable items and income taxes						21						21						24						23						72						(51)												42						97						(55)
Notable items (2)						—						—						—						—						—						—												—						—						—
Adjusted operating income (loss) excluding notable items, before income taxes						$	21					$	21					$	24					$	23					$	72					$	(51)											$	42					$	97					$	(25)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

                                        

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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Canada Traditional
Income before income taxes						$	35					$	29					$	50					$	12					$	27					$	8											$	64					$	42					$	22
Investment and derivative (gains) losses (1)						(3)						(1)						(4)						(1)						7						(10)												(4)						7						(11)
Investment income - non-operating FWAI						—						1						1						1						—						—												1						—						1
Adjusted operating income (loss) before notable items and income taxes						32						29						47						12						34						(2)												61						49						12
Notable items (2)						—						—						(5)						6						—						—												—						—						—
Adjusted operating income (loss) excluding notable items, before income taxes						$	32					$	29					$	42					$	18					$	34					$	(2)											$	61					$	49					$	12
Canada Financial Solutions
Income before income taxes						$	6					$	10					$	9					$	6					$	7					$	(1)											$	16					$	16					$	—
Adjusted operating income (loss) before notable items and income taxes						6						10						9						6						7						(1)												16						16						—
Notable items (2)						—						—						—						—						—						—												—						—						—
Adjusted operating income (loss) excluding notable items, before income taxes						$	6					$	10					$	9					$	6					$	7					$	(1)											$	16					$	16					$	—
Europe, Middle East and Africa Traditional
Income (loss) before income taxes						$	4					$	27					$	3					$	5					$	4					$	—											$	31					$	38					$	(7)
Adjusted operating income (loss) before notable items and income taxes						4						27						3						5						4						—												31						38						(7)
Notable items (2)						—						—						—						13						—						—												—						—						—
Adjusted operating income (loss) excluding notable items, before income taxes						$	4					$	27					$	3					$	18					$	4					$	—											$	31					$	38					$	(7)
Europe, Middle East and Africa Financial Solutions
Income before income taxes						$	52					$	59					$	56					$	34					$	25					$	27											$	111					$	92					$	19
Investment and derivative (gains) losses (1)						13						7						15						14						27						(14)												20						15						5
Investment income - non-operating FWAI						1						3						2						4						6						(5)												4						12						(8)
Investment (income) loss on unit-linked variable annuities						2						—						2						5						8						(6)												2						17						(15)
Interest credited on unit-linked variable annuities						(2)						—						(2)						(5)						(8)						6												(2)						(17)						15
Adjusted operating income (loss) before notable items and income taxes						66						69						73						52						58						8												135						119						16
Notable items (2)						—						—						(14)						—						—						—												—						—						—
Adjusted operating income (loss) excluding notable items, before income taxes						$	66					$	69					$	59					$	52					$	58					$	8											$	135					$	119					$	16
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

                                        

						Page 39

                         

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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
						Three Months Ended																														Current Qtr												Year-to-Date
						June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,						vs. PY												June 30,						June 30,
						2023						2023						2022						2022						2022						Quarter												2023						2022						Change
Asia Pacific Traditional
Income (loss) before income taxes						$	89					$	79					$	100					$	(73)					$	59					$	30											$	168					$	167					$	1
Adjusted operating income (loss) before notable items and income taxes						89						79						100						(73)						59						30												168						167						1
Notable items (2)						—						—						(42)						140						(23)						23												—						(23)						23
Adjusted operating income (loss) excluding notable items, before income taxes						$	89					$	79					$	58					$	67					$	36					$	53											$	168					$	144					$	24
Asia Pacific Financial Solutions
Income (loss) before income taxes						$	20					$	(13)					$	109					$	47					$	(54)					$	74											$	7					$	(110)					$	117
Investment and derivative (gains) losses (1)						55						55						(78)						97						118						(63)												110						203						(93)
Other						(13)						(2)						7						(82)						(24)						11												(15)						(32)						17
Adjusted operating income (loss) before notable items and income taxes						62						40						38						62						40						22												102						61						41
Notable items (2)						—						—						—						—						—						—												—						—						—
Adjusted operating income (loss) excluding notable items, before income taxes						$	62					$	40					$	38					$	62					$	40					$	22											$	102					$	61					$	41
Corporate and Other
Income (loss) before income taxes						$	(71)					$	(75)					$	(52)					$	(92)					$	(54)					$	(17)											$	(146)					$	(81)					$	(65)
Investment and derivative (gains) losses (1)						3						48						(34)						26						44						(41)												51						44						7
Interest expense on uncertain tax positions						—						—						—						—						—						—												—						—						—
Other						13						2						(6)						11						13						—												15						22						(7)
Adjusted operating income (loss) before notable items and income taxes						(55)						(25)						(92)						(55)						3						(58)												(80)						(15)						(65)
Notable items (2)						—						—						—						—						—						—												—						—						—
Adjusted operating income (loss) excluding notable items, before income taxes						$	(55)					$	(25)					$	(92)					$	(55)					$	3					$	(58)											$	(80)					$	(15)					$	(65)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

                                        

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Reinsurance Group of America, Incorporated
Reconciliations of shareholders’ Equity to Shareholders’ Equity Excluding AOCI
(USD millions except per share data)
									June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,
									2023						2023						2022						2022						2022
RGA, Inc. shareholders’ equity									$	7,805					$	7,626					$	7,081					$	6,755					$	7,389
Less effect of AOCI:
Accumulated currency translation adjustments									26						(94)						(116)						(147)						3
Unrealized appreciation of securities									(4,879)						(4,393)						(5,496)						(5,788)						(3,549)
Effect of updating discount rates on future policy benefits									3,460						3,034						3,755						3,989						2,122
Change in instrument-specific credit risk for market risk benefits									13						14						13						19						(9)
Pension and postretirement benefits									(18)						(22)						(27)						(51)						(51)
RGA, Inc. shareholders’ equity, excluding AOCI									9,203						9,087						8,952						8,733						8,873
Year-to-date notable items, net of tax (1)									—						—						184						230						(17)
RGA, Inc. shareholders’ equity, excluding AOCI and notable items									$	9,203					$	9,087					$	9,136					$	8,963					$	8,856
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses"
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
									June 30,						March 31,						Dec. 31,						Sept. 30,						June 30,
									2023						2023						2022						2022						2022
Book value per share									$	117.87					$	114.60					$	106.19					$	101.08					$	110.27
Less effect of AOCI:
Accumulated currency translation adjustment									0.38						(1.41)						(1.73)						(2.20)						0.04
Unrealized (depreciation) appreciation of securities									(73.69)						(66.02)						(82.44)						(86.61)						(52.96)
Effect of updating discount rates on future policy benefits									52.26						45.59						56.32						59.69						31.66
Change in instrument-specific credit risk for market risk benefits									0.20						0.22						0.19						0.29						(0.14)
Pension and postretirement benefits									(0.27)						(0.34)						(0.41)						(0.77)						(0.75)
Book value per share, excluding AOCI									$	138.99					$	136.56					$	134.26					$	130.68					$	132.42

                                        

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