EX-99.2 3 qfs1q23.htm EX-99.2 Document

Exhibit 99.2
 rgalogospelledoutaa01a13.jpg
Quarterly Financial Supplement

First Quarter 2023
(Unaudited)
World Headquarters  Internet AddressContacts
16600 Swingley Ridge Road  www.rgare.comTodd 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 LimitedA+
Aurora National Life Assurance CompanyA+
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
1st Quarter 2023
Table of Contents
 Page
Non-GAAP Disclosures
Consolidated
Financial Highlights
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
Consolidated Balance Sheets
Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements
U.S. and Latin America Traditional
U.S. and Latin America Financial Solutions - Asset-Intensive
U.S. and Latin America Financial Solutions - Capital Solutions
Canada Traditional
Canada Financial Solutions
Europe, Middle East and Africa Traditional
Europe, Middle East and Africa Financial Solutions
Asia Pacific Traditional
Asia Pacific Financial Solutions
Corporate and Other
Summary of Segment GAAP Income
Summary of Segment Adjusted Operating Income
Investments
Cash and Invested Assets and Investment Income and Yield Summary
Fixed Maturity Securities
Corporate Fixed Maturity Securities by Industry
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities
Fixed Maturity Securities Below Amortized Cost
Consolidated Investment Related Gains and Losses
Appendix
Reconciliations of GAAP to Non-GAAP Measures

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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 Disclosures

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

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

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

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

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


                                        
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Reinsurance Group of America, Incorporated
Financial Highlights
Three Months EndedCurrent Qtr
(USD millions, except in force & per share and shares data)March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
 20232022202220222022Quarter
Net premiums$3,385 $3,446 $3,247 $3,230 $3,155 $230 
Net income (loss) available to RGA's shareholders252 291 (76)105 197 55 
Adjusted operating income349 312 16 316 283 66 
Adjusted operating income excluding notable items (1)
349 266 263 299 283 66 
Return on equity7.8 %6.8 %8.3 %8.2 %11.6 %(3.8)%
Adjusted operating return on equity (ex AOCI)11.2 %10.5 %9.2 %7.2 %7.1 %4.1 %
Adjusted operating return on equity (ex AOCI and notable items (1))
13.1 %12.5 %11.7 %8.6 %8.7 %4.4 %
Total assets$89,120 $84,904 $82,819 $84,875 $90,288 $(1,168)
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional$1,676.8 $1,672.2 $1,662.7 $1,650.5 $1,645.1 $31.7 
U.S. and Latin America Financial Solutions5.2 5.2 5.3 5.3 5.3 (0.1)
Canada Traditional469.5 463.6 448.7 477.2 484.5 (15.0)
Europe, Middle East and Africa Traditional759.6 735.4 671.3 756.4 850.7 (91.1)
Asia Pacific Traditional508.2 518.6 479.4 486.1 508.4 (0.2)
Asia Pacific Financial Solutions7.4 5.7 5.2 5.4 
(2)
1.1 6.3 
Total assumed life reinsurance in force$3,426.7 $3,400.7 $3,272.6 $3,380.9 $3,495.1 $(68.4)
Assumed New Business Production (in billions)
U.S. and Latin America Traditional$34.1 $36.4 $37.3 $32.7 $39.5 $(5.4)
Canada Traditional10.8 11.9 10.8 12.8 12.7 (1.9)
Europe, Middle East and Africa Traditional30.1 35.6 38.2 45.1 50.5 (20.4)
Asia Pacific Traditional3.9 8.6 14.4 5.7 16.6 (12.7)
Asia Pacific Financial Solutions1.7 — — — 0.1 1.6 
Total assumed new business production$80.6 $92.5 $100.7 $96.3 $119.4 $(38.8)
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income (loss)$3.77 $4.36 $(1.13)$1.57 $2.93 $0.84 
Adjusted operating income (loss)$5.22 $4.67 $0.24 $4.71 $4.22 $1.00 
Diluted earnings per share (3)
Net income (loss)$3.72 $4.30 $(1.13)$1.55 $2.91 $0.81 
Adjusted operating income (loss)$5.16 $4.60 $0.24 $4.67 $4.18 $0.98 
Wgt. average common shares outstanding
Basic66,779 66,748 66,936 66,996 67,104 (325)
Diluted67,615 67,793 67,663 67,620 67,649 (34)
Common shares issued85,311 85,311 85,311 85,311 85,311 — 
Treasury shares18,771 18,635 18,484 18,304 18,323 448 
Common shares outstanding66,540 66,676 66,827 67,007 66,988 (448)
Book value per share$114.60 $106.19 $101.08 $110.27 $118.62 $(4.02)
Per share effect of AOCI$(21.96)$(28.07)$(29.60)$(22.15)$(12.82)$(9.14)
Book value per share, excluding AOCI$136.56 $134.26 $130.68 $132.42 $131.44 $5.12 
Stockholders’ dividends paid$53 $53 $54 $49 $49 $4 
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) During the quarter, the Company changed its calculation for assumed life reinsurance in force, resulting in an increase for the quarter.
(3) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.
                                        
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Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)Three Months EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net premiums$3,385 $3,446 $3,247 $3,230 $3,155 $230 
Net investment income856 828 769 754 810 46 
Investment related gains (losses), net(77)(6)(154)(240)(139)62 
Other revenue87 89 188 159 91 (4)
Total revenues4,251 4,357 4,050 3,903 3,917 334 
Benefits and expenses:
Claims and other policy benefits3,063 3,125 3,048 2,938 2,871 192 
Future policy benefits remeasurement (gains) losses(26)(11)226 18 58 (84)
Market risk benefits remeasurement (gains) losses14 (19)23 40 (34)48 
Interest credited215 214 189 138 141 74 
Policy acquisition costs and other insurance expenses331 323 341 336 344 (13)
Other operating expenses250 289 251 242 227 23 
Interest expense50 54 46 42 42 8 
Collateral finance and securitization expense3 1 3 2 1 2 
Total benefits and expenses3,900 3,976 4,127 3,756 3,650 250 
Income (loss) before income taxes351 381 (77)147 267 84 
Provision for income taxes98 88 (2)41 70 28 
Net income (loss)253 293 (75)106 197 56 
Net income attributable to noncontrolling interest1 2 1 1 — 1 
Net income (loss) available to RGA's shareholders$252 $291 $(76)$105 $197 $55 
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes$351 $381 $(77)$147 $267 $84 
Investment and derivative (gains) losses (1)
127 (46)152 201 118 9 
Market risk benefits remeasurement (gains) losses14 (19)23 40 (34)48 
Change in fair value of funds withheld embedded derivatives (1)
(37)67 17 56 33 (70)
Funds withheld (gains) losses - investment income— 2 4 10 8 (8)
EIA embedded derivatives - interest credited(7)1 (10)(27)(17)10 
Investment (income) loss on unit-linked variable annuities— 2 5 8 9 (9)
Interest credited on unit-linked variable annuities— (2)(5)(8)(9)9 
Interest expense on uncertain tax positions— — — — — — 
Other8 1 (71)(11)1 7 
Adjusted operating income before income taxes456 387 38 416 376 80 
Notable items (2)
— (61)326 (23)— — 
Adjusted operating income before income taxes excluding notable items$456 $326 $364 $393 $376 $80 
(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 EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
After-tax adjusted operating income reconciliation:
GAAP net income (loss) attributable to RGA$252 $291 $(76)$105 $197 $55 
Investment and derivative (gains) losses (1)
102 (14)120 154 92 10 
Market risk benefits remeasurement (gains) losses11 (15)18 32 (27)38 
Change in fair value of funds withheld embedded derivatives (1)
(29)53 14 44 26 (55)
Funds withheld (gains) losses - investment income— 2 3 8 6 (6)
EIA embedded derivatives - interest credited(6)1 (8)(22)(13)7 
Investment (income) loss on unit-linked variable annuities— 2 4 6 7 (7)
Interest credited on unit-linked variable annuities— (2)(4)(6)(7)7 
Interest expense on uncertain tax positions— — — — — — 
Other6 1 (56)(9)1 5 
Uncertain tax positions and other tax related items12 (9)— 3 1 11 
Net income attributable to noncontrolling interest1 2 1 1 — 1 
Adjusted operating income349 312 16 316 283 66 
Notable items (2)
— (46)247 (17)— — 
Adjusted operating income excluding notable items$349 $266 $263 $299 $283 $66 
Diluted earnings per share - adjusted operating income (loss) (3)
$5.16 $4.60 $0.24 $4.67 $4.18 $0.98 
Diluted earnings per share - adjusted operating income (loss) excluding notable items (3)
$5.16 $3.91 $3.92 $4.41 $4.18 $0.98 
Foreign currency effect on (4):
Net premiums$(112)$(164)$(160)$(119)$(47)$(65)
Adjusted operating income (loss) before income taxes$(16)$(18)$(11)$(16)$(3)$(13)
(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)
March 31,Dec. 31,Sept. 30,June 30,March 31,
20232022202220222022
Assets
Fixed maturity securities available-for-sale, at fair value$56,085 $52,901 $50,495 $53,294 $57,922 
Equity securities, at fair value138 134 137 127 139 
Mortgage loans6,833 6,590 6,558 6,544 6,535 
Policy loans1,221 1,231 1,202 1,218 1,221 
Funds withheld at interest5,976 6,003 6,177 6,393 6,737 
Limited partnerships and real estate joint ventures2,405 2,327 2,197 2,074 1,943 
Short-term investments246 154 225 272 315 
Other invested assets1,111 1,140 1,049 1,036 1,090 
Total investments74,015 70,480 68,040 70,958 75,902 
Cash and cash equivalents3,294 2,927 3,512 2,556 2,709 
Accrued investment income672 630 628 572 578 
Premiums receivable and other reinsurance balances3,114 3,013 2,820 2,884 2,882 
Reinsurance ceded receivables and other2,723 2,671 2,650 2,829 3,015 
Deferred policy acquisition costs4,257 4,128 4,004 3,935 3,906 
Other assets1,045 1,055 1,165 1,141 1,296 
Total assets$89,120 $84,904 $82,819 $84,875 $90,288 
Liabilities and equity
Future policy benefits$38,222 $35,689 $33,724 $37,028 $42,406 
Interest-sensitive contract liabilities30,405 30,342 30,043 28,762 27,836 
Market risk benefits, at fair value261 247 259 271 233 
Other policy claims and benefits2,558 2,480 2,366 2,447 2,557 
Other reinsurance balances851 725 889 557 540 
Deferred income taxes1,446 1,383 1,350 1,383 1,480 
Other liabilities3,206 2,906 3,136 3,129 3,366 
Long-term debt4,455 3,961 4,207 3,667 3,667 
Collateral finance and securitization notes— — — 152 166 
Total liabilities81,404 77,733 75,974 77,396 82,251 
Equity:
Common stock, at par value1 1 1 1 1 
Additional paid-in-capital2,506 2,502 2,493 2,478 2,465 
Retained earnings8,336 8,169 7,936 8,067 8,014 
Treasury stock(1,756)(1,720)(1,697)(1,673)(1,675)
Accumulated other comprehensive income (loss), net of taxes (AOCI):
Accumulated currency translation adjustment(94)(116)(147)3 8 
Unrealized (depreciation) appreciation of securities(4,393)(5,496)(5,788)(3,549)(10)
Effect of updating discount rates on future policy benefits3,034 3,755 3,989 2,122 (795)
Change in instrument-specific credit risk for market risk benefits14 13 19 (9)(11)
Pension and postretirement benefits(22)(27)(51)(51)(50)
Total RGA, Inc. stockholders’ equity7,626 7,081 6,755 7,389 7,947 
Noncontrolling interest90 90 90 90 90 
Total equity7,716 7,171 6,845 7,479 8,037 
Total liabilities and equity$89,120 $84,904 $82,819 $84,875 $90,288 
Total RGA, Inc. stockholders’ equity, excluding AOCI$9,087 $8,952 $8,733 $8,873 $8,805 
See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.
                                        
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Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
GAAP Income Statements
(USD millions)
 Three Months EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net premiums$1,615 $1,778 $1,640 $1,631 $1,541 $74 
Net investment income193 224 201 186 289 (96)
Investment related gains (losses), net(1)6 8 19 15 (16)
Other revenue5 5 6 10 6 (1)
Total revenues1,812 2,013 1,855 1,846 1,851 (39)
Benefits and expenses:
Claims and other policy benefits1,447 1,642 1,520 1,524 1,447 — 
Future policy benefits remeasurement (gains) losses7 10 160 (11)103 (96)
Interest credited18 17 18 17 17 1 
Policy acquisition costs and other insurance expenses175 178 182 181 181 (6)
Other operating expenses44 52 44 45 43 1 
Total benefits and expenses1,691 1,899 1,924 1,756 1,791 (100)
Income (loss) before income taxes$121 $114 $(69)$90 $60 $61 
Loss and expense ratios:
Loss ratio (1)
90.0 %92.9 %102.4 %92.8 %100.6 %(10.6)%
Policy acquisition costs and other insurance expenses10.8 %10.0 %11.1 %11.1 %11.7 %(0.9)%
Other operating expenses2.7 %2.9 %2.7 %2.8 %2.8 %(0.1)%
Foreign currency effect on (2):
Net premiums$2 $1 $— $1 $— $2 
Income (loss) before income taxes$— $— $— $— $— $— 
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.
                                        
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Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net premiums$1,615 $1,778 $1,640 $1,631 $1,541 $74 
Net investment income193 224 201 186 289 (96)
Other revenue5 5 6 10 6 (1)
Total revenues1,813 2,007 1,847 1,827 1,836 (23)
Benefits and expenses:
Claims and other policy benefits1,447 1,642 1,520 1,524 1,447 — 
Future policy benefits remeasurement (gains) losses7 10 160 (11)103 (96)
Interest credited18 17 18 17 17 1 
Policy acquisition costs and other insurance expenses175 178 182 181 181 (6)
Other operating expenses44 52 44 45 43 1 
Total benefits and expenses1,691 1,899 1,924 1,756 1,791 (100)
Adjusted operating income (loss) before notable items and income taxes122 108 (77)71 45 77 
Notable items (1)
— — 170 — — — 
Adjusted operating income (loss) excluding notable items, before income taxes$122 $108 $93 $71 $45 $77 
Loss and expense ratios:
Loss ratio (2)
90.0 %92.9 %102.4 %92.8 %100.6 %(10.6)%
Policy acquisition costs and other insurance expenses10.8 %10.0 %11.1 %11.1 %11.7 %(0.9)%
Other operating expenses2.7 %2.9 %2.7 %2.8 %2.8 %(0.1)%
Foreign currency effect on (3):
Net premiums$2 $1 $— $1 $— $2 
Adjusted operating income (loss) before income taxes$— $— $— $— $— $— 
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.

                                        
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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 EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net premiums$163 $24 $13 $14 $15 $148 
Net investment income280 287 265 246 256 24 
Investment related gains (losses), net20 (128)(41)(80)(93)113 
Other revenue25 25 29 31 26 (1)
Total revenues488 208 266 211 204 284 
Benefits and expenses:
Claims and other policy benefits199 52 41 43 69 130 
Future policy benefits remeasurement (gains) losses(4)(2)(5)(1)(20)16 
Market risk benefits remeasurement (gains) losses14 (19)23 40 (34)48 
Interest credited129 148 130 101 107 22 
Policy acquisition costs and other insurance expenses46 47 36 45 41 5 
Other operating expenses11 14 11 12 9 2 
Total benefits and expenses395 240 236 240 172 223 
Income (loss) before income taxes$93 $(32)$30 $(29)$32 $61 
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
U.S. and Latin America Financial Solutions - Asset-Intensive
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net premiums$163 $24 $13 $14 $15 $148 
Net investment income276 286 264 250 258 18 
Other revenue25 25 29 31 26 (1)
Total revenues464 335 306 295 299 165 
Benefits and expenses:
Claims and other policy benefits199 52 41 43 69 130 
Future policy benefits remeasurement (gains) losses(4)(2)(5)(1)(20)16 
Interest credited136 147 140 128 124 12 
Policy acquisition costs and other insurance expenses38 47 36 45 41 (3)
Other operating expenses11 14 11 12 9 2 
Total benefits and expenses380 258 223 227 223 157 
Adjusted operating income (loss) before notable items and income taxes84 77 83 68 76 8 
Notable items (1)
— — (3)— — — 
Adjusted operating income (loss) excluding notable items, before income taxes$84 $77 $80 $68 $76 $8 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

                                        
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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)March 31,Dec. 31,Sept. 30,June 30,March 31,
20232022202220222022
Policyholder account balances
Fixed annuities (deferred)$11,699 $12,046 $12,257 $11,952 $11,555 
Equity-indexed annuities$2,701 $2,817 $2,919 $2,978 $3,038 
Bank-owned life insurance (BOLI)$2,505 $2,500 $2,508 $2,505 $2,499 
Other policyholder account balances$75 $75 $76 $76 $79 
Variable annuities account balances
No riders$598 $672 $642 $705 $786 
GMDB only734 771 802 811 891 
GMIB only16 20 19 20 23 
GMAB only2 2 2 2 3 
GMWB only866 863 833 916 1,035 
GMDB / WB168 165 158 174 240 
Other12 15 15 16 18 
Total variable annuities account balances$2,396 $2,508 $2,471 $2,644 $2,996 
Interest-sensitive contract liabilities not associated with policyholder account balances:
Guaranteed investment contracts, funding agreements and immediate annuities$828 $848 $866 $961 $912 
Future policy benefits (at original discount rate) associated with:
Payout annuities$4,231 $4,153 $4,208 $4,269 $4,322 
Other future policy benefits$58 $59 $59 $60 $61 
Liability for market risk benefits:
Equity-indexed annuities$144 $132 $90 $106 $107 
Variable annuities (liability)$117 $115 $168 $166 $126 
Variable annuities (asset)$2 $— $— $— $— 
Net interest spread (1)
1.2 %1.2 %1.0 %1.0 %1.3 %
(1) Net interest spread for Asset-Intensive is calculated as net investment income less interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents.
                                        
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Page 10

                         

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
(USD millions)
 Three Months EndedCurrent Qtr
 March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net investment income$1 $1 $2 $1 $1 $— 
Other revenue26 26 24 74 28 (2)
Total revenues27 27 26 75 29 (2)
Benefits and expenses:
Policy acquisition costs and other insurance expenses2 — (1)1 1 1 
Other operating expenses4 3 4 2 3 1 
Total benefits and expenses6 3 3 3 4 2 
Income before income taxes$21 $24 $23 $72 $25 $(4)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
                                        
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Page 11

                         

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net investment income$1 $1 $2 $1 $1 $— 
Other revenue26 26 24 74 28 (2)
Total revenues27 27 26 75 29 (2)
Benefits and expenses:
Policy acquisition costs and other insurance expenses2 — (1)1 1 1 
Other operating expenses4 3 4 2 3 1 
Total benefits and expenses6 3 3 3 4 2 
Adjusted operating income (loss) before notable items and income taxes$21 $24 $23 $72 $25 $(4)
Notable items (1)
— — — — — — 
Adjusted operating income (loss) excluding notable items, before income taxes$21 $24 $23 $72 $25 $(4)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
 
                                        
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Page 12

                         

Reinsurance Group of America, Incorporated
Canada Traditional
GAAP Income Statements
(USD millions)
 Three Months EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net premiums$295 $308 $293 $314 $304 $(9)
Net investment income61 66 64 62 58 3 
Investment related gains (losses), net2 5 2 (6)1 1 
Other revenue1 1 — 1 2 (1)
Total revenues359 380 359 371 365 (6)
Benefits and expenses:
Claims and other policy benefits270 285 272 285 287 (17)
Future policy benefits remeasurement (gains) losses3 (10)9 (2)1 2 
Policy acquisition costs and other insurance expenses45 44 56 51 52 (7)
Other operating expenses12 11 10 10 10 2 
Total benefits and expenses330 330 347 344 350 (20)
Income before income taxes$29 $50 $12 $27 $15 $14 
Loss and expense ratios:
Loss ratio (1)
92.5 %89.3 %95.9 %90.1 %94.7 %(2.2)%
Policy acquisition costs and other insurance expenses15.3 %14.3 %19.1 %16.2 %17.1 %(1.8)%
Other operating expenses4.1 %3.6 %3.4 %3.2 %3.3 %0.8 %
Foreign currency effect on (2):
Net premiums$(20)$(23)$(11)$(13)$— $(20)
Income before income taxes$(2)$(3)$— $(1)$— $(2)
Creditor reinsurance net premiums$18 $17 $18 $20 $18 $0 
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.
                                        
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Page 13

                         

Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net premiums$295 $308 $293 $314 $304 $(9)
Net investment income62 67 65 62 58 4 
Investment related gains, net1 1 1 1 1 — 
Other revenue1 1 — 1 2 (1)
Total revenues359 377 359 378 365 (6)
Benefits and expenses:
Claims and other policy benefits270 285 272 285 287 (17)
Future policy benefits remeasurement (gains) losses3 (10)9 (2)1 2 
Policy acquisition costs and other insurance expenses45 44 56 51 52 (7)
Other operating expenses12 11 10 10 10 2 
Total benefits and expenses330 330 347 344 350 (20)
Adjusted operating income before notable items and income taxes29 47 12 34 15 14 
Notable items (1)
— (5)6 — — — 
Adjusted operating income excluding notable items, before income taxes$29 $42 $18 $34 $15 $14 
Loss and expense ratios:
Loss ratio (2)
92.5 %89.3 %95.9 %90.1 %94.7 %(2.2)%
Policy acquisition costs and other insurance expenses15.3 %14.3 %19.1 %16.2 %17.1 %(1.8)%
Other operating expenses4.1 %3.6 %3.4 %3.2 %3.3 %0.8 %
Foreign currency effect on (3):
Net premiums$(20)$(23)$(11)$(13)$— $(20)
Adjusted operating income before income taxes$(2)$(3)$— $(1)$— $(2)
Creditor reinsurance net premiums$18 $17 $18 $20 $18 $— 
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.

                                        
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Page 14

                         

Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
GAAP Income Statements
(USD millions)
 Three Months EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net premiums$23 $23 $24 $25 $23 $— 
Net investment income1 1 1 2 1 — 
Other revenue3 4 2 2 2 1 
Total revenues27 28 27 29 26 1 
Benefits and expenses:
Claims and other policy benefits21 20 22 23 21 — 
Future policy benefits remeasurement (gains) losses(5)(3)(2)(2)(5)— 
Policy acquisition costs and other insurance expenses1 1 — — 1 — 
Other operating expenses— 1 1 1 — — 
Total benefits and expenses17 19 21 22 17 — 
Income before income taxes$10 $9 $6 $7 $9 $1 
Foreign currency effect on (2):
Net premiums$(1)$(2)$(1)$(1)$— $(1)
Income before income taxes$(1)$— $(1)$— $— $(1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.
                                        
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Page 15

                         

Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net premiums$23 $23 $24 $25 $23 $— 
Net investment income1 1 1 2 1 — 
Other revenue3 4 2 2 2 1 
Total revenues27 28 27 29 26 1 
Benefits and expenses:
Claims and other policy benefits21 20 22 23 21 — 
Future policy benefits remeasurement (gains) losses(5)(3)(2)(2)(5)— 
Policy acquisition costs and other insurance expenses1 1 — — 1 — 
Other operating expenses— 1 1 1 — — 
Total benefits and expenses17 19 21 22 17 — 
Adjusted operating income before notable items and income taxes10 9 6 7 9 1 
Notable items (2)
— — — — — — 
Adjusted operating income excluding notable items, before income taxes$10 $9 $6 $7 $9 $1 
Foreign currency effect on (3):
Net premiums$(1)$(2)$(1)$(1)$— $(1)
Adjusted operating income before income taxes$(1)$— $(1)$— $— $(1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

                                        
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Page 16

                         

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
GAAP Income Statements
(USD millions)
Three Months EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net premiums$438 $422 $436 $427 $451 $(13)
Net investment income23 21 18 18 19 4 
Other revenue(1)3 2 (2)3 (4)
Total revenues460 446 456 443 473 (13)
Benefits and expenses:
Claims and other policy benefits390 404 409 377 396 (6)
Future policy benefits remeasurement (gains) losses(8)(10)(7)13 (11)3 
Policy acquisition costs and other insurance expenses18 16 19 20 22 (4)
Other operating expenses33 33 30 29 32 1 
Total benefits and expenses433 443 451 439 439 (6)
Income (loss) before income taxes$27 $3 $5 $4 $34 $(7)
Loss and expense ratios:
Loss ratio (1)
87.2 %93.4 %92.2 %91.3 %85.4 %1.8 %
Policy acquisition costs and other insurance expenses4.1 %3.8 %4.4 %4.7 %4.9 %(0.8)%
Other operating expenses7.5 %7.8 %6.9 %6.8 %7.1 %0.4 %
Foreign currency effect on (2):
Net premiums$(41)$(53)$(68)$(46)$(16)$(25)
Income (loss) before income taxes$(1)$— $— $(2)$(1)$— 
Critical illness net premiums$33 $33 $41 $36 $39 $(6)
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.
                                        
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Page 17

                         

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net premiums$438 $422 $436 $427 $451 $(13)
Net investment income23 21 18 18 19 4 
Other revenue(1)3 2 (2)3 (4)
Total revenues460 446 456 443 473 (13)
Benefits and expenses:
Claims and other policy benefits390 404 409 377 396 (6)
Future policy benefits remeasurement (gains) losses(8)(10)(7)13 (11)3 
Policy acquisition costs and other insurance expenses18 16 19 20 22 (4)
Other operating expenses33 33 30 29 32 1 
Total benefits and expenses433 443 451 439 439 (6)
Adjusted operating income before notable items and income taxes27 3 5 4 34 (7)
Notable items (1)
— — 13 — — — 
Adjusted operating income excluding notable items, before income taxes$27 $3 $18 $4 $34 $(7)
Loss and expense ratios:
Loss ratio (2)
87.2 %93.4 %92.2 %91.3 %85.4 %1.8 %
Policy acquisition costs and other insurance expenses4.1 %3.8 %4.4 %4.7 %4.9 %(0.8)%
Other operating expenses7.5 %7.8 %6.9 %6.8 %7.1 %0.4 %
Foreign currency effect on (3):
Net premiums$(41)$(53)$(68)$(46)$(16)$(25)
Adjusted operating income (loss) before income taxes$(1)$— $— $(2)$(1)$— 
Critical illness net premiums$33 $33 $41 $36 $39 $(6)
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.

                                        
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Page 18

                         

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
(USD millions)
 Three Months EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net premiums$125 $127 $112 $119 $128 $(3)
Net investment income46 44 37 34 36 10 
Investment related gains (losses), net(6)(11)(9)(22)16 (22)
Other revenue4 6 2 4 3 1 
Total revenues169 166 142 135 183 (14)
Benefits and expenses:
Claims and other policy benefits104 106 97 107 118 (14)
Future policy benefits remeasurement (gains) losses(9)(12)3 (4)(8)(1)
Interest credited— (2)(5)(8)(9)9 
Policy acquisition costs and other insurance expenses2 2 2 1 2 — 
Other operating expenses13 16 11 14 13 — 
Total benefits and expenses110 110 108 110 116 (6)
Income before income taxes$59 $56 $34 $25 $67 $(8)
Foreign currency effect on (2):
Net premiums$(12)$(17)$(20)$(14)$(5)$(7)
Income before income taxes$(6)$(4)$(7)$(4)$(2)$(4)
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.
                                        
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Page 19

                         

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net premiums$125 $127 $112 $119 $128 $(3)
Net investment income49 48 46 48 51 (2)
Investment related gains (losses), net1 4 5 5 4 (3)
Other revenue4 6 2 4 3 1 
Total revenues179 185 165 176 186 (7)
Benefits and expenses:
Claims and other policy benefits104 106 97 107 118 (14)
Future policy benefits remeasurement (gains) losses(9)(12)3 (4)(8)(1)
Interest credited— — — — — — 
Policy acquisition costs and other insurance expenses2 2 2 1 2 — 
Other operating expenses13 16 11 14 13 — 
Total benefits and expenses110 112 113 118 125 (15)
Adjusted operating income before notable items and income taxes69 73 52 58 61 8 
Notable items (2)
— (14)— — — — 
Adjusted operating income excluding notable items, before income taxes$69 $59 $52 $58 $61 $8 
Foreign currency effect on (3):
Net premiums$(12)$(17)$(20)$(14)$(5)$(7)
Adjusted operating income before income taxes$(7)$(6)$(11)$(8)$(2)$(5)
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.

                                        
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Page 20

                         

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
GAAP Income Statements
(USD millions)
 Three Months EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net premiums$662 $700 $660 $640 $650 $12 
Net investment income61 55 51 46 47 14 
Investment related gains (losses), net3 3 4 5 — 3 
Other revenue3 — 5 10 6 (3)
Total revenues729 758 720 701 703 26 
Benefits and expenses:
Claims and other policy benefits563 548 627 523 494 69 
Future policy benefits remeasurement (gains) losses(9)9 68 25 (2)(7)
Policy acquisition costs and other insurance expenses46 44 47 45 54 (8)
Other operating expenses50 57 51 49 49 1 
Total benefits and expenses650 658 793 642 595 55 
Income (loss) before income taxes$79 $100 $(73)$59 $108 $(29)
Loss and expense ratios:
Loss ratio (1)
83.7 %79.6 %105.3 %85.6 %75.7 %8.0 %
Policy acquisition costs and other insurance expenses6.9 %6.3 %7.1 %7.0 %8.3 %(1.4)%
Other operating expenses7.6 %8.1 %7.7 %7.7 %7.5 %0.1 %
Foreign currency effect on (2):
Net premiums$(33)$(61)$(50)$(38)$(23)$(10)
Income (loss) before income taxes$(3)$(6)$6 $(3)$2 $(5)
Critical illness net premiums$299 $324 $296 $301 $295 $4 
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.
                                        
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Page 21

                         

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)
 Three Months EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net premiums$662 $700 $660 $640 $650 $12 
Net investment income61 55 51 46 47 14 
Investment related gains (losses), net3 3 4 5 — 3 
Other revenue3 — 5 10 6 (3)
Total revenues729 758 720 701 703 26 
Benefits and expenses:
Claims and other policy benefits563 548 627 523 494 69 
Future policy benefits remeasurement (gains) losses(9)9 68 25 (2)(7)
Policy acquisition costs and other insurance expenses46 44 47 45 54 (8)
Other operating expenses50 57 51 49 49 1 
Total benefits and expenses650 658 793 642 595 55 
Adjusted operating income before notable items and income taxes79 100 (73)59 108 (29)
Notable items (1)
— (42)140 (23)— — 
Adjusted operating income excluding notable items, before income taxes$79 $58 $67 $36 $108 $(29)
Loss and expense ratios:
Loss ratio (2)
83.7 %79.6 %105.3 %85.6 %75.7 %8.0 %
Policy acquisition costs and other insurance expenses6.9 %6.3 %7.1 %7.0 %8.3 %(1.4)%
Other operating expenses7.6 %8.1 %7.7 %7.7 %7.5 %0.1 %
Foreign currency effect on (3):
Net premiums$(33)$(61)$(50)$(38)$(23)$(10)
Adjusted operating income (loss) before income taxes$(2)$(6)$6 $(3)$2 $(4)
Critical illness net premiums$299 $324 $296 $301 $295 $4 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions 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.
 
                                        
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Page 22

                         

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
GAAP Income Statements
(USD millions)
 Three Months EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net premiums$64 $64 $69 $60 $43 $21 
Net investment income108 94 77 55 44 64 
Investment related gains (losses), net(51)83 (94)(113)(81)30 
Other revenue10 — 119 41 14 (4)
Total revenues131 241 171 43 20 111 
Benefits and expenses:
Claims and other policy benefits69 68 60 56 39 30 
Future policy benefits remeasurement (gains) losses(1)7 — — — (1)
Interest credited54 39 38 22 20 34 
Policy acquisition costs and other insurance expenses16 12 21 15 12 4 
Other operating expenses6 6 5 4 5 1 
Total benefits and expenses144 132 124 97 76 68 
Income (loss) before income taxes$(13)$109 $47 $(54)$(56)$43 
Foreign currency effect on (2):
Net premiums$(7)$(9)$(10)$(8)$(3)$(4)
Income (loss) before income taxes$— $(17)$11 $15 $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) Compared to comparable prior year period.
                                        
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Page 23

                         

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
 Three Months EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net premiums$64 $64 $69 $60 $43 $21 
Net investment income108 94 77 55 44 64 
Investment related gains, net4 5 3 5 4 — 
Other revenue8 7 37 17 6 2 
Total revenues184 170 186 137 97 87 
Benefits and expenses:
Claims and other policy benefits69 68 60 56 39 30 
Future policy benefits remeasurement (gains) losses(1)7 — — — (1)
Interest credited54 39 38 22 20 34 
Policy acquisition costs and other insurance expenses16 12 21 15 12 4 
Other operating expenses6 6 5 4 5 1 
Total benefits and expenses144 132 124 97 76 68 
Adjusted operating income before notable items and income taxes40 38 62 40 21 19 
Notable items (2)
— — — — — — 
Adjusted operating income excluding notable items, before income taxes$40 $38 $62 $40 $21 $19 
Foreign currency effect on (3):
Net premiums$(7)$(9)$(10)$(8)$(3)$(4)
Adjusted operating income before income taxes$(3)$(3)$(6)$(3)$(2)$(1)
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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Page 24

                         

Reinsurance Group of America, Incorporated
Corporate and Other
GAAP Income Statements
(USD millions)
 Three Months EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net investment income$82 $35 $53 $104 $59 $23 
Investment related gains (losses), net(44)36 (24)(43)3 (47)
Other revenue11 19 (1)(12)1 10 
Total revenues49 90 28 49 63 (14)
Benefits and expenses:
Interest credited14 12 8 6 6 8 
Policy acquisition costs and other insurance income(20)(21)(21)(23)(22)2 
Other operating expenses77 96 84 76 63 14 
Interest expense50 54 46 42 42 8 
Collateral finance and securitization expense3 1 3 2 1 2 
Total benefits and expenses124 142 120 103 90 34 
Income (loss) before income taxes$(75)$(52)$(92)$(54)$(27)$(48)
Foreign currency effect on (1):
Income (loss) before income taxes$— $(7)$3 $1 $— $— 
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 EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Revenues:
Net investment income$82 $35 $53 $104 $59 $23 
Investment related gains, net4 2 2 1 3 1 
Other revenue13 13 10 1 10 3 
Total revenues99 50 65 106 72 27 
Benefits and expenses:
Interest credited14 12 8 6 6 8 
Policy acquisition costs and other insurance income(20)(21)(21)(23)(22)2 
Other operating expenses77 96 84 76 63 14 
Interest expense50 54 46 42 42 8 
Collateral finance and securitization expense3 1 3 2 1 2 
Total benefits and expenses124 142 120 103 90 34 
Adjusted operating income before notable items and income taxes(25)(92)(55)3 (18)(7)
Notable items (1)
— — — — — — 
Adjusted operating income excluding notable items, before income taxes$(25)$(92)$(55)$3 $(18)$(7)
Foreign currency effect on (2):
Adjusted operating income (loss) before income taxes$— $— $1 $1 $— $— 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Compared to comparable prior year period.
 
                                        
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Reinsurance Group of America, Incorporated
Summary of Segment GAAP Income
(USD millions)
 Three Months EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
U.S. and Latin America:
Traditional$121 $114 $(69)$90 $60 $61 
Financial Solutions:
Asset Intensive93 (32)30 (29)32 61 
Capital Solutions21 24 23 72 25 (4)
Total U.S. and Latin America235 106 (16)133 117 118 
Canada:
Traditional29 50 12 27 15 14 
Financial Solutions10 9 6 7 9 1 
Total Canada39 59 18 34 24 15 
Europe, Middle East and Africa:
Traditional27 3 5 4 34 (7)
Financial Solutions59 56 34 25 67 (8)
Total Europe, Middle East and Africa86 59 39 29 101 (15)
Asia Pacific:
Traditional79 100 (73)59 108 (29)
Financial Solutions(13)109 47 (54)(56)43 
Total Asia Pacific66 209 (26)5 52 14 
Corporate and Other(75)(52)(92)(54)(27)(48)
Consolidated income (loss) before income taxes$351 $381 $(77)$147 $267 $84 
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 EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
U.S. and Latin America:
Traditional$122 $108 $(77)$71 $45 $77 
Financial Solutions:
Asset Intensive84 77 83 68 76 8 
Capital Solutions21 24 23 72 25 (4)
Total U.S. and Latin America227 209 29 211 146 81 
Canada:
Traditional29 47 12 34 15 14 
Financial Solutions10 9 6 7 9 1 
Total Canada39 56 18 41 24 15 
Europe, Middle East and Africa:
Traditional27 3 5 4 34 (7)
Financial Solutions69 73 52 58 61 8 
Total Europe, Middle East and Africa96 76 57 62 95 1 
Asia Pacific:
Traditional79 100 (73)59 108 (29)
Financial Solutions40 38 62 40 21 19 
Total Asia Pacific119 138 (11)99 129 (10)
Corporate and Other(25)(92)(55)3 (18)(7)
Consolidated adjusted operating income (loss) before income taxes456 387 38 416 376 80 
Notable items (1)
— (61)326 (23)— — 
Consolidated adjusted operating income (loss) excluding notable items before income taxes$456 $326 $364 $393 $376 $80 
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".
 


                                        
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Cash and Invested Assets
March 31,Dec. 31,Sept. 30,June 30,March 31,
 20232022202220222022
Fixed maturity securities, available-for-sale (1)
$56,085 $52,901 $50,495 $53,294 $57,922 
Equity securities138 134 137 127 139 
Mortgage loans6,833 6,590 6,558 6,544 6,535 
Policy loans1,221 1,231 1,202 1,218 1,221 
Funds withheld at interest5,976 6,003 6,177 6,393 6,737 
Limited partnerships and real estate joint ventures2,405 2,327 2,197 2,074 1,943 
Short-term investments246 154 225 272 315 
Other invested assets1,111 1,140 1,049 1,036 1,090 
Cash and cash equivalents3,294 2,927 3,512 2,556 2,709 
Total cash and invested assets$77,309 $73,407 $71,552 $73,514 $78,611 
(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 EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
 20232022202220222022Quarter
Average invested assets at amortized cost (1)
$35,863 $35,300 $34,579 $34,859 $35,271 $592 
Net investment income (1)
$415 $386 $374 $397 $457 $(42)
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)
4.71 %4.45 %4.40 %4.63 %5.29 %(58) bps
Variable investment income ("VII") (included in net investment income) (1)
$39 $42 $38 $70 $141 $(102)
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)
4.45 %4.14 %4.12 %3.96 %3.80 %65 bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
                                        
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities
March 31, 2023
 Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Estimated Fair
Value		% of
Total
Available-for-sale:
   Corporate$39,621 $69 $255 $4,330 $35,477 63.3 %
   Canadian government3,345 — 455 45 3,755 6.7 %
   Japanese government3,749 — 9 315 3,443 6.1 %
   ABS4,470 10 8 365 4,103 7.3 %
   CMBS1,882 — — 212 1,670 3.0 %
   RMBS1,120 — 2 98 1,024 1.8 %
   U.S. government1,923 — 6 184 1,745 3.1 %
   State and political subdivisions1,261 — 9 132 1,138 2.0 %
   Other foreign government4,123 — 31 424 3,730 6.7 %
Total fixed maturity securities$61,494 $79 $775 $6,105 $56,085 100.0 %


December 31, 2022
 Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Estimated Fair
Value		% of
Total
Available-for-sale:
   Corporate$38,963 $27 $168 $5,135 $33,969 64.2 %
   Canadian government3,311 — 381 66 3,626 6.9 %
   Japanese government3,033 — 4 478 2,559 4.8 %
   ABS4,324 10 4 440 3,878 7.3 %
   CMBS1,835 — — 212 1,623 3.1 %
   RMBS1,054 — 1 114 941 1.8 %
   U.S. government1,690 — 4 212 1,482 2.8 %
   State and political subdivisions1,282 — 10 173 1,119 2.1 %
   Other foreign government4,171 — 22 489 3,704 7.0 %
Total fixed maturity securities$59,663 $37 $594 $7,319 $52,901 100.0 %

                                        
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Corporate Fixed Maturity Securities by Industry
 March 31, 2023December 31, 2022
 Amortized CostEstimated Fair Value% of Total
Average Credit Ratings (1)
Amortized CostEstimated Fair Value% of Total
Average Credit Ratings (1)
Financial institutions
Banking$6,358 $5,783 16.3 %A-$6,281 $5,672 16.7 %A-
Brokerage/asset managers/exchanges1,290 1,122 3.2 %A-1,302 1,115 3.3 %A-
Finance companies399 345 1.0 %BBB+410 350 1.0 %BBB
Insurance4,458 3,948 11.1 %A-4,452 3,851 11.3 %A-
REITs1,296 1,123 3.2 %BBB+1,205 1,013 3.0 %BBB+
Other finance931 722 2.0 %A-901 679 2.0 %A-
      Total financial institutions$14,732 $13,043 36.8 %$14,551 $12,680 37.3 %
Industrials
Basic$1,916 $1,729 4.9 %BBB$1,921 $1,690 5.0 %BBB
Capital goods1,657 1,518 4.3 %BBB1,734 1,550 4.6 %BBB
Communications2,549 2,246 6.3 %BBB2,517 2,136 6.3 %BBB
Consumer cyclical2,068 1,875 5.3 %BBB+1,997 1,748 5.1 %BBB+
Consumer noncyclical4,691 4,251 12.0 %BBB+4,625 4,052 11.9 %BBB+
Energy2,047 1,854 5.2 %A-2,050 1,801 5.3 %BBB+
Technology1,782 1,665 4.7 %BBB+1,617 1,461 4.3 %BBB+
Transportation2,222 1,984 5.6 %A-2,160 1,859 5.5 %BBB+
Other industrial1,013 986 2.7 %BBB1,003 960 2.8 %BBB
       Total industrials$19,945 $18,108 51.0 %$19,624 $17,257 50.8 %
Utilities
Electric$3,914 $3,446 9.7 %A-$3,779 $3,200 9.4 %A-
Natural gas681 587 1.7 %A-664 553 1.7 %A-
Other utility349 293 0.8 %BBB+345 279 0.8 %BBB+
       Total utilities$4,944 $4,326 12.2 %$4,788 $4,032 11.9 %
     Total$39,621 $35,477 100.0 %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
  March 31, 2023December 31, 2022September 30, 2022June 30, 2022March 31, 2022
NAIC Designation (1)
Rating Agency Designation (2)
Amortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of Total
1AAA/AA/A$38,291 $35,308 63.0 %$36,217 $32,295 61.1 %$33,881 $30,062 59.6 %$33,989 $31,782 59.6 %$34,434 $34,741 60.0 %
2BBB19,832 17,658 31.5 %20,188 17,580 33.2 %19,931 16,924 33.5 %19,851 18,011 33.8 %19,691 19,574 33.8 %
3BB2,811 2,698 4.8 %2,734 2,607 5.0 %3,044 2,843 5.6 %2,940 2,774 5.2 %2,821 2,769 4.8 %
4B402 340 0.6 %397 331 0.6 %625 583 1.2 %658 619 1.2 %730 720 1.2 %
5CCC100 69 0.1 %103 71 0.1 %107 62 0.1 %124 84 0.2 %127 92 0.2 %
6In or near default58 12 — %24 17 — %42 21 — %46 24 — %46 26 — %
Total $61,494 $56,085 100.0 %$59,663 $52,901 100.0 %$57,630 $50,495 100.0 %$57,608 $53,294 100.0 %$57,849 $57,922 100.0 %
(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
 March 31, 2023December 31, 2022September 30, 2022June 30, 2022March 31, 2022
 Amortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of Total
ABS:
Collateralized loan obligations ("CLOs")$1,880 $1,775 26.1 %$1,825 $1,702 26.4 %$1,788 $1,650 26.0 %$1,714 $1,622 25.1 %$1,659 $1,630 25.1 %
ABS, excluding CLOs2,590 2,328 34.2 %2,499 2,176 33.8 %2,377 2,073 32.6 %2,377 2,160 33.4 %2,256 2,116 32.5 %
Total ABS4,470 4,103 60.3 %4,324 3,878 60.2 %4,165 3,723 58.6 %4,091 3,782 58.5 %3,915 3,746 57.6 %
CMBS1,882 1,670 24.6 %1,835 1,623 25.2 %1,843 1,670 26.3 %1,856 1,735 26.8 %1,829 1,786 27.5 %
RMBS:
Agency473 432 6.4 %476 427 6.6 %489 442 7.0 %519 498 7.7 %538 537 8.3 %
Non-agency647 592 8.7 %578 514 8.0 %565 511 8.1 %485 452 7.0 %445 429 6.6 %
Total RMBS1,120 1,024 15.1 %1,054 941 14.6 %1,054 953 15.1 %1,004 950 14.7 %983 966 14.9 %
Total$7,472 $6,797 100.0 %$7,213 $6,442 100.0 %$7,062 $6,346 100.0 %$6,951 $6,467 100.0 %$6,727 $6,498 100.0 %
 
                                        
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
 As of March 31, 2023
 Less than 12 monthsEqual to or greater than 12 monthsTotal
 Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
   Corporate$9,861 $486 $18,130 $3,705 $27,991 $4,191 
   Canadian government395 15 165 30 560 45 
   Japanese government379 4 2,291 311 2,670 315 
   ABS811 38 2,777 311 3,588 349 
   CMBS341 20 1,271 188 1,612 208 
   RMBS332 16 513 82 845 98 
   U.S. government909 5 606 179 1,515 184 
   State and political subdivisions350 10 635 122 985 132 
   Other foreign government1,073 38 1,763 325 2,836 363 
Total investment grade securities$14,451 $632 $28,151 $5,253 $42,602 $5,885 
Below investment grade securities:
   Corporate$550 $58 $546 $79 $1,096 $137 
   ABS45 3 46 10 91 13 
   Other foreign government— — 187 61 187 61 
Total below investment grade securities$595 $61 $779 $150 $1,374 $211 
Total fixed maturity securities$15,046 $693 $28,930 $5,403 $43,976 $6,096 
(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 monthsEqual to or greater than 12 monthsTotal
 Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
   Corporate$21,867 $2,756 $6,840 $2,225 $28,707 $4,981 
   Canadian government554 42 71 23 625 65 
   Japanese government815 86 1,694 392 2,509 478 
   ABS1,596 153 1,931 269 3,527 422 
   CMBS1,314 144 281 65 1,595 209 
   RMBS664 62 181 53 845 115 
   U.S. government1,202 64 253 148 1,455 212 
   State and political subdivisions819 124 131 50 950 174 
   Other foreign government1,942 167 1,026 260 2,968 427 
Total investment grade 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 
   ABS52 6 38 9 90 15 
   Other foreign government39 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 EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Fixed maturity securities available-for-sale:
Change in allowance for credit losses$(42)$15 $3 $(13)$(11)$(31)
Impairments on fixed maturities(1)(2)(12)(2)(1)— 
Realized gains on investment activity31 127 20 34 11 20 
Realized losses on investment activity(75)(160)(106)(94)(36)(39)
Net gains (losses) on fixed maturity securities available-for-sale(87)(20)(95)(75)(37)(50)
Net gains (losses) on equity securities2 (5)7 (15)(8)10 
Change in mortgage loan allowance for credit losses3 (8)(5)(1)(2)5 
Change in fair value of certain limited partnership investments(3)9 — 10 19 (22)
Other, net2 — 7 11 8 (6)
Free-standing derivatives (1):
Interest rate swaps20 (2)(33)(44)(52)72 
Interest rate options(23)(9)18 (6)— (23)
Total return swaps3 22 (1)— — 3 
Interest rate futures— 1 2 1 2 (2)
Equity futures(9)(11)5 23 5 (14)
Foreign currency swaps— (6)9 11 7 (7)
Foreign currency swaps - hedged(1)1 1 — 4 (5)
Foreign currency forwards(19)61 (55)(76)(23)4 
CPI swaps1 6 7 (11)29 (28)
Credit default swaps11 37 (12)(33)(58)69 
Equity options(14)(15)8 21 — (14)
Total free-standing derivatives(31)85 (51)(114)(86)55 
Embedded derivatives37 (67)(17)(56)(33)70 
Net gains (losses) on total derivatives6 18 (68)(170)(119)125 
Total investment related gains (losses), net$(77)$(6)$(154)$(240)$(139)$62 
(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 EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
U.S. & Latin America Traditional
Income (loss) before income taxes$121 $114 $(69)$90 $60 $61 
Investment and derivative losses (1)
— 1 (1)— — — 
Change in fair value of funds withheld embedded derivatives (1)
1 (7)(7)(19)(15)16 
Adjusted operating income (loss) before notable items and income taxes122 108 (77)71 45 77 
Notable items (2)
— — 170 — — — 
Adjusted operating income (loss) excluding notable items, before income taxes$122 $108 $93 $71 $45 $77 
U.S. & Latin America Asset-Intensive
Income (loss) before income taxes$93 $(32)$30 $(29)$32 $61 
Market risk benefits remeasurement (gains) losses14 (19)23 40 (34)48 
Investment and derivative (gains) losses (1)
18 54 17 5 45 (27)
Change in fair value of funds withheld embedded derivatives (1)
(38)74 24 75 48 (86)
Funds withheld (gains) losses - investment income(4)(1)(1)4 2 (6)
EIA embedded derivatives - interest credited(7)1 (10)(27)(17)10 
Other8 — — — — 8 
Adjusted operating income (loss) before notable items and income taxes84 77 83 68 76 8 
Notable items (2)
— — (3)— — — 
Adjusted operating income (loss) excluding notable items, before income taxes$84 $77 $80 $68 $76 $8 
U.S. & Latin America Capital Solutions
Income before income taxes$21 $24 $23 $72 $25 $(4)
Adjusted operating income (loss) before notable items and income taxes21 24 23 72 25 (4)
Notable items (2)
— — — — — — 
Adjusted operating income (loss) excluding notable items, before income taxes$21 $24 $23 $72 $25 $(4)
(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 EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Canada Traditional
Income before income taxes$29 $50 $12 $27 $15 $14 
Investment and derivative (gains) losses (1)
(1)(4)(1)7 — (1)
Investment income - non-operating FWAI1 1 1 — — 1 
Adjusted operating income (loss) before notable items and income taxes29 47 12 34 15 14 
Notable items (2)
— (5)6 — — — 
Adjusted operating income (loss) excluding notable items, before income taxes$29 $42 $18 $34 $15 $14 
Canada Financial Solutions
Income before income taxes$10 $9 $6 $7 $9 $1 
Adjusted operating income (loss) before notable items and income taxes10 9 6 7 9 1 
Notable items (2)
— — — — — — 
Adjusted operating income (loss) excluding notable items, before income taxes$10 $9 $6 $7 $9 $1 
Europe, Middle East and Africa Traditional
Income (loss) before income taxes$27 $3 $5 $4 $34 $(7)
Adjusted operating income (loss) before notable items and income taxes27 3 5 4 34 (7)
Notable items (2)
— — 13 — — — 
Adjusted operating income (loss) excluding notable items, before income taxes$27 $3 $18 $4 $34 $(7)
Europe, Middle East and Africa Financial Solutions
Income before income taxes$59 $56 $34 $25 $67 $(8)
Investment and derivative (gains) losses (1)
7 15 14 27 (12)19 
Investment income - non-operating FWAI3 2 4 6 6 (3)
Investment (income) loss on unit-linked variable annuities— 2 5 8 9 (9)
Interest credited on unit-linked variable annuities— (2)(5)(8)(9)9 
Adjusted operating income (loss) before notable items and income taxes69 73 52 58 61 8 
Notable items (2)
— (14)— — — — 
Adjusted operating income (loss) excluding notable items, before income taxes$69 $59 $52 $58 $61 $8 
(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 EndedCurrent Qtr
March 31,Dec. 31,Sept. 30,June 30,March 31,vs. PY
20232022202220222022Quarter
Asia Pacific Traditional
Income (loss) before income taxes$79 $100 $(73)$59 $108 $(29)
Adjusted operating income (loss) before notable items and income taxes79 100 (73)59 108 (29)
Notable items (2)
— (42)140 (23)— — 
Adjusted operating income (loss) excluding notable items, before income taxes$79 $58 $67 $36 $108 $(29)
Asia Pacific Financial Solutions
Income (loss) before income taxes$(13)$109 $47 $(54)$(56)$43 
Investment and derivative (gains) losses (1)
55 (78)97 118 85 (30)
Other(2)7 (82)(24)(8)6 
Adjusted operating income (loss) before notable items and income taxes40 38 62 40 21 19 
Notable items (2)
— — — — — — 
Adjusted operating income (loss) excluding notable items, before income taxes$40 $38 $62 $40 $21 $19 
Corporate and Other
Income (loss) before income taxes$(75)$(52)$(92)$(54)$(27)$(48)
Investment and derivative (gains) losses (1)
48 (34)26 44 — 48 
Interest expense on uncertain tax positions— — — — — — 
Other2 (6)11 13 9 (7)
Adjusted operating income (loss) before notable items and income taxes(25)(92)(55)3 (18)(7)
Notable items (2)
— — — — — — 
Adjusted operating income (loss) excluding notable items, before income taxes$(25)$(92)$(55)$3 $(18)$(7)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

                                        
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Reinsurance Group of America, Incorporated
Reconciliations of Stockholders’ Equity to Stockholders’ Equity Excluding AOCI
(USD millions except per share data)
March 31,Dec. 31,Sept. 30,June 30,March 31,
20232022202220222022
RGA, Inc. stockholders’ equity$7,626 $7,081 $6,755 $7,389 $7,947 
Less effect of AOCI:
Accumulated currency translation adjustments(94)(116)(147)3 8 
Unrealized appreciation of securities(4,393)(5,496)(5,788)(3,549)(10)
Effect of updating discount rates on future policy benefits3,034 3,755 3,989 2,122 (795)
Change in instrument-specific credit risk for market risk benefits14 13 19 (9)(11)
Pension and postretirement benefits(22)(27)(51)(51)(50)
RGA, Inc. stockholders’ equity, excluding AOCI9,087 8,952 8,733 8,873 8,805 
Year-to-date notable items, net of tax (1)
— 184 230 (17)— 
RGA, Inc. stockholders’ equity, excluding AOCI and notable items$9,087 $9,136 $8,963 $8,856 $8,805 
(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
March 31,Dec. 31,Sept. 30,June 30,March 31,
20232022202220222022
Book value per share$114.60 $106.19 $101.08 $110.27 $118.62 
Less effect of AOCI:
Accumulated currency translation adjustment(1.41)(1.73)(2.20)0.04 0.12 
Unrealized (depreciation) appreciation of securities(66.02)(82.44)(86.61)(52.96)(0.15)
Effect of updating discount rates on future policy benefits45.59 56.32 59.69 31.66 (11.87)
Change in instrument-specific credit risk for market risk benefits0.22 0.19 0.29 (0.14)(0.17)
Pension and postretirement benefits(0.34)(0.41)(0.77)(0.75)(0.75)
Book value per share, excluding AOCI$136.56 $134.26 $130.68 $132.42 $131.44 

                                        
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