~~On June 9, 2020, RGA issued 3.15% Senior Notes due June 15, 2030, with a face amount~~

Table of $600 million. This security has been registered with the Securities and Exchange Commission. The net proceeds were approximately $593 million and were used in part to repay the Company’s $400 million 5.000% Senior Notes that matured in June 2021, and the remainder was used for general corporate purposes. Capitalized issue costs were approximately $5 million.Contents

~~14.~~13. New Accounting Standards

Changes to the general accounting principles are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates to the FASB Accounting Standards Codification™. Accounting standards updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s condensed consolidated financial statements.

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~~Description~~	~~Date of Adoption~~	~~Effect on the Consolidated Financial Statements~~
~~Standards adopted:~~
~~Financial Instruments – Credit Losses~~ This guidance adds to U.S. GAAP an impairment model, known as current expected credit loss (“CECL”) model, that is based on expected losses rather than incurred losses. For traditional and other receivables, held-to-maturity debt securities, loans and other instruments entities will be required to use the new forward-looking “expected loss” model that generally will result in earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses similar to what they do today, except the losses will be recognized through an allowance for credit losses and adjusted each period for changes in credit risks. Early adoption is permitted.	~~January 1, 2020~~	For asset classes within the scope of the CECL model, this guidance was adopted through a cumulative-effect adjustment to retained earnings (that is, a modified-retrospective approach). For available-for-sale debt securities, this guidance was applied prospectively. The allowance for credit losses increased when this guidance was adopted to include expected losses over the lifetime of commercial mortgages and other loans, including reasonable and supportable forecasts and expected changes in future economic conditions. The overall impact was an approximate $15 million pre-tax increase in the allowance for credit losses. This increase was reflected as a decrease to opening retained earnings, net of income taxes, as of January 1, 2020.
~~Fair Value Measurement~~ This guidance is part of the FASB’s disclosure framework project and eliminates certain disclosure requirements for fair value measurement, requires entities to disclose new information and modifies existing disclosure requirements. Early adoption is permitted.	~~January 1, 2020~~	Certain disclosure changes in the new guidance were applied prospectively in the year of adoption. The remaining changes in the new guidance were applied retrospectively to all periods presented in the year of adoption. As of December 31, 2019, the Company early adopted the guidance that removed the requirements relating to transfers between fair value hierarchy levels and certain disclosures about valuation processes for Level 3 fair value measurements. The Company adopted the remainder of the guidance on January 1, 2020. The adoption of the new guidance was not material to the Company’s financial position.
~~Reference Rate Reform~~ This guidance eases the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial reporting. which includes the transition away from the London Interbank Offered Rate (“LIBOR”). The ASU provides optional expedients and exceptions for applying GAAP modification to contracts and hedge accounting relationships affected by reference rate reform on financial reporting. Under the new guidance, a change in the reference rate for a contract that meets certain criteria will be accounted for as a continuation of that contract rather than the creation of a new contract. The new guidance applies to debt, insurance contracts, leases, derivative contracts and other arrangements.	~~January 1, 2020~~	The reference rate reform is not expected to have material accounting consequences. The Company has established a team that is currently assessing the effects of the discontinuation of LIBOR on existing contracts that extend beyond 2021 (that is, the date when the Financial Conduct Authority intends to stop persuading or compelling banks to submit LIBOR), by analyzing contractual fallback provisions, evaluating alternative rate ramifications and assessing the effects on current hedging strategies, systems and operations.

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Description	Anticipated Date of Adoption	Effect on the Consolidated Financial Statements
Standards not yet adopted:
Financial Services – Insurance This guidance significantly changes how insurers account for long-duration insurance contracts. The new guidance also significantly expands the disclosure requirements of long-duration insurance contracts. ~~The new guidance is effective for annual and interim reporting periods beginning January 1, 2023.~~ Below are the most significant areas of change:	January 1, 2023	See each significant area of change below for the method of adoption and expected impact to the Company’s results of operations and financial position.
Cash flow assumptions for measuring liability for future policy benefits The new guidance requires insurers to review, and if necessary, update the cash flow assumptions used to measure liabilities for future policy benefits periodically. The change in the liability estimate as a result of updating cash flow assumptions will be recognized in net income.		Cash flow assumptions for measuring liability for future policy benefits The Company will likely adopt this guidance on a modified retrospective basis as of the earliest period presented in the year of adoption. Upon adoption, there will be an adjustment to retained earnings as a result of capping the net premium ratio at 100% and eliminating negative reserves on certain issue year cohorts. The Company is currently evaluating this impact but anticipates it will likely result in a material decrease to retained earnings. The Company is currently evaluating the impact of ~~this amendment~~the cash flow assumptions amendments on its results of operations and financial position but anticipates ~~the updated guidance~~they will likely ~~have a material impact.~~be material.
Discount rate assumption for measuring liability for future policy benefits The new guidance requires insurers to update the discount rate assumption used to measure liabilities for future policy benefits at each reporting period, and the discount rate utilized must be based on an upper-medium grade fixed income instrument yield. The change in the liability estimate as a result of updating the discount rate assumption will be recognized in other comprehensive ~~income.~~income (loss).		Discount rate assumption for measuring liability for future policy benefits The Company will likely adopt this guidance on a modified retrospective basis as of the earliest period presented in the year of adoption. Upon adoption, there will be an adjustment to accumulated other comprehensive income (loss) as a result of remeasuring in force contract liabilities using current upper-medium grade fixed income instrument yields. The adjustment will largely reflect the difference between discount rates locked-in at contract inception versus current discount rates at transition. The Company is currently evaluating the impact of this ~~amendment on its results of operations and financial position~~adjustment but anticipates ~~the updated guidance~~it will likely ~~have a material impact.~~be material.
Market risk benefits The new guidance created a new category of benefit features called market risk benefits that will be measured at fair value with changes in fair value attributable to a change in the instrument-specific credit risk recognized in other comprehensive ~~income.~~income (loss).		Market risk benefits The Company ~~will~~is required to adopt this guidance on a retrospective basis as of the earliest period presented in the year of adoption. Upon adoption, the Company expects an impact to (1) accumulated other comprehensive income (loss) for the cumulative effect of changes in the instrument-specific credit risk between contract issue date and transition date and (2) retained earnings for the difference between fair value and carrying value at the transition date, excluding the changes in the instrument-specific credit risk. The Company is currently evaluating the impact of ~~this amendment on its results of operations and financial position~~these adjustments but anticipates ~~the updated guidance~~they will likely ~~have a material impact.~~be material.
Amortization of deferred acquisition costs (“DAC”) and other balancesThe new guidance requires DAC and other balances to be amortized on a constant level basis over the expected term of the related contracts.		Amortization of deferred acquisition costs (“DAC”) and other balances The Company will likely adopt this guidance on a modified retrospective basis as of the earliest period presented in the year of adoption. Upon adoption, the Company expects an adjustment to accumulated other comprehensive income (loss) for the removal of cumulative adjustments to DAC associated with unrealized gains and losses previously recorded in accumulated other comprehensive income (loss). The Company is currently evaluating the impact of this ~~amendment~~adjustment but anticipates it will likely result in a material increase to accumulated other comprehensive income (loss). The Company is currently evaluating the impact of the other amortization of DAC and other balances amendments on its results of operations and financial position but anticipates ~~the updated guidance~~they will likely ~~have a material impact.~~not be material.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary Note Regarding Forward-Looking Statements

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance and growth potential of the Company. Forward-looking statements often contain words and phrases such as “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe” and other similar expressions. Forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.

The effects of the COVID-19 pandemic and the response thereto on economic conditions, the financial markets and insurance risks, and the resulting effects on the Company’s financial results, liquidity, capital resources, financial metrics, investment portfolio and stock price, could cause actual results and events to differ materially from those expressed or implied by forward-looking statements. Additionally, numerous other important factors (whether related to, resulting from or exacerbated by the COVID-19 pandemic or otherwise) could also cause results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: (1) adverse changes in mortality, morbidity, lapsation or claims experience, (2) inadequate risk analysis and underwriting, (3) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital and cost of capital, (4) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) requirements to post collateral or make payments due to declines in market value of assets subject to the Company’s collateral arrangements, (7) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (8) the effect of the Company parent’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, (9) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (10) the impairment of other financial institutions and its effect on the Company’s business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities, that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (14) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (18) financial performance of the Company’s clients, (19) the threat of natural disasters, catastrophes, terrorist attacks, epidemics or pandemics anywhere in the world where the Company or its clients do business, (20) competitive factors and competitors’ responses to the Company’s initiatives, (21) development and introduction of new products and distribution opportunities, (22) execution of the Company’s entry into new markets, (23) integration of acquired blocks of business and entities, (24) interruption or failure of the Company’s telecommunication, information technology or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data stored on such systems, (25) adverse litigation or arbitration results, (26) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (27) changes in laws, regulations, and accounting standards applicable to the Company or its business, ~~(28) the effects of the Tax Cuts~~including Long Duration Targeted Improvement accounting changes, and ~~Jobs Act of 2017 may be different than expected and (29)~~(28) other risks and uncertainties described in this document and in the Company’s other filings with the Securities and Exchange Commission (“SEC”).

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future. For a discussion of these risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the ~~2020~~2021 Annual Report, as may be supplemented by Item 1A – “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q.

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Overview

The Company is among the leading global providers of life reinsurance and financial solutions, with $3.5 trillion of life reinsurance in force and assets of ~~$88.9~~$89.8 billion as of ~~June 30, 2021.~~March 31, 2022. Traditional reinsurance includes individual and group life

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and health, disability, and critical illness reinsurance. Financial solutions includes longevity reinsurance, asset-intensive reinsurance, capital solutions, including financial reinsurance and stable value products. The Company derives revenues primarily from renewal premiums from existing reinsurance treaties, new business premiums from existing or new reinsurance treaties, fee income from financial solutions business and income earned on invested assets.

Historically, the Company’s primary business has been traditional life reinsurance, which involves reinsuring life insurance policies that are often in force for the remaining lifetime of the underlying individuals insured, with premiums earned typically over a period of 10 to 30 years. To a lesser extent, the Company also reinsures health business typically reinsured for one to three years. Each year, however, a portion of the business under existing treaties terminates due to, among other things, lapses or voluntary surrenders of underlying policies, deaths of insureds, and the exercise of recapture options by ceding companies. The Company has expanded its financial solutions business, including significant asset-intensive and longevity risk transactions, which allow its clients to take advantage of growth opportunities and manage their capital, longevity and investment risk.

~~The~~For its traditional life business, the Company’s ~~long-term~~ profitability largely depends on the volume and amount of death- and health-related claims incurred and the ability to adequately price the risks it assumes. While death claims are reasonably predictable over a period of many years, claims become less predictable over shorter periods and are subject to significant fluctuation from quarter to quarter and year to year. For longevity business, the Company’s profitability depends on the lifespan of the underlying contract holders and the investment performance for certain contracts. Additionally, the Company generates profits on investment spreads associated with the reinsurance of investment type contracts and generates fees from financial reinsurance transactions, which are typically shorter duration than its traditional life reinsurance business. The Company believes its sources of liquidity are sufficient to cover potential claims payments on both a short-term and long-term basis.

As is customary in the reinsurance business, clients continually update, refine, and revise reinsurance information provided to the Company. Such revised information is used by the Company in preparation of its condensed consolidated financial statements and the financial effects resulting from the incorporation of revised data are reflected in the current period.

Segment Presentation

The Company has geographic-based and business-based operational segments. Geographic-based operations are further segmented into traditional and financial solutions businesses. The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a consistent basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in RGA’s businesses.

As a result of the economic capital allocation process, a portion of investment income is credited to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses. Segment investment performance varies with the composition of investments and the relative allocation of capital to the operating segments.

Segment revenue levels can be significantly influenced by currency fluctuations, large transactions, mix of business and reporting practices of ceding companies, and therefore may fluctuate from period to period. Although reasonably predictable over a period of years, segment claims experience can be volatile over shorter periods. See “Results of Operations by Segment” below for further information about the Company’s segments.

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Critical Accounting Policies

The preparation of financial statements in conformity with GAAP requires the application of accounting policies that often involve a significant degree of judgment. Management, on an ongoing basis, reviews estimates and assumptions used in the preparation of financial statements. If management determines that modifications in assumptions and estimates are appropriate given current facts and circumstances, results of operations and financial position as reported in the condensed consolidated financial statements could change significantly.

Management believes the critical accounting policies relating to the following areas are most dependent on the application of estimates and assumptions:

Premiums receivable;

Deferred acquisition costs;

Liabilities for future policy benefits and incurred but not reported claims;

Valuation of investments, allowance for credit losses and impairments to specific investments;

Valuation of embedded derivatives; and

Income taxes.

A discussion of each of the critical accounting policies may be found in the Company’s ~~2020~~2021 Annual Report under “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies.”

Consolidated Results of Operations

Impacts of the COVID-19 Pandemic

~~The~~Although global COVID-19 related deaths have begun to decline, the Company continues to experience increased claim costs as a result of the COVID-19 global ~~pandemic continues to cause increases in the Company’s claims costs, primarily relating to its mortality business.~~pandemic. However, the Company cannot reliably predict the future impact of the ongoing pandemic will have on its business, results of operations and financial condition as the impact will ~~largely~~ depend on, among other factors, the ~~impact~~severity of new variants of the virus, ~~successful rollout of the~~ vaccination ~~programs globally,~~effectiveness, country-specific circumstances, ~~measures by public and private institutions,~~ and COVID-19’s indirect impact on all other causes of death. In addition, the Company’s clients’ ability to write new business in this environment may result in a slowdown in new business temporarily; however, much of the Company’s premiumsmortality and ~~other revenues are contractually recurring for many years to come.~~morbidity.

The ultimate amount and timing of claims the Company will experience as a result of the COVID-19 pandemic will ~~be dependent~~depend on many variables and uncertainties. These variables and uncertainties include those discussed above, in addition to age, gender, comorbidities, other insured versus general population characteristics, geography-specific institutional and individual mitigating actions, medical capacity, and other factors. To date, general population COVID-19 deaths have been heavily concentrated in individuals aged 70 and older and with pre-existing ~~comorbidities.~~comorbidities; however, many populations have seen an increase in younger age deaths, particularly in areas where healthcare facilities were unable to provide adequate care. The Company’s insured population has lower exposure to older ages than the general population and covers a generally healthier population due to underwriting and socioeconomic factors of those purchasing insurance. In addition, the Company’s longevity business may act as a modest offset to excess life insurance ~~claims.~~claims at older ages.

The Company’s COVID-19 projection and financial impact models continue to be updated and refined based on ~~updated~~latest external data and the Company’s claim experience to date and are subject to the many variables and uncertainties noted above. The U.S. iscontinues to be the key driver of mortality claim costs followed by Canada and the ~~UK, India, South Africa and Canada.~~UK. For the ~~six month period~~three months ended ~~June 30, 2021,~~March 31, 2022, the Company estimates it has incurred approximately ~~$595~~$315 million of COVID-19 related life and health claim costs, including amounts incurred but not reported, with approximately ~~$352~~$272 million of that amount being associated with the U.S. and Latin America Traditional segment. The Company has ~~updated~~maintained the range of COVID-19 mortality claim cost estimates relative to the level of general population ~~deaths. The U.S. range was lowered reflecting developing data and go forward expectations. The ranges~~deaths for the U.S., UK and Canada ~~were widened, reflective~~although short-term experience may be at the higher end of ~~our experience as well as~~those ranges, reflecting mortality that is still driven in part by new variants of the ~~expectation that a lower number of COVID-19 general population deaths will result in more variability in the relationship to claims costs.~~virus. The Company estimates that every additional 10,000 population deaths in the U.S., UK or Canada as a result of COVID-19 would result in the following corresponding excess mortality claims of ~~approximately:~~approximately

•$10 million to $20 million in the U.S.;

•$4 million to $8 million in the UK; and

•$10 million to $20 million in Canada.

While the global financial markets have stabilized since the beginning of the pandemic, they continue to be in a state of uncertainty due to COVID-19 mandated economic shutdowns and historically large and rapid central bank and fiscal policies meant to offset the economic impact of the pandemic. The economic weakness and uncertainty caused by these events may also adversely affect the Company’s financial performance. All investments held by the Company, directly or in a funds withheld at

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interest reinsurance arrangement are monitored for conformance with the Company’s stated investment policy limits as well as any limits prescribed by the applicable jurisdiction’s insurance laws and regulations. The current market environment may result in certain investments being downgraded which can affect conformance with these limits. The level of potential impairments will depend on broad economic conditions and the pace at which global economies recover from the effects of COVID-19 and the response thereto. See “Investments” for more information.

The safety and well-being of the Company’s employees and clients continues to be a priority. The Company’s business continuity plans remain activated and the actions taken during 2020 to protect both employees and clients, such as working from home, restricting travel, conducting meetings remotely, and reinforcing the importance of face coverings, good hygiene and social distancing, also continue. The Company’s offices worldwide are at a minimum adhering to local government mandates and guidelines regarding occupancy levels; however, in certain situations the Company’s guidelines are more restrictive than those of local governments.

The Company has not experienced any significant disruptions to its daily operations, despite most of its workforce working remotely. However, COVID-19 heightened operational risks and related impacts, which may include a reduction in new business volumes from slower sales, impacts to the Company’s workforce productivity due to travel restrictions, temporary office closures and increased remote working situations, and potential client delays in paying premiums and reporting claims. Similar to other reinsurers, the Company is heavily reliant on timely reporting from its clients and other third parties. The Company continues to emphasize awareness and training regarding operational risks, including privacy and cybersecurity risks, as such risks are heightened during remote working situations. In addition, the Company continues to monitor its programs, processes and procedures designed to manage these risks.

RGA’s operating subsidiaries continue to be well capitalized, and the Company continues to monitor its solvency position under multiple capital regimes on a regular basis while considering both its developing experience and economic conditions. In addition, the Company utilizes its internal capital model to assess its ability to meet its long-term obligations under a range of stress scenarios on a consolidated basis. This internal capital model is also used as the capital basis for ~~RGA’s~~the Company’s consolidated Own Risk and Solvency Assessment.

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Results from Operations – ~~2021~~2022 compared to ~~2020~~2021

The following table summarizes net income for the periods presented.

Three months ended June 30, Six months ended June 30,
2021 2020 2021 vs 2020 2021 2020 2021 vs 2020
Revenues: (Dollars in millions, except per share data)
Net premiums $ 3,098 $ 2,790 $ 308 $ 6,012 $ 5,609 $ 403
Investment income, net of related expenses 759 645 114 1,571 1,239 332
Investment related gains (losses), net 112 81 31 414 (204) 618
Other revenues 168 90 78 259 166 93
Total revenues 4,137 3,606 531 8,256 6,810 1,446
Benefits and Expenses:
Claims and other policy benefits 2,813 2,700 113 6,005 5,364 641
Interest credited 218 187 31 364 333 31
Policy acquisition costs and other insurance expenses 339 290 49 672 538 134
Other operating expenses 240 188 52 454 383 71
Interest expense 43 42 1 88 83 5
Collateral finance and securitization expense 2 4 (2) 5 10 (5)
Total benefits and expenses 3,655 3,411 244 7,588 6,711 877
Income before income taxes
482 195 287 668 99 569
Provision for income taxes 138 37 101 185 29 156
Net income $ 344 $ 158 $ 186 $ 483 $ 70 $ 413
Earnings per share:
Basic earnings per share $ 5.06 $ 2.49 $ 2.57 $ 7.11 $ 1.12 $ 5.99
Diluted earnings per share $ 5.02 $ 2.48 $ 2.54 $ 7.06 $ 1.11 $ 5.95

~~Three months ended June 30, 2021 compared to three months ended June 30, 2020~~


For the three months ended March 31,
(Dollars in millions, except per share data)	2022		2021		2022 vs 2021
Revenues:
Net premiums	$	3,155	$	2,914	$	241
Net investment income	810		812		(2)




Investment related gains (losses), net	(126)		302		(428)
Other revenues	91		91		—
Total revenues	3,930		4,119		(189)
Benefits and Expenses:
Claims and other policy benefits	3,225		3,192		33
Interest credited	141		146		(5)
Policy acquisition costs and other insurance expenses	355		333		22
Other operating expenses	226		214		12
Interest expense	42		45		(3)
Collateral finance and securitization expense	1		3		(2)
Total benefits and expenses	3,990		3,933		57
Income (loss) before income taxes	(60)		186		(246)
Provision for income taxes	3		47		(44)
Net income (loss)	$	(63)	$	139	$	(202)
Earnings per share:
Basic earnings per share	$	(0.93)	$	2.04	$	(2.97)
Diluted earnings per share	$	(0.93)	$	2.03	$	(2.96)

The ~~increase~~decrease in income for the three months ended ~~June 30, 2021,~~March 31, 2022, was primarily the result of:

•~~An increase in investment income and investment related gains (losses), net primarily due to an increase in variable investment income.~~

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•~~An increase in income before taxes generated by the Company’s Financial Solutions business in the U.S. and UK.~~

•~~Improved mortality experience in the U.S. and Latin America Traditional segment.~~

•~~The increase in income before taxes was partially offset by unfavorable mortality claims in the EMEA, Canada and Asia Pacific segments.~~

~~Six months ended June 30, 2021 compared to six months ended June 30, 2020~~

~~The increase in income for the six months ended June 30, 2021, was primarily the result of:~~

•A one-time adjustment of $162 million, pretax, associated with prior periods that includes $92 million, pretax, to correct the accounting for equity method limited partnerships to reflect unrealized gains in investment income, net of related expenses that were previously included in accumulated other comprehensive income, and a $70 million, pretax, correction reflected in other investment related gains (losses), net to adjust the carrying value of certain limited partnerships from cost less impairments to a fair value approach, using the net asset value (“NAV”) per share or its equivalent.

•~~$177 million, pretax, of capital gains included in other investment related gains (losses), net associated with portfolio repositioning.~~

•Changes in fair value of embedded derivatives, associated with modco/funds withheld treaties, increased investment related gains by $66 million for the six month period ended June 30, 2021, compared to a decrease of $229 million for the six month period ended June 30, 2020.

•~~The increases in investment income and investment related gains (losses), net were partially offset by unfavorable claims, primarily in the EMEA and U.S. and Latin America segments.~~

•As discussed in the “Impacts of the COVID-19 Pandemic” above, the Company estimates it has incurred approximately ~~$595~~$315 million, ~~pretax,~~pre-tax, of COVID-19 related life and health claim costs, including amounts incurred but not reported, with approximately ~~$352~~$272 million, ~~pretax,~~pre-tax, in the U.S. and Latin America segment.

•Changes in the fair value of embedded derivatives, associated with modco/funds withheld treaties, decreased investment related gains by $33 million for the three month period ended March 31 2022, compared to an increase of $50 million for the three month period ended March 31, 2021.

•$25 million, pre-tax, of net realized losses, included in investment related gains (losses), net associated with portfolio repositioning compared to $154 million of net realized gains recognized in the prior year.

Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuation increased income before taxes for the three ~~and six month periods~~months ended ~~June 30, 2021,~~March 31, 2022 by ~~$14~~$6 million ~~and $18 million, respectively,~~ primarily due to ~~the strengthening~~a weakening of the ~~Great British Pound and Canadian Dollar~~Japanese Yen compared to the U.S. ~~Dollar.~~dollar. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.

Premiums and business growth

The increase in premiums ~~during the three and six month period ended June 30, 2021,~~ is primarily due to ~~growth~~an increase in new business production, measured by the face amount of life reinsurance in ~~force.~~force, of $119.4 billion and $77.9 billion during the three months ended March 31, 2022 and 2021, respectively. Consolidated assumed life ~~insurance~~reinsurance in force increased to ~~$3,471.7~~$3,495.1 billion as of ~~June 30, 2021,~~March 31, 2022, from ~~$3,457.8~~$3,428.6 billion as of ~~June 30, 2020,~~March 31, 2021, due to new business production ~~and in force transactions~~ offset by ~~an increase in~~ lapses and mortality claims in the current period, primarily attributable to the increased claims as a result of the ongoing COVID-19 pandemic. The Company added new business production, measured by face amount of insurance in force, of $220.9 billion, and $210.9 billion during the six months ended June 30, 2021 and 2020, respectively.claims.

~~Investment~~Net investment income ~~net of related expenses~~ and investment related gains (losses), net

~~The increase in~~Net investment income ~~net of related expenses~~ is ~~primarily attributable to~~consistent with the ~~aforementioned accounting correction associated with equity method limited partnerships recorded~~comparable period in ~~the first quarter of~~ 2021 ~~in addition to~~as an increase in the average invested asset base ~~and~~was offset by a decrease in yield:

•The average invested assets at amortized cost, excluding spread related business, totaled ~~$33.3~~$35.3 billion ~~for the six months ended June 30,~~and $33.4 billion in 2022 and 2021, ~~compared to $30.0 billion for the six months ended June 30, 2020.~~respectively.

•The average yield earned on investments, excluding spread related business, was ~~4.64%~~5.29% and ~~4.07%~~5.67% for the ~~three month period~~three-month periods ended ~~June 30,~~March 31, 2022 and 2021, ~~and 2020, respectively, and 5.15% and 4.07%~~respectively.

•Investment income, net for the ~~six months~~three-months ended ~~June 30,~~March 31, 2021, ~~and 2020, respectively.~~benefited from a one-time adjustment of approximately $92 million, pre-tax, to correct the accounting for unrealized gains on certain limited partnerships, for

~~A continued low interest rate environment,~~

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which the Company uses the equity method of accounting, from AOCI to net investment income. The unrealized gains should have been recognized directly in ~~addition to higher cash and cash equivalents balances held~~net investment income in the same prior periods they were reported as earnings by the ~~Company during the COVID-19 pandemic, is expected to put downward pressure on this yield in future reporting periods.~~ investees.

The average yield will vary from ~~year~~period to ~~year~~period depending on several variables, including the prevailing ~~risk-fee~~risk-free interest rate and credit spread environment, prepayment fees and make-whole premiums, changes in the mix of the underlying investments and cash and cash equivalents balances. Variable investment income from joint ventures and limited partnerships ~~including unrealized gains and losses on certain limited partnerships,~~ will also vary from ~~year~~period to ~~year~~period and ~~can be~~is highly ~~variable based~~dependent on ~~equity-market performance and~~ the timing of dividends and distributions on certain investments. Investment income is allocated to the operating segments based upon average assets and related capital levels deemed appropriate to support segment operations.

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The ~~increase~~decrease in investment related gains (losses), net is primarily attributable to the following:

•During the three ~~and six~~ months ended ~~June 30, 2021,~~March 31, 2022, the Company repositioned ~~its portfolio~~select investment portfolios generating ~~capital~~net realized losses of $25 million compared to net realized gains of ~~$23 million and $177 million, respectively.~~

•There were no material impairments or changes in allowance for credit losses on fixed maturities during the three months ended June 30, 2021 or June 30, 2020. During the six months ended June 30, 2021, the Company recognized a reduction of $3 million of impairments and change in allowance for credit losses on fixed maturities compared to an increase of $34$154 million during the first ~~six~~three months of ~~2020.~~2021.

•Changes in the fair value of embedded derivatives, associated with modco/funds withheld treaties, ~~increased~~decreased investment related gains (losses), net by ~~$16 million and $66~~$33 million for the three ~~and six~~ month period ended ~~June 30, 2021, respectively,~~March 31 2022, compared to an increase ~~(decrease)~~ of ~~$1 million and $(229)~~$50 million for the three ~~and six~~ month period ended ~~June 30, 2020.~~March 31, 2021.

•~~Unrealized gains of $48 million~~The Company uses various derivative instruments such as interest rate swaps, credit default swaps and ~~$155 million, including the previously mentioned correction recorded~~foreign exchange forwards for risk management purposes that either do not qualify or have not been elected for hedge accounting treatment. Changes in the fair value of these instruments are included in investment related gains (losses), net. During the three months period ended March 31, 2022, the fair value of these instruments decreased by $90 million, compared to a decrease of $51 million during the first ~~quarter~~three months of 2021. See Note 5 – “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for additional information.

•During the three months ended March 31, 2022, the Company incurred $12 million of impairments and change in allowance for credit losses on fixed maturity securities compared to $2 million during the first three months of 2021.

•Investment related gains (losses), net, for the first three months of 2021 included an adjustment to investments in limited partnerships considered to be investment companies, which should have been recognized in prior periods, of $70 million ~~due~~pre-tax to adjust the carrying value from cost less impairments to the ~~change in~~ fair value ~~of certain cost method limited partnerships were recognized during~~approach, using the ~~three and six month periods ended June 30, of 2021.~~net asset value (“NAV”) per share or its equivalent.

The effective tax rate on a consolidated basis was ~~28.5% and 18.9%~~3.7% tax rate expense on a pre-tax loss for the three months ended ~~June 30, 2021~~March 31, 2022, and ~~2020, respectively, and 27.6% and 28.6%~~25.3% tax rate expense on pre-tax income for the ~~six~~three months ended ~~June 30,~~March 31, 2021, ~~and 2020,~~ respectively. See Note 9 – “Income Tax” in the Notes to Condensed Consolidated Financial Statements for additional information on the Company’s consolidated effective tax ~~rates.~~rate.

Impact of certain derivatives

The Company recognizes in consolidated income, any changes in the fair value of embedded derivatives on modco or funds withheld treaties, equity index annuities (“EIAs”) and variable annuities with guaranteed minimum benefit riders. The Company utilizes freestanding derivatives to minimize the income statement volatility due to changes in the fair value of embedded derivatives associated with guaranteed minimum benefit riders. The following table presents the effect of embedded derivatives and related freestanding derivatives on income before income taxes for the periods indicated (dollars in millions):

Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 vs 2020 2021 2020 2021 vs 2020
Modco/Funds withheld:
Unrealized gains (losses) $ 16 $ 1 $ 15 $ 66 $ (229) $ 295
Deferred acquisition costs/retrocession (7) 2 (9) (23) 115 (138)
Net effect 9 3 6 43 (114) 157
EIAs:
Unrealized gains (losses) 3 (7) 10 33 (19) 52
Deferred acquisition costs/retrocession (1) 2 (3) (17) 10 (27)
Net effect 2 (5) 7 16 (9) 25
Guaranteed minimum benefit riders:
Unrealized gains (losses) (16) 107 (123) 1 (21) 22
Related freestanding derivatives, net of deferred acquisition costs/retrocession 20 (70) 90 (33) 94 (127)
Net effect 4 37 (33) (32) 73 (105)
Total net effect after freestanding derivatives $ 15 $ 35 $ (20) $ 27 $ (50) $ 77


	Three months ended March 31,
	2022		2021		2022 vs. 2021
Modco/Funds withheld:
Unrealized gains (losses)	$	(33)	$	50	$	(83)
Deferred acquisition costs/retrocession	19		(17)		36
Net effect	(14)		33		(47)
EIAs:
Unrealized gains (losses)	17		29		(12)
Deferred acquisition costs/retrocession	(7)		(15)		8
Net effect	10		14		(4)
Guaranteed minimum benefit riders:
Unrealized gains (losses)	14		19		(5)
Related freestanding derivatives, net of deferred acquisition costs costs/retrocession	(29)		(54)		25
Net effect	(15)		(35)		20
Total net effect after freestanding derivatives	$	(19)	$	12	$	(31)

4640

Table of Contents

Results of Operations by Segment

U.S. and Latin America Operations

The U.S. and Latin America operations include business generated by the Company’s offices in the U.S., Mexico and Brazil. The offices in Mexico and Brazil provide services to clients in other Latin American countries. The U.S. and Latin America operations consist of two major segments: Traditional and Financial Solutions. The Traditional segment primarily specializes in the reinsurance of individual ~~mortality risk,~~mortality-risk, health and long-term care and to a lesser extent, group reinsurance. The Financial Solutions segment consists of Asset-Intensive and Capital Solutions. Asset-Intensive within the Financial Solutions segment includes coinsurance of annuities and corporate-owned life insurance policies and to a lesser extent, fee-based synthetic guaranteed investment contracts, which include investment-only, stable value contracts. Capital Solutions within the Financial Solutions segment primarily involves assisting ceding companies in meeting applicable regulatory requirements by enhancing the ceding companies’ financial strength and regulatory surplus position through relatively low risk reinsurance and other transactions. Typically, these transactions do not qualify as reinsurance under GAAP, due to the low-risk nature of the transactions, therefore only the related net fees are reflected in other revenues on the condensed consolidated statements of ~~income~~.income.

The following table summarizes income before income taxes for the Company’s U.S. and Latin America operations for the periods presented:


		Three Months Ended June 30,						Six Months Ended June 30,
For the three months ended March 31,														For the three months ended March 31,
(dollars in millions)	(dollars in millions)	2021		2020		2021 vs 2020		2021		2020		2021 vs 2020		(dollars in millions)	2022		2021		2022 vs 2021
Revenues:	Revenues:													Revenues:
Net premiums	Net premiums	$	1,593	$	1,469	$	124	$	3,025	$	2,854	$	171	Net premiums	$	1,556	$	1,432	$	124
Investment income, net of related expenses		509		420		89		974		815		159
Net investment income														Net investment income	567		465		102
Investment related gains (losses), net	Investment related gains (losses), net	31		22		9		31		(145)		176		Investment related gains (losses), net	(65)		—		(65)
Other revenues	Other revenues	116		54		62		174		113		61		Other revenues	61		58		3
Total revenues	Total revenues	2,249		1,965		284		4,204		3,637		567		Total revenues	2,119		1,955		164
Benefits and expenses:	Benefits and expenses:													Benefits and expenses:
Claims and other policy benefits	Claims and other policy benefits	1,439		1,607		(168)		3,239		3,027		212		Claims and other policy benefits	1,813		1,800		13
Interest credited	Interest credited	200		157		43		331		305		26		Interest credited	124		131		(7)
Policy acquisition costs and other insurance expenses	Policy acquisition costs and other insurance expenses	238		204		34		469		341		128		Policy acquisition costs and other insurance expenses	249		231		18
Other operating expenses	Other operating expenses	51		38		13		99		82		17		Other operating expenses	55		48		7
Total benefits and expenses	Total benefits and expenses	1,928		2,006		(78)		4,138		3,755		383		Total benefits and expenses	2,241		2,210		31
Income before income taxes		$	321	$	(41)	$	362	$	66	$	(118)	$	184
Income (loss) before income taxes														Income (loss) before income taxes	$	(122)	$	(255)	$	133


Missouri						43-1627032
(State or other jurisdiction						(IRS employer
of incorporation or organization)						identification number)


Item	Item		Page	Item		Page

		PART I – FINANCIAL INFORMATION			PART I – FINANCIAL INFORMATION

1	1	Financial Statements		1	Financial Statements
		Condensed Consolidated Balance Sheets (Unaudited) June 30, 2021 and December 31, 2020	3
		Condensed Consolidated Statements of Income (Unaudited) three and six months June 30, 2021 and 2020	4		Condensed Consolidated Balance Sheets (Unaudited) March 31, 2022 and December 31, 2021	3
		Condensed Consolidated Statements of Comprehensive Income (Unaudited) three and six months ended June 30, 2021 and 2020	5		Condensed Consolidated Statements of Income (Unaudited) Three months ended March 31, 2022 and 2021	4
		Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) three and six months ended June 30, 2021 and 2020	6		Condensed Consolidated Statements of Comprehensive Income (Unaudited) Three months ended March 31, 2022 and 2021	5
		Condensed Consolidated Statements of Cash Flows (Unaudited) six months ended June 30, 2021 and 2020	7		Condensed Consolidated Statements of Equity (Unaudited) Three months ended March 31, 2022 and 2021	6
		Notes to Condensed Consolidated Financial Statements (Unaudited):	8		Condensed Consolidated Statements of Cash Flows (Unaudited) Three months ended March 31, 2022 and 2021	7
		1. Business and Basis of Presentation	8		Notes to Condensed Consolidated Financial Statements (Unaudited):	8
		2. Earnings Per Share	8		1. Business and Basis of Presentation	8
		3. Equity	9		2. Earnings Per Share	8
		4. Investments	11		3. Equity	9
		5. Derivative Instruments	20		4. Investments	11
		6. Fair Value of Assets and Liabilities	26		5. Derivative Instruments	19
		7. Segment Information	33		6. Fair Value of Assets and Liabilities	23
		8. Commitments, Contingencies and Guarantees	35		7. Segment Information	29
		9. Income Tax	36		8. Commitments, Contingencies and Guarantees	31
		10. Employee Benefit Plans	37		9. Income Tax	32
		11. Reinsurance	37		10. Employee Benefit Plans	33
		12. Policy Claims and Benefits	38		11. Reinsurance	33
		13. Financing Activities	38		12. Policy Claims and Benefits	34
		14. New Accounting Standards	38		13. New Accounting Standards	35
2	2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41	2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
3	3	Quantitative and Qualitative Disclosures About Market Risk	70	3	Quantitative and Qualitative Disclosure About Market Risk	61
4	4	Controls and Procedures	70	4	Controls and Procedures	61

		PART II – OTHER INFORMATION			PART II – OTHER INFORMATION

1	1	Legal Proceedings	71	1	Legal Proceedings	62
1A	1A	Risk Factors	71	1A	Risk Factors	62
2	2	Unregistered Sales of Equity Securities and Use of Proceeds	71	2	Unregistered Sales of Equity Securities and Use of Proceeds	62
6	6	Exhibits	71	6	Exhibits	62
		Index to Exhibits	72		Index to Exhibits	63
		Signatures	73		Signatures	64


		June 30, 2021		December 31, 2020
		(Dollars in millions, except share data)					March 31, 2022		December 31, 2021
Assets	Assets					Assets
Fixed maturity securities available-for-sale, at fair value (amortized cost of $52,797 and $49,548; allowance for credit losses of $16 and $20)		$	58,287	$	56,735
Fixed maturity securities available-for-sale, at fair value (amortized cost of $57,849 and $55,873; allowance for credit losses of $42 and $31)						Fixed maturity securities available-for-sale, at fair value (amortized cost of $57,849 and $55,873; allowance for credit losses of $42 and $31)	$	57,922	$	60,749
Equity securities, at fair value	Equity securities, at fair value	147		132		Equity securities, at fair value	139		151
Mortgage loans on real estate (net of allowance for credit losses of $45 and $64)		6,481		5,787
Mortgage loans on real estate (net of allowance for credit losses of $37 and $35)						Mortgage loans on real estate (net of allowance for credit losses of $37 and $35)	6,535		6,283
Policy loans	Policy loans	1,254		1,258		Policy loans	1,221		1,234
Funds withheld at interest	Funds withheld at interest	7,049		5,432		Funds withheld at interest	6,737		6,954
Short-term investments	Short-term investments	184		227		Short-term investments	315		87
Other invested assets	Other invested assets	2,924		2,829		Other invested assets	3,033		3,070
Total investments	Total investments	76,326		72,400		Total investments	75,902		78,528
Cash and cash equivalents	Cash and cash equivalents	3,254		3,408		Cash and cash equivalents	2,709		2,948
Accrued investment income	Accrued investment income	525		511		Accrued investment income	578		533
Premiums receivable and other reinsurance balances	Premiums receivable and other reinsurance balances	3,102		2,842		Premiums receivable and other reinsurance balances	2,883		2,888
Reinsurance ceded receivables	Reinsurance ceded receivables	1,093		983		Reinsurance ceded receivables	2,595		2,580
Deferred policy acquisition costs	Deferred policy acquisition costs	3,622		3,616		Deferred policy acquisition costs	3,797		3,690
Other assets	Other assets	1,022		896		Other assets	1,297		1,008
Total assets	Total assets	$	88,944	$	84,656	Total assets	$	89,761	$	92,175
Liabilities and Stockholders’ Equity
Liabilities and Equity						Liabilities and Equity
Future policy benefits	Future policy benefits	$	33,761	$	31,453	Future policy benefits	$	35,946	$	35,782
Interest-sensitive contract liabilities	Interest-sensitive contract liabilities	26,161		23,276		Interest-sensitive contract liabilities	28,083		26,377
Other policy claims and benefits	Other policy claims and benefits	6,795		6,413		Other policy claims and benefits	7,079		6,993
Other reinsurance balances	Other reinsurance balances	531		598		Other reinsurance balances	582		613
Deferred income taxes	Deferred income taxes	2,699		3,263		Deferred income taxes	1,843		2,886
Other liabilities	Other liabilities	2,057		1,340		Other liabilities	3,123		2,663

Long-term debt	Long-term debt	3,173		3,573		Long-term debt	3,667		3,667
Collateral finance and securitization notes	Collateral finance and securitization notes	323		388		Collateral finance and securitization notes	166		180
Total liabilities	Total liabilities	75,500		70,304		Total liabilities	80,489		79,161
Commitments and contingent liabilities (See Note 8)	Commitments and contingent liabilities (See Note 8)	0		0		Commitments and contingent liabilities (See Note 8)	0		0
Stockholders’ Equity:
Preferred stock – par value $0.01 per share, 10,000,000 shares authorized, no shares issued or outstanding		0		0
Common stock – par value $0.01 per share, 140,000,000 shares authorized, 85,310,598 shares issued at June 30, 2021 and December 31, 2020		1		1
Additional paid-in capital		2,430		2,406
Equity:						Equity:
Preferred stock – par value $.01 per share, 10,000,000 shares authorized, no shares issued or outstanding						Preferred stock – par value $.01 per share, 10,000,000 shares authorized, no shares issued or outstanding	—		—
Common stock – par value $.01 per share, 140,000,000 shares authorized, 85,310,598 shares issued at March 31, 2022 and December 31, 2021						Common stock – par value $.01 per share, 140,000,000 shares authorized, 85,310,598 shares issued at March 31, 2022 and December 31, 2021	1		1
Additional paid-in-capital						Additional paid-in-capital	2,465		2,461
Retained earnings	Retained earnings	8,531		8,148		Retained earnings	8,446		8,563
Treasury stock, at cost – 17,313,661 and 17,353,697 shares		(1,559)		(1,562)
Accumulated other comprehensive income		4,041		5,359
Total stockholders’ equity		13,444		14,352
Total liabilities and stockholders’ equity		$	88,944	$	84,656
Treasury stock, at cost – 18,322,345 and 18,139,868 shares						Treasury stock, at cost – 18,322,345 and 18,139,868 shares	(1,675)		(1,653)
Accumulated other comprehensive income (loss)						Accumulated other comprehensive income (loss)	(55)		3,642
Total Reinsurance Group of America, Inc. stockholders’ equity						Total Reinsurance Group of America, Inc. stockholders’ equity	9,182		13,014
Noncontrolling interest						Noncontrolling interest	90		—
Total equity						Total equity	9,272		13,014
Total liabilities and equity						Total liabilities and equity	$	89,761	$	92,175


		Three months ended June 30,				Six months ended June 30,					Three months ended March 31,
		2021		2020		2021		2020				2022		2021
Comprehensive income (loss)	Comprehensive income (loss)	(Dollars in millions)								Comprehensive income (loss)
Net income		$	344	$	158	$	483	$	70
Net income (loss)										Net income (loss)		$	(63)	$	139
Other comprehensive income (loss), net of tax:	Other comprehensive income (loss), net of tax:									Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	Foreign currency translation adjustments	19		13		49		(118)		Foreign currency translation adjustments		13		30
Net unrealized investment gains (losses)	Net unrealized investment gains (losses)	1,020		2,663		(1,367)		790		Net unrealized investment gains (losses)		(3,710)		(2,387)

Defined benefit pension and postretirement plan adjustments	Defined benefit pension and postretirement plan adjustments	0		(5)		0		(8)		Defined benefit pension and postretirement plan adjustments		—		—
Total other comprehensive income (loss), net of tax	Total other comprehensive income (loss), net of tax	1,039		2,671		(1,318)		664		Total other comprehensive income (loss), net of tax		(3,697)		(2,357)
Total comprehensive income (loss)	Total comprehensive income (loss)	$	1,383	$	2,829	$	(835)	$	734	Total comprehensive income (loss)		$	(3,760)	$	(2,218)


		Three months ended June 30, 2021 and 2020										Reinsurance Group of America, Inc. Stockholders’ Equity
		Common Stock		Additional Paid In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income			Total			Common Stock		Additional Paid In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Total RGA, Inc. Stockholders’ Equity		Noncontrolling Interest		Total Equity
Balance, March 31, 2021		$	1	$	2,411	$	8,235	$	(1,559)	$	3,002		$	12,090

Balance, December 31, 2021															Balance, December 31, 2021	$	1	$	2,461	$	8,563	$	(1,653)	$	3,642	$	13,014	$	—	$	13,014
Issuance of preferred interests by subsidiary															Issuance of preferred interests by subsidiary											—		90		90
Net income	Net income					344							344		Net income					(63)						(63)				(63)
Total other comprehensive income (loss)	Total other comprehensive income (loss)									1,039			1,039		Total other comprehensive income (loss)									(3,697)		(3,697)				(3,697)
Dividends to stockholders, $0.70 per share						(47)							(47)

Dividends to stockholders, $0.73 per share															Dividends to stockholders, $0.73 per share					(49)						(49)				(49)
Purchase of treasury stock	Purchase of treasury stock							(1)					(1)		Purchase of treasury stock							(27)				(27)				(27)
Reissuance of treasury stock	Reissuance of treasury stock			19		(1)		1					19		Reissuance of treasury stock			4		(5)		5				4				4
Balance, June 30, 2021		$	1	$	2,430	$	8,531	$	(1,559)	$	4,041		$	13,444
Balance, March 31, 2022															Balance, March 31, 2022	$	1	$	2,465	$	8,446	$	(1,675)	$	(55)	$	9,182	$	90	$	9,272


Balance, March 31, 2020	$	1	$	1,942	$	7,802	$	(1,574)	$	1,130	$	9,301

Net income					158						158
Total other comprehensive income (loss)									2,671		2,671
Dividends to stockholders, $0.70 per share					(43)						(43)
Issuance of common stock, net of expenses			481								481
Purchase of treasury stock							(6)				(6)
Reissuance of treasury stock			(10)		(16)		17				(9)
Balance, June 30, 2020	$	1	$	2,413	$	7,901	$	(1,563)	$	3,801	$	12,553


	Six months ended June 30, 2021 and 2020
	Common Stock		Additional Paid In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income		Total
Balance, December 31, 2020	$	1	$	2,406	$	8,148	$	(1,562)	$	5,359	$	14,352
Adoption of new accounting standards					0						0
Net income					483						483
Total other comprehensive income (loss)									(1,318)		(1,318)
Dividends to stockholders, $1.40 per share					(95)						(95)
Issuance of common stock, net of expenses			0								0
Purchase of treasury stock							(2)				(2)
Reissuance of treasury stock			24		(5)		5				24
Balance, June 30, 2021	$	1	$	2,430	$	8,531	$	(1,559)	$	4,041	$	13,444


Balance, December 31, 2019	$	1	$	1,937	$	7,952	$	(1,426)	$	3,137	$	11,601
Adoption of new accounting standards					(12)						(12)
Net income					70						70
Total other comprehensive income (loss)									664		664
Dividends to stockholders, $1.40 per share					(87)						(87)
Issuance of common stock, net of expenses			481								481
Purchase of treasury stock							(162)				(162)
Reissuance of treasury stock			(5)		(22)		25				(2)
Balance, June 30, 2020	$	1	$	2,413	$	7,901	$	(1,563)	$	3,801	$	12,553


	Issued	Held In Treasury	Outstanding
Balance, December 31, 2020	85,310,598	17,353,697	67,956,901

Issuance of common stock	0	0	0
Common stock acquired	0	0	0
Stock-based compensation (1)	0	(40,036)	40,036
Balance, June 30, 2021	85,310,598	17,313,661	67,996,937


		Accumulated Currency Translation Adjustments		Unrealized Appreciation (Depreciation) of Investments(1)		Pension and Postretirement Benefits		Total			Accumulated Other Comprehensive Income (Loss), Net of Income Tax
Balance, December 31, 2020		$	(69)	$	5,500	$	(72)	$	5,359
											Accumulated Currency Translation Adjustments		Unrealized Appreciation (Depreciation) of Investments(1)		Pension and Postretirement Benefits		Total
Balance, December 31, 2021										Balance, December 31, 2021	$	(9)	$	3,701	$	(50)	$	3,642
Other comprehensive income (loss) before reclassifications	Other comprehensive income (loss) before reclassifications	55		(1,607)		(3)		(1,555)		Other comprehensive income (loss) before reclassifications	14		(4,888)		(1)		(4,875)
Amounts reclassified to (from) AOCI	Amounts reclassified to (from) AOCI	0		(154)		3		(151)		Amounts reclassified to (from) AOCI	—		138		1		139
Deferred income tax benefit (expense)	Deferred income tax benefit (expense)	(6)		394		0		388		Deferred income tax benefit (expense)	(1)		1,040		—		1,039

Balance, June 30, 2021		$	(20)	$	4,133	$	(72)	$	4,041
Balance, March 31, 2022										Balance, March 31, 2022	$	4	$	(9)	$	(50)	$	(55)


		Amount Reclassified from AOCI											Amount Reclassified from AOCI
		Three months ended June 30,				Six months ended June 30,						Three months ended March 31,			Affected Line Item in Statement of Income
Details about AOCI Components	Details about AOCI Components	2021		2020		2021		2020		Affected Line Item in Statements of Income	Details about AOCI Components		2022				2021
Net unrealized investment gains (losses):	Net unrealized investment gains (losses):										Net unrealized investment gains (losses):
Net unrealized gains (losses) on available-for-sale securities	Net unrealized gains (losses) on available-for-sale securities	$	26	$	11	$	183	$	(28)	Investment related gains (losses), net	Net unrealized gains (losses) on available-for-sale securities		$	(35)	$	157		Investment related gains (losses), net
Cash flow hedges – Interest rate		0		(1)		(2)		(1)		(1)

Cash flow hedges – Currency/Interest rate	Cash flow hedges – Currency/Interest rate	(4)		0		(4)		0		(1)	Cash flow hedges – Currency/Interest rate		(1)		(2)			(1)

Deferred policy acquisition costs attributed to unrealized gains and losses	Deferred policy acquisition costs attributed to unrealized gains and losses	19		131		(23)		29		(2)	Deferred policy acquisition costs attributed to unrealized gains and losses		(102)		(42)			(2)
Total	Total	41		141		154		0			Total		(138)		113
Provision for income taxes	Provision for income taxes	(9)		(29)		(33)		(2)			Provision for income taxes		29		(24)
Net unrealized gains (losses), net of tax	Net unrealized gains (losses), net of tax	$	32	$	112	$	121	$	(2)		Net unrealized gains (losses), net of tax		$	(109)	$	89
Amortization of defined benefit plan items:	Amortization of defined benefit plan items:										Amortization of defined benefit plan items:
Prior service cost (credit)	Prior service cost (credit)	$	1	$	1	$	1	$	1	(3)	Prior service cost (credit)		$	—	$	—		(3)
Actuarial gains (losses)	Actuarial gains (losses)	(3)		(2)		(4)		(3)		(3)	Actuarial gains (losses)		(1)		(1)			(3)
Total	Total	(2)		(1)		(3)		(2)			Total		(1)		(1)
Provision for income taxes	Provision for income taxes	1		—		1		—			Provision for income taxes		—		—
Amortization of defined benefit plans, net of tax	Amortization of defined benefit plans, net of tax	$	(1)	$	(1)	$	(2)	$	(2)		Amortization of defined benefit plans, net of tax		$	(1)	$	(1)

Total reclassifications for the period	Total reclassifications for the period	$	31	$	111	$	119	$	(4)		Total reclassifications for the period		$	(110)	$	88


June 30, 2021:		Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
March 31, 2022:														March 31, 2022:	Amortized		Allowance for		Unrealized		Unrealized		Estimated Fair		% of
															Cost		Credit Losses		Gains		Losses		Value		Total
Available-for-sale:	Available-for-sale:													Available-for-sale:
Corporate	Corporate	$	33,687	$	11	$	3,465	$	137	$	37,004	63.4	%	Corporate	$	36,813	$	33	$	954	$	1,354	$	36,380	62.8	%
Canadian government	Canadian government	3,303		0		1,602		2		4,903		8.4		Canadian government	3,381		—		1,038		12		4,407		7.6
RMBS	RMBS	1,323		0		60		6		1,377		2.4		RMBS	983		—		11		28		966		1.7
ABS	ABS	3,467		0		36		21		3,482		6.0		ABS	3,915		5		5		169		3,746		6.5
CMBS	CMBS	1,774		1		102		6		1,869		3.2		CMBS	1,829		1		6		48		1,786		3.1
U.S. government	U.S. government	1,295		0		47		24		1,318		2.3		U.S. government	1,587		—		7		69		1,525		2.6
State and political subdivisions	State and political subdivisions	1,206		0		144		6		1,344		2.3		State and political subdivisions	1,206		—		50		47		1,209		2.1
Other foreign government	Other foreign government	6,742		4		317		65		6,990		12.0		Other foreign government	8,135		3		110		339		7,903		13.6
Total fixed maturity securities	Total fixed maturity securities	$	52,797	$	16	$	5,773	$	267	$	58,287	100.0	%	Total fixed maturity securities	$	57,849	$	42	$	2,181	$	2,066	$	57,922	100.0	%


December 31, 2020:		Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
December 31, 2021:														December 31, 2021:	Amortized		Allowance for		Unrealized		Unrealized		Estimated Fair		% of
															Cost		Credit Losses		Gains		Losses		Value		Total
Available-for-sale:	Available-for-sale:													Available-for-sale:
Corporate	Corporate	$	31,963	$	17	$	4,356	$	94	$	36,208	63.9	%	Corporate	$	35,239	$	26	$	3,084	$	194	$	38,103	62.8	%
Canadian government	Canadian government	3,145		0		1,995		0		5,140		9.1		Canadian government	3,339		—		1,606		1		4,944		8.1
RMBS	RMBS	1,735		0		84		2		1,817		3.2		RMBS	1,020		—		37		7		1,050		1.7
ABS	ABS	3,099		0		35		42		3,092		5.4		ABS	4,024		—		22		41		4,005		6.6
CMBS	CMBS	1,790		3		102		21		1,868		3.3		CMBS	1,790		1		66		6		1,849		3.0
U.S. government	U.S. government	1,242		0		196		1		1,437		2.5		U.S. government	2,082		—		31		8		2,105		3.5
State and political subdivisions	State and political subdivisions	1,237		0		157		4		1,390		2.4		State and political subdivisions	1,191		—		137		5		1,323		2.2
Other foreign government	Other foreign government	5,337		0		479		33		5,783		10.2		Other foreign government	7,188		4		273		87		7,370		12.1
Total fixed maturity securities	Total fixed maturity securities	$	49,548	$	20	$	7,404	$	197	$	56,735	100.0	%	Total fixed maturity securities	$	55,873	$	31	$	5,256	$	349	$	60,749	100.0	%


	June 30, 2021				December 31, 2020
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities pledged as collateral	$	125	$	135	$	148	$	162
Fixed maturity securities received as collateral	n/a		1,881		n/a		1,784
Assets in trust held to satisfy collateral requirements	27,929		30,749		27,675		31,179


	March 31, 2022				December 31, 2021
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities pledged as collateral	$	181	$	173	$	100	$	103
Fixed maturity securities received as collateral	n/a		1,743		n/a		1,922
Assets in trust held to satisfy collateral requirements	29,136		29,077		28,671		31,173


June 30, 2021:				Estimated
March 31, 2022:								March 31, 2022:			Estimated
		Amortized Cost		Fair Value		% of Total			Amortized Cost		Fair Value		% of Total
Finance	Finance	$	12,479	$	13,627	36.8	%	Finance	$	13,839	$	13,599	37.4	%
Industrial	Industrial	17,032		18,749		50.7		Industrial	18,496		18,382		50.5
Utility	Utility	4,176		4,628		12.5		Utility	4,478		4,399		12.1

Total	Total	$	33,687	$	37,004	100.0	%	Total	$	36,813	$	36,380	100.0	%

December 31, 2020:				Estimated
December 31, 2021:								December 31, 2021:			Estimated
		Amortized Cost		Fair Value		% of Total			Amortized Cost		Fair Value		% of Total
Finance	Finance	$	11,785	$	13,236	36.6	%	Finance	$	13,101	$	14,045	36.9	%
Industrial	Industrial	16,274		18,435		50.9		Industrial	17,857		19,375		50.8
Utility	Utility	3,904		4,537		12.5		Utility	4,281		4,683		12.3
Total	Total	$	31,963	$	36,208	100.0	%	Total	$	35,239	$	38,103	100.0	%


		Six months ended June 30, 2021
For the three months ended March 31, 2022:										For the three months ended March 31, 2022:
		Corporate		CMBS		Other Foreign Government		Total			Corporate		ABS		CMBS		Other Foreign Government		Total
Balance, beginning of period	Balance, beginning of period	$	17	$	3	$	0	$	20	Balance, beginning of period	$	26	$	—	$	1	$	4	$	31
Credit losses recognized on securities for which credit losses were not previously recorded	Credit losses recognized on securities for which credit losses were not previously recorded	2		1		4		7		Credit losses recognized on securities for which credit losses were not previously recorded	6		5		—		—		11

Reductions for securities sold during the period	Reductions for securities sold during the period	(8)		(2)		0		(10)		Reductions for securities sold during the period	(1)		—		—		(1)		(2)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period	Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period	0		(1)		0		(1)		Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period	2		—		—		—		2

Balance, end of period	Balance, end of period	$	11	$	1	$	4	$	16	Balance, end of period	$	33	$	5	$	1	$	3	$	42


		Six months ended June 30, 2020
For the three months ended March 31, 2021:										For the three months ended March 31, 2021:
		Corporate		CMBS		Other Foreign Government		Total			Corporate		ABS		CMBS		Other Foreign Government		Total
Balance, beginning of period	Balance, beginning of period	$	0	$	0	$	0	$	0	Balance, beginning of period	$	17	$	—	$	3	$	—	$	20
Credit losses recognized on securities for which credit losses were not previously recorded	Credit losses recognized on securities for which credit losses were not previously recorded	40		0		2		42		Credit losses recognized on securities for which credit losses were not previously recorded	—		—		1		5		6

Reductions for securities sold during the period	Reductions for securities sold during the period	(8)		0		(1)		(9)		Reductions for securities sold during the period	(1)		—		(2)		—		(3)

Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period										Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period	—		—		(1)		—		(1)

Balance, end of period	Balance, end of period	$	32	$	0	$	1	$	33	Balance, end of period	$	16	$	—	$	1	$	5	$	22


	June 30, 2021				December 31, 2020
	Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total
Less than 20%	$	213	79.8	%	$	133	67.5	%
20% or more for less than six months	2		0.7		42		21.3
20% or more for six months or greater	52		19.5		22		11.2
Total	$	267	100.0	%	$	197	100.0	%


	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
June 30, 2021:	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Investment grade securities:
Corporate	$	2,596	$	79	$	168	$	6	$	2,764	$	85
Canadian government	24		2		—		—		24		2
RMBS	261		5		21		1		282		6
ABS	800		4		754		5		1,554		9
CMBS	0		0		24		1		24		1
U.S. government	364		24		0		0		364		24
State and political subdivisions	95		2		29		4		124		6
Other foreign government	1,630		37		561		23		2,191		60
Total investment grade securities	5,770		153		1,557		40		7,327		193
Below investment grade securities:
Corporate	258		42		168		10		426		52


ABS	24		1		15		11		39		12
CMBS	0		0		43		5		43		5

Other foreign government	66		3		16		2		82		5
Total below investment grade securities	348		46		242		28		590		74
Total fixed maturity securities	$	6,118	$	199	$	1,799	$	68	$	7,917	$	267


	June 30, 2021
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total
Securities lending transactions:
Corporate	$	0	$	0	$	0	$	103	$	103
Total	0		0		0		103		103
Repurchase/reverse repurchase transactions:
Corporate	0		0		0		411		411





Other foreign government	0		0		220		288		508


Total	0		0		220		699		919
Total transactions	$	0	$	0	$	220	$	802	$	1,022

Gross amount of recognized liabilities for securities lending and repurchase/reverse repurchase transactions in preceding table									$	979
Amounts related to agreements not included in offsetting disclosure									$	43


		Recorded Investment															Recorded Investment
		Debt Service Ratios						Construction Loans									Debt Service Ratios								Construction loans
		>1.20x		1.00x – 1.20x		<1.00x				Total			% of Total		>1.20x				1.00x – 1.20x			<1.00x					Total			% of Total
June 30, 2021:
March 31, 2022:																March 31, 2022:
Loan-to-Value Ratio	Loan-to-Value Ratio															Loan-to-Value Ratio
0% – 59.99%	0% – 59.99%	$	3,053	$	274	$	65	$	24		$	3,416		52.2	%	0% – 59.99%	$	3,257		$	240		$	33	$	9		$	3,539		53.8	%
60% – 69.99%	60% – 69.99%	2,110		200		42		0			2,352			36.0		60% – 69.99%	1,995			199			53		—			2,247			34.1
70% – 79.99%	70% – 79.99%	503		36		16		0			555			8.5		70% – 79.99%	482			40			53		—			575			8.7
80% or greater	80% or greater	193		0		21		0			214			3.3		80% or greater	99			4			119		—			222			3.4
Total	Total	$	5,859	$	510	$	144	$	24		$	6,537		100.0	%	Total	$	5,833		$	483		$	258	$	9		$	6,583		100.0	%


	Recorded Investment
	Debt Service Ratios						Construction Loans
	>1.20x		1.00x – 1.20x		<1.00x				Total		% of Total
December 31, 2020:
Loan-to-Value Ratio
0% – 59.99%	$	2,774	$	106	$	17	$	12	$	2,909	49.6	%
60% – 69.99%	2,013		62		33		0		2,108		36.0
70% – 79.99%	555		49		13		0		617		10.5
80% or greater	189		21		17		0		227		3.9
Total	$	5,531	$	238	$	80	$	12	$	5,861	100.0	%


		Recorded Investment															Recorded Investment
		Year of Origination															Year of Origination
		2021		2020		2019		2018		2017		Prior		Total			2022		2021		2020		2019		2018		Prior		Total
June 30, 2021:
March 31, 2022:																March 31, 2022:
Internal credit quality grade:	Internal credit quality grade:															Internal credit quality grade:
High investment grade	High investment grade	$	491	$	406	$	569	$	468	$	304	$	1,686	$	3,924	High investment grade	$	196	$	725	$	375	$	629	$	435	$	1,779	$	4,139
Investment grade	Investment grade	263		366		474		371		399		580		2,453		Investment grade	236		366		298		333		300		723		2,256
Average	Average	6		0		0		39		18		57		120		Average	—		6		—		27		49		66		148
Watch list	Watch list	0		0		0		0		0		4		4		Watch list	—		—		—		—		—		4		4
In or near default	In or near default	0		0		0		0		0		36		36		In or near default	—		$	—	—		—		—		36		36
Total	Total	$	760	$	772	$	1,043	$	878	$	721	$	2,363	$	6,537	Total	$	432	$	1,097	$	673	$	989	$	784	$	2,608	$	6,583


	June 30, 2021		December 31, 2020
Current	$	6,522	$	5,846
31 – 60 days past due	15		15



Total	$	6,537	$	5,861


	June 30, 2021		December 31, 2020
Mortgage loans:
Individually measured for impairment	$	36	$	37
Collectively measured for impairment	6,501		5,824
Recorded investment	$	6,537	$	5,861
Allowance for credit losses:
Individually measured for impairment	$	0	$	0
Collectively measured for impairment	45		64
Total allowance for credit losses	$	45	$	64


	Unpaid Principal Balance		Recorded Investment		Related Allowance		Carrying Value
June 30, 2021:
Impaired mortgage loans with no allowance for credit losses recorded	$	36	$	36	$	0	$	36
Impaired mortgage loans with allowance for credit losses recorded	0		0		0		0
Total impaired mortgage loans	$	36	$	36	$	0	$	36
December 31, 2020:
Impaired mortgage loans with no allowance for credit losses recorded	$	37	$	37	$	0	$	37
Impaired mortgage loans with allowance for credit losses recorded	0		0		0		0
Total impaired mortgage loans	$	37	$	37	$	0	$	37

The Company’s average investment balance of impaired mortgage loans and the related interest income are reflected in the table below for the periods indicated (dollars in millions):
	Three months ended June 30,
	2021				2020
	Average Recorded Investment(1)		Interest Income		Average Recorded Investment(1)		Interest Income
Impaired mortgage loans with no allowance for credit losses recorded	$	36	$	1	$	17	$	0

Total impaired mortgage loans	$	36	$	1	$	17	$	0

	Six months ended June 30,
	2021				2020
	Average Recorded Investment(1)		Interest Income		Average Recorded Investment(1)		Interest Income
Impaired mortgage loans with no allowance for credit losses recorded	$	36	$	1	$	17	$	0

Total impaired mortgage loans	$	36	$	1	$	17	$	0


		June 30, 2021						December 31, 2020
	Primary Underlying Risk	Notional		Carrying Value/Fair Value				Notional		Carrying Value/Fair Value
		Amount		Assets		Liabilities		Amount		Assets		Liabilities
Derivatives not designated as hedging instruments:
Interest rate swaps	Interest rate	$	1,089	$	74	$	1	$	1,084	$	93	$	1
Financial futures	Equity	254		0		0		258		0		0
Foreign currency swaps	Foreign currency	150		0		6		150		0		18
Foreign currency forwards	Foreign currency	459		1		4		347		4		2
CPI swaps	CPI	607		19		11		612		11		19
Credit default swaps	Credit	1,893		36		1		1,517		13		0
Equity options	Equity	479		23		0		395		29		0
Synthetic GICs	Interest rate	16,489		0		0		16,644		0		0


Embedded derivatives in:
Modco or funds withheld arrangements		0		124		0		0		58		0
Indexed annuity products		0		0		726		0		0		752
Variable annuity products		0		0		154		0		0		155
Total non-hedging derivatives		21,420		277		903		21,007		208		947
Derivatives designated as hedging instruments:
Interest rate swaps	Foreign currency/Interest rate	920		5		27		802		3		24
Foreign currency swaps	Foreign currency	193		3		1		234		8		1
Foreign currency forwards	Foreign currency	1,327		9		24		1,255		10		15
Forward bond purchase commitments	Interest rate	369		7		0		0		0		0
Total hedging derivatives		2,809		24		52		2,291		21		40
Total derivatives		$	24,229	$	301	$	955	$	23,298	$	229	$	987


Type of Fair Value Hedge	Type of Fair Value Hedge	Hedged Item	Gains (Losses) Recognized for Derivatives		Gains (Losses) Recognized for Hedged Items		Type of Fair Value Hedge	Hedged Item	Gains (Losses) Recognized for Derivatives		Gains (Losses) Recognized for Hedged Items
			Investment Related Gains (Losses)						Investment Related Gains (Losses), Net
For the three months ended June 30, 2021:
For the three months ended March 31, 2022:							For the three months ended March 31, 2022:
Foreign currency swaps	Foreign currency swaps	Foreign-denominated fixed maturity securities	$	(2)	$	2	Foreign currency swaps	Foreign-denominated fixed maturity securities	$	7	$	(3)
For the three months ended June 30, 2020:
For the three months ended March 31, 2021:							For the three months ended March 31, 2021:
Foreign currency swaps	Foreign currency swaps	Foreign-denominated fixed maturity securities	$	15	$	(13)	Foreign currency swaps	Foreign-denominated fixed maturity securities	$	—	$	1
For the six months ended June 30, 2021:
Foreign currency swaps		Foreign-denominated fixed maturity securities	$	(2)	$	3
For the six months ended June 30, 2020:
Foreign currency swaps		Foreign-denominated fixed maturity securities	$	(8)	$	2


Derivative Type	Derivative Type	Gain (Loss) Deferred in AOCI		Gain (Loss) Reclassified into Income from AOCI				Derivative Type	Gains (Losses) Deferred in OCI		Gains (Losses) Reclassified into Income from AOCI
				Investment Income		Interest Expense					Investment Income		Interest Expense
For the three months ended June 30, 2021:
For the three months ended March 31, 2022:								For the three months ended March 31, 2022:
Interest rate	Interest rate	$	29	$	0	$	(2)	Interest rate	$	(64)	$	—	$	(1)
Foreign currency/interest rate	Foreign currency/interest rate	0		0		0		Foreign currency/interest rate	4		—		—
Total	Total	$	29	$	0	$	(2)	Total	$	(60)	$	—	$	(1)
For the three months ended June 30, 2020:
For the three months ended March 31, 2021:								For the three months ended March 31, 2021:
Interest rate	Interest rate	$	(1)	$	0	$	(1)	Interest rate	$	(23)	$	—	$	(2)
Foreign currency/interest rate	Foreign currency/interest rate	13		0		0		Foreign currency/interest rate	(1)		—		—

Total	Total	$	12	$	0	$	(1)	Total	$	(24)	$	—	$	(2)

For the six months ended June 30, 2021:
Interest rate		$	6	$	0	$	(4)
Foreign currency/interest rate		(1)		0		0

Total		$	5	$	0	$	(4)
For the six months ended June 30, 2020:
Interest rate		$	(36)	$	0	$	(1)
Foreign currency/interest rate		(13)		0		0

Total		$	(49)	$	0	$	(1)


		Derivative Gains (Losses) Deferred in AOCI									Derivative Gains (Losses) Deferred in OCI
		Three months ended June 30,				Six months ended June 30,					For the three months ended March 31,
Type of NIFO Hedge	Type of NIFO Hedge	2021		2020		2021		2020		Type of NIFO Hedge	2022		2021
Foreign currency swaps	Foreign currency swaps	$	(2)	$	(6)	$	(3)	$	9	Foreign currency swaps	$	—	$	(1)
Foreign currency forwards	Foreign currency forwards	(10)		(34)		(24)		46		Foreign currency forwards	(16)		(14)
Total	Total	$	(12)	$	(40)	$	(27)	$	55	Total	$	(16)	$	(15)


		Three months ended June 30,
Type of Non-hedging Derivative	Income Statement Location of Gain (Loss)	2021		2020
Interest rate swaps	Investment related gains (losses), net	$	33	$	3
Financial futures	Investment related gains (losses), net	(9)		(48)
Foreign currency swaps	Investment related gains (losses), net	3		3
Foreign currency forwards	Investment related gains (losses), net	(1)		1
CPI swaps	Investment related gains (losses), net	3		26
Credit default swaps	Investment related gains (losses), net	12		17
Equity options	Investment related gains (losses), net	(11)		(25)


Subtotal		30		(23)
Embedded derivatives in:
Modco or funds withheld arrangements	Investment related gains (losses), net	16		1

Indexed annuity products	Interest credited	(13)		(7)
Variable annuity products	Investment related gains (losses), net	(17)		107
Total non-hedging derivatives		$	16	$	78

		Six months ended June 30,
Type of Non-hedging Derivative	Income Statement Location of Gain (Loss)	2021		2020
Interest rate swaps	Investment related gains (losses), net	$	(37)	$	109
Financial futures	Investment related gains (losses), net	(19)		(4)
Foreign currency swaps	Investment related gains (losses), net	12		(10)
Foreign currency forwards	Investment related gains (losses), net	(9)		(2)
CPI swaps	Investment related gains (losses), net	21		(14)
Credit default swaps	Investment related gains (losses), net	32		(7)
Equity options	Investment related gains (losses), net	(21)		28


Subtotal		(21)		100
Embedded derivatives in:
Modco or funds withheld arrangements	Investment related gains (losses), net	66		(229)

Indexed annuity products	Interest credited	1		(1)
Variable annuity products	Investment related gains (losses), net	1		(21)
Total non-hedging derivatives		$	47	$	(151)


		Gains (Losses) for the three months ended March 31,
Type of Non-hedging Derivative	Income Statement Location of Gains (Losses)	2022		2021
Interest rate swaps	Investment related gains (losses), net	$	(52)	$	(70)
Financial futures	Investment related gains (losses), net	7		(10)
Foreign currency swaps	Investment related gains (losses), net	7		9
Foreign currency forwards	Investment related gains (losses), net	(23)		(8)
CPI swaps	Investment related gains (losses), net	29		18
Credit default swaps	Investment related gains (losses), net	(58)		20
Equity options	Investment related gains (losses), net	—		(10)


Subtotal		(90)		(51)
Embedded derivatives in:
Modco or funds withheld arrangements	Investment related gains (losses), net	(33)		50

Indexed annuity products	Interest credited	36		14
Variable annuity products	Investment related gains (losses), net	14		19
Total non-hedging derivatives		$	(73)	$	32


	June 30, 2021					December 31, 2020
Rating Agency Designation of Referenced Credit Obligations(1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps(2)		Weighted Average Years to Maturity(3)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps(2)		Weighted Average Years to Maturity(3)
AAA/AA+/AA/AA-/A+/A/A-
Single name credit default swaps	$	34	$	715	12.4	$	11	$	287	15.0

Subtotal	34		715		12.4	11		287		15.0
BBB+/BBB/BBB-
Single name credit default swaps	1		181		2.0	2		232		1.6
Credit default swaps referencing indices	0		988		3.4	0		988		3.9
Subtotal	1		1,169		3.2	2		1,220		3.5
BB+/BB/BB-
Single name credit default swaps	0		9		0.5	0		10		0.7

Subtotal	0		9		0.5	0		10		0.7
Total	$	35	$	1,893	6.7	$	13	$	1,517	5.6


								Gross Amounts Not Offset in the Balance Sheet							Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts Presented in the Balance Sheet		Financial Instruments/Collateral (1)		Net Amount
		Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts Presented in the Balance Sheet		Financial Instruments (1)		Cash Collateral Pledged/ Received		Net Amount
June 30, 2021:
March 31, 2022:														March 31, 2022:
Derivative assets	Derivative assets	$	177	$	(31)	$	146	$	(36)	$	(100)	$	10	Derivative assets	$	160	$	(26)	$	134	$	(127)	$	7
Derivative liabilities	Derivative liabilities	75		(31)		44		(121)		(48)		(125)		Derivative liabilities	161		(26)		135		(135)		—
December 31, 2020:
December 31, 2021:														December 31, 2021:
Derivative assets	Derivative assets	$	171	$	(31)	$	140	$	(30)	$	(98)	$	12	Derivative assets	$	194	$	(19)	$	175	$	(175)	$	—
Derivative liabilities	Derivative liabilities	80		(31)		49		(146)		(47)		(144)		Derivative liabilities	58		(19)		39		(39)		—