Reinsurance Group of America (RGA) 8-K Reinsurance Group of America Reports Third Quarter Results

Exhibit 99.2

Quarterly Financial Supplement

Third Quarter 2020

(Unaudited)

World Headquarters	Internet Address	Contacts
16600 Swingley Ridge Road	www.rgare.com	Todd C. Larson
Chesterfield, Missouri 63017 U.S.A.		Senior Executive Vice President
		and Chief Financial Officer
		Phone: (636) 736-7000
		e-mail: tlarson@rgare.com
		Jeff Hopson
		Senior Vice President, Investor Relations
		Phone: (636) 736-2068
		e-mail: jhopson@rgare.com

Current Ratings
	Standard & Poor’s	A.M. Best	Moody’s
Financial Strength Ratings
RGA Reinsurance Company	AA-	A+	A1
RGA Life Reinsurance Company of Canada	AA-	A+	NR
RGA International Reinsurance Company dac	AA-	NR	NR
RGA Global Reinsurance Company, Ltd.	AA-	NR	NR
RGA Reinsurance Company of Australia Limited	AA-	NR	NR
RGA Americas Reinsurance Company, Ltd.	AA-	A+	NR
RGA Reinsurance Company (Barbados) Ltd.	AA-	NR	NR
RGA Atlantic Reinsurance Company Ltd.	NR	A+	NR
Omnilife Insurance Company Limited	A+	NR	NR
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”.

Reinsurance Group of America, Incorporated

3rd Quarter 2020

Table of Contents

	Page
Non-GAAP Disclosures	1
2020 Notes	2
Consolidated
Financial Highlights	3
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)	4
Consolidated Balance Sheets	6
Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements
U.S. and Latin America Traditional	7
U.S. and Latin America Financial Solutions - Asset Intensive	9
U.S. and Latin America Financial Solutions - Capital Solutions	12
Canada Traditional	14
Canada Financial Solutions	16
Europe, Middle East and Africa Traditional	18
Europe, Middle East and Africa Financial Solutions	20
Asia Pacific Traditional	22
Asia Pacific Financial Solutions	24
Corporate and Other	26
Summary of Segment GAAP Income	28
Summary of Segment Adjusted Operating Income	29
Investments
Cash and Invested Assets and Investment Income and Yield Summary	30
Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities	31
Corporate Fixed Maturity Securities by Industry	32
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities	33
Gross Unrealized Losses Aging - Fixed Maturity Securities	34
Fixed Maturity Securities Below Amortized Cost	35
Consolidated Investment Related Gains and Losses	37
Appendix
Reconciliations of GAAP to Non-GAAP Measures	38

Reinsurance Group of America, Incorporated

Non-GAAP Disclosures

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

Non-GAAP Disclosures

RGA uses a non-GAAP financial measure called adjusted operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that adjusted operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the Company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. 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 tax is presented in the appendix.

RGA evaluates its shareholders’ equity position excluding the impact of accumulated other comprehensive income (“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 and foreign currency translation. A reconciliation of shareholders’ equity before and after the impact of AOCI is presented in the appendix.

Page 1

Reinsurance Group of America, Incorporated

2020 Notes

Name Change

In the fourth quarter of 2019, the Company changed the name of the Financial Reinsurance business within the U.S. and Latin America Financial Solutions segment to “Capital Solutions”. The name change better describes the product offerings for this part of the U.S. and Latin America Financial Solutions segment. This name change does not affect any previously or future reported results for the U.S. and Latin America Financial Solutions segment.

Financial Instruments - Credit Losses

Effective January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses.  Under the new guidance, the Company records an allowance for credit losses on fixed maturity securities available-for-sale.  Prior to the adoption, the Company recorded credit losses as a direct reduction in the amortized cost of the securities. The changes to disclosures related to the adoption are reflected in the Investments section of this quarterly financial supplement beginning on page 30.

Page 2

Reinsurance Group of America, Incorporated
Financial Highlights
	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
(USD millions, except in force & per share data)	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,						Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019						2020			2019		Change
Net premiums	$	2,825		$	2,790		$	2,819		$	2,986		$	2,809		$	16		$	8,434		$	8,311	$	123
Net income (loss)	213			158			(88		)	235			263			(50		)	283			635		(352		)
Adjusted operating income	239			87			89			219			256			(17		)	415			634		(219		)
Return on equity - annualized	6.6		%	5.8		%	(3.4		)%	8.1		%	9.5		%	(2.9		)%
Return on equity - trailing 12 months	4.5		%	5.1		%	5.8		%	8.4		%	7.6		%	(3.1		)%
Adjusted operating return on equity (ex AOCI):
Annualized	10.8		%	4.1		%	4.3		%	10.5		%	12.6		%	(1.8		)%
Trailing 12 months	7.4		%	7.8		%	9.5		%	10.5		%	10.7		%	(3.3		)%
Total assets	$82,127			$80,729			$75,654			$76,731			$75,774			$6,353
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,602.1		$	1,620.5		$	1,618.4		$	1,619.6		$	1,618.5		$	(16.4	)
U.S. and Latin America Financial Solutions	5.3			5.4			5.4			5.1			5.2			0.1
Canada Traditional	419.5			409.2			389.5			417.1			401.7			17.8
Europe, Middle East and Africa Traditional	808.0			772.8			763.1			776.4			707.8			100.2
Asia Pacific Traditional	534.4			649.5			635.6			662.0			626.6			(92.2		)
Asia Pacific Financial Solutions	0.3			0.4			0.4			—			—			0.3
Total assumed life reinsurance in force	$	3,369.6		$	3,457.8		$	3,412.4		$	3,480.2		$	3,359.8		$	9.8
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	24.6		$	25.3		$	34.0		$	38.4		$	23.9		$	0.7		$	83.9		$	77.4	$	6.5
U.S. and Latin America Financial Solutions	(0.1		)	—			—			—			3.2			(3.3		)	(0.1		)	3.2		(3.3		)
Canada Traditional	8.6			9.1			12.2			14.9			8.1			0.5			29.9			25.5		4.4
Europe, Middle East and Africa Traditional	28.5			65.1			32.9			55.0			32.1			(3.6		)	126.5			92.4		34.1
Asia Pacific Traditional	6.7			16.6			15.7			20.2			31.0			(24.3		)	39.0			49.5		(10.5		)
Total assumed new business production	$	68.3		$	116.1		$	94.8		$	128.5		$	98.3		$	(30.0	)	$	279.2		$	248.0	$	31.2
Per Share and Shares Data
Basic earnings per share
Net income (loss)	$	3.13		$	2.49		$	(1.41	)	$	3.75		$	4.19		$	(1.06	)	$	4.39		$	10.13	$	(5.74	)
Adjusted operating income	$	3.52		$	1.37		$	1.43		$	3.49		$	4.09		$	(0.57	)	$	6.43		$	10.12	$	(3.69	)
Diluted earnings per share (1)
Net income (loss) (1)	$	3.12		$	2.48		$	(1.41	)	$	3.68		$	4.12		$	(1.00	)	$	4.36		$	9.93	$	(5.57	)
Adjusted operating income	$	3.51		$	1.36		$	1.41		$	3.43		$	4.02		$	(0.51	)	$	6.39		$	9.92	$	(3.53	)
Wgt. average common shares outstanding
Basic	67,936			63,449			62,138			62,633			62,666			5,270			64,518			62,701		1,817
Diluted	68,170			63,749			63,001			63,774			63,789			4,381			64,985			63,919		1,066
Common shares issued	85,311			85,311			79,138			79,138			79,138			6,173			85,311			79,138		6,173
Treasury shares	17,374			17,375			17,492			16,482			16,529			845			17,374			16,529		845
Common shares outstanding	67,937			67,936			61,646			62,656			62,609			5,328			67,937			62,609		5,328
Book value per share	$	194.49		$	184.78		$	150.88		$	185.17		$	184.06		$	10.43
Per share effect of AOCI	$	63.13		$	55.96		$	18.33		$	50.07		$	52.04		$	11.09
Book value per share, excluding AOCI	$	131.36		$	128.82		$	132.55		$	135.10		$	132.02		$	(0.66	)
Stockholders’ dividends paid	$	47		$	43		$	44		$	44		$	44		$	3		$	134		$	119	$	15
(1) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.

Page 3

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019			Quarter			2020			2019			Change
Revenues:
Net premiums	$	2,825		$	2,790		$	2,819		$	2,986		$	2,809		$	16		$	8,434		$	8,311		$	123
Investment income, net of related expenses	654			645			594			677			679			(25		)	1,893			1,843			50
Investment related gains (losses), net
Impairments and change in allowance for credit losses on fixed maturity securities	13			—			(34		)	(13		)	(9		)	22			(21		)	(18		)	(3		)
Other investment related gains (losses), net	53			81			(251		)	35			58			(5		)	(117		)	87			(204		)
Total investment related gains (losses), net	66			81			(285		)	22			49			17			(138		)	69			(207		)
Other revenue	98			90			76			100			91			7			264			292			(28		)
Total revenues	3,643			3,606			3,204			3,785			3,628			15			10,453			10,515			(62		)
Benefits and expenses:
Claims and other policy benefits	2,530			2,700			2,664			2,703			2,470			60			7,894			7,494			400
Interest credited	196			187			146			180			226			(30		)	529			517			12
Policy acquisition costs and other insurance expenses	374			290			248			310			322			52			912			894			18
Other operating expenses	211			188			195			234			210			1			594			634			(40		)
Interest expense	43			42			41			44			46			(3		)	126			129			(3		)
Collateral finance and securitization expense	4			4			6			6			7			(3		)	14			23			(9		)
Total benefits and expenses	3,358			3,411			3,300			3,477			3,281			77			10,069			9,691			378
Income (loss) before income taxes	285			195			(96		)	308			347			(62		)	384			824			(440		)
Provision for income taxes	72			37			(8		)	73			84			(12		)	101			189			(88		)
Net income (loss)	$	213		$	158		$	(88	)	$	235		$	263		$	(50	)	$	283		$	635		$	(352	)
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes	$	285		$	195		$	(96	)	$	308		$	347		$	(62	)	$	384		$	824		$	(440	)
Investment and derivative (gains) losses (1)	17			31			(68		)	30			(77		)	94			(20		)	(86		)	66
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	(116		)	(1		)	230			1			(9		)	(107		)	113			(12		)	125
GMXB embedded derivatives (1)	29			(107		)	128			(47		)	42			(13		)	50			42			8
Funds withheld (gains) losses - investment income	(1		)	(3		)	(2		)	—			—			(1		)	(6		)	5			(11		)
EIA embedded derivatives - interest credited	6			7			12			(10		)	36			(30		)	25			56			(31		)
DAC offset, net	79			(21		)	(87		)	(4		)	(13		)	92			(29		)	(28		)	(1		)
Investment (income) loss on unit-linked variable annuities	1			(15		)	16			1			(12		)	13			2			(27		)	29
Interest credited on unit-linked variable annuities	(1		)	15			(16		)	(1		)	12			(13		)	(2		)	27			(29		)
Interest expense on uncertain tax positions	1			4			4			4			9			(8		)	9			14			(5		)
Non-investment derivatives and other	1			4			(3		)	2			—			1			2			—			2
Adjusted operating income before income taxes	$	301		$	109		$	118		$	284		$	335		$	(34	)	$	528		$	815		$	(287	)
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

Page 4

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019			Quarter			2020			2019			Change
After-tax adjusted operating income reconciliation:
Net income (loss)	$	213		$	158		$	(88	)	$	235		$	263		$	(50	)	$	283		$	635		$	(352	)
Investment and derivative (gains) losses (1)	13			23			(51		)	25			(61		)	74			(15		)	(68		)	53
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	(92		)	(1		)	182			—			(7		)	(85		)	89			(9		)	98
GMXB embedded derivatives (1)	23			(84		)	101			(37		)	33			(10		)	40			33			7
Funds withheld (gains) losses - investment income	(1		)	(2		)	(2		)	—			—			(1		)	(5		)	4			(9		)
EIA embedded derivatives - interest credited	5			6			9			(8		)	28			(23		)	20			44			(24		)
DAC offset, net	62			(16		)	(69		)	(3		)	(10		)	72			(23		)	(22		)	(1		)
Investment (income) loss on unit-linked variable annuities	1			(12		)	13			—			(9		)	10			2			(21		)	23
Interest credited on unit-linked variable annuities	(1		)	12			(13		)	—			9			(10		)	(2		)	21			(23		)
Interest expense on uncertain tax positions	1			3			3			3			7			(6		)	7			11			(4		)
Non-investment derivatives and other	1			3			(2		)	2			—			1			2			—			2
Uncertain tax positions and other tax related items	14			(3		)	6			2			3			11			17			6			11
Adjusted operating income	$	239		$	87		$	89		$	219		$	256		$	(17	)	$	415		$	634		$	(219	)
Wgt. average common shares outstanding (diluted)	68,170			63,749			63,001			63,774			63,789			4,381			64,985			63,919			1,066
Diluted earnings per share - adjusted operating income	$	3.51		$	1.36		$	1.41		$	3.43		$	4.02		$	(0.51	)	$	6.39		$	9.92		$	(3.53	)
Foreign currency effect on (2):
Net premiums	$	12		$	(46	)	$	(33	)	$	(5	)	$	(35	)	$	47		$	(67	)	$	(174	)	$	107
Adjusted operating income before income taxes	$	7		$	(4	)	$	(1	)	$	1		$	(2	)	$	9		$	2		$	(16	)	$	18
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.
(2) Compared to comparable prior year period.

Page 5

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
	2020			2020			2020			2019			2019
Assets
Fixed maturity securities, available-for-sale	$	54,652		$	52,346		$	48,555		$	51,121		$	49,481
Equity securities	135			130			112			320			135
Mortgage loans on real estate	5,907			5,974			6,014			5,706			5,647
Policy loans	1,259			1,310			1,314			1,319			1,290
Funds withheld at interest	5,403			5,250			5,258			5,662			5,614
Short-term investments	154			84			117			64			108
Other invested assets	2,645			2,547			2,542			2,363			2,215
Total investments	70,155			67,641			63,912			66,555			64,490
Cash and cash equivalents	3,256			4,313			2,820			1,449			2,636
Accrued investment income	547			494			510			493			520
Premiums receivable and other reinsurance balances	2,792			2,852			2,836			2,940			2,818
Reinsurance ceded receivables	950			945			889			904			863
Deferred policy acquisition costs	3,534			3,565			3,622			3,512			3,411
Other assets	893			919			1,065			878			1,036
Total assets	$	82,127		$	80,729		$	75,654		$	76,731		$	75,774
Liabilities and stockholders’ equity
Future policy benefits	$	30,331		$	29,897		$	29,521		$	28,672		$	27,086
Interest-sensitive contract liabilities	23,208			23,118			23,164			22,711			22,345
Other policy claims and benefits	6,242			6,232			5,854			5,711			6,147
Other reinsurance balances	524			510			596			557			513
Deferred income taxes	3,016			2,856			2,163			2,712			2,762
Other liabilities	1,611			1,557			1,505			1,188			1,406
Long-term debt	3,573			3,573			2,981			2,981			3,381
Collateral finance and securitization notes	408			433			569			598			610
Total liabilities	68,913			68,176			66,353			65,130			64,250
Stockholders’ equity:
Common stock, at par value	1			1			1			1			1
Additional paid-in-capital	2,421			2,413			1,942			1,937			1,928
Retained earnings	8,066			7,901			7,802			7,952			7,766
Treasury stock	(1,563		)	(1,563		)	(1,574		)	(1,426		)	(1,429		)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	(171		)	(210		)	(223		)	(92		)	(157		)
Unrealized appreciation of securities, net of income taxes	4,542			4,089			1,426			3,299			3,472
Pension and postretirement benefits, net of income taxes	(82		)	(78		)	(73		)	(70		)	(57		)
Total stockholders’ equity	13,214			12,553			9,301			11,601			11,524
Total liabilities and stockholders’ equity	$	82,127		$	80,729		$	75,654		$	76,731		$	75,774
Total stockholders’ equity, excluding AOCI	$	8,925		$	8,752		$	8,171		$	8,464		$	8,266
See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.

Page 6

Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
GAAP Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019			Quarter			2020			2019			Change
Revenues:
Net premiums	$	1,420		$	1,454		$	1,373		$	1,558		$	1,404		$	16		$	4,247		$	4,171		$	76
Investment income, net of related expenses	180			177			161			200			210			(30		)	518			569			(51		)
Investment related gains (losses), net	(8		)	7			(7		)	2			(10		)	2			(8		)	(20		)	12
Other revenue	7			4			6			5			6			1			17			15			2
Total revenues	1,599			1,642			1,533			1,765			1,610			(11		)	4,774			4,735			39
Benefits and expenses:
Claims and other policy benefits	1,343			1,558			1,367			1,427			1,241			102			4,268			3,834			434
Interest credited	19			18			19			19			20			(1		)	56			59			(3		)
Policy acquisition costs and other insurance expenses	189			195			175			195			201			(12		)	559			557			2
Other operating expenses	34			29			34			39			35			(1		)	97			105			(8		)
Total benefits and expenses	1,585			1,800			1,595			1,680			1,497			88			4,980			4,555			425
Income (loss) before income taxes	$	14		$	(158	)	$	(62	)	$	85		$	113		$	(99	)	$	(206	)	$	180		$	(386	)
Loss and expense ratios:
Claims and other policy benefits	94.6		%	107.2		%	99.6		%	91.6		%	88.4		%	6.2		%	100.5		%	91.9		%	8.6		%
Policy acquisition costs and other insurance expenses	13.3		%	13.4		%	12.7		%	12.5		%	14.4		%	(1.1		)%	13.2		%	13.4		%	(0.2		)%
Other operating expenses	2.4		%	2.0		%	2.5		%	2.5		%	2.5		%	(0.1		)%	2.3		%	2.5		%	(0.2		)%
Foreign currency effect on (1):
Net premiums	$	(1	)	$	(3	)	$	—		$	1		$	—		$	(1	)	$	(4	)	$	(1	)	$	(3	)
Income (loss) before income taxes	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Page 7

Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended															Current			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019			Quarter			2020			2019			Change
Revenues:
Net premiums	$	1,420		$	1,454		$	1,373		$	1,558		$	1,404		$	16		$	4,247		$	4,171		$	76
Investment income, net of related expenses	180			177			161			200			210			(30		)	518			569			(51		)
Other revenue	7			4			6			5			6			1			17			15			2
Total revenues	1,607			1,635			1,540			1,763			1,620			(13		)	4,782			4,755			27
Benefits and expenses:
Claims and other policy benefits	1,343			1,558			1,367			1,427			1,241			102			4,268			3,834			434
Interest credited	19			18			19			19			20			(1		)	56			59			(3		)
Policy acquisition costs and other insurance expenses	189			195			175			195			201			(12		)	559			557			2
Other operating expenses	34			29			34			39			35			(1		)	97			105			(8		)
Total benefits and expenses	1,585			1,800			1,595			1,680			1,497			88			4,980			4,555			425
Adjusted operating income (loss) before income taxes	$	22		$	(165	)	$	(55	)	$	83		$	123		$	(101	)	$	(198	)	$	200		$	(398	)
Loss and expense ratios:
Claims and other policy benefits	94.6		%	107.2		%	99.6		%	91.6		%	88.4		%	6.2		%	100.5		%	91.9		%	8.6		%
Policy acquisition costs and other insurance expenses	13.3		%	13.4		%	12.7		%	12.5		%	14.4		%	(1.1		)%	13.2		%	13.4		%	(0.2		)%
Other operating expenses	2.4		%	2.0		%	2.5		%	2.5		%	2.5		%	(0.1		)%	2.3		%	2.5		%	(0.2		)%
Foreign currency effect on (1):
Net premiums	$	(1	)	$	(3	)	$	—		$	1		$	—		$	(1	)	$	(4	)	$	(1	)	$	(3	)
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) Compared to comparable prior year period.

Page 8

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
(USD millions)
	Three Months Ended												Current Qtr			Year-to-Date
	Sept. 30,		June 30,		March 31,			Dec. 31,			Sept. 30,		vs. PY			Sept. 30,			Sept. 30,
	2020		2020		2020			2019			2019		Quarter			2020			2019		Change
Revenues:
Net premiums	$	13	$	15	$	12		$	11		$	12	$	1		$	40		$	28	$	12
Investment income, net of related expenses	272		241		233			272			254		18			746			655		91
Investment related gains (losses), net	59		15		(160		)	(1		)	58		1			(86		)	76		(162		)
Other revenue	26		24		28			28			36		(10		)	78			109		(31		)
Total revenues	370		295		113			310			360		10			778			868		(90		)
Benefits and expenses:
Claims and other policy benefits	50		49		53			51			49		1			152			146		6
Interest credited	163		139		129			144			183		(20		)	431			396		35
Policy acquisition costs and other insurance expenses	99		7		(38		)	28			21		78			68			65		3
Other operating expenses	8		7		7			9			7		1			22			24		(2		)
Total benefits and expenses	320		202		151			232			260		60			673			631		42
Income (loss) before income taxes	$	50	$	93	$	(38	)	$	78		$	100	$	(50	)	$	105		$	237	$	(132	)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 9

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended										Current Qtr			Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY			Sept. 30,		Sept. 30,
	2020		2020		2020		2019		2019		Quarter			2020		2019		Change
Revenues:
Net premiums	$	13	$	15	$	12	$	11	$	12	$	1		$	40	$	28	$	12
Investment income, net of related expenses	273		240		232		272		254		19			745		660		85
Other revenue	26		24		25		28		36		(10		)	75		109		(34		)
Total revenues	312		279		269		311		302		10			860		797		63
Benefits and expenses:
Claims and other policy benefits	50		49		53		51		49		1			152		146		6
Interest credited	157		132		117		154		147		10			406		340		66
Policy acquisition costs and other insurance expenses	20		28		49		32		34		(14		)	97		93		4
Other operating expenses	8		7		7		9		7		1			22		24		(2		)
Total benefits and expenses	235		216		226		246		237		(2		)	677		603		74
Adjusted operating income before income taxes	$	77	$	63	$	43	$	65	$	65	$	12		$	183	$	194	$	(11	)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 10

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive (continued)
(USD millions)
	Three Months Ended
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
	2020			2020			2020			2019			2019
Annuity account values:
Fixed annuities (deferred)	$	10,848		$	10,932		$	11,022		$	11,140		$	11,149
Net interest spread (fixed annuities)	1.3		%	1.3		%	1.4		%	1.5		%	1.4		%
Equity-indexed annuities	$	3,530		$	3,516		$	3,531		$	3,589		$	3,635
Variable annuities account values
No riders	$	775		$	753		$	718		$	711		$	1,471
GMDB only	831			760			762			837			160
GMIB only	22			22			20			23			22
GMAB only	3			3			3			4			4
GMWB only	1,046			1,016			937			1,123			1,100
GMDB / WB	252			247			232			278			272
Other	17			17			15			18			17
Total variable annuities account values	$	2,946		$	2,818		$	2,687		$	2,994		$	3,046
Fair value of liabilities associated with living benefit riders	$	213		$	184		$	291		$	163		$	210
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts	$	989		$	990		$	991		$	907		$	969
Bank-owned life insurance (BOLI)	$	2,450		$	2,444		$	2,435		$	2,459		$	2,452
Other asset-intensive business	$	125		$	127		$	128		$	130		$	133
Future policy benefits associated with:
Payout annuities	$	4,593		$	4,655		$	4,713		$	4,776		$	4,844

Page 11

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
(USD millions)
	Three Months Ended										Current Qtr			Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY			Sept. 30,		Sept. 30,
	2020		2020		2020		2019		2019		Quarter			2020		2019		Change
Revenues:
Investment income, net of related expenses	$	1	$	2	$	1	$	1	$	1	$	—		$	4	$	3	$	1
Other revenue	28		26		25		29		22		6			79		68		11
Total revenues	29		28		26		30		23		6			83		71		12
Benefits and expenses:
Policy acquisition costs and other insurance expenses	2		2		—		1		—		2			4		5		(1		)
Other operating expenses	3		2		3		3		4		(1		)	8		9		(1		)
Total benefits and expenses	5		4		3		4		4		1			12		14		(2		)
Income before income taxes	$	24	$	24	$	23	$	26	$	19	$	5		$	71	$	57	$	14
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 12

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended										Current Qtr			Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY			Sept. 30,		Sept. 30,
	2020		2020		2020		2019		2019		Quarter			2020		2019		Change
Revenues:
Investment income, net of related expenses	$	1	$	2	$	1	$	1	$	1	$	—		$	4	$	3	$	1
Other revenue	28		26		25		29		22		6			79		68		11
Total revenues	29		28		26		30		23		6			83		71		12
Benefits and expenses:
Policy acquisition costs and other insurance expenses	2		2		—		1		—		2			4		5		(1		)
Other operating expenses	3		2		3		3		4		(1		)	8		9		(1		)
Total benefits and expenses	5		4		3		4		4		1			12		14		(2		)
Adjusted operating income before income taxes	$	24	$	24	$	23	$	26	$	19	$	5		$	71	$	57	$	14
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 13

Reinsurance Group of America, Incorporated
Canada Traditional
GAAP Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019			Quarter			2020			2019			Change
Revenues:
Net premiums	$	254		$	254		$	260		$	276		$	271		$	(17	)	$	768		$	790		$	(22	)
Investment income, net of related expenses	52			50			49			52			53			(1		)	151			153			(2		)
Investment related gains (losses), net	2			6			(12		)	3			1			1			(4		)	11			(15		)
Other revenue	1			1			(1		)	—			—			1			1			1			—
Total revenues	309			311			296			331			325			(16		)	916			955			(39		)
Benefits and expenses:
Claims and other policy benefits	225			216			220			235			216			9			661			622			39
Policy acquisition costs and other insurance expenses	44			42			45			56			57			(13		)	131			168			(37		)
Other operating expenses	10			9			8			12			9			1			27			25			2
Total benefits and expenses	279			267			273			303			282			(3		)	819			815			4
Income before income taxes	$	30		$	44		$	23		$	28		$	43		$	(13	)	$	97		$	140		$	(43	)
Loss and expense ratios:
Claims and other policy benefits	88.6		%	85.0		%	84.6		%	85.1		%	79.7		%	8.9		%	86.1		%	78.7		%	7.4		%
Policy acquisition costs and other insurance expenses	17.3		%	16.5		%	17.3		%	20.3		%	21.0		%	(3.7		)%	17.1		%	21.3		%	(4.2		)%
Other operating expenses	3.9		%	3.5		%	3.1		%	4.3		%	3.3		%	0.6		%	3.5		%	3.2		%	0.3		%
Foreign currency effect on (1):
Net premiums	$	(2	)	$	(9	)	$	(3	)	$	—		$	(3	)	$	1		$	(14	)	$	(25	)	$	11
Income before income taxes	$	—		$	(2	)	$	1		$	—		$	—		$	—		$	(1	)	$	(5	)	$	4
Creditor reinsurance net premiums	$	18		$	14		$	17		$	27		$	29		$	(11	)	$	49		$	83		$	(34	)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Page 14

Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019			Quarter			2020			2019			Change
Revenues:
Net premiums	$	254		$	254		$	260		$	276		$	271		$	(17	)	$	768		$	790		$	(22	)
Investment income, net of related expenses	51			51			48			52			53			(2		)	150			153			(3		)
Investment related gains, net	2			1			2			2			2			—			5			5			—
Other revenue	1			1			(1		)	—			—			1			1			1			—
Total revenues	308			307			309			330			326			(18		)	924			949			(25		)
Benefits and expenses:
Claims and other policy benefits	225			216			220			235			216			9			661			622			39
Policy acquisition costs and other insurance expenses	44			42			45			56			57			(13		)	131			168			(37		)
Other operating expenses	10			9			8			12			9			1			27			25			2
Total benefits and expenses	279			267			273			303			282			(3		)	819			815			4
Adjusted operating income before income taxes	$	29		$	40		$	36		$	27		$	44		$	(15	)	$	105		$	134		$	(29	)
Loss and expense ratios:
Claims and other policy benefits	88.6		%	85.0		%	84.6		%	85.1		%	79.7		%	8.9		%	86.1		%	78.7		%	7.4		%
Policy acquisition costs and other insurance expenses	17.3		%	16.5		%	17.3		%	20.3		%	21.0		%	(3.7		)%	17.1		%	21.3		%	(4.2		)%
Other operating expenses	3.9		%	3.5		%	3.1		%	4.3		%	3.3		%	0.6		%	3.5		%	3.2		%	0.3		%
Foreign currency effect on (1):
Net premiums	$	(2	)	$	(9	)	$	(3	)	$	—		$	(3	)	$	1		$	(14	)	$	(25	)	$	11
Adjusted operating income before income taxes	$	—		$	(2	)	$	1		$	(1	)	$	—		$	—		$	(1	)	$	(4	)	$	3
Creditor reinsurance net premiums	$	18		$	14		$	17		$	27		$	29		$	(11	)	$	49		$	83		$	(34	)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Page 15

Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
GAAP Income Statements
(USD millions)
	Three Months Ended											Current Qtr			Year-to-Date
	Sept. 30,		June 30,			March 31,		Dec. 31,		Sept. 30,		vs. PY			Sept. 30,			Sept. 30,
	2020		2020			2020		2019		2019		Quarter			2020			2019			Change
Revenues:
Net premiums	$	21	$	20		$	21	$	22	$	22	$	(1	)	$	62		$	67		$	(5	)
Investment income, net of related expenses	—		—			1		1		1		(1		)	1			2			(1		)
Other revenue	2		2			2		4		1		1			6			3			3
Total revenues	23		22			24		27		24		(1		)	69			72			(3		)
Benefits and expenses:
Claims and other policy benefits	17		17			20		19		20		(3		)	54			61			(7		)
Policy acquisition costs and other insurance expenses	—		1			—		1		—		—			1			1			—
Other operating expenses	—		—			1		—		1		(1		)	1			2			(1		)
Total benefits and expenses	17		18			21		20		21		(4		)	56			64			(8		)
Income before income taxes	$	6	$	4		$	3	$	7	$	3	$	3		$	13		$	8		$	5
Foreign currency effect on (2):
Net premiums	$	—	$	(1	)	$	—	$	—	$	—	$	—		$	(1	)	$	(2	)	$	1
Income before income taxes	$	—	$	—		$	—	$	—	$	—	$	—		$	—		$	—		$	—
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.

Page 16

Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended											Current Qtr			Year-to-Date
	Sept. 30,		June 30,			March 31,		Dec. 31,		Sept. 30,		vs. PY			Sept. 30,			Sept. 30,
	2020		2020			2020		2019		2019		Quarter			2020			2019			Change
Revenues:
Net premiums	$	21	$	20		$	21	$	22	$	22	$	(1	)	$	62		$	67		$	(5	)
Investment income, net of related expenses	—		—			1		1		1		(1		)	1			2			(1		)
Other revenue	2		2			2		4		1		1			6			3			3
Total revenues	23		22			24		27		24		(1		)	69			72			(3		)
Benefits and expenses:
Claims and other policy benefits	17		17			20		19		20		(3		)	54			61			(7		)
Policy acquisition costs and other insurance expenses	—		1			—		1		—		—			1			1			—
Other operating expenses	—		—			1		—		1		(1		)	1			2			(1		)
Total benefits and expenses	17		18			21		20		21		(4		)	56			64			(8		)
Adjusted operating income before income taxes	$	6	$	4		$	3	$	7	$	3	$	3		$	13		$	8		$	5
Foreign currency effect on (2):
Net premiums	$	—	$	(1	)	$	—	$	—	$	—	$	—		$	(1	)	$	(2	)	$	1
Adjusted operating income before income taxes	$	—	$	—		$	—	$	—	$	—	$	—		$	—		$	—		$	—
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.

Page 17

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
GAAP Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019			Quarter			2020			2019			Change
Revenues:
Net premiums	$	371		$	352		$	390		$	368		$	359		$	12		$	1,113		$	1,074		$	39
Investment income, net of related expenses	18			18			19			19			17			1			55			54			1
Other revenue	1			1			(2		)	1			2			(1		)	—			4			(4		)
Total revenues	390			371			407			388			378			12			1,168			1,132			36
Benefits and expenses:
Claims and other policy benefits	331			301			334			300			297			34			966			905			61
Policy acquisition costs and other insurance expenses	28			32			30			30			27			1			90			84			6
Other operating expenses	24			22			26			35			29			(5		)	72			86			(14		)
Total benefits and expenses	383			355			390			365			353			30			1,128			1,075			53
Income before income taxes	$	7		$	16		$	17		$	23		$	25		$	(18	)	$	40		$	57		$	(17	)
Loss and expense ratios:
Claims and other policy benefits	89.2		%	85.5		%	85.6		%	81.5		%	82.7		%	6.5		%	86.8		%	84.3		%	2.5		%
Policy acquisition costs and other insurance expenses	7.5		%	9.1		%	7.7		%	8.2		%	7.4		%	0.1		%	8.1		%	7.8		%	0.3		%
Other operating expenses	6.5		%	6.3		%	6.7		%	9.5		%	8.1		%	(1.6		)%	6.5		%	8.0		%	(1.5		)%
Foreign currency effect on (1):
Net premiums	$	6		$	(20	)	$	(13	)	$	(4	)	$	(17	)	$	23		$	(27	)	$	(73	)	$	46
Income before income taxes	$	2		$	(1	)	$	—		$	(1	)	$	(1	)	$	3		$	1		$	(4	)	$	5
Critical illness net premiums	$	43		$	40		$	42		$	42		$	49		$	(6	)	$	125		$	136		$	(11	)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

                                  ��     

Page 18

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019			Quarter			2020			2019			Change
Revenues:
Net premiums	$	371		$	352		$	390		$	368		$	359		$	12		$	1,113		$	1,074		$	39
Investment income, net of related expenses	18			18			19			19			17			1			55			54			1
Other revenue	1			1			(2		)	1			2			(1		)	—			4			(4		)
Total revenues	390			371			407			388			378			12			1,168			1,132			36
Benefits and expenses:
Claims and other policy benefits	331			301			334			300			297			34			966			905			61
Policy acquisition costs and other insurance expenses	28			32			30			30			27			1			90			84			6
Other operating expenses	24			22			26			35			29			(5		)	72			86			(14		)
Total benefits and expenses	383			355			390			365			353			30			1,128			1,075			53
Adjusted operating income before income taxes	$	7		$	16		$	17		$	23		$	25		$	(18	)	$	40		$	57		$	(17	)
Loss and expense ratios:
Claims and other policy benefits	89.2		%	85.5		%	85.6		%	81.5		%	82.7		%	6.5		%	86.8		%	84.3		%	2.5		%
Policy acquisition costs and other insurance expenses	7.5		%	9.1		%	7.7		%	8.2		%	7.4		%	0.1		%	8.1		%	7.8		%	0.3		%
Other operating expenses	6.5		%	6.3		%	6.7		%	9.5		%	8.1		%	(1.6		)%	6.5		%	8.0		%	(1.5		)%
Foreign currency effect on (1):
Net premiums	$	6		$	(20	)	$	(13	)	$	(4	)	$	(17	)	$	23		$	(27	)	$	(73	)	$	46
Adjusted operating income before income taxes	$	2		$	(2	)	$	1		$	(1	)	$	(1	)	$	3		$	1		$	(4	)	$	5
Critical illness net premiums	$	43		$	40		$	42		$	42		$	49		$	(6	)	$	125		$	136		$	(11	)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Page 19

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019			Quarter			2020			2019			Change
Revenues:
Net premiums	$	58		$	57		$	53		$	54		$	55		$	3		$	168		$	164		$	4
Investment income, net of related expenses	46			61			28			45			55			(9		)	135			150			(15		)
Investment related gains (losses), net	4			16			(6		)	1			2			2			14			8			6
Other revenue	2			2			3			10			5			(3		)	7			18			(11		)
Total revenues	110			136			78			110			117			(7		)	324			340			(16		)
Benefits and expenses:
Claims and other policy benefits	5			13			53			19			34			(29		)	71			130			(59		)
Interest credited	(1		)	16			(17		)	(1		)	12			(13		)	(2		)	27			(29		)
Policy acquisition costs and other insurance expenses	1			1			1			10			—			1			3			2			1
Other operating expenses	13			8			11			10			10			3			32			30			2
Total benefits and expenses	18			38			48			38			56			(38		)	104			189			(85		)
Income before income taxes	$	92		$	98		$	30		$	72		$	61		$	31		$	220		$	151		$	69
Foreign currency effect on (2):
Net premiums	$	2		$	(2	)	$	(1	)	$	—		$	(3	)	$	5		$	(1	)	$	(10	)	$	9
Income before income taxes	$	4		$	(3	)	$	—		$	—		$	(3	)	$	7		$	1		$	(9	)	$	10
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

Page 20

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended														Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,		Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2020			2020			2020			2019		2019			Quarter			2020			2019			Change
Revenues:
Net premiums	$	58		$	57		$	53		$	54	$	55		$	3		$	168		$	164		$	4
Investment income, net of related expenses	46			43			44			46		43			3			133			123			10
Investment related gains (losses), net	(1		)	—			—			—		—			(1		)	(1		)	—			(1		)
Other revenue	2			2			3			12		5			(3		)	7			18			(11		)
Total revenues	105			102			100			112		103			2			307			305			2
Benefits and expenses:
Claims and other policy benefits	5			13			53			19		34			(29		)	71			130			(59		)
Interest credited	—			1			(1		)	—		—			—			—			—			—
Policy acquisition costs and other insurance expenses	1			1			1			10		—			1			3			2			1
Other operating expenses	13			8			11			10		10			3			32			30			2
Total benefits and expenses	19			23			64			39		44			(25		)	106			162			(56		)
Adjusted operating income before income taxes	$	86		$	79		$	36		$	73	$	59		$	27		$	201		$	143		$	58
Foreign currency effect on (2):
Net premiums	$	2		$	(2	)	$	(1	)	$	—	$	(3	)	$	5		$	(1	)	$	(10	)	$	9
Adjusted operating income before income taxes	$	4		$	(2	)	$	(1	)	$	—	$	(3	)	$	7		$	1		$	(8	)	$	9
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

Page 21

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
GAAP Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019			Quarter			2020			2019			Change
Revenues:
Net premiums	$	653		$	607		$	636		$	659		$	656		$	(3	)	$	1,896		$	1,909		$	(13	)
Investment income, net of related expenses	22			27			27			27			27			(5		)	76			77			(1		)
Other revenue	5			2			4			3			2			3			11			6			5
Total revenues	680			636			667			689			685			(5		)	1,983			1,992			(9		)
Benefits and expenses:
Claims and other policy benefits	525			514			555			618			585			(60		)	1,594			1,699			(105		)
Policy acquisition costs and other insurance expenses	33			34			49			13			40			(7		)	116			79			37
Other operating expenses	44			41			39			46			38			6			124			121			3
Total benefits and expenses	602			589			643			677			663			(61		)	1,834			1,899			(65		)
Income before income taxes	$	78		$	47		$	24		$	12		$	22		$	56		$	149		$	93		$	56
Loss and expense ratios:
Claims and other policy benefits	80.4		%	84.7		%	87.3		%	93.8		%	89.0		%	(8.6		)%	84.1		%	89.0		%	(4.9		)%
Policy acquisition costs and other insurance expenses	5.1		%	5.6		%	7.7		%	2.0		%	6.1		%	(1.0		)%	6.1		%	4.1		%	2.0		%
Other operating expenses	6.7		%	6.8		%	6.1		%	7.0		%	6.1		%	0.6		%	6.5		%	6.4		%	0.1		%
Foreign currency effect on (1):
Net premiums	$	6		$	(12	)	$	(16	)	$	(3	)	$	(12	)	$	18		$	(22	)	$	(62	)	$	40
Income before income taxes	$	1		$	2		$	(1	)	$	1		$	3		$	(2	)	$	2		$	2		$	—
Critical illness net premiums	$	294		$	246		$	256		$	266		$	294		$	—		$	796		$	789		$	7
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Page 22

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019			Quarter			2020			2019			Change
Revenues:
Net premiums	$	653		$	607		$	636		$	659		$	656		$	(3	)	$	1,896		$	1,909		$	(13	)
Investment income, net of related expenses	22			27			27			27			27			(5		)	76			77			(1		)
Other revenue	5			2			4			3			2			3			11			6			5
Total revenues	680			636			667			689			685			(5		)	1,983			1,992			(9		)
Benefits and expenses:
Claims and other policy benefits	525			514			555			618			585			(60		)	1,594			1,699			(105		)
Policy acquisition costs and other insurance expenses	33			34			49			13			40			(7		)	116			79			37
Other operating expenses	44			41			39			46			38			6			124			121			3
Total benefits and expenses	602			589			643			677			663			(61		)	1,834			1,899			(65		)
Adjusted operating income before income taxes	$	78		$	47		$	24		$	12		$	22		$	56		$	149		$	93		$	56
Loss and expense ratios:
Claims and other policy benefits	80.4		%	84.7		%	87.3		%	93.8		%	89.0		%	(8.6		)%	84.1		%	89.0		%	(4.9		)%
Policy acquisition costs and other insurance expenses	5.1		%	5.6		%	7.7		%	2.0		%	6.1		%	(1.0		)%	6.1		%	4.1		%	2.0		%
Other operating expenses	6.7		%	6.8		%	6.1		%	7.0		%	6.1		%	0.6		%	6.5		%	6.4		%	0.1		%
Foreign currency effect on (1):
Net premiums	$	6		$	(12	)	$	(16	)	$	(3	)	$	(12	)	$	18		$	(22	)	$	(62	)	$	40
Adjusted operating income before income taxes	$	1		$	2		$	(1	)	$	1		$	3		$	(2	)	$	2		$	2		$	—
Critical illness net premiums	$	294		$	246		$	256		$	266		$	294		$	—		$	796		$	789		$	7
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Page 23

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
GAAP Income Statements
(USD millions)
	Three Months Ended													Current Qtr		Year-to-Date
	Sept. 30,		June 30,			March 31,			Dec. 31,		Sept. 30,			vs. PY		Sept. 30,			Sept. 30,
	2020		2020			2020			2019		2019			Quarter		2020			2019		Change
Revenues:
Net premiums	$	35	$	31		$	74		$	38	$	30		$	5	$	140		$	108	$	32
Investment income, net of related expenses	22		21			17			15		10			12		60			31		29
Investment related gains (losses), net	—		15			(33		)	7		(1		)	1		(18		)	2		(20		)
Other revenue	9		8			10			8		7			2		27			19		8
Total revenues	66		75			68			68		46			20		209			160		49
Benefits and expenses:
Claims and other policy benefits	33		32			62			34		28			5		127			97		30
Interest credited	13		11			13			11		7			6		37			20		17
Policy acquisition costs and other insurance expenses	5		5			14			5		5			—		24			20		4
Other operating expenses	5		1			4			5		4			1		10			13		(3		)
Total benefits and expenses	56		49			93			55		44			12		198			150		48
Income (loss) before income taxes	$	10	$	26		$	(25	)	$	13	$	2		$	8	$	11		$	10	$	1
Foreign currency effect on (2):
Net premiums	$	1	$	1		$	—		$	—	$	1		$	—	$	2		$	—	$	2
Income (loss) before income taxes	$	1	$	(1	)	$	2		$	—	$	1		$	—	$	2		$	1	$	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) Compared to comparable prior year period.

Page 24

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended											Current Qtr			Year-to-Date
	Sept. 30,			June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY			Sept. 30,		Sept. 30,
	2020			2020		2020		2019		2019		Quarter			2020		2019		Change
Revenues:
Net premiums	$	35		$	31	$	74	$	38	$	30	$	5		$	140	$	108	$	32
Investment income, net of related expenses	22			21		17		15		10		12			60		31		29
Investment related gains (losses), net	(1		)	1		2		2		2		(3		)	2		4		(2		)
Other revenue	9			8		10		8		7		2			27		19		8
Total revenues	65			61		103		63		49		16			229		162		67
Benefits and expenses:
Claims and other policy benefits	33			32		62		34		28		5			127		97		30
Interest credited	13			11		13		11		7		6			37		20		17
Policy acquisition costs and other insurance expenses	5			5		14		5		5		—			24		20		4
Other operating expenses	5			1		4		5		4		1			10		13		(3		)
Total benefits and expenses	56			49		93		55		44		12			198		150		48
Adjusted operating income before income taxes	$	9		$	12	$	10	$	8	$	5	$	4		$	31	$	12	$	19
Foreign currency effect on (2):
Net premiums	$	1		$	1	$	—	$	—	$	1	$	—		$	2	$	—	$	2
Adjusted operating income before income taxes	$	—		$	—	$	—	$	—	$	—	$	—		$	—	$	—	$	—
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

Page 25

Reinsurance Group of America, Incorporated
Corporate and Other
GAAP Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019			Quarter			2020			2019			Change
Revenues:
Investment income, net of related expenses	$	41		$	48		$	58		$	45		$	51		$	(10	)	$	147		$	149		$	(2	)
Investment related gains (losses), net	9			22			(67		)	10			(1		)	10			(36		)	(8		)	(28		)
Other revenue	17			20			1			12			10			7			38			49			(11		)
Total revenues	67			90			(8		)	67			60			7			149			190			(41		)
Benefits and expenses:
Claims and other policy benefits	1			—			—			—			—			1			1			—			1
Interest credited	2			3			2			7			4			(2		)	7			15			(8		)
Policy acquisition costs and other insurance income	(27		)	(29		)	(28		)	(29		)	(29		)	2			(84		)	(87		)	3
Other operating expenses	70			69			62			75			73			(3		)	201			219			(18		)
Interest expense	43			42			41			44			46			(3		)	126			129			(3		)
Collateral finance and securitization expense	4			4			6			6			7			(3		)	14			23			(9		)
Total benefits and expenses	93			89			83			103			101			(8		)	265			299			(34		)
Income (loss) before income taxes	$	(26	)	$	1		$	(91	)	$	(36	)	$	(41	)	$	15		$	(116	)	$	(109	)	$	(7	)
Foreign currency effect on (1):
Income (loss) before income taxes	$	(1	)	$	(1	)	$	2		$	—		$	—		$	(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.

Page 26

Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019			Quarter			2020			2019			Change
Revenues:
Investment income, net of related expenses	$	41		$	48		$	58		$	45		$	51		$	(10	)	$	147		$	149		$	(2	)
Investment related gains (losses), net	(4		)	2			1			2			1			(5		)	(1		)	4			(5		)
Other revenue	18			24			1			12			10			8			43			49			(6		)
Total revenues	55			74			60			59			62			(7		)	189			202			(13		)
Benefits and expenses:
Claims and other policy benefits	1			—			—			—			—			1			1			—			1
Interest credited	2			3			2			7			4			(2		)	7			15			(8		)
Policy acquisition costs and other insurance income	(27		)	(29		)	(28		)	(29		)	(29		)	2			(84		)	(87		)	3
Other operating expenses	70			69			62			75			73			(3		)	201			219			(18		)
Interest expense	42			38			37			40			37			5			117			115			2
Collateral finance and securitization expense	4			4			6			6			7			(3		)	14			23			(9		)
Total benefits and expenses	92			85			79			99			92			—			256			285			(29		)
Adjusted operating loss before income taxes	$	(37	)	$	(11	)	$	(19	)	$	(40	)	$	(30	)	$	(7	)	$	(67	)	$	(83	)	$	16
Foreign currency effect on (1):
Adjusted operating loss before income taxes	$	—		$	—		$	(1	)	$	—		$	—		$	—		$	(1	)	$	—		$	(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.

Page 27

Reinsurance Group of America, Incorporated
Summary of Segment GAAP Income
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019			Quarter			2020			2019			Change
U.S. and Latin America:
Traditional	$	14		$	(158	)	$	(62	)	$	85		$	113		$	(99	)	$	(206	)	$	180		$	(386	)
Financial Solutions:
Asset Intensive	50			93			(38		)	78			100			(50		)	105			237			(132		)
Capital Solutions	24			24			23			26			19			5			71			57			14
Total U.S. and Latin America	88			(41		)	(77		)	189			232			(144		)	(30		)	474			(504		)
Canada:
Traditional	30			44			23			28			43			(13		)	97			140			(43		)
Financial Solutions	6			4			3			7			3			3			13			8			5
Total Canada	36			48			26			35			46			(10		)	110			148			(38		)
Europe, Middle East and Africa:
Traditional	7			16			17			23			25			(18		)	40			57			(17		)
Financial Solutions	92			98			30			72			61			31			220			151			69
Total Europe, Middle East and Africa	99			114			47			95			86			13			260			208			52
Asia Pacific:
Traditional	78			47			24			12			22			56			149			93			56
Financial Solutions	10			26			(25		)	13			2			8			11			10			1
Total Asia Pacific	88			73			(1		)	25			24			64			160			103			57
Corporate and Other	(26		)	1			(91		)	(36		)	(41		)	15			(116		)	(109		)	(7		)
Consolidated income (loss) before income taxes	$	285		$	195		$	(96	)	$	308		$	347		$	(62	)	$	384		$	824		$	(440	)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 28

Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income
(USD millions)
	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,						Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019						2020			2019			Change
U.S. and Latin America:
Traditional	$	22		$	(165	)	$	(55	)	$	83		$	123		$	(101	)	$	(198	)	$	200		$	(398	)
Financial Solutions:
Asset Intensive	77			63			43			65			65			12			183			194			(11		)
Capital Solutions	24			24			23			26			19			5			71			57			14
Total U.S. and Latin America	123			(78		)	11			174			207			(84		)	56			451			(395		)
Canada:
Traditional	29			40			36			27			44			(15		)	105			134			(29		)
Financial Solutions	6			4			3			7			3			3			13			8			5
Total Canada	35			44			39			34			47			(12		)	118			142			(24		)
Europe, Middle East and Africa:
Traditional	7			16			17			23			25			(18		)	40			57			(17		)
Financial Solutions	86			79			36			73			59			27			201			143			58
Total Europe, Middle East and Africa	93			95			53			96			84			9			241			200			41
Asia Pacific:
Traditional	78			47			24			12			22			56			149			93			56
Financial Solutions	9			12			10			8			5			4			31			12			19
Total Asia Pacific	87			59			34			20			27			60			180			105			75
Corporate and Other	(37		)	(11		)	(19		)	(40		)	(30		)	(7		)	(67		)	(83		)	16
Consolidated adjusted operating income before income taxes	$	301		$	109		$	118		$	284		$	335		$	(34	)	$	528		$	815		$	(287	)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 29

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Cash and Invested Assets
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2020		2020		2020		2019		2019
Fixed maturity securities, available-for-sale (1)	$	54,652	$	52,346	$	48,555	$	51,121	$	49,481
Equity securities	135		130		112		320		135
Mortgage loans on real estate	5,907		5,974		6,014		5,706		5,647
Policy loans	1,259		1,310		1,314		1,319		1,290
Funds withheld at interest	5,403		5,250		5,258		5,662		5,614
Short-term investments	154		84		117		64		108
Other invested assets	2,645		2,547		2,542		2,363		2,215
Cash and cash equivalents	3,256		4,313		2,820		1,449		2,636
Total cash and invested assets	$	73,411	$	71,954	$	66,732	$	68,004	$	67,126
(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).

Investment Income and Yield Summary
	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,						Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019						2020			2019			Change
Average invested assets at amortized cost (1)	$	32,148		$	30,420		$	29,728		$	29,513		$	29,043		$	3,105		$	30,468		$	28,222		$	2,246
Net investment income (1)	$	290		$	305		$	299		$	330		$	344		$	(54	)	$	894		$	961		$	(67	)
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	3.66		%	4.07		%	4.08		%	4.55		%	4.83		%	(117) bps			3.93		%	4.57		%	(64) bps
(1) Excludes spread related business (e.g. coinsurance of annuities).

Page 30

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities
	September 30, 2020
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total		Impairments in AOCI
Available-for-sale:
Corporate	$	31,044	$	19	$	3,455	$	221	$	34,259	62.7	%	$	—
Canadian government	2,985		—		1,912		—		4,897		9.0	%	—
RMBS	1,927		—		101		1		2,027		3.7	%	—
ABS	2,966		—		28		72		2,922		5.3	%	—
CMBS	1,871		—		81		22		1,930		3.5	%	—
U.S. government	1,392		—		238		—		1,630		3.0	%	—
State and political subdivisions	1,233		—		154		4		1,383		2.5	%	—
Other foreign government	5,243		—		411		50		5,604		10.3	%	—
Total fixed maturity securities	$	48,661	$	19	$	6,380	$	370	$	54,652	100.0	%	$	—

	December 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total		Impairments in AOCI
Available-for-sale:
Corporate	$	29,205	$	2,269	$	81	$	31,393	61.4	%	$	—
Canadian government	3,016		1,596		—		4,612		9.0	%	—
RMBS	2,339		62		3		2,398		4.7	%	—
ABS	2,973		19		14		2,978		5.8	%	—
CMBS	1,841		61		3		1,899		3.7	%	—
U.S. government	2,096		57		1		2,152		4.2	%	—
State and political subdivisions	1,074		93		3		1,164		2.3	%	—
Other foreign government	4,209		321		5		4,525		8.9	%	—
Total fixed maturity securities	$	46,753	$	4,478	$	110	$	51,121	100.0	%	$	—

Page 31

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Corporate Fixed Maturity Securities by Industry
	September 30, 2020							December 31, 2019
	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)
Financial institutions
Banking	$	5,582	$	6,085	17.9	%	A-	$	5,443	$	5,804	18.6	%	A-
Brokerage/asset managers/exchanges	862		949		2.8	%	A-	756		811		2.6	%	A-
Finance companies	289		291		0.8	%	BBB	241		255		0.8	%	BBB
Insurance	3,490		3,882		11.3	%	A-	3,178		3,429		10.9	%	A-
REITs	682		729		2.1	%	BBB+	716		760		2.4	%	A-
Other finance	645		722		2.1	%	A-	562		594		1.9	%	A-
Total financial institutions	$	11,550	$	12,658	37.0	%		$	10,896	$	11,653	37.2	%
Industrials
Basic	$	1,910	$	2,144	6.3	%	BBB	$	1,790	$	1,925	6.1	%	BBB
Capital goods	1,444		1,530		4.5	%	BBB	1,292		1,353		4.3	%	BBB
Communications	2,269		2,591		7.6	%	BBB+	2,126		2,346		7.5	%	BBB+
Consumer cyclical	1,648		1,795		5.2	%	BBB+	1,477		1,571		5.0	%	BBB+
Consumer noncyclical	3,207		3,619		10.5	%	BBB+	2,898		3,147		10.0	%	BBB+
Energy	1,791		1,927		5.6	%	BBB	1,939		2,099		6.7	%	BBB+
Technology	1,097		1,202		3.5	%	A-	974		1,027		3.3	%	A-
Transportation	1,860		1,954		5.7	%	BBB+	1,791		1,919		6.1	%	A-
Other industrial	483		518		1.5	%	BBB+	405		416		1.3	%	BBB+
Total industrials	$	15,709	$	17,280	50.4	%		$	14,692	$	15,803	50.3	%
Utilities
Electric	$	2,965	$	3,366	9.8	%	A-	$	2,810	$	3,046	9.7	%	A-
Natural gas	445		514		1.5	%	A-	475		516		1.6	%	A-
Other utility	375		441		1.3	%	BBB+	332		375		1.2	%	A-
Total utilities	$	3,785	$	4,321	12.6	%		$	3,617	$	3,937	12.5	%
Total	$	31,044	$	34,259	100.0	%	BBB+	$	29,205	$	31,393	100.0	%	BBB+
(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.

Page 32

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Ratings of Fixed Maturity Securities
		September 30, 2020						June 30, 2020						March 31, 2020						December 31, 2019						September 30, 2019
NAIC Designation (1)	Rating Agency Designation (2)	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
1	AAA/AA/A	$	29,950	$	34,406	62.9	%	$	29,018	$	33,246	63.5	%	$	29,310	$	31,660	65.2	%	$	30,100	$	33,284	65.2	%	$	28,620	$	32,128	64.9	%
2	BBB	15,822		17,421		31.9	%	15,222		16,555		31.6	%	14,810		14,665		30.2	%	14,366		15,514		30.3	%	14,130		15,213		30.7	%
3	BB	2,103		2,118		3.9	%	1,987		1,963		3.8	%	1,877		1,727		3.6	%	1,706		1,748		3.4	%	1,586		1,611		3.3	%
4	B	668		641		1.2	%	560		515		1.0	%	509		452		0.9	%	514		518		1.0	%	443		444		0.9	%
5	CCC	108		59		0.1	%	91		46		0.1	%	101		41		0.1	%	36		23		—	%	30		29		0.1	%
6	In or near default	10		7		—	%	25		21		—	%	13		10		—	%	31		34		0.1	%	51		56		0.1	%
	Total	$	48,661	$	54,652	100.0	%	$	46,903	$	52,346	100.0	%	$	46,620	$	48,555	100.0	%	$	46,753	$	51,121	100.0	%	$	44,860	$	49,481	100.0	%
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting that meet the definition of SSAP No. 43R utilize the NAIC rating methodology.
All other securities will continue to utilize the NRSRO ratings, as available, or equivalent ratings based on information from the NAIC.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).

Structured Fixed Maturity Securities
	September 30, 2020						June 30, 2020						March 31, 2020						December 31, 2019						September 30, 2019
	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
RMBS
Agency	$	696	$	763	11.0	%	$	708	$	776	11.8	%	$	726	$	796	11.8	%	$	742	$	777	10.6	%	$	787	$	834	11.9	%
Non-agency	1,231		1,264		18.4	%	1,254		1,289		19.4	%	1,515		1,495		22.1	%	1,597		1,621		22.3	%	1,574		1,606		22.8	%
Total RMBS	1,927		2,027		29.4	%	1,962		2,065		31.2	%	2,241		2,291		33.9	%	2,339		2,398		32.9	%	2,361		2,440		34.7	%
ABS:
Collateralized loan obligations ("CLOs")	1,607		1,563		22.7	%	1,612		1,558		23.4	%	1,725		1,558		23.0	%	1,750		1,743		24.0	%	1,590		1,581		22.4	%
ABS, excluding CLOs	1,359		1,359		19.8	%	1,186		1,173		17.6	%	1,215		1,109		16.4	%	1,223		1,235		17.0	%	1,219		1,242		17.6	%
Total ABS	2,966		2,922		42.5	%	2,798		2,731		41.0	%	2,940		2,667		39.4	%	2,973		2,978		41.0	%	2,809		2,823		40.0	%
CMBS	1,871		1,930		28.1	%	1,850		1,851		27.8	%	1,841		1,809		26.7	%	1,841		1,899		26.1	%	1,698		1,782		25.3	%
Total	$	6,764	$	6,879	100.0	%	$	6,610	$	6,647	100.0	%	$	7,022	$	6,767	100.0	%	$	7,153	$	7,275	100.0	%	$	6,868	$	7,045	100.0	%

Page 33

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Gross Unrealized Losses Aging
Fixed Maturity Securities
	September 30, 2020				June 30, 2020				March 31, 2020				December 31, 2019				September 30, 2019
	Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total
Less than 20%	$	276	74.6	%	$	348	77.7	%	$	1,052	72.0	%	$	76	69.1	%	$	76	74.5	%
20% or more for less than six months	34		9.2	%	91		20.3	%	409		28.0	%	20		18.2	%	10		9.8	%
20% or more for six months or greater	60		16.2	%	9		2.0	%	—		—	%	14		12.7	%	16		15.7	%
Total	$	370	100.0	%	$	448	100.0	%	$	1,461	100.0	%	$	110	100.0	%	$	102	100.0	%

Page 34

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost
	As of September 30, 2020
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	2,446	$	108	$	83	$	10	$	2,529	$	118
RMBS	225		1		—		—		225		1
ABS	1,304		37		552		20		1,856		57
CMBS	355		19		—		—		355		19
U.S. government	—		—		—		—		—		—
State and political subdivisions	84		2		15		2		99		4
Other foreign government	955		35		11		2		966		37
Total investment grade securities	$	5,369	$	202	$	661	$	34	$	6,030	$	236
Below investment grade securities:
Corporate	$	672	$	94	$	60	$	9	$	732	$	103
ABS	19		14		4		1		23		15
CMBS	22		3		—		—		22		3
Other foreign government	93		9		13		4		106		13
Total below investment grade securities	$	806	$	120	$	77	$	14	$	883	$	134
Total fixed maturity securities	$	6,175	$	322	$	738	$	48	$	6,913	$	370

Page 35

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost
	As of December 31, 2019
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	1,936	$	29	$	293	$	7	$	2,229	$	36
RMBS	367		2		84		1		451		3
ABS	773		5		739		9		1,512		14
CMBS	253		3		—		—		253		3
U.S. government	49		1		—		—		49		1
State and political subdivisions	103		2		12		1		115		3
Other foreign government	278		4		—		—		278		4
Total investment grade securities	$	3,759	$	46	$	1,128	$	18	$	4,887	$	64
Below investment grade securities:
Corporate	$	220	$	38	$	100	$	7	$	320	$	45
ABS	—		—		—		—		—		—
CMBS	—		—		—		—		—		—
Other foreign government	—		—		10		1		10		1
Total below investment grade securities	$	220	$	38	$	110	$	8	$	330	$	46
Total fixed maturity securities	$	3,979	$	84	$	1,238	$	26	$	5,217	$	110

Page 36

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Consolidated Investment Related Gains and Losses
	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,						Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019						2020			2019			Change
Fixed maturity securities available-for-sale:
Impairments and change in allowance for credit losses on fixed maturity securities	$	13		$	—		$	(34	)	$	(13	)	$	(9	)	$	22		$	(21	)	$	(18	)	$	(3	)
Gain on investment activity	16			46			27			35			68			(52		)	89			116			(27		)
Loss on investment activity	(22		)	(46		)	(8		)	(11		)	(13		)	(9		)	(76		)	(39		)	(37		)
Net gains (losses) on fixed maturity securities available-for-sale	7			—			(15		)	11			46			(39		)	(8		)	59			(67		)
Net gains (losses) on equity securities	4			8			(23		)	5			4			—			(11		)	11			(22		)
Other impairment losses and change in mortgage loan provision	(19		)	(22		)	(13		)	—			(4		)	(15		)	(54		)	(12		)	(42		)
Other non-derivative gain (loss), net	4			8			9			(1		)	4			—			21			14			7
Free-standing derivatives:
Interest rate swaps - non-hedged	(11		)	3			106			(32		)	39			(50		)	98			97			1
Financial futures	(15		)	(48		)	44			(16		)	—			(15		)	(19		)	(30		)	11
Foreign currency swaps - non-hedged	4			3			(13		)	4			1			3			(6		)	(4		)	(2		)
Foreign currency swaps - hedged	1			2			(8		)	2			(2		)	3			(5		)	(6		)	1
Foreign currency forwards - non-hedged	4			1			(3		)	1			—			4			2			—			2
CPI swaps	11			26			(40		)	6			(8		)	19			(3		)	(24		)	21
Credit default swaps	1			17			(24		)	8			2			(1		)	(6		)	22			(28		)
Equity options	(12		)	(25		)	53			(12		)	—			(12		)	16			(28		)	44
Total free-standing derivatives	(17		)	(21		)	115			(39		)	32			(49		)	77			27			50
Embedded derivatives:
Modified coinsurance and funds withheld treaties	116			1			(230		)	(1		)	9			107			(113		)	12			(125		)
GMXB	(29		)	107			(128		)	47			(42		)	13			(50		)	(42		)	(8		)
Total embedded derivatives	87			108			(358		)	46			(33		)	120			(163		)	(30		)	(133		)
Net gain (loss) on total derivatives	70			87			(243		)	7			(1		)	71			(86		)	(3		)	(83		)
Total investment related gains (losses), net	$	66		$	81		$	(285	)	$	22		$	49		$	17		$	(138	)	$	69		$	(207	)

Page 37

Appendix

Reconciliations of GAAP to Non-GAAP Measures

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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019			Quarter			2020			2019			Change
U.S. & Latin America Traditional
Income (loss) before income taxes	$	14		$	(158	)	$	(62	)	$	85		$	113		$	(99	)	$	(206	)	$	180		$	(386	)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	8			(7		)	7			(2		)	10			(2		)	8			20			(12		)
Adjusted operating income (loss) before income taxes	$	22		$	(165	)	$	(55	)	$	83		$	123		$	(101	)	$	(198	)	$	200		$	(398	)
U.S. & Latin America Asset-Intensive
Income (loss) before income taxes	$	50		$	93		$	(38	)	$	78		$	100		$	(50	)	$	105		$	237		$	(132	)
Investment and derivative (gains) losses (1)	36			86			(191		)	45			(81		)	117			(69		)	(86		)	17
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(124		)	6			223			3			(19		)	(105		)	105			(32		)	137
GMXB embedded derivatives (1)	29			(107		)	128			(47		)	42			(13		)	50			42			8
Funds withheld (gains) losses - investment income	1			(1		)	(1		)	—			—			1			(1		)	5			(6		)
EIA embedded derivatives - interest credited	6			7			12			(10		)	36			(30		)	25			56			(31		)
DAC offset, net	79			(21		)	(87		)	(4		)	(13		)	92			(29		)	(28		)	(1		)
Non-investment derivatives and other	—			—			(3		)	—			—			—			(3		)	—			(3		)
Adjusted operating income before income taxes	$	77		$	63		$	43		$	65		$	65		$	12		$	183		$	194		$	(11	)
U.S. & Latin America Capital Solutions
Income before income taxes	$	24		$	24		$	23		$	26		$	19		$	5		$	71		$	57		$	14
Adjusted operating income before income taxes	$	24		$	24		$	23		$	26		$	19		$	5		$	71		$	57		$	14
Canada Traditional
Income before income taxes	$	30		$	44		$	23		$	28		$	43		$	(13	)	$	97		$	140		$	(43	)
Investment and derivative (gains) losses (1)	—			(5		)	14			(1		)	1			(1		)	9			(6		)	15
Investment income - non-operating FWAI	(1		)	1			(1		)	—			—			(1		)	(1		)	—			(1		)
Adjusted operating income before income taxes	$	29		$	40		$	36		$	27		$	44		$	(15	)	$	105		$	134		$	(29	)
Canada Financial Solutions
Income before income taxes	$	6		$	4		$	3		$	7		$	3		$	3		$	13		$	8		$	5
Adjusted operating income before income taxes	$	6		$	4		$	3		$	7		$	3		$	3		$	13		$	8		$	5
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2020			2020			2020			2019			2019			Quarter			2020			2019			Change
Europe, Middle East and Africa Traditional
Income before income taxes	$	7		$	16		$	17		$	23		$	25		$	(18	)	$	40		$	57		$	(17	)
Adjusted operating income before income taxes	$	7		$	16		$	17		$	23		$	25		$	(18	)	$	40		$	57		$	(17	)
Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	92		$	98		$	30		$	72		$	61		$	31		$	220		$	151		$	69
Investment and derivative (gains) losses (1)	(5		)	(16		)	6			(1		)	(2		)	(3		)	(15		)	(8		)	(7		)
Investment income - non-operating FWAI	(1		)	(3		)	—			—			—			(1		)	(4		)	—			(4		)
Investment (income) loss on unit-linked variable annuities	1			(15		)	16			1			(12		)	13			2			(27		)	29
Interest credited on unit-linked variable annuities	(1		)	15			(16		)	(1		)	12			(13		)	(2		)	27			(29		)
Non-investment derivatives and other	—			—			—			2			—			—			—			—			—
Adjusted operating income before income taxes	$	86		$	79		$	36		$	73		$	59		$	27		$	201		$	143		$	58
Asia Pacific Traditional
Income before income taxes	$	78		$	47		$	24		$	12		$	22		$	56		$	149		$	93		$	56
Adjusted operating income before income taxes	$	78		$	47		$	24		$	12		$	22		$	56		$	149		$	93		$	56
Asia Pacific Financial Solutions
Income (loss) before income taxes	$	10		$	26		$	(25	)	$	13		$	2		$	8		$	11		$	10		$	1
Investment and derivative (gains) losses (1)	(1		)	(14		)	35			(5		)	3			(4		)	20			2			18
Adjusted operating income before income taxes	$	9		$	12		$	10		$	8		$	5		$	4		$	31		$	12		$	19
Corporate and Other
Income (loss) before income taxes	$	(26	)	$	1		$	(91	)	$	(36	)	$	(41	)	$	15		$	(116	)	$	(109	)	$	(7	)
Investment and derivative (gains) losses (1)	(13		)	(20		)	68			(8		)	2			(15		)	35			12			23
Interest expense on uncertain tax positions	1			4			4			4			9			(8		)	9			14			(5		)
Non-investment derivatives and other	1			4			—			—			—			1			5			—			5
Adjusted operating loss before income taxes	$	(37	)	$	(11	)	$	(19	)	$	(40	)	$	(30	)	$	(7	)	$	(67	)	$	(83	)	$	16
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

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Reinsurance Group of America, Incorporated
Reconciliations of Stockholders’ Equity to Stockholders’ Equity Excluding AOCI
(USD millions except per share data)
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
	2020			2020			2020			2019			2019
Stockholders’ equity	$	13,214		$	12,553		$	9,301		$	11,601		$	11,524
Less effect of AOCI:
Accumulated currency translation adjustments	(171		)	(210		)	(223		)	(92		)	(157		)
Unrealized appreciation of securities	4,542			4,089			1,426			3,299			3,472
Pension and postretirement benefits	(82		)	(78		)	(73		)	(70		)	(57		)
Stockholders’ equity, excluding AOCI	$	8,925		$	8,752		$	8,171		$	8,464		$	8,266
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
	2020			2020			2020			2019			2019
Book value per share	$	194.49		$	184.78		$	150.88		$	185.17		$	184.06
Less effect of AOCI:
Accumulated currency translation adjustments	(2.51		)	(3.09		)	(3.62		)	(1.46		)	(2.51		)
Unrealized appreciation of securities	66.86			60.19			23.14			52.65			55.46
Pension and postretirement benefits	(1.22		)	(1.14		)	(1.19		)	(1.12		)	(0.91		)
Book value per share, excluding AOCI	$	131.36		$	128.82		$	132.55		$	135.10		$	132.02

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