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

Exhibit 99.2

Quarterly Financial Supplement

First Quarter 2023

(Unaudited)

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

Current Ratings
	Standard & Poor’s	A.M. Best	Moody’s
Financial Strength Ratings
RGA Reinsurance Company	AA-	A+	A1
RGA Life Reinsurance Company of Canada	AA-	A+
RGA International Reinsurance Company dac	AA-
RGA Global Reinsurance Company, Ltd.	AA-
RGA Reinsurance Company of Australia Limited	AA-
RGA Americas Reinsurance Company, Ltd.	AA-	A+
RGA Worldwide Reinsurance Company, Ltd.	AA-
RGA Reinsurance Company (Barbados) Ltd.	AA-
RGA Atlantic Reinsurance Company Ltd.	AA-	A+
Omnilife Insurance Company Limited	A+
Aurora National Life Assurance Company		A+
Senior Debt Ratings
Reinsurance Group of America, Incorporated	A	a-	Baa1

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

Reinsurance Group of America, Incorporated

1st Quarter 2023

Table of Contents

	Page
Non-GAAP Disclosures	1
Consolidated
Financial Highlights	2
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)	3
Consolidated Balance Sheets	5
Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements
U.S. and Latin America Traditional	6
U.S. and Latin America Financial Solutions - Asset-Intensive	8
U.S. and Latin America Financial Solutions - Capital Solutions	11
Canada Traditional	13
Canada Financial Solutions	15
Europe, Middle East and Africa Traditional	17
Europe, Middle East and Africa Financial Solutions	19
Asia Pacific Traditional	21
Asia Pacific Financial Solutions	23
Corporate and Other	25
Summary of Segment GAAP Income	27
Summary of Segment Adjusted Operating Income	28
Investments
Cash and Invested Assets and Investment Income and Yield Summary	29
Fixed Maturity Securities	30
Corporate Fixed Maturity Securities by Industry	31
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities	32
Fixed Maturity Securities Below Amortized Cost	33
Consolidated Investment Related Gains and Losses	35
Appendix
Reconciliations of GAAP to Non-GAAP Measures	36

Reinsurance Group of America, Incorporated

Non-GAAP Disclosures

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

Non-GAAP Disclosures

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

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

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

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

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

Page 1

Reinsurance Group of America, Incorporated
Financial Highlights
	Three Months Ended																Current Qtr
(USD millions, except in force & per share and shares data)	March 31,			Dec. 31,			Sept. 30,			June 30,				March 31,			vs. PY
	2023			2022			2022			2022				2022			Quarter
Net premiums	$	3,385		$	3,446		$	3,247		$	3,230			$	3,155		$	230
Net income (loss) available to RGA's shareholders	252			291			(76)			105				197			55
Adjusted operating income	349			312			16			316				283			66
Adjusted operating income excluding notable items (1)	349			266			263			299				283			66
Return on equity	7.8		%	6.8		%	8.3		%	8.2		%		11.6		%	(3.8)		%
Adjusted operating return on equity (ex AOCI)	11.2		%	10.5		%	9.2		%	7.2		%		7.1		%	4.1		%
Adjusted operating return on equity (ex AOCI and notable items (1))	13.1		%	12.5		%	11.7		%	8.6		%		8.7		%	4.4		%
Total assets	$	89,120		$	84,904		$	82,819		$	84,875			$	90,288		$	(1,168)
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,676.8		$	1,672.2		$	1,662.7		$	1,650.5			$	1,645.1		$	31.7
U.S. and Latin America Financial Solutions	5.2			5.2			5.3			5.3				5.3			(0.1)
Canada Traditional	469.5			463.6			448.7			477.2				484.5			(15.0)
Europe, Middle East and Africa Traditional	759.6			735.4			671.3			756.4				850.7			(91.1)
Asia Pacific Traditional	508.2			518.6			479.4			486.1				508.4			(0.2)
Asia Pacific Financial Solutions	7.4			5.7			5.2			5.4			(2)	1.1			6.3
Total assumed life reinsurance in force	$	3,426.7		$	3,400.7		$	3,272.6		$	3,380.9			$	3,495.1		$	(68.4)
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	34.1		$	36.4		$	37.3		$	32.7			$	39.5		$	(5.4)
Canada Traditional	10.8			11.9			10.8			12.8				12.7			(1.9)
Europe, Middle East and Africa Traditional	30.1			35.6			38.2			45.1				50.5			(20.4)
Asia Pacific Traditional	3.9			8.6			14.4			5.7				16.6			(12.7)
Asia Pacific Financial Solutions	1.7			—			—			—				0.1			1.6
Total assumed new business production	$	80.6		$	92.5		$	100.7		$	96.3			$	119.4		$	(38.8)
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income (loss)	$	3.77		$	4.36		$	(1.13)		$	1.57			$	2.93		$	0.84
Adjusted operating income (loss)	$	5.22		$	4.67		$	0.24		$	4.71			$	4.22		$	1.00
Diluted earnings per share (3)
Net income (loss)	$	3.72		$	4.30		$	(1.13)		$	1.55			$	2.91		$	0.81
Adjusted operating income (loss)	$	5.16		$	4.60		$	0.24		$	4.67			$	4.18		$	0.98
Wgt. average common shares outstanding
Basic	66,779			66,748			66,936			66,996				67,104			(325)
Diluted	67,615			67,793			67,663			67,620				67,649			(34)
Common shares issued	85,311			85,311			85,311			85,311				85,311			—
Treasury shares	18,771			18,635			18,484			18,304				18,323			448
Common shares outstanding	66,540			66,676			66,827			67,007				66,988			(448)
Book value per share	$	114.60		$	106.19		$	101.08		$	110.27			$	118.62		$	(4.02)
Per share effect of AOCI	$	(21.96)		$	(28.07)		$	(29.60)		$	(22.15)			$	(12.82)		$	(9.14)
Book value per share, excluding AOCI	$	136.56		$	134.26		$	130.68		$	132.42			$	131.44		$	5.12
Stockholders’ dividends paid	$	53		$	53		$	54		$	49			$	49		$	4
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) During the quarter, the Company changed its calculation for assumed life reinsurance in force, resulting in an increase for the quarter.
(3) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.

Page 2

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2023		2022		2022		2022		2022		Quarter
Revenues:
Net premiums	$	3,385	$	3,446	$	3,247	$	3,230	$	3,155	$	230
Net investment income	856		828		769		754		810		46
Investment related gains (losses), net	(77)		(6)		(154)		(240)		(139)		62
Other revenue	87		89		188		159		91		(4)
Total revenues	4,251		4,357		4,050		3,903		3,917		334
Benefits and expenses:
Claims and other policy benefits	3,063		3,125		3,048		2,938		2,871		192
Future policy benefits remeasurement (gains) losses	(26)		(11)		226		18		58		(84)
Market risk benefits remeasurement (gains) losses	14		(19)		23		40		(34)		48
Interest credited	215		214		189		138		141		74
Policy acquisition costs and other insurance expenses	331		323		341		336		344		(13)
Other operating expenses	250		289		251		242		227		23
Interest expense	50		54		46		42		42		8
Collateral finance and securitization expense	3		1		3		2		1		2
Total benefits and expenses	3,900		3,976		4,127		3,756		3,650		250
Income (loss) before income taxes	351		381		(77)		147		267		84
Provision for income taxes	98		88		(2)		41		70		28
Net income (loss)	253		293		(75)		106		197		56
Net income attributable to noncontrolling interest	1		2		1		1		—		1
Net income (loss) available to RGA's shareholders	$	252	$	291	$	(76)	$	105	$	197	$	55
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes	$	351	$	381	$	(77)	$	147	$	267	$	84
Investment and derivative (gains) losses (1)	127		(46)		152		201		118		9
Market risk benefits remeasurement (gains) losses	14		(19)		23		40		(34)		48
Change in fair value of funds withheld embedded derivatives (1)	(37)		67		17		56		33		(70)
Funds withheld (gains) losses - investment income	—		2		4		10		8		(8)
EIA embedded derivatives - interest credited	(7)		1		(10)		(27)		(17)		10
Investment (income) loss on unit-linked variable annuities	—		2		5		8		9		(9)
Interest credited on unit-linked variable annuities	—		(2)		(5)		(8)		(9)		9
Interest expense on uncertain tax positions	—		—		—		—		—		—
Other	8		1		(71)		(11)		1		7
Adjusted operating income before income taxes	456		387		38		416		376		80
Notable items (2)	—		(61)		326		(23)		—		—
Adjusted operating income before income taxes excluding notable items	$	456	$	326	$	364	$	393	$	376	$	80
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

Page 3

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2023		2022		2022		2022		2022		Quarter
After-tax adjusted operating income reconciliation:
GAAP net income (loss) attributable to RGA	$	252	$	291	$	(76)	$	105	$	197	$	55
Investment and derivative (gains) losses (1)	102		(14)		120		154		92		10
Market risk benefits remeasurement (gains) losses	11		(15)		18		32		(27)		38
Change in fair value of funds withheld embedded derivatives (1)	(29)		53		14		44		26		(55)
Funds withheld (gains) losses - investment income	—		2		3		8		6		(6)
EIA embedded derivatives - interest credited	(6)		1		(8)		(22)		(13)		7
Investment (income) loss on unit-linked variable annuities	—		2		4		6		7		(7)
Interest credited on unit-linked variable annuities	—		(2)		(4)		(6)		(7)		7
Interest expense on uncertain tax positions	—		—		—		—		—		—
Other	6		1		(56)		(9)		1		5
Uncertain tax positions and other tax related items	12		(9)		—		3		1		11
Net income attributable to noncontrolling interest	1		2		1		1		—		1
Adjusted operating income	349		312		16		316		283		66
Notable items (2)	—		(46)		247		(17)		—		—
Adjusted operating income excluding notable items	$	349	$	266	$	263	$	299	$	283	$	66
Diluted earnings per share - adjusted operating income (loss) (3)	$	5.16	$	4.60	$	0.24	$	4.67	$	4.18	$	0.98
Diluted earnings per share - adjusted operating income (loss) excluding notable items (3)	$	5.16	$	3.91	$	3.92	$	4.41	$	4.18	$	0.98
Foreign currency effect on (4):
Net premiums	$	(112)	$	(164)	$	(160)	$	(119)	$	(47)	$	(65)
Adjusted operating income (loss) before income taxes	$	(16)	$	(18)	$	(11)	$	(16)	$	(3)	$	(13)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.
(4) Compared to comparable prior year period.

Page 4

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2023		2022		2022		2022		2022
Assets
Fixed maturity securities available-for-sale, at fair value	$	56,085	$	52,901	$	50,495	$	53,294	$	57,922
Equity securities, at fair value	138		134		137		127		139
Mortgage loans	6,833		6,590		6,558		6,544		6,535
Policy loans	1,221		1,231		1,202		1,218		1,221
Funds withheld at interest	5,976		6,003		6,177		6,393		6,737
Limited partnerships and real estate joint ventures	2,405		2,327		2,197		2,074		1,943
Short-term investments	246		154		225		272		315
Other invested assets	1,111		1,140		1,049		1,036		1,090
Total investments	74,015		70,480		68,040		70,958		75,902
Cash and cash equivalents	3,294		2,927		3,512		2,556		2,709
Accrued investment income	672		630		628		572		578
Premiums receivable and other reinsurance balances	3,114		3,013		2,820		2,884		2,882
Reinsurance ceded receivables and other	2,723		2,671		2,650		2,829		3,015
Deferred policy acquisition costs	4,257		4,128		4,004		3,935		3,906
Other assets	1,045		1,055		1,165		1,141		1,296
Total assets	$	89,120	$	84,904	$	82,819	$	84,875	$	90,288
Liabilities and equity
Future policy benefits	$	38,222	$	35,689	$	33,724	$	37,028	$	42,406
Interest-sensitive contract liabilities	30,405		30,342		30,043		28,762		27,836
Market risk benefits, at fair value	261		247		259		271		233
Other policy claims and benefits	2,558		2,480		2,366		2,447		2,557
Other reinsurance balances	851		725		889		557		540
Deferred income taxes	1,446		1,383		1,350		1,383		1,480
Other liabilities	3,206		2,906		3,136		3,129		3,366
Long-term debt	4,455		3,961		4,207		3,667		3,667
Collateral finance and securitization notes	—		—		—		152		166
Total liabilities	81,404		77,733		75,974		77,396		82,251
Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,506		2,502		2,493		2,478		2,465
Retained earnings	8,336		8,169		7,936		8,067		8,014
Treasury stock	(1,756)		(1,720)		(1,697)		(1,673)		(1,675)
Accumulated other comprehensive income (loss), net of taxes (AOCI):
Accumulated currency translation adjustment	(94)		(116)		(147)		3		8
Unrealized (depreciation) appreciation of securities	(4,393)		(5,496)		(5,788)		(3,549)		(10)
Effect of updating discount rates on future policy benefits	3,034		3,755		3,989		2,122		(795)
Change in instrument-specific credit risk for market risk benefits	14		13		19		(9)		(11)
Pension and postretirement benefits	(22)		(27)		(51)		(51)		(50)
Total RGA, Inc. stockholders’ equity	7,626		7,081		6,755		7,389		7,947
Noncontrolling interest	90		90		90		90		90
Total equity	7,716		7,171		6,845		7,479		8,037
Total liabilities and equity	$	89,120	$	84,904	$	82,819	$	84,875	$	90,288
Total RGA, Inc. stockholders’ equity, excluding AOCI	$	9,087	$	8,952	$	8,733	$	8,873	$	8,805
See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.

Page 5

Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
GAAP Income Statements
(USD millions)
	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2023			2022			2022			2022			2022			Quarter
Revenues:
Net premiums	$	1,615		$	1,778		$	1,640		$	1,631		$	1,541		$	74
Net investment income	193			224			201			186			289			(96)
Investment related gains (losses), net	(1)			6			8			19			15			(16)
Other revenue	5			5			6			10			6			(1)
Total revenues	1,812			2,013			1,855			1,846			1,851			(39)
Benefits and expenses:
Claims and other policy benefits	1,447			1,642			1,520			1,524			1,447			—
Future policy benefits remeasurement (gains) losses	7			10			160			(11)			103			(96)
Interest credited	18			17			18			17			17			1
Policy acquisition costs and other insurance expenses	175			178			182			181			181			(6)
Other operating expenses	44			52			44			45			43			1
Total benefits and expenses	1,691			1,899			1,924			1,756			1,791			(100)
Income (loss) before income taxes	$	121		$	114		$	(69)		$	90		$	60		$	61
Loss and expense ratios:
Loss ratio (1)	90.0		%	92.9		%	102.4		%	92.8		%	100.6		%	(10.6)		%
Policy acquisition costs and other insurance expenses	10.8		%	10.0		%	11.1		%	11.1		%	11.7		%	(0.9)		%
Other operating expenses	2.7		%	2.9		%	2.7		%	2.8		%	2.8		%	(0.1)		%
Foreign currency effect on (2):
Net premiums	$	2		$	1		$	—		$	1		$	—		$	2
Income (loss) before income taxes	$	—		$	—		$	—		$	—		$	—		$	—
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

Page 6

Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2023			2022			2022			2022			2022			Quarter
Revenues:
Net premiums	$	1,615		$	1,778		$	1,640		$	1,631		$	1,541		$	74
Net investment income	193			224			201			186			289			(96)
Other revenue	5			5			6			10			6			(1)
Total revenues	1,813			2,007			1,847			1,827			1,836			(23)
Benefits and expenses:
Claims and other policy benefits	1,447			1,642			1,520			1,524			1,447			—
Future policy benefits remeasurement (gains) losses	7			10			160			(11)			103			(96)
Interest credited	18			17			18			17			17			1
Policy acquisition costs and other insurance expenses	175			178			182			181			181			(6)
Other operating expenses	44			52			44			45			43			1
Total benefits and expenses	1,691			1,899			1,924			1,756			1,791			(100)
Adjusted operating income (loss) before notable items and income taxes	122			108			(77)			71			45			77
Notable items (1)	—			—			170			—			—			—
Adjusted operating income (loss) excluding notable items, before income taxes	$	122		$	108		$	93		$	71		$	45		$	77
Loss and expense ratios:
Loss ratio (2)	90.0		%	92.9		%	102.4		%	92.8		%	100.6		%	(10.6)		%
Policy acquisition costs and other insurance expenses	10.8		%	10.0		%	11.1		%	11.1		%	11.7		%	(0.9)		%
Other operating expenses	2.7		%	2.9		%	2.7		%	2.8		%	2.8		%	(0.1)		%
Foreign currency effect on (3):
Net premiums	$	2		$	1		$	—		$	1		$	—		$	2
Adjusted operating income (loss) before income taxes	$	—		$	—		$	—		$	—		$	—		$	—
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

Page 7

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
(USD millions)
	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2023		2022		2022		2022		2022		Quarter
Revenues:
Net premiums	$	163	$	24	$	13	$	14	$	15	$	148
Net investment income	280		287		265		246		256		24
Investment related gains (losses), net	20		(128)		(41)		(80)		(93)		113
Other revenue	25		25		29		31		26		(1)
Total revenues	488		208		266		211		204		284
Benefits and expenses:
Claims and other policy benefits	199		52		41		43		69		130
Future policy benefits remeasurement (gains) losses	(4)		(2)		(5)		(1)		(20)		16
Market risk benefits remeasurement (gains) losses	14		(19)		23		40		(34)		48
Interest credited	129		148		130		101		107		22
Policy acquisition costs and other insurance expenses	46		47		36		45		41		5
Other operating expenses	11		14		11		12		9		2
Total benefits and expenses	395		240		236		240		172		223
Income (loss) before income taxes	$	93	$	(32)	$	30	$	(29)	$	32	$	61
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 8

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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2023		2022		2022		2022		2022		Quarter
Revenues:
Net premiums	$	163	$	24	$	13	$	14	$	15	$	148
Net investment income	276		286		264		250		258		18
Other revenue	25		25		29		31		26		(1)
Total revenues	464		335		306		295		299		165
Benefits and expenses:
Claims and other policy benefits	199		52		41		43		69		130
Future policy benefits remeasurement (gains) losses	(4)		(2)		(5)		(1)		(20)		16
Interest credited	136		147		140		128		124		12
Policy acquisition costs and other insurance expenses	38		47		36		45		41		(3)
Other operating expenses	11		14		11		12		9		2
Total benefits and expenses	380		258		223		227		223		157
Adjusted operating income (loss) before notable items and income taxes	84		77		83		68		76		8
Notable items (1)	—		—		(3)		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	84	$	77	$	80	$	68	$	76	$	8
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

Page 9

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
(Continued)
	Three Months Ended
(USD millions, shown net of reinsurance ceded)	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2023			2022			2022			2022			2022
Policyholder account balances
Fixed annuities (deferred)	$	11,699		$	12,046		$	12,257		$	11,952		$	11,555
Equity-indexed annuities	$	2,701		$	2,817		$	2,919		$	2,978		$	3,038
Bank-owned life insurance (BOLI)	$	2,505		$	2,500		$	2,508		$	2,505		$	2,499
Other policyholder account balances	$	75		$	75		$	76		$	76		$	79
Variable annuities account balances
No riders	$	598		$	672		$	642		$	705		$	786
GMDB only	734			771			802			811			891
GMIB only	16			20			19			20			23
GMAB only	2			2			2			2			3
GMWB only	866			863			833			916			1,035
GMDB / WB	168			165			158			174			240
Other	12			15			15			16			18
Total variable annuities account balances	$	2,396		$	2,508		$	2,471		$	2,644		$	2,996
Interest-sensitive contract liabilities not associated with policyholder account balances:
Guaranteed investment contracts, funding agreements and immediate annuities	$	828		$	848		$	866		$	961		$	912
Future policy benefits (at original discount rate) associated with:
Payout annuities	$	4,231		$	4,153		$	4,208		$	4,269		$	4,322
Other future policy benefits	$	58		$	59		$	59		$	60		$	61
Liability for market risk benefits:
Equity-indexed annuities	$	144		$	132		$	90		$	106		$	107
Variable annuities (liability)	$	117		$	115		$	168		$	166		$	126
Variable annuities (asset)	$	2		$	—		$	—		$	—		$	—
Net interest spread (1)	1.2		%	1.2		%	1.0		%	1.0		%	1.3		%
(1) Net interest spread for Asset-Intensive is calculated as net investment income less interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents.

Page 10

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
(USD millions)
	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2023		2022		2022		2022		2022		Quarter
Revenues:
Net investment income	$	1	$	1	$	2	$	1	$	1	$	—
Other revenue	26		26		24		74		28		(2)
Total revenues	27		27		26		75		29		(2)
Benefits and expenses:
Policy acquisition costs and other insurance expenses	2		—		(1)		1		1		1
Other operating expenses	4		3		4		2		3		1
Total benefits and expenses	6		3		3		3		4		2
Income before income taxes	$	21	$	24	$	23	$	72	$	25	$	(4)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 11

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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2023		2022		2022		2022		2022		Quarter
Revenues:
Net investment income	$	1	$	1	$	2	$	1	$	1	$	—
Other revenue	26		26		24		74		28		(2)
Total revenues	27		27		26		75		29		(2)
Benefits and expenses:
Policy acquisition costs and other insurance expenses	2		—		(1)		1		1		1
Other operating expenses	4		3		4		2		3		1
Total benefits and expenses	6		3		3		3		4		2
Adjusted operating income (loss) before notable items and income taxes	$	21	$	24	$	23	$	72	$	25	$	(4)
Notable items (1)	—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	21	$	24	$	23	$	72	$	25	$	(4)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

Page 12

Reinsurance Group of America, Incorporated
Canada Traditional
GAAP Income Statements
(USD millions)
	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2023			2022			2022			2022			2022			Quarter
Revenues:
Net premiums	$	295		$	308		$	293		$	314		$	304		$	(9)
Net investment income	61			66			64			62			58			3
Investment related gains (losses), net	2			5			2			(6)			1			1
Other revenue	1			1			—			1			2			(1)
Total revenues	359			380			359			371			365			(6)
Benefits and expenses:
Claims and other policy benefits	270			285			272			285			287			(17)
Future policy benefits remeasurement (gains) losses	3			(10)			9			(2)			1			2
Policy acquisition costs and other insurance expenses	45			44			56			51			52			(7)
Other operating expenses	12			11			10			10			10			2
Total benefits and expenses	330			330			347			344			350			(20)
Income before income taxes	$	29		$	50		$	12		$	27		$	15		$	14
Loss and expense ratios:
Loss ratio (1)	92.5		%	89.3		%	95.9		%	90.1		%	94.7		%	(2.2)		%
Policy acquisition costs and other insurance expenses	15.3		%	14.3		%	19.1		%	16.2		%	17.1		%	(1.8)		%
Other operating expenses	4.1		%	3.6		%	3.4		%	3.2		%	3.3		%	0.8		%
Foreign currency effect on (2):
Net premiums	$	(20)		$	(23)		$	(11)		$	(13)		$	—		$	(20)
Income before income taxes	$	(2)		$	(3)		$	—		$	(1)		$	—		$	(2)
Creditor reinsurance net premiums	$	18		$	17		$	18		$	20		$	18		$	0
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

Page 13

Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2023			2022			2022			2022			2022			Quarter
Revenues:
Net premiums	$	295		$	308		$	293		$	314		$	304		$	(9)
Net investment income	62			67			65			62			58			4
Investment related gains, net	1			1			1			1			1			—
Other revenue	1			1			—			1			2			(1)
Total revenues	359			377			359			378			365			(6)
Benefits and expenses:
Claims and other policy benefits	270			285			272			285			287			(17)
Future policy benefits remeasurement (gains) losses	3			(10)			9			(2)			1			2
Policy acquisition costs and other insurance expenses	45			44			56			51			52			(7)
Other operating expenses	12			11			10			10			10			2
Total benefits and expenses	330			330			347			344			350			(20)
Adjusted operating income before notable items and income taxes	29			47			12			34			15			14
Notable items (1)	—			(5)			6			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	29		$	42		$	18		$	34		$	15		$	14
Loss and expense ratios:
Loss ratio (2)	92.5		%	89.3		%	95.9		%	90.1		%	94.7		%	(2.2)		%
Policy acquisition costs and other insurance expenses	15.3		%	14.3		%	19.1		%	16.2		%	17.1		%	(1.8)		%
Other operating expenses	4.1		%	3.6		%	3.4		%	3.2		%	3.3		%	0.8		%
Foreign currency effect on (3):
Net premiums	$	(20)		$	(23)		$	(11)		$	(13)		$	—		$	(20)
Adjusted operating income before income taxes	$	(2)		$	(3)		$	—		$	(1)		$	—		$	(2)
Creditor reinsurance net premiums	$	18		$	17		$	18		$	20		$	18		$	—
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

Page 14

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

Page 15

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

Page 16

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
GAAP Income Statements
(USD millions)
	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2023			2022			2022			2022			2022			Quarter
Revenues:
Net premiums	$	438		$	422		$	436		$	427		$	451		$	(13)
Net investment income	23			21			18			18			19			4
Other revenue	(1)			3			2			(2)			3			(4)
Total revenues	460			446			456			443			473			(13)
Benefits and expenses:
Claims and other policy benefits	390			404			409			377			396			(6)
Future policy benefits remeasurement (gains) losses	(8)			(10)			(7)			13			(11)			3
Policy acquisition costs and other insurance expenses	18			16			19			20			22			(4)
Other operating expenses	33			33			30			29			32			1
Total benefits and expenses	433			443			451			439			439			(6)
Income (loss) before income taxes	$	27		$	3		$	5		$	4		$	34		$	(7)
Loss and expense ratios:
Loss ratio (1)	87.2		%	93.4		%	92.2		%	91.3		%	85.4		%	1.8		%
Policy acquisition costs and other insurance expenses	4.1		%	3.8		%	4.4		%	4.7		%	4.9		%	(0.8)		%
Other operating expenses	7.5		%	7.8		%	6.9		%	6.8		%	7.1		%	0.4		%
Foreign currency effect on (2):
Net premiums	$	(41)		$	(53)		$	(68)		$	(46)		$	(16)		$	(25)
Income (loss) before income taxes	$	(1)		$	—		$	—		$	(2)		$	(1)		$	—
Critical illness net premiums	$	33		$	33		$	41		$	36		$	39		$	(6)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

Page 17

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2023			2022			2022			2022			2022			Quarter
Revenues:
Net premiums	$	438		$	422		$	436		$	427		$	451		$	(13)
Net investment income	23			21			18			18			19			4
Other revenue	(1)			3			2			(2)			3			(4)
Total revenues	460			446			456			443			473			(13)
Benefits and expenses:
Claims and other policy benefits	390			404			409			377			396			(6)
Future policy benefits remeasurement (gains) losses	(8)			(10)			(7)			13			(11)			3
Policy acquisition costs and other insurance expenses	18			16			19			20			22			(4)
Other operating expenses	33			33			30			29			32			1
Total benefits and expenses	433			443			451			439			439			(6)
Adjusted operating income before notable items and income taxes	27			3			5			4			34			(7)
Notable items (1)	—			—			13			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	27		$	3		$	18		$	4		$	34		$	(7)
Loss and expense ratios:
Loss ratio (2)	87.2		%	93.4		%	92.2		%	91.3		%	85.4		%	1.8		%
Policy acquisition costs and other insurance expenses	4.1		%	3.8		%	4.4		%	4.7		%	4.9		%	(0.8)		%
Other operating expenses	7.5		%	7.8		%	6.9		%	6.8		%	7.1		%	0.4		%
Foreign currency effect on (3):
Net premiums	$	(41)		$	(53)		$	(68)		$	(46)		$	(16)		$	(25)
Adjusted operating income (loss) before income taxes	$	(1)		$	—		$	—		$	(2)		$	(1)		$	—
Critical illness net premiums	$	33		$	33		$	41		$	36		$	39		$	(6)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

Page 18

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
(USD millions)
	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2023		2022		2022		2022		2022		Quarter
Revenues:
Net premiums	$	125	$	127	$	112	$	119	$	128	$	(3)
Net investment income	46		44		37		34		36		10
Investment related gains (losses), net	(6)		(11)		(9)		(22)		16		(22)
Other revenue	4		6		2		4		3		1
Total revenues	169		166		142		135		183		(14)
Benefits and expenses:
Claims and other policy benefits	104		106		97		107		118		(14)
Future policy benefits remeasurement (gains) losses	(9)		(12)		3		(4)		(8)		(1)
Interest credited	—		(2)		(5)		(8)		(9)		9
Policy acquisition costs and other insurance expenses	2		2		2		1		2		—
Other operating expenses	13		16		11		14		13		—
Total benefits and expenses	110		110		108		110		116		(6)
Income before income taxes	$	59	$	56	$	34	$	25	$	67	$	(8)
Foreign currency effect on (2):
Net premiums	$	(12)	$	(17)	$	(20)	$	(14)	$	(5)	$	(7)
Income before income taxes	$	(6)	$	(4)	$	(7)	$	(4)	$	(2)	$	(4)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

Page 19

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2023		2022		2022		2022		2022		Quarter
Revenues:
Net premiums	$	125	$	127	$	112	$	119	$	128	$	(3)
Net investment income	49		48		46		48		51		(2)
Investment related gains (losses), net	1		4		5		5		4		(3)
Other revenue	4		6		2		4		3		1
Total revenues	179		185		165		176		186		(7)
Benefits and expenses:
Claims and other policy benefits	104		106		97		107		118		(14)
Future policy benefits remeasurement (gains) losses	(9)		(12)		3		(4)		(8)		(1)
Interest credited	—		—		—		—		—		—
Policy acquisition costs and other insurance expenses	2		2		2		1		2		—
Other operating expenses	13		16		11		14		13		—
Total benefits and expenses	110		112		113		118		125		(15)
Adjusted operating income before notable items and income taxes	69		73		52		58		61		8
Notable items (2)	—		(14)		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	69	$	59	$	52	$	58	$	61	$	8
Foreign currency effect on (3):
Net premiums	$	(12)	$	(17)	$	(20)	$	(14)	$	(5)	$	(7)
Adjusted operating income before income taxes	$	(7)	$	(6)	$	(11)	$	(8)	$	(2)	$	(5)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

Page 20

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
GAAP Income Statements
(USD millions)
	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2023			2022			2022			2022			2022			Quarter
Revenues:
Net premiums	$	662		$	700		$	660		$	640		$	650		$	12
Net investment income	61			55			51			46			47			14
Investment related gains (losses), net	3			3			4			5			—			3
Other revenue	3			—			5			10			6			(3)
Total revenues	729			758			720			701			703			26
Benefits and expenses:
Claims and other policy benefits	563			548			627			523			494			69
Future policy benefits remeasurement (gains) losses	(9)			9			68			25			(2)			(7)
Policy acquisition costs and other insurance expenses	46			44			47			45			54			(8)
Other operating expenses	50			57			51			49			49			1
Total benefits and expenses	650			658			793			642			595			55
Income (loss) before income taxes	$	79		$	100		$	(73)		$	59		$	108		$	(29)
Loss and expense ratios:
Loss ratio (1)	83.7		%	79.6		%	105.3		%	85.6		%	75.7		%	8.0		%
Policy acquisition costs and other insurance expenses	6.9		%	6.3		%	7.1		%	7.0		%	8.3		%	(1.4)		%
Other operating expenses	7.6		%	8.1		%	7.7		%	7.7		%	7.5		%	0.1		%
Foreign currency effect on (2):
Net premiums	$	(33)		$	(61)		$	(50)		$	(38)		$	(23)		$	(10)
Income (loss) before income taxes	$	(3)		$	(6)		$	6		$	(3)		$	2		$	(5)
Critical illness net premiums	$	299		$	324		$	296		$	301		$	295		$	4
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.

Page 21

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2023			2022			2022			2022			2022			Quarter
Revenues:
Net premiums	$	662		$	700		$	660		$	640		$	650		$	12
Net investment income	61			55			51			46			47			14
Investment related gains (losses), net	3			3			4			5			—			3
Other revenue	3			—			5			10			6			(3)
Total revenues	729			758			720			701			703			26
Benefits and expenses:
Claims and other policy benefits	563			548			627			523			494			69
Future policy benefits remeasurement (gains) losses	(9)			9			68			25			(2)			(7)
Policy acquisition costs and other insurance expenses	46			44			47			45			54			(8)
Other operating expenses	50			57			51			49			49			1
Total benefits and expenses	650			658			793			642			595			55
Adjusted operating income before notable items and income taxes	79			100			(73)			59			108			(29)
Notable items (1)	—			(42)			140			(23)			—			—
Adjusted operating income excluding notable items, before income taxes	$	79		$	58		$	67		$	36		$	108		$	(29)
Loss and expense ratios:
Loss ratio (2)	83.7		%	79.6		%	105.3		%	85.6		%	75.7		%	8.0		%
Policy acquisition costs and other insurance expenses	6.9		%	6.3		%	7.1		%	7.0		%	8.3		%	(1.4)		%
Other operating expenses	7.6		%	8.1		%	7.7		%	7.7		%	7.5		%	0.1		%
Foreign currency effect on (3):
Net premiums	$	(33)		$	(61)		$	(50)		$	(38)		$	(23)		$	(10)
Adjusted operating income (loss) before income taxes	$	(2)		$	(6)		$	6		$	(3)		$	2		$	(4)
Critical illness net premiums	$	299		$	324		$	296		$	301		$	295		$	4
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

Page 22

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
GAAP Income Statements
(USD millions)
	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2023		2022		2022		2022		2022		Quarter
Revenues:
Net premiums	$	64	$	64	$	69	$	60	$	43	$	21
Net investment income	108		94		77		55		44		64
Investment related gains (losses), net	(51)		83		(94)		(113)		(81)		30
Other revenue	10		—		119		41		14		(4)
Total revenues	131		241		171		43		20		111
Benefits and expenses:
Claims and other policy benefits	69		68		60		56		39		30
Future policy benefits remeasurement (gains) losses	(1)		7		—		—		—		(1)
Interest credited	54		39		38		22		20		34
Policy acquisition costs and other insurance expenses	16		12		21		15		12		4
Other operating expenses	6		6		5		4		5		1
Total benefits and expenses	144		132		124		97		76		68
Income (loss) before income taxes	$	(13)	$	109	$	47	$	(54)	$	(56)	$	43
Foreign currency effect on (2):
Net premiums	$	(7)	$	(9)	$	(10)	$	(8)	$	(3)	$	(4)
Income (loss) before income taxes	$	—	$	(17)	$	11	$	15	$	5	$	(5)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

Page 23

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2023		2022		2022		2022		2022		Quarter
Revenues:
Net premiums	$	64	$	64	$	69	$	60	$	43	$	21
Net investment income	108		94		77		55		44		64
Investment related gains, net	4		5		3		5		4		—
Other revenue	8		7		37		17		6		2
Total revenues	184		170		186		137		97		87
Benefits and expenses:
Claims and other policy benefits	69		68		60		56		39		30
Future policy benefits remeasurement (gains) losses	(1)		7		—		—		—		(1)
Interest credited	54		39		38		22		20		34
Policy acquisition costs and other insurance expenses	16		12		21		15		12		4
Other operating expenses	6		6		5		4		5		1
Total benefits and expenses	144		132		124		97		76		68
Adjusted operating income before notable items and income taxes	40		38		62		40		21		19
Notable items (2)	—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	40	$	38	$	62	$	40	$	21	$	19
Foreign currency effect on (3):
Net premiums	$	(7)	$	(9)	$	(10)	$	(8)	$	(3)	$	(4)
Adjusted operating income before income taxes	$	(3)	$	(3)	$	(6)	$	(3)	$	(2)	$	(1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

Page 24

Reinsurance Group of America, Incorporated
Corporate and Other
GAAP Income Statements
(USD millions)
	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2023		2022		2022		2022		2022		Quarter
Revenues:
Net investment income	$	82	$	35	$	53	$	104	$	59	$	23
Investment related gains (losses), net	(44)		36		(24)		(43)		3		(47)
Other revenue	11		19		(1)		(12)		1		10
Total revenues	49		90		28		49		63		(14)
Benefits and expenses:
Interest credited	14		12		8		6		6		8
Policy acquisition costs and other insurance income	(20)		(21)		(21)		(23)		(22)		2
Other operating expenses	77		96		84		76		63		14
Interest expense	50		54		46		42		42		8
Collateral finance and securitization expense	3		1		3		2		1		2
Total benefits and expenses	124		142		120		103		90		34
Income (loss) before income taxes	$	(75)	$	(52)	$	(92)	$	(54)	$	(27)	$	(48)
Foreign currency effect on (1):
Income (loss) before income taxes	$	—	$	(7)	$	3	$	1	$	—	$	—
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Page 25

Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2023		2022		2022		2022		2022		Quarter
Revenues:
Net investment income	$	82	$	35	$	53	$	104	$	59	$	23
Investment related gains, net	4		2		2		1		3		1
Other revenue	13		13		10		1		10		3
Total revenues	99		50		65		106		72		27
Benefits and expenses:
Interest credited	14		12		8		6		6		8
Policy acquisition costs and other insurance income	(20)		(21)		(21)		(23)		(22)		2
Other operating expenses	77		96		84		76		63		14
Interest expense	50		54		46		42		42		8
Collateral finance and securitization expense	3		1		3		2		1		2
Total benefits and expenses	124		142		120		103		90		34
Adjusted operating income before notable items and income taxes	(25)		(92)		(55)		3		(18)		(7)
Notable items (1)	—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	(25)	$	(92)	$	(55)	$	3	$	(18)	$	(7)
Foreign currency effect on (2):
Adjusted operating income (loss) before income taxes	$	—	$	—	$	1	$	1	$	—	$	—
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Compared to comparable prior year period.

Page 26

Reinsurance Group of America, Incorporated
Summary of Segment GAAP Income
(USD millions)
	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2023		2022		2022		2022		2022		Quarter
U.S. and Latin America:
Traditional	$	121	$	114	$	(69)	$	90	$	60	$	61
Financial Solutions:
Asset Intensive	93		(32)		30		(29)		32		61
Capital Solutions	21		24		23		72		25		(4)
Total U.S. and Latin America	235		106		(16)		133		117		118
Canada:
Traditional	29		50		12		27		15		14
Financial Solutions	10		9		6		7		9		1
Total Canada	39		59		18		34		24		15
Europe, Middle East and Africa:
Traditional	27		3		5		4		34		(7)
Financial Solutions	59		56		34		25		67		(8)
Total Europe, Middle East and Africa	86		59		39		29		101		(15)
Asia Pacific:
Traditional	79		100		(73)		59		108		(29)
Financial Solutions	(13)		109		47		(54)		(56)		43
Total Asia Pacific	66		209		(26)		5		52		14
Corporate and Other	(75)		(52)		(92)		(54)		(27)		(48)
Consolidated income (loss) before income taxes	$	351	$	381	$	(77)	$	147	$	267	$	84
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 27

Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income
(USD millions)
	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2023		2022		2022		2022		2022		Quarter
U.S. and Latin America:
Traditional	$	122	$	108	$	(77)	$	71	$	45	$	77
Financial Solutions:
Asset Intensive	84		77		83		68		76		8
Capital Solutions	21		24		23		72		25		(4)
Total U.S. and Latin America	227		209		29		211		146		81
Canada:
Traditional	29		47		12		34		15		14
Financial Solutions	10		9		6		7		9		1
Total Canada	39		56		18		41		24		15
Europe, Middle East and Africa:
Traditional	27		3		5		4		34		(7)
Financial Solutions	69		73		52		58		61		8
Total Europe, Middle East and Africa	96		76		57		62		95		1
Asia Pacific:
Traditional	79		100		(73)		59		108		(29)
Financial Solutions	40		38		62		40		21		19
Total Asia Pacific	119		138		(11)		99		129		(10)
Corporate and Other	(25)		(92)		(55)		3		(18)		(7)
Consolidated adjusted operating income (loss) before income taxes	456		387		38		416		376		80
Notable items (1)	—		(61)		326		(23)		—		—
Consolidated adjusted operating income (loss) excluding notable items before income taxes	$	456	$	326	$	364	$	393	$	376	$	80
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

Page 28

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Cash and Invested Assets
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2023		2022		2022		2022		2022
Fixed maturity securities, available-for-sale (1)	$	56,085	$	52,901	$	50,495	$	53,294	$	57,922
Equity securities	138		134		137		127		139
Mortgage loans	6,833		6,590		6,558		6,544		6,535
Policy loans	1,221		1,231		1,202		1,218		1,221
Funds withheld at interest	5,976		6,003		6,177		6,393		6,737
Limited partnerships and real estate joint ventures	2,405		2,327		2,197		2,074		1,943
Short-term investments	246		154		225		272		315
Other invested assets	1,111		1,140		1,049		1,036		1,090
Cash and cash equivalents	3,294		2,927		3,512		2,556		2,709
Total cash and invested assets	$	77,309	$	73,407	$	71,552	$	73,514	$	78,611
(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), Japanese government and agencies ("Japanese government"), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).

Investment Income and Yield Summary
	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2023			2022			2022			2022			2022			Quarter
Average invested assets at amortized cost (1)	$	35,863		$	35,300		$	34,579		$	34,859		$	35,271		$	592
Net investment income (1)	$	415		$	386		$	374		$	397		$	457		$	(42)
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.71		%	4.45		%	4.40		%	4.63		%	5.29		%	(58) bps
Variable investment income ("VII") (included in net investment income) (1)	$	39		$	42		$	38		$	70		$	141		$	(102)
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) (1)	4.45		%	4.14		%	4.12		%	3.96		%	3.80		%	65 bps
(1) Excludes spread related business (e.g. coinsurance of annuities).

Page 29

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities
	March 31, 2023
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	39,621	$	69	$	255	$	4,330	$	35,477	63.3	%
Canadian government	3,345		—		455		45		3,755		6.7	%
Japanese government	3,749		—		9		315		3,443		6.1	%
ABS	4,470		10		8		365		4,103		7.3	%
CMBS	1,882		—		—		212		1,670		3.0	%
RMBS	1,120		—		2		98		1,024		1.8	%
U.S. government	1,923		—		6		184		1,745		3.1	%
State and political subdivisions	1,261		—		9		132		1,138		2.0	%
Other foreign government	4,123		—		31		424		3,730		6.7	%
Total fixed maturity securities	$	61,494	$	79	$	775	$	6,105	$	56,085	100.0	%

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

Page 30

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Corporate Fixed Maturity Securities by Industry
	March 31, 2023							December 31, 2022
	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)
Financial institutions
Banking	$	6,358	$	5,783	16.3	%	A-	$	6,281	$	5,672	16.7	%	A-
Brokerage/asset managers/exchanges	1,290		1,122		3.2	%	A-	1,302		1,115		3.3	%	A-
Finance companies	399		345		1.0	%	BBB+	410		350		1.0	%	BBB
Insurance	4,458		3,948		11.1	%	A-	4,452		3,851		11.3	%	A-
REITs	1,296		1,123		3.2	%	BBB+	1,205		1,013		3.0	%	BBB+
Other finance	931		722		2.0	%	A-	901		679		2.0	%	A-
Total financial institutions	$	14,732	$	13,043	36.8	%		$	14,551	$	12,680	37.3	%
Industrials
Basic	$	1,916	$	1,729	4.9	%	BBB	$	1,921	$	1,690	5.0	%	BBB
Capital goods	1,657		1,518		4.3	%	BBB	1,734		1,550		4.6	%	BBB
Communications	2,549		2,246		6.3	%	BBB	2,517		2,136		6.3	%	BBB
Consumer cyclical	2,068		1,875		5.3	%	BBB+	1,997		1,748		5.1	%	BBB+
Consumer noncyclical	4,691		4,251		12.0	%	BBB+	4,625		4,052		11.9	%	BBB+
Energy	2,047		1,854		5.2	%	A-	2,050		1,801		5.3	%	BBB+
Technology	1,782		1,665		4.7	%	BBB+	1,617		1,461		4.3	%	BBB+
Transportation	2,222		1,984		5.6	%	A-	2,160		1,859		5.5	%	BBB+
Other industrial	1,013		986		2.7	%	BBB	1,003		960		2.8	%	BBB
Total industrials	$	19,945	$	18,108	51.0	%		$	19,624	$	17,257	50.8	%
Utilities
Electric	$	3,914	$	3,446	9.7	%	A-	$	3,779	$	3,200	9.4	%	A-
Natural gas	681		587		1.7	%	A-	664		553		1.7	%	A-
Other utility	349		293		0.8	%	BBB+	345		279		0.8	%	BBB+
Total utilities	$	4,944	$	4,326	12.2	%		$	4,788	$	4,032	11.9	%
Total	$	39,621	$	35,477	100.0	%	BBB+	$	38,963	$	33,969	100.0	%	BBB+
(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.

Page 31

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Ratings of Fixed Maturity Securities
		March 31, 2023						December 31, 2022						September 30, 2022						June 30, 2022						March 31, 2022
NAIC Designation (1)	Rating Agency Designation (2)	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
1	AAA/AA/A	$	38,291	$	35,308	63.0	%	$	36,217	$	32,295	61.1	%	$	33,881	$	30,062	59.6	%	$	33,989	$	31,782	59.6	%	$	34,434	$	34,741	60.0	%
2	BBB	19,832		17,658		31.5	%	20,188		17,580		33.2	%	19,931		16,924		33.5	%	19,851		18,011		33.8	%	19,691		19,574		33.8	%
3	BB	2,811		2,698		4.8	%	2,734		2,607		5.0	%	3,044		2,843		5.6	%	2,940		2,774		5.2	%	2,821		2,769		4.8	%
4	B	402		340		0.6	%	397		331		0.6	%	625		583		1.2	%	658		619		1.2	%	730		720		1.2	%
5	CCC	100		69		0.1	%	103		71		0.1	%	107		62		0.1	%	124		84		0.2	%	127		92		0.2	%
6	In or near default	58		12		—	%	24		17		—	%	42		21		—	%	46		24		—	%	46		26		—	%
	Total	$	61,494	$	56,085	100.0	%	$	59,663	$	52,901	100.0	%	$	57,630	$	50,495	100.0	%	$	57,608	$	53,294	100.0	%	$	57,849	$	57,922	100.0	%
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).

Structured Fixed Maturity Securities
	March 31, 2023						December 31, 2022						September 30, 2022						June 30, 2022						March 31, 2022
	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
ABS:
Collateralized loan obligations ("CLOs")	$	1,880	$	1,775	26.1	%	$	1,825	$	1,702	26.4	%	$	1,788	$	1,650	26.0	%	$	1,714	$	1,622	25.1	%	$	1,659	$	1,630	25.1	%
ABS, excluding CLOs	2,590		2,328		34.2	%	2,499		2,176		33.8	%	2,377		2,073		32.6	%	2,377		2,160		33.4	%	2,256		2,116		32.5	%
Total ABS	4,470		4,103		60.3	%	4,324		3,878		60.2	%	4,165		3,723		58.6	%	4,091		3,782		58.5	%	3,915		3,746		57.6	%
CMBS	1,882		1,670		24.6	%	1,835		1,623		25.2	%	1,843		1,670		26.3	%	1,856		1,735		26.8	%	1,829		1,786		27.5	%
RMBS:
Agency	473		432		6.4	%	476		427		6.6	%	489		442		7.0	%	519		498		7.7	%	538		537		8.3	%
Non-agency	647		592		8.7	%	578		514		8.0	%	565		511		8.1	%	485		452		7.0	%	445		429		6.6	%
Total RMBS	1,120		1,024		15.1	%	1,054		941		14.6	%	1,054		953		15.1	%	1,004		950		14.7	%	983		966		14.9	%
Total	$	7,472	$	6,797	100.0	%	$	7,213	$	6,442	100.0	%	$	7,062	$	6,346	100.0	%	$	6,951	$	6,467	100.0	%	$	6,727	$	6,498	100.0	%

Page 32

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
	As of March 31, 2023
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	9,861	$	486	$	18,130	$	3,705	$	27,991	$	4,191
Canadian government	395		15		165		30		560		45
Japanese government	379		4		2,291		311		2,670		315
ABS	811		38		2,777		311		3,588		349
CMBS	341		20		1,271		188		1,612		208
RMBS	332		16		513		82		845		98
U.S. government	909		5		606		179		1,515		184
State and political subdivisions	350		10		635		122		985		132
Other foreign government	1,073		38		1,763		325		2,836		363
Total investment grade securities	$	14,451	$	632	$	28,151	$	5,253	$	42,602	$	5,885
Below investment grade securities:
Corporate	$	550	$	58	$	546	$	79	$	1,096	$	137
ABS	45		3		46		10		91		13
Other foreign government	—		—		187		61		187		61
Total below investment grade securities	$	595	$	61	$	779	$	150	$	1,374	$	211
Total fixed maturity securities	$	15,046	$	693	$	28,930	$	5,403	$	43,976	$	6,096
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.

Page 33

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

Page 34

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Consolidated Investment Related Gains and Losses
	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2023		2022		2022		2022		2022		Quarter
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	$	(42)	$	15	$	3	$	(13)	$	(11)	$	(31)
Impairments on fixed maturities	(1)		(2)		(12)		(2)		(1)		—
Realized gains on investment activity	31		127		20		34		11		20
Realized losses on investment activity	(75)		(160)		(106)		(94)		(36)		(39)
Net gains (losses) on fixed maturity securities available-for-sale	(87)		(20)		(95)		(75)		(37)		(50)
Net gains (losses) on equity securities	2		(5)		7		(15)		(8)		10
Change in mortgage loan allowance for credit losses	3		(8)		(5)		(1)		(2)		5
Change in fair value of certain limited partnership investments	(3)		9		—		10		19		(22)
Other, net	2		—		7		11		8		(6)
Free-standing derivatives (1):
Interest rate swaps	20		(2)		(33)		(44)		(52)		72
Interest rate options	(23)		(9)		18		(6)		—		(23)
Total return swaps	3		22		(1)		—		—		3
Interest rate futures	—		1		2		1		2		(2)
Equity futures	(9)		(11)		5		23		5		(14)
Foreign currency swaps	—		(6)		9		11		7		(7)
Foreign currency swaps - hedged	(1)		1		1		—		4		(5)
Foreign currency forwards	(19)		61		(55)		(76)		(23)		4
CPI swaps	1		6		7		(11)		29		(28)
Credit default swaps	11		37		(12)		(33)		(58)		69
Equity options	(14)		(15)		8		21		—		(14)
Total free-standing derivatives	(31)		85		(51)		(114)		(86)		55
Embedded derivatives	37		(67)		(17)		(56)		(33)		70
Net gains (losses) on total derivatives	6		18		(68)		(170)		(119)		125
Total investment related gains (losses), net	$	(77)	$	(6)	$	(154)	$	(240)	$	(139)	$	62
(1) Free-standing derivatives are non-hedged unless specified.

Page 35

Appendix

Reconciliations of GAAP to Non-GAAP Measures

Page 36

Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2023		2022		2022		2022		2022		Quarter
U.S. & Latin America Traditional
Income (loss) before income taxes	$	121	$	114	$	(69)	$	90	$	60	$	61
Investment and derivative losses (1)	—		1		(1)		—		—		—
Change in fair value of funds withheld embedded derivatives (1)	1		(7)		(7)		(19)		(15)		16
Adjusted operating income (loss) before notable items and income taxes	122		108		(77)		71		45		77
Notable items (2)	—		—		170		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	122	$	108	$	93	$	71	$	45	$	77
U.S. & Latin America Asset-Intensive
Income (loss) before income taxes	$	93	$	(32)	$	30	$	(29)	$	32	$	61
Market risk benefits remeasurement (gains) losses	14		(19)		23		40		(34)		48
Investment and derivative (gains) losses (1)	18		54		17		5		45		(27)
Change in fair value of funds withheld embedded derivatives (1)	(38)		74		24		75		48		(86)
Funds withheld (gains) losses - investment income	(4)		(1)		(1)		4		2		(6)
EIA embedded derivatives - interest credited	(7)		1		(10)		(27)		(17)		10
Other	8		—		—		—		—		8
Adjusted operating income (loss) before notable items and income taxes	84		77		83		68		76		8
Notable items (2)	—		—		(3)		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	84	$	77	$	80	$	68	$	76	$	8
U.S. & Latin America Capital Solutions
Income before income taxes	$	21	$	24	$	23	$	72	$	25	$	(4)
Adjusted operating income (loss) before notable items and income taxes	21		24		23		72		25		(4)
Notable items (2)	—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	21	$	24	$	23	$	72	$	25	$	(4)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2023		2022		2022		2022		2022		Quarter
Canada Traditional
Income before income taxes	$	29	$	50	$	12	$	27	$	15	$	14
Investment and derivative (gains) losses (1)	(1)		(4)		(1)		7		—		(1)
Investment income - non-operating FWAI	1		1		1		—		—		1
Adjusted operating income (loss) before notable items and income taxes	29		47		12		34		15		14
Notable items (2)	—		(5)		6		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	29	$	42	$	18	$	34	$	15	$	14
Canada Financial Solutions
Income before income taxes	$	10	$	9	$	6	$	7	$	9	$	1
Adjusted operating income (loss) before notable items and income taxes	10		9		6		7		9		1
Notable items (2)	—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	10	$	9	$	6	$	7	$	9	$	1
Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	27	$	3	$	5	$	4	$	34	$	(7)
Adjusted operating income (loss) before notable items and income taxes	27		3		5		4		34		(7)
Notable items (2)	—		—		13		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	27	$	3	$	18	$	4	$	34	$	(7)
Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	59	$	56	$	34	$	25	$	67	$	(8)
Investment and derivative (gains) losses (1)	7		15		14		27		(12)		19
Investment income - non-operating FWAI	3		2		4		6		6		(3)
Investment (income) loss on unit-linked variable annuities	—		2		5		8		9		(9)
Interest credited on unit-linked variable annuities	—		(2)		(5)		(8)		(9)		9
Adjusted operating income (loss) before notable items and income taxes	69		73		52		58		61		8
Notable items (2)	—		(14)		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	69	$	59	$	52	$	58	$	61	$	8
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

Page 38

Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2023		2022		2022		2022		2022		Quarter
Asia Pacific Traditional
Income (loss) before income taxes	$	79	$	100	$	(73)	$	59	$	108	$	(29)
Adjusted operating income (loss) before notable items and income taxes	79		100		(73)		59		108		(29)
Notable items (2)	—		(42)		140		(23)		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	79	$	58	$	67	$	36	$	108	$	(29)
Asia Pacific Financial Solutions
Income (loss) before income taxes	$	(13)	$	109	$	47	$	(54)	$	(56)	$	43
Investment and derivative (gains) losses (1)	55		(78)		97		118		85		(30)
Other	(2)		7		(82)		(24)		(8)		6
Adjusted operating income (loss) before notable items and income taxes	40		38		62		40		21		19
Notable items (2)	—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	40	$	38	$	62	$	40	$	21	$	19
Corporate and Other
Income (loss) before income taxes	$	(75)	$	(52)	$	(92)	$	(54)	$	(27)	$	(48)
Investment and derivative (gains) losses (1)	48		(34)		26		44		—		48
Interest expense on uncertain tax positions	—		—		—		—		—		—
Other	2		(6)		11		13		9		(7)
Adjusted operating income (loss) before notable items and income taxes	(25)		(92)		(55)		3		(18)		(7)
Notable items (2)	—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	(25)	$	(92)	$	(55)	$	3	$	(18)	$	(7)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

Page 39

Reinsurance Group of America, Incorporated
Reconciliations of Stockholders’ Equity to Stockholders’ Equity Excluding AOCI
(USD millions except per share data)
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2023		2022		2022		2022		2022
RGA, Inc. stockholders’ equity	$	7,626	$	7,081	$	6,755	$	7,389	$	7,947
Less effect of AOCI:
Accumulated currency translation adjustments	(94)		(116)		(147)		3		8
Unrealized appreciation of securities	(4,393)		(5,496)		(5,788)		(3,549)		(10)
Effect of updating discount rates on future policy benefits	3,034		3,755		3,989		2,122		(795)
Change in instrument-specific credit risk for market risk benefits	14		13		19		(9)		(11)
Pension and postretirement benefits	(22)		(27)		(51)		(51)		(50)
RGA, Inc. stockholders’ equity, excluding AOCI	9,087		8,952		8,733		8,873		8,805
Year-to-date notable items, net of tax (1)	—		184		230		(17)		—
RGA, Inc. stockholders’ equity, excluding AOCI and notable items	$	9,087	$	9,136	$	8,963	$	8,856	$	8,805
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses"
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2023		2022		2022		2022		2022
Book value per share	$	114.60	$	106.19	$	101.08	$	110.27	$	118.62
Less effect of AOCI:
Accumulated currency translation adjustment	(1.41)		(1.73)		(2.20)		0.04		0.12
Unrealized (depreciation) appreciation of securities	(66.02)		(82.44)		(86.61)		(52.96)		(0.15)
Effect of updating discount rates on future policy benefits	45.59		56.32		59.69		31.66		(11.87)
Change in instrument-specific credit risk for market risk benefits	0.22		0.19		0.29		(0.14)		(0.17)
Pension and postretirement benefits	(0.34)		(0.41)		(0.77)		(0.75)		(0.75)
Book value per share, excluding AOCI	$	136.56	$	134.26	$	130.68	$	132.42	$	131.44

Page 40