Reinsurance Group of America 8K Reports Record Third Quarter Results | RGA 31 Oct 24

Exhibit 99.2

Quarterly Financial Supplement

Third Quarter 2024

(Unaudited)

World Headquarters

Internet Address

Contacts

16600 Swingley Ridge Road

www.rgare.com

Axel André

Chesterfield, Missouri 63017 U.S.A.

Executive Vice President

and Chief Financial Officer

Phone: (636) 736-7000

e-mail: Axel.Andre@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+

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+

RGA Life and Annuity Insurance Company

AA-

A+

Omnilife Insurance Company Limited

A+

Aurora National Life Assurance Company

A+

Senior Debt Ratings

Reinsurance Group of America, Incorporated

Baa1

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

Reinsurance Group of America, Incorporated

3rd Quarter 2024

Table of Contents


			Page


Notes			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			8

Canada Traditional			11

Canada Financial Solutions			13

Europe, Middle East and Africa Traditional			15

Europe, Middle East and Africa Financial Solutions			17

Asia Pacific Traditional			19

Asia Pacific Financial Solutions			21

Corporate and Other			23

Summary of Segment GAAP Income			25

Summary of Segment Adjusted Operating Income			26

Investments

Cash and Invested Assets and Investment Income and Yield Summary			27

Fixed Maturity Securities			28

Corporate Fixed Maturity Securities by Industry			29

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities			30

Fixed Maturity Securities Below Amortized Cost			31

Consolidated Investment Related Gains and Losses			33

Appendix

Reconciliations of GAAP to Non-GAAP Measures			34

Non-GAAP Disclosures			39

Reinsurance Group of America, Incorporated

Notes

Change in Presentation: U.S. and Latin America Financial Solutions:

In the first quarter of 2024, the Company updated the presentation of the financial results for the U.S. and Latin America Financial Solutions segment by combining the financial results for “Asset-Intensive” and “Capital Solutions” businesses. This change in presentation better aligns the presentation of the U.S. and Latin America Financial Solutions segment’s financial results with the Company's management of these businesses and with reporting for the other Financial Solutions segments. This change in presentation did not affect any previously or expected future reported results for the U.S. and Latin America Financial Solutions segment.


						Page 1


Reinsurance Group of America, Incorporated
Financial Highlights

	Three Months Ended															Current Qtr			Year-to-Date
(USD millions, except in force and per share and shares data)	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,		Sept. 30,
	2024			2024			2024			2023			2023			Quarter			2024		2023		Change

Net premiums	$	4,391		$	3,920		$	5,376		$	4,108		$	4,255		$	136		$	13,687	$	10,977	$	2,710
Net income available to RGA's shareholders	156			203			210			158			287			(131)			569		744		(175)
Adjusted operating income	242			365			401			316			372			(130)			1,008		1,018		(10)
Adjusted operating income excluding notable items (1)	410			365			401			316			372			38			1,176		1,018		158
Return on equity	7.7		%	9.7		%	10.2		%	11.4		%	13.9		%	(6.2)		%
Adjusted operating return on equity (ex AOCI)	13.8		%	15.3		%	14.8		%	14.5		%	14.7		%	(0.9)		%
Adjusted operating return on equity (ex AOCI and notable items (1))	15.5		%	15.3		%	14.8		%	14.4		%	14.0		%	1.5		%
Adjusted operating return on equity (ex AOCI and effect of B36 items)	13.7		%	15.3		%	14.8		%	14.4		%	14.7		%	(1.0)		%

Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income	$	2.37		$	3.07		$	3.20		$	2.40		$	4.34		$	(1.97)		$	8.64	$	11.19	$	(2.55)
Adjusted operating income	$	3.67		$	5.55		$	6.09		$	4.80		$	5.64		$	(1.97)		$	15.31	$	15.32	$	(0.01)
Adjusted operating income excluding notable items (1)	$	6.22		$	5.55		$	6.09		$	4.80		$	5.64		$	0.58		$	17.87	$	15.32	$	2.55
Diluted earnings per share
Net income	$	2.33		$	3.03		$	3.16		$	2.37		$	4.29		$	(1.96)		$	8.53	$	11.06	$	(2.53)
Adjusted operating income	$	3.62		$	5.48		$	6.02		$	4.73		$	5.57		$	(1.95)		$	15.11	$	15.14	$	(0.03)
Adjusted operating income excluding notable items (1)	$	6.13		$	5.48		$	6.02		$	4.73		$	5.57		$	0.56		$	17.63	$	15.14	$	2.49
Weighted average common shares outstanding
Basic	65,850			65,807			65,739			65,853			66,127			(277)			65,799		66,473		(674)
Diluted	66,797			66,732			66,559			66,721			66,914			(117)			66,694		67,252		(558)

Book value per share	$	168.93		$	147.90		$	143.92		$	138.39		$	122.40		$	46.53		$	168.93	$	122.40	$	46.53
Book value per share, excluding AOCI	$	149.63		$	148.19		$	145.83		$	144.01		$	142.63		$	7.00		$	149.63	$	142.63	$	7.00
Book value per share, excluding AOCI and B36	$	151.79		$	149.01		$	146.96		$	146.07		$	142.51		$	9.28		$	151.79	$	142.51	$	9.28

Shareholders’ dividends paid	$	58		$	56		$	56		$	56		$	56		$	2		$	170	$	163	$	7
Share buybacks	—			—			—			50			50			(50)			—		150		(150)
Total returned to shareholders	$	58		$	56		$	56		$	106		$	106		$	(48)		$	170	$	313	$	(143)

Common shares issued	85,311			85,311			85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	19,447			19,487			19,523			19,690			19,439			8			19,447		19,439		8
Common shares outstanding	65,864			65,824			65,788			65,621			65,872			(8)			65,864		65,872		(8)

Assumed life reinsurance in force (in billions)	$	3,966.5		$	3,767.7		$	3,729.8		$	3,704.1		$	3,499.4		$	467.1
Assumed new business production (in billions)	$	204.4		$	89.6		$	109.1		$	97.6		$	96.7		$	107.7		$	403.1	$	265.5	$	137.6

(1) Excludes the impact of changes in actuarial assumptions.


						Page 2


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,
	2024		2024		2024		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	4,391	$	3,920	$	5,376	$	4,108	$	4,255	$	136	$	13,687	$	10,977	$	2,710
Net investment income	1,188		1,082		961		956		922		266		3,231		2,635		596
Investment related gains (losses), net	(78)		(271)		(149)		(155)		(126)		48		(498)		(326)		(172)
Other revenue	150		147		149		98		102		48		446		274		172
Total revenues	5,651		4,878		6,337		5,007		5,153		498		16,866		13,560		3,306
Benefits and expenses:
Claims and other policy benefits	4,116		3,712		5,132		3,837		3,959		157		12,960		10,035		2,925
Future policy benefits remeasurement (gains) losses	151		(90)		(24)		33		(82)		233		37		(95)		132
Market risk benefits remeasurement (gains) losses	31		(8)		(35)		28		(21)		52		(12)		(38)		26
Interest credited	310		231		254		217		223		87		795		647		148
Policy acquisition costs and other insurance expenses	452		391		387		369		348		104		1,230		1,028		202
Other operating expenses	299		301		283		290		274		25		883		799		84
Interest expense	78		72		68		69		72		6		218		188		30
Total benefits and expenses	5,437		4,609		6,065		4,843		4,773		664		16,111		12,564		3,547
Income before income taxes	214		269		272		164		380		(166)		755		996		(241)
Provision for income taxes	56		65		60		4		91		(35)		181		247		(66)
Net income	158		204		212		160		289		(131)		574		749		(175)
Net income attributable to noncontrolling interest	2		1		2		2		2		—		5		5		—
Net income available to RGA's shareholders	$	156	$	203	$	210	$	158	$	287	$	(131)	$	569	$	744	$	(175)
Pre-tax adjusted operating income reconciliation:
Income before income taxes	$	214	$	269	$	272	$	164	$	380	$	(166)	$	755	$	996	$	(241)
Investment and derivative (gains) losses (1)	(23)		308		232		(18)		134		(157)		517		378		139
Market risk benefits remeasurement (gains) losses	31		(8)		(35)		28		(21)		52		(12)		(38)		26
Change in fair value of funds withheld embedded derivatives (1)	112		(26)		(77)		181		(1)		113		9		(18)		27
Funds withheld (gains) losses - investment income	(1)		—		(2)		(3)		(4)		3		(3)		(2)		(1)
EIA embedded derivatives - interest credited	11		(6)		13		5		(7)		18		18		(11)		29
Investment (income) loss on unit-linked variable annuities	(1)		1		1		(3)		2		(3)		1		4		(3)
Interest credited on unit-linked variable annuities	1		(1)		(1)		3		(2)		3		(1)		(4)		3
Interest expense on uncertain tax positions	1		(1)		—		(1)		1		—		—		1		(1)
Other (2)	(31)		(45)		113		30		(1)		(30)		37		7		30
Adjusted operating income before income taxes	314		491		516		386		481		(167)		1,321		1,313		8
Notable items (3)	194		—		—		—		(3)		197		194		(3)		197
Adjusted operating income before income taxes excluding notable items	$	508	$	491	$	516	$	386	$	478	$	30	$	1,515	$	1,310	$	205

(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) Represents the impact of changes in actuarial assumptions.


						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,
	2024		2024		2024		2023		2023		Quarter		2024		2023		Change
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA	$	156	$	203	$	210	$	158	$	287	$	(131)	$	569	$	744	$	(175)
Investment and derivative (gains) losses (1)	(18)		239		185		(14)		104		(122)		406		294		112
Market risk benefits remeasurement (gains) losses	25		(6)		(28)		22		(17)		42		(9)		(30)		21
Change in fair value of funds withheld embedded derivatives (1)	88		(20)		(61)		143		(1)		89		7		(14)		21
Funds withheld (gains) losses - investment income	—		—		(2)		(2)		(4)		4		(2)		(2)		—
EIA embedded derivatives - interest credited	8		(4)		10		4		(6)		14		14		(9)		23
Investment (income) loss on unit-linked variable annuities	(1)		1		1		(2)		1		(2)		1		3		(2)
Interest credited on unit-linked variable annuities	1		(1)		(1)		2		(1)		2		(1)		(3)		2
Interest expense on uncertain tax positions	1		(1)		—		(1)		1		—		—		1		(1)
Other (2)	(25)		(35)		89		23		—		(25)		29		6		23
Uncertain tax positions and other tax related items	5		(12)		(4)		(19)		6		(1)		(11)		23		(34)
Net income attributable to noncontrolling interest	2		1		2		2		2		—		5		5		—
Adjusted operating income	242		365		401		316		372		(130)		1,008		1,018		(10)
Notable items (3)	168		—		—		—		—		168		168		—		168
Adjusted operating income excluding notable items	$	410	$	365	$	401	$	316	$	372	$	38	$	1,176	$	1,018	$	158

Diluted earnings per share - adjusted operating income	$	3.62	$	5.48	$	6.02	$	4.73	$	5.57	$	(1.95)	$	15.11	$	15.14	$	(0.03)
Diluted earnings per share - adjusted operating income excluding notable items	$	6.13	$	5.48	$	6.02	$	4.73	$	5.57	$	0.56	$	17.63	$	15.14	$	2.49

Foreign currency effect on (4):
Net premiums	$	1	$	(33)	$	(12)	$	18	$	13	$	(12)	$	(44)	$	(144)	$	100
Adjusted operating income before income taxes	$	1	$	(5)	$	1	$	3	$	1	$	—	$	(3)	$	(21)	$	18

(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) Represents the impact of changes in actuarial assumptions.
(4) Compared to comparable prior year period.


						Page 4


Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2024		2024		2024		2023		2023
Assets
Fixed maturity securities available-for-sale, at fair value	$	78,149	$	70,491	$	65,827	$	60,467	$	54,171
Equity securities	155		144		144		139		133
Mortgage loans	8,388		7,984		7,539		7,377		7,231
Policy loans	1,285		1,171		1,198		1,206		1,180
Funds withheld at interest	5,545		5,556		5,642		5,683		5,725
Limited partnerships and real estate joint ventures	2,972		2,791		2,697		2,635		2,560
Short-term investments	381		335		327		222		141
Other invested assets	1,361		1,148		1,140		1,171		1,091
Total investments	98,236		89,620		84,514		78,900		72,232
Cash and cash equivalents	5,195		4,596		5,935		2,970		2,820
Accrued investment income	995		881		808		759		744
Premiums receivable and other reinsurance balances	3,738		3,635		3,342		3,528		3,279
Reinsurance ceded receivables and other	5,438		5,122		5,265		5,448		2,818
Deferred policy acquisition costs	5,477		4,720		4,673		4,617		4,289
Other assets	1,179		1,314		1,463		1,401		1,240
Total assets	$	120,258	$	109,888	$	106,000	$	97,623	$	87,422
Liabilities and equity
Future policy benefits	$	55,933	$	50,779	$	47,067	$	41,231	$	36,474
Interest-sensitive contract liabilities	34,357		31,676		31,319		30,273		29,365
Market risk benefits, at fair value	247		217		228		258		224
Other policy claims and benefits	2,875		2,769		2,753		2,730		2,654
Other reinsurance balances	955		917		874		1,103		750
Deferred income taxes	2,059		1,866		1,897		1,862		1,601
Other liabilities	2,739		2,449		3,468		2,085		1,750
Funds withheld payable	4,809		4,323		4,409		4,483		2,001
Long-term debt	5,067		5,067		4,427		4,427		4,450
Total liabilities	109,041		100,063		96,442		88,452		79,269
Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,577		2,567		2,549		2,544		2,534
Retained earnings	9,166		9,076		8,934		8,805		8,713
Treasury stock	(1,889)		(1,889)		(1,891)		(1,900)		(1,852)
Accumulated other comprehensive income, net of taxes (AOCI):
Accumulated currency translation adjustment	108		86		57		68		(33)
Unrealized (depreciation) appreciation of securities	(2,800)		(4,694)		(4,062)		(3,667)		(6,659)
Effect of updating discount rates on future policy benefits	3,987		4,611		3,906		3,256		5,366
Change in instrument-specific credit risk for market risk benefits	6		6		3		3		7
Pension and postretirement benefits	(29)		(29)		(29)		(29)		(14)
Total RGA, Inc. shareholders’ equity	11,127		9,735		9,468		9,081		8,063
Noncontrolling interest	90		90		90		90		90
Total equity	11,217		9,825		9,558		9,171		8,153
Total liabilities and equity	$	120,258	$	109,888	$	106,000	$	97,623	$	87,422
Total RGA, Inc. shareholders’ equity, excluding AOCI	$	9,855	$	9,755	$	9,593	$	9,450	$	9,396

See appendix for reconciliation of total shareholders' 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			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2024			2024			2024			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	1,912		$	1,827		$	1,715		$	1,912		$	1,746		$	166		$	5,454		$	5,111		$	343
Net investment income	226			203			205			210			195			31			634			568			66
Investment related gains (losses), net	(22)			6			(12)			6			2			(24)			(28)			—			(28)
Other revenue	21			8			6			2			6			15			35			14			21
Total revenues	2,137			2,044			1,914			2,130			1,949			188			6,095			5,693			402

Benefits and expenses:
Claims and other policy benefits	1,712			1,676			1,572			1,779			1,611			101			4,960			4,650			310
Future policy benefits remeasurement (gains) losses	46			(66)			(21)			63			(20)			66			(41)			11			(52)
Interest credited	45			19			19			20			19			26			83			55			28
Policy acquisition costs and other insurance expenses	223			186			175			184			184			39			584			546			38
Other operating expenses	54			55			53			54			50			4			162			143			19
Total benefits and expenses	2,080			1,870			1,798			2,100			1,844			236			5,748			5,405			343

Income before income taxes	$	57		$	174		$	116		$	30		$	105		$	(48)		$	347		$	288		$	59

Loss and expense ratios:
Loss ratio (1)	91.9		%	88.1		%	90.4		%	96.3		%	91.1		%	0.8		%	90.2		%	91.2		%	(1.0)		%
Policy acquisition costs and other insurance expenses	11.7		%	10.2		%	10.2		%	9.6		%	10.5		%	1.2		%	10.7		%	10.7		%	—		%
Other operating expenses	2.8		%	3.0		%	3.1		%	2.8		%	2.9		%	(0.1)		%	3.0		%	2.8		%	0.2		%

Foreign currency effect on (2):
Net premiums	$	(4)		$	1		$	3		$	3		$	5		$	(9)		$	—		$	10		$	(10)
Income before income taxes	$	—		$	(1)		$	—		$	—		$	—		$	—		$	(1)		$	—		$	(1)

Assumed life reinsurance in force (in billions)	$	1,834.5		$	1,716.1		$	1,709.1		$	1,703.6		$	1,693.1		$	141.4
Assumed new business production (in billions)	$	150.0		$	35.9		$	41.0		$	47.9		$	36.7		$	113.3		$	226.9		$	106.4		$	120.5

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			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2024			2024			2024			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	1,912		$	1,827		$	1,715		$	1,912		$	1,746		$	166		$	5,454		$	5,111		$	343
Net investment income	226			203			205			211			195			31			634			568			66
Other revenue	21			7			6			2			6			15			34			14			20
Total revenues	2,159			2,037			1,926			2,125			1,947			212			6,122			5,693			429

Benefits and expenses:
Claims and other policy benefits	1,712			1,676			1,572			1,779			1,611			101			4,960			4,650			310
Future policy benefits remeasurement (gains) losses	46			(66)			(21)			63			(20)			66			(41)			11			(52)
Interest credited	45			19			19			20			19			26			83			55			28
Policy acquisition costs and other insurance expenses	223			186			175			184			184			39			584			546			38
Other operating expenses	54			55			53			54			50			4			162			143			19
Total benefits and expenses	2,080			1,870			1,798			2,100			1,844			236			5,748			5,405			343

Adjusted operating income before income taxes	79			167			128			25			103			(24)			374			288			86
Notable items (1)	53			—			—			—			17			36			53			17			36
Adjusted operating income excluding notable items, before income taxes	$	132		$	167		$	128		$	25		$	120		$	12		$	427		$	305		$	122

Loss and expense ratios:
Loss ratio (2)	91.9		%	88.1		%	90.4		%	96.3		%	91.1		%	0.8		%	90.2		%	91.2		%	(1.0)		%
Policy acquisition costs and other insurance expenses	11.7		%	10.2		%	10.2		%	9.6		%	10.5		%	1.2		%	10.7		%	10.7		%	—		%
Other operating expenses	2.8		%	3.0		%	3.1		%	2.8		%	2.9		%	(0.1)		%	3.0		%	2.8		%	0.2		%

Foreign currency effect on (3):
Net premiums	$	(4)		$	1		$	3		$	3		$	5		$	(9)		$	—		$	10		$	(10)
Adjusted operating income (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) Represents the impact of changes in actuarial assumptions.
(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
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,
	2024		2024		2024		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	609	$	305	$	1,916	$	521	$	820	$	(211)	$	2,830	$	1,000	$	1,830
Net investment income	335		319		304		293		299		36		958		858		100
Investment related gains (losses), net	(84)		(15)		27		(158)		(63)		(21)		(72)		(111)		39
Other revenue	57		55		62		60		59		(2)		174		161		13
Total revenues	917		664		2,309		716		1,115		(198)		3,890		1,908		1,982

Benefits and expenses:
Claims and other policy benefits	652		365		2,079		585		851		(199)		3,096		1,095		2,001
Future policy benefits remeasurement (gains) losses	12		(3)		2		1		(25)		37		11		(30)		41
Market risk benefits remeasurement (gains) losses	31		(8)		(35)		28		(21)		52		(12)		(38)		26
Interest credited	142		120		148		126		137		5		410		399		11
Policy acquisition costs and other insurance expenses	105		87		80		78		47		58		272		144		128
Other operating expenses	21		20		18		18		18		3		59		48		11
Total benefits and expenses	963		581		2,292		836		1,007		(44)		3,836		1,618		2,218

Income (loss) before income taxes	$	(46)	$	83	$	17	$	(120)	$	108	$	(154)	$	54	$	290	$	(236)

Assumed life reinsurance in force (in billions)	$	9.8	$	10.1	$	10.1	$	10.3	$	5.1	$	4.7
Assumed new business production (in billions)	$	—	$	—	$	—	$	5.2	$	—	$	—	$	—	$	—	$	—

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
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,
	2024		2024		2024		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	609	$	305	$	1,916	$	521	$	820	$	(211)	$	2,830	$	1,000	$	1,830
Net investment income	336		318		303		289		292		44		957		848		109
Other revenue	58		54		62		60		59		(1)		174		161		13
Total revenues	1,003		677		2,281		870		1,171		(168)		3,961		2,009		1,952

Benefits and expenses:
Claims and other policy benefits	654		367		1,956		551		851		(197)		2,977		1,095		1,882
Future policy benefits remeasurement (gains) losses	12		(3)		2		1		(25)		37		11		(30)		41
Interest credited	131		126		135		121		144		(13)		392		410		(18)
Policy acquisition costs and other insurance expenses	105		87		80		78		47		58		272		136		136
Other operating expenses	21		20		18		18		18		3		59		48		11
Total benefits and expenses	923		597		2,191		769		1,035		(112)		3,711		1,659		2,052

Adjusted operating income before income taxes	80		80		90		101		136		(56)		250		350		(100)
Notable items (1)	—		—		—		—		(22)		22		—		(22)		22
Adjusted operating income before income taxes excluding notable items	$	80	$	80	$	90	$	101	$	114	$	(34)	$	250	$	328	$	(78)



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.


						Page 9


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions
(Continued)

	Three Months Ended
(USD millions, shown net of reinsurance ceded)	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
	2024			2024			2024			2023			2023
Policyholder account balances

Fixed annuities (deferred)	$	9,473		$	9,677		$	9,981		$	10,331		$	11,066
Equity-indexed annuities	$	2,022		$	2,118		$	2,234		$	2,354		$	2,469
Bank-owned life insurance (BOLI) and universal life	$	2,029		$	2,052		$	2,063		$	2,091		$	2,480
Other policyholder account balances	$	74		$	43		$	46		$	47		$	51

Variable annuities account balances
No riders	$	624		$	609		$	629		$	624		$	578
GMDB only	831			807			793			739			742
GMIB only	19			18			14			13			16
GMAB only	2			2			2			2			2
GMWB only	857			853			862			858			814
GMDB / WB	161			162			166			162			156
Other	14			13			11			11			12
Total variable annuities account balances	$	2,508		$	2,464		$	2,477		$	2,409		$	2,320

Interest-sensitive contract liabilities not associated with policyholder account balances:

Guaranteed investment contracts, funding agreements and immediate annuities	$	680		$	691		$	693		$	690		$	707

Future policy benefits (at original discount rate) associated with:
Payout annuities	$	6,936		$	6,764		$	6,503		$	4,524		$	4,909
Other future policy benefits	$	89		$	56		$	59		$	60		$	60

Liability for market risk benefits:

Equity-indexed annuities	$	176		$	147		$	154		$	159		$	135
Variable annuities (liability)	$	71		$	70		$	74		$	99		$	89
Variable annuities (asset)	$	14		$	15		$	14		$	9		$	8

Net interest spread (1)	1.3		%	1.1		%	0.9		%	1.3		%	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
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,
	2024			2024			2024			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	314		$	326		$	318		$	311		$	302		$	12		$	958		$	904		$	54
Net investment income	68			61			64			62			62			6			193			184			9
Investment related gains, net	1			1			1			3			—			1			3			6			(3)
Other revenue	2			1			3			—			2			—			6			4			2
Total revenues	385			389			386			376			366			19			1,160			1,098			62

Benefits and expenses:
Claims and other policy benefits	296			304			283			294			284			12			883			836			47
Future policy benefits remeasurement (gains) losses	(4)			1			(3)			4			16			(20)			(6)			18			(24)
Interest credited	1			—			—			—			1			—			1			1			—
Policy acquisition costs and other insurance expenses	48			46			47			46			46			2			141			138			3
Other operating expenses	15			11			12			11			13			2			38			35			3
Total benefits and expenses	356			362			339			355			360			(4)			1,057			1,028			29

Income before income taxes	$	29		$	27		$	47		$	21		$	6		$	23		$	103		$	70		$	33

Loss and expense ratios:
Loss ratio (1)	93.0		%	93.6		%	88.1		%	95.8		%	99.3		%	(6.3)		%	91.5		%	94.5		%	(3.0)		%
Policy acquisition costs and other insurance expenses	15.3		%	14.1		%	14.8		%	14.8		%	15.2		%	0.1		%	14.7		%	15.3		%	(0.6)		%
Other operating expenses	4.8		%	3.4		%	3.8		%	3.5		%	4.3		%	0.5		%	4.0		%	3.9		%	0.1		%

Foreign currency effect on (2):
Net premiums	$	(5)		$	(6)		$	1		$	(1)		$	(8)		$	3		$	(10)		$	(44)		$	34
Income before income taxes	$	(1)		$	—		$	—		$	4		$	(1)		$	—		$	(1)		$	(5)		$	4

Creditor reinsurance net premiums	$	19		$	17		$	17		$	18		$	17		$	2		$	53		$	53		$	—

Assumed life reinsurance in force (in billions)	$	499.6		$	489.3		$	488.0		$	493.5		$	477.2		$	22.4
Assumed new business production (in billions)	$	11.9		$	12.3		$	11.5		$	11.1		$	11.0		$	0.9		$	35.7		$	33.0		$	2.7

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.


						Page 11


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,
	2024			2024			2024			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	314		$	326		$	318		$	311		$	302		$	12		$	958		$	904		$	54
Net investment income	68			61			64			62			64			4			193			187			6
Investment related gains, net	1			2			—			2			—			1			3			2			1
Other revenue	2			1			3			—			2			—			6			4			2
Total revenues	385			390			385			375			368			17			1,160			1,097			63

Benefits and expenses:
Claims and other policy benefits	296			304			283			294			284			12			883			836			47
Future policy benefits remeasurement gains	(4)			1			(3)			4			16			(20)			(6)			18			(24)
Interest credited	1			—			—			—			1			—			1			1			—
Policy acquisition costs and other insurance expenses	48			46			47			46			46			2			141			138			3
Other operating expenses	14			13			12			11			11			3			39			33			6
Total benefits and expenses	355			364			339			355			358			(3)			1,058			1,026			32

Adjusted operating income (loss) before income taxes	30			26			46			20			10			20			102			71			31
Notable items (1)	(5)			—			—			—			13			(18)			(5)			13			(18)
Adjusted operating income excluding notable items, before income taxes	$	25		$	26		$	46		$	20		$	23		$	2		$	97		$	84		$	13

Loss and expense ratios:
Loss ratio (2)	93.0		%	93.6		%	88.1		%	95.8		%	99.3		%	(6.3)		%	91.5		%	94.5		%	(3.0)		%
Policy acquisition costs and other insurance expenses	15.3		%	14.1		%	14.8		%	14.8		%	15.2		%	0.1		%	14.7		%	15.3		%	(0.6)		%
Other operating expenses	4.5		%	4.0		%	3.8		%	3.5		%	3.6		%	0.9		%	4.1		%	3.7		%	0.4		%

Foreign currency effect on (3):
Net premiums	$	(5)		$	(6)		$	1		$	(1)		$	(8)		$	3		$	(10)		$	(44)		$	34
Adjusted operating income before income taxes	$	(1)		$	—		$	—		$	5		$	(1)		$	—		$	(1)		$	(5)		$	4

Creditor reinsurance net premiums	$	19		$	17		$	17		$	18		$	17		$	2		$	53		$	53		$	—

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.
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.


						Page 12


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,
	2024		2024		2024		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	49	$	48	$	23	$	22	$	22	$	27	$	120	$	68	$	52
Net investment income	47		48		1		1		1		46		96		3		93
Investment related gains, net	17		(1)		—		—		—		17		16		—		16
Other revenue	3		6		3		4		3		—		12		8		4
Total revenues	116		101		27		27		26		90		244		79		165

Benefits and expenses:
Claims and other policy benefits	90		89		19		19		18		72		198		59		139
Future policy benefits remeasurement (gains) losses	—		—		—		—		(23)		23		—		(30)		30
Policy acquisition costs and other insurance expenses	5		4		1		—		1		4		10		2		8
Other operating expenses	—		2		—		2		—		—		2		2		—
Total benefits and expenses	95		95		20		21		(4)		99		210		33		177

Income before income taxes	$	21	$	6	$	7	$	6	$	30	$	(9)	$	34	$	46	$	(12)

Foreign currency effect on (2):
Net premiums	$	(1)	$	(1)	$	—	$	1	$	(1)	$	—	$	(2)	$	(4)	$	2
Income before income taxes	$	(1)	$	—	$	—	$	—	$	—	$	(1)	$	(1)	$	(1)	$	—

Assumed Life Reinsurance In Force (in billions)	$	8.3	$	8.3	$	—	$	—	$	—
Assumed New Business Production (in billions)	$	—	$	8.3	$	—	$	—	$	—	$	—	$	8.3	$	—	$	8.3

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 13


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,
	2024		2024		2024		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	49	$	48	$	23	$	22	$	22	$	27	$	120	$	68	$	52
Net investment income	47		48		1		1		1		46		96		3		93
Other revenue	3		6		3		4		3		—		12		8		4
Total revenues	99		102		27		27		26		73		228		79		149

Benefits and expenses:
Claims and other policy benefits	90		89		19		19		18		72		198		59		139
Future policy benefits remeasurement gains	—		—		—		—		(23)		23		—		(30)		30
Policy acquisition costs and other insurance expenses	5		4		1		—		1		4		10		2		8
Other operating expenses	—		2		—		2		—		—		2		2		—
Total benefits and expenses	95		95		20		21		(4)		99		210		33		177

Adjusted operating income before income taxes	4		7		7		6		30		(26)		18		46		(28)
Notable items (2)	—		—		—		—		(22)		22		—		(22)		22
Adjusted operating income excluding notable items, before income taxes	$	4	$	7	$	7	$	6	$	8	$	(4)	$	18	$	24	$	(6)

Foreign currency effect on (3):
Net premiums	$	(1)	$	(1)	$	—	$	1	$	(1)	$	—	$	(2)	$	(4)	$	2
Adjusted operating income before income taxes	$	(1)	$	—	$	—	$	(1)	$	—	$	(1)	$	(1)	$	(1)	$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior year period.


						Page 14


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,
	2024			2024			2024			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	521		$	497		$	496		$	461		$	447		$	74		$	1,514		$	1,314		$	200
Net investment income	30			27			27			22			23			7			84			69			15
Other revenue	(1)			—			2			1			1			(2)			1			(1)			2
Total revenues	550			524			525			484			471			79			1,599			1,382			217

Benefits and expenses:
Claims and other policy benefits	472			464			424			420			429			43			1,360			1,202			158
Future policy benefits remeasurement (gains) losses	35			6			(5)			1			43			(8)			36			47			(11)
Policy acquisition costs and other insurance expenses	29			22			37			22			25			4			88			64			24
Other operating expenses	31			31			41			33			34			(3)			103			98			5
Total benefits and expenses	567			523			497			476			531			36			1,587			1,411			176

Income (loss) before income taxes	$	(17)		$	1		$	28		$	8		$	(60)		$	43		$	12		$	(29)		$	41

Loss and expense ratios:
Loss ratio (1)	97.3		%	94.6		%	84.5		%	91.3		%	105.6		%	(8.3)		%	92.2		%	95.1		%	(2.9)		%
Policy acquisition costs and other insurance expenses	5.6		%	4.4		%	7.5		%	4.8		%	5.6		%	—		%	5.8		%	4.9		%	0.9		%
Other operating expenses	6.0		%	6.2		%	8.3		%	7.2		%	7.6		%	(1.6)		%	6.8		%	7.5		%	(0.7)		%

Foreign currency effect on (2):
Net premiums	$	12		$	1		$	7		$	14		$	20		$	(8)		$	20		$	(27)		$	47
Income (loss) before income taxes	$	(1)		$	—		$	—		$	1		$	(4)		$	3		$	(1)		$	(4)		$	3

Critical illness net premiums	$	38		$	33		$	32		$	37		$	34		$	4		$	103		$	102		$	1

Assumed life reinsurance in force (in billions)	$	1,027.5		$	976.5		$	985.1		$	960.1		$	814.5		$	213.0
Assumed new business production (in billions)	$	31.0		$	20.0		$	38.0		$	16.1		$	30.9		$	0.1		$	89.0		$	97.6		$	(8.6)

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 15


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,
	2024			2024			2024			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	521		$	497		$	496		$	461		$	447		$	74		$	1,514		$	1,314		$	200
Net investment income	30			27			27			22			23			7			84			69			15
Other revenue	(1)			—			2			1			1			(2)			1			(1)			2
Total revenues	550			524			525			484			471			79			1,599			1,382			217

Benefits and expenses:
Claims and other policy benefits	472			464			424			420			429			43			1,360			1,202			158
Future policy benefits remeasurement (gains) losses	35			6			(5)			1			43			(8)			36			47			(11)
Policy acquisition costs and other insurance expenses	29			22			37			22			25			4			88			64			24
Other operating expenses	32			33			31			33			33			(1)			96			97			(1)
Total benefits and expenses	568			525			487			476			530			38			1,580			1,410			170

Adjusted operating income (loss) before income taxes	(18)			(1)			38			8			(59)			41			19			(28)			47
Notable items (1)	40			—			—			—			47			(7)			40			47			(7)
Adjusted operating income (loss) excluding notable items, before income taxes	$	22		$	(1)		$	38		$	8		$	(12)		$	34		$	59		$	19		$	40

Loss and expense ratios:
Loss ratio (2)	97.3		%	94.6		%	84.5		%	91.3		%	105.6		%	(8.3)		%	92.2		%	95.1		%	(2.9)		%
Policy acquisition costs and other insurance expenses	5.6		%	4.4		%	7.5		%	4.8		%	5.6		%	—		%	5.8		%	4.9		%	0.9		%
Other operating expenses	6.1		%	6.6		%	6.3		%	7.2		%	7.4		%	(1.3)		%	6.3		%	7.4		%	(1.1)		%

Foreign currency effect on (3):
Net premiums	$	12		$	1		$	7		$	14		$	20		$	(8)		$	20		$	(27)		$	47
Adjusted operating income (loss) before income taxes	$	(1)		$	—		$	—		$	1		$	(4)		$	3		$	(1)		$	(4)		$	3

Critical illness net premiums	$	38		$	33		$	32		$	37		$	34		$	4		$	103		$	102		$	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.
(2) Includes Claims and other policy holder benefits and 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 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,
	2024		2024		2024		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	168	$	159	$	146	$	125	$	118	$	50	$	473	$	333	$	140
Net investment income	87		77		69		62		56		31		233		147		86
Investment related losses, net	(3)		(12)		(15)		(8)		(21)		18		(30)		(36)		6
Other revenue	3		8		11		1		7		(4)		22		15		7
Total revenues	255		232		211		180		160		95		698		459		239

Benefits and expenses:
Claims and other policy benefits	148		133		122		96		95		53		403		267		136
Future policy benefits remeasurement (gains) losses	—		2		2		(42)		(33)		33		4		(47)		51
Interest credited	6		8		6		3		(2)		8		20		(4)		24
Policy acquisition costs and other insurance expenses	2		2		2		1		2		—		6		6		—
Other operating expenses	15		15		15		16		14		1		45		42		3
Total benefits and expenses	171		160		147		74		76		95		478		264		214

Income before income taxes	$	84	$	72	$	64	$	106	$	84	$	—	$	220	$	195	$	25

Foreign currency effect on (2):
Net premiums	$	4	$	1	$	5	$	6	$	9	$	(5)	$	10	$	(4)	$	14
Income before income taxes	$	2	$	—	$	3	$	5	$	6	$	(4)	$	5	$	—	$	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) Compared to comparable prior year period.


						Page 17


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,
	2024		2024		2024		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	168	$	159	$	146	$	125	$	118	$	50	$	473	$	333	$	140
Net investment income	84		79		69		59		59		25		232		156		76
Investment related gains (losses), net	1		1		(1)		(2)		2		(1)		1		7		(6)
Other revenue	3		8		11		1		7		(4)		22		15		7
Total revenues	256		247		225		183		186		70		728		511		217

Benefits and expenses:
Claims and other policy benefits	148		133		122		96		95		53		403		267		136
Future policy benefits remeasurement (gains) losses	—		2		2		(42)		(33)		33		4		(47)		51
Interest credited	5		9		7		—		—		5		21		—		21
Policy acquisition costs and other insurance expenses	2		2		2		1		2		—		6		6		—
Other operating expenses	15		15		15		16		14		1		45		42		3
Total benefits and expenses	170		161		148		71		78		92		479		268		211

Adjusted operating income before income taxes	86		86		77		112		108		(22)		249		243		6
Notable items (2)	2		—		—		—		(34)		36		2		(34)		36
Adjusted operating income excluding notable items, before income taxes	$	88	$	86	$	77	$	112	$	74	$	14	$	251	$	209	$	42

Foreign currency effect on (3):
Net premiums	$	4	$	1	$	5	$	6	$	9	$	(5)	$	10	$	(4)	$	14
Adjusted operating income before income taxes	$	2	$	—	$	3	$	5	$	8	$	(6)	$	5	$	1	$	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) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior year period.


						Page 18


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,
	2024			2024			2024			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	756		$	708		$	716		$	709		$	737		$	19		$	2,180		$	2,076		$	104
Net investment income	65			61			65			59			60			5			191			183			8
Investment related gains, net	1			1			—			1			1			—			2			6			(4)
Other revenue	(3)			8			10			(1)			3			(6)			15			17			(2)
Total revenues	819			778			791			768			801			18			2,388			2,282			106

Benefits and expenses:
Claims and other policy benefits	656			607			586			594			604			52			1,849			1,746			103
Future policy benefits remeasurement (gains) losses	53			(29)			1			6			(39)			92			25			(62)			87
Policy acquisition costs and other insurance expenses	44			42			45			40			46			(2)			131			136			(5)
Other operating expenses	55			58			50			58			56			(1)			163			160			3
Total benefits and expenses	808			678			682			698			667			141			2,168			1,980			188

Income before income taxes	$	11		$	100		$	109		$	70		$	134		$	(123)		$	220		$	302		$	(82)

Loss and expense ratios:
Loss ratio (1)	93.8		%	81.6		%	82.0		%	84.6		%	76.7		%	17.1		%	86.0		%	81.1		%	4.9		%
Policy acquisition costs and other insurance expenses	5.8		%	5.9		%	6.3		%	5.6		%	6.2		%	(0.4)		%	6.0		%	6.6		%	(0.6)		%
Other operating expenses	7.3		%	8.2		%	7.0		%	8.2		%	7.6		%	(0.3)		%	7.5		%	7.7		%	(0.2)		%

Foreign currency effect on (2):
Net premiums	$	(4)		$	(23)		$	(23)		$	(3)		$	(10)		$	6		$	(50)		$	(64)		$	14
Income before income taxes	$	5		$	(2)		$	(3)		$	—		$	—		$	5		$	—		$	(5)		$	5

Critical illness net premiums	$	414		$	358		$	352		$	344		$	368		$	46		$	1,124		$	1,008		$	116

Assumed life reinsurance in force (in billions)	$	572.2		$	557.8		$	528.9		$	528.6		$	501.8		$	70.4
Assumed new business production (in billions)	$	11.5		$	13.1		$	17.6		$	17.3		$	17.1		$	(5.6)		$	42.2		$	25.7		$	16.5

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 19


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,
	2024			2024			2024			2023			2023			Quarter			2024			2023			Change
Revenues:
Net premiums	$	756		$	708		$	716		$	709		$	737		$	19		$	2,180		$	2,076		$	104
Net investment income	65			61			65			59			60			5			191			183			8
Investment related gains, net	1			1			—			1			1			—			2			6			(4)
Other revenue	(3)			8			10			(1)			3			(6)			15			17			(2)
Total revenues	819			778			791			768			801			18			2,388			2,282			106

Benefits and expenses:
Claims and other policy benefits	656			607			586			594			604			52			1,849			1,746			103
Future policy benefits remeasurement (gains) losses	53			(29)			1			6			(39)			92			25			(62)			87
Policy acquisition costs and other insurance expenses	44			42			45			40			46			(2)			131			136			(5)
Other operating expenses	55			59			50			57			56			(1)			164			160			4
Total benefits and expenses	808			679			682			697			667			141			2,169			1,980			189

Adjusted operating income before income taxes	11			99			109			71			134			(123)			219			302			(83)
Notable items (1)	95			—			—			—			(2)			97			95			(2)			97
Adjusted operating income excluding notable items, before income taxes	$	106		$	99		$	109		$	71		$	132		$	(26)		$	314		$	300		$	14

Loss and expense ratios:
Loss ratio (2)	93.8		%	81.6		%	82.0		%	84.6		%	76.7		%	17.1		%	86.0		%	81.1		%	4.9		%
Policy acquisition costs and other insurance expenses	5.8		%	5.9		%	6.3		%	5.6		%	6.2		%	(0.4)		%	6.0		%	6.6		%	(0.6)		%
Other operating expenses	7.3		%	8.3		%	7.0		%	8.0		%	7.6		%	(0.3)		%	7.5		%	7.7		%	(0.2)		%

Foreign currency effect on (3):
Net premiums	$	(4)		$	(23)		$	(23)		$	(3)		$	(10)		$	6		$	(50)		$	(64)		$	14
Adjusted operating income before income taxes	$	4		$	(2)		$	(2)		$	1		$	(1)		$	5		$	—		$	(6)		$	6

Critical illness net premiums	$	414		$	358		$	352		$	344		$	368		$	46		$	1,124		$	1,008		$	116

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.
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.


						Page 20


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,
	2024		2024		2024		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	62	$	50	$	46	$	47	$	63	$	(1)	$	158	$	171	$	(13)
Net investment income	184		163		120		136		117		67		467		350		117
Investment related gains (losses), net	22		(172)		(71)		61		(66)		88		(221)		(168)		(53)
Other revenue	35		61		48		9		16		19		144		44		100
Total revenues	303		102		143		253		130		173		548		397		151

Benefits and expenses:
Claims and other policy benefits	90		74		47		50		67		23		211		180		31
Future policy benefits remeasurement gains	9		(1)		—		—		(1)		10		8		(2)		10
Interest credited	75		49		51		49		54		21		175		154		21
Policy acquisition costs and other insurance expenses	27		30		25		25		21		6		82		56		26
Other operating expenses	9		8		7		7		5		4		24		18		6
Total benefits and expenses	210		160		130		131		146		64		500		406		94

Income (loss) before income taxes	$	93	$	(58)	$	13	$	122	$	(16)	$	109	$	48	$	(9)	$	57

Foreign currency effect on (2):
Net premiums	$	(1)	$	(6)	$	(5)	$	(2)	$	(2)	$	1	$	(12)	$	(11)	$	(1)
Income (loss) before income taxes	$	(5)	$	8	$	5	$	(6)	$	1	$	(6)	$	8	$	1	$	7

Assumed life reinsurance in force (in billions)	$	14.6	$	9.6	$	8.5	$	8.0	$	7.7	$	6.9
Assumed new business production (in billions)	$	—	$	—	$	1.0	$	—	$	1.0	$	(1.0)	$	1.0	$	2.8	$	(1.8)

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 21


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,
	2024		2024		2024		2023		2023		Quarter		2024		2023		Change
Revenues:
Net premiums	$	62	$	50	$	46	$	47	$	63	$	(1)	$	158	$	171	$	(13)
Net investment income	184		163		120		136		117		67		467		350		117
Investment related gains, net	5		6		3		2		2		3		14		10		4
Other revenue	19		12		20		12		8		11		51		21		30
Total revenues	270		231		189		197		190		80		690		552		138

Benefits and expenses:
Claims and other policy benefits	90		74		47		50		67		23		211		180		31
Future policy benefits remeasurement gains	9		(1)		—		—		(1)		10		8		(2)		10
Interest credited	75		49		51		49		54		21		175		154		21
Policy acquisition costs and other insurance expenses	27		30		25		25		21		6		82		56		26
Other operating expenses	9		8		7		7		5		4		24		18		6
Total benefits and expenses	210		160		130		131		146		64		500		406		94

Adjusted operating income before income taxes	60		71		59		66		44		16		190		146		44
Notable items (2)	9		—		—		—		—		9		9		—		9
Adjusted operating income excluding notable items, before income taxes	$	69	$	71	$	59	$	66	$	44	$	25	$	199	$	146	$	53

Foreign currency effect on (3):
Net premiums	$	(1)	$	(6)	$	(5)	$	(2)	$	(2)	$	1	$	(12)	$	(11)	$	(1)
Adjusted operating income before income taxes	$	(2)	$	(2)	$	(1)	$	(2)	$	(2)	$	—	$	(5)	$	(7)	$	2

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.
(3) Compared to comparable prior year period.


						Page 22


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,
	2024		2024		2024		2023		2023		Quarter		2024		2023		Change
Revenues:
Net investment income	$	146	$	123	$	106	$	111	$	109	$	37	$	375	$	273	$	102
Investment related gains (losses), net	(10)		(79)		(79)		(60)		21		(31)		(168)		(23)		(145)
Other revenue	33		—		4		22		5		28		37		12		25
Total revenues	169		44		31		73		135		34		244		262		(18)

Benefits and expenses:
Interest credited	41		35		30		19		14		27		106		42		64
Policy acquisition costs and other insurance income	(31)		(28)		(25)		(27)		(24)		(7)		(84)		(64)		(20)
Other operating expenses	99		101		87		91		84		15		287		253		34
Interest expense	78		72		68		69		72		6		218		188		30
Total benefits and expenses	187		180		160		152		146		41		527		419		108

Loss before income taxes	$	(18)	$	(136)	$	(129)	$	(79)	$	(11)	$	(7)	$	(283)	$	(157)	$	(126)

Foreign currency effect on (1):
Loss before income taxes	$	(1)	$	—	$	1	$	(5)	$	1	$	(2)	$	—	$	—	$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 23


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,
	2024		2024		2024		2023		2023		Quarter		2024		2023		Change
Revenues:
Net investment income	$	146	$	123	$	106	$	111	$	109	$	37	$	375	$	273	$	102
Investment related gains, net	3		1		4		5		2		1		8		9		(1)
Other revenue	19		9		12		15		9		10		40		28		12
Total revenues	168		133		122		131		120		48		423		310		113

Benefits and expenses:
Interest credited	41		35		30		19		14		27		106		42		64
Policy acquisition costs and other insurance income	(31)		(28)		(25)		(27)		(24)		(7)		(84)		(64)		(20)
Other operating expenses	99		97		87		92		84		15		283		250		33
Interest expense	77		73		68		70		71		6		218		187		31
Total benefits and expenses	186		177		160		154		145		41		523		415		108

Adjusted operating loss before income taxes	(18)		(44)		(38)		(23)		(25)		7		(100)		(105)		5
Notable items (1)	—		—		—		—		—		—		—		—		—
Adjusted operating loss excluding notable items, before income taxes	$	(18)	$	(44)	$	(38)	$	(23)	$	(25)	$	7	$	(100)	$	(105)	$	5

Foreign currency effect on (2):
Adjusted operating loss before income taxes	$	—	$	—	$	1	$	(6)	$	1	$	(1)	$	1	$	1	$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Compared to comparable prior year period.


						Page 24


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,
	2024		2024		2024		2023		2023		Quarter		2024		2023		Change
U.S. and Latin America:
Traditional	$	57	$	174	$	116	$	30	$	105	$	(48)	$	347	$	288	$	59
Financial Solutions	(46)		83		17		(120)		108		(154)		54		290		(236)
Total U.S. and Latin America	11		257		133		(90)		213		(202)		401		578		(177)
Canada:
Traditional	29		27		47		21		6		23		103		70		33
Financial Solutions	21		6		7		6		30		(9)		34		46		(12)
Total Canada	50		33		54		27		36		14		137		116		21
Europe, Middle East and Africa:
Traditional	(17)		1		28		8		(60)		43		12		(29)		41
Financial Solutions	84		72		64		106		84		—		220		195		25
Total Europe, Middle East and Africa	67		73		92		114		24		43		232		166		66
Asia Pacific:
Traditional	11		100		109		70		134		(123)		220		302		(82)
Financial Solutions	93		(58)		13		122		(16)		109		48		(9)		57
Total Asia Pacific	104		42		122		192		118		(14)		268		293		(25)
Corporate and Other	(18)		(136)		(129)		(79)		(11)		(7)		(283)		(157)		(126)
Consolidated income before income taxes	$	214	$	269	$	272	$	164	$	380	$	(166)	$	755	$	996	$	(241)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


						Page 25


Reinsurance Group of America, Incorporated
Summary of Segment 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,
	2024		2024		2024		2023		2023		Quarter		2024		2023		Change
U.S. and Latin America:
Traditional	$	79	$	167	$	128	$	25	$	103	$	(24)	$	374	$	288	$	86
Financial Solutions	80		80		90		101		136		(56)		250		350		(100)
Total U.S. and Latin America	159		247		218		126		239		(80)		624		638		(14)
Canada:
Traditional	30		26		46		20		10		20		102		71		31
Financial Solutions	4		7		7		6		30		(26)		18		46		(28)
Total Canada	34		33		53		26		40		(6)		120		117		3
Europe, Middle East and Africa:
Traditional	(18)		(1)		38		8		(59)		41		19		(28)		47
Financial Solutions	86		86		77		112		108		(22)		249		243		6
Total Europe, Middle East and Africa	68		85		115		120		49		19		268		215		53
Asia Pacific:
Traditional	11		99		109		71		134		(123)		219		302		(83)
Financial Solutions	60		71		59		66		44		16		190		146		44
Total Asia Pacific	71		170		168		137		178		(107)		409		448		(39)
Corporate and Other	(18)		(44)		(38)		(23)		(25)		7		(100)		(105)		5
Consolidated adjusted operating income before income taxes	314		491		516		386		481		(167)		1,321		1,313		8
Notable items (1)	194		—		—		—		(3)		197		194		(3)		197
Consolidated adjusted operating income excluding notable items before income taxes	$	508	$	491	$	516	$	386	$	478	$	(364)	$	1,515	$	1,310	$	205

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.


						Page 26


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Cash and Invested Assets

	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2024		2024		2024		2023		2023
Fixed maturity securities, available-for-sale (1)	$	78,149	$	70,491	$	65,827	$	60,467	$	54,171
Equity securities	155		144		144		139		133
Mortgage loans	8,388		7,984		7,539		7,377		7,231
Policy loans	1,285		1,171		1,198		1,206		1,180
Funds withheld at interest	5,545		5,556		5,642		5,683		5,725
Limited partnerships and real estate joint ventures	2,972		2,791		2,697		2,635		2,560
Short-term investments	381		335		327		222		141
Other invested assets	1,361		1,148		1,140		1,171		1,091
Cash and cash equivalents	5,195		4,596		5,935		2,970		2,820
Total cash and invested assets	$	103,431	$	94,216	$	90,449	$	81,870	$	75,052

(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, supranational and foreign government-sponsored enterprises (“Other foreign government”).


Investment Income and Yield Summary

	Three Months Ended															Current Qtr		Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY		Sept. 30,			Sept. 30,
	2024			2024			2024			2023			2023			Quarter		2024			2023			Change
Average invested assets at amortized cost (1)	$	39,469		$	38,172		$	38,483		$	37,169		$	37,051		$	2,418	$	38,250		$	35,934		$	2,316
Net investment income (1)	$	492		$	436		$	444		$	443		$	430		$	62	$	1,372		$	1,238		$	134
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	5.08		%	4.65		%	4.70		%	4.86		%	4.72		%	36 bps		4.81		%	4.62		%	19 bps
Variable investment income ("VII") (included in net investment income) (1)	$	36		$	12		$	16		$	44		$	39		$	(3)	$	64		$	95		$	(31)
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)	4.95		%	4.76		%	4.75		%	4.60		%	4.51		%	44 bps		4.82		%	4.46		%	36 bps

(1) Excludes spread related business (e.g. coinsurance of annuities).


						Page 27


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities

	September 30, 2024
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	53,327	$	104	$	1,058	$	3,194	$	51,087	65.4	%
Canadian government	4,517		—		494		41		4,970		6.4	%
Japanese government	6,103		—		3		836		5,270		6.7	%
ABS	5,521		15		44		177		5,373		6.9	%
CMBS	2,327		1		27		115		2,238		2.9	%
RMBS	1,374		—		20		76		1,318		1.7	%
U.S. government	1,897		—		18		212		1,703		2.1	%
State and political subdivisions	895		—		7		81		821		1.1	%
Other foreign government	5,645		—		84		360		5,369		6.8	%
Total fixed maturity securities	$	81,606	$	120	$	1,755	$	5,092	$	78,149	100.0	%


	December 31, 2023
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	42,014	$	62	$	554	$	3,751	$	38,755	64.1	%
Canadian government	3,477		—		473		33		3,917		6.5	%
Japanese government	3,630		—		3		502		3,131		5.2	%
ABS	4,661		12		19		239		4,429		7.3	%
CMBS	1,969		1		7		202		1,773		2.9	%
RMBS	1,173		—		8		102		1,079		1.8	%
U.S. government	2,725		—		9		214		2,520		4.2	%
State and political subdivisions	1,236		—		7		129		1,114		1.8	%
Other foreign government	4,092		—		45		388		3,749		6.2	%
Total fixed maturity securities	$	64,977	$	75	$	1,125	$	5,560	$	60,467	100.0	%


						Page 28


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Corporate Fixed Maturity Securities by Industry

	September 30, 2024							December 31, 2023
	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	$	7,439	$	7,297	14.3	%	A-	$	6,474	$	6,109	15.8	%	A-
Brokerage/asset managers/exchanges	1,450		1,372		2.7	%	A-	1,320		1,194		3.1	%	A-
Finance companies	455		426		0.8	%	BBB+	367		330		0.9	%	BBB+
Insurance	4,994		4,678		9.2	%	A-	4,507		4,086		10.5	%	A-
REITs	1,723		1,638		3.2	%	A-	1,401		1,269		3.2	%	BBB+
Other finance	1,421		1,230		2.4	%	A-	983		801		2.1	%	A-
Total financial institutions	$	17,482	$	16,641	32.6	%		$	15,052	$	13,789	35.6	%
Industrials
Basic	$	2,135	$	2,039	4.0	%	BBB+	$	1,940	$	1,797	4.6	%	BBB+
Capital goods	2,229		2,169		4.2	%	BBB+	1,664		1,531		4.0	%	BBB
Communications	3,448		3,270		6.4	%	BBB+	2,853		2,635		6.8	%	BBB
Consumer cyclical	3,139		3,018		5.9	%	BBB+	2,286		2,139		5.5	%	BBB+
Consumer noncyclical	6,167		5,901		11.6	%	BBB+	5,057		4,661		12.0	%	BBB+
Energy	3,959		3,914		7.7	%	BBB+	2,317		2,171		5.6	%	A-
Technology	2,127		2,024		4.0	%	BBB+	1,899		1,819		4.7	%	BBB+
Transportation	3,061		2,934		5.7	%	A-	2,286		2,100		5.4	%	A-
Other industrial	1,432		1,413		2.7	%	BBB	1,111		1,082		2.8	%	BBB
Total industrials	$	27,697	$	26,682	52.2	%		$	21,413	$	19,935	51.4	%
Utilities
Electric	$	6,505	$	6,254	12.2	%	A-	$	4,371	$	3,973	10.3	%	A-
Natural gas	1,119		1,050		2.1	%	A-	770		694		1.8	%	A-
Other utility	524		460		0.9	%	BBB+	408		364		0.9	%	BBB+
Total utilities	$	8,148	$	7,764	15.2	%		$	5,549	$	5,031	13.0	%
Total	$	53,327	$	51,087	100.0	%	A-	$	42,014	$	38,755	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 29

Reinsurance Group of America, Incorporated

Investments

(USD millions)


Ratings of Fixed Maturity Securities

		September 30, 2024						June 30, 2024						March 31, 2024						December 31, 2023						September 30, 2023
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	$	53,371	$	51,053	65.3	%	$	49,634	$	45,782	64.9	%	$	46,541	$	43,336	65.8	%	$	41,469	$	38,739	64.1	%	$	38,876	$	33,799	62.4	%
2	BBB	24,076		23,130		29.6	%	22,431		20,787		29.5	%	20,527		18,951		28.8	%	19,793		18,261		30.2	%	19,959		17,134		31.6	%
3	BB	3,284		3,233		4.2	%	3,331		3,270		4.6	%	3,039		2,952		4.5	%	3,068		2,956		4.9	%	2,902		2,780		5.1	%
4	B	662		576		0.7	%	562		504		0.8	%	515		468		0.8	%	479		396		0.7	%	439		368		0.7	%
5	CCC	168		131		0.2	%	158		124		0.2	%	123		98		0.1	%	116		92		0.1	%	104		81		0.2	%
6	In or near default	45		26		—	%	45		24		—	%	45		22		—	%	52		23		—	%	52		9		—	%
	Total	$	81,606	$	78,149	100.0	%	$	76,161	$	70,491	100.0	%	$	70,790	$	65,827	100.0	%	$	64,977	$	60,467	100.0	%	$	62,332	$	54,171	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

	September 30, 2024						June 30, 2024						March 31, 2024						December 31, 2023						September 30, 2023
	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")	$	2,659	$	2,650	29.7	%	$	2,675	$	2,676	31.6	%	$	2,540	$	2,518	31.6	%	$	2,086	$	2,048	28.1	%	$	2,022	$	1,967	28.2	%
ABS, excluding CLOs	2,862		2,723		30.5	%	2,627		2,467		29.1	%	2,597		2,427		30.5	%	2,575		2,381		32.7	%	2,540		2,269		32.5	%
Total ABS	5,521		5,373		60.2	%	5,302		5,143		60.7	%	5,137		4,945		62.1	%	4,661		4,429		60.8	%	4,562		4,236		60.7	%
CMBS	2,327		2,238		25.1	%	2,242		2,120		25.0	%	2,002		1,861		23.4	%	1,969		1,773		24.3	%	1,959		1,710		24.5	%
RMBS
Agency	401		365		4.0	%	414		364		4.3	%	436		385		4.8	%	444		398		5.5	%	454		388		5.6	%
Non-agency	973		953		10.7	%	893		848		10.0	%	814		765		9.7	%	729		681		9.4	%	718		642		9.2	%
Total RMBS	1,374		1,318		14.7	%	1,307		1,212		14.3	%	1,250		1,150		14.5	%	1,173		1,079		14.9	%	1,172		1,030		14.8	%
Total	$	9,222	$	8,929	100.0	%	$	8,851	$	8,475	100.0	%	$	8,389	$	7,956	100.0	%	$	7,803	$	7,281	100.0	%	$	7,693	$	6,976	100.0	%


						Page 30


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of September 30, 2024
	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	$	3,871	$	71	$	21,471	$	3,036	$	25,342	$	3,107
Canadian government	159		6		432		35		591		41
Japanese government	2,408		159		2,489		677		4,897		836
ABS	1,054		22		2,039		148		3,093		170
CMBS	188		12		1,156		96		1,344		108
RMBS	—		—		636		76		636		76
U.S. government	264		2		711		210		975		212
State and political subdivisions	—		—		532		81		532		81
Other foreign government	770		10		2,009		302		2,779		312
Total investment grade securities	$	8,714	$	282	$	31,475	$	4,661	$	40,189	$	4,943

Below investment grade securities:
Corporate	$	392	$	14	$	413	$	62	$	805	$	76
ABS	13		2		44		5		57		7
CMBS	—		—		—		—		—		—
Other foreign government	—		—		190		48		190		48
Total below investment grade securities	$	405	$	16	$	647	$	115	$	1,052	$	131
Total fixed maturity securities	$	9,119	$	298	$	32,122	$	4,776	$	41,241	$	5,074

(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.


						Page 31


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of December 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	$	2,134	$	70	$	24,207	$	3,524	$	26,341	$	3,594
Canadian government	—		—		459		33		459		33
Japanese government	876		50		2,193		452		3,069		502
ABS	336		5		3,025		223		3,361		228
CMBS	160		5		1,328		190		1,488		195
RMBS	115		3		681		99		796		102
U.S. government	614		10		717		204		1,331		214
State and political subdivisions	73		1		864		128		937		129
Other foreign government	254		3		2,290		333		2,544		336
Total investment grade securities	$	4,562	$	147	$	35,764	$	5,186	$	40,326	$	5,333

Below investment grade securities:
Corporate	$	295	$	36	$	649	$	121	$	944	$	157
ABS	—		—		68		10		68		10
CMBS	—		—		4		1		4		1
Other foreign government	—		—		193		52		193		52
	$	295	$	36	$	914	$	184	$	1,209	$	220
Total below investment grade securities	$	4,857	$	183	$	36,678	$	5,370	$	41,535	$	5,553

(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.


						Page 32


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Consolidated Investment Related Gains and Losses

	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2024		2024		2024		2023		2023		Quarter		2024		2023		Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	$	(9)	$	(16)	$	(20)	$	(7)	$	7	$	(16)	$	(45)	$	(31)	$	(14)
Impairments on fixed maturity securities	—		(1)		—		(2)		—		—		(1)		(1)		—
Realized gains on investment activity	72		68		32		18		12		60		172		54		118
Realized losses on investment activity	(113)		(230)		(134)		(102)		(61)		(52)		(477)		(173)		(304)
Net losses on fixed maturity securities available-for-sale	(50)		(179)		(122)		(93)		(42)		(8)		(351)		(151)		(200)

Net gains (losses) on equity securities	6		(5)		4		3		(2)		8		5		(4)		9
Change in mortgage loan allowance for credit losses	(12)		2		(10)		7		(17)		5		(20)		(23)		3
Limited partnerships and real estate joint venture impairment losses	—		—		(8)		—		—		—		(8)		—		(8)
Change in fair value of certain limited partnership investments	17		—		1		16		25		(8)		18		32		(14)
Other, net	(14)		4		8		—		7		(21)		(2)		24		(26)

Freestanding derivatives (1):
Interest rate swaps	13		(13)		(31)		59		(64)		77		(31)		(74)		43
Interest rate options	(3)		—		(3)		(23)		16		(19)		(6)		(10)		4
Total return swaps	7		(11)		4		14		(8)		15		—		—		—
Interest rate futures	—		1		1		(1)		—		—		2		2		—
Foreign currency swaps	(7)		8		14		(3)		8		(15)		15		20		(5)
Foreign currency swaps - hedged	—		(1)		(1)		(2)		(1)		1		(2)		(2)		—
Foreign currency forwards	77		(98)		(64)		32		(37)		114		(85)		(130)		45
Foreign currency options	2		(3)		—		—		—		2		(1)		—		(1)
Equity options	1		(1)		(4)		(6)		3		(2)		(4)		(22)		18
Equity futures	(12)		(2)		(17)		(23)		11		(23)		(31)		(8)		(23)
Credit default swaps	10		2		2		47		(26)		36		14		(5)		19
CPI swaps	(1)		(1)		—		(1)		—		(1)		(2)		7		(9)
Total freestanding derivatives	87		(119)		(99)		93		(98)		185		(131)		(222)		91

Embedded derivatives	(112)		26		77		(181)		1		(113)		(9)		18		(27)

Net losses on total derivatives	(25)		(93)		(22)		(88)		(97)		72		(140)		(204)		64

Total investment related losses, net	$	(78)	$	(271)	$	(149)	$	(155)	$	(126)	$	48	$	(498)	$	(326)	$	(172)

(1) Freestanding derivatives are non-hedged unless specified.


						Page 33

Appendix

Reconciliations of GAAP to Non-GAAP Measures


						Page 34


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,
	2024		2024		2024		2023		2023		Quarter		2024		2023		Change
U.S. and Latin America Traditional
Income before income taxes	$	57	$	174	$	116	$	30	$	105	$	(48)	$	347	$	288	$	59
Investment and derivative gains (1)	1		—		—		(2)		—		1		1		—		1
Funds withheld losses - investment income	—		—		—		1		—		—		—		—		—
Change in fair value of funds withheld embedded derivatives (1)	21		(6)		12		(4)		(2)		23		27		—		27
Other	—		(1)		—		—		—		—		(1)		—		(1)
Adjusted operating income before income taxes	79		167		128		25		103		(24)		374		288		86
Notable items (2)	53		—		—		—		17		36		53		17		36
Adjusted operating income excluding notable items, before income taxes	$	132	$	167	$	128	$	25	$	120	$	12	$	427	$	305	$	122

U.S. and Latin America Financial Solutions
Income (loss) before income taxes	$	(46)	$	83	$	17	$	(120)	$	108	$	(154)	$	54	$	290	$	(236)
Market risk benefits remeasurement (gains) losses	31		(8)		(35)		28		(21)		52		(12)		(38)		26
Investment and derivative (gains) losses (1)	(7)		35		62		(27)		62		(69)		90		129		(39)
Change in fair value of funds withheld embedded derivatives (1)	91		(20)		(89)		185		1		90		(18)		(18)		—
Funds withheld (gains) losses - investment income	1		(1)		(1)		(4)		(7)		8		(1)		(10)		9
EIA embedded derivatives - interest credited	11		(6)		13		5		(7)		18		18		(11)		29
Other (3)	(1)		(3)		123		34		—		(1)		119		8		111
Adjusted operating income before income taxes	80		80		90		101		136		(56)		250		350		(100)
Notable items (2)	—		—		—		—		(22)		22		—		(22)		22
Adjusted operating income excluding notable items, before income taxes	$	80	$	80	$	90	$	101	$	114	$	(34)	$	250	$	328	$	(78)

(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.
(3) Includes pension risk transfer day one loss and other immaterial items.


						Page 35


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,
	2024		2024		2024		2023		2023		Quarter		2024		2023		Change
Canada Traditional
Income before income taxes	$	29	$	27	$	47	$	21	$	6	$	23	$	103	$	70	$	33
Investment and derivative (gains) losses (1)	—		1		(1)		(1)		—		—		—		(4)		4
Investment income - non-operating FWAI	—		—		—		—		2		(2)		—		3		(3)
Other	1		(2)		—		—		2		(1)		(1)		2		(3)
Adjusted operating income before income taxes	30		26		46		20		10		20		102		71		31
Notable items (2)	(5)		—		—		—		13		(18)		(5)		13		(18)
Adjusted operating income excluding notable items, before income taxes	$	25	$	26	$	46	$	20	$	23	$	2	$	97	$	84	$	13

Canada Financial Solutions
Income before income taxes	$	21	$	6	$	7	$	6	$	30	$	(9)	$	34	$	46	$	(12)
Investment and derivative losses (1)	(17)		1		—		—		—		(17)		(16)		—		(16)
Adjusted operating income before income taxes	4		7		7		6		30		(26)		18		46		(28)
Notable items (2)	—		—		—		—		(22)		22		—		(22)		22
Adjusted operating income excluding notable items, before income taxes	$	4	$	7	$	7	$	6	$	8	$	(4)	$	18	$	24	$	(6)

Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	(17)	$	1	$	28	$	8	$	(60)	$	43	$	12	$	(29)	$	41
Other	(1)		(2)		10		—		1		(2)		7		1		6
Adjusted operating income (loss) before income taxes	(18)		(1)		38		8		(59)		41		19		(28)		47
Notable items (2)	40		—		—		—		47		(7)		40		47		(7)
Adjusted operating income (loss) excluding notable items, before income taxes	$	22	$	(1)	$	38	$	8	$	(12)	$	34	$	59	$	19	$	40

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	84	$	72	$	64	$	106	$	84	$	—	$	220	$	195	$	25
Investment and derivative losses (1)	4		13		14		6		23		(19)		31		43		(12)
Investment income - non-operating FWAI	(2)		1		(1)		—		1		(3)		(2)		5		(7)
Investment (income) loss on unit-linked variable annuities	(1)		1		1		(3)		2		(3)		1		4		(3)
Interest credited on unit-linked variable annuities	1		(1)		(1)		3		(2)		3		(1)		(4)		3
Adjusted operating income before income taxes	86		86		77		112		108		(22)		249		243		6
Notable items (2)	2		—		—		—		(34)		36		2		(34)		36
Adjusted operating income excluding notable items, before income taxes	$	88	$	86	$	77	$	112	$	74	$	14	$	251	$	209	$	42

(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.


						Page 36


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,
	2024		2024		2024		2023		2023		Quarter		2024		2023		Change
Asia Pacific Traditional
Income before income taxes	$	11	$	100	$	109	$	70	$	134	$	(123)	$	220	$	302	$	(82)
Other	—		(1)		—		1		—		—		(1)		—		(1)
Adjusted operating income before income taxes	11		99		109		71		134		(123)		219		302		(83)
Notable items (2)	95		—		—		—		(2)		97		95		(2)		97
Adjusted operating income excluding notable items, before income taxes	$	106	$	99	$	109	$	71	$	132	$	(26)	$	314	$	300	$	14

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	93	$	(58)	$	13	$	122	$	(16)	$	109	$	48	$	(9)	$	57
Investment and derivative (gains) losses (1)	(17)		178		74		(59)		68		(85)		235		178		57
Other	(16)		(49)		(28)		3		(8)		(8)		(93)		(23)		(70)
Adjusted operating income before income taxes	60		71		59		66		44		16		190		146		44
Notable items (2)	9		—		—		—		—		9		9		—		9
Adjusted operating income excluding notable items, before income taxes	$	69	$	71	$	59	$	66	$	44	$	25	$	199	$	146	$	53

Corporate and Other
Loss before income taxes	$	(18)	$	(136)	$	(129)	$	(79)	$	(11)	$	(7)	$	(283)	$	(157)	$	(126)
Investment and derivative (gains) losses (1)	13		80		83		65		(19)		32		176		32		144
Interest expense on uncertain tax positions	1		(1)		—		(1)		1		—		—		1		(1)
Other	(14)		13		8		(8)		4		(18)		7		19		(12)
Adjusted operating loss before income taxes	(18)		(44)		(38)		(23)		(25)		7		(100)		(105)		5
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating loss excluding notable items, before income taxes	$	(18)	$	(44)	$	(38)	$	(23)	$	(25)	$	7	$	(100)	$	(105)	$	5

(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.


						Page 37


Reinsurance Group of America, Incorporated
Reconciliations of RGA, Inc. Shareholders’ Equity to RGA, Inc. Shareholders’ Equity Excluding AOCI
(USD millions except per share data)

	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2024		2024		2024		2023		2023

RGA, Inc. shareholders’ equity	$	11,127	$	9,735	$	9,468	$	9,081	$	8,063
Less effect of AOCI:
Accumulated currency translation adjustments	108		86		57		68		(33)
Unrealized (depreciation) appreciation of securities	(2,800)		(4,694)		(4,062)		(3,667)		(6,659)
Effect of updating discount rates on future policy benefits	3,987		4,611		3,906		3,256		5,366
Change in instrument-specific credit risk for market risk benefits	6		6		3		3		7
Pension and postretirement benefits	(29)		(29)		(29)		(29)		(14)
RGA, Inc. shareholders’ equity, excluding AOCI	9,855		9,755		9,593		9,450		9,396
Year-to-date notable items, net of tax	168		—		—		—		—
RGA, Inc. shareholders’ equity, excluding AOCI and notable items	$	10,023	$	9,755	$	9,593	$	9,450	$	9,396



Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI

	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2024		2024		2024		2023		2023

Book value per share	$	168.93	$	147.90	$	143.92	$	138.39	$	122.40
Less effect of AOCI:
Accumulated currency translation adjustment	1.64		1.32		0.88		1.04		(0.49)
Unrealized (depreciation) appreciation of securities	(42.52)		(71.31)		(61.74)		(55.88)		(101.10)
Effect of updating discount rates on future policy benefits	60.54		70.06		59.36		49.62		81.46
Change in instrument-specific credit risk for market risk benefits	0.09		0.09		0.04		0.05		0.11
Pension and postretirement benefits	(0.45)		(0.45)		(0.45)		(0.45)		(0.21)
Book value per share, excluding AOCI	$	149.63	$	148.19	$	145.83	$	144.01	$	142.63
Less effect of B36:	(2.16)		(0.82)		(1.13)		(2.06)		0.12
Book value per share, excluding AOCI and B36	$	151.79	$	149.01	$	146.96	$	146.07	$	142.51


						Page 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 includes the assets, liabilities, and results of operations of RGA and its subsidiaries.

Non-GAAP Financial Measures

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

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

1.Adjusted operating income, on a pre-tax and after-tax basis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations. Adjusted operating income is calculated as net income available to the Company’s shareholders (or, in the case of pre-tax adjusted operating income, income before income taxes) excluding, as applicable:

•substantially all of the effect of net investment related gains and losses;

•changes in the fair value of certain embedded derivatives;

•changes in the fair value of contracts that provide market risk benefits;

•non-economic losses at contract inception for direct pension risk transfer single premium business (which are amortized into adjusted operating income within claims and other policy benefits over the estimated lives of the contracts);

•any net gain or loss from discontinued operations;

•the cumulative effect of any accounting changes;

•the impact of certain tax-related items; and

•any other items that the Company believes are not indicative of the Company’s ongoing operations

as such items can be volatile and may not reflect the underlying performance of the Company’s business. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company’s management incentive programs.

2.Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items. Notable items are items the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented include the financial impact of the Company’s assumption reviews.

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


						Page 39

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

•Shareholders’ average equity position excluding AOCI and B36, where B36 refers to the cumulative change in fair value of funds withheld embedded derivatives;

•Shareholders’ average equity position excluding AOCI and notable items; and

•Shareholders’ average equity position excluding AOCI, B36 and notable items.

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

•Adjusted operating return on equity excluding AOCI and B36;

•Adjusted operating return on equity excluding AOCI and notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’ equity excluding notable items and AOCI; and

•Adjusted operating return on equity excluding AOCI, B36 and notable items.

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


						Page 40

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