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Quarterly Financial Supplement
First Quarter 2026
(Unaudited)
World Headquarters  Internet AddressContacts
16600 Swingley Ridge Road  www.rgare.comAxel André
Chesterfield, Missouri 63017 U.S.A.  Executive Vice President,
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+ 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 Life and Annuity Insurance CompanyAA-A+
Omnilife Insurance Company LimitedA+
Aurora National Life Assurance CompanyAA-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 2026
Table of Contents
 Page
Consolidated
Financial Highlights
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
Consolidated Balance Sheets
Segment Summaries of Adjusted Operating Income Statements
U.S. and Latin America Traditional
U.S. and Latin America Financial Solutions
Canada Traditional
Canada Financial Solutions
Europe, Middle East and Africa Traditional
Europe, Middle East and Africa Financial Solutions
Asia Pacific Traditional
Asia Pacific Financial Solutions
Corporate and Other
Summary of Segment Adjusted Operating Income
Investments
Cash and Invested Assets and Investment Income and Yield Summary
Fixed Maturity Securities
Corporate Fixed Maturity Securities by Industry
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities
Fixed Maturity Securities Below Amortized Cost
Consolidated Investment Related Gains and Losses
Appendix
Reconciliations of GAAP to Non-GAAP Measures
Non-GAAP Disclosures

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Reinsurance Group of America, Incorporated
Financial Highlights
Three Months EndedCurrent vs.
(USD millions, except in force and per share and shares data)March 31,Dec. 31,Sept. 30,June 30,March 31,Prior Year
 20262025202520252025Quarter
Net premiums$4,595 $4,780 $4,280 $4,151 $4,019 $576 
Net income available to RGA’s shareholders330 463 253 180 286 44 
Adjusted operating income462 515 310 315 378 84 
Adjusted operating income excluding notable items (1)
462 515 424 315 378 84 
Return on equity9.7 %9.7 %7.4 %7.0 %7.5 %2.2 %
Adjusted operating return on equity (excluding AOCI)15.2 %14.7 %13.2 %12.7 %13.4 %1.8 %
Adjusted operating return on equity (excluding AOCI and notable items (1))
16.2 %15.7 %14.2 %14.3 %15.0 %1.2 %
Adjusted operating return on equity (excluding AOCI, B36, and notable items (1))
16.1 %15.6 %14.1 %14.2 %14.9 %1.2 %
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income$5.04 $7.07 $3.85 $2.72 $4.33 $0.71 
Adjusted operating income$7.05 $7.85 $4.71 $4.76 $5.73 $1.32 
Adjusted operating income excluding notable items (1)
$7.05 $7.85 $6.43 $4.76 $5.73 $1.32 
Diluted earnings per share
Net income$4.98 $6.97 $3.81 $2.70 $4.27 $0.71 
Adjusted operating income$6.97 $7.75 $4.66 $4.72 $5.66 $1.31 
Adjusted operating income excluding notable items (1)
$6.97 $7.75 $6.37 $4.72 $5.66 $1.31 
Weighted average common shares outstanding
Basic65,489 65,556 65,867 66,088 66,008 (519)
Diluted66,226 66,428 66,508 66,731 66,861 (635)
Book value per share$202.93 $205.63 $197.52 $182.37 $172.53 $30.40 
Book value per share, excluding AOCI$167.60 $164.66 $158.67 $155.87 $153.80 $13.80 
Book value per share, excluding AOCI and B36$167.92 $165.50 $159.83 $156.63 $154.60 $13.32 
Shareholders’ dividends paid$61 $61 $61 $59 $59 $2 
Share buybacks50 50 75 — — 50 
Total returned to shareholders$111 $111 $136 $59 $59 $52 
Common shares issued85,311 85,311 85,311 85,311 85,311 — 
Treasury shares19,802 19,847 19,602 19,219 19,225 577 
Common shares outstanding65,509 65,464 65,709 66,092 66,086 (577)
Assumed life reinsurance in force (in billions)$4,342.8 $4,334.6 $4,320.8 $4,091.3 $3,950.9 $391.9 
Assumed new business production (in billions)$150.6 $149.9 $341.0 $110.9 $131.7 $18.9 
(1) Excludes the impact of changes in actuarial assumptions.
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Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)Three Months EndedCurrent vs.
March 31,Dec. 31,Sept. 30,June 30,March 31,Prior Year
20262025202520252025Quarter
Revenues:
Net premiums$4,595 $4,780 $4,280 $4,151 $4,019 $576 
Net investment income1,701 1,691 1,475 1,408 1,232 469 
Investment related gains (losses), net(170)(135)13 (44)(79)(91)
Other revenue368 299 436 84 88 280 
Total revenues6,494 6,635 6,204 5,599 5,260 1,234 
Benefits and expenses:
Adjusted claims and other policy benefits4,621 4,772 4,356 4,045 3,822 799 
Future policy benefits remeasurement (gains) losses(7)(97)85 68 (56)49 
Market risk benefits remeasurement (gains) losses22 (3)(1)(17)29 (7)
Adjusted interest credited480 475 547 314 299 181 
Policy acquisition costs and other insurance expenses512 500 471 433 417 95 
Other operating expenses326 380 328 325 300 26 
Interest expense99 98 98 90 80 19 
Total benefits and expenses6,053 6,125 5,884 5,258 4,891 1,162 
Income before income taxes441 510 320 341 369 72 
Provision for income taxes110 45 65 160 81 29 
Net income331 465 255 181 288 43 
Net income attributable to noncontrolling interest1 2 2 1 2 (1)
Net income available to RGA’s shareholders$330 $463 $253 $180 $286 $44 
Pre-tax adjusted operating income reconciliation:
Income before income taxes$441 $510 $320 $341 $369 $72 
Investment and derivative (gains) losses (1)
198 197 (1)77 71 127 
Market risk benefits remeasurement (gains) losses22 (3)(1)(17)29 (7)
Change in fair value of funds withheld embedded derivatives (1)
(44)(27)33 (3)11 (55)
Funds withheld (gains) losses - investment income(4)(2)19 (2)— (4)
Derivatives - interest credited3 2 1 2 10 (7)
Investment (income) loss on unit-linked variable annuities1 (1)1 — — 1 
Interest credited on unit-linked variable annuities(1)1 (1)— — (1)
Interest expense on uncertain tax positions1 — — — — 1 
Other (2)
(6)(1)14 23 (5)(1)
Adjusted operating income before income taxes611 676 385 421 485 126 
Notable items (3)
— — (149)— — — 
Adjusted operating income before income taxes excluding notable items$611 $676 $534 $421 $485 $126 
(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.
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Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)Three Months EndedCurrent vs.
March 31,Dec. 31,Sept. 30,June 30,March 31,Prior Year
20262025202520252025Quarter
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA$330 $463 $253 $180 $286 $44 
Investment and derivative (gains) losses (1)
157 155 (2)64 53 104 
Market risk benefits remeasurement (gains) losses17 (3)— (14)23 (6)
Change in fair value of funds withheld embedded derivatives (1)
(35)(21)26 (3)9 (44)
Funds withheld (gains) losses - investment income(3)(1)15 (2)— (3)
Derivatives - interest credited2 2 1 1 8 (6)
Investment (income) loss on unit-linked variable annuities1 (1)1 — — 1 
Interest credited on unit-linked variable annuities(1)1 (1)— — (1)
Interest expense on uncertain tax positions1 — — — — 1 
Other (2)
(5)(1)11 18 (4)(1)
Uncertain tax positions and other tax related items(3)(81)4 70 1 (4)
Net income attributable to noncontrolling interest1 2 2 1 2 (1)
Adjusted operating income462 515 310 315 378 84 
Notable items (3)
— — (114)— — — 
Adjusted operating income excluding notable items$462 $515 $424 $315 $378 $84 
Diluted earnings per share - adjusted operating income$6.97 $7.75 $4.66 $4.72 $5.66 $1.31 
Diluted earnings per share - adjusted operating income excluding notable items$6.97 $7.75 $6.37 $4.72 $5.66 $1.31 
Foreign currency effect on (4):
Net premiums$103 $42 $29 $45 $(60)$163 
Adjusted operating income before income taxes$17 $8 $3 $9 $(8)$25 
(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.
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Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
March 31,Dec. 31,Sept. 30,June 30,March 31,
20262025202520252025
Assets
Fixed maturity securities available-for-sale, at fair value$107,328 $101,769 $99,573 $86,043 $84,507 
Equity securities300 311 161 155 153 
Mortgage loans11,318 11,104 10,507 10,057 9,331 
Policy loans3,703 3,541 3,570 1,294 1,284 
Funds withheld at interest8,390 8,149 8,268 7,115 5,328 
Limited partnerships and real estate joint ventures4,093 3,747 3,648 3,338 3,228 
Short-term investments357 346 381 502 454 
Other invested assets1,525 1,514 1,496 1,397 1,295 
Total investments137,014 130,481 127,604 109,901 105,580 
Cash and cash equivalents4,993 4,168 4,625 5,416 5,151 
Accrued investment income1,361 1,296 1,275 1,089 1,059 
Premiums receivable and other reinsurance balances4,259 4,475 4,035 4,202 3,749 
Reinsurance ceded receivables and other6,743 7,175 5,758 5,386 5,420 
Deferred policy acquisition costs and other6,191 6,079 5,954 5,823 5,649 
Other assets3,503 2,916 2,752 1,662 1,602 
Total assets$164,064 $156,590 $152,003 $133,479 $128,210 
Liabilities and equity
Future policy benefits$72,308 $66,425 $66,389 $63,531 $59,836 
Interest-sensitive contract liabilities53,540 52,095 49,634 37,158 36,614 
Market risk benefits, at fair value249 234 238 233 243 
Other policy claims and benefits3,051 3,011 3,032 3,016 2,870 
Other reinsurance balances1,495 1,888 1,600 1,353 1,291 
Income taxes3,182 2,998 2,591 2,454 2,250 
Funds withheld payable6,494 6,805 5,277 4,816 4,889 
Other liabilities4,256 3,873 4,440 3,041 2,991 
Long-term debt6,105 5,710 5,734 5,734 5,734 
Total liabilities150,680 143,039 138,935 121,336 116,718 
Equity:
Common stock, at par value1 1 1 1 1 
Additional paid-in-capital2,661 2,640 2,628 2,624 2,608 
Retained earnings10,375 10,151 9,757 9,563 9,443 
Treasury stock(2,057)(2,013)(1,960)(1,887)(1,888)
Accumulated other comprehensive income, net of income taxes (AOCI):
Accumulated currency translation adjustment101 121 83 130 (8)
Unrealized (depreciation) appreciation of securities(6,466)(4,807)(4,199)(4,897)(4,443)
Effect of updating discount rates on future policy benefits8,680 7,372 6,682 6,533 5,702 
Change instrument-specific credit risk for market risk benefits4 2 1 3 6 
Pension and postretirement benefits(5)(6)(15)(17)(19)
Total RGA, Inc. shareholders’ equity13,294 13,461 12,978 12,053 11,402 
Noncontrolling interest90 90 90 90 90 
Total equity13,384 13,551 13,068 12,143 11,492 
Total liabilities and equity$164,064 $156,590 $152,003 $133,479 $128,210 
Total RGA, Inc. shareholders’ equity, excluding AOCI$10,980 $10,779 $10,426 $10,301 $10,164 
See appendix for reconciliation of total shareholders’ equity before and after impact of AOCI.
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Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.
March 31,Dec. 31,Sept. 30,June 30,March 31,Prior Year
20262025202520252025Quarter
Revenues:
Net premiums$1,932 $2,104 $1,883 $2,019 $1,921 $11 
Net investment income288 299 282 285 268 20 
Investment related gains (losses), net(12)5 14 12 (6)(6)
Other revenue7 17 11 4 8 (1)
Total revenues2,215 2,425 2,190 2,320 2,191 24 
Benefits and expenses:
Adjusted claims and other policy benefits1,777 1,945 1,769 1,922 1,773 4 
Future policy benefits remeasurement (gains) losses(6)(69)(46)74 (25)19 
Adjusted interest credited22 48 61 37 29 (7)
Policy acquisition costs and other insurance expenses223 209 209 223 219 4 
Other operating expenses61 70 61 60 55 6 
Total benefits and expenses2,077 2,203 2,054 2,316 2,051 26 
Adjusted operating income before income taxes138 222 136 4 140 (2)
Notable items (1)
— — 39 — — — 
Adjusted operating income excluding notable items, before income taxes$138 $222 $97 $4 $140 $(2)
Loss and expense ratios:
Loss ratio (2)
91.7 %89.2 %91.5 %98.9 %91.0 %0.7 %
Policy acquisition costs and other insurance expenses11.5 %9.9 %11.1 %11.0 %11.4 %0.1 %
Other operating expenses3.2 %3.3 %3.2 %3.0 %2.9 %0.3 %
Foreign currency effect on (3):
Net premiums$5 $3 $1 $(4)$(7)$12 
Adjusted operating income (loss) before income taxes$1 $— $— $1 $(2)$3 
Assumed Life Reinsurance In Force (in billions)$1,900.2 $1,893.4 $1,860.7 $1,854.7 $1,840.6 $59.6 
Assumed New Business Production (in billions)$47.8 $75.3 $52.8 $46.0 $36.3 $11.5 
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 adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.

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Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.
March 31,Dec. 31,Sept. 30,June 30,March 31,Prior Year
20262025202520252025Quarter
Revenues:
Net premiums$320 $443 $227 $(5)$109 $211 
Net investment income564 561 476 371 337 227 
Investment related gains (losses), net(16)12 16 — — (16)
Other revenue279 204 351 53 50 229 
Total revenues1,147 1,220 1,070 419 496 651 
Benefits and expenses:
Adjusted claims and other policy benefits597 709 511 76 200 397 
Future policy benefits remeasurement (gains) losses14 4 2 (1)(2)16 
Adjusted interest credited264 241 324 130 123 141 
Policy acquisition costs and other insurance expenses131 133 111 93 84 47 
Other operating expenses23 30 22 24 24 (1)
Total benefits and expenses1,029 1,117 970 322 429 600 
Adjusted operating income before income taxes118 103 100 97 67 51 
Notable items (1)
— — — — — — 
Adjusted operating income before income taxes excluding notable items$118 $103 $100 $97 $67 $51 
Assumed Life Reinsurance In Force (in billions)$203.0 $204.7 $207.7 $9.4 $9.5 $193.5 
Assumed New Business Production (in billions)$0.9 $— $204.1 $— $— $0.9 
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.

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Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions
(Continued)
 
(USD millions, shown net of reinsurance ceded)March 31,Dec. 31,Sept. 30,June 30,March 31,
20262025202520252025
Policyholder account balances
Fixed annuities (deferred)$11,213 $10,868 $10,569 $10,473 $10,299 
Equity-indexed annuities$1,514 $1,587 $1,668 $1,748 $1,838 
Bank-owned life insurance (BOLI) and universal life$11,002 $11,118 $11,130 $1,997 $2,011 
Other policyholder account balances$34 $36 $45 $45 $46 
Variable annuities account balances
No riders$594 $614 $598 $605 $593 
GMDB only834 834 781 784 800 
GMIB only17 18 17 17 17 
GMAB only1 1 1 1 2 
GMWB only751 802 802 802 769 
GMDB / WB138 147 149 149 145 
Other12 14 13 13 13 
Total variable annuities account balances$2,347 $2,430 $2,361 $2,371 $2,339 
Variable universal life account value$13,789 $14,262 $14,132 $— $— 
Interest-sensitive contract liabilities not associated with policyholder account balances:
Guaranteed investment contracts, funding agreements and immediate annuities$3,473 $3,406 $2,781 $1,265 $1,257 
Future policy benefits (at original discount rate) associated with:
Payout annuities$7,478 $7,051 $8,266 $8,734 $8,840 
Other future policy benefits$826 $672 $684 $— $— 
Variable universal life account value$50 $54 $62 $62 $61 
Liability for market risk benefits:
Equity-indexed annuities$182 $180 $181 $173 $170 
Variable annuities (liability)$67 $54 $57 $60 $73 
Variable annuities (asset)$15 $19 $19 $17 $13 
Net interest spread (1)
1.0 %1.8 %1.2 %1.2 %0.8 %
(1) Net interest spread for Asset-Intensive is calculated as net investment income less Adjusted interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents
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Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.
March 31,Dec. 31,Sept. 30,June 30,March 31,Prior Year
20262025202520252025Quarter
Revenues:
Net premiums$339 $347 $326 $339 $319 $20 
Net investment income62 69 69 66 65 (3)
Investment related gains, net1 1 2 — 1 — 
Other revenue1 — 1 1 (1)2 
Total revenues403 417 398 406 384 19 
Benefits and expenses:
Adjusted claims and other policy benefits316 306 307 318 295 21 
Future policy benefits remeasurement (gains) losses(1)(2)(8)2 3 (4)
Adjusted interest credited— — 1 — — — 
Policy acquisition costs and other insurance expenses36 44 43 43 41 (5)
Other operating expenses14 15 12 15 13 1 
Total benefits and expenses365 363 355 378 352 13 
Adjusted operating income before income taxes38 54 43 28 32 6 
Notable items (1)
— — 9 — — — 
Adjusted operating income excluding notable items, before income taxes$38 $54 $34 $28 $32 $6 
Loss and expense ratios:
Loss ratio (2)
92.9 %87.6 %91.7 %94.4 %93.4 %(0.5)%
Policy acquisition costs and other insurance expenses10.6 %12.7 %13.2 %12.7 %12.9 %(2.3)%
Other operating expenses4.1 %4.3 %3.7 %4.4 %4.1 %— %
Foreign currency effect on (3):
Net premiums$15 $1 $(3)$(4)$(20)$35 
Adjusted operating income before income taxes$2 $— $— $(1)$(2)$4 
Assumed Life Reinsurance In Force (in billions)$522.6 $521.5 $507.9 $512.4 $478.6 $44.0 
Assumed New Business Production (in billions)$13.1 $12.8 $13.5 $13.1 $13.2 $(0.1)
Creditor reinsurance net premiums$16 $15 $16 $18 $19 $(3)
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 adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.
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Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.
March 31,Dec. 31,Sept. 30,June 30,March 31,Prior Year
20262025202520252025Quarter
Revenues:
Net premiums$45 $45 $46 $45 $52 $(7)
Net investment income62 61 58 58 51 11 
Investment related gains, net(1)2 (1)— — (1)
Other revenue3 1 3 5 4 (1)
Total revenues109 109 106 108 107 2 
Benefits and expenses:
Adjusted claims and other policy benefits93 92 92 93 91 2 
Future policy benefits remeasurement gains(1)3 — — — (1)
Policy acquisition costs and other insurance expenses6 4 5 4 5 1 
Other operating expenses1 — 2 2 — 1 
Total benefits and expenses99 99 99 99 96 3 
Adjusted operating income before income taxes10 10 7 9 11 (1)
Notable items (2)
— — — — — — 
Adjusted operating income excluding notable items, before income taxes$10 $10 $7 $9 $11 $(1)
Foreign currency effect on (3):
Net premiums$2 $1 $(1)$(1)$(3)$5 
Adjusted operating income before income taxes$— $— $— $— $(1)$1 
Assumed Life Reinsurance In Force (in billions)$6.1 $6.2 $6.2 $6.3 $6.0 $0.1 
Assumed New Business Production (in billions)$— $— $— $— $— $— 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations include longevity and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior-year period.

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Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.
March 31,Dec. 31,Sept. 30,June 30,March 31,Prior Year
20262025202520252025Quarter
Revenues:
Net premiums$605 $583 $562 $573 $540 $65 
Net investment income35 37 30 32 30 5 
Other revenue6 — 5 3 2 4 
Total revenues646 620 597 608 572 74 
Benefits and expenses:
Adjusted claims and other policy benefits543 542 516 533 483 60 
Future policy benefits remeasurement (gains) losses(10)(10)216 6 (8)(2)
Policy acquisition costs and other insurance expenses35 37 30 24 20 15 
Other operating expenses24 33 27 27 27 (3)
Total benefits and expenses592 602 789 590 522 70 
Adjusted operating income (loss) before income taxes54 18 (192)18 50 4 
Notable items (1)
— — (222)— — — 
Adjusted operating income (loss) excluding notable items, before income taxes$54 $18 $30 $18 $50 $4 
Loss and expense ratios:
Loss ratio (2)
88.1 %91.3 %130.2 %94.1 %88.0 %0.1 %
Policy acquisition costs and other insurance expenses5.8 %6.3 %5.3 %4.2 %3.7 %2.1 %
Other operating expenses4.0 %5.7 %4.8 %4.7 %5.0 %(1.0)%
Foreign currency effect on (3):
Net premiums$43 $26 $18 $24 $(3)$46 
Adjusted operating income (loss) before income taxes$5 $1 $(7)$1 $1 $4 
Critical illness net premiums$39 $38 $33 $36 $32 $7 
Assumed Life Reinsurance In Force (in billions)$1,074.4 $1,113.1 $1,125.7 $1,117.7 $1,036.7 $37.7 
Assumed New Business Production (in billions)$35.6 $38.6 $35.7 $34.1 $63.4 $(27.8)
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.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.

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Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.
March 31,Dec. 31,Sept. 30,June 30,March 31,Prior Year
20262025202520252025Quarter
Revenues:
Net premiums$344 $263 $260 $247 $189 $155 
Net investment income137 135 106 109 85 52 
Investment related gains (losses), net(1)(1)— 4 (1)— 
Other revenue15 14 21 7 9 6 
Total revenues495 411 387 367 282 213 
Benefits and expenses:
Adjusted claims and other policy benefits347 249 253 224 167 180 
Future policy benefits remeasurement (gains) losses(11)6 (37)(3)(3)(8)
Adjusted interest credited8 6 7 7 6 2 
Policy acquisition costs and other insurance expenses3 3 3 2 1 2 
Other operating expenses20 24 21 21 21 (1)
Total benefits and expenses367 288 247 251 192 175 
Adjusted operating income before income taxes128 123 140 116 90 38 
Notable items (2)
— — 24 — — — 
Adjusted operating income excluding notable items, before income taxes$128 $123 $116 $116 $90 $38 
Foreign currency effect on (3):
Net premiums$24 $12 $10 $14 $(2)$26 
Adjusted operating income before income taxes$8 $6 $5 $5 $— $8 
Assumed Life Reinsurance In Force (in billions)$16.9 $17.8 $18.8 $— $— $16.9 
Assumed New Business Production (in billions)$— $— $18.8 $— $— $— 
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 include longevity, asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior-year period.

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Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.
March 31,Dec. 31,Sept. 30,June 30,March 31,Prior Year
20262025202520252025Quarter
Revenues:
Net premiums$860 $862 $880 $816 $777 $83 
Net investment income82 76 73 72 71 11 
Investment related gains (losses), net— 1 — 1 (1)1 
Other revenue8 7 3 — 3 5 
Total revenues950 946 956 889 850 100 
Benefits and expenses:
Adjusted claims and other policy benefits726 750 761 701 671 55 
Future policy benefits remeasurement (gains) losses9 (26)(41)(8)(18)27 
Policy acquisition costs and other insurance expenses35 39 43 35 39 (4)
Other operating expenses55 66 55 57 52 3 
Total benefits and expenses825 829 818 785 744 81 
Adjusted operating income before income taxes125 117 138 104 106 19 
Notable items (1)
— — 1 — — — 
Adjusted operating income excluding notable items, before income taxes$125 $117 $137 $104 $106 $19 
Loss and expense ratios:
Loss ratio (2)
85.5 %84.0 %81.8 %84.9 %84.0 %1.5 %
Policy acquisition costs and other insurance expenses4.1 %4.5 %4.9 %4.3 %5.0 %(0.9)%
Other operating expenses6.4 %7.7 %6.3 %7.0 %6.7 %(0.3)%
Foreign currency effect on (3):
Net premiums$18 $1 $3 $9 $(23)$41 
Adjusted operating income before income taxes$1 $1 $6 $2 $(2)$3 
Critical illness net premiums$436 $435 $414 $424 $398 $38 
Assumed Life Reinsurance In Force (in billions)$581.7 $552.5 $546.1 $568.7 $561.1 $20.6 
Assumed New Business Production (in billions)$40.0 $21.5 $12.7 $14.5 $14.3 $25.7 
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 adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.
 
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Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
 Three Months EndedCurrent vs.
March 31,Dec. 31,Sept. 30,June 30,March 31,Prior Year
20262025202520252025Quarter
Revenues:
Net premiums$150 $133 $96 $117 $112 $38 
Net investment income319 288 250 247 196 123 
Investment related gains, net12 12 13 10 7 5 
Other revenue14 12 6 — 6 8 
Total revenues495 445 365 374 321 174 
Benefits and expenses:
Adjusted claims and other policy benefits222 175 135 158 145 77 
Future policy benefits remeasurement (gains) losses(1)(3)(1)(2)(3)2 
Adjusted interest credited140 130 107 93 84 56 
Policy acquisition costs and other insurance expenses58 44 42 36 27 31 
Other operating expenses11 12 11 12 9 2 
Total benefits and expenses430 358 294 297 262 168 
Adjusted operating income before income taxes65 87 71 77 59 6 
Notable items (2)
— — — — — — 
Adjusted operating income excluding notable items, before income taxes$65 $87 $71 $77 $59 $6 
Foreign currency effect on (3):
Net premiums$(4)$(2)$1 $7 $(2)$(2)
Adjusted operating income before income taxes$(1)$— $— $2 $(1)$— 
Assumed Life Reinsurance In Force (in billions)$37.9 $25.4 $24.9 $22.1 $18.4 $19.5 
Assumed New Business Production (in billions)$13.2 $1.7 $3.4 $3.2 $4.5 $8.7 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations include asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior-year period.
 

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Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.
March 31,Dec. 31,Sept. 30,June 30,March 31,Prior Year
20262025202520252025Quarter
Revenues:
Net investment income$149 $162 $151 $166 $129 $20 
Investment related gains, net1 3 1 3 3 (2)
Other revenue29 29 29 18 5 24 
Total revenues179 194 181 187 137 42 
Benefits and expenses:
Adjusted interest credited44 47 47 45 47 (3)
Policy acquisition costs and other insurance income(15)(13)(15)(19)(19)4 
Other operating expenses117 120 109 103 99 18 
Interest expense98 98 98 90 80 18 
Total benefits and expenses244 252 239 219 207 37 
Adjusted operating loss before income taxes(65)(58)(58)(32)(70)5 
Notable items (1)
— — — — — — 
Adjusted operating loss excluding notable items, before income taxes$(65)$(58)$(58)$(32)$(70)$5 
Foreign currency effect on (2):
Adjusted operating loss before income taxes$1 $— $(1)$(1)$(1)$2 
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.
 
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Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income
(USD millions)
 Three Months EndedCurrent vs.
March 31,Dec. 31,Sept. 30,June 30,March 31,Prior Year
20262025202520252025Quarter
U.S. and Latin America:
Traditional$138 $222 $136 $4 $140 $(2)
Financial Solutions118 103 100 97 67 51 
Total U.S. and Latin America256 325 236 101 207 49 
Canada:
Traditional38 54 43 28 32 6 
Financial Solutions10 10 7 9 11 (1)
Total Canada48 64 50 37 43 5 
Europe, Middle East and Africa:
Traditional54 18 (192)18 50 4 
Financial Solutions128 123 140 116 90 38 
Total Europe, Middle East and Africa182 141 (52)134 140 42 
Asia Pacific:
Traditional125 117 138 104 106 19 
Financial Solutions65 87 71 77 59 6 
Total Asia Pacific190 204 209 181 165 25 
Corporate and Other(65)(58)(58)(32)(70)5 
Consolidated adjusted operating income before income taxes611 676 385 421 485 126 
Notable items (1)
— — (149)— — — 
Consolidated adjusted operating income excluding notable items before income taxes$611 $676 $534 $421 $485 $126 
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.
 


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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Cash and Invested Assets
March 31,Dec. 31,Sept. 30,June 30,March 31,
 20262025202520252025
Fixed maturity securities, available-for-sale - public (1)
$94,438 $88,993 $88,064 $75,637 $75,257 
Fixed maturity securities, available-for-sale - private (1)
12,890 12,776 11,509 10,406 9,250 
Equity securities300 311 161 155 153 
Mortgage loans11,318 11,104 10,507 10,057 9,331 
Policy loans3,703 3,541 3,570 1,294 1,284 
Funds withheld at interest8,390 8,149 8,268 7,115 5,328 
Limited partnerships and real estate joint ventures4,093 3,747 3,648 3,338 3,228 
Short-term investments357 346 381 502 454 
Other invested assets1,525 1,514 1,496 1,397 1,295 
Cash and cash equivalents4,993 4,168 4,625 5,416 5,151 
Total cash and invested assets$142,007 $134,649 $132,229 $115,317 $110,731 
(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”), Korean government and agencies (“Korean 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 EndedCurrent vs.
March 31,Dec. 31,Sept. 30,June 30,March 31,Prior Year
 20262025202520252025Quarter
Average invested assets at amortized cost (1)
$49,549 $49,080 $47,662 $45,664 $44,016 $5,533 
Net investment income (1)
$599 $630 $553 $595 $502 $97 
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)
4.93 %5.23 %4.73 %5.31 %4.64 %29 bps
Variable investment income (“VII”) (included in net investment income) (1)
$26 $55 $— $59 $(6)$32 
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)
4.85 %4.98 %4.92 %4.98 %4.90 %(5) bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Investments Net of Funds Withheld
March 31, 2026
Total InvestmentsFunds WithheldAssets Excluding Funds Withheld
Fixed maturity securities, available-for-sale$107,328 $3,907 $103,421 
Equity securities300 3 297 
Mortgage loans11,318 753 10,565 
Policy loans3,703 — 3,703 
Funds withheld at interest8,390 1,345 7,045 
Limited partnerships and real estate joint ventures4,093 100 3,993 
Short-term investments357 4 353 
Other invested assets1,525 — 1,525 
Total invested assets$137,014 $6,112 $130,902 
December 31, 2025
Total InvestmentsFunds WithheldAssets Excluding Funds Withheld
Fixed maturity securities, available-for-sale$101,769 $4,033 $97,736 
Equity securities311 2 309 
Mortgage loans11,104 821 10,283 
Policy loans3,541 — 3,541 
Funds withheld at interest8,149 1,360 6,789 
Limited partnerships and real estate joint ventures3,747 88 3,659 
Short-term investments346 9 337 
Other invested assets1,514 — 1,514 
Total invested assets$130,481 $6,313 $124,168 

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities
March 31, 2026
 Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Estimated Fair
Value		% of
Total
Available-for-sale:
   Corporate$77,736 $211 $676 $4,973 $73,228 68.2 %
   Canadian government4,897 — 251 133 5,015 4.7 %
   Japanese government9,873 — — 2,056 7,817 7.3 %
   Korean government1,346 — — 183 1,163 1.1 %
   ABS7,436 21 44 178 7,281 6.8 %
   CMBS2,367 — 25 57 2,335 2.2 %
   RMBS1,599 — 18 74 1,543 1.4 %
   U.S. government2,805 — 14 257 2,562 2.4 %
   State and political subdivisions737 — 2 84 655 0.6 %
   Other foreign government6,180 — 37 488 5,729 5.3 %
Total fixed maturity securities$114,976 $232 $1,067 $8,483 $107,328 100.0 %


December 31, 2025
 Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Estimated Fair
Value		% of
Total
Available-for-sale:
   Corporate$72,736 $189 $1,142 $3,952 $69,737 68.5 %
   Canadian government4,920 — 286 106 5,100 5.1 %
   Japanese government6,516 — 1 1,816 4,701 4.6 %
   Korean government1,407 — 1 96 1,312 1.3 %
   ABS7,478 21 69 157 7,369 7.2 %
   CMBS2,179 — 35 52 2,162 2.1 %
   RMBS1,615 — 26 72 1,569 1.5 %
   U.S. government3,508 — 27 248 3,287 3.3 %
   State and political subdivisions737 — 2 79 660 0.6 %
   Other foreign government6,168 — 83 379 5,872 5.8 %
Total fixed maturity securities$107,264 $210 $1,672 $6,957 $101,769 100.0 %

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Corporate Fixed Maturity Securities by Industry
 March 31, 2026December 31, 2025
 Amortized CostEstimated Fair Value% of Total
Average Credit Ratings (1)
Amortized CostEstimated Fair Value% of Total
Average Credit Ratings (1)
Financial institutions
Banking$8,839 $8,587 11.7 %A-$8,426 $8,352 12.0 %A-
Brokerage/asset managers/exchanges2,022 1,868 2.6 %A-1,835 1,738 2.5 %A-
Finance companies1,202 1,157 1.6 %BBB+1,132 1,114 1.6 %BBB+
Insurance6,907 6,325 8.6 %A-6,319 5,899 8.5 %A-
REITs2,039 1,900 2.5 %A-2,025 1,934 2.7 %A-
Other finance1,652 1,433 2.0 %A-1,630 1,452 2.1 %A-
      Total financial institutions$22,661 $21,270 29.0 %$21,367 $20,489 29.4 %
Industrials
Basic$3,109 $2,920 4.0 %BBB$3,033 $2,899 4.2 %BBB
Capital goods3,912 3,729 5.1 %BBB+3,598 3,463 5.0 %BBB+
Communications4,626 4,277 5.8 %BBB+4,523 4,276 6.1 %BBB+
Consumer cyclical4,478 4,262 5.8 %BBB+4,116 3,987 5.7 %BBB+
Consumer noncyclical9,326 8,774 12.0 %BBB+8,880 8,501 12.2 %BBB+
Energy6,939 6,721 9.2 %BBB+6,282 6,179 8.9 %BBB+
Technology3,674 3,436 4.7 %A-3,202 3,013 4.3 %BBB+
Transportation4,211 3,947 5.4 %A-4,088 3,904 5.6 %A-
Other industrial1,744 1,683 2.3 %BBB-1,659 1,617 2.3 %BBB
       Total industrials$42,019 $39,749 54.3 %$39,381 $37,839 54.3 %
Utilities
Electric$10,794 $10,144 13.9 %A-$9,710 $9,279 13.3 %A-
Natural gas1,706 1,568 2.1 %A-1,639 1,544 2.2 %A-
Other utility556 497 0.7 %BBB+639 586 0.8 %BBB+
       Total utilities$13,056 $12,209 16.7 %$11,988 $11,409 16.3 %
     Total$77,736 $73,228 100.0 %A-$72,736 $69,737 100.0 %A-
(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Ratings of Fixed Maturity Securities
  March 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
NAIC Designation
Rating Agency Designation(1)
Amortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of Total
1AAA/AA/A$75,437 $69,596 64.8 %$69,007 $64,571 63.4 %$67,158 $63,266 63.5 %$59,480 $55,147 64.1 %$58,522 $54,839 64.9 %
2BBB33,252 31,702 29.5 %32,330 31,423 30.9 %31,446 30,627 30.8 %26,911 25,568 29.7 %26,347 24,946 29.5 %
3BB4,436 4,371 4.1 %4,815 4,823 4.8 %4,753 4,719 4.7 %4,421 4,353 5.1 %3,880 3,849 4.6 %
4B1,334 1,269 1.2 %714 632 0.6 %807 758 0.8 %802 793 0.9 %643 639 0.8 %
5CCC393 318 0.3 %356 294 0.3 %267 184 0.2 %244 165 0.2 %287 216 0.2 %
6In or near default124 72 0.1 %42 26 — %30 19 — %30 17 — %30 18 — %
Total $114,976 $107,328 100.0 %$107,264 $101,769 100.0 %$104,461 $99,573 100.0 %$91,888 $86,043 100.0 %$89,709 $84,507 100.0 %
(1) 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, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
 Amortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimate Fair Value% of TotalAmortized CostEstimated Fair Value% of Total
ABS
Collateralized loan obligations (“CLOs”)$2,462 $2,449 21.9 %$2,486 $2,481 22.4 %$2,711 $2,707 25.5 %$2,461 $2,455 25.6 %$2,262 $2,251 24.2 %
ABS, excluding CLOs4,974 4,832 43.3 %4,992 4,888 44.0 %4,290 4,165 39.3 %3,699 3,561 37.0 %3,404 3,269 35.2 %
Total ABS7,436 7,281 65.2 %7,478 7,369 66.4 %7,001 6,872 64.8 %6,160 6,016 62.6 %5,666 5,520 59.4 %
CMBS2,367 2,335 20.9 %2,179 2,162 19.5 %2,026 1,992 18.8 %2,129 2,076 21.6 %2,334 2,267 24.4 %
RMBS
Agency351 314 2.9 %359 324 2.9 %416 381 3.6 %377 337 3.5 %385 344 3.7 %
Non-agency1,248 1,229 11.0 %1,256 1,245 11.2 %1,377 1,359 12.8 %1,216 1,185 12.3 %1,186 1,158 12.5 %
Total RMBS1,599 1,543 13.9 %1,615 1,569 14.1 %1,793 1,740 16.4 %1,593 1,522 15.8 %1,571 1,502 16.2 %
Total$11,402 $11,159 100.0 %$11,272 $11,100 100.0 %$10,820 $10,604 100.0 %$9,882 $9,614 100.0 %$9,571 $9,289 100.0 %
 
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
 As of March 31, 2026
 Less than 12 monthsEqual to or greater than 12 monthsTotal
 Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
   Corporate$26,865 $691 $21,780 $4,168 $48,645 $4,859 
   Canadian government1,488 37 650 96 2,138 133 
   Japanese government3,586 71 4,136 1,985 7,722 2,056 
   Korean government1,043 178 74 5 1,117 183 
   ABS2,962 28 1,373 143 4,335 171 
   CMBS680 7 654 48 1,334 55 
   RMBS358 2 534 72 892 74 
   U.S. government935 3 486 254 1,421 257 
   State and political subdivisions168 3 391 81 559 84 
   Other foreign government2,463 89 1,712 396 4,175 485 
Total investment grade securities$40,548 $1,109 $31,790 $7,248 $72,338 $8,357 
Below investment grade securities:
   Corporate$1,170 $29 $401 $72 $1,571 $101 
   ABS207 4 19 1 226 5 
   Other foreign government— — 9 3 9 3 
Total below investment grade securities$1,377 $33 $429 $76 $1,806 $109 
Total fixed maturity securities$41,925 $1,142 $32,219 $7,324 $74,144 $8,466 
(1) Includes securities for which an allowance for credit loss has not been recorded.
 

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
 As of December 31, 2025
 Less than 12 monthsEqual to or greater than 12 monthsTotal
 Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
   Corporate$10,591 $255 $22,666 $3,635 $33,257 $3,890 
   Canadian government1,096 34 426 72 1,522 106 
   Japanese government1,274 209 3,351 1,607 4,625 1,816 
   Korean government1,145 92 78 4 1,223 96 
   ABS2,324 15 1,149 141 3,473 156 
   CMBS— — 705 50 705 50 
   RMBS— — 562 72 562 72 
   U.S. government406 1 542 247 948 248 
   State and political subdivisions73 1 451 78 524 79 
   Other foreign government1,382 26 1,901 350 3,283 376 
Total investment grade securities$18,291 $633 $31,831 $6,256 $50,122 $6,889 
Below investment grade securities:
   Corporate$652 $25 $258 $31 $910 $56 
   ABS19 1 — — 19 1 
   Other foreign government— — 13 3 13 3 
Total below investment grade securities$671 $26 $271 $34 $942 $60 
Total fixed maturity securities$18,962 $659 $32,102 $6,290 $51,064 $6,949 
(1) Includes securities for which an allowance for credit loss has not been recorded.

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Consolidated Investment Related Gains and Losses
Three Months EndedCurrent vs.
March 31,Dec. 31,Sept. 30,June 30,March 31,Prior Year
20262025202520252025Quarter
Fixed maturity securities available-for-sale:
Change in allowance for credit losses$(22)$(49)$(28)$(29)$(6)$(16)
Impairments on fixed maturity securities(1)— (1)(2)— (1)
Realized gains on investment activity59 48 96 30 36 23 
Realized losses on investment activity(165)(118)(65)(65)(87)(78)
Net gains (losses) on fixed maturity securities available-for-sale(129)(119)2 (66)(57)(72)
Net gains (losses) on equity securities(14)1 5 3 (1)(13)
Change in mortgage loan allowance for credit losses2 (4)(6)(18)4 (2)
Limited partnerships and real estate joint venture impairment losses(22)(19)(1)(16)(5)(17)
Change in fair value of certain limited partnership investments6 (8)9 6 (7)13 
Other change in allowance for credit losses and impairments— 2 1 (3)(1)1 
Other, net— 8 4 (3)1 (1)
Freestanding derivatives (1):
Interest rate swaps6 (5)1 (1)6 — 
Interest rate options— (1)(2)(1)— — 
Total return swaps(6)(2)16 6 (6)— 
Foreign currency swaps1 7 6 (2)(3)4 
Foreign currency forwards(25)(54)(40)40 22 (47)
Foreign currency options(1)(2)(2)(2)(1)— 
Equity options(28)17 30 11 (6)(22)
Equity futures6 (3)(13)(21)9 (3)
Credit default swaps(17)21 33 21 (18)1 
Credit default index swaps options— (1)— — — — 
CPI swaps7 — 3 (1)(5)12 
Total freestanding derivatives(57)(23)32 50 (2)(55)
Embedded derivatives44 27 (33)3 (11)55 
Net gains (losses) on total derivatives(13)4 (1)53 (13)— 
Total investment related gains (losses), net$(170)$(135)$13 $(44)$(79)$(91)
(1) Freestanding derivatives are non-hedged unless specified.
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Appendix
Reconciliations of GAAP to Non-GAAP Measures

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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedCurrent vs.
March 31,Dec. 31,Sept. 30,June 30,March 31,Prior Year
20262025202520252025Quarter
U.S. and Latin America Traditional
Income before income taxes$139 $201 $123 $29 $149 $(10)
Investment and derivative gains (1)
— 3 — — — — 
Funds withheld losses - investment income— — — — — — 
Change in fair value of funds withheld embedded derivatives (1)
(1)18 13 (25)(9)8 
Other— — — — — — 
Adjusted operating income before income taxes138 222 136 4 140 (2)
Notable items (2)
— — 39 — — — 
Adjusted operating income excluding notable items, before income taxes$138 $222 $97 $4 $140 $(2)
U.S. and Latin America Financial Solutions
Income (loss) before income taxes$191 $45 $37 $(17)$34 $157 
Market risk benefits remeasurement (gains) losses22 (3)(1)(17)29 (7)
Investment and derivative (gains) losses (1)
(9)82 15 95 (17)8 
Change in fair value of funds withheld embedded derivatives (1)
(86)(25)38 22 20 (106)
Funds withheld (gains) losses - investment income(3)(2)(2)(3)(1)(2)
Derivatives - interest credited3 2 1 5 5 (2)
Other (3)
— 4 12 12 (3)3 
Adjusted operating income before income taxes118 103 100 97 67 51 
Notable items (2)
— — — — — — 
Adjusted operating income excluding notable items, before income taxes$118 $103 $100 $97 $67 $51 
Canada Traditional
Income before income taxes$37 $53 $41 $25 $32 $5 
Investment and derivative (gains) losses (1)
1 1 — — — 1 
Investment income - non-operating funds withheld at interest— — 2 1 — — 
Other— — — 2 — — 
Adjusted operating income before income taxes38 54 43 28 32 6 
Notable items (2)
— — 9 — — — 
Adjusted operating income excluding notable items, before income taxes$38 $54 $34 $28 $32 $6 
(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.
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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedCurrent vs.
March 31,Dec. 31,Sept. 30,June 30,March 31,Prior Year
20262025202520252025Quarter
Canada Financial Solutions
Income before income taxes$10 $11 $11 $9 $12 $(2)
Investment and derivative (gains) losses (1)
— (1)(4)— (1)1 
Adjusted operating income before income taxes10 10 7 9 11 (1)
Notable items (2)
— — — — — — 
Adjusted operating income excluding notable items, before income taxes$10 $10 $7 $9 $11 $(1)
Europe, Middle East and Africa Traditional
Income (loss) before income taxes$60 $18 $(190)$16 $50 $10 
Investment and derivative losses (1)
(6)— — — — (6)
Other— — (2)2 — — 
Adjusted operating income (loss) before income taxes54 18 (192)18 50 4 
Notable items (2)
— — (222)— — — 
Adjusted operating income (loss) excluding notable items, before income taxes$54 $18 $30 $18 $50 $4 
Europe, Middle East and Africa Financial Solutions
Income before income taxes$95 $133 $132 $109 $74 $21 
Investment and derivative losses (1)
(9)10 7 8 14 (23)
Change in fair value of funds withheld embedded derivatives (1)
43 (20)(18)— — 43 
Investment income - non-operating funds withheld at interest(1)— 19 (1)2 (3)
Investment (income) loss on unit-linked variable annuities1 (1)1 — — 1 
Interest credited on unit-linked variable annuities(1)1 (1)— — (1)
Adjusted operating income before income taxes128 123 140 116 90 38 
Notable items (2)
— — 24 — — — 
Adjusted operating income excluding notable items, before income taxes$128 $123 $116 $116 $90 $38 
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.
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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedCurrent vs.
March 31,Dec. 31,Sept. 30,June 30,March 31,Prior Year
20262025202520252025Quarter
Asia Pacific Traditional
Income before income taxes$125 $118 $140 $102 $106 $19 
Other— (1)(2)2 — — 
Adjusted operating income before income taxes125 117 138 104 106 19 
Notable items (2)
— — 1 — — — 
Adjusted operating income excluding notable items, before income taxes$125 $117 $137 $104 $106 $19 
Asia Pacific Financial Solutions
Income (loss) before income taxes$16 $53 $87 $89 $31 $(15)
Investment and derivative (gains) losses (1)
56 54 (8)(21)25 31 
Other(7)(20)(8)9 3 (10)
Adjusted operating income before income taxes65 87 71 77 59 6 
Notable items (2)
— — — — — — 
Adjusted operating income excluding notable items, before income taxes$65 $87 $71 $77 $59 $6 
Corporate and Other
Loss before income taxes$(232)$(122)$(61)$(21)$(119)$(113)
Investment and derivative losses (1)
165 48 (11)(5)50 115 
Investment income - non-operating funds withheld at interest— — — 1 (1)1 
Interest expense on uncertain tax positions1 — — — — 1 
Derivatives - interest credited— — — (3)5 (5)
Other1 16 14 (4)(5)6 
Adjusted operating loss before income taxes(65)(58)(58)(32)(70)5 
Notable items (2)
— — — — — — 
Adjusted operating loss excluding notable items, before income taxes$(65)$(58)$(58)$(32)$(70)$5 
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.

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Reinsurance Group of America, Incorporated
Reconciliations of RGA, Inc. Shareholders’ Equity to RGA, Inc. Shareholders’ Equity Excluding AOCI
(USD millions except per share data)
March 31,Dec. 31,Sept. 30,June 30,March 31,
20262025202520252025
RGA, Inc. shareholders’ equity$13,294 $13,461 $12,978 $12,053 $11,402 
Less effect of AOCI:
Accumulated currency translation adjustments101 121 83 130 (8)
Unrealized (depreciation) appreciation of securities(6,466)(4,807)(4,199)(4,897)(4,443)
Effect of updating discount rates on future policy benefits8,680 7,372 6,682 6,533 5,702 
Change in instrument-specific credit risk for market risk benefits4 2 1 3 6 
Pension and postretirement benefits(5)(6)(15)(17)(19)
RGA, Inc. shareholders’ equity, excluding AOCI10,980 10,779 10,426 10,301 10,164 
Year-to-date notable items, net of tax— (114)(114)— — 
RGA, Inc. shareholders’ equity, excluding AOCI and notable items$10,980 $10,893 $10,540 $10,301 $10,164 
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
March 31,Dec. 31,Sept. 30,June 30,March 31,
20262025202520252025
Book value per share$202.93 $205.63 $197.52 $182.37 $172.53 
Less effect of AOCI:
Accumulated currency translation adjustment1.54 1.85 1.27 1.96 (0.12)
Unrealized (depreciation) appreciation of securities(98.70)(73.42)(63.89)(74.10)(67.24)
Effect of updating discount rates on future policy benefits132.50 112.61 101.69 98.85 86.28 
Change in instrument-specific credit risk for market risk benefits0.06 0.03 0.01 0.05 0.09 
Pension and postretirement benefits(0.07)(0.10)(0.23)(0.26)(0.28)
Book value per share, excluding AOCI167.60 164.66 158.67 155.87 153.80 
Less effect of B36:(0.32)(0.84)(1.16)(0.76)(0.80)
Book value per share, excluding AOCI and B36$167.92 $165.50 $159.83 $156.63 $154.60 

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Reinsurance Group of America, Incorporated
Non-GAAP Disclosures
This Quarterly Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated (the “Company”) with the SEC. The consolidated financial information herein includes the assets, liabilities, and results of operations of the Company and its subsidiaries.
Non-GAAP Financial Measures
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 the Company’s 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 or in other public disclosures made 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 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 adjusted 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 any of the above items can be volatile and may not reflect the underlying performance of the Company’s businesses. 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.

Adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments, and is presented in our financial statement footnotes in accordance with ASC 280 – “Segment Reporting.” Adjusted operating income (loss) before income taxes, when presented on a consolidated basis, is a non-GAAP financial measure.

2. Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items, and adjusted operating income per diluted share, excluding notable items. Notable items are items that 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.
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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.
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 the Company’s 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;
•Shareholders’ average equity position excluding AOCI, B36 and notable items;
•Book value per share, excluding AOCI and B36; and

5. Adjusted operating return on equity and adjusted operating return on equity, excluding notable items. Adjusted operating income return on equity is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI, and adjusted operating return on equity, excluding notable items, is calculated as adjusted operating income, excluding notable items, 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 at the end of this document. Except as otherwise noted herein, the non-GAAP figures and reconciliations presented herein reflect the Company’s adoption of the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments (“LDTI”). For additional information regarding the Company’s adoption of LDTI, see Note 1 – “Business and Basis of Presentation” and Note 3 – “Impact of New Accounting Standard” in the notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The Company is unable to provide reconciliations of the intermediate term targets of consolidated adjusted operating income (loss) before taxes, adjusted operating income (loss) before taxes, excluding notable items (on both a segment-level and consolidated basis), consolidated adjusted operating ROE, respectively, which are forward-looking non-GAAP financial measures, due to, among other things, the fact that these targets are a composite of our goals for future results, the inherent difficulty in forecasting generally, and the difficulty of quantifying accurate forecasts of the numerous components comprising these calculations that would be necessary to provide any such reconciliations. In addition, actual performance in future periods may vary from the intermediate term target ranges for a variety of reasons, including known and unknown risk and uncertainties.
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