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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-11848

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact name of Registrant as specified in its charter)


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

16600 Swingley Ridge Road

Chesterfield, Missouri 63017

(Address of principal executive offices)

(636) 736-7000

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x Accelerated filer o Non-accelerated filer o

Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01

RGA

New York Stock Exchange

5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056

RZB

New York Stock Exchange

7.125% Fixed Rate Subordinated Debentures due 2052

RZC

New York Stock Exchange

As of April 27, 2026, 65,513,163 shares of the registrant’s common stock were outstanding.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

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Item		Page

	PART I – FINANCIAL INFORMATION

1	Financial Statements (Unaudited) as of March 31, 2026 and December 31, 2025 and for the Three Months Ended March 31, 2026 and 2025
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Income	4
	Condensed Consolidated Statements of Comprehensive Income	5
	Condensed Consolidated Statements of Equity	6
	Condensed Consolidated Statements of Cash Flows	7
	Notes to Condensed Consolidated Financial Statements (Unaudited)
	Note 1 Business and Basis of Presentation	8
	Note 2 Earnings Per Share	8
	Note 3 Equity	9
	Note 4 Future Policy Benefits	11
	Note 5 Policyholder Account Balances	18
	Note 6 Unpaid Claims and Claim Expense – Short-Duration Contracts	20
	Note 7 Market Risk Benefits	21
	Note 8 Deferred Policy Acquisition Costs and Other	22
	Note 9 Reinsurance	23
	Note 10 Investments	24
	Note 11 Derivative Instruments	33
	Note 12 Fair Value of Assets and Liabilities	38
	Note 13 Income Tax	44
	Note 1 4 Commitments, Contingencies and Guarantees	45
	Note 1 5 Segment Information	46
	Note 16 Financing Activities	49
	Note 1 7 New Accounting Standards	50
2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	51
3	Quantitative and Qualitative Disclosure About Market Risk	76
4	Controls and Procedures	76

	PART II – OTHER INFORMATION

1	Legal Proceedings	77
1A	Risk Factors	77
2	Unregistered Sales of Equity Securities and Use of Proceeds	77
5	Other Information	77
6	Exhibits	77
	Index to Exhibits	78
	Glossary of Selected Terms	79
	Signatures	83

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PART I – FINANCIAL INFORMATION

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share data)

(Unaudited)


	March 31, 2026		December 31, 2025
Assets
Fixed maturity securities available-for-sale, at fair value (amortized cost of $114,976 and $107,264; allowance for credit losses of $232 and $210)	$	107,328	$	101,769
Equity securities, at fair value	300		311
Mortgage loans (net of allowance for credit losses of $115 and $117)	11,318		11,104
Policy loans	3,703		3,541
Funds withheld at interest	8,390		8,149
Limited partnerships and real estate joint ventures	4,093		3,747
Short-term investments	357		346
Other invested assets	1,525		1,514
Total investments	137,014		130,481
Cash and cash equivalents	4,993		4,168
Accrued investment income	1,361		1,296
Premiums receivable and other reinsurance balances	4,259		4,475
Reinsurance ceded receivables and other	6,743		7,175
Deferred policy acquisition costs and other	6,191		6,079

Other assets	3,503		2,916
Total assets	$	164,064	$	156,590
Liabilities and equity
Future policy benefits	$	72,308	$	66,425
Interest-sensitive contract liabilities	53,540		52,095
Market risk benefits, at fair value	249		234
Other policy claims and benefits	3,051		3,011
Other reinsurance balances	1,495		1,888
Income taxes	3,182		2,998
Funds withheld payable	6,494		6,805
Other liabilities	4,256		3,873

Long-term debt	6,105		5,710

Total liabilities	150,680		143,039
Commitments and contingent liabilities (See Note 14)
Equity
Preferred stock (par value $0.01 per share, 10,000,000 shares authorized, no shares issued or outstanding)	—		—
Common stock (par value $0.01 per share, 140,000,000 shares authorized, 85,310,598 shares issued at March 31, 2026 and December 31, 2025)	1		1
Additional paid-in-capital	2,661		2,640
Retained earnings	10,375		10,151
Treasury stock, at cost – 19,801,364 and 19,846,934 shares at March 31, 2026 and December 31, 2025	(2,057)		(2,013)
Accumulated other comprehensive income	2,314		2,682
Total Reinsurance Group of America, Inc. shareholders’ equity	13,294		13,461
Noncontrolling interest	90		90
Total equity	13,384		13,551
Total liabilities and equity	$	164,064	$	156,590

See accompanying notes to condensed consolidated financial statements (unaudited).

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per share amounts)

(Unaudited)


	Three months ended March 31,
		2026		2025
Revenues
Net premiums		$	4,595	$	4,019
Net investment income		1,701		1,232
Investment related gains (losses), net		(170)		(79)
Other revenues		368		88
Total revenues		6,494		5,260
Benefits and expenses
Claims and other policy benefits		4,621		3,822
Future policy benefits remeasurement (gains) losses		(7)		(56)
Market risk benefits remeasurement (gains) losses		22		29
Interest credited		480		299
Policy acquisition costs and other insurance expenses		512		417
Other operating expenses		326		300
Interest expense		99		80

Total benefits and expenses		6,053		4,891
Income before income taxes		441		369
Provision for income taxes		110		81
Net income		331		288
Net income attributable to noncontrolling interest		1		2
Net income available to Reinsurance Group of America, Inc. shareholders		$	330	$	286

Earnings per share
Basic earnings per share		$	5.04	$	4.33
Diluted earnings per share		$	4.98	$	4.27

See accompanying notes to condensed consolidated financial statements (unaudited).

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(Unaudited)


	Three months ended March 31,
		2026		2025
Comprehensive income (loss)
Net income		$	331	$	288
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustments		(20)		11
Net unrealized investment gains (losses)		(1,659)		83
Effect of updating discount rates on future policy benefits		1,308		290
Change in instrument-specific credit risk for market risk benefits		2		4
Defined benefit pension and postretirement plan adjustments		1		1
Total other comprehensive income (loss), net of income taxes		(368)		389
Total comprehensive income (loss)		(37)		677
Comprehensive income (loss) attributable to noncontrolling interest		1		2
Total comprehensive income (loss) attributable to Reinsurance Group of America, Inc.		$	(38)	$	675

See accompanying notes to condensed consolidated financial statements (unaudited).

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(in millions except per share amounts)

(Unaudited)


	Common Stock		Additional Paid In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Total RGA, Inc. Shareholders’ Equity		Noncontrolling Interest		Total Equity
Balance, December 31, 2025	$	1	$	2,640	$	10,151	$	(2,013)	$	2,682	13,461		$	90	$	13,551
Change in equity of noncontrolling interest													(1)		(1)
Net income					330						330		1		331
Other comprehensive income (loss), net of income taxes									(368)		(368)				(368)
Dividends to shareholders, $0.93 per share					(61)						(61)				(61)
Share repurchase program							(50)				(50)				(50)
Equity based plans, net of shares withheld for taxes			21		(45)		6				(18)				(18)
Balance, March 31, 2026	$	1	$	2,661	$	10,375	$	(2,057)	$	2,314	$	13,294	$	90	$	13,384


	Common Stock		Additional Paid In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Total RGA, Inc. Shareholders’ Equity		Noncontrolling Interest		Total Equity
Balance, December 31, 2024	$	1	$	2,600	$	9,255	$	(1,889)	$	849	10,816		$	90	$	10,906
Change in equity of noncontrolling interest													(2)		(2)
Net income					286						286		2		288
Other comprehensive income, net of income taxes									389		389				389
Dividends to shareholders, $0.89 per share					(59)						(59)				(59)
Share repurchase program							—				—				—
Equity based plans, net of shares withheld for taxes			8		(39)		1				(30)				(30)
Balance, March 31, 2025	$	1	$	2,608	$	9,443	$	(1,888)	$	1,238	$	11,402	$	90	$	11,492

See accompanying notes to condensed consolidated financial statements (unaudited).

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(Unaudited)


	Three months ended March 31,
	2026		2025

Net cash provided by operating activities	2,873		1,429
Cash flows from investing activities
Sales of fixed maturity securities available-for-sale	9,596		7,187
Purchases of fixed maturity securities available-for-sale	(13,149)		(8,512)
Maturities of fixed maturity securities available-for-sale	326		217
Sales of equity securities	16		—

Principal payments on mortgage loans	373		163
Cash invested in mortgage loans	(603)		(635)
Net deposits in funds withheld at interest	82		120
Sales of limited partnerships and real estate joint ventures	136		52
Purchases of limited partnerships and real estate joint ventures	(436)		(239)
Sales of short-term investments	251		200
Purchases of short-term investments	(358)		(394)
Maturities of short-term investments	140		110
Change in other invested assets	(84)		8

Other, net	13		28
Net cash used in investing activities	(3,697)		(1,695)
Cash flows from financing activities
Dividends to shareholders	(61)		(59)
Proceeds from long-term debt issuance, net	395		691
Principal payments of long-term debt	(1)		(1)
Purchases of treasury stock	(94)		(38)
Treasury stock reissued	5		—
Change in cash collateral for derivatives and repurchase/reverse repurchase agreements	(199)		(8)
Change in deposit asset on reinsurance	43		50
Deposits on investment-type policies and contracts	2,990		2,559
Withdrawals on investment-type policies and contracts	(1,412)		(1,127)
Net cash provided by financing activities	1,666		2,067
Effect of exchange rate changes on cash	(17)		24
Change in cash and cash equivalents	825		1,825
Cash and cash equivalents, beginning of period	4,168		3,326
Cash and cash equivalents, end of period	$	4,993	$	5,151
Supplemental disclosures of cash flow information
Interest paid	$	87	$	61
Income taxes paid, net of refunds	$	37	$	63
Non-cash investing activities
Transfer of invested assets	$	4,619	$	4,707

See accompanying notes to condensed consolidated financial statements (unaudited).

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

NOTE 1 BUSINESS AND BASIS OF PRESENTATION

Business

Reinsurance Group of America, Incorporated (“RGA” and, collectively with its subsidiaries, the “Company”) is an insurance holding company that was formed on December 31, 1992. The Company is engaged in providing traditional reinsurance, which includes individual and group life and health, disability and critical illness reinsurance. The Company also provides financial solutions, which includes longevity reinsurance, asset-intensive products, primarily annuities, financial reinsurance, capital solutions, pension risk transfer (“PRT”) and stable value products.

Basis of Presentation

The unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s 2025 Annual Report on Form 10-K filed with the SEC on February 20, 2026 (the “2025 Annual Report”).

In the opinion of management, all adjustments, including normal recurring adjustments necessary for a fair presentation, have been included. Interim results are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

Consolidation

These unaudited condensed consolidated financial statements include the accounts of RGA and its subsidiaries, and all intercompany accounts and transactions have been eliminated. Entities for which the Company has significant influence over the operating and financing decisions but are not required to be consolidated are reported under the equity method of accounting.

NOTE 2 EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share on net income (in millions, except per share information):


	Three months ended March 31,
		2026		2025
Earnings:
Net income (numerator for basic and diluted calculations)		$	331	$	288
Less: Net income attributable to noncontrolling interest		1		2
Net income available to RGA, Inc. shareholders		$	330	$	286
Shares:
Weighted average outstanding shares (denominator for basic calculation)		65		66
Equivalent shares from outstanding stock awards		1		1
Diluted shares (denominator for diluted calculation)		66		67
Earnings per share:
Basic		$	5.04	$	4.33
Diluted		$	4.98	$	4.27

The calculation of common equivalent shares does not include the impact of stock awards with a conversion price that exceeds the average stock price for the earnings period as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance share awards as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period.

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NOTE 3 EQUITY

Common stock

The changes in number of common stock shares issued, held in treasury and outstanding are as follows for the periods presented:


	Issued	Held In Treasury	Outstanding
Balance, December 31, 2025	85,310,598	19,846,934	65,463,664
Common stock acquired	—	225,638	(225,638)
Equity based plans	—	(271,208)	271,208
Balance, March 31, 2026	85,310,598	19,801,364	65,509,234


	Issued	Held In Treasury	Outstanding
Balance, December 31, 2024	85,310,598	19,438,336	65,872,262
Common stock acquired	—	—	—
Equity based plans	—	(213,499)	213,499
Balance, March 31, 2025	85,310,598	19,224,837	66,085,761

Common Stock Held in Treasury

Common stock held in treasury is accounted for at average cost. Gains resulting from the reissuance of common stock held in treasury are credited to additional paid-in capital. Losses resulting from the reissuance of common stock held in treasury are charged first to additional paid-in capital to the extent that the Company has previously recorded gains on treasury share transactions, then to retained earnings.

On January 29, 2026, the board of directors authorized a share repurchase program for up to $500 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. During the three months ended March 31, 2026, the Company repurchased 225,638 shares of common stock under this program. As of March 31, 2026, the aggregate amount remaining under the Company’s share repurchase authorization was approximately $450 million.

Repurchases will be made in accordance with applicable securities laws, through market transactions, block trades, privately negotiated transactions or other means, or a combination of these methods, with the timing and number of shares repurchased dependent on a variety of factors, including share price, corporate and regulatory requirements, and market and business conditions. Repurchases may be commenced or suspended from time to time without prior notice.

Noncontrolling Interest

In 2022, Papara Financing LLC (“Papara”), a subsidiary of RGA Reinsurance Company, issued nonconvertible preferred interests to an unaffiliated third party. The membership interests in Papara consist of common interests, which are held by RGA Reinsurance Company, and preferred interests. The preferred interests total $90 million. The preferred interests are included in noncontrolling interest, and net income attributable to noncontrolling interest was $1 million for the three months ended March 31, 2026.

Accumulated Other Comprehensive Income (Loss)

The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended March 31, 2026 and 2025 are as follows (dollars in millions):


	Accumulated Other Comprehensive Income (Loss), Net of Income Tax
	Foreign Currency Translation Adjustments		Net Unrealized Investment Gains (Losses) (1)		Pension and Postretirement Benefits		Effect of Updating Discount Rates on Future Policy Benefits		Instrument-Specific Credit Risk for Market Risk Benefits		Total
Balance, December 31, 2025	$	121	$	(4,807)	$	(6)	$	7,372	$	2	$	2,682
Other comprehensive income (loss) before reclassifications	(28)		(2,251)		—		1,664		3		(612)
Amounts reclassified to (from) AOCI	—		143		2		—		—		145
Deferred income tax benefit (expense)	8		449		(1)		(356)		(1)		99
Balance, March 31, 2026	$	101	$	(6,466)	$	(5)	$	8,680	$	4	$	2,314

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	Accumulated Other Comprehensive Income (Loss), Net of Income Tax
	Foreign Currency Translation Adjustments		Net Unrealized Investment Gains (Losses) (1)		Pension and Postretirement Benefits		Effect of Updating Discount Rates on Future Policy Benefits		Instrument-Specific Credit Risk for Market Risk Benefits		Total
Balance, December 31, 2024	$	(19)	$	(4,526)	$	(20)	$	5,412	$	2	$	849
Other comprehensive income (loss) before reclassifications	(4)		27		1		367		5		396
Amounts reclassified to (from) AOCI	—		76		—		—		—		76
Deferred income tax benefit (expense)	15		(20)		—		(77)		(1)		(83)
Balance, March 31, 2025	$	(8)	$	(4,443)	$	(19)	$	5,702	$	6	$	1,238

(1)Includes cash flow hedges of $(819) and $(748) as of March 31, 2026 and December 31, 2025, respectively, and $(485) and $(495) as of March 31, 2025 and December 31, 2024, respectively. See Note 11 – “Derivative Instruments” for additional information on cash flow hedges.

The following table presents the amounts of AOCI reclassifications for the three months ended March 31, 2026 and 2025 (dollars in millions):


		Amount Reclassified from AOCI
	Three months ended March 31,			Affected Line Item in Statements of Income
Details about AOCI Components		2026				2025
Net unrealized investment gains (losses):
Net unrealized gains (losses) on available-for-sale securities		$	(126)	$	(60)		Investment related gains (losses), net
Cash flow hedges – Interest rate		1		1			(1)
Cash flow hedges – Foreign currency		(18)		(17)			(1)

Total		(143)		(76)
Provision for income taxes		39		13
Net unrealized gains (losses), net of tax		$	(104)	$	(63)

Amortization of defined benefit plan items:
Prior service cost (credit)		$	—	$	—
Actuarial gains (losses)		(2)		—
Total		(2)		—
Provision for income taxes		—		—
Amortization of defined benefit plans, net of tax		$	(2)	$	—

Total reclassifications for the period		$	(106)	$	(63)

(1)See Note 11 for information on cash flow hedges.

Long-Term Incentive Compensation

Equity compensation expense was $21 million and $7 million for the three months ended March 31, 2026 and 2025, respectively. In the first quarter of 2026, the Company granted 132,831 stock appreciation rights at $200.50 weighted average exercise price per share, 137,999 performance shares and 93,299 restricted stock units to employees. As of March 31, 2026, 1,184,100 share awards at a weighted average strike price per share of $132.25 were vested and exercisable with a remaining weighted average exercise period of 4.5 years. As of March 31, 2026, the total compensation cost of non-vested awards not yet recognized in the financial statements was $87 million. It is estimated that these costs will vest over a weighted average period of 1.24 years.

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NOTE 4 FUTURE POLICY BENEFITS

It is the Company’s policy to complete its annual assumptions review during the third quarter of each year. However, each period, the Company reviews actual and anticipated experience compared to the assumptions used to compute the liability for future policy benefits and will update those assumptions in the period that indicates an assumption update is necessary.

Traditional Business

The following tables provide the balances of and changes in the Company’s liability for future policy benefits for long-duration reinsurance contracts for its Traditional business, which primarily consists of individual life, group life and critical illness reinsurance for the three months ended March 31, 2026 and 2025 (dollars in millions). During the first quarter, the Company reclassified amounts previously presented in the “Derecognition” line related to recaptures and treaty amendments that resulted in the termination of an existing treaty and the reissuance under a new treaty to the “Effects of actual variances from expected experience” line in the rollforwards below. Prior periods have been recast to conform with the current presentation. This change in presentation did not affect the consolidated balance sheet, income statement or cash flows previously reported.


For the three months ended March 31, 2026:	U.S. and Latin America – Traditional		Canada – Traditional		Europe, Middle East and Africa – Traditional		Asia Pacific – Traditional
Present Value of Expected Net Premiums
Beginning of year balance at original discount rate	$	79,828	$	23,247	$	18,353	$	50,206
Effect of changes in cash flow assumptions	—		—		—		—
Effect of actual variances from expected experience	(449)		(52)		322		15
Adjusted balance, beginning of year	79,379		23,195		18,675		50,221
Issuances (1)	1,371		109		957		2,182
Interest accrual (2)	902		201		165		362
Net premiums collected (3)	(1,314)		(253)		(531)		(640)
Foreign currency translation	—		(314)		(359)		(604)
Ending balance at original discount rate	80,338		22,938		18,907		51,521
Effect of changes in discount rate assumptions	(9,217)		(4,901)		(3,560)		(13,256)
Balance, end of period	$	71,121	$	18,037	$	15,347	$	38,265

Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate	$	94,710	$	26,896	$	20,363	$	55,572
Effect of changes in cash flow assumptions	—		—		—		—
Effect of actual variances from expected experience	(455)		(56)		312		23
Adjusted balance, beginning of year	94,255		26,840		20,675		55,595
Issuances (1)	1,371		109		967		2,171
Interest accrual (2)	1,082		257		177		410
Benefit payments (4)	(1,369)		(262)		(496)		(529)
Foreign currency translation	—		(365)		(394)		(632)
Ending balance at original discount rate	95,339		26,579		20,929		57,015
Effect of changes in discount rate assumptions	(11,719)		(4,461)		(4,195)		(15,811)
Balance, end of period	$	83,620	$	22,118	$	16,734	$	41,204

Liability for future policy benefits	$	12,499	$	4,081	$	1,387	$	2,939
Less: reinsurance recoverable	(813)		(248)		(14)		(70)
Net liability for future policy benefits	$	11,686	$	3,833	$	1,373	$	2,869


Weighted average duration of the liability (in years)	11		14		8		15
Weighted average interest accretion rate	4.6	%	3.7	%	3.5	%	2.9	%
Weighted average current discount rate	5.7	%	5.1	%	6.2	%	4.9	%

(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new insurance contracts that became effective during the current period and new policies assumed on existing contracts.

(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.

(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.

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(4)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal and other benefit payments based on current assumptions.


For the three months ended March 31, 2025:	U.S. and Latin America – Traditional		Canada – Traditional		Europe, Middle East and Africa – Traditional		Asia Pacific – Traditional
Present Value of Expected Net Premiums
Beginning of year balance at original discount rate	$	77,881	$	20,928	$	15,911	$	44,801
Effect of changes in cash flow assumptions	—		—		—		—
Effect of actual variances from expected experience	(300)		23		199		(195)
Adjusted balance, beginning of year	77,581		20,951		16,110		44,606
Issuances (1)	3,467		100		438		1,327
Interest accrual (2)	887		179		140		304
Net premiums collected (3)	(3,049)		(231)		(454)		(594)
Foreign currency translation	1		(6)		517		135
Ending balance at original discount rate	78,887		20,993		16,751		45,778
Effect of changes in discount rate assumptions	(8,126)		(3,839)		(3,099)		(12,641)
Balance, end of period	$	70,761	$	17,154	$	13,652	$	33,137

Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate	$	90,711	$	24,309	$	17,365	$	49,712
Effect of changes in cash flow assumptions	—		—		—		—
Effect of actual variances from expected experience	(349)		23		190		(211)
Adjusted balance, beginning of year	90,362		24,332		17,555		49,501
Issuances (1)	3,467		100		438		1,327
Interest accrual (2)	1,061		231		150		347
Benefit payments (4)	(1,332)		(261)		(401)		(524)
Foreign currency translation	2		(5)		568		152
Ending balance at original discount rate	93,560		24,397		18,310		50,803
Effect of changes in discount rate assumptions	(10,348)		(3,093)		(3,481)		(14,999)
Balance, end of period	$	83,212	$	21,304	$	14,829	$	35,804

Liability for future policy benefits	$	12,451	$	4,150	$	1,177	$	2,667
Less: reinsurance recoverable	(800)		(259)		(19)		(75)
Net liability for future policy benefits	$	11,651	$	3,891	$	1,158	$	2,592


Weighted average duration of the liability (in years)	11		14		8		15
Weighted average interest accretion rate	4.6	%	3.7	%	3.4	%	2.8	%
Weighted average current discount rate	5.6	%	4.7	%	5.8	%	4.7	%

(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.

(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.

Table of Contents

The Company’s Traditional business actual-to-expected variances, including the effects of treaty recaptures, and the effects of changes in cash flow and discount rate assumptions for the three months ended March 31, 2026 and 2025 are summarized in the tables below:

For the three months ended March 31, 2026:

Segment

Liability for future policy benefits at original discount rate

Changes in cash flow assumptions

Actual-to-expected variance

Impact of updating discount rate recognized in OCI

U.S. and Latin America – Traditional

$15.0 billion

None

$(6) million

$(305) million

Canada – Traditional

$3.6 billion

None

$(4) million

$(54) million

Europe, Middle East and Africa – Traditional

$2.0 billion

None

$(10) million

$(70) million

Asia Pacific – Traditional

$5.5 billion

None

$8 million

$(68) million

For the three months ended March 31, 2025:

Segment

Liability for future policy benefits at original discount rate

Change in cash flow assumptions

Actual-to-expected variance

Impact of updating discount rate recognized in OCI

U.S. and Latin America – Traditional

$14.7 billion

None

$(49) million

$70 million

Canada – Traditional

$3.4 billion

None

$27 million

Europe, Middle East and Africa – Traditional

$1.6 billion

None

$(9) million

$(48) million

Asia Pacific – Traditional

$5.0 billion

None

$(16) million

$(50) million

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Financial Solutions Business

The following tables provide the balances of and changes in the Company’s liability for future policy benefits, including the deferred profit liability related to the longevity business, for its Financial Solutions business, which primarily consists of longevity reinsurance, asset-intensive products (primarily annuities), financial reinsurance and pension risk transfer transactions, for the three months ended March 31, 2026 and 2025 (dollars in millions). During the first quarter the Company reclassified amounts previously presented in the “Derecognition” line related to recaptures and treaty amendments that resulted in the termination of an existing treaty and the reissuance under a new treaty to the “Effects of actual variances from expected experience” line in the rollforwards below. Prior periods have been recast to conform with the current presentation. This change in presentation did not affect the consolidated balance sheet, income statement or cash flows previously reported.


For the three months ended March 31, 2026:	U.S. and Latin America – Financial Solutions		Canada – Financial Solutions		Europe, Middle East and Africa – Financial Solutions		Asia Pacific – Financial Solutions
Present Value of Expected Net Premiums
Beginning of year balance at original discount rate	$	2,627	$	3,518	$	87,259	$	2,106
Effect of changes in cash flow assumptions	—		—		—		—
Effect of actual variances from expected experience	(12)		2		62		15
Adjusted balance, beginning of year	2,615		3,520		87,321		2,121
Issuances (1)	528		—		5,662		6,553
Interest accrual (2)	26		32		871		11
Net premiums collected (3)	(567)		(90)		(1,765)		(7,015)
Foreign currency translation	—		(48)		(1,684)		(19)
Ending balance at original discount rate	2,602		3,414		90,405		1,651
Effect of changes in discount rate assumptions	(219)		(231)		(13,781)		(836)
Balance, end of period	$	2,383	$	3,183	$	76,624	$	815

Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate	$	13,388	$	8,160	$	98,153	$	16,870
Effect of changes in cash flow assumptions	—		—		—		—
Effect of actual variances from expected experience	—		1		51		14
Adjusted balance, beginning of year	13,388		8,161		98,204		16,884
Issuances (1)	534		—		5,662		6,553
Interest accrual (2)	160		88		976		131
Benefit payments (4)	(330)		(133)		(1,995)		(231)
Foreign currency translation	—		(110)		(1,873)		(237)
Ending balance at original discount rate	13,752		8,006		100,974		23,100
Effect of changes in discount rate assumptions	(583)		(294)		(15,093)		(4,993)
Balance, end of period	$	13,169	$	7,712	$	85,881	$	18,107

Cumulative amount of fair value hedging adjustments	$	(3)	$	—	$	—	$	—

Liability for future policy benefits	$	10,783	$	4,529	$	9,257	$	17,292
Less: reinsurance recoverable	(2,984)		—		—		—
Net liability for future policy benefits	$	7,799	$	4,529	$	9,257	$	17,292


Weighted average duration of the liability (in years)	9		12		9		12
Weighted average interest accretion rate	4.4	%	4.1	%	4.0	%	2.5	%
Weighted average current discount rate	5.5	%	5.0	%	5.9	%	5.0	%

(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.

(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.

Table of Contents


For the three months ended March 31, 2025:	U.S. and Latin America – Financial Solutions		Canada – Financial Solutions		Europe, Middle East and Africa – Financial Solutions		Asia Pacific – Financial Solutions
Present Value of Expected Net Premiums
Beginning of year balance at original discount rate	$	1,346	$	3,614	$	71,360	$	2,758
Effect of changes in cash flow assumptions	—		—		—		—
Effect of actual variances from expected experience	—		(7)		(261)		3
Adjusted balance, beginning of year	1,346		3,607		71,099		2,761
Issuances (1)	2,113		—		1,347		1,731
Interest accrual (2)	10		33		622		11
Net premiums collected (3)	(2,178)		(92)		(1,354)		(2,085)
Foreign currency translation	—		(2)		2,485		146
Ending balance at original discount rate	1,291		3,546		74,199		2,564
Effect of changes in discount rate assumptions	(231)		(149)		(10,155)		(394)
Balance, end of period	$	1,060	$	3,397	$	64,044	$	2,170

Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate	$	9,489	$	7,934	$	78,290	$	14,626
Effect of changes in cash flow assumptions	—		—		—		—
Effect of actual variances from expected experience	(1)		(7)		(264)		—
Adjusted balance, beginning of year	9,488		7,927		78,026		14,626
Issuances (1)	2,113		—		1,347		1,731
Interest accrual (2)	133		86		684		70
Benefit payments (4)	(259)		(110)		(1,472)		(150)
Foreign currency translation	—		(2)		2,712		638
Ending balance at original discount rate	11,475		7,901		81,297		16,915
Effect of changes in discount rate assumptions	(535)		92		(11,177)		(2,345)
Balance, end of period	$	10,940	$	7,993	$	70,120	$	14,570

Cumulative amount of fair value hedging adjustments	$	6	$	—	$	—	$	—

Liability for future policy benefits	$	9,886	$	4,596	$	6,076	$	12,400
Less: reinsurance recoverable	(1,370)		—		—		—
Net liability for future policy benefits	$	8,516	$	4,596	$	6,076	$	12,400


Weighted average duration of the liability (in years)	9		13		9		15
Weighted average interest accretion rate	4.1	%	4.1	%	3.5	%	1.7	%
Weighted average current discount rate	5.5	%	4.6	%	5.4	%	3.3	%

(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.

(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.

Table of Contents

The Company’s Financial Solutions business actual-to-expected variances, including the effects of model updates and treaty recaptures, and the effects of changes in cash flow and discount rate assumptions for the three months ended March 31, 2026 and 2025 are summarized in the tables below:

For the three months ended March 31, 2026:

Segment

Liability for future policy benefits at original discount rate

Changes in cash flow assumptions

Actual-to-expected variance

Impact of updating discount rate recognized in OCI

U.S. and Latin America – Financial Solutions

$11.2 billion

None

$12 million

$(166) million

Canada – Financial Solutions

$4.6 billion

None

$(1) million

$(35) million

Europe, Middle East and Africa – Financial Solutions

$10.6 billion

None

$(11) million

$(421) million

Asia Pacific – Financial Solutions

$21.4 billion

None

$(1) million

$(619) million

For the three months ended March 31, 2025:

Segment

Liability for future policy benefits at original discount rate

Changes in cash flow assumptions

Actual-to-expected variance

Impact of updating discount rate recognized in OCI

U.S. and Latin America – Financial Solutions

$10.2 billion

None

$(1) million

$93 million

Canada – Financial Solutions

$4.4 billion

None

$49 million

Europe, Middle East and Africa – Financial Solutions

$7.1 billion

None

$(3) million

$(127) million

Asia Pacific – Financial Solutions

$14.4 billion

None

$(3) million

$(365) million

Reconciliation and Other Disclosures

The reconciliation of the rollforward of the liability for future policy benefits to the condensed consolidated balance sheets as of March 31, 2026, and 2025 are as follows (dollars in millions):


	March 31,
	2026		2025
Liability for future policy benefits included in the rollforwards:
Traditional:
U.S. and Latin America	$	12,499	$	12,451
Canada	4,081		4,150
Europe, Middle East and Africa	1,387		1,177
Asia Pacific	2,939		2,667
Financial Solutions:
U.S. and Latin America	10,783		9,886
Canada	4,529		4,596
Europe, Middle East and Africa	9,257		6,076
Asia Pacific	17,292		12,400
Other long-duration contracts	265		136
Claims liability and incurred but not reported claims	6,420		5,367
Additional liability	442		101
Unearned revenue liability	793		829
Cost of reinsurance liability	1,621		—
Total liability for future policy benefits	$	72,308	$	59,836

Table of Contents

The amount of undiscounted and discounted expected future gross premiums and expected future benefit payments for the liability for future policy benefits included in the rollforwards as of March 31, 2026, and 2025 is as follows (dollars in millions):


	March 31,
	2026				2025
	Undiscounted		Discounted		Undiscounted		Discounted
Expected future gross premiums
Traditional:
U.S. and Latin America	$	195,188	$	85,394	$	183,915	$	84,218
Canada	57,804		22,345		52,094		21,326
Europe, Middle East and Africa	32,244		17,060		28,701		15,240
Asia Pacific	127,336		48,532		104,940		42,040
Financial Solutions:
U.S. and Latin America	5,240		3,258		2,648		1,666
Canada	5,344		3,506		5,689		3,768
Europe, Middle East and Africa	165,527		77,830		129,865		65,091
Asia Pacific	5,957		3,776		5,292		3,707

Expected future benefit payments
Traditional:
U.S. and Latin America	$	201,880	$	83,620	$	196,448	$	83,212
Canada	58,661		22,118		53,586		21,304
Europe, Middle East and Africa	32,795		16,734		28,718		14,829
Asia Pacific	121,664		41,204		101,929		35,804
Financial Solutions:
U.S. and Latin America	26,202		13,169		22,679		10,940
Canada	17,277		7,712		17,252		7,993
Europe, Middle East and Africa	179,589		85,881		139,460		70,120
Asia Pacific	43,292		18,107		27,778		14,570

The amount of gross premiums and interest expense recognized in the condensed consolidated statements of income for the liability for future policy benefits included in the rollforwards for the three months ended March 31, 2026 and 2025 are as follows (dollars in millions):


	Gross Premiums				Interest Expense
	March 31,				March 31,
	2026		2025		2026		2025
Traditional:
U.S. and Latin America	$	1,584	$	1,589	$	180	$	174
Canada	282		264		56		52
Europe, Middle East and Africa	492		444		12		10
Asia Pacific	807		738		48		43
Financial Solutions:
U.S. and Latin America	189		105		$	134	$	123
Canada	45		52		56		53
Europe, Middle East and Africa	347		255		105		62
Asia Pacific	149		111		120		59
Total	$	3,895	$	3,558	$	711	$	576

During the three months ended March 31, 2026 and 2025, no material charges were incurred resulting from net premiums exceeding gross premiums.

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NOTE 5 POLICYHOLDER ACCOUNT BALANCES

Policyholder Account Balances

The following tables provide the balances of and changes in the Company’s liability for its policyholder account balances, reflected in interest-sensitive contract liabilities, for the three months ended March 31, 2026 and 2025 (dollars in millions):


For the three months ended March 31, 2026:	U.S. and Latin America – Traditional			U.S. and Latin America – Financial Solutions			Asia Pacific – Financial Solutions
Balance, beginning of year	$	3,318		$	26,186		$	7,804
Deposits	93			630			1,453
Policy charges	(81)			(198)			(9)
Surrenders and withdrawals	(27)			(416)			(182)
Benefit payments	(101)			(167)			(77)
Interest credited	39			264			93
Foreign currency translation	—			—			21
Balance, end of period	$	3,241		$	26,299		$	9,103
Less: reinsurance recoverable	—			(2,573)			—
Balance, end of period, after reinsurance	$	3,241		$	23,726		$	9,103

Weighted average crediting rate	3.1		%	3.6		%	4.5		%
Net amount at risk (1)	$	27,485		$	131,090		$	—
Cash surrender value	$	3,234		$	25,993		$	8,634


For the three months ended March 31, 2025:	U.S. and Latin America – Traditional			U.S. and Latin America – Financial Solutions			Asia Pacific – Financial Solutions
Balance, beginning of year	$	3,273		$	16,432		$	4,285
Deposits	105			877			390
Policy charges	(84)			(20)			(5)
Surrenders and withdrawals	(25)			(418)			(73)
Benefit payments	(18)			(123)			(75)
Interest credited	45			144			45
Foreign currency translation	—			—			5
Balance, end of period	$	3,296		$	16,892		$	4,572
Less: reinsurance recoverable	—			(2,746)			—
Balance, end of period, after reinsurance	$	3,296		$	14,146		$	4,572

Weighted average crediting rate	3.1		%	3.6		%	4.0		%
Net amount at risk (1)	$	25,951		$	6,422		$	—
Cash surrender value	$	3,280		$	16,680		$	4,179

(1) Net amount at risk is defined as the guaranteed amount less the account value as of the balance sheet date. The balance represents the amount of the claim the Company would incur if death claims were filed on all contracts on the balance sheet date.

Information regarding the Company’s policyholder account balances as of March 31, 2026 and 2025 are as follows (dollars in millions):


	March 31,
	2026		2025
Policyholder account balances included in the rollforwards:
Traditional:
U.S. and Latin America	$	3,241	$	3,296
Financial Solutions:
U.S. and Latin America	26,299		16,892
Asia Pacific	9,103		4,572
Other policyholder account balances
U.S. and Latin America – Financial Solutions	36		48
Total policyholder account balances	$	38,679	$	24,808

Table of Contents

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates credited to policyholders and the respective guaranteed minimums as of March 31, 2026 and 2025 is as follows (dollars in millions):


	March 31, 2026
	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point – 50 Basis Points Above		51 Basis Points – 100 Basis Points Above		101 Basis Points – 150 Basis Points Above		Greater Than 150 Basis Points Above		Total

U.S. and Latin America – Traditional	Less than 1.00%	$	788	$	—	$	—	$	—	$	—	$	788
	1.00 – 1.99%	60		1		8		—		—		69
	2.00 – 2.99%	111		—		—		1		—		112
	3.00 – 3.99%	501		7		112		—		—		620
	4.00% and Greater	692		—		45		915		—		1,652
	Total	$	2,152	$	8	$	165	$	916	$	—	$	3,241

U.S. and Latin America – Financial Solutions	Less than 1.00%	$	110	$	—	$	—	$	—	$	814	$	924
	1.00 – 1.99%	964		18		209		154		137		1,482
	2.00 – 2.99%	2,836		601		389		728		445		4,999
	3.00 – 3.99%	3,965		589		120		3		3		4,680
	4.00% and Greater	14,188		26		—		—		—		14,214
	Total	$	22,063	$	1,234	$	718	$	885	$	1,399	$	26,299

Asia Pacific – Financial Solutions	Less than 1.00%	$	272	$	—	$	—	$	—	$	—	$	272
	1.00 – 1.99%	420		—		—		—		—		420
	2.00 – 2.99%	716		—		—		—		—		716
	3.00 – 3.99%	999		—		—		—		—		999
	4.00% and Greater	6,696		—		—		—		—		6,696
	Total	$	9,103	$	—	$	—	$	—	$	—	$	9,103

Table of Contents


	March 31, 2025
	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point – 50 Basis Points Above		51 Basis Points – 100 Basis Points Above		101 Basis Points – 150 Basis Points Above		Greater Than 150 Basis Points Above		Total

U.S. and Latin America – Traditional	Less than 1.00%	$	710	$	—	$	—	$	—	$	—	$	710
	1.00 – 1.99%	56		2		8		—		—		66
	2.00 – 2.99%	108		—		—		1		—		109
	3.00 – 3.99%	491		7		115		—		—		613
	4.00% and Greater	721		50		973		54		—		1,798
	Total	$	2,086	$	59	$	1,096	$	55	$	—	$	3,296

U.S. and Latin America – Financial Solutions	Less than 1.00%	$	—	$	—	$	—	$	—	$	—	$	—
	1.00 – 1.99%	1,203		12		8		30		26		1,279
	2.00 – 2.99%	1,180		9		23		540		140		1,892
	3.00 – 3.99%	3,423		212		164		—		—		3,799
	4.00% and Greater	9,892		30		—		—		—		9,922
	Total	$	15,698	$	263	$	195	$	570	$	166	$	16,892

Asia Pacific – Financial Solutions	Less than 1.00%	$	262	$	—	$	—	$	—	$	—	$	262
	1.00 – 1.99%	442		—		—		—		—		442
	2.00 – 2.99%	479		—		—		—		—		479
	3.00 – 3.99%	984		—		—		—		—		984
	4.00% and Greater	2,405		—		—		—		—		2,405
	Total	$	4,572	$	—	$	—	$	—	$	—	$	4,572

NOTE 6 UNPAID CLAIMS AND CLAIM EXPENSE – SHORT-DURATION CONTRACTS

Rollforward of Claims and Claim Adjustment Expenses

The liability for unpaid claims for short-duration contracts is reported in other policy claims and benefits. Activity associated with unpaid claims is summarized below (dollars in millions):


	Three months ended March 31,
	2026		2025
Balance, beginning of year	$	3,011	$	2,693
Less: reinsurance recoverable	(43)		(53)
Net balance, beginning of year	2,968		2,640
Incurred:
Current year	366		505
Prior years	(7)		(13)
Total incurred	359		492
Payments:
Current year	(28)		(23)
Prior years	(308)		(307)
Total payments	(336)		(330)
Other:
Interest accretion	11		9
Foreign currency translation	(1)		1
Total other	10		10

Net balance, end of period	3,001		2,812
Plus: reinsurance recoverable	50		58
Balance, end of period	$	3,051	$	2,870

Table of Contents

Incurred claims associated with prior periods are primarily due to the development of claims for prior years being different than anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year’s liability for unpaid claims.

NOTE 7 MARKET RISK BENEFITS

The following table provides the balances of and changes in the Company’s market risk benefits for the three months ended March 31, 2026 and 2025 (dollars in millions):


	U.S. and Latin America – Financial Solutions
	Three months ended March 31,
	2026		2025
Balance, beginning of year	$	215	$	206
Balance, beginning of year, before effect of changes in the instrument-specific credit risk	217		209
Interest accrual	1		2
Attributed fees collected	6		6
Benefit payments	—		—

Effect of changes in interest rates	—		11
Effect of changes in equity markets	3		6
Effect of changes in volatility	4		1
Other market impacts	2		(2)
Actual policyholder behavior different from expected behavior	5		5
Balance, end of period, before effect of changes in the instrument-specific credit risk	238		238
Effect of changes in the instrument-specific credit risk	(4)		(8)
Balance, end of period	234		230
Less: reinsurance recoverable	—		—
Balance, end of period, after reinsurance	$	234	$	230

Net amount at risk	$	1,180	$	1,264
Weighted average attained age of contract holders (in years)	72		72

The reconciliation of the rollforward for market risk benefits to the condensed consolidated balance sheets as of March 31, 2026 and 2025 are as follows (dollars in millions):


	March 31,						March 31,
	2026						2025
	Asset (1)		Liability		Net		Asset (1)		Liability		Net
U.S. and Latin America – Financial Solutions	$	15	$	249	$	(234)	$	13	$	243	$	(230)
Total market risk benefits	$	15	$	249	$	(234)	$	13	$	243	$	(230)

(1)Included in Other assets.

Fair Value Measurement

See Note 12 – “Fair Value of Assets and Liabilities” for information about fair value measurement of assets and liabilities, except for market risk benefits.

Market risk benefits are classified within Level 3 on the fair value hierarchy. The fair value of market risk benefits is monitored through the use of attribution reports to quantify the effect of underlying sources of fair value change, including capital market inputs based on policyholder account values, interest rates and short-term and long-term implied volatility from period to period.

During the three months ended March 31, 2026 and 2025, there were no material changes made to the inputs in the market risk benefits calculations, and nonfinancial assumptions were unchanged.

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NOTE 8 DEFERRED POLICY ACQUISITION COSTS AND OTHER

Deferred policy acquisition costs and other on the condensed consolidated balance sheets include deferred policy acquisition costs and cost of reinsurance assets.

The following tables provide the balances of and changes in deferred policy acquisition costs for the Company’s Traditional business for the three months ended March 31, 2026 and 2025 (dollars in millions):


For the three months ended March 31, 2026:	U.S. and Latin America – Traditional		Canada – Traditional		Europe, Middle East and Africa – Traditional		Asia Pacific – Traditional
Balance, beginning of year	$	3,068	$	166	$	478	$	1,285
Capitalization	85		4		14		29
Amortization expense	(56)		(3)		(17)		(17)
Foreign currency translation	—		(3)		(9)		(4)
Balance, end of period	$	3,097	$	164	$	466	$	1,293


For the three months ended March 31, 2025:	U.S. and Latin America – Traditional		Canada – Traditional		Europe, Middle East and Africa – Traditional		Asia Pacific – Traditional
Balance, beginning of year	$	2,986	$	157	$	354	$	1,178
Capitalization	72		4		31		34
Amortization expense	(56)		(3)		(12)		(16)
Foreign currency translation	—		—		14		3
Balance, end of period	$	3,002	$	158	$	387	$	1,199

The following tables provide the balances of and changes in deferred policy acquisition costs for the Company’s Financial Solutions business for the three months ended March 31, 2026 and 2025 (dollars in millions):


For the three months ended March 31, 2026:	U.S. and Latin America – Financial Solutions		Canada – Financial Solutions		Europe, Middle East and Africa – Financial Solutions		Asia Pacific – Financial Solutions
Balance, beginning of year	$	508	$	21	$	—	$	525
Capitalization	11		—		—		52
Amortization expense	(15)		—		—		(20)
Foreign currency translation	—		—		—		1
Balance, end of period	$	504	$	21	$	—	$	558


For the three months ended March 31, 2025:	U.S. and Latin America – Financial Solutions		Canada – Financial Solutions		Europe, Middle East and Africa – Financial Solutions		Asia Pacific – Financial Solutions
Balance, beginning of year	$	506	$	20	$	—	$	324
Capitalization	21		—		—		38
Amortization expense	(10)		—		—		(13)
Foreign currency translation	—		—		—		—
Balance, end of period	$	517	$	20	$	—	$	349

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The reconciliation of deferred policy acquisition costs included in the rollforwards to deferred policy acquisitions costs and other on the condensed consolidated balance sheets as of March 31, 2026 and 2025 are as follows (dollars in millions):


	March 31,
	2026		2025
Deferred policy acquisition costs included in the rollforwards:
Traditional:
U.S. and Latin America	$	3,097	$	3,002
Canada	164		158
Europe, Middle East and Africa	466		387
Asia Pacific	1,293		1,199
Financial Solutions:
U.S. and Latin America	504		517
Canada	21		20
Europe, Middle East and Africa	—		—
Asia Pacific	558		349
Other deferred policy acquisition costs:
Corporate and Other	13		17
Total deferred policy acquisition costs	6,116		5,649
Cost of reinsurance asset	$	75	—
Total deferred policy acquisition costs and other	$	6,191	$	5,649

NOTE 9 REINSURANCE

Ceded Reinsurance

In the normal course of business, the Company seeks to limit its exposure to loss on any single insured and to recover a portion of benefits paid by ceding reinsurance to other insurance or reinsurance companies under excess coverage and coinsurance contracts. During the third quarter of 2024, the Company increased its per life retention limit from $8 million to $30 million effective January 1, 2025, and began notifying the Company’s retrocessionaires of the increased per life retention limit and the Company’s intention to recapture the risk ceded to the retrocessionaire in the future. The increased retention limit and updated recapture assumption resulted in a future policy benefits remeasurement loss of $136 million recognized in the third quarter of 2024.

Retrocession reinsurance treaties do not relieve the Company from its obligations to direct writing companies. Failure of retrocessionaires to honor their obligations could result in losses to the Company. Consequently, allowances would be established for amounts deemed uncollectible. The Company regularly evaluates the financial condition of the insurance companies from which it assumes and to which it cedes reinsurance. At March 31, 2026 and December 31, 2025, no allowances were deemed necessary.

Retrocessions are arranged through the Company’s retrocession pools for amounts in excess of the Company’s retention limit. As of March 31, 2026, all rated retrocession pool participants followed by the A.M. Best Company were rated “B++(Good)” or better. The Company verifies retrocession pool participants’ ratings on a quarterly basis. For a majority of the retrocessionaires that were not rated, security in the form of letters of credit or trust assets have been posted. In addition, the Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance.

During the fourth quarter of 2023, Ruby Reinsurance Company (“Ruby Re”), a Missouri-domiciled life reinsurance company to reinsure U.S. asset-intensive business, was launched with the Company as a sponsor. The Company, which is not an investor in Ruby Re, does not consolidate the entity. As of March 31, 2026, the Company has a ceded reinsurance recoverable from Ruby Re of approximately $4.1 billion.

Excluding amounts retroceded to Ruby Re, three major reinsurance companies account for approximately 33% of reinsurance ceded receivables and other as of March 31, 2026.

As of March 31, 2026 and December 31, 2025, $16 million and $6 million of claims recoverable were in excess of 90 days past due, respectively. Also included in reinsurance ceded receivables and other is a deposit asset on reinsurance of $2.6 billion as of March 31, 2026 and December 31, 2025.

Funds Withheld

Certain of the Company’s retrocession agreements, including those with Ruby Re, are on a modified coinsurance or funds withheld basis. While the economic benefits of the funds withheld assets are passed on to the assuming company, the Company retains legal ownership of the assets within the funds withheld account and established a funds withheld liability. Net investment income related to the funds withheld assets are reported in other insurance expenses, and net realized gains (losses)

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related to the assets are reported net of the amount that is passed on to the assuming company. The following assets were held in support of the Company’s funds withheld arrangements and are reported in the line items shown in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 (dollars in millions):


	March 31, 2026		December 31, 2025
Fixed maturity securities available-for-sale	$	3,907	$	4,033
Equity securities	3		2
Mortgage loans	753		821
Funds withheld at interest	1,345		1,360
Limited partnerships and real estate joint ventures	100		88
Short-term investments and cash and cash equivalents	93		60
Accrued investment income	49		50
Net other assets	1		1
Net assets	$	6,251	$	6,415

Certain assets are reported at amortized cost while the fair value of those assets is reflected in the funds withheld payable. The Company had a $6,494 million and $6,805 million funds withheld payable, net of an embedded derivative asset of $122 million and $58 million as of March 31, 2026 and December 31, 2025, respectively.

NOTE 10 INVESTMENTS

Fixed Maturity Securities Available-for-Sale

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”). ABS, CMBS and RMBS are collectively referred to as “structured securities.”

The following tables provide information relating to investments in fixed maturity securities by type as of March 31, 2026 and December 31, 2025 (dollars in millions):


March 31, 2026:	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	77,736	$	211	$	676	$	4,973	$	73,228	68.2	%
Canadian government	4,897		—		251		133		5,015		4.7
Japanese government	9,873		—		—		2,056		7,817		7.3
Korean government	1,346		—		—		183		1,163		1.1
ABS	7,436		21		44		178		7,281		6.8
CMBS	2,367		—		25		57		2,335		2.2
RMBS	1,599		—		18		74		1,543		1.4
U.S. government	2,805		—		14		257		2,562		2.4
State and political subdivisions	737		—		2		84		655		0.6
Other foreign government	6,180		—		37		488		5,729		5.3
Total fixed maturity securities	$	114,976	$	232	$	1,067	$	8,483	$	107,328	100.0	%

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

The Company monitors its concentrations of financial instruments on an ongoing basis and mitigates credit risk by maintaining a diversified investment portfolio that limits exposure to any one issuer. The Company’s exposure to concentrations of credit risk from single issuers, including certain agencies, greater than 10% of the Company’s equity is disclosed below, as of March 31, 2026 and December 31, 2025 (dollars in millions):


	March 31, 2026				December 31, 2025
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Fixed maturity securities guaranteed or issued by:
Japanese government	$	9,873	$	7,817	$	6,516	$	4,701
U.S. government	2,805		2,562		3,508		3,287

Canadian province of Quebec	1,632		1,735		1,642		1,764

The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of March 31, 2026, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below as they are not due at a single maturity date.


	Amortized Cost		Estimated Fair Value
Available-for-sale:
Due in one year or less	$	2,288	$	2,222
Due after one year through five years	16,429		16,359
Due after five years through ten years	17,100		16,938
Due after ten years	67,757		60,650
Structured securities	11,402		11,159
Total	$	114,976	$	107,328

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Corporate Fixed Maturity Securities

The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of March 31, 2026 and December 31, 2025 (dollars in millions):


March 31, 2026:	Amortized Cost		Estimated Fair Value		% of Total
Finance	$	22,661	$	21,270	29.0	%
Industrial	42,019		39,749		54.3
Utility	13,056		12,209		16.7

Total	$	77,736	$	73,228	100.0	%

December 31, 2025:	Amortized Cost		Estimated Fair Value		% of Total
Finance	$	21,367	$	20,489	29.4	%
Industrial	39,381		37,839		54.3
Utility	11,988		11,409		16.3
Total	$	72,736	$	69,737	100.0	%

Allowance for Credit Losses and Impairments – Fixed Maturity Securities Available-for-Sale

As discussed in Note 2 – “Significant Accounting Policies and Pronouncements” of the 2025 Annual Report, allowances for credit losses on fixed maturity securities are recognized in investment related gains (losses), net. The Company estimates the amount of the credit loss component of a fixed maturity security impairment as the difference between amortized cost and the present value of the expected cash flows of the security. Any remaining difference between the fair value and amortized cost is recognized in OCI.

The following tables present the rollforward of the allowance for credit losses in fixed maturity securities by type for the three months ended March 31, 2026 and 2025 (dollars in millions):


For the three months ended March 31, 2026:
	Corporate		ABS		CMBS		Total
Balance, beginning of period	$	189	$	21	$	—	$	210
Credit losses with no previous allowance	64		—		—		64
Securities disposed	(56)		—		—		(56)
Change in credit losses with a previous allowance	14		—		—		14
Foreign currency translation	—		—		—		—
Balance, end of period	$	211	$	21	$	—	$	232


For the three months ended March 31, 2025:
	Corporate		ABS		CMBS		Total
Balance, beginning of period	$	82	$	15	$	1	$	98
Credit losses with no previous allowance	10		—		—		10
Securities disposed	(2)		—		—		(2)

Change in credit losses with a previous allowance	(1)		—		(1)		(2)

Foreign currency translation	(1)		—		—		(1)
Balance, end of period	$	88	$	15	$	—	$	103

Unrealized Losses for Fixed Maturity Securities Available-for-Sale

The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes an analysis of whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security, and analyzing the overall ability of the Company to recover the amortized cost of the investment.

The following tables present the estimated fair value and gross unrealized losses for the 7,588 and 5,968 fixed maturity securities for which both the estimated fair value had declined and remained below amortized cost and an allowance for credit loss has not been recorded as of March 31, 2026 and December 31, 2025, respectively (dollars in millions). These investments are presented by class and grade of security, as well as the length of time the related fair value has continuously remained below amortized cost.

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March 31, 2026:	Less than 12 months				12 months or greater				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	26,865	$	691	$	21,780	$	4,168	$	48,645	$	4,859
Canadian government	1,488		37		650		96		2,138		133
Japanese government	3,586		71		4,136		1,985		7,722		2,056
Korean government	1,043		178		74		5		1,117		183
ABS	2,962		28		1,373		143		4,335		171
CMBS	680		7		654		48		1,334		55
RMBS	358		2		534		72		892		74
U.S. government	935		3		486		254		1,421		257
State and political subdivisions	168		3		391		81		559		84
Other foreign government	2,463		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

ABS	207		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


December 31, 2025:	Less than 12 months				12 months or greater				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	10,591	$	255	$	22,666	$	3,635	$	33,257	$	3,890
Canadian government	1,096		34		426		72		1,522		106
Japanese government	1,274		209		3,351		1,607		4,625		1,816
Korean government	1,145		92		78		4		1,223		96
ABS	2,324		15		1,149		141		3,473		156
CMBS	—		—		705		50		705		50
RMBS	—		—		562		72		562		72
U.S. government	406		1		542		247		948		248
State and political subdivisions	73		1		451		78		524		79
Other foreign government	1,382		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



ABS	19		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

The Company did not intend to sell, and more likely than not would not be required to sell, the securities outlined in the tables above, as of the dates presented. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines. Changes in unrealized losses are primarily due to changes in risk-free interest rates and credit spreads.

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Net Investment Income

Major categories of net investment income consist of the following (dollars in millions):


	Three months ended March 31,
		2026		2025
Fixed maturity securities available-for-sale		$	1,369	$	1,063
Equity securities		4		2
Mortgage loans		157		119
Policy loans		43		18
Funds withheld at interest		108		66
Limited partnerships and real estate joint ventures		54		(15)
Short-term investments and cash and cash equivalents		33		36

Other invested assets		(1)		(5)
Investment income		1,767		1,284
Investment expense		(66)		(52)
Net investment income		$	1,701	$	1,232

Investment Related Gains (Losses), Net

Investment related gains (losses), net consist of the following (dollars in millions):


	Three months ended March 31,
		2026		2025
Fixed maturity securities available-for-sale:
Change in allowance for credit losses		$	(22)	$	(6)
Impairments on fixed maturity securities		(1)		—
Realized gains on investment activity		59		36
Realized losses on investment activity		(165)		(87)
Net losses on equity securities		(14)		(1)
Change in mortgage loan allowance for credit losses		2		4
Limited partnerships and real estate joint ventures impairment losses		(22)		(5)
Change in fair value of certain limited partnership investments		6		(7)
Net losses on freestanding derivatives		(57)		(2)
Net gains (losses) on embedded derivatives		44		(11)

Total investment related gains (losses), net		$	(170)	$	(79)

Collateral Arrangements

The Company enters into various collateral arrangements with counterparties that require both the pledging and acceptance of invested assets as collateral. Pledged invested assets are included in the condensed consolidated balance sheets. Invested assets received as collateral are held in separate custodial accounts and are not recorded on the Company’s condensed consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge collateral it receives; however, as of March 31, 2026 and December 31, 2025, none of the collateral received had been sold or repledged.

The Company also holds invested assets on deposit to meet regulatory requirements and holds assets in trust to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties.

The following table includes invested assets on deposit, invested assets pledged and received as collateral, assets in trust held to satisfy collateral requirements and FHLB common stock restricted as to sale as of March 31, 2026 and December 31, 2025 (dollars in millions):


	March 31, 2026				December 31, 2025
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Invested assets on deposit (regulatory deposits)	$	10	$	9	$	10	$	9
Invested assets pledged as collateral	1,880		1,566		1,739		1,527
Invested assets received as collateral	n/a		2,551		n/a		2,620
Assets in trust held to satisfy collateral requirements	75,687		71,102		68,241		65,154
FHLB common stock restricted as to sale	68		68		68		68

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Securities Lending and Repurchase/Reverse Repurchase Agreements

The following table provides the estimated fair value of securities relating to securities lending and repurchase/reverse repurchase agreements as of March 31, 2026 and December 31, 2025 (dollars in millions):


	March 31, 2026						December 31, 2025
	Securities Loaned (1)		Securities Borrowed (2)		Cash Collateral Received (3)		Securities Loaned (1)		Securities Borrowed (2)		Cash Collateral Received (3)
Securities lending transactions	$	792	$	1,054	$	—	$	831	$	1,058	$	—
Repurchase/reverse repurchase transactions	2,457		638		1,645		2,623		682		1,783

(1)Securities loaned or pledged through securities lending transactions or sold to counterparties through repurchase transactions are included within fixed maturity securities. Collateral associated with certain securities lending transactions is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows. Certain securities lending transactions do not require collateral.

(2)Securities borrowed or received as collateral through securities lending transactions or purchased from counterparties through reverse repurchase transactions are not reflected on the condensed consolidated balance sheets.

(3)A payable for the cash received by the Company is included within other liabilities.

The following table presents the estimated fair value of securities by the remaining contractual maturity of the Company’s securities lending and repurchase agreements as of March 31, 2026 and December 31, 2025 (dollars in millions):


	March 31, 2026										December 31, 2025
	Remaining Contractual Maturity of the Agreements										Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total		Overnight and Continuous		Up to 30 Days		30 – 90 Days		Greater than 90 Days		Total
Securities lending transactions:
Corporate	$	—	$	—	$	211	$	205	$	416	$	—	$	—	$	357	$	71	$	428

Japanese government	—		149		—		150		299		—		—		—		310		310
ABS	—		—		13		3		16		—		—		25		—		25
CMBS	—		—		30		—		30		—		—		37		—		37
RMBS	—		—		10		—		10		—		—		10		—		10


Other foreign government	—		—		11		10		21		—		—		15		6		21
Total	—		149		275		368		792		—		—		444		387		831
Repurchase/reverse repurchase transactions:
Corporate	—		—		199		1,098		1,297		—		—		—		1,336		1,336
Canadian government	—		—		—		12		12		—		—		—		12		12
Japanese government	—		—		—		380		380		—		—		203		175		378
ABS	—		—		—		115		115		—		—		11		137		148
CMBS	—		—		—		225		225		—		—		49		227		276
RMBS	—		—		—		46		46		—		—		42		47		89
U.S. government	—		—		—		270		270		—		—		4		273		277

Other foreign government	—		—		—		112		112		—		—		—		107		107
Total	—		—		199		2,258		2,457		—		—		309		2,314		2,623
Total transactions	$	—	$	149	$	474	$	2,626	$	3,249	$	—	$	—	$	753	$	2,701	$	3,454

Mortgage Loans

The Company invests in both commercial and residential mortgage loans in the U.S. (91.7%), Canada (6.4%) and U.K. (1.9%). As of March 31, 2026, mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in California (11.7%), Texas (9.7%) and Utah (6.1%). The recorded investment in mortgage loans presented below is gross of unamortized deferred loan origination fees and expenses and allowance for credit losses.

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The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of March 31, 2026 and December 31, 2025 (dollars in millions):


	March 31, 2026				December 31, 2025
	Carrying Value		% of Total		Carrying Value		% of Total
Commercial:
Office	$	1,720	15.0	%	$	1,800	16.0	%
Retail	3,429		29.9		3,455		30.7
Industrial	3,724		32.4		3,549		31.5
Apartment	1,379		12.0		1,356		12.0
Hotel	515		4.5		500		4.4
Other commercial	202		1.8		161		1.4
Total commercial	10,969		95.6		10,821		96.0
Residential	508		4.4		447		4.0
Recorded investment	11,477		100.0	%	11,268		100.0	%
Unamortized loan origination fees and discount	(44)				(47)
Allowance for credit losses	(115)				(117)
Total mortgage loans	$	11,318			$	11,104

The following table presents the maturities of the Company’s recorded investment in mortgage loans as of March 31, 2026 and December 31, 2025 (dollars in millions):


	March 31, 2026				December 31, 2025
	Recorded Investment		% of Total		Recorded Investment		% of Total
Commercial:
Due within five years	$	4,620	42.1	%	$	4,563	42.2	%
Due after five years through ten years	5,432		49.5		5,225		48.3
Due after ten years	917		8.4		1,033		9.5
Total commercial	$	10,969	100.0	%	$	10,821	100.0	%

Residential:
Due within five years	$	190	37.4	%	$	184	41.2	%
Due after five years through ten years	—		—		—		—
Due after ten years	318		62.6		263		58.8
Total residential	$	508	100.0	%	$	447	100.0	%

The following tables set forth certain key credit quality indicators of the Company’s recorded investment in commercial mortgage loans as of March 31, 2026 and December 31, 2025 (dollars in millions):


	Recorded Investment
	Debt Service Ratios
	>1.20x		1.00x – 1.20x		<1.00x		Total			% of Total
March 31, 2026:
Loan-to-Value Ratio
0% – 59.99%	$	4,787	$	253	$	75		$	5,115		46.6	%
60% – 69.99%	3,143		266		57			3,466			31.6
70% – 79.99%	1,159		215		76			1,450			13.2
80% or greater	637		174		127			938			8.6
Total commercial	$	9,726	$	908	$	335		$	10,969		100.0	%

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	Recorded Investment
	Debt Service Ratios
	>1.20x		1.00x – 1.20x		<1.00x		Total			% of Total
December 31, 2025:
Loan-to-Value Ratio
0% – 59.99%	$	4,799	$	162	$	79		$	5,040		46.5	%
60% – 69.99%	3,084		168		79			3,331			30.8
70% – 79.99%	1,126		232		99			1,457			13.5
80% or greater	643		236		114			993			9.2
Total commercial	$	9,652	$	798	$	371		$	10,821		100.0	%

The following tables set forth credit quality grades by year of origination of the Company’s recorded investment in commercial mortgage loans as of March 31, 2026 and December 31, 2025 (dollars in millions):


	Recorded Investment
	Year of Origination
	2026		2025		2024		2023		2022		Prior		Total
March 31, 2026:
Internal credit quality grade:
High investment grade	$	26	$	625	$	585	$	351	$	531	$	1,950	$	4,068
Investment grade	465		1,906		1,254		755		596		1,396		6,372
Average	—		—		—		71		107		208		386
Watch list	—		—		—		12		—		131		143

Total commercial	$	491	$	2,531	$	1,839	$	1,189	$	1,234	$	3,685	$	10,969


	Recorded Investment
	Year of Origination
	2025		2024		2023		2022		2021		Prior		Total
December 31, 2025:
Internal credit quality grade:
High investment grade	$	636	$	587	$	352	$	539	$	458	$	1,679	$	4,251
Investment grade	1,908		1,257		788		617		481		973		6,024
Average	—		—		83		107		36		195		421
Watch list	—		—		—		—		—		125		125

Total commercial	$	2,544	$	1,844	$	1,223	$	1,263	$	975	$	2,972	$	10,821

The following tables set forth credit quality by year of origination of the Company’s recorded investment in residential mortgage loans as of March 31, 2026 and December 31, 2025 (dollars in millions):


	Recorded Investment
	Year of Origination
	2026		2025		2024		2023		2022		Prior		Total
March 31, 2026:
Performing	$	21	$	357	$	40	$	8	$	20	$	58	$	504
Non-performing	—		4		—		—		—		—		4
Total residential	$	21	$	361	$	40	$	8	$	20	$	58	$	508


	Recorded Investment
	Year of Origination
	2025		2024		2023		2022		2021		Prior		Total
December 31, 2025:
Performing	$	310	$	47	$	9	$	21	$	54	$	6	$	447
Non-performing	—		—		—		—		—		—		—
Total residential	$	310	$	47	$	9	$	21	$	54	$	6	$	447

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The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of March 31, 2026 and December 31, 2025 (dollars in millions):


	March 31, 2026		December 31, 2025
Commercial:
Current	$	10,938	$	10,805
31 – 60 days past due	5		—
61 – 90 days past due	26		—
Greater than 90 days past due	—		16
Total commercial	$	10,969	$	10,821

Residential:
Current	$	503	$	444
31 – 60 days past due	1		3
61 – 90 days past due	—		—
Greater than 90 days past due	4		—
Total residential	$	508	$	447

The following table presents information regarding the Company’s allowance for credit losses for mortgage loans for the three months ended March 31, 2026 and 2025 (dollars in millions):


For the three months ended March 31, 2026:	Commercial		Residential		Total
Balance, beginning of period	$	112	$	5	$	117
Provision (release) of credit losses	4		1		5
Write-offs, net of recoveries	(7)		—		(7)
Balance, end of period	$	109	$	6	$	115
For the three months ended March 31, 2025:
Balance, beginning of period	$	93	$	—	$	93
Provision (release) of credit losses	(6)		2		(4)
Write-offs, net of recoveries	—		—		—
Balance, end of period	$	87	$	2	$	89

During the three months ended March 31, 2026 and 2025, the Company modified one mortgage loan and three mortgage loans, respectively, for borrowers experiencing financial difficulty providing interest only payments, maturity extensions or payment deferrals. The total recorded investment before allowance for credit losses for the modified loans was $13 million and $19 million as of March 31, 2026 and 2025, respectively.

The Company had five residential mortgage loans in the amount of $4 million that were on nonaccrual status as of March 31, 2026. The Company had one commercial mortgage loan in the amount of $6 million that was on nonaccrual status as of March 31, 2025. The Company did not convert any mortgage loans to owned properties through a deed in lieu of foreclosure during the three months ended March 31, 2026 and 2025. The Company did not acquire any impaired mortgage loans during the three months ended March 31, 2026 and 2025.

Policy Loans

The majority of policy loans are associated with one client. These policy loans present no credit risk as the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. The Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities.

Funds Withheld at Interest

For reinsurance agreements written on a modified coinsurance basis and certain agreements written on a coinsurance funds withheld basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company. The Company reflects these assets on its consolidated balance sheets as funds withheld at interest.

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Limited Partnerships and Real Estate Joint Ventures

The carrying values of limited partnerships and real estate joint ventures as of March 31, 2026 and December 31, 2025 are as follows (dollars in millions):


	March 31, 2026		December 31, 2025
Limited partnerships – equity method	$	1,878	$	1,543
Limited partnerships – fair value	935		925
Limited partnerships – cost method	71		72
Real estate joint ventures – equity method	1,193		1,207
Real estate joint ventures – fair value	16		—
Total limited partnerships and real estate joint ventures	$	4,093	$	3,747

Other Invested Assets

Other invested assets include lifetime mortgages, derivative contracts and FHLB common stock. Other invested assets also include real estate held for investment, which is included in “Other” in the table below. As of March 31, 2026 and December 31, 2025, the allowance for credit losses for lifetime mortgages was not material. The carrying values of other invested assets as of March 31, 2026 and December 31, 2025 are as follows (dollars in millions):


	March 31, 2026		December 31, 2025

Lifetime mortgages	$	1,219	$	1,197
Derivatives	179		185
FHLB common stock	68		68
Other	59		64
Total other invested assets	$	1,525	$	1,514

NOTE 11 DERIVATIVE INSTRUMENTS

See Note 2 – “Significant Accounting Policies and Pronouncements” of the 2025 Annual Report for a detailed discussion of the accounting treatment for derivative instruments, including embedded derivatives. See Note 12 – “Fair Value of Assets and Liabilities” for additional disclosures related to the fair value hierarchy for derivative instruments, including embedded derivatives.

Commonly used derivative instruments include, but are not limited to: interest rate swaps, interest rate options, total return swaps, foreign currency swaps, foreign currency forwards, foreign currency options, equity options, equity futures, credit default swaps (single name and index), options on credit default index swaps, consumer price index (“CPI”) swaps, forward bond purchase commitments, synthetic guaranteed investment contracts (“GICs”), other derivatives and embedded derivatives. For detailed information on these derivative instruments and the related strategies, see Note 12 – “Derivative Instruments” of the 2025 Annual Report.

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Summary of Derivative Positions

Freestanding derivatives, except for other swaps, are included in other invested assets or other liabilities, at fair value. Other swaps are included in other assets or other liabilities, at fair value. Embedded derivative assets and liabilities on modified coinsurance or funds withheld arrangements are included with the host contract in funds withheld at interest or funds withheld payable, at fair value. Embedded derivative liabilities on indexed products are included with the host contract in interest-sensitive contract liabilities, at fair value. The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of March 31, 2026 and December 31, 2025 (dollars in millions):


		March 31, 2026						December 31, 2025
	Primary Underlying Risk	Notional		Carrying Value/Fair Value				Notional		Carrying Value/Fair Value
		Amount		Assets		Liabilities		Amount		Assets		Liabilities
Derivatives not designated as hedging instruments:
Interest rate swaps	Interest rate	$	2,370	$	5	$	15	$	2,088	$	5	$	14
Interest rate options	Interest rate	1,000		1		—		750		—		—
Total return swaps	Interest rate	581		—		13		527		1		5

Foreign currency swaps	Foreign currency	150		48		—		150		48		—
Foreign currency forwards	Foreign currency	1,451		2		49		1,358		1		53
Foreign currency options	Foreign currency	305		—		—		305		—		—
Equity options	Equity	5,988		285		123		5,897		459		245
Equity futures	Equity	203		—		—		200		—		—
Credit default swaps	Credit	8,073		16		14		6,573		3		10
Credit default index swaps options	Credit	2,000		—		—		1,000		—		—
Other swaps	Credit	1,165		2		2		1,225		3		3
CPI swaps	CPI	389		7		3		395		2		7
Synthetic GICs	Interest rate	16,923		—		—		17,209		—		—
Embedded derivatives in:
Modified coinsurance or funds withheld arrangements		—		272		297		—		272		341
Indexed products		—		—		397		—		—		470
Total non-designated derivatives		40,598		638		913		37,677		794		1,148
Derivatives designated as hedging instruments:
Interest rate swaps	Interest rate	3,676		20		50		3,641		31		56
Forward bond purchase commitments	Interest rate	4,688		2		252		3,058		5		227
Foreign currency swaps	Foreign currency	1,954		8		360		2,008		8		331
Foreign currency forwards	Foreign currency	2,284		38		16		2,270		12		38
Total hedging derivatives		12,602		68		678		10,977		56		652
Total derivatives		$	53,200	$	706	$	1,591	$	48,654	$	850	$	1,800

Fair Value Hedges

The Company designates and reports the following as fair value hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging: interest rate swaps to convert fixed rate liabilities to floating rate liabilities. The gain or loss on the hedged item attributable to a change in interest rates and the offsetting gain or loss on the related interest rate swaps for the three months ended March 31, 2026 and 2025 are as follows (dollars in millions):


Derivative Type	Hedged Item	Claims and Other Policy Benefits			Interest Credited
			Derivatives		Hedged Items		Derivatives		Hedged Items
For the three months ended March 31, 2026:

Interest rate swaps	Future policy benefits		$	(2)	$	4	$	—	$	—
Interest rate swaps	Interest-sensitive contract liabilities		—		—		(8)		9
For the three months ended March 31, 2025:

Interest rate swaps	Future policy benefits		$	13	$	(13)	$	—	$	—
Interest rate swaps	Interest-sensitive contract liabilities		—		—		20		(25)

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The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges (dollars in millions):


Hedged Item	Carrying Amount of the Hedged Assets / (Liabilities)				Cumulative Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets / (Liabilities) (1)
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025

Future policy benefits	$	(585)	$	(547)	$	3	$	(1)
Interest-sensitive contract liabilities	(1,468)		(1,463)		4		(5)

(1) Includes $(8) million and $(6) million of cumulative adjustment on discontinued fair value hedging relationships at March 31, 2026 and December 31, 2025, respectively.

Cash Flow Hedges

Certain derivative instruments are designated as cash flow hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging. The Company designates and accounts for the following as cash flow hedges: (i) certain interest rate swaps, in which the cash flows of assets are variable based on a benchmark rate; (ii) certain interest rate swaps, in which floating rate assets are converted to fixed rate assets; (iii) forward bond purchase commitments; and (iv) certain foreign currency swaps, in which the cash flows of assets are denominated in different currencies, commonly referred to as cross-currency swaps.

The following table presents the cash flow hedge components of AOCI, before income taxes, and where the gain or loss related to cash flow hedges is recognized on the condensed consolidated statement of income classification for the three months ended March 31, 2026 and 2025 (dollars in millions):










	Three months ended March 31,
	2026		2025
Balance, beginning of period	$	(748)	$	(495)
Gains (losses), net deferred in other comprehensive income (loss)	(88)		(6)
Amounts reclassified to net investment income	18		18
Amounts reclassified to interest expense	(1)		(2)
Balance, end of period	$	(819)	$	(485)

As of March 31, 2026, approximately $72 million of before-tax deferred net losses on derivative instruments recorded in AOCI are expected to be reclassified to net investment income during the next twelve months. For the same time period, approximately $7 million of before-tax deferred net gains on derivative instruments recorded in AOCI are expected to be reclassified to interest expense during the next twelve months.

The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income for the three months ended March 31, 2026 and 2025 (dollars in millions):


Derivative Type	Gains (Losses) Deferred in OCI		Gains (Losses) Reclassified into Income from AOCI
			Net Investment Income		Interest Expense
For the three months ended March 31, 2026:
Interest rate	$	(38)	$	—	$	1
Foreign currency	(50)		(18)		—
Total	$	(88)	$	(18)	$	1
For the three months ended March 31, 2025:
Interest rate	$	12	$	(1)	$	2
Foreign currency	(18)		(17)		—
Total	$	(6)	$	(18)	$	2

For the three months ended March 31, 2026 and 2025, there were no material amounts reclassified into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging.

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Hedges of Net Investments in Foreign Operations

The Company uses foreign currency forwards to hedge a portion of its net investment in certain foreign operations against adverse movements in exchange rates. The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges and the gains (losses) deferred in OCI for the three months ended March 31, 2026 and 2025 (dollars in millions):


	Derivative Gains (Losses) Deferred in OCI
	For the three months ended March 31,
Derivative Type	2026		2025

Foreign currency forwards	$	39	$	(15)

The cumulative foreign currency translation gain recorded in AOCI related to these hedges was $271 million and $232 million as of March 31, 2026 and December 31, 2025, respectively. If a hedged foreign operation was sold or substantially liquidated, the amounts in AOCI would be reclassified to the condensed consolidated statements of income. A pro rata portion would be reclassified upon partial sale of a hedged foreign operation. There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from AOCI into investment income during the periods presented.

Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging

The Company uses various other derivative instruments for risk management purposes that either do not qualify or have not been elected for hedge accounting treatment. The gain or loss related to the change in fair value for these derivative instruments is recognized in investment related gains (losses), net, except where otherwise noted.

A summary of the effect of non-qualifying derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three months ended March 31, 2026 and 2025 are as follows (dollars in millions):


		Gains (Losses) for the three months ended March 31,
Type of Non-qualifying Derivative	Income Statement Location of Gains (Losses)	2026		2025
Interest rate swaps	Investment related gains (losses), net	$	6	$	6

Total return swaps	Investment related gains (losses), net	(6)		(6)

Foreign currency swaps	Investment related gains (losses), net	1		(3)
Foreign currency forwards	Investment related gains (losses), net	(25)		22
Foreign currency options	Investment related gains (losses), net	(1)		(1)
Equity options	Investment related gains (losses), net	(28)		(6)
Equity futures	Investment related gains (losses), net	6		9
Credit default swaps	Investment related gains (losses), net	(17)		(18)


CPI swaps	Investment related gains (losses), net	7		(5)



Subtotal		(57)		(2)
Embedded derivatives in:
Modified coinsurance or funds withheld arrangements	Investment related gains (losses), net	44		(11)

Indexed products	Interest credited	30		24
Total non-qualifying derivatives		$	17	$	11

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Credit Derivatives

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company as of March 31, 2026 and December 31, 2025 (dollars in millions):


	March 31, 2026					December 31, 2025
Rating Agency Designation of Referenced Credit Obligations(1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps (2)		Weighted Average Years to Maturity (3)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps (2)		Weighted Average Years to Maturity (3)
AAA/AA/A
Single name credit default swaps	$	(13)	$	490	13.9	$	(7)	$	490	14.2

BBB
Single name credit default swaps	2		170		1.8	2		170		2.1
Credit default swaps referencing indices	13		7,403		5.7	(2)		5,903		5.5
Subtotal	15		7,573		5.6	—		6,073		5.4
BB
Single name credit default swaps	—		5		0.2	—		5		0.5
B
Single name credit default swaps	—		5		0.2	—		5		0.5

Total	$	2	$	8,073	6.1	$	(7)	$	6,573	6.0

(1)Rating agency designations are based on ratings from Standard and Poor’s (“S&P”) when available. Other credited rating agencies or internal ratings may be used when S&P ratings are not available.

(2)Assumes the value of the referenced credit obligations is zero.

(3)The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.

Netting Arrangements and Credit Risk

Certain of the Company’s freestanding derivatives are subject to enforceable master netting arrangements and reported as a net asset or liability in the condensed consolidated balance sheets. The Company nets all derivatives that are subject to such arrangements.

The Company has elected to include all freestanding derivatives in the table below, irrespective of whether they are subject to an enforceable master netting arrangement or a similar agreement. See Note 10 – “Investments” for information regarding the Company’s securities borrowing, lending and repurchase/reverse repurchase agreements.

The following table provides information relating to the netting of the Company’s derivative instruments as of March 31, 2026 and December 31, 2025 (dollars in millions):


	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts Presented in the Balance Sheet		Financial Instruments/Collateral (1)		Net Amount
March 31, 2026:
Derivative assets	$	434	$	(253)	$	181	$	(181)	$	—
Derivative liabilities	897		(253)		644		(644)		—
December 31, 2025:
Derivative assets	$	578	$	(390)	$	188	$	(188)	$	—
Derivative liabilities	989		(390)		599		(599)		—

(1)Includes initial margin posted to a central clearing partner for financial instruments and excludes the excess of collateral received/pledged from/to the counterparty.

The Company may be exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. Generally, the credit exposure of the Company’s derivative contracts is limited to the fair value and accrued interest of non-collateralized derivative contracts in an asset position at the reporting date. As of March 31, 2026, the Company had credit exposure of $16 million.

Derivatives may be exchange-traded or they may be privately negotiated contracts, which are referred to as over-the-counter (“OTC”) derivatives. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC cleared”) and others are bilateral contracts between two counterparties (“OTC bilateral”). The Company manages its credit risk related to OTC bilateral derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master netting agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. Additionally, the Company is required to pledge initial

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margin for certain OTC bilateral derivatives subject to regulatory thresholds. The Company is only exposed to the default of the central clearing counterparties for OTC cleared derivatives, and these transactions require an initial and daily variation margin collateral postings. Exchange-traded derivatives are settled on a daily basis, thereby reducing the credit risk exposure in the event of non-performance by counterparties to such financial instruments.

NOTE 12 FAIR VALUE OF ASSETS AND LIABILITIES

Fair Value Measurement

General accounting principles for Fair Value Measurements and Disclosures define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. These principles also establish a three-level fair value hierarchy that requires an entity to maximize the use of observable inputs and to minimize the use of unobservable inputs when measuring fair value:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Active markets are defined through various characteristics for the measured asset/liability, such as having many transactions and narrow bid/ask spreads.

Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or market standard valuation techniques and assumptions that use significant inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the related assets or liabilities and include those whose value is determined using market standard valuation techniques described above. Prices are determined using valuation methodologies such as discounted cash flow models and other similar techniques that require management’s judgment or estimation in developing inputs that are consistent with those other market participants would use when pricing similar assets and liabilities.

For a discussion of the Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 13 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the 2025 Annual Report.

See Note 7 – “Market Risk Benefits” for information about fair value measurement of market risk benefits.

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Assets and Liabilities by Hierarchy Level

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 are summarized below (dollars in millions):


March 31, 2026:			Fair Value Measurements Using:
	Total		Level 1		Level 2		Level 3
Assets: (1)
Fixed maturity securities available-for-sale:
Corporate	$	73,228	$	—	$	63,154	$	10,074
Canadian government	5,015		—		5,015		—
Japanese government	7,817		—		7,817		—
Korean government	1,163		—		1,163		—
ABS	7,281		—		3,802		3,479
CMBS	2,335		—		2,272		63
RMBS	1,543		—		1,543		—
U.S. government	2,562		2,353		206		3
State and political subdivisions	655		—		655		—
Other foreign government	5,729		—		5,614		115
Total fixed maturity securities available-for-sale	107,328		2,353		91,241		13,734
Equity securities	300		209		—		91
Funds withheld at interest – embedded derivatives	(149)		—		—		(149)
Funds withheld at interest	63		—		—		63
Real estate joint ventures – fair value	16		—		—		16
Cash equivalents	3,035		2,945		90		—
Short-term investments	274		196		58		20
Other invested assets:
Derivatives	179		—		179		—

Other	15		—		15		—
Total other invested assets	194		—		194		—

Other assets – derivatives	2		—		—		2
Total	$	111,063	$	5,703	$	91,583	$	13,777
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives	$	397	$	—	$	—	$	397
Other liabilities:
Funds withheld at interest – embedded derivatives	(124)		—		—		(124)
Derivatives	644		—		642		2
Total	$	917	$	—	$	642	$	275

(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of March 31, 2026, the fair value of such investments was $935 million.

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December 31, 2025:			Fair Value Measurements Using:
	Total		Level 1		Level 2		Level 3
Assets: (1)
Fixed maturity securities available-for-sale:
Corporate	$	69,737	$	—	$	59,710	$	10,027
Canadian government	5,100		—		5,100		—
Japanese government	4,701		—		4,701		—
Korean government	1,312		—		1,312		—
ABS	7,369		—		3,831		3,538
CMBS	2,162		—		2,099		63
RMBS	1,569		—		1,569		—
U.S. government	3,287		3,074		209		4
State and political subdivisions	660		—		660		—
Other foreign government	5,872		—		5,752		120
Total fixed maturity securities available-for-sale	101,769		3,074		84,943		13,752
Equity securities	311		213		—		98
Funds withheld at interest – embedded derivatives	(128)		—		—		(128)
Funds withheld at interest	61		—		—		61
Real estate joint ventures – fair value	—		—		—		—
Cash equivalents	2,460		2,460		—		—
Short-term investments	255		156		66		33
Other invested assets:
Derivatives	185		—		185		—
Other	17		—		17		—


Total other invested assets	202		—		202		—
Other assets – derivatives	3		—		—		3
Total	$	104,933	$	5,903	$	85,211	$	13,819
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives	$	470	$	—	$	—	$	470
Other liabilities:
Funds withheld at interest – embedded derivatives	(59)		—		—		(59)
Derivatives	599		—		596		3
Total	$	1,010	$	—	$	596	$	414

(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2025, the fair value of such investments was $925 million.

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Quantitative Information Regarding Internally Priced Assets and Liabilities

The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of March 31, 2026 and December 31, 2025 (dollars in millions):


	Estimated Fair Value				Valuation Technique	Unobservable Input	Range (Weighted Average)
	March 31, 2026		December 31, 2025				March 31, 2026	December 31, 2025
Assets:
Corporate	$	585	$	636	Market comparable securities	Liquidity premium	2%-4% (3%)	0-4% (3%)
						EBITDA Multiple	6.0x-14.1x (8.0x)	6.0x-14.8x (9.3x)
ABS	1,153		1,329		Market comparable securities	Liquidity premium	0-67% (4%)	0-20% (4%)
U.S. government	3		4		Market comparable securities	Liquidity premium	1%	1%


Equity securities	30		41		Market comparable securities	Liquidity premium	4%	4%
						EBITDA Multiple	7.5x-11.6x (9.0x)	7.4x-13.3x (9.9x)
Funds withheld at interest – embedded derivatives	44		26		Total return swap	Mortality	0-100% (4%)	0-100% (4%)
						Lapse	0-35% (16%)	0-35% (17%)
						Withdrawal	0-10% (5%)	0-10% (5%)
						CVA	0-5% (0%)	0-5% (0%)
						Crediting rate	1-8% (2%)	1%-8% (2%)
Other assets – derivatives	2		3		Credit default swap	Credit spread	0-1% (0%)	0-1% (0%)
						Probability of default	0-7% (1%)	0-7% (1%)


Liabilities:
Interest-sensitive contract liabilities – embedded derivatives – indexed products	397		470		Discounted cash flow	Mortality	0-100% (3%)	0-100% (3%)
						Lapse	0-35% (15%)	0-35% (16%)
						Withdrawal	0-10% (5%)	0-10% (4%)
						Option budget projection	1-8% (2%)	1%-8% (2%)
Other liabilities – derivatives	2		3		Credit default swap	Credit spread	0-1% (0%)	0-1%(0%)
						Probability of default	0-7% (1%)	0-7% (1%)

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Changes in Level 3 Assets and Liabilities

Assets and liabilities transferred into Level 3 are due to a lack of observable market transactions and price information. Transfers out of Level 3 are primarily the result of the Company obtaining observable pricing information or a third-party pricing quotation that appropriately reflects the fair value of those assets and liabilities. The Company had Level 3 other swap assets and liabilities that on a gross and net basis were not material for the three months ended March 31, 2026.

For further information on the Company’s valuation processes, see Note 13 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the 2025 Annual Report.

The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (dollars in millions):


For the three months ended March 31, 2026:	Fixed maturity securities available-for-sale										Real estate joint ventures – fair value				Funds withheld at interest –embedded derivatives, net (1)		Funds withheld at interest		Interest-sensitive contract liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities				Short-term investments
Fair value, beginning of period	$	10,027	$	120	$	3,601	$	4	$	98	$	—	$	33	$	(69)	$	61	$	(470)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income	4		—		(1)		—		—		—		—		—		3		—
Investment related gains (losses), net	(30)		—		—		—		(10)		—		—		44		—		—



Interest credited	—		—		—		—		—		—		—		—		—		30
Included in other comprehensive income (loss)	(124)		(5)		(42)		—		—		—		(1)		—		(1)		—

Purchases (2)	537		—		747		—		4		16		14		—		1		(29)
Sales (2)	(130)		—		(37)		—		(1)		—		(2)		—		—		—
Settlements (2)	(182)		—		(691)		(1)		—		—		(18)		—		(1)		72
Transfers into Level 3	6		—		—		—		—		—		—		—		—		—
Transfers out of Level 3	(34)		—		(35)		—		—		—		(6)		—		—		—
Fair value, end of period	$	10,074	$	115	$	3,542	$	3	$	91	$	16	$	20	$	(25)	$	63	$	(397)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income	$	3	$	—	$	(1)	$	—	$	—	$	—	$	—	$	—	$	3	$	—
Investment related gains (losses), net	(35)		—		—		—		(10)		—		—		44		—		—


Interest credited	—		—		—		—		—		—		—		—		—		(42)
Included in other comprehensive income (loss)	(118)		(5)		(44)		—		—		—		—		—		(1)		—

(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.

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For the three months ended March 31, 2025:	Fixed maturity securities available-for-sale										Real estate joint ventures – fair value				Funds withheld at interest –embedded derivatives, net (1)		Funds withheld at interest		Interest-sensitive contract liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities				Short-term investments
Fair value, beginning of period	$	6,854	$	30	$	1,799	$	5	$	88	$	—	$	11	$	(55)	$	56	$	(435)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income	4		—		2		—		—		—		—		—		(1)		—
Investment related gains (losses), net	(7)		—		1		—		—		—		—		(11)		—		—

Interest credited	—		—		—		—		—		—		—				—		24

Included in other comprehensive income (loss)	39		—		20		—		—		—		—		—		2		—

Purchases (2)	1,514		—		196		—		—		—		—		—		—		7
Sales (2)	(44)		—		—		—		(1)		—		—		—		—		—
Settlements (2)	(140)		—		(114)		(1)		—		—		(6)		—		—		21
Transfers into Level 3	2		—		10		—		—		—		—		—		—		—
Transfers out of Level 3	—		—		(6)		—		—		—		(2)		—		—		—
Fair value, end of period	$	8,222	$	30	$	1,908	$	4	$	87	$	—	$	3	$	(66)	$	57	$	(383)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income	$	3	$	—	$	1	$	—	$	—	$	—	$	—	$	—	$	(1)	$	—
Investment related gains (losses), net	(8)		—		—		—		1		—		—		(11)		—		—


Interest credited	—		—		—		—		—		—		—		—		—		3
Included in other comprehensive income (loss)	40		—		21		—		—		—		—		—		2		—

(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.

Nonrecurring Fair Value Measurements

The Company has certain assets subject to measurement at fair value on a nonrecurring basis, in periods subsequent to their initial recognition if they are determined to be impaired. The following table presents information for assets measured at an estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (dollars in millions). The estimated fair values for these assets were determined using significant unobservable inputs (Level 3). For the three months ended March 31, 2025, the Company did not have any material assets that were measured at fair value on a nonrecurring basis due to impairment.


	Carrying Value After Measurement
	At March 31, 2026		At December 31, 2025
Mortgage loans	$	8	$	21
Limited partnerships and real estate joint ventures	10		46


	Investment Related Gains (Losses), Net
	Three months ended March 31, 2026
Mortgage loans	$	(1)
Limited partnerships and real estate joint ventures	(6)

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Fair Value of Financial Instruments Carried at Other Than Fair Value

The following table presents the carrying values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of March 31, 2026 and December 31, 2025 (dollars in millions). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 13 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the 2025 Annual Report. This table excludes any payables or receivables for collateral under repurchase/reverse repurchase agreements and other transactions. The estimated fair value of the excluded amounts approximates carrying value as they equal the amount of cash collateral received/paid.


March 31, 2026:	Carrying Value (1)		Estimated Fair Value		Fair Value Measurement Using:
					Level 1		Level 2		Level 3
Assets:
Mortgage loans	$	11,318	$	11,149	$	—	$	—	$	11,149
Policy loans	3,703		3,703		—		3,703		—
Funds withheld at interest	8,476		8,285		—		—		8,285
Limited partnerships – cost method	71		99		—		—		99
Cash and cash equivalents	1,958		1,958		1,958		—		—
Short-term investments	83		83		83		—		—
Other invested assets	1,290		1,063		1		68		994
Accrued investment income	1,361		1,361		—		1,361		—
Other asset	1,029		1,039		—				1,039
Liabilities:
Interest-sensitive contract liabilities (2)	$	31,679	$	31,579	$	—	$	—	$	31,579
Funds withheld at interest	6,616		6,441		—		—		6,441
Long-term debt	6,105		5,951		—		—		5,951


December 31, 2025:
Assets:
Mortgage loans	$	11,104	$	11,044	$	—	$	—	$	11,044
Policy loans	3,541		3,541		—		3,541		—
Funds withheld at interest	8,216		7,970		—		—		7,970
Limited partnerships – cost method	72		98		—		—		98
Cash and cash equivalents	1,708		1,708		1,708		—		—
Short-term investments	91		91		91		—		—
Other invested assets	1,271		1,051		2		68		981
Accrued investment income	1,296		1,296		—		1,296		—
Other asset	1,020		1,071		—		—		1,071
Liabilities:
Interest-sensitive contract liabilities (2)	$	31,056	$	31,013	$	—	$	—	31,013
Funds withheld at interest	6,863		6,681		—		—		6,681
Long-term debt	5,710		5,638		—		—		5,638

(1)Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis.

(2)Carrying values and estimated fair values presented herein include a reinsurance recoverable of $1.8 billion as of March 31, 2026 and $1.9 billion as of December 31, 2025.

NOTE 13 INCOME TAX

The effective tax rate for the three months ended March 31, 2026 was 24.9% on pre-tax income. The tax rate was higher than the U.S. statutory rate primarily due to income earned in foreign jurisdictions with statutory tax rates higher than in the U.S. as well as an increase to the valuation allowance on foreign tax credits. These increases were partially offset with benefits from additional foreign tax credits generated during the year. The effective tax rate for the three months ended March 31, 2025 was 22.2% on pre-tax income. The tax rate was higher than the U.S. statutory rate primarily due to income earned in foreign jurisdictions with higher statutory rates than the U.S., partially offset with benefits due to the adjustments to the valuation allowance and benefits received from taxes paid in foreign jurisdictions.

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NOTE 14 COMMITMENTS, CONTINGENCIES AND GUARANTEES

Commitments

Funding of Investments

The Company’s commitments to fund investments as of March 31, 2026 and December 31, 2025, are presented in the following table (dollars in millions):


	March 31, 2026		December 31, 2025
Limited partnerships and real estate joint ventures	$	2,247	$	2,328
Mortgage loans	344		192
Bank loans and private placements	2,702		2,796
Lifetime mortgages	124		128

The Company anticipates that the majority of its current commitments will be invested over the next five years; however, these commitments could become due any time at the request of the counterparties. Bank loans and private placements are included in fixed maturity securities available-for-sale.

The Company has an immaterial liability, included in other liabilities, for current expected credit losses associated with unfunded commitments as of March 31, 2026 and December 31, 2025.

Funding Agreements

Federal Home Loan Bank (“FHLB”) of Des Moines

The Company is a member of the FHLB and, through membership, has issued funding agreements to the FHLB in exchange for cash advances. As of March 31, 2026 and December 31, 2025, the Company had $1.3 billion of FHLB funding agreements outstanding. The Company is required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties.

Funding Agreement Backed Notes

The Company’s FABN program allows RGA Global Funding, a special-purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes to investors. RGA Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from the Company. As of March 31, 2026 and December 31, 2025, the Company had $5.8 billion of FABN agreements outstanding, which are reflected in interest-sensitive contract liabilities.

Contingencies

Litigation

The Company is subject to litigation and regulatory investigations or actions from time to time. Based on current knowledge, management does not believe that loss contingencies arising from pending legal, regulatory and governmental matters will have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, in light of the inherent uncertainties involved in future or pending legal, regulatory and governmental matters, some of which are beyond the Company’s control, and indeterminate or potentially substantial amount of damages sought in any such matters, an adverse outcome could be material to the Company’s financial condition, results of operations or cash flows for any particular reporting period. A legal reserve is established when the Company is notified of an arbitration demand, litigation or regulatory action or is notified that an arbitration demand, litigation or regulatory action is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated.

Guarantees

Statutory Reserve Support

Certain RGA subsidiaries have committed to provide statutory reserve support to third parties, in exchange for a fee, by funding loans if certain defined events occur. Such statutory reserves are required under the U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation XXX for term life insurance policies and Regulation A-XXX for universal life secondary guarantees). In addition, certain subsidiaries have also committed to provide capital support to a third party, in exchange for a fee, by agreeing to assume real estate leases in the event of a severe and prolonged decline in the commercial lease market. Upon assumption of a lease, the Company would recognize a right of use asset and lease obligation. As of March 31, 2026, the Company does not believe that it will be required to provide any funding under these commitments as the occurrence of the defined events is considered remote. The following table presents the maximum potential obligation for these commitments as of March 31, 2026 (dollars in millions):

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Commitment Period	Maximum Potential Obligation
2034	$	1,243
2035	1,893
2036	2,349
2037	5,100
2038	1,750
2039	8,751
2041	720
2046	3,000
2049	4,750

Support Agreements

RGA, Inc. and several of its subsidiaries are obligors to various capital maintenance agreements with its subsidiaries. Under these agreements, the obligor guarantees for specified periods of time (depending on jurisdiction) that the applicable subsidiary will meet specified capital and surplus levels. Given the amount of business that has been and is expected to be written by the applicable subsidiaries benefiting from these agreements, the Company anticipates that the obligors will have sufficient liquidity and capital to meet any obligations under these agreements.

NOTE 15 SEGMENT INFORMATION

Segments

The Company has nine geographic-based and business-based operational segments including a Corporate and Other segment. Geographic-based operations are further segmented into traditional and financial solutions businesses. The Company’s geographic based segments are U.S. and Latin America, Canada, Europe Middle East and Africa, and Asia Pacific.

Traditional reinsurance includes individual and group life and health, disability, long-term care and critical illness reinsurance. Financial Solutions includes asset-intensive reinsurance, longevity reinsurance, stable value products, pension risk transfer transactions and capital solutions products.

Corporate and Other revenues primarily include investment income from unallocated invested assets and service fees. Corporate and Other expenses consist of the offset to capital charges allocated to the operating segments within the policy acquisition costs and other insurance income line item, unallocated corporate overhead and executive costs, interest expense related to debt and service business expenses. Additionally, Corporate and Other includes results from the Company’s FABNs issued prior to January 1, 2025. Effective January 1, 2025, newly issued FABNs are included in the U.S. Financial Solutions segment.

Segment Accounting Policies

The accounting policies of the segments are the same as those described in Note 2 – “Significant Accounting Policies and Pronouncements” in the Notes to Consolidated Financial Statements in the 2025 Annual Report.

The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in the Company’s businesses. As a result of the economic capital allocation process, a portion of investment income is attributed to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses.

There are no intersegment reinsurance transactions or revenues, and the Company does not have any material long-lived assets.

No individual client generated 10% or more of the Company’s total gross premiums and other revenues on a consolidated basis for the three months ended March 31, 2026 and 2025. For the purpose of this disclosure, companies that are within the same insurance holding company structure are combined.

Financial Measures

The Company segment measure of profit or loss is adjusted operating income (loss) before income taxes. Adjusted operating income before income taxes does not equate to “Income (loss) before income taxes” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Company’s chief operating decision maker to evaluate segment performance and allocate resources and, consistent with authoritative guidance, is the measure of segment performance presented below. Adjusted operating income (loss) before income taxes is calculated as income before income taxes excluding, as applicable:

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•Substantially all of the effects 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 the Company believes are not indicative of the Company’s ongoing operations.

The Company’s significant expenses are (1) adjusted claims and other policy benefits which exclude the non-economic losses at contract inception for direct pension risk transfer single premium business, (2) future policy benefits remeasurement gains and losses, (3) adjusted interest credited, which excludes the change in fair value of embedded derivatives associated with indexed products and (4) interest expense.

The Company’s Chief Operating Decision Maker (“CODM”) is the President and Chief Executive Officer (“CEO”). The CEO uses segment adjusted operating income before income taxes to allocate resources (including employees and financial and capital resources) for each segment including consideration of future performance. The CEO considers performance on a monthly basis for segment adjusted operating income before income taxes when making decisions about allocating capital, personnel, evaluating market opportunities and future growth. The CEO also uses segment adjusted operating income before income taxes to assess the performance for each segment and for evaluating compensation of certain employees.

The Company does not report total assets by segment, as this metric is not used by the CODM to allocate resources or evaluate segment performance.

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The following tables summarize the Company’s reportable segment revenues, significant expenses, measure of profit and loss and reconciliations to the Company’s consolidated totals (dollars in millions):


For the three months ended March 31, 2026:
	U.S. and Latin America				Canada				Europe, Middle East and Africa				Asia Pacific				Corporate and Other		Total
	Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions

Segment revenues	$	2,215	$	1,147	$	403	$	109	$	646	$	495	$	950	$	495	$	179	$	6,639
Reconciliation of revenues:
Investment and derivative gains (losses)																			(198)
Change in fair value of funds withheld embedded derivatives																			44
Funds withheld gains (losses) – investment income																			4
Investment income (loss) on unit-linked variable annuities																			(1)
Other revenues (1)																			6
Total consolidated revenues																			$	6,494
Less significant expenses (2):
Adjusted claims and other policy benefits	1,777		597		316		93		543		347		726		222		—
Future policy benefits remeasurement (gains) losses	(6)		14		(1)		(1)		(10)		(11)		9		(1)		—
Adjusted interest credited	22		264		—		—		—		8		—		140		44
Interest expense	—		—		—		—		—		—		—		—		98
Other segment items (3)	284		154		50		7		59		23		90		69		102
Adjusted operating income (loss) before income taxes	$	138	$	118	$	38	$	10	$	54	$	128	$	125	$	65	$	(65)	$	611
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			(198)
Market risk benefits remeasurement gains (losses)																			(22)
Change in fair value of funds withheld embedded derivatives																			44
Funds withheld gains (losses) – investment income																			4
Derivatives – interest credited																			(3)
Investment income (loss) on unit-linked variable annuities																			(1)
Interest credited on unit-linked variable annuities																			1
Interest expense on uncertain tax positions																			(1)
Other reconciling items (4)																			6
Income before income taxes per condensed consolidated statements of income																			$	441

(1)Includes market valuation adjustments on surrender charges and other immaterial items.

(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.

(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.

(4)Includes market valuation adjustments on surrender charges, pension risk transfer initial loss and other immaterial items.

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For the three months ended March 31, 2025:
	U.S. and Latin America				Canada				Europe, Middle East and Africa				Asia Pacific				Corporate and Other		Total
	Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions		Traditional		Financial Solutions

Segment revenues	$	2,191	$	496	$	384	$	107	$	572	$	282	$	850	$	321	$	137	$	5,340
Reconciliation of revenues:
Investment and derivative gains (losses)																			(71)
Change in fair value of funds withheld embedded derivatives																			(11)
Funds withheld gains (losses) – investment income																			—
Investment income (loss) on unit-linked variable annuities																			—
Other revenues (1)																			2
Total consolidated revenues																			$	5,260
Less significant expenses (2):
Adjusted claims and other policy benefits	1,773		200		295		91		483		167		671		145		—
Future policy benefits remeasurement (gains) losses	(25)		(2)		3		—		(8)		(3)		(18)		(3)		—
Adjusted interest credited	29		123		—		—		—		6		—		84		47
Interest expense	—		—		—		—		—		—		—		—		80
Other segment items (3)	274		108		54		5		47		22		91		36		80
Adjusted operating income (loss) before income taxes	$	140	$	67	$	32	$	11	$	50	$	90	$	106	$	59	$	(70)	$	485
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)																			(71)
Market risk benefits remeasurement gains (losses)																			(29)
Change in fair value of funds withheld embedded derivatives																			(11)
Funds withheld gains (losses) – investment income																			—
Derivatives – interest credited																			(10)
Investment income (loss) on unit-linked variable annuities																			—
Interest credited on unit-linked variable annuities																			—
Interest expense on uncertain tax positions																			—
Other reconciling items (4)																			5
Income before income taxes per condensed consolidated statements of income																			$	369

(1)Includes market valuation adjustments on surrender charges and other immaterial items.

(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.

(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.

(4)Includes market valuation adjustments on surrender charges, pension risk transfer initial loss and other immaterial items.

NOTE 16 FINANCING ACTIVITIES

2026 Subordinated Debt Issuances

On March 3, 2026, the Company issued 6.375% fixed-rate reset subordinated debentures due 2056 with a face amount of $400 million and used the net proceeds for general corporate purposes. Capitalized issuance costs are estimated to be $5 million.

2056 Subordinated Debt Redemption

On May 1, 2026, a notice of redemption was issued to the holders of all of the Company’s outstanding $400 million aggregate principal amount 5.75% Fixed-to-Floating Rate Subordinated Debentures due 2056 (the “2056 Debentures”) in accordance with the terms of the indenture governing the 2056 Debentures. The 2056 Debentures will be redeemed in full on June 15, 2026, at a redemption price equal to 100% of the outstanding principal amount thereof, plus accrued and unpaid interest thereon.

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NOTE 17 NEW ACCOUNTING STANDARDS

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


Description	Anticipated Date of Adoption	Effect on the Consolidated Financial Statements
Standards not yet adopted:
Disaggregation of Income Statement Expenses This standard requires disclosure, in the notes to the financial statements, of specific information about certain costs and expenses. Early adoption is permitted.	December 31, 2027	The adoption of the new standard will be applied retrospectively to all periods presented in the year of adoption. The adoption of the new standard will expand the Company’s disclosures but will have no impact on its results of operations or financial position.

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

Cautionary Note Regarding Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance, and growth potential of Reinsurance Group of America, Incorporated (the “Company”). Forward-looking statements often contain words and phrases such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “pro forma,” “project,” “should,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. Forward-looking statements are based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.

Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looking statements, include, among others: (1) changes in mortality, morbidity, policyholder behavior, claims experience, investment returns, interest rates, expenses and other factors as compared to our pricing assumptions; (2) investment results, whether from changes in economic, capital- and credit-market conditions, asset selection, or otherwise, and their impact on the Company’s investment securities, liquidity, portfolio yields, credit quality, access to capital, cost of capital, and amount of capital required for regulatory and contractual purposes; (3) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company; (4) the availability, amount, cost, and market value of collateral necessary for regulatory reserves, capital, and client obligations; (5) changes in laws and regulations, tax policy and rates, accounting standards, and privacy, data security and cybersecurity regulations applicable to the Company, and actions by regulators with authority over the Company’s operations, as well as regulatory restrictions on the ability of Company subsidiaries to pay dividends to the Company; (6) the impact of general economic conditions in the U.S. and globally, including as a result of inflation, interest rate levels, geopolitical instability, and impacts from the imposition of, or changes in tariffs, as well as the stability of and actions by governments, central banks, and economies in jurisdictions where the Company operates, affecting interest rates, markets generally, or the demand for insurance and reinsurance; (7) the stability and financial performance of clients, reinsurers, third-party investment managers and other institutions and the effects of the Company’s dependence on such third parties; (8) the effectiveness of the Company’s risk management strategy, policy, and procedures, whether relating to reinsurance, investment strategy, operations, or otherwise; (9) the impact of impairments of the value of the Company’s investment securities on the Company’s capital requirements and the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective; (10) the threat of catastrophic events such as pandemics, epidemics, other major health issues, natural disasters, war, military actions (including conflicts in the Middle East), and terrorism or other acts of violence; (11) competitive factors and competitors' responses to the Company’s initiatives; (12) development and introduction of new products and distribution opportunities and entry into new lines of business and markets; (13) the impact of the development and adoption of artificial intelligence; (14) the effect of acquisitions and other significant transactions, including risks related to the integration of acquired blocks of business and entities and the Company's ability to achieve the expected benefits of such transactions, including the transaction entered into with subsidiaries of Equitable Holdings, Inc. on July 31, 2025; (15) interruption or failure of the Company’s telecommunication, information technology, or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data and intellectual property stored on such systems; (16) adverse developments with respect to litigation, arbitration, or regulatory investigations or actions; (17) risks associated with our international operations, including related to fluctuation in foreign currency exchange rates; and (18) other risks and uncertainties described in this document and in the Company's other filings with the Securities and Exchange Commission (“SEC”).

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future, except as required under applicable securities law. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the 2025 Annual Report, as may be supplemented by Item 1A – “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q and in the Company’s other periodic and current reports filed with the SEC.

Overview

The Company is among the leading global providers of life reinsurance and financial solutions, with $4.3 trillion of life reinsurance in force and assets of $164.1 billion as of March 31, 2026. Traditional reinsurance includes individual and group

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

The Company’s Traditional reinsurance business involves reinsuring life insurance policies that are often in force for the remaining lifetime of the underlying individuals insured, with premiums earned typically over a period of 10 to 30 years or longer. To a lesser extent, the Company also reinsures certain health business, typically, for one to three years. Each year, however, a portion of the business under existing treaties terminates due to, among other things, lapses or voluntary surrenders of underlying policies, deaths of the insured, and the exercise of recapture options by ceding companies. The Company’s Financial Solutions business, including significant asset-intensive and longevity risk transactions, allows its clients to take advantage of growth opportunities and manage their capital, longevity and investment risk. The Company also works with partners to provide pension solutions that enable plan sponsors to diversify and protect the benefits provided to the annuitants.

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

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

Segment Presentation

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

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

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

Consolidated Results of Operations

A discussion of the Company’s financial condition and results of operations for the three months ended March 31, 2026 and 2025 are presented below.

Consolidated income before income taxes

The following table summarizes the changes in net income for the periods presented (dollars in millions, except per share data):

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For the three months ended March 31,
	2026		2025		2026 vs 2025
Revenues
Net premiums	$	4,595	$	4,019	$	576
Net investment income	1,701		1,232		469




Investment related losses, net	(170)		(79)		(91)
Other revenues	368		88		280
Total revenues	6,494		5,260		1,234
Benefits and expenses
Claims and other policy benefits	4,621		3,822		799
Future policy benefits remeasurement gains	(7)		(56)		49
Market risk benefits remeasurement (gains) losses	22		29		(7)
Interest credited	480		299		181
Policy acquisition costs and other insurance expenses	512		417		95
Other operating expenses	326		300		26
Interest expense	99		80		19

Total benefits and expenses	6,053		4,891		1,162
Income (loss) before income taxes	441		369		72
Provision for income taxes	110		81		29
Net income (loss)	$	331	$	288	$	43
Net income attributable to noncontrolling interest	1		2		(1)
Net income available to RGA, Inc. shareholders	$	330	$	286	$	44
Earnings per share
Basic earnings per share	$	5.04	$	4.33	$	0.71
Diluted earnings per share	$	4.98	$	4.27	$	0.71

Consolidated results

The increase in net income and income before income taxes for the three months ended March 31, 2026, was primarily the result of the following:

•The execution of reinsurance contracts with subsidiaries of Equitable Holdings, Inc. (“Equitable Holdings”) on July 31, 2025. Pursuant to these agreements, the Company’s U.S. Financial Solutions segment assumed a 75% quota share of Equitable Holdings’ in force individual life insurance liabilities on a coinsurance and modified coinsurance basis, consisting of a diversified mix of life products and account value liabilities, with total liabilities of approximately $12 billion. This transaction increased income before income taxes by $39 million.

•An increase in net investment income due to an increase in invested assets and an increase in variable investment income, partially offset by an increase in interest credited.

The increase in income was partially offset by the following:

•An increase in investment related losses, net, resulting from higher realized losses from portfolio repositioning, a decrease in the fair value of freestanding derivatives and an increase in impairments.

•An increase in policy acquisition costs and other insurance expenses due to an increase in new business volume.

Fluctuations in foreign currency to U.S. dollar exchange rates

Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations increased income before income taxes by $20 million primarily due to the strengthening of the British pound Canadian dollar and Euro as compared to the U.S. dollar. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.

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Investment related gains and losses

The increase in investment related losses, net is attributable to the following:

•During 2026 and 2025, the Company repositioned its investment portfolio to generate higher yields, which led to net capital losses of $106 million and $51 million, respectively.

•Changes in the fair value of freestanding derivatives increased investment related losses, net by $57 million in 2026, compared to $2 million in 2025.

•The Company incurred $43 million and $8 million of changes in allowance for credit losses and impairments during the three months ended March 31, 2026 and 2025, respectively.

The increase in investment related losses, net was partially offset by the following:

•Changes in the fair value of embedded derivatives associated with modified coinsurance/funds withheld treaties, decreased investment related losses, net by $44 million in 2026.

See the Investment section within Management Discussion and Analysis, Note 10 – “Investments” and Note 11 – “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for additional information on the changes in allowance for credit losses, impairment losses and derivatives.

Market risk benefits

Market risk benefits consist of guaranteed minimum benefits associated with the Company’s reinsurance of variable and indexed annuities. The change in fair value of the freestanding derivatives purchased by the Company to hedge the liability is reflected in investment related gains (losses), net. The change in fair value of market risk benefits for guaranteed minimum benefits, after allowing for changes in the associated freestanding derivatives, decreased income before income taxes by $13 million and $3 million in 2026 and 2025, respectively.

Non-economic changes in insurance liabilities

Non-economic changes in insurance liabilities include the initial loss on PRT transactions, net of amortization and changes in the fair value of embedded derivatives associated with the Company’s reinsurance of indexed products. The initial loss at inception of a PRT transaction is the difference between the single premium received and the valuation of the initial reserve based on interest rates prescribed by U.S. GAAP. During 2026 and 2025, the Company incurred non-economic losses of $3 million and $6 million, respectively.

Income taxes

The effective tax rate was 24.9% and 22.2% for 2026 and 2025, respectively. See Note 13 – “Income Tax” in the Notes to Condensed Consolidated Financial Statements for additional information.

Consolidated adjusted operating income before income taxes

Non-GAAP Measure – Consolidated adjusted operating income before income taxes is not determined in accordance with U.S. GAAP. The Company principally uses consolidated adjusted operating income before income taxes in evaluating performance because the Company believes that such measure, when reviewed in conjunction with relevant U.S. GAAP measure (i.e., income before income taxes), presents a clearer picture of its operating performance and assist the Company in the allocation of its resources. The Company believes that this non-GAAP financial measure provides 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. This measure 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.

Adjusted operating income (loss) before income taxes is calculated as income (loss) 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;

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•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 the Company believes are not indicative of the Company’s ongoing operations.

See “Segment Accounting Policies” within Note 15 – “Segment Information” in the Notes to Condensed Consolidated Financial Statements for additional information regarding the presentation of segment results and the Company’s definition of adjusted operating income.

Reconciliation of income before income taxes to adjusted operating income (loss) before income taxes

The reconciliation of consolidated income before income taxes to consolidated adjusted operating income before income taxes is shown below for the periods presented (dollars in millions):


For the three months ended March 31,
	2026		2025		2026 vs 2025
Income before income taxes	$	441	$	369	$	72
Investment and derivative (gains) losses	198		71		127
Market risk benefits remeasurement gains (losses)	22		29		(7)
Change in fair value of funds withheld embedded derivatives	(44)		11		(55)
Funds withheld (gains) losses – investment income	(4)		—		(4)
Derivatives – interest credited	3		10		(7)
Investment income on unit-linked variable annuities	1		—		1
Interest credited on unit-linked variable annuities	(1)		—		(1)
Interest expense on uncertain tax positions	1		—		1
Other	(6)		(5)		(1)
Adjusted operating income before income taxes	$	611	$	485	$	126

Three months ended March 31, 2026, compared to the three months ended March 31, 2025

The increase in adjusted operating income before income taxes was primarily the result of the following:

•An increase in net investment income attributable to an increase in invested assets.

•Variable investment income, excluding spread related business, was $26 million for the three months ended March 31, 2026, compared to a loss of $6 million in the prior year.

•Contribution from the transaction with Equitable Holdings completed in the third quarter of 2025.

See “Results of Operations by Segment” for additional discussion of current and prior period results of operations.

Fluctuations in foreign currency to U.S. dollar exchange rates

Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations increased adjusted operating income before income taxes by $17 million due to the strengthening of the British pound, Canadian dollar and Euro as compared to the U.S. dollar. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.

Premiums and business growth

The increase in premiums was primarily due to organic growth on existing treaties and new business production, measured by the face amount of reinsurance in force, of $150.6 billion during 2026 compared to $131.7 billion during 2025. Consolidated assumed life reinsurance in force increased to $4.3 trillion as of March 31, 2026, from $4.0 trillion as of March 31, 2025, due to new business production and changes in foreign exchange rates.

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Net investment income

The increase in net investment income was primarily due to an increase in the average invested asset base and an increase in variable investment income associated with joint venture and limited partnership investments. The following summarizes the primary drivers contributing to the increase in net investment income for the three months ended March 31, 2026 and 2025:

•The average invested assets at amortized cost, excluding spread related business, totaled $49.5 billion and $44.0 billion in 2026 and 2025, respectively.

•The average yield earned on investments, excluding spread related business, was 4.93% and 4.64% in 2026 and 2025, respectively. The increase in investment yield for the three months ended March 31, 2026, in comparison with the same period in the prior year, was primarily due to increased variable income from limited partnerships and real estate joint ventures.

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

Results of Operations by Segment

As noted above, adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to the Company’s management for purposes of making decisions about allocating resources to the Company’s business segments and assessing the performance of the business segments and is presented in the Company’s financial statement footnotes in accordance with U.S. GAAP. The Company’s significant segment expenses are (1) adjusted claims and other policy benefits, which exclude the non-economic losses at contract inception for direct pension risk transfer single premium business, (2) future policy benefits remeasurement gains and losses, (3) adjusted interest credited, which excludes the change in the fair value of embedded derivatives associated with indexed products and (4) interest expense. See Note 15 – “Segment Information” in the Notes to Consolidated Financial Statements for additional information regarding the presentation of segment results and the Company’s definition of adjusted operating income.

U.S. and Latin America Operations

The U.S. and Latin America operations consist of two major segments: Traditional and Financial Solutions. The Traditional segment primarily specializes in the reinsurance of individual mortality-risk, long-term care, universal life products and, to a lesser extent, group reinsurance. The Financial Solutions segment consists of Asset-Intensive and Capital Solutions. Asset-Intensive within the Financial Solutions segment includes coinsurance of products which primarily exhibit interest rate and market risks such as annuities, corporate-owned life insurance policies, PRT group annuity contracts and, to a lesser extent, fee-based synthetic guaranteed investment contracts, indexed and variable life insurance, investment only and stable value contracts. Effective, January 1, 2025, newly issued FABN issuances are included in the U.S. Financial Solutions segment. Capital Solutions within the Financial Solutions segment primarily involves assisting ceding companies in meeting applicable regulatory requirements by enhancing the ceding companies’ financial strength and regulatory surplus position through relatively low risk reinsurance and other transactions. Typically, these transactions do not qualify as reinsurance under GAAP due to the low-risk nature of the transactions; therefore only the related net fees are reflected in other revenues.

On July 31, 2025, the Company executed reinsurance contracts with subsidiaries of Equitable Holdings. Pursuant to these agreements, the Company’s U.S. Financial Solutions segment assumed a 75% quota share of Equitable Holdings’ in force individual life insurance liabilities on a coinsurance and modified coinsurance basis, consisting of a diversified mix of life products and account value liabilities, with total liabilities of approximately $12 billion.

The following table sets forth the U.S. and Latin America operating results for the periods indicated (dollars in millions). See additional information in the Traditional and Financial Solutions sections.


For the three months ended March 31,
	2026		2025		2026 vs 2025
Total segment revenues	$	3,362	$	2,687	$	675
Total adjusted benefits and expenses	3,106		2,480		626
Adjusted operating income before income taxes	$	256	$	207	$	49

The increase in adjusted operating income before income taxes for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to the contribution from the transaction with Equitable Holdings executed on July 31, 2025, and an increase in variable investment income in the current period.

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Traditional Reinsurance

The following table sets forth the U.S. and Latin America Traditional segment operating results for the periods indicated (dollars in millions):


For the three months ended March 31,
	2026			2025			2026 vs 2025
Segment revenues
Net premiums	$	1,932		$	1,921		$	11
Net investment income	288			268			20
Investment related losses, net	(12)			(6)			(6)
Other revenues	7			8			(1)
Total segment revenues	2,215			2,191			24
Adjusted benefits and expenses
Adjusted claims and other policy benefits	1,777			1,773			4
Future policy benefits remeasurement gains	(6)			(25)			19

Adjusted interest credited	22			29			(7)
Policy acquisition costs and other insurance expenses	223			219			4
Other operating expenses	61			55			6
Total adjusted benefits and expenses	2,077			2,051			26
Adjusted operating income before income taxes	$	138		$	140		$	(2)
Key metrics
Life reinsurance in force	$1,900.2 billion			$1,840.6 billion
Future policy benefits remeasurement gains
Effect of changes in cash flow assumptions	$	—		$	—
Effect of actual variances from expected experience	$	(6)		$	(25)
Loss ratio (1)	91.7		%	91.0		%
Policy acquisition costs and other insurance expenses as a percentage of net premiums	11.5		%	11.4		%
Other operating expenses as a percentage of net premiums	3.2		%	2.9		%

(1)Includes adjusted claims and other policy benefits and future policy benefits remeasurement gains.

The decrease in adjusted operating income before income taxes for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to less favorable claims experience in the current period, mostly offset by the impact of rate increases and favorable variable investment income.

Segment revenues

•The increase in net premiums was primarily due to new business growth.

•The increase in net investment income was primarily due to favorable variable investment income and a higher asset base supporting the business.

•The segment added new life business production, measured by face amount of life reinsurance in force, of $47.8 billion and $36.3 billion during the first three months of 2026 and 2025, respectively.

Adjusted benefits and expenses

•The reduction in future policy benefits remeasurement gains was due to less favorable claims experience in the current period.

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Financial Solutions

The following table sets forth the U.S. and Latin America Financial Solutions segment operating results for the periods indicated (dollars in millions):


For the three months ended March 31,
	2026		2025		2026 vs 2025
Segment revenues
Net premiums	$	320	$	109	$	211
Net investment income	564		337		227
Investment related gains (losses), net	(16)		—		(16)
Other revenues	279		50		229
Total segment revenues	1,147		496		651
Benefits and expenses
Adjusted claims and other policy benefits	597		200		397
Future policy benefits remeasurement (gains) losses	14		(2)		16

Adjusted interest credited	264		123		141
Policy acquisition costs and other insurance expenses	131		84		47
Other operating expenses	23		24		(1)
Total adjusted benefits and expenses	1,029		429		600
Adjusted operating income before income taxes	$	118	$	67	$	51
Key metrics
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions	$	—	$	—
Effect of actual variances from expected experience	$	14	$	(2)

The increase in adjusted operating income before income taxes for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to the transaction with Equitable Holdings and favorable variable investment income.

Segment revenues

•The increase in net premiums was primarily due to premiums received on the transaction with Equitable Holdings in the current year.

•The increase in net investment income was primarily due to an increase in the invested asset base supporting asset intensive transactions and an increase in variable investment income.

◦The book value of the invested asset base supporting asset-intensive transactions increased to $37.2 billion as of March 31, 2026, from $25.8 billion as of March 31, 2025, resulting in an increase in investment income. As of March 31, 2026 and March 31, 2025, $3.1 billion and $3.2 billion, respectively, of the invested assets were funds withheld at interest, of which 90% or greater was associated with two clients.

◦The increase in the asset base was primarily due to $13.6 billion from new transactions and growth from treaties open to new business, offset by $0.8 billion in run-off of existing in force transactions and $1.5 billion associated with an external retrocession transaction.

•The increase in other revenues was primarily due to policy charges on universal life-type policies associated with the transaction with Equitable Holdings.

Adjusted benefits and expenses

•The increase in adjusted claims and other policy benefits, adjusted interest credited and policy acquisition costs and other insurance expenses was primarily due to the transaction with Equitable Holdings.

Reinsurance of separate accounts

•Certain of the Company’s reinsurance contracts, including the Equitable Holdings transaction, reinsure the ceding company’s separate account liabilities on a modified coinsurance basis. Under the terms of these arrangements, the ceding company retains the assets supporting the separate account liabilities. The Company receives a fee based on the policyholder’s account value and is not directly exposed to the investment performance of the separate account assets. Periodic settlements between the Company and the ceding company are net settled. The Company, having the right of offset, has offset assumed separate account assets and liabilities in its consolidated balance sheet. As of March 31, 2026 and December 31, 2025, the Company assumed $16.1 billion and $16.7 billion of separate account liabilities.

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Canada Operations

The Canada operations are primarily engaged in traditional reinsurance, which consists mainly of traditional individual life reinsurance, and to a lesser extent, creditor, group life and health, critical illness and disability reinsurance. Creditor insurance covers the outstanding balance on personal, mortgage or commercial loans in the event of death, disability or critical illness and is generally shorter in duration than traditional individual life insurance. The Canada Financial Solutions segment consists of longevity, asset-intensive and capital solutions.

The following table sets forth the Canada operating results for the periods indicated (dollars in millions). See additional information in the Traditional and Financial Solutions sections.


For the three months ended March 31,
	2026		2025		2026 vs 2025
Total segment revenues	$	512	$	491	$	21
Total adjusted benefits and expenses	464		448		16
Adjusted operating income before income taxes	$	48	$	43	$	5

•The increase in adjusted operating income before income taxes for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to more favorable experience on Traditional business and favorable foreign currency fluctuations.

•Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations in the Canadian dollar resulted in a $2 million increase in adjusted operating income before income taxes for the three months ended March 31, 2026. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.

Traditional Reinsurance

The following table sets forth the Canada Traditional segment operating results for the periods indicated (dollars in millions):


For the three months ended March 31,
	2026			2025			2026 vs 2025
Segment revenues
Net premiums	$	339		$	319		$	20
Net investment income	62			65			(3)
Investment related gains, net	1			1			—
Other revenues	1			(1)			2
Total segment revenues	403			384			19
Adjusted benefits and expenses
Adjusted claims and other policy benefits	316			295			21
Future policy benefits remeasurement (gains) losses	(1)			3			(4)

Adjusted interest credited	—			—			—
Policy acquisition costs and other insurance expenses	36			41			(5)
Other operating expenses	14			13			1
Total adjusted benefits and expenses	365			352			13
Adjusted operating income before income taxes	$	38		$	32		$	6
Key metrics
Life reinsurance in force	$522.6 billion			$478.6 billion
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions	$	—		$	—
Effect of actual variances from expected experience	$	(1)		$	3
Loss ratio (1)	92.9		%	93.4		%
Policy acquisition costs and other insurance expenses as a percentage of net premiums	10.6		%	12.9		%
Other operating expenses as a percentage of net premiums	4.1		%	4.1		%

(1)Includes adjusted claims and other policy benefits and future policy benefits remeasurement (gains) losses.

The increase in adjusted operating income before income taxes for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to more favorable experience across all lines of business and favorable foreign currency fluctuations.

Segment revenues

•The increase in net premiums was primarily due to organic growth and favorable foreign currency fluctuations.

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•The segment added new life business production, measured by face amount of life reinsurance in force, of $13.1 billion and $13.2 billion during the first three months of 2026 and 2025, respectively.

Adjusted benefits and expenses

•The decrease in the loss ratio for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to favorable experience across all lines of business in 2026.

Financial Solutions

The following table sets forth the Canada Financial Solutions segment operating results for the periods indicated (dollars in millions):


For the three months ended March 31,
	2026		2025		2026 vs 2025
Segment revenues
Net premiums	$	45	$	52	$	(7)
Net investment income	62		51		11
Investment related gains (losses), net	(1)		—		(1)
Other revenues	3		4		(1)
Total segment revenues	109		107		2
Adjusted benefits and expenses
Adjusted claims and other policy benefits	93		91		2
Future policy benefits remeasurement (gains) losses	(1)		—		(1)

Adjusted interest credited	—		—		—
Policy acquisition costs and other insurance expenses	6		5		1
Other operating expenses	1		—		1
Total adjusted benefits and expenses	99		96		3
Adjusted operating income before income taxes	$	10	$	11	$	(1)
Key metrics
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions	$	—	$	—
Effect of actual variances from expected experience	$	(1)	$	—

Adjusted operating income before income taxes for the three months ended March 31, 2026, was comparable to the same period in 2025.

Europe, Middle East and Africa Operations

The Europe, Middle East and Africa (“EMEA”) operations consist of two major segments: Traditional and Financial Solutions. The Traditional segment primarily provides reinsurance through yearly renewable term and coinsurance agreements on a variety of life, health and critical illness products. Reinsurance agreements may be facultative or automatic agreements covering primarily individual risks and, in some markets, group risks. The Financial Solutions segment consists of reinsurance and other transactions associated with longevity closed blocks, payout annuities, capital management solutions and financial reinsurance.

The following table sets forth the EMEA operating results for the periods indicated (dollars in millions). See additional information in the Traditional and Financial Solutions sections.


For the three months ended March 31,
	2026		2025		2026 vs 2025
Total segment revenues	$	1,141	$	854	$	287
Total adjusted benefits and expenses	959		714		245
Adjusted operating income before income taxes	$	182	$	140	$	42

•The increase in adjusted operating income before income taxes for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to increased net premiums and an increase in net investment income, partially offset by increased adjusted claims and other policy benefits.

•Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations resulted in a $13 million increase in adjusted operating income before income taxes for the three months ended March 31, 2026. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.

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Traditional Reinsurance

The following table sets forth the EMEA Traditional segment operating results for the periods indicated (dollars in millions):


For the three months ended March 31,
	2026			2025			2026 vs 2025
Segment revenues
Net premiums	$	605		$	540		$	65
Net investment income	35			30			5
Investment related gains (losses), net	—			—			—
Other revenues	6			2			4
Total segment revenues	646			572			74
Adjusted benefits and expenses
Adjusted claims and other policy benefits	543			483			60
Future policy benefits remeasurement gains	(10)			(8)			(2)

Adjusted interest credited	—			—			—
Policy acquisition costs and other insurance expenses	35			20			15
Other operating expenses	24			27			(3)
Total adjusted benefits and expenses	592			522			70
Adjusted operating income before income taxes	$	54		$	50		$	4
Key metrics
Life reinsurance in force	$1,074.4 billion			$1,036.7 billion
Future policy benefits remeasurement gains
Effect of changes in cash flow assumptions	$	—		$	—
Effect of actual variances from expected experience	$	(10)		$	(8)
Loss ratio (1)	88.1		%	88.0		%
Policy acquisition costs and other insurance expenses as a percentage of net premiums	5.8		%	3.7		%
Other operating expenses as a percentage of net premiums	4.0		%	5.0		%

(1)Includes adjusted claims and other policy benefits and future policy benefits remeasurement gains.

The increase in adjusted operating income before income taxes for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to increased net premiums, offset by an increase in adjusted claims and other policy benefits.

Segment revenues

•The increase in net premiums was due to increased business volume on new and existing treaties in the first three months of 2026.

•The segment added new life business production, measured by face amount of life reinsurance in force, of $35.6 billion and $63.4 billion during the three months ended March 31, 2026, and the same period in 2025, respectively.

Adjusted benefits and expenses

•The increase in policy acquisition costs and other insurance expenses as a percentage of net premiums was largely due to differences in allowance levels and the mix of business across the region.

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Financial Solutions

The following table sets forth the EMEA Financial Solutions segment operating results for the periods indicated (dollars in millions):


For the three months ended March 31,
	2026		2025		2026 vs 2025
Segment revenues
Net premiums	$	344	$	189	$	155
Net investment income	137		85		52
Investment related losses, net	(1)		(1)		—
Other revenues	15		9		6
Total segment revenues	495		282		213
Adjusted benefits and expenses
Adjusted claims and other policy benefits	347		167		180
Future policy benefits remeasurement (gains) losses	(11)		(3)		(8)

Adjusted interest credited	8		6		2
Policy acquisition costs and other insurance expenses	3		1		2
Other operating expenses	20		21		(1)
Total adjusted benefits and expenses	367		192		175
Adjusted operating income before income taxes	$	128	$	90	$	38
Key metrics
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions	$	—	$	—
Effect of actual variances from expected experience	$	(11)	$	(3)

The increase in adjusted operating income before income taxes for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to increased net investment income and increased net premiums, partially offset by an increase in adjusted claims and other policy benefits related to closed longevity blocks.

Segment revenues

•The increase in net premiums was primarily due to increased volumes of closed longevity block transactions.

•The increase in net investment income was primarily due to an increase in invested assets supporting the segment.

Adjusted benefits and expenses

•The increase in adjusted claims and other policy benefits was the result of increased volumes of closed block longevity and asset-intensive transactions.

Asia Pacific Operations

Asia Pacific operations include business generated by the Company’s offices throughout Asia and Australia. The Traditional segment’s principal types of reinsurance include individual and group life and health, critical illness, disability and superannuation. Reinsurance agreements may be facultative or automatic agreements covering primarily individual risks, and in some markets, group risks. Superannuation is the Australian government mandated compulsory retirement savings program. Superannuation funds accumulate retirement funds for employees, and, in addition, typically offer life and disability insurance coverage. The Financial Solutions segment includes financial reinsurance, asset-intensive and certain disability and life blocks.

The following table sets forth the Asia Pacific operating results for the periods indicated (dollars in millions). See additional information in the Traditional and Financial Solutions sections.


For the three months ended March 31,
	2026		2025		2026 vs 2025
Total segment revenues	$	1,445	$	1,171	$	274
Total adjusted benefits and expenses	1,255		1,006		249
Adjusted operating income before income taxes	$	190	$	165	$	25

•The increase in adjusted operating income before income taxes for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to an increase in net investment income and business growth.

•Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency movements had no material impact on adjusted operating income before income taxes during the three months ended March 31, 2026. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.

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Traditional Reinsurance

The following table sets forth the Asia Pacific Traditional segment operating results for the periods indicated (dollars in millions):


For the three months ended March 31,
	2026			2025			2026 vs 2025
Segment revenues
Net premiums	$	860		$	777		$	83
Net investment income	82			71			11
Investment related gains losses, net	—			(1)			1
Other revenues	8			3			5
Total segment revenues	950			850			100
Adjusted benefits and expenses
Adjusted claims and other policy benefits	726			671			55
Future policy benefits remeasurement (gains) losses	9			(18)			27

Adjusted interest credited	—			—			—
Policy acquisition costs and other insurance expenses	35			39			(4)
Other operating expenses	55			52			3
Total adjusted benefits and expenses	825			744			81
Adjusted operating income before income taxes	$	125		$	106		$	19
Key metrics
Life reinsurance in force	$581.7 billion			$561.1 billion
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions	$	—		$	—
Effect of actual variances from expected experience	$	9		$	(18)
Loss ratio (1)	85.5		%	84.0		%
Policy acquisition costs and other insurance expenses as a percentage of net premiums	4.1		%	5.0		%
Other operating expenses as a percentage of net premiums	6.4		%	6.7		%

(1)Includes adjusted claims and other policy benefits and future policy benefits remeasurement (gains) losses.

The increase in adjusted operating income before income taxes for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to an increase in net premiums and net investment income, partially offset by an increase in adjusted claims and other policy benefits and future policy benefits remeasurement losses.

Segment revenues

•The increase in net premiums was primarily due to continued business growth in the segment.

•The segment added new life business production, measured by face amount of life reinsurance in force, of $40.0 billion and $14.3 billion during the three months ended March 31, 2026 and 2025, respectively, due to new business production.

•The increase in net investment income was due to higher investment yield and an increase in invested assets.

Adjusted benefits and expenses

•The increase in the loss ratio for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to less favorable claims experience across the segment.

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Financial Solutions

The following table sets forth the Asia Pacific Financial Solutions segment operating results for the periods indicated (dollars in millions):


For the three months ended March 31,
	2026		2025		2026 vs 2025
Segment revenues
Net premiums	$	150	$	112	$	38
Net investment income	319		196		123
Investment related gains, net	12		7		5
Other revenues	14		6		8
Total segment revenues	495		321		174
Adjusted benefits and expenses
Adjusted claims and other policy benefits	222		145		77
Future policy benefits remeasurement gains	(1)		(3)		2

Adjusted interest credited	140		84		56
Policy acquisition costs and other insurance expenses	58		27		31
Other operating expenses	11		9		2
Total adjusted benefits and expenses	430		262		168
Adjusted operating income before income taxes	$	65	$	59	$	6
Key metrics
Future policy benefits remeasurement gains
Effect of changes in cash flow assumptions	$	—	$	—
Effect of actual variances from expected experience	$	(1)	$	(3)

The invested asset base supporting asset-intensive transactions increased to $38.0 billion as of March 31, 2026, from $25.0 billion as of March 31, 2025. The increase in the asset base compared to March 31, 2025, was primarily due to approximately $7.8 billion from transactions executed in the quarter and net organic growth of $5.2 billion from existing in force blocks. The amount of reinsurance assumed from client companies, as measured by pre-tax statutory surplus, risk based capital and other financial reinsurance structures, was $2.5 billion and $2.1 billion for the three months ended March 31, 2026 and 2025, respectively. Fees earned from this business can vary significantly depending on the size, complexity and timing of the transactions and, therefore, can fluctuate from period to period.

Segment revenues

•The increase in net premiums was due to increased contributions from several existing in force blocks.

•The increase in net investment income was due to a growing asset base and higher variable investment income.

•The increase in other revenues was due to higher initial income and surrender charges from transactions during the period.

Adjusted benefits and expenses

•The increases in adjusted claims and other policy benefits and adjusted interest credited were due to new asset-intensive transactions.

Corporate and Other

Corporate and Other revenues primarily include investment income from unallocated invested assets and service fees. Corporate and Other expenses consist of the offset to capital charges allocated to the operating segments within the policy acquisition costs and other insurance income line item, unallocated overhead and executive costs, interest expense related to debt and service business expenses. Additionally, Corporate and Other includes results from the Company’s FABNs issued prior to January 1, 2025. Effective, January 1, 2025, newly issued FABN issuances are included in the U.S. Financial Solutions segment.

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For the three months ended March 31,
	2026		2025		2026 vs 2025
Segment revenues
Net premiums	$	—	$	—	$	—
Net investment income	149		129		20
Investment related gains, net	1		3		(2)
Other revenues	29		5		24
Total segment revenues	179		137		42
Adjusted benefits and expenses
Adjusted claims and other policy benefits	—		—		—
Future policy benefits remeasurement (gains) losses	—		—		—

Adjusted interest credited	44		47		(3)
Policy acquisition costs and other insurance expenses	(15)		(19)		4
Other operating expenses	117		99		18
Interest expense	98		80		18
Total adjusted benefits and expenses	244		207		37
Adjusted operating loss before income taxes	$	(65)	$	(70)	$	5

The decrease in adjusted operating loss before income taxes for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to an increase in net investment income and other revenues, partially offset by an increase in other operating expenses and interest expense.

Segment revenues

•The increase in net investment income was primarily due to an increase in yield.

•The increase in other revenues was primarily due to income earned on a note receivable.

Adjusted benefits and expenses

•The increase in other operating expenses was primarily due to higher compensation expense.

•The increase in interest expense was primarily due to an increase in outstanding debt.

Liquidity and Capital Resources

Overview

The Company believes that cash flows from the source of funds available to it will provide sufficient cash flows for the next twelve months and the foreseeable future thereafter to satisfy the current liquidity requirements of the Company under various scenarios that include the potential risk of early recapture of reinsurance treaties, market events and higher than expected claims. The Company performs periodic liquidity stress testing to ensure that its asset portfolio includes sufficient high quality liquid assets that could be utilized to bolster its liquidity position under stress scenarios. These assets could be utilized as collateral for secured borrowing transactions with various third parties or by selling the securities in the open market if needed. The Company’s liquidity requirements have been and will continue to be funded through net cash flows from operations. However, in the event of significant unanticipated cash requirements beyond normal liquidity needs, the Company has multiple liquidity alternatives available based on market conditions and the amount and timing of the liquidity need. These alternatives include the sale of invested assets subject to market conditions, borrowings under committed credit facilities, secured borrowings, and if necessary, issuing long-term debt, preferred securities or common equity.

Current Market Environment

The Company’s average investment yield, excluding spread related business, for the three months ended March 31, 2026, was 4.93%, 29 basis points higher than the same period in 2025. The average yield will vary from year to year depending on several variables, including the prevailing risk-free interest rate and credit spread environment, prepayment fees and make-whole premiums, changes in the mix of the underlying investments and cash and cash equivalents balances. Variable investment income from joint ventures and limited partnerships will also vary from year to year and is highly dependent on the timing of dividends and distributions on certain investments. Gross unrealized gains on fixed maturity securities available-for-sale decreased from $1.7 billion at December 31, 2025, to $1.1 billion at March 31, 2026. Gross unrealized losses increased from $7.0 billion at December 31, 2025 to $8.5 billion at March 31, 2026.

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The Company continues to be in a position to hold any investment security showing an unrealized loss until recovery, provided it remains comfortable with the credit of the issuer. The Company does not rely on short-term funding or commercial paper and, to date, has experienced no liquidity pressure and does not anticipate such pressure in the foreseeable future.

The Company projects its reserves to be sufficient and does not expect to be required to take any actions to augment capital, even if interest rates remain at current levels for the next five years, assuming all other factors remain constant. To mitigate disintermediation risk, the Company purchased swaptions to protect against a material increase in interest rates. While the Company has felt the pressures of sustained low interest rates, followed by the recent significant increase in risk-free rates, and volatile equity markets, its business and results of operations are not overly sensitive to these risks. Mortality and morbidity risks continue to be the most significant risk for the Company. Although management believes that the Company’s current capital base is adequate to support its business at current operating levels, it continues to monitor new business opportunities and any associated new capital needs that could arise from the changing financial landscape.

The Holding Company

RGA is an insurance holding company whose primary uses of liquidity include, but are not limited to, the immediate capital needs of its operating companies, dividends paid to its shareholders, repurchase of common stock and interest payments on its indebtedness. The primary sources of RGA’s liquidity include proceeds from its capital-raising efforts, interest income on undeployed corporate investments, interest income received on surplus notes with RGA Reinsurance Company (“RGA Reinsurance”), RGA Life and Annuity Insurance Company (“RGA Life and Annuity”) and Rockwood Reinsurance Company (“Rockwood Re”), and dividends from operating subsidiaries. As the Company continues to operate its business and manage capital, RGA will continue to be dependent upon these sources of liquidity. The following tables provide comparative information for RGA (dollars in millions):


	Three months ended March 31,
	2026		2025
Interest and dividend income	$	40	$	33
Interest expense	73		63
Capital contributions to subsidiaries	8		10
Issuance of unaffiliated debt	400		700
Dividends to shareholders	61		59


	March 31, 2026		December 31, 2025
Cash and invested assets	$	1,574	$	1,360

See Item 15, Schedule II – “Condensed Financial Information of the Registrant” in the 2025 Annual Report for additional financial information related to RGA.

The undistributed earnings of substantially all of the Company’s foreign subsidiaries have been reinvested indefinitely in those non-U.S. operations, as described in Note 14 – “Income Tax” in the Notes to Consolidated Financial Statements in the 2025 Annual Report. As U.S. Tax Reform generally eliminates U.S. federal income taxes on dividends from foreign subsidiaries, the Company does not expect to incur material income taxes if these funds are repatriated.

RGA endeavors to maintain a capital structure that provides financial and operational flexibility to its subsidiaries, credit ratings that support its competitive position in the financial services marketplace, and shareholder returns. As part of the Company’s capital deployment strategy, it has repurchased shares of RGA common stock and paid dividends to RGA shareholders, as authorized by the board of directors.

On January 29, 2026, RGA’s board of directors authorized a share repurchase program for up to $500 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. During the three months ended March 31, 2026, the Company repurchased 225,638 shares of common stock under this program. As of March 31, 2026, the aggregate amount remaining under the Company’s share repurchase authorization was approximately $450 million.

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Details underlying dividend and share repurchase program activity were as follows (in millions, except share data):


	Three months ended March 31,
	2026		2025
Dividends to shareholders	$	61	$	59
Purchase of common stock (1)	50		—
Total amount paid to shareholders	$	111	$	59

Number of common shares purchased (1)	225,638		—
Average price per share	$	221.59	$	—

(1)Excludes shares utilized to execute and settle certain stock incentive awards.

In April 2026, RGA’s board of directors declared a quarterly dividend of $0.93 per share. All future payments of dividends are at the discretion of RGA’s board of directors and will depend on the Company’s earnings, capital requirements, insurance regulatory conditions, operating conditions and other such factors as the board of directors may deem relevant. The amount of dividends that RGA can pay will depend in part on the operations of its reinsurance subsidiaries. See Note 3 – “Equity” in the Notes to Condensed Consolidated Financial Statements for information on the Company’s share repurchase program.

Debt

Certain of the Company’s debt agreements contain financial covenant restrictions related to, among others, liens, the issuance and disposition of stock of restricted subsidiaries, minimum requirements of consolidated net worth, maximum ratios of debt to capitalization and change of control provisions. On March 13, 2023, the Company entered into a syndicated revolving credit facility with a five-year term and an overall capacity of $850 million. As of March 31, 2026, the Company had no cash borrowings outstanding and no letters of credit issued under this facility. Under the terms of this facility, the Company is required to maintain a minimum consolidated net worth of $5.8 billion. Also, consolidated indebtedness, calculated as of the last day of each fiscal quarter, cannot exceed 35% of the sum of the Company’s consolidated indebtedness plus adjusted RGA Inc.’s shareholders’ equity. A material ongoing covenant default could require immediate payment of the amount due, including principal, under the Company’s various debt agreements. Additionally, the Company’s debt agreements contain cross-acceleration covenants, which would make outstanding borrowings immediately payable in the event of a material uncured covenant default under any of the agreements, including, but not limited to, non-payment of indebtedness when due for an amount in excess of the amounts set forth in those agreements, bankruptcy proceedings, or any other event that results in the acceleration of the maturity of indebtedness.

As of March 31, 2026 and December 31, 2025, the Company had $6.2 billion and $5.8 billion, respectively, in outstanding borrowings under its debt agreements and was in compliance with all covenants under those agreements. As of March 31, 2026 and December 31, 2025, the average interest rate on long-term debt outstanding was 5.40% and 5.33%, respectively. The ability of the Company to make debt principal and interest payments depends on the earnings and surplus of subsidiaries, investment earnings on undeployed capital proceeds, available liquidity at the holding company and the Company’s ability to raise additional funds.

The Company enters into derivative agreements with counterparties that reference either the Company’s debt rating or its financial strength rating. If either rating is downgraded in the future, it could trigger certain terms in the Company’s derivative agreements, which could negatively affect overall liquidity. For the majority of the Company’s derivative agreements, there is a termination event should the long-term senior debt ratings drop below either BBB+ (S&P) or Baa1 (Moody’s) or the financial strength ratings drop below either A- (S&P) or A3 (Moody’s).

Based on the historic cash flows and the current financial results of the Company, management believes that RGA’s cash flows will be sufficient to enable RGA to meet its obligations for at least the next twelve months.

Credit and Committed Facilities

The Company has obtained bank letters of credit in favor of various affiliated and unaffiliated insurance companies from which the Company assumes business. These letters of credit represent guarantees of performance under the reinsurance agreements and allow ceding companies to take statutory reserve credits. Certain of these letters of credit contain financial covenant

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restrictions similar to those described in the “Debt” discussion above. At March 31, 2026, there were approximately $313 million of outstanding bank letters of credit in favor of third parties. Additionally, in accordance with applicable regulations, the Company utilizes letters of credit to secure statutory reserve credits when it retrocedes business to its affiliated subsidiaries. The Company retrocedes business to its affiliates to help reduce the amount of regulatory capital required in certain jurisdictions, such as the U.S., Canada and the U.K. The Company believes that the capital required to support the business retroceded to its affiliates reflects more realistic expectations than the original jurisdiction in which the business was written, where capital requirements are often considered to be quite conservative. As of March 31, 2026, $1.2 billion in letters of credit from various banks were outstanding, but undrawn, backing reinsurance between the various subsidiaries of the Company.

Cash Flows

The Company’s principal cash inflows from its reinsurance operations include premiums and deposit funds received from ceding companies. The primary liquidity concerns with respect to these cash flows are early recapture of the reinsurance contract by the ceding company and lapses of annuity products reinsured by the Company. The Company’s principal cash inflows from its invested assets result from investment income and the maturity and sales of invested assets. The primary liquidity concerns with respect to these cash inflows relates to the risk of default by debtors and interest rate volatility. The Company manages these risks very closely. See “Investments” below.

Additional sources of liquidity to meet unexpected cash outflows in excess of operating cash inflows and current cash and equivalents on hand includes drawing funds under a revolving credit facility, under which the Company had availability of $850 million as of March 31, 2026. The Company also had $302 million of funds available through collateralized borrowings from the FHLB as of March 31, 2026. In addition to these facilities, the Company’s subsidiaries, RGA Reinsurance Company (“RGA Re”) and RGA Americas Reinsurance Company, Ltd. (“RGA Americas”), maintain a $200 million committed credit facility to provide contingent capital to RGA Re and RGA Americas. As of March 31, 2026, the Company could have borrowed these additional amounts without violating any of its existing debt covenants.

The Company’s principal cash outflows relate to the payment of claims liabilities, interest credited, operating expenses, income taxes, dividends to shareholders, purchases of treasury stock and principal and interest under debt and other financing obligations. The Company seeks to limit its exposure to loss on any single insured and to recover a portion of benefits paid by ceding reinsurance to other insurance enterprises or reinsurers under excess coverage and coinsurance contracts. See Note 2 – “Significant Accounting Policies and Pronouncements” in the Notes to Consolidated Financial Statements in the 2025 Annual Report. The Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance. The Company has never experienced a material default in connection with retrocession arrangements, nor has it experienced any difficulty in collecting claims recoverable from retrocessionaires; however, no assurance can be given as to the future performance of such retrocessionaires or the recoverability of future claims. The Company’s management believes that its cash and cash equivalents as well as its current sources of liquidity are adequate to meet its cash requirements for the next 12 months.

Summary of Primary Sources and Uses of Liquidity and Capital

The Company’s primary sources and uses of liquidity and capital for the three months ended March 31, 2026 and 2025 are summarized as follows (dollars in millions):


		Three Months Ended March 31,
		2026		2025
Sources:
	Net cash provided by operating activities	$	2,873	$	1,429

	Proceeds from long-term debt issuance, net	395		691


	Treasury stock reissued	5		—
	Change in deposit asset on reinsurance	43		50
	Net deposits to investment-type policies and contracts	1,578		1,432

	Effect of exchange rate changes on cash	—		24
	Total sources	4,894		3,626

Uses:
	Net cash used in investing activities	3,697		1,695
	Dividends to shareholders	61		59

	Principal payments of long-term debt	1		1
	Purchases of treasury stock	94		38
	Change in cash collateral for derivatives and repurchase/reverse repurchase agreements	199		8


	Effect of exchange rate changes on cash	17		—
	Total uses	4,069		1,801
Net change in cash and cash equivalents		$	825	$	1,825

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Cash Flows from Operations – The principal cash inflows from the Company’s reinsurance activities come from premiums, investment and fee income, annuity considerations and deposit funds. The principal cash outflows relate to the liabilities associated with various life and health insurance, annuity and disability products, operating expenses, income tax payments and interest on outstanding debt obligations. The primary liquidity concern with respect to these cash flows is the risk of shortfalls in premiums and investment income, particularly in periods with abnormally high claims levels.

Cash Flows from Investments – The principal cash inflows from the Company’s investment activities come from repayments of principal on invested assets, proceeds from maturities of invested assets, sales of invested assets and settlements of freestanding derivatives. The principal cash outflows relate to purchases of investments, issuances of policy loans and settlements of freestanding derivatives. The Company typically has a net cash outflow from investing activities because cash inflows from insurance operations are reinvested in accordance with its asset/liability management discipline to fund insurance liabilities. The Company closely monitors and manages these risks through its credit risk management process. The primary liquidity concerns with respect to these cash flows are the risk of default by debtors and market disruption, which could make it difficult for the Company to sell investments.

Financing Cash Flows – The principal cash inflows from the Company’s financing activities come from issuances of RGA debt and equity securities, and deposit funds associated with universal life and other investment type policies and contracts. The principal cash outflows come from repayments of debt, payments of dividends to shareholders, purchases of treasury stock, and withdrawals associated with universal life and other investment type policies and contracts. A primary liquidity concern with respect to these cash flows is the risk of early contractholder and policyholder withdrawal.

Contractual Obligations

There were no material changes in the Company’s contractual obligations from those reported in the 2025 Annual Report, except for the following:

•The Company’s contractual obligations associated with long-term debt, including interest, increased at March 31, 2026, due to the Company’s issuance of $400 million in subordinated debentures on March 3, 2026. See Note 16 – “Financing Activities” for further information.

Asset / Liability Management

The Company actively manages its cash and invested assets using an approach that is intended to balance quality, diversification, asset/liability matching, liquidity and investment return. The goals of the investment process are to optimize after-tax, risk-adjusted investment income and after-tax, risk-adjusted total return while managing the assets and liabilities on a cash flow and duration basis.

The Company has established target asset portfolios for its operating segments, which represent the investment strategies intended to profitably fund its liabilities within acceptable risk parameters. These strategies include objectives and limits for effective duration, yield curve sensitivity and convexity, liquidity, asset sector concentration and credit quality.

The Company’s asset-intensive products are primarily supported by investments in fixed maturity securities reflected on the Company’s balance sheet and under funds withheld arrangements with the ceding company. Investment guidelines are established to structure the investment portfolio based upon the type, duration and behavior of products in the liability portfolio so as to achieve targeted levels of profitability. The Company manages the asset-intensive business to provide a targeted spread between the interest rate earned on investments and the interest rate credited to the underlying interest-sensitive contract liabilities. The Company periodically reviews models projecting different interest rate scenarios and their effect on profitability. Certain of these asset-intensive agreements, primarily in the U.S. and Latin America Financial Solutions operating segment, are generally funded by fixed maturity securities that are withheld by the ceding company.

The Company’s liquidity position (cash and cash equivalents and short-term investments) was $5.4 billion and $4.5 billion at March 31, 2026 and December 31, 2025, respectively. Liquidity needs are determined from valuation analyses conducted by operational units and are driven by product portfolios. Periodic evaluations of demand liabilities and short-term liquid assets are designed to adjust specific portfolios, as well as their durations and maturities, in response to anticipated liquidity needs.

See “Securities Borrowing, Lending and Repurchase/Reverse Repurchase Agreements” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for information related to the Company’s securities borrowing, lending and repurchase/reverse repurchase programs. In addition to the Company’s security agreements with third parties, certain RGA subsidiaries have entered into intercompany securities lending agreements to more efficiently source securities for lending to third parties and to provide for more efficient regulatory capital management.

The Company is a member of the FHLB and holds $68 million of FHLB common stock, which is included in other invested assets on the Company’s condensed consolidated balance sheets. The Company has entered into funding agreements with the FHLB under guaranteed investment contracts whereby the Company has issued the funding agreements in exchange for cash and for which the FHLB has been granted a blanket lien on the Company’s commercial and residential mortgage-backed

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securities and commercial mortgage loans used to collateralize the Company’s obligations under the funding agreements. The Company maintains control over these pledged assets, and may use, commingle, encumber or dispose of any portion of the collateral as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. The funding agreements and the related security agreements represented by this blanket lien provide that upon any event of default by the Company, the FHLB’s recovery is limited to the amount of the Company’s liability under the outstanding funding agreements. The amount of the Company’s liability for the funding agreements with the FHLB was $1.3 billion at March 31, 2026 and December 31, 2025, which is included in interest-sensitive contract liabilities on the Company’s condensed consolidated balance sheets. The advances on these agreements are collateralized primarily by commercial and residential mortgage-backed securities, commercial mortgage loans and U.S. Treasury and government agency securities. The amount of collateral exceeds the liability and is dependent on the type of assets collateralizing the guaranteed investment contracts.

Investments

Management of Investments

The Company’s investment and derivative strategies involve matching the characteristics of its reinsurance products and other obligations. The Company seeks to closely approximate the interest rate sensitivity of the assets with estimated interest rate sensitivity of the reinsurance liabilities. The Company achieves its income objectives through strategic and tactical asset allocations, applying security and derivative strategies within asset/liability and disciplined risk management frameworks. Derivative strategies are employed within the Company’s risk management framework to help manage duration, currency and other risks in assets and/or liabilities and to replicate the credit characteristics of certain assets.

The Company’s portfolio management groups work with the Enterprise Risk Management function to develop the investment policies for the assets of the Company’s domestic and international investment portfolios. All investments held by the Company, directly or in a funds withheld at interest reinsurance arrangement, are monitored for conformance with the Company’s stated investment policy limits as well as any limits prescribed by the applicable jurisdiction’s insurance laws and regulations. See Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for additional information regarding the Company’s investments.

Portfolio Composition

The Company had total cash and invested assets of $142.0 billion and $134.6 billion as of March 31, 2026 and December 31, 2025, respectively, as illustrated below (dollars in millions):


	March 31, 2026		% of Total		December 31, 2025		% of Total
Fixed maturity securities available-for-sale - public	$	94,438	66.4	%	$	88,993	66.2	%
Fixed maturity securities available-for-sale - private	12,890		9.1		12,776		9.5
Equity securities	300		0.2		311		0.2
Mortgage loans	11,318		8.0		11,104		8.2
Policy loans	3,703		2.6		3,541		2.6
Funds withheld at interest	8,390		5.9		8,149		6.1
Limited partnerships and real estate joint ventures	4,093		2.9		3,747		2.8
Short-term investments	357		0.3		346		0.3
Other invested assets	1,525		1.1		1,514		1.1
Cash and cash equivalents	4,993		3.5		4,168		3.0
Total cash and invested assets	$	142,007	100.0	%	$	134,649	100.0	%

Investment Yield – Excluding Spread Related Business

The following table presents consolidated average invested assets at amortized cost, net investment income, investment yield, variable investment income (“VII”) and investment yield excluding VII, which can vary significantly from period to period (dollars in millions). The table excludes spread related business. Spread related business is primarily associated with contracts on which the Company earns an interest rate spread between assets and liabilities. To varying degrees, fluctuations in the yield on other spread related business are generally subject to corresponding adjustments to the interest credited on the liabilities.

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	Three months ended March 31,
	2026			2025			Increase / (Decrease)
Average invested assets at amortized cost	$	49,549		$	44,016		$	5,533
Net investment income	$	599		$	502		$	97
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost)	4.93		%	4.64		%	29 bps
VII (included in net investment income)	$	26		$	(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)	4.85		%	4.90		%	(5) bps

Investment yield increased for the three months ended March 31, 2026, in comparison to the same period in the prior year, primarily due to increased variable income from limited partnerships and real estate joint ventures slightly offset by lower yield on cash and cash equivalents.

Fixed Maturity Securities Available-for-Sale

See “Fixed Maturity Securities Available-for-Sale” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables that provide the amortized cost, allowance for credit losses, unrealized gains and losses and estimated fair value of these securities by type as of March 31, 2026 and December 31, 2025.

Important factors in the selection of investments include diversification, quality, yield, call protection and total rate of return potential. The relative importance of these factors is determined by market conditions and the underlying reinsurance liability and existing portfolio characteristics. As of March 31, 2026 and December 31, 2025, approximately 94.3% of total fixed maturity securities were investment grade.

The Company owns floating rate securities that represented approximately 8.7% and 8.9% of total fixed maturity securities as of March 31, 2026 and December 31, 2025, respectively. These investments have a higher degree of income variability than the other fixed income holdings in the portfolio due to fluctuations in interest payments. The Company holds floating rate investments to enhance asset management strategies and match certain interest-sensitive contract liabilities.

The largest asset class in which fixed maturity securities were invested was corporate securities, which represented approximately 68.2% and 68.5% of total fixed maturity securities as of March 31, 2026 and December 31, 2025, respectively. See “Corporate Fixed Maturity Securities” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables showing the major sector types, which comprise the corporate fixed maturity holdings as of March 31, 2026 and December 31, 2025.

As of March 31, 2026 and December 31, 2025, the Company’s investments in Canadian government securities represented 4.7% and 5.1%, respectively, of total fixed maturity securities. These assets are primarily high quality, long duration provincial strip bonds, the valuation of which is closely linked to the interest rate curve. These assets are longer in duration and held primarily for asset/liability management to meet Canadian regulatory requirements.

As of March 31, 2026 and December 31, 2025, the Company’s investments in Japanese government securities represented 7.3% and 4.6%, respectively, of total fixed maturity securities. These assets are primarily long duration government bonds matching the liability profile of the Company’s Japanese business.

The Company references rating agency designations in some of its investments disclosures. These designations are based on the ratings from nationally recognized statistical rating organizations, primarily Moody’s, S&P and Fitch. Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology. The NAIC assigns designations to publicly traded as well as privately placed securities. The designations assigned by the NAIC range from class 1 to class 6, with designations in classes 1 and 2 generally considered investment grade (BBB or higher rating agency designation). NAIC designations in classes 3 through 6 are generally considered below investment grade (BB or lower rating agency designation). If no rating is available from a rating agency or the NAIC, then an internally developed rating is used.

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The quality of the Company’s available-for-sale fixed maturity securities portfolio, as measured at fair value and by the percentage of fixed maturity securities invested in various ratings categories, relative to the entire available-for-sale fixed maturity securities portfolio, as of March 31, 2026 and December 31, 2025 was as follows (dollars in millions):


		March 31, 2026						December 31, 2025
NAIC Designation	Rating Agency Designation	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
1	AAA/AA/A	$	75,437	$	69,596	64.8	%	$	69,007	$	64,571	63.4	%
2	BBB	33,252		31,702		29.5		32,330		31,423		30.9
3	BB	4,436		4,371		4.1		4,815		4,823		4.8
4	B	1,334		1,269		1.2		714		632		0.6
5	CCC and lower	393		318		0.3		356		294		0.3
6	In or near default	124		72		0.1		42		26		—
	Total	$	114,976	$	107,328	100.0	%	$	107,264	$	101,769	100.0	%

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The Company’s fixed maturity portfolio includes structured securities. The following table shows the types of structured securities the Company held as of March 31, 2026 and December 31, 2025 (dollars in millions):


	March 31, 2026						December 31, 2025
	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
ABS:
Collateralized loan obligations (“CLOs”)	$	2,462	$	2,449	21.9	%	$	2,486	$	2,481	22.4	%
ABS, excluding CLOs	4,974		4,832		43.3		4,992		4,888		44.0
Total ABS	7,436		7,281		65.2		7,478		7,369		66.4
CMBS	2,367		2,335		20.9		2,179		2,162		19.5
RMBS:
Agency	351		314		2.9		359		324		2.9
Non-agency	1,248		1,229		11.0		1,256		1,245		11.2
Total RMBS	1,599		1,543		13.9		1,615		1,569		14.1
Total	$	11,402	$	11,159	100.0	%	$	11,272	$	11,100	100.0	%

The Company’s ABS portfolio primarily consists of CLOs, aircraft and rated note feeders. The principal risks in holding ABS are structural, credit, capital market and interest rate risks. Structural risks include the securities’ cash flow priority in the capital structure and the inherent prepayment sensitivity of the underlying collateral. Credit risks include the adequacy and ability to realize proceeds from the collateral. Credit risks are mitigated by credit enhancements that include excess spread, over-collateralization and subordination. Capital market risks include general level of interest rates and the liquidity for these securities in the marketplace.

The Company’s CMBS portfolio primarily consists of large pool securitizations that are diverse by property type, borrower and geographic dispersion. The principal risks in holding CMBS are structural and credit risks. Structural risks include the securities’ cash flow priority in the capital structure and the inherent prepayment sensitivity of the underlying collateral. Credit risks include the adequacy and ability to realize proceeds from the collateral. The Company focuses on investment grade rated tranches that provide additional credit support beyond the equity protection in the underlying loans. These assets are viewed as an attractive alternative to other fixed income asset classes.

The Company’s RMBS portfolio includes agency-issued pass-through securities and collateralized mortgage obligations. Agency-issued pass-through securities are guaranteed or otherwise supported by the Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, or the Government National Mortgage Association. The principal risks in holding RMBS are prepayment and extension risks, which will affect the timing of when cash will be received and are dependent on the level of mortgage interest rates. Prepayment risk is the unexpected increase in principal payments from the expected, primarily as a result of owner refinancing. Extension risk relates to the unexpected slowdown in principal payments from the expected. In addition, non-agency RMBS face credit risk should the borrower be unable to pay the contractual interest or principal on their obligation. The Company monitors its mortgage-backed securities to mitigate exposure to the cash flow uncertainties associated with these risks.

As of March 31, 2026 and December 31, 2025, the Company classified approximately 12.8% and 13.5%, respectively, of its fixed maturity securities in the Level 3 category. Refer to Note 12 – “Fair Value of Assets and Liabilities” in the Notes to Condensed Consolidated Financial Statements for additional information. These securities primarily consist of private placement corporate and asset-backed securities.

See “Securities Lending and Repurchase/Reverse Repurchase Agreements” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for information related to the Company’s securities lending and repurchase/reverse repurchase agreements.

Mortgage Loans

The Company’s mortgage loan portfolio consists of U.S., Canada and U.K. based investments primarily in retail locations, light industrial properties, and commercial offices. The mortgage loan portfolio is diversified by geographic region and property type as discussed further under “Mortgage Loans” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements. Mortgage loans in the Company’s portfolio range in size up to $57 million, with an average mortgage loan investment as of March 31, 2026, of $7 million.

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As of March 31, 2026 and December 31, 2025, the Company’s recorded investments in mortgage loans, gross of unamortized deferred loan origination fees and expenses, discounts and allowance for credit losses, were distributed geographically as follows (dollars in millions):


	March 31, 2026				December 31, 2025
	Recorded Investment		% of Total		Recorded Investment		% of Total
U.S. Region:
West	$	4,167	36.3	%	$	4,119	36.6	%
South	3,844		33.5		3,689		32.7
Midwest	1,758		15.3		1,677		14.9
Northeast	759		6.6		793		7.0
Subtotal – U.S.	10,528		91.7		10,278		91.2
Canada	736		6.4		758		6.7
United Kingdom	213		1.9		232		2.1

Total	$	11,477	100.0	%	$	11,268	100.0	%

See “Allowance for Credit Losses and Impairments” in Note 2 – “Significant Accounting Policies and Pronouncements” of the 2025 Annual Report and “Mortgage Loans” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for information regarding the Company’s policy for allowance for credit losses on mortgage loans.

Allowance for Credit Losses and Impairments

The table below summarizes investment related gains (losses), net, related to allowances for credit losses and impairments for the three months ended March 31, 2026 and 2025 (dollars in millions):


	Three months ended March 31,
		2026		2025
Change in allowance for credit losses on fixed maturity securities		$	(22)	$	(6)
Impairments on fixed maturity securities		(1)		$	—
Change in mortgage loan allowance for credit losses		2		4
Limited partnership and real estate joint ventures impairment losses		(22)		(5)
Other impairment losses		—		(1)
Total		$	(43)	$	(8)

The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes an analysis of whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment. See “Allowance for Credit Losses and Impairments” in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2025 Annual Report for additional information.

As of March 31, 2026 and December 31, 2025, the Company had $8.5 billion and $7.0 billion, respectively, of gross unrealized losses related to its fixed maturity securities. The Company monitors its fixed maturity securities to determine impairments in value and evaluates factors such as financial condition of the issuer, payment performance, compliance with covenants, general market and industry sector conditions, current intent and ability to hold securities, and various other subjective factors. Based on management’s judgment, an allowance for credit losses in the amount that fair value is less than the amortized cost is recorded for securities determined to have expected credit losses.

See “Unrealized Losses for Fixed Maturity Securities Available-for-Sale” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables that present the estimated fair value and gross unrealized losses for securities that have estimated fair values below amortized cost by class and grade, as well as the length of time the related estimated fair value has remained below amortized cost as of March 31, 2026 and December 31, 2025.

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Funds Withheld at Interest

For reinsurance agreements written on a modified coinsurance basis and certain agreements written on a coinsurance basis, assets equal to the net statutory reserves are withheld by the ceding company and are legally owned by the ceding company. The Company reflects these assets on its balance sheet as funds withheld at interest. Interest accrues on the total funds withheld at rates defined by the terms of the applicable reinsurance agreement. The Company is subject to the investment performance on such assets, although the Company does not directly control them because such assets are legally owned by the ceding company. To mitigate this risk, investment guidelines are commonly set in the reinsurance agreements which restrict the ceding company’s investment activity with respect to such assets. The Company monitors the ceding company’s compliance with these contractual restrictions. These assets are primarily fixed maturity investment securities and pose investment risks similar to the fixed maturity securities owned by the Company. Ceding companies with funds withheld at interest had an average financial strength rating of “A” as of March 31, 2026 and December 31, 2025. Certain ceding companies maintain segregated portfolios for the benefit of the Company.

Other Invested Assets

Other invested assets primarily include lifetime mortgages, derivative contracts, FHLB common stock and real estate held for investment. See “Other Invested Assets” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for a table that presents the carrying value of the Company’s other invested assets by type as of March 31, 2026 and December 31, 2025.

The Company utilizes derivative financial instruments to protect the Company against possible changes in the fair value of its investment portfolio as a result of interest rate changes, to hedge against risk of changes in the purchase price of securities, to hedge liabilities associated with the reinsurance of variable annuities with guaranteed living benefits and to manage the portfolio’s effective yield, maturity and duration. In addition, the Company utilizes derivative financial instruments to reduce the risk associated with fluctuations in foreign currency exchange rates. The Company uses exchange-traded, centrally cleared, and customized over-the-counter derivative financial instruments.

See Note 11 – “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for a table that presents the notional amounts and fair value of investment related derivative instruments held as of March 31, 2026 and December 31, 2025.

The Company manages its credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. As exchange-traded futures are affected through regulated exchanges, and positions are marked to market on a daily basis, the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties. See Note 11 – “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for more information regarding the Company’s derivative instruments.

The Company holds $1,219 million and $1,197 million of beneficial interest in lifetime mortgages in the U.K., net of allowance for credit losses, as of March 31, 2026 and December 31, 2025, respectively. Investment income includes $16 million and $13 million in interest income earned on lifetime mortgages for the three months ended March 31, 2026 and 2025, respectively. Lifetime mortgages represent loans provided to individuals 55 years of age and older secured by the borrower’s residence. Lifetime mortgages are comparable to a home equity loan by allowing the borrower to utilize the equity in their home as collateral. The amount of the loan is dependent on the appraised value of the home at the time of origination, the borrower's age and interest rate. Unlike a home equity loan, no payment of principal or interest is required until the death of the borrower or sale of the home. Lifetime mortgages may also be either fully funded at origination, or the borrower can request periodic funding similar to a line of credit. Lifetime mortgages are subject to risks, including market, credit, interest rate, liquidity, operational, reputational and legal risks.

New Accounting Standards

See Note 17 – “New Accounting Standards” in the Notes to Condensed Consolidated Financial Statements for information on new accounting pronouncements and their impact, if any, on the Company’s results of operations and financial position.

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ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

Market risk is the risk of fluctuations in the value of financial instruments as a result of absolute or relative changes in interest rates, foreign currency exchange rates, equity prices or commodity prices. To varying degrees, the Company products and services, and the investment activities supporting them, generate exposure to market risk. The market risk incurred, and the Company’s strategies for managing this risk, vary by product. As of March 31, 2026, there have been no material changes in the Company’s economic exposure to market risk or the Company’s Enterprise Risk Management function from December 31, 2025, a description of which may be found in its Annual Report on Form 10-K, for the year ended December 31, 2025, Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” filed with the Securities and Exchange Commission.

ITEM 4. Controls and Procedures

The Chief Executive Officer and the Chief Financial Officer have evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that these disclosure controls and procedures were effective.

There was no change in the Company’s internal control over financial reporting as defined in Exchange Act Rule 13a-15(f) during the quarter ended March 31, 2026, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1. Legal Proceedings

ITEM 1A. Risk Factors

There have been no material changes from the risk factors previously disclosed in the 2025 Annual Report.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The following table summarizes the Company’s repurchase activity of its common stock during the quarter ended March 31, 2026:


	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plan or Program
January 1, 2026 – January 31, 2026	50,132	$	196.91	—	$	500,000,000
February 1, 2026 – February 28, 2026	241,879	$	221.35	225,638	$	450,000,136
March 1, 2026 – March 31, 2026	150,032	$	205.01	—	$	450,000,136

(1)The Company repurchased 225,638 shares of common stock under its share repurchase program in February 2026. The Company net settled – issuing 148,948, 68,162 and 270,503 shares from treasury and repurchasing from recipients 50,132, 16,241 and 150,032 shares in January, February and March 2026, respectively, in settlement of income tax withholding requirements incurred by the recipients of equity incentive awards.

ITEM 5. Other Information

During the three months ended March 31, 2026, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

ITEM 6. Exhibits

See index to exhibits.

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INDEX TO EXHIBITS


Exhibit Number						Description

3.1						Amended and Restated Articles of Incorporation, effective May 21, 2020, incorporated by reference to Exhibit 3.1(i) to Current Report on Form 8-K filed May 22, 2020

3.2						Amended and Restated Bylaws, effective December 20, 2022, incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed December 20, 2022

4.1						Twelfth Supplemental Indenture, dated March 3, 2026, between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee, regarding the Debentures, incorporated by reference to Exhibit 4.2 to Current Report on Form 8-K filed March 3, 2026

10.1						Form of Performance Contingent Share Agreement under RGA Flexible Stock Plan, as amended and restated effective May 21, 2025 (the “RGA Flexible Stock Plan”) for awards with a grant date beginning on or after March 19, 2026*

10.2						Form of Stock Appreciation Right Award Agreement under RGA Flexible Stock Plan for awards with a grant date beginning on or after March 19, 2026*

10.3						Form of Restricted Stock Unit Agreement under RGA Flexible Stock Plan for awards with a grant date beginning on or after March 19, 2026*

31.1						Certification of Chief Executive Officer , as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002

31.2						Certification of Chief Financial Officer , as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002

32.1						Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002

32.2						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002

101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH						XBRL Taxonomy Extension Schema Document

101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB						XBRL Taxonomy Extension Label Linkbase Document

101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF						XBRL Taxonomy Extension Definition Linkbase Document

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101).

* Represents a management contract or compensatory plan or arrangement

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GLOSSARY OF SELECTED TERMS

Throughout this quarterly report on Form 10-Q, the Company may use certain abbreviations, acronyms and terms which are defined below.

Entities


Term or Acronym						Definition
RGA Reinsurance						RGA Reinsurance Company
Rockwood Re						Rockwood Reinsurance Company
Castlewood Re						Castlewood Reinsurance Company
Chesterfield Re						Chesterfield Reinsurance Company
RGA Life and Annuity						RGA Life and Annuity Insurance Company
RGA Canada						RGA Life Reinsurance Company of Canada
RGA Barbados						RGA Reinsurance Company (Barbados) Ltd.
RGA Americas						RGA Americas Reinsurance Company, Ltd.
Manor Re						Manor Reinsurance, Ltd.
RGA Worldwide						RGA Worldwide Reinsurance Company, Ltd.
RGA Global						RGA Global Reinsurance Company, Ltd.
RGA Australia						RGA Reinsurance Company of Australia Limited
RGA International						RGA International Reinsurance Company dac
Aurora National						Aurora National Life Assurance Company
Omnilife						Omnilife Insurance Company, Limited
Papara						Papara Financing LLC

Certain Terms and Acronyms


Term or Acronym						Definition
A.M. Best						A.M. Best Company
ABS						Asset-backed securities
Actuary						A specialist in the mathematics of risk, especially as it relates to insurance calculations such as premiums, reserves, dividends, insurance rates and annuity rates.
Allowance						An amount paid by the reinsurer to the ceding company to help cover the ceding company's acquisition and other costs, especially commissions. Allowances are usually calculated as a large percentage (often 100%) of first-year premiums reinsured and smaller percentages of renewal premiums reinsured.
AOCI						Accumulated other comprehensive income (loss)
Asset-Intensive Reinsurance						A transaction (usually coinsurance or funds withheld and often involving reinsurance of annuities) where performance of the underlying assets, more so than any mortality risk, is a key element.
Assumed reinsurance						Insurance risk that a reinsurer accepts (assumes) from a ceding company.
ASU						Accounting Standards Update
ASU 2018-12						Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments. Also referred to as LDTI.
Automatic Reinsurance						Reinsurance arrangement whereby the ceding company and reinsurer agree that all business of a certain description will be ceded to the reinsurer. Under this arrangement, the ceding company performs underwriting decision-making within agreed-upon parameters for all business reinsured.
Bermuda Insurance Act						Bermuda's Insurance Act 1978 which distinguishes between insurers carrying on long-term business, insurers carrying on special purpose business and insurers carrying on general business.
BMA						Bermuda Monetary Authority
BSCR						Bermuda Solvency Capital Requirement
CCPA						California Consumer Privacy Act of 2018
Capital-motivated reinsurance						Reinsurance, including financial reinsurance, whose primary purpose is to enhance the cedant's capital position.
Captive insurer						An insurance or reinsurance entity designed to provide insurance or reinsurance coverage for risks of the entity or entities by which it is owned or to which it is affiliated.
CECL						Accounting for current expected credit losses using the model based on expected losses rather than incurred losses.
Ceding company (also known as cedant)						An insurer that transfers, or cedes, risk to a reinsurer
CEO						RGA’s Chief Executive Officer
Cession						The insurance risk associated with a policy that is reinsured from an insurer to a reinsurer.
CFO						RGA’s Chief Financial Officer
CIO						RGA’s Chief Information Officer
CISO						RGA’s Global Chief Information Security and Privacy officer
CLOs						Collateralized loan obligations

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CMBS						Commercial mortgage-backed securities, a part of our investment portfolio that consists of securities made up of commercial mortgages stated on our balance sheet at fair value.
Coinsurance (also known as original terms reinsurance)						A form of reinsurance under which the ceding company shares its premiums, death claims, surrender benefits, dividends and policy loans with the reinsurer, and the reinsurer pays expense allowances to reimburse the ceding company for a share of its expenses.
Coinsurance funds-withheld						A variant on coinsurance, in which the ceding company withholds assets equal to reserves and shares investment income on those assets with the reinsurer.
Counterparty						A party to a contract requiring or offering the exchange of risk.
Counterparty risk						The risk that a party to an agreement will be unable to fulfill its contractual obligations
CPI						Consumer price index
Critical illness (CI) insurance (also known as dread disease insurance)						Insurance that provides a guaranteed fixed sum upon diagnosis of a specified illness or condition such as cancer, heart disease, or permanent total disability. The coverage can be offered on a stand-alone basis or as an add-on to a life insurance policy.
CRO						RGA’s Chief Risk Officer
CVA						Credit valuation adjustment
DAC						Deferred policy acquisition costs: Costs of acquiring new business, which vary with and are directly related to the production of new business, have been deferred to the extent that such costs are deemed recoverable from future premiums or gross profits.
“Directors Plan”						Flexible Stock Plan for Directors
EBITDA						Earnings before interest, taxes, depreciation and amortization
EBS						Economic balance sheet framework as part of the Bermuda Solvency Capital Requirement that forms the basis for an insurer's enhanced capital requirements.
ECR						Enhanced capital requirement in accordance with the provisions of the Bermuda Insurance Act.
EEA						European Economic Area
EMEA						Europe, Middle East and Africa geographic segment
Enterprise Risk Management (ERM)						An enterprise-wide framework used by a firm to assess all risks facing the organization, manage mitigation strategies, monitor ongoing risks and report to interested audiences.
ESG						Environmental, social and governance
EU						European Union
Expected mortality						Number of deaths predicted to occur in a defined group of people.
FABN						Funding Agreement Backed Notes
Face amount						Amount payable at the death of the insured or at the maturity of the policy.
Facultative reinsurance						A type of reinsurance in which the reinsurer underwrites an individual risk submitted by the ceding company for a risk that is unusual, large, highly substandard or not covered by an automatic reinsurance treaty. Such risks are typically submitted to multiple reinsurers for competitive offers.
FASB						Financial Accounting Standards Board
FCA						Financial Conduct Authority
FHLB						Federal Home Loan Bank
FIA						Fixed indexed annuities
Financial reinsurance (also known as financially-motivated reinsurance)						A form of capital-motivated reinsurance that satisfies all regulatory requirements for risk transfer and is often designed to produce very predictable reinsurer profits as a percentage of the capital provided.
FSB						Financial Stability Board which consists of representatives of national financial authorities of the G20 nations.
FVO						Fair value option
GAAP						U.S. generally accepted accounting principles
GDPR						General Data Protection Regulation which establishes uniform data privacy laws across the European Union.
GICs						Guaranteed investment contracts
GILTI						Global intangible low-taxed income; a provision of U.S. Tax Reform that generally eliminates U.S. Federal income tax deferral on earnings of foreign subsidiaries.
GloBE						Model Global Anti-Base Erosion rules developed by the Organization for Economic Cooperation and Development
GMAB						Guaranteed minimum accumulation benefits; a feature of some variable annuities that the Company reinsures
GMDB						Guaranteed minimum death benefits; a feature of some variable annuities that the Company reinsures
GMIB						Guaranteed minimum income benefits; a feature of some variable annuities that the Company reinsures
GMWB						Guaranteed minimum withdrawal benefits; a feature of some variable annuities that the Company reinsures
Group life insurance						Insurance policy under which the lives of a group of people, most commonly employees of a single company, are insured in accordance with the terms of one master contract.
Guaranteed issue life insurance						Insurance products that are guaranteed upon application, regardless of past health conditions.
IAIG						Internationally Active Insurance Group
IAIS						International Association of Insurance Supervisors
IBNR						Incurred but not reported; a liability on claims that are based on historical reporting patterns, but have not yet been reported.
Individual life insurance						An insurance policy that insures the life of usually one and sometimes two or more related individuals, rather than a group of people.
In-force sum insured						A measure of insurance in effect at a specific date.

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Initial public offering (IPO)						The first sale to the public of shares of common stock issued by a private company. IPOs often are issued by smaller companies seeking the capital to expand, but they also can be used by large mutual or privately owned companies seeking to become publicly traded.
International Financial Reporting Standards (IFRS)						Standards and interpretations adopted by the International Accounting Standards Board (IASB)
ISO						International Organization Standardization
LDTI						Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments. Also referred to as ASU 2018-12.
Liquidity position						Combination of the Company’s cash equivalents and short-term investments
Longevity product						An insurance product that mitigates longevity risk by providing a stream of income for the duration of the policyholder's life.
Loss ratio						Claims and other policy benefits and Future policy benefits remeasurement (gains) losses as a percentage of net premiums
Market risk benefits (MRB)						Contracts or contract features that provide protection to the policyholder from capital market risk and expose the Company to other-than-nominal capital market risk and are measured at fair value
MDCI						Missouri Department of Commerce and Insurance
MMS						Minimum margin of solvency required to be maintained by the Company's Bermuda subsidiaries.
Modified coinsurance						A variant on coinsurance in which the ceding company retains all the reserves, as well as assets backing reserves, and pays the reinsurer interest on the reinsurer's share of the reserves.
Moody’s						Moody’s Investors Service
Morbidity						A measure of the incidence of sickness or disease within a specific population group.
Mortality experience						Actual number of deaths occurring in a defined group of people.
Mortality risk reinsurance						Reinsurance that focuses primarily on transfer of mortality risk through coinsurance of term products or YRT.
NAIC						National Association of Insurance Commissioners
NAIC SAP						NAIC statutory accounting practices
NAV						Net asset value
Net Premium Ratio (NPR)						The NPR equals the present value of benefits divided by the present value of gross premiums
NIFO						Net investments in foreign operations
NIST						National Institute of Standards and Technology
NOL						Net operating loss
Non-traditional reinsurance						Usually synonymous with capital-motivated reinsurance, but includes any reinsurance of non-biometrical risks
Novation						The act of replacing one participating member of a contract with another, with all rights, duties and terms being transferred to the new party upon consent of all parties affected.
NYSE						New York Stock Exchange: the exchange where RGA is traded under the symbol "RGA"
OAS						Option-adjusted spread
OCI						Other comprehensive income (loss)
OTC						Derivatives that are privately negotiated contracts, which are known as over-the-counter derivatives
OTC Cleared						OTC derivatives that are cleared and settled through central clearing counterparties.
PBR						Principles-based reserves
PCAOB						Public Company Accounting Oversight Board (United States)
Pension Plans						The Company's sponsored or administrated qualified and non-qualified defined benefit pension plans
Portfolio						The totality of risks assumed by an insurer or reinsurer.
Preferred risk coverage						Coverage designed for applicants who represent a better-than-average risk to an insurer.
Premium						Amount paid to insure a risk.
Primary insurance (also known as direct insurance)						Insurance business relating to contracts directly between insurers and policyholders. The insurance company is directly responsible to the policyholder.
Production						New business produced during a specified period.
PRT						Pension risk transfer
PSU						Performance Share Units
Quota share (also known as 'first dollar' quota share)						A reinsurance arrangement in which the reinsurer receives a certain percentage of each risk reinsured.
RBC						Risk based capital, which are guidelines promulgated by the NAIC and identify minimum capital requirements based upon business levels and asset mix.
Recapture						The right of the ceding company to cancel reinsurance under certain conditions.
Regulation XXX/Regulation A-XXX						U.S. Valuation of Life Policies Model Regulation implemented beginning in 2002 for various types of life insurance business, significantly increased the level of reserves that U.S. life insurance and life reinsurance companies must hold on their statutory financial statements for various types of life insurance business, primarily certain level premium term life products.
Reinsurance						The transfer of insurance risk from one reinsurer, referred to as the ceding company, to a reinsurer, in conjunction with the payment of a reinsurance premium. Through reinsurance, a reinsurer 'insures' an insurer.
Reserves						The amount required to be carried as a liability in the financial statement of an insurer or reinsurer to provide for future commitments under outstanding policies and contracts.

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Retakaful						A form of reinsurance that is acceptable within Islamic law. See Takaful.
Retention limit						The maximum amount of risk a company will insure on one life.
Retrocession						A transfer of reinsurance risk from a reinsurer to another reinsurer, referred to as the retrocessionaire, in conjunction with the payment of a retrocession premium. Through retrocession, a retrocessionaire reinsures a reinsurer.
Retrocessionaire						A reinsurer that reinsures another reinsurer; see Retrocession.
RMBS						Residential mortgage-backed securities, a part of our investment portfolio that consists of securities made up of residential mortgages. Stated on our balance sheet at fair value.
RMSC						The Company's Risk Management Steering Committee
RSUs						Restricted Stock Units
S&P						Standard & Poor's
SARs						Stock Appreciation Rights
SEC						Securities and Exchange Commission
Securitization						The structuring of financial assets as collateral against which securities can be issued to investors.
Simplified issue life insurance						Insurance products with limited face amounts that require no or minimal underwriting.
SOFR						Secured Overnight Financing Rate
SPLRC						Special Purpose Life Reinsurance Captives
Statutory capital						The excess of statutory assets over statutory reserves, both of which are calculated in accordance with standards established by insurance regulators.
“Stock Plans”						The RGA flexible stock plan and the Flexible Stock Plan for Directors, collectively
Takaful						A form of insurance that is acceptable within Islamic law, and that is devised upon the principles of mutual advantage and group security.
TDR						Troubled Debt Restructuring
Tele-underwriting						A telephone interview process, during which an applicant's qualifications to be insured are assessed.
The “County”						The County of St. Louis, Missouri
The “Plan”						RGA Flexible Stock Plan
The Board						RGA's board of directors
The Companies Act						The Bermuda's Companies Act of 1981
The Company						Reinsurance Group of America, Incorporated and its subsidiaries, all of which are wholly owned, collectively
Treaty (also known as a contract)						A reinsurance agreement between a reinsurer and a ceding company. The three most common types of reinsurance treaties are YRT (yearly renewable term), coinsurance and modified coinsurance. The three most common methods of accepting reinsurance are automatic, facultative and facultative-obligatory.
TVaR						Tail Value-at-Risk used for calculated capital requirement for Bermuda subsidiaries.
U.S. Tax Reform						The U.S. Tax Cuts and Jobs Act of 2017
UAE						United Arab Emirates
U.K.						United Kingdom
UL						Universal life insurance
Underwriting						The process that assesses the risk inherent in an application for insurance prior to acceptance of the policy.
Valuation						The periodic calculation of reserves, the funds that insurance companies are required to hold in order satisfy all future insurance obligations.
Variable life insurance						A form of whole life insurance under which the death benefit and the cash value of the policy fluctuate according to the performance of an investment fund. Most variable life insurance policies guarantee that the death benefit will not fall below a specified minimum.
VII						Variable investment income
VOCRA						Value of customer relationships acquired which represents the present value of the expected future profits associated with the expected future business acquired through existing customers of the acquired company or business.
VODA						Value of distribution agreements which represents the present value of future profits associated with the expected future business derived from distribution agreements.
Webcasts						Presentation of information broadcast over the Internet.
Yearly Renewable Term (YRT)						A type of reinsurance which covers only mortality risk, with each year's premium based on the current amount of risk.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	Reinsurance Group of America, Incorporated
Date: May 8, 2026	By:	/s/ Tony Cheng
		Tony Cheng
		President and Chief Executive Officer
		(Principal Executive Officer)
Date: May 8, 2026	By:	/s/ Axel André
		Axel André
		Executive Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)