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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): February 4, 2025
 REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact Name of Registrant as Specified in its Charter)

Missouri 1-11848 43-1627032
(State or Other Jurisdiction
of Incorporation)		 (Commission
File Number)		 (IRS Employer
Identification Number)
16600 Swingley Ridge Road, Chesterfield, Missouri 63017
(Address of Principal Executive Office)
Registrant’s telephone number, including area code: (636) 736-7000
 
    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01RGANew York Stock Exchange
5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056RZBNew York Stock Exchange
7.125% Fixed Rate Reset Subordinated Debentures due 2052RZCNew York Stock Exchange
    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
☐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. 


Item 2.02Results of Operations and Financial Condition.
On February 6, 2025, Reinsurance Group of America, Incorporated (the "Company") issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended December 31, 2024, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended December 31, 2024, a copy of which is furnished with this report as Exhibit 99.2. The Press Release also notes that a conference call will be held on February 7, 2025 to discuss the financial and operating results for the three-month period ended December 31, 2024 (the "Earnings Call").

Item 7.01Regulation FD Disclosure.
In connection with the Earnings Call, the Company has prepared a presentation, dated February 6, 2025 (the "Earnings Presentation"), a copy of which is furnished with this report as Exhibit 99.3 and incorporated in this Item 7.01 by reference.
The Press Release also announced that effective February 4, 2025 the Company’s board of directors declared a regular quarterly dividend of $0.89, payable March 4, 2025 to shareholders of record as of February 18, 2025.
The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including the Press Release, Quarterly Financial Supplement and Earnings Presentation, is being furnished and shall not be deemed to be "filed", as described in Instruction B.2 of Form 8-K.


Item 9.01Financial Statements and Exhibits
(d) Exhibits.





SIGNATURE
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 hereunto duly authorized.
 
 REINSURANCE GROUP OF AMERICA, INCORPORATED
Date: February 6, 2025 By:/s/ Axel André
  Axel André
  Executive Vice President and Chief Financial Officer




Exhibit 99.1
image.jpg
 
PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS
FOURTH QUARTER AND FULL YEAR RESULTS
Fourth Quarter Results
•Net income available to RGA shareholders of $2.22 per diluted share
•Adjusted operating income of $4.99 per diluted share
•Deployed capital of $250 million into in-force block transactions

Full Year Results
•Net income available to RGA shareholders of $10.73 per diluted share
•Adjusted operating income of $20.06 per diluted share
•Adjusted operating income, excluding notable items of $22.57 per diluted share
•ROE of 7.1%, adjusted operating ROE of 13.8%, adjusted operating ROE, excluding notable items of 15.4% for the trailing twelve months
•Deployed capital of $1,676 million into in-force block transactions
•Increased value of in-force business margins by $4.6 billion, or 13.9%, in the year to $37.6 billion

ST. LOUIS, February 6, 2025 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported fourth quarter net income available to RGA shareholders of $148 million, or $2.22 per diluted share, compared with $158 million, or $2.37 per diluted share, in the prior-year quarter. Adjusted operating income and adjusted operating income, excluding notable items for the fourth quarter totaled $334 million, or $4.99 per diluted share, compared with $316 million, or $4.73 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.07 per diluted share on net income available to RGA shareholders, and $0.09 per diluted share on adjusted operating income, both as compared with the prior year.

Full year net income available to RGA shareholders totaled $717 million, or $10.73 per diluted share, compared with $902 million, or $13.44 per diluted share the year before. Adjusted operating income for the full year totaled $1,342 million, or $20.06 per diluted share, compared with $1,334 million, or $19.88 per diluted share the year before. Adjusted operating income, excluding notable items for the full year totaled $1,510 million, or $22.57 per diluted share, compared with $1,334 million, or $19.88 per diluted share the year before. Net foreign currency fluctuations had a favorable effect of $0.18 per diluted share on net income available to RGA shareholders, and $0.06 per diluted share on adjusted operating income, both as compared with the year before.

Tony Cheng, President and Chief Executive Officer, commented, “The fourth quarter capped off a tremendous year, as we delivered record annual operating earnings, with many achievements across our organization. In the quarter, we continued to see strong momentum in organic business activity in the traditional business, and our in-force transactions were solid, with $250 million of capital deployed. This brought our full-year capital deployment into in-force transactions to $1,676 million, a record for RGA



and an increase of approximately 80% over the previous record in 2023. Equally strong was the record expected future value from new business written during the year, with a significant amount coming from exclusive opportunities.

“Our balance sheet remains strong, and we ended the quarter with deployable capital of $1.7 billion. Based on favorable business conditions and RGA’s global leadership position, we remain optimistic about the future and expect to continue to deliver attractive financial results over time. In that respect, I am delighted to report that we have increased our intermediate term financial targets, including raising our adjusted operating ROE target to 13% to 15%, to reflect the expectation of continued strong fundamentals of our business for the foreseeable future.”

 Quarterly ResultsYear-to-Date Results
($ in millions, except per share data)2024202320242023
Net premiums$4,156 $4,108 $17,843 $15,085 
Net income available to RGA shareholders148 158 717 902 
Net income available to RGA shareholders per diluted share2.22 2.37 10.73 13.44 
Adjusted operating income334 316 1,342 1,334 
Adjusted operating income, excluding notable items334 316 1,510 1,334 
Adjusted operating income per diluted share4.99 4.73 20.06 19.88 
Adjusted operating income, excluding notable items per diluted share4.99 4.73 22.57 19.88 
Book value per share164.19 138.39 
Book value per share, excluding accumulated other comprehensive income (AOCI)151.31 144.01 
Book value per share, excluding AOCI and B36151.97 146.07 
Total assets118,675 97,623 

Information regarding the non-GAAP financial measures and operating measures included in this press release, including definitions of these measures, reconciliations to the most comparable GAAP measures and limitations related thereto, is included below under “Non-GAAP Financial Measures and Other Definitions” and in the tables attached to this press release.

In the fourth quarter, consolidated net premiums totaled $4.2 billion, an increase of 1.2% over the 2023 fourth quarter, with an adverse net foreign currency effect of $15 million. Net premiums for the quarter included a contribution of approximately $150 million from a single premium pension risk transfer, compared with approximately $500 million in the prior year quarter, both of which are in the U.S. Financial Solutions business. For the full year, net premiums totaled $17.8 billion, an increase of 18.3% from 2023, with an adverse net foreign currency effect of $59 million. Net premiums for the full year included a contribution of approximately $2.9 billion from single premium pension risk transfers, compared with approximately $1.5 billion in the prior year.

Compared with the year-ago period, excluding spread-based businesses, fourth quarter investment income increased 9.3%, primarily due to higher average invested assets. For the full year, investment income, excluding spread-based businesses, increased 10.4%, reflecting higher average invested assets. Average investment yield decreased to 4.83% in the fourth quarter, compared with 4.86% in the prior-year period, reflecting higher investment expenses and lower variable investment income, partially offset by the favorable impacts from new money rates exceeding portfolio yields. For the full year, average investment



yield increased to 4.82% compared with the prior-year period of 4.68% due to higher new money rates relative to the existing portfolio yields at the time.

The effective tax rate for the quarter was 33.6% on pre-tax income, above the expected range of 24% to 25%, primarily due to non-cash tax expense on a restructuring transaction that occurred in the quarter and income earned in non-U.S. jurisdictions. The increase was partially offset with a release of valuation allowances in non-U.S. jurisdictions. The effective tax rate for the full year was 26.3% on pre-tax income, above the expected range of 24% to 25%, primarily due to non-cash tax expense on a legal entity restructuring that occurred in the fourth quarter and income earned in non-U.S. jurisdictions. The increase was partially offset with a release of valuation allowances in non-U.S. jurisdictions.

The effective tax rate for the quarter was 22.5% on adjusted operating income before taxes, below the expected range of 24% to 25%, primarily related to a release of valuation allowances in non-U.S. jurisdictions, partially offset by income earned in non-U.S. jurisdictions with tax rates higher than the U.S. The effective tax rate for the full year was 23.4% on adjusted operating income before taxes, below the expected range of 24% to 25%, primarily related to a release of valuation allowances in non-U.S. jurisdictions, partially offset by income earned in non-U.S. jurisdictions with tax rates higher than the U.S.

SEGMENT RESULTS

U.S. and Latin America

Traditional
Quarterly ResultsYear-to-Date Results
($ in millions)2024202320242023
Net premiums$2,046 $1,912 $7,500 $7,023 
Adjusted operating income before taxes151 25 525 313 
Adjusted operating income before taxes, excluding notable items151 25 578 330 

Quarterly Results
•Results reflected favorable impacts of in-force management actions, partially offset by unfavorable Group experience.

Full Year Results
•Results reflected $30 million of favorable impacts from the annual actuarial assumption review and $83 million of unfavorable impacts from the change in policy retention limit, both of which are reflected as notable items.
•Excluding notable items, results reflected favorable impacts of in-force management actions and favorable Individual Health results.

Financial Solutions
Quarterly ResultsYear-to-Date Results
($ in millions)2024202320242023
Adjusted operating income before taxes76 101 326 451 
Adjusted operating income before taxes, excluding notable items76 101 326 429 

Quarterly Results



•Results were below the expected range due to the continued runoff of existing annuity business and the earnings emergence from new transactions.

Full Year Results
•Results were below the expected range due to the continued runoff of existing annuity business and the earnings emergence from new transactions.

Canada

Traditional
Quarterly ResultsYear-to-Date Results
($ in millions)2024202320242023
Net premiums$333 $311 $1,291 $1,215 
Adjusted operating income before taxes32 20 134 91 
Adjusted operating income before taxes, excluding notable items32 20 129 104 

Net Premiums
•Foreign currency exchange rates had an adverse effect on net premiums of $10 million for the quarter and $20 million for the full year.

Quarterly Results
•Results reflect unfavorable Individual Life claims experience, mostly offset by favorable experience in Group business.
•Foreign currency exchange rates had an adverse effect of $1 million on adjusted operating income before taxes.

Full Year Results
•Results reflected $30 million of favorable impacts from the annual actuarial assumption review and $25 million of unfavorable impacts from the change in policy retention limit, both of which are reflected as notable items.
•Excluding notable items, results were in line with expectations.
•Foreign currency exchange rates had an adverse effect of $2 million on adjusted operating income before taxes.

Financial Solutions
Quarterly ResultsYear-to-Date Results
($ in millions)2024202320242023
Adjusted operating income before taxes8 6 26 52 
Adjusted operating income before taxes, excluding notable items8 6 26 30 

Quarterly Results
•Results were in line with expectations.
•Foreign currency exchange rates had an immaterial effect on adjusted operating income before taxes.

Full Year Results



•Results were in line with expectations.
•Foreign currency exchange rates had an adverse effect of $1 million on adjusted operating income before taxes.

Europe, Middle East and Africa (EMEA)

Traditional
Quarterly ResultsYear-to-Date Results
($ in millions)2024202320242023
Net premiums$488 $461 $2,002 $1,775 
Adjusted operating income (loss) before taxes11 8 30 (20)
Adjusted operating income before taxes, excluding notable items11 8 70 27 

Net Premiums
•Foreign currency exchange rates had a favorable effect on net premiums of $8 million for the quarter and $28 million for the full year.

Quarterly Results
•Results reflected unfavorable claims experience, partially offset by higher fee income related to a treaty recapture.
•Foreign currency exchange rates had a favorable effect of $2 million on adjusted operating income before taxes.

Full Year Results
•Results reflected $25 million of unfavorable impacts from the annual actuarial assumption review and $15 million of unfavorable impacts from the change in policy retention limit, both of which are reflected as notable items.
•Excluding notable items, results reflected unfavorable claims experience, partially offset by higher fee income related to a treaty recapture and the positive impacts from new business.
•Foreign currency exchange rates had a favorable effect of $1 million on adjusted operating income before taxes.

Financial Solutions
Quarterly ResultsYear-to-Date Results
($ in millions)2024202320242023
Adjusted operating income before taxes96 112 345 355 
Adjusted operating income before taxes, excluding notable items96 112 347 321 

Quarterly Results
•Results reflected the impact of strong new business in recent periods, favorable longevity experience, and higher investment margins.
•Foreign currency exchange rates had a favorable effect of $1 million on adjusted operating income before taxes.

Full Year Results



•Results reflected $2 million of unfavorable impacts from assumption updates, which are reflected as notable items.
•Excluding notable items, results reflected the impact of strong new business in recent periods and favorable longevity experience.
•Foreign currency exchange rates had a favorable effect of $6 million on adjusted operating income before taxes.

Asia Pacific

Traditional
Quarterly ResultsYear-to-Date Results
($ in millions)2024202320242023
Net premiums$834 $709 $3,014 $2,785 
Adjusted operating income before taxes63 71 282 373 
Adjusted operating income before taxes, excluding notable items63 71 377 371 

Net Premiums
•Foreign currency exchange rates had an adverse effect on net premiums of $9 million for the quarter and $59 million for the full year.

Quarterly Results
•Results reflected unfavorable claims and other experience. However, economic claims experience was favorable for the quarter.
•Foreign currency exchange rates had a favorable effect of $1 million on adjusted operating income before taxes.

Full Year Results
•Results reflected $82 million of unfavorable impacts from the annual actuarial assumption review and $13 million of unfavorable impacts from the change in policy retention limit, both of which are reflected as notable items.
•Excluding notable items, results reflected the benefit of in-force management actions and favorable overall experience.
•Foreign currency exchange rates had a favorable effect of $1 million on adjusted operating income before taxes.

Financial Solutions
Quarterly ResultsYear-to-Date Results
($ in millions)2024202320242023
Net premiums$66 $47 $224 $218 
Adjusted operating income before taxes65 66 255 212 
Adjusted operating income before taxes, excluding notable items65 66 264 212 

Quarterly Results
•Results reflected favorable overall experience, partially offset by lower variable investment income.



•Foreign currency exchange rates had a favorable effect of $6 million on adjusted operating income before taxes.

Full Year Results
•Results reflected $9 million of unfavorable impacts from assumption changes, which are reflected as notable items.
•Excluding notable items, results reflected favorable overall experience, partially offset by lower variable investment income.
•Foreign currency exchange rates had a favorable effect of $1 million on adjusted operating income before taxes.

Corporate and Other
Quarterly ResultsYear-to-Date Results
($ in millions)2024202320242023
Adjusted operating income (loss) before taxes(71)(23)(171)(128)
Adjusted operating income (loss) before taxes, excluding notable items(71)(23)(171)(128)

Quarterly Results
•Results were unfavorable compared to the expected quarterly average run rate due to higher general expenses, primarily related to projects, initiatives, and incentive compensation accrual true-up, and higher financing costs.

Full Year Results
•Results were unfavorable due to higher general expenses, primarily related to projects, initiatives, and incentive compensation, and higher financing costs, partially offset by favorable investment income.

Intermediate Financial Targets

We have updated our intermediate term financial targets, including raising our adjusted operating ROE target to 13% to 15%, and current run rates to better reflect our expectations going forward due to the growth in our business. Additional information about updated financial targets is included in the earnings presentation posted to our website.

Dividend Declaration

Effective February 4, 2025, the board of directors declared a regular quarterly dividend of $0.89, payable March 4, 2025, to shareholders of record as of February 18, 2025.

Earnings Conference Call

A conference call to discuss fourth quarter results will begin at 10 a.m. Eastern Time on Friday, February 7, 2025. Interested parties may access the call by dialing 1-844-481-2753 (1-412-317-0669 international) and asking to be joined into the Reinsurance Group of America, Incorporated (RGA) call. A live audio webcast of the conference call will be available on RGA's Investor Relations website at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call.

RGA has posted to its website an earnings presentation and a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio.



Additionally, RGA posts periodic reports, press releases and other useful information on its Investor Relations website.

Non-GAAP Financial Measures and Other Definitions

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

The following non-GAAP financial measures are used in this document or in other public disclosures made by the Company from time to time:

1.Adjusted operating income, on a pre-tax and after-tax basis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations. Adjusted operating income is calculated as net income available to the Company’s shareholders (or, in the case of pre-tax adjusted operating income, income before income taxes) excluding, as applicable:
•substantially all of the effect of net investment related gains and losses;
•changes in the fair value of certain embedded derivatives;
•changes in the fair value of contracts that provide market risk benefits;
•non-economic losses at contract inception for direct pension risk transfer single premium business (which are amortized into adjusted operating income within claims and other policy benefits over the estimated lives of the contracts);
•any net gain or loss from discontinued operations;
•the cumulative effect of any accounting changes;
•the impact of certain tax-related items; and
•any other items that the Company believes are not indicative of the Company’s ongoing operations

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

Adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments, and will be presented in our financial statement footnotes beginning with the Company’s annual report on Form 10-K to be filed for the fiscal year ended December 31, 2024 in accordance with ASC 280 – “Segment Reporting.” Adjusted operating income (loss) before income taxes, when presented on a consolidated basis, is a non-GAAP financial measure.




2. Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items, and adjusted operating income per diluted share, excluding notable items. Notable items are items the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented include the financial impact of the Company’s assumption reviews.
3. Adjusted operating revenue. This measure excludes the effects of net realized capital gains and losses, and changes in the fair value of certain embedded derivatives.
4. Shareholders’ equity position excluding the impact of accumulated other comprehensive income (loss) (“AOCI”), shareholders’ average equity position excluding AOCI, and book value per share excluding the impact of AOCI. The Company believes that these measures provide useful information since such measures exclude AOCI-related items that are not permanent and can fluctuate significantly from period to period, and may not reflect the impact of the underlying performance of the Company’s businesses on shareholders’ equity and book value per share. AOCI primarily relates to changes in interest rates, credit spreads on its investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses the following non-GAAP financial measures:
•Shareholders’ average equity position excluding AOCI and B36, where B36 refers to the cumulative change in fair value of funds withheld embedded derivatives;
•Shareholders’ average equity position excluding AOCI and notable items; and
•Shareholders’ average equity position excluding AOCI, B36 and notable items.
5. Adjusted operating return on equity. This measure is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target levels and awards under the Company’s management incentive programs. The Company also discloses the following non-GAAP financial measures:
•Adjusted operating return on equity excluding AOCI and B36;
•Adjusted operating return on equity excluding AOCI and notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’ equity excluding notable items and AOCI; and
•Adjusted operating return on equity excluding AOCI, B36 and notable items.

Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix at the end of this document. Except as otherwise noted herein, the non-GAAP figures and reconciliations presented herein reflect the Company’s adoption of the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments (“LDTI”). For additional information regarding the Company’s adoption of LDTI, see Note 1 – “Business and Basis of Presentation” and Note 3 – “Impact of New Accounting Standard” in the notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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




Other Definitions:

Value of In-force Business Margins is an operating measure reflecting:
•Expected underwriting margin1, which is derived from the estimated cash flows used to determine LDTI reserves. This amount is calculated using the locked-in LDTI liability discount rates.
•Expected investment margin, which (i) for LDTI products, values derived from the difference between using the expected book yields2 and locked-in LDTI liability discount rates and (ii) for Interest-sensitive products, values calculated using expected investment spread2 and expected duration of treaty.
•Expected fee income, which comes primarily from capital solutions products, is calculated as the present value of expected fees.

Such measure excludes management expenses, impact of capital, and taxes.
These values are based on the Company’s current estimates and assumptions and could materially change.
1 Represents the expected difference, based on current assumptions, between the present value of premiums and present value of claim benefits and treaty allowances, with:
•Present value of premiums is the present value of expected gross premiums plus Deferred Profit Liability (DPL);
•Present value of claim benefits is the present value of expected claim payments less Liability for Future Policy Benefits (LFPB) (before zero floor is applied); and
•Present value of treaty allowances is the present value of future allowances plus related Deferred Acquisition Costs (DAC).
2 Expected book yields are based on 2024 actual portfolio book yields adjusted for longer-term VII expectations. Investment spread is the difference between expected book yields and interest credited expense.

Cohort Definitions:
•Uncapped (profitable) cohorts: cohorts with a net premium ratio under 100%
•Capped (loss) cohorts: cohorts with a net premium ratio equal to or greater than 100%
•Floored cohorts: cohorts with reserves floored at zero as reserves cannot be negative

About RGA

Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has approximately $3.9 trillion of life reinsurance in force and assets of $118.7 billion as of December 31, 2024. To learn more about RGA and its businesses, please visit www.rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.

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) adverse changes in mortality, morbidity, lapsation, or claims experience, (2) inadequate risk analysis and underwriting, (3) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital, and cost of capital, (4) changes in the Company’s financial strength and credit ratings and the effect of such
changes on the Company’s future results of operations and financial condition, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) requirements to post collateral or make payments due to declines in the market value of assets subject to the Company’s collateral arrangements, (7) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (8) the effect of the Company parent’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, (9) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (10) the impairment of other financial institutions and its effect on the Company’s business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (14) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers, and others, (18) financial performance of the Company’s clients, (19) the threat of natural disasters, catastrophes, terrorist attacks, pandemics, epidemics, or other major public health issues anywhere in the world where the Company or its clients do business, (20) competitive factors and competitors’ responses to the Company’s initiatives, (21) development and introduction of new products and distribution opportunities, (22) execution of the Company’s entry into new markets, (23) integration of acquired blocks of business and entities, (24) 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, (25) adverse developments with respect to litigation, arbitration, or regulatory investigations or actions, (26) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (27) changes in laws, regulations, and accounting standards applicable to the Company or its business, including Long-Duration Targeted Improvement accounting changes, and (28) other risks and uncertainties described in this document and in the Company’s 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 Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as may be supplemented by Item 1A - “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q and in our other periodic and current reports filed with the SEC.

Investor Contact
Jeff Hopson
Senior Vice President - Investor Relations
(636) 736-2068
- tables attached -




REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Adjusted Operating Income
(Dollars in millions, except per share data)
(Unaudited)Three Months Ended December 31,
20242023
 Diluted Earnings Per ShareDiluted Earnings Per Share
Net income available to RGA shareholders$148 $2.22 $158 $2.37 
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net300 4.48 (14)(0.22)
Market risk benefits remeasurement (gains) losses(26)(0.39)22 0.33 
Realized (gains) losses on funds withheld, included in investment income, net of related expenses4 0.06 (2)(0.03)
Embedded derivatives:
Included in investment related gains/losses, net(99)(1.48)143 2.14 
Included in interest credited(2)(0.03)4 0.06 
Investment (income) loss on unit-linked variable annuities1 0.01 (2)(0.03)
Interest credited on unit-linked variable annuities(1)(0.01)2 0.03 
Interest expense on uncertain tax positions1 0.01 (1)(0.01)
Other (1)
(16)(0.24)23 0.34 
Uncertain tax positions and other tax related items22 0.33 (19)(0.28)
Net income attributable to noncontrolling interest2 0.03 2 0.03 
Adjusted operating income334 4.99 316 4.73 
Notable items— — — — 
Adjusted operating income, excluding notable items$334 $4.99 $316 $4.73 
(Unaudited)Twelve Months Ended December 31,
20242023
 Diluted Earnings Per ShareDiluted Earnings Per Share
Net income available to RGA shareholders$717 $10.73 $902 $13.44 
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net706 10.56 280 4.18 
Market risk benefits remeasurement (gains) losses(35)(0.52)(8)(0.12)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses2 0.03 (4)(0.06)
Embedded derivatives:
Included in investment related gains/losses, net(92)(1.38)129 1.92 
Included in interest credited12 0.18 (5)(0.07)
Investment (income) loss on unit-linked variable annuities2 0.03 1 0.01 
Interest credited on unit-linked variable annuities(2)(0.03)(1)(0.01)
Interest expense on uncertain tax positions1 0.01 — — 
Other (1)
13 0.19 29 0.43 
Uncertain tax positions and other tax related items11 0.16 4 0.06 
Net income attributable to noncontrolling interest7 0.10 7 0.10 
Adjusted operating income1,342 20.06 1,334 19.88 
Notable items168 2.51 — — 
Adjusted operating income, excluding notable items$1,510 $22.57 $1,334 $19.88 
(1)     The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.






REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Effective Income Tax Rates
(Dollars in millions)

(Unaudited)Three Months Ended December 31, 2024Twelve Months Ended December 31, 2024
 Pre-tax Income (Loss)Income Taxes
Effective Tax Rate (1)
Pre-tax Income (Loss)Income Taxes
Effective Tax Rate (1)
GAAP income$225 $75 33.6 %$980 $256 26.3 %
Reconciliation to adjusted operating income:
Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net380 80 897 191 
Market risk benefits remeasurement (gains) losses(32)(6)(44)(9)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses6 2 3 1 
Embedded derivatives:
Included in investment related gains/losses, net(125)(26)(116)(24)
Included in interest credited(3)(1)15 3 
Investment (income) loss on unit-linked variable annuities2 1 3 1 
Interest credited on unit-linked variable annuities(2)(1)(3)(1)
Interest expense on uncertain tax positions1 — 1 — 
Other (2)
(21)(5)16 3 
Uncertain tax positions and other tax related items— (22)— (11)
Adjusted operating income431 97 22.5 %1,752 410 23.4 %
Notable items— — 194 26 
Adjusted operating income, excluding notable items$431 $97 $1,946 $436 
(1)     The Company rounds amounts in the financial statements to millions and calculates the effective tax rate from the underlying whole-dollar amounts. Thus certain amounts may not recalculate based on the numbers due to rounding.
(2)    The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.












REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Income before Income Taxes to Pre-tax Adjusted Operating Income
(Dollars in millions)

(Unaudited)Three Months Ended December 31,
 20242023
Income before income taxes$225 $164 
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net380 (18)
Market risk benefits remeasurement (gains) losses(32)28 
Realized (gains) losses on funds withheld, included in investment income, net of related expenses6 (3)
Embedded derivatives:
Included in investment related gains/losses, net(125)181 
Included in interest credited(3)5 
Investment (income) loss on unit-linked variable annuities2 (3)
Interest credited on unit-linked variable annuities(2)3 
Interest expense on uncertain tax positions1 (1)
Other (1)
(21)30 
Pre-tax adjusted operating income431 386 
Notable items— — 
Pre-tax adjusted operating income, excluding notable items$431 $386 
(Unaudited)Twelve Months Ended December 31,
 20242023
Income before income taxes$980 $1,160 
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net897 360 
Market risk benefits remeasurement (gains) losses(44)(10)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses3 (5)
Embedded derivatives:
Included in investment related gains/losses, net(116)163 
Included in interest credited15 (6)
Investment (income) loss on unit-linked variable annuities3 1 
Interest credited on unit-linked variable annuities(3)(1)
Interest expense on uncertain tax positions1 — 
Other (1)
16 37 
Pre-tax adjusted operating income1,752 1,699 
Notable items194 (3)
Pre-tax adjusted operating income, excluding notable items$1,946 $1,696 
(1)     The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.









REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)
(Unaudited)Three Months Ended December 31,Twelve Months Ended December 31,
 2024202320242023
Earnings per share from net income (loss):
Basic earnings per share$2.26 $2.40 $10.90 $13.60 
Diluted earnings per share$2.22 $2.37 $10.73 $13.44 
Diluted earnings per share from adjusted operating income$4.99 $4.73 $20.06 $19.88 
Weighted average number of common and common equivalent shares outstanding66,982 66,721 66,880 67,117 


(Unaudited)At December 31,
 20242023
Treasury shares19,439 19,690 
Common shares outstanding65,872 65,621 
Book value per share outstanding$164.19 $138.39 
Book value per share outstanding, before impact of AOCI$151.31 $144.01 


Reconciliation of Book Value Per Share to Book Value Per Share Excluding AOCI and B36 Derivatives

(Unaudited)At December 31,
 20242023
Book value per share outstanding$164.19 $138.39 
Less effect of AOCI:
Accumulated currency translation adjustment(0.27)1.04 
Unrealized (depreciation) appreciation of securities(68.73)(55.88)
Effect of updating discount rates on future policy benefits82.16 49.62 
Change in instrument-specific credit risk for market risk benefits0.03 0.05 
Pension and postretirement benefits(0.31)(0.45)
Book value per share outstanding, before impact of AOCI151.31 144.01 
Less effect of B36 derivatives(0.66)(2.06)
Book value per share outstanding, before impact of AOCI and B36 derivatives$151.97 $146.07 
















REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Shareholders' Average Equity to Shareholders' Average Equity Excluding AOCI
(Dollars in millions)
(Unaudited)
Trailing Twelve Months Ended December 31, 2024:Average Equity
Shareholders' average equity$10,045 
Less effect of AOCI:
Accumulated currency translation adjustment60 
Unrealized (depreciation) appreciation of securities(3,950)
Effect of updating discount rates on future policy benefits4,234 
Change in instrument-specific credit risk for market risk benefits4
Pension and postretirement benefits(27)
Shareholders' average equity, excluding AOCI9,724 
Year-to-date notable items, net of tax67 
Shareholders' average equity, excluding AOCI and notable items$9,791 




Reconciliation of Trailing Twelve Months of Consolidated Net Income to Adjusted Operating Income
and Related Return on Equity
(Dollars in millions)
(Unaudited)Return on Equity
Trailing Twelve Months Ended December 31, 2024:Income
Net income available to RGA shareholders$717 7.1 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net687 
Change in fair value of embedded derivatives(80)
Tax expense on uncertain tax positions and other tax related items11 
Net income attributable to noncontrolling interest7 
Adjusted operating income1,342 13.8 %
Notable items after tax168 
Adjusted operating income, excluding notable items$1,510 15.4 %























REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in millions)
(Unaudited)Three Months Ended December 31,Twelve Months Ended December 31,
 2024202320242023
Revenues:
Net premiums$4,156 $4,108 $17,843 $15,085 
Investment income, net of related expenses1,185 956 4,416 3,591 
Investment related gains (losses), net(247)(155)(745)(481)
Other revenue147 98 593 372 
Total revenues5,241 5,007 22,107 18,567 
Benefits and expenses:
Claims and other policy benefits3,943 3,837 16,903 13,872 
Future policy benefits remeasurement (gains) losses(69)33 (32)(62)
Market risk benefits remeasurement (gains) losses(32)28 (44)(10)
Interest credited292 217 1,087 864 
Policy acquisition costs and other insurance expenses411 369 1,641 1,397 
Other operating expenses385 290 1,268 1,089 
Interest expense86 69 304 257 
Total benefits and expenses5,016 4,843 21,127 17,407 
Income before income taxes225 164 980 1,160 
Provision for income taxes75 4 256 251 
Net income150 160 724 909 
Net income attributable to noncontrolling interest2 2 7 7 
Net income available to RGA shareholders$148 $158 $717 $902 
# # #



Exhibit 99.2
rga_logoxrgbxredxwht.jpg
Quarterly Financial Supplement
Fourth Quarter 2024
(Unaudited)
World Headquarters  Internet AddressContacts
16600 Swingley Ridge Road  www.rgare.comAxel André
Chesterfield, Missouri 63017 U.S.A.  Executive Vice President
and Chief Financial Officer
Phone: (636) 736-7000
e-mail: Axel.Andre@rgare.com
Jeff Hopson
Senior Vice President, Investor Relations
Phone: (636) 736-2068
e-mail: jhopson@rgare.com
 

Current Ratings
 Standard & Poor’s A.M. Best Moody’s
Financial Strength Ratings   
RGA Reinsurance Company AA- A+ A1
RGA Life Reinsurance Company of Canada AA- A+ 
RGA International Reinsurance Company dac AA-  
RGA Global Reinsurance Company, Ltd. AA-  
RGA Reinsurance Company of Australia Limited AA-  
RGA Americas Reinsurance Company, Ltd. AA- A+ 
RGA Worldwide Reinsurance Company, Ltd.AA-
RGA Reinsurance Company (Barbados) Ltd.AA-
RGA Life and Annuity Insurance CompanyAA-A+
Omnilife Insurance Company LimitedA+
Aurora National Life Assurance CompanyA+
Senior Debt Ratings   
Reinsurance Group of America, Incorporated A a- Baa1
Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.

 
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Reinsurance Group of America, Incorporated
4th Quarter 2024
Table of Contents
 Page
Notes
Consolidated
Financial Highlights
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
Consolidated Balance Sheets
Segment Summaries of Adjusted Operating Income Statements
U.S. and Latin America Traditional
U.S. and Latin America Financial Solutions
Canada Traditional
Canada Financial Solutions
Europe, Middle East and Africa Traditional
Europe, Middle East and Africa Financial Solutions
Asia Pacific Traditional
Asia Pacific Financial Solutions
Corporate and Other
Summary of Segment Adjusted Operating Income
Investments
Cash and Invested Assets and Investment Income and Yield Summary
Fixed Maturity Securities
Corporate Fixed Maturity Securities by Industry
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities
Fixed Maturity Securities Below Amortized Cost
Consolidated Investment Related Gains and Losses
Appendix
Reconciliations of GAAP to Non-GAAP Measures
Non-GAAP Disclosures

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Reinsurance Group of America, Incorporated
Notes

Change in Presentation: U.S. and Latin America Financial Solutions:
In the first quarter of 2024, the Company updated the presentation of the financial results for the U.S. and Latin America Financial Solutions segment by combining the financial results for “Asset-Intensive” and “Capital Solutions” businesses. This change in presentation better aligns the presentation of the U.S. and Latin America Financial Solutions segment’s financial results with the Company's management of these businesses and with reporting for the other Financial Solutions segments. This change in presentation did not affect any previously or expected future reported results for the U.S. and Latin America Financial Solutions segment.
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Page 1


Reinsurance Group of America, Incorporated
Financial Highlights
Three Months EndedCurrent QtrYear-to-Date
(USD millions, except in force and per share and shares data)Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
 20242024202420242023Quarter20242023Change
Net premiums$4,156 $4,391 $3,920 $5,376 $4,108 $48 $17,843 $15,085 $2,758 
Net income available to RGA's shareholders148 156 203 210 158 (10)717 902 (185)
Adjusted operating income334 242 365 401 316 18 1,342 1,334 8 
Adjusted operating income excluding notable items (1)
334 410 365 401 316 18 1,510 1,334 176 
Return on equity7.1 %7.7 %9.7 %10.2 %11.4 %(4.3)%
Adjusted operating return on equity (ex AOCI)13.8 %13.8 %15.3 %14.8 %14.5 %(0.7)%
Adjusted operating return on equity (ex AOCI and notable items (1))
15.4 %15.5 %15.3 %14.8 %14.4 %1.0 %
Adjusted operating return on equity (ex AOCI and effect of B36 items)13.7 %13.7 %15.3 %14.8 %14.4 %(0.7)%
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income$2.26 $2.37 $3.07 $3.20 $2.40 $(0.14)$10.90 $13.60 $(2.70)
Adjusted operating income$5.07 $3.67 $5.55 $6.09 $4.80 $0.27 $20.39 $20.12 $0.27 
Adjusted operating income excluding notable items (1)
$5.07 $6.22 $5.55 $6.09 $4.80 $0.27 $22.94 $20.12 $2.82 
Diluted earnings per share
Net income$2.22 $2.33 $3.03 $3.16 $2.37 $(0.15)$10.73 $13.44 $(2.71)
Adjusted operating income$4.99 $3.62 $5.48 $6.02 $4.73 $0.26 $20.06 $19.88 $0.18 
Adjusted operating income excluding notable items (1)
$4.99 $6.13 $5.48 $6.02 $4.73 $0.26 $22.57 $19.88 $2.69 
Weighted average common shares outstanding
Basic65,867 65,850 65,807 65,739 65,853 14 65,816 66,317 (501)
Diluted66,982 66,797 66,732 66,559 66,721 261 66,880 67,117 (237)
Book value per share$164.19 $168.93 $147.90 $143.92 $138.39 $25.80 $164.19 $138.39 $25.80 
Book value per share, excluding AOCI$151.31 $149.63 $148.19 $145.83 $144.01 $7.30 $151.31 $144.01 $7.30 
Book value per share, excluding AOCI and B36$151.97 $151.79 $149.01 $146.96 $146.07 $5.90 $151.97 $146.07 $5.90 
Shareholders’ dividends paid$59 $58 $56 $56 $56 $3 $229 $219 $10 
Share buybacks— — — — 50 (50)— 200 (200)
Total returned to shareholders$59 $58 $56 $56 $106 $(47)$229 $419 $(190)
Common shares issued85,311 85,311 85,311 85,311 85,311 — 85,311 85,311 — 
Treasury shares19,439 19,447 19,487 19,523 19,690 (251)19,439 19,690 (251)
Common shares outstanding65,872 65,864 65,824 65,788 65,621 251 65,872 65,621 251 
Assumed life reinsurance in force (in billions)$3,878.7 $3,966.5 $3,767.7 $3,729.8 $3,704.1 $174.6 
Assumed new business production (in billions)$102.3 $204.4 $89.6 $109.1 $97.6 $4.7 $505.4 $363.1 $142.3 
(1) Excludes the impact of changes in actuarial assumptions.
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Page 2


Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20242024202420242023Quarter20242023Change
Revenues:
Net premiums$4,156 $4,391 $3,920 $5,376 $4,108 $48 $17,843 $15,085 $2,758 
Net investment income1,185 1,188 1,082 961 956 229 4,416 3,591 825 
Investment related gains (losses), net(247)(78)(271)(149)(155)(92)(745)(481)(264)
Other revenue147 150 147 149 98 49 593 372 221 
Total revenues5,241 5,651 4,878 6,337 5,007 234 22,107 18,567 3,540 
Benefits and expenses:
Claims and other policy benefits3,943 4,116 3,712 5,132 3,837 106 16,903 13,872 3,031 
Future policy benefits remeasurement (gains) losses(69)151 (90)(24)33 (102)(32)(62)30 
Market risk benefits remeasurement (gains) losses(32)31 (8)(35)28 (60)(44)(10)(34)
Interest credited292 310 231 254 217 75 1,087 864 223 
Policy acquisition costs and other insurance expenses411 452 391 387 369 42 1,641 1,397 244 
Other operating expenses385 299 301 283 290 95 1,268 1,089 179 
Interest expense86 78 72 68 69 17 304 257 47 
Total benefits and expenses5,016 5,437 4,609 6,065 4,843 173 21,127 17,407 3,720 
Income before income taxes225 214 269 272 164 61 980 1,160 (180)
Provision for income taxes75 56 65 60 4 71 256 251 5 
Net income150 158 204 212 160 (10)724 909 (185)
Net income attributable to noncontrolling interest2 2 1 2 2 — 7 7 — 
Net income available to RGA's shareholders$148 $156 $203 $210 $158 $(10)$717 $902 $(185)
Pre-tax adjusted operating income reconciliation:
Income before income taxes$225 $214 $269 $272 $164 $61 $980 $1,160 $(180)
Investment and derivative (gains) losses (1)
380 (23)308 232 (18)398 897 360 537 
Market risk benefits remeasurement (gains) losses(32)31 (8)(35)28 (60)(44)(10)(34)
Change in fair value of funds withheld embedded derivatives (1)
(125)112 (26)(77)181 (306)(116)163 (279)
Funds withheld (gains) losses - investment income6 (1)— (2)(3)9 3 (5)8 
EIA embedded derivatives - interest credited(3)11 (6)13 5 (8)15 (6)21 
Investment (income) loss on unit-linked variable annuities2 (1)1 1 (3)5 3 1 2 
Interest credited on unit-linked variable annuities(2)1 (1)(1)3 (5)(3)(1)(2)
Interest expense on uncertain tax positions1 1 (1)— (1)2 1 — 1 
Other (2)
(21)(31)(45)113 30 (51)16 37 (21)
Adjusted operating income before income taxes431 314 491 516 386 45 1,752 1,699 53 
Notable items (3)
— 194 — — — — 194 (3)197 
Adjusted operating income before income taxes excluding notable items$431 $508 $491 $516 $386 $45 $1,946 $1,696 $250 
(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) Represents the impact of changes in actuarial assumptions.
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Page 3


Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20242024202420242023Quarter20242023Change
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA$148 $156 $203 $210 $158 $(10)$717 $902 $(185)
Investment and derivative (gains) losses (1)
300 (18)239 185 (14)314 706 280 426 
Market risk benefits remeasurement (gains) losses(26)25 (6)(28)22 (48)(35)(8)(27)
Change in fair value of funds withheld embedded derivatives (1)
(99)88 (20)(61)143 (242)(92)129 (221)
Funds withheld (gains) losses - investment income4 — — (2)(2)6 2 (4)6 
EIA embedded derivatives - interest credited(2)8 (4)10 4 (6)12 (5)17 
Investment (income) loss on unit-linked variable annuities1 (1)1 1 (2)3 2 1 1 
Interest credited on unit-linked variable annuities(1)1 (1)(1)2 (3)(2)(1)(1)
Interest expense on uncertain tax positions1 1 (1)— (1)2 1 — 1 
Other (2)
(16)(25)(35)89 23 (39)13 29 (16)
Uncertain tax positions and other tax related items22 5 (12)(4)(19)41 11 4 7 
Net income attributable to noncontrolling interest2 2 1 2 2 — 7 7 — 
Adjusted operating income334 242 365 401 316 18 1,342 1,334 8 
Notable items (3)
— 168 — — — — 168 — 168 
Adjusted operating income excluding notable items$334 $410 $365 $401 $316 $18 $1,510 $1,334 $176 
Diluted earnings per share - adjusted operating income$4.99 $3.62 $5.48 $6.02 $4.73 $0.26 $20.06 $19.88 $0.18 
Diluted earnings per share - adjusted operating income excluding notable items$4.99 $6.13 $5.48 $6.02 $4.73 $0.26 $22.57 $19.88 $2.69 
Foreign currency effect on (4):
Net premiums$(15)$1 $(33)$(12)$18 $(33)$(59)$(126)$67 
Adjusted operating income before income taxes$8 $1 $(5)$1 $3 $5 $5 $(18)$23 
(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) Represents the impact of changes in actuarial assumptions.
(4) Compared to comparable prior year period.
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Page 4


Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,
20242024202420242023
Assets
Fixed maturity securities available-for-sale, at fair value$77,617 $78,149 $70,491 $65,827 $60,467 
Equity securities155 155 144 144 139 
Mortgage loans8,839 8,388 7,984 7,539 7,377 
Policy loans1,321 1,285 1,171 1,198 1,206 
Funds withheld at interest5,436 5,545 5,556 5,642 5,683 
Limited partnerships and real estate joint ventures3,067 2,972 2,791 2,697 2,635 
Short-term investments363 381 335 327 222 
Other invested assets1,242 1,361 1,148 1,140 1,171 
Total investments98,040 98,236 89,620 84,514 78,900 
Cash and cash equivalents3,326 5,195 4,596 5,935 2,970 
Accrued investment income986 995 881 808 759 
Premiums receivable and other reinsurance balances3,898 3,738 3,635 3,342 3,528 
Reinsurance ceded receivables and other5,531 5,438 5,122 5,265 5,448 
Deferred policy acquisition costs5,543 5,477 4,720 4,673 4,617 
Other assets1,351 1,179 1,314 1,463 1,401 
Total assets$118,675 $120,258 $109,888 $106,000 $97,623 
Liabilities and equity
Future policy benefits$53,368 $55,933 $50,779 $47,067 $41,231 
Interest-sensitive contract liabilities35,095 34,357 31,676 31,319 30,273 
Market risk benefits, at fair value223 247 217 228 258 
Other policy claims and benefits2,693 2,875 2,769 2,753 2,730 
Other reinsurance balances1,316 955 917 874 1,103 
Deferred income taxes2,199 2,059 1,866 1,897 1,862 
Other liabilities2,816 2,739 2,449 3,468 2,085 
Funds withheld payable5,017 4,809 4,323 4,409 4,483 
Long-term debt5,042 5,067 5,067 4,427 4,427 
Total liabilities107,769 109,041 100,063 96,442 88,452 
Equity:
Common stock, at par value1 1 1 1 1 
Additional paid-in-capital2,600 2,577 2,567 2,549 2,544 
Retained earnings9,255 9,166 9,076 8,934 8,805 
Treasury stock(1,889)(1,889)(1,889)(1,891)(1,900)
Accumulated other comprehensive income, net of taxes (AOCI):
Accumulated currency translation adjustment(19)108 86 57 68 
Unrealized (depreciation) appreciation of securities(4,526)(2,800)(4,694)(4,062)(3,667)
Effect of updating discount rates on future policy benefits5,412 3,987 4,611 3,906 3,256 
Change in instrument-specific credit risk for market risk benefits2 6 6 3 3 
Pension and postretirement benefits(20)(29)(29)(29)(29)
Total RGA, Inc. shareholders’ equity10,816 11,127 9,735 9,468 9,081 
Noncontrolling interest90 90 90 90 90 
Total equity10,906 11,217 9,825 9,558 9,171 
Total liabilities and equity$118,675 $120,258 $109,888 $106,000 $97,623 
Total RGA, Inc. shareholders’ equity, excluding AOCI$9,967 $9,855 $9,755 $9,593 $9,450 
See appendix for reconciliation of total shareholders' equity before and after impact of AOCI.
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Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20242024202420242023Quarter20242023Change
Revenues:
Net premiums$2,046 $1,912 $1,827 $1,715 $1,912 $134 $7,500 $7,023 $477 
Net investment income247 226 203 205 211 36 881 779 102 
Other revenue14 21 7 6 2 12 48 16 32 
Total revenues2,307 2,159 2,037 1,926 2,125 182 8,429 7,818 611 
Benefits and expenses:
Claims and other policy benefits1,886 1,712 1,676 1,572 1,779 107 6,846 6,429 417 
Future policy benefits remeasurement (gains) losses(68)46 (66)(21)63 (131)(109)74 (183)
Interest credited36 45 19 19 20 16 119 75 44 
Policy acquisition costs and other insurance expenses225 223 186 175 184 41 809 730 79 
Other operating expenses77 54 55 53 54 23 239 197 42 
Total benefits and expenses2,156 2,080 1,870 1,798 2,100 56 7,904 7,505 399 
Adjusted operating income before income taxes151 79 167 128 25 126 525 313 212 
Notable items (1)
— 53 — — — — 53 17 36 
Adjusted operating income excluding notable items, before income taxes$151 $132 $167 $128 $25 $126 $578 $330 $248 
Loss and expense ratios:
Loss ratio (2)
88.9 %91.9 %88.1 %90.4 %96.3 %(7.4)%89.8 %92.6 %(2.8)%
Policy acquisition costs and other insurance expenses11.0 %11.7 %10.2 %10.2 %9.6 %1.4 %10.8 %10.4 %0.4 %
Other operating expenses3.8 %2.8 %3.0 %3.1 %2.8 %1.0 %3.2 %2.8 %0.4 %
Foreign currency effect on (3):
Net premiums$(5)$(4)$1 $3 $3 $(8)$(5)$13 $(18)
Adjusted operating income (loss) before income taxes$— $— $(1)$— $— $— $(1)$— $(1)
Assumed Life Reinsurance In Force (in billions)$1,837.1 $1,834.5 $1,716.1 $1,709.1 $1,703.6 $— 
Assumed New Business Production (in billions)$41.0 $150.0 $35.9 $41.0 $47.9 $— $267.9 $154.3 $— 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

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Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20242024202420242023Quarter20242023Change
Revenues:
Net premiums$156 $609 $305 $1,916 $521 $(365)$2,986 $1,521 $1,465 
Net investment income323 336 318 303 289 34 1,280 1,137 143 
Other revenue52 58 54 62 60 (8)226 221 5 
Total revenues531 1,003 677 2,281 870 (339)4,492 2,879 1,613 
Benefits and expenses:
Claims and other policy benefits210 654 367 1,956 551 (341)3,187 1,646 1,541 
Future policy benefits remeasurement (gains) losses(10)12 (3)2 1 (11)1 (29)30 
Interest credited127 131 126 135 121 6 519 531 (12)
Policy acquisition costs and other insurance expenses102 105 87 80 78 24 374 214 160 
Other operating expenses26 21 20 18 18 8 85 66 19 
Total benefits and expenses455 923 597 2,191 769 (314)4,166 2,428 1,738 
Adjusted operating income before income taxes76 80 80 90 101 (25)326 451 (125)
Notable items (1)
— — — — — — — (22)22 
Adjusted operating income before income taxes excluding notable items$76 $80 $80 $90 $101 $(25)$326 $429 $(103)
Assumed Life Reinsurance In Force (in billions)$9.7 $9.8 $10.1 $10.1 $10.3 $(0.6)
Assumed New Business Production (in billions)$— $— $— $— $5.2 $(5.2)$— $5.2 $(5.2)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.

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Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions
(Continued)
 
(USD millions, shown net of reinsurance ceded)Dec. 31,Sept. 30,June 30,March 31,Dec. 31,
20242024202420242023
Policyholder account balances
Fixed annuities (deferred)$9,691 $9,473 $9,677 $9,981 $10,331 
Equity-indexed annuities$1,927 $2,022 $2,118 $2,234 $2,354 
Bank-owned life insurance (BOLI) and universal life$2,019 $2,029 $2,052 $2,063 $2,091 
Other policyholder account balances$34 $74 $43 $46 $47 
Variable annuities account balances
No riders$610 $624 $609 $629 $624 
GMDB only848 831 807 793 739 
GMIB only18 19 18 14 13 
GMAB only2 2 2 2 2 
GMWB only818 857 853 862 858 
GMDB / WB152 161 162 166 162 
Other13 14 13 11 11 
Total variable annuities account balances$2,461 $2,508 $2,464 $2,477 $2,409 
Interest-sensitive contract liabilities not associated with policyholder account balances:
Guaranteed investment contracts, funding agreements and immediate annuities$654 $680 $691 $693 $690 
Future policy benefits (at original discount rate) associated with:
Payout annuities$6,781 $6,936 $6,764 $6,503 $4,524 
Other future policy benefits$50 $89 $56 $59 $60 
Liability for market risk benefits:
Equity-indexed annuities$163 $176 $147 $154 $159 
Variable annuities (liability)$60 $71 $70 $74 $99 
Variable annuities (asset)$17 $14 $15 $14 $9 
Net interest spread (1)
1.3 %1.3 %1.1 %0.9 %1.3 %
(1) Net interest spread for Asset-Intensive is calculated as net investment income less interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents.
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Page 8


Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20242024202420242023Quarter20242023Change
Revenues:
Net premiums$333 $314 $326 $318 $311 $22 $1,291 $1,215 $76 
Net investment income64 68 61 64 62 2 257 249 8 
Investment related gains, net— 1 2 — 2 (2)3 4 (1)
Other revenue— 2 1 3 — — 6 4 2 
Total revenues397 385 390 385 375 22 1,557 1,472 85 
Benefits and expenses:
Claims and other policy benefits311 296 304 283 294 17 1,194 1,130 64 
Future policy benefits remeasurement gains(5)(4)1 (3)4 (9)(11)22 (33)
Interest credited— 1 — — — — 1 1 — 
Policy acquisition costs and other insurance expenses45 48 46 47 46 (1)186 184 2 
Other operating expenses14 14 13 12 11 3 53 44 9 
Total benefits and expenses365 355 364 339 355 10 1,423 1,381 42 
Adjusted operating income before income taxes32 30 26 46 20 12 134 91 43 
Notable items (1)
— (5)— — — — (5)13 (18)
Adjusted operating income excluding notable items, before income taxes$32 $25 $26 $46 $20 $12 $129 $104 $25 
Loss and expense ratios:
Loss ratio (2)
91.9 %93.0 %93.6 %88.1 %95.8 %(3.9)%91.6 %94.8 %(3.2)%
Policy acquisition costs and other insurance expenses13.5 %15.3 %14.1 %14.8 %14.8 %(1.3)%14.4 %15.1 %(0.7)%
Other operating expenses4.2 %4.5 %4.0 %3.8 %3.5 %0.7 %4.1 %3.6 %0.5 %
Foreign currency effect on (3):
Net premiums$(10)$(5)$(6)$1 $(1)$(9)$(20)$(45)$25 
Adjusted operating income before income taxes$(1)$(1)$— $— $5 $(6)$(2)$— $(2)
Assumed Life Reinsurance In Force (in billions)$474.2 $499.6 $489.3 $488.0 $493.5 $(19.3)
Assumed New Business Production (in billions)$12.3 $11.9 $12.3 $11.5 $11.1 $1.2 $48.0 $44.1 $3.9 
Creditor reinsurance net premiums$18 $19 $17 $17 $18 $— $71 $71 $— 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.
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Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20242024202420242023Quarter20242023Change
Revenues:
Net premiums$46 $49 $48 $23 $22 $24 $166 $90 $76 
Net investment income51 47 48 1 1 50 147 4 143 
Investment related gains, net1 — — — — 1 1 — 1 
Other revenue5 3 6 3 4 1 17 12 5 
Total revenues103 99 102 27 27 76 331 106 225 
Benefits and expenses:
Claims and other policy benefits109 90 89 19 19 90 307 78 229 
Future policy benefits remeasurement gains— — — — — — — (30)30 
Policy acquisition costs and other insurance expenses(17)5 4 1 — (17)(7)2 (9)
Other operating expenses3 — 2 — 2 1 5 4 1 
Total benefits and expenses95 95 95 20 21 74 305 54 251 
Adjusted operating income before income taxes8 4 7 7 6 2 26 52 (26)
Notable items (2)
— — — — — — — (22)22 
Adjusted operating income excluding notable items, before income taxes$8 $4 $7 $7 $6 $2 $26 $30 $(4)
Foreign currency effect on (3):
Net premiums$(1)$(1)$(1)$— $1 $(2)$(3)$(3)$— 
Adjusted operating income before income taxes$— $(1)$— $— $(1)$1 $(1)$(2)$1 
Assumed Life Reinsurance In Force (in billions)$6.0 $8.3 $— $— $— $6.0 
Assumed New Business Production (in billions)$— $8.3 $— $— $— $— $8.3 $— $8.3 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior year period.

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Page 10


Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20242024202420242023Quarter20242023Change
Revenues:
Net premiums$488 $521 $497 $496 $461 $27 $2,002 $1,775 $227 
Net investment income28 30 27 27 22 6 112 91 21 
Other revenue10 (1)— 2 1 9 11 — 11 
Total revenues526 550 524 525 484 42 2,125 1,866 259 
Benefits and expenses:
Claims and other policy benefits445 472 464 424 420 25 1,805 1,622 183 
Future policy benefits remeasurement (gains) losses12 35 6 (5)1 11 48 48 — 
Policy acquisition costs and other insurance expenses21 29 22 37 22 (1)109 86 23 
Other operating expenses37 32 33 31 33 4 133 130 3 
Total benefits and expenses515 568 525 487 476 39 2,095 1,886 209 
Adjusted operating income (loss) before income taxes11 (18)(1)38 8 3 30 (20)50 
Notable items (1)
— 40 — — — — 40 47 (7)
Adjusted operating income (loss) excluding notable items, before income taxes$11 $22 $(1)$38 $8 $3 $70 $27 $43 
Loss and expense ratios:
Loss ratio (2)
93.6 %97.3 %94.6 %84.5 %91.3 %2.3 %92.6 %94.1 %(1.5)%
Policy acquisition costs and other insurance expenses4.3 %5.6 %4.4 %7.5 %4.8 %(0.5)%5.4 %4.8 %0.6 %
Other operating expenses7.6 %6.1 %6.6 %6.3 %7.2 %0.4 %6.6 %7.3 %(0.7)%
Foreign currency effect on (3):
Net premiums$8 $12 $1 $7 $14 $(6)$28 $(13)$41 
Adjusted operating income (loss) before income taxes$2 $(1)$— $— $1 $1 $1 $(3)$4 
Critical illness net premiums$33 $38 $33 $32 $37 $(4)$136 $139 $(3)
Assumed Life Reinsurance In Force (in billions)$970.4 $1,027.5 $976.5 $985.1 $960.1 $10.3 
Assumed New Business Production (in billions)$30.5 $31.0 $20.0 $38.0 $16.1 $14.4 $119.5 $113.7 $5.8 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

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Page 11


Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20242024202420242023Quarter20242023Change
Revenues:
Net premiums$187 $168 $159 $146 $125 $62 $660 $458 $202 
Net investment income87 84 79 69 59 28 319 215 104 
Investment related gains (losses), net(1)1 1 (1)(2)1 — 5 (5)
Other revenue12 3 8 11 1 11 34 16 18 
Total revenues285 256 247 225 183 102 1,013 694 319 
Benefits and expenses:
Claims and other policy benefits159 148 133 122 96 63 562 363 199 
Future policy benefits remeasurement (gains) losses(1)— 2 2 (42)41 3 (89)92 
Interest credited9 5 9 7 — 9 30 — 30 
Policy acquisition costs and other insurance expenses2 2 2 2 1 1 8 7 1 
Other operating expenses20 15 15 15 16 4 65 58 7 
Total benefits and expenses189 170 161 148 71 118 668 339 329 
Adjusted operating income before income taxes96 86 86 77 112 (16)345 355 (10)
Notable items (2)
— 2 — — — — 2 (34)36 
Adjusted operating income excluding notable items, before income taxes$96 $88 $86 $77 $112 $(16)$347 $321 $26 
Foreign currency effect on (3):
Net premiums$4 $4 $1 $5 $6 $(2)$14 $2 $12 
Adjusted operating income before income taxes$1 $2 $— $3 $5 $(4)$6 $6 $— 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior year period.

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Page 12


Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20242024202420242023Quarter20242023Change
Revenues:
Net premiums$834 $756 $708 $716 $709 $125 $3,014 $2,785 $229 
Net investment income66 65 61 65 59 7 257 242 15 
Investment related gains (losses), net(1)1 1 — 1 (2)1 7 (6)
Other revenue10 (3)8 10 (1)11 25 16 9 
Total revenues909 819 778 791 768 141 3,297 3,050 247 
Benefits and expenses:
Claims and other policy benefits733 656 607 586 594 139 2,582 2,340 242 
Future policy benefits remeasurement (gains) losses9 53 (29)1 6 3 34 (56)90 
Policy acquisition costs and other insurance expenses37 44 42 45 40 (3)168 176 (8)
Other operating expenses67 55 59 50 57 10 231 217 14 
Total benefits and expenses846 808 679 682 697 149 3,015 2,677 338 
Adjusted operating income before income taxes63 11 99 109 71 (8)282 373 (91)
Notable items (1)
— 95 — — — — 95 (2)97 
Adjusted operating income excluding notable items, before income taxes$63 $106 $99 $109 $71 $(8)$377 $371 $6 
Loss and expense ratios:
Loss ratio (2)
89.0 %93.8 %81.6 %82.0 %84.6 %4.4 %86.8 %82.0 %4.8 %
Policy acquisition costs and other insurance expenses4.4 %5.8 %5.9 %6.3 %5.6 %(1.2)%5.6 %6.3 %(0.7)%
Other operating expenses8.0 %7.3 %8.3 %7.0 %8.0 %— %7.7 %7.8 %(0.1)%
Foreign currency effect on (3):
Net premiums$(9)$(4)$(23)$(23)$(3)$(6)$(59)$(67)$8 
Adjusted operating income before income taxes$1 $4 $(2)$(2)$1 $— $1 $(5)$6 
Critical illness net premiums$405 $414 $358 $352 $344 $61 $1,529 $1,352 $177 
Assumed Life Reinsurance In Force (in billions)$567.6 $572.2 $557.8 $528.9 $528.6 $39.0 
Assumed New Business Production (in billions)$18.5 $11.5 $13.1 $17.6 $17.3 $1.2 $60.7 $43.0 $17.7 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.
 
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Page 13


Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
 Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20242024202420242023Quarter20242023Change
Revenues:
Net premiums$66 $62 $50 $46 $47 $19 $224 $218 $6 
Net investment income189 184 163 120 136 53 656 486 170 
Investment related gains, net6 5 6 3 2 4 20 12 8 
Other revenue6 19 12 20 12 (6)57 33 24 
Total revenues267 270 231 189 197 70 957 749 208 
Benefits and expenses:
Claims and other policy benefits97 90 74 47 50 47 308 230 78 
Future policy benefits remeasurement gains(6)9 (1)— — (6)2 (2)4 
Interest credited81 75 49 51 49 32 256 203 53 
Policy acquisition costs and other insurance expenses20 27 30 25 25 (5)102 81 21 
Other operating expenses10 9 8 7 7 3 34 25 9 
Total benefits and expenses202 210 160 130 131 71 702 537 165 
Adjusted operating income before income taxes65 60 71 59 66 (1)255 212 43 
Notable items (2)
— 9 — — — — 9 — 9 
Adjusted operating income excluding notable items, before income taxes$65 $69 $71 $59 $66 $(1)$264 $212 $52 
Foreign currency effect on (3):
Net premiums$(2)$(1)$(6)$(5)$(2)$— $(14)$(13)$(1)
Adjusted operating income before income taxes$6 $(2)$(2)$(1)$(2)$8 $1 $(9)$10 
Assumed Life Reinsurance In Force (in billions)$13.7 $14.6 $9.6 $8.5 $8.0 $5.7 
Assumed New Business Production (in billions)$— $— $— $1.0 $— $— $1.0 $2.8 $(1.8)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior year period.
 

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Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20242024202420242023Quarter20242023Change
Revenues:
Net investment income$138 $146 $123 $106 $111 $27 $513 $384 $129 
Investment related gains, net3 3 1 4 5 (2)11 14 (3)
Other revenue23 19 9 12 15 8 63 43 20 
Total revenues164 168 133 122 131 33 587 441 146 
Benefits and expenses:
Interest credited44 41 35 30 19 25 150 61 89 
Policy acquisition costs and other insurance income(24)(31)(28)(25)(27)3 (108)(91)(17)
Other operating expenses130 99 97 87 92 38 413 342 71 
Interest expense85 77 73 68 70 15 303 257 46 
Total benefits and expenses235 186 177 160 154 81 758 569 189 
Adjusted operating loss before income taxes(71)(18)(44)(38)(23)(48)(171)(128)(43)
Notable items (1)
— — — — — — — — — 
Adjusted operating loss excluding notable items, before income taxes$(71)$(18)$(44)$(38)$(23)$(48)$(171)$(128)$(43)
Foreign currency effect on (2):
Adjusted operating loss before income taxes$(1)$— $— $1 $(6)$5 $— $(5)$5 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Compared to comparable prior year period.
 
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Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income
(USD millions)
 Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20242024202420242023Quarter20242023Change
U.S. and Latin America:
Traditional$151 $79 $167 $128 $25 $126 $525 $313 $212 
Financial Solutions76 80 80 90 101 (25)326 451 (125)
Total U.S. and Latin America227 159 247 218 126 101 851 764 87 
Canada:
Traditional32 30 26 46 20 12 134 91 43 
Financial Solutions8 4 7 7 6 2 26 52 (26)
Total Canada40 34 33 53 26 14 160 143 17 
Europe, Middle East and Africa:
Traditional11 (18)(1)38 8 3 30 (20)50 
Financial Solutions96 86 86 77 112 (16)345 355 (10)
Total Europe, Middle East and Africa107 68 85 115 120 (13)375 335 40 
Asia Pacific:
Traditional63 11 99 109 71 (8)282 373 (91)
Financial Solutions65 60 71 59 66 (1)255 212 43 
Total Asia Pacific128 71 170 168 137 (9)537 585 (48)
Corporate and Other(71)(18)(44)(38)(23)(48)(171)(128)(43)
Consolidated adjusted operating income before income taxes431 314 491 516 386 45 1,752 1,699 53 
Notable items (1)
— 194 — — — — 194 (3)197 
Consolidated adjusted operating income excluding notable items before income taxes$431 $508 $491 $516 $386 $45 $1,946 $1,696 $250 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
 


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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Cash and Invested Assets
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,
 20242024202420242023
Fixed maturity securities, available-for-sale (1)
$77,617 $78,149 $70,491 $65,827 $60,467 
Equity securities155 155 144 144 139 
Mortgage loans8,839 8,388 7,984 7,539 7,377 
Policy loans1,321 1,285 1,171 1,198 1,206 
Funds withheld at interest5,436 5,545 5,556 5,642 5,683 
Limited partnerships and real estate joint ventures3,067 2,972 2,791 2,697 2,635 
Short-term investments363 381 335 327 222 
Other invested assets1,242 1,361 1,148 1,140 1,171 
Cash and cash equivalents3,326 5,195 4,596 5,935 2,970 
Total cash and invested assets$101,366 $103,431 $94,216 $90,449 $81,870 
(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), Japanese government and agencies ("Japanese government"), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”).

Investment Income and Yield Summary
 Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
 20242024202420242023Quarter20242023Change
Average invested assets at amortized cost (1)
$40,803 $39,469 $38,172 $38,483 $37,169 $3,634 $38,535 $35,921 $2,614 
Net investment income (1)
$484 $492 $436 $444 $443 $41 $1,856 $1,681 $175 
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)
4.83 %5.08 %4.65 %4.70 %4.86 %(3) bps4.82 %4.68 %14 bps
Variable investment income ("VII") (included in net investment income) (1)
$25 $36 $12 $16 $44 $(19)$89 $139 $(50)
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) (1)
4.80 %4.95 %4.76 %4.75 %4.60 %20 bps4.82 %4.50 %32 bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities
December 31, 2024
 Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Estimated Fair
Value		% of
Total
Available-for-sale:
   Corporate$54,705 $82 $642 $4,274 $50,991 65.7 %
   Canadian government4,655 — 412 51 5,016 6.5 %
   Japanese government5,319 — 1 875 4,445 5.7 %
   ABS5,197 15 42 184 5,040 6.5 %
   CMBS2,344 1 22 98 2,267 2.9 %
   RMBS1,412 — 12 107 1,317 1.7 %
   U.S. government2,734 — 11 281 2,464 3.2 %
   State and political subdivisions789 — 3 99 693 0.9 %
   Other foreign government5,752 — 56 424 5,384 6.9 %
Total fixed maturity securities$82,907 $98 $1,201 $6,393 $77,617 100.0 %


December 31, 2023
 Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Estimated Fair
Value		% of
Total
Available-for-sale:
   Corporate$42,014 $62 $554 $3,751 $38,755 64.1 %
   Canadian government3,477 — 473 33 3,917 6.5 %
   Japanese government3,630 — 3 502 3,131 5.2 %
   ABS4,661 12 19 239 4,429 7.3 %
   CMBS1,969 1 7 202 1,773 2.9 %
   RMBS1,173 — 8 102 1,079 1.8 %
   U.S. government2,725 — 9 214 2,520 4.2 %
   State and political subdivisions1,236 — 7 129 1,114 1.8 %
   Other foreign government4,092 — 45 388 3,749 6.2 %
Total fixed maturity securities$64,977 $75 $1,125 $5,560 $60,467 100.0 %

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Corporate Fixed Maturity Securities by Industry
 December 31, 2024December 31, 2023
 Amortized CostEstimated Fair Value% of Total
Average Credit Ratings (1)
Amortized CostEstimated Fair Value% of Total
Average Credit Ratings (1)
Financial institutions
Banking$7,757 $7,485 14.7 %A-$6,474 $6,109 15.8 %A-
Brokerage/asset managers/exchanges1,482 1,360 2.7 %A-1,320 1,194 3.1 %A-
Finance companies530 501 1.0 %BBB367 330 0.9 %BBB+
Insurance4,992 4,497 8.8 %A-4,507 4,086 10.5 %A-
REITs1,737 1,613 3.2 %A-1,401 1,269 3.2 %BBB+
Other finance1,407 1,217 2.3 %A-983 801 2.1 %A-
      Total financial institutions$17,905 $16,673 32.7 %$15,052 $13,789 35.6 %
Industrials
Basic$2,097 $1,929 3.8 %BBB+$1,940 $1,797 4.6 %BBB+
Capital goods2,489 2,369 4.6 %BBB+1,664 1,531 4.0 %BBB
Communications3,420 3,147 6.2 %BBB+2,853 2,635 6.8 %BBB
Consumer cyclical3,300 3,099 6.1 %BBB+2,286 2,139 5.5 %BBB+
Consumer noncyclical6,177 5,714 11.2 %BBB+5,057 4,661 12.0 %BBB+
Energy4,060 3,906 7.7 %BBB+2,317 2,171 5.6 %A-
Technology2,124 1,937 3.8 %BBB+1,899 1,819 4.7 %BBB+
Transportation3,238 3,025 5.9 %A-2,286 2,100 5.4 %A-
Other industrial1,362 1,350 2.6 %BBB1,111 1,082 2.8 %BBB
       Total industrials$28,267 $26,476 51.9 %$21,413 $19,935 51.4 %
Utilities
Electric$6,863 $6,336 12.4 %A-$4,371 $3,973 10.3 %A-
Natural gas1,177 1,078 2.2 %A-770 694 1.8 %A-
Other utility493 428 0.8 %BBB+408 364 0.9 %BBB+
       Total utilities$8,533 $7,842 15.4 %$5,549 $5,031 13.0 %
     Total$54,705 $50,991 100.0 %A-$42,014 $38,755 100.0 %BBB+
(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Ratings of Fixed Maturity Securities
  December 31, 2024September 30, 2024June 30, 2024March 31, 2024December 31, 2023
NAIC Designation (1)
Rating Agency Designation (2)
Amortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of Total
1AAA/AA/A$54,543 $50,822 65.5 %$53,371 $51,053 65.3 %$49,634 $45,782 64.9 %$46,541 $43,336 65.8 %$41,469 $38,739 64.1 %
2BBB24,023 22,565 29.1 %24,076 23,130 29.6 %22,431 20,787 29.5 %20,527 18,951 28.8 %19,793 18,261 30.2 %
3BB3,422 3,410 4.4 %3,284 3,233 4.2 %3,331 3,270 4.6 %3,039 2,952 4.5 %3,068 2,956 4.9 %
4B636 577 0.7 %662 576 0.7 %562 504 0.8 %515 468 0.8 %479 396 0.7 %
5CCC246 221 0.3 %168 131 0.2 %158 124 0.2 %123 98 0.1 %116 92 0.1 %
6In or near default37 22 — %45 26 — %45 24 — %45 22 — %52 23 — %
Total $82,907 $77,617 100.0 %$81,606 $78,149 100.0 %$76,161 $70,491 100.0 %$70,790 $65,827 100.0 %$64,977 $60,467 100.0 %
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).
 
 
Structured Fixed Maturity Securities
 December 31, 2024September 30, 2024June 30, 2024March 31, 2024December 31, 2023
 Amortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of Total
ABS:
Collateralized loan obligations ("CLOs")$2,044 $2,044 23.7 %$2,659 $2,650 29.7 %$2,675 $2,676 31.6 %$2,540 $2,518 31.6 %$2,086 $2,048 28.1 %
ABS, excluding CLOs3,153 2,996 34.7 %2,862 2,723 30.5 %2,627 2,467 29.1 %2,597 2,427 30.5 %2,575 2,381 32.7 %
Total ABS5,197 5,040 58.4 %5,521 5,373 60.2 %5,302 5,143 60.7 %5,137 4,945 62.1 %4,661 4,429 60.8 %
CMBS2,344 2,267 26.3 %2,327 2,238 25.1 %2,242 2,120 25.0 %2,002 1,861 23.4 %1,969 1,773 24.3 %
RMBS
Agency394 344 4.0 %401 365 4.0 %414 364 4.3 %436 385 4.8 %444 398 5.5 %
Non-agency1,018 973 11.3 %973 953 10.7 %893 848 10.0 %814 765 9.7 %729 681 9.4 %
Total RMBS1,412 1,317 15.3 %1,374 1,318 14.7 %1,307 1,212 14.3 %1,250 1,150 14.5 %1,173 1,079 14.9 %
Total$8,953 $8,624 100.0 %$9,222 $8,929 100.0 %$8,851 $8,475 100.0 %$8,389 $7,956 100.0 %$7,803 $7,281 100.0 %
 
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
 As of December 31, 2024
 Less than 12 monthsEqual to or greater than 12 monthsTotal
 Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
   Corporate$14,741 $529 $18,851 $3,682 $33,592 $4,211 
   Canadian government286 5 469 46 755 51 
   Japanese government2,037 192 2,365 683 4,402 875 
   ABS940 19 1,730 159 2,670 178 
   CMBS333 4 980 91 1,313 95 
   RMBS354 7 593 100 947 107 
   U.S. government792 15 656 266 1,448 281 
   State and political subdivisions155 7 417 92 572 99 
   Other foreign government1,408 42 1,816 344 3,224 386 
Total investment grade securities$21,046 $820 $27,877 $5,463 $48,923 $6,283 
Below investment grade securities:
   Corporate$347 $7 $347 $50 $694 $57 
   ABS101 1 40 5 141 6 
   CMBS— — — — — — 
   Other foreign government— — 130 38 130 38 
Total below investment grade securities$448 $8 $517 $93 $965 $101 
Total fixed maturity securities$21,494 $828 $28,394 $5,556 $49,888 $6,384 
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.
 

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
 As of December 31, 2023
 Less than 12 monthsEqual to or greater than 12 monthsTotal
 Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
   Corporate$2,134 $70 $24,207 $3,524 $26,341 $3,594 
   Canadian government— — 459 33 459 33 
   Japanese government876 50 2,193 452 3,069 502 
   ABS336 5 3,025 223 3,361 228 
   CMBS160 5 1,328 190 1,488 195 
   RMBS115 3 681 99 796 102 
   U.S. government614 10 717 204 1,331 214 
   State and political subdivisions73 1 864 128 937 129 
   Other foreign government254 3 2,290 333 2,544 336 
Total investment grade securities$4,562 $147 $35,764 $5,186 $40,326 $5,333 
Below investment grade securities:
   Corporate$295 $36 $649 $121 $944 $157 
   ABS— — 68 10 68 10 
   CMBS— — 4 1 4 1 
   Other foreign government— — 193 52 193 52 
$295 $36 $914 $184 $1,209 $220 
Total below investment grade securities$4,857 $183 $36,678 $5,370 $41,535 $5,553 
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Consolidated Investment Related Gains and Losses
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20242024202420242023Quarter20242023Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses$23 $(9)$(16)$(20)$(7)$30 $(22)$(38)$16 
Impairments on fixed maturity securities— — (1)— (2)2 (1)(3)2 
Realized gains on investment activity22 72 68 32 18 4 194 72 122 
Realized losses on investment activity(334)(113)(230)(134)(102)(232)(811)(275)(536)
Net losses on fixed maturity securities available-for-sale(289)(50)(179)(122)(93)(196)(640)(244)(396)
Net gains (losses) on equity securities(4)6 (5)4 3 (7)1 (1)2 
Change in mortgage loan allowance for credit losses(6)(12)2 (10)7 (13)(26)(16)(10)
Limited partnerships and real estate joint venture impairment losses(15)— — (8)— (15)(23)— (23)
Change in fair value of certain limited partnership investments21 17 — 1 16 5 39 48 (9)
Other, net19 (14)4 8 — 19 17 24 (7)
Freestanding derivatives (1):
Interest rate swaps(18)13 (13)(31)59 (77)(49)(15)(34)
Interest rate options— (3)— (3)(23)23 (6)(33)27 
Total return swaps(7)7 (11)4 14 (21)(7)14 (21)
Interest rate futures— — 1 1 (1)1 2 1 1 
Foreign currency swaps14 (7)8 14 (3)17 29 17 12 
Foreign currency swaps - hedged— — (1)(1)(2)2 (2)(4)2 
Foreign currency forwards(82)77 (98)(64)32 (114)(167)(98)(69)
Foreign currency options(6)2 (3)— — (6)(7)— (7)
Equity options(1)1 (1)(4)(6)5 (5)(28)23 
Equity futures3 (12)(2)(17)(23)26 (28)(31)3 
Credit default swaps1 10 2 2 47 (46)15 42 (27)
CPI swaps(2)(1)(1)— (1)(1)(4)6 (10)
Total freestanding derivatives(98)87 (119)(99)93 (191)(229)(129)(100)
Embedded derivatives125 (112)26 77 (181)306 116 (163)279 
Net gains (losses) on total derivatives27 (25)(93)(22)(88)115 (113)(292)179 
Total investment related gains (losses), net$(247)$(78)$(271)$(149)$(155)$(92)$(745)$(481)$(264)
(1) Freestanding derivatives are non-hedged unless specified.
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Appendix
Reconciliations of GAAP to Non-GAAP Measures

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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20242024202420242023Quarter20242023Change
U.S. and Latin America Traditional
Income before income taxes$153 $57 $174 $116 $30 $123 $500 $318 $182 
Investment and derivative gains (1)
1 1 — — (2)3 2 (2)4 
Funds withheld losses - investment income— — — — 1 (1)— 1 (1)
Change in fair value of funds withheld embedded derivatives (1)
(3)21 (6)12 (4)1 24 (4)28 
Other— — (1)— — — (1)— (1)
Adjusted operating income before income taxes151 79 167 128 25 126 525 313 212 
Notable items (2)
— 53 — — — — 53 17 36 
Adjusted operating income excluding notable items, before income taxes$151 $132 $167 $128 $25 $126 $578 $330 $248 
U.S. and Latin America Financial Solutions
Income (loss) before income taxes$139 $(46)$83 $17 $(120)$259 $193 $170 $23 
Market risk benefits remeasurement (gains) losses(32)31 (8)(35)28 (60)(44)(10)(34)
Investment and derivative (gains) losses (1)
96 (7)35 62 (27)123 186 102 84 
Change in fair value of funds withheld embedded derivatives (1)
(122)91 (20)(89)185 (307)(140)167 (307)
Funds withheld (gains) losses - investment income4 1 (1)(1)(4)8 3 (14)17 
EIA embedded derivatives - interest credited(1)11 (6)13 5 (6)17 (6)23 
Other (3)
(8)(1)(3)123 34 (42)111 42 69 
Adjusted operating income before income taxes76 80 80 90 101 (25)326 451 (125)
Notable items (2)
— — — — — — — (22)22 
Adjusted operating income excluding notable items, before income taxes$76 $80 $80 $90 $101 $(25)$326 $429 $(103)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.
(3) Includes pension risk transfer day one loss and other immaterial items.
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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20242024202420242023Quarter20242023Change
Canada Traditional
Income before income taxes$32 $29 $27 $47 $21 $11 $135 $91 $44 
Investment and derivative (gains) losses (1)
— — 1 (1)(1)1 — (5)5 
Investment income - non-operating FWAI1 — — — — 1 1 3 (2)
Other(1)1 (2)— — (1)(2)2 (4)
Adjusted operating income before income taxes32 30 26 46 20 12 134 91 43 
Notable items (2)
— (5)— — — — (5)13 (18)
Adjusted operating income excluding notable items, before income taxes$32 $25 $26 $46 $20 $12 $129 $104 $25 
Canada Financial Solutions
Income before income taxes$17 $21 $6 $7 $6 $11 $51 $52 $(1)
Investment and derivative (gains) losses (1)
(9)(17)1 — — (9)(25)— (25)
Adjusted operating income before income taxes8 4 7 7 6 2 26 52 (26)
Notable items (2)
— — — — — — — (22)22 
Adjusted operating income excluding notable items, before income taxes$8 $4 $7 $7 $6 $2 $26 $30 $(4)
Europe, Middle East and Africa Traditional
Income (loss) before income taxes$8 $(17)$1 $28 $8 $— $20 $(21)$41 
Other3 (1)(2)10 — 3 10 1 9 
Adjusted operating income (loss) before income taxes11 (18)(1)38 8 3 30 (20)50 
Notable items (2)
— 40 — — — — 40 47 (7)
Adjusted operating income (loss) excluding notable items, before income taxes$11 $22 $(1)$38 $8 $3 $70 $27 $43 
Europe, Middle East and Africa Financial Solutions
Income before income taxes$79 $84 $72 $64 $106 $(27)$299 $301 $(2)
Investment and derivative losses (1)
16 4 13 14 6 10 47 49 (2)
Investment income - non-operating FWAI1 (2)1 (1)— 1 (1)5 (6)
Investment (income) loss on unit-linked variable annuities2 (1)1 1 (3)5 3 1 2 
Interest credited on unit-linked variable annuities(2)1 (1)(1)3 (5)(3)(1)(2)
Adjusted operating income before income taxes96 86 86 77 112 (16)345 355 (10)
Notable items (2)
— 2 — — — — 2 (34)36 
Adjusted operating income excluding notable items, before income taxes$96 $88 $86 $77 $112 $(16)$347 $321 $26 
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.
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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20242024202420242023Quarter20242023Change
Asia Pacific Traditional
Income before income taxes$59 $11 $100 $109 $70 $(11)$279 $372 $(93)
Other4 — (1)— 1 3 3 1 2 
Adjusted operating income before income taxes63 11 99 109 71 (8)282 373 (91)
Notable items (2)
— 95 — — — — 95 (2)97 
Adjusted operating income excluding notable items, before income taxes$63 $106 $99 $109 $71 $(8)$377 $371 $6 
Asia Pacific Financial Solutions
Income (loss) before income taxes$1 $93 $(58)$13 $122 $(121)$49 $113 $(64)
Investment and derivative (gains) losses (1)
96 (17)178 74 (59)155 331 119 212 
Other(32)(16)(49)(28)3 (35)(125)(20)(105)
Adjusted operating income before income taxes65 60 71 59 66 (1)255 212 43 
Notable items (2)
— 9 — — — — 9 — 9 
Adjusted operating income excluding notable items, before income taxes$65 $69 $71 $59 $66 $(1)$264 $212 $52 
Corporate and Other
Loss before income taxes$(263)$(18)$(136)$(129)$(79)$(184)$(546)$(236)$(310)
Investment and derivative losses (1)
180 13 80 83 65 115 356 97 259 
Interest expense on uncertain tax positions1 1 (1)— (1)2 1 — 1 
EIA embedded derivatives - interest credited(2)— — — — (2)(2)— (2)
Other13 (14)13 8 (8)21 20 11 9 
Adjusted operating loss before income taxes(71)(18)(44)(38)(23)(48)(171)(128)(43)
Notable items (2)
— — — — — — — — — 
Adjusted operating loss excluding notable items, before income taxes$(71)$(18)$(44)$(38)$(23)$(48)$(171)$(128)$(43)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.

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Reinsurance Group of America, Incorporated
Reconciliations of RGA, Inc. Shareholders’ Equity to RGA, Inc. Shareholders’ Equity Excluding AOCI
(USD millions except per share data)
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,
20242024202420242023
RGA, Inc. shareholders’ equity$10,816 $11,127 $9,735 $9,468 $9,081 
Less effect of AOCI:
Accumulated currency translation adjustments(19)108 86 57 68 
Unrealized (depreciation) appreciation of securities(4,526)(2,800)(4,694)(4,062)(3,667)
Effect of updating discount rates on future policy benefits5,412 3,987 4,611 3,906 3,256 
Change in instrument-specific credit risk for market risk benefits2 6 6 3 3 
Pension and postretirement benefits(20)(29)(29)(29)(29)
RGA, Inc. shareholders’ equity, excluding AOCI9,967 9,855 9,755 9,593 9,450 
Year-to-date notable items, net of tax168 168 — — — 
RGA, Inc. shareholders’ equity, excluding AOCI and notable items$10,135 $10,023 $9,755 $9,593 $9,450 
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,
20242024202420242023
Book value per share$164.19 $168.93 $147.90 $143.92 $138.39 
Less effect of AOCI:
Accumulated currency translation adjustment(0.27)1.64 1.32 0.88 1.04 
Unrealized (depreciation) appreciation of securities(68.73)(42.52)(71.31)(61.74)(55.88)
Effect of updating discount rates on future policy benefits82.16 60.54 70.06 59.36 49.62 
Change in instrument-specific credit risk for market risk benefits0.03 0.09 0.09 0.04 0.05 
Pension and postretirement benefits(0.31)(0.45)(0.45)(0.45)(0.45)
Book value per share, excluding AOCI$151.31 $149.63 $148.19 $145.83 $144.01 
Less effect of B36:(0.66)(2.16)(0.82)(1.13)(2.06)
Book value per share, excluding AOCI and B36$151.97 $151.79 $149.01 $146.96 $146.07 

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

The following non-GAAP financial measures are used in this document or in other public disclosures made by the Company from time to time:

1.Adjusted operating income, on a pre-tax and after-tax basis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations. Adjusted operating income is calculated as net income available to the Company’s shareholders (or, in the case of pre-tax adjusted operating income, income before income taxes) excluding, as applicable:
•substantially all of the effect of net investment related gains and losses;
•changes in the fair value of certain embedded derivatives;
•changes in the fair value of contracts that provide market risk benefits;
•non-economic losses at contract inception for direct pension risk transfer single premium business (which are amortized into adjusted operating income within claims and other policy benefits over the estimated lives of the contracts);
•any net gain or loss from discontinued operations;
•the cumulative effect of any accounting changes;
•the impact of certain tax-related items; and
•any other items that the Company believes are not indicative of the Company’s ongoing operations

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

Adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments, and will be presented in our financial statement footnotes beginning with the Company’s annual report on Form 10-K to be filed for the fiscal year ended December 31, 2024 in accordance with ASC 280 – “Segment Reporting.” Adjusted operating income (loss) before income taxes, when presented on a consolidated basis, is a non-GAAP financial measure.

2. Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items, and adjusted operating income per diluted share, excluding notable items. Notable items are items the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented include the financial impact of the Company’s assumption reviews.
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3. Adjusted operating revenue. This measure excludes the effects of net realized capital gains and losses, and changes in the fair value of certain embedded derivatives.
4. Shareholders’ equity position excluding the impact of accumulated other comprehensive income (loss) (“AOCI”), shareholders’ average equity position excluding AOCI, and book value per share excluding the impact of AOCI. The Company believes that these measures provide useful information since such measures exclude AOCI-related items that are not permanent and can fluctuate significantly from period to period, and may not reflect the impact of the underlying performance of the Company’s businesses on shareholders’ equity and book value per share. AOCI primarily relates to changes in interest rates, credit spreads on its investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses the following non-GAAP financial measures:
•Shareholders’ average equity position excluding AOCI and B36, where B36 refers to the cumulative change in fair value of funds withheld embedded derivatives;
•Shareholders’ average equity position excluding AOCI and notable items; and
•Shareholders’ average equity position excluding AOCI, B36 and notable items.
5. Adjusted operating return on equity. This measure is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target levels and awards under the Company’s management incentive programs. The Company also discloses the following non-GAAP financial measures:
•Adjusted operating return on equity excluding AOCI and B36;
•Adjusted operating return on equity excluding AOCI and notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’ equity excluding notable items and AOCI; and
•Adjusted operating return on equity excluding AOCI, B36 and notable items.

Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix at the end of this document. Except as otherwise noted herein, the non-GAAP figures and reconciliations presented herein reflect the Company’s adoption of the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments (“LDTI”). For additional information regarding the Company’s adoption of LDTI, see Note 1 – “Business and Basis of Presentation” and Note 3 – “Impact of New Accounting Standard” in the notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The Company is unable to provide reconciliations of the intermediate term targets of consolidated adjusted operating income (loss) before taxes, adjusted operating income (loss) before taxes, excluding notable items (on both a segment-level and consolidated basis), consolidated adjusted operating ROE, respectively, which are forward-looking non-GAAP financial measures, due to, among other things, that these targets are a composite of our goals for future results, the inherent difficulty in forecasting generally, and the difficulty of quantifying accurate forecasts of the numerous components comprising these calculations that would be necessary to provide any such reconciliations. In addition, actual performance in future periods may vary from the intermediate term target ranges for a variety of reasons, including known and unknown risk and uncertainties.
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Exhibit 99.3
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v3.25.0.1
Cover Document
Feb. 04, 2025
Cover [Abstract]  
Amendment Flag false
Document Type 8-K
Document Period End Date Feb. 04, 2025
Entity Registrant Name REINSURANCE GROUP OF AMERICA, INCORPORATED
Entity File Number 1-11848
Entity Tax Identification Number 43-1627032
Entity Incorporation, State or Country Code MO
Entity Address, Address Line One 16600 Swingley Ridge Road
Entity Address, City or Town Chesterfield
Entity Address, State or Province MO
Entity Address, Postal Zip Code 63017
City Area Code 636
Local Phone Number 736-7000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000898174
v3.25.0.1
Cover Entity Listings - NEW YORK STOCK EXCHANGE, INC. [Member]
Oct. 29, 2024
RGA [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01
Trading Symbol RGA
Security Exchange Name NYSE
RZB [Member]  
Entity Information [Line Items]  
Title of 12(b) Security 5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056
Trading Symbol RZB
Security Exchange Name NYSE
RZC  
Entity Information [Line Items]  
Title of 12(b) Security 7.125% Fixed Rate Reset Subordinated Debentures due 2052
Trading Symbol RZC
Security Exchange Name NYSE
Reinsurance Group of Ame... (NYSE:RZC)
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