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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
 OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-11848
REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact name of Registrant as specified in its charter)
Missouri    43-1627032
(State or other jurisdiction                      (IRS employer
of incorporation or organization)      identification number)
16600 Swingley Ridge Road
Chesterfield, Missouri 63017
(Address of principal executive offices)
(636) 736-7000
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x  No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes x  No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x     Accelerated filer o     Non-accelerated filer o     
Smaller reporting company ☐     Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐  No ☒
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 RGA New York Stock Exchange
5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056 RZB New York Stock Exchange
7.125% Fixed Rate Subordinated Debentures due 2052 RZC New York Stock Exchange
As of October 22, 2024, 65,864,330 shares of the registrant’s common stock were outstanding.

Table of Contents

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
TABLE OF CONTENTS
 
Item         Page
   PART I – FINANCIAL INFORMATION   
1
Financial Statements (Unaudited) as of September 30, 2024 and December 31, 2023 and for the Three and Nine Months Ended September 30, 2024 and 2023
     
     
     
     
   Notes to Condensed Consolidated Financial Statements (Unaudited)   
     Note 3 Equity
2      
3      
4      
   PART II – OTHER INFORMATION   
1      
1A      
2      
5
6      
     
     
2
Table of Contents

PART I – FINANCIAL INFORMATION


REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
(Unaudited)
September 30,
2024		 December 31,
2023
Assets
Fixed maturity securities available-for-sale, at fair value (amortized cost of $81,606 and $64,977; allowance for credit losses of $120 and $75)
 $ 78,149  $ 60,467 
Equity securities, at fair value 155  139 
Mortgage loans (net of allowance for credit losses of $87 and $67)
 8,388  7,377 
Policy loans 1,285  1,206 
Funds withheld at interest 5,545  5,683 
Limited partnerships and real estate joint ventures 2,972  2,635 
Short-term investments 381  222 
Other invested assets 1,361  1,171 
Total investments 98,236  78,900 
Cash and cash equivalents 5,195  2,970 
Accrued investment income 995  759 
Premiums receivable and other reinsurance balances 3,738  3,528 
Reinsurance ceded receivables and other 5,438  5,448 
Deferred policy acquisition costs 5,477  4,617 
Other assets 1,179  1,401 
Total assets $ 120,258  $ 97,623 
Liabilities and equity
Future policy benefits $ 55,933  $ 41,231 
Interest-sensitive contract liabilities 34,357  30,273 
Market risk benefits, at fair value 247  258 
Other policy claims and benefits 2,875  2,730 
Other reinsurance balances 955  1,103 
Deferred income taxes 2,059  1,862 
Funds withheld payable 4,809  4,483 
Other liabilities 2,739  2,085 
Long-term debt 5,067  4,427 
Total liabilities 109,041  88,452 
Commitments and contingent liabilities (See Note 15)
 Equity
Preferred stock – par value $0.01 per share, 10,000,000 shares authorized, no shares issued or outstanding
 —  — 
Common stock – par value $0.01 per share, 140,000,000 shares authorized, 85,310,598 shares issued at September 30, 2024 and December 31, 2023
 1  1 
Additional paid-in-capital 2,577  2,544 
Retained earnings 9,166  8,805 
Treasury stock, at cost – 19,446,714 and 19,689,885 shares
 (1,889) (1,900)
Accumulated other comprehensive income (loss) 1,272  (369)
Total RGA, Inc. shareholders’ equity 11,127  9,081 
Noncontrolling interest 90  90 
Total equity 11,217  9,171 
Total liabilities and shareholders’ equity $ 120,258  $ 97,623 
See accompanying notes to condensed consolidated financial statements (unaudited).
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
(Unaudited)
 
  Three months ended September 30, Nine months ended September 30,
  2024 2023 2024 2023
Revenues
Net premiums $ 4,391  $ 4,255  $ 13,687  $ 10,977 
Net investment income 1,188  922  3,231  2,635 
Investment related gains (losses), net (78) (126) (498) (326)
Other revenues 150  102  446  274 
Total revenues 5,651  5,153  16,866  13,560 
Benefits and expenses
Claims and other policy benefits 4,116  3,959  12,960  10,035 
Future policy benefits remeasurement (gains) losses 151  (82) 37  (95)
Market risk benefits remeasurement (gains) losses 31  (21) (12) (38)
Interest credited 310  223  795  647 
Policy acquisition costs and other insurance expenses 452  348  1,230  1,028 
Other operating expenses 299  274  883  799 
Interest expense 78  72  218  188 
Total benefits and expenses 5,437  4,773  16,111  12,564 
 Income before income taxes
 214  380  755  996 
Provision for income taxes 56  91  181  247 
Net income 158  289  574  749 
Net income attributable to noncontrolling interest 2  2  5  5 
Net income available to RGA, Inc. shareholders $ 156  $ 287  $ 569  $ 744 
Earnings per share
Basic earnings per share $ 2.37  $ 4.34  $ 8.64  $ 11.19 
Diluted earnings per share $ 2.33  $ 4.29  $ 8.53  $ 11.06 
See accompanying notes to condensed consolidated financial statements (unaudited).
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(Unaudited)
 
  Three months ended September 30, Nine months ended September 30,
  2024 2023 2024 2023
Comprehensive income (loss)
Net income $ 158  $ 289  $ 574  $ 749 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments 22  (59) 39  83 
Net unrealized investment gains (losses) 1,894  (1,780) 868  (1,163)
Effect of updating discount rates on future policy benefits (624) 1,906  731  1,611 
Change in instrument-specific credit risk for market risk benefits —  (6) 3  (6)
Defined benefit pension and postretirement plan adjustments —  4  —  13 
Total other comprehensive income (loss), net of tax 1,292  65  1,641  538 
Total comprehensive income 1,450  354  2,215  1,287 
Comprehensive income attributable to noncontrolling interest 2  2  5  5 
Total comprehensive income attributable to RGA, Inc. $ 1,448  $ 352  $ 2,210  $ 1,282 
See accompanying notes to condensed consolidated financial statements (unaudited).
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(in millions except per share amounts)
(Unaudited)
Three months ended September 30, 2024 and 2023
Common
Stock		 Additional Paid In Capital Retained
Earnings		 Treasury
Stock		 Accumulated Other Comprehensive Income (Loss) Total RGA, Inc. Shareholders’ Equity Noncontrolling Interest Total Equity
Balance, June 30, 2024 $ 1  $ 2,567  $ 9,076  $ (1,889) $ (20) $ 9,735  $ 90  $ 9,825 
Change in equity of noncontrolling interest (2) (2)
Net income 156  156  2  158 
Total other comprehensive income (loss) 1,292  1,292  1,292 
Dividends to shareholders, $0.89 per share
 (59) (59) (59)
Purchase of treasury stock (7) (7) (7)
Reissuance of treasury stock 10  (7) 7  10  10 
Balance, September 30, 2024 $ 1  $ 2,577  $ 9,166  $ (1,889) $ 1,272  $ 11,127  $ 90  $ 11,217 
Balance, June 30, 2023 $ 1  $ 2,522  $ 8,483  $ (1,803) $ (1,398) $ 7,805  $ 90  $ 7,895 
Change in equity of noncontrolling interest (2) (2)
Net income 287  287  2  289 
Total other comprehensive income (loss) 65  65  65 
Dividends to shareholders, $0.85 per share
 (56) (56) (56)
Purchase of treasury stock (50) (50) (50)
Reissuance of treasury stock 12  (1) 1  12  12 
Balance, September 30, 2023 $ 1  $ 2,534  $ 8,713  $ (1,852) $ (1,333) $ 8,063  $ 90  $ 8,153 
Nine months ended September 30, 2024 and 2023
Common
Stock		 Additional Paid In Capital Retained
Earnings		 Treasury
Stock		 Accumulated Other Comprehensive Income (Loss) Total RGA, Inc. Shareholders’ Equity Noncontrolling Interest Total Equity
Balance, December 31, 2023 $ 1  $ 2,544  $ 8,805  $ (1,900) $ (369) $ 9,081  $ 90  $ 9,171 
Change in equity of noncontrolling interest (5) (5)
Net income 569  569  5  574 
Total other comprehensive income (loss) 1,641  1,641  1,641 
Dividends to shareholders, $2.59 per share
 (171) (171) (171)
Purchase of treasury stock (26) (26) (26)
Reissuance of treasury stock 33  (37) 37  33  33 
Balance, September 30, 2024 $ 1  $ 2,577  $ 9,166  $ (1,889) $ 1,272  $ 11,127  $ 90  $ 11,217 
Balance, December 31, 2022 $ 1  $ 2,502  $ 8,169  $ (1,720) $ (1,871) $ 7,081  $ 90  $ 7,171 
Change in equity of noncontrolling interest (5) (5)
Net income 744  744  5  749 
Total other comprehensive income (loss) 538  538  538 
Dividends to shareholders, $2.45 per share
 (163) (163) (163)
Purchase of treasury stock (169) (169) (169)
Reissuance of treasury stock 32  (37) 37  32  32 
Balance, September 30, 2023 $ 1  $ 2,534  $ 8,713  $ (1,852) $ (1,333) $ 8,063  $ 90  $ 8,153 

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


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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)

  Nine months ended September 30,
2024 2023
 
Net cash provided by operating activities $ 7,770  $ 2,818 
Cash flows from investing activities
Sales of fixed maturity securities available-for-sale 21,499  5,832 
Purchases of fixed maturity securities available-for-sale (30,256) (8,751)
Maturities of fixed maturity securities available-for-sale 1,030  753 
Sales of equity securities 7  1 
Purchases of equity securities (18) (4)
Principal payments on mortgage loans 386  265 
Cash invested in mortgage loans (1,118) (962)
Deposits in (withdrawals from) funds withheld at interest 257  283 
Sales of limited partnerships and real estate joint ventures 181  328 
Purchases of limited partnerships and real estate joint ventures (435) (413)
Sales of short-term investments 596  268 
Purchases of short-term investments (691) (363)
Maturities of short-term investments 191  119 
Change in other invested assets (37) 21 
Other, net 25  31 
Net cash used in investing activities (8,383) (2,592)
Cash flows from financing activities
Dividends to shareholders (171) (163)
Proceeds from long-term debt issuance, net 640  890 
Principal payments of long-term debt (3) (402)
Purchase of treasury stock (26) (169)
Change in cash collateral for derivatives and other arrangements 375  300 
Change in deposit asset on reinsurance 221  41 
Deposits on investment-type policies and contracts 5,720  1,884 
Withdrawals on investment-type policies and contracts (3,892) (2,652)
Net cash provided by (used in) financing activities 2,864  (271)
Effect of exchange rate changes on cash (26) (62)
Change in cash and cash equivalents 2,225  (107)
Cash and cash equivalents, beginning of period 2,970  2,927 
Cash and cash equivalents, end of period $ 5,195  $ 2,820 
Supplemental disclosures of cash flow information
Interest paid $ 159  $ 146 
Income taxes paid, net of refunds $ 50  $ 240 
Non-cash investing activities
Transfer of invested assets $ 9,052  $ 1,459 
Non-cash financing activities
Non-cash deposit on reinsurance $ 418  $ — 
See accompanying notes to condensed consolidated financial statements (unaudited).
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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
 
NOTE 1 BUSINESS AND BASIS OF PRESENTATION
Business
Reinsurance Group of America, Incorporated (“RGA”) is an insurance holding company that was formed on December 31, 1992. RGA and its subsidiaries (collectively, the “Company”) is engaged in providing traditional reinsurance, which includes individual and group life and health, disability and critical illness reinsurance. The Company also provides financial solutions, which includes longevity reinsurance, asset-intensive products (primarily annuities), financial reinsurance, capital solutions and stable value products.
Basis of Presentation
The unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s 2023 Annual Report on Form 10-K filed with the SEC on February 26, 2024 (the “2023 Annual Report”).
In the opinion of management, all adjustments, including normal recurring adjustments necessary for a fair presentation have been included. Interim results are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
Consolidation
These unaudited condensed consolidated financial statements include the accounts of RGA and its subsidiaries and all intercompany accounts and transactions have been eliminated. Entities in which the Company has significant influence over the operating and financing decisions but are not required to be consolidated are reported under the equity method of accounting.
NOTE 2 EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share on net income (in millions, except per share information):
Three months ended September 30, Nine months ended September 30,
  2024 2023 2024 2023
Earnings:
Net income (numerator for basic and diluted calculations) $ 158  $ 289  $ 574  $ 749 
Less: Net income attributable to noncontrolling interest 2  2  5  5 
Net income available to RGA, Inc. shareholders $ 156  $ 287  $ 569  $ 744 
Shares:
Weighted average outstanding shares (denominator for basic calculation) 66  66  66  66 
Equivalent shares from outstanding stock awards 1  1  1  1 
Diluted shares (denominator for diluted calculation) 67  67  67  67 
Earnings per share:
Basic $ 2.37  $ 4.34  $ 8.64  $ 11.19 
Diluted $ 2.33  $ 4.29  $ 8.53  $ 11.06 
The calculation of common equivalent shares does not include the impact of stock awards with a conversion price that exceeds the average stock price for the earnings period as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance share awards as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period.
NOTE 3 EQUITY
Common stock
The changes in number of common stock shares issued, held in treasury and outstanding are as follows for the periods indicated:
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Issued Held In Treasury Outstanding
Balance, December 31, 2023 85,310,598  19,689,885  65,620,713 
Common stock acquired —  —  — 
Equity based compensation (1)
 —  (243,171) 243,171 
Balance, September 30, 2024 85,310,598  19,446,714  65,863,884 
Issued Held In Treasury Outstanding
Balance, December 31, 2022 85,310,598  18,634,390  66,676,208 
Common stock acquired —  1,069,113  (1,069,113)
Equity based compensation (1)
 —  (265,118) 265,118 
Balance, September 30, 2023 85,310,598  19,438,385  65,872,213 
(1)Represents net shares issued from treasury pursuant to the Company’s equity based compensation programs.
Common Stock Held in Treasury
Common stock held in treasury is accounted for at average cost. Gains resulting from the reissuance of common stock held in treasury are credited to additional paid-in capital. Losses resulting from the reissuance of common stock held in treasury are charged first to additional paid-in capital to the extent the Company has previously recorded gains on treasury share transactions, then to retained earnings.
On January 23, 2024, the Company’s board of directors authorized a share repurchase program for up to $500 million of its outstanding common stock. The authorization was effective immediately and does not have an expiration date. During the nine months ended September 30, 2024, the Company did not repurchase any shares of common stock under this program.
Noncontrolling Interest
In 2022, Papara Financing LLC (“Papara”), a subsidiary of RGA Reinsurance Company, issued nonconvertible preferred interests to an unaffiliated third party. The membership interests in Papara consist of (1) common interests, which are held by RGA Reinsurance Company, and (2) preferred interests. The preferred interests, included in noncontrolling interest, total $90 million.
Accumulated Other Comprehensive Income (Loss)
The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the nine months ended September 30, 2024 and 2023 are as follows (dollars in millions):
  Accumulated Other Comprehensive Income (Loss), Net of Income Tax
  Foreign Currency Translation Adjustments
Net Unrealized Investment Gains
(Losses) (1)
 Pension and
Postretirement
Benefits		 Effect of Updating Discount Rates on Future Policy Benefits Instrument-Specific Credit Risk for Market Risk Benefits Total
Balance, December 31, 2023 $ 69  $ (3,668) $ (29) $ 3,256  $ 3  $ (369)
Other comprehensive income (loss) before reclassifications 50  696  (1) 938  4  1,687 
Amounts reclassified from AOCI —  389  1  —  —  390 
Deferred income tax benefit (expense) (11) (217) —  (207) (1) (436)
Balance, September 30, 2024 $ 108  $ (2,800) $ (29) $ 3,987  $ 6  $ 1,272 
  Accumulated Other Comprehensive Income (Loss), Net of Income Tax
  Foreign Currency Translation Adjustments
Net Unrealized Investment Gains
(Losses) (1)
 Pension and
Postretirement
Benefits		 Effect of Updating Discount Rates on Future Policy Benefits Instrument-Specific Credit Risk for Market Risk Benefits Total
Balance, December 31, 2022 $ (116) $ (5,496) $ (27) $ 3,755  $ 13  $ (1,871)
Other comprehensive income (loss) before reclassifications 116  (1,652) 16  2,050  (8) 522 
Amounts reclassified from AOCI —  140  1  —  —  141 
Deferred income tax benefit (expense) (33) 349  (4) (439) 2  (125)
Balance, September 30, 2023 $ (33) $ (6,659) $ (14) $ 5,366  $ 7  $ (1,333)
(1)Includes cash flow hedges of $(229) and $(218) as of September 30, 2024 and December 31, 2023, respectively, and $(351) and $(205) as of September 30, 2023 and December 31, 2022, respectively. See Note 11 – “Derivative Instruments” for additional information on cash flow hedges.
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The following table presents the amounts of AOCI reclassifications for the three and nine months ended September 30, 2024 and 2023 (dollars in millions):
Amount Reclassified from AOCI
Three months ended September 30, Nine months ended September 30, Affected Line Item in 
Statements of Income
Details about AOCI Components 2024 2023 2024 2023
Net unrealized investment gains (losses):
Net unrealized gains (losses) on available-for-sale securities $ (68) $ (36) $ (356) $ (132) Investment related gains (losses), net
Cash flow hedges – Interest rate 3  3  9  7  (1)
Cash flow hedges – Currency/Interest rate (20) (8) (42) (15) (1)
Total (85) (41) (389) (140)
Provision for income taxes 18  13  79  36 
Net unrealized gains (losses), net of tax $ (67) $ (28) $ (310) $ (104)
Amortization of defined benefit plan items:
Prior service cost (credit)
 $ —  $ —  $ 1  $ 1  (2)
Actuarial gains (losses) (1) (1) (2) (2) (2)
Total (1) (1) (1) (1)
Provision for income taxes —  —  —  — 
Amortization of defined benefit plans, net of tax $ (1) $ (1) $ (1) $ (1)
Total reclassifications for the period $ (68) $ (29) $ (311) $ (105)
(1)See Note 11 – “Derivative Instruments” for additional information on cash flow hedges.
(2)This AOCI component is included in the computation of the net periodic pension cost. See Note 14 – “Employee Benefit Plans” for additional details.
Equity Based Compensation
Equity compensation expense was $37 million and $35 million for the nine months ended September 30, 2024 and 2023, respectively. In the first quarter of 2024, the Company granted 106,233 stock appreciation rights at $185.28 weighted average exercise price per share, 116,883 performance shares and 81,527 restricted stock units to employees. As of September 30, 2024, 1,221,419 share awards at a weighted average strike price per share of $121.74 were vested and exercisable with a remaining weighted average exercise period of 4.4 years. As of September 30, 2024, the total compensation cost of non-vested awards not yet recognized in the financial statements was $44 million. It is estimated that these costs will vest over a weighted average period of 0.8 years.
NOTE 4 FUTURE POLICY BENEFITS
Liability for Future Policy Benefits – Traditional Business
The Company reviews actual and anticipated experience compared to the assumptions used to establish policy benefits on a quarterly basis and will update those assumptions if evidence suggests that they should be revised. It is the Company’s policy to complete its annual assumption review during the third quarter of each year. However, updates may occur in other quarters if information becomes available during the quarter that indicates an assumption update is necessary.
Significant assumptions used to compute the liability for future policy benefits for the Traditional business include mortality, morbidity, lapse rates and discount rates (both accretion and current). During the third quarter of 2024 and 2023, the Company completed its annual assumption review resulting in a $39 million and $85 million increase in the Company’s liability for future policy benefits for its Traditional business during 2024 and 2023, respectively. The increase in the liability in 2024 and 2023 was primarily the result of updating the mortality and lapse assumptions used to measure the liability for future policy benefits. The Company also updated the underlying market data used to determine the current discount rate resulting in changes to the discount rate assumption used to measure the net liability for future policy benefits.
The following tables provide the balances of and changes in the Company’s liability for future policy benefits for long-duration reinsurance contracts for its Traditional business, which primarily consists of individual life, group life and critical illness reinsurance for the nine months ended September 30, 2024 and 2023 (dollars in millions):
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For the nine months ended September 30, 2024:
 U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional
Present Value of Expected Net Premiums
Beginning of year balance at original discount rate $ 76,943  $ 22,689  $ 15,328  $ 42,741 
Effect of changes in cash flow assumptions 67  (592) 187  975 
Effect of actual variances from expected experience (510) 183  421  210 
Adjusted balance, beginning of year 76,500  22,280  15,936  43,926 
Issuances (1)
 4,980  385  861  2,825 
Interest accrual (2)
 2,617  560  394  843 
Net premiums collected (3)
 (4,390) (737) (1,119) (1,653)
Derecognition (4)
 (1,000) —  —  — 
Foreign currency translation (6) (480) 751  (139)
Ending balance at original discount rate 78,701  22,008  16,823  45,802 
Effect of changes in discount rate assumptions (4,225) (4,388) (2,803) (12,360)
Balance, end of period $ 74,476  $ 17,620  $ 14,020  $ 33,442 
Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate $ 89,036  $ 26,275  $ 16,756  $ 47,370 
Effect of changes in cash flow assumptions 36  (620) 212  1,048 
Effect of actual variances from expected experience (623) 177  417  121 
Adjusted balance, beginning of year 88,449  25,832  17,385  48,539 
Issuances (1)
 4,980  385  861  2,825 
Interest accrual (2)
 3,049  721  425  964 
Benefit payments (5)
 (4,292) (799) (1,115) (1,476)
Derecognition (4)
 (1,008) —  —  — 
Foreign currency translation (5) (563) 794  (138)
Ending balance at original discount rate 91,173  25,576  18,350  50,714 
Effect of changes in discount rate assumptions (5,364) (3,651) (3,131) (14,496)
Balance, end of period $ 85,809  $ 21,925  $ 15,219  $ 36,218 
Liability for future policy benefits $ 11,333  $ 4,305  $ 1,199  $ 2,776 
Less: reinsurance recoverable (726) (272) (24) (85)
Net liability for future policy benefits $ 10,607  $ 4,033  $ 1,175  $ 2,691 
Weighted average duration of the liability (in years) 12 14 8 15
Weighted average interest accretion rate 4.6  % 3.6  % 3.3  % 2.6  %
Weighted average current discount rate 5.1  % 4.8  % 5.5  % 4.6  %
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions.
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For the nine months ended September 30, 2023:
 U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional
Present Value of Expected Net Premiums
Beginning of year balance at original discount rate $ 74,207 $ 21,330 $ 14,244 $ 40,506
Effect of changes in cash flow assumptions 905  96  199  (180)
Effect of actual variances from expected experience 68  408  75  9 
Adjusted balance, beginning of year 75,180 21,834 14,518 40,335
Issuances (1)
 3,186  369  884  2,839 
Interest accrual (2)
 2,619  562  373  794 
Net premiums collected (3)
 (4,491) (700) (1,067) (1,493)
Derecognition (4)
 (35) —  —  — 
Foreign currency translation 5  (54) (77) (1,517)
Ending balance at original discount rate 76,464 22,011 14,631 40,958
Effect of changes in discount rate assumptions (10,563) (5,879) (3,145) (13,178)
Balance, end of period $ 65,901 $ 16,132 $ 11,486 $ 27,780
Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate $ 85,285 $ 24,655 $ 15,454 $ 44,785
Effect of changes in cash flow assumptions 922  108  246  (171)
Effect of actual variances from expected experience 73  413  84  (40)
Adjusted balance, beginning of year 86,280 25,176 15,784 44,574
Issuances (1)
 3,186  369  884  2,839 
Interest accrual (2)
 3,023  720  402  907 
Benefit payments (5)
 (4,097) (752) (1,033) (1,287)
Derecognition (4)
 (54) —  —  — 
Foreign currency translation 5  (60) (77) (1,559)
Ending balance at original discount rate 88,343 25,453 15,960 45,474
Effect of changes in discount rate assumptions (13,185) (5,520) (3,402) (15,342)
Balance, end of period $ 75,158 $ 19,933 $ 12,558 $ 30,132
Liability for future policy benefits $ 9,257 $ 3,801 $ 1,072 $ 2,352
Less: reinsurance recoverable (658) (259) (33) (115)
Net liability for future policy benefits $ 8,599 $ 3,542 $ 1,039 $ 2,237
Weighted average duration of the liability (in years) 11 14 8 15
Weighted average interest accretion rate 4.7  % 3.7  % 3.5  % 2.7  %
Weighted average current discount rate 5.9  % 5.4  % 6.0  % 4.9  %
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions.
The Company’s Traditional business actual-to-expected variances and the effects of changes in cash flow and discount rate assumptions for the nine months ended September 30, 2024 and 2023 are summarized in the tables below:
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For the nine months ended September 30, 2024:
Segment Liability for future policy benefits at original discount rate Changes in cash flow assumptions Actual-to-expected variance Impact of updating discount rate recognized in OCI
U.S. and Latin America – Traditional
 $12.5 billion $(31) million $(113) million $7 million
Canada – Traditional
$3.6 billion $(28) million $(6) million $(134) million
Europe, Middle East and Africa – Traditional
 $1.5 billion $25 million $(4) million $(109) million
Asia Pacific – Traditional
 $4.9 billion $73 million $(89) million $(171) million
For the nine months ended September 30, 2023:
Segment Liability for future policy benefits at original discount rate Changes in cash flow assumptions Actual-to-expected variance Impact of updating discount rate recognized in OCI
U.S. and Latin America – Traditional
 $12.0 billion $17 million $5 million $(1) million
Canada – Traditional
 $3.4 billion $12 million $5 million $(267) million
Europe, Middle East and Africa – Traditional
 $1.3 billion $47 million $9 million $(88) million
Asia Pacific – Traditional
 $4.5 billion $9 million $(49) million $(233) million
Liability for Future Policy Benefits – Financial Solutions Business
The Company reviews actual and anticipated experience compared to the assumptions used to establish policy benefits on a quarterly basis and will update those assumptions if evidence suggests that they should be revised. The Company expects to complete its annual review and any necessary updates of cash flow assumptions used to calculate the liability for future policy benefits during the third quarter of each year. Updates may occur in other quarters if information becomes available during the quarter that indicates an assumption update is necessary.
Significant assumptions used to compute the liability for future policy benefits for the Financial Solutions business include mortality, morbidity, lapse rates and discount rates (both accretion and current). During the third quarter of 2024 and 2023, the Company completed its annual assumption review resulting in a $20 million increase and $78 million decrease in the Company’s liability for future policy benefits for its Financial Solutions business during 2024 and 2023, respectively. The increase and decrease in the liability in 2024 and 2023 were primarily the result of updating the lapse and mortality assumptions used to measure the liability for future policy benefits. The Company also updated the underlying market data used to determine the current discount rate resulting in changes to the discount rate assumption used to measure the net liability for future policy benefits.
The following tables provide the balances of and changes in the Company’s liability for future policy benefits, including the deferred profit liability related to the longevity business, for its Financial Solutions business, which primarily consists of longevity reinsurance, asset-intensive products, primarily annuities and financial reinsurance for the nine months ended September 30, 2024 and 2023 (dollars in millions):
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For the nine months ended September 30, 2024:
 U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions
Present Value of Expected Net Premiums
Beginning of year balance at original discount rate $ 1,455  $ 3,184  $ 54,832  $ 2,057 
Effect of changes in cash flow assumptions 12  —  (93) 1 
Effect of actual variances from expected experience (3) (7) 1,025  (7)
Adjusted balance, beginning of year 1,464  3,177  55,764  2,051 
Issuances (1)
 2,755  4,983  9,881  6,443 
Interest accrual (2)
 33  96  1,364  22 
Net premiums collected (3)
 (2,867) (4,284) (4,046) (6,823)
Derecognition (4)
 —  —  —  — 
Foreign currency translation —  (56) 2,596  (52)
Ending balance at original discount rate 1,385  3,916  65,559  1,641 
Effect of changes in discount rate assumptions (179) (204) (8,677) (232)
Balance, end of period $ 1,206  $ 3,712  $ 56,882  $ 1,409 
Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate $ 6,843  $ 3,210  $ 60,938  $ 8,019 
Effect of changes in cash flow assumptions 20  —  (90) 10 
Effect of actual variances from expected experience —  (7) 1,026  (8)
Adjusted balance, beginning of year 6,863  3,203  61,874  8,021 
Issuances (1)
 2,882  4,983  9,881  6,443 
Interest accrual (2)
 276  189  1,530  129 
Benefit payments (5)
 (538) (310) (3,676) (326)
Derecognition (4)
 —  —  —  — 
Foreign currency translation —  (3) 2,918  108 
Ending balance at original discount rate 9,483  8,062  72,527  14,375 
Effect of changes in discount rate assumptions (215) (33) (9,571) (1,544)
Balance, end of period $ 9,268  $ 8,029  $ 62,956  $ 12,831 
Cumulative amount of fair value hedging adjustments $ 32  $ —  $ —  $ — 
Liability for future policy benefits $ 8,094  $ 4,317  $ 6,074  $ 11,422 
Less: reinsurance recoverable (1,241) —  —  — 
Net liability for future policy benefits $ 6,853  $ 4,317  $ 6,074  $ 11,422 
Weighted average duration of the liability (in years) 8 13 10 15
Weighted average interest accretion rate 3.9  % 4.1  % 3.1  % 1.6  %
Weighted average current discount rate 4.9  % 4.7  % 5.0  % 2.8  %
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions.
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For the nine months ended September 30, 2023:
 U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions
Present Value of Expected Net Premiums
Beginning of year balance at original discount rate $ 1,671  $ 3,394  $ 38,782  $ 1,605 
Effect of changes in cash flow assumptions (69) (54) (561) — 
Effect of actual variances from expected experience (20) (5) 387  (10)
Adjusted balance, beginning of year 1,582  3,335  38,608  1,595 
Issuances (1)
 923  —  6,278  2,131 
Interest accrual (2)
 37  80  678  19 
Net premiums collected (3)
 (1,064) (249) (3,045) (1,573)
Derecognition (4)
 —  —  —  — 
Foreign currency translation 2  (6) 15  (236)
Ending balance at original discount rate 1,480  3,160  42,534  1,936 
Effect of changes in discount rate assumptions (336) (482) (9,571) (178)
Balance, end of period $ 1,144  $ 2,678  $ 32,963  $ 1,758 
Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate $ 5,823  $ 3,447  $ 44,330  $ 6,561 
Effect of changes in cash flow assumptions (91) (76) (595) — 
Effect of actual variances from expected experience (28) (13) 374  (12)
Adjusted balance, beginning of year 5,704  3,358  44,109  6,549 
Issuances (1)
 931  —  6,278  2,141 
Interest accrual (2)
 173  81  807  65 
Benefit payments (5)
 (405) (248) (2,748) (199)
Derecognition (4)
 (16) —  —  — 
Foreign currency translation 1  (5) 37  (948)
Ending balance at original discount rate 6,388  3,186  48,483  7,608 
Effect of changes in discount rate assumptions (788) (480) (10,552) (997)
Balance, end of period $ 5,600  $ 2,706  $ 37,931  $ 6,611 
Liability for future policy benefits $ 4,456  $ 28  $ 4,968  $ 4,853 
Less: reinsurance recoverable —  —  —  — 
Net liability for future policy benefits $ 4,456  $ 28  $ 4,968  $ 4,853 
Weighted average duration of the liability (in years) 8 7 9 15
Weighted average interest accretion rate 3.5  % 3.3  % 2.3  % 1.3  %
Weighted average current discount rate 5.9  % 5.5  % 5.3  % 2.4  %
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal, and other benefit payments based on current assumptions.

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The Company’s Financial Solutions business actual-to-expected variances (including the effects of model updates) and the effects of changes in cash flow and discount rate assumptions for the nine months ended September 30, 2024 and 2023 are summarized in the tables below:
For the nine months ended September 30, 2024:
Segment Liability for future policy benefits at original discount rate Changes in cash flow assumptions Actual-to-expected variance
Impact of updating discount rate recognized in OCI
U.S. and Latin America – Financial Solutions
 $8.1 billion $8 million $3 million $124 million
Canada – Financial Solutions
 $4.1 billion None None $168 million
Europe, Middle East and Africa – Financial Solutions
 $7.0 billion $3 million $1 million $(241) million
Asia Pacific – Financial Solutions
 $12.7 billion $9 million $(1) million $(540) million
For the nine months ended September 30, 2023:
Segment Liability for future policy benefits at original discount rate Changes in cash flow assumptions Actual-to-expected variance Impact of updating discount rate recognized in OCI
U.S. and Latin America – Financial Solutions
 $4.9 billion $(22) million $(8) million $(119) million
Canada – Financial Solutions
 $26 million $(22) million $(8) million $1 million
Europe, Middle East and Africa – Financial Solutions
 $5.9 billion $(34) million $(13) million $(67) million
Asia Pacific – Financial Solutions
 $5.7 billion None $(2) million $(359) million
Reconciliation and Other Disclosures
The reconciliation of the rollforward of the liability for future policy benefits to the condensed consolidated balance sheets as of September 30, 2024 and 2023 is as follows (dollars in millions):
September 30,
2024 2023
Liability for future policy benefits included in the rollforwards:
Traditional:
U.S. and Latin America $ 11,333 $ 9,257
Canada 4,305 3,801
Europe, Middle East and Africa 1,199 1,072
Asia Pacific 2,776 2,352
Financial Solutions:
U.S. and Latin America 8,094  4,456 
Canada 4,317  28 
Europe, Middle East and Africa 6,074  4,968 
Asia Pacific 11,422  4,853 
Other long-duration contracts 117  126 
Claims liability and incurred but not reported claims 5,406  5,062 
Unearned revenue liability 890  499 
Total liability for future policy benefits $ 55,933  $ 36,474 

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The amount of undiscounted and discounted expected future gross premiums and expected future benefit payments for the liability for future policy benefits included in the rollforwards as of September 30, 2024 and 2023 is as follows (dollars in millions):
September 30,
2024 2023
Undiscounted Discounted Undiscounted Discounted
Expected future gross premiums
Traditional:
U.S. and Latin America $ 182,731  $ 87,831  $ 177,307  $ 77,008 
Canada 54,520  21,928  54,378  19,902 
Europe, Middle East and Africa 28,668  15,609  24,778  13,131 
Asia Pacific 103,658  42,453  90,652  35,372 
Financial Solutions:
U.S. and Latin America 2,816  1,828  3,012  1,794 
Canada 6,306  4,101  4,545  2,856 
Europe, Middle East and Africa 111,948  57,940  68,410  36,603 
Asia Pacific 4,089  2,988  3,797  2,828 
Expected future benefit payments
Traditional:
U.S. and Latin America $ 191,246  $ 85,809  $ 188,177  $ 75,158 
Canada 56,312  21,925  56,423  19,933 
Europe, Middle East and Africa 28,796  15,219  24,509  12,558 
Asia Pacific 99,908  36,218  87,120  30,132 
Financial Solutions:
U.S. and Latin America 15,257  9,268  10,233  5,600 
Canada 17,933  8,029  4,285  2,706 
Europe, Middle East and Africa 120,917  62,956  71,027  37,931 
Asia Pacific 22,330  12,831  10,522  6,611 
The amount of gross premiums and interest expense recognized in the condensed consolidated statements of income for the liability for future policy benefits included in the rollforwards for the nine months ended September 30, 2024 and 2023 is as follows (dollars in millions):
Gross Premiums Interest Expense
September 30, September 30,
2024 2023 2024 2023
Traditional:
U.S. and Latin America $ 4,658  $ 4,435  $ 432  $ 404 
Canada 825  808  161  158 
Europe, Middle East and Africa 1,101  1,058  31  29 
Asia Pacific 2,095  1,959  121  113 
Financial Solutions:
U.S. and Latin America 2,816  979  243  136 
Canada 120  68  93  1 
Europe, Middle East and Africa 669  515  166  129 
Asia Pacific 158  171  107  46 
Total $ 12,442  $ 9,993  $ 1,354  $ 1,016 
During the nine months ended September 30, 2024 and 2023, no material charges were incurred resulting from net premiums exceeding gross premiums.
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NOTE 5 POLICYHOLDER ACCOUNT BALANCES
Policyholder Account Balances
The following tables provide the balances of and changes in the Company’s liability for its policyholder account balances, reflected in interest-sensitive contract liabilities, for the nine months ended September 30, 2024 and 2023 (dollars in millions):
For the nine months ended September 30, 2024:
 U.S. and Latin America – Traditional U.S. and Latin America – Financial Solutions Asia Pacific – Financial Solutions
Balance, beginning of year $ 1,612  $ 17,838  $ 3,990 
Deposits 1,779  101  1,262 
Policy charges (103) (61) (137)
Surrenders and withdrawals (11) (1,598) (903)
Benefit payments (91) (346) (331)
Interest credited 132  432  84 
Foreign currency translation —  —  4 
Balance, end of period $ 3,318  $ 16,366  $ 3,969 
Less: reinsurance recoverable —  (2,844) — 
Balance, end of period, after reinsurance $ 3,318  $ 13,522  $ 3,969 
Weighted average crediting rate 3.1  % 3.5  % 3.7  %
Net amount at risk (1)
 $ 34,671  $ 6,614  $ 13 
Cash surrender value $ 3,313  $ 16,262  $ 3,618 
For the nine months ended September 30, 2023:
 U.S. and Latin America – Traditional U.S. and Latin America – Financial Solutions Asia Pacific – Financial Solutions
Balance, beginning of year $ 1,683  $ 18,906  $ 3,351 
Deposits 20  84  765 
Policy charges (23) (26) (5)
Surrenders and withdrawals (11) (1,517) (93)
Benefit payments (96) (357) (79)
Interest credited 49  425  82 
Foreign currency translation —  —  (43)
Balance, end of period $ 1,622  $ 17,515  $ 3,978 
Less: reinsurance recoverable —  (1,501) — 
Balance, end of period, after reinsurance $ 1,622  $ 16,014  $ 3,978 
Weighted average crediting rate 4.4  % 3.3  % 3.0  %
Net amount at risk (1)
 $ 664  $ 2,410  $ — 
Cash surrender value $ 1,608  $ 17,479  $ 3,760 
(1)    Net amount at risk is defined as the guaranteed amount less the account value as of the balance sheet date. The balance represents the amount of the claim the Company would incur if death claims were filed on all contracts on the balance sheet date.
Information regarding the Company’s policyholder account balances as of September 30, 2024 and 2023 is as follows (dollars in millions):
September 30,
2024 2023
Policyholder account balances included in the rollforwards:
Traditional:
U.S. and Latin America $ 3,318  $ 1,622 
Financial Solutions:
U.S. and Latin America 16,366  17,515 
Asia Pacific 3,969  3,978 
Other policyholder account balances
U.S. and Latin America – Financial Solutions 76  51 
Total policyholder account balances $ 23,729  $ 23,166 
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The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums as of September 30, 2024 and 2023 is as follows (dollars in millions):
September 30, 2024
Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum 1 Basis Point – 50 Basis Points Above 51 Basis Points – 100 Basis Points Above 101 Basis Points – 150 Basis Points Above Greater Than 150 Basis Points Above Total
U.S. and Latin America – Traditional Less than 1.00% $ 702  $ —  $ —  $ —  $ —  $ 702 
1.00 – 1.99% 56  2  8  —  —  66 
2.00 – 2.99% 108  —  —  1  —  109 
3.00 – 3.99% 495  7  117  —  —  619 
4.00% and Greater 739  103  980  —  —  1,822 
Total $ 2,100  $ 112  $ 1,105  $ 1  $ —  $ 3,318 
U.S. and Latin America – Financial Solutions Less than 1.00% $ —  $ —  $ —  $ —  $ —  $ — 
1.00 – 1.99% 1,342  12  10  35  29  1,428 
2.00 – 2.99% 1,301  15  35  530  170  2,051 
3.00 – 3.99% 3,693  213  116  4  2  4,028 
4.00% and Greater 8,827  32  —  —  —  8,859 
Total $ 15,163  $ 272  $ 161  $ 569  $ 201  $ 16,366 
Asia Pacific – Financial Solutions Less than 1.00% $ 193  $ —  $ —  $ —  $ —  $ 193 
1.00 – 1.99% 477  —  —  —  —  477 
2.00 – 2.99% 492  —  —  —  —  492 
3.00 – 3.99% 993  —  —  —  —  993 
4.00% and Greater 1,814  —  —  —  —  1,814 
Total $ 3,969  $ —  $ —  $ —  $ —  $ 3,969 
September 30, 2023
Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum 1 Basis Point – 50 Basis Points Above 51 Basis Points – 100 Basis Points Above 101 Basis Points – 150 Basis Points Above Greater Than 150 Basis Points Above Total
U.S. and Latin America – Traditional Less than 1.00% $ —  $ —  $ —  $ —  $ —  $ — 
1.00 – 1.99% —  —  —  —  —  — 
2.00 – 2.99% —  —  —  —  —  — 
3.00 – 3.99% —  —  —  —  —  — 
4.00% and Greater 514  108  1,000  —  —  1,622 
Total $ 514  $ 108  $ 1,000  $ —  $ —  $ 1,622 
U.S. and Latin America – Financial Solutions Less than 1.00% $ —  $ —  $ —  $ —  $ —  $ — 
1.00 – 1.99% 1,681  10  15  63  35  1,804 
2.00 – 2.99% 1,625  14  42  608  62  2,351 
3.00 – 3.99% 4,335  234  81  2  —  4,652 
4.00% and Greater 8,665  43  —  —  —  8,708 
Total $ 16,306  $ 301  $ 138  $ 673  $ 97  $ 17,515 
Asia Pacific – Financial Solutions Less than 1.00% $ 281  $ —  $ —  $ —  $ —  $ 281 
1.00 – 1.99% 699  —  —  —  —  699 
2.00 – 2.99% 827  —  —  —  —  827 
3.00 – 3.99% 1,289  —  —  —  —  1,289 
4.00% and Greater 882  —  —  —  —  882 
Total $ 3,978  $ —  $ —  $ —  $ —  $ 3,978 
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NOTE 6     UNPAID CLAIMS AND CLAIM EXPENSE – SHORT-DURATION CONTRACTS
Rollforward of Claims and Claim Adjustment Expenses
The liability for unpaid claims for short-duration contracts is reported in other policy claims and benefits on the Company’s condensed consolidated balance sheets. Activity associated with unpaid claims is summarized below (dollars in millions):
Nine months ended September 30,
2024 2023
Balance, beginning of year $ 2,730  $ 2,480 
Less: reinsurance recoverable (80) (57)
Net balance, beginning of year 2,650  2,423 
Incurred:
Current year 1,161  1,268 
Prior years (83) (89)
Total incurred 1,078  1,179 
Payments:
Current year (240) (278)
Prior years (700) (721)
Total payments (940) (999)
Other changes:
Interest accretion 29  25 
Foreign exchange adjustments (4) (45)
Total other changes 25  (20)
Net balance, end of period 2,813  2,583 
Plus: reinsurance recoverable 62  71 
Balance, end of period $ 2,875  $ 2,654 
Incurred claims associated with prior periods are primarily due to the development of claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid claims.
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NOTE 7 MARKET RISK BENEFITS
The following table provides the balances of and changes in the Company’s market risk benefits for the nine months ended September 30, 2024 and 2023 (dollars in millions):
U.S. and Latin America – Financial Solutions
Nine months ended September 30,
2024 2023
Balance, beginning of year $ 249  $ 247 
Balance, beginning of year, before effect of changes in the instrument-specific credit risk 253  263 
Interest accrual 8  9 
Attributed fees collected 19  19 
Benefit payments —  1 
Effect of changes in future assumptions 3  16 
Effect of changes in interest rates (3) (54)
Effect of changes in equity markets (39) (25)
Effect of changes in volatility —  (5)
Other market impacts (13) (11)
Actual policyholder behavior different from expected behavior 13  12 
Balance, end of period, before effect of changes in the instrument-specific credit risk 241  225 
Effect of changes in the instrument-specific credit risk (8) (9)
Balance, end of period 233  216 
Less: reinsurance recoverable —  — 
Balance, end of period, after reinsurance $ 233  $ 216 
Net amount at risk $ 1,285  $ 1,375 
Weighted average attained age of contract holders (in years) 71 71
The reconciliation of the rollforward for market risk benefits to the condensed consolidated balance sheets as of September 30, 2024 and 2023 is as follows (dollars in millions):
September 30, September 30,
2024 2023
Asset (1)
 Liability Net
Asset (1)
 Liability Net
U.S. and Latin America – Financial Solutions $ 14  $ 247  $ (233) $ 8  $ 224  $ (216)
Total market risk benefits $ 14  $ 247  $ (233) $ 8  $ 224  $ (216)
(1)Included in Other assets.
Fair Value Measurement
See Note 12 – “Fair Value of Assets and Liabilities” for information about fair value measurement of assets and liabilities, except for market risk benefits.
Market risk benefits are classified within Level 3 on the fair value hierarchy. The fair value of market risk benefits is monitored through the use of attribution reports to quantify the effect of underlying sources of fair value change, including capital market inputs based on policyholder account values, interest rates and short-term and long-term implied volatility from period to period.
During the nine months ended September 30, 2024 and 2023, there were no material changes made to the inputs in the market risk benefits calculations, and nonfinancial assumptions were unchanged.
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NOTE 8 DEFERRED POLICY ACQUISITION COSTS
The following tables provide the balances of and changes in deferred policy acquisition costs for the Company’s Traditional business for the nine months ended September 30, 2024 and 2023 (dollars in millions): 
For the nine months ended September 30, 2024:
 U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional
Balance, beginning of year $ 2,191  $ 173  $ 347  $ 1,098 
Capitalization 899  6  56  117 
Amortization expense (121) (8) (36) (44)
Foreign currency translation (2) (4) 12  (1)
Balance, end of period $ 2,967  $ 167  $ 379  $ 1,170 
For the nine months ended September 30, 2023:
 U.S. and Latin America – Traditional Canada – Traditional Europe, Middle East and Africa – Traditional Asia Pacific – Traditional
Balance, beginning of year $ 2,087  $ 171  $ 294  $ 1,043 
Capitalization 183  7  75  94 
Amortization expense (111) (9) (28) (44)
Foreign currency translation 1  —  (10) (24)
Balance, end of period $ 2,160  $ 169  $ 331  $ 1,069 
The following tables provide the balances of and changes in deferred policy acquisition costs for the Company’s Financial Solutions business for the nine months ended September 30, 2024 and 2023 (dollars in millions):
For the nine months ended September 30, 2024:
 U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions
Balance, beginning of year $ 552  $ —  $ —  $ 250 
Capitalization 1  —  —  67 
Amortization expense (44) —  —  (33)
Other (14) —  —  — 
Foreign currency translation —  —  —  1 
Balance, end of period $ 495  $ —  $ —  $ 285 
For the nine months ended September 30, 2023:
 U.S. and Latin America – Financial Solutions Canada – Financial Solutions Europe, Middle East and Africa – Financial Solutions Asia Pacific – Financial Solutions
Balance, beginning of year $ 341  $ —  $ —  $ 188 
Capitalization —  —  —  89 
Amortization expense (32) —  —  (24)
Foreign currency translation —  —  —  (6)
Balance, end of period $ 309  $ —  $ —  $ 247 
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The reconciliation of deferred policy acquisition costs to the condensed consolidated balance sheets as of September 30, 2024 and 2023 is as follows (dollars in millions):
September 30,
2024 2023
Deferred policy acquisition costs included in the rollforwards:
Traditional:
U.S. and Latin America $ 2,967  $ 2,160 
Canada 167  169 
Europe, Middle East and Africa 379  331 
Asia Pacific 1,170  1,069 
Financial Solutions:
U.S. and Latin America 495  309 
Canada —  — 
Europe, Middle East and Africa —  — 
Asia Pacific 285  247 
Other long-duration business:
Corporate and Other 14  4 
Total deferred policy acquisition costs $ 5,477  $ 4,289 
NOTE 9 REINSURANCE
Ceded Reinsurance
In the normal course of business, the Company seeks to limit its exposure to loss on any single insured and to recover a portion of the benefits paid by ceding reinsurance to other insurance or reinsurance companies under excess coverage and coinsurance contracts. Claims in excess of this retention amount are retroceded to retrocessionaires; however, the Company remains fully liable to the ceding company for the entire amount of risk it assumes. During the third quarter of 2024, the Company decided to increase its per life retention limit to $8 million to $30 million on January 1, 2025, and began notifying the Company’s retrocessionaires of the increased per life retention limit and the Company’s intention to recapture risk ceded to the Company’s retrocessionaires in the future. The increased retention limit and updated recapture assumption resulted in a future policy benefits remeasurement loss of $136 million recognized in the third quarter of 2024.
Retrocession reinsurance treaties do not relieve the Company from its obligations to direct writing companies. Failure of retrocessionaires to honor their obligations could result in losses to the Company. Consequently, allowances would be established for amounts deemed uncollectible. The Company regularly evaluates the financial condition of the insurance companies from which it assumes and to which it cedes reinsurance. At September 30, 2024 and December 31, 2023, no allowances were deemed necessary.
Retrocessions are arranged through the Company’s retrocession pools for amounts in excess of the Company’s retention limit. As of September 30, 2024, all rated retrocession pool participants followed by the A.M. Best Company were rated “B++ (Good)” or better. The Company verifies retrocession pool participants’ ratings on a quarterly basis. For a majority of the retrocessionaires that were not rated, security in the form of letters of credit or trust assets have been posted. In addition, the Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance.
Ruby Reinsurance Company (Ruby Re), a Missouri-domiciled life reinsurance company to reinsure U.S. asset-intensive business was launched in 2023 with the Company as a sponsor. The Company, which is not an investor in Ruby Re, does not consolidate the entity. During the third quarter of 2024, the Company completed a coinsurance funds withheld transaction under which it retroceded $390 million of asset-intensive business to Ruby Re. As of September 30, 2024, the Company has a ceded reinsurance recoverable from Ruby Re of approximately $2.7 billion.
Two reinsurance companies, including Ruby Re, account for approximately 77.2% of reinsurance ceded receivables and other as of September 30, 2024.
As of September 30, 2024 and December 31, 2023, $4 million and $10 million of claims recoverable were in excess of 90 days past due, respectively. Also included in reinsurance ceded receivables and other is a deposit asset on reinsurance of $2.8 billion and $3.1 billion as of September 30, 2024 and December 31, 2023, respectively.
Funds Withheld
Certain of the Company’s retrocession agreements, including those with Ruby Re, are on a modco or funds withheld basis. While the economic benefits of the funds withheld assets are passed on to the assuming company, the Company retains legal ownership of the assets within the funds withheld account and established a funds withheld liability. Net investment income related to the funds withheld assets are reported in other reinsurance expense, and net realized gains (losses) related to the assets are reported net of the amount that is passed on to the assuming company.
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The following assets were held in support of the Company’s funds withheld arrangements and are reported in the line items shown in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 (dollars in millions):
September 30, 2024 December 31, 2023
Fixed maturity securities available-for-sale $ 2,390  $ 2,442 
Equity securities 2  2 
Mortgage loans 452  451 
Funds withheld at interest 1,486  1,545 
Real estate joint ventures 48  35 
Short-term investments and cash and cash equivalents 58  30 
Accrued investment income 32  28 
Net other assets —  1 
Net assets $ 4,468  $ 4,534 
Certain assets are reported at amortized cost while the fair value of those assets is reflected in the funds withheld payable. The Company had a $4,809 million and $4,483 million funds withheld payable as of September 30, 2024 and December 31, 2023, respectively, net of an embedded derivative asset of $51 million and $206 million as of September 30, 2024 and December 31, 2023.
NOTE 10 INVESTMENTS
Fixed Maturity Securities Available-for-Sale
The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), Japanese government and agencies (“Japanese government”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”). ABS, CMBS, and RMBS are collectively “structured securities.”
The following tables provide information relating to investments in fixed maturity securities by type as of September 30, 2024 and December 31, 2023 (dollars in millions):
September 30, 2024: Amortized Cost Allowance for Credit Losses Unrealized Gains Unrealized Losses Estimated Fair Value % of Total
Available-for-sale:
Corporate $ 53,327  $ 104  $ 1,058  $ 3,194  $ 51,087  65.4  %
Canadian government 4,517  —  494  41  4,970  6.4 
Japanese government 6,103  —  3  836  5,270  6.7 
ABS 5,521  15  44  177  5,373  6.9 
CMBS 2,327  1  27  115  2,238  2.9 
RMBS 1,374  —  20  76  1,318  1.7 
U.S. government 1,897  —  18  212  1,703  2.1 
State and political subdivisions 895  —  7  81  821  1.1 
Other foreign government 5,645  —  84  360  5,369  6.8 
Total fixed maturity securities $ 81,606  $ 120  $ 1,755  $ 5,092  $ 78,149  100.0  %
December 31, 2023: Amortized Cost Allowance for Credit Losses Unrealized Gains Unrealized Losses Estimated Fair Value % of Total
Available-for-sale:
Corporate $ 42,014  $ 62  $ 554  $ 3,751  $ 38,755  64.1  %
Canadian government 3,477  —  473  33  3,917  6.5 
Japanese government 3,630  —  3  502  3,131  5.2 
ABS 4,661  12  19  239  4,429  7.3 
CMBS 1,969  1  7  202  1,773  2.9 
RMBS 1,173  —  8  102  1,079  1.8 
U.S. government 2,725  —  9  214  2,520  4.2 
State and political subdivisions 1,236  —  7  129  1,114  1.8 
Other foreign government 4,092  —  45  388  3,749  6.2 
Total fixed maturity securities $ 64,977  $ 75  $ 1,125  $ 5,560  $ 60,467  100.0  %
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The Company monitors its concentrations of financial instruments on an ongoing basis and mitigates credit risk by maintaining a diversified investment portfolio that limits exposure to any one issuer. The Company’s exposure to concentrations of credit risk from single issuers, including certain agencies, greater than 10% of the Company’s equity are disclosed below, as of September 30, 2024 and December 31, 2023 (dollars in millions):
September 30, 2024 December 31, 2023
Amortized
Cost		 Estimated
Fair Value		 Amortized
Cost		 Estimated
Fair Value
Fixed maturity securities guaranteed or issued by:
Japanese government $ 6,103  $ 5,270  $ 3,630  $ 3,131 
U.S. government 1,897  1,703  2,725  2,520 
Canadian province of Quebec 1,591  1,843  1,467  1,748 
Canadian province of Ontario 1,180  1,291  1,019  1,125 
The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of September 30, 2024, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below, as they are not due at a single maturity date.
Amortized Cost Estimated Fair Value
Available-for-sale:
Due in one year or less $ 1,699  $ 1,701 
Due after one year through five years 11,881  11,829 
Due after five years through ten years 13,649  13,480 
Due after ten years 45,155  42,210 
Structured securities 9,222  8,929 
Total $ 81,606  $ 78,149 
Corporate Fixed Maturity Securities
The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of September 30, 2024 and December 31, 2023 (dollars in millions): 
September 30, 2024: Amortized Cost Estimated Fair Value % of Total
Finance $ 17,482  $ 16,641  32.6  %
Industrial 27,697  26,682  52.2 
Utility 8,148  7,764  15.2 
Total $ 53,327  $ 51,087  100.0  %
December 31, 2023: Amortized Cost Estimated Fair Value % of Total
Finance $ 15,052  $ 13,789  35.6  %
Industrial 21,413  19,935  51.4 
Utility 5,549  5,031  13.0 
Total $ 42,014  $ 38,755  100.0  %
Allowance for Credit Losses and Impairments – Fixed Maturity Securities Available-for-Sale
As discussed in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2023 Annual Report, allowances for credit losses on fixed maturity securities are recognized in investment related gains (losses), net. The Company estimates the amount of the credit loss component of a fixed maturity security impairment as the difference between amortized cost and the present value of the expected cash flows of the security. Any remaining difference between the fair value and amortized cost is recognized in OCI.

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The following tables present the rollforward of the allowance for credit losses in fixed maturity securities by type for the three and nine months ended September 30, 2024 and 2023 (dollars in millions):
Corporate ABS CMBS Total
For the three months ended September 30, 2024:
Balance, beginning of period $ 95  $ 15  $ 1  $ 111 
Credit losses recognized on securities for which credit losses were not previously recorded 10  —  —  10 
Reductions for securities sold during the period —  —  —  — 
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period (1) —  —  (1)
Write-offs charged against the allowance —  —  —  — 
Balance, end of period $ 104  $ 15  $ 1  $ 120 
For the three months ended September 30, 2023:
Balance, beginning of period $ 62  $ 12  $ 1  $ 75 
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period (1) —  —  (1)
Write-offs charged against the allowance (6) —  —  (6)
Balance, end of period $ 55  $ 12  $ 1  $ 68 
  Corporate ABS CMBS Total
For the nine months ended September 30, 2024:
Balance, beginning of period $ 62  $ 12  $ 1  $ 75 
Credit losses recognized on securities for which credit losses were not previously recorded 42  —  —  42 
Reductions for securities sold during the period (9) —  —  (9)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period 8  3  —  11 
Write-offs charged against the allowance 1  —  —  1 
Balance, end of period $ 104  $ 15  $ 1  $ 120 
For the nine months ended September 30, 2023:
Balance, beginning of period $ 27  $ 10  $ —  $ 37 
Credit losses recognized on securities for which credit losses were not previously recorded 44  —  1  45 
Reductions for securities sold during the period (10) —  —  (10)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period —  2  —  2 
Write-offs charged against the allowance (6) —  —  (6)
Balance, end of period $ 55  $ 12  $ 1  $ 68 
Unrealized Losses for Fixed Maturity Securities Available-for-Sale
The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes an analysis of whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment.
The following tables present the estimated fair value and gross unrealized losses for the 5,308 and 5,788 fixed maturity securities for which both the estimated fair value had declined and remained below amortized cost and an allowance for credit loss has not been recorded as of September 30, 2024 and December 31, 2023 (dollars in millions). These investments are presented by class and grade of security, as well as the length of time the related fair value has continuously remained below amortized cost.
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  Less than 12 months 12 months or greater Total
September 30, 2024: Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
Investment grade securities:
Corporate $ 3,871  $ 71  $ 21,471  $ 3,036  $ 25,342  $ 3,107 
Canadian government 159  6  432  35  591  41 
Japanese government 2,408  159  2,489  677  4,897  836 
ABS 1,054  22  2,039  148  3,093  170 
CMBS 188  12  1,156  96  1,344  108 
RMBS —  —  636  76  636  76 
U.S. government 264  2  711  210  975  212 
State and political subdivisions —  —  532  81  532  81 
Other foreign government 770  10  2,009  302  2,779  312 
Total investment grade securities 8,714  282  31,475  4,661  40,189  4,943 
 
Below investment grade securities:
Corporate 392  14  413  62  805  76 
ABS 13  2  44  5  57  7 
CMBS —  —  —  —  —  — 
Other foreign government —  —  190  48  190  48 
Total below investment grade securities 405  16  647  115  1,052  131 
Total fixed maturity securities $ 9,119  $ 298  $ 32,122  $ 4,776  $ 41,241  $ 5,074 
  Less than 12 months 12 months or greater Total
December 31, 2023: Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
Investment grade securities:
Corporate $ 2,134  $ 70  $ 24,207  $ 3,524  $ 26,341  $ 3,594 
Canadian government —  —  459  33  459  33 
Japanese government 876  50  2,193  452  3,069  502 
ABS 336  5  3,025  223  3,361  228 
CMBS 160  5  1,328  190  1,488  195 
RMBS 115  3  681  99  796  102 
U.S. government 614  10  717  204  1,331  214 
State and political subdivisions 73  1  864  128  937  129 
Other foreign government 254  3  2,290  333  2,544  336 
Total investment grade securities 4,562  147  35,764  5,186  40,326  5,333 
Below investment grade securities:
Corporate 295  36  649  121  944  157 
ABS —  —  68  10  68  10 
CMBS —  —  4  1  4  1 
Other foreign government —  —  193  52  193  52 
Total below investment grade securities 295  36  914  184  1,209  220 
Total fixed maturity securities $ 4,857  $ 183  $ 36,678  $ 5,370  $ 41,535  $ 5,553 
The Company did not intend to sell, and more likely than not would not be required to sell, the securities outlined in the tables above, as of the dates indicated. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines. Changes in unrealized losses are primarily driven by changes in risk-free interest rates and credit spreads.

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Net Investment Income
Major categories of net investment income consist of the following (dollars in millions):
  Three months ended September 30, Nine months ended September 30,
  2024 2023 2024 2023
Fixed maturity securities available-for-sale $ 933  $ 707  $ 2,574  $ 2,035 
Equity securities 2 2  5  5 
Mortgage loans 103  84  290  238 
Policy loans 14  13  42  39 
Funds withheld at interest 88  88  253  240 
Limited partnerships and real estate joint ventures 46  41  74  114 
Short-term investments and cash and cash equivalents 48  28  126  71 
Other invested assets (6) 2  (5) 14 
Investment income 1,228  965  3,359  2,756 
Investment expense (40) (43) (128) (121)
Net investment income $ 1,188  $ 922  $ 3,231  $ 2,635 
Investment Related Gains (Losses), Net
Investment related gains (losses), net consist of the following (dollars in millions): 
  Three months ended September 30, Nine months ended September 30,
  2024 2023 2024 2023
Fixed maturity securities available-for-sale:
Change in allowance for credit losses $ (9) $ 7  $ (45) $ (31)
Impairments on fixed maturity securities —  —  (1) (1)
Realized gains on investment activity 72  12  172  54 
Realized losses on investment activity (113) (61) (477) (173)
Net gains (losses) on equity securities 6  (2) 5  (4)
Change in mortgage loan allowance for credit losses (12) (17) (20) (23)
Limited partnerships and real estate joint venture impairment losses —  —  (8) — 
Change in fair value of certain limited partnership investments 17  25  18  32 
Net gains (losses) on freestanding derivatives 87  (98) (131) (222)
Net gains (losses) on embedded derivatives (112) 1  (9) 18 
Other, net (14) 7  (2) 24 
Total investment related gains (losses), net $ (78) $ (126) $ (498) $ (326)
Collateral Arrangements
The Company enters into various collateral arrangements with counterparties that require both the pledging and acceptance of invested assets as collateral. Pledged invested assets are included in the condensed consolidated balance sheets. Invested assets received as collateral are held in separate custodial accounts and are not recorded on the Company’s condensed consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge collateral it receives; however, as of September 30, 2024 and December 31, 2023, none of the collateral received had been sold or repledged.
The Company also holds invested assets on deposit to meet regulatory requirements and holds assets in trust to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties.
The following table includes invested assets on deposit, invested assets pledged and received as collateral, assets in trust held to satisfy collateral requirements and FHLB common stock restricted as to sale as of September 30, 2024 and December 31, 2023 (dollars in millions):
September 30, 2024 December 31, 2023
Amortized
Cost		 Estimated
Fair Value		 Amortized
Cost		 Estimated
Fair Value
Invested assets on deposit (regulatory deposits) $ 12  $ 10  $ 12  $ 9 
Invested assets pledged as collateral 891  814  572  517 
Invested assets received as collateral n/a 2,419  n/a 1,827 
Assets in trust held to satisfy collateral requirements 47,251  45,545  32,758  30,359 
FHLB common stock restricted as to sale 72  72  63  63 

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Securities Lending and Repurchase/Reverse Repurchase Agreements
The following table provides the estimated fair value of securities relating to securities lending and repurchase/reverse repurchase agreements as of September 30, 2024 and December 31, 2023 (dollars in millions):
September 30, 2024 December 31, 2023
Securities Loaned, Pledged, or
Sold (1)
Securities Borrowed or Collateral Received from Counterparties (2)
Cash Collateral Received from Counterparties (3)
Securities Loaned, Pledged, or
Sold (1)
Securities Borrowed or Collateral Received from Counterparties (2)
Cash Collateral Received from Counterparties (3)
Securities lending transactions $ 782  $ 1,042  $ —  $ 732  $ 1,013  $ — 
Repurchase/reverse repurchase transactions 1,923  930 1,044  1,333  517  820 
(1)Securities loaned or pledged through securities lending transactions or sold to counterparties through repurchase transactions are included within fixed maturity securities. Collateral associated with certain securities lending transactions is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows. Certain securities lending transactions do not require collateral.
(2)Securities borrowed or received as collateral through securities lending transactions or purchased from counterparties through reverse repurchase transactions are not reflected on the condensed consolidated balance sheets.
(3)A payable for the cash received by the Company is included within other liabilities.
The following tables present the estimated fair value of securities by the remaining contractual maturity of the Company’s securities lending and repurchase agreements as of September 30, 2024 and December 31, 2023 (dollars in millions):
September 30, 2024 December 31, 2023
Remaining Contractual Maturity of the Agreements Remaining Contractual Maturity of the Agreements
Overnight and Continuous Up to 30 Days 30 – 90 Days Greater than 90 Days Total Overnight and Continuous Up to 30 Days 30 – 90 Days Greater than 90 Days Total
Securities lending transactions:
Corporate $ —  $ 77  $ 142  $ 199  $ 418  $ —  $ —  $ 94  $ 41  $ 135 
Japanese government —  —  —  251  251  —  88  —  480  568 
ABS —  —  12  3  15  —  —  —  —  — 
CMBS —  —  48  —  48  —  —  —  —  — 
RMBS —  —  14  —  14  —  —  —  —  — 
U.S. government —  —  —  9  9  —  —  —  —  — 
State and political subdivisions —  —  —  6  6  —  —  —  11  11 
Other foreign government —  —  11  10  21  —  —  13  5  18 
Total —  77  227  478  782  —  88  107  537  732 
Repurchase/reverse repurchase transactions:
Corporate —  —  —  554  554  —  —  —  553  553 
Japanese government —  —  —  393  393  —  —  —  158  158 
ABS —  —  —  299  299  —  —  —  229  229 
CMBS —  —  —  254  254  —  —  —  221  221 
RMBS —  —  —  52  52  —  —  —  52  52 
U.S. government —  —  —  268  268  —  —  —  14  14 
Other foreign government —  —  —  103  103  —  —  —  106  106 
Total —  —  —  1,923  1,923  —  —  —  1,333  1,333 
Total transactions $ —  $ 77  $ 227  $ 2,401  $ 2,705  $ —  $ 88  $ 107  $ 1,870  $ 2,065 






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Mortgage Loans
As of September 30, 2024, mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in California (12.4%), Texas (9.7%) and Washington (6.3%), in addition to loans secured by properties in Canada (7.6%) and the United Kingdom (2.6%). The recorded investment in mortgage loans presented below is gross of unamortized deferred loan origination fees and expenses and allowance for credit losses.
The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of September 30, 2024 and December 31, 2023 (dollars in millions):
  September 30, 2024 December 31, 2023
 Property type: Carrying Value % of Total Carrying Value % of Total
Office $ 1,709  20.1  % $ 1,700  22.8  %
Retail 2,748  32.4  2,437  32.7 
Industrial 2,503  29.4  1,947  26.1 
Apartment 1,076  12.7  913  12.2 
Hotel 417  4.9  413  5.5 
Other commercial 40  0.5  49  0.7 
Recorded investment 8,493  100.0  % 7,459  100.0  %
Unamortized balance of loan origination fees and expenses (18) (15)
Allowance for credit losses (87) (67)
Total mortgage loans $ 8,388  $ 7,377 
The following table presents the maturities of the Company’s recorded investment in mortgage loans as of September 30, 2024 and December 31, 2023 (dollars in millions):
September 30, 2024 December 31, 2023
Recorded
Investment		 % of Total Recorded
Investment		 % of Total
Due within five years $ 3,944  46.4  % $ 3,228  43.3  %
Due after five years through ten years 3,643  42.9  3,334  44.7 
Due after ten years 906  10.7  897  12.0 
Total $ 8,493  100.0  % $ 7,459  100.0  %
The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of September 30, 2024 and December 31, 2023 (dollars in millions):
Recorded Investment
Debt Service Ratios Construction loans
>1.20x 1.00x – 1.20x <1.00x Total % of Total
September 30, 2024:
Loan-to-Value Ratio
0% – 59.99% $ 4,327  $ 202  $ 83  $ 13  $ 4,625  54.5  %
60% – 69.99% 2,148  237  63  45  2,493  29.4 
70% – 79.99% 737  102  36  —  875  10.2 
80% or greater 339  55  106  —  500  5.9 
Total $ 7,551  $ 596  $ 288  $ 58  $ 8,493  100.0  %
Recorded Investment
Debt Service Ratios Construction loans
>1.20x 1.00x – 1.20x <1.00x Total % of Total
December 31, 2023:
Loan-to-Value Ratio
0% – 59.99% $ 3,672  $ 272  $ 27  $ 46  $ 4,017  53.9  %
60% – 69.99% 1,947  154  44  —  2,145  28.8 
70% – 79.99% 843  52  34  —  929  12.4 
80% or greater 198  70  100  —  368  4.9 
Total $ 6,660  $ 548  $ 205  $ 46  $ 7,459  100.0  %
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The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of September 30, 2024 and December 31, 2023 (dollars in millions):
Recorded Investment
Year of Origination
2024 2023 2022 2021 2020 Prior Total
September 30, 2024:
Internal credit quality grade:
High investment grade $ 352  $ 473  $ 641  $ 613  $ 268  $ 2,054  $ 4,401 
Investment grade 730  752  728  442  239  803  3,694 
Average —  12  —  —  18  233  263 
Watch list —  —  —  —  —  112  112 
In or near default —  —  —  —  —  23  23 
Total $ 1,082  $ 1,237  $ 1,369  $ 1,055  $ 525  $ 3,225  $ 8,493 
Recorded Investment
Year of Origination
2023 2022 2021 2020 2019 Prior Total
December 31, 2023:
Internal credit quality grade:
High investment grade $ 475  $ 635  $ 573  $ 304  $ 491  $ 1,734  $ 4,212 
Investment grade 754  668  384  245  313  564  2,928 
Average 12  —  —  18  63  203  296 
Watch list —  —  —  —  —  16  16 
In or near default —  —  —  —  —  7  7 
Total $ 1,241  $ 1,303  $ 957  $ 567  $ 867  $ 2,524  $ 7,459 
The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of September 30, 2024 and December 31, 2023 (dollars in millions):
  September 30, 2024 December 31, 2023
Current $ 8,441  $ 7,431 
31 – 60 days past due 23  28 
61 – 90 days past due
 6  — 
Greater than 90 days past due
 23  — 
Total $ 8,493  $ 7,459 
The following table presents information regarding the Company’s allowance for credit losses for mortgage loans for the three and nine months ended September 30, 2024 and 2023 (dollars in millions):
  Three months ended September 30, Nine months ended September 30,
  2024 2023 2024 2023
Balance, beginning of period $ 75  $ 57  $ 67  $ 51 
Change in allowance for credit losses 12  17  20  23 
Balance, end of period $ 87  $ 74  $ 87  $ 74 
During the nine months ended September 30, 2024, the Company modified eight mortgage loans for borrowers experiencing financial difficulty providing interest only payments and maturity extensions. The total recorded investment before allowance for credit losses for the modified loans was $90 million as of September 30, 2024. During the nine months ended September 30, 2023, the Company modified six mortgage loans providing interest only payments and maturity extensions. The total recorded investment before allowance for credit losses for modified loans was $68 million as of September 30, 2023.
During the nine months ended September 30, 2024, the Company converted three mortgage loans totaling $23 million to owned properties through deed in lieu of foreclosure. Additionally, the Company reclassified one property in the amount of $21 million, that was previously held for sale, to held for use. During the nine months ended September 30, 2023, the Company converted two mortgage loans in the total amount of $36 million to owned properties as a result of foreclosures.
The Company had one mortgage loan in the amount of $23 million and two mortgage loans in the amount of $41 million that were on nonaccrual status as of September 30, 2024 and 2023, respectively. The Company did not acquire any impaired mortgage loans during the nine months ended September 30, 2024 and 2023.

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Policy Loans
The majority of policy loans are associated with one client. These policy loans present no credit risk as the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. The Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities.
Funds Withheld at Interest
As of September 30, 2024, $3.1 billion of the funds withheld at interest balance is primarily associated with two clients. For reinsurance agreements written on a modco basis and certain agreements written on a coinsurance funds withheld basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company and are reflected as funds withheld at interest. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances against amounts owed to the Company from the ceding company.
Limited Partnerships and Real Estate Joint Ventures
The carrying values of limited partnerships and real estate joint ventures as of September 30, 2024 and December 31, 2023 are as follows (dollars in millions):
September 30, 2024 December 31, 2023
Limited partnerships – equity method $ 1,029  $ 925 
Limited partnerships – fair value 920  856 
Limited partnerships – cost method 55  71 
Real estate joint ventures 968 783 
Total limited partnerships and real estate joint ventures $ 2,972  $ 2,635 
Other Invested Assets
Other invested assets include lifetime mortgages, derivative contracts and FHLB common stock. Other invested assets also includes real estate held for investment, which is included in “Other” in the table below. As of September 30, 2024 and December 31, 2023, the allowance for credit losses for lifetime mortgages was not material. The carrying values of other invested assets as of September 30, 2024 and December 31, 2023 are as follows (dollars in millions):
September 30, 2024 December 31, 2023
Lifetime mortgages $ 1,026  $ 944 
Derivatives 199  97 
FHLB common stock 72  63 
Other 64  67 
Total other invested assets $ 1,361  $ 1,171 
NOTE 11 DERIVATIVE INSTRUMENTS
See Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2023 Annual Report for a detailed discussion of the accounting treatment for derivative instruments, including embedded derivatives. See Note 13 – “Fair Value of Assets and Liabilities” of the Company’s 2023 Annual Report for additional disclosures related to the fair value hierarchy for derivative instruments, including embedded derivatives.
Commonly used derivative instruments include, but are not necessarily limited to: interest rate swaps, interest rate options, total return swaps, interest rate futures, foreign currency swaps, foreign currency forwards, foreign currency options, equity options, equity futures, credit default swaps, consumer price index (“CPI”) swaps, forward bond purchase commitments, synthetic guaranteed investment contracts (“GICs”), other derivatives and embedded derivatives. For detailed information on these derivative instruments and the related strategies, see Note 12 – “Derivative Instruments” of the Company’s 2023 Annual Report.

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Summary of Derivative Positions
Freestanding derivatives are included in other invested assets or other liabilities, at fair value. Embedded derivative assets and liabilities on modco or funds withheld arrangements are included on the condensed consolidated balance sheets with the host contract in funds withheld at interest or funds withheld payable, at fair value. Embedded derivative liabilities on indexed annuity products are included on the condensed consolidated balance sheets with the host contract in interest-sensitive contract liabilities, at fair value. The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of September 30, 2024 and December 31, 2023 (dollars in millions):
  September 30, 2024 December 31, 2023
  Primary Underlying Risk Notional Carrying Value / Fair Value Notional Carrying Value / Fair Value
  Amount Assets Liabilities Amount Assets Liabilities
Derivatives not designated as hedging instruments:
Interest rate swaps Interest rate $ 1,796  $ 6  $ 4  $ 1,609  $ 4  $ 3 
Interest rate options Interest rate 2,266  —  —  5,555  7  — 
Total return swaps Interest rate 1,075  21  17  500  24  — 
Interest rate futures Interest rate —  —  —  97  —  — 
Foreign currency swaps Foreign currency 150  35  —  150  27  — 
Foreign currency forwards Foreign currency 1,142  55  1  809  36  — 
Foreign currency options Foreign currency 350  2  —  —  —  — 
Equity options Equity 141  2  —  253  8  — 
Equity futures Equity 225  —  —  255  —  — 
Credit default swaps Credit 2,726  5  3  1,475  5  1 
CPI swaps CPI 445  7  3  468  11  3 
Synthetic GICs Interest rate 15,395  —  —  16,135  —  — 
Embedded derivatives in:
Modco or funds withheld arrangements —  274  454  —  356  527 
Indexed annuity products —  —  385  —  —  415 
Total non-designated derivatives 25,711  407  867  27,306  478  949 
Derivatives designated as hedging instruments:
Interest rate swaps Interest rate 3,269  89  78  1,770  9  86 
Forward bond purchase commitments Interest rate 1,673  7  101  1,076  11  80 
Foreign currency swaps Foreign currency 2,026  37  71  809  7  64 
Foreign currency forwards Foreign currency 1,315  4  9  1,143  5  17 
Total hedging derivatives 8,283  137  259  4,798  32  247 
Total derivatives $ 33,994  $ 544  $ 1,126  $ 32,104  $ 510  $ 1,196 
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Fair Value Hedges
The Company designates and reports the following as fair value hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging: (i) certain foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets; and (ii) interest rate swaps to convert fixed rate liabilities to floating rate liabilities. The gain or loss on the hedged item attributable to a change in interest rates or foreign currency and the offsetting gain or loss on the related interest rate or foreign currency swaps for the three and nine months ended September 30, 2024 and 2023 are as follows (dollars in millions):
Derivative Type Hedged Item Investment Related
Gains (Losses), Net		 Claims and Other Policy Benefits Interest Credited
Derivatives Hedged Items Derivatives Hedged Items Derivatives Hedged Items
For the three months ended September 30, 2024:
Foreign currency swaps Foreign-denominated fixed maturity securities $ —  $ —  $ —  $ —  $ —  $ — 
Interest rate swaps Future policy benefits —  —  31  (34) —  — 
Interest rate swaps Interest-sensitive contract liabilities —  —  —  —  42  (45)
For the three months ended September 30, 2023:
Foreign currency swaps Foreign-denominated fixed maturity securities (4) 3  —  —  —  — 
Interest rate swaps Interest-sensitive contract liabilities —  —  —  —  (2) 2 
For the nine months ended September 30, 2024:
Foreign currency swaps Foreign-denominated fixed maturity securities 2  (4) —  —  —  — 
Interest rate swaps Future policy benefits —  —  27  (32) —  — 
Interest rate swaps Interest-sensitive contract liabilities —  —  —  —  37  (43)
For the nine months ended September 30, 2023:
Foreign currency swaps Foreign-denominated fixed maturity securities (7) 5  —  —  —  — 
Interest rate swaps Interest-sensitive contract liabilities —  —  —  —  (2) 2 
The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges (dollars in millions):
Hedged Item Carrying Amount of
the Hedged Assets / (Liabilities)		 Cumulative Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets / (Liabilities) Discontinued Fair Value Hedge Adjustments Included in the Cumulative Adjustments
September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023
Foreign-denominated fixed maturity securities $ —  $ 89  n/a n/a n/a n/a
Future policy benefits (672) —  (32) —  (25) — 
Interest-sensitive contract liabilities (970) (25) (43) (1) (23) 1 
Cash Flow Hedges
Certain derivative instruments are designated as cash flow hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging. The Company designates and accounts for the following as cash flow hedges: (i) certain interest rate swaps, in which the cash flows of assets and liabilities are variable based on a benchmark rate; (ii) certain interest rate swaps, in which floating rate assets are converted to fixed rate assets; (iii) forward bond purchase commitments; and (iv) certain foreign currency swaps, in which the cash flows of assets are denominated in different currencies, commonly referred to as cross-currency swaps.
The following table presents the cash flow hedge components of AOCI, before income taxes, and where the gain or loss related to cash flow hedges is recognized on the condensed consolidated statements of income for the three and nine months ended September 30, 2024 and 2023 (dollars in millions):
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  Three months ended September 30,
  2024 2023
Balance, beginning of period $ (413) $ (228)
Gains (losses), net deferred in other comprehensive income (loss) 167  (128)
Amounts reclassified to net investment income 20  8 
Amounts reclassified to interest expense (3) (3)
Balance, end of period $ (229) $ (351)
  Nine months ended September 30,
  2024 2023
Balance, beginning of period $ (218) $ (205)
Gains (losses), net deferred in other comprehensive income (loss) (44) (154)
Amounts reclassified to net investment income 42  15 
Amounts reclassified to interest expense (9) (7)
Balance, end of period $ (229) $ (351)
As of September 30, 2024, approximately $28 million of before-tax deferred net losses on derivative instruments recorded in AOCI are expected to be reclassified to net investment income during the next twelve months. For the same time period, approximately $6 million of before-tax deferred net gains on derivative instruments recorded in AOCI are expected to be reclassified to interest expense during the next twelve months.
The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income for the three and nine months ended September 30, 2024 and 2023 (dollars in millions):
Derivative Type Gains (Losses)
 Deferred in OCI		 Gains (Losses) Reclassified into Income from
AOCI
Net Investment Income Interest Expense
For the three months ended September 30, 2024:
Interest rate $ 57  $ (3) $ 3 
Foreign currency 110  (17) — 
Total $ 167  $ (20) $ 3 
For the three months ended September 30, 2023:
Interest rate $ (113) $ (4) $ 3 
Foreign currency (15) (4) — 
Total $ (128) $ (8) $ 3 
For the nine months ended September 30, 2024:
Interest rate $ (33) $ (9) $ 9 
Foreign currency (11) (33) — 
Total $ (44) $ (42) $ 9 
For the nine months ended September 30, 2023:
Interest rate $ (107) $ (4) $ 7 
Foreign currency (47) (11) — 
Total $ (154) $ (15) $ 7 
For the three and nine months ended September 30, 2024 and 2023, there were no material amounts reclassified into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging.
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Hedges of Net Investments in Foreign Operations
The Company uses foreign currency swaps and foreign currency forwards to hedge a portion of its net investment in certain foreign operations against adverse movements in exchange rates. The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges and the gains (losses) deferred in OCI for the three and nine months ended September 30, 2024 and 2023 (dollars in millions):
  Derivative Gains (Losses) Deferred in OCI   
  Three months ended September 30, Nine months ended September 30,
Derivative Type 2024 2023 2024 2023
Foreign currency swaps $ —  $ —  $ —  $ — 
Foreign currency forwards (12) 29  24  8 
Total $ (12) $ 29  $ 24  $ 8 
The cumulative foreign currency translation gain recorded in AOCI related to these hedges was $207 million and $183 million as of September 30, 2024 and December 31, 2023, respectively. If a hedged foreign operation was sold or substantially liquidated, the amounts in AOCI would be reclassified to the condensed consolidated statements of income. A pro rata portion would be reclassified upon partial sale of a hedged foreign operation. There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from AOCI into investment income during the periods presented.
Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging
The Company uses various other derivative instruments for risk management purposes that either do not qualify or have not been elected for hedge accounting treatment. The gain or loss related to the change in fair value for these derivative instruments is recognized in investment related gains (losses), net, except where otherwise noted.

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A summary of the effect of non-qualifying derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three and nine months ended September 30, 2024 and 2023 is as follows (dollars in millions):
    Gains (Losses) for the three months ended     
September 30,
Type of Non-qualifying Derivative Income Statement
Location of Gains (Losses)		 2024 2023
Interest rate swaps Investment related gains (losses), net $ 13  $ (64)
Interest rate options Investment related gains (losses), net (3) 16 
Total return swaps Investment related gains (losses), net 7  (8)
Interest rate futures Investment related gains (losses), net —  — 
Foreign currency swaps Investment related gains (losses), net (7) 8 
Foreign currency forwards Investment related gains (losses), net 77  (37)
Foreign currency options Investment related gains (losses), net 2  — 
Equity options Investment related gains (losses), net 1  3 
Equity futures Investment related gains (losses), net (12) 11 
Credit default swaps Investment related gains (losses), net 10  (26)
CPI swaps Investment related gains (losses), net (1) — 
Subtotal 87  (97)
Embedded derivatives in:
Modco or funds withheld arrangements Investment related gains (losses), net (112) 1 
Indexed annuity products Interest credited (15) 3 
Total non-qualifying derivatives $ (40) $ (93)
Gains (Losses) for the nine months ended     
September 30,
Type of Non-qualifying Derivative Income Statement
Location of Gains (Losses)		 2024 2023
Interest rate swaps Investment related gains (losses), net $ (31) $ (74)
Interest rate options Investment related gains (losses), net (6) (10)
Total return swaps Investment related gains (losses), net —  — 
Interest rate futures Investment related gains (losses), net 2  2 
Foreign currency swaps Investment related gains (losses), net 15  20 
Foreign currency forwards Investment related gains (losses), net (85) (130)
Foreign currency options Investment related gains (losses), net (1) — 
Equity options Investment related gains (losses), net (4) (22)
Equity futures Investment related gains (losses), net (31) (8)
Credit default swaps Investment related gains (losses), net 14  (5)
CPI swaps Investment related gains (losses), net (2) 7 
Subtotal (129) (220)
Embedded derivatives in:
Modco or funds withheld arrangements Investment related gains (losses), net (9) 18 
Indexed annuity products Interest credited (27) 14 
Total non-qualifying derivatives $ (165) $ (188)
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Credit Derivatives
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at September 30, 2024 and December 31, 2023 (dollars in millions):
  September 30, 2024 December 31, 2023
Rating Agency Designation of Referenced Credit Obligations(1)
 Estimated Fair
Value of Credit 
Default Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps (2)
Weighted
Average
Years to
Maturity (3)
 Estimated Fair
Value of Credit 
Default Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps (2)
Weighted
Average
Years to
Maturity (3)  
AAA/AA/A
Single name credit default swaps $ (1) $ 410  17.8 $ 2  $ 420  18.1
BBB
Single name credit default swaps 3  145  2.3 4  165  2.8
Credit default swaps referencing indices —  2,156  4.9 (1) 880  5.0
Subtotal 3  2,301  4.7 3  1,045  4.7
BB
Single name credit default swaps —  5  1.7 (1) 10  2.2
B
Single name credit default swaps —  10  1.5 —  —  0.0
Total $ 2  $ 2,726  6.7 $ 4  $ 1,475  8.5
(1)The rating agency designations are based on ratings from Standard and Poor’s (“S&P”).
(2)Assumes the value of the referenced credit obligations is zero.
(3)The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.
Netting Arrangements and Credit Risk
Certain of the Company’s freestanding derivatives are subject to enforceable master netting arrangements and reported as a net asset or liability in the condensed consolidated balance sheets. The Company nets all derivatives that are subject to such arrangements.
The Company has elected to include all freestanding derivatives in the table below, irrespective of whether they are subject to an enforceable master netting arrangement or a similar agreement. See Note 10 – “Investments” for information regarding the Company’s securities borrowing, lending and repurchase/reverse repurchase agreements.
The following table provides information relating to the netting of the Company’s derivative instruments as of September 30, 2024 and December 31, 2023 (dollars in millions):
Gross Amounts  
Recognized		 Gross Amounts
Offset in the
Balance Sheet   		 Net Amounts
Presented in the
Balance Sheet   
Financial
Instruments / Collateral (1)
 Net Amount   
September 30, 2024:
Derivative assets $ 270  $ (71) $ 199  $ (199) $ — 
Derivative liabilities 287  (71) 216  (216) — 
December 31, 2023:
Derivative assets 154  (57) 97  (97) — 
Derivative liabilities 254  (57) 197  (197) — 
(1)Includes initial margin posted to a central clearing partner for financial instruments and excludes the excess of collateral received/pledged from/to the counterparty.
The Company may be exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. Generally, the credit exposure of the Company’s derivative contracts is limited to the fair value and accrued interest of non-collateralized derivative contracts in an asset position at the reporting date. As of September 30, 2024, the Company had credit exposure of $16 million.
Derivatives may be exchange-traded or they may be privately negotiated contracts, which are referred to as over-the-counter (“OTC”) derivatives. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC cleared”) and others are bilateral contracts between two counterparties. Additionally, the Company is required to pledge initial margin for certain OTC-bilateral derivative transactions. The Company manages its credit risk related to OTC derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master netting agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. The Company is only exposed to the default of the central clearing counterparties for OTC cleared derivatives, and these transactions require initial and daily variation margin collateral postings. Exchange-traded derivatives are settled on a daily basis, thereby reducing the credit risk exposure in the event of non-performance by counterparties to such financial instruments.
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NOTE 12 FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value Measurement
General accounting principles for Fair Value Measurements and Disclosures define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. These principles also establish a three-level fair value hierarchy that requires an entity to maximize the use of observable inputs and to minimize the use of unobservable inputs when measuring fair value:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Active markets are defined through various characteristics for the measured asset/liability, such as having many transactions and narrow bid/ask spreads.
Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or market standard valuation techniques and assumptions that use significant inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the related assets or liabilities and include those whose value is determined using market standard valuation techniques described above. Prices are determined using valuation methodologies such as discounted cash flow models and other similar techniques that require management’s judgment or estimation in developing inputs that are consistent with those other market participants would use when pricing similar assets and liabilities.
For a discussion of the Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 13 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2023 Annual Report.
See Note 7 – “Market Risk Benefits” for information about fair value measurement of market risk benefits.

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Assets and Liabilities by Hierarchy Level
Assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 are summarized below (dollars in millions):
September 30, 2024:   Fair Value Measurements Using:
  Total Level 1 Level 2 Level 3
Assets: (1)
Fixed maturity securities available-for-sale:
Corporate $ 51,087  $ —  $ 44,944  $ 6,143 
Canadian government 4,970  —  4,970  — 
Japanese government 5,270  —  5,270  — 
ABS 5,373  —  3,851  1,522 
CMBS 2,238  —  2,204  34 
RMBS 1,318  —  1,318  — 
U.S. government 1,703  1,608  89  6 
State and political subdivisions 821  —  821  — 
Other foreign government 5,369  —  5,335  34 
Total fixed maturity securities available-for-sale 78,149  1,608  68,802  7,739 
Equity securities 155  73  —  82 
Funds withheld at interest – embedded derivatives (231) —  —  (231)
Funds withheld at interest 60  —  —  60 
Cash equivalents 3,530  3,530  —  — 
Short-term investments 345  160  174  11 
Other invested assets:
Derivatives 199  —  199  — 
Other 19  —  19  — 
Total other invested assets 218  —  218  — 
Total $ 82,226  $ 5,371  $ 69,194  $ 7,661 
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives $ 385  $ —  $ —  $ 385 
Funds withheld at interest – embedded derivatives (51) —  —  (51)
Derivatives – other liabilities 216  —  216  — 
Total $ 550  $ —  $ 216  $ 334 
(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of September 30, 2024, the fair value of such investments was $921 million.
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December 31, 2023:   Fair Value Measurements Using:
  Total Level 1 Level 2 Level 3
Assets: (1)
Fixed maturity securities available-for-sale:
Corporate $ 38,755  $ —  $ 33,822  $ 4,933 
Canadian government 3,917  —  3,917  — 
Japanese government 3,131  —  3,131  — 
ABS 4,429  —  3,064  1,365 
CMBS 1,773  —  1,714  59 
RMBS 1,079  —  1,078  1 
U.S. government 2,520  2,426  87  7 
State and political subdivisions 1,114  —  1,095  19 
Other foreign government 3,749  —  3,714  35 
Total fixed maturity securities available-for-sale 60,467  2,426  51,622  6,419 
Equity securities 139  69  —  70 
Funds withheld at interest – embedded derivatives (377) —  —  (377)
Funds withheld at interest 54  —  —  54 
Cash equivalents 1,335  1,322  13  — 
Short-term investments 187  90  95  2 
Other invested assets:
Derivatives 97  —  97  — 
Other 22  —  22  — 
Total other invested assets 119  —  119  — 
Total $ 61,924  $ 3,907  $ 51,849  $ 6,168 
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives $ 415  $ —  $ —  $ 415 
Funds withheld at interest – embedded derivatives (206) —  —  (206)
Derivatives – other liabilities 197  —  197  — 
Total $ 406  $ —  $ 197  $ 209 
(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2023, the fair value of such investments was $856 million.

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Quantitative Information Regarding Internally Priced Assets and Liabilities

The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of September 30, 2024 and December 31, 2023 (dollars in millions):
Estimated Fair Value       Valuation Technique Unobservable Input Range (Weighted Average) 
September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023
Assets:
Corporate $ 115  $ 91  Market comparable securities Liquidity premium
2-2% (2%)
0-2% (1%)
EBITDA Multiple
5.7x-11.0x (8.7x)
6.0x-8.5x (7.1x)
ABS 285  268  Market comparable securities Liquidity premium
0-9% (2%)
0-18% (2%)
U.S. government 6  7  Market comparable securities Liquidity premium
0-1% (1%)
0-1% (1%)
Equity securities 32  31  Market comparable securities Liquidity premium
4%
4%
EBITDA Multiple
8.4x-12.8x (10.9x)
8.4x-12.3x (10.1x)
Short-Term Investments 1  —  Market comparable securities EBITDA Multiple
6.2x
 — 
Funds withheld at interest – embedded derivatives 14  (50) Total return swap Mortality
0-100%  (3%)
0-100%  (3%)
Lapse
0-35%  (16%)
0-35%  (18%)
Withdrawal
0-10%  (4%)
0-5%  (4%)
CVA
0-5%  (0%)
0-5%  (0%)
Crediting rate
1-4%  (2%)
1-4%  (2%)
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives – indexed annuities 385  415  Discounted cash flow Mortality
0-100%  (3%)
0-100% (3%)
Lapse
0-35%  (15%)
0-35% (17%)
Withdrawal
0-10%  (4%)
0-5% (4%)
Option budget projection
1-4%  (2%)
1-4% (2%)

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Changes in Level 3 Assets and Liabilities
Assets and liabilities transferred into Level 3 are due to a lack of observable market transactions and price information. Transfers out of Level 3 are primarily the result of the Company obtaining observable pricing information or a third-party pricing quotation that appropriately reflects the fair value of those assets and liabilities.
For further information on the Company’s valuation processes, see Note 13 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2023 Annual Report.
The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (dollars in millions):
For the three months ended September 30, 2024:
 Fixed maturity securities available-for-sale
Funds 
withheld at interest –embedded derivatives, net (1)
 Funds 
withheld at interest		 Interest-sensitive contract 
liabilities – embedded derivatives
  Corporate Foreign govt Structured securities U.S. and local govt Equity securities Cash equivalents Short-term investments
Fair value, beginning of period $ 5,501  $ 31  $ 1,497  $ 27  $ 74  $ —  $ 15  $ (68) $ 55  $ (386)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income 4  —  —  —  —  —  —  —  3  — 
Investment related gains (losses), net (8) —  —  —  3  —  (1) (112) —  — 
Interest credited —  —  —  —  —  —  —  —  (15)
Included in other comprehensive income (loss) 149  3  26  —  —  —  —  —  3  — 
Purchases (2)
 809  —  99  —  6  —  (3) —  1  (7)
Sales (2)
 (96) —  —  —  (1) —  —  —  —  — 
Settlements (2)
 (196) —  (101) —  —  —  —  —  (2) 23 
Transfers into Level 3 —  —  36  —  —  —  —  —  —  — 
Transfers out of Level 3 (20) —  (1) (21) —  —  —  —  —  — 
Fair value, end of period $ 6,143  $ 34  $ 1,556  $ 6  $ 82  $ —  $ 11  $ (180) $ 60  $ (385)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income $ 3  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ 3  $ — 
Investment related gains (losses), net (11) —  —  —  2  —  (1) (112) —  — 
Interest credited —  —  —  —  —  —  —  —  —  (39)
Included in other comprehensive income (loss) 150  3  26  —  —  —  —  —  3  — 
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
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For the nine months ended September 30, 2024:
 Fixed maturity securities available-for-sale
Funds 
withheld at interest –embedded derivatives, net (1)
 Funds 
withheld at interest		 Interest-sensitive contract 
liabilities – embedded derivatives
  Corporate Foreign govt Structured securities U.S. and local govt Equity securities Cash equivalents Short-term investments
Fair value, beginning of period $ 4,933  $ 35  $ 1,425  $ 26  $ 70  $ —  $ 2  $ (171) $ 54  $ (415)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income 10  —  3  —  —  —  —  —  5  — 
Investment related gains (losses), net (56) —  (1) —  (4) —  (1) (9) —  — 
Interest credited —  —  —  —  —  —  —  —  —  (27)
Included in other comprehensive income (loss) 132  (1) 30  —  —  —  —  —  2  — 
Purchases (2)
 2,001  —  287  —  17  —  12  —  2  (18)
Sales (2)
 (278) —  (23) —  (1) —  (1) —  —  — 
Settlements (2)
 (546) —  (260) (1) —  —  —  —  (3) 75 
Transfers into Level 3 1  —  117  2  —  —  —  —  —  — 
Transfers out of Level 3 (54) —  (22) (21) —  —  (1) —  —  — 
Fair value, end of period $ 6,143  $ 34  $ 1,556  $ 6  $ 82  $ —  $ 11  $ (180) $ 60  $ (385)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income $ 6  $ —  $ 2  $ —  $ —  $ —  $ —  $ —  $ 5  $ — 
Investment related gains (losses), net (56) —  (3) —  (5) —  (1) (9) —  — 
Interest credited —  —  —  —  —  —  —  —  —  (103)
Included in other comprehensive income (loss) 135  (1) 32  —  —  —  —  —  2  — 
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
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For the three months ended September 30, 2023:
 Fixed maturity securities available-for-sale
Funds 
withheld at interest –embedded derivatives, net (1)
 Funds 
withheld at interest		 Interest-sensitive contract 
liabilities – embedded derivatives
  Corporate Foreign govt Structured securities U.S. and local govt Equity securities Cash equivalents Short-term investments
Fair value, beginning of period $ 4,654  $ 35  $ 1,397  $ 29  $ 68  $ —  $ 6  $ 9  $ 53  $ (472)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income 1  —  1  —  —  —  —  —  —  — 
Investment related gains (losses), net 4  —  —  —  —  —  —  1  —  — 
Interest credited —  —  —  —  —  —  —  —  —  3 
Included in other comprehensive income (loss) (84) (2) (16) (2) —  —  —  —  (2) — 
Purchases (2)
 170  —  29  —  —  —  9  —  —  3 
Sales (2)
 (19) —  (10) —  —  —  —  —  —  — 
Settlements (2)
 (164) —  (76) —  —  —  (1) —  —  25 
Transfers into Level 3 53  —  —  —  —  —  —  —  —  — 
Transfers out of Level 3 —  —  —  —  —  —  (6) —  —  — 
Fair value, end of period $ 4,615  $ 33  $ 1,325  $ 27  $ 68  $ —  $ 8  $ 10  $ 51  $ (441)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income $ 1  $ —  $ 1  $ —  $ —  $ —  $ —  $ —  $ —  $ — 
Investment related gains (losses), net —  —  —  —  —  —  —  1  —  — 
Interest credited —  —  —  —  —  —  —  —  —  (22)
Included in other comprehensive income (loss) (81) (2) (16) (2) —  —  —  —  (2) — 
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.

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For the nine months ended September 30, 2023:
 Fixed maturity securities available-for-sale
Funds 
withheld at interest –embedded derivatives, net (1)
 Funds 
withheld at interest		 Interest-sensitive contract 
liabilities – embedded derivatives
  Corporate Foreign govt Structured securities U.S. and local govt Equity securities Cash equivalents Short-term investments
Fair value, beginning of period $ 4,299  $ 35  $ 1,353  $ 35  $ 66  $ —  $ 13  $ (8) $ 54  $ (530)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income 3  —  4  —  —  —  —  —  (3) — 
Investment related gains (losses), net 4  —  (1) —  (2) —  (1) 18  —  — 
Interest credited —  —  —  —  —  —  —  —  —  14 
Included in other comprehensive income (loss) (93) (2) 28  (2) —  —  —  —  1  — 
Purchases (2)
 680  —  144  —  8  1  10  —  1  13 
Sales (2)
 (51) —  (14) —  (4) —  —  —  —  — 
Settlements (2)
 (282) —  (198) (1) —  —  (1) —  (2) 62 
Transfers into Level 3 61  —  64  —  —  —  6  —  —  — 
Transfers out of Level 3 (6) —  (55) (5) —  (1) (19) —  —  — 
Fair value, end of period $ 4,615  $ 33  $ 1,325  $ 27  $ 68  $ —  $ 8  $ 10  $ 51  $ (441)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income $ 3  $ —  $ 4  $ —  $ —  $ —  $ —  $ —  $ (3) $ — 
Investment related gains (losses), net (2) —  (2) —  (2) —  (1) 18  —  — 
Interest credited —  —  —  —  —  —  —  —  —  (47)
Included in other comprehensive income (loss) (94) (2) 27  (2) —  —  —  —  1  — 
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
Nonrecurring Fair Value Measurements
The Company has certain assets subject to measurement at fair value on a nonrecurring basis, in periods subsequent to their initial recognition if they are determined to be impaired. For the nine months ended September 30, 2024 and 2023, the Company did not have any material assets that were measured at fair value due to impairment.
Fair Value of Financial Instruments Carried at Other Than Fair Value
The following table presents the carrying values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of September 30, 2024 and December 31, 2023 (dollars in millions). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 13 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2023 Annual Report. This table excludes any payables or receivables for collateral under repurchase/reverse repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid.
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September 30, 2024:
Carrying 
Value (1)
 Estimated 
Fair Value		 Fair Value Measurement Using:
Level 1 Level 2 Level 3
Assets:
Mortgage loans $ 8,388  $ 8,187  $ —  $ —  $ 8,187 
Policy loans 1,285  1,285  —  1,285  — 
Funds withheld at interest 5,716  5,424  —  —  5,424 
Limited partnerships – cost method 55  63  —  —  63 
Cash and cash equivalents 1,665  1,665  1,665  —  — 
Short-term investments 36  36  36  —  — 
Other invested assets 1,108  916  3  72  841 
Accrued investment income 995  995  —  995  — 
Liabilities:
Interest-sensitive contract liabilities (2)
 $ 22,401  $ 22,559  $ —  $ —  $ 22,559 
Funds withheld at interest 4,860  4,644  —  —  4,644 
Long-term debt 5,067  5,025  —  —  5,025 
December 31, 2023:
Assets:
Mortgage loans $ 7,377  $ 6,975  $ —  $ —  $ 6,975 
Policy loans 1,206  1,206  —  1,206  — 
Funds withheld at interest 6,005  5,547  —  —  5,547 
Limited partnerships – cost method 71  73  —  —  73 
Cash and cash equivalents 1,635  1,635  1,635  —  — 
Short-term investments 35  35  35  —  — 
Other invested assets 1,019  841  4  63  774 
Accrued investment income 759  759  —  759  — 
Liabilities:
Interest-sensitive contract liabilities (2)
 $ 21,797  $ 21,665  $ —  $ —  $ 21,665 
Funds withheld at interest 4,689  4,400  —  —  4,400 
Long-term debt 4,427  4,243  —  —  4,243 
(1)Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis.
(2)Carrying values and estimated fair values presented herein include a reinsurance recoverable of $2.1 billion and $2.2 billion as of September 30, 2024 and December 31, 2023, respectively.
NOTE 13 INCOME TAX
The effective tax rate on pre-tax income for the three and nine months ending September 30, 2024, was 26.7% and 24.2%, respectively. The tax rate was higher than the U.S. statutory rate primarily due to adjustments related to tax returns filed during the quarter as well as Subpart F income. These increases were partially offset with benefits received in certain foreign jurisdictions and adjustments to the valuation allowance.
The effective tax rate on pre-tax income for the three and nine months ending September 30, 2023, was 24.2% and 24.9%, respectively. The tax rate was higher than the U.S. statutory rate primarily due to income earned in foreign jurisdictions and adjustments to the valuation allowance. These increases were partially offset with benefits received in certain foreign jurisdictions.
The Inflation Reduction Act of 2022 (“the Act”) was enacted in 2022. For tax years ending after December 31, 2022, the Act imposes a 15% minimum tax on adjusted financial statement income for “applicable corporations” with average financial statement income over $1 billion for the previous 3-year period ending in 2022 or after. The Company is currently evaluating the impact of recent proposed guidance to determine applicability. The Act also imposes a 1% excise tax on stock buybacks of a publicly traded corporation. The Act is not expected to have a material impact to the Company’s tax expense.
Bermuda enacted the Corporate Income Tax Act of 2023 on December 27, 2023. The Bermuda regime, which is effective for fiscal years beginning on or after January 1, 2025, establishes a statutory tax rate of 15%, applicable to companies with annual revenue of EUR 750 million or more. This enactment did not have a material impact on the Company’s financial position or results from operations.
The Organization for Economic Cooperation and Development developed the Model Global Anti-Base Erosion (“GloBE”) rules under Pillar II establishing a Global Minimum Tax to ensure multinational enterprises with consolidated revenue of more than EUR 750 million pay at least an effective tax rate of 15% on income arising in each jurisdiction in which they operate. The GloBE model rules serve as a template to allow for each jurisdiction to modify and incorporate into domestic law.
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As of September 30, 2024, many of the jurisdictions in which the Company operates enacted Pillar II legislation into domestic law with an effective date of January 1, 2024. Guidance is expected to continue throughout 2024 and beyond. The Company continues to evaluate the expected impact of the new law.
NOTE 14 EMPLOYEE BENEFIT PLANS
The components of net periodic benefit cost, included in other operating expenses on the Company’s condensed consolidated statements of income, for the three and nine months ended September 30, 2024 and 2023 were as follows (dollars in millions):
  Pension Benefits Other Benefits
  Three months ended September 30, Three months ended September 30,
  2024 2023 2024 2023
Service cost $ 3  $ 3  $ —  $ — 
Interest cost 3  3  1  1 
Expected return on plan assets (3) (3) —  — 
Amortization of prior service cost (credit) —  —  —  — 
Amortization of prior actuarial losses 1  1  —  — 
Settlements 1  —  —  — 
Net periodic benefit cost $ 5  $ 4  $ 1  $ 1 
  Pension Benefits Other Benefits
  Nine months ended September 30, Nine months ended September 30,
  2024 2023 2024 2023
Service cost $ 10  $ 10  $ 1  $ 1 
Interest cost 8  8  2  2 
Expected return on plan assets (9) (8) —  — 
Amortization of prior service cost (credit) —  —  (1) (1)
Amortization of prior actuarial losses 2  2  —  — 
Settlements 1  —  —  — 
Net periodic benefit cost $ 12  $ 12  $ 2  $ 2 
NOTE 15 COMMITMENTS, CONTINGENCIES AND GUARANTEES
Commitments
Funding of Investments
The Company’s commitments to fund investments as of September 30, 2024 and December 31, 2023, are presented in the following table (dollars in millions):
September 30, 2024 December 31, 2023
Limited partnerships and real estate joint ventures $ 1,000  $ 1,058 
Mortgage loans 140  137 
Bank loans and private placements 1,290  810 
Lifetime mortgages 57  53 
The Company anticipates that the majority of its current commitments will be invested over the next five years; however, these commitments could become due any time at the request of the counterparties. Bank loans and private placements are included in fixed maturity securities available-for-sale.
The Company has an immaterial liability, included in other liabilities, for current expected credit losses associated with unfunded commitments as of September 30, 2024 and December 31, 2023.
Funding Agreements
Federal Home Loan Bank of Des Moines
The Company is a member of the FHLB and, through membership, has issued funding agreements to the FHLB in exchange for cash advances. As of September 30, 2024 and December 31, 2023, the Company had $1.4 billion and $1.1 billion of FHLB funding agreements outstanding, respectively. The Company is required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties.
Funding Agreement Backed Notes
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The Company’s Funding Agreement Backed Notes (“FABN”) program allows RGA Global Funding, a special-purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes to investors. RGA Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from the Company. As of September 30, 2024 and December 31, 2023, the Company had $2.7 billion and $1.3 billion, respectively, of FABN agreements outstanding and are included within interest-sensitive contract liabilities.
Contingencies
Litigation
The Company is subject to litigation and regulatory investigations or actions from time to time. Based on current knowledge, management does not believe that loss contingencies arising from pending legal, regulatory and governmental matters will have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, in light of the inherent uncertainties involved in future or pending legal, regulatory and governmental matters, some of which are beyond the Company’s control, and indeterminate or potentially substantial amount of damages sought in any such matters, an adverse outcome could be material to the Company’s financial condition, results of operations or cash flows for any particular reporting period. A legal reserve is established when the Company is notified of an arbitration demand, litigation or regulatory action or is notified that an arbitration demand, litigation or regulatory action is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated.
Other Contingencies
The Company indemnifies its directors and officers as provided in its charters and by-laws. Since this indemnity generally is not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount due under this indemnity in the future.
Guarantees
Statutory Reserve Support
Certain RGA subsidiaries have committed to provide statutory reserve support to third parties, in exchange for a fee, by funding loans if certain defined events occur. Such statutory reserves are required under the U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation XXX for term life insurance policies and Regulation A-XXX for universal life secondary guarantees). In addition, certain subsidiaries have also committed to provide capital support to a third party, in exchange for a fee, by agreeing to assume real estate leases in the event of a severe and prolonged decline in the commercial lease market. Upon assumption of a lease, the Company would recognize a right of use asset and lease obligation. As of September 30, 2024, the Company does not believe that it will be required to provide any funding under these commitments as the occurrence of the defined events is considered remote. The following table presents the maximum potential obligation for these commitments as of September 30, 2024 (dollars in millions):
Commitment Period Maximum Potential Obligation
2034 $ 1,243 
2035 1,909 
2036 3,599 
2037 5,100 
2038 2,550 
2039 8,751 
2041 720 
2046 3,000 
2049 4,750 
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NOTE 16 SEGMENT INFORMATION
The accounting policies of the segments are the same as those described in Note 2 – “Significant Accounting Policies and Pronouncements” in the Notes to Consolidated Financial Statements included in the Company’s 2023 Annual Report. The Company measures segment performance primarily based on profit or loss from operations before income taxes. There are no intersegment reinsurance transactions and the Company does not have any material long-lived assets.
The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in the Company’s businesses. As a result of the economic capital allocation process, a portion of investment income is credited to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses.
The Company has geographic-based and business-based operational segments. Geographic-based operations are further segmented into Traditional and Financial Solutions businesses. Information related to revenues, income (loss) before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in millions):
  Three months ended September 30, Nine months ended September 30,
Revenues: 2024 2023 2024 2023
U.S. and Latin America:
Traditional $ 2,137  $ 1,949  $ 6,095  $ 5,693 
Financial Solutions 917  1,115  3,890  1,908 
Total 3,054  3,064  9,985  7,601 
Canada:
Traditional 385  366  1,160  1,098 
Financial Solutions 116  26  244  79 
Total 501  392  1,404  1,177 
Europe, Middle East and Africa:
Traditional 550  471  1,599  1,382 
Financial Solutions 255  160  698  459 
Total 805  631  2,297  1,841 
Asia Pacific:
Traditional 819  801  2,388  2,282 
Financial Solutions 303  130  548  397 
Total 1,122  931  2,936  2,679 
Corporate and Other 169  135  244  262 
Total $ 5,651  $ 5,153  $ 16,866  $ 13,560 
  Three months ended September 30, Nine months ended September 30,
Income (loss) before income taxes: 2024 2023 2024 2023
U.S. and Latin America:
Traditional $ 57  $ 105  $ 347  $ 288 
Financial Solutions (46) 108  54  290 
Total 11  213  401  578 
Canada:
Traditional 29  6  103  70 
Financial Solutions 21  30  34  46 
Total 50  36  137  116 
Europe, Middle East and Africa:
Traditional (17) (60) 12  (29)
Financial Solutions 84  84  220  195 
Total 67  24  232  166 
Asia Pacific:
Traditional 11  134  220  302 
Financial Solutions 93  (16) 48  (9)
Total 104  118  268  293 
Corporate and Other (18) (11) (283) (157)
Total $ 214  $ 380  $ 755  $ 996 
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Assets: September 30, 2024 December 31, 2023
U.S. and Latin America:
Traditional $ 25,871  $ 24,320 
Financial Solutions 30,208  28,385 
Total 56,079  52,705 
Canada:
Traditional 4,707  5,111 
Financial Solutions 5,548  219 
Total 10,255  5,330 
Europe, Middle East and Africa:
Traditional 4,686  4,334 
Financial Solutions 8,291  5,656 
Total 12,977  9,990 
Asia Pacific:
Traditional 9,079  9,925 
Financial Solutions 23,002  14,680 
Total 32,081  24,605 
Corporate and Other 8,866  4,993 
Total $ 120,258  $ 97,623 
NOTE 17 FINANCING ACTIVITIES
On May 13, 2024, the Company issued 5.75% fixed rate Senior Notes due 2034 with a face amount of $650 million and will be used for general corporate purposes. Capitalized issuance costs were $6 million.
NOTE 18 NEW ACCOUNTING STANDARDS
Changes to the general accounting principles are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates to the FASB Accounting Standards Codification™. Accounting standards updates not listed below were assessed and determined to be either not applicable or are expected to have a minimal impact on the Company’s condensed consolidated financial statements.
Description Anticipated Date of Adoption Effect on the Consolidated Financial Statements
Segment Reporting
This standard improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. Early adoption is permitted.

December 31, 2024

The adoption of the new standard will be applied retrospectively to all periods presented in the year of adoption. The adoption of the new standard will expand the Company’s disclosures but will not have an impact on its results of operations or financial position.
Income Taxes
This standard improves income tax disclosure requirements, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation, information on income taxes paid and other disclosure requirements. Early adoption is permitted.

December 31, 2025

The adoption of the new standard will be applied prospectively. Retrospective application is permitted. The adoption of the new standard will expand the Company’s disclosures but will not have an impact on its results of operations or financial position.
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ITEM 2.        MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Cautionary Note Regarding Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance, and growth potential of 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 other filings with the Securities and Exchange Commission (“SEC”).
Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future, except as required under applicable securities law. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the 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.
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Overview
The Company is among the leading global providers of life reinsurance and financial solutions, with $4.0 trillion of life reinsurance in force and assets of $120.3 billion as of September 30, 2024. Traditional reinsurance includes individual and group life and health, disability, and critical illness reinsurance. Financial Solutions includes longevity reinsurance, asset-intensive reinsurance, capital solutions, including financial reinsurance and stable value products. The Company derives revenues primarily from renewal premiums from existing reinsurance treaties, new business premiums from existing or new reinsurance treaties, fee income from Financial Solutions business and income earned on invested assets.
The Company’s Traditional business involves reinsuring life insurance policies that are often in force for the remaining lifetime of the underlying individuals insured, with premiums earned typically over a period of 10 to 30 years. To a lesser extent, the Company also reinsures health business typically reinsured for one to three years. Each year, however, a portion of the business under existing treaties terminates due to, among other things, lapses or voluntary surrenders of underlying policies, deaths of insureds, and the exercise of recapture options by ceding companies. The Company’s Financial Solutions business includes significant asset-intensive and longevity risk transactions, which allow its clients to take advantage of growth opportunities and manage their capital, longevity and investment risk. The Company also works with partners to provide pension plan sponsors solutions that enable them to diversify and protect the benefits provided to the annuitants.
For its traditional business, the Company’s profitability largely depends on the volume and amount of death- and health-related claims incurred and the ability to adequately price the risks it assumes. While death claims are reasonably predictable over a period of many years, claims become less predictable over shorter periods and are subject to significant fluctuation from quarter to quarter and year to year. For longevity business, the Company’s profitability depends on the lifespan of the underlying contract holders and the investment performance for certain contracts. Additionally, the Company generates profits on investment spreads associated with the reinsurance of investment type contracts and generates fees from financial reinsurance transactions, which are typically shorter duration than its traditional life reinsurance business. The Company believes its sources of liquidity are sufficient to cover potential claims payments on both a short-term and long-term basis.
As is customary in the reinsurance business, clients continually update, refine, and revise reinsurance information provided to the Company. Such revised information is used by the Company in preparation of its condensed consolidated financial statements and the financial effects resulting from the incorporation of revised data are reflected in the current period.
Segment Presentation
The Company has geographic-based and business-based operational segments. Geographic-based operations are further segmented into Traditional and Financial Solutions businesses. The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a consistent basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in RGA’s businesses.
As a result of the economic capital allocation process, a portion of investment income is credited to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses. Segment investment performance varies with the composition of investments and the relative allocation of capital to the operating segments.
Segment revenue levels can be significantly influenced by currency fluctuations, large transactions, mix of business and reporting practices of ceding companies, and therefore may fluctuate from period to period. Although reasonably predictable over a period of years, segment claims experience can be volatile over shorter periods. See “Results of Operations by Segment” below for further information about the Company’s segments.
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Consolidated Results of Operations
Results from Operations – 2024 compared to 2023
The following table summarizes net income for the periods presented.
Three months ended September 30, Nine months ended September 30,
(Dollars in millions, except per share data) 2024 2023 2024 vs 2023 2024 2023 2024 vs 2023
Revenues
Net premiums $ 4,391  $ 4,255  $ 136  $ 13,687  $ 10,977  $ 2,710 
Net investment income 1,188  922  266  3,231  2,635  596 
Investment related losses, net (78) (126) 48  (498) (326) (172)
Other revenues 150  102  48  446  274  172 
Total revenues 5,651  5,153  498  16,866  13,560  3,306 
Benefits and expenses
Claims and other policy benefits 4,116  3,959  157  12,960  10,035  2,925 
Future policy benefits remeasurement (gains) losses 151  (82) 233  37  (95) 132 
Market risk benefits remeasurement (gains) losses 31  (21) 52  (12) (38) 26 
Interest credited 310  223  87  795  647  148 
Policy acquisition costs and other insurance expenses 452  348  104  1,230  1,028  202 
Other operating expenses 299  274  25  883  799  84 
Interest expense 78  72  6  218  188  30 
Total benefits and expenses 5,437  4,773  664  16,111  12,564  3,547 
 Income before income taxes
 214  380  (166) 755  996  (241)
Provision for income taxes 56  91  (35) 181  247  (66)
Net income $ 158  $ 289  $ (131) $ 574  $ 749  $ (175)
Net income attributable to noncontrolling interest 2  2  —  5  5  — 
Net income available to RGA, Inc. shareholders $ 156  $ 287  $ (131) $ 569  $ 744  $ (175)
Earnings per share
Basic earnings per share $ 2.37  $ 4.34  $ (1.97) $ 8.64  $ 11.19  $ (2.55)
Diluted earnings per share $ 2.33  $ 4.29  $ (1.96) $ 8.53  $ 11.06  $ (2.53)
Three months ended September 30, 2024 compared to three months ended September 30, 2023
The decrease in income for the three months ended September 30, 2024, was primarily the result of:
•During the third quarter of 2024, the Company completed its annual assumptions review resulting in a loss of $58 million, primarily driven by updated lapse assumptions in India, partially offset by favorable mortality updates in the U.S. and Canada. The 2023 annual assumptions update resulted in a gain of $3 million in the third quarter of 2023. See Note 4 – “Future Policy Benefits” for additional information.
•During the third quarter of 2024, the Company made a decision to increase its per life retention limit from $8 million to $30 million. The current per life retention limit has been effective since 2008. Since then, the Company has grown significantly and further diversified its business, thus increasing the ability to absorb earnings volatility related to claims. Additionally, the recently adopted LDTI accounting standard further reduces earnings volatility related to claims. These factors led to the decision to increase the per life retention limit effective effective January 1, 2025. As a result, the Company expects to recapture business previously retroceded starting in 2025. The increased retention limit and updated recapture assumption resulted in a future policy benefits remeasurement loss of $136 million recognized in the third quarter of 2024. The higher per life retention limit is expected to increase profits in the future. See Note 9 – “Reinsurance” for additional information.
•An increase in policy acquisition costs due to varying increased allowance levels within coinsurance type arrangements and other insurance expenses related to an increase in retrocessions on a funds withheld basis.
•A remeasurement loss of $31 million in the current period related to changes in the fair value of market risk benefits compared to a remeasurement gain of $21 million in the prior year.
•The losses due to changes in assumptions and remeasurement of market risk benefits were partially offset by an increase in net investment income attributable to an increase in average asset base and higher interest rates on new investments.
Nine months ended September 30, 2024 compared to nine months ended September 30, 2023
The decrease in income for the nine months ended September 30, 2024, was primarily the result of:
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•Unfavorable results in the U.S. Financial Solutions business as a result of a non-economic loss recognized at the inception of a single premium pension risk transfer (“PRT”) transaction completed in first quarter of 2024. The non-economic loss at inception is the difference between the single premium received and the valuation of the initial reserve based on interest rates prescribed by U.S. GAAP.
•An increase in investment related losses resulting from portfolio repositioning.
•The increases in claims and other policy benefits and investment related losses were partially offset by an increase in net investment income attributable to an increase in average asset base and higher interest rates on new investments, favorable impacts of in force management actions and higher surrender charges and market value adjustments related to higher lapses on a single premium annuity block of business.
Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations decreased income before income taxes by $2 million for the three months ended September 30, 2024, primarily due to the weakening of the Canadian Dollar and Japanese Yen compared to the U.S. dollar. Foreign currency exchange rate fluctuations increased income before income taxes by $9 million for the nine months ended September 30, 2024, primarily due to the weakening of the Japanese Yen compared to the U.S. dollar. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
Premiums and business growth
The increase in premiums for the three and nine months ended September 30, 2024, was primarily due to single premium pension risk transfer (“PRT”) transactions. The PRT single premiums received were offset by an increase in reserves. The remaining increase in premiums for the three and nine months ended September 30, 2024, was attributable to organic growth on existing treaties and new business production, measured by the face amount of life reinsurance in force, of $403.1 billion and $265.5 billion during the nine months ended September 30, 2024 and 2023, respectively. Consolidated assumed life reinsurance in force increased to $3,966.5 billion as of September 30, 2024, from $3,499.4 billion as of September 30, 2023, primarily due to new business production.
Net investment income and investment related gains (losses), net
The increase in net investment income was primarily attributable to an increase in the average invested asset base and interest rates earned on new investments, partially offset by a decrease in variable investment income associated with joint venture and limited partnership investments:
•The average invested assets at amortized cost, excluding spread related business, totaled $38.2 billion and $35.9 billion in 2024 and 2023, respectively.
•The average yield earned on investments, excluding spread related business, was 5.08% and 4.72% for the three month periods ended September 30, 2024 and 2023, respectively, and 4.81% and 4.62% for the nine months ended September 30, 2024 and 2023, respectively. The increase in yield for the three and nine months ended September 30, 2024, compared to the prior year was attributable to higher new money rates.
The average yield will vary from period to period depending on several variables, including the prevailing risk-free interest rate and credit spread environment, prepayment fees and make-whole premiums, changes in the mix of the underlying investments and cash and cash equivalents balances. Variable investment income from joint ventures and limited partnerships will also vary from period to period and is highly dependent on the timing of dividends and distributions on certain investments. Investment income is allocated to the operating segments based upon average assets and related capital levels deemed appropriate to support segment operations.
The decrease and increase in investment related losses, net for the three and nine months ended September 30, 2024, respectively, was primarily attributable to the following:
•During the three and nine months ended September 30, 2024, the Company repositioned its portfolio generating net capital losses of $41 million and $305 million, respectively, compared to net capital losses of $49 million and $119 million during the three and nine months ended September 30, 2023, respectively.
•The Company uses various derivative instruments such as interest rate swaps, credit default swaps and foreign exchange forwards for risk management purposes that either do not qualify or have not been elected for hedge accounting treatment. Changes in the fair value of these instruments are included in investment related gains (losses), net. During the three and nine months ended September 30, 2024, the fair value of these instruments increased by $87 million and decreased by $131 million respectively, compared to decreases of $98 million and $222 million during the three and nine months ended September 30, 2023. See Note 11 – “Derivative Instruments” for additional information.
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•During the three and nine months ended September 30, 2024, the Company incurred $9 million and $45 million of impairments and change in allowance for credit losses on fixed maturity securities compared to $(7) million and $31 million during the three and nine months of 2023.
•The decrease in investment related losses were partially offset by the following:
◦Changes in the fair value of embedded derivatives associated with modco/funds withheld treaties increased investment related losses by $112 million and $9 million for the three and nine months ended September 30, 2024, respectively, compared to investment related gains of $1 million and $18 million for the three and nine months ended September 30, 2023, respectively.
The effective tax rate was 26.7% and 24.2% for the three and nine months ended September 30, 2024, respectively, compared to 24.2% and 24.9% for the three and nine months ended September 30, 2023. See Note 13 – “Income Tax” for additional information on the Company’s consolidated effective tax rate.
Impact of certain derivatives, market risk benefits and non-economic changes in insurance liabilities on income before taxes
The Company recognizes in consolidated income any changes in the fair value of embedded derivatives on modco or funds withheld treaties and non-economic changes in insurance liabilities, such as the initial loss on PRT transactions, and changes in the fair value of embedded derivatives associated with equity index annuities (“EIAs”). In addition, the Company recognizes the changes in fair value of market risk benefits associated with guaranteed minimum benefit riders in market risk benefits remeasurement gains (losses). The Company utilizes freestanding derivatives to minimize the income statement volatility due to changes in the fair value of market risk benefits associated with guaranteed minimum benefit riders. The following table presents the effect of embedded derivatives, market risk benefits, related freestanding derivatives and non-economic changes in insurance liabilities on income before income taxes for the periods indicated (dollars in millions):
Three months ended September 30, Nine months ended September 30,
2024 2023 2024 vs. 2023 2024 2023 2024 vs. 2023
Modco/Funds withheld:
Change in fair value of funds withheld embedded derivatives $ (112) $ 1  $ (113) $ (9) $ 18  $ (27)
Non-economic changes in insurance liabilities (9) 6  (15) (136) 3  (139)
Market Risk Benefits:
Market risk benefits remeasurement gains (losses) (31) 21  (52) 12  38  (26)
Related freestanding derivatives 23  (42) 65  (29) (82) 53 
Net effect (8) (21) 13  (17) (44) 27 
Total net effect after freestanding derivatives $ (129) $ (14) $ (115) $ (162) $ (23) $ (139)
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Results of Operations by Segment
U.S. and Latin America Operations
The U.S. and Latin America operations consist of two major segments: Traditional and Financial Solutions. The Traditional segment primarily specializes in the reinsurance of individual mortality-risk, health and long-term care, universal life products and to a lesser extent, group reinsurance. The Financial Solutions segment consists of asset-intensive and capital solutions. Asset-intensive includes coinsurance of annuities, corporate-owned life insurance policies, pension risk transfer (“PRT”) group annuity contracts and, to a lesser extent, fee-based synthetic guaranteed investment contracts, which include investment-only, stable value contracts. Capital solutions includes assisting ceding companies in meeting applicable regulatory requirements by enhancing the ceding companies’ financial strength and regulatory surplus position through relatively low risk reinsurance and other transactions. Typically, these transactions do not qualify as reinsurance under GAAP due to the low-risk nature of the transactions; therefore, only the related net fees are reflected in other revenues on the condensed consolidated statements of income.
Three months ended September 30, Nine months ended September 30,
(dollars in millions) 2024 2023 2024 vs 2023 2024 2023 2024 vs 2023
Revenues
Net premiums $ 2,521  $ 2,566  $ (45) $ 8,284  $ 6,111  $ 2,173 
Net investment income 561  494  67  1,592  1,426  166 
Investment related gains (losses), net (106) (61) (45) (100) (111) 11 
Other revenues 78  65  13  209  175  34 
Total revenues 3,054  3,064  (10) 9,985  7,601  2,384 
Benefits and expenses
Claims and other policy benefits 2,364  2,462  (98) 8,056  5,745  2,311 
Future policy benefits remeasurement (gains) losses 58  (45) 103  (30) (19) (11)
Market risk benefits remeasurement (gains) losses 31  (21) 52  (12) (38) 26 
Interest credited 187  156  31  493  454  39 
Policy acquisition costs and other insurance expenses 328  231  97  856  690  166 
Other operating expenses 75  68  7  221  191  30 
Total benefits and expenses 3,043  2,851  192  9,584  7,023  2,561 
Income before income taxes $ 11  $ 213  $ (202) $ 401  $ 578  $ (177)
The decreases in income before income taxes for the third quarter and the first nine months of the year were primarily due to increases in investment related losses and unfavorable impacts of the change in per life retention from $8 million to $30 million in the Traditional segment, partially offset by increases in net investment income, favorable other assumption updates and the net impact of market risk benefits and related derivatives.
The decrease in income before income taxes for the first nine months of the year was primarily due to non-economic changes in insurance liabilities in the Financial Solutions segment and unfavorable impacts of the change in per life retention limit in the Traditional segment, partially offset by increases in net investment income, other assumption updates, management in-force actions and the net impact of market risk benefits and related derivatives. The non-economic change in insurance liabilities was primarily related to the initial loss recognized at the inception of a single premium PRT transaction completed in the first quarter of 2024. The non-economic loss at inception is the difference between the single premium received and the valuation of the initial reserve based on interest rates prescribed by U.S. GAAP.
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Traditional Reinsurance
Three months ended September 30, Nine months ended September 30,
(dollars in millions) 2024 2023 2024 vs 2023 2024 2023 2024 vs 2023
Revenues
Net premiums $ 1,912  $ 1,746  $ 166  $ 5,454  $ 5,111  $ 343 
Net investment income 226  195  31  634  568  66 
Investment related gains (losses), net (22) 2  (24) (28) —  (28)
Other revenues 21  6  15  35  14  21 
Total revenues 2,137  1,949  188  6,095  5,693  402 
Benefits and expenses
Claims and other policy benefits 1,712  1,611  101  4,960  4,650  310 
Future policy benefits remeasurement (gains) losses 46  (20) 66  (41) 11  (52)
Market risk benefits remeasurement (gains) losses —  —  —  —  —  — 
Interest credited 45  19  26  83  55  28 
Policy acquisition costs and other insurance expenses 223  184  39  584  546  38 
Other operating expenses 54  50  4  162  143  19 
Total benefits and expenses 2,080  1,844  236  5,748  5,405  343 
Income before income taxes $ 57  $ 105  $ (48) $ 347  $ 288  $ 59 
Key metrics
Life reinsurance in force $1,834.5 billion $1,693.1 billion
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions $ 53  $ 17  $ 53  $ 17 
Effect of actual variances from expected experience $ (7) $ (37) $ (94) $ (6)
Loss ratio (1)
 91.9  % 91.1  % 90.2  % 91.2  %
Policy acquisition costs and other insurance expenses as a percentage of net premiums 11.7  % 10.5  % 10.7  % 10.7  %
Other operating expenses as a percentage of net premiums 2.8  % 2.9  % 3.0  % 2.8  %
(1)Includes Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
The decrease in income before income taxes for the third quarter of 2024 was primarily the result of unfavorable impacts of the change in per life retention from $8 million to $30 million and investment related losses due to portfolio repositioning, partially offset by net favorable assumption updates and management in-force actions. The increase in income before income taxes for the first nine months of 2024 was primarily the result of favorable claims experience period over period primarily within the U.S. Individual Life business, management in-force actions and assumption updates, partially offset by unfavorable impacts of the change in retention and investment related losses due to portfolio repositioning.
Revenues
•The increase in net premiums was primarily due to organic growth and new business, as well as the recapture of a large retrocession treaty, effective April 1, 2023. The segment added new life business, measured by face amount of life reinsurance in force, of $226.9 billion and $106.4 billion during the first nine months of 2024 and 2023, respectively.
•The increase in other revenues was due to transaction and other fees related to a large in-force transaction completed during the quarter.
•The increases in net investment income during the three and nine months ended September 30, 2024, were primarily due to a higher invested asset base in 2024 due to new business growth and higher yields.
Benefits and expenses
•The change in future policy benefits remeasurement (gains) losses for during the third quarter of 2024 was primarily the result of unfavorable impacts of the change in the Company’s per life retention limit which resulted in a loss of $83 million, partially offset by net favorable assumption updates totaling $30 million and a management in-force transaction within the U.S. Individual Life business. The change in future policy benefits remeasurement (gains) losses for the first nine months of 2024 was attributable to favorable claims experience period over period, primarily within the U.S. Individual Life business, favorable impacts of in-force management actions and net favorable mortality assumption updates, partially offset by unfavorable impacts of the change in the retention limit.
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•The increase in policy acquisition costs and other insurance expenses as a percentage of net premiums was primarily due to varying allowance levels within coinsurance type arrangements and the mix of new business between coinsurance versus yearly renewable term.
Financial Solutions
Three months ended September 30, Nine months ended September 30,
(dollars in millions) 2024 2023 2024 vs 2023 2024 2023 2024 vs 2023
Revenues
Net premiums $ 609  $ 820  $ (211) $ 2,830  $ 1,000  $ 1,830 
Net investment income 335  299  36  958  858  100 
Investment related gains (losses), net (84) (63) (21) (72) (111) 39 
Other revenues 57  59  (2) 174  161  13 
Total revenues 917  1,115  (198) 3,890  1,908  1,982 
Benefits and expenses
Claims and other policy benefits 652  851  (199) 3,096  1,095  2,001 
Future policy benefits remeasurement (gains) losses 12  (25) 37  11  (30) 41 
Market risk benefits remeasurement (gains) losses 31  (21) 52  (12) (38) 26 
Interest credited 142  137  5  410  399  11 
Policy acquisition costs and other insurance expenses 105  47  58  272  144  128 
Other operating expenses 21  18  3  59  48  11 
Total benefits and expenses 963  1,007  (44) 3,836  1,618  2,218 
Income before income taxes $ (46) $ 108  $ (154) $ 54  $ 290  $ (236)
The decreases in income before income taxes for the U.S. and Latin America Financial Solutions segment for the three and nine months ended September 30, 2024, were driven by the decline in the invested asset base, increases in other insurance expenses due to increases in retrocessions to Ruby Re, and non-economic changes in insurance liabilities, partially offset by increases in net investment income and the net impact of market risk benefits and related derivatives.
The invested asset base supporting asset-intensive transactions decreased to $22.1 billion as of September 30, 2024, from $23.0 billion as of September 30, 2023.
•The decrease in the asset base was primarily due to $1.8 billion in net run off of existing in-force transactions and $2.8 billion associated with an in-force retrocession transaction, partially offset by $3.9 billion from new transactions.
•As of September 30, 2024 and 2023, $3.4 billion and $3.8 billion, respectively, of the invested assets were funds withheld at interest, of which greater than 90% was associated with two clients.
As of September 30, 2024 and 2023, the amount of reinsurance assumed in capital solutions transactions, as measured by pre-tax statutory surplus, risk based capital and other financial structures was $29.5 billion and $25.9 billion, respectively.
Impact of certain derivatives, market risk benefits and non-economic changes in insurance liabilities
Income from the Financial Solutions business tends to be volatile due to the impact of certain items such as changes in the fair value of certain derivatives, including embedded derivatives associated with reinsurance treaties structured on a modco or funds withheld basis, non-economic changes in insurance liabilities, which include the initial loss on PRT transactions and changes in the fair value of embedded derivatives associated with the Company’s reinsurance of EIAs, and changes in the fair value of market risk benefits associated with guaranteed minimum benefit riders. Fluctuations occur period to period primarily due to changing investment conditions including, but not limited to, interest rate movements (including risk-free rates and credit spreads), implied volatility and equity market performance, all of which are factors in the calculations of the fair value of the assets and liabilities.
The following table summarizes the U.S. and Latin America Financial Solutions results and quantifies the impact of these embedded derivatives, market risk benefits and non-economic changes in insurance liabilities for the periods presented. Revenues before the impact of certain items should not be viewed as substitutes for GAAP revenues, GAAP benefits and expenses and GAAP income before income taxes.
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(dollars in millions) Three months ended September 30, Nine months ended September 30,
  2024 2023 2024 vs 2023 2024 2023 2024 vs 2023
Revenues
Total revenues $ 917  $ 1,115  $ (198) $ 3,890  $ 1,908  $ 1,982 
Less:
Embedded derivatives – modco/funds withheld treaties (90) (1) (89) 18  18  — 
Derivatives hedging market risk benefits 23  (44) 67  (28) (86) 58 
Revenues before impact of certain items 984  1,160  (176) 3,900  1,976  1,924 
Benefits and expenses
Total benefits and expenses 963  1,007  (44) 3,836  1,618  2,218 
Less:
Non-economic changes in insurance liabilities 9  (6) 15  136  (10) 146 
Market risk benefits remeasurement (gains) losses 31  (21) 52  (12) (38) 26 
Benefits and expenses before impact of certain items 923  1,034  (111) 3,712  1,666  2,046 
Income before income taxes:
Income before income taxes (46) 108  (154) 54  290  (236)
Less:
Embedded derivatives – modco/funds withheld treaties (90) (1) (89) 18  18  — 
Non-economic changes in insurance liabilities (9) 6  (15) (136) 10  (146)
Market risk benefits remeasurement (gains) losses and related freestanding derivatives (8) (23) 15  (16) (48) 32 
Income before income taxes and certain items $ 61  $ 126  $ (65) $ 188  $ 310  $ (122)
Embedded Derivatives – Modco/Funds Withheld Treaties – Represents the change in the fair value of embedded derivatives on funds withheld at interest associated with treaties written on a modco or funds withheld basis. The Company’s utilization of a credit valuation adjustment did not have a material effect on the change in fair value of these embedded derivatives for the three and nine months ended September 30, 2024 and 2023.
The change in fair value of the embedded derivatives related to modco/funds withheld treaties increased (decreased) income before income taxes by $(90) million and $(1) million for the three months ended September 30, 2024, respectively, and increased income before income taxes by $18 million for each of the nine months ended September 30, 2024 and 2023, respectively. The decrease in income for the three months ended September 30, 2024, was due to the impact of declining interest rates on funds withheld liabilities.
Non-Economic Changes in Insurance Liabilities – Non-economic changes in insurance liabilities include the initial loss on PRT transactions, net of amortization, and changes in the fair value of embedded derivatives associated with the Company’s reinsurance of EIAs. The initial loss at inception of a PRT transaction is the difference between the single premium received and the valuation of the initial reserve based on interest rates prescribed by U.S. GAAP.
Market Risk Benefits – Represents the impact related to market risk benefits, which consist of guaranteed minimum benefits associated with the Company’s reinsurance of variable and equity-indexed annuities. The fair value changes of market risk benefits along with the changes in fair value of the freestanding derivatives (interest rate swaps, financial futures and equity options) purchased by the Company to substantially hedge the liability are reflected in revenues. The change in fair value of market risk benefits for guaranteed minimum benefits, after allowing for changes in the associated freestanding derivatives, decreased income before income taxes for the three and nine months ended September 30, 2024, by $8 million and $16 million, respectively. The changes in fair value of the market risk benefits decreased income before income taxes by $23 million and $48 million for the three and nine months ended September 30, 2023, respectively.
Discussion and analysis before certain derivatives, market risk benefits and non-economic changes in insurance liabilities
The impact of certain derivatives, market risk benefits and non-economic changes in insurance liabilities discussed above are considered unrealized and non-economic by management and do not affect current cash flows, crediting rates or performance on the underlying treaties. Fluctuations occur period to period primarily due to changing investment conditions including, but not limited to, interest rate movements (including benchmark rates and credit spreads), implied volatility and equity market performance, all of which are factors in the calculations of fair value. Therefore, management believes it is helpful to distinguish between the effects of these items and the primary factors that drive profitability of the underlying treaties, which are investment income, fee income (included in other revenues) and interest credited.
•Income before income taxes and certain items decreased by $65 million and $122 million for the three and nine months ended September 30, 2024, as compared to the same periods in 2023, primarily due to increases in realized investment related losses and the decline in the invested asset base.
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•Revenue before certain items decreased by $176 million and increased by $1,924 million for the three and nine months ended September 30, 2024, as compared to the same periods in 2023. The decrease in the quarter ended September 30, 2024, was primarily due to less premiums recognized from PRT transactions compared to the prior year. The increase was primarily due to premiums recognized on PRT transactions, which was offset by a corresponding increase in reserves.
•Benefits and expenses before certain items decreased by $111 million and increased by $2,046 million for the three and nine months ended September 30, 2024, as compared to the same periods in 2023. The decrease in the third quarter of 2024 was primarily due to less liabilities for future policy benefits established on associated PRT transactions. The increase was primarily due to the establishment of liabilities for future policy benefits associated with PRT transactions.
Canada Operations
The Canada operations are primarily engaged in traditional reinsurance, which consists mainly of traditional individual life reinsurance, and to a lesser extent, creditor, group life and health, critical illness and disability reinsurance. Creditor insurance covers the outstanding balance on personal, mortgage or commercial loans in the event of death, disability or critical illness and is generally shorter in duration than traditional individual life insurance. The Canada Financial Solutions segment consists of longevity and capital solutions.
Three months ended September 30, Nine months ended September 30,
(dollars in millions) 2024 2023 2024 vs 2023 2024 2023 2024 vs 2023
Revenues
Net premiums $ 363  $ 324  $ 39  $ 1,078  $ 972  $ 106 
Net investment income 115  63  52  289  187  102 
Investment related gains (losses), net 18  —  18  19  6  13 
Other revenues 5  5  —  18  12  6 
Total revenues 501  392  109  1,404  1,177  227 
Benefits and expenses
Claims and other policy benefits 386  302  84  1,081  895  186 
Future policy benefits remeasurement (gains) losses (4) (7) 3  (6) (12) 6 
Market risk benefits remeasurement (gains) losses —  —  —  —  —  — 
Interest credited 1  1  —  1  1  — 
Policy acquisition costs and other insurance expenses 53  47  6  151  140  11 
Other operating expenses 15  13  2  40  37  3 
Total benefits and expenses 451  356  95  1,267  1,061  206 
Income before income taxes $ 50  $ 36  $ 14  $ 137  $ 116  $ 21 
The increase in income before income taxes for the three months ended September 30, 2024, was primarily due to higher investment related gains, partially offset by lower future policy benefits remeasurement gains. The increase in income before income taxes for the nine months ended September 30, 2024, was primarily due to favorable experience on group business and higher investment related gains, partially offset by lower future policy benefits remeasurement gains.
For the three and nine months ended September 30, 2024, the increases in net premiums, net investment income, investment related gains (losses), net, other revenues, claims and other policy benefits and policy acquisition costs and other insurance expenses were due to a new financial solutions transaction executed in the second quarter of 2024.
Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations resulted in decreases in income before income taxes of $2 million for the three and nine months ended September 30, 2024. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
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Traditional Reinsurance
Three months ended September 30, Nine months ended September 30,
(dollars in millions) 2024 2023 2024 vs 2023 2024 2023 2024 vs 2023
Revenues
Net premiums $ 314  $ 302  $ 12  $ 958  $ 904  $ 54 
Net investment income 68  62  6  193  184  9 
Investment related gains (losses), net 1  —  1  3  6  (3)
Other revenues 2  2  —  6  4  2 
Total revenues 385  366  19  1,160  1,098  62 
Benefits and expenses
Claims and other policy benefits 296  284  12  883  836  47 
Future policy benefits remeasurement (gains) losses (4) 16  (20) (6) 18  (24)
Market risk benefits remeasurement (gains) losses —  —  —  —  —  — 
Interest credited 1  1  —  1  1  — 
Policy acquisition costs and other insurance expenses 48  46  2  141  138  3 
Other operating expenses 15  13  2  38  35  3 
Total benefits and expenses 356  360  (4) 1,057  1,028  29 
Income before income taxes $ 29  $ 6  $ 23  $ 103  $ 70  $ 33 
Key metrics
Life reinsurance in force $499.6 billion $477.2 billion
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions $ (2) $ 13  $ (2) $ 13 
Effect of actual variances from expected experience $ (2) $ 3  $ (4) $ 5 
Loss ratio (1)
 93.0  % 99.3  % 91.5  % 94.5  %
Policy acquisition costs and other insurance expenses as a percentage of net premiums 15.3  % 15.2  % 14.7  % 15.3  %
Other operating expenses as a percentage of net premiums 4.8  % 4.3  % 4.0  % 3.9  %
(1)Includes Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
The increase in income before income taxes for the three months ended September 30, 2024, was primarily due to future policy benefits remeasurement gains as compared to future policy benefits remeasurement losses in the third quarter of 2023. The increase in income before income taxes for the nine months ended September 30, 2024, was primarily due to favorable experience on group business and future policy benefits remeasurement gains as compared to future policy benefits remeasurement losses in 2023, partially offset by lower investment related gains.
Revenues
•The increase in net premiums for the three and nine months ended September 30, 2024, was primarily due to new group business and organic growth on all lines of business.
•The segment added new life business, measured by face amount of life reinsurance in force, of $35.7 billion and $33.0 billion during the first nine months of 2024 and 2023, respectively.
•The increase in net investment income for the nine months ended September 30, 2024, was primarily due to an increase in the invested asset base.
Benefits and expenses
•The changes in future policy benefits remeasurement (gains) losses for the three and nine months ended September 30, 2024, were primarily the result of net favorable assumption updates totaling $30 million primarily attributable to updated mortality assumptions, partially offset by unfavorable impacts of the change in the Company’s per life retention limit which resulted in a loss of $25 million. The decrease in the loss ratio for the nine months ended September 30, 2024, was primarily due to favorable experience on group line of business and future policy benefits remeasurement gains as compared to future policy benefits remeasurement losses in 2023.

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Financial Solutions
Three months ended September 30, Nine months ended September 30,
(dollars in millions) 2024 2023 2024 vs 2023 2024 2023 2024 vs 2023
Revenues
Net premiums $ 49  $ 22  $ 27  $ 120  $ 68  $ 52 
Net investment income 47  1  46  96  3  93 
Investment related gains (losses), net 17  —  17  16  —  16 
Other revenues 3  3  —  12  8  4 
Total revenues 116  26  90  244  79  165 
Benefits and expenses
Claims and other policy benefits 90  18  72  198  59  139 
Future policy benefits remeasurement (gains) losses —  (23) 23  —  (30) 30 
Market risk benefits remeasurement (gains) losses —  —  —  —  —  — 
Interest credited —  —  —  —  —  — 
Policy acquisition costs and other insurance expenses 5  1  4  10  2  8 
Other operating expenses —  —  —  2  2  — 
Total benefits and expenses 95  (4) 99  210  33  177 
Income before income taxes $ 21  $ 30  $ (9) $ 34  $ 46  $ (12)
Key metrics
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions $ —  $ (22) $ —  $ (22)
Effect of actual variances from expected experience $ —  $ (1) $ —  $ (8)
The decreases in income before income taxes for the three and nine months ended September 30, 2024, were due to a decrease in future policy benefits remeasurement gains, partially offset by higher investment related gains. For the three and nine months ended September 30, 2024, the increases in net premiums, net investment income, investment related gains (losses), net, other revenues, claims and other policy benefits and policy acquisition costs and other insurance expenses were due to a new transaction executed in the second quarter of 2024.
Europe, Middle East and Africa Operations
The Europe, Middle East and Africa (“EMEA”) operations consists of two major segments: Traditional and Financial Solutions. The Traditional segment primarily provides reinsurance through yearly renewable term and coinsurance agreements on a variety of life, health and critical illness products. Reinsurance agreements may be facultative or automatic agreements covering primarily individual risks and, in some markets, group risks. The Financial Solutions segment consists of reinsurance and other transactions associated with longevity closed blocks, payout annuities, capital management solutions and financial reinsurance.
Three months ended September 30, Nine months ended September 30,
(dollars in millions) 2024 2023 2024 vs 2023 2024 2023 2024 vs 2023
Revenues
Net premiums $ 689  $ 565  $ 124  $ 1,987  $ 1,647  $ 340 
Net investment income 117  79  38  317  216  101 
Investment related gains (losses), net (3) (21) 18  (30) (36) 6 
Other revenues 2  8  (6) 23  14  9 
Total revenues 805  631  174  2,297  1,841  456 
Benefits and expenses
Claims and other policy benefits 620  524  96  1,763  1,469  294 
Future policy benefits remeasurement (gains) losses 35  10  25  40  —  40 
Market risk benefits remeasurement (gains) losses —  —  —  —  —  — 
Interest credited 6  (2) 8  20  (4) 24 
Policy acquisition costs and other insurance expenses 31  27  4  94  70  24 
Other operating expenses 46  48  (2) 148  140  8 
Total benefits and expenses 738  607  131  2,065  1,675  390 
Income before income taxes $ 67  $ 24  $ 43  $ 232  $ 166  $ 66 
The increases in income before income taxes for the three and nine months ended September 30, 2024, were primarily due to increased net premiums and net investment income, partially offset by increased claims and other policy benefits and increased policy acquisition costs and other insurance expenses.
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Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations resulted in a $1 million increase in income before income taxes for the three months ended September 30, 2024, and a $4 million increase in income before income taxes for the nine months ended September 30, 2024. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
Traditional Reinsurance
Three months ended September 30, Nine months ended September 30,
(dollars in millions) 2024 2023 2024 vs 2023 2024 2023 2024 vs 2023
Revenues
Net premiums $ 521  $ 447  $ 74  $ 1,514  $ 1,314  $ 200 
Net investment income 30  23  7  84  69  15 
Investment related gains (losses), net —  —  —  —  —  — 
Other revenues (1) 1  (2) 1  (1) 2 
Total revenues 550  471  79  1,599  1,382  217 
Benefits and expenses
Claims and other policy benefits 472  429  43  1,360  1,202  158 
Future policy benefits remeasurement (gains) losses 35  43  (8) 36  47  (11)
Market risk benefits remeasurement (gains) losses —  —  —  —  —  — 
Interest credited —  —  —  —  —  — 
Policy acquisition costs and other insurance expenses 29  25  4  88  64  24 
Other operating expenses 31  34  (3) 103  98  5 
Total benefits and expenses 567  531  36  1,587  1,411  176 
Income before income taxes $ (17) $ (60) $ 43  $ 12  $ (29) $ 41 
Key metrics
Life reinsurance in force $1,027.5 billion $814.5 billion
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions $ 40  $ 47  $ 40  $ 47 
Effect of actual variances from expected experience $ (5) $ (4) $ (4) $ — 
Loss ratio (1)
 97.3  % 105.6  % 92.2  % 95.1  %
Policy acquisition costs and other insurance expenses as a percentage of net premiums 5.6  % 5.6  % 5.8  % 4.9  %
Other operating expenses as a percentage of net premiums 6.0  % 7.6  % 6.8  % 7.5  %
(1)Includes Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
The increases in income before income taxes for the three and nine months ended September 30, 2024, were primarily due to increased net premiums and net investment income, decreased future policy benefits remeasurement losses, which includes the impact of changes in cash flow assumptions, partially offset by increased claims and other policy benefits and increased policy acquisition costs and other insurance expenses.
Revenues
•The increases in net premiums for the three and nine months ended September 30, 2024, were primarily due to increased business volume on new and existing treaties.
•The segment added new life business production, measured by face amount of life reinsurance in force, of $89.0 billion and $97.6 billion during the nine months ended September 30, 2024 and 2023, respectively.
Benefits and expenses
•The changes in future policy benefits remeasurement (gains) losses for the three and nine months of 2024 were primarily the result of unfavorable impacts of the change in the Company’s per life retention limit, which resulted in a loss of $15 million, and net unfavorable assumption updates totaling $25 million primarily attributable to updated lapse assumptions in the United Kingdom, partially offset by favorable claims experience in the United Kingdom and Continental Europe.
•The decreases in the loss ratios for the three and nine months ended September 30, 2024, were primarily due to favorable mortality and morbidity claims experience.
•The increase in policy acquisition costs and other insurance expenses as a percentage of net premiums for the nine months ended September 30, 2024, was primarily due to an increase in premiums with higher allowances.
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Financial Solutions
Three months ended September 30, Nine months ended September 30,
(dollars in millions) 2024 2023 2024 vs 2023 2024 2023 2024 vs 2023
Revenues
Net premiums $ 168  $ 118  $ 50  $ 473  $ 333  $ 140 
Net investment income 87  56  31  233  147  86 
Investment related gains (losses), net (3) (21) 18  (30) (36) 6 
Other revenues 3  7  (4) 22  15  7 
Total revenues 255  160  95  698  459  239 
Benefits and expenses
Claims and other policy benefits 148  95  53  403  267  136 
Future policy benefits remeasurement (gains) losses —  (33) 33  4  (47) 51 
Market risk benefits remeasurement (gains) losses —  —  —  —  —  — 
Interest credited 6  (2) 8  20  (4) 24 
Policy acquisition costs and other insurance expenses 2  2  —  6  6  — 
Other operating expenses 15  14  1  45  42  3 
Total benefits and expenses 171  76  95  478  264  214 
Income before income taxes $ 84  $ 84  $ —  $ 220  $ 195  $ 25 
Key metrics
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions $ 3  $ (34) $ 3  $ (34)
Effect of actual variances from expected experience $ (3) $ 1  $ 1  $ (13)
The increase in income before income taxes for the nine months ended September 30, 2024, was primarily due to increases in net investment income and growth in closed longevity business, partially offset by future policy benefits remeasurement losses.
Revenues
•The increases in net premiums for the three and nine months ended September 30, 2024, were primarily due to increased volumes of closed block longevity transactions.
•The increases in net investment income for the three and nine months ended September 30, 2024, were primarily related to an increase in invested assets and higher yields from fixed-income securities.
•The decreases in investment related losses for the three and nine months ended September 30, 2024, were attributable to lower investment related losses on fixed-income security sales associated with portfolio repositioning and fluctuations in the fair market value of CPI swap derivatives due to changes in future inflation expectations.
Benefits and expenses
•The increases in claims other policy benefits the three and nine months ended September 30, 2024, were the result of increased volumes of closed block longevity and asset-intensive transactions.
•During the third quarter of 2024 and 2023, the Company completed its annual assumption review, and there was an immaterial change in assumptions in the current period compared to a $34 million remeasurement gain recognized in 2023.


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Asia Pacific Operations
The Asia Pacific operations include business generated by its offices throughout Asia and Australia. The Traditional segment’s principal types of reinsurance include individual and group life and health, critical illness, disability and superannuation. Reinsurance agreements may be facultative or automatic agreements covering primarily individual risks, and in some markets, group risks. Superannuation is the Australian government mandated compulsory retirement savings program. Superannuation funds accumulate retirement funds for employees, and, in addition, typically offer life and disability insurance coverage. The Financial Solutions segment includes financial reinsurance, asset-intensive and certain disability and life blocks.
Three months ended September 30, Nine months ended September 30,
(dollars in millions) 2024 2023 2024 vs 2023 2024 2023 2024 vs 2023
Revenues
Net premiums $ 818  $ 800  $ 18  $ 2,338  $ 2,247  $ 91 
Net investment income 249  177  72  658  533  125 
Investment related gains (losses), net 23  (65) 88  (219) (162) (57)
Other revenues 32  19  13  159  61  98 
Total revenues 1,122  931  191  2,936  2,679  257 
Benefits and expenses
Claims and other policy benefits 746  671  75  2,060  1,926  134 
Future policy benefits remeasurement (gains) losses 62  (40) 102  33  (64) 97 
Market risk benefits remeasurement (gains) losses —  —  —  —  —  — 
Interest credited 75  54  21  175  154  21 
Policy acquisition costs and other insurance expenses 71  67  4  213  192  21 
Other operating expenses 64  61  3  187  178  9 
Total benefits and expenses 1,018  813  205  2,668  2,386  282 
Income before income taxes $ 104  $ 118  $ (14) $ 268  $ 293  $ (25)
The decreases in income before taxes for the three and nine months ended September 30, 2024, were primarily due to future policy benefits remeasurement losses, partially offset by higher net premiums.
Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations resulted in no impact for the three months ended September 30, 2024, and a $8 million increase in income before income taxes during the nine months ended September 30, 2024. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
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Traditional Reinsurance
Three months ended September 30, Nine months ended September 30,
(dollars in millions) 2024 2023 2024 vs 2023 2024 2023 2024 vs 2023
Revenues
Net premiums $ 756  $ 737  $ 19  $ 2,180  $ 2,076  $ 104 
Net investment income 65  60  5  191  183  8 
Investment related gains (losses), net 1  1  —  2  6  (4)
Other revenues (3) 3  (6) 15  17  (2)
Total revenues 819  801  18  2,388  2,282  106 
Benefits and expenses
Claims and other policy benefits 656  604  52  1,849  1,746  103 
Future policy benefits remeasurement (gains) losses 53  (39) 92  25  (62) 87 
Market risk benefits remeasurement (gains) losses —  —  —  —  —  — 
Interest credited —  —  —  —  —  — 
Policy acquisition costs and other insurance expenses 44  46  (2) 131  136  (5)
Other operating expenses 55  56  (1) 163  160  3 
Total benefits and expenses 808  667  141  2,168  1,980  188 
Income before income taxes $ 11  $ 134  $ (123) $ 220  $ 302  $ (82)
Key metrics
Life reinsurance in force $572.2 billion $501.8 billion
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions $ 109  $ (2) $ 109  $ (2)
Effect of actual variances from expected experience $ (56) $ (37) $ (84) $ (60)
Loss ratio (1)
 93.8  % 76.7  % 86.0  % 81.1  %
Policy acquisition costs and other insurance expenses as a percentage of net premiums 5.8  % 6.2  % 6.0  % 6.6  %
Other operating expenses as a percentage of net premiums 7.3  % 7.6  % 7.5  % 7.7  %
(1)Includes Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
The decreases in income before income taxes for the three and nine months ended September 30, 2024, were primarily the result of higher losses from future policy benefits remeasurement and increased claims and other policy benefits, partially offset by higher net premiums.
Revenues
•The increase in net premiums was primarily due to continued business growth in the segment.
•The segment added new life business production, measured by face amount of life reinsurance in force, of $42.2 billion and $25.7 billion during the nine months ended September 30, 2024 and 2023, respectively.
Benefits and expenses
•The increases in the loss ratio for the three and nine months ended September 30, 2024, were primarily due to unfavorable impact of annual assumption review of $82 million primarily attributable to updated lapse assumption in India and the unfavorable impacts of the change in the Company’s retention limit which resulted in a loss of $13 million, partially offset by favorable underlying underwriting experience.

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Financial Solutions
Three months ended September 30, Nine months ended September 30,
(dollars in millions) 2024 2023 2024 vs 2023 2024 2023 2024 vs 2023
Revenues
Net premiums $ 62  $ 63  $ (1) $ 158  $ 171  $ (13)
Net investment income 184  117  67  467  350  117 
Investment related gains (losses), net 22  (66) 88  (221) (168) (53)
Other revenues 35  16  19  144  44  100 
Total revenues 303  130  173  548  397  151 
Benefits and expenses
Claims and other policy benefits 90  67  23  211  180  31 
Future policy benefits remeasurement (gains) losses 9  (1) 10  8  (2) 10 
Market risk benefits remeasurement (gains) losses —  —  —  —  —  — 
Interest credited 75  54  21  175  154  21 
Policy acquisition costs and other insurance expenses 27  21  6  82  56  26 
Other operating expenses 9  5  4  24  18  6 
Total benefits and expenses 210  146  64  500  406  94 
Income (loss) before income taxes $ 93  $ (16) $ 109  $ 48  $ (9) $ 57 
Key metrics
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions $ 9  $ —  $ 9  $ — 
Effect of actual variances from expected experience $ —  $ (1) $ (1) $ (2)
The increases in income (loss) before income taxes for the three and nine months ended September 30, 2024, were driven by investment related gains (losses) and surrender charges and market value adjustments from higher lapses on a single premium annuity block of business.
The invested asset base supporting asset-intensive transactions increased to $23.2 billion as of September 30, 2024, from $14.4 billion as of September 30, 2023. The increase in the asset base compared to September 30, 2023, was primarily due to approximately $7.3 billion from recently executed transactions and net organic growth of $1.5 billion from existing in force blocks. The amount of reinsurance assumed from client companies, as measured by pre-tax statutory surplus, risk based capital and other financial reinsurance structures was $1.9 billion and $1.1 billion for the nine months ended September 30, 2024 and 2023, respectively. Fees earned from this business can vary significantly depending on the size, complexity, and timing of the transactions and, therefore, can fluctuate from period to period.
Revenues
•The increase in net investment income was the result of a growing asset base.
•The increase in investment related gains (losses), net for the three months ended September 30, 2024, was attributable to an increase in the fair value of derivatives of $141 million, largely driven by the strengthening of the Japanese Yen, partially offset by net losses from investment activity of $57 million, primarily due to higher lapses and portfolio repositioning on recently executed transactions. The decrease in investment related gains (losses), net for the nine months ended September 30, 2024, was related to net losses from investment activity of $98 million, largely attributable to higher lapses and portfolio repositioning, partially offset by an increase in the fair value of derivatives of $42 million, primarily driven by the strengthening of the Japanese Yen. Investment losses associated with higher lapses were offset by surrender charges and market value adjustments.
•The increases in other revenues for the three and nine months ended September 30, 2024, were due to surrender charges and market value adjustments from higher lapses on a single premium annuity block of business.
Benefits and expenses
•The increase in claims and other policy benefits, interest credited, policy acquisition costs and other insurance expenses for the three and nine months ended September 30, 2024, were the result of new asset-intensive transactions.

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Corporate and Other
Corporate and Other revenues primarily include investment income from unallocated invested assets, investment related gains and losses and service fees. Corporate and Other expenses consist of the offset to capital charges allocated to the operating segments within the policy acquisition costs and other insurance income line item, unallocated overhead and executive costs, interest expense related to debt and service business expenses. Additionally, Corporate and Other includes results from the Company’s Funding Agreement Backed Notes (“FABN”) program and certain wholly-owned subsidiaries that, among other activities, develop and market technology and provide consulting and outsourcing solutions for the insurance and reinsurance industries. The Company invests in this area in an effort to both support its clients and accelerate the development of innovative solutions and services to increase consumer engagement within the life insurance industry and hence generate new future revenue streams.
Three months ended September 30, Nine months ended September 30,
(dollars in millions) 2024 2023 2024 vs 2023 2024 2023 2024 vs 2023
Revenues
Net premiums $ —  $ —  $ —  $ —  $ —  $ — 
Net investment income 146  109  37  375  273  102 
Investment related gains (losses), net (10) 21  (31) (168) (23) (145)
Other revenues 33  5  28  37  12  25 
Total revenues 169  135  34  244  262  (18)
Benefits and expenses
Claims and other policy benefits —  —  —  —  —  — 
Future policy benefits remeasurement (gains) losses —  —  —  —  —  — 
Market risk benefits remeasurement (gains) losses —  —  —  —  —  — 
Interest credited 41  14  27  106  42  64 
Policy acquisition costs and other insurance expenses (31) (24) (7) (84) (64) (20)
Other operating expenses 99  84  15  287  253  34 
Interest expense 78  72  6  218  188  30 
Total benefits and expenses 187  146  41  527  419  108 
Loss before income taxes $ (18) $ (11) $ (7) $ (283) $ (157) $ (126)
The increase in loss before income taxes for the three months ended September 30, 2024, was primarily attributable to increases in investment related losses, net and interest credited, partially offset by higher net investment income and other revenues. The increase in loss before income taxes for the nine months ended September 30, 2024, was primarily attributable to increases in investment related losses, interest credited, other operating expenses and interest expense, partially offset by higher net investment income and other revenues.
Revenues
•The increases in net investment income for the three and nine months ended September 30, 2024, were the result of higher income on Corporate invested assets due to a higher asset base.
•The increase in investment related gains (losses), net for the three months ended September 30, 2024, was primarily attributable to a decrease in change in fair value of derivatives in 2024, compared to an increase in 2023. The increase in investment related gains (losses), net for the nine months ended September 30, 2024, was primarily attributable to losses on sales of fixed maturity securities in 2024.
•The increases in other revenues for the three and nine months ended September 30, 2024, were primarily attributable to favorable foreign currency fluctuations in 2024.
Expenses
•The increases in interest credited for the three and nine months ended September 30, 2024, were primarily attributable to new FABN issuances.
•The increase in other operating expenses for the nine months ended September 30, 2024, was primarily attributable to an increase in compensation expense.
•The increase in interest expense for the nine months ended September 30, 2024, was primarily attributable to an increase in outstanding debt.

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Liquidity and Capital Resources
Overview
The Company believes that cash flows from the source of funds available to it will provide sufficient cash flows for the next twelve months to satisfy the current liquidity requirements of the Company under various scenarios that include the potential risk of early recapture of reinsurance treaties, market events and higher than expected claims. The Company performs periodic liquidity stress testing to ensure its asset portfolio includes sufficient high quality liquid assets that could be utilized to bolster its liquidity position under stress scenarios. These assets could be utilized as collateral for secured borrowing transactions with various third parties or by selling the securities in the open market if needed. The Company’s liquidity requirements have been and will continue to be funded through net cash flows from operations. However, in the event of significant unanticipated cash requirements beyond normal liquidity needs, the Company has multiple liquidity alternatives available based on market conditions and the amount and timing of the liquidity need. These alternatives include the sale of invested assets subject to market conditions, borrowings under committed credit facilities, secured borrowings, and if necessary, issuing long-term debt, preferred securities or common equity.
Current Market Environment
The Company’s average investment yield, excluding spread related business, for the three months ended September 30, 2024, was 5.08%, 36 basis points above the same period in 2023, primarily attributable to higher new money rates. The average yield will vary from year to year depending on several variables, including the prevailing risk-fee interest rate and credit spread environment, prepayment fees and make-whole premiums, changes in the mix of the underlying investments and cash and cash equivalents balances. Variable investment income from joint ventures and limited partnerships will also vary from year to year and is highly dependent on the timing of dividends and distributions on certain investments. Gross unrealized gains on fixed maturity securities available-for-sale increased from $1.1 billion at December 31, 2023, to $1.8 billion at September 30, 2024, and gross unrealized losses decreased from $5.6 billion at December 31, 2023, to $5.1 billion at September 30, 2024.
The Company continues to be in a position to hold any investment security showing an unrealized loss until recovery, provided it remains comfortable with the credit of the issuer. The Company does not rely on short-term funding or commercial paper and to date it has experienced no liquidity pressure, nor does it anticipate such pressure in the foreseeable future.
The Company projects its reserves to be sufficient and it would not expect to be required to take any actions to augment capital, even if interest rates remain at current levels for the next five years, assuming all other factors remain constant. To mitigate disintermediation risk, the Company purchased swaptions to protect it against a material increase in interest rates. While the Company has felt the pressures of sustained low interest rates, followed by the recent significant increase in risk-free rates, and volatile equity markets, its business and results of operations are not overly sensitive to these risks. Mortality and morbidity risks continue to be the most significant risk for the Company. Although management believes the Company’s current capital base is adequate to support its business at current operating levels, it continues to monitor new business opportunities and any associated new capital needs that could arise from the changing financial landscape.
The Holding Company
RGA is an insurance holding company whose primary uses of liquidity include, but are not limited to, the immediate capital needs of its operating companies, dividends paid to its shareholders, repurchase of common stock and interest payments on its indebtedness. The primary sources of RGA’s liquidity include proceeds from its capital-raising efforts, interest income on undeployed corporate investments, interest income received on surplus notes with RGA Reinsurance Company (“RGA Reinsurance”), RGA Life and Annuity Insurance Company (“RGA Life and Annuity”) and Rockwood Reinsurance Company (“Rockwood Re”) and dividends from operating subsidiaries. As the Company continues its growth efforts, RGA will continue to be dependent upon these sources of liquidity. The following tables provide comparative information for RGA (dollars in millions):
Three months ended September 30, Nine months ended September 30,
  2024 2023 2024 2023
Interest and dividend income $ 37  $ 134  $ 93  $ 205 
Interest expense 60  53  164  153 
Capital contributions to subsidiaries 5  8  101  20 
Issuance of unaffiliated debt —  —  645  400 
Dividends to shareholders 59  56  171  163 
Purchases of treasury stock —  50  —  150 
  September 30, 2024 December 31, 2023
Cash and invested assets $ 853  $ 712 
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See Item 15, Schedule II – “Condensed Financial Information of the Registrant” in the 2023 Annual Report for additional financial information related to RGA.
The undistributed earnings of substantially all of the Company’s foreign subsidiaries have been reinvested indefinitely in those non-U.S. operations, as described in Note 14 – “Income Tax” in the Notes to Consolidated Financial Statements in the 2023 Annual Report. As U.S. Tax Reform generally eliminates U.S. federal income taxes on dividends from foreign subsidiaries, the Company does not expect to incur material income taxes if these funds are repatriated.
RGA endeavors to maintain a capital structure that provides financial and operational flexibility to its subsidiaries, credit ratings that support its competitive position in the financial services marketplace, and shareholder returns. As part of the Company’s capital deployment strategy, it has in recent years repurchased shares of RGA common stock and paid dividends to RGA shareholders, as authorized by the board of directors.
On January 23, 2024, RGA’s board of directors authorized a share repurchase program for up to $500 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. During the nine months ended September 30, 2024, RGA did not repurchase any shares under this program.
The pace of repurchase activity depends on various factors such as the level of available cash, an evaluation of the costs and benefits associated with alternative uses of excess capital, such as acquisitions and in force reinsurance transactions, and RGA’s stock price.
Details underlying dividend and share repurchase program activity were as follows (in millions, except share data):
Nine months ended September 30,
2024 2023
Dividends to shareholders $ 171  $ 163 
Purchase of treasury stock (1)
 —  150 
Total amount paid to shareholders $ 171  $ 313 
Number of treasury shares purchased (1)
 —  1,069,113 
Average price per share $ —  $ 140.30 
(1)Excludes shares utilized to execute and settle certain equity based compensation awards.
In October 2024, RGA’s board of directors declared a quarterly dividend of $0.89 per share. All future payments of dividends are at the discretion of RGA’s board of directors and will depend on the Company’s earnings, capital requirements, insurance regulatory conditions, operating conditions, and other such factors as the board of directors may deem relevant. The amount of dividends that RGA can pay will depend in part on the operations of its reinsurance subsidiaries. See Note 3 – “Equity” in the Notes to Condensed Consolidated Financial Statements for information on the Company’s share repurchase program.
Debt
Certain of the Company’s debt agreements contain financial covenant restrictions related to, among others, liens, the issuance and disposition of stock of restricted subsidiaries, minimum requirements of consolidated net worth, maximum ratios of debt to capitalization and change of control provisions. The Company renewed its syndicated credit facility in the first quarter of 2023. Under the terms of the facility the Company is required to maintain a minimum consolidated net worth, as defined in the debt agreements, of $6.3 billion. Subsequent to the adoption of ASU 2018-12, the minimum consolidated net worth, as defined in the debt agreements, was reduced to $5.8 billion effective with the June 30, 2023, covenant calculations. Also, consolidated indebtedness, calculated as of the last day of each fiscal quarter, cannot exceed 35% of the sum of the Company’s consolidated indebtedness plus adjusted RGA Inc.’s shareholders’ equity. A material ongoing covenant default could require immediate payment of the amount due, including principal, under the various agreements. Additionally, the Company’s debt agreements contain cross-acceleration covenants, which would make outstanding borrowings immediately payable in the event of a material uncured covenant default under any of the agreements, including, but not limited to, non-payment of indebtedness when due for an amount in excess of the amounts set forth in those agreements, bankruptcy proceedings, or any other event that results in the acceleration of the maturity of indebtedness.
As of September 30, 2024 and December 31, 2023, the Company had $5.1 billion and $4.5 billion, respectively, in outstanding borrowings under its debt agreements and was in compliance with all covenants under those agreements. As of September 30, 2024 and December 31, 2023, the average interest rate on long-term debt outstanding was 5.17% and 5.09%, respectively. The ability of the Company to make debt principal and interest payments depends on the earnings and surplus of subsidiaries, investment earnings on undeployed capital proceeds, available liquidity at the holding company, and the Company’s ability to raise additional funds.
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The Company enters into derivative agreements with counterparties that reference either the Company’s debt rating or its financial strength rating. If either rating is downgraded in the future, it could trigger certain terms in the Company’s derivative agreements, which could negatively affect overall liquidity. For the majority of the Company’s derivative agreements, there is a termination event should the long-term senior debt ratings drop below either BBB+ (S&P) or Baa1 (Moody’s) or the financial strength ratings drop below either A- (S&P) or A3 (Moody’s).
The Company may borrow up to $850 million in cash and obtain letters of credit in multiple currencies on its revolving credit facility that matures in March 2028. As of September 30, 2024, the Company had no cash borrowings outstanding and no issued letters of credit under this facility.
On May 13, 2024, the Company issued 5.75% fixed rate Senior Notes due 2034 with a face amount of $650 million and will be used for general corporate purposes. Capitalized issuance costs were $6 million.
Based on the historic cash flows and the current financial results of the Company, management believes RGA’s cash flows will be sufficient to enable RGA to meet its obligations for at least the next 12 months.
Credit and Committed Facilities
The Company has obtained bank letters of credit in favor of various affiliated and unaffiliated insurance companies from which the Company assumes business. These letters of credit represent guarantees of performance under the reinsurance agreements and allow ceding companies to take statutory reserve credits. Certain of these letters of credit contain financial covenant restrictions similar to those described in the “Debt” discussion above. At September 30, 2024, there were approximately $54 million of outstanding bank letters of credit in favor of third parties. Additionally, in accordance with applicable regulations, the Company utilizes letters of credit to secure statutory reserve credits when it retrocedes business to its affiliated subsidiaries. The Company cedes business to its affiliates to help reduce the amount of regulatory capital required in certain jurisdictions, such as the U.S., Canada and UK. The Company believes the capital required to support the business in the affiliates reflects more realistic expectations than the original jurisdiction of the business, where capital requirements are often considered to be quite conservative. As of September 30, 2024, $1.0 billion in letters of credit from various banks were outstanding, but undrawn, backing reinsurance between the various subsidiaries of the Company.
On March 13, 2023, the Company entered into a syndicated revolving credit facility with a five year term and an overall capacity of $850 million. See Note 18 – “Financing Activities” in the Notes to Consolidated Financial Statements in the 2023 Annual Report for further information.
Cash Flows
The Company’s principal cash inflows from its reinsurance operations include premiums and deposit funds received from ceding companies. The primary liquidity concerns with respect to these cash flows are early recapture of the reinsurance contract by the ceding company and lapses of annuity products reinsured by the Company. The Company’s principal cash inflows from its invested assets result from investment income and the maturity and sales of invested assets. The primary liquidity concerns with respect to these cash inflows relates to the risk of default by debtors and interest rate volatility. The Company manages these risks very closely. See “Investments” below.
Additional sources of liquidity to meet unexpected cash outflows in excess of operating cash inflows and current cash and equivalents on hand also includes drawing funds under a revolving credit facility, under which the Company had availability of $850 million as of September 30, 2024. The Company also has $624 million of funds available through collateralized borrowings from the FHLB as of September 30, 2024. As of September 30, 2024, the Company could have borrowed these additional amounts without violating any of its existing debt covenants.
The Company’s principal cash outflows relate to the payment of claims liabilities, interest credited, operating expenses, income taxes, dividends to shareholders, purchases of treasury stock, and principal and interest under debt and other financing obligations. The Company seeks to limit its exposure to loss on any single insured and to recover a portion of benefits paid by ceding reinsurance to other insurance enterprises or reinsurers under excess coverage and coinsurance contracts. See Note 2 – “Significant Accounting Policies and Pronouncements” in the Notes to Consolidated Financial Statements in the 2023 Annual Report. The Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance. The Company has never experienced a material default in connection with retrocession arrangements, nor has it experienced any difficulty in collecting claims recoverable from retrocessionaires; however, no assurance can be given as to the future performance of such retrocessionaires nor to the recoverability of future claims. The Company’s management believes its cash and cash equivalents as well as its current sources of liquidity are adequate to meet its cash requirements for the next 12 months.
Summary of Primary Sources and Uses of Liquidity and Capital
The Company’s primary sources and uses of liquidity and capital are summarized as follows (dollars in millions):
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For the nine months ended September 30,
2024 2023
Sources:
Net cash provided by operating activities $ 7,770  $ 2,818 
Proceeds from long-term debt issuance, net 640  890 
Change in cash collateral for derivative positions and other arrangements 375  300 
Change in deposit asset on reinsurance 221  41 
Net deposits to investment-type policies and contracts 1,828  — 
Total sources 10,834  4,049 
Uses:
Net cash used in investing activities 8,383  2,592 
Dividends to shareholders 171  163 
Principal payments of long-term debt 3  402 
Purchase of treasury stock 26  169 
Net withdrawals from investment-type policies and contracts —  768 
Effect of exchange rate changes on cash 26  62 
Total uses 8,609  4,156 
Net change in cash and cash equivalents $ 2,225  $ (107)
Cash Flows from Operations – The principal cash inflows from the Company’s reinsurance activities come from premiums, investment and fee income, annuity considerations and deposit funds. The principal cash outflows relate to the liabilities associated with various life and health insurance, annuity and disability products, operating expenses, income tax payments and interest on outstanding debt obligations. The primary liquidity concern with respect to these cash flows is the risk of shortfalls in premiums and investment income, particularly in periods with abnormally high claims levels.
Cash Flows from Investments – The principal cash inflows from the Company’s investment activities come from repayments of principal on invested assets, proceeds from maturities of invested assets, sales of invested assets and settlements of freestanding derivatives. The principal cash outflows relate to purchases of investments, issuances of policy loans and settlements of freestanding derivatives. The Company typically has a net cash outflow from investing activities because cash inflows from insurance operations are reinvested in accordance with its asset/liability management discipline to fund insurance liabilities. The Company closely monitors and manages these risks through its credit risk management process. The primary liquidity concerns with respect to these cash flows are the risk of default by debtors and market disruption, which could make it difficult for the Company to sell investments.
Financing Cash Flows – The principal cash inflows from the Company’s financing activities come from issuances of RGA debt and equity securities, and deposit funds associated with universal life and other investment type policies and contracts. The principal cash outflows come from repayments of debt, payments of dividends to shareholders, purchases of treasury stock and withdrawals associated with universal life and other investment type policies and contracts. A primary liquidity concern with respect to these cash flows is the risk of early contractholder and policyholder withdrawal.
Contractual Obligations
There were no material changes in the Company’s contractual obligations from those reported in the 2023 Annual Report, except for the following:
•The Company’s contractual obligations associated with future policy benefits increased $10.6 billion at September 30, 2024, due to new transactions executed during the year.
•The Company’s contractual obligations associated with other investment commitments increased $0.7 billion at September 30, 2024, primarily due to an increase in payables for securities sold or loaned under agreements to repurchase, see Note 10 – “Investments” for further details.
Asset / Liability Management
The Company actively manages its cash and invested assets using an approach that is intended to balance quality, diversification, asset/liability matching, liquidity and investment return. The goals of the investment process are to optimize after-tax, risk-adjusted investment income and after-tax, risk-adjusted total return while managing the assets and liabilities on a cash flow and duration basis.
The Company has established target asset portfolios for its operating segments, which represent the investment strategies intended to profitably fund its liabilities within acceptable risk parameters. These strategies include objectives and limits for effective duration, yield curve sensitivity and convexity, liquidity, asset sector concentration and credit quality.
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The Company’s asset-intensive products are primarily supported by investments in fixed maturity securities reflected on the Company’s balance sheet and under funds withheld arrangements with the ceding company. Investment guidelines are established to structure the investment portfolio based upon the type, duration and behavior of products in the liability portfolio so as to achieve targeted levels of profitability. The Company manages the asset-intensive business to provide a targeted spread between the interest rate earned on investments and the interest rate credited to the underlying interest-sensitive contract liabilities. The Company periodically reviews models projecting different interest rate scenarios and their effect on profitability. Certain of these asset-intensive agreements, primarily in the U.S. and Latin America Financial Solutions operating segment, are generally funded by fixed maturity securities that are withheld by the ceding company.
The Company’s liquidity position (cash and cash equivalents and short term investments) was $5.6 billion and $3.2 billion at September 30, 2024 and December 31, 2023, respectively. Liquidity needs are determined from valuation analyses conducted by operational units and are driven by product portfolios. Periodic evaluations of demand liabilities and short-term liquid assets are designed to adjust specific portfolios, as well as their durations and maturities, in response to anticipated liquidity needs.
See “Securities Borrowing, Lending and Repurchase/Reverse Repurchase Agreements” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for information related to the Company’s securities borrowing, lending and repurchase/reverse repurchase programs. In addition to its security agreements with third parties, certain RGA subsidiaries have entered into intercompany securities lending agreements to more efficiently source securities for lending to third parties and to provide for more efficient regulatory capital management.
The Company is a member of the FHLB and holds $72 million of FHLB common stock, which is included in other invested assets on the Company’s condensed consolidated balance sheets. The Company has entered into funding agreements with the FHLB under guaranteed investment contracts whereby the Company has issued the funding agreements in exchange for cash and for which the FHLB has been granted a blanket lien on the Company’s commercial and residential mortgage-backed securities and commercial mortgage loans used to collateralize the Company’s obligations under the funding agreements. The Company maintains control over these pledged assets, and may use, commingle, encumber or dispose of any portion of the collateral as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. The funding agreements and the related security agreements represented by this blanket lien provide that upon any event of default by the Company, the FHLB’s recovery is limited to the amount of the Company’s liability under the outstanding funding agreements. The amount of the Company’s liability for the funding agreements with the FHLB was $1.4 billion at September 30, 2024 and $1.1 billion at December 31, 2023, which is included in interest-sensitive contract liabilities on the Company’s condensed consolidated balance sheets. The advances on these agreements are collateralized primarily by commercial and residential mortgage-backed securities, commercial mortgage loans, and U.S. Treasury and government agency securities. The amount of collateral exceeds the liability and is dependent on the type of assets collateralizing the guaranteed investment contracts.
Investments
Management of Investments
The Company’s investment and derivative strategies involve matching the characteristics of its reinsurance products and other obligations. The Company seeks to closely approximate the interest rate sensitivity of the assets with estimated interest rate sensitivity of the reinsurance liabilities. The Company achieves its income objectives through strategic and tactical asset allocations, applying security and derivative strategies within asset/liability and disciplined risk management frameworks. Derivative strategies are employed within the Company’s risk management framework to help manage duration, currency, and other risks in assets and/or liabilities and to replicate the credit characteristics of certain assets.
The Company’s portfolio management groups work with the Enterprise Risk Management function to develop the investment policies for the assets of the Company’s domestic and international investment portfolios. All investments held by the Company, directly or in a funds withheld at interest reinsurance arrangement, are monitored for conformance with the Company’s stated investment policy limits as well as any limits prescribed by the applicable jurisdiction’s insurance laws and regulations. See Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for additional information regarding the Company’s investments.
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Portfolio Composition
The Company had total cash and invested assets of $103.4 billion and $81.9 billion as of September 30, 2024 and December 31, 2023, respectively, as illustrated below (dollars in millions):
September 30, 2024 % of Total December 31, 2023 % of Total
Fixed maturity securities available-for-sale $ 78,149  75.6  % $ 60,467  73.9  %
Equity securities 155  0.1  139  0.2 
Mortgage loans 8,388  8.1  7,377  9.0 
Policy loans 1,285  1.2  1,206  1.5 
Funds withheld at interest 5,545  5.4  5,683  6.9 
Limited partnerships and real estate joint ventures 2,972  2.9  2,635  3.2 
Short-term investments 381  0.4  222  0.3 
Other invested assets 1,361  1.3  1,171  1.4 
Cash and cash equivalents 5,195  5.0  2,970  3.6 
Total cash and invested assets $ 103,431  100.0  % $ 81,870  100.0  %
Investment Yield
The following table presents consolidated average invested assets at amortized cost, net investment income, investment yield, variable investment income (“VII”) and investment yield excluding VII, which can vary significantly from period to period (dollars in millions). The table excludes spread related business. Spread related business is primarily associated with contracts on which the Company earns an interest rate spread between assets and liabilities. To varying degrees, fluctuations in the yield on other spread related business is generally subject to corresponding adjustments to the interest credited on the liabilities.
  Three months ended September 30, Nine months ended September 30,
  2024 2023   Increase /  
  (Decrease)		 2024 2023   Increase /  
  (Decrease)
Average invested assets at amortized cost $ 39,469  $ 37,051  $ 2,418  $ 38,250  $ 35,934  $ 2,316 
Net investment income $ 492  $ 430  $ 62  $ 1,372  $ 1,238  $ 134 
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) 5.08  % 4.72  % 36 bps 4.81  % 4.62  % 19 bps
VII (included in net investment income) $ 36  $ 39  $ (3) $ 64  $ 95  $ (31)
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) 4.95  % 4.51  % 44 bps 4.82  % 4.46  % 36 bps
Investment yield increased for the three months ended September 30, 2024 and the nine months ended September 30, 2024, in comparison to the same periods in the prior year, primarily due to higher new money rates. For the nine months ended September 30, 2024, this was partially offset by decreased variable income from real estate joint ventures.
Fixed Maturity Securities Available-for-Sale
See “Fixed Maturity Securities Available-for-Sale” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables that provide the amortized cost, allowance for credit losses, unrealized gains and losses and estimated fair value of these securities by type as of September 30, 2024 and December 31, 2023.
Important factors in the selection of investments include diversification, quality, yield, call protection and total rate of return potential. The relative importance of these factors is determined by market conditions and the underlying reinsurance liability and existing portfolio characteristics. As of September 30, 2024 and December 31, 2023, approximately 94.9% and 94.3%, respectively, of the Company’s consolidated investment portfolio of fixed maturity securities were investment grade.
The Company owns floating rate securities that represent approximately 7.5% and 7.7% of the total fixed maturity securities as of September 30, 2024 and December 31, 2023, respectively. These investments have a higher degree of income variability than the other fixed income holdings in the portfolio due to fluctuations in interest payments. The Company holds floating rate investments to enhance asset management strategies and match certain interest-sensitive contract liabilities.
The largest asset class in which fixed maturity securities were invested was corporate securities, which represented approximately 65.4% and 64.1% of total fixed maturity securities as of September 30, 2024 and December 31, 2023, respectively. See “Corporate Fixed Maturity Securities” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables showing the major sector types, which comprise the corporate fixed maturity holdings as of September 30, 2024 and December 31, 2023.
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As of September 30, 2024 and December 31, 2023, the Company’s investments in Canadian government securities represented 6.4% and 6.5%, respectively, of the fair value of total fixed maturity securities. These assets are primarily high quality, long duration provincial strip bonds, the valuation of which is closely linked to the interest rate curve. These assets are longer in duration and held primarily for asset/liability management to meet Canadian regulatory requirements.
As of September 30, 2024 and December 31, 2023, the Company’s investments in Japanese government securities represented 6.7% and 5.2%, respectively, of the fair value of total fixed maturity securities. These assets are primarily long duration government bonds matching the liability profile of the Company’s Japanese business.
The Company references rating agency designations in some of its investments disclosures. These designations are based on the ratings from nationally recognized statistical rating organizations, primarily Moody’s, S&P and Fitch. Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology. The NAIC assigns designations to publicly traded as well as privately placed securities. The designations assigned by the NAIC range from class 1 to class 6, with designations in classes 1 and 2 generally considered investment grade (BBB or higher rating agency designation). NAIC designations in classes 3 through 6 are generally considered below investment grade (BB or lower rating agency designation). If no rating is available from a rating agency or the NAIC, then an internally developed rating is used.
The quality of the Company’s available-for-sale fixed maturity securities portfolio, as measured at fair value and by the percentage of fixed maturity securities invested in various ratings categories, relative to the entire available-for-sale fixed maturity securities portfolio, as of September 30, 2024 and December 31, 2023 was as follows (dollars in millions):
    September 30, 2024 December 31, 2023
NAIC
  Designation  		 Rating Agency
Designation		 Amortized Cost  Estimated
Fair Value		 % of Total      Amortized Cost  Estimated
Fair Value		 % of Total     
1 AAA/AA/A $ 53,371  $ 51,053  65.3  % $ 41,469  $ 38,739  64.1  %
2 BBB 24,076  23,130  29.6  19,793  18,261  30.2 
3 BB 3,284  3,233  4.2  3,068  2,956  4.9 
4 B 662  576  0.7  479  396  0.7 
5 CCC and lower 168  131  0.2  116  92  0.1 
6 In or near default 45  26  —  52  23  — 
Total $ 81,606  $ 78,149  100.0  % $ 64,977  $ 60,467  100.0  %
The Company’s fixed maturity portfolio includes structured securities. The following table shows the types of structured securities the Company held as of September 30, 2024 and December 31, 2023 (dollars in millions): 
  September 30, 2024 December 31, 2023
Amortized Cost Estimated
Fair Value		 % of Total Amortized Cost Estimated
Fair Value		 % of Total
ABS:
Collateralized loan obligations (“CLOs”) $ 2,659  $ 2,650  29.7  % $ 2,086  $ 2,048  28.1  %
ABS, excluding CLOs 2,862  2,723  30.5  2,575  2,381  32.7 
Total ABS 5,521  5,373  60.2  4,661  4,429  60.8 
CMBS 2,327  2,238  25.1  1,969  1,773  24.3 
RMBS:
Agency 401  365  4.0  444  398  5.5 
Non-agency 973  953  10.7  729  681  9.4 
Total RMBS 1,374  1,318  14.7  1,173  1,079  14.9 
Total $ 9,222  $ 8,929  100.0  % $ 7,803  $ 7,281  100.0  %
The Company’s ABS portfolio primarily consists of CLOs, aircraft and NAV loans. The principal risks in holding ABS are structural, credit, capital market and interest rate risks. Structural risks include the securities’ cash flow priority in the capital structure and the inherent prepayment sensitivity of the underlying collateral. Credit risks include the adequacy and ability to realize proceeds from the collateral. Credit risks are mitigated by credit enhancements that include excess spread, over-collateralization and subordination. Capital market risks include general level of interest rates and the liquidity for these securities in the marketplace.
The Company’s CMBS portfolio primarily consists of large pool securitizations that are diverse by property type, borrower and geographic dispersion. The principal risks in holding CMBS are structural and credit risks. Structural risks include the securities’ cash flow priority in the capital structure and the inherent prepayment sensitivity of the underlying collateral. Credit risks include the adequacy and ability to realize proceeds from the collateral. The Company focuses on investment grade rated tranches that provide additional credit support beyond the equity protection in the underlying loans. These assets are viewed as an attractive alternative to other fixed income asset classes.
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The Company’s RMBS portfolio includes agency-issued pass-through securities and collateralized mortgage obligations. Agency-issued pass-through securities are guaranteed or otherwise supported by the Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, or the Government National Mortgage Association. The principal risks inherent in holding RMBS are prepayment and extension risks, which will affect the timing of when cash will be received and are dependent on the level of mortgage interest rates. Prepayment risk is the unexpected increase in principal payments from the expected, primarily as a result of owner refinancing. Extension risk relates to the unexpected slowdown in principal payments from the expected. In addition, non-agency RMBS face credit risk should the borrower be unable to pay the contractual interest or principal on their obligation. The Company monitors its mortgage-backed securities to mitigate exposure to the cash flow uncertainties associated with these risks.
As of September 30, 2024 and December 31, 2023, the Company had $5.1 billion and $5.6 billion, respectively, of gross unrealized losses related to its fixed maturity securities. The Company monitors its fixed maturity securities to determine impairments in value and evaluates factors such as financial condition of the issuer, payment performance, compliance with covenants, general market and industry sector conditions, current intent and ability to hold securities, and various other subjective factors. Based on management’s judgment, an allowance for credit losses in the amount that fair value is less than the amortized cost is recorded for securities determined to have expected credit losses.
Mortgage Loans
The Company’s mortgage loan portfolio consists of U.S., Canada and UK based investments primarily in retail locations, light industrial properties, and commercial offices. The mortgage loan portfolio is diversified by geographic region and property type as discussed further under “Mortgage Loans” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements. Mortgage loans in the Company’s portfolio range in size up to $45 million, with the average mortgage loan investment as of September 30, 2024, of $10 million.
As of September 30, 2024 and December 31, 2023, the Company’s recorded investment in mortgage loans, gross of unamortized deferred loan origination fees and expenses and allowance for credit losses, were distributed geographically as follows (dollars in millions):
  September 30, 2024 December 31, 2023
Recorded
Investment		 % of Total Recorded
Investment		 % of Total
U.S. Region:
West $ 3,008  35.4  % $ 2,806  37.6  %
South 2,700  31.8  2,472  33.1 
Midwest 1,275  15.1  1,163  15.6 
Northeast 639  7.5  541  7.3 
Subtotal – U.S.
 7,622  89.8  6,982  93.6 
Canada 648  7.6  301  4.0 
United Kingdom 223  2.6  176  2.4 
Total $ 8,493  100.0  % $ 7,459  100.0  %
See “Allowance for Credit Losses and Impairments” in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2023 Annual Report and “Mortgage Loans” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for information regarding the Company’s policy for allowance for credit losses on mortgage loans.
Allowance for Credit Losses and Impairments
The table below summarizes investment related gains (losses), net related to allowances for credit losses and impairments for the three and nine months ended September 30, 2024 and 2023 (dollars in millions):
Three months ended September 30, Nine months ended September 30,
2024 2023 2024 2023
Change in allowance for credit losses on fixed maturity securities $ (9) $ 7  $ (45) $ (31)
Impairments on fixed maturity securities —  —  (1) (1)
Change in mortgage loan allowance for credit losses (12) (17) (20) (23)
Limited partnerships and real estate joint ventures impairment losses —  —  (8) — 
Other impairment losses —  (4) (4) (4)
Investment related gains (losses) related to credit losses and impairments $ (21) $ (14) $ (78) $ (59)
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The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes an analysis of whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment. See “Allowance for Credit Losses and Impairments” in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2023 Annual Report for additional information.
See “Unrealized Losses for Fixed Maturity Securities Available-for-Sale” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables that present the estimated fair value and gross unrealized losses for securities that have estimated fair values below amortized cost by class and grade, as well as the length of time the related estimated fair value has remained below amortized cost as of September 30, 2024 and December 31, 2023.
As of September 30, 2024 and December 31, 2023, the Company classified approximately 9.9% and 10.6%, respectively, of its fixed maturity securities in the Level 3 category. Refer to Note 12 – “Fair Value of Assets and Liabilities” in the Notes to Condensed Consolidated Financial Statements for additional information. These securities primarily consist of private placement corporate and asset-backed securities.
See “Securities Lending and Repurchase/Reverse Repurchase Agreements” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for information related to the Company’s securities lending and repurchase/reverse repurchase agreements.
Funds Withheld at Interest
For reinsurance agreements written on a modified coinsurance basis and certain agreements written on a coinsurance basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company and are reflected as funds withheld at interest on the Company’s condensed consolidated balance sheets. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances against amounts owed by the ceding company. Interest accrues to the total funds withheld at rates defined by the treaty terms. The Company is subject to the investment performance on the withheld assets, although it does not directly control them. These assets are primarily fixed maturity investment securities and pose risks similar to the fixed maturity securities the Company owns. To mitigate this risk, the Company helps set the investment guidelines followed by the ceding company and monitors compliance. Ceding companies with funds withheld at interest had an average financial strength rating of “A” as of September 30, 2024 and December 31, 2023. Certain ceding companies maintain segregated portfolios for the benefit of the Company.
Other Invested Assets
Other invested assets primarily include lifetime mortgages, derivative contracts, FHLB common stock and real estate held for investment. See “Other Invested Assets” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for a table that presents the carrying value of the Company’s other invested assets by type as of September 30, 2024 and December 31, 2023.
The Company utilizes derivative financial instruments to protect the Company against possible changes in the fair value of its investment portfolio as a result of interest rate changes, to hedge against risk of changes in the purchase price of securities, to hedge liabilities associated with the reinsurance of variable annuities with guaranteed living benefits and to manage the portfolio’s effective yield, maturity and duration. In addition, the Company utilizes derivative financial instruments to reduce the risk associated with fluctuations in foreign currency exchange rates. The Company uses exchange-traded, centrally cleared, and customized over-the-counter derivative financial instruments.
See Note 11 – “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for a table that presents the notional amounts and fair value of investment related derivative instruments held as of September 30, 2024 and December 31, 2023.
The Company may be exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. Generally, the credit exposure of the Company’s derivative contracts is limited to the fair value and accrued interest of non-collateralized derivative contracts in an asset position at the reporting date. As of September 30, 2024, the Company had credit exposure of $16 million.
The Company manages its credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. As exchange-traded futures are affected through regulated exchanges, and positions are marked to market on a daily basis, the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties. See Note 12 – “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for more information regarding the Company’s derivative instruments.
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The Company holds $1,026 million and $944 million of beneficial interest in lifetime mortgages in the UK, net of allowance for credit losses, as of September 30, 2024 and December 31, 2023, respectively. Investment income includes $12 million and $11 million in interest income earned on lifetime mortgages for the three months ended September 30, 2024 and 2023, respectively, and $33 million and $29 million in interest income earned on lifetime mortgages for the nine months ended September 30, 2024 and 2023, respectively. Lifetime mortgages represent loans provided to individuals 55 years of age and older secured by the borrower’s residence. Lifetime mortgages are comparable to a home equity loan by allowing the borrower to utilize the equity in their home as collateral. The amount of the loan is dependent on the appraised value of the home at the time of origination, the borrower's age and interest rate. Unlike a home equity loan, no payment of principal or interest is required until the death of the borrower or sale of the home. Lifetime mortgages may also be either fully funded at origination, or the borrower can request periodic funding similar to a line of credit. Lifetime mortgages are subject to risks, including market, credit, interest rate, liquidity, operational, reputational and legal risks.
New Accounting Standards
Changes to the general accounting principles are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates to the FASB Accounting Standards CodificationTM.
See Note 18 – “New Accounting Standards” in the Notes to Condensed Consolidated Financial Statements for information on new accounting pronouncements and their impact, if any, on the Company’s results of operations and financial position.
ITEM 3.  Quantitative and Qualitative Disclosures About Market Risk
Market risk is the risk of fluctuations in the value of financial instruments as a result of absolute or relative changes in interest rates, foreign currency exchange rates, equity prices or commodity prices. To varying degrees, the Company products and services, and the investment activities supporting them, generate exposure to market risk. The market risk incurred, and the Company’s strategies for managing this risk, vary by product.  As of September 30, 2024, there have been no material changes in the Company’s economic exposure to market risk or the Company’s Enterprise Risk Management function from December 31, 2023, a description of which may be found in its Annual Report on Form 10-K, for the year ended December 31, 2023, Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” filed with the Securities and Exchange Commission.
ITEM 4.  Controls and Procedures
The Chief Executive Officer and the Chief Financial Officer have evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that these disclosure controls and procedures were effective.
There was no change in the Company’s internal control over financial reporting as defined in Exchange Act Rule 13a-15(f) during the quarter ended September 30, 2024, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II - OTHER INFORMATION
ITEM 1.  Legal Proceedings
The Company is subject to litigation and regulatory investigations or actions from time to time. Based on current knowledge, management does not believe that loss contingencies arising from pending legal, regulatory and governmental matters will have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, in light of the inherent uncertainties involved in future or pending legal, regulatory and governmental matters, some of which are beyond the Company’s control, and indeterminate or potentially substantial amount of damages sought in any such matters, an adverse outcome could be material to the Company’s financial condition, results of operations or cash flows for any particular reporting period. A legal reserve is established when the Company is notified of an arbitration demand, litigation or regulatory action or is notified that an arbitration demand, litigation or regulatory action is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated.
ITEM 1A.  Risk Factors
There have been no material changes from the risk factors previously disclosed in the Company’s 2023 Annual Report.
ITEM 2.  Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
The following table summarizes RGA’s repurchase activity of its common stock during the quarter ended September 30, 2024:
Total Number of Shares
Purchased (1)
 Average Price Paid per   
Share
Total Number of Shares
Purchased as Part of
Publicly Announced Plans
or Programs (1)
 Maximum Number (or
Approximate Dollar
Value) of Shares that May
Yet Be Purchased Under
the Plan or Program
July 1, 2024 – July 31, 2024 26,338  $ 223.75  —  $ 500,000,000 
August 1, 2024 – August 31, 2024 2,335  $ 210.06  —  $ 500,000,000 
September 1, 2024 – September 30, 2024 1,592  $ 219.31  —  $ 500,000,000 
(1)The Company did not repurchase any shares of common stock under its share repurchase program in July, August and September 2024. The Company net settled – issuing 59,586, 5,997, and 3,793 shares from treasury and repurchasing from recipients 26,338, 2,335, and 1,592 shares in July, August and September 2024, respectively, in settlement of income tax withholding requirements incurred by the recipients of equity incentive awards.
On January 23, 2024, the Company’s board of directors authorized a share repurchase program for up to $500 million of its outstanding common stock. The authorization was effective immediately and does not have an expiration date. During the nine months ended September 30, 2024, the Company did not repurchase any shares of common stock under this program.
The pace of repurchase activity depends on various factors such as the level of available cash, an evaluation of the costs and benefits associated with alternative uses of excess capital, such as acquisitions and in force reinsurance transactions, and the Company’s stock price.
ITEM 5.  Other Information
During the nine months ended September 30, 2024, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
ITEM 6.  Exhibits
See index to exhibits.
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INDEX TO EXHIBITS
 
Exhibit
Number		 Description
101.INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101).

* Represents a management contract or compensatory plan or arrangement required to be filed as an exhibit to this form pursuant to Item 15 of this Report.
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GLOSSARY OF SELECTED TERMS
Throughout this quarterly report on Form 10-Q, the Company may use certain abbreviations, acronyms and terms which are defined below.
Entities
Term or Acronym Definition
RGA Reinsurance RGA Reinsurance Company
Parkway Re Parkway Reinsurance Company
Rockwood Re Rockwood Reinsurance Company
Castlewood Re Castlewood Reinsurance Company
Chesterfield Re Chesterfield Reinsurance Company
RGA Life and Annuity RGA Life and Annuity Insurance Company
RGA Canada RGA Life Reinsurance Company of Canada
RGA Barbados RGA Reinsurance Company (Barbados) Ltd.
RGA Americas RGA Americas Reinsurance Company, Ltd.
Manor Re Manor Reinsurance, Ltd.
RGA Atlantic RGA Atlantic Reinsurance Company Ltd.
RGA Worldwide RGA Worldwide Reinsurance Company, Ltd.
RGA Global RGA Global Reinsurance Company, Ltd.
RGA Australia RGA Reinsurance Company of Australia Limited
RGA International RGA International Reinsurance Company dac
Aurora National Aurora National Life Assurance Company
Omnilife Omnilife Insurance Company, Limited
Papara Papara Financing LLC
Certain Terms and Acronyms
Term or Acronym Definition
A.M. Best A.M. Best Company
ABS Asset-backed securities
Actuary A specialist in the mathematics of risk, especially as it relates to insurance calculations such as premiums, reserves, dividends, insurance rates and annuity rates.
Allowance An amount paid by the reinsurer to the ceding company to help cover the ceding company's acquisition and other costs, especially commissions. Allowances are usually calculated as a large percentage (often 100%) of first-year premiums reinsured and smaller percentages of renewal premiums reinsured.
AOCI Accumulated other comprehensive income (loss)
Asset-Intensive Reinsurance A transaction (usually coinsurance or funds withheld and often involving reinsurance of annuities) where performance of the underlying assets, more so than any mortality risk, is a key element.
Assumed reinsurance Insurance risk that a reinsurer accepts (assumes) from a ceding company.
ASU Accounting Standards Update
ASU 2018-12 Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments. Also referred to as LDTI.
Automatic Reinsurance Reinsurance arrangement whereby the ceding company and reinsurer agree that all business of a certain description will be ceded to the reinsurer. Under this arrangement, the ceding company performs underwriting decision-making within agreed-upon parameters for all business reinsured.
Bermuda Insurance Act Bermuda's Insurance Act 1978 which distinguishes between insurers carrying on long-term business, insurers carrying on special purpose business and insurers carrying on general business.
BMA Bermuda Monetary Authority
BSCR Bermuda Solvency Capital Requirement
CCPA California Consumer Privacy Act of 2018
Capital-motivated reinsurance Reinsurance, including financial reinsurance, whose primary purpose is to enhance the cedant's capital position.
Captive insurer An insurance or reinsurance entity designed to provide insurance or reinsurance coverage for risks of the entity or entities by which it is owned or to which it is affiliated.
CECL Accounting for current expected credit losses using the model based on expected losses rather than incurred losses.
Ceding company (also known as cedant) An insurer that transfers, or cedes, risk to a reinsurer
CEO RGA’s Chief Executive Officer
Cession The insurance risk associated with a policy that is reinsured from an insurer to a reinsurer.
CFO RGA’s Chief Financial Officer
CIO RGA’s Chief Information Officer
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CISO RGA’s Global Chief Information Security and Privacy officer
CLOs Collateralized loan obligations
CMBS Commercial mortgage-backed securities, a part of the Company’s investment portfolio that consists of securities made up of commercial mortgages. Stated on the Company’s balance sheet at fair value.
Coinsurance (also known as original terms reinsurance) A form of reinsurance under which the ceding company shares its premiums, death claims, surrender benefits, dividends and policy loans with the reinsurer, and the reinsurer pays expense allowances to reimburse the ceding company for a share of its expenses.
Coinsurance funds-withheld A variant on coinsurance, in which the ceding company withholds assets equal to reserves and shares investment income on those assets with the reinsurer.
Counterparty A party to a contract requiring or offering the exchange of risk.
Counterparty risk The risk that a party to an agreement will be unable to fulfill its contractual obligations
CPI Consumer price index
Critical illness (CI) insurance (also known as dread disease insurance) Insurance that provides a guaranteed fixed sum upon diagnosis of a specified illness or condition such as cancer, heart disease, or permanent total disability. The coverage can be offered on a stand-alone basis or as an add-on to a life insurance policy.
CRO RGA’s Chief Risk Officer
CVA Credit valuation adjustment
DAC Deferred policy acquisition costs: Costs of acquiring new business, which vary with and are directly related to the production of new business, have been deferred to the extent that such costs are deemed recoverable from future premiums or gross profits.
“Directors Plan” Flexible Stock Plan for Directors
EBITDA Earnings before interest, taxes, depreciation and amortization
EBS Economic balance sheet framework as part of the Bermuda Solvency Capital Requirement that forms the basis for an insurer's enhanced capital requirements.
ECR Enhanced capital requirement in accordance with the provisions of the Bermuda Insurance Act.
EEA European Economic Area
EIAs Equity-Indexed Annuities
EMEA Europe, Middle East and Africa geographic segment
Enterprise Risk Management (ERM) An enterprise-wide framework used by a firm to assess all risks facing the organization, manage mitigation strategies, monitor ongoing risks and report to interested audiences.
ESG Environmental, social and governance
EU European Union
Expected mortality Number of deaths predicted to occur in a defined group of people.
FABN Funding Agreement Backed Notes
Face amount Amount payable at the death of the insured or at the maturity of the policy.
Facultative reinsurance A type of reinsurance in which the reinsurer underwrites an individual risk submitted by the ceding company for a risk that is unusual, large, highly substandard or not covered by an automatic reinsurance treaty. Such risks are typically submitted to multiple reinsurers for competitive offers.
FASB Financial Accounting Standards Board
FCA Financial Conduct Authority
FHLB Federal Home Loan Bank
FIA Fixed indexed annuities
Financial reinsurance (also known as financially-motivated reinsurance) A form of capital-motivated reinsurance that satisfies all regulatory requirements for risk transfer and is often designed to produce very predictable reinsurer profits as a percentage of the capital provided.
FSB Financial Stability Board which consists of representatives of national financial authorities of the G20 nations.
FVO Fair value option
GAAP U.S. generally accepted accounting principles
GDPR General Data Protection Regulation which establishes uniform data privacy laws across the European Union.
GICs Guaranteed investment contracts
GILTI Global intangible low-taxed income; a provision of U.S. Tax Reform that generally eliminates U.S. Federal income tax deferral on earnings of foreign subsidiaries.
GloBE Model Global Anti-Base Erosion rules developed by the Organization for Economic Cooperation and Development
GMAB Guaranteed minimum accumulation benefits; a feature of some variable annuities that the Company reinsures
GMDB Guaranteed minimum death benefits; a feature of some variable annuities that the Company reinsures
GMIB Guaranteed minimum income benefits; a feature of some variable annuities that the Company reinsures
GMWB Guaranteed minimum withdrawal benefits; a feature of some variable annuities that the Company reinsures
Group life insurance Insurance policy under which the lives of a group of people, most commonly employees of a single company, are insured in accordance with the terms of one master contract.
Guaranteed issue life insurance Insurance products that are guaranteed upon application, regardless of past health conditions.
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IAIG Internationally Active Insurance Group
IAIS International Association of Insurance Supervisors
IBNR Incurred but not reported; a liability on claims that are based on historical reporting patterns, but have not yet been reported.
Individual life insurance An insurance policy that insures the life of usually one and sometimes two or more related individuals, rather than a group of people.
In-force sum insured A measure of insurance in effect at a specific date.
Initial public offering (IPO) The first sale to the public of shares of common stock issued by a private company. IPOs often are issued by smaller companies seeking the capital to expand, but they also can be used by large mutual or privately owned companies seeking to become publicly traded.
International Financial Reporting Standards (IFRS) Standards and interpretations adopted by the International Accounting Standards Board (IASB)
ISO International Organization Standardization
LDTI Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments. Also referred to as ASU 2018-12.
Liquidity position Combination of the Company’s cash equivalents and short-term investments
Longevity product An insurance product that mitigates longevity risk by providing a stream of income for the duration of the policyholder's life.
Loss ratio Claims and other policy benefits and Future policy benefits remeasurement (gains) losses as a percentage of net premiums
Market risk benefits (MRB) Contracts or contract features that provide protection to the policyholder from capital market risk and expose the Company to other-than-nominal capital market risk and are measured at fair value
MDCI Missouri Department of Commerce and Insurance
MMS Minimum margin of solvency required to be maintained by the Company's Bermuda subsidiaries.
Modco Modified coinsurance
Modified coinsurance A variant on coinsurance in which the ceding company retains all the reserves, as well as assets backing reserves, and pays the reinsurer interest on the reinsurer's share of the reserves.
Moody’s Moody’s Investors Service
Morbidity A measure of the incidence of sickness or disease within a specific population group.
Mortality experience Actual number of deaths occurring in a defined group of people.
Mortality risk reinsurance Reinsurance that focuses primarily on transfer of mortality risk through coinsurance of term products or YRT.
NAIC National Association of Insurance Commissioners
NAIC SAP NAIC statutory accounting practices
NAV Net asset value
Net Premium Ratio (NPR) The NPR equals the present value of benefits divided by the present value of gross premiums
NIFO Net investments in foreign operations
NIST National Institute of Standards and Technology
NOL Net operating loss
Non-traditional reinsurance Usually synonymous with capital-motivated reinsurance, but includes any reinsurance of non-biometrical risks
Novation The act of replacing one participating member of a contract with another, with all rights, duties and terms being transferred to the new party upon consent of all parties affected.
NYSE New York Stock Exchange: the exchange where RGA is traded under the symbol "RGA"
OAS Option-adjusted spread
OCI Other comprehensive income (loss)
OTC Derivatives that are privately negotiated contracts, which are known as over-the-counter derivatives
OTC Cleared OTC derivatives that are cleared and settled through central clearing counterparties.
PBR Principles-based reserves
PCAOB Public Company Accounting Oversight Board (United States)
Pension Plans The Company's sponsored or administrated qualified and non-qualified defined benefit pension plans
Portfolio The totality of risks assumed by an insurer or reinsurer.
Preferred risk coverage Coverage designed for applicants who represent a better-than-average risk to an insurer.
Premium Amount paid to insure a risk.
Primary insurance (also known as direct insurance) Insurance business relating to contracts directly between insurers and policyholders. The insurance company is directly responsible to the policyholder.
Production New business produced during a specified period.
PRT Pension risk transfer
PSU Performance Share Units
Quota share (also known as 'first dollar' quota share) A reinsurance arrangement in which the reinsurer receives a certain percentage of each risk reinsured.
RBC Risk based capital, which are guidelines promulgated by the NAIC and identify minimum capital requirements based upon business levels and asset mix.
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Recapture The right of the ceding company to cancel reinsurance under certain conditions.
Regulation XXX/Regulation A-XXX U.S. Valuation of Life Policies Model Regulation implemented beginning in 2002 for various types of life insurance business, significantly increased the level of reserves that U.S. life insurance and life reinsurance companies must hold on their statutory financial statements for various types of life insurance business, primarily certain level premium term life products.
Reinsurance The transfer of insurance risk from an insurer, referred to as the ceding company, to a reinsurer, in conjunction with the payment of a reinsurance premium. Through reinsurance, a reinsurer 'insures' an insurer.
Reserves The amount required to be carried as a liability in the financial statement of an insurer or reinsurer to provide for future commitments under outstanding policies and contracts.
Retakaful A form of reinsurance that is acceptable within Islamic law. See Takaful.
Retention limit The maximum amount of risk a company will insure on one life.
Retrocession A transfer of reinsurance risk from a reinsurer to another reinsurer, referred to as the retrocessionaire, in conjunction with the payment of a retrocession premium. Through retrocession, a retrocessionaire reinsures a reinsurer.
Retrocessionaire A reinsurer that reinsures another reinsurer; see Retrocession.
RMBS Residential mortgage-backed securities, a part of the Company’s investment portfolio that consists of securities made up of residential mortgages. Stated on the Company’s balance sheet at fair value.
RMSC The Company's Risk Management Steering Committee
RSUs Restricted Stock Units
S&P Standard & Poor's
SARs Stock Appreciation Rights
SEC Securities and Exchange Commission
Securitization The structuring of financial assets as collateral against which securities can be issued to investors.
Simplified issue life insurance Insurance products with limited face amounts that require no or minimal underwriting.
SOFR Secured Overnight Financing Rate
SPLRC Special Purpose Life Reinsurance Captives
Statutory capital The excess of statutory assets over statutory reserves, both of which are calculated in accordance with standards established by insurance regulators.
“Stock Plans” The RGA flexible stock plan and the Flexible Stock Plan for Directors, collectively
Takaful A form of insurance that is acceptable within Islamic law, and that is devised upon the principles of mutual advantage and group security.
Tele-underwriting A telephone interview process, during which an applicant's qualifications to be insured are assessed.
The “County” The County of St. Louis, Missouri
The “Plan” RGA Flexible Stock Plan
The Board RGA's board of directors
The Companies Act The Bermuda's Companies Act of 1981
The Company Reinsurance Group of America, Incorporated and its subsidiaries, all of which are wholly owned, collectively
Treaty (also known as a contract) A reinsurance agreement between a reinsurer and a ceding company. The three most common types of reinsurance treaties are YRT (yearly renewable term), coinsurance and modified coinsurance. The three most common methods of accepting reinsurance are automatic, facultative and facultative-obligatory.
TVaR Tail Value-at-Risk used for calculated capital requirement for Bermuda subsidiaries.
U.S. Tax Reform The U.S. Tax Cuts and Jobs Act of 2017
UAE United Arab Emirates
UK United Kingdom
UL Universal life insurance
Underwriting The process that assesses the risk inherent in an application for insurance prior to acceptance of the policy.
Valuation The periodic calculation of reserves, the funds that insurance companies are required to hold in order satisfy all future insurance obligations.
Variable life insurance A form of whole life insurance under which the death benefit and the cash value of the policy fluctuate according to the performance of an investment fund. Most variable life insurance policies guarantee that the death benefit will not fall below a specified minimum.
VII Variable investment income
VOCRA Value of customer relationships acquired which represents the present value of the expected future profits associated with the expected future business acquired through existing customers of the acquired company or business.
VODA Value of distribution agreements which represents the present value of future profits associated with the expected future business derived from distribution agreements.
Yearly Renewable Term (YRT) A type of reinsurance which covers only mortality risk, with each year's premium based on the current amount of risk.
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SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
Reinsurance Group of America, Incorporated
 
 
Date: November 1, 2024   By:  /s/ Tony Cheng
  Tony Cheng
  President and Chief Executive Officer
 
(Principal Executive Officer)
 
 
 
 
Date: November 1, 2024   By: /s/ Axel André
  Axel André
  Executive Vice President and Chief Financial Officer
  (Principal Financial and Accounting Officer)

86
EX-31.1 2 ex3112024q310-q.htm EX-31.1 Document

Exhibit 31.1
CEO CERTIFICATION
I, Tony Cheng, certify that:
 
1.      I have reviewed this quarterly report on Form 10-Q of Reinsurance Group of America, Incorporated;
2.      Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.      Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.  The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)      Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)      Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)      Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)      Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.      The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)      All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)      Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 1, 2024     /s/ Tony Cheng
    Tony Cheng
    President and Chief Executive Officer


EX-31.2 3 ex3122024q310-q.htm EX-31.2 Document

Exhibit 31.2
CFO CERTIFICATION
I, Axel André, certify that:
 
1.      I have reviewed this quarterly report on Form 10-Q of Reinsurance Group of America, Incorporated;
2.      Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.      Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.  The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)      Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)      Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)      Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)      Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.      The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)      All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)      Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 1, 2024     /s/ Axel André
    Axel André
    Executive Vice President
& Chief Financial Officer


EX-32.1 4 ex3212024q310-q.htm EX-32.1 Document

Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the Quarterly Report on Form 10-Q of Reinsurance Group of America, Incorporated and subsidiaries, (the “Company”), for the quarterly period ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Tony Cheng, President and Chief Executive Officer of the Company, certifies, to his best knowledge and belief, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
 
1.  The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
Date: November 1, 2024      /s/ Tony Cheng
     Tony Cheng
     President and Chief Executive Officer


EX-32.2 5 ex3222024q310-q.htm EX-32.2 Document

Exhibit 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the Quarterly Report on Form 10-Q of Reinsurance Group of America, Incorporated and subsidiaries, (the “Company”), for the quarterly period ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Axel André, Chief Financial Officer of the Company, certifies, to his best knowledge and belief, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
 
1.  The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 1, 2024      /s/ Axel André
     Axel André
     Executive Vice President
     & Chief Financial Officer