ﾘｲﾝｼｭｱﾗﾝｽｸﾞﾙｰﾌﾟｵﾌﾞｱﾒﾘｶの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): July 29, 2025

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

Missouri

1-11848

43-1627032

(State or Other Jurisdiction
of Incorporation)

(Commission
File Number)

(IRS Employer
Identification Number)

16600 Swingley Ridge Road, Chesterfield, Missouri 63017

(Address of Principal Executive Office)

Registrant’s telephone number, including area code: (636) 736-7000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each 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 Reset Subordinated Debentures due 2052

RZC

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):


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


Item 2.02			Results of Operations and Financial Condition.

On July 31, 2025, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release (the “Earnings Release”) announcing its earnings for the three-month period ended June 30, 2025, and providing certain additional information, a copy of which is furnished as Exhibit 99.1 and is incorporated herein by reference and (2) a quarterly financial supplement for the quarter ended June 30, 2025, a copy of which is furnished as Exhibit 99.2 and is incorporated herein by reference. The Earnings Release also notes that a conference call will be held on August 1, 2025 to discuss the financial and operating results for the three-month period ended June 30, 2025 (the “Earnings Call”).


Item 7.01			Regulation FD Disclosure.

On July 31, 2025, the Company issued a press release (the “Transaction Press Release”) announcing that RGA Reinsurance Company (“RGA Re”), a subsidiary of the Company, has entered into coinsurance and modified coinsurance agreements (the “Reinsurance Agreements”) with subsidiaries of Equitable Holdings, Inc. (collectively, the “Counterparty”), as contemplated by the previously announced master transaction agreement executed by RGA Re and the Counterparty in February 2025. Under the Reinsurance Agreements the Counterparty has ceded to RGA Re a 75% quota share of the Counterparty’s in-force individual life insurance liabilities, consisting of approximately $32 billion of a diversified mix of life insurance products. A copy of the Transaction Press Release is furnished as Exhibit 99.3 and is incorporated herein by reference.

In connection with the Earnings Call, the Company has prepared a presentation, dated July 31, 2025 (the “Earnings Presentation”), a copy of which is furnished as Exhibit 99.4 and incorporated herein by reference. The Earnings Release announced that effective July 29, 2025 the Company’s board of directors declared a regular quarterly dividend of $0.93, payable August 26, 2025 to shareholders of record as of August 12, 2025.

The information set forth in Exhibits 99.1, 99.2, 99.3 and 99.4 of this Current Report on Form 8-K is being furnished and shall not be deemed to be “filed”, as described in Instruction B.2 of Form 8-K.

Cautionary Note Regarding Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance, and growth potential of Reinsurance Group of America, Incorporated (the “Company”), and future developments associated with the previously announced transaction relating to the master transaction agreement that a Company subsidiary entered into with subsidiaries of Equitable Holdings, Inc, pursuant to which on July 31, 2025 such Company subsidiary entered into coinsurance and modified coinsurance agreements with those counterparties (the “Reinsurance Transaction”). 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 that 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, (28) the Company’s ability to achieve the expected benefits of the Reinsurance Transaction, and (29) other risks and uncertainties described in this document and in the Company’s filings with the Securities and Exchange Commission (“SEC”).

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future, except as required under applicable securities law. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, 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.


Item 9.01			Financial Statements and Exhibits

(d) Exhibits.



Exhibit No.						Exhibit
99.1						Press Release of Reinsurance Group of America, Incorporated dated July 31 , 2025 (Earnings Release)

99.2						Quarterly Financial Supplement for the quarter ended June 30, 2025

99.3						Press Release of Reinsurance Group of America, Incorporated dated July 31, 2025 (Transaction Press Release)

99.4						Earnings Presentation dated July 31, 2025

104						Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURE

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

REINSURANCE GROUP OF AMERICA, INCORPORATED

Date: July 31, 2025

By:

/s/ Axel André

Axel André

Executive Vice President and Chief Financial Officer

EX-99.1 2 pressrelease2q25.htm EX-99.1 Document

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS

SECOND QUARTER RESULTS

Second Quarter Results

•Net income available to RGA shareholders of $2.70 per diluted share, adjusted operating income of $4.72 per diluted share

•ROE of 7.0%, adjusted operating ROE of 12.7%, adjusted operating ROE, excluding notable items of 14.3%, each for the trailing twelve months

•Increased quarterly dividend 4.5% to $0.93 per share

•Deployed capital of $276 million into in force block transactions

•Significant increase in our estimated deployable capital to $3.4 billion

ST. LOUIS, July 31, 2025 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported second quarter net income available to RGA shareholders of $180 million, or $2.70 per diluted share, compared with $203 million, or $3.03 per diluted share, in the prior-year quarter. Adjusted operating income and adjusted operating income, excluding notable items, for the second quarter totaled $315 million, or $4.72 per diluted share, compared with $365 million, or $5.48 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.08 per diluted share on net income available to RGA shareholders, and $0.12 per diluted share on adjusted operating income, both as compared with the prior year.

Tony Cheng, President and Chief Executive Officer, commented, “After a very strong first quarter, the second quarter operating results were below expectations, primarily reflecting claims volatility in our U.S. Individual Life business. However, we continue to execute successfully on our strategy, maintaining very good momentum overall and benefiting from the earnings diversity that comes from our global platform. New business in the quarter remained strong, and our Creation Re strategy continues to perform above expectations.

“Additionally, we continue to benefit from our balance sheet optimization efforts, as our estimated excess capital increased from $1.9 billion to $3.8 billion in the quarter, reflecting additional capital credit received on the value of a portion of our in force business. When factoring in the transaction with subsidiaries of Equitable Holdings, Inc., which closed earlier today, our pro forma excess capital is estimated to be $2.3 billion. Considering this, and our estimated deployable capital of $3.4 billion, we are well positioned to continue to fund our growth and return capital to shareholders through dividends and share repurchases.

“Our APAC and EMEA segments delivered strong results, and U.S. Financial Solutions performed well. U.S. Individual Life experience reflected a high level of large claims, offsetting the favorable experience in the first quarter. U.S. Group business saw higher than expected claims in the healthcare excess line, consistent with industry trends.

“We deployed $276 million into in force transactions, with good diversification across products and geographies. Our pipeline remains attractive. As mentioned earlier, the Equitable transaction has closed, and we are excited about the long-term value that this transaction is expected to provide RGA.

“Looking forward, we remain optimistic about our business prospects. RGA is well positioned in its markets, with a proven strategy. We point to a long track record of successful execution, which has produced strong financial results, and we expect to continue to deliver attractive financial results in the future.”


	Quarterly Results				Year-to-Date Results
($ in millions, except per share data)	2025		2024		2025		2024
Net premiums	$	4,151	$	3,920	$	8,170	$	9,296
Net income available to RGA shareholders	180		203		466		413
Net income available to RGA shareholders per diluted share	2.70		3.03		6.97		6.19
Adjusted operating income	315		365		693		766
Adjusted operating income, excluding notable items	315		365		693		766
Adjusted operating income per diluted share	4.72		5.48		10.38		11.49
Adjusted operating income, excluding notable items per diluted share	4.72		5.48		10.38		11.49
Book value per share	182.37		147.90
Book value per share, excluding accumulated other comprehensive income (AOCI)	155.87		148.19
Book value per share, excluding AOCI and B36	156.63		149.01
Total assets	133,479		109,888

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

In the second quarter, consolidated net premiums totaled $4.2 billion, an increase of 5.9% over the prior-year quarter, with a favorable net foreign currency effect of $45 million. Net premiums for the prior-year quarter included a contribution of approximately $280 million from a single premium pension transfer transaction in the U.S. Financial Solutions business.

Compared with the year-ago period, excluding spread-based businesses, second quarter investment income increased 36.5%, primarily due to higher average invested assets, higher variable investment income, and higher new money rates. Average investment yield increased to 5.31% in the second quarter, compared with 4.65% in the prior-year period, reflecting higher variable investment income and higher new money rates.

The effective tax rate for the quarter was 47% on pre-tax income, above the expected range of 23% to 24%, primarily due to the establishment of valuation allowances on foreign tax credits and tax expense related to a legal entity restructuring during the quarter.

The effective tax rate for the quarter was 25.2% on adjusted operating income before taxes, above the expected range of 23% to 24%, primarily due to the establishment of valuation allowances on foreign tax credits.

SEGMENT RESULTS

U.S. and Latin America

Traditional


	Quarterly Results				Year-to-Date Results
($ in millions)	2025		2024		2025		2024
Net premiums	$	2,019	$	1,827	$	3,940	$	3,542
Adjusted operating income before taxes	4		167		144		295
Adjusted operating income before taxes, excluding notable items	4		167		144		295

Quarterly Results

•Results reflected unfavorable individual life large claims experience and unfavorable group healthcare excess experience.

Financial Solutions


	Quarterly Results		Year-to-Date Results
($ in millions)	2025	2024	2025	2024
Adjusted operating income before taxes	97	80	164	170
Adjusted operating income before taxes, excluding notable items	97	80	164	170

Quarterly Results

•Results reflected favorable variable investment income and higher investment yields.

Canada

Traditional


	Quarterly Results				Year-to-Date Results
($ in millions)	2025		2024		2025		2024
Net premiums	$	339	$	326	$	658	$	644
Adjusted operating income before taxes	28		26		60		72
Adjusted operating income before taxes, excluding notable items	28		26		60		72

Net Premiums

•Foreign currency exchange rates had an adverse effect on net premiums of $4 million for the quarter.

Quarterly Results

•Results reflected unfavorable group and individual life experience.

•Foreign currency exchange rates had an adverse effect of $1 million on adjusted operating income before taxes.

Financial Solutions


	Quarterly Results		Year-to-Date Results
($ in millions)	2025	2024	2025	2024
Adjusted operating income before taxes	9	7	20	14
Adjusted operating income before taxes, excluding notable items	9	7	20	14

Quarterly Results

•Results reflected favorable variable investment income and longevity experience.

•Foreign currency exchange rates had an immaterial effect on adjusted operating income before taxes.

Europe, Middle East and Africa (EMEA)

Traditional


	Quarterly Results				Year-to-Date Results
($ in millions)	2025		2024		2025		2024
Net premiums	$	573	$	497	$	1,113	$	993
Adjusted operating income (loss) before taxes	18		(1)		68		37
Adjusted operating income (loss) before taxes, excluding notable items	18		(1)		68		37

Net Premiums

•Foreign currency exchange rates had a favorable effect on net premiums of $24 million for the quarter.

Quarterly Results

•Results reflected unfavorable claims experience, partially offset by favorable other experience.

•Foreign currency exchange rates had a favorable effect of $1 million on adjusted operating income before taxes.

Financial Solutions


	Quarterly Results		Year-to-Date Results
($ in millions)	2025	2024	2025	2024
Adjusted operating income before taxes	116	86	206	163
Adjusted operating income before taxes, excluding notable items	116	86	206	163

Quarterly Results

•Results reflected favorable longevity experience, higher variable investment income, and higher investment margins due to ongoing growth.

•Foreign currency exchange rates had a favorable effect of $5 million on adjusted operating income before taxes.

Asia Pacific

Traditional


	Quarterly Results				Year-to-Date Results
($ in millions)	2025		2024		2025		2024
Net premiums	$	816	$	708	$	1,593	$	1,424
Adjusted operating income before taxes	104		99		210		208
Adjusted operating income before taxes, excluding notable items	104		99		210		208

Net Premiums

•Foreign currency exchange rates had a favorable effect on net premiums of $9 million for the quarter.

Quarterly Results

•Results reflected favorable claims experience.

•Foreign currency exchange rates had a favorable effect of $2 million on adjusted operating income before taxes.

Financial Solutions


	Quarterly Results				Year-to-Date Results
($ in millions)	2025		2024		2025		2024
Net premiums	$	117	$	50	$	229	$	96
Adjusted operating income before taxes	77		71		136		130
Adjusted operating income before taxes, excluding notable items	77		71		136		130

Quarterly Results

•Results reflected favorable variable investment income.

•Foreign currency exchange rates had a favorable effect of $2 million on adjusted operating income before taxes.

Corporate and Other


	Quarterly Results		Year-to-Date Results
($ in millions)	2025	2024	2025	2024
Adjusted operating income (loss) before taxes	(32)	(44)	(102)	(82)
Adjusted operating income (loss) before taxes, excluding notable items	(32)	(44)	(102)	(82)

Quarterly Results

•Results were favorable compared to the expected quarterly average run rate due to higher variable investment income.

Dividend Declaration

Effective July 29, 2025, the board of directors declared a regular quarterly dividend of $0.93, payable August 26, 2025, to shareholders of record as of August 12, 2025.

Earnings Conference Call

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

RGA has posted to its website an earnings presentation and a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, RGA posts periodic reports, press releases and other useful information on its Investor Relations website.

Non-GAAP Financial Measures and Other Definitions

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

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

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

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

•changes in the fair value of embedded derivatives;

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

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

•any net gain or loss from discontinued operations;

•the cumulative effect of any accounting changes;

•the impact of certain tax-related items; and

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

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

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

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

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

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

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

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

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

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

•Adjusted operating return on equity excluding AOCI and B36;

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

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

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

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

Other Definitions:

Estimated Excess Capital: Estimate of capital available in excess of RGA’s target level when considering RGA’s internal, regulatory and rating agency capital frameworks. Calculation performed annually and adjusted periodically to reflect quarterly activity and updates to RGA’s assumptions. Pro forma excess capital includes the impact of the transaction with subsidiaries of Equitable Holdings, Inc.

Estimated Deployable Capital: Estimated deployable capital includes RGA’s assumptions of sources and uses of capital over the next twelve months. RGA’s assumptions consider RGA’s internal, regulatory, and rating agency capital frameworks, and these assumptions are subject to change.

Uncapped (profitable) cohorts: Cohorts with a net premium ratio under 100%.

Capped (loss) cohorts: Cohorts with a net premium ratio equal to or greater than 100%.

Floored cohorts: Cohorts with reserves floored at zero as reserves cannot be negative.

About RGA

Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has approximately $4.1 trillion of life reinsurance in force and assets of $133.5 billion as of June 30, 2025. To learn more about RGA and its businesses, please visit www.rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.

Cautionary Note Regarding Forward-Looking Statements

“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.

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 that 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, (28) the Company's ability to achieve the expected benefits of the Reinsurance Transaction, and (29) other risks and uncertainties described in this document and in the Company’s filings with the Securities and Exchange Commission (“SEC”).

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, 2024, as may be supplemented by Item 1A – “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q and in our other periodic and current reports filed with the SEC.

Investor Contact

Jeff Hopson

Senior Vice President - Investor Relations Reconciliation of Consolidated Net Income to Adjusted Operating Income

(636) 736-2068

- tables attached -

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

(Dollars in millions, except per share data)


(Unaudited)	Three Months Ended June 30,
	2025				2024
			Diluted Earnings Per Share				Diluted Earnings Per Share
Net income available to RGA shareholders	$	180	$	2.70	$	203	$	3.03
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	64		0.96		239		3.60
Market risk benefits remeasurement (gains) losses	(14)		(0.21)		(6)		(0.09)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	(2)		(0.03)		—		—
Embedded derivatives:
Included in investment related gains/losses, net	(3)		(0.04)		(20)		(0.30)
Included in interest credited	1		0.01		(4)		(0.06)
Investment (income) loss on unit-linked variable annuities	—		—		1		0.01
Interest credited on unit-linked variable annuities	—		—		(1)		(0.01)
Interest expense on uncertain tax positions	—		—		(1)		(0.01)
Other (1)	18		0.27		(35)		(0.52)
Uncertain tax positions and other tax related items	70		1.05		(12)		(0.18)
Net income attributable to noncontrolling interest	1		0.01		1		0.01
Adjusted operating income	315		4.72		365		5.48
Notable items	—		—		—		—
Adjusted operating income, excluding notable items	$	315	$	4.72	$	365	$	5.48


(Unaudited)	Six Months Ended June 30,
	2025				2024
			Diluted Earnings Per Share				Diluted Earnings Per Share
Net income available to RGA shareholders	$	466	$	6.97	$	413	$	6.19
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	117		1.78		424		6.37
Market risk benefits remeasurement (gains) losses	9		0.13		(34)		(0.51)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	(2)		(0.03)		(2)		(0.03)
Embedded derivatives:
Included in investment related gains/losses, net	6		0.09		(81)		(1.22)
Included in interest credited	9		0.13		6		0.09
Investment (income) loss on unit-linked variable annuities	—		—		2		0.03
Interest credited on unit-linked variable annuities	—		—		(2)		(0.03)
Interest expense on uncertain tax positions	—		—		(1)		(0.02)
Other (1)	14		0.21		54		0.81
Uncertain tax positions and other tax related items	71		1.06		(16)		(0.24)
Net income attributable to noncontrolling interest	3		0.04		3		0.05
Adjusted operating income	693		10.38		766		11.49
Notable items	—		—		—		—
Adjusted operating income, excluding notable items	$	693	$	10.38	$	766	$	11.49

(1) The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Effective Income Tax Rates

(Dollars in millions)


(Unaudited)	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
	Pre-tax Income (Loss)		Income Taxes		Effective Tax Rate (1)		Pre-tax Income (Loss)		Income Taxes		Effective Tax Rate (1)
GAAP income	$	341	$	160	47.0	%	$	710	$	241	34.1	%
Reconciliation to adjusted operating income:
Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net	77		13				148		31
Market risk benefits remeasurement (gains) losses	(17)		(3)				12		3
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	(2)		—				(2)		—
Embedded derivatives:
Included in investment related gains/losses, net	(3)		—				8		2
Included in interest credited	2		1				12		3
Investment (income) loss on unit-linked variable annuities	—		—				—		—
Interest credited on unit-linked variable annuities	—		—				—		—
Interest expense on uncertain tax positions	—		—				—		—
Other (2)	23		5				18		4
Uncertain tax positions and other tax related items	—		(70)				—		(71)
Adjusted operating income	421		106		25.2	%	906		213		23.4	%
Notable items	—		—				—		—
Adjusted operating income, excluding notable items	$	421	$	106			$	906	$	213

(1) The Company rounds amounts in the financial statements to millions and calculates the effective tax rate from the underlying whole-dollar amounts. Thus certain amounts may not recalculate based on the numbers due to rounding.

(2) The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Income before Income Taxes to Pre-tax Adjusted Operating Income

(Dollars in millions)


(Unaudited)	Three Months Ended June 30,
	2025		2024
Income before income taxes	$	341	$	269
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	77		308
Market risk benefits remeasurement (gains) losses	(17)		(8)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	(2)		—
Embedded derivatives:
Included in investment related gains/losses, net	(3)		(26)
Included in interest credited	2		(6)
Investment (income) loss on unit-linked variable annuities	—		1
Interest credited on unit-linked variable annuities	—		(1)
Interest expense on uncertain tax positions	—		(1)
Other (1)	23		(45)
Pre-tax adjusted operating income	421		491
Notable items	—		—
Pre-tax adjusted operating income, excluding notable items	$	421	$	491


(Unaudited)	Six Months Ended June 30,
	2025		2024
Income before income taxes	$	710	$	541
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	148		540
Market risk benefits remeasurement (gains) losses	12		(43)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	(2)		(2)
Embedded derivatives:
Included in investment related gains/losses, net	8		(103)
Included in interest credited	12		7
Investment (income) loss on unit-linked variable annuities	—		2
Interest credited on unit-linked variable annuities	—		(2)
Interest expense on uncertain tax positions	—		(1)
Other (1)	18		68
Pre-tax adjusted operating income	906		1,007
Notable items	—		—
Pre-tax adjusted operating income, excluding notable items	$	906	$	1,007

(1) The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In thousands, except per share data)


(Unaudited)	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Earnings per share from net income (loss):
Basic earnings per share	$	2.72	$	3.07	$	7.05	$	6.28
Diluted earnings per share	$	2.70	$	3.03	$	6.97	$	6.19

Diluted earnings per share from adjusted operating income	$	4.72	$	5.48	$	10.38	$	11.49
Weighted average number of common and common equivalent shares outstanding	66,731		66,732		66,793		66,645


(Unaudited)	At June 30,
	2025		2024
Treasury shares	19,219		19,487
Common shares outstanding	66,092		65,824
Book value per share outstanding	$	182.37	$	147.90
Book value per share outstanding, before impact of AOCI	$	155.87	$	148.19

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


(Unaudited)	At June 30,
	2025		2024
Book value per share outstanding	$	182.37	$	147.90
Less effect of AOCI:
Accumulated currency translation adjustment	1.96		1.32
Unrealized (depreciation) appreciation of securities	(74.10)		(71.31)
Effect of updating discount rates on future policy benefits	98.85		70.06
Change in instrument-specific credit risk for market risk benefits	0.05		0.09
Pension and postretirement benefits	(0.26)		(0.45)
Book value per share outstanding, before impact of AOCI	155.87		148.19
Less effect of B36 derivatives	(0.76)		(0.82)
Book value per share outstanding, before impact of AOCI and B36 derivatives	$	156.63	$	149.01

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Shareholders' Average Equity to Shareholders' Average Equity Excluding AOCI

(Dollars in millions)


(Unaudited)
Trailing Twelve Months Ended June 30, 2025:	Average Equity
Shareholders' average equity	$	11,027
Less effect of AOCI:
Accumulated currency translation adjustment	59
Unrealized (depreciation) appreciation of securities	(4,272)
Effect of updating discount rates on future policy benefits	5,249
Change in instrument-specific credit risk for market risk benefits	5
Pension and postretirement benefits	(23)
Shareholders' average equity, excluding AOCI	10,009
Year-to-date notable items, net of tax	67
Shareholders' average equity, excluding AOCI and notable items	$	10,076

Reconciliation of Trailing Twelve Months of Consolidated Net Income to Adjusted Operating Income

and Related Return on Equity

(Dollars in millions)


(Unaudited)			Return on Equity
Trailing Twelve Months Ended June 30, 2025:	Income
Net income available to RGA shareholders	$	770	7.0	%
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net	384
Change in fair value of embedded derivatives	10
Tax expense on uncertain tax positions and other tax related items	98
Net income attributable to noncontrolling interest	7
Adjusted operating income	1,269		12.7	%
Notable items after tax	169
Adjusted operating income, excluding notable items	$	1,438	14.3	%

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)


(Unaudited)	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenues:
Net premiums	$	4,151	$	3,920	$	8,170	$	9,296
Investment income, net of related expenses	1,408		1,082		2,640		2,043
Investment related gains (losses), net	(44)		(271)		(123)		(420)
Other revenue	84		147		172		296
Total revenues	5,599		4,878		10,859		11,215
Benefits and expenses:
Claims and other policy benefits	4,045		3,712		7,867		8,844
Future policy benefits remeasurement (gains) losses	68		(90)		12		(114)
Market risk benefits remeasurement (gains) losses	(17)		(8)		12		(43)
Interest credited	314		231		613		485
Policy acquisition costs and other insurance expenses	433		391		850		778
Other operating expenses	325		301		625		584
Interest expense	90		72		170		140
Total benefits and expenses	5,258		4,609		10,149		10,674
Income before income taxes	341		269		710		541
Provision for income taxes	160		65		241		125
Net income	181		204		469		416
Net income attributable to noncontrolling interest	1		1		3		3
Net income available to RGA shareholders	$	180	$	203	$	466	$	413

# # #

EX-99.2 3 qfs2q25.htm EX-99.2 Document

Exhibit 99.2

Quarterly Financial Supplement

Second Quarter 2025

(Unaudited)

World Headquarters

Internet Address

Contacts

16600 Swingley Ridge Road

www.rgare.com

Axel André

Chesterfield, Missouri 63017 U.S.A.

Executive Vice President

and Chief Financial Officer

Phone: (636) 736-7000

e-mail: Axel.Andre@rgare.com

Jeff Hopson

Senior Vice President, Investor Relations

Phone: (636) 736-2068

e-mail: jhopson@rgare.com

Current Ratings

Standard & Poor’s

A.M. Best

Moody’s

Financial Strength Ratings

RGA Reinsurance Company

AA-

A+

RGA Life Reinsurance Company of Canada

AA-

A+

RGA International Reinsurance Company dac

AA-

RGA Global Reinsurance Company, Ltd.

AA-

RGA Reinsurance Company of Australia Limited

AA-

RGA Americas Reinsurance Company, Ltd.

AA-

A+

RGA Worldwide Reinsurance Company, Ltd.

AA-

RGA Reinsurance Company (Barbados) Ltd.

AA-

RGA Life and Annuity Insurance Company

AA-

A+

Omnilife Insurance Company Limited

A+

Aurora National Life Assurance Company

AA-

A+

Senior Debt Ratings

Reinsurance Group of America, Incorporated

Baa1

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

Reinsurance Group of America, Incorporated

2nd Quarter 2025

Table of Contents


			Page


Consolidated

Financial Highlights			3

Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)			4

Consolidated Balance Sheets			6

Segment Summaries of Adjusted Operating Income Statements

U.S. and Latin America Traditional			7

U.S. and Latin America Financial Solutions			8

Canada Traditional			10

Canada Financial Solutions			11

Europe, Middle East and Africa Traditional			12

Europe, Middle East and Africa Financial Solutions			13

Asia Pacific Traditional			14

Asia Pacific Financial Solutions			15

Corporate and Other			16

Summary of Segment Adjusted Operating Income			17

Investments

Cash and Invested Assets and Investment Income and Yield Summary			18

Fixed Maturity Securities			19

Corporate Fixed Maturity Securities by Industry			20

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities			21

Fixed Maturity Securities Below Amortized Cost			22

Consolidated Investment Related Gains and Losses			24

Appendix

Reconciliations of GAAP to Non-GAAP Measures			25

Non-GAAP Disclosures			30


						Page 2


Reinsurance Group of America, Incorporated
Financial Highlights

	Three Months Ended															Current vs.			Year-to-Date
(USD millions, except in force and per share and shares data)	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Prior Year			June 30,		June 30,
	2025			2025			2024			2024			2024			Quarter			2025		2024		Change

Net premiums	$	4,151		$	4,019		$	4,156		$	4,391		$	3,920		$	231		$	8,170	$	9,296	$	(1,126)
Net income available to RGA’s shareholders	180			286			148			156			203			(23)			466		413		53
Adjusted operating income	315			378			334			242			365			(50)			693		766		(73)
Adjusted operating income excluding notable items (1)	315			378			334			410			365			(50)			693		766		(73)
Return on equity	7.0		%	7.5		%	7.1		%	7.7		%	9.7		%	(2.7)		%
Adjusted operating return on equity (excluding AOCI)	12.7		%	13.4		%	13.8		%	13.8		%	15.3		%	(2.6)		%
Adjusted operating return on equity (excluding AOCI and notable items (1))	14.3		%	15.0		%	15.4		%	15.5		%	15.3		%	(1.0)		%
Adjusted operating return on equity (excluding AOCI and B36 items)	12.6		%	13.3		%	13.7		%	13.7		%	15.3		%	(2.7)		%

Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income	$	2.72		$	4.33		$	2.26		$	2.37		$	3.07		$	(0.35)		$	7.05	$	6.28	$	0.77
Adjusted operating income	$	4.76		$	5.73		$	5.07		$	3.67		$	5.55		$	(0.79)		$	10.50	$	11.65	$	(1.15)
Adjusted operating income excluding notable items (1)	$	4.76		$	5.73		$	5.07		$	6.22		$	5.55		$	(0.79)		$	10.50	$	11.65	$	(1.15)
Diluted earnings per share
Net income	$	2.70		$	4.27		$	2.22		$	2.33		$	3.03		$	(0.33)		$	6.97	$	6.19	$	0.78
Adjusted operating income	$	4.72		$	5.66		$	4.99		$	3.62		$	5.48		$	(0.76)		$	10.38	$	11.49	$	(1.11)
Adjusted operating income excluding notable items (1)	$	4.72		$	5.66		$	4.99		$	6.13		$	5.48		$	(0.76)		$	10.38	$	11.49	$	(1.11)
Weighted average common shares outstanding
Basic	66,088			66,008			65,867			65,850			65,807			281			66,048		65,773		275
Diluted	66,731			66,861			66,982			66,797			66,732			(1)			66,793		66,645		148

Book value per share	$	182.37		$	172.53		$	164.19		$	168.93		$	147.90		$	34.47		$	182.37	$	147.90	$	34.47
Book value per share, excluding AOCI	$	155.87		$	153.80		$	151.31		$	149.63		$	148.19		$	7.68		$	155.87	$	148.19	$	7.68
Book value per share, excluding AOCI and B36	$	156.63		$	154.60		$	151.97		$	151.79		$	149.01		$	7.62		$	156.63	$	149.01	$	7.62

Shareholders’ dividends paid	$	59		$	59		$	59		$	58		$	56		$	3		$	118	$	112	$	6
Share buybacks	—			—			—			—			—			—			—		—		—
Total returned to shareholders	$	59		$	59		$	59		$	58		$	56		$	3		$	118	$	112	$	6

Common shares issued	85,311			85,311			85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	19,219			19,225			19,439			19,447			19,487			(268)			19,219		19,487		(268)
Common shares outstanding	66,092			66,086			65,872			65,864			65,824			268			66,092		65,824		268

Assumed life reinsurance in force (in billions)	$	4,091.3		$	3,950.9		$	3,878.7		$	3,966.5		$	3,767.7		$	323.6
Assumed new business production (in billions)	$	110.9		$	131.7		$	102.3		$	204.4		$	89.6		$	21.3		$	242.6	$	198.7	$	43.9

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


						Page 3


Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)

(USD millions)	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2025		2025		2024		2024		2024		Quarter		2025		2024		Change
Revenues:
Net premiums	$	4,151	$	4,019	$	4,156	$	4,391	$	3,920	$	231	$	8,170	$	9,296	$	(1,126)
Net investment income	1,408		1,232		1,185		1,188		1,082		326		2,640		2,043		597
Investment related gains (losses), net	(44)		(79)		(247)		(78)		(271)		227		(123)		(420)		297
Other revenue	84		88		147		150		147		(63)		172		296		(124)
Total revenues	5,599		5,260		5,241		5,651		4,878		721		10,859		11,215		(356)
Benefits and expenses:
Adjusted claims and other policy benefits	4,045		3,822		3,943		4,116		3,712		333		7,867		8,844		(977)
Future policy benefits remeasurement (gains) losses	68		(56)		(69)		151		(90)		158		12		(114)		126
Market risk benefits remeasurement (gains) losses	(17)		29		(32)		31		(8)		(9)		12		(43)		55
Adjusted interest credited	314		299		292		310		231		83		613		485		128
Policy acquisition costs and other insurance expenses	433		417		411		452		391		42		850		778		72
Other operating expenses	325		300		385		299		301		24		625		584		41
Interest expense	90		80		86		78		72		18		170		140		30
Total benefits and expenses	5,258		4,891		5,016		5,437		4,609		649		10,149		10,674		(525)
Income before income taxes	341		369		225		214		269		72		710		541		169
Provision for income taxes	160		81		75		56		65		95		241		125		116
Net income	181		288		150		158		204		(23)		469		416		53
Net income attributable to noncontrolling interest	1		2		2		2		1		—		3		3		—
Net income available to RGA’s shareholders	$	180	$	286	$	148	$	156	$	203	$	(23)	$	466	$	413	$	53
Pre-tax adjusted operating income reconciliation:
Income before income taxes	$	341	$	369	$	225	$	214	$	269	$	72	$	710	$	541	$	169
Investment and derivative (gains) losses (1)	77		71		380		(23)		308		(231)		148		540		(392)
Market risk benefits remeasurement (gains) losses	(17)		29		(32)		31		(8)		(9)		12		(43)		55
Change in fair value of funds withheld embedded derivatives (1)	(3)		11		(125)		112		(26)		23		8		(103)		111
Funds withheld (gains) losses - investment income	(2)		—		6		(1)		—		(2)		(2)		(2)		—
Derivatives - interest credited	2		10		(3)		11		(6)		8		12		7		5
Investment (income) loss on unit-linked variable annuities	—		—		2		(1)		1		(1)		—		2		(2)
Interest credited on unit-linked variable annuities	—		—		(2)		1		(1)		1		—		(2)		2
Interest expense on uncertain tax positions	—		—		1		1		(1)		1		—		(1)		1
Other (2)	23		(5)		(21)		(31)		(45)		68		18		68		(50)
Adjusted operating income before income taxes	421		485		431		314		491		(70)		906		1,007		(101)
Notable items (3)	—		—		—		194		—		—		—		—		—
Adjusted operating income before income taxes excluding notable items	$	421	$	485	$	431	$	508	$	491	$	(70)	$	906	$	1,007	$	(101)

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


						Page 4


Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)

(USD millions)	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2025		2025		2024		2024		2024		Quarter		2025		2024		Change
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA	$	180	$	286	$	148	$	156	$	203	$	(23)	$	466	$	413	$	53
Investment and derivative (gains) losses (1)	64		53		300		(18)		239		(175)		117		424		(307)
Market risk benefits remeasurement (gains) losses	(14)		23		(26)		25		(6)		(8)		9		(34)		43
Change in fair value of funds withheld embedded derivatives (1)	(3)		9		(99)		88		(20)		17		6		(81)		87
Funds withheld (gains) losses - investment income	(2)		—		4		—		—		(2)		(2)		(2)		—
Derivatives - interest credited	1		8		(2)		8		(4)		5		9		6		3
Investment (income) loss on unit-linked variable annuities	—		—		1		(1)		1		(1)		—		2		(2)
Interest credited on unit-linked variable annuities	—		—		(1)		1		(1)		1		—		(2)		2
Interest expense on uncertain tax positions	—		—		1		1		(1)		1		—		(1)		1
Other (2)	18		(4)		(16)		(25)		(35)		53		14		54		(40)
Uncertain tax positions and other tax related items	70		1		22		5		(12)		82		71		(16)		87
Net income attributable to noncontrolling interest	1		2		2		2		1		—		3		3		—
Adjusted operating income	315		378		334		242		365		(50)		693		766		(73)
Notable items (3)	—		—		—		168		—		—		—		—		—
Adjusted operating income excluding notable items	$	315	$	378	$	334	$	410	$	365	$	(50)	$	693	$	766	$	(73)

Diluted earnings per share - adjusted operating income	$	4.72	$	5.66	$	4.99	$	3.62	$	5.48	$	(0.76)	$	10.38	$	11.49	$	(1.11)
Diluted earnings per share - adjusted operating income excluding notable items	$	4.72	$	5.66	$	4.99	$	6.13	$	5.48	$	(0.76)	$	10.38	$	11.49	$	(1.11)

Foreign currency effect on (4):
Net premiums	$	45	$	(60)	$	(15)	$	1	$	(33)	$	78	$	(15)	$	(45)	$	30
Adjusted operating income before income taxes	$	9	$	(8)	$	8	$	1	$	(5)	$	14	$	1	$	(4)	$	5

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


						Page 5


Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2025		2025		2024		2024		2024
Assets
Fixed maturity securities available-for-sale, at fair value	$	86,043	$	84,507	$	77,617	$	78,149	$	70,491
Equity securities	155		153		155		155		144
Mortgage loans	10,057		9,331		8,839		8,388		7,984
Policy loans	1,294		1,284		1,321		1,285		1,171
Funds withheld at interest	7,115		5,328		5,436		5,545		5,556
Limited partnerships and real estate joint ventures	3,338		3,228		3,067		2,972		2,791
Short-term investments	502		454		363		381		335
Other invested assets	1,397		1,295		1,242		1,361		1,148
Total investments	109,901		105,580		98,040		98,236		89,620
Cash and cash equivalents	5,416		5,151		3,326		5,195		4,596
Accrued investment income	1,089		1,059		986		995		881
Premiums receivable and other reinsurance balances	4,202		3,749		3,898		3,738		3,635
Reinsurance ceded receivables and other	5,386		5,420		5,531		5,438		5,122
Deferred policy acquisition costs	5,823		5,649		5,543		5,477		4,720
Other assets	1,662		1,602		1,351		1,179		1,314
Total assets	$	133,479	$	128,210	$	118,675	$	120,258	$	109,888
Liabilities and equity
Future policy benefits	$	63,531	$	59,836	$	53,368	$	55,933	$	50,779
Interest-sensitive contract liabilities	37,158		36,614		35,095		34,357		31,676
Market risk benefits, at fair value	233		243		223		247		217
Other policy claims and benefits	3,016		2,870		2,693		2,875		2,769
Other reinsurance balances	1,353		1,291		1,316		955		917
Deferred income taxes	2,454		2,250		2,199		2,059		1,866
Funds withheld payable	4,816		4,889		5,017		4,809		4,323
Other liabilities	3,041		2,991		2,816		2,739		2,449
Long-term debt	5,734		5,734		5,042		5,067		5,067
Total liabilities	121,336		116,718		107,769		109,041		100,063
Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,624		2,608		2,600		2,577		2,567
Retained earnings	9,563		9,443		9,255		9,166		9,076
Treasury stock	(1,887)		(1,888)		(1,889)		(1,889)		(1,889)
Accumulated other comprehensive income, net of taxes (AOCI):
Accumulated currency translation adjustment	130		(8)		(19)		108		86
Unrealized (depreciation) appreciation of securities	(4,897)		(4,443)		(4,526)		(2,800)		(4,694)
Effect of updating discount rates on future policy benefits	6,533		5,702		5,412		3,987		4,611
Change in instrument-specific credit risk for market risk benefits	3		6		2		6		6
Pension and postretirement benefits	(17)		(19)		(20)		(29)		(29)
Total RGA, Inc. shareholders’ equity	12,053		11,402		10,816		11,127		9,735
Noncontrolling interest	90		90		90		90		90
Total equity	12,143		11,492		10,906		11,217		9,825
Total liabilities and equity	$	133,479	$	128,210	$	118,675	$	120,258	$	109,888
Total RGA, Inc. shareholders’ equity, excluding AOCI	$	10,301	$	10,164	$	9,967	$	9,855	$	9,755

See appendix for reconciliation of total shareholders’ equity before and after impact of AOCI.


						Page 6


Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current vs.			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Prior Year			June 30,			June 30,
	2025			2025			2024			2024			2024			Quarter			2025			2024			Change
Revenues:
Net premiums	$	2,019		$	1,921		$	2,046		$	1,912		$	1,827		$	192		$	3,940		$	3,542		$	398
Net investment income	285			268			247			226			203			82			553			408			145
Investment related gains (losses), net	12			(6)			—			—			—			12			6			—			6
Other revenue	4			8			14			21			7			(3)			12			13			(1)
Total revenues	2,320			2,191			2,307			2,159			2,037			283			4,511			3,963			548

Benefits and expenses:
Adjusted claims and other policy benefits	1,922			1,773			1,886			1,712			1,676			246			3,695			3,248			447
Future policy benefits remeasurement (gains) losses	74			(25)			(68)			46			(66)			140			49			(87)			136
Adjusted interest credited	37			29			36			45			19			18			66			38			28
Policy acquisition costs and other insurance expenses	223			219			225			223			186			37			442			361			81
Other operating expenses	60			55			77			54			55			5			115			108			7
Total benefits and expenses	2,316			2,051			2,156			2,080			1,870			446			4,367			3,668			699

Adjusted operating income before income taxes	4			140			151			79			167			(163)			144			295			(151)
Notable items (1)	—			—			—			53			—			—			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	4		$	140		$	151		$	132		$	167		$	(163)		$	144		$	295		$	(151)

Loss and expense ratios:
Loss ratio (2)	98.9		%	91.0		%	88.9		%	91.9		%	88.1		%	10.8		%	95.0		%	89.2		%	5.8		%
Policy acquisition costs and other insurance expenses	11.0		%	11.4		%	11.0		%	11.7		%	10.2		%	0.8		%	11.2		%	10.2		%	1.0		%
Other operating expenses	3.0		%	2.9		%	3.8		%	2.8		%	3.0		%	—		%	2.9		%	3.0		%	(0.1)		%

Foreign currency effect on (3):
Net premiums	$	(4)		$	(7)		$	(5)		$	(4)		$	1		$	(5)		$	(11)		$	4		$	(15)
Adjusted operating income (loss) before income taxes	$	1		$	(2)		$	—		$	—		$	(1)		$	2		$	(1)		$	(1)		$	—

Assumed Life Reinsurance In Force (in billions)	$	1,854.7		$	1,840.6		$	1,837.1		$	1,834.5		$	1,716.1		$	—
Assumed New Business Production (in billions)	$	46.0		$	36.3		$	41.0		$	150.0		$	35.9		$	—		$	82.3		$	76.9		$	5.4

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.


						Page 7


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2025		2025		2024		2024		2024		Quarter		2025		2024		Change
Revenues:
Net premiums	$	(5)	$	109	$	156	$	609	$	305	$	(310)	$	104	$	2,221	$	(2,117)
Net investment income	371		337		323		336		318		53		708		621		87
Other revenue	53		50		52		58		54		(1)		103		116		(13)
Total revenues	419		496		531		1,003		677		(258)		915		2,958		(2,043)

Benefits and expenses:
Adjusted claims and other policy benefits	76		200		210		654		367		(291)		276		2,323		(2,047)
Future policy benefits remeasurement (gains) losses	(1)		(2)		(10)		12		(3)		2		(3)		(1)		(2)
Adjusted interest credited	130		123		127		131		126		4		253		261		(8)
Policy acquisition costs and other insurance expenses	93		84		102		105		87		6		177		167		10
Other operating expenses	24		24		26		21		20		4		48		38		10
Total benefits and expenses	322		429		455		923		597		(275)		751		2,788		(2,037)

Adjusted operating income before income taxes	97		67		76		80		80		17		164		170		(6)
Notable items (1)	—		—		—		—		—		—		—		—		—
Adjusted operating income before income taxes excluding notable items	$	97	$	67	$	76	$	80	$	80	$	17	$	164	$	170	$	(6)

Assumed Life Reinsurance In Force (in billions)	$	9.4	$	9.5	$	9.7	$	9.8	$	10.1	$	(0.7)
Assumed New Business Production (in billions)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.


						Page 8


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


(USD millions, shown net of reinsurance ceded)	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
	2025			2025			2024			2024			2024
Policyholder account balances

Fixed annuities (deferred)	$	10,473		$	10,299		$	9,691		$	9,473		$	9,677
Equity-indexed annuities	$	1,748		$	1,838		$	1,927		$	2,022		$	2,118
Bank-owned life insurance (BOLI) and universal life	$	1,997		$	2,011		$	2,019		$	2,029		$	2,052
Other policyholder account balances	$	45		$	46		$	34		$	74		$	43

Variable annuities account balances
No riders	$	605		$	593		$	610		$	624		$	609
GMDB only	784			800			848			831			807
GMIB only	17			17			18			19			18
GMAB only	1			2			2			2			2
GMWB only	802			769			818			857			853
GMDB / WB	149			145			152			161			162
Other	13			13			13			14			13
Total variable annuities account balances	$	2,371		$	2,339		$	2,461		$	2,508		$	2,464

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

Guaranteed investment contracts, funding agreements and immediate annuities	$	1,265		$	1,257		$	654		$	680		$	691

Future policy benefits (at original discount rate) associated with:
Payout annuities	$	8,734		$	8,840		$	6,781		$	6,936		$	6,764
Other future policy benefits	$	62		$	61		$	50		$	89		$	56

Liability for market risk benefits:

Equity-indexed annuities	$	173		$	170		$	163		$	176		$	147
Variable annuities (liability)	$	60		$	73		$	60		$	71		$	70
Variable annuities (asset)	$	17		$	13		$	17		$	14		$	15

Net interest spread (1)	1.2		%	0.8		%	1.3		%	1.3		%	1.1		%

(1) Net interest spread for Asset-Intensive is calculated as net investment income less interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents.


						Page 9


Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current vs.			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Prior Year			June 30,			June 30,
	2025			2025			2024			2024			2024			Quarter			2025			2024			Change
Revenues:
Net premiums	$	339		$	319		$	333		$	314		$	326		$	13		$	658		$	644		$	14
Net investment income	66			65			64			68			61			5			131			125			6
Investment related gains, net	—			1			—			1			2			(2)			1			2			(1)
Other revenue	1			(1)			—			2			1			—			—			4			(4)
Total revenues	406			384			397			385			390			16			790			775			15

Benefits and expenses:
Adjusted claims and other policy benefits	318			295			311			296			304			14			613			587			26
Future policy benefits remeasurement gains	2			3			(5)			(4)			1			1			5			(2)			7
Adjusted interest credited	—			—			—			1			—			—			—			—			—
Policy acquisition costs and other insurance expenses	43			41			45			48			46			(3)			84			93			(9)
Other operating expenses	15			13			14			14			13			2			28			25			3
Total benefits and expenses	378			352			365			355			364			14			730			703			27

Adjusted operating income before income taxes	28			32			32			30			26			2			60			72			(12)
Notable items (1)	—			—			—			(5)			—			—			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	28		$	32		$	32		$	25		$	26		$	2		$	60		$	72		$	(12)

Loss and expense ratios:
Loss ratio (2)	94.4		%	93.4		%	91.9		%	93.0		%	93.6		%	0.8		%	93.9		%	90.8		%	3.1		%
Policy acquisition costs and other insurance expenses	12.7		%	12.9		%	13.5		%	15.3		%	14.1		%	(1.4)		%	12.8		%	14.4		%	(1.6)		%
Other operating expenses	4.4		%	4.1		%	4.2		%	4.5		%	4.0		%	0.4		%	4.3		%	3.9		%	0.4		%

Foreign currency effect on (3):
Net premiums	$	(4)		$	(20)		$	(10)		$	(5)		$	(6)		$	2		$	(24)		$	(5)		$	(19)
Adjusted operating income before income taxes	$	(1)		$	(2)		$	(1)		$	(1)		$	—		$	(1)		$	(3)		$	—		$	(3)

Assumed Life Reinsurance In Force (in billions)	$	512.4		$	478.6		$	474.2		$	499.6		$	489.3		$	23.1
Assumed New Business Production (in billions)	$	13.1		$	13.2		$	12.3		$	11.9		$	12.3		$	0.8		$	26.3		$	23.8		$	2.5

Creditor reinsurance net premiums	$	18		$	19		$	18		$	19		$	17		$	1		$	37		$	34		$	3

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.


						Page 10


Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2025		2025		2024		2024		2024		Quarter		2025		2024		Change
Revenues:
Net premiums	$	45	$	52	$	46	$	49	$	48	$	(3)	$	97	$	71	$	26
Net investment income	58		51		51		47		48		10		109		49		60
Investment related gains, net	—		—		1		—		—		—		—		—		—
Other revenue	5		4		5		3		6		(1)		9		9		—
Total revenues	108		107		103		99		102		6		215		129		86

Benefits and expenses:
Adjusted claims and other policy benefits	93		91		109		90		89		4		184		108		76

Policy acquisition costs and other insurance expenses	4		5		(17)		5		4		—		9		5		4
Other operating expenses	2		—		3		—		2		—		2		2		—
Total benefits and expenses	99		96		95		95		95		4		195		115		80

Adjusted operating income before income taxes	9		11		8		4		7		2		20		14		6
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	9	$	11	$	8	$	4	$	7	$	2	$	20	$	14	$	6

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

Assumed Life Reinsurance In Force (in billions)	$	6.3	$	6.0	$	6.0	$	8.3	$	—	$	6.3
Assumed New Business Production (in billions)	$	—	$	—	$	—	$	8.3	$	—	$	—	$	—	$	—	$	—

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


						Page 11


Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current vs.			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Prior Year			June 30,			June 30,
	2025			2025			2024			2024			2024			Quarter			2025			2024			Change
Revenues:
Net premiums	$	573		$	540		$	488		$	521		$	497		$	76		$	1,113		$	993		$	120
Net investment income	32			30			28			30			27			5			62			54			8
Other revenue	3			2			10			(1)			—			3			5			2			3
Total revenues	608			572			526			550			524			84			1,180			1,049			131

Benefits and expenses:
Adjusted claims and other policy benefits	533			483			445			472			464			69			1,016			888			128
Future policy benefits remeasurement (gains) losses	6			(8)			12			35			6			—			(2)			1			(3)
Policy acquisition costs and other insurance expenses	24			20			21			29			22			2			44			59			(15)
Other operating expenses	27			27			37			32			33			(6)			54			64			(10)
Total benefits and expenses	590			522			515			568			525			65			1,112			1,012			100

Adjusted operating income (loss) before income taxes	18			50			11			(18)			(1)			19			68			37			31
Notable items (1)	—			—			—			40			—			—			—			—			—
Adjusted operating income (loss) excluding notable items, before income taxes	$	18		$	50		$	11		$	22		$	(1)		$	19		$	68		$	37		$	31

Loss and expense ratios:
Loss ratio (2)	94.1		%	88.0		%	93.6		%	97.3		%	94.6		%	(0.5)		%	91.1		%	89.5		%	1.6		%
Policy acquisition costs and other insurance expenses	4.2		%	3.7		%	4.3		%	5.6		%	4.4		%	(0.2)		%	4.0		%	5.9		%	(1.9)		%
Other operating expenses	4.7		%	5.0		%	7.6		%	6.1		%	6.6		%	(1.9)		%	4.9		%	6.4		%	(1.5)		%

Foreign currency effect on (3):
Net premiums	$	24		$	(3)		$	8		$	12		$	1		$	23		$	21		$	8		$	13
Adjusted operating income (loss) before income taxes	$	1		$	1		$	2		$	(1)		$	—		$	1		$	2		$	—		$	2

Critical illness net premiums	$	36		$	32		$	33		$	38		$	33		$	3		$	68		$	65		$	3

Assumed Life Reinsurance In Force (in billions)	$	1,117.7		$	1,036.7		$	970.4		$	1,027.5		$	976.5		$	141.2
Assumed New Business Production (in billions)	$	34.1		$	63.4		$	30.5		$	31.0		$	20.0		$	14.1		$	97.5		$	58.0		$	39.5

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.


						Page 12


Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2025		2025		2024		2024		2024		Quarter		2025		2024		Change
Revenues:
Net premiums	$	247	$	189	$	187	$	168	$	159	$	88	$	436	$	305	$	131
Net investment income	109		85		87		84		79		30		194		148		46
Investment related gains (losses), net	4		(1)		(1)		1		1		3		3		—		3
Other revenue	7		9		12		3		8		(1)		16		19		(3)
Total revenues	367		282		285		256		247		120		649		472		177

Benefits and expenses:
Adjusted claims and other policy benefits	224		167		159		148		133		91		391		255		136
Future policy benefits remeasurement (gains) losses	(3)		(3)		(1)		—		2		(5)		(6)		4		(10)
Adjusted interest credited	7		6		9		5		9		(2)		13		16		(3)
Policy acquisition costs and other insurance expenses	2		1		2		2		2		—		3		4		(1)
Other operating expenses	21		21		20		15		15		6		42		30		12
Total benefits and expenses	251		192		189		170		161		90		443		309		134

Adjusted operating income before income taxes	116		90		96		86		86		30		206		163		43
Notable items (2)	—		—		—		2		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	116	$	90	$	96	$	88	$	86	$	30	$	206	$	163	$	43

Foreign currency effect on (3):
Net premiums	$	14	$	(2)	$	4	$	4	$	1	$	13	$	12	$	6	$	6
Adjusted operating income before income taxes	$	5	$	—	$	1	$	2	$	—	$	5	$	5	$	3	$	2

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations include longevity, asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior-year period.


						Page 13


Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current vs.			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Prior Year			June 30,			June 30,
	2025			2025			2024			2024			2024			Quarter			2025			2024			Change
Revenues:
Net premiums	$	816		$	777		$	834		$	756		$	708		$	108		$	1,593		$	1,424		$	169
Net investment income	72			71			66			65			61			11			143			126			17
Investment related gains (losses), net	1			(1)			(1)			1			1			—			—			1			(1)
Other revenue	—			3			10			(3)			8			(8)			3			18			(15)
Total revenues	889			850			909			819			778			111			1,739			1,569			170

Benefits and expenses:
Adjusted claims and other policy benefits	701			671			733			656			607			94			1,372			1,193			179
Future policy benefits remeasurement (gains) losses	(8)			(18)			9			53			(29)			21			(26)			(28)			2
Policy acquisition costs and other insurance expenses	35			39			37			44			42			(7)			74			87			(13)
Other operating expenses	57			52			67			55			59			(2)			109			109			—
Total benefits and expenses	785			744			846			808			679			106			1,529			1,361			168

Adjusted operating income before income taxes	104			106			63			11			99			5			210			208			2
Notable items (1)	—			—			—			95			—			—			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	104		$	106		$	63		$	106		$	99		$	5		$	210		$	208		$	2

Loss and expense ratios:
Loss ratio (2)	84.9		%	84.0		%	89.0		%	93.8		%	81.6		%	3.3		%	84.5		%	81.8		%	2.7		%
Policy acquisition costs and other insurance expenses	4.3		%	5.0		%	4.4		%	5.8		%	5.9		%	(1.6)		%	4.6		%	6.1		%	(1.5)		%
Other operating expenses	7.0		%	6.7		%	8.0		%	7.3		%	8.3		%	(1.3)		%	6.8		%	7.7		%	(0.9)		%

Foreign currency effect on (3):
Net premiums	$	9		$	(23)		$	(9)		$	(4)		$	(23)		$	32		$	(14)		$	(46)		$	32
Adjusted operating income before income taxes	$	2		$	(2)		$	1		$	4		$	(2)		$	4		$	—		$	(4)		$	4

Critical illness net premiums	$	424		$	398		$	405		$	414		$	358		$	66		$	822		$	710		$	112

Assumed Life Reinsurance In Force (in billions)	$	568.7		$	561.1		$	567.6		$	572.2		$	557.8		$	10.9
Assumed New Business Production (in billions)	$	14.5		$	14.3		$	18.5		$	11.5		$	13.1		$	1.4		$	28.8		$	30.7		$	(1.9)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.


						Page 14


Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2025		2025		2024		2024		2024		Quarter		2025		2024		Change
Revenues:
Net premiums	$	117	$	112	$	66	$	62	$	50	$	67	$	229	$	96	$	133
Net investment income	247		196		189		184		163		84		443		283		160
Investment related gains, net	10		7		6		5		6		4		17		9		8
Other revenue	—		6		6		19		12		(12)		6		32		(26)
Total revenues	374		321		267		270		231		143		695		420		275

Benefits and expenses:
Adjusted claims and other policy benefits	158		145		97		90		74		84		303		121		182
Future policy benefits remeasurement gains	(2)		(3)		(6)		9		(1)		(1)		(5)		(1)		(4)
Adjusted interest credited	93		84		81		75		49		44		177		100		77
Policy acquisition costs and other insurance expenses	36		27		20		27		30		6		63		55		8
Other operating expenses	12		9		10		9		8		4		21		15		6
Total benefits and expenses	297		262		202		210		160		137		559		290		269

Adjusted operating income before income taxes	77		59		65		60		71		6		136		130		6
Notable items (2)	—		—		—		9		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	77	$	59	$	65	$	69	$	71	$	6	$	136	$	130	$	6

Foreign currency effect on (3):
Net premiums	$	7	$	(2)	$	(2)	$	(1)	$	(6)	$	13	$	5	$	(11)	$	16
Adjusted operating income before income taxes	$	2	$	(1)	$	6	$	(2)	$	(2)	$	4	$	1	$	(3)	$	4

Assumed Life Reinsurance In Force (in billions)	$	22.1	$	18.4	$	13.7	$	14.6	$	9.6	$	12.5
Assumed New Business Production (in billions)	$	3.2	$	4.5	$	—	$	—	$	—	$	3.2	$	7.7	$	1.0	$	6.7

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


						Page 15


Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2025		2025		2024		2024		2024		Quarter		2025		2024		Change
Revenues:
Net investment income	$	166	$	129	$	138	$	146	$	123	$	43	$	295	$	229	$	66
Investment related gains, net	3		3		3		3		1		2		6		5		1
Other revenue	18		5		23		19		9		9		23		21		2
Total revenues	187		137		164		168		133		54		324		255		69

Benefits and expenses:
Adjusted interest credited	45		47		44		41		35		10		92		65		27
Policy acquisition costs and other insurance income	(19)		(19)		(24)		(31)		(28)		9		(38)		(53)		15
Other operating expenses	103		99		130		99		97		6		202		184		18
Interest expense	90		80		85		77		73		17		170		141		29
Total benefits and expenses	219		207		235		186		177		42		426		337		89

Adjusted operating loss before income taxes	(32)		(70)		(71)		(18)		(44)		12		(102)		(82)		(20)
Notable items (1)	—		—		—		—		—		—		—		—		—
Adjusted operating loss excluding notable items, before income taxes	$	(32)	$	(70)	$	(71)	$	(18)	$	(44)	$	12	$	(102)	$	(82)	$	(20)

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

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


						Page 16


Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income
(USD millions)

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2025		2025		2024		2024		2024		Quarter		2025		2024		Change
U.S. and Latin America:
Traditional	$	4	$	140	$	151	$	79	$	167	$	(163)	$	144	$	295	$	(151)
Financial Solutions	97		67		76		80		80		17		164		170		(6)
Total U.S. and Latin America	101		207		227		159		247		(146)		308		465		(157)
Canada:
Traditional	28		32		32		30		26		2		60		72		(12)
Financial Solutions	9		11		8		4		7		2		20		14		6
Total Canada	37		43		40		34		33		4		80		86		(6)
Europe, Middle East and Africa:
Traditional	18		50		11		(18)		(1)		19		68		37		31
Financial Solutions	116		90		96		86		86		30		206		163		43
Total Europe, Middle East and Africa	134		140		107		68		85		49		274		200		74
Asia Pacific:
Traditional	104		106		63		11		99		5		210		208		2
Financial Solutions	77		59		65		60		71		6		136		130		6
Total Asia Pacific	181		165		128		71		170		11		346		338		8
Corporate and Other	(32)		(70)		(71)		(18)		(44)		12		(102)		(82)		(20)
Consolidated adjusted operating income before income taxes	421		485		431		314		491		(70)		906		1,007		(101)
Notable items (1)	—		—		—		194		—		—		—		—		—
Consolidated adjusted operating income excluding notable items before income taxes	$	421	$	485	$	431	$	508	$	491	$	(70)	$	906	$	1,007	$	(101)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.


						Page 17


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Cash and Invested Assets

	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2025		2025		2024		2024		2024
Fixed maturity securities, available-for-sale (1)	$	86,043	$	84,507	$	77,617	$	78,149	$	70,491
Equity securities	155		153		155		155		144
Mortgage loans	10,057		9,331		8,839		8,388		7,984
Policy loans	1,294		1,284		1,321		1,285		1,171
Funds withheld at interest	7,115		5,328		5,436		5,545		5,556
Limited partnerships and real estate joint ventures	3,338		3,228		3,067		2,972		2,791
Short-term investments	502		454		363		381		335
Other invested assets	1,397		1,295		1,242		1,361		1,148
Cash and cash equivalents	5,416		5,151		3,326		5,195		4,596
Total cash and invested assets	$	115,317	$	110,731	$	101,366	$	103,431	$	94,216

(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), Japanese government and agencies (“Japanese government”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”).


Investment Income and Yield Summary

	Three Months Ended															Current vs.		Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Prior Year		June 30,			June 30,
	2025			2025			2024			2024			2024			Quarter		2025			2024			Change
Average invested assets at amortized cost (1)	$	45,664		$	44,016		$	40,803		$	39,469		$	38,172		$	7,492	$	44,566		$	38,106		$	6,460
Net investment income (1)	$	595		$	502		$	484		$	492		$	436		$	159	$	1,097		$	880		$	217
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	5.31		%	4.64		%	4.83		%	5.08		%	4.65		%	66 bps		4.98		%	4.67		%	31 bps
Variable investment income (“VII”) (included in net investment income) (1)	$	59		$	(6)		$	25		$	36		$	12		$	47	$	53		$	28		$	25
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) (1)	4.98		%	4.90		%	4.80		%	4.95		%	4.76		%	22 bps		4.94		%	4.76		%	18 bps

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


						Page 18


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities

	June 30, 2025
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	61,006	$	112	$	706	$	4,274	$	57,326	66.5	%
Canadian government	4,871		—		344		81		5,134		6.0	%
Japanese government	7,204		—		—		1,466		5,738		6.7	%
ABS	6,160		19		40		165		6,016		7.0	%
CMBS	2,129		1		24		76		2,076		2.4	%
RMBS	1,593		—		15		86		1,522		1.8	%
U.S. government	1,618		—		9		257		1,370		1.6	%
State and political subdivisions	786		—		2		89		699		0.8	%
Other foreign government	6,521		—		87		446		6,162		7.2	%
Total fixed maturity securities	$	91,888	$	132	$	1,227	$	6,940	$	86,043	100.0	%


	December 31, 2024
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	54,705	$	82	$	642	$	4,274	$	50,991	65.7	%
Canadian government	4,655		—		412		51		5,016		6.5	%
Japanese government	5,319		—		1		875		4,445		5.7	%
ABS	5,197		15		42		184		5,040		6.5	%
CMBS	2,344		1		22		98		2,267		2.9	%
RMBS	1,412		—		12		107		1,317		1.7	%
U.S. government	2,734		—		11		281		2,464		3.2	%
State and political subdivisions	789		—		3		99		693		0.9	%
Other foreign government	5,752		—		56		424		5,384		6.9	%
Total fixed maturity securities	$	82,907	$	98	$	1,201	$	6,393	$	77,617	100.0	%


						Page 19


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Corporate Fixed Maturity Securities by Industry

	June 30, 2025							December 31, 2024
	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)
Financial institutions:
Banking	$	7,605	$	7,387	12.8	%	A-	$	7,757	$	7,485	14.7	%	A-
Brokerage/asset managers/exchanges	1,643		1,527		2.7	%	A-	1,482		1,360		2.7	%	A-
Finance companies	826		796		1.4	%	BBB+	530		501		1.0	%	BBB
Insurance	5,504		5,031		8.8	%	A-	4,992		4,497		8.8	%	A-
REITs	1,929		1,815		3.2	%	A-	1,737		1,613		3.2	%	A-
Other finance	1,440		1,244		2.2	%	A-	1,407		1,217		2.3	%	A-
Total financial institutions	$	18,947	$	17,800	31.1	%		$	17,905	$	16,673	32.7	%
Industrials:
Basic	$	2,433	$	2,261	3.9	%	BBB	$	2,097	$	1,929	3.8	%	BBB+
Capital goods	2,817		2,713		4.7	%	BBB	2,489		2,369		4.6	%	BBB+
Communications	3,716		3,449		6.0	%	BBB+	3,420		3,147		6.2	%	BBB+
Consumer cyclical	3,465		3,266		5.7	%	BBB+	3,300		3,099		6.1	%	BBB+
Consumer noncyclical	6,986		6,517		11.5	%	BBB+	6,177		5,714		11.2	%	BBB+
Energy	4,803		4,643		8.1	%	BBB+	4,060		3,906		7.7	%	BBB+
Technology	2,368		2,174		3.8	%	BBB+	2,124		1,937		3.8	%	BBB+
Transportation	3,618		3,404		5.9	%	A-	3,238		3,025		5.9	%	A-
Other industrial	1,660		1,619		2.8	%	BBB	1,362		1,350		2.6	%	BBB
Total industrials	$	31,866	$	30,046	52.4	%		$	28,267	$	26,476	51.9	%
Utilities:
Electric	$	8,172	$	7,634	13.2	%	A-	$	6,863	$	6,336	12.4	%	A-
Natural gas	1,402		1,292		2.3	%	A-	1,177		1,078		2.2	%	A-
Other utility	619		554		1.0	%	BBB+	493		428		0.8	%	BBB+
Total utilities	$	10,193	$	9,480	16.5	%		$	8,533	$	7,842	15.4	%
Total	$	61,006	$	57,326	100.0	%	BBB+	$	54,705	$	50,991	100.0	%	A-

(1) Average Credit Rating designations are based on ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.


						Page 20

Reinsurance Group of America, Incorporated

Investments

(USD millions)


Ratings of Fixed Maturity Securities

		June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024
NAIC Designation	Rating Agency Designation(1)	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
1	AAA/AA/A	$	59,480	$	55,147	64.1	%	$	58,522	$	54,839	64.9	%	$	54,543	$	50,822	65.5	%	$	53,371	$	51,053	65.3	%	$	49,634	$	45,782	64.9	%
2	BBB	26,911		25,568		29.7	%	26,347		24,946		29.5	%	24,023		22,565		29.1	%	24,076		23,130		29.6	%	22,431		20,787		29.5	%
3	BB	4,421		4,353		5.1	%	3,880		3,849		4.6	%	3,422		3,410		4.4	%	3,284		3,233		4.2	%	3,331		3,270		4.6	%
4	B	802		793		0.9	%	643		639		0.8	%	636		577		0.7	%	662		576		0.7	%	562		504		0.8	%
5	CCC	244		165		0.2	%	287		216		0.2	%	246		221		0.3	%	168		131		0.2	%	158		124		0.2	%
6	In or near default	30		17		—	%	30		18		—	%	37		22		—	%	45		26		—	%	45		24		—	%
	Total	$	91,888	$	86,043	100.0	%	$	89,709	$	84,507	100.0	%	$	82,907	$	77,617	100.0	%	$	81,606	$	78,149	100.0	%	$	76,161	$	70,491	100.0	%

(1) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g., “BBB” includes “BBB+”, “BBB”, and “BBB-”).


Structured Fixed Maturity Securities

	June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024
	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
ABS
Collateralized loan obligations (“CLOs”)	$	2,461	$	2,455	25.6	%	$	2,262	$	2,251	24.2	%	$	2,044	$	2,044	23.7	%	$	2,659	$	2,650	29.7	%	$	2,675	$	2,676	31.6	%
ABS, excluding CLOs	3,699		3,561		37.0	%	3,404		3,269		35.2	%	3,153		2,996		34.7	%	2,862		2,723		30.5	%	2,627		2,467		29.1	%
Total ABS	6,160		6,016		62.6	%	5,666		5,520		59.4	%	5,197		5,040		58.4	%	5,521		5,373		60.2	%	5,302		5,143		60.7	%
CMBS	2,129		2,076		21.6	%	2,334		2,267		24.4	%	2,344		2,267		26.3	%	2,327		2,238		25.1	%	2,242		2,120		25.0	%
RMBS
Agency	377		337		3.5	%	385		344		3.7	%	394		344		4.0	%	401		365		4.0	%	414		364		4.3	%
Non-agency	1,216		1,185		12.3	%	1,186		1,158		12.5	%	1,018		973		11.3	%	973		953		10.7	%	893		848		10.0	%
Total RMBS	1,593		1,522		15.8	%	1,571		1,502		16.2	%	1,412		1,317		15.3	%	1,374		1,318		14.7	%	1,307		1,212		14.3	%
Total	$	9,882	$	9,614	100.0	%	$	9,571	$	9,289	100.0	%	$	8,953	$	8,624	100.0	%	$	9,222	$	8,929	100.0	%	$	8,851	$	8,475	100.0	%


						Page 21


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of June 30, 2025
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	14,571	$	601	$	18,829	$	3,587	$	33,400	$	4,188
Canadian government	645		18		411		63		1,056		81
Japanese government	1,630		95		4,089		1,371		5,719		1,466
ABS	1,612		20		1,373		139		2,985		159
CMBS	207		6		843		68		1,050		74
RMBS	218		3		587		83		805		86
U.S. government	89		3		649		254		738		257
State and political subdivisions	104		3		417		86		521		89
Other foreign government	1,341		58		1,736		350		3,077		408
Total investment grade securities	$	20,417	$	807	$	28,934	$	6,001	$	49,351	$	6,808

Below investment grade securities:
Corporate	$	962	$	33	$	322	$	50	$	1,284	$	83
ABS	51		4		17		1		68		5

Other foreign government	—		—		131		38		131		38
Total below investment grade securities	$	1,013	$	37	$	470	$	89	$	1,483	$	126
Total fixed maturity securities	$	21,430	$	844	$	29,404	$	6,090	$	50,834	$	6,934

(1) Includes securities for which an allowance for credit loss has not been recorded.


						Page 22


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of December 31, 2024
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	14,741	$	529	$	18,851	$	3,682	$	33,592	$	4,211
Canadian government	286		5		469		46		755		51
Japanese government	2,037		192		2,365		683		4,402		875
ABS	940		19		1,730		159		2,670		178
CMBS	333		4		980		91		1,313		95
RMBS	354		7		593		100		947		107
U.S. government	792		15		656		266		1,448		281
State and political subdivisions	155		7		417		92		572		99
Other foreign government	1,408		42		1,816		344		3,224		386
Total investment grade securities	$	21,046	$	820	$	27,877	$	5,463	$	48,923	$	6,283

Below investment grade securities:
Corporate	$	347	$	7	$	347	$	50	$	694	$	57
ABS	101		1		40		5		141		6

Other foreign government	—		—		130		38		130		38
Total below investment grade securities	$	448	$	8	$	517	$	93	$	965	$	101
Total fixed maturity securities	$	21,494	$	828	$	28,394	$	5,556	$	49,888	$	6,384

(1) Includes securities for which an allowance for credit loss has not been recorded.


						Page 23


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Consolidated Investment Related Gains and Losses

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2025		2025		2024		2024		2024		Quarter		2025		2024		Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	$	(29)	$	(6)	$	23	$	(9)	$	(16)	$	(13)	$	(35)	$	(36)	$	1
Impairments on fixed maturity securities	(2)		—		—		—		(1)		(1)		(2)		(1)		(1)
Realized gains on investment activity	30		36		22		72		68		(38)		66		100		(34)
Realized losses on investment activity	(65)		(87)		(334)		(113)		(230)		165		(152)		(364)		212
Net losses on fixed maturity securities available-for-sale	(66)		(57)		(289)		(50)		(179)		113		(123)		(301)		178

Net gains (losses) on equity securities	3		(1)		(4)		6		(5)		8		2		(1)		3
Change in mortgage loan allowance for credit losses	(18)		4		(6)		(12)		2		(20)		(14)		(8)		(6)
Limited partnerships and real estate joint venture impairment losses	(16)		(5)		(15)		—		—		(16)		(21)		(8)		(13)
Change in fair value of certain limited partnership investments	6		(7)		21		17		—		6		(1)		1		(2)
Other change in allowance for credit losses and impairments	(3)		(1)		—		—		(3)		—		(4)		(4)		—
Other, net	(3)		1		19		(14)		7		(10)		(2)		16		(18)

Freestanding derivatives (1):
Interest rate swaps	(1)		6		(18)		13		(13)		12		5		(44)		49
Interest rate options	(1)		—		—		(3)		—		(1)		(1)		(3)		2
Total return swaps	6		(6)		(7)		7		(11)		17		—		(7)		7
Interest rate futures	—		—		—		—		1		(1)		—		2		(2)
Foreign currency swaps	(2)		(3)		14		(7)		8		(10)		(5)		22		(27)
Foreign currency swaps - hedged	—		—		—		—		(1)		1		—		(2)		2
Foreign currency forwards	40		22		(82)		77		(98)		138		62		(162)		224
Foreign currency options	(2)		(1)		(6)		2		(3)		1		(3)		(3)		—
Equity options	11		(6)		(1)		1		(1)		12		5		(5)		10
Equity futures	(21)		9		3		(12)		(2)		(19)		(12)		(19)		7
Credit default swaps	21		(18)		1		10		2		19		3		4		(1)
CPI swaps	(1)		(5)		(2)		(1)		(1)		—		(6)		(1)		(5)
Total freestanding derivatives	50		(2)		(98)		87		(119)		169		48		(218)		266

Embedded derivatives	3		(11)		125		(112)		26		(23)		(8)		103		(111)
Net gains (losses) on total derivatives	53		(13)		27		(25)		(93)		146		40		(115)		155

Total investment related gains (losses), net	$	(44)	$	(79)	$	(247)	$	(78)	$	(271)	$	227	$	(123)	$	(420)	$	297

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


						Page 24

Appendix

Reconciliations of GAAP to Non-GAAP Measures


						Page 25


Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2025		2025		2024		2024		2024		Quarter		2025		2024		Change
U.S. and Latin America Traditional
Income before income taxes	$	29	$	149	$	153	$	57	$	174	$	(145)	$	178	$	290	$	(112)
Investment and derivative gains (1)	—		—		1		1		—		—		—		—		—
Funds withheld losses - investment income	—		—		—		—		—		—		—		—		—
Change in fair value of funds withheld embedded derivatives (1)	(25)		(9)		(3)		21		(6)		(19)		(34)		6		(40)
Other	—		—		—		—		(1)		1		—		(1)		1
Adjusted operating income before income taxes	4		140		151		79		167		(163)		144		295		(151)
Notable items (2)	—		—		—		53		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	4	$	140	$	151	$	132	$	167	$	(163)	$	144	$	295	$	(151)

U.S. and Latin America Financial Solutions
Income (loss) before income taxes	$	(17)	$	34	$	139	$	(46)	$	83	$	(100)	$	17	$	100	$	(83)
Market risk benefits remeasurement (gains) losses	(17)		29		(32)		31		(8)		(9)		12		(43)		55
Investment and derivative (gains) losses (1)	95		(17)		96		(7)		35		60		78		97		(19)
Change in fair value of funds withheld embedded derivatives (1)	22		20		(122)		91		(20)		42		42		(109)		151
Funds withheld (gains) losses - investment income	(3)		(1)		4		1		(1)		(2)		(4)		(2)		(2)
Derivatives - interest credited	5		5		(1)		11		(6)		11		10		7		3
Other (3)	12		(3)		(8)		(1)		(3)		15		9		120		(111)
Adjusted operating income before income taxes	97		67		76		80		80		17		164		170		(6)
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	97	$	67	$	76	$	80	$	80	$	17	$	164	$	170	$	(6)

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


						Page 26


Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2025		2025		2024		2024		2024		Quarter		2025		2024		Change
Canada Traditional
Income before income taxes	$	25	$	32	$	32	$	29	$	27	$	(2)	$	57	$	74	$	(17)
Investment and derivative (gains) losses (1)	—		—		—		—		1		(1)		—		—		—
Investment income - non-operating funds withheld at interest	1		—		1		—		—		1		1		—		1
Other	2		—		(1)		1		(2)		4		2		(2)		4
Adjusted operating income before income taxes	28		32		32		30		26		2		60		72		(12)
Notable items (2)	—		—		—		(5)		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	28	$	32	$	32	$	25	$	26	$	2	$	60	$	72	$	(12)

Canada Financial Solutions
Income before income taxes	$	9	$	12	$	17	$	21	$	6	$	3	$	21	$	13	$	8
Investment and derivative (gains) losses (1)	—		(1)		(9)		(17)		1		(1)		(1)		1		(2)
Adjusted operating income before income taxes	9		11		8		4		7		2		20		14		6
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	9	$	11	$	8	$	4	$	7	$	2	$	20	$	14	$	6

Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	16	$	50	$	8	$	(17)	$	1	$	15	$	66	$	29	$	37
Other	2		—		3		(1)		(2)		4		2		8		(6)
Adjusted operating income (loss) before income taxes	18		50		11		(18)		(1)		19		68		37		31
Notable items (2)	—		—		—		40		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	18	$	50	$	11	$	22	$	(1)	$	19	$	68	$	37	$	31

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	109	$	74	$	79	$	84	$	72	$	37	$	183	$	136	$	47
Investment and derivative losses (1)	8		14		16		4		13		(5)		22		27		(5)
Investment income - non-operating funds withheld at interest	(1)		2		1		(2)		1		(2)		1		—		1
Investment (income) loss on unit-linked variable annuities	—		—		2		(1)		1		(1)		—		2		(2)
Interest credited on unit-linked variable annuities	—		—		(2)		1		(1)		1		—		(2)		2
Adjusted operating income before income taxes	116		90		96		86		86		30		206		163		43
Notable items (2)	—		—		—		2		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	116	$	90	$	96	$	88	$	86	$	30	$	206	$	163	$	43

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


						Page 27


Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2025		2025		2024		2024		2024		Quarter		2025		2024		Change
Asia Pacific Traditional
Income before income taxes	$	102	$	106	$	59	$	11	$	100	$	2	$	208	$	209	$	(1)
Other	2		—		4		—		(1)		3		2		(1)		3
Adjusted operating income before income taxes	104		106		63		11		99		5		210		208		2
Notable items (2)	—		—		—		95		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	104	$	106	$	63	$	106	$	99	$	5	$	210	$	208	$	2

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	89	$	31	$	1	$	93	$	(58)	$	147	$	120	$	(45)	$	165
Investment and derivative (gains) losses (1)	(21)		25		96		(17)		178		(199)		4		252		(248)
Other	9		3		(32)		(16)		(49)		58		12		(77)		89
Adjusted operating income before income taxes	77		59		65		60		71		6		136		130		6
Notable items (2)	—		—		—		9		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	77	$	59	$	65	$	69	$	71	$	6	$	136	$	130	$	6

Corporate and Other
Loss before income taxes	$	(21)	$	(119)	$	(263)	$	(18)	$	(136)	$	115	$	(140)	$	(265)	$	125
Investment and derivative losses (1)	(5)		50		180		13		80		(85)		45		163		(118)
Investment income - non-operating funds withheld at interest	1		(1)		—		—		—		1		—		—		—
Interest expense on uncertain tax positions	—		—		1		1		(1)		1		—		(1)		1
Derivatives - interest credited	(3)		5		(2)		—		—		(3)		2		—		2
Other	(4)		(5)		13		(14)		13		(17)		(9)		21		(30)
Adjusted operating loss before income taxes	(32)		(70)		(71)		(18)		(44)		12		(102)		(82)		(20)
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating loss excluding notable items, before income taxes	$	(32)	$	(70)	$	(71)	$	(18)	$	(44)	$	12	$	(102)	$	(82)	$	(20)

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


						Page 28


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

	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2025		2025		2024		2024		2024

RGA, Inc. shareholders’ equity	$	12,053	$	11,402	$	10,816	$	11,127	$	9,735
Less effect of AOCI:
Accumulated currency translation adjustments	130		(8)		(19)		108		86
Unrealized (depreciation) appreciation of securities	(4,897)		(4,443)		(4,526)		(2,800)		(4,694)
Effect of updating discount rates on future policy benefits	6,533		5,702		5,412		3,987		4,611
Change in instrument-specific credit risk for market risk benefits	3		6		2		6		6
Pension and postretirement benefits	(17)		(19)		(20)		(29)		(29)
RGA, Inc. shareholders’ equity, excluding AOCI	10,301		10,164		9,967		9,855		9,755
Year-to-date notable items, net of tax	—		—		168		168		—
RGA, Inc. shareholders’ equity, excluding AOCI and notable items	$	10,301	$	10,164	$	10,135	$	10,023	$	9,755



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

	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2025		2025		2024		2024		2024

Book value per share	$	182.37	$	172.53	$	164.19	$	168.93	$	147.90
Less effect of AOCI:
Accumulated currency translation adjustment	1.96		(0.12)		(0.27)		1.64		1.32
Unrealized (depreciation) appreciation of securities	(74.10)		(67.24)		(68.73)		(42.52)		(71.31)
Effect of updating discount rates on future policy benefits	98.85		86.28		82.16		60.54		70.06
Change in instrument-specific credit risk for market risk benefits	0.05		0.09		0.03		0.09		0.09
Pension and postretirement benefits	(0.26)		(0.28)		(0.31)		(0.45)		(0.45)
Book value per share, excluding AOCI	$	155.87	$	153.80	$	151.31	$	149.63	$	148.19
Less effect of B36:	(0.76)		(0.80)		(0.66)		(2.16)		(0.82)
Book value per share, excluding AOCI and B36	$	156.63	$	154.60	$	151.97	$	151.79	$	149.01


						Page 29

Reinsurance Group of America, Incorporated

Non-GAAP Disclosures

This Quarterly Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated (the “Company”) with the SEC. The consolidated financial information herein includes the assets, liabilities, and results of operations of the Company and its subsidiaries.

Non-GAAP Financial Measures

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

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

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

•changes in the fair value of embedded derivatives;

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

•any net gain or loss from discontinued operations;

•the cumulative effect of any accounting changes;

•the impact of certain tax-related items; and

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


						Page 30

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

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

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

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

•Adjusted operating return on equity excluding AOCI and B36;

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


						Page 31

EX-99.3 4 pressreleasereinsurancetra.htm EX-99.3 Document

Exhibit 99.3

RGA Closes $32 Billion Reinsurance Transaction with Equitable Holdings

ST. LOUIS, July 31, 2025 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life and health reinsurer, announced today the successful completion of its previously disclosed transaction with Equitable Holdings, Inc. (NYSE: EQH, ”Equitable”) to reinsure a diversified block of life insurance products. Key highlights of the transaction include:

–RGA to reinsure $32 billion of a diversified mix of life insurance products

–Priced with attractive returns within RGA’s target range

–Expected to meaningfully contribute to adjusted operating EPS

–Expansion of RGA’s partnership with Equitable across underwriting, product development, distribution, and investment management

“The successful closing of our transaction with Equitable represents a significant milestone for RGA and reflects our ongoing commitment to delivering exceptional value for our shareholders and clients,” said Tony Cheng, President and Chief Executive Officer, RGA. “We view this highly strategic transaction as a great example of how RGA can partner with our clients to execute mutually beneficial deals that enable growth and yield long-term value. Beyond enhancing our market position, this transaction demonstrates our ability to execute strategic initiatives that align with our Creation Re strategy.”

For more information about the transaction, please see the press release, presentation, and webcast from the February 24, 2025, announcement.

About RGA  

Cautionary Note Regarding Forward-Looking Statements

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, (28) the Company’s ability to achieve the expected benefits of the Reinsurance Transaction, and (29) other risks and uncertainties described in this document and in the Company’s filings with the Securities and Exchange Commission (“SEC”).

FOR MORE INFORMATION:

Jeff Hopson

Senior Vice President, Investor Relations

636-736-2068

jhopson@rgare.com

Lynn Phillips

Vice President, Corporate Communications

636-736-2351

lphillips@rgare.com

Lizzie Curry

Executive Director, Public Relations

636-736-8521