SEC Filing | Reinsurance Group of America, Inc

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rga-20220503

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): May 3, 2022

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

6.20% Fixed-To-Floating Rate Subordinated Debentures due 2042

RZA

New York Stock Exchange

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

RZB

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 May 5, 2022, Reinsurance Group of America, Incorporated (the "Company") issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended March 31, 2022, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended March 31, 2022, a copy of which is furnished with this report as Exhibit 99.2. The Press Release also notes that a conference call will be held on May 6, 2022 to discuss the financial and operating results for the three-month period ended March 31, 2022 (the "Earnings Call").


Item 7.01			Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated May 5, 2022 (the "Earnings Presentation"), a copy of which is furnished with this report as Exhibit 99.3 and incorporated in this Item 7.01 by reference.

The Press Release also announced that effective May 3, 2022 the Company’s board of directors declared a regular quarterly dividend of $0.73, payable May 31, 2022 to shareholders of record as of May 17, 2022.

The information set forth in this Current Report on Form 8-K, including the Press Release, Quarterly Financial Supplement and Earnings Presentation, is being furnished and shall not be deemed to be "filed", as described in Instruction B.2 of Form 8-K.


Item 9.01			Financial Statements and Exhibits

(d) Exhibits.



Exhibit No.						Exhibit
99.1						Press Release of Reinsurance Group of America, Incorporated dated May 5 , 2022

99.2						Quarterly Financial Supplement for the quarter ended March 31, 2022

99.3						Earnings Presentation dated May 5 , 2022

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: May 5, 2022

By:

/s/ Todd C. Larson

Todd C. Larson

Senior Executive Vice President and Chief Financial Officer

Document

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS FIRST QUARTER RESULTS

•Net loss of $0.93 per diluted share

•Adjusted operating income* of $0.47 per diluted share

•Premium growth of 8.3% over the prior-year quarter

•ROE 3.4% and adjusted operating ROE* 2.1% for the trailing twelve months

•Deployed capital of $130 million into in-force and other transactions

•Repurchased $25 million of shares

•Global estimated COVID-19 impacts1 of approximately $310 million on a pre-tax basis, or $3.48 per diluted share2 for the first quarter

ST. LOUIS, May 5, 2022 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported first quarter net loss of $63 million, or $0.93 per diluted share, compared with net income of $139 million, or $2.03 per diluted share, in the prior-year quarter. Adjusted operating income* totaled $32 million, or $0.47 per diluted share, compared with an adjusted operating loss of $84 million, or $1.24 per diluted share, the year before. Net foreign currency exchange rates had a favorable effect of $0.09 per diluted share on net loss and an immaterial effect on adjusted operating income as compared with the prior year.


	Quarterly Results
($ in millions, except per share data)	2022		2021
Net premiums	$	3,155	$	2,914
Net income (loss)	(63)		139
Net income (loss) per diluted share	(0.93)		2.03
Adjusted operating income (loss)*	32		(84)
Adjusted operating income (loss) per diluted share*	0.47		(1.24)
Book value per share	137.08		177.83
Book value per share, excluding accumulated other comprehensive income (AOCI)*	137.89		133.67
Total assets	89,761		84,810


*			See ‘Use of Non-GAAP Financial Measures’ below

1 COVID-19 impact estimates include mortality and morbidity claims of approximately $316 million with offsetting impacts from longevity of approximately $6 million in the quarter.

2 Tax effected at 24%.

In the first quarter, consolidated net premiums totaled $3.2 billion, an increase of 8.3% over last year’s first quarter, with an adverse net foreign currency effect of $47 million. Compared with a strong year-ago period (which included a one-time event), first quarter investment income, excluding spread-based businesses and the value of associated derivatives, decreased 1% to $457 million, and average investment yield decreased to 5.29% in the first quarter from 5.67% in the prior year.

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The effective tax rate expense for the quarter on the pre-tax loss was 3.7%. The tax rate expense reflected income earned in higher tax jurisdictions and losses in lower tax jurisdictions, basis adjustments in foreign jurisdictions and adjustments to the valuation allowance.

The adjusted operating effective tax rate for the quarter was 46.1%. The tax rate was above the expected range of 23% to 24% primarily due to income in higher tax jurisdictions, basis adjustments in foreign jurisdictions and adjustments to the valuation allowance.

Anna Manning, President and Chief Executive Officer, commented, “This was a very good start to the year, and despite a meaningful level of COVID-19 mortality claims, many of our businesses performed well, and our investment results were favorable. We continue to see good new business activity both in our organic business and in our global pipelines for in-force transactions.

“On the capital front, we deployed $130 million into in-force and other transactions and repurchased $25 million in common stock. Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.0 billion.

“I am proud to announce that once again, and for the 11th year in a row, RGA has been ranked #1 for global business capabilities by NMG in their 2021 global life and health reinsurance report.”

Mark Prichard, CEO of NMG Consulting, said, “If there has been a constant in the Life & Health reinsurance industry over the last decade, it has been RGA’s global Business Capability Index leadership. RGA’s knowledge-led, partnership-driven approach, coupled with its culture of innovation and client focus, remain the cornerstones of its differentiation.”

SEGMENT RESULTS

U.S. and Latin America

Traditional


	Quarterly Results
($ in millions)	2022		2021
Net premiums	$	1,541	$	1,419
Pre-tax loss	(166)		(338)
Pre-tax adjusted operating loss	(181)		(344)

•Results reflected approximately $272 million of COVID-19 claim costs, of which $260 million was related to individual mortality.

•Group and Individual Health experience was favorable.

•Strong variable investment income from real estate joint venture sales.

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Financial Solutions


	Quarterly Results
($ in millions)	2022		2021
Asset-Intensive:
Pre-tax income	$	20	$	60
Pre-tax adjusted operating income	75		49
Capital Solutions:
Pre-tax income	24		23
Pre-tax adjusted operating income	24		23

•Asset-Intensive results reflected favorable variable investment income.

•Capital Solutions results were in line with expectations.

Canada

Traditional


	Quarterly Results
($ in millions)	2022		2021
Net premiums	$	304	$	280
Pre-tax income	6		24
Pre-tax adjusted operating income	5		23

•Results reflected unfavorable individual life experience, due to approximately $20 million of COVID-19 claim costs, as well as excess mortality claims that were driven by higher large claims.

•Foreign currency exchange rates had an immaterial effect on pre-tax income and pre-tax adjusted operating income.

•Foreign currency exchange rates had an immaterial effect on net premiums.

Financial Solutions


	Quarterly Results
($ in millions)	2022		2021
Pre-tax income	$	13	$	6
Pre-tax adjusted operating income	13		6

•Results reflected favorable longevity experience, which is believed to be related to COVID-19.

•Foreign currency exchange rates had an immaterial effect on pre-tax income and pre-tax adjusted operating income.

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Europe, Middle East and Africa (EMEA)

Traditional


	Quarterly Results
($ in millions)	2022		2021
Net premiums	$	451	$	438
Pre-tax loss	(6)		(68)
Pre-tax adjusted operating loss	(6)		(68)

•Results reflected a moderate level of COVID-19 claims of $10 million, and higher non-COVID-19 large claims in the U.K.

•Foreign currency exchange rates had a favorable effect of $1 million on pre-tax loss and pre-tax adjusted operating loss.

•Foreign currency exchange rates had an adverse effect of $16 million on net premiums.

Financial Solutions


	Quarterly Results
($ in millions)	2022		2021
Pre-tax income	$	85	$	60
Pre-tax adjusted operating income	79		42

•Results reflected business growth and favorable longevity experience.

•Foreign currency exchange rates had an adverse effect of $3 million on pre-tax income and pre-tax adjusted operating income.

Asia Pacific

Traditional


	Quarterly Results
($ in millions)	2022		2021
Net premiums	$	650	$	609
Pre-tax income	51		41
Pre-tax adjusted operating income	51		41

•Results reflected favorable overall underwriting experience in Asia and a profit in Australia.

•Foreign currency exchange rates had a favorable effect of $2 million on pre-tax income and $1 million on pre-tax adjusted operating income.

•Foreign currency exchange rates had an adverse effect of $23 million on net premiums.

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Financial Solutions


	Quarterly Results
($ in millions)	2022		2021
Net premiums	$	43	$	53
Pre-tax income (loss)	(56)		28
Pre-tax adjusted operating income	21		19

•Results were in line with expectations.

•Foreign currency exchange rates had a favorable effect of $6 million on pre-tax loss and an adverse effect of $1 million on pre-tax adjusted operating income.

Corporate and Other


	Quarterly Results
($ in millions)	2022		2021
Pre-tax income (loss)	$	(31)	$	350
Pre-tax adjusted operating income (loss)	(22)		94

•Pre-tax adjusted operating loss was less than the average run rate, primarily due to higher investment income.

Share Repurchase Authorization

On February 25, 2022, the board of directors authorized a share repurchase program for up to $400 million of outstanding common stock. The authorization was effective immediately and does not have an expiration date. The pace of repurchase activity depends on various factors such as the level of available cash, an evaluation of the costs and benefits associated with alternative uses of excess capital, such as acquisitions and in-force reinsurance transactions, and stock price.

Dividend Declaration

Effective as of May 3, 2022, the board of directors declared a regular quarterly dividend of $0.73, payable May 31, 2022, to shareholders of record as of May 17, 2022.

Earnings Conference Call

A conference call to discuss first quarter results will begin at 10 a.m. Eastern Time on Friday, May 6. Interested parties may access the call by dialing 888-204-4368 (domestic) or 323-994-2093 (international). The access code is 9502707. A live audio webcast of the conference call will be available

on the Company’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.

The Company 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, the Company posts periodic reports, press releases and other useful information on its Investor Relations website.

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Use of Non-GAAP Financial Measures

tax and after-tax basis, better measures the ongoing profitability and underlying trends of the Company’s

continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and

interest rate environment, and are not necessarily indicative of the performance of the Company’s underlying businesses. Additionally, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that management believes are not indicative of the Company’s ongoing operations. The definition of adjusted operating income can vary by company and is not considered a substitute for GAAP net income.

Book value per share excluding the impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.

Adjusted operating income per diluted share is a non-GAAP financial measure calculated as adjusted operating income divided by weighted average diluted shares outstanding. Adjusted operating return on equity is a non-GAAP financial measure calculated as adjusted operating income divided by average stockholders’ equity excluding AOCI. Similar to adjusted operating income, management believes these non-GAAP financial measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations, they also serve as a basis for establishing target levels and awards under RGA’s management incentive programs.

Reconciliations from GAAP net income, book value per share, net income per diluted share and average stockholders’ equity are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations website at www.rgare.com in the “Financial Information” section.

About RGA

Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.5 trillion of life reinsurance in force and assets of $89.8 billion as of March 31, 2022. Founded in 1973, RGA today is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri, and operations around the world, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the Company’s website at www.rgare.com.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation

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Reform Act of 1995 including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance and growth potential of the Company. Forward-looking statements often contain words and phrases such as “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe” and other similar expressions. 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.

The effects of the COVID-19 pandemic and the response thereto on economic conditions, the financial markets and insurance risks, and the resulting effects on the Company’s financial results, liquidity, capital resources, financial metrics, investment portfolio and stock price, could cause actual results and events to differ materially from those expressed or implied by forward-looking statements. Further, any estimates, projections, illustrative scenarios or frameworks used to plan for potential effects of the pandemic are dependent on numerous underlying assumptions and estimates that may not materialize. Additionally, numerous other important factors (whether related to, resulting from or exacerbated by the COVID-19 pandemic or otherwise) could also cause results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: (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 market value of assets subject to the Company’s collateral arrangements, (7) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (8) the effect of the Company parent’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, (9) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (10) the impairment of other financial institutions and its effect on the Company’s business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities, that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (14) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (18) financial performance of the Company’s clients, (19) the threat of natural disasters, catastrophes, terrorist attacks, epidemics or pandemics 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,

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(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 litigation or arbitration results, (26) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (27) changes in laws, regulations, and accounting standards applicable to the Company or its business, including Long Duration Targeted Improvement accounting changes and (28) other risks and uncertainties described in this document and in the Company’s other filings with the Securities and Exchange Commission (“SEC”).

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future. For a discussion of these 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, 2021, as may be supplemented by Item 1A - “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q.

Investor Contact

Jeff Hopson

Senior Vice President - Investor Relations

(636) 736-2068

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Adjusted Operating Income

(Dollars in millions, except per share data)


(Unaudited)	Three Months Ended March 31,
	2022				2021
			Diluted Earnings Per Share				Diluted Earnings Per Share
Net income (loss)	$	(63)	$	(0.93)	$	139	$	2.03
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net	94		1.39		(179)		(2.63)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	6		0.09		(1)		(0.01)
Embedded derivatives:
Included in investment related gains/losses, net	15		0.22		(54)		(0.79)
Included in interest credited	(13)		(0.19)		(24)		(0.35)
DAC offset, net	(8)		(0.12)		9		0.13
Investment (income) loss on unit-linked variable annuities	7		0.10		1		0.01
Interest credited on unit-linked variable annuities	(7)		(0.10)		(1)		(0.01)
Interest expense on uncertain tax positions	—		—		2		0.03
Non-investment derivatives and other	—		—		9		0.13
Tax benefit on uncertain tax positions and tax rate changes	1		0.01		15		0.22
Adjusted operating income (loss)	$	32	$	0.47	$	(84)	$	(1.24)

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Effective Income Tax Rates

(Dollars in millions)


(Unaudited)	Three Months Ended March 31, 2022
	Pre-tax Income (loss)		Income Taxes		Effective Tax Rate (1)
GAAP income (loss)	$	(60)	$	3	(3.7)	%
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net	119		25
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	8		2
Embedded derivatives:
Included in investment related gains/losses, net	19		4
Included in interest credited	(17)		(4)
DAC offset, net	(10)		(2)
Investment (income) loss on unit-linked variable annuities	9		2
Interest credited on unit-linked variable annuities	(9)		(2)
Interest expense on uncertain tax positions	—		—
Non-investment derivatives and other	—		—
Tax benefit on uncertain tax positions and tax rate changes	—		(1)
Adjusted operating income	$	59	$	27	46.1	%

(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.

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

(Dollars in millions)


(Unaudited)	Three Months Ended March 31,
	2022		2021
Income (loss) before income taxes	$	(60)	$	186
Reconciliation to pre-tax adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net	119		(228)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	8		(1)
Embedded derivatives:
Included in investment related gains/losses, net	19		(68)
Included in interest credited	(17)		(30)
DAC offset, net	(10)		12
Investment (income) loss on unit-linked variable annuities	9		1
Interest credited on unit-linked variable annuities	(9)		(1)
Interest expense on uncertain tax positions	—		3
Non-investment derivatives and other	—		11
Pre-tax adjusted operating income (loss)	$	59	$	(115)

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Pre-tax Income to Pre-tax Adjusted Operating Income

(Dollars in millions)


(Unaudited)	Three Months Ended March 31, 2022
	Pre-tax income (loss)		Capital (gains) losses, derivatives and other, net			Change in value of embedded derivatives, net			Pre-tax adjusted operating income (loss)
U.S. and Latin America:
Traditional	$	(166)	$	—		$	(15)		$	(181)
Financial Solutions:
Asset-Intensive	20		57		(1)	(2)		(2)	75
Capital Solutions	24		—			—			24
Total U.S. and Latin America	(122)		57			(17)			(82)
Canada Traditional	6		(1)			—			5
Canada Financial Solutions	13		—			—			13
Total Canada	19		(1)			—			18
EMEA Traditional	(6)		—			—			(6)
EMEA Financial Solutions	85		(6)			—			79
Total EMEA	79		(6)			—			73
Asia Pacific Traditional	51		—			—			51
Asia Pacific Financial Solutions	(56)		77			—			21
Total Asia Pacific	(5)		77			—			72
Corporate and Other	(31)		9			—			(22)
Consolidated	$	(60)	$	136		$	(17)		$	59

(1)Asset-Intensive is net of $9 DAC offset.

(2)Asset-Intensive is net of $(19) DAC offset.


(Unaudited)	Three Months Ended March 31, 2021
	Pre-tax income (loss)		Capital (gains) losses, derivatives and other, net			Change in value of embedded derivatives, net			Pre-tax adjusted operating income (loss)
U.S. and Latin America:
Traditional	$	(338)	$	—		$	(6)		$	(344)
Financial Solutions:
Asset-Intensive	60		55		(1)	(66)		(2)	49
Capital Solutions	23		—			—			23
Total U.S. and Latin America	(255)		55			(72)			(272)
Canada Traditional	24		(1)			—			23
Canada Financial Solutions	6		—			—			6
Total Canada	30		(1)			—			29
EMEA Traditional	(68)		—			—			(68)
EMEA Financial Solutions	60		(18)			—			42
Total EMEA	(8)		(18)			—			(26)
Asia Pacific Traditional	41		—			—			41
Asia Pacific Financial Solutions	28		(9)			—			19
Total Asia Pacific	69		(9)			—			60
Corporate and Other	350		(256)			—			94
Consolidated	$	186	$	(229)		$	(72)		$	(115)

(1)Asset-Intensive is net of $(14) DAC offset.

(2)Asset-Intensive is net of $26 DAC offset.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In millions, except per share data)


(Unaudited)	Three Months Ended March 31,
	2022		2021
Earnings per share from net income (loss):
Basic earnings per share	$	(0.93)	$	2.04
Diluted earnings per share (1)	$	(0.93)	$	2.03

Diluted earnings per share from adjusted operating income (loss) (1)	$	0.47	$	(1.24)
Weighted average number of common and common equivalent shares outstanding	67,649		68,427

(1) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share


(Unaudited)	At March 31,
	2022		2021
Treasury shares	18,323		17,326
Common shares outstanding	66,988		67,985
Book value per share	$	137.08	$	177.83
Book value per share, before impact of AOCI	$	137.89	$	133.67

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


(Unaudited)	At March 31,
	2022		2021
Book value per share	$	137.08	$	177.83
Less effect of AOCI:
Accumulated currency translation adjustments	0.06		(0.57)
Unrealized appreciation of securities	(0.13)		45.79
Pension and postretirement benefits	(0.74)		(1.06)
Book value per share, before impact of AOCI	$	137.89	$	133.67

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

(Dollars in millions)


(Unaudited)
Trailing Twelve Months Ended March 31, 2022:	Average Equity
Stockholders' average equity	$	12,123
Less effect of AOCI:
Accumulated currency translation adjustments	(23)
Unrealized appreciation of securities	2,928
Pension and postretirement benefits	(63)
Stockholders' average equity, excluding AOCI	$	9,281

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 March 31, 2022:	Income
Net Income	$	415	3.4	%
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net	(96)
Change in fair value of embedded derivatives	(35)
Deferred acquisition cost offset, net	13
Tax expense on uncertain tax positions	(104)
Adjusted operating income	$	193	2.1	%

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)


(Unaudited)	Three Months Ended March 31,
	2022		2021
Revenues:
Net premiums	$	3,155	$	2,914
Investment income, net of related expenses	810		812
Investment related gains (losses), net	(126)		302
Other revenue	91		91
Total revenues	3,930		4,119
Benefits and expenses:
Claims and other policy benefits	3,225		3,192
Interest credited	141		146
Policy acquisition costs and other insurance expenses	355		333
Other operating expenses	226		214
Interest expense	42		45
Collateral finance and securitization expense	1		3
Total benefits and expenses	3,990		3,933
Income (loss) before income taxes	(60)		186
Provision for income taxes	3		47
Net income (loss)	$	(63)	$	139

# # #

Document

Exhibit 99.2

https://cdn.kscope.io/68ecc8690b7a674de1aafba9714ea112-rgalogospelledoutaa01a13a.jpg

Quarterly Financial Supplement

First Quarter 2022

(Unaudited)

World Headquarters

Internet Address

Contacts

16600 Swingley Ridge Road

www.rgare.com

Todd C. Larson

Chesterfield, Missouri 63017 U.S.A.

Senior Executive Vice President

and Chief Financial Officer

Phone: (636) 736-7000

e-mail: tlarson@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 Reinsurance Company (Barbados) Ltd.

AA-

RGA Atlantic Reinsurance Company Ltd.

A+

Omnilife Insurance Company Limited

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

1st Quarter 2022

Table of Contents


			Page
Non-GAAP Disclosures			1

Consolidated

Financial Highlights			2

Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)			3

Consolidated Balance Sheets			5

Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements

U.S. and Latin America Traditional			6

U.S. and Latin America Financial Solutions - Asset-Intensive			8

U.S. and Latin America Financial Solutions - Capital Solutions			11

Canada Traditional			13

Canada Financial Solutions			15

Europe, Middle East and Africa Traditional			17

Europe, Middle East and Africa Financial Solutions			19

Asia Pacific Traditional			21

Asia Pacific Financial Solutions			23

Corporate and Other			25

Summary of Segment GAAP Income			27

Summary of Segment Adjusted Operating Income			28

Investments

Cash and Invested Assets and Investment Income and Yield Summary			29

Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities			30

Corporate Fixed Maturity Securities by Industry			31

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities			32

Fixed Maturity Securities Below Amortized Cost			33

Consolidated Investment Related Gains and Losses			35

Appendix

Reconciliations of GAAP to Non-GAAP Measures			36

Reinsurance Group of America, Incorporated

Non-GAAP Disclosures

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

Non-GAAP Disclosures

RGA uses a non-GAAP financial measure called adjusted operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that adjusted operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the Company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the Company’s underlying businesses. Additionally, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that management believes are not indicative of the Company’s ongoing operations. The definition of adjusted operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to adjusted operating income before income taxes is presented in the appendix.

RGA evaluates its shareholders’ equity position excluding the impact of accumulated other comprehensive income (loss) (“AOCI”) since the net unrealized gains or losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent and can fluctuate significantly from period to period.

RGA uses a non-GAAP financial measure called adjusted operating return on equity, which is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Additionally, RGA uses a non-GAAP financial measure called book value per share excluding the impact of AOCI that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation. A reconciliation of RGA, Inc. shareholders’ equity before and after the impact of AOCI is presented in the appendix.


						Page 1


Reinsurance Group of America, Incorporated
Financial Highlights

	Three Months Ended															Current Qtr vs. PY Quarter
(USD millions, except in force & per share data)	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2022			2021			2021			2021			2021
Net premiums	$	3,155		$	3,407		$	3,094		$	3,098		$	2,914		$	241
Net income (loss)	(63)			156			(22)			344			139			(202)
Adjusted operating income (loss)	32			(38)			(75)			274			(84)			116
Return on equity - annualized	(2.3)		%	4.8		%	(0.7)		%	10.8		%	4.2		%	(6.5)		%
Return on equity - trailing 12 months	3.4		%	4.7		%	4.5		%	6.3		%	5.2		%	(1.8)		%
Adjusted operating return on equity (ex AOCI) - annualized	1.4		%	(1.6)		%	(3.2)		%	11.9		%	(3.7)		%	5.1		%
Adjusted operating return on equity (ex AOCI) - trailing 12 months	2.1		%	0.8		%	2.1		%	5.7		%	3.7		%	(1.6)		%
Total assets	$	89,761		$	92,175		$	91,449		$	88,944		$	84,810		$	4,951
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,645.1		$	1,628.4		$	1,619.9		$	1,619.4		$	1,610.2		$	34.9
U.S. and Latin America Financial Solutions	5.3			5.3			5.3			5.3			5.3			—
Canada Traditional	484.5			472.6			463.1			468.3			460.1			24.4
Europe, Middle East and Africa Traditional	850.7			861.6			852.8			861.4			830.8			19.9
Asia Pacific Traditional	508.4			497.4			526.0			516.1			521.0			(12.6)
Asia Pacific Financial Solutions	1.1			1.7			1.5			1.2			1.2			(0.1)
Total assumed life reinsurance in force	$	3,495.1		$	3,467.0		$	3,468.6		$	3,471.7		$	3,428.6		$	66.5
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	39.5		$	32.4		$	33.9		$	35.7		$	28.5		$	11.0
U.S. and Latin America Financial Solutions	—			—			—			—			—			—
Canada Traditional	12.7			14.6			11.5			8.5			14.2			(1.5)
Europe, Middle East and Africa Traditional	50.5			51.0			32.0			87.8			27.6			22.9
Asia Pacific Traditional	16.6			8.6			7.1			10.9			7.6			9.0
Asia Pacific Financial Solutions	0.1			0.1			—			0.1			—			0.1
Total assumed new business production	$	119.4		$	106.7		$	84.5		$	143.0		$	77.9		$	41.5
Per Share and Shares Data
Basic earnings per share
Net income (loss)	$	(0.93)		$	2.32		$	(0.32)		$	5.06		$	2.04		$	(2.97)
Adjusted operating income (loss)	$	0.48		$	(0.56)		$	(1.11)		$	4.04		$	(1.24)		$	1.72
Diluted earnings per share (1)
Net income (loss) (1)	$	(0.93)		$	2.30		$	(0.32)		$	5.02		$	2.03		$	(2.96)
Adjusted operating income (loss) (1)	$	0.47		$	(0.56)		$	(1.11)		$	4.00		$	(1.24)		$	1.71
Wgt. average common shares outstanding
Basic	67,104			67,380			67,916			67,990			67,975			(871)
Diluted	67,649			67,930			68,417			68,533			68,427			(778)
Common shares issued	85,311			85,311			85,311			85,311			85,311			—
Treasury shares	18,323			18,140			17,711			17,314			17,326			997
Common shares outstanding	66,988			67,171			67,600			67,997			67,985			(997)
Book value per share	$	137.08		$	193.75		$	190.60		$	197.72		$	177.83		$	(40.75)
Per share effect of AOCI	$	(0.81)		$	54.22		$	53.00		$	59.43		$	44.16		$	(44.97)
Book value per share, excluding AOCI	$	137.89		$	139.53		$	137.60		$	138.29		$	133.67		$	4.22
Stockholders’ dividends paid	49			49			50			47			48			1
(1) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.


						Page 2


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2022		2021		2021		2021		2021		Quarter
Revenues:
Net premiums	$	3,155	$	3,407	$	3,094	$	3,098	$	2,914	$	241
Net investment income	810		771		796		759		812		(2)
Investment related gains (losses), net	(126)		88		58		112		302		(428)
Other revenue	91		93		95		168		91		—
Total revenues	3,930		4,359		4,043		4,137		4,119		(189)
Benefits and expenses:
Claims and other policy benefits	3,225		3,482		3,289		2,813		3,192		33
Interest credited	141		159		177		218		146		(5)
Policy acquisition costs and other insurance expenses	355		406		338		339		333		22
Other operating expenses	226		253		229		240		214		12
Interest expense	42		(2)		41		43		45		(3)
Collateral finance and securitization expense	1		4		3		2		3		(2)
Total benefits and expenses	3,990		4,302		4,077		3,655		3,933		57
Income (loss) before income taxes	(60)		57		(34)		482		186		(246)
Provision for income taxes	3		(99)		(12)		138		47		(44)
Net income (loss)	$	(63)	$	156	$	(22)	$	344	$	139	$	(202)
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes	$	(60)	$	57	$	(34)	$	482	$	186	$	(246)
Investment and derivative (gains) losses (1)	119		(31)		(66)		(104)		(228)		347
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	33		(20)		(21)		(16)		(50)		83
GMXB embedded derivatives (1)	(14)		(29)		37		17		(18)		4
Funds withheld (gains) losses - investment income	8		(1)		(2)		(1)		(1)		9
EIA embedded derivatives - interest credited	(17)		(9)		(3)		(3)		(30)		13
DAC offset, net	(10)		26		2		(2)		12		(22)
Investment (income) loss on unit-linked variable annuities	9		(5)		2		(2)		1		8
Interest credited on unit-linked variable annuities	(9)		5		(2)		2		(1)		(8)
Interest expense on uncertain tax positions	—		(34)		2		3		3		(3)
Non-investment derivatives and other	—		5		(4)		(15)		11		(11)
Adjusted operating income (loss) before income taxes	$	59	$	(36)	$	(89)	$	361	$	(115)	$	174

(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.


						Page 3


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2022		2021		2021		2021		2021		Quarter
After-tax adjusted operating income reconciliation:
Net income (loss)	$	(63)	$	156	$	(22)	$	344	$	139	$	(202)
Investment and derivative (gains) losses (1)	94		(25)		(52)		(82)		(179)		273
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	26		(16)		(17)		(12)		(40)		66
GMXB embedded derivatives (1)	(11)		(22)		29		13		(14)		3
Funds withheld (gains) losses - investment income	6		(1)		(1)		(1)		(1)		7
EIA embedded derivatives - interest credited	(13)		(8)		(2)		(2)		(24)		11
DAC offset, net	(8)		21		1		(1)		9		(17)
Investment (income) loss on unit-linked variable annuities	7		(4)		2		(2)		1		6
Interest credited on unit-linked variable annuities	(7)		4		(2)		2		(1)		(6)
Interest expense on uncertain tax positions	—		(27)		1		3		2		(2)
Non-investment derivatives and other	—		4		(3)		(12)		9		(9)
Uncertain tax positions and other tax related items	1		(120)		(9)		24		15		(14)
Adjusted operating income (loss)	$	32	$	(38)	$	(75)	$	274	$	(84)	$	116


Diluted earnings per share - adjusted operating income (loss) (2)	$	0.47	$	(0.56)	$	(1.11)	$	4.00	$	(1.24)	$	1.71

Foreign currency effect on (3):
Net premiums	$	(47)	$	(3)	$	51	$	124	$	78	$	(125)
Adjusted operating income (loss) before income taxes	$	(1)	$	—	$	(7)	$	10	$	1	$	(2)


(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.
(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.
(3) Compared to comparable prior year period.


						Page 4


Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2022		2021		2021		2021		2021
Assets
Fixed maturity securities, available-for-sale	$	57,922	$	60,749	$	59,289	$	58,287	$	56,426
Equity securities	139		151		160		147		135
Mortgage loans on real estate	6,535		6,283		6,366		6,481		6,001
Policy loans	1,221		1,234		1,234		1,254		1,253
Funds withheld at interest	6,737		6,954		7,034		7,049		5,459
Short-term investments	315		87		82		184		157
Other invested assets	3,033		3,070		3,404		2,924		2,983
Total investments	75,902		78,528		77,569		76,326		72,414
Cash and cash equivalents	2,709		2,948		3,027		3,254		3,122
Accrued investment income	578		533		574		525		546
Premiums receivable and other reinsurance balances	2,883		2,888		3,013		3,102		2,907
Reinsurance ceded receivables	2,595		2,580		2,585		1,093		1,089
Deferred policy acquisition costs	3,797		3,690		3,687		3,622		3,617
Other assets	1,297		1,008		994		1,022		1,115
Total assets	$	89,761	$	92,175	$	91,449	$	88,944	$	84,810

Liabilities and equity
Future policy benefits	$	35,946	$	35,782	$	35,666	$	33,761	$	33,675
Interest-sensitive contract liabilities	28,083		26,377		26,017		26,161		23,142
Other policy claims and benefits	7,079		6,993		7,117		6,795		7,077
Other reinsurance balances	582		613		543		531		560
Deferred income taxes	1,843		2,886		2,407		2,699		2,417
Other liabilities	3,123		2,663		3,327		2,057		1,930
Long-term debt	3,667		3,667		3,173		3,173		3,573
Collateral finance and securitization notes	166		180		314		323		346
Total liabilities	80,489		79,161		78,564		75,500		72,720

Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,465		2,461		2,447		2,430		2,411
Retained earnings	8,446		8,563		8,458		8,531		8,235
Treasury stock	(1,675)		(1,653)		(1,604)		(1,559)		(1,559)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	4		(9)		(50)		(20)		(39)
Unrealized appreciation of securities, net of income taxes	(9)		3,701		3,704		4,133		3,113
Pension and postretirement benefits, net of income taxes	(50)		(50)		(71)		(72)		(72)
Total RGA, Inc. stockholders’ equity	9,182		13,014		12,885		13,444		12,090
Noncontrolling interest	90		—		—		—		—
Total equity	9,272		13,014		12,885		13,444		12,090
Total liabilities and equity	$	89,761	$	92,175	$	91,449	$	88,944	$	84,810
Total RGA, Inc. stockholders’ equity, excluding AOCI	$	9,237	$	9,372	$	9,302	$	9,403	$	9,088

See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.


						Page 5


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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2022			2021			2021			2021			2021			Quarter
Revenues:
Net premiums	$	1,541		$	1,697		$	1,550		$	1,578		$	1,419		$	122
Net investment income	304			245			245			233			207			97
Investment related gains (losses), net	15			4			(5)			1			6			9
Other revenue	7			4			5			4			5			2
Total revenues	1,867			1,950			1,795			1,816			1,637			230

Benefits and expenses:
Claims and other policy benefits	1,765			1,892			1,670			1,418			1,740			25
Interest credited	17			18			17			18			17			—
Policy acquisition costs and other insurance expenses	208			209			195			206			182			26
Other operating expenses	43			42			39			39			36			7
Total benefits and expenses	2,033			2,161			1,921			1,681			1,975			58

Income (loss) before income taxes	$	(166)		$	(211)		$	(126)		$	135		$	(338)		$	172

Loss and expense ratios:
Claims and other policy benefits	114.5		%	111.5		%	107.7		%	89.9		%	122.6		%	(8.1)		%
Policy acquisition costs and other insurance expenses	13.5		%	12.3		%	12.6		%	13.1		%	12.8		%	0.7		%
Other operating expenses	2.8		%	2.5		%	2.5		%	2.5		%	2.5		%	0.3		%

Foreign currency effect on (1):
Net premiums	$	—		$	—		$	2		$	2		$	(1)		$	1
Income (loss) before income taxes	$	—		$	1		$	(1)		$	—		$	—		$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 6


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

	Three Months Ended															Current
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			Qtr vs. PY
	2022			2021			2021			2021			2021			Quarter
Revenues:
Net premiums	$	1,541		$	1,697		$	1,550		$	1,578		$	1,419		$	122
Net investment income	304			245			245			233			207			97
Other revenue	7			4			5			4			5			2
Total revenues	1,852			1,946			1,800			1,815			1,631			221

Benefits and expenses:
Claims and other policy benefits	1,765			1,892			1,670			1,418			1,740			25
Interest credited	17			18			17			18			17			—
Policy acquisition costs and other insurance expenses	208			209			195			206			182			26
Other operating expenses	43			42			39			39			36			7
Total benefits and expenses	2,033			2,161			1,921			1,681			1,975			58

Adjusted operating income (loss) before income taxes	$	(181)		$	(215)		$	(121)		$	134		$	(344)		$	163

Loss and expense ratios:
Claims and other policy benefits	114.5		%	111.5		%	107.7		%	89.9		%	122.6		%	(8.1)		%
Policy acquisition costs and other insurance expenses	13.5		%	12.3		%	12.6		%	13.1		%	12.8		%	0.7		%
Other operating expenses	2.8		%	2.5		%	2.5		%	2.5		%	2.5		%	0.3		%

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

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 7


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
(USD millions)

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2022		2021		2021		2021		2021		Quarter
Revenues:
Net premiums	$	15	$	13	$	14	$	15	$	13	$	2
Net investment income	262		264		290		276		257		5
Investment related gains (losses), net	(80)		36		12		30		(6)		(74)
Other revenue	27		26		31		85		26		1
Total revenues	224		339		347		406		290		(66)

Benefits and expenses:
Claims and other policy benefits	48		37		48		21		60		(12)
Interest credited	107		120		149		182		114		(7)
Policy acquisition costs and other insurance expenses	40		79		34		32		47		(7)
Other operating expenses	9		10		10		8		9		—
Total benefits and expenses	204		246		241		243		230		(26)

Income before income taxes	$	20	$	93	$	106	$	163	$	60	$	(40)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


						Page 8


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2022		2021		2021		2021		2021		Quarter
Revenues:
Net premiums	$	15	$	13	$	14	$	15	$	13	$	2
Net investment income	264		264		290		274		258		6
Other revenue	27		25		31		85		26		1
Total revenues	306		302		335		374		297		9

Benefits and expenses:
Claims and other policy benefits	48		37		48		21		60		(12)
Interest credited	124		129		152		185		144		(20)
Policy acquisition costs and other insurance expenses	50		53		32		34		35		15
Other operating expenses	9		10		10		8		9		—
Total benefits and expenses	231		229		242		248		248		(17)

Adjusted operating income before income taxes	$	75	$	73	$	93	$	126	$	49	$	26

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


						Page 9


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive (continued)
(USD millions)

	Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2022			2021			2021			2021			2021
Annuity account values:
Fixed annuities (deferred)	$	11,693		$	11,858		$	11,997		$	13,687		$	10,659

Net interest spread (fixed annuities)	2.0		%	1.4		%	1.7		%	1.2		%	1.3		%

Equity-indexed annuities	$	3,114		$	3,213		$	3,293		$	3,343		$	3,391

Variable annuities account values
No riders	$	786		$	844		$	827		$	834		$	823
GMDB only	891			960			968			949			901
GMIB only	23			25			25			25			24
GMAB only	3			3			3			4			4
GMWB only	1,035			1,130			1,110			1,145			1,116
GMDB / WB	240			264			261			271			265
Other	18			19			19			19			18
Total variable annuities account values	$	2,996		$	3,245		$	3,213		$	3,247		$	3,151

Fair value of liabilities associated with living benefit riders	$	148		$	162		$	191		$	154		$	136

Interest-sensitive contract liabilities associated with:

Guaranteed investment contracts	$	656		$	656		$	827		$	973		$	973

Bank-owned life insurance (BOLI)	$	2,499		$	2,492		$	2,480		$	2,471		$	2,463

Other asset-intensive business	$	114		$	115		$	117		$	119		$	123

Future policy benefits associated with:

Payout annuities	$	4,218		$	4,274		$	4,329		$	4,393		$	4,477


						Page 10


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
(USD millions)

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2022		2021		2021		2021		2021		Quarter
Revenues:
Net investment income	$	1	$	—	$	1	$	—	$	1	$	—
Other revenue	27		28		26		27		27		—
Total revenues	28		28		27		27		28		—

Benefits and expenses:
Policy acquisition costs and other insurance expenses	1		—		2		—		2		(1)
Other operating expenses	3		3		3		4		3		—
Total benefits and expenses	4		3		5		4		5		(1)

Income before income taxes	$	24	$	25	$	22	$	23	$	23	$	1

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


						Page 11


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2022		2021		2021		2021		2021		Quarter
Revenues:
Net investment income	$	1	$	—	$	1	$	—	$	1	$	—
Other revenue	27		28		26		27		27		—
Total revenues	28		28		27		27		28		—

Benefits and expenses:
Policy acquisition costs and other insurance expenses	1		—		2		—		2		(1)
Other operating expenses	3		3		3		4		3		—
Total benefits and expenses	4		3		5		4		5		(1)

Adjusted operating income before income taxes	$	24	$	25	$	22	$	23	$	23	$	1

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


						Page 12


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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2022			2021			2021			2021			2021			Quarter
Revenues:
Net premiums	$	304		$	324		$	289		$	301		$	280		$	24
Net investment income	55			60			65			63			60			(5)
Investment related gains, net	1			—			1			—			2			(1)
Other revenue	2			1			(1)			2			1			1
Total revenues	362			385			354			366			343			19

Benefits and expenses:
Claims and other policy benefits	300			298			255			277			266			34
Policy acquisition costs and other insurance expenses	46			50			46			46			45			1
Other operating expenses	10			9			9			11			8			2
Total benefits and expenses	356			357			310			334			319			37

Income before income taxes	$	6		$	28		$	44		$	32		$	24		$	(18)

Loss and expense ratios:
Claims and other policy benefits	98.7		%	92.0		%	88.2		%	92.0		%	95.0		%	3.7		%
Policy acquisition costs and other insurance expenses	15.1		%	15.4		%	15.9		%	15.3		%	16.1		%	(1.0)		%
Other operating expenses	3.3		%	2.8		%	3.1		%	3.7		%	2.9		%	0.4		%

Foreign currency effect on (1):
Net premiums	$	—		$	10		$	16		$	34		$	16		$	(16)
Income before income taxes	$	—		$	—		$	3		$	3		$	—		$	—

Creditor reinsurance net premiums	$	18		$	19		$	19		$	19		$	17		$	1

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 13


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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2022			2021			2021			2021			2021			Quarter
Revenues:
Net premiums	$	304		$	324		$	289		$	301		$	280		$	24
Net investment income	55			59			65			64			59			(4)
Investment related gains, net	—			2			1			1			2			(2)
Other revenue	2			1			(1)			2			1			1
Total revenues	361			386			354			368			342			19

Benefits and expenses:
Claims and other policy benefits	300			298			255			277			266			34
Policy acquisition costs and other insurance expenses	46			50			46			46			45			1
Other operating expenses	10			9			9			11			8			2
Total benefits and expenses	356			357			310			334			319			37

Adjusted operating income before income taxes	$	5		$	29		$	44		$	34		$	23		$	(18)

Loss and expense ratios:
Claims and other policy benefits	98.7		%	92.0		%	88.2		%	92.0		%	95.0		%	3.7		%
Policy acquisition costs and other insurance expenses	15.1		%	15.4		%	15.9		%	15.3		%	16.1		%	(1.0)		%
Other operating expenses	3.3		%	2.8		%	3.1		%	3.7		%	2.9		%	0.4		%

Foreign currency effect on (1):
Net premiums	$	—		$	10		$	16		$	34		$	16		$	(16)
Adjusted operating income before income taxes	$	—		$	—		$	3		$	3		$	—		$	—

Creditor reinsurance net premiums	$	18		$	19		$	19		$	19		$	17		$	1

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 14


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2022		2021		2021		2021		2021		Quarter
Revenues:
Net premiums	$	23	$	22	$	22	$	23	$	23	$	—
Net investment income	1		—		—		—		—		1
Other revenue	1		2		3		3		3		(2)
Total revenues	25		24		25		26		26		(1)

Benefits and expenses:
Claims and other policy benefits	11		17		23		21		18		(7)
Policy acquisition costs and other insurance expenses	1		1		1		1		—		1
Other operating expenses	—		1		1		—		2		(2)
Total benefits and expenses	12		19		25		22		20		(8)

Income before income taxes	$	13	$	5	$	—	$	4	$	6	$	7

Foreign currency effect on (2):
Net premiums	$	—	$	1	$	1	$	3	$	1	$	(1)
Income before income taxes	$	—	$	1	$	—	$	—	$	—	$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.


						Page 15


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2022		2021		2021		2021		2021		Quarter
Revenues:
Net premiums	$	23	$	22	$	22	$	23	$	23	$	—
Net investment income	1		—		—		—		—		1
Other revenue	1		2		3		3		3		(2)
Total revenues	25		24		25		26		26		(1)

Benefits and expenses:
Claims and other policy benefits	11		17		23		21		18		(7)
Policy acquisition costs and other insurance expenses	1		1		1		1		—		1
Other operating expenses	—		1		1		—		2		(2)
Total benefits and expenses	12		19		25		22		20		(8)

Adjusted operating income before income taxes	$	13	$	5	$	—	$	4	$	6	$	7

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

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.


						Page 16


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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2022			2021			2021			2021			2021			Quarter
Revenues:
Net premiums	$	451		$	435		$	432		$	433		$	438		$	13
Net investment income	22			22			22			24			20			2
Other revenue	3			—			—			2			(1)			4
Total revenues	476			457			454			459			457			19

Benefits and expenses:
Claims and other policy benefits	427			464			482			414			469			(42)
Policy acquisition costs and other insurance expenses	25			34			35			27			29			(4)
Other operating expenses	30			27			28			30			27			3
Total benefits and expenses	482			525			545			471			525			(43)

Loss before income taxes	$	(6)		$	(68)		$	(91)		$	(12)		$	(68)		$	62

Loss and expense ratios:
Claims and other policy benefits	94.7		%	106.7		%	111.6		%	95.6		%	107.1		%	(12.4)		%
Policy acquisition costs and other insurance expenses	5.5		%	7.8		%	8.1		%	6.2		%	6.6		%	(1.1)		%
Other operating expenses	6.7		%	6.2		%	6.5		%	6.9		%	6.2		%	0.5		%


Foreign currency effect on (1):
Net premiums	$	(16)		$	—		$	22		$	47		$	26		$	(42)
Loss before income taxes	$	1		$	—		$	(14)		$	(4)		$	(5)		$	6

Critical illness net premiums	$	39		$	42		$	46		$	44		$	42		$	(3)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 17


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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2022			2021			2021			2021			2021			Quarter
Revenues:
Net premiums	$	451		$	435		$	432		$	433		$	438		$	13
Net investment income	22			22			22			24			20			2
Other revenue	3			—			—			2			(1)			4
Total revenues	476			457			454			459			457			19

Benefits and expenses:
Claims and other policy benefits	427			464			482			414			469			(42)
Policy acquisition costs and other insurance expenses	25			34			35			27			29			(4)
Other operating expenses	30			27			28			30			27			3
Total benefits and expenses	482			525			545			471			525			(43)

Adjusted operating loss before income taxes	$	(6)		$	(68)		$	(91)		$	(12)		$	(68)		$	62

Loss and expense ratios:
Claims and other policy benefits	94.7		%	106.7		%	111.6		%	95.6		%	107.1		%	(12.4)		%
Policy acquisition costs and other insurance expenses	5.5		%	7.8		%	8.1		%	6.2		%	6.6		%	(1.1)		%
Other operating expenses	6.7		%	6.2		%	6.5		%	6.9		%	6.2		%	0.5		%


Foreign currency effect on (1):
Net premiums	$	(16)		$	—		$	22		$	47		$	26		$	(42)
Adjusted operating Loss before income taxes	$	1		$	—		$	(14)		$	(4)		$	(5)		$	6

Critical illness net premiums	$	39		$	42		$	46		$	44		$	42		$	(3)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 18


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2022		2021		2021		2021		2021		Quarter
Revenues:
Net premiums	$	128	$	91	$	96	$	84	$	79	$	49
Net investment income	35		56		51		50		48		(13)
Investment related gains, net	16		8		23		2		16		—
Other revenue	3		2		4		3		3		—
Total revenues	182		157		174		139		146		36

Benefits and expenses:
Claims and other policy benefits	91		60		77		42		75		16
Interest credited	(9)		5		(2)		2		(1)		(8)
Policy acquisition costs and other insurance expenses	1		5		2		1		2		(1)
Other operating expenses	14		12		12		11		10		4
Total benefits and expenses	97		82		89		56		86		11

Income before income taxes	$	85	$	75	$	85	$	83	$	60	$	25

Foreign currency effect on (2):
Net premiums	$	(5)	$	1	$	5	$	9	$	6	$	(11)
Income before income taxes	$	(3)	$	1	$	5	$	10	$	5	$	(8)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.


						Page 19


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2022		2021		2021		2021		2021		Quarter
Revenues:
Net premiums	$	128	$	91	$	96	$	84	$	79	$	49
Net investment income	50		51		51		48		48		2
Investment related gains (losses), net	4		3		2		2		(1)		5
Other revenue	3		2		4		3		3		—
Total revenues	185		147		153		137		129		56

Benefits and expenses:
Claims and other policy benefits	91		60		77		42		75		16
Interest credited	—		—		—		—		—		—
Policy acquisition costs and other insurance expenses	1		5		2		1		2		(1)
Other operating expenses	14		12		12		11		10		4
Total benefits and expenses	106		77		91		54		87		19

Adjusted operating income before income taxes	$	79	$	70	$	62	$	83	$	42	$	37

Foreign currency effect on (2):
Net premiums	$	(5)	$	1	$	5	$	9	$	6	$	(11)
Adjusted operating income before income taxes	$	(3)	$	1	$	4	$	9	$	4	$	(7)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.


						Page 20


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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2022			2021			2021			2021			2021			Quarter
Revenues:
Net premiums	$	650		$	773		$	626		$	616		$	609		$	41
Net investment income	33			36			33			34			33			—
Investment related gains, net	—			—			—			—			(1)			1
Other revenue	5			6			4			3			6			(1)
Total revenues	688			815			663			653			647			41

Benefits and expenses:
Claims and other policy benefits	542			667			682			578			518			24
Policy acquisition costs and other insurance expenses	47			44			31			41			43			4
Other operating expenses	48			47			46			46			45			3
Total benefits and expenses	637			758			759			665			606			31

Income (loss) before income taxes	$	51		$	57		$	(96)		$	(12)		$	41		$	10

Loss and expense ratios:
Claims and other policy benefits	83.4		%	86.3		%	108.9		%	93.8		%	85.1		%	(1.7)		%
Policy acquisition costs and other insurance expenses	7.2		%	5.7		%	5.0		%	6.7		%	7.1		%	0.1		%
Other operating expenses	7.4		%	6.1		%	7.3		%	7.5		%	7.4		%	—		%

Foreign currency effect on (1):
Net premiums	$	(23)		$	(13)		$	6		$	30		$	29		$	(52)
Income (loss) before income taxes	$	2		$	(2)		$	—		$	(1)		$	1		$	1

Critical illness net premiums	$	295		$	424		$	306		$	282		$	269		$	26

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 21



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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2022			2021			2021			2021			2021			Quarter
Revenues:
Net premiums	$	650		$	773		$	626		$	616		$	609		$	41
Net investment income	33			36			33			34			33			—
Investment related gains, net	—			—			—			—			(1)			1
Other revenue	5			6			4			3			6			(1)
Total revenues	688			815			663			653			647			41

Benefits and expenses:
Claims and other policy benefits	542			667			682			578			518			24
Policy acquisition costs and other insurance expenses	47			44			31			41			43			4
Other operating expenses	48			47			46			46			45			3
Total benefits and expenses	637			758			759			665			606			31

Adjusted operating income (loss) before income taxes	$	51		$	57		$	(96)		$	(12)		$	41		$	10

Loss and expense ratios:
Claims and other policy benefits	83.4		%	86.3		%	108.9		%	93.8		%	85.1		%	(1.7)		%
Policy acquisition costs and other insurance expenses	7.2		%	5.7		%	5.0		%	6.7		%	7.1		%	0.1		%
Other operating expenses	7.4		%	6.1		%	7.3		%	7.5		%	7.4		%	—		%

Foreign currency effect on (1):
Net premiums	$	(23)		$	(13)		$	6		$	30		$	29		$	(52)
Adjusted operating income (loss) before income taxes	$	1		$	(2)		$	—		$	(1)		$	1		$	—

Critical illness net premiums	$	295		$	424		$	306		$	282		$	269		$	26

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 22


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2022		2021		2021		2021		2021		Quarter
Revenues:
Net premiums	$	43	$	52	$	65	$	48	$	53	$	(10)
Net investment income	44		42		37		31		28		16
Investment related gains (losses), net	(81)		7		(15)		15		12		(93)
Other revenue	15		13		8		10		11		4
Total revenues	21		114		95		104		104		(83)

Benefits and expenses:
Claims and other policy benefits	41		47		52		42		46		(5)
Interest credited	20		15		12		15		15		5
Policy acquisition costs and other insurance expenses	12		15		19		11		11		1
Other operating expenses	4		4		6		5		4		—
Total benefits and expenses	77		81		89		73		76		1

Income (loss) before income taxes	$	(56)	$	33	$	6	$	31	$	28	$	(84)

Foreign currency effect on (2):
Net premiums	$	(3)	$	(2)	$	(1)	$	(1)	$	1	$	(4)
Income (loss) before income taxes	$	6	$	(2)	$	—	$	—	$	1	$	5

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.


						Page 23


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2022		2021		2021		2021		2021		Quarter
Revenues:
Net premiums	$	43	$	52	$	65	$	48	$	53	$	(10)
Net investment income	44		42		37		31		28		16
Investment related gains, net	4		3		4		4		3		1
Other revenue	7		13		8		10		11		(4)
Total revenues	98		110		114		93		95		3

Benefits and expenses:
Claims and other policy benefits	41		47		52		42		46		(5)
Interest credited	20		15		12		15		15		5
Policy acquisition costs and other insurance expenses	12		15		19		11		11		1
Other operating expenses	4		4		6		5		4		—
Total benefits and expenses	77		81		89		73		76		1

Adjusted operating income before income taxes	$	21	$	29	$	25	$	20	$	19	$	2

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

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.


						Page 24


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2022		2021		2021		2021		2021		Quarter
Revenues:
Net investment income	$	53	$	46	$	52	$	48	$	158	$	(105)
Investment related gains, net	3		33		42		64		273		(270)
Other revenue	1		11		15		29		10		(9)
Total revenues	57		90		109		141		441		(384)

Benefits and expenses:
Claims and other policy benefits	—		—		—		—		—		—
Interest credited	6		1		1		1		1		5
Policy acquisition costs and other insurance income	(26)		(31)		(27)		(26)		(28)		2
Other operating expenses	65		98		75		86		70		(5)
Interest expense	42		(2)		41		43		45		(3)
Collateral finance and securitization expense	1		4		3		2		3		(2)
Total benefits and expenses	88		70		93		106		91		(3)

Income (loss) before income taxes	$	(31)	$	20	$	16	$	35	$	350	$	(381)

Foreign currency effect on (1):
Income (loss) before income taxes	$	—	$	1	$	2	$	6	$	2	$	(2)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 25


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2022		2021		2021		2021		2021		Quarter
Revenues:
Net investment income	$	53	$	46	$	52	$	48	$	158	$	(105)
Investment related gains, net	4		—		1		2		3		1
Other revenue	9		17		11		14		21		(12)
Total revenues	66		63		64		64		182		(116)

Benefits and expenses:
Claims and other policy benefits	—		—		—		—		—		—
Interest credited	6		1		1		1		1		5
Policy acquisition costs and other insurance income	(26)		(31)		(27)		(26)		(28)		2
Other operating expenses	65		98		75		86		70		(5)
Interest expense	42		32		39		40		42		—
Collateral finance and securitization expense	1		4		3		2		3		(2)
Total benefits and expenses	88		104		91		103		88		—

Adjusted operating income (loss) before income taxes	$	(22)	$	(41)	$	(27)	$	(39)	$	94	$	(116)

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

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 26


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2022		2021		2021		2021		2021		Quarter
U.S. and Latin America:
Traditional	$	(166)	$	(211)	$	(126)	$	135	$	(338)	$	172
Financial Solutions:
Asset Intensive	20		93		106		163		60		(40)
Capital Solutions	24		25		22		23		23		1
Total U.S. and Latin America	(122)		(93)		2		321		(255)		133
Canada:
Traditional	6		28		44		32		24		(18)
Financial Solutions	13		5		—		4		6		7
Total Canada	19		33		44		36		30		(11)
Europe, Middle East and Africa:
Traditional	(6)		(68)		(91)		(12)		(68)		62
Financial Solutions	85		75		85		83		60		25
Total Europe, Middle East and Africa	79		7		(6)		71		(8)		87
Asia Pacific:
Traditional	51		57		(96)		(12)		41		10
Financial Solutions	(56)		33		6		31		28		(84)
Total Asia Pacific	(5)		90		(90)		19		69		(74)
Corporate and Other	(31)		20		16		35		350		(381)
Consolidated income (loss) before income taxes	$	(60)	$	57	$	(34)	$	482	$	186	$	(246)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


						Page 27


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

	Three Months Ended										Current Qtr vs. PY Quarter
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2022		2021		2021		2021		2021
U.S. and Latin America:
Traditional	$	(181)	$	(215)	$	(121)	$	134	$	(344)	$	163
Financial Solutions:
Asset Intensive	75		73		93		126		49		26
Capital Solutions	24		25		22		23		23		1
Total U.S. and Latin America	(82)		(117)		(6)		283		(272)		190
Canada:
Traditional	5		29		44		34		23		(18)
Financial Solutions	13		5		—		4		6		7
Total Canada	18		34		44		38		29		(11)
Europe, Middle East and Africa:
Traditional	(6)		(68)		(91)		(12)		(68)		62
Financial Solutions	79		70		62		83		42		37
Total Europe, Middle East and Africa	73		2		(29)		71		(26)		99
Asia Pacific:
Traditional	51		57		(96)		(12)		41		10
Financial Solutions	21		29		25		20		19		2
Total Asia Pacific	72		86		(71)		8		60		12
Corporate and Other	(22)		(41)		(27)		(39)		94		(116)
Consolidated adjusted operating income (loss) before income taxes	$	59	$	(36)	$	(89)	$	361	$	(115)	$	174

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


						Page 28


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Cash and Invested Assets

	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2022		2021		2021		2021		2021
Fixed maturity securities, available-for-sale (1)	$	57,922	$	60,749	$	59,289	$	58,287	$	56,426
Equity securities	139		151		160		147		135
Mortgage loans on real estate	6,535		6,283		6,366		6,481		6,001
Policy loans	1,221		1,234		1,234		1,254		1,253
Funds withheld at interest	6,737		6,954		7,034		7,049		5,459
Short-term investments	315		87		82		184		157
Other invested assets	3,033		3,070		3,404		2,924		2,983
Cash and cash equivalents	2,709		2,948		3,027		3,254		3,122
Total cash and invested assets	$	78,611	$	81,476	$	80,596	$	79,580	$	75,536

(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”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).


Investment Income and Yield Summary

	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2022			2021			2021			2021			2021
Average invested assets at amortized cost (1)	$	35,271		$	34,325		$	33,361		$	33,587		$	33,367		$	1,904
Net investment income (1)	$	457		$	397		$	405		$	383		$	463		$	(6)
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	5.29		%	4.70		%	4.95		%	4.64		%	5.67		%	(38) bps
Variable investment income ("VII") (included in net investment income) (1)	$	141		$	91		$	102		$	78		$	162		$	(21)
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)	3.80		%	3.78		%	3.85		%	3.84		%	3.79		%	1 bp

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


						Page 29


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities

	March 31, 2022
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	36,813	$	33	$	954	$	1,354	$	36,380	62.8	%
Canadian government	3,381		—		1,038		12		4,407		7.6	%
RMBS	983		—		11		28		966		1.7	%
ABS	3,915		5		5		169		3,746		6.5	%
CMBS	1,829		1		6		48		1,786		3.1	%
U.S. government	1,587		—		7		69		1,525		2.6	%
State and political subdivisions	1,206		—		50		47		1,209		2.1	%
Other foreign government	8,135		3		110		339		7,903		13.6	%
Total fixed maturity securities	$	57,849	$	42	$	2,181	$	2,066	$	57,922	100.0	%


	December 31, 2021
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	35,239	$	26	$	3,084	$	194	$	38,103	62.8	%
Canadian government	3,339		—		1,606		1		4,944		8.1	%
RMBS	1,020		—		37		7		1,050		1.7	%
ABS	4,024		—		22		41		4,005		6.6	%
CMBS	1,790		1		66		6		1,849		3.0	%
U.S. government	2,082		—		31		8		2,105		3.5	%
State and political subdivisions	1,191		—		137		5		1,323		2.2	%
Other foreign government	7,188		4		273		87		7,370		12.1	%
Total fixed maturity securities	$	55,873	$	31	$	5,256	$	349	$	60,749	100.0	%


						Page 30


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Corporate Fixed Maturity Securities by Industry

	March 31, 2022							December 31, 2021
	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	$	6,132	$	6,063	16.7	%	A-	$	5,792	$	6,163	16.2	%	A-
Brokerage/asset managers/exchanges	1,169		1,136		3.1	%	A-	1,073		1,145		3.0	%	A-
Finance companies	384		360		1.0	%	BBB	306		316		0.8	%	BBB+
Insurance	4,198		4,184		11.5	%	A-	3,987		4,383		11.5	%	A-
REITs	1,041		988		2.7	%	BBB+	987		1,022		2.7	%	BBB+
Other finance	915		868		2.4	%	A-	956		1,016		2.7	%	A-
Total financial institutions	$	13,839	$	13,599	37.4	%		$	13,101	$	14,045	36.9	%
Industrials
Basic	$	2,017	$	2,056	5.7	%	BBB	$	1,972	$	2,210	5.8	%	BBB
Capital goods	1,587		1,590		4.4	%	BBB	1,542		1,649		4.3	%	BBB
Communications	2,432		2,435		6.7	%	BBB	2,330		2,592		6.8	%	BBB
Consumer cyclical	1,776		1,736		4.8	%	BBB+	1,758		1,885		4.9	%	BBB+
Consumer noncyclical	4,100		4,062		11.1	%	BBB+	3,952		4,315		11.3	%	BBB+
Energy	2,064		2,062		5.6	%	BBB+	1,967		2,159		5.7	%	BBB+
Technology	1,488		1,445		4.0	%	BBB+	1,436		1,486		3.9	%	BBB+
Transportation	2,093		2,060		5.6	%	BBB+	2,050		2,192		5.8	%	BBB+
Other industrial	939		936		2.6	%	BBB	850		887		2.3	%	BBB
Total industrials	$	18,496	$	18,382	50.5	%		$	17,857	$	19,375	50.8	%
Utilities
Electric	$	3,430	$	3,366	9.2	%	A-	$	3,256	$	3,561	9.4	%	A-
Natural gas	580		564		1.6	%	A-	566		614		1.6	%	BBB+
Other utility	468		469		1.3	%	BBB+	459		508		1.3	%	BBB+
Total utilities	$	4,478	$	4,399	12.1	%		$	4,281	$	4,683	12.3	%
Total	$	36,813	$	36,380	100.0	%	BBB+	$	35,239	$	38,103	100.0	%	BBB+

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


						Page 31

Reinsurance Group of America, Incorporated

Investments

(USD millions)


Ratings of Fixed Maturity Securities

		March 31, 2022						December 31, 2021						September 30, 2021						June 30, 2021						March 31, 2021
NAIC Designation (1)	Rating Agency Designation (2)	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	$	34,434	$	34,741	60.0	%	$	33,540	$	36,725	60.5	%	$	32,444	$	35,554	60.0	%	$	31,394	$	34,862	59.8	%	$	31,323	$	34,096	60.4	%
2	BBB	19,691		19,574		33.8	%	18,684		20,379		33.5	%	18,025		19,814		33.4	%	17,948		19,896		34.1	%	17,402		18,799		33.3	%
3	BB	2,821		2,769		4.8	%	2,620		2,668		4.4	%	2,868		2,952		5.0	%	2,575		2,683		4.6	%	2,622		2,704		4.8	%
4	B	730		720		1.2	%	876		863		1.4	%	832		822		1.4	%	686		678		1.2	%	695		669		1.2	%
5	CCC	127		92		0.2	%	96		79		0.1	%	161		137		0.2	%	179		159		0.3	%	170		145		0.3	%
6	In or near default	46		26		—	%	57		35		0.1	%	17		10		—	%	15		9		—	%	17		13		—	%
	Total	$	57,849	$	57,922	100.0	%	$	55,873	$	60,749	100.0	%	$	54,347	$	59,289	100.0	%	$	52,797	$	58,287	100.0	%	$	52,229	$	56,426	100.0	%

(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).


Structured Fixed Maturity Securities

	March 31, 2022						December 31, 2021						September 30, 2021						June 30, 2021						March 31, 2021
	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
RMBS
Agency	$	538	$	537	8.3	%	$	551	$	582	8.4	%	$	594	$	631	9.2	%	$	623	$	667	9.9	%	$	659	$	701	10.7	%
Non-agency	445		429		6.6	%	469		468		6.8	%	571		578		8.4	%	700		710		10.5	%	877		890		13.4	%
Total RMBS	983		966		14.9	%	1,020		1,050		15.2	%	1,165		1,209		17.6	%	1,323		1,377		20.4	%	1,536		1,591		24.1	%
ABS:
Collateralized loan obligations ("CLOs")	1,659		1,630		25.1	%	1,761		1,752		25.4	%	1,841		1,838		26.8	%	1,722		1,720		25.6	%	1,603		1,593		24.2	%
ABS, excluding CLOs	2,256		2,116		32.5	%	2,263		2,253		32.6	%	1,922		1,941		28.3	%	1,745		1,762		26.2	%	1,553		1,558		23.7	%
Total ABS	3,915		3,746		57.6	%	4,024		4,005		58.0	%	3,763		3,779		55.1	%	3,467		3,482		51.8	%	3,156		3,151		47.9	%
CMBS	1,829		1,786		27.5	%	1,790		1,849		26.8	%	1,795		1,877		27.3	%	1,774		1,869		27.8	%	1,774		1,840		28.0	%
Total	$	6,727	$	6,498	100.0	%	$	6,834	$	6,904	100.0	%	$	6,723	$	6,865	100.0	%	$	6,564	$	6,728	100.0	%	$	6,466	$	6,582	100.0	%


						Page 32


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of March 31, 2022
	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	$	15,156	$	1,082	$	1,161	$	186	$	16,317	$	1,268
Canadian government	127		8		15		4		142		12
RMBS	400		15		137		13		537		28
ABS	2,632		139		604		18		3,236		157
CMBS	1,178		40		34		3		1,212		43
U.S. government	1,148		64		27		5		1,175		69
State and political subdivisions	460		42		30		5		490		47
Other foreign government	4,287		218		727		83		5,014		301
Total investment grade securities	$	25,388	$	1,608	$	2,735	$	317	$	28,123	$	1,925

Below investment grade securities:
Corporate	$	878	$	50	$	108	$	33	$	986	$	83
ABS	22		2		9		2		31		4
CMBS	28		2		9		1		37		3
Other foreign government	172		15		102		23		274		38
Total below investment grade securities	$	1,100	$	69	$	228	$	59	$	1,328	$	128
Total fixed maturity securities	$	26,488	$	1,677	$	2,963	$	376	$	29,451	$	2,053

(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.


						Page 33


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of December 31, 2021
	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	$	4,135	$	86	$	946	$	51	$	5,081	$	137
Canadian government	20		1		—		—		20		1
RMBS	132		3		102		4		234		7
ABS	1,747		22		589		6		2,336		28
CMBS	152		2		35		2		187		4
U.S. government	1,513		6		31		2		1,544		8
State and political subdivisions	109		3		28		2		137		5
Other foreign government	2,237		33		724		37		2,961		70
Total investment grade securities	$	10,045	$	156	$	2,455	$	104	$	12,500	$	260

Below investment grade securities:
Corporate	$	463	$	13	$	97	$	44	$	560	$	57
ABS	—		—		13		13		13		13
CMBS	—		—		—		—		—		—
Other foreign government	136		7		75		10		211		17
Total below investment grade securities	$	599	$	20	$	185	$	67	$	784	$	87
Total fixed maturity securities	$	10,644	$	176	$	2,640	$	171	$	13,284	$	347

(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.


						Page 34


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Consolidated Investment Related Gains and Losses

	Three Months Ended										Current Qtr vs. PY Quarter
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2022		2021		2021		2021		2021
Fixed maturity securities available-for-sale:
Change in allowance for credit losses and impairments	$	(12)	$	(14)	$	(1)	$	5	$	(2)	$	(10)
Realized gains on investment activity	11		34		45		53		167		(156)
Realized losses on investment activity	(36)		(13)		(9)		(30)		(13)		(23)
Net gains (losses) on fixed maturity securities available-for-sale	(37)		7		35		28		152		(189)

Net gains (losses) on equity securities	(8)		(6)		8		20		3		(11)
Other impairment losses and change in mortgage loan allowance for credit losses	(2)		4		4		3		18		(20)
Change in fair value of certain limited partnership investments and other, net	26		24		27		32		111		(85)

Free-standing derivatives:
Interest rate swaps - non-hedged	(52)		7		(4)		33		(70)		18
Financial futures	7		(5)		—		(9)		(10)		17
Foreign currency swaps - non-hedged	7		5		3		3		9		(2)
Foreign currency swaps - hedged	4		1		—		—		1		3
Foreign currency forwards - non-hedged	(23)		(9)		(2)		(1)		(8)		(15)
CPI swaps	29		13		12		3		18		11
Credit default swaps	(58)		13		(12)		12		20		(78)
Equity options	—		(15)		3		(11)		(10)		10
Total free-standing derivatives	(86)		10		—		30		(50)		(36)

Embedded derivatives:
Modified coinsurance and funds withheld treaties	(33)		20		21		16		50		(83)
GMXB	14		29		(37)		(17)		18		(4)
Total embedded derivatives	(19)		49		(16)		(1)		68		(87)

Net gains (losses) on total derivatives	(105)		59		(16)		29		18		(123)

Total investment related gains (losses), net	$	(126)	$	88	$	58	$	112	$	302	$	(428)


						Page 35

Appendix

Reconciliations of GAAP to Non-GAAP Measures


						Page 36


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2022		2021		2021		2021		2021		Quarter
U.S. & Latin America Traditional
Income (loss) before income taxes	$	(166)	$	(211)	$	(126)	$	135	$	(338)	$	172
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(15)		(4)		5		(1)		(6)		(9)
Adjusted operating income (loss) before income taxes	$	(181)	$	(215)	$	(121)	$	134	$	(344)	$	163

U.S. & Latin America Asset-Intensive
Income before income taxes	$	20	$	93	$	106	$	163	$	60	$	(40)
Investment and derivative (gains) losses (1)	46		9		(23)		(32)		68		(22)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	48		(16)		(26)		(15)		(44)		92
GMXB embedded derivatives (1)	(14)		(29)		37		17		(18)		4
Funds withheld (gains) losses - investment income	2		—		—		(2)		1		1
EIA embedded derivatives - interest credited	(17)		(9)		(3)		(3)		(30)		13
DAC offset, net	(10)		26		2		(2)		12		(22)
Non-investment derivatives and other	—		(1)		—		—		—		—
Adjusted operating income before income taxes	$	75	$	73	$	93	$	126	$	49	$	26

U.S. & Latin America Capital Solutions
Income before income taxes	$	24	$	25	$	22	$	23	$	23	$	1
Adjusted operating income before income taxes	$	24	$	25	$	22	$	23	$	23	$	1

Canada Traditional
Income before income taxes	$	6	$	28	$	44	$	32	$	24	$	(18)
Investment and derivative (gains) losses (1)	(1)		2		—		1		—		(1)
Investment income - non-operating FWAI	—		(1)		—		1		(1)		1
Adjusted operating income before income taxes	$	5	$	29	$	44	$	34	$	23	$	(18)

Canada Financial Solutions
Income before income taxes	$	13	$	5	$	—	$	4	$	6	$	7
Adjusted operating income before income taxes	$	13	$	5	$	—	$	4	$	6	$	7

(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.


						Page 37


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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2022		2021		2021		2021		2021		Quarter
Europe, Middle East and Africa Traditional
Loss before income taxes	$	(6)	$	(68)	$	(91)	$	(12)	$	(68)	$	62
Adjusted operating loss before income taxes	$	(6)	$	(68)	$	(91)	$	(12)	$	(68)	$	62

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	85	$	75	$	85	$	83	$	60	$	25
Investment and derivative losses (1)	(12)		(5)		(21)		—		(17)		5
Investment income - non-operating FWAI	6		—		(2)		—		(1)		7
Investment (income) loss on unit-linked variable annuities	9		(5)		2		(2)		1		8
Interest credited on unit-linked variable annuities	(9)		5		(2)		2		(1)		(8)
Adjusted operating income before income taxes	$	79	$	70	$	62	$	83	$	42	$	37

Asia Pacific Traditional
Income (loss) before income taxes	$	51	$	57	$	(96)	$	(12)	$	41	$	10
Adjusted operating income (loss) before income taxes	$	51	$	57	$	(96)	$	(12)	$	41	$	10

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	(56)	$	33	$	6	$	31	$	28	$	(84)
Investment and derivative (gains) losses (1)	85		(4)		19		(11)		(9)		94
Non-investment derivatives	(8)		—		—		—		—		(8)
Adjusted operating income before income taxes	$	21	$	29	$	25	$	20	$	19	$	2

Corporate and Other
Income (loss) before income taxes	$	(31)	$	20	$	16	$	35	$	350	$	(381)
Investment and derivative (gains) losses (1)	1		(33)		(41)		(62)		(270)		271
Interest expense on uncertain tax positions	—		(34)		2		3		3		(3)
Non-investment derivatives and other	8		6		(4)		(15)		11		(3)
Adjusted operating income (loss) before income taxes	$	(22)	$	(41)	$	(27)	$	(39)	$	94	$	(116)

(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.


						Page 38


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

	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2022		2021		2021		2021		2021

RGA, Inc. stockholders’ equity	$	9,182	$	13,014	$	12,885	$	13,444	$	12,090
Less effect of AOCI:
Accumulated currency translation adjustments	4		(9)		(50)		(20)		(39)
Unrealized appreciation of securities	(9)		3,701		3,704		4,133		3,113
Pension and postretirement benefits	(50)		(50)		(71)		(72)		(72)
RGA, Inc. stockholders’ equity, excluding AOCI	$	9,237	$	9,372	$	9,302	$	9,403	$	9,088



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

	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2022		2021		2021		2021		2021

Book value per share	$	137.08	$	193.75	$	190.60	$	197.72	$	177.83
Less effect of AOCI:
Accumulated currency translation adjustments	0.06		(0.13)		(0.75)		(0.29)		(0.57)
Unrealized appreciation of securities	(0.13)		55.09		54.80		60.78		45.79
Pension and postretirement benefits	(0.74)		(0.74)		(1.05)		(1.06)		(1.06)
Book value per share, excluding AOCI	$	137.89	$	139.53	$	137.60	$	138.29	$	133.67


						Page 39

Document

Exhibit 99.3

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