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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 30, 2024
 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: (636736-7000
 
    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01RGANew York Stock Exchange
5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056RZBNew York Stock Exchange
7.125% Fixed Rate Reset Subordinated Debentures due 2052RZCNew York Stock Exchange
    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 



Item 2.02Results of Operations and Financial Condition.
On February 1, 2024, Reinsurance Group of America, Incorporated (the "Company") issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended December 31, 2023, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended December 31, 2023, a copy of which is furnished with this report as Exhibit 99.2. The Press Release also notes that a conference call will be held on February 2, 2024 to discuss the financial and operating results for the three-month period ended December 31, 2023 (the "Earnings Call").

Item 7.01Regulation FD Disclosure.
In connection with the Earnings Call, the Company has prepared a presentation, dated February 1, 2024 (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 January 30, 2024 the Company’s board of directors declared a regular quarterly dividend of $0.85, payable February 27, 2024 to shareholders of record as of February 13, 2024.
The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including the Press Release, Quarterly Financial Supplement and Earnings Presentation, is being furnished and shall not be deemed to be "filed", as described in Instruction B.2 of Form 8-K.


Item 9.01Financial Statements and Exhibits
(d) Exhibits.
 
Exhibit No.  Exhibit
  
  
  
104Cover 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: February 1, 2024 By:/s/ Todd C. Larson
  Todd C. Larson
  Senior Executive Vice President and Chief Financial Officer




Document
Exhibit 99.1
https://cdn.kscope.io/b8bacc6e2f4e804af561f3406d7abd59-imagea.jpg
 
PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS
FOURTH QUARTER AND FULL YEAR RESULTS
Fourth Quarter Results
Net income available to RGA shareholders of $2.37 per diluted share
Adjusted operating income* of $4.73 per diluted share
Premium growth of 19.2% over the prior-year quarter, 18.7% on a constant currency basis1
Deployed capital of $346 million into in-force transactions
Total shareholder capital returns of $106 million: $50 million of share repurchases and $56 million of shareholder dividends

Full Year Results
Net income available to RGA shareholders of $13.44 per diluted share
Adjusted operating income* of $19.88 per diluted share
Premium growth of 15.3% over the prior year, 16.3% on a constant currency basis1
ROE of 11.4%, adjusted operating ROE* of 14.5%, and adjusted operating ROE, excluding notable items*2 of 14.4% for the trailing twelve months
Deployed capital of $933 million into in-force transactions
Total shareholder capital returns of $419 million: $200 million of share repurchases and $219 million of shareholder dividends

1 Actual amounts reflect impact of currency fluctuations. Constant currency amounts reflect foreign denominated activity translated to U.S. dollars at a constant exchange rate.
2 RGA completed its annual actuarial assumption review related to business subject to Long-Duration Targeted Improvements (LDTI) during the third quarter. The impact from the actuarial assumption review is reflected in the results as notable items.

ST. LOUIS, February 1, 2024 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported fourth quarter net income available to RGA shareholders of $158 million, or $2.37 per diluted share, compared with $291 million, or $4.30 per diluted share, in the prior-year quarter. Adjusted operating income* for the fourth quarter totaled $316 million, or $4.73 per diluted share, compared with $312 million, or $4.60 per diluted share, the year before. Adjusted operating income, excluding notable items* for the fourth quarter, totaled $316 million, or $4.73 per diluted share, compared with $266 million, or $3.91 per diluted share, the year before. Net foreign currency fluctuations had an adverse effect of $0.01 per diluted share on net income available to RGA shareholders, and a favorable effect of $0.04 per diluted share on adjusted operating income as compared with the prior year.
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 Quarterly ResultsYear-to-Date Results
($ in millions, except per share data)2023202220232022
Net premiums$4,108 $3,446 $15,085 $13,078 
Net income available to RGA shareholders158 291 902 517 
Net income available to RGA shareholders per diluted share2.37 4.30 13.44 7.64 
Adjusted operating income*316 312 1,334 927 
Adjusted operating income, excluding notable items *316 266 1,334 1,111 
Adjusted operating income per diluted share*4.73 4.60 19.88 13.69 
Adjusted operating income, excluding notable items per diluted share*4.73 3.91 19.88 16.40 
Book value per share138.39 106.19 
Book value per share, excluding accumulated other comprehensive income (AOCI)*144.01 134.26 
Total assets97,623 84,904 
*
See “Non-GAAP Financial Measures” below
Full year net income available to RGA shareholders totaled $902 million, or $13.44 per diluted share, compared with $517 million, or $7.64 per diluted share in 2022. Adjusted operating income for the full year totaled $1,334 million, or $19.88 per diluted share, compared with $927 million, or $13.69 per diluted share the year before. Adjusted operating income, excluding notable items for the full year, totaled $1,334 million, or $19.88 per diluted share, compared with $1,111 million, or $16.40 per diluted share, the year before. Net foreign currency fluctuations had an adverse effect of $0.18 per diluted share on net income available to RGA shareholders, and $0.21 per diluted share on adjusted operating income as compared with 2022.

In the fourth quarter, consolidated net premiums totaled $4.1 billion, an increase of 19.2% over the 2022 fourth quarter, with a favorable net foreign currency effect of $18 million. Excluding the net foreign currency effect, consolidated net premiums increased 18.7% in the quarter. Net premiums for the quarter include a $500 million contribution from a single premium pension risk transfer transaction in the U.S. Financial Solutions business. For the full year, net premiums totaled $15.1 billion, an increase of 15.3% from 2022, with an adverse net foreign currency effect of $126 million. Excluding the net foreign currency effect, consolidated net premiums increased 16.3% for the full year. Net premiums for the full year include a $1.5 billion contribution from single premium pension risk transfer transactions in the U.S. Financial Solutions business.

Compared with the year-ago period, excluding spread-based businesses, fourth quarter investment income increased 14.8%, reflecting higher yields. For the full year, investment income, excluding spread-based businesses, increased 4.2%, reflecting higher yields. Average investment yield increased to 4.86% in the fourth quarter from 4.45% in the prior-year period due to higher yields. For the full year, average investment yield was flat at 4.68% compared with the prior-year period of 4.69% due to higher yields that were offset by lower variable investment income.

The effective tax rate for the quarter was 2.2% on pre-tax income, below the expected range of 23% to 24%, primarily due to losses in certain higher tax jurisdictions, tax credits and the release of tax liabilities associated with uncertain tax positions. For the full year, the effective tax rate was 21.8% on pre-tax
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income, below the expected range of 23% to 24%, due to lower than expected income in certain higher tax jurisdictions, tax credits and the release of tax liabilities associated with uncertain tax positions.

The effective tax rate for the quarter was 18.2% on pre-tax adjusted operating income, below the expected range of 23% to 24%, primarily due to losses in higher tax jurisdictions and tax credits. For the full year, the effective tax rate was 21.5% on pre-tax adjusted operating income, below the expected range of 23% to 24%, due to lower than expected income in higher tax jurisdictions and tax credits.

Tony Cheng, President and Chief Executive Officer, commented, “In the quarter, we saw a continuation of the many positive trends that we experienced in the first nine months, and this helped us produce record results for the year. Our Financial Solutions business continued to deliver very strong results across regions and product lines. We continued to see good momentum in organic business activity in the traditional business, and our in-force transactions were especially strong, with $346 million of capital deployed in the quarter. This brought our annual capital deployment into in-force transactions to $933 million, a record for RGA.

“Additionally, we repurchased $50 million of common shares, bringing the full year total to $200 million. Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.0 billion. Based on favorable business conditions and RGA's global leadership position, we are optimistic about the future and expect to continue to deliver attractive financial results over time.”

SEGMENT RESULTS

U.S. and Latin America

Traditional
Quarterly ResultsYear-to-Date Results
($ in millions)2023202220232022
Net premiums$1,912 $1,778 $7,023 $6,590 
Pre-tax income30 114 318 195 
Pre-tax adjusted operating income25 108 313 147 
Pre-tax adjusted operating income, excluding notable items25 108 330 317 

Quarterly Results
Results reflected favorable Group and Individual Health experience and slightly unfavorable experience and client reporting adjustments in Individual Life, which had a larger unfavorable financial impact due to the mix of experience in uncapped and capped cohorts.

Full Year Results
Results reflected $17 million of unfavorable impacts from assumption updates, which are reflected as notable items.
Excluding notable items, results reflected favorable in-force management actions, the impact of higher yields and favorable Individual Health and Group experience.
Individual Life experience was favorable, however, the mix of experience between uncapped and capped cohorts led to unfavorable financial impacts.
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Financial Solutions
Quarterly ResultsYear-to-Date Results
($ in millions)2023202220232022
Asset-Intensive:
Pre-tax income (loss)$(140)$(32)$89 $
Pre-tax adjusted operating income81 77 370 304 
Pre-tax adjusted operating income, excluding notable items81 77 348 301 
Capital Solutions:
Pre-tax income$20 $24 $81 $144 
Pre-tax adjusted operating income20 24 81 144 
Pre-tax adjusted operating income, excluding notable items20 24 81 144 

Quarterly Results
Asset-Intensive results reflected strong investment spreads due to higher yields, including those on floating rate securities.
Capital Solutions results were in line with expectations.

Full Year Results
Asset-Intensive results reflected $22 million of favorable impacts from assumptions updates, which are reflected as notable items.
Excluding notable items, Asset-Intensive results reflected strong investment spreads, including those on floating rate securities.
Capital Solutions results were in line with expectations.

Canada

Traditional
Quarterly ResultsYear-to-Date Results
($ in millions)2023202220232022
Net premiums$311 $308 $1,215 $1,219 
Pre-tax income21 50 91 104 
Pre-tax adjusted operating income20 47 91 108 
Pre-tax adjusted operating income, excluding notable items20 42 104 109 

Net Premiums
Foreign currency exchange rates had an adverse effect on net premiums of $1 million for the quarter and $45 million for the full year.

Quarterly Results
Results reflected unfavorable claims experience on Group business and unfavorable impacts from a one-time item.
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Foreign currency exchange rates had a favorable effect of $4 million on pre-tax income and $5 million on pre-tax adjusted operating income.

Full Year Results
Results reflected $13 million of unfavorable impacts from assumptions updates, which are reflected as notable items.
Excluding notable items, results reflected unfavorable Group claims experience.
Foreign currency exchange rates had an adverse effect of $1 million on pre-tax income and an immaterial effect on pre-tax adjusted operating income.

Financial Solutions
Quarterly ResultsYear-to-Date Results
($ in millions)2023202220232022
Pre-tax income$$$52 $31 
Pre-tax adjusted operating income52 31 
Pre-tax adjusted operating income, excluding notable items30 31 

Quarterly Results
Results reflected favorable longevity experience.
Foreign currency exchange rates had an immaterial effect on pre-tax income and an adverse effect of $1 million on pre-tax adjusted operating income.

Full Year Results
Results reflected $22 million of favorable impacts from assumption updates, which are reflected as notable items.
Excluding notable items, results reflected favorable longevity experience.
Foreign currency exchange rates had an adverse effect of $1 million on pre-tax income and $2 million on pre-tax adjusted operating income.

Europe, Middle East and Africa (EMEA)

Traditional
Quarterly ResultsYear-to-Date Results
($ in millions)2023202220232022
Net premiums$461 $422 $1,775 $1,736 
Pre-tax income (loss)(21)46 
Pre-tax adjusted operating income (loss)(20)46 
Pre-tax adjusted operating income, excluding notable items27 59 
Net Premiums
Foreign currency exchange rates had a favorable effect on net premiums of $14 million for the quarter and an adverse effect of $13 million for the full year.

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Quarterly Results
Results reflected unfavorable mortality experience in the U.K., partially offset by new business in Continental Europe.
Foreign currency exchange rates had a favorable effect of $1 million on pre-tax income and pre-tax adjusted operating income.


Full Year Results
Results reflected $47 million of unfavorable impacts from assumption updates, primarily in the U.K., which are reflected as notable items.
Excluding notable items, results reflected unfavorable mortality experience, primarily in the U.K.
Foreign currency exchange rates had an adverse effect of $3 million on pre-tax income and pre-tax adjusted operating income.

Financial Solutions
Quarterly ResultsYear-to-Date Results
($ in millions)2023202220232022
Pre-tax income$106 $56 $301 $182 
Pre-tax adjusted operating income112 73 355 244 
Pre-tax adjusted operating income, excluding notable items112 59 321 230 

Quarterly Results
Results reflected favorable longevity and other experience.
Foreign currency exchange rates had a favorable effect of $5 million on pre-tax income and pre-tax adjusted operating income.

Full Year Results
Results reflected $34 million of favorable impacts from assumption updates, which are reflected as notable items.
Excluding notable items, results reflected favorable longevity and other experience.
Foreign currency exchange rates had a favorable effect of $5 million on pre-tax income and $6 million on pre-tax adjusted operating income.

Asia Pacific

Traditional
Quarterly ResultsYear-to-Date Results
($ in millions)2023202220232022
Net premiums$709 $700 $2,785 $2,650 
Pre-tax income70 100 372 194 
Pre-tax adjusted operating income71 100 373 194 
Pre-tax adjusted operating income, excluding notable items71 58 371 269 

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Net Premiums
Foreign currency exchange rates had an adverse effect on net premiums of $3 million for the quarter and $67 million for the full year.

Quarterly Results
Results reflected favorable underlying claims experience.
Foreign currency exchange rates had an immaterial effect on pre-tax income and a favorable effect of $1 million on pre-tax adjusted operating income.


Full Year Results
Results reflected $2 million of favorable impacts from assumption updates, which are reflected as notable items.
Excluding notable items, results reflected favorable claims experience and strong new business.
Foreign currency exchange rates had an adverse effect of $5 million on pre-tax income and pre-tax adjusted operating income.

Financial Solutions
Quarterly ResultsYear-to-Date Results
($ in millions)2023202220232022
Net premiums$47 $64 $218 $236 
Pre-tax income122 109 113 46 
Pre-tax adjusted operating income66 38 212 161 
Pre-tax adjusted operating income, excluding notable items66 38 212 161 

Quarterly Results
Results reflected higher investment spreads including variable investment income and strong new business.
Foreign currency exchange rates had an adverse effect of $6 million on pre-tax income and $2 million on pre-tax adjusted operating income.

Full Year Results
Results reflected higher investment spreads and strong new business.
Foreign currency exchange rates had an adverse effect of $5 million on pre-tax income and $9 million on pre-tax adjusted operating income.

Corporate and Other
Quarterly ResultsYear-to-Date Results
($ in millions)2023202220232022
Pre-tax income (loss)$(79)$(52)$(236)$(225)
Pre-tax adjusted operating income (loss)(23)(92)(128)(162)
Pre-tax adjusted operating income (loss), excluding notable items(23)(92)(128)(162)

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Quarterly Results
Results were favorable compared to the quarterly average run rate, primarily due to higher investment income.

Full Year Results
Results were favorable compared to the expected run rate, primarily due to higher investment income.

Repurchase Authorization

On January 23, 2024, the board of directors authorized a share repurchase program for up to $500 million of outstanding common stock. The authorization was effective immediately and does not have an expiration date. In connection with this authorization, the board of directors terminated the stock repurchase authority granted in 2022.

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

Dividend Declaration

Effective January 30, 2024, the board of directors declared a regular quarterly dividend of $0.85, payable February 27, 2024, to shareholders of record as of February 13, 2024.

Earnings Conference Call

A conference call to discuss fourth quarter results will begin at 10 a.m. Eastern Time on Friday, February 2, 2024. Interested parties may access the call by dialing 1-844-481-2753 (412-317-0669 international) and asking to be joined into the Reinsurance Group of America, Incorporated (RGA) call. A live audio webcast of the conference call will be available on 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.

Non-GAAP Financial Measures and Other Definitions

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

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

1.Adjusted operating income, on a pre-tax and after-tax basis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations. Adjusted operating income is calculated as net income available to the Company’s shareholders (or, in the case of pre-tax adjusted operating income, income before income taxes) excluding substantially all of the effect of net investment related gains and losses, changes in the fair value of certain embedded derivatives, and changes in the fair value of contracts that provide market risk benefits, any of
which can be volatile and may not reflect the underlying performance of the Company’s businesses. Additionally, adjusted operating income excludes, to the extent applicable, any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, the impact of certain tax-related items, and any other items that the Company believes are not indicative of the Company’s ongoing operations. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company’s management incentive programs.
2.Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items. Notable items are items the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented may include the financial impact of the Company’s assumption reviews on business subject to the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments, reflected in future policy benefits remeasurement gains or losses.
3.Adjusted operating revenue. This measure excludes the effects of net realized capital gains and losses, and changes in the fair value of certain embedded derivatives.
4.Shareholders’ equity position excluding the impact of accumulated other comprehensive income (loss) (“AOCI”), shareholders’ average equity position excluding AOCI, and book value per share excluding the impact of AOCI. The Company believes that these measures provide useful information since such measures exclude AOCI-related items that are not permanent and can fluctuate significantly from period to period, and may not reflect the impact of the underlying performance of the Company’s businesses on shareholders’ equity and book value per share. AOCI primarily relates to changes in interest rates, credit spreads on its investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses a non-GAAP financial measure called shareholders’ average equity position excluding AOCI and notable items.
5.Adjusted operating return on equity. This measure is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target levels and awards under the Company’s management
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incentive programs. The Company also discloses a non-GAAP financial measure called adjusted operating return on equity excluding notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’ equity excluding notable items and AOCI.

Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix at the end of this document.

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

About RGA

Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has
approximately $3.7 trillion of life reinsurance in force and assets of $97.6 billion as of December 31, 2023. To learn more about RGA and its businesses, please visit www.rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.

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

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

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future, except as required under applicable securities law. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as may be supplemented by Item 1A - “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q and in our other periodic and current reports filed with the SEC.

Investor Contact
Jeff Hopson
Senior Vice President - Investor Relations
(636) 736-2068
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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 December 31,
20232022
 Diluted Earnings Per ShareDiluted Earnings Per Share
Net income (loss) available to RGA shareholders$158 $2.37 $291 $4.30 
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net(14)(0.22)(14)(0.21)
Market risk benefits remeasurement (gains) losses22 0.33 (15)(0.22)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses(2)(0.03)0.03 
Embedded derivatives:
Included in investment related gains/losses, net143 2.14 53 0.78 
Included in interest credited0.06 0.01 
Investment (income) loss on unit-linked variable annuities(2)(0.03)0.03 
Interest credited on unit-linked variable annuities0.03 (2)(0.03)
Interest expense on uncertain tax positions(1)(0.01)— — 
Other23 0.34 0.01 
Uncertain tax positions and other tax related items(19)(0.28)(9)(0.13)
Net income attributable to noncontrolling interest0.03 0.03 
Adjusted operating income316 4.73 312 4.60 
Notable items— — (46)(0.69)
Adjusted operating income, excluding notable items$316 $4.73 $266 $3.91 
(Unaudited)Twelve Months Ended December 31,
20232022
 Diluted Earnings Per ShareDiluted Earnings Per Share
Net income available to RGA shareholders$902 $13.44 $517 $7.64 
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net280 4.18 352 5.19 
Market risk benefits remeasurement (gains) losses(8)(0.12)0.12 
Realized (gains) losses on funds withheld, included in investment income, net of related expenses(4)(0.06)19 0.28 
Embedded derivatives:
Included in investment related gains/losses, net129 1.92 137 2.02 
Included in interest credited(5)(0.07)(42)(0.62)
Investment (income) loss on unit-linked variable annuities0.01 19 0.28 
Interest credited on unit-linked variable annuities(1)(0.01)(19)(0.28)
Interest expense on uncertain tax positions— — — — 
Other29 0.43 (63)(0.93)
Uncertain tax positions and other tax related items0.06 (5)(0.07)
Net income attributable to noncontrolling interest0.10 0.06 
Adjusted operating income1,334 19.88 927 13.69 
Notable items— — 184 2.71 
Adjusted operating income, excluding notable items$1,334 $19.88 $1,111 $16.40 

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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 December 31, 2023Twelve Months Ended December 31, 2023
 Pre-tax Income (Loss)Income Taxes
Effective Tax Rate (1)
Pre-tax Income (Loss)Income Taxes
Effective Tax Rate (1)
GAAP income$164 $2.2 %$1,160 $251 21.8 %
Reconciliation to adjusted operating income:
Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net(18)(4)360 80 
Market risk benefits remeasurement (gains) losses28 (10)(2)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses(3)(1)(5)(1)
Embedded derivatives:
Included in investment related gains/losses, net181 38 163 34 
Included in interest credited(6)(1)
Investment (income) loss on unit-linked variable annuities(3)(1)— 
Interest credited on unit-linked variable annuities(1)— 
Interest expense on uncertain tax positions(1)— — — 
Other30 37 
Uncertain tax positions and other tax related items— 19 — (4)
Adjusted operating income386 70 18.2 %1,699 365 21.5 %
Notable items— — (3)(3)
Adjusted operating income, excluding notable items$386 $70 $1,696 $362 
(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.










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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Income before Income Taxes to Pre-tax Adjusted Operating Income
(Dollars in millions)
(Unaudited)Three Months Ended December 31,
 20232022
Income (loss) before income taxes$164 $381 
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net(18)(46)
Market risk benefits remeasurement (gains) losses28 (19)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses(3)
Embedded derivatives:
Included in investment related gains/losses, net181 67 
Included in interest credited
Investment (income) loss on unit-linked variable annuities(3)
Interest credited on unit-linked variable annuities(2)
Interest expense on uncertain tax positions(1)— 
Other30 
Pre-tax adjusted operating income386 387 
Notable items— (61)
Pre-tax adjusted operating income, excluding notable items$386 $326 



(Unaudited)Twelve Months Ended December 31,
 20232022
Income before income taxes$1,160 $718 
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net360 425 
Market risk benefits remeasurement (gains) losses(10)10 
Realized (gains) losses on funds withheld, included in investment income, net of related expenses(5)24 
Embedded derivatives:
Included in investment related gains/losses, net163 173 
Included in interest credited(6)(53)
Investment (income) loss on unit-linked variable annuities24 
Interest credited on unit-linked variable annuities(1)(24)
Interest expense on uncertain tax positions— — 
Other37 (80)
Pre-tax adjusted operating income1,699 1,217 
Notable items(3)242 
Pre-tax adjusted operating income, excluding notable items$1,696 $1,459 





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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 December 31, 2023
 Pre-tax income (loss)Realized
(gains) losses,
derivatives
and other, net
Change in
value of
embedded
derivatives, net
 Pre-tax adjusted operating
income (loss)
Notable ItemsPre-tax adjusted
operating
income (loss) ex. notable items
U.S. and Latin America:
Traditional$30 $(1)$(4)$25 $— $25 
Financial Solutions:
Asset-Intensive(140)31 190 81 — 81 
Capital Solutions20 — — 20 — 20 
Total U.S. and Latin America(90)30 186 126 — 126 
Canada Traditional21 (1)— 20 — 20 
Canada Financial Solutions— — — 
Total Canada27 (1)— 26 — 26 
EMEA Traditional— — — 
EMEA Financial Solutions106 — 112 — 112 
Total EMEA114 — 120 — 120 
APAC Traditional70 — 71 — 71 
APAC Financial Solutions122 (56)— 66 — 66 
Total Asia Pacific192 (55)— 137 — 137 
Corporate and Other(79)56 — (23)— (23)
Consolidated$164 $36 $186 $386 $— $386 

(Unaudited)Three Months Ended December 31, 2022
 Pre-tax income (loss)Realized
(gains) losses,
derivatives
and other, net
Change in
value of
embedded
derivatives, net
 Pre-tax adjusted
operating
income (loss)
Notable ItemsPre-tax adjusted
operating
income (loss) ex. notable items
U.S. and Latin America:
Traditional$114 $$(7)$108 $— $108 
Financial Solutions:
Asset-Intensive(32)34 75 77 — 77 
Capital Solutions24 — — 24 — 24 
Total U.S. and Latin America106 35 68 209 — 209 
Canada Traditional50 (3)— 47 (5)42 
Canada Financial Solutions— — — 
Total Canada59 (3)— 56 (5)51 
EMEA Traditional— — — 
EMEA Financial Solutions56 17 — 73 (14)59 
Total EMEA59 17 — 76 (14)62 
APAC Traditional100 — — 100 (42)58 
APAC Financial Solutions109 (71)— 38 — 38 
Total Asia Pacific209 (71)— 138 (42)96 
Corporate and Other(52)(40)— (92)— (92)
Consolidated$381 $(62)$68 $387 $(61)$326 

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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)Twelve Months Ended December 31, 2023
 Pre-tax income (loss)Realized
(gains) losses,
derivatives
and other, net
Change in
value of
embedded
derivatives, net
 Pre-tax adjusted operating
income (loss)
Notable ItemsPre-tax adjusted
operating
income (loss) ex. notable items
U.S. and Latin America:
Traditional$318 $(1)$(4)$313 $17 $330 
Financial Solutions:
Asset-Intensive89 120 161 370 (22)348 
Capital Solutions81 — — 81 — 81 
Total U.S. and Latin America488 119 157 764 (5)759 
Canada Traditional91 — — 91 13 104 
Canada Financial Solutions52 — — 52 (22)30 
Total Canada143 — — 143 (9)134 
EMEA Traditional(21)— (20)47 27 
EMEA Financial Solutions301 54 — 355 (34)321 
Total EMEA280 55 — 335 13 348 
APAC Traditional372 — 373 (2)371 
APAC Financial Solutions113 99 — 212 — 212 
Total Asia Pacific485 100 — 585 (2)583 
Corporate and Other(236)108 — (128)— (128)
Consolidated$1,160 $382 $157 $1,699 $(3)$1,696 
(Unaudited)Twelve Months Ended December 31, 2022
 Pre-tax income (loss)Realized
(gains) losses,
derivatives
and other, net
Change in
value of
embedded
derivatives, net
 Pre-tax adjusted
operating
income (loss)
Notable ItemsPre-tax adjusted
operating
income (loss) ex. notable items
U.S. and Latin America:
Traditional$195 $— $(48)$147 $170 $317 
Financial Solutions:
Asset-Intensive135 168 304 (3)301 
Capital Solutions144 — — 144 — 144 
Total U.S. and Latin America340 135 120 595 167 762 
Canada Traditional104 — 108 109 
Canada Financial Solutions31 — — 31 — 31 
Total Canada135 — 139 140 
EMEA Traditional46 — — 46 13 59 
EMEA Financial Solutions182 62 — 244 (14)230 
Total EMEA228 62 — 290 (1)289 
APAC Traditional194 — — 194 75 269 
APAC Financial Solutions46 115 — 161 — 161 
Total Asia Pacific240 115 — 355 75 430 
Corporate and Other(225)63 — (162)— (162)
Consolidated$718 $379 $120 $1,217 $242 $1,459 
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Add Sixteen
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)
(Unaudited)Three Months Ended December 31,Twelve Months Ended December 31,
 2023202220232022
Earnings per share from net income (loss):
Basic earnings per share$2.40 $4.36 $13.60 $7.73 
Diluted earnings per share (1)
$2.37 $4.30 $13.44 $7.64 
Diluted earnings per share from adjusted operating income$4.73 $4.60 $19.88 $13.69 
Weighted average number of common and common equivalent shares outstanding66,721 67,793 67,117 67,703 
(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 December 31,
 20232022
Treasury shares19,690 18,635 
Common shares outstanding65,621 66,676 
Book value per share outstanding$138.39 $106.19 
Book value per share outstanding, before impact of AOCI$144.01 $134.26 


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

(Unaudited)At December 31,
 20232022
Book value per share outstanding$138.39 $106.19 
Less effect of AOCI:
Accumulated currency translation adjustment1.04 (1.73)
Unrealized (depreciation) appreciation of securities(55.88)(82.44)
Effect of updating discount rates on future policy benefits49.62 56.32 
Change in instrument-specific credit risk for market risk benefits0.05 0.19 
Pension and postretirement benefits(0.45)(0.41)
Book value per share outstanding, before impact of AOCI$144.01 $134.26 












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Reconciliation of Shareholders' Average Equity to Shareholders' Average Equity Excluding AOCI
(Dollars in millions)
(Unaudited)
Trailing Twelve Months Ended December 31, 2023:Average Equity
Shareholders' average equity$7,931 
Less effect of AOCI:
Accumulated currency translation adjustment(30)
Unrealized (depreciation) appreciation of securities(5,018)
Effect of updating discount rates on future policy benefits3,774 
Change in instrument-specific credit risk for market risk benefits10
Pension and postretirement benefits(22)
Shareholders' average equity, excluding AOCI9,217 
Year-to-date notable items, net of tax37 
Shareholders' average equity, excluding AOCI and notable items$9,254 




Reconciliation of Trailing Twelve Months of Consolidated Net Income to Adjusted Operating Income
and Related Return on Equity
(Dollars in millions)
(Unaudited)Return on Equity
Trailing Twelve Months Ended December 31, 2023:Income
Net income available to RGA shareholders$902 11.4 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net297 
Change in fair value of embedded derivatives124 
Tax expense on uncertain tax positions and other tax related items
Net income attributable to noncontrolling interest
Adjusted operating income1,334 14.5 %
Notable items after tax— 
Adjusted operating income, excluding notable items$1,334 14.4 %

















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Add Eighteen

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in millions)
(Unaudited)Three Months Ended December 31,Twelve Months Ended December 31,
 2023202220232022
Revenues:
Net premiums$4,108 $3,446 $15,085 $13,078 
Investment income, net of related expenses956 828 3,591 3,161 
Investment related gains (losses), net(155)(6)(481)(539)
Other revenue98 89 372 527 
Total revenues5,007 4,357 18,567 16,227 
Benefits and expenses:
Claims and other policy benefits3,837 3,125 13,872 11,982 
Future policy benefits remeasurement (gains) losses33 (11)(62)291 
Market risk benefits remeasurement (gains) losses28 (19)(10)10 
Interest credited217 214 864 682 
Policy acquisition costs and other insurance expenses369 323 1,397 1,344 
Other operating expenses290 289 1,089 1,009 
Interest expense69 55 257 191 
Total benefits and expenses4,843 3,976 17,407 15,509 
Income before income taxes164 381 1,160 718 
Provision for income taxes88 251 197 
Net income160 293 909 521 
Net income attributable to noncontrolling interest
Net income available to RGA shareholders$158 $291 $902 $517 
# # #


Document

Exhibit 99.2
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Quarterly Financial Supplement
Fourth Quarter 2023
(Unaudited)
World Headquarters  Internet AddressContacts
16600 Swingley Ridge Road  www.rgare.comTodd 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+ A1
RGA Life Reinsurance Company of Canada AA- A+ 
RGA International Reinsurance Company dac AA-  
RGA Global Reinsurance Company, Ltd. AA-  
RGA Reinsurance Company of Australia Limited AA-  
RGA Americas Reinsurance Company, Ltd. AA- A+ 
RGA Worldwide Reinsurance Company, Ltd.AA-
RGA Reinsurance Company (Barbados) Ltd.AA-
RGA Atlantic Reinsurance Company Ltd. AA- A+ 
RGA Life and Annuity Insurance CompanyAA-A+
Omnilife Insurance Company LimitedA+
Aurora National Life Assurance CompanyA+
Senior Debt Ratings   
Reinsurance Group of America, Incorporated A a- Baa1
Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.

 
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Reinsurance Group of America, Incorporated
4th Quarter 2023
Table of Contents
 Page
Non-GAAP Disclosures
Consolidated
Financial Highlights
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
Consolidated Balance Sheets
Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements
U.S. and Latin America Traditional
U.S. and Latin America Financial Solutions - Asset-Intensive
U.S. and Latin America Financial Solutions - Capital Solutions
Canada Traditional
Canada Financial Solutions
Europe, Middle East and Africa Traditional
Europe, Middle East and Africa Financial Solutions
Asia Pacific Traditional
Asia Pacific Financial Solutions
Corporate and Other
Summary of Segment GAAP Income
Summary of Segment Adjusted Operating Income
Investments
Cash and Invested Assets and Investment Income and Yield Summary
Fixed Maturity Securities
Corporate Fixed Maturity Securities by Industry
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities
Fixed Maturity Securities Below Amortized Cost
Consolidated Investment Related Gains and Losses
Appendix
Reconciliations of GAAP to Non-GAAP Measures

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

1.Adjusted operating income, on a pre-tax and after-tax basis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations. Adjusted operating income is calculated as net income available to the Company’s shareholders (or, in the case of pre-tax adjusted operating income, income before income taxes) excluding substantially all of the effect of net investment related gains and losses, changes in the fair value of certain embedded derivatives, and changes in the fair value of contracts that provide market risk benefits, which items can be volatile and may not reflect the underlying performance of the Company’s businesses. Additionally, adjusted operating income excludes, to the extent applicable, any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, the impact of certain tax-related items, and any other items that the Company believes are not indicative of the Company’s ongoing operations. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company’s management incentive programs.

2.Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items. Notable items are items the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented may include the financial impact of the Company’s assumption reviews on business subject to the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments, reflected in future policy benefits remeasurement gains or losses.

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

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

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

Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix at the end of this document.
                                        
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Reinsurance Group of America, Incorporated
Financial Highlights
Three Months EndedCurrent QtrYear-to-Date
(USD millions, except in force & per share and shares data)Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
 20232023202320232022Quarter20232022Change
Net premiums$4,108 $4,255 $3,337 $3,385 $3,446 $662 $15,085 $13,078 $2,007 
Net income (loss) available to RGA's shareholders158 287 205 252 291 (133)902 517 385 
Adjusted operating income316 372 297 349 312 1,334 927 407 
Adjusted operating income excluding notable items (1)
316 372 297 349 266 50 1,334 1,111 223 
Return on equity11.4 %13.9 %9.2 %7.8 %6.8 %4.6 %
Adjusted operating return on equity (ex AOCI)14.5 %14.7 %10.9 %11.2 %10.5 %4.0 %
Adjusted operating return on equity (ex AOCI and notable items (1))
14.4 %14.0 %13.0 %13.1 %12.5 %1.9 %
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income (loss)$2.40 $4.34 $3.09 $3.77 $4.36 $(1.96)$13.60 $7.73 $5.87 
Adjusted operating income (loss)$4.80 $5.64 $4.46 $5.22 $4.67 $0.13 $20.12 $13.85 $6.27 
Adjusted operating income (loss) excluding notable items (1)
$4.80 $5.64 $4.46 $5.22 $3.97 $0.83 $20.12 $16.59 $3.53 
Diluted earnings per share (2)
Net income (loss)$2.37 $4.29 $3.05 $3.72 $4.30 $(1.93)$13.44 $7.64 $5.80 
Adjusted operating income (loss)$4.73 $5.57 $4.40 $5.16 $4.60 $0.13 $19.88 $13.69 $6.19 
Adjusted operating income (loss) excluding notable items (1)
$4.73 $5.57 $4.40 $5.16 $3.91 $0.82 $19.88 $16.40 $3.48 
Wgt. average common shares outstanding
Basic65,853 66,127 66,518 66,779 66,748 (895)66,317 66,945 (628)
Diluted66,721 66,914 67,420 67,615 67,793 (1,072)67,117 67,703 (586)
Book value per share$138.39 $122.40 $117.87 $114.60 $106.19 $32.20 $138.39 $106.19 $32.20 
Book value per share, excluding AOCI$144.01 $142.63 $138.99 $136.56 $134.26 $9.75 $144.01 $134.26 $9.75 
Shareholders’ dividends paid$56 $56 $54 $53 $53 $$219 $205 $14 
Share buybacks$50 $50 $50 $50 $25 $25 $200 $75 $125 
Total returned to shareholders$106 $106 $104 $103 $78 $28 $419 $280 $139 
Common shares issued85,311 85,311 85,311 85,311 85,311 — 85,311 85,311 — 
Treasury shares19,690 19,439 19,099 18,771 18,635 1,055 19,690 18,635 1,055 
Common shares outstanding65,621 65,872 66,212 66,540 66,676 (1,055)65,621 66,676 (1,055)
Assumed life reinsurance in force (in billions)$3,704.1 $3,499.4 $3,479.5 $3,426.7 $3,400.7 $303.4 
Assumed new business production (in billions)$97.6 $96.7 $88.2 $80.6 $92.5 $5.1 $363.1 $408.9 $(45.8)
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(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.
                                        
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Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net premiums$4,108 $4,255 $3,337 $3,385 $3,446 $662 $15,085 $13,078 $2,007 
Net investment income956 922 857 856 828 128 3,591 3,161 430 
Investment related gains (losses), net(155)(126)(123)(77)(6)(149)(481)(539)58 
Other revenue98 102 85 87 89 372 527 (155)
Total revenues5,007 5,153 4,156 4,251 4,357 650 18,567 16,227 2,340 
Benefits and expenses:
Claims and other policy benefits3,837 3,959 3,013 3,063 3,125 712 13,872 11,982 1,890 
Future policy benefits remeasurement (gains) losses33 (82)13 (26)(11)44 (62)291 (353)
Market risk benefits remeasurement (gains) losses28 (21)(31)14 (19)47 (10)10 (20)
Interest credited217 223 209 215 214 864 682 182 
Policy acquisition costs and other insurance expenses369 348 349 331 323 46 1,397 1,344 53 
Other operating expenses290 274 275 250 289 1,089 1,009 80 
Interest expense69 72 63 53 55 14 257 191 66 
Total benefits and expenses4,843 4,773 3,891 3,900 3,976 867 17,407 15,509 1,898 
Income (loss) before income taxes164 380 265 351 381 (217)1,160 718 442 
Provision for income taxes91 58 98 88 (84)251 197 54 
Net income (loss)160 289 207 253 293 (133)909 521 388 
Net income attributable to noncontrolling interest— 
Net income (loss) available to RGA's shareholders$158 $287 $205 $252 $291 $(133)$902 $517 $385 
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes$164 $380 $265 $351 $381 $(217)$1,160 $718 $442 
Investment and derivative (gains) losses (1)
(18)134 117 127 (46)28 360 425 (65)
Market risk benefits remeasurement (gains) losses28 (21)(31)14 (19)47 (10)10 (20)
Change in fair value of funds withheld embedded derivatives (1)
181 (1)20 (37)67 114 163 173 (10)
Funds withheld (gains) losses - investment income(3)(4)— (5)(5)24 (29)
EIA embedded derivatives - interest credited(7)(7)(6)(53)47 
Investment (income) loss on unit-linked variable annuities(3)— (5)24 (23)
Interest credited on unit-linked variable annuities(2)(2)— (2)(1)(24)23 
Interest expense on uncertain tax positions(1)— — — (1)— — — 
Other30 (1)— 29 37 (80)117 
Adjusted operating income before income taxes386 481 376 456 387 (1)1,699 1,217 482 
Notable items (2)
— (3)— — (61)61 (3)242 (245)
Adjusted operating income before income taxes excluding notable items$386 $478 $376 $456 $326 $60 $1,696 $1,459 $237 
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
                                        
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Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
After-tax adjusted operating income reconciliation:
GAAP net income (loss) attributable to RGA$158 $287 $205 $252 $291 $(133)$902 $517 $385 
Investment and derivative (gains) losses (1)
(14)104 88 102 (14)— 280 352 (72)
Market risk benefits remeasurement (gains) losses22 (17)(24)11 (15)37 (8)(16)
Change in fair value of funds withheld embedded derivatives (1)
143 (1)16 (29)53 90 129 137 (8)
Funds withheld (gains) losses - investment income(2)(4)— (4)(4)19 (23)
EIA embedded derivatives - interest credited(6)(6)(5)(42)37 
Investment (income) loss on unit-linked variable annuities(2)— (4)19 (18)
Interest credited on unit-linked variable annuities(1)(2)— (2)(1)(19)18 
Interest expense on uncertain tax positions(1)— — — (1)— — — 
Other23 — — 22 29 (63)92 
Uncertain tax positions and other tax related items(19)12 (9)(10)(5)
Net income attributable to noncontrolling interest— 
Adjusted operating income316 372 297 349 312 1,334 927 407 
Notable items (2)
— — — — (46)46 — 184 (184)
Adjusted operating income excluding notable items$316 $372 $297 $349 $266 $50 $1,334 $1,111 $223 
Diluted earnings per share - adjusted operating income (loss) (3)
$4.73 $5.57 $4.40 $5.16 $4.60 $0.13 $19.88 $13.69 $6.19 
Diluted earnings per share - adjusted operating income (loss) excluding notable items (3)
$4.73 $5.57 $4.40 $5.16 $3.91 $0.82 $19.88 $16.40 $3.48 
Foreign currency effect on (4):
Net premiums$18 $13 $(45)$(112)$(164)$182 $(126)$(490)$364 
Adjusted operating income (loss) before income taxes$$$(6)$(16)$(18)$21 $(18)$(48)$30 
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) 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.
(4) Compared to comparable prior year period.

                                        
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Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,
20232023202320232022
Assets
Fixed maturity securities available-for-sale, at fair value$60,467 $54,171 $56,236 $56,085 $52,901 
Equity securities, at fair value139 133 136 138 134 
Mortgage loans7,377 7,231 7,038 6,833 6,590 
Policy loans1,206 1,180 1,202 1,221 1,231 
Funds withheld at interest5,683 5,725 5,862 5,976 6,003 
Limited partnerships and real estate joint ventures2,635 2,560 2,473 2,405 2,327 
Short-term investments222 141 224 246 154 
Other invested assets1,171 1,091 1,119 1,111 1,140 
Total investments78,900 72,232 74,290 74,015 70,480 
Cash and cash equivalents2,970 2,820 2,598 3,294 2,927 
Accrued investment income759 744 702 672 630 
Premiums receivable and other reinsurance balances3,528 3,279 3,321 3,114 3,013 
Reinsurance ceded receivables and other5,448 2,818 2,664 2,723 2,671 
Deferred policy acquisition costs4,617 4,289 4,286 4,257 4,128 
Other assets1,401 1,240 1,179 1,045 1,055 
Total assets$97,623 $87,422 $89,040 $89,120 $84,904 
Liabilities and equity
Future policy benefits$41,231 $36,474 $38,239 $38,222 $35,689 
Interest-sensitive contract liabilities30,273 29,365 29,910 30,405 30,342 
Market risk benefits, at fair value258 224 235 261 247 
Other policy claims and benefits2,730 2,654 2,579 2,558 2,480 
Other reinsurance balances1,103 750 858 851 725 
Deferred income taxes1,862 1,601 1,424 1,446 1,383 
Other liabilities2,085 1,750 1,477 1,497 1,486 
Funds withheld payable4,483 2,001 1,573 1,709 1,420 
Long-term debt4,427 4,450 4,850 4,455 3,961 
Total liabilities88,452 79,269 81,145 81,404 77,733 
Equity:
Common stock, at par value
Additional paid-in-capital2,544 2,534 2,522 2,506 2,502 
Retained earnings8,805 8,713 8,483 8,336 8,169 
Treasury stock(1,900)(1,852)(1,803)(1,756)(1,720)
Accumulated other comprehensive income (loss), net of taxes (AOCI):
Accumulated currency translation adjustment68 (33)26 (94)(116)
Unrealized (depreciation) appreciation of securities(3,667)(6,659)(4,879)(4,393)(5,496)
Effect of updating discount rates on future policy benefits3,256 5,366 3,460 3,034 3,755 
Change in instrument-specific credit risk for market risk benefits13 14 13 
Pension and postretirement benefits(29)(14)(18)(22)(27)
Total RGA, Inc. shareholders’ equity9,081 8,063 7,805 7,626 7,081 
Noncontrolling interest90 90 90 90 90 
Total equity9,171 8,153 7,895 7,716 7,171 
Total liabilities and equity$97,623 $87,422 $89,040 $89,120 $84,904 
Total RGA, Inc. shareholders’ equity, excluding AOCI$9,450 $9,396 $9,203 $9,087 $8,952 
See appendix for reconciliation of total shareholders' equity before and after impact of AOCI.
                                        
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Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
GAAP Income Statements
(USD millions)
 Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net premiums$1,912 $1,746 $1,750 $1,615 $1,778 $134 $7,023 $6,590 $433 
Net investment income210 195 180 193 224 (14)778 900 (122)
Investment related gains (losses), net(1)(1)— 48 (42)
Other revenue(3)16 27 (11)
Total revenues2,130 1,949 1,932 1,812 2,013 117 7,823 7,565 258 
Benefits and expenses:
Claims and other policy benefits1,779 1,611 1,592 1,447 1,642 137 6,429 6,133 296 
Future policy benefits remeasurement (gains) losses63 (20)24 10 53 74 262 (188)
Interest credited20 19 18 18 17 75 69 
Policy acquisition costs and other insurance expenses184 184 187 175 178 730 722 
Other operating expenses54 50 49 44 52 197 184 13 
Total benefits and expenses2,100 1,844 1,870 1,691 1,899 201 7,505 7,370 135 
Income (loss) before income taxes$30 $105 $62 $121 $114 $(84)$318 $195 $123 
Loss and expense ratios:
Loss ratio (1)
96.3 %91.1 %92.3 %90.0 %92.9 %3.4 %92.6 %97.0 %(4.4)%
Policy acquisition costs and other insurance expenses9.6 %10.5 %10.7 %10.8 %10.0 %(0.4)%10.4 %11.0 %(0.6)%
Other operating expenses2.8 %2.9 %2.8 %2.7 %2.9 %(0.1)%2.8 %2.8 %— %
Foreign currency effect on (2):
Net premiums$$$$$$$13 $$11 
Income (loss) before income taxes$— $— $— $— $— $— $— $— $— 
Assumed life reinsurance in force (in billions)$1,703.6 $1,693.1 $1,685.3 $1,676.8 $1,672.2 $31.4 
Assumed new business production (in billions)$47.9 $36.7 $35.6 $34.1 $36.4 $11.5 $154.3 $145.9 $8.4 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.
                                        
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Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net premiums$1,912 $1,746 $1,750 $1,615 $1,778 $134 $7,023 $6,590 $433 
Net investment income211 195 180 193 224 (13)779 900 (121)
Other revenue(3)16 27 (11)
Total revenues2,125 1,947 1,933 1,813 2,007 118 7,818 7,517 301 
Benefits and expenses:
Claims and other policy benefits1,779 1,611 1,592 1,447 1,642 137 6,429 6,133 296 
Future policy benefits remeasurement (gains) losses63 (20)24 10 53 74 262 (188)
Interest credited20 19 18 18 17 75 69 
Policy acquisition costs and other insurance expenses184 184 187 175 178 730 722 
Other operating expenses54 50 49 44 52 197 184 13 
Total benefits and expenses2,100 1,844 1,870 1,691 1,899 201 7,505 7,370 135 
Adjusted operating income (loss) before income taxes25 103 63 122 108 (83)313 147 166 
Notable items (1)
— 17 — — — — 17 170 (153)
Adjusted operating income (loss) excluding notable items, before income taxes$25 $120 $63 $122 $108 $(83)$330 $317 $13 
Loss and expense ratios:
Loss ratio (2)
96.3 %91.1 %92.3 %90.0 %92.9 %3.4 %92.6 %97.0 %(4.4)%
Policy acquisition costs and other insurance expenses9.6 %10.5 %10.7 %10.8 %10.0 %(0.4)%10.4 %11.0 %(0.6)%
Other operating expenses2.8 %2.9 %2.8 %2.7 %2.9 %(0.1)%2.8 %2.8 %— %
Foreign currency effect on (3):
Net premiums$$$$$$$13 $$11 
Adjusted operating income (loss) before income taxes$— $— $— $— $— $— $— $— $— 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

                                        
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Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
(USD millions)
 Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net premiums$521 $820 $17 $163 $24 $497 $1,521 $66 $1,455 
Net investment income293 298 278 280 287 1,149 1,054 95 
Investment related gains (losses), net(158)(63)(68)20 (128)(30)(269)(342)73 
Other revenue36 35 26 25 25 11 122 111 11 
Total revenues692 1,090 253 488 208 484 2,523 889 1,634 
Benefits and expenses:
Claims and other policy benefits585 851 45 199 52 533 1,680 205 1,475 
Future policy benefits remeasurement (gains) losses(25)(1)(4)(2)(29)(28)(1)
Market risk benefits remeasurement (gains) losses28 (21)(31)14 (19)47 (10)10 (20)
Interest credited126 137 133 129 148 (22)525 486 39 
Policy acquisition costs and other insurance expenses77 45 47 46 47 30 215 169 46 
Other operating expenses15 14 13 11 14 53 46 
Total benefits and expenses832 1,001 206 395 240 592 2,434 888 1,546 
Income (loss) before income taxes$(140)$89 $47 $93 $(32)$(108)$89 $$88 
Assumed life reinsurance in force (in billions)$10.3 $5.1 $5.2 $5.2 $5.2 $5.1 
Assumed new business production (in billions)$5.2 $— $— $— $— $5.2 $5.2 $— $5.2 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
                                        
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Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net premiums$521 $820 $17 $163 $24 $497 $1,521 $66 $1,455 
Net investment income289 291 279 276 286 1,135 1,058 77 
Other revenue36 35 26 25 25 11 122 111 11 
Total revenues846 1,146 322 464 335 511 2,778 1,235 1,543 
Benefits and expenses:
Claims and other policy benefits551 851 45 199 52 499 1,646 205 1,441 
Future policy benefits remeasurement (gains) losses(25)(1)(4)(2)(29)(28)(1)
Interest credited121 144 130 136 147 (26)531 539 (8)
Policy acquisition costs and other insurance expenses77 45 47 38 47 30 207 169 38 
Other operating expenses15 14 13 11 14 53 46 
Total benefits and expenses765 1,029 234 380 258 507 2,408 931 1,477 
Adjusted operating income (loss) before income taxes81 117 88 84 77 370 304 66 
Notable items (1)
— (22)— — — — (22)(3)(19)
Adjusted operating income (loss) excluding notable items, before income taxes$81 $95 $88 $84 $77 $$348 $301 $47 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

                                        
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Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
(Continued)
 Three Months Ended
(USD millions, shown net of reinsurance ceded)Dec. 31,Sept. 30,June 30,March 31,Dec. 31,
20232023202320232022
Policyholder account balances
Fixed annuities (deferred)$10,331 $11,066 $11,361 $11,699 $12,046 
Equity-indexed annuities$2,354 $2,469 $2,580 $2,701 $2,817 
Bank-owned life insurance (BOLI) and universal life$2,091 $2,480 $2,494 $2,505 $2,500 
Other policyholder account balances$47 $51 $52 $75 $75 
Variable annuities account balances
No riders$624 $578 $599 $598 $672 
GMDB only739 742 738 734 771 
GMIB only13 16 16 16 20 
GMAB only
GMWB only858 814 883 866 863 
GMDB / WB162 156 169 168 165 
Other11 12 13 12 15 
Total variable annuities account balances$2,409 $2,320 $2,420 $2,396 $2,508 
Interest-sensitive contract liabilities not associated with policyholder account balances:
Guaranteed investment contracts, funding agreements and immediate annuities$690 $707 $843 $828 $848 
Future policy benefits (at original discount rate) associated with:
Payout annuities$4,524 $4,909 $4,181 $4,231 $4,153 
Other future policy benefits$60 $60 $62 $58 $59 
Liability for market risk benefits:
Equity-indexed annuities$159 $135 $140 $144 $132 
Variable annuities (liability)$99 $89 $95 $117 $115 
Variable annuities (asset)$$$$$— 
Net interest spread (1)
1.3 %1.3 %1.4 %1.2 %1.2 %
(1) Net interest spread for Asset-Intensive is calculated as net investment income less interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents.
                                        
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Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
(USD millions)
 Three Months EndedCurrent QtrYear-to-Date
 Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net investment income$— $$— $$$(1)$$$(3)
Other revenue24 24 25 26 26 (2)99 152 (53)
Total revenues24 25 25 27 27 (3)101 157 (56)
Benefits and expenses:
Policy acquisition costs and other insurance expenses— 
Other operating expenses— 13 12 
Total benefits and expenses20 13 
Income before income taxes$20 $19 $21 $21 $24 $(4)$81 $144 $(63)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
                                        
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Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net investment income$— $$— $$$(1)$$$(3)
Other revenue24 24 25 26 26 (2)99 152 (53)
Total revenues24 25 25 27 27 (3)101 157 (56)
Benefits and expenses:
Policy acquisition costs and other insurance expenses— 
Other operating expenses— 13 12 
Total benefits and expenses20 13 
Adjusted operating income (loss) before income taxes$20 $19 $21 $21 $24 $(4)$81 $144 $(63)
Notable items (1)
— — — — — — — — — 
Adjusted operating income (loss) excluding notable items, before income taxes$20 $19 $21 $21 $24 $(4)$81 $144 $(63)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
 
                                        
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Reinsurance Group of America, Incorporated
Canada Traditional
GAAP Income Statements
(USD millions)
 Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net premiums$311 $302 $307 $295 $308 $$1,215 $1,219 $(4)
Net investment income62 62 61 61 66 (4)246 250 (4)
Investment related gains (losses), net— (2)
Other revenue— (1)— 
Total revenues376 366 373 359 380 (4)1,474 1,475 (1)
Benefits and expenses:
Claims and other policy benefits294 284 282 270 285 1,130 1,129 
Future policy benefits remeasurement (gains) losses16 (1)(10)14 22 (2)24 
Interest credited— — — — — — 
Policy acquisition costs and other insurance expenses46 46 47 45 44 184 203 (19)
Other operating expenses11 13 10 12 11 — 46 41 
Total benefits and expenses355 360 338 330 330 25 1,383 1,371 12 
Income before income taxes$21 $$35 $29 $50 $(29)$91 $104 $(13)
Loss and expense ratios:
Loss ratio (1)
95.8 %99.3 %91.5 %92.5 %89.3 %6.5 %94.8 %92.5 %2.3 %
Policy acquisition costs and other insurance expenses14.8 %15.2 %15.3 %15.3 %14.3 %0.5 %15.1 %16.7 %(1.6)%
Other operating expenses3.5 %4.3 %3.3 %4.1 %3.6 %(0.1)%3.8 %3.4 %0.4 %
Foreign currency effect on (2):
Net premiums$(1)$(8)$(16)$(20)$(23)$22 $(45)$(47)$
Income before income taxes$$(1)$(2)$(2)$(3)$$(1)$(4)$
Creditor reinsurance net premiums$18 $17 $18 $18 $17 $$71 $73 $(2)
Assumed life reinsurance in force (in billions)$493.5 $477.2 $484.6 $469.5 $463.6 $29.9 
Assumed new business production (in billions)$11.1 $11.0 $11.2 $10.8 $11.9 $(0.8)$44.1 $48.2 $(4.1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.
                                        
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Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net premiums$311 $302 $307 $295 $308 $$1,215 $1,219 $(4)
Net investment income62 64 61 62 67 (5)249 252 (3)
Investment related gains, net— — 
Other revenue— (1)— 
Total revenues375 368 370 359 377 (2)1,472 1,479 (7)
Benefits and expenses:
Claims and other policy benefits294 284 282 270 285 1,130 1,129 
Future policy benefits remeasurement (gains) losses16 (1)(10)14 22 (2)24 
Interest credited— — — — — — 
Policy acquisition costs and other insurance expenses46 46 47 45 44 184 203 (19)
Other operating expenses11 11 10 12 11 — 44 41 
Total benefits and expenses355 358 338 330 330 25 1,381 1,371 10 
Adjusted operating income (loss) before income taxes20 10 32 29 47 (27)91 108 (17)
Notable items (1)
— 13 — — (5)13 12 
Adjusted operating income excluding notable items, before income taxes$20 $23 $32 $29 $42 $(22)$104 $109 $(5)
Loss and expense ratios:
Loss ratio (2)
95.8 %99.3 %91.5 %92.5 %89.3 %6.5 %94.8 %92.5 %2.3 %
Policy acquisition costs and other insurance expenses14.8 %15.2 %15.3 %15.3 %14.3 %0.5 %15.1 %16.7 %(1.6)%
Other operating expenses3.5 %3.6 %3.3 %4.1 %3.6 %(0.1)%3.6 %3.4 %0.2 %
Foreign currency effect on (3):
Net premiums$(1)$(8)$(16)$(20)$(23)$22 $(45)$(47)$
Adjusted operating income before income taxes$$(1)$(2)$(2)$(3)$$— $(4)$
Creditor reinsurance net premiums$18 $17 $18 $18 $17 $$71 $73 $(2)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

                                        
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Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
GAAP Income Statements
(USD millions)
 Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net premiums$22 $22 $23 $23 $23 $(1)$90 $95 $(5)
Net investment income— (1)
Other revenue— 12 10 
Total revenues27 26 26 27 28 (1)106 110 (4)
Benefits and expenses:
Claims and other policy benefits19 18 20 21 20 (1)78 86 (8)
Future policy benefits remeasurement (gains) losses— (23)(2)(5)(3)(30)(12)(18)
Policy acquisition costs and other insurance expenses— — (1)— 
Other operating expenses— — 
Total benefits and expenses21 (4)20 17 19 54 79 (25)
Income before income taxes$$30 $$10 $$(3)$52 $31 $21 
Foreign currency effect on (2):
Net premiums$$(1)$(2)$(1)$(2)$$(3)$(4)$
Income before income taxes$— $— $— $(1)$— $— $(1)$(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.
                                        
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Page 16

                         


Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net premiums$22 $22 $23 $23 $23 $(1)$90 $95 $(5)
Net investment income— (1)
Other revenue— 12 10 
Total revenues27 26 26 27 28 (1)106 110 (4)
Benefits and expenses:
Claims and other policy benefits19 18 20 21 20 (1)78 86 (8)
Future policy benefits remeasurement (gains) losses— (23)(2)(5)(3)(30)(12)(18)
Policy acquisition costs and other insurance expenses— — (1)— 
Other operating expenses— — 
Total benefits and expenses21 (4)20 17 19 54 79 (25)
Adjusted operating income (loss) before income taxes30 10 (3)52 31 21 
Notable items (2)
— (22)— — — — (22)— (22)
Adjusted operating income excluding notable items, before income taxes$$$$10 $$(3)$30 $31 $(1)
Foreign currency effect on (3):
Net premiums$$(1)$(2)$(1)$(2)$$(3)$(4)$
Adjusted operating income before income taxes$(1)$— $— $(1)$— $(1)$(2)$(1)$(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) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

                                        
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Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
GAAP Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net premiums$461 $447 $429 $438 $422 $39 $1,775 $1,736 $39 
Net investment income22 23 23 23 21 91 76 15 
Other revenue(1)(1)(2)— (6)
Total revenues484 471 451 460 446 38 1,866 1,818 48 
Benefits and expenses:
Claims and other policy benefits420 429 383 390 404 16 1,622 1,586 36 
Future policy benefits remeasurement (gains) losses43 12 (8)(10)11 48 (15)63 
Policy acquisition costs and other insurance expenses22 25 21 18 16 86 77 
Other operating expenses33 34 31 33 33 — 131 124 
Total benefits and expenses476 531 447 433 443 33 1,887 1,772 115 
Income (loss) before income taxes$$(60)$$27 $$$(21)$46 $(67)
Loss and expense ratios:
Loss ratio (1)
91.3 %105.6 %92.1 %87.2 %93.4 %(2.1)%94.1 %90.5 %3.6 %
Policy acquisition costs and other insurance expenses4.8 %5.6 %4.9 %4.1 %3.8 %1.0 %4.8 %4.4 %0.4 %
Other operating expenses7.2 %7.6 %7.2 %7.5 %7.8 %(0.6)%7.4 %7.1 %0.3 %
Foreign currency effect on (2):
Net premiums$14 $20 $(6)$(41)$(53)$67 $(13)$(183)$170 
Income (loss) before income taxes$$(4)$$(1)$— $$(3)$(3)$— 
Critical illness net premiums$37 $34 $35 $33 $33 $$139 $149 $(10)
Assumed life reinsurance in force (in billions)$960.1 $814.5 $802.3 $759.6 $735.4 $224.7 
Assumed new business production (in billions)$16.1 $30.9 $36.6 $30.1 $35.6 $(19.5)$113.7 $169.4 $(55.7)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.
                                        
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Page 18

                         


Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net premiums$461 $447 $429 $438 $422 $39 $1,775 $1,736 $39 
Net investment income22 23 23 23 21 91 76 15 
Other revenue(1)(1)(2)— (6)
Total revenues484 471 451 460 446 38 1,866 1,818 48 
Benefits and expenses:
Claims and other policy benefits420 429 383 390 404 16 1,622 1,586 36 
Future policy benefits remeasurement (gains) losses43 12 (8)(10)11 48 (15)63 
Policy acquisition costs and other insurance expenses22 25 21 18 16 86 77 
Other operating expenses33 33 31 33 33 — 130 124 
Total benefits and expenses476 530 447 433 443 33 1,886 1,772 114 
Adjusted operating income (loss) before income taxes(59)27 (20)46 (66)
Notable items (1)
— 47 — — — — 47 13 34 
Adjusted operating income excluding notable items, before income taxes$$(12)$$27 $$$27 $59 $(32)
Loss and expense ratios:
Loss ratio (2)
91.3 %105.6 %92.1 %87.2 %93.4 %(2.1)%94.1 %90.5 %3.6 %
Policy acquisition costs and other insurance expenses4.8 %5.6 %4.9 %4.1 %3.8 %1.0 %4.8 %4.4 %0.4 %
Other operating expenses7.2 %7.4 %7.2 %7.5 %7.8 %(0.6)%7.3 %7.1 %0.2 %
Foreign currency effect on (3):
Net premiums$14 $20 $(6)$(41)$(53)$67 $(13)$(183)$170 
Adjusted operating income (loss) before income taxes$$(4)$$(1)$— $$(3)$(3)$— 
Critical illness net premiums$37 $34 $35 $33 $33 $$139 $149 $(10)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.

                                        
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Page 19

                         


Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net premiums$125 $118 $90 $125 $127 $(2)$458 $486 $(28)
Net investment income62 56 45 46 44 18 209 151 58 
Investment related gains (losses), net(8)(21)(9)(6)(11)(44)(26)(18)
Other revenue(5)16 15 
Total revenues180 160 130 169 166 14 639 626 13 
Benefits and expenses:
Claims and other policy benefits96 95 68 104 106 (10)363 428 (65)
Future policy benefits remeasurement (gains) losses(42)(33)(5)(9)(12)(30)(89)(21)(68)
Interest credited(2)(2)— (2)(1)(24)23 
Policy acquisition costs and other insurance expenses(1)— 
Other operating expenses16 14 15 13 16 — 58 54 
Total benefits and expenses74 76 78 110 110 (36)338 444 (106)
Income before income taxes$106 $84 $52 $59 $56 $50 $301 $182 $119 
Foreign currency effect on (2):
Net premiums$$$(1)$(12)$(17)$23 $$(56)$58 
Income before income taxes$$$— $(6)$(4)$$$(17)$22 
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.
                                        
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Page 20

                         


Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net premiums$125 $118 $90 $125 $127 $(2)$458 $486 $(28)
Net investment income59 59 48 49 48 11 215 193 22 
Investment related gains (losses), net(2)(6)18 (13)
Other revenue(5)16 15 
Total revenues183 186 146 179 185 (2)694 712 (18)
Benefits and expenses:
Claims and other policy benefits96 95 68 104 106 (10)363 428 (65)
Future policy benefits remeasurement (gains) losses(42)(33)(5)(9)(12)(30)(89)(21)(68)
Policy acquisition costs and other insurance expenses(1)— 
Other operating expenses16 14 15 13 16 — 58 54 
Total benefits and expenses71 78 80 110 112 (41)339 468 (129)
Adjusted operating income (loss) before income taxes112 108 66 69 73 39 355 244 111 
Notable items (2)
— (34)— — (14)14 (34)(14)(20)
Adjusted operating income excluding notable items, before income taxes$112 $74 $66 $69 $59 $53 $321 $230 $91 
Foreign currency effect on (3):
Net premiums$$$(1)$(12)$(17)$23 $$(56)$58 
Adjusted operating income before income taxes$$$— $(7)$(6)$11 $$(27)$33 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.

                                        
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Page 21

                         


Reinsurance Group of America, Incorporated
Asia Pacific Traditional
GAAP Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net premiums$709 $737 $677 $662 $700 $$2,785 $2,650 $135 
Net investment income59 60 62 61 55 242 199 43 
Investment related gains (losses), net(2)12 (5)
Other revenue(1)11 — (1)16 21 (5)
Total revenues768 801 752 729 758 10 3,050 2,882 168 
Benefits and expenses:
Claims and other policy benefits594 604 579 563 548 46 2,340 2,192 148 
Future policy benefits remeasurement (gains) losses(39)(14)(9)(3)(56)100 (156)
Policy acquisition costs and other insurance expenses40 46 44 46 44 (4)176 190 (14)
Other operating expenses58 56 54 50 57 218 206 12 
Total benefits and expenses698 667 663 650 658 40 2,678 2,688 (10)
Income (loss) before income taxes$70 $134 $89 $79 $100 $(30)$372 $194 $178 
Loss and expense ratios:
Loss ratio (1)
84.6 %76.7 %83.5 %83.7 %79.6 %5.0 %82.0 %86.5 %(4.5)%
Policy acquisition costs and other insurance expenses5.6 %6.2 %6.5 %6.9 %6.3 %(0.7)%6.3 %7.2 %(0.9)%
Other operating expenses8.2 %7.6 %8.0 %7.6 %8.1 %0.1 %7.8 %7.8 %— %
Foreign currency effect on (2):
Net premiums$(3)$(10)$(21)$(33)$(61)$58 $(67)$(172)$105 
Income (loss) before income taxes$— $— $(2)$(3)$(6)$$(5)$(1)$(4)
Critical illness net premiums$344 $368 $341 $299 $324 $20 $1,352 $1,216 $136 
Assumed life reinsurance in force (in billions)$528.6 $501.8 $495.4 $508.2 $518.6 $10.0 
Assumed new business production (in billions)$17.3 $17.1 $4.7 $3.9 $8.6 $8.7 $43.0 $45.3 $(2.3)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(2) Compared to comparable prior year period.
                                        
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Page 22

                         


Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net premiums$709 $737 $677 $662 $700 $$2,785 $2,650 $135 
Net investment income59 60 62 61 55 242 199 43 
Investment related gains (losses), net(2)12 (5)
Other revenue(1)11 — (1)16 21 (5)
Total revenues768 801 752 729 758 10 3,050 2,882 168 
Benefits and expenses:
Claims and other policy benefits594 604 579 563 548 46 2,340 2,192 148 
Future policy benefits remeasurement (gains) losses(39)(14)(9)(3)(56)100 (156)
Policy acquisition costs and other insurance expenses40 46 44 46 44 (4)176 190 (14)
Other operating expenses57 56 54 50 57 — 217 206 11 
Total benefits and expenses697 667 663 650 658 39 2,677 2,688 (11)
Adjusted operating income (loss) before income taxes71 134 89 79 100 (29)373 194 179 
Notable items (1)
— (2)— — (42)42 (2)75 (77)
Adjusted operating income excluding notable items, before income taxes$71 $132 $89 $79 $58 $13 $371 $269 $102 
Loss and expense ratios:
Loss ratio (2)
84.6 %76.7 %83.5 %83.7 %79.6 %5.0 %82.0 %86.5 %(4.5)%
Policy acquisition costs and other insurance expenses5.6 %6.2 %6.5 %6.9 %6.3 %(0.7)%6.3 %7.2 %(0.9)%
Other operating expenses8.0 %7.6 %8.0 %7.6 %8.1 %(0.1)%7.8 %7.8 %— %
Foreign currency effect on (3):
Net premiums$(3)$(10)$(21)$(33)$(61)$58 $(67)$(172)$105 
Adjusted operating income (loss) before income taxes$$(1)$(3)$(2)$(6)$$(5)$(1)$(4)
Critical illness net premiums$344 $368 $341 $299 $324 $20 $1,352 $1,216 $136 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Includes Claims and other policy holder benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior year period.
 
                                        
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Page 23

                         


Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
GAAP Income Statements
(USD millions)
 Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net premiums$47 $63 $44 $64 $64 $(17)$218 $236 $(18)
Net investment income136 117 125 108 94 42 486 270 216 
Investment related gains (losses), net61 (66)(51)(51)83 (22)(107)(205)98 
Other revenue16 18 10 — 53 174 (121)
Total revenues253 130 136 131 241 12 650 475 175 
Benefits and expenses:
Claims and other policy benefits50 67 44 69 68 (18)230 223 
Future policy benefits remeasurement (gains) losses— (1)— (1)(7)(2)(9)
Interest credited49 54 46 54 39 10 203 119 84 
Policy acquisition costs and other insurance expenses25 21 19 16 12 13 81 60 21 
Other operating expenses25 20 
Total benefits and expenses131 146 116 144 132 (1)537 429 108 
Income (loss) before income taxes$122 $(16)$20 $(13)$109 $13 $113 $46 $67 
Foreign currency effect on (2):
Net premiums$(2)$(2)$(2)$(7)$(9)$$(13)$(30)$17 
Income (loss) before income taxes$(6)$$— $— $(17)$11 $(5)$14 $(19)
Assumed life reinsurance in force (in billions)$8.0 $7.7 $6.7 $7.4 $5.7 $2.3 
Assumed new business production (in billions)$— $1.0 $0.1 $1.7 $— $— $2.8 $0.1 $2.7 
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.
                                        
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Page 24

                         


Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
 Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net premiums$47 $63 $44 $64 $64 $(17)$218 $236 $(18)
Net investment income136 117 125 108 94 42 486 270 216 
Investment related gains, net(3)12 17 (5)
Other revenue12 33 67 (34)
Total revenues197 190 178 184 170 27 749 590 159 
Benefits and expenses:
Claims and other policy benefits50 67 44 69 68 (18)230 223 
Future policy benefits remeasurement (gains) losses— (1)— (1)(7)(2)(9)
Interest credited49 54 46 54 39 10 203 119 84 
Policy acquisition costs and other insurance expenses25 21 19 16 12 13 81 60 21 
Other operating expenses25 20 
Total benefits and expenses131 146 116 144 132 (1)537 429 108 
Adjusted operating income (loss) before income taxes66 44 62 40 38 28 212 161 51 
Notable items (2)
— — — — — — — — — 
Adjusted operating income excluding notable items, before income taxes$66 $44 $62 $40 $38 $28 $212 $161 $51 
Foreign currency effect on (3):
Net premiums$(2)$(2)$(2)$(7)$(9)$$(13)$(30)$17 
Adjusted operating income before income taxes$(2)$(2)$(2)$(3)$(3)$$(9)$(14)$
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(3) Compared to comparable prior year period.
 

                                        
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Reinsurance Group of America, Incorporated
Corporate and Other
GAAP Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net investment income$111 $109 $82 $82 $35 $76 $384 $251 $133 
Investment related gains (losses), net(60)21 — (44)36 (96)(83)(28)(55)
Other revenue22 (4)11 19 34 27 
Total revenues73 135 78 49 90 (17)335 230 105 
Benefits and expenses:
Interest credited19 14 14 14 12 61 32 29 
Policy acquisition costs and other insurance income(27)(24)(20)(20)(21)(6)(91)(87)(4)
Other operating expenses91 84 92 77 96 (5)344 319 25 
Interest expense69 72 63 53 55 14 257 191 66 
Total benefits and expenses152 146 149 124 142 10 571 455 116 
Loss before income taxes$(79)$(11)$(71)$(75)$(52)$(27)$(236)$(225)$(11)
Foreign currency effect on (1):
Loss before income taxes$(5)$$(1)$— $(7)$$(5)$(3)$(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.
                                        
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Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Revenues:
Net investment income$111 $109 $82 $82 $35 $76 $384 $251 $133 
Investment related gains, net14 
Other revenue15 13 13 43 34 
Total revenues131 120 91 99 50 81 441 293 148 
Benefits and expenses:
Interest credited19 14 14 14 12 61 32 29 
Policy acquisition costs and other insurance income(27)(24)(20)(20)(21)(6)(91)(87)(4)
Other operating expenses92 84 89 77 96 (4)342 319 23 
Interest expense70 71 63 53 55 15 257 191 66 
Total benefits and expenses154 145 146 124 142 12 569 455 114 
Adjusted operating income (loss) before income taxes(23)(25)(55)(25)(92)69 (128)(162)34 
Notable items (1)
— — — — — — — — — 
Adjusted operating income excluding notable items, before income taxes$(23)$(25)$(55)$(25)$(92)$69 $(128)$(162)$34 
Foreign currency effect on (2):
Adjusted operating income (loss) before income taxes$(6)$$— $— $— $(6)$(5)$$(7)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
(2) Compared to comparable prior year period.
 
                                        
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Reinsurance Group of America, Incorporated
Summary of Segment GAAP Income
(USD millions)
 Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
U.S. and Latin America:
Traditional$30 $105 $62 $121 $114 $(84)$318 $195 $123 
Financial Solutions:
Asset Intensive(140)89 47 93 (32)(108)89 88 
Capital Solutions20 19 21 21 24 (4)81 144 (63)
Total U.S. and Latin America(90)213 130 235 106 (196)488 340 148 
Canada:
Traditional21 35 29 50 (29)91 104 (13)
Financial Solutions30 10 (3)52 31 21 
Total Canada27 36 41 39 59 (32)143 135 
Europe, Middle East and Africa:
Traditional(60)27 (21)46 (67)
Financial Solutions106 84 52 59 56 50 301 182 119 
Total Europe, Middle East and Africa114 24 56 86 59 55 280 228 52 
Asia Pacific:
Traditional70 134 89 79 100 (30)372 194 178 
Financial Solutions122 (16)20 (13)109 13 113 46 67 
Total Asia Pacific192 118 109 66 209 (17)485 240 245 
Corporate and Other(79)(11)(71)(75)(52)(27)(236)(225)(11)
Consolidated income (loss) before income taxes$164 $380 $265 $351 $381 $(217)$1,160 $718 $442 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

                                        
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Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income
(USD millions)
 Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
U.S. and Latin America:
Traditional$25 $103 $63 $122 $108 $(83)$313 $147 $166 
Financial Solutions:
Asset Intensive81 117 88 84 77 370 304 66 
Capital Solutions20 19 21 21 24 (4)81 144 (63)
Total U.S. and Latin America126 239 172 227 209 (83)764 595 169 
Canada:
Traditional20 10 32 29 47 (27)91 108 (17)
Financial Solutions30 10 (3)52 31 21 
Total Canada26 40 38 39 56 (30)143 139 
Europe, Middle East and Africa:
Traditional(59)27 (20)46 (66)
Financial Solutions112 108 66 69 73 39 355 244 111 
Total Europe, Middle East and Africa120 49 70 96 76 44 335 290 45 
Asia Pacific:
Traditional71 134 89 79 100 (29)373 194 179 
Financial Solutions66 44 62 40 38 28 212 161 51 
Total Asia Pacific137 178 151 119 138 (1)585 355 230 
Corporate and Other(23)(25)(55)(25)(92)69 (128)(162)34 
Consolidated adjusted operating income (loss) before income taxes386 481 376 456 387 (1)1,699 1,217 482 
Notable items (1)
— (3)— — (61)61 (3)242 (245)
Consolidated adjusted operating income (loss) excluding notable items before income taxes$386 $478 $376 $456 $326 $60 $1,696 $1,459 $237 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
 


                                        
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Cash and Invested Assets
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,
 20232023202320232022
Fixed maturity securities, available-for-sale (1)
$60,467 $54,171 $56,236 $56,085 $52,901 
Equity securities139 133 136 138 134 
Mortgage loans7,377 7,231 7,038 6,833 6,590 
Policy loans1,206 1,180 1,202 1,221 1,231 
Funds withheld at interest5,683 5,725 5,862 5,976 6,003 
Limited partnerships and real estate joint ventures2,635 2,560 2,473 2,405 2,327 
Short-term investments222 141 224 246 154 
Other invested assets1,171 1,091 1,119 1,111 1,140 
Cash and cash equivalents2,970 2,820 2,598 3,294 2,927 
Total cash and invested assets$81,870 $75,052 $76,888 $77,309 $73,407 
(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), Japanese government and agencies ("Japanese government"), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).

Investment Income and Yield Summary
 Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
 20232023202320232022Quarter20232022Change
Average invested assets at amortized cost (1)
$37,169 $37,051 $36,124 $35,863 $35,300 $1,869 $35,921 $34,398 $1,523 
Net investment income (1)
$443 $430 $393 $415 $386 $57 $1,681 $1,614 $67 
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)
4.86 %4.72 %4.42 %4.71 %4.45 %41 bps4.68 %4.69 %(1) bp
Variable investment income ("VII") (included in net investment income) (1)
$44 $39 $17 $39 $42 $$139 $291 $(152)
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) (1)
4.60 %4.51 %4.43 %4.45 %4.14 %46 bps4.50 %4.00 %50 bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
                                        
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities
December 31, 2023
 Amortized
Cost
Allowance for Credit LossesUnrealized
Gains
Unrealized
Losses
Estimated Fair
Value
% of
Total
Available-for-sale:
   Corporate$42,014 $62 $554 $3,751 $38,755 64.1 %
   Canadian government3,477 — 473 33 3,917 6.5 %
   Japanese government3,630 — 502 3,131 5.2 %
   ABS4,661 12 19 239 4,429 7.3 %
   CMBS1,969 202 1,773 2.9 %
   RMBS1,173 — 102 1,079 1.8 %
   U.S. government2,725 — 214 2,520 4.2 %
   State and political subdivisions1,236 — 129 1,114 1.8 %
   Other foreign government4,092 — 45 388 3,749 6.2 %
Total fixed maturity securities$64,977 $75 $1,125 $5,560 $60,467 100.0 %


December 31, 2022
 Amortized
Cost
Allowance for Credit LossesUnrealized
Gains
Unrealized
Losses
Estimated Fair
Value
% of
Total
Available-for-sale:
   Corporate$38,963 $27 $168 $5,135 $33,969 64.2 %
   Canadian government3,311 — 381 66 3,626 6.9 %
   Japanese government3,033 — 478 2,559 4.8 %
   ABS4,324 10 440 3,878 7.3 %
   CMBS1,835 — — 212 1,623 3.1 %
   RMBS1,054 — 114 941 1.8 %
   U.S. government1,690 — 212 1,482 2.8 %
   State and political subdivisions1,282 — 10 173 1,119 2.1 %
   Other foreign government4,171 — 22 489 3,704 7.0 %
Total fixed maturity securities$59,663 $37 $594 $7,319 $52,901 100.0 %

                                        
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Corporate Fixed Maturity Securities by Industry
 December 31, 2023December 31, 2022
 Amortized CostEstimated Fair Value% of Total
Average Credit Ratings (1)
Amortized CostEstimated Fair Value% of Total
Average Credit Ratings (1)
Financial institutions
Banking$6,474 $6,109 15.8 %A-$6,281 $5,672 16.7 %A-
Brokerage/asset managers/exchanges1,320 1,194 3.1 %A-1,302 1,115 3.3 %A-
Finance companies367 330 0.9 %BBB+410 350 1.0 %BBB
Insurance4,507 4,086 10.5 %A-4,452 3,851 11.3 %A-
REITs1,401 1,269 3.2 %BBB+1,205 1,013 3.0 %BBB+
Other finance983 801 2.1 %A-901 679 2.0 %A-
      Total financial institutions$15,052 $13,789 35.6 %$14,551 $12,680 37.3 %
Industrials
Basic$1,940 $1,797 4.6 %BBB+$1,921 $1,690 5.0 %BBB
Capital goods1,664 1,531 4.0 %BBB1,734 1,550 4.6 %BBB
Communications2,853 2,635 6.8 %BBB2,517 2,136 6.3 %BBB
Consumer cyclical2,286 2,139 5.5 %BBB+1,997 1,748 5.1 %BBB+
Consumer noncyclical5,057 4,661 12.0 %BBB+4,625 4,052 11.9 %BBB+
Energy2,317 2,171 5.6 %A-2,050 1,801 5.3 %BBB+
Technology1,899 1,819 4.7 %BBB+1,617 1,461 4.3 %BBB+
Transportation2,286 2,100 5.4 %A-2,160 1,859 5.5 %BBB+
Other industrial1,111 1,082 2.8 %BBB1,003 960 2.8 %BBB
       Total industrials$21,413 $19,935 51.4 %$19,624 $17,257 50.8 %
Utilities
Electric$4,371 $3,973 10.3 %A-$3,779 $3,200 9.4 %A-
Natural gas770 694 1.8 %A-664 553 1.7 %A-
Other utility408 364 0.9 %BBB+345 279 0.8 %BBB+
       Total utilities$5,549 $5,031 13.0 %$4,788 $4,032 11.9 %
     Total$42,014 $38,755 100.0 %BBB+$38,963 $33,969 100.0 %BBB+
(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.

                                        
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Ratings of Fixed Maturity Securities
  December 31, 2023September 30, 2023June 30, 2023March 31, 2023December 31, 2022
NAIC Designation (1)
Rating Agency Designation (2)
Amortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of Total
1AAA/AA/A$41,469 $38,739 64.1 %$38,876 $33,799 62.4 %$38,928 $35,512 63.1 %$38,291 $35,308 63.0 %$36,217 $32,295 61.1 %
2BBB19,793 18,261 30.2 %19,959 17,134 31.6 %19,840 17,517 31.2 %19,832 17,658 31.5 %20,188 17,580 33.2 %
3BB3,068 2,956 4.9 %2,902 2,780 5.1 %2,919 2,801 5.0 %2,811 2,698 4.8 %2,734 2,607 5.0 %
4B479 396 0.7 %439 368 0.7 %347 328 0.6 %402 340 0.6 %397 331 0.6 %
5CCC116 92 0.1 %104 81 0.2 %99 69 0.1 %100 69 0.1 %103 71 0.1 %
6In or near default52 23 — %52 — %52 — %58 12 — %24 17 — %
Total $64,977 $60,467 100.0 %$62,332 $54,171 100.0 %$62,185 $56,236 100.0 %$61,494 $56,085 100.0 %$59,663 $52,901 100.0 %
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).
 
 
Structured Fixed Maturity Securities
 December 31, 2023September 30, 2023June 30, 2023March 31, 2023December 31, 2022
 Amortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of Total
ABS:
Collateralized loan obligations ("CLOs")$2,086 $2,048 28.1 %$2,022 $1,967 28.2 %$1,936 $1,857 26.9 %$1,880 $1,775 26.1 %$1,825 $1,702 26.4 %
ABS, excluding CLOs2,575 2,381 32.7 %2,540 2,269 32.5 %2,574 2,308 33.5 %2,590 2,328 34.2 %2,499 2,176 33.8 %
Total ABS4,661 4,429 60.8 %4,562 4,236 60.7 %4,510 4,165 60.4 %4,470 4,103 60.3 %4,324 3,878 60.2 %
CMBS1,969 1,773 24.3 %1,959 1,710 24.5 %1,932 1,699 24.6 %1,882 1,670 24.6 %1,835 1,623 25.2 %
RMBS:
Agency444 398 5.5 %454 388 5.6 %464 413 6.0 %473 432 6.4 %476 427 6.6 %
Non-agency729 681 9.4 %718 642 9.2 %681 624 9.0 %647 592 8.7 %578 514 8.0 %
Total RMBS1,173 1,079 14.9 %1,172 1,030 14.8 %1,145 1,037 15.0 %1,120 1,024 15.1 %1,054 941 14.6 %
Total$7,803 $7,281 100.0 %$7,693 $6,976 100.0 %$7,587 $6,901 100.0 %$7,472 $6,797 100.0 %$7,213 $6,442 100.0 %
 
                                        
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
 As of December 31, 2023
 Less than 12 monthsEqual to or greater than 12 monthsTotal
 Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
   Corporate$2,134 $70 $24,207 $3,524 $26,341 $3,594 
   Canadian government— — 459 33 459 33 
   Japanese government876 50 2,193 452 3,069 502 
   ABS336 3,025 223 3,361 228 
   CMBS160 1,328 190 1,488 195 
   RMBS115 681 99 796 102 
   U.S. government614 10 717 204 1,331 214 
   State and political subdivisions73 864 128 937 129 
   Other foreign government254 2,290 333 2,544 336 
Total investment grade securities$4,562 $147 $35,764 $5,186 $40,326 $5,333 
Below investment grade securities:
   Corporate$295 $36 $649 $121 $944 $157 
   ABS— — 68 10 68 10 
   CMBS— — 
   Other foreign government— — 193 52 193 52 
Total below investment grade securities$295 $36 $914 $184 $1,209 $220 
Total fixed maturity securities$4,857 $183 $36,678 $5,370 $41,535 $5,553 
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.
 

                                        
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
 As of December 31, 2022
 Less than 12 monthsEqual to or greater than 12 monthsTotal
 Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
   Corporate$21,867 $2,756 $6,840 $2,225 $28,707 $4,981 
   Canadian government554 42 71 23 625 65 
   Japanese government815 86 1,694 392 2,509 478 
   ABS1,596 153 1,931 269 3,527 422 
   CMBS1,314 144 281 65 1,595 209 
   RMBS664 62 181 53 845 115 
   U.S. government1,202 64 253 148 1,455 212 
   State and political subdivisions819 124 131 50 950 174 
   Other foreign government1,942 167 1,026 260 2,968 427 
Total investment grade securities$30,773 $3,598 $12,408 $3,485 $43,181 $7,083 
Below investment grade securities:
   Corporate$767 $87 $305 $61 $1,072 $148 
   ABS52 38 90 15 
   Other foreign government39 164 60 203 62 
Total below investment grade securities$858 $95 $507 $130 $1,365 $225 
Total fixed maturity securities$31,631 $3,693 $12,915 $3,615 $44,546 $7,308 
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.

                                        
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Consolidated Investment Related Gains and Losses
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses$(7)$$$(42)$15 $(22)$(38)$(6)$(32)
Impairments on fixed maturities(2)— — (1)(2)— (3)(17)14 
Realized gains on investment activity18 12 11 31 127 (109)72 192 (120)
Realized losses on investment activity(102)(61)(37)(75)(160)58 (275)(396)121 
Net gains (losses) on fixed maturity securities available-for-sale(93)(42)(22)(87)(20)(73)(244)(227)(17)
Net gains (losses) on equity securities(2)(4)(5)(1)(21)20 
Change in mortgage loan allowance for credit losses(17)(9)(8)15 (16)(16)— 
Change in fair value of certain limited partnership investments16 25 10 (3)48 38 10 
Other, net— 15 — — 24 26 (2)
Free-standing derivatives (1):
Interest rate swaps59 (64)(30)20 (2)61 (15)(131)116 
Interest rate options(23)16 (3)(23)(9)(14)(33)(36)
Total return swaps14 (8)22 (8)14 21 (7)
Interest rate futures(1)— — (2)(5)
Foreign currency swaps(3)12 — (6)17 21 (4)
Foreign currency swaps - hedged(2)(1)— (1)(3)(4)(10)
Foreign currency forwards32 (37)(74)(19)61 (29)(98)(93)(5)
Equity options(6)(11)(14)(15)(28)14 (42)
Equity futures(23)11 (10)(9)(11)(12)(31)22 (53)
Credit default swaps47 (26)10 11 37 10 42 (66)108 
CPI swaps(1)— (7)31 (25)
Total free-standing derivatives93 (98)(93)(31)85 (129)(166)37 
Embedded derivatives(181)(20)37 (67)(114)(163)(173)10 
Net gains (losses) on total derivatives(88)(97)(113)18 (106)(292)(339)47 
Total investment related gains (losses), net$(155)$(126)$(123)$(77)$(6)$(149)$(481)$(539)$58 
(1) Free-standing derivatives are non-hedged unless specified.
                                        
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Appendix
Reconciliations of GAAP to Non-GAAP Measures

                                        
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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
U.S. & Latin America Traditional
Income (loss) before income taxes$30 $105 $62 $121 $114 $(84)$318 $195 $123 
Investment and derivative (gains) losses (1)
(2)— — — (3)(2)— (2)
Funds withheld losses - investment income— — — — — 
Change in fair value of funds withheld embedded derivatives (1)
(4)(2)(7)(4)(48)44 
Adjusted operating income (loss) before income taxes25 103 63 122 108 (83)313 147 166 
Notable items (2)
— 17 — — — — 17 170 (153)
Adjusted operating income excluding notable items, before income taxes$25 $120 $63 $122 $108 $(83)$330 $317 $13 
U.S. & Latin America Asset-Intensive
Income (loss) before income taxes$(140)$89 $47 $93 $(32)$(108)$89 $$88 
Market risk benefits remeasurement (gains) losses28 (21)(31)14 (19)47 (10)10 (20)
Investment and derivative (gains) losses (1)
(27)62 49 18 54 (81)102 121 (19)
Change in fair value of funds withheld embedded derivatives (1)
185 19 (38)74 111 167 221 (54)
Funds withheld (gains) losses - investment income(4)(7)(4)(1)(3)(14)(18)
EIA embedded derivatives - interest credited(7)(7)(6)(53)47 
Other34 — — — 34 42 — 42 
Adjusted operating income (loss) before income taxes81 117 88 84 77 370 304 66 
Notable items (2)
— (22)— — — — (22)(3)(19)
Adjusted operating income (loss) excluding notable items, before income taxes$81 $95 $88 $84 $77 $$348 $301 $47 
U.S. & Latin America Capital Solutions
Income (loss) before income taxes$20 $19 $21 $21 $24 $(4)$81 $144 $(63)
Adjusted operating income (loss) before income taxes20 19 21 21 24 (4)81 144 (63)
Notable items (2)
— — — — — — — — — 
Adjusted operating income (loss) excluding notable items, before income taxes$20 $19 $21 $21 $24 $(4)$81 $144 $(63)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
                                        
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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Canada Traditional
Income (loss) before income taxes$21 $$35 $29 $50 $(29)$91 $104 $(13)
Investment and derivative (gains) losses (1)
(1)— (3)(1)(4)(5)(7)
Investment income - non-operating FWAI— — (1)
Other— — — — — — 
Adjusted operating income (loss) before income taxes20 10 32 29 47 (27)91 108 (17)
Notable items (2)
— 13 — — (5)13 12 
Adjusted operating income (loss) excluding notable items, before income taxes$20 $23 $32 $29 $42 $(22)$104 $109 $(5)
Canada Financial Solutions
Income before income taxes$$30 $$10 $$(3)$52 $31 $21 
Adjusted operating income (loss) before income taxes30 10 (3)52 31 21 
Notable items (2)
— (22)— — — — (22)— (22)
Adjusted operating income (loss) excluding notable items, before income taxes$$$$10 $$(3)$30 $31 $(1)
Europe, Middle East and Africa Traditional
Income (loss) before income taxes$$(60)$$27 $$$(21)$46 $(67)
Other— — — — — — 
Adjusted operating income (loss) before income taxes(59)27 (20)46 (66)
Notable items (2)
— 47 — — — — 47 13 34 
Adjusted operating income (loss) excluding notable items, before income taxes$$(12)$$27 $$$27 $59 $(32)
Europe, Middle East and Africa Financial Solutions
Income before income taxes$106 $84 $52 $59 $56 $50 $301 $182 $119 
Investment and derivative losses (1)
23 13 15 (9)49 44 
Investment income - non-operating FWAI— (2)18 (13)
Investment (income) loss on unit-linked variable annuities(3)— (5)24 (23)
Interest credited on unit-linked variable annuities(2)(2)— (2)(1)(24)23 
Adjusted operating income (loss) before income taxes112 108 66 69 73 39 355 244 111 
Notable items (2)
— (34)— — (14)14 (34)(14)(20)
Adjusted operating income (loss) excluding notable items, before income taxes$112 $74 $66 $69 $59 $53 $321 $230 $91 
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
                                        
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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedCurrent QtrYear-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,vs. PYDec. 31,Dec. 31,
20232023202320232022Quarter20232022Change
Asia Pacific Traditional
Income (loss) before income taxes$70 $134 $89 $79 $100 $(30)$372 $194 $178 
Other— — — — — 
Adjusted operating income (loss) before income taxes71 134 89 79 100 (29)373 194 179 
Notable items (2)
— (2)— — (42)42 (2)75 (77)
Adjusted operating income (loss) excluding notable items, before income taxes$71 $132 $89 $79 $58 $13 $371 $269 $102 
Asia Pacific Financial Solutions
Income (loss) before income taxes$122 $(16)$20 $(13)$109 $13 $113 $46 $67 
Investment and derivative (gains) losses (1)
(59)68 55 55 (78)19 119 222 (103)
Other(8)(13)(2)(4)(20)(107)87 
Adjusted operating income (loss) before income taxes66 44 62 40 38 28 212 161 51 
Notable items (2)
— — — — — — — — — 
Adjusted operating income (loss) excluding notable items, before income taxes$66 $44 $62 $40 $38 $28 $212 $161 $51 
Corporate and Other
Income (loss) before income taxes$(79)$(11)$(71)$(75)$(52)$(27)$(236)$(225)$(11)
Investment and derivative (gains) losses (1)
65 (19)48 (34)99 97 36 61 
Interest expense on uncertain tax positions(1)— — — (1)— — — 
Other(8)13 (6)(2)11 27 (16)
Adjusted operating income (loss) before income taxes(23)(25)(55)(25)(92)69 (128)(162)34 
Notable items (2)
— — — — — — — — — 
Adjusted operating income (loss) excluding notable items, before income taxes$(23)$(25)$(55)$(25)$(92)$69 $(128)$(162)$34 
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".

                                        
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Reinsurance Group of America, Incorporated
Reconciliations of Shareholders’ Equity to Shareholders’ Equity Excluding AOCI
(USD millions except per share data)
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,
20232023202320232022
RGA, Inc. shareholders’ equity$9,081 $8,063 $7,805 $7,626 $7,081 
Less effect of AOCI:
Accumulated currency translation adjustments68 (33)26 (94)(116)
Unrealized (depreciation) appreciation of securities(3,667)(6,659)(4,879)(4,393)(5,496)
Effect of updating discount rates on future policy benefits3,256 5,366 3,460 3,034 3,755 
Change in instrument-specific credit risk for market risk benefits13 14 13 
Pension and postretirement benefits(29)(14)(18)(22)(27)
RGA, Inc. shareholders’ equity, excluding AOCI9,450 9,396 9,203 9,087 8,952 
Year-to-date notable items, net of tax (1)
— — — — 184 
RGA, Inc. shareholders’ equity, excluding AOCI and notable items$9,450 $9,396 $9,203 $9,087 $9,136 
(1) Represents the impact of changes in actuarial assumptions on business subject to LDTI recorded in “Future policy benefits remeasurement (gains) losses".
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,
20232023202320232022
Book value per share$138.39 $122.40 $117.87 $114.60 $106.19 
Less effect of AOCI:
Accumulated currency translation adjustment1.04 (0.49)0.38 (1.41)(1.73)
Unrealized (depreciation) appreciation of securities(55.88)(101.10)(73.69)(66.02)(82.44)
Effect of updating discount rates on future policy benefits49.62 81.46 52.26 45.59 56.32 
Change in instrument-specific credit risk for market risk benefits0.05 0.11 0.20 0.22 0.19 
Pension and postretirement benefits(0.45)(0.21)(0.27)(0.34)(0.41)
Book value per share, excluding AOCI$144.01 $142.63 $138.99 $136.56 $134.26 

                                        
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Document

Exhibit 99.3
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