I To Our Shareholders: 2022 was a strong year for RGA despite continuing pandemic-driven headwinds, as our globally diversified business delivered broad-based earnings and robust new business growth. We are a global life and health reinsurance leader, and once again RGA was ranked #1 by ceding companies on NMG Consulting’s Global All Respondents Business Capability Index, making 2022 the 12th consecutive year at #1. Net income was $623 million, or $9.21 per diluted share, reflecting the underlying earnings power of our business and the success of our partner-led, solutions-oriented strategy. Traditional business lines had a very good year, with record levels of annual net premiums of $12.2 billion and favorable global underwriting performance adjusted for COVID-19 claims, most notably in the U.S. individual mortality market and in the Asia Pacific region. Global Financial Solutions (“GFS”) strengthened its position as a partner of choice, accelerating momentum across the team’s business lines and geographies and ending the year with an active transaction pipeline. Overall investment performance was good, with interest rates shifting from a multiyear headwind to an earnings tailwind. RGA deployed $430 million of capital into in-force and other transactions in 2022, another successful year for our transactions business. U.S. and Latin American operations generated $467 in pre-tax income in 2022, following a pandemic- driven pre-tax loss of $25 million in 2021. Traditional new business volume increased 12% as RGA helped clients respond to evolving customer needs. Across all traditional lines, the U.S. team leveraged decades of market leadership and a comprehensive suite of services to remain a premier provider of underwriting and risk management solutions. Latin America operations strengthened its market-leading position with another successful year of new business production. For GFS in the region, asset- intensive and capital solutions lines produced profitable growth while the longevity team completed a $1.7 billion transaction with one of the world’s largest life insurance groups. During the fourth quarter of 2022, RGA entered the U.S. pension risk transfer market and has begun working with partners to provide pension plan solutions to plan sponsors.

II In Canada, pre-tax income totaled $118 million in 2022, compared to $143 million in 2021. RGA Canada remained a market leader in providing innovative reinsurance solutions and, for the 13th time in the last 14 years, ceding companies ranked RGA #1 on NMG Consulting’s 2022 All Respondent Business Capability Index in Canada. These achievements are all testament to RGA’s long-standing commitment to the life and health industry in this important market. In Europe, Middle East, and Africa (“EMEA”), growth in net premiums and favorable claims experience fueled earnings growth. Pre-tax income for the region totaled $206 million in 2022, compared to $64 million in 2021. Innovative solutions in digital distribution and targeted product development helped drive business expansion in traditional business lines. GFS in EMEA produced another solid year and worked to create new growth opportunities by leveraging established longevity expertise to explore new markets. Pre-tax income for Asia Pacific operations increased from $88 million in 2021 to $276 million in 2022, primarily due to favorable claims experience. RGA built on our long-standing leadership in product development in Asia by introducing an innovation ecosystem designed to improve efficiency, equip teams to deliver market-first solutions, and ultimately fuel business growth. In Australia, improved market conditions and an ongoing focus on disciplined growth produced positive financial results in 2022. The Asia Pacific GFS team delivered another successful year, especially in asset-intensive business in Japan and Hong Kong, as a dynamic economic environment drove growing demand for financial solutions. As we reflect on RGA’s many accomplishments in 2022 and look ahead to our future, I also want to acknowledge that this is a time of transition at RGA. At the beginning of 2023, we welcomed a new Board Chair, Stephen O’Hearn, when, after nearly 30 years of service on RGA’s Board of Directors, Cliff Eason retired. Cliff has been a stalwart presence at RGA during his tenure, and his wisdom, integrity, and steady leadership will leave an indelible legacy. I would also like to congratulate long-time RGA executive Tony Cheng, who will assume the role of CEO upon my retirement at the end of 2023. I have been honored and privileged to lead such an amazing global organization, and as Tony and Steve take on their new responsibilities, my confidence, optimism, and excitement about RGA’s future has never been stronger. Lastly, RGA celebrates its 50th Anniversary in 2023. The success of this organization over the past five decades has been extraordinary, and we are well positioned to build on that success for decades to

III come. This is an exceptional franchise powered by highly engaged and talented employees. Our business is strong, our strategy is sound, and our future is bright. Anna Manning Chief Executive Officer

IV 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 RGA (which we refer to in the previous paragraphs as “we,” “us” or “our”). 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. See “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations – Cautionary Note Regarding Forward-Looking Statements” of RGA’s Annual Report on Form 10-K, included herein.

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Shareholder Information Transfer Agent: Computershare Send correspondence to: P.O. Box 43078 Providence, RI 02940-3078 Send overnight correspondence to: 150 Royall St., Suite 101 Canton, MA 02021 T 866-204-0209 http://www.computershare.com/investor Independent Auditors: Deloitte and Touche LLP Annual Report on Form 10-K: Reinsurance Group of America, Incorporated files with the Securities and Exchange Commission an Annual Report (Form 10-K). Shareholders may obtain a copy of the Form 10-K without charge by writing to: Jeff Hopson Senior Vice President – Investor Relations Reinsurance Group of America, Incorporated 16600 Swingley Ridge Road Chesterfield, Missouri 63017-1706 U.S.A. Shareholders may contact us through our internet site at http://www.rgare.com or may email us at investrelations@rgare.com