Exhibit 99.2

Quarterly Financial Supplement

Third Quarter 2023

(Unaudited)

World Headquarters	Internet Address	Contacts
16600 Swingley Ridge Road	www.rgare.com	Todd C. Larson
Chesterfield, Missouri 63017 U.S.A.		Senior Executive Vice President
		and Chief Financial Officer
		Phone: (636) 736-7000
		e-mail: tlarson@rgare.com
		Jeff Hopson
		Senior Vice President, Investor Relations
		Phone: (636) 736-2068
		e-mail: jhopson@rgare.com

Current Ratings
	Standard & Poor’s	A.M. Best	Moody’s
Financial Strength Ratings
RGA Reinsurance Company	AA-	A+	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 Company	AA-
Omnilife Insurance Company Limited	A+
Aurora National Life Assurance Company		A+
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”.

Reinsurance Group of America, Incorporated

3rd Quarter 2023

Table of Contents

	Page
Non-GAAP Disclosures	1
Consolidated
Financial Highlights	3
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)	4
Consolidated Balance Sheets	6
Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements
U.S. and Latin America Traditional	7
U.S. and Latin America Financial Solutions - Asset-Intensive	9
U.S. and Latin America Financial Solutions - Capital Solutions	12
Canada Traditional	14
Canada Financial Solutions	16
Europe, Middle East and Africa Traditional	18
Europe, Middle East and Africa Financial Solutions	20
Asia Pacific Traditional	22
Asia Pacific Financial Solutions	24
Corporate and Other	26
Summary of Segment GAAP Income	28
Summary of Segment Adjusted Operating Income	29
Investments
Cash and Invested Assets and Investment Income and Yield Summary	30
Fixed Maturity Securities	31
Corporate Fixed Maturity Securities by Industry	32
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities	33
Fixed Maturity Securities Below Amortized Cost	34
Consolidated Investment Related Gains and Losses	36
Appendix
Reconciliations of GAAP to Non-GAAP Measures	37

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.

Page 1

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 Ended															Current Qtr			Year-to-Date
(USD millions, except in force & per share and shares data)	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,		Sept. 30,
	2023			2023			2023			2022			2022			Quarter			2023		2022		Change
Net premiums	$	4,255		$	3,337		$	3,385		$	3,446		$	3,247		$	1,008		$	10,977	$	9,632	$	1,345
Net income (loss) available to RGA's shareholders	287			205			252			291			(76)			363			744		226		518
Adjusted operating income	372			297			349			312			16			356			1,018		615		403
Adjusted operating income excluding notable items (1)	372			297			349			266			263			109			1,018		845		173
Return on equity	13.9		%	9.2		%	7.8		%	6.8		%	8.3		%	5.6		%
Adjusted operating return on equity (ex AOCI)	14.7		%	10.9		%	11.2		%	10.5		%	9.2		%	5.5		%
Adjusted operating return on equity (ex AOCI and notable items (1))	14.0		%	13.0		%	13.1		%	12.5		%	11.7		%	2.3		%
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income (loss)	$	4.34		$	3.09		$	3.77		$	4.36		$	(1.13)		$	5.47		$	11.19	$	3.38	$	7.81
Adjusted operating income (loss)	$	5.64		$	4.46		$	5.22		$	4.67		$	0.24		$	5.40		$	15.32	$	9.18	$	6.14
Adjusted operating income (loss) excluding notable items (1)	$	5.64		$	4.46		$	5.22		$	3.97		$	3.95		$	1.69		$	15.32	$	12.62	$	2.70
Diluted earnings per share (2)
Net income (loss)	$	4.29		$	3.05		$	3.72		$	4.30		$	(1.13)		$	5.42		$	11.06	$	3.35	$	7.71
Adjusted operating income (loss)	$	5.57		$	4.40		$	5.16		$	4.60		$	0.24		$	5.33		$	15.14	$	9.10	$	6.04
Adjusted operating income (loss) excluding notable items (1)	$	5.57		$	4.40		$	5.16		$	3.91		$	3.92		$	1.65		$	15.14	$	12.51	$	2.63
Wgt. average common shares outstanding
Basic	66,127			66,518			66,779			66,748			66,936			(809)			66,473		67,012		(539)
Diluted	66,914			67,420			67,615			67,793			67,663			(749)			67,252		67,607		(355)
Book value per share	$	122.40		$	117.87		$	114.60		$	106.19		$	101.08		$	21.32		$	122.40	$	101.08	$	21.32
Book value per share, excluding AOCI	$	142.63		$	138.99		$	136.56		$	134.26		$	130.68		$	11.95		$	142.63	$	130.68	$	11.95
Shareholders’ dividends paid	$	56		$	54		$	53		$	53		$	54		$	2		$	163	$	152	$	11
Share buybacks	$	50		$	50		$	50		$	25		$	25		$	25		$	150	$	50	$	100
Total returned to shareholders	$	106		$	104		$	103		$	78		$	79		$	27		$	313	$	202	$	111
Common shares issued	85,311			85,311			85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	19,439			19,099			18,771			18,635			18,484			955			19,439		18,484		955
Common shares outstanding	65,872			66,212			66,540			66,676			66,827			(955)			65,872		66,827		(955)
Assumed life reinsurance in force (in billions)	$	3,499.4		$	3,479.5		$	3,426.7		$	3,400.7		$	3,272.6		$	226.8
Assumed new business production (in billions)	$	96.7		$	88.2		$	80.6		$	92.5		$	100.7		$	(4.0)		$	265.5	$	316.4	$	(50.9)
(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 Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	4,255	$	3,337	$	3,385	$	3,446	$	3,247	$	1,008	$	10,977	$	9,632	$	1,345
Net investment income	922		857		856		828		769		153		2,635		2,333		302
Investment related gains (losses), net	(126)		(123)		(77)		(6)		(154)		28		(326)		(533)		207
Other revenue	102		85		87		89		188		(86)		274		438		(164)
Total revenues	5,153		4,156		4,251		4,357		4,050		1,103		13,560		11,870		1,690
Benefits and expenses:
Claims and other policy benefits	3,959		3,013		3,063		3,125		3,048		911		10,035		8,857		1,178
Future policy benefits remeasurement (gains) losses	(82)		13		(26)		(11)		226		(308)		(95)		302		(397)
Market risk benefits remeasurement (gains) losses	(21)		(31)		14		(19)		23		(44)		(38)		29		(67)
Interest credited	223		209		215		214		189		34		647		468		179
Policy acquisition costs and other insurance expenses	348		349		331		323		341		7		1,028		1,021		7
Other operating expenses	274		275		250		289		251		23		799		720		79
Interest expense	72		63		53		55		49		23		188		136		52
Total benefits and expenses	4,773		3,891		3,900		3,976		4,127		646		12,564		11,533		1,031
Income (loss) before income taxes	380		265		351		381		(77)		457		996		337		659
Provision for income taxes	91		58		98		88		(2)		93		247		109		138
Net income (loss)	289		207		253		293		(75)		364		749		228		521
Net income attributable to noncontrolling interest	2		2		1		2		1		1		5		2		3
Net income (loss) available to RGA's shareholders	$	287	$	205	$	252	$	291	$	(76)	$	363	$	744	$	226	$	518
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes	$	380	$	265	$	351	$	381	$	(77)	$	457	$	996	$	337	$	659
Investment and derivative (gains) losses (1)	134		117		127		(46)		152		(18)		378		471		(93)
Market risk benefits remeasurement (gains) losses	(21)		(31)		14		(19)		23		(44)		(38)		29		(67)
Change in fair value of funds withheld embedded derivatives (1)	(1)		20		(37)		67		17		(18)		(18)		106		(124)
Funds withheld (gains) losses - investment income	(4)		2		—		2		4		(8)		(2)		22		(24)
EIA embedded derivatives - interest credited	(7)		3		(7)		1		(10)		3		(11)		(54)		43
Investment (income) loss on unit-linked variable annuities	2		2		—		2		5		(3)		4		22		(18)
Interest credited on unit-linked variable annuities	(2)		(2)		—		(2)		(5)		3		(4)		(22)		18
Interest expense on uncertain tax positions	1		—		—		—		—		1		1		—		1
Other	(1)		—		8		1		(71)		70		7		(81)		88
Adjusted operating income before income taxes	481		376		456		387		38		443		1,313		830		483
Notable items (2)	(3)		—		—		(61)		326		(329)		(3)		303		(306)
Adjusted operating income before income taxes excluding notable items	$	478	$	376	$	456	$	326	$	364	$	114	$	1,310	$	1,133	$	177
(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 Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
After-tax adjusted operating income reconciliation:
GAAP net income (loss) attributable to RGA	$	287	$	205	$	252	$	291	$	(76)	$	363	$	744	$	226	$	518
Investment and derivative (gains) losses (1)	104		88		102		(14)		120		(16)		294		366		(72)
Market risk benefits remeasurement (gains) losses	(17)		(24)		11		(15)		18		(35)		(30)		23		(53)
Change in fair value of funds withheld embedded derivatives (1)	(1)		16		(29)		53		14		(15)		(14)		84		(98)
Funds withheld (gains) losses - investment income	(4)		2		—		2		3		(7)		(2)		17		(19)
EIA embedded derivatives - interest credited	(6)		3		(6)		1		(8)		2		(9)		(43)		34
Investment (income) loss on unit-linked variable annuities	1		2		—		2		4		(3)		3		17		(14)
Interest credited on unit-linked variable annuities	(1)		(2)		—		(2)		(4)		3		(3)		(17)		14
Interest expense on uncertain tax positions	1		—		—		—		—		1		1		—		1
Other	—		—		6		1		(56)		56		6		(64)		70
Uncertain tax positions and other tax related items	6		5		12		(9)		—		6		23		4		19
Net income attributable to noncontrolling interest	2		2		1		2		1		1		5		2		3
Adjusted operating income	372		297		349		312		16		356		1,018		615		403
Notable items (2)	—		—		—		(46)		247		(247)		—		230		(230)
Adjusted operating income excluding notable items	$	372	$	297	$	349	$	266	$	263	$	109	$	1,018	$	845	$	173
Diluted earnings per share - adjusted operating income (loss) (3)	$	5.57	$	4.40	$	5.16	$	4.60	$	0.24	$	5.33	$	15.14	$	9.10	$	6.04
Diluted earnings per share - adjusted operating income (loss) excluding notable items (3)	$	5.57	$	4.40	$	5.16	$	3.91	$	3.92	$	1.65	$	15.14	$	12.51	$	2.63
Foreign currency effect on (4):
Net premiums	$	13	$	(45)	$	(112)	$	(164)	$	(160)	$	173	$	(144)	$	(326)	$	182
Adjusted operating income (loss) before income taxes	$	1	$	(6)	$	(16)	$	(18)	$	(11)	$	12	$	(21)	$	(30)	$	9
(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)
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2023		2023		2023		2022		2022
Assets
Fixed maturity securities available-for-sale, at fair value	$	54,171	$	56,236	$	56,085	$	52,901	$	50,495
Equity securities, at fair value	133		136		138		134		137
Mortgage loans	7,231		7,038		6,833		6,590		6,558
Policy loans	1,180		1,202		1,221		1,231		1,202
Funds withheld at interest	5,725		5,862		5,976		6,003		6,177
Limited partnerships and real estate joint ventures	2,560		2,473		2,405		2,327		2,197
Short-term investments	141		224		246		154		225
Other invested assets	1,091		1,119		1,111		1,140		1,049
Total investments	72,232		74,290		74,015		70,480		68,040
Cash and cash equivalents	2,820		2,598		3,294		2,927		3,512
Accrued investment income	744		702		672		630		628
Premiums receivable and other reinsurance balances	3,279		3,321		3,114		3,013		2,820
Reinsurance ceded receivables and other	2,818		2,664		2,723		2,671		2,650
Deferred policy acquisition costs	4,289		4,286		4,257		4,128		4,004
Other assets	1,240		1,179		1,045		1,055		1,165
Total assets	$	87,422	$	89,040	$	89,120	$	84,904	$	82,819
Liabilities and equity
Future policy benefits	$	36,474	$	38,239	$	38,222	$	35,689	$	33,724
Interest-sensitive contract liabilities	29,365		29,910		30,405		30,342		30,043
Market risk benefits, at fair value	224		235		261		247		259
Other policy claims and benefits	2,654		2,579		2,558		2,480		2,366
Other reinsurance balances	750		858		851		725		889
Deferred income taxes	1,601		1,424		1,446		1,383		1,350
Other liabilities	3,751		3,050		3,206		2,906		3,136
Long-term debt	4,450		4,850		4,455		3,961		4,207
Total liabilities	79,269		81,145		81,404		77,733		75,974
Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,534		2,522		2,506		2,502		2,493
Retained earnings	8,713		8,483		8,336		8,169		7,936
Treasury stock	(1,852)		(1,803)		(1,756)		(1,720)		(1,697)
Accumulated other comprehensive income (loss), net of taxes (AOCI):
Accumulated currency translation adjustment	(33)		26		(94)		(116)		(147)
Unrealized (depreciation) appreciation of securities	(6,659)		(4,879)		(4,393)		(5,496)		(5,788)
Effect of updating discount rates on future policy benefits	5,366		3,460		3,034		3,755		3,989
Change in instrument-specific credit risk for market risk benefits	7		13		14		13		19
Pension and postretirement benefits	(14)		(18)		(22)		(27)		(51)
Total RGA, Inc. shareholders’ equity	8,063		7,805		7,626		7,081		6,755
Noncontrolling interest	90		90		90		90		90
Total equity	8,153		7,895		7,716		7,171		6,845
Total liabilities and equity	$	87,422	$	89,040	$	89,120	$	84,904	$	82,819
Total RGA, Inc. shareholders’ equity, excluding AOCI	$	9,396	$	9,203	$	9,087	$	8,952	$	8,733
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 Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2023			2023			2023			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	1,746		$	1,750		$	1,615		$	1,778		$	1,640		$	106		$	5,111		$	4,812		$	299
Net investment income	195			180			193			224			201			(6)			568			676			(108)
Investment related gains (losses), net	2			(1)			(1)			6			8			(6)			—			42			(42)
Other revenue	6			3			5			5			6			—			14			22			(8)
Total revenues	1,949			1,932			1,812			2,013			1,855			94			5,693			5,552			141
Benefits and expenses:
Claims and other policy benefits	1,611			1,592			1,447			1,642			1,520			91			4,650			4,491			159
Future policy benefits remeasurement (gains) losses	(20)			24			7			10			160			(180)			11			252			(241)
Interest credited	19			18			18			17			18			1			55			52			3
Policy acquisition costs and other insurance expenses	184			187			175			178			182			2			546			544			2
Other operating expenses	50			49			44			52			44			6			143			132			11
Total benefits and expenses	1,844			1,870			1,691			1,899			1,924			(80)			5,405			5,471			(66)
Income (loss) before income taxes	$	105		$	62		$	121		$	114		$	(69)		$	174		$	288		$	81		$	207
Loss and expense ratios:
Loss ratio (1)	91.1		%	92.3		%	90.0		%	92.9		%	102.4		%	(11.3)		%	91.2		%	98.6		%	(7.4)		%
Policy acquisition costs and other insurance expenses	10.5		%	10.7		%	10.8		%	10.0		%	11.1		%	(0.6)		%	10.7		%	11.3		%	(0.6)		%
Other operating expenses	2.9		%	2.8		%	2.7		%	2.9		%	2.7		%	0.2		%	2.8		%	2.7		%	0.1		%
Foreign currency effect on (2):
Net premiums	$	5		$	3		$	2		$	1		$	—		$	5		$	10		$	1		$	9
Income (loss) before income taxes	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Assumed life reinsurance in force (in billions)	$	1,693.1		$	1,685.3		$	1,676.8		$	1,672.2		$	1,662.7		$	30.4
Assumed new business production (in billions)	$	36.7		$	35.6		$	34.1		$	36.4		$	37.3		$	(0.6)		$	106.4		$	109.5		$	(3.1)
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.

Page 7

Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2023			2023			2023			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	1,746		$	1,750		$	1,615		$	1,778		$	1,640		$	106		$	5,111		$	4,812		$	299
Net investment income	195			180			193			224			201			(6)			568			676			(108)
Other revenue	6			3			5			5			6			—			14			22			(8)
Total revenues	1,947			1,933			1,813			2,007			1,847			100			5,693			5,510			183
Benefits and expenses:
Claims and other policy benefits	1,611			1,592			1,447			1,642			1,520			91			4,650			4,491			159
Future policy benefits remeasurement (gains) losses	(20)			24			7			10			160			(180)			11			252			(241)
Interest credited	19			18			18			17			18			1			55			52			3
Policy acquisition costs and other insurance expenses	184			187			175			178			182			2			546			544			2
Other operating expenses	50			49			44			52			44			6			143			132			11
Total benefits and expenses	1,844			1,870			1,691			1,899			1,924			(80)			5,405			5,471			(66)
Adjusted operating income (loss) before income taxes	103			63			122			108			(77)			180			288			39			249
Notable items (1)	17			—			—			—			170			(153)			17			170			(153)
Adjusted operating income (loss) excluding notable items, before income taxes	$	120		$	63		$	122		$	108		$	93		$	27		$	305		$	209		$	96
Loss and expense ratios:
Loss ratio (2)	91.1		%	92.3		%	90.0		%	92.9		%	102.4		%	(11.3)		%	91.2		%	98.6		%	(7.4)		%
Policy acquisition costs and other insurance expenses	10.5		%	10.7		%	10.8		%	10.0		%	11.1		%	(0.6)		%	10.7		%	11.3		%	(0.6)		%
Other operating expenses	2.9		%	2.8		%	2.7		%	2.9		%	2.7		%	0.2		%	2.8		%	2.7		%	0.1		%
Foreign currency effect on (3):
Net premiums	$	5		$	3		$	2		$	1		$	—		$	5		$	10		$	1		$	9
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.

Page 8

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	820	$	17	$	163	$	24	$	13	$	807	$	1,000	$	42	$	958
Net investment income	298		278		280		287		265		33		856		767		89
Investment related gains (losses), net	(63)		(68)		20		(128)		(41)		(22)		(111)		(214)		103
Other revenue	35		26		25		25		29		6		86		86		—
Total revenues	1,090		253		488		208		266		824		1,831		681		1,150
Benefits and expenses:
Claims and other policy benefits	851		45		199		52		41		810		1,095		153		942
Future policy benefits remeasurement (gains) losses	(25)		(1)		(4)		(2)		(5)		(20)		(30)		(26)		(4)
Market risk benefits remeasurement (gains) losses	(21)		(31)		14		(19)		23		(44)		(38)		29		(67)
Interest credited	137		133		129		148		130		7		399		338		61
Policy acquisition costs and other insurance expenses	45		47		46		47		36		9		138		122		16
Other operating expenses	14		13		11		14		11		3		38		32		6
Total benefits and expenses	1,001		206		395		240		236		765		1,602		648		954
Income (loss) before income taxes	$	89	$	47	$	93	$	(32)	$	30	$	59	$	229	$	33	$	196
Assumed life reinsurance in force (in billions)	$	5.1	$	5.2	$	5.2	$	5.2	$	5.3	$	(0.2)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 9

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	820	$	17	$	163	$	24	$	13	$	807	$	1,000	$	42	$	958
Net investment income	291		279		276		286		264		27		846		772		74
Other revenue	35		26		25		25		29		6		86		86		—
Total revenues	1,146		322		464		335		306		840		1,932		900		1,032
Benefits and expenses:
Claims and other policy benefits	851		45		199		52		41		810		1,095		153		942
Future policy benefits remeasurement (gains) losses	(25)		(1)		(4)		(2)		(5)		(20)		(30)		(26)		(4)
Interest credited	144		130		136		147		140		4		410		392		18
Policy acquisition costs and other insurance expenses	45		47		38		47		36		9		130		122		8
Other operating expenses	14		13		11		14		11		3		38		32		6
Total benefits and expenses	1,029		234		380		258		223		806		1,643		673		970
Adjusted operating income (loss) before income taxes	117		88		84		77		83		34		289		227		62
Notable items (1)	(22)		—		—		—		(3)		(19)		(22)		(3)		(19)
Adjusted operating income (loss) excluding notable items, before income taxes	$	95	$	88	$	84	$	77	$	80	$	15	$	267	$	224	$	43
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".

Page 10

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)	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
	2023			2023			2023			2022			2022
Policyholder account balances
Fixed annuities (deferred)	$	11,066		$	11,361		$	11,699		$	12,046		$	12,257
Equity-indexed annuities	$	2,469		$	2,580		$	2,701		$	2,817		$	2,919
Bank-owned life insurance (BOLI)	$	2,480		$	2,494		$	2,505		$	2,500		$	2,508
Other policyholder account balances	$	51		$	52		$	75		$	75		$	76
Variable annuities account balances
No riders	$	578		$	599		$	598		$	672		$	642
GMDB only	742			738			734			771			802
GMIB only	16			16			16			20			19
GMAB only	2			2			2			2			2
GMWB only	814			883			866			863			833
GMDB / WB	156			169			168			165			158
Other	12			13			12			15			15
Total variable annuities account balances	$	2,320		$	2,420		$	2,396		$	2,508		$	2,471
Interest-sensitive contract liabilities not associated with policyholder account balances:
Guaranteed investment contracts, funding agreements and immediate annuities	$	707		$	843		$	828		$	848		$	866
Future policy benefits (at original discount rate) associated with:
Payout annuities	$	4,909		$	4,181		$	4,231		$	4,153		$	4,208
Other future policy benefits	$	60		$	62		$	58		$	59		$	59
Liability for market risk benefits:
Equity-indexed annuities	$	135		$	140		$	144		$	132		$	90
Variable annuities (liability)	$	89		$	95		$	117		$	115		$	168
Variable annuities (asset)	$	8		$	6		$	2		$	—		$	—
Net interest spread (1)	1.3		%	1.4		%	1.2		%	1.2		%	1.0		%
(1) Net interest spread for Asset-Intensive is calculated as net investment income less interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents.

Page 11

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	$	1	$	—	$	1	$	1	$	2	$	(1)	$	2	$	4	$	(2)
Other revenue	24		25		26		26		24		—		75		126		(51)
Total revenues	25		25		27		27		26		(1)		77		130		(53)
Benefits and expenses:
Policy acquisition costs and other insurance expenses	2		2		2		—		(1)		3		6		1		5
Other operating expenses	4		2		4		3		4		—		10		9		1
Total benefits and expenses	6		4		6		3		3		3		16		10		6
Income before income taxes	$	19	$	21	$	21	$	24	$	23	$	(4)	$	61	$	120	$	(59)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 12

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	$	1	$	—	$	1	$	1	$	2	$	(1)	$	2	$	4	$	(2)
Other revenue	24		25		26		26		24		—		75		126		(51)
Total revenues	25		25		27		27		26		(1)		77		130		(53)
Benefits and expenses:
Policy acquisition costs and other insurance expenses	2		2		2		—		(1)		3		6		1		5
Other operating expenses	4		2		4		3		4		—		10		9		1
Total benefits and expenses	6		4		6		3		3		3		16		10		6
Adjusted operating income (loss) before income taxes	$	19	$	21	$	21	$	24	$	23	$	(4)	$	61	$	120	$	(59)
Notable items (1)	—		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	19	$	21	$	21	$	24	$	23	$	(4)	$	61	$	120	$	(59)
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".

Page 13

Reinsurance Group of America, Incorporated
Canada Traditional
GAAP Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2023			2023			2023			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	302		$	307		$	295		$	308		$	293		$	9		$	904		$	911		$	(7)
Net investment income	62			61			61			66			64			(2)			184			184			—
Investment related gains (losses), net	—			4			2			5			2			(2)			6			(3)			9
Other revenue	2			1			1			1			—			2			4			3			1
Total revenues	366			373			359			380			359			7			1,098			1,095			3
Benefits and expenses:
Claims and other policy benefits	284			282			270			285			272			12			836			844			(8)
Future policy benefits remeasurement (gains) losses	16			(1)			3			(10)			9			7			18			8			10
Interest credited	1			—			—			—			—			1			1			—			1
Policy acquisition costs and other insurance expenses	46			47			45			44			56			(10)			138			159			(21)
Other operating expenses	13			10			12			11			10			3			35			30			5
Total benefits and expenses	360			338			330			330			347			13			1,028			1,041			(13)
Income before income taxes	$	6		$	35		$	29		$	50		$	12		$	(6)		$	70		$	54		$	16
Loss and expense ratios:
Loss ratio (1)	99.3		%	91.5		%	92.5		%	89.3		%	95.9		%	3.4		%	94.5		%	93.5		%	1.0		%
Policy acquisition costs and other insurance expenses	15.2		%	15.3		%	15.3		%	14.3		%	19.1		%	(3.9)		%	15.3		%	17.5		%	(2.2)		%
Other operating expenses	4.3		%	3.3		%	4.1		%	3.6		%	3.4		%	0.9		%	3.9		%	3.3		%	0.6		%
Foreign currency effect on (2):
Net premiums	$	(8)		$	(16)		$	(20)		$	(23)		$	(11)		$	3		$	(44)		$	(24)		$	(20)
Income before income taxes	$	(1)		$	(2)		$	(2)		$	(3)		$	—		$	(1)		$	(5)		$	(1)		$	(4)
Creditor reinsurance net premiums	$	17		$	18		$	18		$	17		$	18		$	(1.00)		$	53		$	56		$	(3)
Assumed life reinsurance in force (in billions)	$	477.2		$	484.6		$	469.5		$	463.6		$	448.7		$	28.5
Assumed new business production (in billions)	$	11.0		$	11.2		$	10.8		$	11.9		$	10.8		$	0.2		$	33.0		$	36.3		$	(3.3)
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.

Page 14

Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2023			2023			2023			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	302		$	307		$	295		$	308		$	293		$	9		$	904		$	911		$	(7)
Net investment income	64			61			62			67			65			(1)			187			185			2
Investment related gains, net	—			1			1			1			1			(1)			2			3			(1)
Other revenue	2			1			1			1			—			2			4			3			1
Total revenues	368			370			359			377			359			9			1,097			1,102			(5)
Benefits and expenses:
Claims and other policy benefits	284			282			270			285			272			12			836			844			(8)
Future policy benefits remeasurement (gains) losses	16			(1)			3			(10)			9			7			18			8			10
Interest credited	1			—			—			—			—			1			1			—			1
Policy acquisition costs and other insurance expenses	46			47			45			44			56			(10)			138			159			(21)
Other operating expenses	11			10			12			11			10			1			33			30			3
Total benefits and expenses	358			338			330			330			347			11			1,026			1,041			(15)
Adjusted operating income (loss) before income taxes	10			32			29			47			12			(2)			71			61			10
Notable items (1)	13			—			—			(5)			6			7			13			6			7
Adjusted operating income excluding notable items, before income taxes	$	23		$	32		$	29		$	42		$	18		$	5		$	84		$	67		$	17
Loss and expense ratios:
Loss ratio (2)	99.3		%	91.5		%	92.5		%	89.3		%	95.9		%	3.4		%	94.5		%	93.5		%	1.0		%
Policy acquisition costs and other insurance expenses	15.2		%	15.3		%	15.3		%	14.3		%	19.1		%	(3.9)		%	15.3		%	17.5		%	(2.2)		%
Other operating expenses	3.6		%	3.3		%	4.1		%	3.6		%	3.4		%	0.2		%	3.7		%	3.3		%	0.4		%
Foreign currency effect on (3):
Net premiums	$	(8)		$	(16)		$	(20)		$	(23)		$	(11)		$	3		$	(44)		$	(24)		$	(20)
Adjusted operating income before income taxes	$	(1)		$	(2)		$	(2)		$	(3)		$	—		$	(1)		$	(5)		$	(1)		$	(4)
Creditor reinsurance net premiums	$	17		$	18		$	18		$	17		$	18		$	(1)		$	53		$	56		$	(3)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions 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.

Page 15

Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
GAAP Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	22	$	23	$	23	$	23	$	24	$	(2)	$	68	$	72	$	(4)
Net investment income	1		1		1		1		1		—		3		4		(1)
Other revenue	3		2		3		4		2		1		8		6		2
Total revenues	26		26		27		28		27		(1)		79		82		(3)
Benefits and expenses:
Claims and other policy benefits	18		20		21		20		22		(4)		59		66		(7)
Future policy benefits remeasurement (gains) losses	(23)		(2)		(5)		(3)		(2)		(21)		(30)		(9)		(21)
Policy acquisition costs and other insurance expenses	1		—		1		1		—		1		2		1		1
Other operating expenses	—		2		—		1		1		(1)		2		2		—
Total benefits and expenses	(4)		20		17		19		21		(25)		33		60		(27)
Income before income taxes	$	30	$	6	$	10	$	9	$	6	$	24	$	46	$	22	$	24
Foreign currency effect on (2):
Net premiums	$	(1)	$	(2)	$	(1)	$	(2)	$	(1)	$	—	$	(4)	$	(2)	$	(2)
Income before income taxes	$	—	$	—	$	(1)	$	—	$	(1)	$	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.

Page 16

Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	22	$	23	$	23	$	23	$	24	$	(2)	$	68	$	72	$	(4)
Net investment income	1		1		1		1		1		—		3		4		(1)
Other revenue	3		2		3		4		2		1		8		6		2
Total revenues	26		26		27		28		27		(1)		79		82		(3)
Benefits and expenses:
Claims and other policy benefits	18		20		21		20		22		(4)		59		66		(7)
Future policy benefits remeasurement (gains) losses	(23)		(2)		(5)		(3)		(2)		(21)		(30)		(9)		(21)
Policy acquisition costs and other insurance expenses	1		—		1		1		—		1		2		1		1
Other operating expenses	—		2		—		1		1		(1)		2		2		—
Total benefits and expenses	(4)		20		17		19		21		(25)		33		60		(27)
Adjusted operating income (loss) before income taxes	30		6		10		9		6		24		46		22		24
Notable items (2)	(22)		—		—		—		—		(22)		(22)		—		(22)
Adjusted operating income excluding notable items, before income taxes	$	8	$	6	$	10	$	9	$	6	$	2	$	24	$	22	$	2
Foreign currency effect on (3):
Net premiums	$	(1)	$	(2)	$	(1)	$	(2)	$	(1)	$	—	$	(4)	$	(2)	$	(2)
Adjusted operating income before income taxes	$	—	$	—	$	(1)	$	—	$	(1)	$	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) 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.

Page 17

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
GAAP Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2023			2023			2023			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	447		$	429		$	438		$	422		$	436		$	11		$	1,314		$	1,314		$	—
Net investment income	23			23			23			21			18			5			69			55			14
Other revenue	1			(1)			(1)			3			2			(1)			(1)			3			(4)
Total revenues	471			451			460			446			456			15			1,382			1,372			10
Benefits and expenses:
Claims and other policy benefits	429			383			390			404			409			20			1,202			1,182			20
Future policy benefits remeasurement (gains) losses	43			12			(8)			(10)			(7)			50			47			(5)			52
Policy acquisition costs and other insurance expenses	25			21			18			16			19			6			64			61			3
Other operating expenses	34			31			33			33			30			4			98			91			7
Total benefits and expenses	531			447			433			443			451			80			1,411			1,329			82
Income (loss) before income taxes	$	(60)		$	4		$	27		$	3		$	5		$	(65)		$	(29)		$	43		$	(72)
Loss and expense ratios:
Loss ratio (1)	105.6		%	92.1		%	87.2		%	93.4		%	92.2		%	13.4		%	95.1		%	89.6		%	5.5		%
Policy acquisition costs and other insurance expenses	5.6		%	4.9		%	4.1		%	3.8		%	4.4		%	1.2		%	4.9		%	4.6		%	0.3		%
Other operating expenses	7.6		%	7.2		%	7.5		%	7.8		%	6.9		%	0.7		%	7.5		%	6.9		%	0.6		%
Foreign currency effect on (2):
Net premiums	$	20		$	(6)		$	(41)		$	(53)		$	(68)		$	88		$	(27)		$	(130)		$	103
Income (loss) before income taxes	$	(4)		$	1		$	(1)		$	—		$	—		$	(4)		$	(4)		$	(3)		$	(1)
Critical illness net premiums	$	34		$	35		$	33		$	33		$	41		$	(7)		$	102		$	116		$	(14)
Assumed life reinsurance in force (in billions)	$	814.5		$	802.3		$	759.6		$	735.4		$	671.3		$	143.2
Assumed new business production (in billions)	$	30.9		$	36.6		$	30.1		$	35.6		$	38.2		$	(7.3)		$	97.6		$	133.8		$	(36.2)
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.

Page 18

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2023			2023			2023			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	447		$	429		$	438		$	422		$	436		$	11		$	1,314		$	1,314		$	—
Net investment income	23			23			23			21			18			5			69			55			14
Other revenue	1			(1)			(1)			3			2			(1)			(1)			3			(4)
Total revenues	471			451			460			446			456			15			1,382			1,372			10
Benefits and expenses:
Claims and other policy benefits	429			383			390			404			409			20			1,202			1,182			20
Future policy benefits remeasurement (gains) losses	43			12			(8)			(10)			(7)			50			47			(5)			52
Policy acquisition costs and other insurance expenses	25			21			18			16			19			6			64			61			3
Other operating expenses	33			31			33			33			30			3			97			91			6
Total benefits and expenses	530			447			433			443			451			79			1,410			1,329			81
Adjusted operating income (loss) before income taxes	(59)			4			27			3			5			(64)			(28)			43			(71)
Notable items (1)	47			—			—			—			13			34			47			13			34
Adjusted operating income excluding notable items, before income taxes	$	(12)		$	4		$	27		$	3		$	18		$	(30)		$	19		$	56		$	(37)
Loss and expense ratios:
Loss ratio (2)	105.6		%	92.1		%	87.2		%	93.4		%	92.2		%	13.4		%	95.1		%	89.6		%	5.5		%
Policy acquisition costs and other insurance expenses	5.6		%	4.9		%	4.1		%	3.8		%	4.4		%	1.2		%	4.9		%	4.6		%	0.3		%
Other operating expenses	7.4		%	7.2		%	7.5		%	7.8		%	6.9		%	0.5		%	7.4		%	6.9		%	0.5		%
Foreign currency effect on (3):
Net premiums	$	20		$	(6)		$	(41)		$	(53)		$	(68)		$	88		$	(27)		$	(130)		$	103
Adjusted operating income (loss) before income taxes	$	(4)		$	1		$	(1)		$	—		$	—		$	(4)		$	(4)		$	(3)		$	(1)
Critical illness net premiums	$	34		$	35		$	33		$	33		$	41		$	(7)		$	102		$	116		$	(14)
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.

Page 19

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	118	$	90	$	125	$	127	$	112	$	6	$	333	$	359	$	(26)
Net investment income	56		45		46		44		37		19		147		107		40
Investment related gains (losses), net	(21)		(9)		(6)		(11)		(9)		(12)		(36)		(15)		(21)
Other revenue	7		4		4		6		2		5		15		9		6
Total revenues	160		130		169		166		142		18		459		460		(1)
Benefits and expenses:
Claims and other policy benefits	95		68		104		106		97		(2)		267		322		(55)
Future policy benefits remeasurement (gains) losses	(33)		(5)		(9)		(12)		3		(36)		(47)		(9)		(38)
Interest credited	(2)		(2)		—		(2)		(5)		3		(4)		(22)		18
Policy acquisition costs and other insurance expenses	2		2		2		2		2		—		6		5		1
Other operating expenses	14		15		13		16		11		3		42		38		4
Total benefits and expenses	76		78		110		110		108		(32)		264		334		(70)
Income before income taxes	$	84	$	52	$	59	$	56	$	34	$	50	$	195	$	126	$	69
Foreign currency effect on (2):
Net premiums	$	9	$	(1)	$	(12)	$	(17)	$	(20)	$	29	$	(4)	$	(39)	$	35
Income before income taxes	$	6	$	—	$	(6)	$	(4)	$	(7)	$	13	$	—	$	(13)	$	13
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

Page 20

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	118	$	90	$	125	$	127	$	112	$	6	$	333	$	359	$	(26)
Net investment income	59		48		49		48		46		13		156		145		11
Investment related gains (losses), net	2		4		1		4		5		(3)		7		14		(7)
Other revenue	7		4		4		6		2		5		15		9		6
Total revenues	186		146		179		185		165		21		511		527		(16)
Benefits and expenses:
Claims and other policy benefits	95		68		104		106		97		(2)		267		322		(55)
Future policy benefits remeasurement (gains) losses	(33)		(5)		(9)		(12)		3		(36)		(47)		(9)		(38)
Policy acquisition costs and other insurance expenses	2		2		2		2		2		—		6		5		1
Other operating expenses	14		15		13		16		11		3		42		38		4
Total benefits and expenses	78		80		110		112		113		(35)		268		356		(88)
Adjusted operating income (loss) before income taxes	108		66		69		73		52		56		243		171		72
Notable items (2)	(34)		—		—		(14)		—		(34)		(34)		—		(34)
Adjusted operating income excluding notable items, before income taxes	$	74	$	66	$	69	$	59	$	52	$	22	$	209	$	171	$	38
Foreign currency effect on (3):
Net premiums	$	9	$	(1)	$	(12)	$	(17)	$	(20)	$	29	$	(4)	$	(39)	$	35
Adjusted operating income before income taxes	$	8	$	—	$	(7)	$	(6)	$	(11)	$	19	$	1	$	(21)	$	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) 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.

Page 21

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
GAAP Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2023			2023			2023			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	737		$	677		$	662		$	700		$	660		$	77		$	2,076		$	1,950		$	126
Net investment income	60			62			61			55			51			9			183			144			39
Investment related gains (losses), net	1			2			3			3			4			(3)			6			9			(3)
Other revenue	3			11			3			—			5			(2)			17			21			(4)
Total revenues	801			752			729			758			720			81			2,282			2,124			158
Benefits and expenses:
Claims and other policy benefits	604			579			563			548			627			(23)			1,746			1,644			102
Future policy benefits remeasurement (gains) losses	(39)			(14)			(9)			9			68			(107)			(62)			91			(153)
Policy acquisition costs and other insurance expenses	46			44			46			44			47			(1)			136			146			(10)
Other operating expenses	56			54			50			57			51			5			160			149			11
Total benefits and expenses	667			663			650			658			793			(126)			1,980			2,030			(50)
Income (loss) before income taxes	$	134		$	89		$	79		$	100		$	(73)		$	207		$	302		$	94		$	208
Loss and expense ratios:
Loss ratio (1)	76.7		%	83.5		%	83.7		%	79.6		%	105.3		%	(28.6)		%	81.1		%	89.0		%	(7.9)		%
Policy acquisition costs and other insurance expenses	6.2		%	6.5		%	6.9		%	6.3		%	7.1		%	(0.9)		%	6.6		%	7.5		%	(0.9)		%
Other operating expenses	7.6		%	8.0		%	7.6		%	8.1		%	7.7		%	(0.1)		%	7.7		%	7.6		%	0.1		%
Foreign currency effect on (2):
Net premiums	$	(10)		$	(21)		$	(33)		$	(61)		$	(50)		$	40		$	(64)		$	(111)		$	47
Income (loss) before income taxes	$	—		$	(2)		$	(3)		$	(6)		$	6		$	(6)		$	(5)		$	5		$	(10)
Critical illness net premiums	$	368		$	341		$	299		$	324		$	296		$	72		$	1,008		$	892		$	116
Assumed life reinsurance in force (in billions)	$	501.8		$	495.4		$	508.2		$	518.6		$	479.4		$	22.4
Assumed new business production (in billions)	$	17.1		$	4.7		$	3.9		$	8.6		$	14.4		$	2.7		$	25.7		$	36.7		$	(11.0)
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.

Page 22

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2023			2023			2023			2022			2022			Quarter			2023			2022			Change
Revenues:
Net premiums	$	737		$	677		$	662		$	700		$	660		$	77		$	2,076		$	1,950		$	126
Net investment income	60			62			61			55			51			9			183			144			39
Investment related gains (losses), net	1			2			3			3			4			(3)			6			9			(3)
Other revenue	3			11			3			—			5			(2)			17			21			(4)
Total revenues	801			752			729			758			720			81			2,282			2,124			158
Benefits and expenses:
Claims and other policy benefits	604			579			563			548			627			(23)			1,746			1,644			102
Future policy benefits remeasurement (gains) losses	(39)			(14)			(9)			9			68			(107)			(62)			91			(153)
Policy acquisition costs and other insurance expenses	46			44			46			44			47			(1)			136			146			(10)
Other operating expenses	56			54			50			57			51			5			160			149			11
Total benefits and expenses	667			663			650			658			793			(126)			1,980			2,030			(50)
Adjusted operating income (loss) before income taxes	134			89			79			100			(73)			207			302			94			208
Notable items (1)	(2)			—			—			(42)			140			(142)			(2)			117			(119)
Adjusted operating income excluding notable items, before income taxes	$	132		$	89		$	79		$	58		$	67		$	65		$	300		$	211		$	89
Loss and expense ratios:
Loss ratio (2)	76.7		%	83.5		%	83.7		%	79.6		%	105.3		%	(28.6)		%	81.1		%	89.0		%	(7.9)		%
Policy acquisition costs and other insurance expenses	6.2		%	6.5		%	6.9		%	6.3		%	7.1		%	(0.9)		%	6.6		%	7.5		%	(0.9)		%
Other operating expenses	7.6		%	8.0		%	7.6		%	8.1		%	7.7		%	(0.1)		%	7.7		%	7.6		%	0.1		%
Foreign currency effect on (3):
Net premiums	$	(10)		$	(21)		$	(33)		$	(61)		$	(50)		$	40		$	(64)		$	(111)		$	47
Adjusted operating income (loss) before income taxes	$	(1)		$	(3)		$	(2)		$	(6)		$	6		$	(7)		$	(6)		$	5		$	(11)
Critical illness net premiums	$	368		$	341		$	299		$	324		$	296		$	72		$	1,008		$	892		$	116
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.

Page 23

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
GAAP Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	63	$	44	$	64	$	64	$	69	$	(6)	$	171	$	172	$	(1)
Net investment income	117		125		108		94		77		40		350		176		174
Investment related gains (losses), net	(66)		(51)		(51)		83		(94)		28		(168)		(288)		120
Other revenue	16		18		10		—		119		(103)		44		174		(130)
Total revenues	130		136		131		241		171		(41)		397		234		163
Benefits and expenses:
Claims and other policy benefits	67		44		69		68		60		7		180		155		25
Future policy benefits remeasurement (gains) losses	(1)		—		(1)		7		—		(1)		(2)		—		(2)
Interest credited	54		46		54		39		38		16		154		80		74
Policy acquisition costs and other insurance expenses	21		19		16		12		21		—		56		48		8
Other operating expenses	5		7		6		6		5		—		18		14		4
Total benefits and expenses	146		116		144		132		124		22		406		297		109
Income (loss) before income taxes	$	(16)	$	20	$	(13)	$	109	$	47	$	(63)	$	(9)	$	(63)	$	54
Foreign currency effect on (2):
Net premiums	$	(2)	$	(2)	$	(7)	$	(9)	$	(10)	$	8	$	(11)	$	(21)	$	10
Income (loss) before income taxes	$	1	$	—	$	—	$	(17)	$	11	$	(10)	$	1	$	31	$	(30)
Assumed life reinsurance in force (in billions)	$	7.7	$	6.7	$	7.4	$	5.7	$	5.2	$	2.5
Assumed new business production (in billions)	$	1.0	$	0.1	$	1.7	$	—	$	—	$	1.0	$	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.

Page 24

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net premiums	$	63	$	44	$	64	$	64	$	69	$	(6)	$	171	$	172	$	(1)
Net investment income	117		125		108		94		77		40		350		176		174
Investment related gains, net	2		4		4		5		3		(1)		10		12		(2)
Other revenue	8		5		8		7		37		(29)		21		60		(39)
Total revenues	190		178		184		170		186		4		552		420		132
Benefits and expenses:
Claims and other policy benefits	67		44		69		68		60		7		180		155		25
Future policy benefits remeasurement (gains) losses	(1)		—		(1)		7		—		(1)		(2)		—		(2)
Interest credited	54		46		54		39		38		16		154		80		74
Policy acquisition costs and other insurance expenses	21		19		16		12		21		—		56		48		8
Other operating expenses	5		7		6		6		5		—		18		14		4
Total benefits and expenses	146		116		144		132		124		22		406		297		109
Adjusted operating income (loss) before income taxes	44		62		40		38		62		(18)		146		123		23
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	44	$	62	$	40	$	38	$	62	$	(18)	$	146	$	123	$	23
Foreign currency effect on (3):
Net premiums	$	(2)	$	(2)	$	(7)	$	(9)	$	(10)	$	8	$	(11)	$	(21)	$	10
Adjusted operating income before income taxes	$	(2)	$	(2)	$	(3)	$	(3)	$	(6)	$	4	$	(7)	$	(11)	$	4
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.

Page 25

Reinsurance Group of America, Incorporated
Corporate and Other
GAAP Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	$	109	$	82	$	82	$	35	$	53	$	56	$	273	$	216	$	57
Investment related gains (losses), net	21		—		(44)		36		(24)		45		(23)		(64)		41
Other revenue	5		(4)		11		19		(1)		6		12		(12)		24
Total revenues	135		78		49		90		28		107		262		140		122
Benefits and expenses:
Interest credited	14		14		14		12		8		6		42		20		22
Policy acquisition costs and other insurance income	(24)		(20)		(20)		(21)		(21)		(3)		(64)		(66)		2
Other operating expenses	84		92		77		96		84		—		253		223		30
Interest expense	72		63		53		55		49		23		188		136		52
Total benefits and expenses	146		149		124		142		120		26		419		313		106
Loss before income taxes	$	(11)	$	(71)	$	(75)	$	(52)	$	(92)	$	81	$	(157)	$	(173)	$	16
Foreign currency effect on (1):
Loss before income taxes	$	1	$	(1)	$	—	$	(7)	$	3	$	(2)	$	—	$	4	$	(4)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Page 26

Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
Revenues:
Net investment income	$	109	$	82	$	82	$	35	$	53	$	56	$	273	$	216	$	57
Investment related gains, net	2		3		4		2		2		—		9		6		3
Other revenue	9		6		13		13		10		(1)		28		21		7
Total revenues	120		91		99		50		65		55		310		243		67
Benefits and expenses:
Interest credited	14		14		14		12		8		6		42		20		22
Policy acquisition costs and other insurance income	(24)		(20)		(20)		(21)		(21)		(3)		(64)		(66)		2
Other operating expenses	84		89		77		96		84		—		250		223		27
Interest expense	71		63		53		55		49		22		187		136		51
Total benefits and expenses	145		146		124		142		120		25		415		313		102
Adjusted operating income (loss) before income taxes	(25)		(55)		(25)		(92)		(55)		30		(105)		(70)		(35)
Notable items (1)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	(25)	$	(55)	$	(25)	$	(92)	$	(55)	$	30	$	(105)	$	(70)	$	(35)
Foreign currency effect on (2):
Adjusted operating income (loss) before income taxes	$	1	$	—	$	—	$	—	$	1	$	—	$	1	$	2	$	(1)
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.

Page 27

Reinsurance Group of America, Incorporated
Summary of Segment GAAP Income
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
U.S. and Latin America:
Traditional	$	105	$	62	$	121	$	114	$	(69)	$	174	$	288	$	81	$	207
Financial Solutions:
Asset Intensive	89		47		93		(32)		30		59		229		33		196
Capital Solutions	19		21		21		24		23		(4)		61		120		(59)
Total U.S. and Latin America	213		130		235		106		(16)		229		578		234		344
Canada:
Traditional	6		35		29		50		12		(6)		70		54		16
Financial Solutions	30		6		10		9		6		24		46		22		24
Total Canada	36		41		39		59		18		18		116		76		40
Europe, Middle East and Africa:
Traditional	(60)		4		27		3		5		(65)		(29)		43		(72)
Financial Solutions	84		52		59		56		34		50		195		126		69
Total Europe, Middle East and Africa	24		56		86		59		39		(15)		166		169		(3)
Asia Pacific:
Traditional	134		89		79		100		(73)		207		302		94		208
Financial Solutions	(16)		20		(13)		109		47		(63)		(9)		(63)		54
Total Asia Pacific	118		109		66		209		(26)		144		293		31		262
Corporate and Other	(11)		(71)		(75)		(52)		(92)		81		(157)		(173)		16
Consolidated income (loss) before income taxes	$	380	$	265	$	351	$	381	$	(77)	$	457	$	996	$	337	$	659
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 28

Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
U.S. and Latin America:
Traditional	$	103	$	63	$	122	$	108	$	(77)	$	180	$	288	$	39	$	249
Financial Solutions:
Asset Intensive	117		88		84		77		83		34		289		227		62
Capital Solutions	19		21		21		24		23		(4)		61		120		(59)
Total U.S. and Latin America	239		172		227		209		29		210		638		386		252
Canada:
Traditional	10		32		29		47		12		(2)		71		61		10
Financial Solutions	30		6		10		9		6		24		46		22		24
Total Canada	40		38		39		56		18		22		117		83		34
Europe, Middle East and Africa:
Traditional	(59)		4		27		3		5		(64)		(28)		43		(71)
Financial Solutions	108		66		69		73		52		56		243		171		72
Total Europe, Middle East and Africa	49		70		96		76		57		(8)		215		214		1
Asia Pacific:
Traditional	134		89		79		100		(73)		207		302		94		208
Financial Solutions	44		62		40		38		62		(18)		146		123		23
Total Asia Pacific	178		151		119		138		(11)		189		448		217		231
Corporate and Other	(25)		(55)		(25)		(92)		(55)		30		(105)		(70)		(35)
Consolidated adjusted operating income (loss) before income taxes	481		376		456		387		38		443		1,313		830		483
Notable items (1)	(3)		—		—		(61)		326		(329)		(3)		303		(306)
Consolidated adjusted operating income (loss) excluding notable items before income taxes	$	478	$	376	$	456	$	326	$	364	$	114	$	1,310	$	1,133	$	177
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".

Page 29

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Cash and Invested Assets
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2023		2023		2023		2022		2022
Fixed maturity securities, available-for-sale (1)	$	54,171	$	56,236	$	56,085	$	52,901	$	50,495
Equity securities	133		136		138		134		137
Mortgage loans	7,231		7,038		6,833		6,590		6,558
Policy loans	1,180		1,202		1,221		1,231		1,202
Funds withheld at interest	5,725		5,862		5,976		6,003		6,177
Limited partnerships and real estate joint ventures	2,560		2,473		2,405		2,327		2,197
Short-term investments	141		224		246		154		225
Other invested assets	1,091		1,119		1,111		1,140		1,049
Cash and cash equivalents	2,820		2,598		3,294		2,927		3,512
Total cash and invested assets	$	75,052	$	76,888	$	77,309	$	73,407	$	71,552
(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 Ended															Current Qtr		Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY		Sept. 30,			Sept. 30,
	2023			2023			2023			2022			2022			Quarter		2023			2022			Change
Average invested assets at amortized cost (1)	$	37,051		$	36,124		$	35,863		$	35,300		$	34,579		$	2,472	$	35,934		$	34,494		$	1,440
Net investment income (1)	$	430		$	393		$	415		$	386		$	374		$	56	$	1,238		$	1,228		$	10
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.72		%	4.42		%	4.71		%	4.45		%	4.40		%	32 bps		4.62		%	4.78		%	(16) bps
Variable investment income ("VII") (included in net investment income) (1)	$	39		$	17		$	39		$	42		$	38		$	1	$	95		$	249		$	(154)
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)	4.51		%	4.43		%	4.45		%	4.14		%	4.12		%	39 bps		4.46		%	3.96		%	50 bps
(1) Excludes spread related business (e.g. coinsurance of annuities).

Page 30

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities
	September 30, 2023
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	41,463	$	55	$	170	$	6,075	$	35,503	65.5	%
Canadian government	3,336		—		169		157		3,348		6.2	%
Japanese government	3,205		—		3		493		2,715		5.0	%
ABS	4,562		12		16		330		4,236		7.8	%
CMBS	1,959		1		2		250		1,710		3.2	%
RMBS	1,172		—		3		145		1,030		1.9	%
U.S. government	1,346		—		—		286		1,060		2.0	%
State and political subdivisions	1,242		—		4		199		1,047		1.9	%
Other foreign government	4,047		—		23		548		3,522		6.5	%
Total fixed maturity securities	$	62,332	$	68	$	390	$	8,483	$	54,171	100.0	%

	December 31, 2022
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	38,963	$	27	$	168	$	5,135	$	33,969	64.2	%
Canadian government	3,311		—		381		66		3,626		6.9	%
Japanese government	3,033		—		4		478		2,559		4.8	%
ABS	4,324		10		4		440		3,878		7.3	%
CMBS	1,835		—		—		212		1,623		3.1	%
RMBS	1,054		—		1		114		941		1.8	%
U.S. government	1,690		—		4		212		1,482		2.8	%
State and political subdivisions	1,282		—		10		173		1,119		2.1	%
Other foreign government	4,171		—		22		489		3,704		7.0	%
Total fixed maturity securities	$	59,663	$	37	$	594	$	7,319	$	52,901	100.0	%

Page 31

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Corporate Fixed Maturity Securities by Industry
	September 30, 2023							December 31, 2022
	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)
Financial institutions
Banking	$	6,470	$	5,741	16.2	%	A-	$	6,281	$	5,672	16.7	%	A-
Brokerage/asset managers/exchanges	1,305		1,096		3.1	%	A-	1,302		1,115		3.3	%	A-
Finance companies	394		337		0.9	%	BBB+	410		350		1.0	%	BBB
Insurance	4,548		3,820		10.7	%	A-	4,452		3,851		11.3	%	A-
REITs	1,356		1,140		3.2	%	A-	1,205		1,013		3.0	%	BBB+
Other finance	949		708		2.0	%	A-	901		679		2.0	%	A-
Total financial institutions	$	15,022	$	12,842	36.1	%		$	14,551	$	12,680	37.3	%
Industrials
Basic	$	1,948	$	1,662	4.7	%	BBB	$	1,921	$	1,690	5.0	%	BBB
Capital goods	1,688		1,482		4.2	%	BBB	1,734		1,550		4.6	%	BBB
Communications	2,795		2,337		6.6	%	BBB	2,517		2,136		6.3	%	BBB
Consumer cyclical	2,210		1,911		5.4	%	BBB+	1,997		1,748		5.1	%	BBB+
Consumer noncyclical	4,946		4,250		12.0	%	BBB+	4,625		4,052		11.9	%	BBB+
Energy	2,231		1,925		5.4	%	A-	2,050		1,801		5.3	%	BBB+
Technology	1,876		1,678		4.7	%	BBB+	1,617		1,461		4.3	%	BBB+
Transportation	2,310		1,975		5.6	%	A-	2,160		1,859		5.5	%	BBB+
Other industrial	1,058		1,012		2.8	%	BBB	1,003		960		2.8	%	BBB
Total industrials	$	21,062	$	18,232	51.4	%		$	19,624	$	17,257	50.8	%
Utilities
Electric	$	4,248	$	3,511	9.9	%	A-	$	3,779	$	3,200	9.4	%	A-
Natural gas	724		586		1.7	%	A-	664		553		1.7	%	A-
Other utility	407		332		0.9	%	BBB+	345		279		0.8	%	BBB+
Total utilities	$	5,379	$	4,429	12.5	%		$	4,788	$	4,032	11.9	%
Total	$	41,463	$	35,503	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.

Page 32

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Ratings of Fixed Maturity Securities
		September 30, 2023						June 30, 2023						March 31, 2023						December 31, 2022						September 30, 2022
NAIC Designation (1)	Rating Agency Designation (2)	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
1	AAA/AA/A	$	38,876	$	33,799	62.4	%	$	38,928	$	35,512	63.1	%	$	38,291	$	35,308	63.0	%	$	36,217	$	32,295	61.1	%	$	33,881	$	30,062	59.6	%
2	BBB	19,959		17,134		31.6	%	19,840		17,517		31.2	%	19,832		17,658		31.5	%	20,188		17,580		33.2	%	19,931		16,924		33.5	%
3	BB	2,902		2,780		5.1	%	2,919		2,801		5.0	%	2,811		2,698		4.8	%	2,734		2,607		5.0	%	3,044		2,843		5.6	%
4	B	439		368		0.7	%	347		328		0.6	%	402		340		0.6	%	397		331		0.6	%	625		583		1.2	%
5	CCC	104		81		0.2	%	99		69		0.1	%	100		69		0.1	%	103		71		0.1	%	107		62		0.1	%
6	In or near default	52		9		—	%	52		9		—	%	58		12		—	%	24		17		—	%	42		21		—	%
	Total	$	62,332	$	54,171	100.0	%	$	62,185	$	56,236	100.0	%	$	61,494	$	56,085	100.0	%	$	59,663	$	52,901	100.0	%	$	57,630	$	50,495	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
	September 30, 2023						June 30, 2023						March 31, 2023						December 31, 2022						September 30, 2022
	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
ABS:
Collateralized loan obligations ("CLOs")	$	2,022	$	1,967	28.2	%	$	1,936	$	1,857	26.9	%	$	1,880	$	1,775	26.1	%	$	1,825	$	1,702	26.4	%	$	1,788	$	1,650	26.0	%
ABS, excluding CLOs	2,540		2,269		32.5	%	2,574		2,308		33.5	%	2,590		2,328		34.2	%	2,499		2,176		33.8	%	2,377		2,073		32.6	%
Total ABS	4,562		4,236		60.7	%	4,510		4,165		60.4	%	4,470		4,103		60.3	%	4,324		3,878		60.2	%	4,165		3,723		58.6	%
CMBS	1,959		1,710		24.5	%	1,932		1,699		24.6	%	1,882		1,670		24.6	%	1,835		1,623		25.2	%	1,843		1,670		26.3	%
RMBS:
Agency	454		388		5.6	%	464		413		6.0	%	473		432		6.4	%	476		427		6.6	%	489		442		7.0	%
Non-agency	718		642		9.2	%	681		624		9.0	%	647		592		8.7	%	578		514		8.0	%	565		511		8.1	%
Total RMBS	1,172		1,030		14.8	%	1,145		1,037		15.0	%	1,120		1,024		15.1	%	1,054		941		14.6	%	1,054		953		15.1	%
Total	$	7,693	$	6,976	100.0	%	$	7,587	$	6,901	100.0	%	$	7,472	$	6,797	100.0	%	$	7,213	$	6,442	100.0	%	$	7,062	$	6,346	100.0	%

Page 33

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
	As of September 30, 2023
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	7,272	$	516	$	23,093	$	5,395	$	30,365	$	5,911
Canadian government	1,303		105		250		52		1,553		157
Japanese government	614		50		2,055		443		2,669		493
ABS	471		18		3,071		299		3,542		317
CMBS	273		12		1,358		232		1,631		244
RMBS	295		14		641		131		936		145
U.S. government	488		28		559		258		1,047		286
State and political subdivisions	120		8		807		191		927		199
Other foreign government	686		29		2,194		451		2,880		480
Total investment grade securities	$	11,522	$	780	$	34,028	$	7,452	$	45,550	$	8,232
Below investment grade securities:
Corporate	$	357	$	70	$	732	$	93	$	1,089	$	163
ABS	—		—		67		11		67		11
CMBS	—		—		2		1		2		1
Other foreign government	4		1		184		67		188		68
Total below investment grade securities	$	361	$	71	$	985	$	172	$	1,346	$	243
Total fixed maturity securities	$	11,883	$	851	$	35,013	$	7,624	$	46,896	$	8,475
(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 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	21,867	$	2,756	$	6,840	$	2,225	$	28,707	$	4,981
Canadian government	554		42		71		23		625		65
Japanese government	815		86		1,694		392		2,509		478
ABS	1,596		153		1,931		269		3,527		422
CMBS	1,314		144		281		65		1,595		209
RMBS	664		62		181		53		845		115
U.S. government	1,202		64		253		148		1,455		212
State and political subdivisions	819		124		131		50		950		174
Other foreign government	1,942		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
ABS	52		6		38		9		90		15
Other foreign government	39		2		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.

Page 35

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Consolidated Investment Related Gains and Losses
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	$	7	$	4	$	(42)	$	15	$	3	$	4	$	(31)	$	(21)	$	(10)
Impairments on fixed maturities	—		—		(1)		(2)		(12)		12		(1)		(15)		14
Realized gains on investment activity	12		11		31		127		20		(8)		54		65		(11)
Realized losses on investment activity	(61)		(37)		(75)		(160)		(106)		45		(173)		(236)		63
Net gains (losses) on fixed maturity securities available-for-sale	(42)		(22)		(87)		(20)		(95)		53		(151)		(207)		56
Net gains (losses) on equity securities	(2)		(4)		2		(5)		7		(9)		(4)		(16)		12
Change in mortgage loan allowance for credit losses	(17)		(9)		3		(8)		(5)		(12)		(23)		(8)		(15)
Change in fair value of certain limited partnership investments	25		10		(3)		9		—		25		32		29		3
Other, net	7		15		2		—		7		—		24		26		(2)
Free-standing derivatives (1):
Interest rate swaps	(64)		(30)		20		(2)		(33)		(31)		(74)		(129)		55
Interest rate options	16		(3)		(23)		(9)		18		(2)		(10)		12		(22)
Total return swaps	(8)		5		3		22		(1)		(7)		—		(1)		1
Interest rate futures	—		2		—		1		2		(2)		2		5		(3)
Equity futures	11		(10)		(9)		(11)		5		6		(8)		33		(41)
Foreign currency swaps	8		12		—		(6)		9		(1)		20		27		(7)
Foreign currency swaps - hedged	(1)		—		(1)		1		1		(2)		(2)		5		(7)
Foreign currency forwards	(37)		(74)		(19)		61		(55)		18		(130)		(154)		24
CPI swaps	—		6		1		6		7		(7)		7		25		(18)
Credit default swaps	(26)		10		11		37		(12)		(14)		(5)		(103)		98
Equity options	3		(11)		(14)		(15)		8		(5)		(22)		29		(51)
Total free-standing derivatives	(98)		(93)		(31)		85		(51)		(47)		(222)		(251)		29
Embedded derivatives	1		(20)		37		(67)		(17)		18		18		(106)		124
Net gains (losses) on total derivatives	(97)		(113)		6		18		(68)		(29)		(204)		(357)		153
Total investment related gains (losses), net	$	(126)	$	(123)	$	(77)	$	(6)	$	(154)	$	28	$	(326)	$	(533)	$	207
(1) Free-standing derivatives are non-hedged unless specified.

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Appendix

Reconciliations of GAAP to Non-GAAP Measures

Page 37

Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
U.S. & Latin America Traditional
Income (loss) before income taxes	$	105	$	62	$	121	$	114	$	(69)	$	174	$	288	$	81	$	207
Investment and derivative (gains) losses (1)	—		—		—		1		(1)		1		—		(1)		1
Change in fair value of funds withheld embedded derivatives (1)	(2)		1		1		(7)		(7)		5		—		(41)		41
Adjusted operating income (loss) before income taxes	103		63		122		108		(77)		180		288		39		249
Notable items (2)	17		—		—		—		170		(153)		17		170		(153)
Adjusted operating income excluding notable items, before income taxes	$	120	$	63	$	122	$	108	$	93	$	27	$	305	$	209	$	96
U.S. & Latin America Asset-Intensive
Income (loss) before income taxes	$	89	$	47	$	93	$	(32)	$	30	$	59	$	229	$	33	$	196
Market risk benefits remeasurement (gains) losses	(21)		(31)		14		(19)		23		(44)		(38)		29		(67)
Investment and derivative (gains) losses (1)	62		49		18		54		17		45		129		67		62
Change in fair value of funds withheld embedded derivatives (1)	1		19		(38)		74		24		(23)		(18)		147		(165)
Funds withheld (gains) losses - investment income	(7)		1		(4)		(1)		(1)		(6)		(10)		5		(15)
EIA embedded derivatives - interest credited	(7)		3		(7)		1		(10)		3		(11)		(54)		43
Other	—		—		8		—		—		—		8		—		8
Adjusted operating income (loss) before income taxes	117		88		84		77		83		34		289		227		62
Notable items (2)	(22)		—		—		—		(3)		(19)		(22)		(3)		(19)
Adjusted operating income (loss) excluding notable items, before income taxes	$	95	$	88	$	84	$	77	$	80	$	15	$	267	$	224	$	43
U.S. & Latin America Capital Solutions
Income (loss) before income taxes	$	19	$	21	$	21	$	24	$	23	$	(4)	$	61	$	120	$	(59)
Adjusted operating income (loss) before income taxes	19		21		21		24		23		(4)		61		120		(59)
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	19	$	21	$	21	$	24	$	23	$	(4)	$	61	$	120	$	(59)
(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 Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
Canada Traditional
Income (loss) before income taxes	$	6	$	35	$	29	$	50	$	12	$	(6)	$	70	$	54	$	16
Investment and derivative (gains) losses (1)	—		(3)		(1)		(4)		(1)		1		(4)		6		(10)
Investment income - non-operating FWAI	2		—		1		1		1		1		3		1		2
Other	2		—		—		—		—		2		2		—		2
Adjusted operating income (loss) before income taxes	10		32		29		47		12		(2)		71		61		10
Notable items (2)	13		—		—		(5)		6		7		13		6		7
Adjusted operating income (loss) excluding notable items, before income taxes	$	23	$	32	$	29	$	42	$	18	$	5	$	84	$	67	$	17
Canada Financial Solutions
Income before income taxes	$	30	$	6	$	10	$	9	$	6	$	24	$	46	$	22	$	24
Adjusted operating income (loss) before income taxes	30		6		10		9		6		24		46		22		24
Notable items (2)	(22)		—		—		—		—		(22)		(22)		—		(22)
Adjusted operating income (loss) excluding notable items, before income taxes	$	8	$	6	$	10	$	9	$	6	$	2	$	24	$	22	$	2
Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	(60)	$	4	$	27	$	3	$	5	$	(65)	$	(29)	$	43	$	(72)
Other	1		—		—		—		—		1		1		—		1
Adjusted operating income (loss) before income taxes	(59)		4		27		3		5		(64)		(28)		43		(71)
Notable items (2)	47		—		—		—		13		34		47		13		34
Adjusted operating income (loss) excluding notable items, before income taxes	$	(12)	$	4	$	27	$	3	$	18	$	(30)	$	19	$	56	$	(37)
Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	84	$	52	$	59	$	56	$	34	$	50	$	195	$	126	$	69
Investment and derivative losses (1)	23		13		7		15		14		9		43		29		14
Investment income - non-operating FWAI	1		1		3		2		4		(3)		5		16		(11)
Investment (income) loss on unit-linked variable annuities	2		2		—		2		5		(3)		4		22		(18)
Interest credited on unit-linked variable annuities	(2)		(2)		—		(2)		(5)		3		(4)		(22)		18
Adjusted operating income (loss) before income taxes	108		66		69		73		52		56		243		171		72
Notable items (2)	(34)		—		—		(14)		—		(34)		(34)		—		(34)
Adjusted operating income (loss) excluding notable items, before income taxes	$	74	$	66	$	69	$	59	$	52	$	22	$	209	$	171	$	38
(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".

Page 39

Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2023		2023		2023		2022		2022		Quarter		2023		2022		Change
Asia Pacific Traditional
Income (loss) before income taxes	$	134	$	89	$	79	$	100	$	(73)	$	207	$	302	$	94	$	208
Adjusted operating income (loss) before income taxes	134		89		79		100		(73)		207		302		94		208
Notable items (2)	(2)		—		—		(42)		140		(142)		(2)		117		(119)
Adjusted operating income (loss) excluding notable items, before income taxes	$	132	$	89	$	79	$	58	$	67	$	65	$	300	$	211	$	89
Asia Pacific Financial Solutions
Income (loss) before income taxes	$	(16)	$	20	$	(13)	$	109	$	47	$	(63)	$	(9)	$	(63)	$	54
Investment and derivative (gains) losses (1)	68		55		55		(78)		97		(29)		178		300		(122)
Other	(8)		(13)		(2)		7		(82)		74		(23)		(114)		91
Adjusted operating income (loss) before income taxes	44		62		40		38		62		(18)		146		123		23
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	44	$	62	$	40	$	38	$	62	$	(18)	$	146	$	123	$	23
Corporate and Other
Income (loss) before income taxes	$	(11)	$	(71)	$	(75)	$	(52)	$	(92)	$	81	$	(157)	$	(173)	$	16
Investment and derivative (gains) losses (1)	(19)		3		48		(34)		26		(45)		32		70		(38)
Interest expense on uncertain tax positions	1		—		—		—		—		1		1		—		1
Other	4		13		2		(6)		11		(7)		19		33		(14)
Adjusted operating income (loss) before income taxes	(25)		(55)		(25)		(92)		(55)		30		(105)		(70)		(35)
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	(25)	$	(55)	$	(25)	$	(92)	$	(55)	$	30	$	(105)	$	(70)	$	(35)
(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".

Page 40

Reinsurance Group of America, Incorporated
Reconciliations of Shareholders’ Equity to Shareholders’ Equity Excluding AOCI
(USD millions except per share data)
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2023		2023		2023		2022		2022
RGA, Inc. shareholders’ equity	$	8,063	$	7,805	$	7,626	$	7,081	$	6,755
Less effect of AOCI:
Accumulated currency translation adjustments	(33)		26		(94)		(116)		(147)
Unrealized appreciation of securities	(6,659)		(4,879)		(4,393)		(5,496)		(5,788)
Effect of updating discount rates on future policy benefits	5,366		3,460		3,034		3,755		3,989
Change in instrument-specific credit risk for market risk benefits	7		13		14		13		19
Pension and postretirement benefits	(14)		(18)		(22)		(27)		(51)
RGA, Inc. shareholders’ equity, excluding AOCI	9,396		9,203		9,087		8,952		8,733
Year-to-date notable items, net of tax (1)	—		—		—		184		230
RGA, Inc. shareholders’ equity, excluding AOCI and notable items	$	9,396	$	9,203	$	9,087	$	9,136	$	8,963
(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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2023		2023		2023		2022		2022
Book value per share	$	122.40	$	117.87	$	114.60	$	106.19	$	101.08
Less effect of AOCI:
Accumulated currency translation adjustment	(0.49)		0.38		(1.41)		(1.73)		(2.20)
Unrealized (depreciation) appreciation of securities	(101.10)		(73.69)		(66.02)		(82.44)		(86.61)
Effect of updating discount rates on future policy benefits	81.46		52.26		45.59		56.32		59.69
Change in instrument-specific credit risk for market risk benefits	0.11		0.20		0.22		0.19		0.29
Pension and postretirement benefits	(0.21)		(0.27)		(0.34)		(0.41)		(0.77)
Book value per share, excluding AOCI	$	142.63	$	138.99	$	136.56	$	134.26	$	130.68

Page 41