Sustainability
Report2023

Introduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship2

AppendixContents
Introduction
3

Message from the CEO
About Us

4

5

Culture Matters
40

Our Care Approach

41

Workplace Health and Safety

42

Learning and Development

42

Global Employee Engagement

43

Cultivating an Inclusive and Equitable Culture

44

Environmental
Stewardship48

Building Climate Resilience

49

Greenhouse Gas (GHG) Footprint

49

Managing Our Environmental Footprint and Impact

50

Appendix
53

Sustainability Accounting Standards Board (SASB)

54

United Nations Sustainable Development Goals

59

Our Sustainability Approach8

About This Report

12

Business Ethics andResponsible Practices
13

Corporate Governance

14

Risk Management

17

Data Security and Data Privacy

19

Vendor Management

20

Government Affairs and Advocacy

21

Responsible
Investment Approach
22

Our Responsible Investment Philosophy

23

ESG Integration Within Investment Due Diligence

23

Governance and Oversight24

Carbon Risk Management Framework

25

Disclosures (TCFD) Alignment

61

Achieving Impact Through Our Investments

26

ESG Materiality Assessment Definitions

77

RGA Glossary

80

Forward-Looking Statements

81

2023 Highlights

Sustainable Innovationfor Social Impact
29

11

Innovation for Insurance Access30

Our Purpose-Driven Philanthropy Strategy

33

Task Force on Climate-Related Financial

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Introduction

Sustainable Innovation for Social Impact

Culture Matters

Environmental StewardshipAppendix3

Message from the CEO

4

Our Sustainability Approach8

About Us

2023 Highlights

About This Report

5

11

12

At RGA, we believe that environmental andsocial responsibility and ethical governance areimportant to our business strategy. This means
operating with integrity, investing responsibly,and adhering to sound corporate governanceprinciples. The way we operate, the work we do,and the support we provide can all be traced to adesire to extend and improve the individual lives
we benefit.

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental StewardshipAppendix4

Message from the CEO
Tony Cheng

President and Chief Executive Officer

Dear friends,
I am pleased to present our 2023 Sustainability Report. We
have made significant headway in incorporating our corevalues into every aspect of our business, helping us fostera resilient, robust, and sustainable company ready for thechallenges ahead.
Reflecting on the past year, as RGA marked a half century
of success, our commitment to sustainability and social
responsibility continued to grow stronger. Anchored byour purpose to make financial protection accessible to all,
we have made meaningful strides in 2023 — a year thatcelebrated our history and galvanized our actions towarda sustainable and equitable future.
Our journey is fueled by the belief that everyone shouldhave the benefit of financial protection. This principle has
guided our efforts in broadening the reach of insurance
across the globe and has seen us innovate in ways that
protect the uninsured. We are transforming risk into
opportunity, not just with our suite of products and services,
but also in how we conduct ourselves as a corporate citizen
firmly rooted in values of integrity and responsibility.
The strength and capacity of RGA to drive progress isalso manifested in how we approach sustainability inthe broadest sense. By embracing diversity within ourorganization, we drive inclusion in our solutions, striving
to reflect the varied needs of the markets we serve andthe partners we support. Our global teams — diverse,
driven, and dedicated — are the cornerstone of our

success and the force behind our growth. Their unwaveringcommitment shines through every partnership, product,and solution.
In recognition of our 50th anniversary in 2023, we provided
special support to 50 charitable organizations aroundthe globe — a testament to our global presence and the
local impact we have promised to deliver since day one.
As a global capabilities and solutions leader, we have
fueled growth not only through our expertise but also by
integrating environmental and social governance into thefabric of our everyday decisions. Our actions reflect our
ambition to operate responsibly, taking targeted action toaddress challenges.
Our organization’s backbone is responsible stewardship
across all facets of our business. It is with pride that wehighlight our ongoing initiatives that balance profitability
with purpose, contributing to addressing social andenvironmental issues in a strategic and compassionate
manner. We are dedicated to ethical conduct andtransparency, consistently delivering sustainable long-termvalue — for RGA, and for the communities we serve.
As we look ahead, the future is clear and exciting. The past
year’s milestones pave the way for a future where we
continue to be a trusted partner with proven results. We
are more energized than ever to continue to build a futurethat promises not only financial security but also makes apositive contribution to the world we share.

Anchored by our purpose to makefinancial protection accessible to all,
we have made meaningful strides
in 2023 — a year that celebrated
our history and galvanized ouractions toward a sustainable andequitable future.”

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship5

Appendix

About Us
Reinsurance Group of America, Incorporated(NYSE: RGA) is a Fortune 500 company
and a leader in the global life and healthreinsurance industry, working to makefinancial protection accessible to all.
RGA serves clients around the world byspecializing in reinsurance and financial
solutions that help clients effectively
manage risk and optimize capital.
Since its launch in 1973, RGA has steadilygrown to become one of the world’s largest
and most respected reinsurers, recognized
for its risk management expertise, innovative
product design, and dedicated client focus.
Our core products and services include life
reinsurance, living benefits reinsurance, groupreinsurance, financial solutions, underwriting,and product development. Our mortality andmorbidity databases are among the largest
worldwide. To learn more about RGA and its
businesses, visit www.rgare.com or follow RGA
on LinkedIn and Facebook.

1.

2023 at a Glance1

Number of Employees~3,900Worldwide Locations

40+

Life Reinsurance in Force

Consolidated Assets$3.7T$97.6B

Consolidated Net
Premiums

Total Revenue

Net Income Available to
Shareholders$15.1B$18.6B$902M

Partnerships
Focused on ourclients

Positive Impact
Committed to ourcommunities

Progress
Fueled by innovation

RGA Culture
Driven by sharedvalues and vision

Celebrating 50 Years
From our humble beginnings in 1973 to ourposition today as a global life and healthreinsurance leader, RGA has experienced
tremendous growth and success. That
success has been fueled by our clientcentric, innovation-led, solutions-oriented
approach to creating meaningful value for ourclients, partners, and investors. The year 2023
marked our 50th anniversary and celebrationof the people, innovations, milestones,
and successes that have made RGA the
extraordinary company it is today.

As of Dec. 31, 2023.

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship6

Appendix

About Us

How RGA Creates Value

Leadership Spotlight

During our 50th anniversary
year, we emphasized increasing
our support for community
organizations dedicated tocauses that aligned with ourvalues and purpose. I was proud
to witness our global workforce
actively contributing theirtime and energy to advancethe important work of theseorganizations.”

Reinsurance, often referred to as “insurance for insurancecompanies,” is a business relationship in which an
insurance company transfers all or part of the risk on
the policies that they have issued to another company,
the reinsurer. Through these arrangements, insurancecompanies and reinsurers share and spread risk, thus
providing stability and resilience to the insurance industry.
RGA supports clients and partners around the world throughinnovative approaches and customized solutions. We are
the only global reinsurance company to focus primarily on
life- and health-related reinsurance solutions.
Our Strategy
CreateDriven by Our Purpose
Our Purpose

To makefinancialprotectionaccessible to all.

Leading with expertiseand innovation

Building for
future generations

Working toward our purposeof making financial protectionaccessible to allPartner
Succeeding
togetherInternational
Leadership

Client-Centric
We place client needs atthe center of everything
we do as an organization.

PurposeDriven

Trustworthy

Accelerate
Prioritizing agility,
impact, and scale

At RGA
we are...

Inclusive

Natalie HoVice President,
Global Marketing

RGA’s Strategy: Creating long-term sustainable value
In 2022, RGA launched and began executing a fiveyear enterprise growth strategy focused on delivering
meaningful, long-term value to all our stakeholders. RGA’s
strategy is grounded in our purpose: to make financial
protection accessible to all. The strategy consists of fourpillars that articulate RGA’s future-focused mindset andoutline a practical approach to successful execution.

PeopleDevelopment

Our Mission
Enhancing our partners’ prosperity by supporting theirfinancial and risk management capabilities.

Accountable
We demonstratecommitment andresponsibility to ourclients, colleagues,
communities, and otherstakeholders.

Our Global Values

SustainOur Vision
RGA is an integral and trusted partner, a respectedleader, and a long-term value creator.

ClientCentricInnovative

Accountable

Strategic
AcumenInclusive
We build a safe andwelcoming environment
where diverse viewpoints,
resources, and expertiseare actively shared andsought. We actively
collaborate in pursuit ofcommon goals.

Innovative
We are curious andcreative, challenging thestatus quo to develop
inventive solutions that
optimize performance.
Purpose-Driven
We pursue our purposeby boldly striving forsuperior organizational
performance andpersonal learning anddevelopment in all
situations.
Trustworthy
We demonstrate integrityby keeping commitments
and modeling ethicalbehavior at all times.

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental StewardshipAppendix

7

About Us

Awards and Honors

2.

2023 Fortune World’s Most Admired
Companies List
The 2023 Fortune World’s Most
Admired Companies list included RGA.
This award recognizes companies
based on the company’s value asa long-term investment, qualityof management, innovativeness,
community responsibility, and theability to attract and retain talent,among other criteria.

2023 DEI Award by National
Association of Corporate Directors
In 2023, the RGA Board of Directors
was selected by the National
Association of Corporate Directors(NACD) as the winner of the 2023
Diversity, Equity, and Inclusion Awardin the Public Company—Mid Cap
Category.

Bloomberg Gender Equity Index
Recognition
RGA was recognized on the 2023
Bloomberg Gender Equality Index
for a commitment to diversity andinclusion.

Future Bancassurance Award
RGA was recognized with an award
for “constant support in risk coverageand in the development of theprotection offer for the bancassurers”
at the 11th annual Future
Bancassurance Forum and Awards.

Rated #1 by NMG Consulting Studies
For the 13th consecutive year, RGA
was rated #1 on NMG Consulting’s
2023 Global All Respondents
Business Capability Index, based on
feedback from insurance companies
worldwide.

InsuranceAsia News 2023 Award for
Excellence
RGA is honored to be named Life
Reinsurer of the Year by InsuranceAsia
News Awards for Excellence forour innovative solutions and client
collaborations in the Asia-Pacificregion.

2023 Life Reinsurer of the Year
RGA Middle East was honored as “Life
Reinsurer of the Year” by the Middle
East Insurance Review for a second
year. The award was in recognition
of RGA’s client-centric approach andtechnical expertise in underwriting,product development, and claims
management across the Middle Eastand North Africa.

Insurance Business’s 5-Star
DEI Award
RGA Australia was named a recipientof Insurance Business’s 5-Star
Diversity, Equity, and Inclusion Awardfor the second consecutive year.
This award recognizes organizations
across the Australasia insurance
industry that promote an inclusive
and supportive culture.

One of Greater Toronto’s Top
Employers
RGA was selected as one of Greater
Toronto’s Top Employers for 2024.
This recognition has become abenchmark in the Greater Torontoarea for workplace best practices.
Winners were announced in
December 2023.

14th Annual Italy Protection Forum
AwardsRGA Italy was awarded “Best Insurer”
and “Best Reinsurance Partner for
Product Development and Innovation”
at the 2023 Italy Protection Forum(IPF) Awards. This annual galabrings together hundreds of Italy’s
most influential insurance industry
professionals.

Three Key Industry Awards in
APAC2 Region
RGA was recognized with three key
industry awards in the APAC region.
RGA won the 2023 Outstanding
Reinsurance Scheme Award from theHong Kong Federation of Insurers andalso received the “Life Reinsurer of
the Year” and “Innovation of the Year”
awards in the 27th Asian Insurance
Industry Awards organized by Asia
Insurance Review. The Outstanding
Reinsurance Scheme Award fromthe Hong Kong Federation of Insurers
recognizes the reinsurer that hasdeveloped the most distinguishedreinsurance scheme and provides
superior services and security toclients, as well as value-addedofferings to insurers.

APAC means Asia Pacific

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship

Our Sustainability Approach
At RGA, environmental stewardship, social responsibility,and business ethics are important to our businessstrategy, including operating with integrity, investing
responsibly, and adhering to sound governanceprinciples. Our purpose — to make financial protectionaccessible to all — drives us to not only strive forexcellence but to help create a more resilient and secure
future for all. As a leading global life and health reinsurer,
our sustainability approach begins with our commitment
to operate responsibly and with integrity. Groundedon that foundation, we foster a culture of care for our
employees and for the communities in which we live andwork, and it culminates with creating innovative productsthat integrate sustainability.

Our Sustainability Principles in Practice
RGA’s Board of Directors and management teamunderstand that incorporating sustainability into ourenterprise strategy and business activities catalyzes
innovation and makes RGA stronger across the globe. Our
Sustainability Report outlines our current sustainability
initiatives, practices, and objectives across areas
fundamental to our business. As a values-based andpurpose-driven organization, we aspire to build on thisprogress in the years ahead.

8

Appendix

Leadership Spotlight

Sustainability Principles

Business Ethics and Responsible
Practices

Responsible Investment
Approach

We are committed to soundgovernance and compliance,
responsible business practices,and the highest standardsof ethics to achieve businesssuccess and enhance long-term
shareholder value.

We responsibly integratesustainability issues into our risk
management and investment
analysis.

Sustainable Innovation
We drive innovation throughour business and reinsurance
practices to provide protection,
make a positive impact on theenvironment, and support thelong-term economic sustainabilityof people worldwide.

Culture of Care

Environmental StewardshipWe foster a company culture thatis inclusive and compassionate,in which we support our people
with comprehensive benefits,professional development, andwellness and financial wellbeing
programs.

We strive to understand theimpacts of climate change on ourbusiness, clients, and industry, andto minimize the environmental
impact of our operational
footprint through energy-efficientand eco-friendly sustainablebusiness practices.

RGA approaches sustainability
led by our company purpose andmission. Operating sustainably,
empathetically, and ethically is built
into our strategy, decision-making,and day-to-day processes. I enjoy
working side by side with employees
at all levels to help us achieve longterm success for the company,
the environment, and the manydifferent communities with which
we interact.”

Matt Blakely
Vice President,
Corporate Responsibility and Sustainability

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship

9Appendix

Our Sustainability Approach

Identifying Our Sustainability
Priorities
Our sustainability strategy is informed
by insights gleaned from a materiality
assessment of various sustainability factors
coupled with our ongoing engagementwith stakeholders inside and outside RGA.
Throughout this report, we provide information
on relevant governance and initiatives
related to these priority areas as part of ourcommitment to sustainability.

Sustainable
principles areimportant to RGA’s
long-term successand are embedded
in our culture andbusiness strategy.

Materiality Assessment
Our sustainability strategy is based on an assessment and prioritization of the material nonfinancial issues our business and stakeholders designate as important for RGA’s long-term successand positive impact. Aligned to our five sustainability strategy pillars, our materiality assessment
highlights 22 key environmental, social, and governance (ESG) topics, nine of which are top-priority
topics, identified by internal and external stakeholders as critical for the company. Please see theappendix for a complete list of the 22 key ESG topics.

Theme/Pillar

Priority Topics

Business Ethics and Responsible Practices• Business Ethics and Responsible Practices• Cybersecurity and Customer Privacy• Systemic Risk Management

Responsible Investment Approach• Responsible Investment

Sustainable Innovation• Access to Responsible Products

Culture of Care

• Diversity, Equity, and Inclusion• Employee Development and Wellbeing• Community Engagement and Philanthropy

Environmental Stewardship and Climate
Preparedness• Climate Change

Stakeholder Engagement
Throughout our long history, we have understood that engaging with our stakeholders — bothinternal and external — is very important for our long-term business success. We proactively
engage with our stakeholders in dialogue regarding our business and sustainability efforts througha mix of open dialogue, collaboration, and transparent disclosure. We apply stakeholders’ valued
perspectives to inform, prioritize, and continually improve our social and environmental initiatives
and strategy.

Our
Stakeholders

Ways We Engage

Key Sustainability Topics
Addressed

Clients• Ongoing discussions between our teams
and with current and potential clients• Communications to our clients
highlighting RGA’s values and strengths,
including our efforts on sustainability• New product development in partnershipwith clients, addressing environmental
interests, health needs, and products forunderserved populations• A ccess to responsible products• D iversity, equity, and inclusion• C ommunity engagement andphilanthropy• R esponsible investment

Employees• Digital communications, all-company
town halls, team meetings, and teammember surveys• Volunteerism and community support• Professional development and training• E mployee development andwellbeing• D iversity, equity, and inclusion

Investors• Quarterly earnings calls• Emails, calls, and in-person meetings• Participation in conferences and forums• Annual shareholders’ meeting• B usiness ethics and responsible
practices• B oard diversity• C limate change• D iversity, equity, and inclusion

Communities• Community partnerships andvolunteerism• Philanthropic partnerships• C ommunity engagement andphilanthropy

Partners andVendors• Privacy Threshold Assessment
Questionnaire and associatedprocesses• Vendor management process• C ybersecurity and customer
privacy• Human rights• B usiness ethics and responsible
practices• V endor and third-party
management

Government
Agencies
and Political
Regulators• Direct engagement with government
officials• Lobbying and advocacy• Congressional briefings• Regulatory comments• Regulation and public policy• C ybersecurity and customer
privacy

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship10

Appendix

Our Sustainability Approach

Sustainability Governance
RGA understands that it has a responsibility to monitor andcontrol our environmental and societal impact and adopt
responsible practices on sustainability issues. We strive tooperate in a sustainable manner that recognizes the needfor strong governance, effective management systems, androbust controls embedded within our business operations
and long-term strategies.
The Board oversees sustainability issues and delegatesoversight of relevant issues to its committees. In 2023,
the Board assigned the Nominating and GovernanceCommittee the primary responsibility of supporting
the Board in its oversight of sustainability issues andcoordinating with other committees as needed. The
Board also strengthened its data security oversightby transitioning a subcommittee to a new full Board
committee, the Cybersecurity and Technology Committee,
to oversee RGA’s cybersecurity, data privacy, andtechnology risks.
As a whole and through each of its standing committees,
the Board and Executive Committee collectively provide
active oversight of RGA’s sustainability strategy. At amanagement level, RGA’s Sustainability Leadership
Committee develops, champions, and advises on ouroverall sustainability strategy, policies, and initiatives. This
committee is composed of more than a dozen leadersfrom all major functions and office locations who are well
positioned to integrate and oversee sustainable businesspractices across our global operations.

RGA’s Sustainability Governance Framework
Board Oversignt
Board of Directors
Oversight of corporate sustainability issues

Audit Committee

Financial and sustainability reporting, significant legal and regulatory
matters, and ethics and compliance policies

Cybersecurity and Technology
Committee

Technology programs and policies, and strategy and risks associatedwith cybersecurity, data privacy, and technology-related business
continuity

Human Capital andCompensation Committee

General compensation, benefits program, and human capital matters

Investment Committee

Investment policies; practices; programs and strategies; and quality,
performance, and risk characteristics of investment portfolios

Nominating andGovernance Committee

Corporate governance, Board refreshment, leadership development,
and Board support for its oversight of sustainability and ESG issues

Risk Committee

Enterprise risk management, including climate change and impacts on
RGA’s overall business, operations, compliance, reputation, and ethics

Management Responsibilities
Executive Committee

Together with leaders and teams across our global business operations,assess relevant sustainability-related issues and concerns specificto RGA’s stakeholders and the business for external reporting andperformance metrics, as well as day-to-day oversight of the core pillarsof our sustainability strategy

Sustainability Leadership
Committee

Advise and develop RGA’s sustainability and ESG strategy, policies,
initiatives, and reporting

Integration of Sustainability into Employee Compensation
The Human Capital and Compensation Committee
approved the inclusion of strategic non-financial,sustainability-related goals in our 2023 annual incentive
compensation plan. We included a cyber-mindset goal toreinforce the criticality of data loss prevention and dataprotection. The scorecard also contained a goal to further
implement RGA’s diversity, equity, and inclusion strategy
to evolve our workplace and the communities we serve. All
full- and part-time employees were eligible to participate
in this annual bonus plan. See our 2024 proxy statement for
more information.

We strive to operate ina sustainable mannerthat recognizes the needfor strong governance,
effective management
systems, and robust
controls embedded
within our business
operations and longterm strategies.

RGA 2023 Sustainability ReportIntroduction

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Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship11

Appendix2023 Highlights
Business Ethics and Responsible
Practices

42%

Continued to prioritize Board diversity: 42% of
our directors identified as women and 42% asracially/ethnically diverse as of April, 2024

Responsible Investment Approach

Sustainable Innovation

Culture of Care

$500K

92%

20%

Launched multiple initiatives to help global
insurers better understand mental health as a
strategic priority

Grew employee participation in employee
resource groups to 14% of our employee
population

$745M

50%

Increased training across key internal
stakeholders to advance knowledge of our
ESG integration philosophy and process ininvestment decision-making

Celebrated RGA's 50th anniversary byproviding an extra $500,000 to over 50
charitable organizations around the world

Increased investments in ESG-labeled bonds andother United Nations Sustainable Development
Goals aligned investments by $745 million.

Received regulatory approval for U.K.
Binding Corporate Rules on data protection
requirements

Over 50% of employees participated in diversity,community support, or sustainability activities
in 2023

Launched a “Dollars for Doers” program
to expand the impact of employee
volunteering

Completed a qualitative, enterprise-wide
climate scenario analysis to assess climate risk
and build resilience throughout the company

92% employee participation in Employee
Engagement Survey, with an 86% engagementscore, above benchmarks

Delivered a cumulative reduction of 20% in the
carbon intensity of our portfolio over the twoyear period ending December 31, 2023

Established Board’s Cyber and Technology
Committee to further strengthen data
security oversightEnvironmental Stewardship

53%

53% of employees are located in buildings with
LEED or WELL environmental certifications

Women at RGA are paid 98.4% of what
men are paid, and in the U.S., non-white
employees are paid 101.5% of what white
employees are paid, on average.

30%

Advanced greenhouse gas calculations toinclude market-based Scope 2 emissions

Increased female representation in global
leadership positions to 30% compared to
28% in prior year

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental StewardshipAppendix

12

About This Report
RGA’s 2023 Sustainability Report reflects our commitment
to giving investors and other stakeholders a transparent
and holistic view of our sustainability approach andperformance. This report covers the progress of oursustainability program during the 2023 fiscal year
(FY2023), with data and metrics reflecting the period
from January 1, 2023, through December 31, 2023,
unless otherwise noted. In some instances, we include
information on initiatives continued into 2024, which wehave endeavored to note as such. Throughout the report,
we also guide readers to additional sources of informationon our corporate website and other website references forconvenience. Please see our forward-looking statements
at the end of this report for more information.

RGA's Alignment with Sustainable Development Goals

We have aligned our report with the Sustainability AccountingStandards Board (SASB) Standards, now part of theInternational Financial Reporting Standards (IFRS) Foundation,
and we have used the topics related to the Insurance
industry and relevant topics from the Asset Management
and Custody Activities industry to ensure that we address the
ESG factors most relevant to our business. We further aligned
the report with the Task Force on Climate-Related Financial
Disclosures (TCFD) framework for corporate reporting on
climate-related risks and opportunities.
We have also identified nine United Nations Sustainable
Development Goals (SDGs) that offer the greatest
opportunity for impact given the relevance to RGA’s
business activities and key priority areas. The SDGs area collection of 17 interlinked global goals designed to bea shared blueprint for peace and prosperity for people
and the planet, now and into the future. RGA has aligned
our sustainability initiatives to the following SDGs that
we have the power to influence and impact through ourbusiness strategy, products, and services. Please refer to theappendix at the end of this report for more information.

The SDGs are a collection of 17 interlinked global goals
adopted by the United Nations that are designed to bea shared blueprint for peace and prosperity for people
and the planet, now and into the future.

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Business Ethics
and Responsible
Practices

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship

13

Appendix

Corporate Governance

14

Risk Management

17

Data Security and Data Privacy

19

Vendor Management

20

Government Affairs and Advocacy

21

Integrity is vital to success in the financial
services industry. RGA’s responsible businesspractices reflect our commitment to conductbusiness reliably and honestly without exception
and pursue company goals in a manner thatengenders trust.
Guiding Principles• Be honest, fair, and trustworthy.
• Obey laws and regulations.
• Be the voice of integrity.
• Pursue purposeful innovation while balancing risk
and reward to support business growth.
• Foster a culture of productive collaboration.
• Respect others and embrace their differences.

RGA 2023 Sustainability ReportIntroduction

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Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship

14

Appendix

Corporate Governance
Our Board and management team view effective
governance as essential to implementing our longterm strategy, managing costs, responding to risks, andmaking decisions that ensure financial sustainability
and business success. Our approach to governanceintegrates a strong ethical culture; a comprehensive
enterprise risk management (ERM) program; robust
financial, regulatory, and legal compliance functions;and corporate social responsibility.

Our Board at a Glance3
TenureAge

RGA Board of Directors
Recognized With 2023
NACD DEI Award

Gender Diversity

1

Board Composition and Oversight3

We believe that the effectiveness of our corporate
governance is largely a function of the Board’s compositionof highly qualified, experienced, and diverse directors, all ofwhom have a deep knowledge of our industry and its risks
and opportunities. The Board is deeply involved in providing
continuous oversight of our governance process and utilizes
its members’ diverse perspectives, skills, and backgrounds
to ensure our long-term financial success and stability. The
Board’s overall sustainability expertise increased since lastyear, and today 75% of our Board members have knowledgeof and experience with sustainability issues, trends,
disclosures, and practices.

5

61

Average

6

4

5

Years

42%
Female78

0–2 Years

50s

3–5 Year60s

6–10 Years

Male

FemaleIn 2023, the RGA Board of Directors was selectedby the National Association of Corporate Directors(NACD) as the winner of the 2023 Diversity, Equity,and Inclusion Award in the Public Company–
Mid Cap category. This NACD award recognizes
boards that have improved their governanceand created long-term value for stakeholders
by implementing forward-thinking diversity,
equity, and inclusion (DEI) practices. NACD is theauthority on boardroom practices and represents
more than 23,000 corporate board members.

US Racial/Ethnic Diversity

5

75%

42%
Other

7

White/Caucasian

75% of our Board members have knowledge of andexperience with sustainability issues, trends, disclosures,and practices.

Other than White/Caucasian3.

Our Board and Executive Committee work to create a culture of integrity
with strong governance, effective management systems, and robust
controls. Our directors and employees are responsible for these principles
and obligated to uphold them in all we do.

23K

NACD is the authority on boardroom practices andrepresents more than 23,000 corporate board members.

Board composition metrics are as of April 1, 2024.

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Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental StewardshipAppendix

15

Corporate Governance

Our Policy Management Framework
We believe sound governance practices and appropriate
controls across our many business units create long-termsustainable shareholder value. Our policy management
framework offers an efficient protocol for the development,
approval, revision, and management of our policies andguidelines to:• Promote	
the adoption and maintenance of necessary
Global Policies and Enterprise Standards to support RGA’s
mission and objectives and meet legal and regulatory
obligations• P rovide a central repository for all policies that apply
to any regular or temporary employee, contractor,
consultant, or other individual representing or acting on
behalf of RGA

Code of Conduct
RGA’s Code of Conduct (Code) translates our essential
governance elements of honesty, fairness, and respect
into practical rules and standards to guide all employees
conducting business on RGA’s behalf. The Code serves asa foundation for RGA policies, standards, and procedures,
incorporating topics such as:
•
•
•
•
•

Non-retaliation
Anti-harassment
Insider trading
Conflicts of interest
Global antitrust and fair competition• Global anti-bribery and anti-corruption• Protection and proper use of intellectual property

I am treatedwith dignity
and respect.”92%• M aintain consistency, transparency, and inclusion inpolicy management framework processes

Learn more at our governance library
Employee Engagement Survey 2023

RGA Corporate Governance Library
Corporate Governance Guidelines
RGA Code of Conduct
Directors’ Code of Business Conduct and Ethics
Financial Management Code of Professional
Conduct
Global Human Rights Policy
Modern Slavery Act Transparency Statements
Board Committee Charters

Monitoring and Audits
Our independent internal audit function, Global Audit andAdvisory, provides risk and control expertise and supports
our corporate governance framework through regular
operational and compliance audits as well as SarbanesOxley control testing. This team provides advisory andguidance to our business partners in RGA’s operations, aswell as technical expertise to our teams in global financial
solutions, investments, corporate shared services, andinformation technology.

Training and ComplianceTo ensure a strong culture of integrity and compliance, wehave comprehensive mandatory training requirementsfor our employees during initial onboarding sessions
and annually thereafter. The training covers the Code’s
standards and principles, including human rights andanti-harassment, and requires an individual attestation
to compliance. For 2023, 100% of required employees
completed this mandatory training.
Our Board also has a responsibility to act with truth, sincerity,and fairness in all decisions. Directors must comply with
the Directors’ Code of Business Conduct and Ethics, which
serves as a reference for conflicts of interest, confidentiality,and fair dealing.

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship

16

Appendix

Corporate Governance
Human Rights
RGA is committed to upholding human rights in accordancewith policies from the United Nations, the International
Labour Organization, and U.S. law. RGA is dedicated toensuring transparency in our business and in our approachto tackling the risk of human trafficking and modern slavery
throughout our supply chains, consistent with our disclosure
obligations under section 54(1) of the United Kingdom
Modern Slavery Act 2015.
Our commitment to human rights is outlined in our Global
Human Rights Policy and is based on the following guiding
principles:Anti-Bribery and Anti-Corruption
RGA has safeguards in place to avoid corruption and bribery
related to our business and to maintain our reputationfor ethical business practices. RGA’s Global Bribery andCorruption Policy is managed by our Vice President of Global
Compliance and Fraud and provides guidelines that prohibit
improper direct or indirect payments, facilitating payments,
misclassified corporate expenses, political or charitable
donations, bribes, gifts, or other improper conduct to obtain
an unfair business advantage. We also require employees
to abide by all applicable laws, including the U.S. Foreign
Corrupt Practices Act (FCPA), the U.K. Bribery Act of 2010 (U.K.
Bribery Act), and similar laws throughout the world.

Human Rights Guiding Principles
General Labor Practices
We strive to comply with relevant
labor laws, regulations, andguidelines, including thoserelated to wages, benefits, hiring,promotion, hours worked, andworking conditions.
Diversity and Inclusion
We value all the individuals in our
diverse workforce and recognize
the importance of understanding,appreciating, and accepting
individual differences.

Forced or Compulsory Labor
We do not use or tolerate the useof force, debt-bonded indentured
labor, involuntary prison labor,
slavery, or any form of humantrafficking in our business.
Workplace Health and Safety
We strive to provide and maintaina healthy and safe working
environment free from violence,
intimidation, or other unsafe or
disruptive conditions.

Harassment andNon-Discrimination
We believe everyone should betreated with respect, and we donot tolerate workplace harassment,
discrimination, or bullying based ona personal characteristic protectedby law (e.g., disability, gender, race,
religion, age, sexual orientation).
Privacy
We respect individual privacy
expectations and protect thepersonal information we collect,use, and disclose in connection
with our business.

Whistleblower Policy
RGA prohibits any form of retaliation against employees
who, in good faith, report a suspected issue, and the Board
is notified of any misconduct concerns. RGA has licensed
a third-party vendor to provide a Speak-Up Hotline thatgives employees an anonymous and confidential way
to report potential misconduct. The hotline is available
24/7. Depending on local privacy and whistleblower laws,
the Speak-Up Hotline may not always allow anonymouscomments or may limit reporting topics to accounting,financial, auditing, and bribery matters only. Shareholders,
employees, and other interested parties may also shareconcerns directly with the Chair of RGA’s Audit Committee,
who is an independent director and not an employee ofthe company.
The Vice President of Global Compliance and Fraud
evaluates and addresses all reports submitted via the
Speak-Up Hotline. If an investigation is required, the caseis assigned to the appropriate team. Reports involving
financial misconduct are escalated immediately to the
Chair of the Audit Committee. All employees are protected
by RGA’s non-retaliation policy. As part of our ethicalculture, we regularly review the volume of reports
received, types of allegations reported, and outcomesof investigations conducted.

Learn more about our responsibility to
speak up and voice concerns
RGA Speak-Up
Speak-Up Policy
Speak-Up Hotline
RGA Code of Conduct

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental StewardshipAppendix

Risk Management
Effective risk management is of significant importanceto our overall operations. RGA’s primary objective ismanaging our business, and the associated risks, inorder to balance serving the interests of our clients, theirpolicyholders and customers, regulatory bodies, ourinvestors, our employees, and other stakeholders.

Risk Governance and Board Oversight
The Board has an active and ongoing role in overseeing
corporate risks as a whole and at the committee andsubgroup levels. The Board primarily manages enterpriserisk through its Risk Committee, which oversees the ERM
program and policies. The Risk Committee also receives
regular reports and assessments describing our criticalrisk exposures, including quantitative and qualitative
assessments and information about breaches, exceptions,and waivers. The Global Chief Risk Officer reports to theChief Executive Officer and has direct access to the Board
through the Risk Committee, with formal reporting occurring
quarterly. While the full Board retains oversight of risk, itscommittees are responsible for particular areas that are
most relevant to each one.
In July 2023, the Board approved the conversion of the
Cyber and Technology subgroup to a full Board committee,
the Cybersecurity and Technology Committee, to oversee
and monitor the technology programs and policies,
including risk appetite and key risk indicators, establishedby the Company for identifying, measuring, mitigating,managing, reporting, and testing cybersecurity, data
privacy, and technology-related business continuity
risks. For more information, please see the Sustainability
Governance section and our 2024 Proxy.

Enterprise Risk Management
A well-defined risk governance structure is essential to ouroverall risk management strategy, and our Enterprise Risk
Management (ERM) program allows RGA to effectively:• Analyze and report our risks on an aggregated basis• F acilitate monitoring to ensure that risks remain within
the company’s appetites and limits

New Risk Rating Methodology Overview
In 2023, RGA completed the implementation of a newrisk rating methodology with expanded risk assessment
guidance, as well as the rollout of a new ERM dashboard
to provide greater clarity in current and forward-looking
12-month risk exposures and enhance risk decision-making.
Within this approach, RGA views environmental, social, andgovernance factors across the risk taxonomy and therefore
considers multiple risk assessments.

• E nsure, on an ongoing basis, that RGA’s ERM objectives
are metWe strive to manage
our business in asafe and responsible
manner to fulfill our
purpose of making
financial protectionaccessible to all.

This program sees that risks are properly identified,assessed, and managed; risk controls are in place; and key
risks to which RGA is exposed are disclosed to appropriate
stakeholders.

Leadership Spotlight

As a forward-thinking organization, sustainability is afundamental element of RGA’s strategy, core values, dayto-day decision-making, and integrated risk management
approach that enables the long-term success of RGA for all of
our stakeholders.”

Jonathan Porter
Executive Vice President,
Global Chief Risk Officer

17Introduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental StewardshipAppendix

18

Risk Management

RGA’s Enterprise Risk Management Framework

Risk Culture

Risk Assessment andRisk Reporting

embedded in our business

RGA uses qualitative andencompasses Global Risk

Risk management isprocesses in accordance with

Strategy &Risk Appetite

Risk Assessment& Measurement

our risk philosophy and is an
integral part of our culture.
Risk Governanceanalyzes established andemerging risks in conjunction

Committee, Investment

Committee, and Cyber andTechnology Committee; theInternal Audit department; theRisk Monitoring andpractices, including a

Business-specific risk

conjunction with or outsideand controls provide

process.

are embedded in business

Capital Management

maximum retention limits,of risk capital from different

comprehensive ERM program;financial, regulatory, and legal
compliance functions; andcorporate social responsibility.
Strategy and Risk Appetite

Risk Reportinga portfolio approach thatnumerous effective

strong ethical culture; aRisk Monitoring& Management

assess key risks throughServices; the Board’s Riskwith other risks.

components of soundCapitalManagement

quantitative methods to

Risk reporting at RGA

RGA’s approach to

governance integrates

Risk Culture& Governance

Measurement

Management

tolerances and risk limits
additional safeguards andprocesses. These include
pricing and underwriting

Our strategy relies on areviews, and standard

overview that outlines the risk

escalation process is in

to meet the company’s

temporary waivers, andthe maximum amount ofreported to the applicable

to assume to remain withintransparency and enableappetite.

process improvement.

general and high-level

treaty language. An internal

profile RGA aims to achieve

place, and all action plans,

objectives. Risk limits establish

exceptions are regularly

defined risk that RGA is willingrisk committee(s) to enhance

the company’s overall risk

continuous learning andBusiness Continuity
Our global business continuity and operational resilience
program enables our leaders to understand RGA’s exposure
to disruptions and take steps to mitigate their likelihoodand impact. Our global policy, frameworks, training, andtools empower leaders to limit disruptions within impact
tolerances. Through our ERM function, we review andupdate our business continuity plans and preparedness
protocols at least annually, gaining input from internal andthird-party specialists.

Risk Management Steering
Committee; and businessleaders and local boards

on a regular basis, either inthe quarterly risk reporting

RGA monitors the adequacy
perspectives: economics,

rating agency, and under
U.S. Generally Accepted

Accounting Principles (GAAP).

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Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship

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Appendix

Data Security and Data Privacy
RGA is committed to promoting a strong data protection
culture. We strive to comply with requirements within
the jurisdictions in which we operate to ensure fair andlawful processing, provide appropriate technical andorganizational security, and ensure respect for personal
data protection rights.

Governance and OversightRGA maintains a cybersecurity program designed to
identify, assess, manage, mitigate, and respond to
cybersecurity threats. The program — which balances
serving the interests of our clients, their policyholders andcustomers, regulatory bodies, our investors, our employees,
and other relevant constituents — is integrated within the
ERM program.
Both the Board and management have an active andongoing role overseeing, assessing, identifying, andmanaging material risks from cybersecurity threats.
The Board, directly and through its Risk Committee andCybersecurity and Technology Committee, oversees RGA’s
risk management strategy; cybersecurity, data privacy, andtechnology risks; and ongoing investments in cybersecurity
and technology. The Chief Information Officer (CIO) and
Chief Information Security Officer (CISO) provide quarterly
updates to the Cybersecurity and Technology Committee
regarding cybersecurity, data privacy, and information
technology strategy and programs. In addition, both the
Risk Committee and the Cybersecurity and Technology
Committee meet as needed outside the normal quarterly
reporting cycle. The Risk Management Steering Committee,
and its subcommittee the Operational Risk Committee, stay
informed through quarterly executive leadership updates.
For more information on our cybersecurity oversight andprogram, please see our 2023 Form 10-K.

Data Privacy
We are committed to protecting personal informationfrom cybersecurity threats that could compromise theconfidentiality, integrity, or availability of the data we receive
through our products and services. We are committed todata privacy and protecting the information we receivefrom our clients in the same way we protect our own data
and that of our employees. We maintain transparent
practices regarding the collection, processing, and sharing
of information.
Learn More:

RGA’s Privacy and Rights

Data and Analytics Ethics Framework
Our Data Ethics Oversight Board ensures that RGA carriesout responsible and ethical data-handling decisions
throughout the organization. We established a data andanalytics ethics framework to guide our data protection
and utilization to ensure that we act in the best interestsof clients, business partners, regulators, investors, andindividuals. We evaluate components of our analytics

processes related to our use of algorithms and artificial
intelligence (AI) for fairness, including paying specificattention to monitoring model outcomes and impact. These
principles will be revisited, amended, and updated as theindustry, regulatory, and ethical landscapes dictate. In 2023,
we developed a training course for our global workforce toprovide an overview of the principles of this framework andpractical examples of how to apply them in data decisions.

Technology Framework and Standards
The underlying controls of the cybersecurity and data privacy
programs are based on recognized practices and standards
for cybersecurity and information technology, including
the National Institute of Standards and Technology (NIST)
Cybersecurity Framework and Privacy Framework, and theInternational Organization for Standardization (ISO) 27001
information security management systems. RGA engages
a third party every 18-24 months to perform an assessmentof the cybersecurity and data privacy risk management
program against the NIST frameworks.
Approved European Union (EU) Binding Corporate Rules
RGA upholds a high standard in personal data protection,
receiving approval for its EU Binding Corporate Rules (BCRs)
from the Irish Data Protection Commission (DPC) following
a positive opinion from the European Data Protection Board(EDPB). RGA was the first reinsurer to receive regulatory
approval for Controller and Processor BCRs since the EU’s
General Data Protection Regulation (GDPR) was enacted on
May 25, 2018. By following the BCR guiding principles, RGA
has agreed to be accountable to regulators for complying
with multiple data protection requirements, including
ensuring fair and lawful processing, providing appropriatetechnical and organizational security, and ensuring respect
for individuals’ data protection rights.
Approved United Kingdom (U.K.) Binding Corporate Rules
As a result of Brexit in 2020, RGA could no longer rely on
its EU BCRs as an appropriate safeguard for international
data transfers from the U.K. Therefore, we obtained aseparate set of BCRs from the U.K. In 2023, RGA received
regulatory approval from the Information Commissioner’s
Office (ICO) for both Controller and Processor U.K. BCRs. By
following the U.K. BCR guiding principles, RGA has agreed tobe accountable to regulators for complying with multiple
data protection requirements, including ensuring fair andLearn More:

EU and U.K. Binding Corporate Rules (BCRs)
RGA | Global Binding Corporate Rules (EU):Controller Policy
RGA | Global Binding Corporate Rules (EU):Processor Policy

lawful processing, providing appropriate technical andorganizational security, and ensuring respect for individuals’
data protection rights.

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Responsible Investment Approach

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Culture Matters

Environmental Stewardship

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Appendix

Data Security and Privacy

Vendor Management
Cybersecurity Preparedness

RGA recognizes that vendor relationships play a role in
our ability to build and retain our clients' trust. As a result,
we expect all new and existing vendors to place a highvalue on RGA's core values.

Every year, we make investments to adapt to the changing
threat landscape and protect our data and operations fromvarious cybersecurity risks, including phishing, malware,ransomware, and data theft.

Vendor Risk Management
The Third Party Risk Oversight (TPRO) team within Global
Risk Services is responsible for overseeing third-party risk
and managing risk exposure. Our Vendor Risk Management
Policy establishes high-level requirements related to RGA
vendors and is applicable globally to employees who are
involved in the acquisition of goods and services and/or the management of RGA’s vendor relationships. The
policy outlines the governance protocols for responsible
management of vendor risks extending throughout thethird-party management life cycle, from identifying theneed for third-party products or services to termination of
third-party relationships.

Incident Response and Preparedness
RGA utilizes third-party partners, including leading national
and international companies specializing in cybersecurity andsoftware development, to supplement its Security Operations
team to monitor our global cybersecurity environment andto coordinate the investigation and remediation of alerts. We
also engage third-party partners to assist in evaluating andtesting our cybersecurity infrastructure.
Our security and data privacy practices are reviewed
regularly by our clients, regulators, the Internal Audit
Department, and other third-party providers. These
assessment and audit reports outline changes that may
need to be considered to strengthen our security anddata privacy posture, and the findings are managed andtracked to closure. We also perform periodic tabletop
exercises, at least annually, with third-party firms topractice our response to various incidents, which helps
improve response speed and effectiveness through better
communication, decisions, and capabilities.
Security Awareness Training
All global employees are required to complete global
data protection training to ensure compliance across ourcybersecurity and data privacy policies and to review themore common security threats and how to detect them.
This training is required upon hire and annually thereafter,
including periodic phishing exercises. We achieved a 100%
completion rate of the required 2023 data protection
training by our active global employees. The Global Security
and Privacy Office, which reports to the CISO, reviews andupdates training programs at least annually.

Our security and data privacy
practices are reviewed
regularly by our clients,
regulators, the Internal Audit
Department, and other thirdparty providers.

100%

We achieved a 100% completion rate of the required 2023 dataprotection training by our active global employees.

The TPRO team provides tools and guidance, including a
Vendor Risk Assessment Questionnaire and Vendor Risk
Management Guidance, to help vendor managers assess
the security, privacy, business continuity, and financial
reporting risk exposure of each vendor and determine theminimum required due diligence activities. The required
ongoing monitoring activities vary based on the criticality
and risk factors associated with each vendor and its
relationship with RGA.

Ethics and Accountability
We believe that sound principles of corporate governanceare a key element of our business. Likewise, we expect ourvendors to demonstrate the highest ethical standards whileproviding high-quality, innovative, and cost-effective services.
Vendors must meet the expectations of RGA’s Vendor Code of
Conduct (Vendor Code), aspire to continuously improve upon
existing processes, and innovate new processes.

Vendors are expected to comply with applicableregulations. All our vendors’ business dealings shall be
performed in accordance with applicable laws, suchas those concerning anti-corruption, insider trading,intellectual property, software licensing obligations,trademarks, and copyrights. RGA does not tolerate bribery
or corruption involving its people, vendors, agents, or otherbusiness partners. Vendors are prohibited from offering,
providing, paying for, authorizing, promising, soliciting, or
receiving anything of value, directly or indirectly, for the
purpose of obtaining or retaining business or any improper
business advantage.

Human Rights and Responsible Sourcing
RGA’s commitment to human rights is formalized throughour various policies, Code of Conduct, training modules, andethical business practices. Our vendors, clients, and otherbusiness partners are mandated to respect and uphold
this commitment and compliance with our Global Human
Rights Policy and RGA Modern Slavery Statements.

Data Privacy Compliance
We have a Privacy Threshold Assessment Questionnaire thatis required within our third-party security assessment for the
purposes of both risk reduction and regulatory compliance.
All vendors are required to comply with our data security
protocols, and further compliance standards are assigned
for those designated as high risk. Vendors are expected tocomply with privacy and information security laws, regulatory
requirements, and contractual obligations relating to thecollection, storage, processing, access, transfer, and sharingof personal information. Additionally, vendors are expected tocomply with RGA’s data and analytics ethics framework.

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Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship

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Appendix

Government Affairs and Advocacy
Our political activity and contributions are made with
RGA’s strategic goals in mind. They are intended to
advocate for issues that are important to our company
and key stakeholders as well as to our corporate purposeof making financial protection accessible to all.

Our Approach to Advocacy Activities
At both the state and federal levels, we actively participate
in lobbying in the interest of protecting the rights of
insurance and reinsurance companies and in the pursuitof staying competitive in global markets. Internationally,
we work with our trade associations to follow and address
issues regarding market access and trade, data transfer,and other issues that impact how we do business in foreign
jurisdictions.

Political Contributions
RGA operates the RGA Federal Political Action Committee(RGA PAC), a nonpartisan PAC organized under U.S. federal
election laws that receives voluntary contributions frommembers and contributes to individual candidates
pursuant to federal election laws. Oversight for RGA PAC
is provided by the RGA PAC Board. The RGA PAC Board iscomposed of employees who are members of the RGA PAC.
Oversight by the RGA PAC Board consists of regular reviewsof RGA PAC’s political and lobbying policies and politicalcontributions. The RGA PAC Board also oversees the ongoing
political strategy as it relates to overall public policy
objectives for the next year and provides guidance
to the PAC.

The RGA PAC files contributions and expenditure reports
with the Federal Election Commission pursuant tofederal regulations. Under federal law, RGA may notcontribute corporate funds or make in-kind contributions
to candidates for federal office or to national party
committees. In appropriate circumstances, the RGA PAC
may contribute to the federal political action committees ofindustry trade associations in which we participate.
In addition to the contributions made by the RGA PAC, RGA
makes political contributions to insurance and reinsurance
trade associations. These associations are permitted tocontribute to federal- and state-level individual candidates
who understand the issues most important to the industry,
our company, and our clients. We do not make politicalcontributions to candidates for public office in foreigncountries. In accordance with our Charitable Giving Policy,
RGA does not provide contributions in support of politicalcandidates, political organizations, or lobbyists, either
directly or indirectly through our employee corporate
matching program.

RGA’s 2023 Politically Related Expenditures and Government Relations Activities
2023 Politically Related Spending

Total corporate political contributions$1,000 (all to the Missouri Insurance
Coalition PAC)

Total independent political expenditures made in direct support of our
opposition to a campaign$0Total payments to trade associations that the recipient organization may use
for political purposes$493,518

Total payments to other tax-exempt organizations, such as 501(c)(4)s, that therecipient may use for political purposes$0

Payments made to influence the outcome of ballot measures$02023 Lobbying Expenditures
Total lobbying expenditures, as reported on Form LD-2 disclosures filed under
the Lobbying Disclosure Act of 1995, Section 5$540,000

2023 Financial Assistance from Government
Financial assistance from the government$0

RGA 2023 Sustainability ReportIntroduction

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Responsible Investment Approach

Sustainable Innovation for Social Impact

Responsible Investment
Approach

Our work contributes to the following SDGs:

Culture Matters

Appendix

22

Our Responsible Investment Philosophy

23

ESG Integration Within Investment Due Diligence

23

Governance and Oversight24

Carbon Risk Management Framework

25

Achieving Impact Through Our Investments

26

Environmental Stewardship

RGA believes that investment decisions facing ourcompany must be evaluated in consideration of
the global macroeconomic and societal trends
shaping our world. Our responsible investment
philosophy and process embed environmental,social, and governance considerations into thefinancial assessment of companies as part ofthe decision-making process for investments
we hold, those we are considering, and those
we’ve chosen to divest as a long-term fixedincome investor. RGA’s investment decisionmaking incorporates fundamental research on
both financial metrics and ESG factors, including
each company’s approach to sustainability,
governance, the environment, and the health andfinancial security of communities. This approach
not only makes good long-term business sense,
but it also aligns with RGA’s values and purpose.

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Sustainable Innovation for Social Impact

Our Responsible
Investment
Philosophy

ESG Integration Within
Investment Due
Diligence

RGA is committed to investment decision-making that
integrates ESG factors to bolster more sustainable social
outcomes and improved risk-adjusted returns. As fixedincome investors, our Investment team embeds various
ESG considerations throughout our fundamental research
process to strengthen our risk assessment, business model
analysis, and issuer engagement activities that informour decision-making around a company’s balance sheet
strength, profitability, and long-term value creation.

ESG factors are a key part of evaluating a company’s
long-term viability, profitability, and potential
investment return. Our Investment Team has adopted
an ESG philosophy and process to inform our investment
decision-making framework, which is aligned with our
detailed fundamental research, analysis, and ongoing
monitoring of both existing and potential fixed income
securities.

RGA pursues a responsible investment strategy acrossa broad range of asset classes within our portfolio.4 The
majority of holdings are fixed income securities, which
are managed by applying our disciplined approach tofundamental credit underwriting across a high-quality
and broadly diversified portfolio by sector and issuer.
RGA’s investment portfolio supports the many long-term
commitments made to our clients and their families. For
this reason, maintaining our financial strength through arigorous investment process that integrates ESG analysis
is fundamental to both our business objectives and our
corporate purpose to make financial protection accessible
to all. Integrating ESG risk factors into our credit research
process incorporates factors that impact the long-term
credit strength and rating of our investee companies.

4.

Responsible Investment Approach

 The total fair value of RGA’s fixed maturity securities at year-end 2023 and 2022 were$60.5 billion and $52.9 billion, respectively. In addition, the total book value of RGA’s
fixed maturity securities at year-end 2023 and 2022 were $65.0 billion and $59.7
billion, respectively. Please see RGA’s 2023 Form 10-K, Note 11: ‘Investments,’ Fixed
Maturity Securities Available-for-Sale on pages 139-140 for information relating to ourinvestments in fixed maturity securities by type as of Dec. 31, 2023, and Dec. 31, 2022.

Our Credit Research team evaluates ESG considerations
as part of our investment process due to their significant
influence on the long-term sustainability and resilienceof the companies in which we invest. We believe thatESG factors, specifically governance, can indicate risk
management concerns and longer-term environmental
trends such as climate change are not always
appropriately captured or priced into public markets.
They are a key part of our investment decision-making
process along with traditional financial and business risk
factors. Through the integration of sustainability factors
into our fundamental research process, we mitigate
risk, identify potential opportunities for outperformance,and encourage more sustainable economic andsocial outcomes.

Incorporating ESG Criteria Within Corporate
Bond Investment Decisions

Culture Matters

Environmental Stewardship

23

Appendix

opportunities and performance while protecting investor
value. In addition to economic and financial considerations,
we evaluate and incorporate ESG criteria when making
investment decisions.
RGA takes a fundamental sector-by-sector andinvestment-by-investment approach to evaluate boththe current ESG risk factors we observe in our investee
companies, and the positive impact from their efforts totransition to more sustainable business models.

Through the integration of sustainability
factors into our fundamental research
process, we mitigate risk, identify potential
opportunities for outperformance, andencourage more sustainable economic
and social outcomes.

For example, when analyzing a company’s environmental
risks and opportunities, we routinely assess forward-looking
climate transition risk and physical risk, and identify therisks associated with laggards within sectors as well as
the opportunities to invest in leaders who are proactively
managing their carbon footprint and adapting businessmodels in response to climate change. For social risk
factors, we may assess the impact of reputational risk on acompany’s business prospects from reports of human rights
violations or restrictive or discriminatory labor practices.
For governance risk factors, we review the strength of anorganization’s enterprise-wide risk management framework,
their track record in legal and regulatory compliance, andthe quality of disclosure and reporting, all of which canbe leading key risk indicators of future developments that
may negatively impact a company’s creditworthinessand valuation.

As long-term investors, we believe that good governancepractices and a commitment to corporate responsibility
by corporate bond issuers can enhance investment

RGA 2023 Sustainability ReportIntroduction

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Responsible Investment Approach

Sustainable Innovation for Social Impact

Governance and Oversight
The Board’s Investment Committee has oversight
responsibilities of RGA’s investment strategies, activities,
policies, performance, and risk management. The
Executive Vice President, Chief Investment Officer (CIO)
leads RGA’s Investment team, directing the company’s
investment policy and strategy and managing the
global asset portfolio. Our ESG philosophy, process, andgovernance is led by the Senior Vice President, Head of
Global Credit, Strategic Lead — ESG Investments, whoreports to the CIO and is responsible for all fixed income
credit assets in the portfolio.
Investment decisions that may adversely affect the carbon
intensity trajectory of the portfolio may be reviewed by RGA’s
Carbon Risk Management Committee, which is accountable
to the CIO. The committee reviews recommendations fromthe credit research team for additions to both existing andnew positions for issuers assessed as having High and Severe
Carbon Risk Ratings from Sustainalytics, our third-party ESG
rating agency. This methodology assesses the company’s
management of its carbon emissions and transition risk,
where issuers with High and Severe Carbon Risk Ratings
are deemed to be managing their carbon footprint poorly
compared to sector peers. As part of our ESG-integrated
investment decision-making process, the credit analyst must
demonstrate if the issuer has a credible strategy for reducing
its carbon emissions and managing its carbon footprint
effectively. If the committee judges that the issuer is notdelivering on its strategy for managing its carbon transition
risk, it may recommend restricting additional investment in theissuer, reducing our exposure, or exiting the position entirely.
The Carbon Risk Management Committee is chaired by
the Senior Vice President, Head of Global Credit, Strategic
Lead — ESG Investments. Other committee members are theVice President, Head of U.S. Credit, who leads the U.S. credit
research team; the Vice President, Head of Credit EMEA5,
5.	EMEA means Europe, theMiddle East, and Africa.

RGA remains committed to discovering new ways for ourinvestment portfolio to both fuel business growth andsupport healthier, more sustainable communities. Our
Investment Team continued to advance our strategic ESG
investment approach during 2023 by:Enhancing quality of carbon intensity data: RGA built aninternal database and associated processes to improvethe carbon intensity data quality and coverage across ourportfolio. This enhances our ability to assess the carbon
intensity of both individual issuers and the portfolio as awhole and continue to make progress in delivering ourcarbon intensity reduction target.

Environmental StewardshipAppendix

ESG Goals

2022-2026 ESG Investment Targets

2023 Progress

Carbon intensity

Achieve a 20% reduction in carbon intensity of the

Achieved a cumulative 20%6 reduction in carbon

who leads the U.K. credit research team; and the SeniorCredit and ESG Analyst, who is the department’s subject
matter expert in ESG investing.

Key Advancements in 2023

Culture Matterspublic corporate bond portfolio by the end of 2026
and develop methodology to measure carbon
intensity for private corporate assets

Responsible investments

Increase green and social investments that alignwith targeted SDGs

intensity versus year-end 2021 through active
management of the portfolio

Increased ESG-labeled bonds and other United

Nations Sustainable Development Goals aligned
investments by $745 million

Eliminate exposure in

Eliminate investments in tobacco

Eliminated tobacco investments in 2022

Climate risk assessment

Create a system for climate risk assessment for

Designed a global materiality climate risk stressin 2023

guidance

tobacco investment

Investeeengagement

investments in the U.K. in 2022 and global analysis

Proactively engage with investees deemed asmaterial ESG risks

testing methodology, aligned with regulatory

Completed Material Risk Engagement reviews for

33 issuers of the current year goal targeting 50 total(66%). Of these reviewed issuers, 21 were engaged

through Sustainalytics and 12 were engaged directly
by RGA7

Increasing ESG-related issuer engagement: During the2023 period, our Investment Team engaged 33 issuers,
or 66%, of the 50 classified by Sustainalytics’ Material Risk
Engagement analysis.
Expanding ESG-related investment training: RGA
increased training across key internal stakeholders to
expand knowledge of our ESG integration philosophy andprocess in investment decision-making.

Delivering on ESG Investment Philosophy
and Targets
Our Board approved our ESG-integrated investment process
and targets in April 2022 to establish a goal-oriented,
execution-driven approach to achieve positive impacts
through our responsible investments in the areas outlined
here. We aim to achieve our targets by year-end 2026.

6.	Please refer to the RGA Portfolio Decarbonization
discussion in the Carbon Risk Management
Framework section for more details on our reduction
in carbon intensity since year-end 2021.

7.

 he target of 50 issuers was determined by calculatingTthe number of issuers in the portfolio with High or Severe
ESG risk which were subject to Sustainalytics’ Material
Risk Engagement process at January 1, 2023.

24

Leadership Spotlight

We know reviewing the sustainability of ourinvestments is important to the continued
success of our clients, our portfolio, andthe health of communities. I’m proud of ourcontinued progress to reach our sustainability
investment goals and meet the needs of ourcustomers and the people they serve.”

Amy Gibson
Senior Vice President,
Head of Global Credit,
Strategic Lead – ESG Investments

Introduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship25

Appendix

Carbon Risk Management Framework
RGA has committed to a material reduction in the carbon
intensity of our investment portfolio over the current
2022-2026 strategic plan — a target reduction of 20% in
Scope 1 and Scope 2 emissions from the public corporatebond portfolio by 2026 as compared to the 2021 baseline
portfolio.8 To deliver this, we have implemented a robust
climate risk management framework as part of our ESG
investment process for managing our medium-term
overall exposure to issuers that screen poorly in terms ofemissions trajectory.

Additionally, through our ongoing due diligence process,we identify issuers that do not have credible plans for
improving their environmental credentials over the medium
term and/or do not have an effective plan for managing
their carbon risk in the short term. In those instances, ourInvestment team may put additional restrictions in placerequiring evidence of greater progress at these investee
companies prior to additional investment or reduce our
exposure if we are not being adequately compensated forthis additional risk factor.

Integration of Environmental Data in
Investment Decision-Making

RGA Portfolio Decarbonization Progress

Since reported carbon emissions data is lagging andbackward looking, the team leverages third-party Carbon
Risk Ratings from Sustainalytics as a guide to the likely
future path of emissions and how well issuers are managing
business risk associated with carbon-intensive operations.
In keeping with our ESG investment philosophy of integrating
the Credit Research team’s own qualitative and quantitative
analysis with data from third-party ESG rating agencies, ourclimate risk management framework continues to provide
RGA with the flexibility to invest in those companies with highcarbon emissions to help finance their transition to a lower
carbon intensive business model.

We delivered a cumulative reduction of 20% in the carbon
intensity of our portfolio over the two-year period between
Dec. 31, 2021, and Dec. 31, 2023, as calculated using our new
internal database. Of this 20% reduction, 86% was due to a
combination of improvement in the total emissions footprintof investee companies, reflecting our emphasis on investingin companies committed to reducing their emissions, anda reduction in our exposure to some high-carbon-intensity
names. The remaining 14% reduction was a result of thechange in the market value of holdings.

Reported and Estimated Carbon Intensity9Market Value (RGA Database)Market Value (Sustainalytics)

metric tonnes CO2e per $ mm sales

600

-20%
500

400

473
433

432
362

300

380
331

200

100
8.	Public corporate bonds include 144A and Reg S securities and exclude
credit derivatives and other private debt securities.
9.	The RGA carbon intensity database utilizes the Sustainalytics data coupledwith data from RGA’s expanded coverage from internal analytical research
processes. In RGA’s 2022 Sustainability Report, we disclosed a 16% yearover-year reduction in the carbon intensity of the portfolio, which reliedsolely on the Sustainalytics data captured in the purple bars on thechart. This year’s metrics incorporate RGA’s carbon intensity database,represented by the black bars, which has increased the coverage of theportfolio and therefore the accuracy of the metrics presented.

0
YE 2021

YE 2022

YE 2023

RGA 2023 Sustainability ReportIntroduction

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Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship26

AppendixAchieving Impact Through Our Investments
As a long-term investor, we believe there is strongalignment between financially sustainable businessmodels and robust governance practices that deliver a
positive impact on the environment and society. RGA’s
focus areas include decarbonization, climate risk,
and social impact. We view this approach as not only
supporting our mission and purpose but also fulfilling
our objective to deliver strong, sustainable investment
returns for our clients and the business.

Aligning With UN SDGs
RGA has chosen to increase our allocation to assets thatalign with six United Nations Sustainable Development
Goals (SDGs) that we believe most closely reflect RGA’s
corporate mission. We believe that our investment portfolio
will positively influence these goals by advancing initiatives
related to financial protection, health, education, social
housing, clean energy, and the climate, as outlined in thefollowing table:$5.6B

The total book value of our SDG-aligned investments,
comprising both ESG-labeled bonds and the other asset classesaligned with our six chosen SDGs, was $5.6 billion — a $745
million, or 15% increase over year-end 2022.

UN Sustainable Development Goals

Description

No Poverty

Financial Protection• U.K. lifetime mortgages• Fund or limited partnership (LP) investments with underlying
financial protection goal

Good Health and Well-Being

Health• Municipal hospitals• Not-for-profit healthcare• Medical research

Quality Education

Education• Public student loans• Municipal educational establishments• Universities

Sustainable Cities and Communities

Social Housing• Municipal affordable housing• U.K. housing associations• Certain residential mortgage-backed securities (RMBS),commercial mortgage-backed securities (CMBS), andcommercial mortgage loans (CMLs)

Affordable and Clean Energy and Climate Action

Clean Energy and Climate• Renewable energy utilities• Certain local authority projects• Green bonds

Our SDG-aligned investment portfolio includes a
combination of four different types of ESG-labeled bonds
plus investments with issuers whose purpose supports thesesix core UN SDGs but who have not issued specific ESGlabeled bonds, such as certain asset-backed securities,municipals, or other fund investments that align with RGA’s
mission to provide financial protection for all. The four typesof ESG-labeled bonds RGA currently holds are:
Green Bonds. Proceeds will be specifically earmarked
to raise money for climate-related and environmental
projects.
Social Bonds. Proceeds will be applied to projects that
promote improved social welfare and positive social impact
for underprivileged, low-income, marginalized, excluded, ordisadvantaged communities.
Sustainability Bonds. Proceeds will be used for projects
dedicated to environmentally sustainable outcomes (acombination of green and social activities).
Sustainability-Linked Bonds. The structural characteristicsof the bond are based on whether the issuer achieves
specific sustainability metrics within a given time period.
If the borrower does not meet these goals, they will beassessed a penalty in the form of a higher coupon, payable
to investors.
Together, as of year-end 2023, the total book value of our
SDG-aligned investments, comprising both ESG-labeledbonds and the other asset classes aligned with our six
chosen SDGs, was $5.6 billion — a $745 million, or 15%
increase over year-end 2022.

RGA 2023 Sustainability ReportIntroduction

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Culture Matters

Environmental StewardshipAppendix

27

Achieving Impact Through Our Investments

RGA’s Investments Aligned with UN SDGs Summary($ millions)

Responsible Investments

Sum of Book Valueas of Dec. 31, 2021

Sum of Book Valueas of Dec. 31, 2023

351

$ 684

Social Bonds

8

11

78

Sustainability Bonds

78

125

378

Sustainability-Linked Bonds

144

225

239

Total ESG-Labeled Bonds

581

1,045

1,546

3,622

3,767

4,011

$4,203$4,812$5,557

Green Bonds

Other Investments Aligned with
RGA’s Core UN SDGs
Grand Total

Our Investments in Action to Impact Climate
and Society
During 2023, RGA increased investments in ESG-labeledbonds and other United Nations Sustainable Development
Goals aligned investments by 15% compared to FY2022. We
continue to focus on financing companies and projects that
increase energy efficiency and facilitate energy transition
to a more sustainable economy. Consistent with ourphilosophy, we directed investments to those companies
undertaking climate transition and social impact projects
with proceeds received from their green and sustainablebonds. With our ESG philosophy and process integrated$

Sum of Book Valueas of Dec. 31, 2022$

Highlights:
Delivering Positive Impacts on
Environmental and Social Areas

The following highlights exemplify instances in which the
integration of ESG considerations into our due diligenceprocess helped guide our decision-making — whether
the outcome was to divest, reduce, avoid, or initiate an
investment position.

851

across our global investment platform, we supported
and increased these positive efforts across North andSouth America, Europe, Asia, and Australia. Conversely, ourcompany-specific research — in conjunction with our thirdparty ESG rating agency — identified some issuers with poor
ESG metrics and practices, where we proactively reduced ordivested our holdings.

Climate Change and Gender Equality
During FY2023, we invested in an ESG-labeled sustainabilitylinked bond (SLB) offering of a South American nation. The
country’s susceptibility to drought, desertification, and highair pollution makes it uniquely vulnerable to climate impact.
The SLB contains coupon premiums that would be triggered
should sustainability-linked key performance indicators(KPIs) not be met within certain time frames.
The three KPIs targeted are (1) a prescribed absolute
reduction in greenhouse gas (GHG) emissions, (2) a certain
percentage share of non-conventional renewable energy(NCRE) sourced energy in the National Electric System,and (3) a certain percentage of women in board member
positions at companies that report to the Financial Market
Commission.
We have assessed the country’s commitment tosustainability as credible, ambitious, and meaningful
based on policy actions and climate goals that have beenenshrined into law. The three KPIs will undergo an annual
independent external verification, with the results disclosed
via an SLB report.

Social Mobility Solutions
We invested in a social bond issued by a U.K. provider
of mobility solutions. The issue’s operations are focusedon assisting disabled customers in converting theirgovernment disability allowances into leasing vehicles
modified to their needs. Highlighting its social commitment,
the issuer has a key performance indicator of affordability
and seeks to maximize the number of different vehicle types
available to customers at no additional cost. In 2023, theissuer delivered more than 300,000 new vehicles to clients,
with a customer satisfaction score of 96%.

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AppendixAchieving Impact Through Our Investments

Active Engagement With Issuers

E

Engaging with investee companies where we identify
material ESG risk provides us with the opportunity to share
our concerns and assess management’s ability andintent to manage and address these risk issues. As fixedincome investors, we utilize different forums for engaging
with issuers to deliver the most impact and influence.
Our engagement process is shaped by the nature of ourinvestment, the opportunities we have to engage withmanagement, and the coverage of those issuers throughour partnership with Sustainalytics and their Material
Risk Engagement services, that have greater access andinfluence with senior leadership at these companies.

Carbon Emissions
We reduced our exposure to a Middle East-based
electric utility that had a disproportionately high carbon
intensity compared to its peers. Our decision took into
consideration the lack of a sound plan by the company
to transition its power generation mix from fossil fuels to
renewable energy sources. We invested the proceedsfrom the sale in a new bond offering from a gas pipeline
operator from the same country and with the same
credit rating as the electric utility, thus maintaining ourinvestment risk profile and country-level exposure while
lowering our portfolio carbon intensity.

Decarbonization
We invested in the ESG-labeled green bond offering of a U.S.
utility designed to fund costs to decarbonize and achieve
emissions reduction targets. Proceeds of the deal were used
to fund green initiatives pertaining to renewable energy,
green buildings, and cleaner transportation. The company
has substantially reduced carbon intensity in the past
several years and has a net zero target ahead of most of its
industry peers.
10.	For the engagement percentage calculation, the numerator is calculated
as the sum of the number of issuers where we have had material ESG risk
engagement activity during a year defined as (1) those subject to Material
Risk Engagement via Sustainalytics, or (2) those with which we engage via
other means, as described above. The denominator is our target for theyear, defined as the number of issuers deemed to have material ESG risk
through Sustainalytics’ Material Risk Engagement process as of Jan. 1 ofeach year.

Decarbonization
We invested in the ESG-labeled green bond offering ofa Middle East renewable energy company. The investee
company will play a key role in reducing its home country’s
dependence on fossil fuels and in meeting the country’s
net zero target. Proceeds from the bond offering will be
used by the company to fund investments in various
renewable energy projects, including solar and wind energy,
and in energy storage facilities, across emerging anddeveloped markets.

The Investment Team also has the opportunity to engage
with investee companies through other means. We may joincalls with issuers convened by Sustainalytics and can follow
up with the dedicated engagement officers with specificquestions on the ESG issues we have concerns about. For
large issuers in the public markets, engagement by fixedincome investors can be more effective via collaborate
efforts. In these instances, we seek to use the Material Risk
Engagement platform where coverage permits. We also
engage bilaterally with public issuers and in group meetings
with other investors in multiple forums as part of our normal
ongoing credit research investment decision-making process.
With potential private placement issuers, where investors havemore access to management as part of the transaction due
diligence process, we use this forum to engage more closelywith the issuer than is typically feasible with companies that
predominantly issue in the public corporate bond markets.
During 2023, we increased the number of issuers weengaged with that we deemed to have material ESG risk.
Of the 50 high-risk issuers identified through Sustainalytics’
Material Risk Engagement universe as our target for theyear, we engaged with 33 issuers, or 66%10 of the total,throughout 2023. Of these reviewed issuers, 21 were
engaged through Sustainalytics and 12 were engaged
directly by RGA This was an increase compared to theprevious year’s engagement, with 23 issuers during 2022,
or 32% of the 71 issuers identified.
RGA 2023 Sustainability ReportIntroduction

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Responsible Investment Approach

Sustainable
Innovation

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship29

AppendixInnovation for Insurance Access30

Our Purpose-Driven Philanthropy Strategy

33

We see our business as an incubator for healthand longevity innovation and a springboard to
support organizations making a social impact on
the ground — whether through our reinsurance
solutions, charitable giving, or employee
volunteering.

Our work contributes to the following SDGs:

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Environmental StewardshipAppendix

30

Innovation for Insurance AccessOngoing change in the reinsurance industry fosters aculture of innovation and thought leadership at RGA.
Expanding insurance’s role in improving quality oflife remains both a social imperative and a promisingbusiness opportunity.
Our timely, trusted insights allow RGA to apply creative,
innovative solutions to create affordable and accessible
products that serve the financial protection needs ofmillions of individuals and families around the world. We
work with insurers to support the development of life andhealth insurance products that have a positive impact inaddressing unprecedented global challenges ranging fromclimate change to mental health to social inequalities.
We have developed offerings that contribute environmental
and social solutions in line with our purpose to makefinancial protection accessible to all, as described below:• T argeted offerings that expand access to protection forunderserved populations• Research	and support for expanding access to mental
healthcare• W ellness-linked protection products that encourage
policyholders to live longer and healthier lives• G reen products that incorporate environmentallyfriendly features11.

 orld Bank (2022). Self-employed, total (% of total employment) modeledW
ILO estimate) — European Union, World, United States
12.	United Nations Department of Economic and Social Affairs, “Leaving No
One Behind in An Ageing World” (January 2023)

Expanding Access to Protection for Underserved Populations
Several large segments of the population are underservedby the life insurance industry and remain underprotected. For example, self-employed workers are
estimated to account for nearly half (48%) of the global
population, including 15 million people in the U.S. andEurope who derive their primary income from gig work,
defined as temporary or independent employment
through a digital platform or other service matching
workers and customers on an on-demand basis.11 These

workers often have little personal savings and limited orno access to traditional employee group benefits, making
them particularly vulnerable to loss of income and costs
arising from sickness or disability.
Seniors represent another underserved customer segment
due to limited options for life and health insurance products.
This coverage gap for seniors is expected to increase dueto the rapid growth expected worldwide in the number ofpeople aged 65 years and over, from 761 million in 2021 to
1.6 billion in 2050– a shift from 1 in 10 people to 1 in 6. During
this same time, the global population over 80 years old is
expected to triple, from 155 million to 459 million.12

1.6B

the number of people aged 65 years and over is expected toincrease to 1.6 billion in 2050

Innovating Care for Increased Life Expectancy

Closing the Insurance Gap

With support from RGA, AIA Korea launched a long-termcare product in 2023 called AIA Health Plan. Together, AIA
and RGA aim to leverage this plan to address growing
consumer needs due to increased life expectancy, suchas support for people who have geriatric diseases or
require nursing care. The AIA Health Plan offers coveragefor caregiving expenses caused by disease or accident; anallowance for home and facility care; and stage-specificdementia diagnosis benefits, a severe dementia care living
allowance, and dementia caregiving expenses coverage.

RGA and CarePay have partnered to disrupt the traditional
healthcare industry by offering more people digitalaccess to innovative and affordable health coveragein underserved global markets. By leveraging CarePay’s
digital healthcare platform to create full industry datatransparency and reduce cost, the partnership aims toempower individuals in personal healthcare decisionmaking by connecting them to payers and healthcare
providers through the ease of a health wallet on their mobile
phone. In 2023, RGA supported the launch of CarePay’s
fourth global service location, helping close the insurance
gap for many, including for migrant workers.

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AppendixInnovation for Insurance AccessResearch and Support for Expanding Access to Mental Healthcare
Mental health conditions account for nearly one-thirdof Years Lived with Disability,13 and the World HealthOrganization estimates that governments worldwide
spend only slightly more than 2% of their health budgets
on mental health. This gap presents both opportunities
and challenges for insurers globally in addressing
evolving global mental health needs. In 2023, RGA
launched multiple initiatives aimed at helping insurers
globally better understand mental health, including
research to understand the current trends in care andcoverage for mental health and the evolving needsof customers. RGA hopes this thought leadership will
help insurers globally accelerate progress toward best
addressing the evolving nature of mental health.

85%

The survey results revealed that mental health ranked as a top or
moderate priority for 85% of respondents globally

The Global Mental Health Survey
During 2023, RGA surveyed life and health insurancecompanies around the world in an attempt to better
understand global insurers’ views on current mental healthtrends and learn how they are responding.

2%

The World Health Organization estimates that governments
worldwide spend only slightly more than 2% of their healthbudgets on mental health.

13.	The Lancet, “Quantifying the global burden of mental disorders and theireconomic value” (September 2022)

These survey results are provided within RGA’s Global
Mental Health Survey report, which outlines how leading lifeand health insurers currently position mental health within
their strategic priorities, including those related to claims,
underwriting, and product and proposition development.
The survey results revealed that mental health ranked asa top or moderate priority for 85% of respondents globally,
with 57% of respondents reporting additional customer
demand for mental health-related insurance products andservices in the past two years.

Yet, while mental health is a top priority, the report also
highlighted a significant gap between the demand and theoutput of new solutions. Of the surveyed respondents, only
27% launched new products and services in the past two
years and only 23% reported future product development
plans to enhance offerings, add coverages, or remove
exclusions for mental health conditions.
The life and health insurance industry has an opportunity
and a responsibility to increase and improve support formental health initiatives. This includes supporting advocacy,
education, and research; continuing to update underwriting
practices to expand eligibility for applicants with mental
health issues; enhancing coverage for mental healthconditions; and providing greater access to services. Noneof these steps can be implemented in isolation — all aredependent on one another as part of a comprehensive
solution. The noble purpose of insurance is to protect people
in times of need, and the industry can play a vital role inaddressing evolving global mental health needs.

RGA Contributes to New Geneva Association Reporton Mental Health
RGA was honored to be invited to participate in the creationof the Geneva Association’s report on mental health andinsurance. This report, Promoting Peace of Mind: Mental
Health and Insurance, examines the scale of the ongoingmental health crisis and the insurance industry’s role inpromoting mental wellbeing to help address this growing
societal challenge. The research examines both the burden
posed by poor mental health and the potential positive
impact the insurance industry can have in improving
mental health treatment and outcomes. RGA hopes thatthe report may act as a global call to action for insurance
providers to accelerate progress in fulfilling that potential.

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AppendixInnovation for Insurance Access

Products That Encourage Policyholders to Live Healthier Lives

Green Products That Incorporate Environmentally Friendly Features

Continued advances in technology, better understandingof consumer behavior, and innovative approaches toincorporating biometric information into insurance
offerings are making notable strides in improving
wellbeing. Customers and insurers alike understandand appreciate the tangible benefits that wellness
programs bring by incentivizing healthy behaviors andlifestyle choices.

In this context, green products refer to life and healthinsurance products with features that support thetransition to a low-carbon economy and the protectionof natural resources. Such products may direct a portionof the insurance premiums toward environmental
projects, investments, or causes. Alternatively, they
may reward policyholders who adopt eco-friendly
behaviors or choices, such as using public transport anddriving electric vehicles, or buying foods that have a low
carbon footprint.

Wellness-linked protection products encourage,measure, and reward healthy behaviors. Based on theirwellness performance, customers can receive various
benefits, including premium discounts or other rewards.
With reduced premiums and better health outcomes,
insureds receive value beyond insurance protection,and insurers receive additional evidence to evaluaterisk, a more engaged customer base, and improved
health and longevity among policyholders. Wellnesslinked life insurance products can also have a positiveenvironmental impact, such as encouraging walking,running, or cycling as an alternative to driving.

YuLife: Employee Benefits, Wellbeing, Engagement, andRewards in One Platform

Integrating Sustainable Investment Options in Insurancein Hong Kong

RGA supported insurance technology startup YuLife in
expanding its group life insurance offering to South Africa.
YuLife’s unique approach to insurance includes a wellbeing
app that uses game mechanics to encourage employees
to make positive lifestyle changes, such as walking,meditation, and cycling, to earn YuCoin, a virtual wellbeing
currency, which can be used to buy vouchers for groceries,
fuel, or clothing, or to donate meals, plant trees, and clean
the ocean. This incentivizes healthy living while boosting
retention rates, improving employee standard of living, andsafeguarding their loved ones’ financial futures.

RGA supported an insurer in launching a whole-life
participating insurance plan in Hong Kong that offers
sustainable investment options, including, but not limited
to, investments in green bonds, renewable energy, energy
transition, sustainable building, clean transportation,water and waste management, and social infrastructure
projects. Through this partnership, RGA advances theavailability of corporate social responsibility and sustainable
investment options.

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Appendix

Our Purpose-Driven Philanthropy Strategy
RGA is proud to support many causes around the world aspart of our ongoing corporate social responsibility efforts.
RGA and its philanthropic arm, the RGA Foundation, focus
charitable giving and employee volunteerism efforts onfive main areas:
Health and Longevity: Illness prevention education,
treatment support, caregiver support, and reduction ofhealth disparities found in the analysis of the leading
causes of mortality
Opportunity Pipeline: Educational outreach, scholarshipprograms, and student programming for math, medicine,technology, and finance, especially for underrepresented
groupsFinancial Protection: Programs providing financial literacy,financial education, or career readiness training
RGA in the Community: Programs supporting RGA
volunteers in education, health, or environmental
sustainability
Disaster Response: Emergency support for communities$4M
In 2023, RGA and the RGA Foundation together madeapproximately $4 million in donations to community
organizations around the globe. This includes direct
support for programs aligned with our priority
philanthropic areas as well as contributions to match
employee personal giving and donations through the
Dollars for Doers program.

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Appendix

Our Purpose-Driven Philanthropy Strategy

50 Years of Positive Impact
In 2023, RGA celebrated 50 yearsof partnerships that focus on
our clients, progress fueled byinnovation, positive impact in ourcommunities, and a robust RGA
culture driven by shared values
and vision. To honor these five
decades of positive community
impact, RGA and the RGA
Foundation pledged $500,000 toover 50 charitable organizations
around the world in addition to
our usual annual contributions.
Each of the employee-nominatedorganizations selected aligns with
RGA’s charitable giving strategy.
Employees also supported theseorganizations through a variety
of volunteer opportunities offeredthroughout the year.

Financial Protection Programs

Opportunity Pipeline Educational
Outreach

RGA in the Community Programs

Health and Longevity Illness
Prevention

Disaster Response

Supporting Future Business LeadersWith Junior Achievement

Giving New Life to Unused
Technology to Give Back in
Hong Kong

Bloody Long Walk to Bring
Awareness of Genetic Disorder

Shine On! Kids: Fighting Childhood
Cancer in JapanRed Cross Mexico Helping Thosein NeedThe Bloody Long Walk is a
35-kilometer walk along Sydney’s
Northern Beaches supporting theMito Foundation, an organization
dedicated to increasing awarenessof mitochondrial disease, adebilitating genetic disorder that robs
the body’s cells of energy, causing
single or multiple organ dysfunction
or failure, and potentially death. RGA
employees in Australia participatedin the walk, raising funds for the Mito
Foundation.

RGA supported children with cancer
and other serious illnesses througha 50th anniversary grant to Shine
On! Kids, a certified nonprofit inJapan. These funds supported
the Beads of Courage® Program,a resilience-based intervention
designed to support and strengthen
the protective resources for children
coping with serious illness.

Our business aims to provide asafety net to help people live longer,
healthier lives. But when disasterstrikes, our team aims to support
communities in need globally. In
October 2023, RGA Mexico collectedhousehold essentials for people
affected by Hurricane Otis in
Acapulco in support of relief efforts
led by the Red Cross.

One way to fulfill RGA’s purposeof making financial protectionaccessible to all involves educating
future generations in business andcareer-related topics. In 2023, RGA
employees donated close to 100 hoursof their time and talent by teachinglessons on career mapping, personalbranding, job application/interviewing,
and soft skills at a local middle
school in partnership with Junior
Achievement of Greater St. Louis.

Recently, RGA Hong Kong donatednearly 100 items to the Caritas
Computer Workshop (CCW). From
laptops to iPhones to TVs, the items
will be refurbished for underserved
students instead of contributing
to local landfills. To further CCW’s
positive impact, RGA’s Hong Kongcoworkers also donated HK$46,500 to
help families repair and maintain vitaltechnology. The donation will help
enhance CCW participants’ technicalskills and knowledge.

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Appendix

Our Purpose-Driven Philanthropy Strategy

Longer Life Foundation

Leadership Spotlight

The Longer Life Foundation (LLF) is a collaboration
between RGA and Washington University in St. Louis thatfunds early-stage medical and scientific research into
topics of importance to the insurance industry and publichealth. This collaboration is a key component of RGA’s
corporate philanthropy efforts and, more importantly, isclosely aligned with our enterprise strategy. Over time,
the collaboration has helped fund research related tocancer, cardiovascular health, public health, genderbased studies, chronic disease — anything that falls
under the realm of drivers of mortality and morbidity.

Nobody wants to live longer andnot be well or enjoying it. It’s got
to be a healthy longevity.”

In 2023, the Longer Life Foundation celebrated 25 yearsof supporting important early-stage medical researchwith the theme “A Quarter Century of Research Success.”
Since LLF’s founding in 1998, RGA has contributed $9.2
million to fund more than 155 research grants, resulting
in approximately 170 peer-reviewed publications. These
projects can serve as proof of concept so researchers
can take their proposals to the next level with larger
institutions, such as the National Institutes of Health andlarge foundations, which multiply the impact of RGA’s initialinvestment. All research results are published and madeavailable publicly. For more information about LLF, please
visit the Longer Life Foundation website, longerlife.org.

Daniel D. Zimmerman, M.D., is Senior Vice President
and Chief Science Advisor at RGA and Managing
Director of the Longer Life Foundation. Prior to hiscurrent role, Zimmerman served as RGA’s Headof Global Medical, responsible for thought andmedical leadership, case consultation, productdevelopment, client support, and internal andexternal education.
Zimmerman participated in a panel at the Geneva
Association Summit 50 meeting in Zurich in November
2023 on the future of health related to the underlying
drivers of aging and extending health span.

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Our Purpose-Driven Philanthropy Strategy

Employee Community Engagement
Since the launch of the RGA Cares program, employee
contributions, RGA matching grants, and volunteer
participation have continued to increase. The following
are just a few examples of employee community
involvement around the globe during 2023. The number of
employees using the RGA Matching Gift Program in 2023
increased by 30% compared to 2022, and those using thecompanywide volunteer time-off policy increased by
35%. Overall, more than 50% of employees participated insustainability, charitable outreach, and/or DEI activities
in 2023, logging over 11,000 volunteer hours in support ofglobal community initiatives.
Supporting RGA employees’ local communities andimportant causes, RGA Cares is a single destination
where employees can find details on RGA’s Volunteer
Time-Off Program, locate volunteer opportunities, track
personal volunteerism, and create and manage teamvolunteer projects. Additionally, employees may makecharitable contributions through the site and apply for the
RGA Matching Gift Program, which will match up to $1,500
in giving per employee per year.

50%

I feel good about
the ways RGA
contributes to thecommunity.”
84%
Dollars for DoersRGA expanded the impact of employee volunteering bylaunching a “Dollars for Doers” program in 2023. For every
hour a employee spends volunteering, RGA now offers that
employee the equivalent of US$20 to donate directly to thecharity of their choice. Whether teaching financial literacy ina Missouri school, beautifying a senior living center in Kuala
Lumpur, or recycling discarded plastic in a Milanese park,
RGA volunteers helped their communities by giving theirtime throughout the year and simultaneously contributing
financially to the causes they care about.

Employee Engagement Survey 2023

Overall, more than 50% of employees participated insustainability, charitable outreach, and/or DEI activities in
2023, logging over 11,000 volunteer hours in support of global
community initiatives.
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Appendix

Our Purpose-Driven Philanthropy Strategy

Charitable Giving

Health and Longevity Illness Prevention

We believe it is our social responsibility to do ourpart in supporting the health of communities inwhich we live and operate. We provide financial
support through our corporate giving and employee
contributions to nonprofits helping those in need.

American Heart Association (U.S.)

Pedal the Cause (U.S.)

Japanese Nonprofit 5Years (Japan)

RGA participated in the St. Louis chapterof the American Heart Association (AHA)
annual Heart Walk to raise funds for initiatives
combating heart disease and stroke. RGA
was the top contributor, raising $126,000 for
the AHA, exceeding our fundraising goal of$125,000. Five of the top 15 walkers were fromteam RGA. The funds raised are used by the
AHA for programs such as research at local
institutions and training 145,000 Missourians
in CPR.

Supporting the health and longevity of ourcommunities is an important aspect of RGA’s
culture. Pedal the Cause is an annual St.
Louis cycling event that helps raise funds forcancer research. The event brings together
employees to get active while raising criticalfunding for the groundbreaking researchat Siteman Cancer Center and St. LouisChildren’s Hospital. In 2023, RGA continued
our annual participation in the ride. To date,
RGA and our employees have contributed
more than $380,000 to Pedal the Causethrough corporate event sponsorship andemployee fundraising.

RGA Japan supported 5Years, a certified
nonprofit organization with 21,000 membersthat operates one of the largest cancer
patient/survivor networks in Japan, with a 50th
anniversary donation of $11,000. The name
“5Years” is derived from the five-year survival
rate of cancer patients and the wish that “infive years, everyone will be back to society ingood health.” Our donation supported 5Years’
gathering to celebrate its fifth anniversary.
In addition to our financial support, six RGA
Japan employees volunteered their time tohelp bring 5Years’ fifth anniversary reception
to life. Furthermore, RGA Japan branch
employees had the opportunity to deepen
their understanding of social issues by having
Mr. Junichi Okubo, the representative of 5Years,
give a lecture.

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Our Purpose-Driven Philanthropy Strategy

Opportunity Pipeline Educational OutreachFinancial Protection Programs

Actuary Career Seminar: Mentoring With
RGA (Japan)

Empowering Students With Career
Mentoring (U.K.)

RGA Japan hosted two Actuary Career
Seminars in 2023 aimed at offering university
students who are studying mathematics,
statistics, or economics an introduction toactuarial science and what an actuary does.
The mentoring program expands access tocareer education in the actuary field for young
people in the community and helps discover
the industry professionals of the future.

RGA partnered with a local sixth form college,
pre-university school for students typicallyaged 16-19 years, in an underserved areaof London to provide mentoring and career
guidance to students in preparation for
university applications. RGA employees
specifically provided mentoring support for
students considering studying science, math,insurance, and finance subjects.

RGA Foundation Scholarships (U.S.)

Good Return (Australia)

United Way (U.S. and Canada)

The RGA Foundation builds on RGA’s legacy
of community support, aiming to foster
communities that are financially protected.
Providing access to educational opportunities
within our local communities is a key pillar of
the RGA Foundation. In 2023, we committed$122,000 in educational scholarships toprovide recipients opportunities to accesssuccessful careers and to live healthier, longer
lives. The majority of the recipients belong tounderrepresented populations.

RGA Australia awarded a grant to Good Return,a charitable organization that enables womenand their families to access opportunity andbuild financial security. The funds supported
the Maganda Makers Business Club, whichhelps experienced Indigenous businesswomenguide, nurture, and upskill emerging women
entrepreneurs.

RGA partners with United Way to help people
throughout the United States and Canada.
Every fall, RGA holds a United Way community
campaign with a generous dollar-for-dollar
match funded through the RGA Foundation.
In 2023, RGA used these donations to helpchange lives in communities in which RGA
employees live and work; for example, in
improving health outcomes for children,
delivering meals to homebound seniors,and supporting the community after natural
disasters.
Combined with RGA’s company match,
employees in the U.S. and Canada raised
more than $1.2 million to support local charities
through the United Way.

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Our Purpose-Driven Philanthropy Strategy

RGA in the Community Programs

Disaster Response

Rise Against Hunger (Italy)

FIT For Charity (Japan)

RGA Italy celebrated RGA’s 50th anniversary by
preparing nutrient-rich meal packages thatwere delivered to schoolchildren in Zimbabwe
by international nonprofit Rise Against Hunger.

RGA Japan sponsored and participated in FIT
for Charity, an annual charity run organizedby Japan’s financial industry, for the fifth year
in a row. Twenty-four RGA employees madedonations for online and offline events, and 32
associates participated in the run, contributing
to the total $355,000 that FIT for Charity raisedfor local causes.

Charity of the Year: Frimley HealthCharity (U.K.)
RGA supported the Frimley Health Charity as
the U.K. Charity of the Year for 2023, providing
financial and in-kind donations to their Little
Stars Appeal, supporting the neonatal unit.
We donated £25,000, which was used topurchase lifesaving equipment for prematurebabies. We also donated time and resources
by hosting events for the National HealthService’s “super nurses” in our offices, allowing
them to meet and reflect on their duties inan environment away from the pressures of
the wards.

Tree Canada (Canada)
In response to the 2023 wildfires that affectedmuch of Canada, the RGA Canadian
Sustainability Committee, an employee
resource group (ERG) that advocates forand fosters a culture of environmental
sustainability, pledged financial support toTree Canada to support reforestation efforts
across the country. While there are many
ways to support wildfire relief initiatives,
the Committee focused its response onreforestation, to not only aid recovery, but also
to combat the effects of global warming andclimate change.

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Appendix

Our Care Approach

41

Workplace Health and Safety

42

Learning and Development

42

Global Employee Engagement

43

Cultivating an Inclusive and Equitable Culture

44

At RGA, we empower our employees to create
solutions that enable our clients to extend
financial protection to more people around theworld. We believe that our intentional approachto creating an inclusive culture in which our
employees can thrive, innovate, and grow is the
key to delivering long-term success and making
financial protection accessible to all.

Our work contributes to the following SDGs:

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Our Care Approach
What sets RGA apart is the depth of our technicalexpertise, our highly inclusive and collaborative culture,and our passion for excellence. When everyone feels
empowered to share ideas, challenge assumptions,and create new solutions, we achieve our purpose — tomake financial protection accessible to all. The care andconcern we have for our employees and our communities
is a hallmark of our organization, and we consider how wetake care of our people to be a living example of access tofinancial protection.

Total Rewards
RGA’s approach to total rewards focuses on our employees’
financial, physical, social, and emotional wellbeing;
empowers employees to be their whole selves; enhances
our unique culture; and balances value, risk, and whatmatters to employees. We support employee wellbeing
through a combination of global compensation programs,
local market benefits programs, leave policies, andemployee education initiatives.
Our compensation programs, comprising salary andshort- and long-term incentives, strike a balance between
external market competitiveness and internal equity, as wellas consistency with local market variations. This balance isachieved by applying consistent program standards globally
while targeting compensation at locally competitive levels.

The company’s benefits programs are an integral part of
employees’ total reward packages. Benefits are aligned withlocal market practices and include healthcare and wellness,retirement and savings, education assistance, flexible
work arrangements, employee assistance programs, andparental leave, among others.

Flexible Work Arrangements
RGA supports employees’ efforts to achieve a healthy worklife balance by offering a family-friendly culture and flexible
work arrangements. WorkWise is RGA’s global approach
to flexible work that prioritizes business requirements while
supporting personal work styles and promoting employee
wellbeing. The WorkWise program was developed in 2021
and enables employees to work on-site, remotely, or in a
hybrid environment and provides them with the support
they need to succeed.

RGA Selected as One ofGreater Toronto’s Top
Employers
RGA was selected as one of greater Toronto’s
top employers. This recognition has becomea benchmark in the greater Toronto area
for workplace best practices. Winners wereannounced in December 2023 after entrants were
evaluated on various workplace criteria by editors
of Canada’s Top 100 Employers.

Leadership Spotlight

RGA’s culture is anchored in collaboration,
innovation, and a sharp focus on the client, where
all of RGA’s talented people can bring their fullselves to solve complex challenges. We are proudof our culture yet understand it can never be taken
for granted. That is why we intentionally focus on it
and continue to shape it to ensure it is best alignedwith our purpose and strategy.”100

RGA has been recognized as one of Canada's top 100
Employers

Ray Kleeman
Executive Vice President,
Chief Human Resources Officer

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Workplace Healthand Safety

Learning and Development

RGA commits to maintaining a safe and healthy
environment in the workplace. Our Workplace Healthand Safety Policy, most recently updated in 2022, outlines
the following:

RGA encourages employees to grow professionallyand personally through ongoing training andskill development, mentorship opportunities, andinternational relocation and rotation programs. We
invest significant resources to create and sustain alearning environment to ensure that employees at alllevels continue to develop professionally throughout
their career at RGA. While technical expertise is critical,
we view the development of effective interpersonal andleadership skills as equally important. RGA supports
learning modalities (on demand, virtual, in person,etc.) that educate, inform, and challenge employees,
furthering professional growth and corporate
performance.

• R GA does not tolerate any workplace violence committed
by or against employees. Employees are prohibited frommaking threats or engaging in violent activities in theworkplace.
• R GA prohibits the unlawful distribution, dispensation,possession, or use of illegal drugs or controlled
substances on RGA premises.
• R GA will investigate all reported violations and disclose
information obtained to others only on a need-to-knowbasis. At the conclusion of the investigation, RGA will takeappropriate corrective action.
This policy empowers RGA employees to care for one
another, practice good judgment, and understand whento speak up. For more information, please see our Code of
Conduct.

Global Career Framework
The Global Career Framework (GCF) is a system thatallows RGA to differentiate its jobs consistently across theworld. We implemented the GCF in response to employee
requests for clearer career development opportunities andtransparent career paths. The consistent descriptions of
GCF job levels also enable RGA managers to understandroles in different parts of the world, regardless of location.

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Appendix

Performance Recognition
RGA’s performance-based compensation program andcompetitive benefits are designed to cultivate collaboration
and recognize success. Our talent management andculture strategy empowers all employees to give andreceive recognition; provides them with a public forum
to thank employees who reflect RGA’s core values;
and simplifies recognition with automated processes,
easy-to-use tools, and state-of-the-art technology thatdelivers a world-class user experience. Use of the platform
increased 128% in 2023 as more departments and offices
set up new programs specific to their local workplace
and/or lines of business, including new monetary reward
programs totaling USD $506,469 in points awarded, a
22% increase over 2022.

While technicalexpertise is critical, weview the developmentof effective
interpersonal andleadership skills as
equally important.

Our Annual Bonus Plan (ABP) is designed to motivate
and reward employees for their performance on key
financial, strategic, and individual objectives. With the2023 ABP Strategic Scorecard, we established measurable
performance targets and deliverables that will help us chart
RGA’s progress toward achieving important non-financial
goals. Our newly renamed Future of Performance andRewards Program will maintain our existing approach toperformance management while placing an emphasizedfocus on development.

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AppendixGlobal Employee Engagement
We actively seek out feedback from our employees
through a global employee engagement survey andapply it to improving the RGA employees experience. We
have conducted a global employee engagement survey
on a biennial basis since 2011. After the completion of eachsurvey, our leadership team uses the survey results to set
action plans.
Our most recent survey was conducted in 2023 andgarnered a 92% response rate, an increase from 89% in 2021
and well above the benchmark of 83%. Our engagementscore of 86% was consistent with our 2021 score andexceeded benchmarks for the industry norm, global norm,
and top 25% of businesses. Our high score, coupled withhigh participation, indicates that our employees are highly
engaged and very satisfied.
We use the results from this survey to understand our
employees’ perspectives and to drive visible actions toimprove the employee experience. We believe that byempowering our employees to think creatively and fostering
an inclusive workplace, RGA delivers on its commitments toour clients, investors, and communities.

2023 Employee Engagement Survey
Key Engagement Drivers (% favorable)
Confidence in the futureof RGA

92%
Climate of trust within RGA

82%

Career goals can be met
at RGA

Treated with respectand dignity

76%

92%

Employee Participation

Engagement Score

Sense of belonging

86%

92% 86%
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Appendix

Cultivating an Inclusive and Equitable Culture
Employees are at the heart of our business. That’s
why diversity, equity, and inclusion (DEI) matters andwhy creating an inclusive and equitable workplace
contributes to successful business outcomes. An
inclusive environment engages employees; helps
attract a wide pool of talent so that RGA can hire thebest people globally; and fosters a workplace culture inwhich we can hear, share, and leverage insights from all.
Creating an inclusive and equitable workplace culture isimportant to RGA’s growth and therefore integral to RGA’s
enterprise strategy.

Diversity, equity, and inclusion directly ties to RGA's people,
performance, and purpose.
People:We place people at the heart of our business. We are ateam of unique people, working together to build something
truly special. We believe in treating everyone with dignity
and respect — in honoring one another and the experiencesthat we each bring to the table.
Performance:
Diversity, equity, and inclusion is strongly linked to businessperformance. We believe that richly diverse teams ininclusive environments yield success. In the case of cultural
diversity, McKinsey’s research shows that top-quartile
companies with diverse teams outperformed competitors
by 36%.14 We value differences among our employees andview diversity as a distinct advantage.

My manager
values diverse
ideas and
perspectives.”
89%

RGA Received 5-Star
DEI Award
RGA Australia received Insurance Business’s
5-Star Diversity, Equity, and Inclusion Awardfor the second consecutive year. This award
recognizes organizations across the Australasia
insurance industry that promote an inclusive
and supportive culture. Insurance Business isan online industry hub based in Sydney thatpublishes industry news and business intelligencethrough its website and daily e-newsletter.

Purpose:Diversity, equity, and inclusion is essential
to achieve our purpose. We strive for diversity in our
teams, equity in our practices, and inclusion in our
culture. It is a bold aspiration for creating a better industry,
better communities, and a better society — just as our
purpose suggests.

Employee Engagement Survey 2023

14. McKinsey & Company, Diversity Wins (May 2020)

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Cultivating an Inclusive and Equitable Culture

Oversight and Accountability

Our Employee Diversity

Fulfilling RGA’s purpose to make financial protectionaccessible to all is only possible with a talented and diverse
global workforce. To create a culture in which all employees
can reach their full potential, we have developed a global
strategy to provide clear direction for DEI, improved our DEI
accountability framework, and enhanced DEI governance.

RGA fosters a culture in which people are accepted andembraced for who they are, as demonstrated by our highemployee retention rate. Our experience shows — andworkplace studies prove — that diversity of people brings
diversity of ideas and more creative solutions, leading tobetter processes; better products; and, ultimately, better
results for our clients and the people they serve. As a global
reinsurer, our continued growth and vitality is built on
attracting, selecting, developing, and retaining exceptional
talent to execute our strategy and produce innovative
solutions for our clients.

RGA’s long-standing commitment to DEI starts at theleadership level. Our Global Diversity, Equity, and Inclusion
Council oversees the strategy and execution of DEI acrossthe globe. The council is connected to our Executive
Committee (EC) via an EC member who serves as thecouncil’s executive sponsor. The current sponsor is the
Executive Vice President, Head of EMEA.The Regional Diversity
and Inclusion Councils, made up of a diverse group of
employees across the organization, help drive action at
the local level. Through this structure, we maintain global
accountability and local relevance for DEI efforts. In 2023, we
refreshed our membership in the EMEA and APAC regions to
add representation and increase visibility and participationfrom our global workforce.
The purpose of the Regional Diversity and Inclusion
Councils is to:• G uide the implementation of RGA’s global DEI strategy
to align enterprise outcomes• Provide guidance and decision-making authority• H old managers accountable for accomplishing DEI
aspirations and outcomes
RGA’s CEO is a signatory to CEO Action for Diversity &Inclusion™, the largest CEO-driven business commitment
to advance diversity and inclusion in the workplace, andthe Inclusive Insurance Pledge, which welcomes people
from diverse backgrounds as insurance consumers
and employees.

As of Dec. 31, 2023, female employees composed 48% of
RGA’s global workforce, and people of color made up 20%of the U.S. workforce. While overall female representation
across the company was the same as last year,
representation has increased year over year withinglobal leadership.

2023 Global Gender Representation

Raising Awareness About
DEI At RGA Globally

48%
Women

2023 U.S. Racial/Ethnic Representation

2023 Diversity Metrics
Global Leadership% Female

Vice President/Subject-Matter Experts
and Above

30%

Directors and Above

33%

RGA’s commitment to diversity, equity, and inclusion begins
at the very top with the support of our Board, strengthening
the accountability and governance framework to drive
meaningful progress. The Board of Directors was selectedby the National Association of Corporate Directors (NACD)
as a winner of the 2023 NACD Diversity, Equity, and Inclusion
Awards. As of April 2024, 42% of our directors were women,
and 42% were racially/ethnically diverse.

20%

In June 2023, RGA’s Global DEI team hosteda Global Equity in Opportunity presentation
featuring RGA Board Director Shundrawn Thomas.
The event was held in person and virtually tomake it accessible for all employees.
During the presentation, Thomas discussed
accelerating equity in corporate and social
settings and provided guidance for best practices.
He also shared his personal commitment toequity in financial services and his thoughts onwhat the U.S. Juneteenth holiday means to him.
Attendees also heard from RGA’s Sylvia Scheuler,
Vice President of Change Management, and
Ron Hollowell, Senior Vice President and Head of
Global IT Infrastructure and Security Operations
and Executive Sponsor of RGA's Black Employees
Suceeding Together (BEST) Employee Resourcegroup, who shared practical examples of equity inaction at RGA and outlined our work in DEI.

People of
Color

Shundrawn Thomas
RGA Board Director
Founder and Managing Partner
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Appendix

Cultivating an Inclusive and Equitable Culture

Ensuring Equitable Pay

Attracting Diverse Talent

RGA has long been committed to ensuring equal pay for
equal work. In 2023, we engaged a third-party consultant
to complete our sixth annual companywide study on
pay equity, which analyzed the pay practices of all RGA
U.S. employees and all our employees working at nonU.S. locations with more than 50 employees (collectively
representing approximately 90% of RGA employees
worldwide). The results concluded that women at RGA are
paid 98.4% of what men are paid when comparing pay
levels for similar roles. In addition, in the U.S., when using thesame comparisons, non-white employees are paid 101.5% ofwhat white employee are paid, on average. We are pleased
with our results and are committed to continuing to improve
pay equity by expanding opportunities for all employees togrow and by diversifying our leadership pipeline throughmentoring and leadership development.

Our Talent Acquisition (TA) teams build a talent pipelinethat leads to a diverse workforce. Throughout the year, TA
launched new and continued partnerships and increased
focus on working with non-profits, academic institutions,and industry associations to amplify our ability to attract
diverse talent. Highlights of these activities:• W
 e continued our partnership with the International
Association of Black Actuaries (IABA). IABA’s purpose
is to increase the number of Black actuaries throughprograms and partnerships in the industry. Oursponsorship allows us to attract and develop individuals
through IABA.
• In the U.S., we partnered with the National African
American Insurance Association (NAAIA) and Junior
Achievement to expose students in underserved
schools to our industry. We also contributed to NAAIA’s
scholarship fund and sponsored the NAAIA Still I Rise
event in February 2023, with proceeds benefiting NAAIA’s
scholarship program.
• O ur team in Japan led a panel discussion at theindustry’s diversity conference, DIVE-IN Festival, on theimportance of psychological safety in ensuring inclusionand driving engagement in the workplace.

We partner with the organizations listed below to supportand recruit diverse individuals.

American Property
Casualty Insurance
Association (APCIA)

Gamma Iota Sigma (GIS)

Attracting and
Recruiting Talent

10,000 Interns Foundation

RGA U.K. is a member of the 10,000 Interns program, which provides
paid work experience across a wide range of sectors. This is an

Hispanic Alliance for
Career Enhancement(HACE)

important step in RGA’s contribution to helping underrepresented

groups gain meaningful experience, training, and development. We
continued our commitment to the 10,000 Interns program in 2023

and aim to provide one internship through this program each year
for five years.

International Associationof Black Actuaries (IABA)
St. Louis Mosaic Project
National Black MBA
Association (NBMBA)

Organization of Latino
Actuaries (OLA)

We are partnering with the St. Louis Mosaic Project, an award-

winning organization that helps immigrant professionals and theirfamilies network and grow professionally within the St. Louis region.

St. Louis Internship Program

In 2023, we launched a new summer program in partnership with
the Boys & Girls Clubs of Greater St. Louis. The program aims to2023 Internship Program

84

total summer interns

73%

of interns were diverse

24+

Women in CapitalMarkets (WCM)

provide equitable access to financial services careers for students,  
allowing them to get involved, growing our talent pipeline overtime, and spurring economic development in St. Louis. The program
paired seven high school interns with a handpicked manager andprovided a formal training program with check-ins and professional
development.

	full-time conversions from U.S.
internship program

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Appendix

Cultivating an Inclusive and Equitable Culture

Creating an Inclusive Workplace

Employee Resource Groups and Committees

Through intentional programs and practices, we continuallydevelop and deepen diverse talent at RGA. The enterpriseapproach to reviewing our talent, planning for succession,and proactively creating development opportunities
contributes to an environment focused on growth andensures that talent across the enterprise is visible andconsidered. We require all employees to complete
unconscious bias training, and managers and seniorleaders are encouraged to participate in an Inclusive
Leadership training session. Our Inclusive Leadership training
had over 74% participation globally during 2023.

Our global employee resource groups (ERGs) help drive
our inclusive culture. These employee-led groups support
business innovation, help retain and attract diverse talent,and provide professional and leadership development
opportunities. In 2023, our ERG participation increased to 14%
of our regular employee population.

Training and Leadership Development

Black Employees Succeeding Together (BEST)In early 2022, we implemented a new microlearning
platform to continue to build DEI awareness andcapabilities within our workplace. DEI training in topics
such as unconscious bias and respect in the workplaceis now mandatory for all new hires, and we require
existing employees to refresh their learning every two
years. We have integrated DEI training into our leadershipdevelopment offerings and have expanded education
offerings to include mitigating bias in interviewing,
psychological safety, and new manager training.
The Inclusive Leadership training program expands DEI
education to mid-level managers and above. In 2023, 518
managers and leaders participated. RGA also offered twoother DEI-focused leadership programs: Leading Others with
Dignity and Conscious Leadership.

Our ERGs and Community Outreach Committees:
U.S. and LATAM 15

In my team,
I feel a sense of
belonging.”

Asian Pacific Professional Network (APPN)
Caregivers Connection
EveryMind: Neurodiversity
 ispanic Employees Advancing Reinsurance Together
H(H.E.A.R.T.)

86%

InterFaith@RGA
RGA Pride

Employee Engagement Survey 2023

Women Inspired Network (WIN) — U.S./LATAM chapter
CanadaMental Health Advocacy Group
Network for Black, Indigenous, and People of Color
Sustainability Committee
Women Inspired Network (WIN) — Canada chapter
WorkingParents@RGA
U.K.
Charity
Mental Health
Out@RGA

Supporting Our Women’s ERGs Across the Globe

G.R.O.W.

At the end of 2023, we introduced a new global program called Grow Representation of Women in Leadership(G.R.O.W.). The program is available to all RGA employees regardless of gender. G.R.O.W. provides podcasts,
resources, and discussions to support professional effectiveness, networking, and learning. The program ties
into the work of our women’s ERGs across the globe. The G.R.O.W. podcast series started in August 2023 withdiscussion on debunking myths about diversity in leadership.

Sustainability
15.	LATAM means Latin America

Women@RGA U.K.

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Environmental
Stewardship

Our work contributes to the following SDGs:

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship48

Appendix

Building Climate Resilience

49

Greenhouse Gas (GHG) Footprint

49

Managing Our Environmental Footprint
and Impact

50

In today's dynamic landscape, RGA’s purposedriven mission fuels agile efforts to forge asustainable future for our business, partners,
society, and environment. We view environmental
sustainability as vital for RGA and ourindustry's long-term resilience. By prioritizing
environmental stewardship and integratingclimate considerations into our strategy, RGA
is well positioned to manage related risks andopportunities throughout our business andvalue chain. This keen awareness enables us
to value the relationship between human andenvironmental health and pave the way for abetter future.

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Building Climate
Resilience

Greenhouse Gas(GHG) Footprint

RGA is committed to continually building organizational
resilience to the impacts of climate change. With our
keen awareness of climate-related risks and an eye
toward mitigating potential climate impacts on ouroperations and business functions, RGA is taking action
to prepare for the physical impacts of climate change
and to continue aligning our business strategy with thetransition to a low-carbon economy.

In order for RGA to understand our GHG footprint andmeasure the impact of our ongoing reduction efforts,
the company has partnered with third-party carbon
accountants to measure our 2023 Scope 1, 2, and 3 (airtravel only) GHG emissions. In 2023, we expanded our
calculations to include Scope 2 market-based emissions.

RGA aims to achieve net-zero Scope 1 and 2 greenhousegas (GHG) emissions16 throughout our global operations by
the end of 2026. To achieve this goal, RGA aims to:• Improve energy and resource efficiency throughout ouroperations• Increase our purchase of renewable energy• Offset remaining emissions with verified, high-quality
carbon credits
Over the last three years, RGA has also advanced itsalignment with the Task Force on Climate-Related Financial
Disclosures (TCFD) framework and leveraged theserecommendations to guide our climate resilience efforts.
Our alignment with TCFD recommendations (outlined
in detail in the Appendix) exemplifies our commitment
to incorporating climate risks and opportunities into our
corporate governance structure and business strategy.
16. R
 GA defines net-zero Scope 1 and 2 emissions as reducing or offsetting
market-based emissions within our operational control. We aim to achieve
net-zero Scope 1 and 2 market-based greenhouse gas emissions by 2026
by focusing on reducing and offsetting emissions from direct (Scope 1)
and indirect (Scope 2) sources. RGA plans to purchase renewable energy
where possible and support high-quality carbon offsets to mitigate any
remaining emissions.
17. To estimate Scope 1 and Scope 2 GHG emissions where primary data was
not available, we leveraged energy use intensity data from the U.S. Energy
Information Administration’s Commercial Buildings Energy Consumption
Survey (CBECS) and calculated average energy use per square foot bybuilding type and region.
18. 2023 Scope 3 Business Travel includes commercial and private jet travel.

Overall, Scope 1 and 2 emissions decreased slightly from2022 to 2023. This was primarily due to a reduction in Scope 1
emissions, which can be attributed to refining and improving
our processes, reducing our reliance on estimates, and areduction in the number of sites. Scope 3 emissions associatedwith air travel increased from 2022 to 2023 due to the removalof travel restrictions from COVID-19.
Methodology
RGA calculates emissions using quantification
methodologies drawn from the Greenhouse Gas Protocol
developed by the World Resources Institute and World
Business Council for Sustainable Development (GHG
Protocol). For accurate, complete reporting of GHG
emissions, RGA uses primary data to calculate GHG
emissions when possible and, where data is not available,
uses well-established estimation methods17 to determine
remaining emissions. RGA prioritizes using emissions factors
from reputable sources, such as industry standards andgovernment agencies. We use Environmental Protection
Agency emission factors for locations within the U.S. andInternational Energy Agency emission factors for facilities
outside of the U.S. We also leverage Association of Issuing
Bodies residual mix market-based emission factors forfacilities in member countries as well as Department forEnvironment Food and Rural Affairs (DEFRA) emission factors
for sources such as purchased steam. These sources
are known for their credibility and adherence to rigorous
methodologies. Furthermore, we utilize the most recent

Culture Matters

Environmental Stewardship49

Appendix

Scope 1, 2, and 3 emissions

2019

2020

2021

2022

2023

Scope 1 Total (mtCO2e)

656

571

590

603

271

Scope 2 Location-Based Total (mtCO2e)

7,163

7,770

7,684

7,829

7,819

-

-

-

-

7,908

7,819

8,341

8,274

8,432

8,090

—

—

—

-

8,179

Scope 3: Category 6, Business Travel — Air Travel Only (mtCO2e)18

7,621

1,561

273

4,297

8,554

Location-Based Scope 1 & 2 Intensity per Employee (mtCO2e/FTE)

2.5

2.3

2.4

2.2

2.1

Market-Based Scope 1 & 2 Intensity per Employee (mtCO2e/FTE)

—

—

—

—

2.1

Scope 2 Market-Based Total (mtCO2e)
Scope 1 & 2 Location-Based Total (mtCO2e)
Scope 1 & 2 Market-Based Total (mtCO2e)Intergovernmental Panel on Climate
Change AR6 global warming potentials to
calculate carbon dioxide equivalents forrelevant greenhouse gases. While there
is no independent third-party verificationof our emissions, RGA follows the processstated above and there is an internal
review process for emissions calculations.
RGA aligns the selection and useof emissions factors to the relevant
reporting year to reflect the most current
data available. We aim to review andupdate our emissions factors at least
annually with the most recent versions
available as of 90 days after year-end.
For Scope 3: Category 6, Business Travel(air travel only), our consultants accounted
for distance traveled and airfare classusing DEFRA emissions factors.

Location-Based Scope 1 and 2 GHG Emissions(mtCO2e)

Scope 1
Scope 2

9000

6000

3000

0
2019

2020

2021

2022

2023

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship

50

Appendix

Managing Our Environmental Footprint and Impact
RGA has a long legacy of environmental
programs and initiatives, ranging fromenergy-efficiency measures to employee
green committees. Sustainability is a priority
within our working environments.

Green Buildings
RGA values safe and environmentally friendly
building practices. Approximately 53% of
our on-site employees work in a Leadershipin Energy and Environmental Design (LEED)or WELL-certified building, and even more
operate out of spaces with additional building
credentials.

Green Building Certifications
LEED

5

Platinum

3

Gold

2

WELL

2

Gold

1

WELL CORE and SHELL Compliant

1

RGA Headquarters
RGA’s headquarters is a LEED Gold certified
facility built with energy management inmind. The building’s sophisticated automation
system collects metrics from hundreds ofdata points, signaling potential inefficiencies
or alarms and automatically tweaking or
overriding programmed system functions to
optimize operations for maximum energy,
economic, and environmental efficiencies.
This allows us to monitor and control system
functions and present system data in a highly
visual, easy-to-read graphic user interface.
This system — along with the facility’s othersustainability features — results in a cleaner,more efficient building environment to ensurebusiness continuity, contribute to increased
productivity, deliver financial returns, andreduce environmental impact.

RGA Headquarters Highlights
St. Louis, USA
The RGA headquarters campus is an interactive and connective
workplace that accommodates the need for flexibility andgrowth opportunities. The buildings are incorporated into thelandscape in a sensitive manner that minimizes the impact on
local ecosystems. Some notable features of our headquarters arelisted below:

Building• Window shade system automatically adjusts to solar demandchanges.
• Private offices and restrooms are furnished with occupancy
sensors to reduce electricity demands.
• Energy-efficient LED lighting is used in private offices andcopy areas.
• State-of-the-art HVAC system maximizes energy, economic,
and environmental efficiencies.
Landscaping and Biodiversity• Landscaping designed with native grasses and plants minimizes
the need for irrigation.
• Prairie ecosystem serves as a natural carbon sink, sequestering one
to two metric tons of carbon per acre, per year.
• Prairie habitat supports and restores native biodiversity.
• Rainwater collection system utilizes bioretention ponds tonaturally filter and clean water runoff.
• Prairie grass species support the monarch butterfly population,
which assists pollination.
• Native plants help reduce risk of floods.

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship

51

Appendix

Managing Our Environmental Footprint and Impact

Leadership Spotlight

In an era of constant change, RGA
survives and thrives based not on
its size or performance at any given
time but on its ability to adjust
itself to create a new future, and toleverage a purpose-driven mission
to that end. We are committed
to building a strong, sustainablebusiness that also contributes to theworld in a positive way. That means
it's important for RGA to regularly
look at how we — and everyone we
do business with — are doing in ourcommitment to sustainability.”Anne Marie ForkanVice President, Facilities

Sustainability Within Our Café
At our headquarters, we have partnered with Bon Appétit
as a dining provider to offer an on-site café and catering
service. Bon Appétit has long been a role model for
responsible sourcing in the food service industry due to its
dedication to reducing climate-changing impacts, working
directly with farmers and ranchers, and empowering farmworkers. RGA’s alignment and continued dedication to theseshared values through our partnership with Bon Appétit has
led to measurable impacts in our own office and in our local
community. Examples of these impacts include:

Waste Minimization
Preserving our environment is more important thanever, and waste reduction and recycling play a crucialrole in keeping it clean. We have successfully reduceda large quantity of non-recyclable plastics by providing
compostable alternatives, and we have reduced paper
use through electronic filing. In 2023, RGA’s waste reduction
efforts led to 4,825 pounds of total electronics being
diverted from a landfill. There has been an additional focus• P urchasing 18% of our food within 150 miles of ourheadquarters in 2023

• Decreasing contamination by adding signage to all bins
to help streamline our recycling programs, ensuring that
all recycling is clean and free of debris, and encouraging
staff to avoid hard-to-recycle materials• S ourcing 100% Fair Trade Certified coffee and 99% Fair
Trade Certified tea for our on-site café
• B uying seafood according to the Monterey Bay Aquarium
guidelines• P urchasing wholesome produce with aesthetic
imperfections that would otherwise go to waste• C hoosing 97% of our paper products from FSC-certified
sources• O pting for more sustainable tableware options, such ascompostable boxes, cups, and straws
Through our partnership with Bon Appétit, we also strive tolimit the overproduction of food and maintain high foodquality. We review catering orders daily and prepare in-houseand from scratch in small batches to minimize waste. We
track all food waste using third-party software, perform daily
food orders, and conduct weekly inventories. Spent cooking oil
is reclaimed for industrial purposes, such as biofuel.

100%

Earth Day Grassroots
Initiatives

on specific guidelines for waste reduction this year. Our
efforts in association with our vendors include:• I mproving waste avoidance with reusable alternatives
across the workplace as appropriate, including reusablecoffee mugs, plates, cups, and utensils• L essening consumption of single-use packaging, suchas takeaway coffee cups, plastic wrappers and waterbottles, and individual condiment packages
RGA has also been raising awareness of proper waste
disposal and recycling through email and employee
education.

RGA employees celebrated Earth Day by taking action in their local
communities. What began as EMEA’s regional effort to engage

in a green activity for Earth Day has now become a global RGA
grassroots initiative. EMEA employees were invited to join the

End Plastic Pollution campaign by picking up trash in their local

neighborhood, park, or garden. Afterward, Dorota Wysocka, Senior
Event Marketing and Communications Manager, shared the EMEA

team’s volunteer effort with colleagues around the world. Those who
were unable to participate were encouraged to take advantage of

RGA’s volunteer time-off policy. RGA employees from the U.S., India,
the Middle East, South Africa, Spain, Poland, Germany, Italy, and theNetherlands — along with their families and friends — participated in
the Earth Day campaign.

Partnership With Operation
Food Search

We are fighting food waste and hunger by recovering surplus

perishable food from our operations that would otherwise go towaste. We are currently donating it to people in need at the Room at
the Inn shelter, through our partnership with Operation Food Searchin St. Louis.

All of the coffee in our café is Fair Trade Certified

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental StewardshipAppendix

Managing Our Environmental Footprint and Impact
Carbon Offsets
RGA has set several sustainability goals to
reduce carbon intensity, including reducing
or offsetting Scope 1 and Scope 2 emissions.
While we aim to reduce our absoluteemissions through efficiency measures andoperational improvements, we utilize highquality, verified carbon offsets in alignment
with RGA’s values to take responsibility forour carbon footprint. Verified carbon offset
projects not only reduce carbon emissions,but they also have added social andenvironmental co-benefits, such as improving
and preserving biodiversity, education, jobs,
food security, and health and wellbeing indeveloping countries. There is an internal
review process for the calculation of offsets
against RGA’s carbon emissions, and RGA
receives independent third-party verificationof the carbon offset projects it acquires orpurchases as further discussed on this page.

Our Carbon Offset Projects

Offset project name as listed in theregistry or program

Trees for Global
Benefits

Rimba Raya Biodiversity
Reserve Project

Project description

The Trees for Global Benefits (TGB) project supports a long-running cooperative
carbon offsetting program in the Albertine Rift and Mount Elgon in northern Uganda.
The project promotes community-led activities that reduce the exploitation offorest resources and arrest the decline of the ecosystem. The project also offers adiversified income source for 4,600 rural farmers and their families who live in thearea. Participating communities plant indigenous and agroforestry trees that areunder threat from logging for timber. TGB has enabled carbon sequestration to
improve rural livelihoods by encouraging farmers to work on small-scale agroforestry
projects. It also provides services that link these farmers to the international markets.
Since 2017, TGB has removed 640,000 MtCO2e, averaging 128,000 MtCO2e annually.

The Rimba Raya Biodiversity Reserve REDD+ project in Indonesia preserves nearly
65,000 hectares of tropical swamp forest that were originally slated to be converted
into palm oil plantations. The project protects and preserves tropical lowland peatswamp forests, which have a high carbon storage capacity.

In 2023, RGA offset 6,324 tons of CO2 throughthe following offset projects:

The benefits to local communities include education, healthcare, sustainable
development, and livelihood opportunities. The reserve has avoided nearly 130 million
tons of CO2 emissions since its inception in 2009 and protects hundreds of at-risk
species, such as the Bornean orangutan, Asian sun bear, and clouded leopard.

Project location

Kampala, Uganda

Central Kalimantan, Indonesia

Registry

Plan Vivo

VCS

Project identification number/registry ID

PV100000000000171

VCS 674

Offset project type

Removal: ecosystem restoration

Avoidance: agriculture forestry and other land use

Verifying body/standards

Conservation International: Guy Pinjuv

SCS Global Services, CCB Second Edition, and SD VISta

Coordinator/proponent

ECOTRUST

InfiniteEARTH

Business entity selling offset

Cloverly

Cloverly

Accountability measures

The buffer pool is managed by the registry and can either contain buffer credits fromall projects within the registry program in a single combined pool, often divided byproject type, or be individually linked to specific projects.

The buffer pool is managed by the registry and can either contain buffer credits fromall projects within the registry program in a single combined pool, often divided byproject type, or be individually linked to specific projects.

Protocol used to estimate emissions
reductions or removal benefits

Plan Vivo (SHAMBA): Small-holder Agriculture Monitoring and Baseline Assessment

VM0004

Quantity of offsets purchased

3,162 CO2e3,162 CO2e52

Introduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental StewardshipAppendix

53

Appendix
Sustainability AccountingStandards Board (SASB)
54

United Nations Sustainable
Development Goals
59

Task Force on
Climate-Related Financial
Disclosures (TCFD) Alignment
61

ESG Materiality Assessment
Definitions
77

RGA Glossary
80

Forward-Looking Statements
81

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship

54

Appendix

Sustainability Accounting Standards Board (SASB)
We have aligned our report with the Sustainability Accounting Standards Board (SASB) Standards, now part of the International
Financial Reporting Standards (IFRS) Foundation, related to the Insurance (FN-IN) and relevant topics from Asset Management
and Custody Activities (FN-AC) industries to ensure that we address the ESG factors most relevant to our business. According to
the SASB Materiality Map, the following categories are most relevant to companies in our industry.

Sustainability Disclosure Topics and Accounting Metrics: Insurance
TopicTransparent Information & Fair
Advice for Customers

Incorporation of Environmental,
Social, and Governance Factors
in Investment Management

Accounting Metric

SASB Code2023 Response

Total amount of monetary losses as a result oflegal proceedings associated with marketing andcommunication of insurance product-related information to
new and returning customers

FN-IN-270a.1

Complaints-to-claims ratio

FN-IN-270a.2

Metric is not relevant to RGA, which is primarily a business-to-business (B2B) company.

Customer retention rate

FN-IN-270a.3

Metric is not relevant to RGA, which is primarily a B2B company.

Description of approach to informing customers about
products

FN-IN-270a.4

Metric is not relevant to RGA, which is primarily a B2B company.

FN-IN-410a.2

RGA is committed to investment decision-making that integrates ESG factors to bolster moresustainable social outcomes and improved risk-adjusted returns through evaluating longerterm sustainability risks and opportunities. Our responsible investment process integrates ESG
factors to inform our strategy and objectives aimed at driving sustainable economic development
and innovation. As fixed income investors, our Investment Team embeds various sustainability
considerations throughout our fundamental research process to strengthen our risk assessment,
business model analysis, and issuer engagement activities that inform our decision-making arounda company’s balance sheet strength, profitability, and long-term value creation. As part of our
responsible investment strategy, RGA has chosen to increase our allocation to assets that align with
six United Nations Sustainable Development Goals (SDGs) that we believe most closely reflect RGA’s
corporate mission. We believe that our investment portfolio may positively influence these goals byadvancing initiatives related to financial protection, health, education, social housing, clean energy,
and the climate.

Description of approach to incorporation of environmental,social, and governance (ESG) factors in investment
management processes and strategies

Report Reference

RGA reports any material monetary losses as a result of legal proceedings in Part I, Item 3 - Legal
Proceedings in RGA’s 2023 Form 10-K, page 37.
As of Dec. 31, 2023, RGA had no material litigation.

For more information, please
see the Business Ethics andResponsible Practices section ofthis 2023 Sustainability Report.

For more information, please
see the Our Responsible
Investment Approach section ofthis 2023 Sustainability Report.

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship55

Appendix

Sustainability Accounting Standards Board (SASB)

Sustainability Disclosure Topics and Accounting Metrics: Insurance
Topic

Policies Designed to Incentivize
Responsible Behavior

Financed Emissions

Physical Risk Exposure

Accounting Metric

SASB Code2023 Response

Net premiums written related to energy efficiency and low
carbon technology

FN-IN-410b.1

Metric is not relevant to RGA, which is primarily a life and health reinsurance company.

Discussion of products or product features that incentivize
health, safety, or environmentally responsible actions or
behaviors

FN-IN-410b.2

RGA’s wellness-linked protection products encourage, measure, and reward healthy behaviors. Basedon their wellness performance, customers can receive various benefits, including premium discounts
or other rewards. Insureds receive value beyond insurance protection with reduced premiums andbetter health outcomes; insurers receive additional evidence to evaluate risk, a more engaged
customer base, and improved health and longevity among policyholders. Customers and insurers
alike understand and appreciate the tangible benefits that wellness programs bring by incentivizing
healthy behaviors and lifestyle choices.

Absolute gross financed emissions, disaggregated by (1)Scope 1, (2) Scope 2, and (3) Scope 3

FN-IN-410c.1

Gross exposure for each industry by asset class

FN-IN-410c.2

Percentage of gross exposure included in the financed
emissions calculation

FN-IN-410c.3

Description of the methodology used to calculate financed
emissions

FN-IN-410c.4

Probable Maximum Loss (PML) of insured products fromweather-related natural catastrophes

FN-IN-450a.1

Metric is not relevant to RGA, which is primarily a life and health reinsurance company.

Total amount of monetary losses attributable to insurance
pay-outs from (1) modelled natural catastrophes and (2)non-modelled natural catastrophes, by type of event andgeographical segment (net and gross of reinsurance)

FN-IN-450a.2

Metric is not relevant to RGA, which is primarily a life and health reinsurance company.

Description of approach to incorporation of environmental
risks into (1) the underwriting process for individual contractsand (2) the management of entity-level risks and capital
adequacy

FN-IN-450a.3

Please see Task Force on Climate-Related Financial Disclosures (TCFD) table for information about
how climate-related risk management is incorporated into RGA’s business practices.

Report Reference

For more information,please see the Sustainable
Innovation section of this 2023
Sustainability Report.

RGA does not currently disclose absolute gross financed emissions and may explore doing so infuture reports.

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship

56

Appendix

Sustainability Accounting Standards Board (SASB)

Sustainability Disclosure Topics and Accounting Metrics: Insurance
Topic

Accounting Metric

Exposure to derivative instruments by category: (1) total
exposure to noncentrally cleared derivatives, (2) total
fair value of acceptable collateral posted with a central
clearinghouse, and (3) total exposure to centrally cleared
derivatives

SASB CodeFN-IN-550a.1

2023 Response

Report Reference

RGA utilizes derivative financial instruments to protect against possible changes in the fair value of
its investment portfolio as a result of interest rate changes; to hedge against risk of changes in thepurchase price of securities; to hedge liabilities associated with the reinsurance of variable annuities
with guaranteed living benefits; to reduce the risk associated with foreign currency fluctuations; andto manage the portfolio’s effective yield, maturity, and duration. RGA uses both (1) exchange tradedand centrally cleared and (2) customized over-the-counter derivative financial instruments. RGA
manages its credit risk related to over-the-counter derivatives by entering into transactions withcreditworthy counterparties, maintaining collateral arrangements, and using master agreements thatprovide for a single net payment to be made by one counterparty to another at each due date andupon termination.
For information regarding derivative instruments, please see Note 12 – Derivative Instruments in theNotes to Consolidated Financial Statements of RGA’s 2023 Form 10-K, page 148.

Total fair value of securities lending collateral assets

FN-IN-550a.2

Please see the Investments Section of RGA’s 2023 Form 10-K, page 144.
The Board has an active and ongoing role in overseeing corporate risks, as a whole and at thecommittee and subgroup level. The Board primarily oversees enterprise risk through its Risk
Management Steering Committee (RMSC), which oversees the management of the enterprise risk
management (ERM) program and policies.

Systemic Risk Management

Description of approach to managing capital- and liquidityrelated risks associated with systemic non-insurance
activities

FN-IN-550a.3

In 2023, the Board approved a qualitative climate risk appetite statement to manage and reduce theenvironmental impact of RGA’s operational footprint. RGA is currently building the relevant metrics
and targets to operationalize its climate risk appetite statement.
We have a well-defined risk governance structure that is essential to our overall risk management
strategy. Our ERM program is responsible for:• Analyzing and reporting our risks on an aggregated basis• Facilitating monitoring to ensure risks remain within our appetites and limits• Ensuring, on an ongoing basis, that RGA’s ERM objectives are met
This program assumes that risks are properly identified, assessed, and managed; risk controls are inplace; and key risks to which RGA is exposed are disclosed to appropriate stakeholders.

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship

57

Appendix

Sustainability Accounting Standards Board (SASB)

Sustainability Disclosure Topics and Accounting Metrics: Asset Management & Custody Activities
Topic

Accounting Metric(1) Number and (2) percentage of licensed employees andidentified decision-makers with a record of investmentrelated investigations, consumer-initiated complaints,
private civil litigations, or other regulatory proceedings
Transparent Information & Fair
Advice for Customers

Employee Diversity & Inclusion

FN-AC-270a.1

FN-AC-270a.2

Description of approach to informing customers about
products and services

FN-AC-270a.3

Percentage of (1) gender and (2) diversity grouprepresentation for (a) executive management, (b) nonexecutive management, (c) professionals, and (d) all other
employees

Description of approach to incorporationof environmental, social, and governance(ESG) factors in investment or wealthmanagement processes and strategies

2023 Response

Report Reference

RGA reports any material monetary losses as a result of legal proceedings in Part I, Item 3 - Legal
Proceedings in RGA’s 2023 Form 10-K, page 37.
As of Dec. 31, 2023, RGA had no material litigation.

Total amount of monetary losses as a result oflegal proceedings associated with marketing andcommunication of financial product-related information
to new and returning customers

Amount of assets under management, by asset class,that employ (1) integration of environmental, social, andgovernance (ESG) issues, (2) sustainability themed
investing, and (3) screening

Incorporation of Environmental,
Social, and Governance Factors
in Investment Management &Advisory

SASB CodeRGA reports any material monetary losses as a result of legal proceedings in Part I, Item 3 - Legal
Proceedings in RGA’s 2023 Form 10-K, page 37.
As of Dec. 31, 2023, RGA had no material litigation.

For more information, please
see the Business Ethics andResponsible Practices section ofthis 2023 Sustainability Report.

Metric is not relevant to RGA, which is primarily a B2B business.

FN-AC-330a.1

As of Dec. 31, 2023, women comprised 48% of RGA’s global workforce and people of color comprised
20% of the U.S. workforce.

FN-AC-410a.1

Together, as of year-end 2023, the total book value of our investments, composed of both ESGlabeled bonds and the other asset classes aligned to our six chosen UN SDGs, was $5.6 billion after a
15% increase of $745 million over year-end 2022.

FN-AC-410a.2

RGA is committed to investment decision-making that integrates ESG factors to bolster moresustainable social outcomes and improved risk-adjusted returns through evaluating longerterm sustainability risks and opportunities. Our responsible investment process integrates ESG
factors to inform our strategy and objectives aimed at driving sustainable economic development
and innovation. As fixed income investors, our Investment Team embeds various sustainability
considerations throughout our fundamental research process to strengthen our risk assessment,
business model analysis, and issuer engagement activities that inform our decision-making arounda company’s balance sheet strength, profitability, and long-term value creation. As part of our
responsible investment strategy, RGA has chosen to increase our allocation to assets that alignwith six UN SDGs that we believe most closely reflect RGA’s corporate mission. We believe that ourinvestment portfolio may positively influence these goals by advancing initiatives related to financial
protection, health, education, social housing, clean energy, and the climate.

For more information, please
see the Culture Matters sectionof this 2023 Sustainability
Report.

For more information, please
see the Our Responsible
Investment Philosophy sectionof this 2023 Sustainability
Report.

RGA 2023 Sustainability ReportIntroduction

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Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

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Appendix

Sustainability Accounting Standards Board (SASB)

Sustainability Disclosure Topics and Accounting Metrics: Asset Management & Custody Activities
Topic

Incorporation of Environmental,
Social, and Governance Factors
in Investment Management &Advisory

Accounting Metric

Description of proxy voting and investee engagement
policies and procedures

SASB CodeFN-AC-410a.3

2023 Response

As fixed income investors, our Investment Team embeds various ESG considerations throughout our
fundamental research process to strengthen our risk assessment, business model analysis, and issuer
engagement activities that inform our decision-making around a company’s balance sheet strength,
profitability, and long-term value creation. During 2023, our Investment Team completed Material
Risk Engagement reviews for 33 issuers targeting 50 total (66%). Of these reviewed issuers, 21 were
engaged through Sustainalytics and 12 were engaged directly by RGA

Report Reference

For more information, please
see the Our Responsible
Investment Philosophy sectionof this 2023 Sustainability
Report.

Since our assets are nearly all fixed income, proxy voting is not relevant to RGA’s investment process.

Financed Emissions

Absolute gross financed emissions, disaggregated by (1)Scope 1, (2) Scope 2, and (3) Scope 3

FN-AC-410b.1

Total amount of assets under management (AUM) includedin the financed emissions disclosure

FN-AC-410b.2

Percentage of total assets under management (AUM)
included in the financed emissions calculation

FN-AC-410b.3

Description of the methodology used to calculate financed
emissions

Business Ethics

Total amount of monetary losses as a result of legal
proceedings associated with fraud, insider trading, antitrust,
anticompetitive behavior, market manipulation, malpractice,or other related financial industry laws or regulations

Description of whistleblower policies and procedures

RGA does not currently disclose absolute gross financed emissions and may explore doing so infuture reports.

FN-AC-410b.4

FN-AC-510a.1

RGA reports any material monetary losses as a result of legal proceedings in Part I, Item 3 - Legal
Proceedings in RGA’s 2023 Form 10-K, page 37.
As of Dec. 31, 2023, RGA had no material litigation.

FN-AC-510a.2

RGA has licensed a third-party vendor to provide a Speak-Up Hotline that gives employees ananonymous and confidential way to report potential misconduct. The hotline is available 24/7.
RGA prohibits any form of retaliation against employees who, in good faith, report a suspected issue.
The Board is notified of misconduct concerns.

For more information, please
see the Business Ethics andResponsible Practices section ofthis 2023 Sustainability Report.

RGA 2023 Sustainability ReportIntroduction

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Culture Matters

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Appendix

United Nations Sustainable Development Goals Index
The United Nations Sustainable Development
Goals (SDGs) were created as a collaborative
global effort to build a better tomorrow. These
17 interlinked goals and 169 corresponding
targets address challenges of poverty,
inequality, climate change, environmental
degradation, peace, and justice. RGA hasaligned our sustainability initiatives to the
SDGs that we have the power to influenceand impact through our business strategy,
products, and services.

Sustainable Development Goals
End poverty in all its
forms everywhere

Ensure healthy lives
and promote wellbeing for all at all
ages

Ensure inclusive
and equitable
quality educationand promote
lifelong learning
opportunities for all

Achieve genderequality andempower all
women and girls

How RGA Contributes
As part of our policy guiding our
responsible investments, we include
investments that achieve social impact
and climate risk mitigation. This isreflected in our investments in U.K. Lifetime
Mortgages, fund, and limited partnership(LP) investments with underlying financial
protection goals. [Targets 1.1, 1.2, 1.5]

In 2023, RGA launched multiple initiatives
aimed at helping insurers globally better
understand mental health and thus
globally accelerate progress toward
increased support for mental healthtreatment and outcomes. [Target 3.4]
The Longer Life Foundation (LLF) supports
important early-stage medical research,
aimed at increasing longevity andwellbeing, and reducing premature
mortality. [Targets 3.4, 3.b]

RGA colleagues in St. Louis, Japan, Hong
Kong, and the U.K. supported quality
education through various initiatives aimed
at providing equal access to vocational
education, increasing the volume ofyoung people with employable skills, andeliminating gender disparity in education.
[Targets 4.3, 4.4, 4.5]

RGA is committed to implementing
company policies and fostering acompany culture that encourages gender
equity at all levels and does not tolerate
gender-based discrimination.

Our Purpose-Driven Philanthropy Strategy
Responsible Investment Approach

Corporate Governance
Cultivating an Inclusive and Equitable Culture

Women represent 48% of our total
workforce, as well as 30% of our executives
at the vice president level and above and
42% of our Board members. Furthermore,
RGA’s third-party consultant found that
RGA is near pay equity, where women are
paid 98.4% of what men are paid.
[Targets 5.1 and 5.5]

Report Section
Responsible Investment Approach

Innovation for Insurance Access

RGA 2023 Sustainability ReportIntroduction

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Culture Matters

Environmental Stewardship60

Appendix

United Nations Sustainable Development Goals Index

Sustainable Development Goals
Ensure access toaffordable, reliable,
sustainable, andmodern energy
for all

Promote sustained,
inclusive, andsustainableeconomic growth,
full and productive
employment, anddecent work for all

Reduce inequality
within and among
countries

Make cities andhuman settlements
inclusive, safe,
resilient, andsustainable

Take urgent action
to combat climatechange and its
impacts

To create a culture in which all employees
can reach their full potential, we have a
global strategy, accountability framework,and governance for our diversity, equity,and inclusion principles. RGA cultivatesan inclusive and equitable culture that
promotes social, economic, and politicalinclusion, irrespective of age, sex, disability,
race, ethnicity, origin, religion, or economicor other status, and aims for equal
opportunity and reduced inequalities ofoutcomes. [Targets 10.2, 10.3]

To honor our five decades of positive
community impact, RGA and the RGA
Foundation pledged $500,000 to over 50
charitable organizations around the world
to demonstrate RGA’s historic and ongoingcommitment to the communities weserve through initiatives supporting healthand longevity, educational opportunities,
financial protection, and environmental
efforts. [Targets 11.3, 11.7]

Through our keen awareness of climaterelated risks and an eye toward mitigating
potential climate impacts on ouroperations and business functions, RGA istaking action to prepare for the physicalimpacts of climate change and to continuealigning our business strategy with thetransition to a low-carbon economy.
[Targets 13.1, 13.3]

Cultivating an Inclusive and Equitable Culture

Our Purpose-Driven Philanthropy Strategy

Building Climate Resilience

How RGA Contributes
In FY2023, we invested in an ESG-labeled
Sustainability Linked Bond (SLB) offering of aSouth American nation, which in part aims
to increase the share of non-conventional
renewable energy (NCRE) in the National
Electric System. [Target 7.2]
RGA has committed to continually
measuring our footprint and decreasing
our carbon reliance, building organizational
resilience to the impacts of climatechange. [Targets 7.3, 7.a]

RGA prioritizes the professional growth of
our employees, providing performancerecognition and career development
opportunities. [Target 8.5]
RGA is committed to the eradication offorced labor and the protection of humanrights. We set ethical standards for all
vendors and third-party partners to ensurecompliance. [Targets 8.7, 8.8]
RGA has developed insurance offerings
that contribute environmental and social
solutions in line with our purpose to expand
access to financial protection to all people.
[Target 8.10]

Report Section
Responsible Investment Approach
Building Climate Resilience

Learning and Development
Cultivating an Inclusive and Equitable Culture
Vendor Management
Innovation for Insurance

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Appendix

Task Force on Climate-Related Financial
Disclosures Alignment
RGA’s continued alignment with Task Force on Climate-Related Financial Disclosures (TCFD) recommendations — now
incorporated into International Financial Reporting Standards Foundation Sustainability Standards — demonstrates our ongoingcommitment to understanding and managing the actual and potential impacts of climate change on our business, strategy,
and outlook. We have included the following disclosures in line with the Task Force on Climate-related Financial Disclosures(TCFD) framework which are applicable for all global entities of RGA, Inc.

Governance

Disclose the company’s governance around climate-related risks and opportunities.
TCFD Recommendation

Response

The Board and executive leadership recognize that healthy communities, sustainable operations, an
inclusive and diverse workforce, and responsible investment practices are important for the creationof long-term value and business success for our company and stakeholders. The Board works closelywith executive leadership to provide guidance on our sustainability strategy, initiatives, and execution.
As a whole and through each standing committee, the Board and Executive Committee collectively
provide active oversight of RGA’s sustainability strategy, which includes climate-related risks andopportunities.
a) Describe the board’s oversight ofclimate-related risks andopportunities.

The Board has an active and ongoing role in overseeing the management of corporate risks, bothas a whole and at the committee and subgroup levels. Of note, approximately 75% of our Board has
knowledge of and experience with sustainability issues, trends, disclosures, and practices. The scopeof the Board’s oversight includes climate-related risks and opportunities for RGA’s own operations,investments, and insurance underwriting activities and considers both 1) climate change’s impact on
RGA and 2) RGA’s impact on climate change. Oversight mechanisms for managing climate-related
issues include reviewing and guiding annual budgets, overseeing and guiding employee incentives,
and reviewing and guiding strategy.

The following Board committees provide oversight of climate-related risks and opportunities as they
pertain to their respective remits.
Audit Committee

Investment Committee

Nominating and Governance Committee

Risk Committee

Financial and sustainability reporting, significant legal and regulatory
matters, and ethics and compliance policies
Investment policies, practices, programs and strategies, and quality,
performance, and risk characteristics of investment portfolios
Corporate governance, Board refreshment, leadership development, andBoard support for its oversight of sustainability issues
Enterprise risk management (ERM), including climate change and impacts
on RGA’s overall business, operations, compliance, reputation, and ethics

In 2023, the Board approved a qualitative climate risk appetite statement to manage and reduce theenvironmental impact of RGA’s operational footprint. RGA is currently building the relevant metrics andtargets to operationalize its climate risk appetite statement.

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Appendix

Task Force on Climate-Related Financial Disclosures Alignment

Governance

Disclose the company’s governance around climate-related risks and opportunities.
TCFD Recommendationb) Describe management’s role inassessing and managing climaterelated risks and opportunities.

Response

Management and executive leadership work in lockstep with the Board to assess and manage
climate-related risks and opportunities. The following management-level committees and working
groups play an important role in climate oversight.

• E
 SG Investment Group: Our ESG Investment Group works closely with risk teams across theorganization to define processes and policies related to ESG and sustainable investments acrossour various investment teams.

• Executive Committee: RGA’s Executive Committee assesses relevant sustainability-related issues
and concerns specific to RGA’s stakeholders and the business. Responsibilities include day-to-day
oversight of the core pillars of our sustainability strategy in coordination with leaders and teams
across our global business operations. The Executive Committee also oversees external reportingand performance metrics.

RGA’s Vice President of Corporate Social Responsibility and Sustainability works in coordination withthe aforementioned groups and is responsible for the day-to-day monitoring and managementof selected climate-related issues. Other management-level positions with climate-related
responsibilities include:• S ustainability Leadership Committee: The Sustainability Leadership Committee develops,
champions, and advises on our overall sustainability strategy, policies, and initiatives, including
climate initiatives. The committee is composed of more than a dozen leaders from all major
functions and geographies who are well positioned to integrate and oversee sustainable businesspractices across our global operations.
• R isk Management Steering Committee: Primary oversight of enterprise risk sits with RGA’s Risk
Management Steering Committee (RMSC), which oversees ERM program and policies — climate risk
is embedded in our ERM framework as a cross-cutting risk. The RMSC, made up of leaders within thecompany, provides oversight and advises the Global Chief Risk Officer on the company’s global ERM
framework, activities, and issues. The RMSC is also accountable for RGA’s strategic risk exposures,
including climate, the external environment, and regulatory risk. The RMSC regularly updates the Risk
Committee of the Board with reports, including qualitative and quantitative assessments describing
key risk exposures. RGA has four other management-level risk committees, in addition to the RMSC,
all of which consider climate risk within their responsibilities.

•
•
•
•
•
•
•
•

Chief Risk Officer
Senior Vice President, Chief Innovation Officer & Content Officer
Vice President, Corporate Social Responsibility and Sustainability
Head of Global Sustainability Risk
Senior Vice President, Global Head of Credit — Strategic Lead ESG
Vice President, Head of Credit EMEA
Investments Portfolio Managers
Sustainability Working Group

Together with the Board, these groups and individuals manage and oversee RGA’s climate-relatedrisks, opportunities, and strategy.

• C limate Scenario Analysis Working Group: RGA’s Climate Scenario Analysis Working Groupoversees our climate scenario analysis-related efforts in partnership with RGA’s global risk team andcross-functional subject matter experts. This group includes members of our risk, investments, andmedical teams.

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Appendix

Task Force on Climate-Related Financial Disclosures Alignment

Strategy

Disclose the actual and potential impacts of climate-related risks and opportunities on the company’s businesses, strategy, and financial planning where such information is material.
TCFD Recommendation

Response

As a reinsurance company, RGA recognizes the importance of understanding the actual and potential
substantive impacts of climate-related risks and opportunities on our business, strategy, and planning.
We evaluate risks and opportunities across the short, medium, and long term to ensure that relevantrisks are mitigated and opportunities are maximized throughout our planning process.

Time horizons

RGA assesses climate-related risks and their impacts over three time horizons: short, medium, andlong term. Time horizons associated with climate-related risks and opportunities align with the
expected completion of the Paris Agreement’s 2050 energy transition and are defined as follows:a) Describe the climate-related risks
and opportunities the company has
identified over the short, medium, andlong term.

• Short term (1 to 5 years)• Medium term (6 to 10 years)• Long term (10+ years)
RGA recognizes that the physical risks for assets, as well as their related impact on mortality andmorbidity, are most likely to be experienced in a time frame beyond that of the Paris Agreement’s
2050 energy transition ambition. RGA accounts for the changing risk drivers and impacts across thesehorizons in its analysis to inform a comprehensive forecast of climate-related risks and opportunities.

Risks

Climate change is not a new risk within the insurance industry. It is one important change factor
affecting both sides of the balance sheet, in effect modifying and/or accelerating known risks. It is
global in nature, and while it affects all regions, its impacts vary in different parts of the world.
RGA’s holistic approach considers physical and transition risks and their interactions at different time
horizons in the short, medium, and long term. It considers both sides of the balance sheet, as well asinteractions across business functions and decision feedback loops, to assess the potential relevanceand significance of risks and inform future actions to address them.

On the liability side of the balance sheet:
An increase in global average temperatures can cause changes in weather patterns — resulting in
more severe and more frequent natural disasters such as forest fires, hurricanes, tornadoes, floods,
and storm surges — and may impact disease incidence and severity, food and water supplies, and thegeneral health and wellbeing of impacted populations. These climate change trends are expected tocontinue in the future and may impact nearly all sectors of the economy to varying degrees.
Risk Drivers We strategically monitor drivers that may impact mortality and morbidity trends, and we
conduct scenario reviews for various climate change-related events. The key physical climate risks
impacting mortality and morbidity include rising average temperatures, air pollution, heat waves andother extreme weather events, and vector-borne diseases.
In addition to the direct impact on mortality and morbidity from these physical climate risks, RGA
considered the mortality and morbidity impacts from other risks, such as climate-related massmigration, the negative health impacts of economic stress, and strains on healthcare systems.
The direct and indirect impacts of climate risks on mortality and morbidity can vary significantly bygeography. We plan to expand our geographical understanding of climate impacts to other markets
to assess the climate-related risks and opportunities in areas beyond the U.S., Canada, and the U.K.
Mortality Risk Since we are a global life and health reinsurer, the key risk on the liability side ofour balance sheet is mortality, and our key mortality markets are the U.S., Canada, and the U.K. We

regularly assess the impact that physical and transition risks might have on our key mortality markets
over both the short and long term, based on the latest academic research.
Over the short term to medium term, the impact of physical risk on mortality in the U.S., Canada, andthe U.K. is expected to be minimal under the four climate scenarios we evaluated (outlined on page 67)
because the physical impacts manifest gradually. Over the long term, climate-related impacts
on mortality are highly uncertain due to various tradeoffs outlined in more detail in the scenario
analysis section.

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Culture Matters

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Appendix

Task Force on Climate-Related Financial Disclosures Alignment

Strategy

Disclose the actual and potential impacts of climate-related risks and opportunities on the company’s businesses, strategy, and financial planning where such information is material.
TCFD Recommendation

Response

Morbidity Risk The impact of physical risks on RGA’s morbidity business is more complex over all time
horizons. Current scientific reviews acknowledge the consequences of physical risks for population
health. However, the morbidity impacts associated with extreme heat are relatively less pronounced
compared to mortality impacts.
The evidence for how other consequences of physical risks, such as poor mental health from
economic stress, climate-related mass migration, and violence, might affect population health is of
low certainty.
On the asset side of the balance sheet:
RGA assesses the physical and transitional climate risks associated with the companies we invest in.
The impacts on countries, economies, societies, and communities are the key components of this riskmateriality analysis.
a) Describe the climate-related risks
and opportunities the company has
identified over the short, medium, andlong term.
Continued

Physical Risk Both acute physical risks stemming from the increased frequency and severity of
extreme weather events, and chronic physical risks resulting from changing temperature andprecipitation patterns, lead to various degrees of asset damage and impact for companies, including:• Their production facilities• Human capital• Adjacent infrastructure• Their supply chains (indirectly)
These all result in productivity loss and stranded asset risk.
The impact of physical climate risks to investors varies depending on the type of physical hazard,
geolocation of the assets, and industry of the assets. The sectors most vulnerable to multiple physicalhazards over time are energy, metals/mining, and utilities. The hazards are diverse, and they include,
but are not limited to:• Flooding• Extreme heat
• Extreme wind and cyclones• Forest fires• Coastal erosion and inundation

•
•
•
•
•
•

Rise in sea levels
Freeze-thaw
Soil subsidence
Changes in precipitation
Water stress
Ocean acidification

RGA recognizes these risks and considers them when making investment decisions.
Transition Risk Risks also result from the cross-sectoral structural change stemming from thetransition toward a low-carbon economy. RGA’s assets are likely to be more heavily impacted in themain by transition risks and are likely to materialize more rapidly than extreme physical impacts. Thesetransition risks may include impacts on:• Changes in national and global climate policy• Technology• The regulatory landscape• Carbon taxes or fiscal incentives for accelerated transition• Consumer preferences• Investor sentiment implied by the change in market value of financial assets
Transition risks could lead to increased credit risk or reduced profitability across our investment portfolio in
carbon-intensive sectors resulting from current or future regulations. In addition, climate change regulation
may impact the value of our investments or impact our counterparties. Poor implementation of broadtransition policies may lead to economic stress, higher unemployment, or negative effects on health andsocial care, resulting in negative impacts on RGA’s core insurance business.
Governments and companies are also facing litigation risks related to their legal obligations andcorporate governance. Litigation may be brought against an entity alleged to be indirectly or
directly responsible for a climate-related event. The recent developments in attribution science havestrengthened the causation between observed changes in weather events and human influence.
Many cases are brought against states and companies for a failure to deliver on their legal obligations
to bring down carbon emissions.

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Appendix

Task Force on Climate-Related Financial Disclosures Alignment

Strategy

Disclose the actual and potential impacts of climate-related risks and opportunities on the company’s businesses, strategy, and financial planning where such information is material.
TCFD Recommendation

Response

The long-term manifestation and the systematic nature of these risks are particularly important when
we consider the long duration of our fixed-income investment portfolio.

Opportunities

As an organization, we fully embrace the concept of sustainability and our corporate responsibility.
As such, we aim to manage the carbon footprint of our own operations and explore opportunities tosupport a more sustainable future.

a) Describe the climate-related risks
and opportunities the company has
identified over the short, medium, andlong term.

Investments RGA believes that the most responsible investment philosophy and the one that delivers
the best long-term risk-adjusted returns for our stakeholders is to support and encourage the overall
energy transition of the global economy. This should mitigate the most detrimental impacts of climatechange on the planet and the associated societal breakdown and loss of biodiversity. As countries
transition toward less-carbon-intensive economies, this provides RGA with opportunities to tilt theinvestment portfolio toward companies that are leaders in managing climate risk, developing newtechnology, or reengineering business models and processes (or a combination of the above) that will
help abate activities most harmful to the environment. Aligned with RGA’s purpose of making financial
protection accessible to all, RGA is committed to supporting infrastructure in the following
SDG-aligned areas:

Continued
SDGs

RGA Focus
Area

Financial
Protection

Health

Education

Social Housing

Clean Energy

Climate Action

By carefully considering potential energy transition implications and our social purpose as anorganization, RGA believes that the most responsible investment philosophy is one that targets asignificant decarbonization of our corporate bond portfolio, taking into consideration economic andsocial impacts, regional differences, and the various stages of countries and sectors of the economies
with different degrees of technological innovation. The approach we have adopted is holistic, whichallows our sector specialists to evaluate all future climate-related risks and opportunities of thetransition of companies within their area of expertise.

Products and Partnerships
RGA has the opportunity to work with clients to support green products and develop partnershipsthat promote environmental sustainability. In this context, green products refer to life and healthinsurance products with features that support the transition to a low-carbon economy and theprotection of natural resources. Such products may direct a portion of the insurance premiums toward
environmental projects, investments, or causes. Alternatively, they may reward policyholders who
adopt eco-friendly behaviors or choices, such as using public transport and driving electric vehicles, orbuying foods that have a low carbon footprint.
For example, RGA supported an insurer to launch a whole-life participating insurance plan in Hong
Kong offering sustainable investment options, including, but not limited to, investments in green
bonds, renewable energy, energy transition, sustainable building, clean transportation, water andwaste management, and social infrastructure projects. Through this partnership, RGA advances theavailability of corporate social responsibility and sustainable investment options.
Operations
Green Buildings RGA values safe and environmentally friendly building practices. Approximately 53%
of our on-site employees work in a LEED- or WELL-certified building, and even more operate out of
spaces with additional building credentials. We have developed employee-led “green” committees toengage our employees and facilitate awareness and localized environmental or social projects.
RGA’s headquarters is a LEED Gold-certified facility built with energy management in mind. The
building’s sophisticated automation system collects metrics from hundreds of data points, signaling
potential inefficiencies and automatically tweaking or overriding programmed system functions to
optimize operations for maximum energy, economic, and environmental efficiencies.
Waste Reduction Preserving our environment is more important than ever, and waste reduction andrecycling play a key role in keeping it clean. We have been successful in reducing a large quantity
of non-recyclable plastics, providing compostable alternatives, and reducing paper use throughelectronic filing.

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Appendix

Task Force on Climate-Related Financial Disclosures Alignment

Strategy

Disclose the actual and potential impacts of climate-related risks and opportunities on the company’s businesses, strategy, and financial planning where such information is material.
TCFD Recommendation

Response

Climate impacts and initiatives are incorporated into many aspects of our forward-looking businessstrategy, as demonstrated through our targets, commitments, products, and investments.

Products

RGA is exploring options to develop new sustainability and climate change-linked products to continue
our tradition of making an impact through our products and partnerships (as highlighted above andin our Innovation for Insurance Access section).

Operations

RGA has set targets to reduce our environmental impact. These targets, outlined in the Metrics andTargets section of this TCFD table, have been incorporated into our larger business strategy andfinancial planning. Specifically, we have incorporated funding for GHG management measures andoffset purchases into our annual budgets.
b) Describe the impact of climaterelated risks and opportunities on thecompany’s businesses, strategy, andfinancial planning.

Investments

In addition to economic and financial considerations, we evaluate and incorporate ESG criteria,
including climate considerations, when making investment decisions.
Incorporation of ESG Factors ESG factors are an integral part of our research, analysis, and ongoing
monitoring of our corporate bond investments. We believe that good governance practices and acommitment to corporate responsibility by bond issuers can enhance investment opportunities andpositively impact long-term investment performance. RGA also believes that long-term sustainability
concerns impact both investors and society and thus should be considered when making investment
decisions. Incorporating ESG factors is crucial to understanding a company’s long-term viability, profit
potential, and return on investment, and these factors are key components of RGA’s investment researchand decision-making.
Portfolio Credit Ratings Our overall top-down and bottom-up analysis suggests that across credit
markets and geographies, the significant long-term climate transition risks are not yet fully reflected in
the expected dispersion of credit spreads between leaders and laggards across sectors. In contrast,
however, credit rating agencies have already updated their methodologies to incorporate theseemerging risks of stranded assets and increased climate-adjusted probabilities of default in theirrating analyses. As prudent long-term investors, we are starting to tilt the portfolio toward climatetransition leaders and those companies showing the greatest improvement, and reducing our
exposure to transition laggards and those that are not making progress in this area. This mitigates thedownside risk of a negative repricing of climate transition laggards. Additionally, this mitigates any
associated credit rating downgrade risk and longer-term increased probability of default if businessmodels do not adapt to a new lower carbon-intensive operating environment.
Carbon Intensity As set out in the Responsible Investment Approach section, we have adopted atarget to reduce the carbon intensity of the public corporate bond portfolio by 20% between 2022 and
2026, aligned with RGA’s enterprise-wide strategy cycle.
To measure decarbonization within our portfolio, we assess the weighted average carbon intensity (WACI)19
where data is available. We are working to establish methodologies to estimate the parts of the portfolio
where we do not have verifiable data, such as sovereign bonds and private corporate assets.
Investee Risk Assessment We evaluate the emission footprints of our investee companies, butalso the forward-looking assessment of how the companies’ management is acknowledging andmitigating that transition risk. For the forward-looking assessment, our main tool is the Carbon Risk
Ratings provided by Sustainalytics, the ESG rating agency and climate data vendor we have partneredwith. We also assess a company’s existing climate risk reduction policies and decarbonization targets,
its emissions track record and future trajectory, and any active changes to the business model and capitalreallocated to the climate transition.
Monitoring and Actions Companies in high-carbon sectors with “High” or “Severe” Sustainalytics Carbon
Risk Ratings — the climate transition laggards — are subject to additional monitoring of progress andinvestment analysis. We utilize the Sustainalytics Material Risk Engagement platform to engage with someof our investee companies that have a “High” or “Severe” ESG Risk Rating, including those where wesee a lack of progress on transition and emission reduction targets. If we observe a deterioration in
Carbon Risk Ratings over time and a reversal of emission trajectories and signs that management is
not responsive to the broader collective engagement via our third-party vendor, we have portfolio
management actions prepared to address these risks. Actions include suspending future investmentsin these companies, reducing our exposure, or fully divesting the position and continuing to pivot
toward companies that have demonstrated a commitment to meet emissions reduction targets andmanage their carbon footprints more proactively.

19. WACI is defined as Scope 1 and Scope 2 emissions in relation to USD-based revenues.

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Appendix

Task Force on Climate-Related Financial Disclosures Alignment

Strategy

Disclose the actual and potential impacts of climate-related risks and opportunities on the company’s businesses, strategy, and financial planning where such information is material.
TCFD Recommendation

Response

RGA is committed to the continuity of services as part of who we are and the value we offer our clients.
Our global business continuity and operational resilience program enables our leaders to understandour exposure to disruptions in advance and take steps to mitigate their likelihood and impact. Our
global policy, frameworks, training, and tools empower leaders to limit disruptions to within impact
tolerances. Through our ERM function, we review and update our business continuity plans andpreparedness protocols at least annually, gaining input from internal and third-party specialists.

Impact Uncertaintyc) Describe the resilience of thecompany’s strategy, taking into
consideration different climaterelated scenarios, including a 2°C or
lower scenario.

RGA continues to research the long-term health effects of climate change. Our commitment toresearch in this space enables us to anticipate climate impacts and adapt accordingly. Life andhealth reinsurance is a long-term business, and impact assessments are still in the early stagesof assessing and understanding risks. Impacts on RGA’s assets are expected to be conditioned bytransition risks, which are more likely to materialize more rapidly than extreme physical impacts
from climate change. These impacts are uncertain, as the speed of change, success of policy andprogrammatic implementation, and economic and large-scale health events could negatively affect
RGA’s core insurance business.

Climate Stress Testing

To understand the impact of those risks on our balance sheet, it is necessary to perform acomprehensive stress testing exercise to model the impacts of climate change on our business under
different temperature pathways using our climate scenario analysis.
RGA’s Climate Scenario Analysis Working Group, in partnership with RGA’s Global Risk team, laid thefoundations and framework for our 2023 enterprise-wide climate scenario analysis and stress-testing
capabilities, focusing on the time-related impacts of physical risks and transition risks on both sides ofthe balance sheet.
The 2023 climate stress test analyzed the impact of different climate change scenarios on both theasset and liability sides of the balance sheet. It included qualitative analysis of all asset classes andencompassed both transitional and physical risk. The methodology adopted was consistent with theguidance given by the European Insurance and Occupational Pensions Authority (EIOPA).

Climate Change Scenarios RGA has taken the approach of leveraging climate change scenarios
from various regulatory standard setters and evaluating the impacts of these scenarios on RGA on aholistic basis. In order to better capture the less severe and more severe global warming pathways,
we used the following two Global Reference Scenarios provided by the Intergovernmental Panel on
Climate Change (IPCC):
1. Scenario SSP2 RCP 4.5:
Global temperature rise by 2.7°C by the end of
the century

2. S
 cenario SSP5 RCP 8.5:
The global temperature has increased by 4.4°C

For the full transition risk assessment, we followed the referenced scenarios developed by the Network
for Greening the Financial System (NGFS).
1. Net-Zero 2050, Orderly Scenario:
Strong regulation and demand response leads
to an orderly energy transition with emissions
reducing swiftly and significantly, limiting global
warming to below 1.5°C

2. NGFS	Current Policies, Hot House Scenario:
Only current emissions policies are adopted, amuch less rigorous energy transition that leads
to still-significant emissions and high global
warming potential

Assets The methodology recommends segmenting the asset portfolio to identify specific predefined
sectors and asset classes that are at risk of climate change from both transition risk and physicalrisk perspectives and overlay this with the average maturity of the assets to determine the potential
impact of climate change over different time horizons. The specific transition risk sectors on thecorporate and structured bond side included metals and mining, energy, utilities, automotive,
transportation including airlines, certain other industrials, REITS, real estate and home building,sovereign bonds, commercial real estate, CMBS and RMBS, and lifetime mortgages. These wereoverlayed with an assessment of the underlying corporate exposures through a combination of
external and internal key forward-looking risk indicators to determine their sensitivity to climatechange risk and the materiality of the risk in the context of the overall asset portfolio and duration of
the underlying holdings.

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Appendix

Task Force on Climate-Related Financial Disclosures Alignment

Strategy

Disclose the actual and potential impacts of climate-related risks and opportunities on the company’s businesses, strategy, and financial planning where such information is material.
TCFD Recommendation

Response

The stress test indicated that the exposure to climate transition risk could be substantive yet
manageable over the business planning cycle, while exposure to physical climate risks would be
insignificant.
Liabilities Through an analysis of the four climate-related scenarios outlined above, RGA evaluated
how climate impacts may influence (A) morbidity and (B) mortality and, in turn, our business. RGA
continually evaluates climate change’s potential impacts on health.

(A) Mortality Over the short to medium term, we expect mortality impacts related to climate change
in the U.S., Canada, and the U.K. to be minimal under these four climate scenarios. This is primarily
because the physical impacts of climate change are expected to manifest gradually.
c) Describe the resilience of thecompany’s strategy, taking into
consideration different climaterelated scenarios, including a 2°C or
lower scenario.
Continued

Over the long term, the impact of climate change on mortality is highly uncertain. A potential reductionin temperature-related mortality and reduced levels of air pollution could result in a relatively modest,
positive impact on mortality; however, aggregating across risks, a negative mortality impact due to a
reduction in life expectancy is possible across all scenarios.
The direct mortality impact of physical climate risks is likely to be generally negative, with the greatest
reduction in life expectancy under the IPCC Scenario RCP 8.5 and NGFS Current Policies, Hot House.
However, the magnitude of the impact may be reduced significantly by government and societal
responses, such as public health initiatives and adaptation measures. In addition, there may be
indirect positive mortality impacts from the implementation of appropriate transition policies, suchas changes in diet (reduced red meat consumption) and increased physical activity (walking andcycling), that may offset the direct negative impact from physical climate risks.

(B) Morbidity The impact of physical risks on RGA’s morbidity business is more complex over all time
horizons. Current scientific reviews acknowledge the consequences of physical risks for population
health. However, the morbidity impacts associated with extreme heat are relatively less pronounced
compared to mortality impacts. The evidence for how other consequences of physical risks, such as

poor mental health from economic stress, climate-related mass migration, and violence, might affectpopulation health is of low certainty.
Physical risk factors, such as air pollution and suboptimal temperatures, play an important role inthe development of critical illness conditions, such as coronary artery disease, stroke, and cancer.
For scenarios as per the IPCC Scenario RCP 8.5 and NGFS Current Policies, Hot House, critical illness
incidence rates will likely increase, as these physical risks will act as an additional stressor.
Morbidity rates are sensitive to economic downturns, and it is possible that disability income trends
will deteriorate in relation to more frequent and more severe weather events and associatedhealth consequences, including injuries, socioeconomic stress, and mental illness. The slowchanging climatic conditions can pose significant health challenges, such as working in suboptimal
temperatures and increased perception of stress at work.
The elderly are among the most vulnerable to physical risks, ranging from exposure to suboptimal
temperatures to wildfire air pollution. Governmental responses and initiatives, health services
responses, increased awareness, and community outreach programs will play a significant role inmitigating the impact of physical risks on population health, especially for vulnerable groups.

The mortality impact of higher average temperatures is expected to be significantly higher inSoutheast Asia as compared to Europe and North America. Over the medium and long term, thenegative mortality impact of physical risks in Southeast Asia would be greater than in the U.S., Canada,
and the U.K., leading to a greater reduction in cohort life expectancy. The anticipated reduction in life
expectancy in Southeast Asia would be greatest under the IPCC Scenario RCP 8.5 and NGFS Current
Policies, Hot House.

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Responsible Investment Approach

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Culture Matters

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Task Force on Climate-Related Financial Disclosures Alignment

Risk Management

Disclose how the company identifies, assesses, and manages climate-related risks.
TCFD Recommendation

Response

RGA’s ERM objective is to consistently identify, assess, mitigate, monitor, and communicate all material
risks facing the organization in order to effectively manage all risks, increasing protection of RGA’s clients,
shareholders, employees, and other stakeholders. Climate risk is embedded in this framework as across-cutting risk. In line with the TCFD recommendations, RGA differentiates between (1) physical risksand (2) transition risks associated with climate change.20 Our ERM framework provides a platform toassess the risk/return profiles throughout the organization, thereby enabling enhanced decision-making.
RGA’s Risk Management Steering Committee (RMSC), made up of leaders within the company,
provides oversight and advises the Global Chief Risk Officer on the company’s global ERM framework,
activities, and issues. The RMSC is also accountable for RGA’s strategic risk exposures, including theexternal environment and regulatory risk.

RGA’s ERM Frameworka) Describe the company’s processes for
identifying and assessing climaterelated risks.

1. Risk Culture Risk management is an integral part of our culture and is embedded in our businessprocesses in accordance with our risk philosophy. As the cornerstone of the ERM framework, aculture of prudent risk management reinforced by senior management plays a predominant role in
the effective management of risks.
2. Risk Appetite Statement Effective January 1, 2024, a new Risk Appetite and Tolerance Frameworkthat reflects the Company's strategy and key aspects of its business replaces the Risk Appetite
Statement. The new framework defines the Company’s willingness and capacity to take on risk,
considers the skills, resources, and technology required to manage risk exposures in the context
of risk appetite, and is inclusive of tolerance for loss or negative events that can be reasonably
quantified. This framework also defines company-wide risk appetite and tolerance statements,
details risk tolerance metrics and provides guidance in relation to risk tolerance utilization
monitoring, breaches, and actions. The risk appetite and tolerance statements are is supported bymore granular risk limits.
3. Risk Limits Risk limits establish the maximum amount of defined risk that RGA is willing to assume
to remain within the company’s overall risk appetite. These risks have been identified as relevant tomanage the overall risk profile of RGA while allowing the achievement of strategic objectives.

4. Risk Assessment Process RGA uses qualitative and quantitative methods to assess key risks
through a portfolio approach that analyzes established and emerging risks in conjunction withother risks.
5. Business-Specific Limits and Controls These provide additional safeguards against undesiredrisk exposures and are embedded in business processes. Examples include maximum retention
limits, pricing and underwriting reviews, per-issuer limits, concentration limits, and standard treaty
language.
6. Risk Incidents and Findings Management Reporting of risk incidents and findings drives
transparency about risk events and vulnerabilities within the organization, ensures that appropriate
mitigation occurs, and enables RGA to improve processes and learn from mistakes.
7. Risk Escalation Process An effective risk escalation process is an integral part of prudent risk
management because it enables rapid threat identification and response. An internal escalation
process is in place, and all action plans, risk limit breaches, temporary waivers, and exceptions arereported to the Risk Committee regularly.

Risk Identification

RGA’s Emerging Risks Framework identifies and prioritizes actions related to new and/or evolving risks.
Given our global footprint and the long-term nature of our business, climate change risks are regularly
identified as top emerging risks. A global emerging risks survey is conducted annually to understandand prioritize emerging climate trends, issues, and challenges. We execute this review at the executive
level with considerations for legal entities and segment-specific trends.

Risk Assessment

The new Risk Appetite and Tolerance Framework and expanded risk assessment ratings and guidelines
result in enhanced reporting capabilities, which are presented to the Risk Management Steering
Committee as well as the Risk Committee of the Board. This is an outcome of our efforts to further link
our company strategy to sustainability and educate our lead risk owners and employees in identifying,assessing, managing, and reporting risks, including emerging risks.

20. Physical risks result from events (e.g., flooding) or longer-term climate pattern shifts that have financial impact. Climate transition risks are related to large organizational or externalchanges (e.g., policy and legal, technology) that are required to transition to a lower-carbon economy.

RGA 2023 Sustainability ReportIntroduction

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Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

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Appendix

Task Force on Climate-Related Financial Disclosures Alignment

Risk Management

Disclose how the company identifies, assesses, and manages climate-related risks.
TCFD Recommendationa) Describe the company’s processes for
identifying and assessing climaterelated risks.
Continued

Response

Regulatory Compliance

RGA considers existing and emerging regulatory requirements regarding climate change within its
risk management process. We monitor the evolving regulatory landscape regarding climate change
disclosures and climate litigation risk.
We believe that by incorporating climate risk into our robust and rigorous risk management
framework, we are preparing all aspects of our business for the impacts of climate change.

RGA is committed to the continuity of services as part of who we are and the value we offer our clients.
As such, we manage our climate-related risks through our ERM framework (outlined above) and global
business continuity and operational resilience program.
b) Describe the company’s processes for
managing climate-related risks.

c) Describe how processes for
identifying, assessing, andmanaging climate-related risks
are integrated into the company’s
overall risk management.

Risk Monitoring and Prioritization

In 2022 and 2023, RGA implemented a new risk rating methodology with expanded risk assessment
guidance and a new ERM dashboard to provide greater clarity in current and forward-looking
12-month risk exposures and to enhance decision-making around risk management approaches. The
new methodology and guidance apply to all risk taxonomy and risk categories.

Global Business Continuity and Operational Resilience Program

RGA’s global business continuity and operational resilience program enables our leaders tounderstand our exposure to disruptions in advance and take steps to mitigate their likelihood andimpact. Our global policy, frameworks, training, and tools empower leaders to limit disruptions to within
impact tolerances. Through our ERM function, we review and update our business continuity plans andpreparedness protocols at least annually, gaining input from internal and third-party specialists.

Climate risk is embedded in RGA’s ERM framework as a cross-cutting risk.
RGA sees climate risk as a cross-cutting risk, and, as such, it is considered a driver of existing risks
within RGA’s Global Risk Taxonomy. We conduct an emerging risks survey on an annual basis, with key
stakeholders globally, to better understand the risks and opportunities related to climate change andother key topic areas.

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Culture Matters

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Task Force on Climate-Related Financial Disclosures Alignment

Metrics and Targets

Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.
TCFD Recommendation

Response

RGA’s climate-related metrics and targets
are built into the companywide strategy. RGA
has made efforts to measure and reduce our
Scope 1 and 2 greenhouse gas (GHG) emissions,
including a target for net-zero operationalemissions by the end of 2026.

Core Metricsa) Disclose the metrics used by thecompany to assess climate-relatedrisks and opportunities in line with
its strategy and risk management
process.

We utilize the following core metrics (see Table
1) to measure the potential financial impact ofclimate-related risks and opportunities on ourbusiness and to measure the progress versus
our sustainability and climate-related targets.
We believe these are valuable in supporting our
climate-related governance, strategy, and risk
management, despite some of their limitations.
They include a limited scope of coverage, data
availability, and extended time horizons, as wellas the uncertainty associated with some of
the underlying assumptions. We utilize external
data sources and providers as well as internal
analysis to produce the climate metrics.

Table 1. Climate-Related Metrics
Climate Metrics

Overview

Climate Risks/
Opportunities

Related to Target

Scope

Operational
CarbonEmissions

Scope 1, Scope 2, and Scope 3 (only businesstravel)Transition risks

Target for net-zero operationalemissions by 2026 (Scope 1 & 2)

RGA wide

Carbon Intensityof Investments

Weighted Average Carbon Intensity

Transition risks

Decarbonization of public
corporate bond portfolio by 20%
by 2026 versus 2021 base year

RGA’s investment
portfolio (public
corporate bond section)

Investment in
Sustainable
AssetsInvestments mapped against RGA’s own
defined taxonomy aligned with UN SDGs we
supportPhysical, transition,and socioeconomic
opportunities

Increased investments alignedwith our corporate purpose by
2026

RGA’s investment
portfolio

Carbon Risk
RatingIdentification of company-specific assessmentof exposure and mitigation by management oftransition risk

Transition risks

Develop climate change
stress testing and materiality
assessment for ORSA and entirebalance sheet

RGA’s investment
portfolio (public
corporate bond section)

ESG Rating

Identification of company-specific assessmentof exposure and mitigation by management ofsector-relevant and specific ESG risks

Among others:
environmental factors(broader than only
climate related)

Track the ESG profiles ofcompanies we invest in

RGA’s investment
portfolio (public
corporate bond section)

Estimation of Total Loss and Capacity to coverfinancial impact of physical climate risks(direct and indirect)

Physical risks

Develop climate change
stress testing and materiality
assessment for ORSA and entirebalance sheet

Physical Risk
Data

Absolute greenhouse (Scope 1 andScope 2)

Identification of sources of risk to portfolio
companies and real estate related investments
by industry, hazard, and countries

Chronic: freeze-thaw,
soil subsidence, sea rise,
precipitation

Engage yearly with “High” or“Severe” ESG risk scores via
Material Risk Engagement service

RGA’s investment
portfolio

Acute: extreme health,extreme wind, forest fire,
flooding

RGA 2023 Sustainability ReportIntroduction

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Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

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Appendix

Task Force on Climate-Related Financial Disclosures Alignment

Metrics and Targets

Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.
TCFD Recommendation

Response

We continue to assess new data providers and methodologies to address data gaps and improve
the quality of assumptions. We recognize that disclosure standards for companies and governments
are not always uniform, are still predominantly voluntary, and range in scope (some lack Scope 3
emissions disclosure). We acknowledge that climate science is still evolving and that the field of

forecasting long-term economic variables and long-term assumptions for social economic pathways
is also imprecise. Technological solutions for carbon abatement in many industries are still indevelopment.

Portfolio Carbon Metricsa) Disclose the metrics used by thecompany to assess climate-relatedrisks and opportunities in line with
its strategy and risk management
process.
Continued

Absolute emissions and carbon intensity ratings associated with the companies we invest in areprovided by Sustainalytics. For some private companies where there is a lack of data, Sustainalytics
has developed estimations for emissions based on the relative size of companies within a sector. At
RGA, we have taken that one step further by developing a database that houses the emissions andcarbon intensity data provided by our chosen data vendor for the existing and historic holdings in
our portfolio. For the bond-issuing entities not covered by our third-party vendor, we have conductedinternal research to source the carbon emissions (Scope 1 and 2) and the associated USD-based
revenues directly reported by companies and disclosed in their sustainability reports.
For the remaining data gaps, which stem from issuing entities of corporate bonds not reporting theirown emissions, we have developed a sector average estimation approach. It builds on a carbonsensitive granular subsector remapping and adds an intentional prudence weighting into the sector
average calculation. This accounts for the fact that, in general, companies with more establishedclimate risk management targets and frameworks are relatively quick to disclose emissions andclimate data, whereas smaller companies with limited resources or that have not yet developed any
targets for emission reductions are generally laggards in disclosing such data. This new databasesignificantly improves data quality and coverage, enabling us to develop more analytical tools on
a sector level to track the progress of emission reduction versus forward-looking estimations andcompanies’ targets.
RGA leverages weighted average carbon intensity (WACI) calculations to measure and report therelative carbon footprint of its underlying investments. At present, this is limited to the public corporatebond portfolio. WACI calculations reflect tons of Scope 1 and 2 GHG emissions per $1 million ofcompany sales and aggregate individual carbon intensities per investee companies using the relative
weight of the holding within our portfolio.

For the assets not in scope for these analyses and those for which data is insufficient, we intend toassess new methodologies and other data providers. These assets include sovereign bonds, private
assets for which data is currently unavailable, lifetime mortgages, real estate-related investments,
structured products, private debt, and any equity investments.

2023 Results

For our 2023 analysis, we utilized metrics covering the financial year Jan. 1, 2023-Dec. 31, 2023, using
FY2021 as the base year. Tables 2.1 and 2.2 outline coverage and WACI-related metrics for the public
corporate portfolio for the last three years since our portfolio carbon-intensity target was established.
The restated numbers reflect complete data coverage for 99.8%, 99.8%, and 99.6% of the portfolio
in FY2023, FY2022, and FY2021 (base year), respectively. The new data sources and sector averaging
for the missing data led to a significant improvement from last year. The restated WACI figures in
mtCO2e/million USD revenue are 473 for the base year FY2021, 432 for FY2022, and 380 for FY2023.
Table 2.1 – Data Using the New RGA Database
FY2021

FY2022

FY2023

Change sincebase year

Market value % of public bondportfolio — reported carbon
intensity

75%

79%

81%

+6%

Market value % of public bondportfolio — estimated carbon
intensity

18%

16%

15%

-3%

Market value % of public bondportfolio — sector average
estimation

7%

5%

4%

-3%

Total WACI from RGA database(mtCO2e/million) USD revenue

473

432

380

-20%

RGA 2023 Sustainability ReportIntroduction

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Appendix

Task Force on Climate-Related Financial Disclosures Alignment

Metrics and Targets

Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.
TCFD Recommendation

Response

Table 2.2 – Data Using Only Sustainalytics

Attribution

FY2021Market value % of public bondportfolio — reported carbon
intensitya) Disclose the metrics used by thecompany to assess climate-relatedrisks and opportunities in line with
its strategy and risk management
process.
Continued

61%

FY202248%

FY202353%

Change sincebase year-8%

Market value % of public bondportfolio — estimated carbon
intensity

22%

33%

29%

+7%

Market value % of public bondportfolio — no data

17%

19%

18%

+1%

WACI from Sustainalytics data21
mtCO2e/million USD revenue

433

362

332

-23%

%

Reduction YE21-YE23
Company carbon intensity improvement

75%

Changes in market value of portfolio

14%

Portfolio composition

11%

Given that our holdings are long term in nature and the carbon intensity metric is historic andbackward looking, we believe that a measure of forward-looking assessment of transition
preparedness is a better gauge for the future emission trajectories of our investee companies.
We therefore use Sustainalytics Carbon Risk Ratings as our preferred metric for assessing this.

The carbon intensity of the corporate bond portfolio utilizing data from the new RGA databasedecreased by 20% relative to our FY2021 base year. Of this reduction, 86% was due to a combinationof a reduction in investee companies’ GHG footprint — reflecting our emphasis on investing incompanies that are committed to reducing their emissions — and a reduction in our investment insome carbon-intensive companies. The remaining 14% reduction resulted from the change in market
value of holdings due to an increase in interest rates, which negatively impacted the value of fixedincome assets.

21.	 Note: Portfolio reweighted to include only corporate bonds where Sustainalytics data exists

RGA 2023 Sustainability ReportIntroduction

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Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

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Appendix

Task Force on Climate-Related Financial Disclosures Alignment

Metrics and Targets

Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.

1%

1%

1%

Number of issuers with “High” Carbon Risk Ratings

73

59

58

Market value % of issuers with “High” Carbon Risk Ratings

4%

4%

4%

According to the FY2023 analysis of our corporate bond portfolio, 95% of the portfolio has Carbon Risk
Rating coverage as of FY2023, versus 68% in FY2021.
Ninety percent of our investee companies are positioned within the “Negligible” to “Medium” Carbon
Risk Rating category, with only 5% in the “High” and “Severe” Carbon Risk Rating categories and 5% notrated. This means the majority of our investee companies are sufficiently taking transition risks into
account in their business assessment and have corresponding policies, practices, and governancestructures to mitigate risks of carbon emissions. Compared to the base year of FY2021, morecompanies are now rated by Sustainalytics and are now within improving risk categories. Of the 32%
by market value of companies not rated at FY2021, at least 22% received a rating in subsequent years
of “Negligible,” “Low,” or “Medium.” This change is also due to a rebalancing of our portfolio over thelast two years since FY2021, in which we tilted the portfolio toward companies that are managing theircarbon transition risk more effectively.

30%

20%

10%

0%
No Data

Negligible Risk

Low RiskMedium Risk

High Risk

1%

Market value % of issuers with “Severe” Carbon Risk Ratings

40%

1%

23

1%

17

4%

24

4%

Number of issuers with “Severe” Carbon Risk Ratings

4%

95%

39%

81%

34%

68%

30%

Market value % covered with data

50%

44%

11.7

YE23

(Market Weight $)

35%

12.0

YE22

25%

12.4

YE21

7%

Carbon risk of portfolio

Portfolio Breakdown by Carbon Risk Category7%

FY2023

8%

Continued

FY20225%

its strategy and risk management
process.

FY202119%a) Disclose the metrics used by thecompany to assess climate-relatedrisks and opportunities in line with

Response

32%

TCFD Recommendation

Severe Risk

Performance metrics incorporated into remuneration policies:

RGA’s annual bonus plan for all employees includes a strategic scorecard, which is an assessment of
performance in selected key focus areas, including strategy execution, sustainability, cybersecurity
and data loss prevention, and diversity, equity, and inclusion considerations.

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

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Appendix

Task Force on Climate-Related Financial Disclosures Alignment

Metrics and Targets

Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.
TCFD Recommendation

Response

RGA has continued to measure our Scope 1, Scope 2, and select Scope 3 GHG emissions and now has
calculations for 2019-2023 as outlined below:b)Disclose Scope 1, Scope 2, and, if
appropriate, Scope 3 greenhousegas (GHG) emissions, and therelated risks.

2019

2020

2021

2022

2023

Scope 1 Total (mtCO2e)

656

571

590

603

271

Scope 2 Location-Based Total (mtCO2e)

7,163

7,770

7,684

7,829

7,819

—

—

—

—

7,908

7,819

8,341

8,274

8,432

8,090

Scope 1 & 2 Market-Based Total (mtCO2e)

—

—

—

—

8,179

Scope 3: Category 6, Business Travel — Air
Travel Only (mtCO2e)

7,621

1,561

273

4,297

8,554

Location-Based Scope 1 & 2 Intensity per
Employee (mtCO2e/FTE)

2.5

2.3

2.4

2.2

2.1

Market-Based Scope 1 & 2 Intensity per
Employee (mtCO2e/FTE)

—

—

—

—

2.1

Scope 2 Market-Based Total (mtCO2e)
Scope 1 & 2 Location-Based Total (mtCO2e)

To collect data and calculate emissions, we used The Greenhouse Gas Protocol: A Corporate
Accounting and Reporting Standard and the Department for Environment Food and Rural Affairs(DEFRA) Environmental Reporting Guidelines. We also use Environmental Protection Agency emission
factors for locations within the U.S. and International Energy Agency emission factors for facilities
outside of the U.S. We leverage the Association of Issuing Bodies residual mix, market-based emission
factors for facilities in member countries as well as DEFRA emission factors for sources such aspurchased steam.
RGA does not anticipate any material risks associated with our Scope 1 and 2 emissions or our Scope 3
emissions associated with air travel. As we continue to expand our Scope 3 calculations, we anticipate
gaining a clearer picture of possible risks associated with our value chain. While we do not have acomplete assessment of our emissions associated with Scope 3: Category 15 — Investments, theinformation disclosed above provides insight into how we are evaluating associated emissions.
Please see the Our Greenhouse Gas Footprint section for more information about our 2019-2023 GHG
emissions.

RGA 2023 Sustainability ReportIntroduction

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Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

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Appendix

Task Force on Climate-Related Financial Disclosures Alignment

Metrics and Targets

Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.
TCFD Recommendation

Response

RGA’s climate-related metrics and targets are built into the companywide strategy. RGA has madeefforts to measure and reduce our Scope 1, Scope 2, and selected Scope 3 GHG emissions, including
an absolute target for net-zero22 operational emissions (Scope 1 and 2) by the end of 2026, using
2019 as our base year. As mentioned above, we also have carbon intensity reduction targets for ourinvestments and plans to increase investment in green and social infrastructure by the end of 2026.
An overview of our specific climate-related targets and 2023 progress is outlined below.
TargetProgress since 2021

Achieve a 20% reduction in carbon intensity of the

Achieved a 20% cumulative reduction in WACI

and develop methodologies to measure carbon

due to improved company carbon intensities, 11%public corporate bond portfolio by the end of 2026
intensity for private corporate assetsc) Describe the targets used by thecompany to manage climaterelated risks and opportunities andperformance against targets.

Increase green and social investments that alignwith targeted UN SDGs

compared to base year: 75% of that reduction isfrom portfolio rebalancing, and 14% from changes ofmarket value of holdings

Investments in ESG-labeled bonds and other United
Nations Sustainable Development Goals aligned
investments cumulative increase of $1.35 billion.

Create a system for climate risk assessment forDeveloped a qualitative climate risk assessment forin 2023

different climate change scenarios

investments in the U.K. in 2022, for global analysis

the entire balance sheet in 2023, considering fourEngage annually with 25% of investees who exhibit

Completed Material Risk Engagement reviews forengagement by the end of 2026

(66%). Of these reviewed issuers, 21 were engaged

material risk through low ESG scores, achieving 100%

RGA has a long legacy of environmental programs and initiatives. The progress against our goals,
outlined above, demonstrates our ongoing commitment to sustainability within our culture, businessstrategy, and working environments.

33 issuers of the current year goal targeting 50 total
through Sustainalytics and 12 were engaged directly
by RGA

Reduce or offset 100% of Scope 1 & 2 market-based

GHG emissions throughout our global operations by
the end of 2026

Offset 75% of our 2022 Scope 1 & 2 location-based
emissions23

22. RGA defines net-zero Scope 1 and 2 emissions as reducing or offsetting market-based emissions within our operational control. We aim to achieve net-zero Scope 1 and 2 market-based
greenhouse gas emissions by 2026 by focusing on reducing and offsetting emissions from direct (Scope 1) and indirect (Scope 2) sources. RGA plans to purchase renewable energy where
possible and support high-quality carbon offsets to mitigate any remaining emissions.
23. For purposes of the calculation of the percentage of carbon offsets, finalized prior year emissions are used as 2023 emissions were not yet final when the offsets were procured during 2023.

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship

77

Appendix

Materiality Assessment Definitions
The following table lists the definitions of each of the 22
key ESG factors that surfaced through our materiality
assessment completed during 2021. The nine priority topics
are highlighted in bold.

ESG Materiality Matrix Priority Topics
Top Priority Topics

CC

AC		Access to responsible products
AP
BL

RI
DI

Anti-competitive practices
Biodiversity and land use

BD

Board diversity

CC

Climate change

ED

AC

Business ethics and responsible practices

BE

CE

Community engagement and philanthropy

CP

CI

CM
CH
CS

Corruption and instability
Customer education and fair marketing
Customer health and wellbeing
Customer satisfaction

CP

Cybersecurity and customer privacy

ED

Employee development and wellbeing

DI

EM
EE

HR

Diversity, equity, and inclusion
Energy management

Executive and employee incentives
Human rights

RP

Regulation and public policy

SR

Systemic risk management

RI

Responsible investment

TA

Tax and accounting transparency

VT

Vendor and third-party management

Increasing importance to stakeholders

BE

CE

SR

VT

CH

EM

CM
HR

CS

TA
EE
BD

RP

AP
CI

BL

Business Ethics and Responsible Practices
Responsible Investment Approach
Sustainable Innovation for Social Impact
Culture of Care
Environmental Stewardship and Climate Preparedness

Increasing degree of impact on RGA

RGA 2023 Sustainability ReportIntroduction

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Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship78

Appendix

Materiality Assessment Definitions

Theme

Business Ethics

and Responsible
Practices

ESG Factor

Definition

Business Ethics andRisks and opportunities surrounding ethical conduct of business, including fraud,

Responsible Practices

executive misconduct, corruption, bribery and facilitation payments, fiduciary

responsibilities, and other behavior that may have an ethical component. This

Theme

Business Ethics andResponsible Practices

ESG Factor

Definition

Customer Education

Marketing strategy that imparts knowledge to clients and builds trust with theand Fair Marketing

advertising, and labeling of services. Includes advertising standards andjurisdiction, and culture. Company’s ability to provide services that satisfy theregulations, ethical and responsible marketing practices, and misleading or

highest professional and ethical standards of the industry, which means to avoid

deceptive labeling, as well as discriminatory or predatory selling and lending

conflicts of interest, misrepresentation, bias, and negligence through training

practices.

employees adequately and implementing policies and procedures to ensure
employees provide services free from bias and error.

Customer Privacy

Issues that may arise from incidents such as data breaches in which personally

Customer Satisfaction

identifiable information (PII) and other user or customer data may be exposed.

Systemic Risk
Management

Regulation andPublic Policy

Addresses a company’s contributions to and management of systemic risks

Party Management

regulations.
Tax and Accounting
Transparency

party relationships. Includes the selection of vendors and suppliers, and the

management of third-party relationships that align with the company’s ESG

values and represent a diverse population (minority-owned businesses, small

businesses, and underrepresented populations). Other factors to be consideredand social impacts. Includes company’s level of reliance upon regulatory policy orenvironment for business competitiveness, and ability to comply with relevant

contributions to systemic risks and their ability to absorb shocks arising from large-

Management of ESG risks within a company’s supply chain and third-

may have the potential for long-term adverse direct or indirect environmental

policy (such as through lobbying), overall reliance on a favorable regulatory

Large-scale systems include systems related to natural resources, financials,

and technology. Includes the mechanisms a company has developed to reduce

Vendor and Third-

Engaging with regulators in cases where conflicting corporate and public interestsmonetary incentives (such as subsidies and taxes), actions to influence industry

resulting from weakening of systems depended on by society and the economy.

scale system stress.

management about sales tactics. Includes ensuring products meet the needs ofretention rates, and properly managing and handling customer complaints.

staff training, record keeping, and regulatory compliance used to ensure security of
by a company over the use and handling of data.

Strategies to ensure customer satisfaction and retention and to informclients, tailoring communications to different customer bases, measuring customer

Addresses a company’s strategy, policies, and practices related to IT infrastructure,

customer or user data. Additionally, addresses the ethics and practices establishedmarketing strategy. Manages issues that may arise from a failure to manage
the transparency, accuracy, and comprehensibility of marketing statements,

includes sensitivity to business norms and standards as they shift over time,

Cybersecurity andspecific intention of educating clients and presenting a balanced and unbiased

Anti-Competitive
Practices

include environmental responsibility, human rights, labor practices, and ethics

Transparency on a company’s estimated corporate tax gap, revenue reporting,and involvement in tax-related controversies, as well as on the transparency,

independence, and effectiveness of their audit and financial reporting practices.
Issues and impacts related to anti-competitive behavior within an organization,such as price fixing and unfair business practices, that may result in collusion withcompetitors and limiting the effects of market competition. Addresses any identified
anti-competitive impacts and how companies manage the impacts.

and corruption. Management may involve screening, selection, monitoring, andengagement with suppliers on their environmental and social impacts.

Corruption andInstability

Identifies a company’s strategy, policies, and procedures to identify, assess, andmanage corruption risks and impacts. This includes the company’s adherence

to integrity, governance, and responsible business practices. Corruption includes
practices such as bribery, fraud, extortion, collusion, and money laundering.

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental Stewardship

79

Appendix

Materiality Assessment Definitions

Theme

ESG Factor

Definition

Responsible

Responsible

Investment products and/or product features that incentivize health,Investment
Approach

Sustainable

Innovation forSocial Impact

Investment

safety, and/or environmentally responsible actions or behaviors andTheme

Culture of Care

Definition

Human Rights

Addresses a company’s strategy, policies, and practices to mitigate

providing staff training to identify and handle human rights issues.

assets they manage on behalf of others.
Access to

Responsible Products

Broaden access to insurance and financial products and services, specifically in

Board Diversity

the context of underserved markets (e.g., low regional physician concentration)

and/or population groups. Management of issues related to universal needs, such

Executive andAdditionally considers environmental, social, and governance impacts in the

Employee Incentives

characteristics of products and services provided by a company. Further addresses

Wellbeing

Diversity, Equity, andInclusion

Includes transparency over the policies and processes to determine
remuneration and disclosure of the organization’s annual totalcompensation ratio of the highest-paid individual to the median annual total

demographic trends, in addition to review of existing products to ensure adequacy

employee incentives to focus on short-term or long-term company performance

products to address emerging needs that may arise from major public health andcompensation for all employees. Additionally covers the impacts related toof current offerings.

and the related issues caused by excessive risk-taking when short-termManagement of emerging social risks and development surrounding prevalentand demographic health issues, such as mental health, financial health, andpreventive care.

Ensuring a culture that embraces the building of a diverse and inclusive

performance is increasingly emphasized by a company.
Environmental
Stewardship

Climate Change

and Climate

Preparedness

exhibited for employees through benefits that support physical, mental, emotional,

to large organizational or external changes (e.g., technology) that are required totransition to a lower-carbon economy. Additionally considers the implications thatclimate change may have on overall public health through changes in mortality
and morbidity. Further addresses GHG emissions, including financed emissions,generated through direct and indirect emissions from activities of the organization.

other career growth opportunities. Additionally, considers the extent to which care isand financial health and a work-life balance through technology, training,

Energy Management

corporate culture, and regulatory compliance.
Community

Positive impacts to the businesses and the communities in which a company

Philanthropy

environmental justice, cultivation of local workforces, impact on local businesses,

operates, including socioeconomic community impacts, community engagement,
license to operate, and environmental/social impact assessments.

individuals, company assets, or company strategy across both (1) physical climate
shifts that have financial impact and (2) transitional climate change risks related

gender, ethnicity, religion, sexual orientation, and other factors.

Wellbeing

Risks and opportunities that climate change may pose to insured assets,change risk results from events (e.g., flooding) or longer-term climate pattern

workforce. Addresses the issues of discriminatory practices on the bases of race,

Developing a highly skilled workforce through mentorship, coaching, training, andEngagement andcompany’s customer base. It addresses the issues of discriminatory practices on

the management of emerging social risks and the development of insurance

Employee

Development and

The RGA Board of Directors reflects the makeup of local talent pools and thethe bases of race, gender, ethnicity, religion, sexual orientation, and other factors.

as the accessibility and affordability of healthcare and financial services, including

Customer Health andnegative impacts on human rights through recognition and compliance withinternational human rights frameworks, conducting human rights reviews, andconsider ESG in the management of the company’s invested assets and thoseequitable pricing mechanisms, capacity advancement, and product donations.

Culture of Care

ESG Factor

Environmental impacts associated with energy consumption and a company’s

management of energy in providing its services. Includes management of energy
efficiency and intensity, energy mix, and grid reliance.

Biodiversity andLand Use

Protection of biological diversity through sustainable development and poverty

reduction to ensure survival of natural ecosystems, plant and animal species, andgenetic diversity.

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental StewardshipAppendix

80

RGA Glossary
Enterprise Risk Management (ERM)
RGA defines ERM as an enterprise-wide framework toassess all risks facing the organization, manage mitigation
strategies, monitor ongoing risks, and report to interested
audiences.
Global Career Framework (GCF)
A system that allows RGA to differentiate jobs consistently
across the world. We implemented the Global Career
Framework in response to employee requests for clearer
career development opportunities and more transparent
career paths. The consistent descriptions of GCF job levels
also enable RGA managers to understand jobs in different
parts of the world regardless of the job’s location.
Global Chief Risk Officer (CRO)Works closely with all business segments and legal
entities to:• D evelop a consistent ERM framework within the different
segments/entities• 	Support ERM development and develop consistent
programs• 	Review and promote sound ERM practices
Global Human Rights Policy
Details expectations for our actions and behavior
concerning human rights in accordance with applicablelaws and regulations, RGA Code of Conduct, and RGA
policies. This policy intends to ensure that we, as good
corporate citizens, reaffirm the importance of respecting
human rights and work to fulfill our responsibility to respect
the fundamental human rights of one another.

Global Security and Privacy Office (GSPO)
An internal organization working to secure and ensure theprivacy of data to protect information belonging to RGA’s
business, partners, employees, and clients.
International Association of Black Actuaries (IABA)
Provides a framework for employers to support and improve
the representation of Black actuaries in the profession.
Modern Slavery Act
Requires entities to report on the risks of modern slavery
in their operations and supply chains and take actions toaddress those risks. RGA is committed to the identification,assessment, and elimination of modern slavery risks in the
management of our business operations and our supply
chains.
NMG Consulting’s Global All Respondent Business
Capability Index
Measures reinsurer effectiveness by aggregating insurer
feedback across key capability areas.
RGA Cares
The company’s internal corporate social responsibility (CSR)
platform. The RGA Cares website is a single destination
where employees can:Risk Owner
Assigned for a specific risk in the business segment,
branch, legal entity, or function and considered the firstline of defense because the risk owner owns and manages
risk daily
Task Force on Climate-Related Financial Disclosures (TCFD)
A framework for companies to understand and quantify
climate-related risks, opportunities, and uncertainties.
Unconscious Bias/Respect in the Workplace
RGA policy and training topics that drive awareness of
unconscious bias and help employees take steps to reduce
the likelihood that bias will impact their decisions. This helps
develop our culture by breaking the larger, sometimes
abstract concept of respect into behaviors that are moreeasily recognized.
WorkWise
RGA’s flexible work program. In alignment with RGA’s corevalues and culture, most employees will work in a hybridmanner that allows them to balance working from homeand from the office. WorkWise prioritizes meeting business
requirements while accommodating personal work styles
and helps connect RGA’s diverse workforce to achievebusiness goals.

• A ccess information about RGA’s sustainability, diversity,and other giving programs• Apply for the RGA Matching Gift Program, find charities,
and make financial contributions• Create and manage team volunteer projects• 	Find volunteer opportunities and track personal
volunteerism

RGA 2023 Sustainability ReportIntroduction

Business Ethics and Responsible Practices

Responsible Investment Approach

Sustainable Innovation for Social Impact

Culture Matters

Environmental StewardshipAppendix81

Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements
This document contains forward-looking statements
within the meaning of the Private Securities Litigation
Reform Act of 1995 and federal securities laws, including,among others, statements relating to projections of the
future operations, strategies, earnings, revenues, income
or loss, ratios, financial performance and growth potentialof Reinsurance Group of America, Incorporated (the“Company”). Forward-looking statements often containwords 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, contemplatedby or underlying the forward-looking statements.
Factors that could also cause results or events to differ,possibly materially, from those expressed or implied
by forward-looking statements, include, among others:(1) adverse changes in mortality (whether related to
COVID-19 or otherwise), morbidity, lapsation or claims
experience, (2) inadequate risk analysis and underwriting,(3) adverse capital and credit market conditions andtheir impact on the Company’s liquidity, access to capitaland cost of capital, (4) changes in the Company’s
financial strength and credit ratings and the effect of suchchanges on the Company’s future results of operations
and financial condition, (5) the availability and cost ofcollateral necessary for regulatory reserves and capital,(6) requirements to post collateral or make payments
due to declines in the market value of assets subject
to the Company’s collateral arrangements, (7) action
by regulators who have authority over the Company’s
reinsurance operations in the jurisdictions in which it
operates, (8) the effect of the Company parent’s status as
an insurance holding company and regulatory restrictions
on its ability to pay principal of and interest on its debt
obligations, (9) general economic conditions or a prolonged
economic downturn affecting the demand for insurance
and reinsurance in the Company’s current and plannedmarkets, (10) the impairment of other financial institutions
and its effect on the Company’s business, (11) fluctuations
in U.S. or foreign currency exchange rates, interest rates,or securities and real estate markets, (12) market or
economic conditions that adversely affect the valueof the Company’s investment securities or result in the
impairment of all or a portion of the value of certain of theCompany’s investment securities that in turn could affectregulatory capital, (13) market or economic conditions
that adversely affect the Company’s ability to make timely
sales of investment securities, (14) risks inherent in the
Company’s risk management and investment strategy,
including changes in investment portfolio yields due tointerest rate or credit quality changes, (15) the fact that thedetermination of allowances and impairments taken on
the Company’s investments is highly subjective, (16) thestability of and actions by governments and economies
in the markets in which the Company operates, including
ongoing uncertainties regarding the amount of U.S.
sovereign debt and the credit ratings thereof, (17) the
Company’s dependence on third parties, including those
insurance companies and reinsurers to which the Company
cedes some reinsurance, third-party investment managers
and others, (18) financial performance of the Company’sclients, (19) the threat of natural disasters, catastrophes,
terrorist attacks, pandemics, epidemics or other major
public health issues anywhere in the world where theCompany or its clients do business, (20) competitive
factors and competitors’ responses to the Company’s
initiatives, (21) development and introduction of new
products and distribution opportunities, (22) execution of
the Company’s entry into new markets, (23) integration of
acquired blocks of business and entities, (24) interruption or
failure of the Company’s telecommunication, information
technology or other operational systems, or the Company’s
failure to maintain adequate security to protect theconfidentiality or privacy of personal or sensitive data andintellectual property stored on such systems, (25) adverse
developments with respect to litigation, arbitration or
regulatory investigations or actions, (26) the adequacyof reserves, resources and accurate information relating
to settlements, awards and terminated and discontinued
lines of business, (27) changes in laws, regulations, andaccounting standards applicable to the Company or its
business, including Long Duration Targeted Improvement
accounting changes and (28) other risks and uncertainties
described in this document and in the Company’s otherfilings with the Securities and Exchange Commission (“SEC”).

Forward-looking statements should be evaluated
together with the many risks and uncertainties that affect
the Company’s business, including those mentioned
in this document and described in the periodic reports
the Company files with the SEC. These forward-looking
statements speak only as of the date on which they are
made. The Company does not undertake any obligation to
update these forward-looking statements, even though theCompany’s situation may change in the future, except as
required under applicable securities law. For a discussionof the risks and uncertainties that could cause actual
results to differ materially from those contained in theforward-looking statements, you are advised to see Item
1A — “Risk Factors” in the Company’s Annual Report on Form
10-K for the year ended December 31, 2023, as may besupplemented by Item 1A — “Risk Factors” in the Company’s
subsequent Quarterly Reports on Form 10-Q and in our otherperiodic and current reports filed with the SEC.

RGA 2023 Sustainability Report