2022
Sustainability
ReportRGA 2022 Sustainability Report

Contents
Introduction

Business Ethics andResponsible PracticesR esponsible
Investment Approach

03

14

22

04 Message from the CEO

15 Corporate Governance

23 Our Responsible Investment Philosophy

05 About Us 		

18 Risk Management and Business Continuity

24 Our Approach to Responsible Investing

08 Our ESG Approach

20	Data Security and Customer Privacy

12 2022 ESG Highlights

21 Vendor Management25	ESG Integration within Investment Due
Diligence

13 About This Report		

21	Government Affairs and Political Advocacy

27	Governance and Oversight29	Carbon Risk Management Process ustainable InnovationS
for Social Impact

Culture MattersE nvironmental
Stewardship

30

38

44

31 Innovation for Insurance Access

39 Our Care Approach

45 Building Climate Resilience35 Our Purpose-Driven Philanthropy Strategy

40 Workplace Health and Safety

45 Measuring Our Footprint

40 Learning and Development

46 Managing Our Footprint and Environmental
Impact41 Diversity, Equity, and Inclusion

49 Appendix
50 Sustainability Accounting Standards Board (SASB)
54 United Nations Sustainable Development Goals
56 Task Force on Climate-Related Financial Disclosures (TCFD) Alignment
67 ESG Materiality Assessment Definitions
70 RGA Glossary
02

71 Forward-Looking Statements

About This Report This report covers our progressin 2022 related to our ESG strategy and goals.
We have aligned our report with the accounting
standards published by the Sustainability AccountingStandards Board (SASB) related to the insurance
industry. We also have identified several United
Nations Sustainable Development Goals (SDGs) that
we believe our business activities and key priority
areas support. Additionally, we aligned with the
Task Force on Climate-Related Financial Disclosures(TCFD) framework for corporate reporting on climaterelated risks and opportunities. All are included in the
appendix at the end of this report. Unless otherwise
noted, all quantitative company data provided
throughout this report covers our fiscal year 2022
(FY 2022), reflecting data for the period from Jan. 1
through Dec. 31, 2022. We have also included certain
subsequent initiatives that occurred after the endof FY 2022 and have endeavored to note as such.
Throughout the report, we guide readers to additionalsources of information on our corporate website andother website references for convenience. Pleasesee our forward-looking statements at the end of thisreport for more information.

RGA 2022 Sustainability Report

Introduction

In This Section:
04 Message from the CEO
05 About Us
08 Our ESG Approach
12 2022 ESG Highlights
13 About This Report

03

At RGA, we believe that environmental and social
responsibility and ethical governance are central to ourbusiness strategy. This means operating with integrity,
investing responsibly, and adhering to sound corporate
governance principles. The way we operate, the work we do,and the support we provide can all be traced to a desire toextend and improve the individual lives we benefit.

Introduction

RGA 2022 Sustainability Report

Message from the CEO

I am pleased to share with you RGA’s 2022
Sustainability Report, highlighting our priorities
and progress on environmental, social, andgovernance topics. As a leading global lifeand health reinsurer, sustainable principles
are essential to our success and are firmly
embedded in our culture, our partner-centric
approach, and our long-term strategy.

Anna Manning
Chief Executive Officer

As a leading global life and healthreinsurer, sustainable principles are
essential to our success and arefirmly embedded in our culture, ourpartner-centric approach, and ourlong-term strategy.
04

RGA fosters a culture of care. We have diverse,
talented, and highly engaged global teams
who work together with a shared dedication to
inclusiveness, fairness, and respect. We leadwith empathy and listen to every voice, ensuringthat our employees have access to the tools
they need to advance their careers and theirwellbeing. The pandemic reinforced that when
you care and you connect, engaged teams
deliver better solutions and services that aregood for all our stakeholders.
RGA delivers for our partners. The trust andrespect of our clients and stakeholders isthe cornerstone of our long-term success.
We build and maintain that trust and respect
by operating with the highest ethical standards
and delivering impactful solutions that expand
the accessibility and affordability of financial
protection for millions of families around theworld. This means we grow together, andtogether, through our long-term partnerships,build durable businesses.

RGA’s strategy is focused on the long term.
In an industry and world that face everincreasing uncertainty, our investors, clients,and employees can have confidence in RGA’s
resilience, consistency, and stability. With adisciplined approach to risk governance, and acommitment to social responsibility, community
support, and environmental stewardship, RGA isbuilt for success today and for decades to come.
As we celebrate our 50th anniversary in 2023,
we look back on our proud legacy of integrity,
responsibility, and resilience. And looking to the
future, inspired by our purpose to make financial
protection accessible to all, we remain steadfast
in our dedication to the sustainability of ourculture, our partnerships, and our business — forgenerations to come.

Introduction

RGA 2022 Sustainability Report

About Us
Reinsurance Group of America (NYSE: RGA) is a
Fortune 500 company and leader in the global lifeand health reinsurance industry, working to makefinancial protection accessible to all. RGA servesclients from operations in 25 markets around theworld by specializing in reinsurance and ﬁnancial
solutions that help clients effectively manage risk
and optimize capital.
Since its launch in 1973, RGA has steadily grown
to become one of the world’s largest and mostrespected reinsurers, recognized for its risk
management expertise, innovative product design,and dedicated client focus.
We specialize in providing life- and health-related
reinsurance and financial solutions to help ourclients effectively manage risk and capital. Our coreproducts and services include life reinsurance, living
benefits reinsurance, group reinsurance, financial
solutions, underwriting, and product development.
Our mortality and morbidity databases are among
the largest worldwide. To learn more about RGA andits businesses, visit www.rgare.com or follow RGA on
LinkedIn and Facebook.

Number of Employees

Key Financial Facts and Figures1

3.8K

Life Reinsurance in Force$3.4T
Consolidated Assets$84.9B
Consolidated Net Premiums

Worldwide Locations$13.1B
Total Revenue

1.
As of Dec. 31, 2022. Key financial facts and figures reflect the adoption of
Accounting Standards Update 2018-12, Improvements to the Accounting forLong-Duration Contracts (“LDTI”). Amounts are unaudited.

05

40+

$16.2BNet Income Available to Shareholders$517M

Introduction

RGA 2022 Sustainability Report

About Us

Our Purpose

To makeﬁnancial
protectionaccessible
to all06

How RGA Creates ValueOur Global Values2

Accountable

Client-Centric

Inclusive

Innovative

Purpose-Driven

Trustworthy

We demonstratecommitment andresponsibility to ourclients, colleagues,
communities, andother stakeholders.

We place clientneeds at the centerof everything we doas an organization.

We build a safe
and welcoming
environment where
diverse viewpoints,
resources, andexpertise are
actively shared andsought. We actively
collaborate in pursuitof common goals.

We are curious andcreative, challenging
the status quo
to develop
inventive solutions
that optimize
performance.

We pursue our
purpose by boldly
striving for superior
organizational
performance andpersonal learningand development inall situations.

We demonstrateintegrity by keeping
commitments andmodeling ethicalbehavior at all times.

2.
Global Values were introduced in 2023.

Our Vision

Our Mission

RGA is an integral
and trusted partner, arespected leader, and along-term value creator.

Enhancing our partners’
prosperity by supporting
their financial and risk
management capabilities.

Reinsurance, often referred to as“insurance for insurance companies,”
is a business relationship in which
an insurance company transfers allor part of the risk on the policies
that they have issued to anothercompany, the reinsurer. Throughthese arrangements, insurancecompanies and reinsurers share andspread risk, thus providing stability
and resilience to the insurance
industry. RGA supports clientsand partners around the world
through innovative approaches andcustomized solutions. We are theonly global reinsurance company tofocus primarily on life- and healthrelated reinsurance solutions. Our
core products and services include
life reinsurance, living benefits
reinsurance, group reinsurance,
health reinsurance, financial
solutions, facultative underwriting,and product development.

Introduction

RGA 2022 Sustainability Report

About Us

Awards and Honors

2022 Life Reinsurer of the Year by Middle East
Insurance Review

Intelligent Insurer Recognized RGA for Notable
DEI Initiatives

RGA U.K. Awarded Gold in the Mind Workplace
Wellbeing Index

In 2022, Middle East Insurance Review selected
RGA Reinsurance Company Middle East Limited(RGA ME) as “Life Reinsurer of the Year” at the 9th
Middle East Insurance Industry Awards 2022. RGA
ME was recognized for its passion and commitment
to making financial protection accessible to all
throughout the Middle East and North Africa region,building as a leader in the region by consistently
focusing on clients, identifying creative solutions,and sharing knowledge and expertise.

U.K.-based publication Intelligent Insurer highlighted
RGA for some of its most notable industry diversity,
equity, and inclusion (DEI) initiatives in 2022 that“stand out from the crowd.” RGA was recognized
for both our DEI podcast series and Communities ofCare initiatives. Additionally, RGA leaders Gemma
Costello, Human Resources Manager, RGA U.K.,
and Emmanuel Djengue, Innovation Director, RGAXEMEA, were both named to the report’s “Top 40
D&I Re/Insurance Champions” list for their individual
efforts to further DEI inside and outside of RGA.

RGA’s U.K. team was recently honored with theGold Award in the Mind Workplace Wellbeing
Index for the second consecutive year. Mind is amental health charity in the U.K. that campaigns toimprove services, raise awareness, and promote
understanding of mental health issues. Based on
employee feedback, Mind benchmarks best policy
and practice for employers, with Mind surveying
thousands of employees across more than 100
organizations in the U.K. In 2022, RGA U.K. ranked
14th out of 119 employers that took part in the survey,
up from 26th the prior year.

200 95/100
Moved up 200 places since 2020 on Stonewall
Workplace Equality Index for LGBTQ+ inclusionin the U.K.

07

2022 Human Rights Campaign Score
Criteria based on benchmarks of LGBTQ-inclusive policies,
practices, and benefits of U.S. employers

Received
the Insurance
BusinessAward for DEI
achievements
in Australia  

Received theGold Award
for Workplace
Wellbeing in
the U.K.

RGA was named to the World’s Most Admired
Companies, Fortune’s annual list of highly
respected companies. Each year, Fortune
asks executives, directors, and analysts torate companies within their own industries
based on criteria including value as a longterm investment, quality of management,
innovativeness, community responsibility, andthe ability to attract and retain talent.
The recognition is a testament to the integrity,commitment, and client focus of RGA employees
who have built an exceptional and inclusive
culture and a resilient, highly respected longterm business.

Introduction

RGA 2022 Sustainability Report

Our ESG Approach
Leadership Spotlight

Matt Blakely
Vice President, Corporate Responsibility
and Sustainability

At RGA, environmental and social responsibility
and governance are central to our businessstrategy, including operating with integrity,
investing responsibly, and adhering to soundgovernance principles. Our purpose — to makeﬁnancial protection accessible to all — drives
us to not only strive for excellence but to help
create a more resilient and secure future for all.
As a leading global life and health reinsurer, ourenvironmental, social, and governance (ESG)
approach begins with operating responsibly andwith integrity while fostering a culture of care forour employees and for the communities in which
we live and work, and it culminates with creating
innovative products that integrate sustainability
at their core.
Our ESG Principles in Practice“RGA’s thoughtful, collaborative approach
to finding financial success holds true
in its approach to sustainability, ethics,
and society as well. RGA recognizes
our responsibility as a member of thecommunities in which we operate, and our
responsibility to the long-term health ofpeople and the planet. I collaborate daily
with colleagues throughout the company
to make sure we are holding true to ourcommitments to community, integrity,and the environment. It’s an honor and apleasure to be part of this team.”

08

RGA’s Board of Directors and management teamunderstand that incorporating ESG factors into ourenterprise strategy and business activities catalyzes
innovation and makes RGA stronger across theglobe. Our Sustainability Report outlines our current
sustainability initiatives, practices, and objectives
across areas fundamental to our business. As avalues-based and purpose-driven organization, we
aspire to build on this progress in the years ahead.

ESG Strategy Pillars

Business Ethics andResponsible Practices

Responsible Investment
Approach

Sustainable Innovationfor Social Impact

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

We responsibly integrate ESG
issues into our risk management
and investment analysis.

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 our business, clients, andindustry, and to minimize theenvironmental impact of ouroperational footprint throughenergy-efficient and eco-friendly
sustainable business practices.

Introduction

RGA 2022 Sustainability Report

Our ESG Approach

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

Business Ethics and Responsible Practices

Business Ethics
and Responsible
Practices

Cybersecurity andCustomer Privacy

Systemic Risk
Management

Responsible Investment
Approach

Sustainable Innovation forSocial Impact

Responsible
Investment

Access to
Responsible
Products

Materiality Assessment
Our ESG strategy is based on an assessment andprioritization of the material non-financial issues ourbusiness and stakeholders designate as importantfor RGA’s long-term success and positive impact. The
findings from our assessment serve as a key input tohelp us strategically deploy resources companywide
and refine our programs as needed.
ESG Materiality Priority Topics
Aligned to our five ESG strategy pillars, ourmateriality assessment highlights 22 key ESG topics,
nine of which are top-priority topics, identified byinternal and external stakeholders as critical forthe company.

Please see the Appendix of this report for thedefinitions of the full list of all factors.

09

Culture of Care

Diversity, Equity, andInclusion

Environmental Stewardship andClimate Preparedness

Employee
Development andWellbeing

Community
Engagement
and Philanthropy

Climate ChangeIntroduction

RGA 2022 Sustainability Report

Our ESG Approach

Engaging with Our Stakeholders
Throughout our long history, we have understoodthat engaging with our stakeholders — both internaland external — is critically important for our longterm business success. We proactively engage with
our stakeholders in continuous dialogue regarding
our business and sustainability efforts through a mixof open dialogue, collaboration, and transparent
disclosure. We apply stakeholders’ valued
perspectives to inform, prioritize, and continually
improve our ESG strategy and advance our socialand environmental initiatives.

Our Stakeholders

Ways We Engage

Key ESG Topics Addressed

Clients• Ongoing discussions between our teams and with current andpotential clients• Access to responsible products• Digital communications to our clients highlighting RGA’s values andstrengths, including our efforts on ESG-related areas• Community engagement and philanthropy• New product development in partnership with clients, addressing
environmental interests, health needs, and products forunderserved populations
Employees• Digital communications, all-company town halls, team meetings, andteam member surveys• Diversity, equity, and inclusion• Responsible investment• Employee development and wellbeing• Diversity, equity, and inclusion• Volunteerism and community support• Professional development and training
Investors

Communities• Quarterly earnings calls• Business ethics and responsible practices• Emails, calls, and in-person meetings• Board diversity• Participation in conferences and forums• Climate change• Annual shareholders’ meeting• Diversity, equity, and inclusion• Community partnerships and volunteerism• Community engagement and philanthropy• Philanthropic donations
Partners and Vendors• Privacy Threshold Assessment Questionnaire and associated processes• Cybersecurity and customer privacy• Human rights• Business ethics and responsible practices

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

10Introduction

RGA 2022 Sustainability Report

Our ESG Approach

ESG Governance
RGA understands that it has a responsibility
to monitor and control our environmental andsocietal impact and adopt responsible practices
on ESG issues. The Board works closely withexecutive leadership to provide guidance on ESG
strategy, initiatives, and execution. As a whole
and through each of its standing committees,
the Board and Executive Committee collectively
provide active oversight of RGA’s ESG strategy.
RGA strives to govern itself in a sustainable mannerthat recognizes the need for strong governance,
effective management systems, and robust controls
embedded within our business operations and longterm strategies.
RGA’s ESG Steering Committee develops, champions,and advises on our overall ESG strategy, policies,
and initiatives. The committee is composed of morethan a dozen leaders from all major functions andoffice locations who are well positioned to integrate
and oversee sustainable business practices acrossour global operations.
Integration of ESG into Employee Compensation
ESG goal setting, employee participation,transparency, and DEI goals were incorporated into
our compensation plan for all employees.

RGA
Board of Directors

Audit Committee

Financial risk, ethics, andcompliance

Human Capitaland Compensation
Committee

Employee compensationand pay equity, diversity
and inclusion, recruitment,
retention, and performance
management

ESG Steering
Committee

Advises and develops ESG
strategy, policies, and initiatives

11

Investment
Committee

Financial and investment
risks, ESG-related investment
decision-making

Executive
Committee

Nominating andGovernanceCommittee

Corporate governance,
Board refreshment,
leadership development

Risk Committee

Enterprise risk management

The Executive Committee is responsible for assessing
relevant ESG-related issues and concerns specific to RGA’s
stakeholders and the business, for external reporting andperformance metrics, as well as day-to-day oversight ofthe core pillars of our ESG strategy with leaders and teams
across our global business operations.

Introduction

RGA 2022 Sustainability Report

2022 ESG Highlights

100%

Launched Leadership Labs to upskill
senior leaders, aligned to achieving our
five-year strategy$4.8 billion

Measured Scope 1 & 2 GHG emissionsfor 2020-2022 and made significant
offsets

Strengthened our global DEI strategy
to further build alignment with RGA’s
sustainable business success

33%

16%

$3.1 million

99.7%

50%

Fully exited remaining tobacco positions
as of year-end 2022

Launched TCFD disclosure illustrating
RGA’s commitment to transparency

Expanded benefits for family leaveand fertility coverage in the
United States

Increased female representation in global
leadership positions to 28% compared to
24% in prior year

Collaborated with insurers to support thedevelopment of life and health insurance
products that have a positive impact
in addressing global climate change,
mental health and wellbeing, and social
inequalities

of required workforce members
completed the mandatory compliancetraining

Female-to-Male pay ratio

12

of our Board
members arefemale42%of our Board
members are
ethnically or raciallydiverseheld in responsible investments as of
year-end 2022, a 14% increase over theprior year3

reduction in the carbon intensity of
our investment portfolio compared to
year-end 20214

donated as part of our ongoing
corporate social responsibility effortsof our Board has knowledge of andexperience with ESG issues, trends,
disclosures, and practices

3.
Responsible investments measured in book value as best estimate of theproceeds going to the issuer.
4.
Please refer to the RGA Portfolio Decarbonization discussion in the Carbon
Risk Management section on page 29 for more details on the achievement ofour 16% reduction in carbon intensity. Eighty percent of this reduction was due
to a combination of improvement in the total emissions footprint of investee
companies reflecting our emphasis on investing in those companies committed
to reducing their emissions, and reduction in our investment exposure to somehigh carbon intensity names. The remaining 20% reduction was a result of thechange in the fair market value of holdings due to an increase in interest rates,
which negatively impacted the fair value of fixed income assets.

Introduction

RGA 2022 Sustainability Report

About This Report
RGA’s 2022 Sustainability Report reflects ourcommitment to giving investors and otherstakeholders a transparent and holistic view of
our ESG approach and performance. This reportcovers the progress of our ESG program during
the 2022 fiscal year, with data and metrics
reflecting the period from Jan. 1, 2022, throughDec. 31, 2022, unless otherwise noted. In someinstances, we include information on initiatives
continued into 2023, which we have endeavored
to note as such. Throughout the report, we also
guide readers to additional sources of informationon our corporate website and other website
references for convenience. Please see ourforward-looking statements at the end of thisreport for more information.
We aligned our disclosures with Sustainability
Accounting Standards Board (SASB) standards —now housed under the International Sustainability
Standards Board (ISSB) — related to the insurance
industry and relevant topics from the asset
management and custody activities industry toensure that we address the ESG factors most
relevant to our business. We further aligned thereport with the Task Force on Climate-Related
Financial Disclosures (TCFD) framework for corporate
reporting on climate-related risks and opportunities.

Please see the Appendix for more information.

13

We have also identified nine United Nations
Sustainable Development Goals (SDGs) that offer thegreatest opportunity for impact given the relevanceto RGA’s business activities and key priority areas.
The SDGs are a collection of 17 interlinked global
goals designed to be a shared blueprint for peace
and prosperity for people and the planet, now andinto the future. RGA has aligned our ESG initiatives
to the SDGs that we have the power to influenceand impact through our business strategy, products,
and services.

RGA 2022 Sustainability Report

Business
Ethics andResponsible
Practices

In This Section:
15 Corporate Governance18 Risk Management and Business Continuity
20	Data Security and Customer Privacy
21 Vendor Management
21	Government Affairs and Political Advocacy

14

Integrity is vital to success in the ﬁnancial services industry.
RGA’s responsible business practices reﬂect our commitment
to conduct business reliably and honestly without exception
and pursue company goals in a manner that engenders trust.
Guiding Principles of Our Responsible Business Practices:
Be honest, fair, and trustworthy. • Obey laws and regulations. •Be the voice of integrity. • Pursue purposeful innovation whilebalancing risk and reward to support business growth. • Fostera culture of productive collaboration. • Respect others andembrace their differences.

Business Ethics and Responsible Practices

RGA 2022 Sustainability Report

Corporate Governance
Our Board and management team view effective
governance as essential to implementing ourlong-term strategy, managing costs, responding torisks, and making decisions that ensure ﬁnancial
sustainability and business success. Our approachto governance integrates a strong ethical culture;
a comprehensive enterprise risk management(ERM) program; robust ﬁnancial, regulatory, andlegal compliance functions; and corporate social
responsibility.

Our Board at a Glance5

Tenure22

2.7

Board Composition and Oversight
We believe that the effectiveness of our corporate
governance is largely a function of the Board’s
composition of highly qualiﬁed, experienced, anddiverse directors, all of whom have deep knowledgeof our industry and its risks and opportunities. During2022, our Nominating and Governance Committee
refreshed our Corporate Governance Guidelines
to further reflect the Board’s view of the value ofa diverse board to RGA and its commitment to therecruitment and retention practices related to diverse
board directors. The Board is deeply involved inproviding continuous oversight of our governanceprocess and applies its diverse perspectives, skills,
and backgrounds to ensure our long-term financial
success and stability. Approximately 50% of our
Board has knowledge of and experience with ESG
issues, trends, disclosures, and practices.  

Age

Average

6

Average

10

Gender Diversity

US Racial/Ethnic Diversity

4
Male
FemaleFemale

8

15

40s
60s

4

33.3%

5.
Board composition metrics are as of April 1, 2023. Board tenure metric is as ofDecember 31, 2022.

61.6

0–2 Years
3–5 Years
6–10 Years

5

41.7%
Other thanWhite/Caucasian

White/Caucasian
Other than White/Caucasian7

Maintaining a workplacerooted in integrity is core
to how we operate. Our
team works to create aculture of integrity withstrong governance,
effective management
systems, and robust
controls. Our directors
and employees are
responsible for andobligated to uphold theseprinciples in all we do.

Business Ethics and Responsible Practices

RGA 2022 Sustainability Report

Corporate Governance

Our Policy Management Framework

Policy Management Framework Overview

We believe sound governance practices create
sustainable shareholder value by creating
appropriate controls across our many business
units. Our Policy Management Framework offers anefficient protocol for the development, approval,
revision, and management of our policies andguidelines to:

Policies• Promote the Operational Risk Committee’s
adoption and maintenance of necessary Global
Policies and Enterprise Standards to support
RGA’s mission and objectives and meet legal andregulatory obligations.

EnterpriseStandards

Guidance• Provide 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.
• Maintain consistency, transparency, and inclusion
in Policy Management Framework processes.
Controls

Standard
Operating
Procedures(SOPs)

Technical or
Functional
Standards

Code of Conduct
Learn More at Our Governance
Documents 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

16

RGA’s Code of Conduct (Code) translates ouressential governance elements of honesty, fairness,and respect into practical rules and standards toguide all workforce members conducting businesson RGA’s behalf. The Code serves as a foundation
for RGA policies, standards, and procedures,
incorporating topics such as:• Non-retaliation• Anti-harassment• Workplace safety and health• Insider trading• Conﬂicts of interest• Global antitrust and fair competition• Global bribery and corruption• Protection and proper use of intellectual property

Business Ethics and Responsible Practices

RGA 2022 Sustainability Report

Corporate GovernanceMonitoring and Audits

Whistleblower Policy

Our independent internal audit function, Global
Audit Services, supports our corporate governanceframework through compliance monitoring, regular
audits, and updates of our governance policies andpractices. The team is close to and aware of RGA’sregional operations and functions across North
America, Europe, and Asia.

RGA prohibits any form of retaliation against
workforce members who, in good faith, report asuspected issue, and the Board is notified of any
misconduct concerns. RGA has licensed a third-party
vendor to provide a Speak-Up Hotline that gives
employees an anonymous and conﬁdential way toreport potential misconduct. The hotline is available
24/7. Depending on local privacy and whistleblower
laws, the Speak-Up Hotline may not always allow
anonymous comments or may limit reporting topics
to accounting, ﬁnancial, auditing, and bribery mattersonly. Shareholders, employees, and other interested
parties may also share concerns directly with thechair of RGA’s Audit Committee, who is independentand not an employee of the company. For more
information, please see our Code of Conduct.

Training and ComplianceTo ensure a strong culture of integrity andcompliance, we have comprehensive mandatory
training requirements for our employees during initialonboarding sessions and annually thereafter. The
training covers the Code’s standards and principles,
including human rights and anti-harassment, andrequires an individual attestation to compliance.
In 2022, 100% of required workforce members
completed the mandatory compliance training.
Our Board also has a responsibility to act with truth,
sincerity, and fairness in all decisions. Directors mustcomply with the Directors’ Code of Business Conduct
and Ethics, which serves as a reference for conﬂicts
of interest, conﬁdentiality, and fair dealing.

General Labor Practices
We strive to comply with relevant labor laws,
regulations, and guidelines, including those related
to wages, benefits, hiring, promotion, hours worked,
and working 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 use of force, debtbonded indentured labor, involuntary prison labor,
slavery, or any form of human trafficking in ourbusiness.

Workplace Health and Safety
We strive to provide and maintain a healthy and safe
working environment free from violence, intimidation,or other unsafe or disruptive conditions.

Harassment and Non-Discrimination
We believe everyone should be treated with respect,
and we do not tolerate sexual, racial, or other formsof workplace harassment, discrimination, or bullying.

Privacy
We respect individual privacy expectations andprotect the personal information we collect, use, anddisclose in connection with our business.

Human Rights
RGA is committed to upholding human rights inaccordance with policies from the United Nations,the International Labour Organization, and U.S. law.
Our commitment to human rights is outlined in our
Global Human Rights Policy and is based on thefollowing guiding principles:17

Business Ethics and Responsible Practices

RGA 2022 Sustainability Report

Risk Management and Business Continuity
Leadership Spotlight
We understand our business’ responsibility
to monitor and control our environmental
and societal impact and adopt responsible
ESG practices.

Board Committee

Areas of Risk Oversight

Risk Governance and Board Oversight

Audit Committee

Accounting, legal, financial reporting, and compliance risks

Human Capital andCompensation

Risks relating to the company’s workforce, including incentive
compensation plans, recruitment, retention, and performance
management

Investment

Financial and investment risks

Nominating and Governance

Risks associated with corporate governance, ESG, theindependence of the Board of Directors, leadershipdevelopment, and director and Chief Executive Officer (CEO)succession planning

The Board has an active and ongoing role inoverseeing corporate risks, as a whole and at thecommittee and subgroup level. The Board primarily
oversees enterprise risk through its Risk Committee,
which oversees the management of the ERM
program and policies. The Risk Committee also
receives regular reports and assessments describing
our critical risk exposures, including quantitativeand qualitative assessments and information aboutbreaches, exceptions, and waivers. The Global
Chief Risk Officer reports to the Chief Executive
Officer and has direct access to the Board throughthe Risk Committee, with formal reporting occurring
quarterly. While the full Board retains oversightof risk, its committees oversee particular areasthat are most relevant to each committee. The
table to the right summarizes each committee’s
general responsibilities for risk oversight. For more
information, please see our 2023 Proxy.

18

Risk

Oversight of all company risks, as well as enterprise risk
management and assessment

Jonathan Porter
Executive Vice President andGlobal Chief Risk Officer“As a values-based and purposedriven organization, RGA’s strategy
reflects our long-standing and growing
commitment to sustainability; ethicalgovernance; community support; anddiversity, equity, and inclusion (DEI).
Our integrated approach to managing
ESG risks and opportunities createsvalue for our clients, employees,
stakeholders, and the communities inwhich RGA operates. We look forward
to advancing ESG and DEI in theyears ahead.”

Business Ethics and Responsible Practices

RGA 2022 Sustainability Report

Risk Management and Business Continuity

Enterprise Risk Management
We have a well-deﬁned risk governance structurethat is essential to our overall risk management
strategy. Our ERM program is responsible for:

RGA’s Enterprise Risk Management
Framework• Analyzing and reporting our risks on an
aggregated basis.
• Facilitating monitoring to ensure risks remain
within the company’s appetites and limits.
• Ensuring, on an ongoing basis, that RGA’s ERM
objectives are met.
This program ensures that risks are properly
identiﬁed, assessed, and managed; risk controls arein place; and key risks to which RGA is exposed aredisclosed to appropriate stakeholders.

Strategy &Risk Appetite

CapitalManagement

Risk Assessment& Measurement

Risk Culture& GovernanceRisk Monitoring& Management

Business Continuity
Our global business continuity and operational
resilience program enables our leaders tounderstand RGA’s exposure to disruptions andtake steps to mitigate their likelihood and impact.
Our global policy, frameworks, training, and tools
empower leaders to limit disruptions 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.

19

Risk Reporting

Risk Culture
Risk management is embedded
in our business processes
in accordance with our risk
philosophy and is an integral partof our culture.
Risk Governance
RGA’s approach to governanceintegrates numerous effective
components of good risk
governance practices, including
a strong ethical culture; acomprehensive enterprise risk
management program; soundfinancial, regulatory, and legal
compliance functions; andcorporate social responsibility.
Strategy and Risk Appetite
A high-level overview statementthat outlines the risk proﬁle RGA
aims to achieve to meet thecompany’s strategic objectives.
Risk limits establish the maximum
amount of deﬁned risk that RGA is
willing to assume to remain within
the company’s overall risk appetite.
Risk Assessment and
Measurement Process
RGA uses qualitative andquantitative methods to assess key
risks through a portfolio approachthat analyzes established andemerging risks in conjunction withother risks.

Risk Monitoring and Management
Business-specific risk limits
and controls provide additionalsafeguards against undesired risk
exposures and are embedded inbusiness processes, like maximum
retention limits, pricing andunderwriting reviews, and standard
treaty language. An internal
escalation process is in place,and all action plans, temporary
waivers, and exceptions are
regularly reported to the applicablerisk committee(s). Reporting ofrisk incidents and ﬁndings drives
transparency about risk eventsand vulnerabilities within theorganization and enables RGA
to improve processes and learn
from mistakes.
Risk Reporting
Risk reporting at RGA
encompasses Global Risk
Services, the Board’s Risk
Committee, the Board’s Investment
Committee, Internal Audit, the Risk
Management Steering Committee,
business leaders, and local boards
and risk committees on a regularbasis, either in conjunction withor outside of the quarterly risk
reporting process.
Capital Management
RGA monitors the adequacy ofrisk capital from three different
perspectives: economics, rating
agency, and U.S. Generally
Accepted Accounting Principles(GAAP).

Risk management
is embedded in ourbusiness processes inaccordance with ourrisk philosophy andis an integral part ofour culture.

Business Ethics and Responsible Practices

RGA 2022 Sustainability Report

Data Security and Customer Privacy
RGA is committed to promoting a strong dataprotection culture. We strive to comply withrequirements within the jurisdictions in which
we operate to ensure fair and lawful processing,provide appropriate technical and organizational
security, and guarantee respect for personal dataprotection rights.

executive leadership updates through quarterly
meetings with the Risk Management Steering
Committee and the Operational Risk Committee.

In 2022 we introduced a companywide cyber
mindset goal across our global workforce. This goal
was supported by:

Data Security and Protection• RGA Risk Leadership video series, including an
overview of the dangers of phishing.
• Monthly awareness newsletter keeping employees
briefed on current threats and trends forcybersecurity and data protection matters.
• New cloud infrastructure training.
• New data loss security controls to strengthen
RGA’s Data Loss Prevention Policies.
• Monthly phishing exercises.
• Robust training series focused on global dataprotection, security awareness, acceptable useof information assets, and a new mobile device
security training (for workforce members with RGAissued mobile devices).
Governance and Oversight
The Board oversees enterprise cyber, customer
privacy, and technology risks through the Cyber& Technology Subgroup (C&T), which oversees
cybersecurity, data privacy, and information
technology programs and policies. The C&T and thefull Board receive reports and assessments at least
quarterly from our Global Chief Information Security
and Privacy Officer (CISO), and our CISO provides
20

Guiding Principles of Our Data and Analytics
Ethics Framework

Our Data Ethics Oversight Board also ensuresthat RGA carries out responsible and ethical datahandling decisions throughout the organization.

While implementing data protection measures
to mitigate cyber- and data privacy-related risks,
we also promote the ethical use of data in our
processing activities.
Cybersecurity
We are committed to protecting personal informationfrom cybersecurity threats that could compromise
the conﬁdentiality, integrity, or availability of thedata we receive through our products and services.
We invest annually to adapt to the changing threat
landscape and protect our data and operations
from various cybersecurity risks, including phishing,malware, ransomware, and data theft.
Data and Analytics Ethics Framework
We established a Data and Analytics Ethics
Framework to guide our data protection andutilization to ensure we act in the best interests ofclients, business partners, regulators, investors, andindividuals. We evaluate components of our analytics
processes related to our use of algorithms andartiﬁcial intelligence for fairness, including paying
speciﬁc attention to monitoring model outcomes andimpact. These principles will be revisited, amended,and updated as the industry, regulatory, and ethicallandscapes dictate.

Data utilization prioritizes
fairness and equity

Data management
activities ensure privacy
and transparency

For more information, please see our Data andAnalytics Ethics Framework.

Data Privacy and Transparency
We are committed to data privacy and protecting
the information we receive from our clients in thesame way we protect our own data and that ofour employees. We maintain transparent practices
regarding the collection, processing, and sharing of
information. For more information, please see ourReinsurance Privacy Notice.
Approved European Union (EU) Binding
Corporate Rules

BCR

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 BCR guiding principles, RGA has agreed
to be accountable to regulators for complying withmultiple data protection requirements, including
ensuring fair and lawful processing, providing
appropriate technical and organizational security,and guaranteeing respect for individuals’ dataprotection rights. For more information on ourBCRs, please see our website.
Training and AwarenessAll workforce members are required to complete
data protection training to ensure compliance across
our cybersecurity and data privacy policies and toreview the more common security threats and how
to detect them. This training is required upon hire
and annually thereafter, including periodic phishing
exercises. During 2022, 100% of active workforce
members completed the required data protection
training. The Global Security and Privacy Office,which reports to the CISO, reviews and updates
training programs at least annually.
Third-Party Audits and Incident Preparedness
Our security and data privacy practices are reviewed
regularly by our clients, regulators, internal audit,
and other third-party providers. These assessment
and audit reports outline changes that may need tobe considered to strengthen our security and data
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, whichhelps improve response speed and effectivenessthrough improved communications, decisions,and capabilities.

Business Ethics and Responsible Practices

VendorManagement

Government Affairs andPolitical Advocacy

RGA has published terms and conditions
regarding vendor guidelines and stipulations
for our purchase orders. These terms reﬂect
the ethical business practices of our business
partners and align with our corporate values.
We have a standard intake assessment for all
potential vendors that aids RGA in assessing
and assigning risk levels based on the vendor’s
privacy consideration data access requirements.
In particular, we have a Privacy Threshold
Assessment Questionnaire that is required
within our third-party security assessment for the
purposes of both risk reduction and regulatorycompliance. All vendors are required to comply
with our data security protocols, and further
robust compliance standards are assigned for
those designated as high risk.

Our political activity and contributions are madewith RGA’s strategic goals in mind. They areintended to advocate for issues that are importantto our company and key stakeholders as wellas to our corporate purpose of making ﬁnancial
protection accessible to all.

Human Rights and Responsible Sourcing
RGA’s commitment to human rights is formalized
and manifested through our various policies, Code,training modules, and ethical business practices. Our
vendors, clients, and other business relationships aremandated to respect and uphold this commitment
and compliance with our Global Human Rights Policy
and RGA Modern Slavery Statement.

21

RGA 2022 Sustainability Report

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 reinsurance companies and in the
pursuit of 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.
RGA Political Action Committee
RGA sponsors the RGA Federal Political Action
Committee (RGA PAC), a non-partisan PAC that
contributes to individual candidates pursuant
to federal election laws. We have an RGA PAC
Board — composed of employees who are membersof the RGA PAC — to provide oversight and regularreviews of our political and lobbying policies andpolitical contributions. The RGA PAC Board isadvised of our ongoing political strategy as it relates
to overall public policy objectives for the next year
and provides guidance to the RGA PAC.

The RGA PAC ﬁles contributions and expenditurereports with the Federal Election Commission
pursuant to federal regulations. Under federal law,
RGA may not contribute corporate funds or makein-kind contributions to candidates for federal officeor to national party committees. In appropriate
circumstances, the RGA PAC may contribute to thefederal political action committees of industry tradeassociations in which we participate.
In addition to the contributions made by RGA PAC,
RGA makes political contributions to insurance andreinsurance trade associations that are permitted
to contribute to individual candidates at the federal
and state level who understand the issues mostimportant to our company and clients. We do notmake political contributions to candidates for public
office in foreign countries.

During 2022, RGA's politically related expenditures
and activities related to government relations wereas follows:

1.

RGA’s 2022 political-related spending:
Total corporate politicalcontributions: $15,000 (allto Missouri Insurance
Coalition’s PAC)
Total independent politicalexpenditures made in direct
support of our opposition to a
campaign: $0
Total payments to tradeassociations that the recipientorganization may use forpolitical purposes: $96,289

2.

Total lobbying expenditures
were $407,898 in 2022,
as reported on Form LD-2
Disclosures filed under the
Lobbying Disclosure Act of
1995, Section 5

Total payments to othertax-exempt organizations,such as 501(c)(4)s that therecipient may use for political
purposes: $0
Payments made by tradeassociations or other taxexempt organizations of which
we are a member or donor:$7.8 million
Payments made to influence
the outcome of ballot
measures: $0

3.

We received $0 in financial
assistance from thegovernment

RGA 2022 Sustainability Report

Responsible
Investment
Approach

In This Section:
23		Our Responsible Investment Philosophy
24 Our Approach to Responsible Investing
25 ESG Integration within Investment Due Diligence27	Governance and Oversight29	Carbon Risk Management Process

Our work contributes to the following United Nations Sustainable
Development Goals (SDGs):

22

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 embedenvironmental, social, and governance considerations into thefinancial assessment of companies as part of our investment
decision-making process that encapsulates investments that
we hold, ones we are looking at, and those we choose todivest as a long-term fixed income investor. RGA’s investment
decision-making incorporates fundamental research of bothfinancial metrics and ESG factors, including each company’s
approach to sustainability, governance, the environment, andthe health and financial security of communities. This approach
not only makes good, long-term business sense — it alsoaligns with RGA’s values and purpose.

As our business and industry face increasing risks due
to environmental and social issues, we carefully evaluate
ESG considerations within our investment process due totheir signiﬁcant influence on the long-term sustainability
and resilience of the companies in which we invest. We
believe that ESG factors, specifically governance, candrive significant enterprise risk management concerns
and, in some cases, failures, along with traditional risk
factors. Through our holistic integration of ESG factors
into our fundamental research process, we reduce risk,
identify investment opportunities, and encourage moresustainable economic and social outcomes.

Responsible Investment Approach

RGA 2022 Sustainability Report

Our Responsible Investment Philosophy
RGA is committed to investment decision-making
that integrates ESG factors to bolster moresustainable social outcomes and improved riskadjusted returns through evaluating longer-term
ESG 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 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-termvalue creation.
RGA pursues a responsible investment strategy
across the breadth of asset classes within our
portfolios.6 The majority of holdings are fixedmaturity securities, which are managed by applying
our disciplined approach to fundamental 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 the families
those clients serve. For this reason, maintaining our
ﬁnancial strength through a disciplined and rigorous
investment process that integrates ESG analysis isfundamental to both our business objectives andour corporate mission to make ﬁnancial protectionaccessible to all. Integrating ESG risk factors into ourcredit research process also ensures our approach isaligned with credit rating agencies.

6.
The total fair value of RGA’s fixed maturity securities at year-end 2022 and 2021
were $52.9 billion and $60.7 billion, respectively. Please see RGA’s 2022 Form
10-K, Note 4 ‘Investments,’ Fixed Maturity Securities Available-for-Sale, on pages
106-107 for information relating to our investments in fixed maturity securities bytype as of Dec. 31, 2022 and Dec. 31, 2021.

23

Building Alignment with RGA’s Business Strategy
Our responsible investment philosophy complements RGA’s five-year enterprisestrategy focused on delivering meaningful, long-term value to all stakeholders.
RGA’s corporate strategy consists of four core pillars that represent RGA’s futuremindset, which we have in turn applied to guide our investment approach andensure alignment with the business as follows:

Create an investment portfolio that isaligned with our corporate purposeand our fundamental belief that wehave a responsibility to care for the
long-term health of our clients, thecommunities in which they operate,
and the environment.
Partner with companies that
demonstrate a commitment toimproving their performance throughESG measures. We aim to invest
in companies that are working to
reduce their carbon footprint, provide
solutions to reduce carbon emissions
for the planet, and/or strengthen
the health and ﬁnancial security ofcommunities. By allocating capital tothese committed companies, we cansucceed together in making progress.

Accelerate our own analysis of how
to transition our portfolio away frominvestments that are most damaging
to health and the environment.
We recognize that this intentional
approach has an indirect yet important
impact on people around the globe,
including our clients and the families
those clients serve.
Sustain a long-term investment
approach that supports initiatives
providing ongoing financial protection
for our clients and the families they
insure while also making a positive
impact on the environment andlong-term economic sustainability ofpeople worldwide.

Responsible Investment Approach

RGA 2022 Sustainability Report

Our Approach to Responsible Investing
As a long-term investor, we believe that there isstrong alignment between financially sustainablebusiness models and robust governancepractices that deliver a positive impact on theenvironment and society. RGA’s focus areas include
decarbonization, climate risk, and social impact.
We view this approach as not only supporting
RGA’s mission and purpose, but also fulfilling our
objective to deliver strong, sustainable investment
returns for our clients and the business.

UN Sustainable Development Goals

Aligning Responsible Investments with UN SDGs
As part of our responsible investment strategy, RGA
has chosen to increase our allocation to assetsthat align with six United Nations Sustainable
Development Goals (SDGs) that we believe mostclosely reflect RGA’s corporate mission. We believethat our investment portfolio will positively influencethese goals by advancing initiatives related to financial
protection, health, education, social housing, clean
energy, and the climate, as outlined below:

Description

Our responsible investments include a combinationof four different types of ESG-labeled bonds plus
investments with issuers whose purpose supports
these six core UN SDGs but have not issued specific
ESG-labeled bonds, such as certain asset-backed
securities, municipals, or other fund investmentsthat support RGA’s mission to provide financial
protection for all. The four types of ESG-labeledbonds RGA currently holds are:
Green Bonds: The use of proceeds will be
specifically earmarked to raise money for climaterelated and environmental projects.
Social Bonds: The use of proceeds will be applied
toward projects that promote improved social
welfare and positive social impact directly forunderprivileged, low-income, marginalized, excluded,
or disadvantaged communities.

Sustainability Bonds: The use of proceeds will
be applied toward projects that are dedicatedto environmentally sustainable outcomes(a combination of green and social activities as
eligible projects).
Sustainability-Linked Bonds: The structuralcharacteristics of the bond are based on whether theissuer achieves specific sustainability metrics withina given time period. If the borrower does not meetthese goals, there is a penalty in the form of a higher
coupon that is payable to investors.
Together, as of year-end 2022, the total book valueof our responsible investments, comprising both
ESG-labeled bonds and the other asset classesaligned to our six chosen SDGs, was $4.8 billion —a $609 million increase, or 14%, over the prior year.

No Poverty

Financial Protection: U.K. lifetime mortgages • Fundor limited partnership (LP) investments with underlying
financial protection goal

Good Health andWellbeing

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

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

Quality Education

Education: Public student loans • Municipal educational
establishments • Universities

Responsible Investments

Sum of Book Valueas of Dec. 31, 2021

Sum of Book Valueas of Dec. 31, 2022

ESG-Labeled Bonds

Sustainable Cities andCommunities

Affordable and Clean
Energy, and Climate
ActionSocial housing: Municipal affordable housing • U.K.
housing associations • Certain residential mortgage-backed
securities (RMBS), commercial mortgage-backed securities(CMBS), and commercial mortgage loans (CMLs)
Clean energy and climate: Renewable energy utilities •Certain local authority projects • Green bonds

Green Bonds
Social Bonds
Sustainability Bonds
Sustainability-Linked Bonds
Total ESG-Labeled Bonds
Other bond investments aligned with RGA’s core UN SDGs

7.
2021 reported total ESG-labeled bonds increased due to a change in available
identifying factors.

24

Grand Total

$

351
8
78
144
581
3,622
$4,203

7

$ 684
11
125
225
1,045
3,767
$4,812

Responsible Investment Approach

RGA 2022 Sustainability Report

ESG Integration within Investment Due Diligence
We understand that ESG factors are core toevaluating a company’s long-term viability,
proﬁt potential, and return on investment. Our
Investment Team has therefore adopted an ESG
philosophy to inform our decision-making andhelp drive our rigorous research, analysis, andongoing monitoring of current and potential fixedincome assets.
Incorporating ESG Criteria within Bond
Investments
As long-term investors, we believe that good
governance practices and a commitment tocorporate responsibility by bond issuers canenhance investment opportunities and performance
while protecting investor value. In addition toeconomic and ﬁnancial considerations, weevaluate and incorporate ESG criteria when making
investment decisions. The due diligence of RGA’s
Investment Team and their focus on economic cycles
make this possible.
We take a fundamental sector-by-sector andinvestment-by-investment approach to partner with
our investees to evaluate not only their current ESG
activities but also their efforts to transition to moresustainable impacts. We integrate a combinationof ESG risk factors into our due diligence processthat together influence RGA’s decision-making on
our bond investments. For example, our Investment
Team assesses a company’s governance framework
particularly in the areas of business ethics, board
oversight, transparent reporting, legal and regulatorycompliance, and risk management. Our investment
analysis also incorporates the risks and opportunities
of environmental considerations (such as physicaland transition climate risks, environmental impact,
operational carbon emissions, waste reduction,and renewable energy sourcing) and social factors
25(such as DEI practices, human rights, equitable andinclusive labor practices, and support for the healthand housing of underserved populations).
Our ESG Philosophy and Process in Action
During 2022, our Investment Team increased
responsible investments aligned with RGA’s chosen
UN SDGs by more than 14%, including nearly
doubling our investment in ESG-labeled bonds. We
placed a particular emphasis on financing companies
and projects that increase energy efficiency andfacilitate energy transition to a more sustainableeconomy. Consistent with our philosophy,
we directed investments to those companies
undertaking climate transition and social impact
projects with proceeds received from their green
and sustainable bonds. With our ESG philosophy
and process integrated across our global investment
platform, we supported and increased these positiveefforts across North America, Europe, Asia, andAustralia. Conversely, our company-specific researchin conjunction with our ESG third-party rating agency
partner, Sustainalytics, identified some issuerswith poor ESG metrics and practices, where we
proactively reduced or divested our holdings.

Case Studies: ESG integration within RGA’s
responsible investment philosophy and process
The following case studies exemplify instancesin which the integration of ESG considerations
within our due diligence process helped to
guide our decision-making — whether theoutcome was to divest, reduce, avoid, or initiate
an investment position.

Affordable housing and elderly wellbeing

Carbon emissions and climate impact

We participated in a debt offering designed to helpa registered social landlord reduce the carbon
footprint of its housing portfolio. We invested in thefirst sustainability bond issued by England’s largest
not-for-profit provider of housing and care for older
people. The long-dated bond will help financethe construction over the next 10 years of 5,700
new sustainable homes with Energy Performance
Certificate rating of B or above and access torenewable energy sources.

Our Investment Team routinely assesses the carbon
intensity and environmental risk exposure ofcompanies during our investment due diligence. For
example, we elected to not participate in a recent
debt offering due to environmental concerns posedby the company’s unambitious timeline set forth toexit its coal-fired power generation operations. As aresult of RGA and other potential investors’ collective
decision against participating in the proposed
offering, the company adjusted its de-merger target
date forward by a decade, demonstrating thepositive impact that fixed income investors canhave in accelerating the energy transition.

Responsible Investment Approach

RGA 2022 Sustainability Report

ESG Integration within Investment Due Diligence

Decarbonization
We invested in the ESG-labeled green bond offeringof a U.S. railroad company designed to fundexpenses related to decarbonizing its operational
footprint and achieving emissions reduction targets.
Proceeds of the deal were used to fund green
initiatives such as new battery-electric engines,
transportation modernization needs, and thegeneration and distribution of renewable energy
from solar or wind sources.
We also chose to invest in an ESG-labeledsustainability-linked bond issued by a major
European electricity generation company. This bondhas a coupon increase if the issuer does not meeta key performance indicator (KPI) of at least 55%
of its installed generation capacity originating fromrenewable energy sources.

26

Governance and ethics, risk management, andenvironmental stewardship
A critical factor of our investment analysis is anassessment of companies’ governance and risk
management practices and their transparency inreporting. Through our due diligence, we identified
several governance failures at an electric utility
company, including shortcomings in the company’srisk management system and failure to disclose
critical issues. These inadequacies were of concern
given the lack of compliance and oversight ofenvironmental protocols and hazardous waste
removal. We therefore decided to exit the position
due to the company’s lack of proper governance,
poor audit practices, and opaque financial reporting.
The combination of these factors elevated ourconcerns around the company’s unethical businesspractices, regulatory compliance, and environmental
impacts, resulting in the divestment.

Governance structure and human rights

Zero tobacco

While evaluating investing in a mining andinfrastructure conglomerate, we found its businessand ownership structure to be highly complex
and opaque. In addition to these governanceand transparency matters, we had concerns
over possible human rights violations. These
governance and social factors uncovered throughour analysis led us to not participate in the corporatebond offering.

We met our target to divest our remaining
exposure to tobacco investments during 2022, a
step that reflects RGA’s commitment to human healthand longevity.

Responsible Investment Approach

RGA 2022 Sustainability Report

Governance and Oversight
Leadership Spotlight

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

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, who reports to the CIO and is
responsible for all fixed income credit assets inthe portfolio.

The Carbon Risk Management Committee is chairedby the Senior Vice President, Head of Global Credit,
Strategic Lead — ESG Investments. Other committee
members are the Vice President, Head of U.S. Credit,
who leads the U.S. credit research team; the Vice
President, Head of Credit EMEA, who leads the U.K.
credit research team; and the Senior Credit and
ESG analyst, who is the department’s subject matter
expert in ESG investing.

Key Advancements during 2022

“We believe long-term sustainability
concerns impact both investors andsociety and thus should be consideredwhen making investment decisions.
ESG factors are key components
within RGA’s investment research andare integral to our building a holistic
understanding of a company’s longterm viability, proﬁt potential, andsustainable return on investment. We
believe this approach achieves longterm value for RGA and fulfills ourcommitment to our stakeholders.”

27

Investment decisions that may adversely affectthe carbon intensity trajectory of the portfolio arereviewed by RGA’s Carbon Risk Management
Committee, which is accountable to the CIO. The
committee will consider proposals from the credit
research team for additions to both existing andnew positions for issuers assessed as having highand severe carbon risk by Sustainalytics, our thirdparty ESG rating agency. This methodology assesses
companies’ management of their carbon emissions
and transition risk, where issuers with high andsevere carbon risk are deemed to be managing theircarbon footprint poorly compared with sector peers.
Where the credit analyst demonstrates that theissuer has a credible strategy for reducing its carbon
emissions and meets the specific requirements ofinvestment sub-portfolios, the committee may grantan exemption. The exemption will be reviewed every
six months to monitor progress of these companies
and may be withdrawn if this issuer is not delivering
on its strategy for managing its carbon risk.

Incorporating climate risk analysis
RGA remains committed to discovering new ways
for our investment portfolio to both fuel businessgrowth and support healthier, more sustainablecommunities. Our Investment Team continued toadvance our strategic ESG investment approach
during 2022 in the following ways:

Strengthening ESG due diligence
Launched Material Risk
Engagements withissuers having weak
ESG ratings
Selected andintegrated third-party
ESG data provider andengagement partner

Received RGA Board
endorsement of ESG
investment process
and 2026 targets in
April 2022

Initiated carbon
intensity portfolio
analysis and peerbenchmarking to inform
proposed ESG targets

Launched initialclimate-risk stresstesting of the corporatebond portfolio for the
Own Risk and Solvency
Assessment (ORSA) for
U.K. entities

Engaging RGA clients on responsible
investment strategies
Strengthened
awareness of client
risk management andtargets

Hosted ESG
educational outreachsessions

Responsible Investment Approach

RGA 2022 Sustainability Report

Governance and Oversight

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 toachieve positive impacts through our responsible
investments in the areas outlined below. We aim toachieve our targets by year-end 2026 and plan toreport on our progress toward meeting those targets.
As such, our responsible investment targets andprogress through year-end 2022 are detailed here.

2022-2026 ESG
Investment Targets

Progress on Execution atYear-End 2022

Carbon intensity

Achieve a 20% reduction in carbon intensity ofthe public corporate bond portfolio by end of2026 and develop methodology to measurecarbon intensity for private corporate assets• Achieved a 16%8 reduction in the carbon
intensity vs. year-end 2021 through active
management of the portfolio

Responsible investments

Increase green and investments that align withtargeted SDG’s• Increased green and investments intargeted SDG’s by $609 million

Eliminate exposure intobacco investments

Eliminate investments in tobacco• F ully exited remaining tobacco positions asof year-end 2022

Climate risk assessment

Create a system for climate risk assessment
for investments in the U.K. in 2022, with global
analysis in 2023

• Designed bespoke climate risk stress testing
framework for U.K. entities

ESG Goals• A ligned with the European Insurance andOccupational Pensions Authority (EIOPA)
guidance for best practices

Investee engagement

8.
Please refer to the RGA Portfolio Decarbonization discussion in the Carbon
Risk Management Process section on the following page for more details on
the achievement of our 16% reduction in carbon intensity. Eighty percent of
this reduction was due to a combination of improvement in the total emissions
footprint of investee companies reflecting our emphasis on investing in thosecompanies committed to reducing their emissions, and reduction in ourinvestment exposure to some high carbon intensity names. The remaining 20%
reduction was a result of the change in the fair market value of holdings due toan increase in interest rates, which negatively impacted the fair value of fixedincome assets.

28

Proactively engage with investees deemed asmaterial ESG risk

• C
 ompleted Material Risk Engagement
reviews for 23 of 71 names with “High” or“Severe” ESG risk scores (32%)

Increased green and investments that align withtargeted SDG's by $609 million$609M

Responsible Investment Approach

RGA 2022 Sustainability Report

Carbon Risk Management Process
RGA has committed to ambitious reductions in the
carbon intensity of our investment portfolio overthe current 2022-2026 enterprise strategic plan.
To achieve the 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,9 and to help implement arobust climate risk management framework for
our ESG investment process, the credit researchteam has developed a clear policy for managing
our medium-term overall exposure to issuers thatscreen poorly in terms of emissions.

Additionally, through our ongoing due diligenceprocess, we identify issuers that do not have credible
plans for improving their environmental credentials
over the medium term and/or do not have aneffective plan for managing their carbon risk in the
short term. In those instances, our Investment Teamputs additional restrictions and hurdle requirements
in place that must be met prior to additional
investment in these laggard companies.

16%

RGA Portfolio Decarbonization

We reported a year-over-year decline of 16% in the
carbon intensity of our portfolio.

Integration of Environmental Data in Investment
Decision-Making
Carbon Intensity Trend Year Over Year
Market Value

600
500

-16%

Carbon Intensity (metric tonnes CO2e
per $ mm sales)

Since reported carbon emissions data is lagging andbackward looking, the team leverages third party
Carbon Risk Ratings from Sustainalytics as a guideto the likely future path of emissions and how wellissuers are managing business risk associated withcarbon-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, the proposed climate risk management
framework will continue to provide RGA with theflexibility to invest in those companies with highcarbon emissions to aid their transition to a lesscarbon-intensive future.

400
300
200
100
0

9.
Public corporate bonds includes 144a and Reg S securities and excludes credit
derivatives and other private debt securities.

29

2021

2022

Reported & Estimated Carbon Intensity (Sustainalytics data)

We reported a year-over-year decline of 16% in the
carbon intensity of our portfolio. Eighty percentof this reduction was due to a combination of
improvement in the total emissions footprint ofinvestee companies, reflecting our emphasis on
investing in companies committed to reducing
their emissions, and reduction in our investment
exposure to some high carbon intensity names. The
remaining 20% reduction was a result of the change
in the market value of holdings due to an increase ininterest rates, which negatively impacted the value of
fixed income assets.

RGA 2022 Sustainability Report

Sustainable
Innovation forSocial Impact

In This Section:
31 Innovation for Insurance Access		
35 Our Purpose-Driven Philanthropy Strategy		Our work contributes to the following United Nations Sustainable
Development Goals (SDGs):

30

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

Sustainable Innovation for Social Impact

RGA 2022 Sustainability ReportInnovation for Insurance AccessOngoing change in the reinsurance industry
breeds a culture of innovation and thought
leadership at RGA. Expanding insurance’s rolein improving quality of life remains both a social
imperative and a promising business opportunity.
Our timely, trusted insights allow RGA to apply
creative, innovative solutions to create affordable
and accessible products that serve the financial
protection needs of millions of families aroundthe world. We work with insurers to support
the development of life and health insurance
products that have a positive impact in addressing
unprecedented global challenges ranging
from climate change to mental health to social
inequalities.
We have developed offerings that contributeenvironmental and social solutions, in line with our
purpose to make financial protection accessible toall, as described below:• Targeted offerings that expand access toprotection for underserved populations.
• Inclusive protection products for impaired lives.
• Wellness-linked protection products thatencourage policyholders to live healthier lives.
• Green products that incorporate environmentallyfriendly features.
• Products that contribute to social betterment.

10.
World Bank. (2019).
Self-employed, total(% of total employment)(modeled ILO estimate).

31

11.
Schanz, K.-U. (2022). Gig
economy work: Mind theprotection gaps. Geneva
Association.

12.
World HealthOrganization. (2022,
October 1). Ageing andhealth.

Targeted Offerings That
Expand Access to Protection
for Underserved Populations
Several large segments of the population are
underserved by the life insurance industry andremain underprotected. For example, selfemployed workers are estimated to accountfor nearly half (46%) of the global population,10
including 15 million people in the U.S. andEurope who derive their primary income fromgig work, defined as temporary or independent
employment through a digital platform or otherservice matching workers and customers on an
on-demand basis. These workers often havelittle personal savings and limited or no accessto traditional employee group benefit insurance,
making them particularly vulnerable to lossof income and costs arising from sickness
or disability.11
Another underserved customer segment, seniors,
must contend with limited coverage options given
common entry age restrictions on life and healthinsurance products. This segment is growing
rapidly as the number of people age 60 years
and over is expected to increase worldwide from
1 billion in 2020 to 1.4 billion in 2030 — or about
one in six people — and to double to 2.1 billion
by 2050.12 While insurers innovate to reach newmarkets and new populations, groups requiring
coverage tailored to meet their specific needs
continue to grow.

Entrepreneurs andfreelance worker
protection in France

Senior Critical Illness(CI) protection in Spain
and Portugal

Improving the quality
and availability ofeldercare solutions

RGA partnered with a digital
insurance broker to develop a
product that offers protection
for an underserved segment:
self-employed workers, such as
entrepreneurs and freelancers,
and their families. Customers
can benefit from income
continuation in case of illness,sick leave, disability, or death,as well as additional guarantees
to protect children andspouses. The offering utilizes
a digital underwriting process
powered by AURA NEXT,
RGA’s automated underwriting
decision management platform.

Recognized as one of the mostinnovative solutions in themarket, our Senior CI offering
allows older adults age 50 to
75 years to keep their policies
until they reach 100 yearsof age. Its benefits include
health assistance services andcoverage for illnesses such as
stroke, heart attack, Alzheimer’s
disease, severe dementia,
Parkinson’s disease, blindness,and paralysis. A further option
also covers cancer.

RGA launched a partnershipin October 2022 with Sompo
Holdings Inc. (Sompo), a global
property and casualty insurancecompany with a leading nursing
care business in Japan, aimed
at improving eldercare andpromoting healthy aging.
Together, Sompo and RGA apply
their combined experience ineldercare, aging-related insights,
and data assets to jointly create
solutions designed to improve
quality of life, availability ofcare, and health and financial
wellbeing for elderly customers
and their families.

Sustainable Innovation for Social Impact

RGA 2022 Sustainability ReportInnovation for Insurance Access

Inclusive Protection
Products for Impaired Lives
Impaired lives refer to individuals with preexisting chronic conditions, such as diabetes,
hypertension, or HIV, which often limit theiraccess to life and health insurance products
due to lack of eligibility or affordability. As aresult, this large and underserved segment of
the global population faces financial hardshipand lack of protection in times of need,particularly given the increased prevalence ofchronic diseases at older ages. RGA aims tohelp bridge the protection gap for impaired
lives and improve health outcomes by providing
inclusive life and health insurance solutions
tailored to address specific healthcare needs.

13.
World Bank. (2021). Diabetes prevalence (% of population
ages 20 to 79).

32

Protecting customers with Type 2
diabetes in Mexico

Minimizing the financial
impact of a cancer
diagnosis for women

CI protection for
applicants withpre-existing conditionsin Singapore

The prevalence of disease is extremely highin certain countries, reaching nearly 11% of
the population in South Africa, 17% in Mexico,and up to 31% in Pakistan in 2021.13 Amae is
Mexico’s first digitally delivered insurance
product targeted specifically to individuals
with Type 2 diabetes. While certain markets
already offered targeted coverage and wellness
programs for diabetics, the insurance industry
in Mexico has struggled to serve this growing
population. More than insurance alone, Amae
offers extensive health management services
for diabetics through an interactive online
platform, including diet and exercise plans,
medical monitoring, personalized medical
follow-ups, discounts on health products, and awellness rewards program. The product earned
Celent’s Model Insurer 2021 Award for Digitaland Emerging Technologies.

RGA research revealed thatcancer is the top concern for
women ages 28-38. By using its
insights and its global expertise,
RGA partnered with healthtech specialists and worked
closely together to develop an
innovative, direct-to-consumer
cancer product. Until now,the complicated nature of
critical illness and cancer-only
products has been a barrier toselling directly to customers.
In 2022, RGA overcame thesebarriers and launched Plan V
Care, a digital insurance policythat provides financial support
specifically for women receivinga life-altering cancer diagnosis.

This inclusive, multi-protection
plan covers a comprehensive
range of critical illness
conditions, total and permanent
disability, terminal illness, anddeath. It accepts applicants withpre-existing conditions, such as
Type 2 diabetes, prediabetes,
high blood pressure, highcholesterol, or high body massindex. If the policyholder does
not submit claims during thecoverage period, 20% of the total
premium is reimbursed.

Until now, thecomplicatednature of critical
illness and canceronly products has
been a barrier toselling directly tocustomers.

Sustainable Innovation for Social Impact

RGA 2022 Sustainability ReportInnovation for Insurance AccessWellness-Linked Protection
Products That Encourage
Policyholders to Live
Healthier Lives
Continued advances in technology, better
understanding of consumer behavior, andinnovative approaches to incorporating
biometric information into insurance offerings
are making notable strides in improving
wellbeing. Customers and insurers alikeunderstand and appreciate the tangible benefits
that wellness programs bring by incentivizing
healthy behaviors and lifestyle choices.
Wellness-linked protection products encourage,measure, and reward healthy behaviors. Basedon their wellness performance, customers canreceive 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 toevaluate risk, a more engaged customer base,and improved health and longevity among
policyholders. Wellness-linked life insurance
products can also have a positive environmental
impact, such as encouraging walking, running,or cycling as an alternative to driving.

33

Selling a wellness-linked
product througha retailer in Spain

Incentivizing customers
to maintain a healthy
lifestyle in South Africa

Billed as “the first life insurance
that pays you for walking,”
RGA’s product offers customers
gift card rewards based on
the number of steps taken on
a quarterly basis. The producthelped the insurer not only
reach a younger demographic(two to three years younger
than the typical life insurance
customer in Spain), but also
reposition the company as aninnovator in the market.

This product encourages
customers to lead a healthy
lifestyle and rewards them bypaying back up to 25% of thepremium based on meeting
various health, activity, andfinancial targets.

Sustainable Innovation for Social Impact

RGA 2022 Sustainability ReportInnovation for Insurance AccessGreen Products That
Incorporate Environmentally
Friendly Features
In this context, green products refer to life andhealth insurance products with features that
support the transition to a low-carbon economy
and the protection of natural resources. Suchproducts 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, or buying
foods that have a low carbon footprint.

Products That Contribute toSocial Betterment

Planting a tree for every
approved application in
Hong Kong
In addition to providing various
types of coverage, suchas critical illness, medical,
accident, and life insurance
protection, the insurer pledged
to plant a tree per client after
every approved application.
To further incentivize carbon
dioxide emissions reductions,the insurer will pay double
indemnity if the insured sustains
an accidental injury while riding
public transportation. RGA
helped develop the simplified
underwriting and healthquestions for this product.

34

Life and health insurance products can be
designed to support the social and economic
development of individuals and communities.
These may include products that promote
access to education by paying for children’s
tuition if their parents die or lose their income
due to illness or disability, or solutions thatmake group insurance coverage available tomembers of cooperatives or associations thatwork to empower low-income or marginalizedgroups. Some insurers may also donate a
portion of the premiums from such products tosocial causes.

Ensuring that children
have access to education
in South Africa
In the event of the policyholder’s
death, disability, or terminal
illness while their child is
between the ages of 5 and 22,
this comprehensive education
insurance offers a fixed annual
benefit based on the child’sage. Ensuring that children haveaccess to education, benefits
are paid out to the designatedguardian or directly to the child’s
education provider. RGA helpedwith the product development
and reinsurance of this product.

Sustainable Innovation for Social Impact

RGA 2022 Sustainability Report

Our Purpose-Driven Philanthropy Strategy
RGA is proud to support many causes aroundthe world as part of our ongoing corporate social
responsibility efforts. RGA and its philanthropicarm, the RGA Foundation, focus charitable giving
and employee volunteerism efforts on five mainareas:
Health and Longevity Illness prevention education,
treatment support, caregiver support, and reductionof health disparities found in the analysis of theleading causes of mortality.
Opportunity Pipeline Educational outreach,scholarship programs, and student programming formath, medicine, technology, and finance, especiallyfor underrepresented groups.
Financial Protection Programs providing financial
literacy, financial education, or career readinesstraining.
RGA in the Community Programs supporting RGA
volunteers in education, health, or environmental
sustainability.
Disaster Response Emergency support forcommunities in crisis.

35

Longer Life Foundation
The Longer Life Foundation (LLF) is a collaboration
between RGA and Washington University in St.
Louis that funds early-stage medical and scientificresearch into topics of importance to the insurance
industry and public health. This collaboration is a key
component of RGA’s corporate philanthropy efforts,
but much more importantly is closely aligned with
our enterprise strategy. By leveraging Washington
University’s world-class research platform, RGA isable to efficiently accelerate and scale the impactof our research dollars through the funding of smallscale pilot and feasibility studies. Additionally, theresearchers who receive funding from the LLF
are often able to secure follow-on grants fromthe National Institutes of Health (NIH) and large
foundations, which multiply the impact of RGA’s
initial investment. All research results are publishedand made available publicly. Since LLF’s founding in
1998, RGA has contributed $8.7 million to fund morethan 140 research grants, resulting in approximately
170 peer-reviewed publications.

United Way Campaign
RGA partners with United Way to help people
throughout the United States and Canada.
Every fall, RGA runs a United Way community
campaign with a generous dollar-for-dollar match
funded through the RGA Foundation. In 2022,
RGA used these donations to help change lives
in communities in which RGA employees live andwork; for example, in improving health outcomesfor children, delivering meals to homeboundseniors, or supporting the community after adisaster such as a fire.

Employee Donations and Volunteering
Since the launch of the RGA Cares program,
employee contributions, RGA matching grants, andvolunteer participation have continued to increase.
Following are just a few examples of employee
community involvement around the globe during2022 are detailed at right. The number of employees
using the RGA Matching Gift Program increased by
35%, and those using the companywide volunteer
time-off policy increased by 96%.

Supporting RGA employees in their support oflocal communities and important 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, andcreate and manage team volunteer projects.
Additionally, employees may make charitable
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.

Combined with RGA’s company match,
employees in the U.S. and Canada raised morethan $1.2 million to support local charities throughthe United Way. In the U.S., employee donations
were up 8% and the number of donors increased
by 38% in 2022 relative to 2020.

38%

Sustainable Innovation for Social Impact

RGA 2022 Sustainability Report

Our Purpose-Driven Philanthropy Strategy

Leadership Spotlight$1.2M

American Heart Association

London Marathon achievement
raised more than £3,500 for
Young Lives vs Cancer

American Heart Association
RGA has formed a strong collaboration with the American Heart Association(AHA) in St. Louis. RGA has participated in the Heart Walk for more than 20
years and has raised more than $1.2 million to support AHA’s mission to create arelentless force for a world of longer, healthier lives. In 2022, RGA’s 110 volunteers
raised a record-breaking $120,000 for this important cause. For the past five
years, RGA has been one of the top five fundraising companies in St. Louis.

$288K
Pedal the Cause
Supporting the health and longevity of our communities is at the heart of RGA’s
culture. Pedal the Cause is an annual St. Louis cycling event that helps raise funds
for cancer research. The event brings together employees to get active whilebringing awareness to the groundbreaking research at Siteman Cancer Center and
St. Louis Children’s Hospital. In 2022, RGA Team Changing Gears was 27 riders
strong and raised close to $27,000 in support of cancer research. To date, RGA
and our employees have contributed more than $288,000 to Pedal the Causethrough corporate event sponsorship and employee fundraising.

36

Sandra Said
Executive Director, Global ERM Projects

Adopt-a-Family
RGA employees supported families
through an Adopt-a-Family program
over the holidays by providing
children with gifts of toys, art supplies,
coats, books, and bedding.

“After so many years watching thisgreat event on TV, I can finally say I
am a marathon runner! It felt fantastic
to be running on the day, after all thetapering and the stress about getting
to the start line in time (due to therail strikes the day before!). It was an
absolute joy to just run and soak up all
the cheers and energy generated by
the wonderful crowds! Well worth theaches and pains that followed!”

Sustainable Innovation for Social Impact

RGA 2022 Sustainability Report

Our Purpose-Driven Philanthropy Strategy

In 2022, the number of employees using the
RGA Matching Gift program increased by 35%.

£140K
U.K. Charity of the Year35%

RGA donated more than £140,000 in 2022 to 30 different charities, all nominatedby members of our RGA U.K. team. This amount included RGA’s donation of over
£32,000 to the chosen 2022 Charity of the Year, Young Lives vs Cancer, where
funds were used to support social workers, maintain homes for patients, and put
14 young people with cancer through the Thrive Not Just Survive education andemployment program.

$170K

American Heart Association

RGA has formed a strong collaboration with the American Heart Association(AHA)
St. Louis. RGA has participated in the Heart Walk for more than 20
Red inCross
years and has raised more than $1.2 million to support AHA’s mission to createa relentless force for a world of longer, healthier lives. In 2022, RGA’s 110
volunteers
raised a record-breaking$120,156
this importantcause.
The RGA Foundation
donated $170,000
to thefor
American
Red Crossin For the
past five
years, 2022
RGA hasbeen oneof thetop five
fundraising
companies in St.
2022:
January— Tornado
reliefeffortsin theU.S. Midwest.
Louis. 2022 — Ukraine humanitarian relief efforts. July 2022 — Flood relief
Marchefforts in Missouri and Kentucky. October 2022 — Hurricane relief efforts in
Florida and Puerto Rico and wildfire relief efforts in the Western U.S.

37

RGA 2022 Sustainability Report

CultureMatters

In This Section:
39 Our Care Approach
40 Workplace Health and Safety
40 Learning and Development
41 Diversity, Equity, and Inclusion

Our work contributes to the following United Nations Sustainable
Development Goals (SDGs):

38

At RGA, the foundation of our business is to empower our
employees to create solutions that enable our clients toextend financial protection to more people around theworld. We believe that our intentional approach to 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.

Culture Matters

RGA 2022 Sustainability Report

Our Care Approach
What sets RGA apart is the depth of our technicalexpertise, our highly inclusive and collaborative
culture, and our passion for excellence. Wheneveryone feels empowered to share ideas,
challenge assumptions, and create new solutions,
we achieve our purpose — to make financial
protection accessible to all. The care and concern
we have for our employees and our communities
is a hallmark of our organization.

The WorkWise
program enables
employees to work
on-site, remotely,or in a hybrid
environment andprovides them withthe support theyneed to succeed.

Flexible Work Arrangements
WorkWise is RGA’s global approach to ﬂexible
work that prioritizes business requirements while
supporting personal work styles. The program wasdeveloped in 2021 and provides mutual ﬂexibility forbalancing the needs of the business and promoting
employee wellbeing. The WorkWise program
enables employees to work on-site, remotely, or ina hybrid environment and provides them with thesupport they need to succeed.

Total Rewards
Our approach to total rewards focuses on our
employees’ financial, physical, social, and emotional
wellbeing; empowers employees to be their wholeselves; enhances our unique culture; and balances
value, risk, and what matters to employees.
The company’s compensation programs, comprisingof salary and short- and long-term incentives, strikea balance between external market competitivenessand internal equity, balancing global consistency
with local market variations. This balance is achievedby consistently applying program standards ona global basis while targeting compensation atcompetitive levels.
The company’s benefit programs are an integral partof its employees’ total reward package. Benefits
are aligned with local market practices and include
healthcare, retirement and savings, education
assistance, flexible work programs, employee
assistance programs, wellness programs, andparental leave programs, among others.

39

Health and Wellbeing
RGA supports our employees’ efforts to achievea healthy work-life balance by providing a varietyof competitive beneﬁts packages to address theirpersonal and professional needs, such as:
Skill-building: RGA encourages employees
to grow professionally and personally throughongoing training and skill development, mentorship
opportunities, and international relocation androtation programs.
Work-life balance: At RGA, family and career are notmutually exclusive. We offer a family-friendly culture
and ﬂexible work arrangements.
Performance recognition: RGA’s performancebased compensation program and competitive
beneﬁts are designed to cultivate collaboration andrecognize success.

Inclusion of ESG investment options introduced in
the RGA U.K. employee pension
As part of its 2022 initiatives to facilitate local
environmental and sustainability efforts, the U.K.
Sustainability Committee added some ESG-focused
funds options from which employees could choose if
they wish to have a larger part of their pension savings
allocated to ESG investments. This step was initiatedby the committee in response to employee feedback
with a sustainability town hall survey.

Culture Matters

RGA 2022 Sustainability Report

Workplace Healthand Safety

Learning and Development

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

We invest signiﬁcant resources to create andsustain a learning environment to ensure that
employees at all levels continue to develop
professionally throughout their career at RGA.
While technical expertise is critical, we view thedevelopment of highly effective interpersonal
and leadership skills as equally important.
RGA supports learning modalities (on-demand,
virtual, in-person, etc.) that educate, inform, andchallenge employees, furthering professional
growth and corporate performance.

• RGA does not tolerate any workplace violence
committed by or against workforce members.
Employees are prohibited from making threats orengaging in violent activities in the workplace.
• RGA prohibits the unlawful distribution,
dispensation, possession, consumption, or useof illegal drugs or controlled substances on
RGA premises.
• RGA will investigate all reported violations anddisclose information obtained to others only
on a need-to-know basis. At the conclusion of
the investigation, RGA will take appropriate
corrective action.
This policy empowers RGA employees to carefor one another, practice good judgment, andunderstand when to speak up. For more information,please see our Code of Conduct.

Global Career Framework (GCF): A system thatallows RGA to differentiate its jobs consistently
across the world. We implemented the GCF in
response to employee requests for clearer careerdevelopment opportunities and transparent career
paths. The consistent descriptions of GCF job levels
also enable RGA managers to understand jobs indifferent parts of the world, regardless of location.
Global Onboarding Practices: Streamlined
measures to support consistent onboarding practices
for RGA employees around the world.
Global Recognition Platform
Our talent management and culture strategy
empowers all employees to give and receive
recognition; provides employees with a public forum
to thank colleagues who reﬂect RGA’s core values;
and simpliﬁes recognition with automated processes,
easy-to-use tools, and state-of-the-art technologythat delivers a world-class user experience. Useof the platform increased 185% in 2022 as many
more departments and offices set up new programs
specific to their local office and/or lines of business,
including more than 30 monetary reward programs
for a total of $415,000, an increase of $298,000
over 2021.

40

Kimberly Lay

Senior Project Coordinator, Strategic
Management and Execution
U.S. Mortality Markets“What I enjoyed most about the STIRX experience was being
able to participate in the program from my home country. I had
always wanted to take part in the STIRX program but didn’t wantto leave my husband and children. This opportunity allowed me
to gain exposure to another side of the business and work withcolleagues across the globe while staying home with my family
and continuing to work my day job. I appreciated the flexibilityof the RGAX Accelerator team, as it allowed me to work at a
comfortable pace that balanced the demands of my current job
while actively participating in their ESG initiative. The whole
RGAX team was very welcoming and eager to have us aboard,
and I am grateful for the opportunity.”

Building Our Leadership
We understand that developing and supporting
RGA leaders is a critical ingredient of attracting
and retaining top talent and building a strong
foundation for RGA’s long-term success andsustainable value creation.
During 2022, we started Leadership Labs to
introduce critical capabilities to senior leaders,aligned to achieving our five-year strategy. With agoal of upskilling leaders en masse, RGA set forthexperiential training for all vice presidents and aboveon important topics such as:• Inspirational leadership (for all senior vicepresidents and above).
• Strengthening decision-making and appropriate
risk tolerance in fast-moving businessenvironments.
• Developing leadership agility to anticipate change,
generate confidence, initiate action, liberate
thinking, and evaluate results.

Short-Term International Rotation
Short-Term International Rotation (STIRX) was
designed to create excitement around the cultureof a mobile workforce at RGA to meet our changing
business needs, develop our employees, and shareand understand the different cultures in which we
do business.
A Decade of Thoughtful Engagement
By empowering our employees to think creatively
and fostering an inclusive workplace, RGA delivers
on its commitments to our clients, investors, andcommunities. We actively seek out feedback fromour employees through an employee engagement
survey. We are dedicated to taking this feedback
and using it to improve how employees experience
RGA. We have conducted a survey on a biennial
basis since 2011, so our next survey will becompleted in 2023. Please see our 2021 ESG
Report for information on RGA’s 2021 employee
engagement survey and our response to feedback
on improvement areas.

Culture Matters

RGA 2022 Sustainability Report

Diversity, Equity, and Inclusion
Leadership Spotlight
Employees are at the heart of our business. That’s
why diversity, equity, and inclusion (DEI) mattersand why creating an inclusive and equitableworkplace contributes to successful businessoutcomes. DEI engages current employees; helps
attract a wide pool of talent so that RGA can hire
the best globally; and fosters a workplace culture
in which we can hear, share, and leverage insightsfrom all. Achieving our DEI goals is critical to
RGA’s growth and, therefore, integral to RGA’s
enterprise strategy.

Our Global DEI Strategy and Approach

DEI Oversight and Accountability

DEI Strategy Pillars

Fulfilling RGA’s purpose to make financial protectionaccessible to all is only possible with a talented
and diverse global workforce. To create a culture inwhich all employees can reach their full potential, we
have developed a global strategy to provide clear
direction for DEI, improve RGA’s DEI accountability
framework, and enhance DEI governance.
RGA’s long-standing commitment to DEI starts at theleadership level. Our Global Diversity and Inclusion
Council of leaders oversees the strategy and executionof DEI across the globe. The council is connected to
our Executive Committee (EC) via an EC member who
serves as the council’s executive sponsor. The current
sponsor is the CEO and President of RGA Canada. 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 thisstructure, we maintain global accountability and local
relevance for DEI efforts.
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, and the Inclusive Insurance Pledge,
which welcomes people from diverse backgrounds
as insurance consumers and employees.
41

During 2022, we refreshed our global DEI strategy
to further build alignment with RGA’s sustainablebusiness success. Incorporating employee feedback,industry research, and input from the Board of
Directors, the refreshed Global DEI Strategy puts
forth a plan for greater emphasis on bringing
together RGA’s core values, business goals,
and talent.

The four DEI strategy pillars identify the scope, goals,
and initiatives of our DEI strategy and align with
RGA’s five-year 2022-2026 strategy. The global DEI
strategy also provides the means to measure ourprogress. With successful execution of this strategy,
we will build a workplace where all employees areencouraged and supported, and we will cultivate
community partnerships that broaden the positivesocial impact of our purpose.

CreatePartner

Accelerate

Sustain

TalentCommunities
and Partnerships

Accountability
and Measurement

Inclusive
Workplace

Foster a workforce that
represents the local
markets we serve andstrengthen a culturethat promotes equity
and opportunity for all.

Advance DEI in thecommunities where wework and within thefinancial services andinsurance industries
through partnerships
and philanthropy.

Share progress against
clearly establishedbenchmarks and key
performance measuresthat enable RGA toachieve meaningfulprogress.

Ensure employees feela sense of belonging,are valued for theirdifferences, and aresupported to reach
their full potential.

Larnise Boain
Vice President, Diversity, Equity, and Inclusion

“Our people are and have always beenat the center of what we do. RGA’s
growth and sustainable success as
a company depends on a talented,
highly engaged workforce. DEI is nolonger just a moral imperative; it is abusiness imperative in today’s climate.
Our investment in DEI is an investment
in our talent pipeline, the RGA brand,
reputation, our corporate culture, andclient and board confidence.”

Culture Matters

RGA 2022 Sustainability Report

Diversity, Equity, and Inclusion

Our Employee Diversity
RGA fosters a culture in which people are acceptedand embraced for who they are, as demonstrated by
RGA’s high voluntary retention rate. Our experience
shows — and workplace studies prove — thatdiversity of people brings diversity of ideas and morecreative solutions, leading to better processes, better
products, and ultimately better results for our clientsand the people they serve. As a global reinsurer, ourcontinued growth and vitality is built on attracting,selecting, developing, and retaining exceptional
talent to execute our strategy and produce
innovative solutions for our clients.
As of Dec. 31, 2022, women comprised 48% of RGA’s
global workforce and people of color made up 19%of the U.S. workforce. We maintained overall female
representation across the company while increasing
female representation in the global leadership
positions for Vice President/Subject Matter Experts
to 28% in 2022 compared to 24% in 2021, whileremaining constant at 32% for Director/Senior
Professional leadership level.

We aim to evolve ourworkplaces and thecommunities in which RGA
has a presence into morediverse, equitable, andinclusive environments.
14.
Refers to RGA Global Career Framework levels L1SME1+ and M3P4+.

422022 Global Gender Representation

2022 Diversity Metrics

Attracting Diverse Talent

Global Leadership% Female

14

Vice President/Subject Matter Experts and above
Directors/Senior Professionals and above

48%
Women

Global Promotions and Hires
Promotions
New Hires

Both Promotions and New Hires
U.S. Promotions and Hiring
Promotions

2022 U.S. Racial/Ethnic Representation
New Hires
Both Promotions and New Hires

28%
32%% Female

34%
28%
32%
% People of Color

21%
23%
22%

Ensuring Equitable Pay

19%
People ofColor

RGA has long been committed to ensuring equalpay for equal work. In 2022, we engaged a thirdparty consultant to complete our fifth annualcompanywide study on pay equity, which analyzed
the pay practices of all of RGA’s U.S. employees andall our employees working at non-U.S. locations withmore than 50 employees (collectively representing~90% of RGA employees worldwide). The results
concluded that women at RGA are paid 99.7% ofwhat men are paid, when comparing pay levels for
similar roles. In addition, in the U.S., when using thesame comparisons, the average non-Caucasian to
Caucasian pay ratio was 100.0%.

Our talent acquisition (TA) teams, in partnershipwith hiring leaders, nurture a talent pipeline that
leads us to a diverse workforce. Throughout theyear, TA launched new and continued partnerships
and increased focus on working with non-proﬁts,
academic institutions, and industry associations toamplify our ability to attract diverse talent. Highlightsof these activities include:• We continued our partnership with theInternational Association of Black Actuaries(IABA) as a sponsor at its annual conference.
IABA’s purpose is to increase the number of Blackactuaries through programs and partnerships inthe industry. Our sponsorship allows us to support
the attraction and development of individuals
through IABA.
• In 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 andcontributed to their scholarship fund.
• Our team in Japan participated in and led a panel
discussion at the industry’s diversity conference,
Dive In, on the importance of psychological safety
in ensuring inclusion and driving engagement in
the workplace.

Culture Matters

RGA 2022 Sustainability Report

Diversity, Equity, and Inclusion

Leadership Spotlight
Creating an Inclusive Workplace
10,000 Black Interns Program

RGA U.K. has been a member of the 10,000 Black
Interns program, which provides paid work experience
across a wide range of sectors. The program is aimed at
helping transform the horizons and prospects of young
Black people in the U.K. This is an important step in
RGA’s contribution to helping underrepresented groups
gain meaningful experience, training, and development.
We provided one internship opportunity in summer
2022 and aim to provide one each year for five years.

St. Louis Internship Program

RGA is partnering with the St. Louis Internship Program
and the City Academy Alumni Program to provide
opportunities for Black high school students in financial
need through paid summer internships, intensive work
readiness training, and year-round college and careerplanning to build the St. Louis community by developing
motivated, well-trained, and talented future employees.

43

Through intentional programs and practices,
we continually develop and deepen our diverse
talent within RGA. The enterprise approach toreviewing our talent, planning for succession,and proactively creating development
opportunities contributes to an environment
focused on growth and ensures that talentacross the enterprise is visible and considered.
DEI Training and Leadership Development
In early 2022 we implemented a new
microlearning platform to continue to build
DEI awareness and capabilities within our
workplace. After expanding the curriculum
during 2021-2022, DEI training in topics suchas unconscious bias, respect in the workplace,and bias awareness are 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 expanded
education offerings to include mitigating bias
in interviewing, psychological safety, and new
manager training.
Employee Resource Groups
Our employee resource groups (ERGs) help
drive our inclusive culture. These employeeled groups support business innovation, help
to retain and attract diverse talent, and provide
professional and leadership development
opportunities. We added 10 ERGs in 2022 thatstrengthen RGA’s connection to our global
employee base and local needs. Our ERGs
now include:

U.S. and LATAMRGA Pride
Women@RGA
Asian Pacific Professional Network (APPN)

Dr. Dan Zimmerman
Senior Vice President and Chief Science Advisor, RGA;Managing Director, Longer Life Foundation
Executive Sponsor of the RGA Pride ERG

Black Employees Succeeding Together (BEST)
EveryMind: Neurodiversity
Canada
Women’s Network
Mental Health Advocacy Group
Sustainability Committee
Working Parents Support Group
Network for Black, Indigenous, andPeople of Color
U.K.
Out@RGA
Mental Health Committee
Women@RGAU.K.
Sustainability Committee“Despite how far things have comeover the years, there is still concernof some stigma about not being able
to bring your whole self to work. We
have to realize that and let everyonepace themselves and be comfortable
where they are. ERGs [employee
resource groups] are a mechanism forpeople to come together and provide
feedback to the company and tosupport others as well.”RGA 2022 Sustainability Report

Environmental
Stewardship

In This Section:
45 Building Climate Resilience
45 Measuring Our Footprint
46 Managing Our Footprint and Environmental Impact

Our work contributes to the following United Nations Sustainable
Development Goals (SDGs):

44

RGA believes long-term environmental
sustainability is a key factor in the continuingresilience of RGA and the ﬁnancial services
industry because sustainability impacts
both investors and society. By incorporating
sustainable principles into our core business, we
can better understand our long-term resilience,
identify threats to longevity, and pinpoint
opportunities, which are key components of RGA’s
investment research and decision-making.
RGA embraces its responsibility to conduct
operations with a keen focus on environmental
stewardship.

Pictured here: Native grasses andwildflowers planted at the RGA
corporate headquarters

Environmental Stewardship

RGA 2022 Sustainability Report

Building Climate Resilience

Measuring Our Footprint

RGA is committed to continually building
organizational resilience to the impacts ofclimate change. Through our keen awarenessof 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 ofclimate change and to continue aligning ourbusiness strategy with the transition to a
low-carbon economy.

RGA has partnered with a third-party carbon
accountant to measure our 2019-2022 Scope 1, 2,
and 3 (air travel only) emissions.

We have pledged to achieve net-zero greenhousegas (GHG) emissions throughout our global
operations15 by the end of 2026. In 2021, we took
our first steps toward this goal by measuring
our GHG emissions in alignment with the World
Resources Institute’s Greenhouse Gas Protocol andaligning with the Task Force on Climate-Related
Financial Disclosures (TCFD) framework — wecontinued to pursue this ambition throughout 2022.
Our alignment with TCFD recommendations(outlined in detail in the Appendix) exemplifies
our commitment to incorporating climate risks
and opportunities into our corporate governancestructure and business strategy.

Please see the Appendix of this report for ouralignment with TCFD recommendations.

Net
Zero

For our Scope 1 and 2 emissions, our consultants
calculated the emissions using the conversion
factors developed by the U.K. Department forEnvironment, Food & Rural Affairs (Defra) andthe Department for Business, Energy & Industrial

45

16.
Corrected from 2021 report.

For Scope 3: Category 6, Business Travel (airtravel only), our consultants used Defra emissions
factors and took into account distance traveled andairfare class.

Scope 1, 2, and 3 emissions

We have pledged to achieve net-zerogreenhouse gas (GHG) emissions throughout
our global operations15 by the end of 2026.

2019

2020

2021

2022

Scope 1 Total (MTCO2e)

656

571

590

603

Scope 2 Location-Based Total(MTCO2e)

7,163

7,770

7,684

7,829

Scope 1 & 2 Location-Based Total(MTCO2e)

7,819

8,341

8,274

8,432

Scope 3: Category 6, Business Travel —Air Travel Only (MTCO2e)

7,621

1,561

273

4,297

16

3,910

Certified Offsets (MTCO2e)

Scope 1 & 2 Intensity per Employee(MTCO2eFTE)
15.
Scope 1 and Scope 2 emissions.

Strategy (BEIS) for the year of reporting. These
factors are multiplied by our GHG activity data. This
calculation method is the preferred governmentrecognized approach in the U.K.

2.5

2.3

2.4

2.2

Environmental Stewardship

RGA 2022 Sustainability ReportManaging Our Footprint and Environmental Impact
Leadership Spotlight
RGA has a long legacy of environmental programs
and initiatives ranging from energy-efficiency
measures to employee green committees.
Sustainability is a priority within our working
environments.

Anne Marie ForkanVice President, Facilities

Green Buildings
RGA values safe and environmentally friendly
building practices. Approximately 51% of our on-site
employees work in a Leadership in Energy andEnvironmental Design (LEED) or WELL-certified
building, and even more operate out of spaces withadditional building credentials.
Green Building Certifications
LEED
Platinum3

Italy, South Korea, and Mexico

Gold

2

U.S. HQ and Toronto

1

Toronto“Environmental responsibility
and sustainability are at theheart of the work we do andthe decisions we make toensure RGA’s headquarters
and our global offices leadwith care for employees andthe planet.”

WELL
Gold

WELL CORE and SHELL
Compliant1

LondonRGA London
Photo: Oktra

46

Environmental Stewardship

RGA 2022 Sustainability ReportManaging Our Footprint and Environmental Impact

RGA’s Headquarters

Training and Education

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 or alarms and automatically
tweaking or overriding programmed system
functions to optimize operations for maximum
energy, economic, and environmental efficiencies.

In 2021, RGA hosted an internal climate change
webinar in observance of Earth Day to raiseawareness of the effects of climate change on thereinsurance industry. Our training processes havealso been expanded to include ERGs. In 2022 we
asked employees in our Canada offices which
additional ERGs they would like the company toimplement, and sustainability was a top answer. As
a result, we are launching a sustainability ERG in
the next few months for our Canada employees.
Employee involvement in our sustainability efforts
highlights RGA’s commitment to a culture ofenvironmental stewardship.

This allows us to monitor and control system
functions and present system data in a highly
visual, easy-to-read graphic user interface. Thissystem, along with the facility’s other sustainability
features, results in a cleaner, more efficientbuilding environment to ensure business continuity,contribute to increased productivity, deliver financial
returns, and reduce environmental impact.

Dining

RGA Headquarters Highlights
St. Louis, USA

Building
Window shade system
automatically adjusts tosolar demand changes
Private offices andrestrooms furnishedwith occupancy sensors
to reduce electricity
demands
Energy-efficient LED
lighting in private offices
and copy areas
47

Landscaping
State-of-the-art HVAC
system for maximum
energy, economic,
and environmental
efficiencies

Landscaping designedwith native grasses andplants to minimize theuse of irrigation
Prairie ecosystem serves
as a natural carbon
sink, sequestering 1 to 2
metric tonnes of carbon
per acre per year
Prairie habitat supports
and restores biodiversity
native to the region

Rainwater collection
system utilizes
bioretention ponds thatnaturally filter and cleanwater runoff
Prairie grass species
support the monarchbutterfly population by
assisting with pollination
Native plants also help
reduce risk of floods

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 beena role model for responsible sourcing in the foodservice 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 these shared values through our partnership withBon Appétit has led to measurable impacts in ourown office and in our local community. Examples ofthese impacts include:• Purchasing 18.1% of our food within 150 miles of
our HQ in 2022
• Sourcing 100% Fair-Trade Certified Coffee and 99.7%
Fair-Trade Certified Teas for our on-site caféWith these impacts in mind, we are proud to continue
our long-standing partnership with Bon Appétit.

Environmental Stewardship

RGA 2022 Sustainability ReportManaging Our Footprint and Environmental Impact

Waste Minimization

Carbon Offsets

Preserving our environment is more important thanever, and waste reduction and recycling play a
crucial role in keeping it clean. We have successfully
reduced a large quantity of non-recyclable plastics
by providing compostable alternatives, and we have
reduced paper use through electronic filing. In 2022,
RGA’s waste reduction efforts led to 13 tons of total
electronics being diverted from a landfill as a partof our total 2,454 items recycled or reused. There
has been an additional focus on specific guidelines
for waste reduction this year. Our specific efforts inassociation with our vendors include:

RGA has set several ESG goals to reduce carbon
intensity — this includes reducing or offsetting
Scope 1, Scope 2, and select Scope 3 emissions.
While we aim to reduce our absolute emissions
through efficiency measures and operational
improvements, we utilize high-quality, verified
carbon offsets in alignment with RGA’s values asa means to take responsibility for our carbon
footprint. Verified carbon offset projects not only
reduce carbon emissions, but also have addedsocial and environmental co-benefits, such as
improving and preserving biodiversity, education,jobs, food security, and health and wellbeing indeveloping countries.

Decreasing contamination: RGA is committed todecreasing contamination by adding signage toall bins to help streamline our recycling programs,
ensuring all recycling is clean and debris-free, andencouraging staff to avoid hard-to-recycle materials.
Improving waste avoidance: RGA is dedicatedto implementing reusable alternatives across theworkplace as appropriate, including reusable coffee
mugs, plates, cups, and utensils.
Lessening consumption of single-use packaging:
RGA is reducing single-use items in the office, suchas takeaway coffee cups, plastic wrappers and waterbottles, and individual condiment packages.

48

In 2022, RGA offset 3,910 tonnes of CO2e throughthe following offset projects:

Pacajai REDD+

The Wind Project

BrazilMaharashtra, India

The Pacajai REDD+ project works to prevent
unplanned deforestation in native forests due tologging, squatting, and attempts to implement
pastures in the Amazon rainforest. The project is
expected to avoid more than 22 million tonnesof CO2e over 40 years by managing the land asa private conservation reserve through rigorous
monitoring and enforcement. Since 2012, the project
has scaled up its monitoring activities by employing
and properly training local villagers for monitoringand enforcement activities. This project is certified by
the Verified Carbon Standard and the additional Gold
Level CCB Award (currently undergoing revalidation)
guarantees exceptional social and environmental
co-benefits of this project.

The Wind Project in Maharashtra, India generates
electricity through renewable wind energy.
The project has nearly 100 wind turbines in the
Maharashtra state of India. The project reduces
the dependency on fossils fuels, which are
predominantly used for electricity generation inIndia, and helps in the reduction of climate change
impacts. The project activity is expected to supply
372.791 GWh of energy to the NEWNE grid each year.
This is projected to result in emission reductions of364,217 tCO2e per year of operation. This project iscertified by the Verified Carbon Standard.

RGA 2022 Sustainability Report

Appendix

In This Section:

50		Sustainability Accounting Standards Board (SASB)
54 United Nations Sustainable Development Goals
56 Task Force on Climate-Related Financial Disclosures (TCFD) Alignment
67 ESG Materiality Assessment Definitions
70 RGA Glossary 		
71 Forward-Looking Statements 		

49

Appendix

RGA 2022 Sustainability Report

Sustainability Accounting Standards Board (SASB)
In developing this report, we aligned our disclosures with Sustainability Accounting Standards Board (SASB)
standards — now housed under the International Sustainability Standards Board (ISSB) — related to the Insurance(FN-IN) and relevant topics from Asset Management & Custody Activities (FN-AC) industries to ensure that we
address the environmental, social, and governance (ESG) factors most relevant to our business. According to the
SASB Materiality Map, the following categories are most relevant to companies in our industry.

Topic

Accounting Metric

SASB CodeRGA Response

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

FN-IN-270a.1

RGA reports any material monetary losses as a result of legal proceedings associated withmarketing and (or) communicating information related to insurance products in the Legal
Proceedings section in RGA’s 2022 Form 10-K, page 35.

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.

Total invested assets, by industry and asset class

FN-IN-410a.1

As of Dec. 31, 2022, RGA’s Investment Portfolio was $73.4 billion. For more information,please see RGA’s 2022 form 10-K.

Report Reference

Insurance

Transparent Information & Fair
Advice for Clients

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

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

FN-IN-410a.2

RGA is committed to investment decision-making that integrates ESG factors to bolster
more sustainable social outcomes and improved risk-adjusted returns through evaluating
longer-term ESG 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 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, andlong-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 by advancing initiatives related to financial
protection, health, education, social housing, clean energy, and the climate.

50

For more information, please see the Business
Ethics and Responsible Practices section of this2022 Sustainability Report.

For more information, please see the Our
Responsible Investment Approach section ofthis 2022 Sustainability Report.

Appendix

RGA 2022 Sustainability Report

Sustainability Accounting Standards Board (SASB)

Topic

Accounting Metric

SASB CodeRGA 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 and/or product features that incentivize
health, safety, and/or environmentally responsible actions and/or
behaviors

FN-IN-410b.2

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

Probable Maximum Loss (PML) of insured products from weatherrelated 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 payoutsfrom (1) modeled natural catastrophes and (2) non-modeled natural
catastrophes, by type of event and geographic segment (net andgross of reinsurance)

FN-IN-450a.2

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

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

Insurance

Policies Designed to Incentivize
Responsible Behavior

Environmental Risk Exposure

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

Systemic Risk Management

Exposure to derivative instruments by category: (1) total potential
exposure to noncentrally cleared derivatives, (2) total fair value of
acceptable collateral posted with the Central Clearinghouse, and(3) total potential exposure to centrally cleared derivatives

FN-IN-550a.1

RGA utilizes derivative financial instruments to protect against possible changes in thefair value of its investment portfolio as a result of interest rate changes; to hedge against
risk of changes in the purchase price of securities; to hedge liabilities associated withthe reinsurance of variable annuities with guaranteed living benefits; to reduce the risk
associated with foreign currency fluctuations; and to manage the portfolio’s effective
yield, maturity, and duration. RGA uses (1) exchange traded and 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 with creditworthy
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 and upon termination. For information regarding derivative instruments, please see
the Note 5 – Derivative Instruments in the Notes to Consolidated Financial Statements of
RGA’s 2022 Form 10-K, page 115.
Please see the Note 5 – Derivative Instruments section of RGA’s 2022 Form 10-K,
page 116.

51

For more information, please see theSustainable Innovation for Social Impact sectionof this 2022 Sustainability Report.

For more information, please see theEnvironmental Stewardship and Business Ethics
and Responsible Practices sections of this 2022
Sustainability Report.

For more information, please see the Risk
Management and Business Continuity and
TCFD sections of this 2022 Sustainability
Report.

Appendix

RGA 2022 Sustainability Report

Sustainability Accounting Standards Board (SASB)

Topic

Accounting Metric

SASB CodeRGA Response

Total fair value of securities lending collateral assets

FN-IN-550a.2

Please see the Investments Section of RGA’s 2022 Form 10-K, page 111.

Report Reference

Insurance

The Board has an active and ongoing role in overseeing corporate risks, as a whole and at
the committee and subgroup level. The Board primarily oversees enterprise risk throughits Risk Committee, which oversees the management of the enterprise risk management(ERM) program and policies.
Systemic Risk Management

Description of approach to managing capital and liquidity-relatedrisks associated with systemic non-insurance activities

We have a well-deﬁned risk governance structure that is essential to our overall risk
management strategy. Our ERM program is responsible for:
FN-IN-550a.3• Analyzing
	and reporting our risks on an aggregated basis.
• F acilitating monitoring to ensure risks remain within its appetites and limits.
• Ensuring, on an ongoing basis, that RGA’s ERM objectives are met.

For more information, please see the Risk
Management and Business Continuity and
TCFD sections of this 2022 Sustainability
Report.

This program assumes 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.

Asset Management & Custody Activities

Transparent Information & Fair
Advice for Customers

Employee Diversity & Inclusion

52(1) Number and (2) percentage of covered employees with a recordof investment-related investigations, consumer-initiated complaints,
private civil litigations, or other regulatory proceedings

FN-AC-270a.1

Total amount of monetary losses as a result of legal proceedings
associated with marketing and (or) communicating information
related to financial products to new and returning customers

FN-AC-270a.2

RGA reports any material monetary losses as a result of legal proceedings associated withmarketing and (or) communicating information related to financial products in the Legal
Proceedings section of RGA’s 2022 Form 10-K, page 35.

Description of approach to informing customers about products
and services

FN-AC-270a.3

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

Percentage of gender and racial/ethnic group representation for(1) executive management, (2) non-executive management, (3)professionals, and (4) all other employees

FN-AC-330a.1

As of Dec. 31, 2022, women comprised 48% of RGA’s global workforce and people of color
made up 19% of the U.S. workforce.

RGA reports any material regulatory proceedings in the Legal Proceedings section of
RGA’s 2022 Form 10-K, page 35.

For more information, please see the Business
Ethics and Responsible Practices section of this2022 Sustainability Report.

For more information, please see the Diversity,
Equity, and Inclusion section of this 2022
Sustainability Report.

Appendix

RGA 2022 Sustainability Report

Sustainability Accounting Standards Board (SASB)

Topic

Accounting Metric

SASB CodeRGA Response

FN-AC-410a.1

Together, as of year-end 2022, the fair total value of our responsible investments,
comprising both ESG-labeled bonds and the other asset classes aligned to our six chosen
UN SDGs, was $4.8 billion after a 14% increase of $609 million over the prior year.

Report Reference

Asset Management & Custody Activities
Amount of assets under management, by asset class, that employ(1) integration of environmental, social, and governance (ESG)
issues; (2) sustainability themed investing; and (3) screening

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

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

FN-AC-410a.2

RGA is committed to investment decision-making that integrates ESG factors to bolster
more sustainable social outcomes and improved risk-adjusted returns through evaluating
longer-term ESG 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 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, andlong-term value creation.
As part of our responsible investment strategy, RGA has chosen to increase our allocation
to assets that align with six UN 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 proxy voting and investee engagement policies andprocedures

FN-AC-410a.3

For more information, please see the Our
Responsible Investment Approach section ofthis 2022 Sustainability Report.

As fixed income investors, our Investment Team embeds various ESG considerations
throughout our fundamental research process to strengthen our risk assessment, businessmodel analysis, and issuer engagement activities that inform our decision-making arounda company’s balance sheet strength, profitability, and long-term value creation. During2022, our Investment Team completed Material Risk Engagement reviews for 23 of 71
names with “High” or “Severe” ESG risk scores (32%).
Since our assets are nearly all fixed income, proxy voting is not relevant to RGA’s
investment process.

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

FN-AC-510a.1

All legal discussions related to RGA can be found in the Legal Proceedings section of
RGA’s 2022 Form 10-K, page 35.

Business Ethics

Description of whistleblower policies and procedures

53

RGA has not experienced any monetary losses as a result of fraud, insider trading,anti-trust, anti-competitive behavior, market manipulation, malpractice, or other related
breaches of financial industry laws or regulations.

FN-AC-510a.2

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

For more information, please see the Business
Ethics and Responsible Practices section of this2022 Sustainability Report.

Appendix

RGA 2022 Sustainability Report

United Nations Sustainable Development Goals
The United Nations Sustainable
Development Goals (SDGs) werecreated 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 ESG initiatives to the SDGs
that we have the power to influence andimpact 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

RGA commits to maintaining a safe and healthy
environment in the workplace, and we support
our employees’ efforts to achieve a healthy worklife balance by providing a variety of competitive
beneﬁts packages to address their personal andprofessional needs. In addition, we actively seekout feedback from our employees through an
employee engagement survey, conducted on abiennial basis since 2011. Their feedback is used
to improve how employees experience RGA.

We direct our investment dollars toward issuersthat help support education through investmentsin public student loans, municipal educational
establishments, and universities.

RGA has long been committed to ensuring
equal pay for equal work. In 2022, we engaged
a third-party consultant to complete our fifth
annual companywide study on pay equity, whichanalyzed the pay practices of all U.S. employees
and all our employees working at non-U.S.
locations with more than 50 employees. The
results concluded that women at RGA are paid
99.7% of what men are paid, when comparing
pay levels for similar roles. In addition, in the U.S.,
when using the same comparisons, the average
non-Caucasian to Caucasian pay ratio was
100.0%. Ensuring our compensation practices areequitable — regardless of gender or race — isimperative for RGA’s culture.

Our Responsible Investment Approach

Diversity, Equity, and Inclusion

How RGA Contributes
As part of RGA’s Responsible Investment effort,
we are working to make additional impact bydirecting our investment dollars toward issuersthat help support the SDGs. We invest in U.K.
Lifetime Mortgages, Fund, or LP investments withan underlying financial protection goal.

Our work focuses on improving access to healthopportunities and using our resources to better
understand many complex issues related to
global health and wellbeing. We are proud tohave a suite of products that are grounded insocial impact. We have helped minimize thefinancial impact of cancer diagnoses for womenand improved the quality and availability ofeldercare solutions, promoting the health andwellbeing of all.
Our investments in municipal hospitals, not-forprofit healthcare, and medical research also
reflect our dedication to supporting societal
health and wellbeing.

Report Section
Our Responsible Investment Approach

54

Culture Matters
Sustainable Innovation for Social Impact
Our Responsible Investment ApproachAppendix

RGA 2022 Sustainability Report

United Nations Sustainable Development Goals

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

Our responsible investments support
municipal affordable housing, certain
residential mortgage-backed securities (RMBS),commercial mortgage-backed securities (CMBS),commercial mortgage loans (CMLs), and U.K.
Housing Associations.

We are committed to ESG-informed investment
decision-making to bolster improved
sustainability practices. Our responsible
investment analysis helps us determine ourstrategy and focus our objectives to drive
sustainable economic development andinnovation, particularly in the areas related todecarbonization, climate risk, and social impact.

How RGA Contributes
We invest responsibly through investments inclean energy and climate. More specifically,
we invest in renewable energy utilities, local
authorities, and green bonds.

We invest signiﬁcant resources to create andsustain a learning environment to ensure that
employees at all levels continue to develop
professionally throughout their careers with RGA.
We provide career development and leadershiptraining opportunities for employees’ ongoingprofessional development.

RGA’s commitment to making 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 fullpotential, we have developed a global strategy
to provide clear direction for diversity, equity, andinclusion (DEI), improve RGA’s DEI accountability
framework, and enhance DEI governance.

In addition, we invest in renewable energy
utilities and green bonds.

We work to attract diverse talent through ourpartnerships with the International Associationof Black Actuaries, National African American
Insurance Association, 10,000 Black Interns
program, and St. Louis Internship Program.

Report Section
Our Responsible Investment Approach
Sustainable Innovation for Social Impact

55

Culture Matters

Diversity, Equity, and Inclusion

Our Responsible Investment Approach

Our Responsible Investment Approach
Sustainable Innovation for Social Impact
Environmental StewardshipAppendix

RGA 2022 Sustainability Report

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

TCFD Disclosure Recommendation

RGA’s Alignment

Governancea. Describe the Board’s oversightof climate-related risks andopportunities.

The Board and executive leadership recognize that healthy communities,
sustainable operations, an inclusive and diverse workforce, andresponsible investment practices are important for the creation of longterm value and business success for our company and stakeholders.
The Board works closely with executive leadership to provide guidanceon ESG strategy, initiatives, and execution. As a whole and througheach of its standing committees, the Board and Executive Committee
collectively provide active oversight of RGA’s ESG strategy, which
includes climate-related risks and opportunities.

Report Reference

The Board has an active and ongoing role in overseeing the managementof corporate risks, both as a whole and at the committee and subgrouplevel. The Board primarily oversees enterprise risk through its Risk
Committee, which oversees the management of the enterprise risk
management (ERM) program and policies — climate risk is embedded
in our ERM framework. The Risk Committee receives regular reports
and assessments that describe our key risk exposures and include
quantitative and qualitative assessments and information about breaches,
exceptions, and waivers.

ESG Governance

RGA’s Climate Scenario Analysis Working Group oversees our climate
scenario analysis related efforts in partnership with RGA’s global risk
team. This group includes members of our risk and investment teams andreports to the RMSC on a quarterly basis.

ESG GovernanceRisk Management and Business Continuity

Of note, approximately 50% of our Board has knowledge of andexperience with ESG issues, trends, disclosures, and practices.

b.Describe the management’s role inassessing and managing climaterelated risks and opportunities.

In early 2022, RGA established an ESG Steering Committee to develop,
champion, and advise on our overall ESG strategy, policies, and initiatives,
including climate initiatives. The committee is composed of more thana dozen leaders from all major functions and geographies who are well
positioned to integrate and oversee sustainable business practices
across our global operations.
RGA’s Risk Management Steering Committee (RMSC), made up ofleaders 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 climate, the external environment, and regulatory
risk. In addition to the aforementioned committees, RGA has four
risk committees, all of which consider climate risk as part of their risk
management responsibilities.

56

RGA’s Vice President of Corporate Social Responsibility and Sustainability
works in coordination with the aforementioned groups and is responsible
for the day-to-day monitoring and management of select climate-related
issues.

Risk Management and Business Continuity

Appendix

RGA 2022 Sustainability Report

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

TCFD Pillar

TCFD Disclosure Recommendation

RGA’s Alignment

Strategya. Describe the climate-related risks
and opportunities the organization
has identified over the short,medium, and long term.

Time horizons
RGA assesses climate-related risks and their impacts over three time
horizons: short, medium, and long term. For the purposes of climatechange risks and opportunities, RGA defines these time horizons
as follows:• Short term (1 to 5 years): 2022-2026. This is aligned with RGA’s
business strategy cycle.
• Medium term (5 to 10 years): 2026-2030• Long term (10+ years): 2030-2050 and beyond. 2050 is defined by
the Paris Agreement as the end point when energy transition of the
global economies is aimed to be completed.
Currently RGA’s definitions of short, medium, and long term align with the
expected completion of energy transition defined by the Paris Agreement
by 2050.
RGA recognizes that the physical risks on assets, as well as their related
impact on mortality and morbidity, are most likely to be experienced in atime frame beyond that of the Paris Agreement. RGA therefore accounts
for the changing risk impacts across the different time horizons in its
analysis.
Risks
From the insurance industry’s perspective, climate change is not a newrisk. It is one important change factor affecting both sides of the balance
sheet, in effect modifying and/or accelerating known risks. It is global innature, 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 theirinteractions at different time horizons in the short, medium, and long term.
It considers both sides of the balance sheet, as well as interactions acrossbusiness functions and decision feedback loops, to assess the materialityof risks and develop potential actions to address them.
On the liability side of the balance sheet:
An increase in global average temperatures can cause changes inweather patterns — resulting in more severe and more frequent natural
disasters such as forest fires, hurricanes, tornadoes, floods, and storm

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Report Reference

surges — and may impact disease incidence and severity, food and watersupplies, and the general health and wellbeing of impacted populations.
These climate change trends are expected to continue in the future andmay impact nearly all sectors of the economy to varying degrees.
We strategically monitor drivers that may impact mortality and morbidity
trends, and we conduct scenario reviews for various climate change
related events.
As 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 andtransition risks might have on our key mortality markets over both theshort and long term, based on the latest academic research. Over the
short term, the impact of physical and transition risks are expected to
be immaterial. Over the longer term, even under extreme greenhousegas emissions scenarios, physical risks are expected to have at mostonly a relatively modest negative impact in our key mortality markets.
However, material physical risks could manifest in other markets over the
longer term. The mortality impact of transition risks in our key mortality
markets is less certain over the longer term. The impact could be positiveor negative, depending on how transition policies are implemented; forexample, they have the potential to positively impact our key mortality
markets through improved diet and active travel.
On the asset side of the balance sheet:
The transition and physical risk assessment of our investee companies
and the impact on countries, economies, and societies and communities
are the key components of RGA’s risk materiality analysis.
Physical risk
Both acute physical risks stemming from the increased frequency andseverity of extreme weather events, and chronic physical risks resulting
from changing temperature and precipitation patterns, lead to various
degrees of asset damage and impact for companies:• Their production facilities• Human capital• Adjacent infrastructure• Their supply chains (indirectly)
These all result in productivity loss and stranded asset risk.

Our Responsible Investment Approach
Environmental StewardshipAppendix

RGA 2022 Sustainability Report

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

TCFD Pillar

TCFD Disclosure Recommendation

RGA’s Alignment

Strategya. Describe the climate-related risks
and opportunities the organization
has identified over the short,medium, and long term.

The impact of physical climate risks to investors varies depending on
the type of physical hazard as well as the geolocation of the assets. The
hazards are diverse, and they include, but are not limited to:Continued• 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
The real estate investments would be impacted at a disproportionately
higher rate and need an exclusive materiality assessment.
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. These include the 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 of market value of financial
assetsTransition 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 investments we hold or impact or affect ourcounterparties.
More recently, ligation risk has emerged as a new subcategory of risk
between physical and transition risk, which governments and companies

58

Report Reference

are also facing in relation to their legal obligations and corporate
governance. Regarding physical risks, litigation may be brought against
an entity alleged to be (indirectly or directly) responsible for a climaterelated event. The recent developments in attribution science havestrengthened the causation between observed changes of weather
events and human influence. The most common field of climate litigationis still in relation to transition risk. Many cases are brought against states
and companies for failure to deliver on their legal obligations to bring
down carbon emissions.
The long-term manifestation and the systematic nature of those risks are
particularly important when we consider the long duration of our fixedincome investment portfolio.
Opportunities
As an organization, we fully embrace the concept of sustainability andour corporate responsibility. As such, we would like to control the carbon
footprint of our own operations.
Investments
We believe that the most responsible investment philosophy and the one
producing best risk-adjusted returns for our stakeholders in the long run
is to support and encourage the overall energy transition of the global
economy in order to avoid the devastating effects of climate change on
the planet and associated societal breakdown and loss of biodiversity.
Transitioning into low-carbon economies provides opportunities to tilt
investment portfolios toward companies that are leaders in managing
climate risk and/or developing technology or processes that will help
abate activities most harmful to the environment.
Aligned with RGA’s commitment to making financial protection accessible
to all, RGA is committed to supporting social and green infrastructure as
set out in our Sustainability Report, in specific categories aligned with six
selected UN Sustainable Development Goals:• Financial Protection• Health• Education• Social Housing• Clean Energy• Climate Action

Our Responsible Investment Approach
Environmental StewardshipAppendix

RGA 2022 Sustainability Report

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

TCFD Pillar

TCFD Disclosure Recommendation

RGA’s Alignment

Strategya. Describe the climate-related risks
and opportunities the organization
has identified over the short,medium, and long term.

By some predictions, $125 trillion to $150 trillion of investment is required
globally to decarbonize the economy, of which $32 trillion is required by
2030, with about 70% of such investment needing to come from private
finance. Standard Chartered estimates that emerging markets need tofind around $95 trillion, a sum higher than annual global GDP, to transition
to net zero by 2060.

Operations
Green buildings
RGA values safe and environmentally friendly building practices.
Approximately 51% of our on-site employees work in a LEED- or WELLcertified building, and even more operate out of spaces with additionalbuilding credentials.

By carefully considering all the aspects of the energy transitionand our social purpose as an organization, RGA believes that themost responsible investment philosophy is one that targets a
substantial decarbonization of our portfolio, taking into consideration
economic and social impact, regional differences, and various stagesof countries and sectors of the economies with different degrees oftechnological innovation. The approach we have adopted is holistic,
which allows our sector specialists to evaluate all future climate-relatedrisks and opportunities of the transition of companies within their areaof expertise.

RGA’s headquarters is a LEED Gold certified facility built with energy
management in mind. The building’s sophisticated automation systemcollects metrics from hundreds of data points, signaling potential
inefficiencies or alarms and automatically tweaking or overriding
programmed system functions to optimize operations for maximum
energy, economic, and environmental efficiencies.

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

ESG factors are an integral part of our research, analysis, and ongoing
monitoring of corporate bond investments. We believe that good
governance practices and a commitment to corporate responsibility bybond issuers can enhance investment opportunities and meaningfully
affect investment performance. RGA also believes long-term sustainability
concerns impact both investors and society and thus should beconsidered 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 research and decision-making. RGA continually evaluates
climate change’s potential impacts on health and longevity, examining
both the potential negative and potential positive effects, includingchanges to human behavior.

Continuedb. Describe the impact of climaterelated risks and opportunities
on the organization’s businesses,
strategy, and financial planning.

Targets and Commitments
RGA has set targets to reduce our environmental impact. These are
outlined in the Metrics and Targets section of this TCFD table andrecognized within our larger business strategy.
Products
RGA is exploring options to develop new sustainability and climatechange-linked products to continue our tradition of making an impact
through our products and partnerships (as highlighted in our Green
Products That Incorporate Environmentally Friendly Features section).
Investments
In addition to economic and financial considerations, we evaluate andincorporate ESG criteria, including climate considerations, when making
investment decisions.

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Report Reference

Our Responsible Investment Approach
Environmental Stewardship

Waste reduction
Preserving our environment is more important than ever, and waste
reduction and recycling play a key role in keeping it clean. We havebeen successful in reducing a large quantity of non-recyclable plastics,
providing compostable alternatives, and reducing paper use throughelectronic filing.

Our overall top-down and bottom-up analysis suggests that across credit
markets and geographies the significant transition risks over the longrun are not currently fully reflected in the expected dispersion of credit
spreads between leaders and laggards in various sectors. In contrast,
credit rating agencies have changed their methodologies to incorporate
those emerging risks of stranded assets and increased climate-adjusted

Our Responsible Investment Approach
Green Products That Incorporate Environmentally
Friendly Features
TCFD Metrics and Targets

Appendix

RGA 2022 Sustainability Report

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

TCFD Pillar

TCFD Disclosure Recommendation

RGA’s Alignment

Strategyb. Describe the impact of climaterelated risks and opportunities
on the organization’s businesses,
strategy, and financial planning.

probabilities of default in their rating analysis much more explicitly. As
prudent long-term investors, by starting to tilt our portfolio to embrace
the leaders and best improving companies in the new energy transition
economy, we are protecting the portfolio downside of a significant
repricing of credits that are poorly positioned to transition over time to aless carbon-intensive economy. And we can also mitigate any associatedcredit rating downgrade risk and, further down the line, increased
probability of default if business models do not adapt to the new
operating environment.

Continued

As set out in the Our Responsible Investment Approach section, we had
adopted a target to reduce the carbon intensity of the public corporatebond portfolio by 20% between 2022 and 2026, aligned with ourbusiness strategy cycle. The metric we have adopted as a true measureof decarbonization is the reduction of Weighted Average Carbon Intensity(Scope 1 and Scope 2 emissions in relation to USD-based revenues). In
addition, we plan to develop methodologies or estimates for the partsof the portfolio where we do not have verifiable data, such as sovereign
bonds and private corporate assets.

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

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 andoperational resilience program enables our leaders to understand our
exposure to disruptions in advance and take steps to mitigate theirlikelihood and impact. Our global policy, frameworks, training, and tools
empower leaders to limit disruptions to within impact tolerances. Throughour ERM function, we review and update our business continuity plansand preparedness protocols at least annually, gaining input from internal
and third-party specialists.
RGA continues to research the long-term health effects of climatechange. Our commitment to research in this space enables us toanticipate climate impacts and adapt accordingly.
To fully understand the impact of those risks on our balance sheet, acomprehensive stress testing is required to model the impacts of climatechange on our business under different temperature pathways using our
climate scenario analysis. We first conducted such a holistic analysis in
2021 on specific legal entities in the U.K., with a focus on transition risk

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Report Reference

We evaluate the emission footprint of our investee companies, but also
the forward-looking assessment of how the companies’ management
is acknowledging and mitigating that transition risk. For the most partof that forward-looking assessment, we leverage the carbon risk rating
provided by Sustainalytics, an ESG rating agency and our primary climate
data vendor. We also assess a company’s existing climate risk reduction
policies and decarbonization targets, its emissions track record andfuture trajectory, and any active changes to its business model and capitalreallocation to the transition. For the companies within high-carbon sectors
who have “High” or “Severe” carbon risk ratings (the laggards of transition),
we developed a framework of additional monitoring of progress andinvestment analysis. Together with Sustainalytics we use Material Risk
Engagement assessments of our investee companies to address broader
ESG risks, including any lack of progress on transition and emission
reduction targets. In case of worsening of carbon risk ratings over timeand reversal of emission trajectories and signs that management is not
responsive to the broader collective engagement via Sustainalytics, we cansuspend future investments in these companies or fully divest the position
and reallocate the investment toward companies that are embracing thechange and are willing to decarbonize more rapidly.

Our Responsible Investment Approachon the asset side and some aspects on the physical risks for our lifetime
mortgages. The analysis we undertook tested transition risk sensitivities
against various International Energy Agency (IEA) climate change
scenarios, both of which indicated potential risks and opportunities.

Risk Management and Business Continuity

In 2022, the process was improved by widening stresses for the sectors,
adding more granular data on additional sectors and names, providing
additional estimates for the missing data to improve the coverage for theassessment. We also developed a more detailed reporting tool to monitor
the forward-looking risk assessment of the overall portfolio as well as theattribution analysis of the Carbon Transition Assessment (CTA) ratings forthe most transition-impacted sectors. RGA planned further enhancementsby adding carbon risk portfolio data and attribution analysis from
Sustainalytics. This data provides broad coverage of companies theyassess, not only limited to the sectors with the highest transition risk but
widened to cover all individual sectors of the economy. We continue to
evolve our carbon transition risk analysis to incorporate additional data,
asset classes, and geographies.

Green Products That Incorporate Environmentally
Friendly Features
TCFD Metrics and Targets

Our Responsible Investment ApproachAppendix

RGA 2022 Sustainability Report

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

TCFD Pillar

TCFD Disclosure Recommendation

RGA’s Alignment

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

RGA’s newly established Climate Scenario Analysis Working Group, in
partnership with RGA’s global risk team, is laying the foundations andframework for our 2023 enterprisewide climate scenario analysis andstress-testing capabilities. This will focus on the time-related impacts ofphysical risks and transition risks on both sides of the balance sheet.

Continued

Risk Managementa. Describe the organization’s
processes for identifying andassessing climate-related risks.

The team is expanding its efforts and has started to evaluate the climate
risk impacts on our assets (e.g., physical and transition risks), utilizing
a mixture of qualitative and quantitative analysis. We aim to extend theuse of different transition pathways and scenarios developed from the
Network for Greening the Financial System (NGFS) to better capture
the higher physical risks in a scenario of substantial global warming.
The process will also identify different aspects of transition risks andtheir uneven nature, considering global differences and potential abruptchanges of regulation.

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 isembedded in this framework as a cross-cutting risk. Our ERM frameworkprovides a platform to assess the risk/return profiles throughout theorganization, 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, andissues. The RMSC is also accountable for RGA’s strategic risk exposures,
including the external environment and regulatory risk.
In line with the TCFD recommendations, RGA differentiates between (1)physical risks and (2) transition risks associated with climate change.

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We aim to extend the qualitative analysis on the asset side to capture
more asset classes where considerable data gaps still exist, or where
the quality of the disclosed data is questionable, by using various thirdparty vendors and our own expertise and knowledge of the assets
and investee companies. We see the broader scope of assets subject
to the 2023 enterprisewide climate scenario analysis as a significant
enhancement to the 2022 stress-testing methodology we applied to the
U.K. operating entities.

Risk Management and Business Continuity
Our Responsible Investment ApproachAn evaluation of third-party vendors and their methodologies for climate
risk analytics at the portfolio level is planned for later this year as aprecursor to a more quantitative assessment of these risks in the 2024stress-testing exercise.

(1) 	Physical climate change risk results from events (e.g., flooding) or
longer-term climate pattern shifts that have financial impact.
(2) 	Transition climate change risks are related to large organizational orexternal changes (e.g., policy and legal, technology) that are required
to transition to a lower-carbon economy.
Policy and Legal
RGA considers existing and emerging regulatory requirements regarding
climate change as part of its risk management process. We monitor the
evolving regulatory landscape regarding climate change disclosures andclimate litigation risk.
We believe that by incorporating climate risk into our robust and rigorous
risk management framework, we can prepare all aspects of our businessfor the impacts of climate change.

Risk Management and Business Continuity

Appendix

RGA 2022 Sustainability Report

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

TCFD Pillar

TCFD Disclosure Recommendation

RGA’s Alignment

Risk Managementb. Describe the organization’s
processes for managing climaterelated risks.

RGA is committed to the continuity of services as part of who we are andthe value we offer our clients. As such, we manage our climate-relatedrisks through our ERM framework and global business continuity andoperational resilience program.

6. Risk Incidents and Findings Management
Reporting of risk incidents and findings drives transparency aboutrisk events and vulnerabilities within the organization, ensures thatappropriate mitigation occurs, and enables RGA to improve processes
and learn from mistakes.

2. Risk Appetite Statement
A general and high-level overview of the risk profile RGA aims to achieve
to meet its strategic objectives is supported by more granular risk limits.

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, temporary
waivers, and exceptions are reported to the Risk Committee regularly.

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 with other risks.

62

5. Business-Specific Limits and Controls
These provide additional safeguards against undesired risk exposuresand are embedded in business processes. Examples include maximum
retention limits, pricing and underwriting reviews, per-issuer limits,
concentration limits, and standard treaty language.

RGA’s ERM Framework
1. Risk Culture
Risk management is an integral part of our culture and is embedded inour business processes in accordance with our risk philosophy. As thecornerstone of the ERM framework, a culture of prudent risk management
reinforced by senior management plays a preeminent role in the effective
management of risks.

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 to manage the overall risk
profile of RGA while allowing achievement of strategic objectives.

c. Describe how processes for
identifying, assessing, and managing
climate-related risks are integrated
into the organization’s overall risk
management.

Report Reference

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 considereda 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 toclimate change and other emerging risks and opportunities.

Risk Management and Business Continuity

Global Business Continuity and Operational Resilience Program
RGA’s global business continuity and operational resilience program
enables our leaders to understand our exposure to disruptions inadvance 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 and preparedness
protocols at least annually, gaining input from internal and third-party
specialists.
Enterprise Risk Management

Appendix

RGA 2022 Sustainability Report

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

63

TCFD Pillar

TCFD Disclosure Recommendation

RGA’s Alignment

Report Reference

Metrics and Targets

a. Disclose the metrics used by theorganization to assess climaterelated risks and opportunities
in line with its strategy and risk
management process.

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

Absolute emissions and carbon intensity (in revenues based in USD
equivalent) are provided by Sustainalytics. In case of lack of data, forsome private companies Sustainalytics has developed estimations ofemissions based on relative size of companies within a sector.

We utilize the following core metrics to measure the potential financial
impact of climate-related risks and opportunities on our business, and tomeasure the progress versus our ESG and climate-related targets (seetable on the following page). We believe these are valuable in supporting
our climate-related governance, strategy, and risk management,
despite some of their limitations. These include a limited scope ofcoverage, data availability, and extended time horizons, as well as theuncertainty associated with some of the underlying assumptions. We
utilize external data sources and providers as well as internal analysis to
produce the climate metrics. We continue to assess new data providers
and methodologies to address data gaps and improve the quality ofassumptions. We recognize that standards of disclosure of companies
and governments are not always uniform, are still predominantly
voluntary, and are more limited in scope (some lack Scope 3 emissions
disclosure). We acknowledge that the climate science is still evolving, andthat the field of accurate forecasting long-term economic variables andlong-term assumptions for social economic pathways is also imprecise.
Technological solutions for carbon abatement in many industries are stillin development.

RGA has adopted a metric called Weighted Average Carbon Intensity(WACI) to measure and report the relative carbon footprint of its
underlying investments (limited currently to the public corporate bondportfolio). WACI measures the carbon intensity of the company. It is acalculation of the tonnes of CO2 emitted per US$1 million of company
sales. WACI then aggregates them using the percentage weight of theholding within the portfolio. The WACI metric covers Scope 1 and 2
emissions but does not cover Scope 3.
Metrics assessed include:
1. Scope 1: Direct GHG emissions
2. Scope 2: Indirect GHG emissions
3. 	Absolute emissions and carbon intensity(in revenues based in USD equivalent)
4. Weighted Average Carbon Intensity (WACI)
A more detailed overview of metrics utilized is outlined in Table 1 on thefollowing page.

Our Responsible Investment Approach
Environmental StewardshipAppendix

RGA 2022 Sustainability Report

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

TCFD Pillar

TCFD Disclosure Recommendation

Metrics and Targets

a. Disclose the metrics used by theorganization to assess climaterelated risks and opportunities
in line with its strategy and risk
management process.
Continued

RGA’s Alignment

Report Reference

Climate Metrics

Overview

Climate Risks/
Opportunities

Related to Target

Scope

Operational
Carbon Emissions

Scope 1, Scope 2, and Scope 3 (onlybusiness travel)

Transition risks

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

RGA wide

Carbon Footprintof Investments

Weighted Average Carbon Intensity

Transition risks

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

RGA’s investment
portfolio (public
corporate bondsection)Investment in
Sustainable Assets

Investments mapped against RGA’s own
defined taxonomy aligned with UN SDGs
we support

Physical, transition, andsocioeconomic opportunities

Increased investments aligned withour corporate purpose by 2026

RGA’s investment
portfolio

Carbon Transition
Assessment

Identification of company preparedness forthe energy transition (scenario based)

Transition risks

Develop climate change stresstesting and materiality assessment
for Own Risk and Solvency
Assessment (ORSA) and entirebalance sheet

RGA’s own U.K.
legal entities inscope — regulatory
requirements

Carbon Risk
RatingIdentification of company-specificassessment of exposure and mitigation by
management of transition risk

Transition risks

Develop climate change stresstesting and materiality assessment
for ORSA and entire balance sheet

RGA’s investment
portfolio (public
corporate bondsection)ESG Rating

Identification of company-specificassessment of exposure and mitigation
by management of sector-relevant andspecific ESG risks

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

Track the ESG profiles of companies
we invest in

RGA’s investment
portfolio (public
corporate bondsection)Estimation of Total Loss and Capacity tocover financial impact of physical climate
risks (direct and indirect)

Physical risks

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, andcountries

64

Our Responsible Investment Approach

Table 1: Climate-related Metrics

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

Chronic: freeze-thaw,
soil subsidence, sea rise,
precipitation
Acute: extreme health, extreme
wind, forest fire, flooding

Develop climate change stresstesting and materiality assessment
for ORSA and entire balance sheet

RGA’s investment
portfolio

Environmental StewardshipAppendix

RGA 2022 Sustainability Report

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

TCFD Pillar

TCFD Disclosure Recommendation

RGA’s Alignment

Metrics and Targets

a. Disclose the metrics used by theorganization to assess climaterelated risks and opportunities
in line with its strategy and risk
management process.

For the assets not in scope for these analyses and those for which data
is insufficient, we intend to continually assess new methodologies andexpand data providers. These assets include sovereign bonds, private
assets for which data is currently unavailable, lifetime mortgages, realestate related investments (loans and equity), structured products, private
debt, and equity investments.

Continued

Report Reference

2022 Results
For our 2022 analysis, we utilized metrics covering financial year Jan. 1,
2022-Dec. 31, 2022, and a 2021 year-end base year for corporate bondportfolio decarbonization targets. The table below outlines coverage and
WACI-related metrics for underlying investee companies.

Table 2: Carbon intensity for public bond portfolio (data coverage and comparative WACI year-over-year)17, 18
2021

2022

ChangeReported data of Scope 1 and 2 (% of assets under management corporate bonds)

61%

48%

-13%

Estimated data of Scope 1 and 2 (% of assets under management corporate bonds)

22%

33%

11%

Not covered

17%

19%

2%

WACI (mtCO2/$)

433

362

-16%

We reported a year over year decline of 16% in the carbon intensityof our portfolio. Eighty percent of this reduction was due to a
combination of improvement in total emissions footprint of theinvestee companies — reflecting our emphasis on investing incompanies that are committed to reducing their emissions — and areduction in our investment in some high-carbon-intensity names. The
remaining 20% reduction was a result of the change in market valueof holdings due to an increase in interest rates, which negatively
impacted the value of fixed income assets.
Sustainalytics’ carbon risk ratings provide a forward-looking view oftransition risks with a distribution of the risks across the public bondportfolio, as illustrated in Table 3.

17.
The Weighted Average Carbon Intensity(WACI) is calculated for the portfolio
comprising public corporate bonds,
including 144a and Reg S securities,
excluding credit derivatives and otherprivate debt securities.

65

18.
For the subsidiaries and operating
entities, where our analysts have accessto additional reported emission data
and disclosure at the entity level, we
adjust the estimated emissions provided
from Sustainalytics to avoid big data
discrepancies.

Table 3: Portfolio Breakdown by Carbon Risk Category% Entities
50%

44%
38%

40%

30%

20%

10%

10%
6%
2%
Negligible
Risk

Low RiskMediumRisk

High Risk

Severe Risk

Our Responsible Investment Approach
Environmental StewardshipAppendix

RGA 2022 Sustainability Report

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

TCFD Pillar

TCFD Disclosure Recommendation

RGA’s Alignment

Metrics and Targets

a. Disclose the metrics used by theorganization to assess climaterelated risks and opportunities
in line with its strategy and risk
management process.

Given that our holdings are long term in nature and the carbon intensity
measure is backward looking, we felt that a measure of forward-looking
assessment of transition preparedness is the best gauge for future
emission trajectories of companies.

Continuedb. Disclose Scope 1, Scope 2, and, if
appropriate, Scope 3 greenhousegas (GHG) emissions and therelated risks.

c. Describe the targets used by theorganization to manage climaterelated risks and opportunities andperformance against targets.

66

Report Reference

According to our 2022 analysis of our corporate bond portfolio, 74% of theportfolio has Carbon Risk Rating coverage. Of the rated companies, 92%
are categorized as “Negligible” to “Medium” risk. This means the majority of
our investee companies are sufficiently taking transition risks into account intheir business assessment and have corresponding policies, practices, andgovernance structure to mitigate risks of carbon emissions.

RGA has continued to measure our Scope 1, Scope 2, and select Scope 3
GHG emissions and now has calculations for 2019-2022. Our 2022 GHG
emissions are as follows:
Scope 1: 		

603 MTCO2e

Scope 2: 		

7,829 MTCO2e

Scope 3 (air travel only): 		

4,297 MTCO2e

RGA’s climate-related metrics and targets are built into the companywide
strategy, which runs through 2026. RGA has made efforts to measure andreduce our Scope 1, Scope 2, and select Scope 3 GHG emissions, including
a target for net-zero operational emissions (scope 1 and 2) by the endof 2026. As mentioned earlier, we also have carbon intensity reduction
targets for our investments and plans to increase investment in green
and social infrastructure by the end of 2026. Here is the outline of thespecific targets:

From 2021 to 2022, the issuers rated at “High” or “Severe” risk (6% and
2% of portfolio, respectively) decreased by 14%.

Our Responsible Investment Approach
Environmental Stewardship

FY2021

FY2022

Issuers with “Severe” rating

26

20

Issuers with “High” rating

74

66

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 a complete assessment of our emissions associated with
Scope 3: Category 15 – Investments, the information disclosed in Metrics
and Targets a. (above) provides insight into how we are evaluating
associated emissions.

Environmental Stewardship

Our Responsible Investment Approach
TargetProgress in 2022

Achieve a 20% reduction in carbon
intensity of the public corporate bondportfolio by end of 2026 and develop
methodology to measure carbon intensity
for private corporate assets

Achieved a 16% YoY reduction in carbon
intensity, from 433 MTCO2e / $M revenue
at YE21 to 362 MTCO2e / $M revenue
at YE22

Increase green and social investmentsthat align with targeted SDGs

Increased green and social bondinvestments by $609 million

We have pledged to achieve net-zero GHG emissions throughout our
global operations by the end of 2026.

Create a system for climate risk
assessment for investments in the U.K. in
2022, with global analysis in 2023

RGA has a long legacy of environmental programs and initiatives ranging
from energy-efficiency measures to employee green committees.
Sustainability is a priority within our working environments.

• Designed bespoke climate risk stresstesting framework for U.K. legal
entities• Aligned with the European Insurance
and Occupational Pensions Authority(EIOPA) guidance for best practices

Proactively engage with investees
deemed as material ESG risk

Completed Material Risk Engagement
reviews for 23 of 71 names with “High”
or “Severe” ESG risk scores (32%)

Environmental StewardshipAppendix

RGA 2022 Sustainability Report

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

ESG Materiality Matrix Priority Topics

Top Priority Topics

RI
CC
DI

AC

ED
BE

AC		Access to responsible products
AP		Anti-competitive practices
BL

Biodiversity and land use

BD

Board diversity

BE

Business ethics and responsible practices

CC

Climate change

CE

Community engagement and philanthropy

CI

Corruption and instability

Increasing importance to stakeholders

CP
CE

VT
CM
CH

CM Customer education and fair marketing
CH

Customer health and wellbeing

CS

Customer satisfaction

CP

Cybersecurity and customer privacy

DI

Diversity, equity and inclusion

ED

Employee development and wellbeing

SR

HR

CS

TA
EE
RP
BD

AP
CI

EM

BL

EM Energy management

67

EE

Executive and employee incentives

HR

Human rights

RP

Regulation and public policy

RI

Responsible investment

SR

Systemic risk management

TA

Tax and accounting transparency

VT

Vendor and third-party management

Increasing degree of impact on RGA

LegendBusiness Ethics andResponsible Practices

Responsible Investment
Approach

Sustainable Innovation forSocial Impact

Culture of Care

Environmental Stewardship andClimate Preparedness

Appendix

RGA 2022 Sustainability Report

ESG Materiality Assessment Definitions

Business Ethics
and Responsible
Practices

Business Ethics andResponsible Practices

Cybersecurity andCustomer Privacy

Systemic Risk
Management

Vendor and Third-Party
Management

68

Risks and opportunities surrounding ethical conduct of business, including
fraud, executive misconduct, corruption, bribery and facilitation payments,
fiduciary responsibilities, and other behavior that may have an ethicalcomponent. This includes sensitivity to business norms and standards as
they shift over time, jurisdiction, and culture. Company’s ability to provide
services that satisfy the highest professional and ethical standards of theindustry, which means to avoid conflicts of interest, misrepresentation,bias, and negligence through training employees adequately andimplementing policies and procedures to ensure employees provide
services free from bias and error.
Issues that may arise from incidents such as data breaches in which
personally identifiable information (PII) and other user or customer data
may be exposed. Addresses a company’s strategy, policies, and practices
related to IT infrastructure, staff training, record keeping, and regulatorycompliance used to ensure security of customer or user data. Additionally,
addresses the ethics and practices established by a company over theuse and handling of data.
Addresses a company’s contributions to and management of systemicrisks resulting from weakening of systems depended on by society andthe economy. Large-scale systems include systems related to natural
resources, financials, and technology. Includes the mechanisms acompany has developed to reduce contributions to systemic risks andtheir ability to absorb shocks arising from large-scale system stress.
Management of environmental, social, and governance (ESG) risks within
a company’s supply chain and third-party relationships. Includes theselection of vendors, suppliers, and third-party relationships that align withthe company’s ESG values and represent a diverse population (minorityowned businesses, small businesses, and underrepresented populations).
Other factors considered include environmental responsibility, humanrights, labor practices, and ethics and corruption. Management may
involve screening, selection, monitoring, and engagement with supplierson their environmental and social impacts.

Customer Education
and Fair Marketing

Marketing strategy that imparts knowledge to clients and builds
trust with the specific intention of educating clients and presenting
a balanced and unbiased marketing strategy. Manages issues that
may arise from a failure to manage the transparency, accuracy, andcomprehensibility of marketing statements, advertising, and labelingof services. Includes advertising standards and regulations, ethical andresponsible marketing practices, and misleading or deceptive labeling, as
well as discriminatory or predatory selling and lending practices.

Customer Satisfaction

Strategies to ensure customer satisfaction and retention and to informmanagement about sales tactics. Includes ensuring products meet theneeds of clients, tailoring communications to different customer bases,
measuring customer retention rates, and properly managing and handlingcustomer complaints.

Regulation and Public
PolicyEngaging with regulators in cases where conflicting corporate and public
interests may have the potential for long-term adverse direct or indirectenvironmental and social impacts. Includes company’s level of reliance
upon regulatory policy or monetary incentives (such as subsidies andtaxes), actions to influence industry policy (such as through lobbying),
overall reliance on a favorable regulatory environment for businesscompetitiveness, and ability to comply with relevant regulations.

Tax and Accounting
Transparency

Transparency on a company’s estimated corporate tax gap, revenue
reporting, and involvement in tax-related controversies, as well as on thetransparency, independence, and effectiveness of their audit and financial
reporting practices.

Anti-Competitive
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 with competitors and limiting the effects of market
competition. Addresses any identified anti-competitive impacts and how
companies manage the impacts.

Corruption andInstability

Identifies a company’s strategy, policies, and procedures to identify,
assess, and manage corruption risks and impacts. This includes thecompany’s adherence to integrity, governance, and responsible businesspractices. Corruption includes practices such as bribery, fraud, extortion,collusion, and money laundering.

Appendix

RGA 2022 Sustainability Report

ESG Materiality Assessment Definitions

Responsible
Investment
Approach

Responsible
Investment

Investment products and/or product features that incentivize health,safety, and/or environmentally responsible actions or behaviors andconsider ESG in the management of company’s invested assets and thoseassets they manage on behalf of others.

Human Rights

Addresses a company’s strategy, policies, and practices to mitigate
negative impacts on human rights through recognition and compliance withinternational human rights frameworks, conducting human rights reviews, andproviding staff training to identify and handle human rights issues.

Sustainable
Innovation forSocial Impact

Access to
Responsible Products

Broaden access to insurance and financial products and services,
specifically in the context of underserved markets (e.g., low regional
physician concentration) and/or population groups. Management of issues
related to universal needs, such as the accessibility and affordability ofhealthcare and financial services, including equitable pricing mechanisms,
capacity advancement, and product donations. Additionally considers
environmental, social, and governance impacts in the characteristics ofproducts and services provided by a company. Further addresses the
management of emerging social risks and the development of insurance
products to address emerging needs that may arise from major publichealth and demographic trends, in addition to review of existing products
to ensure adequacy of current offerings.

Board Diversity

The RGA Board of Directors reflects the makeup of local talent pools andthe company’s customer base. It addresses the issues of discriminatory
practices on the bases of race, gender, ethnicity, religion, sexual
orientation, and other factors.

Executive and
Employee Incentives

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 totalcompensation for all employees. Additionally covers the impacts related
to employee incentives to focus on short-term or long-term company
performance and the related issues caused by excessive risk-taking whenshort-term performance is increasingly emphasized by a company.

Climate Change

Risks and opportunities that climate change may pose to insured assets,
individuals, company assets, or company strategy across both (1) physicalclimate change risk results from events (e.g., flooding) or longer-termclimate pattern shifts that have financial impact and (2) Transitional climatechange risks related to large organizational or external changes (e.g.,technology) that are required to transition to a lower-carbon economy.
Additionally considers the implications that climate 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.

Energy Management

Environmental impacts associated with energy consumption and a company’s
management of energy in providing its services. Includes management ofenergy 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,and genetic diversity.

Culture of Care

Customer Health andWellbeing

Management of emerging social risks and development surrounding
prevalent and demographic health issues, such as mental health, financial
health, and preventive care.

Diversity, Equity, andInclusion

Ensuring a culture that embraces the building of a diverse and inclusive
workforce. Addresses the issues of discriminatory practices on the bases ofrace, gender, ethnicity, religion, sexual orientation, and other factors.

Employee
Development andWellbeing

Developing a highly skilled workforce through mentorship, coaching, training,and other career growth opportunities. Additionally, considers the extent towhich care is exhibited for employees through benefits that support physical,
mental, emotional, and financial health and a work-life balance throughtechnology, training, corporate culture, and regulatory compliance.

Community
Engagement andPhilanthropy

69

Positive impacts to the businesses and the communities in which acompany operates, including socioeconomic community impacts,
community engagement, environmental justice, cultivation of local
workforces, impact on local businesses, license to operate, andenvironmental/social impact assessments.

Environmental
Stewardship
and Climate
Preparedness

Appendix

RGA 2022 Sustainability Report

RGA Glossary
AURA NEXT
RGA’s automated digital underwriting platform forlife and health insurers, delivering the quickest,
most accurate decisions at point of sale.
Carbon Transition Assessments (CTAs)
Provide a relative ranking of issuers operating
within selected sectors identified under theframework. Can be used as a research tool forsystematic analysis of carbon transition and its
potential to influence credit risk.
Enterprise Risk Management (ERM)
RGA defines ERM as an enterprisewide framework
to assess all risks facing the organization, manage
mitigation strategies, monitor ongoing risks, andreport 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 responseto employee requests for clearer careerdevelopment opportunities and more transparent
career paths. The consistent descriptions of
GCF job levels also enable RGA managers tounderstand jobs in different parts of the world
regardless of the job’s location.
Global Chief Risk Officer (CRO)Works closely with all business segments andlegal entities to:• Develop a consistent ERM framework within the
different segments/entities• Support ERM development and develop
consistent programs• Review and promote sound ERM practices

70

Global Human Rights Policy
Details expectations for our actions and behavior
concerning human rights in accordance withapplicable laws 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 humanrights and work to fulfill our responsibility
to respect the fundamental human rights of
one another.
Global Recognition Platform
Supports our talent management and culture
strategy by empowering all employees to giveand receive recognition. Provides employees witha public forum to say thank you to colleagues who
reflect RGA’s core values. Simplifies recognition
with automated processes, easy-to-use tools, andstate-of-the-art technology that delivers a worldclass user experience.
Global Security and Privacy Office (GSPO)
An internal organization working to secure andensure the privacy of data to protect information
belonging to RGA’s business, partners,
employees, and clients.
Growing Your Career
A mindset that reinforces RGA’s philosophy
regarding career and professional development,
provides practical development tools andresources, and creates individual development
plans to help employees grow their careers.
International Association of Black
Actuaries (IABA)
Provides a framework for employers to supportand 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 to address 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.
Own Risk and Solvency Assessment (ORSA)
An annual internal process undertaken by insurers
to assess the adequacy of their risk management
and current and prospective solvency positions
under normal and severe stress scenarios.
RGA Cares
The company’s internal corporate social
responsibility (CSR) platform. The RGA Cares
website is a single destination where
employees can:• A ccess information about RGA’s sustainability,
diversity, and giving programs• A pply for the RGA Matching Gifts Program, findcharities, and make financial contributions• C reate and manage team volunteer projects• F ind volunteer opportunities and track personal
volunteerism
Short-Term International Rotation (STIR/STIRX)
Designed to create excitement around a cultureof a mobile workforce at RGA to meet changing
business needs, develop our employees, andshare and understand the different cultures inwhich we do business.

Task Force on Climate-Related Financial
Disclosures (TCFD)
A framework for disclosing a company's
climate-related risks and opportunities.
Unconscious Bias/Respect in the Workplace
Policies and training to drive awareness that
unconscious bias exists and help employees
take steps to reduce the likelihood that bias will
impact their decisions. This helps develop ourculture 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 core values and culture, most employees
will work in a hybrid manner that allows themto balance working from home and from theoffice. WorkWise prioritizes meeting business
requirements while accommodating personal
work styles and helps connect RGA’s diverse
workforce to achieve business goals.

Appendix

RGA 2022 Sustainability Report

Forward-Looking Statements

This document contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act
of 1995 and federal securities laws including, among others,
statements relating to projections of the future operations,strategies, earnings, revenues, income or loss, ratios,
financial performance and growth potential of ReinsuranceGroup of America, Incorporated (the “Company”). Forwardlooking statements often contain words and phrases such as“anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,”“expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “proforma,” “project,” “should,” “will,” “would,” and other words
and terms of similar meaning or that are otherwise tied tofuture periods or future performance, in each case in allderivative 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 eventsand actual results, performance, and achievements could
differ materially from those set forth in, contemplated by orunderlying 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 inmortality (whether related to COVID-19 or otherwise), morbidity,
lapsation or claims experience, (2) inadequate risk analysis andunderwriting, (3) adverse capital and credit market conditions
and their 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 such changes
on the Company’s future results of operations and financial
condition, (5) the availability and cost of collateral necessary
for regulatory reserves and capital, (6) requirements to post
collateral or make payments due to declines in the market value

71

of assets subject to the Company’s collateral arrangements,(7) action by regulators who have authority over the Company’s
reinsurance operations in the jurisdictions in which it operates,(8) the effect of the Company parent’s status as an insurance
holding company and regulatory restrictions on its ability to
pay principal of and interest on its debt obligations, (9) general
economic conditions or a prolonged economic downturn
affecting the demand for insurance and reinsurance in the
Company’s current and planned markets, (10) the impairmentof other financial institutions and its effect on the Company’sbusiness, (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 thevalue of 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 thatadversely affect the Company’s ability to make timely sales ofinvestment securities, (14) risks inherent in the Company’s risk
management and investment strategy, including changes ininvestment portfolio yields due to interest rate or credit qualitychanges, (15) the fact that the determination of allowances andimpairments taken on the Company’s investments is highly
subjective, (16) the stability of and actions by governments andeconomies 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 andothers, (18) financial performance of the Company’s clients,(19) the threat of natural disasters, catastrophes, terrorist
attacks, pandemics, epidemics or other major public healthissues anywhere in the world where the Company or its
clients do business, (20) competitive factors and competitors’
responses to the Company’s initiatives, (21) development andintroduction 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 theCompany’s failure to maintain adequate security to protect
the confidentiality 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 adequacy of reserves,
resources and accurate information relating to settlements,
awards and terminated and discontinued lines of business,(27) changes in laws, regulations, and accounting standards
applicable to the Company or its business, including Long
Duration Targeted Improvement accounting changes and (28)other risks and uncertainties described in this document and in
the Company’s other filings with the Securities and Exchange
Commission (“SEC”).
Forward-looking statements should be evaluated together withthe many risks and uncertainties that affect the Company’sbusiness, including those mentioned in this document anddescribed in the periodic reports the Company files with theSEC. These forward-looking statements speak only as ofthe date on which they are made. The Company does notundertake any obligation to update these forward-looking
statements, even though the Company’s situation may change
in the future, except as required under applicable securities
law. For a discussion of these risks and uncertainties that could
cause actual results to differ materially from those containedin the forward-looking statements, you are advised to see
Item 1A — “Risk Factors” in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2022, as may 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.