Reinsurance Group of America, Incorporated – Q2 2022
Financial Results and Business Highlights
On August 4, 2022, Reinsurance Group of America, Incorporated (NYSE: RGA) reported financial results for thesecond quarter of 2022. “This was a record level of earnings for us, and importantly it included strong
contributions from many of our business segments,” said Anna Manning, President and Chief Executive Officer,RGA. “In addition, growth in organic new business was good and we had another active quarter for capital
deployment into in-force and other transactions. COVID-19 claim costs came down substantially this quarter,and our underlying non-COVID-19 mortality was favorable in many markets.
“On the capital front, we deployed $121 million into in-force and other transactions, and increased our quarterly
dividend 9.6% to $0.80 per share. Our balance sheet remains strong, and we ended the quarter with excess
capital of approximately $1.0 billion. This quarter continues to demonstrate that our global platform can perform
well in a range of economic environments.”
Effective August 2, 2022, the board of directors declared a regular quarterly dividend of $0.80, payable August30, 2022 to shareholders of record as of August 16, 2022.
In the first quarter of 2023, the Company will adopt Accounting Standards Update 2018-12, Financial Services –Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). TheCompany estimates the adoption of LDTI will decrease:••••retained earnings by $500 million to $800 million, net of tax, as of December 31, 2021;
retained earnings by $1.0 billion to $1.3 billion, net of tax, as of the transition date of January 1, 2021;
accumulated other comprehensive income by $3.2 billion to $5.2 billion, net of tax, as of December 31,2021; andaccumulated other comprehensive income by $5.1 billion to $7.1 billion, net of tax, as of the transition
date of January 1, 2021.

The LDTI adoption impacts, including the 24% tax rate assumed in the above figures, are estimates and subject
to change due to ongoing review and refinement of actuarial assumptions and projection models, additional
review of tax impacts across various tax jurisdictions and additional implementation guidance. Additionally, theultimate impact on retained earnings and accumulated other comprehensive income upon adoption of LDTI onJanuary 1, 2023, may differ materially from the above figures based on the performance of the Company’sbusiness during 2022 and macroeconomic conditions, including changes in interest rates. Please see theCompany’s quarterly earnings presentation furnished as Exhibit 99.3 to the Company’s Current Report on Form
8-K filed with the U.S. Securities and Exchange Commission on August 4, 2022, for additional details.

Q2 2022 Financial Results*••••Net income available for RGA shareholders for the quarter totaled $198 million, or $2.92 per diluted share,compared with net income of $344 million, or $5.02 per diluted share, in the prior-year quarter.
Adjusted operating income** totaled $391 million, or $5.78 per diluted share, compared with an adjusted
operating income of $274 million, or $4.00 per diluted share, the year before.
Consolidated net premiums totaled $3.2 billion, up 4.3% from last year’s second quarter, with an adverse
net foreign currency effect of $119 million.
Book value per share was $87.14 including accumulated other comprehensive income (AOCI), and $140.26
excluding AOCI.**

Q2 2022 News and Highlights•

RGA was ranked #222 on the 2022 Fortune 500 list, which ranks U.S.-based publicly held companies
by total revenue.

•RGA announced the election of Khanh T. Tran to its Board of Directors. Mr. Tran retired as President
and Chief Executive Officer of Aviation Capital Group LLC, a top 10 global commercial aviation leasingcompany. Prior to that role, he held various executive positions during his 25 years with Pacific Life,
including president, chief investment officer, chief financial officer, and treasurer.

•For the fourth consecutive year, ceding companies most often identified RGA as best in class overall on
NMG Consulting’s 2021 Global Life & Health Reinsurance Study. RGA was also most identified best inclass for mortality and medical.

* All figures in U.S. dollars.
** See “Use of Non-GAAP Financial Measures” at end of this document.

Financial strength ratings for RGA’s principal operating subsidiaries remained unchanged, and are shown in thefollowing chart:
RGARGARGARGA Life
RGA Global
RGA Atlantic
RGAAmericas
International
Reinsurance
Reinsurance
Reinsurance
Reinsurance
Reinsurance Reinsurance
Reinsurance
Company ofCompany ofCompany,
Company
Company
Company,
Company
Australia
Canada
Ltd.
Ltd.
Ltd.
dac
Ltd.

Omnilife
Insurance
Company
LimitedRGA
Reinsurance
Company(Barbados)Ltd.

S&P GlobalRatings

AA-AA-

AA-

AA-

AA-

AA-

not rated

A+

AA-

A.M. Best
Company

A+

A+

A+

not rated

not rated

not ratedA+

not rated

not rated

Moody’s
Investors
ServiceA1

not rated

not rated

not rated

not rated

not rated

not rated

not rated

not rated

For more complete information and the full text of RGA’s announcement of second quarter financial results,
please refer to RGA’s Investor Relations site at www.rgare.com.
About RGA

Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing inlife and health reinsurance and financial solutions that help clients effectively manage risk andoptimize capital. Founded in 1973, RGA is one of the world’s largest and most respected reinsurers
and is guided by a fundamental purpose: to make financial protection accessible to all. RGA is widely
recognized for superior risk management and underwriting expertise, innovative product design, anddedicated client focus. RGA serves clients and partners in key markets around the world and has
approximately $3.4 trillion of life reinsurance in force and assets of $84.6 billion as of June 30, 2022.
To learn more about RGA and its businesses, visit www.rgare.com. Follow RGA on LinkedIn, Twitter,and Facebook.
** Use of Non-GAAP Financial Measures: RGA uses a non-GAAP financial measure called adjusted operating income as a basis foranalyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management
incentive programs. Management believes that adjusted operating income, on a pre-tax and after-tax basis, better measures the ongoingprofitability and underlying trends of the company’s continuing operations, primarily because that measure excludes the effect of net
investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition
costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of theperformance of the company’s underlying businesses. Additionally, adjusted operating income excludes any net gain or loss fromdiscontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of thecompany’s ongoing operations. The definition of adjusted operating income can vary by company and is not considered a substitute for
GAAP net income.
Book value per share excluding the impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating
the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments
and foreign currency translation.
Adjusted operating income per diluted share is a non-GAAP financial measure calculated as adjusted operating income divided by weighted
average diluted shares outstanding. Similar to adjusted operating income, management believes this non-GAAP financial measure betterreflects the ongoing profitability and underlying trends of the Company’s continuing operations. It also serves as a basis for establishingtarget levels and awards under RGA’s management incentive programs.
Reconciliations from GAAP net income, book value per share, and net income per diluted share are provided in the accompanying tables.
Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations website at www.rgare.com
in the “Earnings” section.

Reconciliation of Book Value Per Share to Book Value Per ShareExcluding Accumulated Other Comprehensive Income ("AOCI")(Unaudited)

At June 30,

Book value per share outstanding
Less effect of AOCI:
Accumulated currency translation adjustments
Unrealized appreciation of securities
Pension and postretirement benefits
Book value per share outstanding, before impact of AOCI

2022
$87.142021$197.72(0.58)(51.78)(0.76)$140.26(0.29)
60.78(1.06)$138.29

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Adjusted Operating Income(Dollars in millions, except per share data)(Unaudited)

Net income available to RGA shareholders$Reconciliation to adjusted operating income:Capital (gains) losses, derivatives and other, included ininvestment related gains/losses, net
Capital (gains) losses on funds withheld, included ininvestment income, net of related expenses
Embedded derivatives:
Included in investment related gains/losses, net
Included in interest credited
DAC offset, net
Investment (income) loss on unit-linked variable annuities
Interest credited on unit-linked variable annuities
Interest expense on uncertain tax positions
Non-investment derivatives and other
Uncertain tax positions and other tax related items
Net income attributable to noncontrolling interest
Adjusted operating income$Three Months Ended June 30,2022
2021
Diluted
DilutedEarnings Per
Earnings Per
Share
Share
198
$
2.92
$
344
$
5.02

151

2.25(82)(1.19)

7

0.10

(1)

(0.01)

54(22)
66(6)
(7)
3
1391

0.80
(0.33)
0.09
0.09(0.09)(0.10)
0.04
0.01
5.78

1(2)
(1)
(2)
2
3
(12)
24
274

0.01
(0.03)(0.01)(0.03)
0.03
0.04(0.18)
0.35
4.00

$

$

$