Reinsurance Group of America, Incorporated – Q1 2022
Financial Results and Business Highlights
On May 5, 2022, Reinsurance Group of America, Incorporated (NYSE: RGA) reported financial results for thefirst quarter of 2022. “This was a very good start to the year, and despite a meaningful level of COVID-19
mortality claims, many of our businesses performed well and our investment results were favorable.” said Anna
Manning, President and Chief Executive Officer, RGA. “We continue to see good new business activity both inour organic business and in our global pipelines for in-force transactions.
“On the capital front, we deployed $130 million into in-force and other transactions and repurchased $25 million
in common stock. Our balance sheet remains strong, and we ended the quarter with excess capital of
approximately $1.0 billion.
“I am proud to announce that once again, and for the 11th year in a row, RGA has been ranked #1 for global
business capabilities by NMG in their 2021 global life and health reinsurance report.”
Effective May 3, 2022, the board of directors declared a regular dividend of $0.73, payable May 31, 2022 toshareholders of record as of May 17, 2022.

Q1 2022 Financial Results*••••

Net loss for the quarter totaled $63 million, or $0.93 per diluted share, compared with net income of $139
million, or $2.03 per diluted share, in the prior-year quarter.
Adjusted operating income** totaled $32 million, or $0.47 per diluted share, compared with an adjusted
operating loss of $84 million, or $1.24 per diluted share, the year before.
Consolidated net premiums totaled $3.2 billion, up 8.3% from last year’s first quarter, with adverse netforeign currency effect of $47 million
Book value per share was $137.08, including accumulated other comprehensive income (AOCI), and$137.89 excluding AOCI.*** All figures in U.S. dollars.
** See “Use of Non-GAAP Financial Measures” at end of this document.

Q1 2022 News and Highlights•

For the 11th consecutive year, RGA was ranked #1 on NMG Consulting’s 2021 Global All
Respondent Business Capability Index (BCI), based on feedback from insurance companies
worldwide. RGA has earned this recognition every year since the inception of NMG
Consulting’s Global Life & Health Reinsurance Study. Mark Prichard, CEO of NMG
Consulting said, “If there has been a constant in the Life & Health reinsurance industry overthe last decade, it has been RGA’s global Business Capability Index leadership. RGA’s
knowledge-led, partnership-driven approach coupled with its culture of innovation and client
focus remain the cornerstones of its differentiation.”•RGA also ranked #1 on NMG’s All Respondent BCI in Canada, Germany, Italy, Japan,Mexico, the Philippines, Poland, and South Africa, as well as in the EMEA region in aggregate.

•RGA announced the completion of a longevity reinsurance transaction with NN Life, thelargest life insurance company in the Netherlands, covering approximately €4 billion ofunderlying reserves.

•RGA launched the FAC Optimization solution, which integrates machine learning, state-of-theart OCR, and natural language processing (NLP) technology into the underwriting process toextract text, handwriting, and data from scanned documents.

•RGA announced that it has made a strategic minority investment into the holding company ofVelocity Capital Advisors LLC through a wholly owned subsidiary and has also entered into along-term investment management agreement on behalf of one or more subsidiaries of RGA.

•RGA reached an agreement with Taiyo Life Insurance Company (Taiyo Life), a subsidiary ofT&D Holdings, Inc., to reinsure 160 Billion JPY of statutory reserves through coinsurance.

Financial strength ratings for RGA’s principal operating subsidiaries remained unchanged, and are shown in thefollowing chart:
RGARGARGA
RGA Life
RGA Global
RGA Atlantic
RGAAmericasInternational
Reinsurance
Reinsurance
ReinsuranceReinsurance
Reinsurance Reinsurance
Reinsurance
Company ofCompany ofCompany,
CompanyCompany
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’sInvestorsServiceA1

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 first quarter financial results, pleaserefer to RGA’s Investor Relations site at www.rgare.com.

About RGA

Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global
providers of life reinsurance and financial solutions, with approximately $3.5 trillion of life reinsurance in force
and assets of $89.8 billion as of March 31, 2022. Founded in 1973, RGA today is recognized for its deep
technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients.
With headquarters in St. Louis, Missouri, and operations around the world, RGA delivers expert solutions inindividual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance,
facultative underwriting, product development, and financial solutions. To learn more about RGA and its
businesses, visit the company’s website at www.rgare.com.
** 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)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 AOCIAt March 31,
2022
2021
$137.08$177.83
0.06(0.13)(0.74)$137.89(0.57)
45.79(1.06)$133.67

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 (loss)$Reconciliation to adjusted operating income:Capital (gains) losses, derivatives and other, included ininvestment related gains/losses, net
Capital (gains) losses on funds withheld, included ininvestment income, net of related expenses
Embedded derivatives:
Included in investment related gains/losses, netIncluded in interest credited
DAC offset, net
Investment (income) loss on unit-linked variable annuities
Interest credited on unit-linked variable annuities
Interest expense on uncertain tax positions
Non-investment derivatives and otherTax benefit on uncertain tax positions and tax rate changes
Adjusted operating income (loss)$

Three Months Ended March 31,2022
2021
Diluted
DilutedEarnings Per
Earnings Per
Share
Share
(63)
$
(0.93)
$
139
$
2.03
94

1.39

(179)

(2.63)

60.09(1)(0.01)

15(13)
(8)
7(7)
132

0.22
(0.19)(0.12)
0.10(0.10)
0.01
0.47(54)
(24)
9
1(1)
2
9
15(84)(0.79)(0.35)
0.13
0.01(0.01)
0.03
0.13
0.22
(1.24)$$$