Reinsurance Group of America, Incorporated – Q3 2022
Financial Results and Business Highlights

On November 3, 2022, Reinsurance Group of America, Incorporated (NYSE: RGA) reported financial results forthe third quarter of 2022.
“This was another strong quarter for us, following the record level of earnings in the second quarter,” said Anna
Manning, President and Chief Executive Officer, RGA. “In the quarter, we had positive contributions from a
range of segments and businesses. Premium growth on a constant currency basis was 10.1%, and we had
another active and successful quarter for in-force transactions, deploying $100 million of capital. COVID-19
claim costs were comfortably absorbed, and our underlying non-COVID-19 mortality was favorable in manymarkets. Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.3
billion.
“The underlying protection markets are active, organic new business activity is healthy, our in-force transactions
pipelines are very robust, and we are better positioned to deliver valuable solutions to our clients than everbefore.
“This quarter provides further evidence of the substantial value added through client-centered, focused
execution on our strategy even during the challenges of COVID-19, and we are in a great position to continue
the momentum going forward.”
Effective November 1, 2022, the board of directors declared a regular quarterly dividend of $0.80, payable
November 29, 2022 to shareholders of record as of November 15, 2022.

Q3 2022 Financial Results*••••

Net income available for RGA shareholders for the quarter totaled $284 million, or $4.19 per diluted share,compared with net loss of $22 million, or $0.32 per diluted share, in the prior-year quarter.
Adjusted operating income** totaled $352 million, or $5.20 per diluted share, compared with an adjusted
operating loss of $75 million, or $1.11 per diluted share, the year before.
Consolidated net premiums totaled $3.2 billion, up 4.9% from last year’s third quarter, with an adverse net
foreign currency effect of $160 million.
Book value per share was $54.66 including accumulated other comprehensive income (AOCI), and $143.91
excluding AOCI.*** All figures in U.S. dollars.
** See “Use of Non-GAAP Financial Measures” at end of this document.

Q3 2022 News and Highlights•

In August, RGA launched its inaugural environmental, social, and governance (ESG) report. The reportreflects the company’s long-standing and growing commitment to sustainability, ethical governance,community support, and diversity, equity, and inclusion (DEI), as well as RGA’s foundational vison toserve the insurance industry as a values-based and purpose-driven organization.

•On September 14, RGA announced the upcoming retirement of Board Chair J. Cliff Eason. Mr. Easonwill retire from his position on December 31, 2022, and current Board Member Stephen T. O’Hearn willassume the role of Chair on January 1, 2023. Mr. Eason joined the Board at RGA’s initial public offeringin May 1993 and became Chair in 2008. He retired as President and Chief Executive Officer ofSouthwestern Bell Telephone in January 2001 following a long career in the telecommunicationsindustry. Mr. O’Hearn spent much of his career with PricewaterhouseCoopers (PwC) and was with thefirm for 38 years. Most recently, he served as the Global Leader of PwC’s Insurance Practice, during
which time he also served on PwC’s extended global leadership team.

•RGA partnered with medtech innovator RoadtoHealth (RTHG) to deliver “Heidi” (Health Ecosystem
Integrating Digital Innovations), a fully integrated digital health ecosystem featuring a comprehensive
and flexible suite of health services. The new platform was designed to help health insurers meet
consumer demand for easy-to-use yet robust healthcare services via a one-stop digital network ofproviders and technology services.

•RGA announced a partnership with Sompo Holdings, Inc., a global property and casualty insurancecompany with a leading nursing care business in Japan, aimed at improving eldercare and promoting
healthy aging. Together, Sompo and RGA will leverage their experience in eldercare, aging-related
insights, and robust data assets to create products and solutions designed to improve health outcomes
and financial security.

Financial strength ratings for RGA’s principal operating subsidiaries remained unchanged, and are shown in thefollowing chart:
RGARGARGA
RGA Life
RGA Global
RGA AtlanticRGAAmericasInternational
ReinsuranceReinsurance
Reinsurance
Reinsurance
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 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 $3.3 trillion of life reinsurance in force and assets of $82.7 billion as of September 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.

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) available to RGA shareholders$Reconciliation to adjusted operating income:Capital (gains) losses, derivatives and other, included ininvestment related gains/losses, net
Capital (gains) losses on funds withheld, included ininvestment income, net of related expenses
Embedded derivatives:
Included in investment related gains/losses, net
Included in interest credited
DAC offset, net
Investment (income) loss on unit-linked variable annuities
Interest credited on unit-linked variable annuities
Interest expense on uncertain tax positions
Non-investment derivatives and other
Uncertain tax positions and other tax related items
Net income attributable to noncontrolling interest
Adjusted operating income (loss)$Three Months Ended September 30,
2022
2021
Diluted
DilutedEarnings Per
Earnings Per
Share
Share
284
4.19$
$
(22)
$(0.32)120

1.79(53)(0.79)

40.06(1)(0.01)

(3)
(8)
94(4)
1(56)
1352

(0.04)(0.12)
0.13
0.06(0.06)
0.01(0.83)
0.01
5.20

13
(2)
12(2)
1(3)
(9)
(75)

0.19
(0.03)
0.01
0.03(0.03)
0.01(0.04)(0.13)(1.11)$$

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 (depreciation) of securities
Pension and postretirement benefits
Book value per share outstanding, before impact of AOCI

At September 30,
2022
2021
$54.66$190.60(3.24)(85.25)(0.76)$143.91(0.75)
54.80(1.05)$137.60$