# EDGAR Filing Document

**Accession Number:** 0000898174
**File Stem:** 0000898174-23-000025
**Filing Date:** 2023-2
**Character Count:** 304029
**Document Hash:** a7439504c630b13660395195113552d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898174-23-000025.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0000898174-23-000025

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20230131

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REINSURANCE GROUP OF AMERICA INC
- **CENTRAL INDEX KEY:** 0000898174
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **IRS NUMBER:** 431627032
- **STATE OF INCORPORATION:** MO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11848
- **FILM NUMBER:** 23581283

**BUSINESS ADDRESS:**
- **STREET 1:** 16600 SWINGLEY RIDGE ROAD
- **CITY:** CHESTERFIELD
- **STATE:** MO
- **ZIP:** 63017
- **BUSINESS PHONE:** 6367367000

**MAIL ADDRESS:**
- **STREET 1:** 16600 SWINGLEY RIDGE ROAD
- **CITY:** CHESTERFIELD
- **STATE:** MO
- **ZIP:** 63017

?xml version="1.0" ? rga-20230131

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of Report (Date of Earliest Event Reported): January 31, 2023

**REINSURANCE GROUP OF AMERICA, INCORPORATED** 

(Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Missouri** | **1-11848** | **43-1627032** |
| (State or Other Jurisdiction<br>of Incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification Number) |

---

**16600 Swingley Ridge Road, Chesterfield, Missouri 63017** 

(Address of Principal Executive Office)

Registrant's telephone number, including area code: **(636) 736-7000** 

&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common Stock, par value $0.01** | **RGA** | **New York Stock Exchange** |
| **5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056** | **RZB** | **New York Stock Exchange** |
| **7.125% Fixed Rate Reset Subordinated Debentures due 2052** | **RZC** | **New York Stock Exchange** |

---

&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

☐ Emerging growth company

☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On February 2, 2023, Reinsurance Group of America, Incorporated (the "Company") issued (1) a press release (the "Press Release") announcing its earnings for the three-month period ended December 31, 2022, and providing certain additional information, a copy of which is furnished with this report as Exhibit 99.1, and (2) a quarterly financial supplement (the "Quarterly Financial Supplement") for the quarter ended December 31, 2022, a copy of which is furnished with this report as Exhibit 99.2. The Press Release also notes that a conference call will be held on February 3, 2023 to discuss the financial and operating results for the three-month period ended December 31, 2022 (the "Earnings Call").

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

---

In connection with the Earnings Call, the Company has prepared a presentation, dated February 2, 2023 (the "Earnings Presentation"), a copy of which is furnished with this report as Exhibit 99.3 and incorporated in this Item 7.01 by reference.

The Press Release also announced that effective January 31, 2023 the Company's board of directors declared a regular quarterly dividend of $0.80, payable February 28, 2023 to shareholders of record as of February 14, 2023.

The information set forth in Items 2.02 and 7.01 of this Current Report on Form 8-K, including the Press Release, Quarterly Financial Supplement and Earnings Presentation, is being furnished and shall not be deemed to be "filed", as described in Instruction B.2 of Form 8-K.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

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(d) Exhibits.

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Exhibit</u> |
| [99.1](pressrelease4q22.htm) | [Press Release of Reinsurance Group of America, Incorporated dated February 2, 2023](pressrelease4q22.htm) |
| [99.2](qfs4q22.htm) | [Quarterly Financial Supplement for the quarter ended December 31, 202](qfs4q22.htm)2 |
| [99.3](earningspresentation4q22.htm) | [Earnings Presentation dated](earningspresentation4q22.htm)[February](earningspresentation4q22.htm)[2](earningspresentation4q22.htm)[, 202](earningspresentation4q22.htm)3 |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **REINSURANCE GROUP OF AMERICA, INCORPORATED** | **REINSURANCE GROUP OF AMERICA, INCORPORATED** |
| Date: February 2, 2023 | By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Todd C. Larson |
|  |  | Todd C. Larson |
|  |  | Senior Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![rgaprlogoaa01a15a.jpg](rgaprlogoaa01a15a.jpg)

**<u>PRESS RELEASE</u>**

**<u>REINSURANCE GROUP OF AMERICA REPORTS</u>**

**<u>FOURTH QUARTER AND FULL YEAR RESULTS</u>**

**Fourth Quarter Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income available to RGA shareholders of $3.02 per diluted share, including adverse foreign currency effects of $0.42 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted operating income\* of $2.99 per diluted share, including adverse foreign currency effects of $0.22 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Premium growth of 1.1% over the prior-year quarter, 6.0% on a constant currency basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deployed capital of $80 million into in-force and other transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total shareholder capital returns of $78 million: $25 million of share repurchases and $53 million of shareholder dividends

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Estimated COVID-19 impacts<sup>1</sup> of approximately $70 million on a pre-tax basis, or $0.78 per diluted share<sup>2</sup>

**Full Year Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income available to RGA shareholders of $9.21 per diluted share, including adverse foreign currency effects of $0.15 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted operating income\* of $14.43 per diluted share, including adverse foreign currency effects of $0.53 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Premium growth of 4.5% over the prior year, 8.4% on a constant currency basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ROE 8.7% and adjusted operating ROE\* 10.3% for the trailing twelve months, reflecting 1.5%<sup>2</sup> of COVID-19 impacts<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deployed capital of $430 million into in-force and other transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total shareholder capital returns of $280 million: $75 million of share repurchases and $205 million of shareholder dividends

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Estimated COVID-19 impacts<sup>1</sup> of approximately $447 million on a pre-tax basis, or $5.02 per diluted share<sup>2</sup>

<sup>1</sup> COVID-19 impact estimates include fourth quarter mortality and morbidity claims of approximately $71 million with offsetting impact from longevity of approximately $1 million and full year 2022 mortality and morbidity claims of approximately $453 million with offsetting impacts from longevity of approximately $6 million.

<sup>2</sup> Tax effected at 24%.

**ST. LOUIS, February 2, 2023** - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported fourth quarter net income available to RGA shareholders of $204 million, or $3.02 per diluted share, compared with $156 million, or $2.30 per diluted share, in the prior-year quarter. Adjusted operating income\* for the fourth quarter totaled $202 million, or $2.99 per diluted share, compared with adjusted operating loss of $38 million, or $0.56 per diluted share, the year before. Net foreign currency fluctuations had an adverse effect of $0.42 per diluted share on net income available to RGA shareholders and $0.22 per diluted share on adjusted operating income as compared with the prior year.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarterly Results** | **Quarterly Results** | **Full Year Results** | **Full Year Results** |
| **($ in millions, except per share data)** | **2022** | **2021** | **2022** | **2021** |
| Net premiums | $3446 | $3407 | $13078 | $12513 |
| Net income available to RGA shareholders | 204 | 156 | 623 | 617 |
| Net income available to RGA shareholders per diluted share | 3.02 | 2.30 | 9.21 | 9.04 |
| Adjusted operating income (loss)\* | 202 | (38) | 977 | 77 |
| Adjusted operating income (loss) per diluted share\* | 2.99 | (0.56) | 14.43 | 1.13 |
| Book value per share | 62.16 | 193.75 |  |  |
| Book value per share, excluding accumulated other comprehensive income (AOCI)\* | 146.22 | 139.53 |  |  |
| Total assets | 84706 | 92175 |  |  |

---

\* See 'Use of Non-GAAP Financial Measures' below

Full year net income totaled $623 million, or $9.21 per diluted share, compared with $617 million, or $9.04 per diluted share in 2021. Adjusted operating income for the full year totaled $977 million, or $14.43 per diluted share, compared with $77 million, or $1.13 per diluted share the year before. Net foreign currency fluctuations had an adverse effect of $0.15 per diluted share on net income and $0.53 per diluted share on adjusted operating income as compared with the prior year.

In the fourth quarter, consolidated net premiums totaled $3.4 billion, an increase of 1.1% over 2021's fourth quarter, with an adverse net foreign currency effect of $164 million. Excluding the net foreign currency effect, consolidated net premiums increased 6.0% in the quarter. For the full year, net premiums totaled $13.1 billion, increasing 4.5% in 2022. Full year premiums reflected an adverse foreign currency effect of $490 million. Excluding the net foreign currency effect, consolidated net premiums increased 8.4% for the full year.

Compared with the year-ago period, excluding spread-based businesses, fourth quarter investment income decreased 2.8%, reflecting lower variable investment income. For the full year, investment income, excluding spread-based business, decreased 2.1%, reflecting lower variable investment income. Average investment yield decreased to 4.45% in the fourth quarter from 4.70% in the prior year period due to lower variable investment income this quarter. For the full year, the average investment yield decreased to 4.69%, from 4.99% in 2021, due to lower variable investment income.

The effective tax rate on pre-tax income was 23.9% for the quarter and 24.6% for the full year.

The effective tax rate for the quarter was 17.5% on pre-tax adjusted operating income. The tax rate was below the expected range of 23% to 24% primarily due to adjustments for tax returns filed during the quarter and an increase in foreign tax credits. For the full year, the adjusted operating effective tax rate was 22.5%, in line with the expected range of 23% to 24%.

Anna Manning, Chief Executive Officer, commented, "It was a very successful year for RGA, and I view our fourth quarter performance as solid with many segments reporting strong results. Our Financial Solutions business continued to deliver very good results across regions and product lines, and the performance of our Asia traditional business was also very strong. In the U.S., Group and Individual Health businesses both performed well in the quarter. We continue to see good new business activity in our organic business and in the pipeline for in-force and other transactions.

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"On the capital front, we deployed $80 million into in-force and other transactions, bringing the full year total to $430 million. Additionally, we repurchased $25 million of common shares, bringing the full year total to $75 million. Our balance sheet remains strong, and we ended the quarter with excess capital of approximately $1.2 billion. Based on favorable business conditions and RGA's global leadership position, we are optimistic about the future and expect to continue to deliver attractive financial results over time."

**SEGMENT RESULTS**

**U.S. and Latin America**

*Traditional*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarterly Results** | **Quarterly Results** | **Full Year Results** | **Full Year Results** |
| **($ in millions)** | **2022** | **2021** | **2022** | **2021** |
| Net premiums | $1778 | $1697 | $6590 | $6244 |
| Pre-tax income (loss) | 21 | (211) | 268 | (540) |
| Pre-tax adjusted operating income (loss) | 15 | (215) | 220 | (546) |

---

Quarterly Results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results reflected unfavorable individual mortality experience, including $44 million of COVID-19 claim costs, partially offset by higher-than-expected investment income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Individual Health experience was favorable, driven by higher investment income and favorable claims experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Group experience was very favorable, primarily due to experience in both the healthcare and life lines of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional COVID-19 claims in Group and Latin America totaled $4 million.

Full Year Results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results reflected favorable non-COVID-19 individual mortality, and favorable Individual Health and Group underwriting experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• COVID-19 claim costs totaled $336 million.

*Financial Solutions*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarterly Results** | **Quarterly Results** | **Full Year Results** | **Full Year Results** |
| **($ in millions)** | **2022** | **2021** | **2022** | **2021** |
| **Asset-Intensive:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-tax income | $2 | $93 | $59 | $422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-tax adjusted operating income | 80 | 73 | 293 | 341 |
| **Capital Solutions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-tax income | 22 | 25 | 140 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-tax adjusted operating income | 22 | 25 | 140 | 93 |

---

Quarterly Results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset-Intensive results reflected favorable investment spreads, primarily driven by higher interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital Solutions results were in line with expectations.

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Full Year Results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset-Intensive results reflected favorable overall experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital Solutions results were above expectations, primarily due to a treaty recapture fee.

**Canada**

*Traditional*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarterly Results** | **Quarterly Results** | **Full Year Results** | **Full Year Results** |
| **($ in millions)** | **2022** | **2021** | **2022** | **2021** |
| Net premiums | $308 | $324 | $1219 | $1194 |
| Pre-tax income | 32 | 28 | 86 | 128 |
| Pre-tax adjusted operating income | 28 | 29 | 90 | 130 |

---

Net Premiums

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency exchange rates had an adverse effect on net premiums of $23 million and $47 million for the quarter and full year, respectively.

Quarterly Results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results reflected unfavorable group life and disability experience; COVID-19 claim costs were $3 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency exchange rates had an adverse effect of $2 million on pre-tax income and pre-tax adjusted operating income.

Full Year Results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results reflected unfavorable individual mortality experience, including $30 million of COVID-19 claim costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency exchange rates had an adverse effect of $4 million on pre-tax income and pre-tax adjusted operating income.

*Financial Solutions*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarterly Results** | **Quarterly Results** | **Full Year Results** | **Full Year Results** |
| **($ in millions)** | **2022** | **2021** | **2022** | **2021** |
| Pre-tax income | $11 | $5 | $32 | $15 |
| Pre-tax adjusted operating income | 11 | 5 | 32 | 15 |

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Quarterly Results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results reflected favorable longevity experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency exchange rates had an adverse effect of $1 million on pre-tax income and pre-tax adjusted operating income.

Full Year Results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results reflected favorable longevity experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency exchange rates had an adverse effect of $1 million on pre-tax income and pre-tax adjusted operating income.

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**Europe, Middle East and Africa (EMEA)**

*Traditional*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarterly Results** | **Quarterly Results** | **Full Year Results** | **Full Year Results** |
| **($ in millions)** | **2022** | **2021** | **2022** | **2021** |
| Net premiums | $422 | $435 | $1736 | $1738 |
| Pre-tax income (loss) | 13 | (68) | 10 | (239) |
| Pre-tax adjusted operating income (loss) | 13 | (68) | 10 | (239) |

---

Net Premiums

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency exchange rates had an adverse effect on net premiums of $53 million and $183 million for the quarter and full year, respectively.

Quarterly Results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results were in line with expectations, reflecting unfavorable U.K. mortality experience, offset by favorable experience otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• COVID-19 claim costs were $2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency exchange rates had an adverse effect of $1 million on pre-tax income and pre-tax adjusted operating income.

Full Year Results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results reflected unfavorable U.K. mortality experience, including $17 million of COVID-19 claim costs throughout the segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency exchange rates had an adverse effect of $2 million on pre-tax income and pre-tax adjusted operating income.

*Financial Solutions*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarterly Results** | **Quarterly Results** | **Full Year Results** | **Full Year Results** |
| **($ in millions)** | **2022** | **2021** | **2022** | **2021** |
| Pre-tax income | $47 | $75 | $196 | $303 |
| Pre-tax adjusted operating income | 63 | 70 | 257 | 257 |

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Quarterly Results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results reflected modestly favorable experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency exchange rates had an adverse effect of $6 million on pre-tax income and $10 million on pre-tax adjusted operating income.

Full Year Results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results reflected modestly favorable experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency exchange rates had an adverse effect of $17 million on pre-tax income and $28 million on pre-tax adjusted operating income.

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**Asia Pacific**

*Traditional*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarterly Results** | **Quarterly Results** | **Full Year Results** | **Full Year Results** |
| **($ in millions)** | **2022** | **2021** | **2022** | **2021** |
| Net premiums | $700 | $773 | $2650 | $2624 |
| Pre-tax income (loss) | 67 | 57 | 294 | (10) |
| Pre-tax adjusted operating income (loss) | 67 | 57 | 294 | (10) |

---

Net Premiums

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency exchange rates had an adverse effect on net premiums of $61 million and $172 million for the quarter and full year, respectively.

Quarterly Results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results reflected favorable underwriting experience, absorbing $13 million of COVID-19 claim costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Australia reported a profit due to favorable Group experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency exchange rates had an adverse effect of $3 million on pre-tax income and $2 million on pre-tax adjusted operating income.

Full Year Results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results reflected favorable underwriting experience, absorbing $39 million of COVID-19 claim costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Australia reported a profit driven by favorable Group experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency exchange rates had an adverse effect of $12 million on pre-tax income and pre-tax adjusted operating income.

*Financial Solutions*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarterly Results** | **Quarterly Results** | **Full Year Results** | **Full Year Results** |
| **($ in millions)** | **2022** | **2021** | **2022** | **2021** |
| Net premiums | $64 | $52 | $236 | $218 |
| Pre-tax income (loss) | 106 | 33 | (18) | 98 |
| Pre-tax adjusted operating income | 35 | 29 | 97 | 93 |

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Quarterly Results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results reflected strong new business and favorable investment spreads.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency exchange rates had an adverse effect of $18 million on pre-tax income and $3 million on pre-tax adjusted operating income.

Full Year Results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results reflected strong new business and favorable investment spreads, offset by COVID-19 claim costs related to medical hospitalization claims in Japan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency exchange rates had a favorable effect of $24 million on pre-tax loss and an adverse effect of $3 million on pre-tax adjusted operating income.

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**Corporate and Other**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarterly Results** | **Quarterly Results** | **Full Year Results** | **Full Year Results** |
| **($ in millions)** | **2022** | **2021** | **2022** | **2021** |
| Pre-tax income (loss) | $(50) | $20 | $(236) | $421 |
| Pre-tax adjusted operating loss | (89) | (41) | (172) | (13) |

---

Quarterly Results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-tax adjusted operating loss was unfavorable compared with the quarterly average run rate, primarily due to higher general expenses, including recurring year-end expense accruals, and higher financing costs.

Full Year Results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results reflected higher general expenses and financing costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As previously reported, 2021 pre-tax income reflected a one-time adjustment of $162 million recorded in the first quarter associated with prior periods, which includes $92 million to correct the accounting for equity method limited partnership investments to reflect unrealized gains in investment income that were previously reflected in accumulated other comprehensive income, and $70 million reflected in investment related gains/losses associated with unrealized gains on cost method limited partnership investments. 2021 pre-tax income also reflected gains on the sale of investments and additional unrealized gains on limited partnership investments.

**Long Duration Targeted Improvements**

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").

The Company estimates the adoption of LDTI will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decrease retained earnings by $0.5 billion to $0.8 billion, net of tax assumed at 24%, as of September 30, 2022; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase accumulated other comprehensive income by $2.1 billion to $4.1 billion, net of tax assumed at 24%, as of September 30, 2022.

The LDTI adjustments as of January 1 and December 31, 2021, are consistent with previously provided ranges. All LDTI adjustments are estimates and subject to change. Please see the Company'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 February 2, 2023, for additional details.

**Dividend Declaration**

Effective January 31, 2023, the board of directors declared a regular quarterly dividend of $0.80, payable February 28, 2023, to shareholders of record as of February 14, 2023.

**Earnings Conference Call**

A conference call to discuss fourth quarter results will begin at 10 a.m. Eastern Time on Friday, February 3. Interested parties may access the call by dialing 1-844-481-2753 (412-317-0669 international) and asking to be joined into the Reinsurance Group of America, Incorporated (RGA) call. A live audio

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webcast of the conference call will be available on the Company's Investor Relations website at <u>www.rgare.com</u>. A replay of the conference call will be available at the same address for 90 days following the conference call.

The Company has posted to its website an earnings presentation and a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, the Company posts periodic reports, press releases and other useful information on its Investor Relations website.

**Use of Non-GAAP Financial Measures**

RGA uses a non-GAAP financial measure called adjusted operating income as a basis for analyzing 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 ongoing profitability and underlying trends of the Company's continuing operations, primarily because that measure excludes substantially all of 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 the performance of the Company's underlying businesses. Additionally, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that management believes are not indicative of the Company'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. Adjusted operating return on equity is a non-GAAP financial measure calculated as adjusted operating income divided by average stockholders' equity excluding AOCI. Similar to adjusted operating income, management believes these non-GAAP financial measures better reflect the ongoing profitability and underlying trends of the Company's continuing operations, they also serve as a basis for establishing target levels and awards under RGA's management incentive programs.

Reconciliations from GAAP net income, book value per share, net income per diluted share and average stockholders' equity are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA's Investor Relations website at <u>www.rgare.com</u> in the "Financial Information" section.

**About RGA**

Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA celebrates its 50th anniversary in 2023. Over the past five decades, RGA has become one of the world's largest and most respected reinsurers and is listed among Fortune's World's Most Admired Companies. The global organization is guided by a fundamental purpose: to make financial

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protection accessible to all. RGA is widely recognized for superior risk management and underwriting expertise, innovative product design, and dedicated 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 $84.7 billion as of December 31, 2022. To learn more about RGA and its businesses, visit <u>www.rgare.com</u>. Follow RGA on <u>LinkedIn</u> and <u>Facebook</u>.

**Cautionary Note Regarding Forward-Looking Statements**

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance and growth potential of the Company. Forward-looking statements often contain words and phrases such as "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "if," "intend," "likely," "may," "plan," "potential," "project," "should," "will," "would," and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. Forward-looking statements are based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.

Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looking statements, include, among others: (1) adverse changes in mortality (whether related to COVID-19 or otherwise), morbidity, lapsation or claims experience, (2) inadequate risk analysis and underwriting, (3) adverse capital and credit market conditions and their impact on the Company's liquidity, access to capital and 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 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 impairment of other financial institutions and its effect on the Company's business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company's investment securities or result in the impairment of all or a portion of the value of certain of the Company's investment securities that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company's ability to make timely sales of investment securities, (14) risks inherent in the Company's risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company's investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company's dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (18) financial performance of the Company's clients, (19) the threat of natural disasters, catastrophes, terrorist attacks, pandemics, epidemics or other major public health issues 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 and

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introduction of new products and distribution opportunities, (22) execution of the Company's entry into new markets, (23) integration of acquired blocks of business and entities, (24) interruption or failure of the Company's telecommunication, information technology or other operational systems, or the Company's failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data and intellectual property stored on such systems, (25) adverse litigation or arbitration results, (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 with the many risks and uncertainties that affect the Company's business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company's situation may change in the future. For a discussion of these risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – "Risk Factors" in the Company's 2021 Annual Report on Form 10-K, as may be supplemented by Item 1A - "Risk Factors" in the Company's subsequent Quarterly Reports on Form 10-Q.

**Investor Contact**

Jeff Hopson

Senior Vice President - Investor Relations

(636) 736-2068

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Adjusted Operating Income

(Dollars in millions, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Unaudited) | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, | Three Months Ended December 31, |
|  | 2022 | 2022 | 2021 | 2021 |
|  |  | Diluted Earnings Per Share |  | Diluted Earnings Per Share |
| Net income available to RGA shareholders | $204 | $3.02 | $156 | $2.30 |
| Reconciliation to adjusted operating income: |  |  |  |  |
| Capital (gains) losses, derivatives and other, included in investment related gains/losses, net | (11) | (0.15) | (24) | (0.36) |
| Capital (gains) losses on funds withheld, included in investment income, net of related expenses | 1 | 0.01 | (1) | (0.01) |
| Embedded derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in investment related gains/losses, net | 41 | 0.60 | (39) | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in interest credited | 1 | 0.01 | (8) | (0.12) |
| DAC offset, net | (28) | (0.41) | 21 | 0.31 |
| Investment (income) loss on unit-linked variable annuities | 2 | 0.03 | (4) | (0.06) |
| Interest credited on unit-linked variable annuities | (2) | (0.03) | 4 | 0.06 |
| Interest expense on uncertain tax positions |  |  | (27) | (0.40) |
| Non-investment derivatives and other | 1 | 0.01 | 4 | 0.06 |
| Uncertain tax positions and other tax related items | (9) | (0.13) | (120) | (1.77) |
| Net income attributable to noncontrolling interest | 2 | 0.03 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) | $202 | $2.99 | $(38) | $(0.56) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Unaudited) | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |
|  | 2022 | 2022 | 2021 | 2021 |
|  |  | Diluted Earnings Per Share |  | Diluted Earnings Per Share |
| Net income available to RGA shareholders | $623 | $9.21 | $617 | $9.04 |
| Reconciliation to adjusted operating income: |  |  |  |  |
| Capital (gains) losses, derivatives and other, included in investment related gains/losses, net | 354 | 5.22 | (338) | (4.94) |
| Capital (gains) losses on funds withheld, included in investment income, net of related expenses | 18 | 0.27 | (4) | (0.06) |
| Embedded derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in investment related gains/losses, net | 107 | 1.58 | (79) | (1.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in interest credited | (42) | (0.62) | (36) | (0.53) |
| DAC offset, net | (21) | (0.31) | 30 | 0.44 |
| Investment (income) loss on unit-linked variable annuities | 19 | 0.28 | (3) | (0.04) |
| Interest credited on unit-linked variable annuities | (19) | (0.28) | 3 | 0.04 |
| Interest expense on uncertain tax positions | 1 | 0.01 | (21) | (0.31) |
| Non-investment derivatives and other | (62) | (0.92) | (2) | (0.03) |
| Uncertain tax positions and other tax related items | (5) | (0.07) | (90) | (1.32) |
| Net income attributable to noncontrolling interest | 4 | 0.06 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income | $977 | $14.43 | $77 | $1.13 |

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Effective Income Tax Rates

(Dollars in millions)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Unaudited) | Three Months Ended December 31, 2022 | Three Months Ended December 31, 2022 | Three Months Ended December 31, 2022 | Twelve Months Ended December 31, 2022 | Twelve Months Ended December 31, 2022 | Twelve Months Ended December 31, 2022 |
|  | Pre-tax Income (Loss) | Income Taxes | Effective Tax Rate <sup>(1)</sup> | Pre-tax Income (Loss) | Income Taxes | Effective Tax Rate <sup>(1)</sup> |
| GAAP income | $271 | $65 | 23.9% | $831 | $204 | 24.6% |
| Reconciliation to adjusted operating income: |  |  |  |  |  |  |
| Capital (gains) losses, derivatives and other, included in investment related gains/losses, net | (45) | (34) |  | 430 | 76 |  |
| Capital (gains) losses on funds withheld, included in investment income, net of related expenses | 1 |  |  | 23 | 5 |  |
| Embedded derivatives: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in investment related gains/losses, net | 52 | 11 |  | 135 | 28 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in interest credited | 1 |  |  | (53) | (11) |  |
| DAC offset, net | (36) | (8) |  | (27) | (6) |  |
| Investment (income) loss on unit-linked variable annuities | 2 |  |  | 24 | 5 |  |
| Interest credited on unit-linked variable annuities | (2) |  |  | (24) | (5) |  |
| Interest expense on uncertain tax positions |  |  |  | 1 |  |  |
| Non-investment derivatives and other | 1 |  |  | (79) | (17) |  |
| Uncertain tax positions and other tax related items |  | 9 |  |  | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income | $245 | $43 | 17.5% | $1261 | $284 | 22.5% |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;The Company rounds amounts in the financial statements to millions and calculates the effective tax rate from the underlying whole-dollar amounts. Thus certain amounts may not recalculate based on the numbers due to rounding.

Reconciliation of Consolidated Income before Income Taxes to Pre-tax Adjusted Operating Income

(Dollars in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Unaudited) | Three Months Ended December 31, | Three Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |
|  | 2022 | 2021 | 2022 | 2021 |
| Income before income taxes | $271 | $57 | $831 | $691 |
| Reconciliation to pre-tax adjusted operating income: |  |  |  |  |
| Capital (gains) losses, derivatives and other, included in investment related gains/losses, net | (45) | (31) | 430 | (429) |
| Capital (gains) losses on funds withheld, included in investment income, net of related expenses | 1 | (1) | 23 | (5) |
| Embedded derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in investment related gains/losses, net | 52 | (49) | 135 | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in interest credited | 1 | (9) | (53) | (45) |
| DAC offset, net | (36) | 26 | (27) | 38 |
| Investment (income) loss on unit-linked variable annuities | 2 | (5) | 24 | (4) |
| Interest credited on unit-linked variable annuities | (2) | 5 | (24) | 4 |
| Interest expense on uncertain tax positions |  | (34) | 1 | (26) |
| Non-investment derivatives and other | 1 | 5 | (79) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-tax adjusted operating income (loss) | $245 | $(36) | $1261 | $121 |

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Pre-tax Income to Pre-tax Adjusted Operating Income

(Dollars in millions)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Unaudited) | Three Months Ended December 31, 2022 | Three Months Ended December 31, 2022 | Three Months Ended December 31, 2022 | Three Months Ended December 31, 2022 | Three Months Ended December 31, 2022 | Three Months Ended December 31, 2022 |
|  | Pre-tax income (loss) | Capital<br>(gains) losses,<br>derivatives<br>and other, net |  | Change in<br>value of<br>embedded<br>derivatives, net |  | Pre-tax adjusted operating<br>income (loss) |
| U.S. and Latin America: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traditional | $21 | $1 |  | $(7) |  | $15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Solutions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-Intensive | 2 | 56 | (1) | 22 | (2) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Solutions | 22 |  |  |  |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. and Latin America | 45 | 57 |  | 15 |  | 117 |
| Canada Traditional | 32 | (4) |  |  |  | 28 |
| Canada Financial Solutions | 11 |  |  |  |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Canada | 43 | (4) |  |  |  | 39 |
| EMEA Traditional | 13 |  |  |  |  | 13 |
| EMEA Financial Solutions | 47 | 16 |  |  |  | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total EMEA | 60 | 16 |  |  |  | 76 |
| Asia Pacific Traditional | 67 |  |  |  |  | 67 |
| Asia Pacific Financial Solutions | 106 | (71) |  |  |  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Asia Pacific | 173 | (71) |  |  |  | 102 |
| Corporate and Other | (50) | (39) |  |  |  | (89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | $271 | $(41) |  | $15 |  | $245 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)Asset-Intensive is net of $2 DAC offset.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Asset-Intensive is net of $(38) DAC offset.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Unaudited) | Three Months Ended December 31, 2021 | Three Months Ended December 31, 2021 | Three Months Ended December 31, 2021 | Three Months Ended December 31, 2021 | Three Months Ended December 31, 2021 | Three Months Ended December 31, 2021 |
|  | Pre-tax income (loss) | Capital<br>(gains) losses,<br>derivatives<br>and other, net |  | Change in<br>value of<br>embedded<br>derivatives, net |  | Pre-tax adjusted <br>operating<br>income (loss) |
| U.S. and Latin America: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traditional | $(211) | $— |  | $(4) |  | $(215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Solutions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-Intensive | 93 | 30 | (1) | (50) | (2) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Solutions | 25 |  |  |  |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. and Latin America | (93) | 30 |  | (54) |  | (117) |
| Canada Traditional | 28 | 1 |  |  |  | 29 |
| Canada Financial Solutions | 5 |  |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Canada | 33 | 1 |  |  |  | 34 |
| EMEA Traditional | (68) |  |  |  |  | (68) |
| EMEA Financial Solutions | 75 | (5) |  |  |  | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total EMEA | 7 | (5) |  |  |  | 2 |
| Asia Pacific Traditional | 57 |  |  |  |  | 57 |
| Asia Pacific Financial Solutions | 33 | (4) |  |  |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Asia Pacific | 90 | (4) |  |  |  | 86 |
| Corporate and Other | 20 | (61) |  |  |  | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | $57 | $(39) |  | $(54) |  | $(36) |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)Asset-Intensive is net of $22 DAC offset.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Asset-Intensive is net of $4 DAC offset.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Pre-tax Income to Pre-tax Adjusted Operating Income

(Dollars in millions)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Unaudited) | Twelve Months Ended December 31, 2022 | Twelve Months Ended December 31, 2022 | Twelve Months Ended December 31, 2022 | Twelve Months Ended December 31, 2022 | Twelve Months Ended December 31, 2022 | Twelve Months Ended December 31, 2022 |
|  | Pre-tax income (loss) | Capital<br>(gains) losses,<br>derivatives<br>and other, net |  | Change in<br>value of<br>embedded<br>derivatives, net |  | Pre-tax adjusted operating<br>income (loss) |
| U.S. and Latin America: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traditional | $268 | $— |  | $(48) |  | $220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Solutions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-Intensive | 59 | 191 | (1) | 43 | (2) | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Solutions | 140 |  |  |  |  | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. and Latin America | 467 | 191 |  | (5) |  | 653 |
| Canada Traditional | 86 | 4 |  |  |  | 90 |
| Canada Financial Solutions | 32 |  |  |  |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Canada | 118 | 4 |  |  |  | 122 |
| EMEA Traditional | 10 |  |  |  |  | 10 |
| EMEA Financial Solutions | 196 | 61 |  |  |  | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total EMEA | 206 | 61 |  |  |  | 267 |
| Asia Pacific Traditional | 294 |  |  |  |  | 294 |
| Asia Pacific Financial Solutions | (18) | 115 |  |  |  | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Asia Pacific | 276 | 115 |  |  |  | 391 |
| Corporate and Other | (236) | 64 |  |  |  | (172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | $831 | $435 |  | $(5) |  | $1261 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Asset-Intensive is net of $60 DAC offset.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Asset-Intensive is net of $(87) DAC offset.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Unaudited) | Twelve Months Ended December 31, 2021 | Twelve Months Ended December 31, 2021 | Twelve Months Ended December 31, 2021 | Twelve Months Ended December 31, 2021 | Twelve Months Ended December 31, 2021 | Twelve Months Ended December 31, 2021 |
|  | Pre-tax income (loss) | Capital<br>(gains) losses,<br>derivatives<br>and other, net |  | Change in<br>value of<br>embedded<br>derivatives, net |  | Pre-tax adjusted <br>operating<br>income (loss) |
| U.S. and Latin America: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traditional | $(540) | $— |  | $(6) |  | $(546) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Solutions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-Intensive | 422 | (2) | (1) | (79) | (2) | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Solutions | 93 |  |  |  |  | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. and Latin America | (25) | (2) |  | (85) |  | (112) |
| Canada Traditional | 128 | 2 |  |  |  | 130 |
| Canada Financial Solutions | 15 |  |  |  |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Canada | 143 | 2 |  |  |  | 145 |
| EMEA Traditional | (239) |  |  |  |  | (239) |
| EMEA Financial Solutions | 303 | (46) |  |  |  | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total EMEA | 64 | (46) |  |  |  | 18 |
| Asia Pacific Traditional | (10) |  |  |  |  | (10) |
| Asia Pacific Financial Solutions | 98 | (5) |  |  |  | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Asia Pacific | 88 | (5) |  |  |  | 83 |
| Corporate and Other | 421 | (434) |  |  |  | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated | $691 | $(485) |  | $(85) |  | $121 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)Asset-Intensive is net of $(22) DAC offset.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Asset-Intensive is net of $60 DAC offset.

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Add Fourteen

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In thousands, except per share data)

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| | | | | |
|:---|:---|:---|:---|:---|
| (Unaudited) | Three Months Ended December 31, | Three Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |
|  | 2022 | 2021 | 2022 | 2021 |
| Earnings per share from net income (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per share | $3.07 | $2.32 | $9.31 | $9.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per share <sup>(1)</sup> | $3.02 | $2.30 | $9.21 | $9.04 |
| Diluted earnings per share from adjusted operating income <sup>(1)</sup> | $2.99 | $(0.56) | $14.43 | $1.13 |
| Weighted average number of common and common equivalent shares outstanding | 67793 | 67930 | 67703 | 68286 |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share

---

| | | |
|:---|:---|:---|
| (Unaudited) | At December 31, | At December 31, |
|  | 2022 | 2021 |
| Treasury shares | 18635 | 18140 |
| Common shares outstanding | 66676 | 67171 |
| Book value per share outstanding | $62.16 | $193.75 |
| Book value per share outstanding, before impact of AOCI | $146.22 | $139.53 |

---

Reconciliation of Book Value Per Share to Book Value Per Share Excluding AOCI

---

| | | |
|:---|:---|:---|
| (Unaudited) | At December 31, | At December 31, |
|  | 2022 | 2021 |
| Book value per share outstanding | $62.16 | $193.75 |
| Less effect of AOCI: |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated currency translation adjustments | (2.56) | (0.13) |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) of securities | (81.10) | 55.09 |
| &nbsp;&nbsp;&nbsp;Pension and postretirement benefits | (0.40) | (0.74) |
| Book value per share outstanding, before impact of AOCI | $146.22 | $139.53 |

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Add Fifteen

Reconciliation of Stockholders' Average Equity to Stockholders' Average Equity Excluding AOCI

(Dollars in millions)

---

| | |
|:---|:---|
| (Unaudited) |  |
| Trailing Twelve Months Ended December 31, 2022: | Average Equity |
| Stockholders' average equity | $7167 |
| Less effect of AOCI: |  |
| &nbsp;&nbsp;&nbsp;Accumulated currency translation adjustments | (86) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation of securities | (2176) |
| &nbsp;&nbsp;&nbsp;Pension and postretirement benefits | (46) |
| Stockholders' average equity, excluding AOCI | $9475 |

---

Reconciliation of Trailing Twelve Months of Consolidated Net Income to Adjusted Operating Income and

Related Return on Equity

(Dollars in millions)

---

| | | |
|:---|:---|:---|
| (Unaudited) |  | Return on Equity |
| Trailing Twelve Months Ended December 31, 2022: | Income | Return on Equity |
| Net income available to RGA shareholders | $623 | 8.7% |
| Reconciliation to adjusted operating income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital (gains) losses, derivatives and other, net | 311 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of embedded derivatives | 65 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition cost offset, net | (21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense on uncertain tax positions | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interest | 4 |  |
| Adjusted operating income | $977 | 10.3% |

---

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Unaudited) | Three Months Ended December 31, | Three Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |
|  | 2022 | 2021 | 2022 | 2021 |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $3446 | $3407 | $13078 | $12513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income, net of related expenses | 828 | 771 | 3161 | 3138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment related gains (losses), net | 8 | 88 | (506) | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 93 | 93 | 525 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 4375 | 4359 | 16258 | 16658 |
| Benefits and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 3191 | 3482 | 12046 | 12776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited | 214 | 159 | 682 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 355 | 406 | 1499 | 1416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 289 | 253 | 1009 | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 54 | (2) | 184 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateral finance and securitization expense | 1 | 4 | 7 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 4104 | 4302 | 15427 | 15967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 271 | 57 | 831 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 65 | (99) | 204 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 206 | 156 | 627 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interest | 2 |  | 4 |  |
| Net income available to RGA shareholders | $204 | $156 | $623 | $617 |

---

\# \# \#

## Exhibit 99.2

**Exhibit 99.2**

![rgalogospelledoutaa01a13.jpg](rgalogospelledoutaa01a13.jpg)

**Quarterly Financial Supplement**

**Fourth Quarter 2022**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **World Headquarters** | **Internet Address** | **Contacts** |
| 16600 Swingley Ridge Road | www.rgare.com | Todd C. Larson |
| Chesterfield, Missouri 63017 U.S.A. |  | Senior Executive Vice President |
|  |  | and Chief Financial Officer |
|  |  | Phone: (636) 736-7000 |
|  |  | e-mail: tlarson@rgare.com |
|  |  | Jeff Hopson |
|  |  | Senior Vice President, Investor Relations |
|  |  | Phone: (636) 736-2068 |
|  |  | e-mail: jhopson@rgare.com |

---

---

| | | | |
|:---|:---|:---|:---|
| **Current Ratings** | **Current Ratings** | **Current Ratings** | **Current Ratings** |
| | **Standard & Poor's** | **A.M. Best** | **Moody's** |
| **Financial Strength Ratings** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RGA Reinsurance Company | AA- | A+ | A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RGA Life Reinsurance Company of Canada | AA- | A+ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RGA International Reinsurance Company dac | AA- |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RGA Global Reinsurance Company, Ltd. | AA- |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RGA Reinsurance Company of Australia Limited | AA- |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RGA Americas Reinsurance Company, Ltd. | AA- | A+ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RGA Worldwide Reinsurance Company, Ltd. | AA- |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RGA Reinsurance Company (Barbados) Ltd. | AA- |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RGA Atlantic Reinsurance Company Ltd. | AA- | A+ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnilife Insurance Company Limited | A+ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurora National Life Assurance Company |  | A+ |  |
| **Senior Debt Ratings** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America, Incorporated | A | a- | Baa1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is traded on the New York Stock Exchange under the symbol "RGA".

![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg)

------

**Reinsurance Group of America, Incorporated**

**4th Quarter 2022**

**Table of Contents**

---

| | |
|:---|:---|
| | Page |
| Non-GAAP Disclosures | [1](#ic869fa25799943d3a9291878d03e53bc_10) |
| 2022 Notes | [2](#ic869fa25799943d3a9291878d03e53bc_834) |
| Consolidated |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | [3](#ic869fa25799943d3a9291878d03e53bc_13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations) | [4](#ic869fa25799943d3a9291878d03e53bc_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Balance Sheets | [6](#ic869fa25799943d3a9291878d03e53bc_19) |
| Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. and Latin America Traditional | [7](#ic869fa25799943d3a9291878d03e53bc_22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. and Latin America Financial Solutions - Asset-Intensive | [9](#ic869fa25799943d3a9291878d03e53bc_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. and Latin America Financial Solutions - Capital Solutions | [12](#ic869fa25799943d3a9291878d03e53bc_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada Traditional | [14](#ic869fa25799943d3a9291878d03e53bc_34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada Financial Solutions | [16](#ic869fa25799943d3a9291878d03e53bc_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe, Middle East and Africa Traditional | [18](#ic869fa25799943d3a9291878d03e53bc_40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe, Middle East and Africa Financial Solutions | [20](#ic869fa25799943d3a9291878d03e53bc_43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asia Pacific Traditional | [22](#ic869fa25799943d3a9291878d03e53bc_46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asia Pacific Financial Solutions | [24](#ic869fa25799943d3a9291878d03e53bc_49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other | [26](#ic869fa25799943d3a9291878d03e53bc_52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary of Segment GAAP Income | [28](#ic869fa25799943d3a9291878d03e53bc_55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary of Segment Adjusted Operating Income | [29](#ic869fa25799943d3a9291878d03e53bc_58) |
| Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and Invested Assets and Investment Income and Yield Summary | [30](#ic869fa25799943d3a9291878d03e53bc_61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities | [31](#ic869fa25799943d3a9291878d03e53bc_64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Fixed Maturity Securities by Industry | [32](#ic869fa25799943d3a9291878d03e53bc_67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities | [33](#ic869fa25799943d3a9291878d03e53bc_70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Maturity Securities Below Amortized Cost | [34](#ic869fa25799943d3a9291878d03e53bc_73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Investment Related Gains and Losses | [36](#ic869fa25799943d3a9291878d03e53bc_76) |
| Appendix |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reconciliations of GAAP to Non-GAAP Measures | [37](#ic869fa25799943d3a9291878d03e53bc_79) |

---

![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg)

------

**Reinsurance Group of America, Incorporated**

**Non-GAAP Disclosures**

This Quarterly Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated ("RGA") with the SEC. The consolidated financial information herein include the assets, liabilities, and results of operations of RGA and its subsidiaries.

**<u>Non-GAAP Disclosures</u>**

RGA uses a non-GAAP financial measure called adjusted operating income as a basis for analyzing 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 ongoing profitability and underlying trends of the Company's continuing operations, primarily because that measure excludes substantially all of 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 the performance of the Company's underlying businesses. Additionally, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that management believes are not indicative of the Company's ongoing operations. The definition of adjusted operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to adjusted operating income before income taxes is presented in the appendix.<br>

RGA evaluates its shareholders' equity and book value per share position excluding the impact of accumulated other comprehensive income (loss) ("AOCI") since the net unrealized gains or losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent and can fluctuate significantly from period to period.

RGA uses a non-GAAP financial measure called adjusted operating return on equity, which is calculated as adjusted operating income divided by average shareholders' equity excluding AOCI. Additionally, RGA uses a non-GAAP financial measure called book value per share excluding the impact of AOCI 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. A reconciliation of RGA, Inc. shareholders' equity and book value per share before and after the impact of AOCI is presented in the appendix.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

------

**Reinsurance Group of America, Incorporated**

**2022 Notes**

During the fourth quarter of 2022, the Company revised the presentation of its investments in limited partnerships and real estate joint ventures to be presented separately in the consolidated balance sheet. Previously, investments in limited partnerships and real estate joint ventures were included in other invested assets in the consolidated balance sheet. The Company revised prior periods' balance sheets to conform to the updated presentation. This change in presentation did not impact the accounting for, or the recognition of income from investments in limited partnerships and real estate joint ventures in the consolidated statements of income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 2 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

------

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** | **Financial Highlights** |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr vs. PY Quarter | Year-to-Date | Year-to-Date | Year-to-Date |
| (USD millions, except in force & per share and shares data) | Dec. 31, | Sept. 30, | June 30, |  | March 31, | Dec. 31, | Current Qtr vs. PY Quarter | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 |  | 2022 | 2021 | Current Qtr vs. PY Quarter | 2022 | 2021 | Change |
| Net premiums | $3446 | $3247 | $3230 |  | $3155 | $3407 | $39 | $13078 | $12513 | $565 |
| Net income (loss) available to RGA's shareholders | 204 | 284 | 198 |  | (63) | 156 | 48 | 623 | 617 | 6 |
| Adjusted operating income (loss) | 202 | 352 | 391 |  | 32 | (38) | 240 | 977 | 77 | 900 |
| Return on equity - annualized | 21.0% | 23.9% | 10.6% |  | (2.3)% | 4.8% | 16.2% |  |  |  |
| Return on equity - trailing 12 months | 8.7% | 6.4% | 2.5% |  | 3.4% | 4.7% | 4.0% |  |  |  |
| Adjusted operating return on equity (ex AOCI) - annualized | 8.4% | 14.8% | 16.8% |  | 1.4% | (1.6)% | 10.0% |  |  |  |
| Adjusted operating return on equity (ex AOCI) - trailing 12 months | 10.3% | 7.9% | 3.3% |  | 2.1% | 0.8% | 9.5% |  |  |  |
| Total assets | $84706 | $82705 | $84609 |  | $89761 | $92175 | $(7469) |  |  |  |
| **Assumed Life Reinsurance In Force (in billions)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. and Latin America Traditional | $1672.2 | $1662.7 | $1650.5 |  | $1645.1 | $1628.4 | $43.8 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. and Latin America Financial Solutions | 5.2 | 5.3 | 5.3 |  | 5.3 | 5.3 | (0.1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada Traditional | 463.6 | 448.7 | 477.2 |  | 484.5 | 472.6 | (9.0) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe, Middle East and Africa Traditional | 735.4 | 671.3 | 756.4 |  | 850.7 | 861.6 | (126.2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asia Pacific Traditional | 518.6 | 479.4 | 486.1 |  | 508.4 | 497.4 | 21.2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asia Pacific Financial Solutions | 5.7 | 5.2 | 5.4 | <sup>(1)</sup> | 1.1 | 1.7 | 4.0 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assumed life reinsurance in force | $3400.7 | $3272.6 | $3380.9 |  | $3495.1 | $3467.0 | $(66.3) |  |  |  |
| **Assumed New Business Production (in billions)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. and Latin America Traditional | $36.4 | $37.3 | $32.7 |  | $39.5 | $32.4 | $4.0 | $145.9 | $130.5 | $15.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada Traditional | 11.9 | 10.8 | 12.8 |  | 12.7 | 14.6 | (2.7) | 48.2 | 48.8 | (0.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe, Middle East and Africa Traditional | 35.6 | 38.2 | 45.1 |  | 50.5 | 51.0 | (15.4) | 169.4 | 198.4 | (29.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asia Pacific Traditional | 8.6 | 14.4 | 5.7 |  | 16.6 | 8.6 |  | 45.3 | 34.2 | 11.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asia Pacific Financial Solutions |  |  |  |  | 0.1 | 0.1 | (0.1) | 0.1 | 0.2 | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assumed new business production | $92.5 | $100.7 | $96.3 |  | $119.4 | $106.7 | $(14.2) | $408.9 | $412.1 | $(3.2) |
| **Per Share and Shares Data (shares in thousands)** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per share |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $3.07 | $4.24 | $2.95 |  | $(0.93) | $2.32 | $0.75 | $9.31 | $9.10 | $0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) | $3.04 | $5.26 | $5.83 |  | $0.48 | $(0.56) | $3.60 | $14.60 | $1.14 | $13.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per share <sup>(2)</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) <sup>(2)</sup> | $3.02 | $4.19 | $2.92 |  | $(0.93) | $2.30 | $0.72 | $9.21 | $9.04 | $0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) <sup>(2)</sup> | $2.99 | $5.20 | $5.78 |  | $0.47 | $(0.56) | $3.55 | $14.43 | $1.13 | $13.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wgt. average common shares outstanding |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 66748 | 66936 | 66996 |  | 67104 | 67380 | (632) | 66945 | 67814 | (869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 67793 | 67663 | 67620 |  | 67649 | 67930 | (137) | 67703 | 68286 | (583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares issued | 85311 | 85311 | 85311 |  | 85311 | 85311 |  | 85311 | 85311 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury shares | 18635 | 18484 | 18304 |  | 18323 | 18140 | 495 | 18635 | 18140 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares outstanding | 66676 | 66827 | 67007 |  | 66988 | 67171 | (495) | 66676 | 67171 | (495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Book value per share | $62.16 | $54.66 | $87.14 |  | $137.08 | $193.75 | $(131.59) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per share effect of AOCI | $(84.06) | $(89.25) | $(53.12) |  | $(0.81) | $54.22 | $(138.28) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Book value per share, excluding AOCI | $146.22 | $143.91 | $140.26 |  | $137.89 | $139.53 | $6.69 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' dividends paid | $53 | $54 | $49 |  | $49 | $49 | $4 | $205 | $194 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) During the quarter, the Company changed its calculation for assumed life reinsurance in force, resulting in an increase for the quarter.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) During the quarter, the Company changed its calculation for assumed life reinsurance in force, resulting in an increase for the quarter.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) During the quarter, the Company changed its calculation for assumed life reinsurance in force, resulting in an increase for the quarter.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) During the quarter, the Company changed its calculation for assumed life reinsurance in force, resulting in an increase for the quarter.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) During the quarter, the Company changed its calculation for assumed life reinsurance in force, resulting in an increase for the quarter.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) During the quarter, the Company changed its calculation for assumed life reinsurance in force, resulting in an increase for the quarter.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) During the quarter, the Company changed its calculation for assumed life reinsurance in force, resulting in an increase for the quarter.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) During the quarter, the Company changed its calculation for assumed life reinsurance in force, resulting in an increase for the quarter.* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.* |  |  |  |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $3446 | $3247 | $3230 | $3155 | $3407 | $39 | $13078 | $12513 | $565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 828 | 769 | 754 | 810 | 771 | 57 | 3161 | 3138 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment related gains (losses), net | 8 | (134) | (254) | (126) | 88 | (80) | (506) | 560 | (1066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 93 | 184 | 157 | 91 | 93 |  | 525 | 447 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 4375 | 4066 | 3887 | 3930 | 4359 | 16 | 16258 | 16658 | (400) |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 3191 | 2815 | 2815 | 3225 | 3482 | (291) | 12046 | 12776 | (730) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited | 214 | 189 | 138 | 141 | 159 | 55 | 682 | 700 | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 355 | 396 | 393 | 355 | 406 | (51) | 1499 | 1416 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 289 | 251 | 243 | 226 | 253 | 36 | 1009 | 936 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 54 | 46 | 42 | 42 | (2) | 56 | 184 | 127 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral finance and securitization expense | 1 | 3 | 2 | 1 | 4 | (3) | 7 | 12 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 4104 | 3700 | 3633 | 3990 | 4302 | (198) | 15427 | 15967 | (540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | 271 | 366 | 254 | (60) | 57 | 214 | 831 | 691 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 65 | 81 | 55 | 3 | (99) | 164 | 204 | 74 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss)** | 206 | 285 | 199 | (63) | 156 | 50 | 627 | 617 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interest | 2 | 1 | 1 |  |  | 2 | 4 |  | 4 |
| **Net income (loss) available to RGA's shareholders** | $204 | $284 | $198 | $(63) | $156 | $48 | $623 | $617 | $6 |
| **Pre-tax adjusted operating income reconciliation:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $271 | $366 | $254 | $(60) | $57 | $214 | $831 | $691 | $140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment and derivative (gains) losses <sup>(1)</sup> | (45) | 153 | 203 | 119 | (31) | (14) | 430 | (429) | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in value of modified coinsurance and funds withheld embedded derivatives <sup>(1)</sup> | 67 | 17 | 56 | 33 | (20) | 87 | 173 | (107) | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMXB embedded derivatives <sup>(1)</sup> | (15) | (21) | 12 | (14) | (29) | 14 | (38) | 7 | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funds withheld (gains) losses - investment income | 1 | 5 | 9 | 8 | (1) | 2 | 23 | (5) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EIA embedded derivatives - interest credited | 1 | (10) | (27) | (17) | (9) | 10 | (53) | (45) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAC offset, net | (36) | 12 | 7 | (10) | 26 | (62) | (27) | 38 | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment (income) loss on unit-linked variable annuities | 2 | 5 | 8 | 9 | (5) | 7 | 24 | (4) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited on unit-linked variable annuities | (2) | (5) | (8) | (9) | 5 | (7) | (24) | 4 | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense on uncertain tax positions |  | 1 |  |  | (34) | 34 | 1 | (26) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-investment derivatives and other | 1 | (71) | (9) |  | 5 | (4) | (79) | (3) | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted operating income (loss) before income taxes** | $245 | $452 | $505 | $59 | $(36) | $281 | $1261 | $121 | $1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* |  |  |  |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **After-tax adjusted operating income reconciliation:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAAP net income attributable to RGA | $204 | $284 | $198 | $(63) | $156 | $48 | $623 | $617 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment and derivative (gains) losses <sup>(1)</sup> | (11) | 119 | 152 | 94 | (25) | 14 | 354 | (338) | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in value of modified coinsurance and funds withheld embedded derivatives <sup>(1)</sup> | 53 | 14 | 44 | 26 | (16) | 69 | 137 | (85) | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMXB embedded derivatives <sup>(1)</sup> | (12) | (16) | 9 | (11) | (22) | 10 | (30) | 6 | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funds withheld (gains) losses - investment income | 1 | 4 | 7 | 6 | (1) | 2 | 18 | (4) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EIA embedded derivatives - interest credited | 1 | (8) | (22) | (13) | (8) | 9 | (42) | (36) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAC offset, net | (28) | 9 | 6 | (8) | 21 | (49) | (21) | 30 | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment (income) loss on unit-linked variable annuities | 2 | 4 | 6 | 7 | (4) | 6 | 19 | (3) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited on unit-linked variable annuities | (2) | (4) | (6) | (7) | 4 | (6) | (19) | 3 | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense on uncertain tax positions |  | 1 |  |  | (27) | 27 | 1 | (21) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-investment derivatives and other | 1 | (56) | (7) |  | 4 | (3) | (62) | (2) | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uncertain tax positions and other tax related items | (9) |  | 3 | 1 | (120) | 111 | (5) | (90) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interest | 2 | 1 | 1 |  |  | 2 | 4 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted operating income (loss)** | $202 | $352 | $391 | $32 | $(38) | $240 | $977 | $77 | $900 |
| Diluted earnings per share - adjusted operating income (loss) <sup>(2)</sup> | $2.99 | $5.20 | $5.78 | $0.47 | $(0.56) | $3.55 | $14.43 | $1.13 | $13.30 |
| **Foreign currency effect on** <sup>(3)</sup>**:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $(164) | $(160) | $(119) | $(47) | $(3) | $(161) | $(490) | $250 | $(740) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) before income taxes | $(19) | $(13) | $(14) | $(1) | $— | $(19) | $(47) | $4 | $(51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3) Compared to comparable prior year period.* |  |  |  |

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|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, |
|  | 2022 | 2022 | 2022 | 2022 | 2021 |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities, available-for-sale | $52901 | $50495 | $53294 | $57922 | $60749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 134 | 137 | 127 | 139 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 6590 | 6558 | 6544 | 6535 | 6283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy loans | 1231 | 1202 | 1218 | 1221 | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funds withheld at interest | 6003 | 6177 | 6393 | 6737 | 6954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited partnerships and real estate joint ventures | 2327 | 2197 | 2074 | 1943 | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 154 | 225 | 272 | 315 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 1140 | 1049 | 1036 | 1090 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 70480 | 68040 | 70958 | 75902 | 78528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 2927 | 3512 | 2556 | 2709 | 2948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued investment income | 630 | 628 | 572 | 578 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums receivable and other reinsurance balances | 3013 | 2820 | 2884 | 2883 | 2888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance ceded receivables | 2462 | 2456 | 2558 | 2595 | 2580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred policy acquisition costs | 3974 | 3887 | 3856 | 3797 | 3690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 1220 | 1362 | 1225 | 1297 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $84706 | $82705 | $84609 | $89761 | $92175 |
| **Liabilities and equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits | $35220 | $33715 | $34833 | $35946 | $35782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-sensitive contract liabilities | 30572 | 30286 | 29023 | 28083 | 26377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other policy claims and benefits | 6571 | 6249 | 6464 | 7079 | 6993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other reinsurance balances | 756 | 909 | 582 | 582 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 736 | 686 | 1060 | 1843 | 2886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 2655 | 2910 | 2899 | 3123 | 2663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 3961 | 4207 | 3667 | 3667 | 3667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral finance and securitization notes |  |  | 152 | 166 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 80471 | 78962 | 78680 | 80489 | 79161 |
| Equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, at par value | 1 | 1 | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in-capital | 2502 | 2493 | 2478 | 2465 | 2461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 8967 | 8820 | 8592 | 8446 | 8563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | (1720) | (1697) | (1673) | (1675) | (1653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (AOCI): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated currency translation adjustment, net of income taxes | (171) | (216) | (39) | 4 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation of securities, net of income taxes | (5407) | (5697) | (3469) | (9) | 3701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and postretirement benefits, net of income taxes | (27) | (51) | (51) | (50) | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total RGA, Inc. stockholders' equity | 4145 | 3653 | 5839 | 9182 | 13014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest | 90 | 90 | 90 | 90 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 4235 | 3743 | 5929 | 9272 | 13014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $84706 | $82705 | $84609 | $89761 | $92175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total RGA, Inc. stockholders' equity, excluding AOCI | $9750 | $9617 | $9398 | $9237 | $9372 |
| ***See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.*** |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 6 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** |
| &nbsp;&nbsp;**U.S. and Latin America Traditional** | &nbsp;&nbsp;**U.S. and Latin America Traditional** | &nbsp;&nbsp;**U.S. and Latin America Traditional** | &nbsp;&nbsp;**U.S. and Latin America Traditional** | &nbsp;&nbsp;**U.S. and Latin America Traditional** | &nbsp;&nbsp;**U.S. and Latin America Traditional** | &nbsp;&nbsp;**U.S. and Latin America Traditional** | &nbsp;&nbsp;**U.S. and Latin America Traditional** | &nbsp;&nbsp;**U.S. and Latin America Traditional** | &nbsp;&nbsp;**U.S. and Latin America Traditional** |
| &nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;**GAAP Income Statements** |
| &nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;(USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $1778 | $1640 | $1631 | $1541 | $1697 | $81 | $6590 | $6244 | $346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 238 | 214 | 209 | 304 | 245 | (7) | 965 | 930 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment related gains (losses), net | 6 | 8 | 19 | 15 | 4 | 2 | 48 | 6 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 5 | 5 | 9 | 7 | 4 | 1 | 26 | 18 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 2027 | 1867 | 1868 | 1867 | 1950 | 77 | 7629 | 7198 | 431 |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 1713 | 1398 | 1389 | 1765 | 1892 | (179) | 6265 | 6720 | (455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited | 18 | 18 | 17 | 17 | 18 |  | 70 | 70 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 223 | 203 | 208 | 208 | 209 | 14 | 842 | 792 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 52 | 44 | 45 | 43 | 42 | 10 | 184 | 156 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 2006 | 1663 | 1659 | 2033 | 2161 | (155) | 7361 | 7738 | (377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $21 | $204 | $209 | $(166) | $(211) | $232 | $268 | $(540) | $808 |
| **Loss and expense ratios:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 96.3% | 85.2% | 85.2% | 114.5% | 111.5% | (15.2)% | 95.1% | 107.6% | (12.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 12.5% | 12.4% | 12.8% | 13.5% | 12.3% | 0.2% | 12.8% | 12.7% | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 2.9% | 2.7% | 2.8% | 2.8% | 2.5% | 0.4% | 2.8% | 2.5% | 0.3% |
| **Foreign currency effect on** <sup>(1)</sup>**:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $1 | $— | $1 | $— | $— | $1 | $2 | $3 | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $— | $— | $— | $— | $1 | $(1) | $— | $— | $— |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |
| *(1) Compared to comparable prior year period.* |  |  |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 7 |

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------

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;**Reinsurance Group of America, Incorporated** |
| &nbsp;&nbsp;**U.S. and Latin America Traditional** | &nbsp;&nbsp;**U.S. and Latin America Traditional** | &nbsp;&nbsp;**U.S. and Latin America Traditional** | &nbsp;&nbsp;**U.S. and Latin America Traditional** | &nbsp;&nbsp;**U.S. and Latin America Traditional** | &nbsp;&nbsp;**U.S. and Latin America Traditional** | &nbsp;&nbsp;**U.S. and Latin America Traditional** | &nbsp;&nbsp;**U.S. and Latin America Traditional** | &nbsp;&nbsp;**U.S. and Latin America Traditional** | &nbsp;&nbsp;**U.S. and Latin America Traditional** |
| &nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;**Adjusted Operating Income Statements** |
| &nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;(USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | Qtr vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $1778 | $1640 | $1631 | $1541 | $1697 | $81 | $6590 | $6244 | $346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 238 | 214 | 209 | 304 | 245 | (7) | 965 | 930 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 5 | 5 | 9 | 7 | 4 | 1 | 26 | 18 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 2021 | 1859 | 1849 | 1852 | 1946 | 75 | 7581 | 7192 | 389 |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 1713 | 1398 | 1389 | 1765 | 1892 | (179) | 6265 | 6720 | (455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited | 18 | 18 | 17 | 17 | 18 |  | 70 | 70 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 223 | 203 | 208 | 208 | 209 | 14 | 842 | 792 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 52 | 44 | 45 | 43 | 42 | 10 | 184 | 156 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 2006 | 1663 | 1659 | 2033 | 2161 | (155) | 7361 | 7738 | (377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) before income taxes | $15 | $196 | $190 | $(181) | $(215) | $230 | $220 | $(546) | $766 |
| **Loss and expense ratios:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 96.3% | 85.2% | 85.2% | 114.5% | 111.5% | (15.2)% | 95.1% | 107.6% | (12.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 12.5% | 12.4% | 12.8% | 13.5% | 12.3% | 0.2% | 12.8% | 12.7% | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 2.9% | 2.7% | 2.8% | 2.8% | 2.5% | 0.4% | 2.8% | 2.5% | 0.3% |
| **Foreign currency effect on** <sup>(1)</sup>**:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $1 | $— | $1 | $— | $— | $1 | $2 | $3 | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) before income taxes | $— | $— | $— | $— | $1 | $(1) | $— | $— | $— |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |
| *(1) Compared to comparable prior year period.* |  |  |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 8 |

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------

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** |
| **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $24 | $13 | $14 | $15 | $13 | $11 | $66 | $55 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 292 | 270 | 251 | 262 | 264 | 28 | 1075 | 1087 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment related gains (losses), net | (114) | (22) | (93) | (80) | 36 | (150) | (309) | 72 | (381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 26 | 29 | 31 | 27 | 26 |  | 113 | 168 | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 228 | 290 | 203 | 224 | 339 | (111) | 945 | 1382 | (437) |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 49 | 42 | 42 | 48 | 37 | 12 | 181 | 166 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited | 147 | 130 | 101 | 107 | 120 | 27 | 485 | 565 | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 17 | 58 | 59 | 40 | 79 | (62) | 174 | 192 | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 13 | 12 | 12 | 9 | 10 | 3 | 46 | 37 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 226 | 242 | 214 | 204 | 246 | (20) | 886 | 960 | (74) |
| Income (loss) before income taxes | $2 | $48 | $(11) | $20 | $93 | $(91) | $59 | $422 | $(363) |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 9 |

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------

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** |
| **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $24 | $13 | $14 | $15 | $13 | $11 | $66 | $55 | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 291 | 270 | 254 | 264 | 264 | 27 | 1079 | 1086 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 26 | 29 | 32 | 27 | 25 | 1 | 114 | 167 | (53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 341 | 312 | 300 | 306 | 302 | 39 | 1259 | 1308 | (49) |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 49 | 42 | 42 | 48 | 37 | 12 | 181 | 166 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited | 146 | 140 | 128 | 124 | 129 | 17 | 538 | 610 | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 53 | 46 | 52 | 50 | 53 |  | 201 | 154 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 13 | 12 | 12 | 9 | 10 | 3 | 46 | 37 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 261 | 240 | 234 | 231 | 229 | 32 | 966 | 967 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $80 | $72 | $66 | $75 | $73 | $7 | $293 | $341 | $(48) |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 10 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** | **U.S. and Latin America Financial Solutions - Asset-Intensive** |
| (Continued) | (Continued) | (Continued) | (Continued) | (Continued) | (Continued) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| (USD millions, shown net of reinsurance ceded) | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, |
|  | 2022 | 2022 | 2022 | 2022 | 2021 |
| **Annuity account values:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fixed annuities (deferred)** | $12190 | $12408 | $12084 | $11693 | $11858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net interest spread (fixed annuities)** | 1.8% | 1.5% | 1.3% | 2.0% | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity-indexed annuities** | $2861 | $2952 | $3017 | $3114 | $3213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Variable annuities account values** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No riders | $672 | $642 | $705 | $786 | $844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMDB only | 771 | 802 | 811 | 891 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMIB only | 20 | 19 | 20 | 23 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMAB only | 2 | 2 | 2 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMWB only | 863 | 833 | 916 | 1035 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMDB / WB | 165 | 158 | 174 | 240 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 15 | 15 | 16 | 18 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total variable annuities account values | $2508 | $2471 | $2644 | $2996 | $3245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fair value of liabilities associated with living benefit riders** | $124 | $139 | $160 | $148 | $162 |
| **Interest-sensitive contract liabilities associated with:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Guaranteed investment contracts** | $613 | $623 | $712 | $656 | $656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bank-owned life insurance (BOLI)** | $2500 | $2508 | $2505 | $2499 | $2492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other asset-intensive business** | $110 | $111 | $112 | $114 | $115 |
| **Future policy benefits associated with:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Payout annuities** | $4021 | $4081 | $4160 | $4218 | $4274 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 11 |

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------

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** |
| &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** | &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** | &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** | &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** | &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** | &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** | &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** | &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** | &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** | &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** |
| &nbsp;&nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;&nbsp;**GAAP Income Statements** |
| &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $1 | $— | $1 | $1 | $— | $1 | $3 | $2 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 26 | 25 | 74 | 27 | 28 | (2) | 152 | 108 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 27 | 25 | 75 | 28 | 28 | (1) | 155 | 110 | 45 |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 1 |  | 1 | 1 |  | 1 | 3 | 4 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 4 | 3 | 2 | 3 | 3 | 1 | 12 | 13 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 5 | 3 | 3 | 4 | 3 | 2 | 15 | 17 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | $22 | $22 | $72 | $24 | $25 | $(3) | $140 | $93 | $47 |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 12 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** |
| &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** | &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** | &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** | &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** | &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** | &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** | &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** | &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** | &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** | &nbsp;&nbsp;&nbsp;**U.S. and Latin America Financial Solutions - Capital Solutions** |
| &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** |
| &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $1 | $— | $1 | $1 | $— | $1 | $3 | $2 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 26 | 25 | 74 | 27 | 28 | (2) | 152 | 108 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 27 | 25 | 75 | 28 | 28 | (1) | 155 | 110 | 45 |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 1 |  | 1 | 1 |  | 1 | 3 | 4 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 4 | 3 | 2 | 3 | 3 | 1 | 12 | 13 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 5 | 3 | 3 | 4 | 3 | 2 | 15 | 17 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $22 | $22 | $72 | $24 | $25 | $(3) | $140 | $93 | $47 |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 13 |

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------

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Canada Traditional** | **Canada Traditional** | **Canada Traditional** | **Canada Traditional** | **Canada Traditional** | **Canada Traditional** | **Canada Traditional** | **Canada Traditional** | **Canada Traditional** | **Canada Traditional** |
| **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $308 | $293 | $314 | $304 | $324 | $(16) | $1219 | $1194 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 62 | 63 | 58 | 55 | 60 | 2 | 238 | 248 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment related gains (losses), net | 5 | 2 | (6) | 1 |  | 5 | 2 | 3 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 3 |  | 1 | 2 | 1 | 2 | 6 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 378 | 358 | 367 | 362 | 385 | (7) | 1465 | 1448 | 17 |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 293 | 270 | 295 | 300 | 298 | (5) | 1158 | 1096 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 42 | 46 | 46 | 46 | 50 | (8) | 180 | 187 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 11 | 10 | 10 | 10 | 9 | 2 | 41 | 37 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 346 | 326 | 351 | 356 | 357 | (11) | 1379 | 1320 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | $32 | $32 | $16 | $6 | $28 | $4 | $86 | $128 | $(42) |
| **Loss and expense ratios:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 95.1% | 92.2% | 93.9% | 98.7% | 92.0% | 3.1% | 95.0% | 91.8% | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 13.6% | 15.7% | 14.6% | 15.1% | 15.4% | (1.8)% | 14.8% | 15.7% | (0.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 3.6% | 3.4% | 3.2% | 3.3% | 2.8% | 0.8% | 3.4% | 3.1% | 0.3% |
| **Foreign currency effect on** <sup>(1)</sup>**:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $(23) | $(11) | $(13) | $— | $10 | $(33) | $(47) | $76 | $(123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | $(2) | $(1) | $(1) | $— | $— | $(2) | $(4) | $6 | $(10) |
| **Creditor reinsurance net premiums** | $17 | $18 | $20 | $18 | $19 | $(2) | $73 | $74 | $(1) |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(1) Compared to comparable prior year period.* |  |  |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 14 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Canada Traditional** | **Canada Traditional** | **Canada Traditional** | **Canada Traditional** | **Canada Traditional** | **Canada Traditional** | **Canada Traditional** | **Canada Traditional** | **Canada Traditional** | **Canada Traditional** |
| **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $308 | $293 | $314 | $304 | $324 | $(16) | $1219 | $1194 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 63 | 64 | 58 | 55 | 59 | 4 | 240 | 247 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment related gains, net |  | 2 | 2 |  | 2 | (2) | 4 | 6 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 3 |  | 1 | 2 | 1 | 2 | 6 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 374 | 359 | 375 | 361 | 386 | (12) | 1469 | 1450 | 19 |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 293 | 270 | 295 | 300 | 298 | (5) | 1158 | 1096 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 42 | 46 | 46 | 46 | 50 | (8) | 180 | 187 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 11 | 10 | 10 | 10 | 9 | 2 | 41 | 37 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 346 | 326 | 351 | 356 | 357 | (11) | 1379 | 1320 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $28 | $33 | $24 | $5 | $29 | $(1) | $90 | $130 | $(40) |
| **Loss and expense ratios:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 95.1% | 92.2% | 93.9% | 98.7% | 92.0% | 3.1% | 95.0% | 91.8% | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 13.6% | 15.7% | 14.6% | 15.1% | 15.4% | (1.8)% | 14.8% | 15.7% | (0.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 3.6% | 3.4% | 3.2% | 3.3% | 2.8% | 0.8% | 3.4% | 3.1% | 0.3% |
| **Foreign currency effect on** <sup>(1)</sup>**:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $(23) | $(11) | $(13) | $— | $10 | $(33) | $(47) | $76 | $(123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $(2) | $(1) | $(1) | $— | $— | $(2) | $(4) | $6 | $(10) |
| **Creditor reinsurance net premiums** | $17 | $18 | $20 | $18 | $19 | $(2) | $73 | $74 | $(1) |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(1) Compared to comparable prior year period.* |  |  |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 15 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Canada Financial Solutions** <sup>(1)</sup> | **Canada Financial Solutions** <sup>(1)</sup> | **Canada Financial Solutions** <sup>(1)</sup> | **Canada Financial Solutions** <sup>(1)</sup> | **Canada Financial Solutions** <sup>(1)</sup> | **Canada Financial Solutions** <sup>(1)</sup> | **Canada Financial Solutions** <sup>(1)</sup> | **Canada Financial Solutions** <sup>(1)</sup> | **Canada Financial Solutions** <sup>(1)</sup> | **Canada Financial Solutions** <sup>(1)</sup> |
| **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $23 | $24 | $25 | $23 | $22 | $1 | $95 | $90 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | 1 | (1) | 1 |  |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 3 | 2 | 3 | 1 | 2 | 1 | 9 | 11 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 26 | 27 | 27 | 25 | 24 | 2 | 105 | 101 | 4 |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 14 | 21 | 22 | 11 | 17 | (3) | 68 | 79 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses |  | 1 |  | 1 | 1 | (1) | 2 | 3 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 1 | 1 | 1 |  | 1 |  | 3 | 4 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 15 | 23 | 23 | 12 | 19 | (4) | 73 | 86 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | $11 | $4 | $4 | $13 | $5 | $6 | $32 | $15 | $17 |
| **Foreign currency effect on** <sup>(2)</sup>**:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $(2) | $(1) | $(1) | $— | $1 | $(3) | $(4) | $6 | $(10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | $(1) | $— | $— | $— | $1 | $(2) | $(1) | $1 | $(2) |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(1) Canada Financial Solutions operations includes longevity and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Canada Financial Solutions operations includes longevity and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Canada Financial Solutions operations includes longevity and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Canada Financial Solutions operations includes longevity and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Canada Financial Solutions operations includes longevity and fee-based transactions.* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 16 |

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------

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Canada Financial Solutions** <sup>(1)</sup> | **Canada Financial Solutions** <sup>(1)</sup> | **Canada Financial Solutions** <sup>(1)</sup> | **Canada Financial Solutions** <sup>(1)</sup> | **Canada Financial Solutions** <sup>(1)</sup> | **Canada Financial Solutions** <sup>(1)</sup> | **Canada Financial Solutions** <sup>(1)</sup> | **Canada Financial Solutions** <sup>(1)</sup> | **Canada Financial Solutions** <sup>(1)</sup> | **Canada Financial Solutions** <sup>(1)</sup> |
| **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $23 | $24 | $25 | $23 | $22 | $1 | $95 | $90 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | 1 | (1) | 1 |  |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 3 | 2 | 3 | 1 | 2 | 1 | 9 | 11 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 26 | 27 | 27 | 25 | 24 | 2 | 105 | 101 | 4 |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 14 | 21 | 22 | 11 | 17 | (3) | 68 | 79 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses |  | 1 |  | 1 | 1 | (1) | 2 | 3 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 1 | 1 | 1 |  | 1 |  | 3 | 4 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 15 | 23 | 23 | 12 | 19 | (4) | 73 | 86 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $11 | $4 | $4 | $13 | $5 | $6 | $32 | $15 | $17 |
| **Foreign currency effect on** <sup>(2)</sup>**:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $(2) | $(1) | $(1) | $— | $1 | $(3) | $(4) | $6 | $(10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $(1) | $— | $— | $— | $— | $(1) | $(1) | $1 | $(2) |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(1) Canada Financial Solutions operations includes longevity and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Canada Financial Solutions operations includes longevity and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Canada Financial Solutions operations includes longevity and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Canada Financial Solutions operations includes longevity and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Canada Financial Solutions operations includes longevity and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Canada Financial Solutions operations includes longevity and fee-based transactions.* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 17 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Europe, Middle East and Africa Traditional** | **Europe, Middle East and Africa Traditional** | **Europe, Middle East and Africa Traditional** | **Europe, Middle East and Africa Traditional** | **Europe, Middle East and Africa Traditional** | **Europe, Middle East and Africa Traditional** | **Europe, Middle East and Africa Traditional** | **Europe, Middle East and Africa Traditional** | **Europe, Middle East and Africa Traditional** | **Europe, Middle East and Africa Traditional** |
| **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $422 | $436 | $427 | $451 | $435 | $(13) | $1736 | $1738 | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 24 | 21 | 22 | 22 | 22 | 2 | 89 | 88 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 4 |  | (2) | 3 |  | 4 | 5 | 1 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 450 | 457 | 447 | 476 | 457 | (7) | 1830 | 1827 | 3 |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 375 | 394 | 377 | 427 | 464 | (89) | 1573 | 1829 | (256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 29 | 32 | 37 | 25 | 34 | (5) | 123 | 125 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 33 | 30 | 31 | 30 | 27 | 6 | 124 | 112 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 437 | 456 | 445 | 482 | 525 | (88) | 1820 | 2066 | (246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $13 | $1 | $2 | $(6) | $(68) | $81 | $10 | $(239) | $249 |
| **Loss and expense ratios:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 88.9% | 90.4% | 88.3% | 94.7% | 106.7% | (17.8)% | 90.6% | 105.2% | (14.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 6.9% | 7.3% | 8.7% | 5.5% | 7.8% | (0.9)% | 7.1% | 7.2% | (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 7.8% | 6.9% | 7.3% | 6.7% | 6.2% | 1.6% | 7.1% | 6.4% | 0.7% |
| **Foreign currency effect on** <sup>(1)</sup>**:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $(53) | $(68) | $(46) | $(16) | $— | $(53) | $(183) | $95 | $(278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $(1) | $(1) | $(1) | $1 | $— | $(1) | $(2) | $(23) | $21 |
| **Critical illness net premiums** | $33 | $41 | $36 | $39 | $42 | $(9) | $149 | $174 | $(25) |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(1) Compared to comparable prior year period.* |  |  |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 18 |

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------

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Europe, Middle East and Africa Traditional** | **Europe, Middle East and Africa Traditional** | **Europe, Middle East and Africa Traditional** | **Europe, Middle East and Africa Traditional** | **Europe, Middle East and Africa Traditional** | **Europe, Middle East and Africa Traditional** | **Europe, Middle East and Africa Traditional** | **Europe, Middle East and Africa Traditional** | **Europe, Middle East and Africa Traditional** | **Europe, Middle East and Africa Traditional** |
| **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $422 | $436 | $427 | $451 | $435 | $(13) | $1736 | $1738 | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 24 | 21 | 22 | 22 | 22 | 2 | 89 | 88 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 4 |  | (2) | 3 |  | 4 | 5 | 1 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 450 | 457 | 447 | 476 | 457 | (7) | 1830 | 1827 | 3 |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 375 | 394 | 377 | 427 | 464 | (89) | 1573 | 1829 | (256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 29 | 32 | 37 | 25 | 34 | (5) | 123 | 125 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 33 | 30 | 31 | 30 | 27 | 6 | 124 | 112 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 437 | 456 | 445 | 482 | 525 | (88) | 1820 | 2066 | (246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) before income taxes | $13 | $1 | $2 | $(6) | $(68) | $81 | $10 | $(239) | $249 |
| **Loss and expense ratios:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 88.9% | 90.4% | 88.3% | 94.7% | 106.7% | (17.8)% | 90.6% | 105.2% | (14.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 6.9% | 7.3% | 8.7% | 5.5% | 7.8% | (0.9)% | 7.1% | 7.2% | (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 7.8% | 6.9% | 7.3% | 6.7% | 6.2% | 1.6% | 7.1% | 6.4% | 0.7% |
| **Foreign currency effect on** <sup>(1)</sup>**:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $(53) | $(68) | $(46) | $(16) | $— | $(53) | $(183) | $95 | $(278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) before income taxes | $(1) | $(1) | $(1) | $1 | $— | $(1) | $(2) | $(23) | $21 |
| **Critical illness net premiums** | $33 | $41 | $36 | $39 | $42 | $(9) | $149 | $174 | $(25) |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(1) Compared to comparable prior year period.* |  |  |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 19 |

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------

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> | **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> | **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> | **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> | **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> | **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> | **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> | **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> | **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> | **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> |
| **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $127 | $112 | $119 | $128 | $91 | $36 | $486 | $350 | $136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 43 | 37 | 33 | 35 | 56 | (13) | 148 | 205 | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment related gains (losses), net | (11) | (9) | (22) | 16 | 8 | (19) | (26) | 49 | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 6 | 2 | 4 | 3 | 2 | 4 | 15 | 12 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 165 | 142 | 134 | 182 | 157 | 8 | 623 | 616 | 7 |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 103 | 104 | 94 | 91 | 60 | 43 | 392 | 254 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited | (2) | (5) | (8) | (9) | 5 | (7) | (24) | 4 | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 1 | 1 | 2 | 1 | 5 | (4) | 5 | 10 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 16 | 11 | 13 | 14 | 12 | 4 | 54 | 45 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 118 | 111 | 101 | 97 | 82 | 36 | 427 | 313 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | $47 | $31 | $33 | $85 | $75 | $(28) | $196 | $303 | $(107) |
| **Foreign currency effect on** <sup>(2)</sup>**:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $(17) | $(20) | $(14) | $(5) | $1 | $(18) | $(56) | $21 | $(77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | $(6) | $(4) | $(4) | $(3) | $1 | $(7) | $(17) | $21 | $(38) |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 20 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> | **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> | **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> | **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> | **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> | **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> | **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> | **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> | **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> | **Europe, Middle East and Africa Financial Solutions** <sup>(1)</sup> |
| **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $127 | $112 | $119 | $128 | $91 | $36 | $486 | $350 | $136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 46 | 46 | 47 | 50 | 51 | (5) | 189 | 198 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment related gains (losses), net | 4 | 5 | 5 | 4 | 3 | 1 | 18 | 6 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 6 | 2 | 4 | 3 | 2 | 4 | 15 | 12 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 183 | 165 | 175 | 185 | 147 | 36 | 708 | 566 | 142 |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 103 | 104 | 94 | 91 | 60 | 43 | 392 | 254 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 1 | 1 | 2 | 1 | 5 | (4) | 5 | 10 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 16 | 11 | 13 | 14 | 12 | 4 | 54 | 45 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 120 | 116 | 109 | 106 | 77 | 43 | 451 | 309 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $63 | $49 | $66 | $79 | $70 | $(7) | $257 | $257 | $— |
| **Foreign currency effect on** <sup>(2)</sup>**:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $(17) | $(20) | $(14) | $(5) | $1 | $(18) | $(56) | $21 | $(77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $(10) | $(8) | $(7) | $(3) | $1 | $(11) | $(28) | $18 | $(46) |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* | &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 21 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Asia Pacific Traditional** | **Asia Pacific Traditional** | **Asia Pacific Traditional** | **Asia Pacific Traditional** | **Asia Pacific Traditional** | **Asia Pacific Traditional** | **Asia Pacific Traditional** | **Asia Pacific Traditional** | **Asia Pacific Traditional** | **Asia Pacific Traditional** |
| **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $700 | $660 | $640 | $650 | $773 | $(73) | $2650 | $2624 | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 38 | 38 | 33 | 33 | 36 | 2 | 142 | 136 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment related gains (losses), net | 4 | 3 | 5 |  |  | 4 | 12 | (1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 2 | 4 | 8 | 5 | 6 | (4) | 19 | 19 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 744 | 705 | 686 | 688 | 815 | (71) | 2823 | 2778 | 45 |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 575 | 498 | 537 | 542 | 667 | (92) | 2152 | 2445 | (293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 45 | 37 | 42 | 47 | 44 | 1 | 171 | 159 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 57 | 52 | 49 | 48 | 47 | 10 | 206 | 184 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 677 | 587 | 628 | 637 | 758 | (81) | 2529 | 2788 | (259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $67 | $118 | $58 | $51 | $57 | $10 | $294 | $(10) | $304 |
| **Loss and expense ratios:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 82.1% | 75.5% | 83.9% | 83.4% | 86.3% | (4.2)% | 81.2% | 93.2% | (12.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 6.4% | 5.6% | 6.6% | 7.2% | 5.7% | 0.7% | 6.5% | 6.1% | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 8.1% | 7.9% | 7.7% | 7.4% | 6.1% | 2.0% | 7.8% | 7.0% | 0.8% |
| **Foreign currency effect on** <sup>(1)</sup>**:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $(61) | $(50) | $(38) | $(23) | $(13) | $(48) | $(172) | $52 | $(224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $(3) | $(6) | $(5) | $2 | $(2) | $(1) | $(12) | $(2) | $(10) |
| **Critical illness net premiums** | $324 | $296 | $301 | $295 | $424 | $(100) | $1216 | $1281 | $(65) |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Compared to comparable prior year period.* |  |  |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 22 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Asia Pacific Traditional** | **Asia Pacific Traditional** | **Asia Pacific Traditional** | **Asia Pacific Traditional** | **Asia Pacific Traditional** | **Asia Pacific Traditional** | **Asia Pacific Traditional** | **Asia Pacific Traditional** | **Asia Pacific Traditional** | **Asia Pacific Traditional** |
| **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $700 | $660 | $640 | $650 | $773 | $(73) | $2650 | $2624 | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 38 | 38 | 33 | 33 | 36 | 2 | 142 | 136 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment related gains (losses), net | 4 | 3 | 5 |  |  | 4 | 12 | (1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 2 | 4 | 8 | 5 | 6 | (4) | 19 | 19 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 744 | 705 | 686 | 688 | 815 | (71) | 2823 | 2778 | 45 |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 575 | 498 | 537 | 542 | 667 | (92) | 2152 | 2445 | (293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 45 | 37 | 42 | 47 | 44 | 1 | 171 | 159 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 57 | 52 | 49 | 48 | 47 | 10 | 206 | 184 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 677 | 587 | 628 | 637 | 758 | (81) | 2529 | 2788 | (259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) before income taxes | $67 | $118 | $58 | $51 | $57 | $10 | $294 | $(10) | $304 |
| **Loss and expense ratios:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 82.1% | 75.5% | 83.9% | 83.4% | 86.3% | (4.2)% | 81.2% | 93.2% | (12.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 6.4% | 5.6% | 6.6% | 7.2% | 5.7% | 0.7% | 6.5% | 6.1% | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 8.1% | 7.9% | 7.7% | 7.4% | 6.1% | 2.0% | 7.8% | 7.0% | 0.8% |
| **Foreign currency effect on** <sup>(1)</sup>**:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $(61) | $(50) | $(38) | $(23) | $(13) | $(48) | $(172) | $52 | $(224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) before income taxes | $(2) | $(7) | $(4) | $1 | $(2) | $— | $(12) | $(2) | $(10) |
| **Critical illness net premiums** | $324 | $296 | $301 | $295 | $424 | $(100) | $1216 | $1281 | $(65) |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Compared to comparable prior year period.* |  |  |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 23 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Asia Pacific Financial Solutions** <sup>(1)</sup> | **Asia Pacific Financial Solutions** <sup>(1)</sup> | **Asia Pacific Financial Solutions** <sup>(1)</sup> | **Asia Pacific Financial Solutions** <sup>(1)</sup> | **Asia Pacific Financial Solutions** <sup>(1)</sup> | **Asia Pacific Financial Solutions** <sup>(1)</sup> | **Asia Pacific Financial Solutions** <sup>(1)</sup> | **Asia Pacific Financial Solutions** <sup>(1)</sup> | **Asia Pacific Financial Solutions** <sup>(1)</sup> | **Asia Pacific Financial Solutions** <sup>(1)</sup> |
| **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** | **GAAP Income Statements** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $64 | $69 | $60 | $43 | $52 | $12 | $236 | $218 | $18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 95 | 77 | 56 | 44 | 42 | 53 | 272 | 138 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment related gains (losses), net | 82 | (93) | (113) | (81) | 7 | 75 | (205) | 19 | (224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue |  | 118 | 40 | 15 | 13 | (13) | 173 | 42 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 241 | 171 | 43 | 21 | 114 | 127 | 476 | 417 | 59 |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 69 | 88 | 59 | 41 | 47 | 22 | 257 | 187 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited | 39 | 38 | 22 | 20 | 15 | 24 | 119 | 57 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 21 | 43 | 22 | 12 | 15 | 6 | 98 | 56 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 6 | 4 | 6 | 4 | 4 | 2 | 20 | 19 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 135 | 173 | 109 | 77 | 81 | 54 | 494 | 319 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $106 | $(2) | $(66) | $(56) | $33 | $73 | $(18) | $98 | $(116) |
| **Foreign currency effect on** <sup>(2)</sup>**:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $(9) | $(10) | $(8) | $(3) | $(2) | $(7) | $(30) | $(3) | $(27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $(18) | $20 | $16 | $6 | $(2) | $(16) | $24 | $(1) | $25 |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* |  |  |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 24 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Asia Pacific Financial Solutions** <sup>(1)</sup> | **Asia Pacific Financial Solutions** <sup>(1)</sup> | **Asia Pacific Financial Solutions** <sup>(1)</sup> | **Asia Pacific Financial Solutions** <sup>(1)</sup> | **Asia Pacific Financial Solutions** <sup>(1)</sup> | **Asia Pacific Financial Solutions** <sup>(1)</sup> | **Asia Pacific Financial Solutions** <sup>(1)</sup> | **Asia Pacific Financial Solutions** <sup>(1)</sup> | **Asia Pacific Financial Solutions** <sup>(1)</sup> | **Asia Pacific Financial Solutions** <sup>(1)</sup> |
| **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** | **Adjusted Operating Income Statements** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $64 | $69 | $60 | $43 | $52 | $12 | $236 | $218 | $18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 95 | 77 | 56 | 44 | 42 | 53 | 272 | 138 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment related gains, net | 4 | 4 | 5 | 4 | 3 | 1 | 17 | 14 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 7 | 36 | 16 | 7 | 13 | (6) | 66 | 42 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 170 | 186 | 137 | 98 | 110 | 60 | 591 | 412 | 179 |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims and other policy benefits | 69 | 88 | 59 | 41 | 47 | 22 | 257 | 187 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited | 39 | 38 | 22 | 20 | 15 | 24 | 119 | 57 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance expenses | 21 | 43 | 22 | 12 | 15 | 6 | 98 | 56 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 6 | 4 | 6 | 4 | 4 | 2 | 20 | 19 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 135 | 173 | 109 | 77 | 81 | 54 | 494 | 319 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $35 | $13 | $28 | $21 | $29 | $6 | $97 | $93 | $4 |
| **Foreign currency effect on** <sup>(2)</sup>**:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums | $(9) | $(10) | $(8) | $(3) | $(2) | $(7) | $(30) | $(3) | $(27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $(3) | $2 | $(1) | $(1) | $(2) | $(1) | $(3) | $(2) | $(1) |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(2) Compared to comparable prior year period.* |  |  |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|
| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 25 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** |
| &nbsp;&nbsp;&nbsp;**Corporate and Other** | &nbsp;&nbsp;&nbsp;**Corporate and Other** | &nbsp;&nbsp;&nbsp;**Corporate and Other** | &nbsp;&nbsp;&nbsp;**Corporate and Other** | &nbsp;&nbsp;&nbsp;**Corporate and Other** | &nbsp;&nbsp;&nbsp;**Corporate and Other** | &nbsp;&nbsp;&nbsp;**Corporate and Other** | &nbsp;&nbsp;&nbsp;**Corporate and Other** | &nbsp;&nbsp;&nbsp;**Corporate and Other** | &nbsp;&nbsp;&nbsp;**Corporate and Other** |
| &nbsp;&nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;&nbsp;**GAAP Income Statements** | &nbsp;&nbsp;&nbsp;**GAAP Income Statements** |
| &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $35 | $48 | $92 | $53 | $46 | $(11) | $228 | $304 | $(76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment related gains (losses), net | 36 | (23) | (44) | 3 | 33 | 3 | (28) | 412 | (440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 18 | (1) | (11) | 1 | 11 | 7 | 7 | 65 | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 89 | 24 | 37 | 57 | 90 | (1) | 207 | 781 | (574) |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited | 12 | 8 | 6 | 6 | 1 | 11 | 32 | 4 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance income | (24) | (25) | (24) | (26) | (31) | 7 | (99) | (112) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 96 | 84 | 74 | 65 | 98 | (2) | 319 | 329 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 54 | 46 | 42 | 42 | (2) | 56 | 184 | 127 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral finance and securitization expense | 1 | 3 | 2 | 1 | 4 | (3) | 7 | 12 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 139 | 116 | 100 | 88 | 70 | 69 | 443 | 360 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $(50) | $(92) | $(63) | $(31) | $20 | $(70) | $(236) | $421 | $(657) |
| **Foreign currency effect on** <sup>(1)</sup>**:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $(7) | $3 | $2 | $— | $1 | $(8) | $(2) | $11 | $(13) |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(1) Compared to comparable prior year period.* |  |  |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 26 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** | &nbsp;&nbsp;&nbsp;**Reinsurance Group of America, Incorporated** |
| &nbsp;&nbsp;&nbsp;**Corporate and Other** | &nbsp;&nbsp;&nbsp;**Corporate and Other** | &nbsp;&nbsp;&nbsp;**Corporate and Other** | &nbsp;&nbsp;&nbsp;**Corporate and Other** | &nbsp;&nbsp;&nbsp;**Corporate and Other** | &nbsp;&nbsp;&nbsp;**Corporate and Other** | &nbsp;&nbsp;&nbsp;**Corporate and Other** | &nbsp;&nbsp;&nbsp;**Corporate and Other** | &nbsp;&nbsp;&nbsp;**Corporate and Other** | &nbsp;&nbsp;&nbsp;**Corporate and Other** |
| &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** | &nbsp;&nbsp;&nbsp;**Adjusted Operating Income Statements** |
| &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) | &nbsp;&nbsp;&nbsp;&nbsp;(USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $35 | $48 | $92 | $53 | $46 | $(11) | $228 | $304 | $(76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment related gains, net | 3 | 1 |  | 4 |  | 3 | 8 | 6 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 12 | 10 | 3 | 9 | 17 | (5) | 34 | 63 | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 50 | 59 | 95 | 66 | 63 | (13) | 270 | 373 | (103) |
| **Benefits and expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited | 12 | 8 | 6 | 6 | 1 | 11 | 32 | 4 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs and other insurance income | (24) | (25) | (24) | (26) | (31) | 7 | (99) | (112) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 96 | 84 | 74 | 65 | 98 | (2) | 319 | 329 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 54 | 45 | 42 | 42 | 32 | 22 | 183 | 153 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral finance and securitization expense | 1 | 3 | 2 | 1 | 4 | (3) | 7 | 12 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 139 | 115 | 100 | 88 | 104 | 35 | 442 | 386 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) before income taxes | $(89) | $(56) | $(5) | $(22) | $(41) | $(48) | $(172) | $(13) | $(159) |
| **Foreign currency effect on** <sup>(1)</sup>**:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) before income taxes | $— | $2 | $— | $1 | $2 | $(2) | $3 | $6 | $(3) |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(1) Compared to comparable prior year period.* |  |  |  |  |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 27 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

------

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Summary of Segment GAAP Income** | **Summary of Segment GAAP Income** | **Summary of Segment GAAP Income** | **Summary of Segment GAAP Income** | **Summary of Segment GAAP Income** | **Summary of Segment GAAP Income** | **Summary of Segment GAAP Income** | **Summary of Segment GAAP Income** | **Summary of Segment GAAP Income** | **Summary of Segment GAAP Income** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| U.S. and Latin America: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traditional | $21 | $204 | $209 | $(166) | $(211) | $232 | $268 | $(540) | $808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Solutions: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Intensive | 2 | 48 | (11) | 20 | 93 | (91) | 59 | 422 | (363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Solutions | 22 | 22 | 72 | 24 | 25 | (3) | 140 | 93 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. and Latin America | 45 | 274 | 270 | (122) | (93) | 138 | 467 | (25) | 492 |
| Canada: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traditional | 32 | 32 | 16 | 6 | 28 | 4 | 86 | 128 | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Solutions | 11 | 4 | 4 | 13 | 5 | 6 | 32 | 15 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Canada | 43 | 36 | 20 | 19 | 33 | 10 | 118 | 143 | (25) |
| Europe, Middle East and Africa: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traditional | 13 | 1 | 2 | (6) | (68) | 81 | 10 | (239) | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Solutions | 47 | 31 | 33 | 85 | 75 | (28) | 196 | 303 | (107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Europe, Middle East and Africa | 60 | 32 | 35 | 79 | 7 | 53 | 206 | 64 | 142 |
| Asia Pacific: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traditional | 67 | 118 | 58 | 51 | 57 | 10 | 294 | (10) | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Solutions | 106 | (2) | (66) | (56) | 33 | 73 | (18) | 98 | (116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Asia Pacific | 173 | 116 | (8) | (5) | 90 | 83 | 276 | 88 | 188 |
| Corporate and Other | (50) | (92) | (63) | (31) | 20 | (70) | (236) | 421 | (657) |
| Consolidated income (loss) before income taxes | $271 | $366 | $254 | $(60) | $57 | $214 | $831 | $691 | $140 |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Summary of Segment Adjusted Operating Income** | **Summary of Segment Adjusted Operating Income** | **Summary of Segment Adjusted Operating Income** | **Summary of Segment Adjusted Operating Income** | **Summary of Segment Adjusted Operating Income** | **Summary of Segment Adjusted Operating Income** | **Summary of Segment Adjusted Operating Income** | **Summary of Segment Adjusted Operating Income** | **Summary of Segment Adjusted Operating Income** | **Summary of Segment Adjusted Operating Income** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr<br>vs. PY<br>Quarter | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | Current Qtr<br>vs. PY<br>Quarter | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Current Qtr<br>vs. PY<br>Quarter | 2022 | 2021 | Change |
| U.S. and Latin America: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traditional | $15 | $196 | $190 | $(181) | $(215) | $230 | $220 | $(546) | $766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Solutions: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Intensive | 80 | 72 | 66 | 75 | 73 | 7 | 293 | 341 | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Solutions | 22 | 22 | 72 | 24 | 25 | (3) | 140 | 93 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. and Latin America | 117 | 290 | 328 | (82) | (117) | 234 | 653 | (112) | 765 |
| Canada: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traditional | 28 | 33 | 24 | 5 | 29 | (1) | 90 | 130 | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Solutions | 11 | 4 | 4 | 13 | 5 | 6 | 32 | 15 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Canada | 39 | 37 | 28 | 18 | 34 | 5 | 122 | 145 | (23) |
| Europe, Middle East and Africa: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traditional | 13 | 1 | 2 | (6) | (68) | 81 | 10 | (239) | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Solutions | 63 | 49 | 66 | 79 | 70 | (7) | 257 | 257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Europe, Middle East and Africa | 76 | 50 | 68 | 73 | 2 | 74 | 267 | 18 | 249 |
| Asia Pacific: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traditional | 67 | 118 | 58 | 51 | 57 | 10 | 294 | (10) | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Solutions | 35 | 13 | 28 | 21 | 29 | 6 | 97 | 93 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Asia Pacific | 102 | 131 | 86 | 72 | 86 | 16 | 391 | 83 | 308 |
| Corporate and Other | (89) | (56) | (5) | (22) | (41) | (48) | (172) | (13) | (159) |
| Consolidated adjusted operating income (loss) before income taxes | $245 | $452 | $505 | $59 | $(36) | $281 | $1261 | $121 | $1140 |
| ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** | ***See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.*** |  |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Investments** | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
| **Cash and Invested Assets** | **Cash and Invested Assets** | **Cash and Invested Assets** | **Cash and Invested Assets** | **Cash and Invested Assets** | **Cash and Invested Assets** |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, |
|  | 2022 | 2022 | 2022 | 2022 | 2021 |
| Fixed maturity securities, available-for-sale <sup>(1)</sup> | $52901 | $50495 | $53294 | $57922 | $60749 |
| Equity securities | 134 | 137 | 127 | 139 | 151 |
| Mortgage loans | 6590 | 6558 | 6544 | 6535 | 6283 |
| Policy loans | 1231 | 1202 | 1218 | 1221 | 1234 |
| Limited partnerships and real estate joint ventures | 2327 | 2197 | 2074 | 1943 | 1996 |
| Funds withheld at interest | 6003 | 6177 | 6393 | 6737 | 6954 |
| Short-term investments | 154 | 225 | 272 | 315 | 87 |
| Other invested assets | 1140 | 1049 | 1036 | 1090 | 1074 |
| Cash and cash equivalents | 2927 | 3512 | 2556 | 2709 | 2948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash and invested assets | $73407 | $71552 | $73514 | $78611 | $81476 |
| &nbsp;&nbsp;&nbsp;&nbsp;*(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities ("Corporate"), Canadian and Canadian provincial government securities ("Canadian government"), residential mortgage-backed securities ("RMBS"), asset-backed securities ("ABS"), commercial mortgage-backed securities ("CMBS"), U.S. government and agencies ("U.S. government"), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises ("Other foreign government").* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities ("Corporate"), Canadian and Canadian provincial government securities ("Canadian government"), residential mortgage-backed securities ("RMBS"), asset-backed securities ("ABS"), commercial mortgage-backed securities ("CMBS"), U.S. government and agencies ("U.S. government"), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises ("Other foreign government").* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities ("Corporate"), Canadian and Canadian provincial government securities ("Canadian government"), residential mortgage-backed securities ("RMBS"), asset-backed securities ("ABS"), commercial mortgage-backed securities ("CMBS"), U.S. government and agencies ("U.S. government"), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises ("Other foreign government").* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities ("Corporate"), Canadian and Canadian provincial government securities ("Canadian government"), residential mortgage-backed securities ("RMBS"), asset-backed securities ("ABS"), commercial mortgage-backed securities ("CMBS"), U.S. government and agencies ("U.S. government"), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises ("Other foreign government").* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities ("Corporate"), Canadian and Canadian provincial government securities ("Canadian government"), residential mortgage-backed securities ("RMBS"), asset-backed securities ("ABS"), commercial mortgage-backed securities ("CMBS"), U.S. government and agencies ("U.S. government"), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises ("Other foreign government").* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities ("Corporate"), Canadian and Canadian provincial government securities ("Canadian government"), residential mortgage-backed securities ("RMBS"), asset-backed securities ("ABS"), commercial mortgage-backed securities ("CMBS"), U.S. government and agencies ("U.S. government"), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises ("Other foreign government").* |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Income and Yield Summary** | **Investment Income and Yield Summary** | **Investment Income and Yield Summary** | **Investment Income and Yield Summary** | **Investment Income and Yield Summary** | **Investment Income and Yield Summary** | **Investment Income and Yield Summary** | **Investment Income and Yield Summary** | **Investment Income and Yield Summary** | **Investment Income and Yield Summary** |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr<br>vs. PY<br>Quarter | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | Current Qtr<br>vs. PY<br>Quarter | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Current Qtr<br>vs. PY<br>Quarter | 2022 | 2021 | Change |
| Average invested assets at amortized cost <sup>(1)</sup> | $35300 | $34579 | $34859 | $35271 | $34325 | $975 | $34398 | $33040 | $1358 |
| Net investment income <sup>(1)</sup>  | $386 | $374 | $397 | $457 | $397 | $(11) | $1614 | $1648 | $(34) |
| Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) <sup>(1)</sup>  | 4.45% | 4.40% | 4.63% | 5.29% | 4.70% | (25) bps | 4.69% | 4.99% | (30) bps |
| Variable investment income ("VII") (included in net investment income) <sup>(1)</sup> | $42 | $38 | $70 | $141 | $91 | $(49) | $291 | $433 | $(142) |
| Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) <sup>(1)</sup> | 4.14% | 4.12% | 3.96% | 3.80% | 3.78% | 36 bps | 4.00% | 3.81% | 19 bps |
| &nbsp;&nbsp;&nbsp;&nbsp;*(1) Excludes spread related business (e.g. coinsurance of annuities).* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Excludes spread related business (e.g. coinsurance of annuities).* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Excludes spread related business (e.g. coinsurance of annuities).* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Excludes spread related business (e.g. coinsurance of annuities).* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Excludes spread related business (e.g. coinsurance of annuities).* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Excludes spread related business (e.g. coinsurance of annuities).* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Excludes spread related business (e.g. coinsurance of annuities).* |  |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Investments** | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
| **Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities** | **Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities** | **Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities** | **Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities** | **Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities** | **Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities** | **Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities** |
|  | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 |
|  | Amortized<br>Cost | Allowance for Credit Losses | Unrealized<br>Gains | Unrealized<br>Losses | Estimated Fair<br>Value | % of<br>Total |
| Available-for-sale: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate | $38963 | $27 | $168 | $5135 | $33969 | 64.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian government | 3311 |  | 381 | 66 | 3626 | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RMBS | 1054 |  | 1 | 114 | 941 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABS | 4324 | 10 | 4 | 440 | 3878 | 7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMBS | 1835 |  |  | 212 | 1623 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. government | 1690 |  | 4 | 212 | 1482 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State and political subdivisions | 1282 |  | 10 | 173 | 1119 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other foreign government | 7204 |  | 26 | 967 | 6263 | 11.8% |
| Total fixed maturity securities | $59663 | $37 | $594 | $7319 | $52901 | 100.0% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
| | Amortized<br>Cost | Allowance for Credit Losses | Unrealized<br>Gains | Unrealized<br>Losses | Estimated Fair<br>Value | % of<br>Total |
| Available-for-sale: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate | $35239 | $26 | $3084 | $194 | $38103 | 62.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian government | 3339 |  | 1606 | 1 | 4944 | 8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RMBS | 1020 |  | 37 | 7 | 1050 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABS | 4024 |  | 22 | 41 | 4005 | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMBS | 1790 | 1 | 66 | 6 | 1849 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. government | 2082 |  | 31 | 8 | 2105 | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State and political subdivisions | 1191 |  | 137 | 5 | 1323 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other foreign government | 7188 | 4 | 273 | 87 | 7370 | 12.1% |
| Total fixed maturity securities | $55873 | $31 | $5256 | $349 | $60749 | 100.0% |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Investments** | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
| **Corporate Fixed Maturity Securities by Industry** | **Corporate Fixed Maturity Securities by Industry** | **Corporate Fixed Maturity Securities by Industry** | **Corporate Fixed Maturity Securities by Industry** | **Corporate Fixed Maturity Securities by Industry** | **Corporate Fixed Maturity Securities by Industry** | **Corporate Fixed Maturity Securities by Industry** | **Corporate Fixed Maturity Securities by Industry** | **Corporate Fixed Maturity Securities by Industry** |
|  | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
|  | Amortized Cost | Estimated Fair Value | % of Total | Average Credit Ratings <sup>(1)</sup> | Amortized Cost | Estimated Fair Value | % of Total | Average Credit Ratings <sup>(1)</sup> |
| Financial institutions |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banking | $6281 | $5672 | 16.7% | A- | $5792 | $6163 | 16.2% | A- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage/asset managers/exchanges | 1302 | 1115 | 3.3% | A- | 1073 | 1145 | 3.0% | A- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance companies | 410 | 350 | 1.0% | BBB | 306 | 316 | 0.8% | BBB+ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 4452 | 3851 | 11.3% | A- | 3987 | 4383 | 11.5% | A- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REITs | 1205 | 1013 | 3.0% | BBB+ | 987 | 1022 | 2.7% | BBB+ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other finance | 901 | 679 | 2.0% | A- | 956 | 1016 | 2.7% | A- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total financial institutions | $14551 | $12680 | 37.3% |  | $13101 | $14045 | 36.9% |  |
| Industrials |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $1921 | $1690 | 5.0% | BBB | $1972 | $2210 | 5.8% | BBB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital goods | 1734 | 1550 | 4.6% | BBB | 1542 | 1649 | 4.3% | BBB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications | 2517 | 2136 | 6.3% | BBB | 2330 | 2592 | 6.8% | BBB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer cyclical | 1997 | 1748 | 5.1% | BBB+ | 1758 | 1885 | 4.9% | BBB+ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer noncyclical | 4625 | 4052 | 11.9% | BBB+ | 3952 | 4315 | 11.3% | BBB+ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 2050 | 1801 | 5.3% | BBB+ | 1967 | 2159 | 5.7% | BBB+ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology | 1617 | 1461 | 4.3% | BBB+ | 1436 | 1486 | 3.9% | BBB+ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation | 2160 | 1859 | 5.5% | BBB+ | 2050 | 2192 | 5.8% | BBB+ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other industrial | 1003 | 960 | 2.8% | BBB | 850 | 887 | 2.3% | BBB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total industrials | $19624 | $17257 | 50.8% |  | $17857 | $19375 | 50.8% |  |
| Utilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric | $3779 | $3200 | 9.4% | A- | $3256 | $3561 | 9.4% | A- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas | 664 | 553 | 1.7% | A- | 566 | 614 | 1.6% | BBB+ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other utility | 345 | 279 | 0.8% | BBB+ | 459 | 508 | 1.3% | BBB+ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total utilities | $4788 | $4032 | 11.9% |  | $4281 | $4683 | 12.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $38963 | $33969 | 100.0% | BBB+ | $35239 | $38103 | 100.0% | BBB+ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody's, S&P and Fitch.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody's, S&P and Fitch.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody's, S&P and Fitch.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody's, S&P and Fitch.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody's, S&P and Fitch.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody's, S&P and Fitch.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody's, S&P and Fitch.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody's, S&P and Fitch.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody's, S&P and Fitch.* |

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**Reinsurance Group of America, Incorporated**

**Investments**

(USD millions)

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ratings of Fixed Maturity Securities** | **Ratings of Fixed Maturity Securities** | **Ratings of Fixed Maturity Securities** | **Ratings of Fixed Maturity Securities** | **Ratings of Fixed Maturity Securities** | **Ratings of Fixed Maturity Securities** | **Ratings of Fixed Maturity Securities** | **Ratings of Fixed Maturity Securities** | **Ratings of Fixed Maturity Securities** | **Ratings of Fixed Maturity Securities** | **Ratings of Fixed Maturity Securities** | **Ratings of Fixed Maturity Securities** | **Ratings of Fixed Maturity Securities** | **Ratings of Fixed Maturity Securities** | **Ratings of Fixed Maturity Securities** | **Ratings of Fixed Maturity Securities** | **Ratings of Fixed Maturity Securities** |
|  |  | December 31, 2022 | December 31, 2022 | December 31, 2022 | September 30, 2022 | September 30, 2022 | September 30, 2022 | June 30, 2022 | June 30, 2022 | June 30, 2022 | March 31, 2022 | March 31, 2022 | March 31, 2022 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
| NAIC Designation <sup>(1)</sup> | Rating Agency Designation <sup>(2)</sup> | Amortized Cost | Estimated Fair Value | % of Total | Amortized Cost | Estimated Fair Value | % of Total | Amortized Cost | Estimated Fair Value | % of Total | Amortized Cost | Estimated Fair Value | % of Total | Amortized Cost | Estimated Fair Value | % of Total |
| 1 | AAA/AA/A | $36217 | $32295 | 61.1% | $33881 | $30062 | 59.6% | $33989 | $31782 | 59.6% | $34434 | $34741 | 60.0% | $33540 | $36725 | 60.5% |
| 2 | BBB | 20188 | 17580 | 33.2% | 19931 | 16924 | 33.5% | 19851 | 18011 | 33.8% | 19691 | 19574 | 33.8% | 18684 | 20379 | 33.5% |
| 3 | BB | 2734 | 2607 | 5.0% | 3044 | 2843 | 5.6% | 2940 | 2774 | 5.2% | 2821 | 2769 | 4.8% | 2620 | 2668 | 4.4% |
| 4 | B | 397 | 331 | 0.6% | 625 | 583 | 1.2% | 658 | 619 | 1.2% | 730 | 720 | 1.2% | 876 | 863 | 1.4% |
| 5 | CCC | 103 | 71 | 0.1% | 107 | 62 | 0.1% | 124 | 84 | 0.2% | 127 | 92 | 0.2% | 96 | 79 | 0.1% |
| 6 | In or near default | 24 | 17 | —% | 42 | 21 | —% | 46 | 24 | —% | 46 | 26 | —% | 57 | 35 | 0.1% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $59663 | $52901 | 100.0% | $57630 | $50495 | 100.0% | $57608 | $53294 | 100.0% | $57849 | $57922 | 100.0% | $55873 | $60749 | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Structured securities held by the Company's insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Structured securities held by the Company's insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Structured securities held by the Company's insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Structured securities held by the Company's insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Structured securities held by the Company's insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Structured securities held by the Company's insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Structured securities held by the Company's insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Structured securities held by the Company's insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Structured securities held by the Company's insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Structured securities held by the Company's insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Structured securities held by the Company's insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Structured securities held by the Company's insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Structured securities held by the Company's insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Structured securities held by the Company's insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Structured securities held by the Company's insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Structured securities held by the Company's insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Structured securities held by the Company's insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) The Rating Agency Designation includes all "+" or "-" at that rating level (e. g. "BBB" includes "BBB+", "BBB", and "BBB-").* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) The Rating Agency Designation includes all "+" or "-" at that rating level (e. g. "BBB" includes "BBB+", "BBB", and "BBB-").* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) The Rating Agency Designation includes all "+" or "-" at that rating level (e. g. "BBB" includes "BBB+", "BBB", and "BBB-").* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) The Rating Agency Designation includes all "+" or "-" at that rating level (e. g. "BBB" includes "BBB+", "BBB", and "BBB-").* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) The Rating Agency Designation includes all "+" or "-" at that rating level (e. g. "BBB" includes "BBB+", "BBB", and "BBB-").* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) The Rating Agency Designation includes all "+" or "-" at that rating level (e. g. "BBB" includes "BBB+", "BBB", and "BBB-").* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) The Rating Agency Designation includes all "+" or "-" at that rating level (e. g. "BBB" includes "BBB+", "BBB", and "BBB-").* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) The Rating Agency Designation includes all "+" or "-" at that rating level (e. g. "BBB" includes "BBB+", "BBB", and "BBB-").* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) The Rating Agency Designation includes all "+" or "-" at that rating level (e. g. "BBB" includes "BBB+", "BBB", and "BBB-").* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) The Rating Agency Designation includes all "+" or "-" at that rating level (e. g. "BBB" includes "BBB+", "BBB", and "BBB-").* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) The Rating Agency Designation includes all "+" or "-" at that rating level (e. g. "BBB" includes "BBB+", "BBB", and "BBB-").* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) The Rating Agency Designation includes all "+" or "-" at that rating level (e. g. "BBB" includes "BBB+", "BBB", and "BBB-").* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) The Rating Agency Designation includes all "+" or "-" at that rating level (e. g. "BBB" includes "BBB+", "BBB", and "BBB-").* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) The Rating Agency Designation includes all "+" or "-" at that rating level (e. g. "BBB" includes "BBB+", "BBB", and "BBB-").* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) The Rating Agency Designation includes all "+" or "-" at that rating level (e. g. "BBB" includes "BBB+", "BBB", and "BBB-").* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) The Rating Agency Designation includes all "+" or "-" at that rating level (e. g. "BBB" includes "BBB+", "BBB", and "BBB-").* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) The Rating Agency Designation includes all "+" or "-" at that rating level (e. g. "BBB" includes "BBB+", "BBB", and "BBB-").* |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Structured Fixed Maturity Securities** | **Structured Fixed Maturity Securities** | **Structured Fixed Maturity Securities** | **Structured Fixed Maturity Securities** | **Structured Fixed Maturity Securities** | **Structured Fixed Maturity Securities** | **Structured Fixed Maturity Securities** | **Structured Fixed Maturity Securities** | **Structured Fixed Maturity Securities** | **Structured Fixed Maturity Securities** | **Structured Fixed Maturity Securities** | **Structured Fixed Maturity Securities** | **Structured Fixed Maturity Securities** | **Structured Fixed Maturity Securities** | **Structured Fixed Maturity Securities** | **Structured Fixed Maturity Securities** |
|  | December 31, 2022 | December 31, 2022 | December 31, 2022 | September 30, 2022 | September 30, 2022 | September 30, 2022 | June 30, 2022 | June 30, 2022 | June 30, 2022 | March 31, 2022 | March 31, 2022 | March 31, 2022 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
|  | Amortized Cost | Estimated Fair Value | % of Total | Amortized Cost | Estimated Fair Value | % of Total | Amortized Cost | Estimated Fair Value | % of Total | Amortized Cost | Estimated Fair Value | % of Total | Amortized Cost | Estimated Fair Value | % of Total |
| RMBS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency | $476 | $427 | 6.6% | $489 | $442 | 7.0% | $519 | $498 | 7.7% | $538 | $537 | 8.3% | $551 | $582 | 8.4% |
| &nbsp;&nbsp;&nbsp;Non-agency | 578 | 514 | 8.0% | 565 | 511 | 8.1% | 485 | 452 | 7.0% | 445 | 429 | 6.6% | 469 | 468 | 6.8% |
| Total RMBS | 1054 | 941 | 14.6% | 1054 | 953 | 15.1% | 1004 | 950 | 14.7% | 983 | 966 | 14.9% | 1020 | 1050 | 15.2% |
| ABS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateralized loan obligations ("CLOs") | 1825 | 1702 | 26.4% | 1788 | 1650 | 26.0% | 1714 | 1622 | 25.1% | 1659 | 1630 | 25.1% | 1761 | 1752 | 25.4% |
| &nbsp;&nbsp;&nbsp;ABS, excluding CLOs | 2499 | 2176 | 33.8% | 2377 | 2073 | 32.6% | 2377 | 2160 | 33.4% | 2256 | 2116 | 32.5% | 2263 | 2253 | 32.6% |
| Total ABS | 4324 | 3878 | 60.2% | 4165 | 3723 | 58.6% | 4091 | 3782 | 58.5% | 3915 | 3746 | 57.6% | 4024 | 4005 | 58.0% |
| CMBS | 1835 | 1623 | 25.2% | 1843 | 1670 | 26.3% | 1856 | 1735 | 26.8% | 1829 | 1786 | 27.5% | 1790 | 1849 | 26.8% |
| Total | $7213 | $6442 | 100.0% | $7062 | $6346 | 100.0% | $6951 | $6467 | 100.0% | $6727 | $6498 | 100.0% | $6834 | $6904 | 100.0% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Investments** | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
| **Fixed Maturity Securities Below Amortized Cost** <sup>(1)</sup> | **Fixed Maturity Securities Below Amortized Cost** <sup>(1)</sup> | **Fixed Maturity Securities Below Amortized Cost** <sup>(1)</sup> | **Fixed Maturity Securities Below Amortized Cost** <sup>(1)</sup> | **Fixed Maturity Securities Below Amortized Cost** <sup>(1)</sup> | **Fixed Maturity Securities Below Amortized Cost** <sup>(1)</sup> | **Fixed Maturity Securities Below Amortized Cost** <sup>(1)</sup> |
|  | As of December 31, 2022 | As of December 31, 2022 | As of December 31, 2022 | As of December 31, 2022 | As of December 31, 2022 | As of December 31, 2022 |
|  | Less than 12 months | Less than 12 months | Equal to or greater than 12 months | Equal to or greater than 12 months | Total | Total |
|  | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses |
| **Investment grade securities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate | $21867 | $2756 | $6840 | $2225 | $28707 | $4981 |
| &nbsp;&nbsp;&nbsp; Canadian government | 554 | 42 | 71 | 23 | 625 | 65 |
| &nbsp;&nbsp;&nbsp; RMBS | 664 | 62 | 181 | 53 | 845 | 115 |
| &nbsp;&nbsp;&nbsp; ABS | 1596 | 153 | 1931 | 269 | 3527 | 422 |
| &nbsp;&nbsp;&nbsp; CMBS | 1314 | 144 | 281 | 65 | 1595 | 209 |
| &nbsp;&nbsp;&nbsp; U.S. government | 1202 | 64 | 253 | 148 | 1455 | 212 |
| &nbsp;&nbsp;&nbsp; State and political subdivisions | 819 | 124 | 131 | 50 | 950 | 174 |
| &nbsp;&nbsp;&nbsp; Other foreign government | 2757 | 253 | 2720 | 652 | 5477 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment grade securities** | $30773 | $3598 | $12408 | $3485 | $43181 | $7083 |
| **Below investment grade securities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate | $767 | $87 | $305 | $61 | $1072 | $148 |
| &nbsp;&nbsp;&nbsp; ABS | 52 | 6 | 38 | 9 | 90 | 15 |
| &nbsp;&nbsp;&nbsp; Other foreign government | 39 | 2 | 164 | 60 | 203 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total below investment grade securities** | $858 | $95 | $507 | $130 | $1365 | $225 |
| **Total fixed maturity securities** | $31631 | $3693 | $12915 | $3615 | $44546 | $7308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.* |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Investments** | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
| **Fixed Maturity Securities Below Amortized Cost** <sup>(1)</sup> | **Fixed Maturity Securities Below Amortized Cost** <sup>(1)</sup> | **Fixed Maturity Securities Below Amortized Cost** <sup>(1)</sup> | **Fixed Maturity Securities Below Amortized Cost** <sup>(1)</sup> | **Fixed Maturity Securities Below Amortized Cost** <sup>(1)</sup> | **Fixed Maturity Securities Below Amortized Cost** <sup>(1)</sup> | **Fixed Maturity Securities Below Amortized Cost** <sup>(1)</sup> |
|  | As of December 31, 2021 | As of December 31, 2021 | As of December 31, 2021 | As of December 31, 2021 | As of December 31, 2021 | As of December 31, 2021 |
|  | Less than 12 months | Less than 12 months | Equal to or greater than 12 months | Equal to or greater than 12 months | Total | Total |
|  | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses |
| **Investment grade securities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate | $4135 | $86 | $946 | $51 | $5081 | $137 |
| &nbsp;&nbsp;&nbsp; Canadian government | 20 | 1 |  |  | 20 | 1 |
| &nbsp;&nbsp;&nbsp; RMBS | 132 | 3 | 102 | 4 | 234 | 7 |
| &nbsp;&nbsp;&nbsp; ABS | 1747 | 22 | 589 | 6 | 2336 | 28 |
| &nbsp;&nbsp;&nbsp; CMBS | 152 | 2 | 35 | 2 | 187 | 4 |
| &nbsp;&nbsp;&nbsp; U.S. government | 1513 | 6 | 31 | 2 | 1544 | 8 |
| &nbsp;&nbsp;&nbsp; State and political subdivisions | 109 | 3 | 28 | 2 | 137 | 5 |
| &nbsp;&nbsp;&nbsp; Other foreign government | 2237 | 33 | 724 | 37 | 2961 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment grade securities** | $10045 | $156 | $2455 | $104 | $12500 | $260 |
| &nbsp;&nbsp;&nbsp;**Below investment grade securities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate | $463 | $13 | $97 | $44 | $560 | $57 |
| &nbsp;&nbsp;&nbsp; ABS |  |  | 13 | 13 | 13 | 13 |
| &nbsp;&nbsp;&nbsp; Other foreign government | 136 | 7 | 75 | 10 | 211 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total below investment grade securities** | $599 | $20 | $185 | $67 | $784 | $87 |
| **Total fixed maturity securities** | $10644 | $176 | $2640 | $171 | $13284 | $347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.* |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Investments** | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
| **Consolidated Investment Related Gains and Losses** | **Consolidated Investment Related Gains and Losses** | **Consolidated Investment Related Gains and Losses** | **Consolidated Investment Related Gains and Losses** | **Consolidated Investment Related Gains and Losses** | **Consolidated Investment Related Gains and Losses** | **Consolidated Investment Related Gains and Losses** | **Consolidated Investment Related Gains and Losses** | **Consolidated Investment Related Gains and Losses** | **Consolidated Investment Related Gains and Losses** |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr<br>vs. PY<br>Quarter | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | Current Qtr<br>vs. PY<br>Quarter | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Current Qtr<br>vs. PY<br>Quarter | 2022 | 2021 | Change |
| **Fixed maturity securities available-for-sale:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in allowance for credit losses and impairments | $13 | $(9) | $(15) | $(12) | $(14) | $27 | $(23) | $(12) | $(11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gains on investment activity | 127 | 20 | 34 | 11 | 34 | 93 | 192 | 299 | (107) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized losses on investment activity | (160) | (106) | (94) | (36) | (13) | (147) | (396) | (65) | (331) |
| Net gains (losses) on fixed maturity securities available-for-sale | (20) | (95) | (75) | (37) | 7 | (27) | (227) | 222 | (449) |
| Net gains (losses) on equity securities | (5) | 7 | (15) | (8) | (6) | 1 | (21) | 25 | (46) |
| Change in mortgage loan allowance for credit losses | (8) | (5) | (1) | (2) | 4 | (12) | (16) | 29 | (45) |
| Change in fair value of certain limited partnership investments | 9 |  | 10 | 19 | 13 | (4) | 38 | 169 | (131) |
| Other, net | (1) | 6 | 9 | 7 | 11 | (12) | 21 | 25 | (4) |
| **Free-standing derivatives** <sup>(1)</sup>**:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | (2) | (33) | (44) | (52) | 7 | (9) | (131) | (34) | (97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate options | (9) | 18 | (6) |  |  | (9) | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return swaps | 22 | (1) |  |  |  | 22 | 21 |  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial futures | (10) | 7 | 24 | 7 | (5) | (5) | 28 | (24) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps | (6) | 9 | 11 | 7 | 5 | (11) | 21 | 20 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - hedged | 1 | 1 |  | 4 | 1 |  | 6 | 2 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forwards | 61 | (55) | (76) | (23) | (9) | 70 | (93) | (20) | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPI swaps | 6 | 7 | (11) | 29 | 13 | (7) | 31 | 46 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps | 37 | (12) | (33) | (58) | 13 | 24 | (66) | 33 | (99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity options | (15) | 8 | 21 |  | (15) |  | 14 | (33) | 47 |
| Total free-standing derivatives | 85 | (51) | (114) | (86) | 10 | 75 | (166) | (10) | (156) |
| **Embedded derivatives:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Modified coinsurance and funds withheld treaties | (67) | (17) | (56) | (33) | 20 | (87) | (173) | 107 | (280) |
| &nbsp;&nbsp;&nbsp;&nbsp; GMXB | 15 | 21 | (12) | 14 | 29 | (14) | 38 | (7) | 45 |
| Total embedded derivatives | (52) | 4 | (68) | (19) | 49 | (101) | (135) | 100 | (235) |
| Net gains (losses) on total derivatives | 33 | (47) | (182) | (105) | 59 | (26) | (301) | 90 | (391) |
| Total investment related gains (losses), net | $8 | $(134) | $(254) | $(126) | $88 | $(80) | $(506) | $560 | $(1066) |
| &nbsp;&nbsp;&nbsp;&nbsp;*(1) Free-standing derivatives are non-hedged unless specified.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Free-standing derivatives are non-hedged unless specified.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Free-standing derivatives are non-hedged unless specified.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Free-standing derivatives are non-hedged unless specified.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Free-standing derivatives are non-hedged unless specified.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Free-standing derivatives are non-hedged unless specified.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Free-standing derivatives are non-hedged unless specified.* |  |  |  |

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![rgalogospelledoutaa01a13.jpg](rgalogospelledoutaa01a13.jpg)

**Appendix**

**Reconciliations of GAAP to Non-GAAP Measures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Reconciliations of GAAP Income to Adjusted Operating Income** | **Reconciliations of GAAP Income to Adjusted Operating Income** | **Reconciliations of GAAP Income to Adjusted Operating Income** | **Reconciliations of GAAP Income to Adjusted Operating Income** | **Reconciliations of GAAP Income to Adjusted Operating Income** | **Reconciliations of GAAP Income to Adjusted Operating Income** | **Reconciliations of GAAP Income to Adjusted Operating Income** | **Reconciliations of GAAP Income to Adjusted Operating Income** | **Reconciliations of GAAP Income to Adjusted Operating Income** | **Reconciliations of GAAP Income to Adjusted Operating Income** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **<u>U.S. & Latin America Traditional</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $21 | $204 | $209 | $(166) | $(211) | $232 | $268 | $(540) | $808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment and derivative losses (1) | 1 | (1) |  |  |  | 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in value of modified coinsurance and |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;funds withheld embedded derivatives <sup>(1)</sup> | (7) | (7) | (19) | (15) | (4) | (3) | (48) | (6) | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) before income taxes | $15 | $196 | $190 | $(181) | $(215) | $230 | $220 | $(546) | $766 |
| **<u>U.S. & Latin America Asset-Intensive</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $2 | $48 | $(11) | $20 | $93 | $(91) | $59 | $422 | $(363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment and derivative (gains) losses <sup>(1)</sup> | 55 | 19 | 6 | 46 | 9 | 46 | 126 | 22 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in value of modified coinsurance and |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;funds withheld embedded derivatives <sup>(1)</sup> | 74 | 24 | 75 | 48 | (16) | 90 | 221 | (101) | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMXB embedded derivatives <sup>(1)</sup> | (15) | (21) | 12 | (14) | (29) | 14 | (38) | 7 | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funds withheld (gains) losses - investment income | (1) |  | 3 | 2 |  | (1) | 4 | (1) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EIA embedded derivatives - interest credited | 1 | (10) | (27) | (17) | (9) | 10 | (53) | (45) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAC offset, net | (36) | 12 | 7 | (10) | 26 | (62) | (27) | 38 | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-investment derivatives and other |  |  | 1 |  | (1) | 1 | 1 | (1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $80 | $72 | $66 | $75 | $73 | $7 | $293 | $341 | $(48) |
| **<u>U.S. & Latin America Capital Solutions</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | $22 | $22 | $72 | $24 | $25 | $(3) | $140 | $93 | $47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $22 | $22 | $72 | $24 | $25 | $(3) | $140 | $93 | $47 |
| **<u>Canada Traditional</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | $32 | $32 | $16 | $6 | $28 | $4 | $86 | $128 | $(42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment and derivative (gains) losses <sup>(1)</sup> | (5) |  | 8 | (1) | 2 | (7) | 2 | 3 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment income - non-operating FWAI | 1 | 1 |  |  | (1) | 2 | 2 | (1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $28 | $33 | $24 | $5 | $29 | $(1) | $90 | $130 | $(40) |
| **<u>Canada Financial Solutions</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | $11 | $4 | $4 | $13 | $5 | $6 | $32 | $15 | $17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $11 | $4 | $4 | $13 | $5 | $6 | $32 | $15 | $17 |
| &nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* |  |  |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 38 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Reconciliations of GAAP Income to Adjusted Operating Income** | **Reconciliations of GAAP Income to Adjusted Operating Income** | **Reconciliations of GAAP Income to Adjusted Operating Income** | **Reconciliations of GAAP Income to Adjusted Operating Income** | **Reconciliations of GAAP Income to Adjusted Operating Income** | **Reconciliations of GAAP Income to Adjusted Operating Income** | **Reconciliations of GAAP Income to Adjusted Operating Income** | **Reconciliations of GAAP Income to Adjusted Operating Income** | **Reconciliations of GAAP Income to Adjusted Operating Income** | **Reconciliations of GAAP Income to Adjusted Operating Income** |
| (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) | (USD millions) |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Current Qtr | Year-to-Date | Year-to-Date | Year-to-Date |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, | vs. PY | Dec. 31, | Dec. 31, |  |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | Quarter | 2022 | 2021 | Change |
| **<u>Europe, Middle East and Africa Traditional</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $13 | $1 | $2 | $(6) | $(68) | $81 | $10 | $(239) | $249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) before income taxes | $13 | $1 | $2 | $(6) | $(68) | $81 | $10 | $(239) | $249 |
| **<u>Europe, Middle East and Africa Financial Solutions</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | $47 | $31 | $33 | $85 | $75 | $(28) | $196 | $303 | $(107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment and derivative (gains) losses <sup>(1)</sup> | 15 | 14 | 27 | (12) | (5) | 20 | 44 | (43) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment income - non-operating FWAI | 1 | 4 | 6 | 6 |  | 1 | 17 | (3) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment (income) loss on unit-linked variable annuities | 2 | 5 | 8 | 9 | (5) | 7 | 24 | (4) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited on unit-linked variable annuities | (2) | (5) | (8) | (9) | 5 | (7) | (24) | 4 | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $63 | $49 | $66 | $79 | $70 | $(7) | $257 | $257 | $— |
| **<u>Asia Pacific Traditional</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $67 | $118 | $58 | $51 | $57 | $10 | $294 | $(10) | $304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) before income taxes | $67 | $118 | $58 | $51 | $57 | $10 | $294 | $(10) | $304 |
| **<u>Asia Pacific Financial Solutions</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $106 | $(2) | $(66) | $(56) | $33 | $73 | $(18) | $98 | $(116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment and derivative (gains) losses <sup>(1)</sup> | (78) | 97 | 118 | 85 | (4) | (74) | 222 | (5) | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-investment derivatives and other | 7 | (82) | (24) | (8) |  | 7 | (107) |  | (107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income before income taxes | $35 | $13 | $28 | $21 | $29 | $6 | $97 | $93 | $4 |
| **<u>Corporate and Other</u>** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $(50) | $(92) | $(63) | $(31) | $20 | $(70) | $(236) | $421 | $(657) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment and derivative (gains) losses <sup>(1)</sup> | (33) | 24 | 44 | 1 | (33) |  | 36 | (406) | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense on uncertain tax positions |  | 1 |  |  | (34) | 34 | 1 | (26) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-investment derivatives and other | (6) | 11 | 14 | 8 | 6 | (12) | 27 | (2) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) before income taxes | $(89) | $(56) | $(5) | $(22) | $(41) | $(48) | $(172) | $(13) | $(159) |
| &nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Included in "Investment related gains (losses), net" on Consolidated GAAP Income Statement.* |  |  |  |

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 39 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** | **Reinsurance Group of America, Incorporated** |
| **Reconciliations of Stockholders' Equity to Stockholders' Equity Excluding AOCI** | **Reconciliations of Stockholders' Equity to Stockholders' Equity Excluding AOCI** | **Reconciliations of Stockholders' Equity to Stockholders' Equity Excluding AOCI** | **Reconciliations of Stockholders' Equity to Stockholders' Equity Excluding AOCI** | **Reconciliations of Stockholders' Equity to Stockholders' Equity Excluding AOCI** | **Reconciliations of Stockholders' Equity to Stockholders' Equity Excluding AOCI** |
| (USD millions except per share data) | (USD millions except per share data) | (USD millions except per share data) | (USD millions except per share data) | (USD millions except per share data) | (USD millions except per share data) |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, |
|  | 2022 | 2022 | 2022 | 2022 | 2021 |
| RGA, Inc. stockholders' equity | $4145 | $3653 | $5839 | $9182 | $13014 |
| Less effect of AOCI: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated currency translation adjustments | (171) | (216) | (39) | 4 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) of securities | (5407) | (5697) | (3469) | (9) | 3701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and postretirement benefits | (27) | (51) | (51) | (50) | (50) |
| RGA, Inc. stockholders' equity, excluding AOCI | $9750 | $9617 | $9398 | $9237 | $9372 |
| **Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI** | **Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI** | **Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI** | **Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI** | **Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI** | **Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI** |
|  | Dec. 31, | Sept. 30, | June 30, | March 31, | Dec. 31, |
|  | 2022 | 2022 | 2022 | 2022 | 2021 |
| Book value per share | $62.16 | $54.66 | $87.14 | $137.08 | $193.75 |
| Less effect of AOCI: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated currency translation adjustments | (2.56) | (3.24) | (0.58) | 0.06 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) of securities | (81.10) | (85.25) | (51.78) | (0.13) | 55.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and postretirement benefits | (0.40) | (0.76) | (0.76) | (0.74) | (0.74) |
| Book value per share, excluding AOCI | $146.22 | $143.91 | $140.26 | $137.89 | $139.53 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| ![quarterlyfinancialsuppleme.jpg](quarterlyfinancialsuppleme.jpg) | Page 40 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 99.3

**Exhibit 99.3**

![rga4q22presentation001.jpg](rga4q22presentation001.jpg)

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![rga4q22presentation002.jpg](rga4q22presentation002.jpg)

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