Document


			Page
Non-GAAP Disclosures			1

2022 Notes			2

Consolidated

Financial Highlights			3

Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)			4

Consolidated Balance Sheets			6

Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements

U.S. and Latin America Traditional			7

U.S. and Latin America Financial Solutions - Asset-Intensive			9

U.S. and Latin America Financial Solutions - Capital Solutions			12

Canada Traditional			14

Canada Financial Solutions			16

Europe, Middle East and Africa Traditional			18

Europe, Middle East and Africa Financial Solutions			20

Asia Pacific Traditional			22

Asia Pacific Financial Solutions			24

Corporate and Other			26

Summary of Segment GAAP Income			28

Summary of Segment Adjusted Operating Income			29

Investments

Cash and Invested Assets and Investment Income and Yield Summary			30

Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities			31

Corporate Fixed Maturity Securities by Industry			32

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities			33

Fixed Maturity Securities Below Amortized Cost			34

Consolidated Investment Related Gains and Losses			36

Appendix

Reconciliations of GAAP to Non-GAAP Measures			37

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.


Reinsurance Group of America, Incorporated
Financial Highlights

	Three Months Ended																Current Qtr vs. PY Quarter			Year-to-Date
(USD millions, except in force & per share and shares data)	Dec. 31,			Sept. 30,			June 30,				March 31,			Dec. 31,						Dec. 31,		Dec. 31,
	2022			2022			2022				2022			2021						2022		2021		Change
Net premiums	$	3,446		$	3,247		$	3,230			$	3,155		$	3,407		$	39		$	13,078	$	12,513	$	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	$	84,706		$	82,705		$	84,609			$	89,761		$	92,175		$	(7,469)
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,672.2		$	1,662.7		$	1,650.5			$	1,645.1		$	1,628.4		$	43.8
U.S. and Latin America Financial Solutions	5.2			5.3			5.3				5.3			5.3			(0.1)
Canada Traditional	463.6			448.7			477.2				484.5			472.6			(9.0)
Europe, Middle East and Africa Traditional	735.4			671.3			756.4				850.7			861.6			(126.2)
Asia Pacific Traditional	518.6			479.4			486.1				508.4			497.4			21.2
Asia Pacific Financial Solutions	5.7			5.2			5.4			(1)	1.1			1.7			4.0
Total assumed life reinsurance in force	$	3,400.7		$	3,272.6		$	3,380.9			$	3,495.1		$	3,467.0		$	(66.3)
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	36.4		$	37.3		$	32.7			$	39.5		$	32.4		$	4.0		$	145.9	$	130.5	$	15.4

Canada Traditional	11.9			10.8			12.8				12.7			14.6			(2.7)			48.2		48.8		(0.6)
Europe, Middle East and Africa Traditional	35.6			38.2			45.1				50.5			51.0			(15.4)			169.4		198.4		(29.0)
Asia Pacific Traditional	8.6			14.4			5.7				16.6			8.6			—			45.3		34.2		11.1
Asia Pacific Financial Solutions	—			—			—				0.1			0.1			(0.1)			0.1		0.2		(0.1)
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)
Basic earnings per share
Net income (loss)	$	3.07		$	4.24		$	2.95			$	(0.93)		$	2.32		$	0.75		$	9.31	$	9.10	$	0.21
Adjusted operating income (loss)	$	3.04		$	5.26		$	5.83			$	0.48		$	(0.56)		$	3.60		$	14.60	$	1.14	$	13.46
Diluted earnings per share (2)
Net income (loss) (2)	$	3.02		$	4.19		$	2.92			$	(0.93)		$	2.30		$	0.72		$	9.21	$	9.04	$	0.17
Adjusted operating income (loss) (2)	$	2.99		$	5.20		$	5.78			$	0.47		$	(0.56)		$	3.55		$	14.43	$	1.13	$	13.30
Wgt. average common shares outstanding
Basic	66,748			66,936			66,996				67,104			67,380			(632)			66,945		67,814		(869)
Diluted	67,793			67,663			67,620				67,649			67,930			(137)			67,703		68,286		(583)

Common shares issued	85,311			85,311			85,311				85,311			85,311			—			85,311		85,311		—
Treasury shares	18,635			18,484			18,304				18,323			18,140			495			18,635		18,140		495
Common shares outstanding	66,676			66,827			67,007				66,988			67,171			(495)			66,676		67,171		(495)

Book value per share	$	62.16		$	54.66		$	87.14			$	137.08		$	193.75		$	(131.59)
Per share effect of AOCI	$	(84.06)		$	(89.25)		$	(53.12)			$	(0.81)		$	54.22		$	(138.28)
Book value per share, excluding AOCI	$	146.22		$	143.91		$	140.26			$	137.89		$	139.53		$	6.69

Stockholders’ dividends paid	$	53		$	54		$	49			$	49		$	49		$	4		$	205	$	194	$	11
(1) During the quarter, the Company changed its calculation for assumed life reinsurance in force, resulting in an increase for the quarter.
(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.


Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)

	Three Months Ended										Current Qtr		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:
Net premiums	$	3,446	$	3,247	$	3,230	$	3,155	$	3,407	$	39	$	13,078	$	12,513	$	565
Net investment income	828		769		754		810		771		57		3,161		3,138		23
Investment related gains (losses), net	8		(134)		(254)		(126)		88		(80)		(506)		560		(1,066)
Other revenue	93		184		157		91		93		—		525		447		78
Total revenues	4,375		4,066		3,887		3,930		4,359		16		16,258		16,658		(400)
Benefits and expenses:
Claims and other policy benefits	3,191		2,815		2,815		3,225		3,482		(291)		12,046		12,776		(730)
Interest credited	214		189		138		141		159		55		682		700		(18)
Policy acquisition costs and other insurance expenses	355		396		393		355		406		(51)		1,499		1,416		83
Other operating expenses	289		251		243		226		253		36		1,009		936		73
Interest expense	54		46		42		42		(2)		56		184		127		57
Collateral finance and securitization expense	1		3		2		1		4		(3)		7		12		(5)
Total benefits and expenses	4,104		3,700		3,633		3,990		4,302		(198)		15,427		15,967		(540)
Income (loss) before income taxes	271		366		254		(60)		57		214		831		691		140
Provision for income taxes	65		81		55		3		(99)		164		204		74		130
Net income (loss)	206		285		199		(63)		156		50		627		617		10
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:
Income (loss) before income taxes	$	271	$	366	$	254	$	(60)	$	57	$	214	$	831	$	691	$	140
Investment and derivative (gains) losses (1)	(45)		153		203		119		(31)		(14)		430		(429)		859
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	67		17		56		33		(20)		87		173		(107)		280
GMXB embedded derivatives (1)	(15)		(21)		12		(14)		(29)		14		(38)		7		(45)
Funds withheld (gains) losses - investment income	1		5		9		8		(1)		2		23		(5)		28
EIA embedded derivatives - interest credited	1		(10)		(27)		(17)		(9)		10		(53)		(45)		(8)
DAC offset, net	(36)		12		7		(10)		26		(62)		(27)		38		(65)
Investment (income) loss on unit-linked variable annuities	2		5		8		9		(5)		7		24		(4)		28
Interest credited on unit-linked variable annuities	(2)		(5)		(8)		(9)		5		(7)		(24)		4		(28)
Interest expense on uncertain tax positions	—		1		—		—		(34)		34		1		(26)		27
Non-investment derivatives and other	1		(71)		(9)		—		5		(4)		(79)		(3)		(76)
Adjusted operating income (loss) before income taxes	$	245	$	452	$	505	$	59	$	(36)	$	281	$	1,261	$	121	$	1,140

(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.


Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)

	Three Months Ended										Current Qtr		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:
GAAP net income attributable to RGA	$	204	$	284	$	198	$	(63)	$	156	$	48	$	623	$	617	$	6
Investment and derivative (gains) losses (1)	(11)		119		152		94		(25)		14		354		(338)		692
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	53		14		44		26		(16)		69		137		(85)		222
GMXB embedded derivatives (1)	(12)		(16)		9		(11)		(22)		10		(30)		6		(36)
Funds withheld (gains) losses - investment income	1		4		7		6		(1)		2		18		(4)		22
EIA embedded derivatives - interest credited	1		(8)		(22)		(13)		(8)		9		(42)		(36)		(6)
DAC offset, net	(28)		9		6		(8)		21		(49)		(21)		30		(51)
Investment (income) loss on unit-linked variable annuities	2		4		6		7		(4)		6		19		(3)		22
Interest credited on unit-linked variable annuities	(2)		(4)		(6)		(7)		4		(6)		(19)		3		(22)
Interest expense on uncertain tax positions	—		1		—		—		(27)		27		1		(21)		22
Non-investment derivatives and other	1		(56)		(7)		—		4		(3)		(62)		(2)		(60)
Uncertain tax positions and other tax related items	(9)		—		3		1		(120)		111		(5)		(90)		85
Net income attributable to noncontrolling interest	2		1		1		—		—		2		4		—		4
Adjusted operating income (loss)	$	202	$	352	$	391	$	32	$	(38)	$	240	$	977	$	77	$	900

Diluted earnings per share - adjusted operating income (loss) (2)	$	2.99	$	5.20	$	5.78	$	0.47	$	(0.56)	$	3.55	$	14.43	$	1.13	$	13.30

Foreign currency effect on (3):
Net premiums	$	(164)	$	(160)	$	(119)	$	(47)	$	(3)	$	(161)	$	(490)	$	250	$	(740)
Adjusted operating income (loss) before income taxes	$	(19)	$	(13)	$	(14)	$	(1)	$	—	$	(19)	$	(47)	$	4	$	(51)


(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.
(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.
(3) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2022		2022		2022		2022		2021
Assets
Fixed maturity securities, available-for-sale	$	52,901	$	50,495	$	53,294	$	57,922	$	60,749
Equity securities	134		137		127		139		151
Mortgage loans	6,590		6,558		6,544		6,535		6,283
Policy loans	1,231		1,202		1,218		1,221		1,234
Funds withheld at interest	6,003		6,177		6,393		6,737		6,954
Limited partnerships and real estate joint ventures	2,327		2,197		2,074		1,943		1,996
Short-term investments	154		225		272		315		87
Other invested assets	1,140		1,049		1,036		1,090		1,074
Total investments	70,480		68,040		70,958		75,902		78,528
Cash and cash equivalents	2,927		3,512		2,556		2,709		2,948
Accrued investment income	630		628		572		578		533
Premiums receivable and other reinsurance balances	3,013		2,820		2,884		2,883		2,888
Reinsurance ceded receivables	2,462		2,456		2,558		2,595		2,580
Deferred policy acquisition costs	3,974		3,887		3,856		3,797		3,690
Other assets	1,220		1,362		1,225		1,297		1,008
Total assets	$	84,706	$	82,705	$	84,609	$	89,761	$	92,175

Liabilities and equity
Future policy benefits	$	35,220	$	33,715	$	34,833	$	35,946	$	35,782
Interest-sensitive contract liabilities	30,572		30,286		29,023		28,083		26,377
Other policy claims and benefits	6,571		6,249		6,464		7,079		6,993
Other reinsurance balances	756		909		582		582		613
Deferred income taxes	736		686		1,060		1,843		2,886
Other liabilities	2,655		2,910		2,899		3,123		2,663
Long-term debt	3,961		4,207		3,667		3,667		3,667
Collateral finance and securitization notes	—		—		152		166		180
Total liabilities	80,471		78,962		78,680		80,489		79,161
Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,502		2,493		2,478		2,465		2,461
Retained earnings	8,967		8,820		8,592		8,446		8,563
Treasury stock	(1,720)		(1,697)		(1,673)		(1,675)		(1,653)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	(171)		(216)		(39)		4		(9)
Unrealized appreciation of securities, net of income taxes	(5,407)		(5,697)		(3,469)		(9)		3,701
Pension and postretirement benefits, net of income taxes	(27)		(51)		(51)		(50)		(50)
Total RGA, Inc. stockholders’ equity	4,145		3,653		5,839		9,182		13,014
Noncontrolling interest	90		90		90		90		—
Total equity	4,235		3,743		5,929		9,272		13,014
Total liabilities and equity	$	84,706	$	82,705	$	84,609	$	89,761	$	92,175
Total RGA, Inc. stockholders’ equity, excluding AOCI	$	9,750	$	9,617	$	9,398	$	9,237	$	9,372

See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.


Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
GAAP Income Statements
(USD millions)

	Three Months Ended															Current Qtr			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:
Net premiums	$	1,778		$	1,640		$	1,631		$	1,541		$	1,697		$	81		$	6,590		$	6,244		$	346
Net investment income	238			214			209			304			245			(7)			965			930			35
Investment related gains (losses), net	6			8			19			15			4			2			48			6			42
Other revenue	5			5			9			7			4			1			26			18			8
Total revenues	2,027			1,867			1,868			1,867			1,950			77			7,629			7,198			431

Benefits and expenses:
Claims and other policy benefits	1,713			1,398			1,389			1,765			1,892			(179)			6,265			6,720			(455)
Interest credited	18			18			17			17			18			—			70			70			—
Policy acquisition costs and other insurance expenses	223			203			208			208			209			14			842			792			50
Other operating expenses	52			44			45			43			42			10			184			156			28
Total benefits and expenses	2,006			1,663			1,659			2,033			2,161			(155)			7,361			7,738			(377)

Income (loss) before income taxes	$	21		$	204		$	209		$	(166)		$	(211)		$	232		$	268		$	(540)		$	808

Loss and expense ratios:
Claims and other policy benefits	96.3		%	85.2		%	85.2		%	114.5		%	111.5		%	(15.2)		%	95.1		%	107.6		%	(12.5)		%
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		%
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 (1):
Net premiums	$	1		$	—		$	1		$	—		$	—		$	1		$	2		$	3		$	(1)
Income (loss) before income taxes	$	—		$	—		$	—		$	—		$	1		$	(1)		$	—		$	—		$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current			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:
Net premiums	$	1,778		$	1,640		$	1,631		$	1,541		$	1,697		$	81		$	6,590		$	6,244		$	346
Net investment income	238			214			209			304			245			(7)			965			930			35
Other revenue	5			5			9			7			4			1			26			18			8
Total revenues	2,021			1,859			1,849			1,852			1,946			75			7,581			7,192			389

Benefits and expenses:
Claims and other policy benefits	1,713			1,398			1,389			1,765			1,892			(179)			6,265			6,720			(455)
Interest credited	18			18			17			17			18			—			70			70			—
Policy acquisition costs and other insurance expenses	223			203			208			208			209			14			842			792			50
Other operating expenses	52			44			45			43			42			10			184			156			28
Total benefits and expenses	2,006			1,663			1,659			2,033			2,161			(155)			7,361			7,738			(377)

Adjusted operating income (loss) before income taxes	$	15		$	196		$	190		$	(181)		$	(215)		$	230		$	220		$	(546)		$	766

Loss and expense ratios:
Claims and other policy benefits	96.3		%	85.2		%	85.2		%	114.5		%	111.5		%	(15.2)		%	95.1		%	107.6		%	(12.5)		%
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		%
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 (1):
Net premiums	$	1		$	—		$	1		$	—		$	—		$	1		$	2		$	3		$	(1)
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.
(1) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
(USD millions)

	Three Months Ended										Current Qtr		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:
Net premiums	$	24	$	13	$	14	$	15	$	13	$	11	$	66	$	55	$	11
Net investment income	292		270		251		262		264		28		1,075		1,087		(12)
Investment related gains (losses), net	(114)		(22)		(93)		(80)		36		(150)		(309)		72		(381)
Other revenue	26		29		31		27		26		—		113		168		(55)
Total revenues	228		290		203		224		339		(111)		945		1,382		(437)

Benefits and expenses:
Claims and other policy benefits	49		42		42		48		37		12		181		166		15
Interest credited	147		130		101		107		120		27		485		565		(80)
Policy acquisition costs and other insurance expenses	17		58		59		40		79		(62)		174		192		(18)
Other operating expenses	13		12		12		9		10		3		46		37		9
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.


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current Qtr		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:
Net premiums	$	24	$	13	$	14	$	15	$	13	$	11	$	66	$	55	$	11
Net investment income	291		270		254		264		264		27		1,079		1,086		(7)
Other revenue	26		29		32		27		25		1		114		167		(53)
Total revenues	341		312		300		306		302		39		1,259		1,308		(49)

Benefits and expenses:
Claims and other policy benefits	49		42		42		48		37		12		181		166		15
Interest credited	146		140		128		124		129		17		538		610		(72)
Policy acquisition costs and other insurance expenses	53		46		52		50		53		—		201		154		47
Other operating expenses	13		12		12		9		10		3		46		37		9
Total benefits and expenses	261		240		234		231		229		32		966		967		(1)

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.


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
(Continued)

	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:
Fixed annuities (deferred)	$	12,190		$	12,408		$	12,084		$	11,693		$	11,858

Net interest spread (fixed annuities)	1.8		%	1.5		%	1.3		%	2.0		%	1.4		%

Equity-indexed annuities	$	2,861		$	2,952		$	3,017		$	3,114		$	3,213

Variable annuities account values
No riders	$	672		$	642		$	705		$	786		$	844
GMDB only	771			802			811			891			960
GMIB only	20			19			20			23			25
GMAB only	2			2			2			3			3
GMWB only	863			833			916			1,035			1,130
GMDB / WB	165			158			174			240			264
Other	15			15			16			18			19
Total variable annuities account values	$	2,508		$	2,471		$	2,644		$	2,996		$	3,245

Fair value of liabilities associated with living benefit riders	$	124		$	139		$	160		$	148		$	162

Interest-sensitive contract liabilities associated with:

Guaranteed investment contracts	$	613		$	623		$	712		$	656		$	656

Bank-owned life insurance (BOLI)	$	2,500		$	2,508		$	2,505		$	2,499		$	2,492

Other asset-intensive business	$	110		$	111		$	112		$	114		$	115

Future policy benefits associated with:

Payout annuities	$	4,021		$	4,081		$	4,160		$	4,218		$	4,274


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
(USD millions)

	Three Months Ended										Current Qtr		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:
Net investment income	$	1	$	—	$	1	$	1	$	—	$	1	$	3	$	2	$	1
Other revenue	26		25		74		27		28		(2)		152		108		44
Total revenues	27		25		75		28		28		(1)		155		110		45

Benefits and expenses:
Policy acquisition costs and other insurance expenses	1		—		1		1		—		1		3		4		(1)
Other operating expenses	4		3		2		3		3		1		12		13		(1)
Total benefits and expenses	5		3		3		4		3		2		15		17		(2)

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.


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current Qtr		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:
Net investment income	$	1	$	—	$	1	$	1	$	—	$	1	$	3	$	2	$	1
Other revenue	26		25		74		27		28		(2)		152		108		44
Total revenues	27		25		75		28		28		(1)		155		110		45

Benefits and expenses:
Policy acquisition costs and other insurance expenses	1		—		1		1		—		1		3		4		(1)
Other operating expenses	4		3		2		3		3		1		12		13		(1)
Total benefits and expenses	5		3		3		4		3		2		15		17		(2)

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.


Reinsurance Group of America, Incorporated
Canada Traditional
GAAP Income Statements
(USD millions)

	Three Months Ended															Current Qtr			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:
Net premiums	$	308		$	293		$	314		$	304		$	324		$	(16)		$	1,219		$	1,194		$	25
Net investment income	62			63			58			55			60			2			238			248			(10)
Investment related gains (losses), net	5			2			(6)			1			—			5			2			3			(1)
Other revenue	3			—			1			2			1			2			6			3			3
Total revenues	378			358			367			362			385			(7)			1,465			1,448			17

Benefits and expenses:
Claims and other policy benefits	293			270			295			300			298			(5)			1,158			1,096			62
Policy acquisition costs and other insurance expenses	42			46			46			46			50			(8)			180			187			(7)
Other operating expenses	11			10			10			10			9			2			41			37			4
Total benefits and expenses	346			326			351			356			357			(11)			1,379			1,320			59

Income before income taxes	$	32		$	32		$	16		$	6		$	28		$	4		$	86		$	128		$	(42)

Loss and expense ratios:
Claims and other policy benefits	95.1		%	92.2		%	93.9		%	98.7		%	92.0		%	3.1		%	95.0		%	91.8		%	3.2		%
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)		%
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 (1):
Net premiums	$	(23)		$	(11)		$	(13)		$	—		$	10		$	(33)		$	(47)		$	76		$	(123)
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.
(1) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current Qtr			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:
Net premiums	$	308		$	293		$	314		$	304		$	324		$	(16)		$	1,219		$	1,194		$	25
Net investment income	63			64			58			55			59			4			240			247			(7)
Investment related gains, net	—			2			2			—			2			(2)			4			6			(2)
Other revenue	3			—			1			2			1			2			6			3			3
Total revenues	374			359			375			361			386			(12)			1,469			1,450			19

Benefits and expenses:
Claims and other policy benefits	293			270			295			300			298			(5)			1,158			1,096			62
Policy acquisition costs and other insurance expenses	42			46			46			46			50			(8)			180			187			(7)
Other operating expenses	11			10			10			10			9			2			41			37			4
Total benefits and expenses	346			326			351			356			357			(11)			1,379			1,320			59

Adjusted operating income before income taxes	$	28		$	33		$	24		$	5		$	29		$	(1)		$	90		$	130		$	(40)

Loss and expense ratios:
Claims and other policy benefits	95.1		%	92.2		%	93.9		%	98.7		%	92.0		%	3.1		%	95.0		%	91.8		%	3.2		%
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)		%
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 (1):
Net premiums	$	(23)		$	(11)		$	(13)		$	—		$	10		$	(33)		$	(47)		$	76		$	(123)
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.
(1) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
GAAP Income Statements
(USD millions)

	Three Months Ended										Current Qtr		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:
Net premiums	$	23	$	24	$	25	$	23	$	22	$	1	$	95	$	90	$	5
Net investment income	—		1		(1)		1		—		—		1		—		1
Other revenue	3		2		3		1		2		1		9		11		(2)
Total revenues	26		27		27		25		24		2		105		101		4

Benefits and expenses:
Claims and other policy benefits	14		21		22		11		17		(3)		68		79		(11)
Policy acquisition costs and other insurance expenses	—		1		—		1		1		(1)		2		3		(1)
Other operating expenses	1		1		1		—		1		—		3		4		(1)
Total benefits and expenses	15		23		23		12		19		(4)		73		86		(13)

Income before income taxes	$	11	$	4	$	4	$	13	$	5	$	6	$	32	$	15	$	17

Foreign currency effect on (2):
Net premiums	$	(2)	$	(1)	$	(1)	$	—	$	1	$	(3)	$	(4)	$	6	$	(10)
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.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current Qtr		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:
Net premiums	$	23	$	24	$	25	$	23	$	22	$	1	$	95	$	90	$	5
Net investment income	—		1		(1)		1		—		—		1		—		1
Other revenue	3		2		3		1		2		1		9		11		(2)
Total revenues	26		27		27		25		24		2		105		101		4

Benefits and expenses:
Claims and other policy benefits	14		21		22		11		17		(3)		68		79		(11)
Policy acquisition costs and other insurance expenses	—		1		—		1		1		(1)		2		3		(1)
Other operating expenses	1		1		1		—		1		—		3		4		(1)
Total benefits and expenses	15		23		23		12		19		(4)		73		86		(13)

Adjusted operating income before income taxes	$	11	$	4	$	4	$	13	$	5	$	6	$	32	$	15	$	17

Foreign currency effect on (2):
Net premiums	$	(2)	$	(1)	$	(1)	$	—	$	1	$	(3)	$	(4)	$	6	$	(10)
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.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
GAAP Income Statements
(USD millions)

	Three Months Ended															Current Qtr			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:
Net premiums	$	422		$	436		$	427		$	451		$	435		$	(13)		$	1,736		$	1,738		$	(2)
Net investment income	24			21			22			22			22			2			89			88			1
Other revenue	4			—			(2)			3			—			4			5			1			4
Total revenues	450			457			447			476			457			(7)			1,830			1,827			3

Benefits and expenses:
Claims and other policy benefits	375			394			377			427			464			(89)			1,573			1,829			(256)
Policy acquisition costs and other insurance expenses	29			32			37			25			34			(5)			123			125			(2)
Other operating expenses	33			30			31			30			27			6			124			112			12
Total benefits and expenses	437			456			445			482			525			(88)			1,820			2,066			(246)

Income (loss) before income taxes	$	13		$	1		$	2		$	(6)		$	(68)		$	81		$	10		$	(239)		$	249

Loss and expense ratios:
Claims and other policy benefits	88.9		%	90.4		%	88.3		%	94.7		%	106.7		%	(17.8)		%	90.6		%	105.2		%	(14.6)		%
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)		%
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 (1):
Net premiums	$	(53)		$	(68)		$	(46)		$	(16)		$	—		$	(53)		$	(183)		$	95		$	(278)
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.
(1) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current Qtr			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:
Net premiums	$	422		$	436		$	427		$	451		$	435		$	(13)		$	1,736		$	1,738		$	(2)
Net investment income	24			21			22			22			22			2			89			88			1
Other revenue	4			—			(2)			3			—			4			5			1			4
Total revenues	450			457			447			476			457			(7)			1,830			1,827			3

Benefits and expenses:
Claims and other policy benefits	375			394			377			427			464			(89)			1,573			1,829			(256)
Policy acquisition costs and other insurance expenses	29			32			37			25			34			(5)			123			125			(2)
Other operating expenses	33			30			31			30			27			6			124			112			12
Total benefits and expenses	437			456			445			482			525			(88)			1,820			2,066			(246)

Adjusted operating income (loss) before income taxes	$	13		$	1		$	2		$	(6)		$	(68)		$	81		$	10		$	(239)		$	249

Loss and expense ratios:
Claims and other policy benefits	88.9		%	90.4		%	88.3		%	94.7		%	106.7		%	(17.8)		%	90.6		%	105.2		%	(14.6)		%
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)		%
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 (1):
Net premiums	$	(53)		$	(68)		$	(46)		$	(16)		$	—		$	(53)		$	(183)		$	95		$	(278)
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.
(1) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
(USD millions)

	Three Months Ended										Current Qtr		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:
Net premiums	$	127	$	112	$	119	$	128	$	91	$	36	$	486	$	350	$	136
Net investment income	43		37		33		35		56		(13)		148		205		(57)
Investment related gains (losses), net	(11)		(9)		(22)		16		8		(19)		(26)		49		(75)
Other revenue	6		2		4		3		2		4		15		12		3
Total revenues	165		142		134		182		157		8		623		616		7

Benefits and expenses:
Claims and other policy benefits	103		104		94		91		60		43		392		254		138
Interest credited	(2)		(5)		(8)		(9)		5		(7)		(24)		4		(28)
Policy acquisition costs and other insurance expenses	1		1		2		1		5		(4)		5		10		(5)
Other operating expenses	16		11		13		14		12		4		54		45		9
Total benefits and expenses	118		111		101		97		82		36		427		313		114

Income before income taxes	$	47	$	31	$	33	$	85	$	75	$	(28)	$	196	$	303	$	(107)

Foreign currency effect on (2):
Net premiums	$	(17)	$	(20)	$	(14)	$	(5)	$	1	$	(18)	$	(56)	$	21	$	(77)
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.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current Qtr		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:
Net premiums	$	127	$	112	$	119	$	128	$	91	$	36	$	486	$	350	$	136
Net investment income	46		46		47		50		51		(5)		189		198		(9)
Investment related gains (losses), net	4		5		5		4		3		1		18		6		12
Other revenue	6		2		4		3		2		4		15		12		3
Total revenues	183		165		175		185		147		36		708		566		142

Benefits and expenses:
Claims and other policy benefits	103		104		94		91		60		43		392		254		138
Interest credited	—		—		—		—		—		—		—		—		—
Policy acquisition costs and other insurance expenses	1		1		2		1		5		(4)		5		10		(5)
Other operating expenses	16		11		13		14		12		4		54		45		9
Total benefits and expenses	120		116		109		106		77		43		451		309		142

Adjusted operating income before income taxes	$	63	$	49	$	66	$	79	$	70	$	(7)	$	257	$	257	$	—

Foreign currency effect on (2):
Net premiums	$	(17)	$	(20)	$	(14)	$	(5)	$	1	$	(18)	$	(56)	$	21	$	(77)
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.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Asia Pacific Traditional
GAAP Income Statements
(USD millions)

	Three Months Ended															Current Qtr			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:
Net premiums	$	700		$	660		$	640		$	650		$	773		$	(73)		$	2,650		$	2,624		$	26
Net investment income	38			38			33			33			36			2			142			136			6
Investment related gains (losses), net	4			3			5			—			—			4			12			(1)			13
Other revenue	2			4			8			5			6			(4)			19			19			—
Total revenues	744			705			686			688			815			(71)			2,823			2,778			45

Benefits and expenses:
Claims and other policy benefits	575			498			537			542			667			(92)			2,152			2,445			(293)
Policy acquisition costs and other insurance expenses	45			37			42			47			44			1			171			159			12
Other operating expenses	57			52			49			48			47			10			206			184			22
Total benefits and expenses	677			587			628			637			758			(81)			2,529			2,788			(259)

Income (loss) before income taxes	$	67		$	118		$	58		$	51		$	57		$	10		$	294		$	(10)		$	304

Loss and expense ratios:
Claims and other policy benefits	82.1		%	75.5		%	83.9		%	83.4		%	86.3		%	(4.2)		%	81.2		%	93.2		%	(12.0)		%
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		%
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 (1):
Net premiums	$	(61)		$	(50)		$	(38)		$	(23)		$	(13)		$	(48)		$	(172)		$	52		$	(224)
Income (loss) before income taxes	$	(3)		$	(6)		$	(5)		$	2		$	(2)		$	(1)		$	(12)		$	(2)		$	(10)

Critical illness net premiums	$	324		$	296		$	301		$	295		$	424		$	(100)		$	1,216		$	1,281		$	(65)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current Qtr			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:
Net premiums	$	700		$	660		$	640		$	650		$	773		$	(73)		$	2,650		$	2,624		$	26
Net investment income	38			38			33			33			36			2			142			136			6
Investment related gains (losses), net	4			3			5			—			—			4			12			(1)			13
Other revenue	2			4			8			5			6			(4)			19			19			—
Total revenues	744			705			686			688			815			(71)			2,823			2,778			45

Benefits and expenses:
Claims and other policy benefits	575			498			537			542			667			(92)			2,152			2,445			(293)
Policy acquisition costs and other insurance expenses	45			37			42			47			44			1			171			159			12
Other operating expenses	57			52			49			48			47			10			206			184			22
Total benefits and expenses	677			587			628			637			758			(81)			2,529			2,788			(259)

Adjusted operating income (loss) before income taxes	$	67		$	118		$	58		$	51		$	57		$	10		$	294		$	(10)		$	304

Loss and expense ratios:
Claims and other policy benefits	82.1		%	75.5		%	83.9		%	83.4		%	86.3		%	(4.2)		%	81.2		%	93.2		%	(12.0)		%
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		%
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 (1):
Net premiums	$	(61)		$	(50)		$	(38)		$	(23)		$	(13)		$	(48)		$	(172)		$	52		$	(224)
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)		$	1,216		$	1,281		$	(65)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
GAAP Income Statements
(USD millions)

	Three Months Ended										Current Qtr		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:
Net premiums	$	64	$	69	$	60	$	43	$	52	$	12	$	236	$	218	$	18
Net investment income	95		77		56		44		42		53		272		138		134
Investment related gains (losses), net	82		(93)		(113)		(81)		7		75		(205)		19		(224)
Other revenue	—		118		40		15		13		(13)		173		42		131
Total revenues	241		171		43		21		114		127		476		417		59

Benefits and expenses:
Claims and other policy benefits	69		88		59		41		47		22		257		187		70
Interest credited	39		38		22		20		15		24		119		57		62
Policy acquisition costs and other insurance expenses	21		43		22		12		15		6		98		56		42
Other operating expenses	6		4		6		4		4		2		20		19		1
Total benefits and expenses	135		173		109		77		81		54		494		319		175

Income (loss) before income taxes	$	106	$	(2)	$	(66)	$	(56)	$	33	$	73	$	(18)	$	98	$	(116)

Foreign currency effect on (2):
Net premiums	$	(9)	$	(10)	$	(8)	$	(3)	$	(2)	$	(7)	$	(30)	$	(3)	$	(27)
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.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current Qtr		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:
Net premiums	$	64	$	69	$	60	$	43	$	52	$	12	$	236	$	218	$	18
Net investment income	95		77		56		44		42		53		272		138		134
Investment related gains, net	4		4		5		4		3		1		17		14		3
Other revenue	7		36		16		7		13		(6)		66		42		24
Total revenues	170		186		137		98		110		60		591		412		179

Benefits and expenses:
Claims and other policy benefits	69		88		59		41		47		22		257		187		70
Interest credited	39		38		22		20		15		24		119		57		62
Policy acquisition costs and other insurance expenses	21		43		22		12		15		6		98		56		42
Other operating expenses	6		4		6		4		4		2		20		19		1
Total benefits and expenses	135		173		109		77		81		54		494		319		175

Adjusted operating income before income taxes	$	35	$	13	$	28	$	21	$	29	$	6	$	97	$	93	$	4

Foreign currency effect on (2):
Net premiums	$	(9)	$	(10)	$	(8)	$	(3)	$	(2)	$	(7)	$	(30)	$	(3)	$	(27)
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.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Corporate and Other
GAAP Income Statements
(USD millions)

	Three Months Ended										Current Qtr		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:
Net investment income	$	35	$	48	$	92	$	53	$	46	$	(11)	$	228	$	304	$	(76)
Investment related gains (losses), net	36		(23)		(44)		3		33		3		(28)		412		(440)
Other revenue	18		(1)		(11)		1		11		7		7		65		(58)
Total revenues	89		24		37		57		90		(1)		207		781		(574)

Benefits and expenses:

Interest credited	12		8		6		6		1		11		32		4		28
Policy acquisition costs and other insurance income	(24)		(25)		(24)		(26)		(31)		7		(99)		(112)		13
Other operating expenses	96		84		74		65		98		(2)		319		329		(10)
Interest expense	54		46		42		42		(2)		56		184		127		57
Collateral finance and securitization expense	1		3		2		1		4		(3)		7		12		(5)
Total benefits and expenses	139		116		100		88		70		69		443		360		83

Income (loss) before income taxes	$	(50)	$	(92)	$	(63)	$	(31)	$	20	$	(70)	$	(236)	$	421	$	(657)

Foreign currency effect on (1):
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.
(1) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current Qtr		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:
Net investment income	$	35	$	48	$	92	$	53	$	46	$	(11)	$	228	$	304	$	(76)
Investment related gains, net	3		1		—		4		—		3		8		6		2
Other revenue	12		10		3		9		17		(5)		34		63		(29)
Total revenues	50		59		95		66		63		(13)		270		373		(103)

Benefits and expenses:

Interest credited	12		8		6		6		1		11		32		4		28
Policy acquisition costs and other insurance income	(24)		(25)		(24)		(26)		(31)		7		(99)		(112)		13
Other operating expenses	96		84		74		65		98		(2)		319		329		(10)
Interest expense	54		45		42		42		32		22		183		153		30
Collateral finance and securitization expense	1		3		2		1		4		(3)		7		12		(5)
Total benefits and expenses	139		115		100		88		104		35		442		386		56

Adjusted operating income (loss) before income taxes	$	(89)	$	(56)	$	(5)	$	(22)	$	(41)	$	(48)	$	(172)	$	(13)	$	(159)

Foreign currency effect on (1):
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.
(1) Compared to comparable prior year period.


Reinsurance Group of America, Incorporated
Summary of Segment GAAP Income
(USD millions)

	Three Months Ended										Current Qtr		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:
Traditional	$	21	$	204	$	209	$	(166)	$	(211)	$	232	$	268	$	(540)	$	808
Financial Solutions:
Asset Intensive	2		48		(11)		20		93		(91)		59		422		(363)
Capital Solutions	22		22		72		24		25		(3)		140		93		47
Total U.S. and Latin America	45		274		270		(122)		(93)		138		467		(25)		492
Canada:
Traditional	32		32		16		6		28		4		86		128		(42)
Financial Solutions	11		4		4		13		5		6		32		15		17
Total Canada	43		36		20		19		33		10		118		143		(25)
Europe, Middle East and Africa:
Traditional	13		1		2		(6)		(68)		81		10		(239)		249
Financial Solutions	47		31		33		85		75		(28)		196		303		(107)
Total Europe, Middle East and Africa	60		32		35		79		7		53		206		64		142
Asia Pacific:
Traditional	67		118		58		51		57		10		294		(10)		304
Financial Solutions	106		(2)		(66)		(56)		33		73		(18)		98		(116)
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.


Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income
(USD millions)

	Three Months Ended										Current Qtr vs. PY Quarter		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,				Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2021				2022		2021		Change
U.S. and Latin America:
Traditional	$	15	$	196	$	190	$	(181)	$	(215)	$	230	$	220	$	(546)	$	766
Financial Solutions:
Asset Intensive	80		72		66		75		73		7		293		341		(48)
Capital Solutions	22		22		72		24		25		(3)		140		93		47
Total U.S. and Latin America	117		290		328		(82)		(117)		234		653		(112)		765
Canada:
Traditional	28		33		24		5		29		(1)		90		130		(40)
Financial Solutions	11		4		4		13		5		6		32		15		17
Total Canada	39		37		28		18		34		5		122		145		(23)
Europe, Middle East and Africa:
Traditional	13		1		2		(6)		(68)		81		10		(239)		249
Financial Solutions	63		49		66		79		70		(7)		257		257		—
Total Europe, Middle East and Africa	76		50		68		73		2		74		267		18		249
Asia Pacific:
Traditional	67		118		58		51		57		10		294		(10)		304
Financial Solutions	35		13		28		21		29		6		97		93		4
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	$	1,261	$	121	$	1,140

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


Reinsurance Group of America, Incorporated
Investments
(USD millions)

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 (1)	$	52,901	$	50,495	$	53,294	$	57,922	$	60,749
Equity securities	134		137		127		139		151
Mortgage loans	6,590		6,558		6,544		6,535		6,283
Policy loans	1,231		1,202		1,218		1,221		1,234
Limited partnerships and real estate joint ventures	2,327		2,197		2,074		1,943		1,996
Funds withheld at interest	6,003		6,177		6,393		6,737		6,954
Short-term investments	154		225		272		315		87
Other invested assets	1,140		1,049		1,036		1,090		1,074
Cash and cash equivalents	2,927		3,512		2,556		2,709		2,948
Total cash and invested assets	$	73,407	$	71,552	$	73,514	$	78,611	$	81,476

(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”).


Investment Income and Yield Summary

	Three Months Ended															Current Qtr vs. PY Quarter		Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,					Dec. 31,			Dec. 31,
	2022			2022			2022			2022			2021					2022			2021			Change
Average invested assets at amortized cost (1)	$	35,300		$	34,579		$	34,859		$	35,271		$	34,325		$	975	$	34,398		$	33,040		$	1,358
Net investment income (1)	$	386		$	374		$	397		$	457		$	397		$	(11)	$	1,614		$	1,648		$	(34)
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	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) (1)	$	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) (1)	4.14		%	4.12		%	3.96		%	3.80		%	3.78		%	36 bps		4.00		%	3.81		%	19 bps

(1) Excludes spread related business (e.g. coinsurance of annuities).


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities

	December 31, 2022
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	38,963	$	27	$	168	$	5,135	$	33,969	64.2	%
Canadian government	3,311		—		381		66		3,626		6.9	%
RMBS	1,054		—		1		114		941		1.8	%
ABS	4,324		10		4		440		3,878		7.3	%
CMBS	1,835		—		—		212		1,623		3.1	%
U.S. government	1,690		—		4		212		1,482		2.8	%
State and political subdivisions	1,282		—		10		173		1,119		2.1	%
Other foreign government	7,204		—		26		967		6,263		11.8	%
Total fixed maturity securities	$	59,663	$	37	$	594	$	7,319	$	52,901	100.0	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Corporate Fixed Maturity Securities by Industry

	December 31, 2022							December 31, 2021
	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)
Financial institutions
Banking	$	6,281	$	5,672	16.7	%	A-	$	5,792	$	6,163	16.2	%	A-
Brokerage/asset managers/exchanges	1,302		1,115		3.3	%	A-	1,073		1,145		3.0	%	A-
Finance companies	410		350		1.0	%	BBB	306		316		0.8	%	BBB+
Insurance	4,452		3,851		11.3	%	A-	3,987		4,383		11.5	%	A-
REITs	1,205		1,013		3.0	%	BBB+	987		1,022		2.7	%	BBB+
Other finance	901		679		2.0	%	A-	956		1,016		2.7	%	A-
Total financial institutions	$	14,551	$	12,680	37.3	%		$	13,101	$	14,045	36.9	%
Industrials
Basic	$	1,921	$	1,690	5.0	%	BBB	$	1,972	$	2,210	5.8	%	BBB
Capital goods	1,734		1,550		4.6	%	BBB	1,542		1,649		4.3	%	BBB
Communications	2,517		2,136		6.3	%	BBB	2,330		2,592		6.8	%	BBB
Consumer cyclical	1,997		1,748		5.1	%	BBB+	1,758		1,885		4.9	%	BBB+
Consumer noncyclical	4,625		4,052		11.9	%	BBB+	3,952		4,315		11.3	%	BBB+
Energy	2,050		1,801		5.3	%	BBB+	1,967		2,159		5.7	%	BBB+
Technology	1,617		1,461		4.3	%	BBB+	1,436		1,486		3.9	%	BBB+
Transportation	2,160		1,859		5.5	%	BBB+	2,050		2,192		5.8	%	BBB+
Other industrial	1,003		960		2.8	%	BBB	850		887		2.3	%	BBB
Total industrials	$	19,624	$	17,257	50.8	%		$	17,857	$	19,375	50.8	%
Utilities
Electric	$	3,779	$	3,200	9.4	%	A-	$	3,256	$	3,561	9.4	%	A-
Natural gas	664		553		1.7	%	A-	566		614		1.6	%	BBB+
Other utility	345		279		0.8	%	BBB+	459		508		1.3	%	BBB+
Total utilities	$	4,788	$	4,032	11.9	%		$	4,281	$	4,683	12.3	%
Total	$	38,963	$	33,969	100.0	%	BBB+	$	35,239	$	38,103	100.0	%	BBB+

(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.


Ratings of Fixed Maturity Securities

		December 31, 2022						September 30, 2022						June 30, 2022						March 31, 2022						December 31, 2021
NAIC Designation (1)	Rating Agency Designation (2)	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	$	36,217	$	32,295	61.1	%	$	33,881	$	30,062	59.6	%	$	33,989	$	31,782	59.6	%	$	34,434	$	34,741	60.0	%	$	33,540	$	36,725	60.5	%
2	BBB	20,188		17,580		33.2	%	19,931		16,924		33.5	%	19,851		18,011		33.8	%	19,691		19,574		33.8	%	18,684		20,379		33.5	%
3	BB	2,734		2,607		5.0	%	3,044		2,843		5.6	%	2,940		2,774		5.2	%	2,821		2,769		4.8	%	2,620		2,668		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	%
	Total	$	59,663	$	52,901	100.0	%	$	57,630	$	50,495	100.0	%	$	57,608	$	53,294	100.0	%	$	57,849	$	57,922	100.0	%	$	55,873	$	60,749	100.0	%

(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).


Structured Fixed Maturity Securities

	December 31, 2022						September 30, 2022						June 30, 2022						March 31, 2022						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
Agency	$	476	$	427	6.6	%	$	489	$	442	7.0	%	$	519	$	498	7.7	%	$	538	$	537	8.3	%	$	551	$	582	8.4	%
Non-agency	578		514		8.0	%	565		511		8.1	%	485		452		7.0	%	445		429		6.6	%	469		468		6.8	%
Total RMBS	1,054		941		14.6	%	1,054		953		15.1	%	1,004		950		14.7	%	983		966		14.9	%	1,020		1,050		15.2	%
ABS:
Collateralized loan obligations ("CLOs")	1,825		1,702		26.4	%	1,788		1,650		26.0	%	1,714		1,622		25.1	%	1,659		1,630		25.1	%	1,761		1,752		25.4	%
ABS, excluding CLOs	2,499		2,176		33.8	%	2,377		2,073		32.6	%	2,377		2,160		33.4	%	2,256		2,116		32.5	%	2,263		2,253		32.6	%
Total ABS	4,324		3,878		60.2	%	4,165		3,723		58.6	%	4,091		3,782		58.5	%	3,915		3,746		57.6	%	4,024		4,005		58.0	%
CMBS	1,835		1,623		25.2	%	1,843		1,670		26.3	%	1,856		1,735		26.8	%	1,829		1,786		27.5	%	1,790		1,849		26.8	%
Total	$	7,213	$	6,442	100.0	%	$	7,062	$	6,346	100.0	%	$	6,951	$	6,467	100.0	%	$	6,727	$	6,498	100.0	%	$	6,834	$	6,904	100.0	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of December 31, 2022
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	21,867	$	2,756	$	6,840	$	2,225	$	28,707	$	4,981
Canadian government	554		42		71		23		625		65
RMBS	664		62		181		53		845		115
ABS	1,596		153		1,931		269		3,527		422
CMBS	1,314		144		281		65		1,595		209
U.S. government	1,202		64		253		148		1,455		212
State and political subdivisions	819		124		131		50		950		174
Other foreign government	2,757		253		2,720		652		5,477		905
Total investment grade securities	$	30,773	$	3,598	$	12,408	$	3,485	$	43,181	$	7,083

Below investment grade securities:
Corporate	$	767	$	87	$	305	$	61	$	1,072	$	148
ABS	52		6		38		9		90		15

Other foreign government	39		2		164		60		203		62
Total below investment grade securities	$	858	$	95	$	507	$	130	$	1,365	$	225
Total fixed maturity securities	$	31,631	$	3,693	$	12,915	$	3,615	$	44,546	$	7,308

(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of December 31, 2021
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	4,135	$	86	$	946	$	51	$	5,081	$	137
Canadian government	20		1		—		—		20		1
RMBS	132		3		102		4		234		7
ABS	1,747		22		589		6		2,336		28
CMBS	152		2		35		2		187		4
U.S. government	1,513		6		31		2		1,544		8
State and political subdivisions	109		3		28		2		137		5
Other foreign government	2,237		33		724		37		2,961		70
Total investment grade securities	$	10,045	$	156	$	2,455	$	104	$	12,500	$	260


Below investment grade securities:
Corporate	$	463	$	13	$	97	$	44	$	560	$	57
ABS	—		—		13		13		13		13

Other foreign government	136		7		75		10		211		17
Total below investment grade securities	$	599	$	20	$	185	$	67	$	784	$	87
Total fixed maturity securities	$	10,644	$	176	$	2,640	$	171	$	13,284	$	347

(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Consolidated Investment Related Gains and Losses

	Three Months Ended										Current Qtr vs. PY Quarter		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,				Dec. 31,		Dec. 31,
	2022		2022		2022		2022		2021				2022		2021		Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses and impairments	$	13	$	(9)	$	(15)	$	(12)	$	(14)	$	27	$	(23)	$	(12)	$	(11)
Realized gains on investment activity	127		20		34		11		34		93		192		299		(107)
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 (1):
Interest rate swaps	(2)		(33)		(44)		(52)		7		(9)		(131)		(34)		(97)
Interest rate options	(9)		18		(6)		—		—		(9)		3		—		3
Total return swaps	22		(1)		—		—		—		22		21		—		21
Financial futures	(10)		7		24		7		(5)		(5)		28		(24)		52
Foreign currency swaps	(6)		9		11		7		5		(11)		21		20		1
Foreign currency swaps - hedged	1		1		—		4		1		—		6		2		4
Foreign currency forwards	61		(55)		(76)		(23)		(9)		70		(93)		(20)		(73)
CPI swaps	6		7		(11)		29		13		(7)		31		46		(15)
Credit default swaps	37		(12)		(33)		(58)		13		24		(66)		33		(99)
Equity options	(15)		8		21		—		(15)		—		14		(33)		47
Total free-standing derivatives	85		(51)		(114)		(86)		10		75		(166)		(10)		(156)
Embedded derivatives:
Modified coinsurance and funds withheld treaties	(67)		(17)		(56)		(33)		20		(87)		(173)		107		(280)
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	$	(1,066)

(1) Free-standing derivatives are non-hedged unless specified.


Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)

	Three Months Ended										Current Qtr		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. & Latin America Traditional
Income (loss) before income taxes	$	21	$	204	$	209	$	(166)	$	(211)	$	232	$	268	$	(540)	$	808
Investment and derivative losses (1)	1		(1)		—		—		—		1		—		—		—
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(7)		(7)		(19)		(15)		(4)		(3)		(48)		(6)		(42)
Adjusted operating income (loss) before income taxes	$	15	$	196	$	190	$	(181)	$	(215)	$	230	$	220	$	(546)	$	766

U.S. & Latin America Asset-Intensive
Income (loss) before income taxes	$	2	$	48	$	(11)	$	20	$	93	$	(91)	$	59	$	422	$	(363)
Investment and derivative (gains) losses (1)	55		19		6		46		9		46		126		22		104
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	74		24		75		48		(16)		90		221		(101)		322
GMXB embedded derivatives (1)	(15)		(21)		12		(14)		(29)		14		(38)		7		(45)
Funds withheld (gains) losses - investment income	(1)		—		3		2		—		(1)		4		(1)		5
EIA embedded derivatives - interest credited	1		(10)		(27)		(17)		(9)		10		(53)		(45)		(8)
DAC offset, net	(36)		12		7		(10)		26		(62)		(27)		38		(65)
Non-investment derivatives and other	—		—		1		—		(1)		1		1		(1)		2
Adjusted operating income before income taxes	$	80	$	72	$	66	$	75	$	73	$	7	$	293	$	341	$	(48)

U.S. & Latin America Capital Solutions
Income before income taxes	$	22	$	22	$	72	$	24	$	25	$	(3)	$	140	$	93	$	47
Adjusted operating income before income taxes	$	22	$	22	$	72	$	24	$	25	$	(3)	$	140	$	93	$	47

Canada Traditional
Income before income taxes	$	32	$	32	$	16	$	6	$	28	$	4	$	86	$	128	$	(42)
Investment and derivative (gains) losses (1)	(5)		—		8		(1)		2		(7)		2		3		(1)
Investment income - non-operating FWAI	1		1		—		—		(1)		2		2		(1)		3
Adjusted operating income before income taxes	$	28	$	33	$	24	$	5	$	29	$	(1)	$	90	$	130	$	(40)

Canada Financial Solutions
Income before income taxes	$	11	$	4	$	4	$	13	$	5	$	6	$	32	$	15	$	17
Adjusted operating income before income taxes	$	11	$	4	$	4	$	13	$	5	$	6	$	32	$	15	$	17

(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.


Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)

	Three Months Ended										Current Qtr		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
Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	13	$	1	$	2	$	(6)	$	(68)	$	81	$	10	$	(239)	$	249
Adjusted operating income (loss) before income taxes	$	13	$	1	$	2	$	(6)	$	(68)	$	81	$	10	$	(239)	$	249

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	47	$	31	$	33	$	85	$	75	$	(28)	$	196	$	303	$	(107)
Investment and derivative (gains) losses (1)	15		14		27		(12)		(5)		20		44		(43)		87
Investment income - non-operating FWAI	1		4		6		6		—		1		17		(3)		20
Investment (income) loss on unit-linked variable annuities	2		5		8		9		(5)		7		24		(4)		28
Interest credited on unit-linked variable annuities	(2)		(5)		(8)		(9)		5		(7)		(24)		4		(28)
Adjusted operating income before income taxes	$	63	$	49	$	66	$	79	$	70	$	(7)	$	257	$	257	$	—

Asia Pacific Traditional
Income (loss) before income taxes	$	67	$	118	$	58	$	51	$	57	$	10	$	294	$	(10)	$	304
Adjusted operating income (loss) before income taxes	$	67	$	118	$	58	$	51	$	57	$	10	$	294	$	(10)	$	304

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	106	$	(2)	$	(66)	$	(56)	$	33	$	73	$	(18)	$	98	$	(116)
Investment and derivative (gains) losses (1)	(78)		97		118		85		(4)		(74)		222		(5)		227
Non-investment derivatives and other	7		(82)		(24)		(8)		—		7		(107)		—		(107)
Adjusted operating income before income taxes	$	35	$	13	$	28	$	21	$	29	$	6	$	97	$	93	$	4

Corporate and Other
Income (loss) before income taxes	$	(50)	$	(92)	$	(63)	$	(31)	$	20	$	(70)	$	(236)	$	421	$	(657)
Investment and derivative (gains) losses (1)	(33)		24		44		1		(33)		—		36		(406)		442
Interest expense on uncertain tax positions	—		1		—		—		(34)		34		1		(26)		27
Non-investment derivatives and other	(6)		11		14		8		6		(12)		27		(2)		29
Adjusted operating income (loss) before income taxes	$	(89)	$	(56)	$	(5)	$	(22)	$	(41)	$	(48)	$	(172)	$	(13)	$	(159)

(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.


Reinsurance Group of America, Incorporated
Reconciliations of Stockholders’ Equity to Stockholders’ Equity Excluding AOCI
(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	$	4,145	$	3,653	$	5,839	$	9,182	$	13,014
Less effect of AOCI:
Accumulated currency translation adjustments	(171)		(216)		(39)		4		(9)
Unrealized appreciation (depreciation) of securities	(5,407)		(5,697)		(3,469)		(9)		3,701
Pension and postretirement benefits	(27)		(51)		(51)		(50)		(50)
RGA, Inc. stockholders’ equity, excluding AOCI	$	9,750	$	9,617	$	9,398	$	9,237	$	9,372



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:
Accumulated currency translation adjustments	(2.56)		(3.24)		(0.58)		0.06		(0.13)
Unrealized appreciation (depreciation) of securities	(81.10)		(85.25)		(51.78)		(0.13)		55.09
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