Document

Current Ratings

Standard & Poor’s

A.M. Best

Moody’s

Financial Strength Ratings

RGA Reinsurance Company

AA-

A+

RGA Life Reinsurance Company of Canada

AA-

A+

RGA International Reinsurance Company dac

AA-

RGA Global Reinsurance Company, Ltd.

AA-

RGA Reinsurance Company of Australia Limited

AA-

RGA Americas Reinsurance Company, Ltd.

AA-

A+

RGA Worldwide Reinsurance Company, Ltd.

AA-

RGA Reinsurance Company (Barbados) Ltd.

AA-

RGA Life and Annuity Insurance Company

AA-

A+

Omnilife Insurance Company Limited

A+

Aurora National Life Assurance Company

AA-

A+

Senior Debt Ratings

Reinsurance Group of America, Incorporated

Baa1


			Page


Consolidated

Financial Highlights			3

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

Consolidated Balance Sheets			6

Segment Summaries of Adjusted Operating Income Statements

U.S. and Latin America Traditional			7

U.S. and Latin America Financial Solutions			8

Canada Traditional			10

Canada Financial Solutions			11

Europe, Middle East and Africa Traditional			12

Europe, Middle East and Africa Financial Solutions			13

Asia Pacific Traditional			14

Asia Pacific Financial Solutions			15

Corporate and Other			16

Summary of Segment Adjusted Operating Income			17

Investments

Cash and Invested Assets and Investment Income and Yield Summary			18

Investments Net of Funds Withheld			19

Fixed Maturity Securities			20

Corporate Fixed Maturity Securities by Industry			21

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities			22

Fixed Maturity Securities Below Amortized Cost			23

Consolidated Investment Related Gains and Losses			25

Appendix

Reconciliations of GAAP to Non-GAAP Measures			26

Non-GAAP Disclosures			31


Reinsurance Group of America, Incorporated
Financial Highlights

	Three Months Ended															Current vs.			Year-to-Date
(USD millions, except in force and per share and shares data)	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Prior Year			June 30,		June 30,
	2026			2026			2025			2025			2025			Quarter			2026		2025		Change

Net premiums	$	4,472		$	4,595		$	4,780		$	4,280		$	4,151		$	321		$	9,067	$	8,170	$	897
Net income available to RGA’s shareholders	462			330			463			253			180			282			792		466		326
Adjusted operating income	586			462			515			310			315			271			1,048		693		355
Adjusted operating income excluding notable items (1)	586			462			515			424			315			271			1,048		693		355
Return on equity	11.5		%	9.7		%	9.7		%	7.4		%	7.0		%	4.5		%
Adjusted operating return on equity (excluding AOCI)	17.4		%	15.2		%	14.7		%	13.2		%	12.7		%	4.7		%
Adjusted operating return on equity (excluding AOCI and notable items (1))	18.4		%	16.2		%	15.7		%	14.2		%	14.3		%	4.1		%
Adjusted operating return on equity (excluding AOCI, B36, and notable items (1))	18.3		%	16.1		%	15.6		%	14.1		%	14.2		%	4.1		%
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income	$	7.07		$	5.04		$	7.07		$	3.85		$	2.72		$	4.35		$	12.11	$	7.05	$	5.06
Adjusted operating income	$	8.96		$	7.05		$	7.85		$	4.71		$	4.76		$	4.20		$	16.01	$	10.50	$	5.51
Adjusted operating income excluding notable items (1)	$	8.96		$	7.05		$	7.85		$	6.43		$	4.76		$	4.20		$	16.01	$	10.50	$	5.51
Diluted earnings per share
Net income	$	7.01		$	4.98		$	6.97		$	3.81		$	2.70		$	4.31		$	11.99	$	6.97	$	5.02
Adjusted operating income	$	8.89		$	6.97		$	7.75		$	4.66		$	4.72		$	4.17		$	15.86	$	10.38	$	5.48
Adjusted operating income excluding notable items (1)	$	8.89		$	6.97		$	7.75		$	6.37		$	4.72		$	4.17		$	15.86	$	10.38	$	5.48
Weighted average common shares outstanding
Basic	65,415			65,489			65,556			65,867			66,088			(673)			65,451		66,048		(597)
Diluted	65,916			66,226			66,428			66,508			66,731			(815)			66,068		66,793		(725)

Book value per share	$	209.73		$	202.93		$	205.63		$	197.52		$	182.37		$	27.36		$	209.73	$	182.37	$	27.36
Book value per share, excluding AOCI	$	173.77		$	167.60		$	164.66		$	158.67		$	155.87		$	17.90		$	173.77	$	155.87	$	17.90
Book value per share, excluding AOCI and B36	$	174.11		$	167.92		$	165.50		$	159.83		$	156.63		$	17.48		$	174.11	$	156.63	$	17.48

Shareholders’ dividends paid	$	61		$	61		$	61		$	61		$	59		$	2		$	122	$	118	$	4
Share buybacks	50			50			50			75			—			50			100		—		100
Total returned to shareholders	$	111		$	111		$	111		$	136		$	59		$	52		$	222	$	118	$	104
Common shares issued	85,311			85,311			85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	20,019			19,802			19,847			19,602			19,219			800			20,019		19,219		800
Common shares outstanding	65,292			65,509			65,464			65,709			66,092			(800)			65,292		66,092		(800)

Assumed life reinsurance in force (in billions)	$	4,341.6		$	4,342.8		$	4,334.6		$	4,320.8		$	4,091.3		$	250.3
Assumed new business production (in billions)	$	129.7		$	150.6		$	149.9		$	341.0		$	110.9		$	18.8		$	280.3	$	242.6	$	37.7

(1) Excludes the impact of changes in actuarial assumptions.


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

(USD millions)	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2026		2026		2025		2025		2025		Quarter		2026		2025		Change
Revenues:
Net premiums	$	4,472	$	4,595	$	4,780	$	4,280	$	4,151	$	321	$	9,067	$	8,170	$	897
Net investment income	1,864		1,701		1,691		1,475		1,408		456		3,565		2,640		925
Investment related gains (losses), net	(76)		(170)		(135)		13		(44)		(32)		(246)		(123)		(123)
Other revenue	377		368		299		436		84		293		745		172		573
Total revenues	6,637		6,494		6,635		6,204		5,599		1,038		13,131		10,859		2,272
Benefits and expenses:
Claims and other policy benefits	4,478		4,621		4,772		4,356		4,045		433		9,099		7,867		1,232
Future policy benefits remeasurement (gains) losses	6		(7)		(97)		85		68		(62)		(1)		12		(13)
Market risk benefits remeasurement (gains) losses	(26)		22		(3)		(1)		(17)		(9)		(4)		12		(16)
Interest credited	617		480		475		547		314		303		1,097		613		484
Policy acquisition costs and other insurance expenses	508		512		500		471		433		75		1,020		850		170
Other operating expenses	348		326		380		328		325		23		674		625		49
Interest expense	101		99		98		98		90		11		200		170		30
Total benefits and expenses	6,032		6,053		6,125		5,884		5,258		774		12,085		10,149		1,936
Income before income taxes	605		441		510		320		341		264		1,046		710		336
Provision for income taxes	141		110		45		65		160		(19)		251		241		10
Net income	464		331		465		255		181		283		795		469		326
Net income attributable to noncontrolling interest	2		1		2		2		1		1		3		3		—
Net income available to RGA’s shareholders	$	462	$	330	$	463	$	253	$	180	$	282	$	792	$	466	$	326
Pre-tax adjusted operating income reconciliation:
Income before income taxes	$	605	$	441	$	510	$	320	$	341	$	264	$	1,046	$	710	$	336
Investment and derivative (gains) losses (1)	181		198		197		(1)		77		104		379		148		231
Market risk benefits remeasurement (gains) losses	(26)		22		(3)		(1)		(17)		(9)		(4)		12		(16)
Change in fair value of funds withheld embedded derivatives (1)	1		(44)		(27)		33		(3)		4		(43)		8		(51)
Funds withheld (gains) losses - investment income	10		(4)		(2)		19		(2)		12		6		(2)		8
Derivatives - interest credited	—		3		2		1		2		(2)		3		12		(9)
Investment (income) loss on unit-linked variable annuities	—		1		(1)		1		—		—		1		—		1
Interest credited on unit-linked variable annuities	—		(1)		1		(1)		—		—		(1)		—		(1)
Interest expense on uncertain tax positions	—		1		—		—		—		—		1		—		1
Other (2)	(10)		(6)		(1)		14		23		(33)		(16)		18		(34)
Adjusted operating income before income taxes	761		611		676		385		421		340		1,372		906		466
Notable items (3)	—		—		—		(149)		—		—		—		—		—
Adjusted operating income before income taxes excluding notable items	$	761	$	611	$	676	$	534	$	421	$	340	$	1,372	$	906	$	466

(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) Represents the impact of changes in actuarial assumptions.


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

(USD millions)	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2026		2026		2025		2025		2025		Quarter		2026		2025		Change
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA	$	462	$	330	$	463	$	253	$	180	$	282	$	792	$	466	$	326
Investment and derivative (gains) losses (1)	141		157		155		(2)		64		77		298		117		181
Market risk benefits remeasurement (gains) losses	(20)		17		(3)		—		(14)		(6)		(3)		9		(12)
Change in fair value of funds withheld embedded derivatives (1)	1		(35)		(21)		26		(3)		4		(34)		6		(40)
Funds withheld (gains) losses - investment income	8		(3)		(1)		15		(2)		10		5		(2)		7
Derivatives - interest credited	—		2		2		1		1		(1)		2		9		(7)
Investment (income) loss on unit-linked variable annuities	—		1		(1)		1		—		—		1		—		1
Interest credited on unit-linked variable annuities	—		(1)		1		(1)		—		—		(1)		—		(1)
Interest expense on uncertain tax positions	—		1		—		—		—		—		1		—		1
Other (2)	(8)		(5)		(1)		11		18		(26)		(13)		14		(27)
Uncertain tax positions and other tax related items	—		(3)		(81)		4		70		(70)		(3)		71		(74)
Net income attributable to noncontrolling interest	2		1		2		2		1		1		3		3		—
Adjusted operating income	586		462		515		310		315		271		1,048		693		355
Notable items (3)	—		—		—		(114)		—		—		—		—		—
Adjusted operating income excluding notable items	$	586	$	462	$	515	$	424	$	315	$	271	$	1,048	$	693	$	355

Diluted earnings per share - adjusted operating income	$	8.89	$	6.97	$	7.75	$	4.66	$	4.72	$	4.17	$	15.86	$	10.38	$	5.48
Diluted earnings per share - adjusted operating income excluding notable items	$	8.89	$	6.97	$	7.75	$	6.37	$	4.72	$	4.17	$	15.86	$	10.38	$	5.48

Foreign currency effect on (4):
Net premiums	$	(2)	$	103	$	42	$	29	$	45	$	(47)	$	101	$	(15)	$	116
Adjusted operating income before income taxes	$	(7)	$	17	$	8	$	3	$	9	$	(16)	$	10	$	1	$	9

(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) Represents the impact of changes in actuarial assumptions.
(4) Compared to comparable prior-year period.


Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2026		2026		2025		2025		2025
Assets
Fixed maturity securities available-for-sale, at fair value	$	109,270	$	107,328	$	101,769	$	99,573	$	86,043
Equity securities	302		300		311		161		155
Mortgage loans	11,927		11,318		11,104		10,507		10,057
Policy loans	3,635		3,703		3,541		3,570		1,294
Funds withheld at interest	8,140		8,390		8,149		8,268		7,115
Limited partnerships and real estate joint ventures	4,109		4,093		3,747		3,648		3,338
Short-term investments	378		357		346		381		502
Other invested assets	1,585		1,525		1,514		1,496		1,397
Total investments	139,346		137,014		130,481		127,604		109,901
Cash and cash equivalents	5,288		4,993		4,168		4,625		5,416
Accrued investment income	1,389		1,361		1,296		1,275		1,089
Premiums receivable and other reinsurance balances	4,735		4,259		4,475		4,035		4,202
Reinsurance ceded receivables and other	6,700		6,743		7,175		5,758		5,386
Deferred policy acquisition costs and other	6,383		6,191		6,079		5,954		5,823
Other assets	3,274		3,503		2,916		2,752		1,662
Total assets	$	167,115	$	164,064	$	156,590	$	152,003	$	133,479
Liabilities and equity
Future policy benefits	$	73,032	$	72,308	$	66,425	$	66,389	$	63,531
Interest-sensitive contract liabilities	56,085		53,540		52,095		49,634		37,158
Market risk benefits, at fair value	232		249		234		238		233
Other policy claims and benefits	3,018		3,051		3,011		3,032		3,016
Other reinsurance balances	1,645		1,495		1,888		1,600		1,353
Income taxes	3,207		3,182		2,998		2,591		2,454
Funds withheld payable	6,394		6,494		6,805		5,277		4,816
Other liabilities	4,009		4,256		3,873		4,440		3,041
Long-term debt	5,709		6,105		5,710		5,734		5,734
Total liabilities	153,331		150,680		143,039		138,935		121,336
Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,678		2,661		2,640		2,628		2,624
Retained earnings	10,774		10,375		10,151		9,757		9,563
Treasury stock	(2,107)		(2,057)		(2,013)		(1,960)		(1,887)
Accumulated other comprehensive income, net of income taxes (AOCI):
Accumulated currency translation adjustment	119		101		121		83		130
Unrealized (depreciation) appreciation of securities	(6,097)		(6,466)		(4,807)		(4,199)		(4,897)
Effect of updating discount rates on future policy benefits	8,328		8,680		7,372		6,682		6,533
Change instrument-specific credit risk for market risk benefits	—		4		2		1		3
Pension and postretirement benefits	(2)		(5)		(6)		(15)		(17)
Total RGA, Inc. shareholders’ equity	13,694		13,294		13,461		12,978		12,053
Noncontrolling interest	90		90		90		90		90
Total equity	13,784		13,384		13,551		13,068		12,143
Total liabilities and equity	$	167,115	$	164,064	$	156,590	$	152,003	$	133,479
Total RGA, Inc. shareholders’ equity, excluding AOCI	$	11,346	$	10,980	$	10,779	$	10,426	$	10,301

See appendix for reconciliation of total shareholders’ equity before and after impact of AOCI.


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

	Three Months Ended															Current vs.			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Prior Year			June 30,			June 30,
	2026			2026			2025			2025			2025			Quarter			2026			2025			Change
Revenues:
Net premiums	$	1,961		$	1,932		$	2,104		$	1,883		$	2,019		$	(58)		$	3,893		$	3,940		$	(47)
Net investment income	302			288			299			282			285			17			590			553			37
Investment related gains (losses), net	32			(12)			5			14			12			20			20			6			14
Other revenue	26			7			17			11			4			22			33			12			21
Total revenues	2,321			2,215			2,425			2,190			2,320			1			4,536			4,511			25

Benefits and expenses:
Adjusted claims and other policy benefits	1,818			1,777			1,945			1,769			1,922			(104)			3,595			3,695			(100)
Future policy benefits remeasurement (gains) losses	(21)			(6)			(69)			(46)			74			(95)			(27)			49			(76)
Adjusted interest credited	74			22			48			61			37			37			96			66			30
Policy acquisition costs and other insurance expenses	223			223			209			209			223			—			446			442			4
Other operating expenses	62			61			70			61			60			2			123			115			8
Total benefits and expenses	2,156			2,077			2,203			2,054			2,316			(160)			4,233			4,367			(134)

Adjusted operating income before income taxes	165			138			222			136			4			161			303			144			159
Notable items (1)	—			—			—			39			—			—			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	165		$	138		$	222		$	97		$	4		$	161		$	303		$	144		$	159

Loss and expense ratios:
Loss ratio (2)	91.6		%	91.7		%	89.2		%	91.5		%	98.9		%	(7.3)		%	91.7		%	95.0		%	(3.3)		%
Policy acquisition costs and other insurance expenses	11.4		%	11.5		%	9.9		%	11.1		%	11.0		%	0.4		%	11.5		%	11.2		%	0.3		%
Other operating expenses	3.2		%	3.2		%	3.3		%	3.2		%	3.0		%	0.2		%	3.2		%	2.9		%	0.3		%

Foreign currency effect on (3):
Net premiums	$	3		$	5		$	3		$	1		$	(4)		$	7		$	8		$	(11)		$	19
Adjusted operating income (loss) before income taxes	$	—		$	1		$	—		$	—		$	1		$	(1)		$	1		$	(1)		$	2

Assumed Life Reinsurance In Force (in billions)	$	1,929.8		$	1,900.2		$	1,893.4		$	1,860.7		$	1,854.7		$	75.1
Assumed New Business Production (in billions)	$	61.7		$	47.8		$	75.3		$	52.8		$	46.0		$	15.7		$	109.5		$	82.3		$	27.2

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.


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

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2026		2026		2025		2025		2025		Quarter		2026		2025		Change
Revenues:
Net premiums	$	210	$	320	$	443	$	227	$	(5)	$	215	$	530	$	104	$	426
Net investment income	586		564		561		476		371		215		1,150		708		442
Investment related gains (losses), net	51		(16)		12		16		—		51		35		—		35
Other revenue	280		279		204		351		53		227		559		103		456
Total revenues	1,127		1,147		1,220		1,070		419		708		2,274		915		1,359

Benefits and expenses:
Adjusted claims and other policy benefits	498		597		709		511		76		422		1,095		276		819
Future policy benefits remeasurement (gains) losses	(7)		14		4		2		(1)		(6)		7		(3)		10
Adjusted interest credited	339		264		241		324		130		209		603		253		350
Policy acquisition costs and other insurance expenses	121		131		133		111		93		28		252		177		75
Other operating expenses	22		23		30		22		24		(2)		45		48		(3)
Total benefits and expenses	973		1,029		1,117		970		322		651		2,002		751		1,251

Adjusted operating income before income taxes	154		118		103		100		97		57		272		164		108
Notable items (1)	—		—		—		—		—		—		—		—		—
Adjusted operating income before income taxes excluding notable items	$	154	$	118	$	103	$	100	$	97	$	57	$	272	$	164	$	108

Assumed Life Reinsurance In Force (in billions)	$	199.7	$	203.0	$	204.7	$	207.7	$	9.4	$	190.3
Assumed New Business Production (in billions)	$	—	$	0.9	$	—	$	204.1	$	—	$	—	$	0.9	$	—	0.9

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.


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


(USD millions, shown net of reinsurance ceded)	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
	2026			2026			2025			2025			2025
Policyholder account balances

Fixed annuities (deferred)	$	11,598		$	11,213		$	10,868		$	10,569		$	10,473
Equity-indexed annuities	$	1,443		$	1,514		$	1,587		$	1,668		$	1,748
Bank-owned life insurance (BOLI) and universal life	$	10,878		$	11,002		$	11,118		$	11,130		$	1,997
Other policyholder account balances	$	—		$	34		$	36		$	45		$	45

Variable annuities account balances
No riders	$	633		$	594		$	614		$	598		$	605
GMDB only	863			834			834			781			784
GMIB only	15			17			18			17			17
GMAB only	1			1			1			1			1
GMWB only	804			751			802			802			802
GMDB / WB	145			138			147			149			149
Other	11			12			14			13			13
Total variable annuities account balances	$	2,472		$	2,347		$	2,430		$	2,361		$	2,371

Variable universal life account value	$	13,923		$	13,789		$	14,262		$	14,132		$	—

Interest-sensitive contract liabilities not associated with policyholder account balances:

Guaranteed investment contracts, funding agreements and immediate annuities	$	4,068		$	3,473		$	3,406		$	2,781		$	1,265

Future policy benefits (at original discount rate) associated with:
Payout annuities	$	7,411		$	7,478		$	7,051		$	8,266		$	8,734
Other future policy benefits	$	811		$	826		$	672		$	684		$	—
Variable universal life account value	$	—		$	50		$	54		$	62		$	62

Liability for market risk benefits:

Equity-indexed annuities	$	183		$	182		$	180		$	181		$	173
Variable annuities (liability)	$	49		$	67		$	54		$	57		$	60
Variable annuities (asset)	$	19		$	15		$	19		$	19		$	17

Net interest spread (1)	1.2		%	1.0		%	1.8		%	1.2		%	1.2		%
(1) Net interest spread for Asset-Intensive is calculated as net investment income less Adjusted interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents


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

	Three Months Ended															Current vs.			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Prior Year			June 30,			June 30,
	2026			2026			2025			2025			2025			Quarter			2026			2025			Change
Revenues:
Net premiums	$	348		$	339		$	347		$	326		$	339		$	9		$	687		$	658		$	29
Net investment income	65			62			69			69			66			(1)			127			131			(4)
Investment related gains, net	2			1			1			2			—			2			3			1			2
Other revenue	—			1			—			1			1			(1)			1			—			1
Total revenues	415			403			417			398			406			9			818			790			28

Benefits and expenses:
Adjusted claims and other policy benefits	328			316			306			307			318			10			644			613			31
Future policy benefits remeasurement (gains) losses	(2)			(1)			(2)			(8)			2			(4)			(3)			5			(8)
Adjusted interest credited	—			—			—			1			—			—			—			—			—
Policy acquisition costs and other insurance expenses	39			36			44			43			43			(4)			75			84			(9)
Other operating expenses	12			14			15			12			15			(3)			26			28			(2)
Total benefits and expenses	377			365			363			355			378			(1)			742			730			12

Adjusted operating income before income taxes	38			38			54			43			28			10			76			60			16
Notable items (1)	—			—			—			9			—			—			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	38		$	38		$	54		$	34		$	28		$	10		$	76		$	60		$	16

Loss and expense ratios:
Loss ratio (2)	93.7		%	92.9		%	87.6		%	91.7		%	94.4		%	(0.7)		%	93.3		%	93.9		%	(0.6)		%
Policy acquisition costs and other insurance expenses	11.2		%	10.6		%	12.7		%	13.2		%	12.7		%	(1.5)		%	10.9		%	12.8		%	(1.9)		%
Other operating expenses	3.4		%	4.1		%	4.3		%	3.7		%	4.4		%	(1.0)		%	3.8		%	4.3		%	(0.5)		%

Foreign currency effect on (3):
Net premiums	$	—		$	15		$	1		$	(3)		$	(4)		$	4		$	15		$	(24)		$	39
Adjusted operating income before income taxes	$	—		$	2		$	—		$	—		$	(1)		$	1		$	2		$	(3)		$	5

Assumed Life Reinsurance In Force (in billions)	$	518.9		$	522.6		$	521.5		$	507.9		$	512.4		$	6.5
Assumed New Business Production (in billions)	$	13.9		$	13.1		$	12.8		$	13.5		$	13.1		$	0.8		$	27.0		$	26.3		$	0.7

Creditor reinsurance net premiums	$	16		$	16		$	15		$	16		$	18		$	(2)		$	32		$	37		$	(5)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.


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

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2026		2026		2025		2025		2025		Quarter		2026		2025		Change
Revenues:
Net premiums	$	44	$	45	$	45	$	46	$	45	$	(1)	$	89	$	97	$	(8)
Net investment income	71		62		61		58		58		13		133		109		24
Investment related gains, net	(2)		(1)		2		(1)		—		(2)		(3)		—		(3)
Other revenue	4		3		1		3		5		(1)		7		9		(2)
Total revenues	117		109		109		106		108		9		226		215		11

Benefits and expenses:
Adjusted claims and other policy benefits	91		93		92		92		93		(2)		184		184		—
Future policy benefits remeasurement gains	1		(1)		3		—		—		1		—		—		—
Policy acquisition costs and other insurance expenses	5		6		4		5		4		1		11		9		2
Other operating expenses	2		1		—		2		2		—		3		2		1
Total benefits and expenses	99		99		99		99		99		—		198		195		3

Adjusted operating income before income taxes	18		10		10		7		9		9		28		20		8
Notable items (1)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	18	$	10	$	10	$	7	$	9	$	9	$	28	$	20	$	8

Foreign currency effect on (2):
Net premiums	$	—	$	2	$	1	$	(1)	$	(1)	$	1	$	2	$	(4)	$	6
Adjusted operating income before income taxes	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(1)	$	1

Assumed Life Reinsurance In Force (in billions)	$	6.0	$	6.1	$	6.2	$	6.2	$	6.3	$	(0.3)
Assumed New Business Production (in billions)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) 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 vs.			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Prior Year			June 30,			June 30,
	2026			2026			2025			2025			2025			Quarter			2026			2025			Change
Revenues:
Net premiums	$	568		$	605		$	583		$	562		$	573		$	(5)		$	1,173		$	1,113		$	60
Net investment income	35			35			37			30			32			3			70			62			8
Investment related losses, net	(1)			—			—			—			—			(1)			(1)			—			(1)
Other revenue	—			6			—			5			3			(3)			6			5			1
Total revenues	602			646			620			597			608			(6)			1,248			1,180			68

Benefits and expenses:
Adjusted claims and other policy benefits	509			543			542			516			533			(24)			1,052			1,016			36
Future policy benefits remeasurement (gains) losses	(1)			(10)			(10)			216			6			(7)			(11)			(2)			(9)
Policy acquisition costs and other insurance expenses	28			35			37			30			24			4			63			44			19
Other operating expenses	27			24			33			27			27			—			51			54			(3)
Total benefits and expenses	563			592			602			789			590			(27)			1,155			1,112			43

Adjusted operating income (loss) before income taxes	39			54			18			(192)			18			21			93			68			25
Notable items (1)	—			—			—			(222)			—			—			—			—			—
Adjusted operating income (loss) excluding notable items, before income taxes	$	39		$	54		$	18		$	30		$	18		$	21		$	93		$	68		$	25

Loss and expense ratios:
Loss ratio (2)	89.4		%	88.1		%	91.3		%	130.2		%	94.1		%	(4.7)		%	88.7		%	91.1		%	(2.4)		%
Policy acquisition costs and other insurance expenses	4.9		%	5.8		%	6.3		%	5.3		%	4.2		%	0.7		%	5.4		%	4.0		%	1.4		%
Other operating expenses	4.8		%	4.0		%	5.7		%	4.8		%	4.7		%	0.1		%	4.3		%	4.9		%	(0.6)		%

Foreign currency effect on (3):
Net premiums	$	10		$	43		$	26		$	18		$	24		$	(14)		$	53		$	21		$	32
Adjusted operating income (loss) before income taxes	$	—		$	5		$	1		$	(7)		$	1		$	(1)		$	5		$	2		$	3

Critical illness net premiums	$	30		$	39		$	38		$	33		$	36		$	(6)		$	69		$	68		$	1

Assumed Life Reinsurance In Force (in billions)	$	1,069.3		$	1,074.4		$	1,113.1		$	1,125.7		$	1,117.7		$	(48.4)
Assumed New Business Production (in billions)	$	44.6		$	35.6		$	38.6		$	35.7		$	34.1		$	10.5		$	80.2		$	97.5		$	(17.3)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.


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

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2026		2026		2025		2025		2025		Quarter		2026		2025		Change
Revenues:
Net premiums	$	346	$	344	$	263	$	260	$	247	$	99	$	690	$	436	$	254
Net investment income	146		137		135		106		109		37		283		194		89
Investment related gains (losses), net	2		(1)		(1)		—		4		(2)		1		3		(2)
Other revenue	15		15		14		21		7		8		30		16		14
Total revenues	509		495		411		387		367		142		1,004		649		355

Benefits and expenses:
Adjusted claims and other policy benefits	341		347		249		253		224		117		688		391		297
Future policy benefits remeasurement (gains) losses	1		(11)		6		(37)		(3)		4		(10)		(6)		(4)
Adjusted interest credited	6		8		6		7		7		(1)		14		13		1
Policy acquisition costs and other insurance expenses	4		3		3		3		2		2		7		3		4
Other operating expenses	24		20		24		21		21		3		44		42		2
Total benefits and expenses	376		367		288		247		251		125		743		443		300

Adjusted operating income before income taxes	133		128		123		140		116		17		261		206		55
Notable items (1)	—		—		—		24		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	133	$	128	$	123	$	116	$	116	$	17	$	261	$	206	$	55

Foreign currency effect on (2):
Net premiums	$	2	$	24	$	12	$	10	$	14	$	(12)	$	26	$	12	$	14
Adjusted operating income before income taxes	$	—	$	8	$	6	$	5	$	5	$	(5)	$	8	$	5	$	3

Assumed Life Reinsurance In Force (in billions)	$	16.4	$	16.9	$	17.8	$	18.8	$	—	$	16.4
Assumed New Business Production (in billions)	$	—	$	—	$	—	$	18.8	$	—	$	—	$	—	$	—	$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Compared to comparable prior-year period.


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

	Three Months Ended															Current vs.			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Prior Year			June 30,			June 30,
	2026			2026			2025			2025			2025			Quarter			2026			2025			Change
Revenues:
Net premiums	$	850		$	860		$	862		$	880		$	816		$	34		$	1,710		$	1,593		$	117
Net investment income	85			82			76			73			72			13			167			143			24
Investment related gains (losses), net	3			—			1			—			1			2			3			—			3
Other revenue	(1)			8			7			3			—			(1)			7			3			4
Total revenues	937			950			946			956			889			48			1,887			1,739			148

Benefits and expenses:
Adjusted claims and other policy benefits	722			726			750			761			701			21			1,448			1,372			76
Future policy benefits remeasurement (gains) losses	(5)			9			(26)			(41)			(8)			3			4			(26)			30
Policy acquisition costs and other insurance expenses	37			35			39			43			35			2			72			74			(2)
Other operating expenses	54			55			66			55			57			(3)			109			109			—
Total benefits and expenses	808			825			829			818			785			23			1,633			1,529			104

Adjusted operating income before income taxes	129			125			117			138			104			25			254			210			44
Notable items (1)	—			—			—			1			—			—			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	129		$	125		$	117		$	137		$	104		$	25		$	254		$	210		$	44

Loss and expense ratios:
Loss ratio (2)	84.4		%	85.5		%	84.0		%	81.8		%	84.9		%	(0.5)		%	84.9		%	84.5		%	0.4		%
Policy acquisition costs and other insurance expenses	4.4		%	4.1		%	4.5		%	4.9		%	4.3		%	0.1		%	4.2		%	4.6		%	(0.4)		%
Other operating expenses	6.4		%	6.4		%	7.7		%	6.3		%	7.0		%	(0.6)		%	6.4		%	6.8		%	(0.4)		%

Foreign currency effect on (3):
Net premiums	$	(4)		$	18		$	1		$	3		$	9		$	(13)		$	14		$	(14)		$	28
Adjusted operating income before income taxes	$	(2)		$	1		$	1		$	6		$	2		$	(4)		$	(1)		$	—		$	(1)

Critical illness net premiums	$	431		$	436		$	435		$	414		$	424		$	7		$	867		$	822		$	45

Assumed Life Reinsurance In Force (in billions)	$	562.6		$	581.7		$	552.5		$	546.1		$	568.7		$	(6.1)
Assumed New Business Production (in billions)	$	8.1		$	40.0		$	21.5		$	12.7		$	14.5		$	(6.4)		$	48.1		$	28.8		$	19.3

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.


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

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2026		2026		2025		2025		2025		Quarter		2026		2025		Change
Revenues:
Net premiums	$	145	$	150	$	133	$	96	$	117	$	28	$	295	$	229	$	66
Net investment income	402		319		288		250		247		155		721		443		278
Investment related gains, net	17		12		12		13		10		7		29		17		12
Other revenue	11		14		12		6		—		11		25		6		19
Total revenues	575		495		445		365		374		201		1,070		695		375

Benefits and expenses:
Adjusted claims and other policy benefits	174		222		175		135		158		16		396		303		93
Future policy benefits remeasurement (gains) losses	40		(1)		(3)		(1)		(2)		42		39		(5)		44
Adjusted interest credited	154		140		130		107		93		61		294		177		117
Policy acquisition costs and other insurance expenses	73		58		44		42		36		37		131		63		68
Other operating expenses	14		11		12		11		12		2		25		21		4
Total benefits and expenses	455		430		358		294		297		158		885		559		326

Adjusted operating income before income taxes	120		65		87		71		77		43		185		136		49
Notable items (1)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	120	$	65	$	87	$	71	$	77	$	43	$	185	$	136	$	49

Foreign currency effect on (2):
Net premiums	$	(13)	$	(4)	$	(2)	$	1	$	7	$	(20)	$	(17)	$	5	$	(22)
Adjusted operating income before income taxes	$	(7)	$	(1)	$	—	$	—	$	2	$	(9)	$	(8)	$	1	$	(9)

Assumed Life Reinsurance In Force (in billions)	$	38.9	$	37.9	$	25.4	$	24.9	$	22.1	$	16.8
Assumed New Business Production (in billions)	$	1.4	$	13.2	$	1.7	$	3.4	$	3.2	$	(1.8)	$	14.6	$	7.7	$	6.9

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Compared to comparable prior-year period.


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

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2026		2026		2025		2025		2025		Quarter		2026		2025		Change
Revenues:
Net investment income	$	182	$	149	$	162	$	151	$	166	$	16	$	331	$	295	$	36
Investment related gains, net	2		1		3		1		3		(1)		3		6		(3)
Other revenue	38		29		29		29		18		20		67		23		44
Total revenues	222		179		194		181		187		35		401		324		77

Benefits and expenses:
Adjusted interest credited	44		44		47		47		45		(1)		88		92		(4)
Policy acquisition costs and other insurance income	(22)		(15)		(13)		(15)		(19)		(3)		(37)		(38)		1
Other operating expenses	134		117		120		109		103		31		251		202		49
Interest expense	101		98		98		98		90		11		199		170		29
Total benefits and expenses	257		244		252		239		219		38		501		426		75

Adjusted operating loss before income taxes	(35)		(65)		(58)		(58)		(32)		(3)		(100)		(102)		2
Notable items (1)	—		—		—		—		—		—		—		—		—
Adjusted operating loss excluding notable items, before income taxes	$	(35)	$	(65)	$	(58)	$	(58)	$	(32)	$	(3)	$	(100)	$	(102)	$	2

Foreign currency effect on (2):
Adjusted operating loss before income taxes	$	2	$	1	$	—	$	(1)	$	(1)	$	3	$	3	$	(2)	$	5

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Compared to comparable prior-year period.


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

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2026		2026		2025		2025		2025		Quarter		2026		2025		Change
U.S. and Latin America:
Traditional	$	165	$	138	$	222	$	136	$	4	$	161	$	303	$	144	$	159
Financial Solutions	154		118		103		100		97		57		272		164		108
Total U.S. and Latin America	319		256		325		236		101		218		575		308		267
Canada:
Traditional	38		38		54		43		28		10		76		60		16
Financial Solutions	18		10		10		7		9		9		28		20		8
Total Canada	56		48		64		50		37		19		104		80		24
Europe, Middle East and Africa:
Traditional	39		54		18		(192)		18		21		93		68		25
Financial Solutions	133		128		123		140		116		17		261		206		55
Total Europe, Middle East and Africa	172		182		141		(52)		134		38		354		274		80
Asia Pacific:
Traditional	129		125		117		138		104		25		254		210		44
Financial Solutions	120		65		87		71		77		43		185		136		49
Total Asia Pacific	249		190		204		209		181		68		439		346		93
Corporate and Other	(35)		(65)		(58)		(58)		(32)		(3)		(100)		(102)		2
Consolidated adjusted operating income before income taxes	761		611		676		385		421		340		1,372		906		466
Notable items (1)	—		—		—		(149)		—		—		—		—		—
Consolidated adjusted operating income excluding notable items before income taxes	$	761	$	611	$	676	$	534	$	421	$	340	$	1,372	$	906	$	466

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Cash and Invested Assets

	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2026		2026		2025		2025		2025
Fixed maturity securities, available-for-sale - public (1)	$	95,867	$	94,438	$	88,993	$	88,064	$	75,637
Fixed maturity securities, available-for-sale - private (1)	13,403		12,890		12,776		11,509		10,406
Equity securities	302		300		311		161		155
Mortgage loans	11,927		11,318		11,104		10,507		10,057
Policy loans	3,635		3,703		3,541		3,570		1,294
Funds withheld at interest	8,140		8,390		8,149		8,268		7,115
Limited partnerships and real estate joint ventures	4,109		4,093		3,747		3,648		3,338
Short-term investments	378		357		346		381		502
Other invested assets	1,585		1,525		1,514		1,496		1,397
Cash and cash equivalents	5,288		4,993		4,168		4,625		5,416
Total cash and invested assets	$	144,634	$	142,007	$	134,649	$	132,229	$	115,317

(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 (“Canadian government”), Japanese government and agencies (“Japanese government”), Korean government and agencies (“Korean government”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”).


Investment Income and Yield Summary

	Three Months Ended															Current vs.		Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Prior Year		June 30,			June 30,
	2026			2026			2025			2025			2025			Quarter		2026			2025			Change
Average invested assets at amortized cost (1)	$	50,179		$	49,549		$	49,080		$	47,662		$	45,664		$	4,515	$	49,550		$	44,566		$	4,984
Net investment income (1)	$	656		$	599		$	630		$	553		$	595		$	61	$	1,255		$	1,097		$	158
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	5.33		%	4.93		%	5.23		%	4.73		%	5.31		%	2 bps		5.13		%	4.98		%	15 bps
Variable investment income (“VII”) (included in net investment income) (1)	$	63		$	26		$	55		$	—		$	59		$	4	$	89		$	53		$	36
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)	4.96		%	4.85		%	4.98		%	4.92		%	4.98		%	(2) bps		4.90		%	4.94		%	(4) bps

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


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Investments Net of Funds Withheld

	June 30, 2026
	Total Investments		Funds Withheld		Assets Excluding Funds Withheld
Fixed maturity securities, available-for-sale	$	109,270	$	3,834	$	105,436
Equity securities	302		3		299
Mortgage loans	11,927		802		11,125
Policy loans	3,635		—		3,635
Funds withheld at interest	8,140		1,322		6,818
Limited partnerships and real estate joint ventures	4,109		96		4,013
Short-term investments	378		8		370
Other invested assets	1,585		—		1,585
Total invested assets	$	139,346	$	6,065	$	133,281

	December 31, 2025
	Total Investments		Funds Withheld		Assets Excluding Funds Withheld
Fixed maturity securities, available-for-sale	$	101,769	$	4,033	$	97,736
Equity securities	311		2		309
Mortgage loans	11,104		821		10,283
Policy loans	3,541		—		3,541
Funds withheld at interest	8,149		1,360		6,789
Limited partnerships and real estate joint ventures	3,747		88		3,659
Short-term investments	346		9		337
Other invested assets	1,514		—		1,514
Total invested assets	$	130,481	$	6,313	$	124,168


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities

	June 30, 2026
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	80,654	$	224	$	904	$	4,507	$	76,827	70.3	%
Canadian government	4,711		—		301		85		4,927		4.5	%
Japanese government	9,045		—		—		2,238		6,807		6.2	%
Korean government	1,314		—		—		257		1,057		1.0	%
ABS	7,214		22		48		180		7,060		6.5	%
CMBS	2,515		—		22		59		2,478		2.3	%
RMBS	1,903		—		19		78		1,844		1.7	%
U.S. government	2,354		—		11		257		2,108		1.9	%
State and political subdivisions	756		—		2		84		674		0.6	%
Other foreign government	5,842		—		56		410		5,488		5.0	%
Total fixed maturity securities	$	116,308	$	246	$	1,363	$	8,155	$	109,270	100.0	%


	December 31, 2025
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	72,736	$	189	$	1,142	$	3,952	$	69,737	68.5	%
Canadian government	4,920		—		286		106		5,100		5.1	%
Japanese government	6,516		—		1		1,816		4,701		4.6	%
Korean government	1,407		—		1		96		1,312		1.3	%
ABS	7,478		21		69		157		7,369		7.2	%
CMBS	2,179		—		35		52		2,162		2.1	%
RMBS	1,615		—		26		72		1,569		1.5	%
U.S. government	3,508		—		27		248		3,287		3.3	%
State and political subdivisions	737		—		2		79		660		0.6	%
Other foreign government	6,168		—		83		379		5,872		5.8	%
Total fixed maturity securities	$	107,264	$	210	$	1,672	$	6,957	$	101,769	100.0	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Corporate Fixed Maturity Securities by Industry

	June 30, 2026							December 31, 2025
	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	$	9,202	$	9,017	11.7	%	A-	$	8,426	$	8,352	12.0	%	A-
Brokerage/asset managers/exchanges	2,027		1,894		2.5	%	A-	1,835		1,738		2.5	%	A-
Finance companies	1,634		1,596		2.1	%	BBB+	1,132		1,114		1.6	%	BBB+
Insurance	7,268		6,757		8.8	%	A-	6,319		5,899		8.5	%	A-
REITs	2,143		2,029		2.6	%	A-	2,025		1,934		2.7	%	A-
Other finance	1,795		1,594		2.1	%	BBB+	1,630		1,452		2.1	%	A-
Total financial institutions	$	24,069	$	22,887	29.8	%		$	21,367	$	20,489	29.4	%
Industrials
Basic	$	3,139	$	2,993	3.9	%	BBB+	$	3,033	$	2,899	4.2	%	BBB
Capital goods	3,821		3,665		4.8	%	BBB+	3,598		3,463		5.0	%	BBB+
Communications	4,776		4,428		5.8	%	BBB+	4,523		4,276		6.1	%	BBB+
Consumer cyclical	4,408		4,222		5.5	%	A-	4,116		3,987		5.7	%	BBB+
Consumer noncyclical	9,623		9,161		11.9	%	BBB+	8,880		8,501		12.2	%	BBB+
Energy	7,336		7,191		9.3	%	BBB+	6,282		6,179		8.9	%	BBB+
Technology	3,876		3,658		4.8	%	A-	3,202		3,013		4.3	%	BBB+
Transportation	4,170		3,965		5.2	%	A-	4,088		3,904		5.6	%	A-
Other industrial	1,926		1,862		2.4	%	BBB-	1,659		1,617		2.3	%	BBB
Total industrials	$	43,075	$	41,145	53.6	%		$	39,381	$	37,839	54.3	%
Utilities
Electric	$	11,223	$	10,675	13.8	%	A-	$	9,710	$	9,279	13.3	%	A-
Natural gas	1,713		1,599		2.1	%	A-	1,639		1,544		2.2	%	A-
Other utility	574		521		0.7	%	BBB+	639		586		0.8	%	BBB+
Total utilities	$	13,510	$	12,795	16.6	%		$	11,988	$	11,409	16.3	%
Total	$	80,654	$	76,827	100.0	%	A-	$	72,736	$	69,737	100.0	%	A-

(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

		June 30, 2026						March 31, 2026						December 31, 2025						September 30, 2025						June 30, 2025
NAIC Designation	Rating Agency Designation(1)	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	$	75,705	$	70,051	64.1	%	$	75,437	$	69,596	64.8	%	$	69,007	$	64,571	63.4	%	$	67,158	$	63,266	63.5	%	$	59,480	$	55,147	64.1	%
2	BBB	34,296		33,155		30.3	%	33,252		31,702		29.5	%	32,330		31,423		30.9	%	31,446		30,627		30.8	%	26,911		25,568		29.7	%
3	BB	3,677		3,604		3.3	%	4,436		4,371		4.1	%	4,815		4,823		4.8	%	4,753		4,719		4.7	%	4,421		4,353		5.1	%
4	B	2,040		2,043		1.9	%	1,334		1,269		1.2	%	714		632		0.6	%	807		758		0.8	%	802		793		0.9	%
5	CCC	491		359		0.3	%	393		318		0.3	%	356		294		0.3	%	267		184		0.2	%	244		165		0.2	%
6	In or near default	99		58		0.1	%	124		72		0.1	%	42		26		—	%	30		19		—	%	30		17		—	%
	Total	$	116,308	$	109,270	100.0	%	$	114,976	$	107,328	100.0	%	$	107,264	$	101,769	100.0	%	$	104,461	$	99,573	100.0	%	$	91,888	$	86,043	100.0	%

(1) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).


Structured Fixed Maturity Securities

	June 30, 2026						March 31, 2026						December 31, 2025						September 30, 2025						June 30, 2025
	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimate Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
ABS:
Collateralized loan obligations ("CLOs")	$	2,217	$	2,214	19.5	%	$	2,462	$	2,449	21.9	%	$	2,486	$	2,481	22.4	%	$	2,711	$	2,707	25.5	%	$	2,461	$	2,455	25.6	%
ABS, excluding CLOs	4,997		4,846		42.5	%	4,974		4,832		43.3	%	4,992		4,888		44.0	%	4,290		4,165		39.3	%	3,699		3,561		37.0	%
Total ABS	7,214		7,060		62.0	%	7,436		7,281		65.2	%	7,478		7,369		66.4	%	7,001		6,872		64.8	%	6,160		6,016		62.6	%
CMBS	2,515		2,478		21.8	%	2,367		2,335		20.9	%	2,179		2,162		19.5	%	2,026		1,992		18.8	%	2,129		2,076		21.6	%
RMBS
Agency	343		305		2.7	%	351		314		2.9	%	359		324		2.9	%	416		381		3.6	%	377		337		3.5	%
Non-agency	1,560		1,539		13.5	%	1,248		1,229		11.0	%	1,256		1,245		11.2	%	1,377		1,359		12.8	%	1,216		1,185		12.3	%
Total RMBS	1,903		1,844		16.2	%	1,599		1,543		13.9	%	1,615		1,569		14.1	%	1,793		1,740		16.4	%	1,593		1,522		15.8	%
Total	$	11,632	$	11,382	100.0	%	$	11,402	$	11,159	100.0	%	$	11,272	$	11,100	100.0	%	$	10,820	$	10,604	100.0	%	$	9,882	$	9,614	100.0	%


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of June 30, 2026
	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	$	23,623	$	453	$	21,809	$	3,953	$	45,432	$	4,406
Canadian government	548		9		584		76		1,132		85
Japanese government	2,700		126		3,976		2,112		6,676		2,238
Korean government	690		159		295		98		985		257
ABS	2,702		23		1,164		136		3,866		159
CMBS	870		9		643		48		1,513		57
RMBS	707		5		525		73		1,232		78
U.S. government	779		4		482		253		1,261		257
State and political subdivisions	170		5		391		79		561		84
Other foreign government	1,739		43		1,671		367		3,410		410
Total investment grade securities	$	34,528	$	836	$	31,540	$	7,195	$	66,068	$	8,031

Below investment grade securities:
Corporate	$	1,009	$	32	$	331	$	58	$	1,340	$	90

ABS	241		20		19		1		260		21

Other foreign government	—		—		—		—		—		—
Total below investment grade securities	$	1,250	$	52	$	350	$	59	$	1,600	$	111
Total fixed maturity securities	$	35,778	$	888	$	31,890	$	7,254	$	67,668	$	8,142

(1) Includes 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, 2025
	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	$	10,591	$	255	$	22,666	$	3,635	$	33,257	$	3,890
Canadian government	1,096		34		426		72		1,522		106
Japanese government	1,274		209		3,351		1,607		4,625		1,816
Korean government	1,145		92		78		4		1,223		96
ABS	2,324		15		1,149		141		3,473		156
CMBS	—		—		705		50		705		50
RMBS	—		—		562		72		562		72
U.S. government	406		1		542		247		948		248
State and political subdivisions	73		1		451		78		524		79
Other foreign government	1,382		26		1,901		350		3,283		376
Total investment grade securities	$	18,291	$	633	$	31,831	$	6,256	$	50,122	$	6,889

Below investment grade securities:
Corporate	$	652	$	25	$	258	$	31	$	910	$	56

ABS	19		1		—		—		19		1

Other foreign government	—		—		13		3		13		3
Total below investment grade securities	$	671	$	26	$	271	$	34	$	942	$	60
Total fixed maturity securities	$	18,962	$	659	$	32,102	$	6,290	$	51,064	$	6,949

(1) Includes 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 vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2026		2026		2025		2025		2025		Quarter		2026		2025		Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses	$	(14)	$	(22)	$	(49)	$	(28)	$	(29)	$	15	$	(36)	$	(35)	$	(1)
Impairments on fixed maturity securities	—		(1)		—		(1)		(2)		2		(1)		(2)		1
Realized gains on investment activity	36		59		48		96		30		6		95		66		29
Realized losses on investment activity	(124)		(165)		(118)		(65)		(65)		(59)		(289)		(152)		(137)
Net gains (losses) on fixed maturity securities available-for-sale	(102)		(129)		(119)		2		(66)		(36)		(231)		(123)		(108)

Net gains (losses) on equity securities	(3)		(14)		1		5		3		(6)		(17)		2		(19)
Change in mortgage loan allowance for credit losses	(12)		2		(4)		(6)		(18)		6		(10)		(14)		4
Limited partnerships and real estate joint venture impairment losses	(7)		(22)		(19)		(1)		(16)		9		(29)		(21)		(8)
Change in fair value of certain limited partnership investments	(42)		6		(8)		9		6		(48)		(36)		(1)		(35)
Other change in allowance for credit losses and impairments	(3)		—		2		1		(3)		—		(3)		(4)		1
Other, net	6		—		8		4		(3)		9		6		(2)		8
Freestanding derivatives (1):
Interest rate swaps	(2)		6		(5)		1		(1)		(1)		4		5		(1)
Interest rate options	—		—		(1)		(2)		(1)		1		—		(1)		1
Total return swaps	3		(6)		(2)		16		6		(3)		(3)		—		(3)

Foreign currency swaps	6		1		7		6		(2)		8		7		(5)		12

Foreign currency forwards	(38)		(25)		(54)		(40)		40		(78)		(63)		62		(125)
Foreign currency options	(2)		(1)		(2)		(2)		(2)		—		(3)		(3)		—
Equity options	82		(28)		17		30		11		71		54		5		49
Equity futures	(25)		6		(3)		(13)		(21)		(4)		(19)		(12)		(7)
Credit default swaps	69		(17)		21		33		21		48		52		3		49
Credit default index swaps options	(2)		—		(1)		—		—		(2)		(2)		—		(2)
CPI swaps	(3)		7		—		3		(1)		(2)		4		(6)		10
Total freestanding derivatives	88		(57)		(23)		32		50		38		31		48		(17)
Embedded derivatives	(1)		44		27		(33)		3		(4)		43		(8)		51
Net gains (losses) on total derivatives	87		(13)		4		(1)		53		34		74		40		34

Total investment related gains (losses), net	$	(76)	$	(170)	$	(135)	$	13	$	(44)	$	(32)	$	(246)	$	(123)	$	(123)

(1) Freestanding 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 vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2026		2026		2025		2025		2025		Quarter		2026		2025		Change
U.S. and Latin America Traditional
Income before income taxes	$	183	$	139	$	201	$	123	$	29	$	154	$	322	$	178	$	144
Investment and derivative gains (1)	1		—		3		—		—		1		1		—		1
Funds withheld losses - investment income	—		—		—		—		—		—		—		—		—
Change in fair value of funds withheld embedded derivatives (1)	(19)		(1)		18		13		(25)		6		(20)		(34)		14
Other	—		—		—		—		—		—		—		—		—
Adjusted operating income before income taxes	165		138		222		136		4		161		303		144		159
Notable items (2)	—		—		—		39		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	165	$	138	$	222	$	97	$	4	$	161	$	303	$	144	$	159

U.S. and Latin America Financial Solutions
Income (loss) before income taxes	$	131	$	191	$	45	$	37	$	(17)	$	148	$	322	$	17	$	305
Market risk benefits remeasurement (gains) losses	(26)		22		(3)		(1)		(17)		(9)		(4)		12		(16)
Investment and derivative (gains) losses (1)	27		(9)		82		15		95		(68)		18		78		(60)
Change in fair value of funds withheld embedded derivatives (1)	31		(86)		(25)		38		22		9		(55)		42		(97)
Funds withheld (gains) losses - investment income	(6)		(3)		(2)		(2)		(3)		(3)		(9)		(4)		(5)
Derivatives - interest credited	—		3		2		1		5		(5)		3		10		(7)
Other (3)	(3)		—		4		12		12		(15)		(3)		9		(12)
Adjusted operating income before income taxes	154		118		103		100		97		57		272		164		108
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	154	$	118	$	103	$	100	$	97	$	57	$	272	$	164	$	108

Canada Traditional
Income before income taxes	$	37	$	37	$	53	$	41	$	25	$	12	$	74	$	57	$	17
Investment and derivative (gains) losses (1)	1		1		1		—		—		1		2		—		2
Investment income - non-operating funds withheld at interest	—		—		—		2		1		(1)		—		1		(1)
Other	—		—		—		—		2		(2)		—		2		(2)
Adjusted operating income before income taxes	38		38		54		43		28		10		76		60		16
Notable items (2)	—		—		—		9		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	38	$	38	$	54	$	34	$	28	$	10	$	76	$	60	$	16

(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.
(3) Includes pension risk transfer day one loss and other immaterial items.


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

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2026		2026		2025		2025		2025		Quarter		2026		2025		Change

Canada Financial Solutions
Income before income taxes	$	18	$	10	$	11	$	11	$	9	$	9	$	28	$	21	$	7
Investment and derivative (gains) losses (1)	—		—		(1)		(4)		—		—		—		(1)		1
Adjusted operating income before income taxes	18		10		10		7		9		9		28		20		8
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	18	$	10	$	10	$	7	$	9	$	9	$	28	$	20	$	8

Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	42	$	60	$	18	$	(190)	$	16	$	26	$	102	$	66	$	36
Investment and derivative losses (1)	—		(6)		—		—		—		—		(6)		—		$	(6)
Other	(3)		—		—		(2)		2		(5)		(3)		2		(5)
Adjusted operating income (loss) before income taxes	39		54		18		(192)		18		21		93		68		25
Notable items (2)	—		—		—		(222)		—		—		—		—		—
Adjusted operating income (loss) excluding notable items, before income taxes	$	39	$	54	$	18	$	30	$	18	$	21	$	93	$	68	$	25

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	149	$	95	$	133	$	132	$	109	$	40	$	244	$	183	$	61
Investment and derivative losses (1)	6		(9)		10		7		8		(2)		(3)		22		(25)
Change in fair value of funds withheld embedded derivatives (1)	(38)		43		(20)		(18)		—		(38)		5		—		5
Investment income - non-operating funds withheld at interest	16		(1)		—		19		(1)		17		15		1		14
Investment (income) loss on unit-linked variable annuities	—		1		(1)		1		—		—		1		—		1
Interest credited on unit-linked variable annuities	—		(1)		1		(1)		—		—		(1)		—		(1)
Adjusted operating income before income taxes	133		128		123		140		116		17		261		206		55
Notable items (2)	—		—		—		24		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	133	$	128	$	123	$	116	$	116	$	17	$	261	$	206	$	55

(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.


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

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2026		2026		2025		2025		2025		Quarter		2026		2025		Change
Asia Pacific Traditional
Income before income taxes	$	123	$	125	$	118	$	140	$	102	$	21	$	248	$	208	$	40
Investment and derivative (gains) losses (1)	7		—		—		—		—		7		7		—		7
Other	(1)		—		(1)		(2)		2		(3)		(1)		2		(3)
Adjusted operating income before income taxes	129		125		117		138		104		25		254		210		44
Notable items (2)	—		—		—		1		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	129	$	125	$	117	$	137	$	104	$	25	$	254	$	210	$	44

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	132	$	16	$	53	$	87	$	89	$	43	$	148	$	120	$	28
Investment and derivative (gains) losses (1)	(29)		56		54		(8)		(21)		(8)		27		4		23
Change in fair value of funds withheld embedded derivatives (1)	27		—		—		—		—		27		27		—		27
Other	(10)		(7)		(20)		(8)		9		(19)		(17)		12		(29)
Adjusted operating income before income taxes	120		65		87		71		77		43		185		136		49
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	120	$	65	$	87	$	71	$	77	$	43	$	185	$	136	$	49

Corporate and Other
Loss before income taxes	$	(210)	$	(232)	$	(122)	$	(61)	$	(21)	$	(189)	$	(442)	$	(140)	$	(302)
Investment and derivative losses (1)	168		165		48		(11)		(5)		173		333		45		288
Investment income - non-operating funds withheld at interest	—		—		—		—		1		(1)		—		—		—
Interest expense on uncertain tax positions	—		1		—		—		—		—		1		—		1
Derivatives - interest credited	—		—		—		—		(3)		3		—		2		(2)
Other	7		1		16		14		(4)		11		8		(9)		17
Adjusted operating loss before income taxes	(35)		(65)		(58)		(58)		(32)		(3)		(100)		(102)		2
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating loss excluding notable items, before income taxes	$	(35)	$	(65)	$	(58)	$	(58)	$	(32)	$	(3)	$	(100)	$	(102)	$	2

(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.


Reinsurance Group of America, Incorporated
Reconciliations of RGA, Inc. Shareholders’ Equity to RGA, Inc. Shareholders’ Equity Excluding AOCI
(USD millions except per share data)

	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2026		2026		2025		2025		2025

RGA, Inc. shareholders’ equity	$	13,694	$	13,294	$	13,461	$	12,978	$	12,053
Less effect of AOCI:
Accumulated currency translation adjustments	119		101		121		83		130
Unrealized (depreciation) appreciation of securities	(6,097)		(6,466)		(4,807)		(4,199)		(4,897)
Effect of updating discount rates on future policy benefits	8,328		8,680		7,372		6,682		6,533
Change in instrument-specific credit risk for market risk benefits	—		4		2		1		3
Pension and postretirement benefits	(2)		(5)		(6)		(15)		(17)
RGA, Inc. shareholders’ equity, excluding AOCI	11,346		10,980		10,779		10,426		10,301
Year-to-date notable items, net of tax	—		—		(114)		(114)		—
RGA, Inc. shareholders’ equity, excluding AOCI and notable items	$	11,346	$	10,980	$	10,893	$	10,540	$	10,301



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

	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2026		2026		2025		2025		2025

Book value per share	$	209.73	$	202.93	$	205.63	$	197.52	$	182.37
Less effect of AOCI:
Accumulated currency translation adjustment	1.82		1.54		1.85		1.27		1.96
Unrealized (depreciation) appreciation of securities	(93.36)		(98.70)		(73.42)		(63.89)		(74.10)
Effect of updating discount rates on future policy benefits	127.54		132.50		112.61		101.69		98.85
Change in instrument-specific credit risk for market risk benefits	—		0.06		0.03		0.01		0.05
Pension and postretirement benefits	(0.04)		(0.07)		(0.10)		(0.23)		(0.26)
Book value per share, excluding AOCI	173.77		167.60		164.66		158.67		155.87
Less effect of B36:	(0.34)		(0.32)		(0.84)		(1.16)		(0.76)
Book value per share, excluding AOCI and B36	$	174.11	$	167.92	$	165.50	$	159.83	$	156.63

The Company discloses certain financial measures that are not determined in accordance with U.S. GAAP. The Company principally uses such non-GAAP financial measures in evaluating performance because the Company believes that such measures, when reviewed in conjunction with relevant U.S. GAAP measures, present a clearer picture of the Company’s operating performance and assist the Company in the allocation of its resources. The Company believes that these non-GAAP financial measures provide investors and other third parties with a better understanding of the Company’s results of operations, financial statements and the underlying profitability drivers and trends of the Company’s businesses by excluding specified items which may not be indicative of the Company’s ongoing operating performance and may fluctuate significantly from period to period. These measures should be considered supplementary to the Company’s financial results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way the Company calculates such measures. Consequently, the Company’s non-GAAP financial measures may not be comparable to similar measures used by other companies.

4. Shareholders’ equity position excluding the impact of accumulated other comprehensive income (loss) (“AOCI”), shareholders’ average equity position excluding AOCI, and book value per share excluding the impact of AOCI. The Company believes that these measures provide useful information since such measures exclude AOCI-related items that are not permanent and can fluctuate significantly from period to period, and may not reflect the impact of the underlying performance of the Company’s businesses on shareholders’ equity and book value per share. AOCI primarily relates to changes in interest rates, credit spreads on the Company’s investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses the following non-GAAP financial measures:

5. Adjusted operating return on equity and adjusted operating return on equity, excluding notable items. Adjusted operating return on equity is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI, and adjusted operating return on equity, excluding notable items, is calculated as adjusted operating income, excluding notable items, divided by average shareholders’ equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target levels and awards under the Company’s management incentive programs. The Company also discloses the following non-GAAP financial measures:

Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix at the end of this document. Except as otherwise noted herein, the non-GAAP figures and reconciliations presented herein reflect the Company’s adoption of the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments (“LDTI”). For additional information regarding the Company’s adoption of LDTI, see Note 1 – “Business and Basis of Presentation” and Note 3 – “Impact of New Accounting Standard” in the notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The Company is unable to provide reconciliations of the intermediate term targets of consolidated adjusted operating income (loss) before taxes, adjusted operating income (loss) before taxes, excluding notable items (on both a segment-level and consolidated basis), consolidated adjusted operating ROE, respectively, which are forward-looking non-GAAP financial measures, due to, among other things, the fact that these targets are a composite of our goals for future results, the inherent difficulty in forecasting generally, and the difficulty of quantifying accurate forecasts of the numerous components comprising these calculations that would be necessary to provide any such reconciliations. In addition, actual performance in future periods may vary from the intermediate term target ranges for a variety of reasons, including known and unknown risk and uncertainties.