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Reinsurance Group of America (NYSE: RGA) lifts Q2 EPS to $7.01

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Reinsurance Group of America reported very strong second-quarter 2026 results, with net income available to shareholders of $462 million, or $7.01 per diluted share, compared with $180 million, or $2.70, in the prior-year quarter. Adjusted operating income rose to $586 million, or $8.89 per diluted share, as consolidated net premiums increased 7.7% to $4.5 billion and investment income grew on a larger asset base. Trailing twelve-month return on equity was 11.5%, with adjusted operating ROE of 17.4% and 18.4% excluding notable items.

Performance was broad-based. U.S. and Latin America Traditional adjusted operating income jumped to $165 million from $4 million on more favorable individual life and group experience, while U.S. and Latin America Financial Solutions increased to $154 million, helped by the Equitable Holdings transaction and strong variable investment income. Canada, EMEA and Asia Pacific traditional and financial solutions businesses all posted higher adjusted operating income, supported by improved claims experience, new business growth and higher variable investment income, with foreign currency effects described as modest.

The company returned $111 million to shareholders in the quarter, including $50 million of share repurchases and $61 million of dividends. The board declared a regular quarterly dividend of $0.98 per share, a 5.4% increase, payable September 1, 2026 to shareholders of record on August 18, 2026. Book value per share reached $209.73, or $173.77 excluding accumulated other comprehensive income, and total assets were $167.1 billion as of June 30, 2026. The effective tax rate was 23.4% on GAAP pre-tax income and 23.1% on adjusted operating income before taxes.

Positive

  • Q2 net income rose to $462M and adjusted EPS to $8.89.
  • Returned $111M to shareholders and raised dividend to $0.98.
  • U.S. & LatAm Traditional adjusted income jumped to $165M from $4M.

Negative

  • None.

Insights

Analyzing...

Item 1.05 Material Cybersecurity Incidents Business
A cybersecurity incident that the company has determined to be material to investors.
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Net income available to shareholders $462 million Three months ended June 30, 2026, compared with $180 million in Q2 2025
Q2 2026 diluted EPS $7.01 Net income available to RGA shareholders per diluted share in Q2 2026 vs $2.70 in prior-year quarter
Q2 2026 adjusted operating income $586 million Adjusted operating income for the second quarter of 2026 vs $315 million in Q2 2025
Q2 2026 adjusted operating EPS $8.89 Adjusted operating income per diluted share in Q2 2026 vs $4.72 in the prior-year quarter
Q2 2026 net premiums $4.5 billion Consolidated net premiums in the second quarter of 2026, up 7.7% from the prior-year quarter
Trailing 12-month adjusted operating ROE 17.4% Adjusted operating return on equity for the trailing twelve months ended June 30, 2026
Quarterly dividend per share $0.98 Regular quarterly dividend declared, a 5.4% increase, payable September 1, 2026
Book value per share at June 30, 2026 $209.73 Book value per share outstanding at June 30, 2026, versus $182.37 at June 30, 2025
adjusted operating income financial
"Adjusted operating income for the second quarter totaled $586 million, or $8.89 per diluted share"
Adjusted operating income is a company's profit from its main activities, excluding certain one-time or unusual costs and gains. It helps investors see how well the business is performing in its normal operations, without distractions from rare events or expenses. This way, they get a clearer picture of the company’s true profitability.
market risk benefits financial
"changes in the fair value of contracts that provide market risk benefits"
Market risk benefits are the extra returns or advantages investors expect or receive for taking on broad, system‑wide swings in the overall market — essentially the premium for bearing risk that cannot be eliminated by diversification. This matters because it helps investors weigh whether the potential higher gains justify larger price swings, guides how portfolios are balanced, and sets expectations for compensation when choosing riskier market exposures; think of it as the extra pay you demand for riding a roller‑coaster instead of a calm bus ride.
accumulated other comprehensive income financial
"Book value per share, excluding accumulated other comprehensive income (AOCI)"
Accumulated other comprehensive income is a running total on a company’s balance sheet that records certain gains and losses not included in reported profit, such as unrealized gains or losses on some investments, currency translation differences, and pension plan adjustments. Think of it like items in a shopping cart you haven’t paid for yet: it doesn’t affect current profit but changes the company’s overall equity and signals potential future swings in value that investors should watch.
funds withheld embedded derivatives financial
"cumulative change in fair value of funds withheld embedded derivatives"
net interest spread financial
"Net interest spread for Asset-Intensive is calculated as net investment income less Adjusted interest credited"
Net interest spread is the difference between the average interest a lender or bank earns on loans and investments and the average interest it pays to depositors and creditors. Think of it like the gap between the price you charge for something and the cost you pay to obtain it; a wider gap means more income left over to cover expenses and profit. Investors watch this number because it signals how easily a financial firm can make money from its core lending business and how sensitive that income is to changing interest rates.
Net income available to RGA shareholders $462 million; $7.01 diluted EPS Up from $180 million, or $2.70 per diluted share, in Q2 2025
Adjusted operating income $586 million; $8.89 diluted EPS Up from $315 million, or $4.72 per diluted share, in Q2 2025
Net premiums $4.5 billion Increased 7.7% from $4.2 billion in the prior-year quarter
Adjusted operating return on equity 17.4% Trailing twelve months, with 18.4% excluding notable items

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Reinsurance Group of America (RGA) perform in Q2 2026?
Reinsurance Group of America reported net income of $462 million, or $7.01 diluted EPS, in Q2 2026. Adjusted operating income was $586 million, or $8.89 per diluted share, significantly above the prior-year quarter’s $315 million and $4.72 per diluted share.

What were RGA (RGA) net premiums and growth in Q2 2026?
RGA’s consolidated net premiums totaled $4.5 billion in Q2 2026. This represented a 7.7% increase compared with the prior-year quarter, driven by growth across regions and business lines, with foreign currency effects described as immaterial at the consolidated level.

What was RGA (RGA) adjusted operating return on equity?
For the trailing twelve months ended June 30, 2026, RGA reported an adjusted operating ROE of 17.4%. Adjusted operating ROE excluding notable items was 18.4%, while GAAP return on equity over the same period was 11.5%, reflecting strong profitability on an equity basis.

How much capital did RGA (RGA) return to shareholders in Q2 2026?
RGA returned $111 million to shareholders in the second quarter of 2026. This consisted of $50 million of share repurchases and $61 million of dividends paid, underscoring ongoing capital management alongside strong earnings and balance sheet metrics.

What dividend did RGA (RGA) declare and when is it payable?
RGA’s board declared a regular quarterly dividend of $0.98 per share, a 5.4% increase. The dividend is payable on September 1, 2026, to shareholders of record as of August 18, 2026, continuing the company’s pattern of cash returns.

Which segments drove RGA (RGA) earnings growth in Q2 2026?
Earnings growth was broad-based, with U.S. and Latin America Traditional adjusted operating income rising to $165 million and Financial Solutions to $154 million. Canada, EMEA and Asia Pacific traditional and financial solutions segments also posted higher adjusted operating income, supported by improved experience and new business.

What were RGA (RGA) book value and assets at June 30, 2026?
At June 30, 2026, RGA’s book value per share was $209.73, or $173.77 excluding AOCI. The company reported total assets of $167.1 billion, up from $133.5 billion a year earlier, reflecting growth in invested assets and insurance liabilities.
false000089817400008981742026-08-062026-08-060000898174exch:XNYSrga:RGAMember2026-08-062026-08-060000898174exch:XNYSrga:RZCMember2026-08-062026-08-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): August 6, 2026
 REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact Name of Registrant as Specified in its Charter)

Missouri1-1184843-1627032
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification Number)
16600 Swingley Ridge Road, Chesterfield, Missouri 63017
(Address of Principal Executive Office)
Registrant’s telephone number, including area code: (636) 736-7000
 
    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01RGANew York Stock Exchange
7.125% Fixed Rate Reset Subordinated Debentures due 2052RZCNew York Stock Exchange
    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
☐Emerging growth company
☐If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 




Item 2.02Results of Operations and Financial Condition.
On August 6, 2026, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release (the “Earnings Release”) announcing its earnings for the three-month period ended June 30, 2026, and providing certain additional information, a copy of which is furnished as Exhibit 99.1 and is incorporated herein by reference and (2) a quarterly financial supplement for the quarter ended June 30, 2026, a copy of which is furnished as Exhibit 99.2 and is incorporated herein by reference. The Earnings Release also notes that a conference call will be held on August 7, 2026 to discuss the financial and operating results for the three-month period ended June 30, 2026 (the “Earnings Call”).

Item 7.01Regulation FD Disclosure.
In connection with the Earnings Call, the Company has prepared a presentation, dated August 6, 2026 (the “Earnings Presentation”), a copy of which is furnished as Exhibit 99.3 and incorporated herein by reference. The Earnings Release announced that the board of directors declared a regular quarterly dividend of $0.98, payable September 1, 2026, to shareholders of record as of August 18, 2026.
The information set forth in Exhibits 99.1, 99.2 and 99.3 of this Current Report on Form 8-K is being furnished and shall not be deemed to be “filed”, as described in Instruction B.2 of Form 8-K.

Item 9.01Financial Statements and Exhibits
(d) Exhibits.
 
Exhibit No.  Exhibit
99.1
  
Press Release of Reinsurance Group of America, Incorporated dated August 6, 2026
99.2
  
Quarterly Financial Supplement for the quarter ended June 30, 2026
99.3
Earnings Presentation dated August 6, 2026
104Cover Page Interactive Data File (formatted as Inline XBRL)





SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
REINSURANCE GROUP OF AMERICA, INCORPORATED
Date: August 6, 2026By:/s/ Laura Cockrill
Laura Cockrill
Executive Vice President and Chief Financial Officer




Exhibit 99.1
imagea.jpg
 
PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS
SECOND QUARTER RESULTS
Second Quarter Results
•Net income available to RGA shareholders of $7.01 per diluted share, compared with $2.70 per diluted share in the prior-year quarter.
•Adjusted operating income of $8.89 per diluted share, compared with $4.72 per diluted share in the prior-year quarter.
•Return on equity (“ROE”) of 11.5%; adjusted operating ROE of 17.4%; adjusted operating ROE, excluding notable items of 18.4%, each for the trailing twelve months.
•Returned $111 million to shareholders in the quarter, including $50 million of shares repurchased and $61 million in dividends paid. The Board of Directors declared a regular quarterly dividend of $0.98, representing a 5.4% increase, to be paid in the third quarter.


ST. LOUIS, Aug. 6, 2026 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported second quarter net income available to RGA shareholders of $462 million, or $7.01 per diluted share, compared with $180 million, or $2.70 per diluted share, in the prior-year quarter. Adjusted operating income for the second quarter totaled $586 million, or $8.89 per diluted share, compared with $315 million, or $4.72 per diluted share, in the prior-year quarter. Net foreign currency fluctuations had an unfavorable effect of $0.05 per diluted share on net income available to RGA shareholders, and $0.08 per diluted share on adjusted operating income, both as compared with the prior-year quarter.

Tony Cheng, President and Chief Executive Officer, commented, “RGA delivered another record quarter, extending the momentum we have generated so far in 2026 with excellent results across our regions and business lines. Claims experience was modestly favorable to expectations, reinforcing a trend since 2023 that validates our pricing and risk selection discipline. Alongside steady biometric results, we achieved strong investment returns, driven by disciplined execution from our world-class investment team and favorable market backdrop.

“Our first-half results reflect RGA’s durable fundamentals and the strategic advantages of our diversified platform that allow us to deploy capital toward the most attractive opportunities to generate strong risk-adjusted returns while maintaining the discipline to forgo deals that do not meet our standards. With a healthy pipeline, we remain focused on sustainable growth and prudent capital allocation. Our confidence in RGA’s outlook for 2026 and beyond remains high.”



Quarterly ResultsYear-to-Date Results
($ in millions, except per share data)2026202520262025
Net premiums$4,472 $4,151 $9,067 $8,170 
Net income available to RGA shareholders462 180 792 466 
Net income available to RGA shareholders per diluted share7.01 2.70 11.99 6.97 
Adjusted operating income586 315 1,048 693 
Adjusted operating income, excluding notable items586 315 1,048 693 
Adjusted operating income per diluted share8.89 4.72 15.86 10.38 
Adjusted operating income, excluding notable items per diluted share8.89 4.72 15.86 10.38 
Book value per share209.73 182.37 209.73 182.37 
Book value per share, excluding accumulated other comprehensive income (AOCI)173.77 155.87 173.77 155.87 
Book value per share, excluding AOCI and B36174.11 156.63 174.11 156.63 
Total assets167,115 133,479 

Information regarding the non-GAAP financial measures and operating measures included in this press release, including definitions of these measures, reconciliations to the most comparable GAAP measures and limitations related thereto, is included below under “Non-GAAP Financial Measures and Other Definitions” and in the tables attached to this press release.

In the second quarter, consolidated net premiums totaled $4.5 billion, an increase of 7.7% compared with the prior-year quarter, with an immaterial impact from net foreign currency.

Investment income for the quarter, excluding spread-based businesses, increased 10.3% compared with the prior-year quarter, primarily due to a larger average invested asset base. Average investment yield was 5.33% in the quarter compared with 5.31% in the prior-year quarter, reflecting higher variable investment income.

The effective tax rate for the quarter was 23.4% on pre-tax income, above the expected range of 22% to 23%. The effective tax rate for the quarter was 23.1% on adjusted operating income before taxes, generally in line with the expected range of 22% to 23%.



















SEGMENT RESULTS

U.S. and Latin America

Traditional
Quarterly ResultsYear-to-Date Results
($ in millions)2026202520262025
Net premiums$1,961 $2,019 $3,893 $3,940 
Adjusted operating income before taxes165 4 303 144 
Adjusted operating income before taxes, excluding notable items165 4 303 144 

Quarterly Results
•Adjusted operating income of $165 million increased from $4 million in the prior-year quarter, primarily due to more favorable individual life and group experience.


Financial Solutions
Quarterly ResultsYear-to-Date Results
($ in millions)2026202520262025
Adjusted operating income before taxes154 97 272 164 
Adjusted operating income before taxes, excluding notable items154 97 272 164 

Quarterly Results
•Adjusted operating income of $154 million increased from $97 million in the prior-year quarter, primarily due to the earnings contribution from the 2025 transaction with Equitable Holdings, Inc. and strong variable investment income.


Canada

Traditional
Quarterly ResultsYear-to-Date Results
($ in millions)2026202520262025
Net premiums$348 $339 $687 $658 
Adjusted operating income before taxes38 28 76 60 
Adjusted operating income before taxes, excluding notable items38 28 76 60 

Net Premiums
•Foreign currency exchange rates had an immaterial effect on net premiums for the quarter.

Quarterly Results
•Adjusted operating income of $38 million increased from $28 million in the prior-year quarter, primarily due to improved group experience.






Financial Solutions
Quarterly ResultsYear-to-Date Results
($ in millions)2026202520262025
Adjusted operating income before taxes18 9 28 20 
Adjusted operating income before taxes, excluding notable items18 9 28 20 

Quarterly Results
•Adjusted operating income of $18 million increased from $9 million in the prior-year quarter, primarily due to strong variable investment income.


Europe, Middle East and Africa (EMEA)

Traditional
Quarterly ResultsYear-to-Date Results
($ in millions)2026202520262025
Net premiums$568 $573 $1,173 $1,113 
Adjusted operating income before taxes39 18 93 68 
Adjusted operating income before taxes, excluding notable items39 18 93 68 

Net Premiums
•Foreign currency exchange rates had a favorable effect on net premiums of $10 million for the quarter.

Quarterly Results
•Adjusted operating income of $39 million increased from $18 million in the prior-year quarter, primarily due to improved claims experience and favorable one-time items.


Financial Solutions
Quarterly ResultsYear-to-Date Results
($ in millions)2026202520262025
Adjusted operating income before taxes133 116 261 206 
Adjusted operating income before taxes, excluding notable items133 116 261 206 

Quarterly Results
•Adjusted operating income of $133 million increased from $116 million in the prior-year quarter, primarily due to contributions of new business including the associated higher investment income.










Asia Pacific

Traditional
Quarterly ResultsYear-to-Date Results
($ in millions)2026202520262025
Net premiums$850 $816 $1,710 $1,593 
Adjusted operating income before taxes129 104 254 210 
Adjusted operating income before taxes, excluding notable items129 104 254 210 

Net Premiums
•Foreign currency exchange rates had an unfavorable effect on net premiums of $4 million for the quarter.

Quarterly Results
•Adjusted operating income of $129 million increased from $104 million in the prior-year quarter, primarily due to new business growth.
•Foreign currency exchange rates had an unfavorable effect of $2 million on adjusted operating income before taxes in the current quarter.


Financial Solutions
Quarterly ResultsYear-to-Date Results
($ in millions)2026202520262025
Adjusted operating income before taxes120 77 185 136 
Adjusted operating income before taxes, excluding notable items120 77 185 136 

Quarterly Results
•Adjusted operating income of $120 million increased from $77 million in the prior-year quarter, primarily due to new business growth and strong variable investment income.
•Foreign currency exchange rates had an unfavorable effect of $7 million on adjusted operating income before taxes in the current quarter.



Corporate and Other
Quarterly ResultsYear-to-Date Results
($ in millions)2026202520262025
Adjusted operating income (loss) before taxes(35)(32)(100)(102)
Adjusted operating income (loss) before taxes, excluding notable items(35)(32)(100)(102)

Quarterly Results
•Adjusted operating loss of $35 million increased from $32 million in the prior-year quarter.







Dividend Declaration

Effective July 23, 2026, the Board of Directors declared a regular quarterly dividend of $0.98, representing a 5.4% increase, payable September 1, 2026, to shareholders of record as of August 18, 2026.

Earnings Conference Call

A conference call to discuss second quarter results will begin at 10 a.m. Eastern Time on Friday, August 7, 2026. Interested parties may access the call by dialing 1-844-481-2753 (1-412-317-0669 international) and asking to be joined into the Reinsurance Group of America, Incorporated (RGA) call. A live audio webcast of the conference call will be available on RGA’s Investor Relations website at www.rgare.com. A replay of the conference call will be available at the same website for 90 days following the conference call.

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

Non-GAAP Financial Measures and Other Definitions

Reinsurance Group of America, Incorporated (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.

The following non-GAAP financial measures are used in this document or in other public disclosures made by the Company from time to time:

1.Adjusted operating income, on a pre-tax and after-tax basis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations. Adjusted operating income is calculated as net income available to the Company’s shareholders (or, in the case of pre-tax adjusted operating income, income before income taxes) excluding, as applicable:
•substantially all of the effect of net investment related gains and losses;
•changes in the fair value of embedded derivatives;
•changes in the fair value of contracts that provide market risk benefits;
•the Company’s non-economic losses at contract inception for direct pension risk transfer single premium business (which are amortized into adjusted operating income within adjusted claims and other policy benefits over the estimated lives of the contracts);
•any net gain or loss from discontinued operations;
•the cumulative effect of any accounting changes;



•the impact of certain tax-related items; and
•any other items that the Company believes are not indicative of the Company’s ongoing operations;

as any of the above items can be volatile and may not reflect the underlying performance of the Company’s businesses. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company’s management incentive programs.

Adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments, and is presented in our financial statement footnotes in our periodic reports in accordance with ASC 280 – “Segment Reporting.” Adjusted operating income (loss) before income taxes, when presented on a consolidated basis, is a non-GAAP financial measure.

2. Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items, and adjusted operating income per diluted share, excluding notable items. Notable items are items that the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented include the financial impact of the Company’s assumption reviews.

3. Adjusted operating revenue. This measure excludes the effects of net realized capital gains and losses, and changes in the fair value of certain embedded derivatives.

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:
•Shareholders’ average equity position excluding AOCI and B36, where B36 refers to the cumulative change in fair value of funds withheld embedded derivatives;
•Shareholders’ average equity position excluding AOCI and notable items;
•Shareholders’ average equity position excluding AOCI, B36 and notable items; and
•Book value per share, excluding AOCI and B36.

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:
•Adjusted operating return on equity excluding AOCI and B36;



•Adjusted operating return on equity excluding AOCI and notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’ equity excluding notable items and AOCI; and
•Adjusted operating return on equity excluding AOCI, B36 and notable items.

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.

Other Definitions:

Uncapped (profitable) cohorts: Cohorts with a net premium ratio under 100%.

Capped (loss) cohorts: Cohorts with a net premium ratio equal to or greater than 100%.

Floored cohorts: Cohorts with reserves floored at zero as reserves cannot be negative.


About RGA

Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has approximately $4.3 trillion of life reinsurance in force and total assets of $167.1 billion as of June 30, 2026. To learn more about RGA and its businesses, please visit www.rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.




Cautionary Note Regarding Forward-Looking Statements

This document and the documents incorporated by reference herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws



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

Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looking statements, include, among others: (1) changes in mortality, morbidity, policyholder behavior, claims experience, investment returns, interest rates, expenses and other factors as compared to our pricing assumptions; (2) investment results, whether from changes in economic, capital- and credit-market conditions, asset selection, or otherwise, and their impact on the Company’s investment securities, liquidity, portfolio yields, credit quality, access to capital, cost of capital, and amount of capital required for regulatory and contractual purposes; (3) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company; (4) the availability, amount, cost, and market value of collateral necessary for regulatory reserves, capital, and client obligations; (5) changes in laws and regulations, tax policy and rates, accounting standards, and privacy, data security and cybersecurity regulations applicable to the Company and actions by regulators with authority over the Company’s operations, as well as regulatory restrictions on the ability of Company subsidiaries to pay dividends to the Company; (6) the impact of general economic conditions in the U.S. and globally, including as a result of inflation, interest rate levels, geopolitical instability, and impacts from the imposition of, or changes in tariffs, as well as the stability of and actions by governments, central banks, and economies in jurisdictions where the Company operates, affecting interest rates, markets generally, or the demand for insurance and reinsurance; (7) the stability and financial performance of clients, reinsurers, third-party investment managers and other institutions and the effects of the Company’s dependence on such third parties; (8) the effectiveness of the Company’s risk management strategy, policy, and procedures, whether relating to reinsurance, investment strategy, operations, or otherwise; (9) the impact of impairments of the value of the Company’s investment securities on the Company’s capital requirements and the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective; (10) the threat of catastrophic events such as pandemics, epidemics, other major health issues, natural disasters, war, military actions (including conflicts in the Middle East), and terrorism or other acts of violence; (11) competitive factors and competitors’ responses to the Company’s initiatives; (12) development and introduction of new products and distribution opportunities and entry into new lines of business and markets; (13) the impact of the development and adoption of artificial intelligence; (14) the effect of acquisitions and other significant transactions, including risks related to the integration of acquired blocks of business and entities and the Company’s ability to achieve the expected benefits of such transactions, including the transaction entered into with subsidiaries of Equitable Holdings, Inc. on July 31, 2025; (15) interruption or failure of the Company’s telecommunication, information technology, or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data and intellectual property stored on such systems; (16) adverse developments with respect to litigation, arbitration, or regulatory investigations or actions; (17) risks associated with our international operations, including related to fluctuation in foreign currency exchange rates; and (18) other risks and uncertainties described in this document and in the Company’s other filings with the Securities and Exchange Commission (“SEC”).

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and the documents incorporated by



reference herein and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future, except as required under applicable securities law. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as may be supplemented by Item 1A – “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q and in the Company’s other periodic and current reports filed with the SEC.


Investor Contact
Crystal Lu
Senior Vice President - Investor Relations
(636) 736-7000
- tables attached -



REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Net Income to Adjusted Operating Income
(Dollars in millions, except per share data)
(Unaudited)Three Months Ended June 30,
20262025
Diluted Earnings Per ShareDiluted Earnings Per Share
Net income available to RGA shareholders$462 $7.01 $180 $2.70 
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net141 2.13 64 0.96 
Market risk benefits remeasurement (gains) losses(20)(0.30)(14)(0.21)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses8 0.12 (2)(0.03)
Embedded derivatives:
Included in investment related gains/losses, net1 0.02 (3)(0.04)
Included in interest credited— — 1 0.01 
Investment (income) loss on unit-linked variable annuities— — — — 
Interest credited on unit-linked variable annuities— — — — 
Interest expense on uncertain tax positions— — — — 
Other (1)
(8)(0.12)18 0.27 
Uncertain tax positions and other tax related items— — 70 1.05 
Net income attributable to noncontrolling interest2 0.03 1 0.01 
Adjusted operating income586 8.89 315 4.72 
Notable items— — — — 
Adjusted operating income, excluding notable items$586 $8.89 $315 $4.72 
(1)     The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.

(Unaudited)Six Months Ended June 30,
20262025
Diluted Earnings Per ShareDiluted Earnings Per Share
Net income available to RGA shareholders$792 $11.99 $466 $6.97 
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net298 4.50 117 1.78 
Market risk benefits remeasurement (gains) losses(3)(0.05)9 0.13 
Realized (gains) losses on funds withheld, included in investment income, net of related expenses5 0.08 (2)(0.03)
Embedded derivatives:
Included in investment related gains/losses, net(34)(0.51)6 0.09 
Included in interest credited2 0.03 9 0.13 
Investment (income) loss on unit-linked variable annuities1 0.02 — — 
Interest credited on unit-linked variable annuities(1)(0.02)— — 
Interest expense on uncertain tax positions1 0.02 — — 
Other (1)
(13)(0.20)14 0.21 
Uncertain tax positions and other tax related items(3)(0.05)71 1.06 
Net income attributable to noncontrolling interest3 0.05 3 0.04 
Adjusted operating income1,048 15.86 693 10.38 
Notable items— — — — 
Adjusted operating income, excluding notable items$1,048 $15.86 $693 $10.38 
(1)     The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.




REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Effective Income Tax Rates
(Dollars in millions)

(Unaudited)Three Months Ended June 30, 2026Six Months Ended June 30, 2026
Pre-tax Income (Loss)Income Taxes
Effective Tax Rate (1)
Pre-tax Income (Loss)Income Taxes
Effective Tax Rate (1)
GAAP income$605 $141 23.4 %$1,046 $251 24.1 %
Reconciliation to adjusted operating income:
Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net181 40 379 81 
Market risk benefits remeasurement (gains) losses(26)(6)(4)(1)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses10 2 6 1 
Embedded derivatives:
Included in investment related gains/losses, net1 — (43)(9)
Included in interest credited— — 3 1 
Investment (income) loss on unit-linked variable annuities— — 1 — 
Interest credited on unit-linked variable annuities— — (1)— 
Interest expense on uncertain tax positions— — 1 — 
Other (2)
(10)(2)(16)(3)
Uncertain tax positions and other tax related items— — — 3 
Adjusted operating income761 175 23.1 %1,372 324 23.7 %
Notable items— — — — 
Adjusted operating income, excluding notable items$761 $175 $1,372 $324 
(1)     The Company rounds amounts in the financial statements to millions and calculates the effective tax rate from the underlying whole-dollar amounts. Thus certain amounts may not recalculate based on the numbers due to rounding.
(2)    The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.











REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Consolidated Income before Income Taxes to Pre-tax Adjusted Operating Income
(Dollars in millions)

(Unaudited)Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Income before income taxes$605 $341 $1,046 $710 
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net181 77 379 148 
Market risk benefits remeasurement (gains) losses(26)(17)(4)12 
Realized (gains) losses on funds withheld, included in investment income, net of related expenses10 (2)6 (2)
Embedded derivatives:
Included in investment related gains/losses, net1 (3)(43)8 
Included in interest credited— 2 3 12 
Investment (income) loss on unit-linked variable annuities— — 1 — 
Interest credited on unit-linked variable annuities— — (1)— 
Interest expense on uncertain tax positions— — 1 — 
Other (1)
(10)23 (16)18 
Pre-tax adjusted operating income761 421 1,372 906 
Notable items— — — — 
Pre-tax adjusted operating income, excluding notable items$761 $421 $1,372 $906 
(1)     The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.








REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Per Share and Shares Data
(In thousands, except per share data)
(Unaudited)Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Earnings per share from net income (loss):
Basic earnings per share$7.07 $2.72 $12.11 $7.05 
Diluted earnings per share$7.01 $2.70 $11.99 $6.97 
Diluted earnings per share from adjusted operating income$8.89 $4.72 $15.86 $10.38 
Weighted average number of common and common equivalent shares outstanding65,916 66,731 66,068 66,793 


(Unaudited)At June 30,
20262025
Treasury shares20,019 19,219 
Common shares outstanding65,292 66,092 
Book value per share outstanding$209.73 $182.37 
Book value per share outstanding, before impact of AOCI$173.77 $155.87 


Reconciliation of Book Value Per Share to Book Value Per Share Excluding AOCI and B36 Derivatives

(Unaudited)At June 30,
20262025
Book value per share outstanding$209.73 $182.37 
Less effect of AOCI:
Accumulated currency translation adjustment1.82 1.96 
Unrealized (depreciation) appreciation of securities(93.36)(74.10)
Effect of updating discount rates on future policy benefits127.54 98.85 
Change in instrument-specific credit risk for market risk benefits— 0.05 
Pension and postretirement benefits(0.04)(0.26)
Book value per share outstanding, before impact of AOCI173.77 155.87 
Less effect of B36 derivatives(0.34)(0.76)
Book value per share outstanding, before impact of AOCI and B36 derivatives$174.11 $156.63 

















REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Reconciliation of Shareholders' Average Equity to Shareholders' Average Equity Excluding AOCI
(Dollars in millions)
(Unaudited)
Trailing Twelve Months Ended June 30, 2026:Average Equity
Shareholders' average equity$13,096 
Less effect of AOCI:
Accumulated currency translation adjustment111 
Unrealized (depreciation) appreciation of securities(5,293)
Effect of updating discount rates on future policy benefits7,519 
Change in instrument-specific credit risk for market risk benefits2 
Pension and postretirement benefits(9)
Shareholders' average equity, excluding AOCI10,766 
Year-to-date notable items, net of tax(46)
Shareholders' average equity, excluding AOCI and notable items$10,812 




Reconciliation of Trailing Twelve Months of Consolidated Net Income to Adjusted Operating Income
and Related Return on Equity
(Dollars in millions)
(Unaudited)Return on Equity
Trailing Twelve Months Ended June 30, 2026:Income
Net income available to RGA shareholders$1,508 11.5 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net462 
Change in fair value of embedded derivatives(24)
Tax expense on uncertain tax positions and other tax related items(80)
Net income attributable to noncontrolling interest7 
Adjusted operating income1,873 17.4 %
Notable items after tax(114)
Adjusted operating income, excluding notable items$1,987 18.4 %























REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in millions)
(Unaudited)Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues:
Net premiums$4,472 $4,151 $9,067 $8,170 
Investment income, net of related expenses1,864 1,408 3,565 2,640 
Investment related gains (losses), net(76)(44)(246)(123)
Other revenue377 84 745 172 
Total revenues6,637 5,599 13,131 10,859 
Benefits and expenses:
Claims and other policy benefits4,478 4,045 9,099 7,867 
Future policy benefits remeasurement (gains) losses6 68 (1)12 
Market risk benefits remeasurement (gains) losses(26)(17)(4)12 
Interest credited617 314 1,097 613 
Policy acquisition costs and other insurance expenses508 433 1,020 850 
Other operating expenses348 325 674 625 
Interest expense101 90 200 170 
Total benefits and expenses6,032 5,258 12,085 10,149 
Income before income taxes605 341 1,046 710 
Provision for income taxes141 160 251 241 
Net income464 181 795 469 
Net income attributable to noncontrolling interest2 1 3 3 
Net income available to RGA shareholders$462 $180 $792 $466 
# # #



Exhibit 99.2
rga_logoxrgbxredxwhta.jpg
Quarterly Financial Supplement
Second Quarter 2026
(Unaudited)
World Headquarters  Internet AddressContacts
16600 Swingley Ridge Road  www.rgare.comLaura Cockrill
Chesterfield, Missouri 63017 U.S.A.  EVP, Chief Financial Officer
Phone: (636) 736-7000
e-mail: lcockrill@rgare.com
Crystal Lu
Senior Vice President, Investor Relations
Phone: (636) 736-7000
e-mail: crystal.lu@rgare.com
 

Current Ratings
Standard & Poor’sA.M. BestMoody’s
Financial Strength Ratings
RGA Reinsurance CompanyAA-A+A1
RGA Life Reinsurance Company of CanadaAA-A+
RGA International Reinsurance Company dacAA-
RGA Global Reinsurance Company, Ltd.AA-
RGA Reinsurance Company of Australia LimitedAA-
RGA Americas Reinsurance Company, Ltd.AA-A+
RGA Worldwide Reinsurance Company, Ltd.AA-
RGA Reinsurance Company (Barbados) Ltd.AA-
RGA Life and Annuity Insurance CompanyAA-A+
Omnilife Insurance Company LimitedA+
Aurora National Life Assurance CompanyAA-A+
Senior Debt Ratings
Reinsurance Group of America, IncorporatedAa-Baa1
Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.

 


Reinsurance Group of America, Incorporated
2nd Quarter 2026
Table of Contents
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

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Reinsurance Group of America, Incorporated
Financial Highlights
Three Months EndedCurrent 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 YearJune 30,June 30,
20262026202520252025Quarter20262025Change
Net premiums$4,472 $4,595 $4,780 $4,280 $4,151 $321 $9,067 $8,170 $897 
Net income available to RGA’s shareholders462 330 463 253 180 282 792 466 326 
Adjusted operating income586 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 equity11.5 %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
Basic65,415 65,489 65,556 65,867 66,088 (673)65,451 66,048 (597)
Diluted65,916 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 buybacks50 50 50 75 — 50 100 — 100 
Total returned to shareholders$111 $111 $111 $136 $59 $52 $222 $118 $104 
Common shares issued85,311 85,311 85,311 85,311 85,311 — 85,311 85,311 — 
Treasury shares20,019 19,802 19,847 19,602 19,219 800 20,019 19,219 800 
Common shares outstanding65,292 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.
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Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)Three Months EndedCurrent vs.Year-to-Date
June 30,March 31,Dec. 31,Sept. 30,June 30,Prior YearJune 30,June 30,
20262026202520252025Quarter20262025Change
Revenues:
Net premiums$4,472 $4,595 $4,780 $4,280 $4,151 $321 $9,067 $8,170 $897 
Net investment income1,864 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 revenue377 368 299 436 84 293 745 172 573 
Total revenues6,637 6,494 6,635 6,204 5,599 1,038 13,131 10,859 2,272 
Benefits and expenses:
Claims and other policy benefits4,478 4,621 4,772 4,356 4,045 433 9,099 7,867 1,232 
Future policy benefits remeasurement (gains) losses6 (7)(97)85 68 (62)(1)12 (13)
Market risk benefits remeasurement (gains) losses(26)22 (3)(1)(17)(9)(4)12 (16)
Interest credited617 480 475 547 314 303 1,097 613 484 
Policy acquisition costs and other insurance expenses508 512 500 471 433 75 1,020 850 170 
Other operating expenses348 326 380 328 325 23 674 625 49 
Interest expense101 99 98 98 90 11 200 170 30 
Total benefits and expenses6,032 6,053 6,125 5,884 5,258 774 12,085 10,149 1,936 
Income before income taxes605 441 510 320 341 264 1,046 710 336 
Provision for income taxes141 110 45 65 160 (19)251 241 10 
Net income464 331 465 255 181 283 795 469 326 
Net income attributable to noncontrolling interest2 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 income10 (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 taxes761 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.
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Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)Three Months EndedCurrent vs.Year-to-Date
June 30,March 31,Dec. 31,Sept. 30,June 30,Prior YearJune 30,June 30,
20262026202520252025Quarter20262025Change
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 income8 (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 interest2 1 2 2 1 1 3 3 — 
Adjusted operating income586 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.
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Page 5

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
June 30,March 31,Dec. 31,Sept. 30,June 30,
20262026202520252025
Assets
Fixed maturity securities available-for-sale, at fair value$109,270 $107,328 $101,769 $99,573 $86,043 
Equity securities302 300 311 161 155 
Mortgage loans11,927 11,318 11,104 10,507 10,057 
Policy loans3,635 3,703 3,541 3,570 1,294 
Funds withheld at interest8,140 8,390 8,149 8,268 7,115 
Limited partnerships and real estate joint ventures4,109 4,093 3,747 3,648 3,338 
Short-term investments378 357 346 381 502 
Other invested assets1,585 1,525 1,514 1,496 1,397 
Total investments139,346 137,014 130,481 127,604 109,901 
Cash and cash equivalents5,288 4,993 4,168 4,625 5,416 
Accrued investment income1,389 1,361 1,296 1,275 1,089 
Premiums receivable and other reinsurance balances4,735 4,259 4,475 4,035 4,202 
Reinsurance ceded receivables and other6,700 6,743 7,175 5,758 5,386 
Deferred policy acquisition costs and other6,383 6,191 6,079 5,954 5,823 
Other assets3,274 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 liabilities56,085 53,540 52,095 49,634 37,158 
Market risk benefits, at fair value232 249 234 238 233 
Other policy claims and benefits3,018 3,051 3,011 3,032 3,016 
Other reinsurance balances1,645 1,495 1,888 1,600 1,353 
Income taxes3,207 3,182 2,998 2,591 2,454 
Funds withheld payable6,394 6,494 6,805 5,277 4,816 
Other liabilities4,009 4,256 3,873 4,440 3,041 
Long-term debt5,709 6,105 5,710 5,734 5,734 
Total liabilities153,331 150,680 143,039 138,935 121,336 
Equity:
Common stock, at par value1 1 1 1 1 
Additional paid-in-capital2,678 2,661 2,640 2,628 2,624 
Retained earnings10,774 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 adjustment119 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 benefits8,328 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’ equity13,694 13,294 13,461 12,978 12,053 
Noncontrolling interest90 90 90 90 90 
Total equity13,784 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.
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Page 6

Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
June 30,March 31,Dec. 31,Sept. 30,June 30,Prior YearJune 30,June 30,
20262026202520252025Quarter20262025Change
Revenues:
Net premiums$1,961 $1,932 $2,104 $1,883 $2,019 $(58)$3,893 $3,940 $(47)
Net investment income302 288 299 282 285 17 590 553 37 
Investment related gains (losses), net32 (12)5 14 12 20 20 6 14 
Other revenue26 7 17 11 4 22 33 12 21 
Total revenues2,321 2,215 2,425 2,190 2,320 1 4,536 4,511 25 
Benefits and expenses:
Adjusted claims and other policy benefits1,818 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 credited74 22 48 61 37 37 96 66 30 
Policy acquisition costs and other insurance expenses223 223 209 209 223 — 446 442 4 
Other operating expenses62 61 70 61 60 2 123 115 8 
Total benefits and expenses2,156 2,077 2,203 2,054 2,316 (160)4,233 4,367 (134)
Adjusted operating income before income taxes165 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 expenses11.4 %11.5 %9.9 %11.1 %11.0 %0.4 %11.5 %11.2 %0.3 %
Other operating expenses3.2 %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.

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Page 7

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
June 30,March 31,Dec. 31,Sept. 30,June 30,Prior YearJune 30,June 30,
20262026202520252025Quarter20262025Change
Revenues:
Net premiums$210 $320 $443 $227 $(5)$215 $530 $104 $426 
Net investment income586 564 561 476 371 215 1,150 708 442 
Investment related gains (losses), net51 (16)12 16 — 51 35 — 35 
Other revenue280 279 204 351 53 227 559 103 456 
Total revenues1,127 1,147 1,220 1,070 419 708 2,274 915 1,359 
Benefits and expenses:
Adjusted claims and other policy benefits498 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 credited339 264 241 324 130 209 603 253 350 
Policy acquisition costs and other insurance expenses121 131 133 111 93 28 252 177 75 
Other operating expenses22 23 30 22 24 (2)45 48 (3)
Total benefits and expenses973 1,029 1,117 970 322 651 2,002 751 1,251 
Adjusted operating income before income taxes154 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.

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Page 8

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,
20262026202520252025
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 only863 834 834 781 784 
GMIB only15 17 18 17 17 
GMAB only1 1 1 1 1 
GMWB only804 751 802 802 802 
GMDB / WB145 138 147 149 149 
Other11 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
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Page 9

Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
June 30,March 31,Dec. 31,Sept. 30,June 30,Prior YearJune 30,June 30,
20262026202520252025Quarter20262025Change
Revenues:
Net premiums$348 $339 $347 $326 $339 $9 $687 $658 $29 
Net investment income65 62 69 69 66 (1)127 131 (4)
Investment related gains, net2 1 1 2 — 2 3 1 2 
Other revenue— 1 — 1 1 (1)1 — 1 
Total revenues415 403 417 398 406 9 818 790 28 
Benefits and expenses:
Adjusted claims and other policy benefits328 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 expenses39 36 44 43 43 (4)75 84 (9)
Other operating expenses12 14 15 12 15 (3)26 28 (2)
Total benefits and expenses377 365 363 355 378 (1)742 730 12 
Adjusted operating income before income taxes38 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 $16 
Loss and expense ratios:
Loss ratio (2)
93.7 %92.9 %87.6 %91.7 %94.4 %(0.7)%93.3 %93.9 %(0.6)%
Policy acquisition costs and other insurance expenses11.2 %10.6 %12.7 %13.2 %12.7 %(1.5)%10.9 %12.8 %(1.9)%
Other operating expenses3.4 %4.1 %4.3 %3.7 %4.4 %(1.0)%3.8 %4.3 %(0.5)%
Foreign currency effect on (3):
Net premiums$— $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.
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Page 10

Reinsurance Group of America, Incorporated
Canada Financial Solutions
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
June 30,March 31,Dec. 31,Sept. 30,June 30,Prior YearJune 30,June 30,
20262026202520252025Quarter20262025Change
Revenues:
Net premiums$44 $45 $45 $46 $45 $(1)$89 $97 $(8)
Net investment income71 62 61 58 58 13 133 109 24 
Investment related gains, net(2)(1)2 (1)— (2)(3)— (3)
Other revenue4 3 1 3 5 (1)7 9 (2)
Total revenues117 109 109 106 108 9 226 215 11 
Benefits and expenses:
Adjusted claims and other policy benefits91 93 92 92 93 (2)184 184 — 
Future policy benefits remeasurement gains1 (1)3 — — 1 — — — 
Policy acquisition costs and other insurance expenses5 6 4 5 4 1 11 9 2 
Other operating expenses2 1 — 2 2 — 3 2 1 
Total benefits and expenses99 99 99 99 99 — 198 195 3 
Adjusted operating income before income taxes18 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.

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Page 11

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
June 30,March 31,Dec. 31,Sept. 30,June 30,Prior YearJune 30,June 30,
20262026202520252025Quarter20262025Change
Revenues:
Net premiums$568 $605 $583 $562 $573 $(5)$1,173 $1,113 $60 
Net investment income35 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 revenues602 646 620 597 608 (6)1,248 1,180 68 
Benefits and expenses:
Adjusted claims and other policy benefits509 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 expenses28 35 37 30 24 4 63 44 19 
Other operating expenses27 24 33 27 27 — 51 54 (3)
Total benefits and expenses563 592 602 789 590 (27)1,155 1,112 43 
Adjusted operating income (loss) before income taxes39 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 expenses4.9 %5.8 %6.3 %5.3 %4.2 %0.7 %5.4 %4.0 %1.4 %
Other operating expenses4.8 %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.

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Page 12

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
June 30,March 31,Dec. 31,Sept. 30,June 30,Prior YearJune 30,June 30,
20262026202520252025Quarter20262025Change
Revenues:
Net premiums$346 $344 $263 $260 $247 $99 $690 $436 $254 
Net investment income146 137 135 106 109 37 283 194 89 
Investment related gains (losses), net2 (1)(1)— 4 (2)1 3 (2)
Other revenue15 15 14 21 7 8 30 16 14 
Total revenues509 495 411 387 367 142 1,004 649 355 
Benefits and expenses:
Adjusted claims and other policy benefits341 347 249 253 224 117 688 391 297 
Future policy benefits remeasurement (gains) losses1 (11)6 (37)(3)4 (10)(6)(4)
Adjusted interest credited6 8 6 7 7 (1)14 13 1 
Policy acquisition costs and other insurance expenses4 3 3 3 2 2 7 3 4 
Other operating expenses24 20 24 21 21 3 44 42 2 
Total benefits and expenses376 367 288 247 251 125 743 443 300 
Adjusted operating income before income taxes133 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.

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Page 13

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
June 30,March 31,Dec. 31,Sept. 30,June 30,Prior YearJune 30,June 30,
20262026202520252025Quarter20262025Change
Revenues:
Net premiums$850 $860 $862 $880 $816 $34 $1,710 $1,593 $117 
Net investment income85 82 76 73 72 13 167 143 24 
Investment related gains (losses), net3 — 1 — 1 2 3 — 3 
Other revenue(1)8 7 3 — (1)7 3 4 
Total revenues937 950 946 956 889 48 1,887 1,739 148 
Benefits and expenses:
Adjusted claims and other policy benefits722 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 expenses37 35 39 43 35 2 72 74 (2)
Other operating expenses54 55 66 55 57 (3)109 109 — 
Total benefits and expenses808 825 829 818 785 23 1,633 1,529 104 
Adjusted operating income before income taxes129 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 $44 
Loss and expense ratios:
Loss ratio (2)
84.4 %85.5 %84.0 %81.8 %84.9 %(0.5)%84.9 %84.5 %0.4 %
Policy acquisition costs and other insurance expenses4.4 %4.1 %4.5 %4.9 %4.3 %0.1 %4.2 %4.6 %(0.4)%
Other operating expenses6.4 %6.4 %7.7 %6.3 %7.0 %(0.6)%6.4 %6.8 %(0.4)%
Foreign currency effect on (3):
Net premiums$(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.
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Page 14

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
June 30,March 31,Dec. 31,Sept. 30,June 30,Prior YearJune 30,June 30,
20262026202520252025Quarter20262025Change
Revenues:
Net premiums$145 $150 $133 $96 $117 $28 $295 $229 $66 
Net investment income402 319 288 250 247 155 721 443 278 
Investment related gains, net17 12 12 13 10 7 29 17 12 
Other revenue11 14 12 6 — 11 25 6 19 
Total revenues575 495 445 365 374 201 1,070 695 375 
Benefits and expenses:
Adjusted claims and other policy benefits174 222 175 135 158 16 396 303 93 
Future policy benefits remeasurement (gains) losses40 (1)(3)(1)(2)42 39 (5)44 
Adjusted interest credited154 140 130 107 93 61 294 177 117 
Policy acquisition costs and other insurance expenses73 58 44 42 36 37 131 63 68 
Other operating expenses14 11 12 11 12 2 25 21 4 
Total benefits and expenses455 430 358 294 297 158 885 559 326 
Adjusted operating income before income taxes120 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.
 

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Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
June 30,March 31,Dec. 31,Sept. 30,June 30,Prior YearJune 30,June 30,
20262026202520252025Quarter20262025Change
Revenues:
Net investment income$182 $149 $162 $151 $166 $16 $331 $295 $36 
Investment related gains, net2 1 3 1 3 (1)3 6 (3)
Other revenue38 29 29 29 18 20 67 23 44 
Total revenues222 179 194 181 187 35 401 324 77 
Benefits and expenses:
Adjusted interest credited44 44 47 47 45 (1)88 92 (4)
Policy acquisition costs and other insurance income(22)(15)(13)(15)(19)(3)(37)(38)1 
Other operating expenses134 117 120 109 103 31 251 202 49 
Interest expense101 98 98 98 90 11 199 170 29 
Total benefits and expenses257 244 252 239 219 38 501 426 75 
Adjusted operating loss before income taxes(35)(65)(58)(58)(32)(3)(100)(102)2 
Notable items (1)
— — — — — — — — — 
Adjusted operating loss excluding notable items, before income taxes$(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.
 
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Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
June 30,March 31,Dec. 31,Sept. 30,June 30,Prior YearJune 30,June 30,
20262026202520252025Quarter20262025Change
U.S. and Latin America:
Traditional$165 $138 $222 $136 $4 $161 $303 $144 $159 
Financial Solutions154 118 103 100 97 57 272 164 108 
Total U.S. and Latin America319 256 325 236 101 218 575 308 267 
Canada:
Traditional38 38 54 43 28 10 76 60 16 
Financial Solutions18 10 10 7 9 9 28 20 8 
Total Canada56 48 64 50 37 19 104 80 24 
Europe, Middle East and Africa:
Traditional39 54 18 (192)18 21 93 68 25 
Financial Solutions133 128 123 140 116 17 261 206 55 
Total Europe, Middle East and Africa172 182 141 (52)134 38 354 274 80 
Asia Pacific:
Traditional129 125 117 138 104 25 254 210 44 
Financial Solutions120 65 87 71 77 43 185 136 49 
Total Asia Pacific249 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 taxes761 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.
 


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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Cash and Invested Assets
June 30,March 31,Dec. 31,Sept. 30,June 30,
20262026202520252025
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 securities302 300 311 161 155 
Mortgage loans11,927 11,318 11,104 10,507 10,057 
Policy loans3,635 3,703 3,541 3,570 1,294 
Funds withheld at interest8,140 8,390 8,149 8,268 7,115 
Limited partnerships and real estate joint ventures4,109 4,093 3,747 3,648 3,338 
Short-term investments378 357 346 381 502 
Other invested assets1,585 1,525 1,514 1,496 1,397 
Cash and cash equivalents5,288 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 EndedCurrent vs.Year-to-Date
June 30,March 31,Dec. 31,Sept. 30,June 30,Prior YearJune 30,June 30,
20262026202520252025Quarter20262025Change
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 bps5.13 %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) bps4.90 %4.94 %(4) bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Investments Net of Funds Withheld
June 30, 2026
Total InvestmentsFunds WithheldAssets Excluding Funds Withheld
Fixed maturity securities, available-for-sale$109,270 $3,834 $105,436 
Equity securities302 3 299 
Mortgage loans11,927 802 11,125 
Policy loans3,635 — 3,635 
Funds withheld at interest8,140 1,322 6,818 
Limited partnerships and real estate joint ventures4,109 96 4,013 
Short-term investments378 8 370 
Other invested assets1,585 — 1,585 
Total invested assets$139,346 $6,065 $133,281 
December 31, 2025
Total InvestmentsFunds WithheldAssets Excluding Funds Withheld
Fixed maturity securities, available-for-sale$101,769 $4,033 $97,736 
Equity securities311 2 309 
Mortgage loans11,104 821 10,283 
Policy loans3,541 — 3,541 
Funds withheld at interest8,149 1,360 6,789 
Limited partnerships and real estate joint ventures3,747 88 3,659 
Short-term investments346 9 337 
Other invested assets1,514 — 1,514 
Total invested assets$130,481 $6,313 $124,168 

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities
June 30, 2026
Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Estimated Fair
Value		% of
Total
Available-for-sale:
   Corporate$80,654 $224 $904 $4,507 $76,827 70.3 %
   Canadian government4,711 — 301 85 4,927 4.5 %
   Japanese government9,045 — — 2,238 6,807 6.2 %
   Korean government1,314 — — 257 1,057 1.0 %
   ABS7,214 22 48 180 7,060 6.5 %
   CMBS2,515 — 22 59 2,478 2.3 %
   RMBS1,903 — 19 78 1,844 1.7 %
   U.S. government2,354 — 11 257 2,108 1.9 %
   State and political subdivisions756 — 2 84 674 0.6 %
   Other foreign government5,842 — 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 LossesUnrealized
Gains		Unrealized
Losses		Estimated Fair
Value		% of
Total
Available-for-sale:
   Corporate$72,736 $189 $1,142 $3,952 $69,737 68.5 %
   Canadian government4,920 — 286 106 5,100 5.1 %
   Japanese government6,516 — 1 1,816 4,701 4.6 %
   Korean government1,407 — 1 96 1,312 1.3 %
   ABS7,478 21 69 157 7,369 7.2 %
   CMBS2,179 — 35 52 2,162 2.1 %
   RMBS1,615 — 26 72 1,569 1.5 %
   U.S. government3,508 — 27 248 3,287 3.3 %
   State and political subdivisions737 — 2 79 660 0.6 %
   Other foreign government6,168 — 83 379 5,872 5.8 %
Total fixed maturity securities$107,264 $210 $1,672 $6,957 $101,769 100.0 %

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Corporate Fixed Maturity Securities by Industry
June 30, 2026December 31, 2025
Amortized CostEstimated Fair Value% of Total
Average Credit Ratings (1)
Amortized CostEstimated 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/exchanges2,027 1,894 2.5 %A-1,835 1,738 2.5 %A-
Finance companies1,634 1,596 2.1 %BBB+1,132 1,114 1.6 %BBB+
Insurance7,268 6,757 8.8 %A-6,319 5,899 8.5 %A-
REITs2,143 2,029 2.6 %A-2,025 1,934 2.7 %A-
Other finance1,795 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 goods3,821 3,665 4.8 %BBB+3,598 3,463 5.0 %BBB+
Communications4,776 4,428 5.8 %BBB+4,523 4,276 6.1 %BBB+
Consumer cyclical4,408 4,222 5.5 %A-4,116 3,987 5.7 %BBB+
Consumer noncyclical9,623 9,161 11.9 %BBB+8,880 8,501 12.2 %BBB+
Energy7,336 7,191 9.3 %BBB+6,282 6,179 8.9 %BBB+
Technology3,876 3,658 4.8 %A-3,202 3,013 4.3 %BBB+
Transportation4,170 3,965 5.2 %A-4,088 3,904 5.6 %A-
Other industrial1,926 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 gas1,713 1,599 2.1 %A-1,639 1,544 2.2 %A-
Other utility574 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.

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Ratings of Fixed Maturity Securities
June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
NAIC Designation
Rating Agency Designation(1)
Amortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of Total
1AAA/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 %
2BBB34,296 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 %
3BB3,677 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 %
4B2,040 2,043 1.9 %1,334 1,269 1.2 %714 632 0.6 %807 758 0.8 %802 793 0.9 %
5CCC491 359 0.3 %393 318 0.3 %356 294 0.3 %267 184 0.2 %244 165 0.2 %
6In or near default99 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, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Amortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimated Fair Value% of TotalAmortized CostEstimate Fair Value% of TotalAmortized CostEstimated 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 CLOs4,997 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 ABS7,214 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 %
CMBS2,515 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
Agency343 305 2.7 %351 314 2.9 %359 324 2.9 %416 381 3.6 %377 337 3.5 %
Non-agency1,560 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 RMBS1,903 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 %
 
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
As of June 30, 2026
Less than 12 monthsEqual to or greater than 12 monthsTotal
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
   Corporate$23,623 $453 $21,809 $3,953 $45,432 $4,406 
   Canadian government548 9 584 76 1,132 85 
   Japanese government2,700 126 3,976 2,112 6,676 2,238 
   Korean government690 159 295 98 985 257 
   ABS2,702 23 1,164 136 3,866 159 
   CMBS870 9 643 48 1,513 57 
   RMBS707 5 525 73 1,232 78 
   U.S. government779 4 482 253 1,261 257 
   State and political subdivisions170 5 391 79 561 84 
   Other foreign government1,739 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 
   ABS241 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.
 

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
As of December 31, 2025
Less than 12 monthsEqual to or greater than 12 monthsTotal
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
   Corporate$10,591 $255 $22,666 $3,635 $33,257 $3,890 
   Canadian government1,096 34 426 72 1,522 106 
   Japanese government1,274 209 3,351 1,607 4,625 1,816 
   Korean government1,145 92 78 4 1,223 96 
   ABS2,324 15 1,149 141 3,473 156 
   CMBS— — 705 50 705 50 
   RMBS— — 562 72 562 72 
   U.S. government406 1 542 247 948 248 
   State and political subdivisions73 1 451 78 524 79 
   Other foreign government1,382 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 
   ABS19 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.

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Consolidated Investment Related Gains and Losses
Three Months EndedCurrent vs.Year-to-Date
June 30,March 31,Dec. 31,Sept. 30,June 30,Prior YearJune 30,June 30,
20262026202520252025Quarter20262025Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses$(14)$(22)$(49)$(28)$(29)$15 $(36)$(35)$(1)
Impairments on fixed maturity securities— (1)— (1)(2)2 (1)(2)1 
Realized gains on investment activity36 59 48 96 30 6 95 66 29 
Realized losses on investment activity(124)(165)(118)(65)(65)(59)(289)(152)(137)
Net gains (losses) on fixed maturity securities available-for-sale(102)(129)(119)2 (66)(36)(231)(123)(108)
Net gains (losses) on equity securities(3)(14)1 5 3 (6)(17)2 (19)
Change in mortgage loan allowance for credit losses(12)2 (4)(6)(18)6 (10)(14)4 
Limited partnerships and real estate joint venture impairment losses(7)(22)(19)(1)(16)9 (29)(21)(8)
Change in fair value of certain limited partnership investments(42)6 (8)9 6 (48)(36)(1)(35)
Other change in allowance for credit losses and impairments(3)— 2 1 (3)— (3)(4)1 
Other, net6 — 8 4 (3)9 6 (2)8 
Freestanding derivatives (1):
Interest rate swaps(2)6 (5)1 (1)(1)4 5 (1)
Interest rate options— — (1)(2)(1)1 — (1)1 
Total return swaps3 (6)(2)16 6 (3)(3)— (3)
Foreign currency swaps6 1 7 6 (2)8 7 (5)12 
Foreign currency forwards(38)(25)(54)(40)40 (78)(63)62 (125)
Foreign currency options(2)(1)(2)(2)(2)— (3)(3)— 
Equity options82 (28)17 30 11 71 54 5 49 
Equity futures(25)6 (3)(13)(21)(4)(19)(12)(7)
Credit default swaps69 (17)21 33 21 48 52 3 49 
Credit default index swaps options(2)— (1)— — (2)(2)— (2)
CPI swaps(3)7 — 3 (1)(2)4 (6)10 
Total freestanding derivatives88 (57)(23)32 50 38 31 48 (17)
Embedded derivatives(1)44 27 (33)3 (4)43 (8)51 
Net gains (losses) on total derivatives87 (13)4 (1)53 34 74 40 34 
Total investment related gains (losses), net$(76)$(170)$(135)$13 $(44)$(32)$(246)$(123)$(123)
(1) Freestanding derivatives are non-hedged unless specified.
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Appendix
Reconciliations of GAAP to Non-GAAP Measures

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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
June 30,March 31,Dec. 31,Sept. 30,June 30,Prior YearJune 30,June 30,
20262026202520252025Quarter20262025Change
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 taxes165 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 taxes154 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 taxes38 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.
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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
June 30,March 31,Dec. 31,Sept. 30,June 30,Prior YearJune 30,June 30,
20262026202520252025Quarter20262025Change
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 taxes18 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 taxes39 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 interest16 (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 taxes133 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.
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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
June 30,March 31,Dec. 31,Sept. 30,June 30,Prior YearJune 30,June 30,
20262026202520252025Quarter20262025Change
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 taxes129 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 taxes120 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)
Other7 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.

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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,
20262026202520252025
RGA, Inc. shareholders’ equity$13,694 $13,294 $13,461 $12,978 $12,053 
Less effect of AOCI:
Accumulated currency translation adjustments119 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 benefits8,328 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 AOCI11,346 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,
20262026202520252025
Book value per share$209.73 $202.93 $205.63 $197.52 $182.37 
Less effect of AOCI:
Accumulated currency translation adjustment1.82 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 benefits127.54 132.50 112.61 101.69 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 AOCI173.77 167.60 164.66 158.67 155.87 
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 

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

The following non-GAAP financial measures are used in this document or in other public disclosures made by the Company from time to time:

1.Adjusted operating income, on a pre-tax and after-tax basis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations. Adjusted operating income is calculated as net income available to the Company’s shareholders (or, in the case of pre-tax adjusted operating income, income before income taxes) excluding, as applicable:
•substantially all of the effect of net investment related gains and losses;
•changes in the fair value of embedded derivatives;
•changes in the fair value of contracts that provide market risk benefits;
•the Company’s non-economic losses at contract inception for direct pension risk transfer single premium business (which are amortized into adjusted operating income within adjusted claims and other policy benefits over the estimated lives of the contracts);
•any net gain or loss from discontinued operations;
•the cumulative effect of any accounting changes;
•the impact of certain tax-related items; and
•any other items that the Company believes are not indicative of the Company’s ongoing operations;

as any of the above items can be volatile and may not reflect the underlying performance of the Company’s businesses. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company’s management incentive programs.

Adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments, and is presented in our financial statement footnotes in our periodic reports in accordance with ASC 280 – “Segment Reporting.” Adjusted operating income (loss) before income taxes, when presented on a consolidated basis, is a non-GAAP financial measure.

2. Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items, and adjusted operating income per diluted share, excluding notable items. Notable items are items that the Company believes may not be indicative of its ongoing operating performance, which are excluded from adjusted operating income to
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provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented include the financial impact of the Company’s assumption reviews.
3. Adjusted operating revenue. This measure excludes the effects of net realized capital gains and losses, and changes in the fair value of certain embedded derivatives.
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:

•Shareholders’ average equity position excluding AOCI and B36, where B36 refers to the cumulative change in fair value of funds withheld embedded derivatives;
•Shareholders’ average equity position excluding AOCI and notable items;
•Shareholders’ average equity position excluding AOCI, B36 and notable items; and
•Book value per share, excluding AOCI and B36;

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:
•Adjusted operating return on equity excluding AOCI and B36;
•Adjusted operating return on equity excluding AOCI and notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’ equity excluding notable items and AOCI; and
•Adjusted operating return on equity excluding AOCI, B36 and notable items.

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.
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Exhibit 99.3

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Source: View Original Filing on SEC EDGAR

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