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Reinsurance Group of America Q3 profit rises to $456M

Quarterly premiums increased 25.0% year over year, and the board declared a $0.98 dividend payable December 1.

Available on EDGAR Accepted by SEC EDGAR
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8-K

Rhea-AI Filing Summary

Reinsurance Group of America, Incorporated (RGA) reported third-quarter 2026 net income available to shareholders of $456 million, or $6.92 per diluted share, compared with $253 million, or $3.81, in the prior-year quarter. Adjusted operating income was $558 million, or $8.49 per diluted share, versus $310 million, or $4.66. Net premiums were $5.352 billion, an increase of 25.0% from $4.280 billion.

RGA returned $139 million to shareholders during the quarter, including $75 million in share repurchases and $64 million in dividends paid. The board declared a regular quarterly dividend of $0.98 per share, payable December 1, 2026, to shareholders of record as of November 17, 2026. Trailing-twelve-month return on equity was 13.1%; adjusted operating return on equity was 19.2%, or 19.1% excluding notable items.

Asia Pacific Traditional adjusted operating income before taxes was $119 million, compared with $138 million a year earlier. The effective tax rate was 26.8% on pretax income and 24.1% on adjusted operating income before taxes, both above the expected 22% to 23% range; RGA attributed this primarily to the jurisdictional mix of earnings and an increase in the valuation allowance.

2 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 1 point

How the balance works

Positive

  • Moderate pointNet premiums increased 25.0% to $5.352 billion in the quarter.
  • Moderate pointNet income available to RGA shareholders was $456 million, versus $253 million.

Negative

  • Moderate pointAsia Pacific Traditional adjusted operating income before taxes was $119 million, versus $138 million.
Item 1.12 Item 1.12
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, or exhibit attachments filed with this report.
Net premiums $5.352 billion Three months ended September 30, 2026; $4.280 billion in the prior-year quarter
Net income available to RGA shareholders $456 million Three months ended September 30, 2026; $253 million in the prior-year quarter
Adjusted operating income $558 million Three months ended September 30, 2026; $310 million in the prior-year quarter
Return on equity 13.1% Trailing twelve months ended September 30, 2026
Adjusted operating return on equity 19.2% Trailing twelve months ended September 30, 2026
Shareholder returns $139 million Third quarter 2026; includes $75 million in share repurchases and $64 million in dividends paid
Quarterly dividend $0.98 per share Payable December 1, 2026, to shareholders of record as of November 17, 2026
adjusted operating income, excluding notable items financial
"Adjusted operating income, excluding notable items"
accumulated other comprehensive income (AOCI) financial
"excluding the impact of accumulated other comprehensive income (AOCI)"
Accumulated other comprehensive income (AOCI) is a section of a company's equity that records certain gains and losses that are excluded from net income, such as currency translation shifts, unrealized gains or losses on some investments, and retirement-plan adjustments. Investors care because AOCI reveals changes in a company’s financial position that don’t show up on the profit-and-loss line but can alter the value of equity over time—like a side account that captures market swings before they hit your main balance.
single premium pension risk transfer financial
"single premium pension risk transfer transactions"
market risk benefits remeasurement financial
"Market risk benefits remeasurement (gains) losses"
net premium ratio financial
"Cohorts with a net premium ratio under 100%"
Net premiums $5.352 billion 25.0% increase compared with the prior-year quarter
Net income available to RGA shareholders $456 million Compared with $253 million in the prior-year quarter
Adjusted operating income $558 million Compared with $310 million in the prior-year quarter

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did RGA earn per diluted share in the third quarter of 2026?
RGA reported net income of $6.92 per diluted share and adjusted operating income of $8.49 per diluted share. In the prior-year quarter, those figures were $3.81 and $4.66, respectively.

What dividend did RGA declare in the third quarter of 2026?
RGA declared a regular quarterly dividend of $0.98 per share, payable December 1, 2026, to shareholders of record as of November 17, 2026.

When was RGA's third-quarter 2026 earnings call scheduled?
RGA's call was scheduled to begin at 10 a.m. Eastern Time on November 6, 2026. A live audio webcast was to be available on RGA's Investor Relations website, with a replay available there for 90 days following the call.

Why was RGA's effective tax rate above its expected range?
RGA reported an effective tax rate of 26.8% on pretax income and 24.1% on adjusted operating income before taxes, above the expected 22% to 23% range. It attributed the rates primarily to the jurisdictional mix of earnings and an increase in the valuation allowance.

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

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false000089817400008981742026-11-052026-11-050000898174rga:RGAMemberexch:XNYS2026-11-052026-11-050000898174rga:RZCMemberexch:XNYS2026-11-052026-11-05

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): November 5, 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 November 5, 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 September 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 September 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 November 6, 2026 to discuss the financial and operating results for the three-month period ended September 30, 2026 (the “Earnings Call”).

Item 7.01Regulation FD Disclosure.
In connection with the Earnings Call, the Company has prepared a presentation, dated November 5, 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 December 1, 2026, to shareholders of record as of November 17, 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 November 5, 2026
99.2
  
Quarterly Financial Supplement for the quarter ended September 30, 2026
99.3
Earnings Presentation dated November 5, 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: November 5, 2026By:/s/ Laura Cockrill
Laura Cockrill
Executive Vice President and Chief Financial Officer




Exhibit 99.1
imagea.jpg
 
PRESS RELEASE

REINSURANCE GROUP OF AMERICA ANNOUNCES
THIRD QUARTER RESULTS
Third Quarter Results
•Net income available to RGA shareholders of $6.92 per diluted share, compared with $3.81 per diluted share in the prior-year quarter.
•Adjusted operating income of $8.49 per diluted share, compared with $4.66 per diluted share in the prior-year quarter.
•Return on equity (“ROE”) of 13.1%; adjusted operating ROE of 19.2%; adjusted operating ROE, excluding notable items, of 19.1%, each for the trailing twelve months.
•Returned $139 million to shareholders in the quarter, including $75 million in share repurchases and $64 million in dividends paid.


ST. LOUIS, Nov. 5, 2026 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported third quarter net income available to RGA shareholders of $456 million, or $6.92 per diluted share, compared with $253 million, or $3.81 per diluted share, in the prior-year quarter. Adjusted operating income for the third quarter totaled $558 million, or $8.49 per diluted share, compared with $310 million, or $4.66 per diluted share, in the prior-year quarter. Adjusted operating income, excluding notable items, for the third quarter totaled $558 million, or $8.49 per diluted share, compared with $424 million, or $6.37 per diluted share, in the prior-year quarter. Net foreign currency fluctuations had an unfavorable effect of $0.11 per diluted share on net income available to RGA shareholders, and $0.15 per diluted share on adjusted operating income, both compared with the prior-year quarter.

Tony Cheng, President and Chief Executive Officer, commented, “RGA delivered excellent results this quarter with strong performance across all regions. Investment performance was robust and claims experience was favorable to expectations, demonstrating continued strong fundamentals underpinned by a long history of biometric expertise and superior investment capabilities.

“These results reinforce the strategic advantages of RGA’s diversified platform and our ability to generate attractive, risk-adjusted returns across a range of market environments. We continued to maintain our disciplined approach to capital deployment with a focus on high return, quality business as well as shareholder returns. Our pipeline for both in-force and flow business remains healthy and supports our confidence in RGA continuing to deliver strong financial results for the remainder of 2026 and beyond.”



Quarterly ResultsYear-to-Date Results
($ in millions, except per share data)2026202520262025
Net premiums$5,352 $4,280 $14,419 $12,450 
Net income available to RGA shareholders456 253 1,248 719 
Net income available to RGA shareholders per diluted share6.92 3.81 18.91 10.78 
Adjusted operating income558 310 1,606 1,003 
Adjusted operating income, excluding notable items558 424 1,606 1,117 
Adjusted operating income per diluted share8.49 4.66 24.34 15.04 
Adjusted operating income, excluding notable items per diluted share8.49 6.37 24.34 16.75 
Book value per share178.89 197.52 178.89 197.52 
Book value per share, excluding accumulated other comprehensive income (AOCI)179.51 158.67 179.51 158.67 
Book value per share, excluding AOCI and B36178.59 159.83 178.59 159.83 
Total assets169,520 152,003 

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.

RGA completed its annual actuarial assumption review. There was no net impact to consolidated pre-tax adjusted operating income as a result of this review.

In the third quarter, consolidated net premiums totaled $5.4 billion, an increase of 25.0% compared with the prior-year quarter, with an adverse net foreign currency effect of $16 million. Net premiums for the quarter included approximately $800 million from single premium pension risk transfer transactions, which are included in the U.S. Financial Solutions business, compared with no contribution from these transactions in the prior-year quarter.

Investment income for the quarter, excluding spread-based businesses, increased 17.5% compared with the prior-year quarter, primarily due to a larger average invested asset base, higher variable income, and accretive new money rates. Average investment yield was 5.26% in the quarter compared with 4.73% in the prior-year quarter, reflecting higher variable investment income and accretive new money rates.

The effective tax rate for the quarter was 26.8% on pre-tax income, above the expected range of 22% to 23% primarily due to the jurisdictional mix of earnings and an increase in the valuation allowance. The effective tax rate for the quarter was 24.1% on adjusted operating income before taxes, above the expected range of 22% to 23% primarily due to the jurisdictional mix of earnings and an increase in the valuation allowance.



















SEGMENT RESULTS

U.S. and Latin America

Traditional
Quarterly ResultsYear-to-Date Results
($ in millions)2026202520262025
Net premiums$1,930 $1,883 $5,823 $5,823 
Adjusted operating income before taxes176 136 479 280 
Adjusted operating income before taxes, excluding notable items163 97 466 241 

Quarterly Results
•Results excluding notable items increased compared to the prior-year quarter, primarily due to more favorable claims experience and the continued favorable impacts of in-force actions executed in prior periods.
•Results reflected $13 million of favorable impacts from the 2026 annual actuarial assumption review, which are reflected as notable items.

Financial Solutions
Quarterly ResultsYear-to-Date Results
($ in millions)2026202520262025
Adjusted operating income before taxes$119 100 $391 264 
Adjusted operating income before taxes, excluding notable items127 100 399 264 

Quarterly Results
•Results excluding notable items increased compared to the prior-year quarter, primarily due to strong variable investment income.
•Results reflected $8 million of unfavorable impacts from the 2026 annual actuarial assumption review, which are reflected as notable items.

Canada

Traditional
Quarterly ResultsYear-to-Date Results
($ in millions)2026202520262025
Net premiums$346 326 $1,033 984 
Adjusted operating income before taxes63 43 139 103 
Adjusted operating income before taxes, excluding notable items41 34 117 94 




Net Premiums
•Foreign currency exchange rates had an adverse effect on net premiums of $6 million for the quarter.

Quarterly Results
•Results excluding notable items increased compared to the prior-year quarter, primarily due to more favorable claims experience.
•Results reflected $22 million of favorable impacts from the 2026 annual actuarial assumption review, which are reflected as notable items.

Financial Solutions
Quarterly ResultsYear-to-Date Results
($ in millions)2026202520262025
Adjusted operating income before taxes$17 7 $45 27 
Adjusted operating income before taxes, excluding notable items17 7 45 27 

Quarterly Results
•Results excluding notable items increased compared to 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$556 562 $1,729 1,675 
Adjusted operating income before taxes21 (192)114 (124)
Adjusted operating income before taxes, excluding notable items52 30 145 98 

Net Premiums
•Foreign currency exchange rates had a positive effect of $3 million on net premiums for the quarter.

Quarterly Results
•Results excluding notable items increased compared to the prior-year quarter, primarily due to more favorable claims experience.
•Results reflected $31 million of unfavorable impacts from the 2026 annual actuarial assumption review, which are reflected as notable items.
•Foreign currency exchange rates had an adverse effect of $4 million on adjusted operating income before taxes for the quarter.


Financial Solutions



Quarterly ResultsYear-to-Date Results
($ in millions)2026202520262025
Adjusted operating income before taxes$151 140 $412 346 
Adjusted operating income before taxes, excluding notable items151 116 412 322 

Quarterly Results
•Results excluding notable items increased compared to 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$863 880 $2,573 2,473 
Adjusted operating income before taxes119 138 373 348 
Adjusted operating income before taxes, excluding notable items111 137 365 347 

Net Premiums
•Foreign currency exchange rates had an adverse effect on net premiums of $3 million for the quarter.

Quarterly Results
•Results excluding notable items decreased compared to the prior-year quarter, primarily due to less favorable claims experience.
•Results reflected $8 million of favorable impacts from the 2026 annual actuarial assumption review, which are reflected as notable items.
•Foreign currency exchange rates had an adverse effect of $6 million on adjusted operating income before taxes for the quarter.

Financial Solutions
Quarterly ResultsYear-to-Date Results
($ in millions)2026202520262025
Adjusted operating income before taxes$92 71 $277 207 
Adjusted operating income before taxes, excluding notable items96 71 281 207 

Quarterly Results
•Results excluding notable items increased compared to the prior-year quarter, primarily due to new business growth and strong variable investment income.
•Results reflected $4 million of unfavorable impacts from the 2026 annual actuarial assumption review, which are reflected as notable items.
•Foreign currency exchange rates had an adverse effect of $3 million on adjusted operating income before taxes for the quarter.

Corporate and Other



Quarterly ResultsYear-to-Date Results
($ in millions)2026202520262025
Adjusted operating income (loss) before taxes$(22)(58)$(122)(160)
Adjusted operating income (loss) before taxes, excluding notable items(22)(58)(122)(160)

Quarterly Results
•Results increased compared to the prior-year quarter due to strong variable investment income.

Dividend Declaration

Effective October 22, 2026, the Board of Directors declared a regular quarterly dividend of $0.98, payable December 1, 2026, to shareholders of record as of November 17, 2026.

Earnings Conference Call

A conference call to discuss third quarter results will begin at 10 a.m. Eastern Time on Friday, November 6, 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 $4.4 trillion of life reinsurance in force and total assets of $169.5 billion as of September 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 September 30,
20262025
Diluted Earnings Per ShareDiluted Earnings Per Share
Net income available to RGA shareholders$456 $6.92 $253 $3.81 
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net172 2.64 (2)(0.05)
Market risk benefits remeasurement (gains) losses(21)(0.32)— — 
Realized (gains) losses on funds withheld, included in investment income, net of related expenses(1)(0.02)15 0.23 
Embedded derivatives:
Included in investment related gains/losses, net(82)(1.25)26 0.39 
Included in interest credited4 0.06 1 0.02 
Investment (income) loss on unit-linked variable annuities— — 1 0.02 
Interest credited on unit-linked variable annuities— — (1)(0.02)
Interest expense on uncertain tax positions— — — — 
Other (1)
14 0.21 11 0.17 
Uncertain tax positions and other tax related items15 0.23 4 0.06 
Net income attributable to noncontrolling interest1 0.02 2 0.03 
Adjusted operating income558 8.49 310 4.66 
Less notable items— — (114)(1.71)
Adjusted operating income, excluding notable items$558 $8.49 $424 $6.37 
(1)     The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.

(Unaudited)Nine Months Ended September 30,
20262025
Diluted Earnings Per ShareDiluted Earnings Per Share
Net income available to RGA shareholders$1,248 $18.91 $719 $10.78 
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net470 7.12 115 1.75 
Market risk benefits remeasurement (gains) losses(24)(0.36)9 0.13 
Realized (gains) losses on funds withheld, included in investment income, net of related expenses4 0.06 13 0.19 
Embedded derivatives:
Included in investment related gains/losses, net(116)(1.76)32 0.48 
Included in interest credited6 0.09 10 0.15 
Investment (income) loss on unit-linked variable annuities1 0.02 1 0.01 
Interest credited on unit-linked variable annuities(1)(0.02)(1)(0.01)
Interest expense on uncertain tax positions1 0.02 — — 
Other (1)
1 0.02 25 0.37 
Uncertain tax positions and other tax related items12 0.18 75 1.12 
Net income attributable to noncontrolling interest4 0.06 5 0.07 
Adjusted operating income1,606 24.34 1,003 15.04 
Less notable items— — (114)(1.71)
Adjusted operating income, excluding notable items$1,606 $24.34 $1,117 $16.75 
(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 September 30, 2026Nine Months Ended September 30, 2026
Pre-tax Income (Loss)Income Taxes
Effective Tax Rate (1)
Pre-tax Income (Loss)Income Taxes
Effective Tax Rate (1)
GAAP income$624 $167 26.8 %$1,670 $418 25.1 %
Reconciliation to adjusted operating income:
Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net222 50 601 131 
Market risk benefits remeasurement (gains) losses(26)(5)(30)(6)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses(1)— 5 1 
Embedded derivatives:
Included in investment related gains/losses, net(104)(22)(147)(31)
Included in interest credited4 — 7 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)
17 3 1 — 
Uncertain tax positions and other tax related items— (15)— (12)
Adjusted operating income736 178 24.1 %2,108 502 23.8 %
Less notable items— — — — 
Adjusted operating income, excluding notable items$736 $178 $2,108 $502 
(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 September 30,Nine Months Ended September 30,
2026202520262025
Income before income taxes$624 $320 $1,670 $1,030 
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net222 (1)601 147 
Market risk benefits remeasurement (gains) losses(26)(1)(30)11 
Realized (gains) losses on funds withheld, included in investment income, net of related expenses(1)19 5 17 
Embedded derivatives:
Included in investment related gains/losses, net(104)33 (147)41 
Included in interest credited4 1 7 13 
Investment (income) loss on unit-linked variable annuities— 1 1 1 
Interest credited on unit-linked variable annuities— (1)(1)(1)
Interest expense on uncertain tax positions— — 1 — 
Other (1)
17 14 1 32 
Pre-tax adjusted operating income736 385 2,108 1,291 
Less notable items— (149)— (149)
Pre-tax adjusted operating income, excluding notable items$736 $534 $2,108 $1,440 
(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 September 30,Nine Months Ended September 30,
2026202520262025
Earnings per share from net income (loss):
Basic earnings per share$6.98 $3.85 $19.09 $10.89 
Diluted earnings per share$6.92 $3.81 $18.91 $10.78 
Diluted earnings per share from adjusted operating income$8.49 $4.66 $24.34 $15.04 
Weighted average number of common and common equivalent shares outstanding65,774 66,508 65,973 66,694 


(Unaudited)At September 30,
20262025
Treasury shares20,268 19,602 
Common shares outstanding65,043 65,709 
Book value per share outstanding$178.89 $197.52 
Book value per share outstanding, before impact of AOCI$179.51 $158.67 


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

(Unaudited)At September 30,
20262025
Book value per share outstanding$178.89 $197.52 
Less effect of AOCI:
Accumulated currency translation adjustment1.83 1.27 
Unrealized (depreciation) appreciation of securities(169.13)(63.89)
Effect of updating discount rates on future policy benefits166.65 101.69 
Change in instrument-specific credit risk for market risk benefits0.04 0.01 
Pension and postretirement benefits(0.01)(0.23)
Book value per share outstanding, before impact of AOCI179.51 158.67 
Less effect of B36 derivatives0.92 (1.16)
Book value per share outstanding, before impact of AOCI and B36 derivatives$178.59 $159.83 

















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 September 30, 2026:Average Equity
Shareholders' average equity$13,013 
Less effect of AOCI:
Accumulated currency translation adjustment109 
Unrealized (depreciation) appreciation of securities(6,513)
Effect of updating discount rates on future policy benefits8,380 
Change in instrument-specific credit risk for market risk benefits2 
Pension and postretirement benefits(6)
Shareholders' average equity, excluding AOCI11,041 
Year-to-date notable items, net of tax(46)
Shareholders' average equity, excluding AOCI and notable items$11,087 




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 September 30, 2026:Income
Net income available to RGA shareholders$1,711 13.1 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net602 
Change in fair value of embedded derivatives(129)
Tax expense on uncertain tax positions and other tax related items(69)
Net income attributable to noncontrolling interest6 
Adjusted operating income2,121 19.2 %
Less notable items after tax— 
Adjusted operating income, excluding notable items$2,121 19.1 %























REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in millions)
(Unaudited)Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Revenues:
Net premiums$5,352 $4,280 $14,419 $12,450 
Investment income, net of related expenses1,934 1,475 5,499 4,115 
Investment related gains (losses), net(85)13 (331)(110)
Other revenue349 436 1,094 608 
Total revenues7,550 6,204 20,681 17,063 
Benefits and expenses:
Claims and other policy benefits5,420 4,356 14,519 12,223 
Future policy benefits remeasurement (gains) losses(40)85 (41)97 
Market risk benefits remeasurement (gains) losses(26)(1)(30)11 
Interest credited533 547 1,630 1,160 
Policy acquisition costs and other insurance expenses586 471 1,606 1,321 
Other operating expenses357 328 1,031 953 
Interest expense96 98 296 268 
Total benefits and expenses6,926 5,884 19,011 16,033 
Income before income taxes624 320 1,670 1,030 
Provision for income taxes167 65 418 306 
Net income457 255 1,252 724 
Net income attributable to noncontrolling interest1 2 4 5 
Net income available to RGA shareholders$456 $253 $1,248 $719 
# # #



Exhibit 99.2
rga_logoxrgbxredxwht.jpg
Quarterly Financial Supplement
Third 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
3rd 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)Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20262026202620252025Quarter20262025Change
Net premiums$5,352 $4,472 $4,595 $4,780 $4,280 $1,072 $14,419 $12,450 $1,969 
Net income available to RGA’s shareholders456 462 330 463 253 203 1,248 719 529 
Adjusted operating income558 586 462 515 310 248 1,606 1,003 603 
Adjusted operating income excluding notable items (1)
558 586 462 515 424 134 1,606 1,117 489 
Return on equity13.1 %11.5 %9.7 %9.7 %7.4 %5.7 %
Adjusted operating return on equity (excluding AOCI)19.2 %17.4 %15.2 %14.7 %13.2 %6.0 %
Adjusted operating return on equity (excluding AOCI and notable items (1))
19.1 %18.4 %16.2 %15.7 %14.2 %4.9 %
Adjusted operating return on equity (excluding AOCI, B36, and notable items (1))
19.1 %18.3 %16.1 %15.6 %14.1 %5.0 %
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income$6.98 $7.07 $5.04 $7.07 $3.85 $3.13 $19.09 $10.89 $8.20 
Adjusted operating income$8.57 $8.96 $7.05 $7.85 $4.71 $3.86 $24.57 $15.21 $9.36 
Adjusted operating income excluding notable items (1)
$8.57 $8.96 $7.05 $7.85 $6.43 $2.14 $24.57 $16.93 $7.64 
Diluted earnings per share
Net income$6.92 $7.01 $4.98 $6.97 $3.81 $3.11 $18.91 $10.78 $8.13 
Adjusted operating income$8.49 $8.89 $6.97 $7.75 $4.66 $3.83 $24.34 $15.04 $9.30 
Adjusted operating income excluding notable items (1)
$8.49 $8.89 $6.97 $7.75 $6.37 $2.12 $24.34 $16.75 $7.59 
Weighted average common shares outstanding
Basic65,177 65,415 65,489 65,556 65,867 (690)65,359 65,987 (628)
Diluted65,774 65,916 66,226 66,428 66,508 (734)65,973 66,694 (721)
Book value per share$178.89 $209.73 $202.93 $205.63 $197.52 $(18.63)$178.89 $197.52 $(18.63)
Book value per share, excluding AOCI$179.51 $173.77 $167.60 $164.66 $158.67 $20.84 $179.51 $158.67 $20.84 
Book value per share, excluding AOCI and B36$178.59 $174.11 $167.92 $165.50 $159.83 $18.76 $178.59 $159.83 $18.76 
Shareholders’ dividends paid$64 $61 $61 $61 $61 $3 $186 $179 $7 
Share buybacks75 50 50 50 75 — 175 75 100 
Total returned to shareholders$139 $111 $111 $111 $136 $3 $361 $254 $107 
Common shares issued85,311 85,311 85,311 85,311 85,311 — 85,311 85,311 — 
Treasury shares20,268 20,019 19,802 19,847 19,602 666 20,268 19,602 666 
Common shares outstanding65,043 65,292 65,509 65,464 65,709 (666)65,043 65,709 (666)
Assumed life reinsurance in force (in billions)$4,378.5 $4,341.6 $4,342.8 $4,334.6 $4,320.8 $57.7 
Assumed new business production (in billions)$109.2 $129.7 $150.6 $149.9 $341.0 $(231.8)$389.5 $583.6 $(194.1)
(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
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20262026202620252025Quarter20262025Change
Revenues:
Net premiums$5,352 $4,472 $4,595 $4,780 $4,280 $1,072 $14,419 $12,450 $1,969 
Net investment income1,934 1,864 1,701 1,691 1,475 459 5,499 4,115 1,384 
Investment related gains (losses), net(85)(76)(170)(135)13 (98)(331)(110)(221)
Other revenue349 377 368 299 436 (87)1,094 608 486 
Total revenues7,550 6,637 6,494 6,635 6,204 1,346 20,681 17,063 3,618 
Benefits and expenses:
Claims and other policy benefits5,420 4,478 4,621 4,772 4,356 1,064 14,519 12,223 2,296 
Future policy benefits remeasurement (gains) losses(40)6 (7)(97)85 (125)(41)97 (138)
Market risk benefits remeasurement (gains) losses(26)(26)22 (3)(1)(25)(30)11 (41)
Interest credited533 617 480 475 547 (14)1,630 1,160 470 
Policy acquisition costs and other insurance expenses586 508 512 500 471 115 1,606 1,321 285 
Other operating expenses357 348 326 380 328 29 1,031 953 78 
Interest expense96 101 99 98 98 (2)296 268 28 
Total benefits and expenses6,926 6,032 6,053 6,125 5,884 1,042 19,011 16,033 2,978 
Income before income taxes624 605 441 510 320 304 1,670 1,030 640 
Provision for income taxes167 141 110 45 65 102 418 306 112 
Net income457 464 331 465 255 202 1,252 724 528 
Net income attributable to noncontrolling interest1 2 1 2 2 (1)4 5 (1)
Net income available to RGA’s shareholders$456 $462 $330 $463 $253 $203 $1,248 $719 $529 
Pre-tax adjusted operating income reconciliation:
Income before income taxes$624 $605 $441 $510 $320 $304 $1,670 $1,030 $640 
Investment and derivative (gains) losses (1)
222 181 198 197 (1)223 601 147 454 
Market risk benefits remeasurement (gains) losses(26)(26)22 (3)(1)(25)(30)11 (41)
Change in fair value of funds withheld embedded derivatives (1)
(104)1 (44)(27)33 (137)(147)41 (188)
Funds withheld (gains) losses - investment income(1)10 (4)(2)19 (20)5 17 (12)
Derivatives - interest credited4 — 3 2 1 3 7 13 (6)
Investment (income) loss on unit-linked variable annuities— — 1 (1)1 (1)1 1 — 
Interest credited on unit-linked variable annuities— — (1)1 (1)1 (1)(1)— 
Interest expense on uncertain tax positions— — 1 — — — 1 — 1 
Other (2)
17 (10)(6)(1)14 3 1 32 (31)
Adjusted operating income before income taxes736 761 611 676 385 351 2,108 1,291 817 
Less notable items (3)
— — — — (149)149 — (149)149 
Adjusted operating income before income taxes excluding notable items$736 $761 $611 $676 $534 $202 $2,108 $1,440 $668 
(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 related to the Company’s long-duration and other insurance business.
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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
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20262026202620252025Quarter20262025Change
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA$456 $462 $330 $463 $253 $203 $1,248 $719 $529 
Investment and derivative (gains) losses (1)
172 141 157 155 (2)174 470 115 355 
Market risk benefits remeasurement (gains) losses(21)(20)17 (3)— (21)(24)9 (33)
Change in fair value of funds withheld embedded derivatives (1)
(82)1 (35)(21)26 (108)(116)32 (148)
Funds withheld (gains) losses - investment income(1)8 (3)(1)15 (16)4 13 (9)
Derivatives - interest credited4 — 2 2 1 3 6 10 (4)
Investment (income) loss on unit-linked variable annuities— — 1 (1)1 (1)1 1 — 
Interest credited on unit-linked variable annuities— — (1)1 (1)1 (1)(1)— 
Interest expense on uncertain tax positions— — 1 — — — 1 — 1 
Other (2)
14 (8)(5)(1)11 3 1 25 (24)
Uncertain tax positions and other tax related items15 — (3)(81)4 11 12 75 (63)
Net income attributable to noncontrolling interest1 2 1 2 2 (1)4 5 (1)
Adjusted operating income558 586 462 515 310 248 1,606 1,003 603 
Less notable items (3)
— — — — (114)114 — (114)114 
Adjusted operating income excluding notable items$558 $586 $462 $515 $424 $134 $1,606 $1,117 $489 
Diluted earnings per share - adjusted operating income$8.49 $8.89 $6.97 $7.75 $4.66 $3.83 $24.34 $15.04 $9.30 
Diluted earnings per share - adjusted operating income excluding notable items$8.49 $8.89 $6.97 $7.75 $6.37 $2.12 $24.34 $16.75 $7.59 
Foreign currency effect on (4):
Net premiums$(16)$(2)$103 $42 $29 $(45)$85 $14 $71 
Adjusted operating income before income taxes$(13)$(7)$17 $8 $3 $(16)$(3)$4 $(7)
(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 related to the Company’s long-duration and other insurance business.
(4) Compared to comparable prior-year period.
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Page 5

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,
20262026202620252025
Assets
Fixed maturity securities available-for-sale, at fair value$107,757 $109,270 $107,328 $101,769 $99,573 
Equity securities239 302 300 311 161 
Mortgage loans12,162 11,927 11,318 11,104 10,507 
Policy loans3,372 3,635 3,703 3,541 3,570 
Funds withheld at interest7,870 8,140 8,390 8,149 8,268 
Limited partnerships and real estate joint ventures4,427 4,109 4,093 3,747 3,648 
Short-term investments393 378 357 346 381 
Other invested assets1,547 1,585 1,525 1,514 1,496 
Total investments137,767 139,346 137,014 130,481 127,604 
Cash and cash equivalents4,648 5,288 4,993 4,168 4,625 
Accrued investment income1,494 1,389 1,361 1,296 1,275 
Premiums receivable and other reinsurance balances4,920 4,735 4,259 4,475 4,035 
Reinsurance ceded receivables and other10,165 6,700 6,743 7,175 5,758 
Deferred policy acquisition costs and other6,420 6,383 6,191 6,079 5,954 
Other assets4,106 3,274 3,503 2,916 2,752 
Total assets$169,520 $167,115 $164,064 $156,590 $152,003 
Liabilities and equity
Future policy benefits$71,288 $73,032 $72,308 $66,425 $66,389 
Interest-sensitive contract liabilities58,993 56,085 53,540 52,095 49,634 
Market risk benefits, at fair value204 232 249 234 238 
Other policy claims and benefits3,067 3,018 3,051 3,011 3,032 
Other reinsurance balances1,532 1,645 1,495 1,888 1,600 
Income taxes2,811 3,207 3,182 2,998 2,591 
Funds withheld payable10,168 6,394 6,494 6,805 5,277 
Other liabilities4,421 4,009 4,256 3,873 4,440 
Long-term debt5,310 5,709 6,105 5,710 5,734 
Total liabilities157,794 153,331 150,680 143,039 138,935 
Equity:
Common stock, at par value1 1 1 1 1 
Additional paid-in-capital2,693 2,678 2,661 2,640 2,628 
Retained earnings11,161 10,774 10,375 10,151 9,757 
Treasury stock(2,179)(2,107)(2,057)(2,013)(1,960)
Accumulated other comprehensive income, net of income taxes (AOCI):
Accumulated currency translation adjustment119 119 101 121 83 
Unrealized (depreciation) appreciation of securities(11,001)(6,097)(6,466)(4,807)(4,199)
Effect of updating discount rates on future policy benefits10,839 8,328 8,680 7,372 6,682 
Change instrument-specific credit risk for market risk benefits3 — 4 2 1 
Pension and postretirement benefits— (2)(5)(6)(15)
Total RGA, Inc. shareholders’ equity11,636 13,694 13,294 13,461 12,978 
Noncontrolling interest90 90 90 90 90 
Total equity11,726 13,784 13,384 13,551 13,068 
Total liabilities and equity$169,520 $167,115 $164,064 $156,590 $152,003 
Total RGA, Inc. shareholders’ equity, excluding AOCI$11,676 $11,346 $10,980 $10,779 $10,426 
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
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20262026202620252025Quarter20262025Change
Revenues:
Net premiums$1,930 $1,961 $1,932 $2,104 $1,883 $47 $5,823 $5,823 $— 
Net investment income303 302 288 299 282 21 893 835 58 
Investment related gains (losses), net4 32 (12)5 14 (10)24 20 4 
Other revenue11 26 7 17 11 — 44 23 21 
Total revenues2,248 2,321 2,215 2,425 2,190 58 6,784 6,701 83 
Benefits and expenses:
Adjusted claims and other policy benefits1,745 1,818 1,777 1,945 1,769 (24)5,340 5,464 (124)
Future policy benefits remeasurement (gains) losses9 (21)(6)(69)(46)55 (18)3 (21)
Adjusted interest credited39 74 22 48 61 (22)135 127 8 
Policy acquisition costs and other insurance expenses215 223 223 209 209 6 661 651 10 
Other operating expenses64 62 61 70 61 3 187 176 11 
Total benefits and expenses2,072 2,156 2,077 2,203 2,054 18 6,305 6,421 (116)
Adjusted operating income before income taxes176 165 138 222 136 40 479 280 199 
Less notable items (1)
13 — — — 39 (26)13 39 (26)
Adjusted operating income excluding notable items, before income taxes$163 $165 $138 $222 $97 $66 $466 $241 $225 
Loss and expense ratios:
Loss ratio (2)
90.9 %91.6 %91.7 %89.2 %91.5 %(0.6)%91.4 %93.9 %(2.5)%
Policy acquisition costs and other insurance expenses11.1 %11.4 %11.5 %9.9 %11.1 %— %11.4 %11.2 %0.2 %
Other operating expenses3.3 %3.2 %3.2 %3.3 %3.2 %0.1 %3.2 %3.0 %0.2 %
Foreign currency effect on (3):
Net premiums$2 $3 $5 $3 $1 $1 $10 $(10)$20 
Adjusted operating income (loss) before income taxes$— $— $1 $— $— $— $1 $(1)$2 
Assumed Life Reinsurance In Force (in billions)$1,938.3 $1,929.8 $1,900.2 $1,893.4 $1,860.7 $77.6 
Assumed New Business Production (in billions)$45.8 $61.7 $47.8 $75.3 $52.8 $(7.0)$155.3 $135.1 $20.2 
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 related to the Company’s long-duration and other insurance business.
(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
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20262026202620252025Quarter20262025Change
Revenues:
Net premiums$1,007 $210 $320 $443 $227 $780 $1,537 $331 $1,206 
Net investment income599 586 564 561 476 123 1,749 1,184 565 
Investment related gains (losses), net10 51 (16)12 16 (6)45 16 29 
Other revenue287 280 279 204 351 (64)846 454 392 
Total revenues1,903 1,127 1,147 1,220 1,070 833 4,177 1,985 2,192 
Benefits and expenses:
Adjusted claims and other policy benefits1,298 498 597 709 511 787 2,393 787 1,606 
Future policy benefits remeasurement (gains) losses1 (7)14 4 2 (1)8 (1)9 
Adjusted interest credited269 339 264 241 324 (55)872 577 295 
Policy acquisition costs and other insurance expenses192 121 131 133 111 81 444 288 156 
Other operating expenses24 22 23 30 22 2 69 70 (1)
Total benefits and expenses1,784 973 1,029 1,117 970 814 3,786 1,721 2,065 
Adjusted operating income before income taxes119 154 118 103 100 19 391 264 127 
Less notable items (1)
(8)— — — — (8)(8)— (8)
Adjusted operating income before income taxes excluding notable items$127 $154 $118 $103 $100 $27 $399 $264 $135 
Assumed Life Reinsurance In Force (in billions)$197.0 $199.7 $203.0 $204.7 $207.7 $(10.7)
Assumed New Business Production (in billions)$— $— $0.9 $— $204.1 $(204.1)$0.9 $204.1 $(203.2)
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 related to the Company’s long-duration and other insurance business.

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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)Sept. 30,June 30,March 31,Dec. 31,Sept. 30,
20262026202620252025
Policyholder account balances
Fixed annuities (deferred)$12,189 $11,598 $11,213 $10,868 $10,569 
Equity-indexed annuities$1,376 $1,443 $1,514 $1,587 $1,668 
Bank-owned life insurance (BOLI) and universal life$9,081 $10,878 $11,002 $11,118 $11,130 
Other policyholder account balances$— $— $34 $36 $45 
Variable annuities account balances
No riders$623 $633 $594 $614 $598 
GMDB only855 863 834 834 781 
GMIB only14 15 17 18 17 
GMAB only1 1 1 1 1 
GMWB only767 804 751 802 802 
GMDB / WB137 145 138 147 149 
Other10 11 12 14 13 
Total variable annuities account balances$2,407 $2,472 $2,347 $2,430 $2,361 
Variable universal life account value$13,019 $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$4,841 $4,068 $3,473 $3,406 $2,781 
Future policy benefits (at original discount rate) associated with:
Payout annuities$6,103 $7,411 $7,478 $7,051 $8,266 
Life insurance$686 $811 $826 $672 $684 
Other future policy benefits$— $— $50 $54 $62 
Liability for market risk benefits:
Equity-indexed annuities$168 $183 $182 $180 $181 
Variable annuities (liability)$36 $49 $67 $54 $57 
Variable annuities (asset)$20 $19 $15 $19 $19 
Net interest spread (1)
1.3 %1.2 %1.0 %1.8 %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
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20262026202620252025Quarter20262025Change
Revenues:
Net premiums$346 $348 $339 $347 $326 $20 $1,033 $984 $49 
Net investment income64 65 62 69 69 (5)191 200 (9)
Investment related gains, net— 2 1 1 2 (2)3 3 — 
Other revenue— — 1 — 1 (1)1 1 — 
Total revenues410 415 403 417 398 12 1,228 1,188 40 
Benefits and expenses:
Adjusted claims and other policy benefits320 328 316 306 307 13 964 920 44 
Future policy benefits remeasurement (gains) losses(23)(2)(1)(2)(8)(15)(26)(3)(23)
Adjusted interest credited— — — — 1 (1)— 1 (1)
Policy acquisition costs and other insurance expenses38 39 36 44 43 (5)113 127 (14)
Other operating expenses12 12 14 15 12 — 38 40 (2)
Total benefits and expenses347 377 365 363 355 (8)1,089 1,085 4 
Adjusted operating income before income taxes63 38 38 54 43 20 139 103 36 
Less notable items (1)
22 — — — 9 13 22 9 13 
Adjusted operating income excluding notable items, before income taxes$41 $38 $38 $54 $34 $7 $117 $94 $23 
Loss and expense ratios:
Loss ratio (2)
85.8 %93.7 %92.9 %87.6 %91.7 %(5.9)%90.8 %93.2 %(2.4)%
Policy acquisition costs and other insurance expenses11.0 %11.2 %10.6 %12.7 %13.2 %(2.2)%10.9 %12.9 %(2.0)%
Other operating expenses3.5 %3.4 %4.1 %4.3 %3.7 %(0.2)%3.7 %4.1 %(0.4)%
Foreign currency effect on (3):
Net premiums$(6)$— $15 $1 $(3)$(3)$9 $(27)$36 
Adjusted operating income before income taxes$(1)$— $2 $— $— $(1)$1 $(3)$4 
Assumed Life Reinsurance In Force (in billions)$523.8 $518.9 $522.6 $521.5 $507.9 $15.9 
Assumed New Business Production (in billions)$13.4 $13.9 $13.1 $12.8 $13.5 $(0.1)$40.4 $39.8 $0.6 
Creditor reinsurance net premiums$16 $16 $16 $15 $16 $— $48 $53 $(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 related to the Company’s long-duration and other insurance business.
(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
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20262026202620252025Quarter20262025Change
Revenues:
Net premiums$46 $44 $45 $45 $46 $— $135 $143 $(8)
Net investment income68 71 62 61 58 10 201 167 34 
Investment related gains, net— (2)(1)2 (1)1 (3)(1)(2)
Other revenue2 4 3 1 3 (1)9 12 (3)
Total revenues116 117 109 109 106 10 342 321 21 
Benefits and expenses:
Adjusted claims and other policy benefits92 91 93 92 92 — 276 276 — 
Future policy benefits remeasurement (gains) losses(1)1 (1)3 — (1)(1)— (1)
Policy acquisition costs and other insurance expenses6 5 6 4 5 1 17 14 3 
Other operating expenses2 2 1 — 2 — 5 4 1 
Total benefits and expenses99 99 99 99 99 — 297 294 3 
Adjusted operating income before income taxes17 18 10 10 7 10 45 27 18 
Less notable items (1)
— — — — — — — — — 
Adjusted operating income excluding notable items, before income taxes$17 $18 $10 $10 $7 $10 $45 $27 $18 
Foreign currency effect on (2):
Net premiums$(1)$— $2 $1 $(1)$— $1 $(5)$6 
Adjusted operating income before income taxes$— $— $— $— $— $— $— $(1)$1 
Assumed Life Reinsurance In Force (in billions)$6.0 $6.0 $6.1 $6.2 $6.2 $(0.2)
Assumed New Business Production (in billions)$— $— $— $— $— $— $— $— $— 
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 related to the Company’s long-duration and other insurance business.
(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
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20262026202620252025Quarter20262025Change
Revenues:
Net premiums$556 $568 $605 $583 $562 $(6)$1,729 $1,675 $54 
Net investment income36 35 35 37 30 6 106 92 14 
Investment related losses, net— (1)— — — — (1)— (1)
Other revenue6 — 6 — 5 1 12 10 2 
Total revenues598 602 646 620 597 1 1,846 1,777 69 
Benefits and expenses:
Adjusted claims and other policy benefits517 509 543 542 516 1 1,569 1,532 37 
Future policy benefits remeasurement (gains) losses8 (1)(10)(10)216 (208)(3)214 (217)
Policy acquisition costs and other insurance expenses24 28 35 37 30 (6)87 74 13 
Other operating expenses28 27 24 33 27 1 79 81 (2)
Total benefits and expenses577 563 592 602 789 (212)1,732 1,901 (169)
Adjusted operating income (loss) before income taxes21 39 54 18 (192)213 114 (124)238 
Less notable items (1)
(31)— — — (222)191 (31)(222)191 
Adjusted operating income (loss) excluding notable items, before income taxes$52 $39 $54 $18 $30 $22 $145 $98 $47 
Loss and expense ratios:
Loss ratio (2)
94.4 %89.4 %88.1 %91.3 %130.2 %(35.8)%90.6 %104.2 %(13.6)%
Policy acquisition costs and other insurance expenses4.3 %4.9 %5.8 %6.3 %5.3 %(1.0)%5.0 %4.4 %0.6 %
Other operating expenses5.0 %4.8 %4.0 %5.7 %4.8 %0.2 %4.6 %4.8 %(0.2)%
Foreign currency effect on (3):
Net premiums$3 $10 $43 $26 $18 $(15)$56 $39 $17 
Adjusted operating income (loss) before income taxes$(4)$— $5 $1 $(7)$3 $1 $(5)$6 
Critical illness net premiums$31 $30 $39 $38 $33 $(2)$100 $101 $(1)
Assumed Life Reinsurance In Force (in billions)$1,060.3 $1,069.3 $1,074.4 $1,113.1 $1,125.7 $(65.4)
Assumed New Business Production (in billions)$22.6 $44.6 $35.6 $38.6 $35.7 $(13.1)$102.8 $133.2 $(30.4)
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 related to the Company’s long-duration and other insurance business.
(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
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20262026202620252025Quarter20262025Change
Revenues:
Net premiums$367 $346 $344 $263 $260 $107 $1,057 $696 $361 
Net investment income152 146 137 135 106 46 435 300 135 
Investment related gains (losses), net1 2 (1)(1)— 1 2 3 (1)
Other revenue11 15 15 14 21 (10)41 37 4 
Total revenues531 509 495 411 387 144 1,535 1,036 499 
Benefits and expenses:
Adjusted claims and other policy benefits357 341 347 249 253 104 1,045 644 401 
Future policy benefits remeasurement (gains) losses(9)1 (11)6 (37)28 (19)(43)24 
Adjusted interest credited5 6 8 6 7 (2)19 20 (1)
Policy acquisition costs and other insurance expenses4 4 3 3 3 1 11 6 5 
Other operating expenses23 24 20 24 21 2 67 63 4 
Total benefits and expenses380 376 367 288 247 133 1,123 690 433 
Adjusted operating income before income taxes151 133 128 123 140 11 412 346 66 
Less notable items (1)
— — — — 24 (24)— 24 (24)
Adjusted operating income excluding notable items, before income taxes$151 $133 $128 $123 $116 $35 $412 $322 $90 
Foreign currency effect on (2):
Net premiums$(2)$2 $24 $12 $10 $(12)$24 $22 $2 
Adjusted operating income before income taxes$1 $— $8 $6 $5 $(4)$9 $10 $(1)
Assumed Life Reinsurance In Force (in billions)$15.8 $16.4 $16.9 $17.8 $18.8 $(3)
Assumed New Business Production (in billions)$— $— $— $— $18.8 $(18.8)$— $18.8 $(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 related to the Company’s long-duration and other insurance business.
(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
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20262026202620252025Quarter20262025Change
Revenues:
Net premiums$863 $850 $860 $862 $880 $(17)$2,573 $2,473 $100 
Net investment income89 85 82 76 73 16 256 216 40 
Investment related gains (losses), net— 3 — 1 — — 3 — 3 
Other revenue1 (1)8 7 3 (2)8 6 2 
Total revenues953 937 950 946 956 (3)2,840 2,695 145 
Benefits and expenses:
Adjusted claims and other policy benefits761 722 726 750 761 — 2,209 2,133 76 
Future policy benefits remeasurement (gains) losses(28)(5)9 (26)(41)13 (24)(67)43 
Policy acquisition costs and other insurance expenses39 37 35 39 43 (4)111 117 (6)
Other operating expenses62 54 55 66 55 7 171 164 7 
Total benefits and expenses834 808 825 829 818 16 2,467 2,347 120 
Adjusted operating income before income taxes119 129 125 117 138 (19)373 348 25 
Less notable items (1)
8 — — — 1 7 8 1 7 
Adjusted operating income excluding notable items, before income taxes$111 $129 $125 $117 $137 $(26)$365 $347 $18 
Loss and expense ratios:
Loss ratio (2)
84.9 %84.4 %85.5 %84.0 %81.8 %3.1 %84.9 %83.5 %1.4 %
Policy acquisition costs and other insurance expenses4.5 %4.4 %4.1 %4.5 %4.9 %(0.4)%4.3 %4.7 %(0.4)%
Other operating expenses7.2 %6.4 %6.4 %7.7 %6.3 %0.9 %6.6 %6.6 %— %
Foreign currency effect on (3):
Net premiums$(3)$(4)$18 $1 $3 $(6)$11 $(11)$22 
Adjusted operating income before income taxes$(6)$(2)$1 $1 $6 $(12)$(7)$6 $(13)
Critical illness net premiums$433 $431 $436 $435 $414 $19 $1,300 $1,236 $64 
Assumed Life Reinsurance In Force (in billions)$595.4 $562.6 $581.7 $552.5 $546.1 $49.3 
Assumed New Business Production (in billions)$26.2 $8.1 $40.0 $21.5 $12.7 $13.5 $74.3 $41.5 $32.8 
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 related to the Company’s long-duration and other insurance business.
(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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Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20262026202620252025Quarter20262025Change
Revenues:
Net premiums$237 $145 $150 $133 $96 $141 $532 $325 $207 
Net investment income426 402 319 288 250 176 1,147 693 454 
Investment related gains, net17 17 12 12 13 4 46 30 16 
Other revenue— 11 14 12 6 (6)25 12 13 
Total revenues680 575 495 445 365 315 1,750 1,060 690 
Benefits and expenses:
Adjusted claims and other policy benefits318 174 222 175 135 183 714 438 276 
Future policy benefits remeasurement (gains) losses3 40 (1)(3)(1)4 42 (6)48 
Adjusted interest credited170 154 140 130 107 63 464 284 180 
Policy acquisition costs and other insurance expenses85 73 58 44 42 43 216 105 111 
Other operating expenses12 14 11 12 11 1 37 32 5 
Total benefits and expenses588 455 430 358 294 294 1,473 853 620 
Adjusted operating income before income taxes92 120 65 87 71 21 277 207 70 
Less notable items (1)
(4)— — — — (4)(4)— (4)
Adjusted operating income excluding notable items, before income taxes$96 $120 $65 $87 $71 $25 $281 $207 $74 
Foreign currency effect on (2):
Net premiums$(9)$(13)$(4)$(2)$1 $(10)$(26)$6 $(32)
Adjusted operating income before income taxes$(3)$(7)$(1)$— $— $(3)$(11)$1 $(12)
Assumed Life Reinsurance In Force (in billions)$41.9 $38.9 $37.9 $25.4 $24.9 $17.0 
Assumed New Business Production (in billions)$1.2 $1.4 $13.2 $1.7 $3.4 $(2.2)$15.8 $11.1 $4.7 
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 related to the Company’s long-duration and other insurance business.
(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
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20262026202620252025Quarter20262025Change
Revenues:
Net investment income$196 $182 $149 $162 $151 $45 $527 $446 $81 
Investment related gains, net1 2 1 3 1 — 4 7 (3)
Other revenue33 38 29 29 29 4 100 52 48 
Total revenues230 222 179 194 181 49 631 505 126 
Benefits and expenses:
Adjusted interest credited46 44 44 47 47 (1)134 139 (5)
Policy acquisition costs and other insurance income(17)(22)(15)(13)(15)(2)(54)(53)(1)
Other operating expenses127 134 117 120 109 18 378 311 67 
Interest expense96 101 98 98 98 (2)295 268 27 
Total benefits and expenses252 257 244 252 239 13 753 665 88 
Adjusted operating loss before income taxes(22)(35)(65)(58)(58)36 (122)(160)38 
Less notable items (1)
— — — — — — — — — 
Adjusted operating loss excluding notable items, before income taxes$(22)$(35)$(65)$(58)$(58)$36 $(122)$(160)$38 
Foreign currency effect on (2):
Adjusted operating loss before income taxes$— $2 $1 $— $(1)$1 $3 $(3)$6 
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 related to the Company’s long-duration and other insurance business.
(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
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20262026202620252025Quarter20262025Change
U.S. and Latin America:
Traditional$176 $165 $138 $222 $136 $40 $479 $280 $199 
Financial Solutions119 154 118 103 100 19 391 264 127 
Total U.S. and Latin America295 319 256 325 236 59 870 544 326 
Canada:
Traditional63 38 38 54 43 20 139 103 36 
Financial Solutions17 18 10 10 7 10 45 27 18 
Total Canada80 56 48 64 50 30 184 130 54 
Europe, Middle East and Africa:
Traditional21 39 54 18 (192)213 114 (124)238 
Financial Solutions151 133 128 123 140 11 412 346 66 
Total Europe, Middle East and Africa172 172 182 141 (52)224 526 222 304 
Asia Pacific:
Traditional119 129 125 117 138 (19)373 348 25 
Financial Solutions92 120 65 87 71 21 277 207 70 
Total Asia Pacific211 249 190 204 209 2 650 555 95 
Corporate and Other(22)(35)(65)(58)(58)36 (122)(160)38 
Consolidated adjusted operating income before income taxes736 761 611 676 385 351 2,108 1,291 817 
Less notable items (1)
— — — — (149)149 — (149)149 
Consolidated adjusted operating income excluding notable items before income taxes$736 $761 $611 $676 $534 $202 $2,108 $1,440 $668 
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 related to the Company’s long-duration and other insurance business.
 


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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Cash and Invested Assets
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,
20262026202620252025
Fixed maturity securities, available-for-sale - public (1)
$93,896 $95,867 $94,438 $88,993 $88,064 
Fixed maturity securities, available-for-sale - private (1)
13,861 13,403 12,890 12,776 11,509 
Equity securities239 302 300 311 161 
Mortgage loans12,162 11,927 11,318 11,104 10,507 
Policy loans3,372 3,635 3,703 3,541 3,570 
Funds withheld at interest7,870 8,140 8,390 8,149 8,268 
Limited partnerships and real estate joint ventures4,427 4,109 4,093 3,747 3,648 
Short-term investments393 378 357 346 381 
Other invested assets1,547 1,585 1,525 1,514 1,496 
Cash and cash equivalents4,648 5,288 4,993 4,168 4,625 
Total cash and invested assets$142,415 $144,634 $142,007 $134,649 $132,229 
(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
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20262026202620252025Quarter20262025Change
Average invested assets at amortized cost (1)
$50,379 $50,179 $49,549 $49,080 $47,662 $2,717 $49,400 $45,091 $4,309 
Net investment income (1)
$650 $656 $599 $630 $553 $97 $1,905 $1,650 $255 
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)
5.26 %5.33 %4.93 %5.23 %4.73 %53 bps5.17 %4.91 %26 bps
Variable investment income (“VII”) (included in net investment income) (1)
$55 $63 $26 $55 $— $55 $144 $53 $91 
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 %4.96 %4.85 %4.98 %4.92 %4 bps4.92 %4.95 %(3) 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
September 30, 2026
Total InvestmentsFunds WithheldAssets Excluding Funds Withheld
Fixed maturity securities, available-for-sale$107,757 $6,628 $101,129 
Equity securities239 2 237 
Mortgage loans12,162 1,061 11,101 
Policy loans3,372 217 3,155 
Funds withheld at interest7,870 1,307 6,563 
Limited partnerships and real estate joint ventures4,427 159 4,268 
Short-term investments393 2 391 
Other invested assets1,547 142 1,405 
Total invested assets$137,767 $9,518 $128,249 
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
September 30, 2026
Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Estimated Fair
Value		% of
Total
Available-for-sale:
   Corporate$83,446 $195 $240 $8,764 $74,727 69.4 %
   Canadian government4,794 — 155 281 4,668 4.3 %
   Japanese government9,230 — — 2,588 6,642 6.2 %
   Korean government1,521 — — 324 1,197 1.1 %
   ABS8,193 21 37 294 7,915 7.4 %
   CMBS2,609 — 9 100 2,518 2.3 %
   RMBS2,030 — 6 154 1,882 1.7 %
   U.S. government2,545 — 1 342 2,204 2.0 %
   State and political subdivisions753 — — 128 625 0.6 %
   Other foreign government6,005 — 16 642 5,379 5.0 %
Total fixed maturity securities$121,126 $216 $464 $13,617 $107,757 100.0 %


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
September 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$9,411 $8,796 11.8 %A-$8,426 $8,352 12.0 %A-
Brokerage/asset managers/exchanges2,188 1,929 2.6 %A-1,835 1,738 2.5 %A-
Finance companies1,743 1,660 2.2 %BBB+1,132 1,114 1.6 %BBB+
Insurance7,693 6,685 8.9 %A-6,319 5,899 8.5 %A-
REITs2,145 1,899 2.5 %A-2,025 1,934 2.7 %A-
Other finance1,833 1,581 2.1 %BBB+1,630 1,452 2.1 %A-
      Total financial institutions$25,013 $22,550 30.1 %$21,367 $20,489 29.4 %
Industrials
Basic$3,097 $2,757 3.7 %BBB+$3,033 $2,899 4.2 %BBB
Capital goods3,980 3,614 4.8 %BBB+3,598 3,463 5.0 %BBB+
Communications4,762 4,085 5.5 %BBB+4,523 4,276 6.1 %BBB+
Consumer cyclical4,446 4,000 5.4 %BBB+4,116 3,987 5.7 %BBB+
Consumer noncyclical9,742 8,662 11.6 %BBB+8,880 8,501 12.2 %BBB+
Energy8,028 7,428 9.9 %BBB+6,282 6,179 8.9 %BBB+
Technology4,065 3,567 4.8 %A-3,202 3,013 4.3 %BBB+
Transportation4,110 3,667 4.9 %A-4,088 3,904 5.6 %A-
Other industrial1,993 1,867 2.5 %BB+1,659 1,617 2.3 %BBB
       Total industrials$44,223 $39,647 53.1 %$39,381 $37,839 54.3 %
Utilities
Electric$11,838 $10,468 14.0 %A-$9,710 $9,279 13.3 %A-
Natural gas1,797 1,570 2.1 %A-1,639 1,544 2.2 %A-
Other utility575 492 0.7 %BBB+639 586 0.8 %BBB+
       Total utilities$14,210 $12,530 16.8 %$11,988 $11,409 16.3 %
     Total$83,446 $74,727 100.0 %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
September 30, 2026June 30, 2026March 31, 2026December 31, 2025September 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$79,903 $69,917 64.9 %$75,705 $70,051 64.1 %$75,437 $69,596 64.8 %$69,007 $64,571 63.4 %$67,158 $63,266 63.5 %
2BBB35,174 32,081 29.8 %34,296 33,155 30.3 %33,252 31,702 29.5 %32,330 31,423 30.9 %31,446 30,627 30.8 %
3BB2,680 2,579 2.4 %3,677 3,604 3.3 %4,436 4,371 4.1 %4,815 4,823 4.8 %4,753 4,719 4.7 %
4B2,654 2,626 2.4 %2,040 2,043 1.9 %1,334 1,269 1.2 %714 632 0.6 %807 758 0.8 %
5CCC405 299 0.3 %256 148 0.1 %187 126 0.1 %194 141 0.1 %139 74 0.1 %
6In or near default30 19 — %99 58 0.1 %124 72 0.1 %42 26 — %30 19 — %
UnratedUnrated280 236 0.2 %235 211 0.2 %206 192 0.2 %162 153 0.2 %128 110 0.1 %
Total $121,126 $107,757 100.0 %$116,308 $109,270 100.0 %$114,976 $107,328 100.0 %$107,264 $101,769 100.0 %$104,461 $99,573 100.0 %
(1) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).
 
 
Structured Fixed Maturity Securities
September 30, 2026June 30, 2026March 31, 2026December 31, 2025September 30, 2025
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
ABS:
Collateralized loan obligations ("CLOs")$2,288 $2,279 18.5 %$2,217 $2,214 19.5 %$2,462 $2,449 21.9 %$2,486 $2,481 22.4 %$2,711 $2,707 25.5 %
ABS, excluding CLOs5,905 5,636 45.8 %4,997 4,846 42.5 %4,974 4,832 43.3 %4,992 4,888 44.0 %4,290 4,165 39.3 %
Total ABS8,193 7,915 64.3 %7,214 7,060 62.0 %7,436 7,281 65.2 %7,478 7,369 66.4 %7,001 6,872 64.8 %
CMBS2,609 2,518 20.4 %2,515 2,478 21.8 %2,367 2,335 20.9 %2,179 2,162 19.5 %2,026 1,992 18.8 %
RMBS
Agency334 284 2.3 %343 305 2.7 %351 314 2.9 %359 324 2.9 %416 381 3.6 %
Non-agency1,696 1,598 13.0 %1,560 1,539 13.5 %1,248 1,229 11.0 %1,256 1,245 11.2 %1,377 1,359 12.8 %
Total RMBS2,030 1,882 15.3 %1,903 1,844 16.2 %1,599 1,543 13.9 %1,615 1,569 14.1 %1,793 1,740 16.4 %
Total$12,832 $12,315 100.0 %$11,632 $11,382 100.0 %$11,402 $11,159 100.0 %$11,272 $11,100 100.0 %$10,820 $10,604 100.0 %
 
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
As of September 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$43,408 $3,046 $21,002 $5,590 $64,410 $8,636 
   Canadian government2,310 154 533 127 2,843 281 
   Japanese government2,680 229 3,897 2,359 6,577 2,588 
   Korean government306 31 866 293 1,172 324 
   ABS3,811 88 1,129 159 4,940 247 
   CMBS1,600 52 533 46 2,133 98 
   RMBS1,304 56 480 98 1,784 154 
   U.S. government1,655 47 436 295 2,091 342 
   State and political subdivisions242 22 359 106 601 128 
   Other foreign government2,916 170 1,781 472 4,697 642 
Total investment grade securities$60,232 $3,895 $31,016 $9,545 $91,248 $13,440 
Below investment grade securities:
   Corporate$1,148 $44 $351 $77 $1,499 $121 
   ABS333 44 21 1 354 45 
   Other foreign government— — — — — — 
Total below investment grade securities$1,481 $88 $372 $78 $1,853 $166 
Total fixed maturity securities$61,713 $3,983 $31,388 $9,623 $93,101 $13,606 
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded.
 

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Reinsurance Group of America, Incorporated
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) Included in the table above are securities for which an allowance for credit loss has not been recorded.

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Consolidated Investment Related Gains and Losses
Three Months EndedCurrent vs.Year-to-Date
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20262026202620252025Quarter20262025Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses$30 $(14)$(22)$(49)$(28)$58 $(6)$(63)$57 
Impairments on fixed maturity securities(45)— (1)— (1)(44)(46)(3)(43)
Realized gains on investment activity30 36 59 48 96 (66)125 162 (37)
Realized losses on investment activity(132)(124)(165)(118)(65)(67)(421)(217)(204)
Net gains (losses) on fixed maturity securities available-for-sale(117)(102)(129)(119)2 (119)(348)(121)(227)
Net gains (losses) on equity securities(8)(3)(14)1 5 (13)(25)7 (32)
Change in mortgage loan allowance for credit losses(15)(12)2 (4)(6)(9)(25)(20)(5)
Limited partnerships and real estate joint venture impairment losses(42)(7)(22)(19)(1)(41)(71)(22)(49)
Change in fair value of certain limited partnership investments15 (42)6 (8)9 6 (21)8 (29)
Other change in allowance for credit losses and impairments1 (3)— 2 1 — (2)(3)1 
Other, net6 6 — 8 4 2 12 2 10 
Freestanding derivatives (1):
Interest rate swaps4 (2)6 (5)1 3 8 6 2 
Interest rate options(1)— — (1)(2)1 (1)(3)2 
Total return swaps(36)3 (6)(2)16 (52)(39)16 (55)
Foreign currency swaps(2)6 1 7 6 (8)5 1 4 
Foreign currency forwards15 (38)(25)(54)(40)55 (48)22 (70)
Foreign currency options— (2)(1)(2)(2)2 (3)(5)2 
Equity options14 82 (28)17 30 (16)68 35 33 
Equity futures1 (25)6 (3)(13)14 (18)(25)7 
Credit default swaps(28)69 (17)21 33 (61)24 36 (12)
Credit default index swaps options(1)(2)— (1)— (1)(3)— (3)
CPI swaps5 (3)7 — 3 2 9 (3)12 
Total freestanding derivatives(29)88 (57)(23)32 (61)2 80 (78)
Embedded derivatives104 (1)44 27 (33)137 147 (41)188 
Net gains (losses) on total derivatives75 87 (13)4 (1)76 149 39 110 
Total investment related gains (losses), net$(85)$(76)$(170)$(135)$13 $(98)$(331)$(110)$(221)
(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
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20262026202620252025Quarter20262025Change
U.S. and Latin America Traditional
Income before income taxes$198 $183 $139 $201 $123 $75 $520 $301 $219 
Investment and derivative gains (1)
1 1 — 3 — 1 2 — 2 
Funds withheld losses - investment income— — — — — — — — — 
Change in fair value of funds withheld embedded derivatives (1)
(23)(19)(1)18 13 (36)(43)(21)(22)
Other— — — — — — — — — 
Adjusted operating income before income taxes176 165 138 222 136 40 479 280 199 
Less notable items (2)
13 — — — 39 (26)13 39 (26)
Adjusted operating income excluding notable items, before income taxes$163 $165 $138 $222 $97 $66 $466 $241 $225 
U.S. and Latin America Financial Solutions
Income (loss) before income taxes$269 $131 $191 $45 $37 $232 $591 $54 $537 
Market risk benefits remeasurement (gains) losses(26)(26)22 (3)(1)(25)(30)11 (41)
Investment and derivative (gains) losses (1)
40 27 (9)82 15 25 58 93 (35)
Change in fair value of funds withheld embedded derivatives (1)
(177)31 (86)(25)38 (215)(232)80 (312)
Funds withheld (gains) losses - investment income(3)(6)(3)(2)(2)(1)(12)(6)(6)
Derivatives - interest credited4 — 3 2 1 3 7 11 (4)
Other (3)
12 (3)— 4 12 — 9 21 (12)
Adjusted operating income before income taxes119 154 118 103 100 19 391 264 127 
Less notable items (2)
(8)— — — — (8)(8)— (8)
Adjusted operating income excluding notable items, before income taxes$127 $154 $118 $103 $100 $27 $399 $264 $135 
Canada Traditional
Income before income taxes$63 $37 $37 $53 $41 $22 $137 $98 $39 
Investment and derivative (gains) losses (1)
— 1 1 1 — — 2 — 2 
Investment income - non-operating funds withheld at interest— — — — 2 (2)— 3 (3)
Other— — — — — — — 2 (2)
Adjusted operating income before income taxes63 38 38 54 43 20 139 103 36 
Less notable items (2)
22 — — — 9 13 22 9 13 
Adjusted operating income excluding notable items, before income taxes$41 $38 $38 $54 $34 $7 $117 $94 $23 
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions related to the Company’s long-duration and other insurance business.
(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
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20262026202620252025Quarter20262025Change
Canada Financial Solutions
Income before income taxes$17 $18 $10 $11 $11 $6 $45 $32 $13 
Investment and derivative (gains) losses (1)
— — — (1)(4)4 — (5)5 
Adjusted operating income before income taxes17 18 10 10 7 10 45 27 18 
Less notable items (2)
— — — — — — — — — 
Adjusted operating income excluding notable items, before income taxes$17 $18 $10 $10 $7 $10 $45 $27 $18 
Europe, Middle East and Africa Traditional
Income (loss) before income taxes$28 $42 $60 $18 $(190)$218 $130 $(124)$254 
Investment and derivative losses (1)
(10)— (6)— — (10)(16)— $(16)
Other3 (3)— — (2)5 — — — 
Adjusted operating income (loss) before income taxes21 39 54 18 (192)213 114 (124)238 
Less notable items (2)
(31)— — — (222)191 (31)(222)191 
Adjusted operating income (loss) excluding notable items, before income taxes$52 $39 $54 $18 $30 $22 $145 $98 $47 
Europe, Middle East and Africa Financial Solutions
Income before income taxes$74 $149 $95 $133 $132 $(58)$318 $315 $3 
Investment and derivative losses (1)
(3)6 (9)10 7 (10)(6)29 (35)
Change in fair value of funds withheld embedded derivatives (1)
78 (38)43 (20)(18)96 83 (18)101 
Investment income - non-operating funds withheld at interest2 16 (1)— 19 (17)17 20 (3)
Investment (income) loss on unit-linked variable annuities— — 1 (1)1 (1)1 1 — 
Interest credited on unit-linked variable annuities— — (1)1 (1)1 (1)(1)— 
Adjusted operating income before income taxes151 133 128 123 140 11 412 346 66 
Less notable items (2)
— — — — 24 (24)— 24 (24)
Adjusted operating income excluding notable items, before income taxes$151 $133 $128 $123 $116 $35 $412 $322 $90 
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions related to the Company’s long-duration and other insurance business.
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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
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,Prior YearSept. 30,Sept. 30,
20262026202620252025Quarter20262025Change
Asia Pacific Traditional
Income before income taxes$120 $123 $125 $118 $140 $(20)$368 $348 $20 
Investment and derivative (gains) losses (1)
(1)7 — — — (1)6 — 6 
Other— (1)— (1)(2)2 (1)— (1)
Adjusted operating income before income taxes119 129 125 117 138 (19)373 348 25 
Less notable items (2)
8 — — — 1 7 8 1 7 
Adjusted operating income excluding notable items, before income taxes$111 $129 $125 $117 $137 $(26)$365 $347 $18 
Asia Pacific Financial Solutions
Income (loss) before income taxes$40 $132 $16 $53 $87 $(47)$188 $207 $(19)
Investment and derivative (gains) losses (1)
29 (29)56 54 (8)37 56 (4)60 
Change in fair value of funds withheld embedded derivatives (1)
18 27 — — — 18 45 — 45 
Other5 (10)(7)(20)(8)13 (12)4 (16)
Adjusted operating income before income taxes92 120 65 87 71 21 277 207 70 
Less notable items (2)
(4)— — — — (4)(4)— (4)
Adjusted operating income excluding notable items, before income taxes$96 $120 $65 $87 $71 $25 $281 $207 $74 
Corporate and Other
Loss before income taxes$(185)$(210)$(232)$(122)$(61)$(124)$(627)$(201)$(426)
Investment and derivative losses (1)
166 168 165 48 (11)177 499 34 465 
Investment income - non-operating funds withheld at interest— — — — — — — — — 
Interest expense on uncertain tax positions— — 1 — — — 1 — 1 
Derivatives - interest credited— — — — — — — 2 (2)
Other(3)7 1 16 14 (17)5 5 — 
Adjusted operating loss before income taxes(22)(35)(65)(58)(58)36 (122)(160)38 
Less notable items (2)
— — — — — — — — — 
Adjusted operating loss excluding notable items, before income taxes$(22)$(35)$(65)$(58)$(58)$36 $(122)$(160)$38 
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions related to the Company’s long-duration and other insurance business.

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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)
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,
20262026202620252025
RGA, Inc. shareholders’ equity$11,636 $13,694 $13,294 $13,461 $12,978 
Less effect of AOCI:
Accumulated currency translation adjustments119 119 101 121 83 
Unrealized (depreciation) appreciation of securities(11,001)(6,097)(6,466)(4,807)(4,199)
Effect of updating discount rates on future policy benefits10,839 8,328 8,680 7,372 6,682 
Change in instrument-specific credit risk for market risk benefits3 — 4 2 1 
Pension and postretirement benefits— (2)(5)(6)(15)
RGA, Inc. shareholders’ equity, excluding AOCI11,676 11,346 10,980 10,779 10,426 
Year-to-date notable items, net of tax— — — (114)(114)
RGA, Inc. shareholders’ equity, excluding AOCI and notable items$11,676 $11,346 $10,980 $10,893 $10,540 
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
Sept. 30,June 30,March 31,Dec. 31,Sept. 30,
20262026202620252025
Book value per share$178.89 $209.73 $202.93 $205.63 $197.52 
Less effect of AOCI:
Accumulated currency translation adjustment1.83 1.82 1.54 1.85 1.27 
Unrealized (depreciation) appreciation of securities(169.13)(93.36)(98.70)(73.42)(63.89)
Effect of updating discount rates on future policy benefits166.65 127.54 132.50 112.61 101.69 
Change in instrument-specific credit risk for market risk benefits0.04 — 0.06 0.03 0.01 
Pension and postretirement benefits(0.01)(0.04)(0.07)(0.10)(0.23)
Book value per share, excluding AOCI179.51 173.77 167.60 164.66 158.67 
Less effect of B36:0.92 (0.34)(0.32)(0.84)(1.16)
Book value per share, excluding AOCI and B36$178.59 $174.11 $167.92 $165.50 $159.83 

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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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