EX-99.2 3 qfs4q25.htm EX-99.2 Document

Exhibit 99.2
rga_logoxrgbxredxwht.jpg
Quarterly Financial Supplement
Fourth Quarter 2025
(Unaudited)
World Headquarters  Internet AddressContacts
16600 Swingley Ridge Road  www.rgare.comAxel André
Chesterfield, Missouri 63017 U.S.A.  Executive Vice President,
Chief Financial Officer
Phone: (636) 736-7000
e-mail: Axel.Andre@rgare.com
Jeff Hopson
Senior Vice President, Investor Relations
Phone: (636) 736-2068
e-mail: jhopson@rgare.com
 

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

 


Reinsurance Group of America, Incorporated
4th Quarter 2025
Table of Contents
 Page
Consolidated
Financial Highlights
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
Consolidated Balance Sheets
Segment Summaries of Adjusted Operating Income Statements
U.S. and Latin America Traditional
U.S. and Latin America Financial Solutions
Canada Traditional
Canada Financial Solutions
Europe, Middle East and Africa Traditional
Europe, Middle East and Africa Financial Solutions
Asia Pacific Traditional
Asia Pacific Financial Solutions
Corporate and Other
Summary of Segment Adjusted Operating Income
Investments
Cash and Invested Assets and Investment Income and Yield Summary
Fixed Maturity Securities
Corporate Fixed Maturity Securities by Industry
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities
Fixed Maturity Securities Below Amortized Cost
Consolidated Investment Related Gains and Losses
Appendix
Reconciliations of GAAP to Non-GAAP Measures
Non-GAAP Disclosures

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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)Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Prior YearDec. 31,Dec. 31,
 20252025202520252024Quarter20252024Change
Net premiums$4,780 $4,280 $4,151 $4,019 $4,156 $624 $17,230 $17,843 $(613)
Net income available to RGA’s shareholders463 253 180 286 148 315 1,182 717 465 
Adjusted operating income515 310 315 378 334 181 1,518 1,342 176 
Adjusted operating income excluding notable items (1)
515 424 315 378 334 181 1,632 1,510 122 
Return on equity9.7 %7.4 %7.0 %7.5 %7.1 %2.6 %
Adjusted operating return on equity (excluding AOCI)14.7 %13.2 %12.7 %13.4 %13.8 %0.9 %
Adjusted operating return on equity (excluding AOCI and notable items (1))
15.7 %14.2 %14.3 %15.0 %15.4 %0.3 %
Adjusted operating return on equity (excluding AOCI and B36 items)14.6 %13.1 %12.6 %13.3 %13.7 %0.9 %
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income$7.07 $3.85 $2.72 $4.33 $2.26 $4.81 $17.94 $10.90 $7.04 
Adjusted operating income$7.85 $4.71 $4.76 $5.73 $5.07 $2.78 $23.04 $20.39 $2.65 
Adjusted operating income excluding notable items (1)
$7.85 $6.43 $4.76 $5.73 $5.07 $2.78 $24.76 $22.94 $1.82 
Diluted earnings per share
Net income$6.97 $3.81 $2.70 $4.27 $2.22 $4.75 $17.69 $10.73 $6.96 
Adjusted operating income$7.75 $4.66 $4.72 $5.66 $4.99 $2.76 $22.72 $20.06 $2.66 
Adjusted operating income excluding notable items (1)
$7.75 $6.37 $4.72 $5.66 $4.99 $2.76 $24.42 $22.57 $1.85 
Weighted average common shares outstanding
Basic65,556 65,867 66,088 66,008 65,867 (311)65,878 65,816 62 
Diluted66,428 66,508 66,731 66,861 66,982 (554)66,811 66,880 (69)
Book value per share$205.63 $197.52 $182.37 $172.53 $164.19 $41.44 $205.63 $164.19 $41.44 
Book value per share, excluding AOCI$164.66 $158.67 $155.87 $153.80 $151.31 $13.35 $164.66 $151.31 $13.35 
Book value per share, excluding AOCI and B36$165.50 $159.83 $156.63 $154.60 $151.97 $13.53 $165.50 $151.97 $13.53 
Shareholders’ dividends paid$61 $61 $59 $59 $59 $2 $240 $229 $11 
Share buybacks50 75 — — — 50 125 — 125 
Total returned to shareholders$111 $136 $59 $59 $59 $52 $365 $229 $136 
Common shares issued85,311 85,311 85,311 85,311 85,311 — 85,311 85,311 — 
Treasury shares19,847 19,602 19,219 19,225 19,439 408 19,847 19,439 408 
Common shares outstanding65,464 65,709 66,092 66,086 65,872 (408)65,464 65,872 (408)
Assumed life reinsurance in force (in billions)$4,334.6 $4,320.8 $4,091.3 $3,950.9 $3,878.7 $455.9 
Assumed new business production (in billions)$149.9 $341.0 $110.9 $131.7 $102.3 $47.6 $733.5 $505.4 $228.1 
(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
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Prior YearDec. 31,Dec. 31,
20252025202520252024Quarter20252024Change
Revenues:
Net premiums$4,780 $4,280 $4,151 $4,019 $4,156 $624 $17,230 $17,843 $(613)
Net investment income1,691 1,475 1,408 1,232 1,185 506 5,806 4,416 1,390 
Investment related gains (losses), net(135)13 (44)(79)(247)112 (245)(745)500 
Other revenue299 436 84 88 147 152 907 593 314 
Total revenues6,635 6,204 5,599 5,260 5,241 1,394 23,698 22,107 1,591 
Benefits and expenses:
Adjusted claims and other policy benefits4,772 4,356 4,045 3,822 3,943 829 16,995 16,903 92 
Future policy benefits remeasurement (gains) losses(97)85 68 (56)(69)(28)— (32)32 
Market risk benefits remeasurement (gains) losses(3)(1)(17)29 (32)29 8 (44)52 
Adjusted interest credited475 547 314 299 292 183 1,635 1,087 548 
Policy acquisition costs and other insurance expenses500 471 433 417 411 89 1,821 1,641 180 
Other operating expenses380 328 325 300 385 (5)1,333 1,268 65 
Interest expense98 98 90 80 86 12 366 304 62 
Total benefits and expenses6,125 5,884 5,258 4,891 5,016 1,109 22,158 21,127 1,031 
Income before income taxes510 320 341 369 225 285 1,540 980 560 
Provision for income taxes45 65 160 81 75 (30)351 256 95 
Net income465 255 181 288 150 315 1,189 724 465 
Net income attributable to noncontrolling interest2 2 1 2 2 — 7 7 — 
Net income available to RGA’s shareholders$463 $253 $180 $286 $148 $315 $1,182 $717 $465 
Pre-tax adjusted operating income reconciliation:
Income before income taxes$510 $320 $341 $369 $225 $285 $1,540 $980 $560 
Investment and derivative (gains) losses (1)
197 (1)77 71 380 (183)344 897 (553)
Market risk benefits remeasurement (gains) losses(3)(1)(17)29 (32)29 8 (44)52 
Change in fair value of funds withheld embedded derivatives (1)
(27)33 (3)11 (125)98 14 (116)130 
Funds withheld (gains) losses - investment income(2)19 (2)— 6 (8)15 3 12 
Derivatives - interest credited2 1 2 10 (3)5 15 15 — 
Investment (income) loss on unit-linked variable annuities(1)1 — — 2 (3)— 3 (3)
Interest credited on unit-linked variable annuities1 (1)— — (2)3 — (3)3 
Interest expense on uncertain tax positions— — — — 1 (1)— 1 (1)
Other (2)
(1)14 23 (5)(21)20 31 16 15 
Adjusted operating income before income taxes676 385 421 485 431 245 1,967 1,752 215 
Notable items (3)
— 149 — — — — 149 194 (45)
Adjusted operating income before income taxes excluding notable items$676 $534 $421 $485 $431 $245 $2,116 $1,946 $170 
(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) Represents the impact of changes in actuarial assumptions.
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Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)Three Months EndedCurrent vs.Year-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Prior YearDec. 31,Dec. 31,
20252025202520252024Quarter20252024Change
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA$463 $253 $180 $286 $148 $315 $1,182 $717 $465 
Investment and derivative (gains) losses (1)
155 (2)64 53 300 (145)270 706 (436)
Market risk benefits remeasurement (gains) losses(3)— (14)23 (26)23 6 (35)41 
Change in fair value of funds withheld embedded derivatives (1)
(21)26 (3)9 (99)78 11 (92)103 
Funds withheld (gains) losses - investment income(1)15 (2)— 4 (5)12 2 10 
Derivatives - interest credited2 1 1 8 (2)4 12 12 — 
Investment (income) loss on unit-linked variable annuities(1)1 — — 1 (2)— 2 (2)
Interest credited on unit-linked variable annuities1 (1)— — (1)2 — (2)2 
Interest expense on uncertain tax positions— — — — 1 (1)— 1 (1)
Other (2)
(1)11 18 (4)(16)15 24 13 11 
Uncertain tax positions and other tax related items(81)4 70 1 22 (103)(6)11 (17)
Net income attributable to noncontrolling interest2 2 1 2 2 — 7 7 — 
Adjusted operating income515 310 315 378 334 181 1,518 1,342 176 
Notable items (3)
— 114 — — — — 114 168 (54)
Adjusted operating income excluding notable items$515 $424 $315 $378 $334 $181 $1,632 $1,510 $122 
Diluted earnings per share - adjusted operating income$7.75 $4.66 $4.72 $5.66 $4.99 $2.76 $22.72 $20.06 $2.66 
Diluted earnings per share - adjusted operating income excluding notable items$7.75 $6.37 $4.72 $5.66 $4.99 $2.76 $24.42 $22.57 $1.85 
Foreign currency effect on (4):
Net premiums$42 $29 $45 $(60)$(15)$57 $56 $(59)$115 
Adjusted operating income before income taxes$8 $3 $9 $(8)$8 $— $12 $5 $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.
(4) Compared to comparable prior-year period.
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Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,
20252025202520252024
Assets
Fixed maturity securities available-for-sale, at fair value$101,769 $99,573 $86,043 $84,507 $77,617 
Equity securities311 161 155 153 155 
Mortgage loans11,104 10,507 10,057 9,331 8,839 
Policy loans3,541 3,570 1,294 1,284 1,321 
Funds withheld at interest8,149 8,268 7,115 5,328 5,436 
Limited partnerships and real estate joint ventures3,747 3,648 3,338 3,228 3,067 
Short-term investments346 381 502 454 363 
Other invested assets1,514 1,496 1,397 1,295 1,242 
Total investments130,481 127,604 109,901 105,580 98,040 
Cash and cash equivalents4,168 4,625 5,416 5,151 3,326 
Accrued investment income1,296 1,275 1,089 1,059 986 
Premiums receivable and other reinsurance balances4,475 4,035 4,202 3,749 3,898 
Reinsurance ceded receivables and other7,175 5,758 5,386 5,420 5,531 
Deferred policy acquisition costs and other6,079 5,954 5,823 5,649 5,543 
Other assets2,916 2,752 1,662 1,602 1,351 
Total assets$156,590 $152,003 $133,479 $128,210 $118,675 
Liabilities and equity
Future policy benefits$66,425 $66,389 $63,531 $59,836 $53,368 
Interest-sensitive contract liabilities52,095 49,634 37,158 36,614 35,095 
Market risk benefits, at fair value234 238 233 243 223 
Other policy claims and benefits3,011 3,032 3,016 2,870 2,693 
Other reinsurance balances1,888 1,600 1,353 1,291 1,316 
Income taxes2,998 2,591 2,454 2,250 2,199 
Funds withheld payable6,805 5,277 4,816 4,889 5,017 
Other liabilities3,873 4,440 3,041 2,991 2,816 
Long-term debt5,710 5,734 5,734 5,734 5,042 
Total liabilities143,039 138,935 121,336 116,718 107,769 
Equity:
Common stock, at par value1 1 1 1 1 
Additional paid-in-capital2,640 2,628 2,624 2,608 2,600 
Retained earnings10,151 9,757 9,563 9,443 9,255 
Treasury stock(2,013)(1,960)(1,887)(1,888)(1,889)
Accumulated other comprehensive income, net of income taxes (AOCI):
Accumulated currency translation adjustment121 83 130 (8)(19)
Unrealized (depreciation) appreciation of securities(4,807)(4,199)(4,897)(4,443)(4,526)
Effect of updating discount rates on future policy benefits7,372 6,682 6,533 5,702 5,412 
Change instrument-specific credit risk for market risk benefits2 1 3 6 2 
Pension and postretirement benefits(6)(15)(17)(19)(20)
Total RGA, Inc. shareholders’ equity13,461 12,978 12,053 11,402 10,816 
Noncontrolling interest90 90 90 90 90 
Total equity13,551 13,068 12,143 11,492 10,906 
Total liabilities and equity$156,590 $152,003 $133,479 $128,210 $118,675 
Total RGA, Inc. shareholders’ equity, excluding AOCI$10,779 $10,426 $10,301 $10,164 $9,967 
See appendix for reconciliation of total shareholders’ equity before and after impact of AOCI.
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Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Prior YearDec. 31,Dec. 31,
20252025202520252024Quarter20252024Change
Revenues:
Net premiums$2,104 $1,883 $2,019 $1,921 $2,046 $58 $7,927 $7,500 $427 
Net investment income299 282 285 268 247 52 1,134 881 253 
Investment related gains (losses), net5 14 12 (6)— 5 25 — 25 
Other revenue17 11 4 8 14 3 40 48 (8)
Total revenues2,425 2,190 2,320 2,191 2,307 118 9,126 8,429 697 
Benefits and expenses:
Adjusted claims and other policy benefits1,945 1,769 1,922 1,773 1,886 59 7,409 6,846 563 
Future policy benefits remeasurement (gains) losses(69)(46)74 (25)(68)(1)(66)(109)43 
Adjusted interest credited48 61 37 29 36 12 175 119 56 
Policy acquisition costs and other insurance expenses209 209 223 219 225 (16)860 809 51 
Other operating expenses70 61 60 55 77 (7)246 239 7 
Total benefits and expenses2,203 2,054 2,316 2,051 2,156 47 8,624 7,904 720 
Adjusted operating income before income taxes222 136 4 140 151 71 502 525 (23)
Notable items (1)
— (39)— — — — (39)53 (92)
Adjusted operating income excluding notable items, before income taxes$222 $97 $4 $140 $151 $71 $463 $578 $(115)
Loss and expense ratios:
Loss ratio (2)
89.2 %91.5 %98.9 %91.0 %88.9 %0.3 %92.6 %89.8 %2.8 %
Policy acquisition costs and other insurance expenses9.9 %11.1 %11.0 %11.4 %11.0 %(1.1)%10.8 %10.8 %— %
Other operating expenses3.3 %3.2 %3.0 %2.9 %3.8 %(0.5)%3.1 %3.2 %(0.1)%
Foreign currency effect on (3):
Net premiums$3 $1 $(4)$(7)$(5)$8 $(7)$(5)$(2)
Adjusted operating income (loss) before income taxes$— $— $1 $(2)$— $— $(1)$(1)$— 
Assumed Life Reinsurance In Force (in billions)$1,893.4 $1,860.7 $1,854.7 $1,840.6 $1,837.1 $56.3 
Assumed New Business Production (in billions)$75.3 $52.8 $46.0 $36.3 $41.0 $34.3 $210.4 $267.9 $(57.5)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.

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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
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Prior YearDec. 31,Dec. 31,
20252025202520252024Quarter20252024Change
Revenues:
Net premiums$443 $227 $(5)$109 $156 $287 $774 $2,986 $(2,212)
Net investment income561 476 371 337 323 238 1,745 1,280 465 
Investment related gains (losses), net12 16 — — — 12 28 — 28 
Other revenue204 351 53 50 52 152 658 226 432 
Total revenues1,220 1,070 419 496 531 689 3,205 4,492 (1,287)
Benefits and expenses:
Adjusted claims and other policy benefits709 511 76 200 210 499 1,496 3,187 (1,691)
Future policy benefits remeasurement (gains) losses4 2 (1)(2)(10)14 3 1 2 
Adjusted interest credited241 324 130 123 127 114 818 519 299 
Policy acquisition costs and other insurance expenses133 111 93 84 102 31 421 374 47 
Other operating expenses30 22 24 24 26 4 100 85 15 
Total benefits and expenses1,117 970 322 429 455 662 2,838 4,166 (1,328)
Adjusted operating income before income taxes103 100 97 67 76 27 367 326 41 
Notable items (1)
— — — — — — — — — 
Adjusted operating income before income taxes excluding notable items$103 $100 $97 $67 $76 $27 $367 $326 $41 
Assumed Life Reinsurance In Force (in billions)$204.7 $207.7 $9.4 $9.5 $9.7 $195.0 
Assumed New Business Production (in billions)$— $204.1 $— $— $— $— $204.1 $— $204.1 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.

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Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions
(Continued)
 
(USD millions, shown net of reinsurance ceded)Dec. 31,Sept. 30,June 30,March 31,Dec. 31,
20252025202520252024
Policyholder account balances
Fixed annuities (deferred)$10,868 $10,569 $10,473 $10,299 $9,691 
Equity-indexed annuities$1,587 $1,668 $1,748 $1,838 $1,927 
Bank-owned life insurance (BOLI) and universal life$11,118 $11,130 $1,997 $2,011 $2,019 
Other policyholder account balances$36 $45 $45 $46 $34 
Variable annuities account balances
No riders$614 $598 $605 $593 $610 
GMDB only834 781 784 800 848 
GMIB only18 17 17 17 18 
GMAB only1 1 1 2 2 
GMWB only802 802 802 769 818 
GMDB / WB147 149 149 145 152 
Other14 13 13 13 13 
Total variable annuities account balances$2,430 $2,361 $2,371 $2,339 $2,461 
Variable universal life account value$14,262 $14,132 $— $— $— 
Interest-sensitive contract liabilities not associated with policyholder account balances:
Guaranteed investment contracts, funding agreements and immediate annuities$3,406 $2,781 $1,265 $1,257 $654 
Future policy benefits (at original discount rate) associated with:
Payout annuities$7,051 $8,266 $8,734 $8,840 $6,781 
Other future policy benefits$672 $684 $— $— $— 
Variable universal life account value$54 $62 $62 $61 $50 
Liability for market risk benefits:
Equity-indexed annuities$180 $181 $173 $170 $163 
Variable annuities (liability)$54 $57 $60 $73 $60 
Variable annuities (asset)$19 $19 $17 $13 $17 
Net interest spread (1)
1.8 %1.2 %1.2 %0.8 %1.3 %
(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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Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Prior YearDec. 31,Dec. 31,
20252025202520252024Quarter20252024Change
Revenues:
Net premiums$347 $326 $339 $319 $333 $14 $1,331 $1,291 $40 
Net investment income69 69 66 65 64 5 269 257 12 
Investment related gains, net1 2 — 1 — 1 4 3 1 
Other revenue— 1 1 (1)— — 1 6 (5)
Total revenues417 398 406 384 397 20 1,605 1,557 48 
Benefits and expenses:
Adjusted claims and other policy benefits306 307 318 295 311 (5)1,226 1,194 32 
Future policy benefits remeasurement (gains) losses(2)(8)2 3 (5)3 (5)(11)6 
Adjusted interest credited— 1 — — — — 1 1 — 
Policy acquisition costs and other insurance expenses44 43 43 41 45 (1)171 186 (15)
Other operating expenses15 12 15 13 14 1 55 53 2 
Total benefits and expenses363 355 378 352 365 (2)1,448 1,423 25 
Adjusted operating income before income taxes54 43 28 32 32 22 157 134 23 
Notable items (1)
— (9)— — — — (9)(5)(4)
Adjusted operating income excluding notable items, before income taxes$54 $34 $28 $32 $32 $22 $148 $129 $19 
Loss and expense ratios:
Loss ratio (2)
87.6 %91.7 %94.4 %93.4 %91.9 %(4.3)%91.7 %91.6 %0.1 %
Policy acquisition costs and other insurance expenses12.7 %13.2 %12.7 %12.9 %13.5 %(0.8)%12.8 %14.4 %(1.6)%
Other operating expenses4.3 %3.7 %4.4 %4.1 %4.2 %0.1 %4.1 %4.1 %— %
Foreign currency effect on (3):
Net premiums$1 $(3)$(4)$(20)$(10)$11 $(26)$(20)$(6)
Adjusted operating income before income taxes$— $— $(1)$(2)$(1)$1 $(3)$(2)$(1)
Assumed Life Reinsurance In Force (in billions)$521.5 $507.9 $512.4 $478.6 $474.2 $47.3 
Assumed New Business Production (in billions)$12.8 $13.5 $13.1 $13.2 $12.3 $0.5 $52.6 $48.0 $4.6 
Creditor reinsurance net premiums$15 $16 $18 $19 $18 $(3)$68 $71 $(3)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.
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Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Prior YearDec. 31,Dec. 31,
20252025202520252024Quarter20252024Change
Revenues:
Net premiums$45 $46 $45 $52 $46 $(1)$188 $166 $22 
Net investment income61 58 58 51 51 10 228 147 81 
Investment related gains, net2 (1)— — 1 1 1 1 — 
Other revenue1 3 5 4 5 (4)13 17 (4)
Total revenues109 106 108 107 103 6 430 331 99 
Benefits and expenses:
Adjusted claims and other policy benefits92 92 93 91 109 (17)368 307 61 
Future policy benefits remeasurement gains3 — — — — 3 3 — 3 
Policy acquisition costs and other insurance expenses4 5 4 5 (17)21 18 (7)25 
Other operating expenses— 2 2 — 3 (3)4 5 (1)
Total benefits and expenses99 99 99 96 95 4 393 305 88 
Adjusted operating income before income taxes10 7 9 11 8 2 37 26 11 
Notable items (2)
— — — — — — — — — 
Adjusted operating income excluding notable items, before income taxes$10 $7 $9 $11 $8 $2 $37 $26 $11 
Foreign currency effect on (3):
Net premiums$1 $(1)$(1)$(3)$(1)$2 $(4)$(3)$(1)
Adjusted operating income before income taxes$— $— $— $(1)$— $— $(1)$(1)$— 
Assumed Life Reinsurance In Force (in billions)$6.2 $6.2 $6.3 $6.0 $6.0 $0.2 
Assumed New Business Production (in billions)$— $— $— $— $— $— $— $8.3 $(8.3)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations include longevity and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior-year period.

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Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Prior YearDec. 31,Dec. 31,
20252025202520252024Quarter20252024Change
Revenues:
Net premiums$583 $562 $573 $540 $488 $95 $2,258 $2,002 $256 
Net investment income37 30 32 30 28 9 129 112 17 
Other revenue— 5 3 2 10 (10)10 11 (1)
Total revenues620 597 608 572 526 94 2,397 2,125 272 
Benefits and expenses:
Adjusted claims and other policy benefits542 516 533 483 445 97 2,074 1,805 269 
Future policy benefits remeasurement (gains) losses(10)216 6 (8)12 (22)204 48 156 
Policy acquisition costs and other insurance expenses37 30 24 20 21 16 111 109 2 
Other operating expenses33 27 27 27 37 (4)114 133 (19)
Total benefits and expenses602 789 590 522 515 87 2,503 2,095 408 
Adjusted operating income (loss) before income taxes18 (192)18 50 11 7 (106)30 (136)
Notable items (1)
— 222 — — — — 222 40 182 
Adjusted operating income (loss) excluding notable items, before income taxes$18 $30 $18 $50 $11 $7 $116 $70 $46 
Loss and expense ratios:
Loss ratio (2)
91.3 %130.2 %94.1 %88.0 %93.6 %(2.3)%100.9 %92.6 %8.3 %
Policy acquisition costs and other insurance expenses6.3 %5.3 %4.2 %3.7 %4.3 %2.0 %4.9 %5.4 %(0.5)%
Other operating expenses5.7 %4.8 %4.7 %5.0 %7.6 %(1.9)%5.0 %6.6 %(1.6)%
Foreign currency effect on (3):
Net premiums$26 $18 $24 $(3)$8 $18 $65 $28 $37 
Adjusted operating income (loss) before income taxes$1 $(7)$1 $1 $2 $(1)$(4)$1 $(5)
Critical illness net premiums$38 $33 $36 $32 $33 $5 $139 $136 $3 
Assumed Life Reinsurance In Force (in billions)$1,113.1 $1,125.7 $1,117.7 $1,036.7 $970.4 $142.7 
Assumed New Business Production (in billions)$38.6 $35.7 $34.1 $63.4 $30.5 $8.1 $171.8 $119.5 $52.3 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.

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Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Prior YearDec. 31,Dec. 31,
20252025202520252024Quarter20252024Change
Revenues:
Net premiums$263 $260 $247 $189 $187 $76 $959 $660 $299 
Net investment income135 106 109 85 87 48 435 319 116 
Investment related gains (losses), net(1)— 4 (1)(1)— 2 — 2 
Other revenue14 21 7 9 12 2 51 34 17 
Total revenues411 387 367 282 285 126 1,447 1,013 434 
Benefits and expenses:
Adjusted claims and other policy benefits249 253 224 167 159 90 893 562 331 
Future policy benefits remeasurement (gains) losses6 (37)(3)(3)(1)7 (37)3 (40)
Adjusted interest credited6 7 7 6 9 (3)26 30 (4)
Policy acquisition costs and other insurance expenses3 3 2 1 2 1 9 8 1 
Other operating expenses24 21 21 21 20 4 87 65 22 
Total benefits and expenses288 247 251 192 189 99 978 668 310 
Adjusted operating income before income taxes123 140 116 90 96 27 469 345 124 
Notable items (2)
— (24)— — — — (24)2 (26)
Adjusted operating income excluding notable items, before income taxes$123 $116 $116 $90 $96 $27 $445 $347 $98 
Foreign currency effect on (3):
Net premiums$12 $10 $14 $(2)$4 $8 $34 $14 $20 
Adjusted operating income before income taxes$6 $5 $5 $— $1 $5 $16 $6 $10 
Assumed Life Reinsurance In Force (in billions)$17.8 $18.8 $— $— $— $17.8 
Assumed New Business Production (in billions)$— $18.8 $— $— $— $— $18.8 $— $18.8 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations include longevity, asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior-year period.

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Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Prior YearDec. 31,Dec. 31,
20252025202520252024Quarter20252024Change
Revenues:
Net premiums$862 $880 $816 $777 $834 $28 $3,335 $3,014 $321 
Net investment income76 73 72 71 66 10 292 257 35 
Investment related gains (losses), net1 — 1 (1)(1)2 1 1 — 
Other revenue7 3 — 3 10 (3)13 25 (12)
Total revenues946 956 889 850 909 37 3,641 3,297 344 
Benefits and expenses:
Adjusted claims and other policy benefits750 761 701 671 733 17 2,883 2,582 301 
Future policy benefits remeasurement (gains) losses(26)(41)(8)(18)9 (35)(93)34 (127)
Policy acquisition costs and other insurance expenses39 43 35 39 37 2 156 168 (12)
Other operating expenses66 55 57 52 67 (1)230 231 (1)
Total benefits and expenses829 818 785 744 846 (17)3,176 3,015 161 
Adjusted operating income before income taxes117 138 104 106 63 54 465 282 183 
Notable items (1)
— (1)— — — — (1)95 (96)
Adjusted operating income excluding notable items, before income taxes$117 $137 $104 $106 $63 $54 $464 $377 $87 
Loss and expense ratios:
Loss ratio (2)
84.0 %81.8 %84.9 %84.0 %89.0 %(5.0)%83.7 %86.8 %(3.1)%
Policy acquisition costs and other insurance expenses4.5 %4.9 %4.3 %5.0 %4.4 %0.1 %4.7 %5.6 %(0.9)%
Other operating expenses7.7 %6.3 %7.0 %6.7 %8.0 %(0.3)%6.9 %7.7 %(0.8)%
Foreign currency effect on (3):
Net premiums$1 $3 $9 $(23)$(9)$10 $(10)$(59)$49 
Adjusted operating income before income taxes$1 $6 $2 $(2)$1 $— $7 $1 $6 
Critical illness net premiums$435 $414 $424 $398 $405 $30 $1,671 $1,529 $142 
Assumed Life Reinsurance In Force (in billions)$552.5 $546.1 $568.7 $561.1 $567.6 $(15.1)
Assumed New Business Production (in billions)$21.5 $12.7 $14.5 $14.3 $18.5 $3.0 $63.0 $60.7 $2.3 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.
 
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Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
 Three Months EndedCurrent vs.Year-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Prior YearDec. 31,Dec. 31,
20252025202520252024Quarter20252024Change
Revenues:
Net premiums$133 $96 $117 $112 $66 $67 $458 $224 $234 
Net investment income288 250 247 196 189 99 981 656 325 
Investment related gains, net12 13 10 7 6 6 42 20 22 
Other revenue12 6 — 6 6 6 24 57 (33)
Total revenues445 365 374 321 267 178 1,505 957 548 
Benefits and expenses:
Adjusted claims and other policy benefits175 135 158 145 97 78 613 308 305 
Future policy benefits remeasurement (gains) losses(3)(1)(2)(3)(6)3 (9)2 (11)
Adjusted interest credited130 107 93 84 81 49 414 256 158 
Policy acquisition costs and other insurance expenses44 42 36 27 20 24 149 102 47 
Other operating expenses12 11 12 9 10 2 44 34 10 
Total benefits and expenses358 294 297 262 202 156 1,211 702 509 
Adjusted operating income before income taxes87 71 77 59 65 22 294 255 39 
Notable items (2)
— — — — — — — 9 (9)
Adjusted operating income excluding notable items, before income taxes$87 $71 $77 $59 $65 $22 $294 $264 $30 
Foreign currency effect on (3):
Net premiums$(2)$1 $7 $(2)$(2)$— $4 $(14)$18 
Adjusted operating income before income taxes$— $— $2 $(1)$6 $(6)$1 $1 $— 
Assumed Life Reinsurance In Force (in billions)$25.4 $24.9 $22.1 $18.4 $13.7 $11.7 
Assumed New Business Production (in billions)$1.7 $3.4 $3.2 $4.5 $— $1.7 $12.8 $1.0 $11.8 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations include asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) 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
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Prior YearDec. 31,Dec. 31,
20252025202520252024Quarter20252024Change
Revenues:
Net investment income$162 $151 $166 $129 $138 $24 $608 $513 $95 
Investment related gains, net3 1 3 3 3 — 10 11 (1)
Other revenue29 29 18 5 23 6 81 63 18 
Total revenues194 181 187 137 164 30 699 587 112 
Benefits and expenses:
Adjusted interest credited47 47 45 47 44 3 186 150 36 
Policy acquisition costs and other insurance income(13)(15)(19)(19)(24)11 (66)(108)42 
Other operating expenses120 109 103 99 130 (10)431 413 18 
Interest expense98 98 90 80 85 13 366 303 63 
Total benefits and expenses252 239 219 207 235 17 917 758 159 
Adjusted operating loss before income taxes(58)(58)(32)(70)(71)13 (218)(171)(47)
Notable items (1)
— — — — — — — — — 
Adjusted operating loss excluding notable items, before income taxes$(58)$(58)$(32)$(70)$(71)$13 $(218)$(171)$(47)
Foreign currency effect on (2):
Adjusted operating loss before income taxes$— $(1)$(1)$(1)$(1)$1 $(3)$— $(3)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) 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
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Prior YearDec. 31,Dec. 31,
20252025202520252024Quarter20252024Change
U.S. and Latin America:
Traditional$222 $136 $4 $140 $151 $71 $502 $525 $(23)
Financial Solutions103 100 97 67 76 27 367 326 41 
Total U.S. and Latin America325 236 101 207 227 98 869 851 18 
Canada:
Traditional54 43 28 32 32 22 157 134 23 
Financial Solutions10 7 9 11 8 2 37 26 11 
Total Canada64 50 37 43 40 24 194 160 34 
Europe, Middle East and Africa:
Traditional18 (192)18 50 11 7 (106)30 (136)
Financial Solutions123 140 116 90 96 27 469 345 124 
Total Europe, Middle East and Africa141 (52)134 140 107 34 363 375 (12)
Asia Pacific:
Traditional117 138 104 106 63 54 465 282 183 
Financial Solutions87 71 77 59 65 22 294 255 39 
Total Asia Pacific204 209 181 165 128 76 759 537 222 
Corporate and Other(58)(58)(32)(70)(71)13 (218)(171)(47)
Consolidated adjusted operating income before income taxes676 385 421 485 431 245 1,967 1,752 215 
Notable items (1)
— 149 — — — — 149 194 (45)
Consolidated adjusted operating income excluding notable items before income taxes$676 $534 $421 $485 $431 $245 $2,116 $1,946 $170 
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
 


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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Cash and Invested Assets
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,
 20252025202520252024
Fixed maturity securities, available-for-sale (1)
$101,769 $99,573 $86,043 $84,507 $77,617 
Equity securities311 161 155 153 155 
Mortgage loans11,104 10,507 10,057 9,331 8,839 
Policy loans3,541 3,570 1,294 1,284 1,321 
Funds withheld at interest8,149 8,268 7,115 5,328 5,436 
Limited partnerships and real estate joint ventures3,747 3,648 3,338 3,228 3,067 
Short-term investments346 381 502 454 363 
Other invested assets1,514 1,496 1,397 1,295 1,242 
Cash and cash equivalents4,168 4,625 5,416 5,151 3,326 
Total cash and invested assets$134,649 $132,229 $115,317 $110,731 $101,366 
(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), Japanese government and agencies (“Japanese 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
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Prior YearDec. 31,Dec. 31,
 20252025202520252024Quarter20252024Change
Average invested assets at amortized cost (1)
$49,080 $47,662 $45,664 $44,016 $40,803 $8,277 $45,645 $38,535 $7,110 
Net investment income (1)
$630 $553 $595 $502 $484 $146 $2,280 $1,856 $424 
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)
5.23 %4.73 %5.31 %4.64 %4.83 %40 bps4.99 %4.82 %17 bps
Variable investment income (“VII”) (included in net investment income) (1)
$55 $— $59 $(6)$25 $30 $108 $89 $19 
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)
4.98 %4.92 %4.98 %4.90 %4.80 %18 bps4.96 %4.82 %14 bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities
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 %


December 31, 2024
 Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Estimated Fair
Value		% of
Total
Available-for-sale:
   Corporate$54,705 $82 $642 $4,274 $50,991 65.7 %
   Canadian government4,655 — 412 51 5,016 6.5 %
   Japanese government5,319 — 1 875 4,445 5.7 %
   Korean government837 — 14 5 846 1.1 %
   ABS5,197 15 42 184 5,040 6.5 %
   CMBS2,344 1 22 98 2,267 2.9 %
   RMBS1,412 — 12 107 1,317 1.7 %
   U.S. government2,734 — 11 281 2,464 3.2 %
   State and political subdivisions789 — 3 99 693 0.9 %
   Other foreign government4,915 — 42 419 4,538 5.8 %
Total fixed maturity securities$82,907 $98 $1,201 $6,393 $77,617 100.0 %

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Corporate Fixed Maturity Securities by Industry
 December 31, 2025December 31, 2024
 Amortized CostEstimated Fair Value% of Total
Average Credit Ratings (1)
Amortized CostEstimated Fair Value% of Total
Average Credit Ratings (1)
Financial institutions
Banking$8,426 $8,352 12.0 %A-$7,757 $7,485 14.7 %A-
Brokerage/asset managers/exchanges1,835 1,738 2.5 %A-1,482 1,360 2.7 %A-
Finance companies1,132 1,114 1.6 %BBB+530 501 1.0 %BBB
Insurance6,319 5,899 8.5 %A-4,992 4,497 8.8 %A-
REITs2,025 1,934 2.7 %A-1,737 1,613 3.2 %A-
Other finance1,630 1,452 2.1 %A-1,407 1,217 2.3 %A-
      Total financial institutions$21,367 $20,489 29.4 %$17,905 $16,673 32.7 %
Industrials
Basic$3,033 $2,899 4.2 %BBB$2,097 $1,929 3.8 %BBB+
Capital goods3,598 3,463 5.0 %BBB+2,489 2,369 4.6 %BBB+
Communications4,523 4,276 6.1 %BBB+3,420 3,147 6.2 %BBB+
Consumer cyclical4,116 3,987 5.7 %BBB+3,300 3,099 6.1 %BBB+
Consumer noncyclical8,880 8,501 12.2 %BBB+6,177 5,714 11.2 %BBB+
Energy6,282 6,179 8.9 %BBB+4,060 3,906 7.7 %BBB+
Technology3,202 3,013 4.3 %BBB+2,124 1,937 3.8 %BBB+
Transportation4,088 3,904 5.6 %A-3,238 3,025 5.9 %A-
Other industrial1,659 1,617 2.3 %BBB1,362 1,350 2.6 %BBB
       Total industrials$39,381 $37,839 54.3 %$28,267 $26,476 51.9 %
Utilities
Electric$9,710 $9,279 13.3 %A-$6,863 $6,336 12.4 %A-
Natural gas1,639 1,544 2.2 %A-1,177 1,078 2.2 %A-
Other utility639 586 0.8 %BBB+493 428 0.8 %BBB+
       Total utilities$11,988 $11,409 16.3 %$8,533 $7,842 15.4 %
     Total$72,736 $69,737 100.0 %A-$54,705 $50,991 100.0 %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
  December 31, 2025September 30, 2025June 30, 2025March 31, 2025December 31, 2024
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$69,007 $64,571 63.4 %$67,158 $63,266 63.5 %$59,480 $55,147 64.1 %$58,522 $54,839 64.9 %$54,543 $50,822 65.5 %
2BBB32,330 31,423 30.9 %31,446 30,627 30.8 %26,911 25,568 29.7 %26,347 24,946 29.5 %24,023 22,565 29.1 %
3BB4,815 4,823 4.8 %4,753 4,719 4.7 %4,421 4,353 5.1 %3,880 3,849 4.6 %3,422 3,410 4.4 %
4B714 632 0.6 %807 758 0.8 %802 793 0.9 %643 639 0.8 %636 577 0.7 %
5CCC356 294 0.3 %267 184 0.2 %244 165 0.2 %287 216 0.2 %246 221 0.3 %
6In or near default42 26 — %30 19 — %30 17 — %30 18 — %37 22 — %
Total $107,264 $101,769 100.0 %$104,461 $99,573 100.0 %$91,888 $86,043 100.0 %$89,709 $84,507 100.0 %$82,907 $77,617 100.0 %
(1) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g., “BBB” includes “BBB+”, “BBB”, and “BBB-”).
 
 
Structured Fixed Maturity Securities
 December 31, 2025September 30, 2025June 30, 2025March 31, 2025December 31, 2024
 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”)$2,486 $2,481 22.4 %$2,711 $2,707 25.5 %$2,461 $2,455 25.6 %$2,262 $2,251 24.2 %$2,044 $2,044 23.7 %
ABS, excluding CLOs4,992 4,888 44.0 %4,290 4,165 39.3 %3,699 3,561 37.0 %3,404 3,269 35.2 %3,153 2,996 34.7 %
Total ABS7,478 7,369 66.4 %7,001 6,872 64.8 %6,160 6,016 62.6 %5,666 5,520 59.4 %5,197 5,040 58.4 %
CMBS2,179 2,162 19.5 %2,026 1,992 18.8 %2,129 2,076 21.6 %2,334 2,267 24.4 %2,344 2,267 26.3 %
RMBS
Agency359 324 2.9 %416 381 3.6 %377 337 3.5 %385 344 3.7 %394 344 4.0 %
Non-agency1,256 1,245 11.2 %1,377 1,359 12.8 %1,216 1,185 12.3 %1,186 1,158 12.5 %1,018 973 11.3 %
Total RMBS1,615 1,569 14.1 %1,793 1,740 16.4 %1,593 1,522 15.8 %1,571 1,502 16.2 %1,412 1,317 15.3 %
Total$11,272 $11,100 100.0 %$10,820 $10,604 100.0 %$9,882 $9,614 100.0 %$9,571 $9,289 100.0 %$8,953 $8,624 100.0 %
 
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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 
   Korean government— — — — — — 
   ABS19 1 — — 19 1 
   Other foreign government— — 13 3 13 3 
Total below investment grade securities$671 $26 $271 $34 $942 $60 
Total fixed maturity securities$18,962 $659 $32,102 $6,290 $51,064 $6,949 
(1) Includes securities for which an allowance for credit loss has not been recorded.
 

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
 As of December 31, 2024
 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$14,741 $529 $18,851 $3,682 $33,592 $4,211 
   Canadian government286 5 469 46 755 51 
   Japanese government2,037 192 2,365 683 4,402 875 
   Korean government6 1 77 3 83 4 
   ABS940 19 1,730 159 2,670 178 
   CMBS333 4 980 91 1,313 95 
   RMBS354 7 593 100 947 107 
   U.S. government792 15 656 266 1,448 281 
   State and political subdivisions155 7 417 92 572 99 
   Other foreign government1,402 41 1,739 341 3,141 382 
Total investment grade securities$21,046 $820 $27,877 $5,463 $48,923 $6,283 
Below investment grade securities:
   Corporate$347 $7 $347 $50 $694 $57 
   Korean government— — 6 1 6 1 
   ABS101 1 40 5 141 6 
   Other foreign government— — 124 37 124 37 
Total below investment grade securities$448 $8 $517 $93 $965 $101 
Total fixed maturity securities$21,494 $828 $28,394 $5,556 $49,888 $6,384 
(1) Includes securities for which an allowance for credit loss has not been recorded.

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Consolidated Investment Related Gains and Losses
Three Months EndedCurrent vs.Year-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Prior YearDec. 31,Dec. 31,
20252025202520252024Quarter20252024Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses$(49)$(28)$(29)$(6)$23 $(72)$(112)$(22)$(90)
Impairments on fixed maturity securities— (1)(2)— — — (3)(1)(2)
Realized gains on investment activity48 96 30 36 22 26 210 194 16 
Realized losses on investment activity(118)(65)(65)(87)(334)216 (335)(811)476 
Net gains (losses) on fixed maturity securities available-for-sale(119)2 (66)(57)(289)170 (240)(640)400 
Net gains (losses) on equity securities1 5 3 (1)(4)5 8 1 7 
Change in mortgage loan allowance for credit losses(4)(6)(18)4 (6)2 (24)(26)2 
Limited partnerships and real estate joint venture impairment losses(19)(1)(16)(5)(15)(4)(41)(23)(18)
Change in fair value of certain limited partnership investments(8)9 6 (7)21 (29)— 39 (39)
Other change in allowance for credit losses and impairments2 1 (3)(1)— 2 (1)(4)3 
Other, net8 4 (3)1 19 (11)10 21 (11)
Freestanding derivatives (1):
Interest rate swaps(5)1 (1)6 (18)13 1 (49)50 
Interest rate options(1)(2)(1)— — (1)(4)(6)2 
Total return swaps(2)16 6 (6)(7)5 14 (7)21 
Interest rate futures— — — — — — — 2 (2)
Foreign currency swaps7 6 (2)(3)14 (7)8 29 (21)
Foreign currency swaps - hedged— — — — — — — (2)2 
Foreign currency forwards(54)(40)40 22 (82)28 (32)(167)135 
Foreign currency options(2)(2)(2)(1)(6)4 (7)(7)— 
Equity options17 30 11 (6)(1)18 52 (5)57 
Equity futures(3)(13)(21)9 3 (6)(28)(28)— 
Credit default swaps21 33 21 (18)1 20 57 15 42 
Credit default index swaps options(1)— — — — (1)(1)— (1)
CPI swaps— 3 (1)(5)(2)2 (3)(4)1 
Total freestanding derivatives(23)32 50 (2)(98)75 57 (229)286 
Embedded derivatives27 (33)3 (11)125 (98)(14)116 (130)
Net gains (losses) on total derivatives4 (1)53 (13)27 (23)43 (113)156 
Total investment related gains (losses), net$(135)$13 $(44)$(79)$(247)$112 $(245)$(745)$500 
(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
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Prior YearDec. 31,Dec. 31,
20252025202520252024Quarter20252024Change
U.S. and Latin America Traditional
Income before income taxes$201 $123 $29 $149 $153 $48 $502 $500 $2 
Investment and derivative gains (1)
3 — — — 1 2 3 2 1 
Funds withheld losses - investment income— — — — — — — — — 
Change in fair value of funds withheld embedded derivatives (1)
18 13 (25)(9)(3)21 (3)24 (27)
Other— — — — — — — (1)1 
Adjusted operating income before income taxes222 136 4 140 151 71 502 525 (23)
Notable items (2)
— (39)— — — — (39)53 (92)
Adjusted operating income excluding notable items, before income taxes$222 $97 $4 $140 $151 $71 $463 $578 $(115)
U.S. and Latin America Financial Solutions
Income (loss) before income taxes$45 $37 $(17)$34 $139 $(94)$99 $193 $(94)
Market risk benefits remeasurement (gains) losses(3)(1)(17)29 (32)29 8 (44)52 
Investment and derivative (gains) losses (1)
82 15 95 (17)96 (14)175 186 (11)
Change in fair value of funds withheld embedded derivatives (1)
(25)38 22 20 (122)97 55 (140)195 
Funds withheld (gains) losses - investment income(2)(2)(3)(1)4 (6)(8)3 (11)
Derivatives - interest credited2 1 5 5 (1)3 13 17 (4)
Other (3)
4 12 12 (3)(8)12 25 111 (86)
Adjusted operating income before income taxes103 100 97 67 76 27 367 326 41 
Notable items (2)
— — — — — — — — — 
Adjusted operating income excluding notable items, before income taxes$103 $100 $97 $67 $76 $27 $367 $326 $41 
Canada Traditional
Income before income taxes$53 $41 $25 $32 $32 $21 $151 $135 $16 
Investment and derivative (gains) losses (1)
1 — — — — 1 1 — 1 
Investment income - non-operating funds withheld at interest— 2 1 — 1 (1)3 1 2 
Other— — 2 — (1)1 2 (2)4 
Adjusted operating income before income taxes54 43 28 32 32 22 157 134 23 
Notable items (2)
— (9)— — — — (9)(5)(4)
Adjusted operating income excluding notable items, before income taxes$54 $34 $28 $32 $32 $22 $148 $129 $19 
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.
(3) Includes pension risk transfer day one loss and other immaterial items.
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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Prior YearDec. 31,Dec. 31,
20252025202520252024Quarter20252024Change
Canada Financial Solutions
Income before income taxes$11 $11 $9 $12 $17 $(6)$43 $51 $(8)
Investment and derivative (gains) losses (1)
(1)(4)— (1)(9)8 (6)(25)19 
Adjusted operating income before income taxes10 7 9 11 8 2 37 26 11 
Notable items (2)
— — — — — — — — — 
Adjusted operating income excluding notable items, before income taxes$10 $7 $9 $11 $8 $2 $37 $26 $11 
Europe, Middle East and Africa Traditional
Income (loss) before income taxes$18 $(190)$16 $50 $8 $10 $(106)$20 $(126)
Other— (2)2 — 3 (3)— 10 (10)
Adjusted operating income (loss) before income taxes18 (192)18 50 11 7 (106)30 (136)
Notable items (2)
— 222 — — — — 222 40 182 
Adjusted operating income (loss) excluding notable items, before income taxes$18 $30 $18 $50 $11 $7 $116 $70 $46 
Europe, Middle East and Africa Financial Solutions
Income before income taxes$133 $132 $109 $74 $79 $54 $448 $299 $149 
Investment and derivative losses (1)
10 7 8 14 16 (6)39 47 (8)
Change in fair value of funds withheld embedded derivatives (1)
(20)(18)— — — (20)(38)— (38)
Investment income - non-operating funds withheld at interest— 19 (1)2 1 (1)20 (1)21 
Investment (income) loss on unit-linked variable annuities(1)1 — — 2 (3)— 3 (3)
Interest credited on unit-linked variable annuities1 (1)— — (2)3 — (3)3 
Adjusted operating income before income taxes123 140 116 90 96 27 469 345 124 
Notable items (2)
— (24)— — — — (24)2 (26)
Adjusted operating income excluding notable items, before income taxes$123 $116 $116 $90 $96 $27 $445 $347 $98 
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.
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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months EndedCurrent vs.Year-to-Date
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,Prior YearDec. 31,Dec. 31,
20252025202520252024Quarter20252024Change
Asia Pacific Traditional
Income before income taxes$118 $140 $102 $106 $59 $59 $466 $279 $187 
Other(1)(2)2 — 4 (5)(1)3 (4)
Adjusted operating income before income taxes117 138 104 106 63 54 465 282 183 
Notable items (2)
— (1)— — — — (1)95 (96)
Adjusted operating income excluding notable items, before income taxes$117 $137 $104 $106 $63 $54 $464 $377 $87 
Asia Pacific Financial Solutions
Income (loss) before income taxes$53 $87 $89 $31 $1 $52 $260 $49 $211 
Investment and derivative (gains) losses (1)
54 (8)(21)25 96 (42)50 331 (281)
Other(20)(8)9 3 (32)12 (16)(125)109 
Adjusted operating income before income taxes87 71 77 59 65 22 294 255 39 
Notable items (2)
— — — — — — — 9 (9)
Adjusted operating income excluding notable items, before income taxes$87 $71 $77 $59 $65 $22 $294 $264 $30 
Corporate and Other
Loss before income taxes$(122)$(61)$(21)$(119)$(263)$141 $(323)$(546)$223 
Investment and derivative losses (1)
48 (11)(5)50 180 (132)82 356 (274)
Investment income - non-operating funds withheld at interest— — 1 (1)— — — — — 
Interest expense on uncertain tax positions— — — — 1 (1)— 1 (1)
Derivatives - interest credited— — (3)5 (2)2 2 (2)4 
Other16 14 (4)(5)13 3 21 20 1 
Adjusted operating loss before income taxes(58)(58)(32)(70)(71)13 (218)(171)(47)
Notable items (2)
— — — — — — — — — 
Adjusted operating loss excluding notable items, before income taxes$(58)$(58)$(32)$(70)$(71)$13 $(218)$(171)$(47)
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.

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Reinsurance Group of America, Incorporated
Reconciliations of RGA, Inc. Shareholders’ Equity to RGA, Inc. Shareholders’ Equity Excluding AOCI
(USD millions except per share data)
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,
20252025202520252024
RGA, Inc. shareholders’ equity$13,461 $12,978 $12,053 $11,402 $10,816 
Less effect of AOCI:
Accumulated currency translation adjustments121 83 130 (8)(19)
Unrealized (depreciation) appreciation of securities(4,807)(4,199)(4,897)(4,443)(4,526)
Effect of updating discount rates on future policy benefits7,372 6,682 6,533 5,702 5,412 
Change in instrument-specific credit risk for market risk benefits2 1 3 6 2 
Pension and postretirement benefits(6)(15)(17)(19)(20)
RGA, Inc. shareholders’ equity, excluding AOCI10,779 10,426 10,301 10,164 9,967 
Year-to-date notable items, net of tax114 114 — — 168 
RGA, Inc. shareholders’ equity, excluding AOCI and notable items$10,893 $10,540 $10,301 $10,164 $10,135 
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
Dec. 31,Sept. 30,June 30,March 31,Dec. 31,
20252025202520252024
Book value per share$205.63 $197.52 $182.37 $172.53 $164.19 
Less effect of AOCI:
Accumulated currency translation adjustment1.85 1.27 1.96 (0.12)(0.27)
Unrealized (depreciation) appreciation of securities(73.42)(63.89)(74.10)(67.24)(68.73)
Effect of updating discount rates on future policy benefits112.61 101.69 98.85 86.28 82.16 
Change in instrument-specific credit risk for market risk benefits0.03 0.01 0.05 0.09 0.03 
Pension and postretirement benefits(0.10)(0.23)(0.26)(0.28)(0.31)
Book value per share, excluding AOCI$164.66 $158.67 $155.87 $153.80 $151.31 
Less effect of B36:(0.84)(1.16)(0.76)(0.80)(0.66)
Book value per share, excluding AOCI and B36$165.50 $159.83 $156.63 $154.60 $151.97 

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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;
•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 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.
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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;
•Book value per share, excluding AOCI and B36; and

5. Adjusted operating return on equity and adjusted operating return on equity, excluding notable items. Adjusted operating income 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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