REINSURANCE GROUP OF AMERICA INC (Form: 8-K, Received: 02/05/2026 16:17:58)

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): February 3, 2026

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

Missouri

1-11848

43-1627032

(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 class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01

RGA

New York Stock Exchange

5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056

RZB

New York Stock Exchange

7.125% Fixed Rate Reset Subordinated Debentures due 2052

RZC

New 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 2.02			Results of Operations and Financial Condition.

On February 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 December 31, 2025, 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 December 31, 2025, 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 February 6, 2026 to discuss the financial and operating results for the three-month period ended December 31, 2025 (the “Earnings Call”).


Item 7.01			Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated February 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 effective February 3, 2026, the board of directors declared a regular quarterly dividend of $0.93, payable March 3, 2026, to shareholders of record as of February 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 9.01			Financial Statements and Exhibits

(d) Exhibits.



Exhibit No.						Exhibit
99.1						Press Release of Reinsurance Group of America, Incorporated dated February 5 , 2026

99.2						Quarterly Financial Supplement for the quarter ended December 31, 2025

99.3						Earnings Presentation dated February 5 , 2026

104						Cover 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: February 5, 2026

By:

/s/ Axel André

Axel André

Executive Vice President, Chief Financial Officer

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS

FOURTH QUARTER RESULTS

Fourth Quarter Results

•Net income available to RGA shareholders of $6.97 per diluted share

•Adjusted operating income of $7.75 per diluted share

•Strong investment results, including favorable variable investment income

•Repurchased $50 million of common shares

Full Year Results

•Net income available to RGA shareholders of $17.69 per diluted share

•Adjusted operating income of $22.72 per diluted share; adjusted operating income, excluding notable items of $24.42 per diluted share

•ROE of 9.7%, adjusted operating ROE of 14.7%, adjusted operating ROE, excluding notable items of 15.7%, each for the trailing twelve months

•Deployed capital of $2.5 billion into in-force block transactions

•Repurchased $125 million of common shares

•Estimated deployable capital of $3.4 billion at the end of the year

ST. LOUIS, February 5, 2026 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported fourth quarter net income available to RGA shareholders of $463 million, or $6.97 per diluted share, compared with $148 million, or $2.22 per diluted share, in the prior-year quarter. Adjusted operating income for the fourth quarter totaled $515 million, or $7.75 per diluted share, compared with $334 million, or $4.99 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.11 per diluted share on net income available to RGA shareholders, and $0.09 per diluted share on adjusted operating income, both as compared with the prior year.

Full year net income available to RGA shareholders totaled $1,182 million, or $17.69 per diluted share, compared with $717 million, or $10.73 per diluted share the year before. Adjusted operating income for the full year totaled $1,518 million, or $22.72 per diluted share, compared with $1,342 million, or $20.06 per diluted share the year before. Adjusted operating income, excluding notable items for the full year totaled $1,632 million, or $24.42 per diluted share, compared with $1,510 million, or $22.57 per diluted share the year before. Net foreign currency fluctuations had a favorable effect of $0.11 per diluted share on net income available to RGA shareholders, and $0.14 per diluted share on adjusted operating income, both as compared with the year before.

Tony Cheng, President and Chief Executive Officer, commented, “A very strong fourth quarter capped off another year of excellent financial results. This was another quarter with positive contributions from most of our business segments, demonstrating the strength and diversity of our global platform and local teams.

I am gratified that the collective efforts of the global RGA team have produced results that we all can be proud of.

"Taking a step back, it is important to view our results in the context of a longer-term journey and relative to our intermediate-term financial targets. Since the beginning of our most recent strategy cycle in 2023, our financial metrics are tracking at or ahead of our targets, giving us further confidence that we will meet or exceed the established goals.

“Looking forward, there are plenty of reasons for optimism, and I believe that we are well-positioned for continued success. Our balance sheet is strong, business conditions are favorable, and we have a proven strategy that I expect to result in attractive financial results over time.”


	Quarterly Results				Year-to-Date Results
($ in millions, except per share data)	2025		2024		2025		2024
Net premiums	$	4,780	$	4,156	$	17,230	$	17,843
Net income available to RGA shareholders	463		148		1,182		717
Net income available to RGA shareholders per diluted share	6.97		2.22		17.69		10.73
Adjusted operating income	515		334		1,518		1,342
Adjusted operating income, excluding notable items	515		334		1,632		1,510
Adjusted operating income per diluted share	7.75		4.99		22.72		20.06
Adjusted operating income, excluding notable items per diluted share	7.75		4.99		24.42		22.57
Book value per share	205.63		164.19
Book value per share, excluding accumulated other comprehensive income (AOCI)	164.66		151.31
Book value per share, excluding AOCI and B36	165.50		151.97
Total assets	156,590		118,675

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

In the fourth quarter, consolidated net premiums totaled $4.8 billion, an increase of 15.0% over the 2024 fourth quarter, with a favorable net foreign currency effect of $42 million. Net premiums for the quarter included a contribution of approximately $200 million from single premium pension risk transfer transactions, compared with approximately $150 million in the prior-year quarter, both of which are in the U.S. Financial Solutions business. For the full year, net premiums totaled $17.2 billion, a decrease of 3.4% from 2024, with a favorable net foreign currency effect of $56 million. Net premiums for the full year included a contribution of approximately $300 million from single premium pension risk transfer transactions, compared with approximately $2.9 billion in the prior year.

Compared with the year-ago period, excluding spread-based businesses, investment income increased 30.2% and 22.8% for the fourth quarter and full year, respectively, due to a larger average invested asset base and higher earned yields. Average investment yield was 5.23% in the fourth quarter and 4.99% for the full year, compared with 4.83% and 4.82% in the prior-year periods, respectively. The increases reflect higher new money rates relative to the existing portfolio yields and higher variable investment income.

The effective tax rate for the quarter was 8.9% on pre-tax income, below the expected range of 23% to 24%, primarily due to a release of a valuation allowance on investment portfolio tax assets. The effective tax rate for the full year was 22.9% on pre-tax income, generally in line with the expected range of 23% to 24%. The effective tax rate for the quarter was 23.8% on adjusted operating income before taxes, within the expected range of 23% to 24%. The effective tax rate for the full year was 22.8% on adjusted operating income before taxes, generally in line with the expected range of 23% to 24%.

SEGMENT RESULTS

U.S. and Latin America

Traditional


	Quarterly Results				Year-to-Date Results
($ in millions)	2025		2024		2025		2024
Net premiums	$	2,104	$	2,046	$	7,927	$	7,500
Adjusted operating income before taxes	222		151		502		525
Adjusted operating income before taxes, excluding notable items	222		151		463		578

Quarterly Results

•Results reflected the favorable impacts from in-force management actions and strong variable investment income, partially offset by the expected unfavorable group claims experience noted earlier in the year. The fourth quarter group claims experience was in line with the updated expectations and individual life claims experience was in line with expectations.

Full Year Results

•Results reflected $39 million of favorable impacts from the annual assumption review, which are reflected as notable items.

•Results excluding notable items reflected the unfavorable financial impact from individual life claims experience, primarily in capped cohorts, and the expected unfavorable group claims experience noted earlier in the year. These were partially offset by the favorable impacts from in-force management actions and strong variable investment income.

Financial Solutions


	Quarterly Results		Year-to-Date Results
($ in millions)	2025	2024	2025	2024
Adjusted operating income before taxes	103	76	367	326
Adjusted operating income before taxes, excluding notable items	103	76	367	326

Quarterly Results

•Results reflected the earnings contribution from the Equitable transaction.

Full Year Results

•Results reflected the earnings contribution from the Equitable transaction.

Canada

Traditional


	Quarterly Results				Year-to-Date Results
($ in millions)	2025		2024		2025		2024
Net premiums	$	347	$	333	$	1,331	$	1,291
Adjusted operating income before taxes	54		32		157		134
Adjusted operating income before taxes, excluding notable items	54		32		148		129

Net Premiums

•Foreign currency exchange rates had a favorable effect on net premiums of $1 million for the quarter.

Quarterly Results

•Results reflected favorable impacts from group and individual life businesses.

•Foreign currency exchange rates had an immaterial effect on adjusted operating income before taxes.

Full Year Results

•Results reflected $9 million of favorable impacts from the annual actuarial assumption review, which are reflected as notable items.

•Results excluding notable items reflected unfavorable group experience for the year.

•Foreign currency exchange rates had an adverse effect of $3 million on adjusted operating income before taxes.

Financial Solutions


	Quarterly Results		Year-to-Date Results
($ in millions)	2025	2024	2025	2024
Adjusted operating income before taxes	10	8	37	26
Adjusted operating income before taxes, excluding notable items	10	8	37	26

Quarterly Results

•Results were in line with expectations.

•Foreign currency exchange rates had an immaterial effect on adjusted operating income before taxes.

Full Year Results

•Results reflected favorable longevity experience.

•Foreign currency exchange rates had an adverse effect of $1 million on adjusted operating income before taxes.

Europe, Middle East and Africa (EMEA)

Traditional


	Quarterly Results				Year-to-Date Results
($ in millions)	2025		2024		2025		2024
Net premiums	$	583	$	488	$	2,258	$	2,002
Adjusted operating income (loss) before taxes	18		11		(106)		30
Adjusted operating income before taxes, excluding notable items	18		11		116		70

Net Premiums

•Foreign currency exchange rates had a favorable effect on net premiums of $26 million for the quarter.

Quarterly Results

•Results were largely in line with expectations, with favorable other experience offset by modestly unfavorable claims experience.

•Foreign currency exchange rates had a favorable effect of $1 million on adjusted operating income before taxes.

Full Year Results

•Results reflected $222 million of unfavorable impacts from the annual actuarial assumption review, which are reflected as notable items.

•Results excluding notable items reflected favorable underwriting margin.

•Foreign currency exchange rates had an adverse effect of $4 million on adjusted operating income before taxes.

Financial Solutions


	Quarterly Results		Year-to-Date Results
($ in millions)	2025	2024	2025	2024
Adjusted operating income before taxes	123	96	469	345
Adjusted operating income before taxes, excluding notable items	123	96	445	347

Quarterly Results

•Results reflected strong new business and favorable experience.

•Foreign currency exchange rates had a favorable effect of $6 million on adjusted operating income before taxes.

Full Year Results

•Results reflected $24 million of favorable impacts from the annual actuarial assumption review, which are reflected as notable items.

•Results excluding notable items reflected strong new business, and favorable experience and foreign exchange impacts.

•Foreign currency exchange rates had a favorable effect of $16 million on adjusted operating income before taxes.

Asia Pacific

Traditional


	Quarterly Results				Year-to-Date Results
($ in millions)	2025		2024		2025		2024
Net premiums	$	862	$	834	$	3,335	$	3,014
Adjusted operating income before taxes	117		63		465		282
Adjusted operating income before taxes, excluding notable items	117		63		464		377

Net Premiums

•Foreign currency exchange rates had a favorable effect on net premiums of $1 million for the quarter.

Quarterly Results

•Results were modestly above expectations, reflecting ongoing growth and favorable underwriting margin.

•Foreign currency exchange rates had a favorable effect of $1 million on adjusted operating income before taxes.

Full Year Results

•Results reflected $1 million of favorable impacts from the annual actuarial assumption review, which are reflected as notable items.

•Results excluding notable items reflected strong new business, and favorable in-force management actions and foreign currency impacts.

•Foreign currency exchange rates had a favorable effect of $7 million on adjusted operating income before taxes.

Financial Solutions


	Quarterly Results				Year-to-Date Results
($ in millions)	2025		2024		2025		2024
Net premiums	$	133	$	66	$	458	$	224
Adjusted operating income before taxes	87		65		294		255
Adjusted operating income before taxes, excluding notable items	87		65		294		264

Quarterly Results

•Results were in line with expectations.

•Foreign currency exchange rates had an immaterial effect on adjusted operating income before taxes.

Full Year Results

•Results reflected favorable overall experience.

•Foreign currency exchange rates had a favorable effect of $1 million on adjusted operating income before taxes.

Corporate and Other


	Quarterly Results		Year-to-Date Results
($ in millions)	2025	2024	2025	2024
Adjusted operating income (loss) before taxes	(58)	(71)	(218)	(171)
Adjusted operating income (loss) before taxes, excluding notable items	(58)	(71)	(218)	(171)

Quarterly Results

•Results were unfavorable compared to the expected quarterly average run rate primarily due to higher general expenses and financing costs.

Full Year Results

•Results were unfavorable compared to the expected quarterly average run rate primarily due to higher general expenses and financing costs.

Repurchase Authorization

On January 29, 2026, the board of directors authorized a share repurchase program for up to $500 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. This authorization replaces the stock repurchase authorization granted by the board in 2024.

Repurchases would be made in accordance with applicable securities laws and would be made through market transactions, block trades, privately negotiated transactions or other means, or a combination of these methods, with the timing and number of shares repurchased dependent on a variety of factors, including share price, corporate and regulatory requirements, and market and business conditions. Repurchases may be commenced or suspended from time to time without prior notice.

Dividend Declaration

Effective February 3, 2026, the board of directors declared a regular quarterly dividend of $0.93, payable March 3, 2026, to shareholders of record as of February 17, 2026.

Earnings Conference Call

A conference call to discuss fourth quarter results will begin at 10 a.m. Eastern Time on Friday, February 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;

•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.

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:

Estimated Excess Capital: Estimate of capital available in excess of RGA’s target level when considering RGA’s internal, regulatory and rating agency capital frameworks. Calculation performed annually and adjusted periodically to reflect quarterly activity and updates to RGA’s assumptions. Pro forma excess capital includes the impact of the transaction with subsidiaries of Equitable Holdings, Inc.

Estimated Deployable Capital: Estimated deployable capital includes RGA’s assumptions of sources and uses of capital over the next twelve months. RGA’s assumptions consider RGA’s internal, regulatory, and rating agency capital frameworks, and these assumptions are subject to change.

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

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

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

About RGA

Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has approximately $4.3 trillion of life reinsurance in force and total assets of $156.6 billion as of December 31, 2025. 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 contains 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 proposes; (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, 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 fluctuations in foreign currency exchange rates; and (18) other risks and uncertainties described in this document and in the Company’s 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 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, 2024, 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

Jeff Hopson

Senior Vice President - Investor Relations

(636) 736-2068

- 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 December 31,
	2025				2024
			Diluted Earnings Per Share				Diluted Earnings Per Share
Net income available to RGA shareholders	$	463	$	6.97	$	148	$	2.22
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	155		2.35		300		4.48
Market risk benefits remeasurement (gains) losses	(3)		(0.05)		(26)		(0.39)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	(1)		(0.02)		4		0.06
Embedded derivatives:
Included in investment related gains/losses, net	(21)		(0.32)		(99)		(1.48)
Included in interest credited	2		0.03		(2)		(0.03)
Investment (income) loss on unit-linked variable annuities	(1)		(0.02)		1		0.01
Interest credited on unit-linked variable annuities	1		0.02		(1)		(0.01)
Interest expense on uncertain tax positions	—		—		1		0.01
Other (1)	(1)		(0.02)		(16)		(0.24)
Uncertain tax positions and other tax related items	(81)		(1.22)		22		0.33
Net income attributable to noncontrolling interest	2		0.03		2		0.03
Adjusted operating income	515		7.75		334		4.99
Notable items	—		—		—		—
Adjusted operating income, excluding notable items	$	515	$	7.75	$	334	$	4.99


(Unaudited)	Twelve Months Ended December 31,
	2025				2024
			Diluted Earnings Per Share				Diluted Earnings Per Share
Net income available to RGA shareholders	$	1,182	$	17.69	$	717	$	10.73
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	270		4.05		706		10.56
Market risk benefits remeasurement (gains) losses	6		0.09		(35)		(0.52)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	12		0.18		2		0.03
Embedded derivatives:
Included in investment related gains/losses, net	11		0.16		(92)		(1.38)
Included in interest credited	12		0.18		12		0.18
Investment (income) loss on unit-linked variable annuities	—		—		2		0.03
Interest credited on unit-linked variable annuities	—		—		(2)		(0.03)
Interest expense on uncertain tax positions	—		—		1		0.01
Other (1)	24		0.36		13		0.19
Uncertain tax positions and other tax related items	(6)		(0.09)		11		0.16
Net income attributable to noncontrolling interest	7		0.10		7		0.10
Adjusted operating income	1,518		22.72		1,342		20.06
Notable items	114		1.70		168		2.51
Adjusted operating income, excluding notable items	$	1,632	$	24.42	$	1,510	$	22.57

(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 December 31, 2025						Twelve Months Ended December 31, 2025
	Pre-tax Income (Loss)		Income Taxes		Effective Tax Rate (1)		Pre-tax Income (Loss)		Income Taxes		Effective Tax Rate (1)
GAAP income	$	510	$	45	8.9	%	$	1,540	$	351	22.9	%
Reconciliation to adjusted operating income:
Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net	197		42				344		74
Market risk benefits remeasurement (gains) losses	(3)		—				8		2
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	(2)		(1)				15		3
Embedded derivatives:
Included in investment related gains/losses, net	(27)		(6)				14		3
Included in interest credited	2		—				15		3
Investment (income) loss on unit-linked variable annuities	(1)		—				—		—
Interest credited on unit-linked variable annuities	1		—				—		—
Interest expense on uncertain tax positions	—		—				—		—
Other (2)	(1)		—				31		7
Uncertain tax positions and other tax related items	—		81				—		6
Adjusted operating income	676		161		23.8	%	1,967		449		22.8	%
Notable items	—		—				149		35
Adjusted operating income, excluding notable items	$	676	$	161			$	2,116	$	484

(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 December 31,
	2025		2024
Income before income taxes	$	510	$	225
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	197		380
Market risk benefits remeasurement (gains) losses	(3)		(32)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	(2)		6
Embedded derivatives:
Included in investment related gains/losses, net	(27)		(125)
Included in interest credited	2		(3)
Investment (income) loss on unit-linked variable annuities	(1)		2
Interest credited on unit-linked variable annuities	1		(2)
Interest expense on uncertain tax positions	—		1
Other (1)	(1)		(21)
Pre-tax adjusted operating income	676		431
Notable items	—		—
Pre-tax adjusted operating income, excluding notable items	$	676	$	431


(Unaudited)	Twelve Months Ended December 31,
	2025		2024
Income before income taxes	$	1,540	$	980
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net	344		897
Market risk benefits remeasurement (gains) losses	8		(44)
Realized (gains) losses on funds withheld, included in investment income, net of related expenses	15		3
Embedded derivatives:
Included in investment related gains/losses, net	14		(116)
Included in interest credited	15		15
Investment (income) loss on unit-linked variable annuities	—		3
Interest credited on unit-linked variable annuities	—		(3)
Interest expense on uncertain tax positions	—		1
Other (1)	31		16
Pre-tax adjusted operating income	1,967		1,752
Notable items	149		194
Pre-tax adjusted operating income, excluding notable items	$	2,116	$	1,946

(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 December 31,				Twelve Months Ended December 31,
	2025		2024		2025		2024
Earnings per share from net income (loss):
Basic earnings per share	$	7.07	$	2.26	$	17.94	$	10.90
Diluted earnings per share	$	6.97	$	2.22	$	17.69	$	10.73

Diluted earnings per share from adjusted operating income	$	7.75	$	4.99	$	22.72	$	20.06
Weighted average number of common and common equivalent shares outstanding	66,428		66,982		66,811		66,880


(Unaudited)	At December 31,
	2025		2024
Treasury shares	19,847		19,439
Common shares outstanding	65,464		65,872
Book value per share outstanding	$	205.63	$	164.19
Book value per share outstanding, before impact of AOCI	$	164.66	$	151.31

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


(Unaudited)	At December 31,
	2025		2024
Book value per share outstanding	$	205.63	$	164.19
Less effect of AOCI:
Accumulated currency translation adjustment	1.85		(0.27)
Unrealized (depreciation) appreciation of securities	(73.42)		(68.73)
Effect of updating discount rates on future policy benefits	112.61		82.16
Change in instrument-specific credit risk for market risk benefits	0.03		0.03
Pension and postretirement benefits	(0.10)		(0.31)
Book value per share outstanding, before impact of AOCI	164.66		151.31
Less effect of B36 derivatives	(0.84)		(0.66)
Book value per share outstanding, before impact of AOCI and B36 derivatives	$	165.50	$	151.97

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 December 31, 2025:	Average Equity
Shareholders' average equity	$	12,142
Less effect of AOCI:
Accumulated currency translation adjustment	61
Unrealized (depreciation) appreciation of securities	(4,574)
Effect of updating discount rates on future policy benefits	6,340
Change in instrument-specific credit risk for market risk benefits	3
Pension and postretirement benefits	(15)
Shareholders' average equity, excluding AOCI	10,327
Year-to-date notable items, net of tax	80
Shareholders' average equity, excluding AOCI and notable items	$	10,407

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 December 31, 2025:	Income
Net income available to RGA shareholders	$	1,182	9.7	%
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net	312
Change in fair value of embedded derivatives	23
Tax expense on uncertain tax positions and other tax related items	(6)
Net income attributable to noncontrolling interest	7
Adjusted operating income	1,518		14.7	%
Notable items after tax	114
Adjusted operating income, excluding notable items	$	1,632	15.7	%

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)


(Unaudited)	Three Months Ended December 31,				Twelve Months Ended December 31,
	2025		2024		2025		2024
Revenues:
Net premiums	$	4,780	$	4,156	$	17,230	$	17,843
Investment income, net of related expenses	1,691		1,185		5,806		4,416
Investment related gains (losses), net	(135)		(247)		(245)		(745)
Other revenue	299		147		907		593
Total revenues	6,635		5,241		23,698		22,107
Benefits and expenses:
Claims and other policy benefits	4,772		3,943		16,995		16,903
Future policy benefits remeasurement (gains) losses	(97)		(69)		—		(32)
Market risk benefits remeasurement (gains) losses	(3)		(32)		8		(44)
Interest credited	475		292		1,635		1,087
Policy acquisition costs and other insurance expenses	500		411		1,821		1,641
Other operating expenses	380		385		1,333		1,268
Interest expense	98		86		366		304
Total benefits and expenses	6,125		5,016		22,158		21,127
Income before income taxes	510		225		1,540		980
Provision for income taxes	45		75		351		256
Net income	465		150		1,189		724
Net income attributable to noncontrolling interest	2		2		7		7
Net income available to RGA shareholders	$	463	$	148	$	1,182	$	717

# # #

Exhibit 99.2

Quarterly Financial Supplement

Fourth Quarter 2025

(Unaudited)

World Headquarters

Internet Address

Contacts

16600 Swingley Ridge Road

www.rgare.com

Axel 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+

RGA Life Reinsurance Company of Canada

AA-

A+

RGA International Reinsurance Company dac

AA-

RGA Global Reinsurance Company, Ltd.

AA-

RGA Reinsurance Company of Australia Limited

AA-

RGA Americas Reinsurance Company, Ltd.

AA-

A+

RGA Worldwide Reinsurance Company, Ltd.

AA-

RGA Reinsurance Company (Barbados) Ltd.

AA-

RGA Life and Annuity Insurance Company

AA-

A+

Omnilife Insurance Company Limited

A+

Aurora National Life Assurance Company

AA-

A+

Senior Debt Ratings

Reinsurance Group of America, Incorporated

Baa1

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			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

Fixed Maturity Securities			19

Corporate Fixed Maturity Securities by Industry			20

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities			21

Fixed Maturity Securities Below Amortized Cost			22

Consolidated Investment Related Gains and Losses			24

Appendix

Reconciliations of GAAP to Non-GAAP Measures			25

Non-GAAP Disclosures			30


						Page 2


Reinsurance Group of America, Incorporated
Financial Highlights

	Three Months Ended															Current vs.			Year-to-Date
(USD millions, except in force and per share and shares data)	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Prior Year			Dec. 31,		Dec. 31,
	2025			2025			2025			2025			2024			Quarter			2025		2024		Change

Net premiums	$	4,780		$	4,280		$	4,151		$	4,019		$	4,156		$	624		$	17,230	$	17,843	$	(613)
Net income available to RGA’s shareholders	463			253			180			286			148			315			1,182		717		465
Adjusted operating income	515			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 equity	9.7		%	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
Basic	65,556			65,867			66,088			66,008			65,867			(311)			65,878		65,816		62
Diluted	66,428			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 buybacks	50			75			—			—			—			50			125		—		125
Total returned to shareholders	$	111		$	136		$	59		$	59		$	59		$	52		$	365	$	229	$	136

Common shares issued	85,311			85,311			85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	19,847			19,602			19,219			19,225			19,439			408			19,847		19,439		408
Common shares outstanding	65,464			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.


						Page 3


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

(USD millions)	Three Months Ended										Current vs.		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Prior Year		Dec. 31,		Dec. 31,
	2025		2025		2025		2025		2024		Quarter		2025		2024		Change
Revenues:
Net premiums	$	4,780	$	4,280	$	4,151	$	4,019	$	4,156	$	624	$	17,230	$	17,843	$	(613)
Net investment income	1,691		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 revenue	299		436		84		88		147		152		907		593		314
Total revenues	6,635		6,204		5,599		5,260		5,241		1,394		23,698		22,107		1,591
Benefits and expenses:
Adjusted claims and other policy benefits	4,772		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 credited	475		547		314		299		292		183		1,635		1,087		548
Policy acquisition costs and other insurance expenses	500		471		433		417		411		89		1,821		1,641		180
Other operating expenses	380		328		325		300		385		(5)		1,333		1,268		65
Interest expense	98		98		90		80		86		12		366		304		62
Total benefits and expenses	6,125		5,884		5,258		4,891		5,016		1,109		22,158		21,127		1,031
Income before income taxes	510		320		341		369		225		285		1,540		980		560
Provision for income taxes	45		65		160		81		75		(30)		351		256		95
Net income	465		255		181		288		150		315		1,189		724		465
Net income attributable to noncontrolling interest	2		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 credited	2		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 annuities	1		(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 taxes	676		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.


						Page 4


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

(USD millions)	Three Months Ended										Current vs.		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Prior Year		Dec. 31,		Dec. 31,
	2025		2025		2025		2025		2024		Quarter		2025		2024		Change
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 credited	2		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 annuities	1		(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 interest	2		2		1		2		2		—		7		7		—
Adjusted operating income	515		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.


						Page 5


Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2025		2025		2025		2025		2024
Assets
Fixed maturity securities available-for-sale, at fair value	$	101,769	$	99,573	$	86,043	$	84,507	$	77,617
Equity securities	311		161		155		153		155
Mortgage loans	11,104		10,507		10,057		9,331		8,839
Policy loans	3,541		3,570		1,294		1,284		1,321
Funds withheld at interest	8,149		8,268		7,115		5,328		5,436
Limited partnerships and real estate joint ventures	3,747		3,648		3,338		3,228		3,067
Short-term investments	346		381		502		454		363
Other invested assets	1,514		1,496		1,397		1,295		1,242
Total investments	130,481		127,604		109,901		105,580		98,040
Cash and cash equivalents	4,168		4,625		5,416		5,151		3,326
Accrued investment income	1,296		1,275		1,089		1,059		986
Premiums receivable and other reinsurance balances	4,475		4,035		4,202		3,749		3,898
Reinsurance ceded receivables and other	7,175		5,758		5,386		5,420		5,531
Deferred policy acquisition costs and other	6,079		5,954		5,823		5,649		5,543
Other assets	2,916		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 liabilities	52,095		49,634		37,158		36,614		35,095
Market risk benefits, at fair value	234		238		233		243		223
Other policy claims and benefits	3,011		3,032		3,016		2,870		2,693
Other reinsurance balances	1,888		1,600		1,353		1,291		1,316
Income taxes	2,998		2,591		2,454		2,250		2,199
Funds withheld payable	6,805		5,277		4,816		4,889		5,017
Other liabilities	3,873		4,440		3,041		2,991		2,816
Long-term debt	5,710		5,734		5,734		5,734		5,042
Total liabilities	143,039		138,935		121,336		116,718		107,769
Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,640		2,628		2,624		2,608		2,600
Retained earnings	10,151		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 adjustment	121		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 benefits	7,372		6,682		6,533		5,702		5,412
Change instrument-specific credit risk for market risk benefits	2		1		3		6		2
Pension and postretirement benefits	(6)		(15)		(17)		(19)		(20)
Total RGA, Inc. shareholders’ equity	13,461		12,978		12,053		11,402		10,816
Noncontrolling interest	90		90		90		90		90
Total equity	13,551		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.


						Page 6


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

	Three Months Ended															Current vs.			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Prior Year			Dec. 31,			Dec. 31,
	2025			2025			2025			2025			2024			Quarter			2025			2024			Change
Revenues:
Net premiums	$	2,104		$	1,883		$	2,019		$	1,921		$	2,046		$	58		$	7,927		$	7,500		$	427
Net investment income	299			282			285			268			247			52			1,134			881			253
Investment related gains (losses), net	5			14			12			(6)			—			5			25			—			25
Other revenue	17			11			4			8			14			3			40			48			(8)
Total revenues	2,425			2,190			2,320			2,191			2,307			118			9,126			8,429			697

Benefits and expenses:
Adjusted claims and other policy benefits	1,945			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 credited	48			61			37			29			36			12			175			119			56
Policy acquisition costs and other insurance expenses	209			209			223			219			225			(16)			860			809			51
Other operating expenses	70			61			60			55			77			(7)			246			239			7
Total benefits and expenses	2,203			2,054			2,316			2,051			2,156			47			8,624			7,904			720

Adjusted operating income before income taxes	222			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 expenses	9.9		%	11.1		%	11.0		%	11.4		%	11.0		%	(1.1)		%	10.8		%	10.8		%	—		%
Other operating expenses	3.3		%	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.


						Page 7


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

	Three Months Ended										Current vs.		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Prior Year		Dec. 31,		Dec. 31,
	2025		2025		2025		2025		2024		Quarter		2025		2024		Change
Revenues:
Net premiums	$	443	$	227	$	(5)	$	109	$	156	$	287	$	774	$	2,986	$	(2,212)
Net investment income	561		476		371		337		323		238		1,745		1,280		465
Investment related gains (losses), net	12		16		—		—		—		12		28		—		28
Other revenue	204		351		53		50		52		152		658		226		432
Total revenues	1,220		1,070		419		496		531		689		3,205		4,492		(1,287)

Benefits and expenses:
Adjusted claims and other policy benefits	709		511		76		200		210		499		1,496		3,187		(1,691)
Future policy benefits remeasurement (gains) losses	4		2		(1)		(2)		(10)		14		3		1		2
Adjusted interest credited	241		324		130		123		127		114		818		519		299
Policy acquisition costs and other insurance expenses	133		111		93		84		102		31		421		374		47
Other operating expenses	30		22		24		24		26		4		100		85		15
Total benefits and expenses	1,117		970		322		429		455		662		2,838		4,166		(1,328)

Adjusted operating income before income taxes	103		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.


						Page 8


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,
	2025			2025			2025			2025			2024
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 only	834			781			784			800			848
GMIB only	18			17			17			17			18
GMAB only	1			1			1			2			2
GMWB only	802			802			802			769			818
GMDB / WB	147			149			149			145			152
Other	14			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


						Page 9


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

	Three Months Ended															Current vs.			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Prior Year			Dec. 31,			Dec. 31,
	2025			2025			2025			2025			2024			Quarter			2025			2024			Change
Revenues:
Net premiums	$	347		$	326		$	339		$	319		$	333		$	14		$	1,331		$	1,291		$	40
Net investment income	69			69			66			65			64			5			269			257			12
Investment related gains, net	1			2			—			1			—			1			4			3			1
Other revenue	—			1			1			(1)			—			—			1			6			(5)
Total revenues	417			398			406			384			397			20			1,605			1,557			48

Benefits and expenses:
Adjusted claims and other policy benefits	306			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 expenses	44			43			43			41			45			(1)			171			186			(15)
Other operating expenses	15			12			15			13			14			1			55			53			2
Total benefits and expenses	363			355			378			352			365			(2)			1,448			1,423			25

Adjusted operating income before income taxes	54			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 expenses	12.7		%	13.2		%	12.7		%	12.9		%	13.5		%	(0.8)		%	12.8		%	14.4		%	(1.6)		%
Other operating expenses	4.3		%	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.


						Page 10


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

	Three Months Ended										Current vs.		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Prior Year		Dec. 31,		Dec. 31,
	2025		2025		2025		2025		2024		Quarter		2025		2024		Change
Revenues:
Net premiums	$	45	$	46	$	45	$	52	$	46	$	(1)	$	188	$	166	$	22
Net investment income	61		58		58		51		51		10		228		147		81
Investment related gains, net	2		(1)		—		—		1		1		1		1		—
Other revenue	1		3		5		4		5		(4)		13		17		(4)
Total revenues	109		106		108		107		103		6		430		331		99

Benefits and expenses:
Adjusted claims and other policy benefits	92		92		93		91		109		(17)		368		307		61
Future policy benefits remeasurement gains	3		—		—		—		—		3		3		—		3
Policy acquisition costs and other insurance expenses	4		5		4		5		(17)		21		18		(7)		25
Other operating expenses	—		2		2		—		3		(3)		4		5		(1)
Total benefits and expenses	99		99		99		96		95		4		393		305		88

Adjusted operating income before income taxes	10		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.


						Page 11


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

	Three Months Ended															Current vs.			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Prior Year			Dec. 31,			Dec. 31,
	2025			2025			2025			2025			2024			Quarter			2025			2024			Change
Revenues:
Net premiums	$	583		$	562		$	573		$	540		$	488		$	95		$	2,258		$	2,002		$	256
Net investment income	37			30			32			30			28			9			129			112			17
Other revenue	—			5			3			2			10			(10)			10			11			(1)
Total revenues	620			597			608			572			526			94			2,397			2,125			272

Benefits and expenses:
Adjusted claims and other policy benefits	542			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 expenses	37			30			24			20			21			16			111			109			2
Other operating expenses	33			27			27			27			37			(4)			114			133			(19)
Total benefits and expenses	602			789			590			522			515			87			2,503			2,095			408

Adjusted operating income (loss) before income taxes	18			(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 expenses	6.3		%	5.3		%	4.2		%	3.7		%	4.3		%	2.0		%	4.9		%	5.4		%	(0.5)		%
Other operating expenses	5.7		%	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.


						Page 12


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

	Three Months Ended										Current vs.		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Prior Year		Dec. 31,		Dec. 31,
	2025		2025		2025		2025		2024		Quarter		2025		2024		Change
Revenues:
Net premiums	$	263	$	260	$	247	$	189	$	187	$	76	$	959	$	660	$	299
Net investment income	135		106		109		85		87		48		435		319		116
Investment related gains (losses), net	(1)		—		4		(1)		(1)		—		2		—		2
Other revenue	14		21		7		9		12		2		51		34		17
Total revenues	411		387		367		282		285		126		1,447		1,013		434

Benefits and expenses:
Adjusted claims and other policy benefits	249		253		224		167		159		90		893		562		331
Future policy benefits remeasurement (gains) losses	6		(37)		(3)		(3)		(1)		7		(37)		3		(40)
Adjusted interest credited	6		7		7		6		9		(3)		26		30		(4)
Policy acquisition costs and other insurance expenses	3		3		2		1		2		1		9		8		1
Other operating expenses	24		21		21		21		20		4		87		65		22
Total benefits and expenses	288		247		251		192		189		99		978		668		310

Adjusted operating income before income taxes	123		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.


						Page 13


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

	Three Months Ended															Current vs.			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Prior Year			Dec. 31,			Dec. 31,
	2025			2025			2025			2025			2024			Quarter			2025			2024			Change
Revenues:
Net premiums	$	862		$	880		$	816		$	777		$	834		$	28		$	3,335		$	3,014		$	321
Net investment income	76			73			72			71			66			10			292			257			35
Investment related gains (losses), net	1			—			1			(1)			(1)			2			1			1			—
Other revenue	7			3			—			3			10			(3)			13			25			(12)
Total revenues	946			956			889			850			909			37			3,641			3,297			344

Benefits and expenses:
Adjusted claims and other policy benefits	750			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 expenses	39			43			35			39			37			2			156			168			(12)
Other operating expenses	66			55			57			52			67			(1)			230			231			(1)
Total benefits and expenses	829			818			785			744			846			(17)			3,176			3,015			161

Adjusted operating income before income taxes	117			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 expenses	4.5		%	4.9		%	4.3		%	5.0		%	4.4		%	0.1		%	4.7		%	5.6		%	(0.9)		%
Other operating expenses	7.7		%	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.


						Page 14


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

	Three Months Ended										Current vs.		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Prior Year		Dec. 31,		Dec. 31,
	2025		2025		2025		2025		2024		Quarter		2025		2024		Change
Revenues:
Net premiums	$	133	$	96	$	117	$	112	$	66	$	67	$	458	$	224	$	234
Net investment income	288		250		247		196		189		99		981		656		325
Investment related gains, net	12		13		10		7		6		6		42		20		22
Other revenue	12		6		—		6		6		6		24		57		(33)
Total revenues	445		365		374		321		267		178		1,505		957		548

Benefits and expenses:
Adjusted claims and other policy benefits	175		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 credited	130		107		93		84		81		49		414		256		158
Policy acquisition costs and other insurance expenses	44		42		36		27		20		24		149		102		47
Other operating expenses	12		11		12		9		10		2		44		34		10
Total benefits and expenses	358		294		297		262		202		156		1,211		702		509

Adjusted operating income before income taxes	87		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.


						Page 15


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

	Three Months Ended										Current vs.		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Prior Year		Dec. 31,		Dec. 31,
	2025		2025		2025		2025		2024		Quarter		2025		2024		Change
Revenues:
Net investment income	$	162	$	151	$	166	$	129	$	138	$	24	$	608	$	513	$	95
Investment related gains, net	3		1		3		3		3		—		10		11		(1)
Other revenue	29		29		18		5		23		6		81		63		18
Total revenues	194		181		187		137		164		30		699		587		112

Benefits and expenses:
Adjusted interest credited	47		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 expenses	120		109		103		99		130		(10)		431		413		18
Interest expense	98		98		90		80		85		13		366		303		63
Total benefits and expenses	252		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.


						Page 16


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

	Three Months Ended										Current vs.		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Prior Year		Dec. 31,		Dec. 31,
	2025		2025		2025		2025		2024		Quarter		2025		2024		Change
U.S. and Latin America:
Traditional	$	222	$	136	$	4	$	140	$	151	$	71	$	502	$	525	$	(23)
Financial Solutions	103		100		97		67		76		27		367		326		41
Total U.S. and Latin America	325		236		101		207		227		98		869		851		18
Canada:
Traditional	54		43		28		32		32		22		157		134		23
Financial Solutions	10		7		9		11		8		2		37		26		11
Total Canada	64		50		37		43		40		24		194		160		34
Europe, Middle East and Africa:
Traditional	18		(192)		18		50		11		7		(106)		30		(136)
Financial Solutions	123		140		116		90		96		27		469		345		124
Total Europe, Middle East and Africa	141		(52)		134		140		107		34		363		375		(12)
Asia Pacific:
Traditional	117		138		104		106		63		54		465		282		183
Financial Solutions	87		71		77		59		65		22		294		255		39
Total Asia Pacific	204		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 taxes	676		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.


						Page 17


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Cash and Invested Assets

	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2025		2025		2025		2025		2024
Fixed maturity securities, available-for-sale (1)	$	101,769	$	99,573	$	86,043	$	84,507	$	77,617
Equity securities	311		161		155		153		155
Mortgage loans	11,104		10,507		10,057		9,331		8,839
Policy loans	3,541		3,570		1,294		1,284		1,321
Funds withheld at interest	8,149		8,268		7,115		5,328		5,436
Limited partnerships and real estate joint ventures	3,747		3,648		3,338		3,228		3,067
Short-term investments	346		381		502		454		363
Other invested assets	1,514		1,496		1,397		1,295		1,242
Cash and cash equivalents	4,168		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 Ended															Current vs.		Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Prior Year		Dec. 31,			Dec. 31,
	2025			2025			2025			2025			2024			Quarter		2025			2024			Change
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 bps		4.99		%	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 bps		4.96		%	4.82		%	14 bps

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


						Page 18


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities

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


	December 31, 2024
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	54,705	$	82	$	642	$	4,274	$	50,991	65.7	%
Canadian government	4,655		—		412		51		5,016		6.5	%
Japanese government	5,319		—		1		875		4,445		5.7	%
Korean government	837		—		14		5		846		1.1	%
ABS	5,197		15		42		184		5,040		6.5	%
CMBS	2,344		1		22		98		2,267		2.9	%
RMBS	1,412		—		12		107		1,317		1.7	%
U.S. government	2,734		—		11		281		2,464		3.2	%
State and political subdivisions	789		—		3		99		693		0.9	%
Other foreign government	4,915		—		42		419		4,538		5.8	%
Total fixed maturity securities	$	82,907	$	98	$	1,201	$	6,393	$	77,617	100.0	%


						Page 19


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Corporate Fixed Maturity Securities by Industry

	December 31, 2025							December 31, 2024
	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)
Financial institutions
Banking	$	8,426	$	8,352	12.0	%	A-	$	7,757	$	7,485	14.7	%	A-
Brokerage/asset managers/exchanges	1,835		1,738		2.5	%	A-	1,482		1,360		2.7	%	A-
Finance companies	1,132		1,114		1.6	%	BBB+	530		501		1.0	%	BBB
Insurance	6,319		5,899		8.5	%	A-	4,992		4,497		8.8	%	A-
REITs	2,025		1,934		2.7	%	A-	1,737		1,613		3.2	%	A-
Other finance	1,630		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 goods	3,598		3,463		5.0	%	BBB+	2,489		2,369		4.6	%	BBB+
Communications	4,523		4,276		6.1	%	BBB+	3,420		3,147		6.2	%	BBB+
Consumer cyclical	4,116		3,987		5.7	%	BBB+	3,300		3,099		6.1	%	BBB+
Consumer noncyclical	8,880		8,501		12.2	%	BBB+	6,177		5,714		11.2	%	BBB+
Energy	6,282		6,179		8.9	%	BBB+	4,060		3,906		7.7	%	BBB+
Technology	3,202		3,013		4.3	%	BBB+	2,124		1,937		3.8	%	BBB+
Transportation	4,088		3,904		5.6	%	A-	3,238		3,025		5.9	%	A-
Other industrial	1,659		1,617		2.3	%	BBB	1,362		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 gas	1,639		1,544		2.2	%	A-	1,177		1,078		2.2	%	A-
Other utility	639		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.


						Page 20

Reinsurance Group of America, Incorporated

Investments

(USD millions)


Ratings of Fixed Maturity Securities

		December 31, 2025						September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024
NAIC Designation	Rating Agency Designation(1)	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
1	AAA/AA/A	$	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	%
2	BBB	32,330		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	%
3	BB	4,815		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	%
4	B	714		632		0.6	%	807		758		0.8	%	802		793		0.9	%	643		639		0.8	%	636		577		0.7	%
5	CCC	356		294		0.3	%	267		184		0.2	%	244		165		0.2	%	287		216		0.2	%	246		221		0.3	%
6	In or near default	42		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, 2025						September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024
	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
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 CLOs	4,992		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 ABS	7,478		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	%
CMBS	2,179		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
Agency	359		324		2.9	%	416		381		3.6	%	377		337		3.5	%	385		344		3.7	%	394		344		4.0	%
Non-agency	1,256		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 RMBS	1,615		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	%


						Page 21


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of December 31, 2025
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	10,591	$	255	$	22,666	$	3,635	$	33,257	$	3,890
Canadian government	1,096		34		426		72		1,522		106
Japanese government	1,274		209		3,351		1,607		4,625		1,816
Korean government	1,145		92		78		4		1,223		96
ABS	2,324		15		1,149		141		3,473		156
CMBS	—		—		705		50		705		50
RMBS	—		—		562		72		562		72
U.S. government	406		1		542		247		948		248
State and political subdivisions	73		1		451		78		524		79
Other foreign government	1,382		26		1,901		350		3,283		376
Total investment grade securities	$	18,291	$	633	$	31,831	$	6,256	$	50,122	$	6,889

Below investment grade securities:
Corporate	$	652	$	25	$	258	$	31	$	910	$	56
Korean government	—		—		—		—		—		—
ABS	19		1		—		—		19		1

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

(1) Includes securities for which an allowance for credit loss has not been recorded.


						Page 22


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

	As of December 31, 2024
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	14,741	$	529	$	18,851	$	3,682	$	33,592	$	4,211
Canadian government	286		5		469		46		755		51
Japanese government	2,037		192		2,365		683		4,402		875
Korean government	6		1		77		3		83		4
ABS	940		19		1,730		159		2,670		178
CMBS	333		4		980		91		1,313		95
RMBS	354		7		593		100		947		107
U.S. government	792		15		656		266		1,448		281
State and political subdivisions	155		7		417		92		572		99
Other foreign government	1,402		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
ABS	101		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.


						Page 23


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Consolidated Investment Related Gains and Losses

	Three Months Ended										Current vs.		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Prior Year		Dec. 31,		Dec. 31,
	2025		2025		2025		2025		2024		Quarter		2025		2024		Change
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 activity	48		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 securities	1		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 impairments	2		1		(3)		(1)		—		2		(1)		(4)		3
Other, net	8		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 swaps	7		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 options	17		30		11		(6)		(1)		18		52		(5)		57
Equity futures	(3)		(13)		(21)		9		3		(6)		(28)		(28)		—
Credit default swaps	21		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 derivatives	27		(33)		3		(11)		125		(98)		(14)		116		(130)
Net gains (losses) on total derivatives	4		(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.


						Page 24

Appendix

Reconciliations of GAAP to Non-GAAP Measures


						Page 25


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

	Three Months Ended										Current vs.		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Prior Year		Dec. 31,		Dec. 31,
	2025		2025		2025		2025		2024		Quarter		2025		2024		Change
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 taxes	222		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 credited	2		1		5		5		(1)		3		13		17		(4)
Other (3)	4		12		12		(3)		(8)		12		25		111		(86)
Adjusted operating income before income taxes	103		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 taxes	54		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.


						Page 26


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

	Three Months Ended										Current vs.		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Prior Year		Dec. 31,		Dec. 31,
	2025		2025		2025		2025		2024		Quarter		2025		2024		Change

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 taxes	10		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 taxes	18		(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 annuities	1		(1)		—		—		(2)		3		—		(3)		3
Adjusted operating income before income taxes	123		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.


						Page 27


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

	Three Months Ended										Current vs.		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		Prior Year		Dec. 31,		Dec. 31,
	2025		2025		2025		2025		2024		Quarter		2025		2024		Change
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 taxes	117		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 taxes	87		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
Other	16		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,
	2025		2025		2025		2025		2024

RGA, Inc. shareholders’ equity	$	13,461	$	12,978	$	12,053	$	11,402	$	10,816
Less effect of AOCI:
Accumulated currency translation adjustments	121		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 benefits	7,372		6,682		6,533		5,702		5,412
Change in instrument-specific credit risk for market risk benefits	2		1		3		6		2
Pension and postretirement benefits	(6)		(15)		(17)		(19)		(20)
RGA, Inc. shareholders’ equity, excluding AOCI	10,779		10,426		10,301		10,164		9,967
Year-to-date notable items, net of tax	114		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,
	2025		2025		2025		2025		2024

Book value per share	$	205.63	$	197.52	$	182.37	$	172.53	$	164.19
Less effect of AOCI:
Accumulated currency translation adjustment	1.85		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 benefits	112.61		101.69		98.85		86.28		82.16
Change in instrument-specific credit risk for market risk benefits	0.03		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


						Page 29

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:

•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;

•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;


						Page 30

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.

•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, B36 and notable items.


						Page 31

Exhibit 99.3