Form 8-K
8-K — REINSURANCE GROUP OF AMERICA INC
Accession: 0000898174-26-000022
Filed: 2026-05-07
Period: 2026-05-05
CIK: 0000898174
SIC: 6311 (LIFE INSURANCE)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — rga-20260505.htm (Primary)
EX-99.1 (pressrelease1q26.htm)
EX-99.2 (qfs1q26.htm)
EX-99.3 (earningspresentation1q26.htm)
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8-K
8-K (Primary)
Filename: rga-20260505.htm · Sequence: 1
rga-20260505
false000089817400008981742026-05-052026-05-050000898174rga:RGAMemberexch:XNYS2026-05-052026-05-050000898174rga:RZBMemberexch:XNYS2026-05-052026-05-050000898174rga:RZCMemberexch:XNYS2026-05-052026-05-05
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): May 5, 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 May 7, 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 March 31, 2026, and providing certain additional information, a copy of which is furnished as Exhibit 99.1 and is incorporated herein by reference and (2) a quarterly financial supplement for the quarter ended March 31, 2026, a copy of which is furnished as Exhibit 99.2 and is incorporated herein by reference. The Earnings Release also notes that a conference call will be held on March 8, 2026 to discuss the financial and operating results for the three-month period ended March 31, 2026 (the “Earnings Call”).
Item 7.01 Regulation FD Disclosure.
In connection with the Earnings Call, the Company has prepared a presentation, dated May 7, 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 May 5, 2026, the board of directors declared a regular quarterly dividend of $0.93, payable June 2, 2026, to shareholders of record as of May 19, 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 May 7, 2026
99.2
Quarterly Financial Supplement for the quarter ended March 31, 2026
99.3
Earnings Presentation dated May 7, 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: May 7, 2026 By: /s/ Axel André
Axel André
Executive Vice President and Chief Financial Officer
EX-99.1
EX-99.1
Filename: pressrelease1q26.htm · Sequence: 2
Document
Exhibit 99.1
PRESS RELEASE
REINSURANCE GROUP OF AMERICA REPORTS
FIRST QUARTER RESULTS
First Quarter Results
•Net income available to RGA shareholders of $4.98 per diluted share
•Adjusted operating income of $6.97 per diluted share
•ROE of 9.7%; adjusted operating ROE of 15.2%; adjusted operating ROE, excluding notable items of 16.2%, each for the trailing twelve months
•Favorable economic claims experience across all regions
•Repurchased $50 million of common shares
ST. LOUIS, May 7, 2026 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported first quarter net income available to RGA shareholders of $330 million, or $4.98 per diluted share, compared with $286 million, or $4.27 per diluted share, in the prior-year quarter. Adjusted operating income for the first quarter totaled $462 million, or $6.97 per diluted share, compared with $379 million, or $5.66 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.21 per diluted share on net income available to RGA shareholders, and $0.20 per diluted share on adjusted operating income, both as compared with the prior year.
Tony Cheng, President and Chief Executive Officer, commented, “RGA delivered a strong start to 2026, with first quarter performance exceeding expectations across many regions and businesses. The results reflect disciplined execution, strong underlying fundamentals, and the continued benefits of our diversified global platform.
“Our focus remains on sustainable earnings growth and disciplined capital allocation, and we remain committed to delivering attractive long‑term returns and creating enduring value for shareholders. Looking ahead, our confidence for the remainder of 2026 and beyond remains high. The fundamentals of our business are strong, our pipeline is healthy, and our competitive advantages continue to distinguish us. With a proven strategy and a disciplined approach to growth, we believe RGA is exceptionally well positioned to continue delivering attractive financial results over time.”
Quarterly Results
($ in millions, except per share data) 2026 2025
Net premiums $ 4,595 $ 4,019
Net income available to RGA shareholders 330 286
Net income available to RGA shareholders per diluted share 4.98 4.27
Adjusted operating income 462 378
Adjusted operating income, excluding notable items 462 378
Adjusted operating income per diluted share 6.97 5.66
Adjusted operating income, excluding notable items per diluted share 6.97 5.66
Book value per share 202.93 172.53
Book value per share, excluding accumulated other comprehensive income (AOCI) 167.60 153.80
Book value per share, excluding AOCI and B36 167.92 154.60
Total assets 164,064 128,210
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 first quarter, consolidated net premiums totaled $4.6 billion, an increase of 14.3% over the 2025 first quarter, with a favorable net foreign currency effect of $103 million.
Compared with the year-ago period, excluding spread-based businesses, first quarter investment income increased 19.3% primarily due to a larger average invested asset base and higher earned yields. Average investment yield was 4.93% in the first quarter compared with 4.64% in the prior year period, reflecting higher variable investment income.
The effective tax rate for the quarter was 24.9% on pre-tax income, above the expected range of 22% to 23%, primarily due to the jurisdictional mix of earnings and an increase in the valuation allowance on tax credits.
The effective tax rate for the quarter was 24.4% on adjusted operating income before taxes, above the expected range of 22% to 23%, primarily due to the jurisdictional mix of earnings and an increase in the valuation allowance on tax credits.
SEGMENT RESULTS
U.S. and Latin America
Traditional
Quarterly Results
($ in millions) 2026 2025
Net premiums $ 1,932 $ 1,921
Adjusted operating income before taxes 138 140
Adjusted operating income before taxes, excluding notable items 138 140
Quarterly Results
•Results reflected favorable individual life claims experience and individual health results.
Financial Solutions
Quarterly Results
($ in millions) 2026 2025
Adjusted operating income before taxes 118 67
Adjusted operating income before taxes, excluding notable items 118 67
Quarterly Results
•Results were in line with expectations.
Canada
Traditional
Quarterly Results
($ in millions) 2026 2025
Net premiums $ 339 $ 319
Adjusted operating income before taxes 38 32
Adjusted operating income before taxes, excluding notable items 38 32
Net Premiums
•Foreign currency exchange rates had a favorable effect on net premiums of $15 million for the quarter.
Quarterly Results
•Results reflected favorable individual life and group claims experience.
•Foreign currency exchange rates had a favorable effect of $2 million on adjusted operating income before taxes.
Financial Solutions
Quarterly Results
($ in millions) 2026 2025
Adjusted operating income before taxes 10 11
Adjusted operating income before taxes, excluding notable items 10 11
Quarterly Results
•Results were in line with expectations.
•Foreign currency exchange rates had an immaterial effect on adjusted operating income before taxes.
Europe, Middle East and Africa (EMEA)
Traditional
Quarterly Results
($ in millions) 2026 2025
Net premiums $ 605 $ 540
Adjusted operating income (loss) before taxes 54 50
Adjusted operating income before taxes, excluding notable items 54 50
Net Premiums
•Foreign currency exchange rates had a favorable effect on net premiums of $43 million for the quarter.
Quarterly Results
•Results reflected the timing benefit on an annual premium treaty, partially offset by unfavorable claims experience in capped cohorts. Economic claims experience was favorable.
•Foreign currency exchange rates had a favorable effect of $5 million on adjusted operating income before taxes.
Financial Solutions
Quarterly Results
($ in millions) 2026 2025
Adjusted operating income before taxes 128 90
Adjusted operating income before taxes, excluding notable items 128 90
Quarterly Results
•Results reflected the contribution from recent new business and favorable overall experience.
•Foreign currency exchange rates had a favorable effect of $8 million on adjusted operating income before taxes.
Asia Pacific
Traditional
Quarterly Results
($ in millions) 2026 2025
Net premiums $ 860 $ 777
Adjusted operating income before taxes 125 106
Adjusted operating income before taxes, excluding notable items 125 106
Net Premiums
•Foreign currency exchange rates had a favorable effect on net premiums of $18 million for the quarter.
Quarterly Results
•Results reflected favorable overall experience.
•Foreign currency exchange rates had a favorable effect of $1 million on adjusted operating income before taxes.
Financial Solutions
Quarterly Results
($ in millions) 2026 2025
Adjusted operating income before taxes 65 59
Adjusted operating income before taxes, excluding notable items 65 59
Quarterly Results
•Results reflected the timing impacts of new business portfolio repositioning and unfavorable foreign exchange impacts.
•Foreign currency exchange rates had an unfavorable effect of $1 million on adjusted operating income before taxes.
Corporate and Other
Quarterly Results
($ in millions) 2026 2025
Adjusted operating income (loss) before taxes (65) (70)
Adjusted operating income (loss) before taxes, excluding notable items (65) (70)
Quarterly Results
•Results were unfavorable compared to the expected quarterly average run rate primarily due to the timing of certain compensation expenses and slightly unfavorable variable investment income.
Dividend Declaration
Effective May 5, 2026, the board of directors declared a regular quarterly dividend of $0.93, payable June 2, 2026, to shareholders of record as of May 19, 2026.
Earnings Conference Call
A conference call to discuss first quarter results will begin at 10 a.m. Eastern Time on Friday, May 8, 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.
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 $164.1 billion as of March 31, 2026. To learn more about RGA and its businesses, please visit www.rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.
Cautionary Note Regarding Forward-Looking Statements
This document and the documents incorporated by reference herein 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 purposes; (3) changes in the Company's financial strength and credit ratings and the effect of such changes on the Company; (4) the availability, amount, cost, and market value of collateral necessary for regulatory reserves, capital, and client obligations; (5) changes in laws and regulations, tax policy and rates, accounting standards, and privacy, data security and cybersecurity regulations applicable to the Company and actions by regulators with authority over the Company's operations, as well as regulatory restrictions on the ability of Company subsidiaries to pay dividends to the Company; (6) the impact of general economic conditions in the U.S. and globally, including as a result of inflation, interest rate levels, geopolitical instability, and impacts from the imposition of, or changes in tariffs, as well as the stability of and actions by governments, central banks, and economies in jurisdictions where the Company operates, affecting interest rates, markets generally, or the demand for insurance and reinsurance; (7) the stability and financial performance of clients, reinsurers, third-party investment managers and other institutions and the effects of the Company's dependence on such third parties; (8) the effectiveness of the Company's risk management strategy, policy, and procedures, whether relating to reinsurance, investment strategy, operations, or otherwise; (9) the impact of impairments of the value of the Company's investment securities on the Company's capital requirements and the fact that the determination of allowances and impairments taken on the Company's investments is highly subjective; (10) the threat of catastrophic events such as pandemics, epidemics, other major health issues, natural disasters, war, military actions (including conflicts in the Middle East), and terrorism or other acts of violence; (11) competitive factors and competitors' responses to the Company's initiatives; (12) development and introduction of new products and distribution opportunities and entry into new lines of business and markets; (13) the impact of the development and adoption of artificial intelligence; (14) the effect of acquisitions and other significant transactions, including risks related to the integration of acquired blocks of business and entities and the Company's ability to achieve the expected benefits of such transactions, including the transaction entered into with subsidiaries of Equitable Holdings, Inc. on July 31, 2025; (15) interruption or failure of the Company's telecommunication, information technology, or other operational systems, or the Company's failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data and intellectual property stored on such systems; (16) adverse developments with respect to litigation, arbitration, or regulatory
investigations or actions; (17) risks associated with our international operations, including related to fluctuation in foreign currency exchange rates; and (18) other risks and uncertainties described in this document and in the Company's other filings with the Securities and Exchange Commission ("SEC").
Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company's business, including those mentioned in this document and the documents incorporated by reference herein and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company's situation may change in the future, except as required under applicable securities law. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as may be supplemented by Item 1A – "Risk Factors" in the Company's subsequent Quarterly Reports on Form 10-Q and in the Company’s other periodic and current reports filed with the SEC.
Investor Contact
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 March 31,
2026 2025
Diluted Earnings Per Share Diluted Earnings Per Share
Net income available to RGA shareholders $ 330 $ 4.98 $ 286 $ 4.27
Reconciliation to adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net 157 2.37 53 0.82
Market risk benefits remeasurement (gains) losses 17 0.26 23 0.34
Realized (gains) losses on funds withheld, included in investment income, net of related expenses (3) (0.05) — —
Embedded derivatives:
Included in investment related gains/losses, net (35) (0.53) 9 0.13
Included in interest credited 2 0.03 8 0.12
Investment (income) loss on unit-linked variable annuities 1 0.02 — —
Interest credited on unit-linked variable annuities (1) (0.02) — —
Interest expense on uncertain tax positions 1 0.02 — —
Other (1)
(5) (0.08) (4) (0.06)
Uncertain tax positions and other tax related items (3) (0.05) 1 0.01
Net income attributable to noncontrolling interest 1 0.02 2 0.03
Adjusted operating income 462 6.97 378 5.66
Notable items — — — —
Adjusted operating income, excluding notable items $ 462 $ 6.97 $ 378 $ 5.66
(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 March 31, 2026
Pre-tax Income (Loss) Income Taxes
Effective Tax Rate (1)
GAAP income $ 441 $ 110 24.9 %
Reconciliation to adjusted operating income:
Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net 198 41
Market risk benefits remeasurement (gains) losses 22 5
Realized (gains) losses on funds withheld, included in investment income, net of related expenses (4) (1)
Embedded derivatives:
Included in investment related gains/losses, net (44) (9)
Included in interest credited 3 1
Investment (income) loss on unit-linked variable annuities 1 —
Interest credited on unit-linked variable annuities (1) —
Interest expense on uncertain tax positions 1 —
Other (2)
(6) (1)
Uncertain tax positions and other tax related items — 3
Adjusted operating income 611 149 24.4 %
Notable items — —
Adjusted operating income, excluding notable items $ 611 $ 149
(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 March 31,
2026 2025
Income before income taxes $ 441 $ 369
Reconciliation to pre-tax adjusted operating income:
Realized (gains) losses, derivatives and other, included in investment related gains (losses), net 198 71
Market risk benefits remeasurement (gains) losses 22 29
Realized (gains) losses on funds withheld, included in investment income, net of related expenses (4) —
Embedded derivatives:
Included in investment related gains/losses, net (44) 11
Included in interest credited 3 10
Investment (income) loss on unit-linked variable annuities 1 —
Interest credited on unit-linked variable annuities (1) —
Interest expense on uncertain tax positions 1 —
Other (1)
(6) (5)
Pre-tax adjusted operating income 611 485
Notable items — —
Pre-tax adjusted operating income, excluding notable items $ 611 $ 485
(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 March 31,
2026 2025
Earnings per share from net income (loss):
Basic earnings per share $ 5.04 $ 4.33
Diluted earnings per share $ 4.98 $ 4.27
Diluted earnings per share from adjusted operating income $ 6.97 $ 5.66
Weighted average number of common and common equivalent shares outstanding 66,226 66,861
(Unaudited) At March 31,
2026 2025
Treasury shares 19,802 19,225
Common shares outstanding 65,509 66,086
Book value per share outstanding $ 202.93 $ 172.53
Book value per share outstanding, before impact of AOCI $ 167.60 $ 153.80
Reconciliation of Book Value Per Share to Book Value Per Share Excluding AOCI and B36 Derivatives
(Unaudited) At March 31,
2026 2025
Book value per share outstanding $ 202.93 $ 172.53
Less effect of AOCI:
Accumulated currency translation adjustment 1.54 (0.12)
Unrealized (depreciation) appreciation of securities (98.70) (67.24)
Effect of updating discount rates on future policy benefits 132.50 86.28
Change in instrument-specific credit risk for market risk benefits 0.06 0.09
Pension and postretirement benefits (0.07) (0.28)
Book value per share outstanding, before impact of AOCI 167.60 153.80
Less effect of B36 derivatives (0.32) (0.80)
Book value per share outstanding, before impact of AOCI and B36 derivatives $ 167.92 $ 154.60
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 March 31, 2026: Average Equity
Shareholders' average equity $ 12,638
Less effect of AOCI:
Accumulated currency translation adjustment 85
Unrealized (depreciation) appreciation of securities (4,962)
Effect of updating discount rates on future policy benefits 6,994
Change in instrument-specific credit risk for market risk benefits 3
Pension and postretirement benefits (12)
Shareholders' average equity, excluding AOCI 10,530
Year-to-date notable items, net of tax (46)
Shareholders' average equity, excluding AOCI and notable items $ 10,576
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 March 31, 2026: Income
Net income available to RGA shareholders $ 1,226 9.7 %
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net 406
Change in fair value of embedded derivatives (27)
Tax expense on uncertain tax positions and other tax related items (10)
Net income attributable to noncontrolling interest 6
Adjusted operating income 1,601 15.2 %
Notable items after tax (114)
Adjusted operating income, excluding notable items $ 1,715 16.2 %
REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Dollars in millions)
(Unaudited) Three Months Ended March 31,
2026 2025
Revenues:
Net premiums $ 4,595 $ 4,019
Investment income, net of related expenses 1,701 1,232
Investment related gains (losses), net (170) (79)
Other revenue 368 88
Total revenues 6,494 5,260
Benefits and expenses:
Claims and other policy benefits 4,621 3,822
Future policy benefits remeasurement (gains) losses (7) (56)
Market risk benefits remeasurement (gains) losses 22 29
Interest credited 480 299
Policy acquisition costs and other insurance expenses 512 417
Other operating expenses 326 300
Interest expense 99 80
Total benefits and expenses 6,053 4,891
Income before income taxes 441 369
Provision for income taxes 110 81
Net income 331 288
Net income attributable to noncontrolling interest 1 2
Net income available to RGA shareholders $ 330 $ 286
# # #
EX-99.2
EX-99.2
Filename: qfs1q26.htm · Sequence: 3
Document
Exhibit 99.2
Quarterly Financial Supplement
First Quarter 2026
(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+ A1
RGA Life Reinsurance Company of Canada AA- A+
RGA International Reinsurance Company dac AA-
RGA Global Reinsurance Company, Ltd. AA-
RGA Reinsurance Company of Australia Limited AA-
RGA Americas Reinsurance Company, Ltd. AA- A+
RGA Worldwide Reinsurance Company, Ltd. AA-
RGA Reinsurance Company (Barbados) Ltd. AA-
RGA Life and Annuity Insurance Company AA- A+
Omnilife Insurance Company Limited A+
Aurora National Life Assurance Company AA- A+
Senior Debt Ratings
Reinsurance Group of America, Incorporated A a- Baa1
Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.
Reinsurance Group of America, Incorporated
1st Quarter 2026
Table of Contents
Page
Consolidated
Financial Highlights
3
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
4
Consolidated Balance Sheets
6
Segment Summaries of Adjusted Operating Income Statements
U.S. and Latin America Traditional
7
U.S. and Latin America Financial Solutions
8
Canada Traditional
10
Canada Financial Solutions
11
Europe, Middle East and Africa Traditional
12
Europe, Middle East and Africa Financial Solutions
13
Asia Pacific Traditional
14
Asia Pacific Financial Solutions
15
Corporate and Other
16
Summary of Segment Adjusted Operating Income
17
Investments
Cash and Invested Assets and Investment Income and Yield Summary
18
Fixed Maturity Securities
20
Corporate Fixed Maturity Securities by Industry
21
Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities
22
Fixed Maturity Securities Below Amortized Cost
23
Consolidated Investment Related Gains and Losses
25
Appendix
Reconciliations of GAAP to Non-GAAP Measures
26
Non-GAAP Disclosures
31
Page 2
Reinsurance Group of America, Incorporated
Financial Highlights
Three Months Ended Current vs.
(USD millions, except in force and per share and shares data) March 31, Dec. 31, Sept. 30, June 30, March 31, Prior Year
2026 2025 2025 2025 2025 Quarter
Net premiums $ 4,595 $ 4,780 $ 4,280 $ 4,151 $ 4,019 $ 576
Net income available to RGA’s shareholders 330 463 253 180 286 44
Adjusted operating income 462 515 310 315 378 84
Adjusted operating income excluding notable items (1)
462 515 424 315 378 84
Return on equity 9.7 % 9.7 % 7.4 % 7.0 % 7.5 % 2.2 %
Adjusted operating return on equity (excluding AOCI) 15.2 % 14.7 % 13.2 % 12.7 % 13.4 % 1.8 %
Adjusted operating return on equity (excluding AOCI and notable items (1))
16.2 % 15.7 % 14.2 % 14.3 % 15.0 % 1.2 %
Adjusted operating return on equity (excluding AOCI, B36, and notable items (1))
16.1 % 15.6 % 14.1 % 14.2 % 14.9 % 1.2 %
Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income $ 5.04 $ 7.07 $ 3.85 $ 2.72 $ 4.33 $ 0.71
Adjusted operating income $ 7.05 $ 7.85 $ 4.71 $ 4.76 $ 5.73 $ 1.32
Adjusted operating income excluding notable items (1)
$ 7.05 $ 7.85 $ 6.43 $ 4.76 $ 5.73 $ 1.32
Diluted earnings per share
Net income $ 4.98 $ 6.97 $ 3.81 $ 2.70 $ 4.27 $ 0.71
Adjusted operating income $ 6.97 $ 7.75 $ 4.66 $ 4.72 $ 5.66 $ 1.31
Adjusted operating income excluding notable items (1)
$ 6.97 $ 7.75 $ 6.37 $ 4.72 $ 5.66 $ 1.31
Weighted average common shares outstanding
Basic 65,489 65,556 65,867 66,088 66,008 (519)
Diluted 66,226 66,428 66,508 66,731 66,861 (635)
Book value per share $ 202.93 $ 205.63 $ 197.52 $ 182.37 $ 172.53 $ 30.40
Book value per share, excluding AOCI $ 167.60 $ 164.66 $ 158.67 $ 155.87 $ 153.80 $ 13.80
Book value per share, excluding AOCI and B36 $ 167.92 $ 165.50 $ 159.83 $ 156.63 $ 154.60 $ 13.32
Shareholders’ dividends paid $ 61 $ 61 $ 61 $ 59 $ 59 $ 2
Share buybacks 50 50 75 — — 50
Total returned to shareholders $ 111 $ 111 $ 136 $ 59 $ 59 $ 52
Common shares issued 85,311 85,311 85,311 85,311 85,311 —
Treasury shares 19,802 19,847 19,602 19,219 19,225 577
Common shares outstanding 65,509 65,464 65,709 66,092 66,086 (577)
Assumed life reinsurance in force (in billions) $ 4,342.8 $ 4,334.6 $ 4,320.8 $ 4,091.3 $ 3,950.9 $ 391.9
Assumed new business production (in billions) $ 150.6 $ 149.9 $ 341.0 $ 110.9 $ 131.7 $ 18.9
(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.
March 31, Dec. 31, Sept. 30, June 30, March 31, Prior Year
2026 2025 2025 2025 2025 Quarter
Revenues:
Net premiums $ 4,595 $ 4,780 $ 4,280 $ 4,151 $ 4,019 $ 576
Net investment income 1,701 1,691 1,475 1,408 1,232 469
Investment related gains (losses), net (170) (135) 13 (44) (79) (91)
Other revenue 368 299 436 84 88 280
Total revenues 6,494 6,635 6,204 5,599 5,260 1,234
Benefits and expenses:
Adjusted claims and other policy benefits 4,621 4,772 4,356 4,045 3,822 799
Future policy benefits remeasurement (gains) losses (7) (97) 85 68 (56) 49
Market risk benefits remeasurement (gains) losses 22 (3) (1) (17) 29 (7)
Adjusted interest credited 480 475 547 314 299 181
Policy acquisition costs and other insurance expenses 512 500 471 433 417 95
Other operating expenses 326 380 328 325 300 26
Interest expense 99 98 98 90 80 19
Total benefits and expenses 6,053 6,125 5,884 5,258 4,891 1,162
Income before income taxes 441 510 320 341 369 72
Provision for income taxes 110 45 65 160 81 29
Net income 331 465 255 181 288 43
Net income attributable to noncontrolling interest 1 2 2 1 2 (1)
Net income available to RGA’s shareholders $ 330 $ 463 $ 253 $ 180 $ 286 $ 44
Pre-tax adjusted operating income reconciliation:
Income before income taxes $ 441 $ 510 $ 320 $ 341 $ 369 $ 72
Investment and derivative (gains) losses (1)
198 197 (1) 77 71 127
Market risk benefits remeasurement (gains) losses 22 (3) (1) (17) 29 (7)
Change in fair value of funds withheld embedded derivatives (1)
(44) (27) 33 (3) 11 (55)
Funds withheld (gains) losses - investment income (4) (2) 19 (2) — (4)
Derivatives - interest credited 3 2 1 2 10 (7)
Investment (income) loss on unit-linked variable annuities 1 (1) 1 — — 1
Interest credited on unit-linked variable annuities (1) 1 (1) — — (1)
Interest expense on uncertain tax positions 1 — — — — 1
Other (2)
(6) (1) 14 23 (5) (1)
Adjusted operating income before income taxes 611 676 385 421 485 126
Notable items (3)
— — (149) — — —
Adjusted operating income before income taxes excluding notable items $ 611 $ 676 $ 534 $ 421 $ 485 $ 126
(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.
March 31, Dec. 31, Sept. 30, June 30, March 31, Prior Year
2026 2025 2025 2025 2025 Quarter
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA $ 330 $ 463 $ 253 $ 180 $ 286 $ 44
Investment and derivative (gains) losses (1)
157 155 (2) 64 53 104
Market risk benefits remeasurement (gains) losses 17 (3) — (14) 23 (6)
Change in fair value of funds withheld embedded derivatives (1)
(35) (21) 26 (3) 9 (44)
Funds withheld (gains) losses - investment income (3) (1) 15 (2) — (3)
Derivatives - interest credited 2 2 1 1 8 (6)
Investment (income) loss on unit-linked variable annuities 1 (1) 1 — — 1
Interest credited on unit-linked variable annuities (1) 1 (1) — — (1)
Interest expense on uncertain tax positions 1 — — — — 1
Other (2)
(5) (1) 11 18 (4) (1)
Uncertain tax positions and other tax related items (3) (81) 4 70 1 (4)
Net income attributable to noncontrolling interest 1 2 2 1 2 (1)
Adjusted operating income 462 515 310 315 378 84
Notable items (3)
— — (114) — — —
Adjusted operating income excluding notable items $ 462 $ 515 $ 424 $ 315 $ 378 $ 84
Diluted earnings per share - adjusted operating income $ 6.97 $ 7.75 $ 4.66 $ 4.72 $ 5.66 $ 1.31
Diluted earnings per share - adjusted operating income excluding notable items $ 6.97 $ 7.75 $ 6.37 $ 4.72 $ 5.66 $ 1.31
Foreign currency effect on (4):
Net premiums $ 103 $ 42 $ 29 $ 45 $ (60) $ 163
Adjusted operating income before income taxes $ 17 $ 8 $ 3 $ 9 $ (8) $ 25
(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)
March 31, Dec. 31, Sept. 30, June 30, March 31,
2026 2025 2025 2025 2025
Assets
Fixed maturity securities available-for-sale, at fair value $ 107,328 $ 101,769 $ 99,573 $ 86,043 $ 84,507
Equity securities 300 311 161 155 153
Mortgage loans 11,318 11,104 10,507 10,057 9,331
Policy loans 3,703 3,541 3,570 1,294 1,284
Funds withheld at interest 8,390 8,149 8,268 7,115 5,328
Limited partnerships and real estate joint ventures 4,093 3,747 3,648 3,338 3,228
Short-term investments 357 346 381 502 454
Other invested assets 1,525 1,514 1,496 1,397 1,295
Total investments 137,014 130,481 127,604 109,901 105,580
Cash and cash equivalents 4,993 4,168 4,625 5,416 5,151
Accrued investment income 1,361 1,296 1,275 1,089 1,059
Premiums receivable and other reinsurance balances 4,259 4,475 4,035 4,202 3,749
Reinsurance ceded receivables and other 6,743 7,175 5,758 5,386 5,420
Deferred policy acquisition costs and other 6,191 6,079 5,954 5,823 5,649
Other assets 3,503 2,916 2,752 1,662 1,602
Total assets $ 164,064 $ 156,590 $ 152,003 $ 133,479 $ 128,210
Liabilities and equity
Future policy benefits $ 72,308 $ 66,425 $ 66,389 $ 63,531 $ 59,836
Interest-sensitive contract liabilities 53,540 52,095 49,634 37,158 36,614
Market risk benefits, at fair value 249 234 238 233 243
Other policy claims and benefits 3,051 3,011 3,032 3,016 2,870
Other reinsurance balances 1,495 1,888 1,600 1,353 1,291
Income taxes 3,182 2,998 2,591 2,454 2,250
Funds withheld payable 6,494 6,805 5,277 4,816 4,889
Other liabilities 4,256 3,873 4,440 3,041 2,991
Long-term debt 6,105 5,710 5,734 5,734 5,734
Total liabilities 150,680 143,039 138,935 121,336 116,718
Equity:
Common stock, at par value 1 1 1 1 1
Additional paid-in-capital 2,661 2,640 2,628 2,624 2,608
Retained earnings 10,375 10,151 9,757 9,563 9,443
Treasury stock (2,057) (2,013) (1,960) (1,887) (1,888)
Accumulated other comprehensive income, net of income taxes (AOCI):
Accumulated currency translation adjustment 101 121 83 130 (8)
Unrealized (depreciation) appreciation of securities (6,466) (4,807) (4,199) (4,897) (4,443)
Effect of updating discount rates on future policy benefits 8,680 7,372 6,682 6,533 5,702
Change instrument-specific credit risk for market risk benefits 4 2 1 3 6
Pension and postretirement benefits (5) (6) (15) (17) (19)
Total RGA, Inc. shareholders’ equity 13,294 13,461 12,978 12,053 11,402
Noncontrolling interest 90 90 90 90 90
Total equity 13,384 13,551 13,068 12,143 11,492
Total liabilities and equity $ 164,064 $ 156,590 $ 152,003 $ 133,479 $ 128,210
Total RGA, Inc. shareholders’ equity, excluding AOCI $ 10,980 $ 10,779 $ 10,426 $ 10,301 $ 10,164
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.
March 31, Dec. 31, Sept. 30, June 30, March 31, Prior Year
2026 2025 2025 2025 2025 Quarter
Revenues:
Net premiums $ 1,932 $ 2,104 $ 1,883 $ 2,019 $ 1,921 $ 11
Net investment income 288 299 282 285 268 20
Investment related gains (losses), net (12) 5 14 12 (6) (6)
Other revenue 7 17 11 4 8 (1)
Total revenues 2,215 2,425 2,190 2,320 2,191 24
Benefits and expenses:
Adjusted claims and other policy benefits 1,777 1,945 1,769 1,922 1,773 4
Future policy benefits remeasurement (gains) losses (6) (69) (46) 74 (25) 19
Adjusted interest credited 22 48 61 37 29 (7)
Policy acquisition costs and other insurance expenses 223 209 209 223 219 4
Other operating expenses 61 70 61 60 55 6
Total benefits and expenses 2,077 2,203 2,054 2,316 2,051 26
Adjusted operating income before income taxes 138 222 136 4 140 (2)
Notable items (1)
— — 39 — — —
Adjusted operating income excluding notable items, before income taxes $ 138 $ 222 $ 97 $ 4 $ 140 $ (2)
Loss and expense ratios:
Loss ratio (2)
91.7 % 89.2 % 91.5 % 98.9 % 91.0 % 0.7 %
Policy acquisition costs and other insurance expenses 11.5 % 9.9 % 11.1 % 11.0 % 11.4 % 0.1 %
Other operating expenses 3.2 % 3.3 % 3.2 % 3.0 % 2.9 % 0.3 %
Foreign currency effect on (3):
Net premiums $ 5 $ 3 $ 1 $ (4) $ (7) $ 12
Adjusted operating income (loss) before income taxes $ 1 $ — $ — $ 1 $ (2) $ 3
Assumed Life Reinsurance In Force (in billions) $ 1,900.2 $ 1,893.4 $ 1,860.7 $ 1,854.7 $ 1,840.6 $ 59.6
Assumed New Business Production (in billions) $ 47.8 $ 75.3 $ 52.8 $ 46.0 $ 36.3 $ 11.5
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.
March 31, Dec. 31, Sept. 30, June 30, March 31, Prior Year
2026 2025 2025 2025 2025 Quarter
Revenues:
Net premiums $ 320 $ 443 $ 227 $ (5) $ 109 $ 211
Net investment income 564 561 476 371 337 227
Investment related gains (losses), net (16) 12 16 — — (16)
Other revenue 279 204 351 53 50 229
Total revenues 1,147 1,220 1,070 419 496 651
Benefits and expenses:
Adjusted claims and other policy benefits 597 709 511 76 200 397
Future policy benefits remeasurement (gains) losses 14 4 2 (1) (2) 16
Adjusted interest credited 264 241 324 130 123 141
Policy acquisition costs and other insurance expenses 131 133 111 93 84 47
Other operating expenses 23 30 22 24 24 (1)
Total benefits and expenses 1,029 1,117 970 322 429 600
Adjusted operating income before income taxes 118 103 100 97 67 51
Notable items (1)
— — — — — —
Adjusted operating income before income taxes excluding notable items $ 118 $ 103 $ 100 $ 97 $ 67 $ 51
Assumed Life Reinsurance In Force (in billions) $ 203.0 $ 204.7 $ 207.7 $ 9.4 $ 9.5 $ 193.5
Assumed New Business Production (in billions) $ 0.9 $ — $ 204.1 $ — $ — $ 0.9
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
Page 8
Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions
(Continued)
(USD millions, shown net of reinsurance ceded) March 31, Dec. 31, Sept. 30, June 30, March 31,
2026 2025 2025 2025 2025
Policyholder account balances
Fixed annuities (deferred) $ 11,213 $ 10,868 $ 10,569 $ 10,473 $ 10,299
Equity-indexed annuities $ 1,514 $ 1,587 $ 1,668 $ 1,748 $ 1,838
Bank-owned life insurance (BOLI) and universal life $ 11,002 $ 11,118 $ 11,130 $ 1,997 $ 2,011
Other policyholder account balances $ 34 $ 36 $ 45 $ 45 $ 46
Variable annuities account balances
No riders $ 594 $ 614 $ 598 $ 605 $ 593
GMDB only 834 834 781 784 800
GMIB only 17 18 17 17 17
GMAB only 1 1 1 1 2
GMWB only 751 802 802 802 769
GMDB / WB 138 147 149 149 145
Other 12 14 13 13 13
Total variable annuities account balances $ 2,347 $ 2,430 $ 2,361 $ 2,371 $ 2,339
Variable universal life account value $ 13,789 $ 14,262 $ 14,132 $ — $ —
Interest-sensitive contract liabilities not associated with policyholder account balances:
Guaranteed investment contracts, funding agreements and immediate annuities $ 3,473 $ 3,406 $ 2,781 $ 1,265 $ 1,257
Future policy benefits (at original discount rate) associated with:
Payout annuities $ 7,478 $ 7,051 $ 8,266 $ 8,734 $ 8,840
Other future policy benefits $ 826 $ 672 $ 684 $ — $ —
Variable universal life account value $ 50 $ 54 $ 62 $ 62 $ 61
Liability for market risk benefits:
Equity-indexed annuities $ 182 $ 180 $ 181 $ 173 $ 170
Variable annuities (liability) $ 67 $ 54 $ 57 $ 60 $ 73
Variable annuities (asset) $ 15 $ 19 $ 19 $ 17 $ 13
Net interest spread (1)
1.0 % 1.8 % 1.2 % 1.2 % 0.8 %
(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.
March 31, Dec. 31, Sept. 30, June 30, March 31, Prior Year
2026 2025 2025 2025 2025 Quarter
Revenues:
Net premiums $ 339 $ 347 $ 326 $ 339 $ 319 $ 20
Net investment income 62 69 69 66 65 (3)
Investment related gains, net 1 1 2 — 1 —
Other revenue 1 — 1 1 (1) 2
Total revenues 403 417 398 406 384 19
Benefits and expenses:
Adjusted claims and other policy benefits 316 306 307 318 295 21
Future policy benefits remeasurement (gains) losses (1) (2) (8) 2 3 (4)
Adjusted interest credited — — 1 — — —
Policy acquisition costs and other insurance expenses 36 44 43 43 41 (5)
Other operating expenses 14 15 12 15 13 1
Total benefits and expenses 365 363 355 378 352 13
Adjusted operating income before income taxes 38 54 43 28 32 6
Notable items (1)
— — 9 — — —
Adjusted operating income excluding notable items, before income taxes $ 38 $ 54 $ 34 $ 28 $ 32 $ 6
Loss and expense ratios:
Loss ratio (2)
92.9 % 87.6 % 91.7 % 94.4 % 93.4 % (0.5) %
Policy acquisition costs and other insurance expenses 10.6 % 12.7 % 13.2 % 12.7 % 12.9 % (2.3) %
Other operating expenses 4.1 % 4.3 % 3.7 % 4.4 % 4.1 % — %
Foreign currency effect on (3):
Net premiums $ 15 $ 1 $ (3) $ (4) $ (20) $ 35
Adjusted operating income before income taxes $ 2 $ — $ — $ (1) $ (2) $ 4
Assumed Life Reinsurance In Force (in billions) $ 522.6 $ 521.5 $ 507.9 $ 512.4 $ 478.6 $ 44.0
Assumed New Business Production (in billions) $ 13.1 $ 12.8 $ 13.5 $ 13.1 $ 13.2 $ (0.1)
Creditor reinsurance net premiums $ 16 $ 15 $ 16 $ 18 $ 19 $ (3)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.
Page 10
Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
Three Months Ended Current vs.
March 31, Dec. 31, Sept. 30, June 30, March 31, Prior Year
2026 2025 2025 2025 2025 Quarter
Revenues:
Net premiums $ 45 $ 45 $ 46 $ 45 $ 52 $ (7)
Net investment income 62 61 58 58 51 11
Investment related gains, net (1) 2 (1) — — (1)
Other revenue 3 1 3 5 4 (1)
Total revenues 109 109 106 108 107 2
Benefits and expenses:
Adjusted claims and other policy benefits 93 92 92 93 91 2
Future policy benefits remeasurement gains (1) 3 — — — (1)
Policy acquisition costs and other insurance expenses 6 4 5 4 5 1
Other operating expenses 1 — 2 2 — 1
Total benefits and expenses 99 99 99 99 96 3
Adjusted operating income before income taxes 10 10 7 9 11 (1)
Notable items (2)
— — — — — —
Adjusted operating income excluding notable items, before income taxes $ 10 $ 10 $ 7 $ 9 $ 11 $ (1)
Foreign currency effect on (3):
Net premiums $ 2 $ 1 $ (1) $ (1) $ (3) $ 5
Adjusted operating income before income taxes $ — $ — $ — $ — $ (1) $ 1
Assumed Life Reinsurance In Force (in billions) $ 6.1 $ 6.2 $ 6.2 $ 6.3 $ 6.0 $ 0.1
Assumed New Business Production (in billions) $ — $ — $ — $ — $ — $ —
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.
March 31, Dec. 31, Sept. 30, June 30, March 31, Prior Year
2026 2025 2025 2025 2025 Quarter
Revenues:
Net premiums $ 605 $ 583 $ 562 $ 573 $ 540 $ 65
Net investment income 35 37 30 32 30 5
Other revenue 6 — 5 3 2 4
Total revenues 646 620 597 608 572 74
Benefits and expenses:
Adjusted claims and other policy benefits 543 542 516 533 483 60
Future policy benefits remeasurement (gains) losses (10) (10) 216 6 (8) (2)
Policy acquisition costs and other insurance expenses 35 37 30 24 20 15
Other operating expenses 24 33 27 27 27 (3)
Total benefits and expenses 592 602 789 590 522 70
Adjusted operating income (loss) before income taxes 54 18 (192) 18 50 4
Notable items (1)
— — (222) — — —
Adjusted operating income (loss) excluding notable items, before income taxes $ 54 $ 18 $ 30 $ 18 $ 50 $ 4
Loss and expense ratios:
Loss ratio (2)
88.1 % 91.3 % 130.2 % 94.1 % 88.0 % 0.1 %
Policy acquisition costs and other insurance expenses 5.8 % 6.3 % 5.3 % 4.2 % 3.7 % 2.1 %
Other operating expenses 4.0 % 5.7 % 4.8 % 4.7 % 5.0 % (1.0) %
Foreign currency effect on (3):
Net premiums $ 43 $ 26 $ 18 $ 24 $ (3) $ 46
Adjusted operating income (loss) before income taxes $ 5 $ 1 $ (7) $ 1 $ 1 $ 4
Critical illness net premiums $ 39 $ 38 $ 33 $ 36 $ 32 $ 7
Assumed Life Reinsurance In Force (in billions) $ 1,074.4 $ 1,113.1 $ 1,125.7 $ 1,117.7 $ 1,036.7 $ 37.7
Assumed New Business Production (in billions) $ 35.6 $ 38.6 $ 35.7 $ 34.1 $ 63.4 $ (27.8)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) 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.
March 31, Dec. 31, Sept. 30, June 30, March 31, Prior Year
2026 2025 2025 2025 2025 Quarter
Revenues:
Net premiums $ 344 $ 263 $ 260 $ 247 $ 189 $ 155
Net investment income 137 135 106 109 85 52
Investment related gains (losses), net (1) (1) — 4 (1) —
Other revenue 15 14 21 7 9 6
Total revenues 495 411 387 367 282 213
Benefits and expenses:
Adjusted claims and other policy benefits 347 249 253 224 167 180
Future policy benefits remeasurement (gains) losses (11) 6 (37) (3) (3) (8)
Adjusted interest credited 8 6 7 7 6 2
Policy acquisition costs and other insurance expenses 3 3 3 2 1 2
Other operating expenses 20 24 21 21 21 (1)
Total benefits and expenses 367 288 247 251 192 175
Adjusted operating income before income taxes 128 123 140 116 90 38
Notable items (2)
— — 24 — — —
Adjusted operating income excluding notable items, before income taxes $ 128 $ 123 $ 116 $ 116 $ 90 $ 38
Foreign currency effect on (3):
Net premiums $ 24 $ 12 $ 10 $ 14 $ (2) $ 26
Adjusted operating income before income taxes $ 8 $ 6 $ 5 $ 5 $ — $ 8
Assumed Life Reinsurance In Force (in billions) $ 16.9 $ 17.8 $ 18.8 $ — $ — $ 16.9
Assumed New Business Production (in billions) $ — $ — $ 18.8 $ — $ — $ —
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) 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.
March 31, Dec. 31, Sept. 30, June 30, March 31, Prior Year
2026 2025 2025 2025 2025 Quarter
Revenues:
Net premiums $ 860 $ 862 $ 880 $ 816 $ 777 $ 83
Net investment income 82 76 73 72 71 11
Investment related gains (losses), net — 1 — 1 (1) 1
Other revenue 8 7 3 — 3 5
Total revenues 950 946 956 889 850 100
Benefits and expenses:
Adjusted claims and other policy benefits 726 750 761 701 671 55
Future policy benefits remeasurement (gains) losses 9 (26) (41) (8) (18) 27
Policy acquisition costs and other insurance expenses 35 39 43 35 39 (4)
Other operating expenses 55 66 55 57 52 3
Total benefits and expenses 825 829 818 785 744 81
Adjusted operating income before income taxes 125 117 138 104 106 19
Notable items (1)
— — 1 — — —
Adjusted operating income excluding notable items, before income taxes $ 125 $ 117 $ 137 $ 104 $ 106 $ 19
Loss and expense ratios:
Loss ratio (2)
85.5 % 84.0 % 81.8 % 84.9 % 84.0 % 1.5 %
Policy acquisition costs and other insurance expenses 4.1 % 4.5 % 4.9 % 4.3 % 5.0 % (0.9) %
Other operating expenses 6.4 % 7.7 % 6.3 % 7.0 % 6.7 % (0.3) %
Foreign currency effect on (3):
Net premiums $ 18 $ 1 $ 3 $ 9 $ (23) $ 41
Adjusted operating income before income taxes $ 1 $ 1 $ 6 $ 2 $ (2) $ 3
Critical illness net premiums $ 436 $ 435 $ 414 $ 424 $ 398 $ 38
Assumed Life Reinsurance In Force (in billions) $ 581.7 $ 552.5 $ 546.1 $ 568.7 $ 561.1 $ 20.6
Assumed New Business Production (in billions) $ 40.0 $ 21.5 $ 12.7 $ 14.5 $ 14.3 $ 25.7
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(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.
March 31, Dec. 31, Sept. 30, June 30, March 31, Prior Year
2026 2025 2025 2025 2025 Quarter
Revenues:
Net premiums $ 150 $ 133 $ 96 $ 117 $ 112 $ 38
Net investment income 319 288 250 247 196 123
Investment related gains, net 12 12 13 10 7 5
Other revenue 14 12 6 — 6 8
Total revenues 495 445 365 374 321 174
Benefits and expenses:
Adjusted claims and other policy benefits 222 175 135 158 145 77
Future policy benefits remeasurement (gains) losses (1) (3) (1) (2) (3) 2
Adjusted interest credited 140 130 107 93 84 56
Policy acquisition costs and other insurance expenses 58 44 42 36 27 31
Other operating expenses 11 12 11 12 9 2
Total benefits and expenses 430 358 294 297 262 168
Adjusted operating income before income taxes 65 87 71 77 59 6
Notable items (2)
— — — — — —
Adjusted operating income excluding notable items, before income taxes $ 65 $ 87 $ 71 $ 77 $ 59 $ 6
Foreign currency effect on (3):
Net premiums $ (4) $ (2) $ 1 $ 7 $ (2) $ (2)
Adjusted operating income before income taxes $ (1) $ — $ — $ 2 $ (1) $ —
Assumed Life Reinsurance In Force (in billions) $ 37.9 $ 25.4 $ 24.9 $ 22.1 $ 18.4 $ 19.5
Assumed New Business Production (in billions) $ 13.2 $ 1.7 $ 3.4 $ 3.2 $ 4.5 $ 8.7
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.
March 31, Dec. 31, Sept. 30, June 30, March 31, Prior Year
2026 2025 2025 2025 2025 Quarter
Revenues:
Net investment income $ 149 $ 162 $ 151 $ 166 $ 129 $ 20
Investment related gains, net 1 3 1 3 3 (2)
Other revenue 29 29 29 18 5 24
Total revenues 179 194 181 187 137 42
Benefits and expenses:
Adjusted interest credited 44 47 47 45 47 (3)
Policy acquisition costs and other insurance income (15) (13) (15) (19) (19) 4
Other operating expenses 117 120 109 103 99 18
Interest expense 98 98 98 90 80 18
Total benefits and expenses 244 252 239 219 207 37
Adjusted operating loss before income taxes (65) (58) (58) (32) (70) 5
Notable items (1)
— — — — — —
Adjusted operating loss excluding notable items, before income taxes $ (65) $ (58) $ (58) $ (32) $ (70) $ 5
Foreign currency effect on (2):
Adjusted operating loss before income taxes $ 1 $ — $ (1) $ (1) $ (1) $ 2
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) 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.
March 31, Dec. 31, Sept. 30, June 30, March 31, Prior Year
2026 2025 2025 2025 2025 Quarter
U.S. and Latin America:
Traditional $ 138 $ 222 $ 136 $ 4 $ 140 $ (2)
Financial Solutions 118 103 100 97 67 51
Total U.S. and Latin America 256 325 236 101 207 49
Canada:
Traditional 38 54 43 28 32 6
Financial Solutions 10 10 7 9 11 (1)
Total Canada 48 64 50 37 43 5
Europe, Middle East and Africa:
Traditional 54 18 (192) 18 50 4
Financial Solutions 128 123 140 116 90 38
Total Europe, Middle East and Africa 182 141 (52) 134 140 42
Asia Pacific:
Traditional 125 117 138 104 106 19
Financial Solutions 65 87 71 77 59 6
Total Asia Pacific 190 204 209 181 165 25
Corporate and Other (65) (58) (58) (32) (70) 5
Consolidated adjusted operating income before income taxes 611 676 385 421 485 126
Notable items (1)
— — (149) — — —
Consolidated adjusted operating income excluding notable items before income taxes $ 611 $ 676 $ 534 $ 421 $ 485 $ 126
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
March 31, Dec. 31, Sept. 30, June 30, March 31,
2026 2025 2025 2025 2025
Fixed maturity securities, available-for-sale - public (1)
$ 94,438 $ 88,993 $ 88,064 $ 75,637 $ 75,257
Fixed maturity securities, available-for-sale - private (1)
12,890 12,776 11,509 10,406 9,250
Equity securities 300 311 161 155 153
Mortgage loans 11,318 11,104 10,507 10,057 9,331
Policy loans 3,703 3,541 3,570 1,294 1,284
Funds withheld at interest 8,390 8,149 8,268 7,115 5,328
Limited partnerships and real estate joint ventures 4,093 3,747 3,648 3,338 3,228
Short-term investments 357 346 381 502 454
Other invested assets 1,525 1,514 1,496 1,397 1,295
Cash and cash equivalents 4,993 4,168 4,625 5,416 5,151
Total cash and invested assets $ 142,007 $ 134,649 $ 132,229 $ 115,317 $ 110,731
(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”), Korean government and agencies (“Korean government”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”).
Investment Income and Yield Summary
Three Months Ended Current vs.
March 31, Dec. 31, Sept. 30, June 30, March 31, Prior Year
2026 2025 2025 2025 2025 Quarter
Average invested assets at amortized cost (1)
$ 49,549 $ 49,080 $ 47,662 $ 45,664 $ 44,016 $ 5,533
Net investment income (1)
$ 599 $ 630 $ 553 $ 595 $ 502 $ 97
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)
4.93 % 5.23 % 4.73 % 5.31 % 4.64 % 29 bps
Variable investment income (“VII”) (included in net investment income) (1)
$ 26 $ 55 $ — $ 59 $ (6) $ 32
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)
4.85 % 4.98 % 4.92 % 4.98 % 4.90 % (5) bps
(1) Excludes spread related business (e.g. coinsurance of annuities).
Page 18
Reinsurance Group of America, Incorporated
Investments
(USD millions)
Investments Net of Funds Withheld
March 31, 2026
Total Investments Funds Withheld Assets Excluding Funds Withheld
Fixed maturity securities, available-for-sale $ 107,328 $ 3,907 $ 103,421
Equity securities 300 3 297
Mortgage loans 11,318 753 10,565
Policy loans 3,703 — 3,703
Funds withheld at interest 8,390 1,345 7,045
Limited partnerships and real estate joint ventures 4,093 100 3,993
Short-term investments 357 4 353
Other invested assets 1,525 — 1,525
Total invested assets $ 137,014 $ 6,112 $ 130,902
December 31, 2025
Total Investments Funds Withheld Assets Excluding Funds Withheld
Fixed maturity securities, available-for-sale $ 101,769 $ 4,033 $ 97,736
Equity securities 311 2 309
Mortgage loans 11,104 821 10,283
Policy loans 3,541 — 3,541
Funds withheld at interest 8,149 1,360 6,789
Limited partnerships and real estate joint ventures 3,747 88 3,659
Short-term investments 346 9 337
Other invested assets 1,514 — 1,514
Total invested assets $ 130,481 $ 6,313 $ 124,168
Page 19
Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities
March 31, 2026
Amortized
Cost Allowance for Credit Losses Unrealized
Gains Unrealized
Losses Estimated Fair
Value % of
Total
Available-for-sale:
Corporate $ 77,736 $ 211 $ 676 $ 4,973 $ 73,228 68.2 %
Canadian government 4,897 — 251 133 5,015 4.7 %
Japanese government 9,873 — — 2,056 7,817 7.3 %
Korean government 1,346 — — 183 1,163 1.1 %
ABS 7,436 21 44 178 7,281 6.8 %
CMBS 2,367 — 25 57 2,335 2.2 %
RMBS 1,599 — 18 74 1,543 1.4 %
U.S. government 2,805 — 14 257 2,562 2.4 %
State and political subdivisions 737 — 2 84 655 0.6 %
Other foreign government 6,180 — 37 488 5,729 5.3 %
Total fixed maturity securities $ 114,976 $ 232 $ 1,067 $ 8,483 $ 107,328 100.0 %
December 31, 2025
Amortized
Cost Allowance for Credit Losses Unrealized
Gains Unrealized
Losses Estimated Fair
Value % of
Total
Available-for-sale:
Corporate $ 72,736 $ 189 $ 1,142 $ 3,952 $ 69,737 68.5 %
Canadian government 4,920 — 286 106 5,100 5.1 %
Japanese government 6,516 — 1 1,816 4,701 4.6 %
Korean government 1,407 — 1 96 1,312 1.3 %
ABS 7,478 21 69 157 7,369 7.2 %
CMBS 2,179 — 35 52 2,162 2.1 %
RMBS 1,615 — 26 72 1,569 1.5 %
U.S. government 3,508 — 27 248 3,287 3.3 %
State and political subdivisions 737 — 2 79 660 0.6 %
Other foreign government 6,168 — 83 379 5,872 5.8 %
Total fixed maturity securities $ 107,264 $ 210 $ 1,672 $ 6,957 $ 101,769 100.0 %
Page 20
Reinsurance Group of America, Incorporated
Investments
(USD millions)
Corporate Fixed Maturity Securities by Industry
March 31, 2026 December 31, 2025
Amortized Cost Estimated Fair Value % of Total
Average Credit Ratings (1)
Amortized Cost Estimated Fair Value % of Total
Average Credit Ratings (1)
Financial institutions
Banking $ 8,839 $ 8,587 11.7 % A- $ 8,426 $ 8,352 12.0 % A-
Brokerage/asset managers/exchanges 2,022 1,868 2.6 % A- 1,835 1,738 2.5 % A-
Finance companies 1,202 1,157 1.6 % BBB+ 1,132 1,114 1.6 % BBB+
Insurance 6,907 6,325 8.6 % A- 6,319 5,899 8.5 % A-
REITs 2,039 1,900 2.5 % A- 2,025 1,934 2.7 % A-
Other finance 1,652 1,433 2.0 % A- 1,630 1,452 2.1 % A-
Total financial institutions $ 22,661 $ 21,270 29.0 % $ 21,367 $ 20,489 29.4 %
Industrials
Basic $ 3,109 $ 2,920 4.0 % BBB $ 3,033 $ 2,899 4.2 % BBB
Capital goods 3,912 3,729 5.1 % BBB+ 3,598 3,463 5.0 % BBB+
Communications 4,626 4,277 5.8 % BBB+ 4,523 4,276 6.1 % BBB+
Consumer cyclical 4,478 4,262 5.8 % BBB+ 4,116 3,987 5.7 % BBB+
Consumer noncyclical 9,326 8,774 12.0 % BBB+ 8,880 8,501 12.2 % BBB+
Energy 6,939 6,721 9.2 % BBB+ 6,282 6,179 8.9 % BBB+
Technology 3,674 3,436 4.7 % A- 3,202 3,013 4.3 % BBB+
Transportation 4,211 3,947 5.4 % A- 4,088 3,904 5.6 % A-
Other industrial 1,744 1,683 2.3 % BBB- 1,659 1,617 2.3 % BBB
Total industrials $ 42,019 $ 39,749 54.3 % $ 39,381 $ 37,839 54.3 %
Utilities
Electric $ 10,794 $ 10,144 13.9 % A- $ 9,710 $ 9,279 13.3 % A-
Natural gas 1,706 1,568 2.1 % A- 1,639 1,544 2.2 % A-
Other utility 556 497 0.7 % BBB+ 639 586 0.8 % BBB+
Total utilities $ 13,056 $ 12,209 16.7 % $ 11,988 $ 11,409 16.3 %
Total $ 77,736 $ 73,228 100.0 % A- $ 72,736 $ 69,737 100.0 % A-
(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.
Page 21
Reinsurance Group of America, Incorporated
Investments
(USD millions)
Ratings of Fixed Maturity Securities
March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025
NAIC Designation
Rating Agency Designation(1)
Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total
1 AAA/AA/A $ 75,437 $ 69,596 64.8 % $ 69,007 $ 64,571 63.4 % $ 67,158 $ 63,266 63.5 % $ 59,480 $ 55,147 64.1 % $ 58,522 $ 54,839 64.9 %
2 BBB 33,252 31,702 29.5 % 32,330 31,423 30.9 % 31,446 30,627 30.8 % 26,911 25,568 29.7 % 26,347 24,946 29.5 %
3 BB 4,436 4,371 4.1 % 4,815 4,823 4.8 % 4,753 4,719 4.7 % 4,421 4,353 5.1 % 3,880 3,849 4.6 %
4 B 1,334 1,269 1.2 % 714 632 0.6 % 807 758 0.8 % 802 793 0.9 % 643 639 0.8 %
5 CCC 393 318 0.3 % 356 294 0.3 % 267 184 0.2 % 244 165 0.2 % 287 216 0.2 %
6 In or near default 124 72 0.1 % 42 26 — % 30 19 — % 30 17 — % 30 18 — %
Total $ 114,976 $ 107,328 100.0 % $ 107,264 $ 101,769 100.0 % $ 104,461 $ 99,573 100.0 % $ 91,888 $ 86,043 100.0 % $ 89,709 $ 84,507 100.0 %
(1) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g., “BBB” includes “BBB+”, “BBB”, and “BBB-”).
Structured Fixed Maturity Securities
March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025
Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimate Fair Value % of Total Amortized Cost Estimated Fair Value % of Total
ABS
Collateralized loan obligations (“CLOs”) $ 2,462 $ 2,449 21.9 % $ 2,486 $ 2,481 22.4 % $ 2,711 $ 2,707 25.5 % $ 2,461 $ 2,455 25.6 % $ 2,262 $ 2,251 24.2 %
ABS, excluding CLOs 4,974 4,832 43.3 % 4,992 4,888 44.0 % 4,290 4,165 39.3 % 3,699 3,561 37.0 % 3,404 3,269 35.2 %
Total ABS 7,436 7,281 65.2 % 7,478 7,369 66.4 % 7,001 6,872 64.8 % 6,160 6,016 62.6 % 5,666 5,520 59.4 %
CMBS 2,367 2,335 20.9 % 2,179 2,162 19.5 % 2,026 1,992 18.8 % 2,129 2,076 21.6 % 2,334 2,267 24.4 %
RMBS
Agency 351 314 2.9 % 359 324 2.9 % 416 381 3.6 % 377 337 3.5 % 385 344 3.7 %
Non-agency 1,248 1,229 11.0 % 1,256 1,245 11.2 % 1,377 1,359 12.8 % 1,216 1,185 12.3 % 1,186 1,158 12.5 %
Total RMBS 1,599 1,543 13.9 % 1,615 1,569 14.1 % 1,793 1,740 16.4 % 1,593 1,522 15.8 % 1,571 1,502 16.2 %
Total $ 11,402 $ 11,159 100.0 % $ 11,272 $ 11,100 100.0 % $ 10,820 $ 10,604 100.0 % $ 9,882 $ 9,614 100.0 % $ 9,571 $ 9,289 100.0 %
Page 22
Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
As of March 31, 2026
Less than 12 months Equal to or greater than 12 months Total
Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
Investment grade securities:
Corporate $ 26,865 $ 691 $ 21,780 $ 4,168 $ 48,645 $ 4,859
Canadian government 1,488 37 650 96 2,138 133
Japanese government 3,586 71 4,136 1,985 7,722 2,056
Korean government 1,043 178 74 5 1,117 183
ABS 2,962 28 1,373 143 4,335 171
CMBS 680 7 654 48 1,334 55
RMBS 358 2 534 72 892 74
U.S. government 935 3 486 254 1,421 257
State and political subdivisions 168 3 391 81 559 84
Other foreign government 2,463 89 1,712 396 4,175 485
Total investment grade securities $ 40,548 $ 1,109 $ 31,790 $ 7,248 $ 72,338 $ 8,357
Below investment grade securities:
Corporate $ 1,170 $ 29 $ 401 $ 72 $ 1,571 $ 101
ABS 207 4 19 1 226 5
Other foreign government — — 9 3 9 3
Total below investment grade securities $ 1,377 $ 33 $ 429 $ 76 $ 1,806 $ 109
Total fixed maturity securities $ 41,925 $ 1,142 $ 32,219 $ 7,324 $ 74,144 $ 8,466
(1) Includes securities for which an allowance for credit loss has not been recorded.
Page 23
Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
As of December 31, 2025
Less than 12 months Equal to or greater than 12 months Total
Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
Investment grade securities:
Corporate $ 10,591 $ 255 $ 22,666 $ 3,635 $ 33,257 $ 3,890
Canadian government 1,096 34 426 72 1,522 106
Japanese government 1,274 209 3,351 1,607 4,625 1,816
Korean government 1,145 92 78 4 1,223 96
ABS 2,324 15 1,149 141 3,473 156
CMBS — — 705 50 705 50
RMBS — — 562 72 562 72
U.S. government 406 1 542 247 948 248
State and political subdivisions 73 1 451 78 524 79
Other foreign government 1,382 26 1,901 350 3,283 376
Total investment grade securities $ 18,291 $ 633 $ 31,831 $ 6,256 $ 50,122 $ 6,889
Below investment grade securities:
Corporate $ 652 $ 25 $ 258 $ 31 $ 910 $ 56
ABS 19 1 — — 19 1
Other foreign government — — 13 3 13 3
Total below investment grade securities $ 671 $ 26 $ 271 $ 34 $ 942 $ 60
Total fixed maturity securities $ 18,962 $ 659 $ 32,102 $ 6,290 $ 51,064 $ 6,949
(1) Includes securities for which an allowance for credit loss has not been recorded.
Page 24
Reinsurance Group of America, Incorporated
Investments
(USD millions)
Consolidated Investment Related Gains and Losses
Three Months Ended Current vs.
March 31, Dec. 31, Sept. 30, June 30, March 31, Prior Year
2026 2025 2025 2025 2025 Quarter
Fixed maturity securities available-for-sale:
Change in allowance for credit losses $ (22) $ (49) $ (28) $ (29) $ (6) $ (16)
Impairments on fixed maturity securities (1) — (1) (2) — (1)
Realized gains on investment activity 59 48 96 30 36 23
Realized losses on investment activity (165) (118) (65) (65) (87) (78)
Net gains (losses) on fixed maturity securities available-for-sale (129) (119) 2 (66) (57) (72)
Net gains (losses) on equity securities (14) 1 5 3 (1) (13)
Change in mortgage loan allowance for credit losses 2 (4) (6) (18) 4 (2)
Limited partnerships and real estate joint venture impairment losses (22) (19) (1) (16) (5) (17)
Change in fair value of certain limited partnership investments 6 (8) 9 6 (7) 13
Other change in allowance for credit losses and impairments — 2 1 (3) (1) 1
Other, net — 8 4 (3) 1 (1)
Freestanding derivatives (1):
Interest rate swaps 6 (5) 1 (1) 6 —
Interest rate options — (1) (2) (1) — —
Total return swaps (6) (2) 16 6 (6) —
Foreign currency swaps 1 7 6 (2) (3) 4
Foreign currency forwards (25) (54) (40) 40 22 (47)
Foreign currency options (1) (2) (2) (2) (1) —
Equity options (28) 17 30 11 (6) (22)
Equity futures 6 (3) (13) (21) 9 (3)
Credit default swaps (17) 21 33 21 (18) 1
Credit default index swaps options — (1) — — — —
CPI swaps 7 — 3 (1) (5) 12
Total freestanding derivatives (57) (23) 32 50 (2) (55)
Embedded derivatives 44 27 (33) 3 (11) 55
Net gains (losses) on total derivatives (13) 4 (1) 53 (13) —
Total investment related gains (losses), net $ (170) $ (135) $ 13 $ (44) $ (79) $ (91)
(1) Freestanding derivatives are non-hedged unless specified.
Page 25
Appendix
Reconciliations of GAAP to Non-GAAP Measures
Page 26
Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months Ended Current vs.
March 31, Dec. 31, Sept. 30, June 30, March 31, Prior Year
2026 2025 2025 2025 2025 Quarter
U.S. and Latin America Traditional
Income before income taxes $ 139 $ 201 $ 123 $ 29 $ 149 $ (10)
Investment and derivative gains (1)
— 3 — — — —
Funds withheld losses - investment income — — — — — —
Change in fair value of funds withheld embedded derivatives (1)
(1) 18 13 (25) (9) 8
Other — — — — — —
Adjusted operating income before income taxes 138 222 136 4 140 (2)
Notable items (2)
— — 39 — — —
Adjusted operating income excluding notable items, before income taxes $ 138 $ 222 $ 97 $ 4 $ 140 $ (2)
U.S. and Latin America Financial Solutions
Income (loss) before income taxes $ 191 $ 45 $ 37 $ (17) $ 34 $ 157
Market risk benefits remeasurement (gains) losses 22 (3) (1) (17) 29 (7)
Investment and derivative (gains) losses (1)
(9) 82 15 95 (17) 8
Change in fair value of funds withheld embedded derivatives (1)
(86) (25) 38 22 20 (106)
Funds withheld (gains) losses - investment income (3) (2) (2) (3) (1) (2)
Derivatives - interest credited 3 2 1 5 5 (2)
Other (3)
— 4 12 12 (3) 3
Adjusted operating income before income taxes 118 103 100 97 67 51
Notable items (2)
— — — — — —
Adjusted operating income excluding notable items, before income taxes $ 118 $ 103 $ 100 $ 97 $ 67 $ 51
Canada Traditional
Income before income taxes $ 37 $ 53 $ 41 $ 25 $ 32 $ 5
Investment and derivative (gains) losses (1)
1 1 — — — 1
Investment income - non-operating funds withheld at interest — — 2 1 — —
Other — — — 2 — —
Adjusted operating income before income taxes 38 54 43 28 32 6
Notable items (2)
— — 9 — — —
Adjusted operating income excluding notable items, before income taxes $ 38 $ 54 $ 34 $ 28 $ 32 $ 6
(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 27
Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months Ended Current vs.
March 31, Dec. 31, Sept. 30, June 30, March 31, Prior Year
2026 2025 2025 2025 2025 Quarter
Canada Financial Solutions
Income before income taxes $ 10 $ 11 $ 11 $ 9 $ 12 $ (2)
Investment and derivative (gains) losses (1)
— (1) (4) — (1) 1
Adjusted operating income before income taxes 10 10 7 9 11 (1)
Notable items (2)
— — — — — —
Adjusted operating income excluding notable items, before income taxes $ 10 $ 10 $ 7 $ 9 $ 11 $ (1)
Europe, Middle East and Africa Traditional
Income (loss) before income taxes $ 60 $ 18 $ (190) $ 16 $ 50 $ 10
Investment and derivative losses (1)
(6) — — — — (6)
Other — — (2) 2 — —
Adjusted operating income (loss) before income taxes 54 18 (192) 18 50 4
Notable items (2)
— — (222) — — —
Adjusted operating income (loss) excluding notable items, before income taxes $ 54 $ 18 $ 30 $ 18 $ 50 $ 4
Europe, Middle East and Africa Financial Solutions
Income before income taxes $ 95 $ 133 $ 132 $ 109 $ 74 $ 21
Investment and derivative losses (1)
(9) 10 7 8 14 (23)
Change in fair value of funds withheld embedded derivatives (1)
43 (20) (18) — — 43
Investment income - non-operating funds withheld at interest (1) — 19 (1) 2 (3)
Investment (income) loss on unit-linked variable annuities 1 (1) 1 — — 1
Interest credited on unit-linked variable annuities (1) 1 (1) — — (1)
Adjusted operating income before income taxes 128 123 140 116 90 38
Notable items (2)
— — 24 — — —
Adjusted operating income excluding notable items, before income taxes $ 128 $ 123 $ 116 $ 116 $ 90 $ 38
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.
Page 28
Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
Three Months Ended Current vs.
March 31, Dec. 31, Sept. 30, June 30, March 31, Prior Year
2026 2025 2025 2025 2025 Quarter
Asia Pacific Traditional
Income before income taxes $ 125 $ 118 $ 140 $ 102 $ 106 $ 19
Other — (1) (2) 2 — —
Adjusted operating income before income taxes 125 117 138 104 106 19
Notable items (2)
— — 1 — — —
Adjusted operating income excluding notable items, before income taxes $ 125 $ 117 $ 137 $ 104 $ 106 $ 19
Asia Pacific Financial Solutions
Income (loss) before income taxes $ 16 $ 53 $ 87 $ 89 $ 31 $ (15)
Investment and derivative (gains) losses (1)
56 54 (8) (21) 25 31
Other (7) (20) (8) 9 3 (10)
Adjusted operating income before income taxes 65 87 71 77 59 6
Notable items (2)
— — — — — —
Adjusted operating income excluding notable items, before income taxes $ 65 $ 87 $ 71 $ 77 $ 59 $ 6
Corporate and Other
Loss before income taxes $ (232) $ (122) $ (61) $ (21) $ (119) $ (113)
Investment and derivative losses (1)
165 48 (11) (5) 50 115
Investment income - non-operating funds withheld at interest — — — 1 (1) 1
Interest expense on uncertain tax positions 1 — — — — 1
Derivatives - interest credited — — — (3) 5 (5)
Other 1 16 14 (4) (5) 6
Adjusted operating loss before income taxes (65) (58) (58) (32) (70) 5
Notable items (2)
— — — — — —
Adjusted operating loss excluding notable items, before income taxes $ (65) $ (58) $ (58) $ (32) $ (70) $ 5
(1) Included in “Investment related gains (losses), net”.
(2) Represents the impact of changes in actuarial assumptions.
Page 29
Reinsurance Group of America, Incorporated
Reconciliations of RGA, Inc. Shareholders’ Equity to RGA, Inc. Shareholders’ Equity Excluding AOCI
(USD millions except per share data)
March 31, Dec. 31, Sept. 30, June 30, March 31,
2026 2025 2025 2025 2025
RGA, Inc. shareholders’ equity $ 13,294 $ 13,461 $ 12,978 $ 12,053 $ 11,402
Less effect of AOCI:
Accumulated currency translation adjustments 101 121 83 130 (8)
Unrealized (depreciation) appreciation of securities (6,466) (4,807) (4,199) (4,897) (4,443)
Effect of updating discount rates on future policy benefits 8,680 7,372 6,682 6,533 5,702
Change in instrument-specific credit risk for market risk benefits 4 2 1 3 6
Pension and postretirement benefits (5) (6) (15) (17) (19)
RGA, Inc. shareholders’ equity, excluding AOCI 10,980 10,779 10,426 10,301 10,164
Year-to-date notable items, net of tax — (114) (114) — —
RGA, Inc. shareholders’ equity, excluding AOCI and notable items $ 10,980 $ 10,893 $ 10,540 $ 10,301 $ 10,164
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
March 31, Dec. 31, Sept. 30, June 30, March 31,
2026 2025 2025 2025 2025
Book value per share $ 202.93 $ 205.63 $ 197.52 $ 182.37 $ 172.53
Less effect of AOCI:
Accumulated currency translation adjustment 1.54 1.85 1.27 1.96 (0.12)
Unrealized (depreciation) appreciation of securities (98.70) (73.42) (63.89) (74.10) (67.24)
Effect of updating discount rates on future policy benefits 132.50 112.61 101.69 98.85 86.28
Change in instrument-specific credit risk for market risk benefits 0.06 0.03 0.01 0.05 0.09
Pension and postretirement benefits (0.07) (0.10) (0.23) (0.26) (0.28)
Book value per share, excluding AOCI 167.60 164.66 158.67 155.87 153.80
Less effect of B36: (0.32) (0.84) (1.16) (0.76) (0.80)
Book value per share, excluding AOCI and B36 $ 167.92 $ 165.50 $ 159.83 $ 156.63 $ 154.60
Page 30
Reinsurance Group of America, Incorporated
Non-GAAP Disclosures
This Quarterly Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated (the “Company”) with the SEC. The consolidated financial information herein includes the assets, liabilities, and results of operations of the Company and its subsidiaries.
Non-GAAP Financial Measures
The Company discloses certain financial measures that are not determined in accordance with U.S. GAAP. The Company principally uses such non-GAAP financial measures in evaluating performance because the Company believes that such measures, when reviewed in conjunction with relevant U.S. GAAP measures, present a clearer picture of the Company’s operating performance and assist the Company in the allocation of its resources. The Company believes that these non-GAAP financial measures provide investors and other third parties with a better understanding of the Company’s results of operations, financial statements and the underlying profitability drivers and trends of the Company’s businesses by excluding specified items which may not be indicative of the Company’s ongoing operating performance and may fluctuate significantly from period to period. These measures should be considered supplementary to the Company’s financial results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way the Company calculates such measures. Consequently, the Company’s non-GAAP financial measures may not be comparable to similar measures used by other companies.
The following non-GAAP financial measures are used in this document or in other public disclosures made by the Company from time to time:
1.Adjusted operating income, on a pre-tax and after-tax basis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations. Adjusted operating income is calculated as net income available to the Company’s shareholders (or, in the case of pre-tax adjusted operating income, income before income taxes) excluding, as applicable:
•substantially all of the effect of net investment related gains and losses;
•changes in the fair value of embedded derivatives;
•changes in the fair value of contracts that provide market risk benefits;
•non-economic losses at contract inception for direct pension risk transfer single premium business (which are amortized into adjusted operating income within adjusted claims and other policy benefits over the estimated lives of the contracts);
•any net gain or loss from discontinued operations;
•the cumulative effect of any accounting changes;
•the impact of certain tax-related items; and
•any other items that the Company believes are not indicative of the Company’s ongoing operations;
as any of the above items can be volatile and may not reflect the underlying performance of the Company’s businesses. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company’s management incentive programs.
Adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments, and is presented in our financial statement footnotes in accordance with ASC 280 – “Segment Reporting.” Adjusted operating income (loss) before income taxes, when presented on a consolidated basis, is a non-GAAP financial measure.
2. Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items, and adjusted operating income per diluted share, excluding notable items. Notable items are items that the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented include the financial impact of the Company’s assumption reviews.
Page 31
3. Adjusted operating revenue. This measure excludes the effects of net realized capital gains and losses, and changes in the fair value of certain embedded derivatives.
4. Shareholders’ equity position excluding the impact of accumulated other comprehensive income (loss) (“AOCI”), shareholders’ average equity position excluding AOCI, and book value per share excluding the impact of AOCI. The Company believes that these measures provide useful information since such measures exclude AOCI-related items that are not permanent and can fluctuate significantly from period to period, and may not reflect the impact of the underlying performance of the Company’s businesses on shareholders’ equity and book value per share. AOCI primarily relates to changes in interest rates, credit spreads on the Company’s investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses the following non-GAAP financial measures:
•Shareholders’ average equity position excluding AOCI and B36, where B36 refers to the cumulative change in fair value of funds withheld embedded derivatives;
•Shareholders’ average equity position excluding AOCI and notable items;
•Shareholders’ average equity position excluding AOCI, B36 and notable items;
•Book value per share, excluding AOCI and B36; and
5. Adjusted operating return on equity and adjusted operating return on equity, excluding notable items. Adjusted operating income return on equity is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI, and adjusted operating return on equity, excluding notable items, is calculated as adjusted operating income, excluding notable items, divided by average shareholders’ equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target levels and awards under the Company’s management incentive programs. The Company also discloses the following non-GAAP financial measures:
•Adjusted operating return on equity excluding AOCI and B36;
•Adjusted operating return on equity excluding AOCI and notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’ equity excluding notable items and AOCI; and
•Adjusted operating return on equity excluding AOCI, B36 and notable items.
Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix at the end of this document. Except as otherwise noted herein, the non-GAAP figures and reconciliations presented herein reflect the Company’s adoption of the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments (“LDTI”). For additional information regarding the Company’s adoption of LDTI, see Note 1 – “Business and Basis of Presentation” and Note 3 – “Impact of New Accounting Standard” in the notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
The Company is unable to provide reconciliations of the intermediate term targets of consolidated adjusted operating income (loss) before taxes, adjusted operating income (loss) before taxes, excluding notable items (on both a segment-level and consolidated basis), consolidated adjusted operating ROE, respectively, which are forward-looking non-GAAP financial measures, due to, among other things, the fact that these targets are a composite of our goals for future results, the inherent difficulty in forecasting generally, and the difficulty of quantifying accurate forecasts of the numerous components comprising these calculations that would be necessary to provide any such reconciliations. In addition, actual performance in future periods may vary from the intermediate term target ranges for a variety of reasons, including known and unknown risk and uncertainties.
Page 32
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XML — IDEA: XBRL DOCUMENT
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Filename: R2.htm · Sequence: 37
v3.26.1
Cover Entity Listings - NEW YORK STOCK EXCHANGE, INC. [Member]
May 05, 2026
RGA [Member]
Entity Information [Line Items]
Title of 12(b) Security
Common Stock, par value $0.01
Trading Symbol
RGA
Security Exchange Name
NYSE
RZB [Member]
Entity Information [Line Items]
Title of 12(b) Security
5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056
Trading Symbol
RZB
Security Exchange Name
NYSE
RZC
Entity Information [Line Items]
Title of 12(b) Security
7.125% Fixed Rate Reset Subordinated Debentures due 2052
Trading Symbol
RZC
Security Exchange Name
NYSE
X
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