REINSURANCE GROUP OF AMERICA INC - FORM 8-K - EX-99.2

Attached files

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EX-99.3 - EX-99.3 - REINSURANCE GROUP OF AMERICA INC	earningspresentation2q21.htm
EX-99.1 - EX-99.1 - REINSURANCE GROUP OF AMERICA INC	pressrelease2q21.htm
8-K - 8-K - REINSURANCE GROUP OF AMERICA INC	rga-20210803.htm

Exhibit 99.2

Quarterly Financial Supplement

Second Quarter 2021

(Unaudited)

World Headquarters

Internet Address

Contacts

16600 Swingley Ridge Road

www.rgare.com

Todd C. Larson

Chesterfield, Missouri 63017 U.S.A.

Senior Executive Vice President

and Chief Financial Officer

Phone: (636) 736-7000

e-mail: tlarson@rgare.com

Jeff Hopson

Senior Vice President, Investor Relations

Phone: (636) 736-2068

e-mail: jhopson@rgare.com

Current Ratings

Standard & Poor’s

A.M. Best

Moody’s

Financial Strength Ratings

RGA Reinsurance Company

AA-

A+

RGA Life Reinsurance Company of Canada

AA-

A+

RGA International Reinsurance Company dac

AA-

RGA Global Reinsurance Company, Ltd.

AA-

RGA Reinsurance Company of Australia Limited

AA-

RGA Americas Reinsurance Company, Ltd.

AA-

A+

RGA Reinsurance Company (Barbados) Ltd.

AA-

RGA Atlantic Reinsurance Company Ltd.

A+

Omnilife Insurance Company Limited

A+

Senior Debt Ratings

Reinsurance Group of America, Incorporated

Baa1

Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.

Reinsurance Group of America, Incorporated

2nd Quarter 2021

Table of Contents


			Page
Non-GAAP Disclosures			1

2021 Notes			2

Consolidated

Financial Highlights			3

Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)			4

Consolidated Balance Sheets			6

Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements

U.S. and Latin America Traditional			7

U.S. and Latin America Financial Solutions - Asset-Intensive			9

U.S. and Latin America Financial Solutions - Capital Solutions			12

Canada Traditional			14

Canada Financial Solutions			16

Europe, Middle East and Africa Traditional			18

Europe, Middle East and Africa Financial Solutions			20

Asia Pacific Traditional			22

Asia Pacific Financial Solutions			24

Corporate and Other			26

Summary of Segment GAAP Income			28

Summary of Segment Adjusted Operating Income			29

Investments

Cash and Invested Assets and Investment Income and Yield Summary			30

Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities			31

Corporate Fixed Maturity Securities by Industry			32

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities			33

Gross Unrealized Losses Aging - Fixed Maturity Securities			34

Fixed Maturity Securities Below Amortized Cost			35

Consolidated Investment Related Gains and Losses			37

Appendix

Reconciliations of GAAP to Non-GAAP Measures			38

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 (“RGA”) with the SEC. The consolidated financial information herein include the assets, liabilities, and results of operations of RGA and its subsidiaries, all of which are wholly owned (collectively, the “Company”).

Non-GAAP Disclosures

RGA uses a non-GAAP financial measure called adjusted operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that adjusted operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the Company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the Company’s underlying businesses. Additionally, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that management believes are not indicative of the Company’s ongoing operations. The definition of adjusted operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to adjusted operating income before income taxes is presented in the appendix.

RGA evaluates its shareholders’ equity position excluding the impact of accumulated other comprehensive income (“AOCI”) since the net unrealized gains or losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent and can fluctuate significantly from period to period.

RGA uses a non-GAAP financial measure called adjusted operating return on equity, which is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Additionally, RGA uses a non-GAAP financial measure called book value per share excluding the impact of AOCI that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation. A reconciliation of shareholders’ equity before and after the impact of AOCI is presented in the appendix.


						Page 1

Reinsurance Group of America, Incorporated

2021 Notes

Included in investment income, net of related expenses for the six-months ended June 30, 2021, is a reclassification recorded during the first quarter of approximately $92 million of pre-tax unrealized gains from accumulated other comprehensive income associated with investments in limited partnerships and private equity funds for which the Company utilizes the equity method of accounting. The reclassification resulted in a $92 million increase in the Corporate and Other segment's pre-tax income and pre-tax adjusted operating income for the six-months ended June 30, 2021. The unrealized gains should have been recognized in investment income in the periods they were reported by the investees.

Included in other investment related gains (losses), net for the six-months ended June 30, 2021, are $70 million of pre-tax investment related gains associated with investments in limited partnerships considered to be investment companies previously carried at cost less impairments. These investments should have been carried at fair value based on the net asset value of the investment and changes in the fair value of the investment should have been include included in investment related gains (losses), net. This correction, recorded during the first quarter, resulted in a $70 million increase in the Corporate segment's pre-tax income and did not have an impact on pre-tax adjusted operating income for the three-months and six-months ended June 30, 2021.


						Page 2


Reinsurance Group of America, Incorporated
Financial Highlights

	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
(USD millions, except in force & per share data)	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,						June 30,		June 30,
	2021			2021			2020			2020			2020						2021		2020		Change
Net premiums	$	3,098		$	2,914		$	3,260		$	2,825		$	2,790		$	308		$	6,012	$	5,609	$	403
Net income	344			139			132			213			158			186			483		70		413
Adjusted operating income (loss)	274			(84)			81			239			87			187			190		176		14
Return on equity - annualized	10.8		%	4.2		%	3.8		%	6.6		%	5.8		%	5.0		%
Return on equity - trailing 12 months	6.3		%	5.2		%	3.4		%	4.5		%	5.1		%	1.2		%
Adjusted operating return on equity (ex AOCI) - annualized	11.9		%	(3.7)		%	3.6		%	10.8		%	4.1		%	7.8		%
Adjusted operating return on equity (ex AOCI) - trailing 12 months	5.7		%	3.7		%	5.7		%	7.4		%	7.8		%	(2.1)		%
Total assets	$88,944			$84,810			$84,656			$82,127			$80,729			$8,215
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,619.4		$	1,610.2		$	1,611.6		$	1,602.1		$	1,620.5		$	(1.1)
U.S. and Latin America Financial Solutions	5.3			5.3			5.3			5.3			5.4			(0.1)
Canada Traditional	468.3			460.1			445.2			419.5			409.2			59.1
Europe, Middle East and Africa Traditional	861.4			830.8			864.4			808.0			772.8			88.6
Asia Pacific Traditional	516.1			521.0			553.7			534.4			649.5			(133.4)
Asia Pacific Financial Solutions	1.2			1.2			0.5			0.3			0.4			0.8
Total assumed life reinsurance in force	$	3,471.7		$	3,428.6		$	3,480.7		$	3,369.6		$	3,457.8		$	13.9
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	35.7		$	28.5		$	31.0		$	24.6		$	25.3		$	10.4		$	64.2	$	59.3	$	4.9
U.S. and Latin America Financial Solutions	—			—			0.1			(0.1)			—			—			—		—		—
Canada Traditional	8.5			14.2			10.9			8.6			9.1			(0.6)			22.7		21.3		1.4
Europe, Middle East and Africa Traditional	87.8			27.6			57.8			28.5			65.1			22.7			115.4		98.0		17.4
Asia Pacific Traditional	10.9			7.6			10.6			6.7			16.6			(5.7)			18.5		32.3		(13.8)
Asia Pacific Financial Solutions	0.1			—			—			—			—			0.1			0.1		—		0.1
Total assumed new business production	$	143.0		$	77.9		$	110.4		$	68.3		$	116.1		$	26.9		$	220.9	$	210.9	$	10.0
Per Share and Shares Data
Basic earnings per share
Net income	$	5.06		$	2.04		$	1.95		$	3.13		$	2.49		$	2.57		$	7.11	$	1.12	$	5.99
Adjusted operating income (loss)	$	4.04		$	(1.24)		$	1.19		$	3.52		$	1.37		$	2.67		$	2.80	$	2.80	$	—
Diluted earnings per share (1)
Net income	$	5.02		$	2.03		$	1.94		$	3.12		$	2.48		$	2.54		$	7.06	$	1.11	$	5.95
Adjusted operating income (loss) (1)	$	4.00		$	(1.24)		$	1.19		$	3.51		$	1.36		$	2.64		$	2.78	$	2.78	$	—
Wgt. average common shares outstanding
Basic	67,990			67,975			67,944			67,936			63,449			4,541			67,983		62,800		5,183
Diluted	68,533			68,427			68,378			68,170			63,749			4,784			68,460		63,298		5,162

Common shares issued	85,311			85,311			85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	17,314			17,326			17,354			17,374			17,375			(61)			17,314		17,375		(61)
Common shares outstanding	67,997			67,985			67,957			67,937			67,936			61			67,997		67,936		61

Book value per share	$	197.72		$	177.83		$	211.19		$	194.49		$	184.78		$	12.94
Per share effect of AOCI	$	59.43		$	44.16		$	78.86		$	63.13		$	55.96		$	3.47
Book value per share, excluding AOCI	$	138.29		$	133.67		$	132.33		$	131.36		$	128.82		$	9.47

Stockholders’ dividends paid	$	47		$	48		$	48		$	47		$	43		$	4		$	95	$	87	$	8
(1) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.


						Page 3


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2021		2021		2020		2020		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	3,098	$	2,914	$	3,260	$	2,825	$	2,790	$	308	$	6,012	$	5,609	$	403
Investment income, net of related expenses	759		812		682		654		645		114		1,571		1,239		332
Investment related gains (losses), net	112		302		105		66		81		31		414		(204)		618
Other revenue	168		91		96		98		90		78		259		166		93
Total revenues	4,137		4,119		4,143		3,643		3,606		531		8,256		6,810		1,446
Benefits and expenses:
Claims and other policy benefits	2,813		3,192		3,181		2,530		2,700		113		6,005		5,364		641
Interest credited	218		146		175		196		187		31		364		333		31
Policy acquisition costs and other insurance expenses	339		333		349		374		290		49		672		538		134
Other operating expenses	240		214		222		211		188		52		454		383		71
Interest expense	43		45		44		43		42		1		88		83		5
Collateral finance and securitization expense	2		3		3		4		4		(2)		5		10		(5)
Total benefits and expenses	3,655		3,933		3,974		3,358		3,411		244		7,588		6,711		877
Income before income taxes	482		186		169		285		195		287		668		99		569
Provision for income taxes	138		47		37		72		37		101		185		29		156
Net income	$	344	$	139	$	132	$	213	$	158	$	186	$	483	$	70	$	413
Pre-tax adjusted operating income reconciliation:
Income before income taxes	$	482	$	186	$	169	$	285	$	195	$	287	$	668	$	99	$	569
Investment and derivative (gains) losses (1)	(104)		(228)		12		17		31		(135)		(332)		(37)		(295)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	(16)		(50)		(51)		(116)		(1)		(15)		(66)		229		(295)
GMXB embedded derivatives (1)	17		(18)		(58)		29		(107)		124		(1)		21		(22)
Funds withheld (gains) losses - investment income	(1)		(1)		10		(1)		(3)		2		(2)		(5)		3
EIA embedded derivatives - interest credited	(3)		(30)		(5)		6		7		(10)		(33)		19		(52)
DAC offset, net	(2)		12		21		79		(21)		19		10		(108)		118
Investment (income) loss on unit-linked variable annuities	(2)		1		(13)		1		(15)		13		(1)		1		(2)
Interest credited on unit-linked variable annuities	2		(1)		13		(1)		15		(13)		1		(1)		2
Interest expense on uncertain tax positions	3		3		2		1		4		(1)		6		8		(2)
Non-investment derivatives and other	(15)		11		(1)		1		4		(19)		(4)		1		(5)
Adjusted operating income (loss) before income taxes	$	361	$	(115)	$	99	$	301	$	109	$	252	$	246	$	227	$	19

(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2021		2021		2020		2020		2020		Quarter		2021		2020		Change
After-tax adjusted operating income reconciliation:
Net income	$	344	$	139	$	132	$	213	$	158	$	186	$	483	$	70	$	413
Investment and derivative (gains) losses (1)	(82)		(179)		9		13		23		(105)		(261)		(28)		(233)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	(12)		(40)		(40)		(92)		(1)		(11)		(52)		181		(233)
GMXB embedded derivatives (1)	13		(14)		(46)		23		(84)		97		(1)		17		(18)
Funds withheld (gains) losses - investment income	(1)		(1)		8		(1)		(2)		1		(2)		(4)		2
EIA embedded derivatives - interest credited	(2)		(24)		(4)		5		6		(8)		(26)		15		(41)
DAC offset, net	(1)		9		17		62		(16)		15		8		(85)		93
Investment (income) loss on unit-linked variable annuities	(2)		1		(11)		1		(12)		10		(1)		1		(2)
Interest credited on unit-linked variable annuities	2		(1)		11		(1)		12		(10)		1		(1)		2
Interest expense on uncertain tax positions	3		2		2		1		3		—		5		6		(1)
Non-investment derivatives and other	(12)		9		(1)		1		3		(15)		(3)		1		(4)
Uncertain tax positions and other tax related items	24		15		4		14		(3)		27		39		3		36
Adjusted operating income (loss)	$	274	$	(84)	$	81	$	239	$	87	$	187	$	190	$	176	$	14


Wgt. average common shares outstanding (diluted)	68,533		68,427		68,378		68,170		63,749		4,784		68,460		63,298		5,162

Diluted earnings per share - adjusted operating income (loss) (2)	$	4.00	$	(1.24)	$	1.19	$	3.51	$	1.36	$	2.64	$	2.78	$	2.78	$	—

Foreign currency effect on (3):
Net premiums	$	124	$	78	$	35	$	12	$	(46)	$	170	$	202	$	(79)	$	281
Adjusted operating income (loss) before income taxes	$	10	$	1	$	3	$	7	$	(4)	$	14	$	11	$	(5)	$	16


(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.
(2) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.
(3) Compared to comparable prior year period.


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Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2021		2021		2020		2020		2020
Assets
Fixed maturity securities, available-for-sale	$	58,287	$	56,426	$	56,735	$	54,652	$	52,346
Equity securities	147		135		132		135		130
Mortgage loans on real estate	6,481		6,001		5,787		5,907		5,974
Policy loans	1,254		1,253		1,258		1,259		1,310
Funds withheld at interest	7,049		5,459		5,432		5,403		5,250
Short-term investments	184		157		227		154		84
Other invested assets	2,924		2,983		2,829		2,645		2,547
Total investments	76,326		72,414		72,400		70,155		67,641
Cash and cash equivalents	3,254		3,122		3,408		3,256		4,313
Accrued investment income	525		546		511		547		494
Premiums receivable and other reinsurance balances	3,102		2,907		2,842		2,792		2,852
Reinsurance ceded receivables	1,093		1,089		983		950		945
Deferred policy acquisition costs	3,622		3,617		3,616		3,534		3,565
Other assets	1,022		1,115		896		893		919
Total assets	$	88,944	$	84,810	$	84,656	$	82,127	$	80,729

Liabilities and stockholders’ equity
Future policy benefits	$	33,761	$	33,675	$	31,453	$	30,331	$	29,897
Interest-sensitive contract liabilities	26,161		23,142		23,276		23,208		23,118
Other policy claims and benefits	6,795		7,077		6,413		6,242		6,232
Other reinsurance balances	531		560		598		524		510
Deferred income taxes	2,699		2,417		3,263		3,016		2,856
Other liabilities	2,057		1,930		1,340		1,611		1,557
Long-term debt	3,173		3,573		3,573		3,573		3,573
Collateral finance and securitization notes	323		346		388		408		433
Total liabilities	75,500		72,720		70,304		68,913		68,176

Stockholders’ equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,430		2,411		2,406		2,421		2,413
Retained earnings	8,531		8,235		8,148		8,066		7,901
Treasury stock	(1,559)		(1,559)		(1,562)		(1,563)		(1,563)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	(20)		(39)		(69)		(171)		(210)
Unrealized appreciation of securities, net of income taxes	4,133		3,113		5,500		4,542		4,089
Pension and postretirement benefits, net of income taxes	(72)		(72)		(72)		(82)		(78)
Total stockholders’ equity	13,444		12,090		14,352		13,214		12,553
Total liabilities and stockholders’ equity	$	88,944	$	84,810	$	84,656	$	82,127	$	80,729

Total stockholders’ equity, excluding AOCI	$	9,403	$	9,088	$	8,993	$	8,925	$	8,752

See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.


						Page 6


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2021			2021			2020			2020			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	1,578		$	1,419		$	1,591		$	1,420		$	1,454		$	124		$	2,997		$	2,827		$	170
Investment income, net of related expenses	233			207			196			180			177			56			440			338			102
Investment related gains (losses), net	1			6			(3)			(8)			7			(6)			7			—			7
Other revenue	4			5			2			7			4			—			9			10			(1)
Total revenues	1,816			1,637			1,786			1,599			1,642			174			3,453			3,175			278

Benefits and expenses:
Claims and other policy benefits	1,418			1,740			1,638			1,343			1,558			(140)			3,158			2,925			233
Interest credited	18			17			17			19			18			—			35			37			(2)
Policy acquisition costs and other insurance expenses	206			182			189			189			195			11			388			370			18
Other operating expenses	39			36			34			34			29			10			75			63			12
Total benefits and expenses	1,681			1,975			1,878			1,585			1,800			(119)			3,656			3,395			261

Income (loss) before income taxes	$	135		$	(338)		$	(92)		$	14		$	(158)		$	293		$	(203)		$	(220)		$	17

Loss and expense ratios:
Claims and other policy benefits	89.9		%	122.6		%	103.0		%	94.6		%	107.2		%	(17.3)		%	105.4		%	103.5		%	1.9		%
Policy acquisition costs and other insurance expenses	13.1		%	12.8		%	11.9		%	13.3		%	13.4		%	(0.3)		%	12.9		%	13.1		%	(0.2)		%
Other operating expenses	2.5		%	2.5		%	2.1		%	2.4		%	2.0		%	0.5		%	2.5		%	2.2		%	0.3		%

Foreign currency effect on (1):
Net premiums	$	2		$	(1)		$	(1)		$	(1)		$	(3)		$	5		$	1		$	(3)		$	4
Income (loss) before income taxes	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 7


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

	Three Months Ended															Current			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Qtr vs. PY			June 30,			June 30,
	2021			2021			2020			2020			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	1,578		$	1,419		$	1,591		$	1,420		$	1,454		$	124		$	2,997		$	2,827		$	170
Investment income, net of related expenses	233			207			196			180			177			56			440			338			102
Other revenue	4			5			2			7			4			—			9			10			(1)
Total revenues	1,815			1,631			1,789			1,607			1,635			180			3,446			3,175			271

Benefits and expenses:
Claims and other policy benefits	1,418			1,740			1,638			1,343			1,558			(140)			3,158			2,925			233
Interest credited	18			17			17			19			18			—			35			37			(2)
Policy acquisition costs and other insurance expenses	206			182			189			189			195			11			388			370			18
Other operating expenses	39			36			34			34			29			10			75			63			12
Total benefits and expenses	1,681			1,975			1,878			1,585			1,800			(119)			3,656			3,395			261

Adjusted operating income (loss) before income taxes	$	134		$	(344)		$	(89)		$	22		$	(165)		$	299		$	(210)		$	(220)		$	10

Loss and expense ratios:
Claims and other policy benefits	89.9		%	122.6		%	103.0		%	94.6		%	107.2		%	(17.3)		%	105.4		%	103.5		%	1.9		%
Policy acquisition costs and other insurance expenses	13.1		%	12.8		%	11.9		%	13.3		%	13.4		%	(0.3)		%	12.9		%	13.1		%	(0.2)		%
Other operating expenses	2.5		%	2.5		%	2.1		%	2.4		%	2.0		%	0.5		%	2.5		%	2.2		%	0.3		%

Foreign currency effect on (1):
Net premiums	$	2		$	(1)		$	(1)		$	(1)		$	(3)		$	5		$	1		$	(3)		$	4
Adjusted operating income (loss) before income taxes	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 8


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
(USD millions)

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2021		2021		2020		2020		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	15	$	13	$	13	$	13	$	15	$	—	$	28	$	27	$	1
Investment income, net of related expenses	276		257		248		272		241		35		533		474		59
Investment related gains (losses), net	30		(6)		47		59		15		15		24		(145)		169
Other revenue	85		26		25		26		24		61		111		52		59
Total revenues	406		290		333		370		295		111		696		408		288

Benefits and expenses:
Claims and other policy benefits	21		60		49		50		49		(28)		81		102		(21)
Interest credited	182		114		132		163		139		43		296		268		28
Policy acquisition costs and other insurance expenses	32		47		50		99		7		25		79		(31)		110
Other operating expenses	8		9		6		8		7		1		17		14		3
Total benefits and expenses	243		230		237		320		202		41		473		353		120

Income before income taxes	$	163	$	60	$	96	$	50	$	93	$	70	$	223	$	55	$	168

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


						Page 9


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2021		2021		2020		2020		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	15	$	13	$	13	$	13	$	15	$	—	$	28	$	27	$	1
Investment income, net of related expenses	274		258		253		273		240		34		532		472		60
Other revenue	85		26		25		26		24		61		111		49		62
Total revenues	374		297		291		312		279		95		671		548		123

Benefits and expenses:
Claims and other policy benefits	21		60		49		50		49		(28)		81		102		(21)
Interest credited	185		144		137		157		132		53		329		249		80
Policy acquisition costs and other insurance expenses	34		35		29		20		28		6		69		77		(8)
Other operating expenses	8		9		6		8		7		1		17		14		3
Total benefits and expenses	248		248		221		235		216		32		496		442		54

Adjusted operating income before income taxes	$	126	$	49	$	70	$	77	$	63	$	63	$	175	$	106	$	69

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


						Page 10


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive (continued)
(USD millions)

	Three Months Ended
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
	2021			2021			2020			2020			2020
Annuity account values:
Fixed annuities (deferred)	$	13,687		$	10,659		$	10,773		$	10,848		$	10,932

Net interest spread (fixed annuities)	1.2		%	1.3		%	1.6		%	1.3		%	1.3		%

Equity-indexed annuities	$	3,343		$	3,391		$	3,480		$	3,530		$	3,516

Variable annuities account values
No riders	$	834		$	823		$	665		$	775		$	753
GMDB only	949			901			872			831			760
GMIB only	25			24			24			22			22
GMAB only	4			4			4			3			3
GMWB only	1,145			1,116			1,132			1,046			1,016
GMDB / WB	271			265			275			252			247
Other	19			18			18			17			17
Total variable annuities account values	$	3,247		$	3,151		$	2,990		$	2,946		$	2,818

Fair value of liabilities associated with living benefit riders	$	154		$	136		$	155		$	213		$	184

Interest-sensitive contract liabilities associated with:

Guaranteed investment contracts	$	973		$	973		$	1,015		$	989		$	990

Bank-owned life insurance (BOLI)	$	2,471		$	2,463		$	2,460		$	2,450		$	2,444

Other asset-intensive business	$	119		$	123		$	124		$	125		$	127

Future policy benefits associated with:

Payout annuities	$	4,393		$	4,477		$	4,532		$	4,593		$	4,655


						Page 11


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
(USD millions)

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2021		2021		2020		2020		2020		Quarter		2021		2020		Change
Revenues:
Investment income, net of related expenses	$	—	$	1	$	1	$	1	$	2	$	(2)	$	1	$	3	$	(2)
Other revenue	27		27		25		28		26		1		54		51		3
Total revenues	27		28		26		29		28		(1)		55		54		1

Benefits and expenses:
Policy acquisition costs and other insurance expenses	—		2		1		2		2		(2)		2		2		—
Other operating expenses	4		3		2		3		2		2		7		5		2
Total benefits and expenses	4		5		3		5		4		—		9		7		2

Income before income taxes	$	23	$	23	$	23	$	24	$	24	$	(1)	$	46	$	47	$	(1)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


						Page 12


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2021		2021		2020		2020		2020		Quarter		2021		2020		Change
Revenues:
Investment income, net of related expenses	$	—	$	1	$	1	$	1	$	2	$	(2)	$	1	$	3	$	(2)
Other revenue	27		27		25		28		26		1		54		51		3
Total revenues	27		28		26		29		28		(1)		55		54		1

Benefits and expenses:
Policy acquisition costs and other insurance expenses	—		2		1		2		2		(2)		2		2		—
Other operating expenses	4		3		2		3		2		2		7		5		2
Total benefits and expenses	4		5		3		5		4		—		9		7		2

Adjusted operating income before income taxes	$	23	$	23	$	23	$	24	$	24	$	(1)	$	46	$	47	$	(1)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


						Page 13


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2021			2021			2020			2020			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	301		$	280		$	284		$	254		$	254		$	47		$	581		$	514		$	67
Investment income, net of related expenses	63			60			56			52			50			13			123			99			24
Investment related gains (losses), net	—			2			4			2			6			(6)			2			(6)			8
Other revenue	2			1			—			1			1			1			3			—			3
Total revenues	366			343			344			309			311			55			709			607			102

Benefits and expenses:
Claims and other policy benefits	277			266			248			225			216			61			543			436			107
Policy acquisition costs and other insurance expenses	46			45			49			44			42			4			91			87			4
Other operating expenses	11			8			10			10			9			2			19			17			2
Total benefits and expenses	334			319			307			279			267			67			653			540			113

Income before income taxes	$	32		$	24		$	37		$	30		$	44		$	(12)		$	56		$	67		$	(11)

Loss and expense ratios:
Claims and other policy benefits	92.0		%	95.0		%	87.3		%	88.6		%	85.0		%	7.0		%	93.5		%	84.8		%	8.7		%
Policy acquisition costs and other insurance expenses	15.3		%	16.1		%	17.3		%	17.3		%	16.5		%	(1.2)		%	15.7		%	16.9		%	(1.2)		%
Other operating expenses	3.7		%	2.9		%	3.5		%	3.9		%	3.5		%	0.2		%	3.3		%	3.3		%	—		%

Foreign currency effect on (1):
Net premiums	$	34		$	16		$	4		$	(2)		$	(9)		$	43		$	50		$	(12)		$	62
Income before income taxes	$	3		$	—		$	1		$	—		$	(2)		$	5		$	3		$	(1)		$	4

Creditor reinsurance net premiums	$	19		$	17		$	16		$	18		$	14		$	5		$	36		$	31		$	5

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 14


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2021			2021			2020			2020			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	301		$	280		$	284		$	254		$	254		$	47		$	581		$	514		$	67
Investment income, net of related expenses	64			59			56			51			51			13			123			99			24
Investment related gains, net	1			2			2			2			1			—			3			3			—
Other revenue	2			1			—			1			1			1			3			—			3
Total revenues	368			342			342			308			307			61			710			616			94

Benefits and expenses:
Claims and other policy benefits	277			266			248			225			216			61			543			436			107
Policy acquisition costs and other insurance expenses	46			45			49			44			42			4			91			87			4
Other operating expenses	11			8			10			10			9			2			19			17			2
Total benefits and expenses	334			319			307			279			267			67			653			540			113

Adjusted operating income before income taxes	$	34		$	23		$	35		$	29		$	40		$	(6)		$	57		$	76		$	(19)

Loss and expense ratios:
Claims and other policy benefits	92.0		%	95.0		%	87.3		%	88.6		%	85.0		%	7.0		%	93.5		%	84.8		%	8.7		%
Policy acquisition costs and other insurance expenses	15.3		%	16.1		%	17.3		%	17.3		%	16.5		%	(1.2)		%	15.7		%	16.9		%	(1.2)		%
Other operating expenses	3.7		%	2.9		%	3.5		%	3.9		%	3.5		%	0.2		%	3.3		%	3.3		%	—		%

Foreign currency effect on (1):
Net premiums	$	34		$	16		$	4		$	(2)		$	(9)		$	43		$	50		$	(12)		$	62
Adjusted operating income before income taxes	$	3		$	—		$	1		$	—		$	(2)		$	5		$	3		$	(1)		$	4

Creditor reinsurance net premiums	$	19		$	17		$	16		$	18		$	14		$	5		$	36		$	31		$	5

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 15


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2021		2021		2020		2020		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	23	$	23	$	21	$	21	$	20	$	3	$	46	$	41	$	5
Investment income, net of related expenses	—		—		—		—		—		—		—		1		(1)
Other revenue	3		3		2		2		2		1		6		4		2
Total revenues	26		26		23		23		22		4		52		46		6

Benefits and expenses:
Claims and other policy benefits	21		18		14		17		17		4		39		37		2
Policy acquisition costs and other insurance expenses	1		—		—		—		1		—		1		1		—
Other operating expenses	—		2		1		—		—		—		2		1		1
Total benefits and expenses	22		20		15		17		18		4		42		39		3

Income before income taxes	$	4	$	6	$	8	$	6	$	4	$	—	$	10	$	7	$	3

Foreign currency effect on (2):
Net premiums	$	3	$	1	$	—	$	—	$	(1)	$	4	$	4	$	(1)	$	5
Income before income taxes	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.


						Page 16


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2021		2021		2020		2020		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	23	$	23	$	21	$	21	$	20	$	3	$	46	$	41	$	5
Investment income, net of related expenses	—		—		—		—		—		—		—		1		(1)
Other revenue	3		3		2		2		2		1		6		4		2
Total revenues	26		26		23		23		22		4		52		46		6

Benefits and expenses:
Claims and other policy benefits	21		18		14		17		17		4		39		37		2
Policy acquisition costs and other insurance expenses	1		—		—		—		1		—		1		1		—
Other operating expenses	—		2		1		—		—		—		2		1		1
Total benefits and expenses	22		20		15		17		18		4		42		39		3

Adjusted operating income before income taxes	$	4	$	6	$	8	$	6	$	4	$	—	$	10	$	7	$	3

Foreign currency effect on (2):
Net premiums	$	3	$	1	$	—	$	—	$	(1)	$	4	$	4	$	(1)	$	5
Adjusted operating income before income taxes	$	1	$	—	$	—	$	—	$	—	$	1	$	1	$	—	$	1

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.


						Page 17


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2021			2021			2020			2020			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	433		$	438		$	442		$	371		$	352		$	81		$	871		$	742		$	129
Investment income, net of related expenses	24			20			17			18			18			6			44			37			7
Other revenue	2			(1)			6			1			1			1			1			(1)			2
Total revenues	459			457			465			390			371			88			916			778			138

Benefits and expenses:
Claims and other policy benefits	414			469			423			331			301			113			883			635			248
Policy acquisition costs and other insurance expenses	27			29			29			28			32			(5)			56			62			(6)
Other operating expenses	30			27			26			24			22			8			57			48			9
Total benefits and expenses	471			525			478			383			355			116			996			745			251

Income (loss) before income taxes	$	(12)		$	(68)		$	(13)		$	7		$	16		$	(28)		$	(80)		$	33		$	(113)

Loss and expense ratios:
Claims and other policy benefits	95.6		%	107.1		%	95.7		%	89.2		%	85.5		%	10.1		%	101.4		%	85.6		%	15.8		%
Policy acquisition costs and other insurance expenses	6.2		%	6.6		%	6.6		%	7.5		%	9.1		%	(2.9)		%	6.4		%	8.4		%	(2.0)		%
Other operating expenses	6.9		%	6.2		%	5.9		%	6.5		%	6.3		%	0.6		%	6.5		%	6.5		%	—		%


Foreign currency effect on (1):
Net premiums	$	47		$	26		$	8		$	6		$	(20)		$	67		$	73		$	(33)		$	106
Income (loss) before income taxes	$	(4)		$	(5)		$	2		$	2		$	(1)		$	(3)		$	(9)		$	(1)		$	(8)

Critical illness net premiums	$	44		$	42		$	43		$	43		$	40		$	4		$	86		$	82		$	4

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 18


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2021			2021			2020			2020			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	433		$	438		$	442		$	371		$	352		$	81		$	871		$	742		$	129
Investment income, net of related expenses	24			20			17			18			18			6			44			37			7
Other revenue	2			(1)			6			1			1			1			1			(1)			2
Total revenues	459			457			465			390			371			88			916			778			138

Benefits and expenses:
Claims and other policy benefits	414			469			423			331			301			113			883			635			248
Policy acquisition costs and other insurance expenses	27			29			29			28			32			(5)			56			62			(6)
Other operating expenses	30			27			26			24			22			8			57			48			9
Total benefits and expenses	471			525			478			383			355			116			996			745			251

Adjusted operating income (loss) before income taxes	$	(12)		$	(68)		$	(13)		$	7		$	16		$	(28)		$	(80)		$	33		$	(113)

Loss and expense ratios:
Claims and other policy benefits	95.6		%	107.1		%	95.7		%	89.2		%	85.5		%	10.1		%	101.4		%	85.6		%	15.8		%
Policy acquisition costs and other insurance expenses	6.2		%	6.6		%	6.6		%	7.5		%	9.1		%	(2.9)		%	6.4		%	8.4		%	(2.0)		%
Other operating expenses	6.9		%	6.2		%	5.9		%	6.5		%	6.3		%	0.6		%	6.5		%	6.5		%	—		%


Foreign currency effect on (1):
Net premiums	$	47		$	26		$	8		$	6		$	(20)		$	67		$	73		$	(33)		$	106
Adjusted operating income (loss) before income taxes	$	(4)		$	(5)		$	2		$	2		$	(2)		$	(2)		$	(9)		$	(1)		$	(8)

Critical illness net premiums	$	44		$	42		$	43		$	43		$	40		$	4		$	86		$	82		$	4

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 19


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2021		2021		2020		2020		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	84	$	79	$	84	$	58	$	57	$	27	$	163	$	110	$	53
Investment income, net of related expenses	50		48		58		46		61		(11)		98		89		9
Investment related gains, net	2		16		1		4		16		(14)		18		10		8
Other revenue	3		3		4		2		2		1		6		5		1
Total revenues	139		146		147		110		136		3		285		214		71

Benefits and expenses:
Claims and other policy benefits	42		75		81		5		13		29		117		66		51
Interest credited	2		(1)		13		(1)		16		(14)		1		(1)		2
Policy acquisition costs and other insurance expenses	1		2		1		1		1		—		3		2		1
Other operating expenses	11		10		14		13		8		3		21		19		2
Total benefits and expenses	56		86		109		18		38		18		142		86		56

Income before income taxes	$	83	$	60	$	38	$	92	$	98	$	(15)	$	143	$	128	$	15

Foreign currency effect on (2):
Net premiums	$	9	$	6	$	3	$	2	$	(2)	$	11	$	15	$	(3)	$	18
Income before income taxes	$	10	$	5	$	—	$	4	$	(3)	$	13	$	15	$	(3)	$	18

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 includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.


						Page 20


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2021		2021		2020		2020		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	84	$	79	$	84	$	58	$	57	$	27	$	163	$	110	$	53
Investment income, net of related expenses	48		48		50		46		43		5		96		87		9
Investment related gains (losses), net	2		(1)		(1)		(1)		—		2		1		—		1
Other revenue	3		3		4		2		2		1		6		5		1
Total revenues	137		129		137		105		102		35		266		202		64

Benefits and expenses:
Claims and other policy benefits	42		75		81		5		13		29		117		66		51
Interest credited	—		—		—		—		1		(1)		—		—		—
Policy acquisition costs and other insurance expenses	1		2		1		1		1		—		3		2		1
Other operating expenses	11		10		14		13		8		3		21		19		2
Total benefits and expenses	54		87		96		19		23		31		141		87		54

Adjusted operating income before income taxes	$	83	$	42	$	41	$	86	$	79	$	4	$	125	$	115	$	10

Foreign currency effect on (2):
Net premiums	$	9	$	6	$	3	$	2	$	(2)	$	11	$	15	$	(3)	$	18
Adjusted operating income before income taxes	$	9	$	4	$	1	$	4	$	(2)	$	11	$	13	$	(3)	$	16

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 includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.


						Page 21


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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2021			2021			2020			2020			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	616		$	609		$	785		$	653		$	607		$	9		$	1,225		$	1,243		$	(18)
Investment income, net of related expenses	34			33			31			22			27			7			67			54			13
Investment related gains (losses), net	—			(1)			3			—			—			—			(1)			—			(1)
Other revenue	3			6			4			5			2			1			9			6			3
Total revenues	653			647			823			680			636			17			1,300			1,303			(3)

Benefits and expenses:
Claims and other policy benefits	578			518			699			525			514			64			1,096			1,069			27
Policy acquisition costs and other insurance expenses	41			43			51			33			34			7			84			83			1
Other operating expenses	46			45			48			44			41			5			91			80			11
Total benefits and expenses	665			606			798			602			589			76			1,271			1,232			39

Income (loss) before income taxes	$	(12)		$	41		$	25		$	78		$	47		$	(59)		$	29		$	71		$	(42)

Loss and expense ratios:
Claims and other policy benefits	93.8		%	85.1		%	89.0		%	80.4		%	84.7		%	9.1		%	89.5		%	86.0		%	3.5		%
Policy acquisition costs and other insurance expenses	6.7		%	7.1		%	6.5		%	5.1		%	5.6		%	1.1		%	6.9		%	6.7		%	0.2		%
Other operating expenses	7.5		%	7.4		%	6.1		%	6.7		%	6.8		%	0.7		%	7.4		%	6.4		%	1.0		%

Foreign currency effect on (1):
Net premiums	$	30		$	29		$	20		$	6		$	(12)		$	42		$	59		$	(28)		$	87
Income (loss) before income taxes	$	(1)		$	1		$	(1)		$	1		$	2		$	(3)		$	—		$	1		$	(1)

Critical illness net premiums	$	282		$	269		$	379		$	294		$	246		$	36		$	551		$	502		$	49

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 22



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

	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2021			2021			2020			2020			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	616		$	609		$	785		$	653		$	607		$	9		$	1,225		$	1,243		$	(18)
Investment income, net of related expenses	34			33			31			22			27			7			67			54			13
Investment related gains (losses), net	—			(1)			3			—			—			—			(1)			—			(1)
Other revenue	3			6			4			5			2			1			9			6			3
Total revenues	653			647			823			680			636			17			1,300			1,303			(3)

Benefits and expenses:
Claims and other policy benefits	578			518			699			525			514			64			1,096			1,069			27
Policy acquisition costs and other insurance expenses	41			43			51			33			34			7			84			83			1
Other operating expenses	46			45			48			44			41			5			91			80			11
Total benefits and expenses	665			606			798			602			589			76			1,271			1,232			39

Adjusted operating income (loss) before income taxes	$	(12)		$	41		$	25		$	78		$	47		$	(59)		$	29		$	71		$	(42)

Loss and expense ratios:
Claims and other policy benefits	93.8		%	85.1		%	89.0		%	80.4		%	84.7		%	9.1		%	89.5		%	86.0		%	3.5		%
Policy acquisition costs and other insurance expenses	6.7		%	7.1		%	6.5		%	5.1		%	5.6		%	1.1		%	6.9		%	6.7		%	0.2		%
Other operating expenses	7.5		%	7.4		%	6.1		%	6.7		%	6.8		%	0.7		%	7.4		%	6.4		%	1.0		%

Foreign currency effect on (1):
Net premiums	$	30		$	29		$	20		$	6		$	(12)		$	42		$	59		$	(28)		$	87
Adjusted operating income (loss) before income taxes	$	(1)		$	1		$	(1)		$	1		$	2		$	(3)		$	—		$	1		$	(1)

Critical illness net premiums	$	282		$	269		$	379		$	294		$	246		$	36		$	551		$	502		$	49

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 23


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2021		2021		2020		2020		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	48	$	53	$	40	$	35	$	31	$	17	$	101	$	105	$	(4)
Investment income, net of related expenses	31		28		25		22		21		10		59		38		21
Investment related gains (losses), net	15		12		28		—		15		—		27		(18)		45
Other revenue	10		11		7		9		8		2		21		18		3
Total revenues	104		104		100		66		75		29		208		143		65

Benefits and expenses:
Claims and other policy benefits	42		46		30		33		32		10		88		94		(6)
Interest credited	15		15		12		13		11		4		30		24		6
Policy acquisition costs and other insurance expenses	11		11		7		5		5		6		22		19		3
Other operating expenses	5		4		3		5		1		4		9		5		4
Total benefits and expenses	73		76		52		56		49		24		149		142		7

Income before income taxes	$	31	$	28	$	48	$	10	$	26	$	5	$	59	$	1	$	58

Foreign currency effect on (2):
Net premiums	$	(1)	$	1	$	1	$	1	$	1	$	(2)	$	—	$	1	$	(1)
Income before income taxes	$	—	$	1	$	2	$	1	$	(1)	$	1	$	1	$	1	$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.


						Page 24


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2021		2021		2020		2020		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	48	$	53	$	40	$	35	$	31	$	17	$	101	$	105	$	(4)
Investment income, net of related expenses	31		28		25		22		21		10		59		38		21
Investment related gains (losses), net	4		3		3		(1)		1		3		7		3		4
Other revenue	10		11		7		9		8		2		21		18		3
Total revenues	93		95		75		65		61		32		188		164		24

Benefits and expenses:
Claims and other policy benefits	42		46		30		33		32		10		88		94		(6)
Interest credited	15		15		12		13		11		4		30		24		6
Policy acquisition costs and other insurance expenses	11		11		7		5		5		6		22		19		3
Other operating expenses	5		4		3		5		1		4		9		5		4
Total benefits and expenses	73		76		52		56		49		24		149		142		7

Adjusted operating income before income taxes	$	20	$	19	$	23	$	9	$	12	$	8	$	39	$	22	$	17

Foreign currency effect on (2):
Net premiums	$	(1)	$	1	$	1	$	1	$	1	$	(2)	$	—	$	1	$	(1)
Adjusted operating income before income taxes	$	—	$	—	$	1	$	—	$	—	$	—	$	—	$	—	$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.


						Page 25


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2021		2021		2020		2020		2020		Quarter		2021		2020		Change
Revenues:
Investment income, net of related expenses	$	48	$	158	$	50	$	41	$	48	$	—	$	206	$	106	$	100
Investment related gains (losses), net	64		273		25		9		22		42		337		(45)		382
Other revenue	29		10		21		17		20		9		39		21		18
Total revenues	141		441		96		67		90		51		582		82		500

Benefits and expenses:
Claims and other policy benefits	—		—		(1)		1		—		—		—		—		—
Interest credited	1		1		1		2		3		(2)		2		5		(3)
Policy acquisition costs and other insurance income	(26)		(28)		(28)		(27)		(29)		3		(54)		(57)		3
Other operating expenses	86		70		78		70		69		17		156		131		25
Interest expense	43		45		44		43		42		1		88		83		5
Collateral finance and securitization expense	2		3		3		4		4		(2)		5		10		(5)
Total benefits and expenses	106		91		97		93		89		17		197		172		25

Income (loss) before income taxes	$	35	$	350	$	(1)	$	(26)	$	1	$	34	$	385	$	(90)	$	475

Foreign currency effect on (1):
Income (loss) before income taxes	$	6	$	2	$	1	$	(1)	$	(1)	$	7	$	8	$	1	$	7

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 26


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2021		2021		2020		2020		2020		Quarter		2021		2020		Change
Revenues:
Investment income, net of related expenses	$	48	$	158	$	50	$	41	$	48	$	—	$	206	$	106	$	100
Investment related gains (losses), net	2		3		1		(4)		2		—		5		3		2
Other revenue	14		21		20		18		24		(10)		35		25		10
Total revenues	64		182		71		55		74		(10)		246		134		112

Benefits and expenses:
Claims and other policy benefits	—		—		(1)		1		—		—		—		—		—
Interest credited	1		1		1		2		3		(2)		2		5		(3)
Policy acquisition costs and other insurance income	(26)		(28)		(28)		(27)		(29)		3		(54)		(57)		3
Other operating expenses	86		70		78		70		69		17		156		131		25
Interest expense	40		42		42		42		38		2		82		75		7
Collateral finance and securitization expense	2		3		3		4		4		(2)		5		10		(5)
Total benefits and expenses	103		88		95		92		85		18		191		164		27

Adjusted operating income (loss) before income taxes	$	(39)	$	94	$	(24)	$	(37)	$	(11)	$	(28)	$	55	$	(30)	$	85

Foreign currency effect on (1):
Adjusted operating income (loss) before income taxes	$	2	$	1	$	(1)	$	—	$	—	$	2	$	3	$	(1)	$	4

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.


						Page 27


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2021		2021		2020		2020		2020		Quarter		2021		2020		Change
U.S. and Latin America:
Traditional	$	135	$	(338)	$	(92)	$	14	$	(158)	$	293	$	(203)	$	(220)	$	17
Financial Solutions:
Asset Intensive	163		60		96		50		93		70		223		55		168
Capital Solutions	23		23		23		24		24		(1)		46		47		(1)
Total U.S. and Latin America	321		(255)		27		88		(41)		362		66		(118)		184
Canada:
Traditional	32		24		37		30		44		(12)		56		67		(11)
Financial Solutions	4		6		8		6		4		—		10		7		3
Total Canada	36		30		45		36		48		(12)		66		74		(8)
Europe, Middle East and Africa:
Traditional	(12)		(68)		(13)		7		16		(28)		(80)		33		(113)
Financial Solutions	83		60		38		92		98		(15)		143		128		15
Total Europe, Middle East and Africa	71		(8)		25		99		114		(43)		63		161		(98)
Asia Pacific:
Traditional	(12)		41		25		78		47		(59)		29		71		(42)
Financial Solutions	31		28		48		10		26		5		59		1		58
Total Asia Pacific	19		69		73		88		73		(54)		88		72		16
Corporate and Other	35		350		(1)		(26)		1		34		385		(90)		475
Consolidated income before income taxes	$	482	$	186	$	169	$	285	$	195	$	287	$	668	$	99	$	569

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


						Page 28


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

	Three Months Ended										Current Qtr vs. PY Quarter		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,				June 30,		June 30,
	2021		2021		2020		2020		2020				2021		2020		Change
U.S. and Latin America:
Traditional	$	134	$	(344)	$	(89)	$	22	$	(165)	$	299	$	(210)	$	(220)	$	10
Financial Solutions:
Asset Intensive	126		49		70		77		63		63		175		106		69
Capital Solutions	23		23		23		24		24		(1)		46		47		(1)
Total U.S. and Latin America	283		(272)		4		123		(78)		361		11		(67)		78
Canada:
Traditional	34		23		35		29		40		(6)		57		76		(19)
Financial Solutions	4		6		8		6		4		—		10		7		3
Total Canada	38		29		43		35		44		(6)		67		83		(16)
Europe, Middle East and Africa:
Traditional	(12)		(68)		(13)		7		16		(28)		(80)		33		(113)
Financial Solutions	83		42		41		86		79		4		125		115		10
Total Europe, Middle East and Africa	71		(26)		28		93		95		(24)		45		148		(103)
Asia Pacific:
Traditional	(12)		41		25		78		47		(59)		29		71		(42)
Financial Solutions	20		19		23		9		12		8		39		22		17
Total Asia Pacific	8		60		48		87		59		(51)		68		93		(25)
Corporate and Other	(39)		94		(24)		(37)		(11)		(28)		55		(30)		85
Consolidated adjusted operating income (loss) before income taxes	$	361	$	(115)	$	99	$	301	$	109	$	252	$	246	$	227	$	19

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.


						Page 29


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Cash and Invested Assets

	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2021		2021		2020		2020		2020
Fixed maturity securities, available-for-sale (1)	$	58,287	$	56,426	$	56,735	$	54,652	$	52,346
Equity securities	147		135		132		135		130
Mortgage loans on real estate	6,481		6,001		5,787		5,907		5,974
Policy loans	1,254		1,253		1,258		1,259		1,310
Funds withheld at interest	7,049		5,459		5,432		5,403		5,250
Short-term investments	184		157		227		154		84
Other invested assets	2,924		2,983		2,829		2,645		2,547
Cash and cash equivalents	3,254		3,122		3,408		3,256		4,313
Total cash and invested assets	$	79,580	$	75,536	$	75,808	$	73,411	$	71,954

(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”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).


Investment Income and Yield Summary

	Three Months Ended															Current Qtr vs. PY Quarter		Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,					June 30,			June 30,
	2021			2021			2020			2020			2020					2021			2020			Change
Average invested assets at amortized cost (1)	$	33,587		$	33,367		$	32,699		$	32,148		$	30,420		$	3,167	$	33,266		$	29,923		$	3,343
Net investment income (1)	$	383		$	463		$	337		$	290		$	305		$	78	$	846		$	604		$	242
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.64		%	5.67		%	4.20		%	3.66		%	4.07		%	57 bps		5.15		%	4.07		%	108 bps

Variable investment income ("VII") (included in net investment income) (1)	$	78		$	162		$	37		$	8		$	16		$	62	$	240		$	19		$	221

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)	3.84		%	3.79		%	3.88		%	3.69		%	3.99		%	(15) bps		3.82		%	4.09		%	(27) bps

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


						Page 30


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities

	June 30, 2021
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	33,687	$	11	$	3,465	$	137	$	37,004	63.4	%
Canadian government	3,303		—		1,602		2		4,903		8.4	%
RMBS	1,323		—		60		6		1,377		2.4	%
ABS	3,467		—		36		21		3,482		6.0	%
CMBS	1,774		1		102		6		1,869		3.2	%
U.S. government	1,295		—		47		24		1,318		2.3	%
State and political subdivisions	1,206		—		144		6		1,344		2.3	%
Other foreign government	6,742		4		317		65		6,990		12.0	%
Total fixed maturity securities	$	52,797	$	16	$	5,773	$	267	$	58,287	100.0	%


	December 31, 2020
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	31,963	$	17	$	4,356	$	94	$	36,208	63.9	%
Canadian government	3,145		—		1,995		—		5,140		9.1	%
RMBS	1,735		—		84		2		1,817		3.2	%
ABS	3,099		—		35		42		3,092		5.4	%
CMBS	1,790		3		102		21		1,868		3.3	%
U.S. government	1,242		—		196		1		1,437		2.5	%
State and political subdivisions	1,237		—		157		4		1,390		2.4	%
Other foreign government	5,337		—		479		33		5,783		10.2	%
Total fixed maturity securities	$	49,548	$	20	$	7,404	$	197	$	56,735	100.0	%


						Page 31


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Corporate Fixed Maturity Securities by Industry

	June 30, 2021							December 31, 2020
	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	$	5,619	$	6,100	16.5	%	A-	$	5,657	$	6,285	17.5	%	A-
Brokerage/asset managers/exchanges	968		1,054		2.8	%	A-	887		993		2.7	%	A-
Finance companies	279		296		0.8	%	BBB	314		334		0.9	%	BBB
Insurance	3,884		4,331		11.7	%	A-	3,532		4,046		11.2	%	A-
REITs	864		914		2.5	%	BBB+	707		773		2.1	%	BBB+
Other finance	865		932		2.5	%	A-	688		805		2.2	%	A-
Total financial institutions	$	12,479	$	13,627	36.8	%		$	11,785	$	13,236	36.6	%
Industrials
Basic	$	2,001	$	2,270	6.1	%	BBB	$	1,927	$	2,258	6.2	%	BBB
Capital goods	1,536		1,654		4.5	%	BBB	1,513		1,662		4.6	%	BBB
Communications	2,326		2,629		7.1	%	BBB	2,355		2,770		7.7	%	BBB+
Consumer cyclical	1,699		1,861		5.0	%	BBB+	1,687		1,888		5.2	%	BBB+
Consumer noncyclical	3,595		3,987		10.9	%	BBB+	3,313		3,815		10.5	%	BBB+
Energy	1,904		2,116		5.7	%	BBB+	1,753		1,976		5.5	%	BBB
Technology	1,221		1,288		3.5	%	BBB+	1,138		1,243		3.4	%	BBB+
Transportation	2,065		2,225		6.0	%	BBB+	2,002		2,194		6.1	%	BBB+
Other industrial	685		719		1.9	%	BBB	586		629		1.7	%	BBB
Total industrials	$	17,032	$	18,749	50.7	%		$	16,274	$	18,435	50.9	%
Utilities
Electric	$	3,187	$	3,530	9.5	%	A-	$	3,013	$	3,480	9.6	%	A-
Natural gas	537		590		1.6	%	BBB+	476		560		1.5	%	BBB+
Other utility	452		508		1.4	%	BBB+	415		497		1.4	%	BBB+
Total utilities	$	4,176	$	4,628	12.5	%		$	3,904	$	4,537	12.5	%
Total	$	33,687	$	37,004	100.0	%	BBB+	$	31,963	$	36,208	100.0	%	BBB+

(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 32

Reinsurance Group of America, Incorporated

Investments

(USD millions)


Ratings of Fixed Maturity Securities

		June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020
NAIC Designation (1)	Rating Agency Designation (2)	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	$	31,394	$	34,862	59.8	%	$	31,323	$	34,096	60.4	%	$	29,770	$	34,589	60.9	%	$	29,950	$	34,406	62.9	%	$	29,018	$	33,246	63.5	%
2	BBB	17,948		19,896		34.1	%	17,402		18,799		33.3	%	16,440		18,751		33.1	%	15,822		17,421		31.9	%	15,222		16,555		31.6	%
3	BB	2,575		2,683		4.6	%	2,622		2,704		4.8	%	2,480		2,588		4.6	%	2,103		2,118		3.9	%	1,987		1,963		3.8	%
4	B	686		678		1.2	%	695		669		1.2	%	713		697		1.2	%	668		641		1.2	%	560		515		1.0	%
5	CCC	179		159		0.3	%	170		145		0.3	%	131		102		0.2	%	108		59		0.1	%	91		46		0.1	%
6	In or near default	15		9		—	%	17		13		—	%	14		8		—	%	10		7		—	%	25		21		—	%
	Total	$	52,797	$	58,287	100.0	%	$	52,229	$	56,426	100.0	%	$	49,548	$	56,735	100.0	%	$	48,661	$	54,652	100.0	%	$	46,903	$	52,346	100.0	%

(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting that meet the definition of SSAP No. 43R utilize the NAIC rating methodology.
All other securities will continue to utilize the NRSRO ratings, as available, or equivalent ratings based on information from the NAIC.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).


Structured Fixed Maturity Securities

	June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020
	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
RMBS
Agency	$	623	$	667	9.9	%	$	659	$	701	10.7	%	$	686	$	744	11.0	%	$	696	$	763	11.0	%	$	708	$	776	11.8	%
Non-agency	700		710		10.5	%	877		890		13.4	%	1,049		1,073		15.8	%	1,231		1,264		18.4	%	1,254		1,289		19.4	%
Total RMBS	1,323		1,377		20.4	%	1,536		1,591		24.1	%	1,735		1,817		26.8	%	1,927		2,027		29.4	%	1,962		2,065		31.2	%
ABS:
Collateralized loan obligations ("CLOs")	1,722		1,720		25.6	%	1,603		1,593		24.2	%	1,707		1,689		24.9	%	1,607		1,563		22.7	%	1,612		1,558		23.4	%
ABS, excluding CLOs	1,745		1,762		26.2	%	1,553		1,558		23.7	%	1,392		1,403		20.7	%	1,359		1,359		19.8	%	1,186		1,173		17.6	%
Total ABS	3,467		3,482		51.8	%	3,156		3,151		47.9	%	3,099		3,092		45.6	%	2,966		2,922		42.5	%	2,798		2,731		41.0	%
CMBS	1,774		1,869		27.8	%	1,774		1,840		28.0	%	1,790		1,868		27.6	%	1,871		1,930		28.1	%	1,850		1,851		27.8	%
Total	$	6,564	$	6,728	100.0	%	$	6,466	$	6,582	100.0	%	$	6,624	$	6,777	100.0	%	$	6,764	$	6,879	100.0	%	$	6,610	$	6,647	100.0	%


						Page 33


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Gross Unrealized Losses Aging
Fixed Maturity Securities

	June 30, 2021				March 31, 2021				December 31, 2020				September 30, 2020				June 30, 2020
	Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total
Less than 20%	$	213	79.8	%	$	427	87.2	%	$	133	67.5	%	$	276	74.6	%	$	348	77.7	%
20% or more for less than six months	2		0.7	%	28		5.7	%	42		21.3	%	34		9.2	%	91		20.3	%
20% or more for six months or greater	52		19.5	%	35		7.1	%	22		11.2	%	60		16.2	%	9		2.0	%
Total	$	267	100.0	%	$	490	100.0	%	$	197	100.0	%	$	370	100.0	%	$	448	100.0	%


						Page 34


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost

	As of June 30, 2021
	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	$	2,596	$	79	$	168	$	6	$	2,764	$	85
Canadian government	24		2		—		—		24		2
RMBS	261		5		21		1		282		6
ABS	800		4		754		5		1,554		9
CMBS	—		—		24		1		24		1
U.S. government	364		24		—		—		364		24
State and political subdivisions	95		2		29		4		124		6
Other foreign government	1,630		37		561		23		2,191		60
Total investment grade securities	$	5,770	$	153	$	1,557	$	40	$	7,327	$	193

Below investment grade securities:
Corporate	$	258	$	42	$	168	$	10	$	426	$	52
ABS	24		1		15		11		39		12
CMBS	—		—		43		5		43		5
Other foreign government	66		3		16		2		82		5
Total below investment grade securities	$	348	$	46	$	242	$	28	$	590	$	74
Total fixed maturity securities	$	6,118	$	199	$	1,799	$	68	$	7,917	$	267


						Page 35


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost

	As of December 31, 2020
	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	$	930	$	29	$	70	$	5	$	1,000	$	34
Canadian government	—		—		—		—		—		—
RMBS	294		2		—		—		294		2
ABS	1,096		17		570		11		1,666		28
CMBS	160		6		—		—		160		6
U.S. government	27		1		—		—		27		1
State and political subdivisions	66		1		16		3		82		4
Other foreign government	973		27		—		—		973		27
Total investment grade securities	$	3,546	$	83	$	656	$	19	$	4,202	$	102


Below investment grade securities:
Corporate	$	375	$	49	$	81	$	11	$	456	$	60
ABS	20		13		4		1		24		14
CMBS	91		15		—		—		91		15
Other foreign government	36		3		28		3		64		6
Total below investment grade securities	$	522	$	80	$	113	$	15	$	635	$	95
Total fixed maturity securities	$	4,068	$	163	$	769	$	34	$	4,837	$	197


						Page 36


Reinsurance Group of America, Incorporated
Investments
(USD millions)

Consolidated Investment Related Gains and Losses

	Three Months Ended										Current Qtr vs. PY Quarter		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,				June 30,		June 30,
	2021		2021		2020		2020		2020				2021		2020		Change
Fixed maturity securities available-for-sale:
Impairments and change in allowance for credit losses on fixed maturity securities	$	5	$	(2)	$	—	$	13	$	—	$	5	$	3	$	(34)	$	37
Gain on investment activity	53		167		25		16		46		7		220		73		147
Loss on investment activity	(30)		(13)		(6)		(22)		(46)		16		(43)		(54)		11
Net gains (losses) on fixed maturity securities available-for-sale	28		152		19		7		—		28		180		(15)		195

Net gains (losses) on equity securities	20		3		(4)		4		8		12		23		(15)		38
Other impairment losses and change in mortgage loan provision	3		18		(2)		(19)		(22)		25		21		(35)		56
Change in fair value of certain limited partnership investments and other, net	32		111		3		4		8		24		143		17		126

Free-standing derivatives:
Interest rate swaps - non-hedged	33		(70)		(22)		(11)		3		30		(37)		109		(146)
Financial futures	(9)		(10)		(28)		(15)		(48)		39		(19)		(4)		(15)
Foreign currency swaps - non-hedged	3		9		(1)		4		3		—		12		(10)		22
Foreign currency swaps - hedged	—		1		3		1		2		(2)		1		(6)		7
Foreign currency forwards - non-hedged	(1)		(8)		3		4		1		(2)		(9)		(2)		(7)
CPI swaps	3		18		19		11		26		(23)		21		(14)		35
Credit default swaps	12		20		22		1		17		(5)		32		(7)		39
Equity options	(11)		(10)		(16)		(12)		(25)		14		(21)		28		(49)
Total free-standing derivatives	30		(50)		(20)		(17)		(21)		51		(20)		94		(114)

Embedded derivatives:
Modified coinsurance and funds withheld treaties	16		50		51		116		1		15		66		(229)		295
GMXB	(17)		18		58		(29)		107		(124)		1		(21)		22
Total embedded derivatives	(1)		68		109		87		108		(109)		67		(250)		317

Net gain (loss) on total derivatives	29		18		89		70		87		(58)		47		(156)		203

Total investment related gains (losses), net	$	112	$	302	$	105	$	66	$	81	$	31	$	414	$	(204)	$	618


						Page 37

Appendix

Reconciliations of GAAP to Non-GAAP Measures


						Page 38


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2021		2021		2020		2020		2020		Quarter		2021		2020		Change
U.S. & Latin America Traditional
Income (loss) before income taxes	$	135	$	(338)	$	(92)	$	14	$	(158)	$	293	$	(203)	$	(220)	$	17
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(1)		(6)		3		8		(7)		6		(7)		—		(7)
Adjusted operating income (loss) before income taxes	$	134	$	(344)	$	(89)	$	22	$	(165)	$	299	$	(210)	$	(220)	$	10

U.S. & Latin America Asset-Intensive
Income before income taxes	$	163	$	60	$	96	$	50	$	93	$	70	$	223	$	55	$	168
Investment and derivative (gains) losses (1)	(32)		68		65		36		86		(118)		36		(105)		141
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(15)		(44)		(54)		(124)		6		(21)		(59)		229		(288)
GMXB embedded derivatives (1)	17		(18)		(58)		29		(107)		124		(1)		21		(22)
Funds withheld (gains) losses - investment income	(2)		1		5		1		(1)		(1)		(1)		(2)		1
EIA embedded derivatives - interest credited	(3)		(30)		(5)		6		7		(10)		(33)		19		(52)
DAC offset, net	(2)		12		21		79		(21)		19		10		(108)		118
Non-investment derivatives and other	—		—		—		—		—		—		—		(3)		3
Adjusted operating income before income taxes	$	126	$	49	$	70	$	77	$	63	$	63	$	175	$	106	$	69

U.S. & Latin America Capital Solutions
Income before income taxes	$	23	$	23	$	23	$	24	$	24	$	(1)	$	46	$	47	$	(1)
Adjusted operating income before income taxes	$	23	$	23	$	23	$	24	$	24	$	(1)	$	46	$	47	$	(1)

Canada Traditional
Income before income taxes	$	32	$	24	$	37	$	30	$	44	$	(12)	$	56	$	67	$	(11)
Investment and derivative (gains) losses (1)	1		—		(2)		—		(5)		6		1		9		(8)
Investment income - non-operating FWAI	1		(1)		—		(1)		1		—		—		—		—
Adjusted operating income before income taxes	$	34	$	23	$	35	$	29	$	40	$	(6)	$	57	$	76	$	(19)

Canada Financial Solutions
Income before income taxes	$	4	$	6	$	8	$	6	$	4	$	—	$	10	$	7	$	3
Adjusted operating income before income taxes	$	4	$	6	$	8	$	6	$	4	$	—	$	10	$	7	$	3

(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.


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

	Three Months Ended										Current Qtr		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY		June 30,		June 30,
	2021		2021		2020		2020		2020		Quarter		2021		2020		Change
Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	(12)	$	(68)	$	(13)	$	7	$	16	$	(28)	$	(80)	$	33	$	(113)
Adjusted operating income (loss) before income taxes	$	(12)	$	(68)	$	(13)	$	7	$	16	$	(28)	$	(80)	$	33	$	(113)

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	83	$	60	$	38	$	92	$	98	$	(15)	$	143	$	128	$	15
Investment and derivative losses (1)	—		(17)		(2)		(5)		(16)		16		(17)		(10)		(7)
Investment income - non-operating FWAI	—		(1)		5		(1)		(3)		3		(1)		(3)		2
Investment (income) loss on unit-linked variable annuities	(2)		1		(13)		1		(15)		13		(1)		1		(2)
Interest credited on unit-linked variable annuities	2		(1)		13		(1)		15		(13)		1		(1)		2
Adjusted operating income before income taxes	$	83	$	42	$	41	$	86	$	79	$	4	$	125	$	115	$	10

Asia Pacific Traditional
Income (loss) before income taxes	$	(12)	$	41	$	25	$	78	$	47	$	(59)	$	29	$	71	$	(42)
Adjusted operating income (loss) before income taxes	$	(12)	$	41	$	25	$	78	$	47	$	(59)	$	29	$	71	$	(42)

Asia Pacific Financial Solutions
Income before income taxes	$	31	$	28	$	48	$	10	$	26	$	5	$	59	$	1	$	58
Investment and derivative (gains) losses (1)	(11)		(9)		(25)		(1)		(14)		3		(20)		21		(41)
Adjusted operating income before income taxes	$	20	$	19	$	23	$	9	$	12	$	8	$	39	$	22	$	17

Corporate and Other
Income (loss) before income taxes	$	35	$	350	$	(1)	$	(26)	$	1	$	34	$	385	$	(90)	$	475
Investment and derivative (gains) losses (1)	(62)		(270)		(24)		(13)		(20)		(42)		(332)		48		(380)
Interest expense on uncertain tax positions	3		3		2		1		4		(1)		6		8		(2)
Non-investment derivatives and other	(15)		11		(1)		1		4		(19)		(4)		4		(8)
Adjusted operating income (loss) before income taxes	$	(39)	$	94	$	(24)	$	(37)	$	(11)	$	(28)	$	55	$	(30)	$	85

(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.


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Reinsurance Group of America, Incorporated
Reconciliations of Stockholders’ Equity to Stockholders’ Equity Excluding AOCI
(USD millions except per share data)

	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2021		2021		2020		2020		2020

Stockholders’ equity	$	13,444	$	12,090	$	14,352	$	13,214	$	12,553
Less effect of AOCI:
Accumulated currency translation adjustments	(20)		(39)		(69)		(171)		(210)
Unrealized appreciation of securities	4,133		3,113		5,500		4,542		4,089
Pension and postretirement benefits	(72)		(72)		(72)		(82)		(78)
Stockholders’ equity, excluding AOCI	$	9,403	$	9,088	$	8,993	$	8,925	$	8,752



Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI

	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2021		2021		2020		2020		2020

Book value per share	$	197.72	$	177.83	$	211.19	$	194.49	$	184.78
Less effect of AOCI:
Accumulated currency translation adjustments	(0.29)		(0.57)		(1.02)		(2.51)		(3.09)
Unrealized appreciation of securities	60.78		45.79		80.94		66.86		60.19
Pension and postretirement benefits	(1.06)		(1.06)		(1.06)		(1.22)		(1.14)
Book value per share, excluding AOCI	$	138.29	$	133.67	$	132.33	$	131.36	$	128.82


						Page 41

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