Exhibit 99.2

Quarterly Financial Supplement

Fourth Quarter 2020

(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+	A1
RGA Life Reinsurance Company of Canada	AA-	A+	NR
RGA International Reinsurance Company dac	AA-	NR	NR
RGA Global Reinsurance Company, Ltd.	AA-	NR	NR
RGA Reinsurance Company of Australia Limited	AA-	NR	NR
RGA Americas Reinsurance Company, Ltd.	AA-	A+	NR
RGA Reinsurance Company (Barbados) Ltd.	AA-	NR	NR
RGA Atlantic Reinsurance Company Ltd.	NR	A+	NR
Omnilife Insurance Company Limited	A+	NR	NR
Senior Debt Ratings
Reinsurance Group of America, Incorporated	A	a-	Baa1

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

Reinsurance Group of America, Incorporated

4th Quarter 2020

Table of Contents

	Page
Non-GAAP Disclosures	1
2020 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

2020 Notes

Financial Instruments - Credit Losses

Effective January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses.  Under the new guidance, the Company records an allowance for credit losses on fixed maturity securities available-for-sale.  Prior to the adoption, the Company recorded credit losses as a direct reduction in the amortized cost of the securities. The changes to disclosures related to the adoption are reflected in the Investments section of this quarterly financial supplement beginning on page 30.

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)	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,						Dec. 31,		Dec. 31,
	2020			2020			2020			2020			2019						2020		2019		Change
Net premiums	$	3,260		$	2,825		$	2,790		$	2,819		$	2,986		$	274		$	11,694	$	11,297	$	397
Net income (loss)	132			213			158			(88)			235			(103)			415		870		(455)
Adjusted operating income	81			239			87			89			219			(138)			496		853		(357)
Return on equity - annualized	3.8		%	6.6		%	5.8		%	(3.4)		%	8.1		%	(4.3)		%
Return on equity - trailing 12 months	3.4		%	4.5		%	5.1		%	5.8		%	8.4		%	(5.0)		%
Adjusted operating return on equity (ex AOCI):
Annualized	3.6		%	10.8		%	4.1		%	4.3		%	10.5		%	(6.9)		%
Trailing 12 months	5.7		%	7.4		%	7.8		%	9.5		%	10.5		%	(4.8)		%
Total assets	$84,656			$82,127			$80,729			$75,654			$76,731			$7,925
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,611.6		$	1,602.1		$	1,620.5		$	1,618.4		$	1,619.6		$	(8.0)
U.S. and Latin America Financial Solutions	5.3			5.3			5.4			5.4			5.1			0.2
Canada Traditional	445.2			419.5			409.2			389.5			417.1			28.1
Europe, Middle East and Africa Traditional	864.4			808.0			772.8			763.1			776.4			88.0
Asia Pacific Traditional	553.7			534.4			649.5			635.6			662.0			(108.3)
Asia Pacific Financial Solutions	0.5			0.3			0.4			0.4			—			0.5
Total assumed life reinsurance in force	$	3,480.7		$	3,369.6		$	3,457.8		$	3,412.4		$	3,480.2		$	0.5
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	31.0		$	24.6		$	25.3		$	34.0		$	38.4		$	(7.4)		$	114.9	$	115.8	$	(0.9)
U.S. and Latin America Financial Solutions	0.1			(0.1)			—			—			—			0.1			—		3.2		(3.2)
Canada Traditional	10.9			8.6			9.1			12.2			14.9			(4.0)			40.8		40.4		0.4
Europe, Middle East and Africa Traditional	57.8			28.5			65.1			32.9			55.0			2.8			184.3		147.4		36.9
Asia Pacific Traditional	10.6			6.7			16.6			15.7			20.2			(9.6)			49.6		69.7		(20.1)
Total assumed new business production	$	110.4		$	68.3		$	116.1		$	94.8		$	128.5		$	(18.1)		$	389.6	$	376.5	$	13.1
Per Share and Shares Data
Basic earnings per share
Net income (loss)	$	1.95		$	3.13		$	2.49		$	(1.41)		$	3.75		$	(1.80)		$	6.35	$	13.88	$	(7.53)
Adjusted operating income	$	1.19		$	3.52		$	1.37		$	1.43		$	3.49		$	(2.30)		$	7.59	$	13.61	$	(6.02)
Diluted earnings per share (1)
Net income (loss) (1)	$	1.94		$	3.12		$	2.48		$	(1.41)		$	3.68		$	(1.74)		$	6.31	$	13.62	$	(7.31)
Adjusted operating income	$	1.19		$	3.51		$	1.36		$	1.41		$	3.43		$	(2.24)		$	7.54	$	13.35	$	(5.81)
Wgt. average common shares outstanding
Basic	67,944			67,936			63,449			62,138			62,633			5,311			65,377		62,684		2,693
Diluted	68,378			68,170			63,749			63,001			63,774			4,604			65,835		63,882		1,953
Common shares issued	85,311			85,311			85,311			79,138			79,138			6,173			85,311		79,138		6,173
Treasury shares	17,354			17,374			17,375			17,492			16,482			872			17,354		16,482		872
Common shares outstanding	67,957			67,937			67,936			61,646			62,656			5,301			67,957		62,656		5,301
Book value per share	$	211.19		$	194.49		$	184.78		$	150.88		$	185.17		$	26.02
Per share effect of AOCI	$	78.86		$	63.13		$	55.96		$	18.33		$	50.07		$	28.79
Book value per share, excluding AOCI	$	132.33		$	131.36		$	128.82		$	132.55		$	135.10		$	(2.77)
Stockholders’ dividends paid	$	48		$	47		$	43		$	44		$	44		$	4		$	182	$	163	$	19
(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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2020		2020		2020		2020		2019		Quarter		2020		2019		Change
Revenues:
Net premiums	$	3,260	$	2,825	$	2,790	$	2,819	$	2,986	$	274	$	11,694	$	11,297	$	397
Investment income, net of related expenses	682		654		645		594		677		5		2,575		2,520		55
Investment related gains (losses), net
Impairments and change in allowance for credit losses on fixed maturity securities	—		13		—		(34)		(13)		13		(21)		(31)		10
Other investment related gains (losses), net	105		53		81		(251)		35		70		(12)		122		(134)
Total investment related gains (losses), net	105		66		81		(285)		22		83		(33)		91		(124)
Other revenue	96		98		90		76		100		(4)		360		392		(32)
Total revenues	4,143		3,643		3,606		3,204		3,785		358		14,596		14,300		296
Benefits and expenses:
Claims and other policy benefits	3,181		2,530		2,700		2,664		2,703		478		11,075		10,197		878
Interest credited	175		196		187		146		180		(5)		704		697		7
Policy acquisition costs and other insurance expenses	349		374		290		248		310		39		1,261		1,204		57
Other operating expenses	222		211		188		195		234		(12)		816		868		(52)
Interest expense	44		43		42		41		44		—		170		173		(3)
Collateral finance and securitization expense	3		4		4		6		6		(3)		17		29		(12)
Total benefits and expenses	3,974		3,358		3,411		3,300		3,477		497		14,043		13,168		875
Income (loss) before income taxes	169		285		195		(96)		308		(139)		553		1,132		(579)
Provision for income taxes	37		72		37		(8)		73		(36)		138		262		(124)
Net income (loss)	$	132	$	213	$	158	$	(88)	$	235	$	(103)	$	415	$	870	$	(455)
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes	$	169	$	285	$	195	$	(96)	$	308	$	(139)	$	553	$	1,132	$	(579)
Investment and derivative (gains) losses (1)	12		17		31		(68)		30		(18)		(8)		(56)		48
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	(51)		(116)		(1)		230		1		(52)		62		(11)		73
GMXB embedded derivatives (1)	(58)		29		(107)		128		(47)		(11)		(8)		(5)		(3)
Funds withheld (gains) losses - investment income	10		(1)		(3)		(2)		—		10		4		5		(1)
EIA embedded derivatives - interest credited	(5)		6		7		12		(10)		5		20		46		(26)
DAC offset, net	21		79		(21)		(87)		(4)		25		(8)		(32)		24
Investment (income) loss on unit-linked variable annuities	(13)		1		(15)		16		1		(14)		(11)		(26)		15
Interest credited on unit-linked variable annuities	13		(1)		15		(16)		(1)		14		11		26		(15)
Interest expense on uncertain tax positions	2		1		4		4		4		(2)		11		18		(7)
Non-investment derivatives and other	(1)		1		4		(3)		2		(3)		1		2		(1)
Adjusted operating income before income taxes	$	99	$	301	$	109	$	118	$	284	$	(185)	$	627	$	1,099	$	(472)
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

Page 4

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2020		2020		2020		2020		2019		Quarter		2020		2019		Change
After-tax adjusted operating income reconciliation:
Net income (loss)	$	132	$	213	$	158	$	(88)	$	235	$	(103)	$	415	$	870	$	(455)
Investment and derivative (gains) losses (1)	9		13		23		(51)		25		(16)		(6)		(43)		37
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	(40)		(92)		(1)		182		—		(40)		49		(9)		58
GMXB embedded derivatives (1)	(46)		23		(84)		101		(37)		(9)		(6)		(4)		(2)
Funds withheld (gains) losses - investment income	8		(1)		(2)		(2)		—		8		3		4		(1)
EIA embedded derivatives - interest credited	(4)		5		6		9		(8)		4		16		36		(20)
DAC offset, net	17		62		(16)		(69)		(3)		20		(6)		(25)		19
Investment (income) loss on unit-linked variable annuities	(11)		1		(12)		13		—		(11)		(9)		(21)		12
Interest credited on unit-linked variable annuities	11		(1)		12		(13)		—		11		9		21		(12)
Interest expense on uncertain tax positions	2		1		3		3		3		(1)		9		14		(5)
Non-investment derivatives and other	(1)		1		3		(2)		2		(3)		1		2		(1)
Uncertain tax positions and other tax related items	4		14		(3)		6		2		2		21		8		13
Adjusted operating income	$	81	$	239	$	87	$	89	$	219	$	(138)	$	496	$	853	$	(357)
Wgt. average common shares outstanding (diluted)	68,378		68,170		63,749		63,001		63,774		4,604		65,835		63,882		1,953
Diluted earnings per share - adjusted operating income	$	1.19	$	3.51	$	1.36	$	1.41	$	3.43	$	(2.24)	$	7.54	$	13.35	$	(5.81)
Foreign currency effect on (2):
Net premiums	$	35	$	12	$	(46)	$	(33)	$	(5)	$	40	$	(32)	$	(179)	$	147
Adjusted operating income before income taxes	$	3	$	7	$	(4)	$	(1)	$	1	$	2	$	5	$	(15)	$	20
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.
(2) Compared to comparable prior year period.

Page 5

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2020		2020		2020		2020		2019
Assets
Fixed maturity securities, available-for-sale	$	56,735	$	54,652	$	52,346	$	48,555	$	51,121
Equity securities	132		135		130		112		320
Mortgage loans on real estate	5,787		5,907		5,974		6,014		5,706
Policy loans	1,258		1,259		1,310		1,314		1,319
Funds withheld at interest	5,432		5,403		5,250		5,258		5,662
Short-term investments	227		154		84		117		64
Other invested assets	2,829		2,645		2,547		2,542		2,363
Total investments	72,400		70,155		67,641		63,912		66,555
Cash and cash equivalents	3,408		3,256		4,313		2,820		1,449
Accrued investment income	511		547		494		510		493
Premiums receivable and other reinsurance balances	2,842		2,792		2,852		2,836		2,940
Reinsurance ceded receivables	983		950		945		889		904
Deferred policy acquisition costs	3,616		3,534		3,565		3,622		3,512
Other assets	896		893		919		1,065		878
Total assets	$	84,656	$	82,127	$	80,729	$	75,654	$	76,731
Liabilities and stockholders’ equity
Future policy benefits	$	31,453	$	30,331	$	29,897	$	29,521	$	28,672
Interest-sensitive contract liabilities	23,276		23,208		23,118		23,164		22,711
Other policy claims and benefits	6,413		6,242		6,232		5,854		5,711
Other reinsurance balances	598		524		510		596		557
Deferred income taxes	3,263		3,016		2,856		2,163		2,712
Other liabilities	1,340		1,611		1,557		1,505		1,188
Long-term debt	3,573		3,573		3,573		2,981		2,981
Collateral finance and securitization notes	388		408		433		569		598
Total liabilities	70,304		68,913		68,176		66,353		65,130
Stockholders’ equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,406		2,421		2,413		1,942		1,937
Retained earnings	8,148		8,066		7,901		7,802		7,952
Treasury stock	(1,562)		(1,563)		(1,563)		(1,574)		(1,426)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	(69)		(171)		(210)		(223)		(92)
Unrealized appreciation of securities, net of income taxes	5,500		4,542		4,089		1,426		3,299
Pension and postretirement benefits, net of income taxes	(72)		(82)		(78)		(73)		(70)
Total stockholders’ equity	14,352		13,214		12,553		9,301		11,601
Total liabilities and stockholders’ equity	$	84,656	$	82,127	$	80,729	$	75,654	$	76,731
Total stockholders’ equity, excluding AOCI	$	8,993	$	8,925	$	8,752	$	8,171	$	8,464
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
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2020			2020			2020			2020			2019			Quarter			2020			2019			Change
Revenues:
Net premiums	$	1,591		$	1,420		$	1,454		$	1,373		$	1,558		$	33		$	5,838		$	5,729		$	109
Investment income, net of related expenses	196			180			177			161			200			(4)			714			769			(55)
Investment related gains (losses), net	(3)			(8)			7			(7)			2			(5)			(11)			(18)			7
Other revenue	2			7			4			6			5			(3)			19			20			(1)
Total revenues	1,786			1,599			1,642			1,533			1,765			21			6,560			6,500			60
Benefits and expenses:
Claims and other policy benefits	1,638			1,343			1,558			1,367			1,427			211			5,906			5,261			645
Interest credited	17			19			18			19			19			(2)			73			78			(5)
Policy acquisition costs and other insurance expenses	189			189			195			175			195			(6)			748			752			(4)
Other operating expenses	34			34			29			34			39			(5)			131			144			(13)
Total benefits and expenses	1,878			1,585			1,800			1,595			1,680			198			6,858			6,235			623
Income (loss) before income taxes	$	(92)		$	14		$	(158)		$	(62)		$	85		$	(177)		$	(298)		$	265		$	(563)
Loss and expense ratios:
Claims and other policy benefits	103.0		%	94.6		%	107.2		%	99.6		%	91.6		%	11.4		%	101.2		%	91.8		%	9.4		%
Policy acquisition costs and other insurance expenses	11.9		%	13.3		%	13.4		%	12.7		%	12.5		%	(0.6)		%	12.8		%	13.1		%	(0.3)		%
Other operating expenses	2.1		%	2.4		%	2.0		%	2.5		%	2.5		%	(0.4)		%	2.2		%	2.5		%	(0.3)		%
Foreign currency effect on (1):
Net premiums	$	(1)		$	(1)		$	(3)		$	—		$	1		$	(2)		$	(5)		$	—		$	(5)
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
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Qtr vs. PY			Dec. 31,			Dec. 31,
	2020			2020			2020			2020			2019			Quarter			2020			2019			Change
Revenues:
Net premiums	$	1,591		$	1,420		$	1,454		$	1,373		$	1,558		$	33		$	5,838		$	5,729		$	109
Investment income, net of related expenses	196			180			177			161			200			(4)			714			769			(55)
Other revenue	2			7			4			6			5			(3)			19			20			(1)
Total revenues	1,789			1,607			1,635			1,540			1,763			26			6,571			6,518			53
Benefits and expenses:
Claims and other policy benefits	1,638			1,343			1,558			1,367			1,427			211			5,906			5,261			645
Interest credited	17			19			18			19			19			(2)			73			78			(5)
Policy acquisition costs and other insurance expenses	189			189			195			175			195			(6)			748			752			(4)
Other operating expenses	34			34			29			34			39			(5)			131			144			(13)
Total benefits and expenses	1,878			1,585			1,800			1,595			1,680			198			6,858			6,235			623
Adjusted operating income (loss) before income taxes	$	(89)		$	22		$	(165)		$	(55)		$	83		$	(172)		$	(287)		$	283		$	(570)
Loss and expense ratios:
Claims and other policy benefits	103.0		%	94.6		%	107.2		%	99.6		%	91.6		%	11.4		%	101.2		%	91.8		%	9.4		%
Policy acquisition costs and other insurance expenses	11.9		%	13.3		%	13.4		%	12.7		%	12.5		%	(0.6)		%	12.8		%	13.1		%	(0.3)		%
Other operating expenses	2.1		%	2.4		%	2.0		%	2.5		%	2.5		%	(0.4)		%	2.2		%	2.5		%	(0.3)		%
Foreign currency effect on (1):
Net premiums	$	(1)		$	(1)		$	(3)		$	—		$	1		$	(2)		$	(5)		$	—		$	(5)
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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2020		2020		2020		2020		2019		Quarter		2020		2019		Change
Revenues:
Net premiums	$	13	$	13	$	15	$	12	$	11	$	2	$	53	$	39	$	14
Investment income, net of related expenses	248		272		241		233		272		(24)		994		927		67
Investment related gains (losses), net	47		59		15		(160)		(1)		48		(39)		75		(114)
Other revenue	25		26		24		28		28		(3)		103		137		(34)
Total revenues	333		370		295		113		310		23		1,111		1,178		(67)
Benefits and expenses:
Claims and other policy benefits	49		50		49		53		51		(2)		201		197		4
Interest credited	132		163		139		129		144		(12)		563		540		23
Policy acquisition costs and other insurance expenses	50		99		7		(38)		28		22		118		93		25
Other operating expenses	6		8		7		7		9		(3)		28		33		(5)
Total benefits and expenses	237		320		202		151		232		5		910		863		47
Income (loss) before income taxes	$	96	$	50	$	93	$	(38)	$	78	$	18	$	201	$	315	$	(114)
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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2020		2020		2020		2020		2019		Quarter		2020		2019		Change
Revenues:
Net premiums	$	13	$	13	$	15	$	12	$	11	$	2	$	53	$	39	$	14
Investment income, net of related expenses	253		273		240		232		272		(19)		998		932		66
Other revenue	25		26		24		25		28		(3)		100		137		(37)
Total revenues	291		312		279		269		311		(20)		1,151		1,108		43
Benefits and expenses:
Claims and other policy benefits	49		50		49		53		51		(2)		201		197		4
Interest credited	137		157		132		117		154		(17)		543		494		49
Policy acquisition costs and other insurance expenses	29		20		28		49		32		(3)		126		125		1
Other operating expenses	6		8		7		7		9		(3)		28		33		(5)
Total benefits and expenses	221		235		216		226		246		(25)		898		849		49
Adjusted operating income before income taxes	$	70	$	77	$	63	$	43	$	65	$	5	$	253	$	259	$	(6)
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
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
	2020			2020			2020			2020			2019
Annuity account values:
Fixed annuities (deferred)	$	10,773		$	10,848		$	10,932		$	11,022		$	11,140
Net interest spread (fixed annuities)	1.6		%	1.3		%	1.3		%	1.4		%	1.5		%
Equity-indexed annuities	$	3,480		$	3,530		$	3,516		$	3,531		$	3,589
Variable annuities account values
No riders	$	665		$	775		$	753		$	718		$	711
GMDB only	872			831			760			762			837
GMIB only	24			22			22			20			23
GMAB only	4			3			3			3			4
GMWB only	1,132			1,046			1,016			937			1,123
GMDB / WB	275			252			247			232			278
Other	18			17			17			15			18
Total variable annuities account values	$	2,990		$	2,946		$	2,818		$	2,687		$	2,994
Fair value of liabilities associated with living benefit riders	$	155		$	213		$	184		$	291		$	163
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts	$	1,015		$	989		$	990		$	991		$	907
Bank-owned life insurance (BOLI)	$	2,460		$	2,450		$	2,444		$	2,435		$	2,459
Other asset-intensive business	$	124		$	125		$	127		$	128		$	130
Future policy benefits associated with:
Payout annuities	$	4,532		$	4,593		$	4,655		$	4,713		$	4,776

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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2020		2020		2020		2020		2019		Quarter		2020		2019		Change
Revenues:
Investment income, net of related expenses	$	1	$	1	$	2	$	1	$	1	$	—	$	5	$	4	$	1
Other revenue	25		28		26		25		29		(4)		104		97		7
Total revenues	26		29		28		26		30		(4)		109		101		8
Benefits and expenses:
Policy acquisition costs and other insurance expenses	1		2		2		—		1		—		5		6		(1)
Other operating expenses	2		3		2		3		3		(1)		10		12		(2)
Total benefits and expenses	3		5		4		3		4		(1)		15		18		(3)
Income before income taxes	$	23	$	24	$	24	$	23	$	26	$	(3)	$	94	$	83	$	11
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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2020		2020		2020		2020		2019		Quarter		2020		2019		Change
Revenues:
Investment income, net of related expenses	$	1	$	1	$	2	$	1	$	1	$	—	$	5	$	4	$	1
Other revenue	25		28		26		25		29		(4)		104		97		7
Total revenues	26		29		28		26		30		(4)		109		101		8
Benefits and expenses:
Policy acquisition costs and other insurance expenses	1		2		2		—		1		—		5		6		(1)
Other operating expenses	2		3		2		3		3		(1)		10		12		(2)
Total benefits and expenses	3		5		4		3		4		(1)		15		18		(3)
Adjusted operating income before income taxes	$	23	$	24	$	24	$	23	$	26	$	(3)	$	94	$	83	$	11
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
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2020			2020			2020			2020			2019			Quarter			2020			2019			Change
Revenues:
Net premiums	$	284		$	254		$	254		$	260		$	276		$	8		$	1,052		$	1,066		$	(14)
Investment income, net of related expenses	56			52			50			49			52			4			207			205			2
Investment related gains (losses), net	4			2			6			(12)			3			1			—			14			(14)
Other revenue	—			1			1			(1)			—			—			1			1			—
Total revenues	344			309			311			296			331			13			1,260			1,286			(26)
Benefits and expenses:
Claims and other policy benefits	248			225			216			220			235			13			909			857			52
Policy acquisition costs and other insurance expenses	49			44			42			45			56			(7)			180			224			(44)
Other operating expenses	10			10			9			8			12			(2)			37			37			—
Total benefits and expenses	307			279			267			273			303			4			1,126			1,118			8
Income before income taxes	$	37		$	30		$	44		$	23		$	28		$	9		$	134		$	168		$	(34)
Loss and expense ratios:
Claims and other policy benefits	87.3		%	88.6		%	85.0		%	84.6		%	85.1		%	2.2		%	86.4		%	80.4		%	6.0		%
Policy acquisition costs and other insurance expenses	17.3		%	17.3		%	16.5		%	17.3		%	20.3		%	(3.0)		%	17.1		%	21.0		%	(3.9)		%
Other operating expenses	3.5		%	3.9		%	3.5		%	3.1		%	4.3		%	(0.8)		%	3.5		%	3.5		%	—		%
Foreign currency effect on (1):
Net premiums	$	4		$	(2)		$	(9)		$	(3)		$	—		$	4		$	(10)		$	(25)		$	15
Income before income taxes	$	1		$	—		$	(2)		$	1		$	—		$	1		$	—		$	(5)		$	5
Creditor reinsurance net premiums	$	16		$	18		$	14		$	17		$	27		$	(11)		$	65		$	110		$	(45)
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
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2020			2020			2020			2020			2019			Quarter			2020			2019			Change
Revenues:
Net premiums	$	284		$	254		$	254		$	260		$	276		$	8		$	1,052		$	1,066		$	(14)
Investment income, net of related expenses	56			51			51			48			52			4			206			205			1
Investment related gains, net	2			2			1			2			2			—			7			7			—
Other revenue	—			1			1			(1)			—			—			1			1			—
Total revenues	342			308			307			309			330			12			1,266			1,279			(13)
Benefits and expenses:
Claims and other policy benefits	248			225			216			220			235			13			909			857			52
Policy acquisition costs and other insurance expenses	49			44			42			45			56			(7)			180			224			(44)
Other operating expenses	10			10			9			8			12			(2)			37			37			—
Total benefits and expenses	307			279			267			273			303			4			1,126			1,118			8
Adjusted operating income before income taxes	$	35		$	29		$	40		$	36		$	27		$	8		$	140		$	161		$	(21)
Loss and expense ratios:
Claims and other policy benefits	87.3		%	88.6		%	85.0		%	84.6		%	85.1		%	2.2		%	86.4		%	80.4		%	6.0		%
Policy acquisition costs and other insurance expenses	17.3		%	17.3		%	16.5		%	17.3		%	20.3		%	(3.0)		%	17.1		%	21.0		%	(3.9)		%
Other operating expenses	3.5		%	3.9		%	3.5		%	3.1		%	4.3		%	(0.8)		%	3.5		%	3.5		%	—		%
Foreign currency effect on (1):
Net premiums	$	4		$	(2)		$	(9)		$	(3)		$	—		$	4		$	(10)		$	(25)		$	15
Adjusted operating income before income taxes	$	1		$	—		$	(2)		$	1		$	(1)		$	2		$	—		$	(5)		$	5
Creditor reinsurance net premiums	$	16		$	18		$	14		$	17		$	27		$	(11)		$	65		$	110		$	(45)
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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2020		2020		2020		2020		2019		Quarter		2020		2019		Change
Revenues:
Net premiums	$	21	$	21	$	20	$	21	$	22	$	(1)	$	83	$	89	$	(6)
Investment income, net of related expenses	—		—		—		1		1		(1)		1		3		(2)
Other revenue	2		2		2		2		4		(2)		8		7		1
Total revenues	23		23		22		24		27		(4)		92		99		(7)
Benefits and expenses:
Claims and other policy benefits	14		17		17		20		19		(5)		68		80		(12)
Policy acquisition costs and other insurance expenses	—		—		1		—		1		(1)		1		2		(1)
Other operating expenses	1		—		—		1		—		1		2		2		—
Total benefits and expenses	15		17		18		21		20		(5)		71		84		(13)
Income before income taxes	$	8	$	6	$	4	$	3	$	7	$	1	$	21	$	15	$	6
Foreign currency effect on (2):
Net premiums	$	—	$	—	$	(1)	$	—	$	—	$	—	$	(1)	$	(2)	$	1
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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2020		2020		2020		2020		2019		Quarter		2020		2019		Change
Revenues:
Net premiums	$	21	$	21	$	20	$	21	$	22	$	(1)	$	83	$	89	$	(6)
Investment income, net of related expenses	—		—		—		1		1		(1)		1		3		(2)
Other revenue	2		2		2		2		4		(2)		8		7		1
Total revenues	23		23		22		24		27		(4)		92		99		(7)
Benefits and expenses:
Claims and other policy benefits	14		17		17		20		19		(5)		68		80		(12)
Policy acquisition costs and other insurance expenses	—		—		1		—		1		(1)		1		2		(1)
Other operating expenses	1		—		—		1		—		1		2		2		—
Total benefits and expenses	15		17		18		21		20		(5)		71		84		(13)
Adjusted operating income before income taxes	$	8	$	6	$	4	$	3	$	7	$	1	$	21	$	15	$	6
Foreign currency effect on (2):
Net premiums	$	—	$	—	$	(1)	$	—	$	—	$	—	$	(1)	$	(2)	$	1
Adjusted operating 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 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
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2020			2020			2020			2020			2019			Quarter			2020			2019			Change
Revenues:
Net premiums	$	442		$	371		$	352		$	390		$	368		$	74		$	1,555		$	1,442		$	113
Investment income, net of related expenses	17			18			18			19			19			(2)			72			73			(1)
Other revenue	6			1			1			(2)			1			5			6			5			1
Total revenues	465			390			371			407			388			77			1,633			1,520			113
Benefits and expenses:
Claims and other policy benefits	423			331			301			334			300			123			1,389			1,205			184
Policy acquisition costs and other insurance expenses	29			28			32			30			30			(1)			119			114			5
Other operating expenses	26			24			22			26			35			(9)			98			121			(23)
Total benefits and expenses	478			383			355			390			365			113			1,606			1,440			166
Income (loss) before income taxes	$	(13)		$	7		$	16		$	17		$	23		$	(36)		$	27		$	80		$	(53)
Loss and expense ratios:
Claims and other policy benefits	95.7		%	89.2		%	85.5		%	85.6		%	81.5		%	14.2		%	89.3		%	83.6		%	5.7		%
Policy acquisition costs and other insurance expenses	6.6		%	7.5		%	9.1		%	7.7		%	8.2		%	(1.6)		%	7.7		%	7.9		%	(0.2)		%
Other operating expenses	5.9		%	6.5		%	6.3		%	6.7		%	9.5		%	(3.6)		%	6.3		%	8.4		%	(2.1)		%
Foreign currency effect on (1):
Net premiums	$	8		$	6		$	(20)		$	(13)		$	(4)		$	12		$	(19)		$	(77)		$	58
Income (loss) before income taxes	$	2		$	2		$	(1)		$	—		$	(1)		$	3		$	3		$	(5)		$	8
Critical illness net premiums	$	43		$	43		$	40		$	42		$	42		$	1		$	168		$	178		$	(10)
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
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2020			2020			2020			2020			2019			Quarter			2020			2019			Change
Revenues:
Net premiums	$	442		$	371		$	352		$	390		$	368		$	74		$	1,555		$	1,442		$	113
Investment income, net of related expenses	17			18			18			19			19			(2)			72			73			(1)
Other revenue	6			1			1			(2)			1			5			6			5			1
Total revenues	465			390			371			407			388			77			1,633			1,520			113
Benefits and expenses:
Claims and other policy benefits	423			331			301			334			300			123			1,389			1,205			184
Policy acquisition costs and other insurance expenses	29			28			32			30			30			(1)			119			114			5
Other operating expenses	26			24			22			26			35			(9)			98			121			(23)
Total benefits and expenses	478			383			355			390			365			113			1,606			1,440			166
Adjusted operating income (loss) before income taxes	$	(13)		$	7		$	16		$	17		$	23		$	(36)		$	27		$	80		$	(53)
Loss and expense ratios:
Claims and other policy benefits	95.7		%	89.2		%	85.5		%	85.6		%	81.5		%	14.2		%	89.3		%	83.6		%	5.7		%
Policy acquisition costs and other insurance expenses	6.6		%	7.5		%	9.1		%	7.7		%	8.2		%	(1.6)		%	7.7		%	7.9		%	(0.2)		%
Other operating expenses	5.9		%	6.5		%	6.3		%	6.7		%	9.5		%	(3.6)		%	6.3		%	8.4		%	(2.1)		%
Foreign currency effect on (1):
Net premiums	$	8		$	6		$	(20)		$	(13)		$	(4)		$	12		$	(19)		$	(77)		$	58
Adjusted operating income (loss) before income taxes	$	2		$	2		$	(2)		$	1		$	(1)		$	3		$	3		$	(5)		$	8
Critical illness net premiums	$	43		$	43		$	40		$	42		$	42		$	1		$	168		$	178		$	(10)
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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2020		2020		2020		2020		2019		Quarter		2020		2019		Change
Revenues:
Net premiums	$	84	$	58	$	57	$	53	$	54	$	30	$	252	$	218	$	34
Investment income, net of related expenses	58		46		61		28		45		13		193		195		(2)
Investment related gains (losses), net	1		4		16		(6)		1		—		15		9		6
Other revenue	4		2		2		3		10		(6)		11		28		(17)
Total revenues	147		110		136		78		110		37		471		450		21
Benefits and expenses:
Claims and other policy benefits	81		5		13		53		19		62		152		149		3
Interest credited	13		(1)		16		(17)		(1)		14		11		26		(15)
Policy acquisition costs and other insurance expenses	1		1		1		1		10		(9)		4		12		(8)
Other operating expenses	14		13		8		11		10		4		46		40		6
Total benefits and expenses	109		18		38		48		38		71		213		227		(14)
Income before income taxes	$	38	$	92	$	98	$	30	$	72	$	(34)	$	258	$	223	$	35
Foreign currency effect on (2):
Net premiums	$	3	$	2	$	(2)	$	(1)	$	—	$	3	$	2	$	(10)	$	12
Income before income taxes	$	—	$	4	$	(3)	$	—	$	—	$	—	$	1	$	(9)	$	10
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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2020		2020		2020		2020		2019		Quarter		2020		2019		Change
Revenues:
Net premiums	$	84	$	58	$	57	$	53	$	54	$	30	$	252	$	218	$	34
Investment income, net of related expenses	50		46		43		44		46		4		183		169		14
Investment related gains (losses), net	(1)		(1)		—		—		—		(1)		(2)		—		(2)
Other revenue	4		2		2		3		12		(8)		11		30		(19)
Total revenues	137		105		102		100		112		25		444		417		27
Benefits and expenses:
Claims and other policy benefits	81		5		13		53		19		62		152		149		3
Interest credited	—		—		1		(1)		—		—		—		—		—
Policy acquisition costs and other insurance expenses	1		1		1		1		10		(9)		4		12		(8)
Other operating expenses	14		13		8		11		10		4		46		40		6
Total benefits and expenses	96		19		23		64		39		57		202		201		1
Adjusted operating income before income taxes	$	41	$	86	$	79	$	36	$	73	$	(32)	$	242	$	216	$	26
Foreign currency effect on (2):
Net premiums	$	3	$	2	$	(2)	$	(1)	$	—	$	3	$	2	$	(10)	$	12
Adjusted operating income before income taxes	$	1	$	4	$	(2)	$	(1)	$	—	$	1	$	2	$	(8)	$	10
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
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2020			2020			2020			2020			2019			Quarter			2020			2019			Change
Revenues:
Net premiums	$	785		$	653		$	607		$	636		$	659		$	126		$	2,681		$	2,568		$	113
Investment income, net of related expenses	31			22			27			27			27			4			107			104			3
Investment related gains, net	3			—			—			—			—			3			3			—			3
Other revenue	4			5			2			4			3			1			15			9			6
Total revenues	823			680			636			667			689			134			2,806			2,681			125
Benefits and expenses:
Claims and other policy benefits	699			525			514			555			618			81			2,293			2,317			(24)
Policy acquisition costs and other insurance expenses	51			33			34			49			13			38			167			92			75
Other operating expenses	48			44			41			39			46			2			172			167			5
Total benefits and expenses	798			602			589			643			677			121			2,632			2,576			56
Income before income taxes	$	25		$	78		$	47		$	24		$	12		$	13		$	174		$	105		$	69
Loss and expense ratios:
Claims and other policy benefits	89.0		%	80.4		%	84.7		%	87.3		%	93.8		%	(4.8)		%	85.5		%	90.2		%	(4.7)		%
Policy acquisition costs and other insurance expenses	6.5		%	5.1		%	5.6		%	7.7		%	2.0		%	4.5		%	6.2		%	3.6		%	2.6		%
Other operating expenses	6.1		%	6.7		%	6.8		%	6.1		%	7.0		%	(0.9)		%	6.4		%	6.5		%	(0.1)		%
Foreign currency effect on (1):
Net premiums	$	20		$	6		$	(12)		$	(16)		$	(3)		$	23		$	(2)		$	(65)		$	63
Income before income taxes	$	(1)		$	1		$	2		$	(1)		$	1		$	(2)		$	1		$	3		$	(2)
Critical illness net premiums	$	379		$	294		$	246		$	256		$	266		$	113		$	1,175		$	1,055		$	120
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
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2020			2020			2020			2020			2019			Quarter			2020			2019			Change
Revenues:
Net premiums	$	785		$	653		$	607		$	636		$	659		$	126		$	2,681		$	2,568		$	113
Investment income, net of related expenses	31			22			27			27			27			4			107			104			3
Investment related gains, net	3			—			—			—			—			3			3			—			3
Other revenue	4			5			2			4			3			1			15			9			6
Total revenues	823			680			636			667			689			134			2,806			2,681			125
Benefits and expenses:
Claims and other policy benefits	699			525			514			555			618			81			2,293			2,317			(24)
Policy acquisition costs and other insurance expenses	51			33			34			49			13			38			167			92			75
Other operating expenses	48			44			41			39			46			2			172			167			5
Total benefits and expenses	798			602			589			643			677			121			2,632			2,576			56
Adjusted operating income before income taxes	$	25		$	78		$	47		$	24		$	12		$	13		$	174		$	105		$	69
Loss and expense ratios:
Claims and other policy benefits	89.0		%	80.4		%	84.7		%	87.3		%	93.8		%	(4.8)		%	85.5		%	90.2		%	(4.7)		%
Policy acquisition costs and other insurance expenses	6.5		%	5.1		%	5.6		%	7.7		%	2.0		%	4.5		%	6.2		%	3.6		%	2.6		%
Other operating expenses	6.1		%	6.7		%	6.8		%	6.1		%	7.0		%	(0.9)		%	6.4		%	6.5		%	(0.1)		%
Foreign currency effect on (1):
Net premiums	$	20		$	6		$	(12)		$	(16)		$	(3)		$	23		$	(2)		$	(65)		$	63
Adjusted operating income before income taxes	$	(1)		$	1		$	2		$	(1)		$	1		$	(2)		$	1		$	3		$	(2)
Critical illness net premiums	$	379		$	294		$	246		$	256		$	266		$	113		$	1,175		$	1,055		$	120
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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2020		2020		2020		2020		2019		Quarter		2020		2019		Change
Revenues:
Net premiums	$	40	$	35	$	31	$	74	$	38	$	2	$	180	$	146	$	34
Investment income, net of related expenses	25		22		21		17		15		10		85		46		39
Investment related gains (losses), net	28		—		15		(33)		7		21		10		9		1
Other revenue	7		9		8		10		8		(1)		34		27		7
Total revenues	100		66		75		68		68		32		309		228		81
Benefits and expenses:
Claims and other policy benefits	30		33		32		62		34		(4)		157		131		26
Interest credited	12		13		11		13		11		1		49		31		18
Policy acquisition costs and other insurance expenses	7		5		5		14		5		2		31		25		6
Other operating expenses	3		5		1		4		5		(2)		13		18		(5)
Total benefits and expenses	52		56		49		93		55		(3)		250		205		45
Income (loss) before income taxes	$	48	$	10	$	26	$	(25)	$	13	$	35	$	59	$	23	$	36
Foreign currency effect on (2):
Net premiums	$	1	$	1	$	1	$	—	$	—	$	1	$	3	$	—	$	3
Income (loss) before income taxes	$	2	$	1	$	(1)	$	2	$	—	$	2	$	4	$	1	$	3
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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2020		2020		2020		2020		2019		Quarter		2020		2019		Change
Revenues:
Net premiums	$	40	$	35	$	31	$	74	$	38	$	2	$	180	$	146	$	34
Investment income, net of related expenses	25		22		21		17		15		10		85		46		39
Investment related gains (losses), net	3		(1)		1		2		2		1		5		6		(1)
Other revenue	7		9		8		10		8		(1)		34		27		7
Total revenues	75		65		61		103		63		12		304		225		79
Benefits and expenses:
Claims and other policy benefits	30		33		32		62		34		(4)		157		131		26
Interest credited	12		13		11		13		11		1		49		31		18
Policy acquisition costs and other insurance expenses	7		5		5		14		5		2		31		25		6
Other operating expenses	3		5		1		4		5		(2)		13		18		(5)
Total benefits and expenses	52		56		49		93		55		(3)		250		205		45
Adjusted operating income before income taxes	$	23	$	9	$	12	$	10	$	8	$	15	$	54	$	20	$	34
Foreign currency effect on (2):
Net premiums	$	1	$	1	$	1	$	—	$	—	$	1	$	3	$	—	$	3
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) 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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2020		2020		2020		2020		2019		Quarter		2020		2019		Change
Revenues:
Investment income, net of related expenses	$	50	$	41	$	48	$	58	$	45	$	5	$	197	$	194	$	3
Investment related gains (losses), net	25		9		22		(67)		10		15		(11)		2		(13)
Other revenue	21		17		20		1		12		9		59		61		(2)
Total revenues	96		67		90		(8)		67		29		245		257		(12)
Benefits and expenses:
Claims and other policy benefits	(1)		1		—		—		—		(1)		—		—		—
Interest credited	1		2		3		2		7		(6)		8		22		(14)
Policy acquisition costs and other insurance income	(28)		(27)		(29)		(28)		(29)		1		(112)		(116)		4
Other operating expenses	78		70		69		62		75		3		279		294		(15)
Interest expense	44		43		42		41		44		—		170		173		(3)
Collateral finance and securitization expense	3		4		4		6		6		(3)		17		29		(12)
Total benefits and expenses	97		93		89		83		103		(6)		362		402		(40)
Income (loss) before income taxes	$	(1)	$	(26)	$	1	$	(91)	$	(36)	$	35	$	(117)	$	(145)	$	28
Foreign currency effect on (1):
Income (loss) before income taxes	$	1	$	(1)	$	(1)	$	2	$	—	$	1	$	1	$	—	$	1
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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2020		2020		2020		2020		2019		Quarter		2020		2019		Change
Revenues:
Investment income, net of related expenses	$	50	$	41	$	48	$	58	$	45	$	5	$	197	$	194	$	3
Investment related gains (losses), net	1		(4)		2		1		2		(1)		—		6		(6)
Other revenue	20		18		24		1		12		8		63		61		2
Total revenues	71		55		74		60		59		12		260		261		(1)
Benefits and expenses:
Claims and other policy benefits	(1)		1		—		—		—		(1)		—		—		—
Interest credited	1		2		3		2		7		(6)		8		22		(14)
Policy acquisition costs and other insurance income	(28)		(27)		(29)		(28)		(29)		1		(112)		(116)		4
Other operating expenses	78		70		69		62		75		3		279		294		(15)
Interest expense	42		42		38		37		40		2		159		155		4
Collateral finance and securitization expense	3		4		4		6		6		(3)		17		29		(12)
Total benefits and expenses	95		92		85		79		99		(4)		351		384		(33)
Adjusted operating loss before income taxes	$	(24)	$	(37)	$	(11)	$	(19)	$	(40)	$	16	$	(91)	$	(123)	$	32
Foreign currency effect on (1):
Adjusted operating loss before income taxes	$	(1)	$	—	$	—	$	(1)	$	—	$	(1)	$	(2)	$	—	$	(2)
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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2020		2020		2020		2020		2019		Quarter		2020		2019		Change
U.S. and Latin America:
Traditional	$	(92)	$	14	$	(158)	$	(62)	$	85	$	(177)	$	(298)	$	265	$	(563)
Financial Solutions:
Asset Intensive	96		50		93		(38)		78		18		201		315		(114)
Capital Solutions	23		24		24		23		26		(3)		94		83		11
Total U.S. and Latin America	27		88		(41)		(77)		189		(162)		(3)		663		(666)
Canada:
Traditional	37		30		44		23		28		9		134		168		(34)
Financial Solutions	8		6		4		3		7		1		21		15		6
Total Canada	45		36		48		26		35		10		155		183		(28)
Europe, Middle East and Africa:
Traditional	(13)		7		16		17		23		(36)		27		80		(53)
Financial Solutions	38		92		98		30		72		(34)		258		223		35
Total Europe, Middle East and Africa	25		99		114		47		95		(70)		285		303		(18)
Asia Pacific:
Traditional	25		78		47		24		12		13		174		105		69
Financial Solutions	48		10		26		(25)		13		35		59		23		36
Total Asia Pacific	73		88		73		(1)		25		48		233		128		105
Corporate and Other	(1)		(26)		1		(91)		(36)		35		(117)		(145)		28
Consolidated income (loss) before income taxes	$	169	$	285	$	195	$	(96)	$	308	$	(139)	$	553	$	1,132	$	(579)
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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,				Dec. 31,		Dec. 31,
	2020		2020		2020		2020		2019				2020		2019		Change
U.S. and Latin America:
Traditional	$	(89)	$	22	$	(165)	$	(55)	$	83	$	(172)	$	(287)	$	283	$	(570)
Financial Solutions:
Asset Intensive	70		77		63		43		65		5		253		259		(6)
Capital Solutions	23		24		24		23		26		(3)		94		83		11
Total U.S. and Latin America	4		123		(78)		11		174		(170)		60		625		(565)
Canada:
Traditional	35		29		40		36		27		8		140		161		(21)
Financial Solutions	8		6		4		3		7		1		21		15		6
Total Canada	43		35		44		39		34		9		161		176		(15)
Europe, Middle East and Africa:
Traditional	(13)		7		16		17		23		(36)		27		80		(53)
Financial Solutions	41		86		79		36		73		(32)		242		216		26
Total Europe, Middle East and Africa	28		93		95		53		96		(68)		269		296		(27)
Asia Pacific:
Traditional	25		78		47		24		12		13		174		105		69
Financial Solutions	23		9		12		10		8		15		54		20		34
Total Asia Pacific	48		87		59		34		20		28		228		125		103
Corporate and Other	(24)		(37)		(11)		(19)		(40)		16		(91)		(123)		32
Consolidated adjusted operating income before income taxes	$	99	$	301	$	109	$	118	$	284	$	(185)	$	627	$	1,099	$	(472)
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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2020		2020		2020		2020		2019
Fixed maturity securities, available-for-sale (1)	$	56,735	$	54,652	$	52,346	$	48,555	$	51,121
Equity securities	132		135		130		112		320
Mortgage loans on real estate	5,787		5,907		5,974		6,014		5,706
Policy loans	1,258		1,259		1,310		1,314		1,319
Funds withheld at interest	5,432		5,403		5,250		5,258		5,662
Short-term investments	227		154		84		117		64
Other invested assets	2,829		2,645		2,547		2,542		2,363
Cash and cash equivalents	3,408		3,256		4,313		2,820		1,449
Total cash and invested assets	$	75,808	$	73,411	$	71,954	$	66,732	$	68,004
(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
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,					Dec. 31,			Dec. 31,
	2020			2020			2020			2020			2019					2020			2019			Change
Average invested assets at amortized cost (1)	$	32,699		$	32,148		$	30,420		$	29,728		$	29,513		$	3,186	$	30,787		$	28,300		$	2,487
Net investment income (1)	$	337		$	290		$	305		$	299		$	330		$	7	$	1,231		$	1,291		$	(60)
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.20		%	3.66		%	4.07		%	4.08		%	4.55		%	(35) bps		4.00		%	4.56		%	(56) 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
	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	%

	December 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	29,205	$	2,269	$	81	$	31,393	61.4	%
Canadian government	3,016		1,596		—		4,612		9.0	%
RMBS	2,339		62		3		2,398		4.7	%
ABS	2,973		19		14		2,978		5.8	%
CMBS	1,841		61		3		1,899		3.7	%
U.S. government	2,096		57		1		2,152		4.2	%
State and political subdivisions	1,074		93		3		1,164		2.3	%
Other foreign government	4,209		321		5		4,525		8.9	%
Total fixed maturity securities	$	46,753	$	4,478	$	110	$	51,121	100.0	%

Page 31

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Corporate Fixed Maturity Securities by Industry
	December 31, 2020							December 31, 2019
	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	$	5,657	$	6,285	17.5	%	A-	$	5,443	$	5,804	18.6	%	A-
Brokerage/asset managers/exchanges	887		993		2.7	%	A-	756		811		2.6	%	A-
Finance companies	314		334		0.9	%	BBB	241		255		0.8	%	BBB
Insurance	3,532		4,046		11.2	%	A-	3,178		3,429		10.9	%	A-
REITs	707		773		2.1	%	BBB+	716		760		2.4	%	A-
Other finance	688		805		2.2	%	A-	562		594		1.9	%	A-
Total financial institutions	$	11,785	$	13,236	36.6	%		$	10,896	$	11,653	37.2	%
Industrials
Basic	$	1,927	$	2,258	6.2	%	BBB	$	1,790	$	1,925	6.1	%	BBB
Capital goods	1,513		1,662		4.6	%	BBB	1,292		1,353		4.3	%	BBB
Communications	2,355		2,770		7.7	%	BBB+	2,126		2,346		7.5	%	BBB+
Consumer cyclical	1,687		1,888		5.2	%	BBB+	1,477		1,571		5.0	%	BBB+
Consumer noncyclical	3,313		3,815		10.5	%	BBB+	2,898		3,147		10.0	%	BBB+
Energy	1,753		1,976		5.5	%	BBB	1,939		2,099		6.7	%	BBB+
Technology	1,138		1,243		3.4	%	BBB+	974		1,027		3.3	%	A-
Transportation	2,002		2,194		6.1	%	BBB+	1,791		1,919		6.1	%	A-
Other industrial	586		629		1.7	%	BBB	405		416		1.3	%	BBB+
Total industrials	$	16,274	$	18,435	50.9	%		$	14,692	$	15,803	50.3	%
Utilities
Electric	$	3,013	$	3,480	9.6	%	A-	$	2,810	$	3,046	9.7	%	A-
Natural gas	476		560		1.5	%	BBB+	475		516		1.6	%	A-
Other utility	415		497		1.4	%	BBB+	332		375		1.2	%	A-
Total utilities	$	3,904	$	4,537	12.5	%		$	3,617	$	3,937	12.5	%
Total	$	31,963	$	36,208	100.0	%	BBB+	$	29,205	$	31,393	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
		December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020						December 31, 2019
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	$	29,770	$	34,589	60.9	%	$	29,950	$	34,406	62.9	%	$	29,018	$	33,246	63.5	%	$	29,310	$	31,660	65.2	%	$	30,100	$	33,284	65.2	%
2	BBB	16,440		18,751		33.1	%	15,822		17,421		31.9	%	15,222		16,555		31.6	%	14,810		14,665		30.2	%	14,366		15,514		30.3	%
3	BB	2,480		2,588		4.6	%	2,103		2,118		3.9	%	1,987		1,963		3.8	%	1,877		1,727		3.6	%	1,706		1,748		3.4	%
4	B	713		697		1.2	%	668		641		1.2	%	560		515		1.0	%	509		452		0.9	%	514		518		1.0	%
5	CCC	131		102		0.2	%	108		59		0.1	%	91		46		0.1	%	101		41		0.1	%	36		23		—	%
6	In or near default	14		8		—	%	10		7		—	%	25		21		—	%	13		10		—	%	31		34		0.1	%
	Total	$	49,548	$	56,735	100.0	%	$	48,661	$	54,652	100.0	%	$	46,903	$	52,346	100.0	%	$	46,620	$	48,555	100.0	%	$	46,753	$	51,121	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
	December 31, 2020						September 30, 2020						June 30, 2020						March 31, 2020						December 31, 2019
	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	$	686	$	744	11.0	%	$	696	$	763	11.0	%	$	708	$	776	11.8	%	$	726	$	796	11.8	%	$	742	$	777	10.6	%
Non-agency	1,049		1,073		15.8	%	1,231		1,264		18.4	%	1,254		1,289		19.4	%	1,515		1,495		22.1	%	1,597		1,621		22.3	%
Total RMBS	1,735		1,817		26.8	%	1,927		2,027		29.4	%	1,962		2,065		31.2	%	2,241		2,291		33.9	%	2,339		2,398		32.9	%
ABS:
Collateralized loan obligations ("CLOs")	1,707		1,689		24.9	%	1,607		1,563		22.7	%	1,612		1,558		23.4	%	1,725		1,558		23.0	%	1,750		1,743		24.0	%
ABS, excluding CLOs	1,392		1,403		20.7	%	1,359		1,359		19.8	%	1,186		1,173		17.6	%	1,215		1,109		16.4	%	1,223		1,235		17.0	%
Total ABS	3,099		3,092		45.6	%	2,966		2,922		42.5	%	2,798		2,731		41.0	%	2,940		2,667		39.4	%	2,973		2,978		41.0	%
CMBS	1,790		1,868		27.6	%	1,871		1,930		28.1	%	1,850		1,851		27.8	%	1,841		1,809		26.7	%	1,841		1,899		26.1	%
Total	$	6,624	$	6,777	100.0	%	$	6,764	$	6,879	100.0	%	$	6,610	$	6,647	100.0	%	$	7,022	$	6,767	100.0	%	$	7,153	$	7,275	100.0	%

Page 33

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Gross Unrealized Losses Aging
Fixed Maturity Securities
	December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020				December 31, 2019
	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%	$	133	67.5	%	$	276	74.6	%	$	348	77.7	%	$	1,052	72.0	%	$	76	69.1	%
20% or more for less than six months	42		21.3	%	34		9.2	%	91		20.3	%	409		28.0	%	20		18.2	%
20% or more for six months or greater	22		11.2	%	60		16.2	%	9		2.0	%	—		—	%	14		12.7	%
Total	$	197	100.0	%	$	370	100.0	%	$	448	100.0	%	$	1,461	100.0	%	$	110	100.0	%

Page 34

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
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 35

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost
	As of December 31, 2019
	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	$	1,936	$	29	$	293	$	7	$	2,229	$	36
RMBS	367		2		84		1		451		3
ABS	773		5		739		9		1,512		14
CMBS	253		3		—		—		253		3
U.S. government	49		1		—		—		49		1
State and political subdivisions	103		2		12		1		115		3
Other foreign government	278		4		—		—		278		4
Total investment grade securities	$	3,759	$	46	$	1,128	$	18	$	4,887	$	64
Below investment grade securities:
Corporate	$	220	$	38	$	100	$	7	$	320	$	45
ABS	—		—		—		—		—		—
CMBS	—		—		—		—		—		—
Other foreign government	—		—		10		1		10		1
Total below investment grade securities	$	220	$	38	$	110	$	8	$	330	$	46
Total fixed maturity securities	$	3,979	$	84	$	1,238	$	26	$	5,217	$	110

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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,				Dec. 31,		Dec. 31,
	2020		2020		2020		2020		2019				2020		2019		Change
Fixed maturity securities available-for-sale:
Impairments and change in allowance for credit losses on fixed maturity securities	$	—	$	13	$	—	$	(34)	$	(13)	$	13	$	(21)	$	(31)	$	10
Gain on investment activity	25		16		46		27		35		(10)		114		151		(37)
Loss on investment activity	(6)		(22)		(46)		(8)		(11)		5		(82)		(50)		(32)
Net gains (losses) on fixed maturity securities available-for-sale	19		7		—		(15)		11		8		11		70		(59)
Net gains (losses) on equity securities	(4)		4		8		(23)		5		(9)		(15)		16		(31)
Other impairment losses and change in mortgage loan provision	(2)		(19)		(22)		(13)		—		(2)		(56)		(12)		(44)
Other non-derivative gain (loss), net	3		4		8		9		(1)		4		24		13		11
Free-standing derivatives:
Interest rate swaps - non-hedged	(22)		(11)		3		106		(32)		10		76		65		11
Financial futures	(28)		(15)		(48)		44		(16)		(12)		(47)		(46)		(1)
Foreign currency swaps - non-hedged	(1)		4		3		(13)		4		(5)		(7)		—		(7)
Foreign currency swaps - hedged	3		1		2		(8)		2		1		(2)		(4)		2
Foreign currency forwards - non-hedged	3		4		1		(3)		1		2		5		1		4
CPI swaps	19		11		26		(40)		6		13		16		(18)		34
Credit default swaps	22		1		17		(24)		8		14		16		30		(14)
Equity options	(16)		(12)		(25)		53		(12)		(4)		—		(40)		40
Total free-standing derivatives	(20)		(17)		(21)		115		(39)		19		57		(12)		69
Embedded derivatives:
Modified coinsurance and funds withheld treaties	51		116		1		(230)		(1)		52		(62)		11		(73)
GMXB	58		(29)		107		(128)		47		11		8		5		3
Total embedded derivatives	109		87		108		(358)		46		63		(54)		16		(70)
Net gain (loss) on total derivatives	89		70		87		(243)		7		82		3		4		(1)
Total investment related gains (losses), net	$	105	$	66	$	81	$	(285)	$	22	$	83	$	(33)	$	91	$	(124)

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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2020		2020		2020		2020		2019		Quarter		2020		2019		Change
U.S. & Latin America Traditional
Income (loss) before income taxes	$	(92)	$	14	$	(158)	$	(62)	$	85	$	(177)	$	(298)	$	265	$	(563)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	3		8		(7)		7		(2)		5		11		18		(7)
Adjusted operating income (loss) before income taxes	$	(89)	$	22	$	(165)	$	(55)	$	83	$	(172)	$	(287)	$	283	$	(570)
U.S. & Latin America Asset-Intensive
Income (loss) before income taxes	$	96	$	50	$	93	$	(38)	$	78	$	18	$	201	$	315	$	(114)
Investment and derivative (gains) losses (1)	65		36		86		(191)		45		20		(4)		(41)		37
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(54)		(124)		6		223		3		(57)		51		(29)		80
GMXB embedded derivatives (1)	(58)		29		(107)		128		(47)		(11)		(8)		(5)		(3)
Funds withheld (gains) losses - investment income	5		1		(1)		(1)		—		5		4		5		(1)
EIA embedded derivatives - interest credited	(5)		6		7		12		(10)		5		20		46		(26)
DAC offset, net	21		79		(21)		(87)		(4)		25		(8)		(32)		24
Non-investment derivatives and other	—		—		—		(3)		—		—		(3)		—		(3)
Adjusted operating income before income taxes	$	70	$	77	$	63	$	43	$	65	$	5	$	253	$	259	$	(6)
U.S. & Latin America Capital Solutions
Income before income taxes	$	23	$	24	$	24	$	23	$	26	$	(3)	$	94	$	83	$	11
Adjusted operating income before income taxes	$	23	$	24	$	24	$	23	$	26	$	(3)	$	94	$	83	$	11
Canada Traditional
Income before income taxes	$	37	$	30	$	44	$	23	$	28	$	9	$	134	$	168	$	(34)
Investment and derivative (gains) losses (1)	(2)		—		(5)		14		(1)		(1)		7		(7)		14
Investment income - non-operating FWAI	—		(1)		1		(1)		—		—		(1)		—		(1)
Adjusted operating income before income taxes	$	35	$	29	$	40	$	36	$	27	$	8	$	140	$	161	$	(21)
Canada Financial Solutions
Income before income taxes	$	8	$	6	$	4	$	3	$	7	$	1	$	21	$	15	$	6
Adjusted operating income before income taxes	$	8	$	6	$	4	$	3	$	7	$	1	$	21	$	15	$	6
(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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2020		2020		2020		2020		2019		Quarter		2020		2019		Change
Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	(13)	$	7	$	16	$	17	$	23	$	(36)	$	27	$	80	$	(53)
Adjusted operating income (loss) before income taxes	$	(13)	$	7	$	16	$	17	$	23	$	(36)	$	27	$	80	$	(53)
Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	38	$	92	$	98	$	30	$	72	$	(34)	$	258	$	223	$	35
Investment and derivative (gains) losses (1)	(2)		(5)		(16)		6		(1)		(1)		(17)		(9)		(8)
Investment income - non-operating FWAI	5		(1)		(3)		—		—		5		1		—		1
Investment (income) loss on unit-linked variable annuities	(13)		1		(15)		16		1		(14)		(11)		(26)		15
Interest credited on unit-linked variable annuities	13		(1)		15		(16)		(1)		14		11		26		(15)
Non-investment derivatives and other	—		—		—		—		2		(2)		—		2		(2)
Adjusted operating income before income taxes	$	41	$	86	$	79	$	36	$	73	$	(32)	$	242	$	216	$	26
Asia Pacific Traditional
Income before income taxes	$	25	$	78	$	47	$	24	$	12	$	13	$	174	$	105	$	69
Adjusted operating income before income taxes	$	25	$	78	$	47	$	24	$	12	$	13	$	174	$	105	$	69
Asia Pacific Financial Solutions
Income (loss) before income taxes	$	48	$	10	$	26	$	(25)	$	13	$	35	$	59	$	23	$	36
Investment and derivative (gains) losses (1)	(25)		(1)		(14)		35		(5)		(20)		(5)		(3)		(2)
Adjusted operating income before income taxes	$	23	$	9	$	12	$	10	$	8	$	15	$	54	$	20	$	34
Corporate and Other
Income (loss) before income taxes	$	(1)	$	(26)	$	1	$	(91)	$	(36)	$	35	$	(117)	$	(145)	$	28
Investment and derivative (gains) losses (1)	(24)		(13)		(20)		68		(8)		(16)		11		4		7
Interest expense on uncertain tax positions	2		1		4		4		4		(2)		11		18		(7)
Non-investment derivatives and other	(1)		1		4		—		—		(1)		4		—		4
Adjusted operating loss before income taxes	$	(24)	$	(37)	$	(11)	$	(19)	$	(40)	$	16	$	(91)	$	(123)	$	32
(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)
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2020		2020		2020		2020		2019
Stockholders’ equity	$	14,352	$	13,214	$	12,553	$	9,301	$	11,601
Less effect of AOCI:
Accumulated currency translation adjustments	(69)		(171)		(210)		(223)		(92)
Unrealized appreciation of securities	5,500		4,542		4,089		1,426		3,299
Pension and postretirement benefits	(72)		(82)		(78)		(73)		(70)
Stockholders’ equity, excluding AOCI	$	8,993	$	8,925	$	8,752	$	8,171	$	8,464
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2020		2020		2020		2020		2019
Book value per share	$	211.19	$	194.49	$	184.78	$	150.88	$	185.17
Less effect of AOCI:
Accumulated currency translation adjustments	(1.02)		(2.51)		(3.09)		(3.62)		(1.46)
Unrealized appreciation of securities	80.94		66.86		60.19		23.14		52.65
Pension and postretirement benefits	(1.06)		(1.22)		(1.14)		(1.19)		(1.12)
Book value per share, excluding AOCI	$	132.33	$	131.36	$	128.82	$	132.55	$	135.10

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