Exhibit 99.2

Quarterly Financial Supplement

First 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+	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

1st 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 three-months ended March 31, 2021, is a reclassification 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 three-months ended March 31, 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 three-months ended March 31, 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 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 ended March 31, 2021.

Page 2

Reinsurance Group of America, Incorporated
Financial Highlights
	Three Months Ended															Current Qtr vs. PY Quarter
(USD millions, except in force & per share data)	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2021			2020			2020			2020			2020
Net premiums	$	2,914		$	3,260		$	2,825		$	2,790		$	2,819		$	95
Net income (loss)	139			132			213			158			(88)			227
Adjusted operating income (loss)	(84)			81			239			87			89			(173)
Return on equity - annualized	4.2		%	3.8		%	6.6		%	5.8		%	(3.4)		%	7.6		%
Return on equity - trailing 12 months	5.2		%	3.4		%	4.5		%	5.1		%	5.8		%	(0.6)		%
Adjusted operating return on equity (ex AOCI):
Annualized	(3.7)		%	3.6		%	10.8		%	4.1		%	4.3		%	(8.0)		%
Trailing 12 months	3.7		%	5.7		%	7.4		%	7.8		%	9.5		%	(5.8)		%
Total assets	$84,810			$84,656			$82,127			$80,729			$75,654			$9,156
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,610.2		$	1,611.6		$	1,602.1		$	1,620.5		$	1,618.4		$	(8.2)
U.S. and Latin America Financial Solutions	5.3			5.3			5.3			5.4			5.4			(0.1)
Canada Traditional	460.1			445.2			419.5			409.2			389.5			70.6
Europe, Middle East and Africa Traditional	830.8			864.4			808.0			772.8			763.1			67.7
Asia Pacific Traditional	521.0			553.7			534.4			649.5			635.6			(114.6)
Asia Pacific Financial Solutions	1.2			0.5			0.3			0.4			0.4			0.8
Total assumed life reinsurance in force	$	3,428.6		$	3,480.7		$	3,369.6		$	3,457.8		$	3,412.4		$	16.2
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	28.5		$	31.0		$	24.6		$	25.3		$	34.0		$	(5.5)
U.S. and Latin America Financial Solutions	—			0.1			(0.1)			—			—			—
Canada Traditional	14.2			10.9			8.6			9.1			12.2			2.0
Europe, Middle East and Africa Traditional	27.6			57.8			28.5			65.1			32.9			(5.3)
Asia Pacific Traditional	7.6			10.6			6.7			16.6			15.7			(8.1)
Total assumed new business production	$	77.9		$	110.4		$	68.3		$	116.1		$	94.8		$	(16.9)
Per Share and Shares Data
Basic earnings per share
Net income (loss)	$	2.04		$	1.95		$	3.13		$	2.49		$	(1.41)		$	3.45
Adjusted operating income (loss)	$	(1.24)		$	1.19		$	3.52		$	1.37		$	1.43		$	(2.67)
Diluted earnings per share (1)
Net income (loss) (1)	$	2.03		$	1.94		$	3.12		$	2.48		$	(1.41)		$	3.44
Adjusted operating income (loss) (1)	$	(1.24)		$	1.19		$	3.51		$	1.36		$	1.41		$	(2.65)
Wgt. average common shares outstanding
Basic	67,975			67,944			67,936			63,449			62,138			5,837
Diluted	68,427			68,378			68,170			63,749			63,001			5,426
Common shares issued	85,311			85,311			85,311			85,311			79,138			6,173
Treasury shares	17,326			17,354			17,374			17,375			17,492			(166)
Common shares outstanding	67,985			67,957			67,937			67,936			61,646			6,339
Book value per share	$	177.83		$	211.19		$	194.49		$	184.78		$	150.88		$	26.95
Per share effect of AOCI	$	44.16		$	78.86		$	63.13		$	55.96		$	18.33		$	25.83
Book value per share, excluding AOCI	$	133.67		$	132.33		$	131.36		$	128.82		$	132.55		$	1.12
Stockholders’ dividends paid	$	48		$	48		$	47		$	43		$	44		$	4
(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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2021		2020		2020		2020		2020		Quarter
Revenues:
Net premiums	$	2,914	$	3,260	$	2,825	$	2,790	$	2,819	$	95
Investment income, net of related expenses	812		682		654		645		594		218
Investment related gains (losses), net
Impairments and change in allowance for credit losses on fixed maturity securities	(2)		—		13		—		(34)		32
Other investment related gains (losses), net	304		105		53		81		(251)		555
Total investment related gains (losses), net	302		105		66		81		(285)		587
Other revenue	91		96		98		90		76		15
Total revenues	4,119		4,143		3,643		3,606		3,204		915
Benefits and expenses:
Claims and other policy benefits	3,192		3,181		2,530		2,700		2,664		528
Interest credited	146		175		196		187		146		—
Policy acquisition costs and other insurance expenses	333		349		374		290		248		85
Other operating expenses	214		222		211		188		195		19
Interest expense	45		44		43		42		41		4
Collateral finance and securitization expense	3		3		4		4		6		(3)
Total benefits and expenses	3,933		3,974		3,358		3,411		3,300		633
Income (loss) before income taxes	186		169		285		195		(96)		282
Provision for income taxes	47		37		72		37		(8)		55
Net income (loss)	$	139	$	132	$	213	$	158	$	(88)	$	227
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes	$	186	$	169	$	285	$	195	$	(96)	$	282
Investment and derivative (gains) losses (1)	(228)		12		17		31		(68)		(160)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	(50)		(51)		(116)		(1)		230		(280)
GMXB embedded derivatives (1)	(18)		(58)		29		(107)		128		(146)
Funds withheld (gains) losses - investment income	(1)		10		(1)		(3)		(2)		1
EIA embedded derivatives - interest credited	(30)		(5)		6		7		12		(42)
DAC offset, net	12		21		79		(21)		(87)		99
Investment (income) loss on unit-linked variable annuities	1		(13)		1		(15)		16		(15)
Interest credited on unit-linked variable annuities	(1)		13		(1)		15		(16)		15
Interest expense on uncertain tax positions	3		2		1		4		4		(1)
Non-investment derivatives and other	11		(1)		1		4		(3)		14
Adjusted operating income (loss) before income taxes	$	(115)	$	99	$	301	$	109	$	118	$	(233)
(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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2021		2020		2020		2020		2020		Quarter
After-tax adjusted operating income reconciliation:
Net income (loss)	$	139	$	132	$	213	$	158	$	(88)	$	227
Investment and derivative (gains) losses (1)	(179)		9		13		23		(51)		(128)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	(40)		(40)		(92)		(1)		182		(222)
GMXB embedded derivatives (1)	(14)		(46)		23		(84)		101		(115)
Funds withheld (gains) losses - investment income	(1)		8		(1)		(2)		(2)		1
EIA embedded derivatives - interest credited	(24)		(4)		5		6		9		(33)
DAC offset, net	9		17		62		(16)		(69)		78
Investment (income) loss on unit-linked variable annuities	1		(11)		1		(12)		13		(12)
Interest credited on unit-linked variable annuities	(1)		11		(1)		12		(13)		12
Interest expense on uncertain tax positions	2		2		1		3		3		(1)
Non-investment derivatives and other	9		(1)		1		3		(2)		11
Uncertain tax positions and other tax related items	15		4		14		(3)		6		9
Adjusted operating income (loss)	$	(84)	$	81	$	239	$	87	$	89	$	(173)
Wgt. average common shares outstanding (diluted)	68,427		68,378		68,170		63,749		63,001		5,426
Diluted earnings per share - adjusted operating income (loss) (2)	$	(1.24)	$	1.19	$	3.51	$	1.36	$	1.41	$	(2.65)
Foreign currency effect on (3):
Net premiums	$	78	$	35	$	12	$	(46)	$	(33)	$	111
Adjusted operating income (loss) before income taxes	$	1	$	3	$	7	$	(4)	$	(1)	$	2
(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.

Page 5

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2021		2020		2020		2020		2020
Assets
Fixed maturity securities, available-for-sale	$	56,426	$	56,735	$	54,652	$	52,346	$	48,555
Equity securities	135		132		135		130		112
Mortgage loans on real estate	6,001		5,787		5,907		5,974		6,014
Policy loans	1,253		1,258		1,259		1,310		1,314
Funds withheld at interest	5,459		5,432		5,403		5,250		5,258
Short-term investments	157		227		154		84		117
Other invested assets	2,983		2,829		2,645		2,547		2,542
Total investments	72,414		72,400		70,155		67,641		63,912
Cash and cash equivalents	3,122		3,408		3,256		4,313		2,820
Accrued investment income	546		511		547		494		510
Premiums receivable and other reinsurance balances	2,907		2,842		2,792		2,852		2,836
Reinsurance ceded receivables	1,089		983		950		945		889
Deferred policy acquisition costs	3,617		3,616		3,534		3,565		3,622
Other assets	1,115		896		893		919		1,065
Total assets	$	84,810	$	84,656	$	82,127	$	80,729	$	75,654
Liabilities and stockholders’ equity
Future policy benefits	$	33,675	$	31,453	$	30,331	$	29,897	$	29,521
Interest-sensitive contract liabilities	23,142		23,276		23,208		23,118		23,164
Other policy claims and benefits	7,077		6,413		6,242		6,232		5,854
Other reinsurance balances	560		598		524		510		596
Deferred income taxes	2,417		3,263		3,016		2,856		2,163
Other liabilities	1,930		1,340		1,611		1,557		1,505
Long-term debt	3,573		3,573		3,573		3,573		2,981
Collateral finance and securitization notes	346		388		408		433		569
Total liabilities	72,720		70,304		68,913		68,176		66,353
Stockholders’ equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,411		2,406		2,421		2,413		1,942
Retained earnings	8,235		8,148		8,066		7,901		7,802
Treasury stock	(1,559)		(1,562)		(1,563)		(1,563)		(1,574)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	(39)		(69)		(171)		(210)		(223)
Unrealized appreciation of securities, net of income taxes	3,113		5,500		4,542		4,089		1,426
Pension and postretirement benefits, net of income taxes	(72)		(72)		(82)		(78)		(73)
Total stockholders’ equity	12,090		14,352		13,214		12,553		9,301
Total liabilities and stockholders’ equity	$	84,810	$	84,656	$	82,127	$	80,729	$	75,654
Total stockholders’ equity, excluding AOCI	$	9,088	$	8,993	$	8,925	$	8,752	$	8,171
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
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2021			2020			2020			2020			2020			Quarter
Revenues:
Net premiums	$	1,419		$	1,591		$	1,420		$	1,454		$	1,373		$	46
Investment income, net of related expenses	207			196			180			177			161			46
Investment related gains (losses), net	6			(3)			(8)			7			(7)			13
Other revenue	5			2			7			4			6			(1)
Total revenues	1,637			1,786			1,599			1,642			1,533			104
Benefits and expenses:
Claims and other policy benefits	1,740			1,638			1,343			1,558			1,367			373
Interest credited	17			17			19			18			19			(2)
Policy acquisition costs and other insurance expenses	182			189			189			195			175			7
Other operating expenses	36			34			34			29			34			2
Total benefits and expenses	1,975			1,878			1,585			1,800			1,595			380
Income (loss) before income taxes	$	(338)		$	(92)		$	14		$	(158)		$	(62)		$	(276)
Loss and expense ratios:
Claims and other policy benefits	122.6		%	103.0		%	94.6		%	107.2		%	99.6		%	23.0		%
Policy acquisition costs and other insurance expenses	12.8		%	11.9		%	13.3		%	13.4		%	12.7		%	0.1		%
Other operating expenses	2.5		%	2.1		%	2.4		%	2.0		%	2.5		%	—		%
Foreign currency effect on (1):
Net premiums	$	(1)		$	(1)		$	(1)		$	(3)		$	—		$	(1)
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
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			Qtr vs. PY
	2021			2020			2020			2020			2020			Quarter
Revenues:
Net premiums	$	1,419		$	1,591		$	1,420		$	1,454		$	1,373		$	46
Investment income, net of related expenses	207			196			180			177			161			46
Other revenue	5			2			7			4			6			(1)
Total revenues	1,631			1,789			1,607			1,635			1,540			91
Benefits and expenses:
Claims and other policy benefits	1,740			1,638			1,343			1,558			1,367			373
Interest credited	17			17			19			18			19			(2)
Policy acquisition costs and other insurance expenses	182			189			189			195			175			7
Other operating expenses	36			34			34			29			34			2
Total benefits and expenses	1,975			1,878			1,585			1,800			1,595			380
Adjusted operating income (loss) before income taxes	$	(344)		$	(89)		$	22		$	(165)		$	(55)		$	(289)
Loss and expense ratios:
Claims and other policy benefits	122.6		%	103.0		%	94.6		%	107.2		%	99.6		%	23.0		%
Policy acquisition costs and other insurance expenses	12.8		%	11.9		%	13.3		%	13.4		%	12.7		%	0.1		%
Other operating expenses	2.5		%	2.1		%	2.4		%	2.0		%	2.5		%	—		%
Foreign currency effect on (1):
Net premiums	$	(1)		$	(1)		$	(1)		$	(3)		$	—		$	(1)
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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2021		2020		2020		2020		2020		Quarter
Revenues:
Net premiums	$	13	$	13	$	13	$	15	$	12	$	1
Investment income, net of related expenses	257		248		272		241		233		24
Investment related gains (losses), net	(6)		47		59		15		(160)		154
Other revenue	26		25		26		24		28		(2)
Total revenues	290		333		370		295		113		177
Benefits and expenses:
Claims and other policy benefits	60		49		50		49		53		7
Interest credited	114		132		163		139		129		(15)
Policy acquisition costs and other insurance expenses	47		50		99		7		(38)		85
Other operating expenses	9		6		8		7		7		2
Total benefits and expenses	230		237		320		202		151		79
Income (loss) before income taxes	$	60	$	96	$	50	$	93	$	(38)	$	98
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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2021		2020		2020		2020		2020		Quarter
Revenues:
Net premiums	$	13	$	13	$	13	$	15	$	12	$	1
Investment income, net of related expenses	258		253		273		240		232		26
Other revenue	26		25		26		24		25		1
Total revenues	297		291		312		279		269		28
Benefits and expenses:
Claims and other policy benefits	60		49		50		49		53		7
Interest credited	144		137		157		132		117		27
Policy acquisition costs and other insurance expenses	35		29		20		28		49		(14)
Other operating expenses	9		6		8		7		7		2
Total benefits and expenses	248		221		235		216		226		22
Adjusted operating income before income taxes	$	49	$	70	$	77	$	63	$	43	$	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
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2021			2020			2020			2020			2020
Annuity account values:
Fixed annuities (deferred)	$	10,659		$	10,773		$	10,848		$	10,932		$	11,022
Net interest spread (fixed annuities)	1.3		%	1.6		%	1.3		%	1.3		%	1.4		%
Equity-indexed annuities	$	3,391		$	3,480		$	3,530		$	3,516		$	3,531
Variable annuities account values
No riders	$	823		$	665		$	775		$	753		$	718
GMDB only	901			872			831			760			762
GMIB only	24			24			22			22			20
GMAB only	4			4			3			3			3
GMWB only	1,116			1,132			1,046			1,016			937
GMDB / WB	265			275			252			247			232
Other	18			18			17			17			15
Total variable annuities account values	$	3,151		$	2,990		$	2,946		$	2,818		$	2,687
Fair value of liabilities associated with living benefit riders	$	136		$	155		$	213		$	184		$	291
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts	$	973		$	1,015		$	989		$	990		$	991
Bank-owned life insurance (BOLI)	$	2,463		$	2,460		$	2,450		$	2,444		$	2,435
Other asset-intensive business	$	123		$	124		$	125		$	127		$	128
Future policy benefits associated with:
Payout annuities	$	4,477		$	4,532		$	4,593		$	4,655		$	4,713

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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2021		2020		2020		2020		2020		Quarter
Revenues:
Investment income, net of related expenses	$	1	$	1	$	1	$	2	$	1	$	—
Other revenue	27		25		28		26		25		2
Total revenues	28		26		29		28		26		2
Benefits and expenses:
Policy acquisition costs and other insurance expenses	2		1		2		2		—		2
Other operating expenses	3		2		3		2		3		—
Total benefits and expenses	5		3		5		4		3		2
Income before income taxes	$	23	$	23	$	24	$	24	$	23	$	—
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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2021		2020		2020		2020		2020		Quarter
Revenues:
Investment income, net of related expenses	$	1	$	1	$	1	$	2	$	1	$	—
Other revenue	27		25		28		26		25		2
Total revenues	28		26		29		28		26		2
Benefits and expenses:
Policy acquisition costs and other insurance expenses	2		1		2		2		—		2
Other operating expenses	3		2		3		2		3		—
Total benefits and expenses	5		3		5		4		3		2
Adjusted operating income before income taxes	$	23	$	23	$	24	$	24	$	23	$	—
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
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2021			2020			2020			2020			2020			Quarter
Revenues:
Net premiums	$	280		$	284		$	254		$	254		$	260		$	20
Investment income, net of related expenses	60			56			52			50			49			11
Investment related gains (losses), net	2			4			2			6			(12)			14
Other revenue	1			—			1			1			(1)			2
Total revenues	343			344			309			311			296			47
Benefits and expenses:
Claims and other policy benefits	266			248			225			216			220			46
Policy acquisition costs and other insurance expenses	45			49			44			42			45			—
Other operating expenses	8			10			10			9			8			—
Total benefits and expenses	319			307			279			267			273			46
Income before income taxes	$	24		$	37		$	30		$	44		$	23		$	1
Loss and expense ratios:
Claims and other policy benefits	95.0		%	87.3		%	88.6		%	85.0		%	84.6		%	10.4		%
Policy acquisition costs and other insurance expenses	16.1		%	17.3		%	17.3		%	16.5		%	17.3		%	(1.2)		%
Other operating expenses	2.9		%	3.5		%	3.9		%	3.5		%	3.1		%	(0.2)		%
Foreign currency effect on (1):
Net premiums	$	16		$	4		$	(2)		$	(9)		$	(3)		$	19
Income before income taxes	$	—		$	1		$	—		$	(2)		$	1		$	(1)
Creditor reinsurance net premiums	$	17		$	16		$	18		$	14		$	17		$	—
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
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2021			2020			2020			2020			2020			Quarter
Revenues:
Net premiums	$	280		$	284		$	254		$	254		$	260		$	20
Investment income, net of related expenses	59			56			51			51			48			11
Investment related gains, net	2			2			2			1			2			—
Other revenue	1			—			1			1			(1)			2
Total revenues	342			342			308			307			309			33
Benefits and expenses:
Claims and other policy benefits	266			248			225			216			220			46
Policy acquisition costs and other insurance expenses	45			49			44			42			45			—
Other operating expenses	8			10			10			9			8			—
Total benefits and expenses	319			307			279			267			273			46
Adjusted operating income before income taxes	$	23		$	35		$	29		$	40		$	36		$	(13)
Loss and expense ratios:
Claims and other policy benefits	95.0		%	87.3		%	88.6		%	85.0		%	84.6		%	10.4		%
Policy acquisition costs and other insurance expenses	16.1		%	17.3		%	17.3		%	16.5		%	17.3		%	(1.2)		%
Other operating expenses	2.9		%	3.5		%	3.9		%	3.5		%	3.1		%	(0.2)		%
Foreign currency effect on (1):
Net premiums	$	16		$	4		$	(2)		$	(9)		$	(3)		$	19
Adjusted operating income before income taxes	$	—		$	1		$	—		$	(2)		$	1		$	(1)
Creditor reinsurance net premiums	$	17		$	16		$	18		$	14		$	17		$	—
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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2021		2020		2020		2020		2020		Quarter
Revenues:
Net premiums	$	23	$	21	$	21	$	20	$	21	$	2
Investment income, net of related expenses	—		—		—		—		1		(1)
Other revenue	3		2		2		2		2		1
Total revenues	26		23		23		22		24		2
Benefits and expenses:
Claims and other policy benefits	18		14		17		17		20		(2)
Policy acquisition costs and other insurance expenses	—		—		—		1		—		—
Other operating expenses	2		1		—		—		1		1
Total benefits and expenses	20		15		17		18		21		(1)
Income before income taxes	$	6	$	8	$	6	$	4	$	3	$	3
Foreign currency effect on (2):
Net premiums	$	1	$	—	$	—	$	(1)	$	—	$	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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2021		2020		2020		2020		2020		Quarter
Revenues:
Net premiums	$	23	$	21	$	21	$	20	$	21	$	2
Investment income, net of related expenses	—		—		—		—		1		(1)
Other revenue	3		2		2		2		2		1
Total revenues	26		23		23		22		24		2
Benefits and expenses:
Claims and other policy benefits	18		14		17		17		20		(2)
Policy acquisition costs and other insurance expenses	—		—		—		1		—		—
Other operating expenses	2		1		—		—		1		1
Total benefits and expenses	20		15		17		18		21		(1)
Adjusted operating income before income taxes	$	6	$	8	$	6	$	4	$	3	$	3
Foreign currency effect on (2):
Net premiums	$	1	$	—	$	—	$	(1)	$	—	$	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
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2021			2020			2020			2020			2020			Quarter
Revenues:
Net premiums	$	438		$	442		$	371		$	352		$	390		$	48
Investment income, net of related expenses	20			17			18			18			19			1
Other revenue	(1)			6			1			1			(2)			1
Total revenues	457			465			390			371			407			50
Benefits and expenses:
Claims and other policy benefits	469			423			331			301			334			135
Policy acquisition costs and other insurance expenses	29			29			28			32			30			(1)
Other operating expenses	27			26			24			22			26			1
Total benefits and expenses	525			478			383			355			390			135
Income (loss) before income taxes	$	(68)		$	(13)		$	7		$	16		$	17		$	(85)
Loss and expense ratios:
Claims and other policy benefits	107.1		%	95.7		%	89.2		%	85.5		%	85.6		%	21.5		%
Policy acquisition costs and other insurance expenses	6.6		%	6.6		%	7.5		%	9.1		%	7.7		%	(1.1)		%
Other operating expenses	6.2		%	5.9		%	6.5		%	6.3		%	6.7		%	(0.5)		%
Foreign currency effect on (1):
Net premiums	$	26		$	8		$	6		$	(20)		$	(13)		$	39
Income (loss) before income taxes	$	(5)		$	2		$	2		$	(1)		$	—		$	(5)
Critical illness net premiums	$	42		$	43		$	43		$	40		$	42		$	—
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
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2021			2020			2020			2020			2020			Quarter
Revenues:
Net premiums	$	438		$	442		$	371		$	352		$	390		$	48
Investment income, net of related expenses	20			17			18			18			19			1
Other revenue	(1)			6			1			1			(2)			1
Total revenues	457			465			390			371			407			50
Benefits and expenses:
Claims and other policy benefits	469			423			331			301			334			135
Policy acquisition costs and other insurance expenses	29			29			28			32			30			(1)
Other operating expenses	27			26			24			22			26			1
Total benefits and expenses	525			478			383			355			390			135
Adjusted operating income (loss) before income taxes	$	(68)		$	(13)		$	7		$	16		$	17		$	(85)
Loss and expense ratios:
Claims and other policy benefits	107.1		%	95.7		%	89.2		%	85.5		%	85.6		%	21.5		%
Policy acquisition costs and other insurance expenses	6.6		%	6.6		%	7.5		%	9.1		%	7.7		%	(1.1)		%
Other operating expenses	6.2		%	5.9		%	6.5		%	6.3		%	6.7		%	(0.5)		%
Foreign currency effect on (1):
Net premiums	$	26		$	8		$	6		$	(20)		$	(13)		$	39
Adjusted operating income (loss) before income taxes	$	(5)		$	2		$	2		$	(2)		$	1		$	(6)
Critical illness net premiums	$	42		$	43		$	43		$	40		$	42		$	—
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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2021		2020		2020		2020		2020		Quarter
Revenues:
Net premiums	$	79	$	84	$	58	$	57	$	53	$	26
Investment income, net of related expenses	48		58		46		61		28		20
Investment related gains (losses), net	16		1		4		16		(6)		22
Other revenue	3		4		2		2		3		—
Total revenues	146		147		110		136		78		68
Benefits and expenses:
Claims and other policy benefits	75		81		5		13		53		22
Interest credited	(1)		13		(1)		16		(17)		16
Policy acquisition costs and other insurance expenses	2		1		1		1		1		1
Other operating expenses	10		14		13		8		11		(1)
Total benefits and expenses	86		109		18		38		48		38
Income before income taxes	$	60	$	38	$	92	$	98	$	30	$	30
Foreign currency effect on (2):
Net premiums	$	6	$	3	$	2	$	(2)	$	(1)	$	7
Income before income taxes	$	5	$	—	$	4	$	(3)	$	—	$	5
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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2021		2020		2020		2020		2020		Quarter
Revenues:
Net premiums	$	79	$	84	$	58	$	57	$	53	$	26
Investment income, net of related expenses	48		50		46		43		44		4
Investment related gains (losses), net	(1)		(1)		(1)		—		—		(1)
Other revenue	3		4		2		2		3		—
Total revenues	129		137		105		102		100		29
Benefits and expenses:
Claims and other policy benefits	75		81		5		13		53		22
Interest credited	—		—		—		1		(1)		1
Policy acquisition costs and other insurance expenses	2		1		1		1		1		1
Other operating expenses	10		14		13		8		11		(1)
Total benefits and expenses	87		96		19		23		64		23
Adjusted operating income before income taxes	$	42	$	41	$	86	$	79	$	36	$	6
Foreign currency effect on (2):
Net premiums	$	6	$	3	$	2	$	(2)	$	(1)	$	7
Adjusted operating income before income taxes	$	4	$	1	$	4	$	(2)	$	(1)	$	5
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
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2021			2020			2020			2020			2020			Quarter
Revenues:
Net premiums	$	609		$	785		$	653		$	607		$	636		$	(27)
Investment income, net of related expenses	33			31			22			27			27			6
Investment related gains (losses), net	(1)			3			—			—			—			(1)
Other revenue	6			4			5			2			4			2
Total revenues	647			823			680			636			667			(20)
Benefits and expenses:
Claims and other policy benefits	518			699			525			514			555			(37)
Policy acquisition costs and other insurance expenses	43			51			33			34			49			(6)
Other operating expenses	45			48			44			41			39			6
Total benefits and expenses	606			798			602			589			643			(37)
Income before income taxes	$	41		$	25		$	78		$	47		$	24		$	17
Loss and expense ratios:
Claims and other policy benefits	85.1		%	89.0		%	80.4		%	84.7		%	87.3		%	(2.2)		%
Policy acquisition costs and other insurance expenses	7.1		%	6.5		%	5.1		%	5.6		%	7.7		%	(0.6)		%
Other operating expenses	7.4		%	6.1		%	6.7		%	6.8		%	6.1		%	1.3		%
Foreign currency effect on (1):
Net premiums	$	29		$	20		$	6		$	(12)		$	(16)		$	45
Income before income taxes	$	1		$	(1)		$	1		$	2		$	(1)		$	2
Critical illness net premiums	$	269		$	379		$	294		$	246		$	256		$	13
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
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2021			2020			2020			2020			2020			Quarter
Revenues:
Net premiums	$	609		$	785		$	653		$	607		$	636		$	(27)
Investment income, net of related expenses	33			31			22			27			27			6
Investment related gains (losses), net	(1)			3			—			—			—			(1)
Other revenue	6			4			5			2			4			2
Total revenues	647			823			680			636			667			(20)
Benefits and expenses:
Claims and other policy benefits	518			699			525			514			555			(37)
Policy acquisition costs and other insurance expenses	43			51			33			34			49			(6)
Other operating expenses	45			48			44			41			39			6
Total benefits and expenses	606			798			602			589			643			(37)
Adjusted operating income before income taxes	$	41		$	25		$	78		$	47		$	24		$	17
Loss and expense ratios:
Claims and other policy benefits	85.1		%	89.0		%	80.4		%	84.7		%	87.3		%	(2.2)		%
Policy acquisition costs and other insurance expenses	7.1		%	6.5		%	5.1		%	5.6		%	7.7		%	(0.6)		%
Other operating expenses	7.4		%	6.1		%	6.7		%	6.8		%	6.1		%	1.3		%
Foreign currency effect on (1):
Net premiums	$	29		$	20		$	6		$	(12)		$	(16)		$	45
Adjusted operating income before income taxes	$	1		$	(1)		$	1		$	2		$	(1)		$	2
Critical illness net premiums	$	269		$	379		$	294		$	246		$	256		$	13
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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2021		2020		2020		2020		2020		Quarter
Revenues:
Net premiums	$	53	$	40	$	35	$	31	$	74	$	(21)
Investment income, net of related expenses	28		25		22		21		17		11
Investment related gains (losses), net	12		28		—		15		(33)		45
Other revenue	11		7		9		8		10		1
Total revenues	104		100		66		75		68		36
Benefits and expenses:
Claims and other policy benefits	46		30		33		32		62		(16)
Interest credited	15		12		13		11		13		2
Policy acquisition costs and other insurance expenses	11		7		5		5		14		(3)
Other operating expenses	4		3		5		1		4		—
Total benefits and expenses	76		52		56		49		93		(17)
Income (loss) before income taxes	$	28	$	48	$	10	$	26	$	(25)	$	53
Foreign currency effect on (2):
Net premiums	$	1	$	1	$	1	$	1	$	—	$	1
Income (loss) before income taxes	$	1	$	2	$	1	$	(1)	$	2	$	(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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2021		2020		2020		2020		2020		Quarter
Revenues:
Net premiums	$	53	$	40	$	35	$	31	$	74	$	(21)
Investment income, net of related expenses	28		25		22		21		17		11
Investment related gains (losses), net	3		3		(1)		1		2		1
Other revenue	11		7		9		8		10		1
Total revenues	95		75		65		61		103		(8)
Benefits and expenses:
Claims and other policy benefits	46		30		33		32		62		(16)
Interest credited	15		12		13		11		13		2
Policy acquisition costs and other insurance expenses	11		7		5		5		14		(3)
Other operating expenses	4		3		5		1		4		—
Total benefits and expenses	76		52		56		49		93		(17)
Adjusted operating income before income taxes	$	19	$	23	$	9	$	12	$	10	$	9
Foreign currency effect on (2):
Net premiums	$	1	$	1	$	1	$	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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2021		2020		2020		2020		2020		Quarter
Revenues:
Investment income, net of related expenses	$	158	$	50	$	41	$	48	$	58	$	100
Investment related gains (losses), net	273		25		9		22		(67)		340
Other revenue	10		21		17		20		1		9
Total revenues	441		96		67		90		(8)		449
Benefits and expenses:
Claims and other policy benefits	—		(1)		1		—		—		—
Interest credited	1		1		2		3		2		(1)
Policy acquisition costs and other insurance income	(28)		(28)		(27)		(29)		(28)		—
Other operating expenses	70		78		70		69		62		8
Interest expense	45		44		43		42		41		4
Collateral finance and securitization expense	3		3		4		4		6		(3)
Total benefits and expenses	91		97		93		89		83		8
Income (loss) before income taxes	$	350	$	(1)	$	(26)	$	1	$	(91)	$	441
Foreign currency effect on (1):
Income (loss) before income taxes	$	2	$	1	$	(1)	$	(1)	$	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 26

Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2021		2020		2020		2020		2020		Quarter
Revenues:
Investment income, net of related expenses	$	158	$	50	$	41	$	48	$	58	$	100
Investment related gains (losses), net	3		1		(4)		2		1		2
Other revenue	21		20		18		24		1		20
Total revenues	182		71		55		74		60		122
Benefits and expenses:
Claims and other policy benefits	—		(1)		1		—		—		—
Interest credited	1		1		2		3		2		(1)
Policy acquisition costs and other insurance income	(28)		(28)		(27)		(29)		(28)		—
Other operating expenses	70		78		70		69		62		8
Interest expense	42		42		42		38		37		5
Collateral finance and securitization expense	3		3		4		4		6		(3)
Total benefits and expenses	88		95		92		85		79		9
Adjusted operating income (loss) before income taxes	$	94	$	(24)	$	(37)	$	(11)	$	(19)	$	113
Foreign currency effect on (1):
Adjusted operating income (loss) before income taxes	$	1	$	(1)	$	—	$	—	$	(1)	$	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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2021		2020		2020		2020		2020		Quarter
U.S. and Latin America:
Traditional	$	(338)	$	(92)	$	14	$	(158)	$	(62)	$	(276)
Financial Solutions:
Asset Intensive	60		96		50		93		(38)		98
Capital Solutions	23		23		24		24		23		—
Total U.S. and Latin America	(255)		27		88		(41)		(77)		(178)
Canada:
Traditional	24		37		30		44		23		1
Financial Solutions	6		8		6		4		3		3
Total Canada	30		45		36		48		26		4
Europe, Middle East and Africa:
Traditional	(68)		(13)		7		16		17		(85)
Financial Solutions	60		38		92		98		30		30
Total Europe, Middle East and Africa	(8)		25		99		114		47		(55)
Asia Pacific:
Traditional	41		25		78		47		24		17
Financial Solutions	28		48		10		26		(25)		53
Total Asia Pacific	69		73		88		73		(1)		70
Corporate and Other	350		(1)		(26)		1		(91)		441
Consolidated income (loss) before income taxes	$	186	$	169	$	285	$	195	$	(96)	$	282
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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2021		2020		2020		2020		2020
U.S. and Latin America:
Traditional	$	(344)	$	(89)	$	22	$	(165)	$	(55)	$	(289)
Financial Solutions:
Asset Intensive	49		70		77		63		43		6
Capital Solutions	23		23		24		24		23		—
Total U.S. and Latin America	(272)		4		123		(78)		11		(283)
Canada:
Traditional	23		35		29		40		36		(13)
Financial Solutions	6		8		6		4		3		3
Total Canada	29		43		35		44		39		(10)
Europe, Middle East and Africa:
Traditional	(68)		(13)		7		16		17		(85)
Financial Solutions	42		41		86		79		36		6
Total Europe, Middle East and Africa	(26)		28		93		95		53		(79)
Asia Pacific:
Traditional	41		25		78		47		24		17
Financial Solutions	19		23		9		12		10		9
Total Asia Pacific	60		48		87		59		34		26
Corporate and Other	94		(24)		(37)		(11)		(19)		113
Consolidated adjusted operating income (loss) before income taxes	$	(115)	$	99	$	301	$	109	$	118	$	(233)
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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2021		2020		2020		2020		2020
Fixed maturity securities, available-for-sale (1)	$	56,426	$	56,735	$	54,652	$	52,346	$	48,555
Equity securities	135		132		135		130		112
Mortgage loans on real estate	6,001		5,787		5,907		5,974		6,014
Policy loans	1,253		1,258		1,259		1,310		1,314
Funds withheld at interest	5,459		5,432		5,403		5,250		5,258
Short-term investments	157		227		154		84		117
Other invested assets	2,983		2,829		2,645		2,547		2,542
Cash and cash equivalents	3,122		3,408		3,256		4,313		2,820
Total cash and invested assets	$	75,536	$	75,808	$	73,411	$	71,954	$	66,732
(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
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2021			2020			2020			2020			2020
Average invested assets at amortized cost (1)	$	33,367		$	32,699		$	32,148		$	30,420		$	29,728		$	3,639
Net investment income (1)	$	463		$	337		$	290		$	305		$	299		$	164
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	5.67		%	4.20		%	3.66		%	4.07		%	4.08		%	159 bps
Variable investment income ("VII") (included in net investment income) (1)	$	162		$	37		$	8		$	16		$	3		$	159
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)	3.79		%	3.88		%	3.69		%	3.99		%	4.19		%	(40) 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
	March 31, 2021
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	32,916	$	16	$	2,683	$	288	$	35,295	62.5	%
Canadian government	3,253		—		1,423		3		4,673		8.3	%
RMBS	1,536		—		62		7		1,591		2.8	%
ABS	3,156		—		25		30		3,151		5.6	%
CMBS	1,774		1		78		11		1,840		3.3	%
U.S. government	960		—		23		53		930		1.6	%
State and political subdivisions	1,240		—		109		14		1,335		2.4	%
Other foreign government	7,394		5		306		84		7,611		13.5	%
Total fixed maturity securities	$	52,229	$	22	$	4,709	$	490	$	56,426	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
	March 31, 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	$	5,645	$	6,057	17.3	%	A-	$	5,657	$	6,285	17.5	%	A-
Brokerage/asset managers/exchanges	902		964		2.7	%	A-	887		993		2.7	%	A-
Finance companies	304		312		0.9	%	BBB	314		334		0.9	%	BBB
Insurance	3,630		3,934		11.1	%	A-	3,532		4,046		11.2	%	A-
REITs	797		827		2.3	%	BBB+	707		773		2.1	%	BBB+
Other finance	767		812		2.3	%	A-	688		805		2.2	%	A-
Total financial institutions	$	12,045	$	12,906	36.6	%		$	11,785	$	13,236	36.6	%
Industrials
Basic	$	1,992	$	2,195	6.2	%	BBB	$	1,927	$	2,258	6.2	%	BBB
Capital goods	1,540		1,610		4.6	%	BBB	1,513		1,662		4.6	%	BBB
Communications	2,393		2,626		7.4	%	BBB+	2,355		2,770		7.7	%	BBB+
Consumer cyclical	1,742		1,857		5.3	%	BBB+	1,687		1,888		5.2	%	BBB+
Consumer noncyclical	3,536		3,812		10.8	%	BBB+	3,313		3,815		10.5	%	BBB+
Energy	1,806		1,946		5.5	%	BBB+	1,753		1,976		5.5	%	BBB
Technology	1,134		1,174		3.3	%	BBB+	1,138		1,243		3.4	%	BBB+
Transportation	2,023		2,133		6.0	%	BBB+	2,002		2,194		6.1	%	BBB+
Other industrial	653		676		1.9	%	BBB	586		629		1.7	%	BBB
Total industrials	$	16,819	$	18,029	51.0	%		$	16,274	$	18,435	50.9	%
Utilities
Electric	$	3,108	$	3,328	9.4	%	A-	$	3,013	$	3,480	9.6	%	A-
Natural gas	511		552		1.6	%	BBB+	476		560		1.5	%	BBB+
Other utility	433		480		1.4	%	BBB+	415		497		1.4	%	BBB+
Total utilities	$	4,052	$	4,360	12.4	%		$	3,904	$	4,537	12.5	%
Total	$	32,916	$	35,295	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
		March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020						March 31, 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	$	31,323	$	34,096	60.4	%	$	29,770	$	34,589	60.9	%	$	29,950	$	34,406	62.9	%	$	29,018	$	33,246	63.5	%	$	29,310	$	31,660	65.2	%
2	BBB	17,402		18,799		33.3	%	16,440		18,751		33.1	%	15,822		17,421		31.9	%	15,222		16,555		31.6	%	14,810		14,665		30.2	%
3	BB	2,622		2,704		4.8	%	2,480		2,588		4.6	%	2,103		2,118		3.9	%	1,987		1,963		3.8	%	1,877		1,727		3.6	%
4	B	695		669		1.2	%	713		697		1.2	%	668		641		1.2	%	560		515		1.0	%	509		452		0.9	%
5	CCC	170		145		0.3	%	131		102		0.2	%	108		59		0.1	%	91		46		0.1	%	101		41		0.1	%
6	In or near default	17		13		—	%	14		8		—	%	10		7		—	%	25		21		—	%	13		10		—	%
	Total	$	52,229	$	56,426	100.0	%	$	49,548	$	56,735	100.0	%	$	48,661	$	54,652	100.0	%	$	46,903	$	52,346	100.0	%	$	46,620	$	48,555	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
	March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020						March 31, 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	$	659	$	701	10.7	%	$	686	$	744	11.0	%	$	696	$	763	11.0	%	$	708	$	776	11.8	%	$	726	$	796	11.8	%
Non-agency	877		890		13.4	%	1,049		1,073		15.8	%	1,231		1,264		18.4	%	1,254		1,289		19.4	%	1,515		1,495		22.1	%
Total RMBS	1,536		1,591		24.1	%	1,735		1,817		26.8	%	1,927		2,027		29.4	%	1,962		2,065		31.2	%	2,241		2,291		33.9	%
ABS:
Collateralized loan obligations ("CLOs")	1,603		1,593		24.2	%	1,707		1,689		24.9	%	1,607		1,563		22.7	%	1,612		1,558		23.4	%	1,725		1,558		23.0	%
ABS, excluding CLOs	1,553		1,558		23.7	%	1,392		1,403		20.7	%	1,359		1,359		19.8	%	1,186		1,173		17.6	%	1,215		1,109		16.4	%
Total ABS	3,156		3,151		47.9	%	3,099		3,092		45.6	%	2,966		2,922		42.5	%	2,798		2,731		41.0	%	2,940		2,667		39.4	%
CMBS	1,774		1,840		28.0	%	1,790		1,868		27.6	%	1,871		1,930		28.1	%	1,850		1,851		27.8	%	1,841		1,809		26.7	%
Total	$	6,466	$	6,582	100.0	%	$	6,624	$	6,777	100.0	%	$	6,764	$	6,879	100.0	%	$	6,610	$	6,647	100.0	%	$	7,022	$	6,767	100.0	%

Page 33

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Gross Unrealized Losses Aging
Fixed Maturity Securities
	March 31, 2021				December 31, 2020				September 30, 2020				June 30, 2020				March 31, 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%	$	427	87.2	%	$	133	67.5	%	$	276	74.6	%	$	348	77.7	%	$	1,052	72.0	%
20% or more for less than six months	28		5.7	%	42		21.3	%	34		9.2	%	91		20.3	%	409		28.0	%
20% or more for six months or greater	35		7.1	%	22		11.2	%	60		16.2	%	9		2.0	%	—		—	%
Total	$	490	100.0	%	$	197	100.0	%	$	370	100.0	%	$	448	100.0	%	$	1,461	100.0	%

Page 34

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost
	As of March 31, 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	$	4,794	$	211	$	219	$	10	$	5,013	$	221
Canadian government	29		3		—		—		29		3
RMBS	323		7		—		—		323		7
ABS	793		6		933		12		1,726		18
CMBS	103		2		68		2		171		4
U.S. government	431		53		—		—		431		53
State and political subdivisions	271		9		29		5		300		14
Other foreign government	2,469		50		498		25		2,967		75
Total investment grade securities	$	9,213	$	341	$	1,747	$	54	$	10,960	$	395
Below investment grade securities:
Corporate	$	258	$	45	$	226	$	22	$	484	$	67
ABS	—		—		15		12		15		12
CMBS	42		1		44		6		86		7
Other foreign government	86		4		26		5		112		9
Total below investment grade securities	$	386	$	50	$	311	$	45	$	697	$	95
Total fixed maturity securities	$	9,599	$	391	$	2,058	$	99	$	11,657	$	490

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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

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Reinsurance Group of America, Incorporated
Investments
(USD millions)
Consolidated Investment Related Gains and Losses
	Three Months Ended										Current Qtr vs. PY Quarter
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2021		2020		2020		2020		2020
Fixed maturity securities available-for-sale:
Impairments and change in allowance for credit losses on fixed maturity securities	$	(2)	$	—	$	13	$	—	$	(34)	$	32
Gain on investment activity	167		25		16		46		27		140
Loss on investment activity	(13)		(6)		(22)		(46)		(8)		(5)
Net gains (losses) on fixed maturity securities available-for-sale	152		19		7		—		(15)		167
Net gains (losses) on equity securities	3		(4)		4		8		(23)		26
Other impairment losses and change in mortgage loan provision	18		(2)		(19)		(22)		(13)		31
Change in fair value of certain limited partnership investments and other, net	111		3		4		8		9		102
Free-standing derivatives:
Interest rate swaps - non-hedged	(70)		(22)		(11)		3		106		(176)
Financial futures	(10)		(28)		(15)		(48)		44		(54)
Foreign currency swaps - non-hedged	9		(1)		4		3		(13)		22
Foreign currency swaps - hedged	1		3		1		2		(8)		9
Foreign currency forwards - non-hedged	(8)		3		4		1		(3)		(5)
CPI swaps	18		19		11		26		(40)		58
Credit default swaps	20		22		1		17		(24)		44
Equity options	(10)		(16)		(12)		(25)		53		(63)
Total free-standing derivatives	(50)		(20)		(17)		(21)		115		(165)
Embedded derivatives:
Modified coinsurance and funds withheld treaties	50		51		116		1		(230)		280
GMXB	18		58		(29)		107		(128)		146
Total embedded derivatives	68		109		87		108		(358)		426
Net gain (loss) on total derivatives	18		89		70		87		(243)		261
Total investment related gains (losses), net	$	302	$	105	$	66	$	81	$	(285)	$	587

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Appendix

Reconciliations of GAAP to Non-GAAP Measures

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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2021		2020		2020		2020		2020		Quarter
U.S. & Latin America Traditional
Income (loss) before income taxes	$	(338)	$	(92)	$	14	$	(158)	$	(62)	$	(276)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(6)		3		8		(7)		7		(13)
Adjusted operating income (loss) before income taxes	$	(344)	$	(89)	$	22	$	(165)	$	(55)	$	(289)
U.S. & Latin America Asset-Intensive
Income (loss) before income taxes	$	60	$	96	$	50	$	93	$	(38)	$	98
Investment and derivative (gains) losses (1)	68		65		36		86		(191)		259
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(44)		(54)		(124)		6		223		(267)
GMXB embedded derivatives (1)	(18)		(58)		29		(107)		128		(146)
Funds withheld (gains) losses - investment income	1		5		1		(1)		(1)		2
EIA embedded derivatives - interest credited	(30)		(5)		6		7		12		(42)
DAC offset, net	12		21		79		(21)		(87)		99
Non-investment derivatives and other	—		—		—		—		(3)		3
Adjusted operating income before income taxes	$	49	$	70	$	77	$	63	$	43	$	6
U.S. & Latin America Capital Solutions
Income before income taxes	$	23	$	23	$	24	$	24	$	23	$	—
Adjusted operating income before income taxes	$	23	$	23	$	24	$	24	$	23	$	—
Canada Traditional
Income before income taxes	$	24	$	37	$	30	$	44	$	23	$	1
Investment and derivative (gains) losses (1)	—		(2)		—		(5)		14		(14)
Investment income - non-operating FWAI	(1)		—		(1)		1		(1)		—
Adjusted operating income before income taxes	$	23	$	35	$	29	$	40	$	36	$	(13)
Canada Financial Solutions
Income before income taxes	$	6	$	8	$	6	$	4	$	3	$	3
Adjusted operating income before income taxes	$	6	$	8	$	6	$	4	$	3	$	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
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2021		2020		2020		2020		2020		Quarter
Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	(68)	$	(13)	$	7	$	16	$	17	$	(85)
Adjusted operating income (loss) before income taxes	$	(68)	$	(13)	$	7	$	16	$	17	$	(85)
Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	60	$	38	$	92	$	98	$	30	$	30
Investment and derivative (gains) losses (1)	(17)		(2)		(5)		(16)		6		(23)
Investment income - non-operating FWAI	(1)		5		(1)		(3)		—		(1)
Investment (income) loss on unit-linked variable annuities	1		(13)		1		(15)		16		(15)
Interest credited on unit-linked variable annuities	$	(1)	$	13	$	(1)	$	15	$	(16)	$	15
Adjusted operating income before income taxes	$	42	$	41	$	86	$	79	$	36	$	6
Asia Pacific Traditional
Income before income taxes	$	41	$	25	$	78	$	47	$	24	$	17
Adjusted operating income before income taxes	$	41	$	25	$	78	$	47	$	24	$	17
Asia Pacific Financial Solutions
Income (loss) before income taxes	$	28	$	48	$	10	$	26	$	(25)	$	53
Investment and derivative (gains) losses (1)	(9)		(25)		(1)		(14)		35		(44)
Adjusted operating income before income taxes	$	19	$	23	$	9	$	12	$	10	$	9
Corporate and Other
Income (loss) before income taxes	$	350	$	(1)	$	(26)	$	1	$	(91)	$	441
Investment and derivative (gains) losses (1)	(270)		(24)		(13)		(20)		68		(338)
Interest expense on uncertain tax positions	3		2		1		4		4		(1)
Non-investment derivatives and other	11		(1)		1		4		—		11
Adjusted operating income (loss) before income taxes	$	94	$	(24)	$	(37)	$	(11)	$	(19)	$	113
(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)
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2021		2020		2020		2020		2020
Stockholders’ equity	$	12,090	$	14,352	$	13,214	$	12,553	$	9,301
Less effect of AOCI:
Accumulated currency translation adjustments	(39)		(69)		(171)		(210)		(223)
Unrealized appreciation of securities	3,113		5,500		4,542		4,089		1,426
Pension and postretirement benefits	(72)		(72)		(82)		(78)		(73)
Stockholders’ equity, excluding AOCI	$	9,088	$	8,993	$	8,925	$	8,752	$	8,171
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2021		2020		2020		2020		2020
Book value per share	$	177.83	$	211.19	$	194.49	$	184.78	$	150.88
Less effect of AOCI:
Accumulated currency translation adjustments	(0.57)		(1.02)		(2.51)		(3.09)		(3.62)
Unrealized appreciation of securities	45.79		80.94		66.86		60.19		23.14
Pension and postretirement benefits	(1.06)		(1.06)		(1.22)		(1.14)		(1.19)
Book value per share, excluding AOCI	$	133.67	$	132.33	$	131.36	$	128.82	$	132.55

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