Exhibit 99.2

Quarterly Financial Supplement

Third 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

3rd 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 nine months ended September 30, 2021, is a reclassification recorded during the first quarter of approximately $92 million of pre-tax unrealized gains from accumulated other comprehensive income associated with investments in limited partnerships and private equity funds for which the Company utilizes the equity method of accounting. The reclassification resulted in a $92 million increase in the Corporate and Other segment's pre-tax income and pre-tax adjusted operating income for the nine months ended September 30, 2021. The unrealized gains should have been recognized in investment income in the periods they were reported by the investees.

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

Page 2

Reinsurance Group of America, Incorporated
Financial Highlights
	Three Months Ended															Current Qtr vs. PY Quarter			Year-to-Date
(USD millions, except in force & per share data)	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,						Sept. 30,		Sept. 30,
	2021			2021			2021			2020			2020						2021		2020		Change
Net premiums	$	3,094		$	3,098		$	2,914		$	3,260		$	2,825		$	269		$	9,106	$	8,434	$	672
Net income (loss)	(22)			344			139			132			213			(235)			461		283		178
Adjusted operating income (loss)	(75)			274			(84)			81			239			(314)			115		415		(300)
Return on equity - annualized	(0.7)		%	10.8		%	4.2		%	3.8		%	6.6		%	(7.3)		%
Return on equity - trailing 12 months	4.5		%	6.3		%	5.2		%	3.4		%	4.5		%	—		%
Adjusted operating return on equity (ex AOCI) - annualized	(3.2)		%	11.9		%	(3.7)		%	3.6		%	10.8		%	(14.0)		%
Adjusted operating return on equity (ex AOCI) - trailing 12 months	2.1		%	5.7		%	3.7		%	5.7		%	7.4		%	(5.3)		%
Total assets	$91,449			$88,944			$84,810			$84,656			$82,127			$9,322
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,619.9		$	1,619.4		$	1,610.2		$	1,611.6		$	1,602.1		$	17.8
U.S. and Latin America Financial Solutions	5.3			5.3			5.3			5.3			5.3			—
Canada Traditional	463.1			468.3			460.1			445.2			419.5			43.6
Europe, Middle East and Africa Traditional	852.8			861.4			830.8			864.4			808.0			44.8
Asia Pacific Traditional	526.0			516.1			521.0			553.7			534.4			(8.4)
Asia Pacific Financial Solutions	1.5			1.2			1.2			0.5			0.3			1.2
Total assumed life reinsurance in force	$	3,468.6		$	3,471.7		$	3,428.6		$	3,480.7		$	3,369.6		$	99.0
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	33.9		$	35.7		$	28.5		$	31.0		$	24.6		$	9.3		$	98.1	$	83.9	$	14.2
U.S. and Latin America Financial Solutions	—			—			—			0.1			(0.1)			0.1			—		(0.1)		0.1
Canada Traditional	11.5			8.5			14.2			10.9			8.6			2.9			34.2		29.9		4.3
Europe, Middle East and Africa Traditional	32.0			87.8			27.6			57.8			28.5			3.5			147.4		126.5		20.9
Asia Pacific Traditional	7.1			10.9			7.6			10.6			6.7			0.4			25.6		39.0		(13.4)
Asia Pacific Financial Solutions	—			0.1			—			—			—			—			0.1		—		0.1
Total assumed new business production	$	84.5		$	143.0		$	77.9		$	110.4		$	68.3		$	16.2		$	305.4	$	279.2	$	26.2
Per Share and Shares Data
Basic earnings per share
Net income (loss)	$	(0.32)		$	5.06		$	2.04		$	1.95		$	3.13		$	(3.45)		$	6.79	$	4.39	$	2.40
Adjusted operating income (loss)	$	(1.11)		$	4.04		$	(1.24)		$	1.19		$	3.52		$	(4.63)		$	1.69	$	6.43	$	(4.74)
Diluted earnings per share (1)
Net income (loss) (1)	$	(0.32)		$	5.02		$	2.03		$	1.94		$	3.12		$	(3.44)		$	6.74	$	4.36	$	2.38
Adjusted operating income (loss) (1)	$	(1.11)		$	4.00		$	(1.24)		$	1.19		$	3.51		$	(4.62)		$	1.68	$	6.39	$	(4.71)
Wgt. average common shares outstanding
Basic	67,916			67,990			67,975			67,944			67,936			(20)			67,960		64,518		3,442
Diluted	68,417			68,533			68,427			68,378			68,170			247			68,416		64,985		3,431
Common shares issued	85,311			85,311			85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	17,711			17,314			17,326			17,354			17,374			337			17,711		17,374		337
Common shares outstanding	67,600			67,997			67,985			67,957			67,937			(337)			67,600		67,937		(337)
Book value per share	$	190.60		$	197.72		$	177.83		$	211.19		$	194.49		$	(3.89)
Per share effect of AOCI	$	53.00		$	59.43		$	44.16		$	78.86		$	63.13		$	(10.13)
Book value per share, excluding AOCI	$	137.60		$	138.29		$	133.67		$	132.33		$	131.36		$	6.24
Stockholders’ dividends paid	$	50		$	47		$	48		$	48		$	47		$	3		$	145	$	134	$	11
(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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2021		2021		2021		2020		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	3,094	$	3,098	$	2,914	$	3,260	$	2,825	$	269	$	9,106	$	8,434	$	672
Investment income, net of related expenses	796		759		812		682		654		142		2,367		1,893		474
Investment related gains (losses), net	58		112		302		105		66		(8)		472		(138)		610
Other revenue	95		168		91		96		98		(3)		354		264		90
Total revenues	4,043		4,137		4,119		4,143		3,643		400		12,299		10,453		1,846
Benefits and expenses:
Claims and other policy benefits	3,289		2,813		3,192		3,181		2,530		759		9,294		7,894		1,400
Interest credited	177		218		146		175		196		(19)		541		529		12
Policy acquisition costs and other insurance expenses	338		339		333		349		374		(36)		1,010		912		98
Other operating expenses	229		240		214		222		211		18		683		594		89
Interest expense	41		43		45		44		43		(2)		129		126		3
Collateral finance and securitization expense	3		2		3		3		4		(1)		8		14		(6)
Total benefits and expenses	4,077		3,655		3,933		3,974		3,358		719		11,665		10,069		1,596
Income (loss) before income taxes	(34)		482		186		169		285		(319)		634		384		250
Provision for income taxes	(12)		138		47		37		72		(84)		173		101		72
Net income (loss)	$	(22)	$	344	$	139	$	132	$	213	$	(235)	$	461	$	283	$	178
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes	$	(34)	$	482	$	186	$	169	$	285	$	(319)	$	634	$	384	$	250
Investment and derivative (gains) losses (1)	(66)		(104)		(228)		12		17		(83)		(398)		(20)		(378)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	(21)		(16)		(50)		(51)		(116)		95		(87)		113		(200)
GMXB embedded derivatives (1)	37		17		(18)		(58)		29		8		36		50		(14)
Funds withheld (gains) losses - investment income	(2)		(1)		(1)		10		(1)		(1)		(4)		(6)		2
EIA embedded derivatives - interest credited	(3)		(3)		(30)		(5)		6		(9)		(36)		25		(61)
DAC offset, net	2		(2)		12		21		79		(77)		12		(29)		41
Investment (income) loss on unit-linked variable annuities	2		(2)		1		(13)		1		1		1		2		(1)
Interest credited on unit-linked variable annuities	(2)		2		(1)		13		(1)		(1)		(1)		(2)		1
Interest expense on uncertain tax positions	2		3		3		2		1		1		8		9		(1)
Non-investment derivatives and other	(4)		(15)		11		(1)		1		(5)		(8)		2		(10)
Adjusted operating income (loss) before income taxes	$	(89)	$	361	$	(115)	$	99	$	301	$	(390)	$	157	$	528	$	(371)
(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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2021		2021		2021		2020		2020		Quarter		2021		2020		Change
After-tax adjusted operating income reconciliation:
Net income (loss)	$	(22)	$	344	$	139	$	132	$	213	$	(235)	$	461	$	283	$	178
Investment and derivative (gains) losses (1)	(52)		(82)		(179)		9		13		(65)		(313)		(15)		(298)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	(17)		(12)		(40)		(40)		(92)		75		(69)		89		(158)
GMXB embedded derivatives (1)	29		13		(14)		(46)		23		6		28		40		(12)
Funds withheld (gains) losses - investment income	(1)		(1)		(1)		8		(1)		—		(3)		(5)		2
EIA embedded derivatives - interest credited	(2)		(2)		(24)		(4)		5		(7)		(28)		20		(48)
DAC offset, net	1		(1)		9		17		62		(61)		9		(23)		32
Investment (income) loss on unit-linked variable annuities	2		(2)		1		(11)		1		1		1		2		(1)
Interest credited on unit-linked variable annuities	(2)		2		(1)		11		(1)		(1)		(1)		(2)		1
Interest expense on uncertain tax positions	1		3		2		2		1		—		6		7		(1)
Non-investment derivatives and other	(3)		(12)		9		(1)		1		(4)		(6)		2		(8)
Uncertain tax positions and other tax related items	(9)		24		15		4		14		(23)		30		17		13
Adjusted operating income (loss)	$	(75)	$	274	$	(84)	$	81	$	239	$	(314)	$	115	$	415	$	(300)
Diluted earnings per share - adjusted operating income (loss) (2)	$	(1.11)	$	4.00	$	(1.24)	$	1.19	$	3.51	$	(4.62)	$	1.68	$	6.39	$	(4.71)
Foreign currency effect on (3):
Net premiums	51		124		78		35		12		39		253		(67)		320
Adjusted operating income (loss) before income taxes	(7)		10		1		3		7		(14)		4		2		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)
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2021		2021		2021		2020		2020
Assets
Fixed maturity securities, available-for-sale	$	59,289	$	58,287	$	56,426	$	56,735	$	54,652
Equity securities	160		147		135		132		135
Mortgage loans on real estate	6,366		6,481		6,001		5,787		5,907
Policy loans	1,234		1,254		1,253		1,258		1,259
Funds withheld at interest	7,034		7,049		5,459		5,432		5,403
Short-term investments	82		184		157		227		154
Other invested assets	3,404		2,924		2,983		2,829		2,645
Total investments	77,569		76,326		72,414		72,400		70,155
Cash and cash equivalents	3,027		3,254		3,122		3,408		3,256
Accrued investment income	574		525		546		511		547
Premiums receivable and other reinsurance balances	3,013		3,102		2,907		2,842		2,792
Reinsurance ceded receivables	2,585		1,093		1,089		983		950
Deferred policy acquisition costs	3,687		3,622		3,617		3,616		3,534
Other assets	994		1,022		1,115		896		893
Total assets	$	91,449	$	88,944	$	84,810	$	84,656	$	82,127
Liabilities and stockholders’ equity
Future policy benefits	$	35,666	$	33,761	$	33,675	$	31,453	$	30,331
Interest-sensitive contract liabilities	26,017		26,161		23,142		23,276		23,208
Other policy claims and benefits	7,117		6,795		7,077		6,413		6,242
Other reinsurance balances	543		531		560		598		524
Deferred income taxes	2,407		2,699		2,417		3,263		3,016
Other liabilities	3,327		2,057		1,930		1,340		1,611
Long-term debt	3,173		3,173		3,573		3,573		3,573
Collateral finance and securitization notes	314		323		346		388		408
Total liabilities	78,564		75,500		72,720		70,304		68,913
Stockholders’ equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,447		2,430		2,411		2,406		2,421
Retained earnings	8,458		8,531		8,235		8,148		8,066
Treasury stock	(1,604)		(1,559)		(1,559)		(1,562)		(1,563)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	(50)		(20)		(39)		(69)		(171)
Unrealized appreciation of securities, net of income taxes	3,704		4,133		3,113		5,500		4,542
Pension and postretirement benefits, net of income taxes	(71)		(72)		(72)		(72)		(82)
Total stockholders’ equity	12,885		13,444		12,090		14,352		13,214
Total liabilities and stockholders’ equity	$	91,449	$	88,944	$	84,810	$	84,656	$	82,127
Total stockholders’ equity, excluding AOCI	$	9,302	$	9,403	$	9,088	$	8,993	$	8,925
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
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2021			2021			2021			2020			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	1,550		$	1,578		$	1,419		$	1,591		$	1,420		$	130		$	4,547		$	4,247		$	300
Investment income, net of related expenses	245			233			207			196			180			65			685			518			167
Investment related gains (losses), net	(5)			1			6			(3)			(8)			3			2			(8)			10
Other revenue	5			4			5			2			7			(2)			14			17			(3)
Total revenues	1,795			1,816			1,637			1,786			1,599			196			5,248			4,774			474
Benefits and expenses:
Claims and other policy benefits	1,670			1,418			1,740			1,638			1,343			327			4,828			4,268			560
Interest credited	17			18			17			17			19			(2)			52			56			(4)
Policy acquisition costs and other insurance expenses	195			206			182			189			189			6			583			559			24
Other operating expenses	39			39			36			34			34			5			114			97			17
Total benefits and expenses	1,921			1,681			1,975			1,878			1,585			336			5,577			4,980			597
Income (loss) before income taxes	$	(126)		$	135		$	(338)		$	(92)		$	14		$	(140)		$	(329)		$	(206)		$	(123)
Loss and expense ratios:
Claims and other policy benefits	107.7		%	89.9		%	122.6		%	103.0		%	94.6		%	13.1		%	106.2		%	100.5		%	5.7		%
Policy acquisition costs and other insurance expenses	12.6		%	13.1		%	12.8		%	11.9		%	13.3		%	(0.7)		%	12.8		%	13.2		%	(0.4)		%
Other operating expenses	2.5		%	2.5		%	2.5		%	2.1		%	2.4		%	0.1		%	2.5		%	2.3		%	0.2		%
Foreign currency effect on (1):
Net premiums	$	2		$	2		$	(1)		$	(1)		$	(1)		$	3		$	3		$	(4)		$	7
Income (loss) 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) 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
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			Qtr vs. PY			Sept. 30,			Sept. 30,
	2021			2021			2021			2020			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	1,550		$	1,578		$	1,419		$	1,591		$	1,420		$	130		$	4,547		$	4,247		$	300
Investment income, net of related expenses	245			233			207			196			180			65			685			518			167
Other revenue	5			4			5			2			7			(2)			14			17			(3)
Total revenues	1,800			1,815			1,631			1,789			1,607			193			5,246			4,782			464
Benefits and expenses:
Claims and other policy benefits	1,670			1,418			1,740			1,638			1,343			327			4,828			4,268			560
Interest credited	17			18			17			17			19			(2)			52			56			(4)
Policy acquisition costs and other insurance expenses	195			206			182			189			189			6			583			559			24
Other operating expenses	39			39			36			34			34			5			114			97			17
Total benefits and expenses	1,921			1,681			1,975			1,878			1,585			336			5,577			4,980			597
Adjusted operating income (loss) before income taxes	$	(121)		$	134		$	(344)		$	(89)		$	22		$	(143)		$	(331)		$	(198)		$	(133)
Loss and expense ratios:
Claims and other policy benefits	107.7		%	89.9		%	122.6		%	103.0		%	94.6		%	13.1		%	106.2		%	100.5		%	5.7		%
Policy acquisition costs and other insurance expenses	12.6		%	13.1		%	12.8		%	11.9		%	13.3		%	(0.7)		%	12.8		%	13.2		%	(0.4)		%
Other operating expenses	2.5		%	2.5		%	2.5		%	2.1		%	2.4		%	0.1		%	2.5		%	2.3		%	0.2		%
Foreign currency effect on (1):
Net premiums	$	2		$	2		$	(1)		$	(1)		$	(1)		$	3		$	3		$	(4)		$	7
Adjusted operating income (loss) 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) 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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2021		2021		2021		2020		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	14	$	15	$	13	$	13	$	13	$	1	$	42	$	40	$	2
Investment income, net of related expenses	290		276		257		248		272		18		823		746		77
Investment related gains (losses), net	12		30		(6)		47		59		(47)		36		(86)		122
Other revenue	31		85		26		25		26		5		142		78		64
Total revenues	347		406		290		333		370		(23)		1,043		778		265
Benefits and expenses:
Claims and other policy benefits	48		21		60		49		50		(2)		129		152		(23)
Interest credited	149		182		114		132		163		(14)		445		431		14
Policy acquisition costs and other insurance expenses	34		32		47		50		99		(65)		113		68		45
Other operating expenses	10		8		9		6		8		2		27		22		5
Total benefits and expenses	241		243		230		237		320		(79)		714		673		41
Income before income taxes	$	106	$	163	$	60	$	96	$	50	$	56	$	329	$	105	$	224
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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2021		2021		2021		2020		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	14	$	15	$	13	$	13	$	13	$	1	$	42	$	40	$	2
Investment income, net of related expenses	290		274		258		253		273		17		822		745		77
Other revenue	31		85		26		25		26		5		142		75		67
Total revenues	335		374		297		291		312		23		1,006		860		146
Benefits and expenses:
Claims and other policy benefits	48		21		60		49		50		(2)		129		152		(23)
Interest credited	152		185		144		137		157		(5)		481		406		75
Policy acquisition costs and other insurance expenses	32		34		35		29		20		12		101		97		4
Other operating expenses	10		8		9		6		8		2		27		22		5
Total benefits and expenses	242		248		248		221		235		7		738		677		61
Adjusted operating income before income taxes	$	93	$	126	$	49	$	70	$	77	$	16	$	268	$	183	$	85
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)
	Three Months Ended
(USD millions, shown net of reinsurance ceded)	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,
	2021			2021			2021			2020			2020
Annuity account values:
Fixed annuities (deferred)	$	11,997		$	13,687		$	10,659		$	10,773		$	10,848
Net interest spread (fixed annuities)	1.7		%	1.2		%	1.3		%	1.6		%	1.3		%
Equity-indexed annuities	$	3,293		$	3,343		$	3,391		$	3,480		$	3,530
Variable annuities account values
No riders	$	827		$	834		$	823		$	665		$	775
GMDB only	968			949			901			872			831
GMIB only	25			25			24			24			22
GMAB only	3			4			4			4			3
GMWB only	1,110			1,145			1,116			1,132			1,046
GMDB / WB	261			271			265			275			252
Other	19			19			18			18			17
Total variable annuities account values	$	3,213		$	3,247		$	3,151		$	2,990		$	2,946
Fair value of liabilities associated with living benefit riders	$	191		$	154		$	136		$	155		$	213
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts	$	827		$	973		$	973		$	1,015		$	989
Bank-owned life insurance (BOLI)	$	2,480		$	2,471		$	2,463		$	2,460		$	2,450
Other asset-intensive business	$	117		$	119		$	123		$	124		$	125
Future policy benefits associated with:
Payout annuities	$	4,329		$	4,393		$	4,477		$	4,532		$	4,593

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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2021		2021		2021		2020		2020		Quarter		2021		2020		Change
Revenues:
Investment income, net of related expenses	$	1	$	—	$	1	$	1	$	1	$	—	$	2	$	4	$	(2)
Other revenue	26		27		27		25		28		(2)		80		79		1
Total revenues	27		27		28		26		29		(2)		82		83		(1)
Benefits and expenses:
Policy acquisition costs and other insurance expenses	2		—		2		1		2		—		4		4		—
Other operating expenses	3		4		3		2		3		—		10		8		2
Total benefits and expenses	5		4		5		3		5		—		14		12		2
Income before income taxes	$	22	$	23	$	23	$	23	$	24	$	(2)	$	68	$	71	$	(3)
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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2021		2021		2021		2020		2020		Quarter		2021		2020		Change
Revenues:
Investment income, net of related expenses	$	1	$	—	$	1	$	1	$	1	$	—	$	2	$	4	$	(2)
Other revenue	26		27		27		25		28		(2)		80		79		1
Total revenues	27		27		28		26		29		(2)		82		83		(1)
Benefits and expenses:
Policy acquisition costs and other insurance expenses	2		—		2		1		2		—		4		4		—
Other operating expenses	3		4		3		2		3		—		10		8		2
Total benefits and expenses	5		4		5		3		5		—		14		12		2
Adjusted operating income before income taxes	$	22	$	23	$	23	$	23	$	24	$	(2)	$	68	$	71	$	(3)
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
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2021			2021			2021			2020			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	289		$	301		$	280		$	284		$	254		$	35		$	870		$	768		$	102
Investment income, net of related expenses	65			63			60			56			52			13			188			151			37
Investment related gains (losses), net	1			—			2			4			2			(1)			3			(4)			7
Other revenue	(1)			2			1			—			1			(2)			2			1			1
Total revenues	354			366			343			344			309			45			1,063			916			147
Benefits and expenses:
Claims and other policy benefits	255			277			266			248			225			30			798			661			137
Policy acquisition costs and other insurance expenses	46			46			45			49			44			2			137			131			6
Other operating expenses	9			11			8			10			10			(1)			28			27			1
Total benefits and expenses	310			334			319			307			279			31			963			819			144
Income before income taxes	$	44		$	32		$	24		$	37		$	30		$	14		$	100		$	97		$	3
Loss and expense ratios:
Claims and other policy benefits	88.2		%	92.0		%	95.0		%	87.3		%	88.6		%	(0.4)		%	91.7		%	86.1		%	5.6		%
Policy acquisition costs and other insurance expenses	15.9		%	15.3		%	16.1		%	17.3		%	17.3		%	(1.4)		%	15.7		%	17.1		%	(1.4)		%
Other operating expenses	3.1		%	3.7		%	2.9		%	3.5		%	3.9		%	(0.8)		%	3.2		%	3.5		%	(0.3)		%
Foreign currency effect on (1):
Net premiums	$	16		$	34		$	16		$	4		$	(2)		$	18		$	66		$	(14)		$	80
Income before income taxes	$	3		$	3		$	—		$	1		$	—		$	3		$	6		$	(1)		$	7
Creditor reinsurance net premiums	$	19		$	19		$	17		$	16		$	18		$	1		$	55		$	49		$	6
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
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2021			2021			2021			2020			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	289		$	301		$	280		$	284		$	254		$	35		$	870		$	768		$	102
Investment income, net of related expenses	65			64			59			56			51			14			188			150			38
Investment related gains, net	1			1			2			2			2			(1)			4			5			(1)
Other revenue	(1)			2			1			—			1			(2)			2			1			1
Total revenues	354			368			342			342			308			46			1,064			924			140
Benefits and expenses:
Claims and other policy benefits	255			277			266			248			225			30			798			661			137
Policy acquisition costs and other insurance expenses	46			46			45			49			44			2			137			131			6
Other operating expenses	9			11			8			10			10			(1)			28			27			1
Total benefits and expenses	310			334			319			307			279			31			963			819			144
Adjusted operating income before income taxes	$	44		$	34		$	23		$	35		$	29		$	15		$	101		$	105		$	(4)
Loss and expense ratios:
Claims and other policy benefits	88.2		%	92.0		%	95.0		%	87.3		%	88.6		%	(0.4)		%	91.7		%	86.1		%	5.6		%
Policy acquisition costs and other insurance expenses	15.9		%	15.3		%	16.1		%	17.3		%	17.3		%	(1.4)		%	15.7		%	17.1		%	(1.4)		%
Other operating expenses	3.1		%	3.7		%	2.9		%	3.5		%	3.9		%	(0.8)		%	3.2		%	3.5		%	(0.3)		%
Foreign currency effect on (1):
Net premiums	$	16		$	34		$	16		$	4		$	(2)		$	18		$	66		$	(14)		$	80
Adjusted operating income before income taxes	$	3		$	3		$	—		$	1		$	—		$	3		$	6		$	(1)		$	7
Creditor reinsurance net premiums	$	19		$	19		$	17		$	16		$	18		$	1		$	55		$	49		$	6
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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2021		2021		2021		2020		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	22	$	23	$	23	$	21	$	21	$	1	$	68	$	62	$	6
Investment income, net of related expenses	—		—		—		—		—		—		—		1		(1)
Other revenue	3		3		3		2		2		1		9		6		3
Total revenues	25		26		26		23		23		2		77		69		8
Benefits and expenses:
Claims and other policy benefits	23		21		18		14		17		6		62		54		8
Policy acquisition costs and other insurance expenses	1		1		—		—		—		1		2		1		1
Other operating expenses	1		—		2		1		—		1		3		1		2
Total benefits and expenses	25		22		20		15		17		8		67		56		11
Income before income taxes	$	—	$	4	$	6	$	8	$	6	$	(6)	$	10	$	13	$	(3)
Foreign currency effect on (2):
Net premiums	$	1	$	3	$	1	$	—	$	—	$	1	$	5	$	(1)	$	6
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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2021		2021		2021		2020		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	22	$	23	$	23	$	21	$	21	$	1	$	68	$	62	$	6
Investment income, net of related expenses	—		—		—		—		—		—		—		1		(1)
Other revenue	3		3		3		2		2		1		9		6		3
Total revenues	25		26		26		23		23		2		77		69		8
Benefits and expenses:
Claims and other policy benefits	23		21		18		14		17		6		62		54		8
Policy acquisition costs and other insurance expenses	1		1		—		—		—		1		2		1		1
Other operating expenses	1		—		2		1		—		1		3		1		2
Total benefits and expenses	25		22		20		15		17		8		67		56		11
Adjusted operating income before income taxes	$	—	$	4	$	6	$	8	$	6	$	(6)	$	10	$	13	$	(3)
Foreign currency effect on (2):
Net premiums	$	1	$	3	$	1	$	—	$	—	$	1	$	5	$	(1)	$	6
Adjusted operating income before income taxes	$	—	$	1	$	—	$	—	$	—	$	—	$	1	$	—	$	1
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.

Page 17

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
GAAP Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2021			2021			2021			2020			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	432		$	433		$	438		$	442		$	371		$	61		$	1,303		$	1,113		$	190
Investment income, net of related expenses	22			24			20			17			18			4			66			55			11
Other revenue	—			2			(1)			6			1			(1)			1			—			1
Total revenues	454			459			457			465			390			64			1,370			1,168			202
Benefits and expenses:
Claims and other policy benefits	482			414			469			423			331			151			1,365			966			399
Policy acquisition costs and other insurance expenses	35			27			29			29			28			7			91			90			1
Other operating expenses	28			30			27			26			24			4			85			72			13
Total benefits and expenses	545			471			525			478			383			162			1,541			1,128			413
Income (loss) before income taxes	$	(91)		$	(12)		$	(68)		$	(13)		$	7		$	(98)		$	(171)		$	40		$	(211)
Loss and expense ratios:
Claims and other policy benefits	111.6		%	95.6		%	107.1		%	95.7		%	89.2		%	22.4		%	104.8		%	86.8		%	18.0		%
Policy acquisition costs and other insurance expenses	8.1		%	6.2		%	6.6		%	6.6		%	7.5		%	0.6		%	7.0		%	8.1		%	(1.1)		%
Other operating expenses	6.5		%	6.9		%	6.2		%	5.9		%	6.5		%	—		%	6.5		%	6.5		%	—		%
Foreign currency effect on (1):
Net premiums	$	22		$	47		$	26		$	8		$	6		$	16		$	95		$	(27)		$	122
Income (loss) before income taxes	$	(14)		$	(4)		$	(5)		$	2		$	2		$	(16)		$	(23)		$	1		$	(24)
Critical illness net premiums	$	46		$	44		$	42		$	43		$	43		$	3		$	132		$	125		$	7
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Page 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
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2021			2021			2021			2020			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	432		$	433		$	438		$	442		$	371		$	61		$	1,303		$	1,113		$	190
Investment income, net of related expenses	22			24			20			17			18			4			66			55			11
Other revenue	—			2			(1)			6			1			(1)			1			—			1
Total revenues	454			459			457			465			390			64			1,370			1,168			202
Benefits and expenses:
Claims and other policy benefits	482			414			469			423			331			151			1,365			966			399
Policy acquisition costs and other insurance expenses	35			27			29			29			28			7			91			90			1
Other operating expenses	28			30			27			26			24			4			85			72			13
Total benefits and expenses	545			471			525			478			383			162			1,541			1,128			413
Adjusted operating income (loss) before income taxes	$	(91)		$	(12)		$	(68)		$	(13)		$	7		$	(98)		$	(171)		$	40		$	(211)
Loss and expense ratios:
Claims and other policy benefits	111.6		%	95.6		%	107.1		%	95.7		%	89.2		%	22.4		%	104.8		%	86.8		%	18.0		%
Policy acquisition costs and other insurance expenses	8.1		%	6.2		%	6.6		%	6.6		%	7.5		%	0.6		%	7.0		%	8.1		%	(1.1)		%
Other operating expenses	6.5		%	6.9		%	6.2		%	5.9		%	6.5		%	—		%	6.5		%	6.5		%	—		%
Foreign currency effect on (1):
Net premiums	$	22		$	47		$	26		$	8		$	6		$	16		$	95		$	(27)		$	122
Adjusted operating income (loss) before income taxes	$	(14)		$	(4)		$	(5)		$	2		$	2		$	(16)		$	(23)		$	1		$	(24)
Critical illness net premiums	$	46		$	44		$	42		$	43		$	43		$	3		$	132		$	125		$	7
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Page 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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2021		2021		2021		2020		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	96	$	84	$	79	$	84	$	58	$	38	$	259	$	168	$	91
Investment income, net of related expenses	51		50		48		58		46		5		149		135		14
Investment related gains, net	23		2		16		1		4		19		41		14		27
Other revenue	4		3		3		4		2		2		10		7		3
Total revenues	174		139		146		147		110		64		459		324		135
Benefits and expenses:
Claims and other policy benefits	77		42		75		81		5		72		194		71		123
Interest credited	(2)		2		(1)		13		(1)		(1)		(1)		(2)		1
Policy acquisition costs and other insurance expenses	2		1		2		1		1		1		5		3		2
Other operating expenses	12		11		10		14		13		(1)		33		32		1
Total benefits and expenses	89		56		86		109		18		71		231		104		127
Income before income taxes	$	85	$	83	$	60	$	38	$	92	$	(7)	$	228	$	220	$	8
Foreign currency effect on (2):
Net premiums	$	5	$	9	$	6	$	3	$	2	$	3	$	20	$	(1)	$	21
Income before income taxes	$	5	$	10	$	5	$	—	$	4	$	1	$	20	$	1	$	19
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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2021		2021		2021		2020		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	96	$	84	$	79	$	84	$	58	$	38	$	259	$	168	$	91
Investment income, net of related expenses	51		48		48		50		46		5		147		133		14
Investment related gains (losses), net	2		2		(1)		(1)		(1)		3		3		(1)		4
Other revenue	4		3		3		4		2		2		10		7		3
Total revenues	153		137		129		137		105		48		419		307		112
Benefits and expenses:
Claims and other policy benefits	77		42		75		81		5		72		194		71		123
Interest credited	—		—		—		—		—		—		—		—		—
Policy acquisition costs and other insurance expenses	2		1		2		1		1		1		5		3		2
Other operating expenses	12		11		10		14		13		(1)		33		32		1
Total benefits and expenses	91		54		87		96		19		72		232		106		126
Adjusted operating income before income taxes	$	62	$	83	$	42	$	41	$	86	$	(24)	$	187	$	201	$	(14)
Foreign currency effect on (2):
Net premiums	$	5	$	9	$	6	$	3	$	2	$	3	$	20	$	(1)	$	21
Adjusted operating income before income taxes	$	4	$	9	$	4	$	1	$	4	$	—	$	17	$	1	$	16
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

Page 21

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
GAAP Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2021			2021			2021			2020			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	626		$	616		$	609		$	785		$	653		$	(27)		$	1,851		$	1,896		$	(45)
Investment income, net of related expenses	33			34			33			31			22			11			100			76			24
Investment related gains (losses), net	—			—			(1)			3			—			—			(1)			—			(1)
Other revenue	4			3			6			4			5			(1)			13			11			2
Total revenues	663			653			647			823			680			(17)			1,963			1,983			(20)
Benefits and expenses:
Claims and other policy benefits	682			578			518			699			525			157			1,778			1,594			184
Policy acquisition costs and other insurance expenses	31			41			43			51			33			(2)			115			116			(1)
Other operating expenses	46			46			45			48			44			2			137			124			13
Total benefits and expenses	759			665			606			798			602			157			2,030			1,834			196
Income (loss) before income taxes	$	(96)		$	(12)		$	41		$	25		$	78		$	(174)		$	(67)		$	149		$	(216)
Loss and expense ratios:
Claims and other policy benefits	108.9		%	93.8		%	85.1		%	89.0		%	80.4		%	28.5		%	96.1		%	84.1		%	12.0		%
Policy acquisition costs and other insurance expenses	5.0		%	6.7		%	7.1		%	6.5		%	5.1		%	(0.1)		%	6.2		%	6.1		%	0.1		%
Other operating expenses	7.3		%	7.5		%	7.4		%	6.1		%	6.7		%	0.6		%	7.4		%	6.5		%	0.9		%
Foreign currency effect on (1):
Net premiums	$	6		$	30		$	29		$	20		$	6		$	—		$	65		$	(22)		$	87
Income (loss) before income taxes	$	—		$	(1)		$	1		$	(1)		$	1		$	(1)		$	—		$	2		$	(2)
Critical illness net premiums	$	306		$	282		$	269		$	379		$	294		$	12		$	857		$	796		$	61
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
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,			vs. PY			Sept. 30,			Sept. 30,
	2021			2021			2021			2020			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	626		$	616		$	609		$	785		$	653		$	(27)		$	1,851		$	1,896		$	(45)
Investment income, net of related expenses	33			34			33			31			22			11			100			76			24
Investment related gains (losses), net	—			—			(1)			3			—			—			(1)			—			(1)
Other revenue	4			3			6			4			5			(1)			13			11			2
Total revenues	663			653			647			823			680			(17)			1,963			1,983			(20)
Benefits and expenses:
Claims and other policy benefits	682			578			518			699			525			157			1,778			1,594			184
Policy acquisition costs and other insurance expenses	31			41			43			51			33			(2)			115			116			(1)
Other operating expenses	46			46			45			48			44			2			137			124			13
Total benefits and expenses	759			665			606			798			602			157			2,030			1,834			196
Adjusted operating income (loss) before income taxes	$	(96)		$	(12)		$	41		$	25		$	78		$	(174)		$	(67)		$	149		$	(216)
Loss and expense ratios:
Claims and other policy benefits	108.9		%	93.8		%	85.1		%	89.0		%	80.4		%	28.5		%	96.1		%	84.1		%	12.0		%
Policy acquisition costs and other insurance expenses	5.0		%	6.7		%	7.1		%	6.5		%	5.1		%	(0.1)		%	6.2		%	6.1		%	0.1		%
Other operating expenses	7.3		%	7.5		%	7.4		%	6.1		%	6.7		%	0.6		%	7.4		%	6.5		%	0.9		%
Foreign currency effect on (1):
Net premiums	$	6		$	30		$	29		$	20		$	6		$	—		$	65		$	(22)		$	87
Adjusted operating income (loss) before income taxes	$	—		$	(1)		$	1		$	(1)		$	1		$	(1)		$	—		$	2		$	(2)
Critical illness net premiums	$	306		$	282		$	269		$	379		$	294		$	12		$	857		$	796		$	61
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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2021		2021		2021		2020		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	65	$	48	$	53	$	40	$	35	$	30	$	166	$	140	$	26
Investment income, net of related expenses	37		31		28		25		22		15		96		60		36
Investment related gains (losses), net	(15)		15		12		28		—		(15)		12		(18)		30
Other revenue	8		10		11		7		9		(1)		29		27		2
Total revenues	95		104		104		100		66		29		303		209		94
Benefits and expenses:
Claims and other policy benefits	52		42		46		30		33		19		140		127		13
Interest credited	12		15		15		12		13		(1)		42		37		5
Policy acquisition costs and other insurance expenses	19		11		11		7		5		14		41		24		17
Other operating expenses	6		5		4		3		5		1		15		10		5
Total benefits and expenses	89		73		76		52		56		33		238		198		40
Income before income taxes	$	6	$	31	$	28	$	48	$	10	$	(4)	$	65	$	11	$	54
Foreign currency effect on (2):
Net premiums	$	(1)	$	(1)	$	1	$	1	$	1	$	(2)	$	(1)	$	2	$	(3)
Income before income taxes	$	—	$	—	$	1	$	2	$	1	$	(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		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2021		2021		2021		2020		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	65	$	48	$	53	$	40	$	35	$	30	$	166	$	140	$	26
Investment income, net of related expenses	37		31		28		25		22		15		96		60		36
Investment related gains (losses), net	4		4		3		3		(1)		5		11		2		9
Other revenue	8		10		11		7		9		(1)		29		27		2
Total revenues	114		93		95		75		65		49		302		229		73
Benefits and expenses:
Claims and other policy benefits	52		42		46		30		33		19		140		127		13
Interest credited	12		15		15		12		13		(1)		42		37		5
Policy acquisition costs and other insurance expenses	19		11		11		7		5		14		41		24		17
Other operating expenses	6		5		4		3		5		1		15		10		5
Total benefits and expenses	89		73		76		52		56		33		238		198		40
Adjusted operating income before income taxes	$	25	$	20	$	19	$	23	$	9	$	16	$	64	$	31	$	33
Foreign currency effect on (2):
Net premiums	$	(1)	$	(1)	$	1	$	1	$	1	$	(2)	$	(1)	$	2	$	(3)
Adjusted operating income before income taxes	$	—	$	—	$	—	$	1	$	—	$	—	$	—	$	—	$	—
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

Page 25

Reinsurance Group of America, Incorporated
Corporate and Other
GAAP Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2021		2021		2021		2020		2020		Quarter		2021		2020		Change
Revenues:
Investment income, net of related expenses	$	52	$	48	$	158	$	50	$	41	$	11	$	258	$	147	$	111
Investment related gains (losses), net	42		64		273		25		9		33		379		(36)		415
Other revenue	15		29		10		21		17		(2)		54		38		16
Total revenues	109		141		441		96		67		42		691		149		542
Benefits and expenses:
Claims and other policy benefits	—		—		—		(1)		1		(1)		—		1		(1)
Interest credited	1		1		1		1		2		(1)		3		7		(4)
Policy acquisition costs and other insurance income	(27)		(26)		(28)		(28)		(27)		—		(81)		(84)		3
Other operating expenses	75		86		70		78		70		5		231		201		30
Interest expense	41		43		45		44		43		(2)		129		126		3
Collateral finance and securitization expense	3		2		3		3		4		(1)		8		14		(6)
Total benefits and expenses	93		106		91		97		93		—		290		265		25
Income (loss) before income taxes	$	16	$	35	$	350	$	(1)	$	(26)	$	42	$	401	$	(116)	$	517
Foreign currency effect on (1):
Income (loss) before income taxes	$	2	$	6	$	2	$	1	$	(1)	$	3	$	10	$	—	$	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 26

Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2021		2021		2021		2020		2020		Quarter		2021		2020		Change
Revenues:
Investment income, net of related expenses	$	52	$	48	$	158	$	50	$	41	$	11	$	258	$	147	$	111
Investment related gains (losses), net	1		2		3		1		(4)		5		6		(1)		7
Other revenue	11		14		21		20		18		(7)		46		43		3
Total revenues	64		64		182		71		55		9		310		189		121
Benefits and expenses:
Claims and other policy benefits	—		—		—		(1)		1		(1)		—		1		(1)
Interest credited	1		1		1		1		2		(1)		3		7		(4)
Policy acquisition costs and other insurance income	(27)		(26)		(28)		(28)		(27)		—		(81)		(84)		3
Other operating expenses	75		86		70		78		70		5		231		201		30
Interest expense	39		40		42		42		42		(3)		121		117		4
Collateral finance and securitization expense	3		2		3		3		4		(1)		8		14		(6)
Total benefits and expenses	91		103		88		95		92		(1)		282		256		26
Adjusted operating income (loss) before income taxes	$	(27)	$	(39)	$	94	$	(24)	$	(37)	$	10	$	28	$	(67)	$	95
Foreign currency effect on (1):
Adjusted operating income (loss) before income taxes	$	1	$	2	$	1	$	(1)	$	—	$	1	$	4	$	(1)	$	5
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Page 27

Reinsurance Group of America, Incorporated
Summary of Segment GAAP Income
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2021		2021		2021		2020		2020		Quarter		2021		2020		Change
U.S. and Latin America:
Traditional	$	(126)	$	135	$	(338)	$	(92)	$	14	$	(140)	$	(329)	$	(206)	$	(123)
Financial Solutions:
Asset Intensive	106		163		60		96		50		56		329		105		224
Capital Solutions	22		23		23		23		24		(2)		68		71		(3)
Total U.S. and Latin America	2		321		(255)		27		88		(86)		68		(30)		98
Canada:
Traditional	44		32		24		37		30		14		100		97		3
Financial Solutions	—		4		6		8		6		(6)		10		13		(3)
Total Canada	44		36		30		45		36		8		110		110		—
Europe, Middle East and Africa:
Traditional	(91)		(12)		(68)		(13)		7		(98)		(171)		40		(211)
Financial Solutions	85		83		60		38		92		(7)		228		220		8
Total Europe, Middle East and Africa	(6)		71		(8)		25		99		(105)		57		260		(203)
Asia Pacific:
Traditional	(96)		(12)		41		25		78		(174)		(67)		149		(216)
Financial Solutions	6		31		28		48		10		(4)		65		11		54
Total Asia Pacific	(90)		19		69		73		88		(178)		(2)		160		(162)
Corporate and Other	16		35		350		(1)		(26)		42		401		(116)		517
Consolidated income (loss) before income taxes	$	(34)	$	482	$	186	$	169	$	285	$	(319)	$	634	$	384	$	250
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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,				Sept. 30,		Sept. 30,
	2021		2021		2021		2020		2020				2021		2020		Change
U.S. and Latin America:
Traditional	$	(121)	$	134	$	(344)	$	(89)	$	22	$	(143)	$	(331)	$	(198)	$	(133)
Financial Solutions:
Asset Intensive	93		126		49		70		77		16		268		183		85
Capital Solutions	22		23		23		23		24		(2)		68		71		(3)
Total U.S. and Latin America	(6)		283		(272)		4		123		(129)		5		56		(51)
Canada:
Traditional	44		34		23		35		29		15		101		105		(4)
Financial Solutions	—		4		6		8		6		(6)		10		13		(3)
Total Canada	44		38		29		43		35		9		111		118		(7)
Europe, Middle East and Africa:
Traditional	(91)		(12)		(68)		(13)		7		(98)		(171)		40		(211)
Financial Solutions	62		83		42		41		86		(24)		187		201		(14)
Total Europe, Middle East and Africa	(29)		71		(26)		28		93		(122)		16		241		(225)
Asia Pacific:
Traditional	(96)		(12)		41		25		78		(174)		(67)		149		(216)
Financial Solutions	25		20		19		23		9		16		64		31		33
Total Asia Pacific	(71)		8		60		48		87		(158)		(3)		180		(183)
Corporate and Other	(27)		(39)		94		(24)		(37)		10		28		(67)		95
Consolidated adjusted operating income (loss) before income taxes	$	(89)	$	361	$	(115)	$	99	$	301	$	(390)	$	157	$	528	$	(371)
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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2021		2021		2021		2020		2020
Fixed maturity securities, available-for-sale (1)	$	59,289	$	58,287	$	56,426	$	56,735	$	54,652
Equity securities	160		147		135		132		135
Mortgage loans on real estate	6,366		6,481		6,001		5,787		5,907
Policy loans	1,234		1,254		1,253		1,258		1,259
Funds withheld at interest	7,034		7,049		5,459		5,432		5,403
Short-term investments	82		184		157		227		154
Other invested assets	3,404		2,924		2,983		2,829		2,645
Cash and cash equivalents	3,027		3,254		3,122		3,408		3,256
Total cash and invested assets	$	80,596	$	79,580	$	75,536	$	75,808	$	73,411
(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
	Sept. 30,			June 30,			March 31,			Dec. 31,			Sept. 30,					Sept. 30,			Sept. 30,
	2021			2021			2021			2020			2020					2021			2020			Change
Average invested assets at amortized cost (1)	$	33,361		$	33,587		$	33,367		$	32,699		$	32,148		$	1,213	$	33,021		$	30,468		$	2,553
Net investment income (1)	$	405		$	383		$	463		$	337		$	290		$	115	$	1,251		$	894		$	357
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.95		%	4.64		%	5.67		%	4.20		%	3.66		%	129 bps		5.08		%	3.93		%	115 bps
Variable investment income ("VII") (included in net investment income) (1)	$	102		$	78		$	162		$	37		$	8		$	94	$	342		$	27		$	315
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)	3.85		%	3.84		%	3.79		%	3.88		%	3.69		%	16 bps		3.83		%	3.95		%	(12) 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
	September 30, 2021
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	34,331	$	12	$	3,196	$	186	$	37,329	62.9	%
Canadian government	3,280		—		1,447		3		4,724		8.0	%
RMBS	1,165		—		50		6		1,209		2.0	%
ABS	3,763		—		39		23		3,779		6.4	%
CMBS	1,795		1		89		6		1,877		3.2	%
U.S. government	1,450		—		31		21		1,460		2.5	%
State and political subdivisions	1,197		—		139		5		1,331		2.2	%
Other foreign government	7,366		4		294		76		7,580		12.8	%
Total fixed maturity securities	$	54,347	$	17	$	5,285	$	326	$	59,289	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
	September 30, 2021							December 31, 2020
	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)	Amortized Cost		Estimated Fair Value		% of Total		Average Credit Ratings (1)
Financial institutions
Banking	$	5,608	$	6,043	16.2	%	A-	$	5,657	$	6,285	17.5	%	A-
Brokerage/asset managers/exchanges	999		1,080		2.9	%	A-	887		993		2.7	%	A-
Finance companies	276		287		0.8	%	BBB+	314		334		0.9	%	BBB
Insurance	3,913		4,337		11.6	%	A-	3,532		4,046		11.2	%	A-
REITs	927		968		2.6	%	BBB+	707		773		2.1	%	BBB+
Other finance	934		978		2.6	%	A-	688		805		2.2	%	A-
Total financial institutions	$	12,657	$	13,693	36.7	%		$	11,785	$	13,236	36.6	%
Industrials
Basic	$	2,008	$	2,254	5.9	%	BBB	$	1,927	$	2,258	6.2	%	BBB
Capital goods	1,627		1,739		4.7	%	BBB	1,513		1,662		4.6	%	BBB
Communications	2,336		2,601		7.0	%	BBB	2,355		2,770		7.7	%	BBB+
Consumer cyclical	1,749		1,891		5.1	%	BBB+	1,687		1,888		5.2	%	BBB+
Consumer noncyclical	3,747		4,105		10.9	%	BBB+	3,313		3,815		10.5	%	BBB+
Energy	1,930		2,129		5.7	%	BBB+	1,753		1,976		5.5	%	BBB
Technology	1,308		1,363		3.7	%	BBB+	1,138		1,243		3.4	%	BBB+
Transportation	2,045		2,190		5.9	%	BBB+	2,002		2,194		6.1	%	BBB+
Other industrial	773		808		2.2	%	BBB	586		629		1.7	%	BBB
Total industrials	$	17,523	$	19,080	51.1	%		$	16,274	$	18,435	50.9	%
Utilities
Electric	$	3,185	$	3,499	9.3	%	A-	$	3,013	$	3,480	9.6	%	A-
Natural gas	536		581		1.6	%	BBB+	476		560		1.5	%	BBB+
Other utility	430		476		1.3	%	BBB+	415		497		1.4	%	BBB+
Total utilities	$	4,151	$	4,556	12.2	%		$	3,904	$	4,537	12.5	%
Total	$	34,331	$	37,329	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
		September 30, 2021						June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020
NAIC Designation (1)	Rating Agency Designation (2)	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
1	AAA/AA/A	$	32,444	$	35,554	60.0	%	$	31,394	$	34,862	59.8	%	$	31,323	$	34,096	60.4	%	$	29,770	$	34,589	60.9	%	$	29,950	$	34,406	62.9	%
2	BBB	18,025		19,814		33.4	%	17,948		19,896		34.1	%	17,402		18,799		33.3	%	16,440		18,751		33.1	%	15,822		17,421		31.9	%
3	BB	2,868		2,952		5.0	%	2,575		2,683		4.6	%	2,622		2,704		4.8	%	2,480		2,588		4.6	%	2,103		2,118		3.9	%
4	B	832		822		1.4	%	686		678		1.2	%	695		669		1.2	%	713		697		1.2	%	668		641		1.2	%
5	CCC	161		137		0.2	%	179		159		0.3	%	170		145		0.3	%	131		102		0.2	%	108		59		0.1	%
6	In or near default	17		10		—	%	15		9		—	%	17		13		—	%	14		8		—	%	10		7		—	%
	Total	$	54,347	$	59,289	100.0	%	$	52,797	$	58,287	100.0	%	$	52,229	$	56,426	100.0	%	$	49,548	$	56,735	100.0	%	$	48,661	$	54,652	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
	September 30, 2021						June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020
	Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total		Amortized Cost		Estimated Fair Value		% of Total
RMBS
Agency	$	594	$	631	9.2	%	$	623	$	667	9.9	%	$	659	$	701	10.7	%	$	686	$	744	11.0	%	$	696	$	763	11.0	%
Non-agency	571		578		8.4	%	700		710		10.5	%	877		890		13.4	%	1,049		1,073		15.8	%	1,231		1,264		18.4	%
Total RMBS	1,165		1,209		17.6	%	1,323		1,377		20.4	%	1,536		1,591		24.1	%	1,735		1,817		26.8	%	1,927		2,027		29.4	%
ABS:
Collateralized loan obligations ("CLOs")	1,841		1,838		26.8	%	1,722		1,720		25.6	%	1,603		1,593		24.2	%	1,707		1,689		24.9	%	1,607		1,563		22.7	%
ABS, excluding CLOs	1,922		1,941		28.3	%	1,745		1,762		26.2	%	1,553		1,558		23.7	%	1,392		1,403		20.7	%	1,359		1,359		19.8	%
Total ABS	3,763		3,779		55.1	%	3,467		3,482		51.8	%	3,156		3,151		47.9	%	3,099		3,092		45.6	%	2,966		2,922		42.5	%
CMBS	1,795		1,877		27.3	%	1,774		1,869		27.8	%	1,774		1,840		28.0	%	1,790		1,868		27.6	%	1,871		1,930		28.1	%
Total	$	6,723	$	6,865	100.0	%	$	6,564	$	6,728	100.0	%	$	6,466	$	6,582	100.0	%	$	6,624	$	6,777	100.0	%	$	6,764	$	6,879	100.0	%

Page 33

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Gross Unrealized Losses Aging
Fixed Maturity Securities
	September 30, 2021				June 30, 2021				March 31, 2021				December 31, 2020				September 30, 2020
	Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total
Less than 20%	$	266	81.6	%	$	213	79.8	%	$	427	87.2	%	$	133	67.5	%	$	276	74.6	%
20% or more for less than six months	11		3.4	%	2		0.7	%	28		5.7	%	42		21.3	%	34		9.2	%
20% or more for six months or greater	49		15.0	%	52		19.5	%	35		7.1	%	22		11.2	%	60		16.2	%
Total	$	326	100.0	%	$	267	100.0	%	$	490	100.0	%	$	197	100.0	%	$	370	100.0	%

Page 34

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost
	As of September 30, 2021
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	3,789	$	107	$	348	$	18	$	4,137	$	125
Canadian government	45		3		—		—		45		3
RMBS	143		3		86		3		229		6
ABS	935		6		668		5		1,603		11
CMBS	75		1		20		1		95		2
U.S. government	724		21		—		—		724		21
State and political subdivisions	110		2		36		3		146		5
Other foreign government	2,046		41		561		24		2,607		65
Total investment grade securities	$	7,867	$	184	$	1,719	$	54	$	9,586	$	238
Below investment grade securities:
Corporate	$	506	$	30	$	106	$	31	$	612	$	61
ABS	—		—		14		12		14		12
CMBS	—		—		33		4		33		4
Other foreign government	135		7		35		4		170		11
Total below investment grade securities	$	641	$	37	$	188	$	51	$	829	$	88
Total fixed maturity securities	$	8,508	$	221	$	1,907	$	105	$	10,415	$	326

Page 35

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost
	As of December 31, 2020
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
Investment grade securities:
Corporate	$	930	$	29	$	70	$	5	$	1,000	$	34
Canadian government	—		—		—		—		—		—
RMBS	294		2		—		—		294		2
ABS	1,096		17		570		11		1,666		28
CMBS	160		6		—		—		160		6
U.S. government	27		1		—		—		27		1
State and political subdivisions	66		1		16		3		82		4
Other foreign government	973		27		—		—		973		27
Total investment grade securities	$	3,546	$	83	$	656	$	19	$	4,202	$	102
Below investment grade securities:
Corporate	$	375	$	49	$	81	$	11	$	456	$	60
ABS	20		13		4		1		24		14
CMBS	91		15		—		—		91		15
Other foreign government	36		3		28		3		64		6
Total below investment grade securities	$	522	$	80	$	113	$	15	$	635	$	95
Total fixed maturity securities	$	4,068	$	163	$	769	$	34	$	4,837	$	197

Page 36

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Consolidated Investment Related Gains and Losses
	Three Months Ended										Current Qtr vs. PY Quarter		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,				Sept. 30,		Sept. 30,
	2021		2021		2021		2020		2020				2021		2020		Change
Fixed maturity securities available-for-sale:
Impairments and change in allowance for credit losses	$	(1)	$	5	$	(2)	$	—	$	13	$	(14)	$	2	$	(21)	$	23
Gains on investment activity	45		53		167		25		16		29		265		89		176
Losses on investment activity	(9)		(30)		(13)		(6)		(22)		13		(52)		(76)		24
Net gains (losses) on fixed maturity securities available-for-sale	35		28		152		19		7		28		215		(8)		223
Net gains (losses) on equity securities	8		20		3		(4)		4		4		31		(11)		42
Other impairment losses and change in mortgage loan allowance for credit losses	4		3		18		(2)		(19)		23		25		(54)		79
Change in fair value of certain limited partnership investments and other, net	27		32		111		3		4		23		170		21		149
Free-standing derivatives:
Interest rate swaps - non-hedged	(4)		33		(70)		(22)		(11)		7		(41)		98		(139)
Financial futures	—		(9)		(10)		(28)		(15)		15		(19)		(19)		—
Foreign currency swaps - non-hedged	3		3		9		(1)		4		(1)		15		(6)		21
Foreign currency swaps - hedged	—		—		1		3		1		(1)		1		(5)		6
Foreign currency forwards - non-hedged	(2)		(1)		(8)		3		4		(6)		(11)		2		(13)
CPI swaps	12		3		18		19		11		1		33		(3)		36
Credit default swaps	(12)		12		20		22		1		(13)		20		(6)		26
Equity options	3		(11)		(10)		(16)		(12)		15		(18)		16		(34)
Total free-standing derivatives	—		30		(50)		(20)		(17)		17		(20)		77		(97)
Embedded derivatives:
Modified coinsurance and funds withheld treaties	21		16		50		51		116		(95)		87		(113)		200
GMXB	(37)		(17)		18		58		(29)		(8)		(36)		(50)		14
Total embedded derivatives	(16)		(1)		68		109		87		(103)		51		(163)		214
Net gains (losses) on total derivatives	(16)		29		18		89		70		(86)		31		(86)		117
Total investment related gains (losses), net	$	58	$	112	$	302	$	105	$	66	$	(8)	$	472	$	(138)	$	610

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
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2021		2021		2021		2020		2020		Quarter		2021		2020		Change
U.S. & Latin America Traditional
Income (loss) before income taxes	$	(126)	$	135	$	(338)	$	(92)	$	14	$	(140)	$	(329)	$	(206)	$	(123)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	5		(1)		(6)		3		8		(3)		(2)		8		(10)
Adjusted operating income (loss) before income taxes	$	(121)	$	134	$	(344)	$	(89)	$	22	$	(143)	$	(331)	$	(198)	$	(133)
U.S. & Latin America Asset-Intensive
Income before income taxes	$	106	$	163	$	60	$	96	$	50	$	56	$	329	$	105	$	224
Investment and derivative (gains) losses (1)	(23)		(32)		68		65		36		(59)		13		(69)		82
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(26)		(15)		(44)		(54)		(124)		98		(85)		105		(190)
GMXB embedded derivatives (1)	37		17		(18)		(58)		29		8		36		50		(14)
Funds withheld (gains) losses - investment income	—		(2)		1		5		1		(1)		(1)		(1)		—
EIA embedded derivatives - interest credited	(3)		(3)		(30)		(5)		6		(9)		(36)		25		(61)
DAC offset, net	2		(2)		12		21		79		(77)		12		(29)		41
Non-investment derivatives and other	—		—		—		—		—		—		—		(3)		3
Adjusted operating income before income taxes	$	93	$	126	$	49	$	70	$	77	$	16	$	268	$	183	$	85
U.S. & Latin America Capital Solutions
Income before income taxes	$	22	$	23	$	23	$	23	$	24	$	(2)	$	68	$	71	$	(3)
Adjusted operating income before income taxes	$	22	$	23	$	23	$	23	$	24	$	(2)	$	68	$	71	$	(3)
Canada Traditional
Income before income taxes	$	44	$	32	$	24	$	37	$	30	$	14	$	100	$	97	$	3
Investment and derivative (gains) losses (1)	—		1		—		(2)		—		—		1		9		(8)
Investment income - non-operating FWAI	—		1		(1)		—		(1)		1		—		(1)		1
Adjusted operating income before income taxes	$	44	$	34	$	23	$	35	$	29	$	15	$	101	$	105	$	(4)
Canada Financial Solutions
Income before income taxes	$	—	$	4	$	6	$	8	$	6	$	(6)	$	10	$	13	$	(3)
Adjusted operating income before income taxes	$	—	$	4	$	6	$	8	$	6	$	(6)	$	10	$	13	$	(3)
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		vs. PY		Sept. 30,		Sept. 30,
	2021		2021		2021		2020		2020		Quarter		2021		2020		Change
Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	(91)	$	(12)	$	(68)	$	(13)	$	7	$	(98)	$	(171)	$	40	$	(211)
Adjusted operating income (loss) before income taxes	$	(91)	$	(12)	$	(68)	$	(13)	$	7	$	(98)	$	(171)	$	40	$	(211)
Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	85	$	83	$	60	$	38	$	92	$	(7)	$	228	$	220	$	8
Investment and derivative losses (1)	(21)		—		(17)		(2)		(5)		(16)		(38)		(15)		(23)
Investment income - non-operating FWAI	(2)		—		(1)		5		(1)		(1)		(3)		(4)		1
Investment (income) loss on unit-linked variable annuities	2		(2)		1		(13)		1		1		1		2		(1)
Interest credited on unit-linked variable annuities	(2)		2		(1)		13		(1)		(1)		(1)		(2)		1
Adjusted operating income before income taxes	$	62	$	83	$	42	$	41	$	86	$	(24)	$	187	$	201	$	(14)
Asia Pacific Traditional
Income (loss) before income taxes	$	(96)	$	(12)	$	41	$	25	$	78	$	(174)	$	(67)	$	149	$	(216)
Adjusted operating income (loss) before income taxes	$	(96)	$	(12)	$	41	$	25	$	78	$	(174)	$	(67)	$	149	$	(216)
Asia Pacific Financial Solutions
Income before income taxes	$	6	$	31	$	28	$	48	$	10	$	(4)	$	65	$	11	$	54
Investment and derivative (gains) losses (1)	19		(11)		(9)		(25)		(1)		20		(1)		20		(21)
Adjusted operating income before income taxes	$	25	$	20	$	19	$	23	$	9	$	16	$	64	$	31	$	33
Corporate and Other
Income (loss) before income taxes	$	16	$	35	$	350	$	(1)	$	(26)	$	42	$	401	$	(116)	$	517
Investment and derivative (gains) losses (1)	(41)		(62)		(270)		(24)		(13)		(28)		(373)		35		(408)
Interest expense on uncertain tax positions	2		3		3		2		1		1		8		9		(1)
Non-investment derivatives and other	(4)		(15)		11		(1)		1		(5)		(8)		5		(13)
Adjusted operating income (loss) before income taxes	$	(27)	$	(39)	$	94	$	(24)	$	(37)	$	10	$	28	$	(67)	$	95
(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)
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2021		2021		2021		2020		2020
Stockholders’ equity	$	12,885	$	13,444	$	12,090	$	14,352	$	13,214
Less effect of AOCI:
Accumulated currency translation adjustments	(50)		(20)		(39)		(69)		(171)
Unrealized appreciation of securities	3,704		4,133		3,113		5,500		4,542
Pension and postretirement benefits	(71)		(72)		(72)		(72)		(82)
Stockholders’ equity, excluding AOCI	$	9,302	$	9,403	$	9,088	$	8,993	$	8,925
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,
	2021		2021		2021		2020		2020
Book value per share	$	190.60	$	197.72	$	177.83	$	211.19	$	194.49
Less effect of AOCI:
Accumulated currency translation adjustments	(0.75)		(0.29)		(0.57)		(1.02)		(2.51)
Unrealized appreciation of securities	54.80		60.78		45.79		80.94		66.86
Pension and postretirement benefits	(1.05)		(1.06)		(1.06)		(1.06)		(1.22)
Book value per share, excluding AOCI	$	137.60	$	138.29	$	133.67	$	132.33	$	131.36

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