Exhibit 99.2

Quarterly Financial Supplement

Fourth 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

4th 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
Fixed Maturity Securities Below Amortized Cost	34
Consolidated Investment Related Gains and Losses	36
Appendix
Reconciliations of GAAP to Non-GAAP Measures	37

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 and book value per share 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 and book value per share 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 twelve months ended December 31, 2021, is a reclassification recorded during the first quarter of approximately $92 million of pre-tax unrealized gains from AOCI 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 twelve-months ended December 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 twelve months ended December 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, 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 twelve months ended December 31, 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)	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,						Dec. 31,		Dec. 31,
	2021			2021			2021			2021			2020						2021		2020		Change
Net premiums	$	3,407		$	3,094		$	3,098		$	2,914		$	3,260		$	147		$	12,513	$	11,694	$	819
Net income (loss)	156			(22)			344			139			132			24			617		415		202
Adjusted operating income (loss)	(38)			(75)			274			(84)			81			(119)			77		496		(419)
Return on equity - annualized	4.8		%	(0.7)		%	10.8		%	4.2		%	3.8		%	1.0		%
Return on equity - trailing 12 months	4.7		%	4.5		%	6.3		%	5.2		%	3.4		%	1.3		%
Adjusted operating return on equity (ex AOCI) - annualized	(1.6)		%	(3.2)		%	11.9		%	(3.7)		%	3.6		%	(5.2)		%
Adjusted operating return on equity (ex AOCI) - trailing 12 months	0.8		%	2.1		%	5.7		%	3.7		%	5.7		%	(4.9)		%
Total assets	$	92,175		$	91,449		$	88,944		$	84,810		$	84,656		$	7,519
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,628.4		$	1,619.9		$	1,619.4		$	1,610.2		$	1,611.6		$	16.8
U.S. and Latin America Financial Solutions	5.3			5.3			5.3			5.3			5.3			—
Canada Traditional	472.6			463.1			468.3			460.1			445.2			27.4
Europe, Middle East and Africa Traditional	861.6			852.8			861.4			830.8			864.4			(2.8)
Asia Pacific Traditional	497.4			526.0			516.1			521.0			553.7			(56.3)
Asia Pacific Financial Solutions	1.7			1.5			1.2			1.2			0.5			1.2
Total assumed life reinsurance in force	$	3,467.0		$	3,468.6		$	3,471.7		$	3,428.6		$	3,480.7		$	(13.7)
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	32.4		$	33.9		$	35.7		$	28.5		$	31.0		$	1.4		$	130.5	$	114.9	$	15.6
U.S. and Latin America Financial Solutions	—			—			—			—			0.1			(0.1)			—		—		—
Canada Traditional	14.6			11.5			8.5			14.2			10.9			3.7			48.8		40.8		8.0
Europe, Middle East and Africa Traditional	51.0			32.0			87.8			27.6			57.8			(6.8)			198.4		184.3		14.1
Asia Pacific Traditional	8.6			7.1			10.9			7.6			10.6			(2.0)			34.2		49.6		(15.4)
Asia Pacific Financial Solutions	0.1			—			0.1			—			—			0.1			0.2		—		0.2
Total assumed new business production	$	106.7		$	84.5		$	143.0		$	77.9		$	110.4		$	(3.7)		$	412.1	$	389.6	$	22.5
Per Share and Shares Data
Basic earnings per share
Net income (loss)	$	2.32		$	(0.32)		$	5.06		$	2.04		$	1.95		$	0.37		$	9.10	$	6.35	$	2.75
Adjusted operating income (loss)	$	(0.56)		$	(1.11)		$	4.04		$	(1.24)		$	1.19		$	(1.75)		$	1.14	$	7.59	$	(6.45)
Diluted earnings per share (1)
Net income (loss) (1)	$	2.30		$	(0.32)		$	5.02		$	2.03		$	1.94		$	0.36		$	9.04	$	6.31	$	2.73
Adjusted operating income (loss) (1)	$	(0.56)		$	(1.11)		$	4.00		$	(1.24)		$	1.19		$	(1.75)		$	1.13	$	7.54	$	(6.41)
Wgt. average common shares outstanding
Basic	67,380			67,916			67,990			67,975			67,944			(564)			67,814		65,377		2,437
Diluted	67,930			68,417			68,533			68,427			68,378			(448)			68,286		65,835		2,451
Common shares issued	85,311			85,311			85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	18,140			17,711			17,314			17,326			17,354			786			18,140		17,354		786
Common shares outstanding	67,171			67,600			67,997			67,985			67,957			(786)			67,171		67,957		(786)
Book value per share	$	193.75		$	190.60		$	197.72		$	177.83		$	211.19		$	(17.44)
Per share effect of AOCI	$	54.22		$	53.00		$	59.43		$	44.16		$	78.86		$	(24.64)
Book value per share, excluding AOCI	$	139.53		$	137.60		$	138.29		$	133.67		$	132.33		$	7.20
Stockholders’ dividends paid	$	49		$	50		$	47		$	48		$	48		$	1		$	194	$	182	$	12
(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.

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Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2021		2021		2021		2021		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	3,407	$	3,094	$	3,098	$	2,914	$	3,260	$	147	$	12,513	$	11,694	$	819
Investment income, net of related expenses	771		796		759		812		682		89		3,138		2,575		563
Investment related gains (losses), net	88		58		112		302		105		(17)		560		(33)		593
Other revenue	93		95		168		91		96		(3)		447		360		87
Total revenues	4,359		4,043		4,137		4,119		4,143		216		16,658		14,596		2,062
Benefits and expenses:
Claims and other policy benefits	3,482		3,289		2,813		3,192		3,181		301		12,776		11,075		1,701
Interest credited	159		177		218		146		175		(16)		700		704		(4)
Policy acquisition costs and other insurance expenses	406		338		339		333		349		57		1,416		1,261		155
Other operating expenses	253		229		240		214		222		31		936		816		120
Interest expense	(2)		41		43		45		44		(46)		127		170		(43)
Collateral finance and securitization expense	4		3		2		3		3		1		12		17		(5)
Total benefits and expenses	4,302		4,077		3,655		3,933		3,974		328		15,967		14,043		1,924
Income (loss) before income taxes	57		(34)		482		186		169		(112)		691		553		138
Provision for income taxes	(99)		(12)		138		47		37		(136)		74		138		(64)
Net income (loss)	$	156	$	(22)	$	344	$	139	$	132	$	24	$	617	$	415	$	202
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes	$	57	$	(34)	$	482	$	186	$	169	$	(112)	$	691	$	553	$	138
Investment and derivative (gains) losses (1)	(31)		(66)		(104)		(228)		12		(43)		(429)		(8)		(421)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	(20)		(21)		(16)		(50)		(51)		31		(107)		62		(169)
GMXB embedded derivatives (1)	(29)		37		17		(18)		(58)		29		7		(8)		15
Funds withheld (gains) losses - investment income	(1)		(2)		(1)		(1)		10		(11)		(5)		4		(9)
EIA embedded derivatives - interest credited	(9)		(3)		(3)		(30)		(5)		(4)		(45)		20		(65)
DAC offset, net	26		2		(2)		12		21		5		38		(8)		46
Investment (income) loss on unit-linked variable annuities	(5)		2		(2)		1		(13)		8		(4)		(11)		7
Interest credited on unit-linked variable annuities	5		(2)		2		(1)		13		(8)		4		11		(7)
Interest expense on uncertain tax positions	(34)		2		3		3		2		(36)		(26)		11		(37)
Non-investment derivatives and other	5		(4)		(15)		11		(1)		6		(3)		1		(4)
Adjusted operating income (loss) before income taxes	$	(36)	$	(89)	$	361	$	(115)	$	99	$	(135)	$	121	$	627	$	(506)
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

Page 4

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2021		2021		2021		2021		2020		Quarter		2021		2020		Change
After-tax adjusted operating income reconciliation:
Net income (loss)	$	156	$	(22)	$	344	$	139	$	132	$	24	$	617	$	415	$	202
Investment and derivative (gains) losses (1)	(25)		(52)		(82)		(179)		9		(34)		(338)		(6)		(332)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	(16)		(17)		(12)		(40)		(40)		24		(85)		49		(134)
GMXB embedded derivatives (1)	(22)		29		13		(14)		(46)		24		6		(6)		12
Funds withheld (gains) losses - investment income	(1)		(1)		(1)		(1)		8		(9)		(4)		3		(7)
EIA embedded derivatives - interest credited	(8)		(2)		(2)		(24)		(4)		(4)		(36)		16		(52)
DAC offset, net	21		1		(1)		9		17		4		30		(6)		36
Investment (income) loss on unit-linked variable annuities	(4)		2		(2)		1		(11)		7		(3)		(9)		6
Interest credited on unit-linked variable annuities	4		(2)		2		(1)		11		(7)		3		9		(6)
Interest expense on uncertain tax positions	(27)		1		3		2		2		(29)		(21)		9		(30)
Non-investment derivatives and other	4		(3)		(12)		9		(1)		5		(2)		1		(3)
Uncertain tax positions and other tax related items	(120)		(9)		24		15		4		(124)		(90)		21		(111)
Adjusted operating income (loss)	$	(38)	$	(75)	$	274	$	(84)	$	81	$	(119)	$	77	$	496	$	(419)
Diluted earnings per share - adjusted operating income (loss) (2)	$	(0.56)	$	(1.11)	$	4.00	$	(1.24)	$	1.19	$	(1.75)	$	1.13	$	7.54	$	(6.41)
Foreign currency effect on (3):
Net premiums	$	(3)	$	51	$	124	$	78	$	35	$	(38)	$	250	$	(32)	$	282
Adjusted operating income (loss) before income taxes	$	—	$	(7)	$	10	$	1	$	3	$	(3)	$	4	$	5	$	(1)
(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)
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2021		2021		2021		2021		2020
Assets
Fixed maturity securities, available-for-sale	$	60,749	$	59,289	$	58,287	$	56,426	$	56,735
Equity securities	151		160		147		135		132
Mortgage loans on real estate	6,283		6,366		6,481		6,001		5,787
Policy loans	1,234		1,234		1,254		1,253		1,258
Funds withheld at interest	6,954		7,034		7,049		5,459		5,432
Short-term investments	87		82		184		157		227
Other invested assets	3,070		3,404		2,924		2,983		2,829
Total investments	78,528		77,569		76,326		72,414		72,400
Cash and cash equivalents	2,948		3,027		3,254		3,122		3,408
Accrued investment income	533		574		525		546		511
Premiums receivable and other reinsurance balances	2,888		3,013		3,102		2,907		2,842
Reinsurance ceded receivables	2,580		2,585		1,093		1,089		983
Deferred policy acquisition costs	3,690		3,687		3,622		3,617		3,616
Other assets	1,008		994		1,022		1,115		896
Total assets	$	92,175	$	91,449	$	88,944	$	84,810	$	84,656
Liabilities and stockholders’ equity
Future policy benefits	$	35,782	$	35,666	$	33,761	$	33,675	$	31,453
Interest-sensitive contract liabilities	26,377		26,017		26,161		23,142		23,276
Other policy claims and benefits	6,993		7,117		6,795		7,077		6,413
Other reinsurance balances	613		543		531		560		598
Deferred income taxes	2,886		2,407		2,699		2,417		3,263
Other liabilities	2,663		3,327		2,057		1,930		1,340
Long-term debt	3,667		3,173		3,173		3,573		3,573
Collateral finance and securitization notes	180		314		323		346		388
Total liabilities	79,161		78,564		75,500		72,720		70,304
Stockholders’ equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,461		2,447		2,430		2,411		2,406
Retained earnings	8,563		8,458		8,531		8,235		8,148
Treasury stock	(1,653)		(1,604)		(1,559)		(1,559)		(1,562)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	(9)		(50)		(20)		(39)		(69)
Unrealized appreciation of securities, net of income taxes	3,701		3,704		4,133		3,113		5,500
Pension and postretirement benefits, net of income taxes	(50)		(71)		(72)		(72)		(72)
Total stockholders’ equity	13,014		12,885		13,444		12,090		14,352
Total liabilities and stockholders’ equity	$	92,175	$	91,449	$	88,944	$	84,810	$	84,656
Total stockholders’ equity, excluding AOCI	$	9,372	$	9,302	$	9,403	$	9,088	$	8,993
See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.

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Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
GAAP Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2021			2021			2021			2021			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	1,697		$	1,550		$	1,578		$	1,419		$	1,591		$	106		$	6,244		$	5,838		$	406
Investment income, net of related expenses	245			245			233			207			196			49			930			714			216
Investment related gains (losses), net	4			(5)			1			6			(3)			7			6			(11)			17
Other revenue	4			5			4			5			2			2			18			19			(1)
Total revenues	1,950			1,795			1,816			1,637			1,786			164			7,198			6,560			638
Benefits and expenses:
Claims and other policy benefits	1,892			1,670			1,418			1,740			1,638			254			6,720			5,906			814
Interest credited	18			17			18			17			17			1			70			73			(3)
Policy acquisition costs and other insurance expenses	209			195			206			182			189			20			792			748			44
Other operating expenses	42			39			39			36			34			8			156			131			25
Total benefits and expenses	2,161			1,921			1,681			1,975			1,878			283			7,738			6,858			880
Income (loss) before income taxes	$	(211)		$	(126)		$	135		$	(338)		$	(92)		$	(119)		$	(540)		$	(298)		$	(242)
Loss and expense ratios:
Claims and other policy benefits	111.5		%	107.7		%	89.9		%	122.6		%	103.0		%	8.5		%	107.6		%	101.2		%	6.4		%
Policy acquisition costs and other insurance expenses	12.3		%	12.6		%	13.1		%	12.8		%	11.9		%	0.4		%	12.7		%	12.8		%	(0.1)		%
Other operating expenses	2.5		%	2.5		%	2.5		%	2.5		%	2.1		%	0.4		%	2.5		%	2.2		%	0.3		%
Foreign currency effect on (1):
Net premiums	$	—		$	2		$	2		$	(1)		$	(1)		$	1		$	3		$	(5)		$	8
Income (loss) before income taxes	$	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
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			Qtr vs. PY			Dec. 31,			Dec. 31,
	2021			2021			2021			2021			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	1,697		$	1,550		$	1,578		$	1,419		$	1,591		$	106		$	6,244		$	5,838		$	406
Investment income, net of related expenses	245			245			233			207			196			49			930			714			216
Other revenue	4			5			4			5			2			2			18			19			(1)
Total revenues	1,946			1,800			1,815			1,631			1,789			157			7,192			6,571			621
Benefits and expenses:
Claims and other policy benefits	1,892			1,670			1,418			1,740			1,638			254			6,720			5,906			814
Interest credited	18			17			18			17			17			1			70			73			(3)
Policy acquisition costs and other insurance expenses	209			195			206			182			189			20			792			748			44
Other operating expenses	42			39			39			36			34			8			156			131			25
Total benefits and expenses	2,161			1,921			1,681			1,975			1,878			283			7,738			6,858			880
Adjusted operating income (loss) before income taxes	$	(215)		$	(121)		$	134		$	(344)		$	(89)		$	(126)		$	(546)		$	(287)		$	(259)
Loss and expense ratios:
Claims and other policy benefits	111.5		%	107.7		%	89.9		%	122.6		%	103.0		%	8.5		%	107.6		%	101.2		%	6.4		%
Policy acquisition costs and other insurance expenses	12.3		%	12.6		%	13.1		%	12.8		%	11.9		%	0.4		%	12.7		%	12.8		%	(0.1)		%
Other operating expenses	2.5		%	2.5		%	2.5		%	2.5		%	2.1		%	0.4		%	2.5		%	2.2		%	0.3		%
Foreign currency effect on (1):
Net premiums	$	—		$	2		$	2		$	(1)		$	(1)		$	1		$	3		$	(5)		$	8
Adjusted operating income (loss) before income taxes	$	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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2021		2021		2021		2021		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	13	$	14	$	15	$	13	$	13	$	—	$	55	$	53	$	2
Investment income, net of related expenses	264		290		276		257		248		16		1,087		994		93
Investment related gains (losses), net	36		12		30		(6)		47		(11)		72		(39)		111
Other revenue	26		31		85		26		25		1		168		103		65
Total revenues	339		347		406		290		333		6		1,382		1,111		271
Benefits and expenses:
Claims and other policy benefits	37		48		21		60		49		(12)		166		201		(35)
Interest credited	120		149		182		114		132		(12)		565		563		2
Policy acquisition costs and other insurance expenses	79		34		32		47		50		29		192		118		74
Other operating expenses	10		10		8		9		6		4		37		28		9
Total benefits and expenses	246		241		243		230		237		9		960		910		50
Income before income taxes	$	93	$	106	$	163	$	60	$	96	$	(3)	$	422	$	201	$	221
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 9

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2021		2021		2021		2021		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	13	$	14	$	15	$	13	$	13	$	—	$	55	$	53	$	2
Investment income, net of related expenses	264		290		274		258		253		11		1,086		998		88
Other revenue	25		31		85		26		25		—		167		100		67
Total revenues	302		335		374		297		291		11		1,308		1,151		157
Benefits and expenses:
Claims and other policy benefits	37		48		21		60		49		(12)		166		201		(35)
Interest credited	129		152		185		144		137		(8)		610		543		67
Policy acquisition costs and other insurance expenses	53		32		34		35		29		24		154		126		28
Other operating expenses	10		10		8		9		6		4		37		28		9
Total benefits and expenses	229		242		248		248		221		8		967		898		69
Adjusted operating income before income taxes	$	73	$	93	$	126	$	49	$	70	$	3	$	341	$	253	$	88
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)	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
	2021			2021			2021			2021			2020
Annuity account values:
Fixed annuities (deferred)	$	11,858		$	11,997		$	13,687		$	10,659		$	10,773
Net interest spread (fixed annuities)	1.4		%	1.7		%	1.2		%	1.3		%	1.6		%
Equity-indexed annuities	$	3,213		$	3,293		$	3,343		$	3,391		$	3,480
Variable annuities account values
No riders	$	844		$	827		$	834		$	823		$	665
GMDB only	960			968			949			901			872
GMIB only	25			25			25			24			24
GMAB only	3			3			4			4			4
GMWB only	1,130			1,110			1,145			1,116			1,132
GMDB / WB	264			261			271			265			275
Other	19			19			19			18			18
Total variable annuities account values	$	3,245		$	3,213		$	3,247		$	3,151		$	2,990
Fair value of liabilities associated with living benefit riders	$	162		$	191		$	154		$	136		$	155
Interest-sensitive contract liabilities associated with:
Guaranteed investment contracts	$	656		$	827		$	973		$	973		$	1,015
Bank-owned life insurance (BOLI)	$	2,492		$	2,480		$	2,471		$	2,463		$	2,460
Other asset-intensive business	$	115		$	117		$	119		$	123		$	124
Future policy benefits associated with:
Payout annuities	$	4,274		$	4,329		$	4,393		$	4,477		$	4,532

Page 11

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2021		2021		2021		2021		2020		Quarter		2021		2020		Change
Revenues:
Investment income, net of related expenses	$	—	$	1	$	—	$	1	$	1	$	(1)	$	2	$	5	$	(3)
Other revenue	28		26		27		27		25		3		108		104		4
Total revenues	28		27		27		28		26		2		110		109		1
Benefits and expenses:
Policy acquisition costs and other insurance expenses	—		2		—		2		1		(1)		4		5		(1)
Other operating expenses	3		3		4		3		2		1		13		10		3
Total benefits and expenses	3		5		4		5		3		—		17		15		2
Income before income taxes	$	25	$	22	$	23	$	23	$	23	$	2	$	93	$	94	$	(1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 12

Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2021		2021		2021		2021		2020		Quarter		2021		2020		Change
Revenues:
Investment income, net of related expenses	$	—	$	1	$	—	$	1	$	1	$	(1)	$	2	$	5	$	(3)
Other revenue	28		26		27		27		25		3		108		104		4
Total revenues	28		27		27		28		26		2		110		109		1
Benefits and expenses:
Policy acquisition costs and other insurance expenses	—		2		—		2		1		(1)		4		5		(1)
Other operating expenses	3		3		4		3		2		1		13		10		3
Total benefits and expenses	3		5		4		5		3		—		17		15		2
Adjusted operating income before income taxes	$	25	$	22	$	23	$	23	$	23	$	2	$	93	$	94	$	(1)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 13

Reinsurance Group of America, Incorporated
Canada Traditional
GAAP Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2021			2021			2021			2021			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	324		$	289		$	301		$	280		$	284		$	40		$	1,194		$	1,052		$	142
Investment income, net of related expenses	60			65			63			60			56			4			248			207			41
Investment related gains, net	—			1			—			2			4			(4)			3			—			3
Other revenue	1			(1)			2			1			—			1			3			1			2
Total revenues	385			354			366			343			344			41			1,448			1,260			188
Benefits and expenses:
Claims and other policy benefits	298			255			277			266			248			50			1,096			909			187
Policy acquisition costs and other insurance expenses	50			46			46			45			49			1			187			180			7
Other operating expenses	9			9			11			8			10			(1)			37			37			—
Total benefits and expenses	357			310			334			319			307			50			1,320			1,126			194
Income before income taxes	$	28		$	44		$	32		$	24		$	37		$	(9)		$	128		$	134		$	(6)
Loss and expense ratios:
Claims and other policy benefits	92.0		%	88.2		%	92.0		%	95.0		%	87.3		%	4.7		%	91.8		%	86.4		%	5.4		%
Policy acquisition costs and other insurance expenses	15.4		%	15.9		%	15.3		%	16.1		%	17.3		%	(1.9)		%	15.7		%	17.1		%	(1.4)		%
Other operating expenses	2.8		%	3.1		%	3.7		%	2.9		%	3.5		%	(0.7)		%	3.1		%	3.5		%	(0.4)		%
Foreign currency effect on (1):
Net premiums	$	10		$	16		$	34		$	16		$	4		$	6		$	76		$	(10)		$	86
Income before income taxes	$	—		$	3		$	3		$	—		$	1		$	(1)		$	6		$	—		$	6
Creditor reinsurance net premiums	$	19		$	19		$	19		$	17		$	16		$	3		$	74		$	65		$	9
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Page 14

Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2021			2021			2021			2021			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	324		$	289		$	301		$	280		$	284		$	40		$	1,194		$	1,052		$	142
Investment income, net of related expenses	59			65			64			59			56			3			247			206			41
Investment related gains, net	2			1			1			2			2			—			6			7			(1)
Other revenue	1			(1)			2			1			—			1			3			1			2
Total revenues	386			354			368			342			342			44			1,450			1,266			184
Benefits and expenses:
Claims and other policy benefits	298			255			277			266			248			50			1,096			909			187
Policy acquisition costs and other insurance expenses	50			46			46			45			49			1			187			180			7
Other operating expenses	9			9			11			8			10			(1)			37			37			—
Total benefits and expenses	357			310			334			319			307			50			1,320			1,126			194
Adjusted operating income before income taxes	$	29		$	44		$	34		$	23		$	35		$	(6)		$	130		$	140		$	(10)
Loss and expense ratios:
Claims and other policy benefits	92.0		%	88.2		%	92.0		%	95.0		%	87.3		%	4.7		%	91.8		%	86.4		%	5.4		%
Policy acquisition costs and other insurance expenses	15.4		%	15.9		%	15.3		%	16.1		%	17.3		%	(1.9)		%	15.7		%	17.1		%	(1.4)		%
Other operating expenses	2.8		%	3.1		%	3.7		%	2.9		%	3.5		%	(0.7)		%	3.1		%	3.5		%	(0.4)		%
Foreign currency effect on (1):
Net premiums	$	10		$	16		$	34		$	16		$	4		$	6		$	76		$	(10)		$	86
Adjusted operating income before income taxes	$	—		$	3		$	3		$	—		$	1		$	(1)		$	6		$	—		$	6
Creditor reinsurance net premiums	$	19		$	19		$	19		$	17		$	16		$	3		$	74		$	65		$	9
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Page 15

Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
GAAP Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2021		2021		2021		2021		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	22	$	22	$	23	$	23	$	21	$	1	$	90	$	83	$	7
Investment income, net of related expenses	—		—		—		—		—		—		—		1		(1)
Other revenue	2		3		3		3		2		—		11		8		3
Total revenues	24		25		26		26		23		1		101		92		9
Benefits and expenses:
Claims and other policy benefits	17		23		21		18		14		3		79		68		11
Policy acquisition costs and other insurance expenses	1		1		1		—		—		1		3		1		2
Other operating expenses	1		1		—		2		1		—		4		2		2
Total benefits and expenses	19		25		22		20		15		4		86		71		15
Income before income taxes	$	5	$	—	$	4	$	6	$	8	$	(3)	$	15	$	21	$	(6)
Foreign currency effect on (2):
Net premiums	$	1	$	1	$	3	$	1	$	—	$	1	$	6	$	(1)	$	7
Income before income taxes	$	1	$	—	$	—	$	—	$	—	$	1	$	1	$	—	$	1
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.

Page 16

Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2021		2021		2021		2021		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	22	$	22	$	23	$	23	$	21	$	1	$	90	$	83	$	7
Investment income, net of related expenses	—		—		—		—		—		—		—		1		(1)
Other revenue	2		3		3		3		2		—		11		8		3
Total revenues	24		25		26		26		23		1		101		92		9
Benefits and expenses:
Claims and other policy benefits	17		23		21		18		14		3		79		68		11
Policy acquisition costs and other insurance expenses	1		1		1		—		—		1		3		1		2
Other operating expenses	1		1		—		2		1		—		4		2		2
Total benefits and expenses	19		25		22		20		15		4		86		71		15
Adjusted operating income before income taxes	$	5	$	—	$	4	$	6	$	8	$	(3)	$	15	$	21	$	(6)
Foreign currency effect on (2):
Net premiums	$	1	$	1	$	3	$	1	$	—	$	1	$	6	$	(1)	$	7
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
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2021			2021			2021			2021			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	435		$	432		$	433		$	438		$	442		$	(7)		$	1,738		$	1,555		$	183
Investment income, net of related expenses	22			22			24			20			17			5			88			72			16
Other revenue	—			—			2			(1)			6			(6)			1			6			(5)
Total revenues	457			454			459			457			465			(8)			1,827			1,633			194
Benefits and expenses:
Claims and other policy benefits	464			482			414			469			423			41			1,829			1,389			440
Policy acquisition costs and other insurance expenses	34			35			27			29			29			5			125			119			6
Other operating expenses	27			28			30			27			26			1			112			98			14
Total benefits and expenses	525			545			471			525			478			47			2,066			1,606			460
Income (loss) before income taxes	$	(68)		$	(91)		$	(12)		$	(68)		$	(13)		$	(55)		$	(239)		$	27		$	(266)
Loss and expense ratios:
Claims and other policy benefits	106.7		%	111.6		%	95.6		%	107.1		%	95.7		%	11.0		%	105.2		%	89.3		%	15.9		%
Policy acquisition costs and other insurance expenses	7.8		%	8.1		%	6.2		%	6.6		%	6.6		%	1.2		%	7.2		%	7.7		%	(0.5)		%
Other operating expenses	6.2		%	6.5		%	6.9		%	6.2		%	5.9		%	0.3		%	6.4		%	6.3		%	0.1		%
Foreign currency effect on (1):
Net premiums	$	—		$	22		$	47		$	26		$	8		$	(8)		$	95		$	(19)		$	114
Income (loss) before income taxes	$	—		$	(14)		$	(4)		$	(5)		$	2		$	(2)		$	(23)		$	3		$	(26)
Critical illness net premiums	$	42		$	46		$	44		$	42		$	43		$	(1)		$	174		$	168		$	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 18

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2021			2021			2021			2021			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	435		$	432		$	433		$	438		$	442		$	(7)		$	1,738		$	1,555		$	183
Investment income, net of related expenses	22			22			24			20			17			5			88			72			16
Other revenue	—			—			2			(1)			6			(6)			1			6			(5)
Total revenues	457			454			459			457			465			(8)			1,827			1,633			194
Benefits and expenses:
Claims and other policy benefits	464			482			414			469			423			41			1,829			1,389			440
Policy acquisition costs and other insurance expenses	34			35			27			29			29			5			125			119			6
Other operating expenses	27			28			30			27			26			1			112			98			14
Total benefits and expenses	525			545			471			525			478			47			2,066			1,606			460
Adjusted operating income (loss) before income taxes	$	(68)		$	(91)		$	(12)		$	(68)		$	(13)		$	(55)		$	(239)		$	27		$	(266)
Loss and expense ratios:
Claims and other policy benefits	106.7		%	111.6		%	95.6		%	107.1		%	95.7		%	11.0		%	105.2		%	89.3		%	15.9		%
Policy acquisition costs and other insurance expenses	7.8		%	8.1		%	6.2		%	6.6		%	6.6		%	1.2		%	7.2		%	7.7		%	(0.5)		%
Other operating expenses	6.2		%	6.5		%	6.9		%	6.2		%	5.9		%	0.3		%	6.4		%	6.3		%	0.1		%
Foreign currency effect on (1):
Net premiums	$	—		$	22		$	47		$	26		$	8		$	(8)		$	95		$	(19)		$	114
Adjusted operating income (loss) before income taxes	$	—		$	(14)		$	(4)		$	(5)		$	2		$	(2)		$	(23)		$	3		$	(26)
Critical illness net premiums	$	42		$	46		$	44		$	42		$	43		$	(1)		$	174		$	168		$	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 19

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
GAAP Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2021		2021		2021		2021		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	91	$	96	$	84	$	79	$	84	$	7	$	350	$	252	$	98
Investment income, net of related expenses	56		51		50		48		58		(2)		205		193		12
Investment related gains, net	8		23		2		16		1		7		49		15		34
Other revenue	2		4		3		3		4		(2)		12		11		1
Total revenues	157		174		139		146		147		10		616		471		145
Benefits and expenses:
Claims and other policy benefits	60		77		42		75		81		(21)		254		152		102
Interest credited	5		(2)		2		(1)		13		(8)		4		11		(7)
Policy acquisition costs and other insurance expenses	5		2		1		2		1		4		10		4		6
Other operating expenses	12		12		11		10		14		(2)		45		46		(1)
Total benefits and expenses	82		89		56		86		109		(27)		313		213		100
Income before income taxes	$	75	$	85	$	83	$	60	$	38	$	37	$	303	$	258	$	45
Foreign currency effect on (2):
Net premiums	$	1	$	5	$	9	$	6	$	3	$	(2)	$	21	$	2	$	19
Income before income taxes	$	1	$	5	$	10	$	5	$	—	$	1	$	21	$	1	$	20
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

Page 20

Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2021		2021		2021		2021		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	91	$	96	$	84	$	79	$	84	$	7	$	350	$	252	$	98
Investment income, net of related expenses	51		51		48		48		50		1		198		183		15
Investment related gains (losses), net	3		2		2		(1)		(1)		4		6		(2)		8
Other revenue	2		4		3		3		4		(2)		12		11		1
Total revenues	147		153		137		129		137		10		566		444		122
Benefits and expenses:
Claims and other policy benefits	60		77		42		75		81		(21)		254		152		102
Interest credited	—		—		—		—		—		—		—		—		—
Policy acquisition costs and other insurance expenses	5		2		1		2		1		4		10		4		6
Other operating expenses	12		12		11		10		14		(2)		45		46		(1)
Total benefits and expenses	77		91		54		87		96		(19)		309		202		107
Adjusted operating income before income taxes	$	70	$	62	$	83	$	42	$	41	$	29	$	257	$	242	$	15
Foreign currency effect on (2):
Net premiums	$	1	$	5	$	9	$	6	$	3	$	(2)	$	21	$	2	$	19
Adjusted operating income before income taxes	$	1	$	4	$	9	$	4	$	1	$	—	$	18	$	2	$	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
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2021			2021			2021			2021			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	773		$	626		$	616		$	609		$	785		$	(12)		$	2,624		$	2,681		$	(57)
Investment income, net of related expenses	36			33			34			33			31			5			136			107			29
Investment related gains (losses), net	—			—			—			(1)			3			(3)			(1)			3			(4)
Other revenue	6			4			3			6			4			2			19			15			4
Total revenues	815			663			653			647			823			(8)			2,778			2,806			(28)
Benefits and expenses:
Claims and other policy benefits	667			682			578			518			699			(32)			2,445			2,293			152
Policy acquisition costs and other insurance expenses	44			31			41			43			51			(7)			159			167			(8)
Other operating expenses	47			46			46			45			48			(1)			184			172			12
Total benefits and expenses	758			759			665			606			798			(40)			2,788			2,632			156
Income (loss) before income taxes	$	57		$	(96)		$	(12)		$	41		$	25		$	32		$	(10)		$	174		$	(184)
Loss and expense ratios:
Claims and other policy benefits	86.3		%	108.9		%	93.8		%	85.1		%	89.0		%	(2.7)		%	93.2		%	85.5		%	7.7		%
Policy acquisition costs and other insurance expenses	5.7		%	5.0		%	6.7		%	7.1		%	6.5		%	(0.8)		%	6.1		%	6.2		%	(0.1)		%
Other operating expenses	6.1		%	7.3		%	7.5		%	7.4		%	6.1		%	—		%	7.0		%	6.4		%	0.6		%
Foreign currency effect on (1):
Net premiums	$	(13)		$	6		$	30		$	29		$	20		$	(33)		$	52		$	(2)		$	54
Income (loss) before income taxes	$	(2)		$	—		$	(1)		$	1		$	(1)		$	(1)		$	(2)		$	1		$	(3)
Critical illness net premiums	$	424		$	306		$	282		$	269		$	379		$	45		$	1,281		$	1,175		$	106
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Page 22

Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended															Current Qtr			Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,			vs. PY			Dec. 31,			Dec. 31,
	2021			2021			2021			2021			2020			Quarter			2021			2020			Change
Revenues:
Net premiums	$	773		$	626		$	616		$	609		$	785		$	(12)		$	2,624		$	2,681		$	(57)
Investment income, net of related expenses	36			33			34			33			31			5			136			107			29
Investment related gains (losses), net	—			—			—			(1)			3			(3)			(1)			3			(4)
Other revenue	6			4			3			6			4			2			19			15			4
Total revenues	815			663			653			647			823			(8)			2,778			2,806			(28)
Benefits and expenses:
Claims and other policy benefits	667			682			578			518			699			(32)			2,445			2,293			152
Policy acquisition costs and other insurance expenses	44			31			41			43			51			(7)			159			167			(8)
Other operating expenses	47			46			46			45			48			(1)			184			172			12
Total benefits and expenses	758			759			665			606			798			(40)			2,788			2,632			156
Adjusted operating income (loss) before income taxes	$	57		$	(96)		$	(12)		$	41		$	25		$	32		$	(10)		$	174		$	(184)
Loss and expense ratios:
Claims and other policy benefits	86.3		%	108.9		%	93.8		%	85.1		%	89.0		%	(2.7)		%	93.2		%	85.5		%	7.7		%
Policy acquisition costs and other insurance expenses	5.7		%	5.0		%	6.7		%	7.1		%	6.5		%	(0.8)		%	6.1		%	6.2		%	(0.1)		%
Other operating expenses	6.1		%	7.3		%	7.5		%	7.4		%	6.1		%	—		%	7.0		%	6.4		%	0.6		%
Foreign currency effect on (1):
Net premiums	$	(13)		$	6		$	30		$	29		$	20		$	(33)		$	52		$	(2)		$	54
Adjusted operating income (loss) before income taxes	$	(2)		$	—		$	(1)		$	1		$	(1)		$	(1)		$	(2)		$	1		$	(3)
Critical illness net premiums	$	424		$	306		$	282		$	269		$	379		$	45		$	1,281		$	1,175		$	106
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Page 23

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
GAAP Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2021		2021		2021		2021		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	52	$	65	$	48	$	53	$	40	$	12	$	218	$	180	$	38
Investment income, net of related expenses	42		37		31		28		25		17		138		85		53
Investment related gains (losses), net	7		(15)		15		12		28		(21)		19		10		9
Other revenue	13		8		10		11		7		6		42		34		8
Total revenues	114		95		104		104		100		14		417		309		108
Benefits and expenses:
Claims and other policy benefits	47		52		42		46		30		17		187		157		30
Interest credited	15		12		15		15		12		3		57		49		8
Policy acquisition costs and other insurance expenses	15		19		11		11		7		8		56		31		25
Other operating expenses	4		6		5		4		3		1		19		13		6
Total benefits and expenses	81		89		73		76		52		29		319		250		69
Income before income taxes	$	33	$	6	$	31	$	28	$	48	$	(15)	$	98	$	59	$	39
Foreign currency effect on (2):
Net premiums	$	(2)	$	(1)	$	(1)	$	1	$	1	$	(3)	$	(3)	$	3	$	(6)
Income before income taxes	$	(2)	$	—	$	—	$	1	$	2	$	(4)	$	(1)	$	4	$	(5)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

Page 24

Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2021		2021		2021		2021		2020		Quarter		2021		2020		Change
Revenues:
Net premiums	$	52	$	65	$	48	$	53	$	40	$	12	$	218	$	180	$	38
Investment income, net of related expenses	42		37		31		28		25		17		138		85		53
Investment related gains, net	3		4		4		3		3		—		14		5		9
Other revenue	13		8		10		11		7		6		42		34		8
Total revenues	110		114		93		95		75		35		412		304		108
Benefits and expenses:
Claims and other policy benefits	47		52		42		46		30		17		187		157		30
Interest credited	15		12		15		15		12		3		57		49		8
Policy acquisition costs and other insurance expenses	15		19		11		11		7		8		56		31		25
Other operating expenses	4		6		5		4		3		1		19		13		6
Total benefits and expenses	81		89		73		76		52		29		319		250		69
Adjusted operating income before income taxes	$	29	$	25	$	20	$	19	$	23	$	6	$	93	$	54	$	39
Foreign currency effect on (2):
Net premiums	$	(2)	$	(1)	$	(1)	$	1	$	1	$	(3)	$	(3)	$	3	$	(6)
Adjusted operating income before income taxes	$	(2)	$	—	$	—	$	—	$	1	$	(3)	$	(2)	$	1	$	(3)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.

Page 25

Reinsurance Group of America, Incorporated
Corporate and Other
GAAP Income Statements
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2021		2021		2021		2021		2020		Quarter		2021		2020		Change
Revenues:
Investment income, net of related expenses	$	46	$	52	$	48	$	158	$	50	$	(4)	$	304	$	197	$	107
Investment related gains (losses), net	33		42		64		273		25		8		412		(11)		423
Other revenue	11		15		29		10		21		(10)		65		59		6
Total revenues	90		109		141		441		96		(6)		781		245		536
Benefits and expenses:
Claims and other policy benefits	—		—		—		—		(1)		1		—		—		—
Interest credited	1		1		1		1		1		—		4		8		(4)
Policy acquisition costs and other insurance income	(31)		(27)		(26)		(28)		(28)		(3)		(112)		(112)		—
Other operating expenses	98		75		86		70		78		20		329		279		50
Interest expense	(2)		41		43		45		44		(46)		127		170		(43)
Collateral finance and securitization expense	4		3		2		3		3		1		12		17		(5)
Total benefits and expenses	70		93		106		91		97		(27)		360		362		(2)
Income (loss) before income taxes	$	20	$	16	$	35	$	350	$	(1)	$	21	$	421	$	(117)	$	538
Foreign currency effect on (1):
Income (loss) before income taxes	$	1	$	2	$	6	$	2	$	1	$	—	$	11	$	1	$	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
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2021		2021		2021		2021		2020		Quarter		2021		2020		Change
Revenues:
Investment income, net of related expenses	$	46	$	52	$	48	$	158	$	50	$	(4)	$	304	$	197	$	107
Investment related gains, net	—		1		2		3		1		(1)		6		—		6
Other revenue	17		11		14		21		20		(3)		63		63		—
Total revenues	63		64		64		182		71		(8)		373		260		113
Benefits and expenses:
Claims and other policy benefits	—		—		—		—		(1)		1		—		—		—
Interest credited	1		1		1		1		1		—		4		8		(4)
Policy acquisition costs and other insurance income	(31)		(27)		(26)		(28)		(28)		(3)		(112)		(112)		—
Other operating expenses	98		75		86		70		78		20		329		279		50
Interest expense	32		39		40		42		42		(10)		153		159		(6)
Collateral finance and securitization expense	4		3		2		3		3		1		12		17		(5)
Total benefits and expenses	104		91		103		88		95		9		386		351		35
Adjusted operating income (loss) before income taxes	$	(41)	$	(27)	$	(39)	$	94	$	(24)	$	(17)	$	(13)	$	(91)	$	78
Foreign currency effect on (1):
Adjusted operating income (loss) before income taxes	$	2	$	1	$	2	$	1	$	(1)	$	3	$	6	$	(2)	$	8
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.

Page 27

Reinsurance Group of America, Incorporated
Summary of Segment GAAP Income
(USD millions)
	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2021		2021		2021		2021		2020		Quarter		2021		2020		Change
U.S. and Latin America:
Traditional	$	(211)	$	(126)	$	135	$	(338)	$	(92)	$	(119)	$	(540)	$	(298)	$	(242)
Financial Solutions:
Asset Intensive	93		106		163		60		96		(3)		422		201		221
Capital Solutions	25		22		23		23		23		2		93		94		(1)
Total U.S. and Latin America	(93)		2		321		(255)		27		(120)		(25)		(3)		(22)
Canada:
Traditional	28		44		32		24		37		(9)		128		134		(6)
Financial Solutions	5		—		4		6		8		(3)		15		21		(6)
Total Canada	33		44		36		30		45		(12)		143		155		(12)
Europe, Middle East and Africa:
Traditional	(68)		(91)		(12)		(68)		(13)		(55)		(239)		27		(266)
Financial Solutions	75		85		83		60		38		37		303		258		45
Total Europe, Middle East and Africa	7		(6)		71		(8)		25		(18)		64		285		(221)
Asia Pacific:
Traditional	57		(96)		(12)		41		25		32		(10)		174		(184)
Financial Solutions	33		6		31		28		48		(15)		98		59		39
Total Asia Pacific	90		(90)		19		69		73		17		88		233		(145)
Corporate and Other	20		16		35		350		(1)		21		421		(117)		538
Consolidated income (loss) before income taxes	$	57	$	(34)	$	482	$	186	$	169	$	(112)	$	691	$	553	$	138
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 28

Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income
(USD millions)
	Three Months Ended										Current Qtr vs. PY Quarter		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,				Dec. 31,		Dec. 31,
	2021		2021		2021		2021		2020				2021		2020		Change
U.S. and Latin America:
Traditional	$	(215)	$	(121)	$	134	$	(344)	$	(89)	$	(126)	$	(546)	$	(287)	$	(259)
Financial Solutions:
Asset Intensive	73		93		126		49		70		3		341		253		88
Capital Solutions	25		22		23		23		23		2		93		94		(1)
Total U.S. and Latin America	(117)		(6)		283		(272)		4		(121)		(112)		60		(172)
Canada:
Traditional	29		44		34		23		35		(6)		130		140		(10)
Financial Solutions	5		—		4		6		8		(3)		15		21		(6)
Total Canada	34		44		38		29		43		(9)		145		161		(16)
Europe, Middle East and Africa:
Traditional	(68)		(91)		(12)		(68)		(13)		(55)		(239)		27		(266)
Financial Solutions	70		62		83		42		41		29		257		242		15
Total Europe, Middle East and Africa	2		(29)		71		(26)		28		(26)		18		269		(251)
Asia Pacific:
Traditional	57		(96)		(12)		41		25		32		(10)		174		(184)
Financial Solutions	29		25		20		19		23		6		93		54		39
Total Asia Pacific	86		(71)		8		60		48		38		83		228		(145)
Corporate and Other	(41)		(27)		(39)		94		(24)		(17)		(13)		(91)		78
Consolidated adjusted operating income (loss) before income taxes	$	(36)	$	(89)	$	361	$	(115)	$	99	$	(135)	$	121	$	627	$	(506)
See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.

Page 29

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Cash and Invested Assets
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2021		2021		2021		2021		2020
Fixed maturity securities, available-for-sale (1)	$	60,749	$	59,289	$	58,287	$	56,426	$	56,735
Equity securities	151		160		147		135		132
Mortgage loans on real estate	6,283		6,366		6,481		6,001		5,787
Policy loans	1,234		1,234		1,254		1,253		1,258
Funds withheld at interest	6,954		7,034		7,049		5,459		5,432
Short-term investments	87		82		184		157		227
Other invested assets	3,070		3,404		2,924		2,983		2,829
Cash and cash equivalents	2,948		3,027		3,254		3,122		3,408
Total cash and invested assets	$	81,476	$	80,596	$	79,580	$	75,536	$	75,808
(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).

Investment Income and Yield Summary
	Three Months Ended															Current Qtr vs. PY Quarter		Year-to-Date
	Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,					Dec. 31,			Dec. 31,
	2021			2021			2021			2021			2020					2021			2020			Change
Average invested assets at amortized cost (1)	$	34,325		$	33,361		$	33,587		$	33,367		$	32,699		$	1,626	$	33,040		$	30,787		$	2,253
Net investment income (1)	$	397		$	405		$	383		$	463		$	337		$	60	$	1,648		$	1,231		$	417
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.70		%	4.95		%	4.64		%	5.67		%	4.20		%	50 bps		4.99		%	4.00		%	99 bps
Variable investment income ("VII") (included in net investment income) (1)	$	91		$	102		$	78		$	162		$	37		$	54	$	433		$	63		$	370
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)	3.78		%	3.85		%	3.84		%	3.79		%	3.88		%	(10) bps		3.81		%	3.93		%	(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
	December 31, 2021
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	35,239	$	26	$	3,084	$	194	$	38,103	62.8	%
Canadian government	3,339		—		1,606		1		4,944		8.1	%
RMBS	1,020		—		37		7		1,050		1.7	%
ABS	4,024		—		22		41		4,005		6.6	%
CMBS	1,790		1		66		6		1,849		3.0	%
U.S. government	2,082		—		31		8		2,105		3.5	%
State and political subdivisions	1,191		—		137		5		1,323		2.2	%
Other foreign government	7,188		4		273		87		7,370		12.1	%
Total fixed maturity securities	$	55,873	$	31	$	5,256	$	349	$	60,749	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
	December 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	$	5,792	$	6,163	16.2	%	A-	$	5,657	$	6,285	17.5	%	A-
Brokerage/asset managers/exchanges	1,073		1,145		3.0	%	A-	887		993		2.7	%	A-
Finance companies	306		316		0.8	%	BBB+	314		334		0.9	%	BBB
Insurance	3,987		4,383		11.5	%	A-	3,532		4,046		11.2	%	A-
REITs	987		1,022		2.7	%	BBB+	707		773		2.1	%	BBB+
Other finance	956		1,016		2.7	%	A-	688		805		2.2	%	A-
Total financial institutions	$	13,101	$	14,045	36.9	%		$	11,785	$	13,236	36.6	%
Industrials
Basic	$	1,972	$	2,210	5.8	%	BBB	$	1,927	$	2,258	6.2	%	BBB
Capital goods	1,542		1,649		4.3	%	BBB	1,513		1,662		4.6	%	BBB
Communications	2,330		2,592		6.8	%	BBB	2,355		2,770		7.7	%	BBB+
Consumer cyclical	1,758		1,885		4.9	%	BBB+	1,687		1,888		5.2	%	BBB+
Consumer noncyclical	3,952		4,315		11.3	%	BBB+	3,313		3,815		10.5	%	BBB+
Energy	1,967		2,159		5.7	%	BBB+	1,753		1,976		5.5	%	BBB
Technology	1,436		1,486		3.9	%	BBB+	1,138		1,243		3.4	%	BBB+
Transportation	2,050		2,192		5.8	%	BBB+	2,002		2,194		6.1	%	BBB+
Other industrial	850		887		2.3	%	BBB	586		629		1.7	%	BBB
Total industrials	$	17,857	$	19,375	50.8	%		$	16,274	$	18,435	50.9	%
Utilities
Electric	$	3,256	$	3,561	9.4	%	A-	$	3,013	$	3,480	9.6	%	A-
Natural gas	566		614		1.6	%	BBB+	476		560		1.5	%	BBB+
Other utility	459		508		1.3	%	BBB+	415		497		1.4	%	BBB+
Total utilities	$	4,281	$	4,683	12.3	%		$	3,904	$	4,537	12.5	%
Total	$	35,239	$	38,103	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
		December 31, 2021						September 30, 2021						June 30, 2021						March 31, 2021						December 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	$	33,540	$	36,725	60.5	%	$	32,444	$	35,554	60.0	%	$	31,394	$	34,862	59.8	%	$	31,323	$	34,096	60.4	%	$	29,770	$	34,589	60.9	%
2	BBB	18,684		20,379		33.5	%	18,025		19,814		33.4	%	17,948		19,896		34.1	%	17,402		18,799		33.3	%	16,440		18,751		33.1	%
3	BB	2,620		2,668		4.4	%	2,868		2,952		5.0	%	2,575		2,683		4.6	%	2,622		2,704		4.8	%	2,480		2,588		4.6	%
4	B	876		863		1.4	%	832		822		1.4	%	686		678		1.2	%	695		669		1.2	%	713		697		1.2	%
5	CCC	96		79		0.1	%	161		137		0.2	%	179		159		0.3	%	170		145		0.3	%	131		102		0.2	%
6	In or near default	57		35		0.1	%	17		10		—	%	15		9		—	%	17		13		—	%	14		8		—	%
	Total	$	55,873	$	60,749	100.0	%	$	54,347	$	59,289	100.0	%	$	52,797	$	58,287	100.0	%	$	52,229	$	56,426	100.0	%	$	49,548	$	56,735	100.0	%
(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).

Structured Fixed Maturity Securities
	December 31, 2021						September 30, 2021						June 30, 2021						March 31, 2021						December 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	$	551	$	582	8.4	%	$	594	$	631	9.2	%	$	623	$	667	9.9	%	$	659	$	701	10.7	%	$	686	$	744	11.0	%
Non-agency	469		468		6.8	%	571		578		8.4	%	700		710		10.5	%	877		890		13.4	%	1,049		1,073		15.8	%
Total RMBS	1,020		1,050		15.2	%	1,165		1,209		17.6	%	1,323		1,377		20.4	%	1,536		1,591		24.1	%	1,735		1,817		26.8	%
ABS:
Collateralized loan obligations ("CLOs")	1,761		1,752		25.4	%	1,841		1,838		26.8	%	1,722		1,720		25.6	%	1,603		1,593		24.2	%	1,707		1,689		24.9	%
ABS, excluding CLOs	2,263		2,253		32.6	%	1,922		1,941		28.3	%	1,745		1,762		26.2	%	1,553		1,558		23.7	%	1,392		1,403		20.7	%
Total ABS	4,024		4,005		58.0	%	3,763		3,779		55.1	%	3,467		3,482		51.8	%	3,156		3,151		47.9	%	3,099		3,092		45.6	%
CMBS	1,790		1,849		26.8	%	1,795		1,877		27.3	%	1,774		1,869		27.8	%	1,774		1,840		28.0	%	1,790		1,868		27.6	%
Total	$	6,834	$	6,904	100.0	%	$	6,723	$	6,865	100.0	%	$	6,564	$	6,728	100.0	%	$	6,466	$	6,582	100.0	%	$	6,624	$	6,777	100.0	%

Page 33

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
	As of December 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	$	4,135	$	86	$	946	$	51	$	5,081	$	137
Canadian government	20		1		—		—		20		1
RMBS	132		3		102		4		234		7
ABS	1,747		22		589		6		2,336		28
CMBS	152		2		35		2		187		4
U.S. government	1,513		6		31		2		1,544		8
State and political subdivisions	109		3		28		2		137		5
Other foreign government	2,237		33		724		37		2,961		70
Total investment grade securities	$	10,045	$	156	$	2,455	$	104	$	12,500	$	260
Below investment grade securities:
Corporate	$	463	$	13	$	97	$	44	$	560	$	57
ABS	—		—		13		13		13		13
CMBS	—		—		—		—		—		—
Other foreign government	136		7		75		10		211		17
Total below investment grade securities	$	599	$	20	$	185	$	67	$	784	$	87
Total fixed maturity securities	$	10,644	$	176	$	2,640	$	171	$	13,284	$	347
(1) Included in the table above are securities for which an allowance for credit loss has not been recorded as of December 31, 2021.

Page 34

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Fixed Maturity Securities Below Amortized Cost (1)
	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 35

Reinsurance Group of America, Incorporated
Investments
(USD millions)
Consolidated Investment Related Gains and Losses
	Three Months Ended										Current Qtr vs. PY Quarter		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,				Dec. 31,		Dec. 31,
	2021		2021		2021		2021		2020				2021		2020		Change
Fixed maturity securities available-for-sale:
Change in allowance for credit losses and impairments	$	(14)	$	(1)	$	5	$	(2)	$	—	$	(14)	$	(12)	$	(21)	$	9
Realized gains on investment activity	34		45		53		167		25		9		299		114		185
Realized losses on investment activity	(13)		(9)		(30)		(13)		(6)		(7)		(65)		(82)		17
Net gains on fixed maturity securities available-for-sale	7		35		28		152		19		(12)		222		11		211
Net gains (losses) on equity securities	(6)		8		20		3		(4)		(2)		25		(15)		40
Other impairment losses and change in mortgage loan allowance for credit losses	4		4		3		18		(2)		6		29		(56)		85
Change in fair value of certain limited partnership investments and other, net	24		27		32		111		3		21		194		24		170
Free-standing derivatives:
Interest rate swaps - non-hedged	7		(4)		33		(70)		(22)		29		(34)		76		(110)
Financial futures	(5)		—		(9)		(10)		(28)		23		(24)		(47)		23
Foreign currency swaps - non-hedged	5		3		3		9		(1)		6		20		(7)		27
Foreign currency swaps - hedged	1		—		—		1		3		(2)		2		(2)		4
Foreign currency forwards - non-hedged	(9)		(2)		(1)		(8)		3		(12)		(20)		5		(25)
CPI swaps	13		12		3		18		19		(6)		46		16		30
Credit default swaps	13		(12)		12		20		22		(9)		33		16		17
Equity options	(15)		3		(11)		(10)		(16)		1		(33)		—		(33)
Total free-standing derivatives	10		—		30		(50)		(20)		30		(10)		57		(67)
Embedded derivatives:
Modified coinsurance and funds withheld treaties	20		21		16		50		51		(31)		107		(62)		169
GMXB	29		(37)		(17)		18		58		(29)		(7)		8		(15)
Total embedded derivatives	49		(16)		(1)		68		109		(60)		100		(54)		154
Net gains (losses) on total derivatives	59		(16)		29		18		89		(30)		90		3		87
Total investment related gains (losses), net	$	88	$	58	$	112	$	302	$	105	$	(17)	$	560	$	(33)	$	593

Page 36

Appendix

Reconciliations of GAAP to Non-GAAP Measures

Page 37

Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD thousands)
	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2021		2021		2021		2021		2020		Quarter		2021		2020		Change
U.S. & Latin America Traditional
Income (loss) before income taxes	$	(211)	$	(126)	$	135	$	(338)	$	(92)	$	(119)	$	(540)	$	(298)	$	(242)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(4)		5		(1)		(6)		3		(7)		(6)		11		(17)
Adjusted operating income (loss) before income taxes	$	(215)	$	(121)	$	134	$	(344)	$	(89)	$	(126)	$	(546)	$	(287)	$	(259)
U.S. & Latin America Asset-Intensive
Income before income taxes	$	93	$	106	$	163	$	60	$	96	$	(3)	$	422	$	201	$	221
Investment and derivative (gains) losses (1)	9		(23)		(32)		68		65		(56)		22		(4)		26
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	(16)		(26)		(15)		(44)		(54)		38		(101)		51		(152)
GMXB embedded derivatives (1)	(29)		37		17		(18)		(58)		29		7		(8)		15
Funds withheld (gains) losses - investment income	—		—		(2)		1		5		(5)		(1)		4		(5)
EIA embedded derivatives - interest credited	(9)		(3)		(3)		(30)		(5)		(4)		(45)		20		(65)
DAC offset, net	26		2		(2)		12		21		5		38		(8)		46
Non-investment derivatives and other	(1)		—		—		—		—		(1)		(1)		(3)		2
Adjusted operating income before income taxes	$	73	$	93	$	126	$	49	$	70	$	3	$	341	$	253	$	88
U.S. & Latin America Capital Solutions
Income before income taxes	$	25	$	22	$	23	$	23	$	23	$	2	$	93	$	94	$	(1)
Adjusted operating income before income taxes	$	25	$	22	$	23	$	23	$	23	$	2	$	93	$	94	$	(1)
Canada Traditional
Income before income taxes	$	28	$	44	$	32	$	24	$	37	$	(9)	$	128	$	134	$	(6)
Investment and derivative (gains) losses (1)	2		—		1		—		(2)		4		3		7		(4)
Investment income - non-operating FWAI	(1)		—		1		(1)		—		(1)		(1)		(1)		—
Adjusted operating income before income taxes	$	29	$	44	$	34	$	23	$	35	$	(6)	$	130	$	140	$	(10)
Canada Financial Solutions
Income before income taxes	$	5	$	—	$	4	$	6	$	8	$	(3)	$	15	$	21	$	(6)
Adjusted operating income before income taxes	$	5	$	—	$	4	$	6	$	8	$	(3)	$	15	$	21	$	(6)
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

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Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD thousands)
	Three Months Ended										Current Qtr		Year-to-Date
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,		vs. PY		Dec. 31,		Dec. 31,
	2021		2021		2021		2021		2020		Quarter		2021		2020		Change
Europe, Middle East and Africa Traditional
Income (loss) before income taxes	$	(68)	$	(91)	$	(12)	$	(68)	$	(13)	$	(55)	$	(239)	$	27	$	(266)
Adjusted operating income (loss) before income taxes	$	(68)	$	(91)	$	(12)	$	(68)	$	(13)	$	(55)	$	(239)	$	27	$	(266)
Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	75	$	85	$	83	$	60	$	38	$	37	$	303	$	258	$	45
Investment and derivative losses (1)	(5)		(21)		—		(17)		(2)		(3)		(43)		(17)		(26)
Investment income - non-operating FWAI	—		(2)		—		(1)		5		(5)		(3)		1		(4)
Investment (income) loss on unit-linked variable annuities	(5)		2		(2)		1		(13)		8		(4)		(11)		7
Interest credited on unit-linked variable annuities	5		(2)		2		(1)		13		(8)		4		11		(7)
Adjusted operating income before income taxes	$	70	$	62	$	83	$	42	$	41	$	29	$	257	$	242	$	15
Asia Pacific Traditional
Income (loss) before income taxes	$	57	$	(96)	$	(12)	$	41	$	25	$	32	$	(10)	$	174	$	(184)
Adjusted operating income (loss) before income taxes	$	57	$	(96)	$	(12)	$	41	$	25	$	32	$	(10)	$	174	$	(184)
Asia Pacific Financial Solutions
Income before income taxes	$	33	$	6	$	31	$	28	$	48	$	(15)	$	98	$	59	$	39
Investment and derivative (gains) losses (1)	(4)		19		(11)		(9)		(25)		21		(5)		(5)		—
Adjusted operating income before income taxes	$	29	$	25	$	20	$	19	$	23	$	6	$	93	$	54	$	39
Corporate and Other
Income (loss) before income taxes	$	20	$	16	$	35	$	350	$	(1)	$	21	$	421	$	(117)	$	538
Investment and derivative (gains) losses (1)	(33)		(41)		(62)		(270)		(24)		(9)		(406)		11		(417)
Interest expense on uncertain tax positions	(34)		2		3		3		2		(36)		(26)		11		(37)
Non-investment derivatives and other	6		(4)		(15)		11		(1)		7		(2)		4		(6)
Adjusted operating income (loss) before income taxes	$	(41)	$	(27)	$	(39)	$	94	$	(24)	$	(17)	$	(13)	$	(91)	$	78
(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.

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Reinsurance Group of America, Incorporated
Reconciliations of Stockholders’ Equity to Stockholders’ Equity Excluding AOCI
(USD millions except per share data)
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2021		2021		2021		2021		2020
Stockholders’ equity	$	13,014	$	12,885	$	13,444	$	12,090	$	14,352
Less effect of AOCI:
Accumulated currency translation adjustments	(9)		(50)		(20)		(39)		(69)
Unrealized appreciation of securities	3,701		3,704		4,133		3,113		5,500
Pension and postretirement benefits	(50)		(71)		(72)		(72)		(72)
Stockholders’ equity, excluding AOCI	$	9,372	$	9,302	$	9,403	$	9,088	$	8,993
Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI
	Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
	2021		2021		2021		2021		2020
Book value per share	$	193.75	$	190.60	$	197.72	$	177.83	$	211.19
Less effect of AOCI:
Accumulated currency translation adjustments	(0.13)		(0.75)		(0.29)		(0.57)		(1.02)
Unrealized appreciation of securities	55.09		54.80		60.78		45.79		80.94
Pension and postretirement benefits	(0.74)		(1.05)		(1.06)		(1.06)		(1.06)
Book value per share, excluding AOCI	$	139.53	$	137.60	$	138.29	$	133.67	$	132.33

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