On June 5, 2020, the Company completed a public offering of 6,172,840 shares of common stock, $0.01 par value per share, at a public offering price of $81.00 per share. The Company received net proceeds of approximately $481 million. The Company granted the underwriters an option to purchase from the Company, within 30 days after the Underwriting Agreement dated June 2, 2020, up to an additional 925,926 shares of common stock at the offering price of $81.00 per share. The underwriters’ option was not exercised and expired on July 2, 2020. The Company used the net proceeds of the offering for general corporate purposes.


	Issued	Held In Treasury	Outstanding
Balance, December 31, 2019	79,137,758	16,481,656	62,656,102
Equity offering	6,172,840	—	6,172,840
Common Stock acquired	—	1,074,413	(1,074,413)
Stock-based compensation (1)	—	(202,372)	202,372
Balance, December 31, 2020	85,310,598	17,353,697	67,956,901

Common Stock acquired	—	852,037	(852,037)
Stock-based compensation (1)	—	(65,866)	65,866
Balance, December 31, 2021	85,310,598	18,139,868	67,170,730
Common Stock acquired	—	599,254	(599,254)
Stock-based compensation (1)	—	(104,732)	104,732
Balance, December 31, 2022	85,310,598	18,634,390	66,676,208

Common stock held in treasury is accounted for at average cost. Gains resulting from the reissuance of “Common stock held in treasury” are credited to “Additional paid-in capital.” Losses resulting from the reissuance of “Common stock held in treasury” are charged first to “Additional paid-in capital” to the extent the Company has previously recorded gains on treasury share transactions, then to “Retained earnings.”

On January 24, 2019, RGA’s board of directors authorized a share repurchase program for up to $400 million of RGA’s outstanding common stock. During the year ended December 31, 2022, the Company repurchased 219,116 shares of common stock under this program for $25 million.

On February 25, 2022, RGA’s board of directors authorized a share repurchase program for up to $400 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. In connection with this authorization, the board of directors terminated the stock repurchase authority granted in 2019. During the year ended December 31, 2022, RGA repurchased 380,138 shares of common stock under this program for $50 million.

The following table summarizes the Company’s current share repurchase program activity under the 2019 and 2022 share repurchase programs for the years ended December 31, 2022 and 2021 (dollar amounts in millions, except for the number of shares and per share amounts):

In 2022, Papara Financing LLC (“Papara”), a subsidiary of RGA Reinsurance, issued nonconvertible preferred interests to an unaffiliated third party. Papara holds investments in mortgage loans. The membership interests in Papara consist of (1) common interests, which are held by RGA Reinsurance and (2) preferred interests. The preferred interests total $90 million and pay an initial preferred distribution at an annual rate of 2.375% plus three month LIBOR. The applicable rate of interest is reset every five years. Distributions are paid quarterly, if declared by Papara. RGA can call the Papara preferred interests at the issue price beginning five years from the issuance date or upon the receipt of proceeds from the sale of the underlying assets. The holders of the Papara preferred interests have the option to require redemption upon the occurrence of certain contingent events, such as the failure of Papara to pay the preferred distribution for two or more periods or to meet certain other requirements, including a minimum credit rating. If notice is given upon such an event, all other holders of equal or more subordinate classes of

membership interests in Papara are entitled to receive the same form of consideration payable to the holders of the preferred interests, resulting in a deemed liquidation for accounting purposes. The preferred interests are included in noncontrolling interest, and net income attributable to noncontrolling interest was $4 million for the year ended December 31, 2022.


	Before-Tax Amount		Tax (Expense) Benefit		After-Tax Amount
Foreign currency translation adjustments:
Change arising during year	$	(205)	$	(8)	$	(213)
Foreign currency swap	64		(13)		51
Net foreign currency translation adjustments	(141)		(21)		(162)
Unrealized gains on investments:(1)
Unrealized net holding losses arising during the year	(11,821)		2,536		(9,285)
Less: Reclassification adjustment for net gains realized in net income	(218)		41		(177)
Net unrealized gains	(11,603)		2,495		(9,108)
Change in impairments on fixed maturity securities	—		—		—
Unrealized pension and postretirement benefits:
Net prior service cost arising during the year	(3)		1		(2)
Net gain (loss) arising during the period	33		(8)		25
Unrealized pension and postretirement benefits, net	30		(7)		23
Other comprehensive income (loss)	$	(11,714)	$	2,467	$	(9,247)

For the year ended December 31, 2021:


	Before-Tax Amount		Tax (Expense) Benefit		After-Tax Amount
Foreign currency translation adjustments:
Change arising during year	$	85	$	(24)	$	61
Foreign currency swap	(2)		1		(1)
Net foreign currency translation adjustments	83		(23)		60
Unrealized gains on investments:(1)
Unrealized net holding gains arising during the year	(2,093)		471		(1,622)
Less: Reclassification adjustment for net gains realized in net income	226		(49)		177
Net unrealized gains	(2,319)		520		(1,799)
Change in impairments on fixed maturity securities	—		—		—
Unrealized pension and postretirement benefits:
Net prior service cost arising during the year	2		—		2
Net gain (loss) arising during the period	27		(7)		20
Unrealized pension and postretirement benefits, net	29		(7)		22
Other comprehensive income (loss)	$	(2,207)	$	490	$	(1,717)


	Before-Tax Amount		Tax (Expense) Benefit		After-Tax Amount
Foreign currency translation adjustments:
Change arising during year	$	43	$	3	$	46
Foreign currency swap	(29)		6		(23)
Net foreign currency translation adjustments	14		9		23
Unrealized gains on investments:(1)
Unrealized net holding gains arising during the year	2,812		(614)		2,198
Less: Reclassification adjustment for net gains realized in net income	(8)		(1)		(9)
Net unrealized gains	2,820		(613)		2,207
Change in impairments on fixed maturity securities	(8)		2		(6)
Unrealized pension and postretirement benefits:
Net prior service cost arising during the year	(1)		—		(1)
Net gain arising during the period	(2)		1		(1)
Unrealized pension and postretirement benefits, net	(3)		1		(2)
Other comprehensive income (loss)	$	2,823	$	(601)	$	2,222


For the years ended December 31,	2022		2021		2020
Change in net unrealized appreciation (depreciation) on:
Fixed maturity securities available-for-sale	$	(11,632)	$	(2,299)	$	2,837
Other investments(1)	(186)		(64)		29
Effect on unrealized appreciation on:
Deferred policy acquisition costs	215		44		(54)
Net unrealized appreciation (depreciation)	$	(11,603)	$	(2,319)	$	2,812


	Accumulated Currency Translation Adjustments		Unrealized Appreciation (Depreciation) of Investments (1)		Pension and Postretirement Benefits		Accumulated Other Comprehensive Income (Loss)
Balance, December 31, 2019	$	(92)	$	3,299	$	(70)	$	3,137
OCI before reclassifications	14		2,854		(9)		2,859
Amounts reclassified from AOCI	—		(42)		6		(36)
Deferred income tax benefit (expense)	9		(611)		1		(601)
Balance, December 31, 2020	(69)		5,500		(72)		5,359
OCI before reclassifications	83		(2,144)		22		(2,039)
Amounts reclassified from AOCI	—		(175)		7		(168)
Deferred income tax benefit (expense)	(23)		520		(7)		490
Balance, December 31, 2021	(9)		3,701		(50)		3,642
OCI before reclassifications	(141)		(12,045)		28		(12,158)
Amounts reclassified from AOCI	—		442		2		444
Deferred income tax benefit (expense)	(21)		2,495		(7)		2,467
Balance, December 31, 2022	$	(171)	$	(5,407)	$	(27)	$	(5,605)


	Amount Reclassified from AOCI
Details about AOCI Components	2022		2021		Affected Line Item in Statement of Income
Net unrealized investment gains (losses):
Net unrealized gains and losses on available-for-sale securities	$	(218)	$	226	Investment related gains (losses), net

Cash flow hedges – Interest rate	(1)		(7)		(1)
Cash flow hedges – Currency/Interest rate	(8)		—		(1)
Cash flow hedges – Forward bond purchase commitments	—		—		(1)
Deferred policy acquisition costs attributed to unrealized gains and losses	(215)		(44)		(2)
Total	(442)		175
Provision for income taxes	335		(38)
Net unrealized gains (losses), net of tax	$	(107)	$	137

Amortization of defined benefit plan items:
Prior service cost (credit)	$	2	$	1	(3)
Actuarial gains (losses)	(4)		(8)		(3)
Total	(2)		(7)
Provision for income taxes	—		1
Amortization of defined benefit plans, net of tax	$	(2)	$	(6)

Total reclassifications for the period	$	(109)	$	131