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Commitments, Contingencies and Guarantees
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities COMMITMENTS, CONTINGENCIES AND GUARANTEES
Commitments
Funding of Investments
The Company’s commitments to fund investments as of June 30, 2025 and December 31, 2024, are presented in the following table (dollars in millions):
June 30, 2025December 31, 2024
Limited partnerships and real estate joint ventures$1,455 $1,103 
Mortgage loans432 81 
Bank loans and private placements2,434 1,950 
Lifetime mortgages113 103 
The Company anticipates that the majority of its current commitments will be invested over the next five years; however, these commitments could become due any time at the request of the counterparties. Bank loans and private placements are included in fixed maturity securities available-for-sale.
The Company has an immaterial liability, included in other liabilities, for current expected credit losses associated with unfunded commitments as of June 30, 2025 and December 31, 2024.
Reinsurance Transaction
As previously disclosed, in February 2025, the Company’s subsidiary RGA Reinsurance Company (“RGA Re”) entered into a Master Transaction Agreement with subsidiaries of Equitable Holdings, Inc. (collectively, the “Counterparty”). Under the Master Transaction Agreement, RGA Re agreed to enter into coinsurance and modified coinsurance agreements (collectively, the “Reinsurance Contracts”) with the Counterparty following regulatory approvals. On July 31, 2025, RGA Re executed the Reinsurance Contracts with the Counterparty, pursuant to which it assumed a 75% quota share of the Counterparty’s in-force individual life insurance liabilities, consisting of approximately $32 billion, on a U.S. statutory basis of accounting, of a diversified mix of life products. Due to the presentation requirements of U.S. GAAP, specifically as they relate to the reinsurance of separate account reserves and other U.S. statutory and U.S. GAAP reporting differences under the Reinsurance Contracts, the Company currently estimates that the value of liabilities assumed and assets reflected on the consolidated balance sheet will be approximately $11 billion to $12 billion.
Funding Agreements
Federal Home Loan Bank of Des Moines
The Company is a member of the FHLB and, through membership, has issued funding agreements to the FHLB in exchange for cash advances. As of June 30, 2025 and December 31, 2024, the Company had $1.4 billion and $1.3 billion of FHLB funding agreements outstanding, respectively. The Company is required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties.
Funding Agreement Backed Notes
The Company’s Funding Agreement Backed Notes (“FABN”) program allows RGA Global Funding, a special-purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes to investors. RGA Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from the Company. As of June 30, 2025 and December 31, 2024, the Company had $3.8 billion and $3.2 billion, respectively, of FABN agreements outstanding, which are included within interest-sensitive contract liabilities.
Contingencies
Litigation
The Company is subject to litigation and regulatory investigations or actions from time to time. Based on current knowledge, management does not believe that loss contingencies arising from pending legal, regulatory and governmental matters will have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, in light of the inherent uncertainties involved in future or pending legal, regulatory and governmental matters, some of which are beyond the Company’s control, and indeterminate or potentially substantial amount of damages sought in any such matters, an adverse outcome could be material to the Company’s financial condition, results of operations or cash flows for any particular reporting period. A legal reserve is established when the Company is notified of an arbitration demand, litigation or regulatory action or is notified that an arbitration demand, litigation or regulatory action is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated.
Guarantees
Statutory Reserve Support
Certain RGA subsidiaries have committed to provide statutory reserve support to third parties, in exchange for a fee, by funding loans if certain defined events occur. Such statutory reserves are required under the U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation XXX for term life insurance policies and Regulation A-XXX for universal life secondary guarantees). In addition, certain subsidiaries have also committed to provide capital support to a third party, in exchange for a fee, by agreeing to assume real estate leases in the event of a severe and prolonged decline in the commercial lease market. Upon assumption of a lease, the Company would recognize a right of use asset and lease obligation. As of June 30, 2025, the Company does not believe that it will be required to provide any funding under these commitments as the occurrence of the defined events is considered remote. The following table presents the maximum potential obligation for these commitments as of June 30, 2025 (dollars in millions):
Commitment PeriodMaximum Potential Obligation
2034$1,243 
20351,883 
20362,349 
20375,100 
20381,750 
20398,751 
2041250 
20463,000 
20494,750