Financing Activities

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Debt Disclosure

FINANCING ACTIVITIES

Facility Agreement for Senior Notes Issuance

On June 4, 2025, the Company entered into a 30-year facility agreement with a Delaware trust (the “Trust”) in connection with the sale by the Trust of $1.0 billion of pre-capitalized securities. The Trust invested the proceeds from the sale of its securities in a portfolio of principal and interest strips of U.S. Treasury securities.

The facility agreement provides the Company with the right to issue and sell to the Trust from time to time up to $1.0 billion of its 6.722% senior notes due 2055 in exchange for a corresponding amount of the U.S. Treasury securities held by the Trust. In return, the Company agreed to pay a semi-annual facility fee to the Trust at a rate of 1.789% per year applied to the maximum amount of senior notes that the Company could issue to the Trust. The Company can redeem the 6.722% Senior Notes at any time, in whole or in part. At June 30, 2025, the Company had not issued any senior notes under the facility agreement.

The issuance right will be exercised automatically in full upon the Company’s failure to make certain payments to the Trust, or upon certain bankruptcy events involving RGA. The Company is also required to exercise the issuance right in full if its consolidated stockholders’ equity (excluding AOCI and noncontrolling interests) falls below a minimum threshold of $2.0 billion and upon certain other events described in the facility agreement.

Subordinated Debt Issuances

On March 3, 2025, the Company issued 6.65% fixed-rate reset subordinated debentures due 2055 with a face amount of $700 million which will be used for general corporate purposes, including funding the Company’s obligations with respect to the reinsurance transactions disclosed in Note 15 – “Commitments, Contingencies and Guarantees.” Capitalized issuance costs are estimated as $9 million.