Reinsurance Group of America, Incorporated (NYSE:RGA) Q1 2023 Earnings Conference Call May 5, 2023 10:00 AM ET Company Participants Todd Larson – Senior Executive Vice President and Chief Financial Officer Anna Manning – Chief Executive Officer Leslie Barbi – Chief Investment Officer Jonathan Porter – Chief Risk Officer Tony Cheng – President Conference Call Participants Jimmy Bhullar – J.P. Morgan John Barnidge – Piper Sandler Ryan Krueger – KBW Andrew Kligerman – Credit Suisse Dan Bergman – Jefferies Trac ...

[PART I – FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) Presents unaudited condensed consolidated financial statements and detailed notes on business operations, accounting policies, and the impact of ASU 2018-12 [Item 1 Financial Statements (Unaudited)](index=3&type=section&id=Item%201%20Financial%20Statements%20(Unaudited)) Presents unaudited condensed consolidated financial statements, including balance sheets, income statements, comprehensive income, equity, and cash flows, with notes on business, accounting policies, and ASU 2018-12 impact [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Presents the company's financial position, detailing assets, liabilities, and equity as of specific reporting dates - Total assets increased to **$89,120 million** as of March 31, 2023, from **$84,904 million** as of December 31, 2022[8](index=8&type=chunk) - Total liabilities increased to **$81,404 million** as of March 31, 2023, from **$77,733 million** as of December 31, 2022[8](index=8&type=chunk) - Total equity increased to **$7,716 million** as of March 31, 2023, from **$7,171 million** as of December 31, 2022[8](index=8&type=chunk) | Item | March 31, 2023 (in millions) | December 31, 2022 (in millions) | | :------------------------------------------ | :----------------------------- | :------------------------------- | | Fixed maturity securities available-for-sale | $56,085 | $52,901 | | Total investments | $74,015 | $70,480 | | Cash and cash equivalents | $3,294 | $2,927 | | Future policy benefits | $38,222 | $35,689 | | Interest-sensitive contract liabilities | $30,405 | $30,342 | | Long-term debt | $4,455 | $3,961 | | Total RGA, Inc. stockholders' equity | $7,626 | $7,081 | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Details the company's financial performance over a period, presenting revenues, expenses, and net income - Net income available to RGA, Inc. shareholders increased by **28%** to **$252 million** for Q1 2023 from **$197 million** for Q1 2022[11](index=11&type=chunk) - Diluted earnings per share increased to **$3.72** for Q1 2023 from **$2.91** for Q1 2022[11](index=11&type=chunk) | Item | 2023 (in millions) | 2022 (in millions) | Change (in millions) | YoY Change (%) | | :------------------------------------------ | :----------------- | :----------------- | :----------------- | :------------- | | Net premiums | $3,385 | $3,155 | +$230 | +7.3% | | Net investment income | $856 | $810 | +$46 | +5.7% | | Investment related gains (losses), net | $(77) | $(139) | +$62 | -44.6% | | Total revenues | $4,251 | $3,917 | +$334 | +8.5% | | Claims and other policy benefits | $3,063 | $2,871 | +$192 | +6.7% | | Future policy benefits remeasurement (gains) losses | $(26) | $58 | $(84) | -144.8% | | Market risk benefits remeasurement (gains) losses | $14 | $(34) | +$48 | -141.2% | | Total benefits and expenses | $3,900 | $3,650 | +$250 | +6.8% | | Income before income taxes | $351 | $267 | +$84 | +31.5% | | Net income | $253 | $197 | +$56 | +28.4% | [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Presents net income alongside other comprehensive income components, reflecting changes in equity not from net income - Total comprehensive income (loss) significantly improved to **$663 million** for Q1 2023 from **$(161) million** for Q1 2022[13](index=13&type=chunk) - Net unrealized investment gains (losses) swung from a loss of **$(3,790) million** in Q1 2022 to a gain of **$1,103 million** in Q1 2023[13](index=13&type=chunk) - The effect of updating discount rates on future policy benefits changed from a gain of **$3,414 million** in Q1 2022 to a loss of **$(721) million** in Q1 2023[13](index=13&type=chunk) [Condensed Consolidated Statements of Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) Details the changes in total equity, including net income, dividends, and other comprehensive income, over a period - Total equity increased to **$7,716 million** at March 31, 2023, from **$7,171 million** at December 31, 2022[15](index=15&type=chunk) - Net income contributed **$252 million** to RGA, Inc. stockholders' equity in Q1 2023[15](index=15&type=chunk) - Dividends to stockholders were **$53 million** (**$0.80 per share**) in Q1 2023[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Summarizes cash inflows and outflows from operating, investing, and financing activities over a period - Net cash provided by operating activities increased substantially to **$1,574 million** in Q1 2023 from **$163 million** in Q1 2022[17](index=17&type=chunk) - Net cash used in investing activities decreased to **$(1,705) million** in Q1 2023 from **$(2,235) million** in Q1 2022[17](index=17&type=chunk) - Net cash provided by financing activities decreased significantly to **$497 million** in Q1 2023 from **$1,854 million** in Q1 2022, primarily due to lower net deposits on investment-type policies and contracts[17](index=17&type=chunk) | Item | 2023 (in millions) | 2022 (in millions) | | :------------------------------------------ | :----------------- | :----------------- | | Net cash provided by operating activities | $1,574 | $163 | | Net cash used in investing activities | $(1,705) | $(2,235) | | Net cash provided by financing activities | $497 | $1,854 | | Dividends to stockholders | $(53) | $(49) | | Proceeds from long-term debt issuance | $500 | $0 | | Deposits on investment-type policies and contracts | $976 | $2,369 | | Withdrawals on investment-type policies and contracts | $(880) | $(505) | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Provides detailed explanations and disclosures supporting the condensed consolidated financial statements, including accounting policies and significant events [Note 1 Business and Basis of Presentation](index=8&type=section&id=Note%201%20Business%20and%20Basis%20of%20Presentation) Describes the company's core business operations, types of reinsurance products, and the accounting principles and standards applied in financial statement preparation - RGA provides traditional reinsurance (individual and group life and health, disability, critical illness) and financial solutions (longevity, asset-intensive products, financial reinsurance, capital solutions, stable value products)[19](index=19&type=chunk) - The company adopted ASU 2018-12 in Q1 2023, which updates accounting for long-duration insurance contracts, requiring annual review of cash flow assumptions, quarterly discount rate updates (changes in OCI), and fair value measurement for market risk benefits[23](index=23&type=chunk)[24](index=24&type=chunk)[34](index=34&type=chunk)[39](index=39&type=chunk) - Deferred policy acquisition costs (DAC) are now amortized on a constant level or straight-line basis over the expected term of contracts[41](index=41&type=chunk) [Note 2 Impact of New Accounting Standard](index=12&type=section&id=Note%202%20Impact%20of%20New%20Accounting%20Standard) Details the financial impact of adopting ASU 2018-12 on shareholders' equity and net income, including adjustments to previously reported figures - The adoption of ASU 2018-12 resulted in a total after-tax transition impact of **$(7,513) million** on shareholders' equity as of January 1, 2021, comprising **$(1,245) million** to retained earnings and **$(6,268) million** to accumulated other comprehensive income (loss)[45](index=45&type=chunk) - For the year ended December 31, 2022, net income available to RGA, Inc. shareholders was adjusted down by **$106 million** to **$517 million** due to ASU 2018-12 adoption[55](index=55&type=chunk) Impact on Previously Reported Consolidated Balance Sheets (December 31, 2022): | Item | As Previously Reported (in millions) | Adoption of ASU 2018-12 (in millions) | As Adjusted (in millions) | | :------------------------------------------ | :----------------------------------- | :------------------------------------ | :------------------------ | | Total assets | $84,706 | $198 | $84,904 | | Total liabilities | $80,471 | $(2,738) | $77,733 | | Total RGA, Inc. stockholders' equity | $4,145 | $2,936 | $7,081 | [Note 3 Earnings Per Share](index=24&type=section&id=Note%203%20Earnings%20Per%20Share) Presents the calculation of basic and diluted earnings per share, reflecting net income attributable to common shareholders - Net income available to RGA, Inc. shareholders was **$252 million** for Q1 2023, up from **$197 million** for Q1 2022[81](index=81&type=chunk) - Basic earnings per share increased to **$3.77** for Q1 2023 from **$2.93** for Q1 2022[81](index=81&type=chunk) - Diluted earnings per share increased to **$3.72** for Q1 2023 from **$2.91** for Q1 2022[81](index=81&type=chunk) [Note 4 Equity](index=24&type=section&id=Note%204%20Equity) Provides details on changes in common stock, share repurchases, and accumulated other comprehensive income (loss) - Common stock outstanding was **66,540,466 shares** at March 31, 2023, a slight decrease from **66,676,208** at December 31, 2022[82](index=82&type=chunk) - RGA repurchased **371,343 shares** of common stock for **$50 million** during Q1 2023 under a **$400 million** share repurchase program[84](index=84&type=chunk) - Accumulated other comprehensive income (loss) improved from **$(1,871) million** at December 31, 2022, to **$(1,461) million** at March 31, 2023[86](index=86&type=chunk) [Note 5 Future Policy Benefits](index=27&type=section&id=Note%205%20Future%20Policy%20Benefits) Details the total liability for future policy benefits and the weighted-average discount rates used for traditional and financial solutions businesses - Total liability for future policy benefits was **$38,222 million** as of March 31, 2023, compared to **$42,406 million** as of March 31, 2022[111](index=111&type=chunk) - For Traditional Business, the weighted-average current discount rate increased across all segments (e.g., U.S. and Latin America: **4.9%** in Q1 2023 vs. **3.9%** in Q1 2022)[95](index=95&type=chunk)[99](index=99&type=chunk) - For Financial Solutions Business, the weighted-average current discount rate increased in U.S. and Latin America (**5.0%** vs. **3.9%**) and Europe, Middle East and Africa (**4.7%** vs. **2.8%**)[101](index=101&type=chunk)[109](index=109&type=chunk) Expected Future Gross Premiums (March 31, 2023, in millions): | Segment | Undiscounted | Discounted | | :------------------------------------ | :------------- | :--------- | | Traditional: U.S. and Latin America | $172,081 | $82,288 | | Traditional: Canada | $53,244 | $21,317 | | Traditional: Europe, Middle East and Africa | $24,591 | $13,611 | | Traditional: Asia Pacific | $92,305 | $37,986 | | Financial Solutions: U.S. and Latin America | $3,112 | $1,975 | | Financial Solutions: Canada | $4,738 | $3,149 | | Financial Solutions: Europe, Middle East and Africa | $64,424 | $37,636 | | Financial Solutions: Asia Pacific | $2,977 | $2,478 | [Note 6 Policyholder Account Balances](index=34&type=section&id=Note%206%20Policyholder%20Account%20Balances) Provides information on total policyholder account balances, including significant increases in specific segments and guaranteed crediting rates - Total policyholder account balances increased to **$23,911 million** as of March 31, 2023, from **$22,256 million** as of March 31, 2022[114](index=114&type=chunk) - Asia Pacific – Financial Solutions saw a significant increase in balances from **$1,864 million** (March 31, 2022) to **$3,758 million** (March 31, 2023)[113](index=113&type=chunk)[114](index=114&type=chunk) - For U.S. and Latin America – Traditional, all **$1,646 million** in policyholder account balances had guaranteed minimum crediting rates of **4.0% and Greater** as of March 31, 2023[115](index=115&type=chunk) [Note 7 Unpaid Claims and Claim Expense – Short-Duration Contracts](index=36&type=section&id=Note%207%20Unpaid%20Claims%20and%20Claim%20Expense%20%E2%80%93%20Short-Duration%20Contracts) Presents the balance of unpaid claims for short-duration contracts, including incurred claims and prior years' development - The balance of unpaid claims for short-duration contracts was **$2,558 million** as of March 31, 2023, consistent with **$2,557 million** as of March 31, 2022[116](index=116&type=chunk) - Total incurred claims for Q1 2023 were **$338 million**, down from **$675 million** in Q1 2022[116](index=116&type=chunk) - Prior years' incurred claims showed a favorable development of **$(25) million** in Q1 2023, compared to **$(51) million** in Q1 2022[116](index=116&type=chunk) [Note 8 Market Risk Benefits](index=37&type=section&id=Note%208%20Market%20Risk%20Benefits) Provides information on the balance of market risk benefits, net amount at risk, and the impact of interest rate and equity market changes - The balance of market risk benefits was **$259 million** as of March 31, 2023, compared to **$233 million** as of March 31, 2022[118](index=118&type=chunk) - Net amount at risk increased to **$1,428 million** as of March 31, 2023, from **$1,220 million** as of March 31, 2022[118](index=118&type=chunk) - Changes in interest rates had a positive impact of **$21 million** in Q1 2023, while changes in equity markets had a negative impact of **$(17) million**[118](index=118&type=chunk) [Note 9 Deferred Policy Acquisition Costs](index=38&type=section&id=Note%209%20Deferred%20Policy%20Acquisition%20Costs) Details the total deferred policy acquisition costs, including changes in balances, capitalization, and amortization expenses by segment - Total deferred policy acquisition costs were **$4,257 million** as of March 31, 2023, up from **$3,906 million** as of March 31, 2022[123](index=123&type=chunk) - For U.S. and Latin America Traditional business, the balance increased from **$1,981 million** (Q1 2022) to **$2,109 million** (Q1 2023), with capitalization of **$57 million** and amortization expense of **$(35) million** in Q1 2023[122](index=122&type=chunk) - Asia Pacific Financial Solutions saw a significant increase in balance from **$91 million** (Q1 2022) to **$289 million** (Q1 2023), driven by **$108 million** in capitalization[122](index=122&type=chunk) [Note 10 Reinsurance Ceded Receivables and Other](index=39&type=section&id=Note%2010%20Reinsurance%20Ceded%20Receivables%20and%20Other) Provides information on reinsurance ceded receivables, including concentration with major reinsurers, claims recoverable, and deposit assets - Two major reinsurance companies account for approximately **76%** of reinsurance ceded receivables and other as of March 31, 2023[125](index=125&type=chunk) - Claims recoverable totaled **$183 million** as of March 31, 2023, with **$17 million** in excess of 90 days past due[126](index=126&type=chunk) - A deposit asset on reinsurance of **$1.6 billion** was included in the balance as of March 31, 2023[126](index=126&type=chunk) [Note 11 Investments](index=40&type=section&id=Note%2011%20Investments) Provides a comprehensive overview of the company's investment portfolio, including asset composition, unrealized gains/losses, and net investment income - Total cash and invested assets increased to **$77,309 million** as of March 31, 2023, from **$73,407 million** as of December 31, 2022[326](index=326&type=chunk) - Fixed maturity securities available-for-sale constituted **72.6%** of total invested assets (**$56,085 million**) as of March 31, 2023, with approximately **94.5%** being investment grade[326](index=326&type=chunk)[330](index=330&type=chunk) - Gross unrealized losses on fixed maturity securities decreased from **$7,319 million** at December 31, 2022, to **$6,105 million** at March 31, 2023[128](index=128&type=chunk)[341](index=341&type=chunk) Net Investment Income (in millions): | Category | Q1 2023 | Q1 2022 | | :------------------------------------------ | :------ | :------ | | Fixed maturity securities available-for-sale | $645 | $533 | | Mortgage loans | $74 | $73 | | Funds withheld at interest | $72 | $51 | | Limited partnerships and real estate joint ventures | $54 | $161 | | Total Net Investment Income | $856 | $810 | Investment Related Gains (Losses), Net (in millions): | Category | Q1 2023 | Q1 2022 | | :------------------------------------------ | :------ | :------ | | Change in allowance for credit losses | $(42) | $(11) | | Realized gains on investment activity | $31 | $11 | | Realized losses on investment activity | $(75) | $(36) | | Net gains (losses) on derivatives | $6 | $(119) | | Total Investment Related Gains (Losses), Net | $(77) | $(139) | [Note 12 Derivative Instruments](index=49&type=section&id=Note%2012%20Derivative%20Instruments) Details the company's use of derivative instruments, including notional amounts, gains/losses from non-hedging derivatives, and credit exposure - Total notional amount of derivative instruments increased to **$34,479 million** as of March 31, 2023, from **$33,341 million** at December 31, 2022[159](index=159&type=chunk) - Non-hedging derivatives, including embedded derivatives, generated **$23 million** in gains for Q1 2023, compared to **$(87) million** in losses for Q1 2022[167](index=167&type=chunk) - Cash flow hedges resulted in net deferred losses of **$(198) million** before income tax in AOCI as of March 31, 2023, compared to **$(81) million** at March 31, 2022[162](index=162&type=chunk) - Credit exposure for non-collateralized derivative contracts in an asset position was **$15 million** as of March 31, 2023[173](index=173&type=chunk) [Note 13 Fair Value of Assets and Liabilities](index=53&type=section&id=Note%2013%20Fair%20Value%20of%20Assets%20and%20Liabilities) Provides disclosures on assets and liabilities measured at fair value, categorized by valuation levels (Level 1, 2, and 3), and unobservable inputs - Total assets measured at fair value were **$57,935 million** as of March 31, 2023, with **83.7%** in Level 2 and **10.3%** in Level 3[178](index=178&type=chunk) - Level 3 assets included **$6,139 million** in fixed maturity securities and **$68 million** in equity securities as of March 31, 2023[178](index=178&type=chunk) - Level 3 liabilities included **$495 million** in interest-sensitive contract liabilities – embedded derivatives as of March 31, 2023[178](index=178&type=chunk) - Unobservable inputs for Level 3 measurements include liquidity premium, EBITDA multiple, mortality, lapse, withdrawal, CVA, and crediting rate[182](index=182&type=chunk) [Note 14 Income Tax](index=58&type=section&id=Note%2014%20Income%20Tax) Explains the effective tax rate for the period and the expected impact of recent tax legislation on the company's tax expense - The effective tax rate for Q1 2023 was **28.0%**, higher than the U.S. statutory rate due to income in higher-tax jurisdictions, GILTI, Subpart F income, and valuation allowance adjustments[193](index=193&type=chunk) - The Inflation Reduction Act of 2022 is not expected to have a material impact on the company's tax expense for 2023[192](index=192&type=chunk) [Note 15 Employee Benefit Plans](index=59&type=section&id=Note%2015%20Employee%20Benefit%20Plans) Provides information on the net periodic benefit costs for pension and other employee benefits - Net periodic benefit cost for pension benefits was **$3 million** for both Q1 2023 and Q1 2022[195](index=195&type=chunk) - Net periodic benefit cost for other benefits was **$1 million** for both Q1 2023 and Q1 2022[195](index=195&type=chunk) [Note 16 Commitments, Contingencies and Guarantees](index=60&type=section&id=Note%2016%20Commitments%2C%20Contingencies%20and%20Guarantees) Outlines the company's commitments to fund investments, outstanding funding agreements, and management's assessment of loss contingencies from legal matters - Commitments to fund investments totaled **$1,821 million** as of March 31, 2023, primarily for limited partnerships, real estate joint ventures, and bank loans[197](index=197&type=chunk) - The company had **$1.3 billion** in FHLB funding agreements and **$900 million** in Funding Agreement Backed Notes (FABN) outstanding as of March 31, 2023[199](index=199&type=chunk)[200](index=200&type=chunk) - Management does not believe loss contingencies from pending legal, regulatory, and governmental matters will have a material adverse effect[201](index=201&type=chunk) Maximum Potential Obligation for Statutory Reserve Support (March 31, 2023, in millions): | Commitment Period | Maximum Potential Obligation | | :---------------- | :--------------------------- | | 2034 | $1,243 | | 2035 | $2,630 | | 2036 | $3,599 | | 2037 | $6,850 | | 2038 | $800 | | 2039 | $8,751 | | 2046 | $3,000 | [Note 17 Segment Information](index=61&type=section&id=Note%2017%20Segment%20Information) Presents financial performance data segmented by geographic region and business type, including total revenues, income before taxes, and assets - Total revenues increased to **$4,251 million** for Q1 2023 from **$3,917 million** for Q1 2022[207](index=207&type=chunk) - Total income before income taxes increased to **$351 million** for Q1 2023 from **$267 million** for Q1 2022[209](index=209&type=chunk) - Total assets were **$89,120 million** as of March 31, 2023, up from **$84,904 million** as of December 31, 2022[209](index=209&type=chunk) Segment Income (Loss) Before Income Taxes (in millions): | Segment | Q1 2023 | Q1 2022 | | :------------------------------------ | :------ | :------ | | U.S. and Latin America – Traditional | $121 | $60 | | U.S. and Latin America – Financial Solutions | $114 | $57 | | Canada – Traditional | $29 | $15 | | Canada – Financial Solutions | $10 | $9 | | Europe, Middle East and Africa – Traditional | $27 | $34 | | Europe, Middle East and Africa – Financial Solutions | $59 | $67 | | Asia Pacific – Traditional | $79 | $108 | | Asia Pacific – Financial Solutions | $(13) | $(56) | | Corporate and Other | $(75) | $(27) | [Note 18 Financing Activities](index=62&type=section&id=Note%2018%20Financing%20Activities) Describes recent financing activities, including the issuance of surplus notes and the establishment of a new revolving credit facility - Chesterfield Reinsurance Company issued **$500 million** of **7.125% Surplus Notes** due 2043 on March 23, 2023[210](index=210&type=chunk) - The company entered into a new **$850 million** syndicated revolving credit facility with a five-year term on March 13, 2023[211](index=211&type=chunk) [Note 19 New Accounting Standards Not Yet Adopted](index=62&type=section&id=Note%2019%20New%20Accounting%20Standards%20Not%20Yet%20Adopted) States that no new accounting standards not yet adopted are expected to have a material impact on the company's financial statements - No new accounting standards not yet adopted are expected to have more than a minimal impact on the company's condensed consolidated financial statements[212](index=212&type=chunk) [Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations](index=63&type=section&id=Item%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Provides management's perspective on financial performance and condition, discussing key drivers, critical accounting policies, segment performance, liquidity, capital resources, and investment strategies, including ASU 2018-12 impact [Cautionary Note Regarding Forward-Looking Statements](index=63&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) Warns that the document contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially - The document contains forward-looking statements based on management's current expectations, which are subject to risks and uncertainties that could cause actual results to differ materially[213](index=213&type=chunk) - Key risk factors include adverse changes in mortality, morbidity, lapsation, claims experience, capital and credit market conditions, regulatory actions, and general economic conditions[214](index=214&type=chunk) - The company does not undertake any obligation to update these forward-looking statements[215](index=215&type=chunk) [Overview](index=64&type=section&id=Overview) Provides a high-level overview of RGA as a global life reinsurance and financial solutions provider, highlighting its assets and profitability drivers - RGA is a leading global provider of life reinsurance and financial solutions, with **$3.4 trillion** of life reinsurance in force and **$89.1 billion** in assets as of March 31, 2023[216](index=216&type=chunk) - Profitability is largely dependent on claims experience, adequate risk pricing, lifespan of contract holders (for longevity business), and investment performance[218](index=218&type=chunk) - The company adopted ASU 2018-12 in Q1 2023, which updates accounting for long-duration insurance contracts[220](index=220&type=chunk) [Segment Presentation](index=64&type=section&id=Segment%20Presentation) Explains the company's operational segmentation by geography and business type, capital allocation, and factors influencing segment revenue and claims volatility - Operations are segmented geographically and by business type (Traditional and Financial Solutions)[221](index=221&type=chunk) - Capital is allocated to segments based on an internally developed economic capital model, which also influences investment income and policy acquisition costs[221](index=221&type=chunk)[222](index=222&type=chunk) - Segment revenue and claims experience can be significantly influenced by currency fluctuations, large transactions, business mix, and ceding company reporting practices, leading to period-to-period volatility[223](index=223&type=chunk) [Critical Accounting Policies](index=65&type=section&id=Critical%20Accounting%20Policies) Discusses key accounting policies including premiums receivable, future policy benefits, investment valuation, embedded derivatives, market risk benefits, and income taxes - Key critical accounting policies include premiums receivable, liabilities for future policy benefits and IBNR claims, valuation of investments, valuation of embedded derivatives and market risk benefits, and income taxes[226](index=226&type=chunk) - Deferred policy acquisition costs (DAC) are no longer considered a critical accounting policy due to simplifications from ASU 2018-12[228](index=228&type=chunk) - Liabilities for future policy benefits are estimated using updated mortality, morbidity, persistency assumptions, and quarterly updated discount rates based on upper-medium grade fixed-income instruments[229](index=229&type=chunk)[233](index=233&type=chunk) - Market risk benefits and embedded derivatives are measured at fair value using option-based valuation models, with changes in fair value recognized in net income (except for instrument-specific credit risk in OCI)[235](index=235&type=chunk) [Consolidated Results of Operations](index=67&type=section&id=Consolidated%20Results%20of%20Operations) Summarizes the consolidated financial performance, highlighting changes in net income, net premiums, and net investment income, along with derivative impacts - Net income available to RGA, Inc. shareholders increased by **$55 million** to **$252 million** in Q1 2023 compared to **$197 million** in Q1 2022[241](index=241&type=chunk) - The increase was primarily driven by favorable claims experience in the U.S. and Latin America Traditional segment and positive changes in the fair value of embedded derivatives[241](index=241&type=chunk) - Net premiums increased by **$230 million** to **$3,385 million**, largely due to a single premium pension risk transfer transaction and organic growth[242](index=242&type=chunk) - Net investment income increased by **$46 million** to **$856 million**, supported by an increased average invested asset base and higher risk-free rates[243](index=243&type=chunk) Impact of Derivatives and Market Risk Benefits on Income Before Taxes (in millions): | Item | Q1 2023 | Q1 2022 | Change | | :------------------------------------------ | :------ | :------ | :----- | | Change in fair value of funds withheld embedded derivatives | $37 | $(33) | +$70 | | Embedded derivatives – interest credited (EIAs) | $7 | $17 | $(10) | | Market risk benefits remeasurement (gains) losses | $(14) | $34 | $(48) | | Related freestanding derivatives | $2 | $(35) | +$37 | | Total net effect after freestanding derivatives | $32 | $(17) | +$49 | [Results of Operations by Segment](index=69&type=section&id=Results%20of%20Operations%20by%20Segment) Provides a detailed breakdown of financial results by geographic and business segments, analyzing key performance drivers and changes [U.S. and Latin America Operations](index=69&type=section&id=U.S.%20and%20Latin%20America%20Operations) Details the financial performance of U.S. and Latin America operations, including income before taxes, loss ratios, and changes in embedded derivatives - Total income before income taxes for U.S. and Latin America operations increased by **$118 million** to **$235 million** in Q1 2023 from **$117 million** in Q1 2022[248](index=248&type=chunk) - U.S. and Latin America Traditional segment's income before income taxes increased by **$61 million** to **$121 million**, with the loss ratio improving to **90.0%** from **100.6%** due to favorable claims experience[250](index=250&type=chunk)[252](index=252&type=chunk) - U.S. and Latin America Financial Solutions segment's income before income taxes increased by **$57 million** to **$114 million**, primarily due to a **$38 million** positive change in the fair value of embedded derivatives on funds withheld at interest[253](index=253&type=chunk)[260](index=260&type=chunk) - The invested asset base supporting asset-intensive transactions decreased to **$23.2 billion** as of March 31, 2023, from **$23.7 billion** as of March 31, 2022[254](index=254&type=chunk) [Canada Operations](index=73&type=section&id=Canada%20Operations) Presents the financial performance of Canada operations, highlighting increases in income before taxes for both Traditional and Financial Solutions segments - Total income before income taxes for Canada operations increased by **$15 million** to **$39 million** in Q1 2023 from **$24 million** in Q1 2022[266](index=266&type=chunk) - Canada Traditional segment's income before income taxes increased by **$14 million** to **$29 million**, driven by more favorable claims experience in individual mortality and lower policy acquisition costs[269](index=269&type=chunk) - Canada Financial Solutions segment's income before income taxes increased by **$1 million** to **$10 million**, due to higher other revenues from favorable experience on capital solutions business[271](index=271&type=chunk) [Europe, Middle East and Africa Operations](index=75&type=section&id=Europe%2C%20Middle%20East%20and%20Africa%20Operations) Details the financial performance of EMEA operations, noting decreases in income before taxes for both Traditional and Financial Solutions segments - Total income before income taxes for EMEA operations decreased by **$15 million** to **$86 million** in Q1 2023 from **$101 million** in Q1 2022[273](index=273&type=chunk) - EMEA Traditional segment's income before income taxes decreased by **$7 million** to **$27 million**, primarily due to decreased net premiums (foreign currency fluctuations) and an increased loss ratio (Turkey earthquake claims)[275](index=275&type=chunk)[276](index=276&type=chunk) - EMEA Financial Solutions segment's income before income taxes decreased by **$8 million** to **$59 million**, mainly due to investment related losses from CPI swap derivatives, partially offset by favorable longevity claims experience[277](index=277&type=chunk)[278](index=278&type=chunk) [Asia Pacific Operations](index=78&type=section&id=Asia%20Pacific%20Operations) Presents the financial performance of Asia Pacific operations, including changes in income before taxes for Traditional and Financial Solutions segments - Total income before taxes for Asia Pacific operations increased by **$14 million** to **$66 million** in Q1 2023 from **$52 million** in Q1 2022[280](index=280&type=chunk) - Asia Pacific Traditional segment's income before income taxes decreased by **$29 million** to **$79 million**, primarily due to lower underwriting results and an increased loss ratio (**83.7%** vs. **75.7%**) from unfavorable claims experience[282](index=282&type=chunk)[283](index=283&type=chunk) - Asia Pacific Financial Solutions segment's loss before income taxes decreased by **$43 million** to **$(13) million**, driven by higher net investment income from an increased asset base (**$14.4 billion** vs. **$10.3 billion**)[284](index=284&type=chunk)[287](index=287&type=chunk) [Corporate and Other](index=80&type=section&id=Corporate%20and%20Other) Reports the loss before income taxes for Corporate and Other, attributing changes to investment-related gains/losses and operating expenses - Loss before income taxes for Corporate and Other increased by **$48 million** to **$(75) million** in Q1 2023 from **$(27) million** in Q1 2022[288](index=288&type=chunk) - The increased loss was primarily due to a **$47 million** decrease in investment related gains (losses), net, and a **$14 million** increase in other operating expenses (compensation expense)[288](index=288&type=chunk)[289](index=289&type=chunk)[291](index=291&type=chunk) - Net investment income increased by **$23 million** to **$82 million**, due to higher yields and a larger asset base on corporate invested assets[288](index=288&type=chunk)[291](index=291&type=chunk) [Liquidity and Capital Resources](index=81&type=section&id=Liquidity%20and%20Capital%20Resources) Discusses the company's liquidity sources, capital management, investment yields, and unrealized losses on fixed maturity securities [Overview](index=81&type=section&id=Overview) Assesses the sufficiency of liquidity sources for the next twelve months, noting average investment yield and changes in unrealized losses - The company believes its liquidity sources are sufficient for the next twelve months, supported by operating cash flows and alternatives like credit facilities and asset sales[290](index=290&type=chunk) - The average investment yield (excluding spread related business) for Q1 2023 was **4.71%**, a **58 basis point** decrease from Q1 2022, primarily due to decreased variable investment income[291](index=291&type=chunk) - Gross unrealized losses on fixed maturity securities decreased from **$7.3 billion** at December 31, 2022, to **$6.1 billion** at March 31, 2023[292](index=292&type=chunk) [The Holding Company](index=82&type=section&id=The%20Holding%20Company) Details the holding company's liquidity uses, including capital needs, dividends, share repurchases, and compliance with debt covenants - RGA's primary uses of liquidity include capital needs of operating companies, dividends, common stock repurchases, and interest payments on debt[295](index=295&type=chunk) - RGA repurchased **371,343 shares** of common stock for **$50 million** in Q1 2023 under its **$400 million** share repurchase program[298](index=298&type=chunk) - Dividends to shareholders totaled **$53 million** (**$0.80 per share**) in Q1 2023[300](index=300&type=chunk)[301](index=301&type=chunk) - The company was in compliance with all debt covenants as of March 31, 2023, with **$4.5 billion** in outstanding borrowings[303](index=303&type=chunk) [Credit and Committed Facilities](index=83&type=section&id=Credit%20and%20Committed%20Facilities) Describes the company's credit and committed facilities, including a new revolving credit facility, outstanding bank letters of credit, and FHLB borrowings - The company entered into a new **$850 million** syndicated revolving credit facility in March 2023, maturing in March 2028, with no cash borrowings outstanding as of March 31, 2023[305](index=305&type=chunk)[307](index=307&type=chunk) - Outstanding bank letters of credit totaled **$128 million** in favor of third parties and **$740 million** (undrawn) backing intercompany reinsurance as of March 31, 2023[308](index=308&type=chunk) - The company had **$631 million** of funds available through collateralized borrowings from the FHLB as of March 31, 2023[310](index=310&type=chunk) [Cash Flows](index=84&type=section&id=Cash%20Flows) Summarizes net cash provided by operating, investing, and financing activities, highlighting significant changes year-over-year - Net cash provided by operating activities increased significantly to **$1,574 million** for Q1 2023 from **$163 million** in Q1 2022[313](index=313&type=chunk) - Net cash used in investing activities decreased to **$1,705 million** for Q1 2023 from **$2,235 million** in Q1 2022[313](index=313&type=chunk) - Net cash provided by financing activities decreased to **$497 million** for Q1 2023 from **$1,854 million** in Q1 2022, mainly due to lower net deposits to investment-type policies and contracts[313](index=313&type=chunk) [Asset / Liability Management](index=85&type=section&id=Asset%20%2F%20Liability%20Management) Describes the company's active management of cash and invested assets to balance quality, diversification, asset/liability matching, liquidity, and investment return - The company actively manages its cash and invested assets to balance quality, diversification, asset/liability matching, liquidity, and investment return[317](index=317&type=chunk) - Investment strategies aim to optimize after-tax, risk-adjusted investment income and total return while managing cash flow and duration[317](index=317&type=chunk) - The liquidity position (cash and cash equivalents and short-term investments) was **$3.5 billion** at March 31, 2023[320](index=320&type=chunk) [Investments](index=86&type=section&id=Investments) Provides an overview of the investment portfolio, including total assets, fixed maturity securities, investment yield, and unrealized losses - Total cash and invested assets were **$77.3 billion** as of March 31, 2023[326](index=326&type=chunk) - Fixed maturity securities available-for-sale represented **72.6%** of total invested assets (**$56,085 million**) as of March 31, 2023, with **94.5%** being investment grade[326](index=326&type=chunk)[330](index=330&type=chunk) - The investment yield (excluding variable investment income) increased to **4.45%** in Q1 2023 from **3.80%** in Q1 2022, due to increased interest rates[328](index=328&type=chunk) - Gross unrealized losses on fixed maturity securities were **$6,105 million** as of March 31, 2023[341](index=341&type=chunk) - Allowance for credit losses and impairments totaled **$40 million** in Q1 2023, primarily related to securities for banks that collapsed in March 2023[345](index=345&type=chunk) [New Accounting Standards](index=91&type=section&id=New%20Accounting%20Standards) Confirms the adoption of ASU 2018-12 and states that no other new accounting standards are expected to have a material impact - The company adopted ASU 2018-12 on January 1, 2023[356](index=356&type=chunk) - No other new accounting standards not yet adopted are expected to have more than a minimal impact on the company's financial statements[356](index=356&type=chunk) [Item 3 Quantitative and Qualitative Disclosure About Market Risk](index=92&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) Reports no material changes in the company's economic exposure to market risk or its Enterprise Risk Management function as of March 31, 2023, compared to December 31, 2022 - No material changes in the company's economic exposure to market risk or its Enterprise Risk Management function as of March 31, 2023, compared to December 31, 2022[357](index=357&type=chunk) - Market risk is defined as the risk of fluctuations in the value of financial instruments due to changes in interest rates, foreign currency exchange rates, equity prices, or commodity prices[357](index=357&type=chunk) [Item 4 Controls and Procedures](index=92&type=section&id=Item%204%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting except for ASU 2018-12 modifications - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2023[358](index=358&type=chunk) - No material changes occurred in the company's internal control over financial reporting during Q1 2023, except for modifications related to the adoption and ongoing operation of ASU 2018-12[359](index=359&type=chunk) [PART II – OTHER INFORMATION](index=93&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) Presents additional information including legal proceedings, risk factors, equity sales, exhibits, a glossary of terms, and official signatures [Item 1 Legal Proceedings](index=93&type=section&id=Item%201%20Legal%20Proceedings) The company is involved in various legal proceedings and regulatory investigations, but management believes loss contingencies will not have a material adverse effect on its financial condition or results - The company is subject to litigation and regulatory investigations or actions from time to time[361](index=361&type=chunk) - Management does not believe that loss contingencies from these matters will have a material adverse effect on the company's financial condition, results of operations, or cash flows[361](index=361&type=chunk) [Item 1A Risk Factors](index=93&type=section&id=Item%201A%20Risk%20Factors) Reports no material changes to the risk factors previously disclosed in the company's 2022 Annual Report on Form 10-K - There have been no material changes from the risk factors previously disclosed in the Company's 2022 Annual Report[362](index=362&type=chunk) [Item 2 Unregistered Sales of Equity Securities and Use of Proceeds](index=93&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) RGA continued its share repurchase program in Q1 2023, repurchasing **371,343 shares** for **$50 million** under a **$400 million** authorization, with pace influenced by available cash and stock price - RGA repurchased **371,343 shares** of common stock for **$50 million** during Q1 2023[364](index=364&type=chunk) - The repurchases were part of a **$400 million** share repurchase program authorized on February 25, 2022, which has no expiration date[364](index=364&type=chunk) - As of March 31, 2023, approximately **$300 million** remained available under the share repurchase program[363](index=363&type=chunk) [Item 6 Exhibits](index=93&type=section&id=Item%206%20Exhibits) Lists all exhibits filed with the Form 10-Q, including corporate governance documents, credit agreements, equity compensation plan forms, and CEO/CFO certifications - Exhibits include Amended and Restated Articles of Incorporation and Bylaws[369](index=369&type=chunk) - The Credit Agreement dated March 13, 2023, is listed as Exhibit 10.1[369](index=369&type=chunk) - Forms of 2023 Performance Contingent Share Agreement, Stock Appreciation Right Award Agreement, and Restricted Stock Unit Agreement are included[369](index=369&type=chunk) - Certifications from the Chief Executive Officer and Chief Financial Officer pursuant to the Sarbanes-Oxley Act of 2002 are provided[369](index=369&type=chunk) [Glossary of Selected Terms](index=95&type=section&id=Glossary%20of%20Selected%20Terms) Provides a comprehensive glossary defining various entities, financial terms, and acronyms used throughout the quarterly report for clarity - The glossary defines key entities such as RGA Reinsurance, Rockwood Re, and Papara Financing LLC[373](index=373&type=chunk) - It includes definitions for important financial and insurance terms like AOCI (Accumulated other comprehensive income (loss)), ASU 2018-12 (Accounting Standards Update Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts), DAC (Deferred policy acquisition costs), and Market risk benefits[374](index=374&type=chunk)[375](index=375&type=chunk)[376](index=376&type=chunk)[377](index=377&type=chunk)[378](index=378&type=chunk) - Operational and regulatory terms such as Enterprise Risk Management (ERM), RBC (Risk-Based Capital), and Retrocession are also defined[375](index=375&type=chunk)[377](index=377&type=chunk) [Signatures](index=100&type=section&id=Signatures) The report is officially signed by Reinsurance Group of America, Incorporated's CEO, Anna Manning, and CFO, Todd C. Larson, on May 5, 2023, affirming its submission - The report is signed by Anna Manning, Chief Executive Officer[381](index=381&type=chunk) - The report is signed by Todd C. Larson, Senior Executive Vice President and Chief Financial Officer[381](index=381&type=chunk) - The signing date for the report is May 5, 2023[381](index=381&type=chunk)

Use of Non-GAAP Financial Measures | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|--------------------------------------------------------|----------------------|----------------------------|---------------------------------------------------------------- ...

[PART I](index=3&type=section&id=PART%20I) [Business Overview](index=4&type=section&id=Item%201.%20BUSINESS) RGA is a global leader in life and health reinsurance and financial solutions, operating across diverse segments and impacted by COVID-19 and regulations - RGA is a **leading global provider** of traditional life and health reinsurance and financial solutions, with operations spanning the U.S., Latin America, Canada, Europe, the Middle East, Africa, Asia, and Australia[23](index=23&type=chunk) - The COVID-19 pandemic continued to **negatively impact RGA's mortality business in 2022**, contributing to increased mortality, morbidity, and other insurance risks, alongside global financial market uncertainty due to inflation and higher interest rates[24](index=24&type=chunk) RGA's Insurer Financial Strength Ratings (as of filing date) | Insurer Financial Strength Ratings | A.M. Best | Moody's | S&P | | :------------------------------- | :-------- | :------ | :---- | | RGA Reinsurance Company | A+ | A1 | AA- | | RGA Life Reinsurance Company of Canada | A+ | | AA- | | RGA International Reinsurance Company dac | | | AA- | | RGA Global Reinsurance Company, Ltd. | | | AA- | | RGA Reinsurance Company of Australia Limited | | | AA- | | RGA Reinsurance Company (Barbados) Ltd. | A+ | | AA- | | RGA Americas Reinsurance Company, Ltd. | A+ | | AA- | | RGA Atlantic Reinsurance Company Ltd. | A+ | | AA- | | RGA Worldwide Reinsurance Company, Ltd. | A+ | | AA- | | Aurora National Life Assurance Company | A+ | | | | Omnilife Insurance Company Limited | A+ | | | - RGA's global team of approximately **3,800 employees** is a key differentiator, with a high trust rating (**90th percentile**) in a global engagement survey, and reported women were paid on average **99.7%** of what men were paid for comparable jobs, and non-Caucasian employees in the U.S. received **100.3%** of Caucasian pay for comparable roles[102](index=102&type=chunk)[105](index=105&type=chunk)[112](index=112&type=chunk) [Risk Factors](index=22&type=section&id=Item%201A.%20RISK%20FACTORS) RGA faces significant risks from the COVID-19 pandemic, actuarial assumption deviations, regulatory changes, ratings downgrades, and market volatility - The COVID-19 pandemic continues to pose a **significant risk**, increasing mortality rates and causing economic and financial market disruptions, which could adversely affect RGA's business, results of operations, and financial condition[158](index=158&type=chunk)[159](index=159&type=chunk) - **Significant deviations from actuarial assumptions** regarding mortality, morbidity, lapsation, investment returns, and expenses could **negatively impact** RGA's financial condition and results of operations, potentially requiring reserve increases[161](index=161&type=chunk)[162](index=162&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) - A **downgrade in RGA's or its subsidiaries' financial strength or credit ratings** could **adversely affect** its ability to compete, sell products, retain business, and may trigger requirements to post collateral or allow clients to terminate reinsurance contracts[168](index=168&type=chunk)[169](index=169&type=chunk)[171](index=171&type=chunk) - RGA is exposed to **foreign currency risk** due to its multinational operations, with **adverse exchange rate movements** impacting net investments, transaction settlements, and conversion of foreign-denominated earnings to U.S. dollars[180](index=180&type=chunk) [Unresolved Staff Comments](index=35&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The Company reports no unresolved staff comments from the Securities and Exchange Commission - The Company has **no unresolved staff comments** from the Securities and Exchange Commission[247](index=247&type=chunk) [Properties](index=35&type=section&id=Item%202.%20Properties) RGA's corporate headquarters is owned in Missouri, with 49 leased global office locations typically on three-to-five-year terms - RGA's corporate headquarters is an **owned site** in Chesterfield, Missouri[248](index=248&type=chunk) - The Company leases office space in **49 locations worldwide**, with lease terms typically ranging from **three to five years**, and none exceeding 15 years[248](index=248&type=chunk) [Legal Proceedings](index=35&type=section&id=Item%203.%20Legal%20Proceedings) The Company is involved in routine litigation but has no material cases, establishing legal reserves when losses are probable and estimable - The Company is subject to litigation in the normal course of its business but currently has **no material litigation**[249](index=249&type=chunk) - A legal reserve is established when an arbitration demand or litigation is **probable to result in a loss** and the amount can be **reasonably estimated**[249](index=249&type=chunk) [Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the Company - This item is not applicable[250](index=250&type=chunk) [PART II](index=36&type=section&id=PART%20II) [Market for Registrant's Common Equity, Related Stockholders Matters, and Issuer Purchases of Equity Securities](index=36&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholders%20Matters,%20and%20Issuer%20Purchases%20of%20Equity%20Securities) RGA's common stock trades on the NYSE, with active share repurchase programs and a 5-year cumulative total return compared to market indices - RGA's common stock is traded on the **New York Stock Exchange (NYSE)** under the symbol "RGA", with **21,353 stockholders** of record and **66,860,481 shares outstanding** as of January 31, 2023[253](index=253&type=chunk)[9](index=9&type=chunk) - RGA's board of directors authorized two share repurchase programs for up to **$400 million** each, one on January 24, 2019, and another on February 25, 2022 (terminating the 2019 authority)[255](index=255&type=chunk)[256](index=256&type=chunk) Issuer Purchases of Equity Securities (Q4 2022) | Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plan or Program | | :--------------------------- | :----------------------------------- | :--------------------------- | :----------------------------------- | :--------------------------------------------------------------------------------------------------- | | October 1, 2022 – October 31, 2022 | 5,617 | $140.43 | — | $375,000,364 | | November 1, 2022 – November 30, 2022 | 189,660 | $135.35 | 184,904 | $350,001,793 | | December 1, 2022 – December 31, 2022 | 8,295 | $142.20 | — | $350,001,793 | 5-Year Cumulative Total Return (12/2017 - 12/2022) | | 12/17 | 12/18 | 12/19 | 12/20 | 12/21 | 12/22 | | :------------------------------- | :----- | :----- | :------ | :------ | :------ | :------ | | Reinsurance Group of America, Incorporated | $100.00 | $91.28 | $107.98 | $78.76 | $76.21 | $101.38 | | S&P 500 | $100.00 | $95.62 | $125.72 | $148.85 | $191.58 | $156.88 | | S&P Life & Health Insurance | $100.00 | $79.23 | $97.60 | $88.35 | $120.76 | $133.25 | [Reserved](index=37&type=section&id=Item%206.%20Reserved) This item is reserved and contains no information [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%207.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section analyzes RGA's financial condition and operations, covering COVID-19 impacts, industry trends, accounting policies, segment performance, liquidity, risk management, and new accounting standard adoption - RGA is a leading global life reinsurer with **$3.4 trillion** of life reinsurance in force and **$84.7 billion** in assets as of December 31, 2022[266](index=266&type=chunk) - In 2022, RGA incurred approximately **$451 million** in COVID-19 related life and health claim costs, with **$336 million** attributed to the U.S. and Latin America Traditional segment[317](index=317&type=chunk) Consolidated Net Income (2022 vs 2021) | Metric | 2022 (Millions) | 2021 (Millions) | Change (Millions) | | :-------------------------------------- | :-------------- | :-------------- | :---------------- | | Net premiums | $13,078 | $12,513 | $565 | | Net investment income | $3,161 | $3,138 | $23 | | Investment related gains (losses), net | $(506) | $560 | $(1,066) | | Total revenues | $16,258 | $16,658 | $(400) | | Claims and other policy benefits | $12,046 | $12,776 | $(730) | | Total benefits and expenses | $15,427 | $15,967 | $(540) | | Income before income taxes | $831 | $691 | $140 | | Provision for income taxes | $204 | $74 | $130 | | Net income available to RGA, Inc. shareholders | $623 | $617 | $6 | - The average investment yield (excluding spread-related business) decreased to **4.69%** in 2022 from **4.99%** in 2021, primarily due to lower variable income from limited partnerships, partially offset by higher risk-free rates[374](index=374&type=chunk)[325](index=325&type=chunk) - Gross unrealized losses on fixed maturity securities available-for-sale significantly increased from **$0.3 billion** at December 31, 2021, to **$7.3 billion** at December 31, 2022, due to increases in risk-free interest rates[375](index=375&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=39&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section highlights that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially - The document contains **forward-looking statements** subject to **risks and uncertainties**, which may cause actual results to differ materially from expectations[263](index=263&type=chunk) - Key factors that could cause differences include **adverse changes** in mortality, morbidity, lapsation, capital market conditions, regulatory actions, and the impact of the **COVID-19 pandemic**[264](index=264&type=chunk) [Overview](index=40&type=section&id=Overview) RGA is a global life reinsurance and financial solutions provider, with significant in-force business and assets, whose profitability depends on claims, pricing, and investment performance - RGA is a leading global provider of life reinsurance and financial solutions, with **$3.4 trillion** of life reinsurance in force and **$84.7 billion** in assets as of December 31, 2022[266](index=266&type=chunk) - The company's **long-term profitability** is dependent on the volume and amount of death- and health-related claims, **adequate risk pricing**, and **investment performance**[269](index=269&type=chunk) Gross and Net Premiums by Segment (2020-2022, in millions) | Segment | 2022 Gross | 2022 Net | 2021 Gross | 2021 Net | 2020 Gross | 2020 Net | | :----------------------------- | :--------- | :------- | :--------- | :------- | :--------- | :------- | | U.S. and Latin America: Traditional | $7,011 | $6,590 | $6,716 | $6,244 | $6,423 | $5,838 | | U.S. and Latin America: Financial Solutions | $66 | $66 | $55 | $55 | $53 | $53 | | Canada: Traditional | $1,282 | $1,219 | $1,244 | $1,194 | $1,106 | $1,052 | | Canada: Financial Solutions | $95 | $95 | $90 | $90 | $83 | $83 | | EMEA: Traditional | $1,768 | $1,736 | $1,770 | $1,738 | $1,579 | $1,555 | | EMEA: Financial Solutions | $623 | $486 | $552 | $350 | $430 | $252 | | Asia Pacific: Traditional | $2,767 | $2,650 | $2,736 | $2,624 | $2,787 | $2,681 | | Asia Pacific: Financial Solutions | $236 | $236 | $218 | $218 | $180 | $180 | | Corporate and Other | — | — | — | — | — | — | | Total | $13,848 | $13,078 | $13,381 | $12,513 | $12,641 | $11,694 | Reinsurance Business In Force and New Business by Segment (2020-2022, in billions) | Segment | 2022 In Force | 2022 New Business | 2021 In Force | 2021 New Business | 2020 In Force | 2020 New Business | | :----------------------------- | :------------ | :---------------- | :------------ | :---------------- | :------------ | :---------------- | | U.S. and Latin America: Traditional | $1,672.2 | $145.9 | $1,628.4 | $130.5 | $1,611.6 | $114.9 | | U.S. and Latin America: Financial Solutions | $5.2 | — | $5.3 | — | $5.3 | — | | Canada: Traditional | $463.6 | $48.2 | $472.6 | $48.8 | $445.2 | $40.8 | | Canada: Financial Solutions | — | — | — | — | — | — | | EMEA: Traditional | $735.4 | $169.4 | $861.6 | $198.4 | $864.4 | $184.3 | | EMEA: Financial Solutions | — | — | — | — | — | — | | Asia Pacific: Traditional | $518.6 | $45.3 | $497.4 | $34.2 | $553.7 | $49.6 | | Asia Pacific: Financial Solutions | $5.7 | $0.1 | $1.7 | $0.2 | $0.5 | — | | Total | $3,400.7 | $408.9 | $3,467.0 | $412.1 | $3,480.7 | $389.6 | [Industry Trends](index=42&type=section&id=Industry%20Trends) Industry trends show increasing cession rates, growing demand for insurance products, and opportunities from consolidation and regulatory changes, driving RGA's strategy - Key industry trends include **increasing cession rates** in North America and international markets, **growing demand** for insurance and financial products due to aging populations and middle-class growth, and **opportunities** arising from economic, regulatory, and accounting changes[280](index=280&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk) - **Consolidation** within the life reinsurance industry is creating opportunities for remaining reinsurers, while mergers and acquisitions in the life insurance industry are **increasing demand** for reinsurance products[282](index=282&type=chunk) - RGA's strategy focuses on **leveraging expertise and innovation**, **strengthening client relationships**, prioritizing **high-growth opportunities**, and fostering an inclusive culture to build for future generations[283](index=283&type=chunk)[284](index=284&type=chunk) [Critical Accounting Policies](index=43&type=section&id=Critical%20Accounting%20Policies) RGA's critical accounting policies require significant assumptions and estimates for items like DAC, policy benefits, investment valuation, and embedded derivatives - RGA's critical accounting policies involve **significant assumptions and estimates**, particularly for premiums receivable, deferred acquisition costs (DAC), future policy benefits, incurred but not reported (IBNR) claims, investment valuation, allowance for credit losses, embedded derivatives, and income taxes[285](index=285&type=chunk)[286](index=286&type=chunk) - DAC related to asset-intensive products is sensitive to changes in estimated interest spread and future policy lapse rates, where a **25 basis point** increase in interest spread would increase DAC by **9.12%**, while a **20%** decrease in lapse rates would increase DAC by **5.77%**[291](index=291&type=chunk)[292](index=292&type=chunk) Deferred Acquisition Costs (DAC) Balances by Segment (as of Dec 31, 2022, in millions) | Segment | Traditional | Financial Solutions | Other | Total | | :----------------------------- | :---------- | :------------------ | :---- | :---- | | U.S. and Latin America | $2,000 | $387 | $— | $2,387 | | Canada | $171 | $— | $— | $171 | | Europe, Middle East and Africa | $231 | $— | $— | $231 | | Asia Pacific | $1,039 | $141 | $— | $1,180 | | Corporate | $— | $— | $5 | $5 | | Total | $3,441 | $528 | $5 | $3,974 | [Consolidated Results of Operations](index=47&type=section&id=Consolidated%20Results%20of%20Operations) Net income increased by $6 million to $623 million in 2022, driven by higher premiums and lower COVID-19 claims, despite investment losses and derivative changes - Net income available to RGA, Inc. shareholders increased by **$6 million** to **$623 million** in 2022, primarily driven by higher net premiums and lower COVID-19 claims in traditional segments, offset by investment-related losses and derivative fair value changes[321](index=321&type=chunk) - Investment related gains (losses), net decreased by **$1,066 million** in 2022, largely due to a **$301 million** decrease in the fair value of derivative instruments and **$204 million** in net realized losses from portfolio repositioning[321](index=321&type=chunk)[322](index=322&type=chunk) - The effective tax rate increased to **24.6%** in 2022 from **10.6%** in 2021, mainly due to income in higher tax jurisdictions, Subpart F income, and GILTI, partially offset by foreign tax credits[326](index=326&type=chunk) Impact of Certain Derivatives on Income Before Income Taxes (2022 vs 2021, in millions) | Derivative Type | 2022 Net Effect | 2021 Net Effect | 2022 vs 2021 Change | | :-------------------------------------------------- | :-------------- | :-------------- | :------------------ | | Modco/Funds withheld | $(80) | $71 | $(151) | | EIAs | $28 | $22 | $6 | | Guaranteed minimum benefit riders | $(33) | $(54) | $21 | | Net effect after related freestanding derivatives | $(85) | $39 | $(124) | [Results of Operations by Segment](index=51&type=section&id=Results%20of%20Operations%20by%20Segment) This section details segment-specific financial performance, highlighting income drivers across Traditional and Financial Solutions in various global regions Income (Loss) Before Income Taxes by Segment (2020-2022, in millions) | Segment | 2022 | 2021 | 2020 | | :----------------------------- | :---- | :---- | :---- | | U.S. and Latin America: Traditional | $268 | $(540) | $(298) | | U.S. and Latin America: Financial Solutions | $199 | $515 | $295 | | Canada: Traditional | $86 | $128 | $134 | | Canada: Financial Solutions | $32 | $15 | $21 | | EMEA: Traditional | $10 | $(239) | $27 | | EMEA: Financial Solutions | $196 | $303 | $258 | | Asia Pacific: Traditional | $294 | $(10) | $174 | | Asia Pacific: Financial Solutions | $(18) | $98 | $59 | | Corporate and Other | $(236) | $421 | $(117) | - U.S. and Latin America Traditional segment income increased by **$808 million** in 2022, primarily due to favorable claims experience in individual mortality and lower COVID-19 claims[331](index=331&type=chunk) - Asia Pacific Financial Solutions segment experienced a **decrease in income** before income taxes in 2022, primarily due to **unfavorable fluctuations** in the fair value of derivatives, despite growth in its invested asset base from new asset-intensive transactions[366](index=366&type=chunk) - Corporate and Other segment's income before income taxes decreased by **$657 million** in 2022, driven by lower total revenues and higher interest expense and interest credited[371](index=371&type=chunk) [Liquidity and Capital Resources](index=62&type=section&id=Liquidity%20and%20Capital%20Resources) RGA maintains sufficient liquidity and capital through diverse funding and risk management, despite a decrease in total cash and invested assets in 2022 - RGA believes its cash flows and available funds are **sufficient to meet liquidity requirements** for the next twelve months, supported by liquidity stress testing and multiple alternatives like asset sales and credit facilities[373](index=373&type=chunk) - The Company's total cash and invested assets decreased from **$81.5 billion** in 2021 to **$73.4 billion** in 2022[433](index=433&type=chunk) Total Cash and Invested Assets (2022 vs 2021, in millions) | Asset Type | 2022 | % of Total (2022) | 2021 | % of Total (2021) | | :--------------------------------------- | :---------- | :---------------- | :---------- | :---------------- | | Fixed maturity securities, available-for-sale | $52,901 | 72.0 % | $60,749 | 74.6 % | | Equity securities | $134 | 0.2 % | $151 | 0.2 % | | Mortgage loans | $6,590 | 9.0 % | $6,283 | 7.7 % | | Policy loans | $1,231 | 1.7 % | $1,234 | 1.5 % | | Funds withheld at interest | $6,003 | 8.2 % | $6,954 | 8.5 % | | Limited partnerships and real estate joint ventures | $2,327 | 3.2 % | $1,996 | 2.5 % | | Short-term investments | $154 | 0.2 % | $87 | 0.1 % | | Other invested assets | $1,140 | 1.5 % | $1,074 | 1.3 % | | Cash and cash equivalents | $2,927 | 4.0 % | $2,948 | 3.6 % | | Total cash and invested assets | $73,407 | 100.0 % | $81,476 | 100.0 % | Summary of Primary Sources and Uses of Liquidity and Capital (2020-2022, in millions) | Category | 2022 | 2021 | 2020 | | :-------------------------------------- | :----- | :----- | :----- | | **Sources:** | | | | | Net cash provided by operating activities | $1,343 | $4,182 | $3,322 | | Proceeds from long-term debt issuance | $700 | $500 | $598 | | Net deposits from investment-type policies and contracts | $4,340 | $308 | $773 | | Total sources | $6,703 | $5,112 | $5,238 | | **Uses:** | | | | | Net cash used in investing activities | $5,688 | $4,628 | $2,680 | | Dividends to stockholders | $205 | $194 | $182 | | Principal payments of long-term debt | $403 | $403 | $3 | | Purchases of treasury stock | $81 | $99 | $163 | | Total uses | $6,724 | $5,572 | $3,279 | | Net change in cash and cash equivalents | $(21) | $(460) | $1,959 | [Enterprise Risk Management](index=76&type=section&id=Enterprise%20Risk%20Management) RGA's ERM function, overseen by the Board's Risk Committee, analyzes and manages aggregated risks within defined appetites and limits - RGA maintains a **dedicated Enterprise Risk Management (ERM) function**, overseen by the Board's Risk Committee, to analyze, monitor, and manage aggregated risks within defined appetites and limits[467](index=467&type=chunk)[468](index=468&type=chunk) - The ERM framework encompasses a **strong risk culture**, a **clear risk appetite statement**, specific risk limits, and a **comprehensive risk assessment process**, supported by business-specific controls[471](index=471&type=chunk)[472](index=472&type=chunk) - RGA's risk categories include **Insurance Risk** (mortality, morbidity, lapse, catastrophic events), **Market and Credit Risk** (interest rate, real estate, equity, investment credit, counterparty), **Capital Risk** (collateral, foreign currency, financing, liquidity, tax), **Operational Risk** (business conduct, fraud, privacy, cybersecurity, disruption, operations, human capital), and **Strategic Risk** (business plans, external environment, key relationships, political/regulatory)[475](index=475&type=chunk)[486](index=486&type=chunk)[521](index=521&type=chunk)[528](index=528&type=chunk)[537](index=537&type=chunk) Interest Rate Sensitivity Analysis of Estimated Fair Value of Fixed Maturity Securities (2022 vs 2021, in millions) | December 31, 2022: | -100 bps | -50 bps | – | +50 bps | +100 bps | | :----------------------------- | :------- | :------ | :------ | :------ | :------- | | Total estimated fair value | $57,578 | $55,152 | $52,901 | $50,826 | $48,928 | | % Change from base | 8.8 % | 4.3 % | — % | (3.9)% | (7.5)% | | $ Change from base | $4,677 | $2,251 | $— | $(2,075) | $(3,973) | | December 31, 2021: | -100 bps | -50 bps | – | +50 bps | +100 bps | | :----------------------------- | :------- | :------ | :------ | :------ | :------- | | Total estimated fair value | $66,926 | $63,711 | $60,749 | $58,042 | $55,588 | | % Change from base | 10.2 % | 4.9 % | — % | (4.5)% | (8.5)% | | $ Change from base | $6,177 | $2,962 | $— | $(2,707) | $(5,161) | [New Accounting Standards](index=85&type=section&id=New%20Accounting%20Standards) RGA will adopt ASU 2018-12 in Q1 2023, significantly impacting accounting for long-duration insurance contracts and stockholders' equity - RGA will adopt **ASU 2018-12**, "Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts," in **Q1 2023**, which will **significantly change accounting** for long-duration insurance contracts[655](index=655&type=chunk) - The adoption of ASU 2018-12 is estimated to decrease previously reported retained earnings by **$1.0 billion to $1.3 billion** (net of tax) and accumulated other comprehensive income (loss) by **$5.1 billion to $7.1 billion** (net of tax) as of January 1, 2021[658](index=658&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=85&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Market risk disclosures are incorporated by reference from Item 7, specifically the "Market and Credit Risk" section within Management's Discussion and Analysis - Information on quantitative and qualitative disclosures about market risk is provided in **Item 7** under "Management's Discussion and Analysis of Financial Condition and Results of Operations – **Market and Credit Risk**"[543](index=543&type=chunk) [Financial Statements and Supplementary Data](index=86&type=section&id=Item%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section provides RGA's audited consolidated financial statements, including balance sheets, income statements, cash flows, and comprehensive notes, with an unqualified opinion from the independent auditor - The consolidated financial statements include the **balance sheets** as of December 31, 2022 and 2021, and **statements of income**, **comprehensive income**, **stockholders' equity**, and **cash flows** for the three years ended December 31, 2022[546](index=546&type=chunk) Consolidated Balance Sheet Highlights (as of Dec 31, in millions) | Metric | 2022 | 2021 | | :-------------------------------------- | :------ | :------ | | Total investments | $70,480 | $78,528 | | Cash and cash equivalents | $2,927 | $2,948 | | Total assets | $84,706 | $92,175 | | Future policy benefits | $35,220 | $35,782 | | Interest-sensitive contract liabilities | $30,572 | $26,377 | | Total liabilities | $80,471 | $79,161 | | Total equity | $4,235 | $13,014 | Consolidated Statements of Income Highlights (for the years ended Dec 31, in millions) | Metric | 2022 | 2021 | 2020 | | :-------------------------------------- | :------ | :------ | :------ | | Net premiums | $13,078 | $12,513 | $11,694 | | Net investment income | $3,161 | $3,138 | $2,575 | | Investment related gains (losses), net | $(506) | $560 | $(33) | | Total revenues | $16,258 | $16,658 | $14,596 | | Claims and other policy benefits | $12,046 | $12,776 | $11,075 | | Total benefits and expenses | $15,427 | $15,967 | $14,043 | | Net income available to RGA, Inc. shareholders | $623 | $617 | $415 | Consolidated Statements of Cash Flows Highlights (for the years ended Dec 31, in millions) | Metric | 2022 | 2021 | 2020 | | :-------------------------------------- | :------ | :------ | :------ | | Net cash provided by operating activities | $1,343 | $4,182 | $3,322 | | Net cash used in investing activities | $(5,688) | $(4,628) | $(2,680) | | Net cash provided by (used in) financing activities | $4,436 | $20 | $1,254 | | Cash and cash equivalents, end of period | $2,927 | $2,948 | $3,408 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=159&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The Company reports no changes in or disagreements with accountants regarding accounting and financial disclosure - The Company has **no changes in or disagreements** with accountants on accounting and financial disclosure[904](index=904&type=chunk) [Controls and Procedures](index=159&type=section&id=Item%209A.%20Controls%20and%20Procedures) RGA's CEO and CFO affirmed effective disclosure controls and internal control over financial reporting as of December 31, 2022, with an unqualified audit opinion - The Chief Executive Officer and Chief Financial Officer evaluated and concluded that RGA's disclosure controls and procedures were **effective** as of December 31, 2022[905](index=905&type=chunk) - Management affirmed the **effectiveness of internal control over financial reporting** as of December 31, 2022, based on the criteria established in the "Internal Control – Integrated Framework (2013)" by COSO[907](index=907&type=chunk)[908](index=908&type=chunk) - Deloitte & Touche LLP, the independent registered public accounting firm, issued an **unqualified opinion** on the **effectiveness of RGA's internal control over financial reporting** as of December 31, 2022[909](index=909&type=chunk)[911](index=911&type=chunk) [Other Information](index=161&type=section&id=Item%209B.%20Other%20Information) This item reports no other information required to be disclosed - There is no other information required to be disclosed under this item[918](index=918&type=chunk) [PART III](index=161&type=section&id=PART%20III) [Directors, Executive Officers, and Corporate Governance](index=161&type=section&id=Item%2010.%20Directors,%20Executive%20Officers,%20and%20Corporate%20Governance) This section details RGA's directors, executive officers, and corporate governance, including codes of conduct and the independence and expertise of the Audit Committee - RGA's executive officers include Leslie Barbi (**Chief Investment Officer**), Lawrence S. Carson (EVP, **Global Financial Solutions**), Tony Cheng (**President**), Olav Cuiper (**Chief Client Officer**), Alka Gautam (EVP, **President & CEO of RGA Canada**), John W. Hayden (**Controller**), Ron Herrmann (EVP, **Head of U.S. & Latin American Markets**), William L. Hutton (**General Counsel and Secretary**), Ray Kleeman (**Chief Human Resources Officer**), Todd C. Larson (**Chief Financial Officer**), Anna Manning (**Chief Executive Officer**), and Jonathan Porter (**Global Chief Risk Officer**)[921](index=921&type=chunk)[922](index=922&type=chunk)[923](index=923&type=chunk)[924](index=924&type=chunk)[925](index=925&type=chunk)[926](index=926&type=chunk)[927](index=927&type=chunk)[929](index=929&type=chunk)[930](index=930&type=chunk)[931](index=931&type=chunk)[932](index=932&type=chunk)[933](index=933&type=chunk) - RGA has adopted a **Code of Conduct**, a **Directors' Code of Business Conduct and Ethics**, and a **Financial Management Code of Professional Conduct**, which apply to employees, officers, and directors, emphasizing ethical behavior and compliance[934](index=934&type=chunk) - All members of RGA's Audit Committee (Ms. Guinn (chair), Mr. Gauthier, Mr. Tran and Mr. Van Wyk) are **independent and qualified as audit committee financial experts**, possessing accounting and related financial management expertise[937](index=937&type=chunk) [Executive Compensation](index=163&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation information is incorporated by reference from the Company's Definitive Proxy Statement - Information on executive compensation is found in the **Proxy Statement** under "Compensation Discussion and Analysis," "Compensation Tables and Other Matters," "Compensation Committee Report," "Board of Directors – Director Compensation" and "Corporate Governance – Board Committees"[938](index=938&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=163&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership information is incorporated from the Proxy Statement, detailing equity compensation plans and share repurchase programs, including a **$400 million** authorization - Information on security ownership of certain beneficial owners and management is found in the **Proxy Statement**[939](index=939&type=chunk) Securities Authorized for Issuance Under Equity Compensation Plans (as of Dec 31, 2022) | Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) | Weighted-average exercise price of outstanding options, warrants and rights (b) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) | | :--------------------------------------------- | :-------------------------------------------------------------------------------------------- | :------------------------------------------------------------------------------ | :------------------------------------------------------------------------------------------------------------------------------------------ | | Equity compensation plans approved by security holders | 3,094,352 | $112.05 | 1,729,396 | | Equity compensation plans not approved by security holders | — | — | — | | Total | 3,094,352 | $112.05 | 1,729,396 | - RGA's board of directors authorized a share repurchase program for up to **$400 million** of outstanding common stock on February 25, 2022, which replaced a prior 2019 authorization[941](index=941&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=164&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Information on certain relationships, related person transactions, and director independence is incorporated by reference from the Proxy Statement - Information on certain relationships and related transactions, and director independence is found in the **Proxy Statement**[943](index=943&type=chunk) [Principal Accountant Fees and Services](index=164&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Principal accountant fees and services information is incorporated by reference from the Company's Definitive Proxy Statement - Information on principal accountant fees and services is found in the **Proxy Statement** under "Item 5 – Ratification of Appointment of Independent Auditor"[944](index=944&type=chunk) [PART IV](index=165&type=section&id=PART%20IV) [Exhibits and Financial Statement Schedules](index=165&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists consolidated financial statements from Item 8 and supplementary schedules, including investments, registrant information, and reinsurance, along with an exhibit index - The consolidated financial statements are included in **Item 8**, comprising the **Balance Sheets**, **Statements of Income**, **Comprehensive Income**, **Stockholders' Equity**, and **Cash Flows**, along with their accompanying notes[946](index=946&type=chunk) - Supplementary schedules include **Summary of Investments**, **Condensed Financial Information** of the Registrant, **Supplementary Insurance Information**, **Reinsurance**, and **Valuation and Qualifying Accounts**[947](index=947&type=chunk) Summary of Investments (as of Dec 31, 2022, in millions) | Type of Investment | Amortized Cost | Estimated Fair Value | Amount at Which Shown in the Balance Sheets | | :------------------------------------------------ | :------------- | :------------------- | :------------------------------------------ | | Fixed maturity securities: | | | | | United States government and government agencies and authorities | $1,690 | $1,482 | $1,482 | | State and political subdivisions | $1,282 | $1,119 | $1,119 | | Foreign governments | $10,515 | $9,889 | $9,889 | | Public utilities | $4,788 | $4,032 | $4,032 | | Mortgage-backed and asset-backed securities | $7,213 | $6,442 | $6,442 | | All other corporate bonds | $34,175 | $29,937 | $29,937 | | Total fixed maturity securities | $59,663 | $52,901 | $52,901 | | Equity securities | $175 | $134 | $134 | | Mortgage loans | $6,590 | | $6,590 | | Policy loans | $1,231 | | $1,231 | | Funds withheld at interest | $6,003 | | $6,003 | | Limited partnerships and real estate joint ventures | $2,327 | | $2,327 | | Short-term investments | $154 | | $154 | | Other invested assets | $1,140 | | $1,140 | | Total investments | $77,283 | | $70,480 | [Item 16. Form 10-K Summary](index=165&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item indicates that no Form 10-K summary is provided - No Form 10-K Summary is provided[948](index=948&type=chunk) [Glossary of Selected Terms](index=173&type=section&id=Glossary%20of%20Selected%20Terms) This section provides a comprehensive glossary of selected terms, abbreviations, and acronyms used throughout the Annual Report on Form 10-K - The glossary defines various entities, terms, and acronyms used in the Annual Report on Form 10-K, including **RGA subsidiaries** (e.g., RGA Reinsurance, RGA Canada, RGA Americas) and **industry-specific terms** (e.g., AOCI, DAC, ERM, GAAP, LIBOR, PBR, RBC, SOFR)[970](index=970&type=chunk)[971](index=971&type=chunk)[972](index=972&type=chunk)[973](index=973&type=chunk)[974](index=974&type=chunk)

Reinsurance Group of America, Incorporated (NYSE:RGA) Q4 2022 Earnings Conference Call February 3, 2022 10:00 AM ET Company Participants Jeff Hopson - Head, Investor Relations Todd Larson - Senior Executive Vice President and CFO Anna Manning - President and CEO Leslie Barbi - Chief Investment Officer Jonathan Porter - Chief Risk Officer Conference Call Participants Jimmy Bhullar - JPMorgan John Barnidge - Sandler O’Neill Ryan Krueger - KBW Dan Bergman - Jefferies Erik Bass - Autonomous Research Tom Gallagh ...

Q4 Global Underwriting Experience 8 Unfavorable underwriting results in U.S. Individual Mortality – Elevated non-COVID-19 claim costs due to higher frequency; higher general population mortality including an early influenza season that peaked in Q4 – First material influenza impact since the pandemic started; CDC estimates of general population flu deaths in Q4 are 14,000 to 43,000 – Estimated COVID-19 claim costs of $44 million, or $13 million pre-tax per 10,000 general population deaths, at the lower end ...

Reinsurance Group of America, Incorporated (NYSE:RGA) Q3 2022 Earnings Conference Call November 4, 2022 10:00 AM ET Company Participants Todd Larson - Senior Executive Vice President and CFO Anna Manning - President and CEO Leslie Barbi - Chief Investment Officer Jonathan Porter - Chief Risk Officer Jeff Hopson - Head, Investor Relations Conference Call Participants Erik Bass - Autonomous Research Dan Bergman - Jefferies Ryan Krueger - KBW John Barnidge - Sandler O’Neill Jimmy Bhullar - JPMorgan Alex Scott ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-11848 REINSURANCE GROUP OF AMERICA, INCORPORATED (Exact name of Registrant as specified in its charter) (State or other jurisdiction (IRS employer of inc ...

| --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------------------------------------------------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3Q22 Earnings | | | | | | | Presentation November 3, 2022 | | | | | | | Reinsurance Group of America, Incorporated | | | THE SECURITY OF EXPERIENCE. THE POWER OF INNOVATION. | | | Safe Harbor This document contains forward-looking statements within the meaning of the ...

Reinsurance Group of America, Incorporated (NYSE:RGA) Q2 2022 Earnings Conference Call August 5, 2022 10:00 AM ET Company Participants Anna Manning - President and Chief Executive Officer Todd Larson - Senior Executive Vice President and Chief Financial Officer Leslie Barbi - Executive Vice President and Chief Investment Officer Jonathan Porter - Executive Vice President and Global Chief Risk Officer Conference Call Participants Jamminder Bhullar - JPMorgan Chase & Co. Erik Bass - Autonomous Research John ...