(Unaudited) World Headquarters Internet Address Contacts 16600 Swingley Ridge Road www.rgare.com Axel André Chesterfield, Missouri 63017 U.S.A. Executive Vice President and Chief Financial Officer Phone: (636) 736-7000 e-mail: Axel.Andre@rgare.com Jeff Hopson Senior Vice President, Investor Relations Phone: (636) 736-2068 e-mail: jhopson@rgare.com Current Ratings | | Standard & Poor's | A.M. Best | Moody's | | --- | --- | --- | --- | | Financial Strength Ratings | | | | | RGA Reinsurance Company | AA- | A+ ...

Core Insights - FastTrack has formed a strategic partnership with Reinsurance Group of America (RGA) to enhance digital automation in life and disability insurance workflows [1][2] - The collaboration aims to combine RGA's reinsurance expertise with FastTrack's automation technology to drive innovation and improve client experiences [2][3] Company Overview - FastTrack, a division of Kamine Technology Group, has been a leader in automated claims management solutions for the life and disability insurance sector since 2012 [4] - RGA is a global leader in life and health reinsurance, managing approximately $4.0 trillion of life reinsurance in force and holding assets of $120.3 billion as of September 30, 2024 [6] Partnership Objectives - The partnership will focus on identifying insurance carriers that can benefit from digital transformation strategies, aiming for operational and financial improvements [3] - Both companies are committed to enhancing customer claim experiences and improving operational processes within the life and disability insurance vertical [3] Technological Advancements - FastTrack's automation tools can eliminate up to 90% of manual administrative tasks and accelerate claim decisions by 30%-40% [5] - The collaboration is expected to create data-rich digital claimant profiles, which will reduce risk and improve the overall claims journey experience for various stakeholders [5]

Investment Philosophy - The investment philosophy focuses on buying high-quality stocks and great businesses [1] - Preferred businesses are those led by disciplined capital allocators, earn exceptional returns on capital, and can compound their invested capital over long periods of time [1] Analyst's Position - The analyst has no stock, option, or similar derivative position in any of the companies mentioned [2] - The analyst has no plans to initiate any such positions within the next 72 hours [2] - The article expresses the analyst's own opinions and is not receiving compensation for it (other than from Seeking Alpha) [2] - The analyst has no business relationship with any company whose stock is mentioned in the article [2] Seeking Alpha's Disclosure - Past performance is no guarantee of future results [3] - No recommendation or advice is being given as to whether any investment is suitable for a particular investor [3] - Any views or opinions expressed may not reflect those of Seeking Alpha as a whole [3] - Seeking Alpha is not a licensed securities dealer, broker, or US investment adviser or investment bank [3] - Analysts are third-party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body [3]

Valuation and Market Position - RGA shares are trading at a discount with a forward price-to-book value of 1.24X, lower than the industry average of 1.96X, the Finance sector's 3.99X, and the Zacks S&P 500 Composite's 8.85X [1] - The stock is attractively valued compared to competitors like Primerica, Manulife Financial, and Sun Life Financial [2] - RGA has a market capitalization of $13.88 billion and an average trading volume of 0.3 million shares over the last three months [6] Growth and Earnings - RGA's expected long-term earnings growth rate is 10.4%, outperforming the industry average of 4.6% [4] - The company has consistently beaten earnings estimates in the last four quarters with an average surprise of 17.74% [7] - The consensus estimate for 2025 earnings per share indicates a year-over-year increase of 5.4% from 2024 [8] - The Zacks Consensus Estimate for 2024 earnings per share shows an 8.9% year-over-year increase, with revenues expected to reach $22.36 billion, a 17.4% improvement [17] Financial Performance and Capital Management - RGA's return on invested capital (ROIC) in the trailing 12 months was 6.4%, higher than the industry average of 0.6% [9] - The company exited Q3 2024 with excess capital of around $0.7 billion, reflecting a solid capital position [14] - RGA has maintained a free cash flow conversion rate of over 85% in recent quarters [21] Business Expansion and Market Leadership - RGA is a leader in the traditional U S and Latin American markets, with a mature individual mortality business providing stable earnings [5] - The company has expanded its product line with market-leading services, capabilities, expertise, and innovation [5] - In Canada, RGA is a market leader with a sizable block of in-force business and expects steady demand for longevity insurance [19] Technological and Product Innovation - RGA is a global biometric liability reinsurance leader, with favorable biometrics experience over the last five quarters [12] - The company continues to integrate technology into its products, enhancing its market position [12] Market Performance and Analyst Sentiment - RGA shares have gained 31.1% over the past year, outperforming the industry's growth of 25.6%, the Zacks S&P 500 index's 27.4%, and the Finance sector's 18.3% [16] - The Zacks Consensus Estimate for 2025 moved 0.3% higher in the last 30 days, reflecting analyst optimism [13] Growth Opportunities - Demand for protection products among the emerging global middle class and aging populations creates growth opportunities [11] - RGA expects to deploy capital into attractive growth opportunities in organic flow and in-force block transactions while returning excess capital to shareholders [14][20]

Zacks Rating Upgrade for Reinsurance Group - Reinsurance Group (RGA) has been upgraded to a Zacks Rank 2 (Buy), reflecting an upward trend in earnings estimates, which is a powerful force impacting stock prices [1] - The Zacks rating system relies on changes in a company's earnings picture, tracking EPS estimates for the current and following years through the Zacks Consensus Estimate [1] - The upgrade indicates positivity about Reinsurance Group's earnings outlook, which could translate into buying pressure and an increase in its stock price [3] Earnings Estimate Revisions and Stock Price Movement - Changes in a company's future earnings potential, reflected in earnings estimate revisions, are strongly correlated with near-term stock price movements [4] - Institutional investors use earnings estimates to calculate the fair value of a company's shares, and their transactions of large amounts of shares lead to price movements [4] - Rising earnings estimates and the consequent rating upgrade for Reinsurance Group imply an improvement in the company's underlying business, which investors may appreciate by pushing the stock higher [5] Zacks Rank System and Its Effectiveness - The Zacks Rank system uses four factors related to earnings estimates to classify stocks into five groups, with Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [7] - The system maintains an equal proportion of 'buy' and 'sell' ratings for over 4000 stocks, with only the top 5% receiving a 'Strong Buy' rating and the next 15% receiving a 'Buy' rating [9] - Reinsurance Group's placement in the top 20% of Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term [10][11] Reinsurance Group's Earnings Estimates - For the fiscal year ending December 2024, Reinsurance Group is expected to earn $21.93 per share, a 10.3% increase from the year-ago reported number [8] - Over the past three months, the Zacks Consensus Estimate for Reinsurance Group has increased by 1.1%, reflecting steady upward revisions by analysts [8]

Stock Performance and Market Position - RGA shares have rallied 41.6% YTD, outperforming the industry's growth of 31.5%, the Finance sector's return of 20.9%, and the S&P 500's return of 24.5% [1] - The stock is currently priced at $229.17, slightly below its 52-week high of $233.14, with a market capitalization of $15.09 billion [1] - RGA is trading above its 50-day and 200-day simple moving averages of $218.40 and $203.60, respectively, indicating strong upward momentum [4] Earnings and Growth Projections - RGA has beaten earnings estimates in each of the last four quarters, with an average surprise of 17.74% [5] - The Zacks Consensus Estimate for 2024 earnings per share indicates a year-over-year increase of 10.3%, with revenues expected to grow by 17.4% to $22.36 billion [6] - The expected long-term earnings growth rate is 10.4%, significantly higher than the industry average of 4.6% [7] Business Segments and Market Leadership - RGA has strong momentum in U.S. Traditional, Longevity/PRT, Asia Asset-Intensive, and Asia Traditional segments, supported by solid growth projections [3] - The company is a leader in the U.S. and Latin American traditional markets, with a mature individual mortality business providing stable earnings and capital generation [10] - In Canada, RGA is a market leader with a sizable block of in-force business, and longevity insurance is expected to witness steady demand and long-term growth [11] Capital Management and Technological Advancements - RGA has a return on invested capital (ROIC) of 6.4% in the trailing 12 months, significantly higher than the industry average of 0.6% [8] - The company has maintained a free cash flow conversion rate of over 85% for many quarters, reflecting solid earnings [13] - RGA is well-capitalized, with excess capital of around $0.7 billion at the end of Q2 2024, and actively deploys capital into growth opportunities while returning excess capital to shareholders [15] Analyst Sentiment and Valuation - Two out of six analysts covering RGA have raised estimates for 2024, and three have raised estimates for 2025, with consensus estimates moving 0.6% and 1.1% north, respectively, in the past 30 days [9] - RGA has a VGM Score of A, indicating attractive value, growth, and momentum, and a Zacks Rank 2 (Buy) [14] Industry Comparison - Other top-ranked life insurance companies include Abacus Life, Inc. (ABL), Manulife Financial Corp (MFC), and Primerica, Inc. (PRI), each carrying a Zacks Rank 2 [16] - ABL's 2024 and 2025 earnings are expected to grow by 19.2% and 22.4%, respectively, while MFC's earnings are projected to grow by 6.6% and 9.2% [17][18] - PRI's 2024 and 2025 earnings are expected to grow by 18.9% and 7.9%, respectively, with shares climbing 44.3% YTD [19][20]

Company Performance - Reinsurance Group of America (RGA) has experienced strong performance over the past year, driven by robust underwriting results and favorable conditions in the pension-risk transfer and longevity markets [1] - The company benefits from a well-managed investment portfolio, strong capital reserves, and expanding global operations [1] Industry Insights - The pension-risk transfer and longevity markets have provided significant tailwinds for RGA, contributing to its recent success [1] Expert Perspective - Joseph Jones, a professor at The University of Southern Mississippi, has over fifteen years of experience studying the market, with a focus on portfolio construction from a dividend growth investor's perspective [1]

Zacks Premium and Style Scores Overview - Zacks Premium offers tools like daily updates of Zacks Rank and Industry Rank, access to Equity Research reports, and Premium stock screens to help investors make informed decisions [1] - Zacks Style Scores complement the Zacks Rank by rating stocks based on value, growth, and momentum characteristics, helping investors identify stocks with high potential to outperform the market [2][3] Zacks Style Scores Breakdown - **Value Score**: Focuses on identifying undervalued stocks using metrics like P/E, PEG, Price/Sales, and Price/Cash Flow ratios [3] - **Growth Score**: Evaluates a company's future prospects and financial health by analyzing projected and historic earnings, sales, and cash flow [4] - **Momentum Score**: Identifies stocks with strong price or earnings trends using factors like one-week price change and monthly percentage change in earnings estimates [4] - **VGM Score**: Combines Value, Growth, and Momentum Scores to provide a comprehensive rating for stocks, helping investors narrow down the most attractive opportunities [5] Zacks Rank and Style Scores Integration - Zacks Rank uses earnings estimate revisions to rate stocks, with 1 (Strong Buy) stocks delivering an average annual return of +25.41% since 1988, outperforming the S&P 500 [6][7] - Combining Zacks Rank 1 or 2 with Style Scores of A or B maximizes the probability of success, while stocks with 3 (Hold) rank should also have high Style Scores for upside potential [8][9] Reinsurance Group of America (RGA) Analysis - RGA holds a Zacks Rank 2 (Buy) and a VGM Score of A, making it a strong candidate for investors [10] - The company has a Momentum Style Score of B, with shares up 5.2% over the past four weeks, and an average earnings surprise of 17.7% [10][11] - RGA is a global leader in life and health reinsurance and financial solutions, operating across multiple regions including the US, Latin America, Europe, and Asia [12]

Financial Data and Key Metrics - Adjusted operating earnings excluding notable items were $6 13 per share, a record quarter for the company [6] - Adjusted operating return on equity (ROE) excluding notable items was 15 5% over the past year, exceeding intermediate-term targets [6] - Pretax adjusted operating income was $314 million for the quarter, or $3 62 per share after tax, while excluding notable items, it was $508 million or $6 13 per share after tax [25] - The value of in-force business margins increased by $4 6 billion or 13 9% over the first nine months of 2024, reaching $37 6 billion [27][43] - Premiums grew by 3 2% for the quarter, with traditional business premiums up 8 5% for the quarter and 7 9% year-to-date on a constant currency basis [28][29] Business Line Performance - In Asia, the company saw favorable conditions, particularly in Korea, Mainland China, and Hong Kong, with exclusive transactions driving significant growth [9][10][11][12] - The U S Traditional business had a strong quarter, with over 20 new business wins, including a significant transaction with American National [15] - The Pension Risk Transfer (PRT) and longevity market in the U S and UK showed strong performance, with a robust pipeline and record new business in the UK [16] - The Asia asset-intensive business expanded in Korea, completing two coinsurance transactions, including one with a market leader for an asset size equivalent to approximately $500 million [17] Market Performance - In Asia, the company linked strategies, capabilities, and data across the region, tailoring and innovating for each market [14] - The U S market presented increasingly attractive opportunities, with strong premium growth of 6 7% for the quarter [29] - The UK market continued to perform well, with a market-leading digital underwriting system driving exclusive business wins [16] Strategic Direction and Industry Competition - The company focused on long-term shareholder value through optimizing new business activities and balance sheet management [7] - Exclusive and higher-value business, termed "creation business," has been the majority of new business embedded value for the past one to two years [8] - The company is actively exploring alternative capital sources, including the imminent completion of a capital raise for Ruby Re [21] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's momentum, strategy, and execution, with a focus on sustaining future growth and diversifying capital sources [23] - The company expects to continue seeing attractive opportunities across geographies and business lines, with a strong pipeline for future growth [45] Other Important Information - The company initiated a transaction to recapture retroceded business, expected to generate $1 5 billion in long-term value and be accretive to ROE and PTAOI in 2025 and beyond [19] - The effective tax rate for the quarter was 23%, below the expected range, primarily due to income earned in non-U S jurisdictions [29] - The company completed the annual actuarial assumption review, resulting in a $58 million unfavorable impact to current period pretax adjusted operating income but a positive $100 million contribution to the value of in-force business margins [30] Q&A Session Summary Question: Excess Capital Redefinition - The company primarily uses capital for business growth, including potential opportunities on the asset side, such as private asset origination [47] Question: Growth Opportunity in Asia - The company leverages its strong local teams and biometric capabilities to adapt and create new products, which can be exported to other global markets [49][50] Question: Recapture Decision - The decision to recapture the in-force block was entirely the company's, driven by raising the retention limit and the block's profitability over the past 10 years [52] Question: Capital Backing for Recaptured Business - The recapture increases mortality exposure by 1% to 2%, with the excess capital figure already including the slight increase in risk capital [54] Question: Long-Term Care (LTC) Exposure - The company has modest LTC exposure, with $4 billion of reserves on the books, and will consider transactions if the risk aligns with its thresholds [59][60] Question: Mortality Assumptions - The company expects excess mortality to continue for four to five years, with modest reserve releases consistent with recent experience [62] Question: Balance Sheet Optimization - The company is in the early stages of portfolio optimization and in-force management actions, with significant opportunities remaining [74] Question: Ruby Re Economics - Ruby Re generates fee streams from origination, admin, and asset management, contributing to the company's earnings [78] Question: Japan Regulatory Environment - The company sees early-stage opportunities in Japan due to regulatory changes, with clients spreading transactions over several years [82][83] Question: U S Financial Solutions Performance - The U S Financial Solutions segment saw lower contributions from new business, but the PRT side performed well [85] Question: Recapture Volatility - The recapture adds minimal volatility, with 90% of the business in uncapped cohorts and low double-digit millions of volatility expected annually [88][89] Question: Excess Capital and Ratings - The company's excess capital view incorporates internal, regulatory, and rating agency perspectives, with third-party validation of the value of in-force business [95][96]

Revenue and Income - Net premiums for the three months ended September 30, 2024, were $4.391 billion, compared to $4.255 billion in the same period in 2023, representing a 3.2% increase[8] - Net investment income for the nine months ended September 30, 2024, was $3.231 billion, up from $2.635 billion in 2023, a 22.6% increase[8] - Total revenues for the nine months ended September 30, 2024, reached $16.866 billion, compared to $13.560 billion in 2023, a 24.4% increase[8] - Net income for the nine months ended September 30, 2024, was $574 million, down from $749 million in 2023, a 23.4% decrease[8] - Total comprehensive income for the nine months ended September 30, 2024, was $2.215 billion, compared to $1.287 billion in 2023, a 72.1% increase[10] - Net income for the nine months ended September 30, 2024, was $574 million, compared to $749 million in the same period in 2023[15] - Total other comprehensive income (loss) for the nine months ended September 30, 2024, was $1,641 million, compared to $538 million in the same period in 2023[13] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $7,770 million, compared to $2,818 million in the same period in 2023[15] - Net cash used in investing activities for the nine months ended September 30, 2024, was $8,383 million, compared to $2,592 million in the same period in 2023[15] - Net cash provided by financing activities for the nine months ended September 30, 2024, was $2,864 million, compared to a net cash used of $271 million in the same period in 2023[15] - Basic earnings per share for the nine months ended September 30, 2024, was $8.64, compared to $11.19 in the same period in 2023[18] - Diluted earnings per share for the nine months ended September 30, 2024, was $8.53, compared to $11.06 in the same period in 2023[18] - Net investment income for the nine months ended September 30, 2024, was $3,231 million, up from $2,635 million in the same period in 2023[82] - Investment-related losses, net, were $498 million for the nine months ended September 30, 2024, compared to $326 million in the same period in 2023[83] - Fixed maturity securities available-for-sale generated $933 million in investment income for the three months ended September 30, 2024, up from $707 million in the same period in 2023[82] - Mortgage loans contributed $290 million to net investment income for the nine months ended September 30, 2024, compared to $238 million in the same period in 2023[82] - Net investment income for the period was $3 million, with investment-related gains (losses) net at $4 million[139] - Total gains/losses (realized/unrealized) for Level 3 assets and liabilities held at the end of the period were $3 million[139] - Interest credited included in other comprehensive income (loss) was $14 million[140] - Purchases during the period amounted to $680 million, while sales and settlements were $51 million and $282 million, respectively[140] - Net investment income increased due to a higher average asset base and interest rates, with average invested assets at amortized cost totaling $38.2 billion in 2024 compared to $35.9 billion in 2023[174] - The average yield on investments, excluding spread-related business, was 5.08% in Q3 2024, up from 4.72% in Q3 2023[174] - The company repositioned its portfolio, generating net capital losses of $41 million in Q3 2024 compared to $49 million in Q3 2023[174] - Net investment income rose by $31 million (15.9%) to $226 million for the three months ended September 30, 2024, compared to $195 million in 2023[182] - Net investment income increased by $52 million (82.5%) for the three months ended September 30, 2024, compared to the same period in 2023, due to higher investment yields[188] - Net investment income rose by $6 million (9.7%) for the three months and $9 million (4.9%) for the nine months ended September 30, 2024, due to an increase in the invested asset base[191][192] - Net investment income in Asia Pacific operations grew by $72 million (40.7%) for the three months ended September 30, 2024, due to higher yields and increased invested assets[203] Equity and Shareholder Returns - Total RGA, Inc. shareholders' equity as of September 30, 2024, was $11.127 billion, up from $8.063 billion in 2023, a 38.0% increase[12] - Dividends to shareholders for the nine months ended September 30, 2024, were $0.89 per share, compared to $0.85 per share in 2023[12] - Dividends to shareholders for the nine months ended September 30, 2024, were $171 million, compared to $163 million in the same period in 2023[13] - Total equity as of September 30, 2024, was $11,217 million, compared to $8,153 million as of September 30, 2023[13] - The company's board of directors authorized a share repurchase program for up to $500 million of its outstanding common stock, effective January 23, 2024[20] - Accumulated Other Comprehensive Income (AOCI) balance as of September 30, 2024, was $1,272 million, compared to $(1,333) million as of September 30, 2023[22] - Equity compensation expense for the nine months ended September 30, 2024, was $37 million, up from $35 million in the same period in 2023[25] - The company granted 106,233 stock appreciation rights, 116,883 performance shares, and 81,527 restricted stock units in Q1 2024, with a weighted average exercise price of $185.28 per share[25] - The total compensation cost of non-vested awards not yet recognized in financial statements was $44 million as of September 30, 2024, expected to vest over 0.8 years on average[25] Policy Benefits and Liabilities - The liability for future policy benefits increased by $39 million in 2024 and $85 million in 2023 due to updated mortality and lapse assumptions[26] - The company's liability for future policy benefits was updated in Q3 2024 and 2023, reflecting changes in mortality, lapse rates, and discount rate assumptions[26] - Present Value of Expected Net Premiums for the nine months ended September 30, 2024: U.S. and Latin America - $78.7 billion, Canada - $22.0 billion, Europe, Middle East and Africa - $16.8 billion, Asia Pacific - $45.8 billion[28] - Present Value of Expected Future Policy Benefits for the nine months ended September 30, 2024: U.S. and Latin America - $91.2 billion, Canada - $25.6 billion, Europe, Middle East and Africa - $18.4 billion, Asia Pacific - $50.7 billion[28] - Net Liability for Future Policy Benefits for the nine months ended September 30, 2024: U.S. and Latin America - $10.6 billion, Canada - $4.0 billion, Europe, Middle East and Africa - $1.2 billion, Asia Pacific - $2.7 billion[28] - Weighted Average Duration of the Liability: U.S. and Latin America - 14 years, Canada - 8 years, Europe, Middle East and Africa - 15 years, Asia Pacific - 15 years[28] - Weighted Average Interest Accretion Rate: U.S. and Latin America - 4.6%, Canada - 3.6%, Europe, Middle East and Africa - 3.3%, Asia Pacific - 2.6%[28] - Weighted Average Current Discount Rate: U.S. and Latin America - 5.1%, Canada - 4.8%, Europe, Middle East and Africa - 5.5%, Asia Pacific - 4.6%[28] - Present Value of Expected Net Premiums for the nine months ended September 30, 2023: U.S. and Latin America - $76.5 billion, Canada - $22.0 billion, Europe, Middle East and Africa - $14.6 billion, Asia Pacific - $41.0 billion[30] - Present Value of Expected Future Policy Benefits for the nine months ended September 30, 2023: U.S. and Latin America - $88.3 billion, Canada - $25.5 billion, Europe, Middle East and Africa - $16.0 billion, Asia Pacific - $45.5 billion[30] - Net Liability for Future Policy Benefits for the nine months ended September 30, 2023: U.S. and Latin America - $8.6 billion, Canada - $3.5 billion, Europe, Middle East and Africa - $1.0 billion, Asia Pacific - $2.2 billion[30] - Liability for Future Policy Benefits at Original Discount Rate for the nine months ended September 30, 2024: U.S. and Latin America - $12.5 billion, Canada - $3.6 billion, Europe, Middle East and Africa - $1.5 billion, Asia Pacific - $4.9 billion[32] - Liability for future policy benefits in the U.S. and Latin America – Traditional segment is $12.0 billion, with a $17 million change in cash flow assumptions and a $5 million actual-to-expected variance[33] - Canada – Traditional segment shows a liability of $3.4 billion, with a $12 million change in cash flow assumptions and a $5 million actual-to-expected variance[33] - Europe, Middle East, and Africa – Traditional segment has a liability of $1.3 billion, with a $47 million change in cash flow assumptions and a $9 million actual-to-expected variance[33] - Asia Pacific – Traditional segment reports a liability of $4.5 billion, with a $9 million change in cash flow assumptions and a $(49) million actual-to-expected variance[33] - The Financial Solutions business saw a $20 million increase in liability for future policy benefits in 2024 due to updated lapse and mortality assumptions[34] - Present Value of Expected Net Premiums for the U.S. and Latin America – Financial Solutions segment shows an ending balance of $1,206 million after a $(179) million effect of changes in discount rate assumptions[36] - Present Value of Expected Future Policy Benefits for the U.S. and Latin America – Financial Solutions segment has an ending balance of $9,268 million after a $(215) million effect of changes in discount rate assumptions[36] - Weighted average duration of the liability for the U.S. and Latin America – Financial Solutions segment is 8 years, with a weighted average interest accretion rate of 3.9% and a weighted average current discount rate of 4.9%[36] - Net liability for future policy benefits in the U.S. and Latin America – Financial Solutions segment is $6,853 million after subtracting reinsurance recoverable of $(1,241) million[36] - The Financial Solutions business updated its underlying market data, resulting in changes to the discount rate assumption used to measure the net liability for future policy benefits[34] - Present Value of Expected Net Premiums for U.S. and Latin America decreased by $69 million due to changes in cash flow assumptions[38] - Present Value of Expected Future Policy Benefits for Europe, Middle East, and Africa increased by $6,278 million due to issuances[38] - Liability for future policy benefits in U.S. and Latin America increased from $4.9 billion in 2023 to $8.1 billion in 2024[40] - Impact of updating discount rate recognized in OCI for Asia Pacific decreased by $540 million in 2023[40] - Total liability for future policy benefits increased from $36,474 million in 2023 to $55,933 million in 2024[41] - Weighted average duration of the liability for Asia Pacific is 15 years[38] - Weighted average interest accretion rate for Europe, Middle East, and Africa is 2.3%[38] - Weighted average current discount rate for Canada is 5.5%[38] - Financial Solutions segment in Asia Pacific saw a liability increase from $4,853 million in 2023 to $11,422 million in 2024[41] - Claims liability and incurred but not reported claims increased from $5,062 million in 2023 to $5,406 million in 2024[41] - Expected future gross premiums for U.S. and Latin America (Traditional) in 2024 are $182.731 billion, compared to $177.307 billion in 2023[43] - Expected future benefit payments for U.S. and Latin America (Traditional) in 2024 are $191.246 billion, compared to $188.177 billion in 2023[43] - Total policyholder account balances as of September 30, 2024, are $23.729 billion, compared to $23.166 billion in 2023[47] - Gross premiums for U.S. and Latin America (Traditional) in 2024 are $4.658 billion, compared to $4.435 billion in 2023[44] - Interest expense for U.S. and Latin America (Traditional) in 2024 is $432 million, compared to $404 million in 2023[44] - Policyholder account balances for U.S. and Latin America (Traditional) in 2024 are $3.318 billion, compared to $1.622 billion in 2023[47] - Weighted average crediting rate for U.S. and Latin America (Traditional) in 2024 is 3.1%, compared to 4.4% in 2023[46] - Net amount at risk for U.S. and Latin America (Traditional) in 2024 is $34.671 billion, compared to $664 million in 2023[46] - Cash surrender value for U.S. and Latin America (Traditional) in 2024 is $3.313 billion, compared to $1.608 billion in 2023[46] - Total gross premiums for all regions in 2024 are $12.442 billion, compared to $9.993 billion in 2023[44] - U.S. and Latin America – Financial Solutions total account value reached $16,366 million, with $8,827 million in the 4.00% and greater range[51] - Asia Pacific – Financial Solutions total account value was $3,969 million, with $1,814 million in the 4.00% and greater range[52] - U.S. and Latin America – Financial Solutions total balance for 2024 was $17,515 million, with $8,708 million in the 4.00% and greater range[53] - Asia Pacific – Financial Solutions total balance for 2024 was $3,978 million, with $882 million in the 4.00% and greater range[53] - Net balance for unpaid claims and claim expenses increased to $2,875 million as of September 30, 2024, up from $2,654 million in 2023[55] - Market risk benefits balance decreased to $233 million as of September 30, 2024, from $216 million in 2023[57] - Net amount at risk for market risk benefits was $1,285 million in 2024, compared to $1,375 million in 2023[57] - Total market risk benefits liability was $247 million in 2024, with a net impact of $(233) million[58] - No material changes were made to the inputs in the market risk benefits calculations during the nine months ended September 30, 2024 and 2023[59] - Deferred policy acquisition costs for the Traditional business increased to $2,967 million in the U.S. and Latin America, up from $2,160 million in 2023[61][64] - The Financial Solutions business saw deferred policy acquisition costs rise to $495 million in the U.S. and Latin America, compared to $309 million in 2023[62][64] - Total deferred policy acquisition costs across all segments reached $5,477 million in 2024, up from $4,289 million in 2023[64] - The company increased its per life retention limit to $8 million to $30 million, resulting in a future policy benefits remeasurement loss of $136 million in Q3 2024[65] - The company retroceded $390 million of asset-intensive business to Ruby Re, with a ceded reinsurance recoverable of approximately $2.7 billion as of September 30, 2024[65] - Two reinsurance companies, including Ruby Re, account for approximately 77.2% of reinsurance ceded receivables as of September 30, 2024[65] - Fixed maturity securities available-for-sale decreased slightly to $2,390 million in 2024 from $2,442 million in 2023[67] - Funds withheld at interest decreased to $1,486 million in 2024 from $1,545 million in 2023[67] - The company's funds withheld payable increased to $4,809 million in 2024 from $4,483 million in 2023[67] - The company's net assets decreased slightly to $4,468 million in 2024 from $4,534 million in 2023[67] - Corporate fixed maturity securities increased from $42,014 million in December 2023 to $53,327 million in September 2024, representing 65.4% of total fixed maturity securities[69] - The estimated fair value of Japanese government securities rose from $3,131 million in December 2023 to $5,270 million in September 2024[69][70] - Total fixed maturity securities grew from $64,977 million in December 2023 to $81,606 million in September 2024[69] - The allowance for credit losses on corporate securities increased from $62 million in December 2023 to $104 million in September 2024[69