Slides
Page 1
1 4Q25 Earnings Presentation Reinsurance Group of America, Incorporated 02.05.2026
Page 2
2 Safe Harbor This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financia l performance, and growth potential of Reinsurance Group of America, Incorporated (the “Company”). Forward-looking statements often contain words and phrases such as “anticipate,” “assume ,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “pro forma,” “project,” “should,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. Forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looki ng statements, include, among others: (1) changes in mortality, morbidity, policyholder behavior, claims experience, investment returns, interest rates, expenses and other factors as compared to our pricing assumptions; (2) investment results, whether from changes in economic, capital- and credit-market conditions, asset selection, or otherwise, and their impact on the Company’s investment securities, liquidity, portfolio yields, credit quality, access to capital, cost of capital, and amount of capital required for regulatory and contractual proposes; (3) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company; (4) the availability, amount, cost, and market value of collateral necessary for r egulatory reserves, capital, and client obligations; (5) changes in laws and regulations, tax policy and rates, accounting standards, and privacy, data security, and cybersecurity regulations applicable to the Company and actions by regulators with authority over the Company’s operations, as well as regulatory restrictions on the ability of Company subsidiaries to pay dividends to the Company; (6) the impact of general economic conditions in the U.S. and globally, including as a result of inflation, interest rate levels, geopolitical instability, and impacts from the imposition of, or changes in tariffs, as well as the stability of and actions by governments, central banks, and economies in jurisdictions where the Company operates, affecting interest r ates, markets generally, or the demand for insurance and reinsurance; (7) the stability and financial performance of clients, reinsurers, third-party investment managers and other institutions and the effects of the Company’s dependence on such third parties; (8) the effectiveness of the Company’s risk management strategy, policy, and procedures, whether relating to reinsurance, investment strategy, operations, or otherwise; (9) the impact of impairments of the value of the Company’s investment securities could have on the Company’s capital requirements an d the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective; (10) the threat of catastrophic events such as pandemics, e pidemics, other major health issues, natural disasters, war, military actions, terrorism or other acts of violence; (11) competitive factors and competitors’ responses to the Company’s i nitiatives; (12) development and introduction of new products and distribution opportunities and entry into new lines of business and markets; (13) the impact of the development and adoption of artificial intelligence; (14) the effect of acquisitions and other significant transactions, including risks related to the integration of acquired blocks of business and entities and the Company’s ability to achieve the expected benefits of such transactions, including the transaction entered into with subsidiaries of Equitable Holdings, Inc. on July 31, 2025; (15) interruption or failure of the Company’s telecommunication, information technology, or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data and intellectual property stored on such systems; (16) adverse developments with respect to litigation, arbitration, or regulatory investigations or actions; (17) risks associated with our international operations, including related to fluctuations in foreign currency exchange rates; and (18) other risks and uncertainties described in this document and in the Company’s filings with the Securities and Exchange Commission (“SEC”). Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future, except as required under applicable securities law. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the fo rward-looking statements, you are advised to see Item 1A – “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as may be supplemented by Item 1A – “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q and in the Company’s other periodic and current reports filed with the SEC.
Page 3
3 Use of Non-GAAP Financial Measures Reinsurance Group of America, Incorporated (the “Company”) discloses certain financial measures that are not determined in accordance with U.S. GAAP. The Company principally uses such non-GAAP financial measures in evaluating performance because the Company believes that such measures, when reviewed in conjunction with relevant U.S. GAAP measures, present a clearer picture of the Company’s operating performance and assist the Company in the allocation of its resources. The Company believes that these non-GAAP financial measures provide investors and other third parties with a better understanding of the Company’s results of operations, financial statements and the underlying profitability drivers and trends of the Company’s businesses by excluding specified items which may not be indicative of the Company’s ongoing operating performance and may fluctuate significantly from period to period. These measures should be considered supplementary to the Company’s financial results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way the Company calculates such measures. Consequently, the Company’s non-GAAP financial measures may not be comparable to similar measures used by other companies. The following non-GAAP financial measures are used in this document or in other public disclosures made by the Company from time to time: 1. Adjusted operating income, on a pre -tax and after -tax basis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations. Adjusted operating income is calculated a s net income available to the Company’s shareholders (or, in the case of pre -tax adjusted operating income, income before income taxes) excluding, as applicable : • substantially all of the effect of net investment related gains and losses; • changes in the fair value of embedded derivatives; • changes in the fair value of contracts that provide market risk benefits; • non-economic losses at contract inception for direct pension risk transfer single premium business (which are amortized into adjusted operating income within adjusted claims and other policy benefits over the estimated lives of the contracts); • any net gain or loss from discontinued operations; • the cumulative effect of any accounting changes; • the impact of certain tax-related items; and • any other items that the Company believes are not indicative of the Company’s ongoing operations; as any of the above items can be volatile and may not reflect the underlying performance of the Company’s business. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company’s management incentive programs. Adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments, and is presented in our financial statement footnotes in accordance with ASC 280 - “Segment Reporting.” Adjusted operating income (loss) before income taxes, when presented on a consolidated basis, is a non-GAAP financial measure. 2. Adjusted operating income (on a pre -tax and after -tax basis), excluding notable items, and adjusted operating income per dil uted share, excluding notable items. Notable items are items that the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better unde rstanding of the Company’s results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented include the financial impact of the Company’s assumption reviews . 3. Adjusted operating revenue. This measure excludes the effects of net realized capital gains and losses, and changes in the f air value of certain embedded derivatives . 4. Shareholders’ equity position excluding the impact of accumulated other comprehensive income (loss) (“AOCI”), shareholders’ average equity position excluding AOCI, and book value per share excluding the impact of AOCI. The Company believes that the se measures provide useful information since such measures exclude AOCI -related items that are not permanent and can fluctuate sign ificantly from period to period, and may not reflect the impact of the underlying performance of the Company’s businesses on shareholders’ equity and book value per share. AOCI primarily relates to changes in interest rates, credit spreads on the Com pany’s investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument -spec ific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses the following non -GAAP financia l measures : • Shareholders’ average equity position excluding AOCI and B36, where B36 refers to the cumulative change in fair value of funds withheld embedded derivatives; • Shareholders’ average equity position excluding AOCI and notable items; • Shareholders’ average equity position excluding AOCI, B36 and notable items; and • Book value per share, excluding AOCI and B36. 5. Adjusted operating return on equity, and adjusted operating return on equity, excluding notable items. Adjusted operating re turn on equity is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI, and adjuste d operated return on equity, excluding notable items, is calculated as adjusted operating income, excluding notable items, divided by av erage shareholders’ equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target le vels and awards under the Company’s management incentive programs. The Company also discloses the following non -GAAP financial measures : • Adjusted operating return on equity excluding AOCI and B36; • Adjusted operating return on equity excluding AOCI and notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders’ equity excluding notable items and AOCI; and • Adjusted operating return on equity excluding AOCI, B36 and notable items. Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix at the end of this document. Except as otherwise noted herein, the non-GAAP figures and reconciliations presented herein reflect the Company’s adoption of the Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments (“LDTI”). For additional information regarding the Company’s adoption of LDTI, see Note 1 – “Business and Basis of Presentation” and Note 3 – “Impact of New Accounting Standard” in the notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The Company is unable to provide reconciliations of the intermediate term targets of consolidated adjusted operating income (loss) before taxes, adjusted operating income (loss) before taxes, excluding notable items (on both a segment-level and consolidated basis), consolidated adjusted operating ROE, respectively, which are forward-looking non-GAAP financial measures, due to, among other things, the fact that these targets are a composite of our goals for future results, the inherent difficulty in forecasting generally, and the difficulty of quantifying accurate forecasts of the numerous components comprising these calculations that would be necessary to provide any such reconciliations. In addition, actual performance in future periods may vary from the intermediate term target ranges for a variety of reasons, including known and unknown risk and uncertainties.
Page 4
4 Fourth Quarter Financial Highlights Operating performance Adjusted operating income of $7.751 per diluted share Adjusted operating ROE, excluding notable items, of 15.7%1 for the trailing twelve months Excellent performance overall with strong results across North America, APAC, and EMEA U.S. Financial Solutions results included contribution from the transaction with subsidiaries of Equitable Holdings, Inc. (EQH), which performed in line with expectations Business momentum Traditional premium growth of 7.4% year-to-date on a constant currency2 basis Set a new annual record for US individual life cases reviewed as part of our underwriting services strategy, reaching a milestone of four-million cases cumulatively Attractive new business pipeline, supported by estimated deployable capital 3 of $3.4 billion Balance sheet management Estimated excess capital4 totaled $2.7 billion Repurchased $50 million of common shares Strong investment results, including variable investment income; investment portfolio remains well- positioned to weather economic cycles Significant benefit from in-force management actions in U.S. and Asia 1 Please refer to “Use of Non-GAAP Financial Measures”. 2 Actual amounts reflect impact of currency fluctuations. Constant currency amounts reflect foreign denominated activity transl ated to U.S. dollars at a constant exchange rate. 3 Estimated deployable capital includes RGA’s assumptions of sources and uses of capital over the next 12 months. RGA’s assumpt ions consider RGA’s internal, regulatory, and rating agency capital frameworks, and these assumptions are subject to change. See slide 16 for additional information regarding estimated deployable capital. See slide 17 for additional information regarding estimated excess capital. 4 Estimate of capital available in excess of RGA’s target level when considering RGA’s internal, regulatory and rating agency c apital frameworks. Calculation performed annually and adjusted periodically to reflect quarterly activity and updates to RGA’s assumptions. See slide 16 for additional information regarding estimated excess capital. See slide 17 for addit ional information regarding estimated excess capital. Record operating results
Page 5
5 2025 Full Year Financial Highlights Very strong operating performance Adjusted operating income, excluding notable items of $24.421 per diluted share, a record result Value of in-force business margins2 increased $6.6 billion, or 17.6% for the year, which includes an expected $5.8 billion from new business, including organic and in- force transactions Capital deployed of $2.5 billion into in-force transactions (including $1.5 billion deployed into the EQH transaction) at attractive risk-adjusted returns Favorable investment results, including variable investment income above our 2025 expectations of 6% returns Favorable outlook Strong business momentum continuing across markets and product lines On track to meet or exceed intermediate term financial targets: adjusted operating income per share 1 growth target3 remains at 8%-10%; adjusted operating ROE1 target2 of 13%-15% Capital flexibility to fund disciplined growth and return capital to shareholders Broad, integrated asset platform, including external partners, enhances our ability to reinsure both sides of the balance sheet 1 Please refer to “Use of Non-GAAP Financial Measures”. 2 Operating measure reflecting expected underwriting margins, expected investment margins, and expected fee income; excludes ma nagement expenses, impact of capital, and taxes. Refer to “Value of In -force Business Description” in the Appendix for further explanation of the calculation. 3 Please refer to “Use of Non-GAAP Financial Measures” for information regarding targets. Targets based on expected adjusted operating income. Record operating results
Page 6
6 Consolidated Results Adjusted operating EPS, excluding notable items1 Trailing 12 month adjusted operating ROE, excluding notable items 1 Results reflected Strong new business momentum In-force management actions Benefit of earnings diversification 1 Please refer to “Use of Non-GAAP Financial Measures”. $6.02 $5.48 $6.13 $4.99 $5.66 $4.72 $6.37 $7.75 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 14.8% 15.3% 15.5% 15.4% 15.0% 14.3% 14.2% 15.7% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Record EPS results; strong adjusted operating ROE
Page 7
7 Q4 Results by Segment Adjusted operating income (loss) before taxes1 4Q25 U.S. and Latin America Traditional $222 U.S. and Latin America Financial Solutions $103 Canada Traditional $54 Canada Financial Solutions $10 EMEA Traditional $18 EMEA Financial Solutions $123 APAC Traditional $117 APAC Financial Solutions $87 Corporate and Other $(58) Total $676 1 $ in millions. Please refer to “Use of Non-GAAP Financial Measures”. U.S. and Latin America: Traditional results reflected favorable impacts from in-force management actions and strong variable investment income, partially offset by the expected unfavorable group claims experience noted earlier in the year. Individual life claims experience was in line with expectations; Financial Solutions results reflected the earnings contribution from the Equitable transaction Canada: Traditional results reflected favorable impacts from group and individual life businesses; Financial Solutions results were in line with expectations EMEA: Traditional results were largely in line with expectations with favorable other experience offset by modestly unfavorable claims experience; Financial Solutions results reflected strong new business and favorable experience APAC: Traditional results were modestly above expectations, reflecting ongoing growth and favorable underwriting margin; Financial Solutions results were in line with expectations Corporate: Results were unfavorable compared to the expected quarterly average run rate primarily due to higher general expenses and financing costs
Page 8
8 2025 Results by Segment Adjusted operating income (loss) before taxes, excluding notable items1 20251 U.S. and Latin America Traditional $463 U.S. and Latin America Financial Solutions $367 Canada Traditional $148 Canada Financial Solutions $37 EMEA Traditional $116 EMEA Financial Solutions $445 APAC Traditional $464 APAC Financial Solutions $294 Corporate and Other $(218) Total $2,116 U.S. and Latin America: Traditional results reflected the unfavorable financial impact from individual life claims experience, primarily in capped cohorts, and the expected unfavorable group claims experience noted earlier in the year. These were partially offset by the favorable impacts from in-force management actions and strong variable investment income; Financial Solutions results reflected the earnings contribution from the Equitable transaction Canada: Traditional results reflected unfavorable group experience for the year; Financial Solutions results reflected favorable longevity experience EMEA: Traditional results reflected favorable underwriting margin; Financial Solutions results reflected the impact of strong new business in recent periods and favorable experience APAC: Traditional results reflected strong new business, and favorable in-force management actions and foreign currency impacts; Financial Solutions results reflected favorable overall experience Corporate: Results were unfavorable compared to the expected run rate primarily due to higher general expenses and financing costs 1 $ in millions. Please refer to “Use of Non-GAAP Financial Measures”.
Page 9
9 Key Earnings Considerations Biometric claims experience: Unfavorable claims experience primarily due to the U.S. Group results noted earlier in the year, and U.S. Individual Life capped cohorts U.S. Group business is now fully re-priced, and we expect significant improvement in 2026 results Variable investment income: 2026 expected return of 7% compared to 6% in 2025 and our long-term expectation of 10-12%, due to muted real estate transactions In-force management actions: 2026 expectations include a more limited financial impact compared to recent experience due to unpredictable timing and size 4Q25 PTAOI 4Q25 EPS1 4Q25 YTD PTAOI 4Q25 YTD EPS1 Adjusted Operating Income $676 $7.75 $1,967 $22.72 Actuarial assumption review - - ($149) ($1.70) Adjusted Operating Income, excluding notable items $676 $7.75 $2,116 $24.42 Key Earnings Considerations Favorable/(Unfavorable) Financial impact of biometric claims experience 2 ($53) ($0.62) ($203) ($2.35) Variable investment income3 48 0.56 40 0.46 In-force management actions4 95 1.10 135 1.56 1 EPS amounts for key consideration items are calculated using a tax rate of 22.8% and the diluted weighted average common shar es outstanding for the period. 2 Actual-to-expected financial impact of biometric claims experience. 3 Variable investment income relative to 2025 return assumption of 6%. Current portfolio size is approximately $3.7 billion at December 31, 2025. 4 Current period impact of gross in-force management actions.
Page 10
10 Premium Growth Continued strong momentum Traditional premium growth 6.1% 3.3% 4.9% 7.9% 7.6% 4.0% 6.7% 5.9% 8.3% 7.4% 2021 2022 2023 2024 2025 Traditional Reported Traditional Constant Currency Premiums1 2025 2024 % Change Constant Currency % Change² U.S. and Latin America Traditional $7,927 $7,500 5.7% 5.8% Canada Traditional $1,331 $1,291 3.1% 5.1% EMEA Traditional $2,258 $2,002 12.8% 9.6% APAC Traditional $3,335 $3,014 10.7% 11.0% Total Traditional $14,851 $13,807 7.6% 7.4% Global Financial Solutions 3 $2,379 $4,036 (41.1%) (41.9%) Total $17,230 $17,843 (3.4%) (3.8%) 1 $ in millions. 2 Actual amounts reflect impact of currency fluctuations. Constant currency amounts reflect foreign denominated activity transl ated to U.S. dollars at a constant exchange rate. Excludes favorable net foreign currency effects of $56 million. 3 The decrease is primarily due to an approximately $300 million contribution from single premium pension risk transfer transac tions completed in 2025 , compared to approximately $2.9 billion in 2024. Adjusting for these impacts, consolidated net premiums were up approximately 13%.
Page 11
11 Total Company Biometric Experience Experience not reflected in income will be recognized over remaining life of the business Quarterly results Current quarter results reflected unfavorable experience primarily in U.S. Group as previously noted, and modest impacts elsewhere Cumulative since Q1 2023 Favorable economic experience driven primarily by U.S. Individual Life in uncapped cohorts and Asia Traditional; experience is amortized over the future life of treaties Unfavorable financial experience driven primarily by U.S. Group and U.S. Individual Life capped cohorts; impact is recognized immediately ($52) $196 ($256) $5 ($51)($58) $58 ($158) ($50) ($53) 4Q24 1Q25 2Q25 3Q25 4Q25 $226 ($218) 1 Claims experience shown as the difference between actual experience and best estimate expectations. Best estimates are review ed regularly and can change over time. 2 Represents the portion of the underlying claims experience recognized in the current period income. $ in millions $ in millions
Page 12
▪ Investment strategy balances risk and return to build a portfolio to weather economic cycles ▪ Disciplined approach focuses on strong credit underwriting with emphasis on higher-quality, diversified fixed income assets ▪ Broad investment completion platform supports strong new business aligned to liabilities and in-force management ▪ Q4 impairments and change in allowances of $70 million. Full year in line with expectations Investment Portfolio 12 Disciplined approach Asset allocation2,3 High quality portfolio ~$135B Assets under management >94% Fixed maturity securities rated investment-grade 1 1 Non-investment grade portfolio is primarily BB rated. 2 Based on balance sheet values of assets under management as of December 31, 2025. 3 $4.7 billion of assets supporting funds withheld liabilities. 4 The rating agency designation includes all “+” or “ -” at that rating level (e.g., “BBB” includes “BBB+”, “BBB”, and “BBB-”). Fixed maturity securities credit rating2,4 $134.6B $101.8B
Page 13
▪ Yield excluding variable investment income (VII) increased slightly over the quarter ▪ Reported yield increased as VII improved vs. Q3 due to strong limited partnership results ▪ VII above plan for the quarter and year 13 Non-Spread Investment Results Investment yield1 New money rate2 ▪ Q4 new money rate of 5.72%, remained above portfolio yield ▪ Lower compared to Q3 due to a combination of lower average market yields and lower private asset allocation 1 On an amortized cost basis, excluding spread business; average invested assets at amortized cost in Q4 equaled $45.6 billion. 2 Excludes purchases of cash, cash equivalents, equities, U.S. Treasury notes, derivatives, and purchases made using proceeds f rom funding agreement-backed notes.
Page 14
Office metrics2 ▪ LTV 67% ▪ DSCR 1.89x ▪ Avg. loan size $11 million ▪ Primarily suburban Commercial Mortgage Loans (CML) 61% Loan to value 1.74x Debt service coverage ratio CM1 & CM2 NAIC rating $12M Commercial mortgage loan investments by property type1 14 Average loan size 1 Based on recorded investments as of December 31, 2025. 2 Expected office CML maturities ($): 2026: $289 million, 2027: $284 million, 2028: $284 million. ~96% ▪ Experienced internal team has managed through multiple real estate cycles ▪ Disciplined portfolio underwriting provides significant expected downside support – Limited delinquency or non-performers – CML office loan exposure represents 1.3% of total cash and invested assets – No traditional malls in retail portfolio Well diversified ▪ Geography ▪ Property type ▪ Maturity ladder – 2026: 7% – 2027: 8% – 2028: 9% Portfolio metrics | High quality $10.8B
Page 15
Capital and Liquidity Capital Strong capital position to support our growth and return of capital through dividends and share repurchases Estimated deployable capital1 of $3.4 billion and estimated excess capital2 of $2.7 billion Leverage ratios Manageable leverage ratios within our targeted ranges Expect reduction in leverage during 2026 Ample liquidity $1.3 billion4 at the holding company Temporary increase in cash5 balance due to timing of portfolio repositioning on new transactions Access to $850 million syndicated credit facility and other sources 1 Estimated deployable capital includes RGA’s assumptions of sources and uses of capital over the next 12 months. RGA’s assumpt ions consider RGA’s internal, regulatory, and rating agency capital frameworks, and these assumptions are subject to change. See slide 17 for additional information regarding estimated deployable capital. 2 Estimate of capital available in excess of RGA’s target level when considering RGA’s internal, regulatory and rating agency c apital frameworks. Calculation performed annually and adjusted periodically to reflect quarterly activity and updates to RGA’s assumptions. See slide 17 for additional information regarding estimated excess capital. 3 Please refer to “Reconciliations of Non-GAAP Measures”. 4 Includes cash and invested assets. 5 Includes cash and cash equivalents. $12.3 $13.0 $14.0 $15.1 $16.6 2021 2022 2023 2024 2025 RGA Inc.'s Equity ex-AOCI Debt Hybrids $ in billions 16.6% 15.7% 14.6% 17.7% 16.1% 29.7% 31.2% 32.3% 34.0% 35.0% 2021 2022 2023 2024 2025 Debt to Total Capital Debt + Hybrids to Total Capital3 $2.9 $2.9 $3.0 $3.3 $4.2 2021 2022 2023 2024 2025 Cash and Cash Equivalents $ in billions 15
Page 16
16 Capital Deployed In-force and other transactions A recognized leader; long track record of credibility with clients and regulators Demonstrated execution certainty Shareholder dividends and share repurchases Consistently paying shareholder dividends; steady growth over time Balance with share repurchases after support of business pipeline and shareholder dividends Continued success in all geographic regions Repurchased $125 million of common shares in 2025 Attractive new business pipeline for selective and disciplined deployment $ in millions $290 $280 $419 $229 $365 2021 2022 2023 2024 2025 Shareholder Dividends Share Repurchases $ in millions $543 $430 $933 $1,676 $2,535 2021 2022 2023 2024 2025 North America EMEA APAC Corporate Equitable transaction
Page 17
17 Estimated Excess and Deployable Capital Ample capital to support attractive pipeline $2.7B $3.4B Estimated excess capital1 Estimated deployable capital2 Estimate of capital available in excess of management’s target level; considers RGA’s multiple capital frameworks, where the binding capital framework can change High-level roll forward considering capital generation and capital deployed EQH reinsurance transaction closed in Q3 Repurchased $50 million of RGA shares in the quarter; $125 million in 2025 Management’s estimate of capital that can be deployed into transactions or returned to shareholders over the next 12 months Expect $400 million of debt reduction in 2026 Organic capital generation Expected annual organic capital generation of $1.1-$1.5 billion with ability to leverage with debt to $1.5-$1.9 billion over time Access to third-party capital Additional capacity to supplement organic capital and generate fee income Capital deployment Available deployment into both organic flow business and transactions with a focus on quality and delivering outsized returns Estimated Excess and Deployable Capital ($ in billions) Estimated excess capital1 3Q25 $2.3 4Q25 activity Net income 0.5 Capital deployed (0.1) Share repurchases (0.1) Estimated excess capital1 4Q25 $2.7 * Capital sources3 2.1 Capital uses4 (1.4) Estimated deployable capital2 $3.4 * Includes the effects of rounding 1 Estimate of capital available in excess of RGA’s target level when considering RGA’s internal, regulatory and rating agency c apital frameworks. Calculation performed annually and adjusted periodically to reflect quarterly activity and updates to RGA’s assumptions. 2 Estimated deployable capital includes RGA’s assumptions of sources and uses of capital, and future management actions over th e next 12 months. RGA’s assumptions consider RGA’s internal, regulatory, and rating agency capital frameworks, and these assumptions are subject to change. 3 Capital sources primarily includes organic capital generation, run -off of existing business, third-party capital, capital markets issuances, and recognition of value of in- force business. 4 Capital uses primarily includes organic capital deployment, shareholder dividends, and capital markets maturities.
Page 18
Value of In-force Business Margins1 Multiple levers leading to increase in Value of In-force Business Margins, generating consistent EPS growth and strong ROE Substantial expected margins exist in the in-force business across geographies and products Expected contribution from new business is the primary driver of the increase this year Unwind of in-force margins represents the underwriting, investment, and fee margins that contributed to 2025 pre-tax adjusted operating income 18 December 31, 2024 New Business Unwind of In force Margins Assumption Updates Other December 31, 2025 $ in billions 1 Operating measure reflecting expected underwriting margins, expected investment margins, and expected fee income; excludes ma nagement expenses, impact of capital, and taxes. Refer to “Value of In -force Business Description” in the Appendix for further explanation of the calculation. 2 Unwind of In-force margins includes the offset from unwinding the discount rate during the period. 3 Includes FX, experience, and inforce management actions. 2 $5.8 $0.6($1.2) $1.4 $37.6 $44.2 3
Page 19
$40.36 $146.22 $113.04 $165.50 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1/1/2021 2021 2022 2023 2024 2025 15-Year 10.0% CAGR 10.0% CAGR Long-Term Business, Long-Term Success A global leader, differentiated market position Diversified platform, well-balanced risk profile Disciplined underwriter, proactive risk manager Long-term focused investment strategy balancing risks and returns Effective capital management Valuable franchise 19 1 Please refer to “Use of Non-GAAP Financial Measures”. 2 CAGR growth of book value per share ex -AOCI and B36 plus dividends. As Reported Book value per share (ex-AOCI)1 total return growth2 Revised for LDTI Accounting Standard and Excluding B36
Page 20
Well-Positioned for the Future Strong new business momentum across key geographies Flexible capital sourcing strategies to fuel disciplined growth and return capital to shareholders Benefit of earnings diversification by product and geography Globally connected footprint Flexibility to partner across the industry Industry-leading biometric risk expertise Premier life and health brand Integrated asset management platform with portfolio repositioning on schedule Differentiated and uniquely positioned for long-term success
Page 21
21 Appendix
Page 22
22 Q4 Pre-Tax Income Reconciliation Change in credit allowance and investment impairments due to market conditions Net losses on sale of fixed maturity securities primarily associated with portfolio repositioning Change in income from embedded derivatives primarily due to changes in credit spreads and interest rates Change in value of derivative instruments due to volatility in foreign exchange rates, interest rates and equity markets 4Q25 4Q24 Income before taxes1 $510 $225 Investment-related Change in allowance for credit losses and impairments 71 - Net losses on sale of fixed maturity securities2 90 280 Change in market value of certain limited partnerships and other 1 (25) Derivative-related Embedded derivatives3 (25) (126) Change in market value of derivative instruments4 44 63 Market risk benefits, net of hedging5 5 7 Other6 (20) 7 Adjusted operating income before taxes $676 $431 1 $ in millions. 2 Net losses on sale of fixed maturity securities include market value adjustments on surrender charges. 3 Embedded derivatives related to funds withheld or modified coinsurance transactions and equity -indexed annuities. 4 Derivative instruments comprised primarily of non -qualifying hedges and credit derivatives. 5 Market risk benefits include GMXBs, which are policy riders that provide a specified guaranteed minimum benefit.
Page 23
23 2025 Pre-Tax Income Reconciliation Change in credit allowance and investment impairments due to market conditions Net losses on sale of fixed maturity securities primarily associated with portfolio repositioning Change in income from embedded derivatives primarily due to changes in credit spreads and interest rates Change in value of derivative instruments due to volatility in foreign exchange rates, interest rates and equity markets 2025 2024 Income before taxes1 1,540 980 Investment-related Change in allowance for credit losses and impairments 181 78 Net losses on sale of fixed maturity securities2 142 490 Change in market value of certain limited partnerships and other 19 (36) Derivative-related Embedded derivatives3 27 (99) Change in market value of derivative instruments4 28 177 Market risk benefits, net of hedging5 14 23 Other6 16 139 Adjusted operating income before taxes $1,967 $1,752 1 $ in millions. 2 Net losses on sale of fixed maturity securities include market value adjustments on surrender charges. 3 Embedded derivatives related to funds withheld or modified coinsurance transactions and equity -indexed annuities. 4 Derivative instruments comprised primarily of non -qualifying hedges and credit derivatives. 5 Market risk benefits include GMXBs, which are policy riders that provide a specified guaranteed minimum benefit. 6 The Other line item includes pension risk transfer day one loss and other immaterial items.
Page 24
24 Value of In-force Business Margins Description Expected underwriting margin1 is derived from the estimated cash flows used to determine LDTI reserves. This amount is calculated using the locked-in LDTI liability discount rates. Expected investment margin, which (i) for LDTI products, values derived from the difference between using the expected book yields2 and locked-in LDTI liability discount rates and (ii) for Interest-sensitive products, values calculated using expected investment spread2 and expected duration of treaty. Expected fee income, which primarily comes from capital solutions products, is calculated as the present value of expected fees. Such measures exclude management expenses, impact of capital, and taxes. These values are based on the Company’s estimates and assumptions and could materially change. 1 Represents the expected difference, based on current assumptions, between the present value of premiums and present value of claim benefits and treaty allowances, with: • Present value of premiums is the present value of expected gross premiums plus Deferred Profit Liability (DPL); • Present value of claim benefits is the present value of expected claim payments less Liability for Future Policy Benefits (LF PB) (before zero floor is applied); and • Present value of treaty allowances is the present value of future allowances plus related Deferred Acquisition Costs (DAC). 2 Expected book yields are based on 2025 actual portfolio book yields adjusted for longer -term VII expectations. Investment spread is the difference between expected book yields and interest credited expense.
Page 25
25 Reconciliations of Non-GAAP Measures
Page 26
26 Reconciliations of Non-GAAP Measures
Page 27
27 Reconciliations of Non-GAAP Measures
Page 28
©2026 RGA. All rights reserved. No part of this publication may be reproduced in any form without the prior permission of RGA. The information in this publication is for the exclusive, internal use of the recipient and may not be relied upon by any other party other than the recipient and its affiliates, or published, quoted or disseminated to any party other than the recipient without the prior written consent of RGA.