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RGA 2Q26 Earnings Presentation Reinsurance Group of America , Incorporated 08.06.2026
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2 Safe Harbor This document and the documents incorporated by reference herein contain forward - looking statements within the meaning of the Pr ivate Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, ear nin gs, revenues, income or loss, ratios, financial performance, and growth potential of Reinsurance Group of America, Incorporated (the “Company”). Forward - looking statements often contain words a nd phrases such as "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "if," "intend," "likely," "may," "plan," "potential," "pro forma," "project," "sho uld ," "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 bas ed 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 fut ure performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievemen ts 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 compar ed 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 purposes; (3) chan ges 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 egu latory reserves, capital, and client obligations; (5) changes in laws and regulations, tax policy and rates, accounting standards, and privacy, data security and cybersecurity regulations ap pli cable 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 div ide nds 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 imp acts 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 ate s, markets generally, or the demand for insurance and reinsurance; (7) the stability and financial performance of clients, reinsurers, third - party investment managers and other insti tutions 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 r ein surance, investment strategy, operations, or otherwise; (9) the impact of impairments of the value of the Company's investment securities on the Company's capital requirements and the fact tha t the determination of allowances and impairments taken on the Company's investments is highly subjective; (10) the threat of catastrophic events such as pandemics, epidemics, ot her major health issues, natural disasters, war, military actions (including conflicts in the Middle East), and terrorism or other acts of violence; (11) competitive factors and compe tit ors' responses to the Company's initiatives; (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 securi ty 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, arbitr ati on, or regulatory investigations or actions; (17) risks associated with our international operations, including related to fluctuation in foreign currency exchange rates; and (18) other risks and uncertainties described in this document and in the Company's other 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 the documents incorporated by reference herein and described in the periodic reports the Company files with the SEC. These forwar d - l ooking 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 dif fer materially from those contained in the forward - 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 Decem ber 31, 2025, 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 file d with the SEC.
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3 Use of Non - GAAP Financial Measures Reinsurance Group of America, Incorporated (the “Company”) discloses certain financial measures that are not determined in ac cor dance with U.S. GAAP. The Company principally uses such non - GAAP financial measures in evaluating performance because the Compan y believes that such measures, when reviewed in conjunction with relevant U.S. GAAP measures, present a clearer picture of the Company’s operating pe rformance 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 underlyi ng profitability drivers and trends of the Company’s businesses by excluding specified items which may not be indicative of the Com pany’s ongoing operating performance and may fluctuate significantly from period to period. These measures should be considered supplementary to the C omp any’s financial results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for U.S. GAA P m easures. Other companies may use similarly titled non - GAAP financial measures that are calculated differently from the way the Company calculates such me asures. Consequently, the Company’s non - GAAP financial measures may not be comparable to similar measures used by other companie s. 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 n et 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 certain embedded derivatives; • changes in the fair value of contracts that provide market risk benefits; • the Company’s non - economic losses at contract inception for direct pension risk transfer single premium business (which are amor tized into adjusted operating income within adjusted claims and other policy benefits over the estimated lives of the contrac ts) ; • 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 operati ng 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 progr ams . Adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to our managem ent for purposes of making decisions about allocating resources to our business segments and assessing the performance of our bus in ess segments, and is presented in our financial statement footnotes in our periodic reports 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 diluted share, excluding notable items. Notable items are items that the Company believes may not be indicative of its ongoing opera ti ng performance which are excluded from adjusted operating income to provide investors and other third parties with a better unde rst anding 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 fa ir 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 pan y’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 fund s w ithheld 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 o perating return on equity, excluding notable items, is calculated as adjusted operating income, excluding notable items, divided by av era ge shareholders’ equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target le vel s 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 exclud ing 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 G AAP 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. 20 18 - 12, “Targeted Improvements to the Accounting for Long - Duration Contracts” and related amendments (“LDTI”). For additional in formation regarding the Company’s adoption of LDTI, see Note 1 – “Business and Basis of Presentation” and Note 3 – “Impact of New Accounting Standard” i n 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 ( los s) before taxes, adjusted operating income (loss) before taxes, excluding notable items (on both a segment - level and consolidate d basis), consolidated adjusted operating ROE, respectively, which are forward - looking non - GAAP financial measures, due to, among other things, the fac t that these targets are a composite of our goals for future results, the inherent difficulty in forecasting generally, and t he difficulty of quantifying accurate forecasts of the numerous components comprising these calculations that would be necessary to provide any such reconciliation s. In addition, actual performance in future periods may vary from the intermediate term target ranges for a variety of reasons, i ncluding known and unknown risk and uncertainties.
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4 Second Quarter Financial Highlights Operating performance ▪ Adjusted operating income of $8.89 1 per diluted share ▪ Adjusted operating ROE, excluding notable items, of 18.4% 1 for the trailing 12 months ▪ Excellent performance globally across all regions ▪ Economic claims experience was modestly favorable to expectations in all regions; modestly favorable financial impact in the quarter Business momentum ▪ Premium ex PRT growth of 9.3% year - to - date, constant currency ▪ Capital deployed of $158 million into in - force transactions at attractive risk - adjusted returns ▪ Attractive pipeline for both in - force transactions and flow business and profit emergence from new business contributing as expected Balance sheet management ▪ Estimated excess capital 2 totaled $2.2 billion ▪ Robust investment results including strong variable investment income (VII) ; investment portfolio remains well - positioned to weather economic cycles ▪ Returned $111 million to shareholders, including $ 50 million share repurchases and $61 million of dividends ▪ Capital flexibility to support new business and return capital to shareholders Record Operating Results 1 Please refer to “Use of Non - GAAP Financial Measures”. 2 Estimate of capital available in excess of RGA’s target level when considering RGA’s internal, regulatory and rating agency c api tal frameworks. Calculation performed annually and adjusted periodically to reflect quarterly activity and updates to RGA’s assumptions.
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5 Consolidated Results Adjusted operating EPS, excluding notable items 1 Trailing 12 month adjusted operating ROE, excluding notable items 1 1 Please refer to “Use of Non - GAAP Financial Measures”. $6.13 $4.99 $5.66 $4.72 $6.37 $7.75 $6.97 $8.89 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 15.5% 15.4% 15.0% 14.3% 14.2% 15.7% 16.2% 18.4% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Strong EPS momentum; increased adjusted operating ROE Results reflected ▪ Continued contribution from new business and investment income ▪ Strong results across geographies and segments
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6 Q2 Results by Segment 2Q26 Adjusted operating income (loss) before taxes 1 $165 U.S. and Latin America Traditional $154 U.S. and Latin America Financial Solutions $38 Canada Traditional $18 Canada Financial Solutions $39 EMEA Traditional $133 EMEA Financial Solutions $129 APAC Traditional $120 APAC Financial Solutions $(35) Corporate and Other $761 Total 1 $ in millions. Please refer to “Use of Non - GAAP Financial Measures”. ▪ U.S. and Latin America : Traditional results reflected favorable individual life claims experience, and strong VII; Financial Solutions results reflected favorable VII, in - force action, and longevity experience ▪ Canada : Traditional results were in line with expectations; Financial Solutions results reflected strong VII ▪ EMEA : Traditional results reflected favorable one - time items; Financial Solutions results reflected higher investment income ▪ APAC : Traditional results reflected strong new business; Financial Solutions results reflected favorable VII and new business contribution ▪ Corporate : Results were favorable compared to the expected quarterly average run rate primarily due to strong VII and lower financing costs
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Q2 Key Earnings Considerations ▪ Biometric claims experience: – Modestly favorable claims experience primarily in U.S. ▪ Variable investment income: – Q2 above expectations due to strong limited partnership realizations, real estate JV activity, and make - whole fees ▪ In - force management actions: – No material impacts from in - force management actions in 2Q ▪ Other Items: – Primarily reflect one - time items that are not expected to recur at the same level 2Q26 EPS 1 2Q26 PTAOI $8.89 $761 Adjusted Operating Income - - Actuarial assumption review $8.89 $761 Adjusted Operating Income, excluding notable items Key Earnings Considerations Favorable / (Unfavorable) $0.16 $14 Financial impact of biometric claims experience 2 $1.05 $90 Variable investment income 3 - - In - force management actions $0.83 $71 Other 4 $2.04 $175 Total 7 1 EPS amounts for key items are calculated using a tax rate of 23.0% and the diluted weighted average common shares outstanding fo r the period. 2 Actual - to - expected financial impact of biometric claims experience. 3 VII relative to 2026 expected annualized return assumption of 7%. Average portfolio size was approximately $4.1 billion duri ng Q2 2026. 4 Primarily related to one - time items.
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8 Premium Growth Growth remained strong despite timing impacts and prior year U.S. treaty recaptures Premium growth ex PRT 7.0% 4.5% 4.3% 9.6% 13.4% 10.5% 5.2% 8.3% 5.1% 10.1% 13.1% 9.3% 2021 2022 2023 2024 2025 2Q26 YTD Premiums Ex PRT Reported Premiums Ex PRT Constant Currency Constant Currency % Change² % Change 2Q25 YTD 2Q26 YTD Premiums 1 (1.4%) (1.2%) $3,940 $3,893 U.S. and Latin America Traditional 2.1% 4.4% $658 $687 Canada Traditional 0.6% 5.4% $1,113 $1,173 EMEA Traditional 6.5% 7.3% $1,593 $1,710 APAC Traditional 0.9% 2.2% $7,304 $7,463 Total Traditional 83.9% 85.2% $866 $1,604 Global Financial Solutions 9.7% 11.0% $8,170 $9,067 Total 9.3% 10.5% $8,111 $8,964 Premiums Ex PRT 1 $ in millions. 2 Actual amounts reflect impact of currency fluctuations. Constant currency amounts reflect foreign denominated activity transl at ed to U.S. dollars at a constant exchange rate. Excludes YTD favorable net foreign currency effects of $101 million.
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9 Total Company Biometric Experience Experience not reflected in income will be recognized over remaining life of the business Quarterly results ▪ Current quarter results reflected favorable experience across most regions primarily driven by U.S. 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 $ in millions $ in millions 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. 2Q25 3Q25 4Q25 1Q26 2Q26 ($256) $5 ($51) $117 $31 ($158) ($50) ($53) $4 $14 $375 ($201)
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▪ 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 ▪ Normalized allocation to private assets in Q2, deploying capital opportunistically as attractive investment opportunities emerged ▪ Q2 impairments and change in allowances of $37 million, favorable to long - term expectations 10 Disciplined approach Asset allocation 2,3 High quality portfolio ~$145B Total cash and invested assets >94% Fixed maturity securities rated investment grade 1 1 Below investment grade portfolio is primarily BB rated. 2 Based on balance sheet values of assets under management as of June 30, 2026. 3 $6.2 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 rating 2,4 $144.6B $109.3B Investment Portfolio
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▪ Q2 new money rate of 6.02% increased compared to Q1, driven by higher average market yields and higher private asset allocation ▪ Yield excluding VII increased due to accretive new money rates and continued improvement in underlying portfolio earnings power ▪ New money rates continue to exceed current book yield, providing a strong tailwind for the future 11 Non - Spread Investment Results Investment yield 1 & new money rate 2 1 On an amortized cost basis, excluding spread business; average invested assets at amortized cost in Q2 equaled $50.2 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.
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▪ $4.1B alt equity portfolio (2.8% of invested assets) ▪ Highly diversified across over 230 LPs and joint ventures ▪ Long - term return target: 10 - 12% ▪ 2026 annual return target: 7% Variable Investment Income Supported by alternative equity strategy 12 1 As of June 30, 2026. Other includes other funds/LPs. Real Estate Joint Ventures includes <$75 mllion accounted for as limited partnerships. Alternative equity exposure 1 Income contribution Portfolio ▪ VII of $166M in Q2 ▪ $150M from alternative equities (15% annualized return) ▪ $16M from prepayments ▪ Broad - based return contribution from across our diversified portfolio Q2 performance
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13 Q2 Capital and Liquidity $17.1B Total capital 1 $ 2.2 B Estimated excess capital 2 2Q26 Liquidity (in billions) $ 5.3 Cash and cash equivalents 0.9 Syndicated revolving credit facility 1.0 P - Caps $ 7.2 Available liquidity 15.5% Debt to total capital 1 33.8% Debt + hybrids to total capital 1 Strong capital position to support new business and return capital to shareholders $ 2.7 B Estimated deployable capital 3 $111M Shareholder returns 4 $61M Shareholder dividends $50M Share repurchases The Company has access to additional liquidity sources including cash flows from its invested assets and multiple banking facilities 1 Total capital includes long - term debt and RGA, Inc.’s shareholders’ equity excluding AOCI. Debt includes senior securities and promissory note. Hybrids includes subordinated and junior subordinated debentures and surplus notes. Please refer to “Use of Non - GAAP Financial Measures”. 2 Estimate of capital available in excess of RGA’s target level when considering RGA’s internal, regulatory and rating agency capital frameworks. Calculation performed an nu ally and adjusted periodically to reflect quarterly activity and updates to RGA’s assumptions. 3 Estimated deployable capital reflects estimated excess capital adjusted for RGA’s assumptions of sources and uses of capital, a nd future management actions over the next 12 months. Capital sources primarily include organic capital generation, run - off of existing business, third - party capital, capital markets issuances, and recognition of value of in - force b usiness. Capital uses primarily includes organic capital deployment, shareholder dividends, and capital markets maturities. 4 Shareholder returns includes shareholder dividends and share repurchases.
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14 Capital Deployed In - force and other transactions Shareholder dividends and share repurchases ▪ A recognized leader; long track record of credibility with clients and regulators ▪ Global platform leads to diversified deployment across products and regions ▪ Consistently paying shareholder dividends; steady growth over time including 5.4% increase this quarter to $0.98 per share ▪ Balance with share repurchases after support of business pipeline and shareholder dividends $280 $419 $229 $365 $222 2022 2023 2024 2025 2Q26 YTD Shareholder Dividends Share Repurchases $ in millions $ in millions $430 $933 $1,676 $2,535 $496 2022 2023 2024 2025 2Q26 YTD North America EMEA APAC
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$40.36 $146.22 $113.04 $174.11 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1/1/2021 2021 2022 2023 2024 2025 2Q26 15 - Year 10.0% CAGR 2 10 .1% CAGR 2 Long - Term Business, Long - Term Success 15 As Reported Book value per share (ex - AOCI) 1 growth Revised for LDTI Accounting Standard and Excluding B36 1 Please refer to “Use of Non - GAAP Financial Measures”. 2 CAGR growth of book value per share ex - AOCI and B36 plus dividends. ▪ 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
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Well - Positioned for the Future Solid new business momentum across key geographies Flexible capital sourcing strategies to support new business and return capital to shareholders Benefit of earnings diversification by product and geography Flexibility to partner across the industry Globally connected footprint Premier life and health brand Industry - leading biometric risk expertise Integrated asset management platform leveraging premier internal and external managers Differentiated and uniquely positioned for long - term success
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17 Appendix
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▪ Middle Market Loans : Predominantly first lien senior secured loans underwritten by RGA’s experienced 2 0+ person internal team providing clear visibility into underwriting and robust covenant packages providing solid downside protection ▪ Private Placements : Primarily investment grade rated with additional covenant protections; diversified across ~200 unique issuers ▪ Diversified ABS : Backed by hard asset cash flows from diversified array of subsectors including aircraft, marine vessels and fiber - optic assets ▪ Fund Finance : Senior secured structures providing downside protection through diversified underlying fund collateral ▪ Infrastructure Debt : Diversified across sectors including energy, digital infrastructure, transportation, and communications Private Credit 18 Private credit allocation 1 1 As of June 30, 2026. 9.3% of total invested assets in private credit Highlights $13.4B private credit Diversified private credit strategy continues to perform well 3.3% of total invested assets in below investment grade private credit
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Office metrics 2 ▪ LTV 65% ▪ DSCR 1.86x ▪ Avg. loan size $12 million ▪ Primarily suburban Commercial Mortgage Loans (CML) 60% Loan to value 1.69x Debt service coverage ratio CM1 & CM2 NAIC rating $12M Commercial mortgage loan investments by property type 1 19 Average loan size 1 Based on recorded investments as of June 30, 2026. 2 Expected office CML maturities: 2026: $122 million, 2027: $307 million, 2028: $291 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 1.2% of total cash and invested assets – No traditional malls in retail portfolio Well diversified ▪ Geography ▪ Property type ▪ Maturity ladder – 2026: 3% – 2027: 8% – 2028: 8% Portfolio metrics | High quality $11.5B
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20 Q2 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 2Q25 2Q26 $341 $605 Income before taxes 1 Investment - related 66 37 Change in allowance for credit losses and impairments 24 97 Net losses on sale of fixed maturity securities 2 0 53 Change in market value of certain limited partnerships and other Derivative - related 2 1 Embedded derivatives 3 (42) (13) Change in market value of derivative instruments 4 (1) 1 Market risk benefits, net of hedging 5 31 (20) Other $421 $761 Adjusted operating income before taxes 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.
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21 Reconciliations of Non - GAAP Measures
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22 Reconciliations of Non - GAAP Measures
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23 Reconciliations of Non - GAAP Measures
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