Exhibit 99.2

Quarterly Financial Supplement

Second Quarter 2025

(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+

RGA Life Reinsurance Company of Canada

AA-

A+

RGA International Reinsurance Company dac

AA-

RGA Global Reinsurance Company, Ltd.

AA-

RGA Reinsurance Company of Australia Limited

AA-

RGA Americas Reinsurance Company, Ltd.

AA-

A+

RGA Worldwide Reinsurance Company, Ltd.

AA-

RGA Reinsurance Company (Barbados) Ltd.

AA-

RGA Life and Annuity Insurance Company

AA-

A+

Omnilife Insurance Company Limited

A+

Aurora National Life Assurance Company

AA-

A+

Senior Debt Ratings

Reinsurance Group of America, Incorporated

Baa1

Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.

Reinsurance Group of America, Incorporated

2nd Quarter 2025

Table of Contents


			Page


Consolidated

Financial Highlights			3

Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)			4

Consolidated Balance Sheets			6

Segment Summaries of Adjusted Operating Income Statements

U.S. and Latin America Traditional			7

U.S. and Latin America Financial Solutions			8

Canada Traditional			10

Canada Financial Solutions			11

Europe, Middle East and Africa Traditional			12

Europe, Middle East and Africa Financial Solutions			13

Asia Pacific Traditional			14

Asia Pacific Financial Solutions			15

Corporate and Other			16

Summary of Segment Adjusted Operating Income			17

Investments

Cash and Invested Assets and Investment Income and Yield Summary			18

Fixed Maturity Securities			19

Corporate Fixed Maturity Securities by Industry			20

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities			21

Fixed Maturity Securities Below Amortized Cost			22

Consolidated Investment Related Gains and Losses			24

Appendix

Reconciliations of GAAP to Non-GAAP Measures			25

Non-GAAP Disclosures			30


						Page 2


Reinsurance Group of America, Incorporated
Financial Highlights

	Three Months Ended															Current vs.			Year-to-Date
(USD millions, except in force and per share and shares data)	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Prior Year			June 30,		June 30,
	2025			2025			2024			2024			2024			Quarter			2025		2024		Change

Net premiums	$	4,151		$	4,019		$	4,156		$	4,391		$	3,920		$	231		$	8,170	$	9,296	$	(1,126)
Net income available to RGA’s shareholders	180			286			148			156			203			(23)			466		413		53
Adjusted operating income	315			378			334			242			365			(50)			693		766		(73)
Adjusted operating income excluding notable items (1)	315			378			334			410			365			(50)			693		766		(73)
Return on equity	7.0		%	7.5		%	7.1		%	7.7		%	9.7		%	(2.7)		%
Adjusted operating return on equity (excluding AOCI)	12.7		%	13.4		%	13.8		%	13.8		%	15.3		%	(2.6)		%
Adjusted operating return on equity (excluding AOCI and notable items (1))	14.3		%	15.0		%	15.4		%	15.5		%	15.3		%	(1.0)		%
Adjusted operating return on equity (excluding AOCI and B36 items)	12.6		%	13.3		%	13.7		%	13.7		%	15.3		%	(2.7)		%

Per Share and Shares Data (shares in thousands)
Basic earnings per share
Net income	$	2.72		$	4.33		$	2.26		$	2.37		$	3.07		$	(0.35)		$	7.05	$	6.28	$	0.77
Adjusted operating income	$	4.76		$	5.73		$	5.07		$	3.67		$	5.55		$	(0.79)		$	10.50	$	11.65	$	(1.15)
Adjusted operating income excluding notable items (1)	$	4.76		$	5.73		$	5.07		$	6.22		$	5.55		$	(0.79)		$	10.50	$	11.65	$	(1.15)
Diluted earnings per share
Net income	$	2.70		$	4.27		$	2.22		$	2.33		$	3.03		$	(0.33)		$	6.97	$	6.19	$	0.78
Adjusted operating income	$	4.72		$	5.66		$	4.99		$	3.62		$	5.48		$	(0.76)		$	10.38	$	11.49	$	(1.11)
Adjusted operating income excluding notable items (1)	$	4.72		$	5.66		$	4.99		$	6.13		$	5.48		$	(0.76)		$	10.38	$	11.49	$	(1.11)
Weighted average common shares outstanding
Basic	66,088			66,008			65,867			65,850			65,807			281			66,048		65,773		275
Diluted	66,731			66,861			66,982			66,797			66,732			(1)			66,793		66,645		148

Book value per share	$	182.37		$	172.53		$	164.19		$	168.93		$	147.90		$	34.47		$	182.37	$	147.90	$	34.47
Book value per share, excluding AOCI	$	155.87		$	153.80		$	151.31		$	149.63		$	148.19		$	7.68		$	155.87	$	148.19	$	7.68
Book value per share, excluding AOCI and B36	$	156.63		$	154.60		$	151.97		$	151.79		$	149.01		$	7.62		$	156.63	$	149.01	$	7.62

Shareholders’ dividends paid	$	59		$	59		$	59		$	58		$	56		$	3		$	118	$	112	$	6
Share buybacks	—			—			—			—			—			—			—		—		—
Total returned to shareholders	$	59		$	59		$	59		$	58		$	56		$	3		$	118	$	112	$	6

Common shares issued	85,311			85,311			85,311			85,311			85,311			—			85,311		85,311		—
Treasury shares	19,219			19,225			19,439			19,447			19,487			(268)			19,219		19,487		(268)
Common shares outstanding	66,092			66,086			65,872			65,864			65,824			268			66,092		65,824		268

Assumed life reinsurance in force (in billions)	$	4,091.3		$	3,950.9		$	3,878.7		$	3,966.5		$	3,767.7		$	323.6
Assumed new business production (in billions)	$	110.9		$	131.7		$	102.3		$	204.4		$	89.6		$	21.3		$	242.6	$	198.7	$	43.9

(1) Excludes the impact of changes in actuarial assumptions.


						Page 3


Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)

(USD millions)	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2025		2025		2024		2024		2024		Quarter		2025		2024		Change
Revenues:
Net premiums	$	4,151	$	4,019	$	4,156	$	4,391	$	3,920	$	231	$	8,170	$	9,296	$	(1,126)
Net investment income	1,408		1,232		1,185		1,188		1,082		326		2,640		2,043		597
Investment related gains (losses), net	(44)		(79)		(247)		(78)		(271)		227		(123)		(420)		297
Other revenue	84		88		147		150		147		(63)		172		296		(124)
Total revenues	5,599		5,260		5,241		5,651		4,878		721		10,859		11,215		(356)
Benefits and expenses:
Adjusted claims and other policy benefits	4,045		3,822		3,943		4,116		3,712		333		7,867		8,844		(977)
Future policy benefits remeasurement (gains) losses	68		(56)		(69)		151		(90)		158		12		(114)		126
Market risk benefits remeasurement (gains) losses	(17)		29		(32)		31		(8)		(9)		12		(43)		55
Adjusted interest credited	314		299		292		310		231		83		613		485		128
Policy acquisition costs and other insurance expenses	433		417		411		452		391		42		850		778		72
Other operating expenses	325		300		385		299		301		24		625		584		41
Interest expense	90		80		86		78		72		18		170		140		30
Total benefits and expenses	5,258		4,891		5,016		5,437		4,609		649		10,149		10,674		(525)
Income before income taxes	341		369		225		214		269		72		710		541		169
Provision for income taxes	160		81		75		56		65		95		241		125		116
Net income	181		288		150		158		204		(23)		469		416		53
Net income attributable to noncontrolling interest	1		2		2		2		1		—		3		3		—
Net income available to RGA’s shareholders	$	180	$	286	$	148	$	156	$	203	$	(23)	$	466	$	413	$	53
Pre-tax adjusted operating income reconciliation:
Income before income taxes	$	341	$	369	$	225	$	214	$	269	$	72	$	710	$	541	$	169
Investment and derivative (gains) losses (1)	77		71		380		(23)		308		(231)		148		540		(392)
Market risk benefits remeasurement (gains) losses	(17)		29		(32)		31		(8)		(9)		12		(43)		55
Change in fair value of funds withheld embedded derivatives (1)	(3)		11		(125)		112		(26)		23		8		(103)		111
Funds withheld (gains) losses - investment income	(2)		—		6		(1)		—		(2)		(2)		(2)		—
Derivatives - interest credited	2		10		(3)		11		(6)		8		12		7		5
Investment (income) loss on unit-linked variable annuities	—		—		2		(1)		1		(1)		—		2		(2)
Interest credited on unit-linked variable annuities	—		—		(2)		1		(1)		1		—		(2)		2
Interest expense on uncertain tax positions	—		—		1		1		(1)		1		—		(1)		1
Other (2)	23		(5)		(21)		(31)		(45)		68		18		68		(50)
Adjusted operating income before income taxes	421		485		431		314		491		(70)		906		1,007		(101)
Notable items (3)	—		—		—		194		—		—		—		—		—
Adjusted operating income before income taxes excluding notable items	$	421	$	485	$	431	$	508	$	491	$	(70)	$	906	$	1,007	$	(101)

(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) Represents the impact of changes in actuarial assumptions.


						Page 4


Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statements (including Adjusted Operating Income Reconciliations)

(USD millions)	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2025		2025		2024		2024		2024		Quarter		2025		2024		Change
After-tax adjusted operating income reconciliation:
GAAP net income attributable to RGA	$	180	$	286	$	148	$	156	$	203	$	(23)	$	466	$	413	$	53
Investment and derivative (gains) losses (1)	64		53		300		(18)		239		(175)		117		424		(307)
Market risk benefits remeasurement (gains) losses	(14)		23		(26)		25		(6)		(8)		9		(34)		43
Change in fair value of funds withheld embedded derivatives (1)	(3)		9		(99)		88		(20)		17		6		(81)		87
Funds withheld (gains) losses - investment income	(2)		—		4		—		—		(2)		(2)		(2)		—
Derivatives - interest credited	1		8		(2)		8		(4)		5		9		6		3
Investment (income) loss on unit-linked variable annuities	—		—		1		(1)		1		(1)		—		2		(2)
Interest credited on unit-linked variable annuities	—		—		(1)		1		(1)		1		—		(2)		2
Interest expense on uncertain tax positions	—		—		1		1		(1)		1		—		(1)		1
Other (2)	18		(4)		(16)		(25)		(35)		53		14		54		(40)
Uncertain tax positions and other tax related items	70		1		22		5		(12)		82		71		(16)		87
Net income attributable to noncontrolling interest	1		2		2		2		1		—		3		3		—
Adjusted operating income	315		378		334		242		365		(50)		693		766		(73)
Notable items (3)	—		—		—		168		—		—		—		—		—
Adjusted operating income excluding notable items	$	315	$	378	$	334	$	410	$	365	$	(50)	$	693	$	766	$	(73)

Diluted earnings per share - adjusted operating income	$	4.72	$	5.66	$	4.99	$	3.62	$	5.48	$	(0.76)	$	10.38	$	11.49	$	(1.11)
Diluted earnings per share - adjusted operating income excluding notable items	$	4.72	$	5.66	$	4.99	$	6.13	$	5.48	$	(0.76)	$	10.38	$	11.49	$	(1.11)

Foreign currency effect on (4):
Net premiums	$	45	$	(60)	$	(15)	$	1	$	(33)	$	78	$	(15)	$	(45)	$	30
Adjusted operating income before income taxes	$	9	$	(8)	$	8	$	1	$	(5)	$	14	$	1	$	(4)	$	5

(1) Included in “Investment related gains (losses), net”.
(2) Includes pension risk transfer day one loss and other immaterial items.
(3) Represents the impact of changes in actuarial assumptions.
(4) Compared to comparable prior-year period.


						Page 5


Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2025		2025		2024		2024		2024
Assets
Fixed maturity securities available-for-sale, at fair value	$	86,043	$	84,507	$	77,617	$	78,149	$	70,491
Equity securities	155		153		155		155		144
Mortgage loans	10,057		9,331		8,839		8,388		7,984
Policy loans	1,294		1,284		1,321		1,285		1,171
Funds withheld at interest	7,115		5,328		5,436		5,545		5,556
Limited partnerships and real estate joint ventures	3,338		3,228		3,067		2,972		2,791
Short-term investments	502		454		363		381		335
Other invested assets	1,397		1,295		1,242		1,361		1,148
Total investments	109,901		105,580		98,040		98,236		89,620
Cash and cash equivalents	5,416		5,151		3,326		5,195		4,596
Accrued investment income	1,089		1,059		986		995		881
Premiums receivable and other reinsurance balances	4,202		3,749		3,898		3,738		3,635
Reinsurance ceded receivables and other	5,386		5,420		5,531		5,438		5,122
Deferred policy acquisition costs	5,823		5,649		5,543		5,477		4,720
Other assets	1,662		1,602		1,351		1,179		1,314
Total assets	$	133,479	$	128,210	$	118,675	$	120,258	$	109,888
Liabilities and equity
Future policy benefits	$	63,531	$	59,836	$	53,368	$	55,933	$	50,779
Interest-sensitive contract liabilities	37,158		36,614		35,095		34,357		31,676
Market risk benefits, at fair value	233		243		223		247		217
Other policy claims and benefits	3,016		2,870		2,693		2,875		2,769
Other reinsurance balances	1,353		1,291		1,316		955		917
Deferred income taxes	2,454		2,250		2,199		2,059		1,866
Funds withheld payable	4,816		4,889		5,017		4,809		4,323
Other liabilities	3,041		2,991		2,816		2,739		2,449
Long-term debt	5,734		5,734		5,042		5,067		5,067
Total liabilities	121,336		116,718		107,769		109,041		100,063
Equity:
Common stock, at par value	1		1		1		1		1
Additional paid-in-capital	2,624		2,608		2,600		2,577		2,567
Retained earnings	9,563		9,443		9,255		9,166		9,076
Treasury stock	(1,887)		(1,888)		(1,889)		(1,889)		(1,889)
Accumulated other comprehensive income, net of taxes (AOCI):
Accumulated currency translation adjustment	130		(8)		(19)		108		86
Unrealized (depreciation) appreciation of securities	(4,897)		(4,443)		(4,526)		(2,800)		(4,694)
Effect of updating discount rates on future policy benefits	6,533		5,702		5,412		3,987		4,611
Change in instrument-specific credit risk for market risk benefits	3		6		2		6		6
Pension and postretirement benefits	(17)		(19)		(20)		(29)		(29)
Total RGA, Inc. shareholders’ equity	12,053		11,402		10,816		11,127		9,735
Noncontrolling interest	90		90		90		90		90
Total equity	12,143		11,492		10,906		11,217		9,825
Total liabilities and equity	$	133,479	$	128,210	$	118,675	$	120,258	$	109,888
Total RGA, Inc. shareholders’ equity, excluding AOCI	$	10,301	$	10,164	$	9,967	$	9,855	$	9,755

See appendix for reconciliation of total shareholders’ equity before and after impact of AOCI.


						Page 6


Reinsurance Group of America, Incorporated
U.S. and Latin America Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current vs.			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Prior Year			June 30,			June 30,
	2025			2025			2024			2024			2024			Quarter			2025			2024			Change
Revenues:
Net premiums	$	2,019		$	1,921		$	2,046		$	1,912		$	1,827		$	192		$	3,940		$	3,542		$	398
Net investment income	285			268			247			226			203			82			553			408			145
Investment related gains (losses), net	12			(6)			—			—			—			12			6			—			6
Other revenue	4			8			14			21			7			(3)			12			13			(1)
Total revenues	2,320			2,191			2,307			2,159			2,037			283			4,511			3,963			548

Benefits and expenses:
Adjusted claims and other policy benefits	1,922			1,773			1,886			1,712			1,676			246			3,695			3,248			447
Future policy benefits remeasurement (gains) losses	74			(25)			(68)			46			(66)			140			49			(87)			136
Adjusted interest credited	37			29			36			45			19			18			66			38			28
Policy acquisition costs and other insurance expenses	223			219			225			223			186			37			442			361			81
Other operating expenses	60			55			77			54			55			5			115			108			7
Total benefits and expenses	2,316			2,051			2,156			2,080			1,870			446			4,367			3,668			699

Adjusted operating income before income taxes	4			140			151			79			167			(163)			144			295			(151)
Notable items (1)	—			—			—			53			—			—			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	4		$	140		$	151		$	132		$	167		$	(163)		$	144		$	295		$	(151)

Loss and expense ratios:
Loss ratio (2)	98.9		%	91.0		%	88.9		%	91.9		%	88.1		%	10.8		%	95.0		%	89.2		%	5.8		%
Policy acquisition costs and other insurance expenses	11.0		%	11.4		%	11.0		%	11.7		%	10.2		%	0.8		%	11.2		%	10.2		%	1.0		%
Other operating expenses	3.0		%	2.9		%	3.8		%	2.8		%	3.0		%	—		%	2.9		%	3.0		%	(0.1)		%

Foreign currency effect on (3):
Net premiums	$	(4)		$	(7)		$	(5)		$	(4)		$	1		$	(5)		$	(11)		$	4		$	(15)
Adjusted operating income (loss) before income taxes	$	1		$	(2)		$	—		$	—		$	(1)		$	2		$	(1)		$	(1)		$	—

Assumed Life Reinsurance In Force (in billions)	$	1,854.7		$	1,840.6		$	1,837.1		$	1,834.5		$	1,716.1		$	—
Assumed New Business Production (in billions)	$	46.0		$	36.3		$	41.0		$	150.0		$	35.9		$	—		$	82.3		$	76.9		$	5.4

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.


						Page 7


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2025		2025		2024		2024		2024		Quarter		2025		2024		Change
Revenues:
Net premiums	$	(5)	$	109	$	156	$	609	$	305	$	(310)	$	104	$	2,221	$	(2,117)
Net investment income	371		337		323		336		318		53		708		621		87
Other revenue	53		50		52		58		54		(1)		103		116		(13)
Total revenues	419		496		531		1,003		677		(258)		915		2,958		(2,043)

Benefits and expenses:
Adjusted claims and other policy benefits	76		200		210		654		367		(291)		276		2,323		(2,047)
Future policy benefits remeasurement (gains) losses	(1)		(2)		(10)		12		(3)		2		(3)		(1)		(2)
Adjusted interest credited	130		123		127		131		126		4		253		261		(8)
Policy acquisition costs and other insurance expenses	93		84		102		105		87		6		177		167		10
Other operating expenses	24		24		26		21		20		4		48		38		10
Total benefits and expenses	322		429		455		923		597		(275)		751		2,788		(2,037)

Adjusted operating income before income taxes	97		67		76		80		80		17		164		170		(6)
Notable items (1)	—		—		—		—		—		—		—		—		—
Adjusted operating income before income taxes excluding notable items	$	97	$	67	$	76	$	80	$	80	$	17	$	164	$	170	$	(6)

Assumed Life Reinsurance In Force (in billions)	$	9.4	$	9.5	$	9.7	$	9.8	$	10.1	$	(0.7)
Assumed New Business Production (in billions)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.


						Page 8


Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions
(Continued)


(USD millions, shown net of reinsurance ceded)	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
	2025			2025			2024			2024			2024
Policyholder account balances

Fixed annuities (deferred)	$	10,473		$	10,299		$	9,691		$	9,473		$	9,677
Equity-indexed annuities	$	1,748		$	1,838		$	1,927		$	2,022		$	2,118
Bank-owned life insurance (BOLI) and universal life	$	1,997		$	2,011		$	2,019		$	2,029		$	2,052
Other policyholder account balances	$	45		$	46		$	34		$	74		$	43

Variable annuities account balances
No riders	$	605		$	593		$	610		$	624		$	609
GMDB only	784			800			848			831			807
GMIB only	17			17			18			19			18
GMAB only	1			2			2			2			2
GMWB only	802			769			818			857			853
GMDB / WB	149			145			152			161			162
Other	13			13			13			14			13
Total variable annuities account balances	$	2,371		$	2,339		$	2,461		$	2,508		$	2,464

Interest-sensitive contract liabilities not associated with policyholder account balances:

Guaranteed investment contracts, funding agreements and immediate annuities	$	1,265		$	1,257		$	654		$	680		$	691

Future policy benefits (at original discount rate) associated with:
Payout annuities	$	8,734		$	8,840		$	6,781		$	6,936		$	6,764
Other future policy benefits	$	62		$	61		$	50		$	89		$	56

Liability for market risk benefits:

Equity-indexed annuities	$	173		$	170		$	163		$	176		$	147
Variable annuities (liability)	$	60		$	73		$	60		$	71		$	70
Variable annuities (asset)	$	17		$	13		$	17		$	14		$	15

Net interest spread (1)	1.2		%	0.8		%	1.3		%	1.3		%	1.1		%

(1) Net interest spread for Asset-Intensive is calculated as net investment income less interest credited and the interest accretion on future policy benefits, divided by total investments and cash and cash equivalents.


						Page 9


Reinsurance Group of America, Incorporated
Canada Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current vs.			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Prior Year			June 30,			June 30,
	2025			2025			2024			2024			2024			Quarter			2025			2024			Change
Revenues:
Net premiums	$	339		$	319		$	333		$	314		$	326		$	13		$	658		$	644		$	14
Net investment income	66			65			64			68			61			5			131			125			6
Investment related gains, net	—			1			—			1			2			(2)			1			2			(1)
Other revenue	1			(1)			—			2			1			—			—			4			(4)
Total revenues	406			384			397			385			390			16			790			775			15

Benefits and expenses:
Adjusted claims and other policy benefits	318			295			311			296			304			14			613			587			26
Future policy benefits remeasurement gains	2			3			(5)			(4)			1			1			5			(2)			7
Adjusted interest credited	—			—			—			1			—			—			—			—			—
Policy acquisition costs and other insurance expenses	43			41			45			48			46			(3)			84			93			(9)
Other operating expenses	15			13			14			14			13			2			28			25			3
Total benefits and expenses	378			352			365			355			364			14			730			703			27

Adjusted operating income before income taxes	28			32			32			30			26			2			60			72			(12)
Notable items (1)	—			—			—			(5)			—			—			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	28		$	32		$	32		$	25		$	26		$	2		$	60		$	72		$	(12)

Loss and expense ratios:
Loss ratio (2)	94.4		%	93.4		%	91.9		%	93.0		%	93.6		%	0.8		%	93.9		%	90.8		%	3.1		%
Policy acquisition costs and other insurance expenses	12.7		%	12.9		%	13.5		%	15.3		%	14.1		%	(1.4)		%	12.8		%	14.4		%	(1.6)		%
Other operating expenses	4.4		%	4.1		%	4.2		%	4.5		%	4.0		%	0.4		%	4.3		%	3.9		%	0.4		%

Foreign currency effect on (3):
Net premiums	$	(4)		$	(20)		$	(10)		$	(5)		$	(6)		$	2		$	(24)		$	(5)		$	(19)
Adjusted operating income before income taxes	$	(1)		$	(2)		$	(1)		$	(1)		$	—		$	(1)		$	(3)		$	—		$	(3)

Assumed Life Reinsurance In Force (in billions)	$	512.4		$	478.6		$	474.2		$	499.6		$	489.3		$	23.1
Assumed New Business Production (in billions)	$	13.1		$	13.2		$	12.3		$	11.9		$	12.3		$	0.8		$	26.3		$	23.8		$	2.5

Creditor reinsurance net premiums	$	18		$	19		$	18		$	19		$	17		$	1		$	37		$	34		$	3

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.


						Page 10


Reinsurance Group of America, Incorporated
Canada Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2025		2025		2024		2024		2024		Quarter		2025		2024		Change
Revenues:
Net premiums	$	45	$	52	$	46	$	49	$	48	$	(3)	$	97	$	71	$	26
Net investment income	58		51		51		47		48		10		109		49		60
Investment related gains, net	—		—		1		—		—		—		—		—		—
Other revenue	5		4		5		3		6		(1)		9		9		—
Total revenues	108		107		103		99		102		6		215		129		86

Benefits and expenses:
Adjusted claims and other policy benefits	93		91		109		90		89		4		184		108		76

Policy acquisition costs and other insurance expenses	4		5		(17)		5		4		—		9		5		4
Other operating expenses	2		—		3		—		2		—		2		2		—
Total benefits and expenses	99		96		95		95		95		4		195		115		80

Adjusted operating income before income taxes	9		11		8		4		7		2		20		14		6
Notable items (2)	—		—		—		—		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	9	$	11	$	8	$	4	$	7	$	2	$	20	$	14	$	6

Foreign currency effect on (3):
Net premiums	$	(1)	$	(3)	$	(1)	$	(1)	$	(1)	$	—	$	(4)	$	(1)	$	(3)
Adjusted operating income before income taxes	$	—	$	(1)	$	—	$	(1)	$	—	$	—	$	(1)	$	—	$	(1)

Assumed Life Reinsurance In Force (in billions)	$	6.3	$	6.0	$	6.0	$	8.3	$	—	$	6.3
Assumed New Business Production (in billions)	$	—	$	—	$	—	$	8.3	$	—	$	—	$	—	$	—	$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations include longevity and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior-year period.


						Page 11


Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current vs.			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Prior Year			June 30,			June 30,
	2025			2025			2024			2024			2024			Quarter			2025			2024			Change
Revenues:
Net premiums	$	573		$	540		$	488		$	521		$	497		$	76		$	1,113		$	993		$	120
Net investment income	32			30			28			30			27			5			62			54			8
Other revenue	3			2			10			(1)			—			3			5			2			3
Total revenues	608			572			526			550			524			84			1,180			1,049			131

Benefits and expenses:
Adjusted claims and other policy benefits	533			483			445			472			464			69			1,016			888			128
Future policy benefits remeasurement (gains) losses	6			(8)			12			35			6			—			(2)			1			(3)
Policy acquisition costs and other insurance expenses	24			20			21			29			22			2			44			59			(15)
Other operating expenses	27			27			37			32			33			(6)			54			64			(10)
Total benefits and expenses	590			522			515			568			525			65			1,112			1,012			100

Adjusted operating income (loss) before income taxes	18			50			11			(18)			(1)			19			68			37			31
Notable items (1)	—			—			—			40			—			—			—			—			—
Adjusted operating income (loss) excluding notable items, before income taxes	$	18		$	50		$	11		$	22		$	(1)		$	19		$	68		$	37		$	31

Loss and expense ratios:
Loss ratio (2)	94.1		%	88.0		%	93.6		%	97.3		%	94.6		%	(0.5)		%	91.1		%	89.5		%	1.6		%
Policy acquisition costs and other insurance expenses	4.2		%	3.7		%	4.3		%	5.6		%	4.4		%	(0.2)		%	4.0		%	5.9		%	(1.9)		%
Other operating expenses	4.7		%	5.0		%	7.6		%	6.1		%	6.6		%	(1.9)		%	4.9		%	6.4		%	(1.5)		%

Foreign currency effect on (3):
Net premiums	$	24		$	(3)		$	8		$	12		$	1		$	23		$	21		$	8		$	13
Adjusted operating income (loss) before income taxes	$	1		$	1		$	2		$	(1)		$	—		$	1		$	2		$	—		$	2

Critical illness net premiums	$	36		$	32		$	33		$	38		$	33		$	3		$	68		$	65		$	3

Assumed Life Reinsurance In Force (in billions)	$	1,117.7		$	1,036.7		$	970.4		$	1,027.5		$	976.5		$	141.2
Assumed New Business Production (in billions)	$	34.1		$	63.4		$	30.5		$	31.0		$	20.0		$	14.1		$	97.5		$	58.0		$	39.5

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Represents the impact of changes in actuarial assumptions.
(2) Includes adjusted Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
(3) Compared to comparable prior-year period.


						Page 12


Reinsurance Group of America, Incorporated
Europe, Middle East and Africa Financial Solutions (1)
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended										Current vs.		Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		Prior Year		June 30,		June 30,
	2025		2025		2024		2024		2024		Quarter		2025		2024		Change
Revenues:
Net premiums	$	247	$	189	$	187	$	168	$	159	$	88	$	436	$	305	$	131
Net investment income	109		85		87		84		79		30		194		148		46
Investment related gains (losses), net	4		(1)		(1)		1		1		3		3		—		3
Other revenue	7		9		12		3		8		(1)		16		19		(3)
Total revenues	367		282		285		256		247		120		649		472		177

Benefits and expenses:
Adjusted claims and other policy benefits	224		167		159		148		133		91		391		255		136
Future policy benefits remeasurement (gains) losses	(3)		(3)		(1)		—		2		(5)		(6)		4		(10)
Adjusted interest credited	7		6		9		5		9		(2)		13		16		(3)
Policy acquisition costs and other insurance expenses	2		1		2		2		2		—		3		4		(1)
Other operating expenses	21		21		20		15		15		6		42		30		12
Total benefits and expenses	251		192		189		170		161		90		443		309		134

Adjusted operating income before income taxes	116		90		96		86		86		30		206		163		43
Notable items (2)	—		—		—		2		—		—		—		—		—
Adjusted operating income excluding notable items, before income taxes	$	116	$	90	$	96	$	88	$	86	$	30	$	206	$	163	$	43

Foreign currency effect on (3):
Net premiums	$	14	$	(2)	$	4	$	4	$	1	$	13	$	12	$	6	$	6
Adjusted operating income before income taxes	$	5	$	—	$	1	$	2	$	—	$	5	$	5	$	3	$	2

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations include longevity, asset-intensive and fee-based transactions.
(2) Represents the impact of changes in actuarial assumptions.
(3) Compared to comparable prior-year period.


						Page 13


Reinsurance Group of America, Incorporated
Asia Pacific Traditional
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current vs.			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			Prior Year			June 30,			June 30,
	2025			2025			2024			2024			2024			Quarter			2025			2024			Change
Revenues:
Net premiums	$	816		$	777		$	834		$	756		$	708		$	108		$	1,593		$	1,424		$	169
Net investment income	72			71			66			65			61			11			143			126			17
Investment related gains (losses), net	1			(1)			(1)			1			1			—			—			1			(1)
Other revenue	—			3			10			(3)			8			(8)			3			18			(15)
Total revenues	889			850			909			819			778			111			1,739			1,569			170

Benefits and expenses:
Adjusted claims and other policy benefits	701			671			733			656			607			94			1,372			1,193			179
Future policy benefits remeasurement (gains) losses	(8)			(18)			9			53			(29)			21			(26)			(28)			2
Policy acquisition costs and other insurance expenses	35			39			37			44			42			(7)			74			87			(13)
Other operating expenses	57			52			67			55			59			(2)			109			109			—
Total benefits and expenses	785			744			846			808			679			106			1,529			1,361			168

Adjusted operating income before income taxes	104			106			63			11			99			5			210			208			2
Notable items (1)	—			—			—			95			—			—			—			—			—
Adjusted operating income excluding notable items, before income taxes	$	104		$	106		$	63		$	106		$	99		$	5		$	210		$	208		$	2

Loss and expense ratios:
Loss ratio (2)	84.9		%	84.0		%	89.0		%	93.8		%	81.6		%	3.3		%	84.5		%	81.8		%	2.7		%
Policy acquisition costs and other insurance expenses	4.3		%	5.0		%	4.4		%	5.8		%	5.9		%	(1.6)		%	4.6		%	6.1		%	(1.5)		%
Other operating expenses	7.0		%	6.7		%	8.0		%	7.3		%	8.3		%	(1.3)		%	6.8		%	7.7		%	(0.9)		%

Foreign currency effect on (3):
Net premiums	$	9		$	(23)		$	(9)		$	(4)		$	(23)		$	32		$	(14)		$	(46)		$	32
Adjusted operating income before income taxes	$	2		$	(2)		$	1		$	4		$	(2)		$	4		$	—		$	(4)		$	4

REINSURANCE GROUP OF AMERICA INC 8-K