Form 8-K

8-K — REINSURANCE GROUP OF AMERICA INC

Accession: 0000898174-26-000030

Filed: 2026-08-06

Period: 2026-08-06

CIK: 0000898174

SIC: 6311 (LIFE INSURANCE)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — rga-20260806.htm (Primary)

EX-99.1 (pressrelease2q26.htm)

EX-99.2 (qfs2q26.htm)

EX-99.3 (earningspresentation2q26.htm)

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8-K

8-K (Primary)

Filename: rga-20260806.htm · Sequence: 1

rga-20260806

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): August 6, 2026

REINSURANCE GROUP OF AMERICA, INCORPORATED

(Exact Name of Registrant as Specified in its Charter)

Missouri 1-11848 43-1627032

(State or Other Jurisdiction

of Incorporation) (Commission

File Number) (IRS Employer

Identification Number)

16600 Swingley Ridge Road, Chesterfield, Missouri 63017

(Address of Principal Executive Office)

Registrant’s telephone number, including area code: (636) 736-7000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, par value $0.01 RGA New York Stock Exchange

7.125% Fixed Rate Reset Subordinated Debentures due 2052 RZC New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

☐ Emerging growth company

☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 Results of Operations and Financial Condition.

On August 6, 2026, Reinsurance Group of America, Incorporated (the “Company”) issued (1) a press release (the “Earnings Release”) announcing its earnings for the three-month period ended June 30, 2026, and providing certain additional information, a copy of which is furnished as Exhibit 99.1 and is incorporated herein by reference and (2) a quarterly financial supplement for the quarter ended June 30, 2026, a copy of which is furnished as Exhibit 99.2 and is incorporated herein by reference. The Earnings Release also notes that a conference call will be held on August 7, 2026 to discuss the financial and operating results for the three-month period ended June 30, 2026 (the “Earnings Call”).

Item 7.01 Regulation FD Disclosure.

In connection with the Earnings Call, the Company has prepared a presentation, dated August 6, 2026 (the “Earnings Presentation”), a copy of which is furnished as Exhibit 99.3 and incorporated herein by reference. The Earnings Release announced that the board of directors declared a regular quarterly dividend of $0.98, payable September 1, 2026, to shareholders of record as of August 18, 2026.

The information set forth in Exhibits 99.1, 99.2 and 99.3 of this Current Report on Form 8-K is being furnished and shall not be deemed to be “filed”, as described in Instruction B.2 of Form 8-K.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.    Exhibit

99.1

Press Release of Reinsurance Group of America, Incorporated dated August 6, 2026

99.2

Quarterly Financial Supplement for the quarter ended June 30, 2026

99.3

Earnings Presentation dated August 6, 2026

104 Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

REINSURANCE GROUP OF AMERICA, INCORPORATED

Date: August 6, 2026 By: /s/ Laura Cockrill

Laura Cockrill

Executive Vice President and Chief Financial Officer

EX-99.1

EX-99.1

Filename: pressrelease2q26.htm · Sequence: 2

Document

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS

SECOND QUARTER RESULTS

Second Quarter Results

•Net income available to RGA shareholders of $7.01 per diluted share, compared with $2.70 per diluted share in the prior-year quarter.

•Adjusted operating income of $8.89 per diluted share, compared with $4.72 per diluted share in the prior-year quarter.

•Return on equity (“ROE”) of 11.5%; adjusted operating ROE of 17.4%; adjusted operating ROE, excluding notable items of 18.4%, each for the trailing twelve months.

•Returned $111 million to shareholders in the quarter, including $50 million of shares repurchased and $61 million in dividends paid. The Board of Directors declared a regular quarterly dividend of $0.98, representing a 5.4% increase, to be paid in the third quarter.

ST. LOUIS, Aug. 6, 2026 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life and health reinsurance, reported second quarter net income available to RGA shareholders of $462 million, or $7.01 per diluted share, compared with $180 million, or $2.70 per diluted share, in the prior-year quarter. Adjusted operating income for the second quarter totaled $586 million, or $8.89 per diluted share, compared with $315 million, or $4.72 per diluted share, in the prior-year quarter. Net foreign currency fluctuations had an unfavorable effect of $0.05 per diluted share on net income available to RGA shareholders, and $0.08 per diluted share on adjusted operating income, both as compared with the prior-year quarter.

Tony Cheng, President and Chief Executive Officer, commented, “RGA delivered another record quarter, extending the momentum we have generated so far in 2026 with excellent results across our regions and business lines. Claims experience was modestly favorable to expectations, reinforcing a trend since 2023 that validates our pricing and risk selection discipline. Alongside steady biometric results, we achieved strong investment returns, driven by disciplined execution from our world-class investment team and favorable market backdrop.

“Our first-half results reflect RGA’s durable fundamentals and the strategic advantages of our diversified platform that allow us to deploy capital toward the most attractive opportunities to generate strong risk-adjusted returns while maintaining the discipline to forgo deals that do not meet our standards. With a healthy pipeline, we remain focused on sustainable growth and prudent capital allocation. Our confidence in RGA’s outlook for 2026 and beyond remains high.”

Quarterly Results Year-to-Date Results

($ in millions, except per share data) 2026 2025 2026 2025

Net premiums $ 4,472  $ 4,151  $ 9,067  $ 8,170

Net income available to RGA shareholders 462  180  792  466

Net income available to RGA shareholders per diluted share 7.01  2.70  11.99  6.97

Adjusted operating income 586  315  1,048  693

Adjusted operating income, excluding notable items 586  315  1,048  693

Adjusted operating income per diluted share 8.89  4.72  15.86  10.38

Adjusted operating income, excluding notable items per diluted share 8.89  4.72  15.86  10.38

Book value per share 209.73  182.37  209.73  182.37

Book value per share, excluding accumulated other comprehensive income (AOCI) 173.77  155.87  173.77  155.87

Book value per share, excluding AOCI and B36 174.11  156.63  174.11  156.63

Total assets 167,115  133,479

Information regarding the non-GAAP financial measures and operating measures included in this press release, including definitions of these measures, reconciliations to the most comparable GAAP measures and limitations related thereto, is included below under “Non-GAAP Financial Measures and Other Definitions” and in the tables attached to this press release.

In the second quarter, consolidated net premiums totaled $4.5 billion, an increase of 7.7% compared with the prior-year quarter, with an immaterial impact from net foreign currency.

Investment income for the quarter, excluding spread-based businesses, increased 10.3% compared with the prior-year quarter, primarily due to a larger average invested asset base. Average investment yield was 5.33% in the quarter compared with 5.31% in the prior-year quarter, reflecting higher variable investment income.

The effective tax rate for the quarter was 23.4% on pre-tax income, above the expected range of 22% to 23%. The effective tax rate for the quarter was 23.1% on adjusted operating income before taxes, generally in line with the expected range of 22% to 23%.

SEGMENT RESULTS

U.S. and Latin America

Traditional

Quarterly Results Year-to-Date Results

($ in millions) 2026 2025 2026 2025

Net premiums $ 1,961  $ 2,019  $ 3,893  $ 3,940

Adjusted operating income before taxes 165  4  303  144

Adjusted operating income before taxes, excluding notable items 165  4  303  144

Quarterly Results

•Adjusted operating income of $165 million increased from $4 million in the prior-year quarter, primarily due to more favorable individual life and group experience.

Financial Solutions

Quarterly Results Year-to-Date Results

($ in millions) 2026 2025 2026 2025

Adjusted operating income before taxes 154  97  272  164

Adjusted operating income before taxes, excluding notable items 154  97  272  164

Quarterly Results

•Adjusted operating income of $154 million increased from $97 million in the prior-year quarter, primarily due to the earnings contribution from the 2025 transaction with Equitable Holdings, Inc. and strong variable investment income.

Canada

Traditional

Quarterly Results Year-to-Date Results

($ in millions) 2026 2025 2026 2025

Net premiums $ 348  $ 339  $ 687  $ 658

Adjusted operating income before taxes 38  28  76  60

Adjusted operating income before taxes, excluding notable items 38  28  76  60

Net Premiums

•Foreign currency exchange rates had an immaterial effect on net premiums for the quarter.

Quarterly Results

•Adjusted operating income of $38 million increased from $28 million in the prior-year quarter, primarily due to improved group experience.

Financial Solutions

Quarterly Results Year-to-Date Results

($ in millions) 2026 2025 2026 2025

Adjusted operating income before taxes 18  9  28  20

Adjusted operating income before taxes, excluding notable items 18  9  28  20

Quarterly Results

•Adjusted operating income of $18 million increased from $9 million in the prior-year quarter, primarily due to strong variable investment income.

Europe, Middle East and Africa (EMEA)

Traditional

Quarterly Results Year-to-Date Results

($ in millions) 2026 2025 2026 2025

Net premiums $ 568  $ 573  $ 1,173  $ 1,113

Adjusted operating income before taxes 39  18  93  68

Adjusted operating income before taxes, excluding notable items 39  18  93  68

Net Premiums

•Foreign currency exchange rates had a favorable effect on net premiums of $10 million for the quarter.

Quarterly Results

•Adjusted operating income of $39 million increased from $18 million in the prior-year quarter, primarily due to improved claims experience and favorable one-time items.

Financial Solutions

Quarterly Results Year-to-Date Results

($ in millions) 2026 2025 2026 2025

Adjusted operating income before taxes 133  116  261  206

Adjusted operating income before taxes, excluding notable items 133  116  261  206

Quarterly Results

•Adjusted operating income of $133 million increased from $116 million in the prior-year quarter, primarily due to contributions of new business including the associated higher investment income.

Asia Pacific

Traditional

Quarterly Results Year-to-Date Results

($ in millions) 2026 2025 2026 2025

Net premiums $ 850  $ 816  $ 1,710  $ 1,593

Adjusted operating income before taxes 129  104  254  210

Adjusted operating income before taxes, excluding notable items 129  104  254  210

Net Premiums

•Foreign currency exchange rates had an unfavorable effect on net premiums of $4 million for the quarter.

Quarterly Results

•Adjusted operating income of $129 million increased from $104 million in the prior-year quarter, primarily due to new business growth.

•Foreign currency exchange rates had an unfavorable effect of $2 million on adjusted operating income before taxes in the current quarter.

Financial Solutions

Quarterly Results Year-to-Date Results

($ in millions) 2026 2025 2026 2025

Adjusted operating income before taxes 120  77  185  136

Adjusted operating income before taxes, excluding notable items 120  77  185  136

Quarterly Results

•Adjusted operating income of $120 million increased from $77 million in the prior-year quarter, primarily due to new business growth and strong variable investment income.

•Foreign currency exchange rates had an unfavorable effect of $7 million on adjusted operating income before taxes in the current quarter.

Corporate and Other

Quarterly Results Year-to-Date Results

($ in millions) 2026 2025 2026 2025

Adjusted operating income (loss) before taxes (35) (32) (100) (102)

Adjusted operating income (loss) before taxes, excluding notable items (35) (32) (100) (102)

Quarterly Results

•Adjusted operating loss of $35 million increased from $32 million in the prior-year quarter.

Dividend Declaration

Effective July 23, 2026, the Board of Directors declared a regular quarterly dividend of $0.98, representing a 5.4% increase, payable September 1, 2026, to shareholders of record as of August 18, 2026.

Earnings Conference Call

A conference call to discuss second quarter results will begin at 10 a.m. Eastern Time on Friday, August 7, 2026. Interested parties may access the call by dialing 1-844-481-2753 (1-412-317-0669 international) and asking to be joined into the Reinsurance Group of America, Incorporated (RGA) call. A live audio webcast of the conference call will be available on RGA’s Investor Relations website at www.rgare.com. A replay of the conference call will be available at the same website for 90 days following the conference call.

RGA has posted to its website an earnings presentation and a Quarterly Financial Supplement that includes financial information for all segments as well as information on its investment portfolio. Additionally, RGA posts periodic reports, press releases and other useful information on its Investor Relations website.

Non-GAAP Financial Measures and Other Definitions

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 as 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;

•the Company’s 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 businesses. 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 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 operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding 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 fair 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 these measures provide useful information since such measures exclude AOCI-related items that are not permanent and can fluctuate significantly 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 Company’s investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses the following non-GAAP financial 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 return on equity is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI, and adjusted operating return on equity, excluding notable items, is calculated as adjusted operating income, excluding notable items, divided by average shareholders’ equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target levels 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.

Other Definitions:

Uncapped (profitable) cohorts: Cohorts with a net premium ratio under 100%.

Capped (loss) cohorts: Cohorts with a net premium ratio equal to or greater than 100%.

Floored cohorts: Cohorts with reserves floored at zero as reserves cannot be negative.

About RGA

Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. RGA has approximately $4.3 trillion of life reinsurance in force and total assets of $167.1 billion as of June 30, 2026. To learn more about RGA and its businesses, please visit www.rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.

Cautionary Note Regarding Forward-Looking Statements

This document and the documents incorporated by reference herein contain 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, financial 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-looking 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 purposes; (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 regulatory 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 rates, 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 on the Company’s capital requirements and 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, epidemics, other 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 competitors’ 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 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 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 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 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 December 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 filed with the SEC.

Investor Contact

Crystal Lu

Senior Vice President - Investor Relations

(636) 736-7000

- tables attached -

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Net Income to Adjusted Operating Income

(Dollars in millions, except per share data)

(Unaudited) Three Months Ended June 30,

2026 2025

Diluted Earnings Per Share Diluted Earnings Per Share

Net income available to RGA shareholders $ 462  $ 7.01  $ 180  $ 2.70

Reconciliation to adjusted operating income:

Realized (gains) losses, derivatives and other, included in investment related gains (losses), net 141  2.13  64  0.96

Market risk benefits remeasurement (gains) losses (20) (0.30) (14) (0.21)

Realized (gains) losses on funds withheld, included in investment income, net of related expenses 8  0.12  (2) (0.03)

Embedded derivatives:

Included in investment related gains/losses, net 1  0.02  (3) (0.04)

Included in interest credited —  —  1  0.01

Investment (income) loss on unit-linked variable annuities —  —  —  —

Interest credited on unit-linked variable annuities —  —  —  —

Interest expense on uncertain tax positions —  —  —  —

Other (1)

(8) (0.12) 18  0.27

Uncertain tax positions and other tax related items —  —  70  1.05

Net income attributable to noncontrolling interest 2  0.03  1  0.01

Adjusted operating income 586  8.89  315  4.72

Notable items —  —  —  —

Adjusted operating income, excluding notable items $ 586  $ 8.89  $ 315  $ 4.72

(1)     The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.

(Unaudited) Six Months Ended June 30,

2026 2025

Diluted Earnings Per Share Diluted Earnings Per Share

Net income available to RGA shareholders $ 792  $ 11.99  $ 466  $ 6.97

Reconciliation to adjusted operating income:

Realized (gains) losses, derivatives and other, included in investment related gains (losses), net 298  4.50  117  1.78

Market risk benefits remeasurement (gains) losses (3) (0.05) 9  0.13

Realized (gains) losses on funds withheld, included in investment income, net of related expenses 5  0.08  (2) (0.03)

Embedded derivatives:

Included in investment related gains/losses, net (34) (0.51) 6  0.09

Included in interest credited 2  0.03  9  0.13

Investment (income) loss on unit-linked variable annuities 1  0.02  —  —

Interest credited on unit-linked variable annuities (1) (0.02) —  —

Interest expense on uncertain tax positions 1  0.02  —  —

Other (1)

(13) (0.20) 14  0.21

Uncertain tax positions and other tax related items (3) (0.05) 71  1.06

Net income attributable to noncontrolling interest 3  0.05  3  0.04

Adjusted operating income 1,048  15.86  693  10.38

Notable items —  —  —  —

Adjusted operating income, excluding notable items $ 1,048  $ 15.86  $ 693  $ 10.38

(1)     The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Effective Income Tax Rates

(Dollars in millions)

(Unaudited) Three Months Ended June 30, 2026 Six Months Ended June 30, 2026

Pre-tax Income (Loss) Income Taxes

Effective Tax Rate (1)

Pre-tax Income (Loss) Income Taxes

Effective Tax Rate (1)

GAAP income $ 605  $ 141  23.4  % $ 1,046  $ 251  24.1  %

Reconciliation to adjusted operating income:

Realized and unrealized (gains) losses, derivatives and other, included in investment related gains (losses), net 181  40  379  81

Market risk benefits remeasurement (gains) losses (26) (6) (4) (1)

Realized (gains) losses on funds withheld, included in investment income, net of related expenses 10  2  6  1

Embedded derivatives:

Included in investment related gains/losses, net 1  —  (43) (9)

Included in interest credited —  —  3  1

Investment (income) loss on unit-linked variable annuities —  —  1  —

Interest credited on unit-linked variable annuities —  —  (1) —

Interest expense on uncertain tax positions —  —  1  —

Other (2)

(10) (2) (16) (3)

Uncertain tax positions and other tax related items —  —  —  3

Adjusted operating income 761  175  23.1  % 1,372  324  23.7  %

Notable items —  —  —  —

Adjusted operating income, excluding notable items $ 761  $ 175  $ 1,372  $ 324

(1)     The Company rounds amounts in the financial statements to millions and calculates the effective tax rate from the underlying whole-dollar amounts. Thus certain amounts may not recalculate based on the numbers due to rounding.

(2)    The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Income before Income Taxes to Pre-tax Adjusted Operating Income

(Dollars in millions)

(Unaudited) Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Income before income taxes $ 605  $ 341  $ 1,046  $ 710

Reconciliation to pre-tax adjusted operating income:

Realized (gains) losses, derivatives and other, included in investment related gains (losses), net 181  77  379  148

Market risk benefits remeasurement (gains) losses (26) (17) (4) 12

Realized (gains) losses on funds withheld, included in investment income, net of related expenses 10  (2) 6  (2)

Embedded derivatives:

Included in investment related gains/losses, net 1  (3) (43) 8

Included in interest credited —  2  3  12

Investment (income) loss on unit-linked variable annuities —  —  1  —

Interest credited on unit-linked variable annuities —  —  (1) —

Interest expense on uncertain tax positions —  —  1  —

Other (1)

(10) 23  (16) 18

Pre-tax adjusted operating income 761  421  1,372  906

Notable items —  —  —  —

Pre-tax adjusted operating income, excluding notable items $ 761  $ 421  $ 1,372  $ 906

(1)     The Other line item includes pension risk transfer day one loss, market value adjustments on surrender charges and other immaterial items.

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In thousands, except per share data)

(Unaudited) Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Earnings per share from net income (loss):

Basic earnings per share $ 7.07  $ 2.72  $ 12.11  $ 7.05

Diluted earnings per share $ 7.01  $ 2.70  $ 11.99  $ 6.97

Diluted earnings per share from adjusted operating income $ 8.89  $ 4.72  $ 15.86  $ 10.38

Weighted average number of common and common equivalent shares outstanding 65,916  66,731  66,068  66,793

(Unaudited) At June 30,

2026 2025

Treasury shares 20,019  19,219

Common shares outstanding 65,292  66,092

Book value per share outstanding $ 209.73  $ 182.37

Book value per share outstanding, before impact of AOCI $ 173.77  $ 155.87

Reconciliation of Book Value Per Share to Book Value Per Share Excluding AOCI and B36 Derivatives

(Unaudited) At June 30,

2026 2025

Book value per share outstanding $ 209.73  $ 182.37

Less effect of AOCI:

Accumulated currency translation adjustment 1.82  1.96

Unrealized (depreciation) appreciation of securities (93.36) (74.10)

Effect of updating discount rates on future policy benefits 127.54  98.85

Change in instrument-specific credit risk for market risk benefits —  0.05

Pension and postretirement benefits (0.04) (0.26)

Book value per share outstanding, before impact of AOCI 173.77  155.87

Less effect of B36 derivatives (0.34) (0.76)

Book value per share outstanding, before impact of AOCI and B36 derivatives $ 174.11  $ 156.63

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Shareholders' Average Equity to Shareholders' Average Equity Excluding AOCI

(Dollars in millions)

(Unaudited)

Trailing Twelve Months Ended June 30, 2026: Average Equity

Shareholders' average equity $ 13,096

Less effect of AOCI:

Accumulated currency translation adjustment 111

Unrealized (depreciation) appreciation of securities (5,293)

Effect of updating discount rates on future policy benefits 7,519

Change in instrument-specific credit risk for market risk benefits 2

Pension and postretirement benefits (9)

Shareholders' average equity, excluding AOCI 10,766

Year-to-date notable items, net of tax (46)

Shareholders' average equity, excluding AOCI and notable items $ 10,812

Reconciliation of Trailing Twelve Months of Consolidated Net Income to Adjusted Operating Income

and Related Return on Equity

(Dollars in millions)

(Unaudited) Return on Equity

Trailing Twelve Months Ended June 30, 2026: Income

Net income available to RGA shareholders $ 1,508  11.5  %

Reconciliation to adjusted operating income:

Capital (gains) losses, derivatives and other, net 462

Change in fair value of embedded derivatives (24)

Tax expense on uncertain tax positions and other tax related items (80)

Net income attributable to noncontrolling interest 7

Adjusted operating income 1,873  17.4  %

Notable items after tax (114)

Adjusted operating income, excluding notable items $ 1,987  18.4  %

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)

(Unaudited) Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Revenues:

Net premiums $ 4,472  $ 4,151  $ 9,067  $ 8,170

Investment income, net of related expenses 1,864  1,408  3,565  2,640

Investment related gains (losses), net (76) (44) (246) (123)

Other revenue 377  84  745  172

Total revenues 6,637  5,599  13,131  10,859

Benefits and expenses:

Claims and other policy benefits 4,478  4,045  9,099  7,867

Future policy benefits remeasurement (gains) losses 6  68  (1) 12

Market risk benefits remeasurement (gains) losses (26) (17) (4) 12

Interest credited 617  314  1,097  613

Policy acquisition costs and other insurance expenses 508  433  1,020  850

Other operating expenses 348  325  674  625

Interest expense 101  90  200  170

Total benefits and expenses 6,032  5,258  12,085  10,149

Income before income taxes 605  341  1,046  710

Provision for income taxes 141  160  251  241

Net income 464  181  795  469

Net income attributable to noncontrolling interest 2  1  3  3

Net income available to RGA shareholders $ 462  $ 180  $ 792  $ 466

# # #

EX-99.2

EX-99.2

Filename: qfs2q26.htm · Sequence: 3

Document

Exhibit 99.2

Quarterly Financial Supplement

Second Quarter 2026

(Unaudited)

World Headquarters    Internet Address Contacts

16600 Swingley Ridge Road    www.rgare.com Laura Cockrill

Chesterfield, Missouri 63017 U.S.A.    EVP, Chief Financial Officer

Phone: (636) 736-7000

e-mail: lcockrill@rgare.com

Crystal Lu

Senior Vice President, Investor Relations

Phone: (636) 736-7000

e-mail: crystal.lu@rgare.com

Current Ratings

Standard & Poor’s A.M. Best Moody’s

Financial Strength Ratings

RGA Reinsurance Company AA- A+ A1

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 A a- Baa1

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

Reinsurance Group of America, Incorporated

2nd Quarter 2026

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

Investments Net of Funds Withheld

19

Fixed Maturity Securities

20

Corporate Fixed Maturity Securities by Industry

21

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities

22

Fixed Maturity Securities Below Amortized Cost

23

Consolidated Investment Related Gains and Losses

25

Appendix

Reconciliations of GAAP to Non-GAAP Measures

26

Non-GAAP Disclosures

31

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,

2026 2026 2025 2025 2025 Quarter 2026 2025 Change

Net premiums $ 4,472  $ 4,595  $ 4,780  $ 4,280  $ 4,151  $ 321  $ 9,067  $ 8,170  $ 897

Net income available to RGA’s shareholders 462  330  463  253  180  282  792  466  326

Adjusted operating income 586  462  515  310  315  271  1,048  693  355

Adjusted operating income excluding notable items (1)

586  462  515  424  315  271  1,048  693  355

Return on equity 11.5  % 9.7  % 9.7  % 7.4  % 7.0  % 4.5  %

Adjusted operating return on equity (excluding AOCI) 17.4  % 15.2  % 14.7  % 13.2  % 12.7  % 4.7  %

Adjusted operating return on equity (excluding AOCI and notable items (1))

18.4  % 16.2  % 15.7  % 14.2  % 14.3  % 4.1  %

Adjusted operating return on equity (excluding AOCI, B36, and notable items (1))

18.3  % 16.1  % 15.6  % 14.1  % 14.2  % 4.1  %

Per Share and Shares Data (shares in thousands)

Basic earnings per share

Net income $ 7.07  $ 5.04  $ 7.07  $ 3.85  $ 2.72  $ 4.35  $ 12.11  $ 7.05  $ 5.06

Adjusted operating income $ 8.96  $ 7.05  $ 7.85  $ 4.71  $ 4.76  $ 4.20  $ 16.01  $ 10.50  $ 5.51

Adjusted operating income excluding notable items (1)

$ 8.96  $ 7.05  $ 7.85  $ 6.43  $ 4.76  $ 4.20  $ 16.01  $ 10.50  $ 5.51

Diluted earnings per share

Net income $ 7.01  $ 4.98  $ 6.97  $ 3.81  $ 2.70  $ 4.31  $ 11.99  $ 6.97  $ 5.02

Adjusted operating income $ 8.89  $ 6.97  $ 7.75  $ 4.66  $ 4.72  $ 4.17  $ 15.86  $ 10.38  $ 5.48

Adjusted operating income excluding notable items (1)

$ 8.89  $ 6.97  $ 7.75  $ 6.37  $ 4.72  $ 4.17  $ 15.86  $ 10.38  $ 5.48

Weighted average common shares outstanding

Basic 65,415  65,489  65,556  65,867  66,088  (673) 65,451  66,048  (597)

Diluted 65,916  66,226  66,428  66,508  66,731  (815) 66,068  66,793  (725)

Book value per share $ 209.73  $ 202.93  $ 205.63  $ 197.52  $ 182.37  $ 27.36  $ 209.73  $ 182.37  $ 27.36

Book value per share, excluding AOCI $ 173.77  $ 167.60  $ 164.66  $ 158.67  $ 155.87  $ 17.90  $ 173.77  $ 155.87  $ 17.90

Book value per share, excluding AOCI and B36 $ 174.11  $ 167.92  $ 165.50  $ 159.83  $ 156.63  $ 17.48  $ 174.11  $ 156.63  $ 17.48

Shareholders’ dividends paid $ 61  $ 61  $ 61  $ 61  $ 59  $ 2  $ 122  $ 118  $ 4

Share buybacks 50  50  50  75  —  50  100  —  100

Total returned to shareholders $ 111  $ 111  $ 111  $ 136  $ 59  $ 52  $ 222  $ 118  $ 104

Common shares issued 85,311  85,311  85,311  85,311  85,311  —  85,311  85,311  —

Treasury shares 20,019  19,802  19,847  19,602  19,219  800  20,019  19,219  800

Common shares outstanding 65,292  65,509  65,464  65,709  66,092  (800) 65,292  66,092  (800)

Assumed life reinsurance in force (in billions) $ 4,341.6  $ 4,342.8  $ 4,334.6  $ 4,320.8  $ 4,091.3  $ 250.3

Assumed new business production (in billions) $ 129.7  $ 150.6  $ 149.9  $ 341.0  $ 110.9  $ 18.8  $ 280.3  $ 242.6  $ 37.7

(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,

2026 2026 2025 2025 2025 Quarter 2026 2025 Change

Revenues:

Net premiums $ 4,472  $ 4,595  $ 4,780  $ 4,280  $ 4,151  $ 321  $ 9,067  $ 8,170  $ 897

Net investment income 1,864  1,701  1,691  1,475  1,408  456  3,565  2,640  925

Investment related gains (losses), net (76) (170) (135) 13  (44) (32) (246) (123) (123)

Other revenue 377  368  299  436  84  293  745  172  573

Total revenues 6,637  6,494  6,635  6,204  5,599  1,038  13,131  10,859  2,272

Benefits and expenses:

Claims and other policy benefits 4,478  4,621  4,772  4,356  4,045  433  9,099  7,867  1,232

Future policy benefits remeasurement (gains) losses 6  (7) (97) 85  68  (62) (1) 12  (13)

Market risk benefits remeasurement (gains) losses (26) 22  (3) (1) (17) (9) (4) 12  (16)

Interest credited 617  480  475  547  314  303  1,097  613  484

Policy acquisition costs and other insurance expenses 508  512  500  471  433  75  1,020  850  170

Other operating expenses 348  326  380  328  325  23  674  625  49

Interest expense 101  99  98  98  90  11  200  170  30

Total benefits and expenses 6,032  6,053  6,125  5,884  5,258  774  12,085  10,149  1,936

Income before income taxes 605  441  510  320  341  264  1,046  710  336

Provision for income taxes 141  110  45  65  160  (19) 251  241  10

Net income 464  331  465  255  181  283  795  469  326

Net income attributable to noncontrolling interest 2  1  2  2  1  1  3  3  —

Net income available to RGA’s shareholders $ 462  $ 330  $ 463  $ 253  $ 180  $ 282  $ 792  $ 466  $ 326

Pre-tax adjusted operating income reconciliation:

Income before income taxes $ 605  $ 441  $ 510  $ 320  $ 341  $ 264  $ 1,046  $ 710  $ 336

Investment and derivative (gains) losses (1)

181  198  197  (1) 77  104  379  148  231

Market risk benefits remeasurement (gains) losses (26) 22  (3) (1) (17) (9) (4) 12  (16)

Change in fair value of funds withheld embedded derivatives (1)

1  (44) (27) 33  (3) 4  (43) 8  (51)

Funds withheld (gains) losses - investment income 10  (4) (2) 19  (2) 12  6  (2) 8

Derivatives - interest credited —  3  2  1  2  (2) 3  12  (9)

Investment (income) loss on unit-linked variable annuities —  1  (1) 1  —  —  1  —  1

Interest credited on unit-linked variable annuities —  (1) 1  (1) —  —  (1) —  (1)

Interest expense on uncertain tax positions —  1  —  —  —  —  1  —  1

Other (2)

(10) (6) (1) 14  23  (33) (16) 18  (34)

Adjusted operating income before income taxes 761  611  676  385  421  340  1,372  906  466

Notable items (3)

—  —  —  (149) —  —  —  —  —

Adjusted operating income before income taxes excluding notable items $ 761  $ 611  $ 676  $ 534  $ 421  $ 340  $ 1,372  $ 906  $ 466

(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,

2026 2026 2025 2025 2025 Quarter 2026 2025 Change

After-tax adjusted operating income reconciliation:

GAAP net income attributable to RGA $ 462  $ 330  $ 463  $ 253  $ 180  $ 282  $ 792  $ 466  $ 326

Investment and derivative (gains) losses (1)

141  157  155  (2) 64  77  298  117  181

Market risk benefits remeasurement (gains) losses (20) 17  (3) —  (14) (6) (3) 9  (12)

Change in fair value of funds withheld embedded derivatives (1)

1  (35) (21) 26  (3) 4  (34) 6  (40)

Funds withheld (gains) losses - investment income 8  (3) (1) 15  (2) 10  5  (2) 7

Derivatives - interest credited —  2  2  1  1  (1) 2  9  (7)

Investment (income) loss on unit-linked variable annuities —  1  (1) 1  —  —  1  —  1

Interest credited on unit-linked variable annuities —  (1) 1  (1) —  —  (1) —  (1)

Interest expense on uncertain tax positions —  1  —  —  —  —  1  —  1

Other (2)

(8) (5) (1) 11  18  (26) (13) 14  (27)

Uncertain tax positions and other tax related items —  (3) (81) 4  70  (70) (3) 71  (74)

Net income attributable to noncontrolling interest 2  1  2  2  1  1  3  3  —

Adjusted operating income 586  462  515  310  315  271  1,048  693  355

Notable items (3)

—  —  —  (114) —  —  —  —  —

Adjusted operating income excluding notable items $ 586  $ 462  $ 515  $ 424  $ 315  $ 271  $ 1,048  $ 693  $ 355

Diluted earnings per share - adjusted operating income $ 8.89  $ 6.97  $ 7.75  $ 4.66  $ 4.72  $ 4.17  $ 15.86  $ 10.38  $ 5.48

Diluted earnings per share - adjusted operating income excluding notable items $ 8.89  $ 6.97  $ 7.75  $ 6.37  $ 4.72  $ 4.17  $ 15.86  $ 10.38  $ 5.48

Foreign currency effect on (4):

Net premiums $ (2) $ 103  $ 42  $ 29  $ 45  $ (47) $ 101  $ (15) $ 116

Adjusted operating income before income taxes $ (7) $ 17  $ 8  $ 3  $ 9  $ (16) $ 10  $ 1  $ 9

(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,

2026 2026 2025 2025 2025

Assets

Fixed maturity securities available-for-sale, at fair value $ 109,270  $ 107,328  $ 101,769  $ 99,573  $ 86,043

Equity securities 302  300  311  161  155

Mortgage loans 11,927  11,318  11,104  10,507  10,057

Policy loans 3,635  3,703  3,541  3,570  1,294

Funds withheld at interest 8,140  8,390  8,149  8,268  7,115

Limited partnerships and real estate joint ventures 4,109  4,093  3,747  3,648  3,338

Short-term investments 378  357  346  381  502

Other invested assets 1,585  1,525  1,514  1,496  1,397

Total investments 139,346  137,014  130,481  127,604  109,901

Cash and cash equivalents 5,288  4,993  4,168  4,625  5,416

Accrued investment income 1,389  1,361  1,296  1,275  1,089

Premiums receivable and other reinsurance balances 4,735  4,259  4,475  4,035  4,202

Reinsurance ceded receivables and other 6,700  6,743  7,175  5,758  5,386

Deferred policy acquisition costs and other 6,383  6,191  6,079  5,954  5,823

Other assets 3,274  3,503  2,916  2,752  1,662

Total assets $ 167,115  $ 164,064  $ 156,590  $ 152,003  $ 133,479

Liabilities and equity

Future policy benefits $ 73,032  $ 72,308  $ 66,425  $ 66,389  $ 63,531

Interest-sensitive contract liabilities 56,085  53,540  52,095  49,634  37,158

Market risk benefits, at fair value 232  249  234  238  233

Other policy claims and benefits 3,018  3,051  3,011  3,032  3,016

Other reinsurance balances 1,645  1,495  1,888  1,600  1,353

Income taxes 3,207  3,182  2,998  2,591  2,454

Funds withheld payable 6,394  6,494  6,805  5,277  4,816

Other liabilities 4,009  4,256  3,873  4,440  3,041

Long-term debt 5,709  6,105  5,710  5,734  5,734

Total liabilities 153,331  150,680  143,039  138,935  121,336

Equity:

Common stock, at par value 1  1  1  1  1

Additional paid-in-capital 2,678  2,661  2,640  2,628  2,624

Retained earnings 10,774  10,375  10,151  9,757  9,563

Treasury stock (2,107) (2,057) (2,013) (1,960) (1,887)

Accumulated other comprehensive income, net of income taxes (AOCI):

Accumulated currency translation adjustment 119  101  121  83  130

Unrealized (depreciation) appreciation of securities (6,097) (6,466) (4,807) (4,199) (4,897)

Effect of updating discount rates on future policy benefits 8,328  8,680  7,372  6,682  6,533

Change instrument-specific credit risk for market risk benefits —  4  2  1  3

Pension and postretirement benefits (2) (5) (6) (15) (17)

Total RGA, Inc. shareholders’ equity 13,694  13,294  13,461  12,978  12,053

Noncontrolling interest 90  90  90  90  90

Total equity 13,784  13,384  13,551  13,068  12,143

Total liabilities and equity $ 167,115  $ 164,064  $ 156,590  $ 152,003  $ 133,479

Total RGA, Inc. shareholders’ equity, excluding AOCI $ 11,346  $ 10,980  $ 10,779  $ 10,426  $ 10,301

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,

2026 2026 2025 2025 2025 Quarter 2026 2025 Change

Revenues:

Net premiums $ 1,961  $ 1,932  $ 2,104  $ 1,883  $ 2,019  $ (58) $ 3,893  $ 3,940  $ (47)

Net investment income 302  288  299  282  285  17  590  553  37

Investment related gains (losses), net 32  (12) 5  14  12  20  20  6  14

Other revenue 26  7  17  11  4  22  33  12  21

Total revenues 2,321  2,215  2,425  2,190  2,320  1  4,536  4,511  25

Benefits and expenses:

Adjusted claims and other policy benefits 1,818  1,777  1,945  1,769  1,922  (104) 3,595  3,695  (100)

Future policy benefits remeasurement (gains) losses (21) (6) (69) (46) 74  (95) (27) 49  (76)

Adjusted interest credited 74  22  48  61  37  37  96  66  30

Policy acquisition costs and other insurance expenses 223  223  209  209  223  —  446  442  4

Other operating expenses 62  61  70  61  60  2  123  115  8

Total benefits and expenses 2,156  2,077  2,203  2,054  2,316  (160) 4,233  4,367  (134)

Adjusted operating income before income taxes 165  138  222  136  4  161  303  144  159

Notable items (1)

—  —  —  39  —  —  —  —  —

Adjusted operating income excluding notable items, before income taxes $ 165  $ 138  $ 222  $ 97  $ 4  $ 161  $ 303  $ 144  $ 159

Loss and expense ratios:

Loss ratio (2)

91.6  % 91.7  % 89.2  % 91.5  % 98.9  % (7.3) % 91.7  % 95.0  % (3.3) %

Policy acquisition costs and other insurance expenses 11.4  % 11.5  % 9.9  % 11.1  % 11.0  % 0.4  % 11.5  % 11.2  % 0.3  %

Other operating expenses 3.2  % 3.2  % 3.3  % 3.2  % 3.0  % 0.2  % 3.2  % 2.9  % 0.3  %

Foreign currency effect on (3):

Net premiums $ 3  $ 5  $ 3  $ 1  $ (4) $ 7  $ 8  $ (11) $ 19

Adjusted operating income (loss) before income taxes $ —  $ 1  $ —  $ —  $ 1  $ (1) $ 1  $ (1) $ 2

Assumed Life Reinsurance In Force (in billions) $ 1,929.8  $ 1,900.2  $ 1,893.4  $ 1,860.7  $ 1,854.7  $ 75.1

Assumed New Business Production (in billions) $ 61.7  $ 47.8  $ 75.3  $ 52.8  $ 46.0  $ 15.7  $ 109.5  $ 82.3  $ 27.2

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,

2026 2026 2025 2025 2025 Quarter 2026 2025 Change

Revenues:

Net premiums $ 210  $ 320  $ 443  $ 227  $ (5) $ 215  $ 530  $ 104  $ 426

Net investment income 586  564  561  476  371  215  1,150  708  442

Investment related gains (losses), net 51  (16) 12  16  —  51  35  —  35

Other revenue 280  279  204  351  53  227  559  103  456

Total revenues 1,127  1,147  1,220  1,070  419  708  2,274  915  1,359

Benefits and expenses:

Adjusted claims and other policy benefits 498  597  709  511  76  422  1,095  276  819

Future policy benefits remeasurement (gains) losses (7) 14  4  2  (1) (6) 7  (3) 10

Adjusted interest credited 339  264  241  324  130  209  603  253  350

Policy acquisition costs and other insurance expenses 121  131  133  111  93  28  252  177  75

Other operating expenses 22  23  30  22  24  (2) 45  48  (3)

Total benefits and expenses 973  1,029  1,117  970  322  651  2,002  751  1,251

Adjusted operating income before income taxes 154  118  103  100  97  57  272  164  108

Notable items (1)

—  —  —  —  —  —  —  —  —

Adjusted operating income before income taxes excluding notable items $ 154  $ 118  $ 103  $ 100  $ 97  $ 57  $ 272  $ 164  $ 108

Assumed Life Reinsurance In Force (in billions) $ 199.7  $ 203.0  $ 204.7  $ 207.7  $ 9.4  $ 190.3

Assumed New Business Production (in billions) $ —  $ 0.9  $ —  $ 204.1  $ —  $ —  $ 0.9  $ —  0.9

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,

2026 2026 2025 2025 2025

Policyholder account balances

Fixed annuities (deferred) $ 11,598  $ 11,213  $ 10,868  $ 10,569  $ 10,473

Equity-indexed annuities $ 1,443  $ 1,514  $ 1,587  $ 1,668  $ 1,748

Bank-owned life insurance (BOLI) and universal life $ 10,878  $ 11,002  $ 11,118  $ 11,130  $ 1,997

Other policyholder account balances $ —  $ 34  $ 36  $ 45  $ 45

Variable annuities account balances

No riders $ 633  $ 594  $ 614  $ 598  $ 605

GMDB only 863  834  834  781  784

GMIB only 15  17  18  17  17

GMAB only 1  1  1  1  1

GMWB only 804  751  802  802  802

GMDB / WB 145  138  147  149  149

Other 11  12  14  13  13

Total variable annuities account balances $ 2,472  $ 2,347  $ 2,430  $ 2,361  $ 2,371

Variable universal life account value $ 13,923  $ 13,789  $ 14,262  $ 14,132  $ —

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

Guaranteed investment contracts, funding agreements and immediate annuities $ 4,068  $ 3,473  $ 3,406  $ 2,781  $ 1,265

Future policy benefits (at original discount rate) associated with:

Payout annuities $ 7,411  $ 7,478  $ 7,051  $ 8,266  $ 8,734

Other future policy benefits $ 811  $ 826  $ 672  $ 684  $ —

Variable universal life account value $ —  $ 50  $ 54  $ 62  $ 62

Liability for market risk benefits:

Equity-indexed annuities $ 183  $ 182  $ 180  $ 181  $ 173

Variable annuities (liability) $ 49  $ 67  $ 54  $ 57  $ 60

Variable annuities (asset) $ 19  $ 15  $ 19  $ 19  $ 17

Net interest spread (1)

1.2  % 1.0  % 1.8  % 1.2  % 1.2  %

(1) Net interest spread for Asset-Intensive is calculated as net investment income less Adjusted 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,

2026 2026 2025 2025 2025 Quarter 2026 2025 Change

Revenues:

Net premiums $ 348  $ 339  $ 347  $ 326  $ 339  $ 9  $ 687  $ 658  $ 29

Net investment income 65  62  69  69  66  (1) 127  131  (4)

Investment related gains, net 2  1  1  2  —  2  3  1  2

Other revenue —  1  —  1  1  (1) 1  —  1

Total revenues 415  403  417  398  406  9  818  790  28

Benefits and expenses:

Adjusted claims and other policy benefits 328  316  306  307  318  10  644  613  31

Future policy benefits remeasurement (gains) losses (2) (1) (2) (8) 2  (4) (3) 5  (8)

Adjusted interest credited —  —  —  1  —  —  —  —  —

Policy acquisition costs and other insurance expenses 39  36  44  43  43  (4) 75  84  (9)

Other operating expenses 12  14  15  12  15  (3) 26  28  (2)

Total benefits and expenses 377  365  363  355  378  (1) 742  730  12

Adjusted operating income before income taxes 38  38  54  43  28  10  76  60  16

Notable items (1)

—  —  —  9  —  —  —  —  —

Adjusted operating income excluding notable items, before income taxes $ 38  $ 38  $ 54  $ 34  $ 28  $ 10  $ 76  $ 60  $ 16

Loss and expense ratios:

Loss ratio (2)

93.7  % 92.9  % 87.6  % 91.7  % 94.4  % (0.7) % 93.3  % 93.9  % (0.6) %

Policy acquisition costs and other insurance expenses 11.2  % 10.6  % 12.7  % 13.2  % 12.7  % (1.5) % 10.9  % 12.8  % (1.9) %

Other operating expenses 3.4  % 4.1  % 4.3  % 3.7  % 4.4  % (1.0) % 3.8  % 4.3  % (0.5) %

Foreign currency effect on (3):

Net premiums $ —  $ 15  $ 1  $ (3) $ (4) $ 4  $ 15  $ (24) $ 39

Adjusted operating income before income taxes $ —  $ 2  $ —  $ —  $ (1) $ 1  $ 2  $ (3) $ 5

Assumed Life Reinsurance In Force (in billions) $ 518.9  $ 522.6  $ 521.5  $ 507.9  $ 512.4  $ 6.5

Assumed New Business Production (in billions) $ 13.9  $ 13.1  $ 12.8  $ 13.5  $ 13.1  $ 0.8  $ 27.0  $ 26.3  $ 0.7

Creditor reinsurance net premiums $ 16  $ 16  $ 15  $ 16  $ 18  $ (2) $ 32  $ 37  $ (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 10

Reinsurance Group of America, Incorporated

Canada 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,

2026 2026 2025 2025 2025 Quarter 2026 2025 Change

Revenues:

Net premiums $ 44  $ 45  $ 45  $ 46  $ 45  $ (1) $ 89  $ 97  $ (8)

Net investment income 71  62  61  58  58  13  133  109  24

Investment related gains, net (2) (1) 2  (1) —  (2) (3) —  (3)

Other revenue 4  3  1  3  5  (1) 7  9  (2)

Total revenues 117  109  109  106  108  9  226  215  11

Benefits and expenses:

Adjusted claims and other policy benefits 91  93  92  92  93  (2) 184  184  —

Future policy benefits remeasurement gains 1  (1) 3  —  —  1  —  —  —

Policy acquisition costs and other insurance expenses 5  6  4  5  4  1  11  9  2

Other operating expenses 2  1  —  2  2  —  3  2  1

Total benefits and expenses 99  99  99  99  99  —  198  195  3

Adjusted operating income before income taxes 18  10  10  7  9  9  28  20  8

Notable items (1)

—  —  —  —  —  —  —  —  —

Adjusted operating income excluding notable items, before income taxes $ 18  $ 10  $ 10  $ 7  $ 9  $ 9  $ 28  $ 20  $ 8

Foreign currency effect on (2):

Net premiums $ —  $ 2  $ 1  $ (1) $ (1) $ 1  $ 2  $ (4) $ 6

Adjusted operating income before income taxes $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ (1) $ 1

Assumed Life Reinsurance In Force (in billions) $ 6.0  $ 6.1  $ 6.2  $ 6.2  $ 6.3  $ (0.3)

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.

(2) 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,

2026 2026 2025 2025 2025 Quarter 2026 2025 Change

Revenues:

Net premiums $ 568  $ 605  $ 583  $ 562  $ 573  $ (5) $ 1,173  $ 1,113  $ 60

Net investment income 35  35  37  30  32  3  70  62  8

Investment related losses, net (1) —  —  —  —  (1) (1) —  (1)

Other revenue —  6  —  5  3  (3) 6  5  1

Total revenues 602  646  620  597  608  (6) 1,248  1,180  68

Benefits and expenses:

Adjusted claims and other policy benefits 509  543  542  516  533  (24) 1,052  1,016  36

Future policy benefits remeasurement (gains) losses (1) (10) (10) 216  6  (7) (11) (2) (9)

Policy acquisition costs and other insurance expenses 28  35  37  30  24  4  63  44  19

Other operating expenses 27  24  33  27  27  —  51  54  (3)

Total benefits and expenses 563  592  602  789  590  (27) 1,155  1,112  43

Adjusted operating income (loss) before income taxes 39  54  18  (192) 18  21  93  68  25

Notable items (1)

—  —  —  (222) —  —  —  —  —

Adjusted operating income (loss) excluding notable items, before income taxes $ 39  $ 54  $ 18  $ 30  $ 18  $ 21  $ 93  $ 68  $ 25

Loss and expense ratios:

Loss ratio (2)

89.4  % 88.1  % 91.3  % 130.2  % 94.1  % (4.7) % 88.7  % 91.1  % (2.4) %

Policy acquisition costs and other insurance expenses 4.9  % 5.8  % 6.3  % 5.3  % 4.2  % 0.7  % 5.4  % 4.0  % 1.4  %

Other operating expenses 4.8  % 4.0  % 5.7  % 4.8  % 4.7  % 0.1  % 4.3  % 4.9  % (0.6) %

Foreign currency effect on (3):

Net premiums $ 10  $ 43  $ 26  $ 18  $ 24  $ (14) $ 53  $ 21  $ 32

Adjusted operating income (loss) before income taxes $ —  $ 5  $ 1  $ (7) $ 1  $ (1) $ 5  $ 2  $ 3

Critical illness net premiums $ 30  $ 39  $ 38  $ 33  $ 36  $ (6) $ 69  $ 68  $ 1

Assumed Life Reinsurance In Force (in billions) $ 1,069.3  $ 1,074.4  $ 1,113.1  $ 1,125.7  $ 1,117.7  $ (48.4)

Assumed New Business Production (in billions) $ 44.6  $ 35.6  $ 38.6  $ 35.7  $ 34.1  $ 10.5  $ 80.2  $ 97.5  $ (17.3)

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 12

Reinsurance Group of America, Incorporated

Europe, Middle East and Africa 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,

2026 2026 2025 2025 2025 Quarter 2026 2025 Change

Revenues:

Net premiums $ 346  $ 344  $ 263  $ 260  $ 247  $ 99  $ 690  $ 436  $ 254

Net investment income 146  137  135  106  109  37  283  194  89

Investment related gains (losses), net 2  (1) (1) —  4  (2) 1  3  (2)

Other revenue 15  15  14  21  7  8  30  16  14

Total revenues 509  495  411  387  367  142  1,004  649  355

Benefits and expenses:

Adjusted claims and other policy benefits 341  347  249  253  224  117  688  391  297

Future policy benefits remeasurement (gains) losses 1  (11) 6  (37) (3) 4  (10) (6) (4)

Adjusted interest credited 6  8  6  7  7  (1) 14  13  1

Policy acquisition costs and other insurance expenses 4  3  3  3  2  2  7  3  4

Other operating expenses 24  20  24  21  21  3  44  42  2

Total benefits and expenses 376  367  288  247  251  125  743  443  300

Adjusted operating income before income taxes 133  128  123  140  116  17  261  206  55

Notable items (1)

—  —  —  24  —  —  —  —  —

Adjusted operating income excluding notable items, before income taxes $ 133  $ 128  $ 123  $ 116  $ 116  $ 17  $ 261  $ 206  $ 55

Foreign currency effect on (2):

Net premiums $ 2  $ 24  $ 12  $ 10  $ 14  $ (12) $ 26  $ 12  $ 14

Adjusted operating income before income taxes $ —  $ 8  $ 6  $ 5  $ 5  $ (5) $ 8  $ 5  $ 3

Assumed Life Reinsurance In Force (in billions) $ 16.4  $ 16.9  $ 17.8  $ 18.8  $ —  $ 16.4

Assumed New Business Production (in billions) $ —  $ —  $ —  $ 18.8  $ —  $ —  $ —  $ —  $ —

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) 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,

2026 2026 2025 2025 2025 Quarter 2026 2025 Change

Revenues:

Net premiums $ 850  $ 860  $ 862  $ 880  $ 816  $ 34  $ 1,710  $ 1,593  $ 117

Net investment income 85  82  76  73  72  13  167  143  24

Investment related gains (losses), net 3  —  1  —  1  2  3  —  3

Other revenue (1) 8  7  3  —  (1) 7  3  4

Total revenues 937  950  946  956  889  48  1,887  1,739  148

Benefits and expenses:

Adjusted claims and other policy benefits 722  726  750  761  701  21  1,448  1,372  76

Future policy benefits remeasurement (gains) losses (5) 9  (26) (41) (8) 3  4  (26) 30

Policy acquisition costs and other insurance expenses 37  35  39  43  35  2  72  74  (2)

Other operating expenses 54  55  66  55  57  (3) 109  109  —

Total benefits and expenses 808  825  829  818  785  23  1,633  1,529  104

Adjusted operating income before income taxes 129  125  117  138  104  25  254  210  44

Notable items (1)

—  —  —  1  —  —  —  —  —

Adjusted operating income excluding notable items, before income taxes $ 129  $ 125  $ 117  $ 137  $ 104  $ 25  $ 254  $ 210  $ 44

Loss and expense ratios:

Loss ratio (2)

84.4  % 85.5  % 84.0  % 81.8  % 84.9  % (0.5) % 84.9  % 84.5  % 0.4  %

Policy acquisition costs and other insurance expenses 4.4  % 4.1  % 4.5  % 4.9  % 4.3  % 0.1  % 4.2  % 4.6  % (0.4) %

Other operating expenses 6.4  % 6.4  % 7.7  % 6.3  % 7.0  % (0.6) % 6.4  % 6.8  % (0.4) %

Foreign currency effect on (3):

Net premiums $ (4) $ 18  $ 1  $ 3  $ 9  $ (13) $ 14  $ (14) $ 28

Adjusted operating income before income taxes $ (2) $ 1  $ 1  $ 6  $ 2  $ (4) $ (1) $ —  $ (1)

Critical illness net premiums $ 431  $ 436  $ 435  $ 414  $ 424  $ 7  $ 867  $ 822  $ 45

Assumed Life Reinsurance In Force (in billions) $ 562.6  $ 581.7  $ 552.5  $ 546.1  $ 568.7  $ (6.1)

Assumed New Business Production (in billions) $ 8.1  $ 40.0  $ 21.5  $ 12.7  $ 14.5  $ (6.4) $ 48.1  $ 28.8  $ 19.3

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 14

Reinsurance Group of America, Incorporated

Asia Pacific 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,

2026 2026 2025 2025 2025 Quarter 2026 2025 Change

Revenues:

Net premiums $ 145  $ 150  $ 133  $ 96  $ 117  $ 28  $ 295  $ 229  $ 66

Net investment income 402  319  288  250  247  155  721  443  278

Investment related gains, net 17  12  12  13  10  7  29  17  12

Other revenue 11  14  12  6  —  11  25  6  19

Total revenues 575  495  445  365  374  201  1,070  695  375

Benefits and expenses:

Adjusted claims and other policy benefits 174  222  175  135  158  16  396  303  93

Future policy benefits remeasurement (gains) losses 40  (1) (3) (1) (2) 42  39  (5) 44

Adjusted interest credited 154  140  130  107  93  61  294  177  117

Policy acquisition costs and other insurance expenses 73  58  44  42  36  37  131  63  68

Other operating expenses 14  11  12  11  12  2  25  21  4

Total benefits and expenses 455  430  358  294  297  158  885  559  326

Adjusted operating income before income taxes 120  65  87  71  77  43  185  136  49

Notable items (1)

—  —  —  —  —  —  —  —  —

Adjusted operating income excluding notable items, before income taxes $ 120  $ 65  $ 87  $ 71  $ 77  $ 43  $ 185  $ 136  $ 49

Foreign currency effect on (2):

Net premiums $ (13) $ (4) $ (2) $ 1  $ 7  $ (20) $ (17) $ 5  $ (22)

Adjusted operating income before income taxes $ (7) $ (1) $ —  $ —  $ 2  $ (9) $ (8) $ 1  $ (9)

Assumed Life Reinsurance In Force (in billions) $ 38.9  $ 37.9  $ 25.4  $ 24.9  $ 22.1  $ 16.8

Assumed New Business Production (in billions) $ 1.4  $ 13.2  $ 1.7  $ 3.4  $ 3.2  $ (1.8) $ 14.6  $ 7.7  $ 6.9

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) Compared to comparable prior-year period.

Page 15

Reinsurance Group of America, Incorporated

Corporate and Other

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,

2026 2026 2025 2025 2025 Quarter 2026 2025 Change

Revenues:

Net investment income $ 182  $ 149  $ 162  $ 151  $ 166  $ 16  $ 331  $ 295  $ 36

Investment related gains, net 2  1  3  1  3  (1) 3  6  (3)

Other revenue 38  29  29  29  18  20  67  23  44

Total revenues 222  179  194  181  187  35  401  324  77

Benefits and expenses:

Adjusted interest credited 44  44  47  47  45  (1) 88  92  (4)

Policy acquisition costs and other insurance income (22) (15) (13) (15) (19) (3) (37) (38) 1

Other operating expenses 134  117  120  109  103  31  251  202  49

Interest expense 101  98  98  98  90  11  199  170  29

Total benefits and expenses 257  244  252  239  219  38  501  426  75

Adjusted operating loss before income taxes (35) (65) (58) (58) (32) (3) (100) (102) 2

Notable items (1)

—  —  —  —  —  —  —  —  —

Adjusted operating loss excluding notable items, before income taxes $ (35) $ (65) $ (58) $ (58) $ (32) $ (3) $ (100) $ (102) $ 2

Foreign currency effect on (2):

Adjusted operating loss before income taxes $ 2  $ 1  $ —  $ (1) $ (1) $ 3  $ 3  $ (2) $ 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) Compared to comparable prior-year period.

Page 16

Reinsurance Group of America, Incorporated

Summary of Segment Adjusted Operating Income

(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,

2026 2026 2025 2025 2025 Quarter 2026 2025 Change

U.S. and Latin America:

Traditional $ 165  $ 138  $ 222  $ 136  $ 4  $ 161  $ 303  $ 144  $ 159

Financial Solutions 154  118  103  100  97  57  272  164  108

Total U.S. and Latin America 319  256  325  236  101  218  575  308  267

Canada:

Traditional 38  38  54  43  28  10  76  60  16

Financial Solutions 18  10  10  7  9  9  28  20  8

Total Canada 56  48  64  50  37  19  104  80  24

Europe, Middle East and Africa:

Traditional 39  54  18  (192) 18  21  93  68  25

Financial Solutions 133  128  123  140  116  17  261  206  55

Total Europe, Middle East and Africa 172  182  141  (52) 134  38  354  274  80

Asia Pacific:

Traditional 129  125  117  138  104  25  254  210  44

Financial Solutions 120  65  87  71  77  43  185  136  49

Total Asia Pacific 249  190  204  209  181  68  439  346  93

Corporate and Other (35) (65) (58) (58) (32) (3) (100) (102) 2

Consolidated adjusted operating income before income taxes 761  611  676  385  421  340  1,372  906  466

Notable items (1)

—  —  —  (149) —  —  —  —  —

Consolidated adjusted operating income excluding notable items before income taxes $ 761  $ 611  $ 676  $ 534  $ 421  $ 340  $ 1,372  $ 906  $ 466

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 17

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Cash and Invested Assets

June 30, March 31, Dec. 31, Sept. 30, June 30,

2026 2026 2025 2025 2025

Fixed maturity securities, available-for-sale - public (1)

$ 95,867  $ 94,438  $ 88,993  $ 88,064  $ 75,637

Fixed maturity securities, available-for-sale - private (1)

13,403  12,890  12,776  11,509  10,406

Equity securities 302  300  311  161  155

Mortgage loans 11,927  11,318  11,104  10,507  10,057

Policy loans 3,635  3,703  3,541  3,570  1,294

Funds withheld at interest 8,140  8,390  8,149  8,268  7,115

Limited partnerships and real estate joint ventures 4,109  4,093  3,747  3,648  3,338

Short-term investments 378  357  346  381  502

Other invested assets 1,585  1,525  1,514  1,496  1,397

Cash and cash equivalents 5,288  4,993  4,168  4,625  5,416

Total cash and invested assets $ 144,634  $ 142,007  $ 134,649  $ 132,229  $ 115,317

(1) The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government (“Canadian government”), Japanese government and agencies (“Japanese government”), Korean government and agencies (“Korean government”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”).

Investment Income and Yield Summary

Three Months Ended Current vs. Year-to-Date

June 30, March 31, Dec. 31, Sept. 30, June 30, Prior Year June 30, June 30,

2026 2026 2025 2025 2025 Quarter 2026 2025 Change

Average invested assets at amortized cost (1)

$ 50,179  $ 49,549  $ 49,080  $ 47,662  $ 45,664  $ 4,515  $ 49,550  $ 44,566  $ 4,984

Net investment income (1)

$ 656  $ 599  $ 630  $ 553  $ 595  $ 61  $ 1,255  $ 1,097  $ 158

Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)

5.33  % 4.93  % 5.23  % 4.73  % 5.31  % 2 bps 5.13  % 4.98  % 15 bps

Variable investment income (“VII”) (included in net investment income) (1)

$ 63  $ 26  $ 55  $ —  $ 59  $ 4  $ 89  $ 53  $ 36

Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost) (1)

4.96  % 4.85  % 4.98  % 4.92  % 4.98  % (2) bps 4.90  % 4.94  % (4) bps

(1) Excludes spread related business (e.g. coinsurance of annuities).

Page 18

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Investments Net of Funds Withheld

June 30, 2026

Total Investments Funds Withheld Assets Excluding Funds Withheld

Fixed maturity securities, available-for-sale $ 109,270  $ 3,834  $ 105,436

Equity securities 302  3  299

Mortgage loans 11,927  802  11,125

Policy loans 3,635  —  3,635

Funds withheld at interest 8,140  1,322  6,818

Limited partnerships and real estate joint ventures 4,109  96  4,013

Short-term investments 378  8  370

Other invested assets 1,585  —  1,585

Total invested assets $ 139,346  $ 6,065  $ 133,281

December 31, 2025

Total Investments Funds Withheld Assets Excluding Funds Withheld

Fixed maturity securities, available-for-sale $ 101,769  $ 4,033  $ 97,736

Equity securities 311  2  309

Mortgage loans 11,104  821  10,283

Policy loans 3,541  —  3,541

Funds withheld at interest 8,149  1,360  6,789

Limited partnerships and real estate joint ventures 3,747  88  3,659

Short-term investments 346  9  337

Other invested assets 1,514  —  1,514

Total invested assets $ 130,481  $ 6,313  $ 124,168

Page 19

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Fixed Maturity Securities

June 30, 2026

Amortized

Cost Allowance for Credit Losses Unrealized

Gains Unrealized

Losses Estimated Fair

Value % of

Total

Available-for-sale:

Corporate $ 80,654  $ 224  $ 904  $ 4,507  $ 76,827  70.3  %

Canadian government 4,711  —  301  85  4,927  4.5  %

Japanese government 9,045  —  —  2,238  6,807  6.2  %

Korean government 1,314  —  —  257  1,057  1.0  %

ABS 7,214  22  48  180  7,060  6.5  %

CMBS 2,515  —  22  59  2,478  2.3  %

RMBS 1,903  —  19  78  1,844  1.7  %

U.S. government 2,354  —  11  257  2,108  1.9  %

State and political subdivisions 756  —  2  84  674  0.6  %

Other foreign government 5,842  —  56  410  5,488  5.0  %

Total fixed maturity securities $ 116,308  $ 246  $ 1,363  $ 8,155  $ 109,270  100.0  %

December 31, 2025

Amortized

Cost Allowance for Credit Losses Unrealized

Gains Unrealized

Losses Estimated Fair

Value % of

Total

Available-for-sale:

Corporate $ 72,736  $ 189  $ 1,142  $ 3,952  $ 69,737  68.5  %

Canadian government 4,920  —  286  106  5,100  5.1  %

Japanese government 6,516  —  1  1,816  4,701  4.6  %

Korean government 1,407  —  1  96  1,312  1.3  %

ABS 7,478  21  69  157  7,369  7.2  %

CMBS 2,179  —  35  52  2,162  2.1  %

RMBS 1,615  —  26  72  1,569  1.5  %

U.S. government 3,508  —  27  248  3,287  3.3  %

State and political subdivisions 737  —  2  79  660  0.6  %

Other foreign government 6,168  —  83  379  5,872  5.8  %

Total fixed maturity securities $ 107,264  $ 210  $ 1,672  $ 6,957  $ 101,769  100.0  %

Page 20

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Corporate Fixed Maturity Securities by Industry

June 30, 2026 December 31, 2025

Amortized Cost Estimated Fair Value % of Total

Average Credit Ratings (1)

Amortized Cost Estimated Fair Value % of Total

Average Credit Ratings (1)

Financial institutions

Banking $ 9,202  $ 9,017  11.7  % A- $ 8,426  $ 8,352  12.0  % A-

Brokerage/asset managers/exchanges 2,027  1,894  2.5  % A- 1,835  1,738  2.5  % A-

Finance companies 1,634  1,596  2.1  % BBB+ 1,132  1,114  1.6  % BBB+

Insurance 7,268  6,757  8.8  % A- 6,319  5,899  8.5  % A-

REITs 2,143  2,029  2.6  % A- 2,025  1,934  2.7  % A-

Other finance 1,795  1,594  2.1  % BBB+ 1,630  1,452  2.1  % A-

Total financial institutions $ 24,069  $ 22,887  29.8  % $ 21,367  $ 20,489  29.4  %

Industrials

Basic $ 3,139  $ 2,993  3.9  % BBB+ $ 3,033  $ 2,899  4.2  % BBB

Capital goods 3,821  3,665  4.8  % BBB+ 3,598  3,463  5.0  % BBB+

Communications 4,776  4,428  5.8  % BBB+ 4,523  4,276  6.1  % BBB+

Consumer cyclical 4,408  4,222  5.5  % A- 4,116  3,987  5.7  % BBB+

Consumer noncyclical 9,623  9,161  11.9  % BBB+ 8,880  8,501  12.2  % BBB+

Energy 7,336  7,191  9.3  % BBB+ 6,282  6,179  8.9  % BBB+

Technology 3,876  3,658  4.8  % A- 3,202  3,013  4.3  % BBB+

Transportation 4,170  3,965  5.2  % A- 4,088  3,904  5.6  % A-

Other industrial 1,926  1,862  2.4  % BBB- 1,659  1,617  2.3  % BBB

Total industrials $ 43,075  $ 41,145  53.6  % $ 39,381  $ 37,839  54.3  %

Utilities

Electric $ 11,223  $ 10,675  13.8  % A- $ 9,710  $ 9,279  13.3  % A-

Natural gas 1,713  1,599  2.1  % A- 1,639  1,544  2.2  % A-

Other utility 574  521  0.7  % BBB+ 639  586  0.8  % BBB+

Total utilities $ 13,510  $ 12,795  16.6  % $ 11,988  $ 11,409  16.3  %

Total $ 80,654  $ 76,827  100.0  % A- $ 72,736  $ 69,737  100.0  % A-

(1) The Average Credit Rating designations are based on the ratings from nationally recognized statistical rating organizations (NRSRO), primarily those assigned by Moody’s, S&P and Fitch.

Page 21

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Ratings of Fixed Maturity Securities

June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025

NAIC Designation

Rating Agency Designation(1)

Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total

1 AAA/AA/A $ 75,705  $ 70,051  64.1  % $ 75,437  $ 69,596  64.8  % $ 69,007  $ 64,571  63.4  % $ 67,158  $ 63,266  63.5  % $ 59,480  $ 55,147  64.1  %

2 BBB 34,296  33,155  30.3  % 33,252  31,702  29.5  % 32,330  31,423  30.9  % 31,446  30,627  30.8  % 26,911  25,568  29.7  %

3 BB 3,677  3,604  3.3  % 4,436  4,371  4.1  % 4,815  4,823  4.8  % 4,753  4,719  4.7  % 4,421  4,353  5.1  %

4 B 2,040  2,043  1.9  % 1,334  1,269  1.2  % 714  632  0.6  % 807  758  0.8  % 802  793  0.9  %

5 CCC 491  359  0.3  % 393  318  0.3  % 356  294  0.3  % 267  184  0.2  % 244  165  0.2  %

6 In or near default 99  58  0.1  % 124  72  0.1  % 42  26  —  % 30  19  —  % 30  17  —  %

Total $ 116,308  $ 109,270  100.0  % $ 114,976  $ 107,328  100.0  % $ 107,264  $ 101,769  100.0  % $ 104,461  $ 99,573  100.0  % $ 91,888  $ 86,043  100.0  %

(1) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).

Structured Fixed Maturity Securities

June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025

Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimated Fair Value % of Total Amortized Cost Estimate Fair Value % of Total Amortized Cost Estimated Fair Value % of Total

ABS:

Collateralized loan obligations ("CLOs") $ 2,217  $ 2,214  19.5  % $ 2,462  $ 2,449  21.9  % $ 2,486  $ 2,481  22.4  % $ 2,711  $ 2,707  25.5  % $ 2,461  $ 2,455  25.6  %

ABS, excluding CLOs 4,997  4,846  42.5  % 4,974  4,832  43.3  % 4,992  4,888  44.0  % 4,290  4,165  39.3  % 3,699  3,561  37.0  %

Total ABS 7,214  7,060  62.0  % 7,436  7,281  65.2  % 7,478  7,369  66.4  % 7,001  6,872  64.8  % 6,160  6,016  62.6  %

CMBS 2,515  2,478  21.8  % 2,367  2,335  20.9  % 2,179  2,162  19.5  % 2,026  1,992  18.8  % 2,129  2,076  21.6  %

RMBS

Agency 343  305  2.7  % 351  314  2.9  % 359  324  2.9  % 416  381  3.6  % 377  337  3.5  %

Non-agency 1,560  1,539  13.5  % 1,248  1,229  11.0  % 1,256  1,245  11.2  % 1,377  1,359  12.8  % 1,216  1,185  12.3  %

Total RMBS 1,903  1,844  16.2  % 1,599  1,543  13.9  % 1,615  1,569  14.1  % 1,793  1,740  16.4  % 1,593  1,522  15.8  %

Total $ 11,632  $ 11,382  100.0  % $ 11,402  $ 11,159  100.0  % $ 11,272  $ 11,100  100.0  % $ 10,820  $ 10,604  100.0  % $ 9,882  $ 9,614  100.0  %

Page 22

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

As of June 30, 2026

Less than 12 months Equal to or greater than 12 months Total

Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses

Investment grade securities:

Corporate $ 23,623  $ 453  $ 21,809  $ 3,953  $ 45,432  $ 4,406

Canadian government 548  9  584  76  1,132  85

Japanese government 2,700  126  3,976  2,112  6,676  2,238

Korean government 690  159  295  98  985  257

ABS 2,702  23  1,164  136  3,866  159

CMBS 870  9  643  48  1,513  57

RMBS 707  5  525  73  1,232  78

U.S. government 779  4  482  253  1,261  257

State and political subdivisions 170  5  391  79  561  84

Other foreign government 1,739  43  1,671  367  3,410  410

Total investment grade securities $ 34,528  $ 836  $ 31,540  $ 7,195  $ 66,068  $ 8,031

Below investment grade securities:

Corporate $ 1,009  $ 32  $ 331  $ 58  $ 1,340  $ 90

ABS 241  20  19  1  260  21

Other foreign government —  —  —  —  —  —

Total below investment grade securities $ 1,250  $ 52  $ 350  $ 59  $ 1,600  $ 111

Total fixed maturity securities $ 35,778  $ 888  $ 31,890  $ 7,254  $ 67,668  $ 8,142

(1) Includes securities for which an allowance for credit loss has not been recorded.

Page 23

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Fixed Maturity Securities Below Amortized Cost (1)

As of December 31, 2025

Less than 12 months Equal to or greater than 12 months Total

Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses

Investment grade securities:

Corporate $ 10,591  $ 255  $ 22,666  $ 3,635  $ 33,257  $ 3,890

Canadian government 1,096  34  426  72  1,522  106

Japanese government 1,274  209  3,351  1,607  4,625  1,816

Korean government 1,145  92  78  4  1,223  96

ABS 2,324  15  1,149  141  3,473  156

CMBS —  —  705  50  705  50

RMBS —  —  562  72  562  72

U.S. government 406  1  542  247  948  248

State and political subdivisions 73  1  451  78  524  79

Other foreign government 1,382  26  1,901  350  3,283  376

Total investment grade securities $ 18,291  $ 633  $ 31,831  $ 6,256  $ 50,122  $ 6,889

Below investment grade securities:

Corporate $ 652  $ 25  $ 258  $ 31  $ 910  $ 56

ABS 19  1  —  —  19  1

Other foreign government —  —  13  3  13  3

Total below investment grade securities $ 671  $ 26  $ 271  $ 34  $ 942  $ 60

Total fixed maturity securities $ 18,962  $ 659  $ 32,102  $ 6,290  $ 51,064  $ 6,949

(1) Includes securities for which an allowance for credit loss has not been recorded.

Page 24

Reinsurance Group of America, Incorporated

Investments

(USD millions)

Consolidated Investment Related Gains and Losses

Three Months Ended Current vs. Year-to-Date

June 30, March 31, Dec. 31, Sept. 30, June 30, Prior Year June 30, June 30,

2026 2026 2025 2025 2025 Quarter 2026 2025 Change

Fixed maturity securities available-for-sale:

Change in allowance for credit losses $ (14) $ (22) $ (49) $ (28) $ (29) $ 15  $ (36) $ (35) $ (1)

Impairments on fixed maturity securities —  (1) —  (1) (2) 2  (1) (2) 1

Realized gains on investment activity 36  59  48  96  30  6  95  66  29

Realized losses on investment activity (124) (165) (118) (65) (65) (59) (289) (152) (137)

Net gains (losses) on fixed maturity securities available-for-sale (102) (129) (119) 2  (66) (36) (231) (123) (108)

Net gains (losses) on equity securities (3) (14) 1  5  3  (6) (17) 2  (19)

Change in mortgage loan allowance for credit losses (12) 2  (4) (6) (18) 6  (10) (14) 4

Limited partnerships and real estate joint venture impairment losses (7) (22) (19) (1) (16) 9  (29) (21) (8)

Change in fair value of certain limited partnership investments (42) 6  (8) 9  6  (48) (36) (1) (35)

Other change in allowance for credit losses and impairments (3) —  2  1  (3) —  (3) (4) 1

Other, net 6  —  8  4  (3) 9  6  (2) 8

Freestanding derivatives (1):

Interest rate swaps (2) 6  (5) 1  (1) (1) 4  5  (1)

Interest rate options —  —  (1) (2) (1) 1  —  (1) 1

Total return swaps 3  (6) (2) 16  6  (3) (3) —  (3)

Foreign currency swaps 6  1  7  6  (2) 8  7  (5) 12

Foreign currency forwards (38) (25) (54) (40) 40  (78) (63) 62  (125)

Foreign currency options (2) (1) (2) (2) (2) —  (3) (3) —

Equity options 82  (28) 17  30  11  71  54  5  49

Equity futures (25) 6  (3) (13) (21) (4) (19) (12) (7)

Credit default swaps 69  (17) 21  33  21  48  52  3  49

Credit default index swaps options (2) —  (1) —  —  (2) (2) —  (2)

CPI swaps (3) 7  —  3  (1) (2) 4  (6) 10

Total freestanding derivatives 88  (57) (23) 32  50  38  31  48  (17)

Embedded derivatives (1) 44  27  (33) 3  (4) 43  (8) 51

Net gains (losses) on total derivatives 87  (13) 4  (1) 53  34  74  40  34

Total investment related gains (losses), net $ (76) $ (170) $ (135) $ 13  $ (44) $ (32) $ (246) $ (123) $ (123)

(1) Freestanding derivatives are non-hedged unless specified.

Page 25

Appendix

Reconciliations of GAAP to Non-GAAP Measures

Page 26

Reinsurance Group of America, Incorporated

Reconciliations of GAAP Income to Adjusted Operating Income

(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,

2026 2026 2025 2025 2025 Quarter 2026 2025 Change

U.S. and Latin America Traditional

Income before income taxes $ 183  $ 139  $ 201  $ 123  $ 29  $ 154  $ 322  $ 178  $ 144

Investment and derivative gains (1)

1  —  3  —  —  1  1  —  1

Funds withheld losses - investment income —  —  —  —  —  —  —  —  —

Change in fair value of funds withheld embedded derivatives (1)

(19) (1) 18  13  (25) 6  (20) (34) 14

Other —  —  —  —  —  —  —  —  —

Adjusted operating income before income taxes 165  138  222  136  4  161  303  144  159

Notable items (2)

—  —  —  39  —  —  —  —  —

Adjusted operating income excluding notable items, before income taxes $ 165  $ 138  $ 222  $ 97  $ 4  $ 161  $ 303  $ 144  $ 159

U.S. and Latin America Financial Solutions

Income (loss) before income taxes $ 131  $ 191  $ 45  $ 37  $ (17) $ 148  $ 322  $ 17  $ 305

Market risk benefits remeasurement (gains) losses (26) 22  (3) (1) (17) (9) (4) 12  (16)

Investment and derivative (gains) losses (1)

27  (9) 82  15  95  (68) 18  78  (60)

Change in fair value of funds withheld embedded derivatives (1)

31  (86) (25) 38  22  9  (55) 42  (97)

Funds withheld (gains) losses - investment income (6) (3) (2) (2) (3) (3) (9) (4) (5)

Derivatives - interest credited —  3  2  1  5  (5) 3  10  (7)

Other (3)

(3) —  4  12  12  (15) (3) 9  (12)

Adjusted operating income before income taxes 154  118  103  100  97  57  272  164  108

Notable items (2)

—  —  —  —  —  —  —  —  —

Adjusted operating income excluding notable items, before income taxes $ 154  $ 118  $ 103  $ 100  $ 97  $ 57  $ 272  $ 164  $ 108

Canada Traditional

Income before income taxes $ 37  $ 37  $ 53  $ 41  $ 25  $ 12  $ 74  $ 57  $ 17

Investment and derivative (gains) losses (1)

1  1  1  —  —  1  2  —  2

Investment income - non-operating funds withheld at interest —  —  —  2  1  (1) —  1  (1)

Other —  —  —  —  2  (2) —  2  (2)

Adjusted operating income before income taxes 38  38  54  43  28  10  76  60  16

Notable items (2)

—  —  —  9  —  —  —  —  —

Adjusted operating income excluding notable items, before income taxes $ 38  $ 38  $ 54  $ 34  $ 28  $ 10  $ 76  $ 60  $ 16

(1) Included in “Investment related gains (losses), net”.

(2) Represents the impact of changes in actuarial assumptions.

(3) Includes pension risk transfer day one loss and other immaterial items.

Page 27

Reinsurance Group of America, Incorporated

Reconciliations of GAAP Income to Adjusted Operating Income

(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,

2026 2026 2025 2025 2025 Quarter 2026 2025 Change

Canada Financial Solutions

Income before income taxes $ 18  $ 10  $ 11  $ 11  $ 9  $ 9  $ 28  $ 21  $ 7

Investment and derivative (gains) losses (1)

—  —  (1) (4) —  —  —  (1) 1

Adjusted operating income before income taxes 18  10  10  7  9  9  28  20  8

Notable items (2)

—  —  —  —  —  —  —  —  —

Adjusted operating income excluding notable items, before income taxes $ 18  $ 10  $ 10  $ 7  $ 9  $ 9  $ 28  $ 20  $ 8

Europe, Middle East and Africa Traditional

Income (loss) before income taxes $ 42  $ 60  $ 18  $ (190) $ 16  $ 26  $ 102  $ 66  $ 36

Investment and derivative losses (1)

—  (6) —  —  —  —  (6) —  $ (6)

Other (3) —  —  (2) 2  (5) (3) 2  (5)

Adjusted operating income (loss) before income taxes 39  54  18  (192) 18  21  93  68  25

Notable items (2)

—  —  —  (222) —  —  —  —  —

Adjusted operating income (loss) excluding notable items, before income taxes $ 39  $ 54  $ 18  $ 30  $ 18  $ 21  $ 93  $ 68  $ 25

Europe, Middle East and Africa Financial Solutions

Income before income taxes $ 149  $ 95  $ 133  $ 132  $ 109  $ 40  $ 244  $ 183  $ 61

Investment and derivative losses (1)

6  (9) 10  7  8  (2) (3) 22  (25)

Change in fair value of funds withheld embedded derivatives (1)

(38) 43  (20) (18) —  (38) 5  —  5

Investment income - non-operating funds withheld at interest 16  (1) —  19  (1) 17  15  1  14

Investment (income) loss on unit-linked variable annuities —  1  (1) 1  —  —  1  —  1

Interest credited on unit-linked variable annuities —  (1) 1  (1) —  —  (1) —  (1)

Adjusted operating income before income taxes 133  128  123  140  116  17  261  206  55

Notable items (2)

—  —  —  24  —  —  —  —  —

Adjusted operating income excluding notable items, before income taxes $ 133  $ 128  $ 123  $ 116  $ 116  $ 17  $ 261  $ 206  $ 55

(1) Included in “Investment related gains (losses), net”.

(2) Represents the impact of changes in actuarial assumptions.

Page 28

Reinsurance Group of America, Incorporated

Reconciliations of GAAP Income to Adjusted Operating Income

(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,

2026 2026 2025 2025 2025 Quarter 2026 2025 Change

Asia Pacific Traditional

Income before income taxes $ 123  $ 125  $ 118  $ 140  $ 102  $ 21  $ 248  $ 208  $ 40

Investment and derivative (gains) losses (1)

7  —  —  —  —  7  7  —  7

Other (1) —  (1) (2) 2  (3) (1) 2  (3)

Adjusted operating income before income taxes 129  125  117  138  104  25  254  210  44

Notable items (2)

—  —  —  1  —  —  —  —  —

Adjusted operating income excluding notable items, before income taxes $ 129  $ 125  $ 117  $ 137  $ 104  $ 25  $ 254  $ 210  $ 44

Asia Pacific Financial Solutions

Income (loss) before income taxes $ 132  $ 16  $ 53  $ 87  $ 89  $ 43  $ 148  $ 120  $ 28

Investment and derivative (gains) losses (1)

(29) 56  54  (8) (21) (8) 27  4  23

Change in fair value of funds withheld embedded derivatives (1)

27  —  —  —  —  27  27  —  27

Other (10) (7) (20) (8) 9  (19) (17) 12  (29)

Adjusted operating income before income taxes 120  65  87  71  77  43  185  136  49

Notable items (2)

—  —  —  —  —  —  —  —  —

Adjusted operating income excluding notable items, before income taxes $ 120  $ 65  $ 87  $ 71  $ 77  $ 43  $ 185  $ 136  $ 49

Corporate and Other

Loss before income taxes $ (210) $ (232) $ (122) $ (61) $ (21) $ (189) $ (442) $ (140) $ (302)

Investment and derivative losses (1)

168  165  48  (11) (5) 173  333  45  288

Investment income - non-operating funds withheld at interest —  —  —  —  1  (1) —  —  —

Interest expense on uncertain tax positions —  1  —  —  —  —  1  —  1

Derivatives - interest credited —  —  —  —  (3) 3  —  2  (2)

Other 7  1  16  14  (4) 11  8  (9) 17

Adjusted operating loss before income taxes (35) (65) (58) (58) (32) (3) (100) (102) 2

Notable items (2)

—  —  —  —  —  —  —  —  —

Adjusted operating loss excluding notable items, before income taxes $ (35) $ (65) $ (58) $ (58) $ (32) $ (3) $ (100) $ (102) $ 2

(1) Included in “Investment related gains (losses), net”.

(2) Represents the impact of changes in actuarial assumptions.

Page 29

Reinsurance Group of America, Incorporated

Reconciliations of RGA, Inc. Shareholders’ Equity to RGA, Inc. Shareholders’ Equity Excluding AOCI

(USD millions except per share data)

June 30, March 31, Dec. 31, Sept. 30, June 30,

2026 2026 2025 2025 2025

RGA, Inc. shareholders’ equity $ 13,694  $ 13,294  $ 13,461  $ 12,978  $ 12,053

Less effect of AOCI:

Accumulated currency translation adjustments 119  101  121  83  130

Unrealized (depreciation) appreciation of securities (6,097) (6,466) (4,807) (4,199) (4,897)

Effect of updating discount rates on future policy benefits 8,328  8,680  7,372  6,682  6,533

Change in instrument-specific credit risk for market risk benefits —  4  2  1  3

Pension and postretirement benefits (2) (5) (6) (15) (17)

RGA, Inc. shareholders’ equity, excluding AOCI 11,346  10,980  10,779  10,426  10,301

Year-to-date notable items, net of tax —  —  (114) (114) —

RGA, Inc. shareholders’ equity, excluding AOCI and notable items $ 11,346  $ 10,980  $ 10,893  $ 10,540  $ 10,301

Reconciliations of Book Value Per Share to Book Value Per Share Excluding AOCI

June 30, March 31, Dec. 31, Sept. 30, June 30,

2026 2026 2025 2025 2025

Book value per share $ 209.73  $ 202.93  $ 205.63  $ 197.52  $ 182.37

Less effect of AOCI:

Accumulated currency translation adjustment 1.82  1.54  1.85  1.27  1.96

Unrealized (depreciation) appreciation of securities (93.36) (98.70) (73.42) (63.89) (74.10)

Effect of updating discount rates on future policy benefits 127.54  132.50  112.61  101.69  98.85

Change in instrument-specific credit risk for market risk benefits —  0.06  0.03  0.01  0.05

Pension and postretirement benefits (0.04) (0.07) (0.10) (0.23) (0.26)

Book value per share, excluding AOCI 173.77  167.60  164.66  158.67  155.87

Less effect of B36: (0.34) (0.32) (0.84) (1.16) (0.76)

Book value per share, excluding AOCI and B36 $ 174.11  $ 167.92  $ 165.50  $ 159.83  $ 156.63

Page 30

Reinsurance Group of America, Incorporated

Non-GAAP Disclosures

This Quarterly Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated (the “Company”) with the SEC. The consolidated financial information herein includes the assets, liabilities, and results of operations of the Company and its subsidiaries.

Non-GAAP Financial Measures

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 as 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;

•the Company’s 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 businesses. 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 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 operating performance, which are excluded from adjusted operating income to

Page 31

provide investors and other third parties with a better understanding 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 fair 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 these measures provide useful information since such measures exclude AOCI-related items that are not permanent and can fluctuate significantly 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 Company’s investment securities, future policy benefits discount rate measurement gains (losses), market risk benefits instrument-specific credit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses the following non-GAAP financial 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 return on equity is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI, and adjusted operating return on equity, excluding notable items, is calculated as adjusted operating income, excluding notable items, divided by average shareholders’ equity excluding AOCI. Adjusted operating return on equity also serves as a basis for establishing target levels 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 32

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