Document

Exhibit 99.1

PRESS RELEASE

REINSURANCE GROUP OF AMERICA REPORTS FIRST QUARTER RESULTS


•	Net loss of $1.41 per diluted share


•	Adjusted operating income* of $1.41 per diluted share


•	ROE 5.8% and adjusted operating ROE* 9.5% for the trailing twelve months


•	Deployed capital of $55 million into in-force and other transactions in the quarter

ST. LOUIS, May 5, 2020 - Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global provider of life reinsurance, reported a first quarter net loss of $88 million, or $1.41 per diluted share, compared with net income of $170 million, or $2.65 per diluted share, in the prior-year quarter. Adjusted operating income* totaled $89 million, or $1.41 per diluted share, compared with $167 million, or $2.61 per diluted share, the year before. Net foreign currency fluctuations had a favorable effect of $0.05 per diluted share on net income and an adverse effect of $0.01 per diluted share on adjusted operating income as compared with the prior year.



	Quarterly Results
($ in millions, except per share data)	2020			2019
Net premiums	$	2,819		$	2,738
Net income (loss)	(88		)	170
Net income (loss) per diluted share	(1.41		)	2.65
Adjusted operating income*	89			167
Adjusted operating income per diluted share*	1.41			2.61
Book value per share	150.88			154.61
Book value per share, excluding accumulated other comprehensive income (AOCI)*	132.55			126.38
Total assets	75,654			66,692



*	See ‘Use of Non-GAAP Financial Measures’ below

In the first quarter, consolidated net premiums totaled $2.8 billion, up 3% from last year’s first quarter, with adverse net foreign currency effects of $33 million. Compared with the year-ago period, excluding spread-based businesses and the value of associated derivatives, investment income decreased 4% and average investment yield was down 41 basis points to 4.08%, attributable to below-average variable investment income.

The effective tax rate this quarter was 8.9% on the pre-tax loss. The effective tax rate was 24.7% on pre-tax adjusted operating income for the quarter, slightly above the expected range of 23% to 24% due to the geographic mix of earnings.

Anna Manning, President and Chief Executive Officer, commented, “These are extremely challenging times for all of us, particularly for those on the front lines of the crisis. Our thoughts are with those most

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affected by this crisis. At RGA, we are focused on the health and well-being of our employees, and on supporting our clients and communities. Millions of families around the world rely on the financial protection that insurance companies provide in times of uncertainty. Although we don’t know how this crisis will ultimately unfold, we are part of an industry that provides support in times like these. RGA remains committed to helping our clients meet our shared responsibilities.

“Moving to first quarter results, our operating results were below our expectations, reflecting the impact of the COVID-19 virus and the turmoil in the financial markets. The net loss was primarily due to the movement in embedded derivatives, which reflected the disruption in the financial markets and the impact on credit spreads. The U.S. Individual Mortality business had elevated claims, attributable to an above-average frequency of claims. While cause of death and definitive COVID-19 impacts are difficult to establish at this time, we believe that some of these additional claims may have been COVID-19 related. The Asia Pacific Traditional segment was negatively affected by some catch-up in reporting of morbidity claims, primarily from one client. On a positive note, many of our segments/businesses performed well, including the Traditional segments in Canada and EMEA, U.S. Group, and Asia financial solutions business. Our Australia business performed better than expected and produced a modest profit. Premium growth was 3%, negatively influenced by foreign currency and some slowdown of growth in Asia given the pandemic.

“Despite the challenging environment, we continue to support our clients, and we executed on a number of in-force transactions, deploying $55 million of capital during the quarter. We repurchased $153 million in stock earlier in the quarter. We ended the quarter with an excess capital position of approximately $700 million.

“COVID-19 and its related effects will present challenges in terms of the potential for higher claims and increased investment credit losses. While it is premature to accurately predict the ultimate impact of this virus on RGA, we believe that we can manage through the environment, given our strong balance sheet, excess capital, ample liquidity, and an investment portfolio that is defensively positioned.”

SEGMENT RESULTS

U.S. and Latin America

Traditional

The U.S. and Latin America Traditional segment reported pre-tax loss of $62 million, compared with pre-tax income of $12 million in the first quarter of 2019. Pre-tax adjusted operating loss totaled $55 million, compared with pre-tax adjusted operating income of $18 million the year before. Results reflected unfavorable individual mortality experience due to a higher-than-expected claim count and minimal variable investment income. The excess claims were concentrated in the 70 and older age group.

Traditional net premiums were up 1% from last year’s first quarter to $1,373 million.

Financial Solutions

The Asset-Intensive business reported pre-tax loss of $38 million, compared with pre-tax income of $65 million last year. First quarter pre-tax adjusted operating income totaled $43 million, compared with

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$60 million a year ago. The current-year period results primarily reflected the impact of weak equity markets.

The Capital Solutions business reported pre-tax income and pre-tax adjusted operating income of $23 million, up from $18 million the year before due to new business added in the fourth quarter of 2019.

Canada

Traditional

The Canada Traditional segment reported pre-tax income of $23 million, compared with $51 million the year before. Pre-tax adjusted operating income totaled $36 million, compared with $45 million a year ago, reflecting favorable individual mortality experience. The year-ago period reflected favorable individual mortality experience to a greater extent than that of this quarter. Foreign currency exchange rates had a favorable effect of $1 million on pre-tax income and pre-tax adjusted operating income.

Reported net premiums totaled $260 million for the quarter, up 2% over the year-ago period. Net foreign currency fluctuations had an adverse effect of $3 million on net premiums.

Financial Solutions

The Canada Financial Solutions business segment, which consists of longevity and fee-based transactions, reported first quarter pre-tax income and pre-tax adjusted operating income of $3 million, compared with $1 million a year ago. Current-period results were relatively in line with expectations. Net foreign currency fluctuations had an immaterial effect on pre-tax income and pre-tax adjusted operating income.

Europe, Middle East and Africa (EMEA)

Traditional

The EMEA Traditional segment reported pre-tax income and pre-tax adjusted operating income of $17 million compared with $16 million in last year’s first quarter. Results reflected favorable underwriting experience, particularly in the U.K. Net foreign currency fluctuations had an immaterial effect on pre-tax income and pre-tax adjusted operating income.

Reported net premiums increased 7% to $390 million in the first quarter, reflecting growth in continental Europe. Foreign currency exchange rates adversely affected net premiums by $13 million.

Financial Solutions

The EMEA Financial Solutions business segment, which consists of longevity, asset-intensive and fee-based transactions, reported first quarter pre-tax income of $30 million, compared with $38 million in the year-ago period. Pre-tax adjusted operating income totaled $36 million, compared with $35 million in the year-ago period. The current-year period results reflected modestly unfavorable longevity experience. Net foreign currency fluctuations had an adverse effect of $1 million on pre-tax income and pre-tax adjusted operating income.

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Asia Pacific

Traditional

The Asia Pacific Traditional segment’s pre-tax income and pre-tax adjusted operating income totaled

$24 million, compared with $37 million in the prior-year period. The current-period results reflected reporting catch-ups on morbidity claims, primarily from one client in Asia. Australia reported a modest profit. Net foreign currency fluctuations had an adverse effect of $1 million on pre-tax income and pre-tax adjusted operating income.

Reported net premiums totaled $636 million, down slightly from the prior-year period due to a slowdown in Asia and lower premiums in Australia. Foreign currency exchange rates had an adverse effect of $16 million on net premiums.

Financial Solutions

The Asia Pacific Financial Solutions business segment, which consists of asset-intensive and fee-based transactions, reported first quarter pre-tax loss of $25 million, compared with pre-tax income of $6 million in the prior-year period. Pre-tax adjusted operating income totaled $10 million, compared with $3 million the year before, attributable to new business. Net foreign currency fluctuations had a favorable effect of $2 million on pre-tax income and an immaterial effect on pre-tax adjusted operating income.

Reported net premiums increased significantly to $74 million, attributable to new treaties added in 2019. Foreign currency exchange rates had an immaterial effect on net premiums.

Corporate and Other

The Corporate and Other segment’s pre-tax losses for the first quarter totaled $91 million, compared with pre-tax losses of $27 million the year before. Pre-tax adjusted operating losses totaled $19 million, compared with year-ago pre-tax adjusted operating losses of $20 million. The current-period loss was lower than the average expected run rate, primarily due to lower general expenses.

Dividend Declaration

The board of directors declared a regular quarterly dividend of $0.70, payable June 4 to shareholders of record as of May 21.

Earnings Conference Call

A conference call to discuss first quarter results will begin at 9 a.m. Eastern Time on Wednesday, May 6. Interested parties may access the call by dialing 800-458-4121 (domestic) or 323-794-2423 (international). The access code is 4450118. A live audio webcast of the conference call will be available

on the Company’s Investor Relations website at www.rgare.com. A replay of the conference call will be available at the same address for 90 days following the conference call.

The Company 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.

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Additionally, the Company posts periodic reports, press releases and other useful information on its Investor Relations website.

Use of Non-GAAP Financial Measures

tax and after-tax basis, better measures the ongoing profitability and underlying trends of the Company’s

continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment, and are not necessarily indicative of the performance of the Company’s underlying businesses. Additionally, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that management believes are not indicative of the Company’s ongoing operations. The definition of adjusted operating income can vary by company and is not considered a substitute for GAAP net income.

Book value per share excluding the impact of AOCI is a non-GAAP financial measure that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation.

Adjusted operating income per diluted share is a non-GAAP financial measure calculated as adjusted operating income divided by weighted average diluted shares outstanding. Adjusted operating return on equity is a non-GAAP financial measure calculated as adjusted operating income divided by average stockholders’ equity excluding AOCI. Similar to adjusted operating income, management believes these non-GAAP financial measures better reflect the ongoing profitability and underlying trends of the Company’s continuing operations, they also serve as a basis for establishing target levels and awards under RGA’s management incentive programs.

Reconciliations from GAAP net income, book value per share, net income per diluted share and average stockholders’ equity are provided in the following tables. Additional financial information can be found in the Quarterly Financial Supplement on RGA’s Investor Relations website at www.rgare.com in the “Financial Information” section.

About RGA

Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.4 trillion of life reinsurance in force and assets of $75.7 billion as of March 31, 2020. Founded in 1973, RGA today is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri, and operations around the world, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the Company’s website at www.rgare.com.

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Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance and growth potential of the Company. Forward-looking statements often contain words and phrases such as “intend,” “expect,” “project,” “estimate,” “predict,” “anticipate,” “should,” “believe” and other similar expressions. 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.

The effects of the COVID-19 pandemic and the response thereto on economic conditions, the financial markets and insurance risks, and the resulting effects on the Company’s financial results, liquidity, capital resources, financial metrics, investment portfolio and stock price, could cause actual results and events to differ materially from those expressed or implied by forward-looking statements. Additionally, numerous other important factors (whether related to, resulting from or exacerbated by the COVID-19 pandemic or otherwise) could also cause results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: (1) adverse changes in mortality, morbidity, lapsation or claims experience, (2) inadequate risk analysis and underwriting, (3) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital and cost of capital, (4) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) requirements to post collateral or make payments due to declines in market value of assets subject to the Company’s collateral arrangements, (7) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (8) the effect of the Company parent’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, (9) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (10) the impairment of other financial institutions and its effect on the Company’s business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities, that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (14) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (18) financial performance of the Company’s clients, (19) the threat of natural disasters, catastrophes, terrorist attacks, epidemics or pandemics anywhere in the world where the Company or its clients do business, (20) competitive factors and competitors’ responses to the Company’s initiatives,

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(21) development and introduction of new products and distribution opportunities, (22) execution of the Company’s entry into new markets, (23) integration of acquired blocks of business and entities, (24) 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 stored on such systems, (25) adverse litigation or arbitration results, (26) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (27) changes in laws, regulations, and accounting standards applicable to the Company or its business, (28) the effects of the Tax Cuts and Jobs Act of 2017 may be different than expected and (29) 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 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. For a discussion of these 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, 2019, as may be supplemented by Item 1A - “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q.

Investor Contact

Jeff Hopson

Senior Vice President - Investor Relations

(636) 736-2068

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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 March 31,
	2020						2019
				Diluted Earnings Per Share						Diluted Earnings Per Share
Net income (loss)	$	(88	)	$	(1.41	)	$	170		$	2.65
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net	(51		)	(0.81		)	9			0.14
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	(2		)	(0.03		)	5			0.08
Embedded derivatives:
Included in investment related gains/losses, net	283			4.49			(13		)	(0.20		)
Included in interest credited	9			0.14			2			0.03
DAC offset, net	(69		)	(1.09		)	(9		)	(0.14		)
Investment (income) loss on unit-linked variable annuities	13			0.21			(9		)	(0.14		)
Interest credited on unit-linked variable annuities	(13		)	(0.21		)	9			0.14
Interest expense on uncertain tax positions	3			0.05			2			0.03
Non-investment derivatives	(2		)	(0.03		)	—			—
Uncertain tax positions and other tax related items	6			0.10			1			0.02
Adjusted operating income	$	89		$	1.41		$	167		$	2.61

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Consolidated Effective Income Tax Rates

(Dollars in thousands)



(Unaudited)	Three Months Ended March 31, 2020
	Pre-tax Income (loss)			Income Taxes			Effective Tax Rate
GAAP income (loss)	$	(96,157	)	$	(8,512	)	8.9	%
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net	(67,450		)	(15,654		)
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	(1,826		)	(383		)
Embedded derivatives:
Included in investment related gains/losses, net	357,552			75,086
Included in interest credited	12,027			2,526
DAC offset, net	(86,735		)	(18,214		)
Investment (income) loss on unit-linked variable annuities	16,389			3,442
Interest credited on unit-linked variable annuities	(16,518		)	(3,469		)
Interest expense on uncertain tax positions	3,987			837
Non-investment derivatives	(2,967		)	(623		)
Uncertain tax positions and other tax related items	—			(5,823		)
Adjusted operating income	$	118,302		$	29,213		24.7	%

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

(Dollars in millions)



(Unaudited)	Three Months Ended March 31,
	2020			2019
Income (loss) before income taxes	$	(96	)	$	217
Reconciliation to pre-tax adjusted operating income:
Capital (gains) losses, derivatives and other, included in investment related gains/losses, net	(68		)	13
Capital (gains) losses on funds withheld, included in investment income, net of related expenses	(2		)	6
Embedded derivatives:
Included in investment related gains/losses, net	358			(16		)
Included in interest credited	12			2
DAC offset, net	(87		)	(12		)
Investment (income) loss on unit-linked variable annuities	16			(12		)
Interest credited on unit-linked variable annuities	(16		)	12
Interest expense on uncertain tax positions	4			3
Non-investment derivatives	(3		)	—
Pre-tax adjusted operating income	$	118		$	213

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Reconciliation of Pre-tax Income to Pre-tax Adjusted Operating Income

(Dollars in millions)



(Unaudited)	Three Months Ended March 31, 2020
	Pre-tax income (loss)			Capital (gains) losses, derivatives and other, net				Change in value of embedded derivatives, net			Pre-tax adjusted operating income (loss)
U.S. and Latin America:
Traditional	$	(62	)	$	—			$	7		$	(55	)
Financial Solutions:
Asset-Intensive	(38		)	(190		)	⁽¹⁾	271		⁽²⁾	43
Capital Solutions	23			—				—			23
Total U.S. and Latin America	(77		)	(190		)		278			11
Canada Traditional	23			13				—			36
Canada Financial Solutions	3			—				—			3
Total Canada	26			13				—			39
EMEA Traditional	17			—				—			17
EMEA Financial Solutions	30			6				—			36
Total EMEA	47			6				—			53
Asia Pacific Traditional	24			—				—			24
Asia Pacific Financial Solutions	(25		)	35				—			10
Total Asia Pacific	(1		)	35				—			34
Corporate and Other	(91		)	72				—			(19		)
Consolidated	$	(96	)	$	(64	)		$	278		$	118


(1)	Asset-Intensive is net of $5 DAC offset.


(2)	Asset-Intensive is net of $(92) DAC offset.



(Unaudited)	Three Months Ended March 31, 2019
	Pre-tax income (loss)			Capital (gains) losses, derivatives and other, net				Change in value of embedded derivatives, net				Pre-tax adjusted operating income (loss)
U.S. and Latin America:
Traditional	$	12		$	—			$	6			$	18
Financial Solutions:
Asset-Intensive	65			(4		)	⁽¹⁾	(1		)	⁽²⁾	60
Capital Solutions	18			—				—				18
Total U.S. and Latin America	95			(4		)		5				96
Canada Traditional	51			(6		)		—				45
Canada Financial Solutions	1			—				—				1
Total Canada	52			(6		)		—				46
EMEA Traditional	16			—				—				16
EMEA Financial Solutions	38			(3		)		—				35
Total EMEA	54			(3		)		—				51
Asia Pacific Traditional	37			—				—				37
Asia Pacific Financial Solutions	6			(3		)		—				3
Total Asia Pacific	43			(3		)		—				40
Corporate and Other	(27		)	7				—				(20		)
Consolidated	$	217		$	(9	)		$	5			$	213


(1)	Asset-Intensive is net of $(31) DAC offset.


(2)	Asset-Intensive is net of $19 DAC offset.

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REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Per Share and Shares Data

(In millions, except per share data)



(Unaudited)	Three Months Ended March 31,
	2020			2019
Earnings per share from net income:
Basic earnings per share	$	(1.41	)	$	2.70
Diluted earnings per share ⁽¹⁾	$	(1.41	)	$	2.65

Diluted earnings per share from adjusted operating income	$	1.41		$	2.61
Weighted average number of common and common equivalent shares outstanding	63,001			64,027


(1)	As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.



(Unaudited)	At March 31,
	2020		2019
Treasury shares	17,492		16,594
Common shares outstanding	61,646		62,544
Book value per share outstanding	$	150.88	$	154.61
Book value per share outstanding, before impact of AOCI	$	132.55	$	126.38

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



(Unaudited)	At March 31,
	2020			2019
Book value per share outstanding	$	150.88		$	154.61
Less effect of AOCI:
Accumulated currency translation adjustments	(3.62		)	(2.36		)
Unrealized appreciation of securities	23.14			31.41
Pension and postretirement benefits	(1.19		)	(0.82		)
Book value per share outstanding, before impact of AOCI	$	132.55		$	126.38

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

(Dollars in millions)



(Unaudited)
Trailing Twelve Months Ended March 31, 2020:	Average Equity
Stockholders' average equity	$	10,561
Less effect of AOCI:
Accumulated currency translation adjustments	(148		)
Unrealized appreciation of securities	2,595
Pension and postretirement benefits	(60		)
Stockholders' average equity, excluding AOCI	$	8,174

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 March 31, 2020:	Income			Return on Equity
Net Income	$	612		5.8	%
Reconciliation to adjusted operating income:
Capital (gains) losses, derivatives and other, net	(91		)
Change in fair value of embedded derivatives	326
Deferred acquisition cost offset, net	(85		)
Tax expense on uncertain tax positions	13
Adjusted operating income	$	775		9.5	%

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Dollars in millions)



(Unaudited)	Three Months Ended March 31,
	2020			2019
Revenues:
Net premiums	$	2,819		$	2,738
Investment income, net of related expenses	594			580
Investment related gains (losses), net:
Other-than-temporary impairments on fixed maturity securities	(34		)	(9		)
Other investment related gains (losses), net	(251		)	17
Total investment related gains (losses), net	(285		)	8
Other revenue	76			94
Total revenues	3,204			3,420
Benefits and expenses:
Claims and other policy benefits	2,664			2,508
Interest credited	146			133
Policy acquisition costs and other insurance expenses	248			312
Other operating expenses	195			202
Interest expense	41			40
Collateral finance and securitization expense	6			8
Total benefits and expenses	3,300			3,203
Income (loss) before income taxes	(96		)	217
Provision for income taxes	(8		)	47
Net income (loss)	$	(88	)	$	170

# # #

Exhibit 99.2

Quarterly Financial Supplement

First Quarter 2020

(Unaudited)



World Headquarters	Internet Address	Contacts
16600 Swingley Ridge Road	www.rgare.com	Todd C. Larson
Chesterfield, Missouri 63017 U.S.A.		Senior Executive Vice President
		and Chief Financial Officer
		Phone: (636) 736-7000
		e-mail: tlarson@rgare.com

		Jeff Hopson
		Senior Vice President, Investor Relations
		Phone: (636) 736-2068
		e-mail: jhopson@rgare.com



Current Ratings

	Standard & Poor’s	A.M. Best	Moody’s
Financial Strength Ratings
RGA Reinsurance Company	AA-	A+	A1
RGA Life Reinsurance Company of Canada	AA-	A+	NR
RGA International Reinsurance Company dac	AA-	NR	NR
RGA Global Reinsurance Company, Ltd.	AA-	NR	NR
RGA Reinsurance Company of Australia Limited	AA-	NR	NR
RGA Americas Reinsurance Company, Ltd.	AA-	A+	NR
RGA Reinsurance Company (Barbados) Ltd.	AA-	NR	NR
RGA Atlantic Reinsurance Company Ltd.	NR	A+	NR
Omnilife Insurance Company Limited	A+	NR	NR
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

1st Quarter 2020

Table of Contents



	Page
Non-GAAP Disclosures	1

2020 Notes	2

Consolidated

Financial Highlights	3

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

Consolidated Balance Sheets	6

Segment Summaries of GAAP Income Statements and Adjusted Operating Income Statements

U.S. and Latin America Traditional	7

U.S. and Latin America Financial Solutions - Asset Intensive	9

U.S. and Latin America Financial Solutions - Capital Solutions	12

Canada Traditional	14

Canada Financial Solutions	16

Europe, Middle East and Africa Traditional	18

Europe, Middle East and Africa Financial Solutions	20

Asia Pacific Traditional	22

Asia Pacific Financial Solutions	24

Corporate and Other	26

Summary of Segment GAAP Income	28

Summary of Segment Adjusted Operating Income	29

Investments

Cash and Invested Assets and Investment Income and Yield Summary	30

Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities	31

Corporate Fixed Maturity Securities by Industry	32

Ratings of Fixed Maturity Securities and Structured Fixed Maturity Securities	33

Gross Unrealized Losses Aging - Fixed Maturity Securities	34

Fixed Maturity Securities Below Amortized Cost	35

Consolidated Investment Related Gains and Losses	37

Appendix

Reconciliations of GAAP to Non-GAAP Measures	38

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 (“RGA”) with the SEC. The consolidated financial information herein include the assets, liabilities, and results of operations of RGA and its subsidiaries, all of which are wholly owned (collectively, the “Company”).

Non-GAAP Disclosures

RGA uses a non-GAAP financial measure called adjusted operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that adjusted operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the Company’s continuing operations, primarily because that measure excludes substantially all of the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the Company’s underlying businesses. Additionally, adjusted operating income excludes any net gain or loss from discontinued operations, the cumulative effect of any accounting changes, tax reform and other items that management believes are not indicative of the Company’s ongoing operations. The definition of adjusted operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to adjusted operating income before income tax is presented in the appendix.

RGA evaluates its shareholders’ equity position excluding the impact of accumulated other comprehensive income (“AOCI”) since the net unrealized gains or losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent and can fluctuate significantly from period to period.

RGA uses a non-GAAP financial measure called adjusted operating return on equity, which is calculated as adjusted operating income divided by average shareholders’ equity excluding AOCI. Additionally, RGA uses a non-GAAP financial measure called book value per share excluding the impact of AOCI that management believes is important in evaluating the balance sheet in order to ignore the effects of unrealized amounts primarily associated with mark-to-market adjustments on investments and foreign currency translation. A reconciliation of shareholders’ equity before and after the impact of AOCI is presented in the appendix.



		Page 1

Reinsurance Group of America, Incorporated

2020 Notes

Name Change

In the fourth quarter of 2019, the Company changed the name of the Financial Reinsurance business within the U.S. and Latin America Financial Solutions segment to “Capital Solutions”. The name change better describes the product offerings for this part of the U.S. and Latin America Financial Solutions segment. This name change does not affect any previously or future reported results for the U.S. and Latin America Financial Solutions segment.

Financial Instruments - Credit Losses

Effective January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses. Under the new guidance, the Company records an allowance for credit losses on fixed maturity securities available-for-sale. Prior to the adoption, the Company recorded credit losses as a direct reduction in the amortized cost of the securities. The changes to disclosures related to the adoption are reflected in the Investments section of this quarterly financial supplement beginning on page 30.



		Page 2



Reinsurance Group of America, Incorporated
Financial Highlights

	Three Months Ended															Current Qtr vs. PY Quarter
(USD millions, except in force & per share data)	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
Net premiums	$	2,819		$	2,986		$	2,809		$	2,764		$	2,738		$	81
Net income (loss)	(88		)	235			263			202			170			(258		)
Adjusted operating income	89			219			256			211			167			(78		)
Return on equity - annualized	(3.4		)%	8.1		%	9.5		%	8.0		%	7.5		%	(10.9		)%
Return on equity - trailing 12 months	5.8		%	8.4		%	7.6		%	8.5		%	8.9		%	(3.1		)%
Adjusted operating return on equity (ex AOCI):
Annualized	4.3		%	10.5		%	12.6		%	10.6		%	8.5		%	(4.2		)%
Trailing 12 months	9.5		%	10.5		%	10.7		%	11.0		%	11.0		%	(1.5		)%
Total assets	$75,654			$76,731			$75,774			$72,044			$66,692			$8,962
Assumed Life Reinsurance In Force (in billions)
U.S. and Latin America Traditional	$	1,618.4		$	1,619.6		$	1,618.5		$	1,623.0		$	1,618.9		$	(0.5	)
U.S. and Latin America Financial Solutions	5.4			5.1			5.2			2.0			2.0			3.4
Canada Traditional	389.5			417.1			401.7			406.1			394.1			(4.6		)
Europe, Middle East and Africa Traditional	763.1			776.4			707.8			715.8			726.1			37.0
Asia Pacific Traditional	635.6			662.0			626.6			630.3			623.4			12.2
Asia Pacific Financial Solutions	0.4			—			—			—			0.1			0.3
Total assumed life reinsurance in force	$	3,412.4		$	3,480.2		$	3,359.8		$	3,377.2		$	3,364.6		$	47.8
Assumed New Business Production (in billions)
U.S. and Latin America Traditional	$	34.0		$	38.4		$	23.9		$	24.7		$	28.8		$	5.2
U.S. and Latin America Financial Solutions	—			—			3.2			—			—			—
Canada Traditional	12.2			14.9			8.1			9.0			8.4			3.8
Europe, Middle East and Africa Traditional	32.9			55.0			32.1			27.1			33.2			(0.3		)
Asia Pacific Traditional	15.7			20.2			31.0			9.6			8.9			6.8
Total assumed new business production	$	94.8		$	128.5		$	98.3		$	70.4		$	79.3		$	15.5
Per Share and Shares Data
Basic earnings per share
Net income (loss)	$	(1.41	)	$	3.75		$	4.19		$	3.23		$	2.70		$	(4.11	)
Adjusted operating income	$	1.43		$	3.49		$	4.09		$	3.36		$	2.66		$	(1.23	)
Diluted earnings per share (1)
Net income (loss) (1)	$	(1.41	)	$	3.68		$	4.12		$	3.18		$	2.65		$	(4.06	)
Adjusted operating income	$	1.41		$	3.43		$	4.02		$	3.31		$	2.61		$	(1.20	)
Wgt. average common shares outstanding
Basic	62,138			62,633			62,666			62,678			62,758			(620		)
Diluted	63,001			63,774			63,789			63,698			64,027			(1,026		)
Common shares issued	79,138			79,138			79,138			79,138			79,138			—
Treasury shares	17,492			16,482			16,529			16,380			16,594			898
Common shares outstanding	61,646			62,656			62,609			62,758			62,544			(898		)
Book value per share	$	150.88		$	185.17		$	184.06		$	170.64		$	154.61		$	(3.73	)
Per share effect of AOCI	$	18.33		$	50.07		$	52.04		$	42.10		$	28.23		$	(9.90	)
Book value per share, excluding AOCI	$	132.55		$	135.10		$	132.02		$	128.54		$	126.38		$	6.17

Stockholders’ dividends paid	$	43.6		$	43.9		$	43.9		$	37.6		$	37.7		$	5.9

(1) As a result of anti-dilutive impact, in periods of a loss, weighted average common shares outstanding (basic) are used in the calculation of diluted earnings per share.



		Page 3



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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2020			2019			2019			2019			2019			Quarter
Revenues:
Net premiums	$	2,819		$	2,986		$	2,809		$	2,764		$	2,738		$	81
Investment income, net of related expenses	594			677			679			584			580			14
Investment related gains (losses), net
Impairments and change in allowance for credit losses on fixed maturity securities	(34		)	(13		)	(9		)	—			(9		)	(25		)
Other investment related gains (losses), net	(251		)	35			58			12			17			(268		)
Total investment related gains (losses), net	(285		)	22			49			12			8			(293		)
Other revenue	76			100			91			107			94			(18		)
Total revenues	3,204			3,785			3,628			3,467			3,420			(216		)
Benefits and expenses:
Claims and other policy benefits	2,664			2,703			2,470			2,516			2,508			156
Interest credited	146			180			226			158			133			13
Policy acquisition costs and other insurance expenses	248			310			322			260			312			(64		)
Other operating expenses	195			234			210			222			202			(7		)
Interest expense	41			44			46			43			40			1
Collateral finance and securitization expense	6			6			7			8			8			(2		)
Total benefits and expenses	3,300			3,477			3,281			3,207			3,203			97
Income (loss) before income taxes	(96		)	308			347			260			217			(313		)
Provision for income taxes	(8		)	73			84			58			47			(55		)
Net income (loss)	$	(88	)	$	235		$	263		$	202		$	170		$	(258	)
Pre-tax adjusted operating income reconciliation:
Income (loss) before income taxes	$	(96	)	$	308		$	347		$	260		$	217		$	(313	)
Investment and derivative (gains) losses (1)	(68		)	30			(77		)	(22		)	13			(81		)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	230			1			(9		)	(5		)	2			228
GMXB embedded derivatives (1)	128			(47		)	42			18			(18		)	146
Funds withheld (gains) losses - investment income	(2		)	—			—			(1		)	6			(8		)
EIA embedded derivatives - interest credited	12			(10		)	36			18			2			10
DAC offset, net	(87		)	(4		)	(13		)	(3		)	(12		)	(75		)
Investment (income) loss on unit-linked variable annuities	16			1			(12		)	(3		)	(12		)	28
Interest credited on unit-linked variable annuities	(16		)	(1		)	12			3			12			(28		)
Interest expense on uncertain tax positions	4			4			9			2			3			1
Non-investment derivatives	(3		)	2			—			—			—			(3		)
Adjusted operating income before income taxes	$	118		$	284		$	335		$	267		$	213		$	(95	)


(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.



		Page 4



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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2020			2019			2019			2019			2019			Quarter
After-tax adjusted operating income reconciliation:
Net income (loss)	$	(88	)	$	235		$	263		$	202		$	170		$	(258	)
Investment and derivative (gains) losses (1)	(51		)	25			(61		)	(15		)	8			(59		)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)	182			—			(7		)	(4		)	2			180
GMXB embedded derivatives (1)	101			(37		)	33			14			(14		)	115
Funds withheld (gains) losses - investment income	(2		)	—			—			(1		)	5			(7		)
EIA embedded derivatives - interest credited	9			(8		)	28			14			2			7
DAC offset, net	(69		)	(3		)	(10		)	(3		)	(9		)	(60		)
Investment (income) loss on unit-linked variable annuities	13			—			(9		)	(3		)	(9		)	22
Interest credited on unit-linked variable annuities	(13		)	—			9			3			9			(22		)
Interest expense on uncertain tax positions	3			3			7			2			2			1
Non-investment derivatives	(2		)	2			—			—			—			(2		)
Uncertain tax positions and other tax related items	6			2			3			2			1			5
Adjusted operating income	$	89		$	219		$	256		$	211		$	167		$	(78	)


Wgt. average common shares outstanding (diluted)	63,001			63,774			63,789			63,698			64,027			(1,026		)

Diluted earnings per share - adjusted operating income	$	1.41		$	3.43		$	4.02		$	3.31		$	2.61		$	(1.20	)

Foreign currency effect on (2):
Net premiums	$	(33	)	$	(5	)	$	(35	)	$	(60	)	$	(79	)	$	46
Adjusted operating income before income taxes	$	(1	)	$	1		$	(2	)	$	(5	)	$	(9	)	$	8


(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.
(2) Compared to comparable prior year period.



		Page 5



Reinsurance Group of America, Incorporated
Consolidated Balance Sheets
(USD millions)
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
Assets
Fixed maturity securities, available-for-sale	$	48,555		$	51,121		$	49,481		$	46,189		$	41,738
Equity securities	112			320			135			147			90
Mortgage loans on real estate	6,014			5,706			5,647			5,405			5,118
Policy loans	1,314			1,319			1,290			1,320			1,312
Funds withheld at interest	5,258			5,662			5,614			5,696			5,730
Short-term investments	117			64			108			159			119
Other invested assets	2,542			2,363			2,215			2,122			2,007
Total investments	63,912			66,555			64,490			61,038			56,114
Cash and cash equivalents	2,820			1,449			2,636			2,288			2,020
Accrued investment income	510			493			520			470			443
Premiums receivable and other reinsurance balances	2,836			2,940			2,818			2,945			2,858
Reinsurance ceded receivables	889			904			863			851			815
Deferred policy acquisition costs	3,622			3,512			3,411			3,440			3,404
Other assets	1,065			878			1,036			1,012			1,038
Total assets	$	75,654		$	76,731		$	75,774		$	72,044		$	66,692

Liabilities and stockholders’ equity
Future policy benefits	$	29,521		$	28,672		$	27,086		$	26,996		$	25,977
Interest-sensitive contract liabilities	23,164			22,711			22,345			19,749			17,750
Other policy claims and benefits	5,854			5,711			6,147			6,136			5,911
Other reinsurance balances	596			557			513			513			517
Deferred income taxes	2,163			2,712			2,762			2,444			2,145
Other liabilities	1,505			1,188			1,406			1,481			1,278
Long-term debt	2,981			2,981			3,381			3,381			2,788
Collateral finance and securitization notes	569			598			610			635			656
Total liabilities	66,353			65,130			64,250			61,335			57,022

Stockholders’ equity:
Common stock, at par value	1			1			1			1			1
Additional paid-in-capital	1,942			1,937			1,928			1,920			1,906
Retained earnings	7,802			7,952			7,766			7,550			7,412
Treasury stock	(1,574		)	(1,426		)	(1,429		)	(1,404		)	(1,415		)
Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes	(223		)	(92		)	(157		)	(123		)	(147		)
Unrealized appreciation of securities, net of income taxes	1,426			3,299			3,472			2,816			1,964
Pension and postretirement benefits, net of income taxes	(73		)	(70		)	(57		)	(51		)	(51		)
Total stockholders’ equity	9,301			11,601			11,524			10,709			9,670
Total liabilities and stockholders’ equity	$	75,654		$	76,731		$	75,774		$	72,044		$	66,692

Total stockholders’ equity, excluding AOCI	$	8,171		$	8,464		$	8,266		$	8,067		$	7,904

See appendix for reconciliation of total stockholders' equity before and after impact of AOCI.



		Page 6



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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2020			2019			2019			2019			2019			Quarter
Revenues:
Net premiums	$	1,373		$	1,558		$	1,404		$	1,410		$	1,357		$	16
Investment income, net of related expenses	161			200			210			173			186			(25		)
Investment related gains (losses), net	(7		)	2			(10		)	(4		)	(6		)	(1		)
Other revenue	6			5			6			5			4			2
Total revenues	1,533			1,765			1,610			1,584			1,541			(8		)

Benefits and expenses:
Claims and other policy benefits	1,367			1,427			1,241			1,293			1,300			67
Interest credited	19			19			20			19			20			(1		)
Policy acquisition costs and other insurance expenses	175			195			201			180			176			(1		)
Other operating expenses	34			39			35			37			33			1
Total benefits and expenses	1,595			1,680			1,497			1,529			1,529			66

Income (loss) before income taxes	$	(62	)	$	85		$	113		$	55		$	12		$	(74	)

Loss and expense ratios:
Claims and other policy benefits	99.6		%	91.6		%	88.4		%	91.7		%	95.8		%	3.8		%
Policy acquisition costs and other insurance expenses	12.7		%	12.5		%	14.4		%	12.8		%	13.0		%	(0.3		)%
Other operating expenses	2.5		%	2.5		%	2.5		%	2.6		%	2.4		%	0.1		%

Foreign currency effect on (1):
Net premiums	$	—		$	1		$	—		$	—		$	(1	)	$	1
Income (loss) before income taxes	$	—		$	—		$	—		$	—		$	—		$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 7



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

	Three Months Ended															Current
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			Qtr vs. PY
	2020			2019			2019			2019			2019			Quarter
Revenues:
Net premiums	$	1,373		$	1,558		$	1,404		$	1,410		$	1,357		$	16
Investment income, net of related expenses	161			200			210			173			186			(25		)
Other revenue	6			5			6			5			4			2
Total revenues	1,540			1,763			1,620			1,588			1,547			(7		)

Benefits and expenses:
Claims and other policy benefits	1,367			1,427			1,241			1,293			1,300			67
Interest credited	19			19			20			19			20			(1		)
Policy acquisition costs and other insurance expenses	175			195			201			180			176			(1		)
Other operating expenses	34			39			35			37			33			1
Total benefits and expenses	1,595			1,680			1,497			1,529			1,529			66

Adjusted operating income (loss) before income taxes	$	(55	)	$	83		$	123		$	59		$	18		$	(73	)

Loss and expense ratios:
Claims and other policy benefits	99.6		%	91.6		%	88.4		%	91.7		%	95.8		%	3.8		%
Policy acquisition costs and other insurance expenses	12.7		%	12.5		%	14.4		%	12.8		%	13.0		%	(0.3		)%
Other operating expenses	2.5		%	2.5		%	2.5		%	2.6		%	2.4		%	0.1		%

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

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 8



Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive
GAAP Income Statements
(USD millions)

	Three Months Ended												Current Qtr
	March 31,			Dec. 31,			Sept. 30,		June 30,		March 31,		vs. PY
	2020			2019			2019		2019		2019		Quarter
Revenues:
Net premiums	$	12		$	11		$	12	$	9	$	7	$	5
Investment income, net of related expenses	233			272			254		204		197		36
Investment related gains (losses), net	(160		)	(1		)	58		17		1		(161		)
Other revenue	28			28			36		50		23		5
Total revenues	113			310			360		280		228		(115		)

Benefits and expenses:
Claims and other policy benefits	53			51			49		49		48		5
Interest credited	129			144			183		124		89		40
Policy acquisition costs and other insurance expenses	(38		)	28			21		25		19		(57		)
Other operating expenses	7			9			7		10		7		—
Total benefits and expenses	151			232			260		208		163		(12		)

Income (loss) before income taxes	$	(38	)	$	78		$	100	$	72	$	65	$	(103	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.



		Page 9



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

	Three Months Ended										Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		vs. PY
	2020		2019		2019		2019		2019		Quarter
Revenues:
Net premiums	$	12	$	11	$	12	$	9	$	7	$	5
Investment income, net of related expenses	232		272		254		203		203		29
Other revenue	25		28		36		50		23		2
Total revenues	269		311		302		262		233		36

Benefits and expenses:
Claims and other policy benefits	53		51		49		49		48		5
Interest credited	117		154		147		106		87		30
Policy acquisition costs and other insurance expenses	49		32		34		28		31		18
Other operating expenses	7		9		7		10		7		—
Total benefits and expenses	226		246		237		193		173		53

Adjusted operating income before income taxes	$	43	$	65	$	65	$	69	$	60	$	(17	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.



		Page 10



Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Asset-Intensive (continued)
(USD millions)

	Three Months Ended
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
Annuity account values:
Fixed annuities (deferred)	$	11,022		$	11,140		$	11,149		$	10,374		$	8,311

Net interest spread (fixed annuities)	1.4		%	1.5		%	1.4		%	1.5		%	1.6		%

Equity-indexed annuities	$	3,531		$	3,589		$	3,635		$	3,656		$	3,712

Variable annuities account values
No riders	$	718		$	711		$	1,471		$	1,486		$	702
GMDB only	762			837			160			164			164
GMIB only	20			23			22			22			22
GMAB only	3			4			4			4			5
GMWB only	937			1,123			1,100			1,127			1,132
GMDB / WB	232			278			272			278			281
Other	15			18			17			17			18
Total variable annuities account values	$	2,687		$	2,994		$	3,046		$	3,098		$	2,324

Fair value of liabilities associated with living benefit riders	$	291		$	163		$	210		$	168		$	150

Interest-sensitive contract liabilities associated with:

Guaranteed investment contracts	$	991		$	907		$	969		$	1,003		$	999

Bank-owned life insurance (BOLI)	$	2,435		$	2,459		$	2,452		$	602		$	599

Other asset-intensive business	$	128		$	130		$	133		$	133		$	136

Future policy benefits associated with:

Payout annuities	$	4,713		$	4,776		$	4,844		$	4,906		$	4,974



		Page 11



Reinsurance Group of America, Incorporated
U.S. and Latin America Financial Solutions - Capital Solutions
GAAP Income Statements
(USD millions)

	Three Months Ended											Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,			March 31,		vs. PY
	2020		2019		2019		2019			2019		Quarter
Revenues:
Investment income, net of related expenses	$	1	$	1	$	1	$	1		$	1	$	—
Other revenue	25		29		22		21			25		—
Total revenues	26		30		23		22			26		—

Benefits and expenses:
Policy acquisition costs and other insurance expenses	—		1		—		(1		)	6		(6		)
Other operating expenses	3		3		4		3			2		1
Total benefits and expenses	3		4		4		2			8		(5		)

Income before income taxes	$	23	$	26	$	19	$	20		$	18	$	5

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.



		Page 12



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

	Three Months Ended											Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,			March 31,		vs. PY
	2020		2019		2019		2019			2019		Quarter
Revenues:
Investment income, net of related expenses	$	1	$	1	$	1	$	1		$	1	$	—
Other revenue	25		29		22		21			25		—
Total revenues	26		30		23		22			26		—

Benefits and expenses:
Policy acquisition costs and other insurance expenses	—		1		—		(1		)	6		(6		)
Other operating expenses	3		3		4		3			2		1
Total benefits and expenses	3		4		4		2			8		(5		)

Adjusted operating income before income taxes	$	23	$	26	$	19	$	20		$	18	$	5

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.



		Page 13



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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2020			2019			2019			2019			2019			Quarter
Revenues:
Net premiums	$	260		$	276		$	271		$	264		$	255		$	5
Investment income, net of related expenses	49			52			53			51			49			—
Investment related gains (losses), net	(12		)	3			1			3			7			(19		)
Other revenue	(1		)	—			—			—			1			(2		)
Total revenues	296			331			325			318			312			(16		)

Benefits and expenses:
Claims and other policy benefits	220			235			216			206			200			20
Policy acquisition costs and other insurance expenses	45			56			57			57			54			(9		)
Other operating expenses	8			12			9			9			7			1
Total benefits and expenses	273			303			282			272			261			12

Income before income taxes	$	23		$	28		$	43		$	46		$	51		$	(28	)

Loss and expense ratios:
Claims and other policy benefits	84.6		%	85.1		%	79.7		%	78.0		%	78.4		%	6.2		%
Policy acquisition costs and other insurance expenses	17.3		%	20.3		%	21.0		%	21.6		%	21.2		%	(3.9		)%
Other operating expenses	3.1		%	4.3		%	3.3		%	3.4		%	2.7		%	0.4		%

Foreign currency effect on (1):
Net premiums	$	(3	)	$	—		$	(3	)	$	(9	)	$	(13	)	$	10
Income before income taxes	$	1		$	—		$	—		$	(2	)	$	(3	)	$	4

Creditor reinsurance net premiums	$	17		$	27		$	29		$	27		$	27		$	(10	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 14



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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2020			2019			2019			2019			2019			Quarter
Revenues:
Net premiums	$	260		$	276		$	271		$	264		$	255		$	5
Investment income, net of related expenses	48			52			53			51			49			(1		)
Investment related gains, net	2			2			2			2			1			1
Other revenue	(1		)	—			—			—			1			(2		)
Total revenues	309			330			326			317			306			3

Benefits and expenses:
Claims and other policy benefits	220			235			216			206			200			20
Policy acquisition costs and other insurance expenses	45			56			57			57			54			(9		)
Other operating expenses	8			12			9			9			7			1
Total benefits and expenses	273			303			282			272			261			12

Adjusted operating income before income taxes	$	36		$	27		$	44		$	45		$	45		$	(9	)

Loss and expense ratios:
Claims and other policy benefits	84.6		%	85.1		%	79.7		%	78.0		%	78.4		%	6.2		%
Policy acquisition costs and other insurance expenses	17.3		%	20.3		%	21.0		%	21.6		%	21.2		%	(3.9		)%
Other operating expenses	3.1		%	4.3		%	3.3		%	3.4		%	2.7		%	0.4		%

Foreign currency effect on (1):
Net premiums	$	(3	)	$	—		$	(3	)	$	(9	)	$	(13	)	$	10
Adjusted operating income before income taxes	$	1		$	(1	)	$	—		$	(2	)	$	(2	)	$	3

Creditor reinsurance net premiums	$	17		$	27		$	29		$	27		$	27		$	(10	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 15



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

	Three Months Ended												Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,			March 31,			vs. PY
	2020		2019		2019		2019			2019			Quarter
Revenues:
Net premiums	$	21	$	22	$	22	$	23		$	22		$	(1	)
Investment income, net of related expenses	1		1		1		—			1			—
Other revenue	2		4		1		1			1			1
Total revenues	24		27		24		24			24			—

Benefits and expenses:
Claims and other policy benefits	20		19		20		20			21			(1		)
Policy acquisition costs and other insurance expenses	—		1		—		1			—			—
Other operating expenses	1		—		1		(1		)	2			(1		)
Total benefits and expenses	21		20		21		20			23			(2		)

Income before income taxes	$	3	$	7	$	3	$	4		$	1		$	2

Foreign currency effect on (2):
Net premiums	$	—	$	—	$	—	$	(1	)	$	(1	)	$	1
Income before income taxes	$	—	$	—	$	—	$	—		$	—		$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.



		Page 16



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

	Three Months Ended												Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,			March 31,			vs. PY
	2020		2019		2019		2019			2019			Quarter
Revenues:
Net premiums	$	21	$	22	$	22	$	23		$	22		$	(1	)
Investment income, net of related expenses	1		1		1		—			1			—
Other revenue	2		4		1		1			1			1
Total revenues	24		27		24		24			24			—

Benefits and expenses:
Claims and other policy benefits	20		19		20		20			21			(1		)
Policy acquisition costs and other insurance expenses	—		1		—		1			—			—
Other operating expenses	1		—		1		(1		)	2			(1		)
Total benefits and expenses	21		20		21		20			23			(2		)

Adjusted operating income before income taxes	$	3	$	7	$	3	$	4		$	1		$	2

Foreign currency effect on (2):
Net premiums	$	—	$	—	$	—	$	(1	)	$	(1	)	$	1
Adjusted operating income before income taxes	$	—	$	—	$	—	$	—		$	—		$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Canada Financial Solutions operations includes longevity and fee-based transactions.
(2) Compared to comparable prior year period.



		Page 17



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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2020			2019			2019			2019			2019			Quarter
Revenues:
Net premiums	$	390		$	368		$	359		$	351		$	364		$	26
Investment income, net of related expenses	19			19			17			18			19			—
Other revenue	(2		)	1			2			1			1			(3		)
Total revenues	407			388			378			370			384			23

Benefits and expenses:
Claims and other policy benefits	334			300			297			296			312			22
Policy acquisition costs and other insurance expenses	30			30			27			28			29			1
Other operating expenses	26			35			29			30			27			(1		)
Total benefits and expenses	390			365			353			354			368			22

Income before income taxes	$	17		$	23		$	25		$	16		$	16		$	1

Loss and expense ratios:
Claims and other policy benefits	85.6		%	81.5		%	82.7		%	84.3		%	85.8		%	(0.2		)%
Policy acquisition costs and other insurance expenses	7.7		%	8.2		%	7.4		%	7.9		%	8.2		%	(0.5		)%
Other operating expenses	6.7		%	9.5		%	8.1		%	8.6		%	7.3		%	(0.6		)%


Foreign currency effect on (1):
Net premiums	$	(13	)	$	(4	)	$	(17	)	$	(23	)	$	(33	)	$	20
Income before income taxes	$	—		$	(1	)	$	(1	)	$	(1	)	$	(2	)	$	2

Critical illness net premiums	$	42		$	42		$	49		$	43		$	44		$	(2	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 18



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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2020			2019			2019			2019			2019			Quarter
Revenues:
Net premiums	$	390		$	368		$	359		$	351		$	364		$	26
Investment income, net of related expenses	19			19			17			18			19			—
Other revenue	(2		)	1			2			1			1			(3		)
Total revenues	407			388			378			370			384			23

Benefits and expenses:
Claims and other policy benefits	334			300			297			296			312			22
Policy acquisition costs and other insurance expenses	30			30			27			28			29			1
Other operating expenses	26			35			29			30			27			(1		)
Total benefits and expenses	390			365			353			354			368			22

Adjusted operating income before income taxes	$	17		$	23		$	25		$	16		$	16		$	1

Loss and expense ratios:
Claims and other policy benefits	85.6		%	81.5		%	82.7		%	84.3		%	85.8		%	(0.2		)%
Policy acquisition costs and other insurance expenses	7.7		%	8.2		%	7.4		%	7.9		%	8.2		%	(0.5		)%
Other operating expenses	6.7		%	9.5		%	8.1		%	8.6		%	7.3		%	(0.6		)%


Foreign currency effect on (1):
Net premiums	$	(13	)	$	(4	)	$	(17	)	$	(23	)	$	(33	)	$	20
Adjusted operating income before income taxes	$	1		$	(1	)	$	(1	)	$	(1	)	$	(2	)	$	3

Critical illness net premiums	$	42		$	42		$	49		$	43		$	44		$	(2	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 19



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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2020			2019			2019			2019			2019			Quarter
Revenues:
Net premiums	$	53		$	54		$	55		$	57		$	52		$	1
Investment income, net of related expenses	28			45			55			47			48			(20		)
Investment related gains (losses), net	(6		)	1			2			3			3			(9		)
Other revenue	3			10			5			7			6			(3		)
Total revenues	78			110			117			114			109			(31		)

Benefits and expenses:
Claims and other policy benefits	53			19			34			47			49			4
Interest credited	(17		)	(1		)	12			3			12			(29		)
Policy acquisition costs and other insurance expenses	1			10			—			1			1			—
Other operating expenses	11			10			10			11			9			2
Total benefits and expenses	48			38			56			62			71			(23		)

Income before income taxes	$	30		$	72		$	61		$	52		$	38		$	(8	)

Foreign currency effect on (2):
Net premiums	$	(1	)	$	—		$	(3	)	$	(3	)	$	(4	)	$	3
Income before income taxes	$	—		$	—		$	(3	)	$	(3	)	$	(3	)	$	3

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.



		Page 20



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

	Three Months Ended														Current Qtr
	March 31,			Dec. 31,		Sept. 30,			June 30,			March 31,			vs. PY
	2020			2019		2019			2019			2019			Quarter
Revenues:
Net premiums	$	53		$	54	$	55		$	57		$	52		$	1
Investment income, net of related expenses	44			46		43			44			36			8
Investment related gains (losses), net	—			—		—			—			—			—
Other revenue	3			12		5			7			6			(3		)
Total revenues	100			112		103			108			94			6

Benefits and expenses:
Claims and other policy benefits	53			19		34			47			49			4
Interest credited	(1		)	—		—			—			—			(1		)
Policy acquisition costs and other insurance expenses	1			10		—			1			1			—
Other operating expenses	11			10		10			11			9			2
Total benefits and expenses	64			39		44			59			59			5

Adjusted operating income before income taxes	$	36		$	73	$	59		$	49		$	35		$	1

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

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Europe, Middle East and Africa Financial Solutions operations includes longevity, asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.



		Page 21



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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2020			2019			2019			2019			2019			Quarter
Revenues:
Net premiums	$	636		$	659		$	656		$	606		$	647		$	(11	)
Investment income, net of related expenses	27			27			27			24			26			1
Other revenue	4			3			2			4			—			4
Total revenues	667			689			685			634			673			(6		)

Benefits and expenses:
Claims and other policy benefits	555			618			585			568			546			9
Policy acquisition costs and other insurance expenses	49			13			40			(12		)	51			(2		)
Other operating expenses	39			46			38			44			39			—
Total benefits and expenses	643			677			663			600			636			7

Income before income taxes	$	24		$	12		$	22		$	34		$	37		$	(13	)

Loss and expense ratios:
Claims and other policy benefits	87.3		%	93.8		%	89.0		%	93.7		%	84.5		%	2.8		%
Policy acquisition costs and other insurance expenses	7.7		%	2.0		%	6.1		%	(1.9		)%	7.8		%	(0.1		)%
Other operating expenses	6.1		%	7.0		%	6.1		%	7.0		%	6.1		%	—		%

Foreign currency effect on (1):
Net premiums	$	(16	)	$	(3	)	$	(12	)	$	(23	)	$	(27	)	$	11
Income before income taxes	$	(1	)	$	1		$	3		$	1		$	(2	)	$	1

Critical illness net premiums	$	256		$	266		$	294		$	243		$	252		$	4

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 22



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

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2020			2019			2019			2019			2019			Quarter
Revenues:
Net premiums	$	636		$	659		$	656		$	606		$	647		$	(11	)
Investment income, net of related expenses	27			27			27			24			26			1
Other revenue	4			3			2			4			—			4
Total revenues	667			689			685			634			673			(6		)

Benefits and expenses:
Claims and other policy benefits	555			618			585			568			546			9
Policy acquisition costs and other insurance expenses	49			13			40			(12		)	51			(2		)
Other operating expenses	39			46			38			44			39			—
Total benefits and expenses	643			677			663			600			636			7

Adjusted operating income before income taxes	$	24		$	12		$	22		$	34		$	37		$	(13	)

Loss and expense ratios:
Claims and other policy benefits	87.3		%	93.8		%	89.0		%	93.7		%	84.5		%	2.8		%
Policy acquisition costs and other insurance expenses	7.7		%	2.0		%	6.1		%	(1.9		)%	7.8		%	(0.1		)%
Other operating expenses	6.1		%	7.0		%	6.1		%	7.0		%	6.1		%	—		%

Foreign currency effect on (1):
Net premiums	$	(16	)	$	(3	)	$	(12	)	$	(23	)	$	(27	)	$	11
Adjusted operating income before income taxes	$	(1	)	$	1		$	3		$	1		$	(2	)	$	1

Critical illness net premiums	$	256		$	266		$	294		$	243		$	252		$	4

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 23



Reinsurance Group of America, Incorporated
Asia Pacific Financial Solutions (1)
GAAP Income Statements
(USD millions)

	Three Months Ended														Current Qtr
	March 31,			Dec. 31,		Sept. 30,			June 30,			March 31,			vs. PY
	2020			2019		2019			2019			2019			Quarter
Revenues:
Net premiums	$	74		$	38	$	30		$	44		$	34		$	40
Investment income, net of related expenses	17			15		10			11			10			7
Investment related gains (losses), net	(33		)	7		(1		)	(1		)	4			(37		)
Other revenue	10			8		7			5			7			3
Total revenues	68			68		46			59			55			13

Benefits and expenses:
Claims and other policy benefits	62			34		28			37			32			30
Interest credited	13			11		7			6			7			6
Policy acquisition costs and other insurance expenses	14			5		5			10			5			9
Other operating expenses	4			5		4			4			5			(1		)
Total benefits and expenses	93			55		44			57			49			44

Income (loss) before income taxes	$	(25	)	$	13	$	2		$	2		$	6		$	(31	)

Foreign currency effect on (2):
Net premiums	$	—		$	—	$	1		$	—		$	(1	)	$	1
Income (loss) before income taxes	$	2		$	—	$	1		$	—		$	—		$	2

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.



		Page 24



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

	Three Months Ended											Current Qtr
	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,			vs. PY
	2020		2019		2019		2019		2019			Quarter
Revenues:
Net premiums	$	74	$	38	$	30	$	44	$	34		$	40
Investment income, net of related expenses	17		15		10		11		10			7
Investment related gains, net	2		2		2		1		1			1
Other revenue	10		8		7		5		7			3
Total revenues	103		63		49		61		52			51

Benefits and expenses:
Claims and other policy benefits	62		34		28		37		32			30
Interest credited	13		11		7		6		7			6
Policy acquisition costs and other insurance expenses	14		5		5		10		5			9
Other operating expenses	4		5		4		4		5			(1		)
Total benefits and expenses	93		55		44		57		49			44

Adjusted operating income before income taxes	$	10	$	8	$	5	$	4	$	3		$	7

Foreign currency effect on (2):
Net premiums	$	—	$	—	$	1	$	—	$	(1	)	$	1
Adjusted operating income before income taxes	$	—	$	—	$	—	$	—	$	—		$	—

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Asia Pacific Financial Solutions operations includes asset-intensive and fee-based transactions.
(2) Compared to comparable prior year period.



		Page 25



Reinsurance Group of America, Incorporated
Corporate and Other
GAAP Income Statements
(USD millions)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2020			2019			2019			2019			2019			Quarter
Revenues:
Investment income, net of related expenses	$	58		$	45		$	51		$	55		$	43		$	15
Investment related gains (losses), net	(67		)	10			(1		)	(6		)	(1		)	(66		)
Other revenue	1			12			10			13			26			(25		)
Total revenues	(8		)	67			60			62			68			(76		)

Benefits and expenses:
Interest credited	2			7			4			6			5			(3		)
Policy acquisition costs and other insurance income	(28		)	(29		)	(29		)	(29		)	(29		)	1
Other operating expenses	62			75			73			75			71			(9		)
Interest expense	41			44			46			43			40			1
Collateral finance and securitization expense	6			6			7			8			8			(2		)
Total benefits and expenses	83			103			101			103			95			(12		)

Loss before income taxes	$	(91	)	$	(36	)	$	(41	)	$	(41	)	$	(27	)	$	(64	)

Foreign currency effect on (1):
Loss before income taxes	$	2		$	—		$	—		$	—		$	—		$	2

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 26



Reinsurance Group of America, Incorporated
Corporate and Other
Adjusted Operating Income Statements
(USD millions)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2020			2019			2019			2019			2019			Quarter
Revenues:
Investment income, net of related expenses	$	58		$	45		$	51		$	55		$	43		$	15
Investment related gains, net	1			2			1			—			3			(2		)
Other revenue	1			12			10			13			26			(25		)
Total revenues	60			59			62			68			72			(12		)

Benefits and expenses:
Interest credited	2			7			4			6			5			(3		)
Policy acquisition costs and other insurance income	(28		)	(29		)	(29		)	(29		)	(29		)	1
Other operating expenses	62			75			73			75			71			(9		)
Interest expense	37			40			37			41			37			—
Collateral finance and securitization expense	6			6			7			8			8			(2		)
Total benefits and expenses	79			99			92			101			92			(13		)

Adjusted operating loss before income taxes	$	(19	)	$	(40	)	$	(30	)	$	(33	)	$	(20	)	$	1

Foreign currency effect on (1):
Adjusted operating loss before income taxes	$	(1	)	$	—		$	—		$	—		$	—		$	(1	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.
(1) Compared to comparable prior year period.



		Page 27



Reinsurance Group of America, Incorporated
Summary of Segment GAAP Income
(USD millions)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2020			2019			2019			2019			2019			Quarter
U.S. and Latin America:
Traditional	$	(62	)	$	85		$	113		$	55		$	12		$	(74	)
Financial Solutions:
Asset Intensive	(38		)	78			100			72			65			(103		)
Capital Solutions	23			26			19			20			18			5
Total U.S. and Latin America	(77		)	189			232			147			95			(172		)
Canada:
Traditional	23			28			43			46			51			(28		)
Financial Solutions	3			7			3			4			1			2
Total Canada	26			35			46			50			52			(26		)
Europe, Middle East and Africa:
Traditional	17			23			25			16			16			1
Financial Solutions	30			72			61			52			38			(8		)
Total Europe, Middle East and Africa	47			95			86			68			54			(7		)
Asia Pacific:
Traditional	24			12			22			34			37			(13		)
Financial Solutions	(25		)	13			2			2			6			(31		)
Total Asia Pacific	(1		)	25			24			36			43			(44		)
Corporate and Other	(91		)	(36		)	(41		)	(41		)	(27		)	(64		)
Consolidated income (loss) before income taxes	$	(96	)	$	308		$	347		$	260		$	217		$	(313	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.



		Page 28



Reinsurance Group of America, Incorporated
Summary of Segment Adjusted Operating Income
(USD millions)

	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
U.S. and Latin America:
Traditional	$	(55	)	$	83		$	123		$	59		$	18		$	(73	)
Financial Solutions:
Asset Intensive	43			65			65			69			60			(17		)
Capital Solutions	23			26			19			20			18			5
Total U.S. and Latin America	11			174			207			148			96			(85		)
Canada:
Traditional	36			27			44			45			45			(9		)
Financial Solutions	3			7			3			4			1			2
Total Canada	39			34			47			49			46			(7		)
Europe, Middle East and Africa:
Traditional	17			23			25			16			16			1
Financial Solutions	36			73			59			49			35			1
Total Europe, Middle East and Africa	53			96			84			65			51			2
Asia Pacific:
Traditional	24			12			22			34			37			(13		)
Financial Solutions	10			8			5			4			3			7
Total Asia Pacific	34			20			27			38			40			(6		)
Corporate and Other	(19		)	(40		)	(30		)	(33		)	(20		)	1
Consolidated adjusted operating income before income taxes	$	118		$	284		$	335		$	267		$	213		$	(95	)

See appendix for reconciliation of GAAP income before income taxes to adjusted operating income before income taxes.



		Page 29



Reinsurance Group of America, Incorporated
Investments
(USD millions)

Cash and Invested Assets

	March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2020		2019		2019		2019		2019
Fixed maturity securities, available-for-sale (1)	$	48,555	$	51,121	$	49,481	$	46,189	$	41,738
Equity securities	112		320		135		147		90
Mortgage loans on real estate	6,014		5,706		5,647		5,405		5,118
Policy loans	1,314		1,319		1,290		1,320		1,312
Funds withheld at interest	5,258		5,662		5,614		5,696		5,730
Short-term investments	117		64		108		159		119
Other invested assets	2,542		2,363		2,215		2,122		2,007
Cash and cash equivalents	2,820		1,449		2,636		2,288		2,020
Total cash and invested assets	$	66,732	$	68,004	$	67,126	$	63,326	$	58,134

(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 securities (“Canadian government”), residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supernational and foreign government-sponsored enterprises (“Other foreign government”).



Investment Income and Yield Summary

	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
Average invested assets at amortized cost (1)	$	29,728		$	29,513		$	29,043		$	28,487		$	28,097		$	1,631
Net investment income (1)	$	299		$	330		$	344		$	307		$	310		$	(11	)
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost) (1)	4.08		%	4.55		%	4.83		%	4.38		%	4.49		%	(41) bps

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



		Page 30



Reinsurance Group of America, Incorporated
Investments
(USD millions)

Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses, and Estimated Fair Values of Fixed Maturity Securities

	March 31, 2020
	Amortized Cost		Allowance for Credit Losses		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total
Available-for-sale:
Corporate	$	29,203	$	26	$	1,294	$	977	$	29,494	60.8	%
Canadian government	2,793		—		1,445		1		4,237		8.7	%
RMBS	2,241		—		77		27		2,291		4.7	%
ABS	2,940		—		4		277		2,667		5.5	%
CMBS	1,841		—		24		56		1,809		3.7	%
U.S. government	1,398		—		244		—		1,642		3.4	%
State and political subdivisions	1,071		—		108		10		1,169		2.4	%
Other foreign government	5,133		7		233		113		5,246		10.8	%
Total fixed maturity securities	$	46,620	$	33	$	3,429	$	1,461	$	48,555	100.0	%



	December 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		% of Total		Impairments in AOCI
Available-for-sale:
Corporate	$	29,205	$	2,269	$	81	$	31,393	61.4	%	$	—
Canadian government	3,016		1,596		—		4,612		9.0	%	—
RMBS	2,339		62		3		2,398		4.7	%	—
ABS	2,973		19		14		2,978		5.8	%	—
CMBS	1,841		61		3		1,899		3.7	%	—
U.S. government	2,096		57		1		2,152		4.2	%	—
State and political subdivisions	1,074		93		3		1,164		2.3	%	—
Other foreign government	4,209		321		5		4,525		8.9	%	—
Total fixed maturity securities	$	46,753	$	4,478	$	110	$	51,121	100.0	%	$	—



		Page 31



Reinsurance Group of America, Incorporated
Investments
(USD millions)

Corporate Fixed Maturity Securities by Industry

	March 31, 2020							December 31, 2019
	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	$	5,365	$	5,447	18.6	%	A-	$	5,443	$	5,804	18.6	%	A-
Brokerage/asset managers/exchanges	775		780		2.6	%	A-	756		811		2.6	%	A-
Finance companies	299		269		0.9	%	BBB	241		255		0.8	%	BBB
Insurance	3,280		3,302		11.2	%	A-	3,178		3,429		10.9	%	A-
REITs	701		693		2.3	%	BBB+	716		760		2.4	%	A-
Other finance	559		565		1.9	%	A-	562		594		1.9	%	A-
Total financial institutions	$	10,979	$	11,056	37.5	%		$	10,896	$	11,653	37.2	%
Industrials
Basic	$	1,800	$	1,744	5.9	%	BBB	$	1,790	$	1,925	6.1	%	BBB
Capital goods	1,293		1,265		4.3	%	BBB	1,292		1,353		4.3	%	BBB
Communications	2,125		2,231		7.5	%	BBB+	2,126		2,346		7.5	%	BBB+
Consumer cyclical	1,467		1,447		4.9	%	BBB+	1,477		1,571		5.0	%	BBB+
Consumer noncyclical	2,909		3,087		10.4	%	BBB+	2,898		3,147		10.0	%	BBB+
Energy	1,895		1,726		5.9	%	BBB+	1,939		2,099		6.7	%	BBB+
Technology	1,002		1,051		3.6	%	A-	974		1,027		3.3	%	A-
Transportation	1,787		1,789		6.1	%	A-	1,791		1,919		6.1	%	A-
Other industrial	425		416		1.4	%	BBB+	405		416		1.3	%	BBB+
Total industrials	$	14,703	$	14,756	50.0	%		$	14,692	$	15,803	50.3	%
Utilities
Electric	$	2,752	$	2,868	9.7	%	A-	$	2,810	$	3,046	9.7	%	A-
Natural gas	415		435		1.5	%	A-	475		516		1.6	%	A-
Other utility	354		379		1.3	%	BBB+	332		375		1.2	%	A-
Total utilities	$	3,521	$	3,682	12.5	%		$	3,617	$	3,937	12.5	%
Total	$	29,203	$	29,494	100.0	%	BBB+	$	29,205	$	31,393	100.0	%	BBB+

(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 32

Reinsurance Group of America, Incorporated

Investments

(USD millions)



Ratings of Fixed Maturity Securities

		March 31, 2020						December 31, 2019						September 30, 2019						June 30, 2019						March 31, 2019
NAIC Designation (1)	Rating Agency Designation (2)	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	$	29,310	$	31,660	65.2	%	$	30,100	$	33,284	65.2	%	$	28,620	$	32,128	64.9	%	$	27,571	$	30,513	66.1	%	$	25,497	$	27,674	66.3	%
2	BBB	14,810		14,665		30.2	%	14,366		15,514		30.3	%	14,130		15,213		30.7	%	12,942		13,705		29.7	%	11,873		12,245		29.3	%
3	BB	1,877		1,727		3.6	%	1,706		1,748		3.4	%	1,586		1,611		3.3	%	1,389		1,408		3.0	%	1,319		1,319		3.2	%
4	B	509		452		0.9	%	514		518		1.0	%	443		444		0.9	%	490		495		1.1	%	420		422		1.0	%
5	CCC	101		41		0.1	%	36		23		—	%	30		29		0.1	%	15		16		—	%	13		14		—	%
6	In or near default	13		10		—	%	31		34		0.1	%	51		56		0.1	%	51		52		0.1	%	67		64		0.2	%
	Total	$	46,620	$	48,555	100.0	%	$	46,753	$	51,121	100.0	%	$	44,860	$	49,481	100.0	%	$	42,458	$	46,189	100.0	%	$	39,189	$	41,738	100.0	%

(1) Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting that meet the definition of SSAP No. 43R utilize the NAIC rating methodology.
All other securities will continue to utilize the NRSRO ratings, as available, or equivalent ratings based on information from the NAIC.
(2) The Rating Agency Designation includes all “+” or “-” at that rating level (e. g. “BBB” includes “BBB+”, “BBB”, and “BBB-”).



Structured Fixed Maturity Securities

	March 31, 2020						December 31, 2019						September 30, 2019						June 30, 2019						March 31, 2019
	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
RMBS
Agency	$	726	$	796	11.8	%	$	742	$	777	10.6	%	$	787	$	834	11.9	%	$	893	$	929	14.2	%	$	799	$	815	14.4	%
Non-agency	1,515		1,495		22.1	%	1,597		1,621		22.3	%	1,574		1,606		22.8	%	1,322		1,348		20.7	%	1,171		1,179		20.8	%
Total RMBS	2,241		2,291		33.9	%	2,339		2,398		32.9	%	2,361		2,440		34.7	%	2,215		2,277		34.9	%	1,970		1,994		35.2	%
ABS:
Collateralized loan obligations ("CLOs")	1,725		1,558		23.0	%	1,750		1,743		24.0	%	1,590		1,581		22.4	%	1,443		1,434		22.0	%	1,323		1,311		23.1	%
ABS, excluding CLOs	1,215		1,109		16.4	%	1,223		1,235		17.0	%	1,219		1,242		17.6	%	1,039		1,060		16.3	%	920		931		16.4	%
Total ABS	2,940		2,667		39.4	%	2,973		2,978		41.0	%	2,809		2,823		40.0	%	2,482		2,494		38.3	%	2,243		2,242		39.5	%
CMBS	1,841		1,809		26.7	%	1,841		1,899		26.1	%	1,698		1,782		25.3	%	1,687		1,747		26.8	%	1,405		1,432		25.3	%
Total	$	7,022	$	6,767	100.0	%	$	7,153	$	7,275	100.0	%	$	6,868	$	7,045	100.0	%	$	6,384	$	6,518	100.0	%	$	5,618	$	5,668	100.0	%



		Page 33



Reinsurance Group of America, Incorporated
Investments
(USD millions)

Gross Unrealized Losses Aging
Fixed Maturity Securities

	March 31, 2020				December 31, 2019				September 30, 2019				June 30, 2019				March 31, 2019
	Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total		Gross Unrealized Losses		% of Total
Less than 20%	$	1,052	72.0	%	$	76	69.1	%	$	76	74.5	%	$	73	76.1	%	$	208	90.5	%
20% or more for less than six months	409		28.0	%	20		18.2	%	10		9.8	%	22		22.9	%	21		9.1	%
20% or more for six months or greater	—		—	%	14		12.7	%	16		15.7	%	1		1.0	%	1		0.4	%
Total	$	1,461	100.0	%	$	110	100.0	%	$	102	100.0	%	$	96	100.0	%	$	230	100.0	%



		Page 34



Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost

	As of March 31, 2020
	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	$	9,666	$	729	$	93	$	18	$	9,759	$	747
Canadian government	—		—		6		1		6		1
RMBS	1,047		25		41		2		1,088		27
ABS	1,936		203		552		65		2,488		268
CMBS	913		52		21		1		934		53
U.S. government	—		—		—		—		—		—
State and political subdivisions	158		9		12		1		170		10
Other foreign government	1,813		94		7		4		1,820		98
Total investment grade securities	$	15,533	$	1,112	$	732	$	92	$	16,265	$	1,204

Below investment grade securities:
Corporate	$	1,106	$	219	$	66	$	11	$	1,172	$	230
ABS	15		9		—		—		15		9
CMBS	23		3		—		—		23		3
Other foreign government	150		13		7		2		157		15
Total below investment grade securities	$	1,294	$	244	$	73	$	13	$	1,367	$	257
Total fixed maturity securities	$	16,827	$	1,356	$	805	$	105	$	17,632	$	1,461



		Page 35



Reinsurance Group of America, Incorporated
Investments
(USD millions)

Fixed Maturity Securities Below Amortized Cost

	As of December 31, 2019
	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	$	1,936	$	29	$	293	$	7	$	2,229	$	36
Canadian government	—		—		—		—		—		—
RMBS	367		2		84		1		451		3
ABS	773		5		739		9		1,512		14
CMBS	253		3		—		—		253		3
U.S. government	49		1		—		—		49		1
State and political subdivisions	103		2		12		1		115		3
Other foreign government	278		4		—		—		278		4
Total investment grade securities	$	3,759	$	46	$	1,128	$	18	$	4,887	$	64

Below investment grade securities:
Corporate	$	220	$	38	$	100	$	7	$	320	$	45
Other foreign government	—		—		10		1		10		1
Total below investment grade securities	$	220	$	38	$	110	$	8	$	330	$	46
Total fixed maturity securities	$	3,979	$	84	$	1,238	$	26	$	5,217	$	110



		Page 36



Reinsurance Group of America, Incorporated
Investments
(USD millions)

Consolidated Investment Related Gains and Losses

	Three Months Ended															Current Qtr vs. PY Quarter
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2020			2019			2019			2019			2019
Fixed maturity securities available-for-sale:
Impairments and change in allowance for credit losses on fixed maturity securities	$	(34	)	$	(13	)	$	(9	)	$	—		$	(9	)	$	(25	)
Gain on investment activity	27			35			68			20			28			(1		)
Loss on investment activity	(8		)	(11		)	(13		)	(7		)	(19		)	11
Net gains (losses) on fixed maturity securities available-for-sale	(15		)	11			46			13			—			(15		)

Net gains (losses) on equity securities	(23		)	5			4			3			4			(27		)
Other impairment losses and change in mortgage loan provision	(13		)	—			(4		)	(6		)	(2		)	(11		)
Other non-derivative gain (loss), net	9			(1		)	4			5			5			4

Free-standing derivatives:
Credit default swaps	(24		)	8			2			5			15			(39		)
Interest rate swaps - non-hedged	106			(32		)	39			34			24			82
Foreign currency swaps - non-hedged	(13		)	4			1			(6		)	1			(14		)
Foreign currency swaps - hedged	(8		)	2			(2		)	(3		)	(1		)	(7		)
Financial futures	44			(16		)	—			(8		)	(22		)	66
CPI swaps	(40		)	6			(8		)	(7		)	(9		)	(31		)
Equity options	53			(12		)	—			(5		)	(23		)	76
Foreign currency forwards	(3		)	1			—			—			—			(3		)
Total free-standing derivatives	115			(39		)	32			10			(15		)	130

Embedded derivatives:
Modified coinsurance and funds withheld treaties	(230		)	(1		)	9			5			(2		)	(228		)
GMXB	(128		)	47			(42		)	(18		)	18			(146		)
Total embedded derivatives	(358		)	46			(33		)	(13		)	16			(374		)

Net gain (loss) on total derivatives	(243		)	7			(1		)	(3		)	1			(244		)

Total investment related gains (losses), net	$	(285	)	$	22		$	49		$	12		$	8		$	(293	)



		Page 37

Appendix



Reconciliations of GAAP to Non-GAAP Measures



		Page 38



Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2020			2019			2019			2019			2019			Quarter
U.S. & Latin America Traditional
Income (loss) before income taxes	$	(62	)	$	85		$	113		$	55		$	12		$	(74	)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	7			(2		)	10			4			6			1
Adjusted operating income (loss) before income taxes	$	(55	)	$	83		$	123		$	59		$	18		$	(73	)

U.S. & Latin America Asset-Intensive
Income (loss) before income taxes	$	(38	)	$	78		$	100		$	72		$	65		$	(103	)
Investment and derivative (gains) losses (1)	(191		)	45			(81		)	(26		)	21			(212		)
Change in value of modified coinsurance and
funds withheld embedded derivatives (1)	223			3			(19		)	(9		)	(4		)	227
GMXB embedded derivatives (1)	128			(47		)	42			18			(18		)	146
Funds withheld (gains) losses - investment income	(1		)	—			—			(1		)	6			(7		)
EIA embedded derivatives - interest credited	12			(10		)	36			18			2			10
DAC offset, net	(87		)	(4		)	(13		)	(3		)	(12		)	(75		)
Non-investment derivatives	(3		)	—			—			—			—			(3		)
Adjusted operating income before income taxes	$	43		$	65		$	65		$	69		$	60		$	(17	)

U.S. & Latin America Capital Solutions
Income before income taxes	$	23		$	26		$	19		$	20		$	18		$	5
Adjusted operating income before income taxes	$	23		$	26		$	19		$	20		$	18		$	5

Canada Traditional
Income before income taxes	$	23		$	28		$	43		$	46		$	51		$	(28	)
Investment and derivative (gains) losses (1)	14			(1		)	1			(1		)	(6		)	20
Investment income - non-operating FWAI	(1		)	—			—			—			—			(1		)
Adjusted operating income before income taxes	$	36		$	27		$	44		$	45		$	45		$	(9	)

Canada Financial Solutions
Income before income taxes	$	3		$	7		$	3		$	4		$	1		$	2
Adjusted operating income before income taxes	$	3		$	7		$	3		$	4		$	1		$	2

(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.



		Page 39





Reinsurance Group of America, Incorporated
Reconciliations of GAAP Income to Adjusted Operating Income
(USD millions)

	Three Months Ended															Current Qtr
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,			vs. PY
	2020			2019			2019			2019			2019			Quarter
Europe, Middle East and Africa Traditional
Income before income taxes	$	17		$	23		$	25		$	16		$	16		$	1
Adjusted operating income before income taxes	$	17		$	23		$	25		$	16		$	16		$	1

Europe, Middle East and Africa Financial Solutions
Income before income taxes	$	30		$	72		$	61		$	52		$	38		$	(8	)
Investment and derivative (gains) losses (1)	6			(1		)	(2		)	(3		)	(3		)	9
Investment (income) loss on unit-linked variable annuities	16			1			(12		)	(3		)	(12		)	28
Interest credited on unit-linked variable annuities	(16		)	(1		)	12			3			12			(28		)
Non-investment derivatives	—			2			—			—			—			—
Adjusted operating income before income taxes	$	36		$	73		$	59		$	49		$	35		$	1

Asia Pacific Traditional
Income before income taxes	$	24		$	12		$	22		$	34		$	37		$	(13	)
Adjusted operating income before income taxes	$	24		$	12		$	22		$	34		$	37		$	(13	)

Asia Pacific Financial Solutions
Income (loss) before income taxes	$	(25	)	$	13		$	2		$	2		$	6		$	(31	)
Investment and derivative (gains) losses (1)	35			(5		)	3			2			(3		)	38
Adjusted operating income before income taxes	$	10		$	8		$	5		$	4		$	3		$	7

Corporate and Other
Loss before income taxes	$	(91	)	$	(36	)	$	(41	)	$	(41	)	$	(27	)	$	(64	)
Investment and derivative (gains) losses (1)	68			(8		)	2			6			4			64
Interest expense on uncertain tax positions	4			4			9			2			3			1
Adjusted operating loss before income taxes	$	(19	)	$	(40	)	$	(30	)	$	(33	)	$	(20	)	$	1

(1) Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement.



		Page 40



Reinsurance Group of America, Incorporated
Reconciliations of Stockholders’ Equity to Stockholders’ Equity Excluding AOCI
(USD millions except per share data)

	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2020			2019			2019			2019			2019

Stockholders’ equity	$	9,301		$	11,601		$	11,524		$	10,709		$	9,670
Less effect of AOCI:
Accumulated currency translation adjustments	(223		)	(92		)	(157		)	(123		)	(147		)
Unrealized appreciation of securities	1,426			3,299			3,472			2,816			1,964
Pension and postretirement benefits	(73		)	(70		)	(57		)	(51		)	(51		)
Stockholders’ equity, excluding AOCI	$	8,171		$	8,464		$	8,266		$	8,067		$	7,904



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

	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
	2020			2019			2019			2019			2019

Book value per share	$	150.88		$	185.17		$	184.06		$	170.64		$	154.61
Less effect of AOCI:
Accumulated currency translation adjustments	(3.62		)	(1.46		)	(2.51		)	(1.96		)	(2.36		)
Unrealized appreciation of securities	23.14			52.65			55.46			44.87			31.41
Pension and postretirement benefits	(1.19		)	(1.12		)	(0.91		)	(0.81		)	(0.82		)
Book value per share, excluding AOCI	$	132.55		$	135.10		$	132.02		$	128.54		$	126.38



		Page 41



Missouri	1-11848	43-1627032
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)



☐	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))



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
6.20% Fixed-To-Floating Rate Subordinated Debentures due 2042	RZA	New York Stock Exchange
5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056	RZB	New York Stock Exchange



☐	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.




Exhibit No.		Exhibit
99.1		Press Release of Reinsurance Group of America, Incorporated dated May 5, 2020

99.2		Quarterly Financial Supplement for the quarter ended March 31, 2020

99.3		Earnings Presentation dated May 5, 2020

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




	REINSURANCE GROUP OF AMERICA, INCORPORATED

Date: May 5, 2020	By:	/s/ Todd C. Larson
		Todd C. Larson
		Senior Executive Vice President and Chief Financial Officer

Cover Document	May 05, 2020
Cover page.
Amendment Flag	false
Document Type	8-K
Document Period End Date	May 05, 2020
Entity Registrant Name	REINSURANCE GROUP OF AMERICA, INCORPORATED
Entity File Number	1-11848
Entity Tax Identification Number	43-1627032
Entity Incorporation, State or Country Code	MO
Entity Address, Address Line One	16600 Swingley Ridge Road
Entity Address, City or Town	Chesterfield
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63017
City Area Code	636
Local Phone Number	736-7000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000898174

Cover Entity Listings - NEW YORK STOCK EXCHANGE, INC. [Member]	May 05, 2020
RGA [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	RGA
Security Exchange Name	NYSE
RZA [Member]
Entity Information [Line Items]
Title of 12(b) Security	6.20% Fixed-To-Floating Rate Subordinated Debentures due 2042
Trading Symbol	RZA
Security Exchange Name	NYSE
RZB [Member]
Entity Information [Line Items]
Title of 12(b) Security	5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056
Trading Symbol	RZB
Security Exchange Name	NYSE



Item 7.01	Regulation FD Disclosure.