Making financial protection accessible to all 2023 Annual Review What sets RGA apart is the depth of our technical expertise, our strong and disciplined risk culture, and our relentless focus on creating success together with our clients. RGA 2023 Annual Review 1 What sets RGA apart is the depth of our technical expertise, our strong and disciplined risk culture, and our relentless focus on creating success together with our clients. Overview 2 Message from the CEO 3 Message from the Board Chair 4 6 Financial Overview Strategic Approach Worldwide Operations 8 Americas 10 Asia Pacific 12 EMEA Products and Solutions 14 Risk Solutions 16 18 Financial Solutions Investments Company Culture 20 Sustainability 22 Diversity, Equity, and Inclusion 25 Talent Development Leadership 26 Executive Committee 28 Board of Directors Appendix 30 Use of Non-GAAP Financial Measures 33 Forward-Looking Statements Strong financial performance as of December 31, 2023 Total Assets $97.6B Book Value Per Share Market Capitilazation rgaannualreview.com Visit our interactive 2023 Annual Review website for a closer look at a remarkable year at RGA. $138.39 $10.6B Message From the CEO Message From the Board Chair RGA 2023 Annual Review 2 RGA 2022 Annual Review 2 RGA 2023 Annual Review 3 Our vision is clear, our foundation is strong, and our commitment is unwavering. We are in the ideal position to reach our full enterprise potential, with fantastic opportunities ahead.” As a global leader providing a unique fusion of expert capabilities, RGA brings insights and solutions that matter. Trusted partner. Proven results. This isn’t just our tagline — it is the pledge we live by every day.” As we look back on a highly successful 2023, I am honored Most Admired Companies and was rated #1 by life and health As we look back over the past year, RGA’s record-breaking financial to greet you as the third CEO in RGA’s history and to lead this insurers on NMG Consulting’s Global All Respondents Business performance is a testament to the hard work, strategic foresight, extraordinary company. Capability Index for the 13th consecutive year. In addition, RGA’s and dedication to excellence from all our teams worldwide. During I want to first thank Anna Manning for her leadership over Board of Directors was selected as a winner in the 2023 National RGA’s 50th anniversary year, we strengthened our foundational the past seven years. She led RGA to new heights in financial Association of Corporate Directors (NACD) Diversity, Equity, and commitment to driving innovation, achieving results, and creating success, business growth, and industry leadership and set a Inclusion Awards. Such recognition reflects our company values long-term value for our clients, partners, and shareholders. visionary course for our future. It is humbling to follow in the and the trust our clients and partners place in us, which inspires Our values form the bedrock of every decision we make. In footsteps of Anna, and of her predecessor, Greig Woodring. our work every day. pursuing RGA’s purpose to make financial protection accessible Together with RGA’s talented global workforce, I am eager to As we embrace the possibilities of 2024, we recognize that to all, we innovate to reach the underserved and uphold the build on the special culture and growth engine we have created. our success is deeply rooted in our consultative platform principles of diversity and responsibility at every level of the We have much to be proud of. Our year-end financial results backed by a strong balance sheet, the diversity of our people organization. We were truly honored to be recognized by the exceeded expectations, we have delivered on our priority and the culture of care they embrace, our collaborative National Association of Corporate Directors (NACD) for our initiatives, and we have created strategic value for our clients, partnerships, and our purpose to make financial protection commitment to cultivating a diverse and inclusive culture. partners, and shareholders. The record growth in new business accessible to all. This framework is integral to our innovative At the end of 2023, Anna Manning retired as Chief Executive value, our proactive capital management strategies, and the solutions and the fulfillment of our clients’ goals. Officer (CEO). Her extraordinary leadership for the past seven relentless innovation within our diverse business lines position us Our vision is clear, our foundation is strong, and our years, her success in building upon RGA’s legacy, and her as pioneering industry leaders. commitment is unwavering. We are in the ideal position to reach strategic vision for our global enterprise have made RGA a My optimism for the future is fueled by ongoing success in our full enterprise potential, with fantastic opportunities ahead. stronger organization in every way. our areas of notable growth: longevity and pension risk transfer, Trusted partner. Proven results. That is RGA. As we embark Welcoming Tony Cheng as our President and CEO promises Asia traditional segment, Asia asset-intensive business, U.S. on the next 50 years, we are committed to building on this core an exciting new chapter for RGA. His deep understanding of our traditional segment, and the collective group of all our other identity and upholding this fundamental promise. business and passion for realizing this company’s full potential businesses. Our unwavering leadership across these areas is a reflection of RGA’s greatest strength: a consistent presence of market-leading teams that elevate our service to clients globally, distinguishing RGA in the industry. We intend to build on our strong momentum and create new growth opportunities across the organization. During our 50th anniversary year in 2023, our outstanding efforts were recognized by various industry organizations. RGA was named to Fortune magazine’s list of the World’s Tony Cheng President and Chief Executive Officer contributing to our success in 2023. Your efforts are essential, and I look forward to what we will achieve together in the years ahead. Stephen T. O’Hearn Board Chair make him the right person to lead RGA into the future and toward the many opportunities we see ahead. As a global leader providing a unique fusion of expert capabilities, RGA brings insights and solutions that matter. Trusted partner. Proven results. This isn’t just our tagline – it is the pledge we live by every day. I want to thank every member of our global RGA family for RGA 2023 Annual Review 4 RGA 2023 Annual Review 5 Financial Overview With a diversified global platform, well-balanced risk profile, and strong new business momentum across our diverse geographies and business lines, we are primed to capitalize on opportunities and deliver attractive returns to our shareholders.” Todd Larson Senior Executive Vice President, Chief Financial Officer In 2023, Reinsurance Group of America, Incorporated (NYSE: RGA) generated strong financial results, reporting record adjusted operating earnings per share of $19.88.* Outstanding performance across geographies and business lines produced $1.7 billion in pre-tax adjusted operating income* in 2023, representing an increase of 40% over 2022. RGA combines deep risk management expertise with a distinctive entrepreneurial spirit to create innovative solutions and strengthen the underlying earnings power of the business, producing total revenues of $18.6 billion, compared to $16.2 billion in 2022. Strong momentum and record value of new business drove attractive premium growth. Premiums totaled $15.1 billion, an increase of 16% on a constant currency basis over 2022, including $1.5 billion in premiums from U.S. pension risk transfer transactions. RGA’s capital and liquidity positions remain strong as we continue to actively deploy capital into attractive growth opportunities in our organic flow and in-force block transactions. In 2023, RGA deployed a record $933 million in capital into in-force transactions and returned $419 million of capital to shareholders through dividends and share repurchases. RGA repurchased $200 million of common shares and ended the year with an excess capital position of approximately $1.0 billion. In December 2023, RGA announced the launch of Ruby Reinsurance Company (Ruby Re), a Missouri-domiciled third-party life reinsurance company targeting U.S. asset-intensive business. In line with RGA’s long- term capital management strategy, Ruby Re provides RGA with access to alternative capital, expanding the organization’s capacity to provide attractive contract terms and to assume large in-force transactions that benefit RGA’s clients and Ruby Re investors alike. RGA introduced a new financial metric, the value of business subject to Long Duration Targeted Improvements (LDTI), that reflects the expected unrealized underwriting margins of our LDTI-subject business and illustrates the substantial expected long-term value of the business. In 2023, this metric increased to approximately $27 billion, a 15% year-over- year increase primarily due to strong new business activity. While the value metric does not consider investment income or general expenses, the underwriting margins are expected to significantly contribute to future earnings. This advancement in reporting reinforces RGA’s strategic approach to financial transparency and solidifies our commitment to cultivating enduring value for clients and shareholders. RGA’s financial strength, sound operating model, and diversified global platform drove extraordinary performance in 2023, a clear indicator of the organization’s robust momentum and earnings potential, and positions RGA for continued growth in the years to come. Operating Subsidiary Financial Strength Ratings RGA Reinsurance Company, RGA’s U.S.-based operating subsidiary, receives high ratings for its claims-paying ability based on the company’s financial condition and earnings. Its ratings as of December 31, 2023: S&P Global Ratings A.M. Best Company AA- Very Strong A+Superior Moody’s Investors Service A1Good RGA Americas Reinsurance Company, Ltd., RGA Atlantic Reinsurance Company Ltd., RGA Global Reinsurance Company, Ltd., RGA International Reinsurance Company dac, RGA Life and Annuity Insurance Company, RGA Life Reinsurance Company of Canada, RGA Reinsurance Company (Barbados) Ltd., RGA Reinsurance Company of Australia Limited, and RGA Worldwide Reinsurance Company, Ltd. each have a financial strength rating of AA- from S&P Global Ratings. Omnilife Insurance Company Limited has a financial strength rating of A+ from S&P Global Ratings. RGA Americas Reinsurance Company, Ltd., RGA Life and Annuity Insurance Company, Aurora National Life Assurance Company, RGA Atlantic Reinsurance Company Ltd., and RGA Life Reinsurance Company of Canada each have a financial strength rating of A+ from A.M. Best Company. Proven Strategy Delivers Record Results RGA, a Fortune 500 company, is a leading global provider of life reinsurance and financial solutions, with approximately $3.7 trillion of life reinsurance in force as of December 31, 2023. Net Premiums $ in billions Total Revenues $ in billions Total Assets $ in billions . 6 8 1 . 7 6 1 . 2 6 1 1 . 5 1 . 5 2 1 1 . 3 1 16 14 12 10 8 6 4 2 0 20 18 16 14 12 10 8 6 4 2 0 . 9 2 9 . 9 4 8 . 6 7 9 100 90 80 70 60 50 40 30 20 10 0 2021 2022 2023 2021 2021 2021 2021 2021 2021 Pre-Tax Adjusted Operating Income* $ in millions Adjusted Operating Earnings Per Share* Total Stockholders’ Equity, Excluding AOCI* $ in billions 9 9 6 , 1 7 1 2 , 1 1800 1600 1400 1200 1000 800 600 400 200 0 4 1 7 8 8 9 1 . 9 6 3 1 . 4 6 7 . 20 18 16 14 12 10 8 6 4 2 0 10 9 8 7 6 5 4 3 2 1 0 . 7 8 . 0 9 . 5 9 2021 2022 2023 2021 2021 2021 2021 2021 2021 *View “Use of Non-GAAP Financial Measures” RGA’s Quarterly Financial Supplement for the Fourth Quarter of 2023 Strategic Approach RGA 2023 Annual Review 6 Strategic Approach RGA 2023 Annual Review 7 In 2022, RGA launched and began executing a five-year enterprise growth strategy focused on delivering meaningful, long-term value to all our stakeholders. At the heart of the strategy is RGA’s purpose: to make financial protection accessible to all. The strategy consists of four pillars that articulate RGA’s future-focused mindset and outline a practical approach to successful execution. Create Combine product Deliver unique insights to gain Leverage underwriting, data, development, innovation, and competitive advantage and analytics, and digital expertise new reinsurance structures to leverage thought leadership to to grow markets open or expand markets drive growth Partner Broaden and deepen global, Foster third-party partnerships Strengthen leadership in regional, and local client to accelerate innovation, industry organizations to relationships to be the reinsurance partner of choice capabilities, and access to efficient capital actively promote and advance industry purpose Accelerate Prioritize high-growth, capability-driven opportunities that best fit risk appetites Prioritize opportunities that Capitalize on operating model recognize competitive to increase local markets’ differentiators and value responsiveness and agility proposition Sustain Pursue a balanced approach Foster an engaging and Act as a responsible global to in-force management, inclusive culture to attract and citizen by taking action portfolio optimization, and new retain diverse, world-class to address social and business generation talent environmental issues Worldwide Operations Americas RGA 2023 Annual Review 8 Worldwide Operations RGA 2023 Annual Review 9 Our trajectory is not just upward, but forward — propelling us toward a future rich with opportunity and success that builds on our proven strategy, innovation capabilities, and extraordinary talent to deliver sustained growth and industry leadership.” Ron Herrmann Executive Vice President, Head of Americas Principal business lines in the U.S. and Latin America, RGA’s largest operating segment, include individual life and health; group life, health, and disability; and asset-intensive, capital-solutions, and longevity reinsurance. RGA experts in the region also serve clients and the industry by providing leading life and health insurance insights. U.S. and Latin America Operations Net Premiums $ in millions Canada Operations Net Premiums $ in millions 4 4 5 8 , 9 9 2 6 , 6 5 6 6 , 900 800 700 600 500 400 300 200 100 0 4 8 2 , 1 4 1 3 , 1 5 0 3 , 1 1400 1200 1000 800 600 400 200 0 2021 2022 2023 2021 2022 2023 Life Reinsurance In Force as of December 31, 2023 2023 Total Revenues Life Reinsurance In Force as of December 31, 2023 2023 Total Revenues $1.7T $10.5B $494B $1.6B “ We stand by our commitment to serve as our clients’ trusted partner, delivering unique insights and capabilities that power their success.” Senan O’Loughlin Executive Vice President U.S. Individual Life “ With a solid foundation of client relationships and a proven strategy, we look to the future with confidence, ready to embrace the opportunities and meet the challenges of the evolving marketplace.” Jesús Spinola Chief Executive Officer RGA Latin America “ Our focus has always been to help our clients grow their business, because when they succeed, RGA succeeds together with them. Now more than ever, the Canada team is focused on progress and innovation to address the challenges and opportunities that lie ahead.” Dominic Hains President and Chief Executive Officer RGA Canada United States In 2023, U.S. operations generated robust business growth, powered by a commitment to innovation and to RGA’s purpose to make financial protection accessible to all. RGA’s experienced teams once again met mounting demand for services, delivering strong results across business lines and reinforcing our distinctiveness in a competitive landscape. Pre- tax adjusted operating income totaled $764 million*, representing a 28% increase from 2022, while total revenues reached $10.5 billion, a record high fueled by $8.5 billion in net premiums. The individual mortality team reviewed record-level facultative cases and continued to develop and provide digitized and automated underwriting solutions for clients. In the pursuit of continuous underwriting innovation, RGA announced a strategic investment and exclusive life and health reinsurance partnership with DigitalOwl. Enabled by advanced generative artificial intelligence technology, this initiative will automate the processing of numerous sources of structured and unstructured data and synthesize them into a comprehensive underwriting decision in an all-digital format. Consistent pricing, value-added services, and long-term client partnerships delivered strong results in the U.S. group business. To capitalize on growth in the U.S. healthcare reinsurance market, RGA explored product development opportunities in this evolving space. The enhanced Group RiskDimensions® suite of risk assessment and scoring solutions provides a consistent, compatible set of tools that, when used separately or in combination, delivers powerful pricing and underwriting insights to group insurers. The U.S. Individual Health segment generated solid results in 2023 and maintained a disciplined portfolio management strategy. RGA experts explored opportunities in the evolving long-term care marketplace, seeking innovative ways to serve the growing elderly population. The U.S. Global Financial Solutions (GFS) team delivered a strong performance in 2023, generating a record-high $451 million in pre-tax adjusted operating income.* The team maintained its market-leading position in creating innovative and highly tailored solutions to support longevity, asset-intensive, and capital-solutions transactions. Leveraging exceptional financial strength and global expertise, GFS entered the U.S. pension risk transfer market with the execution of three transactions in 2023. Latin America In a year characterized by economic and political changes, RGA Latin America surpassed expectations, generating solid growth in revenue over the previous year. This success is a testament to RGA Latin America’s unwavering dedication to client-centric growth, innovation, and long-term customer relationships in the region. RGA’s footprint expanded with key client partnerships across new markets in Latin America. Having now partnered with more than 120 *View “Use of Non-GAAP Financial Measures” insurance companies throughout the region, RGA Latin America continues to demonstrate the resilience and appeal of its product offerings, underlining a consistency in fostering trust and setting new standards of excellence in the industry. RGA also strengthened its leading position in the dynamic Mexican bancassurance market in 2023, and for the 13th consecutive year, insurers rated RGA #1 on NMG Consulting’s All Respondents Business Capability Index in Mexico. The health reinsurance segment in Latin America witnessed growth in revenue year-over-year, reflecting RGA’s technical expertise and ongoing commitment to developing innovative health solutions. Canada In 2023, RGA Canada maintained its position as a recognized market leader and generated total revenues of $1.6 billion, producing $143 million in pre- tax adjusted operating income*. RGA Canada ended the year with $494 billion in individual life reinsurance in force, strengthening its position as the reinsurer with the highest amount of in-force individual life insurance business in the market. In 14 of the past 15 surveys (including 2023), insurers in Canada rated RGA #1 on NMG Consulting’s All-Respondents Business Capability Index. In 2023, RGA Canada celebrated not only sustained business excellence but also a historic underwriting milestone: More than 31 years after the first case was underwritten, RGA Canada reviewed its one millionth facultative case in December 2023. This landmark event underscores RGA’s commitment to tailored risk assessment and client-centric service in the Canadian insurance market. The group reinsurance unit built upon its proven, relationship-focused strategic approach to better understand client needs and drive business expansion, solidifying its leadership position with a leading share of the ceded premiums in the Canadian market. RGA Canada collaborated with Global Financial Solutions (GFS) and experienced a record year for capital-solutions transactions, providing efficient capital relief to improve profitability metrics. RGA also executed its first-ever mass lapse shock absorber transaction in North America, expanding the unit’s offerings in the Canadian marketplace. 2023 marked the first year of IFRS 17 reporting in Canada and RGA remained at the forefront of the industry, helping insurers navigate the complexities of the new accounting framework. Expert discussions led to deeper understanding of the impacts of the new regulatory landscape and ways to improve results through reinsurance transactions. In recognition of efforts to invest in employee wellbeing and create an inclusive, supportive workplace, RGA earned the prestigious designation as one of Greater Toronto’s Top Employers for 2024, the benchmark for workplace best practices in the area. Worldwide Operations RGA 2023 Annual Review 10 Worldwide Operations RGA 2023 Annual Review 11 Our relentless innovation and deep commitment to our clients position us to redefine the landscape of reinsurance and financial protection in the region. Together, we will expand our boundaries and create long-term value, ensuring that every interaction with RGA is a step toward a more secure and successful future for all our stakeholders.” “ Our future success hinges on the long-term partnerships we develop and maintain with our clients, as we remain dedicated to understanding and meeting their evolving needs with agility and expertise.” “ We are committed to advancing our capabilities to not only lead the market but to redefine what’s possible in reinsurance, ensuring sustainable growth and exceptional value for our partners and clients.” Carmony Wong Senior Vice President,Southeast Asia Markets, and Chief Executive Officer, Hong Kong Jason Zhang Senior Vice President Head of China Market “ As the insurance landscape evolves, we stand alongside our partners and work with them to create bespoke solutions that address unique market challenges. This year’s accomplishments are milestones on our journey to shape a resilient future for our clients, backed by RGA’s global strength and local expertise.” Michael Shin Chief Executive Officer, RGA Korea, Senior Vice President, Japan, and Chief Marketing Officer, Asia Asia Pacific Arthur Ozeki Executive Vice President Head of Asia Pacific Asia Pacific operations serve clients throughout the region from offices in Australia, China, Hong Kong, India, Japan, Malaysia, New Zealand, Singapore, South Korea, and Taiwan. Primary reinsurance products include individual and group life, living benefits, health, high net worth, Retakaful, superannuation, annuity, and financial solutions. Asia Pacific Net Premiums $ in millions Life Reinsurance In Force as of December 31, 2023 3500 3000 2500 2000 1500 100 500 0 2 4 8 2 , 6 8 8 2 , 3 0 0 3 , 2021 2022 2023 $529B 2023 Total Revenues $3.7B While also expanding underwriting capabilities, RGA Taiwan delivered a market-first cancer product to address the evolving needs of a rapidly aging population, which became the most popular and successful senior product in the market. In Southeast Asia, RGA developed a first-in-market all-cause medical reimbursement product post-CI diagnosis for a Thai insurer and launched an outpatient cancer treatment solution in partnership with a Singaporean insurer. In India, RGA blended term and saving plans to create a high-sum assured unit-linked insurance plan. In Japan, product development support for preferred mortality rates on a decreasing term product helped reduce risks and improve the internal rate of return for a major life insurer client. The Asia Pacific Global Financial Solutions (GFS) team delivered a stellar performance in 2023, generating pre-tax adjusted operating income of $212 million*, a 32% increase from 2022. Clients’ need for capital optimization and regulatory compliance propelled the demand for GFS offerings. Noteworthy achievements include a large asset-intensive transaction with a Japanese insurer and a coinsurance offering with a major insurer in Hong Kong, reinforcing RGA’s market-leading position as a trusted partner in providing effective and innovative financial solutions. RGA’s continued disciplined approach in Australia and New Zealand focused on improving the sustainability of individual disability income, both within the business and across the market in 2023. In response to client needs in the region, RGA continued to develop and test innovative claims solutions while ensuring that RGA’s infrastructure is well-aligned with its growth vision. Asia Pacific Asia Pacific operations delivered a record year in 2023, generating pre-tax adjusted operating income of $585 million.* RGA’s strategy, built upon a strong foundation of regional diversification, targeted product development, and client-centric solutions, drove significant outperformance of expected financial outcomes. With nearly 50% growth in income over 2022 and a robust new business pipeline, RGA is well positioned for continued business expansion and market leadership in the region. As RGA celebrated its 50th anniversary globally, 2023 also marked close to three decades for RGA in the Asia Pacific region. In recognition of RGA’s commitment to innovation and client collaboration across Asia, RGA was named “Life Reinsurer of the Year” by both Asia Insurance Review and InsuranceAsia News and was rated #1 by insurers in Asia on NMG Consulting’s 2023 All Respondents Business Capability Index. Demonstrating exceptional adaptability, RGA focused on innovative product development and strategic partnerships, addressing the diverse needs of the expansive region. In Hong Kong, working with a major insurer, the team developed a participating critical illness (CI) solution that became the client’s top-selling product. The product’s first-in-market features provide protection from newborn to senior ages, including benefits for severe newborn jaundice, juvenile respiratory and skin disorders, postpartum depression, and more. Similarly, collaborative efforts in China led to the launch of a local leading health insurer’s first simplified issue (SI) medical reimbursement product, providing new paths to growth in a competitive landscape. A testament to RGA’s commitment to delivering future-ready solutions, South Korea’s simplified issue expansion project (SEP), a market-first data-driven automated underwriting solution for SI products, was named “Innovation of the Year” at the 27th Asia Insurance Industry Awards. Amid accelerating digital transformation, this project exemplifies RGA’s approach to utilizing advanced technology to streamline underwriting and increase new business sales, extending insurance coverage to people with mild medical conditions. In addition, the South Korea team implemented its first-ever solution that combines traditional reinsurance with capital relief to improve the client’s solvency ratio. *View “Use of Non-GAAP Financial Measures” Worldwide Operations RGA 2023 Annual Review 12 Worldwide Operations RGA 2023 Annual Review 13 With an active pipeline, a proven strategy, and a focus on innovative financial solutions, we are well positioned to experience robust growth in the region, while creating sustainable value for our clients and stakeholders.” “ We‘re focused on long-term opportunities, capitalizing on our local expertise and global insights, to meet the unique needs of clients and consumers in Continental Europe.” Adriano de Matteis Managing Director Continental Europe “ We’re more committed than ever to empowering our clients with innovative solutions and expanding financial protection to underserved populations.” Michael Porter Managing Director South Africa EMEA Simon Wainwright Executive Vice President Head of EMEA RGA Europe, Middle East, and Africa (EMEA) supports clients from offices in France, Germany, Ireland, Italy, the Netherlands, Poland, South Africa, Spain, the United Arab Emirates, and the United Kingdom. Primary areas of focus include individual and group life, credit life and living benefits, health, longevity, asset-intensive, and capital solutions. EMEA Net Premiums $ in millions Life Reinsurance In Force as of December 31, 2023 2500 2000 1500 1000 500 0 8 8 0 2 , 2 2 2 2 , 3 3 2 2 , 2021 2022 2023 $960B 2023 Total Revenues $2.5B RGA South Africa secured a number of new business wins in 2023 that promise to expand insurance inclusivity and change the way the market’s end-consumers access financial protection. Leveraging RGA’s extensive data analytics capability and global network of experts, the team built an industry-leading pricing model in response to a client’s urgent needs. An underwriting innovation utilizing Aura Next, RGA’s automated underwriting decision management platform, improved customer experience and speed of policy acceptance. For the 14th consecutive year, insurers rated RGA #1 on NMG Consulting’s All Respondents Business Capability Index in South Africa. RGA Middle East also garnered prestigious industry recognition in 2023 and, for the second consecutive year, was rated #1 by insurers on NMG Consulting’s BCI and named “Life Reinsurer of the Year” at the Middle East Insurance Industry Awards. In a competitive market, RGA stood out for the hard work, technical support, and wide range of solutions provided to clients by its dedicated teams in the region. EMEA RGA EMEA enjoyed a successful year across multiple business lines, generating $335 million in pre-tax adjusted operating income, compared to $290 million in 2022.* Capitalizing on a talented network of experts and access to new data and technologies, RGA partnered with clients to develop innovative solutions while expanding product offerings and the enterprise’s regional footprint. As RGA celebrated its 50th anniversary globally, 2023 also marked the 25th anniversary of RGA UK, one of the company’s largest markets with over $1 billion in annual premiums. RGA’s Global Financial Solutions (GFS) segment in the region reported a record year and ended 2023 with a robust new business pipeline. In the U.K., with pension schemes seeking to offload risk to insurers, the team executed some of the largest pension risk transfer transactions in the market. Leveraging years of experience helping clients in the region manage mass lapse risk, RGA expanded its capital-solutions offerings to France and Italy. The GFS team also worked to extend RGA’s asset-intensive reinsurance business in Continental Europe, and in February 2024 announced a milestone €900 million transaction with a leading insurer’s subsidiary in Belgium. A deep understanding of each client’s specific capital and investment needs, as well as extensive knowledge of local markets and global best practices, positions RGA to find solutions that improve capital efficiency and promote long-term stability and growth. The traditional reinsurance segment continued to deliver market-leading support for clients in the region. RGA’s re-platformed electronic underwriting system for annuities helped acquire more clients and increased interest in adjacent product lines, such as lifetime mortgages. Aura UWPal, RGA’s digital underwriting engine, expanded services in the Netherlands, improving clients’ underwriting efficiency and performance and incorporating the latest medical insights. The solution was developed to support an easy and cost-effective way for clients to enter the market in the EMEA region. *View “Use of Non-GAAP Financial Measures” Products and Solutions RGA 2023 Annual Review 14 Products and Solutions RGA 2023 Annual Review 15 Risk Solutions Building on decades of experience as an industry leader, RGA helps insurers worldwide profitably manage risk in the traditional life and health reinsurance space. RGA’s global network of experts delivers tailored solutions to meet the specific needs of clients and partners. 2023 Net Premiums 20% Net Premiums Growth 30-year CAGR since IPO, 1993-2023 +13.1% 15% $15.1B 56% 9% U.S. and Latin America - $8.5 billion Canada - $1.3 billion EMEA - $2.2 billion Asia Pacific - $3.0 billion “ We are dedicated to moving the industry forward through innovative automated underwriting solutions, providing customized support for our clients and driving efficiency and business success.” “ I’m elated by our teams’ innovative spirit, commitment to excellence, and dedication to bring unparalleled client solutions to market, driving a brighter future for the industry.” Tonya Blackmore Head of Aura and Global Digital Underwriting Dean Abbott Senior Vice President Head of Group Re and Latin America “ We achieved robust growth across all regions, while successfully penetrating new markets in Continental Europe and Latin America. Notably, pivotal projects in the Middle East and the U.S. are reaching maturity, presenting dynamic opportunities to further support our clients as we step into 2024.” John Rutherford Senior Vice President Head of Global Health Individual Mortality A trusted partner for facultative underwriting, actuarial expertise, and product development capabilities, RGA remained a global leader in mortality risk management in 2023, ending the year with $3.7 trillion in life reinsurance in force. RGA’s comprehensive portfolio of mortality reinsurance products includes individual and group-issued term life, whole life, universal life, and joint and last survivor life, among other coverages developed to meet market needs. In 2023, RGA prioritized its data operating model, data governance, technology, and new generative AI applications to modernize processes and empower people. The new framework harnesses the power of data and analytics to increase productivity and derive data-driven insights. RGA’s underwriting teams reviewed approximately 225,000 facultative cases worldwide. The RGA Global Underwriting Manual (GUM) was accessed by more than 650 companies, and GUM’s Precision Calculator returned more than 715,000 results. The RGA Precision Calculator considers interactions between various medical risk factors and improves underwriting outcome competitiveness while maximizing underwriting efficiency and decision consistency. Aura Next, RGA’s automated underwriting decision management platform, continued its expansion by serving new clients across six markets in 2023. In EMEA, RGA introduced Aura UWPal to small-to- medium-sized insurers and distributors throughout the region. The mobile-first solution utilizes RGA’s underwriting expertise, behavioral science, and business intelligence to support direct-to-consumer sales. RGA’s claims teams provided quality and timely decisions consistent with RGA’s global claims philosophy. Users of the RGA Global Claims Manual/Guide viewed more than 30,000 pages of content, including best practice guides, medical information and definitions, and knowledge checks across an array of benefit types. TAI (Tindall Associates Inc.), an RGA subsidiary and reinsurance administration software and services provider, spent the year preparing market launches across Asia and Australia to build on an existing customer base in North America, the U.K., and South Africa. TAI is committed to integrating cutting-edge technology with reinsurance expertise and is on a trajectory to become the reinsurance administration standard around the globe. Group Reinsurance In 2023, RGA’s group reinsurance services provided comprehensive solutions in life, disability, healthcare, and other coverages. The Group Re team collaborated with a group insurer in New Zealand to develop a flexible employee insurance offering that enables individuals to change their level of cover (life, income, and trauma) with streamlined underwriting as they move through various life stages. In South Africa, leveraging the strength of a group insurer client and a digital distribution partner, RGA helped launch a suite of group products, opening a new market segment for the insurer. Within disability insurance, RGA’s behavioral science team studied the challenge of collecting information related to a claimant’s occupational duties as part of the disability claims journey. The research uncovered behavioral science-backed enhancements to claims forms, improving not only the quality of the information received but also the experience of claimants and assessors. To capitalize on growth in the U.S. healthcare reinsurance marketplace, RGA explored emerging product development opportunities. The U.S. Group Re team continued to enhance its Group RiskDimensions® offering to deliver powerful pricing and underwriting insights to group insurers. RGA’s ROSE® Consulting Group, a reinsurance-based cost and medical management consulting program, worked closely with clients and brokers to address challenges brought by new therapies, including gene therapy and specialty drugs. The team utilized clients’ claims data to identify excessive claims payments and generate cost savings for clients and RGA. The ROSE team also shared thought leadership on timely healthcare topics via webinars, informative newsletters, presentations at national conferences, and one-on-one consultations throughout the year. Health and Medical RGA expanded its health and medical footprint globally through value-added services and specialist health expertise covering multiple disciplines. These efforts fueled improvements across the insurance value chain, including enhancements in product development, underwriting, actuarial assessment, data and analytics, and claims management. In 2023, RGA expanded on its existing suite of health reinsurance products that include cash plans, comprehensive medical coverage, employer self-funded solutions, and international private medical insurance (PMI) and via its health experts developed innovative solutions tailored to the senior demographic, introduced new mental health coverages, and integrated lifestyle factors into the assessment of medical expenses, providing a more nuanced approach to healthcare management. RGA’s experienced physicians and medical experts supported underwriting, claims, product development, and pricing decisions throughout the year, while delivering insights to clients via conference presentations and thought leadership content. Topics ranged from climate change’s health implications and the impact of AI on insurance to substance use disorder and new approaches to critical illness coverage. In response to an evolving healthcare landscape, RGA produced guidance materials for clients that delve into the financial implications of emerging medical technologies, such as gene therapies, pharmaceuticals, and experimental treatments. The resulting insights equipped clients to navigate the complexities of modern healthcare expenditures more effectively. Products and Solutions RGA 2023 Annual Review 16 Products and Solutions RGA 2023 Annual Review 17 Financial Solutions RGA’s Global Financial Solutions (GFS) team serves as a trusted partner, respected leader, and first-to-mind solutions provider for clients’ largest and most complex risk and capital needs. In 2023, strong performance across all regions and product lines, including asset-intensive, longevity, and capital solutions, produced a record-high $1 billion in pre-tax adjusted operating income.* 2023 GFS Pre-Tax Adjusted Operating Income (PTAOI) $1B* Product Line Breakdown by PTAOI 29% 9% 62% Asset-intensive Capital Solutions Longevity Economic, regulatory, and demographic changes drove exceptional global demand for RGA’s innovative financial solutions in 2023. The GFS team’s comprehensive solution set, long-term partnership approach, and biometric risk management expertise helped RGA successfully deliver on key strategic priorities: • Growing the asset-intensive business globally • Expanding into new longevity and pension risk transfer markets • Further developing targeted capital solutions With a creative and innovative mindset and a reputation for execution certainty, as well as established credibility with regulators, RGA is an industry leader in structuring transactions for clients that optimize capital and mitigate long-term risk. In 2023, GFS developed customized financial solutions across all product lines: asset-intensive, longevity, and capital solutions. RGA’s asset- intensive business enables clients to manage asset-related risk efficiently, to optimize available capital, and to improve the performance of savings and retirement products. Longevity transactions help reduce exposure to longevity risk with longevity swap reinsurance treaties or pension risk transfer solutions. The capital-solutions business provides remote-risk protection, allowing clients to better manage regulatory capital and meet solvency requirements. “ The groundwork laid in the U.S. PRT market in 2023 provides confidence in what the future holds. RGA is poised to stand out as a distinct and highly successful leader in this space.” Quentin Marsh Senior Vice President GFS North America “ We anticipate reinsurance will achieve greater market penetration and become even more integral to our clients’ local insurance operations in the Asia Pacific region, and we are ready to continue creating new paths to growth for our clients and partners.” “ We’re well positioned for growth in the region and remain dedicated to creating innovative financial solutions that cater to the dynamic needs of our clients.” Cormac Galvin Senior Vice President GFS EMEA Gaston Nossiter Senior Vice President GFS Asia Pacific Regional highlights from 2023 include: North America 2023 was a pivotal year for GFS North America, marked by significant achievements across various lines of business. Generating pre-tax adjusted operating income of $451 million,* the U.S. and Latin America team maintained its market-leading position in creating innovative and highly tailored solutions to support longevity, asset-intensive, and capital-solutions transactions. With more than 15 years of longevity experience globally, GFS entered the U.S. pension risk transfer (PRT) market by executing three transactions in 2023. This achievement marks a vital step in RGA’s long-term strategy and positions the company for continued growth as plan sponsors seek attractive de-risking solutions for their pension plans. Backed by a strong foundation built on long-term commitments and trust from clients, RGA is set to meet the growing needs of the PRT market, providing financial strength, unique investment capabilities, and execution certainty. In 2023, GFS saw progress in capital-solutions business as clients sought structured reinsurance solutions to help meet regulatory requirements, free up capital from redundant reserves, and grow their businesses in the region. Working closely with RGA’s Investments team, the asset-intensive line also produced a strong year in 2023. Customized transactions enabled clients to reduce capital strain from, and improve returns on, savings- and retirement-oriented products, including payout annuities, interest-sensitive life insurance, and fixed and variable annuities. Since entering the U.S. stable value market in 2012, RGA has provided wrap coverage for 401(k) and other defined contribution plans. As of December 31, 2023, the notional amount of RGA’s stable value wrap portfolio totaled $16.1 billion, and RGA remains committed to the market and the growth potential in this space. In Canada, GFS generated $52 million in pre-tax adjusted operating income*, continuing to draw upon the division’s collective expertise and local market knowledge to implement innovative financial solutions. During a successful year for capital-solutions transactions, RGA provided efficient capital relief to improve profitability. This year also marked the execution of RGA’s first-ever lapse shock absorber transaction in North America, and the expansion of the unit’s offerings in the Canadian marketplace. Asia Pacific GFS Asia Pacific built on its upward trajectory with exceptional results in 2023, generating $212 million in pre-tax adjusted operating income,* a 32% increase compared to 2022. These positive results underscore RGA’s commitment to maintaining momentum gained in recent years. Ongoing *View “Use of Non-GAAP Financial Measures” regulatory shifts and an active interest rate environment produced increased client demand for sophisticated financial solutions. Building on its leading position in the Asia market, RGA expanded its client base with the execution of the first large asset-intensive transaction with a Japanese mutual insurer in 2023. Pioneering work to develop new products and reinsurance solutions continued across the region, including in Hong Kong, where RGA partnered with a major insurer to develop innovative products for high net worth consumers, coinsuring the offerings to optimize the product offering and manage the client’s financial metrics effectively. These transactions highlight the strong year for this business line in Asia, reinforcing RGA’s position as a trusted partner in providing effective and innovative solutions for capital management of in-force blocks of business. Looking beyond 2023, RGA’s strengthening of its robust local presence, technical expertise, and long-term client partnerships in the region sets the stage for future expansion. GFS Asia Pacific is poised to build on its position as a regional leader in the development of innovative solutions that help clients navigate complex regulatory environments with agility and precision. EMEA GFS in EMEA produced a standout year in 2023, recording $355 million in pre-tax adjusted operating income, a 45% increase compared to 2022, and ending the year with a robust new business pipeline. RGA’s legacy of tailored longevity and asset-intensive transactions distinguish the GFS team as pioneers of financial solutions in the region. In the U.K. alone, RGA has taken on more than $15 billion of longevity risk, underscoring GFS’s robust market presence and scale. As pension schemes look to offload risk to insurers, the U.K. has seen record PRT transaction volumes. RGA leveraged years of local experience to provide reinsurance support for some of the largest transactions in this market in 2023. Across the region, RGA solidified its position as a financial solutions leader and brought counterparty strength, seasoned expertise, and execution certainty. In 2023, the GFS team helped EMEA clients manage lapse risk in the rising interest rate environment, notably in South Africa, and expanded capital-solutions offerings to France and Italy. A €900 million transaction with the subsidiary of one of the leading insurers in Belgium, announced in February 2024, marked a new milestone in RGA’s expansion in the Continental Europe asset-intensive reinsurance market and underscored GFS’s deep expertise and strong position in EMEA. Products and Solutions RGA 2023 Annual Review 18 Products and Solutions RGA 2023 Annual Review 19 Investments The Investments team combines deep, multidisciplinary expertise with client-centered creativity to provide disciplined yet agile portfolio management, which is critical to positioning RGA for expanding opportunities.” Leslie Barbi Executive Vice President Chief Investment Officer “ RGA’s investment capabilities are aligned and integrated with our other business capabilities, providing a unique ability to deliver customized, asset-driven client solutions and fuel RGA’s strategic growth priorities.” “ One of RGA Investments’ key competitive advantages is a commitment to employee development and to optimizing our vast institutional knowledge for the benefit of our clients and partners.” Chris Quallen Senior Vice President Head of Investment Solutions Alix Gulick Vice President Strategic Execution - Investments “ RGA continues to take action to deepen its commitment to social responsibility. We are establishing processes and investing in the resources necessary to improve and expand sustainable and community- oriented investment and business practices.” Elena Kostova-Oksanen Senior Credit and ESG Analyst RGA Investments’ goal is to deliver the strength, capabilities, and results that contribute to RGA’s success and competitive edge. The team’s proven approach balances risk and return to invest strategically and ensure an expanding, diversified, resilient, and high-quality investment portfolio is aligned to the business needs of RGA and its clients and partners. Management of Assets as of December 31, 2023 Asset Allocation as of December 31, 2023 1.6% 1.5% 3.2% 3.9% 4.2% 6.9% 9.0% 15% 85% RGA Investments External Managers Annualized Growth in Total Cash and Invested Assets $ in billions (Note: Investment portfolio market value driven down in 2022 by the rising interest rate environment.) 2019 2020 2021 2022 2023 68.0 75.8 73.4 81.5 81.9 0 10 20 30 40 50 60 70 80 90 Fixed Maturity Securities Credit Rating Distribution as of December 31, 2023 0.8% 4.9% 30.2% 69.7% 64.1% Investment-Grade Bonds Mortgage Loans on Real Estate Funds Withheld at Interest High-Yield Bonds Short-Term / Cash Equivalents LPs / Real Estate JVs Policy Loans Other Invested Assets AAA/AA/A BBB BB