Reinsurance Group of America
Annual Report 2024

Plain-text annual report

Making financial protection accessible to all 2024 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. Company Overview 2 Message from the CEO 4 Financial Overview Worldwide Operations 8 Americas 10 Asia Pacific 12 EMEA Integrated Risk Partner 16 Investments 18 Individual Life 19 Group Reinsurance 20 Health/Medical 21 Longevity 22 Asset-Intensive Culture of Care 24 Sustainability 26 RGA’s Global Community 29 Talent Leadership 31 Executive Committee 32 Board of Directors Appendix 33 Use of Non-GAAP Financial Measures rgaannualreview.com Visit our interactive 2024 Annual Review website for a closer look at a remarkable year at RGA. 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. Book Value Per Share $164.19 Total Assets $118.7B Market Capitalization $14.1B Strong financial performance as of December 31, 2024 RGA 2024 Annual Review 1 Throughout 2024, we made a deliberate effort to challenge long-held assumptions and disrupt traditional viewpoints.” Message From the CEO RGA 2024 Annual Review 2 We often remember the “firsts” that shape our personal and professional lives: our first job, our first car, the first tentative steps made by our small children. 2024 was my first year as RGA’s Chief Executive Officer, and it somehow feels as if we packed a lifetime of firsts into just one year. RGA launched innovative new products, embarked on industry-leading partnerships, and ambitiously pursued transactions that expanded capabilities for life and health reinsurance. The fruits of those labors are highlighted across this 2024 Annual Review. They are also evident in our year-end financial results, which surpassed a record 2023. It was a year of strategic and future-focused evolution at RGA. Throughout 2024, we made a deliberate effort to challenge long-held assumptions and disrupt traditional viewpoints. To enhance company operations, we optimized the cross- functional expertise and agility of our regional and local teams, amplified our core business enablement functions to deliver greater value for our clients, and integrated and aligned our industry-leading capabilities platform to create innovative new solutions. Fueling this progress were the defining qualities that make RGA unique in the industry: • RGA remains the only global reinsurer focused exclusively on life and health. We bring the geographic reach and depth of expertise to analyze client needs in each specific part of the world and apply experience and proven results from other markets. • Amid increasing complexity in the insurance and financial services industries, RGA’s breadth and depth of capabilities stands out. With leading biometric and investment expertise, RGA brings an unparalleled ability to manage and reinsure both the asset and liability sides of our clients’ balance sheets. • Underpinning RGA’s success is our culture of care, developed through more than 50 years of dedication to our partnership- driven, client-centric approach. This encompasses the values we share as a workforce, our commitment to moving the industry forward, and our purpose to make financial protection accessible to all. As we look ahead, the many achievements and firsts of 2024 will propel RGA into the future. The innovative spirit, client- focused solutions, and transformative mindset that defined this past year will continue driving our company forward. I am so proud to serve as CEO of this remarkable organization. Through our proven, future-focused approach and the talent and dedication of our global teams, I have no doubt we will continue achieving “firsts” that address emerging challenges and open new possibilities for our clients and the people they serve. As we write the next chapter together, the best is yet to come. Tony Cheng President and Chief Executive Officer Message from the CEO RGA 2024 Annual Review 3 RGA achieved record-breaking adjusted operating income and capital deployment in 2024, demonstrating our financial strength, strategic growth, and optimistic outlook for the future. We are committed to delivering value to our shareholders while maintaining our financial resilience and capitalizing on attractive opportunities in our global markets.” 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. Operating Subsidiary Financial Strength Ratings RGA Reinsurance Company, RGA’s US-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, 2024: S&P Global Ratings AA- Very Strong A.M. Best Company A+ Superior Moody’s Investors Service A1 Good Axel André Executive Vice President Chief Financial Officer In 2024, Reinsurance Group of America, Incorporated (NYSE: RGA) generated excellent financial results, reporting adjusted operating earnings per share excluding notable items of $22.57.* Strong performance across all geographies and business lines produced $1.75 billion in adjusted operating income before taxes* in 2024. RGA combines deep risk management expertise with a distinctive entrepreneurial spirit to create innovative solutions and strengthen the underlying earnings power of the business. In 2024, this approach produced total revenues of $22.1 billion, compared to $18.6 billion in 2023. Strong momentum and record new business value drove attractive premium growth. Premiums totaled $17.8 billion, an increase of 18% over 2023, including $2.9 billion in premiums from US pension risk transfer transactions. RGA’s capital and liquidity positions remain strong as we actively deploy capital into attractive growth opportunities in our organic flow and in-force block transactions. In 2024, RGA deployed $1.7 billion in capital into in-force block transactions, a record for RGA and an increase of approximately 80% over the previous record in 2023. In November 2024, RGA announced a second round of funding for Ruby Reinsurance Company (Ruby Re), a Missouri-domiciled third-party life reinsurance company targeting US asset-intensive business. With a total of $480 million in capital raised, Ruby Re provides RGA with access to alternative capital, expanding the organization’s capacity to provide attractive solutions and to assume large in-force transactions that benefit RGA’s clients and Ruby Re investors alike. As part of RGA’s long-term strategy to drive growth, the company welcomed Peter Manley as Executive Vice President, Corporate Development. In this new role, he collaborates with RGA leaders to originate, evaluate, and manage enterprise-level business opportunities globally, including, but not limited to, acquisitions, divestitures, joint ventures, and partnerships. RGA’s financial strength, sound operating model, and diversified global platform drove extraordinary performance in 2024, a clear indicator of the organization’s strong momentum and earnings potential, and positions RGA for continued growth in the years to come. Financial Overview RGA 2024 Annual Review 4 Future-focused Strategy Delivers Strong Results RGA, a Fortune 500 company, is a leading global provider of life reinsurance and financial solutions, with approximately $3.4 trillion of life reinsurance in force as of December 31, 2024. *View “Use of Non-GAAP Financial Measures” RGA’s Quarterly Financial Supplement for the Fourth Quarter of 2024 18 1800 25 25 120 10 12 900 15 15 80 6 6 300 5 5 40 2 15 1500 1200 20 20 100 8 9 600 10 10 60 4 3 20 0 0 0 0 0 0 Net Premiums $ in billions All figures below are as of and for the year ended December 31, 2024. Adjusted Operating Income Before Taxes* $ in millions Total Revenues $ in billions Adjusted Operating Earnings Per Share Excluding Notable Items Total Assets $ in billions Total Stockholders’ Equity, Excluding AOCI* $ in billions 2021 2022 2023 2024 13.1 12.5 15.1 17.8 2021 2022 2023 2024 1,217 714 1,699 1,752 2021 2022 2023 2024 16.2 16.7 18.6 22.1 2021 2022 2023 2024 16.40 9.71 19.88 22.57 2021 2022 2023 2024 84.9 92.9 97.6 118.7 2021 2022 2023 2024 9.0 8.7 9.5 10.0 “By collaborating closely with our leadership team, we work with colleagues around the globe to evaluate opportunities through multiple lenses, ensuring we select initiatives that not only drive growth but also align with RGA’s long-term vision and values.” Peter Manley Executive Vice President Corporate Development Financial Overview RGA 2024 Annual Review 5 Worldwide Operations Americas Asia Pacific EMEA RGA 2024 Annual Review 6 RGA 2024 Annual Review 7 In 2024, RGA Americas closed several of the largest deals in RGA history. That didn’t happen by accident. As the size and complexity of our solutions increase, we focus on coordinating our efforts and collaborating across our operations. The result is more impact and more options that meet and exceed the diverse needs of our clients.” Ron Herrmann Executive Vice President, Head of Americas Life Reinsurance In Force as of December 31, 2024 $1.8T Life Reinsurance In Force as of December 31, 2024 $480B 2024 Total Revenues $12.8B 2024 Total Revenues $1.9B US and Latin America Operations Net Premiums $ in millions Canada Operations Net Premiums $ in millions Principal business lines in the US, Latin America, and Canada 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. Americas Worldwide Operations 1200 600 200 1000 800 400 0 2021 2022 2023 2024 6,656 6,299 8,544 10,500 1600 1000 800 200 1400 1200 600 400 0 2021 2022 2023 2024 1,314 1,284 1,305 1,500 RGA 2024 Annual Review 8 United States Boosted by an abundance of new account activity and innovative partnerships, RGA’s US operations generated significant growth, delivering positive results in all lines of business and reinforcing a strong market position in a competitive landscape. Adjusted operating income before taxes for the US and Latin America totaled $851 million*, representing an 11% increase from 2023, while total revenues reached $12.8 billion, a record high fueled by $10.5 billion in net premiums. RGA continues to pioneer industry-leading longevity, asset-intensive, and capital management transactions by collaborating across business lines to develop unique financial solutions. RGA’s US individual life, individual health, and financial services teams executed an innovative transaction with a key client to reinsure approximately $4.1 billion in liabilities comprising $1.9 billion in long-term care and $2.2 billion in structured settlements. Reflecting RGA’s continued leadership in the pension risk transfer (PRT) market, the Americas Financial Solutions team closed its largest PRT transaction to date in March 2024, a deal in which RGA alongside an insurer partner settled approximately $5.9 billion of pension liabilities. RGA’s Individual Life team reviewed a record 120,000 facultative cases and developed digitized and automated underwriting solutions for clients, partnering with five clients to launch multiple new products in 2024. RGA’s US group business delivered strong results, driven by disciplined pricing strategies, comprehensive service offerings, and enduring client relationships. New product innovations aimed at seizing emerging growth opportunities in the dynamic US healthcare reinsurance market included MedScore®, which combines the predictive power of prescription drug and digital health data in a single risk assessment score for group insurers. Latin America RGA Latin America logged another year of solid revenue growth, exceeding $450 million for the first time and achieving a 13% increase over 2023. Through a relentless client focus and key partnerships in Mexico, Colombia, Chile, and Peru – as well as significant expansion into Central America – RGA Latin America gained new accounts with 110 insurance companies. Bancassurance remained the most dynamic distribution channel in life insurance in Latin America, generating 82% growth over 2023. RGA strengthened its leading market position with key players in Mexican bancassurance and extended its reach throughout Latin America. Group life was also a key growth driver, achieving a 31% increase in revenue compared to 2023. As Mexican insurers accelerated their use of digital underwriting systems, RGA implemented Aura Next for two of the market’s largest companies. RGA Latin America’s market leadership extended to training sessions on underwriting, product development, and trends in life and health insurance that reached more than 1,100 attendees in person and virtually. For the 14th consecutive year, insurers in Mexico ranked RGA #1 on NMG Consulting’s 2024 Business Capability Index. Canada In 2024, RGA Canada maintained its position as a recognized market leader and generated total revenues of $1.9 billion, producing $160 million in adjusted operating income before taxes*. RGA Canada ended the year with $480 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 15 of the past 16 surveys (including 2024), insurers in Canada rated RGA #1 on NMG Consulting’s All Respondents Business Capability Index. Leaning into RGA’s distinctive strengths in asset and biometric risk, RGA Canada completed a landmark $4 billion coinsurance transaction with a longtime client. The deal, the third large block reinsurance transaction between the client and RGA, was the largest universal life reinsurance transaction in the Canadian market to date. RGA also worked with clients throughout 2024 to enhance their competitiveness within the pension risk transfer (PRT) market. RGA secured record levels of new business in both individual life and group reinsurance, where RGA remains the industry’s market leader. The Canada team delivered innovative capital solutions to help companies navigate the complexities of the IFRS 17 and LICAT frameworks, while also mobilizing globally recognized life and health insurance expertise to offer solutions and support in areas including predictive modeling, accelerated underwriting, and digital distribution. “Our significant growth in the Americas reinforces RGA’s leadership position and our commitment to serving as a collaborative, solution-driven partner who helps our clients achieve their goals.” Senan O’Loughlin Executive Vice President U.S. Individual Life “With our highly skilled Financial Solutions teams now fully embedded into RGA’s regional operations, we are seamlessly collaborating on innovative structures with our clients. The partnerships we’re forging are built for the long term, and we will continue to add value for our clients and shareholders.” Quentin Marsh Senior Vice President Americas Financial Solutions “The RGA Canada team strengthened our market leadership position across all lines of business and closed Canada’s largest-ever universal life reinsurance transaction. We are immensely proud of those successes and continue to develop close relationships with our clients to help insurers solve challenging problems and unlock value in their existing blocks of insurance and on new business.” Dominic Hains President and Chief Executive Officer RGA Canada Worldwide Operations - Americas *View “Use of Non-GAAP Financial Measures” RGA 2024 Annual Review 9 Across 15 diverse markets in Asia Pacific, we serve as a leader in delivering ideas, innovations, and transformative solutions for our clients. With a deep commitment to staying at the forefront of industry trends, we work tirelessly to craft pioneering strategies that anticipate and address the rapidly changing regional landscape our partners navigate.” Arthur Ozeki Executive Vice President Head of Asia Pacific Worldwide Operations Life Reinsurance In Force as of December 31, 2024 $581B 2024 Total Revenues $4.0B Asia Pacific Net Premiums $ in millions 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 3500 2000 100 3000 2500 1500 2021 2022 2023 500 0 3,200 3,003 2,886 2,842 RGA 2024 Annual Review 10 Worldwide Operations - Asia Pacific “RGA’s Asia Pacific Financial Solutions business achieved exceptional results in 2024, reinforcing our position as an industry leader in delivering innovative reinsurance solutions that optimize insurers’ capital and risk management strategies.” Gaston Nossiter Senior Vice President Asia Pacific Financial Solutions “RGA’s unique combination of strong local presence, cutting- edge biometric expertise, and sophisticated asset management capabilities enables us to provide comprehensive reinsurance solutions that address both sides of the balance sheet for our Asia Pacific clients, delivering unparalleled value in this dynamic market.” Kazuko Sawada Vice President Chief Marketing Officer, Japan “RGA’s exceptional team of insurance professionals, coupled with our unwavering commitment to innovation and client-centric service, enables us to consistently deliver outstanding results, as evidenced by market-first offshore coinsurance transactions and top-performing new cancer treatment products in South Korea.” Michael Shin Chief Executive Officer, RGA Korea, Senior Vice President, Japan, and Chief Marketing Officer, Asia Asia Pacific operations delivered another record year in 2024, generating adjusted operating income before taxes of $537 million.* RGA’s strategy, built on a strong foundation of regional diversification, targeted product development, and client-centric solutions, resulted in notable growth of asset-intensive transactions and successful product launches. With a robust new business pipeline, RGA is well positioned for continued business expansion and market leadership in the region. In recognition of RGA’s commitment to innovation and client collaboration across Asia, RGA earned the following honors in 2024: • Rated #1 by insurers in Asia on NMG Consulting’s 2024 All Respondents Business Capability Index. • Named “Life Reinsurer of the Year” by Asia Insurance Review. • Received Outstanding Reinsurance Scheme Award from The Hong Kong Federation of Insurers. • Received Reinsurance Excellence Award at InsurTech Connect Asia. With a dedicated team of more than 1,100 insurance professionals and local experts and the support of a global network, RGA Asia Pacific is the region’s leading reinsurance solution provider. RGA teams support clients and partners in a wide range of areas, including capital management, portfolio optimization, product innovation, and digital solutions, to drive new business growth. Financial Solutions In 2024, RGA reached an agreement to reinsure a $136 million in-force block of life policies through coinsurance, the first-ever cross-jurisdictional coinsurance transaction in South Korea. To further optimize the benefits, RGA’s client upsized the agreement by an additional $102 million. In a landmark transaction in the longevity space, one of Japan’s leading providers of life annuities selected RGA to reinsure an approximately $4 billion in-force block of individual life annuities through coinsurance. In Hong Kong, RGA reached a $1 billion coinsurance agreement to strengthen a client’s capital position and the sustainability of policyholder returns. RGA Asia Pacific is a regional leader in hybrid reinsurance transactions, customized risk transfer arrangements that combine multiple types of coverage or risk management strategies within a single structure. RGA Malaysia secured a hybrid transaction with a major insurer that boosted the client’s capital adequacy ratio and provided sufficient capital to cover potential claims and other liabilities. The China team developed tailored hybrid reinsurance structures for leading insurers, expanding reinsurance coverage to include both biometric and interest risks. Overall, the Asia Pacific Financial Solutions team drove outstanding results in 2024, generating adjusted operating income before taxes of $255 million*, a 20% increase from 2023. Product Innovations Expanding Critical Illness (CI) Options: RGA led the development and launch of CI products that cover conditions at various stages, offer multi-pay benefits across different disease groups, and respond to health conditions affecting customers throughout their life journeys. RGA India pioneered a market-first product covering women-specific ailments, including maternity-related complications and newborn congenital illnesses. In Hong Kong, RGA helped launch a CI product with affordable, impaired-life-friendly and gender-specific options. Innovating Products: RGA collaborated with clients across Asia Pacific on industry-leading cancer products. In South Korea, RGA introduced a first-in- market cancer benefit that covers all treatment costs during the five-year period of cancer remission. Most leading insurance companies in the market have since launched products embedding this innovative concept and experienced sustained new business growth. Seniors Market Research and Propositions: According to the US Census, more than 1.2 billion people in Asia will be over 65 by 2060, driving increasing demand for senior insurance solutions. RGA conducted a consumer survey of 1,600 respondents from eight Asian markets, and delivered critical insights into the needs, concerns, and preferences of aging consumers. RGA has launched various insurance solutions targeted at the under-served and under-insured senior population. In Taiwan, RGA has pioneered a series of products for the seniors segment ranging from cancer and medical to annuities with added protection for CI. Digital Solutions RGA combines underwriting expertise with cutting-edge digital solutions to continually evolve the underwriting process. In 2024, RGA partnered with an insurer in Hong Kong to launch MedScreen+, a pioneering market-first digital underwriting solution that combines optical character recognition, AI technology, and RGA’s Aura Next digital underwriting engine. MedScreen+ transforms the underwriting process into a faster and customer-friendly experience by digitalizing medical assessment reports, streamlining underwriting, and making the application process more efficient and accurate. In Australia and New Zealand, RGA developed a unique behavioral- based digital sales journey to support market growth for clients. In South Korea, RGA introduced an industry-first simplified issue expansion project to increase the acceptance rate of applicants with minor medical conditions, while maintaining robust portfolio risk management and gaining operating efficiency. *View “Use of Non-GAAP Financial Measures” RGA 2024 Annual Review 11 Our strong performance in 2024 demonstrates our ability to deliver innovative solutions and drive growth across diverse markets through a unique combination of local expertise and global capabilities. These achievements reflect our team’s dedication to excellence and strong industry partnerships, underscoring our pivotal role in shaping the future of reinsurance in EMEA.” Simon Wainwright Executive Vice President Head of EMEA Worldwide Operations Life Reinsurance In Force as of December 31, 2024 $970B 2024 Total Revenues $3.1B EMEA Net Premiums $ in millions RGA Europe, Middle East, and Africa (EMEA) supports clients from offices in the United Kingdom, France, Germany, Ireland, Italy, the Netherlands, Poland, South Africa, Spain, and the United Arab Emirates. Primary areas of focus include longevity, asset-intensive, capital solutions, individual and group life, health and medical reimbursement, and credit life and living benefits. EMEA 3000 2000 2500 2000 1500 2021 2022 2023 500 0 2,700 2,233 2,222 2,088 RGA 2024 Annual Review 12 Worldwide Operations - EMEA RGA EMEA achieved success across multiple business lines, generating $375 million in adjusted operating income before taxes.* RGA serves clients in EMEA by combining a strong local presence with global resources, biometric risk expertise, and sophisticated investment capabilities. In 2024, that powerful combination resulted in innovative solutions, milestone reinsurance transactions, and the launch of a cutting-edge health administration platform. RGA’s UK operations continue to serve as a strong engine of regional growth. The Financial Solutions team closed several large pension risk transfer (PRT) transactions and expanded its offerings for defined benefit pension plans. RGA remained the market leader in underwritten annuity products – retirement products designed for individuals with health conditions or other lifestyle limitations. RGA expanded its presence in the Continental Europe asset-intensive reinsurance market with a $937 million transaction with a subsidiary of one of the leading insurers in Belgium. These types of tailored, innovative solutions ensured effective risk transfer and capital management opportunities for clients. Across Continental Europe, RGA also continued to write mass-lapse shock-absorbing treaties and renewed existing treaties with key clients. RGA successfully developed reinsurance-based capital optimization solutions in the South African market. Backed by a strong track record of execution and a deep understanding of clients’ needs, RGA substantially expanded an existing optimization treaty and secured a new treaty with another large South African insurer for completion in early 2025. In addition, RGA supported clients seeking liquidity through reinsurance financing structures, including a material tranche of in-force financing with an existing client. Innovative underwriting and novel use of data supported the development and launch of several new insurance products, advancing RGA’s purpose to increase access to financial protection for all. For the 15th consecutive year in 2024, RGA was rated #1 by insurers in South Africa on NMG Consulting’s All Respondents Business Capability Index. In the Middle East in 2024, RGA launched Aspire, a licensed third-party health administrator offering transformative digital health insurance portfolio management for insurance companies in the region. The state-of-the-art Aspire platform facilitates real-time data exchange and communication between insurers and key stakeholders, enhancing efficiency in claims processes and providing added value to insured members. Supported by Aspire, RGA secured a multi-year contract to reinsure health policies in a Gulf Cooperation Council member state. RGA was selected as Life Reinsurer of the Year at the Middle East Insurance Industry Awards 2024 and was rated #1 on NMG Consulting’s 2024 All Respondents Business Capability Index – receiving both recognitions for the third consecutive year. “As UK pension schemes increasingly seek to manage their risk exposure, RGA’s execution of some of the largest PRT transactions in the market underscores our pivotal role in providing innovative, tailored solutions that drive the industry forward.” Emma Ferris Managing Director UK “Our recent transaction in Belgium represents a significant milestone in RGA’s expansion strategy within the Continental European asset-intensive reinsurance market. By offering effective risk transfer mechanisms and capital management opportunities, we’re not just growing business – we’re empowering insurers to optimize their operations and better serve their customers.” Adriano de Matteis Managing Director Continental Europe “The launch of Aspire exemplifies RGA’s commitment to innovation in the Middle East insurance market. We’re thrilled to lead the transformation of health insurance portfolio management in the region with our cutting-edge digital solution.” Ashraf Al Azzouni Managing Director Middle East *View “Use of Non-GAAP Financial Measures” RGA 2024 Annual Review 13 Integrated Risk Partner Investments Individual Life Group Reinsurance Health/Medical Longevity Asset-Intensive RGA 2024 Annual Review 14 RGA 2024 Annual Review 15 RGA Investments delivers strength, flexibility, and results that contribute to RGA’s success and competitive edge. Investments Integrated Risk Partner The global Investments team balances risk and return to invest strategically and maintain a diversified, resilient, and high-quality investment portfolio aligned with the business needs of RGA and its clients and partners. RGA’s investment completion platform is engineered to deliver the comprehensive suite of capabilities and assets needed for our reinsurance business. RGA’s approach to completion and integration also encompasses the full breadth of the company’s global capabilities. Multidisciplinary teams collaborate closely, exchanging insights and analysis related to the characteristics and sensitivities of liabilities and transaction features and delivering integrated solutions tailored to new business and in-force liabilities. RGA Investments combines well-established internal asset expertise across public, private, and alternative assets with differentiated access, strategic partnership sourcing, and external asset manager selection to maximize reach. External parties recognize RGA’s expertise, responsiveness, and ability to execute. Globally, RGA Investments sourced a record $6 billion in private assets in 2024 through skillful internal origination teams and strong relationships with large and specialty asset managers. A key driver of this success was RGA’s Private Debt and Equity (PD&E) platform led by seasoned investment professionals with strong industry relationships and a disciplined underwriting process. The PD&E team invested a record $1.1 billion in debt and equity commitments in 2024 to middle-market, sponsor-owned companies. RGA’s strong team and disciplined approach has successfully captured significant risk-adjusted returns in this space. Our ultimate goal is to give RGA every possible tool needed to deliver innovative solutions to clients, respond effectively to changing market conditions, and support the company’s success – now and in the future.” Leslie Barbi Executive Vice President Chief Investment Officer RGA 2024 Annual Review 16 Integrated Risk Partner - Investments “Our experienced private debt and equity professionals build strong relationships with leading private equity firms, gaining unique access to compelling investment opportunities for RGA’s portfolio.” Howard Liao Senior Managing Director Head of Private Debt & Equity “RGA Investments has demonstrated operational excellence through process innovation and a commitment to efficiency. By fostering collaboration and leveraging technology, we have strengthened our foundation for long- term sustainable growth.” Steve Jenne Senior Vice President Investment Operations Strategic Execution and Reporting “Our focus on technological advancements has positioned RGA at the forefront of data-driven decision-making by developing a set of enterprise-grade platforms for onboarding, processing, and analyzing investment data and analytics to support our Investment Management functions.” Danna Gilbert Senior Vice President Global Investment Data and Technology Products 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.) 2020 2021 2022 2023 2024 0 80 40 100 120 60 20 73.4 81.5 75.8 81.9 101.4 Management of Assets as of December 31, 2024 RGA Investments External Managers 85% 15% Fixed Maturity Securities Credit Rating Distribution as of December 31, 2024 AAA/AA/A BBB BB

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