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Analogy 1: Fannie Mae or Freddie Mac for life and health insurance policies.

Analogy 2: The Intel Inside for life insurance companies.

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• Life Reinsurance: RGA provides risk transfer and capital solutions for individual and group life insurance policies.
• Health Reinsurance: RGA covers risks associated with health insurance products, including disability, critical illness, and long-term care.
• Financial Solutions: RGA offers tailored capital and risk management solutions to help clients optimize their balance sheets and achieve strategic goals.
• Longevity Reinsurance: RGA manages the financial risk for pension plans and annuity providers associated with individuals living longer than expected.

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Reinsurance Group of America (RGA) sells primarily to other companies, specifically insurance companies, rather than directly to individuals.

Due to the confidential and proprietary nature of client relationships in the reinsurance industry, Reinsurance Group of America (RGA) does not publicly disclose the names of its specific customer companies. Reinsurers operate by providing coverage to primary insurance companies, and these business relationships are typically considered highly sensitive.

However, RGA's major customers are generally other companies within the financial services and insurance sectors. These include:

• Life insurance companies
• Health insurance companies
• Annuity providers
• Financial institutions that underwrite or offer life and health insurance products

These customers represent a broad spectrum of the insurance industry, ranging from large, multinational insurance carriers to smaller, regional insurers across the various global markets where RGA operates.

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• Amazon (AMZN)
• Microsoft (MSFT)
• BNY Mellon (BK)

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Tony Cheng, President and Chief Executive Officer

Tony Cheng assumed the role of President and Chief Executive Officer of Reinsurance Group of America (RGA) on January 1, 2024. He joined RGA in 1997 as Chief Actuary of its joint venture with the Life Insurance Association of Malaysia, Malaysian Life Reinsurance Group Berhad. Throughout his tenure at RGA, he has held various leadership positions, including CEO of the Hong Kong office in 2004, Senior Vice President, Asia in 2011, and Executive Vice President, Head of Asia, Australia, and EMEA. He previously served as President of RGA starting in January 2023.

Axel André, Executive Vice President, Chief Financial Officer

Axel André was appointed Executive Vice President and Chief Financial Officer of RGA, effective August 5, 2024. Prior to joining RGA, Mr. André served as Executive Vice President and Chief Financial Officer at American Equity Investment Life Holding Company since 2021. He also held the position of Executive Vice President and Chief Financial Officer at Jackson Financial Inc. Earlier in his career, he spent seven years at AIG, most recently as the Chief Financial Officer for its Individual Retirement business, and began his finance and risk management career focusing on investment strategies for insurance clients globally at Goldman, Sachs & Co.

Jonathan Porter, Executive Vice President, Global Chief Risk Officer

Jonathan Porter serves as Executive Vice President and Global Chief Risk Officer for Reinsurance Group of America, Incorporated (RGA), overseeing global enterprise risk management, enterprise research and development, and content, reputation, and brand management. Before joining RGA in 2008, he worked for Manulife Financial for nearly 15 years, where his last position was Chief Financial Officer, US Life Insurance.

Leslie Barbi, Executive Vice President, Chief Investment Officer

Leslie Barbi is the Executive Vice President and Chief Investment Officer at Reinsurance Group of America, Incorporated. She is an accomplished investment management executive.

Mark Brooks, Executive Vice President, Chief Information Officer

Mark Brooks has been the Executive Vice President and Chief Information Officer of RGA since 2023. Prior to RGA, he served as Chief Technology and Transformation Officer and Executive Vice President at Centene. His previous experience also includes various roles at Health Net, Inc., such as Director of Web Development, Chief Technology Officer, Vice President of Applications Development, and Chief Information Officer.

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The most significant risk for RGA is its exposure to market risks, particularly fluctuations in interest rates and equity markets. Changes in interest rates can significantly impact the income derived from the difference between interest rates earned on investments and those paid under reinsurance contracts. Additionally, market volatility can affect the profitability of variable annuities with guaranteed living benefits and the overall value and liquidity of RGA's investment portfolio. The company's reliance on investment income, while a strength, also exposes it to these fluctuations.

Another critical risk is associated with actuarial and underwriting uncertainties, encompassing mortality and morbidity trends, as well as the impact of assumption reviews. RGA's business relies on accurately predicting long-term trends in death and sickness rates, and losses can arise from unfavorable claims experience or significant financial impacts due to assumption revisions. Catastrophic events, such as natural disasters and pandemics, can also adversely affect mortality and morbidity rates and disrupt operations.

Finally, RGA is subject to substantial regulatory changes. As a global provider of reinsurance, its subsidiaries are highly regulated across various jurisdictions. Changes in these regulations can negatively affect the company's business by increasing compliance costs, limiting business flexibility, and potentially impacting its financial condition.

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The rise and growing sophistication of alternative capital and insurance-linked securities (ILS) directly targeting life and health risks. This market allows primary insurers to transfer risks, such as mortality and longevity, directly to capital markets investors, thereby bypassing traditional reinsurers like RGA and presenting a competitive alternative for risk transfer.

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Reinsurance Group of America (RGA) focuses primarily on life and health-related reinsurance solutions globally. Its main products and services include life reinsurance (individual and group), living benefits reinsurance, health reinsurance, and financial solutions (such as asset-intensive reinsurance, longevity reinsurance, and capital solutions).

The addressable markets for RGA's main products and services are sized as follows:

• Global Life and Health Reinsurance Market: This market was valued at approximately USD 462.64 billion in 2024. Other estimates for the global life and health reinsurance market vary, with one source valuing it at USD 160.4 billion in 2023, projected to reach USD 218.5 billion by 2029, and another at USD 170.52 billion in 2024, expected to grow to USD 223.06 billion by 2029.
• Global Life Reinsurance Market: This specific segment was valued at USD 335.4 billion in 2024 and is projected to grow to USD 456.8 billion by 2030. Another assessment valued the global life reinsurance market at USD 234.5 billion in 2024, with a projection to reach USD 735.6 billion by 2033.
• U.S. Life Reinsurance Market (Recurring New Business for Individual Life): The new business volume for recurring individual life reinsurance in the U.S. was USD 661.9 billion in 2023.
• U.S. Group Life Reinsurance Market (In-force Group Portfolio Premium): The in-force group portfolio premium in the U.S. totaled USD 9.0 billion in 2023. The U.S. group level term insurance market size was estimated at USD 7.32 billion in 2024 and is projected to grow to USD 10.57 billion by 2030.
• Global Longevity Reinsurance Market: While specific market size figures for the overall global longevity reinsurance market are not consistently available, the value of longevity reinsurance transfers/swaps reached USD 50 billion in 2015. This segment is recognized as the fastest-growing application segment within life reinsurance.

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Expected Drivers of Future Revenue Growth for Reinsurance Group of America (RGA) over the Next 2-3 Years:

• Growth in Traditional Reinsurance Markets: RGA anticipates continued strong premium growth within its traditional reinsurance business across various regions, including the U.S., Asia, and EMEA. The company's strategic approach emphasizes broadening and deepening client relationships globally to be a preferred reinsurance partner.
• Expansion of Financial Solutions Business and Pension Risk Transfer (PRT) Transactions: The Financial Solutions segment, particularly through significant transactions like the Equitable deal, is expected to be a substantial contributor to future income. This transaction is projected to contribute approximately $160 million to $170 million in pre-tax income in 2026 and around $200 million per year by 2027. Strong Pension Risk Transfer (PRT) sales in the UK are also noted as a driver.
• New Product Development and Market Expansion: RGA is focused on creating and launching new products and reinsurance structures to open or expand markets. Examples include a new proprietary life product developed in partnership within the U.S. Traditional business and new product launches in Hong Kong, targeting diverse market segments.
• Strategic In-Force Management Actions: The company actively pursues in-force management actions, with a specific annual target. These actions contribute to optimizing the existing portfolio and generating strong long-term earnings power.
• Deployment of Capital into Attractive Growth Opportunities: RGA maintains a strong capital position and intends to remain active in deploying capital into attractive growth opportunities, alongside returning excess capital to shareholders. The company recently deployed significant capital into over 20 transactions in addition to the Equitable deal, indicating a robust transaction pipeline.

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Share Repurchases

• From 2020 to 2024, RGA returned $1.6 billion to shareholders, encompassing both shareholder dividends and share repurchases.
• In 2023, RGA repurchased 1,372,131 shares for $200 million.
• On January 23, 2024, RGA's board of directors authorized a new share repurchase program for up to $500 million, without an expiration date.

Share Issuance

• In June 2020, RGA commenced an underwritten public offering of approximately $500 million of common stock, with an option for underwriters to purchase up to an additional $75 million.
• The number of issued common stock shares remained constant at 85,310,598 from December 31, 2021, to December 31, 2024, indicating that any share-based compensation during this period was satisfied through treasury shares rather than new issuances.

Inbound Investments

• In November 2024, RGA announced a second round of funding for Ruby Reinsurance Company (Ruby Re), a Missouri-domiciled third-party life reinsurance company, raising a total of $480 million in capital, which provides RGA with access to alternative capital.

Outbound Investments

• From 2020 to 2024, RGA deployed $3.7 billion into in-force and other transactions, with a notable portion directed outside the U.S.
• In 2024, RGA achieved a record capital deployment of $1.7 billion into in-force block transactions, marking an 80% increase over the previous record set in 2023.
• In 2023, RGA deployed $2.4 billion of capital year-to-date, including $1.5 billion for Equitable and $900 million for over 20 other transactions.

Capital Expenditures

• Capital expenditures for each reporting segment were deemed immaterial in RGA's 2024 Annual Report.