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Reinsurance Group of America
RGA
#1487
Rank
$14.89 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$225.36
Share price
9.40%
Change (1 day)
-0.87%
Change (1 year)
๐Ÿฆ Insurance
Categories
  1. Reinsurance Group of America
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q1

Reinsurance Group of America - 10-Q quarterly report FY2024 Q1


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
 OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-11848
REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact name of Registrant as specified in its charter)
Missouri  43-1627032
(State or other jurisdiction                    (IRS employer
of incorporation or organization)    identification number)
16600 Swingley Ridge Road
Chesterfield, Missouri 63017
(Address of principal executive offices)
(636) 736-7000
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x  No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes ☒  No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x     Accelerated filer o     Non-accelerated filer o     
Smaller reporting company ☐     Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐  No ☒
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01RGANew York Stock Exchange
5.75% Fixed-To-Floating Rate Subordinated Debentures due 2056RZBNew York Stock Exchange
7.125% Fixed Rate Subordinated Debentures due 2052RZCNew York Stock Exchange
As of April 30, 2024, 65,792,025 shares of the registrant’s common stock were outstanding.


REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
TABLE OF CONTENTS
 
Item     Page
  PART I – FINANCIAL INFORMATION  
1
Financial Statements (Unaudited) as of March 31, 2024 and December 31, 2023 and for the Three Months Ended March 31, 2024 and 2023
    
3
    
4
    
5
6
    
7
  Notes to Condensed Consolidated Financial Statements (Unaudited)  
8
8
     Note 3 Equity
8
Note 4 Future Policy Benefits
11
Note 5 Policyholder Account Balances
18
Note 6 Unpaid Claims and Claim Expense – Short-Duration Contracts
20
Note 7 Market Risk Benefits
21
Note 8 Deferred Policy Acquisition Costs
22
Note 9 Reinsurance
23
24
33
37
Note 13 Income Tax
43
44
44
45
47
2    
48
3    
74
4    
74
  PART II – OTHER INFORMATION  
1    
75
1A    
75
2    
75
5
75
6    
75
    
76
77
    
81
2

PART I – FINANCIAL INFORMATION


REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
(Unaudited)
March 31,
2024		December 31,
2023
Assets
Fixed maturity securities available-for-sale, at fair value (amortized cost of $70,790 and $64,977; allowance for credit losses of $95 and $75)
$65,827 $60,467 
Equity securities, at fair value144 139 
Mortgage loans (net of allowance for credit losses of $77 and $67)
7,539 7,377 
Policy loans1,198 1,206 
Funds withheld at interest5,642 5,683 
Limited partnerships and real estate joint ventures2,697 2,635 
Short-term investments327 222 
Other invested assets1,140 1,171 
Total investments84,514 78,900 
Cash and cash equivalents5,935 2,970 
Accrued investment income808 759 
Premiums receivable and other reinsurance balances3,342 3,528 
Reinsurance ceded receivables and other5,265 5,448 
Deferred policy acquisition costs4,673 4,617 
Other assets1,463 1,401 
Total assets$106,000 $97,623 
Liabilities and equity
Future policy benefits$47,067 $41,231 
Interest-sensitive contract liabilities31,319 30,273 
Market risk benefits, at fair value228 258 
Other policy claims and benefits2,753 2,730 
Other reinsurance balances874 1,103 
Deferred income taxes1,897 1,862 
Funds withheld payable4,409 4,483 
Other liabilities3,468 2,085 
Long-term debt4,427 4,427 
Total liabilities96,442 88,452 
Commitments and contingent liabilities (See Note 15)
 Equity
Preferred stock – par value $0.01 per share, 10,000,000 shares authorized, no shares issued or outstanding
— — 
Common stock – par value $0.01 per share, 140,000,000 shares authorized, 85,310,598 shares issued at March 31, 2024 and December 31, 2023
1 1 
Additional paid-in-capital2,549 2,544 
Retained earnings8,934 8,805 
Treasury stock, at cost – 19,522,343 and 19,689,885 shares
(1,891)(1,900)
Accumulated other comprehensive income (loss)(125)(369)
Total RGA, Inc. stockholders’ equity9,468 9,081 
Noncontrolling interest90 90 
Total equity9,558 9,171 
Total liabilities and stockholders’ equity$106,000 $97,623 
See accompanying notes to condensed consolidated financial statements (unaudited).
3

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
(Unaudited)
 
 Three months ended March 31,
 20242023
Revenues
Net premiums$5,376 $3,385 
Net investment income961 856 
Investment related gains (losses), net(149)(77)
Other revenues149 87 
Total revenues6,337 4,251 
Benefits and expenses
Claims and other policy benefits5,132 3,063 
Future policy benefits remeasurement (gains) losses(24)(26)
Market risk benefits remeasurement (gains) losses(35)14 
Interest credited254 215 
Policy acquisition costs and other insurance expenses387 331 
Other operating expenses283 250 
Interest expense68 53 
Total benefits and expenses6,065 3,900 
 Income before income taxes
272 351 
Provision for income taxes60 98 
Net income212 253 
Net income attributable to noncontrolling interest2 1 
Net income available to RGA, Inc. shareholders$210 $252 
Earnings per share
Basic earnings per share$3.20 $3.77 
Diluted earnings per share$3.16 $3.72 
See accompanying notes to condensed consolidated financial statements (unaudited).
4

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(Unaudited)
 
 Three months ended March 31,
 20242023
Comprehensive income (loss)
Net income$212 $253 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(11)22 
Net unrealized investment gains (losses)(395)1,103 
Effect of updating discount rates on future policy benefits650 (721)
Change in instrument-specific credit risk for market risk benefits— 1 
Defined benefit pension and postretirement plan adjustments— 5 
Total other comprehensive income (loss), net of tax244 410 
Total comprehensive income456 663 
Comprehensive income attributable to noncontrolling interest2 1 
Total comprehensive income attributable to RGA, Inc.$454 $662 
See accompanying notes to condensed consolidated financial statements (unaudited).
5

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(in millions except per share amounts)
(Unaudited)
 

RGA, Inc. Stockholders’ Equity
Common
Stock		Additional Paid In CapitalRetained
Earnings		Treasury
Stock		Accumulated Other Comprehensive Income (Loss)Total RGA, Inc. Stockholders’ EquityNoncontrolling InterestTotal Equity
Balance, December 31, 2023$1 $2,544 $8,805 $(1,900)$(369)9,081 $90 $9,171 
Change in equity of noncontrolling interest(2)(2)
Net income210 210 2 212 
Total other comprehensive income (loss)244 244 244 
Dividends to stockholders, $0.85 per share
(56)(56)(56)
Purchase of treasury stock(16)(16)(16)
Reissuance of treasury stock5 (25)25 5 5 
Balance, March 31, 2024$1 $2,549 $8,934 $(1,891)$(125)$9,468 $90 $9,558 

RGA, Inc. Stockholders’ Equity
Common
Stock		Additional Paid In CapitalRetained
Earnings		Treasury
Stock		Accumulated Other Comprehensive Income (Loss)Total RGA, Inc. Stockholders’ EquityNoncontrolling InterestTotal Equity
Balance, December 31, 2022$1 $2,502 $8,169 $(1,720)$(1,871)7,081 $90 $7,171 
Change in equity of noncontrolling interest(1)(1)
Net income252 252 1 253 
Total other comprehensive income (loss)410 410 410 
Dividends to stockholders, $0.80 per share
(53)(53)(53)
Purchase of treasury stock(67)(67)(67)
Reissuance of treasury stock4 (32)31 3 3 
Balance, March 31, 2023$1 $2,506 $8,336 $(1,756)$(1,461)$7,626 $90 $7,716 

See accompanying notes to condensed consolidated financial statements (unaudited).


6

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)

 Three months ended March 31,
20242023
 
Net cash provided by operating activities5,736 1,574 
Cash flows from investing activities
Sales of fixed maturity securities available-for-sale5,521 1,973 
Purchases of fixed maturity securities available-for-sale(9,466)(3,664)
Maturities of fixed maturity securities available-for-sale465 241 
Sales of equity securities— 1 
Purchases of equity securities— (2)
Principal payments on mortgage loans122 70 
Cash invested in mortgage loans(301)(323)
Deposits in (withdrawals from) funds withheld at interest97 81 
Sales of limited partnerships and real estate joint ventures38 93 
Purchases of limited partnerships and real estate joint ventures(101)(119)
Sales of short-term investments31 75 
Purchases of short-term investments(185)(179)
Maturities of short-term investments49 14 
Change in other invested assets7 29 
Other, net3 5 
Net cash used in investing activities(3,720)(1,705)
Cash flows from financing activities
Dividends to stockholders(56)(53)
Proceeds from long-term debt issuance, net— 494 
Principal payments of long-term debt(1)(1)
Purchases of treasury stock(16)(67)
Change in cash collateral for derivatives and other arrangements(145)17 
Change in deposit asset on reinsurance89 11 
Deposits on investment-type policies and contracts2,546 976 
Withdrawals on investment-type policies and contracts(1,412)(880)
Net cash provided by financing activities1,005 497 
Effect of exchange rate changes on cash(56)1 
Change in cash and cash equivalents2,965 367 
Cash and cash equivalents, beginning of period2,970 2,927 
Cash and cash equivalents, end of period$5,935 $3,294 
Supplemental disclosures of cash flow information
Interest paid$49 $43 
Income taxes paid, net of refunds$16 $29 
Non-cash investing activities
Transfer of invested assets$1,621 $109 
See accompanying notes to condensed consolidated financial statements (unaudited).
7

REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(Unaudited)
 
NOTE 1 BUSINESS AND BASIS OF PRESENTATION
Business
Reinsurance Group of America, Incorporated (“RGA”) is an insurance holding company that was formed on December 31, 1992. RGA and its subsidiaries (collectively, the “Company”) is engaged in providing traditional reinsurance, which includes individual and group life and health, disability and critical illness reinsurance. The Company also provides financial solutions, which includes longevity reinsurance, asset-intensive products (primarily annuities), financial reinsurance, capital solutions and stable value products.
Basis of Presentation
The unaudited condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s 2023 Annual Report on Form 10-K filed with the SEC on February 24, 2024 (the “2023 Annual Report”).
In the opinion of management, all adjustments, including normal recurring adjustments necessary for a fair presentation, have been included. Interim results are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
Consolidation
These unaudited condensed consolidated financial statements include the accounts of RGA and its subsidiaries, and all intercompany accounts and transactions have been eliminated. Entities in which the Company has significant influence over the operating and financing decisions but are not required to be consolidated are reported under the equity method of accounting.
NOTE 2 EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share on net income (in millions, except per share information):
Three months ended March 31,
 20242023
Earnings:
Net income (numerator for basic and diluted calculations)$212 $253 
Less: Net income attributable to noncontrolling interest 2 1 
Net income available to RGA, Inc. shareholders$210 $252 
Shares:
Weighted average outstanding shares (denominator for basic calculation)66 67 
Equivalent shares from outstanding stock awards1 1 
Diluted shares (denominator for diluted calculation)67 68 
Earnings per share:
Basic$3.20 $3.77 
Diluted$3.16 $3.72 
The calculation of common equivalent shares does not include the impact of stock awards with a conversion price that exceeds the average stock price for the earnings period as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance shares awards as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period.
NOTE 3 EQUITY
Common stock
The changes in number of common stock shares issued, held in treasury and outstanding are as follows for the periods indicated:
8

IssuedHeld In TreasuryOutstanding
Balance, December 31, 202385,310,598 19,689,885 65,620,713 
Common stock acquired— — — 
Stock-based compensation (1)
— (167,542)167,542 
Balance, March 31, 202485,310,598 19,522,343 65,788,255 
IssuedHeld In TreasuryOutstanding
Balance, December 31, 202285,310,598 18,634,390 66,676,208 
Common stock acquired— 371,343 (371,343)
Stock-based compensation (1)
— (235,601)235,601 
Balance, March 31, 202385,310,598 18,770,132 66,540,466 
(1)Represents net shares issued from treasury pursuant to the Company’s equity-based compensation programs.
Common Stock Held in Treasury
Common stock held in treasury is accounted for at average cost. Gains resulting from the reissuance of common stock held in treasury are credited to additional paid-in capital. Losses resulting from the reissuance of common stock held in treasury are charged first to additional paid-in capital to the extent the Company has previously recorded gains on treasury share transactions, then to retained earnings.
On January 23, 2024, the Company’s board of directors authorized a share repurchase program for up to $500 million of its outstanding common stock. The authorization was effective immediately and does not have an expiration date. During the three months ended March 31, 2024, the Company did not repurchase any shares of common stock under this program.
Noncontrolling Interest
In 2022, Papara Financing LLC (“Papara”), a subsidiary of RGA Reinsurance Company, issued nonconvertible preferred interests to an unaffiliated third party. The membership interests in Papara consist of (1) common interests, which are held by RGA Reinsurance Company and (2) preferred interests. The preferred interests, included in noncontrolling interest, total $90 million.
Accumulated Other Comprehensive Income (Loss)
The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended March 31, 2024 and 2023 are as follows (dollars in millions):
 Accumulated Other Comprehensive Income (Loss), Net of Income Tax
 Foreign Currency Translation Adjustments
Net Unrealized Investment Gains
(Losses) (1)
Pension and
Postretirement
Benefits		Effect of Updating Discount Rates on Future Policy BenefitsInstrument-Specific Credit Risk for Market Risk BenefitsTotal
Balance, December 31, 2023$69 $(3,668)$(29)$3,256 $3 $(369)
Other comprehensive income (loss) before reclassifications1 (638)(1)842 — 204 
Amounts reclassified to (from) AOCI— 123 1 — — 124 
Deferred income tax benefit (expense)(13)121 — (192)— (84)
Balance, March 31, 2024$57 $(4,062)$(29)$3,906 $3 $(125)
 Accumulated Other Comprehensive Income (Loss), Net of Income Tax
 Foreign Currency Translation Adjustments
Net Unrealized Investment Gains
(Losses) (1)
Pension and
Postretirement
Benefits		Effect of Updating Discount Rates on Future Policy BenefitsInstrument-Specific Credit Risk for Market Risk BenefitsTotal
Balance, December 31, 2022$(115)$(5,497)$(27)$3,755 $13 $(1,871)
Other comprehensive income (loss) before reclassifications28 1,316 5 (927)2 424 
Amounts reclassified to (from) AOCI— 88 1 — — 89 
Deferred income tax benefit (expense)(6)(301)(1)206 (1)(103)
Balance, March 31, 2023$(93)$(4,394)$(22)$3,034 $14 $(1,461)
(1)Includes cash flow hedges of $(299) and $(218) as of March 31, 2024 and December 31, 2023, respectively, and $(198) and $(205) as of March 31, 2023 and December 31, 2022, respectively. See Note 11 – “Derivative Instruments” for additional information on cash flow hedges.
9

The following table presents the amounts of AOCI reclassifications for the three months ended March 31, 2024 and 2023 (dollars in millions):
Amount Reclassified from AOCI
Three months ended March 31,Affected Line Item in 
Statements of Income
Details about AOCI Components20242023
Net unrealized investment gains (losses):
Net unrealized gains (losses) on available-for-sale securities$(118)$(87)Investment related gains (losses), net
Cash flow hedges – Interest rate3 2 (1)
Cash flow hedges – Currency/Interest rate(8)(3)(1)
Total(123)(88)
Provision for income taxes24 18 
Net unrealized gains (losses), net of tax$(99)$(70)
Amortization of defined benefit plan items:
Prior service cost (credit)
$— $— (2)
Actuarial gains (losses)(1)(1)(2)
Total(1)(1)
Provision for income taxes— — 
Amortization of defined benefit plans, net of tax$(1)$(1)
Total reclassifications for the period$(100)$(71)
(1)See Note 11 – “Derivative Instruments” for additional information on cash flow hedges.
(2)This AOCI component is included in the computation of the net periodic pension cost. See Note 14 – “Employee Benefit Plans” for additional details.
Equity Based Compensation
Equity compensation expense was $6 million and $4 million for the three months ended March 31, 2024 and 2023, respectively. In the first quarter of 2024, the Company granted 106,233 stock appreciation rights at $185.28 weighted average exercise price per share, 116,883 performance shares and 81,527 restricted stock units to employees. As of March 31, 2024, 1,464,521 share awards at a weighted average strike price per share of $119.44 were vested and exercisable with a remaining weighted average exercise period of 4.6 years. As of March 31, 2024, the total compensation cost of non-vested awards not yet recognized in the financial statements was $61 million. It is estimated that these costs will vest over a weighted average period of 1.0 years.
10

NOTE 4 FUTURE POLICY BENEFITS
Liability for Future Policy Benefits – Traditional Business
The Company reviews actual and anticipated experience compared to the assumptions used to establish policy benefits on a quarterly basis and will update those assumptions if evidence suggests that they should be revised. The Company expects to complete its annual review and any necessary updates of cash flow assumptions used to calculate the liability for future policy benefits during the third quarter of each year. Updates may occur in other quarters if information becomes available during the quarter that indicates an assumption update is necessary.
The following tables provide the balances of and changes in the Company’s liability for future policy benefits for long-duration reinsurance contracts for its Traditional business, which primarily consists of individual life, group life and critical illness reinsurance for the three months ended March 31, 2024 and 2023 (dollars in millions):
For the three months ended March 31, 2024:
U.S. and Latin America – TraditionalCanada – TraditionalEurope, Middle East and Africa – TraditionalAsia Pacific – Traditional
Present Value of Expected Net Premiums
Beginning of year balance at original discount rate$76,943 $22,689 $15,328 $42,741 
Effect of changes in cash flow assumptions— — — — 
Effect of actual variances from expected experience(347)52 81 (103)
Adjusted balance, beginning of year76,596 22,741 15,409 42,638 
Issuances (1)
884 124 294 1,131 
Interest accrual (2)
872 188 127 272 
Net premiums collected (3)
(1,271)(246)(354)(533)
Derecognition (4)
(67)— — — 
Foreign currency translation— (496)(183)(1,123)
Ending balance at original discount rate77,014 22,311 15,293 42,385 
Effect of changes in discount rate assumptions(6,474)(4,815)(2,668)(12,184)
Balance, end of period$70,540 $17,496 $12,625 $30,201 
Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate$89,036$26,275 $16,756 $47,370 
Effect of changes in cash flow assumptions— — — — 
Effect of actual variances from expected experience(378)49 79 (104)
Adjusted balance, beginning of year88,658 26,324 16,835 47,266 
Issuances (1)
884 124 296 1,131 
Interest accrual (2)
1,016 242 137 312 
Benefit payments (5)
(1,348)(263)(372)(485)
Derecognition (4)
(74)— — — 
Foreign currency translation(1)(574)(202)(1,194)
Ending balance at original discount rate89,135 25,853 16,694 47,030 
Effect of changes in discount rate assumptions(8,048)(4,183)(2,920)(14,206)
Balance, end of period$81,087 $21,670 $13,774 $32,824 
Liability for future policy benefits$10,547 $4,174 $1,149 $2,623 
Less: reinsurance recoverable(753)(283)(32)(111)
Net liability for future policy benefits$9,794 $3,891 $1,117 $2,512 
Weighted average duration of the liability (in years)1215815
Weighted average interest accretion rate4.6 %3.6 %3.3 %2.6 %
Weighted average current discount rate5.3 %5.0 %5.5 %4.6 %
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
11

(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal and other benefit payments based on current assumptions.
For the three months ended March 31, 2023:
U.S. and Latin America – TraditionalCanada – TraditionalEurope, Middle East and Africa – TraditionalAsia Pacific – Traditional
Present Value of Expected Net Premiums
Beginning of year balance at original discount rate$74,207 $21,330 $14,244 $40,506 
Effect of changes in cash flow assumptions— — — (8)
Effect of actual variances from expected experience(103)97 (256)128 
Adjusted balance, beginning of year74,104 21,427 13,988 40,626 
Issuances (1)
1,016 110 382 619 
Interest accrual (2)
851 182 119 256 
Net premiums collected (3)
(1,229)(231)(344)(490)
Derecognition (4)
(35)— — — 
Foreign currency translation— 46 184 (113)
Ending balance at original discount rate74,707 21,534 14,329 40,898 
Effect of changes in discount rate assumptions(4,074)(4,376)(2,515)(11,029)
Balance, end of period$70,633 $17,158 $11,814 $29,869 
Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate$85,285 $24,655 $15,454 $44,785 
Effect of changes in cash flow assumptions— — — (8)
Effect of actual variances from expected experience(79)98 (258)121 
Adjusted balance, beginning of year85,206 24,753 15,196 44,898 
Issuances (1)
1,018 110 382 619 
Interest accrual (2)
981 233 127 293 
Benefit payments (5)
(1,486)(256)(331)(458)
Derecognition (4)
(54)— — — 
Foreign currency translation1 56 201 (125)
Ending balance at original discount rate85,666 24,896 15,575 45,227 
Effect of changes in discount rate assumptions(5,188)(3,607)(2,686)(12,914)
Balance, end of period$80,478 $21,289 $12,889 $32,313 
Liability for future policy benefits$9,845 $4,131 $1,075 $2,444 
Less: reinsurance recoverable(417)(227)(37)(99)
Net liability for future policy benefits$9,428 $3,904 $1,038 $2,345 
Weighted average duration of the liability (in years)1215816
Weighted average interest accretion rate4.7 %3.6 %3.4 %2.6 %
Weighted average current discount rate4.9 %4.7 %3.4 %4.3 %
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal and other benefit payments based on current assumptions.
Significant assumptions used to compute the liability for future policy benefits for the Traditional business include mortality, morbidity, lapse rates and discount rates (both accretion and current). The Company updates the underlying market data used to determine the current discount rate resulting in changes to the discount rate assumptions used to measure the liability for future policy benefits each period.
12

The Company’s Traditional business actual-to-expected variances and the effects of changes in cash flow and discount rate assumptions for the three months ended March 31, 2024 and 2023 are summarized in the tables below:
For the three months ended March 31, 2024:
SegmentLiability for future policy benefits at original discount rateChanges in cash flow assumptionsActual-to-expected varianceImpact of updating discount rate recognized in OCI
U.S. and Latin America – Traditional
$12.1 billionNone$(31) million$(428) million
0.3% decrease3.5% decrease
Canada – Traditional
$3.5 billionNone$(3) million$(239) million
0.1% decrease6.7% decrease
Europe, Middle East and Africa – Traditional
$1.4 billionNone$(2) million$(33) million
0.1% decrease2.3% decrease
Asia Pacific – Traditional
$4.7 billionNone$(1) million$(57) million
None1.2% decrease
For the three months ended March 31, 2023:
SegmentLiability for future policy benefits at original discount rateChange in cash flow assumptionsActual-to-expected varianceImpact of updating discount rate recognized in OCI
U.S. and Latin America – Traditional
$11 billionNone$24 million$490 million
0.2% increase4.4% increase
Canada – Traditional
$3.4 billionNone$1 million$143 million
None4.3% increase
Europe, Middle East and Africa – Traditional
$1.2 billionNone$(2) million$(2) million
0.2% decrease0.2% decrease
Asia Pacific – Traditional
$4.3 billionNone$(7) million$46 million
0.2% decrease1.1% increase
Liability for Future Policy Benefits – Financial Solutions Business
The Company reviews actual and anticipated experience compared to the assumptions used to establish policy benefits on a quarterly basis and will update those assumptions if evidence suggests that they should be revised. The Company expects to complete its annual review and any necessary updates of cash flow assumptions used to calculate the liability for future policy benefits during the third quarter of each year. Updates may occur in other quarters if information becomes available during the quarter that indicates an assumption update is necessary.
The following tables provide the balances of and changes in the Company’s liability for future policy benefits, including the deferred profit liability related to the longevity business, for its Financial Solutions business, which primarily consists of longevity reinsurance, asset-intensive products, primarily annuities and financial reinsurance for the three months ended March 31, 2024 and 2023 (dollars in millions):
13

For the three months ended March 31, 2024:
U.S. and Latin America – Financial SolutionsCanada – Financial SolutionsEurope, Middle East and Africa – Financial SolutionsAsia Pacific – Financial Solutions
Present Value of Expected Net Premiums
Beginning of year balance at original discount rate$1,455 $3,184 $54,832 $2,057 
Effect of changes in cash flow assumptions— — — — 
Effect of actual variances from expected experience— (7)338 1 
Adjusted balance, beginning of year1,455 3,177 55,170 2,058 
Issuances (1)
1,893 — 4,963 4,760 
Interest accrual (2)
11 25 418 7 
Net premiums collected (3)
(1,928)(79)(1,388)(4,912)
Derecognition (4)
— — — — 
Foreign currency translation— (69)(702)(143)
Ending balance at original discount rate1,431 3,054 58,461 1,770 
Effect of changes in discount rate assumptions(240)(342)(7,802)(121)
Balance, end of period$1,191 $2,712 $50,659 $1,649 
Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate$6,843 $3,210 $60,938 $8,019 
Effect of changes in cash flow assumptions— — — — 
Effect of actual variances from expected experience2 (7)340 1 
Adjusted balance, beginning of year6,845 3,203 61,278 8,020 
Issuances (1)
2,021 — 4,963 4,909 
Interest accrual (2)
79 25 471 24 
Benefit payments (5)
(165)(80)(1,125)(77)
Derecognition (4)
— — — — 
Foreign currency translation— (69)(764)(581)
Ending balance at original discount rate8,780 3,079 64,823 12,295 
Effect of changes in discount rate assumptions(484)(341)(8,609)(796)
Balance, end of period$8,296 $2,738 $56,214 $11,499 
Liability for future policy benefits$7,105 $26 $5,555 $9,850 
Less: reinsurance recoverable(878)— — — 
Net liability for future policy benefits$6,227 $26 $5,555 $9,850 
Weighted average duration of the liability (in years)87915
Weighted average interest accretion rate3.6 %3.2 %3.0 %1.2 %
Weighted average current discount rate5.3 %4.9 %4.9 %2.2 %
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal and other benefit payments based on current assumptions.
14

For the three months ended March 31, 2023:
U.S. and Latin America – Financial SolutionsCanada – Financial SolutionsEurope, Middle East and Africa – Financial SolutionsAsia Pacific – Financial Solutions
Present Value of Expected Net Premiums
Beginning of year balance at original discount rate$1,671 $3,394 $38,782 $1,605 
Effect of changes in cash flow assumptions— — — — 
Effect of actual variances from expected experience(7)(2)42 — 
Adjusted balance, beginning of year1,664 3,392 38,824 1,605 
Issuances (1)
146 — 3,681 1,244 
Interest accrual (2)
13 27 185 6 
Net premiums collected (3)
(186)(84)(764)(1,260)
Derecognition (4)
— — — — 
Foreign currency translation— 9 742 (21)
Ending balance at original discount rate1,637 3,344 42,668 1,574 
Effect of changes in discount rate assumptions(223)(336)(8,323)74 
Balance, end of period$1,414 $3,008 $34,345 $1,648 
Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate$5,823 $3,447 $44,330 $6,561 
Effect of changes in cash flow assumptions— — — — 
Effect of actual variances from expected experience(11)(6)31 (1)
Adjusted balance, beginning of year5,812 3,441 44,361 6,560 
Issuances (1)
154 — 3,681 1,289 
Interest accrual (2)
56 28 225 18 
Benefit payments (5)
(138)(83)(858)(68)
Derecognition (4)
— — — — 
Foreign currency translation(16)8 852 (77)
Ending balance at original discount rate5,868 3,394 48,261 7,722 
Effect of changes in discount rate assumptions(460)(332)(9,191)(250)
Balance, end of period$5,408 $3,062 $39,070 $7,472 
Liability for future policy benefits$3,994 $54 $4,725 $5,824 
Less: reinsurance recoverable— — — — 
Net liability for future policy benefits$3,994 $54 $4,725 $5,824 
Weighted average duration of the liability (in years)87915
Weighted average interest accretion rate3.5 %3.3 %1.9 %1.3 %
Weighted average current discount rate5.0 %4.7 %4.7 %1.5 %
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new reinsurance contracts that became effective during the current period and new policies assumed on existing contracts.
(2)Interest accrual: The interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the original interest rate.
(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)Derecognition: Includes the effects of treaty recaptures and treaty amendments that resulted in the termination of an existing treaty and the issuance of a new treaty under the internal replacement model.
(5)Benefit payments: The release of the present value, using the original discount rate, of the expected future policy benefits due to death, lapse/withdrawal and other benefit payments based on current assumptions.
Significant assumptions used to compute the liability for future policy benefits for the Financial Solutions business include mortality, morbidity, lapse rates and discount rates (both accretion and current). The Company updates the underlying market data used to determine the current discount rate resulting in changes to the discount rate assumptions used to measure the liability for future policy benefits.

15

The Company’s Financial Solutions business actual-to-expected variances (including the effects of model updates) and the effects of changes in cash flow and discount rate assumptions for the three months ended March 31, 2024 and 2023 are summarized in the tables below:
For the three months ended March 31, 2024:
SegmentLiability for future policy benefits at original discount rateChanges in cash flow assumptionsActual-to-expected variance
Impact of updating discount rate recognized in OCI
U.S. and Latin America – Financial Solutions
$7.4 billionNone$2 million$(84) million
None1.6% decrease
Canada – Financial Solutions
$25 millionNone$—$(2) million
None7.7% decrease
Europe, Middle East and Africa – Financial Solutions
$6.3 billionNone$2 million$(154) million
None2.5% decrease
Asia Pacific – Financial Solutions
$10.5 billionNone$—$97 million
None1.6% increase
For the three months ended March 31, 2023:
SegmentLiability for future policy benefits at original discount rateChanges in cash flow assumptionsActual-to-expected varianceImpact of updating discount rate recognized in OCI
U.S. and Latin America – Financial Solutions
$4.2 billionNone$(4) million$96 million
0.1% decrease2.3% increase
Canada – Financial Solutions
$50 millionNone$(4) million$3 million
7.5% decrease5.7% increase
Europe, Middle East and Africa – Financial Solutions
$5.6 billionNone$(11) million$46 million
0.2% decrease0.8% increase
Asia Pacific – Financial Solutions
$6.1 billionNone$(1) million$136 million
None2.7% increase
Reconciliation and Other Disclosures
The reconciliation of the rollforward of the liability for future policy benefits to the condensed consolidated balance sheets as of March 31, 2024 and 2023 is as follows (dollars in millions):
March 31,
20242023
Liability for future policy benefits included in the rollforwards:
Traditional:
U.S. and Latin America$10,547$9,845
Canada4,1744,131
Europe, Middle East and Africa1,1491,075
Asia Pacific2,6232,444
Financial Solutions:
U.S. and Latin America7,105 3,994 
Canada26 54 
Europe, Middle East and Africa5,555 4,725 
Asia Pacific9,850 5,824 
Other long-duration contracts117 181 
Claims liability and incurred but not reported claims5,439 5,417 
Unearned revenue liability482 532 
Total liability for future policy benefits$47,067 $38,222 

16

The amount of undiscounted and discounted expected future gross premiums and expected future benefit payments for the liability for future policy benefits included in the rollforwards as of March 31, 2024 and 2023 is as follows (dollars in millions):
March 31,
2024
2023
UndiscountedDiscountedUndiscountedDiscounted
Expected future gross premiums
Traditional:
U.S. and Latin America$179,131 $82,691 $172,081 $82,288 
Canada55,118 21,591 53,244 21,317 
Europe, Middle East and Africa25,928 14,388 24,591 13,611 
Asia Pacific94,316 38,412 92,305 37,986 
Financial Solutions:
U.S. and Latin America2,914 1,829 3,112 1,975 
Canada4,390 2,900 4,738 3,149 
Europe, Middle East and Africa98,292 55,187 64,424 37,636 
Asia Pacific3,743 2,840 2,977 2,478 
Expected future benefit payments
Traditional:
U.S. and Latin America$189,341 $81,087 $181,123 $80,478 
Canada56,998 21,670 56,223 21,289 
Europe, Middle East and Africa25,709 13,774 24,150 12,889 
Asia Pacific90,670 32,824 88,496 32,313 
Financial Solutions:
U.S. and Latin America14,071 8,296 9,214 5,408 
Canada4,128 2,738 4,602 3,062 
Europe, Middle East and Africa100,423 56,214 66,775 39,070 
Asia Pacific17,399 11,499 10,144 7,472 
The amount of gross premiums and interest expense recognized in the condensed consolidated statements of income for the liability for future policy benefits included in the rollforwards for the three months ended March 31, 2024 and 2023 is as follows (dollars in millions):
Gross PremiumsInterest Expense
March 31,March 31,
2024202320242023
Traditional:
U.S. and Latin America$1,473 $1,422 $144 $130 
Canada271 262 54 51 
Europe, Middle East and Africa371 355 10 8 
Asia Pacific688 620 40 37 
Financial Solutions:
U.S. and Latin America1,912 156 68 43 
Canada23 23 — 1 
Europe, Middle East and Africa207 161 53 40 
Asia Pacific46 63 17 12 
Total$4,991 $3,062 $386 $322 
During the three months ended March 31, 2024 and 2023, no material charges were incurred resulting from net premiums exceeding gross premiums.
17

NOTE 5 POLICYHOLDER ACCOUNT BALANCES
Policyholder Account Balances
The following tables provide the balances of and changes in the Company’s liability for its policyholder account balances, reflected in interest-sensitive contract liabilities, for the three months ended March 31, 2024 and 2023 (dollars in millions):
For the three months ended March 31, 2024:
U.S. and Latin America – TraditionalU.S. and Latin America – Financial SolutionsAsia Pacific – Financial Solutions
Balance, beginning of year$1,612 $17,838 $3,990 
Deposits3 29 211 
Policy charges(8)(20)(28)
Surrenders and withdrawals(2)(609)(221)
Benefit payments(26)(129)(254)
Interest credited16 142 27 
Foreign currency translation— — (33)
Balance, end of period$1,595 $17,251 $3,692 
Less: reinsurance recoverable— (2,975)— 
Balance, end of period, after reinsurance$1,595 $14,276 $3,692 
Weighted average crediting rate4.4 %3.4 %3.0 %
Net amount at risk (1)
$656 $6,999 $— 
Cash surrender value$1,589 $17,130 $3,256 
For the three months ended March 31, 2023:
U.S. and Latin America – TraditionalU.S. and Latin America – Financial SolutionsAsia Pacific – Financial Solutions
Balance, beginning of year$1,683 $18,906 $3,351 
Deposits3 41 431 
Policy charges(8)(8)— 
Surrenders and withdrawals(5)(528)(19)
Benefit payments(43)(116)(22)
Interest credited16 142 32 
Foreign currency translation— — (15)
Balance, end of period$1,646 $18,437 $3,758 
Less: reinsurance recoverable— (1,532)— 
Balance, end of period, after reinsurance$1,646 $16,905 $3,758 
Weighted average crediting rate4.0 %3.3 %2.9 %
Net amount at risk (1)
$697 $2,468 $— 
Cash surrender value$1,635 $18,398 $3,340 
(1)    Net amount at risk is defined as the guaranteed amount less the account value as of the balance sheet date. The balance represents the amount of the claim the Company would incur if death claims were filed on all contracts on the balance sheet date.
Information regarding the Company’s policyholder account balances as of March 31, 2024 and 2023 is as follows (dollars in millions):
March 31,
20242023
Policyholder account balances included in the rollforwards:
Traditional:
U.S. and Latin America$1,595 $1,646 
Financial Solutions:
U.S. and Latin America17,251 18,437 
Asia Pacific3,692 3,758 
Other policyholder account balances
U.S. and Latin America – Financial Solutions48 70 
Total policyholder account balances$22,586 $23,911 
18

The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums as of March 31, 2024 and 2023 is as follows (dollars in millions):
March 31, 2024
Range of Guaranteed Minimum Crediting RateAt Guaranteed Minimum1 Basis Point – 50 Basis Points Above51 Basis Points – 100 Basis Points Above101 Basis Points – 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
U.S. and Latin America – TraditionalLess than 1.00%$— $— $— $— $— $— 
1.00 – 1.99%— — — — — — 
2.00 – 2.99%— — — — — — 
3.00 – 3.99%— — — — — — 
4.00% and Greater502 109 984 — — 1,595 
Total$502 $109 $984 $— $— $1,595 
U.S. and Latin America – Financial SolutionsLess than 1.00%$— $— $— $— $— $— 
1.00 – 1.99%1,501 9 13 52 22 1,597 
2.00 – 2.99%1,462 16 37 632 103 2,250 
3.00 – 3.99%4,019 241 105 2 — 4,367 
4.00% and Greater8,993 44 — — — 9,037 
Total$15,975 $310 $155 $686 $125 $17,251 
Asia Pacific – Financial SolutionsLess than 1.00%$255 $— $— $— $— $255 
1.00 – 1.99%624 — — — — 624 
2.00 – 2.99%675 — — — — 675 
3.00 – 3.99%1,244 — — — — 1,244 
4.00% and Greater894 — — — — 894 
Total$3,692 $— $— $— $— $3,692 
19

March 31, 2023
Range of Guaranteed Minimum Crediting RateAt Guaranteed Minimum1 Basis Point – 50 Basis Points Above51 Basis Points – 100 Basis Points Above101 Basis Points – 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
U.S. and Latin America – TraditionalLess than 1.00%$— $— $— $— $— $— 
1.00 – 1.99%— — — — — — 
2.00 – 2.99%— — — — — — 
3.00 – 3.99%— — — — — — 
4.00% and Greater1,646 — — — — 1,646 
Total$1,646 $— $— $— $— $1,646 
U.S. and Latin America – Financial SolutionsLess than 1.00%$— $— $— $— $— $— 
1.00 – 1.99%1,844 14 32 65 40 1,995 
2.00 – 2.99%1,831 9 82 645 14 2,581 
3.00 – 3.99%4,718 240 67 12 1 5,038 
4.00% and Greater8,773 50 — — — 8,823 
Total$17,166 $313 $181 $722 $55 $18,437 
Asia Pacific – Financial SolutionsLess than 1.00%$291 $— $— $— $— $291 
1.00 – 1.99%717 — — — — 717 
2.00 – 2.99%804 — — — — 804 
3.00 – 3.99%1,225 — — — — 1,225 
4.00% and Greater721 — — — — 721 
Total$3,758 $— $— $— $— $3,758 
NOTE 6     UNPAID CLAIMS AND CLAIM EXPENSE – SHORT-DURATION CONTRACTS
Rollforward of Claims and Claim Adjustment Expenses
The liability for unpaid claims for short-duration contracts is reported in other policy claims and benefits on the Company’s condensed consolidated balance sheets. Activity associated with unpaid claims is summarized below (dollars in millions):
Three months ended March 31,
20242023
Balance, beginning of year$2,730 $2,480 
Less: reinsurance recoverable(80)(57)
Net balance, beginning of year2,650 2,423 
Incurred:
Current year399 363 
Prior years(28)(25)
Total incurred371 338 
Payments:
Current year(19)(23)
Prior years(290)(249)
Total payments(309)(272)
Other changes:
Interest accretion10 8 
Foreign exchange adjustments(44)(6)
Total other changes(34)2 
Net balance, end of period2,678 2,491 
Plus: reinsurance recoverable75 67 
Balance, end of period$2,753 $2,558 
20

Incurred claims associated with prior periods are primarily due to the development of claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid claims.
NOTE 7 MARKET RISK BENEFITS
The following table provides the balances of and changes in the Company’s market risk benefits for the three months ended March 31, 2024 and 2023 (dollars in millions):
U.S. and Latin America – Financial Solutions
Three months ended March 31,
20242023
Balance, beginning of year$249 $247 
Balance, beginning of year, before effect of changes in the instrument-specific credit risk253 263 
Interest accrual3 4 
Attributed fees collected6 6 
Benefit payments— — 
Effect of changes in interest rates(25)21 
Effect of changes in equity markets(21)(17)
Effect of changes in volatility— (5)
Other market impacts(4)— 
Actual policyholder behavior different from expected behavior6 5 
Balance, end of period, before effect of changes in the instrument-specific credit risk218 277 
Effect of changes in the instrument-specific credit risk(4)(18)
Balance, end of period214 259 
Less: reinsurance recoverable— — 
Balance, end of period, after reinsurance$214 $259 
Net amount at risk$1,329 $1,428 
Weighted average attained age of contract holders (in years)7171
The reconciliation of the rollforward for market risk benefits to the condensed consolidated balance sheets as of March 31, 2024 and 2023 is as follows (dollars in millions):
March 31,
March 31,
20242023
Asset (1)
LiabilityNet
Asset (1)
LiabilityNet
U.S. and Latin America – Financial Solutions$14 $228 $(214)$2 $261 $(259)
Total market risk benefits$14 $228 $(214)$2 $261 $(259)
(1)Included in Other assets
Fair Value Measurement
See Note 12 – “Fair Value of Assets and Liabilities” for information about fair value measurement of assets and liabilities, except for market risk benefits.
Market risk benefits are classified within Level 3 on the fair value hierarchy. The fair value of market risk benefits is monitored through the use of attribution reports to quantify the effect of underlying sources of fair value change, including capital market inputs based on policyholder account values, interest rates and short-term and long-term implied volatility from period to period.
During the three months ended March 31, 2024 and 2023, there were no material changes made to the inputs in the market risk benefits calculations, and nonfinancial assumptions were unchanged.
21

NOTE 8 DEFERRED POLICY ACQUISITION COSTS
The following tables provide the balances of and changes in deferred policy acquisition costs for the Company’s Traditional business for the three months ended March 31, 2024 and 2023 (dollars in millions): 
For the three months ended March 31, 2024:
U.S. and Latin America – TraditionalCanada – TraditionalEurope, Middle East and Africa – TraditionalAsia Pacific – Traditional
Balance, beginning of year$2,191 $173 $347 $1,098 
Capitalization84 2 19 43 
Amortization expense(37)(3)(13)(14)
Foreign currency translation— (4)(6)(16)
Balance, end of period$2,238 $168 $347 $1,111 
For the three months ended March 31, 2023:
U.S. and Latin America – TraditionalCanada – TraditionalEurope, Middle East and Africa – TraditionalAsia Pacific – Traditional
Balance, beginning of year$2,087 $171 $294 $1,043 
Capitalization57 3 25 19 
Amortization expense(35)(3)(10)(15)
Foreign currency translation— — — (3)
Balance, end of period$2,109 $171 $309 $1,044 
The following tables provide the balances of and changes in deferred policy acquisition costs for the Company’s Financial Solutions business for the three months ended March 31, 2024 and 2023 (dollars in millions):
For the three months ended March 31, 2024:
U.S. and Latin America – Financial SolutionsCanada – Financial SolutionsEurope, Middle East and Africa – Financial SolutionsAsia Pacific – Financial Solutions
Balance, beginning of year$552 $— $— $250 
Capitalization1 — — 20 
Amortization expense(15)— — (10)
Foreign currency translation— — — (1)
Balance, end of period$538 $— $— $259 
For the three months ended March 31, 2023:
U.S. and Latin America – Financial SolutionsCanada – Financial SolutionsEurope, Middle East and Africa – Financial SolutionsAsia Pacific – Financial Solutions
Balance, beginning of year$341 $— $— $188 
Capitalization— — — 108 
Amortization expense(11)— — (6)
Foreign currency translation— — — (1)
Balance, end of period$330 $— $— $289 
22

The reconciliation of deferred policy acquisition costs to the condensed consolidated balance sheets as of March 31, 2024 and 2023 is as follows (dollars in millions):
March 31,
20242023
Deferred policy acquisition costs included in the rollforwards:
Traditional:
U.S. and Latin America$2,238 $2,109 
Canada168 171 
Europe, Middle East and Africa347 309 
Asia Pacific1,111 1,044 
Financial Solutions:
U.S. and Latin America538 330 
Canada— — 
Europe, Middle East and Africa— — 
Asia Pacific259 289 
Other long-duration business:
Corporate and Other12 5 
Total deferred policy acquisition costs$4,673 $4,257 
NOTE 9 REINSURANCE
Ceded Reinsurance
Retrocession reinsurance treaties do not relieve the Company from its obligations to direct writing companies. Failure of retrocessionaires to honor their obligations could result in losses to the Company. Consequently, allowances would be established for amounts deemed uncollectible. The Company regularly evaluates the financial condition of the insurance companies from which it assumes and to which it cedes reinsurance. At March 31, 2024 and December 31, 2023, no allowances were deemed necessary.
Retrocessions are arranged through the Company’s retrocession pools for amounts in excess of the Company’s retention limit. As of March 31, 2024, all rated retrocession pool participants followed by the A.M. Best Company were rated “A- (excellent)” or better. The Company verifies retrocession pool participants’ ratings on a quarterly basis. For a majority of the retrocessionaires that were not rated, security in the form of letters of credit or trust assets have been posted. In addition, the Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance.
During the fourth quarter of 2023, Ruby Reinsurance Company (Ruby Re), a Missouri-domiciled life reinsurance company to reinsure U.S. asset-intensive business was launched with the Company as a sponsor. The Company, which is not an investor in Ruby Re, does not consolidate the entity.
Two reinsurance companies, including Ruby Re, account for approximately 74% of reinsurance ceded receivables and other as of March 31, 2024.
As of March 31, 2024 and December 31, 2023, $12 million and $10 million of claims recoverable were in excess of 90 days past due, respectively. Also included in reinsurance ceded receivables and other is a deposit asset on reinsurance of $3.0 billion and $3.1 billion as of March 31, 2024 and December 31, 2023, respectively.
Funds Withheld
Certain of the Company’s retrocession agreements, including those with Ruby Re, are on a modco or funds withheld basis. While the economic benefits of the funds withheld assets are passed on to the assuming company, the Company retains legal ownership of the assets within the funds withheld account and established a funds withheld liability. Net investment income related to the funds withheld assets are reported in other reinsurance expense, and net realized gains (losses) related to the assets are reported net of the amount that is passed on to the assuming company. The following assets were held in support of the Company’s funds withheld arrangements and are reported in the line items shown in the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 (dollars in millions):
23

March 31, 2024December 31, 2023
Fixed maturity securities available-for-sale$2,380 $2,442 
Equity securities2 2 
Mortgage loans437 451 
Funds withheld at interest1,515 1,545 
Real estate joint ventures36 35 
Short-term investments and cash and cash equivalents31 30 
Accrued investment income28 28 
Net other assets— 1 
Net assets$4,429 $4,534 
Certain assets are reported at amortized cost while the fair value of those assets is reflected in the funds withheld payable. The Company had a $4,409 million and $4,483 million funds withheld payable, net of an embedded derivative asset of $190 million and $206 million as of March 31, 2024 and December 31, 2023, respectively.
NOTE 10 INVESTMENTS
Fixed Maturity Securities Available-for-Sale
The Company holds various types of fixed maturity securities available-for-sale and classifies them as corporate securities (“Corporate”), Canadian and Canadian provincial government securities (“Canadian government”), Japanese government and agencies (“Japanese government”), asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), U.S. government and agencies (“U.S. government”), state and political subdivisions, and other foreign government, supranational and foreign government-sponsored enterprises (“Other foreign government”). ABS, CMBS, and RMBS are collectively “structured securities.”
The following tables provide information relating to investments in fixed maturity securities by type as of March 31, 2024 and December 31, 2023 (dollars in millions):
March 31, 2024:AmortizedAllowance forUnrealizedUnrealizedEstimated Fair% of
 CostCredit LossesGainsLossesValueTotal
Available-for-sale:
Corporate$44,575 $79 $485 $3,933 $41,048 62.4 %
Canadian government3,455 — 326 68 3,713 5.6 
Japanese government5,722 — 4 522 5,204 7.9 
ABS5,137 15 30 207 4,945 7.5 
CMBS2,002 1 14 154 1,861 2.8 
RMBS1,250 — 10 110 1,150 1.7 
U.S. government3,028 — 2 244 2,786 4.2 
State and political subdivisions1,249 — 6 139 1,116 1.7 
Other foreign government4,372 — 39 407 4,004 6.2 
Total fixed maturity securities$70,790 $95 $916 $5,784 $65,827 100.0 %
December 31, 2023:AmortizedAllowance forUnrealizedUnrealizedEstimated Fair% of
 CostCredit LossesGainsLossesValueTotal
Available-for-sale:
Corporate$42,014 $62 $554 $3,751 $38,755 64.1 %
Canadian government3,477 — 473 33 3,917 6.5 
Japanese government3,630 — 3 502 3,131 5.2 
ABS4,661 12 19 239 4,429 7.3 
CMBS1,969 1 7 202 1,773 2.9 
RMBS1,173 — 8 102 1,079 1.8 
U.S. government2,725 — 9 214 2,520 4.2 
State and political subdivisions1,236 — 7 129 1,114 1.8 
Other foreign government4,092 — 45 388 3,749 6.2 
Total fixed maturity securities$64,977 $75 $1,125 $5,560 $60,467 100.0 %
The Company monitors its concentrations of financial instruments on an ongoing basis and mitigates credit risk by maintaining a diversified investment portfolio that limits exposure to any one issuer. The Company’s exposure to concentrations of credit
24

risk from single issuers, including certain agencies, greater than 10% of the Company’s equity are disclosed below, as of March 31, 2024 and December 31, 2023 (dollars in millions):
March 31, 2024December 31, 2023
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Fixed maturity securities guaranteed or issued by:
Japanese government$5,722 $5,204 $3,630 $3,131 
U.S. government3,028 2,786 2,725 2,520 
Canadian province of Quebec1,454 1,636 1,467 1,748 
Canadian province of Ontario1,002 1,070 1,019 1,125 
The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of March 31, 2024, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below, as they are not due at a single maturity date.
Amortized CostEstimated Fair Value
Available-for-sale:
Due in one year or less$1,316 $1,313 
Due after one year through five years11,090 10,925 
Due after five years through ten years12,989 12,401 
Due after ten years37,006 33,232 
Structured securities8,389 7,956 
Total$70,790 $65,827 
Corporate Fixed Maturity Securities
The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of March 31, 2024 and December 31, 2023 (dollars in millions): 
March 31, 2024:Amortized CostEstimated Fair Value% of Total
Finance$15,788 $14,526 35.4 %
Industrial22,606 20,946 51.0 
Utility6,181 5,576 13.6 
Total$44,575 $41,048 100.0 %
December 31, 2023:Amortized CostEstimated Fair Value% of Total
Finance$15,052 $13,789 35.6 %
Industrial21,413 19,935 51.4 
Utility5,549 5,031 13.0 
Total$42,014 $38,755 100.0 %
25

Allowance for Credit Losses and Impairments – Fixed Maturity Securities Available-for-Sale
As discussed in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2023 Annual Report, allowances for credit losses on fixed maturity securities are recognized in investment related gains (losses), net. The amount recognized represents the difference between the amortized cost of the security and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the fixed maturity security prior to the allowance for credit losses. Any remaining difference between the fair value and amortized cost is recognized in OCI.
The following tables present the rollforward of the allowance for credit losses in fixed maturity securities by type for the three months ended March 31, 2024 and 2023 (dollars in millions):
For the three months ended March 31, 2024:
 CorporateABSCMBSTotal
Balance, beginning of year$62 $12 $1 $75 
Credit losses recognized on securities for which credit losses were not previously recorded30 — — 30 
Reductions for securities sold during the period(8)— — (8)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period(5)3 — (2)
Balance, end of period$79 $15 $1 $95 
For the three months ended March 31, 2023:
 CorporateABSCMBSTotal
Balance, beginning of year$27 $10 $— $37 
Credit losses recognized on securities for which credit losses were not previously recorded43 — — 43 
Reductions for securities sold during the period(3)— — (3)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period2 — — 2 
Balance, end of period$69 $10 $— $79 
Unrealized Losses for Fixed Maturity Securities Available-for-Sale
The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes an analysis of whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment.
The following tables present the estimated fair value and gross unrealized losses for the 6,101 and 5,788 fixed maturity securities for which both the estimated fair value had declined and remained below amortized cost and an allowance for credit loss has not been recorded as of March 31, 2024 and December 31, 2023 (dollars in millions). These investments are presented by class and grade of security, as well as the length of time the related fair value has continuously remained below amortized cost.

26

 Less than 12 months12 months or greaterTotal
March 31, 2024:Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
Corporate$4,063 $89 $23,710 $3,753 $27,773 $3,842 
Canadian government291 14 433 54 724 68 
Japanese government2,728 63 2,013 459 4,741 522 
ABS560 8 2,883 191 3,443 199 
CMBS108 1 1,266 143 1,374 144 
RMBS161 3 683 107 844 110 
U.S. government1,932 14 654 230 2,586 244 
State and political subdivisions119 3 815 136 934 139 
Other foreign government466 6 2,190 348 2,656 354 
Total investment grade securities10,428 201 34,647 5,421 45,075 5,622 
 
Below investment grade securities:
Corporate246 25 512 66 758 $91 
ABS10 1 62 7 72 8 
CMBS— — 4 1 4 1 
Other foreign government— — 193 53 193 53 
Total below investment grade securities256 26 771 127 1,027 153 
Total fixed maturity securities$10,684 $227 $35,418 $5,548 $46,102 $5,775 
 Less than 12 months12 months or greaterTotal
December 31, 2023:Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
Corporate$2,134 $70 $24,207 $3,524 $26,341 $3,594 
Canadian government— — 459 33 459 33 
Japanese government876 50 2,193 452 3,069 502 
ABS336 5 3,025 223 3,361 228 
CMBS160 5 1,328 190 1,488 195 
RMBS115 3 681 99 796 102 
U.S. government614 10 717 204 1,331 214 
State and political subdivisions73 1 864 128 937 129 
Other foreign government254 3 2,290 333 2,544 336 
Total investment grade securities4,562 147 35,764 5,186 40,326 5,333 
Below investment grade securities:
Corporate295 36 649 121 944 157 
ABS— — 68 10 68 10 
CMBS— — 4 1 4 1 
Other foreign government— — 193 52 193 52 
Total below investment grade securities295 36 914 184 1,209 220 
Total fixed maturity securities$4,857 $183 $36,678 $5,370 $41,535 $5,553 
The Company did not intend to sell, and more likely than not would not be required to sell, the securities outlined in the tables above, as of the dates indicated. However, unforeseen facts and circumstances may cause the Company to sell fixed maturity securities in the ordinary course of managing its portfolio to meet certain diversification, credit quality and liquidity guidelines. Changes in unrealized losses are primarily driven by changes in risk-free interest rates and credit spreads.
27

Net Investment Income
Major categories of net investment income consist of the following (dollars in millions):
 Three months ended March 31,
 20242023
Fixed maturity securities available-for-sale$760 $645 
Equity securities2 2 
Mortgage loans90 74 
Policy loans14 13 
Funds withheld at interest89 72 
Limited partnerships and real estate joint ventures7 54 
Short-term investments and cash and cash equivalents34 21 
Other invested assets4 9 
Investment income1,000 890 
Investment expense(39)(34)
Net investment income$961 $856 
Investment Related Gains (Losses), Net
Investment related gains (losses), net consist of the following (dollars in millions): 
 Three months ended March 31,
 20242023
Fixed maturity securities available-for-sale:
Change in allowance for credit losses$(20)$(42)
Impairments on fixed maturity securities— (1)
Realized gains on investment activity32 31 
Realized losses on investment activity(134)(75)
Net gains (losses) on equity securities4 2 
Change in mortgage loan allowance for credit losses(10)3 
Limited partnerships and real estate joint venture impairment losses(8)— 
Change in fair value of certain limited partnership investments1 (3)
Net losses on freestanding derivatives(99)(31)
Net gains (losses) on embedded derivatives77 37 
Other, net8 2 
Total investment related gains (losses), net$(149)$(77)
28

Collateral Arrangements
The Company enters into various collateral arrangements with counterparties that require both the pledging and acceptance of invested assets as collateral. Pledged invested assets are included in the condensed consolidated balance sheets. Invested assets received as collateral are held in separate custodial accounts and are not recorded on the Company’s condensed consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge collateral it receives; however, as of March 31, 2024 and December 31, 2023, none of the collateral received had been sold or repledged.
The Company also holds invested assets on deposit to meet regulatory requirements and holds assets in trust to satisfy collateral requirements under derivative transactions and certain third-party reinsurance treaties.
The following table includes invested assets on deposit, invested assets pledged and received as collateral, assets in trust held to satisfy collateral requirements and FHLB common stock restricted as to sale as of March 31, 2024 and December 31, 2023 (dollars in millions):
March 31, 2024December 31, 2023
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Invested assets on deposit (regulatory deposits)$12 $9 $12 $9 
Invested assets pledged as collateral717 631 572 517 
Invested assets received as collateraln/a1,932 n/a1,827 
Assets in trust held to satisfy collateral requirements33,402 30,798 32,758 30,359 
FHLB common stock restricted as to sale63 63 63 63 
Securities Lending and Repurchase/Reverse Repurchase Agreements
The following table provides the estimated fair value of securities relating to securities lending and repurchase/reverse repurchase agreements as of March 31, 2024 and December 31, 2023 (dollars in millions):
March 31, 2024December 31, 2023
Securities Loaned, Pledged, or
Sold (1)
Securities Borrowed or Collateral Received from Counterparties (2)
Cash Collateral Received from Counterparties (3)
Securities Loaned, Pledged, or
Sold (1)
Securities Borrowed or Collateral Received from Counterparties (2)
Cash Collateral Received from Counterparties (3)
Securities lending transactions$912 $1,160 $— $732 $1,013 $— 
Repurchase/reverse repurchase transactions1,568 732 719 1,333 517 820 
(1)Securities loaned or pledged through securities lending transactions or sold to counterparties through repurchase transactions are included within fixed maturity securities. Collateral associated with certain securities lending transactions is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows. Certain securities lending transactions do not require collateral.
(2)Securities borrowed or received as collateral through securities lending transactions or purchased from counterparties through reverse repurchase transactions are not reflected on the condensed consolidated balance sheets.
(3)A payable for the cash received by the Company is included within other liabilities.
The following tables present the estimated fair value of securities by the remaining contractual maturity of the Company’s securities lending and repurchase agreements as of March 31, 2024 and December 31, 2023 (dollars in millions):
29

March 31, 2024December 31, 2023
Remaining Contractual Maturity of the AgreementsRemaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotalOvernight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotal
Securities lending transactions:
Corporate$— $75 $66 $202 $343 $— $— $94 $41 $135 
Japanese government— — — 536 536 — 88 — 480 568 
U.S. government— — — 9 9 — — — — — 
State and political subdivisions— — — 6 6 — — — 11 11 
Other foreign government— — 7 11 18 — — 13 5 18 
Total— 75 73 764 912 — 88 107 537 732 
Repurchase/reverse repurchase transactions:
Corporate— 39 — 538 577 — — — 553 553 
Japanese government— — — 382 382 — — — 158 158 
ABS— — 52 157 209 — — — 229 229 
CMBS— 24 56 108 188 — — — 221 221 
RMBS— 1 8 43 52 — — — 52 52 
U.S. government— — — 61 61 — — — 14 14 
Other foreign government— — — 99 99 — — — 106 106 
Total— 64 116 1,388 1,568 — — — 1,333 1,333 
Total transactions$— $139 $189 $2,152 $2,480 $— $88 $107 $1,870 $2,065 
Mortgage Loans
As of March 31, 2024, mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in California (14.0%), Texas (10.4%) and Washington (7.3%), in addition to loans secured by properties in Canada (4.0%) and the United Kingdom (2.4%). The recorded investment in mortgage loans presented below is gross of unamortized deferred loan origination fees and expenses and allowance for credit losses.
The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of March 31, 2024 and December 31, 2023 (dollars in millions):
 March 31, 2024December 31, 2023
 Property type:Carrying Value% of Total Carrying Value% of Total
Office$1,692 22.2 %$1,700 22.8 %
Retail2,487 32.6 2,437 32.7 
Industrial2,068 27.1 1,947 26.1 
Apartment927 12.1 913 12.2 
Hotel411 5.4 413 5.5 
Other commercial48 0.6 49 0.7 
Recorded investment7,633 100.0 %7,459 100.0 %
Unamortized balance of loan origination fees and expenses(17)(15)
Allowance for credit losses(77)(67)
Total mortgage loans$7,539 $7,377 
The following table presents the maturities of the Company’s recorded investment in mortgage loans as of March 31, 2024 and December 31, 2023 (dollars in millions):
March 31, 2024December 31, 2023
Recorded
Investment		% of Total Recorded
Investment		% of Total
Due within five years$3,463 45.4 %$3,228 43.3 %
Due after five years through ten years3,321 43.5 3,334 44.7 
Due after ten years849 11.1 897 12.0 
Total$7,633 100.0 %$7,459 100.0 %
30

The following tables set forth certain key credit quality indicators of the Company’s recorded investment in mortgage loans as of March 31, 2024 and December 31, 2023 (dollars in millions):
Recorded Investment
Debt Service RatiosConstruction loans
>1.20x1.00x – 1.20x<1.00xTotal% of Total
March 31, 2024:
Loan-to-Value Ratio
0% – 59.99%$3,820 $298 $40 $50 $4,208 55.1 %
60% – 69.99%1,950 160 38 — 2,148 28.2 
70% – 79.99%849 28 47 — 924 12.1 
80% or greater189 55 109 — 353 4.6 
Total$6,808 $541 $234 $50 $7,633 100.0 %
Recorded Investment
Debt Service RatiosConstruction loans
>1.20x1.00x – 1.20x<1.00xTotal% of Total
December 31, 2023:
Loan-to-Value Ratio
0% – 59.99%$3,672 $272 $27 $46 $4,017 53.9 %
60% – 69.99%1,947 154 44 — 2,145 28.8 
70% – 79.99%843 52 34 — 929 12.4 
80% or greater198 70 100 — 368 4.9 
Total$6,660 $548 $205 $46 $7,459 100.0 %
The following table sets forth credit quality grades by year of origination of the Company’s recorded investment in mortgage loans as of March 31, 2024 and December 31, 2023 (dollars in millions):
Recorded Investment
Year of Origination
20242023202220212020PriorTotal
March 31, 2024:
Internal credit quality grade:
High investment grade$126 $474 $632 $563 $257 $2,174 $4,226 
Investment grade172 754 671 390 242 899 3,128 
Average— 12 — — 18 203 233 
Watch list— — — — — 23 23 
In or near default— — — — — 23 23 
Total$298 $1,240 $1,303 $953 $517 $3,322 $7,633 
Recorded Investment
Year of Origination
20232022202120202019PriorTotal
December 31, 2023:
Internal credit quality grade:
High investment grade$475 $635 $573 $304 $491 $1,734 $4,212 
Investment grade754 668 384 245 313 564 2,928 
Average12 — — 18 63 203 296 
Watch list— — — — — 16 16 
In or near default— — — — — 7 7 
Total$1,241 $1,303 $957 $567 $867 $2,524 $7,459 

31

The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of March 31, 2024 and December 31, 2023 (dollars in millions):
 March 31, 2024December 31, 2023
Current$7,610 $7,431 
31 – 60 days past due7 28 
Greater than 90 days past due
16 — 
Total$7,633 $7,459 
The following table presents information regarding the Company’s allowance for credit losses for mortgage loans for the three months ended March 31, 2024 and 2023 (dollars in millions):
 Three months ended March 31,
 20242023
Balance, beginning of period$67 $51 
Change in allowance for credit losses10 (3)
Balance, end of period$77 $48 
During the three months ended March 31, 2024, the Company modified two mortgage loans for borrowers experiencing financial difficulty, providing interest only payments and maturity extensions. The total recorded investment before allowance for credit losses for the modified loans was $21 million as of March 31, 2024. The Company did not modify any mortgage loans during the three months ended March 31, 2023.
The Company had three mortgage loans totaling $23 million that were on a nonaccrual status as of March 31, 2024. The Company had one mortgage loan in the amount of $19 million that was on nonaccrual status as of March 31, 2023. During the three months ended March 31, 2024, the Company did not convert any mortgage loans to owned properties through a deed in lieu of foreclosure. During the three months ended March 31, 2023, the Company converted one mortgage loan in the amount of $17 million to an owned property through a deed in lieu of foreclosure. The Company did not acquire any impaired mortgage loans during the three months ended March 31, 2024 and 2023.
Policy Loans
The majority of policy loans are associated with one client. These policy loans present no credit risk as the amount of the loan cannot exceed the obligation due to the ceding company upon the death of the insured or surrender of the underlying policy. The provisions of the treaties in force and the underlying policies determine the policy loan interest rates. The Company earns a spread between the interest rate earned on policy loans and the interest rate credited to corresponding liabilities.
Funds Withheld at Interest
As of March 31, 2024, $3.3 billion of the funds withheld at interest balance is primarily associated with two clients. For reinsurance agreements written on a modco basis and certain agreements written on a coinsurance funds withheld basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company and are reflected as funds withheld at interest. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances against amounts owed to the Company from the ceding company.
Limited Partnerships and Real Estate Joint Ventures
The carrying values of limited partnerships and real estate joint ventures as of March 31, 2024 and December 31, 2023 are as follows (dollars in millions):
March 31, 2024December 31, 2023
Limited partnerships – equity method$923 $925 
Limited partnerships – fair value893 856 
Limited partnerships – cost method71 71 
Real estate joint ventures810783 
Total limited partnerships and real estate joint ventures$2,697 $2,635 
Other Invested Assets
Other invested assets include lifetime mortgages, derivative contracts and FHLB common stock. Other invested assets also includes real estate held for investment, which is included in “Other” in the table below. As of March 31, 2024 and December 31, 2023, the allowance for credit losses for lifetime mortgages was not material. The carrying values of other invested assets as of March 31, 2024 and December 31, 2023 are as follows (dollars in millions):
32

March 31, 2024December 31, 2023
Lifetime mortgages$939 $944 
Derivatives70 97 
FHLB common stock63 63 
Other68 67 
Total other invested assets$1,140 $1,171 
NOTE 11 DERIVATIVE INSTRUMENTS
See Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2023 Annual Report for a detailed discussion of the accounting treatment for derivative instruments, including embedded derivatives. See Note 12 – “Fair Value of Assets and Liabilities” for additional disclosures related to the fair value hierarchy for derivative instruments, including embedded derivatives.
Commonly used derivative instruments include, but are not necessarily limited to: interest rate swaps, interest rate options, total return swaps, interest rate futures, foreign currency swaps, foreign currency forwards, equity options, equity futures, credit default swaps, consumer price index (“CPI”) swaps, forward bond purchase commitments, synthetic guaranteed investment contracts (“GICs”), other derivatives and embedded derivatives. For detailed information on these derivative instruments and the related strategies, see Note 12 – “Derivative Instruments” of the Company’s 2023 Annual Report.
Summary of Derivative Positions
Freestanding derivatives are included in other invested assets or other liabilities, at fair value. Embedded derivative assets and liabilities on modco or funds withheld arrangements are included on the condensed consolidated balance sheets with the host contract in funds withheld at interest or funds withheld payable, at fair value. Embedded derivative liabilities on indexed annuity products are included on the condensed consolidated balance sheets with the host contract in interest-sensitive contract liabilities, at fair value. The following table presents the notional amounts and gross fair value of derivative instruments prior to taking into account the netting effects of master netting agreements as of March 31, 2024 and December 31, 2023 (dollars in millions):
 March 31, 2024December 31, 2023
 Primary
 Underlying Risk		NotionalCarrying Value/Fair ValueNotionalCarrying Value/Fair Value
 AmountAssetsLiabilitiesAmountAssetsLiabilities
Derivatives not designated as hedging instruments:
Interest rate swapsInterest rate$1,400 $5 $11 $1,609 $4 $3 
Interest rate optionsInterest rate5,555 3 — 5,555 7 — 
Total return swapsInterest rate700 23 — 500 24 — 
Interest rate futuresInterest rate96 — — 97 — — 
Foreign currency swapsForeign currency150 39 — 150 27 — 
Foreign currency forwardsForeign currency2,489 — 27 809 36 — 
Equity optionsEquity253 4 — 253 8 — 
Equity futuresEquity211 — — 255 — — 
Credit default swapsCredit2,005 4 3 1,475 5 1 
CPI swapsCPI456 11 2 468 11 3 
Synthetic GICsInterest rate15,801 — — 16,135 — — 
Embedded derivatives in:
Modco or funds withheld arrangements— 327 421 — 356 527 
Indexed annuity products— — 398 — — 415 
Total non-designated derivatives29,116 416 862 27,306 478 949 
Derivatives designated as hedging instruments:
Interest rate swapsInterest rate1,830 1 97 1,770 9 86 
Forward bond purchase commitmentsInterest rate1,072 2 107 1,076 11 80 
Foreign currency swapsForeign currency742 6 88 809 7 64 
Foreign currency forwardsForeign currency1,143 15 2 1,143 5 17 
Total hedging derivatives4,787 24 294 4,798 32 247 
Total derivatives$33,903 $440 $1,156 $32,104 $510 $1,196 

33

Fair Value Hedges
The Company designates and reports the following as fair value hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging: (i) certain foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets; and (ii) interest rate swaps to convert fixed rate liabilities to floating rate liabilities. The gain or loss on the hedged item attributable to a change in interest rates or foreign currency and the offsetting gain or loss on the related interest rate or foreign currency swaps for the three months ended March 31, 2024 and 2023 are as follows (dollars in millions):
Derivative TypeHedged ItemInvestment Related
Gains (Losses), Net		Interest Credited
DerivativesHedged ItemsDerivativesHedged Items
For the three months ended March 31, 2024:
Foreign currency swapsForeign-denominated fixed maturity securities$(1)$— $— $— 
Interest rate swapsInterest-sensitive contract liabilities— — (2)1 
For the three months ended March 31, 2023:
Foreign currency swapsForeign-denominated fixed maturity securities(3)2 — — 
Interest rate swapsInterest-sensitive contract liabilities— — — — 
Cash Flow Hedges
Certain derivative instruments are designated as cash flow hedges when they meet the requirements of the general accounting principles for Derivatives and Hedging. The Company designates and accounts for the following as cash flow hedges: (i) certain interest rate swaps, in which the cash flows of assets and liabilities are variable based on a benchmark rate; (ii) certain interest rate swaps, in which floating rate assets are converted to fixed rate assets; (iii) forward bond purchase commitments; and (iv) certain foreign currency swaps, in which the cash flows of assets are denominated in different currencies, commonly referred to as cross-currency swaps.
The following table presents the cash flow hedge components of AOCI, before income tax, and the condensed consolidated income statement classification where the gain or loss is recognized related to cash flow hedges for the three months ended March 31, 2024 and 2023 (dollars in millions):
 Three months ended March 31,
 20242023
Balance, beginning of period$(218)$(205)
Gains (losses), net deferred in other comprehensive income (loss)(86)6 
Amounts reclassified to net investment income8 3 
Amounts reclassified to interest expense(3)(2)
Balance, end of period$(299)$(198)
As of March 31, 2024, approximately $40 million of before-tax deferred net losses on derivative instruments recorded in AOCI are expected to be reclassified to investment income during the next twelve months. For the same time period, approximately $10 million of before-tax deferred net gains on derivative instruments recorded in AOCI are expected to be reclassified to interest expense during the next twelve months.
The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income for the three months ended March 31, 2024 and 2023 (dollars in millions):
Derivative TypeGains (Losses)
 Deferred in OCI		Gains (Losses) Reclassified into Income from
AOCI
Net Investment IncomeInterest Expense
For the three months ended March 31, 2024:
Interest rate$(57)$(3)$3 
Foreign currency(29)(5)— 
Total$(86)$(8)$3 
For the three months ended March 31, 2023:
Interest rate$14 $— $2 
Foreign currency(8)(3)— 
Total$6 $(3)$2 
34

For the three months ended March 31, 2024 and 2023, there were no material amounts reclassified into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging.
Hedges of Net Investments in Foreign Operations
The Company uses foreign currency swaps and foreign currency forwards to hedge a portion of its net investment in certain foreign operations against adverse movements in exchange rates. The following table illustrates the Company’s net investments in foreign operations (“NIFO”) hedges and the gains (losses) deferred in OCI for the three months ended March 31, 2024 and 2023 (dollars in millions):
 Derivative Gains (Losses) Deferred in OCI   
 For the three months ended March 31,
Derivative Type20242023
Foreign currency swaps$— $— 
Foreign currency forwards25 — 
Total$25 $— 
The cumulative foreign currency translation gain recorded in AOCI related to these hedges was $208 million and $183 million as of March 31, 2024 and December 31, 2023, respectively. If a hedged foreign operation was sold or substantially liquidated, the amounts in AOCI would be reclassified to the condensed consolidated statements of income. A pro rata portion would be reclassified upon partial sale of a hedged foreign operation. There were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from AOCI into investment income during the periods presented.
Non-qualifying Derivatives and Derivatives for Purposes Other Than Hedging
The Company uses various other derivative instruments for risk management purposes that either do not qualify or have not been elected for hedge accounting treatment. The gain or loss related to the change in fair value for these derivative instruments is recognized in investment related gains (losses), net, except where otherwise noted.
A summary of the effect of non-qualifying derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three months ended March 31, 2024 and 2023 is as follows (dollars in millions):
  Gains (Losses) for the three months ended     
March 31,
Type of Non-qualifying DerivativeIncome Statement
Location of Gains (Losses)		20242023
Interest rate swapsInvestment related gains (losses), net$(31)$20 
Interest rate optionsInvestment related gains (losses), net(3)(23)
Total return swapsInvestment related gains (losses), net4 3 
Interest rate futuresInvestment related gains (losses), net1 — 
Foreign currency swapsInvestment related gains (losses), net14 — 
Foreign currency forwardsInvestment related gains (losses), net(64)(19)
Equity optionsInvestment related gains (losses), net(4)(14)
Equity futuresInvestment related gains (losses), net(17)(9)
Credit default swapsInvestment related gains (losses), net2 11 
CPI swapsInvestment related gains (losses), net— 1 
Subtotal(98)(30)
Embedded derivatives in:
Modco or funds withheld arrangementsInvestment related gains (losses), net77 37 
Indexed annuity productsInterest credited(20)16 
Total non-qualifying derivatives$(41)$23 
35

Credit Derivatives
The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of credit default swaps sold by the Company at March 31, 2024 and December 31, 2023 (dollars in millions):
 March 31, 2024December 31, 2023
Rating Agency Designation of Referenced Credit Obligations(1)
Estimated Fair
Value of Credit 
Default Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps(2)
Weighted
Average
Years to
Maturity(3)
Estimated Fair
Value of Credit 
Default Swaps
Maximum
Amount of Future
Payments under
Credit Default
Swaps(2)
Weighted
Average
Years to
Maturity(3)  
AAA/AA/A
Single name credit default swaps$(3)$420 17.8$2 $420 18.1
BBB
Single name credit default swaps4 150 2.64 165 2.8
Credit default swaps referencing indices— 1,410 5.2(1)880 5.0
Subtotal4 1,560 5.03 1,045 4.7
BB
Single name credit default swaps— 15 2.7(1)10 2.2
B
Single name credit default swaps— 10 2.0— — 0.0
Total$1 $2,005 7.6$4 $1,475 8.5
(1)The rating agency designations are based on ratings from Standard and Poor’s (“S&P”).
(2)Assumes the value of the referenced credit obligations is zero.
(3)The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.
Netting Arrangements and Credit Risk
Certain of the Company’s freestanding derivatives are subject to enforceable master netting arrangements and reported as a net asset or liability in the condensed consolidated balance sheets. The Company nets all derivatives that are subject to such arrangements.
The Company has elected to include all freestanding derivatives in the table below, irrespective of whether they are subject to an enforceable master netting arrangement or a similar agreement. See Note 10 – “Investments” for information regarding the Company’s securities borrowing, lending and repurchase/reverse repurchase agreements.
The following table provides information relating to the netting of the Company’s derivative instruments as of March 31, 2024 and December 31, 2023 (dollars in millions):
Gross Amounts  
Recognized		Gross Amounts
Offset in the
Balance Sheet   		Net Amounts
Presented in the
Balance Sheet   
Financial
Instruments/Collateral (1)
Net Amount   
March 31, 2024:
Derivative assets$113 $(43)$70 $(70)$— 
Derivative liabilities337 (43)294 (294)— 
December 31, 2023:
Derivative assets$154 $(57)$97 $(97)$— 
Derivative liabilities254 (57)197 (197)— 
(1)Includes initial margin posted to a central clearing partner for financial instruments and excludes the excess of collateral received/pledged from/to the counterparty.
The Company may be exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. Generally, the credit exposure of the Company’s derivative contracts is limited to the fair value and accrued interest of non-collateralized derivative contracts in an asset position at the reporting date. As of March 31, 2024, the Company had credit exposure of $14 million.
Derivatives may be exchange-traded or they may be privately negotiated contracts, which are referred to as over-the-counter (“OTC”) derivatives. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC cleared”) and others are bilateral contracts between two counterparties. The Company manages its credit risk related to OTC derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master netting agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. The Company is only exposed to the default of the central clearing counterparties for OTC
36

cleared derivatives, and these transactions require initial and daily variation margin collateral postings. Exchange-traded derivatives are settled on a daily basis, thereby reducing the credit risk exposure in the event of non-performance by counterparties to such financial instruments.
NOTE 12 FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value Measurement
General accounting principles for Fair Value Measurements and Disclosures define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. These principles also establish a three-level fair value hierarchy that requires an entity to maximize the use of observable inputs and to minimize the use of unobservable inputs when measuring fair value:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Active markets are defined through various characteristics for the measured asset/liability, such as having many transactions and narrow bid/ask spreads.
Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or market standard valuation techniques and assumptions that use significant inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the related assets or liabilities and include those whose value is determined using market standard valuation techniques described above. Prices are determined using valuation methodologies such as discounted cash flow models and other similar techniques that require management’s judgment or estimation in developing inputs that are consistent with those other market participants would use when pricing similar assets and liabilities.
For a discussion of the Company’s valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 13 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2023 Annual Report.
See Note 7 – “Market Risk Benefits” for information about fair value measurement of market risk benefits.

37

Assets and Liabilities by Hierarchy Level
Assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 are summarized below (dollars in millions):
March 31, 2024: Fair Value Measurements Using:
 Total    Level 1        Level 2    Level 3    
Assets: (1)
Fixed maturity securities available-for-sale:
Corporate$41,048 $— $35,969 $5,079 
Canadian government3,713 — 3,713 — 
Japanese government5,204 — 5,204 — 
ABS4,945 — 3,580 1,365 
CMBS1,861 — 1,829 32 
RMBS1,150 — 1,149 1 
U.S. government2,786 2,694 86 6 
State and political subdivisions1,116 — 1,095 21 
Other foreign government4,004 — 3,971 33 
Total fixed maturity securities available-for-sale65,827 2,694 56,596 6,537 
Equity securities144 75 — 69 
Funds withheld at interest – embedded derivatives(284)— — (284)
Funds withheld at interest55 — — 55 
Cash equivalents2,698 2,698 — — 
Short-term investments280 178 92 10 
Other invested assets:
Derivatives70 — 70 — 
Other20 — 20 — 
Total other invested assets90 — 90 — 
Total$68,810 $5,645 $56,778 $6,387 
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives$398 $— $— $398 
Funds withheld at interest – embedded derivatives(190)— — (190)
Derivatives – other liabilities294 — 294 — 
Total$502 $— $294 $208 
(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of March 31, 2024, the fair value of such investments was $893 million.
38

December 31, 2023: Fair Value Measurements Using:
 TotalLevel 1Level 2Level 3
Assets: (1)
Fixed maturity securities available-for-sale:
Corporate$38,755 $— $33,822 $4,933 
Canadian government3,917 — 3,917 — 
Japanese government3,131 — 3,131 — 
ABS4,429 — 3,064 1,365 
CMBS1,773 — 1,714 59 
RMBS1,079 — 1,078 1 
U.S. government2,520 2,426 87 7 
State and political subdivisions1,114 — 1,095 19 
Other foreign government3,749 — 3,714 35 
Total fixed maturity securities available-for-sale60,467 2,426 51,622 6,419 
Equity securities139 69 — 70 
Funds withheld at interest – embedded derivatives(377)— — (377)
Funds withheld at interest54 — — 54 
Cash equivalents1,335 1,322 13 — 
Short-term investments187 90 95 2 
Other invested assets:
Derivatives97 — 97 — 
Other22 — 22 — 
Total other invested assets 119 — 119 — 
Total$61,924 $3,907 $51,849 $6,168 
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives$415 $— $— $415 
Funds withheld at interest – embedded derivatives(206)— — (206)
Derivatives – other liabilities197 — 197 — 
Total$406 $— $197 $209 
(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2023, the fair value of such investments was $856 million.
39

Quantitative Information Regarding Internally Priced Assets and Liabilities
The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of March 31, 2024 and December 31, 2023 (dollars in millions):
Estimated Fair Value      Valuation TechniqueUnobservable InputRange (Weighted Average) 
March 31, 2024December 31, 2023March 31, 2024December 31, 2023
Assets:
Corporate$160 $91 Market comparable securitiesLiquidity premium
0-2% (1%)
0-2% (1%)
EBITDA Multiple
6.7x-11.0x (8.9x)
6.0x-8.5x (7.1x)
ABS292 268 Market comparable securitiesLiquidity premium
0-9% (2%)
0-18% (2%)
U.S. government6 7 Market comparable securitiesLiquidity premium
0-1% (1%)
0-1% (1%)
Equity securities29 31 Market comparable securitiesLiquidity premium
4%
4%
EBITDA Multiple
6.9x-12.4x (10.4x)
8.4x-12.3x (10.1x)
Funds withheld at interest – embedded derivatives6 (50)Total return swapMortality
0-100%  (3%)
0-100%  (3%)
Lapse
0-35%  (18%)
0-35%  (18%)
Withdrawal
0-10%  (4%)
0-5%  (4%)
CVA
0-5%  (0%)
0-5%  (0%)
Crediting rate
1-4%  (2%)
1-4%  (2%)
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives – indexed annuities398 415 Discounted cash flowMortality
0-100%  (3%)
0-100% (3%)
Lapse
0-35%  (17%)
0-35% (17%)
Withdrawal
0-10%  (4%)
0-5% (4%)
Option budget projection
1-4%  (2%)
1-4% (2%)
40

Changes in Level 3 Assets and Liabilities
Assets and liabilities transferred into Level 3 are due to a lack of observable market transactions and price information. Transfers out of Level 3 are primarily the result of the Company obtaining observable pricing information or a third-party pricing quotation that appropriately reflects the fair value of those assets and liabilities.
For further information on the Company’s valuation processes, see Note 13 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2023 Annual Report.
The reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (dollars in millions):
For the three months ended March 31, 2024:
Fixed maturity securities available-for-sale
Funds 
withheld at interest –embedded derivatives, net (1)
Funds 
withheld at interest		Interest-sensitive contract 
liabilities – embedded derivatives
 CorporateForeign govtStructured securitiesU.S. and local govtEquity securitiesCash equivalentsShort-term investments
Fair value, beginning of period$4,933 $35 $1,425 $26 $70 $— $2 $(171)$54 $(415)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income2 — 1 — — — — — 2 — 
Investment related gains (losses), net(24)— (2)— (3)— — 77 — — 
Interest credited— — — — — — — — — (20)
Included in other comprehensive income (loss)11 (2)2 — — — — — (1)— 
Purchases (2)
428 — 46 — 2 — 8 — 1 12 
Sales (2)
(119)— (23)— — — — — — — 
Settlements (2)
(118)— (60)(1)— — — — (1)25 
Transfers into Level 3— — 30 2 — — — — — — 
Transfers out of Level 3(34)— (21)— — — — — — — 
Fair value, end of period$5,079 $33 $1,398 $27 $69 $— $10 $(94)$55 $(398)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income$1 $— $1 $— $— $— $— $— $2 $— 
Investment related gains (losses), net(27)— (3)— (3)— — 77 — — 
Interest credited— — — — — — — — — 46 
Included in other comprehensive income (loss)12 (2)2 — — — — — (1)— 
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
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For the three months ended March 31, 2023:
Fixed maturity securities available-for-sale
Funds 
withheld at interest –embedded derivatives, net (1)
Funds 
withheld at interest		Interest-sensitive contract 
liabilities – embedded derivatives
 CorporateForeign govtStructured securitiesU.S. and local govtEquity securitiesCash equivalentsShort-term investments
Fair value, beginning of period$4,299 $35 $1,353 $35 $66 $— $13 $(8)$54 $(530)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income1 — 1 — — — — — (2)— 
Investment related gains (losses), net(1)— 1 — — — (1)37 — — 
Interest credited— — — — — — — — — 16 
Included in other comprehensive income (loss)55 2 33 (1)— — — — 1 — 
Purchases (2)
318 — 98 — 2 1 1 — — 2 
Sales (2)
— — — — — — — — — — 
Settlements (2)
(59)— (62)(1)— — — — — 17 
Transfers into Level 3— — 64 — — — — — — — 
Transfers out of Level 3— — (27)(5)— — (6)— — — 
Fair value, end of period$4,613 $37 $1,461 $28 $68 $1 $7 $29 $53 $(495)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income$1 $— $1 $— $— $— $— $— $(2)$— 
Investment related gains (losses), net(2)— — — — — (1)37 — — 
Interest credited— — — — — — — — — (1)
Included in other comprehensive income (loss)52 2 33 (1)— — — — 1 — 
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
Nonrecurring Fair Value Measurements
The Company has certain assets subject to measurement at fair value on a nonrecurring basis, in periods subsequent to their initial recognition if they are determined to be impaired. For the three months ended March 31, 2024 and 2023, the Company did not have any material assets that were measured at fair value due to impairment.
Fair Value of Financial Instruments Carried at Other Than Fair Value
The following table presents the carrying values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of March 31, 2024 and December 31, 2023 (dollars in millions). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 13 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2023 Annual Report. This table excludes any payables or receivables for collateral under repurchase/reverse repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid.
42

March 31, 2024:
Carrying 
Value (1)
Estimated 
Fair Value		Fair Value Measurement Using:
Level 1Level 2Level 3
Assets:
Mortgage loans$7,539 $7,116 $— $— $7,116 
Policy loans1,198 1,198 — 1,198 — 
Funds withheld at interest5,871 5,485 — — 5,485 
Limited partnerships – cost method71 74 — — 74 
Cash and cash equivalents3,237 3,237 3,237 — — 
Short-term investments47 47 47 — — 
Other invested assets1,015 832 5 64 763 
Accrued investment income808 808 — 808 — 
Liabilities:
Interest-sensitive contract liabilities (2)
$22,283 $21,916 $— $— $21,916 
Funds withheld at interest4,599 4,341 — — 4,341 
Long-term debt4,427 4,235 — — 4,235 
December 31, 2023:
Assets:
Mortgage loans$7,377 $6,975 $— $— $6,975 
Policy loans1,206 1,206 — 1,206 — 
Funds withheld at interest6,005 5,547 — — 5,547 
Limited partnerships – cost method71 73 — — 73 
Cash and cash equivalents1,635 1,635 1,635 — — 
Short-term investments35 35 35 — — 
Other invested assets1,019 841 4 63 774 
Accrued investment income759 759 — 759 — 
Liabilities:
Interest-sensitive contract liabilities (2)
$21,797 $21,665 $— $— $21,665 
Funds withheld at interest4,689 4,400 — — 4,400 
Long-term debt4,427 4,243 — — 4,243 
(1)Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis.
(2)Carrying values and estimated fair values presented herein include a reinsurance recoverable of $2.1 billion and $2.2 billion as of March 31, 2024 and December 31, 2023, respectively.
NOTE 13 INCOME TAX
The effective tax rate for the three months ended March 31, 2024, was 22.0% on pre-tax income. The tax rate was higher than the U.S. statutory rate of 21% primarily due to income earned in jurisdictions with tax rates greater than the U.S. statutory tax rate, Global Intangible Low-Taxed Income (“GILTI”), and Subpart F income which were partially offset with credits. The effective tax rate for the three months ending March 31, 2023, was 28.0%. The tax rate was higher than the U.S. statutory rate primarily as a result of income in jurisdictions with tax rates higher than the U.S. statutory tax rate, GILTI, Subpart F income and adjustments to the valuation allowance.
The Inflation Reduction Act of 2022 (“the Act”) was enacted in 2022. For tax years ending after December 31, 2022, the Act imposes a 15% minimum tax on adjusted financial statement income for “applicable corporations” with average financial statement income over $1 billion for the previous 3-year period ending in 2022 or after. Based on the current guidance, the Company is not an applicable corporation for 2024. The Act also imposes a 1% excise tax on stock buybacks of a publicly traded corporation. The Act is not expected to have a material impact to the Company’s tax expense.
Bermuda enacted the Corporate Income Tax Act of 2023 on December 27, 2023. The Bermuda regime, which is effective for fiscal years beginning on or after January 1, 2025, establishes a statutory tax rate of 15%, applicable to companies with annual revenue of EUR 750 million or more. This enactment did not have a material impact on the Company’s financial position or results from operations.
43

The Organization for Economic Cooperation and Development developed Model Global Anti-Base Erosion (“GloBE”) rules under Pillar II establishing a Global Minimum Tax to ensure multinational enterprises with consolidated revenue of more than EUR 750 million pay at least an effective tax rate of 15% on income arising in each jurisdiction in which they operate. The GloBE model rules serve as a template to allow for each jurisdiction to modify and incorporate into domestic law. As of March 31, 2024, many of the jurisdictions in which the Company operates enacted Pillar II legislation into domestic law with an effective date of January 1, 2024. Guidance is expected to continue throughout 2024 and beyond. The Company continues to evaluate the expected impact of the new law.
NOTE 14 EMPLOYEE BENEFIT PLANS
The components of net periodic benefit cost, included in other operating expenses on the Company’s condensed consolidated statements of income, for the three months ended March 31, 2024 and 2023 were as follows (dollars in millions):
 Pension BenefitsOther Benefits
 Three months ended March 31,Three months ended March 31,
 2024202320242023
Service cost$3 $3 $— $— 
Interest cost3 2 1 1 
Expected return on plan assets(3)(3)— — 
Amortization of prior service cost (credit)— — — — 
Amortization of prior actuarial losses1 1 — — 
Net periodic benefit cost$4 $3 $1 $1 
NOTE 15 COMMITMENTS, CONTINGENCIES AND GUARANTEES
Commitments
Funding of Investments
The Company’s commitments to fund investments as of March 31, 2024 and December 31, 2023, are presented in the following table (dollars in millions):
March 31, 2024December 31, 2023
Limited partnerships and real estate joint ventures$1,025 $1,058 
Mortgage loans184 137 
Bank loans and private placements883 810 
Lifetime mortgages50 53 
The Company anticipates that the majority of its current commitments will be invested over the next five years; however, these commitments could become due any time at the request of the counterparties. Bank loans and private placements are included in fixed maturity securities available-for-sale.
The Company has an immaterial liability, included in other liabilities, for current expected credit losses associated with unfunded commitments as of March 31, 2024 and December 31, 2023.
Funding Agreements
Federal Home Loan Bank of Des Moines
The Company is a member of the FHLB and, through membership, has issued funding agreements to the FHLB in exchange for cash advances. As of March 31, 2024 and December 31, 2023, the Company had $1.2 billion and $1.1 billion of FHLB funding agreements outstanding. The Company is required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties.
Funding Agreement Backed Notes
The Company’s Funding Agreement Backed Notes (“FABN”) program allows RGA Global Funding, a special-purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes to investors. RGA Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from the Company. As of March 31, 2024 and December 31, 2023, the Company had $2.0 billion and $1.3 billion, respectively, of FABN agreements outstanding and are included within interest-sensitive contract liabilities.

44

Contingencies
Litigation
The Company is subject to litigation and regulatory investigations or actions from time to time. Based on current knowledge, management does not believe that loss contingencies arising from pending legal, regulatory and governmental matters will have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, in light of the inherent uncertainties involved in future or pending legal, regulatory and governmental matters, some of which are beyond the Company’s control, and indeterminate or potentially substantial amount of damages sought in any such matters, an adverse outcome could be material to the Company’s financial condition, results of operations or cash flows for any particular reporting period. A legal reserve is established when the Company is notified of an arbitration demand, litigation or regulatory action or is notified that an arbitration demand, litigation or regulatory action is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated.
Other Contingencies
The Company indemnifies its directors and officers as provided in its charters and by-laws. Since this indemnity generally is not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount due under this indemnity in the future.
Guarantees
Statutory Reserve Support
Certain RGA subsidiaries have committed to provide statutory reserve support to third parties, in exchange for a fee, by funding loans if certain defined events occur. Such statutory reserves are required under the U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation XXX for term life insurance policies and Regulation A-XXX for universal life secondary guarantees). In addition, certain subsidiaries have also committed to provide capital support to a third party, in exchange for a fee, by agreeing to assume real estate leases in the event of a severe and prolonged decline in the commercial lease market. Upon assumption of a lease, the Company would recognize a right to use asset and lease obligation. As of March 31, 2024, the Company does not believe that it will be required to provide any funding under these commitments as the occurrence of the defined events is considered remote. The following table presents the maximum potential obligation for these commitments as of March 31, 2024 (dollars in millions):
Commitment PeriodMaximum Potential Obligation
2034$1,243 
20351,909 
20363,599 
20375,100 
20382,550 
20398,751 
2041720 
20463,000 
20494,750 
NOTE 16 SEGMENT INFORMATION
The accounting policies of the segments are the same as those described in Note 2 – “Significant Accounting Policies and Pronouncements” in the Notes to Consolidated Financial Statements included in the Company’s 2023 Annual Report. The Company measures segment performance primarily based on profit or loss from operations before income taxes. There are no intersegment reinsurance transactions, and the Company does not have any material long-lived assets.
The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in the Company’s businesses. As a result of the economic capital allocation process, a portion of investment income is credited to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses.

45

The Company has geographic-based and business-based operational segments. Geographic-based operations are further segmented into Traditional and Financial Solutions businesses. Information related to revenues, income (loss) before income taxes and total assets of the Company for each reportable segment are summarized below (dollars in millions):
 Three months ended March 31,
Revenues:20242023
U.S. and Latin America:
Traditional$1,914 $1,812 
Financial Solutions2,309 515 
Total4,223 2,327 
Canada:
Traditional386 359 
Financial Solutions27 27 
Total413 386 
Europe, Middle East and Africa:
Traditional525 460 
Financial Solutions211 169 
Total736 629 
Asia Pacific:
Traditional791 729 
Financial Solutions143 131 
Total934 860 
Corporate and Other31 49 
Total$6,337 $4,251 
 Three months ended March 31,
Income (loss) before income taxes:20242023
U.S. and Latin America:
Traditional$116 $121 
Financial Solutions17 114 
Total133 235 
Canada:
Traditional47 29 
Financial Solutions7 10 
Total54 39 
Europe, Middle East and Africa:
Traditional28 27 
Financial Solutions64 59 
Total92 86 
Asia Pacific:
Traditional109 79 
Financial Solutions13 (13)
Total122 66 
Corporate and Other(129)(75)
Total$272 $351 
46

Assets:March 31, 2024December 31, 2023
U.S. and Latin America:
Traditional$24,272 $24,320 
Financial Solutions29,571 28,385 
Total53,843 52,705 
Canada:
Traditional5,164 5,111 
Financial Solutions233 219 
Total5,397 5,330 
Europe, Middle East and Africa:
Traditional4,486 4,334 
Financial Solutions7,652 5,656 
Total12,138 9,990 
Asia Pacific:
Traditional9,886 9,925 
Financial Solutions19,986 14,680 
Total29,872 24,605 
Corporate and Other4,750 4,993 
Total$106,000 $97,623 
NOTE 17 NEW ACCOUNTING STANDARDS
Changes to the general accounting principles are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates to the FASB Accounting Standards Codification™.  Accounting standards updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s condensed consolidated financial statements.
DescriptionAnticipated Date of AdoptionEffect on the Consolidated Financial Statements
Segment Reporting
This standard improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. Early adoption is permitted.

December 31, 2024

The adoption of the new standard will be applied retrospectively to all periods presented in the year of adoption. The adoption of the new standard will not be material to the Company’s results of operations or financial position.
Income Taxes
This standard improves income tax disclosure requirements, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation, information on income taxes paid and other disclosure requirements. Early adoption is permitted.

December 31, 2025


The adoption of the new standard will be applied prospectively. Retrospective application is permitted. The adoption of the new standard will not be material to the Company’s results of operations or financial position.
47

ITEM 2.        MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Cautionary Note Regarding Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance and growth potential of the Company. Forward-looking statements often contain words and phrases such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “pro forma,” “project,” “should,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. Forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.
Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looking statements, include, among others: (1) adverse changes in mortality, morbidity, lapsation or claims experience, (2) inadequate risk analysis and underwriting, (3) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital and cost of capital, (4) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) requirements to post collateral or make payments due to declines in the market value of assets subject to the Company’s collateral arrangements, (7) action by regulators who have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (8) the effect of the Company parent’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, (9) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (10) the impairment of other financial institutions and its effect on the Company’s business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (14) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers and others, (18) financial performance of the Company’s clients, (19) the threat of natural disasters, catastrophes, terrorist attacks, pandemics, epidemics or other major public health issues anywhere in the world where the Company or its clients do business, (20) competitive factors and competitors’ responses to the Company’s initiatives, (21) development and introduction of new products and distribution opportunities, (22) execution of the Company’s entry into new markets, (23) integration of acquired blocks of business and entities, (24) interruption or failure of the Company’s telecommunication, information technology or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data and intellectual property stored on such systems, (25) adverse developments with respect to litigation, arbitration or regulatory investigations or actions (26) the adequacy of reserves, resources and accurate information relating to settlements, awards and terminated and discontinued lines of business, (27) changes in laws, regulations, and accounting standards applicable to the Company or its business, including Long Duration Targeted Improvement accounting changes and (28) other risks and uncertainties described in this document and in the Company’s other filings with the Securities and Exchange Commission (“SEC”).
Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future. For a discussion of these risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the 2023 Annual Report, as may be supplemented by Item 1A – “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q.
48

Overview
The Company is among the leading global providers of life reinsurance and financial solutions, with $3.7 trillion of life reinsurance in force and assets of $106.0 billion as of March 31, 2024. Traditional reinsurance includes individual and group life and health, disability and critical illness reinsurance. Financial Solutions includes longevity reinsurance, asset-intensive reinsurance, capital solutions, including financial reinsurance and stable value products. The Company derives revenues primarily from renewal premiums from existing reinsurance treaties, new business premiums from existing or new reinsurance treaties, fee income from Financial Solutions business and income earned on invested assets.
The Company’s Traditional business involves reinsuring life insurance policies that are often in force for the remaining lifetime of the underlying individuals insured, with premiums earned typically over a period of 10 to 30 years. To a lesser extent, the Company also reinsures health business typically reinsured for one to three years. Each year, however, a portion of the business under existing treaties terminates due to, among other things, lapses or voluntary surrenders of underlying policies, deaths of insureds, and the exercise of recapture options by ceding companies. The Company’s Financial Solutions business, includes significant asset-intensive and longevity risk transactions, which allow its clients to take advantage of growth opportunities and manage their capital, longevity and investment risk. The Company also works with partners to provide pension plan sponsors solutions that enable them to diversify and protect the benefits provided to the annuitants.
For its traditional business, the Company’s profitability largely depends on the volume and amount of death- and health-related claims incurred and the ability to adequately price the risks it assumes. While death claims are reasonably predictable over a period of many years, claims become less predictable over shorter periods and are subject to significant fluctuation from quarter to quarter and year to year. For longevity business, the Company’s profitability depends on the lifespan of the underlying contract holders and the investment performance for certain contracts. Additionally, the Company generates profits on investment spreads associated with the reinsurance of investment type contracts and generates fees from financial reinsurance transactions, which are typically shorter duration than its traditional life reinsurance business. The Company believes its sources of liquidity are sufficient to cover potential claims payments on both a short-term and long-term basis.
As is customary in the reinsurance business, clients continually update, refine and revise reinsurance information provided to the Company. Such revised information is used by the Company in preparation of its condensed consolidated financial statements, and the financial effects resulting from the incorporation of revised data are reflected in the current period.
Segment Presentation
The Company has geographic-based and business-based operational segments. Geographic-based operations are further segmented into Traditional and Financial Solutions businesses. The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a consistent basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in RGA’s businesses.
As a result of the economic capital allocation process, a portion of investment income is credited to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses. Segment investment performance varies with the composition of investments and the relative allocation of capital to the operating segments.
Segment revenue levels can be significantly influenced by currency fluctuations, large transactions, mix of business and reporting practices of ceding companies, and therefore may fluctuate from period to period. Although reasonably predictable over a period of years, segment claims experience can be volatile over shorter periods. See “Results of Operations by Segment” below for further information about the Company’s segments.
49

Consolidated Results of Operations
Results from Operations – 2024 compared to 2023
The following table summarizes net income for the periods presented.
For the three months ended March 31,
(Dollars in millions, except per share data)202420232024 vs 2023
Revenues
Net premiums$5,376 $3,385 $1,991 
Net investment income961 856 105 
Investment related losses, net(149)(77)(72)
Other revenues149 87 62 
Total revenues6,337 4,251 2,086 
Benefits and expenses
Claims and other policy benefits5,132 3,063 2,069 
Future policy benefits remeasurement (gains) losses(24)(26)2 
Market risk benefits remeasurement (gains) losses(35)14 (49)
Interest credited254 215 39 
Policy acquisition costs and other insurance expenses387 331 56 
Other operating expenses283 250 33 
Interest expense68 53 15 
Collateral finance and securitization expense— — — 
Total benefits and expenses6,065 3,900 2,165 
 Income (loss) before income taxes
272 351 (79)
Provision for income taxes60 98 (38)
Net income (loss)$212 $253 $(41)
Net income attributable to noncontrolling interest2 1 1 
Net income (loss) available to RGA, Inc. shareholders$210 $252 $(42)
Earnings per share
Basic earnings per share$3.20 $3.77 $(0.57)
Diluted earnings per share$3.16 $3.72 $(0.56)
The decrease in income for the three months ended March 31, 2024, was primarily the result of:
•Unfavorable results in the U.S. Financial Solutions business as a result of a non-economic loss recognized at the inception of a single premium pension risk transfer (“PRT”) transaction completed in the quarter. The non-economic loss at inception is the difference between the single premium received and the valuation of the initial reserve based on interest rates prescribed by U.S. GAAP.
•An increase in investment related losses resulting from portfolio repositioning and an increase in losses on freestanding derivatives.
•The increases in claims and other policy benefits and investment related losses were partially offset by an increase in net investment income attributable to an increase in average asset base and higher interest rates on new investments.
Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuation increased income before taxes for the three months ended March 31, 2024, by $6 million primarily due to the strengthening of the Great British Pound and weakening of the Japanese Yen compared to the U.S. dollar. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
Premiums and business growth
The increase in premiums was primarily due to a single premium PRT transaction completed in the U.S. during the first quarter of 2024. The PRT single premium was offset by an increase in reserves. The remaining increase in premiums was attributable to organic growth on existing treaties and new business production, measured by the face amount of life reinsurance in force, of $109.1 billion and $80.6 billion during the three months ended March 31, 2024 and 2023, respectively. The increase in premiums was partially offset by unfavorable foreign currency fluctuations of $12 million. Consolidated assumed life reinsurance in force increased to $3,729.8 billion as of March 31, 2024, from $3,426.7 billion as of March 31, 2023, due to new business production and a decrease in lapses and mortality claims, partially offset by unfavorable foreign currency fluctuations.

50

Net investment income and investment related gains (losses), net
The increase in net investment income was primarily attributable to an increase in the average invested asset base and higher risk-free rates earned on new investments, partially offset by a decrease in variable investment income associated with joint venture and limited partnership investments:
•The average invested assets at amortized cost, excluding spread related business, totaled $38.5 billion and $35.9 billion in 2024 and 2023, respectively.
•The average yield earned on investments, excluding spread related business, was 4.70% and 4.71% for the three-month periods ended March 31, 2024 and 2023, respectively.
The average yield will vary from period to period depending on several variables, including the prevailing risk-free interest rate and credit spread environment, prepayment fees and make-whole premiums, changes in the mix of the underlying investments and cash and cash equivalents balances. Variable investment income from joint ventures and limited partnerships will also vary from period to period and is highly dependent on the timing of dividends and distributions on certain investments. Investment income is allocated to the operating segments based upon average assets and related capital levels deemed appropriate to support segment operations.
The increase in investment related losses, net is primarily attributable to the following:
•During the three months ended March 31, 2024, the Company repositioned select investment portfolios generating net realized losses of $102 million compared to net realized losses of $44 million during the first three months of 2023.
•The Company uses various derivative instruments such as interest rate swaps, credit default swaps and foreign exchange forwards for risk management purposes that either do not qualify or have not been elected for hedge accounting treatment. Changes in the fair value of these instruments are included in investment related gains (losses), net. During the three months period ended March 31, 2024, the fair value of these instruments decreased by $99 million, compared to a decrease of $31 million during the first three months of 2023. See Note 11 – “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for additional information.
•The decreases in investment related losses were partially offset by the following:
◦During the three months ended March 31, 2024, the Company incurred $20 million of impairments and change in allowance for credit losses on fixed maturity securities compared to $43 million during the first three months of 2023.
◦Changes in the fair value of embedded derivatives, associated with modco/funds withheld treaties, decreased investment related losses, net by $77 million for the three month period ended March 31 2024, compared to a decrease of $37 million for the three month period ended March 31, 2023.
The effective tax rate was 22.0% and 28.0% for the three months ended March 31, 2024 and 2023, respectively. See Note 13 – “Income Tax” for additional information on the Company’s consolidated effective tax rate.
Impact of certain derivatives, market risk benefits and non-economic changes in insurance liabilities on income before taxes
The Company recognizes in consolidated income any changes in the fair value of embedded derivatives on modco or funds withheld treaties and non-economic changes in insurance liabilities, such as the initial loss on PRT transactions, and changes in the fair value of embedded derivatives associated with equity index annuities (“EIAs”). In addition, the Company recognizes the changes in fair value of market risk benefits associated with guaranteed minimum benefit riders in market risk benefits remeasurement gains (losses). The Company utilizes freestanding derivatives to minimize the income statement volatility due to changes in the fair value of market risk benefits associated with guaranteed minimum benefit riders. The following table presents the effect of embedded derivatives, market risk benefits, related freestanding derivatives and non-economic changes in insurance liabilities on income before income taxes for the periods indicated (dollars in millions):
Three months ended March 31,
202420232024 vs 2023
Modco/Funds withheld:
Change in fair value of funds withheld embedded derivatives$77 $37 $40 
Non-economic changes in insurance liabilities(136)(2)(134)
Market Risk Benefits:
Market risk benefits remeasurement gains (losses)35 (14)49 
Related freestanding derivatives(44)2 (46)
Net effect(9)(12)3 
Total net effect after freestanding derivatives$(68)$23 $(91)
51

Results of Operations by Segment
U.S. and Latin America Operations
The U.S. and Latin America operations consist of two major segments: Traditional and Financial Solutions. The Traditional segment primarily specializes in the reinsurance of individual mortality-risk, health and long-term care and to a lesser extent, group reinsurance. The Financial Solutions segment consists of asset-intensive and capital solutions. Asset-intensive includes coinsurance of annuities, corporate-owned life insurance policies, pension risk transfer (“PRT”) group annuity contracts and, to a lesser extent, fee-based synthetic guaranteed investment contracts, which include investment-only, stable value contracts. Capital solutions includes assisting ceding companies in meeting applicable regulatory requirements by enhancing the ceding companies’ financial strength and regulatory surplus position through relatively low risk reinsurance and other transactions. Typically, these transactions do not qualify as reinsurance under GAAP due to the low-risk nature of the transactions; therefore, only the related net fees are reflected in other revenues on the condensed consolidated statements of income.
The following table summarizes income before income taxes for the Company’s U.S. and Latin America operations for the periods presented:
For the three months ended March 31,
(dollars in millions)202420232024 vs 2023
Revenues
Net premiums$3,631 $1,778 $1,853 
Net investment income509 474 35 
Investment related gains (losses), net15 19 (4)
Other revenues68 56 12 
Total revenues4,223 2,327 1,896 
Benefits and expenses
Claims and other policy benefits3,651 1,646 2,005 
Future policy benefits remeasurement (gains) losses(19)3 (22)
Market risk benefits remeasurement (gains) losses(35)14 (49)
Interest credited167 147 20 
Policy acquisition costs and other insurance expenses255 223 32 
Other operating expenses71 59 12 
Total benefits and expenses4,090 2,092 1,998 
Income (loss) before income taxes$133 $235 $(102)
The decrease in income before income taxes was primarily due to the net impact of certain derivatives, market risk benefits and non-economic change in insurance liabilities in Financial Solutions. The non-economic change in insurance liabilities was primarily related to the initial loss recognized at the inception of a single premium PRT transaction completed in the quarter. The non-economic loss at inception is the difference between the single premium received and the valuation of the initial reserve based on interest rates prescribed by U.S. GAAP.

52

Traditional Reinsurance
For the three months ended March 31,
(dollars in millions)202420232024 vs 2023
Revenues
Net premiums$1,715 $1,615 $100 
Net investment income205 193 12 
Investment related gains (losses), net(12)(1)(11)
Other revenues6 5 1 
Total revenues1,914 1,812 102 
Benefits and expenses
Claims and other policy benefits1,572 1,447 125 
Future policy benefits remeasurement (gains) losses(21)7 (28)
Market risk benefits remeasurement (gains) losses— — — 
Interest credited19 18 1 
Policy acquisition costs and other insurance expenses175 175 — 
Other operating expenses53 44 9 
Total benefits and expenses1,798 1,691 107 
Income (loss) before income taxes$116 $121 $(5)
Key metrics
Life reinsurance in force$1,709.1 billion$1,676.8 billion
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$— $— 
Effect of actual variances from expected experience$(21)$7 
Loss ratio (1)
90.4 %90.0 %
Policy acquisition costs and other insurance expenses as a percentage of net premiums10.2 %10.8 %
Other operating expenses as a percentage of net premiums3.1 %2.7 %
(1)Includes Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
Income before income taxes for the U.S. and Latin America Traditional segment for the first three months of 2024 was relatively in line with the first three months of 2023, due to favorable claims experience period over period, primarily within the U.S. Individual Life business, offset by favorable impacts of in-force management actions in the three months ended March 31, 2023.
Revenues
•The increase in net premiums was primarily due to organic growth and new business treaties, as well as the recapture of a large retrocession treaty, effective April 1, 2023. The segment added new life business production, measured by face amount of life reinsurance in-force, of $41.0 billion and $34.1 billion during the three months ended March 31, 2024 and 2023, respectively.
•The increase in net investment income during the three months ended March 31, 2024, was primarily due to a higher invested asset base in 2024 due to new business growth, partially offset by lower variable investment income period over period.
•Investment related losses in the three months ended March 31, 2024, were due to changes in the fair value of embedded derivatives on funds withheld at interest associated with treaties written on a modco or funds withheld basis.
Benefits and expenses
•The increase in future policy benefits remeasurement gains was attributable to favorable claims experience period over period, primarily within the U.S. Individual Life business, partially offset by favorable impacts of in-force management actions in the first three months of 2023.
•The slight decrease in policy acquisition costs and other insurance expenses as a percentage of net premiums was primarily due to varying allowance levels within coinsurance type arrangements and the mix of new business between coinsurance versus yearly renewable term.
53

Financial Solutions
For the three months ended March 31,
(dollars in millions)202420232024 vs 2023
Revenues
Net premiums$1,916 $163 $1,753 
Net investment income304 281 23 
Investment related gains (losses), net27 20 7 
Other revenues62 51 11 
Total revenues2,309 515 1,794 
Benefits and expenses
Claims and other policy benefits2,079 199 1,880 
Future policy benefits remeasurement (gains) losses2 (4)6 
Market risk benefits remeasurement (gains) losses(35)14 (49)
Interest credited148 129 19 
Policy acquisition costs and other insurance expenses80 48 32 
Other operating expenses18 15 3 
Total benefits and expenses2,292 401 1,891 
Income before income taxes$17 $114 $(97)
The decrease in income before income taxes for the U.S. and Latin America Financial Solutions segment was primarily due to the net impact of certain derivatives, market risk benefits and non-economic changes in insurance liabilities.
The invested asset base supporting asset-intensive transactions decreased to $22.4 billion as of March 31, 2024, from $23.2 billion as of March 31, 2023.
•The decrease in the asset base was primarily due to $2.2 billion of net run off of existing in-force transactions and $2.6 billion associated with an in-force retrocession transaction, partially offset by $3.8 billion from new transactions.
•As of March 31, 2024 and 2023, $3.6 billion and $4.1 billion, respectively, of the invested assets were funds withheld at interest, of which greater than 90% was associated with two clients.
As of March 31, 2024 and 2023, the amount of reinsurance assumed in capital solutions transactions, as measured by pre-tax statutory surplus, risk based capital and other financial structures was $28.7 billion and $25.8 billion, respectively.
Impact of certain derivatives, market risk benefits and non-economic changes in insurance liabilities
Income from the Financial Solutions business tends to be volatile due to the impact of certain items such as changes in the fair value of certain derivatives, including embedded derivatives associated with reinsurance treaties structured on a modco or funds withheld basis, non-economic changes in insurance liabilities, which include the initial loss on PRT transactions, changes in the fair value of embedded derivatives associated with the Company’s reinsurance of EIAs and changes in the fair value of market risk benefits associated with guaranteed minimum benefit riders. Fluctuations occur period to period primarily due to changing investment conditions including, but not limited to, interest rate movements (including risk-free rates and credit spreads), implied volatility and equity market performance, all of which are factors in the calculations of the fair value of the assets and liabilities.
The following table summarizes the U.S. and Latin America Financial Solutions results and quantifies the impact of these embedded derivatives, market risk benefits and non-economic changes in insurance liabilities for the periods presented. Revenues before the impact of certain items should not be viewed as substitutes for GAAP revenues, GAAP benefits and expenses and GAAP income before income taxes.
54

(dollars in millions)Three months ended March 31,
 20242023
Revenues
Total revenues$2,309 $515 
Less:
Embedded derivatives – modco/funds withheld treaties89 38 
Derivatives hedging market risk benefits(44)1 
Revenues before impact of certain items2,264 476 
Benefits and expenses
Total benefits and expenses2,292 401 
Less:
Non-economic changes in insurance liabilities 136 2 
Market risk benefits remeasurement (gains) losses(35)13 
Benefits and expenses before impact of certain items2,191 386 
Income before income taxes:
Income (loss) before income taxes17 114 
Less:
Embedded derivatives – modco/funds withheld treaties89 38 
Non-economic changes in insurance liabilities(136)(2)
Market risk benefits remeasurement (gains) losses and related freestanding derivatives(9)(12)
Income before income taxes and certain derivatives$73 $90 
Embedded Derivatives – Modco/Funds Withheld Treaties – Represents the change in the fair value of embedded derivatives on funds withheld at interest associated with treaties written on a modco or funds withheld basis. The Company’s utilization of a credit valuation adjustment did not have a material effect on the change in fair value of these embedded derivatives for the three months ended March 31, 2024 and 2023.
The change in fair value of the embedded derivatives related to modco/funds withheld treaties increased income before income taxes by $89 million and $38 million for the three months ended March 31, 2024 and 2023, respectively. The increase for the three months ended March 31, 2024, was due to tightening credit spreads on funds withheld asset balances and the impact of higher risk-free interest rates on funds withheld liabilities balances. The increase in the prior year was due to tightening credit spreads on funds withheld asset balances.
Non-Economic Changes in Insurance Liabilities – Non-economic changes in insurance liabilities include the initial loss on PRT transactions and changes in the fair value of embedded derivatives associated with the Company’s reinsurance of EIAs. The initial loss at inception of a PRT transaction is the difference between the single premium received and the valuation of the initial reserve based on interest rates prescribed by U.S. GAAP.
Market Risk Benefits – Represents the impact related to market risk benefits, which consist of guaranteed minimum benefits associated with the Company’s reinsurance of variable and equity-indexed annuities. The fair value changes of market risk benefits along with the changes in fair value of the freestanding derivatives (interest rate swaps, financial futures and equity options), purchased by the Company to substantially hedge the liability are reflected in revenues. The change in fair value of market risk benefits for guaranteed minimum benefits, after allowing for changes in the associated freestanding derivatives, decreased income before income taxes by $9 million and $12 million for the three months ended March 31, 2024 and 2023, respectively.
Discussion and analysis before certain derivatives, market risk benefits and non-economic changes in insurance liabilities
The impact of certain derivatives, market risk benefits and non-economic changes in insurance liabilities discussed above are considered unrealized and non-economic by management and do not affect current cash flows, crediting rates or performance on the underlying treaties. Fluctuations occur period to period primarily due to changing investment conditions including, but not limited to, interest rate movements (including benchmark rates and credit spreads), implied volatility and equity market performance, all of which are factors in the calculations of fair value. Therefore, management believes it is helpful to distinguish between the effects of changes in these items as the primary factors that drive profitability of the underlying treaties are investment income, fee income (included in other revenues) and interest credited.
•Income before income taxes and certain items decreased by $17 million for the three months ended March 31, 2024, as compared to the same period in 2023, primarily due to lower variable investment income in the current year.
55

•Revenue before certain items increased by $1,794 million for the three months ended March 31, 2024, as compared to the same period in 2023. The increase in the first quarter of 2024 was primarily due to premiums recognized on PRT transactions, which was offset by a corresponding increase in reserves.
•Benefits and expenses before certain items increased by $1,891 million for the three months ended March 31, 2024, as compared to the same period in 2023. The increase in the current quarter was primarily due to the establishment of liabilities for future policy benefits associated with a new PRT transaction.
Canada Operations
The Canada operations are primarily engaged in traditional reinsurance, which consists mainly of traditional individual life reinsurance, and to a lesser extent, creditor, group life and health, critical illness and disability reinsurance. Creditor insurance covers the outstanding balance on personal, mortgage or commercial loans in the event of death, disability or critical illness and is generally shorter in duration than traditional individual life insurance. The Canada Financial Solutions segment consists of longevity and capital solutions.
For the three months ended March 31,
(dollars in millions)202420232024 vs 2023
Revenues
Net premiums$341 $318 $23 
Net investment income65 62 3 
Investment related gains (losses), net1 2 (1)
Other revenues6 4 2 
Total revenues413 386 27 
Benefits and expenses
Claims and other policy benefits302 291 11 
Future policy benefits remeasurement (gains) losses(3)(2)(1)
Market risk benefits remeasurement (gains) losses— — — 
Interest credited— — — 
Policy acquisition costs and other insurance expenses48 46 2 
Other operating expenses12 12 — 
Total benefits and expenses359 347 12 
Income (loss) before income taxes$54 $39 $15 
•The increase in income before income taxes for the three months ended March 31, 2024, as compared to the same period in 2023, was primarily due to favorable experience on group disability and life lines of business.
•Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations did not impact income before income taxes for the three months ended March 31, 2024. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
56

Traditional Reinsurance
For the three months ended March 31,
(dollars in millions)202420232024 vs 2023
Revenues
Net premiums$318 $295 $23 
Net investment income64 61 3 
Investment related gains (losses), net1 2 (1)
Other revenues3 1 2 
Total revenues386 359 27 
Benefits and expenses
Claims and other policy benefits283 270 13 
Future policy benefits remeasurement (gains) losses(3)3 (6)
Market risk benefits remeasurement (gains) losses— — — 
Interest credited— — — 
Policy acquisition costs and other insurance expenses47 45 2 
Other operating expenses12 12 — 
Total benefits and expenses339 330 9 
Income (loss) before income taxes$47 $29 $18 
Key metrics
Life reinsurance in force$488.0 billion$469.5 billion
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$— $— 
Effect of actual variances from expected experience$(3)$3 
Loss ratio (1)
88.1 %92.5 %
Policy acquisition costs and other insurance expenses as a percentage of net premiums14.8 %15.3 %
Other operating expenses as a percentage of net premiums3.8 %4.1 %
(1)Includes Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
The increase in income before income taxes for the three months ended March 31, 2024, was primarily due to favorable experience on group lines of business and future policy benefits remeasurement gains on individual life business as compared to future policy benefits remeasurement losses for the three months ended March 31, 2023.
Revenues
•The increase in net premiums was primarily due to new group business and organic growth on all lines of business.
•The segment added new life business production, measured by face amount of life reinsurance in force, of $11.5 billion and $10.8 billion during the first three months of 2024 and 2023, respectively.
•The increase in net investment income was primarily due to an increase in the invested asset base.
Benefits and expenses
•The decrease in the loss ratio for the three months ended March 31, 2024, as compared to the same period in 2023, was primarily due to favorable claims experience in the individual life line of business.

57

Financial Solutions
For the three months ended March 31,
(dollars in millions)202420232024 vs 2023
Revenues
Net premiums$23 $23 $— 
Net investment income1 1 — 
Investment related gains (losses), net— — — 
Other revenues3 3 — 
Total revenues27 27 — 
Benefits and expenses
Claims and other policy benefits19 21 (2)
Future policy benefits remeasurement (gains) losses— (5)5 
Market risk benefits remeasurement (gains) losses— — — 
Interest credited— — — 
Policy acquisition costs and other insurance expenses1 1 — 
Other operating expenses— — — 
Total benefits and expenses20 17 3 
Income (loss) before income taxes$7 $10 $(3)
Key metrics
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$— $— 
Effect of actual variances from expected experience$— $(5)
The decrease in income before income taxes was due to a decrease in future policy benefits remeasurement gains in the first quarter of 2024 as compared to the same period in 2023.
Europe, Middle East and Africa Operations
The Europe, Middle East and Africa (“EMEA”) operations consists of two major segments: Traditional and Financial Solutions. The Traditional segment primarily provides reinsurance through yearly renewable term and coinsurance agreements on a variety of life, health and critical illness products. Reinsurance agreements may be facultative or automatic agreements covering primarily individual risks and, in some markets, group risks. The Financial Solutions segment consists of reinsurance and other transactions associated with longevity closed blocks, payout annuities, capital management solutions and financial reinsurance.
For the three months ended March 31,
(dollars in millions)202420232024 vs 2023
Revenues
Net premiums$642 $563 $79 
Net investment income96 69 27 
Investment related gains (losses), net(15)(6)(9)
Other revenues13 3 10 
Total revenues736 629 107 
Benefits and expenses
Claims and other policy benefits546 494 52 
Future policy benefits remeasurement (gains) losses(3)(17)14 
Market risk benefits remeasurement (gains) losses— — — 
Interest credited6 — 6 
Policy acquisition costs and other insurance expenses39 20 19 
Other operating expenses56 46 10 
Total benefits and expenses644 543 101 
Income (loss) before income taxes$92 $86 $6 
•The increase in income before income taxes for the three months ended March 31, 2024, as compared to the same period in 2023, was primarily due to increased net premiums and an increase in net investment income, partially offset by increased claims and other policy benefits and increased policy acquisition costs and other insurance expenses.
•Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations resulted in a $3 million increase in income before income taxes for the three months ended March 31, 2024. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
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Traditional Reinsurance
For the three months ended March 31,
(dollars in millions)202420232024 vs 2023
Revenues
Net premiums$496 $438 $58 
Net investment income27 23 4 
Investment related gains (losses), net— — — 
Other revenues2 (1)3 
Total revenues525 460 65 
Benefits and expenses
Claims and other policy benefits424 390 34 
Future policy benefits remeasurement (gains) losses(5)(8)3 
Market risk benefits remeasurement (gains) losses— — — 
Interest credited— — — 
Policy acquisition costs and other insurance expenses37 18 19 
Other operating expenses41 33 8 
Total benefits and expenses497 433 64 
Income (loss) before income taxes$28 $27 $1 
Key metrics
Life reinsurance in force$985.1 billion$759.6 billion
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$— $— 
Effect of actual variances from expected experience$(5)$(8)
Loss ratio (1)
84.5 %87.2 %
Policy acquisition costs and other insurance expenses as a percentage of net premiums7.5 %4.1 %
Other operating expenses as a percentage of net premiums8.3 %7.5 %
(1)Includes Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
The increase in income before income taxes for the three months ended March 31, 2024, as compared to the same period in 2023, was primarily due to increased net premiums, largely offset by increased claims and other policy benefits and increased policy acquisition costs and other insurance expenses.
Revenues
•The increase in net premiums was due to increased business volume on new and existing treaties in the first three months of 2024.
•The segment added new life business production, measured by face amount of life reinsurance in force, of $38.0 billion and $30.1 billion during the three months ended March 31, 2024, and the same period in 2023, respectively.
Benefits and expenses
•The decrease in the loss ratio for the first three months of 2024 as compared to the same period in 2023, was primarily due to annual renewal premiums received in the current period.
•The increase in policy acquisition costs and other insurance expenses as a percentage of net premiums was largely due to an increase in premiums with higher allowances.

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Financial Solutions
For the three months ended March 31,
(dollars in millions)202420232024 vs 2023
Revenues
Net premiums$146 $125 $21 
Net investment income69 46 23 
Investment related gains (losses), net(15)(6)(9)
Other revenues11 4 7 
Total revenues211 169 42 
Benefits and expenses
Claims and other policy benefits122 104 18 
Future policy benefits remeasurement (gains) losses2 (9)11 
Market risk benefits remeasurement (gains) losses— — — 
Interest credited6 — 6 
Policy acquisition costs and other insurance expenses2 2 — 
Other operating expenses15 13 2 
Total benefits and expenses147 110 37 
Income (loss) before income taxes$64 $59 $5 
Key metrics
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$— $— 
Effect of actual variances from expected experience$2 $(9)
The increase in income before income taxes for the first three months of 2024 was primarily due to increased net investment income and increased net premiums, partially offset by unfavorable claims experience related to closed longevity blocks.
Revenues
•The increase in net premiums was primarily due to increased volumes of closed block longevity transactions.
•The increase in net investment income was primarily related to an increase in invested assets supporting the segment and higher yields from fixed-income securities.
•The increase in investment related losses was attributable to higher investment related losses on fixed-income security sales associated with portfolio repositioning.
•The increase in other revenues was primarily due to new capital solutions business.
Benefits and expenses
•The increase in claims and other policy benefits was the result of increased volumes of closed block longevity and asset-intensive transactions.


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Asia Pacific Operations
The Asia Pacific operations include business generated by its offices throughout Asia and Australia. The Traditional segment’s principal types of reinsurance include individual and group life and health, critical illness, disability and superannuation. Reinsurance agreements may be facultative or automatic agreements covering primarily individual risks, and in some markets, group risks. Superannuation is the Australian government mandated compulsory retirement savings program. Superannuation funds accumulate retirement funds for employees, and, in addition, typically offer life and disability insurance coverage. The Financial Solutions segment includes financial reinsurance, asset-intensive and certain disability and life blocks.
For the three months ended March 31,
(dollars in millions)202420232024 vs 2023
Revenues
Net premiums$762 $726 $36 
Net investment income185 169 16 
Investment related gains (losses), net(71)(48)(23)
Other revenues58 13 45 
Total revenues934 860 74 
Benefits and expenses
Claims and other policy benefits633 632 1 
Future policy benefits remeasurement (gains) losses1 (10)11 
Market risk benefits remeasurement (gains) losses— — — 
Interest credited51 54 (3)
Policy acquisition costs and other insurance expenses70 62 8 
Other operating expenses57 56 1 
Total benefits and expenses812 794 18 
Income (loss) before income taxes$122 $66 $56 
•The increase in income before taxes as compared to the same period in 2023 was primarily due to increased net investment income related to an increase in the asset base from new asset-intensive transactions, increased net premiums and other revenues, partially offset by increased investment related losses.
•Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations resulted in a $2 million increase in income before income taxes during the three months ended March 31, 2024. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.
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Traditional Reinsurance
For the three months ended March 31,
(dollars in millions)202420232024 vs 2023
Revenues
Net premiums$716 $662 $54 
Net investment income65 61 4 
Investment related gains (losses), net— 3 (3)
Other revenues10 3 7 
Total revenues791 729 62 
Benefits and expenses
Claims and other policy benefits586 563 23 
Future policy benefits remeasurement (gains) losses1 (9)10 
Market risk benefits remeasurement (gains) losses— — — 
Interest credited— — — 
Policy acquisition costs and other insurance expenses45 46 (1)
Other operating expenses50 50 — 
Total benefits and expenses682 650 32 
Income (loss) before income taxes$109 $79 $30 
Key metrics
Life reinsurance in force$528.9 billion$508.2 billion
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$— $— 
Effect of actual variances from expected experience$1 $(9)
Loss ratio (1)
82.0 %83.7 %
Policy acquisition costs and other insurance expenses as a percentage of net premiums6.3 %6.9 %
Other operating expenses as a percentage of net premiums7.0 %7.6 %
(1)Includes Claims and other policy benefits and Future policy benefits remeasurement (gains) losses.
The increase in income before income taxes was primarily the result of increased net premiums, partially offset by increased claims and other policy benefits.
Revenues
•The increase in net premiums was primarily due to continued business growth in the segment.
•The segment added new life business production, measured by face amount of life reinsurance in force, of $17.6 billion and $3.9 billion during the three months ended March 31, 2024 and 2023, respectively, due to new business production.
•The increase in net investment income was attributable to higher investment yield.
Benefits and expenses
•The decrease in the loss ratio for the three months ended March 31, 2024, as compared to the same period in 2023, was primarily due to business growth with favorable claims experience across the segment.

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Financial Solutions
For the three months ended March 31,
(dollars in millions)202420232024 vs 2023
Revenues
Net premiums$46 $64 $(18)
Net investment income120 108 12 
Investment related gains (losses), net(71)(51)(20)
Other revenues48 10 38 
Total revenues143 131 12 
Benefits and expenses
Claims and other policy benefits47 69 (22)
Future policy benefits remeasurement (gains) losses— (1)1 
Market risk benefits remeasurement (gains) losses— — — 
Interest credited51 54 (3)
Policy acquisition costs and other insurance expenses25 16 9 
Other operating expenses7 6 1 
Total benefits and expenses130 144 (14)
Income (loss) before income taxes$13 $(13)$26 
Key metrics
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$— $— 
Effect of actual variances from expected experience$— $(1)
The increase in income before income taxes was attributable to the impact of higher surrender charges and market value adjustments due to higher lapses on a single premium annuity block of business.
The invested asset base supporting asset-intensive transactions increased to $18.6 billion as of March 31, 2024, from $14.4 billion as of March 31, 2023. The increase in the asset base compared to March 31, 2023, was primarily due to approximately $5.2 billion from recently executed transactions, partially offset by net organic decline of $1.0 billion from existing in-force blocks. The amount of reinsurance assumed from client companies, as measured by pre-tax statutory surplus, risk based capital and other financial reinsurance structures was $1.4 billion and $1.1 billion for the three months ended March 31, 2024 and 2023, respectively. Fees earned from this business can vary significantly depending on the size, complexity and timing of the transactions and, therefore, can fluctuate from period to period.
Revenues
•The decrease in net premiums was driven by lower contributions from single premium asset-intensive transactions.
•The increase in net investment income was the result of a growing asset base and improved yields from increased interest rates.
•The increase in investment related losses, net was attributable to a decrease in the fair value of derivatives of $46 million primarily due to weakening of the Japanese yen, partially offset by net gains from investment activity of $27 million.
•The increase in other revenues was driven by higher surrender charges and market value adjustments due to higher lapses on a single premium annuity block of business.
Expenses
•The decrease in claims and other policy benefits was the result of lower contributions from single premiums asset-intensive transactions as well as new asset-intensive business in the prior year.
Corporate and Other
Corporate and Other revenues primarily include investment income from unallocated invested assets, investment related gains and losses and service fees. Corporate and Other expenses consist of the offset to capital charges allocated to the operating segments within the policy acquisition costs and other insurance income line item, unallocated overhead and executive costs and interest expense related to debt and service business expenses. Additionally, Corporate and Other includes results from the Company’s Funding Agreement Backed Notes (“FABN”) program and certain wholly-owned subsidiaries, that, among other activities, develop and market technology and provide consulting and outsourcing solutions for the insurance and reinsurance industries. The Company invests in this area in an effort to both support its clients and accelerate the development of innovative solutions and services to increase consumer engagement within the life insurance industry and hence generate new future revenue streams.
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For the three months ended March 31,
(dollars in millions)202420232024 vs 2023
Revenues
Net premiums$— $— $— 
Net investment income106 82 24 
Investment related gains (losses), net(79)(44)(35)
Other revenues4 11 (7)
Total revenues31 49 (18)
Benefits and expenses
Claims and other policy benefits— — — 
Future policy benefits remeasurement (gains) losses— — — 
Market risk benefits remeasurement (gains) losses— — — 
Interest credited30 14 16 
Policy acquisition costs and other insurance expenses(25)(20)(5)
Other operating expenses87 77 10 
Interest expense68 53 15 
Total benefits and expenses160 124 36 
Loss before income taxes$(129)$(75)$(54)
The increase in loss before income taxes was primarily due to increases in investment related losses, interest credited, other operating expenses and interest expense, partially offset by higher net investment income.
Revenues
•The increase in net investment income was the result of higher income on Corporate invested assets due to higher yields and a higher asset base.
•The increase in investment related losses was attributable to $57 million of losses on sales of fixed maturity securities associated with portfolio repositioning in the first three months of 2024, partially offset by $6 million increase in change in fair value of derivatives, primarily related to foreign currency swaps, in the first three months of 2024 compared to a decrease of $29 million, primarily related to derivatives used to economically hedge disintermediation risk in the first three months of 2023.
Expenses
•The increase in interest credited was primarily attributable to new FABN issuances.
•The increase in other operating expenses was primarily attributable to an increase in compensation expense.
•The increase in interest expense was primarily attributable to an increase in outstanding debt.
Liquidity and Capital Resources
Overview
The Company believes that cash flows from the source of funds available to it will provide sufficient cash flows for the next twelve months to satisfy the current liquidity requirements of the Company under various scenarios that include the potential risk of early recapture of reinsurance treaties, market events and higher than expected claims. The Company performs periodic liquidity stress testing to ensure its asset portfolio includes sufficient high quality liquid assets that could be utilized to bolster its liquidity position under stress scenarios. These assets could be utilized as collateral for secured borrowing transactions with various third parties or by selling the securities in the open market if needed. The Company’s liquidity requirements have been and will continue to be funded through net cash flows from operations. However, in the event of significant unanticipated cash requirements beyond normal liquidity needs, the Company has multiple liquidity alternatives available based on market conditions and the amount and timing of the liquidity need. These alternatives include the sale of invested assets subject to market conditions, borrowings under committed credit facilities, secured borrowings, and if necessary, issuing long-term debt, preferred securities or common equity.
Current Market Environment
The Company’s average investment yield, excluding spread related business, for the three months ended March 31, 2024, was 4.70%, 1 basis point below the same period in 2023. The average yield will vary from year to year depending on several variables, including the prevailing risk-fee interest rate and credit spread environment, prepayment fees and make-whole premiums, changes in the mix of the underlying investments and cash and cash equivalents balances. Variable investment income from joint ventures and limited partnerships will also vary from year to year and is highly dependent on the timing of
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dividends and distributions on certain investments. Gross unrealized gains on fixed maturity securities available-for-sale decreased from $1.1 billion at December 31, 2023, to $0.9 billion at March 31, 2024. Additionally, gross unrealized losses increased from $5.6 billion at December 31, 2023, to $5.8 billion at March 31, 2024.
The Company continues to be in a position to hold any investment security showing an unrealized loss until recovery, provided it remains comfortable with the credit of the issuer. The Company does not rely on short-term funding or commercial paper and to date it has experienced no liquidity pressure, nor does it anticipate such pressure in the foreseeable future.
The Company projects its reserves to be sufficient, and it would not expect to be required to take any actions to augment capital, even if interest rates remain at current levels for the next five years, assuming all other factors remain constant. To mitigate disintermediation risk, the Company purchased swaptions to protect against a material increase in interest rates. While the Company has felt the pressures of sustained low interest rates, followed by the recent significant increase in risk-free rates, and volatile equity markets, its business and results of operations are not overly sensitive to these risks. Mortality and morbidity risks continue to be the most significant risk for the Company. Although management believes the Company’s current capital base is adequate to support its business at current operating levels, it continues to monitor new business opportunities and any associated new capital needs that could arise from the changing financial landscape.
The Holding Company
RGA is an insurance holding company whose primary uses of liquidity include, but are not limited to, the immediate capital needs of its operating companies, dividends paid to its shareholders, repurchase of common stock and interest payments on its indebtedness. The primary sources of RGA’s liquidity include proceeds from its capital-raising efforts, interest income on undeployed corporate investments, interest income received on surplus notes with RGA Reinsurance Company (“RGA Reinsurance”), RGA Life and Annuity Insurance Company (“RGA Life and Annuity”) and Rockwood Reinsurance Company (“Rockwood Re”) and dividends from operating subsidiaries. As the Company continues its growth efforts, RGA will continue to be dependent upon these sources of liquidity. The following tables provide comparative information for RGA (dollars in millions):
Three months ended March 31,
 20242023
Interest expense$50 $49 
Capital contributions to subsidiaries5 8 
Dividends to shareholders56 53 
Purchase of common stock— 50 
Interest and dividend income33 37 
 March 31, 2024December 31, 2023
Cash and invested assets$515 $712 
See Item 15, Schedule II – “Condensed Financial Information of the Registrant” in the 2023 Annual Report for additional financial information related to RGA.
The undistributed earnings of substantially all of the Company’s foreign subsidiaries have been reinvested indefinitely in those non-U.S. operations, as described in Note 14 – “Income Tax” in the Notes to Consolidated Financial Statements in the 2023 Annual Report. As U.S. Tax Reform generally eliminates U.S. federal income taxes on dividends from foreign subsidiaries, the Company does not expect to incur material income taxes if these funds are repatriated.
RGA endeavors to maintain a capital structure that provides financial and operational flexibility to its subsidiaries, credit ratings that support its competitive position in the financial services marketplace, and shareholder returns. As part of the Company’s capital deployment strategy, it has in recent years repurchased shares of RGA common stock and paid dividends to RGA shareholders, as authorized by the board of directors.
On January 23, 2024, RGA’s board of directors authorized a share repurchase program for up to $500 million of RGA’s outstanding common stock. The authorization was effective immediately and does not have an expiration date. In connection with this authorization, the board of directors terminated the stock repurchase authority granted in 2019. During the three months ended March 31, 2024, RGA did not repurchase any shares under this program.
The pace of repurchase activity depends on various factors such as the level of available cash, an evaluation of the costs and benefits associated with alternative uses of excess capital, such as acquisitions and in force reinsurance transactions, and RGA’s stock price.

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Details underlying dividend and share repurchase program activity were as follows (in millions, except share data):
Three months ended March 31,
20242023
Dividends to shareholders$56 $53 
Purchase of common stock (1)
— 50 
Total amount paid to shareholders$56 $103 
Number of common shares purchased (1)
— 371,343 
Average price per share$— $134.64 
(1)Excludes shares utilized to execute and settle certain stock incentive awards.
In April 2024, RGA’s board of directors declared a quarterly dividend of $0.85 per share. All future payments of dividends are at the discretion of RGA’s board of directors and will depend on the Company’s earnings, capital requirements, insurance regulatory conditions, operating conditions and other such factors as the board of directors may deem relevant. The amount of dividends that RGA can pay will depend in part on the operations of its reinsurance subsidiaries. See Note 3 – “Equity” in the Notes to Condensed Consolidated Financial Statements for information on the Company’s share repurchase program.
Debt
Certain of the Company’s debt agreements contain financial covenant restrictions related to, among others, liens, the issuance and disposition of stock of restricted subsidiaries, minimum requirements of consolidated net worth, maximum ratios of debt to capitalization and change of control provisions. The Company renewed its syndicated credit facility in the first quarter of 2023. Under the terms of the new facility the Company is required to maintain a minimum consolidated net worth, as defined in the debt agreements, of $6.3 billion. Subsequent to the adoption of ASU 2018-12, the minimum consolidated net worth, as defined in the debt agreements, was reduced to $5.8 billion effective with the June 30, 2023, covenant calculations. Also, consolidated indebtedness, calculated as of the last day of each fiscal quarter, cannot exceed 35% of the sum of the Company’s consolidated indebtedness plus adjusted RGA Inc.’s stockholders’ equity. A material ongoing covenant default could require immediate payment of the amount due, including principal, under the various agreements. Additionally, the Company’s debt agreements contain cross-acceleration covenants, which would make outstanding borrowings immediately payable in the event of a material uncured covenant default under any of the agreements, including, but not limited to, non-payment of indebtedness when due for an amount in excess of the amounts set forth in those agreements, bankruptcy proceedings, or any other event that results in the acceleration of the maturity of indebtedness.
As of March 31, 2024 and December 31, 2023, the Company had $4.5 billion, in outstanding borrowings under its debt agreements and was in compliance with all covenants under those agreements. As of March 31, 2024 and December 31, 2023, the average interest rate on long-term debt outstanding was 5.09%. The ability of the Company to make debt principal and interest payments depends on the earnings and surplus of subsidiaries, investment earnings on undeployed capital proceeds, available liquidity at the holding company, and the Company’s ability to raise additional funds.
The Company enters into derivative agreements with counterparties that reference either the Company’s debt rating or its financial strength rating. If either rating is downgraded in the future, it could trigger certain terms in the Company’s derivative agreements, which could negatively affect overall liquidity. For the majority of the Company’s derivative agreements, there is a termination event should the long-term senior debt ratings drop below either BBB+ (S&P) or Baa1 (Moody’s) or the financial strength ratings drop below either A- (S&P) or A3 (Moody’s).
The Company may borrow up to $850 million in cash and obtain letters of credit in multiple currencies on its revolving credit facility that matures in March 2028. As of March 31, 2024, the Company had no cash borrowings outstanding and no issued letters of credit under this facility.
Based on the historic cash flows and the current financial results of the Company, management believes RGA’s cash flows will be sufficient to enable RGA to meet its obligations for at least the next 12 months.
Credit and Committed Facilities
The Company has obtained bank letters of credit in favor of various affiliated and unaffiliated insurance companies from which the Company assumes business. These letters of credit represent guarantees of performance under the reinsurance agreements and allow ceding companies to take statutory reserve credits. Certain of these letters of credit contain financial covenant restrictions similar to those described in the “Debt” discussion above. At March 31, 2024, there were approximately $53 million of outstanding bank letters of credit in favor of third parties. Additionally, in accordance with applicable regulations, the Company utilizes letters of credit to secure statutory reserve credits when it retrocedes business to its affiliated subsidiaries. The Company cedes business to its affiliates to help reduce the amount of regulatory capital required in certain jurisdictions, such as the U.S., Canada and UK. The Company believes the capital required to support the business in the affiliates reflects more
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realistic expectations than the original jurisdiction of the business, where capital requirements are often considered to be quite conservative. As of March 31, 2024, $1.5 billion in letters of credit from various banks were outstanding, but undrawn, backing reinsurance between the various subsidiaries of the Company.
On March 13, 2023, the Company entered into a syndicated revolving credit facility with a five year term and an overall capacity of $850 million. See Note 18 – “Financing Activities” in the Notes to Consolidated Financial Statements in the 2023 Annual Report for further information.
Cash Flows
The Company’s principal cash inflows from its reinsurance operations include premiums and deposit funds received from ceding companies. The primary liquidity concerns with respect to these cash flows are early recapture of the reinsurance contract by the ceding company and lapses of annuity products reinsured by the Company. The Company’s principal cash inflows from its invested assets result from investment income and the maturity and sales of invested assets. The primary liquidity concerns with respect to these cash inflows relates to the risk of default by debtors and interest rate volatility. The Company manages these risks very closely. See “Investments” below.
Additional sources of liquidity to meet unexpected cash outflows in excess of operating cash inflows and current cash and equivalents on hand also includes drawing funds under a revolving credit facility, under which the Company had availability of $850 million as of March 31, 2024. The Company also has $801 million of funds available through collateralized borrowings from the FHLB as of March 31, 2024. As of March 31, 2024, the Company could have borrowed these additional amounts without violating any of its existing debt covenants.
The Company’s principal cash outflows relate to the payment of claims liabilities, interest credited, operating expenses, income taxes, dividends to shareholders, purchases of treasury stock and principal and interest under debt and other financing obligations. The Company seeks to limit its exposure to loss on any single insured and to recover a portion of benefits paid by ceding reinsurance to other insurance enterprises or reinsurers under excess coverage and coinsurance contracts. See Note 2 – “Significant Accounting Policies and Pronouncements” in the Notes to Consolidated Financial Statements in the 2023 Annual Report. The Company performs annual financial reviews of its retrocessionaires to evaluate financial stability and performance. The Company has never experienced a material default in connection with retrocession arrangements, nor has it experienced any difficulty in collecting claims recoverable from retrocessionaires; however, no assurance can be given as to the future performance of such retrocessionaires nor to the recoverability of future claims. The Company’s management believes its cash and cash equivalents as well as its current sources of liquidity are adequate to meet its cash requirements for the next 12 months.

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Summary of Primary Sources and Uses of Liquidity and Capital
The Company’s primary sources and uses of liquidity and capital for the three months ended March 31, 2024 and 2023 are summarized as follows (dollars in millions):
Three Months Ended March 31,
20242023
Sources:
Net cash provided by operating activities$5,736 $1,574 
Proceeds from long-term debt issuance, net— 494 
Change in cash collateral for derivative positions and other arrangements— 17 
Change in deposit asset on reinsurance89 11 
Net deposits to investment-type policies and contracts1,134 96 
Effect of exchange rate changes on cash— 1 
Total sources6,959 2,193 
Uses:
Net cash used in investing activities3,720 1,705 
Dividends to stockholders56 53 
Principal payments of long-term debt1 1 
Purchases of treasury stock16 67 
Change in cash collateral for derivative positions and other arrangements145 — 
Effect of exchange rate changes on cash56 — 
Total uses3,994 1,826 
Net change in cash and cash equivalents$2,965 $367 
Cash Flows from Operations – The principal cash inflows from the Company’s reinsurance activities come from premiums, investment and fee income, annuity considerations and deposit funds. The principal cash outflows relate to the liabilities associated with various life and health insurance, annuity and disability products, operating expenses, income tax payments and interest on outstanding debt obligations. The primary liquidity concern with respect to these cash flows is the risk of shortfalls in premiums and investment income, particularly in periods with abnormally high claims levels.
Cash Flows from Investments – The principal cash inflows from the Company’s investment activities come from repayments of principal on invested assets, proceeds from maturities of invested assets, sales of invested assets and settlements of freestanding derivatives. The principal cash outflows relate to purchases of investments, issuances of policy loans and settlements of freestanding derivatives. The Company typically has a net cash outflow from investing activities because cash inflows from insurance operations are reinvested in accordance with its asset/liability management discipline to fund insurance liabilities. The Company closely monitors and manages these risks through its credit risk management process. The primary liquidity concerns with respect to these cash flows are the risk of default by debtors and market disruption, which could make it difficult for the Company to sell investments.
Financing Cash Flows – The principal cash inflows from the Company’s financing activities come from issuances of RGA debt and equity securities, and deposit funds associated with universal life and other investment type policies and contracts. The principal cash outflows come from repayments of debt, payments of dividends to stockholders, purchases of treasury stock, and withdrawals associated with universal life and other investment type policies and contracts. A primary liquidity concern with respect to these cash flows is the risk of early contractholder and policyholder withdrawal.
Contractual Obligations
There were no material changes in the Company’s contractual obligations from those reported in the 2023 Annual Report, except for the following:
•The Company’s contractual obligations associated with payables for collateral received under derivative transactions increased from $150 million at December 31, 2023, to $427 million at March 31, 2024, primarily relating to an increase in derivatives during the quarter. See Note 11 – “Derivative Instruments” for further details.
Asset / Liability Management
The Company actively manages its cash and invested assets using an approach that is intended to balance quality, diversification, asset/liability matching, liquidity and investment return. The goals of the investment process are to optimize after-tax, risk-adjusted investment income and after-tax, risk-adjusted total return while managing the assets and liabilities on a cash flow and duration basis.
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The Company has established target asset portfolios for its operating segments, which represent the investment strategies intended to profitably fund its liabilities within acceptable risk parameters. These strategies include objectives and limits for effective duration, yield curve sensitivity and convexity, liquidity, asset sector concentration and credit quality.
The Company’s asset-intensive products are primarily supported by investments in fixed maturity securities reflected on the Company’s balance sheet and under funds withheld arrangements with the ceding company. Investment guidelines are established to structure the investment portfolio based upon the type, duration and behavior of products in the liability portfolio so as to achieve targeted levels of profitability. The Company manages the asset-intensive business to provide a targeted spread between the interest rate earned on investments and the interest rate credited to the underlying interest-sensitive contract liabilities. The Company periodically reviews models projecting different interest rate scenarios and their effect on profitability. Certain of these asset-intensive agreements, primarily in the U.S. and Latin America Financial Solutions operating segment, are generally funded by fixed maturity securities that are withheld by the ceding company.
The Company’s liquidity position (cash and cash equivalents and short term investments) was $6.3 billion and $3.2 billion at March 31, 2024 and December 31, 2023, respectively. Liquidity needs are determined from valuation analyses conducted by operational units and are driven by product portfolios. Periodic evaluations of demand liabilities and short-term liquid assets are designed to adjust specific portfolios, as well as their durations and maturities, in response to anticipated liquidity needs.
See “Securities Borrowing, Lending and Repurchase/Reverse Repurchase Agreements” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for information related to the Company’s securities borrowing, lending and repurchase/reverse repurchase programs. In addition to its security agreements with third parties, certain RGA subsidiaries have entered into intercompany securities lending agreements to more efficiently source securities for lending to third parties and to provide for more efficient regulatory capital management.
The Company is a member of the FHLB and holds $63 million of FHLB common stock, which is included in other invested assets on the Company’s condensed consolidated balance sheets. The Company has entered into funding agreements with the FHLB under guaranteed investment contracts whereby the Company has issued the funding agreements in exchange for cash and for which the FHLB has been granted a blanket lien on the Company’s commercial and residential mortgage-backed securities and commercial mortgage loans used to collateralize the Company’s obligations under the funding agreements. The Company maintains control over these pledged assets, and may use, commingle, encumber or dispose of any portion of the collateral as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. The funding agreements and the related security agreements represented by this blanket lien provide that upon any event of default by the Company, the FHLB’s recovery is limited to the amount of the Company’s liability under the outstanding funding agreements. The amount of the Company’s liability for the funding agreements with the FHLB was $1.2 billion and $1.1 billion at March 31, 2024 and December 31, 2023, respectively, which is included in interest-sensitive contract liabilities on the Company’s condensed consolidated balance sheets. The advances on these agreements are collateralized primarily by commercial and residential mortgage-backed securities, commercial mortgage loans and U.S. Treasury and government agency securities. The amount of collateral exceeds the liability and is dependent on the type of assets collateralizing the guaranteed investment contracts.
Investments
Management of Investments
The Company’s investment and derivative strategies involve matching the characteristics of its reinsurance products and other obligations. The Company seeks to closely approximate the interest rate sensitivity of the assets with estimated interest rate sensitivity of the reinsurance liabilities. The Company achieves its income objectives through strategic and tactical asset allocations, applying security and derivative strategies within asset/liability and disciplined risk management frameworks. Derivative strategies are employed within the Company’s risk management framework to help manage duration, currency and other risks in assets and/or liabilities and to replicate the credit characteristics of certain assets.
The Company’s portfolio management groups work with the Enterprise Risk Management function to develop the investment policies for the assets of the Company’s domestic and international investment portfolios. All investments held by the Company, directly or in a funds withheld at interest reinsurance arrangement, are monitored for conformance with the Company’s stated investment policy limits as well as any limits prescribed by the applicable jurisdiction’s insurance laws and regulations. See Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for additional information regarding the Company’s investments.
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Portfolio Composition
The Company had total cash and invested assets of $90.4 billion and $81.9 billion as of March 31, 2024 and December 31, 2023, respectively, as illustrated below (dollars in millions):
March 31, 2024% of Total December 31, 2023% of Total
Fixed maturity securities available-for-sale$65,827 72.7 %$60,467 73.9 %
Equity securities144 0.2 139 0.2 
Mortgage loans7,539 8.3 7,377 9.0 
Policy loans1,198 1.3 1,206 1.5 
Funds withheld at interest5,642 6.2 5,683 6.9 
Limited partnerships and real estate joint ventures2,697 3.0 2,635 3.2 
Short-term investments327 0.4 222 0.3 
Other invested assets1,140 1.3 1,171 1.4 
Cash and cash equivalents5,935 6.6 2,970 3.6 
Total cash and invested assets$90,449 100.0 %$81,870 100.0 %
Investment Yield
The following table presents consolidated average invested assets at amortized cost, net investment income, investment yield, variable investment income (“VII”) and investment yield excluding VII, which can vary significantly from period to period (dollars in millions). The table excludes spread related business. Spread related business is primarily associated with contracts on which the Company earns an interest rate spread between assets and liabilities. To varying degrees, fluctuations in the yield on other spread related business is generally subject to corresponding adjustments to the interest credited on the liabilities.
 Three months ended March 31,
 20242023  Increase/  
  (Decrease)
Average invested assets at amortized cost$38,483 $35,863 $2,620 
Net investment income$444 $415 $29 
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost)4.70 %4.71 %(1) bp
VII (included in net investment income)$16 $39 $(23)
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost)4.75 %4.45 %30 bps
Investment yield remained relatively unchanged for the three months ended March 31, 2024, in comparison to the same period in the prior year, due to decreased variable income from real estate joint ventures offset by increased yield due to higher new money rates.
Fixed Maturity Securities Available-for-Sale
See “Fixed Maturity Securities Available-for-Sale” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables that provide the amortized cost, allowance for credit losses, unrealized gains and losses and estimated fair value of these securities by type as of March 31, 2024 and December 31, 2023.
Important factors in the selection of investments include diversification, quality, yield, call protection and total rate of return potential. The relative importance of these factors is determined by market conditions and the underlying reinsurance liability and existing portfolio characteristics. As of March 31, 2024 and December 31, 2023, approximately 94.6% and 94.3%, respectively, of the Company’s consolidated investment portfolio of fixed maturity securities were investment grade.
The Company owns floating rate securities that represent approximately 7.8% and 7.7% of the total fixed maturity securities as of March 31, 2024 and December 31, 2023, respectively. These investments have a higher degree of income variability than the other fixed income holdings in the portfolio due to fluctuations in interest payments. The Company holds floating rate investments to enhance asset management strategies and match certain interest-sensitive contract liabilities.
The largest asset class in which fixed maturity securities were invested was corporate securities, which represented approximately 62.4% and 64.1% of total fixed maturity securities as of March 31, 2024 and December 31, 2023, respectively. See “Corporate Fixed Maturity Securities” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables showing the major sector types, which comprise the corporate fixed maturity holdings as of March 31, 2024 and December 31, 2023.
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As of March 31, 2024 and December 31, 2023, the Company’s investments in Canadian government securities represented 5.6% and 6.5%, respectively, of the fair value of total fixed maturity securities. These assets are primarily high quality, long duration provincial strip bonds, the valuation of which is closely linked to the interest rate curve. These assets are longer in duration and held primarily for asset/liability management to meet Canadian regulatory requirements.
As of March 31, 2024 and December 31, 2023, the Company’s investments in Japanese government securities represented 7.9% and 5.2%, respectively, of the fair value of total fixed maturity securities. These assets are primarily long duration government bonds matching the liability profile of the Company’s Japanese business.
The Company references rating agency designations in some of its investments disclosures. These designations are based on the ratings from nationally recognized statistical rating organizations, primarily Moody’s, S&P and Fitch. Structured securities held by the Company’s insurance subsidiaries that maintain the NAIC statutory basis of accounting utilize the NAIC rating methodology. The NAIC assigns designations to publicly traded as well as privately placed securities. The designations assigned by the NAIC range from class 1 to class 6, with designations in classes 1 and 2 generally considered investment grade (BBB or higher rating agency designation). NAIC designations in classes 3 through 6 are generally considered below investment grade (BB or lower rating agency designation). If no rating is available from a rating agency or the NAIC, then an internally developed rating is used.
The quality of the Company’s available-for-sale fixed maturity securities portfolio, as measured at fair value and by the percentage of fixed maturity securities invested in various ratings categories, relative to the entire available-for-sale fixed maturity securities portfolio, as of March 31, 2024 and December 31, 2023 was as follows (dollars in millions):
  March 31, 2024December 31, 2023
NAIC
  Designation  		Rating Agency
Designation		Amortized Cost Estimated
Fair Value		% of Total     Amortized Cost Estimated
Fair Value		% of Total     
1AAA/AA/A$46,541 $43,336 65.8 %$41,469 $38,739 64.1 %
2BBB20,527 18,951 28.8 19,793 18,261 30.2 
3BB3,039 2,952 4.5 3,068 2,956 4.9 
4B515 468 0.8 479 396 0.7 
5CCC and lower123 98 0.1 116 92 0.1 
6In or near default45 22 — 52 23 — 
Total$70,790 $65,827 100.0 %$64,977 $60,467 100.0 %
The Company’s fixed maturity portfolio includes structured securities. The following table shows the types of structured securities the Company held as of March 31, 2024 and December 31, 2023 (dollars in millions): 
 March 31, 2024December 31, 2023
Amortized CostEstimated
Fair Value		% of TotalAmortized CostEstimated
Fair Value		% of Total
ABS:
Collateralized loan obligations (“CLOs”)$2,540 $2,518 31.6 %$2,086 $2,048 28.1 %
ABS, excluding CLOs2,597 2,427 30.5 2,575 2,381 32.7 
Total ABS5,137 4,945 62.1 4,661 4,429 60.8 
CMBS2,002 1,861 23.4 1,969 1,773 24.3 
RMBS:
Agency436 385 4.8 444 398 5.5 
Non-agency814 765 9.7 729 681 9.4 
Total RMBS1,250 1,150 14.5 1,173 1,079 14.9 
Total$8,389 $7,956 100.0 %$7,803 $7,281 100.0 %
The Company’s ABS portfolio primarily consists of CLOs, aircraft, and single-family rentals. The principal risks in holding ABS are structural, credit, capital market and interest rate risks. Structural risks include the securities’ cash flow priority in the capital structure and the inherent prepayment sensitivity of the underlying collateral. Credit risks include the adequacy and ability to realize proceeds from the collateral. Credit risks are mitigated by credit enhancements that include excess spread, over-collateralization and subordination. Capital market risks include general level of interest rates and the liquidity for these securities in the marketplace.
The Company’s CMBS portfolio primarily consists of large pool securitizations that are diverse by property type, borrower and geographic dispersion. The principal risks in holding CMBS are structural and credit risks. Structural risks include the securities’ cash flow priority in the capital structure and the inherent prepayment sensitivity of the underlying collateral. Credit risks include the adequacy and ability to realize proceeds from the collateral. The Company focuses on investment grade rated tranches that provide additional credit support beyond the equity protection in the underlying loans. These assets are viewed as an attractive alternative to other fixed income asset classes.
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The Company’s RMBS portfolio includes agency-issued pass-through securities and collateralized mortgage obligations. Agency-issued pass-through securities are guaranteed or otherwise supported by the Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, or the Government National Mortgage Association. The principal risks inherent in holding RMBS are prepayment and extension risks, which will affect the timing of when cash will be received and are dependent on the level of mortgage interest rates. Prepayment risk is the unexpected increase in principal payments from the expected, primarily as a result of owner refinancing. Extension risk relates to the unexpected slowdown in principal payments from the expected. In addition, non-agency RMBS face credit risk should the borrower be unable to pay the contractual interest or principal on their obligation. The Company monitors its mortgage-backed securities to mitigate exposure to the cash flow uncertainties associated with these risks.
As of March 31, 2024 and December 31, 2023, the Company had $5.8 billion and $5.6 billion, respectively, of gross unrealized losses related to its fixed maturity securities. The Company monitors its fixed maturity securities to determine impairments in value and evaluates factors such as financial condition of the issuer, payment performance, compliance with covenants, general market and industry sector conditions, current intent and ability to hold securities, and various other subjective factors. Based on management’s judgment, an allowance for credit losses in the amount that fair value is less than the amortized cost is recorded for securities determined to have expected credit losses.
Mortgage Loans
The Company’s mortgage loan portfolio consists of U.S., Canada and UK based investments primarily in retail locations, light industrial properties, and commercial offices. The mortgage loan portfolio is diversified by geographic region and property type as discussed further under “Mortgage Loans” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements. Most of the mortgage loans in the Company’s portfolio range in size up to $40 million, with the average mortgage loan investment as of March 31, 2024, totaling approximately $10 million.
As of March 31, 2024 and December 31, 2023, the Company’s recorded investment in mortgage loans, gross of unamortized deferred loan origination fees and expenses and allowance for credit losses, were distributed geographically as follows (dollars in millions):
 March 31, 2024December 31, 2023
Recorded
Investment		% of Total Recorded
Investment		% of Total
U.S. Region:
West$2,953 38.7 %$2,806 37.6 %
South2,464 32.3 2,472 33.1 
Midwest1,191 15.6 1,163 15.6 
Northeast537 7.0 541 7.3 
Subtotal – U.S.
7,145 93.6 6,982 93.6 
Canada308 4.0 301 4.0 
United Kingdom180 2.4 176 2.4 
Total$7,633 100.0 %$7,459 100.0 %
See “Allowance for Credit Losses and Impairments” in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2023 Annual Report and “Mortgage Loans” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for information regarding the Company’s policy for allowance for credit losses on mortgage loans.
Allowance for Credit Losses and Impairments
The table below summarizes investment related gains (losses), net related to allowances for credit losses and impairments for the three months ended March 31, 2024 and 2023 (dollars in millions):
Three months ended March 31,
20242023
Change in allowance for credit losses on fixed maturity securities$(20)$(38)
Impairments on fixed maturity securities— (3)
Change in mortgage loan allowance for credit losses(10)(16)
Limited partnership and real estate joint ventures impairment losses(8)— 
Other impairment losses(1)(4)
Total$(39)$(61)
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The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes an analysis of whether the issuer is current on its contractual payments, evaluating whether it is probable that the Company will be able to collect all amounts due according to the contractual terms of the security and analyzing the overall ability of the Company to recover the amortized cost of the investment. See “Allowance for Credit Losses and Impairments” in Note 2 – “Significant Accounting Policies and Pronouncements” of the Company’s 2023 Annual Report for additional information.
See “Unrealized Losses for Fixed Maturity Securities Available-for-Sale” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for tables that present the estimated fair value and gross unrealized losses for securities that have estimated fair values below amortized cost by class and grade, as well as the length of time the related estimated fair value has remained below amortized cost as of March 31, 2024 and December 31, 2023.
As of March 31, 2024 and December 31, 2023, the Company classified approximately 9.9% and 10.6%, respectively, of its fixed maturity securities in the Level 3 category. Refer to Note 12 – “Fair Value of Assets and Liabilities” in the Notes to Condensed Consolidated Financial Statements for additional information. These securities primarily consist of private placement corporate and asset-backed securities.
See “Securities Lending and Repurchase/Reverse Repurchase Agreements” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for information related to the Company’s securities lending and repurchase/reverse repurchase agreements.
Funds Withheld at Interest
For reinsurance agreements written on a modified coinsurance basis and certain agreements written on a coinsurance basis, assets equal to the net statutory reserves are withheld and legally owned and managed by the ceding company and are reflected as funds withheld at interest on the Company’s condensed consolidated balance sheets. In the event of a ceding company’s insolvency, the Company would need to assert a claim on the assets supporting its reserve liabilities. However, the risk of loss to the Company is mitigated by its ability to offset amounts it owes the ceding company for claims or allowances against amounts owed by the ceding company. Interest accrues to the total funds withheld at rates defined by the treaty terms. The Company is subject to the investment performance on the withheld assets, although it does not directly control them. These assets are primarily fixed maturity investment securities and pose risks similar to the fixed maturity securities the Company owns. To mitigate this risk, the Company helps set the investment guidelines followed by the ceding company and monitors compliance. Ceding companies with funds withheld at interest had an average financial strength rating of “A” as of March 31, 2024 and December 31, 2023. Certain ceding companies maintain segregated portfolios for the benefit of the Company.
Other Invested Assets
Other invested assets primarily include lifetime mortgages, derivative contracts, FHLB common stock and real estate held for investment. See “Other Invested Assets” in Note 10 – “Investments” in the Notes to Condensed Consolidated Financial Statements for a table that presents the carrying value of the Company’s other invested assets by type as of March 31, 2024 and December 31, 2023.
The Company utilizes derivative financial instruments to protect the Company against possible changes in the fair value of its investment portfolio as a result of interest rate changes, to hedge against risk of changes in the purchase price of securities, to hedge liabilities associated with the reinsurance of variable annuities with guaranteed living benefits and to manage the portfolio’s effective yield, maturity and duration. In addition, the Company utilizes derivative financial instruments to reduce the risk associated with fluctuations in foreign currency exchange rates. The Company uses exchange-traded, centrally cleared, and customized over-the-counter derivative financial instruments.
See Note 11 – “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for a table that presents the notional amounts and fair value of investment related derivative instruments held as of March 31, 2024 and December 31, 2023.
The Company may be exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. Generally, the credit exposure of the Company’s derivative contracts is limited to the fair value and accrued interest of non-collateralized derivative contracts in an asset position at the reporting date. As of March 31, 2024, the Company had credit exposure of $14 million.
The Company manages its credit risk related to over-the-counter derivatives by entering into transactions with creditworthy counterparties, maintaining collateral arrangements and through the use of master agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. As exchange-traded futures are affected through regulated exchanges, and positions are marked to market on a daily basis, the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties. See Note 11 – “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for more information regarding the Company’s derivative instruments.
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The Company holds $939 million and $944 million of beneficial interest in lifetime mortgages in the UK, net of allowance for credit losses, as of March 31, 2024 and December 31, 2023, respectively. Investment income includes $11 million and $10 million in interest income earned on lifetime mortgages for the three months ended March 31, 2024 and 2023, respectively. Lifetime mortgages represent loans provided to individuals 55 years of age and older secured by the borrower’s residence. Lifetime mortgages are comparable to a home equity loan by allowing the borrower to utilize the equity in their home as collateral. The amount of the loan is dependent on the appraised value of the home at the time of origination, the borrower's age and interest rate. Unlike a home equity loan, no payment of principal or interest is required until the death of the borrower or sale of the home. Lifetime mortgages may also be either fully funded at origination, or the borrower can request periodic funding similar to a line of credit. Lifetime mortgages are subject to risks, including market, credit, interest rate, liquidity, operational, reputational and legal risks.
New Accounting Standards
Changes to the general accounting principles are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates to the FASB Accounting Standards CodificationTM.
See Note 17 – “New Accounting Standards” in the Notes to Condensed Consolidated Financial Statements for information on new accounting pronouncements and their impact, if any, on the Company’s results of operations and financial position.
ITEM 3.  Quantitative and Qualitative Disclosures About Market Risk
Market risk is the risk of fluctuations in the value of financial instruments as a result of absolute or relative changes in interest rates, foreign currency exchange rates, equity prices or commodity prices. To varying degrees, the Company products and services, and the investment activities supporting them, generate exposure to market risk. The market risk incurred, and the Company’s strategies for managing this risk, vary by product.  As of March 31, 2024, there have been no material changes in the Company’s economic exposure to market risk or the Company’s Enterprise Risk Management function from December 31, 2023, a description of which may be found in its Annual Report on Form 10-K, for the year ended December 31, 2023, Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” filed with the Securities and Exchange Commission.
ITEM 4.  Controls and Procedures
The Chief Executive Officer and the Chief Financial Officer have evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that these disclosure controls and procedures were effective.
There was no change in the Company’s internal control over financial reporting as defined in Exchange Act Rule 13a-15(f) during the quarter ended March 31, 2024, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II - OTHER INFORMATION
ITEM 1.  Legal Proceedings
The Company is subject to litigation and regulatory investigations or actions from time to time. Based on current knowledge, management does not believe that loss contingencies arising from pending legal, regulatory and governmental matters will have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, in light of the inherent uncertainties involved in future or pending legal, regulatory and governmental matters, some of which are beyond the Company’s control, and indeterminate or potentially substantial amount of damages sought in any such matters, an adverse outcome could be material to the Company’s financial condition, results of operations or cash flows for any particular reporting period. A legal reserve is established when the Company is notified of an arbitration demand, litigation or regulatory action or is notified that an arbitration demand, litigation or regulatory action is imminent, it is probable that the Company will incur a loss as a result and the amount of the probable loss is reasonably capable of being estimated.
ITEM 1A.  Risk Factors
There have been no material changes from the risk factors previously disclosed in the Company’s 2023 Annual Report.
ITEM 2.  Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
The following table summarizes the Company’s repurchase activity of its common stock during the quarter ended March 31, 2024:
Total Number of Shares
Purchased (1)
Average Price Paid per   
Share
Total Number of Shares
Purchased as Part of
Publicly Announced Plans
or Programs (1)
Maximum Number (or
Approximate Dollar
Value) of Shares that May
Yet Be Purchased Under
the Plan or Program
January 1, 2024 – January 31, 202475,025 $168.24 — $500,000,000 
February 1, 2024 – February 29, 20245,906 $171.03 — $500,000,000 
March 1, 2024 – March 31, 202412,436 $184.12 — $500,000,000 
(1)The Company did not repurchase any shares of common stock under its share repurchase program in January, February and March 2024. The Company net settled – issuing 210,747, 15,755 and 34,407 shares from treasury and repurchasing from recipients 75,025, 5,906, and 12,436 shares in January, February and March 2024, respectively, in settlement of income tax withholding requirements incurred by the recipients of equity incentive awards.
On January 23, 2024, the Company’s board of directors authorized a share repurchase program for up to $500 million of its outstanding common stock. The authorization was effective immediately and does not have an expiration date. During the three months ended March 31, 2024, the Company did not repurchase any shares of common stock under this program.
The pace of repurchase activity depends on various factors such as the level of available cash, an evaluation of the costs and benefits associated with alternative uses of excess capital, such as acquisitions and in force reinsurance transactions, and the Company’s stock price.
ITEM 5.  Other Information
During the three months ended March 31, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
ITEM 6.  Exhibits
See index to exhibits.
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Table of Contents

INDEX TO EXHIBITS
 
Exhibit
Number		Description
Amended and Restated Articles of Incorporation, effective May 21, 2020, incorporated by reference to Exhibit 3.1(i) to Current Report on Form 8-K filed May 22, 2020
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
XBRL Taxonomy Extension Schema Document
XBRL Taxonomy Extension Calculation Linkbase Document
XBRL Taxonomy Extension Label Linkbase Document
XBRL Taxonomy Extension Presentation Linkbase Document
XBRL Taxonomy Extension Definition Linkbase Document
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101).

* Represents a management contract or compensatory plan or arrangement
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GLOSSARY OF SELECTED TERMS
Throughout this quarterly report on Form 10-Q, the Company may use certain abbreviations, acronyms and terms which are defined below.
Entities
Term or AcronymDefinition
RGA ReinsuranceRGA Reinsurance Company
Parkway ReParkway Reinsurance Company
Rockwood ReRockwood Reinsurance Company
Castlewood ReCastlewood Reinsurance Company
Chesterfield ReChesterfield Reinsurance Company
RGA Life and AnnuityRGA Life and Annuity Insurance Company
RGA CanadaRGA Life Reinsurance Company of Canada
RGA BarbadosRGA Reinsurance Company (Barbados) Ltd.
RGA AmericasRGA Americas Reinsurance Company, Ltd.
Manor ReManor Reinsurance, Ltd.
RGA AtlanticRGA Atlantic Reinsurance Company Ltd.
RGA WorldwideRGA Worldwide Reinsurance Company, Ltd.
RGA GlobalRGA Global Reinsurance Company, Ltd.
RGA AustraliaRGA Reinsurance Company of Australia Limited
RGA InternationalRGA International Reinsurance Company dac
Aurora NationalAurora National Life Assurance Company
OmnilifeOmnilife Insurance Company, Limited
PaparaPapara Financing LLC
Certain Terms and Acronyms
Term or AcronymDefinition
A.M. BestA.M. Best Company
ABSAsset-backed securities
ActuaryA specialist in the mathematics of risk, especially as it relates to insurance calculations such as premiums, reserves, dividends, insurance rates and annuity rates.
AllowanceAn amount paid by the reinsurer to the ceding company to help cover the ceding company's acquisition and other costs, especially commissions. Allowances are usually calculated as a large percentage (often 100%) of first-year premiums reinsured and smaller percentages of renewal premiums reinsured.
AOCIAccumulated other comprehensive income (loss)
Asset-Intensive ReinsuranceA transaction (usually coinsurance or funds withheld and often involving reinsurance of annuities) where performance of the underlying assets, more so than any mortality risk, is a key element.
Assumed reinsuranceInsurance risk that a reinsurer accepts (assumes) from a ceding company.
ASUAccounting Standards Update
ASU 2018-12Financial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments. Also referred to as LDTI.
Automatic ReinsuranceReinsurance arrangement whereby the ceding company and reinsurer agree that all business of a certain description will be ceded to the reinsurer. Under this arrangement, the ceding company performs underwriting decision-making within agreed-upon parameters for all business reinsured.
Bermuda Insurance ActBermuda's Insurance Act 1978 which distinguishes between insurers carrying on long-term business, insurers carrying on special purpose business and insurers carrying on general business.
BMABermuda Monetary Authority
BSCRBermuda Solvency Capital Requirement
CCPACalifornia Consumer Privacy Act of 2018
Capital-motivated reinsuranceReinsurance, including financial reinsurance, whose primary purpose is to enhance the cedant's capital position.
Captive insurerAn insurance or reinsurance entity designed to provide insurance or reinsurance coverage for risks of the entity or entities by which it is owned or to which it is affiliated.
CECLAccounting for current expected credit losses using the model based on expected losses rather than incurred losses.
Ceding company (also known as cedant)An insurer that transfers, or cedes, risk to a reinsurer
CEORGA’s Chief Executive Officer
CessionThe insurance risk associated with a policy that is reinsured from an insurer to a reinsurer.
CFORGA’s Chief Financial Officer
CIORGA’s Chief Information Officer
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CISORGA’s Global Chief Information Security and Privacy officer
CLOsCollateralized loan obligations
CMBSCommercial mortgage-backed securities, a part of our investment portfolio that consists of securities made up of commercial mortgages. Stated on our balance sheet at fair value.
Coinsurance (also known as original terms reinsurance)A form of reinsurance under which the ceding company shares its premiums, death claims, surrender benefits, dividends and policy loans with the reinsurer, and the reinsurer pays expense allowances to reimburse the ceding company for a share of its expenses.
Coinsurance funds-withheldA variant on coinsurance, in which the ceding company withholds assets equal to reserves and shares investment income on those assets with the reinsurer.
CounterpartyA party to a contract requiring or offering the exchange of risk.
Counterparty riskThe risk that a party to an agreement will be unable to fulfill its contractual obligations
CPIConsumer price index
Critical illness (CI) insurance (also known as dread disease insurance)Insurance that provides a guaranteed fixed sum upon diagnosis of a specified illness or condition such as cancer, heart disease, or permanent total disability. The coverage can be offered on a stand-alone basis or as an add-on to a life insurance policy.
CRORGA’s Chief Risk Officer
CVACredit valuation adjustment
DACDeferred policy acquisition costs: Costs of acquiring new business, which vary with and are directly related to the production of new business, have been deferred to the extent that such costs are deemed recoverable from future premiums or gross profits.
“Directors Plan”Flexible Stock Plan for Directors
EBITDAEarnings before interest, taxes, depreciation and amortization
EBSEconomic balance sheet framework as part of the Bermuda Solvency Capital Requirement that forms the basis for an insurer's enhanced capital requirements.
ECREnhanced capital requirement in accordance with the provisions of the Bermuda Insurance Act.
EEAEuropean Economic Area
EIAsEquity-Indexed Annuities
EMEAEurope, Middle East and Africa geographic segment
Enterprise Risk Management (ERM)An enterprise-wide framework used by a firm to assess all risks facing the organization, manage mitigation strategies, monitor ongoing risks and report to interested audiences.
ESGEnvironmental, social and governance
EUEuropean Union
Expected mortalityNumber of deaths predicted to occur in a defined group of people.
FABNFunding Agreement Backed Notes
Face amountAmount payable at the death of the insured or at the maturity of the policy.
Facultative reinsuranceA type of reinsurance in which the reinsurer underwrites an individual risk submitted by the ceding company for a risk that is unusual, large, highly substandard or not covered by an automatic reinsurance treaty. Such risks are typically submitted to multiple reinsurers for competitive offers.
FASBFinancial Accounting Standards Board
FCAFinancial Conduct Authority
FHLBFederal Home Loan Bank
FIAFixed indexed annuities
Financial reinsurance (also known as financially-motivated reinsurance)A form of capital-motivated reinsurance that satisfies all regulatory requirements for risk transfer and is often designed to produce very predictable reinsurer profits as a percentage of the capital provided.
FSBFinancial Stability Board which consists of representatives of national financial authorities of the G20 nations.
FVOFair value option
GAAPU.S. generally accepted accounting principles
GDPRGeneral Data Protection Regulation which establishes uniform data privacy laws across the European Union.
GICsGuaranteed investment contracts
GILTIGlobal intangible low-taxed income; a provision of U.S. Tax Reform that generally eliminates U.S. Federal income tax deferral on earnings of foreign subsidiaries.
GloBEModel Global Anti-Base Erosion rules developed by the Organization for Economic Cooperation and Development
GMABGuaranteed minimum accumulation benefits; a feature of some variable annuities that the Company reinsures
GMDBGuaranteed minimum death benefits; a feature of some variable annuities that the Company reinsures
GMIBGuaranteed minimum income benefits; a feature of some variable annuities that the Company reinsures
GMWBGuaranteed minimum withdrawal benefits; a feature of some variable annuities that the Company reinsures
Group life insuranceInsurance policy under which the lives of a group of people, most commonly employees of a single company, are insured in accordance with the terms of one master contract.
Guaranteed issue life insuranceInsurance products that are guaranteed upon application, regardless of past health conditions.
IAIGInternationally Active Insurance Group
IAISInternational Association of Insurance Supervisors
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IBNRIncurred but not reported; a liability on claims that are based on historical reporting patterns, but have not yet been reported.
Individual life insuranceAn insurance policy that insures the life of usually one and sometimes two or more related individuals, rather than a group of people.
In-force sum insuredA measure of insurance in effect at a specific date.
Initial public offering (IPO)The first sale to the public of shares of common stock issued by a private company. IPOs often are issued by smaller companies seeking the capital to expand, but they also can be used by large mutual or privately owned companies seeking to become publicly traded.
International Financial Reporting Standards (IFRS)Standards and interpretations adopted by the International Accounting Standards Board (IASB)
ISOInternational Organization Standardization
LDTIFinancial Accounting Standards Board’s Accounting Standards Update No. 2018-12, “Targeted Improvements to the Accounting for Long-Duration Contracts” and related amendments. Also referred to as ASU 2018-12.
Liquidity positionCombination of the Company’s cash equivalents and short-term investments
Longevity productAn insurance product that mitigates longevity risk by providing a stream of income for the duration of the policyholder's life.
Loss ratioClaims and other policy benefits and Future policy benefits remeasurement (gains) losses as a percentage of net premiums
Market risk benefits (MRB)Contracts or contract features that provide protection to the policyholder from capital market risk and expose the Company to other-than-nominal capital market risk and are measured at fair value
MDCIMissouri Department of Commerce and Insurance
MMSMinimum margin of solvency required to be maintained by the Company's Bermuda subsidiaries.
ModcoModified coinsurance
Modified coinsuranceA variant on coinsurance in which the ceding company retains all the reserves, as well as assets backing reserves, and pays the reinsurer interest on the reinsurer's share of the reserves.
Moody’sMoody’s Investors Service
MorbidityA measure of the incidence of sickness or disease within a specific population group.
Mortality experienceActual number of deaths occurring in a defined group of people.
Mortality risk reinsuranceReinsurance that focuses primarily on transfer of mortality risk through coinsurance of term products or YRT.
NAICNational Association of Insurance Commissioners
NAIC SAPNAIC statutory accounting practices
NAVNet asset value
Net Premium Ratio (NPR)The NPR equals the present value of benefits divided by the present value of gross premiums
NIFONet investments in foreign operations
NISTNational Institute of Standards and Technology
NOLNet operating loss
Non-traditional reinsuranceUsually synonymous with capital-motivated reinsurance, but includes any reinsurance of non-biometrical risks
NovationThe act of replacing one participating member of a contract with another, with all rights, duties and terms being transferred to the new party upon consent of all parties affected.
NYSENew York Stock Exchange: the exchange where RGA is traded under the symbol "RGA"
OASOption-adjusted spread
OCIOther comprehensive income (loss)
OTCDerivatives that are privately negotiated contracts, which are known as over-the-counter derivatives
OTC ClearedOTC derivatives that are cleared and settled through central clearing counterparties.
PBRPrinciples-based reserves
PCAOBPublic Company Accounting Oversight Board (United States)
Pension PlansThe Company's sponsored or administrated qualified and non-qualified defined benefit pension plans
PortfolioThe totality of risks assumed by an insurer or reinsurer.
Preferred risk coverageCoverage designed for applicants who represent a better-than-average risk to an insurer.
PremiumAmount paid to insure a risk.
Primary insurance (also known as direct insurance)Insurance business relating to contracts directly between insurers and policyholders. The insurance company is directly responsible to the policyholder.
ProductionNew business produced during a specified period.
PRTPension risk transfer
PSUPerformance Share Units
Quota share (also known as 'first dollar' quota share)A reinsurance arrangement in which the reinsurer receives a certain percentage of each risk reinsured.
RBCRisk based capital, which are guidelines promulgated by the NAIC and identify minimum capital requirements based upon business levels and asset mix.
RecaptureThe right of the ceding company to cancel reinsurance under certain conditions.
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Regulation XXX/Regulation A-XXXU.S. Valuation of Life Policies Model Regulation implemented beginning in 2002 for various types of life insurance business, significantly increased the level of reserves that U.S. life insurance and life reinsurance companies must hold on their statutory financial statements for various types of life insurance business, primarily certain level premium term life products.
ReinsuranceThe transfer of insurance risk from an insurer, referred to as the ceding company, to a reinsurer, in conjunction with the payment of a reinsurance premium. Through reinsurance, a reinsurer 'insures' an insurer.
ReservesThe amount required to be carried as a liability in the financial statement of an insurer or reinsurer to provide for future commitments under outstanding policies and contracts.
RetakafulA form of reinsurance that is acceptable within Islamic law. See Takaful.
Retention limitThe maximum amount of risk a company will insure on one life.
RetrocessionA transfer of reinsurance risk from a reinsurer to another reinsurer, referred to as the retrocessionaire, in conjunction with the payment of a retrocession premium. Through retrocession, a retrocessionaire reinsures a reinsurer.
RetrocessionaireA reinsurer that reinsures another reinsurer; see Retrocession.
RMBSResidential mortgage-backed securities, a part of our investment portfolio that consists of securities made up of residential mortgages. Stated on our balance sheet at fair value.
RMSCThe Company's Risk Management Steering Committee
RSUsRestricted Stock Units
S&PStandard & Poor's
SARsStock Appreciation Rights
SECSecurities and Exchange Commission
SecuritizationThe structuring of financial assets as collateral against which securities can be issued to investors.
Simplified issue life insuranceInsurance products with limited face amounts that require no or minimal underwriting.
SOFRSecured Overnight Financing Rate
SPLRCSpecial Purpose Life Reinsurance Captives
Statutory capitalThe excess of statutory assets over statutory reserves, both of which are calculated in accordance with standards established by insurance regulators.
“Stock Plans”The RGA flexible stock plan and the Flexible Stock Plan for Directors, collectively
TakafulA form of insurance that is acceptable within Islamic law, and that is devised upon the principles of mutual advantage and group security.
TDRTroubled Debt Restructuring
Tele-underwritingA telephone interview process, during which an applicant's qualifications to be insured are assessed.
The “County”The County of St. Louis, Missouri
The “Plan”RGA Flexible Stock Plan
The BoardRGA's board of directors
The Companies ActThe Bermuda's Companies Act of 1981
The CompanyReinsurance Group of America, Incorporated and its subsidiaries, all of which are wholly owned, collectively
Treaty (also known as a contract)A reinsurance agreement between a reinsurer and a ceding company. The three most common types of reinsurance treaties are YRT (yearly renewable term), coinsurance and modified coinsurance. The three most common methods of accepting reinsurance are automatic, facultative and facultative-obligatory.
TVaRTail Value-at-Risk used for calculated capital requirement for Bermuda subsidiaries.
U.S. Tax ReformThe U.S. Tax Cuts and Jobs Act of 2017
UAEUnited Arab Emirates
UKUnited Kingdom
ULUniversal life insurance
UnderwritingThe process that assesses the risk inherent in an application for insurance prior to acceptance of the policy.
ValuationThe periodic calculation of reserves, the funds that insurance companies are required to hold in order satisfy all future insurance obligations.
Variable life insuranceA form of whole life insurance under which the death benefit and the cash value of the policy fluctuate according to the performance of an investment fund. Most variable life insurance policies guarantee that the death benefit will not fall below a specified minimum.
VIIVariable investment income
VOCRAValue of customer relationships acquired which represents the present value of the expected future profits associated with the expected future business acquired through existing customers of the acquired company or business.
VODAValue of distribution agreements which represents the present value of future profits associated with the expected future business derived from distribution agreements.
WebcastsPresentation of information broadcast over the Internet.
WorkWiseThe Company's hybrid approach to flexible work arrangements.
Yearly Renewable Term (YRT)A type of reinsurance which covers only mortality risk, with each year's premium based on the current amount of risk.
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SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
Reinsurance Group of America, Incorporated
 
 
Date: May 3, 2024 By: /s/ Tony Cheng
 Tony Cheng
 President and Chief Executive Officer
 
(Principal Executive Officer)
 
 
 
 
Date: May 3, 2024 By:/s/ Todd C. Larson
 Todd C. Larson
 Senior Executive Vice President and Chief Financial Officer
 (Principal Financial and Accounting Officer)

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