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Reinsurance Group of America
RGA
#1270
Rank
$17.89 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$275.15
Share price
0.52%
Change (1 day)
45.81%
Change (1 year)
๐Ÿฆ Insurance
Categories
  1. Reinsurance Group of America
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q3

Reinsurance Group of America - 10-Q quarterly report FY2026 Q3


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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 September 30, 2026
 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 x  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
7.125% Fixed Rate Subordinated Debentures due 2052RZCNew York Stock Exchange
As of October 26, 2026, 65,049,910 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 September 30, 2026 and December 31, 2025 and for the Three and Nine Months Ended September 30, 2026 and 2025
    
3
    
4
    
5
6
    
7
  Notes to Condensed Consolidated Financial Statements (Unaudited)  
Note 1 Business and Basis of Presentation
8
Note 2 Earnings Per Share
8
Note 3 Equity
9
Note 4 Future Policy Benefits
10
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 and Other
22
Note 9 Reinsurance
23
Note 10 Investments
24
Note 11 Derivative Instruments
33
Note 12 Fair Value of Assets and Liabilities
39
Note 13 Income Tax
48
Note 14 Commitments, Contingencies and Guarantees
48
Note 15 Segment Information
49
Note 16 Financing Activities
55
Note 17 New Accounting Standards
55
2    
56
3    
83
4    
83
  PART II – OTHER INFORMATION  
1    
84
1A    
84
2    
84
5
84
6    
84
    
85
86
    
90
2

PART I – FINANCIAL INFORMATION


REINSURANCE GROUP OF AMERICA, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
(Unaudited)
September 30,
2026		December 31,
2025
Assets
Fixed maturity securities available-for-sale, at fair value (amortized cost of $121,126 and $107,264; allowance for credit losses of $216 and $210)
$107,757 $101,769 
Equity securities, at fair value239 311 
Mortgage loans (net of allowance for credit losses of $142 and $117)
12,162 11,104 
Policy loans3,372 3,541 
Funds withheld at interest7,870 8,149 
Limited partnerships and real estate joint ventures4,427 3,747 
Short-term investments393 346 
Other invested assets1,547 1,514 
Total investments137,767 130,481 
Cash and cash equivalents4,648 4,168 
Accrued investment income1,494 1,296 
Premiums receivable and other reinsurance balances4,920 4,475 
Reinsurance ceded receivables and other10,165 7,175 
Deferred policy acquisition costs and other6,420 6,079 
Other assets4,106 2,916 
Total assets$169,520 $156,590 
Liabilities and equity
Future policy benefits$71,288 $66,425 
Interest-sensitive contract liabilities58,993 52,095 
Market risk benefits, at fair value204 234 
Other policy claims and benefits3,067 3,011 
Other reinsurance balances1,532 1,888 
Income taxes2,811 2,998 
Funds withheld payable10,168 6,805 
Other liabilities4,421 3,873 
Long-term debt5,310 5,710 
Total liabilities157,794 143,039 
Commitments and contingent liabilities (See Note 14)
 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 September 30, 2026 and December 31, 2025)
1 1 
Additional paid-in-capital2,693 2,640 
Retained earnings11,161 10,151 
Treasury stock, at cost (20,267,585 and 19,846,934 shares at September 30, 2026 and December 31, 2025)
(2,179)(2,013)
Accumulated other comprehensive (loss) income (40)2,682 
Total RGA, Inc. shareholders’ equity11,636 13,461 
Noncontrolling interest90 90 
Total equity11,726 13,551 
Total liabilities and equity$169,520 $156,590 
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 September 30,Nine months ended September 30,
2026202520262025
Revenues
Net premiums$5,352 $4,280 $14,419 $12,450 
Net investment income1,934 1,475 5,499 4,115 
Investment related gains (losses), net(85)13 (331)(110)
Other revenues349 436 1,094 608 
Total revenues7,550 6,204 20,681 17,063 
Benefits and expenses
Claims and other policy benefits5,420 4,356 14,519 12,223 
Future policy benefits remeasurement (gains) losses(40)85 (41)97 
Market risk benefits remeasurement (gains) losses(26)(1)(30)11 
Interest credited533 547 1,630 1,160 
Policy acquisition costs and other insurance expenses586 471 1,606 1,321 
Other operating expenses357 328 1,031 953 
Interest expense96 98 296 268 
Total benefits and expenses6,926 5,884 19,011 16,033 
 Income before income taxes
624 320 1,670 1,030 
Provision for income taxes167 65 418 306 
Net income457 255 1,252 724 
Net income attributable to noncontrolling interest1 2 4 5 
Net income available to RGA, Inc. shareholders$456 $253 $1,248 $719 
Earnings per share
Basic earnings per share$6.98 $3.85 $19.09 $10.89 
Diluted earnings per share$6.92 $3.81 $18.91 $10.78 
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 September 30,Nine months ended September 30,
2026202520262025
Comprehensive income (loss)
Net income$457 $255 $1,252 $724 
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustments— (47)(2)102 
Net unrealized investment gains (losses)(4,904)698 (6,194)327 
Effect of updating discount rates on future policy benefits2,511 149 3,467 1,270 
Change in instrument-specific credit risk for market risk benefits3 (2)1 (1)
Defined benefit pension and postretirement plan adjustments2 2 6 5 
Total other comprehensive income (loss), net of income taxes(2,388)800 (2,722)1,703 
Total comprehensive income(1,931)1,055 (1,470)2,427 
Comprehensive income attributable to noncontrolling interest1 2 4 5 
Total comprehensive income attributable to RGA, Inc.$(1,932)$1,053 $(1,474)$2,422 
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)
Three months ended September 30, 2026 and 2025
Common
Stock		Additional Paid In CapitalRetained
Earnings		Treasury
Stock		Accumulated Other Comprehensive Income (Loss)Total RGA, Inc. Shareholders’ EquityNoncontrolling InterestTotal Equity
Balance, June 30, 2026$1 $2,678 $10,774 $(2,107)$2,348 $13,694 $90 $13,784 
Change in equity of noncontrolling interest(1)(1)
Net income456 456 1 457 
Other comprehensive income (loss), net of income taxes(2,388)(2,388)(2,388)
Dividends to shareholders, $0.98 per share
(64)(64)(64)
Share repurchase program(75)(75)(75)
Equity based plans, net of shares withheld for taxes15 (5)3 13 13 
Balance, September 30, 2026$1 $2,693 $11,161 $(2,179)$(40)$11,636 $90 $11,726 
Balance, June 30, 2025$1 $2,624 $9,563 $(1,887)$1,752 $12,053 $90 $12,143 
Change in equity of noncontrolling interest(2)(2)
Net income253 253 2 255 
Other comprehensive income (loss), net of income taxes800 800 800 
Dividends to shareholders, $0.93 per share
(61)(61)(61)
Share repurchase program(75)(75)(75)
Equity based plans, net of shares withheld for taxes4 2 2 8 8 
Balance, September 30, 2025$1 $2,628 $9,757 $(1,960)$2,552 $12,978 $90 $13,068 
Nine months ended September 30, 2026 and 2025
Common
Stock		Additional Paid In CapitalRetained
Earnings		Treasury
Stock		Accumulated Other Comprehensive Income (Loss)Total RGA, Inc. Shareholders’ EquityNoncontrolling InterestTotal Equity
Balance, December 31, 2025$1 $2,640 $10,151 $(2,013)$2,682 $13,461 $90 $13,551 
Change in equity of noncontrolling interest(4)(4)
Net income1,248 1,248 4 1,252 
Other comprehensive income (loss), net of income taxes(2,722)(2,722)(2,722)
Dividends to shareholders, $2.84 per share
(186)(186)(186)
Share repurchase program(175)(175)(175)
Equity based plans, net of shares withheld for taxes53 (52)9 10 10 
Balance, September 30, 2026$1 $2,693 $11,161 $(2,179)$(40)$11,636 $90 $11,726 
Balance, December 31, 2024$1 $2,600 $9,255 $(1,889)$849 $10,816 $90 $10,906 
Change in equity of noncontrolling interest(5)(5)
Net income719 719 5 724 
Other comprehensive income (loss), net of income taxes1,703 1,703 1,703 
Dividends to shareholders, $2.71 per share
(179)(179)(179)
Share repurchase program(75)(75)(75)
Equity based plans, net of shares withheld for taxes28 (38)4 (6)(6)
Balance, September 30, 2025$1 $2,628 $9,757 $(1,960)$2,552 $12,978 $90 $13,068 

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)

Nine months ended September 30,
20262025
Net cash provided by operating activities$4,712 $3,239 
Cash flows from investing activities
Sales of fixed maturity securities available-for-sale22,564 20,807 
Purchases of fixed maturity securities available-for-sale(32,179)(27,838)
Maturities of fixed maturity securities available-for-sale867 929 
Sales of equity securities75 59 
Purchases of equity securities(4)(1)
Principal payments on mortgage loans1,046 611 
Cash invested in mortgage loans(2,156)(2,246)
Net deposits in funds withheld at interest467 305 
Sales of limited partnerships and real estate joint ventures572 336 
Purchases of limited partnerships and real estate joint ventures(984)(841)
Sales of short-term investments423 859 
Purchases of short-term investments(770)(1,204)
Maturities of short-term investments344 503 
Change in other invested assets(140)(219)
Purchase of note receivable— (1,012)
Principal payment on note receivable— 3 
Other, net109 125 
Net cash used in investing activities(9,766)(8,824)
Cash flows from financing activities
Dividends to shareholders(186)(179)
Proceeds from long-term debt issuance, net395 691 
Principal payments of long-term debt(803)(3)
Purchases of treasury stock(228)(113)
Treasury stock reissued10 4 
Change in cash collateral for derivatives and repurchase/reverse repurchase agreements(270)1,222 
Change in deposit asset on reinsurance(114)144 
Deposits on investment-type policies and contracts11,336 8,367 
Withdrawals on investment-type policies and contracts(4,596)(3,320)
Net cash provided by financing activities5,544 6,813 
Effect of exchange rate changes on cash(10)71 
Change in cash and cash equivalents480 1,299 
Cash and cash equivalents, beginning of period4,168 3,326 
Cash and cash equivalents, end of period$4,648 $4,625 
Supplemental disclosures of cash flow information
Interest paid$231 $200 
Income taxes paid, net of refunds$105 $184 
Non-cash investing activities
Transfer of invested assets$5,595 $15,981 
Right-of-use assets acquired through operating leases$1 $10 
Non-cash financing activities
Non-cash deposit on reinsurance$4,043 $424 
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” and, collectively with its subsidiaries, the “Company”) is an insurance holding company that was formed on December 31, 1992. 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, pension risk transfer 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 2025 Annual Report on Form 10-K filed with the SEC on February 20, 2026 (the “2025 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, 2026.
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 for 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 September 30,Nine months ended September 30,
2026202520262025
Earnings:
Net income (numerator for basic and diluted calculations)$457 $255 $1,252 $724 
Less: Net income attributable to noncontrolling interest1 2 4 5 
Net income available to RGA, Inc. shareholders$456 $253 $1,248 $719 
Shares:
Weighted average outstanding shares (denominator for basic calculation)65 66 65 66 
Equivalent shares from outstanding stock awards1 1 1 1 
Diluted shares (denominator for diluted calculation)66 67 66 67 
Earnings per share:
Basic$6.98 $3.85 $19.09 $10.89 
Diluted$6.92 $3.81 $18.91 $10.78 
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 share awards as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period.
8

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 presented:
IssuedHeld In TreasuryOutstanding
Balance, December 31, 2025
85,310,598 19,846,934 65,463,664 
Common stock acquired— 765,739 (765,739)
Equity based plans— (345,088)345,088 
Balance, September 30, 2026
85,310,598 20,267,585 65,043,013 
IssuedHeld In TreasuryOutstanding
Balance, December 31, 2024
85,310,598 19,438,336 65,872,262 
Common stock acquired— 406,337 (406,337)
Equity based plans— (243,514)243,514 
Balance, September 30, 2025
85,310,598 19,601,159 65,709,439 
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 that the Company has previously recorded gains on treasury share transactions, then to retained earnings.
On January 29, 2026, the 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. During the nine months ended September 30, 2026, the Company repurchased 765,739 shares of common stock under this program. As of September 30, 2026, the aggregate amount remaining under the Company’s share repurchase authorization was approximately $325 million.
Repurchases will be made in accordance with applicable securities laws, through market transactions, block trades, privately negotiated transactions or other means, or a combination of these methods, with the timing and number of shares repurchased dependent on a variety of factors, including share price, corporate and regulatory requirements, and market and business conditions. Repurchases may be commenced or suspended from time to time without prior notice.
Noncontrolling Interest
In 2022, Papara Financing LLC (“Papara”), a subsidiary of RGA Reinsurance, issued nonconvertible preferred interests to an unaffiliated third party. The membership interests in Papara consist of common interests, which are held by RGA Reinsurance, and preferred interests. The preferred interests total $90 million. The preferred interests are included in noncontrolling interest, and net income attributable to noncontrolling interest was $4 million for the nine months ended September 30, 2026.
Accumulated Other Comprehensive Income (Loss)
The following tables present the balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the nine months ended September 30, 2026 and 2025 (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, 2025
$121 $(4,807)$(6)$7,372 $2 $2,682 
Other comprehensive income (loss) before reclassifications(3)(8,258)— 4,423 1 (3,837)
Amounts reclassified to (from) AOCI— 386 8 — — 394 
Deferred income tax benefit (expense)1 1,678 (2)(956)— 721 
Balance, September 30, 2026
$119 $(11,001)$— $10,839 $3 $(40)
9

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, 2024
$(19)$(4,526)$(20)$5,412 $2 $849 
Other comprehensive income (loss) before reclassifications85 219 6 1,645 (1)1,954 
Amounts reclassified to (from) AOCI— 175 — — — 175 
Deferred income tax benefit (expense)17 (67)(1)(375)— (426)
Balance, September 30, 2025
$83 $(4,199)$(15)$6,682 $1 $2,552 
(1)Includes cash flow hedges of $(1,105) million and $(748) million as of September 30, 2026 and December 31, 2025, respectively, and $(572) million and $(495) million as of September 30, 2025 and December 31, 2024, respectively. See Note 11 – “Derivative Instruments” for additional information on cash flow hedges.
The following table presents the amounts of AOCI reclassifications for the three and nine months ended September 30, 2026 and 2025 (dollars in millions):
Amount Reclassified from AOCI
Three months ended September 30,Nine months ended September 30,Affected Line Item in 
Statements of Income
Details about AOCI Components2026202520262025
Net unrealized investment gains (losses):
Net unrealized gains (losses) on available-for-sale securities$(116)$8 $(340)$(127)Investment related gains (losses), net
Cash flow hedges – Interest rate1 1 4 3 (1)
Cash flow hedges – Foreign currency(16)(17)(50)(51)(1)
Total(131)(8)(386)(175)
Provision for income taxes51 (9)114 25 
Net unrealized gains (losses), net of tax$(80)$(17)$(272)$(150)
Amortization of defined benefit plan items:
Prior service cost (credit)
$— $— $1 $1 (2)
Actuarial gains (losses)(3)(1)(9)(1)(2)
Total(3)(1)(8)— 
Provision for income taxes1 — 2 — 
Amortization of defined benefit plans, net of tax$(2)$(1)$(6)$— 
Total reclassifications for the period$(82)$(18)$(278)$(150)
(1)See Note 11 – “Derivative Instruments” for additional information on cash flow hedges.
(2)These AOCI components are included in the computation of net periodic benefit costs.
Long-Term Incentive Compensation
Equity compensation expense was $59 million and $29 million for the nine months ended September 30, 2026 and 2025, respectively. In the first quarter of 2026, the Company granted 132,831 stock appreciation rights at $200.50 weighted average exercise price per share, 137,999 performance shares and 93,299 restricted stock units to employees. As of September 30, 2026, 986,012 share awards at a weighted average strike price per share of $131.04 were vested and exercisable with a remaining weighted average exercise period of 4.24 years. As of September 30, 2026, the total compensation cost of non-vested awards not yet recognized in the financial statements was $58 million. It is estimated that these costs will vest over a weighted average period of 1.0 years.
NOTE 4 FUTURE POLICY BENEFITS
It is the Company’s policy to complete its annual assumptions review during the third quarter of each year. However, each period, the Company reviews actual and anticipated experience compared to the assumptions used to compute the liability for future policy benefits and will update those assumptions in the period that indicates an assumption update is necessary.

10

Traditional Business
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). During the third quarter of 2026, the Company completed its annual assumptions review, which resulted in no change in the Company’s total liability for future policy benefits for its Traditional business. The 2025 annual assumptions review resulted in an $183 million increase in the Company’s liability for future policy benefits for its Traditional business, primarily as a result of updating the mortality and lapse assumptions used to measure the liability for future policy benefits.
The following tables present 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 nine months ended September 30, 2026 and 2025 (dollars in millions). During the first quarter, the Company reclassified amounts previously presented in the “Derecognition” line related to recaptures and treaty amendments that resulted in the termination of an existing treaty and the reissuance under a new treaty to the “Effects of actual variances from expected experience” line in the rollforwards below. Prior periods have been recast to conform with the current presentation. This change in presentation did not affect the consolidated balance sheet, income statement or cash flows previously reported.
For the nine months ended September 30, 2026:
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$79,828 $23,247 $18,353 $50,206 
Effect of changes in cash flow assumptions(194)(405)(50)521 
Effect of actual variances from expected experience(2,262)44 561 (314)
Adjusted balance, beginning of year77,372 22,886 18,864 50,413 
Issuances (1)
3,596 430 2,000 4,515 
Interest accrual (2)
2,684 596 523 1,116 
Net premiums collected (3)
(4,048)(765)(1,553)(1,896)
Foreign currency translation— (818)(304)385 
Ending balance at original discount rate79,604 22,329 19,530 54,533 
Effect of changes in discount rate assumptions(13,967)(5,653)(3,868)(14,482)
Balance, end of period$65,637 $16,676 $15,662 $40,051 
Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate$94,710 $26,896 $20,363 $55,572 
Effect of changes in cash flow assumptions(190)(425)(19)506 
Effect of actual variances from expected experience(2,259)35 528 (325)
Adjusted balance, beginning of year92,261 26,506 20,872 55,753 
Issuances (1)
3,596 430 2,000 4,504 
Interest accrual (2)
3,230 763 566 1,261 
Benefit payments (4)
(4,028)(808)(1,457)(1,588)
Foreign currency translation— (950)(346)367 
Ending balance at original discount rate95,059 25,941 21,635 60,297 
Effect of changes in discount rate assumptions(17,659)(5,482)(4,560)(17,283)
Balance, end of period$77,400 $20,459 $17,075 $43,014 
Liability for future policy benefits$11,763 $3,783 $1,413 $2,963 
Less: reinsurance recoverable(775)(230)(13)(57)
Net liability for future policy benefits$10,988 $3,553 $1,400 $2,906 
Weighted average duration of the liability (in years)1113815
Weighted average interest accretion rate4.6 %3.7 %3.7 %2.9 %
Weighted average current discount rate6.4 %5.5 %6.5 %5.1 %
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new insurance contracts that became effective during the current period and new policies assumed on existing contracts during the period.
(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.
11

(3)Net premiums collected: The portion of gross premiums collected from the ceding company that is used to fund expected benefit payments.
(4)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 nine months ended September 30, 2025:
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$77,881 $20,928 $15,911 $44,801 
Effect of changes in cash flow assumptions(352)570 38 150 
Effect of actual variances from expected experience(1,279)70 546 (668)
Adjusted balance, beginning of year76,250 21,568 16,495 44,283 
Issuances (1)
7,821 404 1,106 3,752 
Interest accrual (2)
2,688 559 444 952 
Net premiums collected (3)
(5,814)(723)(1,413)(1,854)
Foreign currency translation4 694 1,295 1,582 
Ending balance at original discount rate80,949 22,502 17,927 48,715 
Effect of changes in discount rate assumptions(7,000)(4,501)(3,013)(12,252)
Balance, end of period$73,949 $18,001 $14,914 $36,463 
Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate$90,711 $24,309 $17,365 $49,712 
Effect of changes in cash flow assumptions(381)561 261 148 
Effect of actual variances from expected experience(1,218)73 536 (733)
Adjusted balance, beginning of year89,112 24,943 18,162 49,127 
Issuances (1)
8,521 404 1,106 3,752 
Interest accrual (2)
3,227 719 479 1,086 
Benefit payments (4)
(4,502)(808)(1,300)(1,553)
Foreign currency translation6 808 1,427 1,649 
Ending balance at original discount rate96,364 26,066 19,874 54,061 
Effect of changes in discount rate assumptions(8,917)(3,934)(3,590)(14,609)
Balance, end of period$87,447 $22,132 $16,284 $39,452 
Liability for future policy benefits$13,498 $4,131 $1,370 $2,989 
Less: reinsurance recoverable(834)(254)(15)(78)
Net liability for future policy benefits$12,664 $3,877 $1,355 $2,911 
Weighted average duration of the liability (in years)1114815
Weighted average interest accretion rate4.6 %3.7 %3.5 %2.8 %
Weighted average current discount rate5.4 %4.9 %5.7 %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 insurance contracts that became effective during the current period and new policies assumed on existing contracts during the period.
(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)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.

12

The following tables summarize the Company’s Traditional business actual-to-expected variances, including the effects of treaty recaptures, and the effects of changes in cash flow and discount rate assumptions for the nine months ended September 30, 2026 and 2025:
For the nine months ended September 30, 2026:
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
$15.5 billion$4 million$3 million$(1.5) billion
Canada – Traditional
$3.6 billion$(20) million$(9) million$(323) million
Europe, Middle East and Africa – Traditional
$2.1 billion$31 million$(33) million$(127) million
Asia Pacific – Traditional
$5.8 billion$(15) million$(11) million$(314) million
For the nine months ended September 30, 2025:
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
$15.4 billion$(29) million$61 million$375 million
Canada – Traditional
$3.6 billion$(9) million$3 million$(152) million
Europe, Middle East and Africa – Traditional
$1.9 billion$223 million$(10) million$(243) million
Asia Pacific – Traditional
$5.3 billion$(2) million$(65) million$(49) million
Financial Solutions Business
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). During the third quarter of 2026 and 2025, the Company completed its annual assumptions review, which resulted in a $17 million increase and $24 million decrease in the Company’s liability for future policy benefits for its Financial Solutions business, respectively, as a result of updating the lapse and mortality assumptions used to measure the liability for future policy benefits.
The following tables present 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), financial reinsurance and pension risk transfer transactions, for the nine months ended September 30, 2026 and 2025 (dollars in millions). During the first quarter, the Company reclassified amounts previously presented in the “Derecognition” line related to recaptures and treaty amendments that resulted in the termination of an existing treaty and the reissuance under a new treaty to the “Effects of actual variances from expected experience” line in the rollforwards below. Prior periods have been recast to conform with the current presentation. This change in presentation did not affect the consolidated balance sheet, income statement or cash flows previously reported.
13

For the nine months ended September 30, 2026:
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$2,627 $3,518 $87,259 $2,106 
Effect of changes in cash flow assumptions11 (13)— 29 
Effect of actual variances from expected experience(20)(25)280 50 
Adjusted balance, beginning of year2,618 3,480 87,539 2,185 
Issuances (1)
1,350 — 9,685 6,997 
Interest accrual (2)
78 92 2,652 13 
Net premiums collected (3)
(1,543)(265)(6,318)(7,574)
Foreign currency translation— (119)(1,653)(40)
Ending balance at original discount rate2,503 3,188 91,905 1,581 
Effect of changes in discount rate assumptions(357)(313)(15,745)(921)
Balance, end of period$2,146 $2,875 $76,160 $660 
Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate$13,388 $8,160 $98,153 $16,870 
Effect of changes in cash flow assumptions24 (13)— 33 
Effect of actual variances from expected experience(12)(25)261 88 
Adjusted balance, beginning of year13,400 8,122 98,414 16,991 
Issuances (1)
1,371 — 9,685 6,997 
Interest accrual (2)
479 261 2,964 448 
Benefit payments (4)
(1,003)(368)(6,017)(790)
Foreign currency translation— (286)(1,932)48 
Ending balance at original discount rate14,247 7,729 103,114 23,694 
Effect of changes in discount rate assumptions(1,366)(655)(17,214)(5,434)
Balance, end of period$12,881 $7,074 $85,900 $18,260 
Cumulative amount of fair value hedging adjustments$(43)$— $— $— 
Liability for future policy benefits$10,692 $4,199 $9,740 $17,600 
Less: reinsurance recoverable(4,706)— — — 
Net liability for future policy benefits$5,986 $4,199 $9,740 $17,600 
Weighted average duration of the liability (in years)811912
Weighted average interest accretion rate4.4 %4.1 %4.0 %2.0 %
Weighted average current discount rate6.5 %5.4 %6.3 %5.3 %
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new insurance contracts that became effective during the current period and new policies assumed on existing contracts during the period.
(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)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 nine months ended September 30, 2025:
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$1,346 $3,614 $71,360 $2,758 
Effect of changes in cash flow assumptions— — (409)— 
Effect of actual variances from expected experience(10)6 (289)(121)
Adjusted balance, beginning of year1,336 3,620 70,662 2,637 
Issuances (1)
2,118 — 15,195 2,657 
Interest accrual (2)
30 99 2,078 31 
Net premiums collected (3)
(2,219)(278)(7,283)(3,227)
Foreign currency translation— 119 6,038 181 
Ending balance at original discount rate1,265 3,560 86,690 2,279 
Effect of changes in discount rate assumptions(194)(182)(10,484)(621)
Balance, end of period$1,071 $3,378 $76,206 $1,658 
Present Value of Expected Future Policy Benefits
Beginning of year balance at original discount rate$9,489 $7,934 $78,290 $14,626 
Effect of changes in cash flow assumptions— — (433)— 
Effect of actual variances from expected experience(13)6 (308)(127)
Adjusted balance, beginning of year9,476 7,940 77,549 14,499 
Issuances (1)
2,146 — 15,194 2,666 
Interest accrual (2)
396 263 2,298 251 
Benefit payments (4)
(784)(347)(4,834)(499)
Foreign currency translation— 265 6,539 880 
Ending balance at original discount rate11,234 8,121 96,746 17,797 
Effect of changes in discount rate assumptions(332)(125)(11,507)(3,729)
Balance, end of period$10,902 $7,996 $85,239 $14,068 
Cumulative amount of fair value hedging adjustments$8 $— $— $— 
Liability for future policy benefits$9,839 $4,618 $9,033 $12,410 
Less: reinsurance recoverable(1,749)— — — 
Net liability for future policy benefits$8,090 $4,618 $9,033 $12,410 
Weighted average duration of the liability (in years)912914
Weighted average interest accretion rate4.1 %4.1 %3.5 %1.9 %
Weighted average current discount rate5.3 %4.8 %5.4 %4.0 %
(1)Issuances: The present value, using the original discount rate, of the expected net premiums or the expected future policy benefits related to new insurance contracts that became effective during the current period and new policies assumed on existing contracts during the period.
(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)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.

15

The following tables summarize the Company’s Financial Solutions business actual-to-expected variances, including the effects of model updates and treaty recaptures, and the effects of changes in cash flow and discount rate assumptions for the nine months ended September 30, 2026 and 2025:
For the nine months ended September 30, 2026:
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
$11.7 billion$13 million$8 million$(811) million
Canada – Financial Solutions
$4.5 billionNoneNone$(314) million
Europe, Middle East and Africa – Financial Solutions
$11.2 billionNone$(19) million$(578) million
Asia Pacific – Financial Solutions
$22.1 billion$4 million$38 million$(975) million
For the nine months ended September 30, 2025:
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
$10.0 billionNone$(3) million$260 million
Canada – Financial Solutions
$4.6 billionNoneNone$(135) million
Europe, Middle East and Africa – Financial Solutions
$10.1 billion$(24) million$(19) million$(128) million
Asia Pacific – Financial Solutions
$15.5 billionNone$(6) million$(1.5) billion
Reconciliation and Other Disclosures
The following table presents the reconciliation of the rollforward of the liability for future policy benefits to the condensed consolidated balance sheets as of September 30, 2026 and 2025 (dollars in millions):
September 30,
20262025
Liability for future policy benefits included in the rollforwards:
Traditional:
U.S. and Latin America$11,763$13,498
Canada3,7834,131
Europe, Middle East and Africa1,4131,370
Asia Pacific2,9632,989
Financial Solutions:
U.S. and Latin America10,692 9,839 
Canada4,199 4,618 
Europe, Middle East and Africa9,740 9,033 
Asia Pacific17,600 12,410 
Other long-duration contracts138 116 
Claims liability and incurred but not reported claims6,309 5,786 
Additional liability371 235 
Unearned revenue liability764 814 
Cost of reinsurance liability1,553 1,550 
Total liability for future policy benefits$71,288 $66,389 

16

The following table presents 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 September 30, 2026 and 2025 (dollars in millions):
September 30,
20262025
UndiscountedDiscountedUndiscountedDiscounted
Expected future gross premiums
Traditional:
U.S. and Latin America$193,711 $79,596 $194,959 $88,432 
Canada56,723 20,803 56,351 22,317 
Europe, Middle East and Africa33,936 17,634 30,092 16,513 
Asia Pacific137,965 50,607 113,661 46,387 
Financial Solutions:
U.S. and Latin America5,101 3,009 2,554 1,641 
Canada4,969 3,184 5,676 3,733 
Europe, Middle East and Africa176,568 81,563 157,690 77,444 
Asia Pacific7,530 4,723 5,235 3,471 
Expected future benefit payments
Traditional:
U.S. and Latin America$199,720 $77,400 $203,397 $87,447 
Canada57,085 20,459 57,445 22,132 
Europe, Middle East and Africa34,293 17,075 30,886 16,284 
Asia Pacific131,768 43,014 109,528 39,452 
Financial Solutions:
U.S. and Latin America27,137 12,881 22,213 10,902 
Canada16,577 7,074 17,625 7,996 
Europe, Middle East and Africa183,642 85,900 170,551 85,239 
Asia Pacific44,136 18,260 30,139 14,068 
The following table presents 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 nine months ended September 30, 2026 and 2025 (dollars in millions):
Gross PremiumsInterest Expense
September 30,
September 30,
2026202520262025
Traditional:
U.S. and Latin America$4,776 $4,791 $546 $539 
Canada869 831 167 160 
Europe, Middle East and Africa1,385 1,341 43 35 
Asia Pacific2,420 2,335 145 134 
Financial Solutions:
U.S. and Latin America1,162 177 401 366 
Canada135 143 169 164 
Europe, Middle East and Africa1,064 897 312 220 
Asia Pacific531 325 435 220 
Total$12,342 $10,840 $2,218 $1,838 
During the nine months ended September 30, 2026, no material charges were incurred resulting from net premiums exceeding gross premiums. During the nine months ended September 30, 2025, the Company incurred a material charge of $117 million due to net premiums exceeding gross premiums for one cohort in the U.K. (EMEA Traditional segment) as a result of updating the mortality assumptions in that period.
17

NOTE 5 POLICYHOLDER ACCOUNT BALANCES
Policyholder Account Balances
The following tables present the balances of and changes in the Company’s liability for its policyholder account balances, reflected in interest-sensitive contract liabilities, for the nine months ended September 30, 2026 and 2025 (dollars in millions):
For the nine months ended September 30, 2026:
U.S. and Latin America – TraditionalU.S. and Latin America – Financial SolutionsAsia Pacific – Financial Solutions
Balance, beginning of year$3,318 $26,186 $7,804 
Deposits633 2,513 4,574 
Policy charges(246)(598)(25)
Surrenders and withdrawals(80)(1,308)(519)
Benefit payments(152)(526)(584)
Interest credited131 821 315 
Foreign currency translation— — 30 
Balance, end of period$3,604 $27,088 $11,595 
Less: reinsurance recoverable— (4,443)— 
Balance, end of period, after reinsurance$3,604 $22,645 $11,595 
Weighted average crediting rate3.2 %3.7 %4.6 %
Net amount at risk (1)
$26,965 $127,923 $— 
Cash surrender value$3,597 $26,729 $10,608 
For the nine months ended September 30, 2025:
U.S. and Latin America – TraditionalU.S. and Latin America – Financial SolutionsAsia Pacific – Financial Solutions
Balance, beginning of year$3,273 $16,432 $4,285 
Deposits330 10,974 2,224 
Policy charges(254)(251)(9)
Surrenders and withdrawals(76)(1,249)(144)
Benefit payments(92)(425)(233)
Interest credited119 537 154 
Foreign currency translation— — 39 
Balance, end of period$3,300 $26,018 $6,316 
Less: reinsurance recoverable— (2,653)— 
Balance, end of period, after reinsurance$3,300 $23,365 $6,316 
Weighted average crediting rate3.1 %3.5 %4.2 %
Net amount at risk (1)
$25,190 $134,062 $— 
Cash surrender value$3,295 $25,779 $5,948 
(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.
The following table presents information regarding the Company’s policyholder account balances as of September 30, 2026 and 2025 (dollars in millions):
September 30,
20262025
Policyholder account balances included in the rollforwards:
Traditional:
U.S. and Latin America$3,604 $3,300 
Financial Solutions:
U.S. and Latin America27,088 26,018 
Asia Pacific11,595 6,316 
Other policyholder account balances:
U.S. and Latin America – Financial Solutions— 47 
Total policyholder account balances$42,287 $35,681 
18

The following tables present the balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates credited to policyholders and the respective guaranteed minimums as of September 30, 2026 and 2025 (dollars in millions):
September 30, 2026
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%$826 $— $— $— $— $826 
1.00 – 1.99%62 2 8 — — 72 
2.00 – 2.99%124 58 20 1 — 203 
3.00 – 3.99%606 6 110 — — 722 
4.00% and Greater821 4 44 912 — 1,781 
Total$2,439 $70 $182 $913 $— $3,604 
U.S. and Latin America – Financial SolutionsLess than 1.00%$146 $— $— $— $767 $913 
1.00 – 1.99%878 10 244 217 161 1,510 
2.00 – 2.99%2,601 568 550 708 401 4,828 
3.00 – 3.99%3,817 564 122 5 2 4,510 
4.00% and Greater15,303 24 — — — 15,327 
Total$22,745 $1,166 $916 $930 $1,331 $27,088 
Asia Pacific – Financial SolutionsLess than 1.00%$133 $— $— $— $— $133 
1.00 – 1.99%452 — — — — 452 
2.00 – 2.99%597 — — — — 597 
3.00 – 3.99%1,058 — — — — 1,058 
4.00% and Greater9,355 — — — — 9,355 
Total$11,595 $— $— $— $— $11,595 
September 30, 2025
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%$749 $— $— $— $— $749 
1.00 – 1.99%58 2 8 — — 68 
2.00 – 2.99%112 — — 1 — 113 
3.00 – 3.99%498 7 115 — — 620 
4.00% and Greater705 47 951 47 — 1,750 
Total$2,122 $56 $1,074 $48 $— $3,300 
U.S. and Latin America – Financial SolutionsLess than 1.00%$79 $— $— $— $954 $1,033 
1.00 – 1.99%1,062 30 154 67 90 1,403 
2.00 – 2.99%3,129 471 297 738 520 5,155 
3.00 – 3.99%4,082 674 137 4 2 4,899 
4.00% and Greater13,499 28 — — 1 13,528 
Total$21,851 $1,203 $588 $809 $1,567 $26,018 
Asia Pacific – Financial SolutionsLess than 1.00%$367 $— $— $— $— $367 
1.00 – 1.99%444 — — — — 444 
2.00 – 2.99%644 — — — — 644 
3.00 – 3.99%1,010 — — — — 1,010 
4.00% and Greater3,851 — — — — 3,851 
Total$6,316 $— $— $— $— $6,316 
19

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. Activity associated with unpaid claims is summarized below (dollars in millions):
Nine months ended September 30,
20262025
Balance, beginning of year$3,011 $2,693 
Less: reinsurance recoverable(43)(53)
Net balance, beginning of year2,968 2,640 
Incurred:
Current year1,232 1,521 
Prior years(22)55 
Total incurred1,210 1,576 
Payments:
Current year(287)(356)
Prior years(882)(991)
Total payments(1,169)(1,347)
Other:
Interest accretion33 26 
Foreign currency translation(12)76 
Total other21 102 
Net balance, end of period3,030 2,971 
Plus: reinsurance recoverable37 61 
Balance, end of period$3,067 $3,032 
Incurred claims associated with prior periods are primarily due to the development of claims for prior years being different than anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year’s liability for unpaid claims.
20

NOTE 7 MARKET RISK BENEFITS
The following table presents the balances of and changes in the Company’s market risk benefits for the nine months ended September 30, 2026 and 2025 (dollars in millions):
U.S. and Latin America – Financial Solutions
Nine months ended September 30,
20262025
Balance, beginning of year$215 $206 
Balance, beginning of year, before effect of changes in the instrument-specific credit risk217 209 
Interest accrual4 6 
Attributed fees collected17 18 
Effect of changes in future assumptions(3)— 
Effect of changes in interest rates(48)9 
Effect of changes in equity markets(16)(32)
Effect of changes in volatility2 1 
Other market impacts8 (7)
Actual policyholder behavior different from expected behavior5 16 
Balance, end of period, before effect of changes in the instrument-specific credit risk186 220 
Effect of changes in the instrument-specific credit risk(3)(1)
Balance, end of period183 219 
Less: reinsurance recoverable— — 
Balance, end of period, after reinsurance$183 $219 
Net amount at risk$1,136 $1,218 
Weighted average attained age of contract holders (in years)7372
The following table presents the reconciliation of the rollforward for market risk benefits to the condensed consolidated balance sheets as of September 30, 2026 and 2025 (dollars in millions):
September 30, 2026September 30, 2025
Asset (1)
LiabilityNet
Asset (1)
LiabilityNet
U.S. and Latin America – Financial Solutions$21 $204 $(183)$19 $238 $(219)
Total market risk benefits$21 $204 $(183)$19 $238 $(219)
(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 nine months ended September 30, 2026 and 2025, 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 AND OTHER
Deferred policy acquisition costs and other on the condensed consolidated balance sheets include deferred policy acquisition costs and cost of reinsurance assets.
The following tables present the balances of and changes in deferred policy acquisition costs for the Company’s Traditional business for the nine months ended September 30, 2026 and 2025 (dollars in millions):
For the nine months ended September 30, 2026:
U.S. and Latin America – TraditionalCanada – TraditionalEurope, Middle East and Africa – TraditionalAsia Pacific – Traditional
Balance, beginning of year$3,068 $166 $478 $1,285 
Capitalization261 10 53 98 
Amortization expense(165)(8)(53)(55)
Foreign currency translation(1)(6)(11)5 
Balance, end of period$3,163 $162 $467 $1,333 
For the nine months ended September 30, 2025:
U.S. and Latin America – TraditionalCanada – TraditionalEurope, Middle East and Africa – TraditionalAsia Pacific – Traditional
Balance, beginning of year$2,986 $157 $354 $1,178 
Capitalization228 9 98 124 
Amortization expense(168)(9)(43)(51)
Foreign currency translation— 7 41 21 
Balance, end of period$3,046 $164 $450 $1,272 
The following tables present the balances of and changes in deferred policy acquisition costs for the Company’s Financial Solutions business for the nine months ended September 30, 2026 and 2025 (dollars in millions):
For the nine months ended September 30, 2026:U.S. and Latin America – Financial SolutionsCanada – Financial SolutionsEurope, Middle East and Africa – Financial SolutionsAsia Pacific – Financial Solutions
Balance, beginning of year$508 $21 $— $525 
Capitalization41 — — 162 
Amortization expense(42)(1)— (62)
Foreign currency translation— — — 2 
Balance, end of period$507 $20 $— $627 
For the nine months ended September 30, 2025:
U.S. and Latin America – Financial SolutionsCanada – Financial SolutionsEurope, Middle East and Africa – Financial SolutionsAsia Pacific – Financial Solutions
Balance, beginning of year$506 $20 $— $324 
Capitalization44 — — 182 
Amortization expense(41)— — (45)
Foreign currency translation— 1 — 2 
Balance, end of period$509 $21 $— $463 
22

The following table presents the reconciliation of deferred policy acquisition costs included in the rollforwards to deferred policy acquisition costs and other on the condensed consolidated balance sheets as of September 30, 2026 and 2025 (dollars in millions):
September 30,
20262025
Deferred policy acquisition costs included in the rollforwards:
Traditional:
U.S. and Latin America$3,163 $3,046 
Canada162 164 
Europe, Middle East and Africa467 450 
Asia Pacific1,333 1,272 
Financial Solutions:
U.S. and Latin America507 509 
Canada20 21 
Europe, Middle East and Africa— — 
Asia Pacific627 463 
Other deferred policy acquisition costs:
Corporate and Other10 15 
Total deferred policy acquisition costs6,289 5,940 
Cost of reinsurance asset131 14 
Total deferred policy acquisition costs and other$6,420 $5,954 
NOTE 9 REINSURANCE
Ceded Reinsurance
In the normal course of business, 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 or reinsurance companies under excess coverage and coinsurance contracts. 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 September 30, 2026 and December 31, 2025, no allowances were deemed necessary. Also included in reinsurance ceded receivables and other are deposit assets on reinsurance of $4.5 billion and $2.6 billion as of September 30, 2026 and December 31, 2025, respectively.
Retrocessions are arranged through the Company’s retrocession pools for amounts in excess of the Company’s retention limit. As of September 30, 2026, all rated retrocession pool participants followed by the A.M. Best Company were rated “B++ (Good)” 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. As of September 30, 2026, the Company has a ceded reinsurance recoverable and deposit asset with Ruby Re of approximately $7.6 billion.
Excluding amounts retroceded to Ruby Re, three major reinsurance companies account for 21.0% of reinsurance ceded receivables and other as of September 30, 2026.
As of September 30, 2026 and December 31, 2025, $4 million and $6 million of claims recoverable were in excess of 90 days past due, respectively.
Funds Withheld
Certain of the Company’s retrocession agreements, including those with Ruby Re, are on a modified coinsurance 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 has established a funds withheld liability. Net investment income related to the funds withheld assets are reported in other insurance expenses, 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 September 30, 2026 and December 31, 2025 (dollars in millions):
23

September 30, 2026December 31, 2025
Fixed maturity securities available-for-sale$6,628 $4,033 
Equity securities2 2 
Mortgage loans1,061 821 
Policy loans217 — 
Funds withheld at interest1,307 1,360 
Limited partnerships and real estate joint ventures159 88 
Short-term investments and cash and cash equivalents316 60 
Other invested assets142 — 
Accrued investment income82 50 
Net other assets— 1 
Net assets$9,914 $6,415 
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 $10,168 million and $6,805 million funds withheld payable as of September 30, 2026 and December 31, 2025, respectively, net of an embedded derivative asset of $378 million and $58 million as of September 30, 2026 and December 31, 2025, 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 (“Canadian government”), Japanese government and agencies (“Japanese government”), Korean government and agencies (“Korean 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 referred to as “structured securities.”
The following tables present information relating to investments in fixed maturity securities by type as of September 30, 2026 and December 31, 2025 (dollars in millions):
September 30, 2026:Amortized CostAllowance for Credit LossesUnrealized GainsUnrealized LossesEstimated Fair Value% of Total
Available-for-sale:
Corporate$83,446 $195 $240 $8,764 $74,727 69.4 %
Canadian government4,794 — 155 281 4,668 4.3 
Japanese government9,230 — — 2,588 6,642 6.2 
Korean government1,521 — — 324 1,197 1.1 
ABS8,193 21 37 294 7,915 7.4 
CMBS2,609 — 9 100 2,518 2.3 
RMBS2,030 — 6 154 1,882 1.7 
U.S. government2,545 — 1 342 2,204 2.0 
State and political subdivisions753 — — 128 625 0.6 
Other foreign government6,005 — 16 642 5,379 5.0 
Total fixed maturity securities$121,126 $216 $464 $13,617 $107,757 100.0 %
24

December 31, 2025:Amortized CostAllowance for Credit LossesUnrealized GainsUnrealized LossesEstimated Fair Value% of Total
Available-for-sale:
Corporate$72,736 $189 $1,142 $3,952 $69,737 68.5 %
Canadian government4,920 — 286 106 5,100 5.1 
Japanese government6,516 — 1 1,816 4,701 4.6 
Korean government1,407 — 1 96 1,312 1.3 
ABS7,478 21 69 157 7,369 7.2 
CMBS2,179 — 35 52 2,162 2.1 
RMBS1,615 — 26 72 1,569 1.5 
U.S. government3,508 — 27 248 3,287 3.3 
State and political subdivisions737 — 2 79 660 0.6 
Other foreign government6,168 — 83 379 5,872 5.8 
Total fixed maturity securities$107,264 $210 $1,672 $6,957 $101,769 100.0 %
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 risk from single issuers, including certain agencies, greater than 10% of the Company’s equity is disclosed below, as of September 30, 2026 and December 31, 2025 (dollars in millions):
September 30, 2026December 31, 2025
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Fixed maturity securities guaranteed or issued by:
Japanese government$9,230 $6,642 $6,516 $4,701 
U.S. government2,545 2,204 3,508 3,287 
Canadian province of Quebec1,538 1,555 1,642 1,764 
Korean government1,521 1,197 1,407 1,312 
The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of September 30, 2026, 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$2,110 $2,015 
Due after one year through five years16,706 16,396 
Due after five years through ten years16,823 16,008 
Due after ten years72,655 61,023 
Structured securities12,832 12,315 
Total$121,126 $107,757 
Corporate Fixed Maturity Securities
The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of September 30, 2026 and December 31, 2025 (dollars in millions):
September 30, 2026:Amortized CostEstimated Fair Value% of Total
Finance$25,013 $22,550 30.1 %
Industrial44,223 39,647 53.1 
Utility14,210 12,530 16.8 
Total$83,446 $74,727 100.0 %
December 31, 2025:Amortized CostEstimated Fair Value% of Total
Finance$21,367 $20,489 29.4 %
Industrial39,381 37,839 54.3 
Utility11,988 11,409 16.3 
Total$72,736 $69,737 100.0 %
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 2025 Annual Report, allowances for credit losses on fixed maturity securities are recognized in investment related gains (losses), net. The Company estimates the amount of the credit loss component of a fixed maturity security impairment as the difference between amortized cost and the present value of the expected cash flows of the security. 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 and nine months ended September 30, 2026 and 2025 (dollars in millions):
CorporateABSCMBSTotal
For the three months ended September 30, 2026:
Balance, beginning of period$224 $22 $— $246 
Credit losses with no previous allowance30 — — 30 
Securities disposed(41)— — (41)
Change in credit losses with a previous allowance(12)(1)— (13)
Write-offs charged against the allowance(6)— — (6)
Foreign currency translation— — — — 
Balance, end of period$195 $21 $— $216 
For the three months ended September 30, 2025:
Balance, beginning of period$112 $19 $1 $132 
Credit losses with no previous allowance25 — — 25 
Securities disposed(2)— — (2)
Change in credit losses with a previous allowance5 — — 5 
Write-offs charged against the allowance— — — — 
Foreign currency translation1 — — 1 
Balance, end of period$141 $19 $1 $161 
CorporateABSCMBSTotal
For the nine months ended September 30, 2026:
Balance, beginning of period$189 $21 $— $210 
Credit losses with no previous allowance127 — — 127 
Securities disposed(114)— — (114)
Change in credit losses with a previous allowance(1)— — (1)
Write-offs charged against the allowance(6)— — (6)
Foreign currency translation— — — — 
Balance, end of period$195 $21 $— $216 
For the nine months ended September 30, 2025:
Balance, beginning of period$82 $15 $1 $98 
Credit losses with no previous allowance66 4 — 70 
Securities disposed(4)— — (4)
Change in credit losses with a previous allowance(3)— — (3)
Write-offs charged against the allowance— — — — 
Foreign currency translation— — — — 
Balance, end of period$141 $19 $1 $161 
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 analyzing 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 9,044 and 5,968 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 September 30, 2026 and December 31, 2025, respectively (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
September 30, 2026:Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
Corporate$43,408 $3,046 $21,002 $5,590 $64,410 $8,636 
Canadian government2,310 154 533 127 2,843 281 
Japanese government2,680 229 3,897 2,359 6,577 2,588 
Korean government 306 31 866 293 1,172 324 
ABS3,811 88 1,129 159 4,940 247 
CMBS1,600 52 533 46 2,133 98 
RMBS1,304 56 480 98 1,784 154 
U.S. government1,655 47 436 295 2,091 342 
State and political subdivisions242 22 359 106 601 128 
Other foreign government2,916 170 1,781 472 4,697 642 
Total investment grade securities60,232 3,895 31,016 9,545 91,248 13,440 
 
Below investment grade securities:
Corporate1,148 44 351 77 1,499 121 
ABS333 44 21 1 354 45 
Other foreign government— — — — — — 
Total below investment grade securities1,481 88 372 78 1,853 166 
Total fixed maturity securities$61,713 $3,983 $31,388 $9,623 $93,101 $13,606 
Less than 12 months12 months or greaterTotal
December 31, 2025:Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
Corporate$10,591 $255 $22,666 $3,635 $33,257 $3,890 
Canadian government1,096 34 426 72 1,522 106 
Japanese government1,274 209 3,351 1,607 4,625 1,816 
Korean government1,145 92 78 4 1,223 96 
ABS2,324 15 1,149 141 3,473 156 
CMBS— — 705 50 705 50 
RMBS— — 562 72 562 72 
U.S. government406 1 542 247 948 248 
State and political subdivisions73 1 451 78 524 79 
Other foreign government1,382 26 1,901 350 3,283 376 
Total investment grade securities18,291 633 31,831 6,256 50,122 6,889 
Below investment grade securities:
Corporate652 25 258 31 910 56 
ABS19 1 — — 19 1 
Other foreign government— — 13 3 13 3 
Total below investment grade securities671 26 271 34 942 60 
Total fixed maturity securities$18,962 $659 $32,102 $6,290 $51,064 $6,949 
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 presented. 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 due to 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 September 30,Nine months ended September 30,
2026202520262025
Fixed maturity securities available-for-sale$1,498 $1,221 $4,309 $3,393 
Equity securities7215 5 
Mortgage loans175 144 496 391 
Policy loans42 44 129 74 
Funds withheld at interest99 81 293 215 
Limited partnerships and real estate joint ventures146 — 350 88 
Short-term investments and cash and cash equivalents33 42 100 123 
Other invested assets2 (3)4 (9)
Investment income2,002 1,531 5,696 4,280 
Investment expense(68)(56)(197)(165)
Net investment income$1,934 $1,475 $5,499 $4,115 
Investment Related Gains (Losses), Net
Investment related gains (losses), net consist of the following (dollars in millions):
Three months ended September 30,Nine months ended September 30,
2026202520262025
Fixed maturity securities available-for-sale:
Change in allowance for credit losses$30 $(28)$(6)$(63)
Impairments on fixed maturity securities(45)(1)(46)(3)
Realized gains on investment activity30 96 125 162 
Realized losses on investment activity(132)(65)(421)(217)
Net gains (losses) on equity securities(8)5 (25)7 
Change in mortgage loan allowance for credit losses(15)(6)(25)(20)
Limited partnerships and real estate joint ventures impairment losses(42)(1)(71)(22)
Change in fair value of certain limited partnership investments15 9 (21)8 
Net gains (losses) on freestanding derivatives(29)32 2 80 
Net gains (losses) on embedded derivatives104 (33)147 (41)
Other change in allowance for credit losses and impairments1 1 (2)(3)
Other, net6 4 12 2 
Total investment related gains (losses), net$(85)$13 $(331)$(110)
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 September 30, 2026 and December 31, 2025, 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 Federal Home Loan Bank (“FHLB”) common stock restricted as to sale as of September 30, 2026 and December 31, 2025 (dollars in millions):
September 30, 2026December 31, 2025
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Invested assets on deposit (regulatory deposits)$25 $23 $10 $9 
Invested assets pledged as collateral2,259 1,808 1,739 1,527 
Invested assets received as collateral n/a 2,501 n/a2,620 
Assets in trust held to satisfy collateral requirements79,039 70,654 68,241 65,154 
FHLB common stock restricted as to sale64 64 68 68 
28

Securities Lending and Repurchase/Reverse Repurchase Agreements
The following table presents the estimated fair value of securities relating to securities lending and repurchase/reverse repurchase agreements as of September 30, 2026 and December 31, 2025 (dollars in millions):
September 30, 2026December 31, 2025
Securities Loaned (1)
Securities Borrowed (2)
Cash Collateral Received (3)
Securities Loaned (1)
Securities Borrowed (2)
Cash Collateral Received (3)
Securities lending transactions$702 $933 $— $831 $1,058 $— 
Repurchase/reverse repurchase transactions2,319 6261,582 2,623 682 1,783 
(1)Securities loaned or pledged through securities lending transactions or sold to counterparties through repurchase transactions are included within fixed maturity securities. Collateral associated with certain securities lending transactions is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows. Certain securities lending transactions do not require collateral.
(2)Securities borrowed or received as collateral through securities lending transactions or purchased from counterparties through reverse repurchase transactions are not reflected on the condensed consolidated balance sheets.
(3)A payable for the cash received by the Company is included within other liabilities.
The following table presents the estimated fair value of securities by the remaining contractual maturity of the Company’s securities lending and repurchase agreements as of September 30, 2026 and December 31, 2025 (dollars in millions):
September 30, 2026December 31, 2025
Remaining Contractual Maturity of the AgreementsRemaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotalOvernight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotal
Securities lending transactions:
Corporate$— $— $227 $128 $355 $— $— $357 $71 $428 
Japanese government— 82 — 206 288 — — — 310 310 
ABS— — 6 2 8 — — 25 — 25 
CMBS— — 29 — 29 — — 37 — 37 
RMBS— — 8 — 8 — — 10 — 10 
Other foreign government— — 10 4 14 — — 15 6 21 
Total— 82 280 340 702 — — 444 387 831 
Repurchase/reverse repurchase transactions:
Corporate— — 340 941 1,281 — — — 1,336 1,336 
Canadian government— — — 12 12 — — — 12 12 
Japanese government— — — 377 377 — — 203 175 378 
ABS— — — 73 73 — — 11 137 148 
CMBS— — — 214 214 — — 49 227 276 
RMBS— — — 38 38 — — 42 47 89 
U.S. government— — — 259 259 — — 4 273 277 
Other foreign government— — 26 39 65 — — — 107 107 
Total— — 366 1,953 2,319 — — 309 2,314 2,623 
Total transactions$— $82 $646 $2,293 $3,021 $— $— $753 $2,701 $3,454 
Mortgage Loans
The Company invests in both commercial and residential mortgage loans in the U.S. (92.6%), Canada (5.9%) and U.K. (1.5%). As of September 30, 2026, mortgage loans were geographically dispersed throughout the U.S. with the largest concentrations in California (12.2%), Texas (8.8%) and Florida (6.7%). The recorded investment in mortgage loans presented below is gross of unamortized deferred loan origination fees and expenses and allowance for credit losses.
29

The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of September 30, 2026 and December 31, 2025 (dollars in millions):
September 30, 2026December 31, 2025
Carrying Value% of Total Carrying Value% of Total
Commercial:
Office$1,717 13.9 %$1,800 16.0 %
Retail3,477 28.2 3,455 30.7 
Industrial4,008 32.5 3,549 31.5 
Apartment1,695 13.7 1,356 12.0 
Hotel496 4.0 500 4.4 
Other commercial343 2.8 161 1.4 
Total commercial11,736 95.1 10,821 96.0 
Residential608 4.9 447 4.0 
Recorded investment12,344 100.0 %11,268 100.0 %
Unamortized loan origination fees and discount(40)(47)
Allowance for credit losses(142)(117)
Total mortgage loans$12,162 $11,104 
The following table presents the maturities of the Company’s recorded investment in mortgage loans as of September 30, 2026 and December 31, 2025 (dollars in millions):
September 30, 2026December 31, 2025
Recorded
Investment		% of Total Recorded
Investment		% of Total
Commercial:
Due within five years$5,110 43.5 %$4,563 42.2 %
Due after five years through ten years5,801 49.5 5,225 48.3 
Due after ten years825 7.0 1,033 9.5 
Total commercial$11,736 100.0 %$10,821 100.0 %
Residential:
Due within five years$234 38.5 %$184 41.2 %
Due after five years through ten years1 0.2 — — 
Due after ten years373 61.3 263 58.8 
Total residential$608 100.0 %$447 100.0 %
The following tables set forth certain key credit quality indicators of the Company’s recorded investment in commercial mortgage loans as of September 30, 2026 and December 31, 2025 (dollars in millions):
Recorded Investment
Debt Service Ratios
>1.20x1.00x – 1.20x<1.00xConstruction loansTotal% of Total
September 30, 2026:
Loan-to-Value Ratio
0% – 59.99%$5,076 $230 $99 $30 $5,435 46.3 %
60% – 69.99%3,494 410 98 — 4,002 34.1 
70% – 79.99%1,034 327 54 — 1,415 12.1 
80% or greater598 177 109 — 884 7.5 
Total commercial$10,202 $1,144 $360 $30 $11,736 100.0 %
30

Recorded Investment
Debt Service Ratios
>1.20x1.00x – 1.20x<1.00xConstruction loansTotal% of Total
December 31, 2025:
Loan-to-Value Ratio
0% – 59.99%$4,799 $162 $79 $— $5,040 46.5 %
60% – 69.99%3,084 168 79 — 3,331 30.8 
70% – 79.99%1,126 232 99 — 1,457 13.5 
80% or greater643 236 114 — 993 9.2 
Total commercial$9,652 $798 $371 $— $10,821 100.0 %
The following tables set forth credit quality grades by year of origination of the Company’s recorded investment in commercial mortgage loans as of September 30, 2026 and December 31, 2025 (dollars in millions):
Recorded Investment
Year of Origination
20262025202420232022PriorTotal
September 30, 2026:
Internal credit quality grade:
High investment grade$274 $621 $582 $330 $533 $1,683 $4,023 
Investment grade1,547 1,896 1,245 708 611 1,233 7,240 
Average— — — 54 74 136 264 
Watch list— — — 25 4 168 197 
In or near default— — — — — 12 12 
Total commercial$1,821 $2,517 $1,827 $1,117 $1,222 $3,232 $11,736 
Recorded Investment
Year of Origination
20252024202320222021PriorTotal
December 31, 2025:
Internal credit quality grade:
High investment grade$636 $587 $352 $539 $458 $1,679 $4,251 
Investment grade1,908 1,257 788 617 481 973 6,024 
Average— — 83 107 36 195 421 
Watch list— — — — — 125 125 
In or near default— — — — — — — 
Total commercial$2,544 $1,844 $1,223 $1,263 $975 $2,972 $10,821 
The following tables set forth credit quality by year of origination of the Company’s recorded investment in residential mortgage loans as of September 30, 2026 and December 31, 2025 (dollars in millions):
Recorded Investment
Year of Origination
20262025202420232022PriorTotal
September 30, 2026:
Performing$168 $296 $32 $8 $17 $56 $577 
Non-performing— 30 1 — — — 31 
Total residential$168 $326 $33 $8 $17 $56 $608 
Recorded Investment
Year of Origination
20252024202320222021PriorTotal
December 31, 2025:
Performing$310 $47 $9 $21 $54 $6 $447 
Non-performing— — — — — — — 
Total residential$310 $47 $9 $21 $54 $6 $447 

31

The following table presents the current and past due composition of the Company’s recorded investment in mortgage loans as of September 30, 2026 and December 31, 2025 (dollars in millions):
September 30, 2026December 31, 2025
Commercial:
Current$11,674 $10,805 
31 – 60 days past due47 — 
61 – 90 days past due3 — 
Greater than 90 days past due12 16 
Total commercial$11,736 $10,821 
Residential:
Current$578 $444 
31 – 60 days past due14 3 
61 – 90 days past due— — 
Greater than 90 days past due16 — 
Total residential$608 $447 
The following table presents information regarding the Company’s allowance for credit losses for mortgage loans for the three and nine months ended September 30, 2026 and 2025 (dollars in millions):
For the three months ended September 30, 2026:
CommercialResidentialTotal
Balance, beginning of period$119 $8 $127 
Provision (release) of credit losses14 1 15 
Write-offs, net of recoveries— — — 
Balance, end of period$133 $9 $142 
For the three months ended September 30, 2025:
Balance, beginning of period$103 $4 $107 
Provision (release) of credit losses5 1 6 
Write-offs, net of recoveries— — — 
Balance, end of period$108 $5 $113 
For the nine months ended September 30, 2026:
CommercialResidentialTotal
Balance, beginning of period$112 $5 $117 
Provision (release) of credit losses28 4 32 
Write-offs, net of recoveries(7)— (7)
Balance, end of period$133 $9 $142 
For the nine months ended September 30, 2025:
Balance, beginning of period$93 $— $93 
Provision (release) of credit losses15 5 20 
Write-offs, net of recoveries— — — 
Balance, end of period$108 $5 $113 
The Company modified eight and six commercial mortgage loans for borrowers experiencing financial difficulty during the nine months ended September 30, 2026 and 2025, respectively, providing interest only payments, maturity extensions or payment deferrals. The total recorded investment before allowance for credit losses for the modified loans was $71 million and $61 million as of September 30, 2026 and 2025, respectively. The Company had one commercial mortgage loan in the amount of $12 million on nonaccrual status as of September 30, 2026.
The Company had residential mortgage loans in the amount of $31 million that were on nonaccrual status as of September 30, 2026. This includes residential mortgage loans in process of foreclosure with an amortized cost of $21 million at September 30, 2026.
The Company did not convert any mortgage loans to owned properties through a deed in lieu of foreclosure during the nine months ended September 30, 2026 and 2025. The Company did not acquire any impaired mortgage loans during the nine months ended September 30, 2026 and 2025.
32

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
For reinsurance agreements written on a modified coinsurance 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. The Company reflects these assets on its consolidated balance sheets as funds withheld at interest.
Limited Partnerships and Real Estate Joint Ventures
The carrying values of limited partnerships and real estate joint ventures as of September 30, 2026 and December 31, 2025 are as follows (dollars in millions):
September 30, 2026December 31, 2025
Limited partnerships – equity method$2,249 $1,543 
Limited partnerships – fair value926 925 
Limited partnerships – cost method68 72 
Real estate joint ventures – equity method1,121 1,207 
Real estate joint ventures – fair value63 — 
Total limited partnerships and real estate joint ventures$4,427 $3,747 
Other Invested Assets
Other invested assets include lifetime mortgages, derivative contracts and FHLB common stock. Other invested assets also include real estate held for investment, which is included in “Other” in the table below. As of September 30, 2026 and December 31, 2025, the allowance for credit losses for lifetime mortgages was not material. The carrying values of other invested assets as of September 30, 2026 and December 31, 2025 are as follows (dollars in millions):
September 30, 2026December 31, 2025
Lifetime mortgages$1,296 $1,197 
Derivatives134 185 
FHLB common stock64 68 
Other53 64 
Total other invested assets$1,547 $1,514 
NOTE 11 DERIVATIVE INSTRUMENTS
See Note 2 – “Significant Accounting Policies and Pronouncements” of the 2025 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 limited to: interest rate swaps, interest rate options, total return swaps, foreign currency swaps, foreign currency forwards, foreign currency options, equity options, equity futures, credit default swaps (single name and index), options on credit default index 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 2025 Annual Report.

33

Summary of Derivative Positions
Freestanding derivatives, except for other swaps, are included in other invested assets or other liabilities, at fair value. Other swaps are included in other assets or other liabilities, at fair value. Embedded derivative assets and liabilities on modified coinsurance or funds withheld arrangements are included with the host contract in funds withheld at interest or funds withheld payable, at fair value. Embedded derivatives on interest-sensitive contracts are included with the host contract in interest-sensitive contract liabilities or reinsurance ceded receivables and other, 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 September 30, 2026 and December 31, 2025 (dollars in millions):
September 30, 2026December 31, 2025
Primary Underlying RiskNotionalCarrying Value / Fair ValueNotionalCarrying Value / Fair Value
AmountAssetsLiabilitiesAmountAssetsLiabilities
Derivatives not designated as hedging instruments:
Interest rate swaps Interest rate$2,752 $9 $36 $2,088 $5 $14 
Interest rate optionsInterest rate1,000 — — 750 — — 
Total return swapsInterest rate581 — 24 527 1 5 
Foreign currency swapsForeign currency150 49 — 150 48 — 
Foreign currency forwardsForeign currency1,480 4 22 1,358 1 53 
Foreign currency optionsForeign currency305 1 — 305 — — 
Equity optionsEquity6,158 410 197 5,897 459 245 
Equity futuresEquity149 — — 200 — — 
Credit default swapsCredit7,999 2 30 6,573 3 10 
Credit default index swaps optionsCredit3,500 — — 1,000 — — 
Other swapsCredit334 1 1 1,225 3 3 
CPI swapsCPI366 4 4 395 2 7 
Synthetic GICsInterest rate17,144 — — 17,209 — — 
Embedded derivatives in:
Modified coinsurance or funds withheld arrangements— 405 329 — 272 341 
Interest-sensitive contracts— 94 404 — — 470 
Total non-designated derivatives41,918 979 1,047 37,677 794 1,148 
Derivatives designated as hedging instruments:
Interest rate swaps Interest rate5,186 — 187 3,641 31 56 
Forward bond purchase commitmentsInterest rate7,551 — 457 3,058 5 227 
Foreign currency swapsForeign currency1,880 5 307 2,008 8 331 
Foreign currency forwardsForeign currency2,388 48 12 2,270 12 38 
Total hedging derivatives17,005 53 963 10,977 56 652 
Total derivatives$58,923 $1,032 $2,010 $48,654 $850 $1,800 
34

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: 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 and the offsetting gain or loss on the related interest rate swaps for the three and nine months ended September 30, 2026 and 2025 are as follows (dollars in millions):
Derivative TypeHedged ItemClaims and Other Policy BenefitsInterest Credited
DerivativesHedged ItemsDerivativesHedged Items
For the three months ended September 30, 2026:
Interest rate swapsFuture policy benefits$(33)$33 $— $— 
Interest rate swapsInterest-sensitive contract liabilities— — (85)83 
For the three months ended September 30, 2025:
Interest rate swapsFuture policy benefits— (1)— — 
Interest rate swapsInterest-sensitive contract liabilities— — 1 (1)
For the nine months ended September 30, 2026:
Interest rate swapsFuture policy benefits(43)44 — — 
Interest rate swapsInterest-sensitive contract liabilities— — (110)110 
For the nine months ended September 30, 2025:
Interest rate swapsFuture policy benefits14 (15)— — 
Interest rate swapsInterest-sensitive contract liabilities— — 23 (27)
The following table presents the balance sheet classification, carrying amount and cumulative fair value hedging adjustments for items designated and qualifying as hedged items in fair value hedges (dollars in millions):
Hedged ItemCarrying Amount of
the Hedged Assets / (Liabilities)
Cumulative Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets / (Liabilities) (1)
September 30, 2026
December 31, 2025
September 30, 2026
December 31, 2025
Future policy benefits$(522)$(547)$43 $(1)
Interest-sensitive contract liabilities(2,935)(1,463)105 (5)
(1)    Includes $42 million and $(6) million of cumulative adjustment on discontinued fair value hedging relationships at September 30, 2026 and December 31, 2025, respectively.
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 are variable based on a benchmark rate; (ii) 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 taxes, and where the gain or loss related to cash flow hedges is recognized on the condensed consolidated statements of income classification for the three and nine months ended September 30, 2026 and 2025 (dollars in millions):
35

Three months ended September 30,
20262025
Balance, beginning of period$(931)$(473)
Gains (losses), net deferred in other comprehensive income (loss)(189)(115)
Amounts reclassified to net investment income16 18 
Amounts reclassified to interest expense(1)(2)
Balance, end of period$(1,105)$(572)
Nine months ended September 30,
20262025
Balance, beginning of period$(748)$(495)
Gains (losses), net deferred in other comprehensive income (loss)(403)(125)
Amounts reclassified to net investment income50 54 
Amounts reclassified to interest expense(4)(6)
Balance, end of period$(1,105)$(572)
As of September 30, 2026, approximately $83 million of before-tax deferred net losses on derivative instruments recorded in AOCI are expected to be reclassified to net investment income during the next twelve months. For the same time period, approximately $8 million of before-tax deferred net gains on derivative instruments recorded in AOCI are expected to be reclassified to interest expense during the next twelve months.
The following table presents the effect of derivatives in cash flow hedging relationships on the condensed consolidated statements of income for the three and nine months ended September 30, 2026 and 2025 (dollars in millions):
Derivative TypeGains (Losses)
 Deferred in OCI		Gains (Losses) Reclassified into Income from
AOCI
Net Investment IncomeInterest Expense
For the three months ended September 30, 2026:
Interest rate$(286)$— $1 
Foreign currency97 (16)— 
Total$(189)$(16)$1 
For the three months ended September 30, 2025:
Interest rate$12 $(1)$2 
Foreign currency(127)(17)— 
Total$(115)$(18)$2 
For the nine months ended September 30, 2026:
Interest rate$(360)$— $4 
Foreign currency(43)(50)— 
Total$(403)$(50)$4 
For the nine months ended September 30, 2025:
Interest rate$(40)$(3)$6 
Foreign currency(85)(51)— 
Total$(125)$(54)$6 
For the three and nine months ended September 30, 2026 and 2025, 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 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 and nine months ended September 30, 2026 and 2025 (dollars in millions):
Derivative Gains (Losses) Deferred in OCI   
Three months ended September 30,Nine months ended September 30,
Derivative Type2026202520262025
Foreign currency forwards$9 $56 $75 $(65)
36

The cumulative foreign currency translation gain recorded in AOCI related to these hedges was $307 million and $232 million as of September 30, 2026 and December 31, 2025, 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.
The following tables summarize the effect of non-qualifying derivatives, including embedded derivatives, on the Company’s condensed consolidated statements of income for the three and nine months ended September 30, 2026 and 2025 (dollars in millions):
Gains (Losses) for the three months ended     
September 30,
Type of Non-qualifying DerivativeIncome Statement Location of Gains (Losses)20262025
Interest rate swapsInvestment related gains (losses), net$4 $1 
Interest rate optionsInvestment related gains (losses), net(1)(2)
Total return swapsInvestment related gains (losses), net(36)16 
Foreign currency swapsInvestment related gains (losses), net(2)6 
Foreign currency forwardsInvestment related gains (losses), net15 (40)
Foreign currency optionsInvestment related gains (losses), net— (2)
Equity optionsInvestment related gains (losses), net14 30 
Equity futuresInvestment related gains (losses), net1 (13)
Credit default swapsInvestment related gains (losses), net(28)33 
Credit default index swaps optionsInvestment related gains (losses), net(1)— 
CPI swapsInvestment related gains (losses), net5 3 
Subtotal(29)32 
Embedded derivatives in:
Modified coinsurance or funds withheld arrangementsInvestment related gains (losses), net104 (33)
Interest-sensitive contractsInterest credited20 (99)
Total non-qualifying derivatives$95 $(100)
Gains (Losses) for the nine months ended     
September 30,
Type of Non-qualifying DerivativeIncome Statement Location of Gains (Losses)20262025
Interest rate swapsInvestment related gains (losses), net$8 $6 
Interest rate optionsInvestment related gains (losses), net(1)(3)
Total return swapsInvestment related gains (losses), net(39)16 
Foreign currency swapsInvestment related gains (losses), net5 1 
Foreign currency forwardsInvestment related gains (losses), net(48)22 
Foreign currency optionsInvestment related gains (losses), net(3)(5)
Equity optionsInvestment related gains (losses), net68 35 
Equity futuresInvestment related gains (losses), net(18)(25)
Credit default swapsInvestment related gains (losses), net24 36 
Credit default index swaps optionsInvestment related gains (losses), net(3)— 
CPI swapsInvestment related gains (losses), net9 (3)
Subtotal2 80 
Embedded derivatives in:
Modified coinsurance or funds withheld arrangementsInvestment related gains (losses), net145 (41)
Interest-sensitive contractsInterest credited(29)(67)
Total non-qualifying derivatives$118 $(28)
37

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 as of September 30, 2026 and December 31, 2025 (dollars in millions):
September 30, 2026December 31, 2025
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$(25)$430 15.3$(7)$490 14.2
BBB
Single name credit default swaps2 165 1.42 170 2.1
Credit default swaps referencing indices(5)7,404 5.6(2)5,903 5.5
Subtotal(3)7,569 5.5— 6,073 5.4
BB
Single name credit default swaps— — 0.0— 5 0.5
B
Single name credit default swaps— — 0.0— 5 0.5
Total$(28)$7,999 6.0$(7)$6,573 6.0
(1)Rating agency designations are based on ratings from Standard and Poor’s (“S&P”) when available. Other credited rating agencies or internal ratings may be used when S&P ratings are not available.
(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 presents information relating to the netting of the Company’s derivative instruments as of September 30, 2026 and December 31, 2025 (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   
September 30, 2026:
Derivative assets$533 $(398)$135 $(135)$— 
Derivative liabilities1,277 (398)879 (879)— 
December 31, 2025:
Derivative assets$578 $(390)$188 $(188)— 
Derivative liabilities989 (390)599 (599)— 
(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 September 30, 2026, the Company had credit exposure of $15 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 (“OTC bilateral”). The Company manages its credit risk related to OTC bilateral 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. Additionally, the Company is required to pledge initial
38

margin for certain OTC bilateral derivatives subject to regulatory thresholds. The Company is only exposed to the default of the central clearing counterparties for OTC cleared derivatives, and these transactions require an 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 2025 Annual Report.
See Note 7 – “Market Risk Benefits” for information about fair value measurement of market risk benefits.

39

Assets and Liabilities by Hierarchy Level
Assets and liabilities measured at fair value on a recurring basis as of September 30, 2026 and December 31, 2025 are summarized below (dollars in millions):
September 30, 2026:Fair Value Measurements Using:
TotalLevel 1Level 2Level 3
Assets: (1)
Fixed maturity securities available-for-sale:
Corporate$74,727 $— $64,363 $10,364 
Canadian government4,668 — 4,668 — 
Japanese government6,642 — 6,642 — 
Korean government1,197 — 1,197 — 
ABS7,915 — 3,771 4,144 
CMBS2,518 — 2,473 45 
RMBS1,882 — 1,882 — 
U.S. government2,204 2,027 174 3 
State and political subdivisions625 — 625 — 
Other foreign government5,379 — 5,254 125 
Total fixed maturity securities available-for-sale107,757 2,027 91,049 14,681 
Equity securities239 147 — 92 
Funds withheld at interest – embedded derivatives(302)— — (302)
Funds withheld at interest60 — — 60 
Real estate joint ventures – fair value63 — — 63 
Cash equivalents2,674 2,674 — — 
Short-term investments341 260 61 20 
Other invested assets:
Derivatives134 — 134 — 
Other14 — 14 — 
Total other invested assets148 — 148 — 
Reinsurance ceded receivables and other – embedded derivatives94 — — 94 
Other assets – derivatives1 — — 1 
Total assets$111,075 $5,108 $91,258 $14,709 
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives$404 $— $— $404 
Other liabilities:
Funds withheld at interest – embedded derivatives(378)— — (378)
Derivatives879 — 878 1 
Total liabilities$905 $— $878 $27 
(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 September 30, 2026, the fair value of such investments was $926 million.
40

December 31, 2025:Fair Value Measurements Using:
TotalLevel 1Level 2Level 3
Assets: (1)
Fixed maturity securities available-for-sale:
Corporate$69,737 $— $59,710 $10,027 
Canadian government5,100 — 5,100 — 
Japanese government4,701 — 4,701 — 
Korean government1,312 — 1,312 — 
ABS7,369 — 3,831 3,538 
CMBS2,162 — 2,099 63 
RMBS1,569 — 1,569 — 
U.S. government3,287 3,074 209 4 
State and political subdivisions660 — 660 — 
Other foreign government5,872 — 5,752 120 
Total fixed maturity securities available-for-sale101,769 3,074 84,943 13,752 
Equity securities311 213 — 98 
Funds withheld at interest – embedded derivatives(128)— — (128)
Funds withheld at interest61 — — 61 
Real estate joint ventures – fair value— — — — 
Cash equivalents2,460 2,460 — — 
Short-term investments255 156 66 33 
Other invested assets:
Derivatives185 — 185 — 
Other17 — 17 — 
Total other invested assets 202 — 202 — 
Reinsurance ceded receivables and other – embedded derivatives— — — — 
Other assets – derivatives3 — — 3 
Total assets$104,933 $5,903 $85,211 $13,819 
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives$470 $— $— $470 
Other liabilities:
Funds withheld at interest – embedded derivatives(59)— — (59)
Derivatives599 — 596 3 
Total liabilities$1,010 $— $596 $414 
(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, 2025, the fair value of such investments was $925 million.

41

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 September 30, 2026 and December 31, 2025 (dollars in millions):
Estimated Fair Value      Valuation TechniqueUnobservable InputRange (Weighted Average) 
September 30, 2026December 31, 2025September 30, 2026December 31, 2025
Assets:
Corporate$709 $636 Market comparable securitiesLiquidity premium
0-3% (2%)
0-4% (3%)
EBITDA Multiple
5.7x-14.1x (7.6x)
6.0x-14.8x (9.3x)
ABS1,252 1,329 Market comparable securitiesLiquidity premium
0-67% (4%)
0-20% (4%)
U.S. government3 4 Market comparable securitiesLiquidity premium1%1 %
Equity securities29 41 Market comparable securitiesLiquidity premium4%4%
EBITDA Multiple
7.4x-11.6x (8.8x)
7.4x-13.3x (9.9x)
Short-term investments1 — Market comparable securitiesLiquidity premium1%— 
EBITDA Multiple
8.0x-11.0x (8.6x)
— 
Funds withheld at interest – embedded derivatives13 26 Total return swapMortality
0-100%  (4%)
0-100%  (4%)
.Lapse
0-35%  (18%)
0-35%  (17%)
Withdrawal
0-10%  (5%)
0-10%  (5%)
CVA
0-5%  (0%)
0-5%  (0%)
Crediting rate
1-8%  (2%)
1-8%  (2%)
Reinsurance ceded receivables and other – embedded derivatives94 — Discounted cash flowMortality
0-100%  (5%)
— 
Lapse
0-35%  (4%)
— 
Withdrawal
0-10%  (0%)
— 
Own Credit
0-5%  (0%)
— 
Crediting rate
1-8%  (0%)
— 
Other assets – derivatives1 3 Credit default swapCredit spread
0-1% (0%)
0-1% (0%)
Probability of default
0-6% (1%)
0-7% (1%)
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives404 470 Discounted cash flowMortality
0-100%  (4%)
0-100% (3%)
Lapse
0-35%  (7%)
0-35% (16%)
Withdrawal
0-10%  (1%)
0-10% (4%)
Option budget projection
1-8%  (2%)
1-8% (2%)
Other liabilities – derivatives1 3 Credit default swapCredit spread
0-1% (0%)
0-1% (0%)
Probability of default
0-6% (1%)
0-7% (1%)
42

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. The Company had Level 3 other swap assets and liabilities that on a gross and net basis were not material for the three and nine months ended September 30, 2026.
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 2025 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 September 30, 2026:
Fixed maturity securities available-for-saleReal estate joint ventures – fair value
Funds 
withheld at interest – embedded derivatives, net (1)
Funds 
withheld at interest
Interest-sensitive contracts – embedded derivatives, net (2)
CorporateForeign govtStructured securitiesU.S. and local govtEquity securitiesShort-term investments
Fair value, beginning of period$10,558 $129 $3,473 $3 $94 $43 $29 $(28)$61 $(434)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income4 — — — — — — — — — 
Investment related gains (losses), net(55)— (3)— (5)— — 104 — — 
Interest credited— — — — — — — — — 20 
Included in other comprehensive income (loss)(248)(4)(68)— — — 1 — — — 
Purchases (3)
731 — 936 — 4 20 7 — 2 84 
Sales (3)
(368)— (16)— (1)— — — — — 
Settlements (3)
(274)— (163)— — — (1)— (3)20 
Transfers into Level 316 — 30 — — — — — — — 
Transfers out of Level 3— — — — — — (16)— — — 
Fair value, end of period$10,364 $125 $4,189 $3 $92 $63 $20 $76 $60 $(310)
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$3 $— $— $— $— $— $— $— $(3)$— 
Investment related gains (losses), net(57)— — — (5)— — 104 — — 
Interest credited— — — — — — — — — 1 
Included in other comprehensive income (loss)(245)(4)(69)— — — 1 — — — 
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(2)Embedded derivatives – interest-sensitive contracts assets and liabilities are presented net for purposes of the rollforward.
(3)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.
43

For the nine months ended September 30, 2026:
Fixed maturity securities available-for-saleReal estate joint ventures – fair value
Funds 
withheld at interest –embedded derivatives, net (1)
Funds 
withheld at interest
Interest-sensitive contracts – embedded derivatives, net (2)
CorporateForeign govtStructured securitiesU.S. and local govtEquity securitiesShort-term investments
Fair value, beginning of period$10,027 $120 $3,601 $4 $98 $— $33 $(69)$61 $(470)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income11 — (1)— — — — — 2 — 
Investment related gains (losses), net(118)— (3)— (18)— — 145 — — 
Interest credited— — — — — — — — — (29)
Included in other comprehensive income (loss)(375)(11)(127)— — — — — (1)— 
Purchases (3)
2,371 16 2,200 — 14 63 30 — 3 29 
Sales (3)
(843)— (82)— (2)— (2)— — — 
Settlements (3)
(697)— (1,338)(1)— — (19)— (5)160 
Transfers into Level 322 — 43 — — — — — — — 
Transfers out of Level 3(34)— (104)— — — (22)— — — 
Fair value, end of period$10,364 $125 $4,189 $3 $92 $63 $20 $76 $60 $(310)
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$9 $— $(1)$— $— $— $— $— $(4)$— 
Investment related gains (losses), net(122)— — — (18)— — 145 — — 
Interest credited— — — — — — — — — (189)
Included in other comprehensive income (loss)(369)(11)(134)— — — 1 — (1)— 
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(2)Embedded derivatives – interest-sensitive contracts assets and liabilities are presented net for purposes of the rollforward.
(3)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.
44

For the three months ended September 30, 2025:
Fixed maturity securities available-for-saleShort-term investmentsDerivatives, net
Funds 
withheld at interest –embedded derivatives, net (1)
Funds 
withheld at interest
Interest-sensitive contracts – embedded derivatives, net (2)
CorporateForeign govtStructured securitiesU.S. and local govtEquity securities
Fair value, beginning of period$8,912 $32 $2,261 $4 $91 $9 $— $(63)$60 $(354)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income3 — 1 — — — — — 1 — 
Investment related gains (losses), net(17)— 6 — 1 — 1 (33)— — 
Interest credited— — — — — — — — — (99)
Included in other comprehensive income (loss)3 3 (7)— — — — — (2)— 
Purchases (3)
1,156 92 986 — 2 17 — — — — 
Sales (3)
(87)— (1)— — — — — — — 
Settlements (3)
(253)— (320)— — — — — — 15 
Transfers into Level 320 — — — — — — — — — 
Transfers out of Level 3— — — — — (1)— — — — 
Fair value, end of period$9,737 $127 $2,926 $4 $94 $25 $1 $(96)$59 $(438)
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$2 $— $1 $— $— $— $— $— $— $— 
Investment related gains (losses), net(17)— — — 1 — (1)(33)— — 
Interest credited— — — — — — — — — (115)
Included in other comprehensive income (loss)7 3 (4)— — — — — (1)— 
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(2)Embedded derivatives – interest-sensitive contracts assets and liabilities are presented net for purposes of the rollforward.
(3)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.
45

For the nine months ended September 30, 2025:
Fixed maturity securities available-for-saleShort-term investmentsDerivatives, net
Funds 
withheld at interest –embedded derivatives, net (1)
Funds 
withheld at interest
Interest-sensitive contracts – embedded derivatives, net (2)
CorporateForeign govtStructured securitiesU.S. and local govtEquity securities
Fair value, beginning of period$6,854 $30 $1,799 $5 $88 $11 $— $(55)$56 $(435)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income10 — 3 — — — — — — — 
Investment related gains (losses), net(48)— 6 — 5 — 1 (41)— — 
Interest credited— — — — — — — — — (67)
Included in other comprehensive income (loss)102 5 42 — — — — — 4 — 
Purchases (3)
3,559 92 1,566 — 2 24 — — 1 11 
Sales (3)
(178)— (11)— (1)— — — — — 
Settlements (3)
(575)— (485)(1)— (7)— — (2)53 
Transfers into Level 322 — 20 — — — — — — — 
Transfers out of Level 3(9)— (14)— — (3)— — — — 
Fair value, end of period$9,737 $127 $2,926 $4 $94 $25 $1 $(96)$59 $(438)
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$8 $— $2 $— $— $— $— $— $(2)$— 
Investment related gains (losses), net(49)— — — 6 — (1)(41)— — 
Interest credited— — — — — — — — — (121)
Included in other comprehensive income (loss)108 5 46 — — — — — 4 — 
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(2)Embedded derivatives – interest-sensitive contracts assets and liabilities are presented net for purposes of the rollforward.
(3)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. The following tables present information for assets measured at an estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (dollars in millions). The estimated fair values for these assets were determined using significant unobservable inputs (Level 3). For the three and nine months ended September 30, 2025, the Company did not have any material assets that were measured at fair value on a nonrecurring basis due to impairment.
Carrying Value After Measurement
At September 30, 2026
At December 31, 2025
Mortgage loans$55 $21 
Limited partnerships and real estate joint ventures50 46 
Investment Related Gains (Losses), Net
Three months ended September 30, 2026
Nine months ended September 30, 2026
Mortgage loans$(23)$(24)
Limited partnerships and real estate joint ventures(23)(35)

46

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 September 30, 2026 and December 31, 2025 (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 2025 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 amounts approximates carrying value as they equal the amount of cash collateral received/paid.
September 30, 2026:
Carrying 
Value (1)
Estimated 
Fair Value		Fair Value Measurement Using:
Level 1Level 2Level 3
Assets:
Mortgage loans$12,162 $11,660 $— $— $11,660 
Policy loans3,372 3,372 — 3,372 — 
Funds withheld at interest8,112 7,687 — — 7,687 
Limited partnerships – cost method68 100 — — 100 
Cash and cash equivalents1,974 1,974 1,974 — — 
Short-term investments52 52 52 — — 
Other invested assets1,363 1,059 — 64 995 
Accrued investment income1,494 1,494 — 1,494 — 
Other asset1,048 997 — — 997 
Liabilities:
Interest-sensitive contract liabilities (2)
$35,762 $35,135 $— $— $35,135 
Funds withheld at interest10,546 10,340 — — 10,340 
Long-term debt5,310 5,037 — — 5,037 
December 31, 2025:
Assets:
Mortgage loans$11,104 $11,044 $— $— $11,044 
Policy loans3,541 3,541 — 3,541 — 
Funds withheld at interest8,216 7,970 — — 7,970 
Limited partnerships – cost method72 98 — — 98 
Cash and cash equivalents1,708 1,708 1,708 — — 
Short-term investments91 91 91 — — 
Other invested assets1,271 1,051 2 68 981 
Accrued investment income1,296 1,296 — 1,296 — 
Other asset1,020 1,071 — — 1,071 
Liabilities:
Interest-sensitive contract liabilities (2)
$31,056 $31,013 $— $— $31,013 
Funds withheld at interest6,863 6,681 — — 6,681 
Long-term debt5,710 5,638 — — 5,638 
(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 $1.7 billion and $1.9 billion as of September 30, 2026 and December 31, 2025, respectively.

47

NOTE 13 INCOME TAX
The effective tax rate on pre-tax income for the three and nine months ended September 30, 2026, was 26.8% and 25.1%, respectively. The tax rate was higher than the U.S. statutory rate primarily due to the jurisdictional mix of earnings, adjustments related to tax return filings, and an increase in the valuation allowance against foreign tax credits, partially offset with the tax benefits received from taxes paid in foreign jurisdictions. The effective tax rate on pre-tax income for the three and nine months ended September 30, 2025, was 20.3% and 29.7%, respectively. The tax rate for the three months ended September 30, 2025, was lower than the U.S. statutory rate primarily due to the jurisdictional mix of earnings and the U.S. tax benefits received from taxes paid in foreign jurisdictions. The tax rate for the nine months ended September 30, 2025, was higher than the U.S. statutory rate primarily due to tax expense related to legal entity restructuring, the establishment of a valuation allowance on foreign tax credit carryforwards, as well as income earned in foreign jurisdictions with statutory rates higher than in the U.S. These increases were partially offset with benefits received from tax credits generated during the year.
NOTE 14 COMMITMENTS, CONTINGENCIES AND GUARANTEES
Commitments
Funding of Investments
The Company’s commitments to fund investments as of September 30, 2026 and December 31, 2025, are presented in the following table (dollars in millions):
September 30, 2026December 31, 2025
Limited partnerships and real estate joint ventures$2,373 $2,328 
Mortgage loans296 192 
Bank loans and private placements2,595 2,796 
Lifetime mortgages114 128 
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 September 30, 2026 and December 31, 2025.
Funding Agreements
Federal Home Loan Bank (“FHLB”) 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 September 30, 2026 and December 31, 2025, the Company had $1.2 billion and $1.3 billion of FHLB funding agreements outstanding, respectively. 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 (“FABN”)
The Company’s FABN program allows RGA Global Funding, a special-purpose, unaffiliated statutory trust, to offer up to $7 billion of its senior secured medium-term notes. The authorization was increased by RGA’s board of directors in July 2026 to $10 billion of such notes at any time outstanding. RGA Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from the Company. As of September 30, 2026 and December 31, 2025, the Company had $6.9 billion and $5.8 billion, respectively, outstanding, which are reflected in interest-sensitive contract liabilities.
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, an 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.

48

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 of use asset and lease obligation. As of September 30, 2026, 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 September 30, 2026 (dollars in millions):
Commitment PeriodMaximum Potential Obligation
2034$1,243 
20351,880 
20362,349 
20375,100 
20381,750 
20398,751 
2041720 
20463,000 
20494,750 
Support Agreements
RGA, Inc. and several of its subsidiaries are obligors under various capital maintenance agreements with its subsidiaries. Under these agreements, the obligor guarantees for specified periods of time (depending on jurisdiction) that the applicable subsidiary will meet specified capital and surplus levels. Given the amount of business that has been and is expected to be written by the applicable subsidiaries benefiting from these agreements, the Company anticipates that the obligors will have sufficient liquidity and capital to meet any obligations under these agreements.
NOTE 15 SEGMENT INFORMATION
Segments
The Company has nine geographic-based and business-based operational segments including a Corporate and Other segment. Geographic-based operations are further segmented into Traditional and Financial Solutions businesses. The Company’s geographic-based segments are U.S. and Latin America, Canada, Europe Middle East and Africa, and Asia Pacific.
Traditional reinsurance includes individual and group life and health, disability, long-term care and critical illness reinsurance. Financial Solutions includes asset-intensive reinsurance, longevity reinsurance, stable value products, pension risk transfer transactions and capital solutions products.
Corporate and Other revenues primarily include investment income from unallocated invested assets 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 corporate overhead and executive costs, interest expense related to debt and service business expenses. Additionally, Corporate and Other includes results from the Company’s FABNs issued prior to January 1, 2025. Effective January 1, 2025, newly issued FABNs are included in the U.S. Financial Solutions segment.
Segment Accounting Policies
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 in the 2025 Annual Report.
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 attributed 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.
49

There are no intersegment reinsurance transactions or revenues, and the Company does not have any material long-lived assets.
No individual client generated 10% or more of the Company’s total gross premiums and other revenues on a consolidated basis for the nine months ended September 30, 2026 and 2025. For the purpose of this disclosure, companies that are within the same insurance holding company structure are combined.
Financial Measures
The Company segment measure of profit or loss is adjusted operating income (loss) before income taxes. Adjusted operating income before income taxes does not equate to “Income (loss) before income taxes” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Company’s chief operating decision maker to evaluate segment performance and allocate resources and, consistent with authoritative guidance, is the measure of segment performance presented below. Adjusted operating income (loss) before income taxes is calculated as income before income taxes excluding, as applicable:
•Substantially all of the effects of net investment related gains and losses;
•Changes in the fair value of certain embedded derivatives;
•Changes in the fair value of contracts that provide market risk benefits;
•Non-economic losses at contract inception for direct pension risk transfer single premium business (which are amortized into adjusted operating income within adjusted claims and other policy benefits over the estimated lives of the contracts);
•Any net gain or loss from discontinued operations;
•The cumulative effect of any accounting changes;
•The impact of certain tax related items; and
•Any other items the Company believes are not indicative of the Company’s ongoing operations.
The Company’s significant segment expenses are (1) adjusted claims and other policy benefits, which exclude the non-economic losses at contract inception for direct pension risk transfer single premium business; (2) future policy benefits remeasurement gains and losses; (3) adjusted interest credited, which excludes the change in the fair value of embedded derivatives associated with equity-indexed annuity products; and (4) interest expense. See Note 15 – “Segment Information” in the Notes to Consolidated Financial Statements for additional information regarding the presentation of segment results and the Company’s definition of adjusted operating income.
The Company’s Chief Operating Decision Maker (“CODM”) is the President and Chief Executive Officer (“CEO”). The CEO uses segment adjusted operating income before income taxes to allocate resources (including employees and financial and capital resources) for each segment including consideration of future performance. The CEO considers performance on a monthly basis for segment adjusted operating income before income taxes when making decisions about allocating capital, personnel, evaluating market opportunities and future growth. The CEO also uses segment adjusted operating income before income taxes to assess the performance for each segment and for evaluating compensation of certain employees.
The Company does not report total assets by segment, as this metric is not used by the CEO to allocate resources or evaluate segment performance.

50

The following tables summarize the Company’s reportable segment revenues, significant expenses, measure of profit and loss and reconciliations to the Company’s consolidated totals (dollars in millions):
For the three months ended September 30, 2026:
U.S. and Latin AmericaCanadaEurope, Middle East and AfricaAsia PacificCorporate and OtherTotal
TraditionalFinancial SolutionsTraditionalFinancial SolutionsTraditionalFinancial SolutionsTraditionalFinancial Solutions
Segment revenues$2,248 $1,903 $410 $116 $598 $531 $953 $680 $230 $7,669 
Reconciliation of revenues
Investment and derivative gains (losses)(222)
Change in fair value of funds withheld embedded derivatives104 
Funds withheld gains (losses) – investment income1 
Investment income (loss) on unit-linked variable annuities— 
Other revenues (1)
(2)
Total consolidated revenues$7,550 
Less significant expenses (2):
Adjusted claims and other policy benefits1,745 1,298 320 92 517 357 761 318 — 
Future policy benefits remeasurement (gains) losses9 1 (23)(1)8 (9)(28)3 — 
Adjusted interest credited39 269 — — — 5 — 170 46 
Interest expense— — — — — — — — 96 
Other segment items (3)
279 216 50 8 52 27 101 97 110 
Adjusted operating income (loss) before income taxes$176 $119 $63 $17 $21 $151 $119 $92 $(22)$736 
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)(222)
Market risk benefits remeasurement gains (losses)26 
Change in fair value of funds withheld embedded derivatives104 
Funds withheld gains (losses) – investment income1 
Derivatives – interest credited(4)
Investment income (loss) on unit-linked variable annuities— 
Interest credited on unit-linked variable annuities— 
Interest expense on uncertain tax positions— 
Other reconciling items (4)
(17)
Income before income taxes per condensed consolidated statements of income$624 
(1)Includes market valuation adjustments on surrender charges and other immaterial items.
(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.
(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.
(4)Includes market valuation adjustments on surrender charges, pension risk transfer initial loss and other immaterial items.

51

For the nine months ended September 30, 2026:
U.S. and Latin AmericaCanadaEurope, Middle East and AfricaAsia PacificCorporate and OtherTotal
TraditionalFinancial SolutionsTraditionalFinancial SolutionsTraditionalFinancial SolutionsTraditionalFinancial Solutions
Segment revenues$6,784 $4,177 $1,228 $342 $1,846 $1,535 $2,840 $1,750 $631 $21,133 
Reconciliation of revenues
Investment and derivative gains (losses)(601)
Change in fair value of funds withheld embedded derivatives147 
Funds withheld gains (losses) – investment income(5)
Investment income (loss) on unit-linked variable annuities(1)
Other revenues (1)
8 
Total consolidated revenues$20,681 
Less significant expenses (2):
Adjusted claims and other policy benefits5,340 2,393 964 276 1,569 1,045 2,209 714 — 
Future policy benefits remeasurement (gains) losses(18)8 (26)(1)(3)(19)(24)42 — 
Adjusted interest credited135 872 — — — 19 — 464 134 
Interest expense— — — — — — — — 295 
Other segment items (3)
848 513 151 22 166 78 282 253 324 
Adjusted operating income (loss) before income taxes$479 $391 $139 $45 $114 $412 $373 $277 $(122)$2,108 
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)(601)
Market risk benefits remeasurement gains (losses)30 
Change in fair value of funds withheld embedded derivatives147 
Funds withheld gains (losses) – investment income(5)
Derivatives – interest credited(7)
Investment income (loss) on unit-linked variable annuities(1)
Interest credited on unit-linked variable annuities1 
Interest expense on uncertain tax positions(1)
Other reconciling items (4)
(1)
Income before income taxes per condensed consolidated statements of income$1,670 
(1)Includes market valuation adjustments on surrender charges and other immaterial items.
(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.
(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.
(4)Includes market valuation adjustments on surrender charges, pension risk transfer initial loss and other immaterial items.
52

For the three months ended September 30, 2025:
U.S. and Latin AmericaCanadaEurope, Middle East and AfricaAsia PacificCorporate and OtherTotal
TraditionalFinancial SolutionsTraditionalFinancial SolutionsTraditionalFinancial SolutionsTraditionalFinancial Solutions
Segment revenues$2,190 $1,070 $398 $106 $597 $387 $956 $365 $181 $6,250 
Reconciliation of revenues
Investment and derivative gains (losses)1 
Change in fair value of funds withheld embedded derivatives(33)
Funds withheld gains (losses) – investment income(19)
Investment income (loss) on unit-linked variable annuities(1)
Other revenues (1)
6 
Total consolidated revenues$6,204 
Less significant expenses (2):
Adjusted claims and other policy benefits1,769 511 307 92 516 253 761 135 — 
Future policy benefits remeasurement (gains) losses(46)2 (8)— 216 (37)(41)(1)— 
Adjusted interest credited61 324 1 — — 7 — 107 47 
Interest expense— — — — — — — — 98 
Other segment items (3)
270 133 55 7 57 24 98 53 94 
Adjusted operating income (loss) before income taxes$136 $100 $43 $7 $(192)$140 $138 $71 $(58)$385 
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)1 
Market risk benefits remeasurement gains (losses)1 
Change in fair value of funds withheld embedded derivatives(33)
Funds withheld gains (losses) – investment income(19)
Derivatives – interest credited(1)
Investment income (loss) on unit-linked variable annuities(1)
Interest credited on unit-linked variable annuities1 
Interest expense on uncertain tax positions— 
Other reconciling items (4)
(14)
Income before income taxes per condensed consolidated statements of income$320 
(1)Includes market valuation adjustments on surrender charges and other immaterial items.
(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.
(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.
(4)Includes market valuation adjustments on surrender charges, pension risk transfer initial loss and other immaterial items.

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For the nine months ended September 30, 2025:
U.S. and Latin AmericaCanadaEurope, Middle East and AfricaAsia PacificCorporate and OtherTotal
TraditionalFinancial SolutionsTraditionalFinancial SolutionsTraditionalFinancial SolutionsTraditionalFinancial Solutions
Segment revenues$6,701 $1,985 $1,188 $321 $1,777 $1,036 $2,695 $1,060 $505 $17,268 
Reconciliation of revenues
Investment and derivative gains (losses)(147)
Change in fair value of funds withheld embedded derivatives(41)
Funds withheld gains (losses) – investment income(17)
Investment income (loss) on unit-linked variable annuities(1)
Other revenues (1)
1 
Total consolidated revenues$17,063 
Less significant expenses (2):
Adjusted claims and other policy benefits5,464 787 920 276 1,532 644 2,133 438 — 
Future policy benefits remeasurement (gains) losses3 (1)(3)— 214 (43)(67)(6)— 
Adjusted interest credited127 577 1 — — 20 — 284 139 
Interest expense— — — — — — — — 268 
Other segment items (3)
827 358 167 18 155 69 281 137 258 
Adjusted operating income (loss) before income taxes$280 $264 $103 $27 $(124)$346 $348 $207 $(160)$1,291 
Reconciliation of adjusted operating income (loss) before income taxes
Investment and derivative gains (losses)(147)
Market risk benefits remeasurement gains (losses)(11)
Change in fair value of funds withheld embedded derivatives(41)
Funds withheld gains (losses) – investment income(17)
Derivatives – interest credited(13)
Investment income (loss) on unit-linked variable annuities(1)
Interest credited on unit-linked variable annuities1 
Interest expense on uncertain tax positions— 
Other reconciling items (4)
(32)
Income before income taxes per condensed consolidated statements of income$1,030 
(1)Includes market valuation adjustments on surrender charges and other immaterial items.
(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.
(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.
(4)Includes market valuation adjustments on surrender charges, pension risk transfer initial loss and other immaterial items.





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NOTE 16 FINANCING ACTIVITIES
2026 Subordinated Debt Issuance
On March 3, 2026, the Company issued 6.375% fixed-rate reset subordinated debentures due 2056 with a face amount of $400 million and used the net proceeds for general corporate purposes. Capitalized issuance costs were $5 million.
2056 Subordinated Debt Redemption
On May 1, 2026, a notice of redemption was issued to the holders of all the Company’s outstanding $400 million aggregate principal amount 5.75% Fixed-to-Floating Rate Subordinated Debentures due 2056 (the “2056 Debentures”) in accordance with the terms of the indenture governing the 2056 Debentures. The 2056 Debentures were redeemed in full on June 15, 2026, at a redemption price equal to 100% of the outstanding principal amount thereof, plus accrued and unpaid interest thereon.
2026 Senior Notes Maturity
The Company’s $400 million 3.95% Senior Debentures due 2026 matured and were paid in full on September 15, 2026.

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 not applicable or expected to have a minimal impact on the Company’s condensed consolidated financial statements.
DescriptionAnticipated Date of AdoptionEffect on the Consolidated Financial Statements
Standards not yet adopted:
Disaggregation of Income Statement Expenses
This standard requires disclosure, in the notes to the financial statements, of specific information about certain costs and expenses. Early adoption is permitted.
December 31, 2027The 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 expand the Company’s disclosures but will have no impact on its results of operations or financial position.
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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 Reinsurance Group of America, Incorporated (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) changes in mortality, morbidity, policyholder behavior, claims experience, investment returns, interest rates, expenses and other factors as compared to our pricing assumptions; (2) investment results, whether from changes in economic, capital- and credit-market conditions, asset selection, or otherwise, and their impact on the Company’s investment securities, liquidity, portfolio yields, credit quality, access to capital, cost of capital, and amount of capital required for regulatory and contractual purposes; (3) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company; (4) the availability, amount, cost, and market value of collateral necessary for regulatory reserves, capital, and client obligations; (5) changes in laws and regulations, tax policy and rates, accounting standards, and privacy, data security and cybersecurity regulations applicable to the Company, and actions by regulators with authority over the Company’s operations, as well as regulatory restrictions on the ability of Company subsidiaries to pay dividends to the Company; (6) the impact of general economic conditions in the U.S. and globally, including as a result of inflation, interest rate levels, geopolitical instability, and impacts from the imposition of, or changes in tariffs, as well as the stability of and actions by governments, central banks, and economies in jurisdictions where the Company operates, affecting interest rates, markets generally, or the demand for insurance and reinsurance; (7) the stability and financial performance of clients, reinsurers, third-party investment managers and other institutions and the effects of the Company’s dependence on such third parties; (8) the effectiveness of the Company’s risk management strategy, policy, and procedures, whether relating to reinsurance, investment strategy, operations, or otherwise; (9) the impact of impairments of the value of the Company’s investment securities on the Company’s capital requirements and the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective; (10) the threat of catastrophic events such as pandemics, epidemics, other major health issues, natural disasters, war, military actions (including conflicts in the Middle East), and terrorism or other acts of violence; (11) competitive factors and competitors' responses to the Company’s initiatives; (12) development and introduction of new products and distribution opportunities and entry into new lines of business and markets; (13) the impact of the development and adoption of artificial intelligence; (14) the effect of acquisitions and other significant transactions, including risks related to the integration of acquired blocks of business and entities and the Company's ability to achieve the expected benefits of such transactions, including the transaction entered into with subsidiaries of Equitable Holdings, Inc. on July 31, 2025; (15) 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; (16) adverse developments with respect to litigation, arbitration, or regulatory investigations or actions; (17) risks associated with our international operations, including related to fluctuation in foreign currency exchange rates; and (18) 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, except as required under applicable securities law. For a discussion of the 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 2025 Annual Report, as may be supplemented by Item 1A – “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q and in the Company’s other periodic and current reports filed with the SEC.
Overview
The Company is among the leading global providers of life reinsurance and financial solutions, with $4.4 trillion of life reinsurance in force and assets of $169.5 billion as of September 30, 2026. Traditional reinsurance includes individual and
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group life and health, disability, and critical illness reinsurance. Financial solutions includes longevity reinsurance, asset-intensive reinsurance, pension risk transfer, 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 reinsurance 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 or longer. To a lesser extent, the Company also reinsures certain health business, typically 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 insured individuals, and the exercise of recapture options by ceding companies. The Company’s Financial Solutions business, including significant asset-intensive and longevity risk transactions, allows 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 solutions that enable plan sponsors 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 are 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 that 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. The Company uses this revised information in preparing its condensed consolidated financial statements, and the resulting financial effects 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.
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Consolidated Results of Operations
Actuarial Assumptions Update
The Company’s annual assumptions review, completed in the third quarter of 2026, did not have a material impact on the Company’s pre-tax income. The 2025 pre-tax loss was primarily due to updated mortality assumptions in the U.K.
The following table summarizes the pre-tax impact, net of reinsurance, of assumptions updates for the nine months ended September 30, 2026 and 2025 for each segment’s long-duration and other insurance business (dollars in millions):
September 30,
2026
2025
Long-duration business:
U.S. and Latin America – Traditional $12 $39 
U.S. and Latin America – Financial Solutions(8)— 
Canada – Traditional22 9 
Canada – Financial Solutions— — 
Europe, Middle East and Africa – Traditional(31)(222)
Europe, Middle East and Africa – Financial Solutions— 24 
Asia Pacific – Traditional16 1 
Asia Pacific – Financial Solutions(4)— 
Impact of assumptions updates for long-duration business7 (149)
Impact of assumptions updates for other insurance business(7)— 
Total impact of assumptions updates $— $(149)
Consolidated income before income taxes
The following table summarizes the changes in net income for the periods presented (dollars in millions, except per share data):
Three months ended September 30,Nine months ended September 30,
202620252026 vs 2025202620252026 vs 2025
Revenues
Net premiums$5,352 $4,280 $1,072 $14,419 $12,450 $1,969 
Net investment income1,934 1,475 459 5,499 4,115 1,384 
Investment related losses, net(85)13 (98)(331)(110)(221)
Other revenues349 436 (87)1,094 608 486 
Total revenues7,550 6,204 1,346 20,681 17,063 3,618 
Benefits and expenses
Claims and other policy benefits5,420 4,356 1,064 14,519 12,223 2,296 
Future policy benefits remeasurement (gains) losses(40)85 (125)(41)97 (138)
Market risk benefits remeasurement (gains) losses(26)(1)(25)(30)11 (41)
Interest credited533 547 (14)1,630 1,160 470 
Policy acquisition costs and other insurance expenses586 471 115 1,606 1,321 285 
Other operating expenses357 328 29 1,031 953 78 
Interest expense96 98 (2)296 268 28 
Total benefits and expenses6,926 5,884 1,042 19,011 16,033 2,978 
 Income before income taxes
624 320 304 1,670 1,030 640 
Provision for income taxes167 65 102 418 306 112 
Net income$457 $255 $202 $1,252 $724 $528 
Net income attributable to noncontrolling interest1 2 (1)4 5 (1)
Net income available to RGA, Inc. shareholders$456 $253 $203 $1,248 $719 $529 
Earnings per share
Basic earnings per share$6.98 $3.85 $3.13 $19.09 $10.89 $8.20 
Diluted earnings per share$6.92 $3.81 $3.11 $18.91 $10.78 $8.13 
Consolidated results
Three months ended September 30, 2026 compared to three months ended September 30, 2025
Income before income taxes increased by $304 million for the three months ended September 30, 2026, compared with the same period in 2025. The increase was primarily attributable to the following:
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•Higher net investment income, excluding variable investment income, from growth in invested assets and higher new money rates earned on recent investments.
•Higher variable investment income primarily from limited partnerships and real estate joint venture sales, which increased revenues and contributed to the improvement in income before income taxes.
•Favorable claims experience across all of the Company’s operating segments, which reduced claims and other policy benefits relative to expected experience.
•The completion of the Company’s annual assumption review during the third quarter of 2026 did not have an impact on the results for the current period. The 2025 assumption update resulted in a loss of $149 million. See Note 4 – “Future Policy Benefits” for additional information.
•Unrealized gains due to changes in fair value of funds withheld embedded derivative associated with reinsurance agreements written on a modified coinsurance basis and certain agreements written on a coinsurance basis.
The increase was partially offset by the following:
•Higher investment related losses due to realized losses from portfolio repositioning and unrealized losses due to changes in fair value of certain limited partnership investments.
•Net losses on freestanding derivatives.
Nine months ended September 30, 2026 compared to nine months ended September 30, 2025
Income before income taxes increased by $640 million for the nine months ended September 30, 2026, compared with the same period in 2025. The increase was primarily attributable to:
•The Company executed reinsurance contracts with subsidiaries of Equitable Holdings, Inc. (the “Equitable Holdings Transaction”) on July 31, 2025. Pursuant to these agreements, the Company’s U.S. Financial Solutions segment assumed a 75% quota share of Equitable Holdings’ in force individual life insurance liabilities on a coinsurance and modified coinsurance basis, consisting of a diversified mix of life products and account value liabilities, with total liabilities of approximately $12 billion. This transaction increased the U.S. Financial Solutions adjusted operating income before income taxes by $105 million during the nine month period ended September 30, 2026.
•Higher variable investment income primarily from limited partnerships and real estate joint venture sales, which increased revenues and contributed to the improvement in income before income taxes.
The increase was partially offset by the following:
•Higher investment related losses resulting from realized losses due to portfolio repositioning and unrealized losses due to changes in fair value of certain limited partnership investments.
Fluctuations in foreign currency to U.S. dollar exchange rates
Foreign currency exchange fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations did not have a material impact on income before income taxes for the three and nine months ended September 30, 2026. Unless otherwise stated, all amounts discussed below are net of foreign currency exchange fluctuations.
Investment related losses
The increase in investment related losses, net was due to the following:
•During the three and nine months ended September 30, 2026, the Company repositioned its investment portfolio to generate higher yields, resulting in net realized losses of $102 million and $296 million, respectively, compared to net capital gains of $31 million and net capital losses of $55 million for the three and nine months ended September 30, 2025, respectively.
•During the three and nine months ended September 30, 2026, the fair value of certain limited partnership investments decreased by $42 million and $71 million, respectively, compared to a decrease of $1 million and $22 million for the three and nine months ended September 30, 2025, respectively.
•For the three and nine months ended September 30, 2026, changes in the fair value of funds withheld embedded derivative associated with reinsurance agreements written on a modified coinsurance basis and certain agreements written on a coinsurance basis increased by $104 million and $147 million, respectively, compared to a decrease of $33 million and $41 million for the three and nine months ended September 30, 2025, respectively.
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•The Company incurred $71 million and $150 million of changes in allowance for credit losses and impairments during the three and nine months ended September 30, 2026, respectively, compared to $35 million and $111 million during the three and nine months ended September 30, 2025, respectively.
The increase was partially offset by the following:
•For the three months ended September 30, 2026, changes in the fair value of free standing derivatives decreased by $29 million compared to an increase of $32 million for the three months ended September 30, 2025, respectively. For the nine months ended September 30, 2026, changes in the fair value of free standing derivatives increased by $2 million compared to an increase of $80 million for the nine months ended September 30, 2025, respectively.
See the Investment section within Management Discussion and Analysis, Note 10 – “Investments” and Note 11 – “Derivative Instruments” in the Notes to Condensed Consolidated Financial Statements for additional information on the changes in allowance for credit losses, impairment losses and derivatives.
Market risk benefits
Market risk benefits consist of guaranteed minimum benefits associated with the Company’s reinsurance of variable and indexed annuities. The change in fair value of the freestanding derivatives purchased by the Company to hedge the liability is reflected in investment related gains (losses), net. 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 $22 million for the three and nine months ended September 30, 2026. 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 $7 million and $9 million for the three and nine months ended September 30, 2025, respectively.
Non-economic changes in insurance liabilities
Non-economic changes in insurance liabilities include the initial loss on Pension Risk Transfer (“PRT”) transactions, net of amortization, and changes in the fair value of embedded derivatives associated with the Company’s reinsurance of equity-indexed annuity products. 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. The Company non-economic losses were $16 million for the three and nine months ended September 30, 2026, compared to losses of $12 million and $41 million for the three and nine months ended September 30, 2025, respectively.
Income taxes
The effective tax rate was 26.8% and 25.1%, for the three and nine months ended September 30, 2026, respectively, compared to 20.3% and 29.7% for the three and nine months ended September 30, 2025. See Note 13 – “Income Tax” in the Notes to Condensed Consolidated Financial Statements for additional information on the Company’s consolidated effective tax rate.
Consolidated adjusted operating income before income taxes
Non-GAAP Measure – Consolidated adjusted operating income before income taxes is not determined in accordance with U.S. GAAP. The Company principally uses consolidated adjusted operating income before income taxes in evaluating performance because the Company believes that such measure, when reviewed in conjunction with the relevant U.S. GAAP measure (income before income taxes), presents a clearer picture of its operating performance and assists the Company in the allocation of its resources.
The Company believes that this non-GAAP financial measure provides investors and other third parties with a better understanding of the Company’s results of operations, financial statements and underlying profitability drivers and trends of the Company’s businesses by excluding specified items that may not be indicative of the Company’s ongoing operating performance and may fluctuate significantly from period to period. This measure should be considered supplementary to the Company’s financial results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way the Company calculates such measures. Consequently, the Company’s non-GAAP financial measures may not be comparable to similar measures used by other companies.
Adjusted operating income (loss) before income taxes is calculated as income (loss) before income taxes excluding, as applicable:
•Substantially all of the effect of net investment related gains and losses;
•Changes in the fair value of certain embedded derivatives;
•Changes in the fair value of contracts that provide market risk benefits;
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•The Company’s non-economic losses at contract inception for direct pension risk transfer single premium business (which are amortized into adjusted operating income within adjusted claims and other policy benefits over the estimated lives of the contracts);
•Any net gain or loss from discontinued operations;
•The cumulative effect of any accounting changes;
•The impact of certain tax related items; and
•Any other items the Company believes are not indicative of the Company’s ongoing operations.
See “Segment Accounting Policies” within Note 15 – “Segment Information” in the Notes to Condensed Consolidated Financial Statements for additional information regarding the presentation of segment results and the Company’s definition of adjusted operating income.
Reconciliation of income before income taxes to adjusted operating income (loss) before income taxes
The reconciliation of consolidated income before income taxes to consolidated adjusted operating income before income taxes is shown below for the periods presented (dollars in millions):
Three months ended September 30,Nine months ended September 30,
202620252026 vs 2025202620252026 vs 2025
Income before income taxes$624 $320 $304 $1,670 $1,030 $640 
Investment and derivative (gains) losses222 (1)223 601 147 454 
Market risk benefits remeasurement (gains) losses(26)(1)(25)(30)11 (41)
Change in fair value of funds withheld embedded derivatives(104)33 (137)(147)41 (188)
Funds withheld (gains) losses – investment income(1)19 (20)5 17 (12)
Derivatives – interest credited4 1 3 7 13 (6)
Investment income on unit-linked variable annuities— 1 (1)1 1 — 
Interest credited on unit-linked variable annuities— (1)1 (1)(1)— 
Interest expense on uncertain tax positions— — — 1 — 1 
Other17 14 3 1 32 (31)
Adjusted operating income before income taxes$736 $385 $351 $2,108 $1,291 $817 
Three months ended September 30, 2026 compared to three months ended September 30, 2025
Adjusted operating income before income taxes increased by $351 million for the three months ended September 30, 2026, compared with the same period in 2025. The increase was primarily attributable to earnings from new transactions, growth in net investment income and favorable claims experience.
The increase in adjusted operating income before income taxes was primarily the result of the following:
•Higher net investment income from growth in invested assets and higher new money rates earned on recent investments.
•Favorable claims experience across all of the Company’s operating segments, which reduced claims and other policy benefits relative to expected experience.
•The completion of the Company’s annual assumption review during the third quarter of 2026 did not have an impact on the consolidated results for the current period. The 2025 assumption update resulted in a loss of $149 million. See Note 4 – “Future Policy Benefits” for additional information.
Nine months ended September 30, 2026 compared to nine months ended September 30, 2025
The increase in adjusted operating income before income taxes was primarily the result of the following:
•Favorable impacts from the Equitable Holdings transaction completed in the third quarter of 2025.
•Variable investment income, excluding spread related business, was $144 million for the nine months ended September 30, 2026, compared to $53 million in the prior year.
•Higher net investment income from growth in invested assets and higher new money rates earned on recent investments.
•Favorable claims experience across all of the Company’s operating segments.
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•The completion of the Company’s annual assumption review during the third quarter of 2026 did not have an impact on the consolidated results for the current period. The 2025 assumption update resulted in a loss of $149 million. See Note 4 – “Future Policy Benefits” for additional information.
Fluctuations in foreign currency to U.S. dollar exchange rates
Foreign currency exchange fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations did not have a material impact on income before income taxes for the three and nine months ended September 30, 2026. Unless otherwise stated, all amounts discussed below are net of foreign currency exchange fluctuations.
Premiums and business growth
The increases in net premiums for the three and nine months ended September 30, 2026, were primarily due to organic growth and new business production. Organic growth and new business production, measured by the face amount of life reinsurance in force, were $389.5 billion and $606.4 billion during the nine months ended September 30, 2026 and 2025, respectively. Consolidated assumed life reinsurance in force increased to $4,378.5 billion as of September 30, 2026, from $4,320.8 billion as of September 30, 2025, primarily due to new business production.
Net investment income
The increases in net investment income for the three and nine months ended September 30, 2026, were primarily due to an increase in the average invested asset base and higher risk-free rates earned on new investments, and an increase in variable investment income from limited partnerships and real estate joint ventures sales. The following summarizes the primary drivers contributing to the increases in net investment income for the three and nine months ended September 30, 2026:
•The average invested assets at amortized cost, excluding spread related business, totaled $49.4 billion and $45.1 billion, for the nine months ended September 30, 2026 and 2025, respectively.
•The average yield earned on investments, excluding spread related business, was 5.26% and 4.73% for the three months ended September 30, 2026 and 2025, respectively, and 5.17% and 4.91% for the nine months ended September 30, 2026 and 2025, respectively. The increase in investment yield for the three months ended September 30, 2026, in comparison with the same period in the prior year, was primarily due to an increase in variable investment income. The increase in investment yield for the nine months ended September 30, 2026, in comparison with the same period in the prior year, was primarily due to an increase in variable investment income from limited partnerships and real estate joint venture sales.
The average yield will vary from year to year 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 limited partnerships and real estate joint ventures will also vary from year to year and is highly dependent on the timing of dividends and distributions on certain investments, in addition to the sale of the underlying property in the case of real estate joint ventures. Investment income is allocated to the operating segments based upon average assets and related capital levels deemed appropriate to support segment operations.
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Results of Operations by Segment
As noted above, adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to the Company’s management for purposes of making decisions about allocating resources to the Company’s business segments and assessing business segment performance. It is presented in the Company’s financial statement footnotes in accordance with U.S. GAAP. The Company’s significant segment expenses are (1) adjusted claims and other policy benefits, which excludes the non-economic losses at contract inception for direct pension risk transfer single premium business; (2) future policy benefits remeasurement gains and losses; (3) adjusted interest credited, which excludes the change in the fair value of embedded derivatives associated with equity-indexed annuity products; and (4) interest expense. See Note 15 – “Segment Information” in the Notes to Consolidated Financial Statements for additional information regarding the presentation of segment results and the Company’s definition of adjusted operating income.
U.S. and Latin America Operations
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, long-term care, universal life products and, to a lesser extent, group reinsurance. The Financial Solutions segment consists of Asset-Intensive and Capital Solutions. Asset-Intensive within the Financial Solutions segment includes coinsurance of products which primarily exhibit interest rate and market risks such as annuities, corporate-owned life insurance policies, PRT group annuity contracts and, to a lesser extent, fee-based synthetic guaranteed investment contracts, indexed and variable life insurance, investment only and stable value contracts. Effective January 1, 2025, newly issued FABN issuances are included in the U.S. Financial Solutions segment. Capital Solutions within the Financial Solutions segment primarily involves 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 U.S. GAAP due to the low-risk nature of the transactions; therefore, only the related net fees are reflected in other revenues.
On July 31, 2025, the Company executed reinsurance contracts with subsidiaries of Equitable Holdings. Pursuant to these agreements, the Company’s U.S. Financial Solutions segment assumed a 75% quota share of Equitable Holdings’ in force individual life insurance liabilities on a coinsurance and modified coinsurance basis, consisting of a diversified mix of life products and account value liabilities, with total liabilities of approximately $12 billion.
The following table sets forth the U.S. and Latin America operating results for the periods indicated (dollars in millions). See additional information in the Traditional and Financial Solutions sections.
Three months ended September 30,Nine months ended September 30,
202620252026 vs 2025202620252026 vs 2025
Total segment revenues4,151 3,260 891 10,961 8,686 2,275 
Total adjusted benefits and expenses3,856 3,024 832 10,091 8,142 1,949 
Adjusted operating income before income taxes$295 $236 $59 $870 $544 $326 
The increase in adjusted operating income before income taxes for the three months ended September 30, 2026, was primarily due to the favorable contributions from previously executed in-force actions in the Traditional segment and higher variable investment income in the current year, partially offset by less favorable impact of assumptions updates in the current year. The increase for the nine months ended September 30, 2026, was primarily due to favorable claims experience in the current year, higher variable investment income and the inclusion of a full nine months of the Equitable Holdings transaction, which was executed on July 31, 2025.
63

Traditional Reinsurance
Three months ended September 30,Nine months ended September 30,
202620252026 vs 2025202620252026 vs 2025
Segment revenues
Net premiums$1,930 $1,883 $47 $5,823 $5,823 $— 
Net investment income303 282 21 893 835 58 
Investment related gains (losses), net4 14 (10)24 20 4 
Other revenues11 11 — 44 23 21 
Total segment revenues2,248 2,190 58 6,784 6,701 83 
Adjusted benefits and expenses
Adjusted claims and other policy benefits1,745 1,769 (24)5,340 5,464 (124)
Future policy benefits remeasurement (gains) losses9 (46)55 (18)3 (21)
Adjusted interest credited39 61 (22)135 127 8 
Policy acquisition costs and other insurance expenses215 209 6 661 651 10 
Other operating expenses64 61 3 187 176 11 
Total adjusted benefits and expenses2,072 2,054 18 6,305 6,421 (116)
Adjusted operating income before income taxes$176 $136 $40 $479 $280 $199 
Key metrics
Life reinsurance in force$1,938.3 billion$1,860.7 billion
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$(12)$(39)$(12)$(39)
Effect of actual variances from expected experience$21 $(7)$(6)$42 
Loss ratio (1)
90.9 %91.5 %91.4 %93.9 %
Policy acquisition costs and other insurance expenses as a percentage of net premiums11.1 %11.1 %11.4 %11.2 %
Other operating expenses as a percentage of net premiums3.3 %3.2 %3.2 %3.0 %
(1)Includes adjusted claims and other policy benefits and future policy benefits remeasurement (gains) losses.
The increases in adjusted operating income before income taxes for the three and nine months ended September 30, 2026, were primarily due to favorable claims experience and variable investment income, partially offset by less favorable impact from the Company’s annual assumptions review in the current period.
Three months ended September 30, 2026 compared to three months ended September 30, 2025
Segment revenues
•The increase in net premiums was due to organic growth.
•The increase in net investment income was primarily due to favorable investment yields, an increase in variable investment income and a higher asset base supporting the business.
Adjusted benefits and expenses
•During the three months ended September 30, 2026 and 2025, the Company completed its annual assumptions review resulting in net favorable assumptions updates totaling $12 million and $39 million, respectively, primarily due to updated mortality assumptions. See Note 4 – “Future Policy Benefits” for additional information.
•Adjusted interest credited is primarily associated with the reinsurance of equity-indexed life products. The effect on interest credited related to equity markets is substantially offset by a corresponding increase in the fair value of equity options reported in investment related gains (losses), net.
Nine months ended September 30, 2026 compared to nine months ended September 30, 2025
Segment revenues
•The increase in net investment income was primarily due to favorable investment yields and a higher asset base supporting the business.
•The segment added new life business, measured by face amount of life reinsurance in force, of $155.3 billion and $135.1 billion during the nine months ended September 30, 2026 and 2025, respectively.
Adjusted benefits and expenses
64

•The future policy benefits remeasurement gain was due to favorable claims experience in the current period partially offset by lower remeasurement gains from the Company’s annual assumptions review.
Financial Solutions
The following table sets forth the U.S. and Latin America Financial Solutions segment operating results for the periods indicated (dollars in millions):
Three months ended September 30,Nine months ended September 30,
202620252026 vs 2025202620252026 vs 2025
Segment revenues
Net premiums$1,007 $227 $780 $1,537 $331 $1,206 
Net investment income599 476 123 1,749 1,184 565 
Investment related gains (losses), net10 16 (6)45 16 29 
Other revenues287 351 (64)846 454 392 
Total segment revenues1,903 1,070 833 4,177 1,985 2,192 
Adjusted benefits and expenses
Adjusted claims and other policy benefits1,298 511 787 2,393 787 1,606 
Future policy benefits remeasurement (gains) losses1 2 (1)8 (1)9 
Market risk benefits remeasurement (gains) losses— — — — — — 
Adjusted interest credited269 324 (55)872 577 295 
Policy acquisition costs and other insurance expenses192 111 81 444 288 156 
Other operating expenses24 22 2 69 70 (1)
Total adjusted benefits and expenses1,784 970 814 3,786 1,721 2,065 
Adjusted operating income before income taxes$119 $100 $19 $391 $264 $127 
Key metrics
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$8 $— $8 $— 
Effect of actual variances from expected experience$(7)$2 $— $(1)
The increases in adjusted operating income before income taxes for the three and nine months ended September 30, 2026, were primarily due to favorable variable investment income.
Three months ended September 30, 2026 compared to three months ended September 30, 2025
Segment revenues
•The increase in net premiums was primarily due to single-premium PRT transactions executed in the current quarter which is offset by an associated increase in reserves reflected in adjusted claims and other policy benefits.
•The increase in net investment income was primarily due to favorable variable investment income and an increase in the invested asset base supporting asset-intensive transactions.
◦The book value of the invested asset base supporting asset-intensive transactions increased to $46.7 billion as of September 30, 2026, from $39.8 billion as of September 30, 2025, resulting in higher net investment income. As of September 30, 2026 and September 30, 2025, $3.0 billion and $3.3 billion, respectively, of the invested assets were funds withheld at interest, of which 90% or more was associated with two clients.
◦The increase in the asset base was primarily due to $8.7 billion from new transactions and growth from treaties open to new business, offset by $1.8 billion in run-off of existing in force transactions.
•The decrease in other revenues was primarily due to a decrease in policy charges on universal life-type policies associated with the Equitable Holdings transaction.
Adjusted benefits and expenses
•The increase in adjusted claims and other policy benefits and policy acquisition costs and other insurance expenses was primarily due to the execution of PRT transactions in the current quarter.
•The increase in policy acquisition costs and other insurance expenses was primarily due to retrocession transactions executed in the current quarter. Net investment income ceded on retrocessions is reported within policy acquisition costs and other insurance expenses.
•During the three months ended September 30, 2026, the Company completed its annual assumptions review resulting in net unfavorable assumptions updates totaling $8 million, primarily due to updated mortality assumptions. See Note 4 – “Future Policy Benefits” for additional information.
65

Nine months ended September 30, 2026 compared to nine months ended September 30, 2025
Segment revenues
•The increase in net premiums was primarily due to premiums received on the Equitable Holdings transaction in the current year.
•The increase in net investment income was primarily due to favorable variable investment income and an increase in the invested asset base supporting asset-intensive transactions.
•The increase in other revenues was primarily due to policy charges on universal life-type policies associated with the Equitable Holdings transaction.
Adjusted benefits and expenses
•The increases in adjusted claims and other policy benefits, adjusted interest credited and policy acquisition costs and other insurance expenses were primarily due to the Equitable Holdings transaction.
Reinsurance of separate accounts
•Certain of the Company’s reinsurance contracts, including the Equitable Holdings transaction, reinsure the ceding company’s separate account liabilities on a modified coinsurance basis. Under the terms of these arrangements, the ceding company retains the assets supporting the separate account liabilities. The Company receives a fee based on the policyholder’s account value and is not directly exposed to the investment performance of the separate account assets. Periodic settlements between the Company and the ceding company are net settled. The Company, having the right of offset, has offset assumed separate account assets and liabilities in its consolidated balance sheet. As of September 30, 2026 and December 31, 2025, the Company assumed $15.3 billion, net of reinsurance of $1.0 billion, and $16.7 billion of separate account liabilities.
Canada Operations
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, asset-intensive and capital solutions.
The following table sets forth the Canada operating results for the periods indicated (dollars in millions). See additional information in the Traditional and Financial Solutions sections.
Three months ended September 30,Nine months ended September 30,
202620252026 vs 2025202620252026 vs 2025
Total segment revenues526 504 22 1,570 1,509 61 
Total adjusted benefits and expenses446 454 (8)1,386 1,379 7 
Adjusted operating income before income taxes$80 $50 $30 $184 $130 $54 
The increases in adjusted operating income before income taxes for the three and nine months ended September 30, 2026, were primarily due to the favorable impact from annual assumptions updates, an increase in variable investment income and favorable experience in Traditional business.
Foreign currency exchange fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations resulted in an increase in adjusted operating income before income taxes of $1 million for the nine months ended September 30, 2026. Unless otherwise stated, all amounts discussed below are net of foreign currency exchange fluctuations.
66

Traditional Reinsurance
Three months ended September 30,Nine months ended September 30,
202620252026 vs 2025202620252026 vs 2025
Segment revenues
Net premiums$346 $326 $20 $1,033 $984 $49 
Net investment income64 69 (5)191 200 (9)
Investment related gains (losses), net— 2 (2)3 3 — 
Other revenues— 1 (1)1 1 — 
Total segment revenues410 398 12 1,228 1,188 40 
Adjusted benefits and expenses
Adjusted claims and other policy benefits320 307 13 964 920 44 
Future policy benefits remeasurement (gains) losses(23)(8)(15)(26)(3)(23)
Market risk benefits remeasurement (gains) losses— — — — — — 
Adjusted interest credited— 1 (1)— 1 (1)
Policy acquisition costs and other insurance expenses38 43 (5)113 127 (14)
Other operating expenses12 12 — 38 40 (2)
Total adjusted benefits and expenses347 355 (8)1,089 1,085 4 
Adjusted operating income before income taxes$63 $43 $20 $139 $103 $36 
Key metrics
Life reinsurance in force$523.8 billion$507.9 billion
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$(22)$(9)$(22)$(9)
Effect of actual variances from expected experience$(1)$1 $(4)$6 
Loss ratio (1)
85.8 %91.7 %90.8 %93.2 %
Policy acquisition costs and other insurance expenses as a percentage of net premiums11.0 %13.2 %10.9 %12.9 %
Other operating expenses as a percentage of net premiums3.5 %3.7 %3.7 %4.1 %
(1)Includes adjusted claims and other policy benefits and future policy benefits remeasurement (gains) losses.
The increase in adjusted operating income before income taxes for the three months ended September 30, 2026, was primarily due to the favorable impact from the annual assumptions updates and favorable experience in individual life business. The increase in adjusted operating income before income taxes for the nine months ended September 30, 2026, was primarily due to the favorable impact from the annual assumptions updates and favorable experience across all lines of business.
Three months ended September 30, 2026 compared to three months ended September 30, 2025
Segment revenues
•The increase in net premiums was primarily due to organic growth.
Adjusted benefits and expenses
•The decrease in the loss ratio was primarily due to favorable experience in individual life business.
Nine months ended September 30, 2026 compared to nine months ended September 30, 2025
Segment revenues
•The increase in net premiums was primarily due to organic growth and favorable foreign currency exchange fluctuations.
•The segment added new life business production, measured by face amount of life reinsurance in force, of $40.4 billion and $39.8 billion during the nine months ended September 30, 2026 and 2025, respectively.
Adjusted benefits and expenses
•The decrease in the loss ratio was primarily due to favorable experience across all lines of business.
•During the three months ended September 30, 2026 and 2025, the Company completed its annual assumptions review resulting in net favorable assumptions updates totaling $22 million and $9 million, respectively, primarily due to updated mortality assumptions. See Note 4 – “Future Policy Benefits” for additional information.

67

Financial Solutions
Three months ended September 30,Nine months ended September 30,
202620252026 vs 2025202620252026 vs 2025
Segment revenues
Net premiums$46 $46 $— $135 $143 $(8)
Net investment income68 58 10 201 167 34 
Investment related gains (losses), net— (1)1 (3)(1)(2)
Other revenues2 3 (1)9 12 (3)
Total segment revenues116 106 10 342 321 21 
Adjusted benefits and expenses
Claims and other policy benefits92 92 — 276 276 — 
Future policy benefits remeasurement (gains) losses(1)— (1)(1)— (1)
Market risk benefits remeasurement (gains) losses— — — — — — 
Interest credited— — — — — — 
Policy acquisition costs and other insurance expenses6 5 1 17 14 3 
Other operating expenses2 2 — 5 4 1 
Total adjusted benefits and expenses99 99 — 297 294 3 
Adjusted operating income before income taxes$17 $7 $10 $45 $27 $18 
Key metrics
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$— $— $— $— 
Effect of actual variances from expected experience$(1)$— $(1)$— 
The increase in adjusted operating income before income taxes for the three months ended September 30, 2026, was primarily due to higher variable investment income. The increase in adjusted operating income before income taxes for the nine months ended September 30, 2026, was primarily due to higher variable investment income, partially offset by less favorable experience in longevity business.
Europe, Middle East and Africa Operations
Europe, Middle East and Africa (“EMEA”) operations consist 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.
The following table sets forth the EMEA operating results for the periods indicated (dollars in millions). See additional information in the Traditional and Financial Solutions sections.
Three months ended September 30,Nine months ended September 30,
202620252026 vs 2025202620252026 vs 2025
Total segment revenues1,129 984 145 3,381 2,813 568 
Total adjusted benefits and expenses957 1,036 (79)2,855 2,591 264 
Adjusted operating income before income taxes$172 $(52)$224 $526 $222 $304 
The increases in adjusted operating income before income taxes for the three and nine months ended September 30, 2026, were primarily due to unfavorable assumptions updates in the prior year and growth in the underlying business.
Foreign currency exchange fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations resulted in decreases of $3 million on adjusted operating income before income taxes for the three months ended September 30, 2026, and increases of $10 million for the nine months ended September 30, 2026. Unless otherwise stated, all amounts discussed below are net of foreign currency exchange fluctuations.
68

Traditional Reinsurance
Three months ended September 30,Nine months ended September 30,
202620252026 vs 2025202620252026 vs 2025
Segment revenues
Net premiums$556 $562 $(6)$1,729 $1,675 $54 
Net investment income36 30 6 106 92 14 
Investment related gains (losses), net— — — (1)— (1)
Other revenues6 5 1 12 10 2 
Total segment revenues598 597 1 1,846 1,777 69 
Adjusted benefits and expenses
Adjusted claims and other policy benefits517 516 1 1,569 1,532 37 
Future policy benefits remeasurement (gains) losses8 216 (208)(3)214 (217)
Market risk benefits remeasurement (gains) losses— — — — — — 
Adjusted interest credited— — — — — — 
Policy acquisition costs and other insurance expenses24 30 (6)87 74 13 
Other operating expenses28 27 1 79 81 (2)
Total adjusted benefits and expenses577 789 (212)1,732 1,901 (169)
Adjusted operating income before income taxes$21 $(192)$213 $114 $(124)$238 
Key metrics
Life reinsurance in force$1,060.3 billion$1,125.7 billion
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$31 $222 $31 $222 
Effect of actual variances from expected experience$(23)$(6)$(34)$(8)
Loss ratio (1)
94.4 %130.2 %90.6 %104.2 %
Policy acquisition costs and other insurance expenses as a percentage of net premiums4.3 %5.3 %5.0 %4.4 %
Other operating expenses as a percentage of net premiums5.0 %4.8 %4.6 %4.8 %
(1)Includes adjusted claims and other policy benefits and future policy benefits remeasurement (gains) losses.
The increases in adjusted operating income before income taxes for the three and nine months ended September 30, 2026, were primarily due to unfavorable assumptions updates in the prior year.
Segment revenues
•The segment added new life business production, measured by face amount of life reinsurance in force, of $102.8 billion and $133.2 billion during the nine months ended September 30, 2026 and 2025, respectively.
Adjusted benefits and expenses
•The decreases in the loss ratios for the three and nine months ended September 30, 2026, were primarily due to a decrease in unfavorable assumptions updates and an improvement in mortality experience.
•During the three months ended September 30, 2026, the Company completed its annual assumptions review resulting in net unfavorable assumptions updates totaling $31 million, primarily due to updated mortality assumptions. The 2025 annual assumption update resulted in a loss of $222 million primarily due to updated mortality assumptions in the U.K. to reflect deterioration in mortality improvements and ongoing challenges within the healthcare system. See Note 4 – “Future Policy Benefits” for additional information.

69

Financial Solutions
Three months ended September 30,Nine months ended September 30,
202620252026 vs 2025202620252026 vs 2025
Segment revenues
Net premiums$367 $260 $107 $1,057 $696 $361 
Net investment income152 106 46 435 300 135 
Investment related gains (losses), net1 — 1 2 3 (1)
Other revenues11 21 (10)41 37 4 
Total segment revenues531 387 144 1,535 1,036 499 
Adjusted benefits and expenses
Adjusted claims and other policy benefits357 253 104 1,045 644 401 
Future policy benefits remeasurement (gains) losses(9)(37)28 (19)(43)24 
Market risk benefits remeasurement (gains) losses— — — — — — 
Adjusted interest credited5 7 (2)19 20 (1)
Policy acquisition costs and other insurance expenses4 3 1 11 6 5 
Other operating expenses23 21 2 67 63 4 
Total adjusted benefits and expenses380 247 133 1,123 690 433 
Adjusted operating income before income taxes$151 $140 $11 $412 $346 $66 
Key metrics
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$— $(24)$— $(24)
Effect of actual variances from expected experience$(9)$(13)$(19)$(19)
The increases in adjusted operating income before income taxes for the three and nine months ended September 30, 2026, were primarily due to increases in net premiums and net investment income, partially offset by an increase in adjusted claims and other policy benefits as a result of increased volumes of closed block longevity and asset-intensive business.
Segment revenues
•The increases in net premiums for the three and nine months ended September 30, 2026, were primarily due to increased volumes on new and existing treaties.
•The increases in net investment income for the three and nine months ended September 30, 2026, were primarily due to an increase in yields and an increase in invested assets supporting the segment.
Adjusted benefits and expenses
•The increases in adjusted claims and other policy benefits for the three and nine months ended September 30, 2026, were the result of increased volumes of closed block longevity and asset-intensive transactions.
•There were no changes to the segment actuarial assumptions as a result of the Company’s 2026 annual assumptions review completed in the third quarter. The 2025 annual assumptions update resulted in a gain of $24 million, primarily due to updated longevity based mortality in the U.K. See Note 4 – “Future Policy Benefits” for additional information.
Asia Pacific Operations
Asia Pacific operations include business generated by the Company’s 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.
The following table sets forth the Asia Pacific operating results for the periods indicated (dollars in millions). See additional information in the Traditional and Financial Solutions sections.
Three months ended September 30,Nine months ended September 30,
202620252026 vs 2025202620252026 vs 2025
Total segment revenues1,633 1,321 312 4,590 3,755 835 
Total adjusted benefits and expenses1,422 1,112 310 3,940 3,200 740 
Adjusted operating income before income taxes$211 $209 $2 $650 $555 $95 
70

The adjusted operating income before income taxes for the three months ended September 30, 2026, was in line with the prior year period. The increase in the adjusted operating income before income taxes for the nine months ended September 30, 2026, was primarily due to higher net investment income and business growth in both traditional reinsurance and financial solutions.
Foreign currency exchange fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations resulted in decreases of $9 million and $18 million in adjusted operating income before income taxes for the three and nine months ended September 30, 2026, respectively. Unless otherwise stated, all amounts discussed below are net of foreign currency exchange fluctuations.
Traditional Reinsurance
Three months ended September 30,Nine months ended September 30,
202620252026 vs 2025202620252026 vs 2025
Segment revenues
Net premiums$863 $880 $(17)$2,573 $2,473 $100 
Net investment income89 73 16 256 216 40 
Investment related gains (losses), net— — — 3 — 3 
Other revenues1 3 (2)8 6 2 
Total segment revenues953 956 (3)2,840 2,695 145 
Adjusted benefits and expenses
Adjusted claims and other policy benefits761 761 — 2,209 2,133 76 
Future policy benefits remeasurement (gains) losses(28)(41)13 (24)(67)43 
Market risk benefits remeasurement (gains) losses— — — — — — 
Adjusted interest credited— — — — — — 
Policy acquisition costs and other insurance expenses39 43 (4)111 117 (6)
Other operating expenses62 55 7 171 164 7 
Total adjusted benefits and expenses834 818 16 2,467 2,347 120 
Adjusted operating income before income taxes$119 $138 $(19)$373 $348 $25 
Key metrics
Life reinsurance in force$595.4 billion$546.1 billion
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$(16)$(1)$(16)$(1)
Effect of actual variances from expected experience$(12)$(40)$(8)$(66)
Loss ratio (1)
84.9 %81.8 %84.9 %83.5 %
Policy acquisition costs and other insurance expenses as a percentage of net premiums4.5 %4.9 %4.3 %4.7 %
Other operating expenses as a percentage of net premiums7.2 %6.3 %6.6 %6.6 %
(1)Includes adjusted claims and other policy benefits and future policy benefits remeasurement (gains) losses.
The decrease in adjusted operating income before income taxes for the three months ended September 30, 2026, was primarily due to a decrease in net premiums and a decrease in future policy benefits remeasurement gains, partially offset by an increase in net investment income. The increase in adjusted operating income before taxes for the nine months ended September 30, 2026, was primarily due to growth in traditional reinsurance business.
Three months ended September 30, 2026 compared to three months ended September 30, 2025
Segment revenues
•The decrease in segment revenues reflected a decrease in net premiums substantially offset by an increase in net investment income.
Adjusted benefits and expenses
•The increase in loss ratio was primarily due to unfavorable underwriting experience.
Nine months ended September 30, 2026 compared to nine months ended September 30, 2025
Segment revenues
•The increase in net premiums was primarily due to continued traditional reinsurance business growth.
•The segment added new life business production, measured by face amount of life reinsurance in force, of $74.3 billion and $41.5 billion during the nine months ended September 30, 2026 and 2025, respectively.
Adjusted benefits and expenses
71

•The increase in loss ratio was primarily due to unfavorable underwriting experience.
•During the three months ended September 30, 2026 and 2025, the Company completed its annual assumptions review resulting in net favorable assumptions updates totaling $16 million and $1 million, respectively, primarily due to updated mortality assumptions. See Note 4 – “Future Policy Benefits” for additional information.
Financial Solutions
Three months ended September 30,Nine months ended September 30,
202620252026 vs 2025202620252026 vs 2025
Segment revenues
Net premiums$237 $96 $141 $532 $325 $207 
Net investment income426 250 176 1,147 693 454 
Investment related gains (losses), net17 13 4 46 30 16 
Other revenues— 6 (6)25 12 13 
Total segment revenues680 365 315 1,750 1,060 690 
Adjusted benefits and expenses
Adjusted claims and other policy benefits318 135 183 714 438 276 
Future policy benefits remeasurement (gains) losses3 (1)4 42 (6)48 
Market risk benefits remeasurement (gains) losses— — — — — — 
Adjusted interest credited170 107 63 464 284 180 
Policy acquisition costs and other insurance expenses85 42 43 216 105 111 
Other operating expenses12 11 1 37 32 5 
Total adjusted benefits and expenses588 294 294 1,473 853 620 
Adjusted operating income before income taxes$92 $71 $21 $277 $207 $70 
Key metrics
Future policy benefits remeasurement (gains) losses
Effect of changes in cash flow assumptions$4 $— $4 $— 
Effect of actual variances from expected experience$(1)$(1)$38 $(6)
The increases in adjusted operating income before income taxes for the three and nine months ended September 30, 2026, were due to higher net investment income and new business growth.
The invested asset base supporting asset-intensive transactions increased to $40.5 billion as of September 30, 2026, from $28.7 billion as of September 30, 2025. The increase in the asset base compared to September 30, 2025, was primarily due to approximately $7.1 billion from recently executed transactions and net organic growth of $4.7 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 $2.7 billion and $2.3 billion for the nine months ended September 30, 2026 and 2025, 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.
Segment revenues
•The increases in net premiums for the three and nine months ended September 30, 2026, were due to recently executed transactions and increased contributions from existing in force blocks.
•The increases in net investment income for the three and nine months ended September 30, 2026, were due to a growing asset base and favorable variable investment performance.
•Other revenues increased for the nine months ended September 30, 2026, due to higher surrender charges.
Adjusted benefits and expenses
•The increases in adjusted claims and other policy benefits for the three and nine months ended September 30, 2026, were due to the growth of asset-intensive business.
•The increases in future policy benefits remeasurement losses for the three and nine months ended September 30, 2026, were primarily due to a model implementation for an in-force block. Favorable results in adjusted claims and other policy benefits, driven by the release of accruals related to the same business block, more than offset this impact.
•Adjusted interest credited and policy acquisition costs and other insurance expenses increased for the three and nine months ended September 30, 2026, due to the growth of asset-intensive business.
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Corporate and Other
Corporate and Other revenues primarily include investment income from unallocated invested assets 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, interest expense related to debt and service business expenses. Additionally, Corporate and Other includes results from the Company’s FABNs issued prior to January 1, 2025. Effective January 1, 2025, newly issued FABN issuances are included in the U.S. Financial Solutions segment.
Three months ended September 30,Nine months ended September 30,
(dollars in millions)202620252026 vs 2025202620252026 vs 2025
Segment Revenues
Net premiums$— $— $— $— $— $— 
Net investment income196 151 45 527 446 81 
Investment related gains (losses), net1 1 — 4 7 (3)
Other revenues33 29 4 100 52 48 
Total segment revenues230 181 49 631 505 126 
Adjusted benefits and expenses
Adjusted claims and other policy benefits— — — — — — 
Future policy benefits remeasurement (gains) losses— — — — — — 
Adjusted interest credited46 47 (1)134 139 (5)
Policy acquisition costs and other insurance expenses(17)(15)(2)(54)(53)(1)
Other operating expenses127 109 18 378 311 67 
Interest expense96 98 (2)295 268 27 
Total benefits and expenses252 239 13 753 665 88 
Adjusted operating income (loss) before income taxes$(22)$(58)$36 $(122)$(160)$38 
The decrease in adjusted operating loss before income taxes for the three months ended September 30, 2026, was primarily due to an increase in net investment income, partially offset by an increase in other operating expenses. The decrease in adjusted operating loss before income taxes for the nine months ended September 30, 2026, was primarily due to increases in net investment income and other revenues, partially offset by increases in other operating expenses and interest expense.
Segment revenues
•The increases in net investment income for the three and nine months ended September 30, 2026, were primarily due to an increase in yield primarily due to an increase in variable investment income.
•The increase in other revenues for the nine months ended September 30, 2026, was primarily due to income earned on a note receivable.
Adjusted benefits and expenses
•The increases in other operating expenses for the three and nine months ended September 30, 2026, were primarily due to an increase in compensation expense.
•The increase in interest expense for the nine months ended September 30, 2026, was primarily due to an increase in outstanding debt and repurchase agreements.
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 and the foreseeable future thereafter 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 that 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.
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Current Market Environment
The Company’s average investment yield, excluding spread related business, for the three months ended September 30, 2026, was 5.26%, 53 basis points above the same period in 2025. The average yield will vary from year to year 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 limited partnerships and real estate joint ventures will also vary from year to year and is highly dependent on the timing of dividends and distributions on certain investments, in addition to the sale of the underlying property in the case of real estate joint ventures. See additional discussion of investment yield under “Investments” below. Gross unrealized gains on fixed maturity securities available-for-sale decreased from $1.7 billion at December 31, 2025, to $464 million at September 30, 2026, and gross unrealized losses increased from $7.0 billion at December 31, 2025, to $13.6 billion at September 30, 2026.
The Company continues to be in a position to hold any investment security showing an unrealized loss until recovery, provided that it remains comfortable with the credit of the issuer. The Company does not rely on short-term funding or commercial paper and to date has experienced no liquidity pressure and does not anticipate such pressure in the foreseeable future.
The Company projects its reserves to be sufficient and does 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 it against a material increase in interest rates. While the Company has felt the pressures of sustained low interest rates, followed by significant increases 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 that 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 principal 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 affiliated surplus notes with 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 to operate its business and manage capital, RGA will continue to be dependent upon these sources of liquidity. The following tables present comparative information for RGA (dollars in millions):
Three months ended September 30,Nine months ended September 30,
2026202520262025
Interest and dividend income$503 $428 $1,054 $547 
Interest expense71 71 220 205 
Capital contributions to subsidiaries6 696 368 711 
Issuance of unaffiliated debt— — 400 700 
Repayment of unaffiliated debt400 — 800 — 
Dividends to shareholders64 61 186 179 
September 30, 2026December 31, 2025
Cash and invested assets$1,054 $1,360 
See Item 15, Schedule II – “Condensed Financial Information of the Registrant” in the 2025 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 2025 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 repurchased shares of RGA common stock and paid dividends to RGA shareholders, as authorized by the board of directors.
On January 29, 2026, 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. During the nine
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months ended September 30, 2026, the Company repurchased 765,739 shares of common stock under this program. As of September 30, 2026, the aggregate amount remaining under the Company’s share repurchase authorization was approximately $325 million.
Repurchases will be made in accordance with applicable securities laws, through market transactions, block trades, privately negotiated transactions or other means, or a combination of these methods, with the timing and number of shares repurchased dependent on a variety of factors, including share price, corporate and regulatory requirements, and market and business conditions. Repurchases may be commenced or suspended from time to time without prior notice.
Details underlying dividend and share repurchase program activity were as follows (in millions, except share data):
Nine months ended September 30,
20262025
Dividends to shareholders$186 $179 
Purchase of common stock (1)
175 75 
Total amount paid to shareholders$361 $254 
Number of common shares purchased (1)
765,739 406,337 
Average price per share$228.54 $184.58 
(1)Excludes shares utilized to execute and settle certain stock incentive awards.
In October 2026, RGA’s board of directors declared a quarterly dividend of $0.98 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. 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. As of September 30, 2026, the Company had no cash borrowings outstanding and no letters of credit issued under this facility. Under the terms of this facility, the Company is required to maintain a minimum consolidated net worth of $5.8 billion. 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 shareholders’ equity. A material ongoing covenant default could require immediate payment of the amount due, including principal, under the Company’s various debt 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 September 30, 2026 and December 31, 2025, the Company had $5.4 billion and $5.8 billion, respectively, in outstanding borrowings under its debt agreements and was in compliance with all covenants under those agreements. As of September 30, 2026 and December 31, 2025, the average interest rate on long-term debt outstanding was 5.49% and 5.33%, respectively. 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).
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On March 3, 2026, the Company issued 6.375% fixed-rate reset subordinated debentures due 2056 with a face amount of $400 million and used the net proceeds for general corporate purposes. Capitalized issuance costs were $5 million.
On May 1, 2026, a notice of redemption was issued to the holders of all of the Company’s outstanding $400 million aggregate principal amount 5.75% Fixed-to-Floating Rate Subordinated Debentures due 2056 (the “2056 Debentures”) in accordance with the terms of the indenture governing the 2056 Debentures. The 2056 Debentures were redeemed in full on June 15, 2026, at a redemption price equal to 100% of the outstanding principal amount thereof, plus accrued and unpaid interest thereon.
The Company’s $400 million 3.95% Senior Debentures due 2026 matured and were paid in full on September 15, 2026.
Based on the historic cash flows and the current financial results of the Company, management believes that RGA’s cash flows will be sufficient to enable RGA to meet its obligations for at least the next twelve 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 September 30, 2026, there were approximately $295 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 and support regulatory capital. The Company retrocedes business to its affiliates to help reduce the amount of regulatory capital required in certain jurisdictions, such as the U.S., Canada and U.K. The Company believes that the capital required to support the business retroceded to its affiliates reflects more realistic expectations than the original jurisdiction in which the business was written, where capital requirements are often considered to be quite conservative. As of September 30, 2026, $2.0 billion in letters of credit from various banks were outstanding, but undrawn, backing reinsurance between the various subsidiaries of the Company.
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 includes the following:
•A revolving credit facility under which the Company had availability of $850 million as of September 30, 2026.
•$195 million of funds available through collateralized borrowings from the FHLB as of September 30, 2026.
•A 30-year facility agreement with a Delaware trust that gives the Company the right, from time to time, to issue up to $1.0 billion of its 6.722% senior notes due 2055 in exchange for a corresponding amount of U.S. Treasury securities held by the trust. The Company can redeem the 6.722% senior notes due 2055 at any time, in whole or in part, at a price equal to the greater of par or a make-whole redemption price. There have been no senior note issuances by the Company under this facility agreement.
In addition to these facilities, the Company’s subsidiaries, RGA Reinsurance and RGA Americas Reinsurance Company, Ltd. (“RGA Americas”), maintain a $200 million committed credit facility to provide contingent capital to RGA Re and RGA Americas. As of September 30, 2026, 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 2025 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 or the recoverability of future claims. The Company’s management believes that its cash
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and cash equivalents as well as its current sources of liquidity are adequate to meet its cash requirements for the next twelve months.
Summary of Primary Sources and Uses of Liquidity and Capital
The Company’s primary sources and uses of liquidity and capital are for the nine months ended September 30, 2026 and 2025, respectively are summarized as follows (dollars in millions):
Nine months ended September 30,
20262025
Sources:
Net cash provided by operating activities$4,712 $3,239 
Proceeds from long-term debt issuance, net395 691 
Treasury stock reissued10 4 
Change in cash collateral for derivative positions and other arrangements— 1,222 
Change in deposit asset on reinsurance— 144 
Net deposits to investment-type policies and contracts6,740 5,047 
Effect of exchange rate changes on cash— 71 
Total sources11,857 10,418 
Uses:
Net cash used in investing activities9,766 8,824 
Dividends to shareholders186 179 
Principal payments of long-term debt803 3 
Purchase of treasury stock228 113 
Change in cash collateral for derivative positions and other arrangements270 — 
Change in deposit asset on reinsurance114 — 
Effect of exchange rate changes on cash10 — 
Total uses11,377 9,119 
Net change in cash and cash equivalents$480 $1,299 
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 shareholders, 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 2025 Annual Report, except for the following:
•The Company’s contractual obligations associated with long-term debt, including interest, increased at September 30, 2026, due to the Company’s issuance of $400 million in subordinated debentures on March 3, 2026. On June 15, 2026, the Company’s outstanding $400 million aggregate principal amount of its 5.75% Fixed-to-Floating Rate Subordinated Debentures due 2056 (the “2056 Debentures”) were redeemed in full at a redemption price equal to 100% of the outstanding principal amount thereof, plus accrued and unpaid interest thereon. During the third quarter, the Company’s $400 million 3.95% Senior Debentures due 2026 matured and were paid in full on September 15, 2026. See Note 16 – “Financing Activities” for further information.
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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.
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 $5.0 billion and $4.5 billion at September 30, 2026 and December 31, 2025, 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 the Company’s 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 $64 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 $1.3 billion at September 30, 2026 and December 31, 2025, respectively, which is included in interest-sensitive contract liabilities. 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 $142.4 billion and $134.6 billion as of September 30, 2026 and December 31, 2025, respectively, as illustrated below (dollars in millions):
September 30, 2026% of Total December 31, 2025% of Total
Fixed maturity securities available-for-sale - public$93,896 65.9 %$88,993 66.2 %
Fixed maturity securities available-for-sale - private13,861 9.7 12,776 9.5 
Equity securities239 0.2 311 0.2 
Mortgage loans12,162 8.5 11,104 8.2 
Policy loans3,372 2.4 3,541 2.6 
Funds withheld at interest7,870 5.5 8,149 6.1 
Limited partnerships and real estate joint ventures4,427 3.1 3,747 2.8 
Short-term investments393 0.3 346 0.3 
Other invested assets1,547 1.1 1,514 1.1 
Cash and cash equivalents4,648 3.3 4,168 3.0 
Total cash and invested assets$142,415 100.0 %$134,649 100.0 %
Investment Yield – Excluding Spread Related Business
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 are generally subject to corresponding adjustments to the interest credited on the liabilities.
Three months ended September 30,Nine months ended September 30,
20262025  Increase /  
  (Decrease)		20262025  Increase /  
  (Decrease)
Average invested assets at amortized cost$50,379 $47,662 $2,717 $49,400 $45,091 $4,309 
Net investment income$650 $553 $97 $1,905 $1,650 $255 
Annualized investment yield (ratio of net investment income to average invested assets at amortized cost)5.26 %4.73 %53 bps5.17 %4.91 %26 bps
VII (included in net investment income)$55 $— $55 $144 $53 $91 
Annualized investment yield excluding VII (ratio of net investment income, excluding VII, to average invested assets, excluding assets with only VII, at amortized cost)4.96 %4.92 %4 bps4.92 %4.95 %(3) bps
Investment yield increased for the three months ended September 30, 2026, in comparison to the same period in the prior year, primarily due to increased variable income from real estate joint venture sales and limited partnerships. Investment yield increased for the nine months ended September 30, 2026, in comparison to the same period in the prior year, primarily due to increased variable income from real estate joint venture sales, limited partnerships and make-whole premiums, slightly offset by lower yield on cash and cash equivalents.
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 September 30, 2026 and December 31, 2025.
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 September 30, 2026 and December 31, 2025, approximately 94.7% and 94.3%, respectively, of total fixed maturity securities were investment grade.
The Company owns floating rate securities that represented approximately 8.4% and 8.9% of total fixed maturity securities as of September 30, 2026 and December 31, 2025, 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 69.4% and 68.5% of total fixed maturity securities as of September 30, 2026 and December 31, 2025, 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 September 30, 2026 and December 31, 2025.
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As of September 30, 2026 and December 31, 2025, the Company’s investments in Canadian government securities represented 4.3% and 5.1%, respectively, 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 September 30, 2026 and December 31, 2025, the Company’s investments in Japanese government securities represented 6.2% and 4.6%, respectively, 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 September 30, 2026 and December 31, 2025 was as follows (dollars in millions):
September 30, 2026December 31, 2025
NAIC
  Designation  		Rating Agency
Designation		Amortized Cost Estimated
Fair Value		% of Total     Amortized Cost Estimated
Fair Value		% of Total     
1AAA/AA/A$79,903 $69,917 64.9 %$69,007 $64,571 63.4 %
2BBB35,174 32,081 29.8 32,330 31,423 30.9 
3BB2,680 2,579 2.4 4,815 4,823 4.8 
4B2,654 2,626 2.4 714 632 0.6 
5CCC and lower405 299 0.3 194 141 0.1 
6In or near default30 19 — 42 26 — 
UnratedUnrated280 236 0.2 162 153 0.2 
Total$121,126 $107,757 100.0 %$107,264 $101,769 100.0 %
The Company’s fixed maturity portfolio includes structured securities. The following table shows the types of structured securities the Company held as of September 30, 2026 and December 31, 2025 (dollars in millions): 
September 30, 2026December 31, 2025
Amortized CostEstimated
Fair Value		% of TotalAmortized CostEstimated
Fair Value		% of Total
ABS:
Collateralized loan obligations (“CLOs”)$2,288 $2,279 18.5 %$2,486 $2,481 22.4 %
ABS, excluding CLOs5,905 5,636 45.8 4,992 4,888 44.0 
Total ABS8,193 7,915 64.3 7,478 7,369 66.4 
CMBS2,609 2,518 20.4 2,179 2,162 19.5 
RMBS:
Agency334 284 2.3 359 324 2.9 
Non-agency1,696 1,598 13.0 1,256 1,245 11.2 
Total RMBS2,030 1,882 15.3 1,615 1,569 14.1 
Total$12,832 $12,315 100.0 %$11,272 $11,100 100.0 %
The Company’s ABS portfolio primarily consists of CLOs, rated note feeders and NAV loans. 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
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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.
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 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 September 30, 2026 and December 31, 2025, the Company classified approximately 13.6% and 13.5%, 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.
Mortgage Loans
The Company’s mortgage loan portfolio consists of U.S., Canada and U.K. 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. Mortgage loans in the Company’s portfolio range in size up to $57 million, with an average mortgage loan investment as of September 30, 2026, of $7 million.
As of September 30, 2026 and December 31, 2025, the Company’s recorded investments in mortgage loans, gross of unamortized deferred loan origination fees and expenses, discounts and allowance for credit losses, were distributed geographically as follows (dollars in millions):
September 30, 2026December 31, 2025
Recorded
Investment		% of Total Recorded
Investment		% of Total
U.S. Region:
West$4,481 36.3 %$4,119 36.6 %
South4,287 34.7 3,689 32.7 
Midwest1,876 15.2 1,677 14.9 
Northeast790 6.4 793 7.0 
Subtotal – U.S.
11,434 92.6 10,278 91.2 
Canada726 5.9 758 6.7 
United Kingdom184 1.5 232 2.1 
Total$12,344 100.0 %$11,268 100.0 %
See “Allowance for Credit Losses and Impairments” in Note 2 – “Significant Accounting Policies and Pronouncements” of the 2025 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.

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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 and nine months ended September 30, 2026 and 2025 (dollars in millions):
Three months ended September 30,Nine months ended September 30,
2026202520262025
Change in allowance for credit losses on fixed maturity securities$30 $(28)$(6)$(63)
Impairments on fixed maturity securities(45)(1)(46)(3)
Change in mortgage loan allowance for credit losses(15)(6)(25)(20)
Limited partnership and real estate joint ventures impairment losses(42)(1)(71)(22)
Other change in allowance for credit losses and impairments1 1 (2)(3)
Investment related gains (losses) related to credit losses and impairments$(71)$(35)$(150)$(111)
The Company’s determination of whether a decline in value necessitates the recording of an allowance for credit losses includes analyzing 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 2025 Annual Report for additional information.
As of September 30, 2026 and December 31, 2025, the Company had $13.6 billion and $7.0 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.
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 September 30, 2026 and December 31, 2025.
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 by the ceding company and are legally owned by the ceding company. The Company reflects these assets on its balance sheet as funds withheld at interest. Interest accrues on the total funds withheld at rates defined by the terms of the applicable reinsurance agreement. The Company is subject to the investment performance on such assets, although the Company does not directly control them because such assets are legally owned by the ceding company. To mitigate this risk, investment guidelines are commonly set in the reinsurance agreements which restrict the ceding company’s investment activity with respect to such assets. The Company monitors the ceding company’s compliance with these contractual restrictions. These assets are primarily fixed maturity investment securities and pose investment risks similar to the fixed maturity securities owned by the Company. Ceding companies with funds withheld at interest had an average financial strength rating of “A” as of September 30, 2026 and December 31, 2025. 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 September 30, 2026 and December 31, 2025.
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 September 30, 2026 and December 31, 2025.
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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 September 30, 2026, the Company had credit exposure of $15 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.
The Company holds $1,296 million and $1,197 million of beneficial interest in lifetime mortgages in the U.K., net of allowance for credit losses, as of September 30, 2026 and December 31, 2025, respectively. Investment income includes $18 million and $15 million in interest income earned on lifetime mortgages for the three months ended September 30, 2026 and 2025, respectively, and $52 million and $42 million in interest income earned on lifetime mortgages for the nine months ended September 30, 2026 and 2025, 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 September 30, 2026, 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, 2025, a description of which may be found in its Annual Report on Form 10-K, for the year ended December 31, 2025, 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 September 30, 2026, 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 2025 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 September 30, 2026:
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
July 1, 2026 – July 31, 20265,194 $230.07 — $400,000,325 
August 1, 2026 – August 31, 2026325,706 $244.47 306,348 $325,000,480 
September 1, 2026 – September 30, 20263,456 $243.37 — $325,000,480 
(1)The Company repurchased 306,348 shares of common stock under its share repurchase program in August 2026. The Company net settled – issuing 14,831, 61,413 and 9,131 shares from treasury and repurchasing from recipients 5,194, 19,358 and 3,456 shares in July, August and September 2026, respectively, in settlement of income tax withholding requirements incurred by the recipients of equity incentive awards.
On January 29, 2026, the 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. During the nine months ended September 30, 2026, the Company repurchased 765,739 shares of common stock under this program. As of September 30, 2026, the aggregate amount remaining under the Company’s share repurchase authorization was approximately $325 million.
Repurchases will be made in accordance with applicable securities laws, through market transactions, block trades, privately negotiated transactions or other means, or a combination of these methods, with the timing and number of shares repurchased dependent on a variety of factors, including share price, corporate and regulatory requirements, and market and business conditions. Repurchases may be commenced or suspended from time to time without prior notice.
ITEM 5.  Other Information
During the nine months ended September 30, 2026, none of the Company’s 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
Amended and Restated Bylaws, effective December 20, 2022, incorporated by reference to Exhibit 3.1 to Current Report on Form 8-K filed December 20, 2022
Certification of Chief Executive Officer as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002
Certification of Chief Financial Officer 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
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 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
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
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.
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
CIOChief Information Officer
CISORGA’s Global Chief Information Security and Privacy officer
CLOsCollateralized loan obligations
CMBSCommercial mortgage-backed securities, a part of the Company’s investment portfolio that consists of securities made up of commercial mortgages. Stated on the 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.
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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.
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 Note
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
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
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.
ISOInternational Organization Standardization
Liquidity positionCombination of the Company’s cash, 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.
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Loss ratioClaims and other policy benefits and Future policy benefits remeasurement (gains) losses as a percentage of net premiums.
Market risk benefitsContracts 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
MSM Minimum solvency margin 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.
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.
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
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.
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 the Company’s investment portfolio that consists of securities made up of residential mortgages. Stated on the balance sheet at fair value.
RMSCThe Company’s Risk Management Steering Committee
S&PStandard & Poor’s
SECSecurities and Exchange Commission
SecuritizationThe structuring of financial assets as collateral against which securities can be issued to investors.
SOFRSecured Overnight Financing Rate
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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.
TakafulA form of insurance that is acceptable within Islamic law, and that is devised upon the principles of mutual advantage and group security.
Tele-underwritingA telephone interview process, during which an applicant’s qualifications to be insured are assessed.
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.
UAEUnited Arab Emirates
U.K.United 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
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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: November 6, 2026By: /s/ Tony Cheng
Tony Cheng
President and Chief Executive Officer
(Principal Executive Officer)
 
 
 
 
Date: November 6, 2026By:/s/ Laura Cockrill
Laura Cockrill
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)

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