4Q24 Earnings Presentation

4Q24 Earnings Presentation

Reinsurance Group of America, Incorporated

02.06.2025

1

Use of Non-GAAP Financial Measures

Reinsurance Group of America, Incorporated (the "Company") discloses certain financial measures that are not determined in accordance with U.S. GAAP. The Company principally uses such non-GAAP financial measures in evaluating performance because the Company believes that such measures, when reviewed in conjunction with relevant U.S. GAAP measures, present a clearer picture of our operating performance and assist the Company in the allocation of its resources. The Company believes that these non-GAAP financial measures provide investors and other third parties with a better understanding of the Company's results of operations, financial statements and the underlying profitability drivers and trends of the Company's businesses by excluding specified items which may not be indicative of the Company's ongoing operating performance and may fluctuate significantly from period to period. These measures 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.

The following non-GAAP financial measures are used in this document or in other public disclosures made by the Company from time to time:

1. Adjusted operating income, on apre-taxandafter-taxbasis, and adjusted operating income per diluted share. The Company uses these measures as a basis for analyzing financial results because the Company believes that such measures better reflect the ongoing profitability and underlying trends of the Company's continuing operations. Adjusted operating income is calculated as net income available to the Company's shareholders (or, in the case of pre-tax adjusted operating income, income 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;
• non-economiclosses at contract inception for direct pension risk transfer single premium business (which are amortized into adjusted operating income within 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 that the Company believes are not indicative of the Company's ongoing operations

as such items can be volatile and may not reflect the underlying performance of the Company's business. In addition, adjusted operating income per diluted share is calculated as adjusted operating income divided by weighted average diluted shares outstanding. These measures also serve as a basis for establishing target levels and awards under the Company's management incentive programs.

Adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments, and will be presented in our financial statement footnotes beginning with the Company's annual report on Form 10-K to be filed for the fiscal year ended December 31, 2024 in accordance with ASC 280 - "Segment Reporting." Adjusted operating income (loss) before income taxes, when presented on a consolidated basis, is a non-GAAP financial measure.

1. Adjusted operating income (on a pre-tax and after-tax basis), excluding notable items, and adjusted operating income per diluted share, excluding notable items. Notable items are items the Company believes may not be indicative of its ongoing operating performance which are excluded from adjusted operating income to provide investors and other third parties with a better understanding of the Company's results. Such items may be unexpected, unknown when the Company prepares its business plan or otherwise. Notable items presented include the financial impact of the Company's assumption reviews.
2. Adjusted operating revenue. This measure excludes the effects of net realized capital gains and losses, and changes in the fair value of certain embedded derivatives.
3. Shareholders' equity position excluding the impact of accumulated other comprehensive income (loss) ("AOCI"), shareholders' average equity position excluding AOCI, and book value per share excluding the impact of AOCI. The Company believes that these measures provide useful information since such measures excludeAOCI-relateditems that are not permanent and can fluctuate significantly from period to period, and may not reflect the impact of the underlying performance of the Company's businesses on shareholders' equity and book value per share. AOCI primarily relates to changes in interest rates, credit spreads on its investment securities, future policy benefits discount rate measurement gains (losses), market risk benefitsinstrument-specificcredit risk remeasurement gains (losses) and foreign currency fluctuations. The Company also discloses the followingnon-GAAPfinancial measures:
4. • Shareholders' average equity position excluding AOCI and B36, where B36 refers to the cumulative change in fair value of funds withheld embedded derivatives;
   • Shareholders' average equity position excluding AOCI and notable items; and
   • Shareholders' average equity position excluding AOCI, B36 and notable items.
5. Adjusted operating retuon equity. This measure is calculated as adjusted operating income divided by average shareholders' equity excluding AOCI. Adjusted operating retuon equity also serves as a basis for establishing target levels and awards under the Company's management incentive programs. The Company also discloses the following non-GAAP financial measures:
6. • Adjusted operating retuon equity excluding AOCI and B36;
   • Adjusted operating retuon equity excluding AOCI and notable items, which is calculated as adjusted operating income excluding notable items divided by average shareholders' equity excluding notable items and AOCI; and
   • Adjusted operating retuon equity excluding AOCI, B36 and notable items.

Reconciliations of the foregoing non-GAAP financial measures (to the extent disclosed in this document) to the most comparable GAAP financial measures are provided in the Appendix at the end of this document. Except as otherwise noted herein, the non-GAAP figures and reconciliations presented herein reflect the Company's adoption of the Financial Accounting Standards Board's Accounting Standards Update No. 2018-12, "Targeted Improvements to the Accounting for Long-Duration Contracts" and related amendments ("LDTI"). For additional information regarding the Company's adoption of LDTI, see Note 1 - "Business and Basis of Presentation" and Note 3 - "Impact of New Accounting Standard" in the notes to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

The Company is unable to provide reconciliations of the intermediate term targets of consolidated adjusted operating income (loss) before taxes, adjusted operating income (loss) before taxes, excluding notable items (on both a segment-level and consolidated basis), consolidated adjusted operating ROE, respectively, which are forward-looking non-GAAP financial measures, due to, among other things, that these targets are a composite of our goals for future results, the inherent difficulty in forecasting generally, and the difficulty of quantifying accurate forecasts of the numerous components comprising these calculations that would be necessary to provide any such reconciliations. In addition, actual performance in future periods may vary from the intermediate term target ranges for a variety of reasons, including known and unknown risk and uncertainties.

3

Fourth Quarter Financial Highlights

• Please refer to "Use of Non-GAAP Financial Measures".

• Excludes spread business. Excludes purchases of cash, cash equivalents, U.S. Treasury notes, and purchases made using proceeds from funding agreement-backed notes.

• Actual amounts reflect impact of currency fluctuations. Constant currency amounts reflect foreign denominated activity translated to U.S. dollars at a constant exchange rate.

• Capital available for deployment considers capital available to deploy into transactions or available to retuto shareholders over the next 12 months. Available capital includes management assumptions of capital sources and actions over that timeframe, considering both regulatory and rating agency capital methodologies, and such assumptions are subject to change.

4

2024 Full Year Financial Highlights

• Please refer to "Use of Non-GAAP Financial Measures".

52 Please refer to "Use of Non-GAAP Financial Measures" for information regarding targets. Targets based on expected adjusted operating income.

Consolidated Results

Consistent EPS growth and strong ROE

61 Please refer to "Use of Non-GAAP Financial Measures".

• $ in millions. Please refer to "Use of Non-GAAP Financial Measures", including for information regarding segment performance measures and targets.

72 Annual run rate targets previously provided in the 4Q23 Earnings Presentation, divided by four to calculate the quarterly run rate targets.

• $ in millions. Please refer to "Use of Non-GAAP Financial Measures", including for information regarding segment performance measures and targets.

82 Annual run rate targets previously provided in the 4Q23 Earnings Presentation. Annual run rate targets reflect adjusted operating income (loss) before taxes.

Biometric Experience

• Claims experience on our mortality, morbidity and longevity risks.

• Claims experience shown as the difference between actual experience and best estimate expectations. Best estimates are reviewed regularly and can change
  9 over time.
  3 Represents the portion of the underlying claims experience recognized in the current period income.

Broad based favorable economic biometric experience1 for the full year

Claims experience not reflected in income will be recognized over the remaining life of the business

• $ in millions.

• Actual amounts reflect impact of currency fluctuations. Constant currency amounts reflect foreign denominated activity translated to U.S. dollars at a constant exchange rate.