Reinsurance Group Of America, Incorporated · NYSE:RGA
Reinsurance Group Of America — Investor Presentation (April 2023)
16 slides from Reinsurance Group Of America's investor presentation, Apr 18, 2023
Slide 1: Long-Duration Targeted Improvements
RGA Long-Duration Targeted Improvements THE SECURITY OF EXPERIENCE. : _ THE POWER OF INNOVATION. Ta . Y Sy Reinsurance Group of America, Incorporated April 18, 2023, as
Slide 2: Safe Harbor
Safe Harbor ‘This document contains forardJooking statements within the meaning ofthe Private Secu Litigation Reform Act of 1996 and federal securities laws including, among others, statements eating to projecfons ofthe future operations, strateples, eamings, revenues, income or loss, ais, financial
Slide 3: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures RGA uses a non-GAAP financial measure called adjusted operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA's management incentive programs. Management believes that adju
Slide 4: Key Messages
Key Messages RGA | 2iotcic toete cpomeonen ovwiee Ta Economics of the business are unchanged FAS 60 liabilities switch from locked-in assumptions to current assumptions under LDTI LDTI reserve methodology expected to lead to reduced earnings volatility from claims, with some exceptions’ Both “As Rep
Slide 5: Impacts from LDTI Adoption
Impacts from LDTI Adoption Both “As Reported’ and “Recast” adjusted operating EPS in 2022 reflected strong results from many segments, above-average variable investment income (VII) and a large treaty recapture fee; recast adjusted operating EPS, excluding notable items’, reflecteda lessened impact
Slide 6: Assumption Changes
Assumption Changes* U.S. and Latin America Traditional $ (170) U.S. and Latin America Asset-Intensive 3 U.S. and Latin America Capital Solutions = Canada Traditional (1) Canada Financial Solutions - EMEA Traditional (13) EMEA Financial Solutions 14 APAC Traditional (75) APAC Financial Solutions Corp
Slide 7: Pre-tax Adjusted Operating Income by Segment: As Reported vs Recast
Recast ex Pre-tax Adjusted Operating Income (Loss)! ‘As Reported Nees eee US. and Latin America Traditional $ 220 $ 317 US. and Latin America Asset-Intensive 293 301 US. and Latin America Capital Solutions 140 144 Canada Traditional 90 109 aa nrenees (nae Canada Financial Solutions 32 31 from COVID-
Slide 8: 2022 Quarterly Reported to Recast Comparison
2022 Quarterly Reported to Recast Comparison Reduced earnings volatility from claims for business subject to LDTI, with some exceptions’ Pre-tax Adjusted Operating Income2 $393 $364 L , a as a4 $376 a se Recast extotable tems* —=As Reported
Slide 9: Continued Book Value per Share (ex-AOCI) Growth
Continued Book Value per Share (ex-AOCI) Growth = Recast book value per share, excluding AOCI, at transition Book Value per Share (ex-AOCI) Recast’ impacted by retained earnings 8.5% CAGR adjustment primarily due to soles capping net premium ratios and $132.33 : eliminating negative reserves H $2323
Slide 10: RGA Messages
RGA Messages Differentiated and valuable global franchise Well- = Aleading market position; deep technical expertise Positioned — = Strong culture of collaboration, creativity and integrity to Deliver = Attractive transaction and organic pipelines, broad-based across risks and geographics = Proven r
Slide 11: Appendix
Appendix
Slide 12: 2022 Reported and Recast Balance Sheet
2022 Reported and Recast Balance Sheet ‘As Reported Recast December 31, 2022 December 31, 2022 Total assets $ 84,708 $ 84,904 Total liabilities 80,471 77,133 Equity: Equity ex AOCI 9,750 8,952 AOCI (6,605) (1,871) Noncontrolling interest 90 90 Total equity 4,235 7171
Slide 13: Reconciliations of Non-GAAP Measures
Reconciliations of Non-GAAP Measures
Slide 14: Reconciliations of Non-GAAP Measures
Reconciliations of Non-GAAP Measures
Slide 15: Reconciliations of Non-GAAP Measures
Reconciliations of Non- GAAP Measures Dian ar Gm) am) (73) ws saz (ee) (iz) @zen “Ses2 os am) or fo for) aan
Slide 16: Slide 16
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