Reinsurance Group of America (RGA) investor relations material

Strategic priorities and growth outlook

• Focus on delivering 8%-10% EPS growth and 13%-15% ROE, leveraging local presence and biometric expertise for balanced, disciplined growth.

• Enhancing investor communications to clarify value creation, business mix, and biometric focus.

• Third-party capital and sidecar vehicles like Ruby Re are key tools for capital management and future growth.

• Selectivity in large transactions and exclusive partnerships drive competitive advantage.

• Asia Pacific growth is led by Japan and Hong Kong, with a focus on product development and flow transactions.

Competitive environment and business mix

• Global footprint enables exclusive deals, especially in Asia and the Americas, with selective competition in large U.S. blocks.

• Longevity business in EMEA, especially the U.K., is expected to pick up in the pipeline despite a slow start in 2026.

• Asset leverage is rising due to both sides of the balance sheet reinsurance, but the business remains focused on biometric risk.

• Investor misunderstanding persists around the mix of business and the nature of financial solutions, which increasingly include biometric risk.

Mortality trends and assumptions

• Favorable mortality experience in key markets is attributed to strong risk selection and possible COVID-19 pull-forward.

• Medical advancements, especially GLP-1 drugs, are factored into long-term assumptions, boosting confidence.

• Ongoing research and global collaboration support robust mortality improvement assumptions.