REINSURANCE GROUP OF AMERICA INC

Corporate and Other revenues primarily include investment income from unallocated invested assets, investment related gains and losses and service fees. Corporate and Other expenses consist of the offset to capital charges allocated to the operating segments within the policy acquisition costs and other insurance income line item, unallocated overhead and executive costs, interest expense related to debt and service business expenses. Additionally, Corporate and Other includes results from certain wholly-owned subsidiaries that, among other activities, develop and market technology, and provide consulting and outsourcing solutions for the insurance and reinsurance industries. The Company invests in this area in an effort to both support its clients and accelerate the development of innovative solutions and services to increase consumer engagement within the life insurance industry and hence generate new future revenue streams.

The increase in loss before income taxes in 2023 was primarily attributable to an increase in interest expense and an increase in investment related losses, net, partially offset by an increase in net investment income.

•The increase in net investment income was attributable to higher yields and a higher unallocated invested asset base.

•The increase in investment related losses, net was primarily attributable to an increase in realized losses on sales of fixed maturity securities and unrealized losses on derivatives compared to unrealized gains in the prior year.

•The increase in other revenues was primarily attributable to an increase in the cash surrender value on corporate-owned life insurance compared to a decrease in value in the prior year.

Expenses

•The increase in interest credited was primarily attributable to an increase in interest rates on FHLB funding agreements and new FABN issuances during 2023.

•The increase in other operating expenses was primarily attributable to an increase in retirement benefit related costs and incentive compensation expense.

•The increase in interest expense was primarily attributable to an increase in outstanding debt.

The decrease in income before income taxes in 2022 was primarily attributable to a decrease in investment related gains (losses), net, partially offset by an increase in interest expense primarily attributable to an increase in outstanding debt.