REINSURANCE GROUP OF AMERICA INC

The Europe, Middle East and Africa (“EMEA”) operations consists 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

The increase in adjusted operating income before income taxes in 2024 was primarily due to increased net premiums and net investment income, partially offset by increased claims and other policy benefits and unfavorable remeasurement losses.

The increase in adjusted operating income before income taxes in 2023 was primarily the result of increased net investment income and favorable remeasurement gains and claims experience on longevity business in the Financial Solutions segment.

The following table sets forth the EMEA Traditional segment operating results for the periods indicated (dollars in millions):

(1) Includes Claims and other policy benefits and Future policy benefits remeasurement (gains) losses

The increase in adjusted operating income before income taxes in 2024 was primarily due to an improvement in mortality experience, an increase in net premiums and an increase in the invested asset base

•The increase in net premiums was due to increases in business volume on new and existing treaties.

•The increase in other revenues was primarily due to fee income related to the management in force actions.

•The decrease in the loss ratio was due to an improvement in mortality experience primarily in the UK and South Africa.

•During 2024 and 2023, the Company updated its mortality assumptions which resulted in future policy benefits remeasurement losses of $40 million in 2024 and $47 million in 2023.

•The increase in policy acquisition costs and other reinsurance expenses is primarily attributable to a change in the mix of business in Continental Europe and less capitalization of non-commission acquisition costs in the current period.

The decrease in adjusted operating income before income taxes in 2023 was primarily due to future policy benefits remeasurement losses resulting from unfavorable claims experience as compared to future policy benefits remeasurement gains in 2022, partially offset by an increase in net premiums.

The following table sets forth the EMEA Financial Solutions segment operating results for the periods indicated (dollars in millions):

The decrease in adjusted operating income before income taxes in 2024 was primarily due to future policy benefits remeasurement losses as compared to future policy benefits remeasurement gains in 2023 partially offset by increases in net investment income and growth in closed block longevity business.

•The increase in net premiums was primarily due to increased volumes of closed longevity block transactions.

•The increase in net investment income was primarily related to an increase in invested assets and higher yields from fixed-income securities.

•The increase in claims and other policy benefits was the result of increased volumes of closed block longevity business and asset-intensive transactions.

•During the third quarter of 2024 and 2023, the Company completed its annual assumption review resulting in an immaterial change in assumptions compared to a $34 million gain recognized in 2023.

The increase in adjusted operating income before income taxes in 2023 was primarily due to increases in net investment income, higher future policy benefits remeasurement gains and favorable claims experience related to closed longevity blocks, partially offset by decreased net premiums.