REINSURANCE GROUP OF AMERICA INC

Proxy Statement Summary

These proxy materials are being provided to you because the Board is soliciting your proxy to vote your shares at the Company's 2025 Annual Shareholders' Meeting. This summary highlights information contained elsewhere in this proxy statement ("Proxy Statement"). This summary does not contain all of the information that you should consider and you should read the entire Proxy Statement carefully before voting. Page references are supplied to help you find additional information in this Proxy Statement. This Proxy Statement and the related proxy materials were first made available to shareholders and on the Internet on April 10, 2025.

Annual Shareholders' Meeting

Date & Time: May 21, 2025, 2:00 p.m., Central time

Place: 16600 Swingley Ridge Road, Chesterfield, Missouri 63017

Record Date: Close of business on April 4, 2025

Voting Matters and Board Recommendations

How to Cast Your Vote

Your vote is important. Please cast your vote and play a part in the future of the Company. Shareholders of record, who hold shares registered in their names with the Company's transfer agent, can vote by:

i

Board Nominees (page 25)

Board and Committees (page 30)

*As of April 1, 2025. Mr. Nichols is included in these figures but is not standing for re-election at the Annual Meeting.

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Board Snapshot*

Governance Facts

*As of April 1, 2025. Mr. Nichols is included in these figures but is not standing for re-election at the Annual Meeting.

2024 Business Highlights

The Company delivered very strong operating results in 2024. Summarized below are highlights of our 2024 financial performance:

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•Full-year adjusted operating income, excluding notable items* of $22.57 per share, a record result.

•Adjusted operating return on equity, excluding notable items* of 15.4% for the trailing twelve months.

•$1,676 million of capital deployed into in-force block transactions, a record result.

•Increased value of in-force business margins by $4.6 billion, or 13.9%, in the year to $37.6 billion.

•Record value of new business added, both through organic and in-force transactions.

For additional information on our 2024 financial performance, see our 2024 Annual Report on Form 10-K.

• See "Use of Non-GAAP Financial Measures" on page 94 for reconciliations from GAAP figures to adjusted operating figures.

Senior Management Update

Tony Cheng, our President since January 2023, assumed the role of Chief Executive Officer on January 1, 2024. On August 5, 2024, Todd Larson resigned as Senior Executive Vice President and Chief Financial Officer. Mr. Larson continued serving as Special Advisor to Tony Cheng, President and Chief Executive Officer through January 2025. On August 5, 2024, Axel André was appointed Executive Vice President and Chief Financial Officer. He previously served as Executive Vice President since June 2024.

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The performance contingent share awards and the stock based awards described above collectively form the Company's long-term incentive ("LTI") plan. For 2024, the LTI was allocated as follows:

•75% PCS and 25% SARs for Mr. Cheng;

•50% RSUs and 50% SARs for Mr. André; and

•60% PCS, 20% RSUs and 20% SARs for all other named executive officers.

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Mr. André began his employment with RGA in June 2024 after the 2024 performance period had started, and so did not receive an allocation of PCS as part of his 2024 LTI grant. His 2024 LTI grant was allocated 50% to RSUs and 50% to SARs, prorated based on his time of service in 2024. He also received a sign-on RSU grant that cliff-vests after three years.

2025 Compensation Changes (page 61)

In February and March 2025 the Human Capital and Compensation Committee approved the following changes to the Company's compensation programs:

•Adjusted Revenue was removed as a performance metric from the Annual Bonus Plan, as the Company no longer considers it appropriate for measuring performance due to changes in the Company's mix of business and income sources. The 10% allocation to Adjusted Revenue was reallocated evenly to the two remaining metrics for the 2025 plan, with a 65% allocation to Adjusted Operating Income per Share excluding notable items and a 35% allocation to New Business Embedded Value.

•Revised the allocation of the two existing metrics for the Performance Contingent Share program from 50% to each metric to a 65% allocation to Average Return on Equity and a 35% allocation to Book Value Per Share Growth. The adjustment on weighting reflects the impact non-operating items have on book value per share and the importance of return on equity to our shareholders.

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