REINSURANCE GROUP OF AMERICA INC

The Canada operations are primarily engaged in traditional reinsurance, which consists mainly of traditional individual life reinsurance, and to a lesser extent creditor, group life and health, critical illness and disability reinsurance. Creditor insurance covers the outstanding balance on personal, mortgage or commercial loans in the event of death, disability or critical illness and is generally shorter in duration than traditional individual life insurance. The Canada Financial Solutions segment consists of longevity, asset-intensive and capital solutions.

The following table sets forth the Canada 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 was primarily due to favorable experience in individual life and longevity business, partially offset by unfavorable experience in group business in 2025 as compared to favorable experience in 2024 and lower future policy benefits remeasurement gains.

Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations in the Canadian dollar resulted in a $4 million decrease in adjusted operating income before income taxes in 2025. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.

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

The increase in adjusted operating income before income taxes in 2025 was primarily due to favorable experience in individual life business as compared to 2024, and organic growth, which was partially offset by unfavorable experience in group business in 2025 as compared to favorable experience group business in 2024 and lower future policy benefits remeasurement gains.

•The increase in net premiums was primarily due to organic growth, partially offset by unfavorable foreign currency fluctuations.

•The segment added new life business production, measured by face amount of reinsurance in force, of $52.6 billion and $48.0 billion during 2025 and 2024, respectively. In addition to new business, the total reinsurance in force, measured by face amount, increased by $23.1 billion in 2025 due to changes in foreign exchange rates.

•The increase in net investment income was primarily due to increased yield on new investments and an increase in the invested asset base.

•During the third quarter of 2025, the Company completed its annual assumptions review resulting in a gain of $9 million, primarily due to updated lapse assumptions. The 2024 annual assumptions update resulted in a gain of $2 million in the third quarter of 2024. See Note 5 – “Future Policy Benefits” for additional information.

•The increase in total adjusted benefits and expenses was primarily due to organic growth and unfavorable experience in group business in 2025 as compared to favorable experience in 2024 and lower future policy benefits remeasurement gains, partially offset by favorable experience in individual life business as compared to 2024.

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

The increase in adjusted operating income before income taxes for 2025 was primarily due to more favorable experience in longevity and asset-intensive business. The increases in net premiums, net investment income, adjusted claims and other policy benefits and policy acquisitions costs and other insurance expenses were due to a new transaction executed in the second quarter of 2024.