REINSURANCE GROUP OF AMERICA INC

Corporate and Other revenues primarily include investment income from unallocated invested assets 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 the Company’s FABNs issued prior to January 1, 2025. Effective January 1, 2025, newly issued FABN issuances are included in the U.S. Financial Solutions segment.

The following table sets forth the Corporate and Other segment operating results for the periods indicated (dollars in millions):

The increase in adjusted operating loss before income taxes in 2025 was primarily due to an increase in interest expense, policy acquisition costs and other insurance expenses, adjusted interest credited and other operating expenses, partially offset by an increase in net investment income.

•The increase in net investment income was primarily due to a higher invested asset base.

•The increase in other revenues is the result of foreign exchange gains and other fee income.

Adjusted expenses

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

•The increase in policy acquisition costs and other insurance expenses was primarily due to a decrease in charges to the segments for excess capital utilized above the allocated economic capital basis.

•The increase in adjusted interest credited was primarily due to new FABN issuances in the second half of 2024.

•The increase in other operating expenses was primarily due to an increase in compensation expense, compliance costs and information technology expense.