REINSURANCE GROUP OF AMERICA INC

The Company believes life and health insurance companies will continue to partner with reinsurance companies to manage risk, achieve new growth, assist with capital efficiency, develop solutions across the value chain and to help navigate through changes in regulatory and accounting standards. In addition, the Company believes reinsurers will continue to be an integral part of the life and health insurance market due to their ability to efficiently aggregate a significant volume of life insurance in force, creating economies of scale and greater diversification of risk. As a result of having larger amounts of mortality and morbidity experience data at their disposal compared to primary life insurance companies, reinsurers tend to have more comprehensive insights into mortality and morbidity trends, creating more efficient pricing for mortality and morbidity risk. The Company also believes that the following trends in the life and health insurance industry will continue to create demand for both traditional reinsurance and financial solutions.

Cession Rates. The percentage of new life and health business being reinsured in North America has continued to increase following a period of decline, due to strong recurring production coupled with in force opportunities and an aging population, which increases the need for living benefit morbidity products. Cession rates in the Company’s international markets are expected to continue increasing as middle-class growth and wealth creation drive additional insurance growth.

Insured Populations. The aging population in North America and elsewhere, and the growth in the emerging global middle class, are increasing demand for protection products and for retirement, senior protection, and savings products for an aging population who are concerned about protecting their peak income and are considering retirement and estate planning. This trend is likely to result in continuing demand for annuity products and life insurance policies, larger face amounts of life insurance policies and higher mortality and longevity risk taken by life insurers, all of which should fuel the need for insurers to seek reinsurance coverage. Additionally, in many countries, companies are increasingly interested in reducing their exposure to longevity risk related to employee retirement plans, resulting in a growing demand for pension risk transfer solutions.

Economic, Regulatory and Accounting Changes. Regulatory, accounting, and economic changes across the globe are creating opportunities for reinsurance and innovative capital solutions to:

•manage risk-based capital by shifting mortality and other risks to reinsurers, thereby reducing amounts of reserves and capital that life and health insurance companies need to maintain;

•release capital to pursue new business initiatives;

•unlock the capital supporting, and value embedded in, non-core product lines; and

•exit certain lines of business.

Consolidation and Reorganization within the Life Reinsurance and Life Insurance Industry. There are fewer competitors in the traditional life reinsurance industry as a result of consolidations in the industry. As a consequence, the Company believes that this will result in business opportunities for the remaining life reinsurers, particularly those with a significant market presence and strong ratings. However, competition from new entrants for large in force blocks, particularly for asset-intensive blocks, has increased in recent years. Additionally, merger and acquisition and other restructuring transactions within the life insurance industry will likely continue to occur, which the Company believes will increase the demand for reinsurance products to facilitate these transactions and manage risk.

The Company continues to lead with expertise and innovation by prioritizing speed, impact, scale and sustainability, which enables it to deliver on its purpose tomake financial protection accessible to all. The Company is well positioned to meet its clients’ needs through the following initiatives.

Leading with Expertise and Innovation

•Combine product development, innovation and new reinsurance structures to open or expand markets and relationships with clients.

•Leverage underwriting, data, analytics and digital expertise to grow markets.

•Deliver unique insights to gain competitive advantage and leverage thought leadership to drive growth.

Succeeding Together

•Broaden and deepen global, regional, and local client relationships to be the preferred reinsurance partner.

•Foster third-party partnerships to accelerate innovation, capabilities and access to efficient capital.

•Strengthen leadership in industry organizations to actively promote and advance industry purpose.

Prioritizing Agility, Impact and Scale

•Prioritize high-growth, capability-driven opportunities that best fit risk appetites.

•Prioritize opportunities that recognize competitive differentiators and value proposition.

•Capitalize on operating model to increase local markets responsiveness and agility.

Building for Future Generations

•Pursue a balanced approach to in force management, portfolio optimization and new business generation.

•Foster an engaging and inclusive culture to attract and retain diverse, world-class talent.

•Behave as a responsible global citizen by taking action to address social and environmental issues.