REINSURANCE GROUP OF AMERICA INC

Previous wording

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance, and growth potential of the Company. Forward-looking statements often contain words and phrases such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “pro forma,” “project,” “should,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. Forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.

Current wording

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance, and growth potential of Reinsurance Group of America, Incorporated (the “Company”). Forward-looking statements often contain words and phrases such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “pro forma,” “project,” “should,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. Forward-looking statements are based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.

Previous wording

Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looking statements, include, among others: (1) changes in mortality, morbidity, policyholder behavior, claims experience, investment returns, interest rates, expenses and other factors as compared to our pricing assumptions; (2) investment results, whether from changes in economic, capital- and credit-market conditions, asset selection, or otherwise, and their impact on the Company’s investment securities, liquidity, portfolio yields, credit quality, access to capital, cost of capital, and amount of capital required for regulatory and contractual proposes; (3) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company; (4) the availability, amount, cost, and market value of collateral necessary for regulatory reserves, capital, and client obligations; (5) changes in laws and regulations, tax policy and rates, accounting standards, and privacy and cybersecurity regulations applicable to the Company and actions by regulators with authority over the Company’s operations, including regulatory restrictions on the ability of Company subsidiaries to pay dividends to the Company; (6) the stability of and actions by governments, central banks, and economies in jurisdictions where the Company operates, affecting interest rates, markets generally, or the demand for insurance and reinsurance; (7) the stability and financial performance of clients, reinsurers, third-party investment managers and other institutions and the effects of the Company’s dependence on such third parties; (8) the effectiveness of the Company’s risk management strategy, policy, and procedures, whether relating to reinsurance, investment strategy, operations, or otherwise; (9) the impact of impairments of the value of the Company’s investment securities could have on the Company’s capital requirements and the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective; (10) the threat of pandemics, epidemics, other major health issues, natural disasters, catastrophes, and terrorist attacks; (11) competitive factors and competitors’ responses to the Company’s initiatives; (12) development and introduction of new products and distribution opportunities and entry into new lines of business and markets; (13) integration of acquired blocks of business and entities and the Company’s ability to achieve the expected benefits of such transactions, including the transaction entered into with subsidiaries of Equitable Holdings, Inc. on July 31, 2025; (14) interruption or failure of the Company’s telecommunication, information technology, or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data and intellectual property stored on such systems; (15) adverse developments with res…

Excerpt shortened here; the source contains the full paragraph.

Current wording

Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looking statements, include, among others: (1) changes in mortality, morbidity, policyholder behavior, claims experience, investment returns, interest rates, expenses and other factors as compared to our pricing assumptions; (2) investment results, whether from changes in economic, capital- and credit-market conditions, asset selection, or otherwise, and their impact on the Company’s investment securities, liquidity, portfolio yields, credit quality, access to capital, cost of capital, and amount of capital required for regulatory and contractual purposes; (3) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company; (4) the availability, amount, cost, and market value of collateral necessary for regulatory reserves, capital, and client obligations; (5) changes in laws and regulations, tax policy and rates, accounting standards, and privacy, data security and cybersecurity regulations applicable to the Company, and actions by regulators with authority over the Company’s operations, as well as regulatory restrictions on the ability of Company subsidiaries to pay dividends to the Company; (6) the impact of general economic conditions in the U.S. and globally, including as a result of inflation, interest rate levels, geopolitical instability, and impacts from the imposition of, or changes in tariffs, as well as the stability of and actions by governments, central banks, and economies in jurisdictions where the Company operates, affecting interest rates, markets generally, or the demand for insurance and reinsurance; (7) the stability and financial performance of clients, reinsurers, third-party investment managers and other institutions and the effects of the Company’s dependence on such third parties; (8) the effectiveness of the Company’s risk management strategy, policy, and procedures, whether relating to reinsurance, investment strategy, operations, or otherwise; (9) the impact of impairments of the value of the Company’s investment securities on the Company’s capital requirements and the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective; (10) the threat of catastrophic events such as pandemics, epidemics, other major health issues, natural disasters, war, military actions (including conflicts in the Middle East), and terrorism or other acts of violence; (11) competitive factors and competitors' responses to the Company’s initiatives; (12) development and introduction of new products and distribution opportunities and entry into new lines of business and markets; (13) the impact of the development and adoption of artificial intelligence; (14) the effect of acquisitions and other significant transactions, including risks related to the integration of acquired blocks of business and entities and the Company's ab…

Excerpt shortened here; the source contains the full paragraph.

Previous wording

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future, except as required under applicable securities law. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as may be supplemented by Item 1A – “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q and in the Company’s other periodic and current reports filed with the SEC.

Current wording

Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future, except as required under applicable securities law. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the 2025 Annual Report, as may be supplemented by Item 1A – “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q and in the Company’s other periodic and current reports filed with the SEC.

Previous wording

The Company is among the leading global providers of life reinsurance and financial solutions, with $4.3 trillion of life reinsurance in force and assets of $152.0 billion as of September 30, 2025. Traditional reinsurance includes individual and group life and health, disability, and critical illness reinsurance. Financial Solutions includes longevity reinsurance, asset-intensive reinsurance, capital solutions, including financial reinsurance and stable value products. The Company derives revenues primarily from renewal premiums from existing reinsurance treaties, new business premiums from existing or new reinsurance treaties, fee income from Financial Solutions business and income earned on invested assets.

Current wording

The Company is among the leading global providers of life reinsurance and financial solutions, with $4.3 trillion of life reinsurance in force and assets of $164.1 billion as of March 31, 2026. Traditional reinsurance includes individual and group life and health, disability and critical illness reinsurance. Financial solutions includes longevity reinsurance, asset-intensive reinsurance, pension risk transfer, capital solutions, including financial reinsurance and stable value products. The Company derives revenues primarily from renewal premiums from existing reinsurance treaties, new business premiums from existing or new reinsurance treaties, fee income from financial solutions business and income earned on invested assets.

Previous wording

The Company’s Traditional business involves reinsuring life insurance policies that are often in force for the remaining lifetime of the underlying individuals insured, with premiums earned typically over a period of 10 to 30 years. To a lesser extent, the Company also reinsures health business, typically for one to three years. Each year, however, a portion of the business under existing treaties terminates due to, among other things, lapses or voluntary surrenders of underlying policies, deaths of insureds, and the exercise of recapture options by ceding companies. The Company’s Financial Solutions business includes significant asset-intensive and longevity risk transactions, which allow its clients to take advantage of growth opportunities and manage their capital, longevity and investment risk. The Company also works with partners to provide pension solutions that enable plan sponsors to diversify and protect the benefits provided to the annuitants.

Current wording

The Company’s Traditional reinsurance business involves reinsuring life insurance policies that are often in force for the remaining lifetime of the underlying individuals insured, with premiums earned typically over a period of 10 to 30 years or longer. To a lesser extent, the Company also reinsures certain health business, typically, for one to three years. Each year, however, a portion of the business under existing treaties terminates due to, among other things, lapses or voluntary surrenders of underlying policies, deaths of the insured, and the exercise of recapture options by ceding companies. The Company’s Financial Solutions business, including significant asset-intensive and longevity risk transactions, allows its clients to take advantage of growth opportunities and manage their capital, longevity and investment risk. The Company also works with partners to provide pension solutions that enable plan sponsors to diversify and protect the benefits provided to the annuitants.

Previous wording

For its traditional business, the Company’s profitability largely depends on the volume and amount of death- and health-related claims incurred and the ability to adequately price the risks it assumes. While death claims are reasonably predictable over a period of many years, claims become less predictable over shorter periods and are subject to significant fluctuation from quarter to quarter and year to year. For longevity business, the Company’s profitability depends on the lifespan of the underlying contract holders and the investment performance for certain contracts. Additionally, the Company generates profits on investment spreads associated with the reinsurance of investment type contracts and generates fees from financial reinsurance transactions, which are typically shorter duration than its traditional life reinsurance business. The Company believes that its sources of liquidity are sufficient to cover potential claims payments on both a short-term and long-term basis.

Current wording

For its Traditional business, the Company’s profitability largely depends on the volume and amount of death- and health-related claims incurred and the ability to adequately price the risks it assumes. While death claims are reasonably predictable over a period of many years, claims are less predictable over shorter periods and are subject to significant fluctuation from quarter to quarter and year to year. For longevity business, the Company’s profitability depends on the lifespan of the underlying contract holders and the investment performance for certain contracts. Additionally, the Company generates profits on investment spreads associated with the reinsurance of investment type contracts and generates fees from financial reinsurance transactions, which are typically shorter duration than its traditional life reinsurance business. The Company believes that its sources of liquidity are sufficient to cover potential claims payments on both a short-term and long-term basis.

Previous wording

A discussion of the Company’s financial condition and results of operations for the three and nine months ended September 30, 2025 and 2024 is presented below.

Current wording

A discussion of the Company’s financial condition and results of operations for the three months ended March 31, 2026 and 2025 are presented below.

Previous wording

The following table summarizes net income for the periods presented (dollars in millions, except per share data).

Current wording

The following table summarizes the changes in net income for the periods presented (dollars in millions, except per share data):

Previous wording

The increase in adjusted operating income before income taxes in 2025 was primarily the result of the following:

Current wording

The increase in net income and income before income taxes for the three months ended March 31, 2026, was primarily the result of the following:

Previous wording

•The execution of reinsurance contracts with subsidiaries of Equitable Holdings, Inc. (“Equitable”) on July 31, 2025. Pursuant to these agreements, the Company’s U.S. Financial Solutions segment assumed a 75% quota share of Equitable’s in force individual life insurance liabilities on a coinsurance and modified coinsurance basis, consisting of a diversified mix of life products and account value liabilities, with total liabilities of approximately $12 billion. This transaction increased the U.S. Financial Solutions adjusted operating income before taxes by $37 million during the three-month period ended September 30, 2025. In addition, pursuant to these agreements, Equitable recaptured risks previously assumed by the Company’s U.S. Traditional segment resulting in a gain of $21 million recognized in the current period.

Current wording

•The execution of reinsurance contracts with subsidiaries of Equitable Holdings, Inc. (“Equitable Holdings”) on July 31, 2025. Pursuant to these agreements, the Company’s U.S. Financial Solutions segment assumed a 75% quota share of Equitable Holdings’ in force individual life insurance liabilities on a coinsurance and modified coinsurance basis, consisting of a diversified mix of life products and account value liabilities, with total liabilities of approximately $12 billion. This transaction increased income before income taxes by $39 million.

Previous wording

•The increases in total segment revenues for the three and nine months ended September 30, 2025, compared to the same periods in 2024, were due to increased premiums from recently executed single premium asset-intensive treaties and higher investment income due to the growing asset base.

Current wording

•An increase in net investment income due to an increase in invested assets and an increase in variable investment income, partially offset by an increase in interest credited.

Previous wording

•Decrease in investment related losses resulting from lower realized losses from portfolio repositioning and freestanding derivatives.

Current wording

•An increase in investment related losses, net, resulting from higher realized losses from portfolio repositioning, a decrease in the fair value of freestanding derivatives and an increase in impairments.

Previous wording

The change in investment related losses, net is due to the following:

Current wording

The increase in investment related losses, net is attributable to the following:

Previous wording

•During the three and nine months ended September 30, 2025, the Company repositioned its investment portfolio to generate higher yields which led to net capital gains of $31 million and net capital losses $55 million, respectively, compared to net capital losses of $41 million and $305 million for the three and nine months ended September 30, 2024, respectively.

Current wording

•During 2026 and 2025, the Company repositioned its investment portfolio to generate higher yields, which led to net capital losses of $106 million and $51 million, respectively.

Previous wording

•The Company incurred $35 million and $111 million of changes in allowance for credit losses and impairments during the three and nine months ended September 30, 2025, respectively, compared to $21 million and $78 million during the three and nine months ended September 30, 2024, respectively.

Current wording

•The Company incurred $43 million and $8 million of changes in allowance for credit losses and impairments during the three months ended March 31, 2026 and 2025, respectively.

Previous wording

Market risk benefits consist of guaranteed minimum benefits associated with the Company’s reinsurance of variable and indexed annuities. The change in fair value of the freestanding derivatives purchased by the Company to hedge the liability is reflected in investment related gains (losses), net. The change in fair value of market risk benefits for guaranteed minimum benefits, after allowing for changes in the associated freestanding derivatives, decreased income before income taxes by $7 million and $9 million for the three and nine months ended September 30, 2025, respectively. The change in fair value of market risk benefits for guaranteed minimum benefits, after allowing for changes in the associated freestanding derivatives, decreased income before income taxes by $8 million and $17 million for the three and nine months ended September 30, 2024, respectively.

Current wording

Market risk benefits consist of guaranteed minimum benefits associated with the Company’s reinsurance of variable and indexed annuities. The change in fair value of the freestanding derivatives purchased by the Company to hedge the liability is reflected in investment related gains (losses), net. The change in fair value of market risk benefits for guaranteed minimum benefits, after allowing for changes in the associated freestanding derivatives, decreased income before income taxes by $13 million and $3 million in 2026 and 2025, respectively.

Previous wording

Non-economic changes in insurance liabilities include the initial loss on PRT transactions, net of amortization and changes in the fair value of embedded derivatives associated with the Company’s reinsurance of indexed products. The initial loss at inception of a PRT transaction is the difference between the single premium received and the valuation of the initial reserve based on interest rates prescribed by U.S. GAAP. The Company incurred non-economic losses of $12 million and $41 million for the three and nine months ended September 30, 2025, respectively, compared to losses of $9 million and $136 million for the three and nine months ended September 30, 2024, respectively.

Current wording

Non-economic changes in insurance liabilities include the initial loss on PRT transactions, net of amortization and changes in the fair value of embedded derivatives associated with the Company’s reinsurance of indexed products. The initial loss at inception of a PRT transaction is the difference between the single premium received and the valuation of the initial reserve based on interest rates prescribed by U.S. GAAP. During 2026 and 2025, the Company incurred non-economic losses of $3 million and $6 million, respectively.

Previous wording

The effective tax rate was 20.3% and 29.7%, for the three and nine months ended September 30, 2025, respectively, compared to 26.7% and 24.2% for the three and nine months ended September 30, 2024. See Note 13 – “Income Tax” in the Notes to Condensed Consolidated Financial Statements for additional information on the Company’s consolidated effective tax rate.

Current wording

The effective tax rate was 24.9% and 22.2% for 2026 and 2025, respectively. See Note 13 – “Income Tax” in the Notes to Condensed Consolidated Financial Statements for additional information.

Previous wording

Non-GAAP Measure – Adjusted operating income before income taxes is not determined in accordance with U.S. GAAP. The Company principally uses adjusted operating income before income taxes in evaluating performance because the Company believes that such measure, when reviewed in conjunction with relevant U.S. GAAP measure (i.e., income before income taxes), presents a clearer picture of its operating performance and assists the Company in the allocation of its resources. The Company believes that this non-GAAP financial measure provides investors and other third parties with a better understanding of the Company’s results of operations, financial statements and the underlying profitability drivers and trends of the

Current wording

Non-GAAP Measure – Consolidated adjusted operating income before income taxes is not determined in accordance with U.S. GAAP. The Company principally uses consolidated adjusted operating income before income taxes in evaluating performance because the Company believes that such measure, when reviewed in conjunction with relevant U.S. GAAP measure (i.e., income before income taxes), presents a clearer picture of its operating performance and assist the Company in the allocation of its resources. The Company believes that this non-GAAP financial measure provides investors and other third parties with a better understanding of the Company’s results of operations, financial statements and the underlying profitability drivers and trends of the Company’s businesses by excluding specified items which may not be indicative of the Company’s ongoing operating performance and may fluctuate significantly from period to period. This measure should be considered supplementary to the Company’s financial results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way the Company calculates such measures. Consequently, the Company’s non-GAAP financial measures may not be comparable to similar measures used by other companies.

Previous wording

•Non-economic losses at contract inception for direct pension risk transfer single premium business (which are amortized into adjusted operating income within adjusted claims and other policy benefits over the estimated lives of the contracts);

Current wording

•Non-economic losses at contract inception for direct pension risk transfer single premium business (which are amortized into adjusted operating income within claims and other policy benefits over the estimated lives of the contracts);

Previous wording

The reconciliation of income before income taxes to adjusted operating income before income taxes is shown below for the periods presented (dollars in millions):

Current wording

The reconciliation of consolidated income before income taxes to consolidated adjusted operating income before income taxes is shown below for the periods presented (dollars in millions):

Previous wording

Nine months ended September 30, 2025 compared to the nine months ended September 30, 2024

Current wording

Three months ended March 31, 2026, compared to the three months ended March 31, 2025

Previous wording

The increase in adjusted operating income before income taxes was partially offset by the following:

Current wording

The increase in adjusted operating income before income taxes was primarily the result of the following:

Previous wording

Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations increased adjusted operating income before income taxes by $3 million and $4 million for the three and nine months ended September 30, 2025, respectively, primarily due to the strengthening of the British pound and Japanese yen compared to the U.S. dollar.

Current wording

Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency fluctuations increased adjusted operating income before income taxes by $17 million due to the strengthening of the British pound, Canadian dollar and Euro as compared to the U.S. dollar. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.

Previous wording

The increase in net investment income was primarily due to an increase in the average invested asset base, higher risk-free rates earned on new investments partially offset by a decrease in variable investment income associated with joint venture and limited partnership investments. The following summarizes the primary drivers contributing to the increase in net investment income for the three and nine months ended September 30, 2025 and 2024:

Current wording

The increase in net investment income was primarily due to an increase in the average invested asset base and an increase in variable investment income associated with joint venture and limited partnership investments. The following summarizes the primary drivers contributing to the increase in net investment income for the three months ended March 31, 2026 and 2025:

Previous wording

•The average invested assets at amortized cost, excluding spread related business, totaled $45.1 billion and$38.3 billion in 2025 and 2024, respectively.

Current wording

•The average invested assets at amortized cost, excluding spread related business, totaled $49.5 billion and $44.0 billion in 2026 and 2025, respectively.

Previous wording

•The average yield earned on investments, excluding spread related business, was 4.73% and 5.08% for the three months ended September 30, 2025 and 2024, respectively and 4.91% and 4.81% for the nine months ended September 30, 2025 and 2024, respectively. The decrease in investment yield for the three ended September 30, 2025, in comparison with the same period in the prior year, was primarily due to a $35 million decrease in variable investment income partially offset by higher risk-free rates earned on new investments. The increase in investment yield for the nine months ended September 30, 2025, in comparison with the same period in the prior year, was primarily due to higher risk-free rates earned on new investments partially offset by a decrease in variable investment income associated with joint venture and limited partnership investments.

Current wording

•The average yield earned on investments, excluding spread related business, was 4.93% and 4.64% in 2026 and 2025, respectively. The increase in investment yield for the three months ended March 31, 2026, in comparison with the same period in the prior year, was primarily due to increased variable income from limited partnerships and real estate joint ventures.

Previous wording

The U.S. and Latin America operations consist of two major segments: Traditional and Financial Solutions. The Traditional segment primarily specializes in the reinsurance of individual mortality-risk, health and long-term care, universal life products and, to a lesser extent, group reinsurance. The Financial Solutions segment consists of Asset-Intensive and Capital Solutions. Asset-Intensive within the Financial Solutions segment includes coinsurance of products which primarily exhibit interest rate and market risks such as annuities, corporate-owned life insurance policies, pension risk transfer (“PRT”) group annuity contracts and, to a lesser extent, fee-based synthetic guaranteed investment contracts, indexed and variable life insurance, investment-only, and stable value contracts. Capital Solutions within the Financial Solutions segment primarily involves assisting ceding companies in meeting applicable regulatory requirements by enhancing the ceding companies’ financial strength and regulatory surplus position through relatively low risk reinsurance and other transactions. Typically, these transactions do not qualify as reinsurance under GAAP, due to the low-risk nature of the transactions, therefore only the related net fees are reflected in other revenues on the condensed consolidated statements of income.

Current wording

The U.S. and Latin America operations consist of two major segments: Traditional and Financial Solutions. The Traditional segment primarily specializes in the reinsurance of individual mortality-risk, long-term care, universal life products and, to a lesser extent, group reinsurance. The Financial Solutions segment consists of Asset-Intensive and Capital Solutions. Asset-Intensive within the Financial Solutions segment includes coinsurance of products which primarily exhibit interest rate and market risks such as annuities, corporate-owned life insurance policies, PRT group annuity contracts and, to a lesser extent, fee-based synthetic guaranteed investment contracts, indexed and variable life insurance, investment only and stable value contracts. Effective, January 1, 2025, newly issued FABN issuances are included in the U.S. Financial Solutions segment. Capital Solutions within the Financial Solutions segment primarily involves assisting ceding companies in meeting applicable regulatory requirements by enhancing the ceding companies’ financial strength and regulatory surplus position through relatively low risk reinsurance and other transactions. Typically, these transactions do not qualify as reinsurance under GAAP due to the low-risk nature of the transactions; therefore only the related net fees are reflected in other revenues.

Previous wording

On July 31, 2025, the Company executed reinsurance contracts with subsidiaries of Equitable Holdings, Inc. (“Equitable”). Pursuant to these agreements, the Company’s U.S. Financial Solutions segment assumed a 75% quota share of Equitable’s in force individual life insurance liabilities on a coinsurance and modified coinsurance basis, consisting of a diversified mix of life products and account value liabilities, with total liabilities of approximately $12 billion.

Current wording

On July 31, 2025, the Company executed reinsurance contracts with subsidiaries of Equitable Holdings. Pursuant to these agreements, the Company’s U.S. Financial Solutions segment assumed a 75% quota share of Equitable Holdings’ in force individual life insurance liabilities on a coinsurance and modified coinsurance basis, consisting of a diversified mix of life products and account value liabilities, with total liabilities of approximately $12 billion.

Previous wording

The increase in adjusted operating income before income taxes for the three months ended September 30, 2025, was due to the favorable impact from annual assumption updates and the contribution from the recently executed transaction with Equitable. The decrease for the nine months ended September 30, 2025, was primarily due to unfavorable claims experience in the Traditional segment in the current period compared to favorable impacts of in force management actions in the prior year.

Current wording

The increase in adjusted operating income before income taxes for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to the contribution from the transaction with Equitable Holdings executed on July 31, 2025, and an increase in variable investment income in the current period.

Previous wording

Adjusted operating income before income taxes for the U.S. and Latin America Traditional segment for the three months ended September 30, 2025, increased compared to the three months ended September 30, 2024, due to the recapture as a result of the execution of the recently executed transaction with Equitable and favorable assumption updates in the current period.

Current wording

The following table sets forth the U.S. and Latin America Traditional segment operating results for the periods indicated (dollars in millions):

Previous wording

The increase in pre-tax income for the three months ended September 30, 2025, was primarily the result of:

Current wording

•The increase in net premiums was primarily due to new business growth.

Previous wording

◦The book value of the invested asset base supporting asset-intensive transactions increased to $35.2 billion as of September 30, 2025, from $22.7 billion as of September 30, 2024, resulting in an increase in investment income. As of September 30, 2025 and September 30, 2024, $3.3 billion and $3.4 billion, respectively, of the invested assets were funds withheld at interest, of which more than 90% was associated with two clients.

Current wording

◦The book value of the invested asset base supporting asset-intensive transactions increased to $37.2 billion as of March 31, 2026, from $25.8 billion as of March 31, 2025, resulting in an increase in investment income. As of March 31, 2026 and March 31, 2025, $3.1 billion and $3.2 billion, respectively, of the invested assets were funds withheld at interest, of which 90% or greater was associated with two clients.

Previous wording

◦The increase in the asset base was primarily due to $15.4 billion from new transactions and growth from treaties open to new business, offset by $1.9 billion in run-off of existing in force transactions.

Current wording

◦The increase in the asset base was primarily due to $13.6 billion from new transactions and growth from treaties open to new business, offset by $0.8 billion in run-off of existing in force transactions and $1.5 billion associated with an external retrocession transaction.

Previous wording

•The increase in other revenues was primarily due to policy charges on universal life-type policies associated with the Equitable transaction.

Current wording

•The increase in other revenues was primarily due to policy charges on universal life-type policies associated with the transaction with Equitable Holdings.

Previous wording

The increase in adjusted operating income before income taxes for the three months ended September 30, 2025, was primarily due to more favorable experience in asset intensive business. The increase in adjusted operating income before income taxes for the nine months ended September 30, 2025, was primarily due to more favorable experience in longevity business.

Current wording

•The increase in adjusted operating income before income taxes for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to more favorable experience on Traditional business and favorable foreign currency fluctuations.

Previous wording

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

Current wording

•The increase in net premiums was primarily due to organic growth and favorable foreign currency fluctuations.

Previous wording

•The increases in net premiums for the three and nine months ended September 30, 2025, were primarily due to increased business volume on new and existing treaties.

Current wording

•The increase in net premiums was due to increased business volume on new and existing treaties in the first three months of 2026.

Previous wording

•Favorable results in the Company’s EMEA Financial Solutions and Asia Pacific Traditional Segments.

Current wording

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

Previous wording

•The increases in net investment income for the three and nine months ended September 30, 2025, were primarily related to an increase in invested assets supporting the segment and an increase in new money rates.

Current wording

•The increase in net investment income was primarily due to an increase in invested assets supporting the segment.