REINSURANCE GROUP OF AMERICA INC

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 $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.

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 $167.1 billion as of June 30, 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 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.

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 insured individuals, 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

As is customary in the reinsurance business, clients continually update, refine and revise reinsurance information provided to the Company. Such revised information is used by the Company in preparation of its condensed consolidated financial statements and the financial effects resulting from the incorporation of revised data are reflected in the current period.

Current wording

As is customary in the reinsurance business, clients continually update, refine and revise reinsurance information provided to the Company. The Company uses this revised information in preparing its condensed consolidated financial statements, and the resulting financial effects are reflected in the current period.

Previous 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.

Current wording

The following discussion presents the Company’s financial condition and results of operations for the three and six months ended June 30, 2026 and 2025.

Previous wording

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

Current wording

Income before income taxes increased by $264 million for the three months ended June 30, 2026, compared with the same period in 2025. The increase was primarily attributable to the following:

Previous 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.

Current wording

•The Company executed reinsurance contracts with subsidiaries of Equitable Holdings, Inc. (the “Equitable Holdings Transaction”) 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

•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.

Current wording

•During the three and six months ended June 30, 2026, the Company repositioned its investment portfolio to generate higher yields, resulting in net realized losses of $88 million and $194 million, respectively, compared to net capital losses of $35 million and $86 million for the three and six months ended June 30, 2025, respectively.

Previous 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.

Current wording

•The Company incurred $36 million and $79 million of changes in allowance for credit losses and impairments during the three and six months ended June 30, 2026, respectively, compared to $68 million and $76 million during the three and six months ended June 30, 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 $13 million and $3 million in 2026 and 2025, 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, had no impact on income before income taxes for the three months ended June 30, 2026, and decreased income before income taxes by $13 million for the six months ended June 30, 2026. The change in fair value of market risk benefits for guaranteed minimum benefits, after allowing for changes in the associated freestanding derivatives, increased income before income taxes by $1 million for the three months ended June 30, 2025, and decreased income before income taxes by $2 million for the six months ended June 30, 2025.

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. During 2026 and 2025, the Company incurred non-economic losses of $3 million and $6 million, 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 equity-indexed annuity 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 non-economic losses were immaterial for the three and six months ended June 30, 2026, compared to losses of $23 million and $29 million for the three and six months ended June 30, 2025, respectively.

Previous 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.

Current wording

The effective tax rate was 23.4% and 24.1%, for the three and six months ended June 30, 2026, respectively, compared to 47.0% and 34.1% for the three and six months ended June 30, 2025. See Note 13 – “Income Tax” in the Notes to Condensed Consolidated Financial Statements for additional information on the Company’s consolidated effective tax rate.

Previous 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.

Current wording

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 underlying profitability drivers and trends of the Company’s businesses by excluding specified items that 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 claims and other policy benefits over the estimated lives of the contracts);

Current wording

•The Company’s 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);

Previous wording

•Contribution from the transaction with Equitable Holdings completed in the third quarter of 2025.

Current wording

•Favorable impacts from the Equitable Holdings transaction completed in the third quarter of 2025.

Previous 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:

Current wording

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

Previous wording

•Variable investment income, excluding spread related business, was $26 million for the three months ended March 31, 2026, compared to a loss of $6 million in the prior year.

Current wording

•Variable investment income, excluding spread related business, was $89 million for the six months ended June 30, 2026, compared to $53 million in the prior year.

Previous wording

The increase in premiums was primarily due to organic growth on existing treaties and new business production, measured by the face amount of reinsurance in force, of $150.6 billion during 2026 compared to $131.7 billion during 2025. Consolidated assumed life reinsurance in force increased to $4.3 trillion as of March 31, 2026, from $4.0 trillion as of March 31, 2025, due to new business production and changes in foreign exchange rates.

Current wording

The increases in net premiums for the three and six months ended June 30, 2026, were primarily due to organic growth and new business production. Organic growth and new business production, measured by the face amount of life reinsurance in force, were $280.3 billion and $242.6 billion during the six months ended June 30, 2026 and 2025, respectively. Consolidated assumed life reinsurance in force increased to $4,341.6 billion as of June 30, 2026, from $4,091.3 billion as of June 30, 2025, primarily due to new business production.

Previous 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:

Current wording

The increases in net investment income for the three and six months ended June 30, 2026, were primarily due to an increase in the average invested asset base and higher risk-free rates earned on new investments, and an increase in variable investment income from limited partnerships and real estate joint ventures. The following summarizes the primary drivers contributing to the increases in net investment income for the three and six months ended June 30, 2026:

Previous 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.

Current wording

•The average invested assets at amortized cost, excluding spread related business, totaled$49.6 billionand$44.6 billion, for the six months ended June 30, 2026 and 2025, respectively.

Previous 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.

Current wording

•The average yield earned on investments, excluding spread related business, was 5.33% and 5.31% for the three months ended June 30, 2026 and 2025, respectively, and 5.13% and 4.98% for the six months ended June 30, 2026 and 2025, respectively. The increase in investment yield for the three months ended June 30, 2026, in comparison with the same period in the prior year, was primarily due to an increase in variable investment income. The increase in investment yield for the six months ended June 30, 2026, in comparison with the same period in the prior year, was primarily due to an increase in variable investment income from limited partnerships and real estate joint ventures.

Previous wording

The average yield will vary from year to year depending on several variables, including the prevailing risk-free interest rate and credit spread environment, prepayment fees and make-whole premiums, changes in the mix of the underlying investments and cash and cash equivalents balances. Variable investment income from joint ventures and limited partnerships will also vary from year to year and is highly dependent on the timing of dividends and distributions on certain investments. Investment income is allocated to the operating segments based upon average assets and related capital levels deemed appropriate to support segment operations.

Current wording

The average yield will vary from year to year depending on several variables, including the prevailing risk-free interest rate and credit spread environment, prepayment fees and make-whole premiums, changes in the mix of the underlying investments and cash and cash equivalents balances. Variable investment income from limited partnerships and real estate joint ventures will also vary from year to year and is highly dependent on the timing of dividends and distributions on certain investments. Investment income is allocated to the operating segments based upon average assets and related capital levels deemed appropriate to support segment operations.

Previous wording

As noted above, adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to the Company’s management for purposes of making decisions about allocating resources to the Company’s business segments and assessing the performance of the business segments and is presented in the Company’s financial statement footnotes in accordance with U.S. GAAP. The Company’s significant segment expenses are (1) adjusted claims and other policy benefits, which exclude the non-economic losses at contract inception for direct pension risk transfer single premium business, (2) future policy benefits remeasurement gains and losses, (3) adjusted interest credited, which excludes the change in the fair value of embedded derivatives associated with indexed products and (4) interest expense. See Note 15 – “Segment Information” in the Notes to Consolidated Financial Statements for additional information regarding the presentation of segment results and the Company’s definition of adjusted operating income.

Current wording

As noted above, adjusted operating income (loss) before income taxes, when presented at a segment level, is a measure reported to the Company’s management for purposes of making decisions about allocating resources to the Company’s business segments and assessing business segment performance. It is presented in the Company’s financial statement footnotes in accordance with U.S. GAAP. The Company’s significant segment expenses are (1) adjusted claims and other policy benefits, which excludes the non-economic losses at contract inception for direct pension risk transfer single premium business; (2) future policy benefits remeasurement gains and losses; (3) adjusted interest credited, which excludes the change in the fair value of embedded derivatives associated with equity-indexed annuity products; and (4) interest expense. See Note 15 – “Segment Information” in the Notes to Consolidated Financial Statements for additional information regarding the presentation of segment results and the Company’s definition of adjusted operating income.

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, 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.

Current wording

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 U.S. GAAP due to the low-risk nature of the transactions; therefore, only the related net fees are reflected in other revenues.

Previous 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.

Current wording

The increases in adjusted operating income before income taxes for the three and six months ended June 30, 2026, were primarily due to favorable mortality claims experience and group results in the Traditional segment, the contribution from the Equitable Holdings transaction and an increase in variable investment income in the current year.

Previous wording

•The increase in net investment income was primarily due to favorable variable investment income and a higher asset base supporting the business.

Current wording

•The increase in net investment income was primarily due to a higher asset base supporting the business and favorable investment yields.

Previous wording

•The reduction in future policy benefits remeasurement gains was due to less favorable claims experience in the current period.

Current wording

•The increase in future policy benefits remeasurement gains was due to favorable claims experience in the current period.

Previous 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.

Current wording

◦The book value of the invested asset base supporting asset-intensive transactions increased to $38.4 billion as of June 30, 2026, from $25.5 billion as of June 30, 2025, resulting in higher net investment income. As of June 30, 2026 and June 30, 2025, $3.1 billion and $3.1 billion, respectively, of the invested assets were funds withheld at interest, of which 90% or more was associated with two clients.

Previous 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.

Current wording

◦The increase in the asset base was primarily due to $15.8 billion from new transactions and growth from treaties open to new business, offset by $1.6 billion in run-off of existing in force transactions and $1.3 billion associated with a retrocession transaction.

Previous wording

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

Current wording

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

Previous wording

•The increase in adjusted claims and other policy benefits, adjusted interest credited and policy acquisition costs and other insurance expenses was primarily due to the transaction with Equitable Holdings.

Current wording

•The increases in adjusted claims and other policy benefits, adjusted interest credited and policy acquisition costs and other insurance expenses were primarily due to the Equitable Holdings transaction.

Previous wording

•The increase in net premiums was primarily due to premiums received on the transaction with Equitable Holdings in the current year.

Current wording

•The increase in net premiums was primarily due to premiums received on the Equitable Holdings transaction in the current year.

Previous wording

•Certain of the Company’s reinsurance contracts, including the Equitable Holdings transaction, reinsure the ceding company’s separate account liabilities on a modified coinsurance basis. Under the terms of these arrangements, the ceding company retains the assets supporting the separate account liabilities. The Company receives a fee based on the policyholder’s account value and is not directly exposed to the investment performance of the separate account assets. Periodic settlements between the Company and the ceding company are net settled. The Company, having the right of offset, has offset assumed separate account assets and liabilities in its consolidated balance sheet. As of March 31, 2026 and December 31, 2025, the Company assumed $16.1 billion and $16.7 billion of separate account liabilities.

Current wording

•Certain of the Company’s reinsurance contracts, including the Equitable Holdings transaction, reinsure the ceding company’s separate account liabilities on a modified coinsurance basis. Under the terms of these arrangements, the ceding company retains the assets supporting the separate account liabilities. The Company receives a fee-based on the policyholder’s account value and is not directly exposed to the investment performance of the separate account assets. Periodic settlements between the Company and the ceding company are net settled. The Company, having the right of offset, has offset assumed separate account assets and liabilities in its consolidated balance sheet. As of June 30, 2026, and December 31, 2025, the Company assumed $16.4 billion and $16.7 billion of separate account liabilities.

Previous wording

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.

Current wording

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.

Previous wording

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

Current wording

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

Previous wording

The Europe, Middle East and Africa (“EMEA”) operations consist of two major segments: Traditional and Financial Solutions. The Traditional segment primarily provides reinsurance through yearly renewable term and coinsurance agreements on a variety of life, health and critical illness products. Reinsurance agreements may be facultative or automatic agreements covering primarily individual risks and, in some markets, group risks. The Financial Solutions segment consists of reinsurance and other transactions associated with longevity closed blocks, payout annuities, capital management solutions and financial reinsurance.

Current wording

Europe, Middle East and Africa (“EMEA”) operations consist of two major segments: Traditional and Financial Solutions. The Traditional segment primarily provides reinsurance through yearly renewable term and coinsurance agreements on a variety of life, health and critical illness products. Reinsurance agreements may be facultative or automatic agreements covering primarily individual risks and, in some markets, group risks. The Financial Solutions segment consists of reinsurance and other transactions associated with longevity closed blocks, payout annuities, capital management solutions and financial reinsurance.

Previous wording

•Foreign currency fluctuations can result in variances in the financial statement line items. Foreign currency movements had no material impact on adjusted operating income before income taxes during the three months ended March 31, 2026. Unless otherwise stated, all amounts discussed below are net of foreign currency fluctuations.

Current wording

Foreign currency exchange fluctuations can result in variances in the financial statement line items. Foreign currency exchange fluctuations did not have impact on adjusted operating income before income taxes for the three months ended June 30, 2026, and an increase of $13 million for the six months ended June 30, 2026. Unless otherwise stated, all amounts discussed below are net of foreign currency exchange fluctuations.

Previous 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 increased net premiums, offset by an increase in adjusted claims and other policy benefits.

Current wording

The increase in adjusted operating income before income taxes for the three months ended June 30, 2026, was primarily due to a decrease in adjusted claims and other policy benefits and favorable client adjustments. The increase in adjusted operating income before income taxes for the six months ended June 30, 2026, was primarily due to increased net premiums, offset by an increase in policy acquisition costs and other insurance expenses.

Previous 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 an increase in net premiums and net investment income, partially offset by an increase in adjusted claims and other policy benefits and future policy benefits remeasurement losses.

Current wording

The increases in adjusted operating income before income taxes for the three and six months ended June 30, 2026, were primarily due to increases in net premiums and net investment income, partially offset by an increase in adjusted claims and other policy benefits as a result of increased volumes of closed block longevity and asset-intensive business.

Previous wording

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

Current wording

•The increases in net premiums for the three and six months ended June 30, 2026, were primarily due to increased volumes on new and existing treaties.

Previous wording

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

Current wording

•The increases in net investment income for the three and six months ended June 30, 2026, were primarily due to an increase in invested assets supporting the segment.