REINSURANCE GROUP OF AMERICA INCRGA
REINSURANCE GROUP OF AMERICA INC Segments Disclosure
SEGMENT INFORMATION
Segments
The Company has nine geographic-based and business-based operational segments including a Corporate and Other segment. Geographic-based operations are further segmented into traditional and financial solutions businesses. The Company’s geographic based segments are U.S. and Latin America, Canada, Europe, Middle East and Africa, and Asia Pacific.
Traditional reinsurance includes individual and group life and health, disability, long-term care and critical illness reinsurance. Financial Solutions includes asset-intensive reinsurance, longevity reinsurance, stable value products, pension risk transfer transactions and capital solutions products.
The 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 corporate 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 FABNs are included in the U.S. Financial Solutions segment.
Segment Accounting Policies
The accounting policies of the segments are the same as those described in Note 2 – “Significant Accounting Policies and Pronouncements.”
The Company allocates capital to its segments based on an internally developed economic capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model considers the unique and specific nature of the risks inherent in the Company’s businesses. As a result of the economic capital allocation process, a portion of investment income is attributed to the segments based on the level of allocated capital. In addition, the segments are charged for excess capital utilized above the allocated economic capital basis. This charge is included in policy acquisition costs and other insurance expenses.
There are no intersegment reinsurance transactions or revenues, and the Company does not have any material long-lived assets.
No individual client generated 10% or more of the Company’s total gross premiums and other revenues on a consolidated basis in 2025, 2024 and 2023. For the purpose of this disclosure, companies that are within the same insurance holding company structure are combined.
Financial Measures
The Company segment measure of profit or loss is adjusted operating income (loss) before income taxes. Adjusted operating income before income taxes does not equate to “Income (loss) before income taxes” as determined in accordance with U.S. GAAP but is the measure of segment profit or loss used by the Company’s chief operating decision maker to evaluate segment performance and allocate resources and, consistent with authoritative guidance, is the measure of segment performance presented below. Adjusted operating income (loss) before income taxes is calculated as income before income taxes excluding, as applicable:
•Substantially all of the effect of net investment related gains and losses;
•Changes in the fair value of embedded derivatives;
•Changes in the fair value of contracts that provide market risk benefits;
•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);
•Any net gain or loss from discontinued operations;
•The cumulative effect of any accounting changes;
•The impact of certain tax related items; and
•Any other items that the Company believes are not indicative of the Company’s ongoing operations.
The Company’s significant 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 fair value of embedded derivatives associated with indexed products and (4) interest expense.
The Company’s Chief Operating Decision Maker (“CODM”) is the President and Chief Executive Officer (“CEO”). The CEO uses segment adjusted operating income before income taxes to allocate resources (including employees and financial and capital resources) for each segment including consideration of future performance. The CEO considers performance on a monthly basis for segment adjusted operating income before income taxes when making decisions about allocating capital, personnel, evaluating market opportunities and future growth. The CEO also uses segment adjusted operating income before income taxes to assess the performance for each segment and for evaluating compensation of certain employees.
The Company does not report total assets by segment, as this metric is not used by the CODM to allocate resources or evaluate segment performance.
The following tables summarizes the Company’s reportable segment revenues, significant expenses, measure of profit and loss and reconciliations to the Company’s consolidated totals (dollars in millions):
| For the year ended December 31, 2025: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. and Latin America | Canada | Europe, Middle East and Africa | Asia Pacific | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Traditional | Financial Solutions | Traditional | Financial Solutions | Traditional | Financial Solutions | Traditional | Financial Solutions | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment revenues | $ | 9,126 | $ | 3,205 | $ | 1,605 | $ | 430 | $ | 2,397 | $ | 1,447 | $ | 3,641 | $ | 1,505 | $ | 699 | $ | 24,055 | |||||||||||||||||||||||||||||||||||||||
| Reconciliation of revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment and derivative gains (losses) | (344) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in fair value of funds withheld embedded derivatives | (14) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Funds withheld gains (losses) – investment income | (15) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment income (loss) on unit-linked variable annuities | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other revenues (1) | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total consolidated revenues | $ | 23,698 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less significant expenses (2): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted claims and other policy benefits | 7,409 | 1,496 | 1,226 | 368 | 2,074 | 893 | 2,883 | 613 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Future policy benefits remeasurement (gains) losses | (66) | 3 | (5) | 3 | 204 | (37) | (93) | (9) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted interest credited | 175 | 818 | 1 | — | — | 26 | — | 414 | 186 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | — | — | — | — | 366 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other segment items (3) | 1,106 | 521 | 226 | 22 | 225 | 96 | 386 | 193 | 365 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted operating income (loss) before income taxes | $ | 502 | $ | 367 | $ | 157 | $ | 37 | $ | (106) | $ | 469 | $ | 465 | $ | 294 | $ | (218) | $ | 1,967 | |||||||||||||||||||||||||||||||||||||||
| Reconciliation of adjusted operating income (loss) before income taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment and derivative gains (losses) | (344) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market risk benefits remeasurement gains (losses) | (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in fair value of funds withheld embedded derivatives | (14) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Funds withheld gains (losses) – investment income | (15) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives – interest credited | (15) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment income (loss) on unit-linked variable annuities | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest credited on unit-linked variable annuities | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense on uncertain tax positions | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other reconciling items (4) | (31) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income before income taxes per consolidated statements of income | $ | 1,540 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1)Includes market valuation adjustments on surrender charges and other immaterial items.
(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.
(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.
(4)Includes market valuation adjustments on surrender charges, pension risk transfer initial loss and other immaterial items.
| For the year ended December 31, 2024: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. and Latin America | Canada | Europe, Middle East and Africa | Asia Pacific | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Traditional | Financial Solutions | Traditional | Financial Solutions | Traditional | Financial Solutions | Traditional | Financial Solutions | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment revenues | $ | 8,429 | $ | 4,492 | $ | 1,557 | $ | 331 | $ | 2,125 | $ | 1,013 | $ | 3,297 | $ | 957 | $ | 587 | $ | 22,788 | |||||||||||||||||||||||||||||||||||||||
| Reconciliation of revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment and derivative gains (losses) | (897) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in fair value of funds withheld embedded derivatives | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Funds withheld gains (losses) – investment income | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment income (loss) on unit-linked variable annuities | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other revenues (1) | 106 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total consolidated revenues | $ | 22,107 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less significant expenses (2): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted claims and other policy benefits | 6,846 | 3,187 | 1,194 | 307 | 1,805 | 562 | 2,582 | 308 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Future policy benefits remeasurement (gains) losses | (109) | 1 | (11) | — | 48 | 3 | 34 | 2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted interest credited | 119 | 519 | 1 | — | — | 30 | — | 256 | 150 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | — | — | — | — | 303 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other segment items (3) | 1,048 | 459 | 239 | (2) | 242 | 73 | 399 | 136 | 305 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted operating income (loss) before income taxes | $ | 525 | $ | 326 | $ | 134 | $ | 26 | $ | 30 | $ | 345 | $ | 282 | $ | 255 | $ | (171) | $ | 1,752 | |||||||||||||||||||||||||||||||||||||||
| Reconciliation of adjusted operating income (loss) before income taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment and derivative gains (losses) | (897) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market risk benefits remeasurement gains (losses) | 44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in fair value of funds withheld embedded derivatives | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Funds withheld gains (losses) – investment income | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives – interest credited | (15) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment income (loss) on unit-linked variable annuities | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest credited on unit-linked variable annuities | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense on uncertain tax positions | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other reconciling items (4) | (16) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income before income taxes per consolidated statements of income | $ | 980 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1)Includes market valuation adjustments on surrender charges and other immaterial items.
(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.
(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.
(4)Includes market valuation adjustments on surrender charges, pension risk transfer initial loss and other immaterial items.
| For the year ended December 31, 2023: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. and Latin America | Canada | Europe, Middle East and Africa | Asia Pacific | Corporate and Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Traditional | Financial Solutions | Traditional | Financial Solutions | Traditional | Financial Solutions | Traditional | Financial Solutions | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment revenues | $ | 7,818 | $ | 2,879 | $ | 1,472 | $ | 106 | $ | 1,866 | $ | 694 | $ | 3,050 | $ | 749 | $ | 441 | $ | 19,075 | |||||||||||||||||||||||||||||||||||||||
| Reconciliation of revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment and derivative gains (losses) | (360) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in fair value of funds withheld embedded derivatives | (163) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Funds withheld gains (losses) – investment income | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment income (loss) on unit-linked variable annuities | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other revenues (1) | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total consolidated revenues | $ | 18,567 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less significant expenses (2): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted claims and other policy benefits | 6,429 | 1,646 | 1,130 | 78 | 1,622 | 363 | 2,340 | 230 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Future policy benefits remeasurement (gains) losses | 74 | (29) | 22 | (30) | 48 | (89) | (56) | (2) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted interest credited | 75 | 531 | 1 | — | — | — | — | 203 | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | — | — | — | — | — | 257 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other segment items (3) | 927 | 280 | 228 | 6 | 216 | 65 | 393 | 106 | 251 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted operating income (loss) before income taxes | $ | 313 | $ | 451 | $ | 91 | $ | 52 | $ | (20) | $ | 355 | $ | 373 | $ | 212 | $ | (128) | $ | 1,699 | |||||||||||||||||||||||||||||||||||||||
| Reconciliation of adjusted operating income (loss) before income taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment and derivative gains (losses) | (360) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market risk benefits remeasurement gains (losses) | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in fair value of funds withheld embedded derivatives | (163) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Funds withheld gains (losses) – investment income | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives – interest credited | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment income (loss) on unit-linked variable annuities | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest credited on unit-linked variable annuities | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense on uncertain tax positions | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other reconciling items (4) | (37) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income before income taxes per consolidated statements of income | $ | 1,160 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1)Includes market valuation adjustments on surrender charges and other immaterial items.
(2)The significant expense categories and amounts align with the segment level information that is regularly provided to the CEO. Intersegment expenses are included within the amounts above.
(3)Includes policy acquisition costs and other insurance expenses and other operating expenses.
(4)Includes market valuation adjustments on surrender charges, pension risk transfer initial loss and other immaterial items.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.