AM Best Affirms Credit Ratings of Reinsurance Group of America, Incorporated and Subsidiaries

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of "aa-" (Superior) of RGA Reinsurance Company (Chesterfield, MO), RGA Americas Reinsurance Company Ltd (Bermuda), RGA Life Reinsurance Company of Canada (Toronto, Canada), Aurora National Life Assurance Company (Chesterfield, MO) and RGA Life and Annuity Insurance Company (RLAC) (Chesterfield, MO). These companies are subsidiaries of Reinsurance Group of America, Incorporated (Chesterfield, MO) (NYSE:RGA) and collectively referred to as RGA. AM Best also has affirmed the Long-Term ICR of "a-" (Excellent) and all existing Long-Term Issue Credit Ratings (Long-Term IR) on the debt securities and indicative shelf ratings of Reinsurance Group of America, Incorporated. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the Long-Term IRs.)

The ratings reflect RGA's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and very strong enterprise risk management (ERM).

RGA's balance sheet strength remains at the very strong level underpinned by its consolidated risk-adjusted capitalization, which has consistently been at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). The group's liquidity measures remain stable, and its financial leverage remains well within AM Best's guidelines for the current ratings. In addition, RGA maintains a high-quality investment portfolio, which has experienced only a modest amount of impairments during the past several years.

RGA also benefits from its leading market positions in the United States, Canada, Europe and Asia with approximately half of its revenue coming from international operations. Overall premiums have increased steadily in recent years. Premium growth has been driven by growth in all of the group's geographic areas. RGA's extensive risk management framework, which includes a strong focus on operational and strategic risks, in addition to performing stress testing and continual monitoring of risks, are key factors in its very strong ERM assessment.

Partially offsetting these positive rating factors is the volatility of earnings in recent periods within certain core segments, including its U.S. individual mortality segment, which was primarily driven by the adverse mortality impacts of the COVID-19 pandemic. RGA's mortality experience has improved since 2022. Earnings generated from RGA's other core businesses generally have been increasing. The mortality losses were partially offset by profits in the longevity business. RGA also has increased its exposure to higher-risk product lines, including annuities and longevity reinsurance, and it maintains a moderate-sized block of long-term care business that may add to its operating volatility over the mid-to-long term.

The following Long-Term IRs have been affirmed with a stable outlook:

Reinsurance Group of America, Incorporated—

— "a-" (Excellent) on $400 million 3.95% senior unsecured notes, due 2026

— "a-" (Excellent) on $600 million 3.9% senior unsecured notes, due 2029

— "a-" (Excellent) on $600 million 3.15% senior unsecured notes, due 2030

— "a-" (Excellent) on $400 million 6% senior unsecured notes, due 2033

— "a-" (Excellent) on $650 million 5.75% senior unsecured notes, due 2034

— "bbb+" (Good) on $700 million 7.125% fixed to floating subordinated debentures, due 2052

— "bbb+" (Good) on $400 million 5.75% fixed to floating rate subordinated debentures, due 2056

— "bbb" (Good) on $400 million variable rate junior subordinated debentures, due 2065 ($319 million remains outstanding)

The following indicative Long-Term IRs available under shelf registrations have been affirmed with a stable outlook:

Reinsurance Group of America, Incorporated—

— "a-" (Excellent) on senior unsecured debt

— "bbb+" (Good) on subordinated debt

— "bbb" (Good) on preferred stock

RGA Capital Trust III and IV—

— "bbb" (Good) on trust preferred securities

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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