Reinsurance Group Of America Inc (NYSE: RZC)

Reinsurance Group of America, Incorporated is a leading global provider of traditional life and health and asset intensive reinsurance solutions. The company offers reinsurance for mortality morbidity lapse and investment risks associated with life health disability long term care critical illness annuities and other insurance products.

The company generates revenue primarily from premiums earned on traditional life and health reinsurance contracts and from asset intensive reinsurance agreements that include annuities variable products and stable value offerings. Additional revenue comes from financial solutions such as longevity reinsurance pension risk transfer transactions and capital solutions that provide regulatory surplus support to clients. Investment income from unallocated invested assets and service fees also contribute to earnings.

The company operates through the following segments: Traditional, Financial Solutions, and Corporate and Other.

• Traditional: This segment provides individual and group life and health reinsurance including disability long term care and critical illness coverage on facultative or automatic treaty basis using yearly renewable term coinsurance and modified coinsurance structures.

• Financial Solutions: This segment encompasses asset intensive reinsurance longevity reinsurance stable value products pension risk transfer and capital solutions that help clients manage investment risk longevity risk and regulatory capital requirements.

• Corporate and Other: This segment consists of investment income from unallocated invested assets service fees and results from previously issued funding agreement backed notes along with offsets to capital charges and other corporate overhead.

The company holds a leading position in the global reinsurance market competing with firms such as Munich Re Swiss Re Hannover Re and SCOR. Its competitive advantages stem from strong financial strength ratings including A. M. Best A plus, S&P double A minus, and Moody's A one, a diversified product line across traditional and financial solutions, and a broad international footprint that enables it to serve clients in multiple regions.

The company serves primarily large life insurance companies worldwide. In 2025 the five largest clients generated approximately $3.9 billion or 21% of gross premiums and other revenues while 36 other clients each contributed $100 million or more representing about 46% of the total. No single client accounted for 10% or more of revenue.